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SUS. ADM'
JAN 2 7
U«RA*'
ommima
COPYRIOMTKO IN 1116 »Y WILLIAM 0. DANA COMPANY, NEW YORK.
VOL 142.
wSSb^v2rtCopir"
ENTERED AD SECOND-CLASS MATTER JUNK 2S, IOTP, AT THE POST
OFFICE AT MEW YORK, MEW YORK, UNDER THE ACT OF
NEW YORK, JANUARY 25 1936.
NO. 3683
THE CHASE
COMPANY
Chartered
^r^.^su^ty
TRUST
BROOKLYN
MARCH », 1DTD.
NATIONAL BANK
Kidder, Peabody & Co.
1866
BOSTON
NEW YORK
George V. McLaughlin
President
OF THE CITY OF NEW YORK
PHILADELPHIA
The
chase is
commercial bank
a
BROOKLYN
NEW YORK
offering
tical
every prac¬
facility and
convenience
COMMERCIAL BANKERS SINCE 1852
to
modern
\^DsEirgoBank
and
®
UnionlrustCo.
SAN
STOCKS
United States
$200, mm
OVER
banking.
PREFERRED
FRANCISCO
RESOURCES
known
Government
Securities
Ti*hc
Hallgarten & Co.
FIRST BOSTON
corporation
Eatablith ad 1850
NEW YORK
NEW YORK
BOSTON
CHICAGO
PHILADELPHIA
London
Chicago
Brown Harriman & Co.
Incorporated
63 Wall
Street, New York
Telephones BOwling Green 9-5000
SAN FRANCISCO
Boston
Philadelphia
Chicago
San Francisco
AND OTHER PRINCIPAL CITIES
Representatives in other leading Cities
throughout the United States
& Co.
WERTHEIM
120
The
Broadway
State and
New York
London
Amsterdam
CARL M. LOEB St CO.
61
NewTbrkTrust
Company
BROADWAY
Capital Funds
NEW YORK
.
$32,500,000
wm*m
Berlin
Amsterdam
London
Municipal Bonds
Barr Brothers & Co.
INC.
)
Paris
New York
Chicago
IOO BROADWAY
57TH ST. & FIFTH AYE.
40TH ST. & MADISON AVE.
United States Government
NEW YORK
EDWARD B. SMITH & CO.
SECURITIES
New York
31 Nassau Street
State
PHILADELPHIA
Cleveland
New
•
.
Pittsburgh
York(yth Ave.)
•
BOSTON
•
Allentown
European Representative's Office:
Railroad
-
-
Municipal
Public Utility
London
•
Easton
8 KING WILLIAM
STREET
BONDS
LONDON, E. C. 4
Correspondent
Edward B. Smith & Co.,
Minneapolis
.
CHICAGO
*
Inc.
St. Louis
Member Federal Reserve
N. Y.
System and
Clearing House Association
R.W.Pressprich&Co.
MEMBERS NEW YORK STOCK EXCHANGE
New York
Chicago
Philadelphia
San Francisco
133&
Chronicle
Financial
Jan. 2S 1936
A. G. Becker & Co.
.'
Established
18*$
Investment Securities
Commercial Paper
fin a n cia l
Chicago
New York
statement
And Other Cities
;
f
DECEMBER
!
of
31,
1935
the
rie
\A
General American Life Insurance Company
BAKER, WEEKS
WALTER
8e HARDEN
VV^MJEAD^PRESIDENT,
Saint Louis
Members New York Stock Exchange
Members New York Curb Exchange
Philadelphia Stock Exchange
Members
WALL STREET
52
NEW
ASSETS
Cash
$ 7,398,912.40
Bonds—
YORK CITY
U. S. Government
Graybar Building, New York City
Commercial Tr. Bldg., Philadelphia
6
(Including $63,851.25
Guaranteed by U. S. Government)..
Cash
Lothbury, London, E. C. 2
8,995,589.37
Other Bonds
12,155,440.75
28,549.942.52
Bonds
and
Bourse Building,, Amsterdam
First Mortgage Loans
52, Avenue des Champs-Elysees, Paris
Home Office Building
on
Real Estate
950,000.00
Other Real Estate (Including
"Interest
Wall
64
Street
1,543,636.02
Assets
Rents
and
and
Investments Accrued But Not
on
1,059,286.11
more
Rents Due
Investments (Not past
on
due
than 90 days)
Net Premiums
Loans
NEW YORK
4,795,106.50
...
and
Yet Due....
Interest
for
No.
:
18,665,482.41
that sold under Contract)
°
Stocks
Other Loans
J. & W. Seligman & Co.
15,961,201.20
in
413,564.33
Course
of
Collection
2,349,445.69
.
26,706,905.90
Policyholders
to
23,397,817.06
Policy Liens
1
Total
London
$124,392,387.74
Correepondentt
t
SELIGMAN
t
BROTHERS
LIABILITIES
$117,631,257.36
Policy Reserves
1
Premiums
'A
and
Interest Paid
in
1,172,109.86
Reserve
Bonds
Taxes
Reserve
Stocks and
for
for
Other Liabilities
Reserve
Missouri and Southwestern
968,646.86
Advance
for
Claim
and
511,510.14
...
105,000.00
Mortality Fluctuation
942,877.45
Policyholders' Dividends
$121,331,401.67
Total Liabilities
Credit
Smith, Moore & Co.
St. Louis
The First Boston
St. Louis Stock
Corp. Wire
to
Lien Reduction Fund
<■
$1,682,267.27
Less—Extraordinary and Non-Recur¬
ring Creditor's Claim Discharged
by Order of Court
732,267.27
950,000.00
Exchange
500,000.00
Capital Stock
1,828,718.80
Surplus
$124,392,387.74
Total
"Note—Interest Accrued
on
Assets in Default is
not
included.
DETROIT
DIRE
MICHIGAN MUNICIPALS
and
WATLING, LERCHEN & HAYES
Members
.
.
~
.
.
Buhl
50 Pine Street, New
York
L. RAY CARTER
CORPORATION BONDS
854
DAVID M. MILTON, Chairman
J New York Stock Exchange
lPetroit Stock Exchange
Bldg.,
Detroit
President, Carter Commission Co..
Pierce Bldg.. St. Louis, Mo.
JAMES M. KEMPER
President, Commerce Trust Company
Kansas City, Mo.
E. C. HUNTINGTON.
JR.
Member of the Law Firm of Satterlee and
Canfield, 49 Wall Street, New York
lOHN B. STRAUCH
President, National Bearing Metals Corp..
4930 Manchester Road, St. Louis, Mo.
WALTER W.
LISTED AND
UNLISTED
SECURITIES
Charles A. Parcel Is &, Co.
Members of Detroit Stock
PENOBSCOT BUILDING,
Exchange
DETROIT, MICH.
TORS
J. ROCKEFELLER PRENTICE
of the office of Cutting, Moore and
Sidley,
Attorneys-at-law,
Chicago. 111.
11 South LaSalle St.,
GEORGE BRANDEIS
President, J. L. Brandeis St Sons,
Omaha, Nebr.
HARRY H. LANGENBERG
President,
Langenberg
Grain Co.,
Louis, Mo.
Bros.
Merchants Exchange, St.
THOMAS O. MOLONEY
Chairman, Board of Directors
Moloney Electric Co., 5390 Bircher St.
St. Louis. Mo.
:AD. President
w
onimfirR" f
No. 3683
JANUARY 25 1936
Vol. 142
CONTENTS
Editorials
page
Financial Situation
—503
.
515
516
The Hazards of Unemployment Insurance
Mr. Eastman and the Railway
The Long
Situation
-.
518
and Short Haul Handicap
Comment and Review
—519
527
507
508
512
Building Construction in 1935.
Chicago Stock Exchange Record of Prices for Year 1935
Week
the European
on
Stock Exchanges
._
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
519
Course of the Bond Market
530
Indications of Business Activity
Week
on
the New York Stock Exchange
506
Week
on
the New York Curb Exchange
569
News
541
Current Events and Discussions
Bank and Trust
Company Items
General Corporation
.
and Investment News
Dry Goods Trade
State and
Municipal Department
1
565
614
649
650
Stocks and Bonds
613
Foreign Stock Exchange Quotations
573
Dividends Declared
Auction Sales
581
580 & 590
Curb Exchange—Stock Quotations..
596
Curb Exchange—Bond Quotations
599
New York Stock
New York Stock
New York
New York
Other
—613
-—
Exchange—Stock Quotations...
Exchange—Bond Quotations
Exchanges—Stock and Bond Quotations
.—602
Canadian Markets—Stock and Bond Quotations—.—606
Over-the-Counter Securities—Stock & Bond Quotations—609
Reports
Foreign Bank Statements
511
Course of Bank Clearings
-570
577
Federal Reserve Bank Statements...
General
Corporation and Investment News
..614
Commodities
The Commercial Markets
Cotton
—
643
573 & 647
Breadstuffs
Published Every
641
and the Crops
Saturday Morning by the William B. Dana Company, 25 Spruce Street, New York
Herbert D. Seibert, Chairman of
the Board and Editor; William Dana Seibert, President and Treasurer: William D. Riggs,
City
Business
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La 8alle Street (Telephone
Drapers' Gardens, London, E. O. Copyright, 1936, by William B. Dana Company.
the post office at New York, N. Y., under the Act of March 3 1879. Subscriptions
in United States and Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year, $9.75 for 6 months;
South and Central America, Spain, Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain, Continental Europe
(except Spain), Asia, Australia and Africa, $20.00 per year; $11.50 for 6 months.
Transient display advertising matter. 45 cents
Other offices:
Manager.
London—Edwards & Smith, 1
State 06131
Entered
as
per agate
second-class matter June 23 1879, at
line.
Contract and card rates on request.
V
Financial
XII
Chronicle
fan.
1936
25
These
FINANCIAL HOUSES
will be your neighbors
when you locate in
THE FIELD BUILDING
BABCOCK-RUSHTON & CO.
BACON, WHIPPLE &. CO.
BANCAMERICA-BLAIR CORP.
BARR BROTHERS & CO.,
INC.
BENNETT BROTHERS &, JOHNSON
BLAIR, BONNER &, COMPANY
BLYTH &
COMPANY, INC.
BOETTCHER &
CO., INC.
BROWN BROTHERS, HARRIMAN &CC.
CHICAGO CORPORATION,
THE
DEMPSEY-DETMER &, CO.
DEVINE, C. J. & CO.
FIELD, GLORE &, CO.
FIRSTCLEVELANDCORPDRATION, THE
FIRST OF MICHIGAN CORPORATION
FOLDS, BUCK &. CO.
GOFEN & GLOSSBERG
HARRIS, BURROWS &, HICKS
HARRIS, UPHAM &, CO.
JOHNSON, JOSEPH M. &. CO.
KELLEY, RICHARDSON &, CO.
LAZARD FRERES AND CO., INC.
LOBDELL &. COMPANY
MASON, MORAN & CO.
MATHEWS, DAHLIN & CO.
McGOWEN, CASSADY & WHITE
MERCANTILE COMMERCE BANK
AND
TRUST CO.
J. S.
McMillan, Correspondent
MERICKA, WM. J. &. CO.
MID-CONTINENT SECURITIES CO.
MILWAUKEE
COMPANY, THE
MOLLOY, EDWARD P.
MOSELEY, F. S. &, CO.
NATIONAL TRIANGLE
SECURITIES, INC.
PRESSPRICH, R. W. &, CO.
REDFIELD, C. H.
RUSSELL, BREWSTER &. CO.
SAFETY INCOME MANAGEMENT
CORPORATION
SELECTED SHARES CORPORATION
SIMS, PAUL K.
SMITH, BURRIS & CO.
STEIN & ROE
STRANAHAN, HARRIS &. CO.
STRAUS SECURITIES CORP.
STUART, WILLIAM R. & CO.
SUTHERLAND, J. CHARLES &. CO.
WELSH
& GREEN
WOOD, HAROLD E. &. CO.
f
A full-sized
reproduction (13"
x
20") of this striking etching of the Field Building,
by the noted etcher, S. Chester Danforth, will be sent to executives
THE
upon
FIELD
Due to its unexcelled
:1
request
BUILDING
location, in the
very
heart of the financial district, and to the
prestige which it carries, the Field Building is the logical business address for the
established broker
or
investment house in
investment banker.
Practically
every
prominent broker and
Chicago is located either in the Field Building itself
two-block radius of this
or
within
a
building, Chicago's most distinguished and most modern
office structure. For particulars address
ROBERT
OWNED
AND
OPERATED
CARPENTER, Manager
137
La
South
BY
THE
Salle ' Stree t,
ESTATE
Chicago
OF
MARSHALL
FIELD
The Financial Situation
•
■
1
•
<
•
.
due allowance for seasonal
am
be
maintaining itself
'
.
ALTHOUGH the rate of business
changes,
situation and the outlook with which industry,
and finance
faced have become seriously
are
and confusing.
has is without
That business has been
question
as
trade
confused
active
as
it
tribute to the recuperative
a
and the general toughness of the economic
powers
That widespread confidence is
system that is ours.
still found that the current year
of
to
seems
expected, the existing
as was
will record
volume
a
*
.
activity, making
institutional, in^
their funds
from fixed income securities, where the likelihood of
appreciation is small and where the yield is very low,
to other fields thought more suitable for times such
as these.
Not so with the bank, commercial or
savings, the trust officer, and the life insurance cornpanies. To be sure, there are lower grade obligations
with speculative possibilities and some other types of
investments open to such institutions, and to some
extent
"Boondoggling" and the Depression
rulings
to
decidedly
firmed
the
that
very
a
which
books
of the
ex¬
statute
It
and
nation,
by the
to
seems
assumed in
be
been
the
throughout
that
the
the
file
have in marked degree
legislation
sion
into
circulation" in such
What
lost.
that
we
were
PARADOXICAL as it
and perhaps
may seem,
is, the persistent belief that
inflationary boom lies
an
not very
wise
in
case
some
without
case
that
view forget
is
managing their affairs
Larger Institutional
Bond Purchases
money
more
Thus
in
in
parently separated
formality only,
bonds
was
ing the
The
the
tively recently. We under¬
of the
the
by
book
statute
ap¬
now
measure,
a
convertible into cash
automobile
choice of their
the deficit
relief
volume
tion
are
severely
so
limited
in
same
are
this,
as
would at first
banks at this
is
however,
a
situation obviously born of
special circumstances, and,
accordingly, not
glance
appear,
so
inexpli¬
existing situa¬
although
we
must <
long-term investments by the
time, particularly perhaps in
govern-♦
ment bonds.
Uncertainty in Washington
in¬
BEthe situation which has is perfectly obvious that
ALL this as it may, it
developed in Wash¬
ington has created a situation that almost estops effect¬
time
greatly increasing the
of funds for which investment must
a
the
many
financiering of the Treasury, gold imports
where be found.
New York City
inclined to take
manufacturers.
investments, while at the
expenditures
two
longer term position in the
doubt the wisdom of
singular strength that continues in
investors
now
cable in the
explanation in the fact that
stitutional
even one or
larger clearing house,
banks in
are
the prediction that the word
venture
high-grade bond market in the face of all this
finds its
and
of
than
government bond market.
currently reported to be temper¬
enthusiasm
otherwise
freely
more
their wont until rela¬
stand that
"boondoggle" will not be enshrined in the
sensible man, except as a symbol
of unutterable human folly.
will not be
before next June is
their
ing long-term government
heart of any
bonus
from
over
All
We
one
the
find institutions;
laid the basis for the later boom and ultimate
industry, al¬
proposed
we
desperation
profit and loss results buy¬
though the fact that the
bonds
con-;
servatively and carefully."
any
collapse.
se¬
sustaining elements
in the motor
tutions which insist upon
this
deposits arbitrarily created in the process of
Treasury. It was
much this type of deposit creation that char¬
acterized the first half of the 1920's, which
curities markets, and it is
of the
possibilities of this
type exist for those insti¬
deficit financiering by the
question
widely believed to be
small
"boondoggling" to which the President
referred is being carried forward with bank
Such
sections of the
boon¬
The
proving to be a stimulus
is the
in
who
well enough aware
are
ways.
hold
cus¬
those
but
moment.
far ahead is like¬
in several directions.
as
their
their
know the facts of the
in circulation." They also fur¬
opportunity for employment to
those who want to work in a more satisfactory
manner than do "boondoggling" outlays.
Moreover, boondoggling expenditures on a
large scale by the Federal government, such
as we have been witnessing, tend to prevent
constructive outlays
upon
which business
normally feeds. In addition, they always re¬
sult in reducing the willingness of men to do
an honest day's
work fof an honest day's pay,
as
may be seen on all sides at the present
"put
Stimulus
a
way
nish
a
comparatively short period
as
known
for
enlarging
holdings of loans to
would be laid out in
event, probably to
increase capital equipment and thus enlarge
the ability of society to meet the needs of the
future. These latter expenditures, of course,
of time.
Inflation
who
those
other
some
depres¬
prosperity in
now
or
consider¬
a
outlets
by
tomers,
that funds thus spent
patch-work of
•assured would turn
of what is
essence
those
possibility of the banks
funds
doggling, is hew. Thoughtless persons have
always believed, and doubtless now believe,
that business is helped by "putting money in
country
and
rank
faith in the
the
there
as
among
uninformed
are
finding
greatly benefited by unproductive and even
expenditures, which of course is
evidence
widely in
is,
able amount of talk about
senseless
ening indications that have
pre¬
lim¬
course,
misinformed,
that this notion that industry and trade are
also doubtless to the heart¬
There
quarters
some
of
long been
who
we can "boondoggle ourselves out of this
depression." What we are doing is "boon¬
doggling" ourselves deeper and deeper into
trouble, even if the natural recuperative pow¬
ers
of business may for a time obscure the
fact and temporary speculative manias may
give the situation a different appearance.
the New
punged from the
trouble
has
to come."
with this prophecy
that
legislation
Deal will forthwith be
years
President during a recent visit to New Jersey
is that there is not the remotest possibility
large part of
composes
ventur¬
are
opportunities thus
ited.
be enshrined in the hearts of the American
The
con¬
general belief
the strange
can
we
people for
SupremeCourt,which
have quite
sented are,
boondoggle ourselves out of this
depression, that word (boondoggle) is going
due to the encouragement
of the
the
"If
is in substantial part
derived from recent
they
ing into these fieldsj but
appreciably larger than last
year
r
vestors can, if they deem it wise, tr ansfer
and trade
production
'
Individual investors and vsome
some¬
now
ive
analysis of future probabilities.
First, of
course,
there is the bonus measure, which according to almost
unanimous
opinion will become law in its present
form, although question has arisen whether in that
event
the
President
may
demand tax
revenues
to
Financial Chronicle
504
Jan. 25 1936
'
I
.
>
the
meet
which,
apparently again clearly
community to guess
while
unconstitutional,
leaves
Congress
the
what the Administration will do with the extensive
the
powers
already
asking for
appropriations to
the farmers what the govern-
morally obligated to pay on con-
invalidated but
now
delivered performance.
program
will cost
there
only
are
$300,000,000 additional
about
pay
mentis believed to be
tracts
The President is
Administration.
of the
one
generalities about taxes to
One
or
spoken of
In addition to all
time
in
time
to
this,
the
rumors
past,
They
vigor during the past few days.
as
able to learn, still mere rumors,
are
we
real factors in both the foreign
securities markets during
tain remarks
on
Treasury, which
more
regarded
Cer-
"cryptic" by the
rumors
taken.
were
devaluation
Further
dollar, bi-metallism and other devices
in these reports, all vague
We have
these
no
way
rumors,
are
of
the
mentioned
and without definite form.
of knowing how seriously to take
but certainly if
being
anything is
planned in this connection which involves action of
the sort
idle
for
as
a
this
now
such
being mentioned
rumors
considerable
hope they
we
often are, even
are as
when they persist.
period of time and
are
given
appre-
ciable credence in speculative quarters.
measure
time.
same
course, many
come
but
banks with
to
an
end at
even
so
Treasury
time,
some
year,
with
adding to all the other strains to
not
course,
it
pleasant
may
basis for,
to
is
cer-
although, of
bring, and surely ought to lay the
rebuilding of
a
comes,
contemplate,
our
banking, credit and
fiscal systems.
The Agricultural Program
^
QERIOUS discord
in
i
,
Congress, which was to be
~ found even among the close supporters of the
Adrogation, concerning the proposed agricultural
eflatl°n ^as apparently in arge part eliminated
ate in the week by the formuktoi i of amendments
the Administration bill which would m vague
terms provide for continued Federal regulation of
agricultural production and farm management on a
Permanent basis by means of State co-operation and
Statf subsidies from the Federal government. The
whole situation
at this time
entirely too
seems
The Bonus
Of
That day, whenever it
process.
tainly
with which these
seriousness
guide, it
under the direct control of the
now
of loading the
process
volatile elements in the financial community,
seemed to add to the
any
of thousands of small
which the budget is subjected, will bring the end of
,
exchange and the
as
are
the bonus
Thursday by the Secretary of the
were
managers
deficits simply must
although
the past few days.
If the past is
halt.
a
well be that the
come sooner or
There is at least the possibility that this
far
they have been given sufficient credence to become
inevitable seems
affect upon the
Reconstruction Finance Corporation,
this
mone-
so
are,
even
conclusion at about the
in circulation from
further
was
adverse
no
the less prudent bankers will feel
of them
tinkering have been revived and given real
tary
or
unit banks throughout the country will reach this
particularly in Europe,
that the Administration has plans for
little
had
Yet the time must
may
having Administration support.
as
have
obliged to call
al«
being
are now
the
to suggest
course, none
of the country.
two altogether new meas-
apparently of far-reaching nature
But, of
later when
re-
There is also
place the invalidated processing taxes.
doing.
market which Treasury obligations find in the banks
and
to know,
the matter of having to refund processing taxes
ready collected.
to
agricultural
new
appears
so
bonus legislation of this sort
which the farmers have
What the
no
vague
on
seem to us
of these
considerations suggest that this procedure can be
indefinitely continued without disaster to both the
banks and the rest of the business community. It
must be admitted that the widespread belief that
unwisdom of
relief
lack of information concerning the
policies
all the circumstances that
already existing by
uncertainties
the
to
of
reason
ures
already presented the reasons that lead the banks
to buy these securities as freely as they do despite
year
Agricultural Adjustment Act, which, of course,
added
is
We have
farther than prudence and wisdom dictate.
by the President
alignment by the invalidation
has been thrown out of
of the
The budget
would grant him.
measure
presented at the first of the
'
•
the banks against deposits arbitrarily created for
the purpose.
But thoughtful observers have long been wondering just how long it will be possible for the Treasury
to proceed in this way.
It has already gone much
outlays imposed, at least in substantial
Then there is the agricultural bill now before
part.
*
<
definite
and
uncertain
too
to
furnish
a
basis
m-
for
THE most important of book is, of enactmentsbonus have no appraisal ofhowever, in expressing our belief
detailed hesitancy, what is in contemplation. We
ally
the statute legislative
the actunear
course,
quired to cash the bonds likely to be presented almost
that "managed economy," whether applied to agriculture or any other phase of our business life, is
wholly undesirable, and it is precisely "managed
economy" that is obviously being sought in this
instance.
New Investment
at
HPHE Securities and Exchange Commission has
The fact that it provides that the bonds to be is-
bill.
sued to the veterans
are
not to be
not be convertible into cash
June
negotiable and will
by the recipients until next
merely postpones the evil for
a
limited period,
Estimates of the amount of money that will be re-
once
by the veterans
of dollars.
vary
from
one
to two billions
Where will the Treasury obtain all these
addition to those it must have for other
funds in
purposes?
Some members of Congress
anxious lest the President demand that
tax
legislation to provide them.
profits have been mentioned
Apparently
problem
on
as
seem
to be
they enact
The so-called gold
a
possible
source,
other
now
extended analysis of the issues
registered under the Securities Act of 1933 during
the
made public
year
1935.
an
Perhaps the most interesting result
of this analysis, which, of course, reveals the wellknown fact that
new
issues registered totaled a much
larger amount than during the previous year, is the
this
conclusion reached that only about 2% of the funds
the Treasury's door-step in the expecta-
thus raised (assuming that all issues registered were
Congress
would prefer
to
leave
tion that the Administration would raise the funds
it has been raising enormous funds for
purposes—by placing the resulting deficit in
required
A
as
actually sold)
ment of
new
were
used for enlargement
working capital.
or
improve-
Some 5% represented
We have here a painful re-
plant equipment.
Financial
Volume 142
business, entrepreneurs have
a
fact that many
a
strong
so
far asked for but
so
funds.
new
financial position that
a
issue
new
Of course,
of the larger concerns are in
pitifully small volume of
it is
the
all the revival of
minder that with
considerable
a
volume of improvement
and enlargement operations
undertaken without asking the public for
But even when all such factors are given
be
can
funds.
their full
weight, the fact remains that funds are not
yet being used extensively for improvement or
as
enlargement of the productive equipment of the na¬
Emergence from this depression in any real
tion.
sense
is
likely to await
this process.
month
past
will bring
year
this phase of
or
two that the
marked improvement in
a
Few observers
the current situation.
of
Because
the Treasury
policy of drawing upon
deposits with other institutions rather than the
reserve
Fed¬
banks, deposits of member banks on
Reserve
eral
account fell to
$5,802,436,000
on
Jan. 22 from
Jan. 15, but this decline was bal¬
anced by the increase of the Treasury deposit with
the Federal Reserve banks to $514,995,000 from
$5,858,865,000
on
$461,638,000.
Foreign bank and other deposits in¬
creased
to
somewhat,
that total deposits moved up
so
With aggre¬
little changed,
the ratio increased to
$6,613,359,000 from $6,604,998,000.
gate circulation and deposit liabilities
while total reserves were up,
Discounts by the System in¬
78.0% from 77.9%.
$1,068,000 to $6,420,000, while industrial
creased
dropped $29,000 to $32,210,000.
advances
Open mar¬
unchanged
at $4,657,000, and holdings of United States govern¬
ment securities increased $21,000 to $2,430,264,000.
holdings of bankers' bills were quite
ket
experience and good judgment are, however, able
of
to
summon
of
to believe that such
Foreign Trade in December
great hopes of a vigorous movement
this sort in the
a
substantial development of
Hopes have been expressed in various
quarters during the
current
a
305
Chronicle
early future,
movement could be
or
wisely undertaken
long
as
as
existing uncertainties continue.!
THE foreign trade of the United States in Decem¬
markedly lower scale in respect
ber
was
on a
exports than in November while, contrary to
to
the
trend, imports showed a sizable gain
November. The value of the merchandise ex¬
usual seasonal
Federal Reserve Bank Statement
over
CHANGES ofinimmediate importance areoflacking
this week
the condition statement
the 12
Federal
Reserve
combined.
banks,
upward
The
tendency of excess reserves of member banks has
been halted for the time
being through the interven¬
Treasury, which is main¬
tion of the United States
taining
unusually large balance in its general
the Federal Reserve banks.
In-the
an
with
account
Wednesday night the Treasury balance in¬
week to
|53,357,000 to $514,995,000, and as other in¬
fluences were small this caused a decrease of $57,creased
000,000 in member bank reserve balances with the
Federal
over
institutions.
Reserve
deposits
000,000.
reservoir
credit
some
The
reserve
It is evident that the existence of this huge
of idle funds and the potentialities of
which
inflation
perturbation.
it
contains
doubtless gave
week and
is
occasioning
The Open Market Committee of
the Federal Reserve Board met in
Washington this
the problem some consid¬
although it was
eration,
excess
requirements fell $60,000,000 to $3,030,-
reported that Treasury
financing was the principal subject of study.
contention
the
in
action
near
for
being $170,of
exports amounting to $38,396,000. The decrease in
exports is attributable mainly to smaller shipments
imports was much smaller, the former
654,000* and the latter, $132,258,000, the excess
of unmanufactured
cotton and tobacco, and
fruits
vegetables, while larger imports of raw mate¬
and
rials, such as crude rubber, tin,
undressed furs, wood
vegetable oils,
pulp, copper, hides and skins, and
account for the increase in the total.
Total
exports in the calendar year 1935 aggregated
$2,282,023,000, and imports, $2,047,797,000, leaving
a
favorable balance of $234,226,000, the smallest
1910, with the exception of 1933 when the
was no more than $225,435,000.
Imports
since
balance
since 1932.
and
exports have increased in each year
The
percentage of gain over 1934 was 7% in the
most of which was made in the last
plausibly that the
case
of exports,
four
months, when the value of exports was
future is the chief stumbling block to
greater than in the same period of 1934; imports
in 1935 exceeded those of the previous year in each
be
made quite
reducing
the
excess
While
reserves.
nothing is said officially regarding the
'
of both exports and
but in December 1934 the value
Treasury for raising tremendous sums
can
need of the
The
of im¬
favorable balance of
only $37,089,000 as compared with a balance of $99,725,000 in November. Exports in the latter month
amounted to $269,310,000, and imports, $169,385,000,
ported in December was $223,737,000, and
ports, $186,648,000, leaving a
Treasury
19%%
corresponding month, the percentage of increase be¬
fourth months' pe¬
whole being 24%.
1934, when exports amounted to $2,132,800,000,
policy of keeping large balances in the general fund
with the Federal Reserve banks, the only reasonable
ing successively greater in each
unofficial
In
explanation is that this method has been
adopted tq keep excess reserves from rising rapidly
If this view turns out to be correct,
records.
to
new
it
would
that the Treasury has taken over
appear
riod, and the gain for the year as a
designed.
Cotton
a
stocks of the country advanced
Monetary gold
$14,000,000 in the week covered by the report, but
Treasury reimbursed
the
amount of such
itself only for
a
small
acquisitions through deposit of gold
certificates with the Federal Reserve banks.
Such
gold certificate holdings increased to $7,619,348,000
on
Jan. 22 from
was
a
$7,617,881,000
and total reserves
$7,962,212,000.
the
on
Jan. 15.
further increase of cash in tills and
were
up
There
vaults,
to $7,972,380,000 from
Currency continued to flow back to
banks, and Federal Reserve notes in actual cir¬
culation
fell to
$3,608,049,000 from $3,619,651,000.
$477,745,000 which was higher than in any
of
of the three
entirely the control of credit and money for which
the Federal Reserve banks were
imports to $1,655,055,000, there was an export
and
excess
preceding
years.
exports in December totaled 916,979 bales,
decrease from the
vember but well
1,165,177 bales shipped in No¬
above December a year ago when
only 519,986 bales were
shipped. The value of the
$56,768,692, and in
Cot¬
ton exported in the calendar year 1935 came to
6,092,684 bales, valued at $390,900,000, a small gain
exports in December last was
the
corresponding month of 1934, $35,025,119.
over
of
the
previous year when the unusually low total
5,942,122 bales, with a value of $372,755,000, were
shipped.
During most of 1935 shipments were even
1934; only a sudden spurt in the closing
lower than
months
managed to bring the total year's exports
above 1934.
Financial
506
i
Gold
imports in December aggregated $190,180,-
000, and in the
ports in the
1935, $1,740,979,000, while ex¬
year
periods came to no more than
same
$170,000 and $1,960,000, respectively.
the net
019,000, which,
of the
tion
Consequently
imports for the year were valued at $1,739,-
after allowing for the devalua¬
even
dollar, are the largest in history, and
with $1,133,912,000 in 1934, the previous
compare
high record. Refleeting the government's silver buy¬
ing operations, the total value of the metal imported
in 1935 arrived at the unusually high figure of
$354,531,000,
and
as
compared with $102,725,000 in 1934,
$60,225,000 in 1933. In the same periods exports
were,
respectively, $18,801,000, $16,551,000, and $19,Imports in the month of December alone
041,000.
amounted to
$47,603,000, compared to $8,711,000 in
1934
December
and
exports but $759,000
against
Chronicle
dull, and
MOVEMENTS on the New York stock market
week
toward materially higher
were
soldiers' bonus incidents and
rumors of an upward revaluation of Treasury silver
holdings caused distinct fears of inflation.
There
levels, largely because
some
uncertainty in share prices at the start
King
quieted the market on Tuesday. But on Wednesday
numerous
reports were current that new silver
week, while the death of the British
of the
moves
were
under
preparation in Washington, and
prices gained sharply in that session. Another and
almost sensational advance developed Thursday, and
in that
trading period scores of new highs for the
movement were
registered.
All the leading average
compilations disclosed the best figures since the sum¬
of 1931.
The stock market appeared to be con¬
mer
vinced that
the Treasury Tyould
revalue its silver
figure
representing a 16 to 1 ratio with the gold value.
According to such rumors, the increment in value
holdings to $1.29 or $2.18 an ounce, the latter
of the silver would be used
soldiers' bonus costs.
repassed the bill over the veto by 324 to 61
votes it
Washington appeared to be
dous
yesterday, with prices in general well
price tendencies of the week were toward
Utility shares drifted lower
on Monday, when an expected decision on the con¬
stitutionality of the Tennessee Valley Authority
again failed to materialize.
Industrial stocks re¬
ceded, while metal shares weakened when the price
of foreign silver was lowered.
The railroad group
did not vary much.
In a quiet session on Tuesday,
levels again drifted a bit lower.
Some of the carrier
stocks gained good support, but the general tendency
was to await new Congressional developments.
The
significance of the huge Treasury expenditures for
the soldiers' bonus impressed the market on Wednes¬
began to circulate on that
day, so that stocks of all descriptions came into
heavy demand. Industrial and metal shares showed
large advances, while railroad and utility issues
likewise strengthened.
The most pronounced gains
day, and silver rumors also
soared.
Thursday, when the silver
Shares of companies
at their height.
interest in domestic silver
production
Airplane stocks formed another group that
advanced
sharply.
The generaly industrial, rail¬
road and
utility groups followed closely the lead of
the other
sections, with trading
to
3,060,000 shares.
a
little in antici¬
gains also appeared in utility stocks, but rails
slightly lower.
widely divergent trends
United States
government issues gave
were
noted.
way
steadily
the realities of the bonus situation
as
forced themselves
ing
Highest
corporate bonds hardly moved at all, through¬
week.
the
out
Little trad¬
public attention.
on
done, but recessions were general.
was
rated
bond
all
In
speculative sections of the
market, however, large gains were the rule.
industrial and
nounced
amounting almost
The tendency yesterday was
utility corporations showed pro¬
strength, with the largest gains reported
Thursday.
and
Wednesday
bonds likewise
Act still leaves
of
by the developments, largely be¬
the overthrow of the
cause
dollar
foreign
Most
Commodity markets were
improved.
not much affected
Agricultural Adjustment
doubt
some
as
to the
long-time trend
Grains and cotton were firm in most
quotations.
sessions, but they suffered declines in other trading
that net changes were quite small. The
silver declined sharply.
In the
periods,
so
foreign
price of
foreign exchange markets weakness of the United
States dollar was the feature.
The general conclu¬
sion
that
was
Congressional and Administration
profligacy would result in inflation here, and some
of the
funds
nervous
reaching this market late last
began to move over to Europe again. Sterling
moved
over
the $5.00
level, while the French
year
franc moved
steadily closer to the gold export point,
figure
that
although
attained.
not actually
was
francs
Swiss
and
Guilders
also
were
while
firm,
Scandinavian units followed sterling upwards.
On
York
New
the
reached
new
Stock
touched
low levels.
new
stocks
Exchange 334
high levels for the
year
while 156
On the New York
Exchange 281 stocks touched new high levels,
and 116 stocks touched new low levels.
the
New
York
Stock
Call loans
Exchange remained
un¬
changed at %%.
On
slightly lower levels.
that have an
improved
In the listed bond market
on
maintained.
were
accepted that the Senate would follow
was
dull and
were
stocks
rumors
trend.
expenditures saddled upon the Treasury, and
small
Curb
of the week developed on
the
affect
to
pation of the gains to be expected from the tremen¬
and
Initial
failed
Industrial stocks
suit.
to defray part of the
impressed by these reports and conjectures,
the stock market finally settled to a more nor¬
routine
the
House
little
mal
When
bill
of
The New York Stock Market
was
the Presidential veto of the soldiers'
even
bonus
Secondary carrier liens and the lowest-priced issues
$1,014,000 in December 1934.
this
Jan. 25 1936
the
the
New York
Stock
Exchange the sales at
half-day session on Saturday last were 1,072,791
shares;
Monday they were 1,805,375 shares; on
on
Tuesday, 1,329,130 shares; on Wednesday, 2,146,410
shares;
Thursday, 2,937,770 shares, and on Fri¬
on
day, 2,542,132 shares.
On the New York Curb Ex¬
change the sales last Saturday were 408,842 shares;
on
Monday,
shares;
on
583,495 shares; on
Tuesday,
Wednesday, 624,115 shares;
on
423,040
Thursday,
958,725 shares, and on Friday, 956,368 shares.
The stock
fore
market, after
a
period of inactivity the
part of the week, rallied on Wednesday to a
position of strength, many issues having advanced
from
one
to
three
points in heavy trading.
This
improved tone of the market, which continued on
succeeding days with the exception of Friday, was
encouraged by the House's passage of the bonus bill
by
an
rumors
some
overwhelming majority along with further
of inflation that have been prevalent for
time past.
Stock transactions yesterday
of substantial volume and
were
prices generally held their
ground and closed higher than on Friday of the
previous week.
at
General Electric closed yesterday
38% against 38 on Friday of last week; Consoli¬
dated Gas of N. Y. at
32% against 33%; Columbia
Financial
Volume 142
Gas & Elec. at
N. J. at
chine at
at
14% against 14%; Public Service of
46% against 47%; J. I. Case Threshing Ma-
100% against 99; International Harvester
59% against 58%; Sears, Roebuck & Co. at 62%
61%;
against
Ward
Montgomery
& Co. at 37%
against 53, and
against 159%. Allied
at 53
against 36%; Woolworth
American Tel. & Tel. at 160
Chemical
&
167%
Friday of last week; Columbian Carbon
at
on
closed yesterday at 166 against
Dye
104% against 101%; E. I. du Pont de Nemours at
144% against 145; National Cash Register A at 233^
International Nickel at 483/g against
against
at 223% against
Dairy Products
National
473%;
22%; Texas Gulf Sulphur at 36 against 35; National
Biscuit at 37
against 36%; Continental Can at 81%
against 84; Eastman Kodak at 160% against 160;
Standard
Brands
house Elec. &
at
16% against 16%; Westing-
Mfg. at 109% against 101; Lorillard
25% against 25%; United States Industrial Alco-
at
hoi
at
43%
against 43%;
Dry
Canada
at
15%
against 14%; Schenley Distillers at 50 against 48%,
and National Distillers at
United States Steel closed
at
f.
present
yesterday at 47%
against 48% on Friday of last week;
Steel
Bethlehem
51% against 52%; Republic Steel at 19
against 19%, and Youngstown Sheet & Tube at 46
■
European Stock Markets
QHARE prices moved irregularly this week on
O
stock exchanges in the leading European finanThe markets had to contend with a
cial centers.
of
number
developments,
unsettling
price
and
In the motor group, Auburn Auto
changes for the week were quite unimportant. Early
yesterday at 43 against 41% on Friday of
declines at London and Paris were made up in sub-
against 44%.
closed
Friday of last week. May oats at Chicago closed
yesterday at 28%c. as against 28c. the close on Friday of last week.
The spot price for cotton here in New York closed
yesterday at 11.85c., unchanged from the close on
Friday of last week. The spot price for rubber
yesterday was 14.93c. as against 14.25c. the close on
Friday of last week.
Domestic Copper closed
yesterday at 9%c., the same as on Friday of last
week.
In London the price of bar silver was
pence
per ounce as against 19 pence per ounce on Friday
of last week, and spot silver in New York closed
yesterday at 44%c. against 45%c. the close on Friday of last week.
In the matter of the foreign exchanges, cable
transfers on London closed yesterday at $5.00% as
against $4.95% the close on Friday of last week,
and cable transfers on Paris closed yesterday at
6.66%c. as against 6.60%c. the close on Friday of
last week,
29% against 28%.
The steel stocks show further declines the
week.
507
Chronicle
week; General Motors at 56% against 55%;
sequent rallies, while the Berlin market remained
Chrysler at 88% against 87%, and Hupp Motors at
dull and all but motionless. The London Stock Ex-
last
In the rubber group, Goodyear
yesterday at 23% against 23%
2% against 2%.
Tire & Rubber closed
on
Friday of last week; U. S. Rubber at 18% against
change was depressed at first by the illness and
death of King George V.
caused
a
The demise of the King
suspension of all trading at London on
Tuesday, but thereafter the tone brightened.
On
railroad shares made further
18, and B. F. Goodrich at 15% against 14%. The
gains this week. Penn-
the Paris Bourse the fall of the Laval Cabinet cast
sylvania RR. closed yesterday at 34% against 34%
its shadows before, but after the unsettling effects
Friday of last week; Atchison Topeka & Santa
on
Fe at
70% against 69%; New York Central at 30%
against 29%; Union Pacific at 120% against 117%;
Pacific
Southern
at
27% against 26%; Southern
of the occurrence were overcome a moderate im-
provement took place.
were
All the European markets
made uneasy at times by rumors of new infla-
tionary moves in the United States, but the reports
Railway at 14% against 14%, and Northern Pacific
caused a considerable repatriation of the nervous
at 26
Among the oil stocks, Standard
money
yesterday at 55 against 54 on
in 1935 and investment of the funds in London and
against 25%.
J. closed
of N.
Oil
which moved to this side of the Atlantic late
For a
Friday of last week; Shell Union Oil at 18 against
Paris aided the upswing in those markets.
18%, and Atlantic Refining at 29% against 30%.
time it was feared that renewed international mon-
In the
etary unsettlement might follow the fall
Copper group, Anaconda Copper closed yester-
Friday of last week;
Copper at 32% against 29%; American
day at 30% against 29 on
Kennecott
and industrial reports from the leading European
to
supply
countries are inconclusive for the time being, no
particular trend being noted in either direction. In
encouragement for the stock market.
Steel-
this confused situation not much business was done
against 60%,
Refining at 63%
Phelps Dodge at 33 against 28%.
Trade
and
industrial
;
failed
indices
making operations for the week ending to-day were
estimated by the
at
when the franc showed pronounced strength. Trade
and
Smelting &
much
of the Laval
regime in France, but such apprehensions dwindled
American Iron and Steel Institute
on any
European market.
Dealings on the London Stock Exchange were ex-
49.9% of capacity against 49.4% last week and
ceptionally quiet on Monday, for it was already ap-
Production of elec-
parent during that session that the illness of King
49.5% at this time last year.
trical energy
for the week ended Jan. 18 amounted
to
1,949,676,000 kilowatt hours, the Edison Electric
Institute reports.
This compares with 1,970,578,000
kilowatt
hours
in
the
preceding
week
and
with
1,778,273,000 kilowatt hours in the corresponding
week of last year.
Car loadings of revenue freight
for the week to Jan. 18 were
to the Association
611,408 cars, according
of American Railroads.
This is
George
would take a very serious turn.
British
funds drifted slightly lower on sheer neglect, while
most industrial stocks also weakened, although some
of the losses were recovered in a late rally.
Gold
mining stocks and other metal issues were fairly
firm, and international securities were quiet and unchanged. Following the death of King George late
on Monday, all trading was suspended Tuesday in
but
London. Business was resumed quietly on Wednesday, with many traders remaining away. Funds
flowed to London from New York and Paris, and
kets, the May option for wheat in Chicago closed
some
yesterday at 100%c. as against 100%c. the close on
at Chicago closed
which improved slightly. Industrial issues were
firm, but French issues listed at London were
yesterday at 60%c. as against 60%c. the close on
marked down following the fall of the Laval Cabinet
3,620 cars under the figure for the previous week,
48,582 cars more than in the same week of 1935.
As indicating the course of the commodity mar-
Friday of last week.
May
corn
of the money found lodgment in British funds,
508
Financial
and this
upset other international issues.
don market
was
somewhat
and the trend also
higher
the
on
The Lon¬
Thursday,
British funds moved
improved.
further investment buying, and most of
on
industrial
French
active
more
issues
securities
American list
likewise
developed strength.
remained
improved
soft, but the Angloovernight reports of the
on
Chronicle
Jan. 25 1936
that the French government
informally against
had warned the Reich
attempt to fortify the Rhine-
any
land demilitarized zone, or to
The
area.
Locarno
demilitarization
of
the
the British government
of
send troops into that
treaty provides for continued
and it appears that
zone,
also has informed the Reich
obligations under that accord.
These steps were
sharp upswing in New York markets. A little profit-
taken, it
taking
German Nazi press for termination of the
noted in
was
sections of the list, but it
some
failed to affect the general trend.
extended
yesterday.
Gilt-edged
The gains
issues
were
improved
of the Locarno pact
The incident
area.
slightly, while larger advances appeared in indus¬
toward
trial issues.
in
The Paris Bourse faced
Monday the week-end
on
all
but
disintegrating, and the prospect of
parts of the list.
rentes down
of
better
franc
fall
The opening was nervous, with
sharply, while French bank, utility and
industrial stocks also receded.
were
a
Monday in all
on
International issues
supported than others, owing to fears
devaluation.
After
a
steady opening
on
such
even
The four
information
prospects are now extremely doubtful.
on
made
consideration.
were
recorded in French
issues
again received
the Laval Cabinet
of nervousness,
to
on
losses
equities, although foreign
a measure
of support. Fall of
Wednesday caused
a
but the apprehensions
good deal
eased
were
degree by the strength of the franc. Funds from
a
New York reached the French market in consider¬
able
amounts, and the demand for rentes thus
selling appeared in the international section.
levels
again tended to improve.
in which the fall of the Laval
stimulated
also
were
The calm
regime
were
equities.
firm.
Rentes
manner
accepted
was
confidence, and small gains
in rentes and French
ties
Thursday, and
on
were
noted
International securi¬
and
French
equities
irregular yesterday, while foreign issues drifted
lower.
the British
upon
all
the Berlin Boerse
on
sessions, and it
from
the
German
repeatedly noted in reports
was
capital that
a
sort of
paralysis seemed to affect the market.
firmness
small in
were
creeping
Moderate
noted
was
It
viewpoint
been made clear.
League Council
WHENGeneva, Monday, it League of Nations met
the Council of the
rather well under¬
at
was
stood that
tions
no
action would be taken toward oil sanc¬
against Italy, effective
checking the aggression
Ethiopia. Not in
varied
from
in
day
an
effort to
Boerse and net
others.
The
trading
ments
were
were
insignifi¬
Electrical issues showed better results than
cant.
but
changes for the day
on
were
trend
was
fractional.
issues
Wednesday
was
downward,
of small proportions and most
recessions of
interest
on
a
Only in
point
reflected
one or
or more
a
little
move¬
two instances
recorded. Fixed-
support.
Uncer¬
tainty regarding the business situation and fears of
new
taxes
depressed the Berlin market
A number of sizable reclines
and
heavy industrial
also lost their
Berlin
yesterday, with all
Thursday.
appeared in the mining
groups,
good tone.
on
while electrical issues
Small gains
groups
were
voted at
the ordinary one which always takes place
January. The League Committee of Thirteen,
was
consists
formed to consider sanctions and which
almost
called
clear for
this
don is
some
at the
same
time.
It has been
weeks that Great Britain
no
longer
pushing sanctions against Italy, and
change in the situation
was
confirmed late last
whatever to sanctions.
met
as
When the Council members
the Committee of
adopted
Thirteen,
on
Monday, they
again the old expedient of naming a
subcommittee for study
purposes, and delay on oil
once
sanctions
thus
was
assured.
situation remain unaltered
The
externals of
the
by the League delibera¬
tions, and it will probably be necessary to wait for
diplomatic developments in order to determine the
trend of events.
The
ever,
League meetings were anything but dull, how¬
for the British government filed a memoran¬
on
and
Wednesday which contained the
mutual
assistance arrangements
government
Yugoslavia.
outlines of
made by the
with
This
France, Turkey, Greece
understanding provides for
may
support all around in the event of attacks by Italy.
taken, now that Japan has withdrawn from the
The existence of the mutual aid
pact was disclosed
some weeks
ago, but the official announcement nev¬
gathering,
ties
It
entirely of Council members, also
to meet
week, when Foreign Secretary Anthony Enden made
a
speech in England which contained no reference
London
WHILE the moribund naval conferencethat Lon¬
at
considering the small steps
be
in prog¬
Italo-Ethiopian dis¬
The Council meeting scheduled for last Mon¬
which
the
Armaments
are
was
late in
dum
affected.
settle the
quite clear
seems
ress
buying than selling. After
the
Mussolini in
has the League procedure
expectations, and it
more
on
any sense
private diplomatic conversations
is intent upon
departments of the market also reflected
these might be in
as
of Premier
that
Other
good opening
American
the part of
on
Washington to British requirements has not yet
sues.
a
taken into
formerly to insist
offset by concessions
was
sues,
gradually lower
was
reported early this week that
Whether this reported concession to the
was
prices drifted
was
less inclined than
were
Monday in heavy industrial is¬
while larger gains appeared in the utility is¬
Tuesday,
Ital¬
reduction in the tonnage of capital ships.
a
pute.
Transactions
programs.
oc¬
strength to these bonds. French bank,
utility and rail stocks moved feebly higher, while
some
simple exchange of
separately. That proposal also
casioned gave
The volume of business increased
a
exchange of information might be divided into budg¬
etary and technical aspects, with disclosures to be
Rentes
new
proposal for
building plans and
representatives suggested last Saturday that the
Tuesday, fresh declines appeared in all parts of the
materially easier and
competition
the sea, at least,
on
delegations left at London studied this
list.
were
fortifications
new
Until the London naval
might be avoided
week the British
ian
sections
emphasizes the steady tendency
conference collapsed it was hoped that
Laval
Ministry caused recessions
violent campaign in the
dealing with the demilitarized
parts of the world.
in armaments
was
a
enlarged armaments and
reports that the coalition supporting Premier Pierre
of the
because of
seems,
are
was
rumblings
of
new
armaments difficul¬
beginning to be heard from other directions.
disclosed in Paris and Berlin late last week
ertheless caused
a
stir.
by Czechoslovakian
It
and
was
followed
Rumanian
immediately
statements
to
509
Financial Chronicle
Volume 142
the effect that these Little Entente countries stood
the British
solidly behind their ally, Yugoslavia, and in effect
rapidly changing times. But the event was one that
stirred all British hearts and aroused sympathy in
countries thus
seven
are
lined up
in solid opposition
to any
European adventure that the Italian dictator
might
care
clothed in
under it
to undertake.
action taken
after
^ostensibly would be part of the League ob¬
The Committee of Thirteen studied the
ligations.
peacefully just before midnight, on Monday,
a
brief illness. He was in his seventy-first
away
any
and had reigned through more than twenty-five
year
difficult years.
Able, kindly, courageous and wise,
possibility of conciliation in the Italo-Ethiopian dis¬
he had ruled with
pute, but decided that no likelihood of progress in
as
that direction
exists.
now
It
was
tee for the purpose
oil
held
subcommit¬
affection
and
homage paid to him and to his con¬
a
of studying the possibility of an
paid the problem of transporting oil.
French
to study of
sanctions, and they insisted upon a provision
measures to be recommended by the study
that all
to be referred to the "political decisions
group are
of
the
ing
A request by Ethiopia for
governments."
financial assistance
Thursday
on
was
was
tween the Russian
"denied.
The Council meet¬
Foreign Commissar, Maxim Lit-
relations
which recently severed diplomatic
.
'
■'<
■
\
v.
.
7
\
,
-V:
Ethiopian War
been
ans
reported to be victorious in the northern part of
that
country, while the Italians made great inroads
from their bases in Italian Somaliland.
The "Little
Rains" which
are
at
came
an
early date this year now
diminishing, and as the drying roads and trails
became
passable large troop movements developed.
Italian air raids also remain a
sive
preparations
forces of
They
apparently
Provinces
made by the
were
during the short rainy period.
recapture of their lost towns by the Ethiopi¬
is doubtful.
In Rome communications
has been said of late
nothing
regarding the northern front,
but much has been made of a
south
sad
quickly
condolence
and
rapid advance in the
by the motorized units of General Graziani.
"state of embarrassment" in the north.
entered the town of
Noghelli,
more
the Italian base at Dolo.
the Italians that
the
By Thursday
quickly moving Italians were reported to have
from
Messages of
disseminated.
was
sympathy
dispatched to the
were
royal family and to the British government from all
capitals of the wojdd.
On the death of the
King, the Prince of Wales au¬
tomatically became the
Edward VIII took
before the
King and Emperor, and
fitting pledges
on
Tuesday
"When my
father stood here twenty-six years
he declared that one of the objects of his life
ago
uphold constitutional government," the
King said.
new
in
new
his
Privy Council in St. James's Palace, Lon¬
"In this I
am
determined to follow
father's footsteps and to work as he did
my
throughout his life for the happiness and welfare
of all classes of my
upon
subjects.
I place
my
reliance
the loyalty and affection of my people through¬
out the
Empire and
ment to
that God will
VIII is
upon
the wisdom of their Parlia¬
support me in this heavy task, and I pray
guide
me
to perform it." King Edward
forty-one years old and because of his ex¬
tensive travels is well known and well liked in all
parts of the globe.
dicative of his
He is
sportsman and it is in¬
a
temperament that he traveled by air¬
176 years.
be
The coronation ceremony doubtless will
delayed for a year or more, in accordance with
the dictates
of custom
dead monarch.
It
than 200 miles
was
claimed by
5,000 Ethiopians were killed during
and out of respect
Parliament
was
for the
called into extraor¬
dinary session on Tuesday and promptly pledged
loyalty to the new ruler, who is the fifty-ninth King
of
England.
Military experts anticipated an Italian advance in
the south to relieve what one observer called their
the
bed¬
steeped in mourning as news of the
were
event
the
at
folkshirp, where his father died. He is the first un¬
married British sovereign to ascend the throne in
Badoglio is known to have increased his ar¬
actual
Empire
gathered
were
King breathed his last. All parts of the
plane to London from Sandringham House in Nor-
tillery battalions materially in the north, so that
ans
the
as
reported from Addis Ababa, this week,
Aksum, where the Italians are entrenched. But Mar¬
shal
side
Queen
and
King
virtually encircled the towns of Makale and
were
to have
daily matter. Exten¬
Emperor Haile Selassie to recapture the lost
northern
Mary, the Prince of Wales and other children of the
would be to
MILITARY operations on an extensive scale have
resumed in Ethiopia, with the Ethiopi¬
amply demonstrated in the
was
during the Jubilee celebrations last year. Queen
don.
with the Soviet Union.
:■
sort
devoted largely to a clash be¬
vinoff, and Alberto N. Guani, representative of Uru¬
guay,
regard in
and the
was
representatives at Geneva objected even
oil
monarch,
which he
embargo against Italy, with particular attention
to be
punctilious regard to his duties
a
Constitutional
a
agreed to invite
"certain number" of States to form
a
King George V passed
of the world.
every corner
The understanding was
League phraseology, and
Empire stands rock-like, even in these
French Cabinet
MINISTERIAL crises recent been quite frequent
during have
and another
in
France
developed
one
years,
Wednesday, when Premier Pierre
on
Laval found it advisable to
resign rather than face
certain defeat in the Chamber of
Deputies. The im¬
advance, but this probably is a high estimate.
portant Radical-Socialist party decided last Satur¬
victory, however, is an important one, since
day that it was unable longer to support M. Laval,
The
Ethiopian supplies doubtless were concentrated at
and
But it remains to be seen whether the
Italians will be more fortunate with this push than
of
Noghelli.
they
were
with the initial advance in the south.
an
the
THE Britishbeloved monarch, George V, on Mon¬
Empire lost through death and on
day its
follow
the
day.
Radical-Socialist
resignation
on
leader,
Wednes¬
A little uncertainty was occasioned by these
developments, for M. Laval had managed to identify
himself with the
succession will have little political significance, for
the
regime made it plain that they
former
and M. Laval announced his
proclaimed Edward
VIII, of Great Britain, Ireland and the British
Dominions Beyond the Seas King, Defender of the
Faith and Emperor of India. In all probability this
Tuesday his bachelor son was
by Edourd Herriot, Minister
position of the Premier untenable. Other Minis¬
ters in the coalition
would
King George V—King Edward VIII
announcement
State, that he would resign his portfolio made
stability of the franc.
quickly enough, however, that the
would not result in
as
any
currency
It appeared
Cabinet crisis
tampering such
that which followed the British crisis in 1931 or
change in Administrations in this country in
510
Financial Chronicle
1933, and confidence promptly returned.
little
the
initial
After
a
weakness, the franc strengthened in
to
be
Jan. 25 1936
regretted," Mr. Hirota said, "that there are
abroad
of
statesmen
repute who
determined
seem
to
impose
by President Albert Lebrun to form another regime,
to
how the world
but he
apt to denounce those who oppose their dictates as
foreign exchange markets. M. Laval
declined.
consulted
the
taken up
was
After several other leaders
task
of
forming
a
were
government
new
by Alfred Sarraut, Senator and Rad¬
ical-Socialist.
Assurance of
support
number of Center and Left
a
invited
was
were
given by
parties, and it
probable that M. Sarraut will receive
seems
vote
a
of
if
they
on
should be
ister in
the
already
closing session of the Japanese Diet.
are
to be held in
will, continue in office
the Minseito party and
elections
held next
are
submitted
Spring.
carry
until
on
The tentative list
yesterday by Premier Sarraut indicates
that Pierre-Etienne Flandin will have the
Affairs post,
Foreign
while Marcel Regnier will be Minister
akai
of
Diet.
are
Chaco Peace Conference in Buenos
Sunday,
was
when representatives of the
and Bolivian governments signed
Paraguayan
Minseito
The
and
emphasis
an
up after the
the boundaries of
The actual settlement of the
boundary dispute remains to be effected, but the
taken is indicative of the intense desire
now
both
continued peace.
countries for
hostilities
Ever since
ceased, last June, Bolivia and Paraguay
had been at
loggerheads
over
the release of prisoners,
mainly because the Bolivians captured in the
far
outnumbered
the
Manchukuo
also
called for
readjustment of the relations between
a
stressed,
were
prisoner for prisoner, quickly
left
captives and for
will pay
tries
of
The
ar¬
their
prisoners, while Paraguay
intentions
5,000 effectives
further guarantees were
dence that peace
of
or
anticipated
on
effective, but
that
no
ratify the
It is provided that
score.
diplomatic relations will be re-established and the
Chaco truce thus becomes
a
virtual peace.
The Ar¬
gentine President, Augusto Justo, presided at the
of signature, and the Chaco peace
ceremony
con¬
ferees thereafter resumed their consideration of the
difficult territorial
problem.
Japan is committed to the
therefore
is
we are most concerned about,"
said, "is the excessive military works which the
he
Soviet Union is
also
was
erecting in Siberia." Brief mention
made of the
Japanese withdrawal from the
London naval
gathering, and it was again insisted
Japanese desire for a "common upper limit"
might be
Soon
a
for
understanding to which Japan
any
party.
after
this
address
was
for
effort
new
and
on
elections,
the recent
answer
Japan
are
an
delivered
was
Hirota and the Diet
by
Mr.
dissolved in preparation
was
made in Japan to
Russian
charges that Germany
preparing to join forces in an attack
the Soviet Union.
denied
that any
between
The Japanese Foreign Office
formal agreement had been made
Germany and Japan, and the German Em¬
bassy in Tokio made
tral observers in
"Times"
similar statement.
a
Tokio,
But
neu¬
dispatch to the New York
a
said, do not doubt that general staff con¬
regarding mutual assistance have taken
versations
Japanese Foreign Policy
place,
PEACEFUL with other countries adjustment of
intentions and the
proclaimed
relations
all
puppet-State. "What
that the
difficulties
cease
for active
directly concerned in the border questions of the
is necessary
both sides.'
The Parliaments of either country must
are
urged to
measures
"harmonizing interests."
Turning to relations with the Soviet Union, Mr.
given this is ample evi¬
on
hand, and
Manchukuo with the aim of
their
less, and though
Hirota
and effective collaboration with
Japan. It was
stipulated particularly that China should recognize
coun¬
keeping
is ardently desired
settlement before it is
Bo¬
pesos
Bolivia 400,000 Argentine pesos. Both
reaffirm
armed forces to
no
war
was
of Manchukuo" and
Paraguay 2,800,000 Argentine
for maintenance
China
"unfriendly acts" and to adopt
that
financial settlement.
a
the other.
"common defense
Paraguay still with 25,009 Bolivians.
these
one
Hirota remarked
rangement now made provides for the release of
livia is to pay
on
the
on
Mr.
Japan, Manchukuo and Soviet
war
effected, but that
was
Russia
and
An exchange,
Paraguayans.
But
inseparable relations" of Japan and
of relations between
action
group.
Japanese conquest of Manchuria.
the "close and
Japan, Manchukuo and China
in
parties
placed in the address of For¬
agreement covering the release of prisoners taken by
area.
Seiyukai
falling to the Showakai
was
either side in the long war over
the Gran Chaco
alliance between
eign Minister Hirota upon the "independence of the
Japanese puppet-State of Manchukuo, which was set
ONE of the most difficult problems facing the
Aires
last
an
the newly organized Show-
expected to elect about 200 members, with
the balance of power
Much
Chaco Protocol
settled
through
party, which consists of independent members
the
each
of Finance.
February, but there
that the present officials
every assurance
next week.
able to
The report
made by the Japanese Min¬
was
confidence when his Ministerial Declaration is made
He may well be
ordered, and who are
disturbers of the peace."
were
foreign affairs
New elections
is
others their private convictions as
upon
even
though the step to
a
written document
lias not been taken.
were
by Foreign Minister Koki Hirota, Tuesday, as the
Foreign Money Rates
keystones of the foreign policy pursued by the Japa¬
nese
government.
Minister
were
The statements by the Japanese
viewed with much interest in
other
countries, where it was not forgotten that the ex¬
pansionist drive of Japan in Eastern Asia now is
extending to parts of China proper and to Inner
and Outer
Mongolia. Because of the recent Japanese
withdrawal from the London
is
Naval Conference, it
IN bills Friday market discount rates for9-16®
LONDON open 9-16@%% against short
on
%%
week.-
V2%-
United
which
made
policy
States.
seem
to
toward
Great
Britain
Interesting, also,
answer
the
and
are
statements
comments
by President Roosevelt at the opening of the
Congressional session in the United States.
"It is
as
Money
as
against 9-16@%%
on
call in
At Paris the
London
at
on
Friday of last
on
Friday
was
market rate remains
open
4% and in Switzerland
at
2^%.
Discount Rates of Foreign Central
the
derogatory
were
Friday of last week, and 9-16% for three-
months' bills
noteworthy that Mr. Hirota promised a continued
friendly
on
Banks
THERE have been no changes during the week in
the discount
of
of the foreign central
rates
any
banks. Present rates at the
in
leading centers
the table which follows:
are
shown
511
Financial Chronicle
Volume 142
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Raisin
Daks
vious
Established
Rate
Effect
Dais
vious
Jan. 24
Established
Rats
Country
Austria
2H
Batavia-___
4
Belgium
Bulgaria...
2
Canada....
2H
Mar. 11 1935
4
Jan.
24 1935
4«
Java..
4
July
18 1933
5
Jugoslavia
vakia....
3
Jan.
1 1936
Danzig
5
Oct.
21 1935
Denmark..
3H
July 10 1935
July
1 1935
May 15 1935
6
hUe
Colombia..
Pre¬
Rate in
Pre¬
Effect
Jan. 24
Country
4
Hungary-..
4H
2H
India-
3
Ireland
3
15 1935
7
Italy
Japan
tm
—
Czechoslo¬
4«
3i2
Aug. 28 1935
Nov. 29 1935
June 30 1932
4
Aug.
New York
3H
Sept.
July
9 1935
3 1933
4H
4^
June
2 1935
3H
5
Feb.
1 1935
0K
2 1934
7
5
3.65
.
Lithuania..
6
Jan.
3H
Morocco
6H
6
Norway
Aug. 21 1935
2H
Poland
5
3
4H
2
June 30 1932
Portugal...
4
Estonia
5
Sept. 25 1934
2H
6H
May 28 1935
May 23 1933
Oct. 25 1933
Deo. 13 1934
Rumania..
3M
Deo.
7 1934
6
Finland
4
Deo.
4 1934
4H
SouthAfrica
3H
May 15 1933
4
Jan.
9 1936
5
Spain.....
5
July
DEALINGS in the New York money alterations
week, and rate market re¬
mained modest this
of loans
5H
6H
10 1935
4
._
Sept. 30 1932
5
Sweden
2M
Deo.
1 1933
3
7
Germany
Oct.
13 1933
7H
Switzerland
2X
May
2 1935
2
Jan.
15 1936
3H
Greece
Holland
6
3
...
the
of
city acted in concert
to
crease
which compares
the gain
in gold
circulation of
Public
rose
with £192,995,456 a year ago.
was
attended by
£2,803,000,
As
reduction in note
a
increase affects
a
further issue of
273
The Treasury sold
The
£7,596,901.
made in charges on
The proportion
as compared
counts, which decreased £1,164,415.
to liabilities is at
reserves
39.19%,
39.09%
Loans
and
a
week
last
ago;
it
year
was
49.00%.
government securities increased £2,790,000
on
those
on
other
securities
£1,234,486.
Other
discounts and advances which
securities consist of
Below
shown
are
BANK OF
which
£1,-
rose
made in the 2% Bank rate.
the figures for several years:
No change
983,934.
vras
ENGLAND'S COMPARATIVE STATEMENT
renewals
new
or
Jan. 23
Jan. 24
Jan. 25
1935
1934
1933
Rates
remained the
for both
on
the
% of 1%
ruling quotation all through the week
new
loans and renewals.
There has been
change in the market for time
money
this week
except that there have been several transactions at
1% in 90-day maturities.
for
while
prime commercial
prime
does not
Rates
paper
come
are
Rates
are now
There has been
1% for all maturities.
quoted at
good de¬
a
this week, and
paper
is coming out in fair supply, it
to the actual needs of the market.
up
%% for extra choice
1% for
names
names
running from
less known.
Jan. 27
1936
loans, while time loans
Stock Exchange from day to day,
four to six months and
Jan. 22
the New York
lEALING in detail with call loan rates
mand
decreased £749,448, and securities,
on
similarly unchanged at 1% for all maturities
New York Money
no
with
Call lo^ns
No
bankers' bills
to six months.
up
of bankers'
consists
latter
awards averaged 0.094%,
on
Exchange held to %% for all transactions,
whether
were
deposits fell off £741,000 and other deposits
accounts, which increased £8,761,316, and other ac¬
of
Stock
Monday
annual bank discount basis.
an
were
on
$50,000,000 discount bills due in
days, and the rate
on
This small
chiefly the dealers in United States
Treasury obligations.
£2,864,000.
reserves rose
Wednesday to in¬
on
by United States government securities.
and commercial paper.
£200,897,970, the highest the figure has ever been,
all the major classes
%% from %% the rate on loans secured
variations
THE statement for thebullion, raising the total to
gain of £60,678 in week ended Jan. 22 shows a
on
quite unchanged, but the large banks
were
computed
Bank of England Statement
Charges
unimportant.
were
4
France
England...
4
Money Market
1932
Discount Rates of the Federal Reserve Banks
£
394,919.000 373,823,921 364,212,787
Public deposits
16,969,062 12,815,455
13.074.000
Other deposits
165,241,026 144,588,316 154,966,242
Bankers accounts
118,866.630 108.238,376 118,060,089
Other accounts
36,374,396 36.349,940 36,906,153
Government secure.
86.679.001 81,122,413 78,792,869
Other securities
19,388.905 19,598,285
33,790,731
Dist. & advances..
8,097,940
19,279,807
9,121,511
Securities
14,510,924 10.267.394 11,500,345
Reserve notes & coin
65.980,000 79,171,535 87,509,230
Coin and bullion
200,897,970 192,995,456 191,722,019
Circulation
_
—
-
353,237, 928 345,868,570
15,321,152
11,652, 619
135,848, 706 112,512 117
103,372, 480 74.304,019
32,476, 226
THERE have been of the Federal Reserve banks.
no changes this week in the
rediscount
90,602, 390
28,858, 005
The
38.208,098
45,310,906
50,142,935
12,946,728
11,562, 413
17,295, 592 37,196,207
46,152, 379 50,481,263
124,390, 307 121,349,833
rates
following is the schedule of rates
the
for
various
classes
of
at
paper
now
in effect
the
different
Reserve banks:
Proportion of reserve
to
liabilities
39.19%
2%
Bank rate
49.00%
2%
52.15%
2%
DISCOUNT RATES OF FEDERAL RESERVE BANKS
39.48%
6%
31.28%
2%
'
Rate in
Bank of France Statement
Federal Reserve Bank
Effect
Date
THE statement for gold week endedof 148,931,109
the holdings Jan 17 shows
2
Boston
Previous
Established
Rats
on
Jan. 24
Feb.
8 1934
increase
in
francs, bringing the total up to 66,416,762,136 francs.
Gold a year ago aggregated 81,937,428,389 francs
and two years ago 77,160,582,755 francs. A decrease
in French commercial bills discounted of
215,000,000 francs, in advances against securities of
51,000,000 francs and in creditor current accounts of
101,000,000 francs. The Bank's ratio is now 72.39%,
compared with 80.67% last year and 79.36% the
previous year. Notes in circulation record a reduc¬
tion of 807,000,000 francs, bringing the total of notes
outstanding down to 80,452,187,635 francs. Circu¬
lation a year ago stood at 82,059,044,770 francs and
the year before at 79,693,709,500 francs. The item
of credit balances abroad registers an increase of
3,000,000 francs. Below we furnish a comparison of
appears
the various items for three years:
BANK
OF
FRANCE'S
a
French commercial
bills discounted.,
b Bills bought abr'd
Adv. against secure.
Note circulation
Credit current accts.
Jan. 17 1936
Francs
Credit bals. abroad,
Francs
Jan.
18 1935
Francs
Jan. 19 1934
Francs
+148,931,109 66,416,762,136 81,937,428,389 77,160,582,755
10,205,261
13,397,690
+3,000,000
16,771,494
17 1935
IH
May
—215,000,000 8,615,273,739 3,426.040,664 3,924,415.466
—4,000,000
952,357,492
1,315,811,522
1.127,354,868
—51,000,000 3,323,701,829 3,201,643,764 2,913,619,779
—807,000,000 80,452,187,635 82,059,044,770 79,693,709,500
—101,000,000 11,300.679,668 19,507,856,066 17.530,191.327
+0.87%
Includes bills purchased In France,
2H
2 1934
Jan.
11 1935
2
2H
2
Richmond
2
May
9 1935
2X
Atlanta
2
Jan.
14 1935
2X
Chicago
2
Jan.
19 1935
Bt. LoulS
2
Jan.
3 1935
2X
2H
Minneapolis
2
Kansas
2
2H
2H
2H
2U
Dallas
2
May 14 1935
May 10 1935
May
8 1935
San Francisco
2
Feb.
City
16 1934
Bankers' Acceptances
TRANSACTIONSlight primeweek, due to scarcity
in this bankers' acceptances
have been very
of
a
high-class bills; the demand, however, has been
good.
Rates
American
are
unchanged.
Quotations
Acceptance Council for bills
up
of
the
to and in¬
cluding 90 days
four
are 3-16% bid and %% asked; for
months, %% bid and 3-16% asked; for five and
months, %% bid and 5-16% asked.
The bill-
buying rate of the New York Reserve Bank is */£%
for bills running from 1 to 90 days, %% for 91- to
120-day bills and 1% for 121- to 180-day bills.
Federal Reserve banks'
main
Proport'n of gold on
hand to sight liab.
n
Feb.
2
six
Changes
.....
IH
Philadelphia
COMPARATIVE STATEMENT
for Week
Gold holdings
New York
Cleveland
an
72.39%
80.67%
b Includes bills discounted abroad.
79.36%
The
holdings of acceptances
unchanged at $4,657,000.
re¬
Open market rates
for acceptances are nominal in so far as the dealers
are
concerned,
as
they continue to fix their
own
rates.
The nominal rates for open market acceptances are
as
follows:
Financial
512
DELIVERY
SPOT
180 Daft
Prime eligible bills
it should be
Bid
Asked
Bid
Asked
•,«
H
•!«
M
*i«
H
90 Days
Bid
Asked
Bid
»„
H
'is
Asked
Bid
Asked
H
Prime eligible bills
»i«
X
FOB DELIVERY WITHIN THIRTY DAYS
Eligible member banks
H % bid
....
Eligible non-member banks..
Vx % bid
—
Course of Sterling
recalled, represent sales of gold by
Bank of France to the British exchange
fund.
30 Days
60 Dag*
of
bank's total gold holdings.
Exchange
British support to
were
earmark with the
STERLING exchange is steady, displaying ahighs
firm
undertone
and
exceeded
the
even
week, when the pound reached $4.98
the result of pressure
as
is at present on a
for
single hour
a
decidedly limited scale and except
on
Tuesday the London market was
closed in consequence
The range
Trading
against the dollar.
of the death of King George V.
this week has been between $4.94% and
$5.02 for bankers' sight bills, compared with a range
of
$4.95% and $4.97% last week.
between
for cable transfers has been between $4.94%
range
and
The
$5.02%,
with
compared
a
range
of between
$4.95% and $4.98 a week ago.
The following
rate
on
market
tables give the
Paris from
London check
day to day, the London
open
gold price, and the price paid for gold by
the United States:
*
Monday,
74.968
75.00
Jan. 20
r.75.00
Tuesday, Jan. 21
far from
seems.extremely probable
solution and it
a
that the French Treasury
modation
seems
in
hardly
situation
There
ahead.
weeks
hope for improvement in the French
any
unless
would not be
will have to find accom¬
the
in
London
countries,
many
The French crisis is
the
is devalued, and it
currency
surprising if France should find itself
compelled to join the sterling bloc.
The economic situation in Holland is likewise far
from
satisfactory although the position of the Bank
of The Netherlands is
now
The
greatly improved.
attempts at deflation in Holland have yielded little
the
franc
the
on
present gold valuation, all signs
point to devaluation of the guilder
the
maintaining
France succeeds in
the adoption of
or
sterling standard by Holland.
It
be readily
principal
can
understood that the difficulties of these two
MEAN LONDON CHECK RATE ON PARIS
Saturday, Jan. 18
gold to
especially to the United States.
result and whether
mean
drastically that the
so
Bank of France would lose its
recorded last
to reduce
serve
be removed from the franc,
would decline
currency
the
equalization
Bank
the
There is small doubt that
The gold is left under
France, but the operations
the
1936
25
Jan.
120 Days
160 Days
Atled
Bid
Chronicle
Wednesday,
Jan. 22
75.041
Thursday,
Friday,
Jan. 23
Jan. 24
75.031
gold
currencies
tend
greatly
strengthen
to
the
position of sterling.
75.091
The
foreign trade of Great Britain shows healthy
LONDON OPEN MARKET GOLD PRICE
140s. lOd.
Saturday, Jan. 18
Monday,
Jan. 20._
—
Wednesday, Jan. 22
140s. 9>£d.
expansion for
140s. 10Hd.
Thursday,
Friday,
140s. 9Kd.
amounted to
No market
Tuesday, Jan. 21
Jan. 23
Jan. 24
lOd.
140s.
The total increase in exports
1935.
nearly £34,000,000,
or
7.5%
1934.
over
The British Board of Trade estimated that the balance
PRICE PAID FOR GOLD BY THE UNITED STATES
of payments
(FEDERAL RESERVE BANK)
Monday, Jan. 20
Tuesday,
Jan. 21
markets
London
Wednesday, Jan. 22__
__$35.00
35.00
35,00
Saturday, Jan. 18
Thursday,
of
Jan. 23
Friday,
$35.00
Jan. 24.
35.00
expect-
king
on
with
sterling
The essential position of
Tuesday.
reference to the dollar remains un¬
changed from recent weeks.
In most Continental centers there is
pound is firm.
still
The undertone of the
feeling of apprehension respecting the likeli¬
a
hood of further devaluation of the dollar, but
not to share this
seems
The
London
feeling.
in
It
character.
is
also
due
in
part to
increasing activity of British foreign trade.
firmness must also be attributed in
fears that the dollar may yet
The
degree to
be further devalued and
the various inflationary measures
dollar have occasioned anxiety
a
some
which threaten the
resulting in
a
flow of
certain volume of funds from the United States to
London, offsetting the counterflow of European funds
to the New York
it
security markets.
A few weeks
ago
evident that European funds wrere moving to
was
New York in
showing
a
large volume.
tendency to
move
These funds
are
now
to London for safety
imminence
element
of
a
gold bloc crisis is also
favoring strength in sterling.
fact that the French franc moved up
dollar
on
on
an
an
Despite the
in terms of the
Wednesday after the fall of the
cabinet, the franc is in
tion.
Laval
extremely precarious posi¬
The firmness of the franc in terms of the dollar
Wednesday
foreign trade
was
due entirely to heavy selling of
new
increase of
£120,493,000
continues to exist in London
£2,523,100 larger than
tions.
fact,
on
money
demand for the franc
without
on
any
this side.
real trading
or
These operations,
a
change in monetary condi¬
a
strong disinclination to
turning
more
attention to speculative industrial
issues.
Money rates continue
market and
are
easy
in the London
open
prevented from declining still further
only through the concerted efforts of the London
banks,
might
as
any
cause
London
further marking down of bill rates
serious
a
disintegration of the great
discount market
which
has
played
so
portant a role in Britain's foreign commerce.
unchanged from last week.
three-months' bills
bills
are
im¬
Bill
Two- and
9-16%, four and six-months'
%%.
All the
continues
gold
to
on
be
offer in the London open market
taken
for
unknown
destinations,
chiefly for account of private hoarders.
day last there
£115,000.
On
was
available £152,000,
Tuesday nothing
on
intervention,
only
gilt-edged securities bearing low yields, and
day £73,000, and
this
are now
indicating that
rates are so easy in London
showing
are
control.
of
despite last year's trade
a year ago,
fundamental
a
In
that investors
are
which
money
much larger increase in trade would be needed
to effect
take
This
December 1934.
The total bank advances
expansion.
was
Temporary firmness in the franc resulted
over
figure emphasizes the abundance of
Wednesday there
price rose with respect to the dollar because
banks in December showed
high record in deposits of £2,091,313,000, an/
sterling and buying of francs by the British exchange
and its
confidently expected in
are
The ten British clearing
a
rates continue
and investment.
The
fairly substantial
London.
very
present firm undertone of sterling is partly
seasonal
and
tic
greatly restricted trading until after the funeral of the
late
a
Further advances in both domes¬
35.00
description
every
for 1935 would show
favorable balance.
was
On Satur¬
on
Monday
offered.
available £385,000,
on
On
Thurs¬
Friday £350,000.
At the Port of New York the
gold movement for
the week ended Jan. 22, as reported by the Federal
Reserve Bank of New
York,
was as
follows:
513
Financial Chronicle
Volume 142
gold movement at new york,
jan. 16-jan.22,
inclusive
**P°rt9-
$3,035,000fromindia
markets.
sterling
2,545,000 from Canada
None
140,000 from England
ment of European
markets
6,000 from Guatemala
funds to the New York
At present uneasy money at
are
shares this
Gold Held Earmarked for
Net Change in
Note—we have been notified
received at San Francisco from
The
above
figures
Foreign Account
than
$480,000 of gold was
that approximately
China.
for the week ended on
are
of gold was
from Russia and
$3,400 from Guatemala. There were no exports of the
metal, but gold held earmarked for foreign account
increased $3,400.
On Friday $1,879,000 of gold was
received of which $1,637,200 came from Canada
and $241,800 from India.
There were no exports of
the metal but gold held earmarked for foreign ac-
received, of which $163,000 came
count decreased
$140,100.
discount of
1-16% to
a
.
the week were quoted at a
Canadian funds during
premium of %%.
Referring to day-to-day rates
Saturday last
was
sterling exchange on
steady although fractionally
easier
Bankers' sight was $4.95%
than at Friday's close.
@$4.95%; cable transfers,
$4.95%@$4.95%.
On
easier. The range was
$4.94%@$4.95 for bankers' sight and $4.94% @
$4.95% for cable transfers.
On Tuesday, owing to
the death of King George V, the market was largely
nominal.
Sterling was $4.94%@$4.95 for bankers'
the
Monday
pound
was
sight and $4.94%@$4.95% for
Wednesday
Bankers'
sight
cable transfers. On
firm in limited trading,
$4.95@$4.96; cable transfers,
sterling
was
was
noticeably firmer.
Bankers' sight was $4.96%@$4.98;
cable transfers, $4.96%@$4.98%.
On Friday the
pound was firm in limited trading.
The range was
$4.99@$5.02 for bankers' sight and $5.00%@
$5.02% for cable transfers. Closing quotations on
Friday were $5.00% for demand and $5.00% for
On Thursday sterling was
$4.95%@$4.96%.
Continental markets,
the French franc
of the European
demand for
these units. British selling of sterling and buying of
francs must ultimately represent a loss of gold holdings by tbe Banb: 0f France through the shift to
earmark of the metal to the credit of the British
fund>
cabinet which may be formed to replace
tbat of M
Laval can by any means effect a
strengthening of the position of the franc.
Any
cabinet which may be formed will be only a stopgap
pending the general elections due in May. It seems
probable that the date of the elections may be
advanced.
Market observers believe that following
the elections there may be some radical change in the
French position. Meanwhile these observers seem
to base their operations on the belief that the present
strong co-operation between the British equalization fund and the Bank of France is motivated
largely by political considerations derived from the
Italo-Ethiopian situation.
Similar considerations
account for the persistent rumors that the French
Treasury will be assisted by London in credits
necessary to carry it over until after the election of a
cabinet based upon the results of the French general
is sympathetically reflected in most
currencies,
On Thursday $166,400
Wednesday.
London
and inflation.
opinion less than the
The current apparent firmness in
1
$146,000
increase,
least seeks
the dollar.
The European
firmly persuaded that the dollar is
rather
likely to undergo devaluation
$5,726,000
security
without any corresponding
elections.
jt seems probable that the Bank of
France will be
compelled to increase its rediscount rate
possibly even
Commercial sight bills finished at
Money rates are firm in Paris but even were
the rediscount rate of the central bank lowered to
3%f m0ney would still be firm in Paris , as French
investors are reluctant to make loans and there is no
important volume of foreign money on deposit in
Paris.
There can be no question that the policy of defla-
$4.99, ninety-day bills at
days) at $4.99,
and seven-day grain bills at $4.99%.
Cotton and
grain for payment closed at $5.00.
tion has failed sadly so far as France is concerned.
Nearly all other countries are sharing in the gradual
improvement in international trade. Neither France
nor Holland are participating in this recovery.
It
cable transfers.
$5.00; sixty-day bills at
$4.98%; documents for payment (60
Continental and Other Foreign
,
^
RENCH francs
m
terms of the
Exchange
11
1
dollar are showmg
week between 6.59% and
6.68%. New dollar parity of the franc is 6.63.^ The
firmness in the franc may; seem surprising in View of
the French cabinet crisis.
The truth of the matter,
as intimated above in the review of sterling, is that
firmness, ranging this
the
underlying position of the franc is
uncertain.
The present firmness
active intervention of
in
its
attempts
results from the
with respect to either gold or
Sterling is the only strong currency
in the
present foreign exchange market. Except in a most
limited sense there is no demand for francs in any
market.
,
*
.
-j—,
Whatever heavy
buying of francs occurs
.j
.
.
...
elapsed France will either have to devalue its
currency or all
itgelf ^ the gterling bloc and thug
bring an end t0 itg deflationary program. However,
p0litical uncertainties, internal and external, are
proving the most detrimental influences affecting
"ave
franc
The following
.
table shows the relation of the
European currencies
still
on
lead-
gold to the United
'
grates dollar*
Old Dollar
New Dollar
Range
Parity
the British exchange control
keep sterling exchange from
to
advancing too much
the dollar.
extremely
to 6%.
Parity
Thie Week
6.63
France (franc)
Belgium (belga)—
13.90
Italy (lira)
Switzerland (franc)
Holland (guilder)
16.95
8.91
6.59^ to
32.67
32.58
to 32.95
68.06
67.94
to 68.85
The London check rate on Paris closed on
at 75.09, against 74.96 on
6 68H
16.90Hto 17.12
to 8.07
8.01
Friday
In
Friday of last week.
of the British exchange fund,
and buying francs wherever
New York sight bills on the French center finished on
Friday at 6.66, against 6.60% on Friday of last week;
Funds are leaving France, and are also
centers. Likewise
there is a movement away from dollars into sterling,
counteracting a flow of more confident European
cable transfers at 6.66%, against 6.60%; and cornmercial sight bills at 6.63%, against 6.57%. Antwerp
belgas closed at 17.09 for bankers' sight bills and at
17.10 for cable transfers, against 16.89 and 16.90
Final quotations for Berlin marks were 40.69 for
bankers' sight bills and 4C.70 for cable transfers, in
operations
reflects
which is selling sterling
possible.
moving into sterling from many
market.
money
to the American
until
few weeks ago there was a
a
As stated above,
noticeable move-
514
Financial
comparison with 40.33 and 40.34.
at 8.05 for banked
sight bills and at 8.06 for cable
transfers, against 8.02 and
8.03.
Austrian schillings
closed at 18.97,
against 18.84; exchange on Czecho¬
slovakia at 4.19, against
4.15; on Bucharest at 0.80,
against 0.79%;
and
Poland at 19.04, against 18.93;
on
Finland
on
exchange closed
at
at
2.22,
Chronicle
Italian lire closed
against
Greek
2.19.
0.94% for bankers' sight bills and
at
0.95% for cable transfers, against 0.93% and
0.94%.
Jan. 25 1936
Bankers' sight onTAmsterdam finished
at
68.65, against 68.08
transfers
sight
at
68.66, against 68.09; and commercial
bills
at
at
32.89
closed
transfers,
68.63,
for
against
against 68.06.
checks and
32.60
war
currencies separated into
ous
sterling and gold bloc
Currently all the neutral
groups.
The Scandinavian units react in
ling.
units
firmer in terms of the dollar in
franc, which has been
operations
of
the
are
quoted
harmony with the
forced up
through the steadying
exchange control. The
British
Spanish peseta always
in line with the French
moves
franc.
against 22.12 and 22.13.
Dutch guilder is apparently
and
25.57; while checks
EXCHANGE
continues
in gold
The current statement
further in¬
holdings of 10,300,000 guilders.
The
gold stocks
now
gold
against circulation and sight liabilities is
The Dutch bank rate has been at 3%
at
cover
77.3%.
since Jan. 15.
dam
is
toward
at
stand at
The
666,900,000 guilders and the
private discount rate in Amster¬
2%%@2%%,
the
end
of
as.
compared with 3%%
December.
abundance in Amsterdam,
a
Money is in great
circumstance which has
existed
for fully a hundred
years.
Nevertheless,
despite the present strong position of the Nether¬
lands bank, the
underlying economic situation is far
from
satisfactory.
deflation in Holland have been
fully as unavailing as
general improvement in the Dutch economic situa¬
It should be recalled that the Dutch
possessions
sixty times
are
territory and
are
as
large
more
foreign
the
home
by the world at large.
size of the Dutch
possessions may
the
as
exceedingly rich in foodstuffs and
materials required
raw
The
be comprehended
readily when it is considered that Holland
itself is only as
big
as
Massachusetts and Connecticut.
Nevertheless, continued prosperity in the colonies
entirely contingent
.Dr.
Colijn, in
upon
in
highly pessimistic
sion.
sees
note
and stated
frankly that the
one
looks," he pointed out, "one
the undiminished
symptoms of continued
It would seem
exchange
removed.
State.
transactions
with
depres¬
sterling.
Holland except to ally the guilder
Were either Holland or France to
abandon their efforts to maintain the
gold standard,
the prospects for international
currency
would
most
be
improved.
Aires
was
increase in
great
the very successful
The unofficial
or
27%, against 27.15@27.18.
official rates, are
for cable
showing
are
for the
free market close
Brazilian milreis,
8% for bankers' sight bills and 8.48
transfers, against 8% and 8.47.
ficial
free
or
Chilean
market
close
was
The unof¬
5.75, against 5.60.
exchange is nominally quoted on the new
5.19, against 5.19. Peru is nominal at 25.00,
basis at
against 24.82.
EXCHANGE firm the Far Easternwith sterling
on in sympathy
countries is
generally
stabilization
Nearly all the great British
one
sterling.
Far
in
international
these reviews state
present make such
a
a
trade.
Eastern
most
widespread improve¬
But
in like
international
manner
conditions at
step a remote possibility
quarters
silver and allied to
silver may
bearing
on
exchange.
are
now
off
sterling, the lower world prices of
be expected to bring about
business situation
in
an
improved
China, because, however the
country may relate its note circulation to sterling,
its
internal
business transactions depend
supply and circulation of silver.
liberal
29%, against 29.01
upon
a
on
yen checks yesterday were
Friday of last week.
Hong
Kong closed at 32 15-16@33, against 32%@32 11-16;
Shanghai at 30%@30%, against 30@30 1-16; Manila
at
50.20, against 50.05; Singapore at 58.65, against
58.15; Bombay at 37.85, against 37.50; and Calcutta
at
37.85, against 37.50.
Gold Bullion in
Banks of—
1936
1935
European Banks
1934
£
France
a
Germany b.
Spain
_
Italy
Nat. Belg'm
Sweden
Norway
-
.
—
Total week.
a
These
192,995,456
655,499,427
191,722,019
617,284,562
2,899,100
90,709,000
17,039,150
90,458,000
76,666,000
1933
£
1932
£
£
124,390,307
121,349,833
565,513,561
42,475,350
89,911,000
60,854,000
73,256,000
72,868,000
61,042,000
11,435,000
8,015,000
6,559,000
658,447,337
38,673,000
90,345,000
62,731,000
70,170,000
72,897,000
69,392,000
78,444,000
63,095,000
86,050,000
74,381,000
67,518,000
88,964,000
15,972,000
7,395,000
6,582,000
14,515,000
7,398,000
6,574,000
11,443,000
76,621,000
7,397,000
8,015,000
1,103,011,917 1,247,141,983 1.244,239,831 1,251,200,644
1,113,278,744
1,101,012,790 1,247,339,815 1,245,214,191 1,247,213,728
1,106,775,002
are
of statement,
abroad, the
£
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
England
Prev. week.
that
all linked to
are
No significant developments have occurred
Although Hong Kong and Shanghai
Denmark
bring about
Japan, China, and India
exchange.
Switzerland
a
The South American currencies
against 33 1-16.
assert that stabilization of currencies is the
in
over
midsummer in that
now
expects
Argentine paper pesos closed on Friday, official
quotations, at 33% for bankers' sight bills, against
33.05 on Friday of last
week; cable transfers at 33.28,
Netherlands
ment
It is
exports.
part firm in sympathy with sterling.
banks in their annual reviews of the business situation
necessary step to
on
steadily
being
are
Argentina has shown exceptional improve¬
Buenos
entirely probable that there is
solution for
showing noticeable improvement
Closing quotations for
a
time since the beginning of the world depres¬
"Wherever
sion."
no
sight
their international trade and the restrictions
foreign
prosperity in Holland.
New Year's broadcast, struck
a
is
situation of the
country is no better than it has been
at any
bankers'
for
13.81
Dr. Colijn's efforts to bring about,
the French
attempts.
Only the rising prosperity of
the Dutch East Indies colonies
gives any hope for a
tion.
at
on follow Southtrends long countries
the the American familiar.
for 1935.
crease
Norway finished at 25.15
to
These republics are
Bank of The
a
on
Sweden closed
on
25.80, against 25.56
25.16, against 24.90 and 29.91.
Spanish pesetas closed
international trade
of the Bank of The Netherlands
shows
cable
Copenhagen
bills and at 13.82 for cable
transfers, against 13.69
and 13.70.
satisfactory owing to the improved condition of the
Netherlands.
Checks
at 25.79 and cable transfers at
ment in its
The position of the
32.61.
francs
for
firm.
are
sympathy with ster¬
The guilder and the Swiss franc
and
Swiss
32.90
at
checks finished at 22.35 and cable transfers at
22.36,
and cable transfers at
EXCHANGE on the countries neutral duringvari¬
the
follows trends long manifest when the
Friday
on
Friday of last week; cable
on
the gold
b Gold
holdings of the Bank of France as reported in the new form
holdings of the Bank of Germany are exclusive of gold held
amount of which the present year is
£1,011,950.
'
4
•
*
515
Financial Chronicle
Volume 142
Where
Foreign Exchange Rates
.
•
.Si
,
has
State
a
an
unemployment insurance
' r
* '
system which has been approved by the
PURSUANT to Act of 1922, the Federal Reserve
of the Tariff the requirements of Section 522
Bank is
certifying daily to the Secretary of the
now
Treasury the buying rate for cable transfers in the
different countries of the world.
record for the week
FOREIGN
EXCHANGE
We give
CERTIFIED
RATES
BY
FEDERAL
ACT OF
TO TREASURY UNDER TARIFF
BANKS
JAN.
18
below
1930 TO JAN. 24
RESERVE
1922
1936, INCLUSIVE
Noon Buying Rate for Cable Transfers in New
Value in United States Money
Country and Monetary
a
just passed:
York
Jan. 18
Jan. 22
States
$
States
Austi la, schilling
.187983*
.187791*
.187541*
.187491*
.187875*
.188900*
Belgium, belga
Bulgaria, lev
Czechoslovakia, krone
Denmark, krone.....
England, pound sterl'g
Finland, markka
.169034
.169019
.169153
.169345
.169434
.170380
.013375*
.013375*
.013250*
.013250*
.013375*
.013750*
.041492
.041450
.041432
.041492
.041550
.041778
.221170
.220833
.22J891
.221183
.221720
.222972
.955083
.948666
.947833
.955166
.965750
.992500
.021820
.021804
.021800
.021865
.021885
.022050
.066055
.065972
.065935
.066020
.066141
.403300
.402964
.402850
.403107
.403621
.405607
.009405
.009410
.009392
.009407
.009420
.009480
.685078
France, franc
Germany, relchsmark
Greece, drachma
Holland, guilder
Hungary, pengo
Italy, lira
.066521
.680607
.679464
.679292
.679964
.680671
.296062*
.296562*
.296125*
.296000*
.296500*
.297937*
.080225*
.080150*
.080088*
.080077*
.080066*
.080266*
.248941
.248566
.248591
.248891
.249487
.250950
.189120
.188900
.188780
.188720
.188980
.189740
.045012
.044977
.045097
.045047
.045129
.045491
.007860
.007840
.007845
.007810
.007820
.007985
.136911
.136700
.136632
.136778
.137032
.137828
.255454
.255063
.255091
.255416
.256000
.257458
.326189
.325971
.325782
.326010
.326235
.328071
.022925
Norway, krone
Poland, zloty
Portugal, escudo
Rumania, leu
Spain, peseta
Sweden, krona
Switzerland, franc
Yugoslavia, dinar
of such
Jan. 24
Jan. 23
*
*
%
S
s
Europe—
Jan. 21
Jan. 20
90%
required
to pay under the State law. The amounts collected
by the States are required to be paid into an Un¬
employment Trust Fund which the Act establishes
in the Treasury, and so much of the Fund as, in
the judgment of the Secretary of the Treasury, is not
required to meet current withdrawals is to be in¬
credit to his Federal tax, to the extent of
may
tax, whatever amounts he has been
interest-bearing obligations of the United
vested in
Unit
.022925
.022900
.022925
.022975
.023150
to both
as
principal and interest.
insurance
agencies,
.296250
.296250
.296250
.296250
.297083
as
amounts
may
credit.
For the purpose
of assisting the States in admin¬
istering their unemployment insurance systems,
of the Act authorized
tle III
.296660
.296666
.296666
.297500
.297500
Shanghai (yuan) dol.
.296093
.296041
.296093
.296093
.296875
.296666
.296666
.296666
.296666
.297500
.297500
Ti¬
appropriation of
$4,000,000 for the fiscal year ending June 30 1936,
and
$49,000,000 for each fiscal year thereafter. The
not made, however, because of
were
the failure of
deficiency bill
.296875
Tientsin (yuan) dol'r
an
.297083
.296666
requisition, such
upon
be called for, but not exceeding the
which at the time stand to the State's
amounts
appropriations
(yuan) dol'r
Hankow (yuan) dol'r
From the
Treasury is to pay out to State unemploy¬
Fund the
ment
by the United
obligations guaranteed
or
Asia—
China—
Social Se¬
curity Board which the Act creates, the employer
.325000
Chefoo
Hong Kong, dollar
India, rupee.....
.320625
.321562
.322031
.322812
.323750
.374250
.373635
.373700
.374005
.375100
I
.289710
.289385
.289060
.289485
.290095
.579125
.578750
.579375
.581250
.584375
carried
buster
.291415
.580000
a
Japan, yen....
Singapore (8. 8.) dol'r
.377031
as a
result of the fili¬
through by the late Senator Huey
Long at the end of the last session of Congress. From
other
President Roosevelt was able to pro¬
sources
Australasia—
.943125* 3.938125* 3.937187* 3.942812* 3. 950000* 3.973437*
.973125* 3.968750* 3.967187*3.973437* 3. 980625* 4.004062*
Australia, pound
New Zealand, pound.
Africa—
South Africa, pound.. 4.909250* 4.894250* 4.889000* 4.899750* 4.908000* 4.938500*
North America—
Canada, dollar
Cuba, peso
Mexico, peso (silver).
Newfoundland, dollar
.999739
.999453
.999505
.999921
.999921
.999200
.999200
.999200
.999200
.999200
.277675
.277675
.277675
.277675
.277675
.277675
.997250
.996937
.997062
.997437
.997500
.998375
Argentina, peso..
Brazil, mllrels
.330250*
.329950*
.329925*
.330175*
.331212*
.332150*
the cost of
.084000*
.084133*
4)84133*
.084166*
.084200*
.050950*
.050950*
.050950*
.050950*
.050950*
.050950*
.797500*
.797500*
.797500*
.797500*
.798750*
.801250*
.573100*
.572300*
.572300*
.574700*
.574700*
.575500*
South America—
peso...
Uruguay, peso
Colombia, peso
•Nominal rates; firm rates not available.
The Hazards of
which has
vides, in reduced amount, for the administrative ex¬
Unemployment
its
as
principal item
for the
House of
appropriation of $42,664,500
government, has been reported to the
Representatives,
probable working of
inquiry into the nature
much of the security leg¬
is timely.
as
well
as
with unemployment insurance.
as
So
relates to the latter subject, how¬
is found in Titles III and IX, and since the
are
separable, the parts
relating to other subjects may for the moment be
passed over.
Briefly, Title IX imposes upon employers with
employees a payroll tax of 1% for the
or more
calendar year
and
1936, 2% for 1937, and 3% for 1938
subsequent years.
The tax is levied upon the
total remuneration of employees,
value of all
The
term
the
of
or
including the cash
payments made otherwise than in cash.
employment, however, does not include
agricultural
home
labor, domestic service in a private
for pay by members of
service performed
employer's family, service of officers or crews
vessels
in
American
waters
or
of persons em¬
ployed by the government of the United States or
of any
State or municipality, or service rendered by
employees of non-profit organizations conducted ex¬
clusively for religious, charitable, scientific, literary
or
to
are
States
payments which the
from the
come
severally make to the Trust Fund held by the
Treasury.
The Act is silent regarding the use to
which such
receipts from the pay roll tax as are paid
Treasury are to be put, and there will be, of
into the
Since, however, the
receipts until 1937.
course, no
tax is to be levied whether a
State has a satisfactory
unemployment insurance plan or not, and at least
various divisions of the Act
eight
systems, and payments for unemployment
own
10% of the tax will in any case accrue to the Treas¬
relates to unemployment
much of the Act
ever,
The $49,000,009 an¬
unemployment insurance.
The
as
pensions, maternal and child aid, and public
age
health
for
apparent that the Act does not pro¬
direct payments by the United States
Security Act of Aug. 14 1935 deals with old
islation
Social
an
so
once
vide for any
relief
support of various social security activities
of the Federal
and
an
which the Act contemplates.
It is at
their
deficiency appropriation bill, carrying
a
penses
nually which the Act authorized for 1937 and there¬
after was to be used to aid the States in administering
Insurance
Now that
Board and meet
The deficiency bill
just been reported to the House now pro¬
preliminary studies.
.084400*
Chile,
needed to set up the
was
1.001510
.999400
vide what
educational purposes.
ury,
the amount which may eventually be accumu¬
lated,
administrative
unless
expenses
increase
greatly, promises to be large.
What the Act
actually does, of course, is to put
the States to adopt unemployment
insurance systems which will pass muster with the
Social Security Board. By exacting from employers
upon
pressure
the full amount of the Federal tax wherever a
isfactory State law is lacking, it is apparently
sat¬
ex-'
pected that employers will be at least as anxious as
wage earners
and
will
States
to
see
the necessary legislation enacted,
accordingly, in the 41
themselves
exert
which, according to a
statement made by
Assistant Secretary of Labor, to the
A. J. Altmeyer,
Appropriations Committee of the House on Tuesday,
have not
yet fallen into line.
cent decision
Mills case,
of the Supreme
it is
a
was
the
Court in the Hoosac
fair question whether the pay roll
tax is not as much
as
In the light of the re¬
an
exercise of Federal coercion
agricultural program which the Court
condemned, especially since the States which do not
conform their
Federal agency
legislation to the requirements of a
must themselves pay the whole cost
516
of
Financial Chronicle
administering the system which they set up. Moresince the Constitution no more empowers the
a
over,
United States to engage
in unemployment insurance
regulate agriculture through the imcoercive processing tax, the Act seems
a
clearly
unwarranted
No
an
has
one
even
sumption
of
States
and
the
with
cope
insurable
any proper sense, an
no
such
extensive
United States has had
can
unemployment
only about
one
of the plan, and with the constitutionality of the
not
laws of their
unemployment that
we now
thinking that
the reduced volume of
have is extremely doubt-
officials
as many as
have been
in
or
other way
some
for several
years
under conditions of normal
even
try with
more
likely to have
quoted
as
relief rolls
on
to come, and
prosperity
a coun-
than 125,000,000 population would be
an
average
of 2,000,000 unemployed,
How much the aggregate contribution of the States
to the
the
Unemployment Trust Fund
few
next
only 2,000,000
insurance
may be in any of
is entirely speculative, but if
years
to receive in so-called
persons were
pittance of $10
a
would have to find
week, the States
per
$1,040,000,000
a year
to keep the
Fund solvent.
Another
was indicated by
member of tl%e Social Security
address before the National Retail Dry
in
this
city
on
Tuesday.
"Sup-
was quoted as saying, "that the present
Security Act had been in force in 1922, and
States
had
then
adopted unemployment
comparable
to
those
force in the District of Columbia and in
Hampshire,
States.
California,
are not going to absorb the pay roll tax at
the expense of profits if they can in any way pass
it
to
on
passed
while to the extent that it is
consumers,
on
it will tend to raise prices and in conse-
quence diminish consumption. Moreover, if the experience of the States with various labor laws is a
guide, neither organized
unorganized labor is
nor
likely to be satisfied with
low scale of unemploy-
a
ment insurance payments, nor will the classes of
wage earners whom the Federal law is not, apparently, expected to benefit acquiesce permanently in
their exclusion.
Finally, whatever else happens, it
is reasonably certain that the
pay
roll tax will be
entirely inadequate for the demands which
employed in that period.
as
whatever
ciency.
and
several
benefits to the
un-
This would have left
a
of
sums
This
a
pressure
Congress to appropriate
be needed to
may
means
upon
cover
the defi-
continuance of relief appro-
priations in addition to insurance, increased
sure upon
loans, and
pres-
the banks to absorb further government
an
indefinite postponement of the time
when the Federal
Wisconsin,
Unemployment Trust Fund
$8,000,000,000 paid out
reserve
Oregon
in
now
By 1929 $10,000,000,900 would have
been contributed to the
and
whether the
unemployment will make, and that strong
an
our
other
see
will be brought to bear
a
compensation plans
New
can
Miller,
pose," he
all of
they
ployers
found
Goods Association
Social
until
own
aspect of the matter
Vincent M.
Board, in
yet fallen into line may well hesitate to enact
Federal law survives the scrutiny of the courts. Em-
5,000,000 unemployed and
unemployables will have to be carried
With
State in six ready to take advantage
Federal law much in doubt, the States which have
with
Administration
be unemployed in any
may
the
Whether the scheme which is about to be launched
ful.
who
years.
as
will be able to cope
even
or
future, will be benefited by the plan.
near
be expected to
during the past few
unemployed,
now
government appear to be
insurance plan
volume of securities would
United States, nor what proportion of those who are
as-
obviously hazardous risk by the
Federal
a
From whatever point of view the proposal is examined, its uncertainties and dangers stand out. Nobody knowp how much the unemployment insurance
scheme is likely to cost either the States or the
rights,
those who favor most strongly the
an
agreed that
State
large
so
against national adversity.
yet succeeded in demonstrating that
unemployment is, in
risk, and
invasion of
short time of
have been likely to complete the wreck of a market
which was already struggling hard to make headway
than it does to
position of
Jan. 25 1936
budget
can
be balanced,
It is probably too much to hope that the dangerous
be
experiment will not be tried, but there should
no
name
misunderstanding of its true nature. Only in
is the scheme
insures
an
nothing. It is
insurance
plan, for it actually
taxing project, of doubtful
constitutionality, intended to throw the burden of
a
$2,000,000,000 at the outset of the present
depression. It is not difficult to visualize the steady-
ing and stimulating effect
-
unemployment relief upon industry and business
and exact from the States further obedience to the
"planned economy" which the Administration has
on
American
business
that would have resulted from the disbursement of
this
striven to set up.
huge fund to those eligible for unemployment
C
Mr''SSer's'figures and
conclusions
are
both
eight
from 1922 to 1929 by means of a pay roll
tax, transfer the amount from the States to the
years
United
States
Treasury, and pay it out again
through the States for unemployment allowances,
without serious disturbance to
industry and finance,
Moreover, while there was more than a normal volume
of
1922 to
permanent, or, if that
is not thought desirable, continued for at least five
The Emergency Railroad Transportation Act
years.
of June 16 1933
year,
was limited in its operation to one
but it has been twice extended and would in
regular
are
were
some of the years from
far from reaching the propor-
attained
from
still maintained in
Even if
a
1929
onward,
or
June 16 next.
Bound up
or
perma-
the further questions of the unification of
all the transportation interests of the country and
was
in
a
months, while if the amount had been invested
government securities, as it presumably would
on
the reorganization of the Interstate Commerce Corn-
points would have been exhausted
have been since it
nence are
expire
spite of huge outlays
was
Mr. Miller
course
fun^ of $2,000,000,000 had been
apparent that the great dewell under way, the "steadying and
stimulating effect on American business" to which
few
portation, is the recommendation that the Co-ordinator's office shall be made
with the question of further extension
was
available when it
in
Joseph B. Eastman, Federal Co-ordinator of Trans-
unemployment in
.for relief.
pression
The outstanding feature of the annual report of
1929, it
tions which
which
and the RailwaV Situation
un-
convincing. It would have been impossible to extract
$10,000,000,000 from industry and business in the
was
held
as
a
reserve,
the sale in
mission, both of which steps Mr. Eastman has
viously recommended.
zation of the Commission Mr.
a
member of that
tioning
as
pre-
On the question of reorgani-
Eastman, who is still
body although temporarily func-
Co-ordinator, is not in agreement with
his colleagues, and the
Commission, in transmitting
his report, stated that "it is
our
carefully consid-
Financial
Volume 142
ered
judgment, based
experience, that a re-
upon
organization of the Commission along the lines proposed by the Co-ordinator would not be in the inof
terest
made."
efficiency
On
the
and should not be
or economy,
question of continuing
making
or
permanent the Co-ordinator's office the Commission
refrained from committing
regarded
itself, the matter being
which Congress should decide and in
as one
regard to which Mr. Eastman's reports had given
It did, however,
Congress all needful information.
517
Chronicle
lieved from the operation of the anti-trust laws and
of "all other restraints or prohibitions by law, State
or Federal," except such as related to safety or publie health, in so far as might be necessary to enable
them to comply with an order,
An important limitation, on the other hand, was
imposed by a requirement that the employees in the
service of
a
carrier should not be reduced in num-
ber, in consequence of any action taken under the
Act, below the number in service in May 1933, or
made
placed in a worse position regarding employment
permanent, the provision of the emergency Act em-
or compensation than they had at that date. Regional boards of adjustment, on which carriers and
their employees were to be equally represented, were
"respectfully suggest" that if the office
were
powering the Co-ordinator to call upon members of
Commission's
the
for
staff
assistance
should
be
dropped.
In
considering whether
not the office of Co-
or
ordinator should be made permanent
turn
it is well to
back, first of all, to the Act which created the
office and
what purposes
see
the
new
departure
was
expected to accomplish and the restrictions which
of
which
"the
recognized
was
maintain
tation."
existing in 1933, the de-
as
of the Act
was
"to safeguard and
adequate national system of transpor-
an
The purposes
of Title I (the part of the
relating to the Co-ordinator and his duties)
were more
specifically declared to be "(1) to encour-
and promote
age
or
require action
carriers and of subsidiaries
Commerce
Act,
to such
joint
of
and
whatsoever nature
terminals and
on
the part of the
subject to the Interstate
amended, which will
as
duplication
unnecessary
of
the
economic emergency"
present acute
clared purpose
Act
Aside from contributing to
prescribed.
were
relief
services
(a)
avoid
facilities
and
permit the joint:
use
of
trackage incident thereto or requisite
Provided, That
use:
no
routes
now ex-
isting shall be eliminated except with the consent
of all
participating lines
or
order of the Co-
upon
ordinator, (b) control allowances, accessorial services and the
charges therefor, and other practices af-
fecting service
or
operation, to the end that undue
impairment of net earnings may be prevented, and
(c) avoid other wastes and preventable expense; (2)
to
promote financial reorganization of the carriers,
with due
regard to legal rights, so as to reduce fixed
charges to the extent required by the public interest
and
improve carrier credit; and (3) to provide for
the immediate
conditions
forms and the
For
the
study of other means of improving
surrounding transportation
all
of carrying into effect the
purpose
ordination
in
its
preparation of plans therefor."
set
out
in
the section
of
co-
the Act just
provided for the settlement of controversies under
this stipulation,
The Act did not confer upon the Co-ordinator any
authority to approve the consolidation or merger of
railway properties. That authority was given and
reserved to the Interstate Commerce Commission,
and Title II of the Act, containing various amendments of the Interstate Commerce Act, dealt with
that subject. In other respects, however, the Act
gave large powers and endowed the orders of the Coordinator with the force of mandates. If there is
to-day less co-ordination of railway services and
facilities, short of consolidation or merger of properties, than Mr. Eastman would like to see, the explanation is to be found far less in any shortcomings of the statute than in lack of harmony between
Mr. Eastman and the Commission, and in the development of opposition in railway circles which has
impeded the operation of the Act and made
it' dif-
inexpedient to exercise the wide powers
which the Act confers.
The source of the opposition is not far to seek,
It is to be found primarily in the conviction of most
railroad presidents and managers that efficient
transportation service is best assured by independent management under fair competitive conditions,
Neither the theoretical nor the practical advantages
which have been claimed for the various plans of
country-wide unification which have been brought
forward have appealed strongly to railroad officials,
The consolidation of long or short lines into oper¬
ating systems under centralized management, together with the development of traffic agreements
for passenger or freight service, has been on the
whole a natural evolution from which the roads and
the public have benefited. Beyond this point most
railroad managers are convinced that it would not
ficult
or
resenting eastern, southern and western groupings
be wise to go. In the face of this pronounced opinion, supported as it has been by weighty criticism
of every plan of unification that has been drawn up,
the Interstate Commerce Commission has wisely re-
of carrier lines which the Co-ordinator was to make,
trained from pressing the matter.
If
This is not to say that the railway situation at the
present time is satisfactory, for it is not. The rigid
restrictions which the Interstate Commerce Act
quoted, "so far as such action can be voluntarily
accomplished by the carriers," use was to be made
three
of
legal
"regional co-ordinating committees," rep-
or
other reasons prevented the action con-
templated, the committees were to recommend to
the
Co-ordinator
to
give "appropriate directions"
and directed to issue and enforce such orders if he
and the multitudinous and minute regulations prescribed by the Commission have imposed upon the
with the public inter-
railroads have seriously cramped the activities of
to
the
carriers, and he was expressly "authorized
finds them
to
be consistent
est and in furtherance of the
of the Act.
force"
The
orders
failed to act
tor had
same
was
on
purposes" of Title I
authority to "issue and
conferred
in
case
a
en-
committee
"any matter" which the Co-ordina-
"brought to its attention and upon which he
is of the
opinion it should have acted." The author-
ity granted extended specifically to the creation and
administration
of
"just pooling arrangements"
they were deemed necessary or desirable.
affected
by
an
order of the Co-ordinator were
if
Carriers
re-
railroad managers in dealing with problem's of service which, if they had had more freedom, they would
unquestionably have been able to solve. Railroad
have suffered heavily from the competi¬
tion of bus and water lines, the depression has cut
sharply into all forms of traffic which, even with
this competition, the roads would normally have
had, and high wage rates, burdensome labor re-
revenues
quirements and a railway pension law have added
substantial financial burdens. The railroads, in other
518
Financial Chronicle
words,
prevented by laws and
are
orders from
economic
Mr.
doing
well
as
conditions
as
at
as
administrative
placed
they might under such
making restrictions
and at the
'tion
of
main, provides that railroad rates to
not be lower than those to
rigid and comprehensive,
more
time
same
the
strengthening the centraliza-
and
perpetuating
the
office
further devel-
from
are
many reasons
why
any
opment of Federal control
over
industry and busi-
should be
ness
is of
concern
resisted, but
one reason
to the railroads.
Mr.
The practi-
cal effect of the clause has been to prevent railways
ordinator.
There
route, except in a limited class of cases,
same
the Interstate Commerce Commission.
Co-
of
point may
any
less distant point on
a
and then only when special authority is secured from
government authority by reorganizing the
Commission
The
of the bill is to relieve the railroads of the
hampering restrictions of the clause which, in the
Eastman, however, would meet the situation,
by freeing the roads from restrictions but by
not
the House calendar for early action.
on
purpose
given time obtain,
any
Jan. 25 1936
handling
tremendous volume of competitive
a
traffic which has been diverted to other
transportation,
in particular
In
subsidized.
usually
of
means
in-
many
stances the result has been to give the latter a prac-
Eastman, to his
tical monopoly, to the exclusion of the railways,
credit be it
said, has several times emphasized in
reports the financial and other objections to
J. J. Pelley, President of the Association of American
government ownership of the roads, but he has also
Railroads, pointed out that when the long-and-short-
recognized that government ownership has consider-
haul clause of the Interstate Commerce Act took its
his
able
support in
sections of
some
In
public opinion,
recent statement dealing
a
with this situation
present form in 1910, railroads were our only im-
Any further intensification of Federal control of
portant form of inland transportation.
transportation, especially if it
before the Panama Canal
with enforced
unification
of
accompanied
were
existing railway
had
sys-
terns, could not fail to stimulate still further the
have
ever
the
already made
to
how the
see
could fail to result in
he
ever
road
to the kind of co-ordination of services
which the Co-ordinator
erced.
and
The dotted line would be
they would have
no
tion that he has had this
has
been
more
situation
than
clear intima-
possibility of
in
pressure
preparing, with the aid of his
staff, for its exercise if his office
thing
a
be made
can
to year affair.
a year
some-
Were such
created, the change to outright
not restricted in their compe-
Only railroads
are
subject to this restriction,
positive detriment because it
a
A large part of the cost
higher costs
means
must
/
use
of running railroads
on
the remaining business which
Increased volume carried at
the rails.
added cost of hauling means lower transportation
costs
and, in the long
actual costs determine
run,
railroad rates.
Freight which
and the
between
moves
Panama
Canal,
or
inland waterways,
proved
our
coasts by ship
which floats
contributes
on
or
payrolls
or
who
advocate
employers and taxpayers wherever they
than
more
matter of
a
form.
road
We do not think
should
sary
on
any
that
further
centralizing steps
account be taken.
It is not
to inquire whether Mr. Eastman's administra-
tion has
justified itself
as an emergency
ing, although neither the President
in
neces-
considering his suggestion of
manent
a
nor
What
policy. We
are
matters
the
emergency
his
statute
unable to believe that the prosperity
Eastman proposes.
eral centralization and
directions is
compare
vitally is the question of
of the railroads would be advanced
which Mr.
or per-
record of accomplishment with the
large opportunities which
offered.
Congress,
five-year
extension, is likely to fail to
rather meagre
undertak-
by
now
The record of Fed-
authority in other
one-man
so
by the changes
dreary
a
spectacle
as
to
stamp with futility and danger any further steps of
the kind.
is
more
and
What the railroads of the
freedom to operate as
more
opportunity to make
*
not
more
orders issued from
■
The
The
country need
business enterprises
a
reasonable profit,
Washington.
.'
Long and Short Haul Handicap
°
Pettengill bill to eliminate the long-and-short-
haul clause of the Interstate Commerce Act has been
Railroads,
taxes.
on
the other hand, are
To deprive railroads of an equal
smaller
Rail-
run.
substantial citizens in their communi-
to compete not
also
im-
intermediate communities in the way of
men are
ties.
our
nothing to
interior
hardly
a
rate which yields something above the directly
ownership would become, to the minds of those
it,
re-
Decreased volume of business
ment
govern-
does
nor
carriers by
regulate
to
propose
is the fixed overhead.
co-
option except to sign. There
pending bill
them.
facilities
pointed out to them,
is, indeed, in Mr. Eastman's report
mind and
or
Other
duces the volume of business of the railroads serving
agree
desired; they would be
are
long-and-short-haul clause,
any
ties, has become
The rail-
urged to
entirely different.
are
The law, intended to help intermediate communi-
Co-ordinator,
czar.
would then not be
by
water.
per-
making the Co-ordinator, who-
might be, a transportation
executives
the
it is difficult
scheme, if accompanied by the
facilities,
tition
reorganization of the Interstate Commerce Com-
manent establishment of the office of
a
built
unbiased judgment may find in
mission which Mr. Eastman
proposes,
we
and
waterways
on
forms of transportation, using these new publicly-
significant contribution. What-
a
an
of dollars
To-day conditions
by the Reconstruction Finance Corporation
advantages
That was
opened and before
highways.
government ownership agitation to which the loans
made
billions
spent
was
only
means
opportunity
less railroad business, but
payrolls and decreased tax receipts at
all railroad points.
To allow railroads and railroad
men
to meet gov-
ernment-fostered competition, under the supervision
of the Interstate Commerce
no
community.
ties
Commission, would hurt
It would benefit interior communi-
by helping the railroads whose services they
must use, and the railroad men who are their citi-
it would help the communities where freight
zens;
now
moves
choice of
by other agencies, by offering them
means
of
a
transportation,
While the elimination of the long-and-short-haul
clause will allow the railroads
more
freedom in meet-
ing competition, it will not change the fundamental
requirements
that
all
of
rates
the
shall
Interstate
be
Commerce
reasonable
unduly discriminate between places
Interstate
power
Commerce
Commission
and
or persons.
still
Act
shall
will
not
The
have
to prescribe maximum and minimum rates
and to*ee
ao railroad shall put into effect, at
competitive points, rates so low
of moving freight
mediate
points.
to
as
to add to the cost
and from interior
Fairer and
more
or
inter-
equal conditions
of
competition will
and
larger tonnage and lower
mean
service
to payrolls
unit costs of
for all
operation for railroads, better
points, and better conditions as
for those intermediate points which de¬
taxes
pend
Marquette 1st 4s,
1956, at 95
Developments in the utility bond group have
been lacking,
closed
were
at
up
this week, having continued recent
and lower-grade
again led in the upturn by the medium-
again ad¬
Many of the rating group averages
rail issues.
trends,
The high-grade section of the
levels.
to new high
vanced
this
corporate bond market has also made some progress
week, the Aaa average yields
fractional losses.
market there may be in the
threat to the bond
Whatever
with
only
but
reactionary,
been
have
3.63%,
United States government issues
record low yield.
new
a
declining from 3.66% to
sensitivity
billions of bonds for the
set
by
the
pressure
to sell
inclined
closed the week at 44, down 1.
medium
but
to
110;
Considerable
ago.
fractionally higher at the
100% compared with 99% a
gains
have
several
for
the
been
by
witnessed
All the St. Paul issues
second- and lower-grade rail issues.
advanced
%
%.
4s, 1955, at 87 were up
ref.
Wabash 1st 5s, 1939, closed at
week
points due to authorization by the court
receivers
to
two-thirds back
pay
general mortgage bonds.
Co.
have
interest
the
on
The Erie ref. 5s, 1975, gained 2%
points, closing the week at 76%; Missouri Pacific 5s, 1977,
MOODY'S
territory with a gain of 2%
The
foreign
bond
market
noticeable
Uruguayan
receded
hand,
recorded
advances
and
lumbian
considerable
witnessed
has
South Americans, with
in prices for Brazilian, Co¬
of defaulted
activity in the group
Bolivians,
bonds.
fractionally
on
the other
Japanese and Australian issues as well as most better-grade
European bonds have been steady, changes being mostly of a
Polish
fractional nature.
bonds represented the exception,
points.
showing declines of one to two
Moody's computed
and bond yield averages
bond prices
given in the following tables:
are
BOND YIELD AVERAGES t
tt
All
120
120 Domestic Corporate*
Domes-
by Ratings
Corporate* by Croups
lie
120 Domestic Corporate
120 Domest ie
120
by Ratings
Corporate by Croups
Domes¬
120 Domestic
Oovl.
1936
Daily
U. S.
Aaa
Corp.f
120.54
Aaa
RR.
P. U.
Indus.
Averages
105.37
108.57
115.41
Jan. 24..
4.19
3.64
tic
Baa
RR.
4.27
5.02
3.83
V.
Indus.
eigne.
4.25
3.89
6.11
P.
4.43
A
Aa
Baa
95.78
A
30
For-
108.21
Aa
116.82
rise.
sharp
week's
last
after
(Based on Individual Closing Prices)
Bonds
109.68
Amuse¬
Pictures 6s,
the Warner Bros.
1939, selling into new high
MOODY'S
1936
**
The
The Childs
jumped 7 points to 90.
points to 91%.
BOND PRICESf
Daily
Jan. 24— 107.89
Pan-
advanced 2 to 57.
(ctfs.),
1951, dropped 3 points to 93.
been buoyant,
(Based on Average Yields)
Averages
1940
gained 2% points, closing at 86%.
1943,
5s,
ments
Pennsylvania gen. 4%s, 1965, declined
Central
Illinois
6s,
Interlake Iron 5s,
grades have been
close of the week.
Petroleum
American
Walworth 6s, 1955,
showed a tendency to soften,
Oil 6s, 1944 (ctfs.), which
greater interest in the Richfield
The
High-grade railroad bonds
A settlement of certain legal
effect sale of the pronerty, resulted in
new
position.
of inflation.
the
off slightly.
steps, in order to
been off¬
leaving the government bond market in a some¬
reserves,
what anomalous
mixed trend, reflecting
a
the current talk
exception of coal company
securities, have been almost uniformly higher, scoring sharp
advances in some cases, while high-grade issues have been
of low money rates and large bank
prepayment of the soldiers' bonus has apparently
shown
to
with
issues,
Speculative
advanced 3 points, but
proposed issuance of some $2.5
36%.
reached new
been firm, and many
highs.
increased
an
Third Ave¬
gained 4%, closing at
Inc., 5s, 1960,
industrial list has
The
advanced 1 to 77%;
6s, 1952, at 77% were up 4%;
Prime investments have
all-time
of less-
advances.
4%s, 1960, closed at 77%, up 2%
week; Cities Service 5s, 1966,
Railway,
(
grade showed fairly substantial
than-investment
nue
were
Pere
,
Interstate Power
The Course of the Bond Market
prices
1;
up
prices have been up slightly and certain issues
but
for the
Bond
33,
2.
Portland General Electric
rail service.
on
519
Financial Chronicle
Volume 142
6.13
23—
108.02
109.86
120.75
116.82
108.39
95.78
105.37
108.57
115.81
23-
4.18
3.63
3.82
4.26
5.02
4.43
4.25
3.87
22
108.11
109.49
120.54
116.62
108.03
95.33
104.85
108.39
115.61
22..
4.20
3.64
3.83
4.28
5.05
4.46
4.26
3.88
6.11
3.82
4.28
5.09
4.48
4.26
3.88
6.14
3.82
4.28
5.09
4.49
4.25
3.89
6.15
21
—
—
20-
108.15
109.31
120.54
116.82
108.03
94.73
104.51
108.39
115.61
21
4.21
3.64
108.25
109.31
120.33
116.82
108.03
94.73
104.33
108.57
115.41
20-
4.21
3.65
108.32
109.31
—
117.02
107.85
94.88
108.57
115.41
18-
4.21
3.65
3.81
4.29
5.08
4.48
4.25
3.89
6.15
17—
108.34
109.31
120.11
116.62
107.85
95.18
104.68
108.39
115.02
17-
4.21
3.66
3.83
4.29
5.06
4.47
4.26
3.91
6.17
16—
108.21
109.31
120.33
116.62
107.85
95.03
104.68
108.39
115.02
16-
4.21
3.65
3.83
4.29
5.07
4.47
4.26
3.91
6.20
15—
108.12
109.12
120.33
116.42
107.49
94.73
104.33
108.39
114.63
15-
4.22
3.65
3.84
4.31
5.09
4.49
4.26
3.93
6.19
14—
108.20
109.12
120.33
116.22
107.49
94.88
104.51
108.39
114.82
14-
4.22
3.65
3.85
4.31
5.08
4.48
4.26
3.92
6.20
94.43
103.99
108.21
114.43
13-
4.24
3.66
3.87
4.32
5.11
4.51
4.27
3.94
6.21
18
—
120.33
104.51
13-
108.10
108.75
120.11
115.81
107.31
11—
108.10
108.57
119.90
115.61
107.31
94.14
103.65
108.39
114.24
11-
4.25
3.67
3.88
4.32
5.13
4.53
4.26
3.95
6.23
10—
108.02
108.39
119.90
115.41
107.14
93.99
103.48
108.21
114.04
10—
4.26
3.67
3.89
4.33
5.14
4.54
4.27
3.96
6.26
9„
108.03
108.21
120.11
115.41
106.96
93.55
102.98
108.21
114.24
9—
4.27
3.66
3.89
4.34
5.17
4.57
4.27
3.95
6.27
8„
107.94
108.21
118.90
115.41
106.96
93.55
102.98
108.21
113.85
8—
4.27
3.67
3.89
4.34
5.17
4.57
4.27
3.97
6.26
3.68
3.89
4.35
5.19
4.58
4.27
3.98
6.30
6.31
7„
108.03
108.03
119.69
115.41
106.78
93.26
102.81
108.21
113.65
7-
4.28
6—
107.99
107.85
119.69
115.41
106.60
92.97
102.47
108.21
113.46
6-
4.29
3.68
3.89
4.36
5.21
4.60
4.27
3.99
114.63
106.42
92.82
102.47
108.03
112.88
4_.
4.30
3.68
3.93
4.37
5.22
4.60
4.28
4.02
6.22
4—
107.95
107.67
119.69
3-
107.94
107.31
119.27
114.63
106.07
92.53
101.97
107.85
112.69
3-
4.32
3.70
3.93
4.39
5.24
4.63
4.29
4.03
6.23
2— 107.96
107.14
119.07
114.43
106.07
91.96
101.64
107.85
112.31
2-
4.33
3.71
3.94
4.39
5.28
4.65
4.29
4.05
0.20
106.96
119.69
Stock E xchang
114.43
106.72
1935
4.34
3.68
3.94
4.41
5.30
4.67
4.30
4.06
6.78
Hlgn 1936
4.80
3.82
4.25
4.83
6.40
6.37
6.13
4.35
6.97
4.63
3.78
4.17
4.71
5.86
4.73
4.84
4.32
6.17
5.33
4.29
4.86
5.51
6.67
5.24
5.95
4.81
7.97
1
—
High 1935 109.20
Low
1935 105.66
99.20
116.82
108.57
98.73
e
■1
Close d
91.67
101.31
107.67
112.11
77.88
90.69
94.14
106.78
Stock E xchang
—
e
Close d
Yr. Ago—
Yr.Ago
Jan.24'35 107.34
101.97
117.63
110.05
110.65
84.22
100.33
98.57
107.31
Jan. 24'35
91.25
107.85
98.25
88.77
74.98
92.53
83.11
99.04
Jan. 24*34
2 Yrs.Ago
2 Yrs.Ago
Jan. 24*34 100.40
*
Low
prices are oomputed from average yields on the basis of one "Ideal" bond (49i% coupon, maturing in 31 years) and do not purport to show either the averago
the average movement of actual price quotations.
They merely serve to Illustrate in a more comprehensive way the relative levels and the relative movement of
These
level
or
Field averages, the latter being the truer picture of the bond market.
For Moody's index of bond prices by months back to 1928, see the issue of Feb.
••Actualaverage price of 8 long-term Treasury issues.
* The latest complete list of bonds used in computing these indexes wis published in the issue
page
3291.
tt Average of 30 foreign bonds out adjusted to a
0 1932, page 907
of May 18 1935.
comparable ba3ls with previous averages oj 40 foreign bonds
Building Construction Improves und Stimulates Recovery in 1935
For the first time since the
sion
were
survey
reached in 1933 is it
depths of the depres¬
possible, in this annual
of the building construction activities of the
country, to record a pronounced measure of recovery.
The
gains recorded in almost all aspects of the eco
nomic life of the United States
be noted also in the
struction indices.
advances
are
during 1935
are
to
highly important building con¬
In comparison with 1934 these
of great apparent moment, since the
percentage increases are very large.
It must be
be made before
ous
have surmounted the
The
cance,
the
however, since building construction affects
many
other activities.
In the current de¬
as
buildings/
locomotives, machinery and the like showed a very
sharp decrease.
standstill in 1934, when the aggregate
recorded is of great signifi¬
consumption of capital goods such
tal
figures hardly
depression and its effects.
now
pression, perhaps more than in any previous one,
remembered, however, that building was almost at a
Huge further gains must
improvement
directly
tracts
exceeded those of 1933.
building construction and the numer¬
related activities and industries can be said to
more
The building industry usually con¬
than most others of the durable
or
capi¬
goods classification, and its advance after the
worst
effects of
a
depression have been witnessed
520
also is
in
tardy at times.
building that
The striking improvement
able to record is highly
we now are
important for this
of
Financial Chronicle
<
A considerable degree
reason.
encouragement as to the trend
warranted,
seems
under
/an. 25 1936
the
Securities
has been made
ties
and
tions
a
Act
made
was
hardly
to
halt
any
The upswing showed
faltering from January through
or
December, and the best results
the final month
Our
are
compilations
into
cover
building permits in all the
They show that
improvement registered in 1934
was
turned
relatively sweeping advance in 1935.
a
decline in
building work which
is
many years
now
The
1933, when the general business paralysis
also
most acute.
in
The tremendous contraction
building during the early
years
as
no
of the depression
securities
testify that
since the
structure of
of course,
building materials affects the entire
industry.
And it follows,
that revival of building
stimulation
Falling off
that
touches
as a
general
means a
aspect of
every
matter
our
eco¬
nomic life.
the
a
improvement in building to
may
have aided
1935 of $658,724,654
year
1934.
The
64.89%, and the results
worst years
be over,
stagnant.
ing
as
decline in build¬
that witnessed during the first stages of the
depression, and
we are
building and planning
private building
may
deeply skeptical of national
programs.
and do
Some
ernmental
sarily
the
competition, but
corrected far
are
case
if
we
more
planning boards
still greater
no
such
was
New
excesses neces¬
quickly than would be
were
set to work under
a.
When the country was
period of rapidly increasing prosperity,
building construction unquestionably
This
fear of gov¬
extension of bureaucratic control than
already have suffered.
in its last
any
in
when there is
occur
unrestrained freedom of action and
excesses
true not
York
and
was
overdone.
only in the large cities, such
Chicago,
where
office
apartment houses and other structures
as
buildings,
were
put up
was
last
expansion
can
year
are
be drawn from the
improvement
that the evil effects of that
dwindling, at least in
some
over-
important
respects.
point
business of
entering
making predictions,
note, moreover, that
some
which contributed to the
upon
the hazardous
we now are
able to
of the artificial restraints
severe
decline of the build¬
ing and other durable goods industries several
ago no
to the
longer have much/force.
years
We refer especially
difficulty experienced at first in floating
securities and thus
new
providing capital for enterprises
to
best realized.
are
the
no
In 1931
building permits for
$1,220,779,503; in 1930 it
was
was
less than
was
$3,096,889,460; in 1928
was
$3,651,036,270,
$4,121,964,853.
The highest
attained in 1925, when the permits aggre¬
was
gated $4,393,364,166.
The
decline
which
started
in
1925
uninter¬
was
rupted until 1933, when the low point of the depres¬
sion
354
reached and the
was
cities
amounted
building permits for the
only to $355,324,978.
These
figures make immediately apparent the extent of the
collapse suffered by the building industry, and they
also
place in
since 1933.
proper
It will
perspective the gains registered
be evident that the
now
improve¬
ment started in 1934 and extended in 1935 must be
carried to far greater
lengths if the country is
to receive the stimulation of
it
a
over, can
possible to
are
say
restored.
Only in that
The
effected
case,
more¬
private enterprise restored to full
following table
covers
building permits back to 1906.
and
are
that normal industrial
retirement of governmental relief agencies
be expected and
New York
soon
really active building
Not until vastly greater gains
be
conditions
sway.
Without in any way
in
$3,500,730,450; in 1927 it
period.
ful conclusion
involved
cities
and in 1926
will
noted
appear
the effects of the depression and the extent
greatly in advance of normal requirements, but also
But the cheer¬
The
1932, 1933 and 1934 left the industry
$1,776,623,053; in 1929 it
it
less than
no
the best since 1931.
large only because the inroads
gains still necessary
in many
other parts of the country.
are
When comparison is made with earlier
354
an enormous
cover
against $399,494,015 in
as
of the building industry thus
for last year seems
the
for such
Our tabulations
but it must be remembered that the gain
measures
make up
depression really can be
improvement amounts to
amount
can
progress
contemplated expenditure for the calendar
a
the
No governmental
brought together
building permits issued in 354 cities, and these
revival
private enterprise.
now
most intense and devastat¬
was
thing of the past.
a
is due to
of
have
we
made before the
of the
a
goods
durable
be
years
ordinary demand and
large scale in the
other
must
degree, it is
renewed
sufficiently for
considerable advance has been made
depression
plain that by far the greatest part of the recent gain
some
and
a
They also show that great additional
of the years
Although governmental activities
building
on
It is plain,
ing.
show
portance, both directly and indirectly.
of
funds
new
The statistics which
enter into
building work, while the employment
yet.
longer will prove
industries.
the
by these projects also is of immense im¬
a
obstacle when confidence revives
an
the investment of
lumber, cement, paint and numberless other things
of demand for
capital into busi¬
new
trickle,
called
new
indebtedness and
coupon
flow of strictly
enterprise is only
ness
necessarily contributed to the havoc, for iron, steel,
accorded
refunding of high
the necessary
in progress for
was
clearly shown to have reached its
worst in
was
raised by private enterprise
however, that the Securities Act
of 1935.
leading cities of the United States.
the mild
to be noted in
for
measure
by the Securi¬
to an enormous degree.
expanded
year
Almost all the money
the year progressed.
That
Exchange Commission, and capital flota¬
last
moreover, by the fact that ever greater progress was
as
1933.
of
workable instrument
the record
The
table
of
shows
City separate from the rest of the country,
it should not
escape
notice that the building
permits issued here in New York City, covering all
the different
year
boroughs, showed
an
improvement last
that is comparable with that in the rest of the
country.
The contemplated
City
$140,927,780 in 1935 against only $80,-
was
outlay in New York
Financial
Volume 142
576,288 in 1934 and f74,210,983 in 1933, when the law
of the
depression
recorded.
was
Here again, how¬
the current figures make a most unfavorable
ever,
521
Chronicle
utilities
light, power and similar enterprises,
like
are
dependent upon financial conditions and finan¬
cial
developments, and these were all in the
comparison with the five-year period from 1925 to
of continued
1929, when New York City totals consistently ran
direction
breakdown in the autumn of 1929.
close
to
billion
a
dollars, and at times exceeded
COMPARISONS
OF
Calendar
658,742,654
399,494.015
tions
355,324,978
420,526.396
amount
21.39
20.17
1933
354
80,576,288
74,210,983
1932
354
354
354
354
354
1926
mm
354
1924
mm
mm
22.88
310
1922
308
mm
1921
307
1920
306
1919
297
1918
287
1917
277
mm
1916
273
1915
284
284
1914
273
1913
1912
235
mm
235
1911
1*10
223
mm
22.91
31.01
854
1923
28.62
846,505,817
785,557.945
638.569,809
476,827.194
290,828,942
281,500,189
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
354
1925
18.53
9Q0.091.743
937.647.139
880,746,413
1,060.051.394
1,008.571,342
354
1927
20.89
77,902,719
349,282,609
407,067,669
1909
209
1908
206
1907
200
1906
163
It is necessary
26.78
24.14
25.73
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
3,702,185.335
3,449.465,740
2,807.884.763
1,869,694.975
1,634.378,397
1,515,054.225
507,359,603
3,061,918,469
3,384,792,814
2,865.629.518
2,663,907,795
2,169,314,914
1,393.407,781
1,343,549,455
1,253,654,036
450,859,008
718.970.094
22.97
22.77
22.74
25.60
17.79
17.26
11.14
12.54
822,038,892
1,131.672.855
910,278,381
758,991,580
753,730,258
818,029,278
798,913,875
762,174.380
763,388.183
740,677,942
555,324,252
604,671,736
564,486,823
19.56
18.56
15.49
16.61
22.25
20.81
21.88
26.94
23.94
24.63
29.93
931,937,300
891,845.524
980,971.563
1,027,615,183
962.499,668
977,216.800
1,013.785,972
730,081.871
802,290,451
805,551.281
to note, as we have done on previ¬
occasions, that there are two sets of records
ous
which
commonly used to measure the course of
are
building work, namely, (1) the statistics regarding
(2)
work, and
engineering and construction
statistics which deal with the plans
Taking
proof.
capital issues by domestic corporate
new
undertakings and confining ourselves to those repre¬
517,814,874
318,917,727
281,113,995
342,623.677
871.496,894
1,369,555,884
2,136.747,717
2.663,093,811
2,770,289,853
140,927,780
354
1928
simply the
Total AH.
354
m
issue of Jan. 11 furnish incontestible
Outride CUlee.
1934
mm
YORK
Whole.
New York.
1935
1929
NEW
Per Cent of
Citlce.
1930
FOR
REST OF COUNTRY
FROM
No. of
Year.
PERMITS
BUILDING
YEARLY
DISTINCT
point the extended tabulations regarding
capital flotations which we presented in our
new
that level.
1931
On this
expansion until the period of the great
the
filed with the
senting strictly new capital, by omitting the por¬
intended
for
the calendar year
dar
thereafter until
of
one
1925 to $8,002,063,991 in the calen¬
1933, when the total was the diminu¬
In 1934 a small improve¬
$160,717,178.
refunding requirements, being $178,-
distinct from
This improvement was ex¬
257,949 in that year.
tended in
1935, when the strictly new capital issues
amounted
that
the
find that
occurred, the aggregate of such new capital,
ment
as
we
1929, while precipitate declines occurred
year
tive
refunding,
provided increased from |3,604,503,667 in
to
Thus it remains true
$403,569,958.
compilations, although they do not include
our
covered by
certain items
struction
awTards,
the engineering and con¬
compiled by the F. W., Dodge
as
Corp., disclose a record of shrinkage in building
work
mo
ye pronounced than in the other case, and
illuminating as revealing a downward trend
they
are
at
much earlier
a
The decline in
in 1925 to
period.
tabulations from
our
$4,393,364,166
$355,324,978 in 1933 affords the sharpest
possible contrast, since the drop was no less than
Our compilations re¬
late entirely to the latter, that is, to the plans filed
with the local building authorities.
The record of
$4,038,039,188.
This contrast is reduced only to a
modest extent
by the improvement of the last two
the
$658,702,654.
local
building departments.
building permits, which forms the basis of our
tabulations,
1925 to
of continuous decline from
one
was
1933, while modest gains occurred in 1934
The amount involved in
and 1935.
construction
continued
contracts
engineering and
to
expand until
1929, but prodigious declines followed until 1933.
1934
In
there
•compilations,
was
gain
improvement in such
also in the plans filed
building authorities, and in 1935 the
our
to
tabulation,
own
significance,
years
even
appears
to have
though the decreases in the
1929, when the depression started,
without
occurred
The long-continued
interrupting
general
trade
Our
figures of
new
on
with the
as
as
of
not
as
stated,
filed with the local
which permits are issued in accord¬
varying requirements of local laws and
State laws for the
do
building permits,
entirely-to the plans
authorities,
ance
include
prosecution of the work.
They
engineering projects, nor do they,
rule, include public works construction such
a
sewers,
subways and highway work in the nature
bridges, grade crossing elimination and the like,
and
often
do
not
include
educational
social and recreational centers and
will
This
tracts
In the case of the figures prepared by
Dodge Corp., the engineering and con¬
struction awards for the 37 States east of the
Mountains total
1935.
This is
a
relatively modest improvement over
1934, when the total was $1,543,108,400.
In 1933
this tabulation reflected an aggregate of $1,255,708,400; in 1932 of
$l,35i,158,700; in 1931 of $3,092,-
849,500; in 1930 of $4,523,114,600; in 1929 of $5,754,290,500, and in 1928 of $6,628,286,100.
There is
room
which set of
for
a
difference of opinion as to
figures may be taken as best represent¬
As
ing the course of building work.
plained
on
believe that the
building figures which
buildings,
public hospitals.
readily explain why the records of con¬
awarded, like those compiled by the F. W.
of the
tion
course
of
records of contracts
have
ex¬
we
and a few
new
building work than the
awarded, though it is not to be
that these latter have
denied
In the first place
a
peculiar value of
their
own.
with
distinctly building work, and in the
building permits deal
largely than work actually begun, they are a much
more
to
valuable indication of intentions with
the immediate future.
When award of
that work will
means
award.
ing
or
Not
when
so
commence
a
on
will also
compilations.
It
explain why the yearly comparisons, in the
of such other
records, did not until 1929 reveal
the downward trend
disclosed by our own tabula¬
Engineering projects involving,
say,
public
engi¬
the heels of the
plan is filed for
for building work.
a new
build¬
Numerous considerations
and often do, intervene to postpone the actual
carrying out of the work, and in
mits which form the basis of our
respect
an
neering contract has been made it almost invariably
may,
presented by the building plans and per¬
second
since they represent projected work more
place,
Dodge Corp., invariably arrive at much larger totals
tions.
we
previous occasions, we are inclined to
than those
-case
Rocky
$1,844,544,900 for the calendar year
others undertake to collect furnish a better indica¬
activity.
relate
F. W.
the
building permits from 1925 to 1933, as
reflected in
four
was
extended materially.
was
decline of
much
modest
there
as
with the local
a
since the total now has increased only to
years,
many
cases
the
contract for the work still remains to be awarded at
some
near
or
remote
intentions with
more
date.
Thus it
appears
that
respect to new building work are
clearly and more definitely reflected by the
building permit figures than by other compilations.
Financial Chronicle
522
MONTHLY
AS
RECORD
AWARDED
CONTRACTS
CONSTRUCTION
OF
F.
W.
Jan. 25 1936
FIGURES OF
CONTRACTS AWARDED.•
DODGE
CORPORATION
COMPILED BY THE F. W. DODGE CORPORATION.
1935
January
1934.
1933.
$
S
83,356,000
52,712,300
59,958,500
56.573,000
77,171,700
102,341,900
82,693,100
106,131,100
122,615,700
145,367,200
162,330,600
Calendar Years.
188,105,000
264,136,500
207.209,500
127,526,700
107,273,900
105,302,300
81.219,300
1,844,544,900
1,543,108,400
1.255,708,400
1,351.158.700
March
June
July
159,267,500
168,557,200
167,376,200
200,595,700
August
September
....
October
November.
December..
1,154,331,700
578,541,800
111,671,400
Total
buildings
"
/
1930.
1929.
3
3,092,849,500
4.523.114,600
June.....
July
.....
......
October
November.
...
December.
Total
...
presenting
our
323,975,200
317.053,000
456,119,000
482,876,700
had been made
diminutive level
316,368.100
5,750,790,566
Commercial
6.628,286,100
391,012,500
of the
in
were
Educational buildings
totals
are
progress
Religious, Ac
Social, Ac
1929, it
*
1934
previous
the
over
Total buildings...
made.
The
.......
least be said that
years
to
start has been
a
building permits of $140,927,780 for 1935
only $80,576,288 in 1934, a gain of
are now
Included under the general class
"Public Buildings."
truly
remains to be made if the
1,921,734,500 2.871.876.400 4.505.948,500
963,008,600 1
875,448,000
^
688,229,600 jt1248342000
295,667,000
3,092.849.500 4.523,114.600 5.754.290.600
Note.—Military and Naval buildings
•
Includes projects without general contractors, sub-contracts being let directly
by owners or architects.
t Public works and public utilities were not shown separately lor 1929.
t Figures lor 1929 and 1930 were formerly classified as Industrial buildings.
It is now
year.
1756.512,400
881,908,000
152,203,700
120,777,900
106,111,200
140,019,400
1,110.345.800 1,770,563,900 2,590,221,000
811,388,700 1,101.812.500 1,915.727,500
buildings
Residential buildings
Public works, Ac
Public Utilities...............
modest
very
building current in the five
can at
....
Non-residential
Total construction.....
a
again to approximate the billion dollar
level of annual
...
932,688,400
628.809,500
1256,632,500
876.051.200
162,120,600
139,814.600
92,837.100
113,298,400
311.105,800
116,167,000
228,777.000
121,193,300
181,266,600
53,099,600
98.746.500
Hospitals and institutions
Public buildings
These
especially pronounced in New York City.
Although vast
buildings
Industrial buildings...
%
$
$
592,567,000
642,237,100
667,097,200
650,466,200
583,432,400
516.970,200
581,674,000
597,103,500
471,482,200
432,756,300
only
1929.
1930.
1931.
465.331,300
appropriate to emphasize the steady gains of 1935,
which
760.857.600
514.699,700
75.601,500
543,031,800
427,168,700
building construction compila¬
tions last year we noted that
recovery
406,467,900
361,273,900
484.587,500
642,060,500
587,765,900
529,891,100
652,436,100
488,882,400
444,402.300
445,642,300
457,416,000
600,573,400
366,878,400
346,643,800
331,863,500
336,706,400
253.573,700
249,435,500
March.....
April
May
In
652,985,800
499,517,800
103,204,800
55,672,000
18.298,900
47,574,500
$
227,956,400
235,405,100
369,981,300
336,925,200
806,079,100
316.147,600
285,997,3t0
233,106,100
251,109,700
242,094,200
151,195,900
136,851,600
....
February...
September
480,789,600
280,067.900
117,503,200
37,308,800
1,844,544,900 1,543,108,400 1,255,708.400 1,351,158,700
Total construction
1928.
$
S
August
403.723.700
249,262,100
150,595,800
116.078,600
..
1931.
January
122,718.200
43,490.900
82.307,500
48.353.000
117.982.500
27.255,000
88,682,500
791,871,900
625,044,500
126.192,000
675,488,600
478,843,100
Public utilities...
3
99,371,200
127,617,100
39,950.400
37,252,100
50,908,300
17,668,600
31,056.000
248.840,100
Non-residential bldgs..
Residential buildings...
Public works &o
Total
%
164,479,800
108,858,500
173,458,700
47,056,900
97,786,600
23,674,300
60,173,800
*
1932.
1933.
%
Commercial buildings
Factory buildings..
Educational buildings
Hospitals and Institutions
Public buildings
Religious, Ac., buildings.
Social, Ac., buildings
84,798,400
89,045.800
112,234,500
121,704,800
146,221,200
113,075,000
128,768,700
133,988,100
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
April
May............
1934.
$
99,773,900
75,047,100
122,940,500
124,020,000
126,720,100
148,005,200
February.
1935
$
1932.
$
CONSTRUCTION
Dodge figures show that residential build¬
ings for which contracts
volved
an
the amount of
ure
were
awarded in 1935 in¬
outlay of $478,843,100, or almost twice
The fig¬
$248,840,100 noted for 1934.
for last year
also is much above the amounts of
$249,262,100 for 1933 and $280,067,900 for 1932, but
contrast
with
there is still much
ground to be covered before even
74.90%.
All the different boroughs shared in the
the small total of
$811,388,700 for 1931 is attained.
improvement, but the residential
to
more
the
areas
contributed
gain than the business districts.
Manhattan, where the
decline
of
the
depression
heaviest, building permits totaled $44,-
years was
900,370 in 1935 against $32,684,461 in 1934.
gain
In
This
exceeded in Brooklyn and Queens, and
was
almost
equaled in the Bronx, while Richmond also
showed
a
fair advance. These trends reflect
for more and better
that office space
It is
a
be noted, in passing, that such residential
building awards
$2,788,317,400
and
utility project contracts declined last
against
of the country
are
tending
deep
1934,
otherwise might still be delayed.
All parts of the
country shared in the improvement last year, but
noted
building is lagging
last
year
and
as
compared to the
building.
apartment
We
that shortages were beginning to
was
Returning to
,
it is
into which
taxation, while higher building costs also
put brakes
tating to
on
and
the trend.
hampered by the steady
These factors
are
mili¬
greater degree against building,
and it may well be that Federal authorities could
an
accomplish
ever
sectional
the
New
in
of
our
building permits, points of interest
in the F. W.
construction
period of
are
analysis
to be noted
Dodge Corp. figures of engineering and
awards
years.
when
brought together for
The Dodge Corp. classifies the
struction contracts
and
own
construction,
con¬
according to types of building
in the following table we
and
carry the figures back to 1929:
a
more
This
satisfactory than the
year, some
important
areas
gains whatever at that time.
as
already indicated, reveals
1935.
The New
England
failing
Greater
a
group
sharp
lagged
In
the Middle
Atlantic area, with New
excluded, the 1935 total of $102,228,063 com¬
with $70,949,829 for 1934; the Middle Western
has
$116,285,239
against $71,383,162; the
h*is $55,238,112 against $30,763,486; the Pacific group has $104,696,497 against
group
other Western group
$56,144,427, and the Southern
group
against $52,019,055. The Pacific
a
area
has $87,678,036
in 1934 showed
large decline from the 1933 total, and it is satisfac¬
tory to note that that important section
tributed to the general
shows
i
York,
1934.
pares
proceeding further with
classified showed distinct
compared with 1934.
as
of the country, the increase there
being only to $47,688,927 in 1935 from $37,657,768
aspect of the problem than by elaborating vague
plans for a national housing program.
Before
are
behind the rest
York
•
tabulations of building permits,
gains of small dimensions achieved in 1934
previous
increase in
by addressing themselves to that
more
our
general improvement is
to reflect any
restricted
The Dodge Corp.
chiefly responsible for the improve¬
the cities
improvement.
somewhat
as
$578,541,800
in this important field.
improvement in 1935
over
increase of
showing
former
works
year
noteworthy that all the geographical divisions
develop in homes and apartments, and such require¬
ments clearly are responsible for most of the 1935
Unfortunately, the tendency has been
Public
figures show clearly, in other words, that residential
construction
good deal of construction that
the
$2,590,221,000.
against $625,044,500, and utility contracts showing
ment last year
a
were
$111,671,400 against $126,192,000.
depression years, and the upward movement doubt¬
home
In 1929 such non-residen¬
living quarters,but they also show
other parts
in
relatively slow in this
total of $543,031,800 in 1934
$403,723,700 in 1933.
less is
upswing
a
building
only $675,488,600,
contracts
to advance from the extreme low levels of the
industrial
were
tial
remains available in profusion.
stimulating
1935
progress was
field, which produced
and
Non-residential
1928.
contracts awarded in
indicating that
$1,915,727,500 in 1929 and
were
in
demand
a
commonplace that real estate values in this
and in all
It may
a
gain.
now
has
con¬
The following table
comparison by groups during the last 8 years.
Financial
Volume 142
AGGREGATES OF BUILDING PERMITS BY GEOGRAPHICAL DIVISIONS.
Before
New England
1935
1934
Middle
(59)
47,688,927
Atlantic. (72)
Western. (66)
Middle
106,228,063
1932.
1933.
Dec.
%
$
%
+26.64
26,318,791
+86.48
87,678,036
30,763,486
56,144,427
52,019,055
+ 79.66
(60)
+ 68.65
100,937.017
34,903.798
(353)
517,814,874
318,917,727
+ 62.37
281.113.995
80,576,288
+74.90
74,210.983
658,742,654 399,494,015
+ 64.89
355,324,978
420,526,396
116,285,239
55,238,112
104,696,497
New York City
(354)
+49.72
+ 62.90
31,989,491
54,995,427
31,969,471
in
cluded in this
%
New England
...(59)
Eastern and Western
lent in
is to be noted that the
Middle Western
Other
(66)
Western......(45)
Paciflo
(51)
Southern..
(353)
349.282.609
407,067,669
the United
667,961,412
164,763,686
298,445,124
259,201,885
duced from the
234,656.096
619.562,863
865.597,452
186.147.062
315,638,136
341,491,702
960,091,743
States, are immensely re¬
high levels prevalent in 1929, when
related
permits
to
no
less
than
$226,211,128 of
building.
We
now
hensive
871,496,894 1,369,555,384 2,136,747,717 2,563,093,311
New York City
Total all
221,048,860
525,326.750
125.723,919
231,878,275
181,623.518
136.850.981
110.732,671
..(60)
Total
154,011,851
325,491,320
350,826,501
S
Canada, alike, but it
aggregate Canadian figures,
1928.
%
$
112,378.600
234,100.823
183.777.608
93.656.351
Middle Atlantic.....(72)
The upward tendency was preva¬
738,873 in 1933.
1929,
1930.
study report building permits of $47,-
516,277 in 1935 against $30,269,139 in 1934 and $21,-
like those in
1931.
the
Canada, which also are included, show
upward trend that is quite similar to the increase
the United States.
The 56 Canadian cities in¬
an
77,902.719
37,657.768
70,949,829
71,383,162
general and detailed com¬
our
note that the building statistics for
342,623,677
140,927,780
Southern
Total all
we
Dominion of
40,556.836
92,050,259
59,390.236
36,740.298
68,475.061
45.410.987
Other Western..(45)
Pacific
(51)
Total
presenting
pilation,
Inc. or
Calendar Year*.
523
Chronicle
last
937,637,139
add
very
elaborate and very compre¬
tables, covering the whole of the
eight years, and embracing all the leading cities
in the United
(354) 1.220.779.503 1,776,623.053 3.096.839,460 3.500.730,450
our
detailed
States,
as
also those in Canada:
UNITED STATES BUILDING OPERATIONS.
1935
1934
Inc. or
Dec.
1933.
1932.
1931.
1930.
New York City—
Manhattan..
Queens
Richmond
....
Total N. Y. O
New England State#—
Me.—Portland
....
N.
+3^.38
622,434.715
3.473,964
198,662,688
56,115,642
73,903.136
70,044,381
8.342.422
89,416,707
149,343,306
87,478,012
11,419.003
381.377.243
189,824,853
202,223,346
146,509,564
17,702,133
77.902,719
349.282.609
407.067.669
960.091,743
937,637,139
657,618
870.759
1,566.831
2,133.188
2,738,886
464.826
709.306
774.302
1,241.253
1.375.983
456,000
1.555.7C0
842,675
749.800
♦500,000
681,653
735,945
1,382,885
55,445,025
1,725,858
6.291,422
7.289.432
1,147,515
1,294,190
1,760,759
2.835.644
28,123,470
8,670,140
21,576,439
16.058,706
+38.56
+74.90
74.210.983
HManchester
+ 114.82
80,576,288
396,018
+ 0.71
292,664
378.664
202.200
+97.33
+ 104.03
389.725
392,448
—0.69
Vt.—Burlington.
♦200.000
♦287,585
—30.45
150,000
Mass.—Attleboro
♦100.000
*95,000
277,917
8,403,438
190,243
979.215
531.696
252.697
139,675
+5.26
97,450
319,749
Beverly...
Boston
Brockton.
Brookllne
Cambridge
Chelsea.....—
Chicopee..
Everett
Fall River
Fitch burg
Haverhill..
Holyoke
Lawrence
.....
Long Meadow
158,971
10.914,621
399,789
1,687,161
867,890
830,472
308,512
143,505
196,242
1,098.563
♦140,000
339,735
376,261
134,950
255.873
Lowell
797,560
Lynn...
Maiden
166,944
301,952
......
Medford
New Bedford
North Adams
356,675
2.594.310
±21,502
Northampton
509.526
Pittsfleld
472,864
848,186
414.101
828.638
.......
Newton
Qulncy
Revere
Salem
Somerville
Springfield
299,908
578,305
Wait ham..
455,482
West field
64,179
1.949,839
Worcester
Conn.—Ansonla
Bridgeport
35,000
1.187.202
404,331
228,226
357,619
196,543
—30.50
86.617
+ 16.66
*120,000
—2.22
347,435
—35.01
578,948
+81.14
74,500
+7.53
237,945
+79.61
444,054
—38.66
272,180
+ 17.49
256,992
—19.09
440,850
+ 16.35
2,229,686
—53.62
261,983
—11.31
574,484
+45.10
325,895
423,391 —100.33
+ 19.18
347,460
+ 16.63
710,466
253.939
+ 18.10
—40.75
976,028
193,199 + 135.76
—64.02
178,398
—51.31
1,288.623
102,298
167.525
235,608
164,380
250,655
418,820
148.644
326,615
232,660
169,005
104 750
Meriden...
407,879
384,240
317,904
352,786
620,338
2,287,996
352,678
410.065
Ham den
...
Hartford
325,506
962,231
833,822
184,831
179,735
212,178
190,536
+ 141.01
2,670.204
—
Dan bury
—26.98
7,038,080
455.871
Manchester..
Bristol
+29.88
+ 110.15
+72.30
+63.23
+228.64
+ 120.88
282.364
*62,000
775,427
266,420
171,905
978,924
1,686,033
.........
——42.80
—43.55
+53.10
+51.76
+32.76
—63.47
+ 58.37
+61.34
+28.30
+8.91
+ 16.51
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
52,000
611.527
127,812
169,600
337,839
891,921
122.645
*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
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
♦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
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
*250.000
801,294
115,337
257,932
♦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
♦2,000.000
6,129,918
1,982,727
1,185,952
2,481,151
12,936,234
1,297,681
1,277,721
1,136,909
3.482,974
8,054,927
2,193,342
4,781,698
774,236
215,865
5,179,238
*900,000
1,075,520
3,488,300
620.568
2,183.567
215,645
339,530
219,024
417.456
2,645.778
433,740
651,736
279,942
+229.57
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
—+6.71
300,364
—34.43
57,665
310,143
1,019,193
480,917
45,765
42,710
929,763
1,930,950
+ 170.54
+48.02
68,660
285,479
2,520,950
48.895
♦300,000
2,224,589
98,375
748,500
6.382.150
154,780
1,694,125
10,879.814
821,856
1,994,925
14.943.495
349,338
2,827,964
16.015.119
37.657,768
+26.64
31.989,491
40,556,836
112,378.660
154,011.851
221,048.860
234.656.096
3,131,885
171,278
1,162,624
2,961,753
305,665
2,788,386
848,745
890,777
2,649,312
+ 12.32
1,920,371
2,852,569
—79.82
210,810
856,662
125,551
269.143
229,840
810.828
6.670,846
1,299,236
391,162
289,800
164.086
940,755
349,552
146,035
469,126
*250,000
394,062
1,017,144
228,309
3,714,596
722.758
1.362,888
174,749
695,134
New Haven
New London
Norwalk
Norwich.
120.581
Shelton
78,295
626,710
339,941
225,861
3.740,882
101,125
33,977
Stratford
Torrington...
Water bury
.56,389
31,595
509,561
179,725
167,975
528,050
1,135,084
189,753
51,821
115,547
442,171
2,870,780
...
Stamford
492.765
West Hartford
West Haven
Willlmantlc
R. I.—Central Falls.
Pawtucket
Providence
—40.43
—50.45
+ 69.52
+22.90
+ 147.81
+22.99
+89.14
+34.46
—6.68
—52.44
52,200
472.489
418,429
165,652
Total New England:
....
Middle Atlantic States:
New
York—Albany
Auburn
Binghamton
Buffalo
....
Elmira
Jamestown
Kingston
Middletown
...
Mount Vernon
New burgh
New Rochelle
...
;
Niagara Falls
Rochester
Schenectady
Syracuse
Troy
Utica
Watertown
Plains
Yonkers
1,261,830
♦300,000
618,496
971,984
♦300,000
Poughkeepsie
White
822,350
554.065
1,260,200
613,345
713,100
941,750
3,786,804
2,892,942
4.514,923
1,068,852
10,807,643
666,520
1,242,893
1,900,140
6,052,953
1,227,142
1,727,325
3,513,417
5,976,799
♦2,500,000
*700,000
7,705,012
47.688.927
Middletown
New Britain
59 cities
1928.
130,631,045
65,399,250
75.954,449
68,535.620
8,762,245
21,024,804
20,752,305
15,637,920
15,089,212
1,706,742
32.684,461
11,375,406
17,336,280
14,911,806
4.268,335
398,816
......
Brooklyn..
44,900.370
22,447,219
37.241,946
30,424,219
5,914,026
140,927,780
Bronx
1929.
,
2,714,201
811,297
1,868,802
1,270,326
1,178,125
221.907
763,195
2,367,997
343,183
556.337
1,159.305
+30.52
+ 11.79
—10.93
—58.42
—17.09
+ 12.36
+ 168.98
+20.00
+56.95
—4.44
+31.40
—26.93
+45.83
+ 61.20
+88.73
673,093
1,299,240
189,088
361,055
+ 111.38
909.462
+ 160.37
—9.32
+ 16.80
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
3.119,447
260.667
399,349
306.819
317,556
677,317
♦450.000
747,959
919,739
437,741
2,436,270
565.314
1,330,848
719,510
461,475
245,221
636.238
2.633.078
990.535
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
1.857,948
6.269.945
2,219,008
994.523
213,335
6.334.160
10.657.688
10,596,246
1.142,503
2,405.723
17,303,110
1,846,553
782,854
1.036.632
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
3,026,943
1.527.746
434,823
6.001,825
0.893.303
9.836.808
1,490,881
4,220.843
24,181,500
1,552,816
1,927,303
1,135.464
627.945
6,179,243
1,079,546
7,664,597
5,151,564
1.616.048
13,303,261
3,672,695
11,269.695
2,041,942
2,345,835
1,101,400
7,194.967
21.489.219
6,445,061
2.432,252
50,450
16.042.889
512,086
3,926,054
24,516.083
1,976,377
1,846,870
1,736,789
724,965
14,280,949
2,136,742
11,357.809
4.963,056
1,724,820
17.620.798
3,199,405
13,226,579
1,342.859
3,931,495
1,158,447
12,633,281
37.692.877
524
Financial
Chronicle
Jan. 25 1936
UNITED STATES BUILDING OPERATIONS—
Inc.
1935
Middle Atlantic States:
N. J.—Atlantic City
Bayonne
-
Bloomfleld
Caldwell
Camden
Clifton
East Orange
Elizabeth
Hackensack
Hoboken
Irvlngton
Jersey City
Kearney
..
Orange
;
Passaic
Paterson
Plainfield
South Orange
Trenton
West
698,602
611,950
343,466
317,824
446,033
756,289
,811.063
850,089
211,239
479,123
930.966
491,385
625,006
-
Brunswick
New
*
555,131
345.222
665.550
45,063
.647,820
314.478
407,330
Mont clair
569.028
Orange
568,440
Pa.—Allentown.
720.215
Altoona
238.135
Bethlehem
303,130
266.219
138.070
175,048
639,482
766,286
Bradford
Chester
Easton
Erie
Harrisburg
Hazleton
*400.000
Lancaster
695,396
9,255,150
5,807,900
Philadelphia..
Pittsburgh
Dec.
1933.
(Con. )
,883,828
Newark
or
497,997
363,231
341,049
46,826
496,765
338.692
512,407
276.681
131.564
153,790
148,875
2.178,586
88.570
399,898
2,877,418
107.317
307,650
457,725
752,351
309.741
185,691
358.643
380,595
436.025
174.355
154,480
751,100
259,900
377.862
266,179
247,358
350,342
267,446
8,055,240
2.266,952
93,630
279,555
507.698
437,060
41,806
406.706
644.601
802.640
479.607
547.579
508,691
461.258
1,062.799
450.427
447,000
1,621.848
243.205
546.964
1,296.519
1,433,122
2.587,696
199.226
365.075
855,907
83,090
460,661
4,754,184
123,702
289,008
381.684
764,228
450,260
1.511.931
+36.34
+ 121.17
+ 161.06
+ 106 66
—64.56
—46.88
—53.67
+ 140.24
+209.79
+ 14.17
+ 160 01
+ 14.90
+ 156.09
+71 88
+32.01
+ 14.23
+75 24
+246.92
394.335
914.418
2,417.706
102.489
351.118
480.328
850.982
336.154
1,402,607
786.650
2,583,156
1,136,541
2,581.097
1,492,465
2,678,736
2,186,365
1,776,984
2,266.257
339.937
1.749.092
4.362.435
770,173
1.483.156
6.305.045
404.578
484.691
1,249,158
1,164.715
1,358.897
*700.000
1,572,237
1,744,885
1,939.867
10,199.323
983,420
1,202,222
2,157.602
3,947,134
1,700.152
1,148,612
2,448,909
2.022.639
827,843
1,600.480
12,231,639
884,751
274,162
*300.000
390,888
282,501
.
1928.
$
173,926
697.335
76.753
—3.76
+65.18
+36.58
+96.23
1930.
$
404,176
+231.71
—7.15
+4.67
+23.74
+ 58.64
+236.58
+58.66
+49.35
1931.
328,256
367.700
52,458
224,674
322,522
218,897
582,881
143,087
157,786
+10.67
—4.96
+95.15
+ 199.60
+78.27
+359.90
+89.12
+ 101.95
+692.13
—31 34
1932.
S
1934
719.447
642,435
151,931
102,614
575,989
73,473
192,192
483,258
241,305
345,409
141,165
717.315
822.495
2,270,422
116.710
239.249
408.019
1,373.467
1,082,865
*400,000
925.296
164.282
240,986
506.203
660.453
493.990
437.036
362.135
456,700
714.150
772.495
184.857
2,678.901
1,552.390
539.702
538,423
35,126,060
13,061,730
727,963
2,891.906
1,402.184
1,196.061
326.267
1,190,261
568.883
3,315.378
1,987.134
512,125
1,144.306
55,267,390
20.759.002
1,007,555
2,573,356
3,067.695
1.603.194
852,965
1,287,589
1.696.197
1929.
6.494.065
1,143.730
4,308.889
741,503
6,163,791
2.471,815
6,011,178
4,626,348
1,948,999
747.877
2.124.243
15,396,866
5,877,428
3,668,361
30,538,825
1,554,615
2,378,863
4,927,219
4,917,273
2.155.828
.
2.117.008
3.508.888
3.264.454
4.082.265
1,997,311
2.933,237
694.231
1,500,000
2.004.774
6.430.471
8,059,780
580.811
1.776,166
106.228,915
36,174.512
8,288,607
1,994,520
4,630,335
504,960
7,427,850
3,542,055
7.696,066
5,334,906
4,491,511
564,263
5,639,280
12,895.094
6,308,205
4,708.962
36,246,382
2,177,979
3,168,204
3,201.003
7,060.569
3,420.505
2.034.215
4,296,287
4,418,348
5.935.040
3,375.618
3.858.717
1,015,213
1.794,797
732,538
4.763.718
5.606,175
1,187,764
2,829,938
111,804.680
40,254,060
1,536,375
3,828,259
5.877,149
3,921.934
1,915,561
2,080.740
1.726.546
419,205
—0.89
6,616.530
2,520,251
180.685
326,391
458,032
789,369
65,916
412,716
388,168
Del.—W llmlngton..
2.545,737
1.183,824
+ 115.05
2,135,484
1,407,923
3,351,286
4,993,738
6,314,843
5.676.274
Md.—Baltimore.
9,847,460
1.057.349
105.202
10,096,776
—2.47
12.752.300
139.302
158,631
+659 04
+33.68
6,629,106
171,784
*60,000
*90,000
29,571,120
292,989
181,007
32,628,952
251.053
212,631
39,809.880
535,525
491,204
34,638,350
1,008,544
315,500
22.968.678
10,499.030
+ 118.77
6,509,440
11,298.985
30,821,649
28.578.772
36.129,785
51,255,080
1,388.196
413,748
307.610
259,161
+351.28
878,982
1.021.207
367.995
199.315
113,216
314.390
....
588.178
423,657
+59.64
+84.63
+38.83
524,149
123,125
—
266,581
98,793
112,751
320,867
325.276
642.690
6,213.990
239.659
597.575
1,110,922
2.096,252
503,273
1,538.271
1,790,495
2,136,924
1,189,391
748,815
1.937.827
106,228,063
70,949.829
+49.72
54,995,427
92.050.259
234,100,823
325.491.320
525.326,750
619,562,863
1,410,482
32.670
86,142
71,311
473,614
959.673
+46.98
+39.46
754,935
19,350
26,000
83.865
101,635
5,301,921
2,748,000
921,694
2,076,667
76,235
221,157
9.298,891
21,886,309
377,267
628,194
1,092,272
3,482,919
35,677,417
37,782.500
11,244,500
19,652.285
443,295
458,492
961,483
3,599,275
35,759,430
54,592,425
15.239,250
10,358,378
757,457
2.067.079
5,112,497
1,802,040
1,355,860
1,675,101
1,027,600
1,667,598
17,146,961
8,628,040
383,710
Pottsville
160.935
Reading
369,030
579,941
765.897
145,033
302,830
415,485
Scran ton
WIlkes-Barre-
Wllkenaburg—
William sport_.
York-
—
Cumberland-Frederick
D.
O.—Washington.
W. Va.—Charleston
Clarksburg...
Huntington
Wheeling—
—25.54
13,118.835
8,983,157
136,834
494.354
2,121.440
567.033
77.576
510,514
237.978
99.165
595.521
796.068
736.652
6,181.833
2,956.814
3,457,073
1.403.245
1.288.775
1,458,719
Total Middle Atlantic:
72 cities
—
Middle Western States—
Ohio—Akron
—_——
Alliance
....
Ashtabula....
........
Barberton..........
Canton
Cincinnati....
...
Cleveland..
Columbus
—
....
Dayton
East Cleveland—.—.—
Hamilton
Lakewood..——
—
Mansfield
—
Newark
—
—
Norwood-
-—
61.009
Sandusky
Springfield
Toledo
—
——
Youngs town
—...
Zanesville
Wayne—
Gary
Hammond
—
Indianapolis
Kokomo
Michigan City
Richmond
South
Bend
...
Terre Haute
—...
111.—Aurora
Bloomington
Chicago
Cicero
—.—..
—
Decatur
■East
St. Louis...
Elgin
Evans ton
Freeport
Mollne
Oak Park
.....—
Peoria
-——
Quincy
....
Rockford
Rock
Island-
Springfield
Mich.—Ann Arbor
123,568
1,166,576
557,467
1,406,185
4,618,111
147,633
237,645
142,139
563,740
323,434
250,270
579,022
12,936,409
198,240
588,102
869,123
217,945
947,750
230,135
335,893
626,200
1,791,342
81,716
374,065
332,906
456,453
677 ,438
403 ,553
Bay City
Detroit
21,222 ,391
1,434 ,625
Flint
Grand
620,660
1,757,620
676.689
19,370,000
I nd.—Elkhart
Fort
12,309,225
3,883,000
2,646,200
1,079,829
113.873
256.722
432.292
380,767
71,550
249,139
625 .045
440 ,122
168 ,826
Rapids.
Highland Park
Jackson
23.426
52,912
40.051
376,207
6,151,670
3,078,500
847,600
866,312
46,845
368.827
307.640
256,917
73.750
218.118
69,410
164,864
2,426,015
339,033
19,360,019
97,724
370,122
201,746
178.744
3,246.816
47.847
+62.80
+78.05
+25.89
+ 100.10
+26.13
+212.20
+ 24.64
+ 143 08
—30.40
+40.52
+48.21
—2.98
+ 14.22
—12.10
+276.47
—27.55
+99.59
+0.05
+26.45
+215.19
+ 176.32
+686.72
+42.24
+208.55
383,080
139,500
242,820
691,628
+132.16
—53.24
282,282
238,046
+ 143.24
7,727,351
162.885
577,640
265,498
169,946
741,700
99,887
170,653
181,850
910.987
58,314
227,300
322,892
326,184
—37.96
—3 31
—11.34
+67.41
+21 70
+ 1.81
+227.35
+28.24
+27.78
+ 130.39
+96.83
+244.35
+96.64
+40.14
+64.57
+3.10
+39.93
425,311
263,084
8,836,558
701,614
472,905
+59.28
+53.39
+140.17
+ 104.48
160.427
+ 174.34
+32.17
73,153
+ 130.78
516,794
312,980
197,550
183,722
+70.68
+232.35
+59.67
Pontlac
882 ,072
1.040 ,185
315 ,426
771 .711
+320.04
Saginaw
1,326 ,953
349,772
+279.38
375,505
1,138,336
+ 103.73
+ 106.07
530,531
348,616
562,631
184,314
552.404
313,119
2,678,285
191,404
190,589
381,375
306,571
116,285,239
71,383,162
Kalamazoo
Lansing
Muskegon
Wis.—Kenosha
Madison
Manitowoc
546.142
Milwaukee
7,143.326
246,942
Oshkosh
Sheboygan
Shorewood.
Superior
824,200
487.481
34.061
64,759
189,820
146,923
68,699
117,225
30,023
57,480
397,155
531,237
22,225
56,117
175,819
118,685
190,580
150,014
85,755
142,770
85,400
294,675
194,124
22,310
61.791
86.215
385.037
9.249,715
8.928.250
1,753.250
840.381
55.390
348,008
405.052
344.051
95,135
178.015
650,046
21,733,465
11,688,650
3,369,450
2,855,432
1,047.755
792.372
804,389
737,957
172,450
124.458
127,500
60.050
106,850
1,193,852
2,272,258
1,474,072
*100,000
85.699
982.732
227.793
*40,000
94.573
1,581,507
135,425
151,788
3,180.060
56.524
153.165
71.700
524.135
605.521
299,735
2,445.712
1.048,255
3,303,684
9,032,678
173,113
249,970
211,605
655,255
918,700
1,060,727
7,023,858
3,219.075
4,144,300
15,608,002
1,347,891
5.075,176
1,062,472
6,889,105
863.081
1,063,899
5,967,770
o,082,915
6,509,630
23,669,315
622,317
647.700
2,281,460
1,217,300
202,286.800
3.531,638
3,890.490
2,471,731
1,383,474
8,196.300
1,123,183
2,195.290
5,720,965
3,679,455
834,315
5,085.592
2.251.454
3,163,586
3,362,592
1.335.800
315,800,000
3,665,046
4,169,345
2,733,266
2,291,046
13,178,225
1,988,650
1,710.027
9,290,495
3,951,126
2,276.957
5,714.017
1,124,099
3,787,348
403.854
3,959,530
738,479
940.723
6.639,397
989,397
1,239,257
44,030,944
1,070,703
781,040
1,077,178
607,136
3,251,250
287,273
596,606
1,262,780
2,302,112
1,362,678
614,797
586,728
1,710,351
79,613.400
2,313,859
1,287,425
23,068,068
1.765,328
1,212,630
117,290
418,830
1,073,228
1,017,577
485,872
339,519
500,321
1.349.506
1,274,224
48,369,293
3,989,968
3.073,680
713,015
698,792
1,067.579
2,064,747
1,236,030
1.290.706
2,689,650
7,242.183
1,166,627
100,542,497
14,571,741
6.230,215
2,327.370
3,492,043
2.409.585
9,360.084
2.250.975
6,124,130
3,208,872
4,463,105
1,813,221
129,260,285
14,412,630
8,230,285
2.603.477
2,097,086
2,034,864
4,762,147
1,928,134
13,238,283
4,369,585
2.215,078
2,081.064
771,825
32.334,512
1,143,614
1.589,314
1,023,131
1,021,570
4.836,027
4,962,923
1,780,576
3,987,618
5,579.832
1,324,432
45,588,857
1,354,362
2,313,449
2,383,607
350.826.501
56.165
157,605
212,742
105,953
402,600
102,782
102,685
122,940
1,891,320
73,954
117,720
186,426
535,929
256,078
162,755
3,945,765
417,985
434,545
57,341
84,788
237,979
107,558
361,646
70,893
221,272
150,455
303.258
520,199
64.677
186.626
302.076
153.142
789.450
295,500
161.251
245.270
562.835
62.487
776,205
177.700
567,642
537,560
693.236
8.682,949
260.953
1,526.560
81,783
367.667
200.377
494.237
72.323
72,018
281,004
141.218
611,700
+83.52
+62.90
31.969.471
59,390,236
183.777,508
—8.59
527,207
3.054.906
1,190.810
1,822.527
8,135,387
262.960
393,950
133.434
207.500
115,775
249,712
+29.02
13,511,740
6,008,084
532,995
3,824.500
4,066,208
+ 178.36
9,691.460
2,821,414
206.673
104,966
192,570
2,012,362
261,876
650,962
64,577
95,927
+ 166.71
1,492,607
717,563
234,310
695.887
305.397
773.510
6,342,675
2,021.625
2,078.555
1,866,320
999,905
691,340
928.444
351,950
1,707.631
848.559
1.621,634
3,683,960
706,881
1,249,225
1,184,020
12,173,501
932,526
1,205,878
1,025,134
290,584
+74.42
280,650
394,021
367,833
1,609,771
40,068,782
32.440.000
5,585.500
5,958,214
586.420
294.988
260.469
323,075
1,415.125
443.700
1.098.173
2,005,440
1,423,498
745,456
3,152.450
604,786
1,349.647
1,861,455
3.546,830
776,374
2,863.445
759,874
3,267,264
46,656.912
1,473,660
1,651,228
1,770,738
1.183,664
1,852,835
Total Middle West:
66 cities
—
--
667,961,412
865,597,452
Financial
Volume 142
525
Chronicle
UNITED STATES BUILDING OPERATIONS—
Inc.
1935
Other Western States
St. Louis
Sedalia
+ 127.19
+ 131.25
46.237
1,512,986
188,968
350,820
1,513.923
158.059
405.525
1,142.319
440,155
257,860
73.419
+251.21
373.444
559,468
2,663,411
165,617
—33.25
5,223,616
288,088
88,102
2.128.202
37,275
386,458
+ 136.36
263,042
149,517
98,970
Omaha
Kan.—Atchison
Kansas City
Leavenworth
Topeka
Wichita
1933.
+ 60.73
+ 13.30
+50.68
+36.78
+63.88
+92.93
—16.29
—20.97
+ 115.63
+5.35
+ 220.62
+82.24
121,087
1,247,400
248,632
10.106,632
30,000
1932.
%
97,396
2,241,100
147,185
4,331,904
20,585
1931.
1930
1928.
523,175
5,720,950
454,406
16,619.836
82,500
2,212,396
623,216
13,449,340
11,084,281
478,576
3,727,371
3.311,265
290,601
20,960,135
9,205.574
337,868
23,257,725
8.737.665
550,306
15,468,750
1,464,391
27,330.623
100,000
1,453,711
15,826,900
2,004,618
42.813,495
132.330
1,015,846
104,468
2,537,360
148,316
80,342
398,973
6,426.805
3,064.037
260.255
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
3.221,608
9,050.410
23,350
186,442
99,495
24,734
297,799
247,100
20.195
1,180,008
100,610
647,147
116,340
251,025
1,353,858
320,850
2,386.881
6,276,230
317,495
1,768,453
1,718,492
8,651,682
462,299
1.634,322
*100,000
1,912,616
7,794,221
2,905,969
2,438,280
676,950
2,357,166
4,084,303
1,049,731
776,825
3,130,368
1,989,049
810,250
1,390,709
4,519,984
1,046,585
393,775
2,170,440
2,722,194
259,970
350,902
1,366.970
2,126,088
2,340,208
100,000
594,027
1,167,665
504,251
606,980
1,571,425
291.985
793.593
2,032,388
776.450
2,451,802
4,078.984
1,546,355
545,325
3,411,875
1,191,575
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
15,958,400
1,468,012
49,099
256,949
170,466
561,512
395,415
2,151,930
284,255
2.034,768
348,532
1,470,840
505,751
2,009.125
+42.83
+104.82
+33.00
81,142
42,402
149,830
216,111
102.304
58,400
569,848
476,931
302.170
1,625,866
262,829
915.435
1,927,475
754,812
1,791,720
1,310,372
1,186,825
2,413,000
65,322
272.092
1,272,792
+447.88
42,821
348,451
568,434
54,150
96,890
119,005
527.826
250,890
282,985
579,760
355,000
700,695
+40.92
3,396,785
4,275.493
5,670.891
372,502
1,348.225
5,361,376
392.983
37,449
+61.02
+80.72
+145.38
89,405
96,080
131,685
256,728
*30,000
982,130
565,810
144,437
992,820
482,075
412,584
1,286,162
563,700
539,177
3,483,538
285,600
365.419
2,865,593
1.068,960
Dubuque
Ottumwa
City
Waterloo
Oolo.—Boulder
Springs
Denver
Pueblo
So. Dak.—Aberdeen
Sioux Palls
Dak.—Fargo
Grand Forks
MInot
Utah—Logan..
Ogden
8alt Lake City
Montana—Billings
Butte
Great Falls...
Idaho—Boise
398.301
+168.38
219,526
262,667
757,478
782,915
971,180
693,408
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
1,246.649
359,425
5,999,465
2,909.210
416,047
193,642
427,878
745,284
281,467
276,750
373,139
265,117
436.358
382.153
716.954
1,890.001
533,761
788,950
205,760
132,505
2.166,491
73,319
+450.71
184,170
73.000
74,415
—34.82
+ 15.44
+29.05
+40.11
+ 11.41
+23.41
—53.71
+ 113.59
+96.12
+73.95
+ 142.26
1,610,691
437,800
1,201,345
2,985,872
79,933
326,475
812,495
902,617
94,820
1,140.145
1.297.474
Tucson
+422.20
86,311
+59.90
+ 266.66
23,400
330,319
+126.28
259,808
70,950
*30,000
392,411
351,106
30,763,486
+79.56
26,318,791
36.740,298
93,656,351
125.723.919
164.763,686
186,147,062
397,263
Sheridan
172,850
59,301
310.959
573,391
55.238.112
Wyo.—Cheyenne
Ariz.—Phoenix
848,394
334,134
573,344
659.650
—53.76
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
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
674,547
1,171,450
685,944
1,598,416
3,275,899
684,470
64,200
379,248
278,270
1,247,595
239,920
2,716,760
17,506,606
36,838
2,388,773
2,901,545
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
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
1,315,643
420,387
885.551
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
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
2,131,396
2,078,295
1,471,239
6,076,626
6,060,442
1,476.032
191,425
1,341,671
710,792
495,480
1,771,219
780,870
7,465,265
2,708,502
16,366,835
101,678,768
187,805
1,136,091
715,796
629.300
5,949,553
1,134,489
1,912,105
1,082,139
933.145
2,008,150
5,559,417
2,822,745
12,372,600
37,766,363
540,732
2,541,110
1.584,402
424,324
3.934,692
2,638,831
1,798.838
1.668.979
1.504.592
95,001
1.206.727
12.063.580
529.406
93,153
1,759,810
15,493,310
1,359,175
162,900
951,896
21,275,970
1,605,643
393,470
128.052
706.651
753,257
34,813.200
6,736,778
4,622,765
1,563,583
683,943
1,118,645
Total other Western
45 cities
Pacific States—
Calif.—Alameda.
_
.
983,835
844,017
Alhambra
Bakersfield
1.354.384
3,013,921
390,864
258,033
1753,155
1273,940
Berkeley
Beverly Hills
Burlingame
Colton
Compton
Emeryville
1203.691
Eureka
2,056,967
205,493
2.004,599
853.929
6,864,188
31.672,983
89,495
9,685,368
Fresno
Fullerton
Glendale
Huntington Park.
Long Beach
Los Angeles
National City
Oakland
425,583
Ontario
83,218
2,250,650
555,124
Orange
Pasadena
Piedmont
392,934
248,800
270,684
831,776
Pomona
City
Richmond
Riverside
1,984,927
Sacramento
759.501
San Bernardino..
San
%
599,429
632,799
67,678
354,419
Moines
Redwood
1929.
I
858,665
15.942.375
1,628,830
17,347,865
153,000
$
991,637
238,481
12,371,660
13.994,545
107,080
357,886
659.178
3.793.601
Rapids
Bluffs
Davenport
Colorado
58,504
2,019,440
56,950
303,290
686,905
986,135
218,147
452,740
2,121,223
176,089
500,450
528,837
940,146
Winona
Neb —Lincoln
towa—Cedar
482,736
1,952,432
4,354,537
*60,000
972,405
1,251.181
St. Paul.
No.
4,998.453
32,000
+ 144.95
—25.98
171,147
Minneapolis
Sioux
426.250
+223.50
931,349
1,634.375
Mankato
Des
87,385
1.823,700
610.862
132,415
3,113,065
244,800
x04,434
981,858
150,023
4,690.790
334,858
Minn.—Duluth
Council
or
Dec.
$
282,690
4,467,100
315,510
11.355,867
74.000
Mo.—Joplln.
Kansas City
St. Joseph
1934
4.951,991
12,517,412
Diego
San Francisco
349,454
1,328,360
773,880
145,229
1,311,769
372,032
1,059,704
204,895
452,218
San Gabriel
San Jose
San Mateo
San Rafael
Santa Monica
South Gate
Stockton
Forrance
Venice...
...
134,250
104,658
3,385,200
348,359
Ore.—Astoria...
Klamath
Portland
Salem
88,597
45.190
3.575,360
1.564,284
Wash.—Aberdeen.
Hoquiam
Seattle
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
+ 194.44
+47.21
+ 105.32
+59.76
+138.84
+ 145.20
+ 193.50
+201.80
—5.79
+156.67
+ 66.47
+ 114.73
+49.15
+ 161.03
+ 117.07
+ 129.10
+244.40
+55.15
—36.25
+35.32
+289.52
+24.03
+ 199.14
+69.58
+ 114.79
+37.41
+22.10
+92.26
+71.25
+ 195.78
121,115
469,553
154,165
150,494
294,576
2.375.253
199,449
2,137,011
16.427,915
4,590,795
41,210,860
89,484
7,415,159
418,590
233,384
4,053,183
360.138
1,169,644
714,934
515,435
672,319
3.687.076
643,502
5,259,224
21,372,550
109.525
334,013
1,061,870
386,369
172,275
486,529
1,033,810
354,958
188,141
541,144
214,518
313,171
637,710
125,247
1,394,132
787,898
242,278
1,776.090
1,266,045
206,535
1,637,042
476,620
1,295,371
55,702
104,238
2.380,440
184,607
81,600
139.400
4,827.230
204.384
38,976
9,517
34.694
18.980
1,934,150
622,180
4.022.084
+261.64
+107.60
135,055
131,259
57,357
88,440
+0.33
+45.64
+ 177.41
+ 103.62
259,025
1,578.664
138,807
488,251
+43.63
—32.87
45,187
45,220
2,187,525
47,284
1,219,653
129.716
553,730
74,010
644.236
90,333
193,376
2,301,431
286.899
56,448,751
59,280
208,618
1,028,899
+47.61
—7.38
+48.61
—45.88
+47.09
+21.42
+96.07
—0.07
+63.44
+ 107.48
+33.46
169,960
102.690
430.447
549,143
447,943
5.977.625
325.765
671,920
203.927
6,040,751
696,838
1,254,840
869,727
525.782
30,843.465
740.990
83.176
76.056
142,099
9,415,600
2,088,970
2,154,325
179.636
135.910
1,806,085
3,640,843
4,571,470
230.643
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
572.801
67.213
136,684
817,554
286,155
395,934
774.690
Walla Walla
Yakima
+86.48
100,937,017
68,475,061
136.850.981
231,878.275
298,445,124
315,638,136
569,075
866,796
2,311,979
32,737
1,730.720
428,626
269,388
676,798
71,488
1,236.262
166,363
+32.77
+221.76
+241.61
567,549
223,142
822,151
22,170
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
1,113,956
829.705
3.891.511
639,211
8,844.881
3,353,198
310.571
1,488,370
1,123,655
1,074,276
908,979
*100,000
695,392
Vancouver
56,144,427
685.594
Tacoma
753.917
612,592
1,273,182
109,482
373,167
104,696,497
Spokane
331,163
788,834
675,665
618,702
290,670
*75,000
352,127
101.468
602.567
240,083
1,275.290
714,880
1,111,126
675,752
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
6,000,165
3,110,001
7,294,038
9,905,838
5,048,295
3,864,573
624,150
8,531.028
570,767
1,368,218
593,764
518.600
919,182
392,660
407,718
1,095.859
936,647
1,872,395
1.025.934
685,620
1,283,835
1,182.278
1,626,576
492.348
—77.52
Total Pacific:
51 cities
Southern States—
Va.—Lynchburg..
Newport News
Norfolk
Petersburg
—
Richmond.
Roanoke
N. C.—Asheville.
Charlotte
.....
Durham
Greensboro
Raleigh
Wilmington
...
Winston-Salem
8. O.—Charleston...—..
Columbia
Greenville—.—
I
—.
+40.00
+312.11
1,024,615
404.766
936,288
277,788
1,219,384
38,848
1,095,951
387.768
—6.22
165,242
721,988
27,950
267,918
144,248
*50,000
245,964
385,985
205,247
132,330
136.000
403,021
—54.21
+88.68
+66.30
+73.63
+212.72
+33.33
+97.48
+ 10.06
+48.85
+51.21
142,464
143,403
146,320
238,112
582,209
174.275
565,609
1.442.928
Financial
526
Chronicle
Jan.
1936
25
UNITED STATES BUILDING OPERATIONS—
Inc.
1935
Southern States (Concl)
Ga.—Atlanta
2,557,881
365,339
383,156
366,853
St. Petersburg
Tampa
Ala.—Birmingham
Mobile
Montgomery
—51.79
2,284,622
5,478,559
906,069
98,809
_
+ 1.73
757.756
718,586
377,210
2,019,093
800,711
1,418,783
Savannah
Fla.—Jacksonville
Miami
Orlando
Pensacola
2,514,488
3,373,645
9.486,787
932,579
532,320
1,521,354
1,433,859
Macon
Miss.—Jackson
;
-
La.—Alexandria
Lake Charles-.
1933.
1932.
854,535
361,539
414,502
251,171
+47.67
+73.16
+ 152.10
+38.13
+ 123.10
+206.04
1,658,661
1,806,379
181,501
370,029
391,650
$
3.402,110
350,928
893.384
412,631
2.871.689
415,524
273.700
438.992
997,592
423,830
414,952
+ 102.40
594,993
86,060
347,838
613,887
102,201
+47.59
385,375
681,900
468,510
■
166,655
155,243
1.414.390
1,321,804
—46.68
—2.74
+88.92
+241.92
—3.32
478,920
58,320
+ 145.55
226,652
111,500
1,185,297
+26.80
+ 12.73
394,255
647.712
134,405
*
138.416
61.073
478,586
72.976
2.985.334
3,970.489
522,445
2,603.097
1,049,287
628.892
1,307,377
11,899,011
4.916.680
2.352,162
364.712
1,434.299
1.019.876
65,525
214,666
470,551
+ 1.35
Okla.—Guthrie
MuskogeeOkmulgee
28,869
53,595
18,565
1,757,106
972,000
+ 687.74
City
Tulsa
Tenn.—Chattanooga
Knoxville
Memphis
641,027
1.251,044
1,732.250
1,395,668
+91.37
+ 52.29
641,724
489,769
+ 86.11
1,615,482
1.804,299
-
Ky.—Covington
Lexington
1,147,845
150,979
974,060
2,419,359
34,975
166,500
330,364
1,640,165
21,850
197,139
898.141
2,093,388
*50,000
Louisville
Newport
45.410,987
+460.52
—13.68
+87.01
+62.78
+ 157.53
+3.07
—56.17
+38.98
—51.68
298.000
1,084.670
1,274.082
191,675
244.000
560.731
401.434
756.071
423.344
6.183.082
1,559,716
11,974,529
3,457.915
2,737,571
1,115,552
7,190,944
961,756
6.316.346
2.542,275
11,900,170
3,281,864
1,843,145
2,666.354
11.135,911
2.953.770
10,096,821
1.796.860
17,2t>4.993
8.511.555
1,104.822
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
2,906,174
4,355,392
8,232.384
2.050.183
13,222.147
2,731.310
35,319,503
16.408.035
2.201.184
1,618.704
4,261,359
354.785
458.034
1,959,465
343.835
641,483
5,529.626
937,141
428.212
*150,000
3,197,238
*1,500.000
+86.07
+22.36
500.000
18,641,006
3,200,788
3,331,900
208,999
276,616
Fort Smith
7,905,762
2,171,847
1,239,576
10,401,370
1,643,939
2,756.481
441,201
Little Rock
4.824,332
3,911.750
597,985
3,185.698
107.479
—2.67
Ark.—El Dorado
27.580,541
1,487,312
2,371,852
1,122,012
2,314,302
17,122
819.750
763.940
—13.94
+71.96
+39.21
+312.33
+142.02
+21.43
+45.00
+212.87
+2.55
540.185
13.212,611
1,192,345
1,020,066
2.170.229
1,128.459
155,618
426,892
3,362.323
53,050
San Antonio
Wichita Falls
764,542
1,210,683
1,025,260
1,846,100
3,643,259
1,226,724
1,905,222
3.223,914
3,594,192
Houston
8,924,099
1,445.900
1,917.807
159,126
367.186
482,927
327.757
2.790.391
260,107
1,380,166
529,180
4,800,873
1,302,152
374,114
248,666
2,814,163
470,069
1928.
797,525
1.293.961
1,067.427
227,414
300,413
16,025
3,285,940
1,582,210
Ft. Worth
Galveston
1929.
S
1,594.351
2,159.496
66,409
399,431
575,750
Beaumont
Dallas
El Paso
1930.
1,728,200
2.079,347
203,835
1.014.914
672,650
741.933
415,626
563,609
3,889,515
1,072,465
3,340,280
642,609
6,961,396
4,074,051
383,669
Shreveport
Texas—Amarlllo
Nashville
1931.
1,896.465
367 930
211.315
*175,000
3,473,282
1,286,465
New Orleans
Oklahoma
or
Dec.
S
Augusta
Vlcksburg.
1934
3,334,800
1,007,217
87,435
2,874.040
95,012
118,930
145,027
27.077
170.600
229.746
21,980
231,749
1,666,107
102.000
*700,000
426,805
2.125,705
3,267,187
42,256
*60,000
11,875
1,441,894
515,059
25.628
*40.000
41,297
80,495
9,941
13,355.821
4,605,930
169,618
578.554
39,540
20,604,772
8,166,839
1,258.357
1,052.664
3,479,635
4,846,035
3.021.336
2.683.118
9,921.132
5,443,874
2,520.970
5.554.230
8,216.277
5,669.001
4,919,768
7.122.657
15,451,573
♦5,500.000
755,251
652,850
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
1,581,750
1,961,994
18,081,575
357,350
110,732,571
181,623,518
259,201.885
341,491,702
1.535,807
719.113
*7,000
1.596,418
510.802
1,369.685
1,373.370
1.975,090
150,568
1,199.946
204,178
463.099
200.000
24.374.100
17,481,592
1,911,612
239,457
565,565
252,965
18.128.653
13,553.351
Total Southern:
60 cities
87,678,036
52,019,055
68.55
34,903,798
658,724,654
399,494,015
+64.89
355,324,978
420,526,396 1.220,779,503 1.776,623.053 3,096,839,460 3,500.730.450
517,814,874
...
318,917,727
+
62.37
281,113,995
342,623.677
+0.30
+118.57
+415.70
+ 149.91
5,648,862
182,850
724,548
186,400
228,588
359,116
10,428,631
272,950
1,179,465
305,900
107,575
286,370
31.873.676
790,750
4,049.875
676,350
242,030
705,188
37,504,590
1,481,600
4,912,257
29,700
171,783
32,820
89,113
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
64,863
63,846
66,235
4,291,667
100,705
170,844
221,900
506,677
76.060
150,865
451,000
+
Total:
354 cities-.
Outside New York:
353 cities.
THE
DOMINION
Eastern
OF
CAN ADA-
Canada—
Quebec—Montreal
7,658,487
775,550
2,141,695
314,950
55,555
188,110
7,635,493
354,825
415,308
126,025
465,765
701,165
76,455
283,586
35,000
Kitchener
145,602
272,648
75,000
109,181
152,450
388,688
282.869
1,887,622
213,928
589,325
London
1,835,110
Outremont
Quebec
Sherbrooke
Three
Rivers
West Mount
Ont.—Belleville
Brantford
Brockville
Chatham
Fort
William
Gait
Guelph
-
Hamilton
Kingston
Ottawa
Owen Sound
...
...
Port Arthur
St. Catharines
Sault Ste. Marie
Sarnia
...
-
......
....—
York
N. S.—Halifax
Sidney
N. B.—Moncton
St.
621,700
+2.75
—75.48
135,006
+ 187.90
110,078
772,185
+ 156.97
53.850
+ 144.45
+ 51.29
82,862
31,865
125,300
4,097,240
49,472
195,588
164,071
238,694
131,320
128,350
137,052
443,960
9,905,455
74,609
675,149
1,432,700
749,428
74,992
+106.27
978,228
256,420
—75.38
37,101,104
+ 151.36
+ 173.14
+ 1.00
+38.52
+72.71
+145.83
+225.95
+ 194.48
+31.06
+61.16
+57.40
—48.97
+203.71
+7.74
+232.13
+34.24
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
61,518
91,240
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
278,526
339,005
563,626
436,147
139,640
36,304,181
4,887.100
851,703
2.207.501
46,086,383
2,163,150
5,684,183
757,640
1,488,065
3.220,145
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
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
610.067
1,427,432
782,059
172,090
1,019,759
2,311,120
47,646,314
301,500
5,571,849
7.714,900
248,323
802,528
372,000
707,266
2,062,000
378,581
462,815
6,342,100
678,203
1,524,522
2,561,705
58,608
2,056,415
452,000
2,515,070
5.420,900
262,375
565,577
5,292,545
1,249,141
401,020
362,732
814,586
958,475
51,607,188
309,866
4,518,723
5,660,700
812.150
1,101,233
1,681,450
3,616,132
John
Total East (38 cities)
46,286
70,485
944,130
6,919,550
67,650
848,377
1.742.065
600,205
19.009.985
209,726
1,367,525
4.412,400
589.803
180,327
643,898
1,914,600
30,095,589
196,125
1,990,335
4.623,050
597,909
33,325
942,719
114,344
2,964,985
102.830
3,118,395
235.107
5,209,245
233,667
2,808,357
205,304
—45.59
143,093
131.066
155,611
440,306
385,850
1,256,927
456,692
2,063,454
300,000
1.245.608
337,073
636,277
25,617,701
+44.83
17.523,191
30,394,252
83,854,697
120,100.268
152,339,512
150,223,071
111,235
7,500
110,540
2,723,400
St. Thomas
Windsor
+90.44
—3.86
+ 114.28
240,876
139,529
Oshawa
Toronto
Well and
—73.17
141,398
234,449
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
*120.000
Niagara Falls
North Bay
Peterborough
—88.07
1.545,824
54,418
Midland
Sudbury
871,496.894 1.369.555.384 2.136.747,717 2,563.093.311
44,758
17,300
80,640
707.650
+148.52
46,821
19,200
53,390
742,200
155,104
77.870
218,945
2,219,400
286,611
144,600
270,695
4,396,600
557,178
260,450
811,570
6,653,650
403,667
300,000
553,103
11.057,250
418,130
336.589
871,105
10.547.400
874,286
676,535
118,082
31,607
687,094
479,108
70,110
5,780
+27.24
+41.21
+68.42
+446.83
449,917
428,565
54,283
917,868
1,093,045
7.990
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
6,302,142
2,374.971
498.590
133,080
56,165
121,936
632,944
144,650
9,080
3,000
172,595
100,687
118,481
291,696
79,725
13,530
2,650
23,600
—44.22
85,598
97,606
277,069
531,855
10,230
+ 13.21
+631.33
44,845
40,789
133,392
107,910
35,750
1,153
30.000
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
200,000
300,000
500,000
1,073,078
1,333,180
6,619,206
5.756,542
100,000
357,525
137,716
210,490
3.892,665
518,463
77,695
1,418,822
432,112
+170.91
+ 174.36
+ 19.98
114,800
1,564,541
340,136
135,062
2.130,466
389.673
580,321
10,066,425
737,160
553,990
14,645,206
1,898,262
1,011,629
21,572,727
3,742,481
1,928,324
12,777,293
1,827,937
—31.13
+296.91
+ 123.47
—27.43
.
171,818
Western Canada—
Man.—Brandon
East Klldonan
St.
.......
Boniface--...
Winnipeg
Alta.—Calgary
Edmonton
....
Lethbrldge
Red
Deer
8ask.—Moose Jaw
Prince Albert
Regina
Saskatoon
Swift Current
Weyburn
Yorkton
—56.64
+37.08
+284.85
+2.92
+116.99
+81.44
—32.89
192.150
British Columbia—
New Westminster......
Vancouver
Victoria
Total West (18 cities)...
•
10,415,173
4,651,438
+ 123.91
c,215,682
8,621.202
24,865.694
45,571,396
73.871,616
53,392.808
Total all (56 cities)...
47,516,277
30,269,139
+56.98
21,738,873
39,015,454
108,720,391
165.671.664
226.211.128
203.616.879
Estimated.
527
Financial Chronicle
Volume 142
CHICAGO STOCK EXCHANGE RECORD OF PRICES FOR 1935.
record of the highest and
on the Chicago Stock
Exchange.
In the compilation of the figures, which are based entirely on sale transactions, we have used
the reports of the dealings as given in the Chicago Stock Exchange official list each day, and in our range
Continuing the practice begun by
thirty
us
make
we
26 1935
Jan.
27
Jan.
28
Jan.
30
Jan.
31
Jan.
25
Jan.
26
Jan. 28
previous
BONDS
see
years,
"Chronicle"
Jan.
29 1927
page
Jan.
534
1934
page 566
1933
page 562
1932
page 739
1931
page 732
1930
page 523
1929
page 468
1928.---..page 484
page
30 1926
page
Jan.
31 1925
page
Jan.
26 1924
page
Jan.
27 1923
page
Jan.
28 1922.—
page
Jan.
29 1921
page
Jan.
31 1920
--page
large lots.
follows:
as
Feb.
1 1919
page
Jan. 26 1918
565
533
505
366
349
353
415
409
page
3 1917
page
Jan. 29 1916
page
30 1915
page
Jan. 31 1914
page
Jan. 25 1913-,
page
Jan. 27 1912
page
Feb.
Jan.
28 1911
page
29 1910
page
Feb.
6 1909
page
Jan. 25 1908
page
Jan.
19 1907
page
Jan.
20 1906
page
Jan. 21 1905
page
234
276
348
205
138
135
198
November
December
October
June
September
July
August
March
May
AprU
February
Low
High
High Low High Low
High Low High Low High Low High Low High Low High Low High Low High Low High
95
Paper Mills Inc 6s.__1939
City & Con Ry coil tr 5s '27
1927
18
95
73i2
Brown
7414
18
75
Certificates of deposit
1927
1927
1927
5s series A
5s series B__
67"
67%
1927
Chicago Railways 5s
1st Mtge 5s ctfs of dep
62
1878
19
6514
65*4
67
65i2
6634
77"
77"
72i4
75i2
1984
26
26
8i2
1438
74
77
26*4
28%
2712
2834
28
32*2
29*4
72*4
75
70*2
75
72
29*4
'28%
7234
IOI4
"70"
lOU
"71%
IOI4
143s
28%
9934
29*4
1950
2978
70
69l4
73
27
95
28*2
70
7234
73
9
Metrop West Side El 1st 4s__1938
208 So La Salle St Bldg 5^8.1958
75i2
73*2
72i4
7234
75i2
7312
10*4
72
1934
77
27
70
1927
43^8 (w w)
70
70
68
67
64%
64
68
66i2
75
69*2
Chicago City Ry 5s
Pure Oil
Jan.
Jan.
416
333
399
380
349
347
244
256
January
Lout
Chic
a
leading stocks and bonds dealt in
distinction between sales in small lots and sales in
no
For record of
Jan.
furnish below
years ago, we
lowest prices for each month of 1935 for all the
2914
31
31
STOCKS
*
share S per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share
127
118
97
120
9758 105
81
126i4 c95
100i2 100
82
8712 103
9534 99
8834
80*2 90
69% 71
49i2 55
4658
46*4 4914
47% x44
153g 17i2
16
I6I4 1834
153s 1714 15i2 1912
12
22i2 1734
19
17*2 19*2 173s 1912
13
1534
1512 16l2
13%
5
1
5
6
5
5
534
678
434
5*2
534
3*8
638
5i2
578
512
314
314
314
3U
33g
312
3
3
3
4
434
514
458
6i4
5*4
2%
234
3
U2
134
U2
234
1*2
134
li4
134
]78
2
45
45
19
3U2 31%
19%
17
20
35*4 2D4 2234
14
17
2514
22*2 27% 26U 36*4 21"
13
I8I4 1984
183s 20i2 19
17
15i2 18i2
39
41
31
32
21
22
25
26
30
30
20
20
26l2 30
20
18
20*4 205s
185s 18
334
334
2l2
3
24
18
26
23*4 30
33*8 331s 37
2512 24
I6I4
14l2 21
27i2 21
IU4 14l2 12
85s 13i2
10®8 1438
Par $ ver share $ per
Abbott Laboratories
60
25
-
Adams (J D) Mfg common
6334
46'4
46
* *13
Adams Royalty Co com
*
.5
10
Advanced Alum
Ainsworth
63
4212
com
Acme Steel Co cap stk
Castings
Mfg Corp com
14i2
2i8
*
Allied Products Corp class A
"12"
Altorfer Bros Co
conv
pref
*
18
Amer Furn Mart
Bidg pref
100
3
100
1
71s
*8
American Pub Serv pref
258
"l4
193s
378
12
*8
61*
278
5
5
1
2
Associated Tel Util
lo
common
common
$7 Cumulative preferred
534
234
*
3g
$6 cumulative prior pref
$6
conv.
38
preferred A
79
Associates Investment Co com.*
New
338
134
418
2
3i2
23S
17s
438
2
*8
*8
*8
*8
*8
38
%
a
"SO"
79
134
Backstay Welt Co
Balabon &
Katz
Bendix Aviation
89"
90
100
*
5
1
com
com
Berghoff Brewing Co com
125
135
142
134
149
2i2
U2
28i2
100 10858
*
1314
14%
*
4
*
com
5i2
438
5
6*2
"778
10
Central & So West Utii Co com.l
Preferred
*
*
preferred
6
612
6*2
658
234
27i2
ll4
45g
16i2
75s
U2
29i2
25
*2
5
165S
14
314
1334
1412 x1314
20% 18
*2
*4
Cent 111 Public Serv $6
.*
13*2
Corp com
.1
Convertible preferred
*
Central Indiana Power pref._100
*4
Central 111 Secur
pref
712
5
6
1
134
25l2
14
314
I6I4
3638
9i8
1034
914
2
2i8
10
3*2
17U
2284
34
11*4
12l2
2ii2
18i2
21%
24
4i2
55g
?8
2
23g
29
32*4
* XI3I4
13*2
15ss
38
Chicago N S & Mllw pr 1 pref. 100
%
Chicago Rys partlc ctfs ser 1.100
Chicago Flexible Shaft com
2
1234
35*2
13
178
18%
1512
34*2
39
34
1214
43i2
1U2
12
1134
12
40
48
43i2
58
48
ii8
12l2
14*2
1234
43*4
34
12U
14l2
49
1
14i8
30
3234
36
IU4
33U
71s
9
15
1214
35*2
*2
9is
I6I4
518
4i2
i2
24
I4
14
7i8
IOI4
2334
27
334
i2
22%
2U2
2334
22
2U2
2U2
23i2
26
3*2
53s
284
35s
234
378
38
38
10&8
10
16
9
13
14
%
6i4
*2
412
23
26
58
3212
30
2i2
16
26
28l2
5
5
36
34
3584
32i2
23s
2*4
13s
314
13s
2
238
2984
31
214
2
238
134
23g
2
15s
"2"
'K
3684
2i8
36*2
15
15l2
21
■1984
22
22
18*2
19
19l2
20
i2
2U4
i2
16i2
1512
177s
18i2
1938
3s
*2
*2
12
*2
%
5g
17
16
17
16i2
17l2
4212
78
1214
50
1
48*2
78
5934
U4
52
59
14*2
15
155s
78
1334
16
13s
46
2
8
37
39
34
40
40
40*2
3834
41
3*2
238
4212
87g
6
314
*8
284
284
*8
.
4
234
3912
434
4684
37s
4412
47s
4678
12
26
23
26*2
1338
30's
36*2
3312
315s
3578
32
31
35
3012
24
27*2
3l2
40i8
38
14
14
27i2
25*8
28i4
27
30*8
26l2
26
34
2984
3438
29
19*2
9534
18
19
1712
20
94
96
94
12
2
10l2
1*2
H34
27fi
1078
134
2U2
95l2
IH4
14
34
*2
1A
14
1434
1578
15
15*2
1434
Chicago Towel Co conv pref
*
80
80
83
86
90
90
90
90
95
99
9314
10
10
10i2
10
10l2
96
978
95
Chicago Yellow Cab Co Inc cap. *
Cities Service Co common
...*
20
Coleman Lamp & Stove com....*
20
11%
1*2
34
20*s
Commonwealth Edison cap.. 100
47
56
1*4
*2
*
1
9*2
34
1*8
5s
12
13s
%
i2
3S
10l8
13s
914
1*4
3s
1978
67
20
21
20
22
20
20
20-
23
21*2
2*8
318
23
20
1734
5414
64
5984
12
12
10
65
7714
71
85
7734
84*8
80
85l2
81
94
9
12*2
13%
5
I4
14
100
100
*
3
100
70
7i2
3*4
5
9i8
25
83
4
4l2
6
384
2
314
1034
89*2
984
8912
83
6
8
80
3
83s
85
106
106
IO6I4
100 106
2
2
218
2%
*
6
5S4
6
6&S
Curtis Mfg Co common
5
Dayton Rubber Mfg common..*
Cumulative class A pref
35
U8
1*8
Decker (Aif) & Cohn Inc
1*8
10
.
100
Deep Rock Oil conv pref
r Cash
sale,
of record Nov. 1 1935.
c
*2
4
4
4
2
1*8
8i2
134
714
3
4
*8
%
*8
4
90
214
1*8
178
30
98
8
100
12
14
214
3*s
1*2
318
2534
9934100
123s
238
25s
1978
3*4
4
30
35
31
34
94l2
98
9434
97%
7
*8
*4
*2
8
6l2
s4
5
8
338
5
65g
*2
5i2
2?s
s4
7*2
3i2
%
'4
4i4
234
6
3
43*4
8
19
43
39
173g 205s
I6I4 21
1714 36*2 31
112
125
93
103
110
118
102
107
103*2 108
IO8I4 12434
4
278
3*2
5i8
3&S
314
434
384
434
384
5i8
4i2
53s
17
1484 16*2 14
2234 22
1478
13i2 17i2 15
2014 20
93s 145s
27i8
105
115
110
116
118
100
107
11412 105
1081s 116
116*2120
10514 11158 107
8514 103
105
105
108*4
10412 10784 107*4 107*2 108
2
2
2
2*2
214
3
3*4
9
7
10i2 10i2
93s
1U2 "12" T2I4
""912
6U
914
912
6ig
7
4i8
514
478
7
5&S
2i2
334
314
478
6i8
7U
77S
714 10*4 ""85s 'lOU
17
16
19
20U
17*4
19U
17i2 2U2 18
8i2 H84
1714 19
m2 1434 14
1
3
3
1®4
17s
17s
3*2
45g
U2
184
214
2i2
278
3
3*4
478
47
47
19i2 1912
7
8l8
514
584
3l2
6
8
7
80
7
1*2
2214
8612
99
9
134
*8
2i2
2
612
75
934
80
*8
*8
14
10i2
2i2
5s
%
9i2
1%
14
2584
967s 100
10&S 1212
15s
23s
8
20i2
56i4
18
5384
Congress Hotel Co common..100
10%
2i4
9*2
13s
U
Community Pow & Lt Co $6 pf__*
Ex-dividend,
27
34l2
3284
14
14
137s
Cudahy Packing Co pref
Curtis Lighting Inc com
478
4534
24
38
%
l2
14
100
8i8
%
15i2
13
7% cumulative pref
Continental S teel Corp com
1*8
9*2
8
15l2
18
14
18
37
13
2i8
1«4
3*2
40i2
3414
18i2
51
1*2
37
15
2534
2i8
134
15
20
4312
*8
30s4
15i8
178
2012
44
15S
3
39*2
2
18i2
U4
12l2
33i2
212
32
1712
9is
1*2
4438
134
23
50*2
1®8
1714
2*4
1
16*2
Us
2
30
15i2
8
1*2
41l2
1*4
1514
44
37
2
3012
15
3
41
3
15s
295s
177s
85s
3
43
40
*8
15
734
2*2
1
214
34
15
8is
638
41
39
4012
34
1518
6% prior preferred A
212
19
102
378
1434
Consumers Co common..
l5s
10
36*2
4034
30
37
27
3lg
U2
138
12
27*2
ll2
"1
73S
100
Club Aluminum Utensil Co
35
3S
914
%
6
28
15
214
8&S
3*4
IOI4
2l2
84
3
6
914
84
9012
238
13 84
Directors of Abbott Laboratories on Sept. 18 1935 declared a 33 1-3% stock dividend on the common stock, payable
The directors of the Borg-Warner Corp. authorized the redemption of 7,800 shares of pref. stock (par $100), thus
The stock was redeemed on Aug. 31 1935 at $107H a share plus accrued dividends.
a
reducing the outstanding shares of pref. to 25,000 shares.
6I4
638
7
42
26
14
in common stock to holders
78
1112
153s
578
40
27
2512
*8
pref A. 100
Preferred
1712
30i4
IU4
26i2
I
*
x
29
...
38
12*2
26U
3s
73s
1334
U
4
Chicago Rivet & Machine cap
Preferred
12*4
7i2
30i2
IU4
2112
314
"I"
Chicago Electric Mfg A
Chicago Mall Order common
13l2
*4
45s
2612
2834
7*8
784
*8
*
preferred.
12
4U2
34
2234
712
8i2
1*4
1
Chicago Corp common
1312
30*4
12
8I4
32
29is
7*2
102
*
Crane Co common
13*2
6
2514
14
714
118s
22
& Con Ry part com.
preferred:
Preferred
12l2
*4
*
Certificates of deposit
978
29
I4
43s
14
*2
2434
Chic City
value,
36
65s
2U2
3s
3*2
*2
100
Cord Corp capital stock..
8i2
6i2
*2
534
2212
3014
...100
Chic & N W Ry Co com
pr
9
6*8
7
27
21%
3*4
*
Cherry Burrell Corp com
Chicago Rap Trans
734
138
638
12
2738
12U
19*2
14
71s
*
Chain Beit Co common
ser
9
1
Central Pub Util v t c com
Partic certificates
11*4
73s
1'
3334
*2
55s
314
7*4
Central States Pow & Lt pref..*
Preferred
8*4
34
6*2
8
6
6I4
2678
13
No par
2934
10i2
144
101
7
7*2
17*2
*4
3%
1234
20
Central States Util $7
7
6
2i8
Cent Cold Storage Co com..
pref
1U2
6i2
Canal Construe Co conv pref..*
Castle & Co (A M) common
1
101
10
common
9I4
11
100
Preferred
Convertible
3434
884
5*4
434
100
100
100
100
99
92
99
95
95
100
94
96
98
97*2 99*2
87% 8912 95
"4" "75s
5*4
7
578
678
3
4
278
4
212
4
4*2
514
3i2
234
334
4
25s
338
418
14
197s 2358
12
13
15
163s 197s
1534
18*2 2318 2038 24*2 20i8 23
165s
1312 153s 1434 18is
1758 14% 16%
4
4
578
778
4*2
478
4*4
7*s
334
4U
334
4?s
3l2
4%
312
4i2
314
478
3I8
2l2
314
2%
3
3
3
2
2
2
414
334
2*4
212
134
2i2
158
212
1*2
2U
U2
U2
212
U2
58
45
47
64i4 6I84 7034
4958
5712 5412 65*S
315& 3538 32i2 3914 "3334 407s 3934 50
3U8 "28% 33% 29l2 34
110
110
110
1083s 111
108
111
11034 108l2 110*4 10812 110*2 107*2 1097s 108U no
111
10914 112
109U 11034 11014 113
10734 10734
al07% 107i2 10734 108
17
17
16
17
1534 17l2 "15% "l6"34 "l634 "17"
1714
173s 173s
1512 1612 16
1334 15
J6
1434
16
13U 14
19
2138 2U4 25*2 23
2634
233s 27
2512 3012 25i8 30i2 2812 30*2
1834 21
1612 19
17
17i2 19i«
1612 1934
28
12
16
3334
5
r
133S 163s 147s 2612 2412 31
7i2 1214
1212 15
714 10
514
5*2
6I4
55s
8
7
17
7
7
9
5
1034 1778 1034 1384
5
7i2
538
8
6
538
5is
5i2
534
6I4
612
514
512
22
22
19*2 19*2
1558 155s
10
Bunte Bros common..
Prior lien
8
14
14
14
._*
com
Bucyrus-Monighan class A
Bros
30U
140
....
1434
*
Class B
L)
434
"312 ~
10
com..
Brown Fence & Wire cl A
Bruce Co (E
73s
1
Called
Brach&Sons (EJ)
414
53s
212
58
58
107"
110
98
678
878
714
1314
Blnks Mfg Co cl A conv pref
Borg-Warner Corp
7% preferred...
"434 "
534
418
234
37S
212
178
pref *
preferred
Corp
:
512
378
314
rights..
com
Bastian-Blessing Co
4l2
4i8
458
234
295s
common
Automatic Washer Co conv
*
4i4
3
334
114
334
4
2
34
3g
96i2
334
I84
*8
58
Automatic Products common..5
Part
5i8
15s
common
Auburn Auto
Butler
*8
3?s
14
*
Armour & Co
lo
47g
2l2
%
38
38
Amer-Yvette Co, Inc, com
Asbestos Mfg. Co.. common
January
Low
(The)
December
November
October
June
August
September
July
March
May
April
February
High Low High Low High Low High Low High Low High
High Low High Low High Low
High Low High Low
Low
Par % per Jhare $ per thare $ per thare $ per thare $ per thare t per
20
20
19
19
18% 19l4
*
5
434
434
" 6%
5
*
common
4%
1312
5
De Mets Inc pref w w
Dexter Co
High
14%
16
17U
17%
1512
1434
14l2
19%
16%
15%
1334
13%
thare $
Eddy Paper Corp (The)
Util Corp
Elec Household
Elgin National Watch
15
Co__
15
15
17
1514
7
5
12
1412
16
17
638
7%
20
578
16
14i2
1984
1534
1214
1978
17%
1478
25
common.*
&
Dredge Co common
.*
Gardner-Denver Co common...*
General Candy Corp class A
5
Fitz
&
Simon
8*8
1138
734
7
11%
'684
77s
10
20
934
8%
?%
21
18
com—*
5%
53s
A...*
15%
734
17
16
I884
1434
1334
2214
16i8
25
17i2
1412
2412
1884
1634
2534
9i2
912
878
912
11
25
2214
738
1734
5
19%
10
612
Godchaux Sugar Inc class
*
Class B
Greyhound Corp common
Hall Printing Co common
6%
1778
Goldblatt Bros Inc common—
Great Lakes D & D
19
7
812
7i2
1U2
10l2
22
734
9
514
1534
638
4
5%
20
22
2212
8
714
8l2
278
—*
100
capital—1
Spencer Bartlett com
25
Co conv pref
Hart Schaffner & Marx
1912
85g
183s
20i8
17
1834
18
20
233S
2U2
3134
32%
35i2
35
42
7%
6%
4%
512
7
734
13*8
10%
16
14
14l2
9%
13%
10
14i2
30
30
30
32%
30
20
4%
434
4
658
714
934
93s
1918
zl9
42%
5
812
9
15%
32%
10
9S4
21
22%
46
9
20
20%
i
24
9
1738
7
334
2834
1U2
22
15
9%
212
10
SOU
—....
Kalamazoo Stove common
*
18*2
1178
12
12"
13%
1978
15
20
1378
1978
1478
21
15l2
17l2
37%
4
16
20
20
24
3512
367s
33
3534
6
14
10
13
26%
88%
28
95
312
19
4%
275s
85
88
cap—..1
1%
11
2%
7% preferred
Lindsay Light & Chem
Preferred.
*
.50
com—10
Co com
*
Loudon Packing Co com—...—*
Common new......—....._*
5
Lynch Corp common...
12
14
Mapes Cons Mfg Co common
Masonlte Corp common
*
78
1%
1
678
1
Us
Ha
514
5l2
414
6
6
3%
4
1212
73S
19
3534
3978
37%
I84
33
30
12
14
._*
1
Noblitt-Sparks Ind Inc com
*
North American Car com
20
North Amer Gas & Elec class A.*
North Amer Light & Pow com..l
Northern Paper Mills com
*
Northwest Bancorp common...*
Northwest Eng Co common
*
*
*
Public Service of No 111 com....*
Common
-.60
value.
*
11%
"l2%
20
17%
19%
8
8
12
16
15
20
17
20
18
25
i6r2
'l5"
5
15
1434
16i2
17%
17
20
20
23
2034
23
24%
24
26%
24l2
26l4
25-
26
2512
28
21%
26%
2U2
34%
29
365S
26
28
25l2
2884
35l2
34%
3734
40%
6
37i2
37l2
3912
3412
3478
37
36%
3%
2914
39%
512
3714
514
4412
8i2
55
31%
734
35%
884
52
59
1358
1212
23l2
27
25l2
93
99
99
%
%
16%
5
5
558
1%
138
%
7
84
28
"e"
"e
434
6
63s
7%
6i8
U2
2
U4
6
5
23
24
30i4
28%
295s
29i2
3984
35l2
i2
26i2
14
45s
15l2
29
29
12
12
584
IOI4
17
15i2
17
16
54
51
55
5212
30l2
28
30
29%
1%
U2
%
%
%
3S
%
%
%
I84
2
54
33
%
4%
21
418
28
27
30
4i8
6
4i2
47s
4%
5%
418
2378
5
34
334
4%
3384
8%
3%
384
3284
II4
~678 "7
7
20i2
II4
912
44
40%
33%
7%
6i2
14i2
1812
1
s4
1%
421s
4212
20
"7% "*9%
135'
1
9i8
Hi
25%
25
16i8
27
28
27i8
137
19U
U4
7i2
4558
135
16
6
22
22i2
22
6
84
8%
1
7is
84
16%
384
13i2
2?s
I84
ia4
27
2i2
3
%
15is
314
1%
77%
11"
512
"13"
914
1012
1212
5i2
1314
534
22
58s
23
12
14
234
13s
%
5i2
9i8
325s
3s
2
214
84
1584
I684
33
I
2i4
358
1
20i2
20
31
%
Ex-dlvldend.
19
21
18
2%
7%
4%
3034
434
2%
958
7%
45
5%
10%
4%
3%
83s
32%
24
6%
39%
4384
38%
53s
5
934
6%
10
4%
7%
1
7%
35
38
%
%
1
32i2
12
*2% '*3%
r Cash sale.
7
9
4734
584
984
8%
77a
3234 !« <0
21
1984
214
7i2
2212
9l2
138
8l2
IU4
U4
134
234
2
2
2714
J8
1414
2914
29
30
%
1638
314
38
1438
20
712
22i2
84
41
31
36«4
27%
38
28%
60%
57
59
57
38
41
39%
4%
22%
45
43%
5%
53
63s
50%
53
53s
6
51«4
484
5984
57%
6%
24
25
24%
27
22
21
IO84
84
1034
10
3%
13s
2%
1%
J8
12
%
2%
%
88
%
3s
1%
1
%
78
1%
25
2%
2%
%
1%
:
1%
%
1%
358
%
1%
%
8S
%
%
3a
%
1%
U
134
I
1S4
234
234
4%
24
24%
25
15
84
24%
25
%
%
%
%
34
34
84
84
7%
7
22l2
24l4
22%
9
1334
U2
13%
16%
834
26%
7%
78
2
2%
3
31
3034
1
^
84
118
'"84 "Us
8512
8684
10
10
514
4U
27
26
8
7
32%
914
22
314
15
17
8
51S
45g
1312
2
IU4
10
4i8
22
84
l7s
314
5s
1%
3is
%
2
%
1%
84
26
15
2%
%
2%
%
2%
2
%
2
%
2
s4
84
84
4%
32
36%
3%
334
34%
%
%
3%
*8
1%
32
39
l5i2 "l8~
I84
14%
8
139
884
51
50
49% 50
135% 139
11
50%
8%
19
16
7%
26%
8
30
8
IU4
11%
18%
14%
26
28%
30
33
193s
33
%
3
29%
1%
4%
40
1%
%
%
23%
23%
3
%
4%
31
34
%
384
%
*26%
"l
20%
3
18
%
'4
134
2184
1%
4%
37
33
19
%
38
3«4
25%
234
28
12
2378
3984
1
2
4i8
10%
51%
140% 140% 143
%
8s
36%
1%
4%
4%
33%
1%
31%
5%
32%
1
4184
1%
5%
17%
11%
30%
%
%
38%
1%
434
4
34%
1%
34%
30%
5
84
30
3
%
30%
18
13
32%
%
%
42%
1%
5%
33
%
33
3%
10
4%
10%
3%
514
1234
3l2
54
140
27
%
_
48
135
9%
634
5
(
11%
534
13%
10
5%
11%
6
5
6%
13%
10%
6
7
5
7
18
6%
1034
15%
7%
21%
20%
11%
31
*13%
9
12
16
22
17
20
15
20
15
20
84l4
88
92
92
92%
94%
94%
94%
11%
6%
95%
12%
95%
12%
9%
13%
10
884
16
11
17
734
9
25%
32
15* *1*5%
11
12
414
22i2
11%
4%
12%
5%
"534 "7%
2212
23
24
25%
28
28
28
27
28
27
28
8%
27%
10
27%
163s
18i2
18%
20
19
19
18%
23
23
27%
27
28
27
28
414
5%
6
784
934
1%
1%
2%
20
20
18
20%
17%
183s
37%
41%
37%
4%
4%
234
2S4
234
2%
40
3%
334
2%
8
914
215s
3634
23%
11%
1»4
34
16
8
26
78
334
21
18
7%
51
11
%
39
%
1%
%
1%
434
139
17%
19
1
3i8
784
86I4
ll7a
8
234
%
3
29
2%
%
:
3
26
26
7
14
15l2
7
i4i2 "l87s
4i2
412
V
%
84
%
h
134
2%
1%
%
2984
212
23
15
6%
10
Us
J8
U8
h
h
5
22%
3g
13s
1178
2%
34
1534
384
I84
5i2
6U4
57
178
Us
5i2
27
60
34%
2934
7%
712
714
8I4
8is
734
50
46
4712 4712 46% 50
47i2 45
137
137
140
142
14334 136
137i2 142
19
20
16
1658 1658 20
1688
17
78
22
68%
53
7
812
II4
4
1
27
5
25
6I4
2214
3
4
22
%
23%
Ik
4
7534
12i2
22
22%
"14 "T
9
7534
12i2
26
21
13
1U4
37 "
H4
U2
35"
36*
U2
3
3i2
1
13s
314
84
2i4
37
2
3934 35"
3914 35
100i2 101%
108
107
134
132%
146
143
27%
"
U2
78
" Stock dividend of 50% paid Feb. 15 1935.
1%
%
14%
17%
14%
16%
36%
1%
2%
2%
38" *
36%
1%
38%
2
4
3
84
1%
"3984 3584 42
39
35% 40%
100
103%
105
115
107% 110%
135% 132%140
148
143% 146%
28
28% 28
2
1%
2
78
2%
3
2%
3
14
I884
4138
37%
U8
1%
214
U4
14
35
13
36i2
84
12
3234
1U2
1
1778
984
684
4
10
59
"f4 "1
43g
*2
I84
2%
6%
30
28
!4
7
32i2
8
38
284
8%
24%
!s
312
8
10%
25
4%
10%
7h
\
23s
8%
'
5i2
10
*12%
56
84
714
21%
13i2
10%
22%
%
278
414
3
'7634
11%
20
10
35s
634
"11*8 ""lis
58
60
25
10
5
10
50
56
25
56
%
78
414
4634
34%
7
16
%
15i4 11414
33
7%
59
%
%
1334
384
35%
7%
21
34l2 34l2 3912
384
4
4
15
17
%
34
7%
60
54
2
6%
2634
36%
7%
84
6
i2
43%
16
2312
84
3a
16%
28
48
18i8
J8
16
i2
44
1414
32
"'i2 ""%
1
134
50
.
56
h
Us
134
9
35%
36%
32%
-
14i2
1914
14
i8
h
914
%
812
30
34
8
39%
1
25
84
1
54
h
h
18
26%
34
-
4U2
38%
5is
84
4%
19
2734
31
20
2%
9%
6
34
3ig
36i2
%
%
3S
%
18i2
25%
30
12%
1%
6%
3%
2984
2
738
1.
16i2
25%
26%
"l3~7s
32
U4
3214
1
%
45s
21
7
6i8
53
2l2
3
84
%
1%
%
%
%
%
%
%
7a
%
%
18~ *18%
•
67
h
34
30
53
U2
20
10
12
9
1458
70
20%
20
8
35%
1
ll2
393s
16
65
20
19
—
5%
38
4%
69
60
17%
714
714
414
28
12
6i8
16"
7
39
%
3534
74
6U
12
6l4
712
2
1912
488
25
784
27i2
72i2
434
27i2
T "~1%
12
25%
13%
33
40
31
48%
38
37% 40% 35
80
75
78
81% 82%
82%
72% 75
72i8 75
57
71
60
65% 80%
29
40
38i2 44l2 38% 4434 44
25l2 29
104
Z105 106% 10584 106% 106% 106%
106
103
1033s 105
99i2 10234 101
1
%
1%
1%
I84
84
1
%
1%
1
li4
84
Us
Ha
1834 I884
12
11
1212 12l2
*2* "3%
1
1
2%
2%
Us
h
1%
3
li2
h "~h " 84
29
33
25
27
30
30
27% 46
30
30
414
2312
6
li4
10
h
5
28
29
100
1
9%
5%
--
14
93%
1%
2938
8%
61
84
1
84
84
28i8
23i2 31
19l2 17% ~26% 22l2 27*
17
2614
24i2 3084 30is
1912 1784 23i2 23
75
81
80
84l2 8334 93i2 92
6% preferred
....
100 6 Us 6912 6684 76
90
90
93
9812 94
88l2 93
75l2 82
7% preferred ...
...
..100 7314 78
132
128
130
130l2134
128i4 131
12884 133
12912 133
Quaker Oats Co common
*
143
146
140
142
133
138
14434
13534 134
Preferred
..100 133l213612
28
29
30
29
30
30
2812 28l2 28
Rath Packing Co common
10 29
1
"U4
1
1
U8
Ua
Us
%
1%
ll4
II4
Raytheon Mfg Co com v t c—50c
84
3a
84
«4
34
1
34
12
34
6% preferred vtc
5
No par
12
7%
97
26
100
*
38
10%
8
57
514
2214
%
*
...100
*
38
11
5%
95
6%
22i2
%
14
—*
WInterfront common....5
38
10%
7is
53
90%
U8
%
13
100
*
*
Convertible preferred.......*
Parker Pen (The) Co com
10
34
10i2
6i2
51
384
20%
%
Ontario Mfg Co common
Oshkosh Overall Co com
8%
33
10
93%
384
%
4i2
77i2
100
100
784
33
'161*2 "lUs
51
5%
2734
84
10%
534
9612
2O84
U4
3034
7%
9%
5i2
6
43
26
10%
50
412
20%
28
7%
11
94
26
%
Okla Gas & Elec 7%
•
7l2
8I4
3612
1U4
434
8%
50
1734
%
%
538
Process Corp common
6l4
63s
3612
6i8
19%
%
7i2
134
Prima Co common
8%
96
6
4%
%
5i2
U8
4i2
7534
(The) common
5%
812
20
3i2
Potter Co
5
912
*
National Standard common
Pines
578
83S
21
26
National Union Radio Corp..
Peoples Gas Light & Coke
Perfect Circle (The) Co
4l2
8i4
984
4412
5
5
National Leather common
10
National Rep InvTr conv pref..*
Penn Gas & Elec A common
434
88I4
10
......100
6% preferred
5
50
45
25
5%
21
1%
*
National Gypsum A n v com
Peabody Coal common B
73g
11%
25
3
39
4
4218
127
135
1321213678
Montgomery Ward & Co cl A___*
15l2 1612 15i2 16 i8
Mosser Leather Corp com
.._*
7
7
6
6
Mountain States Power pref. 100
16
20
1712 18i2
Muskegon Mot Spec class A....*
7
8
8I4
914
Nachman Springfllled com
__*
22
22
2414 22
National Battery Co pref—...»
pref
6%
2134
134
6%
84
8%
178
9
4%
U8
100
..100
...100
7% prior lien preferred
pref
2634
2034
23l2
734
24
29»4
6%
40
5%
6%
1%
8%
Mpls-Moline Pow Impl Co com
No West Util 7%
29%
23
2U4
19
36
77s
1%
*
*
Midland United Co common
*
Convertible preferred A
*
Midland Util 6% prior lien_..100
7% cum preferred
26%
7is
8312
2
834
U8
A
National Elec Power A com
22
54
412
2278
7i8
2218
50
2358
24»4
234
2034
8i2
15
638
5%
54
Middle West Utilities com
*
2234
20%
6%
22%
5i2
2512
27% 31%
30%
7
884 10%
9%
102
96% 100% 100
10
Preferred
2034
7%
24
3
2212
7i2
2U2
17%
4%
'
Us
2914
18
10
*
Mohawk Rubber Co common.__*
Monroe Chemical Co common..*
20%
9
18%
preferred
Modine Mfg common
19
558
26
25%
1%
634
3%
"2612 2834
U4
2214
13s
Miller & Hart Inc conv pref
22
13
4%
25
834
23%
30%
17
334
20
McQuay-Norrls Mfg common
*
McWilliams Dredging Co
*
Merchants & Mfrs Sec cl A com. 1
preferred A
7% preferred A
39%
11%
20%
5
434
19
1512
55%
26%
1S4
6%
37
13%
558
38
12%
7%
338
1318
7% prior lien
33%
13%
634
17
7
784
5
J6 conv preferred
33
9%
134
23%
6%
97
17%
4%
14l2
6
1
5
Prior
32
11
1978
57S
15l2
27
30
612
15
Metrop Ind Co allotment ctfs
Mlckelberry's Food Prod com_._l
32
9
17
10
1%
8
10
McGraw Electric common
3U2
914
19
4i2
12l2
58
6
McCord Radiator & Mfg Co A..*
Material Service Corp com
28
778
2038
12
29%
new.——5
Manhattan-Dearborn Corp com *
25
8
914
.....10
.
Lion Oil Refining
Common
2l4
%
preferred—...*
*
10
17
2312
1712
22
638
U8
La Salle Extension
Libby McNeill & Libby com...
Lincoln Printing Co com
14%
2314
2234
26%
10%
1934
2312
Common
"l2
IDs
15
20s4
50
Leath & Co cum
10%
17%
17i2
8
6% preferred
-.100
Keystone Steel & Wire com
*
Preferred
——.100
Kuppenheimer class B com—__5
Univ com...5
Lawbeck Corp 6% cum pref._100
14%
15%
90
7%
5%
684
5
Kingsbury Brewing Co
12%
1884
18i2
5
3
pref
12%
17%
17i2
38
A..*
Kentucky Util jr cum
8%
18l2
1478
5i2
89i2
5
8%
14
lllg
16
35
18l2
93s
1514
3634
14
18
3134
17i2
32
612
32
H7S
34
8%
30%
17i2
75
512
31
16%
30
1438
6%
8912
71
6%
7
25
18%
18
67
9
25%
1734
II84
67
758
23
1834
32
1734
60i2
6
24%
1634
27
18%
18
30
7%
584
60
35
Ken-Rad Tube & Lamp com
1912
18%
..1
Kellogg Switchboard com...—10
Preferred
-.100
Katz Drug Co common
1812
1834
36%
8%
712
61
18%
3414
com—._...*
*
Class B
*
Illinois Brick Co
25
Illinois Northern Util pref___100
Independent Pneu Tool vtc com*
Interstate Power $6 pref.._..__*
$7 preferred
--*
Iron Fireman Mfg Co v t c
..*
Jefferson Electric Co common..*
16
17%
29
8
Horders Inc common
Houdaille-Hershey class A
18
16U
24i2
16
1012
Hormel & Co (Geo)
1734
4l8
38
38
9%
16l2
50
4i2
8
10
10l2
37
33
20
9%
17%
19%
15
21
2U8
2334
5014
2014
10
23%
7%
234
23i2
712
2058
26i8
9
6l2
Helleman Brew Co G
Hibb
3
4
478
Harnischfeger Corp com
Hart Carter
75s
23
17
I8I4
1834
share $ per share
20%
9%
10
8%
9
15
8i4
1214
23
8
338
16l2
7%
1812
19%
ver
20
8I4
12
9i8
12
7878
914
13
6
com——*
7%
1678
73S
20
19%
General Household Util
1034
9l2
17
10
share $
20
65s
1612
11
83s
Connell Dock
6I4
6is
6l8
Fair (The) common
Field (Marshall) & Co
per share $ ver share S per share $ per
17
538
Drug com
Econ Cunningham
1936
Exchange—Continued.
Chicago Stock
STOCKS
Jan. 25
Chronicle
Financial
528
41%
37
44
2%
2%
33s
3
4%
4%
2%
3
3%
2%
I84
2
2%
1%
1%
1%
398s 36
56% 48
53%
36
48
53
39%
56%
101
103
102% 101% 105
105%
105
110
106
111% 109
112%
134
131
136
136% 136%141
140
144
140
145
138%143
26
2334 24
28% 22
26%
2%
3
1%
1%
1%
3
2
1
34
1
1%
2
1%
1%
3534
35%
2
1%
50
50
2%
55%
55%
102% 10434
112
114
130
139%
139% 142%
17
2%
1%
23%
3%
2%
529
Financial Chronicle
Volume 142
Chicago Stock Exchange—Concluded.
December
November
October
September
June
August
July
May
March
April
February
High Low
High Low High Low
Low
High Low High Low
High Low High Low
High Low High Low High Low High
■
STOCKS
January
Low
Par $ V*T share S per share $ per
Reliance International Corp A_*
1%
Reliance Mfg Co common
93s
10
Preferred
*
20
St Louis Nat Stock Yards cap..*
69
*
8
com
Sangamo Electric Co
Preferred
Sears Roebuck & Co
Signode Steel Strap
Cumulative
Slvyer Steel Casting Co
So Colo Power Co A
6
Southwest Light & Pow pref
*
Standard Dredge common
*
1%
*
Stutz Motor Car
Sutherland
pref
conv
....
*
Swift & Co capital stock
7214
15
661
67
65
68
32
30
31
3%
3i8
5
10%
84
13s
4l2
312
3i2
378
4%
*
com
28
13
16
2%
258
2
40
40
37%
1%
5i8
4%
37%
1*4
534
43
43
45
46
42%
2%
45
42
45
46
434
17%
13%
334
l4
6%
434
134
6
143g
1712
32%
1514
1434
3334
3558
33
534
63s
<
15%
33i8
1638
36
1612
32
1778
3578
6
15
36
5
6%
6
834
6%
13
19%
1634
34%
6%
784
1634
15%
3134
17%
3378
2834
57«
6%
1%
%
834
14
1538
6
6
x2
Us
38
138
834
38
1812
38
I2
Us
U4
*
*
Viking Pump Co
Preferred
9l2
35
34%
3584
15
16i8
16
1778
*
31
3278
32i2
3334
2%
138
1%
U8
30%
27%
_
*
common
7%
1%
29
.*
common
Purchase warrants...
Waukesha Motor Co
712
355s
16i2
6%
3414
_____*
com
............
Vortex Cup common....
Class A
*
com
28
31
1*2
%
1
9
37
35
36
40
Wisconsin Bankshares
278
212
3%
*
214
*2
2i4
234
'2
%
5s
i2
*
I84
2%
1%
*
com
Yates Amer Mach partic pref
Zenith Radio Corp com
No par value.
Bx-dlvldend
*
III4
3
212
U2
2
34
33
1
1%
3034
1*4
*
275s
27
738
2%
334
%
11%
12
2i2
3%
i2
15s
2i2
2i2
2
3%
2%
3%
13
14
12
13%
12
13%
14
17
15%
1734
39%
39
39%
38%
40
40
40
3938
41
40
41
Ys~%
17
19
18%
20
18%
19
16%
19
17
18%
17%
18
35%
34
35
35
35
34
35
33%
34%
33
34%
33
1%
1%
1%
4%
4
3434
634
28%
2778
1%
31
4%
26%
30%
33%
%
35
1%
29%
%
20
23
10
12
34
2
13g
2%
2%
4%
3%
29%
%
3278
%
28%
31%
28%
%
*4
%
87
73
75
80%
76
%
16%
15%
Ye"
1314
4
278
1534
17U
16%
17%
16
3
434
3%
43s
4
6%
5%
8%
7
234
2
384
23s
3%
2i4
%
U4
2
278
2%
3%
3
3%
2%
3
234
1%
1%
2%
2%
5%
4%
10%
on
the Chicago Stock Ex¬
12,483,000 shares, which compares with
10,178,000 shares in 1934 and 18,288,000 shares during 1933.
The 1935 volume is
69,733,000 shares below the all-time high
of 82,216,000 shares established in 1929.
The par value of bonds traded during 1935, the Exchange
reported, totaled $429,000 compared with $847,000 in 1934,
$1,433,000 in 1933, and $10,597,000 in 1932.
The following
tabulations show the volume of stocks and bonds traded, by
1933-35, inclusive:
84
88
134
to
increase
by
Paced
gives
the
*4
4%
10%
14
5
4%
1%
1434
10
3%
13%
5%
2%
1434
811,000
462,000
660,000
800,000
585,000
1,116,000
1,537,000
934,000
3,547,000
3,932,000
3,207,000
August
1,549,000
567,000
552,000
642,000
September
1,058,000
394,000
October
1,988,000
418,000
November
1,915,000
510,000
December
1,502,000
701,000
1,087,000
898,000
836,000
709,000
1,256,000
12,483,000
10,178,000
a
conceded to be
above what is generally
point
automobile
enterprise on every hand
is essential in carrying
business
industry,
of the doldrums of the past few years.
.
.
.
Practically
petroleum production,
freight car loadings, electric power production, contract corn and contract
wheat prices and
the prices of prime cattle and hogs are higher now
business
than
they
production,
steel
including
indices,
at the beginning of the year.
were
began
improvement
business
of
evidences
These
in
the late
months of
itself more definitely this year.
It gained in momentum with the continuation of favorable business reports
from many sources.
An example of these favorable reports is found in the
dividend payments made
by Chicago Stock Exchange corporations.
In
1934
payments increased 24.6% over
1933.
This year they increased
The
29.5%
improvement
over
1934.
to assert
1934.
began
than $105,000,000 distributed by our
with the hundreds of millions distributed
by other corporations, is finding its way into other channels of business.
These distributions are creating business.
dividend
The
of
payments
payment
more
represents
It
endeavor also
full
business which is creating jobs and increasing
that millions of workers in all lines of
benefiting from the increased turnover of business.
These
increase
an
payrolls.
dividends to shareholders is in itself of tremendous
significance, however, is found in the fact that it
of
Its
importance.
are
in
therefore,
means,
payrolls, which are many times the dividend payments, are likewise finding
18,288,000
935,000
to
of the courage and initiative that
evidence
The
410,000
393,000
476,000
1,685,000
1,848,000
436,000
...
534
"1884 20"
normal.
1933
1934
1935
593,000
July
34
2%
"2% "3%
"1%"2%
20%
11%
15%
corporations this year, together
OF TRADING—SHARES
June
110
97
100
92
15
reached
April
May
%
%
Cash sale.
r
During 1935 trading of stock
__
32
28%
%
74
all
March
3%
30
75
89
234
2%
1*4
79
the country out
February
1%
%
14
"i% "1%
%
138
4
84
%
%
4%
2%
13%
Statement, Says Business Will Continue Forward
January
i
%
134
438
8334
162
88
in 1936
VOLUME
8%
3
5%
60%
Stock
years
*
1%
10%
continue
months, during the
8
7234
4134
Traded on Chicago Stock
Exchange During 1935—Above Last Year but Below
1933
Volume—President
O'Brien,
in
Year-End
Shares of
34%
15%
28%
17%
34i2
185S
13s
30
3978
12
11
14
14
*
com
21
16
31%
8%
25
2284
33%
%
%
*
common
Oil-O-Matic
18%
29%
15%
27%
73s
2234
1%
12
Western Pow Lt & Tel class A..*
Wleboldt Stores Inc
20%
31%
8%
18
1%
40
16%
33%
36
1784
165s
34
34
22%
2038
%
zl2
35l2
8
22%
1934
32%
734
22
18%
39
3g
1%
8
I4
1*2
30
16%
7%
9
1
Us
ioi2
38
1%
1
7
3412
33
56
4%
8334
%
%
3%
12%
51
1%
1»8
I4
78
178
54%
4%
17%
7
6%
1
7%
47%
334
162
34
38
11%
2%
17%
6%
338
458
2%
98% 102
102
2,
51
42
578
58
6
3%
13%
14i8
I6I4
3478
3
1
1%
2
1278
2
5%
3
9%
1
U2
45S
1378
1%
6%
change
29%
1634
27
1634
3714
2
1
12,483,000
28
18%
98
1318
*
*
30
16
100
3
*
Williams
23
93
%
77
34
16
95%
1358
common
Walgreen
2
"9% Yl"%
10%
7%
9
YT
17%
18
9334
3
Convertible preferred...
Utility & Ind Corp
Wahl Co
7
3734 z23%
2%
13%
84
65%
934
6034
95%
Util Pow & Light Corp n v com.l
Class A
38
64%
834
57%
58%
100
Utah Radio Products
31
90
3%
4084
76
31
l4
93%
143g
1834
52
56~
13%
2
2
%
%
178
52
76
26
89
1%
38
1
20
"75"
'14"
103% 108% 110
103
9OI4
4%
5%
77
28
74
22
25%
85
1
6
18
86
1%
2
178
512
16
12
83
%
2
3
5%
5i2
12
22
31
32
12%
22%
1034
2
12
278
19%
Preferred..
~22% 2~2%
18
35i2
U S Gypsum
334
13%
1334
5634
1%
H4
3012
17%
25
7212
1434
15%
16
11%
51S4
85
2912
1U
334
212
29
42%
71
73
17i8
1534 20% 20% 24
110
107i2 107
108% 110
4212 42% 497s 55% 59
3
578 12
578
70
1334
13
13%
108
104% 108
11
11%
14
40% 50% 49% 55
74
78
73% 77%
11%
"2634 2*9
11
12
14
12
104
14
14
26
11
%
%
338
20
9
II4
1
2%
5i2
31%
United Gas Corp common
30
70
312
30
25
common
28i4
21
6I4
5
65%
Swift Internacional cap......15
Thompson (J R)
5
1034
107l2 107l2 107
37
38
4i"
38
2
65
10
10
com
15
3%
25
common
Paper Co
37
13
4
7% pf 100
Convertible preferred
3458
134
x2
%
54%
25i4
Storkline Furn
134
12I8
1
*
com
Southwest Gas & El Co
is4
12%
6%
I84
12%
I84
12
25
com
Southern Union Gas
134
1134
*
com
8I2
10
1178
102
*
30
common
preferred
S per share
U2
1*4
1J4
14i2
10% "16" "l2% 12
103% 10314 103% 103%
10012 102
938
10
11
812
95
*
common
10
8
per share $ per share
138
10034 10034 10034 101
33% 3478 33
3334 40
100
share %
per
912
10
938
101
100% 1 0034 10012100l2 101
934 10i8
13
<13% 13%
3312 "2534 29*34 2534 28
26l2 25
69
70
73
75
73
6912 75
11
Ryerson & Sons Inc
share $
H4
*
100
100 100
Rollins Hosiery Mills conv pref. *
1%
914
1*2
10
High
$ per share
$ per share S per share $ per share $ per share
2
2
l*s
1%
their way
into
other channels of business.
many
in business which began to take definite form late last
This improvement
business.
this year more vigorously was reflected in
Many people showed their faith in the
itself out of the depression by the purchase of
of sound, well-managed corporate enterprises.
This year more
thinking people have recognized the definite improvement in
This recognition
is evidenced by the volume of trading on
exchanges
in recent
carried
and
year
markets
security
securities
Total
VOLUME
OF BONDS
(PAR VALUE)
and
BY MONTHS
1934
X1935
of
1933
more
trading
period
January...
$42,000
$96,000
$165,000,
February..
17,000
30,000
72,000
46,000
99,000'
March
May
June
122,000
105,000
81,000
17,000
July
10,000
August
September.
71,000
6,000
October
97,000
123,000
156,000
160,000
120,000
40,000
97,000
70,000
April
41,000
56,000
November.
5,000
30,000
99,000
31,000
December..
13,000
69,000
x
in
months.
has been
increased
On our
Exchange,
for example, the volume
running four to five times that of the corresponding
The
last year.
of
1934.
carry
average
price
of
50
representative
issues has
65%.
possibility of factors which may be dis¬
reactionary, I am convinced that we are
definitely out of the rut and that business will continue forward in 1936.
While
turbing
I
recognize there is the
and
even
temporarily
73,000
93,000
123,000
113,000
111,000
through
early
ability of business to
Range of Prices of Chicago Bank Stocks in 1935
[Compiled for Commercial & Financial Chronicle by Rogers & Tracy, Inc., Chicago
Approximate figures.
1935
Ann.
A record
in Shares
Par Amount
12,483,000
$429,000
1924
1934
10,178,000
1923
1933
18,288,000
1932
.15,642,000
1931
34,404,200
847,000
1,433,000
10,597,000
12,480,500
1930
69,747,500
82,216,000
.38,941,589
.10,712,850
10,253,664
.14,102,892
27,462,000
4,975.500
7,534,600
14,827,950
7,941,300
8.748.300
1928
1927
1926
1925
his
In
annual
year-end
President of the Exchange,
As I
healthy
with
review the year
progress
the
coming
signs
year.
Bid
American National Bank & Trust Co. (100).
4.00
165
200
210
210
Par Amount
Chicago Title & Trust Co. (100).
4.00
156
179
183
172
66
$22,604,900
19,954,850
10,028,200
4,170,450
4,652,400
5,672,600
5,305,000
8,368,950
11,932,300
9,316,100
City Nat. Bank & Trust Co. of Chicago (100)
141
97
105
106
80
2.00
55
126
129
133
35
6.00
175
145
155
148
72
172
105
115
100
1935
I
am
that point
every
to
1
1922
10,849,173
13,337,361
9,145,205
1921
5,165,972
1920
7,367,441
1919
7,308,855
1928
2,032,392
1,701,245
1,610,417
715,557
1917
1916
statement,
Michael
J.
O'Brien,
.
■
i
1935
Low
110
Continental Illinois National Bank & Trust
Co.
(33 1-3)
Drovers National Bank
(100)
Drovers Trust & Savings Bank (100)
-
-
55
Chicago (100)
4.00
168
247
252
224
77
Harris Trust & Savings Bank (100)..
8.00
254
320
330
305
180
57
35
39
32
12
First National Bank of
Lake Shore Trust A
Savings Bank (50)
Live Stock National Bank (20)
..
—
said:
continued
41
44
47
47
18
Mercantile Trust & Savings Bank (100)
4.00
153
140
155
135
50
4.00
189
190
200
161
45
92
improvement
that
in
I
am
in
32
37
29
12
18.00
402
600
620
575
380
*4.00
169
125
135
121
90
37
24
27
25
6
5.00
217
130
140
130
50
National Builders Bank (50)
Northern Trust Co.
(100)
Personal Loan & Savings Bank (100)
impressed with the steady and apparently
confidence
..
Asked High
Merchandise Bank & Trust Co. (100)
1915
of business through the 12 months.
I have
Bonds
in Shares
Year—
1935
1929
Value
Stocks
Bonds
Stocks
Year—
*Book
Div.
of the yearly transactions back to 1915 follows:
Terminal National Bank
(20)..
Upper Avenue Bank (100)
also impressed
business
1936 business
in
the
activity will
Figures in parentheses indicate par value.
*
Based
on
statements
of
Dec.,3111935.
rPius'extra.
Financial
530
Chronicle
Jan- 25 1936
*
•
'
'
.
T.
E.
Curb
Chicago
of
President
Re-elected
Murchison
At the annual meeting of the Board of Governors of the
Chicago Curb Exchange, held Jan. 14, T. E. Murchison, a
partner of Paul H. Davis & Co., Chicago, was re-elected
President.
This will be Mr. Murehison's second term of
office.
George E. Barnes was re-elected Vice-President of
Exchange; Gilbert M. Clayton was elected Secretary to
succeed Moritz Loeb, and C. V. Essroger was re-elected
Treasurer.
The following were elected Governors for threeyear
terms:
Mr. Barnes, Rodney N. Perrill, Arthur T.
Rodger and George Williams; Harry C. Daniels was elected
the
Governor for
a
a
A
term of one year.
total sales for 1935 up 22.4% over 1934, and
facturers
and Committee Members
Fred A.
Cuscaden, Vice-President of the Northern Trust
Co., Chicago, was re-elected President of the Chicago Clear¬
ing House Association at the annual election held Jan. 21.
William C. Cummings, President of the Drovers National
Bank and the Drovers Trust & Savings Bank, both in the
stockyard district of Chicago, was re-elected Vice-President
of the Association, and Howard M. Sims was re-elected
Manager.
The Clearing House Committee was also re-elected as
follows:
President of the Harris Trust
&
Savings Bank,
Chairman; Solomon A. Smith, President of the Northern Trust Co., Vice-
Ohairman; Edward E. Brown, President of the First National Bank of
Chicago;
Walter
J.
Chairman
Cummings,
of
the
Continental
Illinois
National Bank & Trust Co.; and Philip R. Clarke, President of the
National Bank &
Mr.
Trust Co. of
Chicago.
City
•
Fenton, who served as Vice-Chairman of the Com¬
succeeds Mr. Brown as Chairman.
mittee last year
by Daniel C.
of
Trade
Re-elects Robert
Boylan
P.
President
as
Roper, Secretary of Commerce, in which he
said that there "is increasing evidence on every hand that
we shall not only consolidate the gains registered in
1935 but
move
forward to
Board
of
Trade
at
annual
the
election
held
Chicago
Jan.
6,
and
Secretary
sales records."
new
Roper continued:
It is particularly gratifying to review the
widespread advances recorded
activity in 1935, but it is even more
the optimistic outlook
encouraging to
industrial leaders for 1936.
of business and
department store
sales in the United States in 1934 increased 14% over 1933, and forl935
they were 5% better than in the previous year.
Distribution of all types
of merchandise through wholesale and retail channels showed marked
gains for 1935 as a whole.
These figures, along with others which point
out the widespread advances in production and trade, give concrete evi¬
dence of the real measure of recovery achieved in the United States last
year.
They also afford a sound basis for greater business activity in 1936.
The opening of these markets of the Merchandise Mart marks a new
Figures of the
Department of Commerce reveal that
It should be a source
step in the development of American merchandising.
of pride to all of us that American business,
the wholesaler and the retailer working
public, has within the past five
including the manufacturer,
together to best serve the
buying
developed this new type of national
years
trading center to function serviceably under one roof
many other nations are coming to this Merchandise
itself a gratifying and welcome indication of the in¬
creased business expansion which lies ahead of us.
We are utilizing new
and progressive methods in order to meet the demands of the consuming
public.
To-day, the retailer no longer sits and waits for the drummer, the
manufacturer's representative, to come to his store.
He is out early search¬
ing for the latest and best in every type of merchandise.
Figures show
international
To-day, buyers from
Mart.
This
is
in
the trend.
In 1930, some 40,000 buyers purchased
totaling
In
$216,000,000.
active search
Robert P. Boylan was re-elected President of the
20%.
in 1936
Merchandise Mart.
Chicago Board
will show increases of from 15 to
new year
Incident to the opening of the January Fair Trades in the
Merchandise Mart on Jan. 6, a message was sent to Mr. Reed
and
Fenton,
least, the
in all lines of business
Chicago Clearing House Association Re-elects Officers
expression from many manu¬
for the first six
1936 prospects warrant a prediction that,
to
as
months at
read
Howard W.
manufacturers
showed their
year-end survey we recently completed among the 600
represented in the Mart by some 5,000 lines of merchandise
Exchange
1935,
the merchant
$80,000,000 woth of goods in the
placed orders
235,000 retail buyers
some
certainly sufficient evidence of the ever
This is
of to-day makes
to serve his cutomers
It is also unmistakable evidence of the recovery strides we
best.
have made in
the past few years.
Siebel C.
Harris, of Harris, Burrows & Hicks, was elected
Second Vice-President.
Kenneth S. Templeton, who served
Second Vice-President during 1935, automatically became
First Vice-President.
The following five of 12 candidates
were elected to vacancies on the Board of Directors:
Net
Earnings of Federal Home Loan Bank of Chicago
$352,221 in 1935—$256,135 Distributed in Dividends
as
James
A.
Richard
Prindiville, of Thomson & McKinnon.
I.
to the United States
Mansfield, with Barlett Frazier (Do.
Charles
It
V.
was
for 1935.
with Harris, Upham & Co.
Essroger, Vice-President First National
made known
Board of Trade had
on
Jan.
Bank of
Chicago.
16 that the Directors of the
reappointed Fred H. Cultton, Secretary,
and William B. Bosworth, Assistant Secretary.
: —*—
Edward
E.
Brown
Advisory
Reserve
Council
Appointed
Member
of
to Represent Chicago
Federal
Federal
National Bank of Chicago, to represent the Chicago Federal
Reserve District on the Federal Advisory Council.
Mr.
Solomon A.
Smith, President of the North¬
Trust Co., Chicago, who had represented the district
since the death of Melvin A. Traylor in 1934.
ern
at
Merchandise
Above
This
Mart,
1934—Further
in
Chicago,
Increase
During
for
This
1936
Year
marks of Jan. 6 Mr. Reed said:
Month by month statistics on movement of the nation's retail merchants
and their buyers to Chicago throughout 1935 showed a steady increase over
the corresponding months of 1934, and study of registration rolls indicates
a
definite tendency of buyers from eastern
more
of their wholesale buying in
and far western States to do
Chicago.
Henry G. Zander, Chairman
Mr. Zander
$411,274 earned in 1934.
with
compares
said:
substantial
charge
the
the
reduction
in
the
interest
rate
at
the
which
bank
took
earnings.
All borrowing
paying from 4 to 5% interest and in 1935 the
February accounts for the decrease in
last
associations
1934
in
markedly
so
lowered
were
on
was
rate
and
after February.
loans
during
assure
the past year
the
Volume of
to make
as
regular ,2%
return
on
lending business
partially for
up
the
capital after
required 20% of earnings had been turned over to legal reserves.
There
was
also added to undivided profits $25,642.39, and
the legal reserve was increased
by $70,444.22, it was stated.
Mr. Zander further reported that the regional bank's share
of the expenses of the Federal Home Loan Bank Board at
Washington for the
year was
$34,890.
American
Savings and Loan Institute to Hold MidWinter Conference in Chicago Feb. 21 and 22
Predicted
A prediction that 1936 will see even greater growth of
Chicago as the nation's greatest wholesale trade center
than 1935 was made on Jan. 6 by T. J. Reed, General Man¬
ager of the Merchandise Mart, with the opening of the Janu¬
ary Trade Fairs, held Jan. 6-18.
It was stated that some
12,000 retail store owners and buyers from every State and
from many foreign nations were gathered at the opening to
see the wholesale lines displayed by manufacturers.
The
Merchandise Mart was opened in May 1930.
In his re¬
$256,135 of its net earnings
the rate of 2%, the same
at
were
Board, reported net earnings for the year at $352,221.
increased
The Directors of the Federal Reserve Bank of Chicago on
10 chose Edward E. Brown, President of the First
The dividends
in the two preceding years.
place
i
Jan.
Sales
as
of the
The
District
Brown succeeds
Treasury, the Federal Home Loan Bank
of Chicago on Jan. 7 distributed
Winthrop H. Smith, of E. A. Pierce & Co.
George H. Tanner,
Paying its tbird annual dividend to stockholding savings,
building and loan associations in Illinois and Wisconsin and
The
American Savings and
Chicago, Feb. 21 and 22,
bringing together executives of thrift and home financing
institutions whose special interest lies in research for the
industry
and
professional education for its
personnel.
Charles F. Axtmann, Youngstown, Ohio, President of the
Institute, which now embraces a membership of 1,500 sav¬
ings and loan executives and junior workers, expects an
Loan
midwinter
conference of the
Institute will
attendance
of
more
be
held
than
in
300
representatives from the 36
various cities and from
active chapters and study clubs in
the
progressive
leadership
conference program, it
throughout the industry.
The
is announced, will deal with adver¬
tising for the associations, the new standardized accounting
system, and new developments in the variable interest rate
plan of loan charges, among other things.
Indications o/ Business Activity
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
almost doubled the 1935 volume for
same period.
A record
output of aircraft is predicted for the current year by lead¬
ing manufacturers. Large government orders will be largely
Friday Night, Jan. 24 1936.
Business activity increased slightly during the past week,
though there were no startling changes. Automotive activity
and electric output were
slightly lower, while petroleum
runs, coal
output and steel production registered slight
gains.
Car loadings were about unchanged. The stock mar¬
ket was rather buoyant during the week, together with other
cause
speculative
stormy weather
markets, reflecting the inflationary drift in
Washington. Engineering construction awards for the week
responsible. The National Dairy Products Corp. is expected
to report the best earnings since 1932.
Railroad business
was helped by sub-zero weather.
A large tonnage of freight
usually hauled by trucks was diverted to the railroads be¬
ness
of the low temperatures.
showed
over
further
Despite the
severe
cold and
the country, retail and wholesale busi¬
gains.
Bituminous
coal
output
in-
Financial
Volume 142
9.0% for the week and 14.4%
creased
last
Coal
storm almost cut
faces of
pedestrians until they bled.
In
greater New York six persons were dead and 25 injured as
a result of the storm.
Northeast storm warnings were up
from
the
Virginia
Capes to Eastport, Me., and Southeast
warnings from the Virginia Capes to Hatteras.
More than
a
of persons lost their lives as blizzards and tornadoes
score
ravaged three-fourths of the United States.
Sleet gripped
Atlantic seaboard in ice. Destructive winds raged
through Dixie and snow piled a foot high in the Northwest
the upper
sections
and
of
Plain
the
States.
Middle
The
Revenue Freight Car Loadings
the same week
over
increased
demand
sharply owing to the
extremely cold weather over the country.
To-day rubber,
cocoa, coffee and wool top futures reached new highs for
the year, while sugar futures equaled previous highs in
active trading.
The upper Atlantic coast was lashed by a
blizzard on the 19th inst., and caused many deaths and heavy
property damage.
Traffic was obstructed from Maine to
northern Maryland, and airlines and railroads were forced
to stop service in many sections.
In New York City a sleet
year.
West
was
531
Chronicle
of 1934.
/
The first 18 major railroads to report for the week ended
Jan. 18 1936 loaded a total of 292,511 cars of revenue freight
on their own lines,
compared with 294,688 cars in the pre¬
ceding week and 267,547 cars in the seven days ended Jan.
19 1935.
A comparative table follows:
i
,
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number.of Cars)
swept by severe cold on the 22nd inst.
At International
Falls, Minn., it was 56 degrees below zero.
Several Wis¬
consin
cities
Weeks Ended—
below, and Chicago had
16 degrees below late in the day.
Two Pennsylvania towns
had temperatures of 32 degrees below.
The bitter cold then
in
the 23rd inst., and the temperature
on
New York City fell to 2 degrees below zero, the coldest
in two
To-day it
years.
Received from Connections
Weeks Ended—
Loaded on Own Lines
32 degrees
recorded
moved south and east
Drop 3,620 Cars
Loading of revenue freight for the week ended Jan. 18
1936 totaled 611,408 cars.
This is a drop of 3,620 cars, or
0.6%, from the preceding week, but a rise of 48,582 cars,
or
8.6%, from the total for the like week of 1935, and an
increase of 49,506 cars, or 8.8%, over the total loadings
for the corresponding week of 1934.
For the week ended
Jan. 11 loadings were 11.1% higher than those for the like
week of 1935 and 10.4% higher than those for the corre¬
sponding week of 1934. Loadings for the week ended Jan. 4
showed a gain of 9.0% when compared with 1935 and a rise
of 8.2% when the compaHson is made with the same week
was
fair and cold here, with tem¬
peratures ranging from 1 to 15 degrees.
The forecast
was
Atohlson Topeka & Santa Fe Ry.
Baltimore & Ohio RR.__
18,766
26,964
21,509
14,906
18,976
Chicago Burlington & Qulncy RR.
Chic. Milw. St. Paul & Pac. Ry_.
Gulf Coast Lines
International Great Northern RR
to-night; increasing cloudiness,
rising temperature Saturday; probably snow
Saturday night.
Overnight at Boston it was 6 to 16 de¬
grees ; Baltimore, 6 to 16; Pittsburgh, 10 below to 8 above;
Portland, Me., 8 to 28; Chicago, 14 below to zero; Cincin¬
nati, 10 below to 4 above; Cleveland, 4 below to 6 above;
Detroit, 2 below to 10 above; Charleston, 26 to 40; Mil¬
waukee, 18 below to 4 below; Dallas, 28 to 66; Savannah,
30 to 52; Kansas City, 2 below to 8 above;
Springfield, Mo.,
19,249
6,942
7,541
9,493
1,331
1,897
2,665
8,609
38,776
9,156
3,929
34,578
5,476
4,844
2,137
4,146
13,259
2,700
9,007
35,455
37,400
4,105
16,663
53,993
5,896
5,328
55,919
53,178
4,530
4,573
21,752
18,010
9,355
3,787
33,563
5,239
4,370
x7,261
5,151
4,781
8,400
2,205
15,101
New York Central Lines
37,179
N. Y. Chicago & St. Louis Ry
Norfolk & Western Ry
4,353
19,108
Pennsylvania RR..
Pere Marquette Ry.
Pittsburgh & Lake Erie
...
Southern Pacific Lines
Wabash Ry
7,457
9,657
1,609
2,044
4,687
14,977
38,720
4,239
18,920
2,156
4,870
RR
Missouri Pacific RR
5,217
5,777
x6,430
8,229
292,511 294,688 267,547 176,194 176,314 159,585
Total
Excludes
x
7,189
7,992
4,484
13,115
6,291
5,912
6,495
8,350
1,239
2,248
2,529
8,510
34,432
8,299
3,704
31,455
4,585
4,128
*5,915
7,894
4,831
14,130
21,859
5,161
Missouri-Kansas-Texas
4 to
10; Oklahoma City, 16 to 32; Salt Lake City, 12 to 38;
Seattle, 40 to 50; Montreal, 14 below to 4 above, and Winni¬
peg, 38 below to 20 below.
22,172
14,823
5,057
14,106
7,458
13,098
15,889
12,054
3,088
13,848
3,084
Chicago & North Western Ry
with
17,152
25,075
19,667
18,137
26,498
13,261
3,125
Chesapeake & Ohio Ry
1935
1936
1936
1935
1936
1936
for clear and continued cold
slowly
18 Jan. 11 Jan. 19 Jan. 18 Jan. 11 Jan. 19
Jan.
interchanged between
cars
S.
Co .-Pacific Lines and Texas
P.
New Orleans RR. Co.
&
»
CONNECTIONS
AND RECEIPTS FROM
TOTAL LOADINGS
(Number of Cars)
Fourth
Consecutive
Decline
Noted
in
"Annalist"
Weekly Index of Wholesale Commodity Prices for
21—Foreign Prices Up in December
Weeks Ended—
Week of Jan.
In
fourth
the
week
of
decline
the
Weekly
Commodity Prices dropped to 127.4 on
Jan. 21 from 128.2 on Jan. 14.
Although petroleum and
gasoline prices were marked up throughout most of the
country and rubber, coffee and eggs were higher, these gains
fell far short of offsetting lower prices for
tobacco, cattle
and beef, refined sugar and the textiles, the "Annalist"
said, adding:
as to
and the prospect of
the future government policy in regard to agriculture
further strain
Cabinet became imminent
price level.
more
than
on
the gold bloc
as
the fall of the Laval
clouds that helped to depress the general
were
passing
response,
so
indifferent has the market become to
"ANNALIST"
WEEKLY
INDEX
OF
WHOLESALE
64,895
Loading of
This
cars.
an
corresponding week in
of
123.8
129.9
73,044
all2.9
107.7
Fuels
176.1
172.0
111.4
111.4
or
cars,
ended Jan. 11 totaled 225,725
preceding week, 25,768 cars
41,321 cars above the corre¬
Building materials
111.7
111.7
of
increase
an
the
112.1
Chemicals
98.2
Miscellaneous
b All commodities on old
*
Preliminary,
98.2
86.0
123.2
75.4
75.8
73.6
dollar basis
Revised,
b Based on exchange quotations for France, Swltzerand and Holland; Belgium inoluded prior to March 1935.
a
As to
the
►
foreign prices during December the "Annalist" had
following to say:
four months.
The "Annalist" International Composite rising to
74.7 for December in terms of gold from 74.3 in November, 49.8 in July
previous
a
depression low of 49.7 for last March
Canada
reported losses, Japan because of
a
(1913=100.0).
Japan and
reaction in silk prices.
The
United States, British, French and German indices, however, were higher.
Weekly indices for the first half of January show
no
freight totaled
carload lot
148,446
above the preceding week, but decreases
below the corresponding week in 1935 and 10,101 cars below
week in
cars
1934.
to 152,755 cars, an
loading amounted
week, 20,969
preceding
districts
Western
Jan.
ended
cars
increase of 6,381 cars above
above
perceptible change in
trend.
1935
in
districts
11,027
Ore
cars
below the
Change
Oct.,
Dec.,
From
1935
1935
1935
1934
Nov. '35
U. S. A..
129.4
128.3
129.2
118.0
+0.8
i
Gold basis
Canada
76.7
76.2
76.6
70.1
+0.6
113.6
113.6
114.2
111.2
cars,
an
the Western
11 totaled
week in 1935.
In
week in 1934.
same
for the week ended Jan.
totaled 26,175
loading
preceding week,
increase of 8,873 cars
463 cars below the same week
decrease of 410 cars below the same
products
amounted
loading
cars,
an
increase of
4,922
cars
6,256 cars above the same week in 1935, and
cars
to
6,484
cars,
above the corresponding
cars
an
increase
of
1,749
cars
above
above the
same
All districts
week in 1934.
amounted to 8,781 cars, a decrease of 723 cars below the
Coke loading
preceding week but 2,130
P. C.
the week
above the
preceding week, 2,872 cars above the corresponding week in 1935, and
3,266
(In currency of country; index on gold basis also shown for countries with
depreciated currencies; 1913=100.0)
cars
8,000 cars above the same week in 1934.
the
FOREIGN AND DOMESTIC WHOLESALE PRICE INDICES
2,884
alone, loading of live stock
the
3,530
increase of
an
14,887
loading amounted to
and
loading for
products
grain
and
cars,
preceding week, hut decreases of
cars, a
Forest
above
20,115
1935.
in
stock
Live
grain
alone,
totaled
11
week
same
above the
Foreign commodity prices continued in December their advance of the
and
than
less
and
79.6
128.2
and
the corresponding week in 1935,
14,458 cars above the same week in 1934.
Grain and grain products loading totaled 31,775 cars, an increase of
6,702 cars above the preceding week, 5,504 cars above the corresponding
week in
1935, and 2,221 cars above the same week in 1934.
In the
the
98.6
86.1
127.4
All commodities
1935,
1934.
merchandise
of
cars
week in
corresponding
cars
same
Coal
of 25,768
increase of 24,372
an
1,526
the
109.7
also was an increase
13.5%, above the preceding week, which included New
holiday.
Loading
160.4
Metals
10.4%, above
of 57,762 cars, or
increase
an
1991.
above the
126.5
*111.9
Food products
Textile products
119.3
11 totaled 615,028
11.1%, above the corre¬
or
cars,
Miscellaneous freight loading for the week
Jan. 22 1935
123.2
6i,510
of
Loading of revenue freight for the week of Jan. 11
ears,
122.4
increase
sponding week in 1935, and
the
above
Jan. 14 1936
Railroads, in reviewing the
freight for the week ended Jan.
revenue
was
sponding week in
_
57,068
The Association of American
cars,
Unadjusted for seasonal variation (1913=100)
Farm products_
63,394
week ended Jan. 11, reported as follows:
COMMODITY
PRICES
Jan. 21 1936
19,375
26,285
11,408
Total
Year's
domestic "stimuli" of this type.
THE
Jan. 19 1935
21,214
29,458
12,722
Chicago Rock Island & Pacific Ry.
Illinois Central System.:
St. Louis-San Francisco Ry
The progress of inflationary bonus legislation failed to evoke
a
Jan. 11 1936
21,656
30,354
12,885
"Annalist"
Index of Wholesale
Uncertainty
Jan. 18 1936
week
cars
in
above the
same
week in
1935
and
1,481
1934.
reported increases in the number of
cars
loaded with
revenue
0.0
*Dec.,
a
Nov.,
66.8
Gold basis
66.9
66.9
108.3
104.4
65.0
63.0
354
348
Germany
103.3
103.1
c
c
Composite in gold b
+ 1.7
Wfifik of Jan,
102.8
101.0
+ 0.2
W«f^k Of Jftn,
348.4
-
-
c
319.5
269.1
146.4
146.6
136.8
compared
with
the two
previous
1935
541,984
615,028
50.1
47.0
—0.8
74.7
74.3
74.2
71.2
+0.5
4
497,274
553,518
500,813
557,266
1,157,012
1,050,792
1,058,079
1934
11
—1.0
50.1
Total
"■Preliminary,
a Revised,
b Includes also Belgium and Netherlands; Germany
excluded from July, 1934; Italy from November 1935.
c Not available.
1936
279.2
c
_
freight in
1936
344
49.7
Gold basis
I
342
145.0
} Gold basis
Japan
revenue
+0.2
France—
Italy
of
follows:
+0.3
65.3
Loading
years
1935 but also
—0.1
108.4
65.4
..
66.9
108.7
Gold basis
Unit. Kingdom
I
^
freight compared not only with the corresponding week in
with the corresponding week in 1934.
-
In the following table we undertake to show also the
load¬
separate roads and systems for the week ended
Jan. 11 1936.
During this period a total of 104 roads showed
ings for
532
Financial
Chronicle
Jan* 25 1936
increases when compared with the corresponding week last
year.
The most important of these roads which showed
& Ohio RR., the Pennsylvania
increases
Southern Pacific RR.
the New York
were
Central
Lines, the Baltimore
&
Santa
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
Total Revenue
from Connections
1935
1936
Ann Arbor
1934
1936
1936
Central Indiana..
Central Vermont
497
1,173
1,079
2,135
7,258
1,267
1,872
7,094
1,211
242
227
10,248
2,286
9.824
1,781
13
....
Chicago Indianapolis A Loulsv.
549
1,663
7,754
1,414
16
25
67
53
892
877
943
5,062
8,562
4,824
8,238
6,270
9,935
1,826
6,495
6,022
1,488
6,329
5,433
225
181
216
68
73
2,727
2,505
1,910
337
287
156
1,818
3,981
13,737
7,675
1,815
1,109
6,883
2,516
1,979
3,467
13,460
6,831
2,272
1,075
6,062
2,514
188
149
54
31
3,517
3,319
4,520
38,781
11,026
1,799
9,156
4,624
5,476
34,660
10,859
2,085
8,473
4,174
4.825
....
Delaware A Hudson
I.I
Delaware Lackawanna A West,
Detroit A Mackinac...
Detroit Toledo & Ironton___II
Detroit A Toledo Shore Line.
.
Erie
Grand Trunk
WesternlllHII
Lehigh A Hudson River..
Lehigh A New England...
Lehigh Valley..
I.II
Maine Central...
Monongahela
HI
Montour
b New York Central
Lines!III
N. Y. N. H. A Hartford
New York Ohtario A Western.
N. Y.
Chicago A St. Louis...
Pittsburgh A Lake Erie
Pere Marquette...
Pittsburgh A Shawmut
Pittsburgh Shawmut A North.
Pittsburgh A West Virginia-
11,272
4,362
11,172
3,355
12,413
2,919
118
138
137
1,725
8,504
3,021
3,944
2,151
38,700
10,124
1,908
4,239
4,750
5,777
1,553
7,255
2,691
3,626
1,487
34,459
9,666
2,267
3,814
4,204
5,405
387
431
423
15
23
298
339
404
233
224
1,267
1,658
8,699
2,748
4,171
'1,081
34,473
10,082
2,115
Total Loads Received
Total Revenue
from Connections
Freight Loaded
1935
584
Boston & Maine..
(NUMBER OF CARS)—WEEK ENDED JAN. 11
Railroads
Eastern District-
Bangor & Aroostook
System, the Atchison Topeka
the Illinois Central System and the
System,
Total Loads Received
Freight Loaded,
Railroads
Fe
1935
1936
1934
1935
•«
Croup B (Concluded)—
Georgia
Georgia A Florida
1
598
Illinois Central System
Louisville A Nashville
713
1,351
1,238
257
290
365
320
1,412
20,248
20,368
Gulf Mobile A Northern.
623
265
1,181
17,736
17,773
1,142
17,254
16,276
806
735
9,718
3,990
8,585
3,541
Macon Dublin A Savannah
100
136
300
76
355
115
122
119
275
202
1,556
2,364
1,594
2,540
1,611
2,407
1,294
1,214
1,982
349
370
342
709
592
Mississippi Central
Mobile A Ohio
Nashville Chattanooga A St. L.
Tennessee Central...
1,833
Total.
53,309
47,619
46,007
25,934
23,376
Grand total Southern District
88,552
82,524
82,925
55,913
49,700
1,409
8,418
2,459
Northwestern District-
Belt Ry. of Chicago
616
709
654
13.848
2,149
19,249
4,355
12,897
1,994
16,891
3,303
13,553
2,346
17,290
3,605
1,828
9,493
2,867
7,541
2,673
Duluth MIssabe A Northern
584
396
468
132
Duluth South Shore A Atlantic.
556
567
446
319
310
6,220
5,156
Chicago
Chicago
Chicago
Chicago
A North Western
Great Western
Milw. St. P. A Pacific.
St. P. Minn. A Omaha
Elgin Jollet A Eastern
2,809
4,218
5,726
6,394
2,390
97
263
218
247
161
127
9,428
9,068
9,547
2,083
2,528
555
677
498
427
352
Ft. Dodge Des Moines A South.
Great Northern
Green Bay A Western
...
947
926
516
514
548
902
4,717
3,138
4,601
8,229
2,819
3,078
1,030
1,013
7,654
2,854
140,849
Wabash
Wheeling a
| 129,315
131,702
152,789
142,001
552
489
374
795
25,179
1,075
25,353
1,048
14,130
1,258
13,066
1,400
305
291
283
10
9
1,427
5,353
1,162
5,140
1,227
6,113
20
10
10,433
10,036
119
Total..
10
6
79
57
379
391
361
216
252
272
94
143
Northern Pacific
1,501
4,412
7,644
1,585
4,303
7,395
1,761
1,918
2,300
1,508
1,832
2,365
Spokane International
Spokane Portland A Seattle
116
81
76
203
166
1,163
1,007
804
942
829
74,143
65,835
63,898
40,962
36,483
Atch. Top. A Santa Fe System
Alton
18,137
2,772
17,244
2,477
16,880
2,450
4,831
2,115
4,451
1,779
Bingham A Garfield
Chicago Burlington A Qulncy..
Chicago A Illinois Midland
Chicago Rock Island A Pacific.
Chicago A Eastern Illinois
256
227
208
14,823
1,761
10,671
3,172
13,063
1,547
10,526
2,730
13,931
1,627
10,462
2,696
1,522
864
860
1,018
782
3,503
2,819
2,580
2,095
1,908
766
387
310
17
1,057
1,984
1,667
1,092
1,850
1,072
1,815
933
891
1,175
963
North Western Pacific
696
487
100
Lake
Superior A Ishpeming
Minneapolis A St. Louis
803
26,498
1,640
—HI
Lake ErlellllHI
1,653
5,024
8,642
Peoria A Pekin Union
1,071
5,151
3,598
Rutland
Minn. St. Paul A S. S. M
Total.
Allegheny District—
Akron Canton A
Youngstown.
Baltimore A Ohio.
Bessemer A Lake
Buffalo Creek A
Cambria
A
.
Erielll
Gauley.
HI!
Indiana
Central RR. of New
Jersey
Cornwall
Cumberland A
Pennsylvania
Ligonier Valley
Long Island
-
25
Pennsylvania System
Reading Co
(Pittsburgh)""."
West Virginia Northern_.il"!
Western Maryland
Total.
168
174
30
12
724
Penn-Reading Seashore Lines I
Union
31
256
,.111111
781
765
2,537
1,400
34,578
15,147
1,524
2,461
1,247
31,834
13,744
881
1,028
55,919
13,359
8,983
51.897
11,364
4,949
1,021
51,986
13,844
4,113
99
94
101
0
0
3,190
3,177
3,004
5,758
5,616
119,684
107,195
109,773
87,730
922
81,242
Central Western District—
Colorado A Southern
Denver A Rio Grande Western.
Denver A Salt Lake....
...
Fort Worth A Denver City
Illinois Terminal
Nevada Northern
Southern Pacific
(Pacific)
15,567
St. Joseph A Grand Island
Toledo Peoria A Western
Pocahontas District—
Chesapeake A Ohio
Included
Total.
20,033
15,828
20,860
15,616
869
777
3,546
3,326
716
769
46,278
Virginian
22,172
18,920
1,057
4,129
40,276
40,579
13,132
6,416
3,521
1,155
609
7,288
2,216
6,272
1,751
97
52
446
290
197
56
105
84
58
12,781
12,569
System
3,946
3,099
755
in U. P.
a
383
268
379
903
868
11,333
12,618
7,084
6,195
733
573
356
7
10
1,298
1,201
1,313
1,459
1,353
93,060
82,280
82,677
43,362
37,241
3,458
Utah
Western Pacific
Total.
Southwestern
District—
Alton A Southern
7,751
...IIIHII
949
935
Charleston A Western Carolina.
Durham A Southern.
Gainesville Midland
I
Norfolk Southern..
Piedmont A Northern..!! 11III
Richmond Fred. A Potomac...
Seaboard Air Line
8,476
1,053
312
314
107
112
29
4,053
113
154
121
233
Fort Smith A Western
7,726
108
Burlington-Rock Island..
Atlantic Coast Line
223
200
219
196
205
3,084
2,205
2,919
1,751
2,315
2,256
1,331
1,897
1,242
1,952
1,093
1,718
1,449
897
669
IIIIIH
4,751
1,747
4,324
1,423
335
977
827
Kansas Oklahoma
131
328
256
Kansas
35
46
104
75
829
964
1,047
1,071
1,000
403
419
457
866
805
Litchfield A Madison
296
314
312
6,695
17,766
6,439
17,495
7,174
17,759
3,077
3,737
12,681
2,479
3,219
11,344
Midland Valley
Missouri A Arkansas
131
127
128
640
572
34,905
36,918
29,979
26,324
Winston-Salem Southbound.
..
Gulf Coast Lines
International-Great Northern.
A Gulf....
125
Louisiana A Arkansas
125
148
1,782
1,291
City Southern
1,497
956
1,529
1,168
Missouri-Kansas-Texas
318
990
89
Missouri Pacific
317
255
87
650
628
684
578
203
62
Lines..
161
461
767
...
147
358
Louisiana Arkansas A Texas
84
89
258
172
2,665
8,609
2,413
7,099
4,687
14,977
Natchez A Southern
Total
141
212
35,243
Southern System
5,966
781
11,861
7,457
3,929
1,030
Southern District—
Croup A—
Clinchfield
33
6,942
12,192
Union Pacific System
Norfolk A Western
111.1
Norfolk A Portsmouth Belt Line
81
I
4,170
12,474
4,411
12,705
12
43
39
40
187
16
92
Quanah Acme A Pacific
St. Louis-San Francisco
73
146
120
96
7,188
2,058
5,173
3,712
1,251
3,988
2,146
2,484
3,635
16,774
3,240
1,734
2,117
3,187
14,556
45
St. Louis Southwestern
Croup B—
Alabama Tennessee A Northern
7,562
2,186
Texas A New Orleans
6,185
171
163
202
117
137
Atlanta
Texas A Pacific
580
592
656
623
577
Terminal RR. Ass'n of St. Louis
4,142
2,036
6,670
1,887
5,523
4,120
1,793
959
Wichita Falls A Southern
199
201
223
55
2,049
45
24
23
28
29
53,362
46,057
Birmingham A Coast..
Atl. A W. P.—W.
RR. of Ala..
Central of Georgia.
Columbus A
739
557
640
3,295
3,123
3,090
1,103
2,300
356
234
202
289
247
757
654
987
861
643
GreenvilleIIII'1"
Florida East Coast
Jfot6—Figures for 1934 revised.
*
Previous figures,
a
Not available,
Michigan Central RR.
270,506 Surplus Freight Cars in Good Repair
Class I railroads
cars
in
on
on
Weatherford M. W. A N. W—
Total
52,462
b Includes figures for the Boston A Albany RR.,
Dec. 31
Dec. 31 had 270,506 surplus freight
good repair and immediately available for service,
the Association of American Railroads announced on Jan. 23.
This was an increase of 13,538 cars compared with the num¬
ber of such
cars on Dec. 14, at which time there were
256,968
surplus freight cars.
Surplus coal cars on Dec. 31 totaled 67,647, an increase of
5,495 cars above the previous period, while surplus box
cars totaled
154,553, an increase of 6,074 cars compared
with Dec. 14.
Reports also showed 29,372 surplus stock cars, an in¬
of 1,249 compared with Dec. 14, while surplus re¬
frigerator cars totaled 9,194, an increase of 184 for the same
period.
46,093
45,712
the C. C. C. A St. Louis RR.. and the
Other commodities which recorded gains this week were
rubber, wool, steel scrap,
Those
which
declined
cocoa,
corn,
and coffee.
sugar
silk, wheat and silver while
those remaining unchanged from a week ago include hides,
copper, lead and cotton.
The movement of the Index during the week, with com¬
parisons, is as follows:
were
Jan. 17
Jan. 18
167.9
Sat.
Mon.
Jan. 20
Tues.
Jan. 21
Jan. 22
168.8
168.9
.169.4
170.4
Fri.
168.3
Wed.
Thurs. Jan. 23
Fri.
Jan. 24-.
171-3
2 Weeks Ago,
Month Ago,
Jan. 10
Year
Jan. 25
165.8
155-5
Aug. 20
156-2
Ago.
1934 HighLow—
Dec. 27
Jan.
2
1935-36 High- -Oct. 7-9
Low—
Mar. 18
-.168.7
126-0
-175-3
148.4
crease
Moody's Daily Commodity Index Advances Moderately
While basic commodity prices have exhibited a
generally
stronger tone this week, the strength in top hogs has been
largely responsible for the gain of 3.4 points in Moody's
Daily Index of Staple Commodity Prices. Last week's loss
of 30 cents in hog prices was more than erased by a gain of
75 cents this week.
The Index closed on Friday at 171.3,
which compares with 167.9 a week ago.
Retail Co&ts of Food Increased
0,6% During Two Weeks
Ended Dec. 31, According to United States Depart¬
ment of Labor
The index of retail food costs advanced
0.6% during the
31, Commissioner Lubin of the Bureau
of Labor Statistics of the United States Department of
Labor announced Jan. 15. "Increases of 1.2% in the average
two weeks ended Dec.
cost
of
meats
and of
2.3% for fruits and vegetables were
advance," Mr. Lubin said.
"The
only marked decreases were for eggs, which fell off 4.1%,
and for fats and oils, which continued the price decline that
began in October."
He continued:
the
chief factors
in
this
Of
the
Mountain
the
reported.
in the index
included
cities
51
showed
alone
area
was
are
amounting to
grouped, the
and
82.5% of the 1923-25 average. This
is the peak for the year 1935 and represents an increase of 10.8% above
the level of
the corresponding period of one year ago, when the index
stood at 74.5.
Food costs are, however, 22.0% lower than for Dec. 15 1929.
When converted to a 1913 base, the current index is 130.7.
Cereals and bakery products showed an average increase of 0.2%.
The
price of flour rose in eight cities.
The greatest increase, 4.8%, was
shown for New Orleans.
Decreases were reported from three cities.
The
average price of white bread increased 0.2%.
Meat costs showed an average increase of 1.2%.
Advances were reported
for all items except sliced bacon and salt pork.
For 11 of the 21 items
in this group increases amounted to 1.0% or more and were most pro¬
nounced for pork chops and roasting chickens, which rose 2.7% each.
The
group increase was general throughout the country but was less marked in
composite index now stands at
The
the Far
West.
RETAIL FOOD COSTS BY COMMODITY
1923-25=100
INDEX NUMBERS OF
a
year
announced:
tion further
decrease.
a
the first two weeks of the current year
1.3%. A month ago the index stood at 77.5
ago at 75.2.
Under date of Jan. 22 the Associa¬
in
decline
net
in price, 24 showed
Of the nine geographical
51 rose
index,
the
in
for nine no change
which
into
areas
included
foods
84
and
decreases,
533
Financial Chronicle
Volume 142
GROUPS
Three-Year Average,
generally lower during the week, with the
such important items as butter, eggs,
oranges and potatoes, as well as meats and certain other commodities which
have been affected
by processing taxes.
The index for the foods group
in the latest week fell to the lowest level reached since mid-July.
Although
sveral commodities included in the
farm products group advanced during
the week, the general
trend was downward and the group index reached
the lowest point of
the past six months.
A rather sharp drop in the
textiles index was largely due to a continued downturn in cotton goods
quotations; silk prices also moved downward during the week, but cotton
and wool
advanced.
A minor decline in the building materials index
reflected lower prices
for Southern pine and linseed oil.
A continued
rise in the price of
crude petroleum and a consequent rise in gasoline
prices were responsible for a fairly sharp advance in the fuels index.
Forty-two price series included in the index declined during the week
and 26 advanced;
in the preceding week there were 31 declines and 15
advances; in the second preceding week there were 14 declines and 34
Foodstuffs
commodities
prices were -again
declining
including
advances.
Dec.
31 Dec.
17
Corresponding Period
Dec. 3
1935
Current 2 Weeks 4 Weeks
Commodity Groups
1932
1933
18 Dec.
74.5
82.0
82.0
82.5
All foods
1934
Dec.
Ago
Ago
a
in
WEEKLY
WHOLESALE COMMODITY
PRICE INDEX
1935
1935
19 Dec.
1929
Compiled by the National Fertilizer
15 Dec. 15
64.7
105.7
71.1
69.2
1926-1928=100
Association.
97.8
PrecedPg
Latest
Per Cent
Year
Month
Week
Week
Ago
Ago
Jan. 18
Jan. 11
Dec. 21
Jan. 19
1936
1936
1935
1935
79.5
*82.1
81.0
76.1
74.9
76.0
75.1
73.6
79.7
77.9
76.5
76.2
71.8
70.1
Each Group
Group
Bears to the
Cereals & bakery products
95.6
95.4
95.3
92.0
86.4
98.2
97.1
97.4
76.6
65.0
66.8
117.6
Meats
79.4
78.8
78.2
75.4
66.2
65.7
100.5
Dairy products
80.5
82.8
74.7
65.7
80.6
128.7
28.6
Foods
Eggs
77.2
62.7
61.3
60.7
57.8
68.4
51.8
103.7
22.3
Farm
59.8
59.2
55.3
68.8
16.4
Fresh
61.4
Fuels
79.6
79.6
79.7
83.1
73.3
66.8
94.6
10.3
Canned
58.5
58.4
57.3
58.7
106.9
7.7
Dried
58.6
49.5
67.6
67.6
67.5
73.4
68.0
72.8
105.3
Beverages and chocolate..
81.2
82.3
83.1
68.5
48.9
90.7
Fats and oils
47.7
Sugar and sweets.
66.4
66.5
66.7
63.5
63.7
vegetables
Fruits and
50.7
Total Index
104.1
Miscellaneous commodities..
72.0
71.5
Textiles
68.1
69.7
70.6
69.7
6.7
Metals
83.4
83.4
83.6
81.9
5.8
Building materials
77.1
77.2
77.2
78.8
95.0
94.8
94.0
1.3
Chemicals and drugs
95.0
0.3
Fertilizer materials
64.4
64.4
64.4
0.3
58.5
Mixed fertilizers
71.9
70.7
70.7
76.5
102.7
102.7
102.7
100.6
77.5
X78.2
77.5
75.2
75.1
Preliminary.
a
Farm machinery
0.3
0.8%, with advances of 1.5% for
butter and
2.1% for- evaporated milk and smaller increases for cheese
and fresh milk.
Butter prices rose in 45 cities, with the heaviest increase,
6.8%, reported from Birmingham.
Butter prices usually reach their peak
in December.
Thirty-four cities reported increases in the price of cheese.
Prices of both butter and cheese, however, are higher than at any other
The
of
cost
and
milk,
fresh
of
price
products
dairy
period
corresponding
rose
1930.
An increase of 0.1% in
delivered, resulted from higher prices
since
the average
in St. Louis
Birmingham.
The
lemons
fresh
of
cost
in
rose
fruits
and
and
bananas
while
price,
increased
vegetables
oranges
2.7%.
Apples and
declined.
All green
vegetables showed a seasonal advance with the exception of lettuce, which
decreased 4.5%.
Increases were greatest for celery (7.5%), cabbage (9.5%)
Sweet potato prices rose 5.0%.
White potato
increase of 0.9%.
Increases for this item were
reported from 19 cities.
Decreases were reported from 12 cities.
There
were
no
important price changes for either canned or dried fruits and
and
(21.8%).
beans
green
prices showed
average
an
vegetables.
all
averaged 4.1% during this period.
prices
decline was general throughout
11 cities, six of them in the
break
area.
fell
oils
and
Fats
egg
Increases
Atlantic
South
in
from 0.1 to 16.4%.
The
occurred, however, in
ranged
areas.
the
decline
continued
The
Decreases
in
lard
prices
last
continuing
decline which
the
During
October.
the past two weeks the
lard
of
began with
0.8%. The
items in the
The average
price of coffee and of tea remained at the level of two weeks ago.
late and cocoa decreased 0.3 and 0.2%, respectively.
Minor price
occurred
in
in the sugar and
items
INDEX NUMBERS OF
6weets group.
RETAIL FOOD COSTS BY
Three-Year Average,
Dec.
31 Dec.
17
Revised.
i
Ago
Ago
a
/
United States Department
of Labor Reports Wholesale
Week of Jan. 18
continued their decline during
the week ending Jan. 18, according to an announcement
made Jan. 23 by Commissioner Lubin of the Bureau of Labor
Statistics, U. S. Department of Labor.
In his announce¬
Commodity Prices Lower During
Wholesale commodity prices
Lubin stated:
ment Mr.
80.2% of the 1926 average,
for the previous week. This
wholesale prices have declined and the
cumulative loss since the first of the year amounts to 0.9%.
Despite the
recent recession, the general index is over 2% above that of the correspond¬
The composite
a
index for the week stands at
0.4% compared with the index
decrease of
is the third
consecutive week that
ing week of last year.
Weakening prices of foods
and textile products were
Dec.
1933
18 Dec.
1932
19 Dec.
Hides and leather products, fuel
lower.
foods," advanced 0.1% during
the weak.
comparison of the present level of wholesale prices with
the preceding week and the corresponding weeks of last
month and last year is shown in the following table con¬
tained in Mr. Lubin's announcement:
A
Percent¬
Jan.
Dec.
21
Percent¬
Jan.
Percent¬
19
age
age
18
Commodity Groups
15
11
1936
1929
15 Dec.
mainly responsible
housefurnishing goods were
and lighting
materials, and chemicals and drugs averaged higher.
The metal and
metal products, building materials, and miscellaneous commodities groups
remained unchanged at the level of the previous week.
In contrast with the movement in the all-commodity index, the indus¬
trial group, "all commodities other than farm products and processed
although farm products and
decline,
fractionally
also
Jan.
1934
65.7
made as of Jan. 4 1936.
Corresponding Period in
Dec. 3
Current 2 Weeks 4 Weeks
Regional Areas
REGIONAL AREAS
1923-25=100
combined
1935
1935
1935
Choco¬
changes
All groups
100.0
Note—The above figures reflect the revision
for the
1.4%,
off
decreased 2.3%.
Lard compound decreased
price of oleomargarine rose 0.8%.
Price changes for other
group were minor.
The index for beverages and chocolate showed no change.
price
products
1936
Change
1935
Change
1935
Change
+2.2
age
74.5
69.2
64.7
105.7
All commodities
80.5
—0.4
—0.2
78.5
82.0
82.0
80.4
82.5
80.2
United States
69.2
66.0
105.8
Farm products
78.1
78.3
+ 1.0
New England
73.1
76.7
80.4
77.3
80.5
—0.3
80.6
75.9
70.7
66.6
106.0
Foods
82.9
—2.8
79.8
+ 3.9
83.1
85.3
83.0
—2.0
83.5
84.6
Middle Atlantic
82.4
81.8
68.0
62.2
107.0
Hides and leather products...
97.8
97.7
+ 0.1
+ 12.7
East North Central
72.8
+ 1.7
86.8
81.6
96.2
64.0
107.1
Textile products
71.0
72.4
—1.9
72.7
—2.3
70.0
+ 1.4
-
+ 1.8
West North Central
85.1
84.8
85.0
76.6
69.2
63.1
104.2
Fuel and lighting
materials
75.4
+ 1.3
+ 0.9
+ 3.2
74.8
69.1
74.0
82.9
82.2
75.7
83.3
76.4
South Atlantic
60.4
103.9
Metals and metal products
86.0
86.0
0.0
86.2
+ 0.8
77.9
65.4
85.3
71.8
—0.2
77.5
85.2
0.0
85.2
0.0
84.8
+0.5
+0.6
East South Central
78.9
West South Central
79.7
79.6
79.6
75.6
68.6
62.5
104.9
64.8
102.5
80.3
80.2
+ 0.1
Mountain
67.3
79.8
76.8
+0.1
84.9
84.9
80.2
84.7
Building materials
Chemicals and drugs
85.2
67.9
66.4
102.4
Housefurnishing goods
82.2
82.4
—0.2
82.2
0.0
82.1
+ 0.1
67.8
67.8
0.0
67.5
+ 0.4
70.7
—4.1
78.9
78.8
+ 0.1
78.8
+0.1
77.9
+ 1.3
79.6
Pacific
78.6
79.4
73.2
commodities
other than
products and foods...
Miscellaneous
a
The
increase
of
0.6%
in the
composite index is the result of
increases
The Pacific area showed the
1.3%. An increase of 2.1% for Los Angeles
topped the city advances.
In that city, egg prices rose 7.2% and fruits
and
vegetables increased 7.7%.
Increases for other cities ranged from
0.1% in Pittsburgh to 1.9% in Birmingham and New Orleans.
In spite of the general advance, average decreases were shown
for 15
cities, and in Memphis there was no change.
In Salt Lake City, which
showed the greatest decrease, 1.1%, both meats and fruits and vegetables
registered price declines contrary to the general movement for these groups.
Pork and lamb prices fell, and' all fresh fruit prices decreased.
in
every
except
region
the
Mountain area.
greatest relative change, plus
_ .
commodities
All
Preliminary.
farm
The announcement of
Wholesale
was
the
food
result of sharp decreases in
of
Jan.
18
Reported
During Week
by National Fertilizer Asso¬
ciation
The
the
weekly wholesale commodity price index compiled by
Fertilizer Association declined in the week
National
1926-28 average from 78.2 in
the week preceding, with the decline largely due to lower
quotations for foods, farm products and cotton textile goods.
The second week of declining prices following the Agricul¬
tural Adjustment Act decision carried the price index to
the level reached in the middle of December and with the
ended Jan. 18 to 77.5% of the
over
following:
the week period.
The drop
cereal products, meats, fruits, and
other foods including lard, oleo oil, peanut
butter, edible tallow, and vegetable oils.
Prices of bread in New York,
canned string beans, mess pork, cocoa beans, Rio coffee, pepper, raw sugar,
and cocoanut oil averaged higher.
The current food index—82.9—is
approximately 3% below that of a month ago.
Compared with a year
ago, the current index shows an increase of 4%.
A decline of 1.9% was registered by the textile products group.
Cotton
.
textiles,
Wholesale Commodity Prices
2%
vegetables, dairy products, and
and rayon dropped 3.6%; clothing and other
woolen and worsted goods, 0.1%.
goods were 5% lower; silk
Decline in
Jan. 23 also contained the
prices declined
0.4%; knit goods, 0.2%; and
Prices of burlap and raw
Farm product prices
jute were slightly higher.
decreased 0.3% during the week due to falling
prices
lambs, live poultry, eggs, lemons, oranges, peanuts,
and white potatoes.
Higher prices were reported for calves, hogs,
and wool.
The present farm products index—78.1—is 1% above
of grains, cows, steers,
seeds,
cotton
the
corresponding week of last month
and nearly 2% above the corre¬
sponding week of last year.
Declining prices of blankets, pillow cases,
for the housefurnishing
prices of furniture were
The fuel and
and sheets caused the index
goods group to register a minor decrease.
Average
unchanged.
lighting materials group
Sharp advances in prices
increased 1.3% during the week.
of petroleum products
and a small advance in
534
Financial Chronicle
bituminous coal
were
responsible for the rise.
The sub-groups of anthra¬
cite coal and coke remained
unchanged.
stances
Continued advances in wholesale
prices of hides and skins resulted in
the index for the hides and
leather products group rising to
Prices of leather
were
due to
strengthening prices for
terials and mixed fertilizers
Fertilizer
ma¬
this
group remained
at
86.0.
The
country merchants have been
The textile industries have been
reasonably well supplied with orders; the
mining industry remains
and the
sub-groups of agricultural imple¬
group was
unchanged at 85.2% of
lower.
index
of the
Jan.
Jan.
Jan.
Continued
Dec.
Dec.
Jan.
Jan.
18
11
4
28
21
19
20
1936
1936
1935
1935
1935
1934
All commodities
80.2
80.5
80.9
80.6
80.4
78.5
72.3
Farm products
Foods
78.1
78.3
79^3
78.4
77.3
76.7
59.0
82.9
84.6
85.8
85.3
85.3
Hides and leather products
Textile products
79.8
64.6
97.8
97.7
96.6
96.4
96.2
86.8
72.4
72.9
72.8
72.7
70.0
76.4
75.4
75.5
75.6
75.7
74.0
74.2
Metals and metal products
86.0
86.0
85.9
85.9
86.2
85.3
85.1
Building materials
85.2
85.2
85.2
85.1
85.2
84.8
86.5
Chemicals and drugs
80.3
80.2
80.1
80.0
80.2
79.8
75;0
Housefurnishing goods
82.2
82.4
82.2
82.2
82.2
82.1
67.8
67.8
67.5
67.5
67.5
70.7
78.9
78.8
78.8
78.8
78.8
77.9
78.6
Production
Declines
During Latest Week
electricity by the electric light
industry of the United States for the week ended
Jan. 18 1936 totaled
1,949,676,000 kwh.
Total output for
a gain of
9.6% over the correspond¬
ing week of 1935, when output totaled 1,778,273,000 kwh.
Electric output during the week ended Jan. 11 totaled
1,970,578,000 kwh.
This was a gain of 11.2% over the
1,772,609,000 kwh. produced during the week ended Jan. 12
the latest week indicated
1935.
The Institute's statement follows:
PERCENTAGE
Reported
INCREASE OVER PREVIOUS YEAR
West
Jan. 18 1936
Jan. 11 1936
5.1
7.6
9.4
9.0
8.2
10.1
10.7
9.8
8.6
Ended
Week
Jan. 4 1936
11.9
12.7
Week
12.1
10.0
Central
Southern States
13.6
Ended
Dec. 28 1935
12.3
curruencies,
terms of
with
the
exception
21.5
18.1
10.9
11.1
contracts continued active,
11.2
9.6
11.2
FOR
RECENT
Kilowatt-Hours)
months of 1935
of
1934,
has
country
about
were
and about
60%
P.C.
activity in England has followed
1934
1933
1932
1931
1930
I
7
1,969,662 1,743,427 + 13.0
1,619
1,519
1,672' 1,747
1,806
1,983,431 1,767,418 + 12.2
2,002.005 1,787,936 + 12.0
1.847,264 1,650,467 + 11.9
1,644
1,563
1,748
1,841
1,657
1,554
1,770
1,860
1,617
176% of the 1929 monthly
The trend of activity in the British capital equipment industries
average.
and 35.9%
Feb.
1,714
1,495
1,602
1,625
1,484
1,598
1,7171 1,816
1,834
1,713
1,470
1,455
1,652
1,483
1,579
1,684
1,641
1,470
1,545
1.680
8
15
1,760,562
DATA
FOR RECENT
53.0%
in
about
markets
Jan
Feb
.
__
May
1934
7,762,513
7,048,495
7,500,566
7,131,158
MONTHS
Aug
Sept
Oct
7,309,575
Nov
10.5
7,249,732
7,056,116
6,832,260 + 14.0
7,384,922 --13.6
7,160,756
14.5
Dec
7,538,337
85,564,124
.
1,589
1,687
1,826
1,589
1.679
1,809
1,782
1,770
1,542
1,734
1,737
1.717
1,728
1,726
1933
1932
1931
was
6,480,897
5,835,263
6,182,281
6,024,855
6,532,686
6,809,440
7,058,600
7,218,678
6,931,652
7,094,412
6,831,573
7,009,164
7,011,736
6,494,091
6,771.684
7.435,782
6,678,915
8,021,749
7,066,788
7,370,687
7,580,335
6,294,302
7,184,514
7,416,191
6,219,554
7,180,210
7,070,729
7,288,576
7,166,086
6,130,077
6,112,175
6,310,667
6,317,733
6,633,865
6,507,804
6,638,424
7,099,421
7,331,380
6,971,644
7,288,025
7,494,807
7,239,697
7,363,730
7,391,196
7,337,106
7,718,787
7,270,112
7,566,601
80,009,501 77,442,112 86,063,969 89,467,099
Benefiting from Steady Upward Movement
Business, According to Bank of Montreal
"The
states
compared
The
general
United
States,
8%.
Preliminary
figures
for
July 1935, have since ad¬
December
indicate
a
con¬
was
leading
The stock price level
higher than at the end of
The franc recovered to above par early in December as a result
of the
but declined
drastically to below its gold-export point after the failure of
the
Hoare-Laval peace plan.
the
dollar
upper
were
declined sharply,
gold points.
Total
During the week ended Jan. 11, however,
bringing the franc and guilder close to their
of gold abroad during December
materially lower than in any of the three preceding months.
at
engagements
Foreign Trade in December—Imports and
Exports
Washington
in
Department of Commerce
Jan. 22 issued its statement
on the
foreign
trade of the United States for December and the 12 months
ended with December, with comparison
by months back to
1930.
The report is as follows:
on
Exports declined greater than seasonally during December, while
imports,
contrary to the usual seasonal movement, increased.
value of exports as compared with November, of
o
smaller
shipments
of
Imports increased 10%
to
a
considerable
unmanufactured
in value
extent
including crude rubber,
as
tin,
over
result
a
value of exports
17%
tobacco,
November.
of
undrassed
has declined,
The decrease in the
was due
,
cotton,
on
wood
raw
pulp,
Over
a
fruits.
the average,
materials,
copper,
crude
period of years,
about 8%
to
the average,
principally
and
The increase occurred
larger imports of
furs,
petroleum, hides and skins, and vegetable oils.
the total
1936 has opened under favorable economic
the Bank of Montreal in its monthly
"Business Summary" dated Jan. 23.
"The Dominion is
benefiting from a slow but steady upward movement in
business," the bank said, "some industrial expansion and an
increasing volume of external trade, and the important in¬
dustry of agriculture is in a generally more prosperous con¬
dition than at any other time in recent years."
In its sum¬
mary the bank also had the following to say:
year
November in the
as
1934 in all markets except London, and higher than at the end of
1933 in
November
auspices,"
during
1934.
15.6% higher than at the end of 1934.
1930
70%.
Canada
advanced
November
in
(THOUSANDS OF KWH.)
are based on
reports covering approxi¬
of the electric light and power industry and the
weekly figures are
based on about
48.2%
all markets except Paris.
1.718
Note—The monthly figures shown above
mately 92%
and
The Bureau of Statistics of the
7,116.261
7,198,232
6,978,419
7,382,224
7,544,845
7,404,174
7,796,665
8,078,451
7,795,422
8,388,495
8,197,215
June
July
Ch'oe
+8.9
+6.7
+4.2
+5.8
+4.1
+4.9
+ 9.6
6,608,356
77.1% of the 1929 level,
period of last year.
same
leading markets at the end of 1935
P.C.
1935
of
October,
price level
Country's
Month
33.9% in September,
During the first nine months of 1935, the
support given at that time to Premier Laval by the Chamber of Deputies,
1,636
Feb.
Total
1,619
1,611
Feb.
April.
1,426
1,646
1,762,671
1,763,696
March
1,415
1,564
1,781,666
1___.
average, as compared with
in October 1934.
estimated physical volume of trade amounted to
1,638
1,680
1,539
1,676
1,565
1,524
1935
1,854,874 1,668,731 + 11.2
1.970,578 1,772,609 + 11.2
1,949,676 1,778,273 + 9.6
18
consistently upward trend since the late
a
At the end of 1935 the combined index for
security prices in 11
1929
14
11
Agriculture in that
slight decline in the United States and Germany.
21
25
1930.
during
Dec.
Jan.
of
of 1932, and in November 1935, stood at
summer
vanced
Dec.
Jan.
peak
been
seriously affected by the impairment of German con¬
Conditions in Germany toward the end of the year were
further aggravated by a considerable increase in
unemployment.
Building
in five
Jan.
below those in the corresponding period
the recovery period and reached a low
point in
WEEKS
in Millions of Kilowatt-Hours
1934
1936
14%
below the
suming power.
Ch'oe
4
but other branches of industry were forced to
The rise in Japanese industrial activity showed
signs
slowing down materially in the final quarter of 1935.
Building construction awards in the Netherlands during the first 11
Great Britain, Germany, and France, but declined
slightly in Canada and
Japan.
French prices, which followed a generally downward course
Weekly Data for Previous Years-
Week of—
*r
in
•
tinuation of the upward trend in prices in Great Britain and
France, but a
(In Thousands
Deo. 28
Foreign
relatively stable,
were
November,
11.9
Jan.
franc,
curtail operations.
of
with
14.1
)
sharply later in the month.
the
Some recession was indicated in preliminary reports from
Germany, and little improvement occurred in
thpse European countries
comprising the "gold bloc."
In Italy, industries working on government
wholesale
20.5
11.8
Dec.
of
dollars, during December.
Industrial conditions in most of the South American countries
remained
13.3
23.4
1935
con¬
The composite index of nine important commodities
entering into world
trade stood at 51.2% of the 1923-1925
average in
12.6
12.0
Pacific Coast
DATA
During
Industrial Con¬
raw materials declined
slightly in Novem¬
Security prices in the 11 leading markets declined somewhat during
the first half of December but advanced
compared with 75.8% in the
13.6
12.4
*
Rocky Mountain
Total United States.
Business
during October reached
Week Ended
Central Industrial
World
continued upward; unfilled orders were greater than at
any time since 1929.
The combined index of trade for 75 countries
Week Ended
New England
Middle Atlantic
in
by National
during November, according to the regular
38.1% of the 1929 monthly
Major Geographic
Regions
10, as
satisfactory.
.
The Edison Electric Institute, in its
weekly statement, dis¬
closed that the production of
and power
1 to Jan.
World prices of foodstuffs and
ber.
67.5
Electric
slight
monthly report of the National Industrial Conference
Board, issued Jan. 20.
Substantial improvement was re¬
ported in the United States, Canada, Great Britain, Belgium,
Denmark and Australia.
The gold value of world trade rose
during October to the highest point since December 1932,
the Conference Board said,
adding:
81.7
Miscellaneous commodities
products and foods.
a
World industrial production increased for the fourth
76.4
Fuel and
All commodities other than farm
Improvement
November
90.3
71.0
lighting materials
also
was
ference Board
secutive month
1936
-
of the week ending
as
There
to
numbers for the main groups of com¬
modities for the past five weeks and Jan. 19
1935, and Jan. 20 1934:
Commodity Groups
slightly
84,619,782 bushels in the crop year period from Aug.
compared with 73,542,116 for the previous like period.
Bureau
following table shows index
up
fairly stable.
Crude
of Labor Statistics includes 784
price series
weighted according to their relative importance in the
country's markets
and is based on the
average for the year 1926 as 100.0.
The
were
was
Wheat exports,
according to the Dominion Bureau of Statistics, amounted
Cement and structural steel remained
unchanged.
Wholesale prices of cattle feed
dropped 2.5% during the week.
rubber prices, on the other
hand, advanced 3%.
The
maintaining their production satisfactorily.
Wholesale prices
hardening in retail prices.
Wholesale prices of brick and tile and lumber averaged
Prices of linseed oil, rosin, paint and
lumber, on the other hand,
higher.
1936.
Jan. 11, and the price of wheat
building materials
the 1926 average.
were
are
statistical point of view the gains of 1934 and 1935 are
being car¬
a
ried into
steady.
The index for the
of the chief buttresses of the national economy,
one
forestry industries
From
ments, iron and steel, motor vehicles, and
plumbing and heating fixtures
were
The stocks of both turban and
considerably depleted and a generous inflow
of replacement orders is
coming to wholesale houses and manufacturers.
Higher prices of pig tin, copper sheets, and brass tubes were not reflected
in the index for the metals and
metal products group as a whole.
The index
for
and
freely at the special sales which merchants
have been advertising to clear off old
stocks.
unchanged at the level of the preceding
week.
fairly satisfactory
a
of larger volume than in any recent year
was
the public is
continuing to spend
slight increase
certain oils and menthol.
were
The Christmas trade
slightly lower.
x'he index for the chemicals and
drugs group registered a
substantially, and livestock prices have been at
level.
97.8% of the
1926 average.
Jan. 25 1936
In general, th9 index
prices of field products have advanced, in some in¬
from
December, and the total value of imports has declined
approximately 1%
on
.
Exports, including re-exports, amounted to $223,737,000 in
value, com¬
pared with $269,310,000 in November 1935, and $170,654,000 in December
1934.
General imports, which include goods entered for
storage in bonded
warehouses, plus goods entering consumption channels
immediately upon
arrival in the United States, amounted to
$186,648,000 in value, compared
with $169,386,000 in November 1935, and
$132,258,000 in December 1934.
The
excess
of
exports over imports was $37,089,000, compared with
$99,
925,000 in November and $38,396,000 in December. 1934.
Imports for
channels
from
with
consumption,
immediately
bonded
upon
warehouses,
which
arrival,
amounted
include
plus
goods
entering
withdrawals
for
consumption
consumption
$179,344,000 in value compared
$162,808,000 in November 1935, and $126,193,000 in December
1934.
to
Financial
Volume 142
Net gold imports amounted to
pared
with
$210,567,000
GOLD AND SILVER BY MONTHS
$190,010,000 in December 1935, com¬
November.
in
535
Chronicle
Net
of silver,
imports
which
amounted to
the'net imports of gold amounted to $1,739,019,000, which,
after allowance for
even
1,000
declined from 620,244,000 pounds
Exports of unmanufactured cotton
at
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
$35,025,000
at
Exports
170
140
1,960
52,579
Imports
190,180
92,249
1,740,979
1,186,671
190.015
92", 109
1,739*019
769
1,014
18,801
8,711
354,531
102,725
7*697
335" 730
86*174
483,850,000
to
valued
pounds
Unmanufactured tobacco
exported in December 1934.
were
$23,322,000 in
$13,541,000 in
exported 28,609,000 pounds,
exports, which amounted to 67,793,000 pounds valued at
November,
declined
December.
In
valued at
42,061,000
to
valued
pounds
1934 there
December
were
at
$8,798,000.
Other commodities to be exported in smaller quantities than in
November
household refrigerators, and industrial machinery.
included meat products,
Gold—
Approximately 272,148,000 pounds valued at
November
in
$75,062,000
$56,769,000 in December.
(+)
Decreasei—)
1934
1935
1934
1935
imported in any one year in our history.
amount
valued
Increase
;/
the largest
value of the dollar, is
the changed
12 Mos. End. December
December
$59,554,000 in November, totaled $46,833,000 in December.
For the year
—50,798
+554,309
Excess of exports
Excess of imports
Silver—
Exports
Imports
47,603
Excess of exports
1,133*912
+2,250
+251,806
16,551
"
"
46" 833
Excess of imports
Exports of automobiles continued to reflect the influence of the new pro¬
although
schedule,
duction
the
number
of passenger
cars
and chassis
Silver
Gold
exported in December was smaller than in November.
For the year
about
7%
1935
more
as a
In the first four months of 1935 exports were
months, exports were 23^%
than in the last four months of
in
value than
greater than in the comparable
in
any
exceeded the exports of the
1932
1935
1934
1933
1932
1,000
1,000
1,000
1,000
1,000
1,000
1,000
Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars
Exports—
latter year.
Imports in 1935 totaled $2,047,797,000, an increase of
24%
over
1934.
although
the largest comparative gains were made near the end of the year.
Com¬
pared with the first, second, and last four months of 1934, the value of
imports in these periods of 1935 were respectively 163^, 253^, and 30%
They exceeded imports of 1934 in each corresponding month,
363
46
51
March
540
44
April
62
37
49
1,780
166
4,715
6,586
59
August
114
85,375
14,556
81,473
859
1,661
734
209
665
269
967
1,593
1,425
193
1,617
2.885
22,921- 212,229
4,380 226,117
102
1,638
2,404
235
1,865
1,268
1,789
1,741
2,572
828
7,015
433
868
1,316
1,717
23,474
18,067
July
1,547
2,009
1,472
1,551
343
TOTAL
OF
EXPORTS,
86
22.255
58,282
1,424
3,321
76
2,173
260
1,162
2,281
310
34,046
2,957
61
242
16
512
464
875
140
10,815
13
769
1,698
1,014
590
1,260
52,759 366,652 809,528
18,801
16,551
19,041
13,850
1,763
2,097
2,009
1,809
1,890
1,547
1,401
1,288
1,554
2,052
1,305
1,494
September
October
November
December
170
RE-EXPORTS, AND
INCLUDING
GENERAL
12
V
'
..
VALUES
IMPORTS
mos.
end. Dec.
1,960
Imports—
January
Increase
1935
1934
1935
1934
(+)
Decrease(—)
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
170,654
132,258
2,282,023
2,047,797
2,132,800
186,648
+ 149,223
+392,742
37,089
Excess of exports
Dollars
223,737
Exports
Imports
19,085
3,593
122,817 452,622
37,644
16,351
2,12S
855
13,543 237,380
148,670 54,785
19,238
19,271
20,842
1,823
1,693
April
12 Mos. End. December
December
•
149,755
February
March
(Preliminary Figures Corrected to Jan. 1936)
38,396
234,226
477,745
1,655,055
942
60
The total value of imports in 1935 was larger than in any year
greater.
since 1931.
1,611
1,248
3,128
14 107,863
21,521 128,211
28,123
43,909
49,509
16,741
January
February
June
XA% greater
The 1935 total exports were large
1934.
since 1931, and in the last four months they
year
1933
May
And in the last four months, the value was 19
period of 1934.
1934
In the
smaller in value than in the corresponding months of 1934.
2 lA%
1
Most of the gain in exports was made in
than in 1934.
the latter part of the year.
second four
1935
1,000
Period
whole exports were valued at $2,282,023,000, or
May
140,065
June
230,538
11,002
13,501
4,435
5,27.'
10,444
5,431
15,472
20,037
30,230
30,820
2,458
5,386
24,170
21,926
11,602
45,689
20,831
3,494
1,696 20,674
21,756
2,174
1,687 100,872
48,898
14,425
60,065
15,011
4,106
4,083
47,603
8,711
4,977
1,203
end. Dec. 1740979 1186671 193,197 363,315 354,531 102,725
60.225
19,650
156,805
315,424
13,010
210.810 121,199
92,249
190,180
October
November
December
mos.
1,520
1,955
16,715
20,070
27,957
16,287
46,085
July
August
September
12
34,913
1,947 128,479
30,397
14,948
6,769
35,362
1,785
70,291
1,136
52,460
1,497
51,781
1,085
3,585
1,545
Excess of Imports
Month or Period
1935
1934
1933
1932
1931
1930
Exports Including
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Re-exports
January
176,223
February
162,999
March
April
185,064
164,127
May....
165,456
June
170,244
July
173,181
August
172,183
September
198,264
October
221,235
November
269,310
223,737
December
12 months end. Dec..
172,220
162,752
190,938
179,427
160,197
170,519
161,672
171,984
191,313
120,589
154,876
105.217
135,095
131,899
160,119
206,413
194,712
170.654
193,069
184,256
192,638
114,203
119,790
410,849
348,852
215,077
203,970
187,077
153,972
108,015
249,598
224,346
235,899
150,022
101,515
331,732
369,549
320,035
164,808
294,701
266,762
297,765
132,037
180,228
312,207
153,090
138,834
204,905
193,540
184,070
326,896
114,148
180,772
106,830
108,599
144,109
131,473
131,614
288.978
274,856
2,282,023 2,132,800 1,674,994 1,611,016 2,424,289 3,843,181
General Imports—
152,491
135,706
132,753
March
177,356
158,105
170,500
170,533
146,523
154,647
83,748
94,860
88,412
106,869
156,754
136,109
122,197
July
166,832
...
developing economic security for American workers
being voluntarily provided by many employers in all
major industries, stated the National Industrial Conference
Board in making public on Jan. 15 the results of a recent
nation-wide investigation of industrial relations policies.
Aid in
is
This help is supplied through such mediums as guaranteed
employment, dismissal compensation, group life, health and
accident insurance, mutual benefit associations, pensions and
loans to employees, the Conference Board said.
As to its
survey the Board further stated:
The
310,968
281,707
mining,
300,460
finance,
177,354
127,229
142,980
August
169,030
119,513
154,918
79,421
91,102
166,679
September
161,649
131,658
146,643
98.411
170,384
226.352
October
189,265
129,635
150,867
105,499
168,708
149,480
203,593
153,773
208,636
May
...
June..
....
November
169,385
150,919
186,648
132,258
TOTAL VALUES OF EXPORTS OF U.
173,455
174.460
104,468
97,087
133,518
12 months end. Dec.. 2,047,797 1,655,055 1,449,559
179,694
112,276
110.280
128,541
December
survey
183,148
174,946
307,824
284,683
250,343
220,558
218,417
April.
247,367
1,322,774 2,090,635 3,060.908
covered 2,452
Of all the employees
Loans for emergencies are
12 Mos. End. December
1935
1934
Decrease^—)
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
221,200
168,442
2,242,219
179,344
126,193
2,039,102
2,100,135
1,636,003
largely
maintained
Formal pension plans cover
Dismissal
compensation,
+ 142,084
+403,099
concerns,
44 %,
group
health
and
1934
1933
1932
1931
1930
Exports—U. S.
1,000
1,000
1,000
1,000
1,000
three in textile plants, and two
While a
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
January
173,560
169,577
February
160,305
159,617
118,559
146,906
245,727
404.321
99,423
151,048
220,660
342,901
181,703
187,418
106,293
151,403
231,081
April
160,486
176,490
103,265
132,268
210,061
326,536
May
159,788
157,161
111,845
128,553
167,278
167,902
167,815
159,128
169,851
117,517
141,573
109,478
July
104.276
177,025
262,071
161,494
289.869
129,315
106,270
September
195,500
188,860
157,490
129,538
177,382
293,903
307,932
October
218,111
151,035
136,402
190,339
221,200
168,442
189,808
128,975
180,801
270,029
35% of companies with more than 5,000 employees
with 5% of companies employ¬
Likewise,
43%
of the large companies have
formal pension plans as
Dismissal compensation is especially prevalent in the
and
rubber
industries
in
the manuracturing group.
establishments, and petroleum
in
refining head the non-manufacturing group
manufacturing industries in providing
Seventy-four per cent of the companies in the printing
publishing field reported this activity. In seven other industries, 65%
group
or
chemical, printing,
Banks, mercantile
reporting this policy.
Printing and publishing leads the
and
12 months end. Dec.. 2,242,219 2,100,135 1,647,220 1,576,151 2,377,982 3,781,172
Of those employing less than
such policies in force, and of those with 100 to 250
compared with 3% of those with fewer than 100 employees.
285,396
December
in printing and publishing
ing less than 100 workers.
322,676
266,730
190,842
181,291
201,390
November
203,536
192,156
169,740
August
*
higher proportion of large concerns provide group life insurance,
companies make a strong showing.
On the other hand,
312,460
June
199,225
182,797
life insurance.
more
of the companies covered have group
life insurance.
Among non-
manufacturing industries, gas and electric utility companies and banks
Imports for Con¬
ahead in the proportion
sumption
January
168,482
February
152,246
March
175,485
April
166,070
128,976
125,047
153,396
141,247
166,756
183,284
316,705
84,164
134,311
129,804
92,718
177,483
283,713
91,893
130,584
205,690
304,435
88,107
123,176
305,970
147,467
109,141
112,611
182,867
176,443
June
155,312
135,067
123,931
112,509
170,747
314,277
July
173,819
124,010
141,018
79,934
174,559
218,089
August
180,381
117,262
152,714
93,375
168,735
transportation
-
September
168,685
149,893
147,599
102,933
174,740
insurance
companies,
and
gas
and
electric utilities being outstanding in this connection.
137,975
149,288
152,802
196,917
December
179,344
126,193
125,269
127,170
95,898
149,516
201.367
1,325,093 2.088,455 3,114,077
of
Unemployed
Workers
Dropped
by
11,000
During November, According to National Industrial
245,443
149,470
104,662
105,295
171,589
162,808
Number
227,767
189,714
November
communication,
the non-manufacturing group,
282,474
October
12 months end. Dec.. 2,039,102 1,636,003 1,433,013
and
are
of group life insurance policies reported.
Formal pension plans are more numerous in
216,920
May
and
each in the chemical, leather and
provide dismissal compensation as compared
363,079
March
insurance,
employees, 56%.
1,000
Merchandise
accident
and probably
policy to put into operation, was reported by 39 companies.
were in the food products industry.
Six such plans are
100 workers, 48% have
1935
to
products,-machine and machine tools, and gas and electricity industries.
small
Month or Period
workers
employment, a relatively new development
A third of these
its
the
54%.
third of the employees covered.
reported by the metal products industry, three are
Exports (U. S. mdse.)..
Imports for consumption
by
provide benefits when members are incapacitated, cover
the most difficult
Increased-)
1934
For the entire country group
61%.
available to 58%.
associations,
benefit
Mutual
gainfully employed in
$9,000,000,000.
life insurance coverage exceeds
Guaranty of
December
establishments in manufacturing,
included in the Conference Board's study:
Group life insurance policies protect
relief funds protect about a
1935
business
communication, wholesale and retail trade,
and public utilities.
The employment represented by these com¬
transportation and
panies totals over 4,500,000, or 15% of all persons
the industries covered by the survey.
S. MERCHANDISE AND IMPORTS
FOR CONSUMPTION
Industrial Conference Board of
Plans for Economic Security of
National
Extent of Company
American Workers
210,202
185,706
135,520
130,999
131,189
126,522
96,006
February
January
Survey by
Conference Board
The total number of
unemployed workers in November
9,177,000, according to the regular monthly esti¬
mate of the National Industrial Conference Board, made
1935
was
536
Financial
public Dec. 30.
the
This is
decrease of 11,000,
a
preceding month, and
below November 1934.
Chronicle
or 0.1%, from
decrease of 1,032,000, or 10.1%,
a
orders, 192,919,000 feet.
new
All reporting softwood regions
The Conference Board continued:
and
From
October
industrial
groups,
industries,
1,000.
November
to
Trade,
were:
25?000;
1935
37,000:
transportation,
Unemployment
showed
the decreases in
manufacturing and
and
5,000,
increase
an
unemployment,
18,000
in
wood
industries,
domestic
and
in
manufacturing
and
mechanical
industries,
7.9%
shipments
above
production.
hard¬
but
regions
softwood
All
1935;
and all reported
production above last year's week.
Identical softwood mills reported unfilled orders on Jan. 11, the
in
of 35
transportation, 7.1% in domestic and personal service, 4.2% in trade, and
7.7% in miscellaneous industries.
Unemployment increased 4.9% in
equivalnet
days' average production and stocks of 144 days, compared with 24
days' and 145 days'
a year ago.
Forest products carloadings totalled 26,175 cars during the
mining.
Jan.
The following table prepared by the Conference Board
the number of unemployed workers in the various
industrial groups in November 1934, October 1935, and
Western pine, cypress, Northern pine and Southern
11.
reported
all but Northern pine and hemlock showed shipments above
Compared with November 1934 unemployment in November 1935 de¬
27.8%
California redwood
Southern pine,
Western pine reported orders above those of corresponding week of
personal service and 12,000 in mining.
creased
but
Northern hemlock showed orders above production during th3 week
ended Jan.
mechanical
miscellaneous
of
by
1936
25
Jan.
mills, 562; production, 143,053,000 feet; shipments, 164,884,000 feet;
were
11
1936.
above the
This
week of 1935 and 8,000 cars above
same
week ended
4,922 cars above the preceding week; 6,256 cars
was
corresponding week of
shows
November 1935:
Lumber orders reported for the week ended Jan.
wood mills totaled 205,843,000 feet; or
mills.
same
NUMBER
OF UNEMPLOYED
feet,
Shipments
7% below production.
or
Production
Reports from 77 hardwood mills give
Industrial Group
November 1934
Mining
Manufacturing and mechincal
October 1935
423,000
3,995,000
1,354,000
Transportation
Trade
432,000
1,063,000
Industry not specified
500,000
Other industiies.a
296,000
All industries.b
Allowance
since
for
1930
444,000
2,884,000
1,246,000
948,000
988,000
462,000
296,000
8,621,000
7,305,000
7,268,000
workers
new
1,588,000
1,883,000
9,188,000
This group includes agriculture, forestry and fishing, publio
service, and pro"
fesslonal service.
The numbers given are the unemployed workers In
1930, satis"
factory data being unavailable from which later changes in unemployment can be
computed,
b Industrial classification includes 3,188,000 listed as
unemployed in
Board
continued
Says Plans Have Not
any Appreciable Extent
to
Been
Dis-
of
employee representation by which groups of
company
employees bargain collectively with company
management have not been discontinued to any appreciable
extent as a result of the Wagner Labor Relations
Act; this
information is from a rceent nation-wide
investigation of
industrial relations policies by the National Industrial Con¬
ference Board.
The survey covered 2,452 business estab¬
lishments in manufacturing, mining,
transportation and
communication, wholesale and retail trade, finance, and
public utilities.
The employment represented by these
companies totals over 4,500,000, or 15.5%, of all persons
gainfully employed.
In noting the foregoing, an announce¬
ment issued Jan. 3 by the Conference Board also said:
Employee representation plans
or
the equivalent
or
are
in
operation in 751
These
or
abour
concerns
Conference
Board
surveys
relating
to
collective
substantially similar proportions of companies and employees
in
the
employee representation group.
Organized labor
30%
bargaining
were
included
unions
Large companies employ collective bargaining in
employing
survey
sentation,
than
100
trade
do
small
establishments.
10,000
workers
or
Among
more,
38% trade union agreements.
68%
Of the
form
some
the
more
companies
have
in
fre¬
the
employee repre¬
concerns
employing less
12% reported employee representation plans and 5%
agreements.
Iron and steel, automobile and rubber among
workers,
union
manufacturing industries had the largest proportion of employee repre¬
plans.
Petroleum refining products and public utilities in the
non-manufacturing group most frequently reported employee representation.
sentation
feet, and
a
it
year ago
161,803,000
feet,
and
numerous in the clothing,
printing
publishing, and stone, clay and glass products industries in the manu¬
facturing groups.
Transportation and communication, and mining lead
the non-manufacturing industries in the number of labor union
agreements
129,926,000 feet;
Board's
investigation
indicates
that
representation plans and trade union agreements are most
Middle Atlantic and in the East North Central States.
Made by United States Beet Sugar
Companies During December
Deliveries
of
all United
States beet sugar
companies
proportions during December, according to
advices to the New York Coffee and Sugar Exchange from
the United States Beet Sugar Association, as beet processors
made a vain attempt to distribute completely their 1935
quota of 1,550,000 short tons raw value, assigned under the
record
provisions of the Jones-Costigan Act.
the Exchange, Jan.
Deliveries
December,
during
183,427 tons against
December
domestic beet
Total
tons
or
raw
value,
5%,
1,563,141
Jan.
1
best
industry
distribution
about
both
employee
numerous
in the
Operations
Downs—New
Increase
Business
the
calendar
record,
softwood orders being the heaviest booked of
any week since
September, according to advices to the National L_mber
Manufacturers Association from regional associations.
Ex¬
cept for the two preceding holiday weeks, reported production
was lighter than for
any week since early July; shipments
were slightly heavier than the December
weekly average but
lighter than in any week of the previous four months. Pro¬
duction
reported was 30% above that of the previous
holiday week; shipments were 5% above that week; new
orders 10% above.
Reported lumber shipments were 7%
below production during the week ended the
11th, new
orders were 14% above output.
During the previous week,
shipments were 15% above output and orders 35% above.
as
All items in the current week
wood mills in
excess
were
shown
of similar week of
by reporting soft¬
1935, production at
these mills being 48% above last year; new business
16%
above; shipments, 25% above.
The Association's report
further
showed:
During the week ended Jan. 11
feet
of
hardwoods
and
softwoods
booked orders of 212,046,000 feet.
1936,
562
combined;
mills produced
shipped
185,663,000
172,328,000
feet;
Revised figures for the preceding week
of
year
1935,
the
of
short
1,485,612
distribution
Stocks
of
during the
refined
distribution
sugar
short tons
until
1934
aggregated
calculated,
are
as
of
value, which is all that will
raw
the start
which
year,
hand
on
of
harvesting of the
1936
new
♦
Sugar Consumption in 14 European Countries Higher
During First 11 Months of 1935 Than Year Ago
Consumption of sugar in the 14 principal European coun¬
the first 11 months of 1935, January through
tries during
November, totaled 7,132,414 long tons raw sugar value, as
compared with 6,866,542 tons consumed during the corre¬
sponding period in 1934, an increase of 265,872 tons, or
approximately 3.9%, according to European advices received
by Lam born & Co.
The firm announced:
Sugar stocks
5,114,500
increase
hand!
on
tons
of
for these
against
as
countries
4,845,300
tons
Dec.
on
the
on
of
the
for
sugar
starting Sept.
1935
1
14
principal
is forecast at
or
approximately
The
14
amounted
date
in
European
1934,
countries
5,774,000 long
against 6,488,000 tons in the previous season,
as
1935
1
satne
to
an
269,200 tons.
Production
season
a
tons
for
raw
the
sugar
decrease of 714,000 tons,
11%.
countries
included
in
the survey
are
Austria,
Belgium, Bulgaria,
Czechoslovakia, France,
Germany, Holland, Hungary,
Italy, Poland, Spain, Sweden and the United Kingdom.
Signed for
4,000,000 Bags of
Holiday
ShutSince September
Heaviest
history
were
during
in the fall.
crop
After
Lumber mills resumed heavier operation
during the week
ended Jan. 11 1936 and new business made another
value,
raw
the
64,388 tons under the quota assigned and 77,529 tons,
was
for
tons
in
181,019 tons during June 1934.
was
at about 950,000
1935,
short
to
distribution
previous
during
under
tons.
converted
87,061 tons during November and 95,014 tons
The
1934.
An announcement by
18, said:
Contract
Lumber
202,412,000
orders received
and
Deliveries
reached
reported.
Conference
173,232,000
was
117,311,000 feet; shipments were respectively
was
feet, and 174,701,000 feet.
Labor union agreements were more
and
The
587,186,000
Identical Mill Reports
Last week's production of 480 identical softwood mills
have
com¬
panies covered in the Board's investigation.
than
Jan. 11 1936.
of 24 days' average production on similar date a
employ
agreements affecting a portion or all of the employees in 287 of the
quently
of
The 475 identical
the equivalent of 35 days' average production, compared with
feet,
nearly 60% of all the workers covered.
earlier
Jan. 11 1936, give unfilled orders
softwood mills report unfilled orders as 850,513,000 feet on
be available
of the companies included in the Board's
survey.
In
on
Revised.
c
Wagner Labor Relations Act on Employee
Representation Plans—National Industrial Con¬
Plaus
Production was 9,242,000 feet.
856,503,000 feet and gross stocks of 3,557,050,000 feet.
Record
^
business at 6,203,000 feet,
new
reported for the same week were
as
Unfilled Orders and Stocks
of
ference
Shipments
176,421,000 feet.
was
below production.
Reports from 495 softwood mills
9,177,000
a
Effect
17%
or
1,909,000
10,209,000
Census of April 1930.
33% below production.
164,673,000
week were
same
year ago.
census
Total unemployed-
or
7,655,000 feet,
2,909,000
1,251,000
985,000
970,000
463,000
296,000
990,000
Domestic and personal service
November 1935
c
1936, by 503 soft¬
11
17% above the production of the
reported for the
as
Purchase
Coffee
and
from
Irish
Free
State,
Destruction
Current
Crop
of
in
Brazil
Another
step in Brazil's current coffee undertaking, i.e.,
the purchase and destruction of 4,000,000 bags of the current
crop, was confirmed
through a cable to the New York Coffee
Sugar Exchange from Rio de Janeiro, advising that the
proposed contract between I the Bank of Brazil and the
and
National
Coffee Department had been signed, the Exchange
announced Jan.
This
refers
distribution
guarantee the
of
1930;
of
the
15
and
4,000,000
bags
of
the
milreis
to
The
National
having
to be
tax
last
October
would
be
as
the
to
effect
follows:
15
that
milreis
the
to
unpaid balance of the 20,000,009 pound sterling coffee loan
administration of destruction and for repayment
15
destruction.
and the
received
milreis
45
milreis for
indebtedness
Brazil,
prices
the
of
17, adding:
information
to
be
Coffee
set
Coffee
levied
purchased
current
been
National
be
to
signed
by
by
the
Department
to
the
Bank
of
producing States to cover the
National Coffee Department for
agreement
between
the
Bank
of
Brazil
Department completes another step in the program,
in December for payment for the various grades
purchased and grading of coffees having already started.
Increase
Noted
in
Farm
Price
Index
Agricultural Economics from Nov. 15
The
farm
price
index
of
to
Bureau
of
Dec. 15
the Bureau of Agricultural
15, or 2 points higher than on
15, and 9 points higher than on Dec. 15 1934, the
Economics
Nov.
of
was
110
on
Dec.
announced Dec. 30,
of Agriculture
United States Department
adding:
Farmers received
lower prices
and eggs.
All groups of products except
some miscellaneous items, are higher priced
cottonseed
cotton,
corn,
cotton, cottonseed, grain, and
than
a
month for lambs, sheep,
higher prices during the past
veal calves, hogs, wheat, potatoes,
for
rice, butterfat and apples;
year ago.
Dec. 15; hogs
were bringing $8.72 per 100 pounds; corn 53 cents a bushel; wheat 90 cents;
cotton about 11K cents a pound; potatoes 64 cents a bushel; butterfat 33
$8.15 per 100 pounds of lambs on
Farmers were getting
cents
dozen.
is 90 compared with 80 a year
farm depression in the summer of
period 1909-1914 equals 100.
pound, and eggs about 29 cents a
a
purchasing power of farm products
The
and with 50 at the bottom of the
ago,
The five year
1932.
537
Financial Chronicle
Volume 142
all lessors and pro¬
notifying them that if an
Oil Co. of California sent telegrams to
ducers with which it does business
equitable breakdown of the proration figure is applied to
the crude purchasing price base
—20 cents a barrel to $1.10 for 27 gravity Signal Hill and in¬
clude a 5-eent advance in the base price of heavy oil.
The
various fields it will advance
price promised would be the highest since March 1931.
The first area to take official cognizance of California
Standard's
proffer
was
the Huntington Beach
field.
On
meeting to discuss the
Wednesday producers held a special
proposal, but adjourned without certifying a special quota for
the area to be recommended to the Central Proration Com¬
mittee.
piece of oil legislation found its way into the
Congress Wednesday when Representative
Disney, Democrat, of Oklahoma, introduced a bill to limit
oil imports to 43^% of the daily average domestic demand as
determined by the Bureau of Mines.
The bill contains a pro¬
vision for doubling the import duty from I^-cent to 1 cent a
The initial
November Higher Than Year
Ago in All Regions, According to Bureau of Agri¬
Cash
Receipts in
Farm
Economics
cultural
"considerably larger" ca^h
products in November
compared with November 1934, reports the Bureau of Agri¬
cultural Economics, United States Department of Agricul¬
regions shared in the
All farm
receipts from sales of principal farm
Under date of Jan. 16 the
ture.
26% more than in November 1934. Florida
Receipts from marketings
Receipts by States averaged
the
was
the
in
to show ©mailer receipts.
months of 1935 for the United
State
only
11
first
than for the
Bureau said:
showing increased income.
In November receipts from
crops
marketings of many
livestock items were
month in 1934.
Increased
prices. The
prices and the
than offset declines in farm
items were due to higher
livestock
from
receipts
more
crops
except the South Atlantic
and receipts from
substantially larger than in the corresponding
larger
States were 11% greater
period in 1934, with all regions
same
heavy movement of cattle.
continued
cash receipts from the sale
In tiie North Atlantic States
of principal farm
November were 18% more than in November 1934, and the
largest for any November since 1930.
In the East North Central States cash receipts were 19%
larger than
products
in
receipts in November
the
new
incomes
23%.
There were
cattle, lambs, chickens and eggs in all States in
Central
North
West
increased
from
income
In
from
hogs
increase
States the
region, chiefly due to higher prices;
this
in
and to
crop
the
In
marketings of corn from
higher prices for cattle, hogs, chickens and eggs.
1934, due mainly to larger
was
but there was a marked decrease
due to sharply curtailed marketings.
larger marketings of tobacco, cotton,
South Atlantic States
cottonseed
apples more than offset lower farm prices for these commodities, and
income from livestock items, notably hogs, cattle and chickens continued
and
marked
show
to
Cash receipts were up
improvement over November 1934.
23%, and were the largest for any November since 1929.
In
South Central States larger marketings of cotton,
were
especially from
and
increase of 37% in cash receipts which were
and Texas, more than
Oklahoma
mainly responsible for an
offset the lower farm price of cotton
largest for the month since 1929.
In Western States cash receipts were 32% greater than in
the
but most of the Mountain
income
in
increase
cattle shipments.
moderate.
more
was
November 1934,
improvement, due mainly
In Pacific Coastal States the
States show still greater
the continuation of large
to
current session of
gallon.
proposal exemptions from the excise
granted in 1933 to imported petroleum
supplies for vessels would be eliminated.
Under terms of the
taxes
which
were
products used as
Mr. Dismey said tax free imported petroleum products used
as supplies for vessels have mounted from a daily average of
6,835 barrels in the last half of 1932 to a daily average of
18,000 in 1933, 21,000 in 1934, and a daily average of 36,000
in the first 11 months of 1935.
Doubling of the duty undoubtedly would mean higher
prices for domestic fuel oil.
Therefore, it is said in some
circles, the oil would be in a less advantageous position as
contrasted with other forms of fuel.
In
a
dispatch from Austin the Texas Railroad Commission
ordered an increase of 51,391 barrels
discloses that it has
daily in the State's oil allowable for February.
The new
figure is 1,066,992 barrels daily, contrasted with the present
allowable of
1,015,611 barrels daily.
The Commission held
closely to the pattern laid out by the Bureau of
market demand estimate for February in setting the
Mines
alld'Wbelow the Federal figures.
districts follow (in barrels
daily): Rodessa, 500 barrels; Moore County, 1,500; Osborne,
1,000; North Texas, 58,500; Foard County, 500; West
Central Texas, 50,991; West Texas, 134,318; East Central,
49,207; Southwest Texas, 116,329, and Gulf Coast, 163,083.
From McAllen, Tex., it was reported that the Sun Oil Co.
and the Standard Oil Co. of California have jointly leased
the 36,000-acre ranch of Mrs. Margaret Fairbanks, situated
in northern Hidalgo County, for oil and gas exploration and
exploitation.
The annual rental of the property has been set
at $1 an acre, in addition to a large bonus.
A number of
able, which is only 1,308 barrels
The February allowables by
wells will be drilled for testing purposes.
dispatch from McCamey, Tex., records the information
Corp. has ordered the immediate
construction of a 10-inch welded oil pipe line to connect its
A
that the Shell Pipe Line
Wages Reported
Farm
Bureau of
hands
Farm
are
at
Highest Winter Average by
Agricultural Economics
getting the highest winter pay in four
the Bureau of Agricultural
years,
Economics, United States
Department of Agriculture, announced Jan. 16. Day wages,
without board, range from an average of 70c. in South
Carolina
average
The
California.
The
The Bureau continued:
in Massachusetts
$2.50
to
and
for all States is $1.37.
of farm labor was 96.7% of normal
supply
demand
76% of normal.
than
Jan.
on
A seasonal
slight
the available supply of workers
their services, is reported.
in
farm
wage
rates was 94 on Jan.
and with 86 on Jan.
Oct.
1,
was
96.7
of 1935, due to a
and a decrease in the
drop in farm wages during the last quarter
index of
The
But the surplus of supply over
Jan. 1, and the
demand was less
1935.
1
increase
demand for
on
on
Jan.
1
compared
1
a year ago.
with
94.7
1 compared with 102 on
The index of supply of labor
on Oct. 1, and with 104.1 on
demand for labor was 76 on Jan. 1
compared with 80.2 on Oct. 1 and with 66.8 a year ago.
Rates for the
five years 1909-14 equals 100 in this group of index numbers.
Jan.
1
a
The
ago.
year
index of
Pacific Coast
Production—
Standard Oil of California Offers Price Boost for
and
Petroleum
Marketers
Its
Ask
Products—Leading
Curb
in
California
Output—Bill Submitted in House to
Imports—Texas Oil
Allowable Up for
February—December Well Completions Fewer
Curb
in
Curtail
The eyes of
the domestic petroleum industry this week
gathering system in the Hobbs, N. M., field with its trunk
pipe line in West Texas near the Hendrick field.
The new
line will be 41 miles long.
The Gulf Pipe Line Co. recently
announced a similar pipe line construction project in this area.
And from Austin came reports of an accelerated activity
'
The State Land Department has re¬
State-owned submerged lands in Gal¬
Bay, East Bay, Turtle Bayou and Chilquipin Creek.
The total of the bonuses offered was by the highest bidders
was
in the neighborhood of $100,000,000.
The unusual
interest is ascribed to the better status of the industry and
favorable results of geographical surveys.
Daily average gross crude oil production for the country
in the week ended Jan. 18 aggregated 2,833,600 barrels, an
increase of 23,450 barrels over the preceding week, according
to
the American Petroleum
Institute.
Oklahoma con¬
tributed virtually all of the expansion, the flow in that State
being 19,200 barrels ahead of the preceding week.
Production for the nation as a whole, however, was
274,400 barrels more than the calculations of 2,559,200
barrels daily by the Department of Interior for January.
From Oil City, Pa., came the news that oil well completions
east of the Rockies numbered 1,541 in December, a drop of
231 from November.
The initial daily production of the
new wells in December totaled 380,292 barrels.
No new postings were reported this week.
in oil and gas
Prices of
notified the Central Proration Committee of
22% slash, they realized, is quite a drastic reduction and
they were watching to see what progress would be made in
attaining that goal.
A
dropped this bombshell?—Associated
General Petroleum, Richfield, Shell, Standard, Texas and
Union Oil—bought 261,843 barrels of the daily average pro¬
duction of 680,250 barrels daily produced in December.
They added 3,784,106 barrels to their storage, which was
recently calculated as approaching the workable maximum.
Shortly after this announcement was made the Standard
The
group
which
on
veston
turned to the Pacific Coast as the seven leading marketers
California Oil
Producers that they deemed a reduction to 537,000 barrels
daily average in the State is necessary this year to balance
prospective demand.
This is approximately 22% under
current production.
California, the canker sore in the domestic picture, holds
the key to stability in the industry and, consequently,
observers' interest in developments there was well directed.
leases.
ceived 670 bids
Typical Crudes per Barrel at Wells
(AH gravities where A. P. L. degrees are not shown)
$2.45
1.25
1.42
Bradford, Pa
Lima (Ohio OU Co.)
Corning, Pa
Illinois
Western Kentucky
Mld'Cont., Okla., 40 and above
Winkler, Tex
Smackover. Ark.. 24and over
...
1.23
1.23
1.18
.85
75-.80
Eldorado, Ark., 40...—
Rusk, Tex., 40 and over....
Darst
Creek
...
Midland District, Mich
Sunburst, Mont
Santa Fe Springs, Cal.38 & over...
Huntington, Calif., 30 and over
Kettleman Hills. 39 and over
Petrol la, Canada...
REFINED
NEW
PRODUCTS—REDUCTIONS MADE
ENGLAND—NEW
STOCKS
SOAR
DURING
YORK
STATE
$1.10
1.15
.97
1.02
1.23
.89
.82
.90
1.10
IN GASOLINE AT
PRICES
WEEK—KENTUCKY
HIGHER-
GOVERNOR
ASKS CUT IN TAX
Refiners
who had
gloated
over
the general advance in
preceding week were mildly disappointed
this week when independents in the New England and
Pittsburgh areas instituted reductions in service station
quotations of gasoline.
In order to combat this internecine
prices during the
I
538
Financial Chronicle
warfare there
little for
was
the
leading interests to do but
Daily Average Crude Oil Production Gains 23,450
meet the slashes.
Barrels
Price-cutting got under way in the Boston area on Tuesday
independents began to shave their figures.
The
when
Standard Oil Co. of New York countered with
a full cent in
Boston, Taunton
reduction
a
of
City, Jewett City and
New Bedford, Mass., as well as in
Willamantic, Conn.
At
some points in this
territory gasoline is said to be retailing
as low as
93^ cents a gallon.
In the
Pittsburgh area the leading refiners were experienc¬
difficulty and reduced the price of service
ing the
same
station gasoline 1 cent a gallon.
The new prices are 153^
cents for ethyl and
133^ cents for motor grade, both ex¬
clusive of the tax.
On
Wednesday the weakness in the
municated
Fall
to
River
and
structure
Providence.
was
of
no
stability developed.
But while this
gloomy picture
much rosier
a
was
canvas was
8.24 cents.
was
This
was
particularly cheering news, as conditions in this
recently have not' been conducive to optimism.
On
Wednesday the retail gasoline price in Rochester was lifted
34 cent, effective Friday.
In lower Westchester servicestation price was raised a full cent to 12
cents, exclusive of
tax, effective Thursday.
area
Meanwhile, the East
take
a
was
gain of 23,450 barrels
from the output of the
previous week.
The current week's
figure was also above the 2,559,200 barrels calculated by
the United States
Department of the Interior to be the
total of the restrictions
imposed by the various oil-producing
States during
January.
four weeks ended Jan.
barrels.
The daily
undecided
as
to how
Daily
18
Imports of petroleum for domestic
United
a
weeks ended Jan.
ended Jan.
and
124,179 barrels daily for the four
oil at Atlantic and Gulf Coast
ports
for the week
18 totaled
compared with
a
161,000 barrels, a daily average of 23,000 barrels,
daily average of 16,857 barrels for the week ended Jan. 11
and 12,714 barrels
daily for the four weeks ended Jan. 18.
Reports received from refining companies
owning 89.6% of the 3,869,000
estimated daily potential
refining capacity of the United States
barrel
indicate that the
industry as a whole
to stills, on a Bureau of Mines
ran
basis, 2,800,000 barrels daily during the week, and that all
companies had
in storage at refineries, bulk
terminals, in transit and in pipe lines as of the
end of the week,
58,779,000 barrels of finished and unfinished gasoline and
105,137,000 barrels of
gas and fuel oil.
Cracked gasoline production
by companies owning 95.9% of the potentia
charging capacity of all cracking units indicates that the
industry as a
whole,
on a
Bureau of Mines basis, produced
an average
of 550,000 barrels
daily during the week.
DAILY AVERAGE CRUDE
seriously to
OIL PRODUCTION
(Figures in Barrels)
culations
other
active scale.
was
Petroleum
interested in the change made in the Amer¬
Institute's method of
reporting
refinery
statistics.
Previously only figures of-those units reporting
to the Institute, usually
averaging around 90% of capacity,
were included in the
weekly survey.
Now, however, the
whole industry will be included in the tabulation
with the
non-reporting units subjected to estimates.
The first statement under the new
system disclosed an
increase of 1,370,000 barrels in
gasoline stocks during the
week ended Jan. 18.
This brought the figure
up to 32,847,000 barrels.
Trade observers, however, were not alarmed
by the expansion, subscribing to the view that further in¬
will take place before the
heavy spring and summer
consumption period arrives.
creases
Crude runs to stills averaged
2,800,000 barrels daily.
Reporting refineries operated at 75.1% of capacity during
Oklahoma.
cost taxpayers $7,470,695
exclusive of the Federal tax.
Jan.
Week
Ended
11
Jan.
Ended
18
Jan.
19
1936
1936
1935
506,150
486,950
143,350
483.200
498,300
143,200
139,700
58,200
56,700
25,350
146,900
42,900
431,600
67,550
203,500
141,650
55,600
58,800
56,800
56,500
25,400
146,500
47,100
430,500
25,400
153.450
47,150
434.700
66,650
203,500
207,800
60,900
56,900
26,100
154,700
51,600
425,950
57.250
173,700
1,032,700
1,032,050
1,050,300
1,007,100
49,400
130,100
47,950
128,400
44,600
128,150
86,600
132,600
179,500
176,350
172,750
110,100
28,900
98,000
30,000
109,100
42,100
35,850
12,900
4,000
58,000
30,100
109,100
39,050
29,800
105,350
31,950
102,250
33,200
11,300
3,700
59,300
35,450
42,300
36,850
31,100
33.400
12,850
12,800
4,150
58,750
58,100
12,200
3,700
48.400
2,041,400
2,150,000
2,128,150
2,137.150
2,021,700
517.800
683,600
682,000
677.200
509,600
2,559,200
West Central Texas
West Texas
2,833,600
2,810,150
2,814,350
2.531,300
...
East Central Texas
East Texas
Southwest Texas
Coastal Texas
Total Texas.
1,017,200
North Louisiana..
Coastal Louisiana.
Total Louisiana.
Arkansas
Eastern
Michigan
Wyoming
42,200
Montana
Colorado
New Mexico.
Total east of California.
California..
...
Total United States
The levy is estimated to have
in the first nine months of 1935,
18
1936
Panhandle Texas
North Texas
In his first message to the
Legislature, Governor Chandler
Kentucky recommended that the State's 5-cent gasoline
Jan.
481,000
134,000
Kansas
the week.
tax be reduced to 4 cents.
Average
4 Weeks
Week End. Week End
(,January)
refined
products displayed tenden¬
cies during the week.
The cold spell which developed late
in the period was expected to have beneficial effects on
some
lines.
Jobbers are
purchasing water-white kerosene on a
Actual Production
Dept. of
int. Cal¬
lacking.
Miscellaneous
of
855,000 barrels
daily average of 84,857
a
18.
tion,
The trade
18 totaled
daily average of 122,143 barrels, compared with
B, of M.
ican
the
and receipts in bond at principal
use
States ports for the week ended Jan.
barrels for the week ended Jan.
11
at
2,814,350
week ended
Further details,
output for
Jan. 19 1935 totaled
2,531,300 barrels.
as reported
by the Institute, follow:
This report was
to the effect that a strike of oil truck drivers
may develop
here in the next week or so.
Details, as well as confirma¬
more
is estimated
current in oil trade circles.
rumor
were
production for the
average
1936
average
Receipts of California
being painted in New
being presented in New
York State.
Tank-car motor fuel was advanced
34 cent
a gallon at both Rochester and
Buffalo on Monday by the
Standard Oil Co. of New York.
At Buffalo the new price is
8.17 cents a gallon, while at Rochester the revised
figure
England
The American Petroleum Institute estimates that the
daily
average gross crude oil production for the week ended Jan. 18
1936 was 2,833,600 barrels.
This was a
com¬
Although
general mark down was made in the latter city, the incentive
was great.
Slashes were momentarily expected unless some
measure
Jan. 25 1936
66,500
23.500
4,050
Note—The figures indicated above do not
Include any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS, FINISHED AND
UNFINISHED GASOLINE AND
GAS AND FUEL OIL
STOCKS, WEEK ENDED JAN. 18 1936
(Figures in Thousands of Barrels
of 42 Gallons
Each)
Representative price changes follows:
a
a
Jan. 20—Standard Oil Co. of New York lifted
tank car motor fuel
gallon at Rochester and Buffalo.
Stocks of Finished and
cent
Daily Refining
Jan.
21—Leading refiners in
The
prices
new
are
the
Pittsburgh
area
cut gasoline
15K cents for ethyl and 13
1
cent
grade.
Jan. 22—Standard Oil Co. of New York raised
retail price of gasoline in
Rochester ^ cent, effective Jan. 24.
Jan. 22—Standard Oil Co. of New York lifted
retail price of gasoline a
full cent to 12 cents, exclusive of tax, in lower
Westchester, effective Jan. 23.
Jan. 24—Standard Oil Co. of New
Jersey reduced the tank car price of
No. 1 heating oil 24 cent a gallon at Baltimore and
Norfolk, effective Jan.
25.
The new price will be 5J4 cents.
Reporting
East Coast..
612
Appalachian.
154
146
Ind.,IU.,Ky.
442
424
New York
5.185
Camden
$.175
Minneapolis
.183
.175
New Orleans
.175
.20
Philadelphia.
Pittsburgh
.175
-
Boston....
.16
.165
—5.174
__
—
..
...
.22
.205
San Francisco._
15
.17
St. Louis
Chicago
.165
—
.15
.177
05M I Los Angeles..
.0434-.05
| Tulsa
Bunker C
1.651
Diesel 28-30 D
=0334-.04
N. Y.
(Bayonne)
27iplus
$.04
I
-.0424
U. S. Gasoline
Tide Water Oil Co..
Richfield Oil (Calif.)
Warner-Qulnlan Co.
s
Not Including 2%
or
.0724
.0724
.0624
.0734
1.05
5.02J4-.02H
Missouri.
Chicago
New
Texas
Los Ang., ex..
Gulf ports...
Gulf
Republic Oil
Shell East'n Pet..
city sales tax.
,07>4
.0724
.0724
.0624
Tulsa
98
67.1
372
87.7
453
Oil
8,669
920
916
244
800
3,645
770
3,281
605
4,345
8,281
384
84.8
272
70.8
330
48.5
102
63.8
26
170
658
96.8
1,479
581
88.3
3,380
1,106
5,155
2,223
160
680
244
169
163
1,762
96.4
122
74.8
844
No. La.-Ark.
440
214
80
72
90.0
9,674
4,107
56
54
97
60
61.9
44
73.3
959
101
852
752
789
92.6
531
67.3
8,437
2~328
1,225
68,784
3.468
89.6
2,604
75.1
30,490
2,357
18,547
_
Rocky Mtn.
Reported
Est.
Unrep'd
46
63.9
234
607
6,065 102,110
401
196
Jan. 18 '36
3,869
3,869
2,800
32,847
19,465
6,467 105,137
3,869
3,869
2,695
31,477
19,585
6,173 106,115
aEst.tot.U.S.
Jan. 11 '36
a
1935.
Bureau
of
2,434
Mines
918
b33,224 b20,042
basis
currently estimated,
terminals, In transit and in pipe lines.
402
3,027
b As
of
Jan.
b5,339 bl04174
31
1935.
c
At
Weekly Coal Production Above Corresponding Period of
The
Orleans.
5.0524-.0524
.06
-.0624
.O524-.0424
-.0624
.06
05 24-.05 24
weekly coal report of
the United States Bureau of
the total production of soft coal
during
the week ended Jan. 11 is estimated at
8,950,000 net
Mines
Colonial Beacon..5.0724
•
94.8
95.9
4,320
1,236
4,819
1935
Chicago,
I Tulsa
32-36 GO..5.02H-.02J4 I
New York—
71.2
Texas Gulf..
La. Gulf
Terminal
(Above 65 Octane), Tank Car Lots, F.O.B.
Refinery
Standard Oil N. J—$.0724
Socony-Vacuum
I
Refinery
436
5.90
I
Gas Oil,' F.O.B.;
lates
Inland Texas
Jan.
Refinery or Terminal
I California 27 p us D
I New Orleans C
51.05
51.15-1.25 Phlla., bunker C
(Bayonne)
Distil¬
dec. c
Orleans.5.03^-.04
Fuel Oil. F.O.B.
N. Y.
Terms,
fineries
U.S.B.ofM.
Kerosene, 41-43 Water White, Tank Car, F.O.B.
Refinery
(Bayonne).
At Re-
ated
.185
.13
jNorth Texas.$.03H-.03241New
Fuel
Oper¬
age
C.
aEst.tot.U.S.
Buffalo
New"'York
and
Kan.,
California
x
P.
612 100.0
Gasoline, Service Station Tax Included
z( Brooklyn
Newark....»
of
Gas
Naphtha
C.
P.
Aver¬
Total
Stocks
Unfln'd
Daily
tial
Rate
Okla.,
Unfinished Gasoline
Finished
a
cents for motor
to Stills
Poten¬
surrounding territory.
gallon.
Crude Runs
Capacity
District
Jan. 21—Standard Oil Co. of New York
reduced service station
gasoline
full cent to 16.5 cents in Boston and
an
states
that
increase of 740,000
week
preceding.
tons,
tons
over
Production
in
the output
the week
in the holiday
of Jan. 12 1935
amounted to
7,824,000 tons.
Anthracite production in
Pennsylvania
ended Jan. 11 is estimated at
1,245,000
during the week
net
tons,
in
com-
Tin Stocks
1,201,000 tons in the corresponding week of
daily output in the week ended Jan. 11
11.8% lower than that for the five active days in the
parison with
1935.
was
decrease of 1,491 tons during the
increased by upwards
Tin Consuming
anthracite were produced.
This compares with
268,575,000 tons of soft coal and 40,824,000 tons of hard coal
the same
follows:
in
3,385,000 tons,
1934, and the world's output of motor
1934.
5,150,000 in 1935 against 3,737,000 in
was
The Bureau's
period a year ago.
Industries
in 1935 was approximately
compared with 3,079,000 tons in
vehicles
while consumers' stocks
of 2,000 tons.
World tinplate production
sylvania
As compared with the beginning
month.
visible stocks decreased by 3,266 tons
of the year
preceding week.
During the coal year to Jan. 11 1936 a total of 271,816,000
tons of bituminous coal and 39,586,000 net tons of Penn¬
statement
1935, were 13,841 tons, a
The visible stocks of tin at the end of December
The average
produced
539
Financial Chronicle
Volume 142
,
(NET TONS)
COKE
monthly cement report of the United States Bureau of
industry in December
The
Coal Year to Date
Week Ended-
Cement Up 45.4%—
23.4%
December Shipments of Portland
Production Gains
STATES PRODUCTION OF COAL AND BEEHIVE
ESTIMATED UNITED
Mines states that the Portland cement
Jan. 4
Jan. 12
1936 d
1935
Jan. 11
1936
c
1935-36
1935, produced 5,803,000 barrels, shipped 4,514,000 barrels
stock at the end of the month
22,903,000 barrels. Production and shipments of Portland
cement in December 1935, showed increases of 23.4% and
1929-30
1934-35
from the mills, and had in
Bitum. coal: a
per'd 8,950,000 8,210,000 7,824,000 271,816,000 268,575,000 411,838,000
1,712,000
1,137,000
1,122,000
Daily aver__ 1,492,000 el610000 1,304,000
Tot. for
Pa. anthra.: b
Tot. for
39,586,000
40,824,000
167,000
per'd 1,245,000 1,176,000 1,201,000
200,200
235,200
207,500
172,300
57,772,000
243,800
Daily aver..
Beehive coke:
per'd
28,000
31,800
22,300
706,600
633,200
5.033,400
Daily aver..
4,667
5,300
3,717
2,896
2,595
20,629
Tot. for
made Into coke, local sales, and colliery fuel,
b Includes
and dredge coal, local sales, colliery fuel, and coal shipped
established operations.
Does not Include an unknown amount of
coal,
c Subject
to revision,
d Revised,
e Average based on 5.1
Includes lignite, coal
a
Sullivan County, washery
by truck from
"bootleg"
working days.
respectively,
Portland
compared with December
as
stocks
cement
mills
at
1934.
6.8% higher than
were
a year ago.
The preliminary totals for 1935 show decreases,
respectively, of 1.6% and 1.3% from the final totals for 1934.
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 163 plants at the close of
December 1935, and of 162 plants at the close of December
1934.
(IN
WEEKLY PRODUCTION OF COAL BY STATES
THOUSANDS OF NET TONS)
ESTIMATED
45.4%,
TO CAPACITY
RATIO OF PRODUCTION
(The current weekly estimates are based on railroad carloadings and river ship
ments and are subject to revision on receipt of monthly tonnage reports from dis
trlct and State sources or of
Dec. 1935
Nov. 1935
Oct. 1935
19.5%
33.1%
32.6%
29.0%
25.6%
28.6%
32.2%
The 12 months ended...
Week Ended—
Jan.
Jan. 4
State
1936p
Jan. 5
1935p
Jan. 6
Jan. 5
1935r
28
Dec.
Sept. 1935
Dec. 1934
The month
28.1%
27.6%
27.3%
final annual returns from the operators.)
1934r
1929
Avge.,
1923
SHIPMENTS,
PRODUCTION.
a
AND STOCKS OF FINISHED PORTLAND
DECEMBER 1934 AND 1935 (IN THOU-
CEMENT, BY DISTRICTS. IN
SAI^DS OF BARRELS)
2
2
1
1
Alabama
211
165
176
176
296
Arkansas and Oklahoma
106
81
76
66
105
Colorado
164
138
134
127
199
1
1
1
1,154
1,155
1,036
887
1,088
2,111
Indiana
387
338
374
343
300
659
Iowa
100
95
103
78
72
140
Eastern Pa., N.
New York and Maine
Alaska
Georgia and North Carolina
Illinois
-
.
8
s
434
171
160
165
149
129
190
Kentucky—Eastern .b
681
473
551
522
676
607
166
150
193
188
316
240
35
31
37
35
46
55
Maryland
Michigan
11
11
17
15
12
32
Montana
68
65
70
72
59
82
New Mexico
32
26
26
31
41
73
North and South Dakota
62
59
54
75
844
850
457
384
427
448
294
814
1,787
1,503
1,652
1,699
2,056
3,402
93
72
92
70
83
133
Ohio
Pennsylvania bituminous
Tennessee
15
...
Utah
13
13
14
19
74
55
110
109
177
162
192
155
29
36
37
41
74
1,088
1,365
1,288
1,471
475
419
401
483
548
103
104
78
117
*
2
86
6,780
7,372
161
203
Ohio, Western Pa. and W. Va
228
317
Michigan
123
266
90
173
Wis., 111., Ind. and Ky
Va., Tenn., Ala., Ga., Fla. & La.
East. Mo., Ia., Minn. & S. Dak.
510
535
234
349
462
679
425
527
457
677
191
308
Kan., Okla. & Ark
529
552
239
411
1,979
Texas
264
435
186
318
Colo., Mont., Utah, Wyo. & Ida.
100
202
116
142
446
611
California
591
936
502
899
1,345
1,249
Oregon and Washington
185
134
90
103
590
650
4,447
5,803
3,104
4,514
21,452
22,903
W. Mo., Neb.,
Total
1,176
865
1,108
1,388
1,138
8,480
8,488
9,443
13,818
Includes operations on the N. & W., C. & O., Virginian, K. & M.,
and on the B. & O. in Kanwha, Mason and Clay counties,
d Rest of
Panhandle District and Grant, Mineral, and Tucker counties,
California,
Idaho,
Nevada,
and Oregon,
p Preliminary,
r Revised,
s Alaska,
Georgia,
North Carolina, South Dakota included with
"other Western States."
* Less than 1,000 tons.
B. C. & G.,
State, including the
e
Arizona,
Includes
BARRELS)
1935
World
and
Consumption
Above
Previous
of
Tin
During
Year
tin production during
1935 totaled 138,000 tons
amounted to 142,000 tons, according to
preliminary figures contained in the January issue of the
In ernational
Research
Tin
&
Development
4,168
3,053
March
5,257
April
6,544
8,554
8,813
a4,298
6,136
8,222
8,725
8,144
8,021
7,842
7,235
7,173
7,510
a7,093
February
May
-
June
July—
-
August
—
"Bulletin," published by The Hague Statistical Office. This
with 108,637 tons produced and 117,681 tons con¬
sumed in 1934. Although the consumption figures show an
encouraging increase of 20% over 1934 they are still con¬
siderably lower than the record level of 178,028 tons reached
in 1929, it was stated in an announcement issued Jan. 21
by the New York Office of the Council. The announcement
continued:
The prospects for tin
consumption appear favorable for an upward trend
shown in the moving average
consumption graphs of
a
number of im¬
12-month period ended November
1935, the only country for which there is an appreciable decrease in con¬
portant
Considering the
countries.
sumption is France, and this may be due to the transfer of the Saar from
France to Germany in February
was
ara
used
more
The increase of 11.9% in Germany
Notable increases
S. A. 34.7%, Russia 27.6% and Italy 42.3%.
The following table
which
1935.
equivalent to the decrease in Franca.
almost exactly
recorded for U.
gives the consumption statistics for those countries
than
5,000 tons in
the
year
September
5,803
6,675
5,779
4,447
77,682
Note—The statistics
75,917
given above are compiled
ceived by the Bureau of Mines,
a
7,388
8,439
5,674
3,104
19,547
20,762
21,422
7,632
7,813
8,105
7,799
8,794
5,976
8,249
21,600
4,514
1935
1934
2,846
a2,951
4,878
6,198
7,428
3,778
2,952
4,618
6,492
8,784
8,541
7,898
76,471
7,680
December
1935
1934
21,557
21,301
21,852
21,424
21,734
19,972
20,078
21,452
a21,785
21,899
21,289
21,219
21,991
23,083
23,287
22,415
21,783
20,501
a21,613
22,903
74,934
from reports for December, re¬
from all manufacturing plants except one.
Revised.
Council's
compares
as
3,202
3,779
--
Total
while consumption
1935
1934
January
November
Production
Stocks at End of
Month
Shipments
Month
October
World
743
672
BY
CEMENT,
1,968
7,645
mountains
c
1,754
3,366
2,049
2,046
1,717
2,874
1,893
SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
MONTHS, IN 1934 AND 1935 (IN THOUSANDS OF
PRODUCTION,
11,850
Average weekly rate for entire month,
b Coal taken from under the Kentucky
through openings in Virginia is credited to Virginia in the reports for
a
3,951
193
87
8,305
7,100
9,386
1935 and 1936.
1935
403
J. & Md
Production
8,210
Grand total
764
79
912
186
114
States.e
Pennsylvania anthracite
642
791
235
762
Wyoming
Total bituminous coal
1934
1935
1934
1935
3,562
1,681
3,066
1,828
2,089
1,735
2,459
1,134
Northern.d
Other Western
1934
211
29
1,566
Virginia—Soutnern.c
of Month
Shipments
26
64
245
Virginia
Washington
West
,i
76
Texas
Production
District
8
Kansas and Missouri
Western
Stocks at End
93
226
*
under review
(in
tons
Fair Trade in Copper
Lowered to
and Lead—Zinc Inactive—Silver
44% Cents, New York
"Metal and Mineral Markets" in its issue of Jan. 23
stated
buying of major non-ferrous metals last week
was on a smaller scale than in the preceding seven-day period,
demand nevertheless was fair and quotations for copper,
lead and zinc were steady. Movement of these metals into
consumption has been tending upward in the last two weeks.
Tin prices declined further on liberal offerings from the East
and only a modest demand from this country.
The New
York quotation for silver dropped to 44 %c. per ounce, a
new
low for the movement.
Lack of support from the
that though
Treasury was given as the reason for the decline. Owing to
death of King George, London trading in metals was
the
suspended
on
Jan. 21.
The publication further states:
Steady Call for Copper
of
Demand for copper in the domestic market was fair, the sales for the week
2,240 pounds):
amounting to about 8,500 tons, which compares with 11,400 tons in the week
Year Ended November
.
Percentage
Inc.
1935
United States
59,793
United Kingdom
22,240
Germany
10,790
8,235
France
U. S. S. R
Italy
.
_
Other countries
6,929
5,755
25,164
1934
44,375
20,971
9,641
9,333
(+) or
(—)
The undertone was generally regarded as firm.
+34.7%
+6.1%
+ 11.9%
5,432
—■11.8%
+ 27.6%
4,044
23,768
+42.3%
+5.9%
138,906
137,000
117,564
+ 18.2%
131,000
+4.6%
Approximate change in consumers stocks.
+2,000
—13,400
as
soon
as
will start
apparent consumption of copper again overtakes production.
Production in this country from ore and scrap at present is in excess of
55,000 tons a month.
The quotation held at 9.25c., Valley.
The London market strengthened yesterday
covering by shorts.
some
improvement over recent weeks.
The smelter
on
moderate offerings and
Inquiry for the metal from foreign consumers showed
Russia has been an important buyer.
production of copper from domestic ore in 1935, as determined
by the Bureau of Mines from reports of the smelters showing actual pro¬
duction for 11 months and estimated production for December, was 746,000,000 pounds, an increase of 53%
The feeling pre¬
vails in a number of directions that agitation for a higher market
Dec.
Approximate world consumption In manuf
Apparent world consumption
previous.
mated smelter
over
the output of 1934.
The esti¬
production from domestic ore for December, as reported by
540
Financial
the smelters,
Chronicle
The
nearly 94,000,000 pounds, which is almost 60% higher
was
than the average reported for the eleven
Age"
$18.84
remain
preceding months.
a
Lead, Firm at 4.50c.
tons,
resulted in
wider distribution of business booked.
a
One
COMPOSITE PRICES
21 1936, 2.130o. a Lb.
One week ago
One month ago
The buying was well
Steel
beams, tank plates
Based on steel bars,
2.130o.
2.130c.
One year ago
wire, rails, black pipe, sheets and hot
rolled
...2.124c.
__
Low
High
The trade reacted
make
products
These
strips.
85% of the United States output.
diversified among important lead-consuming industries, with February lead
predominating in purchases for the last seven-day period.
steel
finished
and
iron
pig
pound, respectively.
a
AGE"
"IRON
for
Finished
Jan.
smaller scale than in recent weeks, which
on a
prices
and 2.130c.
ton
4,750
total somewhat above the average for a single week's business.
a
composite
THE
Sales of lead during the last week amounted to a little more than
important seller offered lead
Jan. 25 1936
"Iron
1935
2.130c.
Oct.
2.124c.
Jan.
1934
2.199c.
Apr.
24
2.008c.
Jan.
2
un¬
1933
2.0150.
Oct.
3
1.867c.
Apr.
18
changed at 4.50c., New York, the contract settling basis of the American
1932
1.977c.
Oct.
4
1.926c.
Feb.
2
1931
2.037O.
Jan.
13
1.945c.
Dec.
29
1930
2.273c.
Jan.
7
2.018c.
Dec.
9
favorably
the December statistics, and operators seemed convinced that
on
ead consumption is continuing at a
Prices continued
satisfactory rate.
Smelting & Refining Co., and at 4.35c., St. Louis.
A substantial advance in price took place in
attributed to covering by shorts as
which
traced to Russian
was
well
London during the week,
1929
Apr.
2
2.2730.
Oct.
29
business in volume, part of
as new
buying.
1928
2.286c.
Dec.
11
2.217c.
July
17
1927
2.402c.
Jan.
4
2.212c.
Nov.
:
.
•
According to the preliminary report of the United
States
This
ores
in
Jan. 21
with
tons in 1934,
total of 299,841
a
1936, $18.84
of which de¬
furnace and foundry lrohs at
$18.84
One month ago
One year ago
18.84
.
_
Buffalo.
Philadelphia,
17.90
..
Valley
Chicago,
Valley
and
Based on average of basic iron at
Gross Ton
a
One week ago
103,500 tons soft lead and 36,200 tons desilverized soft
compares
1
Pig Iron
1935 totaled about 315,400 tons, of which 175,700 tons consisted of primary
lead.
2.317c.
Bureau of
Mines, output of refined lead in the United States from domestic
desilverized lead,
.
Birmingham.
silverized accounted for 175,073 tons, soft lead 102,024 tons and desilverized
soft lead 22,744
1935
Zinc Holds Steady
Buying of zinc
as
All of the business
booked
was
confident that a
are
May
14
May
1
16.90
Jan.
27
Deo.
5
13.56
Jan.
1933
benefit the situation here.
finally convinced
The
industry is
of Prime Western zinc to consumers
5
13.56
Dec.
6
Jan.
6
14.79
Dec.
15
18.21
Jan.
7
15.90
Dec.
16
May
1929
Steel
Heavy offerings from the East
dominating factor in tin, causing
were the
18.21
Dec.
17
Nov. 27
17.04
July
24
Jan.
17.54
Nov.
4
1
Scrap
Jan. 21 1936, $13.58 a Gross Ton
fBased on No. 1 heavy melting steel.
$13,421
quotations at Pittsburgh, Philadelphia
One week ago
One month ago
Tin Price Lower
prices to decline sharply.
14
18.59
18.71
weekly, a good tonnage under present
Unfilled orders have been reduced to about 42,300 tons.
3
19.71
_
1927
shipping about 4,500 tons
now
Jan.
15.90
-
1928
A higher London market would no doubt
hold.
14.81
1930
buying movement will get under way
16.90
1932
the basis of 4.85c., St.
on
reduce their stocks further and are
consumers
that the price is going to
conditions.
$17.83
17.90
1931
Producers
soon as
5
$18.84
1934.
inactive, sales for the week involving about 1,500 tons
was
of Prime Western.
Louis.
Low
High
Nov.
tons.
13.33
One year ago
(
12.33
...
[
and Chicago.
London dropped from £212 15s. on Jan. 16 to
£207 yesterday on spot.
1935
$13.42
1934
13.00
of the metal.
1933
12.25
Business in the domestic market was quiet during the last
week.
Low
Apr. 23
Sept. 26
6.75
Jan.
3
6.43
July
5
Hioh
The backwardation remains at a little more than
£8, which is considered altogether too great in face of increased production
1932.—
•
10
$10.33
Mar. 13
9.50
Dec.
8
Aug.
8.50
Jan.
11.33
1931
Jan.
12
29
6
8.50
quoted nominally as follows: Jan. 16, 46.350c.;
1930
15.00
Feb.
18
11.25
Dec.
9
17th, 46.125c.; 18th, 46.050c.; 20th, 45.625c.; 21st, 45.610c.; 22d, 44.925c.
1929
17.58
Jan.
29
14.08
Dec.
3
1928
16.50
Dec. 31
13.08
July
2
Chinese tin,
99%,
was
The production of the world, on an ore basis,
tons
amounted to 144,065 long
during 1935, according to the American Bureau of Metal Statistics.
This compares with 113,746 tons in 1934 and
1927
87,972 tons in 1933. t
15.25
The
American
nounced that
cated
Automotive
Demand
Dips but Steel Output Holds at
51%
The Jan. 23 Issue of the
"Iron Age"
steel demand remains spotty, but
stated that iron and
ingot output is unchanged
for
the third week at 51% of capacity and scrap markets
buoyant, with the "Iron Age" composite price for heavy
melting steel up to $13.58 a ton, or 16c. a ton above the high
for last year, reached in December.
The "Age" further
are
states:
The
in
chief
for
cause
hesitancy in the iron and steel market is the recession
production.
operations to four days
the work
to
day by
automobile
volume
are
the
for
rebound
A
March.
which
largely
so
in
motor
far
ahead
the
in
Michigan
cars
which sales
upon
predict
outlook
Rapids,
reflected
die
plant.
shops
equipment
in
Faith
Fisher
programs.
with
and the
Co.
Machine
Detroit.
swamped
literally
Mfg.
Briggs
in
inquiries
tool
Murray Corp.
offices
sales
proposals
for
in
adhering
all
the
over
agricultural
on
the
from
rolled
crops
for
if
products
among
products
will
for
the
finally
Pennsylvania's
be
that
no
since
harmful
felt for
though
many
there
rails
is
been
The
cars.
10,000-car
New
and
be relied
to
upon
to
110,000
tons,
tpns of
steel
awards
New projects total
week
and
tons,
include
Small
lots
announced
steels
of
contracts
result
mills
that
a
Along
are
the
the
13,950
tons
29
The St.
for
38,000 tons
Louis Southwestern
to
been
orders
covered
be
water pipe line.
sold
the
at
been
have
by
extend well
ne\V
in
the
last
tons
New plate projects, totaling 38,000
have
these
25,200
contract.
through
quotations is
abandoned
in
deferred.
Sheet
and
the
strip
their
on
to
against
with
quarter,
prices
prices
mainly
Shipments
this
case
advanced
own
not raised.
seaboard,
and
low
of
importations
foreign
water
prices
of
nails
have been
are
disturbing
quoted at
the
Duluth,
domestic
presumably
shipment.
Philadelphia district,
four points to 46%
five points to
at
66% in
the
and
Louis.
The Pittsburgh rate is unchanged
Wheeling district average at 72%.
the
at St.
barring
49.9 %
record
attained at the
was
expense
each of the two remaining weeks of this
January merely to equal the 66.6% average
in
unforeseen
an
It
is
in
production
the
January failed to
the
first
the operating rate
period it
same
Curtailment in
i
bulge in
since the
exceed
since Jan.
that of
the
1921 when
preceding month.
is three points, while
1
this
commitments
new
depression year
last year
8%.
was
steel
new
time
commitments
is
restricted
mainly to the auto¬
industry, which last week reduced assemblies 3,000 units to 95,000,
below the high point in November-December.
The decline in
8,600
or
production is expected to
is
less
noticeable
industry
as
be at least
the
loss
exhibit
in
whole
a
continue until late February
the
still
the present
of
amount
Practically
tural
to
is
class
confident
than
in
this
year
that
steel appears to
automobile
considerable
moderate
low-price
or
the
early March.
higher,
total
of
the
four
and
other
a
assemblies
severe
will
directions
"Steel's"
scrap
consecutive weeks,
handicap from
the
price
markets
composite,
has again advanced,
so
for
six
still
after
on
a
buying.
reaction
no
in
tonnage,
buoyancy,
be under
been experienced
has
in steel
from
Adjustment Act decision, the farm imprement
industry
90% of normal—the 1928-30 average—with orders
continue
It
and
10% above 1935.
While for
months, and
dealers
stocking
more
the
Agricul¬
operating at
in
hand
to
extensively than in
several years.
Manufacturers'
wire
demand
and buying of wire
products are at the
for any January since "1929.
Steel bar specifications this
larger than in the comparable December period, aided
by heavier
orders from machinery and
equipment builders.
Tin plate is
fairly strong,
but releases for sheets and strip are
definitely lower, resulting from the
letdown in automobiles.
Sheet and strip price
concessions, first granted
highest
month
to
rate
are
Michigan automobile manufacturers, have been extended to
parts makers.
manufacturers offered to
supply parts makers with lower-cost
material.
Cleveland-Lorain
in the South, and five points to 100% at Detroit.
five points to 35%
Buffalo, four points to 78% in the lower Ohio River district, and five
to 50%
Jan.[20
50.4%
51.8%
61.9%
50.9%
52.6%
Automobile
40%
Operations are off three points to 62% in the Valleys,
points
steel
62%
be necessary for
would
The rise in
in
75
limited
16
2
49.5%
49.7% Dec. 23
48.3% Dec. 30
.46.7%
1936—
48.9%
50.8% Jan.
6.....49.2%
49.7% Jan. 13
49.4%
.44.0% Nov. 11
become apparent December's
operating rate of
remaining stationary for
with
compare
Ingot output has risen one point to 53% at Chicago, one point to
area,
it has
An
against 8,350 tons in the previous
Birmingham
not
the
the advances
a
steel
will
prices
as
weeks ago.
for
but
real test of
basis
market,
of
description
lower
expect
products
November,
special
at
tons
tenders Jan.
1,500 tons of rails.
semi-finished
of
in
receive
track accessories.
23,155 tons
17,850 tons two
24,000
will
makers.
steel
29
June
9
Dec.
Dec.
January.
mobile
mill
sustain
Virtually all of the steel
amounting
program,
among
York Central
3,500
Structural
week.
on
distributed
the market for 500 to
in
of
are
The Missouri Pacific
System has obtained court authorization for 1936 expenditures of close to
$2,000,000 for rails and track accessories and nearly $500,000 for freight
of
and
improbable.
jobbers in the South and Southwest.
continue to
July
June
June
June
Deo.
45.8%
53.7%
65.4%
56.4%
55.7%
54 6%
Nov. 25
Jan. 20 stated:
on
is
hesitant,
still
is
July
July
July
July
May
Nov. 18
46.0%
48.1%
48.8%
47.9%
Although steelworks operations last week advanced one point to 62%%,
the improvement so far this month is less than steelmakers
anticipated,
equipment manufacturers
convinced
1935—
44.6% Aug. 5
43.1% Aug. 12
22
29
6
42.2% Aug. 19
13.....43.4% Aug. 26
20
42.8% Sept. 2
27
42.3% Sept. 9
3
39.5% Sept. 16
10.....39.0% Sept. 23
17
38.3% Sept. 30
24
7
37.7% Oct.
1
32.8% Oct. 14
8
35.3% Oct. 21
15
39.9% Oct. 28
22
42.2% Nov. 5
December—and
develop, will
activity pending a pick-up in motor car output.
has
markets,
of
apparently
actually
Apr.
Apr.
May
May
May
"Steel" of Cleveland, in its summary of the iron and steel
invalida¬
Act
have already accrued to farmers
any
wire
Adjustment
Farm
original schedules,
year's
signs of renewed interest
Heavy
Agricultural
buying is subsiding.
decision,
Demand
months.
the
of
effect
their
to
benefits for last
effects
43.4%
47.6%
21
49.5%
28
52.6%
4
52.8%
11
.50.8%
18
49.1%
25
47.9%
4
48.2%
11—.47.1%
18
46.8%
25
46.1%
1
44.4%
8
43.8%
15
44.0 %
month
Concern
are
Apr.
A pr.
new
on
equipment.
tion
Mar.
Mar.
Mar.
and trucks, and those who look
cars
an¬
down¬
further sizable gain for that year.
a
is
early
by
for
four of the largest presses ever constructed at its
Mich.,
their
are
4;500,000
looked
have not been revised
1936
Mar.
Apr.
is confidently
production
car
is installing
Grand
expanding
are
1937
as
long-range
Body Corp.
new
used
of
December.
of total assemblies for
Estimates
ward, still being placed at
as
Feb.
period in
corresponding
Feb.
Feb.
sales
20
Jan.
on
102C_
1935—
7
Jan.
The falling off is generally ascribed
dependent.
Nov. 22
13.08
Institute
telegraphic reports which it had received indi¬
14.
Feb.
halted
has
Detroit
Orders for steel received from the
industry thus far in January are estimated at 20% below the
cars
new
have
at least one manufacturer has reduced
week, and
a
in
makers
car
11
Jan.
Steel
the
1935—
Jan.
Jan.
cut
motor
hour in addition.
one
weather,
severe
of
Most
and
operating rate of steel companies having
98.0% of the steel capacity of the industry will be 49.9%
of the capacitv for the current week, compared with 49.4%
last week, 49.5% one month ago, and 49.5% one year ago.
This represents an increase of 0.5 points, or 1%, from the
estimate for the week of Jan. 13.
Weekly indicated rates
ot steel operations since Jan. 7 1935 follow:
Jan.
automobile
that
Iron
Dec.
at
37%,
Purchasing
of
shape awards of
changed
of
plates
concrete
from
for
pipe,
plain
100
the
a
or
material
more
preceding week.
welded
in
structural
tons
the
pipe line
Colorado
purchased 2,300 tons of plates.
in
the
Los
and
River
has
improved,
week
totaled
Angeles has
6,000
tons
aqueduct
of
while
structural
22,500 tons, little
awarded
31,500 tons
reinforcing steel for
system.
The
navy
has
Financial
Volume 142
Southern
sories;
and
Pacific
40,769
placed
of rails
tons
Illinois Central, 7,600 tons of rails;
1,800
tons
7,000 tons
of
of
fastenings.
steel to repair
1,700 hopper
Ohio
in the market for
U. S. Steel is estimated at slightly over 42 %,
Standard Car
Pullman
and
for the Paulista Railway,
cars
In
raw
near
the
materials, merchant pig iron
December
levels.
Prom
483
tonB
and
spiegeleisen
of
41% two weeks
with the nearest corresponding
I
3,579 tons of pig iron have arrived at Philadelphia.
37;
to
down
to
one
Cleveland,
five
to
45,
seven
67;
to
52%
to
one
New
10
Buffalo
93.
to
steel
price composite
rose
59
+4
44
-3
30
37
-2
17)4
16)4
+5
+1
+ 1)4
54
+1%
+1
18
-1
1932
26
+ 1)4
1931
$13.17.
Steel
ingot production for the week ended Jan. 21 is
placed at slightly over 51% of capacity, according to the
"Wall Street Journal" of Jan. 23.
This compares with
44)4
1930
69
1929
83)4
1928
77
+4)4
+4
+1
+3
1927
76)4
The Week with the Federal Reserve Banks
50
34
1933
daily average volume of Federal Reserve bank credit
outstanding during the week ended Jan. 22, as reported
by the Federal P©serve banks, was $2,485,000,000, un¬
changed from the preceding week and $17,000,000 above the
average for the corresponding week in 1935.
After noting
these facts, the Board of Governors of the Federal Reserve
System proceeds as follows:
On Jan. 22 total Reserve bank credit amounted to $2,477,000, a decrease
This decrease corresponds with decreases of
$57,000,000 in member bank
in
circulation
$6,000,000 in
increases of
and increases
reserve
balances and $18,000,000 in money
of $14,000,000
be
offset in part by
$75,000,000 in Treasury cash and deposits with Federal Reserve
banks and $12,000,000in non-member
accounts.
in monetary gold stock and
Treasury and national bank currency,
Member bank
deposits and other Federal Reserve
balances
reserve
on
Jan. 22
were
purchased
bills
and industrial advances.
holdings of United States Treasury bills
An increase of $5,000,000
was
offset by
in
decrease of $5,-
a
Reserve
-5
72
+6
67
-3
82
-2
72
-2
85
+5
83
68 %
86
System
for the
Preceding
Week
The condition statement of weekly reporting member banks In 101 leading
and
on
Jan. 15 shows increases for the week of $79,000,000 in total loans
investments,
banks,
$71,000,000 in reserve balances with Federal Reserve
$97,000,000
in
demand
deposits-adjusted,
and
$109,000,000
in
deposit balances standing to the credit of domestic banks.
Loans to brokers and dealers in New York City increased $2,000,000;
The statement in full for the week ended Jan. 22, in com¬
parison with the preceding week and with the corresponding
date last year, will be found on pages 578 and 579.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
were as
-1
42
close of business Jan. 15.
000,000 in holdings of United States Treasury notes.
Jan. 22 1936
26
+4
explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks themselves,
and covering the same week, instead of being held until the
following Monday, before winch time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
cities
reported in holdings of discounted and
were
+2
As
estimated to
approximately $3,030,000 in excess of legal requirements.
Relatively small changes
26
48
-■
Complete Returns of the Member Banks of the Federal
The
of $3,000,000 for the week.
Ahi
—1
51
1935
was
lc. to $33.34; the finished
steel index held; at $53.70, while the scrap composite increased 6c. to
Independent
42
1936
1934
England,
U. S. Steel
Industry
1%
Pennsylvania,
eastern
;
and others unchanged.
iron and
"Steel's"
Chicago,
41;
the percentage of production
week of previous years, together with the
approximate changes, in points, from the week immediately preceding:
Youngstown steelworks operations last week advanced two points to 64%;
Pittsburgh,
against 43 % the week before
Leading independents are credited with about
ago.
The following table gives a comparison of
and foundry coke consumption are
Russia,
The
59%, compared with 58% in the preceding week and 54% two weeks ago.
New Haven has ordered 10 diesel-electric locomotives.
Brazil.
;
"Journal" further stated:
3,000 tons of rails
is
cars.
Export Corp., New York, has booked 400 box
51% in the previous week and 48% two weeks ago.
of acces¬
9,600 tone
and
Southern,
Chesapeake &
541
Chronicle
loans to brokers and dealers outside New York
and
loans
on
securities
to
others
City increased $5,000,000;
(except banks)
Holdings of acceptances and commercial
paper
declined
$5,000,000.
bought showed no net change
for the week; real estate loans increased $8,000,000; loans to banks declined
$7,000,000;
"Other
and
loans"
increased
$7,000,000
district and declined $2,000,000 at all reporting
in
the
New
York
member banks.
Holdings of United States government direct obligations increased $65-
follows:
Increase
(+)
or Decrease
(—)
Since
Jan. 22 1936
Jan. 15 1936
$
Bills discounted
and declined $11,000,000 in the Kansas City district, all reporting member
Jan. 23 1935
Bills bought
U. 8. Government securities
banks showing
$
$
—3,000,000
—1,000,000
+ 1,000,000
6,000,000
5,000,000
....2,430,000,000
Industrial
advances
(not Including
$27,000,000 eommitm'ts—Jan. 22)
32,000,000
Other Reserve bank credit
4,000,000
—9,000,000
Total Reserve bank credit
000,000 in the Chicago district and $9,000,000 in the Richmond district,
—8,000,000
...
Holdings of
States government increased
$8,000,000 each in the New York and Cleveland districts and $23,000,000
at
+16,000,000
+1,000,000
net increase of $51,000,000 for the week.
a
obligations fully guaranteed by the United
all reporting member banks.
Holdings of "other securities" increased
$7,000,000 in the Boston district and $4,000,000 at all reporting member
banks.
Demand deposits-adjusted increased $26,000,000 in the Chicago district,
2,477,000,000
Monetary gold stock..
10172000,000
Treasury A National bank currency._2,498,000,000
+14,000,000
+1,864,000,000
+6,000,000
—2,000.000
+ 14,000,000
$15,000,000 each in the New York, Kansas City and San Francisco districts,
and $97,000,000 at all reporting member hanks.
Time deposits increased
$7,000,000 in the Cleveland district and $9,000,000 at all reporting member
Money In circulation
..5.704,000,000
Member bank reserve balanoes
..5,802,000,000
Treasury cash and deposits with Fed-3,093,000,000
+357,000,000
—67,000,000 +1,301.000,000
+ 75,000,000
+ 99,000,000
—18,000,000
Deposit balances of other domestic banks increased $57,000,000
in the New York
district, $10,000,000 in the Chicago district and $109,-
000,000 at all reporting member banks.
eral Reserve banks
Non-member deposits and other Fed¬
eral Reserve accounts
Returns
banks.
549,000,000
+12,000,000
+120.000,000
of Member Banks in New York City and
A summary of the principal assets and liabilities of the
reporting member banks, together with changes for the week
and the year ended Jan. 15 1936, follows:
Increase
Chicago—Brokers' Loans
Federal Reserve System for the New York City member
banks and also for the Chicago member banks, for the current
week, issued in advance of full statements of the member
banks, which latter will not be available until the coming
Monday.
M
#
ASSETS7AND;LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
Chicago
Jan. 22
Jan.
1936
1935
1936
1936
1935
$
$
$
$
$
$
7,906
7,465
(—)
1,985
1,945
In New York City
Outside New York City
Loans
on
securities
to
-
(except banks)
Accepts, and com'l paper bought-_
Obligations
...
...
fully
guaranteed
Other securities—
Cash in vault
912
579
....
26
59
55
31
34
26
728
730
792
149
150
170
173
174
240
15
15
50
128
31
128
36
131
66
15
16
6
6
9
Other loans
1,118
1,127
1,148
260
261
218
U. S. Gov't direct
obligations..
Obligations fully guaranteed by
United States Government.
3,368
3,311
3,179
1.173
1,136
Other securities
395
1,034
272
1,003
90
246
89
238
2,490
63
78
478
1,646
42
74
715
463
36
183
77
508*
484
36
183
77
172
2,074,000,000
366,000,000
1,145,000,000
71,000,000
3,350,000,000
8,567,000,000
—5,000,000
+51,000,000
—158,000,000
—70,000,000
+10,000,000
—52,000,000
+157,000,000
+ 758,000,000
+23,000,000
+4,000,000
+498,000,000
+81,000,000
-
+8,000,000
—7,000,000
—2,000,000
1,158,000,000
3.063,000,000
4,778,000,000
346,000,000
2,366,000,000
+71,000,000 +1,320,000,000
—24,000,000
+ 57,000,000
♦+82,000,000
+357,000,000
13,770,000,000
4,898,000,000
699,000,000
*+97,000,000 +2,219,000,000
*+9,000,000
+75,000,000
—3,000,000
—725,000,000
5,653,000,000
435,000,000
2,000,000
+109,000,000 +1,041,000,000
+ 7,000,000
+803,000,000
+1,000,000
—7,000,000
213
2,509
52
75
473
+170,000,000
+5,000,000
759
401
1,039
+2,000,000
+5,000,000
by
1,568
61
939,000,000
180,000,000
others
United States Government
Loans to brokers and dealers:
$
+79,000,000 +1,393,000,000
Loans to brokers and dealers:
Reserve with Fed. Reserve banks.
893
Decrease
Jan. 16 1935
$
20,913,000,000
U. S. Govt, direct obligations
15 Jan. 23
1936
7,940
or
Jan. 8 1936
$
Other loans
New York City——
Loans and investments—total..
Assets—
Loans and Investments—total
Loans to banks...
(In Millions of Dollars)
Assets—
Jan. 15 1936
Loans on real estate
IN CENTRAL RESERVE CITIES
Jan. 22 Jan. 15 Jan. 23
(+)
Since
Below is the statement of the Board of Governors of the
In New York City.
Outside New York City
Loans
on
securities
to
others
(except banks)
Accepts, and com! paper bought
Loans on real estate
...
Loans to banks
...
Reserve with F. R. Bank
Cash In vault..
,
-
Balances with domestic banks..
Other assets—net.
........
5,785
541
United States Govt, deposits...
162
Inter-bank deposits:
Domestic banks..
Foreign banks..............
Borrowings....
Other liabilities
..........
Capital account
Domestic banks.......
Foreign banks—
Borrowings
5,719
543
197
4,846
611
713
36
95
2,383
400
2
313
2,370
406
309
1,869
135
2
302
1.463
1,461
1,464
1,417
415
<
Jan. 8 figures revised.
♦
78
M
Demand deposits—adjusted....
Liabilities—•
Demand deposits—adjusted—
Time deposits
United States Govt, deposits—...
Inter-bank deposits:
*
Liabilities—
Time deposits....
19
Due from domestic banks
1,416
416
1,202
386
91
98
45
563
659
465
4
4
2
31
34
34
223
222
221
....
League Announces Five-Power Defensive Pact Against
Italy—Great Britain, France, Yugoslavia, Turkey
and Greece Conclude
Agreement—Italo-Ethiopian
Reports of Military Operations Conflict
While conflicting reports of military victories
were
being
issued by Italy and Ethiopia this week, the League of Na¬
tions announced on Jan. 22 the conclusion of a mutual as¬
sistance pact between Great
and Yugoslavia.
Britain, France, Turkey, Greece
The text of the pact was made public by
Anthony Eden, British Foreign Secretary. It provides that
Financial
542
Great
Britain
shall
receive
armed
from
support
of
each
the four other signatories in the event of an attack by Italy,
while similar guarantees are given in return by
Great Brit¬
specifically to Yugoslavia, Greece and Turkey, and im¬
plicitly to France.
The League Committee of Eighteen decided on Jan. 22 to
make an inquiry into the practical effect of an oil sanction
against Italy, and also to study the feasibility of strengthen¬
ing an oil sanction by forbidding members of the League to
transport in their tankers and ships oil from non-League
members to Italy.
On the preceding day (Jan. 21) the
League's Committee of Thirteen decided against Ethiopia's
request for a commission of inquiry into alleged atrocities
ain
for
and
financial
assistance.
further peace move
decided
also
It
against
Chronicle
Jan. 25 1936 '
Spanish Ambassador, suggesting that
would have to raise
ing about
The
the
this
the time might come when
as
formally, Madrid might want to start
Britain
think¬
it early.
Czechoslovak
information
delegate sent the
that
League
note to-night volunteering:
a
full agreement"
There is reason
to believe, though, that Czechoslovakia was not queried directly by Britain
but that Rumania was and gave her pledge, too, but the British thought
with her
it wise to
Mr.
tion
Yugoslavia's
Little Entente allies,
keep their
own
Eden's memorandum
cerned
all
its
Mr.
Eden
not
intend
members,
first
at
Eden's
explained ground that it con¬
the orally
on
to which
British do
inquiries at present, but "others may."
not simply the
of Eighteen,
Committee
the
It is understood
address it.
Others
Mr.
"in
made
was
document to-day to Mediterranean powers.
was addressed to the President of the Co-ordina¬
planned to
make other
to
reply
Czechoslovakia and Rumania.
Committee, significantly,
any
by the League at this time.
issue
Memorandum
Confirm
♦
Italian troops under the command of General Rodolfo Graziani have advanced more than 120 miles since the start of
from France,
Greece, Turkey and Yugoslavia confirming its references to them.
The
only significant passage in the French confirmation is this, which, after
implying that the Anglo-French conception of Article XYI fits all cases,
their
implies there is
An official bulletin issued in Rome
offensive
weeks
several
Jan. 18 stated that
on
It
ago.
also
was
said
that
than
5,000 Ethiopians had been killed in "the greatest
victory in Italian colonial history." On Jan. 22 the Italian
more
government
General
that
announced
Graziani
had
occu¬
pied Noghelli, 240 miles from the starting point of his of¬
fensive.
These war reports were denied at Addis Ababa,
where it was said that Ethiopian troops had made a "stra¬
tegic retreat" before General Graziani, while on another
front
it
reported
was
that the
Ethiopians had recorded
a
later
to
accounts
(Jan.
23
from
Addis Ababa), we
quote the following United Press advices
Many thousands
the
Ethiopian
The
gained
positions,
the
led:
by Has
bulletin
victory,
conditions
the
support
believed
have
and
seized
confirmed
The
the
reports
and
opians
shot
not
specify the location of
Kassa
that Ras
and
his
down
Ethiopian
com¬
captured
rifles
scope
the
League.
The
From
the
battle,
in the vicinity
are
it is
Makale.
of
but
Un¬
added
that
Dejazmatch
bombing plane,
Wodajo's
brinigng
the
had
troops
total
to
14
since
the
on
date
same
the
New
York
"Herald
Heavy fighting, in
massed
continued
military
sets
season
drove south in
power
command,
Selassie's
but
encounters,
with
taken
tremendous
death
One
of
the
detachment
A
most
between
of
of
Ethiopia
or
Italy's
as
East African
with
all
the
be giving
to
fury at
savage
before
raking
intensive aerial bombardment.
Hand-
of
views
army
armies,
fights"
near
Marshal
Pietro
did not in any
obligations publicly
common
note
y
•'
adds
of
that
Greece
friendship
■
way
charges,
said
were
of
the
war
numbering
have
to
to be
reported
was
about
12,000,
and'
a
Makale.
Badoglio,
Commander
chief
in
of
said:
respect
assumed by
"One hundred and
A
did
explained
Italy
to
relieve
not
Greece
have submitted to
arms.
her
Dolo), already has adopted certain political and military
'
Interest
Centered
in
developments
two-day session of the members of the Board of the
was
concluded
lined
the
in
the
in
all currencies.
It
noted in the
"Times" advices that the meeting
by the President, Dr. L. J. A. Trip, of
the Netherlands, and was attended by Montagu Norman of
Great Britain, Jean Tannery of France, Dr. Hjalmar Sehacht
of Germany, Vincenzo Azzolini of Italy, Louis Franck of
Belgium, Professor Gottlieb Bachmann of Switzerland and
others.
In part, the wireless message from the "Times"
correspondent, Clarence K. Streit, continued in part:
was
presided
concern
over
about the dollar, which is very general,
European bankers'
will
judge it
include
their less well-informed
alarming than they do.
more
AAA
the
arises partly from
judgments of the Washington situation and perhaps
from their fear that
more
The
decision, the silver policy,
reasons
financial
the
5-Power
defensive
pact as
follows:
memorandum shows
Britain has enjoyed since Oct.
18 a
pledge of France's "unlimited solidarity of action in the matter of
military, air and naval assistance." The pledge was given, the French
government said, "in the clearest and most precise manner in the concrete
written
contemplated
case
the
by
Ambassador, that is to
by
of the
reason
taken
French
XVI,
note
most
say,
latter's
by the League of
The
Article
There does not
devaluing
the House's passage of the
Paragraph
communication
from
the
British
Britain
the
in
international
under¬
action
3,
Britain
stresses
the League
of
to be much fear among
will be used just
But to them this
now.
.
.
the bankers here that the
to be the
seems
ment.
last resort if the Court's other decisions
as a
They remember, too, that it is
prosperity
the British
a
cause
prices to fall
other way to halt this move¬
Presidential election year and that
the illusion of it is everywhere the best campaign argument.
or
There is
no
no
talk of permanent stabilization and
policy in this respect.
The British
no
sign of any change in
seem
rather to think that
the AAA decision and the silver policy proved they were right in
resisting
be
strong American
pressure to
basis for stabilization
no
States.
They
so
long
stabilize
as
on
the ground that there could
anything might happen in the United
it is not the American situation itself that is disturbing,
say
but the fact that such things as the sudden Court destruction of
so
thing
"utterly
as
the AAA and the way the silver policy has developed
are
big
a
incomprehensible" to the average European.
though they
may
The figures involved, even
be relatively small, these authorities add, are so much
greater than those to which the European is accustomed that they frighten
him more.
Nations."
Great
to
recent
possible attack by Italy upon Great
a
collaboration
power
seem
only New Deal law the Supreme Court has held constitutional and they
recent
British
The
publics
given for this fear
Bonus Bill, the budgetary situation, the uncertainty about prices, the
right that the President retains to devalue again overnight and to a less
degree the possibility of credit expansion and inflation. '
disastrously and the Administration finds
tbe
of
Jan.
using it
"Chronicle"
announcement
on
to reorganize
measures
Halo-Ethiopian war were
of Jan. 18,
page 381.
A
Geneva dispatch of Jan. 22 to the New York 'Times" out-?1
to
Dollar—
hold, therefore, that they cannot overlook the possibility of the President's
the territory of the tribesmen of Galla Borana."
Recent
Greco-
covenant
(northwest of
the Somaliland front General Rodolfo Graziani, at Neghelli
referred
the
that
of
13, their private talks showing, according to Basle advices
to the New York "Times" that while concern over
Italy
has not lessened, the chief interest at the moment is in the
weakness of the dollar and, above all, in the effect any
development thereof might have on the pound and, therefore,
A division of Black
fourteen minor chiefs and their followers
political authorities at Gheralta and surrendered their
"On
beyond
go
all members of
.
"Heavy lighting began on the Eritrean front yesterday.
Shirts are engaged particularly in the serious lighting.
our
XYI of the
.
Bank for International Settlements
even
division,
of Article
They cannot, therefore, give rise to any surprise or misunder¬
the part of international opinion."
' f
on
treaty
The
bayonet
"finish
Shirt
Kassa's
from
resisted
toll.
vicious
Ras
communique
Italy's
front
desperate onslight before the rainy
a
Italy
an
frequent
Black
a
by
fire and
gun
to-hand
raging
warriors
said
were
artillery and machine
a
reported to have been killed
are
the northern
on
in.
Emperor Haile
their
which hundreds
to-night
third paragraph
No Talk of Permanent Stabilization
was
Tribune" advices said in part:
wounded,
the
Meeting in Basle of Directors of Bank of International
on
Rome
the
of
Greek
Italian
much
started.
war
embodied in
"Moreover, these exchanges
the
numerous
and
momentarily.
communique
tri-motored
a
army
regarding mutual
possible application of the undertaking
covenant.
"great battle"
a
the Italian garrison at Makale is encircled by Ethi¬
say
fall
may
official
of
as
which is
obligations.
an
Kassa,
said,
did
communique
United Kingdom memo¬
the
fully to inform members of the Committee of Eighteen
Kingdom and French governments' conception of the scope and
ammunition.
The
for this to surprise Germany:
statements contained in
Settlements—Chief
Ethiopians
separate notes
by
Monday [Jan. 20] and in which
smashing
a
such
are
followed
was
of the United
to-day.
victorious
important
has
army
said
:
of Italian soldiers have been killed in
which has raged on the northern front since
munique
randum
no reason
definite
very
standing
great victory at Tembien.
As
"The
memorandum
that
this
interpretation
is based
covenant
on
of
assurance
The
news that the Swedish Government,
although increasing its arms
expenditures, intends to reduce its income tax considerably to stimulate
that the British have given to France that they "will not take the initiative
business
in
Swedish Government is Socialist.
any
sions taken
The
the
memorandum
conversations
countries
—read
Italy which would not be in conformity with deci¬
be taken by the League in full agreement with France."
to
or
British
"and
two
against
measure
which
explains that these Anglo-French conversations
between
they
the
naval,
Germany—to suggest that they
Mediterranean
Britain
but
"also
military and air staffs
have naturally entailed"
with
the
led
"certain
concerned not
were
Northeastern
frontier
of
the
quarters"
entirely
to the
the staffs
Mediterranean
France."
which have taken place have
The memorandum
of
of
their
The
Greece,
readiness
vagueness
of
inquiry occurred
The
three
says
contingency."
that "early in December" Britain made the
Turkey
and
faithfully
to
tends
before
even
the
informed
countries
on
says,
informed Italy presumably
conversations
Led
antees
by
21
had
Turkey,
from
and
later
taken
to
all
whose
Hoare-Laval
France
previous
the
Of
that
Downing
the
of
reports
action,
the
inquired.
time
no
same
doubt
"of
the
The
on
the
bankers,
both
short
especially
and
explanations by Mr. Franck of the
as
devoted
the
to
success
of the
Belgian conversion and by Professor Bachmann of the Leu bank
mora¬
torium in Switzerland.
this
memorandum
The
fact"
Moratorium for Leu & Co. of Switzerland
Reporting the announcement that one of Switzerland's
leading banks, Messrs. Leu & Co., of Zurich, have been
granted a three months' moratorium by the Swiss Federal
Council, the London "Financial News" of Jan. 3, in advices
from its correspondent at Basle, Jan. 2, added:
The moratorium takes effect
French,
that
from to-day.
the moratorium is
only granted if liabilities
came
are
into force
on
March 1,
fully covered by assets and
if service of interest is not stopped.
Economic Events
it
staff
as
According to the Swiss banking law, which
In giving a reason for having applied for
a
moratorium, the bank points
1935 and Already in 1934 cash bonds
amounting to 42,000,000
Swiss francs became due for redemption, and another
20,000,000 francs
falls due during the next four months.
out that in
and
Greece
memorandum
Street
good impression
meetings to-day and yesterday were
covenant.
that
place.
asked
does
not
British deny a formal inquiry was made at Madrid.
ever,
"left
deal.
she had
about this
replies
obligations"
confirm
Italy after
Yugoslavia
Britain.
apply
date
the
adds,
Dec.
Yugoslavia,
a
routine aside from the
This
been confined
Other Countries Agree
inquiry
made
only with the
of
categorically denies, affirming in carefully chosen words that "the
conversations between
The
has
informally
discussed
and
got
mention
reciprocal
guar¬
Spain, and
the
They admit orally, how¬
the
question
with
the
Political and economic events made it impossible for the bank to take
up
loans or arrange conversion loans.
Despite all
new
difficulties, the bank
obligations, without having to take emergency
has been able to fulfil all its
steps such
King George's reign will
character,
giving notice to existing mortgages.
as
543
Financial Chronicle
Volume 142
which
his personal
unconquerable
that of
down to posterity, not because of
go
by
over-shadowed
was
apparently
an
shyness, but because it probably has seen more history made than
Heavy
In the recent past, however,
deposits became
so
Withdrawals
any
withdrawals from current accounts and of
Difficulties
high that cash resources diminished rapidly.
also caused by frozen assets in Germany,
were
which were valued at 75,-
000,000 francs.
will be able to reorgan¬
The directors of Messrs. Leu & Co. hope that they
ize the bank by the
time the moratorium has expired.
moratorium applies to all
Leu
Messrs.
Co.
&
liabilities, but there
Switzerland's
are
In principle, the
certain exceptions.
are
oldest
banking
concern,
King Edward
Hs older
brother, the Duke of Clarence, died in 1892, leaving George heir apparent
to the throne. On July 6 1893, he married Princess Victoria Mary, daughter
of Francis, Duke of Teck, and Princess Mary Adelaide, Duchess of Teck.
VII,
The
May 6 1910.
on
King
He
was two years
and peace.
the death of his father,
on
the second son of King Edward.
was
older than the Queen.
George ascended the throne at
being
The share capital is 40,000,000 francs.
established in 1755.
of his predecessors.
George succeeded to the throne
prosperity
time of England's greatest
a
Belgium was
Four years later the world was plunged into war.
Britain
aid her
invaded; Russia and France mobilized; and on Aug. 4 1914, Great
declared
Germany and her allies, in support of her pledge to
war on
weaker neighbors.
Death of King George
Throne
Takes
Monarch
on
Edward
as
of
Late
by Repre¬
Roosevelt
of his reign.
The Prince of
Wales, who is 41 years old, succeeded his father as King
and
Emperor, and the accession proclamation was formally
people
will be held
on
The funeral of the late King
Jan. 22.
every
important country.
the title of Edward VIII.
of
assumed
The
new
Coronation
are not expected to be held for at least nine
months, which has been set aside as a formal period of
mourning throughout the British Empire.
George V was 70 years old at the time of his death, which
resulted from an attack of bronchial catarrh and a weakened
heart.
He was taken ill suddenly on Jan. 17 while at his
castle in Sandringham.
He ascended to the throne in 1911,
after the death of his father, King Edward VII.
Almost
all security and commodity markets throughout the world
paid tribute to George V on Jan. 21.
All markets in Great
Britain were closed, while in the United States and other
countries trading in most markets was suspended for a short
ceremonies
time.
on
House
The
session
of
Representatives
held
only
a
brief
Jan. 21 and then adjourned out of respect to the
King.
were
among
It is with deep sorrow that
I learn of the death of His Majesty, your
father.
I send to you my profound sympathy and that of the people of the
United
States,
affection he occupied
whose respect and
in
a
days and his passing brings to me personally a special sorrow.
To Dowager
Queen Mary the President cabled:
Roosevelt and I extend to Your Majesty and to the members of
Mrs.
an
family our heartfelt sympathy and join you in mourning the loss of
whose high
qualities of kindness and wisdom have been so powerful
influence for universal peace and justice.
The President also sent condolences to the heads of the
British Dominions.
The following message to
Lord Tweedsmuir, Governor-General of Canada, was typical:
various
Upon the sad occasion of the death of
to Your
His Majesty King George, I offer
Excellency and to the people of Canada on behalf of the people
States, and in my own name,
United
of the
expression of profound
an
message
I wish to express to you my
sincere sympathy and that of the government
of the United States in the passing of
lost
a
His Majesty. The British people have
valiant leader and untiring worker for their welfare and happiness.
Mr. Hull to the Prime Min¬
isters of Australia, Canada, New Zealand and the Union of
South Africa and to the President of the Executive Council
Similar messages were sent by
of the Irish Free State.
Davis,
funeral
on
Jan. 28.
designated Captain Walter S. Ander¬
son, senior naval attache at London, and Lieutenant Colonel
Raymond E. Lee, senior military attache, to serve as aides
to Mr. Davis.
Ambassador Robert W. Bingham is now on
his way to this country.
It is stated that since time is
lacking, it is impossible for the President to send special
representatives across the Atlantic.
United Press
advices of
scribed the death of King
Lord Dawson of Penn,
Jan./20 from Sandringham de¬
George in part
follows:
America
has
learned with
House.
70-year-old monarch passed away peacefully at Sandring¬
His heart, weakened by bronchial catarrh, no longer could
stand the strain.
King
public was
His last appearance in
Wednesday, (Jan. 15) when he rode his favorite white pony
was
taken ill suddenly Friday, (Jan. 17).
He had been in delicate health since
1928 when he contracted bronchial
Only a "miaracle" of medical science saved his life then.
the presence of Her Majesty the Queen, the
"Death came peacefully in
Prince of Wales, the Duke of
Duchess
of Kent,"
York, the Princess Royal and the Duke and
the official physician's announcement read.
o'
His Majesty
people in the loss of their beloved
George V, and sympathizes with his
requested to com¬
Resolved, That the President of the United States be
House of Representatives to the
municate this expression of sentiment of the
government of Great Britain.
Resolved,
That
as
George the House do
The
of King
of respect to the memory
further mark
a
adjourn.
now
New York State Assembly on
Jan. 20 adopted the
following resolution expressing its sorrow on the death of
King George:
with
and,
"Whereas this monarch by his modesty, simplicity of life and love of
mankind has won ths respect and admiration of the entire world during his
State of New York has learned
"Whereas, the Assembly of the
profound
of the death of His Majesty, King George V,
sorrow
reign of more than
profound
a quarter
of
a century;
the Assembly of the
That
sorrow on
therefore be it
State of New York records its
the death of His Majesty, King
George V, and expresses
Dominion of Canada and the other
its deep sympathy to the citizens of the
subjects of his late Majesty ;and be it further
"Resolved, That the Clerk of the Assembly be directed to
this resolution suitably
send a copy of
engrossed to the Governor-General of the
Dominion
of Canada."
The new King, Edward VIII, attended a meeting of the
Privy Council at St. James's Palace in London on Jan. 21
and made the following formal declaration:
"Your Royal Highnesses, My Lords and
It
was
Gentlemen:
Nations has
devolved
upon me the duty of sovereignty.
I know how much you and all my sub¬
jects, with, I hope I may say, the whole world, feel for me in my sorrow, and
I am confident in the affectionate sympathy which will be extended to my
"The irreparable loss
sustained
which the British Commonwealth of
by the death of his Majesty, my beloved father, has
dear mother in her over-powering
"When my father stood here
grief.
ob¬
In this I am
he did through¬
26 years ago he declared that one of the
jects of his life would be to uphold constitutional government.
determined to follow in my father's footsteps
out his life for the
and to work as
happiness and welfare of my
subjects.
and affection of my peoples through¬
empire and upon the wisdom of their parliaments to support me
and I pray that God will guide me to perform
this heavy task,
"Wall
The
effect of the
of Jan.
Journal"
Street
King's death
on
in
it."
22 summarized the
markets throughout the world
follows:
as
Direct effect upon the
world markets in the death of King George was
indicated at such scattered points at New
when the gong
one
York, Paris, Bombay and Chicago.
trading for one minute of strict silence
In Paris, the Bourse, which suspended
sounded 1 p. m., had a quiet day.
trading day, certainly in recent years, and at 12:15
completely suspended.
Duluth grain markets.
Cotton
Exchanges
Exchange closed at 11 o'clock.
closed at
1 p. m. and the New York
York Coffee &
Securities
The New
The New York Cocoa Exchange
York Cotton Exchange closed at noon.
minute periods
o'clock trading was
This action was followed by similar suspension in
Kansas City, Memphis and
Commodity Exchange and the New
Sugar Exchange suspended trading for 15-minute and 30-
respectively at 11 o'clock.
and
commodities
markets
The Winnipeg grain market was
at
also closed.
Montreal suspended business.
In Toronto the markets were
but are expected to suspend on Tuesday, the day of the royal
open,
E
In Chicago, the Board of
trading had dwindled to possibly a new low record for any
ven
the foreign exchange markets
nification of respect.
ended.
London
was open
funeral.
participab d in the worldwide
sig¬
for a short time in the morning, and
transactions were completed,
after which all London dealings
New York, Paris, Amsterdam and other markets naturally felt the
trading.
We also quote in part from a London dispatch of Jan. 21'
to the New York "Herald Tribune" describing events after
the
death of George V:
Edward VIII, Great Britain's new King, began his reign boldly to-day by
flying the 100 miles from Sandringham, the royal residence in
him successor to George
The first
V
as
Norfolk, to
Privy Council, which formally proclaimed
titular ruler of one-quarter of the world.
King of England ever to travel in an airplane, the 41-year-old
unmarried sovereign followed this touch of modernity by taking the oath
of accession before the Privy Council in a ceremony
back to medieval times.
both
The oath
was
of pageantry dating
taken in St. James's Palace.
After¬
Houses of Parliament convened in special session to pledge
signed by Lord Dawson of Penn, the King's physician, and both his asso¬
ward,
ciates.
loyalty to the new ruler, 59th King of England.
of the United States
profound sorrow of the death of
London for the meeting of the
outside Sandringham grounds.
pneumonia.
400,
sovereign.
effect of diminished
himself to the Prince of Wales.
Majesty," ha said, "your father is dead."
The beloved,
The
House Resolution
Resolved, That the House of Representatives
necessary
the King's physician since 1907, solemnly an¬
nounced the King's death, addressing
"Your
as
Jan. 21, the House of Repre¬
on
adopted the following resolution:
In New Orleans, the Cotton
The President also
ham
During its brief session
sentatives
Trade reported
22 President Roosevelt
designated Norman H.
American Ambassador-at-Large and head of the
United States delegation to the London naval conference,
to be a special representative of the United States at the
On Jan.
of restoring
He went about his job
King George and Queen Mary celebrated their silver jubilee last summer.
out the
to Prime Minister Stanley Baldwin of Great
Britain, Secretary of State Hull said:
a
to the task
King George returned
ended,
vigor and bravery that belied his years.
"I place my reliance upon the loyalty
sympathy in the great loss which you have suffered.
In
a
war
prosperity to his weary, war-torn empire.
high and
I had the privilege of knowing His Majesty during the war
unique place.
one
the
"Resolved,
the first to send condolences
after the announcement of the King's death.
President
Roosevelt sent the following message to the new King:
Heads of State
your
score
calm and
with
seeking con¬
visiting hospitals
and working 15 hours a day. He sent his eldest son, the Prince
the theatre of war. He himself made several visits to the front.
remarkable example, leading all charity moves,
Jan. 28 at Windsor and will be attended by
representatives
monarch
on
a
When
King George V of England died on Jan. 20 at Sandring-
read to the
He set
by the
and during the early
thousands milled round Buckingham Palace
war
King George did not fail them then or later.
of Wales, to
Among Those Sending Condolences
ham, England, in the 25th year
Th8 nation turned to its ruler in this time of trouble,
days of the
fidence.
Nations—President
All
Will
VIII-—Funeral
Be Attended
28
Jan.
of
sentatives
V of England—Prince of Wales
Financial
544
.
.
.
To-night the King called at Buckingham Palace to visit his younger brother,
by
the
and
requested
Guaranty Trust Co. of New York, respectively, when
Trust Co. and
King Visits III Brother
King Edward is expected to return to Sandringham to-morrow.
Jan. 25 1936
Chronicle
holders
stamped
of
of charges
payment
bonds,
upon
issuance of
the
covering
surrender of such stamped bonds
bonds.
new
the Duke of Gloucester, who has a sore throat.
The
King probably will remain at Sandringham until Thursday, when
his father, who died ot
bronchial catarrh at Sandringham House at 11:55
London to lie in state in Westminster
o'clock last night, will be removed to
King George would be held next Tuesday in St. George's
in Windsor
Chapel,
Castle, long the seat of British sovereigns.
,
George V Borne to Church
King
whose death
Goorge,
70
at
drew
of condolence from
messages
foreign governments in all parts of the world to-day, was borne to-night
by members of the
Grenadier Guards from Sandringham House to the
Church of St. Mary Magdalene, in Sandringham,
which he often attended.
He will lie there until Thursday.
Barclay's Bank of London Sees
in Stability of Currencies as
Tending to Prevent Revival of World Trade—
Stability of Pound Sterling Regarded However,
as Helpful in Development of International Trade
Tuke
F.
William
of
Confidence
Lack of
Gibson and
It was announced to-day that
Hall, adjoining the Houses of Parliament.
funeral services for
Departure of American Delegation to German Stand¬
still Conference—Mission is Headed by Harvey D.
Addressing the 41st annual general meeting of Barclay's
Ltd. in London on Jan. 23, William Favill Tuke,
Bank
there is now a
revival among many nations of that feeling of insecurity,
which accentuates the tendency towards economic national¬
ism, and thus postpones the benefits which would result from
a more liberal trade policy."
Mr. Tuke went on to say:
long period of peaceful endeavor,
a
between the dollar and the "gold bloc" currencies,
which resulted from the devaluation of the dollar, also persists, and doubts
Under
the Atlantic,
thus further increasing the enormous
stocks of the metal held in the United
within
On the other hand, the stability of exchange quotations
States.
of international
cf the world, while, the rise in the prices of primary
trade over
a
large part
commodities, the depreciation of the pound and the dollar, cheap money
and funding schemes, have
relieved the burden of debt in many countries.
German
Held
the
delegation to
29.
issue of Jan. 4, page
our
Gold
Restrictions
Government
Abroad
Be Subject to Foreign
to
Exchange Control
A wireless message
Jan. 4 from Berlin to the New York
reported that the German Government has issued
a decree further restricting the amount of property emigrants
may take out of Germany and dispose of abroad.
The
"Times"
advices added:
This
new
order applies to all emigrants except those to
Palestine, for
whom special new regulations are to be issued soon.
The
decree
provides that for
property
after emigration they remain liable to
after
even
which emigrants have abroad
German foreign exchange control,
This order is made retroactive for all who left
emigration.
Germany after July 1 1935.
The
"sterling area" has been helpful in the development
the
New
American
the
to
made in
was
Securities
"gold bloc" to maintain existing parities
resulted in heavy shipments cf gold westward across
have
reference
Previous
conference
The disequilibrium
of the ability of members of the
Stand¬
President of Manufacturers Trust Co. and expert on
still matters.
Chairman, stated that "any attempt to assess the future
trend of economic events must take account of the fact that,
after
Joseph C. Rovensky
Harvey D. Gibson, President of the Manufacturers Trust
Co., New York, and Chairman of the American Committee
of Short-Term Creditors of Germany, and Joseph C. Roven¬
sky, Vice-President of the Chase National Bank and codelegate appointed by the Committee, sailed Jan. 22 on the
SS. Majestic to attend the conferences about the Standstill
Agreement which will be held in Berlin during the early part
of February.
The delegation is accompanied by Ewen C.
MacVeagh of Davis, Polk, Wardwell, Gardiner & Reed,
Counsel to the Committee, and Andrew L. Gomory, Vice-
foreign
even
•
general idea is that emigration should not release from German
exchange
control
and emigrants,
previously under It,
property
when already out of
Germany, must continue to offer to the Reichs-
bank all geld securities which tney would have had to relinquish
if they
had remained in Germany.
Further
Tuke observed:
in his remarks, Mr.
on
Cash
apiece and
1,000 marks
emigrants may take with them is limited to
be further reduced if they take with them other valuables,
except goods for personal use.
Among the factors tending to prevent a revival of
not only the
of other countries.
world trade, is tne
lack of confidence in the stability of the relationship
between the various
are
Upon
satisfactory revival in international trade depends
which
a
raising of our own standard of living, but
also
that
I think most people will agree that the restoration
currencies of the world.
of confidence in the stability of the exchanges is one
ments of the present
world
financial
but
as a
and economic, are not such as to
Holds
widespread influence and, consequently,
grave
Tuke added that
"if
we
are
still to be solved call for statesmanship and leadership of
The problems
which tne modern
high order, but, remembering all the achievements
to its credit, I feel
nas
justified in believing tnat eventually a way
will be found of removing those fears wnich,
policies cf economic self-sufficiency retard
by leading to tne adoption of
international progress.
At the outset of his remarks, Mr. Tuke
He
greatly loved and nis death so soon
was
us
a
the late King the
remained standing for a few minutes.
silent tribute to the memory of
stockholders rose, and
'
Provides
Government
Issuance
for
Un-
of
Appert, Financial Attache to the French Embassy in
York, announced on Jan. 17 that the French govern¬
ment has made provision for holders of stamped bonds of
5V2%, 7% and 7%% dollar loans to change these bonds,
desired, for unstamped bonds, upon payment of charges
so
This action was taken,
covering the issuance of new bonds.
Mr. Appert
The court held that the United
as
factor
explained, following requests by the bondholders
the^stamped bonds "are not a good delivery on
the
fact
His announcement follows:
that
unstamped
bonds
of
the Government
the
of
5^>%, 7% and 7^4% dollar loans have from time to time
prices above those prevailing for
stamped bonds of these issues in New York, requests have been received
from holders of stamped bonds to facilitate the sale of such bonds in the
Paris market.
The stamped bonds bear on the face thereof and on all
been
selling
on
the
Paris
Bourse
at
appurtenant coupons a legend attesting that
in
or
the
beneficial
ownership
corporation on July 17,
the
deduction
certain
not
a
of
10%
a
of
some
1935.
tax
on
person
The bonds
interest
such bonds and coupons
other than
so
a
stamped
payments,
on
French
are
and
principal amounts of bonds when
good delivery on the Paris Bourse.
premiums
Central Hanover Bank & Trust Co.
Trust
that
Co. of New York
J.
P.
new
Morgan
creditor
Therefore,
been employed
It found the gold value
or
debtor
considered
when the
was
contract
the
was
only
made
or
the court
held,
the value of the dollar
at
time either
any
after tne date of the Reich's assumption of the obligation to pay
held wholly extraneous.
The complainant in this
the
Prussian
Civil
&
test case, which dragged on for months, was
Servants'
Life
Insurance Co
of Hanover.
♦
German
on
were
exempt from
payments
redeemed, but
of
are
unstamped
(registrar for the 5V£% loan), Guaranty
(authenticating agents for the 7% and
& Co.
7^%
loans),
(paying agents for the three loans in question),
bonds
may
be issued
by
Central
Banknote
Issue
Limited
Beginning Jan. 1 the Reiehsbank is the only German
banking institution authorized to issue banknotes as legal
tender.
In advices (United Press) from Berlin prior to that
date it was stated that four other institutions had been issuing
banknotes.
(Germany)
City of Dresden
External
on
Suspends Sinking Fund
Debt
for
1936
City of Dresden, Germany, has advised Speyer &
Co., as fiscal agents for the city's 20-year 7% sinking fund
gold bonds, external loan of 1925, that the continued burden
of maintenance and public relief expenses compels it to con¬
tinue to suspend the sinking fund on its external debt for
the year 1936, it was stated in an announcement issued
Jan. 24 by the Speyer firm, which added:
Speyer & Co.,
Hanover
as
Bank &
fiscal agents for the dollar loan, and Lazard Brothers &
Ltd., of London,
recommending to
as
fiscal agents fcr the 5y2 % sterling loan of 1927,
bondholders
the
acceptance
of
tnis
suspension
of
sinking fund.
Of the
990,500
the
$5,000,000 bonds orginally issued through Speyer & Co., $1,\alue of bonds have been redeemed through the operation of
par
sinking fund
so
that only $3,009,500 of tne original issue
now
remain
outstanding.
Germany
Announces
Plan
Bonds
citizen
Acceding to requests for "destamping" of stamped bonds of the afore¬
mentioned loans, the French government has provided, in agreement with
and
States gold dollar had
standard of value in terms of gold.
1923 and that that obligation was assumed by the Reich.
in
before
the Paris Bourse."
French Republic
a
either
are
of
18 is from the New
of the dollar at the time of the flotation of the German loan
& Co.,
view
Affect
basis of the present devaluated dollar.
solely
inasmuch as
In
Not
Does
The
J.
the
Devaluation
don its efforts to repay its inflation-period gold-dollar borrowings on the
of 5^>%, 7%
Bonds for Those Stamped
and 73^% Dollar Loans
stamped
New
if
Germany."
The following Berlin cablegram Jan.
after his memorable Jubilee
of national calamity but of grievous per¬
not only with a sense
French
American
George,
sonal loss.
As
no means
said:
to whom he
leaves
Violators
"by
York "Times":
was
referced to the
"great National bereavement" in the death of King
as
be enforced is not clear.
The Reich is forced by a decision of the Berlin Court of Appeals to aban¬
spared further major
developments of a disturbing character abroad, or com¬
plications at home, I see no reason why the recent improve¬
ment should not be continued."
In conclusion, he said:
a
to
Germany's Obligation
responsibilities.
world
are
Germany Loses Suit Over Gold Dollars—Berlin Court
the products
great and powerful nation offering a large market for
Mr.
provisions
will emigrants be forced to return to
Many of the difficulties involved are largely outside our control,
of other countries, we have
these
threatened with prosecution, although it is added that
justify the hope of any early return to a stable international monetary
system.
may
how
of the major require¬
time, but the factors I have mentioned suggest that
political,
conditions,
Just
of
for
Saar
Exchange
of
"Mark"
District
A plan of
the German government whereby "mark" loans
be exchanged for Loan Liquidation
Debt bonds, was made public in New York on Jan. 17
by
Dr. W. Becker, Commercial Attache of the German Con¬
of the Saar District may
sulate General in New York.
Dr. Becker's announcement
follows in part:
Tne "mark" loans of tne cities, municipal and other public law
corpora¬
tions
(Koerperschaften
insofar
as
des
oeffentlichen
Rechts)
of
the
Saar
District,
they were not revalued before the return of the Saar District to
Financial
Volume 142
Loans
Reich, shall be excnanged for Loan Liquidation Debt bonds.
tne
issued prior to Jan. 1 1919 will be excnanged for new
Loan Liquidation Debt
face value;
Bonds at tne rate of 12.50 reiscnmark for each 500 mark—of their
loans issued after Dec. 31 1918 will be exchanged at the rate
mark Loan
"mark" loan.
the
basis
In
of 12.50 reichs-
Liquidation Debt bonds for each 500 mark—gold value of the
cf the
addition
holdings," i.
will be determined on
The gold value of the latter category
received
value
of mark bonds
e.
by the debtor.
Liquidation Debt bonds tne owners of "old
Loan
the
to
according to due evidence acquired
as were
"drawing
Loan Liquidation Debts bonds,
prior to July 1 1920 and held uninterruptedly since, shall receive a
certificate" of the
face value as the
same
This amount will bear interest at 5% per annum,
will be paid when the "drawing
tion of this part of tne Loan
time
however,
whicn
The amortiza?-
certificate" has been drawn.
Liquidation Debt will be carried out over a
period of 30 years beginning Jan. 1
ficates,
value.
and the accrued interest
drawing will be redeemed in cash at five times its face
which upon its
Loan Liquidation Debt Certi¬
1936.
issued against "new holdings" shall for the
are
being neither be redeemd nor bear interest.
of holdings
The time limit for the filing of applications for the exchange
of "drawing'certificates" for
both old and new, as well as for the issuance
old holdings extends from Jan. 1 1936 to
after expiration of this time limit cannot
be filed with
may
Tne
The application
be considered.
German bank, including savings banks and co-opera¬
any
banks, nowever, are not admitted as inter¬
tive credit institutions; foreign
mediaries.
Applications made
April 30 1936.
bonds
respective
must
be presented togetner
with tne
application.
Australia Offers
3% Commonwealth Stock in
Issue of
Exchange for £21,657,000 of New South Wales
Stock—Loan Reported Only Half Taken
A
London
in
recent conversion offer
by the Government
of Australia of 3%
of the Commonwealth
5%
registered stock,
1955-3958, in exchange for £21,657,000 New South Wales 5%
inscribed stock, 1935-1955, it was reported in Canadian Press
advices from London, Jan. 17, as being only half subscribed
for.
left to-day
follow:
advices
The
Underwriters
of
Australia's
£21,000,000
The total was
with 50% of the issue on their hands.
into
3%
of
Wales
South
New
5%
were
invited to
subscriptions
Cash
bonds.
Commonwealth
bonds
circles.
It
to
not
considered
is
to
response
the
be
to
issue
due
to
financial
not unexpected in
was
exceptional
market conditions and
lack of confidence in Australian credit.
any
The
wealth
10s.
list for cash
3%
1955-1958,
stock,
registered
at
applications
price
the
into
equal
nominal
amounts
of
interest
at
the
of
rate
5%
annum,
per
and,
on
on
April 1,
April
15, a
difference between the issue
price of the new stock and the redemption price of the old, together with
a
payment of 4s. 2d.%, being 5% interest for the period from April 1 to
cash
payment of
April
10s. %, representing the
£4
15.
Any of the old stock which
April
on
certificates, 378,097 of which are to be
15,
holders
Cash
applications
is not thus converted will be repaid at par
receiving
Conversion applications
cash
a
payment
of
4s.
must be received on or before Jan.
2d.%,
as
above.
14.
invited for sufficient of the new stock to make up,
are
together with the stock converted, the total
of
reserved for the exercise of
granted to directors, officers, voting trustees
The remaining 300,000 voting trust
of the company.
and the remaining
outstanding shares
may be offered at 25 cents a share.
The company also registered $150,000
of production warrants to be issued as a bonus to purchasers of the first
600,000 shares of common stock on a dollar for dollar basis.
The production
warrants will constitute a first lien upon an amount equal to 100% of any
net profits of the company.
The principal underwriters are Louis Payne,
of New York City, and Robert D. Elder, of Leadville, Colo.
Robert D.
The first
follows:
600,000 shares at 25 cents a share
The presently
1,199,988 shares at 50 cents a share.
Filed Jan. 15 1936.
Elder is also President of the company.
of Anderson County Distilling Co. (2-1869,
Form A-l), of Lexington,
covering 70,000 shares of $1 par
offered at $2.50 a share.
J. Hurd Hawkins,
Ky., has filed a registration statement
value
stock, to be
common
no case
does the act of filing with the
Commission said:
the issue or that the
registration statement is correct.
previous list of registration
in these columns Jan. 18, page 384.
Over
$2,677,000,000 of
appeared
statements
Registered Securities
Sale Under Securities Act
for
security
passed on the merits of
Commission give to any
indicate that the Commission has
its approval or
Filed Jan. 16 1936.
Ky., is President of the company.
public the above list the
In making
Released
During 1935—Com¬
with $630,000,000 in 1934
the registration statements which became
Act of 1933 during 1935 was
Jan. 22 by the Securities and Exchange Commission
An analysis of
effective under the Securities
issued
on
showing that the securities
released for sale during the year
$2,677,000,000, or more than four times the
1934 total of approximately $630,000,000.
Of the total for
1935, registrations amounting to more than $2,000,000,000
became effective in the second half of the year, the Com¬
mission said.
Regarding the amount of securities released
for sale during 1935, the Commission stated:
totaled
The
£21,657,000.
trust
options
and executive employees
certificates are to be
offered to the public at $1.25 each.
Brown Young & Co., Inc., of New
York City, is the principal underwriter and Hugh W. Davis, of New York
City, is President of the corporation.
Filed Jan. 14 1936.
Arthur J. Morris, et al., Voting Trustees of the New York Woman, Inc.
(2-1867, Form F-l), of New York City, have filed a registration statement
covering the issuance of voting trust certificates for 750,000 shares of $1
par value common stock of the New York Woman, Inc.
Filed Jan. 14 1936.
London Deep Mines Co. (2-1868, Form A-l), of Leadville, Colo., has
filed a registration statement covering 1,799,988 shares of unissued 25 cent
par value common stock and 2,200,012 shares of issued and outstanding
25 cent par valus common stock.
The unissued stock is to be offered as
to be
of
Common¬
the new
value
The stock is to
stock.
pares
convert
to
New York City, has
covering 678,097 shares of $1 par
be offered in the form of voting
registration statement
common
£21,657,000 New South Wales 5% inscribed stock, 1935-1955,
3% stock, and those who elect to do this will receive,
months'
six
and the
(2-1866, Form A-l), of
The New York Women, Inc.
a
and
New York City,
Filed Jan. 13 1936.
is President of the company.
filed
of one share of common
Guy W. Renyx, of
share of preferred at $15 a unit.
cent.
per
invited
wealth
one
close to-morrow, for the issue of Government of the Common¬
Australia
of
Holders of
are
advertised to-day,
prospectus is
registration statement covering
a
The last
reporting that the loan would be offered on Jan. 7, the
London "Financial News" of Jan. 6 had the following to say:
will open and
(2-1865,
Co.
Securities
preferred is to be offered in units consisting
also were
95%
at
In
£95
Form A-l), of Wilmington,
9,933 shares of $10 par
value 7% convertible preferred stock, and 14,933 shares, of $1 par valu8
common stock.
The common stock is to be offered at $5 a share and the
Del., has filed
In
unfavorable
Filed Jan. 11 1936.
corporation.
Corporate Leaders
convert them
invited.
The
stock, to be offered at $5 a share.
is President of the
Steubenville, Ohio, has
value class A
Steubenville,
of no par
F. W. Lenkner, of
registration statement covering 50,000 shares
a
common
of Lawrenceburg,
(about $105,000,000].
Holders
Imperial China Co., Inc. (2-1864, Form A-l) of
filed
Belle
and subscription loan were
conversion
large
545
Chronicle
over
about
includes
$2,677,000,000
figure
$65,000,000 of securities
$183,000,000 of securities reserved for
exercise of options,
$84,000,000 of securities issued in exchange for other securities, and $18,000,000 of securities to be issued for tangible and intangible assets.
De¬
ducting these amounts, there remain securities with total gross proceeds
of $2,327,000,000 ($526,000,000 in 1934) offered or to be offered for the
registered for the account of others,
conversion of issues with
Italy Files Application with SEC for Permanent Regis¬
tration of $79,275,400 External
Bonds—Registra¬
tion of Denmark and Estonian Issues Also Sought
and Exchange Commission announced on
applications have been filed for the permanent
registration of three foreign bond issues on the New York
Stock Exchange.
The applications were filed by Italy, the
Mortgage Bank of Denmark and Estonia.
The filing of the
applications was announced by the Commission as follows:
The Securities
account of th e issuer for
Jan. 23 that
Government of the
Kingdom of Italy (File 1-2371, Form 18) $79,275,400
of external loan sinking fund 7%
gold bonds dated Dec. 1 1925, due Dec.l
Kongeriget Danmarks Hypotekbank (The Mortgage Bank of the King¬
1-2372, Form 18) $5,034,000 of 45-year 5% sinking
dom of Denmark) (File
fund external gold loan.
The Republic
and currency
Series IX of 1927, due Dec. 1 1972, issued.
of Estonia (File 1-2374, Form 18) $3,592,500 of banking
reform loan of 1927, issued.
The
The Securities and Exchange
Commission announced on
additional registration statements
(Nos. 1863-1869, inclusive), under the Securities Act.
The
total involved is $5,327,953.25, of which $4,577,953.25
represents new issues. * The securities involved are grouped
Jan. 21 the filing of seven
follows:
as
Total
No. of Issues
Type
5
Commercial and industrial.
$4,403,958.25
173,995.00
trust
1
Investment
1
Voting trust certificates
The list of securities was
750,000.00
announced by the Commission
securities
securities
preferred stock under specified conditions and
the remaining 5,980 shares are to be offered to the public at a price not to
exceed $105 a share.
The common stock is to be reserved for options and
par
for
value 7% cumulative
the
conversion
of the preferred
stock.
Heights, Ohio, is President of the company.
F.
C. Crawford, of Shaker
Filed Jan. 11 1936.
1935 represent
and foreign
Approximately 71% of the securities registered during 1935
and note refunding operations, almost
in connection with bond
of which were undertaken by
utility corporations.
were issued
three-fifths
Nearly 8% were issued
provide the means to repay other indebtedness, including the reimburse¬
capital expenditures.
The parallel movement of replac¬
ment of loans for
ing high dividend preferred issues
with preferred stock or funded debt at
the total of these
of small proportion so far,
lower interest rates has been
about $60,000,000 or slightly over 2% of
total registrations.
Approximately 12% of the securities which became
effective during the year were issued by investment trusts for the purpose
operations amounting to only
purchasing
securities
debtedness, retirement of
already outstanding.
Thus repayment of
preferred stock and the purchase of securities
93% of the total money to be raised
investment accounted for about
the cash
sale of the new securities
registered during 1935.
in¬
for
by
Most of the
capital, with only
improvement of plant and
equipment.
Although the percentage intended for capital expenditures
(including additional working capital) was smaller in 1935 than in 1934,
the actual dollar amounts were considerably larger, aggregating approxi¬
mately $155,000,000 in 1935 against less than $85,000,000 in the preced¬
remaining
7%
was
intended for increase of working
slightly over 2% going for the enlargement or
ing year.
...
fully effective during
December
$212,084,696*, compared with
$289,771,-
Registration statements which became
1935 covered securities totaling
988* in November 1935, an average of
of all securities
Inc. (2-1863, Form A-2) of Cleveland, Ohio, has
filed a registration statement covering 10,000 shares of no par value $5
cumulative convertible prior preference stock, and 56,334 shares of no par
value common stock.
Approximately 4,020 shares of the preferred stock
are to be offered to holders of presently outstanding 3,654 shares of $100
Thompson Products,
Securities Act in
under the
of all new issues of domestic corporate
offered in the United States during the year.
effective in December.
follows:
as
analysis continued:
registered
approximately 80%
of
Filing of Registration Statements Under Securities Act
cash.
The Commission's
to
1951, issued.
convertible features and for the
Fixed interest bearing securities
represented 68.4%
Repayment of indebtedness,
registered.
tion with refunding
$3,721,000 for each of the 57 issues
chiefly in connec¬
estimated net
operations, accounted for 84.6% of the
proceeds of the month's issues.
Among the large issues for which registration statements
during the month were;
*
became effective
Southwestern Bell Telephone Co.,
$45,000,000.
which have been registered but are not
presently offered for sale, as follows:
Dec. 1935
Nov. 1935
Included in these amounts are securities
intended to be
Reserved for conversion of Issues
with convertible features.
Reserved for exercise of options
Reserved for other subsequent issuance
$6,466,620
3,429,142
75,000
$33,363,583
1,200,000
—
Financial Chronicle
546
1st and refunding mortgage 3}4% bonds, due 1964; Dominion of Canada,
$40,000,000, 2% 3-year notes, due 1939; Cleveland-Cliffs Iron Co., $16,500,000,
1st mortgage sinking fund 4H%
bonds, due 1950; Southwestern Gas
& Electric Co., $16,000,000, 1st mortgage
Distillers Corp., 150,000 shares of 5J^%
for $15,000,000); and Edison Electric
4% bonds, due 1960; Schenley
cumulative preferred stock (offered
Illuminating Co. of Boston, 82,289
shares of common stock (offered for $12,343,350).
The
following tabulations
were
also made available by the
Commission:
issue
of Sept. 28, page 2038), "should include a consice
description of the substance of each of the various matters
which, at the time of solicitation, it is intended shall be con¬
sidered by the meeting at which the proxy is to be exercised.'
The counsel was also of the opinion that the rules "do not
apply to the usual solicitation of approvals or assents that
are a part of
proceedings under Section 77B of the Bank¬
ruptcy Act."
The text of the opinion follows:
Type of New Securities Included in 379 Registration Statements Fully
bearing securities
as
of the Securities Exchange
71.3% were for fixed-interest
compared with 21.4% in 1934.
Common stock issues
dropped to 15.1% from 54.0% for the previous year, but preferred stock
issues showed little change from the
Certificates of participa¬
1934 ratio.
tion, beneficial interest, &c., decreased to 7.3% of total effective registra¬
tions
from
16.2%
in
1934 reflecting
relatively smaller
a
investment trust registrations in the year
Although th9 rules and regulations promulgated under Section 14 (a)
1.
Effective from Jan. 1 to Dec. 31 1935
Of the entire 1935 effective registrations,
Ian. 25 1936
of
proportion
1935.
of consents
or
(other than
of Total
Issues
Common stock
207
121,688,252
$403,326,832
15.1
54.0
Preferred stock
70
5,333,524
169,189,724
6.3
8.4
17,456,029
7.3
16.2
54.3
'
1
.
•'1
'
Gross
Amount
to the usual solicitation of
of proxies, in respect of any
by
protective
a
must
security
opinion, do not apply
proceedings
approvals or assents that are a part of
under Section 77B of the Bankruptcy
1934
1935
participa¬
beneficial interest,
tion,
as
committee
of the
Act;
do they apply to solicitations
nor
therefore
are
deposit
issuable,
of securities under a
deposit
Securities Act and
securities within the meaning of the
be registered under that act,
exempted
unless specifically
from such registration.
of
Certificates
well
national Securities exchange, the present rules, in my
which certificates
Per Cent
of
generally applicable to any solicitation
are
as
exempted security) registered as a listed security on any
agreement pursuant to the terms of which certificates of deposit are
No. of
Units
No.
Type of Security
Act
authorizations,
an
2.
being solicited by
or
or
on
meeting
effect.
must clearly indicate
behalf of the management, a notice of
accompanying statement must include a specific statement to that
In my
'
(1) provides that if a proxy, consent or authorization is
Rule LA3 (a)
opinion, the text of the solicitation in such
that the solicitation is
a case
being made by or on behalf of the management.
warrants, &c
Secured bonds
61
5.0
However, where this is clearly apparent from the context, a specific state¬
Debentures
45
194,921,042
1,454,762,488
413,248,919
15.4
5.8
ment
6
42,243,915
1.6
10.6
479
$2,677,692,920
100.0
100.0
90
Short-term notes
Total
to
that
effect,
though desirable, does not appear to be absolutely
For example, where, in an instrument soliciting a proxy, it is
necessary.
plainly indicated that the management urges the security holder to sign
the proxy in order to effectuate a program favored by the
Securities Included in 43 Registration Statements Fully
Type of New
Effective During December 1935
Fixed-interest bearing securities comprised 68.4%
and
preferred
tions,
certificates
common
of participation,
stock
issues
beneficial
hand, the
of the total registra¬
amounted
interest,
&c.,
to
29.3%,
amounted
to
while
3.
Rule LA3 (a)
Total
from whom a proxy, consent
a person
a
"brief description"
clusion in
notice of stockholders'
a
meeting of
Dec.
Nov.
Dec.
holders will be asked to approve and ratify the minutes of the
1935
1935
1934
acts of the officers
9,693,216
267,098
7
861,482
$41,285,729
20,872,864
19.5
19.1
2.4
4.1
2.3
0.5
31.7
42.4
67.0
"brief
18.9
9.8
required
by
should include, in my opinion, a concise description of the substance
be considered
Debentures
4
Short-term notes
2
4,777,220
89,929,868
14,681,515
40,537,500
57
$212,084,696
10
6.9
11.0
0.0
100.0
100.0
19.1
follows that
a
the minutes
statement that stockholders will be
of the officers
or
New
Issues
Under
Securities
Under
Subjects
to submit to the stockholders the
Compilation and
Act—Are
Broad
Revision
Now
of
Rules
Grouped
by
Classifications—Changes
Effective March 15
A
compilation and revision of its rules under the
Securities Act of 1933 was promulgated by the Securities and
Exchange Commission on Jan. 20.
The rules, as compiled
and revised, are to be known as the "General Rules and
Regulations under the Securities Act of 1933" and are to
become effective March 15 1936.
As
now compiled, the SEC announced Jan. 20, the rules
grouped according to subject matter under board classi¬
fications designated Regulations, with subdivisions called
Articles.
Regulation A relates generally to exemptions,
and Regulation B to exemptions of oil and gas interests.
Regulation C includes the rules in regard to registration.
The SEC further explained:
in which rules have been arranged is based in general
the chronological
on
order of steps involved in the registration of securities.
Each rule has been numbered, and rules relating to the same subject matter
have been assigned numbers in the same 100 series so far
as
practicable.
assigned
a
number at the point appropriate to the subject
This table also enumerates certain rules not included in the
General Rules and Regulations, with brief indications that such rules have
been included elsewhere or have been rescinded, the rescission to take effect
March
15 1936.
Forms A-l and A-2 have been amended to include certain rules applying
the
particular form but heretofore published
as
separate rules not in¬
cluded in the form.
The rules so incorporated in Form A-l were
originally
published in Releases No. 231 and No. 411; the rule added to Form A-2 was
published in Release No. 309.
Minor amendments of
a
formal nature have
been made to Forms C-l and E-l, and to the Rules of Practice.
Subject to action of the SEC prior to March 15 1936, the General Rules
and
Regulations include all rules under the Securities Act of 1933 which
will be in effect
on
March 15 1936, except the forms for registration, with
accompanying instruction book, and the Rules of Practice.
Counsel of SEC Clarifies
tion
Be
Rules
of Proxies—Concise
Considered
Should
Pertaining to Solicita¬
Description of Matter to
Be
Shown
opinion of John J. Burns, General Counsel of the
Securities and Exchange Commission, relating to certain
aspects of the rules pertaining to the solicitation of proxies,
consents and authorizations, promulgated rencetly under
Section 14 (a) of the Securities Exchange Act of 1934, was
made public on Jan. 21 by the SEQ.
Mr. Burns said that
in his opinion the brief description of the matters intended
to be presented asked for in the rules (which were given in our
any
indicated above,
but
also
brief,
although
specific,
a
other acts or matters in respect of which approval or
Frequently th9 annual report of
a
company
or
the minutes
of prior
meetings of stockholders will be presented to stockholders for approval.
Where such approval is merely an approval of the form
minutes,
as
a
of the report or
satisfactory description of the company's affairs or of past
of such report or of such
that the contents
minutes be described in the notice of meeting.
However, where such approval is sought as
a
ratification of the acts of the
officers and directors of the company described in the annual report, or of
the action taken at earlier meetings of stockholders, the substance
action should b8 described in the
same manner as
of such
suggested where ratifica¬
tion of directors' and officers' acts is proposed.
4.
Attention is called to the fact that the receipt by the SEC of solicita¬
tions filed with it pursuant to
Rule LA5 will not be acknowledged except
acknowledgment is specifically requested, and only in such cases if
plicate of the solicitation is enclosed
in order that
such duplicate
returned to the sender with notation of receipt of a copy
a
du¬
may
be
thereof.
SEC Asks Data from Incorporated and Unincorporated
Investment Trusts and Companies of Management
Type—Questionnaire
Covers
Replies Required by April 15
The Securities and
9-Year
Period—•
Exchange Commission, in connection
with its study of investment trusts and investment companies
which the Congress of the United States directed the SEC
to
make, released on Jan. 19 the form of questionnaire for
incorporated and unincorporated investment trusts and
investment companies of the management type.
Replies
to the questionnaire, the SEC said, are
required from in¬
vestment trusts and investment companies which had, at
Dec. 31 1935, total assets amounting to $500,000 or more
and which either had at that date 100 or more stockholders,
or, at any time, any security issued by such trust or company
had been the subject of a public offering.
The questionnaire
covers substantially the period from Jan. 1 1927 to Dec. 31
1935, or from the date of organization if the company was
created subsequent to Jan. 1 1927.
In making available the
questionnaire the SEC also stated:
The questionnaire requires information relating to the
history and
development of investment trusts and investment companies; their corpo¬
rate structure,
and
An
as
ratification is to be proposed.
A cross-reference table
convenience of those seeking to find provisions corresponding to those in a
to
nature,
description of
the General Rules and Regulations has been published for the
particular rule as existing prior to the adoption of the General Rules and
Regulations.
should therefore include not only a
general description or enumeration of the acts or matters of a recurrent or
made in the rules consist, for the most
part, of clarification and re-arrangement of rules.
to accompany
Where it is desired
question of ratification of all the acts of
during the preceding year, the notice, or
accompanying statement or report,
matter, no attempt has been made to number the rules consecutively.
The revisions which have been
It
meet this
In
accordance with this plan, and in order that any additional rule adopted in
the future may be
not
routine nature, a general
a
stockholders' action, it would not appear to be necessary
are
The sequence
the directors and officers taken
routine
new
does
enumeration of each of the various types of acts, contracts or
proceedings, would ordinarily appear to be sufficient.
SEC
intended shall
requested to ratify
However, for such of the acts or matters involved as are of a
calling for recurrent consideration or are of
description
(a)
of each
by the meeting at which the proxy is to be exercised.
mere
of the directors and acts
requirement.
class
100.0
LA3
of Rule
(5)
paragraph
45.3
beneficial inter¬
directors and
during the preceding year.
description"
of the various matters which, at the time of solicitation, it is
Certificates of participa¬
The
by the in¬
statement that the stock¬
a
Gross
6
the various
of
Amount
28
Total
(5) requires that
be presented or considered in the exercise of the proxy.
Units
The
est, warrants, &c
Secured bonds
to
No. of
No. of
Issues
tion,
sufficient indication that the management
question has been presented whether this requirement is met
Type of Security
Common stock
a
the proxy in question.
authorization is solicited receive
matters
Preferred stock
On the other
by order of the
statement that a meeting is being called
board of directors would not be
or
Per Cent of
mere
is'soliciting
2.3%
of the total.
management, the
requirement of Rule LA3 (a) (1) would presumably be met.
including the issuance, sales and distribution of securities
the indentures and agreements
scope
and
extent
of
their
writing syndicates and
related matters;
relating to such securities; the
activities,
including
trading accounts,
participations
options,
short
sales
nature,
in
and
under¬
other
their investment policies, including contents of portfolio
and volume of securities transactions; their
relationshiip with their officers,
directors, principal stockholders and with companies or firms
controlled by
such persons, including compensation and loans to and
transactions with
such persons.
Information is sought
as to the method of acquisition of sub¬
the control and influence exercised by investment
companies in which the trusts are interested; and the influence
sidiaries and affiliates;
trusts over
In addition, annual balance
the policies and activities of the trusts.
sheets, profit and loss accounts and various supporting schedules covering
in
warehouse
In the current
In
connection
with
the
the co-operation
formulation
of
of
this
questionnaire,
American
General
Fred Y.
SEC
Investors,
David
Inc.;
McGrath,
Equity—Gorp.;
Milton,
JTri-
and
Presley, National Investors Corp. and their financial and account¬
officers.
ing
the
committee composed of Earle Bailie,
a
Continental Corp.; John Hancock, Lehman Corp.; Raymond J.
This
committee
acted
approximately
for
companies of the management type which represented
of the total
a
40
investment
substantial portion
A committee composed of Paul C. Cabot,
State Street Investment Corp.;
Merrill Griswold, Massachusetts Investment Trust; and William A. Parker,
Incorporated Investors, represented
Massachusetts
In
a
group
addition, the SEC conferred with the Investment Trust Committee
Society of Certified Public Accountants and with
representative independent
SEC
on
balance to
5
before Feb.
or
a
16 1936, respectively, the
required to be answered by such investment trusts and in¬
vestment companies of the management type which are not
for the present required to reply to the questionnaire.
The
answers to this summary statement are due not later than
Feb. 5 1936.
A questionnaire for the fixed or restricted type
investment trusts and investment companies will be released
in the near future, the SEC revealed.
While the grand total
heavy
has been noted in
been held by the
At the end of December, these banks reporting a
acceptance banks.
divided
which
held
in
their
between their
as
bills of
own
total of
almost equally
$183,405,228 and bills of other banks
$368,215,767
portfolio
own
they had pin-chased of $184,810,539.
supplied by Mr. Bean
are
OF
TOTAL
1
BY FEDERAL
COUNTRY
as
follows:
ACCEPTANCES
DOLLAR
BANKERS'
ENTIRE
FOR
OUTSTANDING
RESERVE DISTRICTS
'
•.
Dec. 31
Federal Reserve District
1
2
$29,914,023
290,839,452
13,723,648
3,393,535
908,024
3,821,365
19,493,277
12,295,881
4
3,435,250
5
964,920
6
3,196,232
19,775,113
607,133
2,496,497
$34,190,081
428,640,097
12,286,764
3,125,951
863,437
6,381,483
24,470,586
530,720
2,507,138
$31,060,175
299,523,636
3
Dec. 31 1934
Nov. 30 1935
1935
11
Joint
Stock
Land
Indianapolis, Calls
Bank,
$200,000 of 5% Bonds for Redemption May 1 1936
A call for
redemption
on
"2",693^383
12
20,909,284
2,644,285
19,598,244
1,630,119
2,494,197
335,000
2,627,151
26.340,323
$396,957,504
$387,373,711
$543,385,189
8
9
10
May 1 1936 of $200,000 of 5%
bonds of the Fletcher Joint Stock Land Bank, Indianapolis,
Grand total
Ind., of the issue dated Nov. 1 1923, due Nov. 1 1953 and
directors of
William B.
Schiltges, President.
This brings total of all the bonds
called by the Joint Stock Bank for payment on May 1 to
$953,500; a previous call was referred to in our issue of Dec.
21, page 3939.
Mr. Schiltges points out that this latest
action of the Board leaves outstanding only $674,000 of
5 % bonds which are callable.
His announcement con tinued:
callable Nov. 1 1933, was recently made by the
the institution, according to announcement of
Foster
changes
of acceptances has shown steady though-not
7
H.
goods stored in or
having the greatest change,
the discount market as most of the new bills created have
Details
Jan. 19, a summary statement
on
of
reduction of $1,399,074.
April 15 1936.
The SEC also released
Fletcher
credits based on
exchange and
dollar
credits,
noted during the month, warehouse credits
were
$396,957,504,
accountants.
1936, and March
filed on or before
oe
house
under the comparative date
but still $40,000,000
30,
In the volume of acceptances for domestic shipments, ware¬
gains during the past six months, very little advantage
Replies to portions of the questionnaire are required to be filed with
the
Nov.
year ago.
of investment trusts of the
type.
of the New York State
other
being $9,404,967 higher than the
continued to show improvement in volume
a
figures
exports
Acceptances created for the purpose of financing
at the end of 1934.
totals for
acceptance
This is the highest volume of import
15 months and is $18,000 000 higher than the
credits for the past
noted.
used to finance imports
shipped between foreign countries, only slight and unimportant
of the industry.
resources
moved up from $37,456,799 to
which
month survey, the type of bills
$2,302,474.
advanced
credits
acceptance
In the other classifications only slight improvement was
$99,326,902.
the past nine years are requested.
received
wholly
During the last six months of 1935, the gain in volume was almost
exercised by interests affiliated with the management of investment trusts
upon
547
Financial Chronicle
Volume 142
has announced to those holding the most recently
ACCORDING
TO
NATURE OF CREDIT
Domestic shipments
Domestic warehouse credits
Dollar exchange
Based
$105,186,691
84,096,839
10,697,165
100,725,976
2,979,048
$89,165,242
139,933,007
7,533,274
185,719,831
2,373,019
83,687,992
$107,489,165
93,501,806
10,684,329
99,326,902
2,414,905
Exports
Dec. 31 1934
Nov. 30 1935
Dec. 31 1935
Imports
118,660,816
goods stored in or shipped
on
83,540,397
between foreign countries
CURRENT
MARKET
RATES
PRIME
ON
privilege for a limited time of exchang¬
called bonds that they will have the
Decrease for year, $146,427,685
$9,583,793.
month,
CLASSIFIED
Clippinger, Vice-President of Fletcher Trust Co., in charge of
its Bond Department,
,
Increase for
ACCEPTANCES
BANKERS'
JAN. 21 1936
ing the 5% called issue into a new issue of Fletcher Joint Stock Land Bank
The exchange, Mr.
3K% Bonds due Nov. 1 1945, callable Nov. 1 1940.
Clippinger
says,
be
be made at par with an, interest adjustment as of
Such bonds as are not exchanged will be sold in the general
May 1 1936.
market at
may
Such called bonds as are not exchanged will
101 and interest.
purchased for
immediate acceptance, at
subject to
cash,
100%
and
Buying
Days—
Selling Rate
Rate
30
3-16
60
3-16
H
Ys
ys
3-16
90
Dealers'
Dealers'
Dealers'
Dealers'
Rate
Buying
Days—
Selling Rate
3-16
120
5-16
150
■
5-16
%
180...
>
interest, Mr. Clippinger said.
total of $4,683,000 bonds bearing 5%
Under the refunding program, a
and
The Dec. 31 1935 statement of the Fletcher
5H% have been called.
Joint
Stock Land Bank showed total bonds outstanding in the amount of
•:
$11,416,400.
National Credit Corp. Dissolved—Was Formed in 1931
at Instance of President Hoover to Advance Credit
Banking Institutions
to
Interest
Collections
Loans
on
Land
December
During
Commissioner's
Bank
Almost
Equal
to
Maturities
During December farmers paid current and delinquent
on first and second mortgage Land Bank
Commissioner's loans amounting to almost 100% of the
December interest maturities, Gov. W. I. Myers of the
Farm Credit Administration said in Washington, D. C.,
Jan. 18.
The Governor further announced:
interest installments
Corp., New York, organized in 1931
at the instance of former President Hoover to
provide
additional credit facilities to National and State banks and
companies, has been dissolved, it is learned from the
Bulletin" of the New York State Banking
Department.
The following notice was contained in the
trust
Jan. 17 "Weekly
bulletin:
National Credit Corp., 100 Broadway, New York, N. Y.—Certified copy
of Order
granted at a Special Term of the Supreme Court of the State of
New York, held in and for the
Payments of interest on Commissioner's loans during the month amounted
$3,163,000 compared to $3,173,000 which matured during December.
to
Farmers in the Southern and Middle Western States were especially active
in cleaning up delinquencies and payments
in the Columbia, New Orleans,
he
Interest
matured
14th day of January, 1936, declaring the subject dissolved,
collected
on
Land
Bank
Commissioner's loans
of Jan.
In its issue
following to
and
and its corporate
existence terminated, filed.
Louisville, St. Louis, and Omaha districts,
during December 1935 by districts is as follows:
County of New York, at the County Court
House, Foley Square, Borough of Manhattan, City of New York, on the
considerably exceeded maturities
commented.
&
The National Credit
22 the New York "Times" had the
say:
The brief and routine notice in the State Banking Department's
bulletin
on
Interest
District
Total Interest
Matured During
Collected During
December 1935
December 1935
$84,949
127,791
734,493
216,822
31,659
206,461
795,468
223,267
254,275
Springfield
Baltimore
Columbia
Louisville
New Orleans
St. Louis
St. Paul
Omaha
Wichita.
*
Houston
280~220
Berkeley
$74,743
126,680
690,671
231,116
90,016
222,254
Per Cent of Total
Collections to
December Maturities
weekly
last Saturday that the Court order terminating the existence of
the National Credit Corp. had been filed with it stirred up
Wall Street of the excited days in which that
Formed late in 1931 as a
reminiscences in
organization was launched.
"stop-gap" to help out weak banks until Congress
could authorize the setting up of the RFC, the $500,000,000
tremendous publicity send-off.
National Credit
The period was one of
88.0
Corp. received
99.0
deep strain; England's suspension of the gold standard in Sept. had thrown
94.0
106.6
284.3
107.6
644,401
81.0
333.505
149.4
222,967
51,548
87.7
265,812
94~9
Spokane-
217,272
209,004
96.2
Total..
$3,172,857
$3,162,717
99.7
♦No maturities
upon our
a
weakened bank structure the pressure of heavy gold withdrawals,
and the wide-spread
hoarding of currency and fall of security prices were
resulting in many bank failures.
the
As
a
preliminary to the organization of
corporation, all the leading Wall Street bankers were called secretly to
Washington to meet President Hoover in the apartment of Andrew MeUon,
then
Secretary
reaching
a
of
peak
the
In
Treasury.
amount
making
of $188,000,000,
the
contributed to the funds of the corporation and
1,200
New
in
loans
York
31
States,
bankers who
managed it learned some¬
thing about the business of country banks, including the collateral value of
such assets as
"Jenny mules" and slightly used sets of harness.
somewhat to their surprise,
earned
a
They also,
return of 3.35% on the money they
invested.
of
$9,583,793 During December in Volume of
Outstanding
Bankers'
Acceptances—Year
End
Total $396,957,504
Increase
Meeting in Washington of Open Market Committee of
Federal
for the year 1935,
showed a gain for the month of December of $9,585,793.
This brought the total volume to $396,957,504, which was
$76,066,758 more than the low total for the year reported
on July 31, says Robert H. Bean, Executive Secretary of the
American Acceptance Council of New York, who adds that
at the year end, however, the volume of acceptances was
$146,427,685 below the closing survey figures for December
1934.
Mr. Bean continued:
Reserve
System—Described
as
Routin
Session
The Dec. 31 bankers' acceptance survey
A
meeting of the Open Market Committee of the Federal
Reserve System was held in Washington on Jan. 21, this, a
closed session, according to the Washington correspondent
of
as
the
a
New
York
"routine"
spondent
"Journal
meeting.
of Commerce," being described
According to the paper's corre¬
(Clarence L. Linz), adjournment
was
taken with¬
out the usual formal conference with Chairman Marriner S.
Eccles and his associates
on
the Board of Governors
or
with
548
Financial Chronicle
the
the right to
merce" continued, in part:
final.
retiring Under-Secretary of Treasury Thomas Jefferson
Coolidge.
The Washington account to the "Journal of Com¬
the
At
while
time
same
to-day's
there
meeting
became
had
known
been
not
within
from
called
official
rumored
as
circles
by
that
Secretary
of
the
Treasury Morgenthau, but was held presumably to learn from a selected
group of Governors what had
transpired at a previous "secret" meeting
with
Secretary Morgenthau and Under-Secretary Cooliidge said to have been
held Jan.
3
Mr.
at
Morgenthau's request.
Seek
Administration
the
Treasury.
conferences
taking
for
They
that
seen
inevitably
mind
to
come
to
may
endeavoring
of
the
financial activities
by declaring that
routine character.
a
observers point out that
such
meeting
and
decidedly
prove
dis¬
to
these
to
as
many
purely of
were
attribute
to
been
time
some
discounted
activities
other
or
have
activities
readily
things
embarrassing
culty of maintaining the government bond market in the face of the drains
upon the Treasury by the bonus legislation,
anticipated work relief proit
is
agreed,
The
to subsidize
would
"routine"
transcending
further
in
farmers
complicate the
in
meeting
importance
the
the
when
light
absence
the
Open
of
taxes,
new
situation.
of
reference
the
such
is
circumstances
made
to
meeting of Secretary Morgenthau and his aides with
of
available funds
The
on
except
itself
be
of the
advised
acceptance or
immediately
Jan. 29 1936.
or
as
to principal and interest, and any
other disposition thereof will also be exempt, from
estate
and
all
(Attention is invited to
inheritance taxes.
the
becomes
of
Jan.
reported
3
executive committee
an
composed
of
the
heads
or
other disposition of the Treasury
or
otherwise recognized, for the pur¬
No loss from the sale
gift tax.)
bills shall be allowed
as
deduction,
a
of any tax now or hereafter imposed
poses
by the United
of its possessions.
States or any
.
♦
_
Silver Transferred to United States Under Nationaliza¬
Order
tion
of
the
was
made by the Treasury Department on
Jan. 20 that 6,378.47 fine ounces of silver were transferred
to the United States during the week of Dec. 27, under the
Executive
Order
of
Aug. 9 1934, nationalizing the metal.
Total receipts since the order of Aug. 9 (given in our columns
of Aug. 11 1934, page 858) was issued, amount to 112,228,554.88 fine
the Treasury announced.
During the
according to the Treasury's state¬
received as follows by the various mints and
ounces,
week of Jan. 17 the silver,
ment,
was
offices:
12
Federal Reserve banks.
17 Amounted to
During Week of Jan.
Fine Ounces
6,378.47
assay
Market Committee
his action in any such respect shall be
will
Treasury bills will be exempt,
gain from the sale
taxation,
Ad¬
to-day's session of the Open Market Committee with apprehen¬
by Secretary of the Treasury Morgenthau over the diffi¬
and efforts
and
tenders
Payment at the price offered for Treasury bilf3 alloted
must be made at the Federal Reserve Banks in cash or other
that
the
to
expressed
grom
for,
submitting
Announcement
To couple
all tenders or parts of tenders, and to allot less
any or
Without
is
it
ministration.
sions
Those
rejection thereof.
the
Discourage Stories
issue with these expressions,
be
to
to
have
reject
than the amount applied
Treasury Decision 4550, ruling that Treasury bills are not exempt from
speculative stories out of Washington
courage
of
officials
Jan. 25 1936
Fine Ounces
In its reference to this week's
meeting of the Open Market
Committee, the New York "Times" had the following to
in part, in its dispatch from
Washington, Jan. 21:
The
its
Open Market Committee of the Federal Reserve
final
met,
meeting,
Board.
budget
The
that
the
the
Reserve
discussions
It
government's
No
bond
change
of
the
to
discuss
soldiers'
Board
the
stated
was
that
in
under
The
with
the present set-up
its
the
the
the
had
relationship to
do
with
future
duties
Reserve
denied
Treasury
dealt
banks
System, at least until
with
and
not
the
with
market
open
members
of
the
policy
of
Federal
What the
It
was
Committee
Reserve
new
Federal Reserve set-up will
expected that
be
would
set-up,
a
meeting
Week Ended— Fine Ozs.
Federal
Reserve Board
of
the
do is problematical.
arranged shortly after institution of
.
.
Oct.
4
May 31.
5,252
Oct.
11
2,621
June
7.
9,988
Oct.
18
7,377
June
Oct.
25-
1,909
309,117
May
Jan.
11
535,734
May 24
Jan.
18
75,797
Jan.
25
62.077
17
the
Market
new
Federal
1
134,096
14.
9,517
8
33,806
June 21.
26,002
Nov.
1
Feb.
15
45,803
June 28.
16,360
Nov.
8
1.440
Feb.
22
162.331
July
5.
2,814
Nov. 16
2.495
1
38,135
July
12.
9,697
Nov. 22
8,800
8
57.085
July
19.
5,956
Nov. 29
19,994
July
26.
16,306
Dec.
6
3.141
54.822
Aug.
2.
9.
2,010
Dec.
13
2,416
9,404
Dec.
20
7.131
4,270
3,008
Dec.
27
25,960
-
Mar. 22
Mar. 29
7,615
Aug.
5
5.163
Aug. 16.
12
6,755
Aug. 23.
Apr.
Henry Morgenthau Jr., Secretary of the Treasury, announced on Jan. 20 that tenders of
$212,610,000 were
at the Federal Reserve banks and the
branches
thereof up to 2 p. m., Eastern Standard
Time, that day, to
the offering of $50,000,000 or thereabouts of
273-day Treas¬
bills dated Jan. 22 1936.
were
accepted.
The
offering
referred to in our issue of Jan. 18,
page 389.
As to the accepted bids
Secretary Morgenthau had the
say:
The accepted bids ranged in price from
99.932, equivalent to a rate of
about 0.090% per annum, equivalent to a rate of about
0.096% per annum,
on a bank discount basis.
Only part of the amount bid for at the latter
price
was
accepted.
The average price of Treasury bills to be issued is
99.929 and the average rate is about
0.094% per annum
on a
bank discount
basis.
New
Aug. 30.
5,395
Jan.
Sept.
6.
1.425
Jan.
29
1936
Tenders to
a new
offering of $50,000,000, or thereabouts,
273-day Treasury bills were invited on Jan. 23 by Henry
Morgenthau Jr., Secretary of the Treasury.
The tenders
will be received at the Federal Reserve banks, or the branches
thereof, up to 2 p. m., Eastern Standard Time, Monday,
Jan. 27, but will not be received at the
Treasury Depart¬
ment, Washington.
The bills, which will be sold on a discount basis to the
highest bidders, will be dated Jan. 29 1936, and will mature
on Oct.
28 1936.
On the maturity date the face amount
will be payable without interest.
An issue of Treasury
bills, in amount of $50,085,000, matures on Jan. 29. In his
or
of Jan.
announcement
23
Sept. 13.
Jan.
17
May 10—
5.311
Sept. 20.
11,959
10.817
denominations
Figures from the time of the issuance of the order of Aug. 9
up to Dec. 28 1934 were given in our issue of Oct. 19
1935, page 2518.
1934, and
tender
of
for
$1,000,
Newly-Mined Silver by Mints and Assay
Treasury Purchases Totaled 1,335,Fine Ounces During Week of Jan. 17
of
Receipts
Offices
811.95
from
In accordance with the President's
proclamation of Dec. 21
1933, which authorized the Treasury Department to absorb
at least 24,421,410 fine ounces of newly-mined silver an¬
nually, the Department during the week of Jan. 17 turned
over
1,335,811.97 fine ounces of the metal to the various
mints.
A statement issued by the Treasury on Jan. 20
showed that of this amount 433,867.69 fine ounces were re¬
ceived
Philadelphia Mint, 896,701.39 at the San
and 5,242.89 fine ounces at the Mint at
the
at
$10,000,
amount
less
$100,000,
than
$500,000,
and
the basis of 100, with not
more
$1,000
will
be
$1,000,000
considered.
Each
The price offered must be expressed
than three decimal places, e. g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from
incorporated banks
and trust companies and from repsonsible and recognized dealers in invest¬
ment securities.
Tenders from others must be accompanied
by
a
.
Treasury's statement of Jan. 20 indicated that the
total receipts from the time of the issuance of the proclama¬
tion and up to Jan. 17 were 61,972,000 fine ounces.
Refer¬
ence to the President's proclamation was made in our issue
of Dec. 31 1933, page 4441.
The total weekly receipts since the beginning of 1935 are
as follows (we omit the fractional part of the ounce):
The
Week Ended—
Ounces
!—
Week Ended-
Week Ended-
Ounces
May 17
Ounces
1935—
1935—
1935—
86,907
1,505,625
Sept. 27
Jan.
4
467,385
Jan.
11
504,363
May 24
363,073
Oct.
4
Jan.
18
732,210
May 31
247.954
Oct.
11
771,743
7
Oct.
18
14
203.482
462.541
Oct.
25
707,095
972,384
1,146,453
Jan.
25
973,305
June
Feb.
1
321,760
June
448,440
8
1,167,706
June 21
1,253,628
Nov.
1
Feb.
15
1,126,572
June 28
407,100
Nov.
8
320,550
Feb.
21
403.179
5
796,750
Nov. 16
1,430,886
Mar.
1
12
621,682
Nov. 22
8
1.184.819
844,528
July
July
July
July
19
608,621
379,010
863,739
751.234
667,100
Nov. 29
1,139,617
957,288
Feb.
Mar. 22
1,555.985
554,454
Mar. 29
695,556
26
Aug.
2
Aug.
9
5
12
Apr. 19
Apr. 26
836.198 Aug. 16.
1,438.681 Aug. 23.
502.258 Aug. 30.
67,704 Sept. 6.
3
Sept. 13.
Sept. 20.
Apr.
Apr.
an
tender must be in multiples of $1,000.
on
♦
Mar. 15
or
(maturity value).
No
3.606
6,378
Mar.
Secretary Morgenthau stated:
They (the bills) will be issued in bearer form only, and in amounts
2,881
10
7.941
Francisco Mint,
Denver.
Offering of 273-Day Treasury Bills in Amount of
$50,000,000, or Thereabouts—To Be Dated Jan.
1.289
3
68,771
50,259
Of the tenders received, the
was
1,619
1936—
Apr. 19—
Apr. 26
May
3
received
following to
1.497
Feb.
.
Open
$212,610,000 Received to Offering of $50,000,000 of
273-Day Treasury Bills Dated Jjan. 22—$50,130,000
Accepted at Average Rate of 0.094%
$50,130,000
3.742
Sept. 27-
11.480
100.197
4
Mar. 15
newly-constituted
in order that the future policy could be mapped out.
Secretary said,
1935—
1935—
1935—
Jan.
Apr.
ury
6,378.47
Following are the weekly receipts since the beginning of
1935 (the fractional part of the ounce is omitted):
Mar.
the
appointed by President Roosevelt.
are
,285.23
Mar.
the
new
-
—
Total for week ended Jan. 17 1936
Feb.
in
-
--
Seattle
Week Ended— Fine Ozs.
Treasury Department
to
Committee's
Federal
-
.
Committee
informally the President's
bonus
San Francisco
New Orleans
...
anticipated
was
and
Committee
accounts
Treasury financing.
Reserve
final session
a
desired
on
taking action.
M30.00
2,251,35
1.827,00
884.89
New York
Denver
System to-day held
affairs.
Federal
financing.
without
for
year,
Committee
and action
message
Federal Reserve
Both
adjourned
arranged late last
as
of the
and
say,
Philadelphia
May
173,900
686.930
May 10
In
our
issue of Oct.
6
748.396
Dec.
13
Dec.
20
1,031,666
505,387
Dec.
27
422.188
Dec.
1936—
1,313,754
509,502
Jan.
3
310.040
Jan.
10
1,076.180
755,232
Jan.
17--+-..
1,335,812
563,220
551.402
18, page 2518,
we
gave
the weekly
receipts during the year 1934.
deposit
of 10 per cent of the face amount of Treasury bills applied for, unless the
tenders
are
accompanied by an express guaranty of payment by an incor¬
porated bank
or
trust company.
Immediately after the closing hour for receipt of tenders
1936, all tenders received at the Federal Reserve Banks
up
to
the closing hour will
acceptable prices will follow
the
following morning.
or
on
Jan.
27
branches thereof
be opened and public announcement of the
as
soon
as
possible thereafter,
probably
The Secretary of the Treasury expressly
on
reserves
Gold Receipts by Mints and Assay Offices During
of Jan. 17—$15,729,785 Imports
Week
Gold in the amount of $18,967,795.79 was received by the
mints and assay
announced
offices during the week of Jan. 17, it
was
the Treasury on Jan. 20.
The Treasury
indicated that of the amount received $15,729,785.28 was
by
and $2,840,177.83 new
during the previous
week ended Jan. 10 received $18,750,968.61 of gold; $15,125,901.67 of this amount was imports, $764,932.68 second¬
ary and $2,860,134.26 new domestic.
The amount of gold received during the week of Jan. 17
by the various mints and assay offices is shown in the follow¬
secondary,
$397,832.68
imports,
The mints and assay offices
domestic.
549
Financial Chronicle
Volume 142
gold stock of the United States,
our
gold reserve is an indication
New
'-'Secondary
Imports
Domestic
$1,194.20
$13,950.65
$143,046.40
131,300.00
43,263.39
28,907.10
34,670.52
16,645.27
652,800.00
1,542,892.04
562,928.06
595.21
79,768.32
$15,729,785.28
$397,832.68
$2,840,177.83
San Francisco
Denver
New Orleans
Seattle
Total for week end. Jan. 10 '36
issue of Feb.^3 1934, page 741.
President Roosevelt Returns to
"^President Roosevelt
York,
night, Jan. 19, following a week-end visit to New
during which he delivered three addresses—one in Newark
on Jan.
18, and two in New York City—the principal one
being that delivered at the dedication on Sunday (Jan. 19)
of the New York State.
Theodore Roosevelt Memorial at
$328,075 of Hoarded Gold Received During Week
Jan. 15—$20,325 Coin and $307,750 Certificates
of
certificates during the week
Federal Reserve banks and the Treasurer's
office, according to figures issued by the Treasury Depart¬
ment on Jan. 20, amounted to $328,075.42.
Total receipts
since Dec. 28 1933, the date of the issuance of the order
of Jan. 15 by the
requiring all gold to be returned to the Treasury, and up to
Jan. 15, amounted to $136,018,938.25.
Of the total re¬
ceived during the week of Jan. 15, the figures show $20,325.42 was gold coin and $307,750 gold certificates.
The
total receipts are shown as follows:
Received by Federal Reserve banks:
Gold Coin
Gold Certificates
Weekended Jan. 15
$20,025.42
$299,950.00
Received previously
31,091,776.83
102,001,730.00
$31,111,802.25
$102,301,680.00
$300.00
$7,800.00
266,456.00
2,330,900.00
office:
Received by Treasurer's
Weekended Jan. 15
Received
previously
$2,338,700.00
Office in the amount of
$266,756.00
Totalto Jan. 15
Note—Gold bars deposited
with the New York Assay
»
Report
to
♦—
Operation of Gold Reserve Act
on
Congress by House
Treasury Jan. 6
Submitted
Committee—Gold Stored in
$10,136,000,000
report on the operation
submitted to Congress
on Jan. 10 by the House Committee on Coinage, Weights
and Measures.
Stating that the action of the Committee
was in the
form of an adverse on the resolution, advices
Jan. 11 from Washington to the New York "Herald Tribune"
In response to a House resolution, a
of the Gold Reserve Act of 1934 was
added:
The majority
had been made
members of the Committee held that
the information sought
well as other
Although Representative Allen T. Tread-
available from time to time by the Treasury as
departments of the government.
(Rep.) of Massachusetts, author of the resolution, said that the in¬
formation in the report was brief he believed it supplied a summary of a
way
largely "secret," as far as members
situation which has been
of Congress
concerned.
are
From the
Conference of
Agencies Says
Not Only Are Majority of Things Done Useful, but
Liberties
of Self Government Still Exist—With
"Boondoggling" of Country Out of Depression,
Looks for Word Enshrined in Hearts of People
At a conference in Newark, N. J., on Jan. 18, of State
executives of Federal relief agencies, President Roosevelt
account, we give the
following as to
expressed the belief that "people appreciate the fact_ that
not just the majority, but that the overwhelming majority
of the things that we are doing not only are useful but that,
exist."
strangely enough, the liberties of self-government still
The President declared that the Mayors of the country
Questions and the Answers
information had been requested and the answers sub¬
mitted by the
Committee follow:
of gold purchased by the Treasury
1. The amount
Department under the
Answer—The net
the Gold Reserve Act of 1934.
authority of Section 8 of
31 1934 to Dec. 16 1935, according to the figures
published by the last report of the United States Department of Commerce
was $2,857,000,000.
The amount of gold on hand as of Feb. 1 1934, figured
on the new value, was approximately $7,018,000,000.
2. The price at which such gold has been purchased.
Answer—$35 an
gold imports from Jan.
The conference at
principles of home rule."
the
out
stored in the Treasury Department.
Answer
—The stocks of gold in the Treasury Department, according to the daily
statement of Jan. 6 1936 were $10,136,000,000.
4. The amount of any expenditures since March 4 1933, for providing
"boondoggling" and said "if we
this depression that word is
going to be enshrined in the hearts of the American people
for many years to come."
From the New York "Herald
Tribune" of Jan. 19 we take the following:
Mr. Roosevelt's talk yesterday was extemporaneous, coming after he haxi
listened for more than an hour to heads of the New Jersey Works Progress
Administration, Civilian Conservation Corps, Public Works Administration
and Home Owners' Loan Corporation tell of what their departments were
remarks the word
into his
boondoggle ourselves out of
can
doing.
.
.
.
Roosevelt
Mr.
for
to
hour
an
minutes, but listened with
description of the operation
a
meeting. He spoke
close attention for more
of policies which he has
enthusiastically greeted by the
was
10
about
only
originated.
,
disagreeable, the streets of Newark leading
at which the President arrived at 1:45
yesterday afternoon, to the Robert Treat Hotel were crowded.
The Presi¬
dent was cheered as his car passed through the streets.
All along the line of the President's trip strict police protection, larger
than has been customary on previous trips, kept the crowds at a distance
from
the
President's party.
He was accompanied by Mrs. Roosevelt,
M. H. Mclntyre, of the White House secretariat; Miss Marion Dickerman,
business
associate of Mrs. Roosevelt; Miss M. A. Le Hand, Miss Grace
Tully and H. M. Kannee, White House secretaries.
Mr. Roosevelt was met at the Newark station by Mayor Mayer C. Ellenthe weather
stein
and
was
station,
Pennsylvania
the
Edison.
Mr.
for the gold supply of the United States and the location
Answer—xY> date, the amount of $44,481.35 has been
the conference.
I
expended on the United States
covering its
for the erection of
the designated location of such additional
Answer—No other storage facilities are anticipated at
present time.
Price
Unchanged in France
correct term for all
the most
suppose
of you people is to say, "My
fellow-workers."
wanting to come to one
been
have
I
to
And I am very proud of New Jersey.
You have been
in the Union to carry through the co-ordination,
Jersey works.
of
the
tying
our government activities.
followed out in every other State in
of all of
together
is being
that
lesson
States
first
the
one
You pointed a
the Union, with
objective within a very short time of having an exoellent
this one operating in all of the other States.
the
long time
chairmanship of
the
under
of these meetings for a
conducted, and when I heard of the first meeting you
Charley Edison I wanted to see how
how they were
see
attended
New
if any, which has been allocated
5. The amount,
additional storage facilities and
the
The con¬
No
$557,184.
have been made.
other expenditures
storage facilities.
depositary at Fort Knox, Ky.
completion call for the expenditure of
attendance at
follows:
Hoffmann, Mr. Mayor:
Governor
of such facilities.
tracts
was in
President Roosevelt's address
Hoffman of New Jersey
Governor
The amount of gold now
storage facilities
which
called by Charles Edison (son of
the late Thomas A. Edison), State Director of the National
Emergency Council.
President Roosevelt referred to New
Jersey as "one of the first States of the Union to carry
through the co-ordination, the tying together of all of our
government activities."
Speaking of the usefulness of what
is being done by the Federal agencies, the President brought
President spoke was
ounce.
3.
"are
co-operating with the Federal government, and no Mayor in
this country has been shorn of his responsibilities of his
office."
In other words, he added, "we are still carrying
from
Points on which
Executives
State
Although
supplied:
the information
Roosevelt at Newark, N. J.,
of Federal Relief
President
than
press
same
elsewhere in our issue
of to-day.
the
$200,572.69 previously reported.
of Natural History.
addresses are given
The President's
Total to Jan. 15
Washington^Following
New^York
returned to Washington on Sunday
the American Museum
Receipts of gold coin and gold
in our
Act of 1934 was given
The text of the Gold Reserve
Visit to
10,817,000.00
4,856,577.13
42,257.50
New York
The increasei n
Act of 1934 has
administered."
been
ing tabulation issued by the Treasury:
Philadelphia
and for other purposes.'
of how the Gold Reserve
organization
similar to
countries has in¬
creased since the Treasury Department began its present gold purchase
program.
Answer—The price of gold in France and Switzerland has re¬
mained approximately unchanged from October 1933 to date.
The price
of gold in Great Britain has increased 8.6% if the prevailing market price
of gold is taken as the basis and 7.8% if the price of the franc exchange in
London is used as the basis of measurement.
In Japan it has increased
4.6% if the published market price in Tokio is used as the basis of measurer
ment, and 9.6 in the change in franc rate in fokio is used as the basis.
In
Germany, the price of gold has nominally not changed, that is, the official
rate of regular marks in terms of francs is the same now as it was in October
1933.
In the case of Italy, the price of gold as measured by alterations in
the official exchange rate on gold countries has increased 9.1.
Figures
for exchange rates and gold prices in these and other countries are quoted
6.
The extent
to
which the price of gold in foreign
columns of leading newspapers.
of the United States to that of the res*5
Answer—According to the Federal Reserve "Bulletin" of
daily in the financial
7.
1935, which records the
8.
is
broad
tremendously
United States Treasury
world.
administration of Section 8 of the Gold Reserve
figures as October 1935, the
approximately 45% of the monetary gold of the
"The result of the
Act of 1934," the report says:
"The
system
Gold
Reserve
Act of 1934 was
of the United States, to
'an act to protect the currency
provide for better use of the monetary
important, of
course,
program.
That
all of you, in addition to your own
offices and agencies, have still another
why I ^think that
is
within
work
your
that is to become
own
individual
duty, and
walking encyclopedias.
Administration is going to be asked about the
Of course, he cannot become letter perfect
very distinctly up to him to know something about the
and the general operation, not only of CCC camps, but
Somebody in the Housing
operation
but
it,
on
general
of
of the CCC camps.
it
is
purpose
governmental agencies.
all other
The ratio of the gold reserve
of the world.
holds
especially in view of the fact
that a lot of this work is comparatively new—it has been started within
the past two or three years—that as little as possible should we step on
each other's toes.
That can be avoided principally through information,
through knowledge of what people are doing in other branches of this big,
It
Objective of National Emergency
that
In
connection
we
have
two
duties
or
Council
obligations.
The first is
information about what everybody else is doing to seek every
means
for a greater efficiency of the whole.
That was the
through this
reasonable
primary objective
not
of the National Emergency Council, to see that we were
to see how in an administrative way we could im¬
duplicating work,
prove
the
administrative
machinery.
The National Emergency Council,
550
through
Financial Chronicle
its
directors
in
all
the
States
of
the
Union,
is
working
Silver Boost Rumored
extraordinary efficiency toward this end.
People who
not
are
each
so
ah
and
about
the
around saying all
come
true
indicate
every
to the
questions
in
of
one
public
asked
the
employment service
operations
working
was
employment
but
the
sister
that
There
are
have
great
a
duty to explain what it is
been
for
interested
example,
in
was
several
not
hand
only the
in
many
hand
Federal
with
it,
in almost
cases
of
Yesterday,
thought
State
In
ing
it
mine where we have an opportunity to make our work
by giving greater information about it.
That is true of hous¬
useful
is
Public
true of
Works;
public
as
Home Owners'
it is
true
of
Loan;
all
the
it is true of WPA;
relationships in
he
want
doing.
to
There is
word
one
about
issue
the
usefulness
of
what
we
being
was
of
international
circulated,
Mr.
Morgenthau said he
monetary stabilization,
prospect of action in the
President
paid for in
just
say
story
behaving
Orthodox
"Boondoggling"
I
no
What the
stand to
you
Secretary of the Treasury Mor-
pretty well."
To-day the Treasury had
make, thus permitting the President to deflate the rumors.
field
the
sees
"is
it is true of
which
whole.
a
this
as
silver
comment to
branch
every
New York that
stocks.
Employ¬
the
reported: in
profit sufficient to pay the soldiers' bonus and realization of the intention
of the Silver Purchase Act—silver stocks
equal to one-third of the gold
of
how
to
as
been
genthau contemplated boosting the domestic price of silver to $1 an ounce,
revaluing at $2.18 an ounce, and thereby achieving two purposes:
A
And
whether the employers knew
out,
service,
works
and I know
you
information.
work and
more
the
them,
the
Employment Service.
;
One
of
lack of
further
I
of
Service
of your
that
whole.
a
had
It
sorts of things that
just plain
cases
has
you
as
to-day.
the
ment
most
Jan. 25 1936
with
said
Mr.
Roosevelt said
future.
near
Payment Forecast
gave
indication that the bonus would be
every
the regular manner,
to meet
that is, the Treasury would float
$2,000,000,000 burden, assuming the bill becomes
the
no
a
a
bond
law.
Congress, before it sent the bill to the President, had defeated amendments
for greenbacks and for
paying the bonus out of the gold devaluation profit.
are
grand word that is going around, "boondoggling."
It is
If we can boondoggle ourselves out of this
depression,
going to be enshrined in the hearts of the American
people
for many years to come.
a
pretty good word.
a
that
word
The
is
point,
doing,
of
generation,
the year before.
but
in
to
the
of
In
addition
for
that
that
we
are
some
which
is
human
live
we
we
year
of
this
and
current need,
that it
way
sitting
in
they originate?
Washington
tapping his forehead and saying, "Let
Newark, N. J.," or Hackettstown, or
Does
anybody have
me
think
any
other
locked
place?
The
a
Why,
of
from
the
the
in
local
first
instance,
authorities,
in
99
of
out
cases
out
in this
on
ments
locality?" and in 99
local
governing
throughout the land.
authorities
cases
of
out of
a
State
every
hundred the origin is in
and
every
community
There
weeks
And
but
I
only
people appreciate the fact that not just the
majority
overwhelming majority of the things that we are doing not
but that, strangely enough, the liberties of
self-govern¬
exist.
I haven't heard
Mayor Ellenstein or any other Mayor in
the
useful
are
ment still
this great country of ours
say,
projects
your
Now
in
are co-operating with
country has been shorn of
other
home
of
I
am
words,
as
all
we
know,
government
not
still
are
new
old
government
monious
of
agencies with
of
whole, and it is
the
Mayor
no
his office.
carrying out the principles
around these
ramifications
many
of the old
many
the
a
the exhibits
see
know"
tying-in of
the
and
of the responsibilities of
we
walls.
A
this
work.
of
agencies that
will
the
matters to be met.
revenue
the thing much more
see
In
several
These problems
clearly.
straighten themselves out.
dispatches from
press
Washington,
said, in part:
the New York "Times,"
Jan.
23,
discussing pending financial operations, Mr. Morgenthau did not refer
idirectly to any of the specific problems facing the Treasury as a result of
the Supreme Court's Agricultural Adjustment Act decision and the
passage
by
Congress
involve
of
the
soldiers'
the elimination
taxes
already
of
bonus.
These
collected,
well
as
factors
new
processing taxes and
the
finding
as
the
in
refunding
cash
situation
of
to
of
some
the
tneet
"I
refer
to
everything—the accumulation," Mr. Morgenthau explained
remarking that a clarification of the financial problem was in sight.
The Secretary said he was not as yet in a position to
speak definitely of
in
plans to meet the financial demands
ing
for
increas¬
the
Treasury,
within
and
the
the
although
province
the
is
question
the
of
information
President.
voluminous,
of
tax
recommendations
Such
facts
be laid
will
the
as
before
is
strictly
Treasury
the
has,
President
for
consideration.
great
A
almost
are
of the recommendations
or
in addition to that to be obtained through borrowing.
question of new taxes evidently is receiving much consideration at
revenue
President
Roosevelt
Says Fight
Against
Infantile
Paralysis Is Assuming Greater National Character
—Co-ordination of Effort Purpose of Georgia Warm
Springs Foundation—Speech to National Com¬
mittee Meeting Incident to
Coming Birthday Ball
for President—Fund Used
Partly to Support Re¬
as
United
States, Ithey are working in a har¬
heartening thing to realize that the older
very
of
to
In
bis
particularly happy to
as
the Federal
any
rule.
citizens do
many
don't want to do that;
we
shall be able
that to
The
they
this
In
"Don't do that;
saying:
important financial and
met and
One
useless."
are
of the soldiers' bonus, the agricul¬
the deficit and other budgetary require¬
taking shape.
Mr. Morgenthau was quoted on
problem,
bonus bonds.
believe that
that
as
are
we
these
Mayor Co-operating with Federal Government
to the payment
are
Jan. 23
hundred,
a
the
Governors of States,
the
incident
tural relief
new
people who have been duly chosen,
the departments of State governments, the
Mayors
of cities, the Supervisors of counties.
We have gone to
them and said,
"What is the most
useful thing
that the Federal government can help
the
According to Secretary of the Treasury Morgenthau, the
Administration's plans for the raising of billions of dollars
will be
projects arise
either
an
in
something
up
not.
course
is
and the year
individual
some
Secretary of Treasury Morgenthau Says Administra¬
tion
Plans to Meet Bonus Payments and Farm
Relief Requirements Are Being Developed
are
year,
last
a
a
community next
need
a
of
filling
we
come.
room,
for
need,
and
are
trying to do it in such
way to the
generations to
there
definite
in
year
Speaking of projects, where do
idea
projects, all of this work that
a
carrying out this work
going to be useful in
after and
necessity,
a
need
a
is that all
course,
springs from
departments
of the government, the ones that
go back 50,
100 and 150
have taken in the younger brethren and sisters in the Federal work.
To you I want to
say just one
personal word.
I have always had
faith that when a job had to be done
there would be a great
many publicspirited; men and women who would come forward and offer their
years,
search
Work
services.
That
has
been true
not
only among the experts, not only in the profes¬
sions—and
they have been magnificent—but also
among
the men and
women
who perhaps didn't have to do
it, but who stepped forward and at
great personal sacrifice in many, many cases have
helped their govern¬
ment
to
To
carry
this work
on
who
you
in
efficient and
an
very
admirable
I
so,
could
and
friends,
my
I
have been with
the
whole
glad;
am
you
have
to
had
this
opportunity.
I wish
through all the meeting, this morning's session
of
this afternoon's session.
I
have learned
a
good deal
just by looking at the program, and I wish that
everybody who is a visitor
here to-day would read that
program.
It might give them a broader and a
more American point of
view.
I
have
but in
something like
the
contact
of
course
with
the
this
the
meeting
every
day—not
everybody
day in Washington I
average
representatives of
about
half
of
all
together,
I
suppose
the
come
Federal
National Committee for the Birthday Ball of the President
(to be held Jan. 30), President Roosevelt pointed out that
against infantile paralysis "is constantly assuming
greater and greater national character."
He added that
the fight
way.
are
representing in the State of New Jersey all of these
great agencies, working co-operatively with the State of New
Jersey, with
the counties and with the
cities, I want to extend my thanks for what
you are doing.
I am very, very proud of you.
And
Addressing, by telephone from his home in New York, a
meeting at the Waldorf-Astoria, on Jan. 18, members of the
in
agencies
that there are, personally, or
by telephone, or by correspondence.
I try to
keep myself in touch with the co-ordinating of all of our work as much
as
is humanly possible.
So, though I may seem to be a
long way off
down there in
Washington, you have no idea, I think, of the many details
of all your work that
actually come across my own personal desk.
I have
a
fellow-feeling for your work.
I not only want
you to work with me, but
I am going to do the best I can
to work with
you.
a
committees of laymen and physicians "are playing their
part
in this
Roosevelt At
Press Conference
Reported as
Denying Rumors of Silver Revaluation—No
Change
Contemplated in Monetary Policy He Is Indicated
As Saying
Jan.
At
liis
press
was
conference
reported
revaluation, and at the
change
as
yesterday (Jan. 24), President
having denied rumors of silver
same
is
time to have indicated that
the Administration's
no
contemplated in
monetary
policy.
From its Washington bureau, advices to the
Brook¬
lyn "Daily Eagle" had the following to
say, in part:
The
ence
President made
at
the White
iiis
announcement
House.
A
news
brought him
program.
The correspondents brought
around
money
in
he has
There
will
not
firm in
given in months to
will
monetary
the reports of
circles and
not
policy.
be
be,
said
There
established
a
free
denying these stories.
the
semi-weekly
an
up
office of
rumors
that he will
Roosevelt,
not
be
a
press
one
confer¬
his
of
secre¬
impending shift in his monetary
the question of the stories racing
got from the President
Mr.
will
at
ticker in the
taries had
as
30,
any
complete
do this
week-end
revaluation
gold market.
as
of
or
a
The President
was
And
funds
jovial but
these
at
affairs
"last year not
birthday on
being used in
The President in his
"Thirty
one
cent.," he added, "was used in the fund to sup¬
The President's address to the committee,
of which Henry L.
Doherty is Chairman, was delivered at
10 p. m. and was broadcast.
We give the address herewith:
per
port research."
Colonel
Dohertys Members of
is
happy
a
Springs
Foundation
privilege
this
I
material
disease—a
or
well
as
me,
disease
which
which
in
Warm
attacks
is
of
one
those
a
have
little
in
been
regard;
the full
the
to
victims
age
stride of
of
and
useful
this
none
to
work
as
play.
wonder, then, that
army
who
with
so
many people unite
volunteers.
few days
This
in the attack against it—
needs no cheering from
Georgia Warm Springs Founda¬
(Jan. 30) will be making their contribution
name
army
of
fight by attending the thousands of birthday celebrations
throughout
country.
You
should
assuming
nent
again about Georgia
infantile
fight.
those
strikes
their
tion, all those who in
the
the
also
but I do want to thank, in the
to the
once
paralysis.
It is a
of the accomplishments of those who are
are
to
resources
to-night
station;
the
you
you
against
and it is a duty because as one of many who are
aiding in this battle against a most mysterious and baffling
pay tribute to those who have given of their skill,
energy
children
Small
that
tell
can
fight
should
Listening
race
its
battle,
interested and
and
and
because I
fighting
the National Committee, Friends:
privilege to talk to
Greater National
there
raised
penny of the money
given went into the work of the institution in Georgia;" 70%
of it, he said, "remained in the communities which raised
it to carry out the local fight against infantile
paralysis."
do that.
on
"Co-ordination of all this effort
behalf of the work of the Foundation.
denial
proclamation
silver.
the
address stated that
disease
Iioosevelt
to say:
on
is the purpose and desire of Georgia Warm
Springs Founda¬
tion."
The meeting at the Waldorf was held
preparatory
to the nation-wide balls held on the President's
It
President
broadening of ideals, objectives and usefulness;" the
President went
a
know
Character
that this
greater and
of Fight Against
Infantile Paralysis
fight against infantile paralysis is constantly
greater
laymen and physicians are
ideals, objectives and usefulness.
national
character.
Committees
playing their part in
this
of
promi¬
broadening of
Co-ordination
Warm
of
this
places where
many
after
all
of
effort
Springs Foundation.
the
acute
Its
is
It
over.
patients, and, therefore, in itself,
a
slight impression
very
It
happens
unlimited
that
take
can
of
care
Professor Osborn first suggested it after the
Georgia
of
only
,
few such
a
Georgia
Building Begun in 1929
construction
tile
the
are
arches of ancient
flanked by
huge granite columns supporting heroic figures of Lewis, Clark, Audubon
and Boone, outstanding characters in early American history.
It is crowned
have
cap,
possess
all their mental
own
place
in the
for
with
recognition
to
acute
infantile paralysis and of the treat¬
of
prevention
30%
that
You know
stages.
Warm
and
ability
did
Foundation
Springs
research staff.
Why should it?
already
were
its own research laboratory
Scientists of acknowledged reputation
not set up
problems
the
working on
relating
infantile
to
they were hampered by lack of personnel and
equipment.
With the advice of those who were well acquainted with the
needs and with the value of certain researches in infantile paralysis, aid
paralysis.
In
many
given through the money which a generous public has contributed.
was
Allotments
It
gives
research
derived
funds
Pennsylvania,
Southern
and
York
College,
University
is
Chicago,
of
going
Committee ' has
satisfactorily
forward
University
University,
University, University of
City Hospital at Cleveland,
Yale
The Medical Advisory
University.
work
the
that
Harvard
University,
Island
Long
California,
New
ances
from
Stanford
under
of
physicians
health
The
their
time
members
are
and
the
group,
Board of
the
which
of
furtherance
Thus,
who
both
on
per
used
be
will
carries
telegram "conveying to
husband and for her, and
its
carry
to
the
who
left
are
in various parts of
Advisory Committee of the
surgeons
Orthopedic
Executive Council, gives freely of its
an
Peter
Year's
given
the money
went
into
the work of
out
the
local
fight
transform itself into
more
continue
This
the
fight
support
against
of
the
infantile
Foundation
in
the
paralysis.
Therefore, to you who are the warriors, and to you
the
I give both the thanks of the Foundation and
common
enemy
themselves—those whom
has been
has
you
attacked—the
victims
of
have helped and encouraged
chosen
as
the occasion
for
helping this
Franklin
D.
New York Eulogizes Former Presi¬
as
Having
Possessed
Strong
Sense
of
Justice
Which
Found
Expression in
"Sr uare
Deal"—Gov.
Lehman
and
Mayor
La
Guardia Also Speakers
History in
"would not permit the court to
legislative body," Mayor La Guardia
challenging vein than any of the other speakers.
The
Mayor asserted that Theodore Roosevelt
time could
forward when
be taken back"
not
.
spoke in a
.
.
Constitution
"took the
and that he "would not
of oppression or as a
justification for special privilege."
A.
and a trustee of the
accepted on behalf of the Museum
Perry Osborn, son of Henry Fairfield Osborn
American Museum of Natural History,
Memorial with a pledge
Roosevelt."
Roland Hayes, the Negro tenor, sang "The Battle Hymn of the Republic"
so
magnificently that he was called to the front of the stage twice to
of the New York State Roosevelt
the stewardship
to keep
it sacred to "the ideals of Theodore
acknowledge the applause.
decided
to
become
that his father had
professional
a
told him that he once
his
Throughout
naturalist.
always "his greatly loved avoca¬
his father would have been very proud
father's life, he said, natural history was
He said that he was sure
of the building erected in his honor.
Dr. James R. Garfield,
and
President of the Roosevelt
Secretary of the Interior in
Memorial Commission
the
Theodore Roosevelt's Cabinet, said
leader's life were "to afford men more equal
chance with their fellows to make the most out of life and to improve the
conditions under which people work and live."
"He strove for social and economic justice, not theoretical but practical,
great purposes of his former
pointing the way for the attainment of measures in State and nation which
would make it possible to care for illness, accident, death, old age, unem¬
ployment," Dr. Garfield said.
Dr. Charles W. Flint, Chancellor of Syracuse University,
Guests at
Those seated on the platform at
the
pronounced
was paid by President Franklin D.
cousin, at the dedication on Sunday, Jan. 19,
of the New York State Theodore Roosevelt Memorial at the
American Museum of Natural History in New York.
The
cornerstone of the wing of the museum which houses the
Memorial was laid by Franklin D. Roosevelt while the
latter was Governor of the State.
The dedicatory cere¬
United States,
a
participated in by Gov. Herbert H. Lehman
Guardia, while greetings were sent from Mrs.
Roosevelt, widow of Theodore Roosevelt,
who is now in a Long Island hospital, having recently suf¬
fered a broken hip.
President Roosevelt, in extolling the
one to whom the mermorial was erected in tribute, declared
that "in him [Theodore Roosevelt] was combined a passion
for righteousness and that strong sense of justice which
found expression in the 'Square Deal'.
Everything about
him," said President Roosevelt, "was big and vital and above
all national.
He was able to see great problems in their true
were
and Mayor La
Edith Kermit
perspective because he looked at the Nation as a whole."
President Roosevelt expressed regret that the late Henry
Fairfield Osborn, President of the American Museum of
National History, "could not have lived to take part in this,
the culmination of his great desire."
As pointed out in the
New York "Times" the building just dedicated has been 16
in the planning.
of Jan. 19:
To quote further from the "Times"
Ceremony
'
.
the dedicatory exercises,
Franklin D.
included Mrs.
speakers,
in addition to
Roosevelt, Mrs. Herbert H.
Roosevelt, Mr. and
Richard Derby,
Mrs. Nicholas Longworth and her daughter, Paulina; Mrs. Charles W.
Flint, Mr. and Mrs. Chauncey J. Hamlin, Mrs. William H. Good and
Fiorello H. La Guardia, Mrs. James
Mrs. Felix Warburg, Mrs. A.
Perry Osborn, Dr. and Mrs.
George N. Pindar.
Kin
Tribute to the late Theodore Roosevelt, former President
years
a
noble
sincere appreciation.
dent—Lauds
monies
Roosevelt
Theodore
that
com¬
infantile
Roosevelt at
Dedication of
Theodore Roosevelt Memorial at Museum of Natu¬
Roosevelt,
Challenging Vein
Mayor in
tion."
in the
against
conscience of the
business and social
which he waged to arouse the
justice."
Lehman, Mrs.
of the
greatest
the benediction.
whom I express my
ral
"the
people in behalf of clean government, honest
Colonel Roosevelt revealed
on.
President
contribution which
American life and American ideals was the
that
declared
Lehman
Theodore Roosevelt made to
almost
Funds
James, then
"tribute of the nation."
ceaseless and brave fight
which evokes from me my most profound gratitude to the people to
work,
Scouts, joined by the audience.
entered on the arm of his son
Roosevelt, who
Governor
American
of the Me¬
with the singing
Kiernan, Vice-Chairman of the board of trustees
D.
morial, presided at the exercises, which began at 2 p. m.
Trustees.
carry
nation-wide
whom
birthday
My
those
in ideals and in practical working, Warm Springs Foundation
those
date."
be restored to full health at an early
co¬
paralysis is over, have both
battle side by side with Warm
cent, was used in the fund to support research.
to
the fight.
infantile paralysis
to
it
support these warriers,
all
to
again remains to encourage, stimulate and aid local work, and
70%
30%
mobility
to
Seventy per cent, of it remained
Georgia.
raised
Thirty
paralysis.
of
in
institution
year
of
not one penny
year
munities
allied
have
efforts
of infantile
entered
of
smaller
a
restore
to
Last
Last
its
physicians who have studied to
Seventy-five orthopedic
advice to the
and
in
do
always
Great medical
Association,
Foundation
of
group
phase
acute
individually
and
nation
that
assistance
Springs Foundation.
Foundation,
the
with
combatted.
Medical
American
they
as
unanimously
Kermit] Roosevelt
her our greetings, our high regard both for her
the expression of our sincere hope that she will
permit the Constitution to be used as an instrument
the
when
collectively
must be
disease
resources
surgeons,
possible
all
the
a
assur¬
work.
orthopedic
injured
the
including
and
ordinate this
and
co-operated,
have
country
threatened
is
organizations,
themselves
this
Lehman interrupted the program
Governor
adjournment
carried, that the assemblage should send to Mrs. [Edith
Declaring
The
give
before
long enough to step forward and offer a motion, which was
various
these
grants.
when
Just
erected by the State
was
$3,500,000.
over
President
to tell you that allotments from the
the birthday celebrations have been made to
fortitude, in the
of New York at a
From the "Times" of Jan. 20 we
take the following regarding the dedicatory ceremonies:
The Memorial
cost of
delivered the
satisfaction
great
me
and
our
of "America" by 90 Eagle Boy
from Research Funds Derived from Birthday Celebrations
institutions:
these
of
cases
youth of America In energy and
fathers, in defense of the rights of the people, in the love
conservation of nature and of the best in life and in man.
faith of
of the proceeds of last
year's birthday celebrations went into a fund which has supported research.
and
THEODORE ROOSEVELT
A great leader of the
but only
with advice from most capable medical research
height of 60 feet and is
a
solid parapet wall which bears the following inscription:
their
demand
capabilities.
of their
group,
and
cause
its
of
courage
for special privilege,
without asking
a
ability and desire to hold
with
men—those
by
The entrance arch rises to
only a physical handi¬
carefully contributing to that part of the battle which involves
of the
ment
which is to
the aim of
with
who,
and the
keenness
fellow
work
important
experts, is
study
their
world's
intelligent
Another
co-ordinating the work,
groups
infantile paralysis—those
had
their
Rome.
opportunities for the employment and rehabilitation of those
more
who
Work
the Foundation and its committee fighting infan¬
auspices of
paralysis
provide
building is
stately designs of the old Roman
pink-granite facade is modeled on the triumphal
The
Groups Co-ordinating
Under
Legislature,
Designed by John Russell Pope, the
begun.
was
monumental structure, inspired by the
a
architecture.
be given to doctors and physical therapists there.
can
institution
Roosevelt was a
1929, after initial funds had been granted by the
Late in
Warm
Springs nature has provided an
water which assists, simply by virtue of being
warm
connected with the American Museum, inasmuch as Mr.
keen student of natural history.
regards direct treatment, it makes only
as
death of Theodore Roosevelt,
1919, and urged then that the memorial be an educational
in
itself is one
Springs
in the underwater physical treatment of this disease and
pure,
training
Warm
at
desire
andi
purpose
the general problem.
on
in
supply of
and
warm
that
the
be treated patients who have injury remaining
may
disease
is
institution
551
Chronicle
Financial
Volume 142
Members of the
Roosevelt family who sat in a section
included Mr. and Mrs. Joseph
Mr. and Mrs. P. J. Roosevelt,
reserved for them
Derby,
Mr. and
W. Alsop, Mr. and Mrs. Roger A.
Mrs. Theodore Douglas Robinson,
Roosevelt, Mr. and
Mrs. Kermit Roosevelt, Monroe Douglas Robinson, Mr. and Mrs. William
Adams Delano, Mrs. W. Emlen Roosevelt, Mr. and Mrs. James Roosevelt,
Jr., Miss Laura F. Delano, Mrs. J. West Roosevelt, Mr. and Mrs. Lyman
Mr. and Mrs. George E.
Mrs. Archibald Roosevelt,
Delano and Mrs. Henry
A. Alexander.
'
_
President Roosevelt's address follows:
Mr.
Chairman,
Governor Lehman, Mayor La
State Roosevelt
York
Natural History, Ladies and
This memorial,
of
Gentlemen:
the cornerstone of which
I laid, and in the dedication
participate this afternoon, is typical of Theodore
of which I am privileged to
universality of his mind and of his interests.
It reflects the
Roosevelt.
Guardia, Trustees of the New
Trustees of the American Museum
Memorial,
of his life,
Its decorations—in place or
in planning—tell part of the story
his work and his play: they
depict the construction of the Panama Canal,
in which
he was the dominating
ended the Russo Japanese
spirit; the Treaty of Portsmouth, which
War; the quest for scientific knowledge which
symbolic figures of fauna and flora to
carried him into the African jungle;
tell
generations to com 3 of his interest in nature
these bear witness to his
to
our
and in conservation—all
contributions
been
intensive vitality and to his varied
The Roosevelt Memorial Commission has
national culture.
faithful in executing its trust.
The
quotations
on
these walls, too, bring us their message out
rich storehouse of his written
"Conservation
text which
means
of the
words.
development as much as it does
ought to be emblazoned in every treatise on
protection"—a
the care and per¬
petuation of our national resources.
"The nation behaves well if it treats the
Or this:
assets which it must turn
over to
natural resources as
increased, and not
the next generation
impaired, in value."
From
his
democracy
writings in the
realm of statecraft we find this:
must be progressive or it
"A great
will soon cease to be great or a democ-
552
racy."
Financial
It is his warning to
progress is still the price of
It is
of this day and generation that
us
Chronicle
eternal
yesterday,
liberty.
one
Hardly
who stirred such great interest in the field of natural
history should itself
be an adjunct of the American Museum of Natural
History.
late Professor
Henry Fairfield Osborn,
tion tor tne increase
years a devoted
colleague of him in whose honor
Each
and
every
of
one
The
feels
us
to-day
sorry
that
could not have lived to take part in this, the culmination of his
grezt desire;
we know that his
spirit is with us.
Above all things, it is useful.
about Theodore Roosevelt which all of
We think of him not
but rather
as a
as
There
was an
friendly soul pervading this
hall which
very
he
did
Roosevelt
with
all
of
possessed
even
his
Washington that the President would veto the measure,
but in view of the large majorities recorded in both House
and Senate its ultimate enactment, even over a veto, was
among
talents
and
abilities
the leaders of
which
know
we
expected.
Whatever he did,
men.
The bill which
might.
With this spirit of vital
activity be it also remembered that he received
the Nobel Peace Prize.
and
that
Deal."
took
"A
at
strong
Race,
a
In him
color
what he
on
not
found
no
man
More
than
expression in the "Square
passed
is
man
entitled
In his first
message to Congress he had written:
group together when we
total cost
ate's
the
of
motion
to
Ways
where
the
Jan. 18
on
bonus
in
64 to 27.
philosophy into such
carry
phrases
class"
and
and
"lunatic
the
boiled
down
homely and popular maxim
a
his
fringe."
wnole
He
The
the
No wonder that John
Morley said in 1904: "The two things in America
which seem to me most
extraordinary are
Niagara
Falls and
President
new
Only
more
many-sidedness
of
his
as
would
were his
extended.
his
own
adequately summarize his
and
career
achievements.
political activities, the scope of his literary interests
His volumes
experiences
as
hunter
and explorer,
how
the
on
last
trees and the
And
with
a
rancher in the West.
literature,
with
he
history
private writings and in his
30 years ago
He
with
an
Who
us
to
enriched and
time had
been
he
in
could
emphasis which he
this
action
somewhat
and
our
cultural
and life and
a
color
horizon.
cast which later
into
what
it
as a
filled.
several
the
On
the
"I
Senate
of
knows, and the world
with
a
'
it
was
noised
abroad that
,
Mr.
Valiant-for-truth
was
taken
at to arrive where I am.
My sword I give to him that shad succeed
my pilgrimage, and my courage and skill to him that can
get it.
and scars I carry with me, to be a witness for
me that I have
battles who now will be my re warder."
me
in
My marks
fought His
body voted, 324 to 61, to override the veto, for which only
two-thirds majority was required.
The bill goes to the
Senate where, according to press advices from
Washington
a
and
Byrd.
that
vote,
Austin,
on
Barbour,
of
Ten
Senator
McNary
and
of the Patman bill
passage
Gore,
to-day,
veterans
O'Mahoney
and
the
even
overcoats
wore
since.
but
Some
had
and
Reynolds,
diplomatic
issued
section
them
to
apparently
concern—this
one
James
Wars,
they
E.
took
Van
years
not shaved
vote.
Zandt,
their
kept
seats
with
pace
being congratulated
was
met
at
National
Commander
after
soon
the
the
vote
session
their
on
taken.
Most
would
return
own
m.
Mr. Murphy
all sides.
p.
observers
the
vote
was
that
agreed
to-day would vote to
the
than
more
to say,"
more
on
at 3:14
for the bill
Roosevelt
That
and
noon,
quickly
was
over
override
bill after the expected
suffice to override.
and
practically
a
veto,
concurrence
of
outstanding.
The
$60,000,000 would be paid to banks that
collateral
as
United
for loans
States
Life
made to
now
hold such
certifi¬
veterans.
Insurance
Fund,
which
now
has
$507,000,000
loans on bonus certificates, \vould receive that
amount of 4%%
10-year bonds for its equity in the certificates, bringing the total, as esti¬
mated by the Finance Committee, to
$2,491,000,000.
invested in
But
the
would
be
to
accrue
of
described
still
Committee's
would
Thomas
President Roosevelt vetoed yesterday (Jan.
24) the new
"baby bond" soldiers' bonus bill, passed by Congress this
week.
As soon as the message was read in the
House, that
Senator
"united
Another
cates
that
"Baby Bond" Bonus Bill Passed by Congress Vetoed
by President Roosevelt—House Overrides Veto
against.
before
paying the cost of the certificates in cash, as provided in the
front"
bill
passed by the House a week after Congress
convened, the Senate bill calls for the issuance of
$1,836,213,950 in $50
bonds, dated June 15 1936, and an outlay of $87,786,050 in
cash, to be
exchanged for the adjusted service, or bonus, certificates now
summons
by the same post as the other, and had this for a token
that the summons was true,'' That this
pitcher was broken at the fountain."
When he understood it, he called for his
friends and told them of it.
Then
he said: "I am going to
my Father's and though with great difficulty I
have got hither, yet now I do not
repent me of all the trouble I have been
call
he
as
President
Vinson
passing, added this quotation from "Pilgrim's
this
to-day:
and
Foreign
roll
had
the House.
Instead
was a great patriot and a
great soul.
When he died, the
secretary of his class at Harvard, in sending to his
classmates a notice of his
After
had:
member who voted
should
knows, that Theodore Roosevelt
Progress":
Burke
opposing
Democrats;
stores
Legion,
of
final
afterward
The
was
nothing narrow or local or sectional about him. It is
here to-day to speak of the final
place which history will accord
nation
Senators
next
pleased, that is all, and I have nothing
am
said
Whole
and the
recorded
were
tally sheets.
his
There
know
of
56
Progressive.
Nye, Republicans.
the
of
They
American
Veterans
whole.
we
prepayment
furnished by
was
dissenting vote
a
did
as
the
galleries
salvage
at
the
adjournment
me
and
the
days.
every
Theodore Rccsevelt; but
Walsh,
Some
bought
\ Everything about him was big, vital, national. He was able to see great
problems in their true perspective because he locked at the nation as a
not for
for
1
one
began.
of
dull and drab statecraft.
Mewed Nation
to
1945,
Republicans
without
before
affirmatively
packed
of
was
before
5
in
They listened
intently to the debate, to the voting—and departed jubilant.
High up in one of the public galleries Ray Murphy, National Commander
have
Out
due
seven
called
against,
Norbeck
of
enlarged and extended
he infused
a
or
for
his
gave
well
ago
day£
the rich experiences he had
known, his mind received
reflected when
but
alike
nearly
Many Veterans in Gallery
that the term "muckraker" passed into the
language and is
so
and
voted
Veterans
His familiarity
reflected
was
public utterances.
given Bunyan's "Man-with the-Muckrake"
current
he wrote.
so
biography,
and
called
were
Robinson
was
wrought and
and
follows:
as
of
"no."
He found
He knew the birds and the animals and the
so
vote
support
certificates,
been
had
He loved the life of the
plants and the flowers.
he worked and
so
as
Senate
Senate
following Senators who did not vote
May
captured the interest of the
great outdoors.
boundless plains which he had known
strength in the wilderness.
dispatch of Jan. 20 to the New York "Times"
Bulkley voted
Democrats,
he loved
be passed
disapprove it.
Patman
The
American people.
We know
Chairman of the Finance Com¬
White, Republicans.
less
American history, on current problems and
on
was
Jan. 17 that the bill would
Democrats
names
names
cliffe,
Varied
was no
currency
following, who voted for the baby bond bill to-day, had stood against
currency bonus bill May 7
[1935]:
Ashurst, Bailey, Barkley, Dieterich, Guffey, Harrison, Lonergan, Rad-
character.
That extraordinary
range of interests makes difficult the task of any one
who
Senate,
Senator Thomas to pay
rejected by a roll call of
The
the
the
the
Couzens, the first Republican to note "no."
happiness.
emphasized
nine
Senator
equality before the
purposely
Representative Doughton, Chair¬
Committee, had offered a
Means
amendment by
adjusted compensation
Brown answered
law he sought with voice and
pen, with every resource at his command,
to obtain for men
everywhere their constitutional guarantee of life, liberty
have
Its
18 issue,
Senate amendment providing for
a
on
overwhelming
Thirteen
W ith clearness of
vision, of energy, c f unfaltering faith, he labored through
his entire strenuous career to transform
politics from a corrupt traffic to
a public service.
With a very passion for justice and
I
of
except
Jan.
our
Democrats, 15 Republicans, two Farmer-Laborites and
Roosevelt."
and the pursuit of
after
an
the final
described
politics;!
"speak softly but
as
substitution
and
the President's veto, should Mr. Roosevelt
over
big stick."
a
the
currency
noted in
was
Senator Harrison,
A Washington
criminal
pungent
in
$2,491,000,000 and $2,664,000,000.
and
in
concur
wealth,"
wealthy
of
Senate
taken
was
the
mittee, predicted
for
for
except
instead
the
We still remember how those whom he
denounced with righteous wrath
winced under the stigma oi such
flashing epithets as "malefactors of great
"the
was
bond payment method rather than payment in cash.
There was little debate on the new bill in the
Denunciation of1 Malefactors of Great Wealth"
gift
House
bonds
of between
bill
man
modern civilized life the
dominant note is
a
which
on Jan. 22
was regarded
as a mere for¬
mality, since the cash payment bill had been passed by that
body (Jan. 10) by a vote of 356 to 59.
Action on the Sen¬
the note of industrialism and the realtions of
capital and
labor, and especially of organized capital and organized labor to each other
and to the public at
large, come second in importance only to the intimate
questions of family life.
The corporation has come to
stay, just as the trade union has come to
stay.
Each can do and has done great good.
Each should be favored as
long as it does good, but each should be sharply checked where it acts
against law and justice.
had
bill
The House vote
messages:
our
Byrnes,
392-393.
pages
This creed for social justice
may be found in these quotations from later
In the vast and
complicated mechanism of
in
by
introduction in
side the betterment of social
conditions, moral and
and for another side the effort to deal with
that
we
Harrison,
for
deducting interest on loank accrued prior to Oct. 1 1931. It
is estimated that the bill as finally enacted would involve a
The most vital problem with wnich this
country, and, for that matter,
the wnole civilized
world, has to deal, is the problem which has for one
questions which
Senators
by
inflation contained in the House
payment
shall have."
physical, in large cities,
tangle of far-reaching
speak of 'labor.'
13
Jan.
on
originated
a
and less
to,
passed Congress this week was introduced
on
Jan. 10, as indicated in the "Chronicle" of Jan. 11,
pages 229-230.
The Senate measure resembled the bill which
blood for his country," said he
no
Senate
currency
He
"is good enough to be given
that
the
Steiwer and Clark, and was designed to avoid the threat of
passion for righteousness
determining factors with him.
Fourth of July,
a
deal afterwards.
than that
were
a
in
was.
who is good enough to shed his
man
Springfield, 111.,
square
combined
was
of justice which
sense
creed,
for
man
House had acted the measure was
in
unusual
were
The
of 74 to 16.
a vote
Roosevelt, who referred it to the Treasury
Department and the Veterans Bureau.
It was anticipated
Theodore Roosevelt's Sense of Justice
Theodore
vote of 346 to 59.
20 by
sent to President
to his memory.
to-day
bill
bonus
Immediately after the
dedicating
we are
approval was given the new "baby
on
Jan. 22, when the measure
Congressional
soldiers'
Senate had passed the bill on Jan.
who knew him recall at this hour.
us
is given elsewhere in this
message
approved by the House by a
was
intimate quality
abstract being dwelling apart on the heights,
an
Treasury gold.
on
President's veto
bond"
This memorial, of such noble architectural
proportions, is withall intimate
and vital.
override than Representative
to
by Representative Lee, the veterans would be
based
money
voting
bill to finance the measure with new money.
plan advocated
new
Final
Osborn
Professor
finished
a
issue
after Theodore Roosevelt's death.
soon
It
next.
until Monday
possible
not
House
the
Okla.) proposed
the
paid with
and for many
gathered to-day,
are
we
had
(D.,
Under
long tne nead of tnis noble institu¬
so
and diffusion of scientific knowledge,
advocated this memorial
Lee
My friend, the
is
vote
a
also stated in the Associated Press advices:
was
fitting that this memorial perpetuating the life and work of
Jan. 25 1936
Oklahoma
as
report did not
veterans
said
"extra
an
given 'to
include
hold
would
the cost
their
amount
bonds
of the
until
3%
1945.
interest
Senator
to
$173,000,000, which he
argued also that the 4%% bonds that
government life insurance fund would constitute
the
He
another "bonus."
Chairman
issued,
of
the
and
imprisonment,
or
a
week
ago.
were
Finance
the
Otherwise, the
than
this
bonus."
Only two amendments
be
who
other
both,
to
measure
obtain
was
both offered by Senator
approved,
Committee.
would
make
the
exactly
One provided
it
a
bonds
as
it
that
only
Harrison,
$50 bonds
felony punishable by fine and
by
fraudulent claims.
came
from
the
Committee less
Financial
Volume 142
A
of
dispatch
Washington
18
Jan.
Inflationists Fail to Act
the New York
of several
to
One
defeat
Senate
the
outlined
Tribune"
"Herald
bursed
by Senator Elmer Thomas,
proposed
of the operation.
merely for services
the
to
nery
without
to require
the government, such as Home
out of the bonus amount due.
An amendment by Senator Tom Connally, Democrat of Texas, to give
continued bonus status to World War officers who served only for the
all
of
indevtedness
veteran
to
the
receiving
veterans
bonus
withdrawn when
was
assurance
was
given
provided for in the bill.
was
vote
Thomas
the
Farmer-Laborite
amendment
follows:
as
was
27
(Democrats 22, Republicans 3,
against the amendment, 64 (Demo¬
amendment,
the
For
on
2);
44, Republicans 19, Progressice 1).
As indicating the hurried House action
crats
22,
quote
we
President
the
3:45—Representative Parsons, carrying the bill, reaches
the White House.
"Herald
Oct. 1 1931, the
He will receive cash for odd
and also interest accrued prior to
ex-soldier will receive bonds in $50
denominations.
amounts.
15, the veteran may go to any post office on that day
or at any time afterward, and obtain cash for any or all of his securities.
He cannot
transfer or sell them.
If he holds the bonds for one year, he will receive 3 % interest.
The bonds may be held at that interest rate until June 15 1945.
With the bonds, dated June
Acts
House
Quickly
has the same
the House but differs
quickly. The debate
merely placed in the record previous arguments, including a contention
that a Presidential veto would be overridden.
There was no change of
sentiment from the last House vote on a bonus bill on Jan. 10 of this
year.
Then the tally was 356 to 59.
The difference in votes is accounted
for by a greater number of absentees and by a rearrangement of pairs.
to-day acceptance of the Senate bill, which
House
the
There
265
were
Democrats,
Farmer-Laborites voting yes.
72
This cutting across
no.
Republicans,
Progressive and three
six
There were 29 Democrats and 30
Republicans
lines had been true in the previ¬
party
vote.
the measure on Monday [Jan.
the Senate passed
Since
20] by a vote of
75 members of Congress are on record against the
These figures give good indication, sponsors of the payment say,
of
sureness of overriding
any White House veto.
74
to
my
approval, H. R. Bill 9870, entitled "An
immediate payment of World War adjusted service
certificates, for the cancellation of unpaid interest accrued on loans secured
by such certificates, and for other purpose."
On
May 22 1935, in disapproving
diately
instead
Congress
of
adds
gave
a
bill to pay the bonus in full imme¬
in
reasons
1
my
session
joint
a
bill in only two important
which,
payments required and substitutes interest-bearing bonds,
be converted into cash for face value at any time; second,
may
1931,
the
of
action.
it eliminates the issuance of unsecured paper currency to
$263,000,000
all
In
to
person
for
differs from last year's
return
now
I
and explicit
complete
the
1945,
in
the
to
total
by
payments
on
other
essentially the
forgiving
interest
after
amounts borrowed.
the
respects,
as
same
circumstances,
and
arguments
those fully covered and explained by
facts
remain
only eight
me
months ago.
respectfully refer
the
members
of
the
Representatives to every word of what I
My convictions are
cannot
change
Senate
and
of
the
of
House
said then.
impelling to-day
as
they
as
were
Therefore, I
then.
them.
FRANKLIN
D.
ROOSEVELT.
only
16,
Congress Rushes Bill to Provide Social Security Funds
—Deficiency Appropriation Measure Recommends
$42,664,600
for
New
Financing
Failed to Pass Last Session
as
Act—Similar
Bill
Result of Filibuster
by Late Senator Long
A
objective as that of the measure previously passed by
as
to procedure, was merely something to be done
voting
without
for the
"demand notes."
After deduction of all loans,
ous
voted to over¬
immediately
issue,
Administration for "baby bonds" of the Treasury,
through the Veterans'
In reality
To
this
of Representatives:
herewith,
to provide
for home service and $1.25 a day
cation
message,
The President's veto message follows:
veto.
return
I
President
action within 10 days, in brief follows:
holding an adjusted service certificate, based on $1 a day
for service abroad, plus 25%, will present an appli¬
A World War veteran
I
in
item
the House
To
Oct.
stated, in part:
the bill, which will become law whether the
whether he takes no
or
band-written
brief
a
,
account, Jan. 22, the New York
meaning of
ride the
it
>
in
soldier bonus bill; the House, as we note
"baby bond"
another
however,
1:45—Speaker Byrns signs the bill.
1:55—Vice-President Garner affixes his signature.
In its Washington
Roosevelt,
yesterday (Jan. 24), to the House of Representatives, vetoed
make
1:43—The vote is announced.
signs
by 1:15 o'clock Congress had passed another bonus measure.
respects:—First,
m.—The bill is called up in the House.
1:12—Debate is concluded and the roll call started.
12 :06 p.
The
among
Message of President Roosevelt Vetoing "Baby Bond"
The bill I
Following is the time schedule:
Tribune"
based on the govern¬
'
■
flurry
slight
a
started and
was
Act
of the bill on
the following from a Washington dis¬
patch on that date to the New York "Times":
House passage of the "baby bond" bonus bill and the presentation of the
measure
to the
White House were marked to-day by uncommon speed.
Jan.
inflation bloc would
Representative Robert F. Rich, Republican of
Patmanites as Representative Jed
Johnson, Democrat of Oklahoma, pointed out that it was impossible to
force through any inflationary amendments without appearing in opposition
to a bill wanted by the veterans.
But the inflationists took no action.
Only one audible objection was raised as Mr. Doughton asked consent
to consider the resolution substituting the Senate bill.
The final roll call
in
The
with Representative William P. Con-
Soldier Bonus Bill
of Washington,
not be denied
proposal by Senator Lewis B. Schwellenbach, Democrat
assure
that Works Progress Administration jobs would
A
that it
-
was
of the war.
duration
measure;
with
bill, and
Loan Corporation loans,
Owners'
to
the
There
Carl A. Hatch, Democrat of Arizona,
amendment by Senator
An
payment
for
ment's credit.
proposals, as follows:
record vote, other
Senate
of Massachusetts, reporting that the Patman
Pennsylvania, giving the only real opposition speech,
.
the Senate bowled over,
Thomas amendment,
(
Vinson,
M.
Fred
with Representative
allotted,
was
Kentucky, pointing out that the three veterans' organizations
of
Jr.,
vote
Voted Down
Amendments
addition
In
.
.
debate
of
favor of the
in
were
Democrat of Okla¬
homa, would have provided for payment of the bonus by currency issued
against free gold and silver in the Treasury, and containing an alternative
plan for forced payment by Federal Reserve banks, which would be reim¬
amendment
hour
Democrat
amendments to the bill as follows:
The
553
Chronicle
bill.
the
supplemental appropriation bill, containing an allotment
of $42,664,500 for social security activities, was reported
to the House on Jan. 21 by the Appropriations Committee.
The total of appropriations recommended in this Deficiency
Bill was $58,204,100.
An appropriation for similar pur¬
poses failed of passage during the last session of Congress as
the result of a filibuster by the late Senator Long of Louisiana.
The social security money includes $40,985,000 for matching
grants to States.
Leaders of both the House and Senate said
that the bill would be pressed for early passage, ahead of the
Independent Offices Appropriations Bill, already sent to
the Senate by the House.
Provisions of the new measure
were outlined in the following Associated Press Washington
advices of Jan. 21:
Load Put
of
Outside
issue
Treasury
on
solidifying the unanimity of Congress that one phase of
veteran question should be settled, placed an immediate problem before
months the Treasury must raise, in addition
to huge requirements
occasioned by an unbalanced budget and necessary
refunding, approximately $2,000,000,000 for meeting possible veteran de¬
the
Within
Treasury.
mands
five
the post offices.
at
financed before the new fiscal year beginning July 1.
The social security
work and some other new activities have been con¬
ducted for months on a skeletonized basis.
Saying the security appropriations were expected to be available
for payments to
year on
no
It is thought that the funds
The
cash
has
catalogued
been
as
a
$2,491,000,000
one,
based
on
to the veterans in bonds, $87,786,050 to the veterans in
for odd totals over the $50 denomination bonds, $507,000,000 to the
and
1931
$60,000,000 due banks.
cancellation of $263,000,000 of interest, incurred since Sept. 30
life insurance fund and
States government
Involved is
This
still unpaid.
means
presented
that by June 15, since absolutely accurate
absent,
are
the
estimates as to how
and what portion of their bonds will be
Treasury
Funds
in the budget—for
previous
must
be
prepared
to
pay
culture Department.
House
of Spending Spree
a good proportion of the ex-soldiers would not
and instead painted something of a Christmas shop¬
arguments that
Legion poll of 5% of its
The
will be
Legion
outlay. They recalled an American
membership, giving indication of how the $2,000,-
spent by
North
estimate for the Potato Act for next
Agricultural
Administration's
Supreme
calculation estimated that $623,600,000,
or
31%, would
few
in
the galleries when Robert L.
from
Carolina, Chairman of the House Ways and Means Committee, pro¬
posed consideration of
a
resolution to concur with the Senate bill.
death
foretells
Service
Administration plans to utilize
was
allowed $6,-
Estimates of its needs if it becomes the "temporary AAA" range
$400,000,000 upward.
Administration's
New
Farm
Aid
Bill
Introduced
in
AAA Substitute Meets Senatorial
Opposition—Government Heads Agree to Amend¬
ments to Make State Aid a Requisite to Federal
Congress
go
Doughton, Democrat of
Court
the vehicle for a substitute farm program this year,
284,000.
old bills;
were
no
Soil Conservation
as
Payments—Changes Designed to Overcome Doubt
as
to Unconstitutionality—Measure Amends Soil
$260,000,000, or
There
made
eventual invalidation of the potato law.
3,750,000 veterans.
$328,000,000, or 17%, for savings and investments;
14%, for home construction and repair; $228,000,000,
or 11%, for real
estate payments; $116,500,000, or 6%, for house furnish¬
ings ; $39,000,000, or 2%, for home equipment such as refrigerators and
radios; $139,000,000, or 8%, for clothing; $128,500,000, or 7%, for
motor cars and machinery, and $80,000,000, or 4%, for miscellaneous uses.
pay
The Committee emphasized that President Roose¬
"since it is believed this Act should be amended along lines to be
It is generally believed
American
as
debate, supporters of the measure veered away from their
seek cash immediately,
to
Bureau tax collection and $1,000,000 for the Agri¬
velt in his budget message
almost
ping rush in midsummer, because of the
000,000
Of this approximately $250,000
the Potato Control Act.
is for Internal Revenue
year
for Potato Control Act
$1,250,000—$3,000,000 less than the $4,250,000 asked
The Soil Conservation Service, which the
House Talks
the
This, the Committee
mencing on that date if the plans were in operation at that time.
$2,000,000,000.
In
submitted or before Feb. 1 1936.
said, will allow States with plans submitted before Feb. 1, to be paid com¬
recommended by the Secretary of Agriculture."
veterans will ask for cash
many
Provisions were not made for plans approved before the quarter
The biU included
measure
United
States for the third and fourth quartans of the 1936 fiscal
State Security plans approved before or during the Feb. 1-to-June
30 period.
refundings.
$1,836,213,950
around
told the House that provision was made in the bill
Feb. 1, the Committee
in which they were
actual plans have been made as to pro¬
will be raised as part of other opera¬
tions, with the result that the Treasury will float around $4,500,000,000
of issues,
it is believed, before June 30.
About one-quarter will be
that
Treasury officials said
cedure.
$58,204,100 supply bill figure was reduced from the $103,272,705
original measure of last session because only approximately half the
time now is left to be
the House
directly before the President,
further
action,
the
the
placing
The
in the
Conservation
A
new
Act
Administration
agricultural aid bill, designed
as a
outlawed Agricultural Adjustment Act,
introduced in the Senate on Jan. 22 by Senator Bank-
substitute for the
was
head, and
was
proposed in the House on the same day by
554
Financial
Representative Jones.
The
Chronicle
1936
25
Jan.
measure,
entitled the "Soil
Conservation and Domestic Allotment Act," is in the form
The third factor that is to govern Mr. Wallace's actions opens up the
widest vistas of novel experiment.
He can, for example, offer to pay a
of amendments to the Soil
whole section of the country to change its farming habits, and
Conservation Act of 1935 passed
during the last session of Congress, proposes to grant the
Secretary of Agriculture more discretionary powers to
influence basic agricultural adjustments than under the
old AAA.
The
looks good to the farmers, the habits will be
changed.
that
he
or
bill
immediately referred to the Agricultural
Committees of the House and Senate, and a sub-committee
of five of the Senate Committee on
Agriculture was named—
consisting of Senators Smith of South Carolina, Bankhead
of Alabama, Murphy of Iowa,
Pope of Idaho and Hatch of
New Mexico (all Democrats) who were
delegated by the
full Committee to study the plan.
On Jan. 22 it was de¬
cided by them to confer with Secretary Wallace and Chester
Davis, who administered the AAA; in indicating that while
was
clear
Plans
or
perfected
were
as soon
at
the meeting
for the introduction
to-morrow,
possible thereafter, of amendments to the pending Soil Con¬
as
and
Domestic
Allotment
Bill,
which
would definitely commit
Congress to the enactment at its next session of a permanent State-aid
plan of soil conservation with benefit payments from the Federal govern¬
ment.
•
The amendments would provide that in event the States had not enacted
legislation authorizing the Federal grants-in-aid program by Jan. 1 1938,
the pending Soil Conservation and Domestic Allotment Act would become
inoperative.
Under the plan agreed upon, the pending bill would remain
unchanged in principle and would confer
possible
powers
attain
to
the
on
objectives
Secretary Wallace the broadest
of the
Amendments Are Drawn
>
The
old
AAA
soil-
through
methods.
conservation
amendments
embodying
the
Up
conclusions
sub-committee
lined in the existing statute,
should be
Jan.
1938,
1
States in
as amended by the pending Bankhead bill,
".by direct Federal action dining the period prior to
attained
and thereafter by assistance to
and
co-operation with the
State action calculated to effectuate such purposes."
Th.9 following additions to the pending bill also would be made:
shall
such purposes pursuant to Federal laws to be enacted, except for payments
in connection with farming practices carried out prior to Jan. 1 1938, and
administrative
expenses in connection therewith.
"In carrying out the purposes of Section 7 during the temporary period
the Secretary shall exercise such of the powers conferred upon him under
this act (except the power to enter into contracts binding on producers or
to
acquire lands or rights or interest therein) as he finds most conducive
to the accomplishment of the purposes specified in such section."
The Section 7 referred to would be added to the
existing Soil Conser¬
Meanwhile
tration
preparing
was
a
Cummings indicated
bill which would provide
a
that
the
on
a
retroactive
basis.
The proposed legislation, with these changes, is referred
to
setting
48 little AAA's,
for eagh State.
The bill as introduced in Congress would permit the Secre¬
tary of Agriculture to make benefit payments for soil building
and conservation practices, and would authorize him to make
such rules and regulations as he may deem necessary to
as
up
of Jan.
The
22 to the New York "Herald Tribune":
new
act is ostensibly merely an extension of the old soil conservation
act,
but it carries the powers
new
fields never before
Its
nubbin
is
the
of the Secretary of Agriculture into quite
envisaged
section
as
being
necessary for soil conservation.
empowering Mr. Wallace to "make payments
grant other aid" to the embattled agriculturists, whose lamentations at
or
the end of the AAA benefits have narrowed the
cial
benefits
ar9
ears
of
Congress.
Thefinan-
be distributed among them in amounts governed by
to
The farmer's acreage planted in erosion preventing or soil improving
such
crops,
as
the nitrogenous legumes, alfalfa and clover.
2.
The farmer's total acreage of arable land.
3.
Changes made by the farmer in the
use
of his land,
as
when he lets
his field lie fallow "to improve the soil," or when he plants a new sort of
Jan.
on
19
Jan.
20,
396-97.
pages
Jan. 17
on
Senator
made
Glass
an
defending President Wilson.
A
Washington dispatch of Jan. 17 to the New York "Herald
Tribune" described this speech in
part as follows:
Senator Carter Glass of Virginia, 78
years old, frail but still fiery, rose
slowly to his feet in the Senate to-day to defend the memory of his friend
war-time leader,
For half
President Woodrow Wilson.
hour, with his face drawn and his words coming hard, he
an
used the whiplash of his tongue on Senator Gerald P.
Nye, of North Dakota,
who had accused the
man Senator Glass served as
Secretary of the Treasury,
"falsifying" the story of the Allied secret treaties.
of
The Democrat and the Progressive
Republican squared off with youth on
Senator Nye's side, but it
close of
was
Senator Glass who
the victor.
was
At the
to-day's debate it seemed aU but certain that the Senate would
deny further funds to the Munitions Committee,
Senator Nye first made his
charge.
as
Chairman of which
Other officials also defended the former President in state¬
ments issued Jan.
as described in the following dispatch
Washington to the New York "Times":
17,
High praise of President Wilson
and
Joseph P. Tumulty, who
was
was
offered
to-day by Secretary Hull
Secretary to the late President, in
nection with the controversy over his attitude before
War.
Asked at
in
a
connection
press conference to comment on the
with
the
papers publications
we
con¬
entered the World
dispute that has arisen
Nye Committee investigation, Mr. Hull said:
"I haven't read the official
proceedings,
but
relating to President Wilson.
I have
seen
in
the
I served here in
an
news¬
official
capacity during his administration and, needless to say, in common with the
American public, I have the
highest—I have and always have maintained—
the
highest regard for his patriotism and scrupulous
honesty."
The
State
Department announced
status of 20 persons and
on
Jan.
18
that
the
companies not registered with the
Government under the terms of the
Neutrality Resolutio t
as
manufacturers, exporters or importers of arms, ammuni¬
tion and implements of war is
being examined by the Depart¬
ment of Justice at the
request of
Secretary Hull.
A Wash¬
ington dispatch of Jan. 18 to the "Times" added, in part:
Violations of the registration
requirement are punishable
of $10,000 and imprisonment for five
years.
by maximum
fines
Names of the persons and
four factors:
1.
of
address in the Senate
one
effectuate the purposes of the Act.
A more detailed analysis
of the measure follows, as given in a Washington dispatch
of incipient forest
suspend the inquiry which has been
in progress for almost two
years, and which was chiefly
responsible for various neutrality measures now under con¬
sideration by Congress.
Senator Nye, Chairman of the
Committee, announced the suspension of the inquiry, and
notified J. P. Morgan, Thomas W. Lamont and George
Whitney, partners of J. P. Morgan & Co., that, they need
not appear for further
testimony on Jan. 23, as scheduled.
Senator Nye explained that the Committee, for which the
Senate has already appropriated $125,000, had less than $400
left, and that this would not be enough to conduct one hear¬
ing.
He added that about $10,000 additional would be
needed to complete the program.
The Committee's inquiry was the
subject of much con¬
troversy in official quarters during the week following
various charges made by Senator
Nye against former Presi¬
dent Woodrow Wilson, reference to which
appeared in our
taxation medium for
He declined to discuss re-enactment of processing taxes
and turnips,
the wheat-growers to grow sassafras
Munitions
Adminis¬
financing any new farm program that is finally agreed upon by Congress.
South to diversify its
traditional diet of hog and
its
the United States, and become woodsmen.
of that date from
Attorney-General
to
The Senate Munitions Committee announced
vation Act of 1935 by the Bankhead bill and would provide for a broad¬
ening of crop adjustment undertakings of the Federal government through
soil conservation activities.
additions
that it would be forced to
and
"Funds available after Dec. 31 1937, to carry out the purposes of Section
be expended in any State only through grants to such State for
7
pay
few
Committee Suspends Inquiry, Due
Funds—Many Officials Defend Former
President Wilson Against Senator Nyes Charges—
Secretary Hull Asks Justice Department to In¬
vestigate Sale of Arms by 20 Persons and Firms
issue
the
of
meeting, as tentatively drafted to-night, provided that the purposes out¬
a
Lack of
to
program,
servation
hard cash to the cotton-growing
can
make it worth the farmers' while to plant belts
can
across
Senate
differences had seemed apparent between the Administration
some
Senate agricultural leaders over the substitute
the Washington correspondent of the New York
on Jan. 23,
they were in full agreement after
a meeting that
day of the sub-committee as to the course
to be pursued in circumventing the
Supreme Court's decision
on
the AAA.
From these Washington advices to the
"Times" we quote further as follows:
He
Plans for the development of substitute legislation for the
AAA recently declared unconstitutional by the U. S. Supreme
Court were referred to in these columns Jan. 18, page 399.
and
"Times" added
he will pay
agriculture, and raise
hominy.
if the money
He can announce
that
some
may not
concerns were not made
public, it being realized
be found to be in the categories overed
by the statute.
All persons and companies in this
country manufacturing, exporting or
importing arms, ammunition and implements of war as referred to in the
Neutrality
Resolution of Aug. 31 1935, and enumerated
by President
Roosevelt in his proclamation of
Sept. 25 1935, giving effect to the statute,
required to reigster by Nov. 29 1935.
were
crop.
4.
The
percentage of the farmer's crop which corresponds to the per¬
centage of the national crop of the same staple normally consumed domes¬
The
and
State
Department announced
companies,
giving the
names.
Dec.
Mr.
3 registrations by
HuU,
86 persons
assuming that
there
was
intent to violate the law, warned that
if others falling under the
pro¬
visions of the statute failed to
register within a reasonable time he would
be obliged to send the names to the
Attorney-General "for such actio n
he may deem appropriate."
no
tically.
At first glance these powers may not seem so much greater than those
possessed by Mr. Wallace under the old AAA, and there is
doubt that
no
actually they are intended chiefly to enable him to continue the work of
AAA
the
without ignoring
the
Supreme Court's opinions entirely.
on
inspection they will be found opening all sorts of
to
But
him.
new
fields of endeavor
a
certain
degree of soil improvement with crop control.
If, for example,
farmer is told that he will be paid to give up planting ten acres of his land
in wheat he will also be requested to put in clover or alfalfa where the wheat
had
been.
The second basis given
Mr. Wallace for payments to the farmers
appar¬
the tiller to do anything for him in return, except to
go on
The language of the act is "their acreage of crop
land," and there seems to be no other way of interpreting this except to
being a good farmer.
assume
that Mr. Wallace may give farmers so much an acre for their arable
if they are already farming them in a manner he can approve
erosion
preventing
and soil improving.
Supreme
for
Court
Reopening
Immediate
of
Refund
Refuses
Rice
of
Government
Millers'
Case—
Impounded
AAA
Processing
Taxes—President Roosevelt and
retary Wallace Comment on Court Action
Sec¬
United
States Supreme Court on Jan. 20
denied a
petition for the reopening of the Louisiana
rice millers' case through which
$200,000,000 in processing
Government
ently allows him simply to make a present to any tiller of the soil he chooses
without asking
Orders
The
*
May Pay 11 Good Farmers"
acres,
States
Petition
The first idea is simple enough, and will probably be used merely to mix
a
United
as
taxes
cision
was
was
ordered
refunded
recorded in
to
the
processors.
That
de¬
the
"Chronicle" of Jan. 18,
pages
issuing its memorandum of Jan. 20, which
denied the Government
petition, the Court acted with a
speed which broke all precedents in such cases, and as a
395 and 396.
result made
In
immediately effective its
recent
decisions hold-
Volume 142
ing the Agricultural Adjustment Act unconstitutional and
ordering the refund of the impounded AAA processing taxes.
The Court's order, in addition to refusing a reopening of the
rice millers' case, also granted a request by the rice millers
and ordered that their own $200,000 be released.
Another
Court order of Jan. 20 directed the immediate issuance of
mandate releasing $80,000 in the receivership proceedings
a
of the Hoosac Mills, which won the AAA case decided on
Jan. 6.
The latter decision was referred to in the "Chron¬
icle" of Jan. 11, pages 201 and 230-231.
President Roosevelt
the latest
on
on
Jan. 21 took occasion to comment
Supreme Court ruling when he said that the
action apparently meant a reversal of a previous Court de¬
cision.
Secretary of Agriculture Wallace also said that the
new decision would
actually work an injustice.
A Washing¬
ton
dispatch of Jan. 22 to the "Wall Street Journal" reported
follows:
these remarks in part as
Making his first direct reference to the Supreme Court in recent weeks,
President Roosevelt yesterday declared that the Court's action last Mon¬
day, in denying
reversal
This
was
a
in the
of Bailey
case
vs.
Federal child labor penalty tax.
a
The President urged
to draw their own conclusions
to what judicial interference with Federal tax collections would mean.
First
Fighting
Speech
Earlier in the day, Secretary of Agriculture Wallace delivered the Admin¬
istration's first fighting speech since the AAA was overthrown.
of money from one group for the benefit of
"for practical and immediate action by
come
Earlier in the day,
States
another," and declared that the
Congress."
processing tax funds Impounded in lower
indicated
This move
courts.
that the government was willing to see the
processing tax battle shift into
phase.
The section barring
"No
government lost the previous Monday.
eral drew
a
petition
the
In this petition the Solicitor-Gen¬
parallel between the rice millers'
and Bailey vs. George.
cases
for
suit
The
the
injunctions against tax collections reads:
of restraining
be maintained in any court.
the
as
in another
Section 3224 to which
reads:
"No
suit
for
he referrod is part of a law passed in
the
1867
of restraining the assessment
purpose
for rehearing had been denied.
of
It
the Solicitor-General's brief to support his suggestion
Private lawyers who took no active part in the AAA cases,
studied the situation carefully,
preme
the
that the Court
precedent in deciding the rice millers' cases.
a
are
government's
tax
collecting
but who have
of the opinion, however, that the Su¬
Court's action in the rice millers'
President Roosevelt would make it
is by no means the
cases
machinery
"As this is the
same
situation
with the intent and purpose
respect¬
cases, we
an
of the statute
as
construed in Bailey vs. George.'I
Decision
Holding Invalid Processing Tax on Coconut
Philippines Rendered by Federal Judge in
Iowa—Treasury to Appeal
Oil from
The Federal processing tax on coconut oil from the Philip¬
pine Islands was declared unconstitutional in a decision by
Federal Judge George C. Scott, of Cedar Rapids, Iowa, ac¬
cording to a dispatch from that city Jan. 17 to the New York
"Evening Post,", which reported as follows regarding the
decision:
An
injunction
restraining
collection
of the
tax
the plaintiff.
Judge Scott ruled that the tax
to
reserves
the
was
granted to
was
Coap Co. of Burlington, Iowa, subject to the posting of
a
Iowa
$30,000 bond by
in conflict with the 10th
States and the people all powers not
delegated to Congress or prohibited to the States.
Judge
Scott also found that
collection of
3-cent
a
Philippine oil and payment of the tax to the
pound tax
per
attempt
was an
regulate and limit manufacturing within
Scott
as
"separate commonwelath" since Nov. 15 1935.
a
charge that the processing tax act
to
on
Treasury of the Philippine
government was riasing money for a foreign state, inasmuch
the Islands
This and the
the part of Congress
on
State
a
cited by
were
Judge
being in conflict with the Constituion in that Congress had ex¬
as
its
authority.
Fought Payment of $7,000
By agreement of the plaintiff Judge Scott also issued
adjudication of the
The Iowa
and
question of
It specifically avoided discussing the vital
"adequate remedy at/ aw" under Section 21 (D) of the AAA
an
simply pointed out that since the tax
was
its
temporary in¬
a
until
assets
final
filed to avert collection of $7,175 52
1935, due Nov. 30 and ail future
taxes under
upheld in its contention that it would be unable
continue in business in
a
competitive market if the tax
were
added to
Judge Scott commented
that 90%
of all soap manufactured in the United States is made by three
large concerns, which also manufacture foodstuffs and handle a large
export trade.
These firms, it was contended, are able to sell their soap at cost or below
cost, making a profit on exports and on commodities not directly related to
The Iowa Soap Co.,
making.
on
the other hand, sells almost exclusively
States, makes nothing but soap and its by-products.
The
possible for the company to pass the tax along to the
consumer.
The decision revealed the company had paid a total of $202,027.99 in
indirect
and
direct
had to be
One
processing taxes
on
Philippine oil,
money
for which
provided by borrowing.
the
of
principal contentions
of the
soap
company
was
that
the
had operated at a substantial profit for the 10-year period prior
imposition of the processing tax and that sinoe that time had suffered
company
Supreme Court's memorandum
Jan. 20 read
on
to
as
follows:
orders of Jan. 20:
the tax, the Judge found, impairing its credit to
threat
the
with
Revenue
The
cases:
It became necessary for the company to borrow
money
annual loss.
an
to pay
Rice millers'
was
its other expenses of operation over a long period.
unconstitutional it could
not be collected in any event.
Further
of
case.
Soap Co.'s petition
The soap concern was
to
disposal
Court upheld the contention that because of competition it had- been im¬
These lawyers point out, in th8 first place, that the Supreme Court, in
th3 tax injunction question.
plaintiff from
The tax had been paid prior to that time.
the act.
soap
Anyway
the
in processing taxes for October
turning the processing tax funds to the rice millers, did not actually pass
The
,>
existing in the instant
^injunction be granted by the District Court are erroneous and inconsistent
threat to
Solicitor-General
the
seem.
Uncollectible
and
tax but
by the Constitution had been reserved to the States.
in the United
on
a
fully submit that the opinion and judgment of this Court directing that
this action by the Court that ap¬
was
parently led President Roosevelt to discuss the matter and he apparently
broke
3224
Section
(child labor tax case) had been decided to be not
case
junction restraining
Late Monday afternoon the Supreme Court announced that the petition
on
cases.
Court held that
unconstitutional 'exaction' to regulate transactions, the control of which
an
uninterrupted collection of all Federal taxes and imperil
collection of any tax shall be maintained in any court."
drew
"this
prohibited enjoining the collection of an amount which on the same day
ceeded
the normal functioning of government."
which
those involved in the rice
George," he said,
Bailey vs.
principl of Section 3224, would destroy essential safeguards to
the orderly and
The
collection
or
Solicitor-General contended that this action applied both to taxes
"In
"Any impairment of the force of that decision," he said, "or departure
from
the assessment
purpose
and to such "exactions"
have been
On Monday of this week, Solicitor-General Stanley Reed filed a
with the Supreme Court for rehearing of the rice millers' cases, which
which held that the injunctions were valid because
"exactions" improperly called taxes.
were
of any tax shall
Attorneys not to take further action in opposition to the release of
a new
millers' decision,
Amendment, which
the Department of Justice notified all United
too,
;'
Reed brought forward the section of the revised statutes forbidding
the collections
Using a
Supreme Court phrase, he termed processing tax refunds an "expropriation
Tax Injunctions Cited
on
injunctions against collection of Federal taxes, and contrasted this with the
rice
decided in 1922, in which the Supreme Court held that
case,
newspapermen to study that decision and
time has
Mr.
1922.
George in
Section 3224 of th8 Revised Statutes prohibited an injunction to restrain
as
Ban
rehearing of the rice millers' cases, apparently meant a
a
of the rule laid down
the collection of
555
Financial Chronicle
of confiscation
of its
an
increasing degree
property.
Act of 1934 under which the processing tax was set
up
1.
Petition for rehearing denied.
provided
2.
Mandate granted.
Philippines and a 3-cent tax on Philippine oil in the manufacture of soap.
Order for release of funds signed and entered.
The act provided that
3.
Hoosac Mills
1.
<u.
dispatch of Jan.
Washington
20
to
"Times" discussed this decision in part as
The
Hoosac Mills
promulgation
of
Reed objected.
seek
to
a
and the
the
rehearing, and it
Court
the
rice millers
mandates,
but
in
last week for
asked
each
instance
the
case
was
case
and
of
Bailey
case as a reason
were
the
luncheon hour.
vs.
George as
reliance.
a
a
that
the
Justices
considered
the
Bank
They will not return from their
was
petitions
for
a
recess
until Feb. 3.
processing levies
same
time, it
were
Section 602 M of the
Officials said that
as
New Orleans Federal
there
be impossible to
which injunctions
from the Depart¬
few days.
Officials
are
loath to concede that the
The brief filed by Mr. Reed in asking reconsideration
informed the
"erroneous and inconsistent" with the opinion rendered in
Bailey
vs.
of these taxes has yet been
was obtained in the District
a soap
was
George.
George was not mentioned
commenting
manufacturing
company in
the decision announced Jan.
on
16
Scott, Cedar Rapids, Iowa, holding ths oil
unconstitutional, declared to-day that the decision "wiU be appealed
Supreme Court if necessary."
tax
and even carried to the
It
was
admitted definitely that
the
issue
case."
constitutes
"an ideal
'test'
.<
in
the
filed with
the
District
Supreme Court here, the Iowa
Soap Co. contended successfully that the Court should restrain collection
case
of the tax because of the Revenue Act of 1934 provides that the
turned
over
those
to the
Philippine government when the oil
so
levy be
assessed originates
Islands.
Other Taxes Not Included
of the rice millers
Supreme Court that its decision then
He pointed out that the finding in Bailey vs.
Court recently by
by Federal Judge George C.
in
"burden of proof" will be brushed away in all cases.
decision frankly
none
injunction preventing transfer
of Columbia Supreme
As
general statement about them.
a
A temporary
the cases regarding the
Careful study is being made of the many lawsuits in
expected within
stated that
Revenue Act of 1934.
Treasury spokesmen,
of dissimilar character, it would
was
Nebraska.
have played such a striking part and an announcement
ment is
At the
turned over to the Philippine government in accordance with provisions of
Question
ordered immediately returned to the processors,
Jan. 20, added
on
part:
Temporary Stay Recalled
question at the Department of Justice concerning the remainder of
any
of the New York "Journal of Commerce"
in
the
governmental objections, including the brief, at their
the $200,000,000 in escrow.
make
In stating that the Federal Court Decision of last week
holding the 3-cent coconut and palm oil tax invalid will be
carried to the Circuit Court of Appeals "as soon as possible,"
Treasury officials declared the Washington correspondent
His brief of
speed the mandate in
While the $200,000 of rice millers' money held in the
Reserve
immediate
Solicitor-General
why the Court should reverse its former
Still Raise
still is
proceeds from tne Philippine tax should be paid to the
beyond the customary 25 days elapsing since an opinion.
Assumptions
mandates
York
learned that the government would present
decision and pleaded that the Court do nothing to
the rice
New
follows:
the
Last Friday [Jan. 17] he indicated that he would to-day
to-day argued this
5-cent tax on all coconut oil other than that produced in the
Treasury of the Philippine Islands government.
case:
Mandate granted.
A
a
The decision did not, however,
Palm
The
Kernel oil,
decision
or
include the 3-cent tax
on
Sesame
Oil,
Sunflower oil.
found
Congress
starting
machinery
to
quietly
increase
in the rice millers decision, and, therefore, it would seem to lower courts
the tax and broaden its scope to include soy-bean oil and other extracts.
that the rice ruling destroyed the previous decision.
A bill increasing the tax to 5 cents was introduced in the House last week
The
Bailey
and
Solicitor-General told the Justices that to impair the force of the
vs.
George decision "would destroy essential safeguards to the orderly
uninterrupted collection ofJill
functioning
of government."
Federal taxes and imperil the normal
by
Representative
Harold
Knutsen
(Rep.,
Minn.).
Following
Judge
Scott's decision, however, it was held by observers here that further action
on
the measure will be deferred uatil the Supreme Court has had oppor¬
tunity to rule upon the levy's validity.
Introduced in Congress byCurley—Action Follows Proceed¬
ings Against Newspaper Reporter Who Declined to
Divulge Source of Confidential Information
Bill
Protect
to
Reporters
Representative
Following the decision of the New York Court of Appeals
a newspaper reporter must disclose the source of con¬
fidential information when demanded by a court, Repre¬
that
W.
Edward
sentative
(Dem.)
Curley,
of New York,
on
20, introduced as his first bill an amendment to the
Jan.
judicial code,
refusal
a new
section prohibiting contempt action for
communications to editors,
confidential
reveal
to
reporters, correspondents, journalists and publishers.
advices to the New York
news
This is learned from Washington
"Herald Tribune," which added:
The section provides that "in
editor, news reporter, correspondent,
who shall refuse to reveal any
made to him in
engaged as an
journalist or publisher shall be held
confidential communication or conversation
occupation."
the pursuit of his
The conclusions of the New York
case
for defying the Grand Jury
York to hold him in contempt
carrying his appeal to the Court of Appeals.
That Court
recently denied his contention that information imparted to
him was privileged and sustained the contempt penalty
imposed by the lower court.
Mr. Mooney began his sentence
of a 30-day prison term on Jan. 17.
It is stated that he will
have to spend an additional term in the jail in the event
that he fails to pay the $250 fine imposed.
of
Assignment
the
order
the
short
session afforded
Brief
Institute,
Code
Attacks
Adopted
by
Sugar
Inc.—Charges "Elimination of Compe¬
Before United States Supreme
tition" in Argument
Institute.
The
the
that Governor Talmadge instigated
that the action was "brought on behalf
of Georgia pursuant to written request made by the Governor
to the Attorney-General thereof."
the
State
State
Internal
"The
Helvering,
through Mr. Reed that any action must
which can, they stated, be sued only
asserted
government,
the
competition
The
presented
brief,
not
the
and
its consent.M
without
that
further
contended
brief
The
General denials
Federal tax."
forth.
of the Georgia complaint were set
the 15 allegations
of
Institute
The
as
they were with the
disorganized buyers."
had contended,
the government
brief said, that "their
and terms openly announced in advance
agreement not to 'discriminate' between cus¬
means of preventing the secret concessions which
agreement to sell only at prices
of sale supplemented by an
tomers,
is justified
as a
given."
previously had frequently been
(of trade),"
concessions could be
of an open price agreement.
The govern¬
ment takes issue with this promise.
It contends that full publicity of all
Closed transactions would effectively put an end to secret concessions."
The government brief attacked the Institute's rule that sugar dealers
buying from the Institute's 15 members could not combine the functions
of broker and warehouse man, in an attempt to cut the costs of distribution
"Implicit in this attempted justification of the restraint
defendants in the case, stat«l:
The government officers,
makes It Impossible for complainant
(Georgia) to produce cotton except at a heavy loss, that its cotton production busi¬
is being destroyed, that the lands of complainants have been reduced in value
or have become substantially worthless, and that the complainant has suffered or
ness
eliminated only by this kind
Act."
the Institute "sought to
possibilities of price variations to distributors or ultimate
the government contended,
this means,
eliminate the
purchasers
at
any
disturb the price
with the opportunity of underselling to
given time
structure."
The refiners were thus relieved/the
this
brief continued, "of the pressure to
them by those
could not or did not gat the lower prices and better terms."
It said
tended "to aid the individual refiners in maintaining a higher price
reduce prices
who
government also objected to other practices
of the Institute, in¬
be charged for ship¬
♦
Decision
Before
Two
by
In
Feb. 3 at
Weeks—Arguments
No Supreme
at the
on
Bankhead Cotton Act
Court decision on the constitutionality of the
Valley Authority can be expected before Feb. 3
earliest, it was revealed on Jan. 20 when the court
adjourned for two weeks without handing down an opinion
on
the validity of the Act creating the TVA.
The court
did not give any written decisions at its session on Jan. 20,
but issued formal orders setting the question of jurisdiction
in the action of Governor Talmadge of Georgia on the Bankhead Cotton Control Act for argument on Feb. 4, and refused
in which a New York State court ruled
outlawing of the gold clause in bonds applied also to
reopen
that
report issued Jan. 9 by Jesse H. Jones, Chairman of
a
a
case
Finance Corporation, it is reported that
the Reconstruction
authorizations and commitments of the RFC in the recovery
to Dec. 31, including disbursements of $749,345,058
governmental agencies and $1,599,973,203 for relief,
been $10,616,833,861.
Of this sum, the report said,
program
to other
preferred stock and capital notes.
include
authorized
Loans
681,023.
$117,162,818
disbursed.
227,455
$368,443,020
available
to
Of this latter amount
made
were
debentures
and
ferred
amount
remains
Authorizations
notes
7,460 banks and trust companies aggregate $2,416,-
to
this
Of
and
be
to
of
$1,548,634,557,
purchase
banks
6,981
1,121
secured
withdrawn
was
borrowers
the
the
for
loans
were
and
or
of
stock,
preferred
$26,-
the amount of
in
authorization
total
debentures in 7,254
capital
aggregating
companies
trust
a
and
canceled
or
$1,931,075,126 was
80%, has been repaid.
and
authorized
by preferred stock,
stock, capital notes and
banks
for pre¬
and trust
com¬
$108,953,786 of this was canceled or withdrawn
remains available to the banks when conditions of
panies of $1,294,258,169.
and
$144,331,044
authorizations have been met.
banks
withdrawn
or
Loans
depositors
of 2,665 closed
been
have
One
$188,350,186 of this amount was can¬
$105,556,707 remains available to the borrowers.
authorized
aggregating
canceled
or
and
disbursed and $630,399,742 has been repaid.
was
districts
hundred
authorized
in
to
aggregating $1,170,031,738.
celed
tion
„
have been authorized for distribution
Loans
and
$50,103,731 has been
States Supreme Court
Earliest—Tribunal Adjourns for
Gold Clause Ruling
to
616,833,861—$1,005,413,795 Canceled—$5,830,648,164 Expended for Activities of Corporation
United
Case to Be Heard Feb. 4—Court Refuses to Review
Tennessee
on
Report of Operations of RFC Feb. 2 1932 to Dec. 31
1935—Authorizations During Period Totaled $10,-
drawn
ments of sugar.
TVA
three gold bonds of the Industrial Mortgage Bank of
New York State Supreme Court would grant only $3,135.
The
$876,124,845
cluding its method of determining the freight costs to
No
de Inversiones Internacionales
Compania
$5,307
Finland.
that would otherwise have been exerted upon
level."
The
the
collect
to
the court refused to review was in the
of Colombia seeking
gold clause decision which
of
case
$1,268,030,714,
of the product.
By
of the Bankhead
irreparable or any loss or damage due to the existence
is suffering
government argued, "is the promise that such
the
Court to
Statutes in that it seeks to obtain
injunction against the collection of a
an
asked the Supreme
the bill
3224 of the Revised
"contravene Section
The relief disbursements
$299,984,999 advanced directly to States by the
Corporation, $499,988,204 to the States upon certification of
the Federal Emergency Relief Administrator, $500,000,000
to the Federal Emergency Relief Administrator under pro¬
visions of the Emergency Appropriation Act, 1935, and $300,000,000 under the provisions of the Emergency Relief Appro¬
priation Act, 1935, it is stated.
Of the total disbursements,
$5,830,648,164 was expended for activities of the Corporation
other than advances to governmental agencies and for relief,
and of this sum $3,237,092,716, or approximately 56%, has
been repaid.
Mr. Jones's report continued:
bargaining') and the substitution for
offset by countless
argued that the
court met,
before the
hour
an
jurisdiction because Georgia's bill of complaint did
state facts upon which original jurisdiction could be invoked; because
Collector of Internal Revenue for Georgia was a citizen of that State,
because the United States "is the real defendant and may not be sued
Supreme Court lacked
filed its reply with the high tribunal to-day.
It argued:
were not so much concerned with the promotion
'mass
and
be taken
with its
consent.
own
have
(the Institute)
'individual
who were named
$1,005,413,795 has been canceled and $1,032,682,872 remains
available to the borrowers and to banks in the purchase of
was
elimination of competition (called
it of the system called
bargaining,' under which all refiners and other seUers closely organized
co-operating together, are grouped on one side and are supposedly
of free
Cummings and
as defendants
Attorney-General
Morgenthau,
and
Commissioner
Revenue
Georgia,
against
said
brief
Wallace
Secretaries
notice
official
took
The
litigation.
of
Act, Stanley Reed,
the action against the Bankhead
the brief opposing
of said
constitutional standpoint.
be discussed from a
Bankhead Act will later
summarized as follows in
advices of Jan. 17:
Government's brief
Associated Press Washington
The government
brief sub¬
suit, which was brought by
the State of Georgia on advice of Governor Talmadge.
The regument, the court stated, must be confined to the government's
motion to dismiss the suit.
If, however, the court assumes jurisdiction, the
The
Jan. 17 filed with the United States
Supreme Court a brief charging that the Sugar Institute,
Inc., is seeking "the elimination of competition."
The
Institute, which is a trade association of American refiners
of imported sugar, had argued in an earlier brief before the
Court that it was carrying out the principles of the National
Recovery Administration on a voluntary basis.
The Insti¬
tute said that whereas one Attorney-General sanctioned the
code which had been formulated, another Attorney-General
brought the Institute into court for having adopted the
pact.
In reply, the government said that the Department
of Justice has never approved the code in question, and
declared that it was unjust to refiners not members of the
by the justices after
conference held
a
the first opportunity to read a
them
the government to-day opposing the
mitted by
Court
The government on
left
the justices
after
hours
Evidently,
issued.
was
fashion. It was
the bench before
was
one-half
and
three
almost
Act
suit against the
for argument of the Talmadge
announced in a most unusual
date
a
Cotton
"Defendants deny that the Bankhead Act
Government
New York
to the
20
Jan.
of
dispatch
Washington
Bankhead
by
Court of Appeals, in
against Martin Mooney, were noted in our issue of
Jan. 18, page 396.
As pointed out in the "Herald Tribune"
Mr. Mooney resisted an order of the Supreme Court in New
the
A
"Times" described these orders as follows:
United States or the District of Columbia
contempt of court in the
in
by foreigners.
Solicitor-General,
civil and criminal proceedings in any court
held
this country by foreigners and
dollar bonds issued in
In
States or District of Columbia, no person
United
of the
Jan. 25 1936
Financial Chronicle
556
and
to
refinance
$121,153,519,
$66,986,534
576 drainage,
which
of
remains
levee and irriga¬
$4,063,254
available
the
to
was
disbursed.
loans
sixty-two
aggregating
$16,347,275
have
694,947
been
through mortgage loan companies to assist business and industry
co-operation with the National Recovery Administration program.
of this
available
with¬
borrowers.
to
amount
the
withdrawn
or
$5,568,985
was
was
borrowers.
canceled
and
disbursed
$83,343
and
$10,-
remains
$742,888
has
been repaid.
the
Under
struction
provisions
Finance
authorized
of this amount
was
borrowers.
the
of
Section 5(d), which
Corporation
1,457 loans
to
withdrawn
In
was
added
to the Recon¬
Act
June 19 1934, the Corporation has
aggregating $94,324,139.
$18,942,913
canceled and $36,849,933 remains available
industry
or
the Corporation has authorized, or has
purchases of participations aggregating $12,955,468 of 254
businesses, $3,147,712 of which was withdrawn or canceled and $5,877,033
to
agreed
to,
remains
The
tion
available.
Corporation has purchased from the Federal Emergency Administra¬
of
Public
at
Works
924
issues
of
securities
having
par
value
of $292,-
Of this amount securities having par value of $116,405,200 were
853,922.
sold
addition,
a
premium
of
$3,779,080, but
$1,953,000
were
not
actually paid
Financial
Volume 142
for and delivered
to the close
of
business Dec.
31
1935.
557
Chronicle
Authorizations
Securities having
Canceled or
subsequently
value of
$152,048,022 are still held.
In addition, the Corporation has agreed to
purchase at par, to be held and collected or sold at a later date, such
part of securities having an aggregate par value of $50,699,700 as the
PWA is in a position to deliver from time to time.
value
par
collected
of
at
$24,400,700
premium
a
purchased
$25,556,
of
the
from
PWA
and securities
were
having
Chicago Milwaukee St. Paul A Paci¬
fic RR. Co
12,000.000
Chicago North
RR
Shore A
the report
repayments to Dec. 31
disbursements and
for all purposes were
listed
follows:
as
Milwaukee
1,150,000
1,150,000
13,718,700
13,718.700
8.300.000
Co
Chicago Rock Island A Pac. Ry. Co.
receivers)—$1,919,278,221.06 $1,538,072,327.04
487.216.824.11
90,966,963.21
387,236 000.00
342,162.053 76
Mortgage loan companies
310,961,204.08
182.745,827.52
Regional Agricultural Credit corporations...
173,243.640.72
173.243.640.72
Building & loan associations (lncl. receivers).
116,441,250.50
109,081,915.87
Insurance companies
89,519,494.76
83,059,038.37
Joint Stock Land banks
15,809,372.29
13,512,460.36
Banks and trust companies (lncl.
Railroads (Including receivers)---
—
Federal Land banks
Livestock credit corporations
12,114,955.61
13,101,598.69
A
distributors
9,250,000.00
for
4,802,954.02
271,825.63
2,500.00
14,718.06
$3,539,574,811.95 $2,569,287,007.30
Illinois Central RR. Co
3,300,000.00
3,300,000.00
..
drainage, levee and irriga¬
78,847.58
50,103,730.81
tion districts
122,203
800,000
Meridian
&
Blgbee
Ry.
Sauit
surpluses in foreign markets
Loans to industrial aud commercial businesses
45,045,886.29
192,608,981.36
20,224,586.66
42,462,015.83
932,000.00
11,796,904.48
—
—
m
794,252
744,252
6,843,082
100,000
100,000
2,300,000
Mississippi Export RR. Co
2,300,000
23,134,800
Missouri Pacific RR. Co
Loans to mining businesses (Section 14)
2,406,678.55
23,134.800
99,200
"""200
785,000
785,000
1,070.599
1,070,599
193,000
99,200
25,000
25,000
27,499,000
New York Central RR. Co
27,499.000
221
600,000
agricultural
of
and
commodities
livestock:
Commodity Credit Corporation for:
on corn
Loans
on
162,181,139.88
124,988,074.92
921,446.14
8,197,191.11
423,051,451.10
125,657,751.69
6,922,505.13
16,416,675.34
Loans on cotton
Loans
turpentine
Other
Total loans, exclusive of loans secured
$4,455,351,414.35 $2,955,466,127.62
$20,939,230.00
212,950.30
repaid
on
preferred stock).
162,600
Southern Pacific Co
23,200,000 1,200,000
Southern Ry. Co
14,751,000
100,000
147,700
108,740
700,000
30,000
45,000
141,487,200.73
1,040,973,339.23
.....
10,000,000.00
...
2,805,175
22,000,000
14,751,000
100,000
147,700
Sumpter Valley Ry. Co
Tennessee Central Ry. Co
Texas A Pacific Ry. Co
257,460
31,800
108,740
7oo~,666
700,000
30,000
39,000
30,000
18,672,250
15,731,583
4,366,000
400,000
22,525
790,000
1,4~03~,666
494,375,728 6,968,156 487,216,824
90,966,963
...
6,000
117,750
St. Louis-Southwestern Ry. Co
preferred stock in insurance
Loans secured by
162,600
Salt Lake & Utah RR. Co. (receiver)
Sand Springs Ry. Co
Tuckerton RR. Co
disbursed and $3,loans
secured
by
Purchase of stock of the RFC Mortgage Co
200,000
4,475,207
300,000
7,995,175
200,000
Texas South-Eastern RR. Co
Purchase of preferred stock, capital notes and
debentures of banks and trust companies (In¬
cluding
7,995,175
2,000
10,000
4.475,207
300,000
Texas Oklahoma A Eastern RR. Co.
*
by
preferred stock
10,000
Pioneer & Fayette RR
Pittsburgh & West Virginia RR. Co.
Loans to finance the carrying and orderly mar¬
15,600,666
2,688,413
13,724
7,699.779
28,900,000 28,900,000
1,000,000
3,000,000
18.200,000
18,200,000
New York N. H. & Hartford RR. Co.
7,700,000
Pennsylvania RR. Co
29,500,000
Pere Marquette Ry. Co
3,000,000
St. Louis-San Francisco Ry. Co
10,562,230.03
:
785,000
Puget Sound & Cascade Ry. Co
of closed banks (Section 5e)._
on assets
571,391
25,000
5,851
6,843.082
New York Chic. & St. Louis RR. Co.
6,197,625.82
13,915
Ste.
1,729,252
Minneapolis St. Paul A
Marie Ry. Co
*» -
.
6,000,000
Co.
River
Murfreesboro-Nashville Ry. Co
erty damaged by earthquake, fire & tornado)
Loans to aid in financing the sale of agricultural
—
■
100,000
Mobile & Ohio RR. Co. (receivers)
$9,789,390.90 and repayments of $657,029.11
on loans for repair and reconstruction of prop¬
keting
800,666
2,550,000
Mobile & Ohio RR. Co
struction projects (Including disbursements of
Loans
800.000
2,550,000
100,000
9,500,000 1,000,000
Missouri Southern RR. Co
In financing seir-liquidatlng con¬
aid
to
22,300,000.00
22,300,000.00
of teachers'salaries
85,000
Litchfield & Madison Ry. Co
Maine Central RR. Co
Missouri-Kansas-Texas RR. Co
Loans to public school authorities for payment
Loans
520.000
17.840.333
8,500,000
22,667
17,863.000
(trustee)
cotton
520,000
mmm
Lehigh Valley RR. Co
Loans to Secretary of Agriculture to purchase
Loans for refinancing
227,434
6,000,000
Maryland A Pennsylvania RR. Co..
Total loans under Section 5
627",075
520.000
Gulf Mobile & Northern RR. Co
of
payment
processing tax
4,690
71.300
1,061,000
354,721
6,000,000
13,915
354,721
Greene County RR. Co
600,095.79
Fishing industry...
16,582,000
13,915
9,985,827.13
14,718.06
-
53,500
500.000
1,061,000
574,869.77
Agricultural credit corporations
Credit unions
....
53~, 500
8,081.000
3.182,150
Henderson
RR. Co....
Great Northern Railway Co...
10,764,631.18
9,250,000.00
5,562,890.94
moneys
Federal Intermediate Credit banks
or
Houston
Galveston
8,300.000
1,000,000
28,925.300
-
Georgia A Florida RR. Co.(rec'rs)-.
State funds for insurance of deposits of publio
Processors
10,398.925 2,098.925
63.600
28,978.900
Columbus A Greenville Ry. Co——.
60,000
60,000
53,500
Copper Range RR. Co
Denver A Rio Grande West. RR. Co.
219,000
8,300,000
Denver A Salt Lake Western RR. Co.
3,182,150
Erie RR Co
16,582.000
Eureka-Nevada Ry. Co
3,000
3,000
Florida East Coast Ry .Co.(receivers)
717,075
90,000
-L
Fort Smith A West'n Ry Co (rec'rs)
227,484
Fredericksburg & Northern Ry. Co.
15,000
15,000
Gainesville Midland Ry. Co. (rec'rs)
10,539
10,539
Colorado A Southern Ry. Co
•
Repayments
Disbursements
Loans under Section 5:
538
11,500,000
500,000
Cincinnati Union Terminal Co
In
$
*
$
$
Repaid
Disbursed
Authorized Withdrawn
par
18,790,000
Wabash Ry. Co. (receivers)
15,731,583
Western Pacific RR. Co
4,366,000
Wichita Falls A Southern RR. Co..
400,000
Wrightsvllle A Tennille RR
22,525
81
25,000
22,525
companies (including $1.0,000 disbursed for
30,375,000.00
$141,679,200.73
293,948,410.01
139,947,388.09
Totals
192,000.00
$1,081,348,339.23
preferred stock)
the purchase of
...
In
Total
Federal
Emergency
Administration of Publio
Works security transactions
-
-
$5,830,648,163.59 $3,237,092,716.44
Total.—
visions of existing statutes:
stock
Home
of
Loan
Owners'
principle
Farm
the Corporation has approved
loans authorized,
in the
the
to
$175,766,764
amount of
Ohio
Baltimore &
upon
the performance
amounting
outstanding
Co.
RR.
railroad in the
outstanding loans was
refunded by acceptance of the railroad's five-year 4%% secured note due
Aug. 1 1939 in the amount of $13,490,000 at a discount of 1%, equivalent,
$64,965,600
face
evidenced
are
of
amount
collateral
by
notes
of
Part
$65,100,400.
of the
the
$134,900.
♦
Loan Commissioner for loans to:
Farmers..
145,000,000.00
2,600,000.00
-
Joint Stock Land banks
Merle
ther
10,000,000.00
29,000,000.00
Held Barriers to Business Activity
Federal Housing Administrator:
To create mutual mortgage insurance
fund
For other purposes
farmers
of
Policies
55,000,000.00
to farmers
Secretary
Sees Uncertainties Caused by Govern¬
Retarding Recovery—Fear of Fur¬
Thorpe
ment
Federal Farm Mortgage Corporation for loans
Agriculture
for
retarding business recovery,
Business," told the Bond
Club of New York at a meeting on Jan. 15.
Mr. Thorpe
listed these factors as government spending, uncertainty as
to the ultimate fate of the dollar, government competition
3,108,397.63
10,240,960.63
and "the
Five government
to
115,000,000.00
revolving
Experimentation and of Soundness of Dollar
44,500,000.00
loans
crop
(net)
fuDd to provide capital for
40,500,000.00
production credit corporations
Regional Agricultural Credit corporations for:
Purchase of capital stock
Expenses:
with
Prior to May 27 1933
Since May 26 1933...
policies
are
Merle Thorpe, editor of "Nation's
Governor of the Farm Credit Administration
for
loans
Note—Loans
to
$200,000,000.00
94,395,700.00
Corporation
;
Capital stock of Federal Home Loan banks
above
specified conditions.
total
Secretary of the Treasury to purchase:
the
to
of
to
Allocations to governmental agencies under pro¬
Capital
addition
in
of more experimentation,
have to-day of making laws" which
business, the fear
private
method
new
we
100,000 administrative regulations.
Speaking
said that this causes men to hold
than to take the chances that are necessary if
has resulted in
$749,345,058.26
Total allocations to governmental agencies
of uncertainty, Mr. Thorpe
back rather
For relief:
To States directly by
$3,358,351.00
$299,984,999.00
Corporation
To States on certification of the Federal Re¬
Act—1935.
Under Emergency Relief Appropriation Act,
Interest on notes Issued for funds for
and relief advances
of
$8,197,376,669.84 $3,240,451,067.44
The first
and
powerful
every
it
of
has
money
We
$
127,000
Aberdeen A Rockflsh RR. Co
Alabama, Tennessee A
$
—
%
127,000
Repaid
$
he
275,000
2,500,000
634,757
Ashley, Drew & Northern Ry. Co._
400,000
Baltimore & Ohio RR. Co. (note).-- 77,125,000
Birmingham & Southeastern RR. Co.
41,300
Boston & Maine RR
7,569,437
Buffalo Union-Carolina RR
53,960
Carlton & Coast RR. Co
549,000
Central of Georgia Ry. Co
3,124,319
Central RR. Co. of New Jersey
500,000
Chicago & Eastern Illinois RR. Co..
5,916,500
Chicago & North Western RR. Co.- 46,589,133
Chicago Great Western RR. Co
1,289,000
Corp
275,000
2,500,000
634,757
400,000
—--
Co. (receivers)
14,600
34,757
50,000
77,110,400 12.144,900
5,300
41,300
35,702
1,000
535,800
3,124,319
464,298
5,916,500
46,588,133
1,289,000
not
of
those
has consumed.
From that pool
future, take away and repay that
the
enterprises
have
the
uncertainty—Shall
competition
into the
is
The
I
make
commitments
for
next
a
third
thing
that
affrights
the
soul
of
government to-day in 250 fields of private
is earned from other businesses to carry
because it
that
in
those
that
seems
250
fields,
private fields is making
others—the
two
game
464.298
838
in
taking the money that
230,028
155,632
3,938,000
or
other citizen, from some citizen
than he
knowing in what counters I will he paid?
everywhere.
enterprise
invasion
that
fear,
that
We
9,077
from some
more
that we have spent and are spending to-day.
also very much worried about that money, as to what it is to
I admit that it is unconscious in 90% of the cases, but it is
business,
7,569,437
53,960
13,200
little
are
summer
on
a
must to-day,
Government
605,367
dime away
produced
worth.
there,
18,000
Northern RR.
Alton RR. Co
Ann Arbor RR.
Disbursed
and the other
it is, cannot create a single thin dime of its own accord.
as
savings we
Canceled or
Withdrawn
this, that
of
dime that it sends out with beaming face to give to a citizen,
take that
must
who
Authorizations
Authorized
to-day for
being expended
all the income of every man, woman and child"
to-day has gone over into that non-creative activity of government over¬
head.
We fail to realize that the government of the United States, strong
For
9 by Mr. Jones:
one
are
40%
thing—nearly
authorizations canceled or with¬
repaid by each, are shown in the following table (ias
31 1935), contained in the report made available
There are five things, to my mind,
the stage is all
is government spending—the extraordinary amounts
not realize that full recovery is ours;
us
that
money
railroad, together with the amount disbursed
Dec.
Jan.
making
of
17,410,245.40
The loans authorized and
drawn for each
is
set for it.
allocations
—
Grand total
that
hesitant to-day?
is business
Why
$3,358,351.00
$1,599,973,202.59
Total for relief
to have progress in business activity.
discussing government policies, which he declared have
are
hampered industrial recovery, Mr. Thorpe said:
300,000,000.00
1935...
to and
we
In
499,988,203.59
500,000,000.00
lief Administrator
Under Emergency Appropriation
fear
of
and the
men
more
threat of
still
further
hesitate.
experimentation,
of
new
rules
know nothing about.
There is a little hope there,
to me we have just about run the gamut of everything
we
anybody has ever thought of in all time past.
From various speeches
£pd various reports, we get intimations that we have not yet finished,
that
there
will
be
more
experimentation.
558
Financial
The fifth
method
could
could understand
what your part was in living up to that law; but we have a new method
to-day.
We pass a law that appoints an authority with seven men, $10,000
a
year, and we set down there an objective, and we say to those men,
"Now, you work this out."
As a result, we have, literally (I am not
using a round figure) to-day 100,000 regulations that have been made
administratively by bureaucrats, some of them that have the effect of
have
we
read
thing that is causing business to hesitate is this
to-day
making
of
laws.
Up
until
few
a
penalties of penitentiary sentences and
The effect of these erratic and
new
you
ago
years
law that Congress had written and passed and you
a
Jan. 25 1936
Chronicle
apparently uncontrollable currents of
gold
throughout the world has been very disturbing.
Among other things it
has unsettled the minds of different countries and has raised the serious
What is to be the future of currency relations
question:
between such
countries.
as
According to Dr. Willis "if foreign trade should continue
it has during the past three years, there would be little
He went on to say:
left of it at the end of the next three."
If
excessive fines.
we
have
what
should continue to settle for
been doing,
send abroad in gold, as we
we
another
should collect during the next three years
we
should practically strip bare those
foreign treasuries and banks that havs still some gold which they can
spare.
Is this problem too great for us to solve?
The present Secretary
of the Treasury, returning home from France a few weeks ago, remarked
three billions of dollars in gold, and we
Sound
Prosperity Cannot Be Legislated by Proposals
Such as Townsend Plan, Declares H. H. Heimann
of National Association of Credit Men
The Townsend
Plan
is merely another effort to
achieve
prosperity by legislation, and we should know, through bit¬
ter experience in recent years, the futility of such effort,
Henry H. Heimann, Executive Manager of the National
Association of Credit Men, declares in his monthly review
of business released Jan. 20.
Mr. Heimann observes that "one of the best methods that
business has for fighting such plans
as Dr. Townsend's is
the business recovery at hand.
Illusory
Utopian schemes such as the Townsend Plan seldom survive
real recovery.
It is the depression years that furnish this
fertile soil for mushroom economics."
In part, Mr. Heimann
to concentrate upon
soundness
the
of
which
recovery
achieve
we
will
dependent
be
To-day,
while business is developing policies that will enable it to recover and then
maintain its equilibrium, it is also faced with the disconcerting task of
restaining those who would achieve prosperity to-day at the expense of
prosperity to-morrow.
Notable among these efforts have been the many
panaceas offered in recent years and none is of more serious, immediate
consequence than the Townsend Plan.
.
.
Essentially, the Townsend Plan is legislation for a special class of
people at the expense of others.
Similar attempts in the form of the
the soundness of the policies used to achieve the recovery.
upon
.
Industrial
National
Recovery
declared
have been
constitutionality
Act
and
unconstitutional.
the
of
Agricultural
the
Regardless
Plan,
Townsend
it
Adjustment
Act
the
to the question of
as
suffices
to
that
say
it
is
uneconomic and that the prosperity which it desires to attain
would not be achieved.
Instead, it would surely bring about a collapse in
decidedly
1
have
not
facts
seen.
possible
structure
equal
if
to,
exceeding,
not
Plan
requires complete acceptance
Economics exist
faith alone.
on
faith!
on
the old
for
provide the money
tax
that
means
will be
instance,
the
every
taxed.
in
step
Thus
the
development of the fabrics,
the
making
from
step
every
production
immense amount to be added to the
of
Prices
such
all
things,
that
extent
an
if
the
the
plan
$2,400
a
normal
were
.
of
an
Such
of
.
the
of
transac¬
automobile,
the mining
for
the steel,
the chemicals for the
of
That would total
would
be increased
to
promised to the recipients of the
year
problems—they would
about these great
phase of the campaign of 1936 but I
Some say that it will be settled as a
a
It is one of those questions that are
moment.
Further extracts from the address of Dr. Willis follow:
In all of the statements which were issued from the preliminary confer¬
President
which
to
ences
demand
for
increase in theBe pensions,
unbalance
further
to
and
result,
an
printing
press
money
attendant inflation would
the
of those over
its budget,
the government would be forced
wipe
out the security
would
be
a
likely
not only
60 but also of practically everyone under 60.
Monetary
action
trollable"
Discussed
by
Disturbance of "Uncon¬
Gold
Throughout World—Huge Gold
Holdings of United States—Sees Ability of Nation
to
Maintain "Stable Sound Currency" with Re¬
moval
"Political
of
Hesitation"—Adjustment
of
days later the picture is completed by President Roosevelt's
cabling to the London Economic Conference that he will have
in
nothing to do with stabilization on an international basis until prosperity
There is
has returned to the United States.
troubled years.
a
second striking scene in these
President Roosevelt is standing at a radio in the White
House informing the public that he has
commodities by buying
I suppose
determined to raise the prices of
gold at rates which eventually ran up to $35 an
that these two scenes will rank among the most gro¬
tesque in history.
When we, on January 30
devalued the dollar,
1934 passed the act of
it became impossible to
that date, in which we
convince foreigners of
agreement with them as to a fixation of foreign exchange rates unless
an
President would give up his
our
further whenever he got ready.
dictatorial power to devalue the dollar
Like
some
insisted upon absorbing the gold of the
and could
"dog in the manger",
his topic "The International Monetary Situation"
Banking, Columbia Univer¬
sity, spoke before the School of Politics meeting at the
Women's National Republican Club in New York City on
Jan. 20.
Dr. Willis in commenting on the huge gold holdings
of the United States said that "we are now reaching the peak,
perhaps have passed the peak, of one of the most remarkable
gold movements of the past remarkable five-year period,"
Using
as
and added:
As
a
about
beginning of September,
The importations for the entire year seem
likely to be close to a billion and three-quarters of
For 1934 they were about $1,100,000,000.
have taken from the
of
resfTof the
dollars, if not
to the yellow metal.
access
British statesmen have
During the two
world close to two and
a
years we shall
half billion dollars
largest holder of gold not only of the world but in human history and, to-day,
we have over $10,000,000,000 of gold in our vaults which we not
only do
not use but will not allow private persons to possess.
It is doubtful how far we are
willing to
go
to allow this gold to leave
our
shores and to return to the countries from which it came, should conditions
become such
half
of the
as
to
call for that action.
monetary gold in
We
the world.
now
have rather
more
tban
come to
On two other occasions
Washington for the
purpose of trying to
difficulty in the way of an agreement?
There is a little share of gold in Germany
parts of it in other countries, but instead of being widely diffused
the case before the World War, as J. S. Mill had expressed it, in¬
as
some
was
stead of being diffused
it is
now
according to the countries in which
concentrated in
a very
trade needed it,
few hands.
"Uncle Sam" is often compared to Shylock; but the allusion might more
appropriately be displaced in favor of a mythological comparison. "Uncle
Sam" is far more nearly a Midas than he is a Shylock.
Everything he has
touched has turned to
in
gold and he has drawn gold
toward him—and this
spite of the fact that our foreign indebtedness, both public and private—
been almost wholly repudiated.
has
What
seems to
According to all
accounts, the trouble has lain in our effort to get a ratio between the dollar,
in international trade
The trouble
the whole
as
whereby
a
might undersell those other countries.
we
looks into the question
everyone
purpose of such
jockeying for
sees
clearly enough is that
stabilization would be to end this kind of
a
relative advantage and to put in place of it
"normal" rate of exchange which could
be enforced
stable or
a
as a means
of holding
Now, because of the lack of
steady the value of the different currencies.
agreement and the unsettled conditions resulting from the state
an
have described,
we
we
have to-day the most remarkably
unsettled capital status in the history of the world.
flows from country to country
situation is such
to
as
"Vagabond capital"
according to its fears of proscription.
The
prevent long term investments from bring made or
capital from being employed, and the result is that the various industrial
groups
sink deeper and deeper into difficulty, while human concern is less
satisfactorily cared for.
As
we
present day, we can feel
no
doubt whatever that the time has
must
as
soon
look over the field of world business at the
possible try to restore the basis for
as
industry and that in
restoring it
so
place to the question of the establishment of
a
a
come
when
normal growth
we must
give
a
premier
satisfactory standard of
currency.
Conditions Necessary to
For
a
long time it
currencies
sary
was
gold for
that
what
result
a
we
Effect Stabilization of Currencies
apparently thought that the failure to stabilize
merely the result of
used
merely of
way as to
was
a
a
whim
or
of inability to get the neces¬
Continued study of the subject has convinced
use as a reserve.
most persons of what
they ought to have known in the first place, namely,
call "sound
to
currency"
or
stable money, is not the
determination to have it, but that it has to be achieved
years
of effort and patient adjustment of conditions in such
make this stability and soundness possible.
What then
are
the
conditions thus referred to?
(1)
such
The first of them, of
a
basis
or
rate
that
supply of gold to others
course,
a
is the adjustment of foreign trade at
given
country will not immediately lose its
as a means
of making up deficits
or
surpluses of
imports or exports.
(2)
a
It also implies that we shall have
budget whose balancing is
be
no
so
a
balanced budget, meaning by that,
nearly accomplished that at least there shall
doubt about the adherence of the nation to
a
given standard of value
without any further discussion of the question of devaluation
of standards in
order
to
enable
or
impairment
payments to be made easily or
to
coax
trade away from other countries.
France and England together
have most of the remainder.
and
it
the franc, and the pound sterling that would give us a decided advantage
more.
gold, although we were ourselves, at the beginning of the period, the
have
use
stable standard of international payments and preventing
a
them from getting
through long
result of it, we have imported since the
$800,000,000 of gold.
we
world, though we could not
only hoard it, snapping and snarling however at those who would
of trade and
H. Parker Willis, Professor of
our
good faith, and since then we have found it out of the question to come to
we
Foreign Trade Essential Toward That End
But
House, hand in hand, and issuing this solemn warning.
of the White
less than 60
such
Situation
Parker Willis—Cites
H.
the
as a
Roosevelt, and Prime Minister Ramsey McDonald standing on the steps
of affairs which
International
noted,
We see President Roosevelt, Mrs.
primary necessity of world recovery.
promised will be provided by this plan.
in operation in 1929 it would have taken approxi¬
of
representatives
summoned
Roosevelt
various interested countries, the stabilization of currency was
have been the
If this plan had been
is
essential.
plan would be negligible in their efforts to develop the security which it is
mately 30% of the national income.
In 1934 it would have taken about
50% of the income.
.
.
.
If the plan were adopted prices would rise,
there would be an early
shirked
by the politicians and not well understood by the mass of people; yet it
get an agreement with us and have gone away disgusted.
.
everybody
talking 'national planning' the time has come to direct
the planning fever toward the planning of our foreign trade
and international relationships.
Why not ?" He contended
that "the factors with which we deal are long-range in charac¬
ter and it takes years to bring about a change in them, even
when the necessary influences in them have been set on foot.
The longer we delay the slower will be the rectification.'*
"Such is the problem," he said, adding:
like to restore
of the automobile.
cost
started,
a
.
to worry
use
Dr. Willis observed that "in this world where
study of
a
pension the proponents
age
paint, &c., &c., would be taxed 2% on each transaction.
an
any
Economics
facts, and
on
plan would levy a 2% tax on every business transaction.
tion
no
is
ounce.
the impossibility of the Townsend Plan economically.
proves
To
financial
/
Townsend
The
is
and
commercial
our
we
was
do not believe it for
added:
The
that there
right themselves.
(3)
These latter two requirements themselves are unattainable unless
given country has a scale of prices which is,
or
on
a
the whole, fairly well adapted
adjusted to the price level of other countries, so that neither shall unfairly
a neutral market, by
offering goods of standard quality
undersell the other in
at
nominal
concessions
expressed in terms of currency units which
will
make it possible for those other countries to buy the goods at a
profit.
Of course, when these matters are thus enumerated in this
the
way,
difficulty of getting
a
satisfactory settlement at
than ever difficult to settle.
once
appears and is more
It is out of the question to manufacture such
conditions: they must be gradually developed, and yet, such development
of course, more difficult on account of the continued absence of the
is,
status
which
is thus
indicated
as
desirable.
Thus
we come
559
Financial Chronicle
Volume 142
finally to the quesiton:
Whether, on the whole, it
would
to railroads
and other transportation
agencies to promote
rapidly as it individually
can, without waiting for others to join it?
Such a step is perhaps imprac¬
ticable except in those countries which have an ample quantity of gold, as
greatest possible operating economy and efficiency.
Mr. Eastman, in his report, described.his endeavors toward
railroad
unification.
He
asked
Congress to reorganize
notably, the United States.
Commission, and to place water
jurisdiction of that body.
This recom¬
mendation was rejected unanimously by the Commission
when it was first offered about a year ago, and the rejection
was repeated in a letter transmitting Mr. Eastman's report
to Congress on Jan. 21.
The ICC said in its letter that
"after three years', experience with this additional agency,"
Congress should be "well advised as to whether it should
be made permanent."
A brief analysis of Mr. Eastman's
report, and the Commission's recommendations, is given
below, as contained in a Washington dispatch of Jan. 21
not be best for every country
to move forward as
the Inter-State Commerce
Dr. Willis in his further
to make progress
to take the step
by which
toward
a
declarations said that "in order
sound situation we need, in short,
ourselves, of establishing a basis of currency
"As to this," he
determined to abide."
we are
continued "there has never been any time
when
we
could not
method.
Even to-day I think there would
reasonable doubt of ability on the part of the govern¬
resort to such a
be
no
ment
maintain
to
so-called stable sound currency, if it
hesitation and announce
a
willing to throw off political
its determination."
were
the
carriers under the
to the New York
Dr. Willis added:
In part,
problem is taken up in the way
that I am dealing with it here, some persons are prone to ask:
Is not this
a very far away matter after all, and is it not true that there is nothing
that we can really accomplish in regard to the whole subject.
The answer
is I think:
Not at all.
Remember that our present Federal Adminis¬
tration has on two or three occasions made approaches to the foreign
countries for the purpose of obtaining an adjustment.
.
.
.
Our govern¬
ment has all the information there is to have about it.
It can command
the best of technical ability, either domestic or foreign, by merely saying
the word.
There is no reason except what we have already with politics,
why it should not make up its own mind and there is no reason why it should
wait for some other country to make up its mind first.
The topic is essen¬
tially one that can be dealt with successfully now, if ever.
On former
When the subject
discussion we never gave as an excuse
occasions of currency
to-day, we have a
ever had before, for
and yet,
have
we
resources
would make 11 of the proposed 16
"No comment is deemed necessary, except
by the character of his work."
Gives Eight
Secretary of Commerce Daniel C. Roper,
featured the annual convention in New York City this week
of the National Retail Dry Goods Association.
In his re¬
marks (on Jan. 20) Secretary Roper declared:
There is no doubt but that a very constructive basis has been laid for
a
better
co-operative relationship between business and
government.
Since March, 1933, recovery has been continuous and substantial, marked
of course by the typical seasonal fluctuations and variations which are
characteristic of our economic activity.
There has been a great deal of
futile "carrying coals to Newcastle" with reference to whether recovery
has been because of or in spite of what the Roosevelt Administration has
An address by
done.
1.
from President Roosevelt was
read at the meet¬
ing by Secretary Roper, the President expressing regret at
his inability to be present at the meeting, and asking that
the Association accept his "sincere appreciation for the co¬
operation which so many of your members are rendering in
studying, constructively analyzing and interpreting the
trends of our times and in finding proper ways of adjusting
to inevitable changes."
In citing factors which he said proved that the adminis¬
No
the
nation
the
has been effective in
assisting economic
added:
Mr. Roper
claims that what
one
responsible,
which
could not have
2.
.
the administration has done
3.
resumed since 1933 their normal
who
contend that business recovery
able disprove
really began with the in¬
wholly untenable
economic information avail¬
NRA are basing thir contention upon
unjustifiable data.
All statistical data and
this contention.
progressed far enough along
appraisal of the entire situation as a
co-operative and corrective under¬
standing and action which will enable business and government to eliminate
many conflicts and to work mutually toward an objective of further sustained
It seems to me that we
the recovery
have probably now
road to make an honest
formulating a philosophy of
basis for
and consolidated recovery.
Such
a
it seems to me, must be
program,
in accord with the following
principles: The profit and loss system of American business must
tained and must be assured general channels of constructive
After all,
be main¬
progress.
call it the profit system, because the net
must be judged over a long period of time and must
it is a misnomer to
results of business
take into account
the profits of one year
and the losses of another.
voicing it as his opinion that
the present outstanding
for large scale new enterprise and
the home building field, Secretary
immediate opportunity
is
re-employment
Roper said:
in
still 15 or 20 years in method of
It is not conceivable to me that American
solve this problem and successfully
launch a home building program that will assure a 10-year period of con¬
stantly enlarging and expanding activity.
Home building in
the United States is
procedure behind other
business initiative
industries.
and ingenuity cannot
•+•
J.
B.
5
In
the
of
Inter-State
Commerce
Commis¬
Opposes His Recommendations
Federal Co-ordinator of Transpor¬
tation, asked Congress on Jan. 21 to continue his office for
five years in order that he might apply "increasing pressure"
Joseph B. Eastman,
that
Recommendation
1 is followed enact legislation
of the ICC along the general lines set forth in S.
Congress, first session).
Congress, first session).
H. R. 5365 (Seventy-fourth
legislation providing for
dismissal compensation for railroad
projects along the general lines set
first session).
5.
Enact
forth in S. 1630 and H. R. 5378 (Seventy-fourth Congress,
6.
as
legislation enabling the
Enact
well
Commission to prescribe minimum
and to establish through railroad
maximum joint rail-water rates
as
deemed
where
routes
in the public interest regardless of the
necessary
"short-hauling" of any carrier, as set forth in S.
1636 and H. R. 5364
(Seventy-fourth Congress, first session).
7.
Enact legislation
amending Section 4 of Part 1, Inter-State Commerce
Act, by eliminating the so-called
8.
Enact legislation
overcharges
"equi-distant" clause.
shortening the statutory periods of limitation with
respect to preparation claims
against railroads to one year in the case of
(and under charges) and to 90 days in the case of all
other
claims.
The Commission endorsed
man's recommendations,
all except the third and fourth of Mr. East¬
flatly rejecting the former and preferring not to
Mr. Eastman is a member of the ICC
Co-ordinator he has
opinion on the latter.
express an
own
right apart from the additional office of
held for three years.
Still of the opinion that
"conditions are not clearly propitious for public
ownership or for the enforced
government
encourage
Eastman recalled his observation of a year ago
should help promote co-ordination among the
annual report
The
issue of Jan. 18, page
of the ICC was referred to in our
397.
Fleming of A. B. A. Before Eastern
V.
R.
unification of companies into a few great
that the
carriers and
natural and gradual unifications wherever in the public interest.
systems," Mr.
Resume
Bank Con¬
and
Bankers to
Leadership in Affairs in Furtherance of
Urges
ference
Business
men
Recovery—Remarks of O. Howard
Wolfe and B.
Reading
S.
Stating that we cannot legislate ourselves back to pros¬
perity, Robert V. Fleming, President of the American
Bankers Association, called for a resumption by business
men
and bankers of the leadership which played such an
important part in the growth of this country, in his opening
address on Jan. 23 at the Eastern Conference on Banking
held in Philadelphia under the auspices
Service,
of the
American Bankers Association.
expressed it as his belief, "that the passage
of 1935 settled for the present at least
the question of major banking legislation and that bankers
can now turn their attention to the problems of developing
and extending the scope of banking service."
To this end
Mr. Fleming urged that every banker try in every way to
render bankable such requests for banking services as are
presented in unbankable form. If it is not possible to make
them bankable, he asked that bankers be painstaking in
explaining to the applicant just why his request cannot be
granted. He pointed out the multiplicity of laws governing
banking evolved out of long experience in order that the
"public may be safely and adequately served," adding:
Mr. Fleming
of the Banking Act
I
hopeful that we can bring about in tne public mind a realization
am
of this
fundamental reason why we cannot function as elastically as indi¬
viduals or private businesses.
tne
can
and
Having great confidence in the fairness of
American people I am sure
bring about an appreciation
which will be conducive to a
Asks Congress to Continue His Office
Years—Transportation Co-Ordinator Urges Re¬
organization
event
legislation for the creation of a Co-ordinator of Transportation
the ICO along the general lines set forth in S. 1635 and
Enact
the
Eastman
sion—Commission
which
employes displaced by co-ordination
progressive
emergencies.
Those
Commerce).
legislation for the Federal regulation of wharfingers
associated with
has been entirely
and probably most important of all, definite
and constructive thought has been given to plans of control and adjust¬
ment with a view to preventing the repetition of future major economic
In
Enact the
will be set forth in the bill soon to be presented.
Furthermore,
validation of the
in the
the Senate Committee on Interstate
but there is substantial evidence that without the actions
administration has taken the normal recuperative powers of
functions.
and
Enact the
set forth
in his
tration's program
Eastman in his third annual
follows:
legislation for the Federal regulation of water carriers as
bill now pending in the Senate (S. 1632, as reported by
report were summarized by him as
4.
Roper in Adclress Before Na¬
Goods Association
Declares
that
"Constructive Basis"
Has Been Laid for
Better Relations Between Business and Govern¬
ment—Denies that Recovery Began with Invalida¬
tion of NIRA—Message from President Roosevelt
Secretary of Commerce
tional
Retail
Dry
restoration.
Recommendations
Specific recommendations made by Mr.
1635 and H. R. 5365 (Seventy-fourth
♦
A message
said:
that there would, of course,
be plenty of opportunity for every Commissioner, whether serving on the
control board or on a division only, to achieve prestige and distinction
for the reorganization
of the world.
reorganization that it
Commissioners "little more than exami¬
ners," with resulting discord and inefficiency, the Co-ordinator
that we must
decided what they were willing to do
very much more independent position than
we control by far the largest amount of gold
in his hostility to th9 majority attitude.
Concerning the majority's objection to his plan of
England or Germany had
wait until
"Times":
Mr. Eastman was equally open
of the foreign trade
that if we exert the necessary effort we
of these problems on the part of the public
greater degree of co-operation between bankers
public.
With respect to government competition with banking,
Mr. Fleming continued, we must recognize that in times of
the government had to come to the assistance
people. Possibly many of the government's lending
functions could not properly be handled by chartered banks..
emergency
of the
He went
on
to say:
560
Financial Chronicle
On the other hand, it is our duty to
survey all of these emergency
lending
agencies
so tnat bankers may judge for themselves which of the activities
being handled by the Government can be properly and soundly taken
now
over in
their respective communities by their own institutions.
Inasmuch said Mr. Fleming, as one of the objectives of the
regional conferences is a clearer understanding of banking
problems through a thorough discussion, he urged that the
attending bankers feel free to express their own opinions
upon the subjects under discussion, regardless of whether
those opinions conflicted with the opinions of the scheduled
speakers. He expressed the hope that the regional, meetings
will be followed by similar conferences in State associations
and county groups, for further discussion, so that an in¬
tensive and national program of development of
banking
service can be carried out.
Mr. Fleming said in conelurion:
In the light of past experiences
equipped
„
than
before to
ever
to the people of this nation.
much
we
we
are
cure-all
apolis Home Loan Bank in the Columbia Club, Indianapolis,
on Jan.
17.
According to the Indianapolis "News," Mr.
Delano said that liquidation would be accomplished as rapid¬
ly as is consistent with safety, but warned against forgetting
the lessons of the
too
and
bad
practices
developed since the world war,
wnich
legislate outselves back to prosperity.
.
America needs most is
a
we
a
course,
that
We
and bankers of that leadership which played such an important part
in the growth
and development of
be the support of government.
returning
I
our
am
country and in which there should
hopeful that every one of
home will spare no efforts in undertaking helpful and
work for the betterment of
able to demonstrate that
this nation the
our
we
respective communities
are
us upon
constructive
so that we may
be
repetition
can
so much
48
places in the Banking Act of 1935, counting
only those sections which affect most banks, where pro¬
vision is made for discretionary power to be exercised by
rule or regulation either by the Comptroller of the Currency,
the Federal Deposit Insurance Corporation, or the Board
of Governors of the Federal Reserve System, according to
O. Howard Wolfe, Cashier, Philadelphia National Bank,
who also spoke before the Conference on Jan. 23.
"It is a
problem of no mean importance, therefore," he said, "to
master banking law as it is to-day or may be to-morrow."
It would be impossible for him to analyze all the regulations
that have come out thus far, he said, but picked out two for
discussion, and as to these he said:
are
The first has to do
bank officers.
with loans to
I think
we
can
very
only feel
Most of
us
will
agree that
no
bank should make loans to its
officers, except possibly in very small amounts and in
case
But certainly there can be no good reason wny an officer of
a
loan from anotner institution without the
the details of
his personal
a
bank cannot
necessity of baring all
affairs to his board of directors.
Trie regulation which has caused and will continue to cause the greatest
amount of heart burnings is
the soundness of
interest.
a
Regulation Q, partly suspended.
regulation that designates
Yet the paragraph
should like to
bent
intend
on
to
as
I question
interest that which is not
I wisn it mignt be possible for me to explain some of tne provisions in
the regulations which
on
are
not fully
understood.
I would suggest rather
questions in which you are in doubt, you refer to your
Reserve Bank.
But
own
Federal
I would further suggest that you try to understand
these regulations and do
include
to
Delano
more
general ad¬
reported also in the
was
stating:
as
disabuse your mind, if I can,
imposing
interfere
on
with
plotting to build
you
liberties
your
a
of
some sort
that
in Washington
we
regimented society—that we
a
the free play of initiative, that
or
theoretical Utopia on the ruins of your business.
As the
normal functions of the
country resume, it is our hope to liquidate
speedily and extinguish those temporary expedients, such as the HOLC, for
example, which were so necessary in the general paralysis.
I think
you will agree that we should retain those creations, such as the
Federal Home Bank System, which bid fair to aid and
supplement private
effort and protect it in
a
measure
against violent economic swings.
Representatives of 153 financial institutions from Michigan
members of the Federal Home Loan
are
Bank of
Indianapolis attended the sessions, said the "News,"
which we also take the following:
from
Fred T.
Green, Indianapolis, President, made his annual report to the
members and reviewed the
year's activities,
in the activities of the
pointing out a 12% increase
Indianapolis bank in the last six months.
Loan Expansion Discussed
Main topics discussed
by the various members centered
which member institutions
the expected demand
for home
Fermor S. Cannon,
"member
institutions
on
the way
expand their lending volume to
may
care
in
for
financing funds this spring.
Indianapolis, Chairman of the Board, asserted that
should
take
full
advantage of their line of credit
and use the funds available from the bank
for
making
loans and thus
new
increase the earnings and
community service of the institutions."
HOLC
Meet
to
Aug. 15 Maturity—$49,736,000 of V/2%
Bonds
On
Jan.
19
Be
to
John
Redeemed
H.
with
Cash
Fahey, Chairman of the Federal
Home Loan Bank Board, announced that the entire
issue of
Owners'
Loan
Corporation bonds, designated as
series C V/2% bonds, due
Aug. 15 in amount of $49,736,000,
would be paid off in cash at
maturity.
In Washington
advices to the New York "Herald Tribune" of Jan.
Home
20, it
also stated:
was
(now deferred) on interest in Regulation Q
does precisely this thing.
that
aims, Mr.
Indianapolis "News"
own
of emergency.
It is not at all certain, of
uncertainly along the path which leads to an
our way
Broadening his discussion
properly and consistently object to that regulation from every point of
view.
pretty narrow escape
do this.
can
and Indiana which
There
secure
we
ministration
to its develop¬
ment.
a
people, care should be taken to protect
our
of the debacle of 1929.
truly doing our part in bringing back to
leadership which has contributed
have had
we
ultimately better economic organization.
we are
,
resumption by business
He is quoted as saying further:
and
clothes and feeds and houses
better
for our troubles.
economic
against
are
a
both
social disaster, and in turning back to private
initiative, the responsibility and privilege of managing the machinery which
I
as
depression.
We must not overlook tha fact that
from
While
seems to me that what
men
Preston Delano, Governor of the Home Loan Bank System,
an address at a luncheon for stockholders of the Indian¬
in
all recognize that some legislation was needed to correct certain
conditions
cannot
bankers
as
adequate and constructive service
However, 1 believe that there has been
dependence upon legislation
must
It
I believe that
render
Jan. 25 1936
not ask questions solely for the purpose of dis¬
puting instructions with which you may not be in full accord.
carefully, and then act in good faith, and I feel quite
sure
Read them
that that is all
that will be expected of you.
Service charges,
properly explained, do not cause worth¬
depositors to withdraw their accounts, B. S.
Reading, President, Lafayette Trust Co., Easton Pa.,
declared on Jan. 23 before the commercial banking forum
at the Conference.
In part he said:
For the six months which ended Dec.
31
received by the HOLC amounted to
1935, repayments of principal
$33,740,926, Mr. Fahey said, and
Aug. 15 1936, it is estimated the repayments of principal
for the period to
will be
substantially larger, and
more than sufficient to pay
off the series O
bonds.
To date,
$60,453,800 of various issues of bonds have been retired
by the
HOLC from repayments of
principal by borrowers.
The Home Owners'
Loan Act, as amended, under the
authority of which the HOLC bonds
are
issued, provides that all funds received
by the Corporation from its borrowers
in repayment of
principal of loans must be used to retire its bonds, which
must be canceled and cannot be
re-issued.
while bank
In 1935 we had
On Dec. 31
we
1394 check accounts with
an
average
accounts with
me a
of
Privately-Owned and State-Regulated
Mortgage Bank Recommended to State Legislature
in Report of New York State
Mortgage Commis¬
balance of $399.
sion—Amendment
Introduced
1935, five months after the service charge had been installed,
had 810 depositors with an average balance of $902.
show
Creation
an
profit
average
on
balance of $25.
balances with
If there is
an average
Torrens Law Proposed—Bills
In a report to the New
York State
a man here that can
of $25 I will vote him
a
wizard
of finance.
This result
to
We closed out 811
the
Legislature,
State Mortgage Commission
recommended
on
Jan. 16,
the creation
of
due, he said, mainly to the work which
preceded the installation of the service charge by the Easton
banks.
Their clearing house made cost analyses of all the
banks, and a uniform schedule of charges was agreed upon.
Next the boards of directors and the employees were schooled
in the service charge subject and officers were given lists of
depositors for personal interviews, he explained.
"People
were, in the main, reasonable," he said, adding" the explana¬
tions that prefaced the installing did a great deal toward
educating the public as to what a bank really does."
Harold G. Moulton, President of the Brookings Insti¬
tution, Washington, D. C., and Harold Stonier, educational
director of the ABA, were announced as speakers at the
conference, their addresses featuring the subscription din¬
ner, held in connection with the conference the evening of
Jan. 24.
Harry J. Haas, General Chairman of the Phila¬
delphia bankers' committees, was scheduled to preside at
the dinner. A host of others were also speakers at the con¬
ference, a list of these having appeared in our issue of Jan. 17,
page 237.
was
privately-owned and State-regulated mortgage banks
take the place of
guaranty mortgage companies.
In
advices, Jan. 16, to the New York "Herald Tribune" it
pointed out that the report also suggested a
Speedy Liquidation of HOLC and Other Federal
Emergency
Agencies
with
Return
of
Normal
Conditions
A
speedy liquidation of the Home Owners' Loan Corpora¬
tion and other Federal emergency agencies as the normal
functions of the -country are resumed was promised
by
was
series of other
changes in the
them
in
Lehman,
State's
line
with
two weeks
also said, in part:
These
mortgage financing set-up, most of
recommendations
in his annual message at the
lature
suggestions
before.
included
The
made by
Governor
opening of the Legis¬
"Herald
modification
Tribune"
advices
of
existing laws governing title
registration to provide for compulsory
registration of titles by 1946 ; exten¬
of the
mortgage moratorium, but so modified as to force
mortgagors,
capable of paying off on the
principal, to do so, and a law
providing for
State regulation and
licensing of real estate appraisers.
The report also
recommended certain minor variations in
the Mortgage Commission
law.
Shortly after the Commission submitted its
report, which was accom¬
panied by a series of bills, 19 bills
covering most of the recommendations
sion
were
introduced in the Senate.
Democrats,
Senators
John
T.
The
new
McCall
legislation
of
New
Bronx, and William T. Byrne of Albany.
Guard
The
report
Posner
Governor Delano of Home Loan Bank System Looks for
to
Albany
and
was
the
necessity
to be
they
of
that
cured
are
Against Abuses
Wendell
P. Barker,
Chairman, and Louis S
B.
Cummings, the two members.
In a preface they
forwarding the recommendations they were
"mindful of
dealing with this problem in a constructive
Lawrence
explained that in
be certain
signed by
was introduced
by three
York, Lazarus Joseph of the
"the
manner"
circumstances which
by the creation
avoidable
of the
within the
brought about the
Commission shall
State of
New
never
evils
recur
in
to
designed
so
far
as
York."
Concerning the moratorium, which the State
Mort-a^e
Commission urged be extended another
year (we quote from
United Press accounts from
Albany), the report said*
Financial
Volume 142
There
the
to
seems
moratorium
moratorium
its
the
As
between
Department is
if
However,
year.
(3) "Internal and external competition affecting American
general agreement that it would be disastrous to lift
be
suddenly.
the real
present form will be
(4)
Government competition with private enterprise.
continuation for another
(5)
Anti-trust laws and the Federal Trade Commission Act.
improves the moratorium in
(6)
Financial aid to small enterprises.
for
unqualifiedly
situation
estate
hindrance rather than
a
(7) Development of a national industrial policy.
help.
a
At a meeting in Washington on Jan. 6, some half-a-dozen
studies of industrial problems were directed by Major Berry's
Council.
At that time industrial delegates selected John
'
..As
the
to
advices
report,
Albany
following from
the
take
we
(Jan. 16) to the New York "Sun":
Recalling the collapse of the mortgage guaranty companies in 1933, the
public
the best method of providing realty owners with money and
as
with
investors
down
of
Is
to
income-producing
certificates,
be
estate
safe
a
these
thrift
real
Payne of New York City as their Chairman, while labor
designated William Green of the American Federation of
Labor to head its group, with Ira M. Ornburn, representing
tobacco distributors, as his Secretary.
From a Washington
account Jan. 6 to the "Journal of Commerce" we also quote:
certificates were regarded by
report said that before that time guaranteed
the
encouraged and
break¬
if
to be made available for
security.
the report said,
the
of
Because
substitute must be found
a
if the funds
are
financing.
1
The
that
held
Commission
respective problems and make reports at a later
the
reorganization of
calls another meeting.
guaranty com¬
present
of
properly supervised mortgage banks.
The proposed statute would prohibit
others than mortgage banks from engaging
in the business of lending
money on real estate and selling securities against mortgages and
from
impossible,
is
selling shares
immediate
and
recommended
their
in
participation in such mortgages.
or
capital
$3,000,000
of
the
for
the
place
of
Committees Are Named
creation
provides
It
incorporation
minimum
mortgage
a
any
Committee on a "national industrial policy,"
banks
money
would
real
on
stockholders,
"Internal and external affairs affecting
surplus
as
loans is
mortgage
Commission
believes
is
still,"
normal
It
it
funds
market for
dividends
pay
to
emergency
has
not
real
protect
permit
unscrupulous
an
of
property
will
need
undergo
continue
draining
undue
cciurt
of the income from the
of
advantage
and thus
proceedings
which rightfully
property
belongs to the holder of the mortgage."
The
Commission
ment
of
avoid
foreclosure
the
of all
ment
principal
the
instalment,
any
property
of the
owner
pay
2%
the
of the
of the property.
principal amount in
occupant-home
the
owner,
be permitted to live on
not
the
default in pay¬
of
case
by executing and delivering to the mortgagee
of
case
should
or
provision that in
rents, income and profits
mortgagor may
In
recommended
the
He
The
Commission,
situations
many
ments
that
but
the
on
an
it
in
which
be
in
of
owners
such
cases
the
court
for
that
says
to
paBs
unable
are
have
are
still
to make pay¬
provided
therefore
relief,
necessary
ability to make the
his financial
on
Torrent
registration
by
the
disclosed
Commission
almost
pulsory title registration."
mainly
from
companies
searching, abstracting
The
Commission
always
recommends
tions
title
and
"opposition,"
others
who
that "there is
State
has
for
says
insurance
Commission,
of
title
of
com¬
system
form
"some
the report,
in the
engaged
are
not
no
reason
"emanates
business of
proved
why title to land should
and that
"thus
"the system of title
satisfactory."
definite and final separation between
companies," but
have postponed the
"We
the
"a
accord
law
and insuring titles."
says
this
in
But
and
Torrens
be shrouded in mystery,"
to
appear
insurance
the
universal
not
Commission
The
lending institu¬
money
immediately.
compulsory' feature of the law until 1946,"
giving
period
a
history.
problems must accept responsibility
principles of co-operation and good-will.
*4
"Those who declined to discuss these
for their lack of interest in the
without fear in the process of inculcating
and justice in industry, and will adhere
has but one reason_for
give life and happiness to the human family."
"For myself, I shall continue
the spirit of mutual helpfulness
without reservations to the principle that industry
existence—to
our
issue of Dec. 21, page
Secretary of Commerce Roper to Business
Advisory Council for 1936—Succeed Others Who
18 Named by
Secretary of Commerce Roper on Jan. 15 appointed 18
business and industrial leaders to the Business Advisory
Council to serve during 1936.
They succeed other members
resigned or retired.
The Council
membership of 52 about two years ago by
of the Council who have
formed with
a
of
10
within
years
says
the
which
At a reorganization meeting of the Council held Jan. 16,
George H. Mead, President of the Mead Corp., Dayton,
Ohio, was elected Chairman; and W. A. Harriman of Brown
Bros., Harriman & Co.; Wetmore Hodges, and Charles A.
Cannon, President of Cannon Mills Co., Vice-Chairmen.
In Associated Press advices from Washington Jan. 16, it
was stated that the Council was formally described as the
"Business Advisory Council for the Department of Com¬
merce."
The following are the 18 members appointed to
the Council on Jan. 15:
F. B. Adams, Chairman
Air Reduction Co., New York.
President American Locomotive Co.,
William O. Dickerman,
compulsory title registration."
Thomas A. Dines, President
Title Registration Plan
register
A
of
search
course,
be
title
one
be given to all
order
The
83
the
interested,
law.
one
deeds,
of
of
with
companies."
the
"who
a
several
of
would
on
final
amendments
would
to
and
other
instruments
to
be
constitute
filed
a
in
serious
Business
will be examined by the various committees named for
this purpose at Council meetings
earlier in the month.
York
New
It embraces:
(1)
A maximum work week and general wage and child labor problems.
(2)
Fair trade practices.
of
Chamber
Commerce,
Which
Received
Original Charter from King George III, Extends
Sympathies to British Empire on Death of George V
Chamber
The
Program
Maj. George L. Berry's Council for Industrial Progress
shaped a definite course on Jan. 15 toward development of a
national industrial policy and at the same time revealed a
7-point study program designed to effect closer co-ordination
between organized labor and industry, it was stated in ad¬
vices on that date from Washington to the New York
"Journal of Commerce," which went on to say:
Paul, Minn.
Co., Akron, O.
A. Sloan & Co., New York.
Vernon Tupper, General Manager Nashville Roller Mills Co., Nashville.
Henry Hyer Whiting, General Metal Corp., San Francisco.
S. Clay Williams, R. J. Reynolds Tobacco Co., Winston-Salem, N. C.
Samuel P. Witherill, President Witherill Engineering Co., Philadelphia.
George A. Sloan, President George
holders.
Proposed by Council
for Industrial Progress Headed by Major Berry
The program
Co., New York.
President Goodyear Tire & Rubber
♦
Point
Middletown, O.
American Rolling MiU Co.,
President Great Northern Ry., St.
4103.
Seven
Charles R. Hook, President
York.
Whiting Corp., Harvey, 111.
Paul W. Litchfield,
Reference to tlie proposal for State mortgage banks was
made in these columns Dec. 14, page 3777, and Dec. 28,
page
American Radio Co., New
William P. Kenney,
be required to compel
now
General Foods Corp., New York.
Thomas S. Hammond, President
interest
an
and recording fees be waived in
Commission said,
Clarence Francis, President
Rolland J. Hamilton, President
Mortgage
the
reorganization plan.
mortgages
M. B. Folsom, Eastman
Frank C. Jones, President Okonite
certificate holders with
at present,
that filing
These fees, the
courts.
may,
Notice
registration entered.
them,
as
promulgate
the certificate
application
an
official examiner,
an
insurance
hearing conducted by the court, and
15%,
is
filing
by
title
proposes
Under
with
public offices.
on
a
recommendation
connection
by
made
certificate
also
1/3% instead of
Commission to
drain
a
Commission
Another
be
the existing
Hills Brothers Co., New York.
North American Co., New York.
Kodak Co., Rochester.
F. Fogarty,
James
provide that any one owning real property may
holdings
would
of
of the court
Commission
of
his
New York.
Utah Oil Refining Co., Denver.
Lucius R. Eastman, President
promptly
scheduled for Jan. 6, appeared
3958.
A reference to the conference
in
properties of the State may be transferred from their present recording to
The proposed law would
do it under
But the fact remains that any
justice is always in order.
The
than at any previous time in the nation s
Secretary Roper.
Law
of
task of composing the differ¬
would be big enough, but to
of industry
need for it is more pronounced now
was
payment."
Investigation
men
Resigned
apply to the court for
may
under normal circumstances the
that
believes
there
that
recognizes
we
course
between
quarterly instalments.
Commission
their homes
industrial conference
Major Berry warned that
"refusing to co-operate" must accept the consequences.
present conditions enlarges the problem.
effort to promote industrial tranquility and
Ability
"it
of the mortgage, and
principal
owner
will
however,
stated:
industry,
of American
representative
may
premises rent free, as permitted
Would Decide
was
from big business that his
added:
"Of
under the present law.
Court
advices it
same
outside industries
assign¬
an
lieu of this, the
In
not
ences
modifications.
some
taking
are
to prolong
owner
In the
is
the
moratorium
law and refusing to refinance their obligations, even though
it is entirely possible for them to do so.
Under the present law it is
possible for
by industry were not available at
named
Undaunted by criticisms
owners
The
"owners
said,
and J. W. Williams.
this time, par¬
permission from Major
C. P. Howard, Fred A. Tobias
practices:
Committees
yet passed.
mortgages.
it
Daniel Tracy and
Krause.
ticipants explaining that the employers are seeking
brought about the
which
against
until a
property at reasonable values is again established."
to
Thomas Kennedy,
Berry to designate groups of more than three.
the
"need
of
instances,"
many
Louis
Fair trade
the appraisal of real
over
M. J. McDonough,
with private industry:
Financial aid to small industries:
not impaired.
were
control
some
believes, however, that the law must
"In
to
J. Mara.
and George M. Harrison.
T. F. McMann and James Maloney.
rediscount
to
terms,
and
Modify Moratorium Law
said,
foreclosure
wholesale
he
Matthew Woll, John P. Frey
Government competition
legal
as
necessary.
that
Would
"There
long
over
institutions,
or reserve
debentures
insurance companies, to lend
industry," with the tariff question
I. M. Ornburn, M. J. Flynn and John
predominant:
licensing realty appraisers, the Commission said that it
enactment of the moratorium law
the
long-term
issue
payable
State
or
impressed constantly that
for
property
The
long
so
to
mortgages
Federal
respect to
been
had
permitted
funds, savings banks and
estate
with
mortgages
With
be
for trust
Arthur Wharton and
Sidney Hillman.
Anti-trust laws:
The
including the question of a
William Green,
maximum work week and child laoor:
bank.
investments
to study their
date when Major Berry
spokesmen designated the following committees
Labor
Mortgage Banks Proposed
panies
standards."
of the
of repeal
continuation
the
561
Chronicle
of / Commerce of the State
of New York,
original charter from King George III
of England in 1768, sent by cablegram on Jan. 21, through
the London Chamber of Commerce, a message of sympathy
and condolence from its members to the people of the
received its
which
Empire upon the death of King George V.
The
cablegram, addressed to Sir Stephen Demetriade, K.B.E.,
President of the London chamber, and signed by Thomas I.
Parkinson, President of the New York chamber, read:
British
The
New
York
Chamber
of
Commerce extends to you
and through
mourning the death of a great
king, its deep sympathy.
His understanding of and friendship for the
people of the United States will leave a permanent mark on the course
you to
the people of the British Empire,
of our nation and the memory
of our people.
562
Financial
At the next regular meeting of the chamber, on Feb. 6,
formal action will be taken in observance of the death of
the King.
»
A. F. of L. Council Orders Dissolution of Lewis Com¬
mittee—Federation
of
Group for
Members
Disagree
Work
on
Industrial Organization—Question
of Craft Union
at
Stake
dispute between John L. Lewis, President of the United
Workers, and the American Federation of Labor
culminated
on
Jan. 23 when the Federation's Executive
Council at Miami, Fla., ordered the immediate dissolution
of the Committee for Industrial Organization because it
"challenged the supremacy" of the Federation.
The Com¬
mittee was formed several months ago by Mr. Lewis, with
the objective of promoting the organization of workers in a
given industry into one union, instead of usual A. F. of L.
type of organization by crafts.
The Executive Council
announced that any deviation from the policies adopted by
the Federation "must inevitably lead to internal strife,
discord and division within the ranks of organized labor."
Seven international unions are said to support the Lewis
Committee.
Mr. Lewis declared on Jan. 23 that his organi¬
zation would continue to function, despite the Council's
action.
Proceedings of the Federation's Council were
reported as follows in a dispatch to the New York "Times"
from Miami, Fla., on Jan. 22:
Organization, formed in December to organize unions further
trial basis in
production industries.
mass
the Committee and O. P. Howard is
indus¬
on an
John L. Lewis is Chairman of
the statement
he
bad
prepared for the approval of the Council, it
was
learned that the industrial union bloc of eight unions was accused of
being
"secessionist" movement, "dual" in character to the Federation.
a
At the
of
the International Labor
the
cost
From
time the Council, it was learned, approved the appointment
same
work out
possible solution in the craft industrial union conflict.
some
The
principles
The
President of the American Federation
the
so
the ground that
on
it
by Arthur Wharton of the
D.
in its
"not strong enough."
This group, led
International Association of Machinists
disapproval of the document
David
and
as
of
the
Committee
Hs
reason.
alone
on
for
Industrial
the
Council
at all in condemnation of the group,
Howard industrial bloc
was
dissented for
protested against
action
any
asserting that the work of the Lewis-
entirely legal and in accordance with ample
precedent.
The Executive
Council, whose statement
given out
was
by Mr. Green at Miami on Jan. 23 said that the Council
finds "that there is the growing conviction
among an ever
increasing number of affiliated unions and those outside of
the
labpr movement that the activities of this Committee
[Committee for Industrial Organization] constitute a chal¬
lenge to the supremacy of the A. F. of L. and will ultimately
become dual in purpose and character to the A. F. of L.."
The Council's statement added:
trial
Organization should be immediately dissolved, that it should
to function
the
as
officers
cease
assembled reports, facts and information indicate, and that
of the
several
organization which
constitute
co-operate fully with the Executive Council in the application and execu¬
tion of the organization policies adopted
the duly accredited
delegates who
of the Federation held in Atlantic
were
by
an
no
or
a
campaign for organization
organization
upon
a
craft
.
need
the
Third,
Fourth,
Committee is educational,
to inspire organization of
interest
in
confer with
a
dual
j
the
problems
questions
move¬
*
of
immigration
of
agricultural
of
of
and
0. would
labor
native
Industrial
We know there is need for education and
organization of the millions
campaign
continued.
Reference to the industrial union movement of Mr. Lewis
made in these columns Nov. 30, page 3476 and Dec. 21.
was
3956.
step would help relieve unemployment,
a
"To
the United
labor
child
the
the real
she said,
L.
I.
0.
the
the
labor of
that
be
could
not
as
delegate
had
for
small
a
child must have
referred to
in
group
merely to
earn
living, but also
a
in
running that
world.
12, 14
even
He
any
L.
said
O.
she
country
one
education
receive
such
was
first,
by
sponsored
enable
to
fact
an
he
that
education
16."
or
As to three of the 15 resolutions approved on
advices to the "Times" said:
Ramirez,
Jorge
Peruvian
Jan. 9, the
employers'
delegate,
requested that the governing body of the I. L. 0. instruct the labor office
to
continue
to
amplify and publish its reports
recommendations
adopted
by
special
to
ratification
reference
their
the
various conventions
on
International
and
Labor
application
and
Conference
by
the
with
American
States.
The
The
second, which
first
cover
that
question
the
The
the
third
labor
governing body
Europe
problem
be
Labor
International
the
from
the
inquiries
adopted with reservations,
was
requested that
in
placed
to
its
as
have
America;
various
soon
was
in three
special
and
aspects,
on
sections.
inquiries
the second
possible
as
the
the
made
that
asked
third
agenda
the
asked
of
the
Conference.
resolution
suggested that each
country take
steps
to
enforce
conventions.
to
Report
National
Alleging
Labor
Files with NLRB Exceptions
Violation
of
Provisions of
Relations
Act
According to the Brooklyn "Dairy Eagle" of Jan. 6, the
Bag & Burlap Co. of Brooklyn has filed with the
National Labor Relations Board, in
Washington, exceptions
to the intermediate report made by Dr. John A.
Lapp, trial
examiner, in which it is charged the Brooklyn company has
violated provisions of the National Labor Relations Act.
The report was referred to in our issue of Jan.
4, page 39.
The "Eagle" on Jan. 6 said, in part:
Dr.
Lapp charged
bargaining,
and
in
his report
employees to form
that
the
that
or
employees
the
company
has
interfered
with
join labor organizations for collective
had been coerced into a company
...
,
trial
examiner's
bargaining
report
with
recommended
representatives
that
of
the
the
company
United
enter
Textile
into
Workers
unit of the American Federation of Labor.
a
The company's management,
at
mony
in filing exceptions, contends that the testi¬
hearings last November proved that a majority of the em¬
the
ployees had organized
for
purposes
the
American
of
a
shop union which
collective
bargaining,
Federation of Labor
was
and
accepted by the management
that
organizers
the
were
case
originated
unable to
when
overturn
this
program.
Four-Month
Strike
Consumers
at
Washington,
Research,
Inc.,
N. J., Plant
Ended—Demands
of
of
Inquiring into
Strike
Labor
Conference
at
The
strike
of
approximately 40
began
on
I.
the
education that will give him
an
cannot
Consumers Research, Inc., plant at
Santiago, Chile,
our
which
for
Miller
which he lives and of the
in
mendation for Abolition of Child
at
Miss
peace,
education—an
an
Santiago—One Resolution Calls for Inquiries into
Cost of
Living in American Countries—Recom¬
Labor
objects
view, but did not believe that the objective
because
just
every
by the time he is
The
the world,
in
invalidate
shall
we
those
of
...
share
to
anywhere
children
instrument
understanding of the world
an
fact that if,
achievement
one
an
accord with that
achieved
believe
him
than
more
conference
interested.
the
exists."
entire
in
was
significance of the proposal to eliminate
"in
toward
efforts
earnest
during the
is
States
lies,"
continue long to exploit
40 Union Workers Refused—NLRB
The first Pan-American
up
conditions.
reason for recommending it.
A dis¬
patch from Santiago, Jan. 13, to the "Times" quoted Miss
Miller, in part, as follows:
collective
on
suggestion made.
Pan-American
later take
would
not her basic
was
Union,
of
undertake studies
soon
and
States delegation, who urged the establish¬
16-year-old minimum for child labor.
Although
a
she said that such
that
will
Conclusion
particular
United
the
The
of unorganized workers in the great
mass-production and other industries.
It is my opinion that unless the members of the Committee can
be con¬
vinced the activity in which we have
engaged will be harmful rather than
beneficial to the interests of the nation's industrial
workers the
page
American
of
problems
on
A recommendation for the abolishment of child labor was
will
of education will be
the
of
languages
research
proposed Jan. 13 before the conference by Miss Frieda Miller
Organization
any
the
in
intensifying
the Americas.
to
members of the Executive Council for
any purpose and
give fair consideration to
Committee
for
Butler announced also that the I. L.
Mr.
union.
...
that
publications
for
need
the
ganized outside the Federation, there could not possibly be
confident
nations
continent.
the rights of its
am
strengthened by
0., and had brought out the following points:
Second, the need for strengthening the personnel of the American
workers in unorganized industries.
Not one national, international or
local union has been organized or chartered
by the Committee in opposition
to the A. F. of L. or any affiliated union.
Unless some group were or¬
I
L.
Atlas
unethical to conduct
charge of the Council that the activities of the Committee may lead
to dual organization or is a
challenge to the supremacy of the A. F. of L.
is equally unfounded.
ment.
The conference, he declared, had already
legislation.
in which American collaboration could he
Atlas Bag & Burlap Co.
19 1935.
to
The
The work of the
Butler, Director
session, Harold
final
its
in attendance at the Convention
City from Oct. 7
upon an industrial basis than it is to promote
basis.
and conditions of agricultural work¬
wages
overwhelming majority of
statement:
illegal
more
adopted to-day were those
in Geneva.
Charles P. Howard, head of the International
Typographical Union and Secretary of the Committee for
Industrial Organization, had the
following to say in answer
It is
social
way
work of the I.
In part,
to the Council's
based on
indices
living
of
cost
of
other resolutions
First, the need for further regional conferences in the Americas.
Committee
the
L.
result of the inquiries.
a
the
conference at
regarding migration
It is the opinion of the Executive Council that the Committee for Indus¬
promote in those countries
inquiries and propose basic
I.
the
O., stressed the necessity for machinery to insure the strict
L.
the
shown
"I
Organization,
0.
of the respective
that
calculation
as
important of
application of
the
worded.
Dubinsky of the International Ladies Garment Workers Union,
member
a
was
Green statement
Hutcheson of the United Brotherhood of Carpenters, was caustic
another
I.
Recalling
Council members who voted against the
subsequent
for
most
Addressing the
of
Electrical Workers.
Five of the
asked
the last being proposed by Mexico.
most
and G. M. Bugniazet of the International Brotherhood of
also
of the results
dealing with nutrition, minimum
ers,
Committee consists of George M. Harrison, President of the Brotherhood
W.
resolution
family budgets recorded
of Railroad Clerks; Joseph Weber,
did
the
the publication
we
of Musicians,
Organization to have inquiries into
living carried out in all American countries.
"Times" Santiago cablegram, Jan. 14, we also
of
quote:
Committee of three to confer with the Lewis group in an endeavor to
a
the total to 22,
adopted.
ment
Secretary.
"While President William Green withheld for publication until to-morrow
day's sessions, according to a cablegram to the
Among these, it is stated, is one proposed by
the United States delegation asking the governing body of
11 to 6 the members of the Executive Council of the Ameri¬
a vote of
Jan. 25 1936
New York "Times," 15 resolutions, bringing
were
Federation of Labor to-day condemned the Committee for Industrial
can
the final
on
The
A
Mine
By
Chronicle
Labor
Conference, which opened
Jan. 1, was concluded
on
Jan. 14, and
union employees of
the
Washington, N. J., which
Sept. 4, was ended on Jan. 13, according to an
announcement by Local No. 20055 of the
Technical, Edi¬
torial
were
on
and
Office
members.
Assistants
John
Union, of which the strikers
Heasty, President of the local, said
be returned to their
out that demands for higher wages and
recognition of the union, affiliated with the American Fed¬
eration of Labor, were not granted.
The union workers, together with 30 other employees of
the firm, walked out on Sept. 4, after the concern refused
to reinstate three union members who had been discharged
on Aug. 23 following differences between the firm and the
union.
The union received its charter from the American
Federation of Labor on Aug. 1. The three discharged work¬
ers, one of whom was Mr. Heasty, brought their case before
the National Labor Relations Board about a month ago,
which inquired into the cause of the strike.
The case was
still pending before the Board on Jan. 13.
In reporting the announcement of Jan. 13 of the union
local, advices from Washington, N. J., Jan. 13, to the New
strikers would not
Jan. 13 that the
on
and pointed
work
York "Times" of Jan.
insisted
union
The
the
14 stated:
strike
could
have
been prevented or quickly
it said, the Consumers Research management
refused.
It said further that the NRLB had a hearing charging the Con¬
sumers
Research with violation of the Wagner Labor Relations Act, the
results of which have not yet been made public.
The statement argued that in as much as the Consumers Research con¬
tested the constitutionality of the Act and the jurisdiction of the NLRB,
by arbitration, which,
ended
there
no
was
possibility of the striking employees
being returned to their
capacity he also served the
strike
fight of the local union was just starting;
campaign would be directed against Consumers Research
the
over,
nation-wide
all
although- the
that a
before
nation-wide drive calling on all sub¬
branch of the union, said that
Heasty, President of a
was
pro-labor organizations; that a
Research bulletins to cancel their
scribers to Consumers
be started,
County Council of Labor
New
Jersey
Legislature
subscriptions would
Warren
Unions in a campaign to obtain enactment by the
of laws limiting the powers of injunctions as
and that the local union
Simonds remained as
Mr.
Granted Reprieve by New
Jersey Governor—Action Delays Execution
victed Slayer at Least Two Months
of Con¬
convicted murderer and kid¬
Bruno Richard Hauptmann,
of Charles A. Lindbergh, Jr., was granted a temporary
respite from scheduled electrocution when on Jan. 16 Gover¬
nor Hoffman of New Jersey issued a reprieve, effective until
Feb. 15. Hauptmann had been slated to die in the electric
chair on the night of Jan. 17.
The Governor's action will
actually delay the execution for at least two months, as
Attorney-General Wilentz announced that he would not ask
a new sentence until the reprieve expires.
Governor Hoffman
has been actively investigating the case for several months,
and has often expressed doubts as to Hauptmann's guilt.
He refused to explain in detail, however, why he issued the
napper
reprieve.
A dispatch from Trenton to the New York "Times" on
Jan. 16 discussed the Governor's action as follows:
Mr. Wilentz had told the Governor
that his interpretation of the Con¬
that the Governor had no power to
reprieve after 90 days had
Mr. Wilentz said that if the State, or the
defense, had any information that materially altered the case against Haupt¬
mann he would be the first to go to a court and seek relief.
Even though
that was lacking, he told the Governor, he would not oppose the stay,
because he did not feel that justice would be better served by an immediate
execution than it would be an execution a month or two from now.
The Governor was asked what had caused him to grant the reprieve.
He declared that it was based upon "divers reasons known to me," but
elapsed following the conviction.
would not clarify that statement.
affairs and when war news
with the situation at
did
On Jan.
writ
14
a
Mr. Simond's
motion by Hauptmann's attorneys for a
denied at Trenton, N. J., by
Judge J. Warren Davis of the Federal Circuit Court, who
held that any other action by him would "in effect be over¬
ruling the Supreme Court of the United States." He also
refused to grant a stay to give time for an appeal.
The
United States Supreme Court on Jan. 16, in a one-sentence
verdict announced by Chief Justice Charles Evans Hughes,
refused (for a second time) Hauptmann's attorneys the
right to ask for a habeas corpus writ and a stay of execution.
The decision came less than three hours after the petition
was filed, Associated Press advices from Washington Jan. 16
reporting this said.
On Dec. 9 the Court had refused to review Hauptmann's
convinced that his rights
Federal Constitution had not been violated. In
conviction in New Jersey courts,
the
same
The
advices it
was
stated:
30-day reprieve granted to
Hauptmann by Governor Harold G.
for the condemned man, if they
Hoffman, however, will permit attorneys
desire, to ask the Supreme
pus
that it denied to-day.
Court to reconsider the petition
Such action seldom is granted.
contemplated.
for habeas cor¬
There were no
hints here that this step oven was
Death of Frank
Frank H.
H. Simonds, Journalist
on World Affairs
and Authority
Simonds, widely known journalist and writer on
international affairs, died on Jan. 23 of pneumonia at his
home in Washington, D. C. He was 57 years old. Born in
Concord, Mass., April 5 1878, Mr. Simonds was graduated
from Harvard University in 1900, and the following year
joined the staff of the New York "Tribune" as a reporter. He
later became the paper's Albany correspondent in which
situation.
critic and expert on foreign affairs,
Sun," was enhanced when he
which as he had started as a cub 14
reputation as a military
acquired during his service
with the "Evening
"Tribune," the paper on
went to the
earlier, as associate editor in
years
1915. He remained in that
important
whole war period, from 1915 to 1918, and continued to
draw the attention of a public hungry for articles which would enlighten the
reader on the real meaning of military and political affairs abroad. In the
midst of his work on the "Tribune," Mr. Simonds found time to be con¬
tributing editor to the "Review of Reviews" and also establish a reputation
position during the
as
serious historian.
a
Became
Syndicate Writer
the yoke of editorial responsi¬
concerned and became contributor
syndicate of 50 leading American and foreign newspapers, retaining,
however, his connection with the "Review of Reviews" as foreign editor.
f In 1918 Mr. Simonds freed himself from
bility in so far as a daily newspaper was
to a
Mr. Simonds
bad also written many
books dealing mainly
with the World War.
Theodore C. Wallen Head of New York
Tribune" Washington Bureau—Resolu¬
of New York State Senate
of
Death
"Herald
tion
chief of the Washington Bureau of
"Herald Tribune" since 1929, died in Washing¬
ton on Jan. 19 after a long illness.
He was 41 years old.
Funeral services were held in Washington on Jan. 21.
Mr. Wallen at one time was assigned to cover the New York
State Legislature, and on Jan. 20 the State Senate adopted a
resolution of adjournment expressing sorrow at his death.
The resolution read as follows:
Whereas the Senate of the State of New York has learned with profound
sorrow of the death of Theodore C. Wallen, who was an official reporter of
the Senate during the years 1928 and 1929; and
Whereas during the years that he represented the New York "Herald
Tribune" at Albany he won for himself an unusual place in the heart of
every one who came in contact with him; and
Whereas he demonstrated unusual ability and very unusual devotion to
Theodore C. Wallen,
duty; and
Whereas he has
so
left behind him a host
Be it therefore
Resolved, That when
it do
his memory.
out of respect to
Tribune" of Jan. 20
The "Herald
career
of friends and admirers;
the Senate adjourns to-night
in part as
indicated Mr. Wallen's
follows:
of the affairs of government
The quality of his dispatches was
reflected in the citation from George Washington University when it con¬
ferred the honorary degree of Doctor of Laws on him in February 1935.
The citation read;
"Clear-minded student, able in reporting public
Theodore Clifford
when
he
was
Wallen was a reporter
scarcely 21 years
old.
judgment with high loyalties. The
dedicated to right thinking."
Beyond the published reports from Mr. Wallen's typewriter was the
legend, in every city in which he had worked; New Britain, Conn.; Hart¬
ford, New York, Albany, Washington—of his vast drive and industry, of
long hours of plugging in State houses and of nights when he would return
to his office with more stories than he had time to write and would parcel
action,
a
good citizen who tempers
mould of his life
bespeaks strength
reporters on his paper.
Colleagues Recall
application for a reprieve but it was known that
of habeas corpus was
under the
of the
foreign
his editorial articles dealing
attracted wide attention, revealing as they
filled the front pages,
th8 front
Sign Reprieve To-day
the
defense had orally asked for one.
The order to stay the execution was not
actually signed by the Governor to-day, but will be signed to-morrow
morning and sent to Major Mark O. Kimberling at the prison.
There was no formal
of the "Evening Sun"
remarkable grasp of the military
a
them out to other
To
chief editorial writer
1914, momentous years which saw the outbreak
He was already recognized as an authority on
during 1913 and
world war in Europe.
the New York
Bruno Richard Hauptmann
was
Post" from
lowing to say:
also would co-operate with the
applied to labor organizations.
stitution
New York "Evening
joined the editorial staff of "The Sun,"
under the late E. P. Mitchell, and in 1913 became chief
editorial writer of the "Evening Sun." As to his career from
this point on the New York "Sun" of Jan. 23 had the fol¬
1905 to 1908. He then
work.
John
563
Financial Chronicle
Volume 142
Industry
he was the New York "Herald Tribune's"
correspondent during the legislative session of 1928, in Alfred E. Smith's
last term as Governor, remember that he usually preceded other morningpaper reporters to the Hill by three or four horns and seldom started writ¬
ing his dispatches until the middle of the evening, almost 12 hours later.
Part of his morning constitutional was a sprint up the vast front steps of the
Capitol, seldom used by any one except sightseers and groups gathered to
His colleagues
pose
at Albany, where
for pictures.
Rosenbaum Grain Corp. Drops Appeal from
Order of Chicago Board of Trade—E.
Expelled and E. S.
baum
The Chicago
Expulsion
F. Rosen¬
Rosenbaum Suspended
Board of Trade announced on
Jan. 14 the
enjoyed on
Corp., and
expulsion from the Board of Emanuel F. Rosanbaum
suspension for five years of Edwin S. Rosenbaum,
termination of corporate privileges heretofore
the Board of Trade by the Rosenbaum Grain
the
and
Vice-President, respectively, of the firm.
made following action that day by
Federal Judge William H. Holly of Chicago dissolving a
stay order granted on Dee. 11 so that the firm could appeal
the case, according to the Chicago "Journal of Commerce"
of Jan. 15.
It is stated that Judge Holly dissolved the stay
President
and
The announcement was
after
order
the Rosenbaum concern
had moved that the
appeal be dropped. The order of Dec. 11 was granted to
stay a previous order that day by Judge Holly vacating an
injunction restraining the Board of Trade from expelling
the firm, as noted in our issue of Dec. 21, page 3947.
Regarding the penalties applied to the firm and its officers
by the Chicago Board of Trade, the Chicago "Journal of
Commerce" of Jan. 15 had the following to say:
The
penalties were fixed by
meeting last Oct. 25,
of
an
of Trade at a
withheld pending disposition
had obtained against
the directors of the Board
but their execution was
injunction which the
Rosenbaum corporation
the exchange.
Since
April 23, last, when the
amended 77b
Rosenbaum corporation filed under the
secured an injunction restraining the
bankruptcy law, and
564
Financial Chronicle
Board of Trade from
suspending the firm pending reorganization, there
have been repeated
delays in disposition of the case.
the
the first time
was
on record that any Board of Trade firm in
financial
difficulties attempted to apply the amended
bankruptcy law to exchange
regulations, and the injunction forced directors of the Board of Trade to
close the market for
day, pending modification of the order to the effect
one
that the Rosenbaum
concern
Charges preferred by
a
cease
its market operations.
special committee appointed to invesigate the
violation
of
margin regulations
and
failure
to
perform
contracts.
The
.
The number of member firms Increased
during the past year from
621
to 644, an increase of 10 in the
number of out-of-town firms and of 13 in
the
New
York City firms.
The
number
of partners
of firms increased
correspondingly, from 3,487 to 3,612.
Branch offices, however, decreased
during the year by 2.
As of January 1st of this year, member firms main¬
tained
concern, which were sustained by the directors of the
Exchange, involved
An announcement issued by the Exchange
to the "Year Book" said:
as
Forced One-Day Closing
It
Jan. 25 1936
.
Exchange.
1,091
countries.
branch offices
There
in 44
states
and
territories and
in
6
foreign
offices in Idaho, Mississippi, Montana, Nevada,
were no
South Dakota and
Wyoming.
immediately inform the
William Fahnestock, who joined the
Exchange on Dec. 9 1880, heads
the list of the 25 members of the
Exchange who have held their seats for
the longest period of time.
secretary of the Exchange of inability to meet its engagements, and shall
be suspended from
membership until after having settled with creditors
purchased his membership on April 20, 1882, is second in order of seniority,
and John D.
Rockefeller, who was admitted to
insolvency rule of
to
perform
his
the Board of Trade requires that
any member who fails
contracts,
or
is
insolvent,
shall
he has been reinstated
by the Board of Trade.
The Rosenbaum Grain
Corp. was one of the largest grain concerns in
the world,
operating elevators having an aggregate capacity of 18,000,000—
It handled as much as
40,000,000 bushels of cash grain in a year, owning
the capital stock in the
Chicago Elevator Properties, Inc., the Chesapeake
Export Co. and the Turnar-Hudnut Grain Co.
In its original petition it ascribed
its financial difficulty to the lack of
grain for storage, due to the drought of
1934, which caused vast destruction
of crops.
Tha
corporation
organized
was
in
1901.
The
company
was
capitalized at $5,014,006 and listed liabilities of
$3,970,000.
The
under
Turner-Hudnut
a
Co.,
which
not
was
involved,
is
being operated
trusteeship.
Henry G. S. Noble, former President, who
membership on March
15 1883, is third.
The oldest active Stock
Exchange employee in years of service is Charles
E.
Brady, supervisor in
Mr.
Brady has served
active employees with
all been with the
the
the
Bond Crowd on the floor of the Exchange.
Exchange for
the longest
Exchange for
than 48
more
years.
period of service to Jan.
more
than 42 years.
1
The 10
1936, have
As of Jan. 1, there
2,351 employees of th8
Exchange, compared with 2,356 a year ago,
were
the "Year Book" reveals.
It is shown in the "Year Book" the
price of Exchange
"seats" during 1935 ranged from
$140,000 to $65,000, com¬
pared with
high of $190,000 and
a
a
low of $70,000 in 1934.
The low of $65,000 for 1935 is the lowest
price of an Exchange
Observance of 230th
Birthday of Benjamin Franklin—
Message from President Roosevelt Read at Phila¬
delphia Exercises
Exercises in observance of the 230th
anniversary of the
birth of Benjamin Franklin were held on
Jan. 17, not only
in Philadelphia—his native
city—but likewise in New York
City and elsewhere. President Roosevelt sent a wreath to
be placed on the
grave of Franklin in the Christ Church
(Philadelphia) bilrial ground. A message from the Presi¬
dent, also marked the exercises, as to which we
quote the
following from the Philadelphia "Inquirer" of Jan. 18:
Programs
honoring the Poor Richard
of
at Franklin
Institute, the great memorial
on
Almanack
the
fame
Parkway
given
were
to his scientific
sagacity, by the Poor Richard Club, named for his
genius as an ad man,
by the American Philosophical
Society which he founded, and by schools,
where students would like to follow
in his varied footsteps.
But the principal memorial service was
at Old Christ Church, 2d St.
above Market, where Colonel O. R.
Day, chief of staff of the 79th Division,
read
a
"I
from
message
President
Wilson
"Franklin
officially represented
has
been
inspiration to
an
Then
will
cure
address
an
honor
in
the
of
Poor
city
and
likewise
eulogized
a
the
citizens
of
Philadelphia for
strict adherence to his principles
of the evils affecting the world to-day."
pointing at Franklin's achievements was delivered
Director of Franklin Institute
Richard.
He
urged
that
Museum, named
Franklin's
admirers
follow
footsteps of his rigorous principles.
After the Christ Church services
those present went to the Christ Church
Burial Ground three blocks distant and
there the wreath from the Presi¬
was placed
by Colonel Day, accompanied by Captain P. W.
Foote,
acting in the place of Rear-Admiral W. C.
Watts, Commandant of the
Philadelphia Navy Yard; Charles H. Eyles, President of the Poor
Richard
Club, and Miss Edith B. Ellsworth, President of
the Philadelphia Club of
Advertising Women.
Because
Franklin had been the first
Postmaster-General of the United
States, Postmaster Gallagher and members of his
staff were also present
at these services.
Pupils
in the printing classes of the McCall
Vocational School,
Delancey Sts., took part in these services, too, and placed their
York
on
were
In
the grave.
placing
At the
same
of
the
previous
day
President
of
(Jan.
the
20)
company
Warren
New
York
B.
were
also
Nash
Stock
was
Exchange
Building Co., at the company's annual election. Bertrand
L.
Taylor, Jr., Vice-President, and George P. Smith,
Treasurer, were also re-elected as were other officers, trustees
and members of the Executive Committee.
♦
•
•
•
.
.
•
;'
'
F.Y. Keeler Elected President of
to Succeed Jerome
Commodity Exchange
Lewine—Douglas Walker and
W.
At
E.
Bruyn Elected
Vice-Presidents
meeting of the Board of Governors of the Commodity
Exchange, Inc., held Jan. 23, Floyd Y. Keeler, of Orvis
Bros. & Co., New York, was elected President.
Mr. Keeler,
who was formerly Treasurer of the
Exchange, succeeds
Jerome Lewine, of H. Hentz &
Co., who resigned as Presi¬
dent after holding that office two terms.
The new President
a
is also President and Director of the
Commodity Exchange
Clearing Association, Vice-President and Director of
Commodity Exchange Silk Clearing Association, Direc¬
of the Commodity
Exchange Metal Clearing Association
tor
and
a
member
Canadian
Trade.
of
the
Commodity
He' is
also
a
New
York
Exchange
member
Cocoa
Exchange, Inc.,
and Chicago Board of
of
the New York Curb
Exchange.
The directors at their
meeting Jan. 23, the first held since
their election by the
Exchange on Jan. 21, also elected the
following officers of the Exchange:
Vice-Presidents
Douglas Walk9r of Douglas Walker & Co., to succeed
Charles Muller.
Schmoll, Inc., re-elected;
E. L. McKendrew of Armand
time pupils of printing classes in New
Ivan Reitler of Federated Metals
Corp., re-elected.
Chester Cuppia of E. A. Pierce &
Co., re-elected.
William E. Bruyn of Littlejohn &
a wreath on the statue of Franklin in Park Row there.
York
of
Co., Inc., to succeed Charles
Slaughter
Slaughter, Home & Co.
Treasurer
Martin H. Wehncke of
to succeed
Brandeis, Goldschmidt
& Co.,
Floyd Y. Keeler.
On Jan. 21 members of the
four
Ltd., New York,
Commodity Exchange elected
new Governors and re-elected
eight others.
Governors are:
The
new
a
must
abroad.
war
give
Let
or
us
a
a
Benjamin
Franklin
touch
to
things,
both
recall what Benjamin Franklin
said: "There
bad peace" and that
here
never
and
was
a
"a fair compromise is better than
a
successful lawsuit."
George B. Bernheim, President of R. Neumann &
Co., Hoboken, N. J„
who replaced Armand Schmoll,
Jr., on the hide group.
Charles S. Walton Jr., President of
Charles S. Walton &
Co., Phila¬
delphia, who replaced the late Fraser M. Moffat on
the hide group.
Harry A. Astlett, senior partner of H. A. Astlett &
Co., New York, who
replaced Robert Bafenhop on the rubber
group.
Alexander D. Walker,
The New York Stock
presenting
a
Exchange "Year Book" for 1935,
statistical record of the Exchange's
operations
for the year, was
Public
published Jan. 22 by the Committee
on
Relations of
the Exchange and distributed
to the
membership." The current "Year Book" contains com¬
parative statistics of the number of issues and shares
listed,
market values of stocks and
bonds, volume of trading,
member borrowings, short
interest, insolvencies, number
of firms, branch
offices, correspondents, tickers in operation
other
pertinent
statistical
data.
It
also
chronological listing of important dates in
the
contains
a
history of
head of A.
replaced PaulA. Salembier
The
"Year Book" of New York Stock
Exchange for 1935—
Number of Member Firms Increased
by 23 to 644—
Range of "Seat" Prices During Year Below 1934
and
directors
6th
plea for "debate without bitterness and a settle¬
ment without strife" of all
problems here and abroad,
according to the New York "Times," which in its account
of what Mr.
Guggenheim had to say, quoted him as stating:
good
the
re-elected
own
City, at the City Hall, exercises com¬
memorating the birthday of Benjamin Franklin were held
on Jan.
18 under the auspices of the New York
printing
industry.
Mayor La Guardia was the principal speaker.
The annual
meeting and luncheon of International Ben¬
jamin Franklin Society was held in New York
City on the
same
day at# the Plaza Hotel. William Guggenheim,
Honorary President of the Society in addressing the Society,
We
and
J.
New
made
officers
On
the
dent
wreath
Other
re-elected.
Hide
Exercises at Grave
and
At the annual election Jan. 21 of the New York Stock
Exchange Safe Deposit Co., E. H. H. Simmons was re¬
elected President, Warren B. Nash was re-elected VicePresident, and Oliver C. Billings was re-elected Treasurer.
*.
many
by Henry Butler Allen,
in
"I believe
New York Stock Exchange Safe
Deposit and Building Companies—E. H. H. Sim¬
Again Heads Former and W. B. Nash Latter
.
First Citizen.
the last 200 years," he said.
and ideals
the
to
mons
i
greatly honored to be asked to participate in the observance
of
the 230th
anniversary of Franklin's birth," the President wrote.
"His
life is an inspiration to every American citizen."
Mayor
+
Officers Re-elected
Roosevelt:
am
Philadelphia's
membership since 1919.
on
D.
Walker & Co.,
New York, who
the silk group.
following Governors
were
re-elected:
MUton R. Katzenberg of Jacob Stern &
Sons,
Elkan. of the International Mineral & Metals
on
the hide group; Benno
Corporation, and Ivan Reitler,
Corporation, on the metal group; Charles
Slaughter,
senior partner of Slaughter, Horne &
Co., on the rubber group; Kuo
Ching
Li, of Wah Chang Trading Corporation, on the
non-trade group; Douglas
Walker, of Douglas Walker & Co., on the silk
group; John L. Julian, of
Fennsr & Beane and Floyd Y.
Keeler, Orvis Bros. & Co., on the com¬
of the Federated Metals
mission house group.
With the exception of Mr.
one
year,
K.
M.
the Governors
Murchison
were
Walton, who
was elected for
elected for three year terms.
Elected President of New
Financial Advertisers Association
York
Kenneth M. Murchison, Vice-President of
Central Savings
was elected President of the New York
Financial
Bank,
Volume 142
Financial
Chronicle
Advertisers Association at the annual business meeting and
luncheon held at the Lawyers Club Jan. 21.
He succeeds
Governors
565
of. the
Fred B.
Kerman, Business Extension Manager of Public National
Bank & Trust Co., was elected First Vice-President, and
Alden B. Baxter, Advertising Manager of "Banking," Second
New York Stock and New York Curb
Exchanges, at their regular meetings, Jan. 22, voted to
delay the opening of trading of their respective Exchanges
from 10 to 11 o'clock on Jan. 28, the day of the funeral of
King George Y, who died on Jan. 20. The Governing Com¬
mittee of the Stock Exchange adopted the following reso¬
Vice-President.
lution:
E. Bird Wilson, President of E. Bird Wilson, Inc.
Other officers elected
were
Malcolm Davis
of "Bankers
f
Magazine," Secretary, and Miss Dorcas Camp¬
bell, Advertising Manager of East River Savings Bank,
the memory of King
George V, the New York Stock Exchange remain closed between 10 and 11
Treasurer.
o'clock
Nine
directors,
who, with Mr. Murchison, Mr.
Kerman, Mr. Davis and Miss Campbell, will comprise the
board for 1936, were elected as follows:
new
Mary K. Hoyt, Assistant Secretary-.Treasurer of Montclair Trust Co.;
Dudley L. Parsons, Advertising Manager of New York Trust Co.; Murray
Schwerens, Financial Advertising Manager of the New York "World-
Telegram"; Charles P. Seaman, Advertising Manager of Brooklyn Savings
Bank; Craig Smith, Assistant Vice-President of Central Hanover Bank tic
Trust Co.; Ruel S. Smith, of "Time"; Robert M. Sparks, Vice-President of
Bowery Savings Bank and President of the Financial Advertising Associa¬
tion; L. M. Townsend, Assistant Treasurer of Bank of Naw York & Trust
Co., and E. Bird Wilson, retiring President.
T.
J.
Watson
Heads
Committee
Anniversary of American
Thomas J. Watson,
Machines Corp., and
to
Celebrate
Tenth
Arbitration Association
President of the International Business
formerly President of the Merchants'
chairmanship of the Tenth Anniversary Committee which is
being organized to celebrate the first 10 years' history of the
American Arbitration Association, it was announced Jan. 8
by Lucius R. Eastman, President of the Association.
The
Committee, whose membership includes representatives of
commerce and industry, of finance, of the bar and of the
courts, is planning an educational program, as a feature of
the celebration, to promote the use of commercial arbitration
in this country, and particularly in New York City..
The
American
Arbitration
Association
formed
was
on
1926 through the consolidation of the Arbitration
Society of America, Inc., and of the Arbitration Foundation.
only
As the result of this merger, the Association became the
national organization devoted entirely to the
promotion of
the
knowledge ,and practice of commercial arbitration.
Its
has included educational and legislative activities
looking to the enactment of model arbitration laws by the
Federal government and by the several States, the develop¬
ment of standard rules of procedure and the establishment
of nation-wide facilities for the practice of arbitration.
program
Jesse H. Jones Again Chairman of RFC—Four Others
Also
Reappointed
Directors
By President
and
Confirmed by Senate
President Roosevelt
Senate
Confirms
Nomination
of
W.
O.
Douglas
as
Member of SEC
The nomination of William O.
Douglas, Sterling Profes-or
University, as a member of the Securities and
Exchange Commission to fill the unexpired term of Joseph
P. Kennedy expiring June 5, 1939, was confirmed by the
of Law at Yale
Senate
on
Jan. 23.
The nomination
Jan. 16 by President
Jan. 18, page 401.
on
ABOUT
Roosevelt,
Arrangements
BANKS,
were
was
as
sent to the Senate
noted in
our
issue of
TRUST
COMPANIES,
&c.
made Jan. 23 for the transfer of a New
The pre¬
York Stock Exchange membership at $173,000.
vious transaction was at $172,000, on Jan. 17th.
*
Arrangements were made Jan. 18 for the sale of a New York
Curb Exchange membership at $38,000, an increase of $8,000
over
the last previous sale, and on Jan. 20 arrangements were
♦
on
the New York Coffee and Sugar Exchange
changed hands Jan. 20 at $3,250, up $250 from the last
previous s'ale on Dec. 31.
The memberships were those of
Daniel E. Wade and an extra membership of C. J. Walter
and were sold to Chandler A. Mackey, President of the
Exchange, presumably for another.
On Jan. 21 the second
membership in the exchange owned by Simon J. Shlenker
was sold to George H. Logan at $3,800.
♦
Arrangements were completed Jan. 20 for the sale of two
memberships on The Chicago Stock Exchange, one at $4,500,
unchanged from the last previous sale, and the second at
$5,000, up $500. Both of these memberships were purchased
by out-of-town brokerage firms.
mark
of
respect to
Tuesday, Jan. 28 1936, the date of his funeral.
on
has also announced
that it will postpone opening one hour until 11 o'clock.
The
London Stock Exchange will be closed the entire day of
the funeral, as will the Montreal Stock and Curb Exchanges
and the Canadian Commodity Exchange, Inc.
Toronto mar¬
kets also plan to be closed.
It is stated that the Liverpool,
Egyptian
and Alexandrian
trading for the day.
markets
cotton
will
suspend
On Jan. 21 many of the commodity exchanges in New
York and throughout the United States suspended trading
for intervals of from 15 minutes to a half hour, while others
closed early.
London and Canadian exchanges were closed.
The New York Stock Exchange did not take any action on
Jan. 21
in the way of an early closing, but President
Gay
following cablegram to the Chairman of the London
Stock Exchange:
*
Sir Archibald Henry Campbell,
Chairman, London Stock Exchange,
London, England.
The New York
the
loss of your
Stock
Exchange desires to convey profound sympathy in
beloved sovereign.
CHARLES R. GAY,
The death of King
of to-day.
.
President, New York Stock Exchange.
George is noted elsewhere in our issue
s
.
.
■
,
-
♦
The National
City Bank, New York, announced on Jan. 21
promotion of James J. McNamee to the office of As¬
sistant
Vice-President
in
charge of
advertising. Mr.
McNamee entered the advertising department of the bank
the
in 1917.
»
At
■
■■■
■
.'
j
meeting of the Board of Trustees of Excelsior Savings
Bank, New York, Jan. 23, Ralph L. Cerero, Vice-President
of the Chase National Bank, and F. Coit Johnson, Chairman
of the Board of J. H. Lane & Co., New York, were elected
a
trustees of the bank.
#
The
Irving Savings Bank, New York, at its annual meet¬
ing, Jan. 17, elected Frank O. Roe First Vice-President.
Mr. Roe was formerly a Vice-President of the Chase Na¬
tional Bank.
Also at the meeting George F. J. Neumann
appointed Vice-President in charge of real estate and
F. Martin, Vice-President of the Chase National
Bank, was elected to the Board of Trustees of the Irving
Savings.
Bernard
*—__
P. Grant, who resigned in
Rollin
of the Board of the Irving Trust
heart attack on
At the time of his death he was
Jan. 17.
associated with the New York
Peake
&
1929 as Vice-Ohairman
Co., New York, died of a
Stock Exchange firm of Pell,
Born in Westfield, N.
Co.
J.,
Jan,
6 1870, Mr.
Grant, when 18, entered banking as a messenger in the old
Clinton Bank, beginning in 1888.
In 1895 he became a
Receiving Teller.
For two years, from 1896 to 1898, he was
employed by the Morse & Rogers Shoe Co., and then returned
to the Clinton Bank and remained until that
of
business
later
in
that
institution went
In 1898 he became
Paying Teller in the New York National Exchange Bank,
which, following several mergers, became the Irving Trust
Co.
In 1901 he became Cashier, and in 1907 Vice-President
out
and Director.
From
year.
1912 to 1919 he
was
President of the
institution, then the Irving National Bank, and from 1919
to 1929 was Vice-Chairman of the Board.
On Oct. 5 1929,
thirtieth
anniversary of his first association with
the
he retired from banking. Later he became associ¬
ated with Tobey & Kirk, members of the New York Stock
company,
Exchange.
Mr. Grant had extensive business interests aside
banking.
He was a director of the Diamond Match
from
Co., the Electric Power & Light Corp., and several insurance
companies.
He was also a director and Chairman of the
Finance Committee of Bankers-Commercial
Security Co.,
Inc.
Mr.
Grant
was
a
member of
the American
Institute
——
of
Banking of New York; of the New York State Chamber
of
made for another sale at $40,000.
f Two seats
a
The New York Real Estate Exchange
the
ITEMS
as
was
Jan. 20
reappointed five of the six
Directors of the Reconstruction Finance Corporation to
serve two-year terms
ending Jan. 22 1938.
Those reap¬
pointed by the President are Jesse H. Jones, of Texas, Chair¬
man, Charles B. Henderson of Nevada, C, B. Merriam of
Kansas, Frederic H. Taber of Massachusetts and Charles T.
Fisher, Jr., of Michigan.
The reappointments were con¬
firmed by the Senate on Jan. 23.
Hubert B. Stephens, of
Mississippi, who became a director of the RFC about a year
ago, declined to serve another term.
on
Resolved, That
sent the
Association and Chairman of the American Section of the
International Chamber of Commerce, has accepted the
Jan. 26
it
Be
Commerce and the Chamber of Commerce of the United
States; of the Merchants Association of New York, and of
the Board of Trade and Transportation.
#
The
New
York
State
Banking Department on Jan. 10
gave the New York Trust Co., New York, authority to extend
its corporate existence for a period in perpetuity, it is
learned from the Department's "Weekly Bulletin" of Jan. 17.,
The bank had had a charter which would expire in 1939,
but stockholders at their annual meeting, Jan. 8, voted that
it be made perpetual.
The annual stockholders' meeting
was referred to in our issue of Jan. 11, pag* 223.
♦
At the meeting of the Board of Directors of the Bankers
Trust Co., New York, held Jan. 21, the following appoint-
Financial Chronicle
566
ments
priest
formerly Assistant
Vice-President, and J. A.
appointed Assistant Secretary.
Hossfield,
J.
E.
made:
were
Macliado Jr.
was
At
and
fill out the
himself was elected
Vice-President
September.
which he had filled prior to
offices
explained
unexpired term
for^ the
Lockwood
Mr.
nominated
he
and
Father Stevens
State.
this
Stevens
14),
(Jan.
director, two
a
in
the position only to
Commercial National
meeting of the Board of the
a
position
a
Father
to-day
Presidency
♦
such
Lockwood.
Mr.
of
hold
to
that he would accept
then
Treasurer, was appointed Assistant
1936
/«">•
«
Co., New York, held Jan. 16, Lauriston C.
Lake and Edwin B. Westman were appointed Assistant
Cashiers and John F. Sullivan was named Assistant Trust
Judge Edward P. Pierce of the Supreme Court on Jan. 14
entered a decree authorizing Henry H. Pierce, State Bank
Commissioner for Massachusetts, in possession of the Indus¬
Officer.
trial Bank & Trust Co. of Roxbury, to pay a
Bank
&
Trust
»
"Herald" of Jan. 15 furthermore said:
42%% have been paid, and this will make
47%%. Total claims proven in the
Already .dividends totaling
total
the
savings depositors
paid to
department by depositors
savings
$1,657,406.
are
♦
»—
' /v.;
.
■
directors of the Old Colony
At the annual meeting of the
Cook
Thos.
authorized
Banking Department on Jan. 16
& Son (Bankers), Ltd.. London,
State
York
New
change the location of their New York City
agency, after March 1, from 253 Broadway to 7 Maiden Lane.
Thomas Cook & Son recently issued their annual balance
England,
sheet
to
31 1935,
of Oct.
as
showing
strong liquid position
a
Deposits of £3,241,664 compared with £3,182,992
Oct. 31 1934.
Liquid assets listed in the statement were
maintained.
on
equivalent to 83% of deposits and included cash items of
£2,587,650; £95,000 of call and short-term loans, and £102,696
of Treasury bills.
Investments on Oct. 31 1935 totaled
£486,530, of which £408,982 was represented by British
government securities and £50,057 by Indian government
securities.
Total assets at the end of the 1935 fiscal year
£3,576,411 compared with £3,502,588 at the end
amounted to
the preceding
of
year.
*
The Merchants Bank, New
with
York, has filed
sion to change the location of its
93
from
Street
Canal
434
to
application
an
York State Banking Department
the New
for permis¬
principal place of business
Broadway.
bank
The
also
for permission to maintain a branch office at the
applied
93 Canal Street address.
♦
The
Kings County Savings Bank of Brooklyn, N. Y., has
Arthur
elected
E.
Second Vice-President to
Delmhorst
suc¬
S. A. Coykendall.
ceed the late
Mr. Delmhorst is a member
Orrin R. Judd, Treasurer, was elected
of Whitehouse & Co.
Secretary and a Trustee to succeed James R. McLaren, who
were
Co., Boston, Mass., held Jan. 16, all the old officers
re-elected and Warren G. Lawson and E. Lester Swett
were
appointed Assistant Vice-Presidents.
Trust
I
comn
was
made Chairman of the
Other officers appointed and promoted
ittee.
J. Don Welch, Executive Vice-President, a new posi¬
tion; Robert L. Wells and Cleveland V. Childs, Vice-Presi¬
dents; Henry B. Van Denburgh, Assistant Vice-President,
formerly Assistant Cashier; Joseph P. Delaney, formerly As¬
sistant Cashier, promoted to Cashier; Alden M. Crandell,
promoted from Auditor to Comptroller, a new office, Louise
K. Ward, Trust Officer; Harold M. J. Lewis and Earl Ives,
Assistant Cashiers; James L. Cronin, Assistant Trust Officer,
another
office.
new
said:
Two years later, 1915, he joined
Trust Co. as a Vice-President.
Edgar
said
J.
to
Seaman,
he
who
declined
have
business
started
been
has
President
re-election
here
20
so
to
as
Mr.
years.
his
time
He will remain
ago.
years
10
devote
as
and succeeds
Seaman was
to the
a
lumber
director of
years
of the St. Louis
Vice-President.
the Rhode Island Hospital
Hartford-Connecticut
the
Trust Co., Hart¬
Wethersfield by Oscar Wegman, who was promoted from
auditor to be an Assistant Treasurer.
Adolph Holland was
named
Oran S. Parker
Assistant Treasurer.
an
was
pro¬
Auditor and Dudley K.
Auditor.
Edwin Marvin,
moted from Assistant Auditor to
Burke
was
Assistant
named
promoted to be a Vice-President in the
trust department, and Hector C. Prud'homme, investment
officer, was also elected a Vice-President in the trust de¬
partment.
Trust Officer, was
»
Harold F.
Merz, who joined the Meriden National Bank
Meriden,
Conn., in August 1932 as Cashier, has been
Presidency of the institution, it is learned
of
elected
the
to
the Hartford "Courier" of Jan.
from
16, which also stated
part:
Merz began
Co.
Trust
of
his banking
Hartford
in
career
as a
messenger
of the
at the
City Bank &
1920, advancing through various positions,
April
becoming Assistant Cashier in February 1930 and
then placed in charge
was
credit department.
#
The following changes were made in the
personnel of the
Va., at the annual
meeting of the directors, on Jan. 14, it is learned from ad¬
vices from that place on the date named, printed in the
Richmond "Dispatch."
Samuel H. Plummer, formerly Ex¬
National
of Newport News,
Bank
advanced to the
«
who
Victor Robinson
was
elected Cashier of the First National
Bank of Port Jefferson, N. Y., on
Jan. 14, succeeding Francis
A. Kline, who served both as President and Cashier last
year.
Mr. Kline will continue as President. Port Jefferson
advices to the New York "Times" on the date named, from
which this is learned, went on to say:
members
officers of
increased
many
ecutive Vice-President
the bank.
All
Hospital Na¬
ford, Conn., on Jan. 16, promoted nine members of the bank's
personnel as follows: Lester E. Shippee was made Executive
Vice-President and Newton W. Larkum was promoted from
Assistant Vice-President to be Vice-President.
Harold E.
Read was called from the Wethersfield branch to the main
office as an Assistant Vice-President, being succeeded at
First
director of the local bank 10 years,
a
President of the Rhode Island
quently, Mr. West was appointed Secretary
Union Trust Co. and in 1913 was elected a
Mr.
Vice-President of the Bank of New
York & Trust Co., was elected President of the First Na¬
tional Bank of Bellmore, N. Y., at the directors' annual
meeting on Jan. 14. A Bellmore dispatch to the New York
"Times" on Jan. 15, from which this is learned, continuing
Henry J. Schuler, a
Schuler has been
Jr.,
West,
prominent in the business and civic life of that city, died
of pneumonia on Jan. 17 after a short illness.
He was 61
years old.
President of the Rhode Island Hospital Trust Co.
since 1919, Mr. West also was named President of the
Rhode Island Hospital National Bank when the latter was
organized in January 1934 to take over the commercial
business of the Rhode Island Hospital Trust Co.
Mr. West
was
born in Mobile, Ala., but moved with his family to
St. Louis in 1880.
He was graduated from Smith Academy
that city, and from the Yale Sheffield Scientific Schqol in
1896.
In 1904 he began his banking career when he was
one of the two organizers of the Broadway Savings Co. of
St.
Louis and became its
Secretary-Treasurer.
Subse¬
in
♦—
Mr.
H.
Thomas
Hospital Trust Co. and of the Rhode Island
tional Bank of Providence, R. I., and for
»
appearing in the Albany "Knickerbocker Press" of Jan 16.
Chauncey W. Cook, Vice-President and General Manager
of the Hudson Valley Fuel Co., and a director of the bank
for many years, was elected President to succeed the late
William F. Seber, while Frank B. Twining was elected Chair¬
man
of the Board of Directors, and William C. Feathers,
executive
Assistant Cashier.
*_
Trustees of
Several changes were
lade in the personnel of the Manu¬
facturers National Bank of Troy, N. Y., at the directors
recent annual meeting, according to advices from that city
were:
Jan. 16, re-elected all the old
on
officers and named Roger C. Damon an
♦
formerly Chairman of the Board,
Bank of Boston, Mass.,
National
meeting
annual
their
First
of the
Directors
at
appointed to the Finance Committee.
was
of the institu¬
noting this, the Boston
In
$82,870.
of
amount
in
tion,
charge of that work.
The
fourth dividend
5% to depositors in the savings department
of
Assistant Trust Officer
of Lawyers Trust Co., New York, at the regular monthly
meeting of the directors, on Jan. 21.
Mr. Hole has been
manager of the transfer and registrar department of the
company for the past 10 years and will continue to be in
James W. Hole was appointed an
of
the
the bank.
Board
It
of
Directors
announced
was
re-elected,
were
that
the
as
were
bank's surplus had
other
been
was
made
and Cashier of the institution, was
presidency to succeed Homer L. Ferguson,
Chairman
of
the
Board
of
H. W.
Chandler, formerly Assistant Cashier,
to the cashiership in lieu of Mr. Plummer.
Directors, and
was
promoted
At the annual meeting of the directors of the Fifth Third
Union Trust Co. of Cincinnati,
Nippert was elected
officers
were
Ohio, on Jan. 14 Edward W.
Assistant Trust Officer.
Other
an
renamed.
John J. Rowe is President of the
institution.
by $25,000, taken from undivided profits.
_
From
Glens
Falls
♦
'
.
advices,
on
Jan. 14, to the New York
"Times" it is learned that Roy Lockwood was elected Presi¬
dent of the Ticonderoga
to succeed the
but
remains with the institution as a
director.
Father
Mr.
New
National Bank, Ticonderoga, N. Y.,
the office,
Rev. Cyril Stevens, who resigned
We quote
Stevens's
Lockwood
York
State
by
because
banking circles
a
the dispatch, in part:
election
retired
Vice-President and
a
of
last
unanimous
vote
ill
aroused
health,
September,
intense
when
interest
because he was the only Roman
in
Catholic
Joseph H. Thompson was elected First Vice-President of
National City Bank of Cleveland, Ohio, at the bank's
annual meeting on Jan. 14; Richard W. Bosworth, Harold
the
H.
Lowe
and
John
W.
McHaffie
were
named
Assistant
Cashiers; W. A. Harmon was made Controller, and T. E.
Clarke and J. H. O'Connor were elected additional Trust
Officers.
In
noting
Dealer" of Jan.
the
15 had
elections,
the
Cleveland
the following to say
Thompson's banking career:
"Plain
regarding Mr.
Mr.
Thompson
been
has
associated
of the
Midland
become
a
with
Cleveland.
the
result of merger
as a
from the Cleveland Trust
resigned
He
Vice-President of the National City
Union
the
with
Vice-President
as
Trust, the Midland and with the Cleveland Trust Co.
to
department, and Sylvester M. Koller, Manager of the
department.
All the other officers, headed by
Walter Kasten, President, were re-appointed.
pon
discount
Bank.
Steubenville, Ohio, advices, on Jan. 15, appearing in the
"Plain Dealer," reported the election of H. E.
McFadden (formerly Vice-President and Cashier) as Presi¬
dent of the National Exchange Bank & Trust Co. of Steuben¬
the
late
with
the
bank
identified
in
for
The dispatch continued:
that day.
36
been
has
McFadden
Mr.
Sherrard.
J.
Thomas
succeeds
starting his career as a messenger
years,
1900.
Minnesota
cial West"
Cashier
Bank
Arthur
V.
Jan.
on
promotion from minor positions to Assistant Cashiers
of eight members of the bank's organization.
The new
Assistant Cashiers, as named in the Indianapolis "News"
15, are as follows: C. Merle Brockway, Paul C.
(who also was made auditor), L. G. Burck, John
Keller, Byron D. Bowers, Edward C. W. Wischmeier,
Jan.
Buckler
W.
Henry A. Pfarrer and John R. Fletcher.
All other officers
of the Indiana National, it is understood, were re-elected,
which, in addition to Mr. Brown, are: Gwynn
the chief of
F
Flynn, Rollin
Moore, William P.
Patterteon, Edward D.
W.
Spiegel and Harry R. Fuller, Vice-Presidents, and R.
Fletcher, Vice-President and Cashier.
Malloch
Brown,
Assistant
an
elected Assistant Vice-President and
Officer, and J. C. Buckley was elected an Assistant
Cashier.
promotions were made in the personnel of the Em¬
Four
pire National Bank & Trust Co. of St. Paul, Minn., at the
annual meeting of the directors on Jan. 14, it is learned
from the St. Paul "Pioneer Press" of the following day.
C. E. Johnson, heretofore a
Vice-President, was advanced to
Vice-President; C. T. Dedon, Cashier
of the institution since its organization in 1926, was given
the additional title of Vice-President, and W. W. Petter,
the office of Executive
formerly personal loan officer and director of advertising
and publicity, and P. A. Kippels, who has served the bank
since 1926 in various capacities,
were elected
Assistant
Cashiers.
All other officers of the bank, headed by D. C.
Shepard as President, were re-elected.
»
$
Clearing, Chicago, 111.,
Directors of the State Bank of
on
E.
J.
was
14,
the
of
Vice-President;
a
named to succeed Mr. McLean as Cashier;
J. R. Colbeck, heretofore Trust Officer, was elected VicePresident and Trust Officer; H. S. Peyton, formerly Assist¬
the institution, announced
President of
Brown,
Ind.,
Indianapolis,
of
the
the directors of
of
annual meeting
the
National
W. F. McLean was advanced from
18:
of Jan.
to
Cashier,
Trust
Following
according to the "Commer¬
annual meeting of the directors,
ant Trust Officer, was
*
Indiana
made in the personnel of the
National Bank of Duluth, Minn., at the recent
The following changes were
Cleveland
ville by the directors on
■
»
*
He
567
Financial Chronicle
Volume 142
Jan. 17 elected Lambert Bere President of the institution
the directors of the Iowa-Des
annual meeting of
At the
Des Moines,
Bank & Trust Co.,
Moines National
Iowa,
on
tor of the First National
employees of the trust department, Noel T.
Robinson and George H. Anderson, were made Assistant
formerly
Trust
Henry P. Isham, who resigned to become a direc¬
to succeed
Bank of Chicago.
Mr. Bere was
Vice-President and Cashier of the institution.
Prentice S. Porter was appointed Vice-President and John
A. Camphouse was advanced from Assistant Cashier to the
Cashiership.
♦
Jan.
14,
Officers.
»
National
American
Bank
Trust
&
Co.—Directorate
were
elected
to
fill
the
from
an attorney,
Mr. Foreman, who was a Vice-
positions.
new
increased
and Carl S. Lloyd,
9 to 11, Harold E. Foreman of the bank
President, was elected Executive Vice-President.
M.
Hugh
National
Johnson
&
Bank
of
acting
of
meeting
First
the
Okla.,
Chair¬
City,
As
14.
Jan.
on
had been
since the death of his
Oct. 3, last.
In noting this
Mr.
Directors,
Frank P. Johnson, on
brother,
of
Oklahoma
of
Johnson
the institution
of
head
President
elected
Co.
Trust
Board
the
as
was
annual
directors'
the
at
man
annual stockholders' and
directors' meetings of Chicago banking institutions noted in
our
issue of Jan. 18 (page 405), and elsewhere in these
columns to-day, some of the other changes in the directorates
and personnel of Chicago banks are indicated below:
In addition to the changes at the
two
the "Oklahoman"
of Jan. 15 went on to say in part:
Johnson
that in effect there is no change so
Mr.
the
and
duties
the
same,
the
holding
that while serving as Chairman,
so
same
of the Board and President have
Mr. Johnson has been
of the Chairman
powers
far as the
Under the bank's by-laws,
concerned.
officer of the bank is
chief executive
been
explained
office
and performing
the
same
will
duties as he
as
President.
Austin State Bank—William R. Jordan was elected a director to replace
WiUiam Gaxwne, deceased.
changed
doing,
Amalgamated Trust & Savings Bank—H. A. Millss, head of the conomics
abolished the office of the
The Board
the
of
title
Chairman of the Board, and in so
W.
Charles
Gunter
from
Vice-Chairman
Vice-President.
to
/
department of the University of Chicago, was elected to membership on the
board of directors to fill the vacancy caused by the death of James Mullen-
Chicago City Bank & Trust Co.—Fred H. Korthauer and Chester W.
Chicago—Walter Gatzert elected director to
District National Bank of
a
J. D. Cavanaugh named Vice-President.
vacancy.
Drovers National Bank and the Drovers Trust & Savings Bank—Charles
Aaron, attorney of the firm of Henry J. and Charles Aaron, was elected a
director of both banks.
Keppner elected
First National Bank of Cicero—Harry W.
director to
a
National
elected
director to
a
'
replace M. A. Donohue.
succeeding Otto Heper, deceased.
Harris
Trust
Vice-President,
Savings Bank—Donald
elected
Milsted,
H.
William
&
a
C. Miller, formerly Assistant
Vice-President and
formerly Assistant
W.
France
Secretaries,
Anderson and
were
Live
was
District,
was
elected
a
L. I. E. Bennett
director.
made an Assistant Cashier.
I-C (IUinois Central) Bank &
Trust Co.— Lawrence Schmadig elected a
director to fill the vacancy left by his father.
Bank—E.
Street
Main
S. Aschermann was elected Vice-President and
re-elected Cashier.
&
Bank
Merchandise
Trust
Co.—O.
Cottle
B.
elected
an
Assistant
Cashier.
Milwaukee
The
elected
a
elected Assistant Trust Officers.
The
16, from which the above
information is obtained, added:
Board:
The
also
Avenue
National
Bank—Rev.
National Builders Bank of Chicago—Charles
Casimer
Gronkowski
changes were made in the personnel of the
Co., Nashville, Tenn., at the directors'
annual meeting on Jan. 14, we learn from the Nashville
"Banner" of that date.
H. G. Hill, heretofore President
of the trust company, was made Chairman of the Board
of
Directors; Charles Nelson, formerly Executive VicePresident, was promoted to the office of President, and
W. J. Wallace, a member of the firm of Norvell & Wallace,
was
named Honorary Vice-President.
We quote in part
Trust
Nashville
new
Co.
Trust
"Banner":
the
from
The
Assistant
C. West elected a director
Mayo Lenz.
Oak Park Trust &
Personal Loan &
Savings Bank—Directors and officers re-elected with
Savings—Walter L. Vincent, President of the Central
caused
June
in
President
(Mr.
and
1916,
has
served
continuously
replace James E. Tucker.
University State Bank—Simeon Leland named a director
replacing John
Hagey.
Upper Av9nue Bank—Ralph N. Larson, Cashier, made
and Cashier, and Frank McGlinchey
to
Trust
five
&
H.
K.
Humphrey,
formerly Assistant to
President, was made Second Vice-President and a member
Two
additional
of
the
Assistant
First
the
of the board and
board.
Cashiers
Wisconsin
seas
as
a
who was made Chairman
Mr. Hill, former President,
of
the
company
financial
and
since
in
June
business
1933.
circles
for
He
many
has
been
years.
.
.
.
.
.
became President
prominent
in
Nashville
.
were
National
Announcement was made by
Commissioner
Farmers'
elected
Bank
&
for
Gurney P. Hood, State Bank
Carolina, that depositors of the
Bank of Weaverville were receiving
North
Traders'
their final dividend.
In noting this, the Raleigh "News and
stated:
The
payment, the third since the bank closed in February 1933, aggre¬
gated $8,394.35, or 5.5% of the common claims.
of the bank, including the final payment, received
20.5%.
In addition, the bank has paid preferred creditors
$771.88 and secured creditors $17,997.01.
The
depositors
$22,755.11,
by
of
or
♦
the
Mil¬
waukee, Wis., it is learned from the Milwaukee "Sentinel"
of Jan. 16, at their annual meeting held the previous day.
They are Walter E. Engel,
capacities
War period when he was over¬
First Lieutenant with the 114th Field Artillery. ...
Observer" of Jan. 15 further
named Assistant Cashier.
Edward J. Maass was made a member of the
directors
Vice-President
Savings Bank—Board of Dirsctors increased from
members.
South at Sewanee,
various
»
Sears-Community State Bank—Nathan W. Levine elected a director to
Winnetka
in
time, with the exception of the World
by resignation of Alfred L. Stern.
three
with the Nashville
became connected
Nelson),
graduation from the University of the
after
that
R. LeRoy, formerly Vice-President and a director.
Illinois Securities Corp., was elected a director to fill the vacancy
F.
Manager of the safe deposit
Siem
♦
Trust Officer.
the exception of Allen
Armin L.
Colby special representative of the new business
department.
director, increasing the board to nine members.
Mutual National Bank of Chicago—Valentine Sugrue elected an
to succeed J.
appointed
department and David L.
Important
National Bank—Richard Hackett, general manager of the
Stock
on
promoted to
Assistant Vice-Presidencies.
Central Manufacturing
meeting
St. Louis "Globe-Democrat" of Jan.
Baylor elected to board of directors
State Bank—Frank W.
Hamilton
Olson
of Englewood—M.
Bank
of a Vice-President at the directors'
Jan. 15 and seven new officers were
elected, namely, Arthur F. Boettscher, made Assistant VicePresident ;
Fred E. Blomberg, Julius W. Schwaig and
Clement T. Kelly, named Assistant Cashiers; George Stolz,
made Real Estate Loan Officer, and Clarence D. Cowdery
annual
and Edgar H. Bohle,
succeed Edward Stuchlik.
First
Boatmen's National Bank of St Louis, St Louis, Mo., was
advanced to the position
Kulp elected directors to fill existing vacancies.
fill
Rule, formerly an Assistant Vice-President of the
G.
W.
bach.
Manager of the bond and cou¬
That J. W.
Speas had been elected a Vice-President of the
First National Bank of Atlanta, Ga., on Jan. 14 and had
assumed his new duties the following day, was reported in the
Atlanta "Constitution" of Jan. 16, which added in part:
Financial
568
Mr. Speas, a native
of North Carolina, has lived in Atlanta
National sines 1930.
for 25 years
1936
25
Jan.
Chronicle
We quote
$1,097,434 at the close of the preceding year.
bank's announcement further as follows:
of
and has been connected with the First
the
Officer of the First National Bank
in Houston, Houston, Tex., was given tlie additional title
of Vice-President of the institution while continuing as Trust
President, pointed out that when the bank was
Total
De Witt T. Ray, Trust
directors on Jan. 14.
Mr. Ray, who has been connected with the First National
Bank for many years, was also elected a director at the
stockholders' meeting, held the same day, to succeed the
Officer, at the annual meeting of the
late E. A. Peden.
Corp.,
March
in
1934,
Total
Dec.
resources
39% during 1935, to a total of
statement shows.
Carl F. Wente,
purchased by Transamerica
9,080 accounts on its books.
At the
gained
bank
the
Dec.
the
last,
31
there were
of business Dec. 31
close
accounts numbered 15,819.
1935
First National
of
Bank in Reno stood
at $16,870,055 on
1935, a gain for the preceding 12 months of 38%.
This
resources
indicates that business is rapidly getting back to
31
in
bank
in
increase
normal
Nevada.
has invested additional capital
bank, making the capital $500,000.
The
surplus account was increased 100% during the year to $100,000, and
the undivided profits account showed
a total of $324,048
at the close
The American National Bank of
Amarillo, Amarillo, Tex.,
the Comptroller of the Currency on
Jan. 11.
The new institution, which succeeds the American
State Bank of Amarillo, is capitalized at $130,000, consist- '
by
ing of $80,000 preferred stock and $50,000 common stock.
J. H. Paul is President of the new bank and Sharpe McCul-
of
the
year.
Bank
National
First
Tonopah,
Fallon,
First and
the
and
the
$250,000 in
amounting to
chartered
of
as
During the past year Transamerica Corp.
♦
was
of
deposits
$15,251,110
in
Reno
operates
now
branches
at
Winnemucca,
Sparks and Carson City, in addition to the
Virginia branches in Reno.
main office
♦
lough, Cashier.
Directors of the United States National
Bank of Portland,
Ore., at their annual meeting on Jan. 14,
re-elected the old
♦—
Hamilton
Dexter
elected
was
of
Vice-President
a
the
of Dallas, Tex., while continuing
& Trust Co.
Dallas Bank
capacity of general counsel for the institution, at the
meeting of the directors on Jan. 14, according to the
Dallas "News" of Jan. 15, which likewise stated that W. B.
in the
annual
Gilbert
to be
officers and
promoted L. B. Staver, for the past ten years an
probate section of the bank's trust depart¬
ment, to be an Assistant Trust Officer, it is learned from the
"Oregonian" of Jan. 15.
assistant in the
♦
:
promoted from head of the credit department
Assistant Cashier.
was
an
The
statement of the Dominion Bank
sixty-fifth annual
Toronto, Canada), showing results of the
operations for the 12 months ended Dec. 31, mailed
the shareholders on Jan. 21, shows an exceptionally strong
office
(head
*
bank's
Directors of
National Bank & Trust Co. of
the Republic
Dallas, Tex., made only one change in the official personnel
at their annual meeting on Jan. 14, it is learned from the
namely, the advance¬
of the following day,
Dallas "News"
H. Kite, formerly Assistant Credit Manager,
ment of Oran
is Chairman of
the Board of the Republic National Bank & Trust Co.; F. F.
Florence, President, and Leslie Waggener, Chairman of the
to
Assistant
an
Wirt Davis
Cashiership.
to
liquid position, an increase in both cash and liquid
and substantially higher deposits and total assets.
Net
paying
assets,
profits for the year amounted to $1,130,052.
After
dividends of 10%, calling for $700,000; providing
that
pension
account, a bal¬
ance of $51,556 was added to profit and loss account.
Total
deposits reached $105,937,000 at the year-end, an increase of
$7,668,000 over the previous year.
Cash and immediately
available assets totaled $75,305,000, representing 65.29% of
formerly Assistant Vice-President of the
First National Bank in Dallas, Dallas, Tex., was named a
Vice-President at the annual meeting of the directors on
$2,180,000, reflecting natural liquidation of com¬
mercial advances, including grain loans.
The bank's capital
Executive Committee.
♦
It
H.
is learned
Y.
"News"
Dallas
the
from
15
Jan.
of
Scurlock,
Jan. 14, and three new
Assistant Cashiers were added to the
roster, namely, F. C. Carter Jr., W. B. Landress and Paul
Latham.
R. H. Stewart is Chairman of the Board of this
$228,000 for taxes; transferring $75,000 to officers'
fund, and writing $75,000 off bank premises
According to the Dallas "News" of Jan. 15, E. O. Terry
Tex., at the directors' annual meeting on the previous day,
succeeding W. B. Williams, who retired, but remains as a
member of the Board of Directors.
The paper had the
regarding the banking career of the new
President:
Mr.
the
Terry,
institution for
the
President
new
of
four
than
more
remainder
the
time
National Bank at Newton
the
of
Cashier.
He
is
Vice-President
has
Bank,
Texas
the last three
years,
as
and
President
also
of
been
the
with the
Vice-President and
as
of
the
First
Irving State Bank.
♦
From the Denver
hundred and fourth annual statement of the Bank
one
(general office Toronto, Canada), covering
Scotia
Nova
1935, was made public on Jan. 20. An exceptionally
strong liquid position and an increase of approximately
$16,000,000 in deposits are features of the report. The lat¬
ter, which total $231,210,088, an increase of 7.4% over the
the year
became President of the Texas Bank & Trust Co. of Dallas,
say
The
of
♦
following to
$7,000,000 and reserve fund of like amount remain un¬
undivided profits stand at $592,699.
of
changed, while
bank, and Natham Adams, President, and Lang Wharton,
Executive Vice-President.
the public, while current loans de¬
bank's liabilities to
the
creased
"Rocky Mountain News" of Jan. 15 it is
learned that at the annual meeting of the directors
of the
previous year, are now at the highest figure in the history
of the century-old institution.
Cash resources, consisting of
current coin, legals, notes of and deposits with the Bank
of Canada, notes of other banks, United States and other
foreign currencies, amount to $32,211,359, or 12.8% of total
liabilities to the public, as compared with 11.8% the previ¬
ous year, while readily available pr quick assets total $172,997,131, which works out at 68.7% of liabilities to the public
as compared with 67.3% in 1934.
Investments consisting of Dominion and Provincial securi¬
municipal railway and other securities, all shown at
market value, total $113,245,040, an increase
ties,
United States National Bank of Denver, Colo., held Jan. 14,
Thomas A. Dines, heretofore a Vice-President of the institu¬
not exceeding
tion,
The total current
elected President to succeed Albert A. Reed, who
was
became Chairman of the Board of Directors.
officers
reappointed.
were
L.
O.
Ivey
Calif., at
bank
ger,
Trust
■
Executive
&
Vice-President
of
the
Los Angeles,
meeting of the Board held Jan. 17.
With the
a
since
when he
was
California
American
nounced
1934.
made
He
an
Savings Bank
of
first
became
an
Assistant Cashier.
officer
in
1918
Mr. Ivey is also
representative to the executive council of the
Bankers
by
the
Association.
Citizens
bank
Other
are
the
promotions
election
of
R.
an¬
branch
a
wood
office
manager,
of
Manager
of
Assistant
is in charge of the main
Citizens
the
while
Mr.
Holly¬
Andrews, formerly
is
advanced
from
Cashier.
the
credit
department,
At the bank's annual
W.
J.
stockholders' meeting held Jan. 14,
Boyle Jr., was elected a director to succeed the late
M.
J.
Connell.
facturing
O'Keefe
Co.,
&
Mr.
Inc.,
Merritt
Boyle, President of the Boyle Manu¬
organized 1892, is a director also of
and
Co., both of Los Angeles.
were
of
the
National
Title
Insurance
All other members of the Board
First National Bank in Reno, Reno, Nev., operating seven
branches in Nevada, during the year 1935 increased its loans
business,
120%.
The
shows total
industry and individuals in its territory
bank's statement of condition as of Dec.
loans of
Provincial
those
of
and
a
increase
year
in
$8,247,101
1935, and
over
$2,412,338, which compares with loans
loans
current
abroad.
Total
assets
at
$288,822,888, an increase of
all-time year-end high in its
an
history.
Net earnings for
minion
the 12 months, after taking cate of Do¬
and Provincial
appropriations
to
taxes
($500,462), and after making
contingent
accounts,
out
of
which
full
provision for bad and doubtful debts have been made, aggre¬
gated $1,834,175, which, when added to $682,455, the bal¬
ance to credit
of profit and loss brought forward from the
previous year, made $2,516,630 available for distribution,
out of which the following allocations were made:
to
$1,440,000
dividends at the rate of 12% per
annum; $115,000 contributed to officers' pension fund, and
$250,000 written off bank premises account, leaving a bal¬
pay
four quarterly
of
$711,630 to be carried forward to the current year's
The paid-up capital of the institu¬
tion is $12,000,000, and its reserve fund $24,000,000.
The
Bank of Nova Scotia, which was established in 1832, main¬
ance
profit and loss account.
tains branches from coast to coast in
J.
in
A.
Jamaica,
New
York,
McLeod
Manager.
is
Cuba,
Boston,
President
The New York
Canada, also in New¬
Puerto Rico, Santo Domingo,
Chicago and London, England.
and
agency
H.
F. Patterson, General
is at 49 Wall Street.
0
by
31
On the other hand, a corresponding
ago.
shown
is
of the institution now stand
and
*
separately, but after taking this
in Canada, that is, commercial,
municipal, are about $1,300,000 lower than
municipalities are shown
consideration, loans
into
foundland,
re-elected.
to
this year
A.
Britt, Vice-President, advanced from Junior Vice-Presi¬
dent; Wm. H. Schroeder and H. W. Brown, Junior VicePresidents and
Wm.
II.
Andrews, Assistant Vice-Presi¬
dent.
Mr. Schroeder, Manager of the foreign department,
has been Assistant Vice-President; Mr. Brown, for several
years
practically the same as a year ago.
Direct comparison
possible owing to the changes in the headings made
whereby loans to Provincial governments and to
is not
since 1903, when he entered its employ as a messen¬
Mr. Ivey has been a Vice-President since 1923 and a
director
a
eleted
was
National
of, roundly, $18,000,000, and call loans are down $6,000,000.
loans, that is, including those in and out of
Canada as well as loans to Provinces and municipalities,
are
♦
Citizens
All the other
The
directors
of
Westminster
Bank, Ltd. (head office
London), have decided to mark the centenary year of the
bank's history by
of
the grant of a cash bonus at the rate
5% (minimum £10, maximum £100), payable to members of
the staff, including the pensioners who, although no longer
on
the
active
list,
have
contributed
in
the
to
past
the
and development of the institution, and to widows
receiving grants from the bank's provident funds.
progress
The net
profits of the bank for the past year, after pro¬
viding for the centenary bonus to the staff, pensioners and
widows, and for rebate and income tax, and after appropria¬
tions to the credit of contingency accounts, out of which
accounts full
provision for bad and doubtful debts has been
This sum, added to £481,085
leaves available the sum of
made, amount to £1,402,655.
forward
brought
from 1934,
'
£1,883,740.
> ;
...
.
August last on the £4 shares
and 6*4% on the £1 shares absorbs £602,146.
A further
dividend of 9% is now declared in respect of the £4 shares,
making 18% for the year; and a further dividend of 6%%
on
the £1 shares will be paid, making the maximum of
12Y2% for the year.
In addition, a special centenary bonus of 2% on the £4
shares has been declared.
The dividends and bonus will
The dividend of 9% paid in
(less income tax) on Feb. 1.
£200,000 has been
officers' pension fund, leaving a balance of
£369,849 to be carried forward.
Comparative figures of
profit and loss for the last three years follow:
be payable
transferred to
'
1935
Net profit
1933
1934
£1,524,880
_
Net profit after
~
£1,464,955
providing for the Cen¬
tenary bonus to staff, pensioners &
wldowB Brought
forward
£1,402,656
481,084
£1,883,740
Total available
1,204,291
109,600
Dividends
Centenary bonus on £4 shares
46~0~495
460,984
£1,985,375
1,204,291
£1,925.939
1,165,444
lbb'ooo
lbb'boo
2oo"o5o
200,000
369,849
481,084
200,000
460,495
£1,833,740
£1,985,375
£1,925,939
Bank premises account
Officers' pension
fund
Carried forward
The
of
directors
the
Midland
Bank,
Ltd.
(head
office
report that, after making provision for all bad
doubtful debts, the net profits for the
year
1935
London),
and
amounted
to
569
Financial Chronicle
Volume 142
£2,353,098, which,
with £871,946 brought for¬
Among the declines were Alabama
pref.), 2% points to 66; Bunker-Hill Sullivan, 1
points to 583^; Commonwealth Edison, 4 points to 107;
Duke Power, 2 points to 75; Thermoid pref., 2 points to 58,
and Western Maryland (1st pref.), 63^ points to 713^.
V
The volume of trading continued to sag on Monday,
though the oil stocks and mining and metal shares were firm
throughout the day.
Creole Petroleum was the best of the
oils and climbed upward V/% points to a new top.
Humble
Oil and Imperial Oil made smaller advances.
In the mining
group, Newmont Mining broke into new high ground with a
gain of 23^ points.
Sugar stocks eased off and public utilities
were reactionary, the losses ranging from fractions to 2 or
more points.
The total sales for the day were approximately
583,000, as compared with 408,800 on Saturday.
Prominent
among the stocks closing on the side of the decline were
American Hard Rubber, 2 points to 36; American Super¬
power pref., 2 points to 51^; Childs Co. pref., 2 points to
54; General Tire & Rubber, 2% points to 76%; Mead
Johnson (.3), 3% points to 82; New Jersey Zinc, 2 points
to 72, and Singer Manufacturing Co., 2 points to 350.
Trading slowed up to some extent on Tuesday, the volume
of dealings sinking to 423,000 shares, against 583,000 shares
on the preceding day.
Oil issues continued to attract atten¬
tion as Creole Petroleum extended its new top fractionally
higher and the mining stocks and specialties showed sub¬
stantial gains over the preceding day.
General Tire &
Rubber made a sharp advance and closed with a gain of
8 points.
Colts Fire Arms moved up a point and Lerner
Stores scored an advance of 4 points, at its top for the day.
Renewed activity was apparent in the curb market on
Wednesday and substantial gains were registered by a
number of the oil and mining stocks.
The improvement soon
extended to the general list, particularly among the sugar
issues, where Godchaux Sugar (A) jumped 5% points to
293^.
Munitions stocks were stronger and power equip¬
ment shares were in demand at higher prices.
Specialties
and utilities were also in good demand.
The best gains of
the day included such active issues as Aluminum Co. of
America A, 2 points to 98; Childs Co. pref., 3 points to
55%; Humble Oil (1), 234 points to 7134; Montgomery
Ward A (7), 2% points to 147; Newmont Mining (b 1%)*
3 points to 90, and Pittsburgh Plate Glass (2), 334 points
with 438 issues traded in.
Power (6
ward,
to 102.
for the half-year
active issues in the group moved up to new highs for 19351936.
New tops were also registered by some of the oil
made £3,225,044 available for distribution, out of
which the following appropriations amounting to £1,653,376
have been made:
To interim dividend, paid July 16 1935
ended June 30 1935 at the rate of 16% per
tax, £883,376; to reduction of bank
premises account, £300,000; to reserve for future contingen¬
cies, £250,000; to centenary bonus to the staff and pension¬
ers of 5% on salaries and pensions as at Jan. 1 1936, with
a
minimum of £10 and a maximum of £100, subject to
income tax, £200,000, and contributed to bank clerk's orphan¬
age, £20,000, leaving a sum of £1,571,668, from which the
directors recommend a dividend be paid on Feb. 1 next for
the half-year ended Dec. 31 1935, at the rate of 16% per
annum, less income tax, amounting to £883,376, and a cen¬
tenary bonus be paid at the same time (Feb. 1) at the rate
of 2% on the paid-up capital of the institution, less income
tax, calling for £220,844, leaving a balance to be carried
forward of £467,447.
These figures compare as follows with
those for previous years:
annum,
less
income
1933
Total available
£2,292,217
866,483
£2,353,098
871,946
£3,126,243
Brought forward
1934
£2,266,846
859,397
Net profit
£3,158,700
£3,225,044
1,709,761
1,766,753
250,000
1,766,753
(16%)
300,000
270,000
250,000
1935
Dividends after deducting income tax
(58. in 1933; 4s. 6d. in 1934 & 1935)
(16%)
(16%)
Reduction of bank premises account-
55o"66o
Reserve for future contingencies
Centenary
bonus
to
the
staff
and
Bank clerks' orphanage
200,000
20,000
Centenary bonus on the paid up capital
2J20.844
pensioners
£866,483
Carried forward
THE
CURB
£871,946
£467,447
EXCHANGE
Irregular price movements with a strong downward
tendency characterized the trading on the New York Curb
Exchange during the fore part of the week.
The transfers
fell off to some extent but showed moderate improvement as
progressed.
Oil shares, mining and metals and
specialties attracted the most buying, but there was also
some interest displayed in the alcohol shares and the public
utilities.
Sugar stocks moved sharply upward, particularly
Godchaux A and Fajardo, both of which broke into new high
ground for 1935-1936. Munitions stocks also were active
at higher prices.
Sugar shares attracted considerable speculative attention
during the brief session on Saturday, Fajardo Sugar leading
the advance in this group with a gain of 4 points to 149.
Smaller advances were recorded by National Sugar, Michigan
Sugar and Potrero Sugar.
Oil shares were down fractionally
and public utilities moved irregularly lower.
Specialties
were moderately firm, though the gains were comparatively
small and without special significance.
Mining and metal
stocks were easy and the alcohol issues showed little change.
The volume of sales was fairly large for the short session,
the total transactions reaching approximately 409,000 shares
the week
Mining stocks led the advance
on
Thursday and several
shares, particularly Gulf Oil of Pennsylvania which forged
ahead 4% points to 8634; and Humble Oil which crossed 72
to a new peak for the year.
Public utilities were strong and
sugar stocks continued to move upward * though the move¬
ment in this group slowed up to some extent.
Specialties
were active and strong and moved ahead with the rest of the
list.
Outstanding among the gains of the day were BunkerHill Sullivan (b 50c.) 624 points to 65; Central States Electric
6% pref. 5 points to 26; General Tire & Rubber pref. A (6),
424 points to 10124; Indianapolis Power & Light pref. (634),
5J4 points to 9224, Lake Shore Mines (2), 3 points to 5824;
Newmont Mining (b 134), 334 points to 9334; and Gulf Oil
of Pennsylvania 434 points to 8634Speculative interest switched to the specialties on Friday,
and while price movements were somewhat irregular, a
goodly number of the active market leaders closed on the side
of the advance.
The volume of business was again fairly
heavy, the transfers for the day reaching approximately
956,000 shares. The best gains were during the early trad¬
ing, Aluminum Co. Ltd. advancing 2 points to 54; Celluloid
pref. 324 points to 5334, Montgomery Ward A '7), 2 points
to 149 and Sherwin Williams (4), 5 points to 12334.
As com¬
pared with Friday of last week, prices were higher, Atlas
Corporation closing last night at 1434 against 1324 on
Friday a week ago; Creole Petroleum at 2824 against 2624;
Fairchild Aviation at 934 against 734; Gulf Oil of Pennsyl¬
vania at 8524 against 82; Hollinger Consolidated Gold
Mines at 1624 against 1534; Hudson Bay Mining & Smelting
at 2634 against 24 34: Humble Oil (New) at 72 against 6924;
Lake Shore Mines at 5834 against 5434*, Newmont Mining
Corp. at 96 against 83; Pioneer Gold Mines of B. C. at 1134
against 1034; Sherwin Williams Co. at 12334 against 12134
and United Shoe Machinery at 8634 against 8324.
DAILY
TRANSACTIONS AT THE NEW YORK
Week Ended
Value)
0Number
Jan. 24 1936
CURB EXCHANGE
Bonds (Par
Stocks
of
Foreign
Shares)
Domestic
Foreign
Government
Corporate
$3,059,000
3,540,000
3,129,000
4,298,000
5,186,000
5,064,000
$54,000
93,000
48,000
$18,000
189,000
157,000
49,000
18,000
52,000
3,954,585 $24,276,000
$681,000
408,842
Saturday
Monday.
583,495
Tuesday
423,040
624,115
958,725
Wednesday
Thursday
—
956,368
Friday
Total
140,000
Week Ended Jan. 24
Sales at
39,000
34,000
Total
$3,131,000
3,672,000
3,211,000
4,536,000
5,361,000
5,256,000
$210,000 $25,167,000
Jan. 1 to Jan. 24
New York Curb
1936
Exchange
1935
1936
1935
3,954,585
698,575
13,269,076
3,123,022
$24,276,000
Stocks—No. of shares.
$32,503,000
681,000
254,000
$97,067,000
1,850,000
Bonds
210,000
Domestic
Foreign
government..
Foreign corporate
Total?...
-
316,000
803,000
$83,330,000
1,827,000
1,130,000
$25,167,000
$33,073,000
$99,720,000
$86,287,000
Financial
570
We
the following from the weekly circular
Co. of London, written under date
reprint
of
of
Samuel Montagu &
Jan. 8 1936:
England gold reserve against
The Bank of
£200,050.796
notes amounted to
the previous Wednes¬
compared with £200,050,516 on
the 1st instant, as
He
gold was announced
purchase of £109.906 in bar
Utah
Co. (formerly
Bankers), of Salt Lake City, serving as
Brothers
Washington
expects to assume his duties in
Sullivan
five years.
for the past
institution
of that
Vice-President
Mr.
live¬
for most of his life.
During the past 14 years he has
born in Michigan.
was
in
been connected with the Walker Bank & Trust
day.
During the week the
institutions
financing
Walker
gold
on
stock
identified with banking and
been
Sullivan has
Mr.
AND SILVER MARKETS
GOLD
ENGLISH
THE
Jan. 25 1936
Chronicle
Feb. 1.
by tne Bank.
at
small premium over
maintained prices at a
Quotations during the week:
^
■
'•
:
S
:
■
V
■
Ounce
141s. 4d.
Ill
jln. I::::::::
Jan. 8--.
The
following
12s. 0.56d.
U. S. A—
£1,769.140
606,098
British India
New ZealandNethe»*lands
Sweden
Finland
11,303
16,437
24,936
British Malaya
France
France
---
------
Switzerland
British Guiana
Other countries
gold to the value of about £557,000 consigned to London.
The Southern Rhodesian gold output for November 1935
compared witn b8,484 fine ounces for
55,128 fine ounces for November 1934.
62,886 fine ounces, as
_
amounted to
October 1935
week was not maintained and prices
during the week undei review until 20 %d. was quoted on the
tne end of last
*
Prior
*
Part
1st
.100
preferred
13-16d. after successive rises of %d. and l-16d.
small amount in the afternoon of
bth instant, otherwise they have not been interested in this market, but
reported to have made further large purchases from the Chinese govern¬
are
Treasury purchased a
unsettled and movements in prices may
Conditions are still
continue
to be erratic.
registered from mid-day on
Exports
Imports
Australia
British India.
British Malaya
—
Hongkong
Japan. .71
Germany..-.Belgium-
-----
—
£46,213
11.938
34,810
10,100
421,656
13,143
18.388
U. S. A
Canada
£1,591,165
France.
689
Other countries.
788
1,785
Other countries
IN LONDON
Bar Silver per Oz.
Cash Delivery
Jan. 8
Average
IN NEW
Std.
Jan.
YORK
(Per Ounce .999 Fine)
1
Closed
2
-.50 cents
3
50 cents
4
Closed
6
50 cents
7
50 cents
21.1875d.
—
Jan. 3
Jan. 4
Jan. 6
Jan. 7
20
101%
1
8
Jan
104
Jan
Jan
105
12%
Jan
13%
Jan
1%
Jan
1%
Jan
100%
Jan
102%
Jan
229
Jan
230
Jan
110%
Jan
111%
Jan
5%
Jan
8%
Jan
1%
2%
86%
195
60%
85
Jan
87
Jan
22%
55
16%
22
Jan
22%
Jan
48%
11%
40
50%
44
Jan
Jan
11%
Jan
6%
5
5%
6%
Jan
*
6%
8%
48%
11%
6%
8%
75
2
7%
Jan
8%
Jan
..20
8%
9
693
3%
8
Jan
9
Jan
25
101
8
Jan
25
12
4
Dow Drug
Eagle-Picher Lead
Investment. -.10
24
*
Fyr-Fyter A
7
*
27
*
2
*
Meteor
......
6%
100
.100
-
#
Randall A
*
5%
+
48%
..10
33%
13
♦
US Printing..
6
*
123
Jan
Jan
Jan
27%
18
Jan
19
Jan
2
Jan
2
Jan
6
Jan
6%
Jan
30
Jan
31
Jan
33%
47%
Jan
48%
Jan
216%
Jan
218
Jan
33%
108
Jan
110%
Jan
9%
16
Jan
Jan
21
4%
Jan
12
46%
Jan
48%
14%
33%
Jan
Jan
5%
35
2%
150
2
217
27
25%
7
26%
158
20
6%
Jan
10
«
1,083
5,482
34
9
Jan
Jan
%
3
48%
B
Rapid
U S Playing Card
101
9%
29%
2
50
48%
216% 216%
108
109%
21
17%
Jan
Jan
Jan
7
8
25
47%
Jan
9
19
157
31
31
*
Procter & Gamble
»
Jan
28
7
35
2
6%
2.50
Magnavox
86
27%
18%
18%
22%
7%
10
7
prior preferred 12
Kroger
190
28%
28%
9
40
9
9
*
Gibson Art
—
Jan.
Jan.
Jan.
Jan.
Jan.
4%
6
New York recorded during the period
instant was $4.93% and the lowest $4.92%.
Jan
21
Jan
Jan
Jan
Jan
7%
27
Jan
securities, &c., at London,
reported by cable, have been as follows the past week:
closing quotations for
Sat.,
Jan.
i8
Tues.,
Jan. 20
Wed.,
Thurs.,
Jan. 21
' Mon.,
Jan. 22
Jan. 23
19 15-16d.
19 3-16d.
ioid, p. fine oz.140s. lOd. 140s.l0%d.
Onsols, 2 % %
Holiday
83 %
liver, per oz_. Holiday
Closed
.
ritish 3
19 15-16d.
Holiday
Fri.
Jan.24
19%d.
140s.9%d. 1403.9 %d. 140s. lOd.
85%
85%
85%
increase
com¬
country indicate that for the week ended to-day (Saturday,
Jan. 25),
bank exchanges for all cities of the United States
from which it is
possible to obtain weekly returns will be
6.7% above those for the corresponding week last
106%
105%
106%
there is
a
loss for the week ended Friday of 2.3%.
summary
117%
117%
Per
Clearings—Returns by Telegraph
Week Ending Jan.
1936
New York
Chicago
Philadelphia
Boston
Kansas City
St. Trills
of silver per ounce (in
the same days has been:
Closed
50.01
117%
cents) in the United
44%
44%
44%
50.01
50.01
50.01
50.01
Other cities, five days
77.57
All cities, one day
Total all
77.57
77.57
77.57
77.57
cities, five days
Tltal all cities for week
Appointed Deputy Credit Commissioner
A. C. Sullivan
of FCA—Will Assume Duties Feb. 1
Arthur C. Sullivan of Salt
10, by George M. Brennan,
In
his
work with
Intermediate Credit Com¬
the FCA Mr.
Sullivan
will
assist Commissioner Brennan in directing the operations of
the 12 Federal
Intermediate Credit banks.
61,382,431
+ 22.4
54,700,000
92,800,000
65,657.362
63,729,058
45,741,522
39,261,820
24,141,000
+20.1
$3,850,991,570
552,356,905
+ 7.0
$4,403,348,475
+7.3
911,987,343
+3 6
$5,315,335,818
+ 6.7
+ 18.5
+ 29.0
+ 23.1
+ 13.5
+ 15.0
+30.9
+ 9.2
Complete and exact details for the week covered by the
foregoing will
Lake City, Utah, has been ap¬
pointed Deputy Intermediate Credit Commissioner of the
Farm
Credit Administration, according
to a statement,
missioner.
+9.6
+ 32.6
50.01
Treasury
hewly mined) 77.57
•
+2.3
+ 19.9
$5,670,054,445
.
New Orleans
44%
$2,832,364,071
189,214,306
241,000,000
141,000,000
$4,725,045,371
945,009,074
_
Twelve cities, five days
44%
$2,896,091,462
207,420,364
289,000,000
187,000,000
75,107,968
65,700,000
*110,000,000
84,672,010
78,420,045
51,900,032
45,166,390
31,590,000
Cent
$4,122,068,271
602,977,100
.
Cleveland
117%
1935
25
Baltimore
The price
S. Treasury.
Our
for the week follows:
Pittsburgh
106%
4%
irN. Y. (for.)
year.
stands at $5,670,054,445, against
$5,315,335,818 for the same week in 1935. At this center
preliminary total
Detroit
1960-90.—- Holiday
;ates on
us,
advices from the chief cities of the
San Francisco
%
War Loan
an
Preliminary figures compiled by
FINANCIAL MARKET—PER CABLE
ENGLISH
The daily
week will again show
a year ago.
based upon telegraphic
Our
highest rate of exchange on
the 2nd instant to the 8th
Bank clearings this
comparative
Jan.
30%
23%
Jan
Jan
80
.x.*
Crystal Tissue
pared with
22%d.
21 %d.
Closed
20^d.
20 %d.
2J 13-16d.
Jan. 2
8.
Jan
22%
Jan
Jan
11
COURSE OF BANK CLEARINGS
£1,594.427
^
.
Jan
30%
"26"
26
*
5,304
-
Quotations during the weea:
ritish
1%
30
111% 111%
Preferred
£572,240
,s
Jan
25
230
48%
11%
4,363
Iraq
The
1%
10%
1%
Jan
6.325
France
from
8
176
*
8% preferred
Pure Oil 6% pref.
Dec. 30 to mid-day on the 6th instant:
4%
50
Nash
and exports of silver
the United Kingdom imports
The following were
Jan
1,224
Lunkenheimer.
ment.
4%
100% 101%
230
22
Hatfield
4
62
86%
Founders
2%
350
Cincinnati Telephone. ..50
absence of support as offerings were only on a
moderate scale and consisted mostly of re-sales.
.
As sellers showed reluctance at the low level, there was a reaction, the
The American
Jan
220
1%
7%
_
Cohen (Dan)
quotation to-day being 20
Jan
2
13%
1%
13%
..50
Cincinnati Street Ry
Coca-Cola A
decline being mainly due to
Jan
1
487
23
104% 105
p
but demand has been small, the
further buying for India,
was
Jan
20%
130
30%
—
Cincinnati G & E pref. .100
100
CNO&TP
.100
Preferred
12%
Jan
175
3%
»
Churngold..
Cincinnati Ball Crank pref*
Jan
19%
10
11
30%
22%
*
9%
10%
100
3%
100
Champion Coated
High
Low
5%
207
4%
10%
*
Burger Brewing
Low
293
2
4%
*
Shares
Since
1 1936
1935
12%
20%
2
"~7
preferred
preferred
High
11%
19%
Cincinnati Union Stk Yd.*
6th instant.
the
Jan.
V.20
Carthage Mills
SILVER
There
Range
Dec. 31
Par Low
Laundry Mach
Amer Products com
the 4th instant carries
1
1933 to
for
Week
Stocks—
which sailed from Bombay on
Tne recovery seen at
July
Sales
of Prices
Amer
£1,652,626
compiled from official sales lists
Week's Range
Aluminum Industries.
£2.645.011
fell sharply
Jan. 18 to Jan. 24, both inclusive,
843
22,468
6,152
17,170
Switzerland
and
Cincinnati Stock Exchange
£1,089,197
509,°23
22,744
19.159
11,360
Spain
16.250
155,057
Belgium
Corporation
and exports of gold
Exports
British South Africa.
The SS. Maloja
Wire System—First Boston
12s. 0.43d.
Dec. 30 to mid-day on the 6th instant:
Imports
BLDG., CINCINNATI
Stocks and Bonds
12s. 0.56d.
the United Kingdom imports
were
registered from mid day on
Stock Exchange
Specialists in Ohio Listed and Unlisted
12s. 0.43d.
141s. %d.
141s. 2d.
-—
Average....-
UNION TRUST
Us. 0.39d.
141s. 2%d.
his. 2d.
141s. %d.
-
Jan. 7
Cincinnati
Members
12s. 0.39d.
J41s. 2%d.
Jan. 4
CO.
BALLINGER
Equivalent Value
of £ Sterling
12s. 0.26d.
Per Fine
Jan. 2
Jan!
dealt
general and has
gold exchange parities.
Demand has continued to be
daily fixing.
the
the value of about £1,650,000 was
market bar gold to
In the open
with
furnish
them
appear
in
to-day,
our
issue of next week.
inasmuch
as
We cannot
the week ends to-day
(Saturday) and the Saturady figures will not be available
until
noon
to-day.
Accordingly, in the above the last day
of the week in all cases has to be estimated.
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.
18
Financial
Volume 142
For that week there is
571
Chronicle
increase of 6.3%, the aggregate
an
clearings for the whole country being $6,489,953,102,
against $6,107,007,320 in the same week in 1935.
Outside
of this city there is an increase of 17.7%, the bank clearings
at this center having recorded a gain of 0.4%.
We group
the cities according to the Federal Reserve districts in which
they are located, and from this it appears that in the New
York Reserve District, including this city, the totals record
an improvement of 0.8%, in the Boston Reserve
District
of 8.3% and in the Philadelphia Reserve District of 17.5%.
The Cleveland Reserve District has to its credit a gain of
Week Ended Jan. 9
of
18.4%, the Richmond Reserve District of 20.2%h*and the
Atlanta Reserve District of 29.3%.
In the Chicago- Reserve
District the totals are larger by 14.4%, in the St. Louis
Reserve District by 19.9% and in the Minneapolis Reserve
District by 18.7%.
In the Kansas City Reserve District
the increase is 16.6%, in the Dallas Reserve District 37.8%,
and in the San Francisco Reserve District 23.3%.
In the following we furnish a summary by Federal Reserve
#
districts:
1933
1934
Dec.
„
$
3,467,602
Grand
Rapids.
Lansing
89,929
520,170
+ 18.7
+83.9
+ 15.5
+43.2
+ 17.2
+56.2
+ 10.1
+30.7
+40.0
+20.2
+20.1
65.419,14?
6.350,619
1,471.085
792,812
2 682 497
1,156,191
15.603.000
13.315.00C
1,183,725
4,037,873
757,80fl
Wayne
IndianapolisSouth Bend
Terre Haite
661,943
3,660,768
19,113,094
1,008,467
7,343,833
Rapids
Des Moines
14,625,380
720,122
3,089,626
Wis.—Milwaukee
la.—Ced.
64.59C
411.973
1.334,854
947,934
...
Ind.—Ft.
+16.£
+30.4
87.828,915
1,885,221
104,270.956
Detroit
2,571,682
Sioux City
6.108,559
b
203.375
794,333
10,965.000
10,474.000
575,776
1,191,246
4,140,031
2.859.252
11,309.507
11,392,219
303.160
618.917
4,665,932
5,175.425
1,775,355
2,236,915
b
b
264.067
708,052
191,671.252
+24.5
+ 10.4
+45.4
259,523,594
286,583,553
Chicago...
531.300
518.687
b
b
328,010
Waterloo
111.— Bloomlngton
S
83,81?
610,53
Ann Arbor
S
%
468,281 i
9 7,62
Mich.—Adrian-.
1933
1934
Dec.
1935
%
Canada—
176,064,587
342,990
2.126,491
433,560
2,739,981
812,023
558,525
4,050.956
873,234
2,796,574
692,030
+44.9
+26.2
489.028
411,626
986,787
871,866
+ 13.2
684.648
1,103,401
455,743,680
398.549,652
+ 14.4
299,157.206
275,212,409
DecaturPeoria
Rockford
Springfield
Reserve Dls trict—St. Lo uis—
Eighth Federa
lnc.or
1935
1930
■
Inc. or
1936
Total (19 cities)
SUMMARY OF BANK CLEARINGS
Week Ended Jan. 18 1930
Clearings at—
35,136,191
261,552,392
A,
Ky.—Louisville..
283.159,292
234.618,747
237,802,948
Tenn.—Memphis
17,729,790
4,154.895,325
4,123,085.340
+0.8
3,096.325,854
2,958,801,606
111.—J acksonville.
3rd
"
397,977,697
338,599.629
258,120,554
296,996,631
181.784,779
65.200,000
61.600,000
+ 45.9
+27.5
13,908,595
"
+ 10.4
77,600,000
24,081,484
2nd New York—12
b
b
b
b
b
Ind.—Evansville.
21,132.406
17,781,191
13,000,482
10.027,249
171,068,838
85,700,000
Mo.—St. Louis..
Federal
1st
$
$
Dists.
Reserve
12 cities
Boston
$
5
"
256.820,389
216.990,483
5th
Richmond .6
"
120,478,563
100,236,448
+17.5
+ 18.4
+20.2
86,331,458
92,618,943
6th
Atlanta
10
"
142,424,400
110.140,671
+29.3
97,226,355
Chicago
b
b
b
442,000
386,000
+ 14.5
349,000
293,736
139,007,981
115,976,079
+ 19.9
99,681,888
89,702,176
Qulncy
76,864,464
7th
b
b
Philadelphia 9
4th
Cleveland..
"
Total (4 cities).
19
"
455,743,680
398,549,652
+14.4
299,157,206
275,212,409
8th
St. Louis— 4
"
139,007,981
115,976,079
+ 19.9
99,681,888
89,702,176
Ninth Federal
9th
Minneapolis 7
"
89,061,099
75,043,995
71,180,615
58,820,126
Minn.—Duluth..
10th KansasCity 10
"
141,488,562
121,350.584
+ 18.7
+ 16.6
100.570.965
87,269,248
Minneapolis
40,721,458
33.792,861
St. Paul
169.657.894
147,647,165
5
"
59,737.942
12thSan
"
249,158,172
202,140.511
6,489.953,102
6,107,007,320
+6.3
4,735,376.773
4,526,600,415
2,451,496,646
2,083,252,414
+17.7
1,730,359,935
1,656,297,699
353,743,870
111 cities
Total
Outside N. Y. City
Nte*
+37.8
+23.3
43.341.536
Fran.. 12
11th Dallas
299,707,906
+17 7
286,844,431
217,679,463
Reserve Dls trict
32 cities
Pk We
add
now
our
detailed statement showing last week's
figures for each city separately for the four years:
57,389,207
23,723,964
1,969,511
1,722.259
579,650
511.807
578,722
460,694
N. D.—Fargo
S. D.—Aberdeen.
2,122,235
89,061,099
75,043,995
cities).
Reserve Dis trict—Kans
Tenth Federal
r
First
1935
Dec.
1934
1933
$
$
%
$
$
+3.5
2,249,657
231,160,337
—9.0
1,481,585
245,133,852
+6.0
+2.3
+ 17.4
+ 1.9
+34.4
+27.8
+38.9
+32.7
+ 18.6
+38.6
207.922,976
2.040.989
h Portland
Mass.—Boston-
-
057,019
642,346
454,494
387,080
755,027
741,616
Springfield
3,454.732
Worcester
1,775,160
2,571,054
1,388,771
Fall River
I
r
...
Lowell
12,003,002
4,381,990
10,799,200
New Haven
—
9,076,893
3,302,589
9,105,400
527.405
Conn.—Har
>
380,619
283,159,292
Total (12 olties)
5,977,900
1,190,045
33.200.00C
N. Y.—Albany..
Bingham ton—
Buffalo....
034,005
Elmlra
7,274.312
993,353
27.700,000
483,112
013,011
500,586
4,038,450,455
i,023,754,906
7,905,061
6,185,657
4,279,084
3,730,90?
3,580,320
*500.001
320,000
Newark
20,233,491
Northern N. J.
38,113,55.'
16,603,931
32,702,457
Jamestown....
Rochester....
Syracuse
Conn.—Stamfor"
J.—Montclal
N.
2,980,700
D
ASAMTA
T\l«4i
IvCSvf V6 1/lBi
437,333
Pa.—Altoona
a487,133
Bethlehem
270,659
Chester
Lancaster
1,221,432
382,000,000
1,272.152
r|/U.
pLlla/|
net—r niino
1,962.230
+34.7
32,535,758
26.754.594
+21.6
2,188,347
2,300,833
—4.9
1,766.768
4,093,808
94,445,449
4,217.176
3,594,611
2,117,853
3.610.528
81,342,709
+ 13.9
+ 16.1
63,395,363
4,225,288
—0.2
4,041,998
Colo.—Col. Spgs.
Pueblo
534,765
458,852
1-16.5
393,509
625.492
555,545
L12.6
412,707
58,412.057
3,643,541
480.781
499,734
Total (10 cities)
141,488,562
121,350.584
+ 16.6
100,570,965
87,269.248
Mo.—Kan. City.
3,595,000
2,218,369
+38.7
+ 18.9
2,512.000
2,637,084
2,101.893
237,802,948
Total (Settles).
59,737,942
43,341,536
+37.8
40,721.458
33,792,861
9,841.407
10,746,724
1.094.944
888,260
+ 19.8
25.784,914
21,890.840
+ 19.9
611.579
482,381
+31.2
397,991
441,248
+22.6
+0.4 3,005,016,838 2,870.302,716
5,348,222
4,897,645
+28.8
3,619,324
4,986,835
+ 19.3
2.556,805
2,919.249
+25.2
499.056
388,702
+ 56.3
15,788,347
16,745,109
+21.'
24.165.670
25,715,654
+ 16.f
1.186,301
1,224,542
—3.1
45,669,941
31.988,269
+42.8
665,305
30.121,311
0,649,616
+25.0
5,260,949
Texas—AustinDallas
Ft.
Worth
Galveston
Twelfth Feder al Reserve D lstrict—San
Spokane
+49.6
+ 16.5
7,257,000
Total (9 cities).
1,320,928
1,778,360
1,193,844
1,351,317
249,158,172
202,140,511
+23.3
4,447,944
3,824,979
Pasadena
7,723,981
143,687,284
Sacramento
Francisco
.
San Jose
Santa Barbara
.
339.366
b
<
a333,281
240,090
810.950
Grand
total
6,489,953,102 0,107,007,320
cities)
Outside New York 2,451.496,640 2,083,252,414
+35.4
1,218,720
1,888,934
—1.0
1,148,236
+31.3
910,452
1,491,531
1,000,930
3,420,000 + 112.2
3,659,000
2,203,000
+ 17.5
258,120,554
338,599,629
b
b
b
Canton
Cleveland
54,936,786
76.434,975
Columbus
11,180,200
Cincinnati
1,419,724
Mansfield
.
Youngstown
..
Pa.—Pittsburgh 1
46,567,220
65,200,79'
10,029,401
1,275,061
b
b
.
W.Va.—Hunt'ton
Va—Norfolk
...
b
b
b
b
b
Winnipeg—
41,604,609
Vancouver
+ 18.0
+ 17.2
39,280,94?
54,365.39'
54,152,892
Ottawa
+ 11.5
9,667,301
8,321,100
741,904
Quebec
+ 11.3
b
1,099,85
S
b
+20.2
77,365,29.'
66,248,333
+ 18.4
181,784,77!
171,068,838
236,500
129,851
2,432,000
2,107,001
24,927,091
1,056,366
971,677
Md.—Baltimore.
61,407,687
55,618,343
16,482,474
>nd—f
+82.2
+ 15.4
+37.6
+8.7
+ 10 4
+27.6
S
Halifax
70,980,051
16,647,852
15,556,455
3,383,673
2,285,703
Edmonton
b
93,912,00:
Reserve Dist rlct— Richir
1935
117.543,926
94.007,978
Montreal
216,990,48:
4,387.340
4,989,898
1,370,267
1,531,640
2,374,054
3,668,699
Regina
Total (6 cities).
120,478,563
Sixth Federal
Nashville
Calgary
Victoria
100.230,448
+20.2
3,889,973
2,708,222
12,075,560
718,879
47,660,755
17,442,320
Saskatoon
1,202,920
1,035.126
373,073
704,504
46,298,626
12,909,624
86,331,458
92,618,943
Moose
410,719
Jaw
9,447,879
2,000,000
8,138,399
1,956,365
+49.1
501,663
FlaJ acksonville
14,528,000
15,202,000
—4.f>
12,619,000
Ala.—Birm'ham.
19,207,475
13,701,654
+40.2
11,390,733
7,648,742
7,311,285
1,388,162
1,062,767
+30.6
837,467
766,036
b
b
b
180,567
129,589
La.—New Orleans
35,411,949
26,910,578
+39.3
+31.6
123,471
26,260,933
Total (10 cities)
142,424,400
110,140,671
+29.3
97,225,355
Vicksburg..
Brantford
734,885
484,276
New Westminster
509,694
551,167
411,436
3,425,881
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
3,259,293
1,870,778
2,916,055
4,173,387
223,256
415,463
254,316
293,101
1,024,683
469,734
620,425
570,822
354,576
989,283
—12.1
27,218,234
1,411,933
1,321,101
2,006,947
5,731,250
2,075,190
444,281
551,983
450,518
928,059
914,580
2,493,828
199,468
2,267,289
+23.9
+ 11.5
+9.9
+8.0
+ 1.5
+ 10.0
270,193
—26.2
229,615
+5.7
+5.8
605,555
536,714
440,137
404,704
169,409
152,000
587,600
Hat—
Peterborough
603,356
337,638
b
11,344,631
4,125,054
—8.0
787,844
b
13,782,783
+25.0
+ 16.2
+ 10.1
+4.3
33,300,000
Mobile
66,742,851
+7.1
245,802
+ 26.3
Miss.—Jackson..
74,965,118
83,286,815
46,372,253
—7.8
347,426
+33.2
Macon
2,258,198
$
105,037,256
+ 13.1
+ 1.9
434,160
1933
%
—10.2
226,182
a—
+43.6
+38.^
1,526,235
1,354,087
2,329,366
3,978,255
Lethbridge
36,800,000
901,134
649,167
49,000,000
1,656,297,69
1934
+7.2
+31.3
54,066,651
+ 15.8
14,378,336
4,388,671 +254.5
—0.1
3,386,768
+4.8
2,180,210
+34.5
3,261,375
+6.1
4,701,791
Brandon
Medicine
16,712,057
%
+ 13.5
351,414
2,132,000
1,138,376
967,841
Augusta
147,647,165
or
24,313,575
23,700,000
Ga.—Atlanta
169,657,894
Dec.
120,58/
V
Tenn.—Knoxville
978,811
+6.3 4,735.370.773 4,526.600,415
1,490,001
24,648,333
864,29?
MM
Reserve Dist rlct—Atlant
103,517,242
87,662,535
2,418,483
Hamilton
Fort William
21,036,030
911,577
1,205,583
+ 17.7 1,730,359,935
Inc.
b
112,848,704
34,309,920
D.C.—Washing'n
1,191,062
Week Ended Jan. 10
Toronto
_
256,820,389
S. C.—Charleston
Richmond
1,462.193
Clearings at—
London
Fifth Federal
3,609,997
101.490,575
2,145,093
St. John
Total (5 cities)
-37.2
296,996,631
—13.1
Feder al Reserve D lstrict—Clev eland—
Ohio—Akron
-
8,890,530
2,591,220
2,663,981
5,401,913
86.854,247
1,240,907
287.000,000
1,753,071
1936
b
2,754,301
-
3,981,000
294,910
14,734.530
(111
Canada—
Fourth
17,862,626
9,934,485
2,766,960
2,587,883
Calif.—L. Beach.
.
Total (12 cities)
816,538
397,977.697
H(-28.9
Hf-18.5
HH43.8
K32.6
H -19.5
H -43.5
H -10.0
H-31.6
Utah—S. L. City
_
19,103,539
Ul
357,221
J.—Trenton.
458,715
eipnia-
264,534
683,451
248,000,000
1,041,796
1,204,302
21,336,397
5,525,000
+35.9
21,027,823
12,405.290
3.092,534
2,885,536
5,631,335
120,212,076
1,803,945
27,114,217
14.705,740
Ore.—Portland
San
+ 5.0
429,849 + 100.2
8,142,000
800,377
Yakima
Franc isco—
23,904,956
32,560,479
8,546,000
Wash.—Seattle..
+0.8 3,096,325,854 2,958,804,606
t
1.499.208
District—Da Has—
Reserve
Eleventh Fede ral
17,460.119
La.—Shre veport.
—17.8
+59.1
1,031,627
1,581,760
N.
.
1,457.970
447,810
3,834,608
7,088.200
7,748,500
323,002
+ 16.9
2.905.734
York
.
Wichita
b
1,942,411
20.451.865
703,992
24,502,928
4,486,899
2,079.000
2,020.042
6,841,538
3.630.645
234,618.747
93.792
105.518
48,491
2,628,729
5,318,356
2,592,000
1,600.763
7,651,175
b
Scranton
Reading
2,657,009
1,173,857
231,513
274,955
Wllkes-Barre..
..
561,970
2,956,180
674,381
City
+61.0
Stockton
328,000,000
1,464,294
2,146,231
Philadelphia
376.073
334,192
2,201.816
210,766,099
657,886
451,886
1,692,528
58,820,120
+ 13.2
York
Total (12 cities) 4,154,895,326 4,123,085,340
Third Federal
509,022
+8.3
261,552,392
al Reserve D istrlct—New
New York
404,522
550,030
509,102
1,502.501
71,180,615
94,960
St. Joseph
ReserveDistr ict—Bast on
Federal
Me.—Bangor
1,280.301
483,431
254,823
264.221
70,962
Kan.—Topeka
1930
1,519,591
452,798
107,492
Lincoln
or
14.119,589
114,240
Omaha
Inc.
as
1,667,925
39.321.529
19,500,292
+ 18.7
.
Helena
Total (7
2,025,073
45.916,139
f-13.3
1-25.6
+ 17.7
Neb.—Fremont-
Week Ended Jan. 18
20,175,279
2,497,689
Mont.—Billings
i
+24.7
+ 19.1
+ 17.6
+ 14.4
48.188,979
Hastings
Clearings at—
Minn eapolis
1,862,742
m
Canada
—
2,322,356
534,460
475,879
513,871
Shelbrooke
Kitchener
Windsor
Prince Albert
359,986
193,137
555,943
450,410
170,442
606,306
*
465,482
691,636
1,757,150
905,835
1,873,238
202,884
Moncton
584,529
552,832
Kingston
493,123
466,041
Chatham
412,987
422,742
—2.3
412,334
365,427
+ 12.8
Sudbury-
799,807
628,209
+27.3
441,310
403,435
526,727
378,558
Sarnia
352,743,870
299,707,906
+ 17.7
286,844,431
217,679,463
304,991
397,210
105,001
26,254,007
Total (32 cities)
76.864,464
a
Not
included
in
totals,
b No
clearings available.
♦ Estimated.
572
Financial Chronicle
Condition of
National
trollers' call of Nov. 1
1935 has
Jan.
Nov. 1 1935—The statement of condition of the National
Banks
just been issued and is summarized below.
1936
25
banks under the Comp¬
For purposes of comparison, like details
for
previous calls back to and including Oct. 17 1934 are included.
ABSTRACT OF REPORT OF CONDITION
OF NATIONAL BANKS IN THE UNITED STATES ON OCT. 17 AND DEC. 311934
AND MARCH
4, JUNE 29 AND NOV. 1 1935
Oct. 17 1934
(5,466 Banks a)
Dec. 31 1934
Mar. 4 1935
June 29 1935
No*. 1 1935
(5,467 Banks a)
(5,451 Banks)
(5,431 Banks)
(5,409 Banks)
Assets—
Loans and discounts (including rediscounts)
Overdrafts
7,633.924,000
5,837.378.000
7,488,652,000
3,315,000
6,262,109,000
7,489,904,000
4,543,000
c6,283,866,000
7,365,226,000
3,491,000
6.077,724,000
7,301,371.000
United States Government securities, direct obligations
Securities guaranteed by United States Government as
(and principal)
510,854,000
c3,570,137,000
137,155,000
654,056,000
158,880,000
2,509,639,000
418,756,000
3,102,395,000
44,299,000
35,075,000
698,099.000
c3.495,724,000
135,713.000
653,667.000
162.005,000
2,525,448,000
456.466,000
3,451,175,000
57,601,000
34.133.000
836,425.000
c3.489,381.000
117,486,000
653,842,000
167.113.000
2,772,766.000
391,428.000
3,478,031,000
44,546,000
32.797.000
1,095,283,000
c3,543,379,000
86,753,000
651,463,000
171,455,000
3.092,178,000
405,513,000
3.318,566.000
51,964,000
12,060.000
1,260,535,000
3,684,778,000
1,201,000
1,646,000
191,275.000
750.000
1,529,000
203,194,000
1,556,000
1,413.000
194,186,000
4,592, 00
795,000
180,623,000
158,630,000
24,811,390,000
25,629.580,000
25,959,283,000
26,061,065.000
27,430,730,000
8,848,799,000
8.9Q4,826.000
9,079,618,000
9,674,923,000
10,549,984,000
6,203,777,000
1,484,193,000
971.059.000
6,312,080.000
1,641,603.000
1,237.926,000
6,441,740,000
1,677,924.000
1,041.263.000
6,646,982,000
1,845,315,000
679,655,000
6,761,989,000
1,924,867,000
632.467,000
4,720,000
Other bonds, stocks, securities, &c
Customers' liability account of acceptances
Banking house, furniture and fixtures
—
-
Other real estate owned
Reserve with Federal Reserve banks...
Cash in vault
-
5,190,000
6,233,061,000
to interest
—
-
—-—-—
Balances with other banks
Outside checks and other cash items
Redemption fund and due from United States Treasurer
Acceptances of other banks and bills of exchange or drafts sold with
endorsement
Securities borrowed
Other assets
Total.
80,906.000
650,478.000
180.629.000
3.453,672.000
404,379,000
3,948,924,000
59,075,000
8,565.000
537,000
Liabilities—
Demand deposits,
except United States Government deposits, other
public funds and deposits of other banks
deposits, except postal savings, public funds, and deposits of
Time
other banks
Public funds of States, counties, municipalities, &c
United States Government and postal savings deposits
Deposits of other banks, certified and cashiers' checks outstanding, and
cash letters of credit and travelers' checks outstanding
Secured
Circulating notes outstanding
Agreements to repurchase U. S. Government
Bills payable
or
Rediscounts.
3,775,154.000
3,671,371,000
4,163,929,000
22,015,699,000
2,278,513,000
19,737,186,000
22,518,246,000
2,115,605,000
20,402,641,000
24,033,236,000
2,121,816,000
21,911,420,000
665.845,000
4,432,000
8,207,000
579.000
654,456.000
2,361,000
7,342.000
383,000
627,022,000
5,512.000
10,427.000
23.000
222,095,000
4,194,COO
3,989,000
654,000
37,000
2,251.000
3,833,000
1.174,000
44,000
1,201,000
137,892,000
5,497,000
1,646,000
53,898,000
750.000
138,939,000
4.717.000
1.529.000
38.982.000
1.556.000
119,096.000
5,202.000
1,413.000
48.751,000
4,592,000
85,599,000
8,171,000
795,000
42,335.000
8,565,000
75,193,000
11,953,000
537,000
58,938,000
22.642.000
51,188,000
5,399.000
49.895.000
1,786,409,000
21,004,000
62,936,000
1,809,503,000
831,846,000
297,967,000
143,951,000
3.151,000
6,910.000
98,152,000
1,776.591,000
837.888.000
261.491,000
141.880.000
2.320,000
1,804,739,000
834,878,000
283,557,000
143,728.000
2,046.000
25.629.580.000
25,959,283,000
26,061,065,000
27.430,730,000
444.626,000
15,205,000
other securities sold—
3,489.868,000
21,676,303,000
2,448,174,000
19,228,129,000
24.811,390,000
by pledge of loans and/or investments
by pledge of loans and/or investments
Not secured
3,313,564,000
20,821,392,000
2,100,445,000
18,720,947,000
—
Total deposits
492,685.000
19.389.000
340.000
Obligations on industrial advances transferred to the Federal Res. Bank
Acceptances of other banks and bills of exchange or draft sold with
endorsement
Acceptances executed for customers
Acceptances executed by other banks for account of reporting banks—
Securities borrowed
Interest, taxes and other
-
expenses
Dividends
declared but not
dividends not declared
Other liabilities
yet
-
accrued and unDaid
payable and amounts set aside for
..........
....
.........
......
Capital stock (see memorandum below)
rplus
Surplus
Undivided profits, net
Reserves for contingencies
Preferred stock retirement fund.
Total
....
4,324,000
50,187,000
1,772,513,000
845,335,000
286,184,000
151,345.000
913,000
865,955.000
337,452.000
147.282.000
2,664,000
Memoranda:
Par value of capital stock:
Class A preferred stock
Class B preferred stock...
Common stock
1,313,997.000
464,752,000
17,178,000
1,306.224.000
1,294.374.000
503.914.000
21,208,000
1.288,848.000
1.257,586,000
Total.
1.773,828.000
1.788,154.000
1.806.448.000
1,813,970,000
1.782,313.000
2,404.487.000
847,317,000
88.210,000
2,695,454,000
778.882.000
84.978.000
2,575,262.000
744.862.000
71,278,000
2,004.611,000
720.798,000
52,627,000
1,847,522,000
680,056,000
3,340.014,000
3.559.314,000
3.391,402,000
2,778,036,000
2,558,730.000
695,595,000
1.127,074,000
683,797.000
1,331.411,000
655,559,000
1.153,407,000
225,444,000
805,797,000
752,252,000
952,021,000
270,849,000
177.581.000
15,116,000
986.862.000
286,573,000
155,892.000
11,992.000
1,022,472,000
289,009.000
154.086.000
12,804,000
1,067,782,000
411,138.000
157,685,000
6.358,000
1,069,257,000
470,989,000
155,212,000
6,673,000
84,593,000
17,185.000
85,206.000
17,581.000
85.246.000
18,819.000
86,722,000
17,110,000
86,944.000
17,403,000
3,340,014,000
3.559,314,000
3,391.402,000
2,778,036,000
2,558,730,000
142,000
222,000
418.392.000
183.000
155.000
456.128.000
138,000
134,000
391.156,000
136X00
114,000
405,263,000
404,132.000
8,617,957,000
82,469,000
8,744,721.000
83,489,000
8,851,546,000
84,554,000
9,388,702,000
84,765,000
10,293,119,000
73,750,000
1.246,580,000
1,396,137,000
16.685,000
500,000
1,441.832.000
20,290.000
400,000
143,518,000
1,598,989,000
18,980,000
3,868,000
201,456,000
1,675,076,000
17,562,000
148,373.000
18,907.000
332.000
166,616,000
237,613.000
688,710,000
5,208,831.000
50,215,000
256,021,000
360,383,000
102,392,000
3,189,000
245,466.000
658,502.000
5,394.518.000
10,604.000
248,456.000
350.686.000
101,009.000
6.660.000
236,092.000
660,613,000
5,509,152,000
24,286,000
247,689.000
313,660.000
106.974.000
7,079,000
246,326,000
677,721,000
5,685,539,000
40,969.000
242,753.000
242,834,000
105,685,000
4,320.000
249,791.000
637,126,000
5,799,725,000
55,611,000
269,527,000
193,699,000
104,798,000
4.157.000
...
503,529,000
21,198.000
Loans and investments pledged to secure liabilities:
United States Government obligations, direct and (or) fully guar¬
anteed
—
Other bonds, stocks and securities
Loans and discounts (excluding rediscounts)
.................
—...
To^al.
Pledged:
Against circulating notes outstanding
Against United States Government and postal savings deposits
Against public funds of States, counties, school districts, or
other subdivisions or municipalities......
Against deposits of trust department
Against other deposits.....
Against borrowings
With State authorities to qualify for the exercise of fiduciary
-
-
powers
.-.
For other purposes......
.........
...—
Total
31,152.000
Details of cash in vault
Gold coin
Gold certificates
All other cash in vault.
139,000
108,000
Details of demand deposits:
Deposits subject to check (except those of other banks, the U. S.
Government and States, counties, municipalities, &c.)
Certificates of deposit
Public funds of States, counties, school districts or other subdivi
sions or municipalities)
Deposits of other banks, trust companies located in United States..
Foreign countries..
Other demand deposits
—
450,000
183,115,000
Details of time deposits:
Public funds of States, counties, school districts or other subdivi¬
sions
or
municipalities
Certificate of deposit
Deposits evidenced by savings pass book
Christmas savings and similar accounts....
Open accounts
Postal savings
Deposits of other banks and trust companies located in U. S
Foreign countries
,—
Percentages of reserve:
Central Reserve cities
...
Other Reserve cities..
All Reserve cities
Country banks
Total united States
...
11.66%
7.33%
8.98%
4.95%
7.43%
11.68'
7.43'
a
Licensed banks which
c
Includes Home Owners* Loan Corporation 4% bonds, which are guaranteed by the United States
were
operating
on an
11.78%
7.31%
9.03%
4.98%
7.49%
7.30'
8.74'
4.97
unrestricted basis.
as
to interest only.
11.81'
7.41'
9.13'
4.99'
7.60'
11.90%
7.51%
9.27%
4.77%
7.76%
Financial
Volume 142
573
Chronicle
NATIONAL BANKS
BREADSTUFFS
Figures Brought from Page 648—All
the
statements
below regarding the movement of grain—receipts, exports,
visible supply, &c.—are prepared by us from figures collected
by the New York Produce Exchange.
First we give the re¬
ceipts at Western lake and river ports for the week ended last
Saturday and since Aug. 1 for each of the last three years:
Flour
Receipts at—
Oats
Corn
Wheat
The following information regarding
from the office of the Comptroller of the
Department:
173.000
69,000
1,285,000
400,000
67,000
374,000
351,000
364,000
146,000
633,000
86,000
18,000
83,000
13,000
82,000
262,000
96,000
26,000
64,000
227,000
14,000
997,000
35,000
12,000
263,000
25,000
8,000
1,000
620,000
12,000
Milwaukee...
Toledo
Detroit
1~7~8~666
89,000
12,000
24,000
564,000
118,000
355,000
Peoria
62,000,
27,000
650,000
309,000
Kansas CityOmaha
16,000
613,000
Indianapolis..
607,000
698,000
267,000
41,000
240,000
39,000
376,000
St. Joseph
Wichita
Sioux City...
Buffalo
Capital stock
consists of
$50,000 common
3,283,000
384,000
1,507,000
2,249,000
352,000,
■
BRANCHES
29*666
branch:
61,000
75.000
City of Bend, Deschutes County, Ore.
San Francisco, Calif. Location of branch, Unincorporated Town
of Goleta, Santa Barbara County, Calif. Certificate No. 1225A.
Jan. 14—Bank of America National Trust & Savings Association,
5,000
13,000
52,000
45,000
1,809,000
611,000
972,000
453,000
1,942,000
68,000!
659,000
San Francisco, Calif.
Location of branch, 2454 Bay Shore
Boulevard, San Francisco, Calif. Certificate No. 1226A,
DIVIDENDS
125,000, 1,134,000
grouped in two separate tables.
In the
first we bring together all the dividends announced the
current week.
Then we follow with a second table in which
Dividends
90,641,00014,675,00056,088.000
31,455,000 9,013,00041,857,000
44,851,000' 7,680,00030,816,000
we
seaboard ports for
Total receipts of flour and grain at the
the week ended Saturday, Jan. 18 1936, follow:
Flour
Receipts at—
Oats
Corn
Wheat
show
136,000
31,000
the
.
1,000
14,000
4,000
6,000
Baltimore
♦New
Per
Name of
20,000
19,000
Orleans
b'ooo
46.000
"b'.boo
Galveston...
St. John, West
13_,666
693,000
20,666
Boston
19,000
343,000
96,000
35,000
Vo'ooo
29,000
"b'boo
Total wk.1936
241,000
Since Jan.1'36
720,000
1,427,000
3,109,000
St. John..
Halifax
Week 1935..
224,000
Since Jan.1'35
663,000
1,274,000
♦
on
39,000
47,000
113,000
251,000
50,000
1,000
45,000
34,000
746,000
1,009,000
145,000
454,000
680,000
33,000
116,000
44,000
155,000
239,000
Receipts do not Include grain passing through New Orleans for foreign ports
through bills of lading.
Bushels
Bushels
232,000
Boston
Barley
*50,080
908,000
Albany
for the week
the annexed
Rye
Bushels
Barrels
Bushels
Bushels
New York....
Oats
Flour
Corn
Wheat
167,000
"looo
Baltimore
New Orleans..,
3,000
13,000
10,000
20,000
78,080
22.000
58.560
11,000
2,000
2,000
St. John, West.
693,000
29,000
Halifax
Total week 1936..
The amount of
2,000
2,183,000
710.000
1935
Same week
*
33,000
2,000
96,000
St. John
33,000
...
flour shown on past reports as having been exported from New
sailings. On subsequent reports we will also
Caribbean ports, wh ch are taking the greater part of
York has covered only the European
include the shipments to the
the flour from this port.
The destination of these exports for
the week and since
July 1 1935 is as below:
Since
18
1936
Since
Week
Since
Jan. 18
July 1
Jan. 18
July X
1936
1935
1936
1935
Bushels
Bushels
Bushels
Barrels
Barries
United
Week
July 1
1935
Week
Jan.
Bushels
17,970
1,446,358
1,050,000
10,285
Klndgom.
288,898
1,123,000
So. & Cent. Amer.
16,000
61.000
9,000
West Indies
31,000
125,000
2,825
103,590
30,072,000
21,355,000
1,000
Continent
Brit. No. Am.
2,031,846
2,142,553
78,080
Total 1936
58,560
Total 1935
~l",666
1,000
1,000
1,000
3,000
7,000
Col.
Other countries—.
4~3~66O
351,000
1
1
2,183,000
710,000
Jan.
14
Feb.
Jan.
22
Mar.
Feb.
27
14
Mar.
Feb.
Feb.
Feb.
3
Feb.
Jan.
20
Feb,
Feb.
Feb.
Feb.
1
Feb.
Jan.
31
14
1
Jan.
20
Mar.
Feb.
17
Mar.
Feb.
Brooklyn Union Gas
Buckeye Steel Castings, 6M% pref. (quar.)
6% preferred (quarterly)
Campbell, Wyant & Cannon Foundry.
Canada Starch Co., Ltd., pref. (semi-ann.)
Canada Vinegars, reduced (quarterly)..
Apr.
Mar.
Feb.
Jan.
22
Feb.
22
Feb.
Jan.
Feb.
Feb.
Feb.
8
Mar.
Feb.
15
Carolina Insurance Co
Feb.
Jan.
16
Feb.
Jan.
31
Feb.
Feb.
Extra
.....
(quar.)
Caterpillar Tractor
Central Cold Storage (quar.)
Centrifugal Pipe Corp. (quar.)
Quarterly....
Quarterly....
Quarterly
Charis Corp. (quar.)
Cherry-Burrell Corp. (quar.)
Preferred (quar.).
,
Chicago Electric Mfg. Co., pref. A
Chile Copper Co.
Cincinnati Street Ry. (resumed)
Colgate-Palmolive-Peet (quarterly)
Preferred (quarterly)
Columbia Pictures Corp.—
$2 H convertible preferred (initial)
Columbus Dental Mfg. (quar.)
Preferred (quar.)
Concord Gas Co., 7% preferred
Connecticut Light & Pow. Co., 5J£% pref. (qu.)
6 H % preferred (quarterly).
48,109,000
2,000
17
2
8
Feb.
Feb.
15
5
Feb.
Feb.
5
May
Aug.
May
Aug.
5
Nov.
Nov.
Feb.
Jan.
28
Feb.
Jan.
5
5
Feb.
Jan.
24
24
Feb.
Jan.
27
Feb.
Feb.
8
Feb.
Jan.
Mar.
Feb.
25
6
Apr.
Mar.
5
Feb.
15 Feb.
3
Jan.
28 Jan.
28 Jan.
23
Jan.
Feb.
15 Jan.
31
23
15
Mar.
1 Feb.
Mar.
Feb.
15
Feb.
Jan.
Feb*
Jan.
24
20
Diamond Ice & Coal Co., 7% preferred (quar.).
Diamond Match Co. (initial)..
preferred
Feb.
Jan.
25
Mar.
Feb.
15
Extra
June
Initial....
June
May 15
May 15
Preferred
(semi-annual)
Mar.
Preferred (extra)
June
Diem & Wing Paper Co., 7% preferred (quar.).
Feb.
Dominguez Oil Fields Co. (monthly)...
Dominion Bridge (quar.)
Dow Chemical Co
47,000
8,000
Feb.
15
May 15
31
Feb.
15 Jan.
1 Jan.
Feb.
15 Jan.
31
24
Feb. 15 Feb.
Feb. 15 Feb.
Preferred (quarterly)
"e'l'ooo
51,840,000
....
Feb.
Dennison Mfg. Co
Exports for Week
and Since
21
Feb.
Jan.
Bamberger (L.) & Co., 6H% preferred (quar.)_
Bankers & Shippers Insurance (quar.)
Borland Shoe Stores, Inc., 7% preferred
Blauner's, Inc. (quarterly).Preferred (quarterly)
....
Boss Mfg. Co., common
Bourne Mills (quar.)
Bristol-Myers Co. (quarterly).
27
Jan.
Mar.
—
27
Jan.
Jan.
American Paper Goods (quar.)
Associated Dry Goods Corp., 1st pref
24
Jan.
Feb.
;
Jan.
Jan.
Feb.
American Book (quar.)
American Business Shares, Inc
American Fidelity (quar.)
DeMets, Inc.,
Corn
Wheat
Flour
July 1 to—
Feb.
Class A (quar.)
Preferred (quar.)
...
Vo'ooo
Norfolk
Holders
Feb.
$3 convertible preferred
Allied Kid (quar.)
...
1,000
16,000
Philadelphia...
When
Payable of Record
Castle (A. M.)
.
The exports from the several seaboard ports
ended Saturday, Jan. 18 1936, are shown in
statement:
Exports from—
Share
Company
Allied International Investment Corp.—
1,000
29,000
6,000
24,000
announced, but which
dividends previously
Barley
Rye
4,000,
13,000
Philadelphia
255,000
are
have not yet been paid.
The dividends announced this week are:
bbls.l96lbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.56lbs. bushASlbs.
New York
Location of
Certificate No.
Jan. 13—Bank of America National Trust & Savings Association,
Since Aug. 1—
9,076,000245,911,000 79,604,000
8,817,000142,491,000120,310,000
8,387,000141,577,000116,212,000
AUTHORIZED
1224A.
"l'o'ooo
1,926,000
1933
25,000
Effective, Dec. 30 1935.
Liquidating Agent, H. O. Frazier,
Hagerman, Ida.
Not absorbed or succeeded by any other
banking association.
.
8,000
164,000
4,180,000
1934
LIQUIDATION
Jan. 11—The First National Bank of Hagerman, Ida
Jan. 11—The First National Bank of Portland, Ore.
39,000
73,000
5,581,000
373,000
Same wk.1935
1935
,
Sreferred stock. President, J. H. Paul. Bank of Amarillo.
Cashier, Sharpe
IcCullough. Succession of American State
3,000
142,000
97,000
4,000
74,000
663,000
Total wk.1936
Same wk.1934
,
Tex_$130,000
stock and $80,000
23,000
Duluth
St. Louis
„
Capital
VOLUNTARY
bbls.imbs. bush. 60 lbs. bush. 66 lbs. bush. 32 lbs. bush.56lbs. bushASlbs.
Chicago
Minneapolis..
ISSUED
CHARTER
Jan. 11—The American National Bank of Amarillo, Amarillo,
Barley
Rye
National banks is
Currency, Treasury
Eagle-Picher Lead, preferred.
Eastern Shore Public Service, $6}£ pref. (quar.).
$6 preferred (quarterly)
Elizabeth & Trenton RR. Co. (semi-ann.)
1
Feb.
1 Jan.
31
Mar.
1 Feb.
1 Feb.
10
Mar.
1
10
CURRENT
—The
Financial
Annual
Mid-Year
Advertisers
Conference of officers and
Association,
directors of the
will be held at the Waldorf-Astoria
Feb. 9-10.
A meeting of the Extension Committee will be held Feb. 8-9 and the
Committee's recommendations will be presented to the Board.
This
Hotel, New York City,
Committee, serving as a
stereing committee for the Association, is headed
Vice-President of the Winters National Bank & Trust
Co., Dayton, Ohio.
The committee recommends activities for the Asso¬
ciation to undertake in the field of financial selling, advertising, publicity,
and public and customer relations.
Robert W. Sparks, Vice-President of
the Bowery Savings Bank, New York, is President of the Association and
will preside at the Board Meeting.
Preston E. Reed, of Chicago, is Execu¬
by Henry O. Ochs,
advertising, public relations and
business development representatives of leading banks, trust companies,
investment houses and other financial institutions of the country.
Association is made up of the
in
Apr.
Mar. 20
Oct.
Feb.
Jan.
Apr.
Mar. 14
Erie & Kalamazoo RR. Co
Feb.
Jan.
25
Mar. 10 Feb.
29
Erie & Pittsburgh RR. Co.,
.
7% gtd. (quar.)
June 10 May 29
Guaranteed betterment (quar.)
Guaranteed betterment (quar.
Guaranteed betterment (quar.
Guaranteed betterment
Mar.
Fairbanks Morse, new
Sept. 10 Aug. 31
Dec.
(quar.)
6% pref. (quar.)
Fairey Aviation, Ltd., Amer. shares.
Fall River Gas Works (quarterly)
Fidelity & Deposit of Md. (quar.)...
Brewing Co
Freeport Texas (quarterly)
Fox (Peter)
(quarterly)...
General Cap Corp., registered
General Hosiery Co., 7% pref. (quar.).
Genesee Brewing, A. & B. (quar.)
Girard Life Insurance...
Great Atlantic & Pacific Tea
10 Nov. 30
1 Feb. 29
Sept.
May 29
Aug. 31
Dec.
Nov. 30
Feb.
11
Feb.
Jan.
Feb.
Jan.
31
28
Jan.
31 Jan.
24
Mar.
Apr.
Mar. 16
Mar.
Feb.
14
May
Apr.
15
Feb.
15 Jan.
31
(quar.)I""
Jan.
20
Feb.
Jan.
15 Feb.
24
1
Feb.
Feb.
14
Mar.
Feb.
14
Mar.
Feb.
7
Great Western Electro-Chemical Co
Feb.
15 Feb." 5
Guelph Carpet & Worsted Spinning Mills
63^% preferred (quar.)
Feb.
Preferred
stocks.
June
Feb.
Extra...
of bank
24
7% guaranteed (quar.)
7% guaranteed (quar.)
7% guaranteed (quar.)
the five-year period from 1931
1935 inclusive is analyzed by Hare's Ltd., 19 Rector St., New York,
a circular pointing out the advantages of diversification in the purchase
in the individual
York City's leading banks over
Sept. 20
Emerson Drug, class A and B (quar.).
Preferred (quar.)
market performance of the stocks
The wide variation
of 15 of New
to
Sept. 20
Preferred
tive Secretary.
The
Mar. 20
Oct.
5% preferred (semi-annual)
5% preferred (semi-annual)
NOTICES
Apr.
Semi-annual
(quarterly)
Mar.
1 jan.
20
Financial Chronicle
574
Per
When
Payable
Mar.
$2 convertible preferred
-
12Xc
SIX
SIX
Mar.
2 Feb.
15
Stamper No. 1 Trust, A ($500)
$53*
$5.26
$1.31
Jan.
Dec. 31
20
Jan.
Dec. 31
$1.31
Jan.
Dec. 31
1
5c
Feb.
hSIX
AA
10c
Feb.
Feb.
Hibbard, Spencer, Bartlett & Co., (mo.)
Monthly
10c
Jan.
Jan.
28
10c
Feb.
Feb.
21
10c
Mar.
Mar. 20
Feb.
Jan.
Feb.
Feb.
Monthly
12Hc
hlOc.
A
Mar.
1
31
10
15c
Jan.
13
Feb.
Jan.
31
10c
Jan.
Jan.
5
10c
Feb.
Jan.
31
25c
(monthly)
Honolulu Sugar Co. (monthly)
—
Hutchinson Sugar Plantation (monthly)
Hydro- Electric Securities, pref. B (s.-a.)-_
Imperial Tobacco of Gt. Britain & Irleland—
Jan.
15c
Honolulu Plantation Co.
Feb.
Jan.
20
Final
Extra
9%
Mar.
Feb.
$4
Jan
Jan
9c
Mar.
25c
Mar.
25c
June
50c
Ingersoll-Rand
(s.-a.)
Insuranshares Certificates, Inc. (s.-a.)
Iron Fireman Mfg. (quar.)
3
20
Mar. 12
Feb. 10
25c
Sept.
May 11
Aug. 10
25c
Dec.
Nov. 10
Jacitson & Curtis Security Corp., $6 pref
hSIX
Feb.
Kayser (Julius) & Co
—
KoKaha Sugar Co. (monthly)
Kelvinator Corp. (quar.)..
Kendall Co. cum. & partic. pref. A
Landis Machine Co. (quar.)
Quarterly
Quarterly
Quarterly
Preferred (quarterly)
Preferred
(quarterly)
Preferred (quarterly)
Preferred (quarterly)
-Lansing Co. (quarterly)
Lawson Realty Co., 7% preferred (quarterly) —
Lib bey-Owens-Ford Glass (quar.)
Life Savers (quar)
:
Liggett & Myers Tobacco Co.—
Common and common B (quar.)——
37 He
Feb.
Feb.
Quarterly
Quarterly
Quarterly
20c
Feb.
1
Jan.
25c
Feb.
25
Mar.
5
Feb. 10a
Feb.
5
25c
May
Aug.
May
Aug.
5
12J4c
*1**
25c
Apr.
Mar.
5
25c
Nov.
Nov.
5
six
Mar.
Mar.
5
six
six
$1x
June
June
5
25c
$1X
Sept. 15|Sept. 5
Dec. 15'Dec.
5
Feb. 10 Feb. 10
Feb.
Jan.
Feb.
Feb.
27
Mar.
Feb.
Mar.
Feb.
17
17
Jan.
30c
Feb.
30c
30c
May
Aug.
30c
Nov.
2 Oct.
27
25c
Mar.
$134
Mar.
Feb.
Feb.
17
43 He
43 He
3734 c
hSIX
h
$2
25c
25c
Extra
Montreal Light, Heat & Power Co. (quar.)——
Morris Plan Co. of R. I. (Providence) (quar.)—
National Bearing Metals Corp
$2
$1
20c
six
7% preferred (quar.).
National Founders. $3H pref. A (quar.)
tio
National Oats (quarterly)
New England Grain Products Co., (quar.).
8734c
25c
Feb.
Feb.
Apr. 25
July 25
Jan.
Jan.
May
14
Feb.
28.Feb.
May 30 May 30
Aug. 31'Aug. 31
Nov. 30 Nov. 30
Feb. 15'Jan. 31
Feb.
1 Jan. 24
l'Jan.
25
Mar. 14 Feb.
Mar. 14 Feb.
Feb.
Jan.
25
Feb.
25
31
17
Feb.
Mar.
Jan.
Feb.
17
Feb.
Feb.
Jan.
20
Jan.
25
Mar.
Feb.
21
Feb.
Jan.
15
Feb.
Jan.
18
Feb.
Jan.
15
50c
Feb.
Jan.
24
six
Feb.
Jan.
Jan.
24
23
Jan.
Feb.
20
4% guaranteed
4% guaranteed
4% guaranteed
—-
(s.-a.)
(quar.)
(quarterly)
(quarterly)
(quarterly)
North River Insurance (quar.)
Extra
15c
$3
$1
$1
$1
$1
20c
5c
Northwestern Public Service, 7% pref
—
6% preferred
Noyes (Chas. F.) 6% preferred
Oahu Ry. & Land Co. (monthly)
hlX
h$ 134
h4 5c
Jan.
Jan.
Mar.
June
Sept.
4
May 19
Aug. 22
Dec.
Nov. 21
Mar. 10 Feb. 28
Mar. 10 Feb. 28
Mar.
2 Feb. 20
Mar.
Feb.
2 Feb.
20
1 Jan.
20 Feb.
31 Jan.
29
15c
Feb.
2c
Jan.
Old Line Life Ins. Co. of Amer.
15c
Jan.
2:Dec.
15
Onomea
20c
Feb.
20'Feb.
10
Oceanic Oil Co
(quar.)
Sugar Co. (monthly)
Oswego & Syracuse RR. (s.-a.)
Owens-Illinois Glass (quar.)
Pacific Coast Mortgage Co
Pacific Power & Light 7 % pref
$6 preferred
Package Machinery Co. 7% 1st pref. (quar.) —
Passaic & Delaware RR. (s.-a.)
Pemigewasset Valley RR. (semi-ann.)
Philadelphia Co. 5% preferred (s.-a.)—
Pittsburgh Ft. Wayne & Chicago Ry. Co. (quar.)
Quarterly
Quarterly
Quarterly
7% preferred (quarterly)
7% preferred (quarterlyN
7% preferred (quarterly
7% preferred (quarterly
Prentice (G. E.) Manufacturing Co. (quar.) —
Public Service Corp. of N. J. common (quar.)_ —
8% preferred (quar.)
7% preferred (quar.)
$5 preferred (quar.)
6% cum. pref. (monthly)
6% cum. pref. (monthly)
Public Service Co. of Texas, 7% pref. (quar.)
Quebec Power (quar.)—
Quincy Market Cold Storage & Warehouse Co.—
5% preferred
Randall Co., class A
(quarterly).
—
Reading Co., first preferred (quarterly)
Second preferred (quarterly)
Reed (C. A.) Co., $2 preferred A
Rich Ice Cream Co., Inc. (quarterly)
Rochester Gas & Electric, 7% pref. B (quar.)
6% preferred C and D (quarterly)
,
$23*
$13*
$1>I
$1X
$134
$1X
Rosedale Gold Mines, Ltd
San Carlos Mill Co.
(monthly)
;—
Feb.
20 Feb.
6
Feb.
Feb.
15 Jan.
30
Jan.
24
Feb.
Jan.
18
$1H
$1x
$1 x
! x
$1x
six
six
six
six
50c
60c
$2
six
$1X
Feb.
Jan.
18
Feb.
Jan.
Jan.
20
Feb.
Jan.
25
Mar.
Feb.
10
Apr.
July
Mar. 10
June 10
Oct.
Sept. 10
Jan 2*37 Dec.
Apr.
July
Oct.
24
10
7 Mar. 10
7 June 10
6 Sept.10
Jan 5*37 Dec.
Jan.
15 Dec.
10
31
Mar. 31 Mar.
Mar. 31 Mar.
Mar. 31 Mar.
2
2
2
Mar. 31 Mar.
Feb. 29 Feb.
2
50c
Mar. 31 Mar.
Jan.
2
2
25c
Feb.
50c
—
—
10
21
Feb.
25c
7i75c
Feb.
15 Jan.
1
24
1 Jan.
16
Feb.
1 Jan.
Mar. 12 Feb.
27
50c
50c
Apr.
9 Mar. 19
Feb.
21
Feb.
1 Jan.
1 Jan.
SIX
Mar.
1 Feb.
11
$134
1%
Mar.
50c
h75c
25c
20c
St. Paul Fire & Marine Insurance Co
Feb.
Feb.
Jan.
20
15
1 Feb.
11
1 Jan.
15 Feb.
17 Jan.
28
3
11
(B.) Cigar Corp., preferred-
h$ 3
20c
Feb.
1 Jan.
15 Jan.
25
Second Twin Bell Syndicate (monthly)
Selby Shoe (quarterly)
Servel, Inc., common
50c
Feb.
1 Jan.
25
Mar.
2 Feb.
Schwartz
7% cum. preferred (quar.)
7% cum. preferred (quar.)
7% cum. preferred (quar.)
7% cum. preferred (quar.)
ignode Steel Strapping (quarterly).
impson's. Ltd., 634% preferred
Sioux City Gas & Electric, preferred (quar.)
12Hc
SIX
SIX
SIX
1234c
Mar.
Feb.
15a
Feb.
Jan.
25
Mar. 16 Feb.
Feb.
Mar.
25
24
10
Feb.
Jan.
$13*
SIX
Apr.
Apr.
Apr.
Apr.
Mar. 14
Tennessee Electric Power Co.—
5% preferred (quarterly)
6% preferred (quarterly)
(quarterly)
7.2% preferred (quarterly)
6% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
7.2% preferred (monthly)
7.2% preferred (monthly)
7.2% preferred (monthly)
Thompson (John R.) (quar.)
Tri-State Telephone & Telegraph, 6% pref.
(qu.)
16
Jan.
50c
Mar.
Feb.
50c
Apr.
Mar. 14
60c
Feb.
Jan.
16
60c
Mar.
Feb.
15
60c
Apr.
Mar. 14
12Xc
Feb.
Feb.
15c
Mar.
Feb
15
40c
Feb.
Jan.
24
24
United States Fire Insurance (quar.)
Extra
15
5
10c
United States Pipe & Foundry
Weill (Raphael) & Co., 8% pref.
(semi-ann.)
Westchester Fire Insurance (quar.)
Extra
West Virginia Pulp & Paper Co., preferred
(qu.)_
White (S. S.) Dental Mfg.
(quar.)
Feb.
Jan.
37 He
Apr.
Mar. 31
Mar.
Feb.
1
25c
Feb.
Jan.
21
10c
Feb.
Jan.
21
Feb.
Feb.
SIX
1
20c
Feb.
Jan.
21
SIX
Whiting Corp., 634% preferred (quar.)
Feb.
Jan.
21
Apr.
Apr.
Mar. 20
Whittaker Paper Co
preferred
Mar. 14
Feb.
50c
—
7%
Mar. 14
Mar. 14
$1
(quarterly)
Mar. 20
$15*
$1H
Feb.
50c
Feb.
$1H
Winstead Hosiery Co. (quarterly)
Extra..
May
May
Aug.
Aug.
50c
—
$1H
_
_
Feb.
Apr.
July
50c
Quarterly.
$1H
Below
we
Nov.
50c
Extra
Nov.
give the dividends announced in previous weeks
and not yet paid.
This list does
not include
nounced this week, these being given in the
dividends
an¬
preceding table.
25
40c
Northern RR. Co. of N. J., 4% gtd.
31
$3
Syracuse Binghamton & N. Y. RR. (quar.)
Per
Name of Company
28
$134
h$ 154
New York Fire Insurance Co. (quar.)
Norfolk & Washington (D. C.) Steamboat
Jan.
SIX
21
— _
(quar.)
Feb.
m2&
Sun Oil
5 Apr. 25
England Water, Lt. & Pow. Assoc.,pf.(qu.)
preferred
New Haven Clock Co., 6H %
New Process Co. (quar.)
Stouffer Corp., class A
Co., common (quar.)
Preferred (quar.)
16
25c
,
Extra
43 Xc
43 He
16
Jan.
Jan.
23
$1
50c
50c
20
Jan.
Jan.
95c
Quarterly
Mar.
_
Jan.
50c
Sterling Products, Inc. (quarterly)
1
40c
20c
Dec. 31
Jan.
50c
Quarterly
xtra
Mar.
B (extra)
Lincoln National Life Insurance (quar.)
(quarterly)
;
Standard Fire Insurance Co. (N. J.)
Extra
Standard Steel Spring Co
28
50c
common
Quarterly
Quarterly
-—
Quarterly.
Loblaw Groceterias, class A & B (quar.)
Lord & Taylor, 1st pref. (quar.)- —
Marine Bancorporation (quar.)
Massachusetts Bonding <& Insurance Co. (quar.)
Quarterly
McClatchy Newspaper, 7% pref. (quar.) —
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Meadville Telephone Co. (quar.)
Michigan Bakery, $7 preferred
Minnesota Valley Canning Co., 7% pref
($500)
($100)
BB ($100)
Standard Corp., Inc
B
7 % preferred
7H%
Preferred
21
Mar. 16
Smith Agricultural Chemical Co. (quar.)
Preferred (quarterly)
South Carolina Power Co., $6 preferred (quar.)_
Feb.
New
21
Jan.
15
—
Monsanto Chemical
Jan.
Feb.
15
15c
Common and
Feb.
Apr.
15
1 Feb.
Heilman <G.) Brewing (quar.)
Extra
Insurance Co. of the State of Penna.
Holders
if Record
2 Feb.
Feb.
Feb.
Hollander (A.) & Sons (quar.)
Holt Henry & Co., Inc., $1.80 cumul.
Honolulu Gas Co. (monthly)
When
Payabb
2 Feb.
50c
— —
Hartford & Connecticut Western RR.t 2% pref
(semi-annual)
Company
Mar.
15c
(quar.)
pref. (quar.)
Name of
$1J* Mar.
Hale Bros. Stores, (quar.)
Hanna (M. A.) Co., preferred
Hare-Carter Co., $2 con v.
Per
of Record
Share
Holders
Share
Name of Company
Jan. 25 1936
31
20
1 Mar. 20
1 June 20
Oct.
1 Sept. 19
Jan2'37 Dec. 19
Feb.
15 Feb.
1
$1
Feb.
Feb.
1 Jan.
10 Jan.
25
$13*
31
Share
Abbott's Dairies (quar.)
Abraham & Straus, Inc. .pref.
(quar.)„„———,
Adams (J. D.) Mfg. (quar.)
Adams Millis
Preferred
Holders
When
Payabh of Record
Mar
Feb.
1
Ian.
15
Feb.
(quarterly)
1
Feb
1
Ian.
15
Feb.
Products (monthly)
Agnew-Surpass Shoe Stores (s.-a.)
Preferred (quar.)
1
Feb.
1
Feb.
(quar.)
Affiliated
Jan.
18
Jan.
18
1
Jan.
2 Feb.
14
1
Mar.
—
15
Mar. 16
Apr.
15
Alabama Great Southern RR., preferred
Alabama Power Co.. $5 pref. (quar.)
Feb.
1
Alaska Juneau Gold Mining
(quar.)
Extra
Feb.
1
Ian
Feb.
1
Ian.
10
10
10 Ian.
31
Alaska Packers Association
(quarterly)
Allied Chemical & Dye Corp. (quar.)
Aloe (A. S.) Co. (quar.)
Feb
—II!
Feb.
Feb.
Feb.
Alpha Portland Cement
Aluminum Goods Mfg
(quar.)
Amerada Corp., common
(quar.)
American Can (quar.)
Jan.
15
(quar.)""!
15
22
20
10
21
2
Mar. 21
Feb.
Feb.
American Cities Power & Light. A
American Coal Co. of Allegany
Ian.
15
24
Ian.
24
1
Mar. 12
1
Mar. 12
Feb.
Feb.
Ice, preferred
.
I~~!
American Light & Traction..
Preferred (quarterly)
—II!
31!
American Machine &
Foundry, com
American Re-Insurance
American Reserve Insurance
...IIII!
——I
IIII!
IIII!
American
Ship Building (quar.)
American Smelting & Refining
(resumed)
First preferred (quar.)-.
Second preferred (quar.)
American Stores (quar.)
I!
1
May 25
Aug. 25
Jan.
Apr.
July
July
11
28 Jan.
31 Jan.
31 Jan.
31
10
10
1 Mar. 16
2 June 20
2 June 20
Feb.
1 Jan.
20
Feb.
1 Jan.
20
Feb.
1 Jan.
21
Feb.
1
Feb.
1
JanI 15"
Dec.
Feb
1
Mar.
2 Feb.
I!
Feb.
1
Jan.
9
!
I!
Feb.
1 Feb.
Feb.
1 Jan.
1
20
50c
Feb.
1 Jan.
1234c
Apr.
July
1
Mar. 20
1
June
20
20 Feb.
20 Feb.
1 Jan.
10
(s.a )_
Atlantic City Electric Co., $6 pref.
(quar.)
Atlantic Macaroni Co., Inc
Atlas Powder, preferred
(quar.)
Austin, Nichols, prior A
..I.!
Voting Machine (quar.)
Ouarterly
SIX
12 34c
10c
(s.-a.)—IIIII
Bangor Hydro-Electric (quar.)
Barnsdall Corp. (quar.)
1
Jan.
Co., common
Preferred (semi-annual)
Anglo-Canadian Telep. Co., 7% pref. (quar.)..
Appleton Co., 7% pref. (quar.)
Archer-Daniels-Midland Co., pref. (quar,).....
Asbestos Mfe: Co
$1.40 conv
pref. (quar.)
Associated Telephone preferred (quar.)
I—
Atchison Topeka & Santa Fe preferred
(s.-a.)II
Atlanta & Charlotte Air Line Ry.
25
Feb.
I.II!
3.!
!
..Ill-
Amoskeag
10
Feb.
Dec.
1 Nov. 25
Jan. 25 Jan. 15
Feb.
1 Ian.
8
Feb.
1 Jan. 14a
Jan. 25 Jan.
6
Feb.
1 Jan. 15
Feb.
1 Ian. 15
Feb.
1 Jan. 18
Feb. 15 Jan. 31
Feb.
1 Jan. 15
Feb.
1 Ian. 15
American Equities Assurance, N. Y.
(quar.)—.
American Gas & Electric Co
prof, (quar.)—
American Home Products Corp
1 Jan.
Ian.
1
Sept.
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
1
Mar.
rune
County (quar.).
American Envelope Co., 7% pref. A
(quar.)
5c
III III II!
20c
15c
Feb.
Feb.
Feb.
Feb.
31
20
15
1
1
1
Jan.
5c
Feb.
1
Jan.
10
III!
$134
3734c
Feb.
1 Jan.
15
Jan.
30 Jan.
15
25c
Jan.
30 Jan.
!
8734c
Jan.
30 Jan.
15
50c
Feb.
15
Jan.
25
50c
Feb.
15 Jan.
25
3%
SIX
ran.
31 Jan.
31
Feb.
Extra
Beatty Bros., 1st preferred (quar.)
I
Beneficial Industrial Loan Corp.
(quar.)
Common (extra)
Preferred, series A (quar.)
Best & Co. (quar.)
Extra
3!
Preferred (semi-ann.)
Binghamton Gas Works, 7% preferred
6 X % preferred (quarterly)
II
("quar.jI
Birtman Electric
Preferred
1
31 Jan.
Apr.
Apr.
Extra
Baltimore American Insurance
Extra
Ian
Jan.
Extra
Automatic
1
Jan.
1 Jan.
25 Jan.
A pr.
,
American Chicle (quar.)
American
27 Ian
(quar.)
Blue Ridge Corp., $3 conv. pref.
Bloch Bros. Tobacco (quarterly)
—III II
(quar.)—I"!
Quarterly
Quarterly
311
Quarterly
$6 preferred (quar.)
—IIIII"
6% preferred (quar.)
6% preferred (quar.)
31!
6% preferred (quar.)
311
Bloomingdale Bros, preferred (quar.)
III3I
$1.56 34 Mar.
25c
Feb.
SIX
10
15
1
1
1 Jan.
15
Feb.
1 Jan.
15
Mar.
2 Feb.
5
14 Feb.
11
o75c
37 He
Feb.
37Hc
37Hc
May 15 May 11
Aug. 14 Aug. 11
37 He
$1H
$1H
$1H
$1H
$1 X
Nov. 15 Nov. 11
Mar. 31 Mar. 25
June 31
June 25
Sept. 30 Sept. 25
Dec. 31 Dec.
Feb.
1 Jan.
24
21
Bon Ami Co., common
Common B (quar.)
Share
Company
$1
Jan.
31 Jan.
60c
Jan.
31 Jan.
60c
$4
Jan.
31 Jan.
68 He
Apr.
Feb.
15 Feb.
25c
Jan.
25 Jan.
$l
$1
$1
Jan.
25!Jan.
25 Feb.
A (quar.)
Extra
Boston Insurance Co.
(Mass.) (quar )
—
Bourjois, Inc., $2X preferred (quar.)
Bower Holler Bearing (quarterly)-..-..--
Co. (monthly)
Monthly
Monthly
Bridgeport Machine Co., cum.
Briggs Mfg. (quarterly)
--—
preferred
Mar. 25 Mar.
31 Jan.
liJan.
17
Feb.
1 Jan.
21
Apr. 16 Apr
1 Feb.
Mar.
21
15
Feb.
15 Feb.
1
Jan.
17
Feb
31 Dec.
1 Jan.
15c
Feb.
l'Jan
15
40c
Bullock Fund, Ltd
Estates (quar.)
Apr.
Apr.
1 Mar. 14
35c
7% preferred (quar.)
California Packing (quar.)
Canada Southern
Ry. (semi-ann.)
Ltd., common
30e
SI H
&
Extra
7
;
.
ir fieri hi
|
Jan.
31
Feb.
1 Jan.
15
Jan
Feb.
15
15
15
Froedtert Grain & Malting, pref. (quar.)
Frost Steel & Wire Co., 7% 1st preferred
l'Jan.
20
Fuller Brush Co
Apr
1
July
1 June 20
$7 pref........
MX
MX
Electric Corp. (quar.)..
Voting trust certificates (quar.)
Centra! Illinois Security preferred
Central Mississippi Valley Electric Prop.—
6% preferred (quar.)
Central Power & Light Co., 7 cum. preferred—
6% cum. preferred
20c
20c
15c
5c
Central Tube Co..
Mar.
2 Feb.
Feb.
1 Jan.
Feb.
Feb.
30c
75c
50c
Preferred
(quar.)
Columbia Gas & Electric,
Jan.
Jan.
;
Feb.
15
20
Jan.
Jan.
Jan.
Jan.
Feb.
Jan.
Apr.
July
June 24
Extra
Sept. 25
Jan.
Feb.
Jan.
18
17
Feb.
20
May 22
Dec. 27
Jan.
27
Jan.
31
Feb.
Jan.
10a
Feb.
Feb.
Jan.
Jan.
Feb.
Jan.
6
15
15
Feb.
Jan.
Jan.
Dec. 31
Jan.
10
Feb.
Feb.
10
Feb.
Feb.
4
Feb.
Feb.
4
Mar. 18
......
Feb.
7 Jan.
Feb.
.......
1 Jan.
1 Jan.
...
...
Feb.
1 Jan.
1 Jan.
4 Mar. 22
Feb.
Extra
21
Extra
.
21
Distillery and Brewers shares.......
Electrical equipment shares
.
21
17
Extra
20
20
20
.
Jan.
23
Extra
July
23
Investment Co. shares
.
Merchandising shares
.
Extra..
.
Mining shares
15
Extra
Feb.
Feb.
15
Extra
Jan.
15
Railroad shares.
15
15
31 Jan.
31 Jan.
15
31 Jan.
31 Jan.
15
(s.-a.)
31 Jan.
31 Jan.
15
(s.-a.)__
31 Jan.
31 Jan.
15
1 Jan.
16
15 Feb.
31 Jan.
24
Feb.
15
15
Feb.
17
Extra
Dec.
27
Tobacco shares
Feb.
29
Extra
15
Utilities shares
Mar. 14
shares...
Extra
Mar. 14
Gude Winmill Trading Corp
Mar. 14
Gurd (Chas.) preferred
Mar. 14
.
(quar.)
Jan.
Feb.
(semi-ann.)..
15
Halle Bros., preferred (quar.)
Hartford Electric Light (quar.)__
15
Hartford Times, Inc., $3 pref.
Mar. 14
Jan.
Feb.
15
15
Mar. 14
Jan.
25a
Jan.
6
Feb.
2
Jan.
11
Jan.
23
Jan.
15
Jan.
10
3c
Feb.
$3H
Feb.
Jan.
24
30c
Feb.
Jan.
18
31
Mar.
Feb. 29
Feb.
Jan.
15
(quarterly)
Co.. Ltd. (interim)
Shares. Inc. (quar.)
Feb.
Feb.
18
Feb.
Jan.
2
May
Mar. 16
Feb.
Jan.
12
Mar.
Feb.
14
Mar.
Feb.
14
Feb.
Jan.
14
Feb.
Jan.
50c
50c
Apr.
Feb.
Jan.
24
15c
Feb.
Feb.
8
50c
Feb.
Feb.
1
SI H
Jan.
Jan.
10
12Hc
Feb.
Feb.
Jan.
21
$1H
50c
x u>7H%
Ltd. (quar.)
$2 pref. (quar.)
(special)
Dupian Silk (semi-ann.)
du Pont de Nemours, debenture (quarterly)
Duquesne Brewing Co. (quar.)
Eastern Bond & Share series B (quar.)
Eastern Gas & Fuel Assoc. prior pref. (quar.)
6% preferred (quar.)
Eastern Theatres, preferred (s.-a.)
Eastern Township Telep. Co. (quarterly)
20
8
2 He
Preferred
Jan.
$2
Series B
Dictaphone Corp..
20
Jan.
Jan.
5Hc
75c
Series A
Jan,
Feb.
xw 10%
$2
6Hc
e2X%
6% pref. (quar.).
Light, 6% preferred (monthly)
Aircraft, (increased)
Delaware & Bound Brook RR. (quar.)
Deposited Insurance Shares, series A
Dow Drug
—
15c
—
15 Feb.
(quar.)
of America preferred
Preferred (quar.)
Hawaiian Commercial Sugar
Heel a Mining
15 Jan.
15 Feb.
15 Jan.
(quarterly)
(quar.)
Hershey Chocolate (quarterly)
Conv. preferred (quarterly)
Conv. preferred (extra)
Hinde & Dauch Paper Co.. 6% pref. A (quar.).
Hollinger Consol Gold Mines
Hercules Powder Co.. pref.
Feb.
15
Mar. 31
Dec. 31
$1,125 Apr.
Mar. 14
SI H
Apr.
Mar. 14
$3H
Jan.
18c
Apr.
Jan.
15
15 Dec. 31
15
15
1
15
1
15
4
25
25
25
15
13
13
1 Jan.
1 Jan.
15
15
1 Jan.
1 Jan.
20
20
15
25 Jan.
1 Jan.
21
1 Jan.
(s.-a.)
Border's, Inc. (quarterly)
Hormel (Geo. A.) & Co
(quar.)
20
15 Feb.
15 Feb.
Y.) (quar.)
Home (Jos.) Co. preferred (quar.)
Houston Lighting & Power, 7% pref
6% pref. (quar.)
Humbertone Shoe Co. (quar.)
Hussmann-Ligonier Co. conv. pref. (quar.)
Idaho Power, $6 preferrred (quar.)
7% preferred (quar.)
Illinois Northern Utilities, 6% pref. (quar.)
$7 junior preferred (quarterly)
Illuminating & Power Security Corp.—
7% preferred (quar.)
Incorporated Investors (semi-annual)
Extra
International Business Machines, stock
dividend
(quar.)
International Harvester preferred (quar.)
11
1 Jan.
24
1 Jan.
1 Jan.
Horn & Hardart Co. (N.
1
1 Jan.
(quarterly)
International Cigar Machinery
15
25 Jan.
Extra
Preferred A
15
1 Jan.
(monthly)
Homestead Fire Insurance
15
28 Jan.
28 Jan.
Extra
Mining
15
15 Jan.
15 Jan.
Holly Sugar, 7% preferred
7% preferred (quarterly)
Home Insurance (quar.)
Homes take
15
1 Jan. 10
1 Jan. 10
31 Jan. 24
5
15 Feb.
...
Agricultural Co. (mo.)
Extra
Jan.
Hoi
De Havilland
1 Jan.
Hat Corp.
Hawaiian
15
31 Jan.
31 Jan.
Railroad equipment
Steel shares
Jan.
15
31 Jan.
31 Jan.
Jan.
—
15
15
15
15
31 Jan.
31 Jan.
Petroleum shares
15
Jan.
—
15
31 Jan.
31 Jan.
.
25
15
15
.
15
15
31 Jan.
31 Jan.
.
...
.
Jan.
15
31 Jan.
31 Jan.
...
(extra)
15
31 Jan.
,
.
Industrial machinery shares
Jan.
—
15
.
Food shares
15
31 Jan.
31 Jan.
.
15
31 Jan.
31 Jan.
Building shares
15
31 Jan.
,
15
31 Jan.
31 Jan.
.
15
31 Jan.
...
Extra
15
31 Jan.
,
Automobile shares
...
15
Feb.
Apr.
Extra
pref
25
15
15
...
(quar.)
Light, 6% preferred (quar.)
Greyhound Corp., preferred A (quar.)
Group Securities, Inc.—
Agricultural shares
Feb.
Jan.
2
14
Feb
(Mar.
I Feb.
May
9
Aug. 10
Jan.
20
Jan.
...
Preferred
Nov. 10
20
20
15
15
18
Mar. 25
.
Jan.
i
Jan.
Jan.
Davenport Water Co.,
Dome Mines
Feb.
,
(quar.)
Curtis Mfg
Dividend
20
Feb.
Chemical shares
(quarterly)
Domestic Finance Corp.,
16
Jan.
Mar.
Quarterly
Distillers
Jan.
Feb.
Extra
Dec.
15
Mar.
16
Jan.
(quarterly)
Dayton Power &
Feb.
June
preferred (monthly)
...
preferred (monthly)
6.6<
preferred (monthly)
6 6% preferred (monthly)
Continental Can Co., Inc. (quar.).
Continental Oil of Delaware
Continental Steel, preferred.
Coon (W. B.) Co.,7% pref. (quar.)
Corn Exchange Bank Trust (quar.)
Crandall McKenzie & Henderson (quar.)
Crane Co., preferred
Cresson Consolidated Gold Mining & Milling—
Preferred
Jan.
20
10
Sept.
15
Mar. 11
Feb.
Jan.
Jan.
Consolidated Oil, $5 pref. (quar.)
Consolidated Royalty Oil (quar.)
Consumers Power Co., $5 pref. (quar.)
Cuneo
15
15
Apr.
Jan.
Consolidated Chemical Industries A (quar.)
Consolidated Cigar, 7% pref. (quar.)
Prior preferred (quar.)
Consolidated Gas (N. Y.)
—...
Co., 7% pref.
Press (quarterly)
Dec.
JanT
6% pref. (quar.)
Crowell Publishing
Sept. 15
Dec.
Feb.
(quar.)..—
6% preferred (quar.)
6.6% preferred (quar.)
preferred (quar.).
preferred (monthly)
preferred (monthly)..
Sept.
Feb.
5% preferred (quarterly)
5% conv. preferred (quar.)
*2H%
Columbia Pictures Corp.
(semi-annual)
«2H%
Semi-annual....
...
Columbia Rail, Power & Light Co.. 6H % pf.(qu)
Commercial National Corp (liquidating)
Commonwealth Edison (quar.)
Commonwealth Utilities Corp fiH%pf C (qu.)
$5 preferred
(quar.)....
Greenfield Gas
Jan.
—.....
Community Public Service, initial
Connecticut River Power Co., 6%
June
Mar.
Grand Rapids Metalcraft Corp
Great Lakes Dredge & Dock Co.
Extra
21
Jan.
pref. (quar.)
Certificates of beneficial interest..
20
Jan.
28
Mar. 14
June
Great Northern Iron Ore Prop.—
20
July
Aug.
...
...
Razor Co.. $5 conv.
Great Lakes Steamship
20
Jan. 25 Jan. 20
2 Feb. 20
Mar.
3 Feb.
Feb.
guaranteed preferred (s.-a.).
guaranteed preferred (s.-a.)—
Cincinnati Northern RR. (semi-ann.)
City of New York Insurance
City Baking, 7% pref. (quar.)
City Union Corp. (resumed)-.
City Water Co. of Chattanooga. 6% pref.(quar.)
Cleveland & Pittsburgh Ry., reg. gtd. (quar.)..
Registered guaranteed (quar.).
•.).
Registered guaranteed (quar
Registered guaranteed (quar.)
Cleveland Cincinnati Chicago & St. Louis Ry. Co
1st
Coast Breweries
1 Jan.
16
18a
Jan.
Feb.
Mar.
Feb.
(quarterly)
Green (H. L.) (quar.)
RR—
(quar.)
Cluett, Pea body & Co., Inc.
1 Jan.
Mar,
25c
—
1
20
Feb.
...
(quar.)
Preferred
10
15
20
Jan.
Feb.
Globe Knit Works, pref. (s,-a.)__
...
Globe & Rutgers Fire Ins., 2nd pref.........
Gold Dust Corp. (quar.)
16
Jan.
Feb.
Jan.
Gillette Safety
1 Jan.
Sept. 14
Feb.
June
...
.....
Inc., com. (quar.)
....
General Motors. $5 preferred (quarterly)..
General Stockyards (quar.)
1 Jan.
Mar. 14
Mar.
Mar.
....
General Electric Co., common........
General Foods (quar.)
General Metals
Jan.
Oct.
Feb.
15
15 Feb
Feb.
Feb.
1st
.....
Feb
70c
MX
—
2 Feb.
Feb.
SI
....
Belt
Semi -annual
(quar.)..
Feb.
Apr.
Feb.
15
25 Jan.
Mar,
45c
Ribbon Mills, pref. (quar.)
Century Shares Trust isemi-ann.)
Century
Cincinnati Inter-Terminal
Preferred
17
17
25
15
Oct.
20
l'Jan.
Jan.
S1H
(quarterly)..
Chain 8tore Investment, preferred..
Chase National Bank com. (s.-a.)—
Chestnut Hill RR. Co. (quar.)
Chicago Daily News
—
Chicago Yellow Cab (quar.) —
7% pref. (quar.)
7% preferred (quar.)
7% preferred (quar.)
Gardner-Denver, preferred (quarterly)
General Baking Co
General Cigar (quarterly)
Preferred (quar.)
15
15
Jan.
Feb.
(quar.)
General Mills.
SI H
43 He
37 He
Jan.
Feb.
Freeport Texas, preferred (quarterly)..
l'Jan.
1 Jan.
20
Jan2 '37 Dec. 20
Feb. 20 Jan. 31
Feb.
1 Jan. 15
Feb.
1 Jan.
15
Feb.
1 Dec. 31
Feb.
1 Dec. 31
Feb.
IIJan. 20
Jan
Feb.
Feb.
l'Jan.
1 Sept
Nov. 21
Jan.
Feb.
Feb.
h%2
$6 preferred (quar.)
Central Hudson Gas &
Chain
Dec.
Feb.
Feb.
Oct.
19
May 21
Aug. 21
Jan.
...
MX
MX
MX
...
—
Pasco Copper Corp
10
5
20
Sept.
si
7% preferred (quar.)
7% preferred (quar.)
Cerro de
15
Feb.
Feb.
June
(quar.)
Franklin Fire Insurance (quar.)
Extra
ljJan.
Feb.
6
Mar.
Fourth National Investors Corp
31 Dec
10
Mar.
lc
....
Celluloid Corp., 1st preferred
Central Arizona Light & Pow.,
Feb.
20c
(quar.)
(quar.)
20
Feb.
6
Jan.
Mar.
3Hc
-—
Capital Management
Carnation Co.. 7% pref.
20
Jan.
10c
---—
Industries A A B (quarterly) ...—.
Canadian Investment Corp., Ltd. (quar.)
Canadian Investment Fund (quar.)
20
Jan.
r$l
Dock
Extra
Canadian
Jan.
Feb.
Feb.
r$l
r$l
Co. (quar.)
Feb.
50c
(quar )
Dredge
27
SI H
——
Canadian
Dec.
Jan.
...
r50c
Bonus
Prefprred
Feb.
50c
—
(quar.) —
Canadian Bronze Co.,
Canadian Converters
29
1 Jan.
15
Feb.
Jan. 25 Dec. 31
1H%
<quar.)_.
Power < orp
1 Mar. 14
Mar. 16 Feb.
37 He
preferred (quar.)
Northern
15
Jan.
Feb.
Eppans Smith Co. (semi-ann.)
....
Eureka Pipe Line (quar.)
European <fe North American Ry. (s.-a.)
Semi-annually
Faber Coe & Gregg. Inc. (quar.)
7% preferred (quarterly)
Fair (The), preferred (quar.)
Famise Corp., common (initial)
Fansteel Metallurgical Corp., $5 pref. (quar.)..
$5 preferred (quarterly)
$5 preferred (quarterly)..
$5 preferred (quarterly)
Farmers & Trader* Life Insurance (quar.)
Federa J Knitting Mills (quar.)
Fibreboard Products, Inc., 6% pref. (quar.)...
Fidelity Fund
Firestone Fire & Rubber, pref. (quar.)
I
29 Jan.
1
10
Feb.
preferred
Extra
Feb.
Feb.
Jan.
Jan.
Ely & Walker Dry Goods (quar.)
Empire & Bay State Teleg.. 4% gtd.
4% guaranteed (quar.)
4% guaranteed (quar.)
4% guaranteed (quar.)
Employers Group (quar.)
17
15
Feb.
1
Feb.
Feb.
Feb.
$5 pref. (quar.)
Electric Household Utilities
Electric Shareholdings. $6
Holders
When
Payable of Record
Feb.
(quar.)
Edison Electric Illuminating of Boston
Electric Bond & Share Co., $6 pref. (quar.)
Jan.
_
Canada
Eaton Manufacturing
Extra
Jan.
htl&
Share
Name of Company
18
18
18
20
1
2
20
20
20
20
30 Jan.
29 Jan.
Jan.
h3X%
preferred
—
Si H
British Columbia Telep., 6% preferred—._—
$1H
Broadway Dept. Stores, 7% pref. (quar.)
*1 V'i
Brooklyn-Manhattan Transit Co.. pref. (quar.).
MX
Brooklyn Tel eg. & Messenger (quar.)
$1
Brown Fence & Wire Co.. A (8.-a.)
5c
Buffalo Ankerite Gold Mines (quar.)
$3
Buffalo Insurance (N. Y.) (quar.)
SI X
Buffalo. Niagara & Eastern Bower, 1st pf. (qu.)
Calgary Power,
1 (Mar.
Feb.
British Celanese. 1st
Calainba Sugar
Per
When I Holders
Payable of Record
Per
Name of
Brewer (C.) &
575
Financial Chronicle
Volume 142
15
1
15
1 Jan.
15
1 Jan.
20
1 Jan.
1 Jan.
15
1 Jan.
1 Jan.
16
Feb.
15 Jan.
31
Jan.
31 Jan.
31 Jan.
7
Jan.
Feb.
Feb.
Mar.
15
16
7
10 Dec. 20
1 Jan. 18
2 Feb,
5
574
Financial Chronicle
Per
Name of Company
When
Payable
Per
of Record
Name
of Company
Hale Bros. Stores,
15c
2 Feb.
15
Hanna (M.
$134 Mar.
1 Feb.
15
Mar.
2 Feb.
15
Smith Agricultural Chemical Co. (quar.)
Preferred (quarterly)
South Carolina Power Co., $6 preferred (quar.).
Mar.
2 Feb.
15
When
Holders
Share
Hulders
Share
'
Jan. 25 1936
Payabli
tf Record
Mar.
50c
$2 convertible preferred
Hartford & Connecticut Western RR., 2% pref
h$lX
Feb, 20
Feb.
Feb.
15c
1
10c
—
Feb.
Feb.
1
10c
Jan.
Jan.
10c
Feb.
28
21
10c
Extra
Pinal
Mar.
Feb.
Mar. 20
Jan. 31
1234c
Feb.
ftlOc.
Mar.
Feb.
10
15c
Jan.
Jan.
13
15c
Jan.
Extra
Jan.
5
10c
Feb.
Jan.
31
25c
Ingersoll-Rand
Feb.
Jan.
Mar.
2 Feb.
22 Jan
3
20
$4
Jan
9c
25c
Mar. 20 Mar. 12
Mar.
1 Feb. 10
June
1 May 11
25c
—
Sept.
25c
Quarterly
Quarterly
Quarterly
25c
Jacttson & Curtis Security
Dec.
h$ 1)4
37)4c
Corp., $6 pref
Kayser (Julius) & Co
Kexaha Sugar Co. (monthly)
Kelvinator Corp. (quar.)
Kendall Co. cum. & partic. pref. A
Landis Machine Co. (quar.)
Quarterly
Feb.
Feb.
1 Aug. 10
1 Nov. 10
1
15 Feb.
I
1 Jan.
Feb.
Apr.
1 Mar.
5
Mar.
2 Feb.
10a
25c
Feb.
15 Feb.
5
25c
May 15 May
Aug. 15 Aug.
5
25c
Quarterly
25c
.six
5
Nov. 16 Nov.
Mar. 16 Mar.
5
5
six
-
—
June
15 June
5
six
six
Preferred (quarterly)
Preferred (quarterly)
Sept. 15 Sept.
5
Dec.
15'Dec.
5
Preferred
Feb.
Nov.
2 Oct.
27
25c
Mar.
Feb.
14
Mar.
Feb.
17
Jan.
20c
Feb.
50c
Feb.
50c
May
4334c
4334c
4334c
43 Xc
37 34c
h$ IX
h
Extra
$2
25c
25c
Montreal Light, Heat & Power Co. (quar.) — —
Morris Plan Co. of R. I. (Providence) (quar.)—
National Bearing Metals
Corp
.
7% preferred (quar.)
25c
England Grain Products Co., (quar.). — _
England Water, Lt. & Pow. Assoc.,pf.(qu.)
preferred
—
(quar.)
4% guaranteed
4% guaranteed
4% guaranteed
50c
15c
(s.-a.)
J., 4% gtd. (quar.)
(quarterly)
(quarterly)
!?
$1
$1
$1
(quarterly)
River Insurance
40c
$1)4
hS IX
$1X
New York Fire insurance Co. (quar.)
Norfolk & Washington (D. C.) Steamboat
Northern RR. Co. of N.
$1
$134
87)4c
New Haven Clock Co., 6)4%
New Process Co. (quar.)
Preferred
$2
20c
National Pounders. $3 34 pref. A (quar.)
National Oats (quarterly)
(quar.)
20c
Extra
5c
Northwestern Public Service, 7% pref
hlX
h$ 1)4
6% preferred
Noyes (Chas. F.) 6% preferred
Oahu Ry. & Land Co. (monthly)
Old Line Life Ins. Co. of Amer.
h45c
---
(quar.)
——
l'Jan.
25
Mar. 14 Feb. 25
Mar. 14 Feb. 25
Feb.
Jan.
Feb.
Jan.
Mar.
Feb.
17
Jan.
Jan.
20
25
Feb.
21
Feb.
Feb.
Mar.
Feb.
31
17
Jan.
15
Feb.
Jan.
18
Feb.
Jan.
Feb.
Jan.
Feb.
Jan.
15
24
24
Jan.
Jan.
Mar.
Jan.
23
June
Sept.
Jan.
4
Feb. 20
May 19
Aug. 22
Dec.
Nov. 21
Mar. 10 Feb. 28
Mar. 10 Feb. 28
Mar.
2 Feb. 20
Mar.
2 Feb. 20
1 Jan.
29
20 Feb.
10
Jan.
31 Jan.
21
Jan.
2 Dec.
15
Feb.
20'Feb.
10
$234
Feb.
20 Feb.
6
SIX
$1)4
Feb.
Feb.
Feb.
Feb.
nx
$1)4
nx
$1$1
25c
nx
$ix
nx
nx
nx
nx
SIM
$134
—
50c
—
60c
—
—
—
—
$2
$134
$1X
15 Jan.
30
15 Jan.
24
1 Jan.
18
Jan.
18
Feb.
Jan.
20
Feb.
Feb.
Jan.
24
Jan.
25
Mar.
Apr.
July
Feb. 10
Mar. 10
June 10
Oct.
Sept. 10
Jan2'37 Dec. 10
Apr.
July
Oct.
7 Mar. 10
7 June 10
6 Sept. 10
Jan5'37 Dec. 10
Jan.
15 Dec. 31
Mar. 31 Mar.
Mar. 31 Mar.
Mar. 31 Mar.
Mar. 31 Mar.
50c
Feb.
50c
Cigar Corp., preferred
Second Twin Bell Syndicate (monthly)
Selby Shoe (quarterly)
Servel, Inc., common
7% cum. preferred (quar.)
7% cum. preferred (quar.)
7% cum. preferred (quar.)
7% cum. preferred (quar.)
ignode Steel Strapping (quarterly)
impson's. Ltd., 6)4 % preferred
Sioux City Gas & Electric, preferred (quar.)
—
$134
25c
h75c
Feb.
15 Jan.
16
1 Jan.
2 Feb. 15
1 Mar. 14
Mar.
15 Feb.
Feb.
5
Mar.
1
Feb
15
Feb.
1
Jan.
24
1
Jan.
24
20 Mar. 31
1
2 Feb.
1
Jan.
21
1
Feb.
Jan.
21
15 Feb.
Feb.
1
Feb.
1
Jan.
21
1
Jan.
21
Mar. 20
Apr.
Apr.
1
Feb.
1
Feb.
1
May
May
Aug.
Aug.
1
1
$134
Nov.
1
50c
Nov.
1
$134
Quarterly.
Extra
Below
we
1 Mar. 20
1
1
give the dividends announced in previous weeks
and not yet paid.
Feb.
Jan.
16
50c
Feb.
Jan.
27
50c
Mar.
50c
Apr.
Feb.
h7 5c
25c
Feb.
Feb. 20
Mar. 19
Jan. 21
Jan.
15
$1X
Mar.
$1)4
Mar.
Feb.
11
Feb.
Feb.
Jan.
28
1%
20c
Feb.
Feb.
11
Jan.
Jan.
3
11
Feb.
Feb.
Jan.
25
Jan.
31
Feb.
Jan.
25
12)4c
nx
nx
nx
nx
12)4c
Mar.
July
Feb. 20
Mar. 20
June 20
Oct.
Sept. 19
Jan 2
Dec.
Apr.
Feb.
This list does
not
nounced this week, these being
given in
19
Feb.
1
$1
Feb.
Jan.
nx
Feb.
Jan.
25
31
include dividends
Share
Abbott's Dairies (quar.)
Abraham & Straus, Inc. .pref.
(quar.)-Adams (J. D.) Mfg. (quar.)
Adams Millis
(quarterly)
25c
$1*4
...
Mar
1
Feb.
Feb
1
lan.
15
Feb.
1
fan.
Jan.
15
Feb.
1
15
18
Feb.
20c
1
1
Jan.
Jan.
14
Mar.
2 Feb.
15
$134
Feb.
15c
Feb.
$2
Feb.
1
Apr.
3%
$1 x
Feb
27
$134
Feb.
25c
Feb.
25c
Alpha Portland Cement
Aluminum Goods Mfg
(quar.)
Amerada Corp., common
(quar.)--American Can (quar.)
Jan.
15c
Apr.
50c
Jan.
$1
18
Mar. 16
Jan
22
1
Jan.
1
Feb.
Extra
Alaska Packers Association
(quarterly)---——,
Allied Chemical & Dye Corp.
(quar.)-Aloe (A. S.) Co. (quar.)...
American
Extra
American
American
American
Holders
When
Payabh of Record
Feb.
——
(quar.)
Alaska Juneau Gold Mining
(quar.)
Extra
15c
50c
-
Preferred (quar.)
Affiliated Products (monthly)
Agnew-Surpass Shoe Stores (s.-a.)-Preferred (quar.)
^
Alabama Great Southern RR.,
preferred
Alabama Power Co., $5 pref.
an¬
the preceding table.
Per
Name of Company
Jan
Jan.
10 Jan.
1 Jan
1
20
10
10
31
10
1 Jan. 21
25 Jan.
2
1 Mar. 21
Feb.
31 Jan.
15 Jan.
24
Feb
15
Jan.
24
15
!
$1
75c
Apr.
Apr.
1
Mar. 12
25c
1
Cities Power & Light, A (quar.)III_.
Coal Co. of Allegany County
o75c
Feb.
1
Mar. 12
Jan.
11
-----
Chicle (quar.)
.
(quar.).
Envelope Co., 7% pref. A (quar.)
American Equities Assurance, N. Y.
(quar.)
Amoskeag
1
Nov. 25
Jan.
Feb.
1
Jan.
Feb.
1
Jan.
25 Jan.
15
8
14a
fan.
25
Jan.
6
Feb.
1
Jan.
15
Feb.
1
Jan.
Jan.
15
18
31
20c
Feb.
1
Feb.
15
Jan.
50c
Feb.
1
Jan.
1
15
50c
Feb.
fan.
15
40c
Feb.
28 Jan.
31
SIX
$134
Jan.
31
Jan.
10
Jan.
3J
Jan.
10
Apr.
July
July
2
50c
conv
pref. (quar.)
Associated Telephone preferred
(quar.)
I_.
Atchison Topeka & Santa Fe. preferred
(s.-a.)-_
Atlanta & Charlotte Air Line Ry.
(s.a )
Atlantic City Electric Co., $6 pref.
(quar.)-_-_.
Co., Inc
(quar.)
75c
$2 34
8734c
six
SIX
Mar. 16
June 20
2 June 20
1
Feb.
1
1
Jan.
Jan.
20
Feb.
Feb.
1
Jan.
21
35c
Feb.
1
3734c
$2 34
$434
Feb.
1 Jan.
M
$134
Feb
1
Mar.
2 Feb.
1 Jan.
Feb.
Feb.
Feb.
Dec.
20
15
Ml
20
9
1
Feb.
1
1
Jan.
20
15
50c
Feb.
1
Jan.
1234c
Apr.
July
1
Mar. 20
1
June 20
12 34c
10c
Feb.
20 Feb.
"
5c
Feb.
20 Feb.
1
I-1—
20c
Feb.
Jan.
10
(s.-a.)-II—II!
Bangor Hydro-Electric (quar.)
Barnsdall Corp. (quar.)
15c
Extra
Feb.
1
1
Jan.
1
10
5c
Beatty Bros., 1st preferred (quar.)
I
Beneficial Industrial Loan
Corp. (quar.)
Common (extra)
Preferred, series A (quar.)
Best & Co.I (quar.)
I
—
Feb.
1
Jan.
10
$134
3734c
Feb.
1
Jan.
15
Jan.
Birtman Electric
15
30 Jan.
15
Feb.
15
Jan.
Feb.
15
Jan.
25
ran. 31 Jan.
3%
Feb
$134
$1.56 34 Mar.
31
25
i
25c
(quar.)
Blue Ridge Corp., $3 conv. pref.
Bloch Bros. Tobacco
(quarterly)
30 Jan.
Jan.
50c
(semi-ann.)
IIIIIIIII
Binghamton Gas Works, 7% preferred (quar.j.
6 X % preferred (quarterly)
15
Jan.
50c
Preferred
30 Jan.
25c
87 34c
Extra
Preferred
Dec.
75c
—II"
-
Insurance
Sept.
50c
Co., common
Preferred (semi-annual)
IIIllAnglo-Canadian Telep. Co., 7% pref. (quar.)_.
Appleton Co., 7% pref. (quar.)
Archer-Daniels-Midland Co., pref. (quar.)
Atlas Powder, preferred
10
25
May 25
1 Aug. 25
30c
Ship Building (quar.)
American Smelting & Refining
(resumed)--First preferred (quar.)
Second preferred (quar.)
American Stores (quar.)
Atlantic Macaroni
Ian.
Feb.
1
37 34c
American
$1.40
1
1
20c
-
Preferred (quarterly)
American Machine & Foundry, com
American Re-Insurance
American Reserve Insurance
Co
Feb.
Mar.
June
$134
American Light <fc Traction
Asbestos MfK
$1
SIX
SIX,
six
SIX
25c
American Gas & Electric Co
prof, (quar.)
American Home Products
Corp
American Ice, preferred
Baltimore American
Extra
24
50c
1
Feb.
Apr.
50c
Quarterly
Voting Machine (quar.)
Ouarterly
20c
J—
16
15
Mar. 14
1
$134
Automatic
29 Feb.
h$ 3
—
Jan.
2 Feb.
Apr.
nx
$134
Austin, Nichols, prior A
Mar. 31 Mar.
Jan.
2
$1)4
St. Paul Fire & Marine Insurance Co
Feb.
15c
Oswego & Syracuse RR. (s.-a.)
Owens-Illinois Glass (quar.)
Pacific Coast Mortgage Co
Pacific Power & Light 7 % pref
$6 preferred
Package Machinery Co. 7% 1st pref. (quar.)_
Passaic & Delaware RR. (s.-a.)
Pemigewasset Valley RR. (semi-ann.)
Philadelphia Co. 5% preferred (s.-a.)
Pittsburgh Ft. Wayne & Chicago Ry. Co. (quar.)
Quarterly
Quarterly
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
Prentice (G. E.) Manufacturing Co. (quar.)
Public Service Corp. of N. J. common (quar.)
8% preferred (quar.)
7% preferred (quar.)
—
$5 preferred (quar.)
6% cum. pref. (monthly)
6% cum. pref. (monthly)
Public Service Co. of Texas, 7% pref. (quar.)
Quebec Power (quar.)
Quincy Market Cold Storage & Warehouse Co.—
5% preferred
Randall Co., class A (quarterly)
Reading Co., first preferred (quarterly)
Second preferred (quarterly).
Reed (C. A.) Co., $2 preferred A
Rich Ice Cream Co., Inc. (quarterly)
Rochester Gas & Electric, 7% pref. B (quar.)
6% preferred C and D (quarterly)
Rosedale Gold Mines, Ltd
San Carlos Mill Co. (monthly)
(B.)
Nov. 30 Nov. 30
Feb. 15 Jan. 31
Feb.
1 Jan. 24
20c
Onomea Sugar Co. (monthly)
Schwartz
Feb. 28,Feb. 28
May 30|May 30
Aug. 3l'Aug. 31
Feb.
Feb.
15c
Oceanic Oil Co
Mar. 14
1
Mar.
50c
Jan. 25
5 Apr. 25
2c
—-
Mar. 14
Feb.
21
-
Co. (quar.)
Quarterly
McClatchy Newspaper, 7% pref. (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Meadville Telephone Co. (quar.)
Michigan Bakery, $7 preferred
Minnesota Valley Canning Co., 7% pref
Monsanto Chemical (quarterly)
Mar. 14
1
23
30c
Massachusetts Bonding & Insurance
Mar. 14
1
Feb.
Extra
Apr. 25
July 25
$134
Lord & Taylor, 1st pref. (quar.)
Marine Bancorporation (quar.).:
North
Jan.
30c
Quarterly
Quarterly
New
Feb.
Feb.
$1
$1
Loblaw Groceterias, class A & B (quar.)
New
Mar.
May
Aug.
1
1
Feb.
Extra
30c
24
50c
Mar.
30c
10
Jan.
Mar.
Quarterly
40c
25
1
Apr.
Extra
17
17
25
Feb.
Apr.
Apr.
Apr.
Apr.
-
(quar.)
Whiting Corp., 634% preferred (quar.)
Whittaker Paper Co
7% preferred (quarterly)
Winstead Hosiery Co. (quarterly)
10
Feb.
Fan.
1
2
Feb.
(quar.)
Extra
West Virginia Pulp &
Paper Co., preferred (qu.).
White (S. S.) Dental Mfg.
27
Mar.
Feb.
Feb.
1 Jan.
(quar.)-——Common and common B (extra)
Lincoln National Life Insurance (quar.)
Quarterly
2
31
15a
Mar.
(semi-ann.)
Westchester Fire Insurance (quar.)
10 Feb.
B
lan.
Feb.
Extra
Feb.
Liggett & Myers Tobacco Co.—
16
5
Mar. 16 Feb.
United States Pipe & Foundry
Weill (Raphael) & Co., 8% pref.
Feb.
Feb. 28
Feb.
1
ian.
Jan.
Mar.
5% preferred (quarterly)
Mar.
16
23
23
Feb.
6% preferred (quarterly)
7 % preferred (quarterly)
7.2% preferred (quarterly)
6% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
7.2% preferred (monthly)
7.2% preferred (monthly)
7.2% preferred (monthly)
Thompson (John R.) (quar.)
Tri-State Telephone & Telegraph, 6% pref.
(qu.)
United States Fire Insurance (quar.)
25c
20
Jan.
1
Ian.
ian.
Syracuse Binghamton & N. Y. RR. (quar.)
Tennessee Electric Power Co.—
50c
.
25 Dec. 31
25 Dec. 31
25 Dec. 31
25 Dec. 31
Jan.
Inc
Sterling Products, Inc. (quarterly)
Stouffer Corp., class A
Sun Oil Co., common
(quar.)
Lansing Co. (quarterly)
Lawson Realty Co., 7% preferred (quarterly) -
common
21
Mar. 16
Jan.
-
Lib bey-Owens -Ford Glass (quar.)
Life Savers (quar J
Common and
21
Jan.
1
Jan.
Standard Fire Insurance Co. (N. J.)
Extra
Standard Steel Spring Co
25
20c
1234c
$1)4
Preferred (quarterly)
Preferred
(quarterly)
lan.
1
Jan.
($500)
($100)
BB ($100)
Standard Corp.,
20
50c
Insurance Co. of the State of Penna. (s.-a.)
Insuranshares Certificates, Inc. (s.-a.)
Iron Fireman Mfg. (quar.).
1
Feb.
B
31
10c
Feb.
Jan.
734%
9%
-
1234c
$134
AA
Feb.
$1
(semi-annual)
Heilman (G.) Brewing (quar.)
Hibbard, Spencer, Bartlett & Co., (mo.)
Monthly
Monthly
—
Hollander (A.) & Sons (quar.)
Holt Henry & Co., Inc.. $1.80 cumul. A
Honolulu Gas Co. (monthly)
Honolulu Plantation Co. (monthly)
Honolulu Sugar Co. (monthly)
Hutchinson Sugar Plantation (monthly)
Hydro- Electric Securities, pref. B (s.-a.)
Imperial Tobacco of Gt. Britain & Irleland—
—
Feb.
Apr.
Stamper No. 1 Trust, A ($500)
(quar.)
A.) Co.. preferred (quar.)
Hare-Carter Co., $2 con v. pref. (quar.)
I
(quar.)
Quarterly
Quarterly
Quarterly
preferred (quar.).
6% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
Bloomingdale Bros, preferred (quar.)
~~
Feb.
1
Jan.
15
SIX
Feb.
1
Jan.
15
q75c
Mar.
2 Feb.
5
14 Feb.
11
3734c
3734c
3734c
3734c
""
$134
$134
$134
$134
—
$1 X
Feb.
May 15 May 11
Aug. 14 Aug. 11
Nov. 15 Nov. 11
Mar. 31 Mar. 25
June 31
June 25
Sept. 30 Sept. 25
Dec. 31
Feb.
Dec.
1 Jan.
24
21
Share
Company
Bourjois, Inc., $254
Bower
(Mass.) (quar )
—
Monthly..
Monthly
Bridgeport Machine Co., cum. preferred
Brlggs Mfg. (quarterly)
British Celanese. 1st preferred
—
British Columbia Telep., 0% preferred
Broadway Dept. Stores, 7% pref. (quar.)
Brooklyn-Mauhattan Transit Co.. pref. (quar.).
Brooklyn Teleg. & Messenger (quar.)
Brown Fence & Wire Co.. A (s.-a.)
Buffalo Ankerite Gold Mines (quar.)
—
Buffalo Insurance (N. Y.) (quar.)
Buffalo. Niagara & Eastern Bower, 1st pf. (qu.)
Bullock Fund. Ltd
Calamba Sugar Estates (quar.)
Feb.
Jan.
Jan.
leb.
.Mar.
h$lVi Jan.
50c Jan.
25c
Si
§1
h3H%
SI Vi
$1%
Calgary Power,preferred
Canada
*i
Canadian
lVi%
Feb.
(quar.)
Jan.
Feb.
50c Feb.
50c Feb.
$1 H Feb.
roOc Feb.
r$l Feb.
rSl Feb.
rSl Jan
10c Feb.
3Vic Feb.
lc Feb.
20c Feb.
30c
$1 Vi
Co. (quar.)
Dock
Extra
A A B
Canadian Investment
Canadian Investment
(quarterly)
Corp., Ltd. (quar.)
Fund (quar.)
Extra
-
Capital Management
Carnation Co., 7% pref.
? >,
i.reier»Mil (quar.)
Mar.
Mar.
(quar )
Canadian Industries
SI H
h%~2
Electric Corp. (quar.)..
Voting trust certificates (quar.)
—-—-—
Centra! Illinois Security preferred..—
—
Central Mississippi Valley Electric Prop.—
6% preferred (quar.)
Central Power & Light Co.,
7% preferred (quar.)
7% preferred (quar.)
Gardner-Denver, preferred (quarterly)
General Baking Co
General Cigar (quarterly)
Preferred (quar.)
1 June 20
1 Sept
Preferred
15
20
2 Feb.
1 Jan.
Preferred
Gillette Safety
1 ,Jan.
1 Jan.
10
16
Feb.
Feb
27
15 Jan.
1 Jan.
31
Feb.
6
15
15
2
1 Jan.
25 Dec. 31
Feb.
....
Feb.
pref. (quar.)
iFeb.
Jan.
1 July
20
31 Jan.
21
1 Jan.
15
1 Jan.
1
(Mar.
1 Jan.
Feb.
29 Feb.
15 Feb.
15 Feb.
Feb.
7 Jan.
16
20
Mar.
June
1 May
10
9
1 Aug. 10
15
31 Jan.
15
31 Jan.
15
31 Jan.
31 Jan.
15
15
15
15
15
15
15
15
15
15
15
15
15
Extra
Building shares
31 Jan.
31 Jan.
1 Nov. 10
Extra
31 Jan.
21
Extra
31 Jan.
Feb.
1 Jan.
21
Distillery and Brewers shares....
21
Electrical equipment
Extra
Chemical shares
Jan.
Feb.
Feb.
1 Jan.
15 Jan.
17
Extra
20
3 Jan.
23
Aug.
3 July
23
Feb.
1 Jan.
15
Feb.
Light Co.. 654 % pf-(qu)
Commercial National Corp (liquidating).
Commonwealth Edison (quar.)
Commonwealth Utilities Corp 6)4% pf C (qu.)
Community Public Service, initial (quar.)
Connecticut River Power Co., 6% pref
Consolidated Chemical Industries A (quar.)
Consolidated Cigar, 7% pref. (quar.)
Prior preferred (quar.)
Consolidated Gas (N. Y.)
$5 preferred (quarterly)
...—....
Consolidated Oil, $5 pref. (quar.)
Consolidated Royalty OU (quar.)
Consumers Power Co., $5 pref. (quar.)
6% preferred (quar.)
6.6% preferred (quar.)
7% preferred (quar.)
...
6% preferred (monthly)
6% preferred (monthly)...
6% preferred (monthly)
6.6% preferred (monthly)
6.6% preferred (monthly)
...
31 Jan.
31 Jan.
Industrial machinery shares
Extra
Feb.
Semi-annual
31 Jan.
31 Jan.
shares
Food shares
15 Jan.
15 Jan.
Jan.
Feb.
31 Jan.
20
20
Feb.
31 Jan.
...
31 Jan.
31 Jan.
31 Jan.
Investment Co. shares (extra)
Merchandising shares ...
31 Jan.
31 Jan.
Feb.
Feb.
Jan.
25
31 Jan.
31 Jan.
Feb.
15
Feb.
Jan.
15
15
Railroad shares
Fuel Assoc. prior pref. (quar.)...
6% preferred (quar.)
—
Eastern Theatres, preferred (s.-a.)
Eastern Township Telep. Co. (quarterly)
4
25
15 Jan.
15 Jan.
25
1 Jan.
28 Jan.
15
28 Jan.
1 Jan.
13
27
Feb. 29
Jan. 15
Mar. 14
Tobacco shares (s.-a.).
Extra
Utilities shares (s.-a.)
Jan.
Extra
Jan.
.
Mar. 14
Mar. 14
Gurd (Chas.)
Mar. 14
Jan.
Feb.
Feb.
Halle Bros., preferred
Feb.
Jan.
15
Feb.
15
Apr.
Feb.
Mar. 14
Jan.
15
Mar.
Feb.
15
Apr.
Mar. 14
25a
Jan.
Jan.
Feb.
2
Jan.
11
Jan.
23
Jan.
15
Jan.
10
6
3c
$354
30c
$1 54
50c
preferred (quar.)
(quar.)
Jan.
Feb.
Hartford Electric Light (quar.)
Hartford Times. Inc., $3 pref. (quar.).
Feb.
Feb.
Feb.
of America preferred
Preferred (quar.)
Hawaiian Agricultural Co. (mo.)
Hawaiian Commercial Sugar
Hecla Mining (quarterly)
Hercules Powder Co., pref. (quar.)
Hat Corp.
....
Hershey Chocolate (quarterly)
Conv. preferred (quarterly)
Conv. preferred (extra)
Hinde & Dauch Paper Co.. 6% pref. A (quar.).
Hollinger Consol Gold Mines
.....
$2
w7Vi%
2Vic
50c
50c
50c
$154
12Vic
15c
$1,125
$1
$3.
18c
Feb.
Jan.
31
Feb.
Jan.
24
Feb.
Jan.
18
Home Insurance
Mar.
Feb. 29
Feb.
Jan.
Jan,
20
Feb.
Jan.
20
Jan.
Jan.
8
Feb.
Feb.
18
Feb.
Jan.
2
Feb.
May
Mar. 16
1 Jan.
21
Feb.
1 Jan.
15 Feb.
20
Horn & Hardart Co. (N.
Feb.
Feb.
Y.) (quar.)
Jan.
14
Feb.
Jan.
Apr.
Feb.
Jan.
24
Feb.
Feb.
8
Feb.
Feb.
1
Apr.
Jan.
_
Apr.
Mar. 14
Jan.
15
15 Dec. 31
Feb.
15 Feb.
1 Jan.
20
1
1
11
24
6% pref. (quar.)
Humbertone Shoe Co.
(quar.)
Hussmann-Ligonier Co. conv. pref. (quar.)
Idaho Power, $6 preferrred (quar.)
7% preferred (quar.)
Illinois Northern Utilities, 6% pref. (quar.)
$7 junior preferred (quarterly)
Illuminating & Power Security Corp.—
7% preferred (quar.)
Incorporated Investors (semi-annual) _ _
_.
Extra
International Business Machines, stock dividend
International Cigar Machinery (quar.)
International Harvester preferred (quar.).
Feb.
1 Jan.
1 Jan.
Feb.
(Jos.) Co. preferred (quar.)
Lighting & Power, 7% pref
Feb.
Mar. 14
15
Feb.
(monthly)
Houston
Apr.
15
15
Horder's. Inc. (quarterly)
Hormel (Geo. A.) & Co
(quar.)
Preferred A (quarterly)
Home
10
1 Jan.
1 Jan.
13
Homestead Fire Insurance (s.-a.)
14
31
Jan.
25
15
12
21
Jan.
Jan.
Mining
Extra
14
Dec.
10
20
Feb.
Jan.
Feb.
Feb.
(quar.)
1
1 Jan.
Feb.
Jan.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
15
25 Jan.
25 Jan.
Jan.
Feb.
Feb.
15
Feb.
Feb.
Jan.
15
Jan.
Mar.
15
15
24
5
15 Feb.
15 Jan. 15
Feb.
Extra.
Homes take
Mar.
Mar. 31
Jan.
Feb.
Holly Sugar, 7% preferred
7 % preferred (quarterly)
15
15
...
Gude Winmill Trading Corp
Mar.
15c
(quarterly)—
15 Feb.
15 Jan.
Dec.
Mar.
Jan.
75c
Duquesne Brewing Co. (quar.)
& Share series B (quar.)
10
Feb.
Jan.
e254 %
554c
Eastern Bond
1 Jan.
1 Jan.
31 Jan.
Extra.
$1)4
(special)
15
1
17
Light, 6% preferred (monthly)
50c
DeHavilland Aircraft, (increased)
zw 10%
Delaware & Bound Brook RR. (quar.)
$2
Deposited Insurance Shares, series A
654c
$2 pref. (quar.)
24
1 Jan.
15 Feb.
15
Feb.
Dayton Power &
x
16
Jan.
Mar.
Extra
Series B
15
1 Jan.
15 Feb.
31 Jan.
Feb.
Jan.
Dictaphone Corp
15
15
31 Jan.
31 Jan.
Jan.
shares
Feb.
Feb.
Series A
15
31 Jan.
31 Jan.
Jan.
Mar.
Feb.
pref. (quar.)
31 Jan.
Extra
Railroad equipment
Steel shares
Feb.
l
15
Jan.
Extra
Feb.
.....
15
31 Jan.
31 Jan.
31 Jan.
Petroleum shares
Mar.
Feb.
(quarterly)
15
Jan.
Mar.
Jan.
(semi-ann.)..
15
31 Jan.
Mining shares
15
15
6 6% preferred (monthly)
Continental Can Co , Inc. (quar.)
Continental Oil of Delaware
Continental Steel, preferred
•
Coon (W. B.) Co., 7% pref. (quar.)
Corn Exchange Bank Trust (quar.)
Crandall McKenzie & Henderson (quar.)
Crane Co., preferred
Cresson Consolidated Gold Mining & Milling-
Quarterly
15
31 Jan.
Extra
Apr.
Apr.
Apr.
Apr.
15
31 Jan.
Extra..
Automobile shares..
Dec.
15
4 Mar, 22
Agricultural shares
Jan.
1 Feb.
Jan.
15
15
1 Jan.
1 Jan.
Group Securities, Inc.—
Jan.
Sept.
25
1 Jan.
1 Jan.
(quar.)
Greyhound Corp., preferred A (quar.).
25
10
10
4
4
Feb.
Mar. 28 Mar. 18
(quar.)
Feb.
14
Feb
IFeb.
Extra..
Feb.
10a
1 Jan.
1 Jan.
Preferred (quar.)
Greenfield Gas Light. 6% preferred
Feb.
Columbia Rail. Power &
Duplan Silk (semi-ann.)
du Pont de Nemours, debenture
15 Jan.
Certificates of beneficial interest.....
20
17
Feb.
Feb.
Dust Corp.
Green (H. L.)
Extra
Jan.
5% conv. preferred (quar.)
Columbia Pictures Corp. (semi-annual),
Preferred (quarterly)
Distillers Co.. Ltd. (interim)
Dividend Shares. Inc. (quar.)
Dome Alines Ltd. (quar.)
1 Jan.
Jan.
20
1 May 22
25 Dec. 27
Great Northern Iron Ore Prop.—
Feb. 20
Aug.
18
Feb.
Great Lakes Steamship
Jan.
Feb.
1 Jan.
Jan.
Razor Co.. $5 conv.
20
1 Sept. 25
20
1 Jan.
1 Jan.
2 Feb.
June
(quarterly)
20
Mar.
(quar.)
Cluett, Peabody & Co., Inc. (quar.).
Coast Breweries (quar.)
Columbia Gas & Electric, 6% pref. (quar.)
5% preferred (quarterly)
....
Davenport Water Co., 6%
18a
Jan.
Preferred
Preferred (quarterly)
Curtis Mfg
16
1 Jan.
Feb.
Mar.
RR—
Publishing Co., 7% pref.
1 Jan.
1 Jan.. 18
1 Mar. 25
1 June 24
Feb.
Apr.
July
...
(quar.)
Grand Rapids Metal craft Corp
Great Lakes Dredge & Dock Co. (quar.).
1
15 Feb
Feb.
Feb.
Sept. 30 Sept. 15
Dec. 31 Dec. 15
1 Mar. 11
1 Jan. 15
1 Jan. 16
1 Jan. 20
1 Feb. 15
Mar.
1 Jan. 20
Feb.
1 Jan. 20
Feb.
1 Jan. 20
Feb.
3 Jan. 15
Feb.
1 Jan. 15
Feb.
Feb.
Globe Knit Works, pref. (s.-a.)__
Globe & Rutgers Fire Ins., 2nd pref......
Gold
20
20
28
Apr.
Feb.
Feb.
Feb.
Mar.
...
General Stockyards (quar.)
15
Jan.
Mar. 31 Mar. 14
June 30 June 15
Feb.
General Mills. Inc., com. (quar.)
General Motors. $5 preferred (quarterly).
15
15
1
Feb.
General Foods (quar.)..
General Metals (quar.)
II Jan.
1 Jan.
1 Jan.
Feb.
Oct.
General Electric Co., common
I Dec. 31
Feb.
(quar.)
(quar.)
1 Dec. 31
15
20
Semi-annual..........
20
Frost Steel & Wire Co., 7% 1st preferred
Fuller Brush Co 7% pref. (quar.)
l'Jan.
guaranteed preferred (s.-a.)
1st guaranteed preferred (s.-a.)—-.
Cincinnati Northern RR. (semi-ann.).
City of New York Insurance
City Baking, 7% pref. (quar.)
City Union Corp. (resumed)
City Water Co. of Chattanooga, 6% pref.(quar.)
Cleveland & Pittsburgh Ry., reg. gtd. (quar.)..
Registered guaranteed (quar.)
Registered guaranteed (quar.)
Registered guaranteed (quar.)
Cleveland Cincinnati Chicago & St. Louis Ry. Co
Eastern Gas &
l'Jan.
1 Jan.
Investors Corp
Freepori Texas, preferred (quarterly)
Froedtert Grain & Malting, pref. (quar.)
15
15
25 Jan.
2 Feb.
1st
Dow Drug
15
Feb.
Investment, preferred
Chase National Bank com. (s.-a.)
Chestnut Hill RR. Co. (quar.)
Chicago Daily News
Chicago Yellow Cab (quar.)
*
Domestic Finance Corp.,
l'Jan.
Mar.
Chain 8tore
Cuneo Press
31 Dec
Franklin Fire Insurance (quar.)..
Extra
Jan.
Century Ribbon Mills, pref. (quar.)-.
Century Shares Trust vsemi-ann.)
Cerro de Pasco Copper Corp
Chain Belt (quarterly)..
Crow ell
Fourth National
Feb.
6% cum. preferred
Central Tube Co
Feb.
10
l'Jan.
3 Sept. 14
2 Feb. 15
Feb.
15
1 Jan.
3 Mar. 14
Oct.
Mar.
15
Mar.
7 cum. preferred-.
Feb.
20
20
17
17
25
15
1 Jan.
1 Jan.
Apr.
31
27
20
31 Jan
31 Jan.
Feb.
15 Jan.
1 Jan.
llJan.
$154 Feb.
SI
Feb.
20c Feb.
20c Feb.
15c Feb.
pref—_—-
$6 preferred (quar.)
Centra] Hudson Gas &
Jan.
1 Jan.
1 Jan.
Dec.
1 Nov. 21
Dec.
(initial)
Fansteel Metallurgical Corp., $5 pref. (quar.)
$5 preferred (quarterly)
$5 preferred (quarterly)......
.....
$5 preferred (quarterly)
Farmers & Trader" Life Insurance (quar.).
Fed era J Knitting Mills (quar.)
Fibreboard Products, Inc., 6% pref. (quar.)
Fidelity Fund
Firestone Fire & Rubber, pref. (quar.).
Jan.
Mar.
Sept.
Famise Corp., common
20
Oct. '37 Dec. 20
Jan2 20 Jan. 31
Fob- 1 Jan. 15
$154
SI 54
7% preferred (quar.)
7% preferred (quar.)
Celluloid Corp., 1st preferred—
Central Arizona Light & Pow., S7
21
15
15 Feb.
1
31 Dec. 17
liJan. 15
l'Jan
15
1 Mar. 14
1 Mar. 14
16 Feb. 29
1 Jan. 15
25 Dec. 31
1 Feb.
6
10
5
2 Feb.
2 Feb. 20
1 Feb. 19
1 May 21
1 Aug. 21
June
Jan.
1
25 Jan.
Mar.
(quar.) —
Eppans Smith Co. (semi-ann.)
Eureka Pipe Line (quar.)
European A North American Ry. (s.-a.),
Semi-annually
Faber Coe & Gregg. Inc. (quar.)
7% preferred (quarterly)
Fair (The), preferred (quar.)
1
16 Apr
6
Jan.
Extra
29 Jan.
Apr
July
(quar.)
Cincinnati Inter-Terminal
21
35c Apr.
Ltd., common (quar.)...
Dredge &
l.Jan.
SI Feb.
5c Feb.
S3 Jan.
SI V< £eb
15c Feb.
40c Apr.
-
Canadian Converters
17
Apr.
SI H
37 Via
Bonus
1'referred
l'Jan.
1 Jan.
1 Jan.
Mar.
Ely & Walker Dry Goods (quar.)
Empire & Bay State Teleg.. 4% gtd.
4% guaranteed (quar.)
4% guaranteed (quar.)
4% guaranteed (quar.)
Employers Group (quar.)
17
15
Feb.
Northern Power < orp
<quar.)
Southern Ry. (semi-ann.)
Canadian Bronze Co..
31 Jan.
10
Feb.
Electric Household Utilities
20
25 Mar. 20
30 Jan. 20
25 Feb.
1 Jan.
Feb.
Electric Shareholdings. $6 preferred
25|Jan. 20
29 Jan.
Feb.
Boston.
Electric Bund & Share Co., $6 pref. (quar.)
$5 pref. (quar.)
Edison Electric Illuminating of
1
2
15 Feb.
15 Feb.
1
Feb.
Feb.
Eaton Manufacturing (quar.)
Extra
1 'Mar. 20
25 Jan.
Payable of Record
Name of Company
18
18
18
15 Feb.
Jan.
Feb.
7% preferred (quar.)
California Packing (quar.)
Canada
31 Jan.
preferred (quar.)6854c
(quarterly)..—-—.....
(monthly)
Bearing
Roller
Brewer (C.) & Co.
31 Jan.
31 Jan.
Jan
Apr.
50c
$4
Extra
Insurance Co.
Jan.
Jan.
SI
50c
A (quar.)__
Bon Aral Co., common
Common B (quar.)
Holders
When
When I Holders
Payable of Record
Per
Name of
Boston
575
Financial Chronicle
Volume 142
1 Jan.
15
Feb.
1 Jan.
1 Jan.
20
Feb.
Feb.
15
15
1 Jan.
1 Jan.
1 Jan.
15
Feb.
Feb.
1 Jan.
16
Feb.
15 Jan.
31
Jan.
31 Jan.
31 Jan.
7
Feb.
Feb.
J an.
Feb.
Feb.
Mar.
15
16
7
10 Dec. 20
1 Jan. 18
2 Feb.
5
576
Financial
Per
Name of Company
When
Share
Preferred
Mar. 20 Feb. 29
Feb.
Jan.
2
Feb.
Jan. 13
(quarterly)
Feb.
—
Lerner Stores 6)4% pref.
31
1 Mar. 16
Jan. 20
Jan. 20
Jan. 15
Feb. 25
July
Sept. 30 Sept. 20
25c
Dec. 31
Feb.
1
Jan. 28
Feb. 15
Dec. 21
17
Jan.
Jan.
10
31 Jan.
1 Jan.
1 Jan.
29 Feb
25
Feb.
15
15
7
$1H
Apr.
1 Mar. 20
$1 H
Feb.
1 Dec.
UH
May
1 Apr. 20
1 Jan. 15
1 Jan. 20
1 Jan. 15a
Feb.
Feb.
20
Feb.
Feb.
1 Jan.
1 Jan.
Feb.
Feb. 10 Jan.
Feb.
1 Jan.
Mar.
2 Feb.
15
20
31
20
15
1 Mar. 14
1 Jan. 17
Feb.
Feb.
Feb.
Feb.
1 Jan.
25
15 Jan.
15 Jan.
31
Loew's, Inc., $6>3 pref. (quar.)
Lone Star Gas
634% preferred (quar.)
Loose-Wiles Biscuit (quar.)
15
Jan.
17
15 Jan.
31
Jan.
17
Jan.
15
Feb.
15 Feb.
1
Feb.
15 Feb.
I
25 Jan. 30
15 Feb.
5a
Mar. 18
Louisville & Nashville RR
Ludlum Steel Co., com. (quar.)
Feb.
Feb.
Macy (R. H.) & Co. (quar.)
2 Feb.
Mar.
Feb. 28 Feb.
Feb. 15 Feb.
14
May 15 May
Aug. 15 Aug.
1
1
Madison Square Garden
Magnin (I.) & Co., $6 preferred (quar.)
$6 preferred (quar.
|6 preferred (quar i
preferred (quar
Nov. 15
Mahoning Coal RR. (quar.)
Massawlppi Valley RK. (s. i.)
Maytag Co., S3 preference
Feb.
Feb.
Feb.
$1H
50c
Feb.
Feb.
7
1
Nov. 1
Jan. 15
Jan.
1
Jan. 15
Jan. 15
Jan. 15
Jan. 15
Jan. 20
Feb.
1
Mar. 15 Feb. 28
Feb.
1 Jan. 24
Feb.
1 Jan.
17
Feb.
1 Jan.
17
Feb.
1 Jan.
17
Feb.
1 Jan. 24
Feb.
1 Jan,
20
Feb.
1 Jan.
Jan. 31 Jan.
.
21
Feb.
1 Jan.
21
15
I Feb.
1 Jan.
15
Feb.
21 Jan.
31
Feb.
1 Jan.
15
Feb.
-
1 Jan.
15
Feb.
1 Jan.
20
Feb.
1 Jan.
15
Feb.
1
Feb.
1 Jan.
10
May 10 Apr. 30
Jan.
31 Dec.
31
Feb. 15 Feb.
1
Mar.
1 Feb. 24
June
1 May 27
...
Sept.
Dec.
Feb.
1
1 Jan.
24
Feb.
...
1 Dec.
20
Aug. 27
1 Nov. 26
Mar. 31 Mar. 20
June 30 June 20
Mar.
1 Feb. 10
Mar.
2 Feb. 15
Feb.
1 Jan.
18
Feb.
1 Jan. 10
Feb.
1 Jan.
10
New stock
(quarterly).
Mull ins Mfg. Corp., $7 pref. (quar.)
Feb.
Feb.
Mar.
—
,!
Apr.
50c
50c
Feb.
Feb.
15 Mar. 13
29 Feb. 14
1 Jan.
10c
Feb.
1
Feb.
1
Feb.
1
Feb.
1
Feb.
1
Feb. 20
10c
Feb.
35c
50c
h$ 1H
$1 H
18
Jan.
Jan.
Jan.
18
15
Jan.
25
18
Jan.
Feb.
17
1
4
1
Sl)4
Feb.
20 Feb.
1 Jan.
37 He
13 He
Jan.
31 Jan.
20
Feb.
1 Jan.
13
4c
Feb.
Feb.
1 Jan.
15
1 Jan.
15
Feb.
1
Dec.
30
Mar.
Feb.
1 Feb.
17
1 Jan.
16
Feb.
1 Jan.
16
Jan.
21
Jan.
Jan.
Jan.
20
21
21
Jan.
(semi-ann.)_
Feb.
Feb.
20
Jan.
31
Feb.
15
Jan.
20
Jan.
20
Jan.
Jan.
Jan.
Feb.
Jan.
Feb."
1 Jan.
Sept.
1 Aug. 15
15
Feb. 15 Jan. 31
Feb.
1 Jan. 20
Feb.
1 Jan. 20
Feb. 11 Jan. 15
Feb.
1 Jan. 20
Mar.
1 Feb. 15
June
1 May 15
J
__
-
Feb
™
1
5
5
Penn Traffic
13
20
20
20
Feb. 10 Jan.
—
Peoria & Bureau Valley RR. (s.-a.)
Petersburg KR. (s.-a.)_
Philadelphia Co. (quar.)
Philadelphia Electric Co. (quar.)
20
ijMar
25
Apr.
Jan.
Feb.
Feb.
Feb.
(quarterly)
-
25 Dec. 31
1 Jan.
10
Jan.10'37 Dec. 31
Feb.
1 Jan. 21
1 Jan. 16
Pitney Bowes Postage Meter (quar.)
Pittsburgh Bessemer & Lake Erie, (s.-a.)
Pittsburgh & Lake Erie RR (s.-a.)
Feb.
Apr.
LMar. 14
Feb.
1 Feb.
Apr.
Feb.
Feb.
-
1 Dec. 27
Mar.
Plymouth Fund, class A (quar.)
Class A (special)
Portland RR. Co. (Me.), 5% pref. (s.-a.)
Potomac Edison Co., 7% prer,
(quar.)
6% preferred (quarterly)
Procter & Gamble, com. (quar.)
Public Service Co. of Colorado, 7%
pref. (mo.).
6% preferred (monthly)
5% preferred (monthly)
Public Service Corp. of New Jersey—
6% preferred (monthly)
Public Service of Northern Illinois 6%
pref.(qu.)
7% preferred (quar.).
Puol
uolic Utilities Corp. (quar.).
Pullman, Inc. (quarterly).
Quaker Oats, preferred (quar.).
Quarterly Income Shares, Inc. (quar.).
Reading Co (quarterly)
Railway & Light Security Co. (Dela.).
Preferred A (quar.)
Reliable Stores, first preferred.
First preferred
1 Dec.
Feb,
Extra
1 Mar.
1 Jan.
1 Jan.
1 Jan.
15 Jan.
Feb.
Feb.
Feb.
Feb.
Feb.
1 Jan.
27
15
15
11
20
20
24
1 Jan.
15
15
1 Jan.
25
Jan.
Jan.
2
Feb.
Feb.
Jan.
Jan.
Jan.
Jan.
15
24
Feb.
Jan.
Jan.
15
16
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
15
31
1
Jan.
27
Feb.
Jan.
27
Mar
Mar. 16
July
July
Feb.
Reliance Manufacturing (quarterly).
Remington Rand, new 5% pref. (quar.).
$6 preferred (semi-ami.)
Republic Investors Fund, 6% pref.
Rhode Island Public Service Co., class A.
Rich's, Inc. (quarterly)
Rich Insurance Co. of N. Y.
(quarterly)..
Jan.
Apr.
Apr.
15
21
Mar. 10
Mar. 10
Feb.
Jan.
16
Feb.
Feb.
Jan.
Jan.
20
Feb.
Feb.
Feb.
Richmond Insurance Co. of N. Y (extra)
Riverside Cement Co.. $6, 1st pref.
(qu.)
Rochester & Genesee Valley RR. (s.-a.)
Jan.
11
Jan.
11
July
15
Jan. 15
June 15
Feb.
Feb.
Feb.
Jan.
Feb.
Feb.
Royalty Income Shares, series A,
Royalty Management Corp
Russell Motor Car Co.. 7% pref. (quar.).
7% preferred (quarterly)
St. Lawrence Flour Mills (quarterly).
Preferred (quarterly)
Samson Corp., 6% preferred.
Savannah Sugar Refining Co. (quar.)
Dec. 31
Dec. 31
Jan.
Feb.
(quarterly)
Jan.
Feb.
Feb.
(quarterly)
$6^ pref. (quar.).
Jan.
Jan.
Feb.
Feb.
Feb.
Preferred (quar.)
Schuyler Trust Shares, ord. reg.
Scott Paper Co.. 7% series A pref.
(quar.).
Second National Investors Corp., preferred
Securities Corp. General, $6 pref.
(quar.).
Feb.
Feb.
Feb.
$7 preferred (quar.)
Feb.
Seeman Bros., Inc., common
(quarterly).
Common (extra)
Feb.
Feb.
Feb.
Selected Dividend Shares, Inc.
Extra
Feb.
Shamokin Valley & Pottsville RR. (s.-a.).
Sharp & Dohme, preferred A (quarterly).
Shawinigan Water & Power (quar.).
Sierra Pacific Electric, pref. (quar.).
Feb.
Feb.
Feb.
Simms Petroleum
Jan.
Feb.
Jan.
15
Jan.
15
Jan.
15
Dec. 31
10
20
20
Dec. 31
Jan. 15
Jan. 15
Dec. 30
Jan. 17
Jan. 20
Jan. 22
Jan.
Jan.
22
15
Jan.
15
Jan.
10
10
Jan.
Jan.
Jan.
15
17
25c
Co., 6% 1st pref. (qu.)
Tacony-Palmyra Bridge, 734% pref. (quar.)...
Telautograph Corp. (quar.)
Tex-O-Kan Flour Mills (quar.).
Jan.
Jan.
15
20
Jan.
31
Feb.
Feb.
10
Jan.
Jan.
15
May
43 He
22
Feb.
Feb
$ 1.42H
43 ^c
Jan.
Jan.
Feb.
60c
50c
37 He
20
Mar.
34% preferred (quar )
6H% preferred (quar.).
Squibb (E. R.) & Sons. $6 pref. (quar.)
Standard Cap & Seal (quar.)..
Standard National (resumed).
Stanley Works, preferred (quar.).
Steel Co. of Canada (quar.)
Jan.
Feb.
Feb.
Feb.
(liquidating)
Solvay American Investors, pref. (quar.)
Southern California Edison Co.. Ltd.
(quar.)..
Southern Canada Power Co. common (quar.)..
Southern Fire Insurance. New York
(semi-ann.).
South Pittsburgh Water Co., 5% pref.
(s.-a.)._
Spiegel May Stern (quar.),
Suburban Elec. Security
Swift & Co. (special)
15
Apr. 11 Mar. 31
July 10 June 30
Oct. 10 Sept. 30
Preferred (quarterly
Preferred (quarterly.
Pioneer Mill Co. (monthly)
Preferred (quarterly).
Stein (A.) & Co
22
Feb.
Phoenix Finance Corp., 8% pref.
(qu.)
Preferred (quarterly'
Extra
21
1 Jan. 10
1 Jan. 15
29 Feb. 10
Feb.
1 Jan. 20
Fet>. 29 Jan. 31
Feb. 29 Jan. 31
Philadelphia Insulated Wire (s.-a.)
Philadelphia Suburban Water, preferredPhillips Jones Corp., preferred (quarterly)
Phillips Petroleum (quar.)
Rockland Light & Power
Stock trust certificates
Roos Bros. Inc. (Del.),
10
15'Feb.
15 Feb.
Feb. 15 Feb.
Feb.
liJan.
Feb., 1 Dec.
Feb.
1 Jan.
Mar. 2.Feb.
Mar. 2 Feb.
Feb. 29 Jan.
Feb.
1 Jan.
__
Pennsylvania Power Co., $6.60 pref. (mthly.)
$6.60 preferred (monthly)
$6 preferred (quar.)
Pennsylvania RK
Extra
20 Feb.
Feb.
Feb.
Preferred (quarterly)
Pennsylvania Glass Sand Corp., preferred
6
15
15
15
15
31
31
20
Jan.
Jan.
Feb.
Feb.
Parker Rust-Proof
(quarterly)
Parker Wolverine
Peninsular Telep., 7% pref. (quar.)
Penmans Ltd. (quarterly)
Preferred
Jan.
Feb.
National Fire Insurance
Public Service, 1st preferred
Southern Investors, class A
Quarterly
Quarterly
27
Feb.
Feb.
Feb.
(semi-annual)
15
Jan.
Feb.
Louisiana & Missouri RR., 7% guar, pref
Louisiana Power & Light pref. (quar.)
Louisville Henderson & St. Louis Ry. (s.-a.)
Jan.
Feb.
Apr.
New 5% preferred (quar.)
Lord & Taylor 2d preferred (quar.).......
Los Angeles Gas & Elec., pref. (qu.)
Pacific
Pacific
Pacific
Pacific
Jan.
Jan.
Feb.
Parker Pen (quar.)
Jan.
Feb.
Feb.
15c
40c
Loew's Boston Theatres (quar.)
North Carolina RR. Co.. 7% gtd.
Feb.
(quar.)-_.
6H% preferred 0 (quar.).
7% preferred D (quar.)
Pacific Gas & Electric, 6% pref.
(quar.).
5 H % preferred (quarterly)
Pacific Lighting (quarterly)
20
17
(quarterly)
Feb.
Jan.
Inc.
Paauhau Sugar Plantation (mo.)
Pacific American Fisheries, 5% pref.
(qu.).
Pacific Finance, 8% preferred A
25
21
New York Merchandise
Feb.
1 Jan.
1 Jan.
Norfolk & Western Ry., adj. pref. (quar.)
North American Edison Co., pref. (qu.)
North American Oil Consolidated
(quar.)
1 Jan.
1 Jan.
1 Jan.
Extra
1st pref.
Feb.
Feb.
Feb.
Feb.
Nevada-Calif. Electric. 7% preferred (quar.)
Newberry (J. J.), preferred (quar.)
Newberry (J. J.) Realty Co., 6H % pref. A
6% preferred B (quar.)
New Jersey & Hudson River Ry. & Ferry,
6%
Preferred (semi-annually)
New Jersey Zinc (quar.)
New York & Honduras Rosario Mining
Jan.
Jan.
Jan.
Extra
2d pref. (quar.).
Overseas Securities Co.,
Feb.
Feb.
Bros., pref. (quar.)
Feb.
26
21
21
21
21
22
31
$20
Extra
Neisner
20
Jan.
Jan.
May
(quar.).
MH
Lowbeck Corp. 6% preferred (quar.)
...
Apr.
Feb.
Feb.
Quarterly
Tin Corp, special stock
Special stock, extra
Packard Motor Car (resumed)
Pan American Airways
Liquid Carbonic (quar.)
Extra
Oliver United Filters, Inc., A stock
Outlet Co. (Providence, R. I.)
15
50c
15
15
20
Jan.
1 Jan.
25c
Jan.
Jan.
Feb.
Apr.
National Power & Light, $6 pref. (quar.)
National Steel Corp
a
National Tea Co. pref. (quar.)
Nation Wide Security Co., trust ctfs., series B._
Feb.
Feb.
10
Feb.
25c
20
Jan.
14
Feb.
5
Dec. 31
Jan.
15
Jan.
pref. (monthly)-.
__
1
Jan.
Feb.
Colony Insurance
10
Preferred (quar.)
Muskogee Co., 6% cum. pref. (quar.)
Nash Motors (quarterly)
National Automotive Fibres, cl. A (qu.)
Class A (extra)
National Biscuit Co. (quar.)
Preferred (quar.)
National City Bank of N. Y. (s.-a.)
Preferred, non-RFC holders (s.-a.)
Preferred, RFC holders (s .-a.)....
National Distillers Products (quar.)
National Investors, 534 % pref
National Lead, preferred B (quarterly)..
National Liberty Insurance (s.-a.).
Feb.
Feb.
Co. (Boston)
Old
Feb.
Feb.
Feb.
Payable of Record
Jan.
-
1
—
................
6% preferred (monthly)
5 % preferred (monthly)
5
(quar.)
S3 pref. (quar.)
1st $6 prer. (quar.)
McCall Corp., common (quar.)
McGraw Electric Co., common
Mclntyre Porcupine Mines (quar.)
McKesson & Robbins, preferred (special
New S3 preferred (Initial)
McLellan Stores Co., 6% pref. (new)-.,
Melville Shoe (quar.)
1st pref. (quar.)
2d pref. (quar.)
Merchants Refrigerator Co. of N. Y., $7 pref
Metal & Thermit Corp. (quarterly)
Metropolitan Industries. 6% preferred (quar.)
Michigan Central RR. Co
Michigan Public Service Co.—
7% preferred
6% preferred
Mill City Petroleum (initial)
Mine Hill & Schuylkill Haven RR (s.-a.)
Mississippi Power & Light, $6 preferred
Modine Mfg
Mohawk Hudson Power, 1st pref
Monogram Pictures Corp (quar )
Montana Power, preferred (quarterly).....
Montgomery & Brie RK (semi-annual).
Montreal Light, Heat & Power (quar.)
Moody's Investors Service S3 part. pref. (quar.)
Morris Plan Insurance Society (quar.)
Quarterly..
Quarterly
Quarterly
Mortgage Corp. of Nova Scotia (quar.)
Motors Products, old stock
+
New stock (initial)
Ohio Brass
Ohio Public Service Co., 7%
Holders
When
Share
Northern New York Utilities, 7% pref.
(quar.)_.
Northern RR. of New Hampshire
(quar.)
Oahu Sugar, Ltd. (monthly)
Feb.
Lexington Utilities 6)4 % preferred
Preferred
Per
Name of Company
27 Feb.
27 Feb.
15 Feb.
A
Leonard Custom Tailors Co
Lincoln Printing, preferred (quar.)
Link Belt
21a
20
Feb.
1 Jan. 20
Mar. 31 Mar. 21
June 30 June 20
..
....
13
21a
Apr.
...
...
Jan.
Jan.
Jan.
15 Jan.
Feb.
Feb.
Mar.
—
....
Jan.
Feb.
Feb.
Feb.
Feb.
Apr.
Feb.
Jan. 25 1936
Holders
Payable of Record
International Mining
International Nickel Go. of Canada, pref. (qu.)
International Printing Ink (quar.)
International Utilities Corp., $7 pref. (quar.)—
$3H preferred (quar.)
Interstate Dept. Stores, 7% pref. (quar.)
Interstate Hosiery Mills. Inc
Intertype Corp., 1st preferred
Investors of Washington, Inc., $6 pref. (s.-a.)__
Jacobs (P. L.), Inc
Jantzen Knitting Mills (quar.)
7% preferred (quarterly)
Johnson Publishing, 8% preferred
8% preferred
Kalamazoo Stove (quar.).
Kalamazoo Vegetable Parchment Co
Quarterly
Quarterly
Quarterly
Kansas City St. Louis & Chic. RR., pref.
(qu.)Kaufmann Department Stores (quar.).....
Kelvinator of Canada, 7% pf. (quar.)
Kentucky Utilities Co., 7% junior preferred
7% junior preferred (quar.)
Keokuk Electric Co., 6% preferred (quar.)
King Royalty
Kings County Trust (quar.)
Klein (D
Emil), preferred (quarterly).;.
Kokomo Water Works, 6% preferred (quar.)
Koloa Sugar Co. (monthly)
Kress (S. H.) & Co. (quar.)
Special pref. (quar )
Kroger Grocery & Baking (quar.)
6% preferred (quar.)
7% preferred
(quar.)
7% preferred (quar.)
Lane Bryant Inc. 7% preferred (quar.)
Lazarus (P. & R.) Co., 6)4 % prer. (quar.)
Lee Rubber & Tire Corp
Chronicle
Apr. 15
Jan. 17
Jan. 11
Dec. 26
Feb.
Feb.
Jan.
20
15
15
Feb.
Feb.
Feb.
Feb.
Feb.
Jan.
Jan.
Jan.
Jan.
31
Feb.
Feb.
Feb.
Feb.
Jan.
Jan.
27
Jan.
10
Apr.
Jan.
7
7
7
15
15
Mar. 14
Texas Power & Light, 7%
iig
90c
60c
58 l-3c
1 Jan.
1 Jan.
11
11
15 Jan.
31
Feb.
1 Jan.
20
Feb.
pref. (quar.)
$6 preferred (quarterly)
Thatcher Mfg. Co., con v. pref
Third National Investors Corp
Toburn Gold Mine, Ltd
Toledo Edison Co., 7% pref. (monthly)
6% preferred (monthly)«...
5% preferred (monthly)
Transamerica Corp. (semi-annual)
Feb.
21 Jan.
1 Jan.
21
15
Feb.
1
Jan.
15
1
Jan.
15
31 Jan.
31 Jan.
15
Feb.
Feb.
Feb.
50c
412-3c
Feb.
15c
Jan.
10c
Jan.
Extra
15
1
15 June
1 Jan. 20
$IH
June
9.9c
Feb.
$2
Feb.
25c
Feb.
5 Jan.
10 Jan.
$1H
Feb.
1 Jan.
Feb.
1 Jan.
Feb.
1
50c
50c
50c
58 l-3c
581-3c
Feb.
1
Jan.
15
Mar.
2 Feb.
15
Apr.
581-3c
53c
Apr.
1 Mar. 16
1 Jan. 15
2 Feb. 15
1 Mar. 16
Troy & Greenbush RR. Assn. (s.-a.)
Tung Sol Lamp Works, new preferred...
Twin Bell Oil Syndicate (monthly)
Union Oil Co. of California
United Biscuit of America, preferred (quar.)
United Insurance Trust Shares—
31
20
a
Series F registered
Series F coupon
....
Feb.
Mar.
1 Jan.
2 Feb.
Feb.
15
15
53c
Mar.
53c
S2H
1 Mar. 16
Apr.
Apr. 10 Mar. 20
tlX
Feb.
1 Jan.
23
Feb.
1 Jan.
1 Jan.
Mar.
2 Feb.
20
1 Jan.
10 Jan.
17
...
(monthly).....
.......
United New Jersey RR. & Canal (quar.)
United States & Foreign Securities—
...
1st preferred (quarterly)
.....
United States & International Securities—
1st preferred
....
United Wall Paper, 6% preferred
Universal Leaf Tobacco (quar.)
Feb.
/
Feb.
Virginia Ry., preferred (quar.)
Vulcan Detinning, preferred (quarterly)
3
31
n
Lincoln Printing, pref. div.
0
Amer.
stock
20 Oct.
1 Jan.
10
15
1 Jan.
15
1
Jan.
15
1
Jan.
Dec. 31
1 June 15
July
Feb.
15 Jan.
1 Jan.
15 Jan.
Feb.
15 Jan.
a
1
Jan.
u
Payable in U. 8. funds,
Less tax.
1
y
40.644. 300 ol,351,199,000
90.000.000
Cent. Hanover Bk. A Tr.
21,000,000
Corn Exch. Bk. Tr. Co.
15.000.000
432,956,000
49,888, 300
177,398, 400 61,326,493.000
434,597,000
11,548, 900
727.844,000
62.597, 400
233,438,000
16,325, 100
39,429,000
81,096,000
15,216.000
21,022.000
First National Bank
10,000,000
50.000,000
483,666,000
90,572, 200
498,678,000
58,959, 800
42,813,000
3,791, 200
71.897, 300 Cl,780,766,000
47,863,000
3,443 700
d781,986,000
68,386, 000
16,663,000
5,416 ,100
86,691,000
8,069, 300
3,730.000
comparison with the previous
Jan.
"39,578"000
78,384.000
73,770,000
1,680,000
40,658,000
614,955,000
740,069,800
9.185,945,000
hand and due from
*
'
,
;
Secured
by
8.
U.
$
1,453,000
70,352,000
"Times" publishes regularly each week
banks and trust companies which
not members of the New York Clearing House.
The
3,494,425,000 3,413,593,000 1,993,464,000
1,329,000
Govt, obligations
guaranteed
ended Jan. 17:
2,403,000
1,971,000
1,878,000
1,895,000
Total bills discounted.
4,374,000
3,773,000
5,298,000
1,739,000
7,705,000
1,738,000
2,103,000
7,718,000
885,000
direct A (or) fully
Bills bought In open
market
Industrial advances
U. S. Government
securities:
Treasury notes
-
Treasury hillc
..
Total U. S. Government
Other securities
securities.
141,018,000
475,101,000
185,967,000
161,699,000
734,383,000
734.383,000
777,818,000
748,201,000
747,612,000
786,104,000
.......—
gold
...
Gold held abroad..
Due from foreign
F. R. notes
55,252,000
493,164,000
banks
....
of other banks
Uncollected items......—............
263*,000
8,945,000
123.561,000
10,808,000
premises
30,049,000
"""263*,000
Disc,
'
•.
and
Including
Investments Batik
Notes
8,019.000
115,708,000
Y. and
Banks and
Gross
638,357,000
783,405,000
774,153,000
actual circulation.
24,748,000
In actual circulation net
2,845,984,000 1,924,462,000
Deposits—Member bank reserve acc't.. 2,849,426,000
17,286,000
277,192,000
343,739.000
U. 8. Treasurer—General account...
Elsewhere
Trust Cos.
Deposits
$
$
17,745.000
190,889,000
Foreign bank
87.400
Grace National
20.078,700
Sterling National—
18.270,000
633,000
Trade Bank of N. Y.
4,446,540
264,311
4,714,000
7,050,200
4,579,000
1,299,750
93,000
TRUST
313,139
26,621,000
22,022,000
6,415,016
Other deposits
1
Total deposits—
.......—
Deferred availability items.:
Capital paid In
Brooklyn—
Peoples National
$
3,005,100
1,780,000
887,000
406,000
5,636,000
Disc,
and
Cash
$
Federation..
Fiduciary
.
Fulton
*9,400,100
30,408,900
64,018,675
Lawyers County
United States
......
King County
*
JJiCIUuCo
aJLUUlLUb
21;978,860
80,130,000
29,883,076
3,291,000
2,421,169
clary, $736,526;
VYIulI
Gross
$
$
$
8,354,500
3,336,600
637,037
2,401,080
860.762
1,807.000
2,135,300
18,156,023
39,879,000
10.206,717
riill
$8,648,300.
3,036*566
68,017,400
9,038,719
11,374,947
21,472,600
39.911.100
75,057,770
91,000 116,295,000
37,100,772
Contingent
7,744,000
8,849,000
1,301,000
49,964,000
773,000
7,501,000
1,769,000
4,416,252,000 4,366,158,000 2,949,472,000
Total liabilities.
Deposits
r vuPlCU JlVvXjOJL Vo tw lUllvtYO«
Fulton, $3,683,800; Lawyers,
and
Trust Cos.
Brooklyn—
Brooklyn
Banks
liabilities combined
liability on bills purchased
correspondents
F. R. note
S
54,862,400 *12,298,600
194,142
7,586,414
11,502,650 *1,041,672
17.514,500 *3,893,400
Empire
Y. and
Elsewhere
Investments
Manhattan—
N.
Dep. Other
50,825.000
7,744,000
contingencies
6,979,000
103,957.000
3,401,799,000 3,319,006,000 2,052,684,000
114,009,000
120,674,000
143,998,000
59,667,000
51,030,000
51,033.000
8,849,000
1,175,000
All other liabilities
Res. Dep.,
17,164,000
178,666,000
50,825,000
Surplus (Section 7)
Surplus (Section 13b)
Reserve for
COMPANIES—AVERAGE FIGURES
Loans,
33,024,000
4,416,252,000 4,366,158,000 2,949,472,000
Total assets
Liabilities—
Dep. Other
$
$
Manhattan—
11,508,000
F. R. bant notes
Res. Dep.,
N.
"""316*000
9,836,000
154,623,000
10,808,000
29,623,000
F. R. notes in
Cash,
2,405,000
55,252,000
493,164,000
185,967,000
Bonds
All other assets
BANKS—AVERAGE FIGURES
Other
2,893,000
Other bills discounted—
Bank
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BU8INESS FOR THE WEEK ENDED FRIDAY JAN. 17 1936
Loans,
1,059,000
72,877,000
.
Total reserves
Redemption fund—F. R. bant notes
Bills discounted:
Total bills and securities
The New York
NATIONAL AND STATE
1936 Jan. 23 1935
$
1.276.000
74,508,000
—
(6) $72,399,000;
returns of a number of
the figures for the week
15
3,418,641,000 3,341.788,000 1,919,528,000
Redemption fund—F. R. notes
Other casht
Foreign loans on
branches as follows: (a) $221,537,000;
(C) $76,963,000; (d) $30,665,000.
are
1936 Jan.
$
Assets—
530,473,000
State, Dec. 31 1935; Trust
Includes deposits in foreign
following
22
55,936,000
Companies, Dec. 31 1935.
are
week and the corresponding
date last year:
529,000
293,079,000
official reports: National, Dec. 31 1935;
per
York
following shows the condition of the Federal Reserve
Bank of New York at the close of business Jan. 22 1936,
1,735,000
8,250,000
Totals
As
14,980,000
21,727, 300
7,762, ,100
5,452, ,600
Pub. Nat. Bk. A Tr. Co.
♦
146,249,000
348,810,000
297,000
2,989,000
21,867,000
New York Trust Co
Federal Reserve Bank of
U. S. Treasury.*
20,000,000
Comm'l Nat. Bk. A Tr
made for expenses.
Per 100 shares.
Time
127,500,000
25,000,000
10,000,000
5,000,000
12,500,000
7,000,000
stock.
Less depositary expenses.
The
Average
Guaranty Trust Co__.__
Manufacturers Trust Co.
Marine Midland Tr. Co
to
delivery of
Deposits,
Chemical Bk. ATr.Co..
Bankers Trust Co
for
preference.
New
5,757,000
30,987.000
152,987,000
Title Guar. A Trust Co..
new
A deduction has been
z
$
500.000
for
Condition of the
York City
Deposits,
10,758, 100
each share held.
sh. of cl. B
opt. div. sot., 1-32 of one
pref. opt div. of 1-32 share of common
Payable in special preferred
t
York City
Net Demand
25,431, 700
Allis-Chalmers
pref. special div. is payable upon
Bobbins
McKesson &
s
6
I Average
6,000,000
h On account of accu¬
6
1 Jan.
1929, of Com¬
pref. held, or 75c. cash.
present stock in exchange
20
Feb.
Feb. 15.
Payable in Canadian funds, and In the case of non-residents of Canada
deduction of a tax of 5% of the amount of such dividend will be made.
20
Feb.
20
31
holder, 75c. cash.
at the opt. of the
20
Feb.
Mar.
r
31
Feb.
and
or
Blue Ridge Corp., $3 conv.
q
each share or $3 conv.
15
31
Feb.
20,000,000
150,270.000
Jan.
of 1-5 sh. of pref. stock for
Cities P. & L., conv. A
10
Jan.
Bank ofN. Y. ATr.Co.
Fifth Avenue Bank
Dec. 31
Advance-Rumely, liquidating stock div. of H sh. of
stock on each share of Advance-Rumely capital stock held.
10
Feb.
Bank of Manhattan Co..
Chase National Bank...
Apr.
Feb.
Jan.
m
Feb.
Profits
4,000,000
20
Payable in stock.
Feb.
Undivided
Bk.4Tr.Co.
20
Feb.
pref. stock, opt. series of
/ Payable in common stock,
q Payable in scrip,
j Payable In preferred stock.
Gold certificates on
Continental
Jan.
Mar
mulated dividends,
in
Irving Trust Co..
14
Feb.
of 1929, so held.
1
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JAN. 18 1936
32,935,000
14
Jan.
has been declared payable in common
at the rate of 5-208 of 1 share of com. stock dot share of
conv. pref. stock, opt. series of 1929, so held, or. at the opt. of the holder.
In cash at the rate of $1.60 for each share of conv. pref. stock, opt. series
18
weekly statement issued by the New
Clearing House is given in full below:
National City Bank
Jan.
Feb.
Feb. 25; previously reported as
d A reg. quar. div. on the conv.
Investment Trust Corp.
21
The
$
10
Feb.
mercial
1 Jan.
Oct.
Return of the New
Clearing House
Members
20
Feb.
stock of the corp.
Apr. 20 Apr.
July 20 July
•Surplus
14
Jan.
Mar.
previously reported as 25 cents.
Michigan Central RR., pays $25;
Feb.
(quar.)
Walgreen Co. (quar.)
Walton (Chas.) & Co., 8% pref. (quar.)
Warren Foundry & Pipe
Washington Gas Light Co. (quarterly)
Westinghouse Air Brake Co. (quar.)
West Jersey & Seashore RR. (s.-a.)
Westland Oil Royalty Co., A (monthly)
Weston (Geo.) Ltd., 7% pref. (quar.)
West Penn Electric Co., 7% prer. (quar.)
6% pref. (quar.)
West Penn Power, 7% pref. (quar.)
6% preferred (quarterly)
Capital
Jan.
Jan.
previously reported as Great
Louisville A Nashville RR., payable
Feb.
(quar.)
House
Mar.
Feb.
previously reported March 1.
Southern Iron Ore
holders of record Feb. 29;
15 Feb.
1 Jan.
Feb.
Preferred
Clearing
9
15
Feb.
have been made:
Great Northern Iron Ore Prop.,
e
Upper Michigan Power & Lt. Co., 6% pf. (qu.).
Utica Gas & Electric, 7% pref. (quar.)......
Utilities Stock & Bond Corp., v. t. c
Weekly
Feb.
Jan.
Prop.
23
Feb.
6.36% preferred (monthly)........
United Verde Extension Mining
The following corrections
Consol. OU, $5 pref.,
Ry. Co. (Del.)—
6% preferred (monthly)
6% preferred (monthly
6% preferred (monthly
7% preferred (monthly
7% preferred (monthly
7% preferred (monthly
6.36% preferred (monthly)..
.....
1
Feb.
Feb.
this dividend.
Transfer books not closed for
c
United Light &
6.36% preferred
nm
«,
25
Jan.
Fob.
31
4c
*2X
Wheeling & Lake Erie RR., 7% prior lien
30c
Wilcox-Rich, class B
20c
Willimantic Co.. Inc., resumed—
Wilson & Co., Inc
$6 preferred (quar.)
11 H
Wisconsin Telephone Co., preferred (quarterly).
60c
Wool worth (F. W.) (quarterly)
2s. 6d.
Woolworth (F. W.) Ltd., ordinary (final)
Is.
Ordinary, extra
25c
Wrigley (Wm.) Jr. Co. (monthly)
25c
Monthly...
25c
Monthly
9n
Ymit Yankee Girl Gold Mines
.........—-62 HC
York Railways (quar.)..
-
16
4c
Payable of Record
Share
Name of Company
Payable of Record
Holders
When
Per
Holders
When
Per
Share
Name of Company
Preferred
577.
Financial Chronicle
Volume 142
83.7%
74.1%
83.2%
116,000
for foreign
vance8..
♦
9,888,000
9,892,000
4,668.000
Revised figures.
t "Other cash" does not include
Federal Reserve notes or a bank's own
Federal
Reserve bank notes.
given by the U. 8. Treasury for the gold taken over
from the Reserve banks when the dollar was on Jan. 31 1934 devalued from 106
oente to 59.06 cents, these certificates being worth less to the extent of the dif¬
ference, the difference itself having been appropriated as profit by the Treasur
under the provisions of the Gold Reserve Act of 1934.
x
These are certificates
578
Financial
Chronicle
Jan. 25 1936
Weekly Return of the Board of Governors of the Federal Reserve System
The following is issued by the
Board of Governors of the Federal Reserve System
jhowing the condition of the twelve Reserve banks at the close of business
results for the System as
sponding week last
whole in comparison with the figures for the
a
The second table shows the
year.
resources
on
seven
on
Thursday afternoon. Jan. 23,
Wednesday.
The first table presents the
preceding weeks and with those of the corre¬
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
upon
the returns for the latest week
appear
in
our
of Governors of the Federal Reserve System
department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF
Jan.
22
1936 Jan.
15
THE
1936
FEDERAL RESERVE
Jan. 8 1936
ASSETS
Gold otls.
31
1935 Dec.
24
AT THE
1935 Dec.
CLOSE
18
Redemption fund (F. R. notes)
Other cash *
Total reserves-.-.
OF
1935 Dec.
$
hand & due from U.S.Treas.s
on
Dec.
BANKS
JAN. 24 1936
BUSINESS
11
4
1935 Dec.
1935 Jan. 23 1935
$
7.619.348,000 7,617,881,000 7,552,873,000 7,553,357,000 7.553,849,000
16,126,000
16,435,000
17,170,000
17,444,000
17,563,000
336,906,000
327,896,000
303,647,000
264,550,000
219,896,000
t7,553,852.000 7,520,349,000 7,410,351.000 5,281,298,000
tl7,633,000
17.487,000
17,524.000
17.398,000
233,371,000
235,413,000
225.445,000
286.400,000
7,972,380,000 7,962,212,000 7,873,690,000 7,835,351,000 7,791,308,000 7,804,856,000 7,773,249,000 7,653,320,000 5,585,096,000
1
Redemption fund—F. R. bank notes
1,579,000
Bills discounted:
Secured
by
S.
U.
Govt,
obligations
dlreot and (or) fully guaranteed
3,644,000
2,776,000
—
Bills bought In open market.
Industrial advances
Ui S. Government securities—Bonds-
Treasury notes
------
Treasury bills
-
Total U; S. Government
itles..
seen
Other securities
Foreign loans
3,023,000
1,541,000
3,131,000
3,782,000
3,373,000
3,634,000
3,286,000
3,022,000
3,084,000
3,008,000
3,394,000
5,352,000
5,381,000
4,672,000
7,155,000
6,920,000
6.106,000
5.368.000
8,688,000
4,657.000
32,210,000
Total bills discounted
2,637,000
2,715,000
6,420,000
Other bills discounted
4,657,000
32,239,000
4,656,000
32,014,000
4,656,000
32,493,000
4,657,000
4,671,000
32,696,000
4,679,000
32,790,000
4,675,000
5,539,000
32,600.000
32,395,000
15,636,000
Gold held abroad
5,294.000
2,430,264,000 2,430.243,000 2,430,239,000 2,430,731,000 2,430,727,000 2,430,175,000 2,430,171,000 2,430,181,000 2,430,263,000
181,000
181,000
181,000
181,000
gold.
Total bills and securities—
2,360,000
215,703,000
215,687,000
215,678,000
216.176.000
395,650,000
216.172,000
215.615.000
219,948.000
215,116,000
1,619,653,000 1,624,598,000 1,641,603.000 1,641,597,000 1,641,597,000
1,641.602,000 1,639,097,000 1,630,725.000 1,506,688,000
594,908,000
589,958,000
572,958,000
572.958,000
572,958,000
572,958.000
575,958,000
579.508,000 (527,925,000
181,000
on
2,358,000
181,000
181,000
181.000
2,473,732,000 2,472,672,000 2,472,471,000 2,472,733,000 2,475,320,000 2,474,643,000 2,473,927.000 2,472,800,000 2,460,126,000
——
Due from foreign banks
663,000
—
Federal Reserve notes of other banks
24,865,000
Uncollected Items
535,717,000
Bank premises
All other assetei
47,797,000
39,428,000
—
Total assets
663,000
30,030,000
601,917,000
47,786,000
39,104,000
665,000
30,508,000
499,777,000
47,740.000
665,000
27,445,000
603,789,000
47,723,000
38,082,000
38,094,000
665,000
22,010.000
602,470,000
50,395,000
38,732,000
650,000
20,039,000
641,000
19,477.000
657.595.000
554,980.000
60.308,000
50,304,000
644,000
18,550,000
543.286.000
50.279.000
38,290,000
44,766.000
43,413,000
805,000
22,324.000
446 365 000
49,306.000
46,961.000
11,094,582 000,11,154,384,000 10962,933,000 11,025,800,000 10980,900,000 11,046,381,000 10,917,344,000
10782,292,000 8,612,462,000
—
LIABILITIES
Fi R. notes In actual olroulatlon
3,608,049,000 3,619,651,000 3.655,764,000 3.709,074,000 3,768,480,000 3.698.393.000 3,653,741,000
3,648,243,000 3.066,915,000
25,683,000
Fr R. bank notes In aotual circulation
Deposits—Member banks' reserve account 5,802,436.000 5,858,865,000 5,745,146,000
5,587.208,000 5,429.284,000 5,436,894,000 6.039,613,000 5,905.115.000 4,500,919,000
U. S. Treasurer—General account—
514,995,000
461,638,000
460,828,000
643,770,000
614,255,000
632,794.000
24,031,000
49,155.000
42.672.000
Foreign banki
47,822,000
43,546,000
34,881,000
28.935,000
32,850,000
32,716,000
31,849,000
19.083,000
39,109,000
Other deposits
248,106,000
240,949,000
229,765,000
225,896,000
233,240,000
248.110,000
248.062,000
169,073,000
244,335,000
-.
Total deposits
6,613,359,000 6,604,998,000 6,470,620,000 6,385,809,000 6,309,629.000 6,350,514,000 6,343,555,000
8,231,231,000 4,738,230,000
«
533,058,000
589,917,000
497,233.000
691,556,000
555,054,000
650,308,000
444,405.000
555,360,000
547,149,000
130,653,000
130,609,000
130,516,000
130.512,000
130.469,000
130,471,000
146,888.000
130,440,000
130,437,000
145,501,000 tl45,501,000
145,772.000
145,772,000
144.893,000
144,893,000
144,893,000
144.893,000
144,893,000
26,406,000
26,406,000
26,334,000
t24,235,000
23,707,000
23,457,000
23,457,000
10,669,000
23,457,000
33,901,000
33,692.000
t33.907.000
t34,867,000
30,698,000
30,700,000
30,701,000
30,820,000
30,701,000
3,655,000
f3,395,000
3,002,000
3,975,000
17,970,000
17,645,000
4,059,000
35,197,000
26,181,000
Deferred availability Items
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
....
Reserve for contingencies
All other liabilities...
Total liabilities.
Ratio
of
total
11,094,582,000 11,154,384,000 10962.933,000 11,025,800,000 10980,900,000 11,046,381,000 10.917,344,000
10782,292,000 8,612,562,000
to
reserves
deposits
and
F. R. note liabilities combined
Contingent liability
78.0%
77.9%
77.8%
77.6%
77.3%
on bills purchased for
77.7%
77.8%
77.5%
foreign correspondents
71.6%
317,000
Commitments to make Industrial advances
27,091,000
27,213,000
4,049,000
71,000
927,000
1.221,000
152,00
3,094,000
27,284,000
27,649,000
27.745,000
27,691,000
28,084,000
t27.719,000
3,718,000
11,109,000
Maturity Distribution of Bills and
Short-term Securities—
$
1-16 days bills discounted...
10-30 days bills discounted
81-60 days bills discounted
61-00 days bills discounted
;
$
S
2,115,000
174,000
1,795,000
234,000
3,028.000
27,000
203,000
1,858,000
265.000
6,420,000
5,352,000
5,381,000
1-16 daysbllls bought In open market—.
2,699.000
2,376,000
16-30 days bills bought In open market—81-60 days bills bought In open market...
61-90 days bills bought In open market.
Over 90 days bills bought In open market
552,000
444,000
671,000
681,000
656,000
1,161,000
597,000
962,000
929,000
Over 90 days bills discounted
Total bills discounted.
—
Total bills bought In open market
55,000
$
$
%
4,692,000
207,000
4,673,000
4,399,000
56.000
64,000
94,000
110,000
94,000
260,000
264,000
250,000
1,228.000
1,628,000
568,000
1,041,000
1,221,000
777,000
192.000
296,000
1,154,000
206,000
1,173,000
1.114,000
33,000
4,672,000
7,155,000
6,920,000
6,106,000
5,368,000
8,688,000
302,000
1,730.000
2,750,000
5,539.000
185,000
176,000
886,000
698,000
656,000
859,000
1,609,000
2.090,000
1,328.000
2,006,000
489,000
808,000
2,252.000
986,000
2,086,000
754,000
1,376,000
615,000
1,768.000
721,000
1,571,000
7,021,000
845,000
1,213,000
731,000
4,657,000
4,657,000
4,656,000
4,656,000
4,657,000
4,671,000
4,679,000
4,675,000
1-15 days Industrial advances
16-30 days Industrial advances
1,759,000
277,000
1,582,000
382,000
1,674,000
1,529.000
774.000
1,651,000
334,000
980.000
664,000
717,000
28,683,000
886,000
788,000
683,000
28,753,000
1,251,000
29,087,000
29,152,000
936.000
29,166,000
1,053,000
28,376,000
373,000
829,000
1,072,000
820,000
493,000
339,000
653,000
927,000
1,512,000
418.000
42,000
259,000
1,565,000
81-60 days industrial advances
1,620.000
253.000
914,000
699.000
29,069,000
28,556,000
13,332,000
32,210,000
32,239.000
32,014,000
32,493,000
32,600.000
32,696,000
32,790,000
32,395,000
15,636,000
27,605,000
25,425.000
37,318,000
70,320,000
78,579,000
29,675,000
27,605,000
25,570,000
25,425,000
27,750,000
29,675,000
34,250,000
91,024,000
90.084,000
40,535,000
1-90 days Industrial advances
Over 90 days Industrial advanoes
Total Industrial advanoes.
1-16 days U. S. Government securities..
16-30 days U. S. Government securities..
81-60 days U. S. Government securities..
81-90 days U. S. Government securities..
Over 90 days U. S. Government securltles.
Total U. 8. Government securities
1-15 days other securities
36.013,000
191,000
25.070,000
27.250,000
35,114,000
34.250,000
108,925,000
71.643.000
68,343,000
63,618.000
62.743.000
57,280,000
50.495.000
163,880,000
183,785,000
104,069,000
122.169.000
120.384,000
124,344,000
70,643,000
67.343,000
189,545,000
2,073,936,000 2,218,601,000 2.197,247,000 2,189.224.000 2,189.300,000 2.183,768.000
2,183,974,000 2,188,009,000 2,001,189,000
2,430,264,000 2,430.243,000 2,430,239,000 2,430,731,000 2,430,727,000 2,430,175.000
2,430,171,000 2,430,181,000 2,430,263,000
-
6-30 day8 other securities.-----1-60 days other securities
-
1-90 days
other securities
Over 90 days other securities..
181,000
181,000
181,000
181,000
181,000
181.000
181,000
181,000
181,000
Total other securities.
181,000
181,000
181,000
181,000
181,000
181,000
181,000
Federal Reserve Notes—
Issued to F. R. Bank by F. R. Agent
3,965,491,000 3,984,358,000 4,021,577,000 4,047,052,000 4,062,539,000 4,022,187.000
3.966,374,000 3,942,712,000 3,386,374,000
Held by Federal Reserve Bank
357,442,000!
In actual olroulatlon
364,707.000
365,813,000
337,978.000
294,059,000
323,794,000
312,633,000
294.469.000
319.459,000
3,608,049.000 3,619,651,000 3,655,764,000 3,709,074,000 3,768,480,000
3,698,393,000 3,653,741,000 3,648,243.000 3,066,915,000
Collateral Held by Aoent as Security for
Notes Issued to Bank—
Gold otfs.
on
hand A due from U. S. Treaa.
By eligible paper.U. B. Government securities
Total collateral
»
a
on
"Other cash"
-
does
not
These
4,042,308,000 4,054,340,000 4,090.270.000 4,101,059,000 4.109,542,000
4,075.887,000 4,023,247,000 3,988,687.000 3,469,485,000
Federal Reserve
notes,
t Revised figure.
ars certificates given by the U. 8.
Treasury for the gold taken over from the Reserve banks when the
dollar was devalued from 100 cents to 59.06 oents
1934, these certificates being worth less to the extent of the difference, tne
difference itself saving been appropriated as
profit by the Treasury under the
ns or the Gold Reserve
Aot of 1934.
Jan. 31
pro vis
lnolude
3,904,343,000 3,916,843,000 3.934,843.000 3.970.843.000 3,976,843,000
3,960.843,000 3,909,843,000 3,863,843,000 3,274,200,000
4,565.000
3,497,000
3,427,000
2,716,000
5,199,000
5,044,000
4,404,000
3,744,000
7,285,000
133,400,0001 134,000,000
152,000.000
127,500.000
127,500,000
110,000,000
109,000,000
188,000,000
121,100,000
of Governors of the Federal Reserve
Weekly Return of the Board
RESOURCES AND LIABILITIES
WEEKLY STATEMENT OF
Two Ciphers (00)
579
Financial Chronicle
Volume 142
Omitted
System (Concluded)
BUSINESS JAN. 22 1836
RESERVE BANKS AT CLOSE OF
San Fraut
Dallas
Minneav. Kan. City
St. Lonu
Chicago
Atlanta
Cleveland Richmond
Phila.
New York
Boston
Total
Federal Reserve Bank of—
OF EACH OF THE 13 FEDERAL
RESOURCES
383,158,0
149,679,0 192,804,0 127,691,0
497.846,0 226,920.0 169,391,0 1,316,512.0 192,094,0
2,806,0
643,0
796.0
7,619,348.0 537,584,0 3,418,641,0 407,028,0
513,0
755,0
307,0
2,742.0
1,483,0
895,0
996,0
1,276,0
2,914.0
16,126,0
6,452,0 20,960,0
10,082,0 22,021,0
44,249,0 21,432,0
74,508,0 39,672,0 25,822,0 17,206,0 14,339,0
336,906,0 40,163,0
406,924,0
160,274,0 215,621,0 134,786,0
524,563,0 245,609,0 186,472,0 1,361,068,0 214,281,0
7,972,380,0 580,661,0 3,494,425,0 447,696,0
□old certificates on band and due
U. s. Treasury
from
Bademption fund—F. R. notes..
Oilier cash.*
Total reserves
Bills discounted;
Bee. by U. 9. Govt, obligations
3,644,0
2,776,0
Total bills discounted
137,0
2,403,0
1,971,0
285,0
75,0
33,0
105,0
13,0
82,0
58,0
13,0
195,0
4,374,0
360,0
48,0
118,0
95,0
Industrial advances
U. 8. Government securities:
bills..
Treasury
Total U
328,0
463,0
1,515,0
1,118,0
1,769,0
1,105,0
9,514,0
73,132.0
24,198,0
16,470,0
17,435,0
50.722.0 136.674.0
83,975,0.199,331,0
85.924,0 200,799,0
165,0
919,0
2,139,0
24,529,0
10,732,0
12,984,0
211,544,0
84,631,0
47,178,0
107,116,0!
8,240,0
64,596,0
21,373,0
10,209,0
27,837,0
15,439,0
116,716,0
94,209,0
343,189,0,123,200,0
95,388,0
346,446,0 123,768,0
77,257,0 108,773,0
24,0
4,0
2,809,0
1,606,0
70,126.0 25,855,0
4,826.0.
2,452,0
354,0|
183,0
16.783.01 45,222,0
75,601,0 106,844,0
I
181,0
50,0
263,0
69,0
63,0
25,0
831,0
1,528,0
47,505.0
2,651,0
6,525,0
2,919,0
25,254,0
2,284,0
.
140.0
30,049,0
1,382,0
985,0
1,090,0
52,436.0
47.797.0,
39,428,0
41,262,0
4,875,0
3.629,0
18,0
17,0
47,0
2,134.0
496,0
,146,0
28,503,0 27,143,0
1,524.0
3,360,0,
738,0
280,0
,635,0
,580,0
3,0
1.011.0
80,0
1,334,0
53,929.0
3,113,0
8,945,0
123.561,0
10,808,0
premises
13,508,0
1,531,0
'471,0
127,0
427,269,0 311,846,0 1,785,709,0 368,149,0 254,055,0 358,689,0 250,628,0.639,258,0
11094,582,0,797,892,0 4,416,252,0 683,026,0,801,809,0
Total resources
LIABILITIES
Deposits:
Mtmber bank reserve account.
Treasurer—Gen.
acct—
Foreign bank...
Other deposits...
72,337,0.272,762,0
130,131,0 295,951,0
5,802,436,0'382.465.0 2.849,426,0 302,088,0 340,574,0
514,995.0 25,307,0
343,739,0 31,409,0, 27,538.0
47,822,0
3,427,0
17,745,0
4,711,0
4,521.0
248,106.0
3,993,0
190.889,0 10,187,0
3,885,0
175.698,0 112,003,0
6,024,0
4,343,0
1,713,0
1,761.0
3,770,0
1,837.0
766.237,0 157.476,0 114,339,0 176.048.0
3,577,0
3,595.0
3,873,0
58,446,0
1,285,0
1,142.0
1,428,0
5,521,0
764,0
5,284,0
8,212,0
1,997,0
3,612,0
1,237,0
3,706,0
3,532,0
3.331,0
13,582,0
376,518,0
183,639,0 123,510,0
832,201,0 170,989,0 124,360,0 181,674,0 138,686,0
316,396.0
53,631,0
4,595,0
4,210,0
5,186,0'
5,616.0
29,330,0
3,785,0
3,783,0
1,256.0
1,328,0
27,226,0
47,518.0
12,404.0
23,457,0
123,0
213,0
6,613,359.0 415,192,0 3,401,799,0 348,395,0
Total deposits
Deferred availability items......
533,058,0
Capital paid In
130,653,0
145,501,0
Surplus (Section 7)
26,406,0
13-b)
33,901,0
Reserve for contingencies
3,655,0
A11 other liabilities
51,805,0
9,408,0
9,902,0
2,876,0
1,413,0
76,0
120,674,0
51,033,0
50.825,0
7.744,0
8,849,0
1,175,0
38,921,0
12,332,0,
13,406.0
4,231,0
3,000,0
272,0
14,371,0
251,0
27,317.0
3,757,0
3,053,0
3,149,0
754,0
1,391,0
546,0
7,573.0
892,0
1,003,0
1,494.0
842,0
203,0
28,714,0
3,939,0
3,613,0
1,142,0
12,755,0
2,288,0
61,0
3,435.0
1,261,0
106,0
1,007,0
3,111,0
71,710,0
11,991,0
21,350,0
151,0
4,655,0
843,0
182,0
10,146,0
9,645,0
1.021,0
1,849,0
358,689,0 250,628,0 639,258,0
427,269,0 311,846,0 1,785,709,0 368,149,0 254,055.0
11094,582,0 797,892,0 4,416,252,0 683,026,0 801,809,0
Total liabilities
to dep. A F. R.
Ratio of total res
838,651,0 159,790,0 108,090,0 138,582,0
262,469,0.346,629,0 175,416,0 151,950,0
774,153,0
3,608,049,0,307,220,0
F. R. notes In actual circulation.
advances
inctude Federal
not
Two Ciphers (00) Omitted
New
Boston
Total
64.8
68.9
67.3
63.9
488,0
153,0
2,121,0
135,0
1,351,0
590,0
4,477,0
Reserve notes.
FEDERAL RESERVE
Federal Reserve Agent
81.5
2,263,0
1,712,0
627,0
9,888,0
3,286,0
27,091,0
..
"Other Cash" does
67.7
69.1
68.4
72.5
73.3
83.7
80.4
78.0
note liabilities combined
Committments to make Industrial
*
35,0
126,0
175,0
374.0
All other resources
Surplus (Section
54,0
128,0
4,142,0
663,0
Fed. Res. notes of other banks...
9.
502,0
61,0
444,0
24,865.0
535,717,0
Due from foreign banks
U.
80,0
748,201.0 184,664,0 220,243.0 121,151,0
161,118,0
Total bills and securities...... 2,473,732,0
Bank
18,0
87,0
181,0
....
U ncollected Items
541,0
1,726,0
734,383,0 177,120,0 218,025,0
2,430,264.0 157,671,0
». Govt, securities.
securities
Other
443,0
484,0
80,028.0
26,479,0
25,0
80,0
577,0
19,070,0
55,252,0 16,848,0
493,164,0 120,857,0 149,491.0
185,967,0 39,415.0j 49,464,0
215,703,0 14,420,0
1,619,653,0 107,636,0
594,908,0 35,615,0
Bonds
Treasury notes
10,0
45,0
9,0
15,0
6,700,0
1,739,0
7,705,0
343,0
2,909,0
4,657,0
32,210,0
Bills bought In open market
15,0
59,0
3,0
500,0
41,0
6,420,0
direct A (or) fully guaranteed
Other bills discounted
Dallas
S
San Fran
S
Minneap, Kan. City
St.Lonis
Chicago
Atlanta
%
S
S
$
Cleveland Richmond
PhUa.
York
NOTE STATEMENT
*
173,604,0
917,984.0 283,499,0 361,766,0 186,949,0
15,137,0 11,533,0 21,654,0
143,831,0 21,030,0
878,405,0 167,099,0 112,931,0 148,323.0
9,741.0
4,841,0
7,309,0
39,754,0
79,143.0 314,780,0
F.R.Agt. 3,965,491,0 341,008,0
Held by Fed'i Reserve Bank...
357,442,0 33,788,0
838,651,0 159,790,0 108,090,0 138,582,0
72,337,0 272,762,0
3,608,049,0 307,220,0
774,153,0 262,469,0 346,629,0 175,416,0 151,950,0
938,706,0 290,000,0 366,440,0 171.000.0 130,685,0
82,0
105,0
15,0
325,0
2,756,0
16,000,0 47,000,0
891,000,0 142,632,0 112,000,0 141,000,0
80,000,0 284,263,0
10,0
45,0
35,000,0
941,462.0 290,325,0 366,455,0 187,105,0 177,767,0
S
Federal Reserve notes:
Issued to F.R.Bk.by
In actual circulation
Collateral
by
held
Agent
42,018,0
6,806,0
se¬
as
curity for notes Issued to tks:
□old certificates
on
hand
and
due from U. S. Treasury
Eligible paper
U. 8. Government securities..
3,904,343,0 356.617.0
170,0
4,565,0
133,400,0
4,042,308,0 356,787,0
Total collateral..
8,0
72,0
477,0
25,000,0
2,400,0
8,000,0
891,500,0 167,640,0 114,472,0
149,477,0
500,0
80,045,0 319,273,
Banks of the Federal Reserve System
of Governors of the Federal Reserve System, giving the principal
banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appears in our department of "Current Events and Discussions
Immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
beginning with Nov. 6 1935 covers reporting banks In 101 leading cities, as It did prior to the banking holiday In 1933, instead of 91 cities, and has
revised further
to show additional items.
The amount of "Loans to banks" was Included heretofore partly in "Loans on securities—to others" and partly
Weekly Return tor the Member
Following is the weekly statement issued by the Board
Items of the resources and liabilities of the reporting member
The statement
also been
so as
credit of Individuals, partnerships, corporations,
of collection. The method of computing the Item
of 1935: First, It Includes United States Govern¬
and, second, amounts due from banks are now deducted
law. These changes make the figures of "Net demand deposits''
formerly Included relatively small amount of time deposits of other
Included only demand balances of domestic banks. The item
other sources. Figures are shown also for "Capital
all
not otherwise specified, less cash items reported as on
deposits —adjusted" represents the total amount of demand deposits standing to the
municipalities, &c., minus the amount of cash items reported as on hand or In process
has been changed in two respects In accordance with provisions of the Banking Act
ment deposits, against which reserves must,now be carried, while previously these deposits required no reserves,
from gross demand deposits, rather than solely from amounts due to banks, as was required under the old
not oomparable with those shown prior to Aug. 23 1935.
The Item "Time deposits" differs in that It
a
banks, which are now Included in "Inter-bank deposits." The item "Due to banks" shown heretofore
"Borrowings" represents funds received, on bills payable and rediscounts, from the Federal Reserve banks and from
account," "Other assets—net," and "Other liabilities."
By "Other assets—net" Is meant the aggregate of
assets
hand or In process of collection which have been deducted from demand deposits.
In "Other loans."
The item "Demand
associations, States, counties,
"Net demand deposits," furthermore,
ASSETS AND LIABILITIES OF
WEEKLY REPORTING MEMBER
Federal Reserve District—
New York
Boston
Total
BANKS IN 101 LEADING CITIES, BY
Cleveland Richmond
Phila.
ASSETS
Loans and
612
618
2,837
625
Minneap. Kan. City
382
608
San Fran.
Dallas
443
2,133
8,770
939
4
921
9
180
25
61
14
12
884
146
218
48
62
32
43
148
219
2,074
In New York City
7
5
30
10
25
21
3
2
178
28
45
12
366
21
21
65
38
6
15
85
190
370
67
22
245
1
10
7
-
Outside New York City
Loans on securities to
others (except
banks)
Acceptances and com'l paper
Loans on real estate
bought.
1,145
68
2
3
4
11
40
166
1
5
obligations
Govt.
with Federal Reserve Bank..
Cash in vault
domestic banks
Other assets—net
.........
3
36
3
5
174
"l05
144
357
"l25
128
357
1,266
172
"i26
283
113
3,350
8,567
1,158
807
294
180
1,635
233
150
218
151
704
82
40
37
144
57
15
46
140
423
103
52
19
246
74
77
337
43
120
357
1,215
289
48
158
99
3,063
316
2,575
213
255
109
63
667
110
68
115
4,778
30
15
9
58
11
18
14
9
66
11
100
5
346
U. S. Govt, direct
Obligations fully guar, by U. S.
Other securities
Balance with
2
1
39
71
Loans to banks
Other loans
Reserve
1,737
St. Louis
1,127
20,913
investments—total
brokers and dealers:
Loans to
1,121
DISTRICTS. ON JAN. 15 1936 (In Millions of Dollars)
Chicago
Atlanta
139
175
144
154
412
124
97
311
2,366
214
245
173
178
41
111
24
18
24
28
229
357
3,541
297
deposits
....
United States Govt, deposits....
Inter-bank deposits:
Domestic banks
...
Time
Foreign banks
Borrowings
Other liabilities...
Capital account
201
1,337
82
547
85
111
37
949
371
293
2,071
369
447
788
6,192
761
329
938
262
13,770
4,898
949
256
685
192
170
758
172
121
144
119
1,032
300
33
33
129
11
8
103
55
16
699
227
43
27
-14
373
188
265
LIABILITIES
Demand deposits—adjusted......
86
5,653
249
2,436
305
317
435
7
407
2
"~12
328
251
117
197
750
1
5
29
8
37
9
5
2
ff
""312
87
83
335
82
56
87
75
316
205
1
783
"~26
321
"~17
3,500
230
1,599
222
1
1
.ji¬
2
2
10
580
Financial Chronicle
Jan. 25 1936
United States Treasury
Bills—Friday, Jan. 24
Rates quoted are for discount at
purchase.
GUrnrtttm
fftrmmff''
Bid
PUBLISHED WEEKLY
Jan.
5 1936
Feb. 11 1936
Publishers,
0.15%
0.15%
June 17 1936
0.15%
July 1 1936
July
8 1936—
July 15 1936
July 22 1936
July 29 1936
Aug
5 1936
Aug. 12 1936
Aug. 19 1936—
Feb.
19 1936
Feb. 26 1936
William Street, Corner Spruce, New York.
Mar.
United
New
Apr.
1 1936
Apr. 8 1936
Apr. 15 1936
Securities
the
on
of the transactions in
Federal Farm Mortgage Corporation's bonds and
Treasury
certificates on the New York Stock
Apr.
Apr.
May
May
May
May
Exchange.
Quotations after decimal point represent
a point.
of
4 1936
Exchange—Below we furnish a daily record
Liberty Loan, Home Owners' Loan,
York Stock
Government
one
or
32ds
more
Treasury
4h» 1947-52
115.16
(Hlgb
4LOW_
115.14
115.10
115.11
0.15%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
29 1936.-6 1936
131936
20 1936
27 1936
3 1936
115.13
115.10
115.11
115.10
115.11
9
59
10
3
TRANSACTIONS
115.7
»
111.13
111.13
111.12
111.9
111.11
111.7
111.18
111.14
111.9
111.11
Total tales in $1,000 units...
111.9
111.2
1
11
1
1
(High
Ilow
106.17
106.14
106.12
106.10
106.7
106.14
106.8
106.7
106.4
106
106.16
106.14
106.10
106.10
(Close
111.14
111.9
111.11
111.9
18
106
106.4
2
50
30
157
mmmm
109.15
'■mmm'm
109.10
109.7
1
0.20%
0.20%
1
Sept. 2 1936
Sept. 9 1936
Sept. 16 1936
Sept. 23 1936
» •
Sept. 30 1936
1
0.20%
0.20%
Oct.
11
0.20%
1
sift tfi
0.20%
7 1936—
Oct.
•
0 20%
0.20%
14 1936
21 1936
0.20%
0.20%
—
AT
THE
NEW
YORK
STOCK
EXCHANGE.
Railroad
State,
United
Total
Municipal A
States
Bond
Bonds
For'n Bonds
Bonds
mmmm
109.10
109.7
109.19
109.15
mmmm
109.10
109.7
1,072,791
1,805,375
1,329,130
2,146,410
2,937,770
2,542,132
$8,346,000
10,806,000
13,338,000
17,795,000
20,136,000
15,704,000
$1,116,000
1,331,000
1,387,000
1,674,000
1,371,000
1,631,000
$86,125,000
$8,510,000
Wednesday
109.15
Thursday
Friday
109.19
mmmm
7
28
mmmm
151
25
mmmm
107.6
107.4
107.2
10714"
107.4
106.30
107.5
107.4
107.2
107
107.1
107.6
107.4
107.2
107
107.1
106.28
22
3
4
9
5
Total
Sales at
30
(High
J Low
103.14
103.10
103.9
103.5
103.2
103.7
103.4
103
102.30
103.14
103.7
103.4
103
York
4
13
102.30
102.24
37
25
21
14
1936
Stocks—No. of shares-
103.14
103.10
103.6
103.14
103.10
103.9
103.6
103.2
103.12
103.11
103.11
103.6
103.2
185
68
108
mmmm
107.29
107.30
108
mmmm
107.2y
107.30
108
mmmm
107.29
107.30
(Close
mmmm
108.15
108.14
108.13
108.12
108.14
108.13
108.12
Total sales in $1,000 units...
mmmm
108.15
108.14
108.13
28
108.12
(Close
104.6
104.5
104.8
104.2
104.9
104.6
104.4
104.2
103.31
mmmm
104.9
104.6
104.5
mmmm
mmmm
51
13
3
99
25
3
104.6
104.4
104.4
103.30
104.6
103.30
103.30
104.8
104.6
5
29
11
6
108.23
108.22
108.23
108.25
108.24
108.22
108.22
108.18
108.23
108.22
108.18
mmmm
20
55
20
7
mmmm
106.7
106.2
106.3
105.28
105.25
105.22
106.2
106.1
105.28
105.24
(Close
105.23
105.17
106.5
106.1
105.28
Total sales <n $1,000
units...
31
105.27
272
100.18
100.12
100.16
100.11
100.19
100.18
100.14
(Hlgb
$1,000 units..
{LOW*
Iciose
.
,
Toif ,alu tn Show
Federal Farm
Mortgage
(Close
_
J
.
.
198
9
101.11
101.9
101.17
101.14
101.10
101.8
101.6
101.2
101.17
101.14
101.10
101.8
101.6
101.2
_
_
_
,
,
sates tn
Fenner
mmmm
102.29
102.31
companies,
—C. J. Devine & Co., Chicago office in the Field
Building, announce the
appointment of Henry J. Ouscaden as
manager of their municipal depart
mont.
—Outwater & Wells, 15
Exchange Place, Jersey City, N. J., have pre¬
a list of New Jersey investment
suggestions.
pared
—Lancaster
mmmm
1
1
101.14
101.14
101.14
101.18
101.16
101.8
101.10
101.11
101.2
101.18
101.16
101.13
101.11
101.11
101.2
25
23
27
13
21
8
101.2
prepared
an
15
102.2
102
102
101.30
102
102
101.26
102
101.30
102.2
102
101.26
101.26
3
1
5
10
100.22
100.21
100.20
100.18
100.21
100.20
100.16
100.18
—Syle & Co.
100.22
100.21
20
....
1
10~1~4~
100.29
101.8
101.3
101.4
(Close
101.2
100.22
101.12
101.11
101.6
101.4
101.2
100.23
a
$1,000 units...
24
15
n
fHlgh
25
now asso¬
28
FOOTNOTES FOR NEW YORK STOCK
PAGES
27
8
•
Bid and asked prices, no sales
Deferred
33
15
99.31
99.30
99.28
99.25
r
99.27
99.26
99.25
99.21
x
Ex-divldend.
99.31
99.27
99.25
99.21
v
Ex-rights.
100.1
188
73
99.30
91
39
184
99.20
99.20
99.20
mmmm
99.19
99.20
99.18
mmmm
99.19
99.21
99.19
33
14
22
25
mmmm
111
——
above
of
"
14
«
24
27
coupon
28
29
44
Ill
to 111
103 5
to
104*
"Ill
to 104
III"Hl01.12
4»
103.5
42
42
to 101.12
Adjusted for 25% stock dividend paid Oct. 1 1934.
Listed July 12 1934; par value 10s.
replaced £1 par, share for share,
Par value 650 lire listed June 27
1934;
replaced 500 lire par value.
Listed Aug. 24 1933; replaced no
par stock share for Bhare.
Listed May 24 1934; low adjusted to
give effect to 3 new shares exchanged fot
1 old no par share.
Adjusted lor 66 2 3% stock dividend payable Nov.
30.
Adjusted for 100% stock dividend paid April 30
1934.
Adjusted for 100% stock dividend paid Deo. 31 1934.
Par value 400 lire; listed Sept. 20
1934; replaced 500 lire par value.
Listed April 4 1934; replaced no par stock
share for share.
Adjusted for 25% stock dividend paid June 1
1934.
Listed under this
American
Quotations for United States
Treasury Certificates
Indebtedness, &c.—Friday, Jan. 24
Figures after decimal point represent one or more 32ds
point.
45
of
44
47
44
of
49
so
5'
Int.
Int.
1H%
1H%
1X%
1H%
1X%
1H%
1H%
2 H%
2H%
Bid
100.22
this day.
Cash sale.
99.30
100.3
-(Low
Rate
on
delivery.
100.1
100.4
44
..
In charge of their
New stock,
(Hlgb
2 Federal Farm 3s
1944-49
Sept. 15 1938.
offices
t Companies reported la receivership.
Treasury 4s, 1944-54
10 Treasury 3s 1951-55
1 Treasury
3J^s 1946-49.___
_.
have
100.15
101.7
101.10
6
Mar. 15 1940.
June 15 1939.
now
—J. Roy Prosser & Co. announce that James
D. McMeekan Is
ciated with them.
(Low
20
table includes only sales
Transactions in registered bonds were:
_.
York,
announce the removal of their
trading department.
101.9
(Close
15 1940.
St., New
Walter H. Mewing Is
4
Total sales in $1,000
units...
Sept. 15 1936...
announce that
101.11
>
_.
Broad
100.15
100.20
30
100.16
100.22
Total sales in $1,000
units...
15 1939...
Inc.,
5
2)^8, 1942-44
Mar. 15 1939
June 15 1940.
Greene,
101.13
Home Owners' Loan
_.
Norvin
analysis of Robert Gair Co., Inc.
—Schlater, Noyes & Gardner, Inc.,
to 60 Broadway, New York.
102.2
[Close
Maturity
&
102.25
10
102.3
■Ks. series B. 1939-49. J Low
June 15 1936.
the
—Gilbert
102.25
101.17
101.31
throughout
Eliott & Co., 11 Broadway, New
York, have prepared a com¬
prehensive survey of the steel industry
giving salient statistics on 10 leading
150
102.28
102.31
101.18
102
connections
United States and Canada.
'
103.2
&
Beane have prepared their 1936 Winter
Directory showing
Beane branches and other wire
(Hlgb
Home Owners' Loan
Note—The
—Penner &
units...
,
bonds.
137
102.31
102.29
102.3
I Close
,
Total salesin $1,000
.
206
102.29
Low
Home Owners' Loan
8s. series A. 1944-52
Total
289
mmmm
(Hlgb
25is, 1942-47
midtown
—Mitcnell, Hutchins & Co., 231 S. La Salle St.,
Chicago, announce that
Waldo M. Allen has joined their
organization as of Jan. 1 1936.
(High
.
Total sales in $1,000
units...
Federal Farm
Mortgage
.
286
103.2
_
Mr.
Novotny
142
101.7
(ClOSt
!__ JLOW
8s. 1942-47
.
100.4
319
103.2
fHlgb
Total sales in
$1,000 units..
Federal Farm
Mortgage
100.2
180.8
101.17
Total sales in $1,000
units...
1944-49__._________.iLow
100.8
100.11
119
(Close
,
100.9
101.18
Low
Federal Farm
Mortgage
131
100.8
109
22
(Hlgb
105.18
6
lOO.P
101.19
units...
8^8. 1944-64
105.23
69
100.20
100.19
Close
,
31
100.22
Low
_
mmmm'
i Low
2Kb, 1945-1947
was connected with C. G.
mmmm
108.24
1
firm, formerly
City.
mmmm
108.25
new
48 West 48th
8
108.26
the
office buildings, the 7 E. 44th St.
Building and the
St. Building are the subject of recent
reports prepared by
Amott, Baker & Co., Inc., 150 Broadway, New York
103.29
(close
jtotat sates in
—Two
103.30
104.5
NOTICES
6 Co.
46
129
104.6
108.25
-j Low
.
$279,940,000
securities.
Nicholas, head of
104.1
104.2
6
104.8
104.8
(High
Total tales in $1,000
units..
-
$367,233,000
—Announcement is made of the formation of the firm of
H. P. Nicholas
Co., 80 Broad St., New York, to deal in general market
108.10
50
104.12
mmmm
Total sales in $1,000
units..
8Kb; 1944-46
$71,658,000
CURRENT
mmmm
mmmm
mmmm
(Hlgb
-I Low
_
$85,694,000
34,115,000
160,131,000
108.10
3
mm mm
Low.
(Close
8J4s; 1941
$20,722,000
30,237,000
316,274,000
108.10
108.15
mmmm
(Hlgb
J
Total
mmmm
mmmm
Total sales in $1,000 units...
_
$17,492,000
8,030,000
46,136,000
mrnmm
mmmm
(Hlgb
_
$5,819,000
8,510,000
86,125,000
mmmm
1
■mmmm
] Low.
8Mb; 1949-52
16,868,052
34
134
mmmrn
(Close
Total sales in $1,000 units...
62
mmmm
(Hlgb
\ Low.
8MB; 1946-49
51,229,945
State and foreign
Railroad & industrial—
26
1935
3,250,296
Government
103.12
103.16
Total tales in $1,000 units...
1936
$100,454,000
103.16
103.14
Jan. 1 to Jan. 24
1935
Bonds
(Hlgb
103.16
$5,819,000 $100,454,000
11,833,608
(Close
8Ha; 1941-43
805,000
1,128,000
990,000
Stock
Exchange
•! Low.
8Kb. 1940-48
1,643,000
Week Ended Jan. 24
102.24
(Close
New
102.30
103.10
Total tales in $1,000 units...
8a; 1946-48
$9,964,000
12,888,000
16,368,000
20,274,000
22,635.000
18,325,000
106.28
Total tales in $1,000 units...
8>; 1951-55
Sales
$502,000
751,000
3
(Hlgb
iLow
(Close
Dec.
•
•
1
0.20%
-
Aug. 26 1936—
11,833,608
29
8Mb; 1948-47
Dec.
•
•
•
and Mis cell.
Saturday
Monday
Tuesday
109.19
Total sales in $1,000 units...
a
t
•
1
Stocks',
(Close
f
•
t
Number of
Shares
Week Ended
Jan. 24 1936
25
(High
■! Low.
1Mb; 1945-58
w
1
111.2
Total tales in $1,000 units...
m
0.20%
0.20%
0.20%
0.20%
106.2
106.16
1948-45
m
0.20%
0.20%
DAILY, WEEKLY AND YEARLY
111.2
(Close
n,
0.20%
.
14
(Hlgb
■! Low
la; 1944-54
8s,
1
Oct.
115.6
115.13
■
0.20%
______
115.8
115.14
115.14
mmmm
(Close
..
11
1
Prices Jan. 18 Jan. 20 Jan. 21 Jan. 22 Jan. 23 Jan. 24
Total tales in 21,000 units...
-
til til f1 «1 til
Asked
0.20%
June 24 1936
0.15%
0.15%
22 1936
June
Dally Record of U. 8. Bond
June jo 193ft
0.15%
0.15%
Mar. 11 1936
Mar. 18 1936
Mar. 26 1936
States
Bid
0.15%
Feb.
WILLIAM B. DANA COMPANY,
Asked
29 1936
Ashed
100.24
Maturity
Feb.
1 1938---
Rate
Bid
Ashed
2%%
104.17
100.21
100.23
Dec.
15 1936
2H%
102.20
101.11
101.13
102.23
Apr.
15 1936---
100.29
100.31
105.11
104.19
Beet
Aug. 9 1934 .replacing no par stock.
Sugar Co.
name
Former name,
From low through first classification, loan
75% ot current.
From last classification and above, loan of
55% of current.
Listed April 4 1934; replaced no par stock share
for share.
Listed Sept. 13 1934; replaced no par stock
share for share.
Listed June 1 1934; replaced
Socony-Vacuum Corp. $25 stock share for share.
50% stock dividend paid Deo. 10 1935.
100% stock dividend payable Feb. 1 1936 to stock record
Deo. 20 1935.
Adjusted price for stock dividend.
The National Securltlei Exchanges on which low
prices since July $ 1933
made (designated by superior figures tn
tables) are as follows
'
11
New York Stock
22
Cincinnati Stock
Pittsburgh Stock
•
12
New York Curb
25
Cleveland Stock
2
New York Produce
14
4
New York Real Estate
15
Richmond Stock
Colorado Springs Stock
24
St. Louis Stock
Denver Stock
Detroit Stock
29
Salt Lake City Stock
San Francisco Stock
101.5
101.7
Feb.
15 1937-__
2X%
2 H7c
3%
103.6
Boston Stock
17
103.4
100.15
100.17
Apr.
15 1937--.
7
103.18
103.20
Buffalo Stock
'»
3%
•
3%
California Stock
«
105.12
29
»
Mfcmeapolis-St. Paul
Chicago Stock
Chicago Board of Trade
24
Seattle Stock
New Orleans Stock
29
Spokane Stock
Philadelphia Stock
21
Washington
100.21
100.23
101.8
101.10
103.8
103.10
104.18
104.20
June
15 1938
Mar. 15 1938-._
Aug.
105.13
105.14
1 1936-—
314%
101.28
101.30
Sept. 15 1937-.-
3X%
104.31
105.1
»Baltimore Stock
•
i°
"
Chicago Curb
'•
21
were
Los Angeles Stock
Los Angeles Curb
24
27
24
San Francisco Curb
San Francisco
Mining
!«=
Volume 142
Report of Stock Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Nine Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded In the day's range, unless they are the only transactions of
No account Is taken on such
the day.
■ales In computing the range for the year.
July 1
HIGH
AND
LOW
SALE
PRICES—PER
SHARE, NOT PER
CENT
Sales
for,
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
On Basis
STOCK
YORK
Jan. 18
Jan. 20
Jan. 21
Jan. 22
Jan. 23
Jan. 24
$ per share
$ per share
$ per share
$ per share
Shares
*47
23
23
' 6
4i8
8%
186
8%
186
278
3
*82
85
1518
4
3
18*4
*16
*16
29%
S234
167
68%
31%
33
168*4
120*4 12084
25% 2578
15%
4%
3
18%
*16%
17
30
33%
165
12084
25%
7%
85
•70i2
71U
3714
*70%
22%
4%
40»4
22i2
412
40 84
40
41%
82
82
81
82
5312
4412
65l2
54U
5334
56
45
45
45
6578
6578
121
0OU
21%
22
22%
4%
41%
81%
4%
37%
♦120
*90%
34
11
3
70
9014
♦32
15%
4%
71
36%
♦32
11%
28%
*47%
*112%
*68
38%
130
♦120
92
34
90%
*32
17
1714
16%
17%
92
92
91
91
90
29
85
15%
4%
3%
193s
70%
36%
22%
4%
4134
50
*47%
50
68*4
69
11%
11%
100% 100%
34%
34%
22*4
23%
3%
4
734
7%
11%
12%
100% 100%
183% 184%
185
3
3
*82
85
15%
4%
3
19%
*18%
18%
30%
34%
163%
120*4
25
16
4%
3%
20%
18%
18%
3034
36*4
16534
12034
25%
3434
23%
3%
7%
2%
*82
49%
49%
3434
24%
4%
8
185
3
85
Preferred
12%
17,300
Adams
100% 100%
34%
34%
420
11%
24%
3%
7%
25
4%
8%
186
186%
2%
3
*82
17
4%
3%
5
3%
21%
*4%
5
19%
20%
19
19
I884
32%
19%
18%
32%
30%
1834
32
36
37
35%
18%
166
167%
120»j2 2084
25
25%
12%
29%
125
3%
67,600
2,700
28,900
15,700
1,200
700
3,400
36
168%
12,900
120*4 120*4
25%
26*4
6,900
12,000
166
3,700
7%
784
7%
784
13,400
70%
36%
70%
37%
70%
70*4
70%
1,100
22%
4%
42%
22%
4%
71
3884
23
484
38
38%
38
*21%
22%
4%
4%
*21%
4%
124
122
*91
92
91
34
*32
34
*32
12%
28%
17
122
9134
34
*121
90%
*32
124
91%
Adams
2%
1138
214
8
33%
14%
30
2%
1U2
8U
35
1414
•10*4
7%
33*4
13%
29%
3078
13i2
*13
6*4
13
678
2%
11%
8%
2%
*1034
7%
Air Reduction
13,600
800
t Alleghany
4
3%
26%
20%
1134
27%
Pref
76
77
27%
28
10%
10%
75
27%
10%
No par
Allied Ohemloal A Dye
Preferred
No par
5%
31%
31% 32
•126
134
*126
135
13134 *126
*36% 39% *36% 38*4 *38%
39
9%
9%
8%
884
9
9%
30%
4778
40%
25%
30%
4878
47%
3984
41%
25%
•159
25
1*159
3034
♦89%
31%
90%
24
24%'
29%
2934
69%
5834
20
11,000
400
6,500
1,900
11,800
200
800
7%
Bank
72%
•136%
2434
♦110
34%
6678
138%
23%
159*4
98%
100
138%
47%
40
39%
24%
25%
162
♦159
39*4
25%
165
*38
8%
47*8
3934
25%
*159
29
30%
89%
23%
2934
90%
24%
29%
58
59%
59
30%
89%
30%
91
24
47%
*126
Am Brake Shoe A Fdy
Preferred
American
American
7%
2nd
4,700
1,700
3,400
12%
14,600
27%
76%
28%
10%
26*4
27%
80%
28%
27%
28
8.400
76*4
27%
80
80%
2,800
27
27*4
7,100
10%
11*4
11%
11%
11,100
500
*23
29%
59%
30%
48%
41
26
165
48%
40%
2584
*159
105
48%
41%
26%
165
9%
48*4
24,500
100
39%
9%
51%
28,706
9,200
3
34
Jan
2
13
Jan 22
7
30% Jan 24
16% Jan
9
.No
3
3
7
Jan
2% Jan 16
12% Jan 8
8% Jan 8
Jan
2
15% Jan 16
33% Jan 24
3%
2
Jan
Jan 20
5*4 Jan
7
38% Jan 22
14
Jan
44
Jan 24
2
39% Jan 15
5% Jan 14
Jan
9
24
2
No par
10% Jan
25% Jan
12% Jan 11
2834 Jan 16
100
73% Jan
2
37
1
Jan
2
No par
3
Jan
100
No par
19
Amerloan Locomotive
pref.....
7
Jan 24
Amer Maoh A Fdry Co ...No par
27
Amer Maoh A Metals
No par
10% Jan 18
11% Jan 2
No par
27% Jan
No par
ctfs
Amer Metal Co Ltd
130
2
3
8% Jan
2
132
par
7%
7%
33
34%
22%
•94
97
21*4
*95*4
7%
7%
34%
32%
21&8
094%
22%
97
10%
10%
11
67%
10%
66%
1«4
8%
6%
67
69%
1034
68%
1*4
1%
1*4
8%
1%
*35%
•45
36
28%
*35
I884
18%
108
8%
8%
5%
5%
47%
28%
47
•107
7%
32*4
28
18
108
8%
5%
52
5%
*46%
28
28%
♦35
36
18%
108
17%
108
7%
32%
22%
7%
32%
2I84
Jan 14
12
18%
Jan
2
3
4%
Jan
2
3
12%
4%
13%
63
72
12%
82%
130%
24
30%
Jan 24
Jan
38% Jan 13
10% Jan 8
20*4
1%
1%
9%
10%
8*s
10%
8«s
49%
10%
134%
43
Jan 24
27*8 Jan
136% Jan
144
104
2,700
150
14,000
150
2nd preferred 0% cum
American Snuff.........
.100
26
69% Jan
100
Preferred
133% Jan
23*4 Jan
100
107*4 Jan
par
33% Jan
.......
1,000
...No
1,200
Amerloan
9934 100*4
138*4
7,900
Common olass B
...
1,100
Preferred
26
71
121
144
57
101%
117%
94%
11%
69%
1%
95*4
10%
68%
1%
8%
8%
584
55
28*8
35%
17%
108
5%
*48
28%
35*8
18
*107
33
22*4
97
98
For
12*4
footnotes see
page
580
98% 100
1,600
1,320
44,600
1,100
11
11
11%
10%
11%
23.000
698g
68%
6984
67%
69%
24,800
1%
1%
1%
1%
1%
5,500
8%
5%
50%
29%
35%
18%
108
8%
8%
8%
584
50%
52%
53
53
800
30%
35%
30%
31
121,100
29%
35%
19
108
6%
19%
108
13
*12
1234
♦11%
♦11«4
1234
12*4
12*4
46
4534
45%
46% 46%
45%
45%
46%
46% 46*4
121
121
*119%
♦120% 121
*120%
♦120% 121
*120% 121
110
110
110%
110% 110% 110% 110%
110% 110%
110%
6
6
5%
5%
5%
584
5%
684
5*4
534
71%
71%
71%
71% 7134
71%
71% 7184
71%
72%
115
115
125
♦100
*110
♦115
115
115
119% *109
49
49
60
49
48*4
48*4 49%
48*8
49% 50%
•12
7%
8%
1,900
6%
12,500
36
36
19
19*4
108%
4,000
12*4
12%
400
46
47
108-
400
160
2,900
120% 120%
30
109*4 10984
2,600
39,700
5*4
71%
115
49%
5%
72
3,700
115
400
50
7,700
f Am Type Founders
No pa,
Preferred
100
Am Water Wka A Eleo
1st preferred
Amerloan
No par
......No
Woolen
No
Preferred
tAm Writing Paper..
No par
63
70
125
143
10%
12
52
88
32%
45%
32%
50%
63%
102% Jan
140% Jan
Jan
Jan 15
Jan 23
Jan
7
Jan
30
Jan
35
21%
92*4
9%
62%
Jan
24% Jan
8% Jan
100
Jan
7
Jan 24
6
8
3
2*
Jan 10
8
Jan 24
11% Jan 21
69*4 Jan 23
Jan
Jan
1% Jan
1% Jan
7% Jan
4% Jan
10
4
Jan 10
102
11
64%
105
25%
113
124
18%
98%
72%
27%
160%
104%
74*4
107
129%
141
2%<;
2%
7
9
7%
7%
48
4%
85%
*8
2%
43
70%
140%
48
4%
35%
%
2%
10*4
68%
2%
11%
3
3
44
Jan
53
Jan 24
31
81
49
50
28
Jan 20
31
Jan 24
8
8
30
35
38
Jan
Smelt.—100
Mining
Anaoonda Wire A Cable—No par
Anchor Cap
No par
$0.50 oonv preferred—No par
Andes Copper Mining....
10
Archer Daniels Mldl'd
7%
preferred
Armour A Co (Del) pre!
Armour of Illinois new
$0 oonv pre!
Preferred
Armstrong Cork Co
No par
100
100
5
No par
...
•
10%
38%
22*4
94%
25
Zinc Lead A
Preferred
Anaconda Copper
par
1
Preferred
Amer
par
100
43
98%
Jan
64%
106
Jan 13
137
100
21%
26%
Jan 17
98% Jan
25
9534
4%
31%
Jan 16
23% Jan 16
155*4 Jan 2
100
...
66
28%
100
Jan
Jan
No par
Teleg
32*8
Jan 24
96% Jan
52
129
25%
15%
20
Jan 15
100
Tobacoo
2
41%
159
15
6
26%
110%
35%
58%
140%
25%
161%
100
Am Sumatra Tobacoo
Amer Telep A
1,500
Jan 24
X
105*4 Jan 8
73% Jan 22
140% Jan 24
Jan
No par
Preferred
Amer Steel Foundries
9,600
7%
4
100
Preferred
99%
22
8
64
800
1138
75%
33%
12%
56*4 Jan
400
4%
37%
27*4
160
2
x
9
No par
159*4 160%
32%
14%
4%
Amer Smelting A Refg
Amer Sugar Refining..
Preferred
7%
14%
4%
28,100
3,800
22%
1%
33%
25
0%
29%
1%
8
56%
57%
57%
140% *140% 144
24
24%
24%
33*4
38%
24*4
Jan
Amerloan Stores
7%
40
Jan 11
1,900
22
28
Jan
American Rolling Mill..
35%
32%
28
31
64
734
33*4
22%
9584
3
26%
26.900
15%
8%
3
32
7
Jan
38%
8%
9
51%
157
100
12
17
32
3
37% Jan 2
24% Jan 21
San'y.. No par
Preferred
3%
10%
9%
42
Jan 23
Jan 24
44% Jan
No par
..No
Jan
*35% Jan
preferred
100
Amer News, N Y Corp.. No par
Amer Power A Light.
No par
oonv
$0 preferred
7,
80%
29%
12%
11%
3534
Jan 14
'
22%
3
7% Jan 24
92*4
3%
9%
14
11%
13
50
2
2
Jan 24
26
Preferred
34
2*4
37
Amer Internat Corp
non-cum
72
*4
2%
2
10
Amerloan lce_,
72
12% Jan
..1
Amer Home Products...
2*8
22%
6%
57%
«5%
2934 Jan
No par
6% conv pref
19% Jan
94
30
2
20*4
32
par
Leather..
3
25% Jan
63%
138
Jan
8% Jan
27*4 Jan
20
No par
63%
14334
138
8
Jan 23
270
61%
101
122
92
61
98%
114*4 Jan 14
203g Jan
2934
99%
4
No par
29%
160%
25%
Jan 24
151%
Amer Shipbuilding Co
29%
110
25%
Amerloan Seating v t 0
1,100
2,600
35
10
Jan 16
American Safety Raxor ..No par
91%
*109
10
10
100
$6 preferred
0%
110
8
Jan
7
2438
34%
3
119
80
120
Jan
32% Jan
90%
110
Jan
88
2
Jan 14
Jan 14
29% Jan 20
89% Jan 21
24%
29%
72
72%
140% 140%
2534
26%
31
128%
134%
166%
35%
66%
39*4
9%
107%
12%
90%
72%
Jan 21
No par
$5 preferred
24%
26
62
..10
....
Am Rad A Stand
90%
140
9
6
100
10
143%
104% 105
Jan
21
20
13,200
143
43
34
67,800
24
104%
13%
34%
19%
Jan 24
(Alleghany Co)25
27
31%
11%
68
66
43
30*4
20
47% Jan 24
$8
160
30
31%
57*4 Jan 23
2
3
2%
14
26
31%
90%
24%
31%
8
48%
41%
43%
160
4084
26
9134 Jan 23
Amer Hawaiian S S Co
0%
12
2
preferred....
Amer Hide A
9
14
27
No par
27,800
10*8
11%
21%
Amer A For'n Power
7%
24%
249
49
Jan 11
934 Jan
33%
14
3%
Jan 16
No par
33
5%
32
87
No par
*13%
3*8
14%
14%
33%
139
42%
Amer European See's
13%
*38
72% Jan 3
39% Jan 8
23% Jan 15
*
4
14%
173
2
Amer Encaustic Tiling
32%
9%
2
7*4 Jan 10
2*8
74
220%
122%
22%
3%
Jan
6% 1st pref
2nd
39*4
27*4 Jan
173
125
117
6
Jan
89% Jan
1% Jan
6,000
4%
20%
9%
2
88
No
pref
15%
11%
*38
Jan
2%
32% Jan 22
100
....-
Amerloan Crystal Sugar
14*4
20%
3984
9%
8
124
par
preferred
Amerloan Chicle
Preferred
131
17034 Jan
20*8
83s
21
13%
107%
Jan 15
par
No
1*4
0%
6%
Jan 23
5
100
19,500
*126
Jan 15
9
165
No par
Chain..
9,900
130
Jan 21
125% Jan 24
25
100
▲merloan Car A Fdy
Preferred
1%
Jan 15
37
75
100
....
Can
Preferred
8%
12%
130
7
l"
2
37% Jan
No par
800
20%
134
Note..
Preferred
15,300
35*4
Jan
3% Jan
No par
2%
34
6
50
preferred........
37
34%
Jan
1
Leather Co...
*4
19%
34%
Jan
Jan
35% Jan 21
20% Jan 2
...No par
Alpha Portland Cement.. No par
1134
11%
32%
70
100
2%
*19%
32*4
No par
A Ills-Chalmers Mtg
Jan
120% Jan 7
23*4 Jan 13
684 Jan 7
...No par
pref...
Am Coal of N J
34
12
145
142*4 *141
143*4 143*4 *142
10434 104% 104%
104*8 105
104%
73
72%
| *72%
73U
7234
73%
72%
140
137%!
13934 *139% 141
*140% 143
25
25
25
2584
24%
25%
25%
113
110
112*4
110% *109
110% *109
34% 34%
34% 34*4
34%
34%,
34% 34%
56
57
57
57% I
55%
56%
55*4
139
139
138%' 138% 139
♦139% 13934 13984
24
24
24
24
23%!
*23%
2384
2334
160
160%' 15984 160% 168
15884 159% 160
99
99
98%
98%
98%
99%
99%
100% 101
100*2
100% 101
100% 101% 100%
139
138% *137
137% 138*4 137% 138
*137%
•14234 14334
*104
29%
*89
24
29%
58%
142*4
104*4
72%
137%
24%
*109%
48%
31*4
157
100
Allied Mills Co Inc
Allied Stores Corp
Voting trust
30%
100
warr
1%
50% Jan 24
4
74%
27%
10%
without
13%
1%
«4
2*g
2
2,200
26%
12%
12%
12%
27%
30%
234% prior conv pref. .No par
36
4
13%
Jan 23
5
42% Jan
12584 Jan
3,700
37%
384
A
84
74
3% Jan 15
21% Jan 23
19% Jan 23
Jan
Jan
37%
4
h
17% Jan 23
2*4 Jan
Allegheny Steel Co
24%
4%
0%
104*8
74
Jan
38%
20%
80%
Jan
38
4
Jan 11
3% Jan 15
52
38%
19%
11%
26%
194
65
38
4
2
43
7,300
11%
26%
75
27%
10%
2
Jan
4%
50
44
21
Jan
Jan 14
11%
100%
37%
8
3%
..10
40%
4
2
28
6
8
American
40
11%
Jan
84%
14%
Jan 24
Jan
74*4
4%
4%
8
25
Amer Agrio Chem (Del) ..No par
220
40
*20
35% Jan
21%
8%
52%
116
65
Jan 10
7,000
40
37S4
Jan 17
6,800
38%
38
51
Jan 14
2
Pre! A with $40 warr.....100
1134
7
32
110
21
Amerada Corp
39
38
37%
11%
6%
6%
30
89
2
Jan
Jan 21
3% Jan
340
8%
12%
100%
$ per share
$ per sh
Jan 13
2,100
6%
38
20%
6*4
13
8%
70
Amalgam
6
38
4
13%
13
14%
8
3
114%
3,400
1,300
6%
634
♦38%
11%
28%
77%
28%
10%
32
31*4
13
31%
13%
39
21%
36*4
15
13
1334
39
3%
35%
14%
32
14%
39
11*4
28%
77%
28%
10%
7*4
35
Jan
par
No
4,200
2%
11%
2%
2
100
Corp
Pref A with $30 warr
17%
92
2
Jan
No par
A P W Paper Co
92*4
17%
Jan
15% Jan
17
17
90
6
Jan 20
10
92%
17%
Jan
168%
par
Alaska Juneau Gold Mln
Amer Colortype Co
91
11%
Inc
Air Way Eleo Appliance.. No par
Am Comm'I Alcohol Corp
12%
2934
2%
10
10.100
13
29%
11
No par
—No par
li"700
1234
29%
14%
32%
35
39
*20
2%
11
Mlllls
13
30%
13
29%
8%
35*4
14%
31*4
35%
6%
*90
No
100
Address Multigr Corp..
Advance Rumely
Affiliated Products Inc
7%
90%
2%
11
7%
35%
No par
par
..........
Jan 13
High
Low
$ per share
49% Jan 24
Alabama & Vlcksburg RR Co 100
7%
*120
12%
4,200
7%
90%
29%
17%
6,600
2,400
85
16*4
3%
700
6,900
34,800
No
Express.....
Preferred
45
112%
68%
10%
100%
33%
22%
zl%
7%
........100
..25
...
Acme Steel Co
17%
18%
Abraham <fc Straus......No par
""760
Low
Highest
Lowest
$ per share
Par
69
*68%
15%
20
40
*112
*112
68%
42
42
42%
42%
42%
82
82
81%
82%
84
83%
84
56
56% 56*4
56%
57%
57%
56% 5734
43
45
44%
43%
44*4
45%
45%
47%
65
65
65
66
66
68
68
65%
46
49
45*4 46%
46%
47% 49%
50%
*129
132
128% 128% *128% 132% *128% 130
128
125% 126%
129% 128% 129% xl2734 129%
165% 165% 165% 165% 165*4 165*4
165% 165%
32% 32%
32%
34
33*4
34
33%
34
62
62
63
65
65
65
6434
65
38
37% 38%
38'4
38% 39%
39%
3934
12%
28%
16%
28%
11%
3538
4%
6578
46
46
46% 47
128U 12814 *128
128%
130
130
130i4
130%
•165
16512 •165
165%
33l2 3312
32%
33
63
63
63
6312
121
*82
36
3712
50
68%
11%
100%
34%
22%
4%
734
I8S4
18% *16% 1778
17
16% 16%
30
29% 30.
3378
33% 34%
166
163% 163%
120*4 120*4 120*4
25*4 j *24% 25%
7%'
7%
7%
7%
37
68%
15%
4%
3%
19%
738
3678
*47%
♦112
68%
1134
11%
11%
100% 100% *100%
34% 34%
34%
22% 23%
22%
4%
4*4
378
778
8%
7%
185
184% 185% 184
3
3
278
3
*82
16*4
478
3%
20
1734
185s
49
*112
Year 1935
1935
Week
$ per share
Range for
to
Dec. 31
of 100-share Lots
EXCHANGE
$ per share
♦47
49
*110%
♦685s 69
11*4
12
100% 100i2
3478
3478
1933
Range Since Jan. 1
STOCKS
NEW
100
No par
6% Jan 23
Jan
8
15% Jan
104*4 Jan
2
3
11% Jan
7
45
2
50
Jan 24
122
Jan
120%
105%
4%
66%
Jan
109
Jan 14
Jan
Jan
3
2
2
47% Jan 13
4
20% Jan 10
108% Jan 24
12% Jan 24
Jan
7
Jan 13
7%
10%
80
3%
21%
100
64
16%
10%
90%
3%
36
117
97
110% Jan 20
6*8 Jan 14
72% Jan 15
3%
3%
46%
55%
115
31%
85
13
25*s
Jan 17
52% Jan
8
5%
37
17%
109
12%
52
122%
109
6%
70%
110
50*4
Jan. 25 1936
New York Stock Record—Continued—Page 2
582
1
HIGH
AND
LOW
SALE PRICES—PER
Sales
SHARE, NOT PER CENT
//Mi
Monday
Saturday
Tuesday
Wednesday
Thursday
Jan. 18
Jan. 20
Jan. 21
Jan. 22
Jan. 23
Jan. 24
% per share
$ per share
$ per share
$ per share
$ per share
8
8
8
11
IO84
1034
95
95
8
95
978
*9012
8
8
978
14
14
14
1438
14l2
14i8
*104l2 10634
107U 10714 *104l2 107
*95
99
99
9984 9984 *95
46
46
46
46i8
*4018 47
66l2 67
6658
6778
67l2 68l2
*98
98U
98U
9812 9812
9914
29
30
2934
29l2 2984
2912
14
143s *1014
1212 1314 *11
15
15
16
*1412
15l8 16
30
295s
30l2
*5034
*112
6IS4
mmmm
5012
*112
30l8
2912
51
112
303s
5214
51
113
235s
25
23l2
235s
41
4112
40%
41
8
10
*92
113
24
237s
40i2
41
8
10l2
mmmm
14
1434
10634 108
99
100
*47
49
68
70
99lg 100
30
3078
12
*1434
30i2
*52
113
24l2
41l2
12
I684
31
52l2
114
25
4234
8
734
lOU
*92
103s
'
m
mm
8
8%
10%
2,900
2,600
1038
*92
100
mmmm
108
108
14%
145s
10834 10834
*97
101
*95
143s
145s
4614
46
70
70%
98%
46%
71%
*99% 100
30«4
315s
12ig
*15
30%
52i2
1258
16
31
53
114l4 115
25i4
4258
257s
43%
3,800
500
400
100
46%
713s
99%
31%
1334
30
13%
*15
100
24,400
1,200
15,000
270
16
2934
30%
53
500
29,300
54
1,700
Par
Arnold Constable Corp
914
938
9is
938
9
9i8
9
44i2
44i2
44l2
*43
4414
43
5
478
434
434
47g
478
45s
47S
4i2
45g
39
3914
3834
38i8 39
17
1712 1778
17l2
1634
173s
23i2 2312
23i4 2384
233g 237g
*1085s 11284 *109i8 110
♦1085s 120
434
434
*38
*44
45
*44
45
44
1141$ 1141s ♦1141s 110i2
17
16
I6I4
16l2
85i2 85l2
85i2 85i2
16
155s
10i2
10i8
65
65
6434 6434
114
113l2 114
19
19i2 195g
*107
1075s *107
*
35
89
89
14is
1414
87i2
223s
20i2
52i4
*85%
22
20
5214
5114
130
5214
13H4
26i2
2658
*
45
95
2234
627s
2312
5314
*94i8
95
*42
42i2
2634
2614
6514
914
*258
1634
52 I8
*48
66
5
3512
415s
55
*62
95s
IU4
*113
114
127l2 130
*25
12534 127
26
*25i2
16i8
163s
26
*88
18
*109
978
*85
4134
42
42
26
27%
65
64l4
2658
66iS
10i4
278
265s
64
66%
68
9912
5534
6514
914
90
12U
1212
12l2
25i2
1*4
13s
4l2
I6I4
3
5
17l2
2334
314
2
8i2
234
163s
515s
4912
4114
512
*987s
5434
8l2
234
mmmm
24
53
5214
94%
9
1634
*212
1678
533s
53
5012
4112
6i4
*4138
50
514
34
433s
*987s
55
17i2
54
45S
16
207s
9
27i8
5i8
1638
2214
3
94
94
238
1238
♦12i4
238
23s
1234
25
2534
*158
17R
1%
834
2678
1234
1214
25i4
D4
114
838
2038
434
16
207s
3i8
178
3
15s
207s
2134
21
*1
8%
5i2
17i4
22i2
3i8
17B
2634
538
17i2
2H2
3i4
17s
2H2
21 I4
1434
15
57
11
4212
*14
Ills
4212
147s
*55
107S
42U
57I2
55
55
11
1078
11
42i4
1434
4812
41l2
1412
48
48
90
90
90
*89
93
93
94
8
8
8
8
*98
99
818
9912 10034
122
122
55l2
285s
235s
6H2
27&S
*47
55l2
120i2
55
29
283g
24i2
62i2
275s
2312
50
61
275s
*47
97i2 99
121
*120i2 121
5538
6434
55i8
29i2
28&8
29i4
24i8
2334
24%
6U2
6034
6H2
2758
27i2 275s
47
4912
4734
43
7,400
5518
2834
24i8
60 I8
27
47i2
9
9
9i2
9U
9i4
9l2
*834
•100
10512 *100
105l2 *102i2
10512,»100
49
48l2 4934
49l2 50%!
4734
4834
145s
1578
83i2
*83l2
85
35
*32
64i2
65
64
54
5412
5384
3478
64U
543s
3
*258
3
3
434
178
5
478
178
1514
8312
*32
*25s
434
178
♦Sis
*6
♦28I4
2i8
4l8
4
814
434
178
6
1012
2884
214
4i2
4I8
884
1514
14i4
83i2
*30
63l4
5314
2
514
512
53s
*6
10
*6
2814
2834
2i4
28i4
2i8
2i8
147g
8312
97g
46%
5
434
39%
175g
24%
*109
4484
11,400
5%
46,400
14,400
,
5
39%
183s
2434
11234
4434
450
1,900
60
17%
87
4,900
078
6S8
534
*2H2
22l2
21l2
2»4
0i4
330
29,300
6H% oonv preferred
...100
Barnsdall Corp
......
6
2,300
Bayuk Cigars Ino.__._—No par
6
865
21l2
For footnotes see
page
Bendlx
6
Aviation
Beneficial Indus Loan....No par
1,200
Best A Co
94
258
1314
10%
1158
18
No
26
26
134
134
138
1
834
273s
55g
834
27%
47g
18i8
*16%
22 i2
3-3s
20%
33s
178
2238
22%
48
95
121
2
*71
34%
1
7%
32
1578
*54
834
2778
538
17%
2D4
3%
2%
2234
Blumenthal A
Bohn
790
A
Boston
100
11%
18%
3,300
20
110
74,000
1,100
33,700
20,700
500
6,700
700
Shoe
7%
0is
895s
94
Jan
3
96
Jan 13
68
90
preferred
preferred
45
Jan 15
38
38
275s Jan
8
18
21
Jan
2
IDs
Jan
3
Jan 23
3»4
1% Jan
1578 Jan
9
Jan 16
l|
Is
6
Jan 24
51% Jan
7
241s
No par
48
Jan
4
8l|
0'4
10%
41
25
303g
No par
...No
100
.....No par
100
Bullard
560
7%
28
12,800
434
1534
16,800
2034
1,750
4
31,800
7,800
2%
12,400
900
preferred
No par
...No
Term
Debenture
100
41%
41
41
47%
48
1558
47%
*89%
94
94%
94%
280
8%
83g
16
620
47%
60
mtm
100
103
10034 103
4,800
5,800
122
122
121
121
460
7,000
Preferred
California Packing
Ginger
No
No
300
---
Preferred
Carriers A General Corp
Preferred
No
Tractor.
2
2%
634
2
2%
6%
534
2134
1734
6312
*5D4
212
65g
2%
2218
612
22 I8
6%
6%
*22%
1734
1734
535s
25s
53
25g
7
634
7
65s
23%
23
150
100
3,000
2,400
5,300
7%
Jan
700
4,700
17,200
17,400
2,300
5,000
1,300
2,800
4,400
5,100
400
8
33s
3»s
Jan
8
6
Jan 11
47
Jan 23
0284
3
Jan 23
16
Jan
3
33s
4U
8's
314
23
14
U
2
2
21s
2is
3»4
2634
1?8
1%
9l2
28%
5%
Jan 13
4's
8U
Jan 16
U
Jan 17
1
2
18 <8
Jan 22
6
2334 Jan 17
6
138 Jan
9
% Jan
4
Jan
9
Jan
6
2% Jan
8>4 Jan
1612 Jan
2
25$ Jan
2
1
75s
255s
Jan 23
Jan
1334 Jan 14
133s Jan
Jan 17
Jan 13
3
14
14
3
10is
13U
«4
1
4's
10
Jan 22
2
5U
2
74
Jan 10
32
32
2
375s Jan 13
10%
Jan 16
14
U
2ls
2la
7is
8ls
par
par
par
100
preferred
Checker
Cab
5
Jan
2
6
Jan
6
30
Jan
6
II4
778 Jan 16
333s Jan 23
1612
Jan
55
Jan
9
12i8 Jan
4
85s
6
4312 Jan 11
30
2
16
2214
414
Jan
8
4812 Jan 13
26
Jan
4
90
Jan 21
60
32is
82l4
95
Jan 22
70
Jan
6
3934 Jan
13
Jan
4534
87
91
Jan
784 Jan
92i2
116
Jan 24
85s Jan
4584
Jan
7
122
Jan 15
507s
83is
5434 Jan 16
28;% Jan 20
Jan
6
15
32i4 Jan
6
17is
361s
19ls
1914 Jan
6
28
Jan 23
I0ia
16>s
Jan
7
68
Jan 24
55
55
2538 Jan
6
28
Jan 24
I884
2214
58
47
Jan 21
85s Jan
103
Jan
6
3
5212 Jan 14
Jan 17
105i2 Jan 3
5584 Jan 10
_
385s
23
29ls
37is
Jan
7
Jan
9
5
Ohloago A North Western... 100
100
Preferred
No par
Conv preferred
No par
{Chicago Rook Isl A Pacific.. 100
7% preferred.....
.100
6% preferred
....100
Chicago Pneumat Tool
No
par
li2 Jan
27s Jan
1% Jan
28% Jan 20
134 Jan 2
3
0%
9614
25s
105s
4
par
34
75
5ls
2384
67i4
5514
3%
6I4
214
684
100
Preferred
34
1634 Jan 14
89i2 Jan 6
42% Jan 24
100
Chicago Mall Order Co
tChlc Mllw St P A Pao—No
7
35
Jan
pref
85
35s
Jan 23
Jan
Preferred
8%
4«s
103
51
..100
100
60
6
100
preferred
Chicago Great Western
4
8l«
44
Jan
59
100
2
6
3012
14i2 Jan 17
107s Jan 20
25
6%
Chicago Yellow Cab
Jan 24
4
54
No par
tChlc A East 111 Ry Co
tChlc Ind A Loulsv
8
23
3
8314 Jan
2214 Jan
2
17
Jan 20
100
2
*5212
2i2
534
534
96
1338 Jan
534
2i2
6i8
2
8
4734 Jan 21
5%
9%
4
Jan
No par
534
9%
1734
Jan
Jan
85
No par
5%
95s
6
Certain-Teed Products
514
4%
984
Jan
17is
10214
9is
Oerro de Pasco Copper
434
4
53
914 Jan 16
878 Jan 2
14,100
5
4
41
52,200
*234
434
4%
9%
18%
535g
234
73s
7%
Jan 15
655s
105s
1212
19l2
110l2
11%
Jan
No par
Preferred
Chesapeake Corp
238
2
Jan
100
Chesapeake A Ohio
29
43
Jan
63I2
335s
No par
Century Ribbon Mills
3,500
2%
4%
378
90
43
64
.No par
5% preferred....
2,100
29
09%
563s Jan 16
par
Central Agulrre Asso
No par
Central RR of New Jersey
100
55%
2%
9934 Jan 13
1>S
100
100
certificates
55
434
9
3
%
119s
1
Case (J I) Co
3
29
Jan
*8
100
55%
4%
361s
lis
...10
A
Stpd
65%
28%
2%
2584
118S
Carolina Clinch A Ohio Ry_.100
5434
45s
Jan 23
Jan 10
1
tCelotex Co
1,100
46
2i8 Jan 23
25
Celanese Corp of Am
2,000
14
2
2314
100
Capital Admlnls ol A
30,100
2,100
14
2
5
Ale..
Mills
Caterpillar
Jan 20
5312 Jan
98 I8
1
Zlno-Lead
26,800
•
No
Canadian Pacific
Cannon
13s
39
6
Southern
41%
15%
23is
Jan
par
No par
Dry
31,300
1,000
1,300
40% Jan
18s
81s
197s Jan
6
No
Co
Byers Co (A M)
Canada
56
63s Jan 20
2814
384
100
Butte Copper A Zinc
fButterlck
5434
8i2
par
Bush Term B1 gu pref ctfs___100
65
4i8
334
884
par
100
...
Burroughs Add Maoh
Callahan
50l2 Jan 21
42i2 Jan 24
4
12
.No par
No par
Jan 23
Jan 17
1112 Jan 10
2234 Jan 7
No
Co
7034
1034
3i8
1734
547s
4i2 Jan
33i2 Jan
No par
Burns Bros class A
tBush
734
Jan 21
No par
Watch
9
22
par
.10
Class B
3,900
par
64
2*4
380
28 U
2
Wheel....
Bulova
90
3
Rights
Budd
10934 Jan 24
255s Jan
6
Budd (E G) Mfg
7%
6
3394
Preferred
5378
*234
2
218s
6
Co
65
*2818
215a
Jan
Canada
6%
151s
84
545s
10
*5%
1178
12
21
Jan 24
25,300
8
6
lHs
79
994
6
Co
Bucyrus-Erle
134
13s
IDs
63s
493s Jan
23i2 Jan
5694 Jan
5458 Jan
72
7
79
52
16
*5%
7
54
6is
Bfclyn Manh Transit
11%
63s
Jan
2334 Jan
3
9
24
3
11
10
28
Campbell W A O Fdy
1012
2812
2i8
Jan 18
48
1414 Jan
65
...No par
3
578
*5i2
20
Jan 14
90
85i2 Jan
No par
No pur
Preferred
5418
178
558
10i2
28i4
2is
6
6
11,100
*234
Jan
13i8 Jan 2
85i2 Jan 9
21&8 Jan 20
100
30,600
99
3
88
33
393s Jan
Brooklyn A Queens Tr
2934
3
14
1001s
27
3
Calumet A Heola Cons Cop...25
155s
89|
65
Jan
18,000
22,600
1578
8
Jan 24
1%
7%
3258
15%
6
Jan
Jan
BrlBtoI-Myers Co
155g
2012 Jan
107
92
Maine
1.100
59
58
59%
583g
5734
30%
29%
29%
30%
28
27
2778
2514
25%
68
6634
66%
6H2
6234
28
2778
27i2
27%
2734
50
50
50
4914
4934
9%
*834
9%
*834
9ig
105%
105i2 *103
105% *103
52
5434
53%
523s
5134
10794
26
3,900
8%
80
113
tBotany Cons Mills class A...50
26,200
7.400
1134
8%
Jan
57s
37ls
114% Jan 15
No par
1,000
52
m
Jan
67.
23
......16
10
Class B
Brlggs Manufacturing
Brlggs A Stratton
„
18
107
82
14
Jan 14
No par
Bridgeport Brass Co
IDs
94
Jan
70
6
72
*89%
111%
Jan 24
177s Jan 15
Jan
9
35%
15%
87
Jan
6
Bon Ami class A
14,800
15%
Jan 10
Jan
Aluminum A Br
34,700
*54
106U
3U
207s Jan
Co
71%
16%
214
6
Co pref—...100
Boeing Airplane
35
56
1712 Jan 14
103U
10
64,300
1734
738
30is
Jan
1484
95,
16&S
5478
32
2914
9Ui
13%
82i4
14i8
6312
16
Bloomlngdale Brothers.-.No par
Preferred
100
7D4
3338
86
116l2 Jan 24
Jan 14
10
54
1%
2
Jan
20
12,900
64
*83
par
35
1%
734
8
5584
200
2
Jan
Jan
Jan 21
45
4178 Jan
1494
4,100
2134
Jan 15
449s
2%
27%
4%
15%
19%
33g
Jan
Jan 22
Jan 14
Jan 24
1058
9
Jan
5l2
42l4
187s
25l2
110l2
Jan 16
10%
2%
17%
*1
us
7is
7is
9is
10034
2
Jan 14
17i8 Jan 16
20is Jan 15
Borden Co (The)
1
284
Hi
7%
7ij
9%
Jan
27
96
13
2»4
Jan 15
Jan 15
132i2
Borg-Warnor Corp
234
13%
1234
2578
514 Jan 23
45s
414
3784
10l4
2214
518
2
10,600
2%
1234
*12%
25»s
d4
351s
4
6
21,100
234
1338
12%
26%
D4
27%
3
69
94%
2%
1018 Jan 15
46i2 Jan 24
Jan
42%
2678
11%
6
7
Jan
68
1034
8i2 Jan
4H2 Jan
Jan
26%
96
4
15
15i4
41%
110
4
15
23
280
11%
10694
Jan 24
120%
6,600
96
76
27
No par
Blaw-Knox Co
9434
934
11%
17%
6
18
20l2
32«4
7% preferred
.....100
Blgelow-Sanf Carpet Ino.. No par
52%
42%
6%
3578
453g
3
3
6
20i2
5,000
1,100
94
*51%
42%
578
313s Jan 17
54
Jan 24
115
Jan 23
72,900
52
103s
12%
mmmm
10%
1134
18%
109% 109%
12i4
Us
714
534
9
Jan
Bethlehem Steel Corp....No par
mmmmmm
26"
20
Belding Hemingway Co..No par
Belgian Nat Rys part pre!
9,100
163s
1634
21
*18%
10934 10934
245s
19ii
9
18
50
Beech-Nut Packing Co
2,800
1634
580
44,300
27
*88
.....100
Preferred
Beech Creek RR Co
3,200
13034
26%
preferred
Beatrloe Creamery
42%
65%
52
684
5l2
2I84
130
100
....26
1st
415s
64%
1412
par
17
'
6
15l2 Jan
44% Jan 10
114
65
3,100
3234 Jan
6
100
87
......
53%
6
109
No
84
52
2i2
100
165s
30
2
Jan 22
100
I8I4 Jan
40% Jan
100
...60
Barker Brothers
41%
8l2
163s
1714
52l2
.100
...
85
4
1612
Preferred
3758
6434
384
52U
2l2
*6i8
100
....
84
378
8l2
17i8
Preferred
85
4
53
Works..—No par
Baldwin Loco
36
4I8
2»8
57s
6I4
Aviation Corp of Del (The) new 3
64%
113%
Jan
Jan 17
35«4
'64
par
No par
A
34l2
4
lfi5s
...No
Nichols
Prior
48
2
Jan 13
713s Jan 24
.......
34
4I8
8i2
No par
36,400 Baltimore A Ohio...
Preferred
6,000
30 Bamberger (L) A Co pref
500 Bangor A Aroostook..
116% 116%
17
Austin
...No par
1638
84%
4
53
234
9%
437s
...
1
w
par
27% Jan
100 xll2
Auburn Automobile
Preferred
Bruns-Balke-Collender_..No
77s
8is
9714 100
120
No
Powder
Atlas Taok Corp
4,000
4,000
15l2
93
25
Refining
10
1514
47U
93
Jan 21
Brown
1434
*88
Jan 22
15
Preferred
1,000
42
9314
8%
Jan 21
12
At G A W I 88 Lines
6478
42
48
29
No par
-.100
Atlantlo Coast Line RR
*64
42
88
100
2984
3584
605s
19ls
6434
163s
57i2
113s
93
2
*64
1U8
88
90»4 Jan
2,200
1514
4712
100
Preferred
54%
32
*13i2
48i2
26
2
54
30l4
*54
48
Jan
*98%
72
*56l2
Jan 11
59
99
3434
•7
48
43
130
54%
72
3034
1434
100
.....26
Oil
Atob Topeka A Santa Fe
54
3414
684
3018
1458
7is
807s
36
99
55
73
7i8
30i2
1478
44
3
No par
$6 preferred series A ...No par
Brooklyn Union Gas-.-.-No par
3458
634
8
Jan
44%
73
3012
1412
Jan
101
46
3458
31
109
34%
73
7
8
2d preferred....
Associated
384
70
Jan 22
44
3414
30l2
Jan
$ per share
4
95j
99
35
72
1
106l2
35
3334
1%
678
7U
50%
72
1
175s
547s
2
42
345s
114
3
1512
Jan
50
*65i4
3414
1
1034
*2%
17%
5378
7
4134
5%
2214
1%
73s
10%
Jan
50
178
215s
1
15g
1234
23%
14
42%
57g
35i2
45i2
9912
*64
93
1278
1278
26 i4
134
1%
21
*88
257a
1212
134
114
834
2678
*10984 112
41
238
25
1634
2184
65i2
214
1212
163s
*19%
23ls
5234
*64
65
65U
914
9i2
912
912
10is
v
11
11
10i2
1034
1078
1U2
18
18
1714
17is
17&8
1712
♦109
109i2 *109
109i2 *109
109l2
10
934
10i4
10i4
10i8
1012
*86
26%
267s
2l2
27l2
*10934 113
130
42
4358
99i2
5434
*62
165s
22
26%
9414
36i2
55
*20
fl28
94
42
*987s
16
26
94i8
4134
263s
65
9812
5514
26
03%
350
11334 *113
19
19%
5314
42
27
*113
66%
94
26U
16i2
515s
12558 128
*88
2418
36i2
938
6534
5212
23
41 Bg
9
44%
9434
2%
*12U
2558
134
H4
*88
36l4
93
109
5234
2378
42
109i2
IOI4
5
90%
2478
5278
94%
42%
....
2218
5212
94l2
4178
38
958
5%
40%
183s
245s
3ig
Jan 20
4,400
r
39
113s
183s
44
9%
44%
Jan 17
27
1914
19
19
185s
187s
187s
1914
108
10734 *107
108
108
10734 *107
*107
*107
*
*
*
3534
3534
3534 *__
3534
3534
"89" 89i2 ~89ls 89lS *89~ 90
~89% 89% *89" 91
14
14
14
1378
14
14
*1334
137s
1334
14ig
*857S
87
87
8712 *85
8712 *8578 87
*86%
*80%
215s
2I84
2214
22i8
215s 2212
22%
23%
23%
23»4
21
21
21
2014 207b
20i2 21
207b
20%
2034
523s
5234
5212
5284
525s 525s #52%
52%
*51%
52%
5138
52
50's
49i2 5012
507s
5278
523s
51%
5278
66
*98l4
4434
114
4912
4H2
512
5?s
*44
65
234
1658
5212
49i2
4112
63s
4H2
109
64
*25s
50
4112
24
24l2
109ig
*113
114
47g
434
397g
1778
109
64
9
278
17i8
52i4
18
64
9
9l2
5
434
397s
9
44
1141s 11418 *11412 116l2 *115
116%
*16
17
16i2
16i2 17
17%
85
86
8512
8534 8534
85l2
16
163s
1612 17
1634
17%
163s
167s
10i2 167s
22
*20
20
20
*203s 22
*10934 113
♦11112 113
*10934 113
*88
434
45g
3934
17i8
237g
914
44
11
95
6% 1st preferred.........100
Atlas
27$
3
Jan 20
114% 115
2534
423s
9
$ per sh
Dry Goods........1
Associated
Atlantlo
7i2 Jan
8% Jan
High
Low
$ per share
838 Jan 15
95
No par
Preferred
Rts
44l2
o
$ per share
100
Artloom Corp
7%
Range for
Year 1935
1935
Low
Highest
Lowest
Shares
10i2
*90%
to
31
I
Week
8 per share
July 1
1933
Lots
EXCHANGE
the
Friday
On Basis of 100-share
STOCK
YORK
\Dec.
Range Since Jan. 1
STOCKS
NEW
JOT
Jan 16
Jan 23
Jan 13
Jan 15
Jan 13
Jan 23
4%
1
35s
43s
30
37%
1
78
%
%
1%
1®8
Jan
8
1
1
3138 Jan
6
884
2i2 Jan 15
U
191s
U
Jan
2
5
Jan 15
3% Jan
784 Jan
2
2
414
10i8
20%
5478
278
Jan 15
2
3
1414
Jan 14
84
84
Jan
8
Jan 11
188
Jan
778 Jan 10
1U
Wis
1%
H4
9U
163s
51%
l5s
4's
35s
1984
Jan 21
Jan
Jan
Jan
7
26
Jan 15
Jan
Jan
Jan
8
»4
188
35s
35s
94
188
35s
45s
20
583
New York Stock Reco
Volume 142
July 1
HIGH
AND
PRICES—PER SHARE,
SALE
LOW
for
Saturday
Monday
Tuesday
NEW
Jan. 18
Jan. 20
Jan. 21
Jan. 22
Jan. 23
Jan. 24
$ per share
$ per share
28% 2884
978
10%
% per share
$ per share
29
29
$ per share
83
28%
11
29
10
28i2
1038
2634
873s
♦25%
86%
16
16
83
83
83%
6%
65s
6i2
6%
2434 2484 *2334 24
350
♦160
♦15612 350
*85
*—-
85
25%
85%
157s
83
25%
87%
157b
83%
283t
16
2834
1078
2634
88%
16%
82
89%
16%
88
16
1578
1,900
11%
17,300
290
27%
89% 112,600
2,800
16%
82
83
10
♦2584
86%
82
80
81
1078
2884
10%
27%
11%
2684
27
88
29%
420
684
6%
6%
6%
678
634
684
6%
24
25
2334 24%
25%
24%
2434 25%
*160
350
*156% 350
*156% 350
♦156*2 350
*85
*85
♦107l2 110
*107% 108% *108
42
♦42
43l2
423s 423s
109
*87
*108
42%
108%
42%
41%
•
—
-
5,300
3,000
♦82
85
*82
85
*82
85
*82
85
*80
87
*80
50
*47
50
*47
50
*47
50
*48
50
*48
*54%
55
♦124
125
88
88
557b
1914
125
66
87%
♦56
193s
19%
105
♦1047b 1053s
125
88%
56%
193s
105
*125
88
*56
19
105
Childs
Cotton 011_.
10
...No
Co..
Copper
par
25
Co
5
.No par
Chrysler Corp
City Ice 4 Fuel....
100
Preferred
City Stores..................5
Clark Equipment
C O O 4 St Louis....
No par
100
100
100
50
56
54%
Chlckasha
Chile
Cleve Elec Ilium Co pref .No par
1,400
Clove Graphite Bronse Co(The) 1
Cleveland 4 Pittsburgh......60
87
♦47
5512
Par
Proffered
*87
—
108*2 108*2 *108% 109
42% 43% *42% 43
—
56
57,
57
54%
57%
5734
56%
125
126% *125
126% *125
126% 125
88
88
88%
88%
87% 88
90*2
56% *56% 56%
56*2 56%
56*s 56%
19%
19
19%
19% 193s
19%
19%
*105
105
1053s *105
105%
105% *105
.
Range for
Year 1935
—
—
2,500
40
$ per share
7
9
Jan
8
851s Jan 21
25
Jan
15U Jan 2
7278 Jan 2
434 Jan 7
2334 Jan 21
15612 Jan 9
Low
%persh
16
3%
3%
Jan 24
9
9
7
Jan 17
26%
2
100
124
1,000
9,300
Colgate-Palmollve-Peet— No par
No par
Class A...
6%
.No par
100
preferred
937g
247g
12
12
Jan 20
63%
3%
6%
69%
3%
12%
100
6%
27%
140
Jan
6
Jan 15
87% Jan 7
555s Jan 16
Jan 21
19
10412 Jan
6
80
89
27%
27%
48%
60
80
87
31
53
Preferred
9
20
31
Jan 14
265s Jan 14
15612 Jan 9
31%
71
10712 Jan 3
41<4 Jan 22
8212 Jan 7
No par
Coca-Cola Co (The)
26
30U Jan 6
11»4 Jan 24
Jan
High
$ per share
27i2
92%
163s
83i2
48~
48
20
20
90
110
108i2 Jan 23
45% Jan
84
8
Jan 13
Spec'lgrt 4% betterment stk 50
duett Peabody 4 Co
3,400
200
Highest
$ per share
28% Jan
" '
Low
Lowest
Shares
26*4
8734
157b
Lots
1935
Week
$ per share
28i2
10i2
»25i2
8684
157g
1933 to
Dec. 31
Range Since Jan. 1
On Basis of 10 0-share
STOCK
YORK
EXCHANGE
the
Friday
Thursday
Wednesday
STOCKS
Sales
NOT PER CENT
jur
:
5934 Jan 15
12612 Jan 10
91
Jan
2
44
21%
46%
56is Jan 24
20% Jan 6
63%
15%
9
60
105U Jan 10
5234
721g
101
120
93
68%
21
107%
1
w47%
♦111
♦12
57s
367b
26
24
♦20
♦99
4312
50i8
1434
94
•82
47u
lllls
60
♦11h2
99
205s
33s
71%
*0
47
47%
47%
47% 48%
47«4
11134 111
11134 ♦111
11134 *111
13% *11%
*9% 13% *11
13i2
6
634
6%
534
6?8
678
41
41
38
41
39%
38l4
27
26
*25*2 27
26i2 *25
24
23
24
23% ♦23% 24%
19
21
19% 19%
♦19% 20
101
100%
99% 1007g
98% 99
42% 42% *417g
42% 43s4
4412
5034
50% 50% ♦503s 5034
50i8
15
143s
14%
14% 15
1438
94
94
9534 9534 ♦95%
943b
♦80% 82
♦80%
♦80%
47
47%
47%
4734
46>4 47*2
111*8 ♦110% 111% ♦110% 111% *11078
59
597b
5984
60i2
5834 60%
*11134 113% •111%
11218 •111% 112
99
99% 9934
99%
99% 99%
21
20% 21
2034
203s 21%
4
3%
334
35s
33i
334
71
70
72
71%
70% 71
oto
9
*9
*8«4
9
43%
19
106
14%
48
111%
61
112%
99%
21%
378
71%
9%
18
18
♦30
77*2
7634
♦713s 110
77%
76
6
6
18%
32% 33%
106% 106%
18%
434
5
*434
5
125s
13
123s
12%
7734
*75
76
578
18%
32
3234
1c6% 106*2
578
18%
110
......
tColorado Fuel 4 Iron..-No par
7
10,700
42
840
*26
29
750
Colorado 4 Southern
25
25
340
*19
21
90
4% 1st preferred
4% 2d preferred..
678
103% 10484
44*2 45%
5034 51
15%
1434
96
97
82
82
82
35l8
65i2
72i2
*164
6%
37i2
17l2
5114
4612
18»4
427b
2i2
35*4
66i2
73*8
165
6i4
37i2
17i2
523s
46i2
*77g
35&s
2%
3434
65
715s
*164
6%
37%
17%
51
*4578
*102
*102
110
183b
4234
8
3534
110
77«
35%
*110
18%
4234
2%
427b
77
30%
12%
77*2
76
74%
12%
187b
6
33
106*8 106%
478
*434
12%
19%
31%
13*8
77*2
74*2
19%
*30
12%
*76
12%
78
74%
74%
*71% 110
106% 106%
5
12%
19%
19%
31%
106% 106%
19
478
42%"
•19
*71% 110
6%
6%
19
187s
33
32%
6%
18%
32%
42
19*2
42%
*19
18%
3084
133s
77%
*28
12%
13
6%
6%
1878
19
32*2
33%
5
5
5
5
1278
13%
127g
13%
35
65%
72%
65%
70%
165
6%
37%
17%
52
164
47
46
46
106
*102
106
778
3534
120
11
4%
1134
87
87
*66
43s
115s
89i2
70i2
*66
70%
*44i8
45
*45
46
136
*6
*11
634
136
87g
37
9%
5684
2884
23%
377s
16%
6%
35*8
110
7%
20%
101
23%
3684
1534
20
5,700 Columbian Carbon v t o ..No par
6,400 Oolumb Plot Corp v t o...No par
12.75 conv pre!
No par
1,200
41,300 Columbia Gas 4 Eleo.__.No par
Preferred series A
100
1,300
10
5% preferred
100
10
10,400 Oommerolal Credit
43
37u
3812
317b
4514
32
•16%
*li4
2i2
♦6i2
♦157b
17%
1%
2%
678
18%
*11434
«.«,
♦30
*16%
1%
2%
*6%
*16%
♦11484
32
17%
1%
2%
684
18
144%
130
130
*11512
165
2912
8
37lg
165
29%
8%
38
♦157
29%
♦73*
365s
2%
6%
♦16%
165
29%
8
37%
2%
37*2
37%
*17%
58
*29
23%
38
113
2%
13%
157g
*5%
*11
6%
7*2
18
44%
*17
'
137
*160
164
8%
36%
113
*110
2*8
*13%
7%
14
79
80
42
42
7%
4%
12%
120
200
'------
Prior
163
29%
8
8
8
367s
3634
377b
♦111
♦111
112
112
112% ♦111
15
14%
14%
14%
14%
14%
6%
7
67g
6%
0%
634
8
738
7%
7%
8%
7%
83s
40%
40%
41%
40% 42%
4112 43%
36
37
36%
3634 38%
3712 393s
2978
112
143s
147b
634
678
For footnotes see page 580.
97
Jan 24
Jan
6
82
Jan
49
Jan 23
7
31
11%
44
Jan
9
110
Jan
8
55
Jan
9
61% Jan 23
Jan
9
11134 Jan 14
84%
Jan 10
9934 Jan 21
227s Jan 9
4
Jan 20
977S
74
Jan
17%
10
Jan 15
110%
97
2038 Jan
27g Jan
Jan
6
2
3
834 Jan
6
69
1,200
500
80,700
46%
9
*8
60
2934
2378
24
38%
16%
39%
7
7
137
9
47%
120
11134 Jan
"22%
15%
%
8
5
50
15%
901s
83
89%
110
110
4
<
9
*13%
48
*119
60%
110%
977g
16%
%
29%
67g
58
119%
72
116%
105
23%
3
71
11
8%
4434
4034
No par
Continental Bak class A.. No par
103s Jan
138 Jan
....No par
Class B
.100
Preferred
Continental Can Ino
20
31
*2%
2%
*16%
*1%
2%
6*2
684
6%
12,600
3,200
300
4,000
200
40,800
8,610
1,700
17%
1%
2%
6%
160
2978
8%
38%
111% 111%
15%
1478
29%
8
37%
Cudahy
Packing
50
.....
1
Class A
8%
pref ...100
preferred.........No par
No par
5
Davega Stores Corp....
No par
20
Deere 4 Co
Preferred
Dlesel-Wemmer-Gllbert Corp. 10
Delaware 4 Hudson........100
Delaware Lack 4
Western—50
Jan 11
2%
%
69
3
43% Jan
45l2 Jan 14
678
377b
1834
5414
4714
75g Jan 17
35% Jan 20
103
Jan
Jan
6is Jan
63% Jan
40% Jan
2038 Jan 20
Jan 18
101
Jan 15
10l2 Jan
83
52
Jan
27
Jan
225s Jan 17
3634 Jan 20
1534 Jan 20
800
Jan
9
Jan 10
600
100
11912 Jan 11
3714 Jan 18
Jan
31
Jan 11
2
No par
Jan
3
Douglas Aircraft Co Ino ..No par
5038 Jan
6
29
6
No par
100
—..—.100
1
Dunhlll International..
Duplan Silk
Preferred
.....No par
Jan
14
47%
100
Eastern Rolling Mills.........5
Eastman Kodak (N J).—No par
5,400
2,300
6% cum preferred........ 100
Eaton Mfg Co..........No par
Eltlngon Sohlld
.....No par
23,500
Elec Auto-Lite (The).........5
110
Preferred—..............100
Eleotrlo Boat................3
Elec 4 Mus Ind Am shares—
Eleotrlo Power 4 Light —No par
$8 preferred...
7
7
No
No
par
par
9%
38
105%
2%
14
6
5%
8%
Jan 21
14%
40%
Jan 14
35%
37
Jan
8
Jan
9
13%
88%
89%
80%
47%
2434
105%
434 Jan
|2
102U
2
15
2
3%
0%
133s
Jan 24
Jan 21
73
73
Jan 13
01
4%
12%
*95
61
75
2
9%
10
47
5%
10%
10%
4%
23%
0
25u
Jan
8
is
40u Jan 4
175s Jan 8
758 Jan 13
11
28
187g
23%
24%
43%
19%
11
1%
1%
55
65
Jan
3
2
2
Jan
2
1%
20
89%
21
397g Jan 24
Jan 22
Jan
2
27%
*
87g
Jan 24
Jan 23
25
6%
11%
%
Jan 24
3134 Jan 22
17l2 Jan 14i
8%
2
712 Jan 8
18U Jan 17
12%
»
10%
58%
19
Jan 24
4914 Jan 24
119i2 Jan 11
3878
345s
523s
1178
6812
22%
5%
35%
114%
26%
84%
33
34%
684
5
130
6
19
50%
120%
41
41%
38%
44%
12%
17%
58%
13%
0%
%
%
32
2
1234
17%
1
1%
8%
19
103
116
86%
1267g
146%
Jan 20
132
Jan
7
697g
104%
6
115
Jan
4
85
Jan 11
25
Jan 13
12
104
12
3%
65%
3%
110%
172%
141
164
6
2
2
Jan 23
Jan
6
4
3612 Jan 21
8i2 Jan 8
16312 Jan 10
Jan 18
120
313s Jan 11
10
165
3
314
3%
3
11%
19%
107
37g
9
113l2 Jan 13
1534 Jan 10
73s Jan 14
Jan
8i2 Jan 24
3234 Jan
2912 Jan
4712 Jan 24
Jan 23
Jan
6
16%
Jan
4038 Jan
Jan
IIOI4
133s
612
63s
48
100
Jan 17
2812 Jan
8
19%
487g
145
7% Jan
156l2 Jan
160
7%
397g
2%
92
24
1
165
3
%
Jan
$7 preferred
%
6934
78%
Jan 17
147s
8I4
86i2
44%
2318
—..100
Mills pref
11%
23%
43%
74%
3%
14
8%
%
114
10,600
3%
Jan 15
12978
44
3
134 Jan 15
6% non-voting deb.......100
Duquesne Light 1st pref
100
42
40
3
400
8%
47%
32
7
6
10,700
30
Jan
8
Jan
2,200
2,500
18%
Jan 15
Jan
1
138
Durham Hosiery
7
1% Jan
6*2 Jan
14% Jan
15i2 Jan 10
DuPont deNemours(E.I.)4Co.20
20
8
38
4112 Jan
Preferred
7
Jan
30
4,300
17
A.. No par
23
00
148%
4%
857a
2%
35
914 Jan 11
607b Jan 22
2934 Jan 24
42
Convertible olass B
3%
Jan 10
46l2 Jan
100
Dulutb S S 4 Atlantic
133
8
65
Jan
43% Jan
8i2 Jan
Devoe 4 Reynolds A—No par
Dresser (SR) Mfg conv
6
Jan 15
2
21
300
15%
41%
Jan 18
110
10
300
40%
65%
9i8 Jan
3834 Jan
10
------
12%
Jan 14
90
6
Jan
64
20%
447g
2l2 Jan 17
Jan 11
3
1% Jan
11
7
Jan 10
Jan
69
287g
%
733s Jan
165
i%
%
n
2
Dominion Stores Ltd
99%
38
Jan
.100
%
40%
62%
7
7
.No par
%
37
Jan 20
Jan 14
13g
44%
0
*68% Jan
7%
22%
34%
105%
6%
12%
112%
101%
8%
23%
117g
1%
4%
20
Jan
2%
3g
22
8
138
preferred
2
2314 Jan 2
167s Jan 11
2i2 Jan 10
7734 Jan 11
87i4 Jan 13
6
1st
Jan
44i2 Jan 24
234 Jan 9
65
72%
1%
6%
108%
4
Participating preferred
25
Distill Corp-Seagrams Ltd No par
Dome Mines Ltd
.....No par
1%
0%
109%
43s Jan
Diamond Matob
*71
3
Jan
103
12834 Jan
............
Jan 16
Jan 15
3%
14%
157g
100%
100
5% non-oum preferred
7%
157f
74
Jan 15
Detroit Edison
.....100
Detroit 4 Maoklnao Ry Co.. 100
Denv 4 Rio Gr West pref
9
Jan .8
20
4
Gurtlss-Wrlght
Cutler-Hammer Ino
778
44%
7
100
Preferred
2,700
-a.----
29,000
7,200
59,000
21,200
678
Cuba Co (The)
....No par
Cuba RR 0% pref
100
Cubaa-Amerioan Sugsl.—10
Cushman's Sons 7%
....
*157
Preferred..
40
....
--
100
100
Crucible Steel of America
8,000 Curtis Pub Co (The)..—No par
Preferred
.No par
33%
52% 34,800
5,900
11%
68% 109,000
31
Crown Zellerbaok v t a...No par
2.600
20
49%
.No par
Crown Cork 4 Seal..
80
2
2
7
$2.70 preferred
.....No par
Crown W'mette Pap 1st pfNo par
82
72%
2
Jan
25
69
6
17
Ino
02
Jan
18
No par
Ooty
30%
46%
45%
1%
78
41I2 Jan
214 Jan
3334 Jan
2
2,400
17
--
5
2
67% Jan 3
8II4 Jon 24
Jan
65
11%
5
Motors.....
Continental Oil of Del
6
37
7
120
Jan 21
No par
138
9
34 Jan
20
2
13,400
1,100
4,200
15,500
16,700
3,100
17%
67g Jan
Container Corp of America...20
Jan 15
7812 Jan 16
158 Jan 16
Jan
45%
21%
7
53g
137g
llll2
1027s
IOI4
Jan
1178
6478
30*8
8
8%
377g
387s
110% 111
1478
15%
7
67g
8
8%
45
46%
41% 43
t Consolidated Textile
101
3
9
5%
107
Jan
45s Jan
1178 Jan
11112 Jan
6
3278
51%
17*8
1%
29%
Consol RR of Cuba pref
No par
100
8
133s Jan 22
19i2 Jan
162
1,300
18,200
160
100
...
......
3312 Jan
34
par
3,100
•
preferred..
102
44l2 Jan
6i2 Jan 10
Jan
Jan
100
3878
a.
No par
.No par
18
...No
38%
32%
50%
•
...No par
Preferred
Consol OH Corp
.51*
305s Jan
Corn Produots Refining....
Preferred
200
6,700
3978
•
2
6,700
38%
17
Jan
Corn Exchange Bank Trust Co 20
39
31
Jajb
73
914 Jan
1,070
38*2
31
160
1,700
22,100
3,300
15,600
16,700
1,100
8,200
4% 149,900
59%
20
67
100
100
Consol Laundries Corp
Preferred new..
Jan 20
100
preferred
Prior pre! ex-warrants
1
4,600 Consol Film Indus
Preferred..........—No par
4,400
..No par
44,900 Consolidated Gas Co
70%
46%
*16%
*1%
*11434
*734
36%
♦111
2
40%
48%
3%
35%
49
13% 172,700
89%
29*2
17
60%
<
2%
2034 2178
101% 102
137
48%
11%
i
87s
36%
3934
37*2
38*2
32%
11%
60%
29
287s
9012 Jan
11%
48%
3%
35%
31
Jan
17%
101%
497g
58%
11%
600
24
45
*119
«...••
163
«•
21
7
24
6,700
142
•.••.a.
Jan 22
Jan 23
22%
24
53
29*2
*5%
*13%
3234
4934
♦11434
143
45
Jan 23
16
2
2
No par
18
*16% 177s
*114%
144*2
143% 144%
144% 143
131
*130
13034 130% 130%
12978 1297b *130
*115%
*115%
*115%
*115%
♦24
*20
27%
27% *24% 27% *20
27%
8
8
734
7%
778
7«4
784
784
160
160%
160% 15934 160% 160
160% 160
142
Jan
0%
30
Preferred..
Consolidated Cigar
Preferred
2,600 Cream of Wheat ctfs
900 Crosley Radio Corp
60
23%
38%
16%
6%
44%
18
9
*8%
59%
29%
3778
387s
3134
17%
1%
2%
6%
13
45
87g
120
37%
387b
32%
4%
4*4
12*8
20
*119
♦6
14
7
.........100
140
13,300
'
8034
41%
42%
21
21%
101% 101%
634
6%
137
137
3134
*16%
*1%
2%
Jan
Jan
10%
7
6%
14%
47
884
36%
79
607b
29%
23%
3834
1634
17%
1%
2%
Jan
41
48
10%
Jan
27
105
52%
*68
32
94
Jan 22
Jan
14%
47
70*2
46%
*68
11
Jan
978
5%
29
5
16%
7%
*102
53%
2%
13%
7%
7%
72
165
6%
105
36%
*110
7134
*164
46%
,
8*2
803|
4178
42%
20% 20%
101% 101%
59
Jan
5
Jan 22
21,900
6®%
*68
11%
60%
2912
2634
2212
105i2
*45%
5H4
Jan
Jan 11
Jan 10
36%
66%
36
6%
18
5234
78
47
16
%
8% Jan 11
49
19
2.50
37%
46%
,
*102
9
„
2
20
—1
70*2
45%
_
2
Jan
60
109
2
Continental
6%
6*4
37%
17%
14
*8
♦11434
143
144%
1297b 12978
♦115%
*24
25
25
27%
7%
77g
734
7«4
160%
16034 16034 160
144
♦30%
*16%
1%
2%
13%
7%
447b
_
Jan
09%
6%
%
2
Continental Insurance
*86
37%
38%
32%
47%
6
Jan
Cont'I Diamond Fibre..
89%
45%
_
09%
Jan 14
Jan 24
9.500
*86
20
Jan 15
15
49«4 Jan 16
16
6,300
4%
12%
6%
112
6
1734 Jan
3,700
90
16%
9
3
6
42
2%
4%
11%
136%
87g
9
Jan
Jan
4514 Jan
10714
814
4%
317g
21l2
191*
No par
3,400 Oongoleum-Nalrn Ino
100 Congress Cigar.
No par
850 Conneotlout By 4 Lighting
100
19%
44%
90
23%
3734
*11
43
115
9%
57%
29%
*8%
*11
35%
165
165
8%
36%
45
57
100
JOO
2%
4%
11%
70%
100
«-
1834
4334
90
*29
•119
•30
2%
44%
1594
6
6%
136% 137% *135
*5
*5%
87g
734
*107
13%
8%
86%
42%
20%
101%
*68
445s
121% *119
12112 *119
38
37%
37%
37%
38% 38%
38l2
38l2
32%
3134 327b
3212
45
46
46%
45i2
11
11%
1078
1078
11%
54
58%
59%
547s 56%
*4312
110
4%
11%
89%
43
20
778
35%
7%
2034
101%
235s
38%
i6i4
53
51%
*46
19%
44
71
165
♦102
20i2
2314
37t2
1618
6%
r 71
*164
47
42%
42%
203g 20%
101% 1013s
*8%
56%
28%
23%
71%
164
106
4234
9u
585s
36%
67%
7184
17%
52%
•42i2
29
66%
17%
7734
42%
*834
57i2
35*2
66%
71%
37%
17%
5334
85
29
35%
37%
7878
4%
35
*65
66
37%
81l2
4l8
2%
37%
17%
79
11
2%
6*2
2%
13%
♦86
18%
42*2
2%
6%
2%
13%
8%
101
18%
427s
2%
6%
2%
13%
73s
7%
fh 00
42%
6%
2i2
145s
778
214
*1314
1-4 s
4234
2%
35%
18%
42%
23g
34%
100
Preferred
8%
23g
No par
42
*100
103
103% *100% 103
*100% 103
♦100i2 10314 •100
103% *101
9
9
9
9
9
9
8%
8%
9%
9%
93s
9l2
1%
138
13b
1%
1%
1%
1*8
1%
13s
1%
1%
114
20
20%
20% 21
20% 207b
20% 21%
20% 20%
2014 21
15%
1578
15%
15%
15%
1584
16%
15%
15%
15%
1512 16%
2
2
2
2
2
2
2%
2%
2%
2%
2%
2is
73
74
73
73
73
73
♦73
72% 73
72% 73
72%
83
83
83
81%
83%
83%
82% 85
83% 84% *83% 84%
185s
♦42*4
100
Preferred
Colonial Beacon Oil
49
48%
48% 48%
200
113
111% 111% *111
5X% preferred
—
61
No par
61
61%
7,600 Oomm invest Trust
61%
Conv preferred........No par
♦111% 113% ♦1117s 115
$4.25 conv pf ser of 1035 No par
2,200
99% *98% 99%
99%
22
No par
21
59,400 Oommerolal Solvents
21%
21%
4
4
No par
291,400 Commonw'lth 4 Sou
37s
378
$6 preferred series.....No par
72%
71%
7134
71*8
3,400
900 Conde Nast Pud.j Ino
No par
9%
9%
9%
9*2
*71% 110
*71% 110
No par
15,200 Collins 4 Alkman..
48
111%
14%
*10
95*2
*80%
76
31%
12%
7734
47*2
111
j
18
12%
15
95*2
82
19
12%
106
i
1434
95%
19
30
6
51
45
43*2
1134
1834
333s
103
50'4
19
30
6
101
45%
4284
11'4
183|
327b
*21
19
187b
78
25
21
43%]
31
*77
43
29
29%
•18%
4378
4134
29%
2534
2178
105%
45*2
51%
4034
25
19
43
*30
i*74i2 77i2
♦7138 110
7
4734
4834
*110% 111
*10
14%
7
7%
40
*18%
18%
♦18
115s
14%
J*1!
r
*0'8
1*18
48%
111
44
Jan 24
75
3
44
2%
5%
1%
1%
3
3
2%
2%
132
115
27%
8
30%
8%
3834
113%
1434
8%
7%
34%
3134
a
584
New York Stock Record—Continued—Page 4
Jan.
1936
25
July 1
HIGH AND LOW
SALE PRICES—PER
SHARE, NOT PER CENT
Sales
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Range Since Jan. 1
1933 to
Range for
On Basis of 100-share Lots
Dec. 31
Year 1935
STOCKS
NEW
for
the
STOCK
YORK
1935
EXCHANGE
Jan. 18
Jan. 20
Jan. 21
Jan. 22
Jan. 23
Jan. 24
Week
$ per share
53% 53%
1
1%
2%
3%
S per share
$ per share
3 per share
$ per share
9 per share
Shares
53%
53%
1%
2%
63%
1
2%
03
63
♦63
♦129
131
♦129
♦712
47%
7*4
47i2
60
62
62
♦63
60
♦51
6U
12%
♦17i8
*12!8
6*4
1214
18
12%
13
13%
35%
6%
2%
12%
38*4
130
84t8
♦4*4
2%
11*4
37*4
7%
52
*2014
*21%
87%
87%
00%
6%
6%
12
12
17%
12%
17%
12%
13%
63
1%
2%
53%
63
63
63
63
♦129
130
*129
130
1
2%
♦7%
7%
55
55
67
♦50
62
*55
56
•55
16%
12%
34
35
35
♦4%
*2*4
5%
3%
12%
37%
*4*4
2*4
11%
87%
126*4 ♦125
126%
20%' 19*4 20%
89
89
88
88
*6%
12
6%
12%
18%
12%
6%
13
18%
12*4
6%
13%
19%
13%
36
*4%
*2%
11%
37%
129
37%
5%
3%
11%
39%
37%
5
5
35%
*4%
3%
12%
41*4
12%
41%
♦3
12%
39*4
129
131
20
21*8
89
89
21%
89%
135
22%
60
♦55
60
*57%
60
60
♦75
85
♦75
85
♦75
85
♦75
84
80
83
21
44
21
*3
135
23
♦55
3%
18%
13%
36%
60
8%
5%
3*4
6%
13
60%
112
44%
•89
6*4
13%
19%
13%
36%
5%
3%
12%
42%
135
23%
99%
64
65
85
85
8
8%
7%
8%
7%
8%
8%
8
8%
5
5
5
5
5
5
5
5
5
3%
♦20%
43%
3%
21%
3%
20%
43%
♦19%
3%
20%
3%
3%
23
600
10
♦21
3%
21%
22
3*4
22
3%
21%
8%
5%
3%
21%
112
Eleo Storage Battery .....No par
I Elk Horn Coal Corp
Endloott-Jobnaon
Preferred......
900
1,700
~2"705
Corp
........
96 oonv preferred..
No
96H preferred........No
36 preferred
No
Equitable Office Bldg
No
Fairbanks Co
35
34
35%
34%
35*4
35%
35%
3534
36
36%
36
♦48
♦37
5%
14%
10%
♦100%
52%
80
13
♦140
9*4
7*4
20%
76%
67%
141
64
*62
*63
65% *62% 65
65
♦63
67
32% 32%
32% 32%
32%
34%
34% 34%
33% 34%
*127% 159
*127% 159
*127% 129
*127% 159
♦127% 159
53
♦48
53
48
48
48
48
48
48
♦48
52%
40
40
♦37
40
39% 39% *37
♦37
39%
39% 40%
5
6%
6%
5%
5%
6
5%
5%
6%
6%
14*4
17
14% 14%
14% 14%
14% 15
16
18
15%
1034
10% 10%
10% 10%
10%
10%
10% 10%
10%
10*4
102% *100% 102% ♦100% 102% ♦100% 102% *100% 102% ♦100% 102%
52
52*4!
52
51% 52
51% 51%
52%
52i2
52% 54
29
30
30%i 29% 30
28% 29%
29% 30%
29% 29%
13
13
13%! 12% 13
12%
13%
13% 13%
13% 13%
145
*140
144% •140
141
144% ♦140
♦140
144% 141
144%
10
11
9*4 10
10%
9%
10%
10%
11%
10% 10*4
8
8
8
8
8
7%
9
8*4
8%
9%
9%
21
20
22
22
21% *19
20%
20% 21%
22%
22%
77
*77
79
79
82
76*4 78
85
85
81%
83%
56
57
57*4
57*4 57*4
57% ♦58%
57% 57%
57% 57%
142
37%
34%
1%
38
35
1%
"
♦141
143
*141
143
♦141
37%
16
16
♦15
20%
♦15
22%
22%
56%
1%
35
35%
1%
1%
36%
35%
1%
21
♦20%
♦26%
♦37%
♦66%
23%
♦19%
23
♦20
22%
♦21
25
26
♦22
25
56%
•37%
22%
♦37%
56% ♦37%
♦66
66
67%
♦118
119% ♦118
119% 118
64
54% 54%
54% 54%
119
118% 119% 119
118%
29
29
28
29% *26%
7
6*4
6%
6%
6%
40*4 40*4
40*4 40*4 ♦39%
106
106
106
♦105*4 106
4%
4*4
4%
4%
3%
44% 44%
4334 44*4
43%
107% 108% ♦107
108% ♦107
3
3
3
2%
2%
36
♦36% 88%
36% 36%
34*4 35%
34*4
18
89%
7*4
78%
46%
18%
89%
7%
78%
*141
19%
35%
37
36%
*15
*44
143
36*4
34%
1%
*44
46
17%
18
89%
7%
78%
89
7%
78%
56%
66%
38
37%
35%
1%
35
1%
♦15%
143
*141
39%
35%
1%
20
22
22
*22
I
28
♦37% 56%
65
65%
66% 66%
118
♦117% 118% *117% 118%
54
54
54%
55% 56%
118% 118% 118% 118% 118%
28
28
28
♦27% 28
7
7
6*4
6*4
6%
41
106
4%
44
108%
2%
36
35
♦44
46
17%
17%
7%
78%
7%
79%
40*4
40*4
40%
40%
107
107
*107
107%
4
4%
4%
44*4
46% 48%
108% 108% *107
108%
3
234
2%
2%
♦35
37
♦36% 38%
35
36
35% 36
♦44%
17%
♦88%
7*4
79
46
45%
17%
17%
89
89%
7*8
46
18
89%
7%
78
79
7*4
79
143
06
125*4
134
%
6
8%
51%
60%
Jan
4
56
Jan
7
Jan
Jan 15
6
34
Jan 20
par
2% Jan 10
11% Jan 6
34% Jan 7
100
15
6% conv preferred
Federal Light A Trao
122% Jan 7
19% Jan 21
6%
85%
10%
8
3
15
14%
40%
Jan 11
2
2
Jan
50
%
2
3%
4
4%
17
60
Jan
4
65
79% Jan 17
3.700
Preferred
......
Federal Water Serv A
0H% preferred
100
8,600 Firestone Tire 4: Rubber.....10
Preferred series A
2,000
100
2,800
300
tFollansbee Bros
4,100
Food Machinery Corp new
10
Foster-Wheeler..
...No par
Preferred
No par
11,100
90
No
3,500
Fourth Nat Invest w w
2
4
Jan
9
22
42
Jan
2
!•
•77
85
71*4
2%
*28%
•10%
88%
32%
♦109
♦77
85
♦50
75
31
11
38%
10%
37%
32%
10%
37%
32%
38
32%
115
31%
7%
18%
112
109
109
*30%
2%
10%
31%
85
90
75%
78%'
2%
2%
112
31%
7
*30%
31%
35
35
♦35
36
7%
7
6%
18%
18%
♦109
74%
♦105
*17%
112
111
♦50
24%
75%
2%
31%
10%
38%
31%
30
2%
75
24%
85
♦77
30
76
2%
♦50
25
24%
31
36
17*4
25%
71%
•35
♦109
75
25
72%
2%
•30*4
7%
♦50
31
31
75
16%
20%
45% Jan 23
22% Jan 7
16
£24% Jan
101% Jan
2
2612 Jan 4
103% Jan 24
48% Jan 11
13%
67%
13%
25%
84%
102%
44%
44*8
58%
29% Jan 9
6% Jan 17
12%
19
30%
6
45% Jan 7
28% Jan 22
4% Jan 6
38% Jan 16
27
111
Jan 21
Jan
7
33% Jan
2
2
117
20
52% Jan
2
12%
38
44
2
4%
%
40
10,500
10,200
7,200
Class A
3,200
1,300
7%
100
9
6
12
97
100
cum
No par
100
Jan
6
10% Jan 13
Jan
3
Jan
6% Jan 23
18
2
54
Jan 24
22
Jan
2
32
Jan 15
3
14% Jan
141
Jan 23
145
Jan
9
11% Jan 11
9% Jan 23
5
5%
2
2
6%
2,
22%
Jan 24
4
4
18%
70% Jan
2»
85
Jan 24
14
19
65% Jan
8;
4
141
Jan
2
24%
58% Jan 14
143
Jan
3
♦21
30
30
19% Jan
3
23% Jan 15
26% Jan 15
6%
7%
6%
♦40*4
107
107
119
♦27*4
4%
4%
47% 48%
108% 108%
2%
3%
38% 42%
35
85%
45%
17%
89%
7%
76*4
45%
18%
90
7%
78
*50
100
4,900
4,900
150
General Mills...
....No par
100
Preferred
36 preferred
No par
Gen Outdoor Adv A.....No par
Common....
No par
General Printing lnk.....No par
36 preferred
No par
Gen Public Service
No par
Gen Railway Signal
Preferred
No par
100
34,600
Gen Realty A Utilities........1
36 preferred
1,300
No par
Ne par
5,100 General Refractories
Voting trust certlfs
No par
90 Gen Steel Castings pref ..No
18,500 Gillette Safety Rasor....No
1,100
6,900
1,400
75
24*4
90
95
91
91
78%
2%
79%
2%
78%
2%
30
30
30
79*4
2%
31%
11%
10%
11%
11
41
41%
41%
33
33
33
♦105
110
109
Oonv preferred
Glmbel Brothers
36
6
Jan
28
%
105
105
130
65
Jan 22
Jan 13
105
Jan
6.!
Jan
3
Jan
2
Jan
3
2%
57
61
6
3
Jan 11
Jan 14
1.700
2,300
800
3
3
Jan
3
10%
17%
Jan 17
107
Jan
8
61%
93%
4
4
Jan 10
Jan
2
8% Jan 13
4*4 Jan 17
48%
108%
3%
42%
1%
15%
80
80
%
80
Jan
6
48
Jan
Jan 14
12
107
Jan
114
Jan 23
3% Jan
19% Jan
115% Jan
7
Jan 14
80%
1%
104%
1%
14%
96%
14%
22
111%
120
77
104
105
Jan
9
16% Jan
86% Jan
6% Jan
9
48% Jan 4
18% Jan 16
7
90
6
8% Jan 11 |
80% Jan 16 1
Jan
8
31%
400
Haokensaok
♦35
36
130
7
7
3,900
5,400
7% preferred olass A
Hall Printing
18
19
112
19%
112
130
86%
*122%
22%
105
36%
For footnotes see page 580
70
3.200
...
"T.255
30
16%
16%
55%
14
•
Jan 24
21% Jan
115% Jan
13% Jan 21
78
Jan
6
21% Jan 21
87
Jan
2
9
Jan
6
77
Jan
6
2% Jan
9% Jan
3% Jan
19% Jan
33
Jan
32% Jan 16
28% Jan 16
16
Jan
2
32%
Jan
6
31
Jan
7
136
Jan
15%
86%
24%
95%
11%
94%
3%
10%
6%
23%
34%
32%
32
14
6
93
18
2%
13%
19%
70%
2%
45%
8
75*4
23%
7%
40
82
Jan
15%
15%
26%
2
Jan 17
»»
Jan 17
7%
70
53%
2%
Jan 18
2%
20
20
4%
Jan 24
4
2%
5%
2%
13%
Jan 15
Jan 15
29%
35%
83%
38%
Jan
3
14%
18%
Jan
3
22%
14%
18%
22%
Jan
3
25
26
18% Jan 17
34% Jan 8
32% Jan 15
6
137
Jan
27
Jan
Jan 13
95
65%
1%
26%
9%
Jan
6
Jan
7j
79%
2% Jan 17
Jan
7i
32
Jan
2
30% Jan
28% Jan
2
9%
9%
26%
25
2
81
7%
9%
3
Jan 24
11%
41%
34%
5
16
85%
34%
99
7
Jan 24
119
21
21
50
25%
•
25%
28%
34
95
6
74%
1
7%
Jan
46%
%
19
2%
43%
4
4
11%
0
0
34%
12
12
33%
26%
19%
48
21%
30%
20
111
30
35
31%
6
Jan
9j
Hamilton Watch Co____.No par
Preferred
.......100
14
Jan
2
36%
8%
19%
110
Jan
104
Jan
3
100%
30% Jan
3
12
16
3
82
99*4
No pat
No par
100
120
Hat Corp of America cl A....1
12
Jan
11|
112%
140
18
2.
..IOC
10%
1%
4
preferred
92
85
1%
Jan
6H%
14%
Jan 11
24
.No par
4%
26%
Jan
35 preferred......
49%
111
Jan 23
35
Harbison-Walk Re trao
Preferred
8%
Jan 24
30
........
23
51
12
7%
26
.10
Hanna (M a) Co 37 pf
105
105
*104% 105
♦104% 105
*154*4 105 ♦104*4 105
36
35
36%
35% 36%
35% 35%
35% 36
35%
*122%
♦122%
*122%
*122%
♦122%
12
12
12
12%
12%
12%
12% ♦12% 1284
12%
12%
105% 105% ♦105% 107
♦105% 107
♦105% 108% 105% 105% *105% 108%
105
14*4
8%
7%
105
♦30%
35
3%
39%
33%
69
37
Water..........26
Preferred
31%
4%
41%
45
100
35
109
109
%
10
Jan 24
2
No par
100
30*4
42%
par
Gulf Mobile A Northern.... 100
35
1%
15%
Jan 24
100
Preferred
6%
Jan 23
Jan 24
59%
120
21
10
par
100
Gulf States Steel
Sl07%
8%
72%
>120%
26%
41
1
Preferred
116
22%
84
119% Jan 18
32
59%
100%
u
18
01%
Jan 13
3% Jan
39% Jan
106
70% Jan
120% Jan
18
15%
32
"32
117%
53%
£118%
18%
5%
40%
1%
15%
Jan
27,000 Greyhound Corp (The).......5
uantanamo Sugar
5,100
No par
140
11
Jan 21
...100
Green (H L) Co Inc
Greene Cananea Copper
%
8
/
'
Green Bay A Western RR Co. 100
"4,955
30
1% Jan 20
34
Ne par
Preferred..
7
36
Ne par
31%
112
145%
40%
37%
19
32%
18
64%
20%
97 pref olass A
No par
38 pref olass A
....No par
Gen Ital Edison Eleo Corp
40
111
40%
127%
10
2
39% Jan
76
16
•
24
36% Jan 21
10%
97
Jan 10
♦20
General Motors Corp........ 10
22%
140
2
5% Jan
5%
65%
118%
55%
48%
Jan
9% Jan
17
Jan 11
56%
66% "i",755
50
118%
56*4 117,600
119%
2,700
800
28%
6%
3,900
600
41
13%
10%
100%
£13%
115
18
*37%
47%
5%
7%
100
3
Gen'l Gas A Eleo A ......No par
30%
125
11%
6%
3
11
18
7
5%
84%
32%
Jan
32
111
%
25%
11%
6
17%
70
55
4%
7
Jan 16
12% Jan
■
15
6%
64%
Jan 24
10% Jan
101
47% Jan
6
....No par
preferred
General Cigar Ino
7% preferred.
Jan
No par
Ne par
17%
112lS
7
3% Jan
No par
No par
38 preferred....
..No par
General Bronse.........
5
General Cable
No par
30%
17%
112%
28% Jan
No par
10
Jan 20
14
24
6*4
7%
18% 18%
112% 112%
10%
36%
8%
4738 Jan 17
General Baking..............5
111
2%
19%
33% Jan
% Jan
39%
7%
60%
8%
...
Gen Amer Trans Corp
General Asphalt
30
2%
Fuller (G A) prior pref...No par
18,300
8,200
6%
39%
16%
36% Jan 23
55
"0",555
114
9%
8%
44%
Conv pref series A..._No par
10%
6*4
39
5%
40%
31%
60
1%
32
35
2%
19
35
39
♦30%
106%
4,500
Preferred
45%
25
16
£86
Jan 18
64
40
36 2d pref
33,200 Gabriel Co (The) ol A
1,150 Gamewell Co (The)
9.000 Gen Amer Investors
4%
3%
25
112
Fkln Simon A Co Ino 7% pf—100
Free port Texas Co
10
Preferred
100
10
8%
7
General Electric........No par
General Foods
.......No par
39%
24%
♦105
%
16%
28%
%
8
Jan 11
81.800
17,800
60,500
38%
*34*4
1%
♦15%
24%
i
2
Jan
.....No par
.......
25%
95
3%
4
.No par
.1
(
75
64
2%
1
..
♦25
72
Jan
par
51% 51%'
48% 50
48% 49
48*4 50%
50% 51%
51% 51% 13,500 GUdden Go (The).......No par
113
112% 112%; 113
114
113% 113% ♦113
Prior
112
113
230
114% 114
preferred
100
6
6%
6
6%
5%
6%
0%
6%
6%
6%
5%
6% 18,200 tOobel (Adolf).
6
20
19% 20%
19% 20
20
19% 19%
20
20%
20%
20% 11,700 Gold Dust Corp v t c
No par
♦115*4 116
115*4 115% •115% 110
115*4 115% 115% 115% 116*4 115*4
36 oonv preferred
.No par
1,700
♦105%
♦115
*105%
♦115
♦105%
*105%
Gold A Stock Tel'ph Co
100
14
"l4%
13% "l4"
13% 13%
13*4 "15"
15% 15%
15% 15% 45:555 Goodrich Co (BP)..
No par
83
83
82
83
84
82% 82%
82*4 83%
Preferred
86%
100
85% 86%
3,300
22
22% 23%
22% 23
21% 22%
23%
23% 24%
23% 24% 40.400 Goodyear Tire A Rubb
No par
94
94
94
95%
95%
94
94%
94
94% 95
1st preferred
94% 95
1,400
No par
10% 10%
10*4 10%
10% 10%
10%
10%
No par
10% 10%
10% 10*4
9,300 Gotham SUk Hose
94
95
90
93
85
94% •90
*84
88
510
86%
85% 87
Preferred
100
3
3%
3%
3%
3%
3%
3%
3%
3%
3%
19,700 Graham-Paige Motors
3%
3%
1
9*4
9%
9%
9%
9%
9%
9%
9%
9*4 10% 11,400 Granby Cons M Sm A Pr
100
6%
5*4
5%
5*4
5%
5%
5%
5%
6%
7,900 Grand Union Co tr otfs
5%
5%
.....1
5%
22
22
22% 22%
22%
21% 21%
21%
Conv pref series
21% 22
2,300
21% 22
No par
33
33
33
33
♦33% 34
33% 33%
33% 33% ♦32
33%
1,000 Granite City Steel
..No par
♦30% 32% ♦30% 33% *30% 33% ♦30% 33% ♦30% 33% ♦30% 33%
Part paid rets ........No par
29
29
29%
29% 29%
29%
29%
29%
29% 30%
~2:i55 Grant (W T)
29% 30
.....No par
17% 17%
17% 17%
17% 17%
17%
17% sl6% 17
5,900 Gt Nor Iron Ore Prop
16% 16*4]
No par
33
33%
32% 33%
32% 33%
34
33% 34%,
84% 34%
34*4 26,500 Great Northern pref
100
32
32
♦31*4 32
31% 32%
32%
32%
32% 32%
32% 32*4
4,800 Great Western Sugar
No par
137
♦136
136%
136% *136
1361s 136*4 137
260
Preferred
136% 137
100
136*4 136*41
•50
40
Jan
22%
110
First National Stores....No par
Florshelm Shoe class A ...No par
5,400
Jan
21%
£85
50
5% Jan 15
20%
Fllene's (Wm) Sons Co ...No par
"55
Jan 11
125
6%
48
40
Jan 24
9
2
2%
Federated Dept Stores...No par
Fidel Phen Fire Ins N y
2.60
85
9
39%
115
4
3%
15
33
Jan 24
7*8 Jan
4% Jan
.100
No par
No par
No par
%
115
135
1,400 Federal MIn A Smelt Co.... 100
Federal Screw Works
0
Jan 17
Jan
23%
89% Jan 23
Federal Motor Truck
7%
69%
6%
3
400
14
8%
6%
Jan
5,400
2,600
4,100
1,200
7%
19%
13%
84
Preferred...
55%
4%
8%
Jan 15
25
15%
4%
Jan 15
100
55
7%
14%
40%
5%
3%
13%
42%
3
50
14%
12
3
69
4*8 Jan
14
11
Jan
No par
8%
10%
Jan 10
7
1%
1%
Jan
1%
%
52%
112
Jan
12
...
Fox Film class A
64
6
%
No par
200
....
♦65% 69
32*4 33
♦127% 159
55
33%
45
68
12,000 Fairbanks Morse A Co ...No
4001
par
par
"
13% Jan
19%
13%
Preferred..
10,300
7% Jan 3
45% Jan 14
48
par
'
...6
Exchange Buffet Corp
210
par
par
134
$ per share
39
58%
%
%
9 per sh
11*8 Jan 21
10% Jan 21
11% Jan 3
Evans Products Co........
460
Jan 16
55% Jan
1%
3%
65%
High
Low
$ per share
100
100
60
Eureka Vacuum Clean
100
129
100
Foundation Co
35
60
..100
11,500 Erie
First preferred
8,600
Second preferred....
1,900
Erie A Pittsburgh
13,700
Jan 2
1% Jan 4
62% Jan 24
50
Low
Hiahest
3 per share
52% Jan 11
No par
0% part preferred
1,600 Engineers Public Serv.__.No
60
44
44
44
44
43% 44
45
45%
♦19% 23
22% ♦19%
23
♦19% 22% ♦19% 22%
♦110% 113% *110% 113% *110% 113% *110% 112
*110% 112
25
25% 25%
25%
26
25% 25%
25% 25%
26%
25% 26%
102% 102% 102% 102%. 102% 102% 102% 102% 102*4 102*4 103
103%
47
47
47
47%
47
46% 47%
46%
46%
47
47%
47%
29
29
♦28% 29
♦28% 29
28% 28% ♦28
29%
29%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
5%
39
39
39
39
39% 39%
39% 39%
38% 39%
40
28
27
28%
27% 27%
27%
27% 28%
31
28*4 31%
31%
♦111
113% ♦111
113% *111
115
113% ♦111
113% 113%
117
117
♦19%
2,500
4,000
12,200
"l3% "13% "l3% "l3% "l3% "13% "3:655
♦65
5
1
2%
62%
55
89%
64%
8
54%
7%
49%
13%
35*4
5%
2*4
11*4
37%
20%
1%
3%
♦50%
12%
37
54*4
55
1%
3
*6234 63
63
130
130
♦129
13012
7%
7%
7%
8%
51
49% 49%
51%
1%
3
♦46
13%
•
54
17%
11%
16%
*7%
53%
1%
3%
54
66
6%
12
12
12
1
2%
47
47
♦51%
*52%
♦6%
12
♦125
♦123%
8
47%
♦46
52%
Lowest
Par
•
3%
3%
,
4
6%
108
8
14%
20
63
112
77
101
108
100%
105
Jan 20
1%
105% Jan 18
14%
5ls
81
30%
121
14%
113%
Volume 142
HIGH
AND
New York Stock
LOW
SALE PRICES—PER
SHARE.
NOT PER
CENT
Sales
Monday
Jan. 18
Jan. 21
Jan. 22
Jan. 23
$ per share
8 per share
3 per share
5
12378
5
♦135
•156
157
34
87
•1261s 129
*127
79
*78%
115*4 115*4
347S
347g
9*4
97®
20% 20*4
520
417g
27%
70
*135
157% *15614
33'4
33*8
337s
*85% 87
*85i2
34
87
116
*127
7938
79*4
116
116
33is
9%
20*4
*495
417g
28%
70%
129
4112
2678
6958
3413
934
21
520
33*4
*9l2
20*4
♦495
Jan. 24
Week
400
5
5
514
514
*122
123i2 *123i2 124
139
140
*137ls 139
♦137i2 139
160
•156U 158
*15614 158
*156% 158
34
34
34
3478
347S
3414 35U
84
84
87
861s 87
84i4
84*4
129
129
130
130
130
*12712 130
79*8 *79
79*4 *78*4 79*4
79*4
7934
*116
118
*117
117
116U
*116
117
3414
33*4 3514
34l2 35
35% 36
95S
9i2
9i2
9*4
9*4
9*4
9*8
21
21
21%
21*4 22*8
22% 2338
5
520
41
4H2
2778
70*4
*495
*70
4H4
27
♦70
520
41l2
2778
7H8
520
41%
277g
*70
540
41l4
28%
7H2
On Basis of 100-tfftaro Lots
538
540
41*8
28
71
Range for
Year 1935
1935
exchange
$ per share 1 Shares
5
514
8,400
800
123i2 123*2
26*4
4H2
27%'
6958
the
139
157
139
July 1 •
1933 to
Dec. 31
Range Since Jan. 1
stock
york
'
Friday
123
478
123
123i2 124
139
*501
Thursday
$ per share
*135
79
Wednesday
Jan. 20
8 per share
5%
5U
123
Tuesday
stocks
new
for
Saturday
585
Record—Continued—Page 5
Lowest
Low
Highest
7
Hasel-Atlas Glass Co
25
120
Jan
2
125
Jan 15
65
Helms
25
131%
Jan
7j
140
Jan 24
94
100
157
Jan
Ne par
33
Jan
157% Jan 20
35*4 Jan 2
120
Hercules Motors
16;
10;
900. Hercules Powder
Ne par
84
Jan 23
89% Jan 10
40
..100
129
150
10.200
150!
600
900
5,100
1,400
11,800
1,100.
Hayes Body Corp
2
(G W)..„
Preferred
...
$7 cum preferred....
Hershey Chocolate
No par
Oonv preferred
No par
Holland Furnace
Ne par
Hollander A Sons (A)__.
5
Holly Sugar Corp.......No par
Homestake
Mining
iUO
41*8i
1,800; Houdallle-Herabey ol A —Ne par
Class B........
Ne par
28*s] 21,500
400 Household Finance part pf
71
50
$ per share
434 Jan
Jan 22.
78% Jan 2
115% Jan 16
30% Jan 2
9
Jan
2
19% Jan 13
131
80
118
Jan
$ per sh
1
80
4
Jan
500
Jan
3
540
41
Jan
7
42
26*4 Jan 21
65% Jan 14
31
Jan
Jan
10
1038
10
4978
51 >4
5%
49%
5%
14U
15%
2%
14U
20
20l2
14*s
15i8
2ig
1978
34
34
*32
36
60
60
*5918
13
1314
13
5
678
16
2U
7
*126
120
99*4
678
17i2
534
17i2
5*4
4i2
25i2
♦4
*2214
3*8
12
4%
3612
180
1278
412
37
180
1H2
51*4
5*8
15*4
153s
2U
1514
15is
2%
11
1112
52i2
512
533s
578
15%
15%
15*4
2038
197b
15*4
15*4
214
2H8
21
21*4'
*32
36
33
36
37
37
60
59
59
59
5914
*12
13
1234
6*4
13
59%
13%
59%
13%
214
20i«
7U
6*4
30%
3078
120
119
7
*4
7
17i2
5%
414
*2184
3*8
1H2
4%
25
25
31|
11
4*8
36
180
3*4
117s
4*8
37*4
18214
6*4
30*8
*126
~9~9%
6*4
5*4
6*4
30
120
99
67g
7%
1878
512
4U
24i2
3*4
12is
45g
37i2
4%
37%
179*4 179*4
2
3012
118*4 118*4
30i2
♦126
*5'8
4
1078
48*4
5%
1518
2i8
1934
15%'
98*4 100
6*s
678
*712
7*4
17*4
1778
778
10*4
49%
5%
15*8
1514)
*126
98i2
6*4
75s
48*4
514
13
6*4
30ls
3014 3058
120*4 12112
10
IOI4
497g
6*4
*4
434
23
334
4%
12
438
*365s
180
4
13
13
4%
37%
4%
35*4
180
181
15t4
153s
15%
16
2
2%
20*4
*35%
59%
21%
36%
61
13%
13%
7
7
31%
30%
119
17,000
8,500
3,200l
190
320
3,000
31
119%
11,000
1,800
102*4 103%
7%
7%
*7*8
7%
17%
18
*5%
5*4
*3*4
4*4
*22% 25
3%
4
12%
13%
4%
4*s
"8" 300
118
24
4%
137b
4%
3534
181
35
36
180% 181%
Voting trust ctfs new
Howe Sound Co
6
Hudson A Manhattan.......100
Preferred
8,600
....100
.....
10
170
14,400
57i2
37*4
58is
37i2
434
5%
46*4
*127
47a
512
4712
129
4U
214
1*>8
26%
♦39
*126i2 1287s
4*8
214
1*4
414
16
1278
8878
18
*28
26i2
40
109
109
287S
48*4
1918
2878
48*4
19l8
6OI4
197g
60i2
16i2
8878
I8I4
28%
*88i2
39%
58*8
39
39%
587s
60
149
*148
148% 148%
4*8
438
47s
434
4%
5%
5U
6%
5%
5%
47
4612
48%
477b
48%
*12612 128i2 *126i2 128% *126% 128%
438
4i2
4.*8
4%
4%
4*8
*214
2i2
2%
2%!
*2%
2%
1*8
1%
1*4
.134
«17» J7*
25*t 27
26*4 27%
26*4 27%
40
40
40
40
40
40%
109
109
109*4 110% *109% 110%
28
2814 28%
28% *27% 28*4
49
49
49U
49%
*18*4
6OI4
1512
19
19
19
49%
18*4
20%
6OI4
61
61
60*4
61
16
16
125s
8812
175g
28
18U
28%
12*4
8812
175s
28
*115
165s
16*8
12*s 12*4
12*4
87% 87% c87%
1778 19%'
18*4
♦28%' 28%
28%
5812
5812
58%
102
1025s 100
12212 122l2 *12218 123
58i2 58%
102i2 105*4
102
*
123
49%
17%
12*4
87%
19
28%
'*115
♦115
58l2
102*8 103
•1221s 123
*
37%
57i2
5734
61s
45*4
887g
18
38
4U
12*4
28
"59
149
1618
*115
58l2
37ia
57i2
6OI4
15*4
12*4
13
*115
1*4
*39
49
*18*4
60i2
214
158
26
26*8
4014
414
2U
*109*4 110
*28*4
28*4
49
38
57%
58i2
149i2 14912
412
434
6I4
514
45*4
46l2
151
7
123
.*122
123
153
153 i*
♦
153
153 j*„... 153
153
~8~l~
82% 83
8U2
81
81% "81% 81%'
81
81
815s "§6"
*11812 1191s *1181| 119*2 *118l2 119i2 *118i2 119% *118% 119% all8
118
14
14*4
14*4
14i4
14i2
14*8
14*4 15*8
15%
15*4
15%
15%
22
2214 22l2
22U 22l2
22%
23
2213 23
24
24
23%
•17i2
181s
17i2
1712
17U
17% *17i2 18
17%
17*4
17%
17*8
28U 28U *28% 29
28
2814
28
28
28%
28
28*8
28%
•85
90
230
*
*85
90
*85
90
*85
90
♦85
90
85
85
'"420
30
4,800
3,600
700
900
10
21U
18*2
23U
2H4
191s
♦88
91
29%
♦19U
29*4
20%
6
6
3914
39l2
24ls
24*s
107
107
2318
*2114
18ia
»88i2
2Qi8
»18i|
*6is
39i8
24i8
107
23
2312
2H2
18*8
24l2
2U2
17*8
•88i2
28*4
*18i2
*6i8
91
29i2
20U
6
25
25*4
22
22
23
18i2
1758
18%
88%
30%
19%
678
89
2912
2014
6i2
88%
29%
*18%
6*8
40
39
39
39
41%
24*8
24
24%
23*8
24
107%
25%
23%
18%
27
24
18%
90
90
30
31*4
19%
7%
43
23%
19%
6%
41%
23%
107i2 107*i
*4i2
63s
107% 107%
*4%
5*8
108
♦70
80
*70
80
♦70
80
*70
80
*70
80
*64
*64
7278
27U
2714
*64
727B
♦63%
27
27%
27
72%
27%
*3814
2214
*7i2
1312
26%
44*8
227b
27
45
26%
•37%
22%
*7%
13%
17%
♦26%
♦38%
727s
27is
27U
44*8
2212
*61*4
*27
727g
2714
28*4
*38
44
*4*4
27
5
223g
22l2
8
8
13*8
13i2
17*4
17i2
♦107
107i2
938
918
3
2*4
14
14
9618
♦12*4
96i8
49
49*4
978
13
*4i2
27
27
53g
267fl
2714
*3714
22*s
45
225s
8*4
13*4
1714
17U
*107
107i2
91g
914
278
278
1314
9512
*1278
»
*7i2
8
13is
13i2
17
17
10712 1077s
9ig
2*4
13
14U
96
13
9*8
2*4
13%
96i2
1278
5058
107
938
2*4
13%
97
12*4
12*4
49%
49%
95s
978
9*4
♦28
28*4
28i2
28i4
28i4
28%
114
*112
*112
112i2 112*4 112*4 ♦111
115
113
113
113
IUI4
113i2 113
*16112 164l2 *161*8 163*« *161*8 164
♦1615s
9*4
21
21
48%
9*8
28*s
21
5012
10
21
21
21
8
13%
17*4
107
9%
2%
14
97%
12%
50%
10
28%
113%
113%
164
21
21
*4%
22*4
8
108
5*s
23%
8
14
14%
17%
18
107
9%
2%
107
9*4
3
26
26
23
23%
18%
91*4
32%
19%
7%
42%
23*4
18%
♦88%
31%
19%
7
41%
23*8
108
108
538
♦70
*63
.
27
27%
*37
5*
72%
27*8
27%
22%
7%
14%
17*8
*106*4
9%
2*4
22*4
7%
14%
17%
107
9%
2%
14
14
97
97%
12%
50%
10%
28%
97%
98
*28
111
112*4 114
163
21
163
21%
31*4
12%
125s
49*4
50%
9*4
10
28% 28%
109% 109%
110% 112%
•1615s 164
21
,
21
3012 31*s
30lg 305s
295s 297b
31
30% 315s
31% 32
*43U 43%
43i8 43% *4314 435s
44
44
43*8 43%
44
44
39
39
3914 3978
39i2
395s
39% 39*4
39*8 40%
39% 40%
51
60*4
5014
50*8 51i2
517b
515s 53%
52%
53%
52% 52%
♦107i8 108*8 ♦10718 108i2 *107*8 108i2 *107
109
*108
108% 107% 108
2*8
2i2
2i2
258
258
2i2
2%
2%
2%
25s
2*g
2%
5
478
4*4
478
478
478
5
4%
5
4%
4*4
5
*4458 45
4458 44*8 *44i2 44*4
44% 44*4 *44% 45
$44% 44*4
*10812 11012 *108l2 109
*108i2 10912 *108% 109% *108% 110% *108% 110%
25
2512
25*8
2514
25U 255s
25% 26
25*4 26
25*4 26
*144
150
*146
150
*144
150
148
146% 146% 148
*147
150
16
16
38%
..........100
58
Jan
6
61
Jan 24
40
40
59%
RR Sec ctfs series A
1000
Indian Refining..........
10
Industrial Rayon..
Ne par
12
Jan
4
14
Jan 15
4%
2
7% Jan 20
31% Jan 6
125% Jan 14
2%
4%
2%
23%
60%
15
4% Jan
29% Jan
Leased lines
Ingersoll Rand
Preferred.
No par
100
Inland Steel
.No par
Inspiration Cons Copper
Insuranshares Ctfs Ino
.20
16l2
16l2
2214
22
22
63*4
63*4
27*4
*4
41
7B
41
♦1275s
27
142
142
*8
41
♦12734
•
15*4
♦215s
64
265s
♦132
16%
22
65%
27%
142
*4
58
....
♦127*4
41
42
For footnotes see page 530.
♦15
21*4
16
15%
16
21*4
22
22
65%
27
*140
66
28%
147
67%
28%
*143
68%
29%
147
*15%
22
67%
28%
146
v t c ..100
Internat Rys of Cent Amer.-lOO
17
Certificates
Preferred
No par
.100
........
Interoont'l Rubber
No par
Ne par
—.Ne
Preferred
Jollet A Chle RR Co 7% gtd.100
Jones A Laugh Steel pref
100
Kansas City P A L pf ser BNo par
Kansas City Southern
100
Preferred
-.100
Kaufmann Dept Stores $12...50
Kayser (J) A Co
Kelth-Albee-Orpheum
5
pref.-lOO
5
6% preferred
...No par
Kelsey Hayes Wheel oonv.olA..l
.
Class B
41
-
41
*127%
41
....
40*4
a 130
40*4
3
Jan
9
19%
2%
Jan
9
Jan
2
11
Jan 20
8*4
2
2
Jan 14
Jan 14
1*4
6%
Jan 16
1%
14%
Jan
Jan
2
*35%
Jan
2
56%
148%
3%
4%
44%
Jan
8
Jan
2
Jan
2
Jan
6
49
125% Jan
Jan 14
par
7% preferred............100
Kresge Dept Stores
No par
No par
No par
Kroger Groc A Bak
Lee Rubber A Tire...........5
Lehigh Portland Cement
50
160
7% preferred
..........100
6,100 Lehigh Valley RR...........50
1,900 Lehigh Valley Coal..
No par
1,400
Preferred.................50
2,900 Lehman Corp (The)
Ne par
5
1,400 Lehn A Fink Prod Co
28,100 Llbbey Owens Ford Glass. No par
9,900 Llbby, McNeill A Llbby.NO par
Life Savers Corp
5
Liggett A Myers Tobaeoo....25
1%
1%
22%
123%
1%
Jan 24
Jan
26% Jan
2
47% Jan
2
50
9
6
39
Jan 24
109
Jan 20
18*4 Jan 15
60% Jan 20
9
9
Jan 13
65
Jan 20
20
25
Jan
42%
16
Jan
4
40
56%
5%
8%
70%
Jan 11
4*4
6%
Jan 13
20*4
24%
2
Jan
2
3
29
58% Jan 18
94% Jan 3
108
Jan 23
5%
9
2*4
Jan
Jan 18
Jan 13
62
Jan
125% Jan
8~3~~"jan
15
Jan 11
18
13
Jan
2
119
15*4 Jan 23
3*4
24
Jan 23
19
Jan 11
29% Jan
80
85
Jan
7
Jan 24
15
23
Jan 16
2
3
3
10
8
.Jan
8
12
23
25% Jan
2
10%
19*4
Jan 23
99%
103%
43
108
Jan 10
26% Jan
22% Jan
2
3
43
Jan 13
22%
7%
13%
15*4
106%
8%
Jan 16
Jan
2
Jan 21
Jan
2
Jan
Jan
28
Jan
8
19
30
Jan
7
12
12
45% Jan
23% Jan
8
19%
8
19%
21%
8
Jan
8
19%
4%
15%
18%
107%
10%
Jan
2
6%
Jan
9
9
10%
Jan 21
73
89*4
3
2% Jan
Jan
Jan
94
Jan
93
12
Jan
13% Jan 10
11% Jan
6
163
22
Jan
6,600
Jan 2
32
Jan 17
1,800
Link Belt Co
25%
41%
37%
50%
Jan 2
44
Jan 23
No par
100
Preferred......
Louisville Gas A El A ...No par
Louisville A Nashville......100
...
......
l
—No par
preferred—......
100
Janl8
10%
Jan 14
41% Jan
54% Jan
9
8
8
108% Jan 15
21
'
2%
15%
71%
78%
123
M%
13%
11%
16%
19%
66
1%
5%
67%
10%
21%
6*8
21
94%
93*4
151%
15%
13%
17%
24%
31%
102
24%
142
Jan 2
3
Jan 10
Jan 2
5%
Jan 13
1
Jan 17
33
33
107*4
Jan 2
Jan 2
Jan 7
45
1
1%
6
14%
107*4
18%
Jan 23
98%
124
26% Jan
148
1
%
13
Jan 3
20%
Jan 2
57%
24%
Jan 2
129
Jan 2
Jan 4
%
...10
Jan 2
Jan 8
2%
3%
40%
Rights
MaoAnarews A Forbes.
58*4
50% Jan 21
Jan 3
107
4
Jan 24
5
8%
5
1%
15% Jan 11
20
6% preferred............100
Lorlllard (P) Co
10
7% preferred............100
5
6
Jan 11
13
47% Jan
9% Jan 20
66%
22%
77%
Lily Tulip Cup Corp....Nopar
Lima Looomot Works....Ne par
Loft Incorporated..—...No par
Long Bell Lumber A ....Ne par
Loose-Wiles Biscuit..
....25
2
42
27*4
3
116% Jan 15
par
2%
Jan
6
par
13*4
12
73
Jan 14
6%
2
5% Jan 11
163
.......No par
6
3%
10%
84
7% Jan
36% Jan
23% Jan 15
2%
1%
6%
13*4
9%
2%
Jan 14
32% Jan 24
19% Jan 23
107*4 Jan
40
»•
55
90
Jan
106% Jan
4% Jan
28% Jan 2
24% Jan 2
19% Jan 17
......100
4,400 Liquid Carbonic
...No
22,900 Loew's Incorporated.....No
84
«8
Series B.........—...26
........No par
115%
3*4
6%
7%
16*4
5
Preferred
800
5%
12
Jan 16
preferred
6%
4
49
38%
117%
60
97%
19% Jan 2
17% Jan 21
27*4 Jan 9
110
130
45
8
Jan
Jan 17
Oonv
87
115
*78% "Jan
118
29
Ludlum Steel
36%
8
115
200
26
3
Jan 24
3
20
16%
85
122
%
4%
21%
98%
7
11" 000
4%
16
Jan
8
Jan 14
38
15
12% Jan
%
*8
,
2
82
2
4
Jan 24
27% Jan
Jan
Jan
1%
8
21*8 Jan
63%
17%
13%
88%
19%
13
Jan
Jan
900
101
Jan 15
Jan
7,900
5,600
«
8
129
6
4*4
2%
1%
28%
4234
110*4
28%
135
1%
14%
28
Preferred
110
1%
107
200
3%
22%
34%
8
100
400
900
149%
Jan 16
Jan
6
Jan
1,100
100
125*4
18%
23%
2
5
.—He
2%
26
Jan
Jan
...No par
Kresge (S 8) O0.............IO
4%
1%
10
Jan
2% Jan
1% Jan
23% Jan
4
No par
...IV# par
Kendall Co pt pf ser A—Ne par
1*4
9%
1%
3%
41%
62%
153%
5%
5%
Jan 16
6,700
4,600
4
8
4% Jan 20
37*4 Jan 20
184*4 Jan 8
Jan 23
5%
4
5%
7
176%
22%
46%
2%
2
Jan 14
8
Jan
Jan
Jan
"5",300
700
2%
6%
5%
27%
4%
Jan
3*4 Jan
34
14*4
87%
28%
18%
No par
6% preferred........
.100
Lambert Co (The)
...No par
Lane Bryant
—Ne par
190
130
7
21
.1
Kelvlnator Corp
Laclede Gas Lt Co 8t Louis ..100
21,400
41
♦127*4
6
Jan
9%
109
26
10
7% Jan 16
7% Jan 18
18% Jan 11
.
70
1,000
2,900
13,600
84
42
par
100
Kress (8 H) A Co
16
68%
29%
Jan
3*4
105*' J an
..1
.....
Jewel Tea Ino
Copper
45
1
Johns-Manvllle
Kennecott
113%
105
98% Jan 17
6% Jan 6
2
Preferred..........
22
146
2
Jan
Kinney Co
Preferred.......
500
Jan
7
2,900
1,840
8,200
9,800
117
4
1
Kimberly-Clark...
29(f
3%
15
200
200
%
17%
15
{Louisiana Oil
64
22%
6412
27*4
28*4
♦139
1447s
80
65,300
45
14
111
3,900
80
14
12%
49%
9*4
5,900
27,900
*4
9%
2% Jan 13
5ij
13*4
4
1 Kelly-Springfield. Tire
23
2
6%
6%
6
.
4
Preferred....
123
Jan
6%
"
7
60%
2*4
Jan
.....
122
1
Jan 11
17%
43
2*4
15*4 Jan 21
17
31%
9%
1%
Jan
....
8,000
10*4 Jan 31
15% Jan 20
20
42
73
37
Interlakelron..........No par
Internat Agrloul
No par
Prior preferred
3,200
100
1,300 Int Business Machines
Ne par
'2"000
2
9%
1%
80%
6%
49
2%
22
39% 40
7,700 International Cement—No par
—No par
11,200 Internet Harvester
59%
59%
600
Preferred
100
*148%
434 "4%
9,900 Int Hydro-El Sys ol A
.....25
5,300 Int Mercantile Marine.—No par
5%
5%
Ne par
483s 49
104,300 Int Nickel of Canada
Preferred
100
*126% 128%
4%
No par
45s "2", 8 00 Inter Pap A Pow ol A
500
Class B_.............JVs par
2*4
*23s
Class C
No par
1%
1%
4,200
Preferred
100
26% 27% 11,000
39
40
1,200 Int Printing Ink Corp...Ne par
130
*109% 110
Preferred................100
*28
600 International Salt
28%
Ne par
50
49%
2,100 International Shoe
Ne par
20*4
1,500 International Sliver
20%
100
160
61%
615g
7% preferred
.100
17% 168,100 Inter Telep A Teleg
16%
No par
13%
2,600 Interstate Dept Stores
12*4
No par
*87
40
Preferred
100
87%
*18
19
2,600 Intertype Corp
Ne par
900 Island Creek Coal.....
*28% 28%
1
59% *60
106*4 108
Jan
22%
495
Jan 22
19,100
10.200
♦115
59% 5*9%
105% 107%
4
11
6%
19%
888
43
12% Jan 15
55*4 Jan 24
5% Jan 23
30*4
19% Jan 22
Internat Carriers Ltd
3734
151
7
48*4 Jan 21|'
81*4
118
33
2,800
10.500 tlnterboro RapldTran
250
Jan
..26
17,000. Hudson Motor Car
..No par
19,100; Hupp Motor Car Corp
10
22,700 Illinois Central...
.......100
700
6% pref series A.........100
*126
101*8 102%
7%
73g
7%
7*8
17*8
18*8
514
5%
*414
4%
23%
55*4
5*4
7
*126
9934 101
65s
7i8
7i2
7%
17% 183S
5%
5*4
23
118
15*4!
2%j
113s' 65,500
1078
53*4
5*8
131
5*4
1.75
Houston Oil of Tex tern otfs—100
36%
'90
122
73%
200
2
162
11
104
5%
"
Jan
71
2
Jan 23
120
141
71
44
3
36% Jan 16
10% Jan 13
23*4
85
127
104%
8
$per share
1%
6%
142%
5%
Jan 13
Jan
High
Low
$ per share
5*4 Jan 10
Par
Jan 4
39
Jan 4
127%
Jan 9
17%
22%
68%
2984
Jan 13
6%
10*8
10%
34
34
147% Jan 16
50
1
Jan 16
42
Jan 21
127% Jan 11
26%
*149%
*8
4%
Jan 17
Jan 23
Jan 16
7%
28*4
27%
43
37%
65%
108*4
2%
4*g
41%
112
1%
15
23
64
%
21
87%
12*4
26
90%
135
%
*8
3778
113
46
130
Jan. 25 1936
New York Stock Record—Continued—Page 6
586
July
IIIGII AND
LOW SALE PRICES—PER
xn?.w
for
J VI
Saturday
Monday
Tuesday
Jan. 18
S per share
28
45*4
28*g
457g
♦106
30*4
127B
13
♦1071a
*19
4414
♦115*4
9%
39is
127b
100
14
9978
♦6OI4
8i2
*56ia
•33i2
97g
154
97g
1*4
9i2
414
4214
11*4
3%
42%
in2
914
30*8
157
9i2
307b
157
49
48
*45
*45
61
*99
101
591a
8*g
60
34*4
818
*5918
*33l2
*100
13*4
9912
6OI4
8%
1312
♦98
....
411a
42
6ia
20*8
6*4
2H4
22i2
22*8
112
♦157
*55
57
*4
214
4*4
414
37g
21
2H2
6*8
16*4
612
16*8
318
51a
314
578
54
54*4
♦62
63l2
62
6214
13*4
6OI4
30*4
17*8
13*4
14
14
♦75*4
26U
78
20*8
22%
42
6*4
20*4
22%
111
7
21%
22%
17%
13%
13%
75%
17%
13%
13%
17
13*4
14
13%
13%
78
76%
77
17%
25%
17%
45
45
26
26%
18%
45%
18%
17%
36%
*160
mm
43%
7%
21%
14*4
13%
37%
13
*160
165
63%
%
69%
30%
24%
18%
*44%
18
24
14%
63%
*01%
1
%
58%
30%
17%
13%
28*8
*30%
225
*133
138
1*8
69i2
24
677g
23i4
79
78
11*8
12*g
IH4
12*8
3712
56%
*113
13lg
*34
35
297b
19*8
42*4
5*4
23%
78i2
11*4
12*8
37i2
56i2
114
15
34
29U
*1914
4H4
*5i2
11%
1%
28*4
18*8
4012
5l2
12%
34*4
2914
1812
4U2
5l2
14i2 15
*12H2 123
14
14l2
12Ha X2H2
♦
125
125
II4
*87
478
10*8
5*4
314
3*4
13*8
*66
1*8
90
5
10%
5*4
4
37%
*160
166
*133% 138
11% 11*4
1%
1%
%
%
68%
24%
78%
11*4
12*4
37*4
38
78
11%
12%
*36*4
*56
57
*56
57
*113
114
113
113
*9%
1178
*34%
28%
17*4
41%
5%
*14%
123
4%
10%
5%
3%
113
12*4
35
35%
30%
31%
15
57%
113%
15
*9%
12%
35%
30%
13%
•
31%
300
420
------mm
12%
35%
47,600
1,900
91,600
4,200
16,600
21
21
21*4
49%
5*4
49%
5*4
50%
5*4
15%
15*4
15%
16%
210
126
125
125
1%
1%
127% 128
*126
1%
5
11
6
6%
4%
3%
*3%
13%
*90
6%
160
3*4
*3*4
13*4
14%
69
69
94
94
93
104
104
104
*104
2
2
2%
2%
222
221
222
222%
106% *106% 107% *106%
27%
27%
27%
27%
13*4
19,500
11,200
6%
3*4
1,800
8,600
4%
300
13%
6,600
69
*68
69
50
94
*93%
95
260
104% 104% 104%
2
2
2%
225
222% *223
107% *106%
28*4
28%
27%
..
55
98
—
-
-
55
70
5,000
700
30
43,600
600
7%
82,300
101%
*4*4
6%
800
7%
101
-
*95
5%
*3
11,100
40
12
3%
4
55
55
*54% 58
7
6%
7%
7%
101% 101% *101% 102
6
*434
6%
*4*4
98
1%
94
6
4
4
5%
11%
30
160
1%
*90
5%
11*4
6%
13*4
*68
*126
1%
94
*
98
100
mm-mmmmm
9
3
9
7
2
97% Jan
Mesta Maohlne Co
100
Minn St Paul A 88 Marie
Mission Corp
.
.
106ii
11
4
23*4
3378
160
130
367t
23
314
57*4
20
6ia
54
8*
83
4
8
82la
55
Jan 13
27
84lf
103
8
2
22
28
50
Jan
32% Jan
14% Jan
35la
Jan 10
4
Jan 24
Jan 3
28*8
6714
Jan 23
Jan 23
3ia
714
Ola
67i«
714
33*4
90ia
67a
91a
381a
%
8ia
14
«4
Ha
3ia
Jan 24
110
Jan 23
Jan 14,
Jan 18
"3%
221
11
147S
14*8
llHa
19*4
451a
40
131
10*4
16*1
6514
3
3
62% Jan 10
20*4
20*4
9
32
22
22
6
3
7
22
15*4 Jan
100
Jan 15i
Jan 14
4434 Jan 14
12
*
n
8*4
.
8%
24ia
2>a
Jan 14
21a
9%
«ia
7% Jan 16
00*4
33%
42*8
6*4
20%
2
44
Jan 22
60
85
85
3
177
Jan 24
58
150
107% Jan 2
6% Jan 6
57% Jan 17
% Jan
7
109
Jan 15
142
Jan
Jan
Jan
Jan
2
3
2
2
6
2
2
3
7
2
1% Jan
3% Jan
2*4 Jan
17%
5%
14%
2%
3%
20%
89%
........
Preferred series A....
100
100
Mohawk Carpet Mills..
Monsanto Chem Co
23ia
Jan 20
Jan 10
100
4514
1414
0*4
90
100
preferred......
Jan 17
Jan 9!
53
20%
49%
118%
11%
4178
13%
1
20
6*
21*
1)2
Mo-Kan-Texas RR
Conv
12
Jan 16
Jan 6
3
100
{Missouri Pacific
2i2
8*4
H
53% Jan 3
20% Jan 15
107
97g
178
10
23*4
378
*8
%
Jan 22
90
100
7% preferred
4% leased line otfa...
157
3
5%
14*4
9712
9
.
19%
1
5
41
21% Jan
Preferred
10
1
971a
110% Jan
{Minneapolis A St Louis
1314
10
17%
100
pf..l00
Minn-Honeywell Regu.. .No par
100
6% pref series A......
Minn Mollne Pow Impl
.No par
10%
12%
66>a
30
28
.No par
..
29
91a
8I4
OOia
Mid-Continent Petrol...
Midland Steel Pr*d
14
6
7
40% Jan
5*4 Jan
19*4 Jan
8% cum 1st pref.
Milw Elec Ry A Lt 6%
10
3
62% Jan 15
87g Jan 9
Jan 24
7% Jan
Miami Copper.....
.20
Jan
Jan
Jan
Jan
23% Jan
Jan
2{
7%
62*4
*4
2%
4%
lia
Jan 13
*111%
37t
7*s
105
08
Jan 3
Jan 2
Jan 16
Jan 15
Jan 18
4%
22%
8%
20%
3%
7%
20%
*
24%
1161$
68
31
16
1«
%
%
*4
1
1
114
10*8
2%
4
1*4
10*8
2ia
412
17*4
6*s
16U
Jan 24
Jan 23
Jan 23
Jan 15
Jan 23
21% Jan 24
Ha
Ha
10%
10*4
23
97
24
65
2ia
67a
57.
1
1
3
4i2
Mont Ward A Co Ino... .No par
Morrel (J) A Co
No par
35*4 Jan
7
39% Jan
3
1614
21*4
94*4
4078
44
Jan
4
56
Jan 23
347a
417a
66
Morris A Essex
60% Jan
6
2
63% Jan 23
66*4
60
651|
14
I7ia
69
10
Mother Lode Coalition.. .No par
Motor Products Corp
.No par
*4 Jan
Jan 21
1
6
28*4 Jan 21
15% Jan 2
Mulllns Mfg Co Class A.....7.50
Class b
13% Jan 22
13% Jan 22
63%
31*4
17%
15%
15%
74
Jan 20
84
21
Jan
Motor
Wheel...
Preferred
.No
Munalngwear Ino
Murray Corp of Amer..
Myers F A E Bros......
Nash Motors Co
62
62
26% Jan 17
19*4 Jan 10
10
17% Jan 21
45
13ia
17% Jan 21
153
7% cum pref.........
Nat Cash Register......
.No par
100
100
7% pref class B
{Nat DepartmentStores. .No par
7
2
Jan
22%
13%
12%
33%
National Aviation Corp.. .No par
10
Jan 9
Jan 21
Jan 7
Jan 2
9
Jan
21% Jan 6
21% Jan 21
108% Jan 4
107% Jan
6
7
9
2% Jan
Preferred
29% Jan
Natl Distil Prod..
31*4
7%
914
9ia
4
10
National Biscuit
Prod
I6I4
75j,
6I4
914
9%
Jan
.No par
7% pref class A......
%
43
par
Nashville Chatt A St Louis ..100
National Acme
Nat Dairy
Jan 16
Jan
Jan
.No par
...
Jan 23
2
3
24
3
4
56
When Issued—......
No par
Nat Enam A Stamping.. .No par
National Lead
100
28% Jan 16
28*4 Jan 2
Jan
Jan
Jan
110
Jan 16
108
113)4
*106
30*4 Jan 2
32% Jan 17
16
13734 Jan 21
140
111
Jan
4
Jan
Jan
100
10%
978
32%
27*4
17*4
36%
Jan
4
8
8
2
2
2
100
5
Jan
2
60
119
1
.No par
York
Central..... .No par
N Y Chic A St Louis Co.
100
Preferred series A....
New York Dock
.....
A Harlem
10% preferred-
...
125
...
par
1
90
1
investors inc.....
-mo
100
JN Y N H A Hartford..
Conv
100
preferred
N Y Ontario A Western.
100
preferred
fVmirnl
Jan 15
9
9
207t
33
86
77*8
*8%
*8*4
3*a
7la
Jan
Jan
Jan
Jan
Jan
Jan
Jan
17
24
24
3
15
4
4
21%
16
43*a
80
109
3*8
3*8
11*8
1318
41*4
0114
118*2
in2
107S
36ia
29*4
17
4*8
4*8
lHa
1214
181a
1214
Jan 24
Jan 24
6
6
19
97.
97f
39
Jan 15|
2
2
014
BT16%
4
4
Jan 23
101
112
Jan 20
112
114U
Jan 10
5% Jan 23
Jan 24
6% Jan 13
4% Jan 22
4
■1
Jan 16
Jan 24
1% Jan 16
12
Ha
*4
83*4
Jan 15
16% Jan 15
90
>4
40*8
U
83
2
140i2
14*8
U
78ia
2*8
6*8
2*8
%
96
2*8
5*8
2*8
la
18
14
14
5%
Oia
Jan 21
14% Jan 10
71% Jan 9
139
114U
II4
99
81a
16*8
6i2
3*4
2)8
161*
4
51
51
Jan
2
95
Jan 20
69
69
92l2
Jan
3
106
Jan 11
79
79
2
102)8
2»a
Jan 23
Jan 13
Jan 8
1*4 Jan
Jan
2
106
Jan
4
26% Jan
2
2%
222%
107%
30%
54
Jan
3
55
6% Jan
6
......
1
.No par
98
No German Lloyd Amer shs....
Vofthwn
24%
79*4
11%
13%
38%
59%
113%
10%
13%
35%
31%
21*4
50%
6%
Jan
99*4
Jan
American Co.... .No par
No Amer Edison pref
ia
210
1U0
North Amer Aviation...
1621a
68
Norfolk A Western
Preferred
206
160
89
17 1st preferred
{Norfolk Southern.....
North
5% J an
2% Jan
82ia
146
100
.....
N Y Steam $6 pref..
prei
2
2
7
*2% Jan 17
12% Jan 2
■-
1
2
21
10
87 V
122
MI'S
47a
125
2
Jan
34i2
*8
75
4*8
34*4
47S
Jan 20
Jan 10
Ha
17
231a
8
128
8% Jan
:
mmmmmmm
N Y Shlpbldg Corp part stk
Adjus .«%
ia
3
22 >8
108
1% Jan 24
% Jan 10
12*4 Jan
6
Jan
4% Jan
<
N Y Railways pref
.No par
Preferred stamped....
7%
Jan
Jan
Jan
13% Jan 22
....
....
N Y Lackawanna A Western.100
{N
12
11*4
*
Jan 13
N Y Air Brake
>
22U
129ia
Jan 23
Jan 21
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1414
1100
165
% Jan
41a
0*4
107% Jan 6
3% Jan 15
34% Jan 24
Jan 21
Newport Industries.....
Preferred
5»a
80
165
67%
197g
74%
9%
11%
36%
56%
11
14
3
36%
....
7% preferred
{New Orleans Texas A Mex_.100
N
11
1581s
23)2
230
3
8
10
23
2
6
2
2
8
20
26ia
21*8
471a
19ia
27U
14*8
14Ha
I3ia
127a
2
10% Jan
% Jan
I6I4
15*4
81*4
2214
Jan
......
15*8
4*4
30
14
Jan 24
Jan 11
Jan 24
Jan 9
Jan 24
Jan 15
Jan 6
Hi
33%
13U
8*8
19% Jan 11
24%
10%
14%
38*4
162%
24%
23%
204
Nelsner Bros........... .No par
.No par
Newberry Co (J J)
New
50
Jan 17
......
1,340
127% 127%
15
13%
125
310
2
9% Jan
37*4 Jan
12% Jan
....
500
Jan
114% Jan 24
.No par
39,500 National Pow A Lt
1,700 Nat Rys of Mex 1st 4% pf
100
2,900 —2d preferred
25
11,500 National Steel Corp....
25
9,200 National Supply of Del.
Preferred
5,160
.No par
10,700 National Tea Co.
22,700 Natomas Co
5*4
5
98
16,200
1,950
20
11
54%
6%
100%
6%
40
5
65% Jan
31% Jan
100
45%
5%
4*4
10%
94%
16,800
42,600
20
4*4
10%
5%
3%
68
200
45
5%
90
68
9,400
12,100
20.900
19
90
69
22,100
42%
90
4
For footnotes see page 680.
*56
113
6
Jan
Mengel Co (The).......
100
7% preferred
Merch A Mln Transp Co.No par
B
57
108
58
Preferred
38%
2
Jan
29% Jan 22
12% Jan 16
Melyiue Shoe
210
38
Jan 14
12*4 Jan
97% Jan 10
138
13%
103
.No par
...
A
11*4
13%
38%
13
13%
100
........
pref.
Preferred
79
35%
30%
1434
900
29,800
11%
12*4
*49
......
600
30
78
12%
34%
29%
123
100
270
24%
12%
35
29%
18%
42%
5%
*9%
1,500
24%
15%
14%
%
68%
24*4
15
4
95
95
93*4
94%
105
104
105*4 105
*2
2
2%
2i2
2i2
220
*220
220
*219ia 220
al 06
106
106%
*106i8
26*4
27U 28U
27*4 28*8
55
55
55
65
54%
7
6*8
6*4
078
6*4
*99ia 101i2 iooi2 iooi2 100%
*4*8
5l2
*4*8
4%
*4%
97
98
♦____
*---.
*95*4
*56
3,900
25,200
47,800
3,200
19,200
10,200
4,700
54,300
cony
100
24*4
79%
11%
113
0%
166
%
Jan 24
Mead Corp............ .No par
.No par
36 pref series A
138
24
37*4
$3 conv pref
300
1,900
27,600
1%
48
16*4 Jan 4
49% Jan 17
12% Jan 16
McKeesport Tin Plate.. .No par
640
25%
18%
45%
18%
12
2
par
100
preferred......
700
69
11%
12%
Cony
400
11*4
1%
%
67*4
Jan
Class B
32
1%
9
?a
4
3
Jan 20
Jan
i*
6714
11*4
37*4
2%
Jan 20
.......
IMoCrory Stores olassA. .No
233
12
67%
78
Prior preferred....... .No par
6ia
18*8
Jan 20
Preferred
MoCall Corp
12%
4%
43%
13%
9*4
32*4
153% Jan 17
No par
Preferred ex-warrants. .No par
80ia
2ia
37*4 Jan 23
3% Jan 21
13% Jan 21
10% Jan 3
57% Jan 10
22% Jan 14
21% Jan 9
4)8 Jan 15
10*4 Jan 14
2% Jan 20
10
May Department Storea
10
.No par
Maytag Co
32
138
1%
*%
.No par
Preferred
410
77
par
.No par
-
301*
26
Matbleson Alkali Works. .No par
*165
*9%
13%
*92ig
11*4
Marshall Field * Co
18%
$ per share
18*8
30*4
6
10% Jan
30
100
Martin-Parry Corp
7
2
Jan 10
31% Jan
48
3
Jan
High
Low
Spersfi
Jan 10
Jan 6
Jan 6
Jan 22
7
100
Marlln-Rookwell....... .No
Low
Highest
18*4
2%
41%
11%
8%
Preferred
Prior preferred.......
2nd preferred........
*227
230
15
*115% 125
1%
1%
*87
138
mmmmmm
1,700
14*4
29%
■
17,700
13*4
37%
36*4
162% 162%
24%
23%
22%
22%
29%
31%
*164
67*4
23%
11%
12%
*36*4
31%
*164
%
78
28%
229
68%
23%
78%
11%
12%
14
3*4
28*4
31%
2,100
13%
13*4
18%
165
12,700
1,100
5,500
24%
15%
20
7,200
18%
*44%
14
228
%
*104
11%
1%
28%
*30%
mmmm
59%
30%
17%
25
25%
37%
228
677b
23%
%
69
*9*8
12*8
31%
228
165
137*4 138
1212
*8
29
m
1
13%
76*4
19%
45%
18%
24*4
13%
63%
mmmm
165
*162
1*8
69
165
24
....
ilia
3I4
■
24
22% 23%
2212 23%
23% 24
23%
21*8 2214
21%
21%
21% 22*4
22*4
22%
111
111
*109
1091a 1091a al09% 109% a!09% 109% *109
*108
a!07% 107%; *108
al07% 107% *108
3
2%
27g
2*4
2%
27g
2*4
3%
3%
3%
32
34%
31% 32%
32% 32i8
31% 31%
31%
32%
12*8
1*8
*4
314
210
1,000
14
25
3,300
8%
57
177
17%
14%
1378
700
175
13%
18
20
173
13%
45
8,900
10
14
1
Corp (Del)...5
Market Street Ry......
300
-
230
14
13%
36%
6
-
05
14
63%
Marine Midland
MoLellan Stores........
23
30
12*4
5
—
1
8,500
112
1
8
8
3
2
26
Explor..
McKesson A Robblns...
*90
22%
Jan
18% Jan
2% Jan
9% Jan
1% Jan
Maracalbo Oil
1,000
65,400
13,400
112
22%
20
Manhattan Shirt.......
18% Jan 23
58
7
21%
22%
Jan 20
40
95
21
55
Molntyre Porouplne Mines
800
5,800
9,400
13,300
3,500
42*4
7%
21%
30
13*8
lllg
56
{Manhattan Ry 7% guar...100
Mod 6% guar........
100
McGraw-Hill Pub Co.. .No par
.
14%
104%
8
.
Jan 10
55,500
11
■■
100
9
300
41%
13%
58
43
28*4
16%
36
1*8
14%
*98
60%
30%
17%
77
2,300
10,000
2,000
27%
45%
8%
34%
1%
Man del Bros...........
310
*32%
60
*75
*61%
%
14ig
90
*100
58%
8%
58
1
13U
36%
125
12%
58
42%
6*4
170
12*4
35*4
15
8%
170
17*4
57
58%
*165
23
114
10%
41%
11%
41%
12%
Magma Copper........
{Manatl Sugar.........
Preferred—.......
mmmrnmm
31%
Jan 21
Jan 10
Jan 2
Jan 6
Jan 2
7% Jan 2
.No par
.No par
-
Maoy (R H) Co Inc
100
3,800
8,300
1,800
106
108% 108% *108% 109
*108% 109
*108% 109
7
6%
6%
67g
6%
6%
7%
6%
♦55
59
57%
57% 58%
58*4 58*4
58*4
*4
*4
*%
%
*4
%
*4
%
2%
*2%
2%
2%
*2%
*2%
2%
*2%
4%
*3*4
4%
4%
4%
*3*4
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
21
22
21%
22%
21% 21*4
21%
21%
7
8
6%
6%
7*4
8%
8%
7%
17
19
16% 17%
19%
20%
19%
20%
3
3
3
3%
3*8
3%
3%
3%
7
5%
5%
5*4
7%
6*4
7%
6%
22% 22*4
22% 23%
24%
23%
23%
23%
96
97
947B
95%
96%
94% 957S
95%
36% 36*4
36*4 37%
37%
38%
37%
38%
54
54
56
55
56
54% 54%
55%
17%
67
31%
7,600
1,300
8,400
13%
13%
100
*90
23
*113
11%
8%
30%
15*8
15%
♦98% 104%
90
177g
38
12%
112
23
138
10*4
41%
90
14
mmmm
11%
8%
110
56%
2834
161
400
Mack Tracks Inc..
1,290
42
Year 1935
$ per share
1
$ per share
Madison Sq Garfl v I o__ .No par
510
4
Par
2,040
31
56
2614
9
25
111% 112
42%
22
17*8
3
42
106
17
2514
17*4
6,000
10,200
2,700
*3%
31
30*4
*44%
1%
8%
500
3*4
10%
1%
25
*32%
41%
6%
20*4
23
33
2
9%
25%
3%
42*4
11*4
8%
6,100
19%
13%
14%
14
13%
*109% 112*4
19%
19%
18%
19%
46%
48*4
47%
49%
115*4 115*4 114% 116%
13%
13%
110
58
*32%
15
mmmm
10
63%
76
161
21%
106
30%
112
170
♦50
32%
106
mmwmmmm
30
20%
♦19%
3%
*61%
78
285s 29
28*8 29%
*3H2 32
31I2 3Ha
226
2241a 224i2 *221
*66
6*8
58
18U
23i2
12i2
36*8
*158
103l2
22*8 23ig
22
22ia
♦1091a 111
3
58
14*4
*98
*44%
17%
23%
13*4
36
*2*8
137g
58*4
....
—
21%
19%
3%
67*8
74
47b
10*8
*5*4
59%
8%
♦32%
9
55
1
7b
66)4
*29i2
16l2
*13i2
*13i2
45
59%
8%
8%
xlOO
15*4
104%
59% 59%
8%
8%
*157
170
1081a 10812
7
67b
101
14%
111
36%
26la
1812
♦100
*8
2,700
8,700
4.540
156
*156
156% *155
156%
49
48
49%
48% 48%
19
19%
19%
19%
19%
51
51
51%
51%
51%
47% *45
47% *45
47%
98
*88
55
1
101
.*42%
11%
31
14%
41*4
3612
"114
31
98
♦55
60
♦54
*88
42%
11%
9%
107
*106*4 107
10612 106% 107
30*4 30*4
30% 30*4
29% 30%
13
13
12*4 13
12*4 13
13%
13
13
13
*1212 13%
13%
13%
109*4 ♦1071a 109*4 109% 109% 109% 109%
19
19U
18*s 18% *18*4 19%
1914
44
44%
4514
43*4 45
44% 47%
117i2 117ia *115*4 117
117
*115*4 117
10
10%
lOU
IOI4
9*4
10% 11
40
39% 39%
39i2
38*s 39*4
41*4
12% 12*4
1314
12i2 127b
12% 12*4
14*8
997b
10
3*8
31
100
3*8
600
10%
37*4
3%
11*4
10%
21%
19%
4
107
95*4
367s
*912
12l2
*155
48
95
23l2
78%
m8
12*8
*37l2
156
.
*45
95
**8
11%
9%
30*4
48
941a
361s
69
156
42
3
10,200
4,200
30%
47
55
*50
*1*4
*9%
24%
9%
29%
*258
26
*3%
42%
11%
9%
30%
50
23
1*8
lll2
9%
30%
4%
50
22I2
12is
42
2
1%
9%
50
235s
138
.
217g
19%
3%
10%
25
18
23
*102
4
2%
97g
26
48%
16*8
3i8
57S
2%
32%
97g
25
18
♦2ig
*3*4
♦108
2
48*4
2*g
4*8
4i2
21%
6*4
1714
3*8
6*g
18
55
48*4
17*4
*4912
I8I4
*4
*22*8
14*8
12*8
♦50
314
97g
26
*4
18
9
2%
IH4
10
2414
48*4
1778
*49U
*8
♦441a
*8
36%
314
10ig
2ig
4914
18i2
49l2
170
17
9
10
♦1081a 109
7
678
♦5514 69la
78
6878
♦29i2
12%
*8
10
3%
10ig
17B
112
6*8
12
9
20*4
19%
3%
*88
21
12%
*8
19%
3%
rn.mmm.mm
4%
12
37*4
2%
11%
21%
*88
4
37*4
19
to J?
7
678
20i2 21%
22l2 22*4
111*4 112
♦2
37
3
37%
3%
21
42*8
170
36%
19
3*4
43i2
117b
9i2
3118
♦45
10%
*9
21
♦3
4914
18l2
49%
29%
46%
11
55
25
154
47
*9
20U
♦18%
314
24%
912
30*4
28%
46*4
55
19
11*4
28%
47
*9
55
56
♦42*4
28
46
*9
65
201a
1*4
28
45*4
10%
36%
3%
13%
27%
45*4
*8
19
Lowest
Week
2812
45%
27*4
45i2
*9ig
36*4
214
Range for
Dec. 31
1935
Shares
10
56
*812
Jan. 24
$ per share
912
2%
20%
10
Jan. 23
$ per-share
10lg
IOI4
37
3%
Jan. 22
$ per share
10%
36*4
214
lli2
9i2
10
361*
214
9*4
♦8
Jan. 21
■
Haste nf ICM-share Lots
On
EXCHANGE
the
Friday
Thursday
$ per share
Jan. 20
3 ver share
Wednesday
mnnnir
vnmr
1933 to
Range Since Jan. 1
STOCKS
Sales
NOT PER CENT
SHARE.
50
Jan
2
4% Jan 17
•
m
m
Jan 14
Jan
87
*4
*4
138
168
218
77
99
108
9
9
28
6
31
7% Jan 24
101% Jan 24
2
2
39
67
4% Jan 171
1
7%
71
851a
314
RrtU
55
7*8
102
101*
QQ
Volume 142
New York Stock Record—Continued—Page 7
587
July I
HIGH
AND
LOW
SALE PRICES—PER
Sales
SHARE, NOT PER CENT
STOCKS
NEW
for
Saturday
Jan.
18
Tuesday
Wednesday
Jan. 21
Jan. 22
Jan. 23
Jan. 24
$ per share
I per share
9 per share
Shares
16
2784
27
2784
19%
1984
1914
2012
2434
24%
5112
513s
278
2%
24%
51%
234
*22%
1534
2784
16%
*22%
2778
24i2
*51
284
15%
16
2684
27
19%
20
*107% 110% *107% 110% *107% 110%
9%
912
93s
938
*9%
9%
2458
25%
253s
26
24%
25%
*126
126%
126%
126% 126% 126
15%
1534
1584
16
1512
1578
*88
90
90
90
90
8978
♦117U
*49
51
49%
*115%
140
*115%
14514
142
142%
*14l2
578
1434
6I4
14
1438
125s
1312
7i2
1234
3412
62%
32U
62
52
*1718
17i2
143
7
34
6
13%
7
7
33%
3234
523g
52
17%
*16%
33%
52%
17%
734
2534
5184
3%
30
26
25%
52%
26%
52%
»5034
3%
3%
3%
*24
28
*24
26%
3%
51
r 50
50
*49
34
34%
53%
3384
54%
17%
54
34
1123i2 12384
122
125
124
124
125
125
125
125
34%
53%
53%
17
18%
125% 125%
*140
141
141
*141
144
*141
142
142
144
142
142U
13%
7%
3H2
1314
778
1878
278
3134
83
8334
*1612
2%
10
10U
80
II84
*1712
80%
12
18%
4l2
4%
6
6
7%
15i2
1484
17%
13%
7%
18%
234
33%
83
10%
80
80%
11%
13%
7%
*17%
13%
784
*16%
2%
30%
8234
978
U84
19
4%
*17%
43s
578
7%
14%
1%
2%
31
28%
83%
10%
85
9%
79%
11%
*17%
4%
6
534
7%
14%
7%
14%
2
7014
7014
70
70
70
73
73
73
73%
72%
6
.6%
63g
6%
41%
43
43%
3484
34%
34%
-
6%'
41%
34%
32
234
83
2
6%
13%
7%
*16%
30
2
6
13%
784
18%
2S4
53%
*16%
6
.
5%
3834
£32%
31%
9%
79%
80
11%
19
4%
11%
*17%
4%
6
5%
7%
14%
7%
1434
70
I84
*70%
73
73
„17«
13%
7%
17%
1384
70
16,600
310
210
1384
4~800
10,700
2,290
300
80
30
108g
1034
10%
82
81%
82%
82
83
12%
18%
434
12
12%
1834
IIS4
*17%
4%
7%
7%
12%
734
6,600
30,700
8
1534
1%
71
15%
1%
70%
73%
74
16
70
70
74
73%
6%
40%
6%
6%
6
40
6%
39%
34%
40%
35%
39
3434
6%
,
34%
*31%
46
6%
35%
600
10
6,500
60
61
60
1,200
1,700
3,800
*1684
14%
1678
18
*16%
13%
I684
28%
1484
17
28%
28%
*48
49
*88
90
48%
*89
60
17%
14%
17
2884
49%
90
4%
4%
4%
4%
9%
3%
9%
33a
934
3%
68%
68%
984
3%
67%
*12
13
*11%
*78%
83
*78%
40%
39?8
39%
*8%
934
*8%
75
•67
*68
2
1%
1%
13%
15%
13%
2
*36
2%
36%
36%
•50
70
*48
*10
11
10
2
68
12%
83
40%
934
75
10%
63
62
63
21
13%
138s
14%
13%
*2134
2%
13%
23
3
1284
13
*8
2%
1334
8%
2%
2%
2%
11%
IO84
11%
4%
434
33%
33%
4%
32%
48
48%
4734
4%
3284
48%
120
120
*120
121
*17%
14%
4%
2
9%
48%
48%
90
90
90
*434
934
10
9%
3%
70%
3
9%
*68
1%
14%
1%
14
2
2
36
3534
4%
9%
3
69%
4%
*50
4%
*11%
83
*78%
39%
82
*78%
40%
82
70
*50
4734
48%
120
120
90
23%
23%
88
91%
19
87%
90%
12%
86%
9084
5%
18%
87%
91%
14%
14% *14
14%
*31%
35
*31%
35
113%
113% 113% *108
1%
14%
2
14%
2
No
par
No par
Pacific Telep A Teleg
...100
6% preferred
100
Pao Western Oil Corp....No par
41
300
9%
120
12%
*76
3
12%
83
*81
3
3
*18%
21%
90
*91%
24%
23%
105
5%
18%
*86
92
12%
5%
!8S4
86%
*
Penn-Dlxle
18%
*87S4
l
10
....1
No par
Preferred series A..
100
60
....
153
*111
£41
19%
126
1,100
300
300
135
19%
15,800
20
54,700
2,010
128
109
109%
16
16%
14%
13
55%
55%
88
89%
15%
87%
14,100
13% 337,100
3,100
56
90
15,700
8
99,000
7%
7%
30%
30
30%
40%
40
41
41%
*40%
38%
13%
*81
3
*19
22
91
24%
#
38%
92%
14%
28«4
_
For footnotes see page 580
300
600
38%
14%
15
84%
85
85
3%
3%
3%
21
19
People's G L A O (Ohio)
100
Peoria A Eastern....
22%
22
22%
92
*90%
*24
24%
5%
*
Preferred
...100
70
19%
19
89%
*87
92%
15%
200
41,600
900
1,900
105
5%
89%
15
5%
19%
89
92
15%
*33
35
*33
35
119
120
120
120
2
14634 Jan
8
16% Jan 24
7% Jan 24
14% Jan 23
54%
19
Jan
8
144
13% Jan 18
6% Jan
17
9%
78%
11%
17%
4%
4%
7%
12%
1%
2
20,400
10% Jan
8
8
8
Jan 15
83
Jan
8
07
07
Jan 21
12% Jan
3
Jan 13
19% Jan 2
5% Jan 23
8% Jan 8
Jan
6
Jan
Jan
8%
17%
390
60
.10
No par
6
100
25
100
No par
Jan
Jan 24
2% Jan 14
Jan
4%
8%
%
%
04%
57%
2%
Jan
71
Jan
6
72
Jan 17
79
Jan
2
6% Jan 23
2%
Jan
2
4% Jan
28% Jan
31% Jan
2
2
2
40% Jan
4
Jan
2
6%
46
48
100
100
»
18
17%
17%
30
10%
80
8
108%
17%
2%
9%
10%
17%
2
9%
7%
13%
7%
2
11
25% Jan
15% Jan 16
1734 Jan 15,
33% Jan 24j
45% Jan
49% Jan 11
81% Jan
90
16
3%
8%
2%
66%
12%
6
Jan
Jan
Jan
Jan 21
72
No par
5% pref (ser of Feb 1 '29)..100
9
83
9
48
41% Jan 15
11
8
Jan
25 preferred
preferred
preferred
preferred
6%
Jan
3
50
2% Jan 15
17
Jan
1% Jan
u
Jan 15
2%
2% Jan 15
Jan
37% Jan
Jan
984 Jan
3
6
2
70%
7
7
127.
26%
4%
6%
10
22%
55
1
1
2%
8
0%
10%
10%
1%
1%
24%
3%
62
07.
25
Jan
66
Jan
24% Jan 11
1% Jan
3% Jan 13
15% Jan 15
14% Jan 16
Jan
9
11% Jan
6
12
Jan
2
4% Jan
1% Jan
984 Jan
2
7
6
36
3
49
Jan
6
0%
13
0
9% Jan 11
1
6%
2
Jan
1
Jan 16
47
24%
07.
0%
1234
1%
2%
1%
3% Jan 11
%
%
2%
6
11% Jan 16
4%
4%
10%
Jan 16
%
5%
%
0%
26%
33%
42%
53%
Jan 14
5%
121
4578 Jan
104% Jan
9
2
106%
8
"
101
115
20%
4634
697.
62%
104%
119% Jan 24
73
73
117
130% Jan
7
135%
Jan 22
84
Jan
7
153
Jan 23
99
112
Jan
7
3678 Jan
2
113% Jan 17
42% Jan 15
16% Jan
2
85%
148
99
113
11978
103
Jan 14
100
115
Jan
3
130
Jan 14
49
29%
67.
49%
100
10278 Jan
14% Jan
2
115
Jan 14
33%
65
12% Jan
54% Jan
6
17% Jan 6
14% Jan 17
2
56
2
91% Jan 15
Radio Corp of Amer...
Preferred
B
83% Jan
3
21%
132
100
837.
29%
57.
Purity Bakeries
121
20%
Jan 13
149
preferred
4%
48% Jan 15
100
preferred.
57.
2
100
Pure Oil (The)
443.
180
172
15%
Jan 17
No par
Pub Ser El A Gas pf 25
Pullman Ino
1%
05%
20
11% Jan 15
73% Jan 14
58% Jan
Jan
8
38
65%
39% Jan 13
21
119
%
31
5% Jan 10
Jan
Jan
2%
78%
1%
18
6
141%
9% Jan
10%
%
%
51% Jan 24
11% Jan 13
36% Jan 21
13%
3
3
35
5%
63%
„
44
9% Jan 10
73
117
No par
Pub Ser Corp of N J..
10%
6
3% Jan
23% Jan
Preferred
1%
Jan 24
Jan
21
Prooter A Gamble
1%
38% Jan
16% Jan
{ Pressed Steel Car
12%
23
38%
1%
3%
1%
35%
3
9
3
100
«'
13% Jan
Jan
Preferred
11%
21%
38%
2
Jan
Jan
100
26
11
Jan 13
5% Jan 13
11% Jan 14
3% Jan 13
Jan
2
6% preferred
Pittsburgh United
13
17% Jan 16
13% Jan
49
7% cum pref
8%
8%
527.
17
1734
4
4
13%
22
Jan 24
60
62%
...
92
Reading
1st preferred
13%
85%
Jan
2
8
Jan 24
2878 Jan
6
31
Jan 17
1%
11%
10%
30%
35% Jan
—
{Radlo-Kelth-Orph
Raybestos Manhattan. ..No par
3
42
Jan
297.
297.
43%
5
9
1%
6
39
Jan
7
41% Jan 18
28
36
43%
37
Jan
4
40
Jan 13
27
33
38
9% Jan
preferred
2
15
Jan 23
85
Jan 24
3%
20%
20%
3%
HI
70
Preferred
(Robt)
A
Co
preferred
100
...
1
Remington-Rand
26 preferred
Prior preferred
A Saratoga
25
RR Co
Jan
4
2%
15%
1978
85%
Jan
4
1
1
Jan
3
22
Jan 14
6%
8
18
Jan
2
23% Jan 15
6%
7
2034
Jan
3
94
23
Jan 14
Cat
4% Jan
par
100
preferred.
proir pref ser A.. 100
6
-100
Metals Co.. ..No
par
A
600
Rhine
380
Kmer Denttu Mfg.
Roan Antelope Coppe'
.
10
...10
Westphalia Elec A Pow..
pa
Vf*nes
Jan
2
89% Jan 24
Jan
6
69
113
5% Jan 11
20%
90%
95
69
21%
98%
2434 Jan 23
98%
2
Jan 10
9
Jan 11
19
Jan 13
78%
21%
2%
9
28%
78%
2
««
3
Jan 17
36
Jan 10
«
10
13
2
120
Jan 23
36
75
13% Jan
Jan
7
29% Jan 15
115
1
2
18% Jan 21
86
33
A
Preferred
334 Jan 14
100
14,700 Reynolds (R J) Tob olass B
1,200
Jan
3
10
6% Jan 15
No par
100
Class
Jan 16
35% Jan 24
32% Jan 8
114% Jan 9
100
5H% oonv pref
1,300 Reynolds Spring
290
8%
1%
Jan 15
47a
44%
35%
50
25
Pittsburgh Screw A Bolt
2,700 Reynolds
Jan 14
Jan 13
Preferred
Class
2%
%
%
16
6% conv
1,000
2,400 Revere Copper A Brass
— _
11
2
9%
Oil Corp
oonv
11
12
Pittsburgh Coal of Pa
6%
9%
9%
Jan 24
44,200 Republic Steel Corp... ..No
1,100
71%
67
Hosiery
Motoi
%
6%
6%
Jan
No par
5%
3%
10%
21
56
Preferred
iteo
5
100
No par
3%
10
111%
0%
2%
68%
5
17%
70
99%
Jan 15
884 Jan
72% Jan
% Jan
Renns
Jan 23
26
129
12
12
140
Phoenix
tst
19
125% Jan 24 "08%
83
Preferred
13%
19
3
7% preferred........
100
Philips Petroleum....
No par
2d
12%
14%
Phillip Morris A Co Ltd
6%
1
Jan 15
preferred
oonv
3%
1
6
1
Jan 15
Phlla A Read O A I
8%
Jan
14
3%
Jan 22
115%
80
1
34% Jan 17
114%
5
8% Jan 23
55
60
«
92
34
...5
17%
22%
82
No par
11%
20%
38
Jan
.......
107
125
4%
7%
14%
27%
20%
28
64% Jan
Phelps-Dodge Corp
....25
Philadelphia Co 6% pre!
50
96 preferred
No par
{Philadelphia Rap Tran Co
50
0%
7%
8%
3
7
29
Petroleum Corp of Am
Pfelffer Brewing Co..
1,300 Rels
92
24%
Jan
......100
100
Marquette
Prior preferred
8,000 Real SUk Hosiery
19
30
30
30
30
30
31
29%
29%
30%
30% 31%
11634 *110
11634 *113% 116s4 *115
11634 *115
116% *115
116%
29
29
28% 28%
30
28%
"
28%
30
29
2934
29%
58
57%
58
58
57%
58
57% 58
57%
58%
57%
57%
61
62
60
62
62
62
62
60%
61
63
63
62%
*11
12
11%
12
*1034
11% *10%
11%
11%
11%
12%
12%
26
23% *21% 23
23%
23% *22
30
*22% 23%
23%
26%
33
1
34
34
34
*33%
33%
34%
34% 34%
_*33
3384
33
29%
*114
2,600
2,200
41%
15
105
5%
19%
88*2
1,700
16%'
30%
39%
41%
38%
7%
100
300
417«
126
13%
55%
24%
92
92
92%
15
*14
1434
14%
35
*31%
*31% 35
115
119
*116
113
10,200
135
*109% 110
92
19%
310
47
153
*153% 165
112% *111
112%
20
3
50
100
Jan
Jan 15
No par
2,300 Porto Rlo-Am Tob ol A
Class B
No par
2,100
7,300* {Postal Tel A Cable 7% pref. 100
119% 119%
126%
17% Jan
91% Jan
92
118
Jan 16
No par
120
41%
3034 Jan 11
50% Jan 13
16% Jan 2
31
Poor A Co olass B
46
417«
2
4
3
113
6,700
106% 106%
*134% 136
3% Jan
9% Jan
4% Jan
100
Plymouth OH Co
120
4%
11%
7
25%
97
Jan 20
No par
Preferred
7,000
22,300
4%
11%
Jan
Jan 23
100
Pennsylvania
Peoples Drug Stores
Pitts Steel
70
Jan 16
Jan 15
No par
6
6,800
119
Jan 24
Jan 22
90
Plttston Co (The)
6,200
119
127
9%
10%
3%
75
34
Pittsburgh A West Virginia —100
34
47
3%
2
700
48%
120
8%
16%
Jan
3
370
32
3%
21%
22%
89
400
48%
13%
89%
5%
2,600
48%
46%
9
Jan 23
Pitts Term Coal Corp.......100
4,010
30%
120
Jan 15
18% Jan
78% Jan
Pitts Ft W A Chic pre!
29
*105% 106%
17%
29%
21%
110%
10%
27%
-.100
No par
Pleroe Petroleum
4%
2%
32%
£20
%
Cement.....No par
5,900
40.600
4
4%
20
3% Jan 15
Pathe Film Corp
No par
Patlno Mines A Enterpr ..No par
Peerless Motor Oar
3
14%
247%
120
105
"5%
3%
Jan 22
7
1
2%
35%
14~206
30
1% Jan
First preferred
Pierce
200
52%
1%
8%
Second preferred...
Park-Tllford ino
82~ 200
35%
51%
13%
35%
1%
14% Jan 9
8% Jan 11
20% Jan 9
Preferred
75
13%
33
No par
Phillips Jones Corp..
45,800
8
52%. Jan 23
3% Jan 22
3
par
5
8% oonv preferred
7%
26% Jan
High
9 per share
% per sh
Jan
No
Pan-Amer Petr A Trans
1%
1%
Jan
14
10
Paclflo Mills
2
1%
128
5
.....
14
70
29%
92-%
5%
18%
9%
*68
2%
3584
32
105
5%
19%
934
75
*35%
48%
23%
5%
*68
1%
14%
2%
3534
47%
22%
23%
*9
9%
32
23%
90
190
500
15,800
8,600
12%
4%
33
4%
18%
*
72
13
75
25
Glass Co
600
18%
23%
400
5%
3%
*11%
40%
7
Pirelli Co of Italy Amer shares.
3
92%
7,900
10
13
40%
Jan
100
19
110
70%
Jan 15
51%
70
3
*23%
*434
5%
"9/700
15% Jan 20
47
Paolflo Amer. Fisheries Ino
Pet Milk
17%
2
87
*10
*10%
1034
11%
10%
10%
10%
10%
*37
36%
37
39
38
39%
*3684
*3634
*176% 210
*176% 210
*176% 210
*176% 210
10
10
10%
10%
10%
10%
10%
10%
65
66
64% 65
64%
68
68%
68%
*2%
2%
*2%
2%
2%
*2%
234
*2%
*18%
1984
*18%
19%
18%
1934 *18%
1934
4%
4%
4%
434
434
434
4%
4%
62
62
*62
63
63
63
*62%
23
23
*21%
23
23
23
22%
24
3
2%
*3
2%
*2%
3%
3%
3%
14
1384
14
13%
1334
14%
14%
14%
12%
13
13%
13%
1334
13%
13%
13%
8
8%
8%
8%
8%
8%
8%
8%
3
3
3
234
234
3
2%
*234
10%
1034
IO84
11%
11%
11%
11%
11%
*48
*18
*92%
6834
*17%
Jan
100
Paolflo Coast
Year 1935
Low
$ per share
100
Owens-Illlnols
Pere
123
Jan 21
No par
Ptllabury Flour Mills
3%
20%
23%
*
3
18
No par
Prior preferred
Outlet Co
800
*76
23
1,200
32
49%
*78%
39%
81
23
56,400
32
83
40
81
3%
17%
90
*12
12%
*19
17%
30
13
12%
83
17
49%
46%
46% 47%
4634
47%
46%
4634
47%
106% 106% *106
106% 106%
106% 106
106%
*118
119
119
119% *118% 119
*118% 119
*134
13534 *133
13534 *133
136% 13534 13584
153
*150
153
*149% 152% *150
152% *150
112% 112% *111
112% ♦111
112% *111
112%
41
40
41%
40%
40%
41%
4034
41%
19%
19%
18%
18%
18%
19%
19%
19%
125
124
124
125% 124% 125
125% 126
110
110%
1C9% 110
108% 108% 10834 109%
16%
15%
16%
16%
15%
1534
15%
16
14
14%
13%
I684
13%
13%
13%
14%
*55
55
55%
55% 55%
55%
55%
55%
89
89%
90%
89%
89%
89%
8834
8984
7
7%
7
7%
6%
7%
7%
7%
2934 30%
30% 30%
2984 30%
2984
30%
39
39
39
39
39
39%
39%
*40
41% *40%
41% 41%
41%
*40%
41%
39% *38
39% *38
*37%
39%
*37%
39%
12%
15
90
2%
6634
1%
15
49%
4%
934
75
15%
60%
29%
*88
3%
67
*8%
62%
48%
90
9%
*68
67
400
62%
*17%
1434
17%
3384
17
2%
6634
*11%
*78%
39%
6134
17%
14%
17%
30%
9%
14
3
8%
*4
35%
21
2%
49%
*88
14%
63
8
48%
61
1734
14%
17
2934
2%
36%
70
60
*17%
13%
16%
28%
1%
*36
39
*36
3984
*176% 210
*176% 210
11
10%
10%
*10%
65%
65%
66% 67
2%
*2%
2%
*234
1984
I984
*18%
*18%
484
4%
434
4%
11
60
Otis Steel
.....
14,000
1,900
39,800
4684
*5%
31%
*79%
100
2,300
No par
1,000 Penlok A Ford
7,300 Penney (J C)
—No par
10
9,900 Penn Coal A Coke Corp
113
113
Preferred
Park Utah O M
71
6%
6%
2
14,400 Parmelee Transporta'n
2
7284
6%
2
Jan
66~9<)6
17%
7
Jan
5%
2
6
8
7%
15%
6
24%
Parafflne Co., Ino
Paramount Pictures Inc
2
13% Jan
24% Jan
1834 Jan
107
100
4,400
55,200
7,000
18,100
I884
Jan 16
No par
A
5,100 Panhandle Prod A Bet
860
6
No par
Preferred
1,500
89,200 Packard Motor Car
100
23
Jan
Otis Elevator
25
3,700
2
Oppenhelm Coll A Co
8,800 Paolflo Qas A Electric
3,300 Pacific Ltg Corp
89
7%
7%
par
No par
90
5%
new .No
Omnibus Oorp(The)vto._ No par
preferred......
2984
*17%
434
684
7%
No par
Oliver Farm Equip
2d
88
6%
Ohio Oil Co
660
29
2%
51% Jan 16
No par
18
3
......100
Norwalk Tire A Rubber —Ns par
Preferred
50
1st preferred.......
30
87%
1034
8
Northwestern
Range for
to
Low
Highest
Telegraph....-50
Paolflo
Northern
710
2%
30%
89%
1034
3
734
*17%
8
17%
Lowest
$ per share
24% Jan 2
Par
Preferred
~
144
*31
32
32
32
32
32
32
31%
*113
116
*113
116
*113% 116
*113
116
*113
116
44%
45
44%
44% 45®4
4584
44%
45%
44% 46
6
*5%
6
5%
5%
5%
5%
6%
6%
*534
6%
*29
31
*27
31
"
31%
32
33
33
30%
30%
31%
80
79
79
*76
79%
80%
79
82
79% *79
7984
31%
100
700
16,500
13%
5%
39%
3334
6%
40%
33%
17%
45,100
3,600
46,500
13%
784
17%
2%
6
6%
17
140
51
*115%
*115%
*115%
144
143% 144
14534
145% 145
14%
14%
14%
16%
1534
16%
7
6%
6%
7%
6%
7%
13
12%
14%
13%
1334
14
8
8
6%
6%
8%
7%
33%
50
14,000
28
15%
16%
16%
16%
16%
1634
27
26%
27
27%
2734
28
20%
2134
20%
21%
21%
21%
115
110% 110% *110
119% *110
*9%
10%
9%
9%
25%
2584
25%
25%
25% 27
127
126% 126% 12634 12634 127
16
15%
16%
16%
15%
16%
*88
91
*88
90
*88%
90
*49
39,700
53
...
143%
1438
5%
5%
12%
12%
143g
6
7
49%
24%
*50%
284
27%
1933
Dec. 31
1935
Week,
$ per share
*27%
51
Range Since Jan. 1
On Basis of 100-share Lots
STOCK
YORK
EXCHANGE
the
Friday
$ per share
25i4
52
278
27
163s
*49
Thursday
Jan. 20
$ per share
2434
♦5084
234
*22%
Monday
Jan 13
28% Jan 151
15% Jan
33
117
Jan
2
Jan 13
Jan
3
Jan
«
9%
101
«7
5%
17%
101
72
3
»
88
25%
110
5%
2034
97
95%
16
37%
115
32
113%
0
12%
3134
2
30%
58%
9
39%
43%
68%
Jan
2
63
Jan 23
65%
55%
67
10% Jan
19% Jan
3
12%
Jan 24
12%
11%
13%
2
30
Jan 24
O'K
5%
20%
32
3
34% Jan 24
55% Jan
60
Jan
20
217*
33
■^=
Jan. 25 1936
New York Stock Record—Continued—Page 8
588
July 1
AND LOW SALE PRICES—PER
HIGH
Saturday
Jan.
18
$ per share
51«2
*102
6U2
105
*8
812
24
2434
•23#
4
*9U
2i2
4tg
95s
•17
20
34
34
Monday
Wednesday
Thursday
Friday
Jan. 20
Jan. 21
Jan. 22
Jan. 23
Jan. 24
Week
$ per share
*5034
103
$ per share
51i4
5184
*101
103
8
8
2384
2U
24
214
312
*914
978
*914
3334
2
4
334
*17
*75j»
2358
$ per share
513s
5214
103
103
5214
103
8
214
378
934
8
235s
2's
8
2378
2484
2%
414
9i2
334
9i2
20
♦17
20
*17
20
34
34
34
34
34
1
lis
1
278
25a
3314
llll2
11278 113
1478
1534
485s
4914
33s
1712
*607s
1
278
*111
258
34
1
312
17i2
6212
H8
$ per share
525s
♦525s
104
8iS
2478
23s
438
934
*17i2
34
111
112l2
15i2
48i2
33s
18U
*607s
1
278
335s
6i2
li8
3
3334
612
6Us
6U2
60l2
61
*4i8
7234
16i8
7234
1658
16%
1158
16i2
1134
16%
12
12%
2378
2378
2414
2334
33U
6i8
•41*
45s
7U2
163s
1178
7U2
12
115*
*241*
6i2
24l2
24
48i2
4884
*32
1634
6*8
3234
115
4812
*32
*39
*39
175s
65s
"177*
115
1714
U3l2
11
1114
11
2212
2278
22l2
534
2178
*116
578
23
118
55s
2178
*11514
58i2
*65i8
58i2
69i2
*5914
58
59i2
*58
26
26
1534
16
30U
2534
151*
*1113*
*1113s
152
66
31
152
297,
*152
3378
65S
6
*4l8
117S
2412
678
48
48i2
32s4
3134
*39
59
64
*66%
61
58i2
26
25%
1534
1512
*U13S
69i2
....
30
«• <•*•••*
29%
19ia
43
43
8
19
*40
8U
8I4
69
69
65
107
*106
81*
11
*331*
1634
*1514
*4434
343*
17i8
*64
*101
16U
46
65l2
103
734
Ids
8
1078
.
64l«
I2I4
1358
27l2
3U4
2684
3i2
3*8
33s
*11234 113
397S
35l2
*25
41
36
30
5358
541*
31
31
66
66I4
*33s
*lll4
334
29i8
113
40i8
3514
*25
53
*301*
65
1314
2734
30U
35s
113
4U8
3534
30
5384
30i2
66
35s
*33g
12
*10i2
1134
5218
5378
*50l2
19%
15*s
1978
173s
16i2
1758
934
912
934
978
77
77
77i2 78i2
U9i2 119i2 *119l2 H984
31
31
3U2
3118
434
412
434
45g
III4
1034
IO84
UI4
*50i2
1914
17is
26U
263*
71*
24i8
2412
33*s
U2
*7i8
7i2
3378
U2
73s
*884
778
9
323*
33
34
35
8
914
934
IU4
11*8
*29i2
31
3912
*60i2
39i2
6I84
*10U
*100
858
8
11
106
9
26
*7U
2334
33i2
Ha
678
8i2
75s
323s
34l2
9i8
1U8
*2912
64i2
26%
8
24i4
3378
Da
12%
*26
28l4
234
*714
2378
3358
U2
7
7
834
8is
734
758
3214
345s
3234
35
934
91*
113s
11
3Ua
39
39
6134
37%
*60i2
*10i4
1078
106
87s
834
*101
834
8
1438
I684
17
14i2
1412
8U
834
*100i8 102
512
5l2
734
734
25is
25i2
3378
34U
938
9l2
*66
538
5.3s
75s
2512
101
6812
7l2
8
9212
94
3378
912
68
758
2534
34i8
9i2
68
8
9334
858
94
100
5i8
116U
115
*7i2
100
6,
Jan 10
8
8
No par
No par
Jan
6,
Jan 15;
2|
Jan 11
100
Jan
6
Jan
14'
Seaboard OH Co of Del—.No par
Jan
20]
Jan
9.
Preferred
Scott Paper Co new
{Seaboard Air Line
Preferred
Preferred
48i4
Jan 11
4
9
3U
3U
1,700
32
60
....
19,900
1,600
18%
116
Conv preferred
2438
538
2534
20,000
9,500
21,400
2958
2914
30
*152
30
16%
96,000
700
1578
*152
30i2
m'm
«...
2138
18,000
44
28i2
27*2
1534
2158
1478
44
44
44
15U
2034
44l2
44i2
9
*814
83S
778
1012
1712
16
45i2
64i2
103
77s
1014
*83
3414
1634
147S
44
65
*101
16
65l2
««»•»«■
83S
683s
102is
I6I4
12%
27%
27
29
29
13%
28i4
3058
3
3
3i8
3534
1734
11
•
-
-
^8
IOI4
-
36i2
1878
734
24
34
7U
2378
34
15s
*ll2
7
712
83s
7i2
3314
3434
93s
8i2
7*8
33%
35
958
11%
30%
37%
62
11
103
87S
ins
*31
391*
*60i2
10%
*101
9
778
714
24i4
34
158
7l2
858
734
69l2
70U
69
101 % 101% *101
16%
126
70
101*8
16%
126
100 >8
27%
*95
3
3
100
preferred
6,200
100
No par
No par
90:
Preferred
1
8I4
20,500
{Standard Gas A El Co ..No par
14%
22,800
*712
24
34
15s
*7
9
734
778
243S
1,300
3,700
1,400
200
100
{Studebaker Corp (The)......1
900
170
7,200
60,800
4,300
4,100
*73g
8ia
200
237*
24i4
17,700
No
Webster
A
par
No par
——100
Sun Oil.—
Preferred
Superheater Co (The)..—No par
Superior OH
............. 1
Superior Steel...
100
Sutherland Paper Co.—
10
......
60
25
Sweets Co of Amer (The)
Swift A Co..
—No par
34i2
6,900
Swift Internat Ltd
1*8
15s
1*8
9
9is
71*
938
1,300
1,500
{Symington Co
7
2,400
Telautograph Corp..—.——.6
Tennessee Corp
5
8
34
778
8
8,000
35i2
36
934
10
in*
1134
18,200
32U
32i4
3012
32i4
40
40l2
*39
3934
61
*60i2
61
1078
*10i8
*100
101
958
8l2
9
758
28i2
*28
1U4
*1114
*1114
2834
283*
514
29%
1U2
287S
29%
16%
1634
538
1078
103
9%
8
28*8
1134
1,200
1,100
100
100
10
3,800
10,000
1,000
200
9,600
29%
6i8
27,400
30
32%
1,600
1638
16*8
33,500
2878
5i8
10334 104
10334 104
1,700
58
10
*51
58
Jan
17)
Jan 23
Jan
2
Jan 10
Jan
8.
Jan
21
26
35
34
71a
10
10
10%
66U
67i2
66U
93s
934
6514
7i8
66
734
73g
734
94
94
9434
9412
94i2
133
♦133
-
-
7U
94
133
Thompson Produots Inc.. No par
Thornpson-Starrett Co.—No par
23.50 oum pref
...No par
Jan
6
Jan 22
Jan
7
314 Jan 22
9&s Jan 3
67i4 Jan 15
378 Jan 2
45*4
68*4
68
1
1284
Jan
8
25*
Jan 15
28 ig
203s Jan 24]
41*
2
18
Jan
21*
6
11
Jan 11
Jan 15
72
Jan
2
80
118
Jan
2
27
Jan
11|
3
11934
35i2
558
123s
2
6
23
Jan
3
33
2U
42
1»8 Jan
578 Jan
8I4 Jan
1»*
5
5*4
177,
8
6
«
11
»
195*
6
31*
33
Jan
6
36
712
IOI4
Jan
6
6
28
Jan
2
Jan 14
44
Jan
60
Jan
6
62
Jan
9
IDs
Jan
6
131*
8
Jan 15
10
29i8
Jan 23
1434
Jan
6
Jan
32i2
8
383*
5U
en*
Jan
8
21*
Jan
Jan 14
Jan 17
I5*
17
"
"43**
Jan 11
18
3
45*
21
28**
6
478
7l2
2258
3U2
914
65i4
434
Jan
6
Jan
9
Jan
2
27
Jan
6
Jan 21
363s Jan 10
1034 Jan 2
Jan 22
71
7ia
700
4,000
6,200
900
170
10,000
3,000
30
Truax Traer Coal——No
par
10
Trusoon Steel
20th Cent Fox Film Corp .No par
Preferred
—No par
Twin City Rapid Trans—
Preferred
Ulen A Co
No par
-—100
No par
Under Elliott Fisher Co —No par
86
100
133
Preferred
4834
74i2
48U
48
46i2
4814
47l2
48U
47l2
4SU
5,600
Union Bag A Pap Corp...No par
73
7334
73
7338
74
74i2
20,100
Union Carbide A Carb—.No par
2458
24%
2458
7378
25%
7478
2334
73U
2412
7334
24i2
2478
25
24l2
25
14,300
Union On California..... ..—25
75*
Jan 16
58
Jan
4,100
71*
1*8
17
104
93
preferred
46i2
7158
23i8
Jan
2
Jan
3
Jan 17i
Jan 22-
102
2
47.
7U
41*
17.
Jan 15
51
634 Jan 13
838 Jan 10
11*
69
5
28
1578
1041*
48
131*
7212
14
15U
16
8U
97'*
35*
67,
31*
73
125
51*
87i4
133
29
9
Jan 13
17*
26*4
18
95
Jan
51*
878
l'a
5334
Jan 17
50l4
101*
1
133
76
125*
245*
21*
221*
2514 Jan 14
61
100
4li
Jan 13
7
47*
714
2458
*4
838 Jan 20
3
264,
13
99
Jan
84
13
2
Jan
914
121*
28i2
4438
8U
2478
331*
125*
3*8
Jan 10
Jan
36*4
6
51*
133*
3
7*8
97*
8S4
3014
29
10
Jan 24
Jan
9
2234
33i2
1'2
6«4
2
Jan 20
6
312
12*4
25
16
4Y
Jan 24
No par
6%
21*
52
Jan
77
121
2
9
1634 Jan 15
187*
151*
10*4
13
Jan 10
912 Jan 23
400
131,
60
45
3
Transue A WUllams
,!*
Jan 17
Jan
Axle
Bearing...No par
3U
4
177s Jan 23
16i2 Jan 2
Detroit
4
161*
28t(
2
6
Timken
Tlmken Roller
U
1U
614
3<8
161*
22*4
21*
1214 Jan 14
3354 Jan 14'
37i2 Jan 21
321*
>4
1*4
103s Jan 16
Jan
8I4
15
6I4
4
10
305*
1U
45*
Jan
985s Jan 15! zlOl
IOI4
858 Jan 18
314 Jan 2
834
2718 Jan 7
28i2
8I4 Jan 3
1134
2458 Jan 2
2958
478 Jan 21
6's
65*
21*
214
8
Jan
321*
50
Jan 15
8's Jan 8
93s Jan 8
834 Jan 9|
34i8 Jan 15
7i2 Jan 22
36
zll
zll
Jan
85s
l1*
31,
601*
1151*
96
16,
Jan 24
27iS Jan 14;
25
Jan
287S Jan
Jan
16,
3412 Jan 16
15s Jan 8
658 Jan
22i2 Jan
1005s
No par
10
S5*<
121*
523*
6
Jan Hi
6
100
Preferred
Tide Water OH
32
331*
32
1714 Jan
14** Jan
9i8 Jan
Jan
407*
33*8
20
52
Jan
116
271s
19
2
1034
111
23
Jan
50
No par
Tidewater Assoo OH
941*
261*
261*
287,
2«2
23
2
26%
34%
10%
66i2
738
94i2
133
25
Thompson (J R)
Jan 14
h
113i2 Jan 24
42's Jan 15
3712 Jan 9
28i2 Jan 15
55i2 Jan 24i
Jan
9834
7l2
1
6
Jan
9834
2638
-—100
Avenue
Third Nat Investors
6
14
30,500
7ia
2578
34i2
Third
1
Co...
Thermold
6
Jan 24'
334 Jan 17i
1478
938
758
261s
Preferred
4t4
Jan 24
34
St'l— No par
Trl-Continental Corp
No par
1434
7&S
2538
3378
No par
100
The Fair
9U
11*8
31
9
191*
12!2
U*
3
2
130
21*
84
U4
4*4
2
Jan
1051*
121*
1225*
1»*
Jan
Jan
437*
IOH4
lh
Jan
Jan
18i*
151*
48
8
Transcon
177g
14l4
758
—No par
pref—No par
21*
81*
24;
Jan
2,300
17U
1478
9i2
5%
Mfg
oonv
878 Jan
14i2
8,800
1778
1434
83S
5i8
23.60
120
Jan 23
13's Jan 22/
14
16U
538
Thatcher
100
Co..
12<t
I6I4 Jan 23
69l4 Jan 14
24,200
5U
Texas A Pacific Ry
127
Jan 21
8,200
1234
538
(The)..—
25
Texas Gulf Sulptur
No par
Texas Pacific Coal A OH——10
Texas Pacific Land Trust
1
Texas Corp
45
9
Jan 21
68U
100
No par
Jan
7U
81*
83 U
7U
Jan 23;
167s Jan 15;
12
16i8
6678
1258
*99
...No par
3**
6
18
15]
Jan 10
3
9l2 Jan
65
Jan
12i8
6534
1558
1234
9
....
Class A
48l2
73i2
64
2034 Jan 24
1714
46i2
70<4
10358
No par
A Western Air Inc—6
I6I4
6734
12i2
6512
758
For footnote* see page 580
2
Transamerloa Corp.
89,000
15%
67i2
*133
.......6
Stewart-Warner
1134
*51
60
preferred
Stone
lOU
9ls
778
Convertible
22,000
978
101
Sterling Products Inc........10
Sterling Securities ol A—No par
Preferred
No par
44,000
113s
*10%
No par
42,300
38,900
19,600
29,500
*60i2
Standard OH of New Jersey—26
Starrett Co (The) L S
7i2
3414
9U
47%
Jan
3
2414
43%
Jan 22
23s Jan
58,100
8U
3614
25
Standard OH of Kansas...—.10
70i2
107
31
x44i8
112i2
3978
3234
28i4
5U8
2934
42
691*
31.
3U
27t
12 >4
27
......
30 U
20
Jan 14
36l2 Jan 23
3378 Jan 21
I6I4 Jan 20,
No par
No par
Standard OH Export pref
100
No par
25
5
81
26 cum prior prel....—No par
Standard OH of Indiana
15
5
65
4,500
Standard Oil of Calif
7
15
27
25i2
161*
215g
3334
'834
Vt
22,600
29,900
f
8
2838
152
301*
34
35,300
1284
5i2
105*
12*4
15*4
Jan 18
31
27 oum prior pref
20
132
30
112
Jan 15
3i8
Stand Investing Corp
1071*
11
3158
800
105*
82
28i2
4,300
68l2
9l2
4
3i2
3l2
\9*s
2012
Jan 15
3138
No par
Preferred
161*
70'2
3
87s Jan 13
101i2
153s
1207g
1012
6i8
39
111
15*4
20
10812 Jan 24
44
34^
463s
4534 Jan 17
9.3s Jan 15
71
12j»
26a4
5 4
60
13
112
8
7
82
40,000! Standard Brands
4
16'8 Jan
2238 Jan
177
24
,76
28i2 Jan 16
28i2 Jan 23
2
---100
1
No par
No par
Splegel-May-Stern Co.—No par
6 H % preferred
100
»
3114 Jan 15
1537S Jan 4
Jan
105
Spencer Kellogg A Sons ..No par
>
81
7i8 Jan
67S Jan
150 Spang Ohalfant A Co Ino pref _ 100
19,000' Sparks Withlngton
No par
No par
15,900 Spear A Co..
283*
28
934
Jan
338
838
2758
35
Jan 21
77s Jan
6434 Jan
3034
518
34
19
34
28
538
3358
2
13%
8
3534
100
2
13i2
1234
35
16
1612
10334 104
58
*50*8
1458
153s
6714
66%
12
12%
163s
1534
1434
14i4
81*
812
7
2
100
Stand Coram Tobacco
3538
978
1U2
32i4
5is
2
Jan
25i8 Jan
23i2 Jan
1378 Jan
Mobile A Ohio stk tr otfs -.100
Preferred
17,500
34i8
912
Co
Railway—
2658 Jan
150
13
13%
33&s
103
25
100
100
Jan
12U
77*
1278
734
34i8
10l2
No par
...—100
Edison
Calif
2,
Jan 16
15
100
4'*
70
3ii
6
2034 119,100 Sperry Corp (The) v t 0
16
1,200, Spioer Mfg Co
Conv preferred A.
45
420
16
44
335s
62
Jan
Preferred
34
3912
No par
Corp
4'*
69 *
15
61*
60
12
4
8
19U
15
127
Jan
3
15's
6
42
Jan
1*4
367*
184*
20'2
116'4
65»2
Jan 24
Jan 16
Spalding (A G) A Bros—No par
4,100
83*
Jan
36%
44
16i2
83s
1038
5U
100
Southern Paoiflo
1st
M
4*4
900
680
631*
6
Iron
A
363s
1478
126
65%
451*
Jan 24
400
*83i4
44
16%
878
108U 108i2
83s
81s
10i2
*83i4
35l2
1784
15%
4434
65
66
108
103,
86
12534 126
123S
13%
778
7i8
12
65
108
87g
"
100
Corp—.—No par
Preferred
20i8
27
1538
Jan 16
10
So Porto Rico Sugar
44
27U
1458
1934
21
10
Southern
27%
61*
434
Socony Vacuum Oil Co Inc..
23,400
27
20**
6
Solvay Am Invt Tr pre!
15%
2734
401*
295s
51*
25
Packing
28i2
2738
7i2
19
Jan 23
preferred
Southern
275s
*814
4,400
7%
2
Jan 14
100
Steel
Sloss-Sheff
Jan
Jan 14
Preferred
9,600
68.300
2738
2638
1458
1934
8I4
130
IID4 lllU
30
30
*152
300
30
Jan 15
Skelly OH Co
Snider
.
13;
No par
Petroleum.
fllmms
24|
Jan 13
100
Mines—6
Simmons Co
1638
714'
Jan
2,300
16
6
75*
Jan
23i2
IID4 111%
U«
40
3if
No par
No par
26
....
D«
30
Jan 24
Dohme
No par
Conv preferred ser A ...No par
Sheaffer (W A) Pen Co..No par
Shell Transport A Trading—£2
Shell Union OH
No par
Shattuok (F G)
25i2
2558
1534
16%
1113s 1113s
118
9j
27*
81
30
Jan 16
Sharpe A
Silver King Coalition
5U
25i8
21*
2
Jan
*8
20«4
Sharon Steel Hoop
83.800
538
Jan
1
14%
255s
9
....
Inc..
Servel
1314
514
Jan
No par
Second Nat Investors...
1
U
*8
19
41*
201*
"u
Jan 17
Sears. Roebuck A Co
24U
24
Jan
No par
Seagrave Corp
13%
1178
23l2
65%
6*8
56U
114
Jan
2634
25
93%
22
1»4
9,600
*39
18
6
171*
9
263*
25%
1534
25
133
*133
*130
-
4*1
2
Jan
Smith (A O)
15%
1534
I6I4
1534
103l2 10312 *103i2 10334
52
52
*5058 52
14
1358
1434
135s
66
66
6 534
66I4
12
12i4
12%
12%
16U
1638
16i4
1534
1438
14%
143S
14i8
8
838
812
8is
101
4734
*3158
-
1812
18U
116
-
13,
Jan
350
29is
2914
125s
32
Jan
8,
104>4
109
4,300
634
46
2,
5,000
*25%
28i2
514
*25U
6734
48i8
••
231*
31*s
111
65
29%
1U2
29
48
*3I7s
6%
14
Jan
62
*25%
*10i2
518
678
634
*39
514
III4
55
3134
29%
IU4
*5218
141*
665s
1212
48'4
III4
283s
478
*27
16
16i2
10334 IO334
31,200
*10i2
28is
478
28U
28
283S
1338
2414
8I4
2734
1U4
2858
5i8
884
778
*27
*25
1278
2334
113i2
*113% U312 *113% 113i2 *1131s 11312 113
42
40
41% 42%
4038
4U4
4058 41%
35
35
36
36% 3678
36i2
3512
3578
*25
29i2
*2212 30
*22l2 30
*22l2 30
54
53
55%
5478
553s
5378
5458
54l2
30
30
3134 3134
30i2
3D2
30i8
2934
65
66
65
66'
65i2
6578
653s
6534
3*8
358
3i2
33*
338
3%
314
3f2
*11
11% 11*8
1134
*1U4
1158 *1114
1134
53
53
*50U
*5012
52%
5012
50i2 *50U
2038
1934
187S
201«
18%
185s
1984
1934
1734
I6S4
1734
17U
163s
165s
17%
173s
10
IOI4
1038
978
912
934
9l2
978
79
80
*77
*77
78
79
78%
78%
119
119
119
119%
11912 *119
119i2 U912
33
35U
3U4
3178
317s
337s
3418 35i2
5
51*
458
51*
514
478
47*
5i8
11
11
11 is
11
12
1134
12%
11*8
2534
26
2658
26i2 27
26U
2534
257s
81*
28i4
2914
53s
1278
24i4
7
Jan
64i2
*62
6134
*101
23,200
31*8
8
2
3
12
12
Jan 21
2534
Jan
62i2
*107
*30
*10i4
173s
734
90«.
6358
26i2
165s
13is
2714
2934
17
1
Jan 21
60
65
1*101
220
*7038
17
1
2
59
3378
103
500
72
72
16%
10
10U
»4
734
4
Jan
70
337s
1634
*1514
4538
17%
153s
4i2
72
1634
Jan
0% preferred
...
100
7% preferred
100
Savage Arms Corp
No par
Sohenley Distillers Corp.......5
Schulte Retail Stores......—1
60
34
46
43*
72
Jan 14
2
48t2
102
113U
1141*
13*8
118
34
64is
2,300
20,900
2
80
70
86
*101
6i2
63i8
4'2
4I8
Jan
Jan
Jan
60
1578
16%
16is
163s
125
125
♦1255s 127
*12534 126
117s
1234
123s
1134
121*
125*
7U
8I4
73s
8I4
714
77s
161s
6i4
62U
»4
Jan 20
*117
*83
1538
65s
6234
10U
Jan 14
2
60
86
I6I4
658
Jan 23
2
2
70
*83
*4478
1,200
2
Jan
Jan
118
107
734
10U
9,800
8,800
3
Jan
60
65
107
900
240
62i8
*39
107
65
*106
6,300
291*
82
3
Jan
No par
69
2578
834
7,800
21,500
....
Stores....
64
25%
1414
2012
45U
40
110
Preferred
Safeway
687s
2534
20
Jan 24
10
3,600
*6634
*152
14l2
1934
100
28*8
2
4
2
Jan
...
*60
2758
1478
86
4814
3U2
834
26>4
69
27
2638
8
634
Jan 17
$ per share
25
Jan 24
6134
4i8
$ per sh
2
Jan
High
Low
share
Jan 10
59
275g
251*
143s
IOI4
4833
3134
----
-
a72
■
Jan
3414
17%
167s
1734
183s
115
U5i2
11414 *11314 11434
11
1U2
IU4
1178
IU4
22
23
2212
233s
223s
578
55s
51s
5%
5's
23
2338
2258 23%
2378
*118
121
11734
11734 118
271*
2518
143s
*83
634
6i8
60%
4i8
278
Low
Highest
\
(The)oapstk No par
__100
800] Rutland RR 7% prel
81 Joseph Lead
10
22.000;
100
3.000 tSt Louis-San Franolsoo
1st pre ferred
100
6,200
360 {9t Louis Southwestern...-.100
27g
34's
65S
17i2
2734
*8U
7234
65s
mummm
27
*43
60i2
438
72
4l2
6
595s
27S
34
*8is
2558
\
share
Ruberotd Co
500
2i2
2i8
2i2
4
434
434
10i2
ioi2
10
18
18
20
34
3438
34's
lllU *1103411414
113
113
11212
16
I6I4
16
49
5034
4914
358
33s
3i2
I8I4
183S
18U
62i2 *6078 6212
1
Us
lis
3
278
278
33i2 3438
3434
12
2338
8i2
26 38
Lowest
Par
Royal Dutch Oo(NT shares
900
525g
1023s 1023s
104
Range for
Year 1935
1935
Shares
$ per share
1933 to
Dec. 31
100-share Lots
EXCHANGE
the
Tuesday
113
*11012 11H2
111U 11H4 113
113
113
112>2 11212 *11034 111
14i2
14i2
1414
15
14i8
1414
4812 4914
48i4
4958
4734
48i4
3i2
3i2
3i2
3i2
312
312
I8I4
I8I4
17l2
183S
*1712 18i2
63
63
6212
6212
63
63i8
1
On Basis of
STOCK
YORK
NEW
for
Range Since Jan. 1
STOCK8
Sales
NOT PRR CENT
SHARE,
"
29
34
44
7534
111*
144,
24
501*
589
New York Stock Record—Concluded—Page 9
Volume 142
July 1
HIGH
AND
LOW
SALE PRICES—PER
Jan.
18
$ per share
117
117
Monday
Tuesday
Wednesday
Thursday
Friday
Jan. 21
Jan. 22
Jan. 23
Jan. 24
$ per share
2678
1484
1588
115i2 116*2
9284
9278
245s
245s
25l2 27
1458
15*8
1784
*17
1784
2784
281S
19
27*8
2758
*11278 113
114
9234
24*2
257s
1412
*17*8
2612
119
93
2458
27*4
1484
17*2
27
113
113
69
68
2478
8
4514
1234
16*2
24l2
7*2
4438
12*4
16*2
*24l8
7*2
4434
1212
*163s
94
*92
94
113
69
69
*2384
784
445s
247g
778
4514
1284
13
16*2
*91
69
1638
*91
.5*8
&
5i8
69
69
68*4
68*4
6884
18*2
187S
18*8
1878
19*8
♦1097s 112
*111*2
*10978 112
93s
93s
884
9*2
9*2
538
92*2
24*4
27
1484
17*2
2684
*113*8
69
113
5*2
25
12*2
16*4
93
93
534
685s
183s
53s
68
18*8
112
55g
71
*6934
71
*69l2 71
68
*65
*65i2 68
65l2 6584
*156
15834
15812 *156
15834 *156
76
75
80
70
71*2
70l2
258
2*2
2i2
234
2i2
258
19
19*8
18*2
18*2
195s
18*2
2934
2914
30i2
2834
2978
30i2
21
21
2078
2078
2078
2078
314
3i2
3«4
312
3*4
3U
18
1738
1734
17*8
1734
1858
5*2
36*4
1438
3684
1438
512
3584
13i2
53g
558
36*4
27
25
24
25
778
758
45
45*4
44*4
1234
13*8
1284
75s
17
177g
*91
93*2
584
5*2
68*s
18*2
55g
6884
185g
112
112
400
19
27*4
3,700
70*2
4,300
6884
187g
16*2
*91
5*2
68*2
18&8
24
778
45
13
1,900
17*2
20
558
8,100
Preferred
United
900
55g
5*2
57g
578
11,300
71*4
600
68
*65*2
75
70
70
159*4 159*4
65
65*8
.
19*8
3034
1934
18*2
19*2
3358
3058
32*8
57,500
21
21
21*8
21*4
21*8
21*4
4
5
18*2
36
4
18*2
36*2
36*2
135g
14
14*4
143s
1434
*93l2 96*4
88i8
90
165*4 165*2
*9*8
984
41*4
42
*8*2
93S
*90
*34
15*8
Universal Leaf Tobaooo ..No par
78
77
77
lOSg
11
10
103s
18
10*4
I684
105s
17*4
17*4
76
I684
76
17
No par
No par
preferred
1978
1834
U S Dlstrlb Corp
Preferred
36
36
1,600
U
1478
15*4
3,900
USA Foreign Secur
Preferred
165*4 165*4
95g
958
5~200
140
2,100
93s
95s
10,000
1,800
16*8
*77*2
16*2
7,000
8334
600
43
44*4
100
...No par
No par
Freight
7%
5638
52
55*8
563g
5258
5I84
5334
5358
51*4
5212
96*2
90
94*4
89
95*4
8778
93*4
885s 89i2
8912 93
72
71
*70
7034
7078
7034
71*8
7078
7034
70i2
70*2
49
47*2 48s4
48
463s
47*8
48*2
46*2 4738
47*8
48*4
4758
120
118
119
120
119*4 12012
118*2 118
11878
11858 1185S
120*2
142
142
*140
14384 14334 *140*2 144
*140*2 144
14334
143*4 ♦140
*16084
*16034
*16034
*16034
♦16034
*160*4
4
4
4
378
37g
378
334
334
4*8
384
4*8
378
2
2
2
2
2*8
2
2*8
2*8
2*8
2*8
238
2*8
48
*46
*48
48
48
50
4734
48*2
*45*4 48*2 *45*2 4734
2334
24
22
2338
2384
23&S
22*2
22i2
22*8 2238
22*8 23*4
*29
29
29
30
3078
29*2
*29
2934
2912
2878
29*2
2878
*112
113*4
112
112
*112
113*4
11284 113*4 *112
113*4 *112
113*4
45
45
43
43
4334
4278
4334
4278
4478
*42l2 427g ♦43
29,900
20,300
200
....
....
<
•69
*69
"72"
*69
43s
4*2
33*2
*108
11478
111
111*4
534
684
33*2
*22*2
26*2
115
115
*68
7578
To*
278
33
108
110*2 112
*5
7*4
26*2
115
115*4
*70
*234
6*2
*43g
*105
*63*2
*116*4
3*8
234
120
...
323s
18
18
12*2
278
*118
63s
684
33*4
12*2
13"
3
56
*21l2
115
*64
34
120
678
1058
33*4
118
684
17
25
25
25*4
2684
2634
275s
27
27*2
27*2
93s
*17
58*2
10*4
*2*2
6*4
7412
38*2
100
*128*2
*31
8*2
2*4
2*2
2*4
4134
42
42
42
82
*81*4
82
938
9*4
17*4
2*2
6*8
39
....
31*4
26
26*4
75"
34*2
113
26
*60*2
335s
*9984 100*8 *100
133
3034
3238
37
37
2578
*25
26
....
60*2
60*2
34*8
33
3358
100*8
100
1878
15
5
*458
434
21
20*2
3&S
10*4
85l2
205g
334
10*2
8512
4*2
20
35g
1018
*8412
52&g
53
52I8
24*8
24*4
24
5878
59*4
2478
25*4
59
5934
*68
*47
50
*47
49
65
67
64
20
140
50,700
2
14*2
54
100
54
2834
11*4
54
2*8
2*4
558
578
1734
16*2
28
2734
2758
8
8*2
2
2
93
94
6
18
*16*2
17*2
6
2,400
600
10,900
7,700
300
27
2784
6,400
2878
83s
27*2
285g
16,400
8
8
5,400
25g
2*2
234
43*4
81
81
9378
102
18*4
1,820
3,800
400
958
17
934
17
6,600
2,800
278
2,300
234
278
278
7
7*4
67g
7*8
7,600
76
79*8
77*2
785g
28,800
387g
3938
106*2 109*8
13184 135
317g
*37
25*2
3434
3484
100
32
37J4
25^8
.....
75
35*8
100
31
*373g
25*2
*25
*52
32
3734
2534
....
75
2,500
......
10
3434
35*2
4,100
9978
9978
400
19*2
147g
478
1978
26,700
5*8
1,800
4,600
22
22*2
3,300
37g
3,600
52,300
*47
66
67*2
241s
43
9134
Jan 24
51*8
62?s
124*8
73*4
8
27*a
877s Jan 21
96*2 Jan 24
68*2 Jan 3
46*8 Jan 21
72
115*2 Jan
7
121
Jan 15
67*4
139
3
14334 Jan 21
8H4
11*2
271S
73*8
5058
119*4
119*8
149*4
140*4
166
3*8
1*2
37*2
20*4
24*2 Jan 14
3178 Jan 3
*t
19i4
11*4
334
19*4
11*4
11*4
113*4 Jan 21
64*4
91
1
4*4 Jan 16
23S Jan 18
Jan
Jan
4
Jan 6
2834 Jan 16
Jan
50
Jan 18
*1
6
478 Jan
36*4 Jan
2
2
2
10
2*|
17*2
11478 Jan
67*4
86
114
6
60
72*i
Jan
7
110*2 Jan 20
5
Jan 24
Jan 23
4*8 Jan
32
105
45
Jan
8
Jan
1*8
25
534 Jan 10
2
2
3
16
16
Jan
Jan 23
Jan
Jan
Jan 16
Jan
3
118
86
8
1078 Jan
934
50
4
par
1
par
109*4
1
1
1*
Jan 15
1*4
438
1
1
Jan 24
37g
4*s
97S
8
16*8
26*4
33*4
Jan
114
80
Jan 16
1*4
1*4
18
6
6
Jan 24
2*4
12
Jan 22
3
47
52
17
2*8
Jan 11
77«
68
2*8
77s
131s
205g
32
21
25*8
30*4
7*4
19
6
28*4 Jan 23
29*4 Jan 2
834 Jan 20
»
3
60
1*2 Jan 2
4038 Jan 10
3
4
85
3
30*s
55*2
72
84*4
34
91*4
99*4
*4
82*8
Jan
9
49
7
94
Jan 16
84
Jan
2
10234
Jan 24
397s
397t
Jan
3
95
Jan 24
36
36
116*2
III84
878
1634
Jan
6
119l2 Jan 16
Jan
6
114
Jan
3
10
Jan
6
2*8 Jan
5*4 Jan
7278 Jan
3
1878 Jan 4
27g Jan 13
Preferred
Western Union
No
A
par
Westvaoo Chlorine Prod.. No par
3434
94i2
123*2
30*8
2
Jan
6
7*4
79*8
3934
1103s
Jan
7
135
Jan
6
6
Jan 13
36*4 Jan 14
2
23
Jan
34
Jan 14
90
1
15
90
-.100
-.100
6*8
234 Jan 13
46*2 Jan 2
96
100
158
*1
6*8 Jan 11
9134 Jan
....100
100
100
10*8
2*4 Jan 16
2
Jan
11
1*4
28*s
2*4
14*8
1*4
24
Jan 24
4
80
638
20*2
35S Jan 24
Jan
Jan
120
18*2 Jan 23
2334 Jan
7
83
11734
3*4
534
Jan 10
7*4 Jan 7
34*4 Jan 22
70
157g Jan
24
63*i
96
76
....100
preferred...
17*4
1245g
Jan
50*4 Jan
54
Jan
104*2
120*8
95
6*2
7*2
4
5*8
114*4
10*8
19*4
3*8
7*2
Jan 13
1*8
2*8
Jan 23
20*8
1*8
2*8
20&S
16*4
18
Jan 24
277g
325s
Jan 23
77
90
Jan 16
92
881s
78*4
Jan 23
"
778
77*4
35*4
98*4
126
3338 Jan
2
5
10
39
3
15
29
12*4
16*4
33*8
38*4
25*8
35*2
Jan
28*2 Jan 10
35
Jan 14
18
18
100
50
Jan
4
61
Jan 14
21
25
No par
...100
31
Jan
2
37*8
Jan 10
11*1
14*4
32*4
98
Jan
2
Jan 13
34
46*8
102*2
Wheeling A Lake Erie Ry Co. 100
6% non-com preferred
Wheeling Steel Corp
Preferred
10*8
84l2
10*2
10*4
105s
10*4
10*2
8434
83*2
8438
84
84
52
5212
525g
53
5258
53*8
26,600
24*8
59*4
25
2534
2558
26
26
26*2
3,200
5912
60
59*2
60
5934
60*4
610
Preferred
A
....100
49
48
49
*48
4934
300
Preferred
B
100
68
68*2
70
70
49
68*2
*48
37g
5*8
2234
4
334
71
1,500
Co
Worthlngton P A W
78*4
77
78*2
44*2
4434
2,800
Yellow Truok A Coach ol B...10
1,940
46
4478
4334
4538
4438
4458
4458
45*8
4584
4578
465g
46
46*2
4,000
47*8
46
47
Wool worth (F W)
100
10
100
45
1438 135,700
For footnotes see page 580
$6 pref
78*s
98
47
109
109
*107
12
12
9*4
465g
123g
9
9*4
No par
Wilson A Co Ino
43
135g
9
5
783g
96
1134
preferred.......No par
78*s
14*8
9
Conv
Wilcox OH A Gas
42
97*4
12*4
No par
White Sewing Machine...No par
Wright Aeronautical
No par
Wrlgley (Wm) Jr (DeI)__No par
Yale A Towne Mfg Co
25
13*2
44*2
....
White Rk Mln Spr otf
1,150
1,400
6734
967g
4378
50
10*2
8434
5212
45g
21
98
*106
Motor
4
47g
1234
44*8
White
21
94*2
884
17*8
63*4
Jan
4
95
12
563s Jan 23
1*8 Jan
458 Jan
2084
15
1178
87fi
2
Jan
par
15
89
1234
47
Jan
11*2 Jan 23
197g
1234
85S
par
15
9034
12*4
9*a
13
Jan
pre!
Power
9*2
16*4
73
3
Jan
1938
12
78*8
42*4
78*2
425a
108
7*8
10*8
605s
9*8
Jan
15
90
108
7
3*t
3
5
193s
13
44*4
3*8
1834 Jan 24
23s
1478
45g
92
109
5
85*s
2
4*4
9*8
3234
117*2
5*2
185g
1238
*107
53
4
165
143
3*4
Jan 10
19*8
147g
412
20*4
378
*90*8
45*2
4378
78*4
4212
45
23s Jan
473S Jan
Western Paolflo
Class
17*8 Jan 15
7834 Jan 16
Jan
Weston Eleo lnstrum't...No par
90
7
3*4
77S
5*2
1178
3434
6,200
16,300
34,500
934 Jan 15
81
110
39*4
38*2
3
Jan 14
Telegraph—100
Westlngh'se Air Brake.—No par
Westlngbouse El A Mfg.....60
1st
preferred...
50
108*4 11038
*132*4
87
....100
preferred
Western Maryland
2d
401s
32
Jan 20
..No
6%
15
96
34*4
110
18
No
preferred....
Penn
4*8
21*4
3*2
20*8
39*8
65*4
Jan 15
Jan
West Penn Eleo olass A ...No par
West
4*8
10*2 Jan 11
44*4 Jan 14
166
3238
...
preferred
70
11
11
6
116
Wesson Oil A Snowdrift —No par
280
68
5
2*8
19*g
225s
60
Jan 17
...100
Wells Fargo A Co
113
19*4
**8
4
15*4 Jan 24
27
..No par
6
Preferred
113
7s
9*s
14*4
1638 Jan
No par
Elsenlohr...
118*2 119
13*4
2
Jan 23
6
pref
Waukesha Motor Co
6%
5
12
197g Jan 23
393s Jan 2
Jan 13
ion
No par
....No par
Warren Fdy A Pipe
330
35*2 Jan 22
13*2 Jan 20
21*2 Jan
Jan 20
No
Convertible
200
8
No par
No par
100
...
Bros
400
9
73
29
78
4*4
2034 Jan 17
33>s Jan 23
No par
$3.86 oonv pref
95
Jan
Jan
Jan 10
100
No
Co
{Warner Qulnlan
94
94
2
15
Jan 13
....No par
No par
Warner Bros Plotures..
10284
9378
102
21*2 Jan 6
2078 Jan 16
100
Preferred
Conv
15
Jan 17
100
Ward Baking olass A
Webster
108*4
Jan 21
3
34
A
Preferred
Warren
Jan 24
80
2
7*8
73*2
133*4X159*2
51
7
Jan
11*4
78
46
2
42
Walker(H)Gooder&W Ltd No par
Class B.
37
100 1114*2 Jan 16
Preferred
*80
425g
*52
100
2*4
81
1734
6,900
14,000
11*2 161,800
54
2*8
584
4284
*25
75
358
28*4
94
93*4
118*2 119
113*4 114
978
9*2
26*8
*25*2
11*8
*52*2
18
70
81
102
10138 10634
13212 13212
323g
3184
*37
3784
*99
2*4
27g
66
4238
9378
9334
101*2 102
33*8
11*2
*80
....
4212
81*4
25*4
3
*61*4
11*4
60*2
415s
81*4
9334
*50
14*2
65
Jan 10
3*8
18*2
110
63
preferred
6H%
46
7*8
92*4
68
Preferred B
{Walworth
2
Jan
Jan 10
112
100
Preferred
3378
7
3
Jan
60
t Wabash
Walgreen Co
684
2*8
Jan
68
Virginia Ry Co pref...
2,500
117*2 118
6*8
72*8
69*4
159*4
2*8
23*8
..........
33
43*2
1334
7834
45
oref...
33
7
193S Jan
49*s
6
158 Jan
5
Waldorf System
120
Jan
100
6,800
67g
96
3*4
pf.100
0% preferred
100
7% preferred
100
Virginia El A Pow $6 pf -.No par
Virginia Iron Coal A Coke... 100
1178
78*2
4234
127g
7884
*42*2
5
Virginia-Carolina Chem ..No par
1158
33*8
65*2 Jan 20
100
pre!
Vlck Chemical Inc
II84
*118
7
65
3
7*4
101
50
!
18*2
147g
193g
15
53
94
75
15
4*8
IO84
9378
101*2
9978 101
131
26
....
1984
86
33*2
118
119*2
119*2 *119
113*4 113*4 113*4
95g
9*4
878
9*4
17
17
17
17*2
234
284
2*2
2*2
6
7*4
6*2
68g
73
76*4
7334
7434
38
3834
37*2
3838
9*4
17*4
2*2
6*4
Vanadium Corp of Am...No par
Van Raalte Co Inc
11*8
11
*113
73*2
7438
38
37*4
100*8 101
130*4 130*4
3034
3C34
*36*2 37
*30
*30
94
93*2
118*2 119*2 *119
65g
1013s
9378
101
94
234
75
9384
101
83S
*80
*80
*8078
9334
36*4
19*4
1478
434
20*4
384
10*2
85*2
52l2
17*2
82
36*4
*60*2
34*2
8*4
50
42
17*2
1,100
5,400
3
1
par
100
6
3
27*4
113
7*4
3
3
25
119
278
678
1338
*15
..1
Preferred
*43g
13
26*4
119
27g
20*2
60
100
No
Sales
6
1,500
25
*9312
7*2
13,700
53g
*11284 113
3
7
1884
5*4
101
27g
3334
10*8
.No par
U S Tobacco
*43s
33
58*2
........
Detlnnlng.......... 100
Preferred!
100
*183s
145g
1234
*278
100
100
Vulcan
18*2
53s
94
1,100
75
....
34*2
5*2
94
*117
18*4
5*2
101
*69
—
33*2
2*4
94
*11584 116*4
75
«...
Preferred
b°7,
18*8
143g
2
100
20
34*4
*48
*2*4
580
7
25
18
2*4
5*2
17*4
23g
112
*22*8
3318
1038
*2*4
41l2
*80*2
111
*5
7
18*8
58*4
884
690
33*4
3
....
107
4*8
33
5OS4
778
4,600
3,800
105
25
....50
Preferred
U S Steel Corp
Common
....
33
32*2
*18
2
*80
*69
*117
*72*2
438
1153s 116
76
5%
10*8
8
*22*8
7
5034
....
—
111*2
3
2
8
—
107
*5
....
53g
105g
*80
—
33*2
111
115*2
684
51*2
*15*4
4.
105
25
3
178
10*4
*49
108
5
♦14
56
32*2
638
58*2
10*8
50*2
2*8
53S
16*2
26s4
56
*72*2
4*4
284
10*2
6*2
4*2
33*2
9
Jan 14
Jan 21
'
10*8
3384
34
90"
5*8 Jan
71
10
No par
Vlcks Shreve A Pac Ry Co
*69
*69
111*4 111*4
*6*4
7*s
*120
6
*118
108
75
*43s
678
4*4
33*4
121
5*4
34
*72
43g
684
10*8
..
72"
3334
110*2 110*2
*5
7*4
*21*2 26
115l2 115*2
7578
33*2
.
4*4
....
10
120
6*2
"l3"
*70
4*2
3378
103g
33*2
.'
72"
♦22
634
6*2
.
108
3
634
•
....
43g
3212
*116*4
*116*4
*234
♦118
*69
*69
*69
4*8
Jan
578 Jan 11
87*8
..No par
100
U S Smelting Ref A Mln.__._50
1st
13*4
Jan
Jan
1
8
1st preferred
7%
45*4
8*4
1*S
9*4
Jan
Vadsco
800
20*4
Jan
20*4
6*8
2«4
8
82*s
71
Utilities Pow A Lt A....
30
24*4
5*8
8
2
22,500
12,800
2,600
78
17*2
1*1
«
Jan 16
100
Impt
118
46
83S Jan
70
26*a
111
Jan 13
Jan 22
8
No par
13*4
20
20*4
10
3
Jan
No par
30*s
4*8
112
Jan
2
87S Jan
41*4 Jan
8*2 Jan
133s Jan
5
97g
20*4
Jan 10
4534
1334
1978
94*2
111*8
90*2
26*8
104*4
Jan 11
73*4
25
164
16,300
190
117
92*4 Jan 24
Preferred
■
....
.
19
2
U S Rubber
—
6
Jan
e
U S Realty A
35,300
....
28*2 Jan
82*8
79it
20*4
7
7
85
Prior preferred v 10
31,700
4,100
6
96
U S Leather v t 0
12
1,500
2
1878 Jan
4
preferred.
Macb Corp.....
Class A v t
13»4
8*8
3*4
16*8 Jan 24
Jan
U S Industrial Aloohol.-.No par
1834
72,000
30*4 Jan
91
U S Hoff
18*8
54*8
90*2
70*2
Jan 21
25*4 Jan 16
..20
.....100
11*8
52
93
No par
U S Gypsum
82ls
627,
12034 Jan 24
$ per share
7
15
20
3
%per sh
8*4 Jan 13
109
100
36*2
9
Low
$ per share
60*2
9*4
50
Preferred
7,100
92*4
4*2 Jan
66*2 Jan
173s Jan
155
U S Pipe A Foundry
4,630
9134
43*2 Jan 2
12*4 Jan 21
100
{Universal Pipe A Rad
S
4
pfd_..100
1
Preferred
Universal Plotures 1st
434
*90
par
No par
1978
~
6
678 Jan
Jan
..100
Preferred olass A
1st
2258 Jan
Jan 15
No par
4*4
*90
9634
9634
91
9184
89*4
90*2
165*4 165*4 *165*4 167*2
95g
9*4
9*2
9*2
42*2 433g
4184
42*8
95g
938
*884
93s
1578
1638
15*2
16
*77*2 8384
*77*2 79
10
11*2
1034
1078
18*2
18*8
17*8
18
15l2
78
2*2
258
Jan 21
15
United Stores olass A....No par
21,256
3*4
1734
35l2
18*2
2*2
23s
68
93
No par
{United Paperboard
30
1,260
19*2
3278
23s
258
No
Fruit
Preferred
200
6678
75
67
13
Jan
2
17*2 Jan 22
245s Jan 2
113
Jan 18
10
United Gas Improve
938
90*8 Jan 2
2258 Jan 2
25*2 Jan 20
100
No par
United Eleotrlo Coal
United
9*4
*70*2
5
United Dyewood Corp
Preferred
500
87g
71
par
No par
Preferred
United Drug Ino
10,200
87S
6734
No
Carbon
26,000
9
5*2
71*4
No par
100
United Biscuit....
8,300
16,800
93*2
70
1878
6
0.-6
v t
1,100 United-CarrFastener Corp No par
No par
71,100 United Corp
*111*2 112
112
100
No par
United American Bosch.-No par
40
2978
135g
9512
9684 *93
90
8812
9084
88
165l2 165i2 al65*2 165l2
9*8
912
93a
42
413s
4134
42I2
884
884
*834
9i2
16
16
1578
I6I4
1558
70
15884 15884 *159*4 159*2
71
28*4
*17
100
5,200 Union Pacific
Preferred
2,400
2,300 Union Tank Car
25
102,800 United Aircraft Corp
293g
16*8 42,200 United Air Lines Transp
13,300
2,760
14
*93
71
*66
24*2
Shares
93
$ per share
108*2 Jan 7
High
Low
Highest
Lowest
Par
12034
*113*2
71
69
93*2
_
93
27*2
1538
17*2
27*4
778
45
1278
1678
7*2
4478
120
93
25*4
287g
1578
18
27*4
25
25
$ per share
120*2
92*2
*113*2
2434
758
4478
1258
16*2
*8*2
558|
118
9278
25
27*2
1558
17*2
27*8
69
884
5*2
*6684
$ per share
$ per share
117
118*2
$ per share
Range for
Year 1935
1935
Week
9278
2484
27*4
*92*2
2412
1933 to
Lots
EXCHANGE
the
Jan. 20
Saturday
On Basis of 100-share
STOCK
YORK
NEW
for
Dec. 31
Range Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
109
12
•
884
23,600
1 200
*106*2 109
12*4
12*2
117g
5,800
9*8
23,330
109
9*8
884
100
Preferred
Wire...No par
Youngstown Sheet A T
No par
preferred
100
Young Spring 4
Zenith Radio Corp
Zonlte
Products
Corp..
No par
1812 Jan 21
1434 Jan 13
2134 Jan 11
67,
67,
19*2
125s
126s
24*t
1*4
1*4
4
6
1
1
Jan
6
1534 Jan 2
55s Jan 13
24*2 Jan 10
Jan
7
458 Jan 15
Jan
2
11
Jan 14
Jan
3
87
Jan 15
58
58
79
5578
Jan
2
35
61
65*4
11*4
11*4
25*4
25*8
25*8
61
20
515s
4*4
43s
17*2
234
8*4
Jan 10
78
52
Jan 22
23l2
Jan
2
2734 Jan 14
67
Jan
2
63*4
Jan 14
47
Jan
4
52
Jan 14
20
6258 Jan
6
71
Jan 24
12
35*2
68
78*4
Jan
3
47*4
73*4
82*4
45
Jan 23
11*8
17*4
35*4
77
Jan 24
34l2
884
83*2
4438
Jan
2
Jan
3
1438 Jan 24
Jan
6
98
3*8
Jan 21
4134 Jan
6
109
14
734 Jan
2
Jan 14
9*4
9*4
31*2
96
10*8
18
53*8
12*8
47*8 Jan 23
6
Jan
25g
3*8
25
Jan 22
48*2 Jan 23
1134 Jan 13
105
2*8
37s
20*8
»
13
30
38*8
4678
105
Jan
2
1*8
1*4
14*4
Jan
4
2*8
2*8
7*4
New York Stock Exchange—Bond Record, Friday,
590
On
1
Jan.
1909 the
Exchange method of Quoting bonds mas changed and prices are
now
Weekly and Yearly
2S1936
"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
regular weekly range are shown In a footnote In the week In which they
Week's
bonds
5-3
N. Y. STOCK EXCHANGE
&
Week Ended Jan. 24
Range
Since
Jan. 1
oqt?
1935
LOW
High
No.
Oct
15
1947-1952 A O
115.6
115.15
95
3 Ha
4s._
Oct
15
1943-1945 A
O
106
106.17
57
Dec
15
1944-1954 J
High
115.6
115.18
105.25
106.17
Sinking fund 6 He
107.6
♦Public wks 6 Ha ...June
103.14
114
rnmmm
102.24
103.14
103.16
509
mmmm
102.31
103.16
107.29
108
32
mmmm
107.28
108.2
108.15
132
rnmmm
108
108.15
103.31
104.16
293
mmmm
103.29
104.16
1949-1952 J
D
103.29
104.8
59
mmmm
103.29
104.10
Aug 1 1941 F
3 Ha
3 He
A
108.18
108.26
103
mmmm
108.18
108.28
1944-1946 A O
105.17
106.7
600
mmmm
105.16
106.7
mmmm
100
100.22
100.2
101.18
Deo
_
3Hs
2 Ha
15
Apr 15
Mar 15 1955-1960 M 8
Sept 15 1945-1947 M S
2Hs
Federal Farm Mortgage Corp—
3 Ha
Mar 15 1944-1984 M.8
8s
May 15 1944-1949 MN
15 1942-1947 J
Mar 1 1942-1947 M
3i
Jan
2HS
J
8
108.10
100.2
100.22
985
100.2
101.18
1,090
101.2
101.18
101.26
102.3
40
100.22
F
1942-1944
2J4 series B
Denmark 20-year extl 6s
External gold 5 He
99.18
rnmmm
102.4
♦El Salvador (Republic) 8s A
100.22
♦Certificates of deposit
Estonia (Republlo of) 7s
100.4
600
99.21
99.18
101.13
♦Dresden
99.21
External sink fund 6 Ha
1956 M
S
1040 J
.1949
14*4
99*4
10*8
27
6*8
734
10*4
6 H» unstamped
.1965
♦German Rep extl 7s stamped. .1949 A
♦
7s unstamped..
10
30
6*8
8
10
German
8*2
758
10
J
1945
938
10
28
1945 J
1957 A
9*4
9*4
9*4
858
9834
98*8
98*8
98*8
10
16
6i2
6*2
18
638
1959 J
Argentine 6s of June 1925
I960 A
1957 M
Extl s f 6s of Oct 1925
6s series A...
98
1958 J
External 6s series B
98
.1960 M N
Extl s f 68 of May 1926
6s (State Ry)
1960
1961
1961
1962
1955
Extl 6s Sanitary Works
Extl 6s pub wks May 1927
Publio Works extl 8 Ha
....
M
S
F
A
M N
F
A
J
External g A He of 1928
Austrian (Govt) s f 7b
1957 J
98*8
98*8
98*8
98
95*2
J
934
98*4
9838
98*4
10
44
978
978
934
97*4 1013s
98*8
99
44
98
9
6*4
15
■■■.
6*2
74*s
2
!
7*2
8*4
85s
1045 F
Belgium 25-yr extl 6Hs
1949 M S
External
1956 J
f 6s
s
A
60
445s
98
32
44
98
52
44*4
98*8
98*8
21
31
985s
41
44*|
44*4
44*|
98*s
9858
9878
987S
9878
983s
96*8
10578
105*2
10
45
98
14
41*4
95
132
7768
98
98*8
99*2
9984
50
737,
93*2
94*4
15
42*2
9278
105
34
78
7
8
100*2
1958 J
D
1945 A
O
extenal 8s
1941
J
1957 A
f 6 His of 1926
D
O
♦External s f 6 He of 1927
1957 A
O
♦7s
1952 J
D
(Central Ry)
M
S
1957 M
♦{Bremen (8tate of) extl 7s
8
1935
Brisbane (City) s f 6b
Sinking fund gold 5b
1958 F
A
20-year
1950 J
D
s
7
107
•Bolivia (Republlo of) extl 8s....1947 MN
♦External seoured 7s
1958 J
♦External sinking fund 7s
1969 M 8
s
6
117*8
108*4
100*2
♦Bogota (City) extl s f 8s
♦External
32
1087s
107
♦External sinking fund 6s
♦Brasll (U S of)
3134
108*2
1960 M S
..1950 A O
5s
•Berlin (Germany) s f 6 His
f 6s
99
9834
96*8
10578
106
9934
94*4
108
28*2
27*4
18*4
136,
834
285s
27*4
21
38
26*4
88*i
86*|
92«4
91
4
62*4
4
22
28*4
6
20*2
27
285s
27*4
9*2
13
21
12
6*1
878
4
7
15*2
212
9*2
48
9*2
51
4
55
217,
8*2
3134
32
107*2 110
10658 108*4
116
118*4
107*2 io884
100*8 ioo*2
738
27*2
16*2
9*2
934
36
2734
31l2
35
26*s
2734
2734
183
18
123
1758
22
2734
28s4
99
18i2
2158
28*4
26*4
26*4
22*8
Prov A
1962 J
Buenos Aires (City) 6Hs B-2
External s f 8s ser C-2
External s f 6s
ser
♦8a unmatured ooupona on... .1954
Gr Brit A Ire (U K of) 6 Ha
.1937
♦7s part paid
♦S f secured 6a
4Hs
1936
F
Aug 15 1945 F
10-year 2 Ha
♦Carlsbad (City; s 1 8s
A
1964 J
♦Oauca Val (Dept) Colom 7Hs__1946 A O
♦Cent Agrlo Bank (Ger) 7s
1950 M 8
♦Farm Loan s f 6s
♦Farm Loan
s f
6s
♦Farm Loan 6s ser A
.
July 15 1960 J
Oct 15 1960 A
.Apr 15 1938 A
•Chile (Rep)—Extl s f 7s
♦Ext sinking fund 6s..:
s f
6s
♦Ext sinking fund 6s
♦Guar s f 6s_
♦Chilean Cons Munlo 7s
•Chinese (Hukuang Ry) 5s
104
29*4
70
75
184
256s
55
27*2
71
72
25*8
55*2
15*4
1578
60*s
61*4
15*s
15*4
36
12
13
153s
1578
9
12
13
1034
12
16
106*2
107
43
86,
86*|
10558 107
113*4
1137g
100*8
76
991,
112
114
981,
96*2
42*2
7*4
29ia
100
100*8
♦100
97*4
♦353s
9758
53
mmmm
20
rnmmm
10*4
96*2
mmmm
33*8
333g
7
26*4
33
35
12
27*,
34
14*8
15*8
71
7
14
1534
5
1334
15*8
15*2
15*2
15*8
15*4
1512
13*4
13*2
13*2
13*4
12*2
6
3438
12
9*4
26
35*2
33*8
14
6*8
1334
1961
J
D
1961
A
O
1962 MN
1980 M S
1951
J
D
8
1952
1946
O
MN
1947 F
j
A
D
1953 M N
1957
f
a
1957
1937
1942
14
14*s
14*2
49
6*8
14
14*8
14*4
12*8
1258
14*2
14*2
20
6*8
1334
27
6
14
13
17
7*4
13*8
54
97«
12i2
12*4
12*4
11*4
13*8
31
7*,
12*4
12*4
13
7*,
12
12*8
13
5
11*4
♦40
2758
2178
18*4
17*,
18*2
9434
89
MN
i"3
2758
20
20
25*4
25*2
17
18*2
12
17*8
1834
13*8
60*2
55*,
17*2
9212
88 *2
18*2
9578
12
*59*8
55"
12
1951
♦7s May 1 1936 coupon on
1951
MN
4212
29i8
For footnotes see page 595
N°TE~SaIe8 of State and City securities
quotations, however
127~ia
27
177"
17
7
1753g
17814
1743s 1755s
120
29
28
45
21*s
16
39*s
SOU
2714
2612
3712
32i2
34
5
40*8
234
39
100
4
23i|
39
1
49
99
F
A
100
29
28
393s
34
4512
105*4 10712
all4i2 117
54
10638
117
32
953s
30
1
22
30
30
29*2
7
27*8
2512
16*8
26
29l2
2712
255S
29*2
27*2
11
26*2
A
100
107i2
'10534
26*2
24*8
26*2
1
20ifl
93U
263s
24*s
3
15
Helslngfors (City) ext 6 Ha
.1980 A
Hungarian Cons Municipal Loan—
♦7Hs unmatured coupons on. .1945 J
O
*105*8
J
2784
♦7s unmatured coupon on
.1946 J
♦Hungarian Land M Inst 7Hs. .1961 M
*25
J
N
42*,
305s
2
-
30
40*4
41
Irish Free State extl s f 6s
.1960 MN
11312
115
Italy (Kingdom of) extl 7s
.1951
24i2
9434
2612
24i8
10412 105
24
2734
3214
30
32U
38
41
25
-.-M
A
.1981
66*4
25»2
35
*25*8
*25*8
M N
----
30
.1944 F
....
25
\
Italian Cred Consortium 7s A
External sec s f 7s ser B
..
J
..*37 m
.1947 M
D
64
e
*83*8
£
55
♦7s with all unmat coup
23
5
127
3Ds
92
60U
11312 115
60*4
52*2
98*4
5678
54*4
99*4
23
72
77
85*4
87*2
44
67li
6512
8312 86
5334 5678
5U2 5434
98*4 100
85*4 8912
28
Italian Publio Utility extl 7s
J
.1952 J
Japanese Govt 30-yr s f 6 Ha
.1954 F A
Extl sinking fund 6 Ha
-1966 M N
Jugoslavia State Mortgage Bank
30*4
14
23
25
30U
31*s
3
29*8
31
313s
6478
92
....
68
7
44
401]
.1957
A
C
.1947
F
A
J
D
.1954 J
D
"878
♦Mexican Irrig Asstng 4 Ha
.1943 M N
♦Mexico (US) extl 6s of 1899 £. .1945 Q J
♦Assenting 6s of 1899
.1946 Q J
5*4
5*4
5
3
10*4
10*4
10*2
10
4
21
47«
714
534
10*4
914
20
dig
9i2
♦Lelpslg (Germany)
s I 7s
31*4
Lower Austria (Province of)—
♦7Hs June 1 1936 ooupon
♦Medellln
on. .1950
(Colombia) 6Hs
*
104*2
10*4
10*4
10
II954
J
D
1954
J
mmmm
....
"Hz
3
"t
4*4
8
3*8
414
56
M
S
1678
M
S
17
♦Montevideo (City of) 7a
J
♦External s f 6s series A
1959 M
New So Wales (State) extl 6a
.1957 F
External s f 6s
...Apr 1958 A
D
Norway 20-year extl 6s
A
♦6 Ha Sept ooupon off
♦6 Ha Septcoupon off
1
5U
478
J
J
mmmm
314
O
1
10
6*4
16
6*4
10U
7
1034
11
10
— m
13
1
...
6*4
100*4 101
5*8
6
A
♦{Small
Milan (City. Italy) extl 6Ha
.1952
Mlnas Geraes (State of, Braall)
mmmm
50
47g
4*4
6*4
6*2
53*4
.
109
rnm
4~*4
*
D
.
♦Assenting 4a of 1910 large..
♦Assenting 4s of 1910 small.
♦{Treassof'13assent (large). 1933
----
10
"
♦Assenting 4s of 1904
...
20-year external
30-year external
40-year s f 5 Ha
5*2
458
6*4
6*2
"5"
6i2
6*s
578
634
75S
134
39
52
56
18*8
46
13
1878
45
13l8
1512
1478
185S
187„
7
2714
F
N
50*8
*46*8
A
102
103""
28
73*4
O
101*2
106*4
106*8
103
11
73if
6s
F
A
6s
A
O
102*8
I
D
103
M
S
External sink fund 5s___
Municipal Bank extl s f 6s
♦Nuremburg (City) extl 6s
10234
.1970 J D *102*4
.1952 F A
26*4
M S
82*2
mmmm
9034
mmmm
Oriental Devel guar 6s
Extl deb 5 Ha
Oslo (City)
30-year
s
11
1
86
._
ser
Porto Alegre (City of)—
♦8s June ooupon off..
Queensland (State) extl s f 7a
25-year external 6s
♦Rhlne-Maln-Danube 7s A
59
59
"2(3*8
3
22
99
64
35
59U
16
73
102
103i2
15
89
104
106
247§
67
7838
27
58
69
e
14*8
27
8is
1258
17*8
.1959 M S
D
.1960 J
16
17*8
1638
15
7
153S
133g
15
263
5
12*8
1758
15
A
O
13*2
15
85
434
12
15
.1940 A
O
1
63
.1950 J
J
93*2
78*2
108*8
95*8
56
O
78*4
108*8
16
1947 A
.1961 J
D
1734
.1961
20*2
19*8
101*2
2734
35
5
23
.1947
12
12
22l2
22i2
A
O
110
111
2
F
A
110
110
13
*35
42
27*8
121]
7714
O
27*8
63H
1
M S
.1941
25
78*4
80
10858 IIU4
93*2 96
16
15
100
27*2
27*8
20*2
19*8
101*2
283s
2878
94
109
111
83*4
109
110
3214
36*2
38
20
4
79
♦7s May coupon off..
extl
6Hs
Rotterdam (City) extl 6s
17*8
20
24
13*,
15
A
16*4
19
75
ID4
14
19
A
O
20
16
14
16
23*4
1
1966
O
F
♦6s June coupon off
75
(City)
105l2
1035s
10312
1023s
26
265s
8212 8514
79*8
8H2
47
♦8s April coupon off
Rome
107*8
75
♦6Hs Aug coupon off
Rio Grande do Sul (State of)—
25*a
42*2
305s
1073s
78*8
♦8s April ooupon off
70
35
80l|
"
4434
(City of)—
70
23
76
A
55
17*2
11
5U4
103
103
69
f 6s
52*8
....
15
43
78
♦7Ha July coupon off
1
J
1734
Prague (Greater City) 7Hs
1952 M n *100
♦Prussia (Free State) extl 6 Hs. .1951 M S
27*2
Rio de Janeiro
103*8
103*2
87*,
83i8
787,
105
m
(Rep of) gold 6s
Stabilisation loan
ir 7s
External sink fund g 8s
s
88
53
47
10158
10H2
io6i4
1063s
102i8
10284
1023s
1023s
67*4
Poland
♦External
31
26
104*2
D
M N
♦7s Sept ooupon off
♦Peru (Rep of) external 7s
♦Nat Loan extl a f 6s 1st ser
2d
107
J
79*8
25
107*8
104*8
103
♦Stamped
Pernambuco (State of)—
a f 6s
....
M N
f 6s
Panama (Rep) extl 6Hs
♦Extl s f ser A
♦Nat Loan extl
51*4
■
85*4
80*4
103l2
M N
...
79
....
♦Sinktng fund 7Hfl ser B
Hungary (Kingdom of)—
♦7Hs February ooupon on
♦7s June coupon off
♦7s Nov 1 1932 coupon on
26
172
J
207,
*68*4
*59i8
77
45
27*4
1778
13*2
18*2
9578
8978
43
22
18
14
2514
25*2
18*2
1834
22
12*4
22
44
27*2
54*2
1937
20
126
....
27*8
373s
37
5
6*8
1957
9758
mmmm
34
10*4
36
72
D
12
11
3758
34*8
33*2
10*4
35*2
3378
54
J
14
28
27
61*2
43
14*2
1962 IVI 8
1963 MN
60*4
mmmm
145g
•Sinking fund 7s of 1926
♦Sinking fund 7s of 1927
Copenhagen (City) 5s
1
1458
1947 A
Bid and asked
9338
14
♦Colombia Mtge Bank 6Hs
Cordoba (Prov) Argentina 7s
Costa Rloa (Republlo of)—
93
92l2
14
J
♦External sink fund 7s..
♦7s
stamped
98
93
38*4
J
O
♦7s stamped
95
36
A
Jan 1961 J
♦6s July 11935 coupon on__Jan 1961
4Hs
-
1
38*8
10
F
Feb 1961
♦6s Apr 1 1935 coupon on..Oct 1961
•Cordoba (City) extl s f 7s
60*4
—
36*4
8
2934
40*4
8
168
♦Cologne (City) Germany 6 Ha. .1950 M
Colombia (Republlo of)—
25-year g
38
O
Sept 1961 M S
10812
10238 10434
O
♦4s of 1904
95
102
1960 A
•External sinking fund 6s__
♦External sinking fund 6s
•Chile Mtge Bk 6 Ha
♦Sink fund 6«s of 1926
♦Guars f 6s
O
O
1942 MN
♦External sinking fund 6s
♦Ry ref ext
J
70*j
107
A
♦Hamburg (State) 6a
♦Heidelberg (German) extl 7Ha. .1960 J
96*4
59
A
175*4
70
2312
75
♦72
J
172*2
178*4
48ij
205s
681,
8
O
95
12
3334
87
1
A
1952 MN
52
93
2
11
5
102
75
1960 A
43
67
36
24
....
80
96*4
102
75
♦Caldas Dept of (Colombia) 7 Ha. 1946 J
Canada (Dom'n of) 30-yr 4s
6s
95*4
108*2
27*%
♦Assenting 6s large
♦Assenting 6b small..
93*8
1968 MN
30
25*8
97*2
97
J
_
29
9434
3212
93
•Sinking fund 7s July coup offl_967 J
251*
93*4
95
Bulgaria (Kingdom of)—
♦Sink tund 7 Ha May coup off.
65
3
,
O
ser A
31*4
93
A
63
A
Haiti (Republlo) s f 6s
68
93
1961 F
...1981 F
f 6 Ha
s
♦6 Ha stamped..
36
24
29
95
1961 M
♦6s stamped
♦External
9
O
♦6s part paid..
19
O
8
70
63
103*8
D
f
22
O
1961 M
45
67
D
-mm*
97*2
1960 A
•Buenos Aires (Prov) extl 6s
44
36
52
.1990 M N 0115*4
30
-1964 M N
t4% fund loan £ opt 1960
♦Greek Government s 1 ser 7s
31*4
1960 A
C-3
10478 106i2
102i2
93*2 9578
101
40
175*8
M N
.1958 J
♦(Cons Agrlo Loan) 6Ha
(Municipality of)—
96*4
95*2
38
1955 J
12
Communal Bks
31*2
Budapest (City of)—
♦6s July 1 1935 coupon on
10
100i2 102
100i2 100*4
99*8
ii684
Stabilisation loan 7s..
♦Bergen (Norway) ext sf
47
Grai
99
98*4
98*4
1955 J D
1956 M N
External 30-year s f 7s...
92
100«4
37U
39
6178
177"
mmmm
-
♦Bavaria (Free State) 6 His
92
100
27
65
30
174*8
D
♦
99
985s
J
♦6Hs of 1930 stamped
10*4
28
934
978
1043s
104*4
9878
10538
1957 M S
1956 M N
External 5s of 1927
High
9984 101
9934 100
....
70
26*4
173*2
mmmm
21
21*4
Argentine Govt Pub Wks 6s.....I960
61
50
mmmm
17*8
187,
A
75
70
67*4
*
98
1958 J
25
1023s
♦Frankfort (City of) a f 6 Ha
.1953 M N
French Republlo 7Hs stamped. .1941 J D
15*8
1957 A
1957 A
42
95*8
108
64
6
♦External s f 7s ser D
Australia 130-year 5s
S
11
♦External s f 7s ser C
s f
M
20
1946
External
(Republic) ext 6s
99
♦External seo s f 7s 3d ser
797a
IO584
10134
*94
21*4
♦External sec s f 7s 2d ser
77
"49"
J
21
Antwerp (City) external 5s
8*2
77*4
♦
J
Il967
98*2
f 7s 1st ser
6
30
J
20*2
203s
♦External s f 7s ser B
62
2
68
J
O
1945 J
19t<
12
*6378
64*2
J
_.
External 7s stamped
7s unstamped
A
617j
61.
Low
German Govt International—
9*4
87S
s f
externa!
....1963 MN
(Dept) ext 6s
•Antioqula (Dept) coll 7s A
External
(City)
7Hs unstamped
♦Sink fund 6s Feb»coupon on__1947 F
♦Sinkfund6sAprl coupon
1948 A
1
2
196
102
9434
.1948 J
Finland
100.4
Foreign Gevt. A Municipal*
Agricultural Mtge Bank (Colombia)—
Akershus
83i|
ioo84
*46
.1940 A O
7a__. .1946 M N
101.26
100.22
....
68is
101.20
123
158
Low
.1932
103.2
101.13
99.21
O
.1962
No.
....
47
101
A
A
M S
{♦Stamped extd to Sept 1 1935
Dominican Rep Oust Ad 6His.. .1942 M fc
A O
1st ser 5 Ha of 1926
City—See note beloto.
b
.1955 F
External g 4Hs_.Apr 16
Deutsche Bk Am part otf 6s
100.15
81
99.21
1939-1949
B
101.2
124
100.15
A
1
ser
102.22
20
103.2
100.22
.Aug
Sinking fund 8s
Jan. 1
100*4
42*4
M N
10*4
A O
100*4
A O 2100*4
J
J
10478
♦Cundlnamarca 6 Hs
Ciechoalovakla (Rep of) 8s
2d series sink fund 6 Ha
102.25
Home Owners' Mtge Corp—
3s series A.
May 1 1944-1952 MN
2Hs
,
F
4 Us
Since
1935
a93*4
100*8
109.23
106.17
Range
Bonds Sold
Dec. 31
....
101
*9934
J
External
109.4
mmmm
103.2
High
S
A
A
111.16
rnmmm
73
102.24
Asked
D
111
63
107.6
D
&
80 1946 J
419
109.19
106.28
D
Bid
Jan 16 1963 J
111.14
109.7
loan
Friday's
♦99*4
093*4
111.2
June 15 1946-1948 J
June 15 1940-1943 J
._
•External
M
.1949 F
1933 to
Range or
Low
Ferelgn Govt. & Munlc. (Con.)
Cuba (Republlo) 6s of 1904
External 6s of 1914 ser A
D
Mar 15 1941-1943 51 S
June 15 1946-1949 J D
_.
3 Ha
Inter st Period
Week Ended Jan. 24
Sept 15 1951-1955 M S
3Hs
3s
3s
State §k
Low
mmmm
BONDS
STOCK EXCHANGE
N. Y.
Mar 15 1946-1956 M S
June 15 1943-1947 J D
3 Ha
3 Ha
3 Ha
Low
Government
s
July 1
Week's
to
Asked
4 Ha
u.
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
&
1933
Dec. 31
Is
Friday's
Bid
No account Is taken of suoh sales in computing the range for the year.
ooour.
July 1
Range or
selling outside of the
D
99
1238
14
17*2
19
17*8
16*4
23l4
17*2
M N
18
19
10
1234
1434
1
D
17
17*8
2
15
A
o
59*2
134
125s
401]
3
921a
%l n
57*2
115
115
5414
112
59*2
115
occur very rarely on the New York Stock Exchange,
dealings in such securities being almost entirely over the counter
by active dealers in these securities, will be found on a subsequent page under the general head of "Over-the-counter Securities *
Volume 142
New York Bond Record—Continued—Page 2
Week's
BONDS
N. Y. STOCK
1933 to
Range or
EXCHANGE
II
sq&5
Bid
Ferelgn Govt. AMunlc. (Conel.)
Low
Low
♦Saarbruecken (City) 6s
Sao Paulo (City of, Braxll)—
No.
25
100
*25%
...1953
High
24
Boumanla (Kingdom of Monopolies)—
♦7s August coupon off
1969
Range
■
1935
40
BONDS
Since
N. Y. STOCK EXCHANGE
Sfe
Week Ended Jan. 24
Nft,
Low
2334
2514
2712
27
27
18i2
1712
19
24
13i2
18l2
27
1U2
1712
1434
Refund A gen 5s series A.... .1995 J
1st gold 5s
.1948 A
July
Ref A gen 6s series C
.1995 J
19
1812
§ *8s July ooupon off.
J
255s
J
1936
1960
19i2
18U
1638
♦External 7s Sept coupon off ...1956 M S
J
♦External 6s July coupon off...1968 J
•Secured s f 7b
...1940 A O
1942 M S
•Santa Fe (Prov Arg Rep) 7s
♦Stamped
A
•Saxon Pub Wks (Germany) 78—1945
♦Gen ref guar 6 Ms
1951 M N
D
1946 J
♦Saxon State Mtge Inst 7s
1946 J
♦Sinking fund g6Ms
D
Serbs Croats A Slovenes (Kingdom)—
♦8s Nov 1 1935 ooupon on
1962 IVI N
♦7s Nov 1 1936 ooupon on
1962 MjjN
Silesia (Prov of) extl 7s........ .1966 J D
♦Slleslan Landowners Assn 6s ...1947 F A
Solssons (City of) extl 6S.......1936 MN
8
2858
22i8
50
12%
1978
12
1284
22l2
16ig
1538
19
21
10*4
14
88
90l2
63
61
8138
90%
747g
59i2
3314
323g
57i2
3278
32*8
*3312
3212
17
38
28
5712
3234
3178
35
35
34
35
3212
34
3212
18
29i2
6
2978
33
19%
2312
64
17
23i8
5
42
70
50
51
2
25%
5
1956 F
A
102
102l2
Taiwan Eleo Pow
s f 5 Ms
Tokyo City As loan of 1912
1971 J
J
82
825g
1952 M S
75
75
5
External s f 5Ms guar....
♦Tollma (Dept of) extl 7s
1961 A O
1947 M N
33
1957 M N
80i2
♦lOU
10138
81
Trondbjem (City) 1st 5 Ms
1013s
1952 A
O
.1952 MN
F
117
51%
164i4 165
...1956
1961 J
Yokohama (City) extl 6s
75
58
16
6334
60
12
8i»
634<
102
103%
8112
7312
79i2
9%
100
82%
7512
8U4
10i2
101%
33
33
4912
50
260
26%
45
50
198
26*a
3912
375g
37i2
4912
50
50
51
♦535s
AND
925s
3
529,
923g
937g
70
705g
28
41
70
7H2
D
85
86I4
20
63
85
87
♦ItAbltlb! Pow A Paper 1st 58-1953
-4 daraa Express coll tr g 4s
1948 M
Adriatic Eleo Co ext 7s
cons
1943 J
....1943 J
4s ser B
♦6s assented
Susq 1st guar 8Mb
t Alleghany Corp coll tr 5s
conv
♦Coll A
.....1949 J D
........I960 A O
As
conv
5s
♦6e stamped
1950
1003s
9
99i2
Z6234
100
53
56i2
61
60
9612
97
100
3
60 I8
53
55
80it
109
1998 AO
65
38
64
10214
14
9434
213
4744
88i2
159
41
57i2
38i2
5812
13
13
40l2
381
8
2
Am Beet Sugar 6s ext to Feb
Am A Foreign Pow deb 5s
2
62
8
109
110
16
93
100
31
1201s
IOO84
12234
241
9H2
91s4
3
1
f deb 6s
D
8
10212
74I2
318
84
82
54
93
.1941 M N
102%
103%
100
.1960 J
.1959 J
J
1017g
102%
76
74%
J
9034
91%
20
61
.2000 M
S
80%
84
.1960 F
A
.1996 M
.1943 J
S
80%
J
*1137g
.1961 J
J
106%
107
120
354
-
-
59
76%
52%
75
84
108% 10934
84%
94
100% 103%
99% 102 ">8
88
91%
74%
84
6I84
70%
«.
876
38%
52%
mmmm
94%
11334 11378
31
84
-
94%
298
70%
66%
70
.1936 J
J
101%
.1951
.1951
cons
«««.
.1936 J
74%
57
101%
1037S 107
109% 111%
92%
10934
60
80
103
53
74
84
76
64
11418
— mm
60
101%
3
88
103
J *101%
89%
A
O
J
*9734
119%
120%
"17
O
125%
126%
28
3Ms__. .1943 J
94%
16
66
J *101%
-
—
mmm
103%
109
120
68%
101%
101% 101%
98%
98%
119
120%
125
126%
----
mm
D
32%
32%
9
27%
32
.1959 F
A
29%
13
O
2834
6
24%
24%
29%
.1966 A
♦Berlin Elec EI A Underg 6 Ms.. .1956 A
Beth Steel cons M 4Ms ser D__. .1960 J
29%
2834
196
99%
♦Debentures 6s
Big Sandy 1st 4s
1944 J
Blng A Blng deb 6 Ms
Boston A Maine 1st 5s A C
O
1950 M
*32%
J
105%
D *109
S
28%
32%
29%
29
32
32
104% 106
90
25
48
*40
1967 M S
1955 M N
«<...».»
mm
mmmm
59%
79%
87%
103
60%
80
82%
121
56
75
26
28%
22
18%
23
22%
A
126
79%
O
87
83%
O
.1934 A
83%
24
52
5%
22%
24%
21
1st g 4Mb ser JJ
1961 A
{Boston A N Y Air Line 1st 4s.—1955 F
|{»Botany Cons Mills 6Ms
27%
mmmm
106"
71%
101
23
8
3
21
24%
87
87%
82%
29%
•
M
S
r
7
88
7%
91%
15
103
107
10858
106%
29
121
102%
86%
10534 108
107%
105%
*10
Stmp as to pay of 1435 pt red
Brooklyn City RR 1st 5s
Bklyn Edison Ino gen 5s A
1941 J
J
1949 J
J
107
107%
1952 J
1968 J
J
10534
J
10634
15-year sec 6s, series A
Bklyn Qu Co A Sub oon gtd 5s
1949 J
D
104%
"91% "§6
9034
38
4%
68%
98
10634 10734
104% 105%
1941 MN
75
75
3
52%
1941 J
J
80
81
5
67%
75
81
Bklyn Union EI 1st g 5s
1950 F A
Bklyn Un Gas 1st oons g 6s.....1945 M N
111
112
32
72%
109
112
120
120%
26
103%
11934 122
1
105%
124% 125
105
10578
108
109%
105% 106%
1st 5s stamped
1st lien A ref 6s series A
1947 M N
125
Debenture gold 5s
1950 J
D
105
10578
26
1st lien A ref 5s series B
1957 M N
108
108%
4
100%
106
4
104
125
•
93
69
75
1950 F
A
105%
Brans A West 1st gu g 4s
Buff Gen El 4Mb series B
1938 J
J
*10234
1981 F
A
*110%
96%
116%
Buff Rooh A Pitts gen g 0s
Consol 4Mb
1937 M S
10434
104%
"80
91
1957 M N
72%
7534
308
50
104% 10478
65%
7534
21%
27
22%
25%
8058
85%
4834
55%
58%
64
Brown Shoe
s
f deb 3 Ms
101
102%
9434
78
89i4
48s4
58%
36% 41
8712
90
96
108% 110
99% 10034
|t*BurI C R A Nor 1st A coll 5s_.1934
♦Certificates of deposit
{♦Bush Terminal 1st 4s
90%
92
A
O
88%
25
25
"2
14
85
O
85%
4
39
256
J
Bush Term
Bldgs 5s
J
5234
55%
A
gu tax ex...
O
62%
64
41
31
95
97
15
54
1946 MN
Cal G A E Corp unf A ref 5s
1937 M N *107
112% 115%
101% 104%
♦Camaguey Sugar 7s otfs...
1942 A
O
Canada Sou cons gu 5s A
1962 A
O
Canadian Nat guar 4Mb...
1957
J
102
15%
26
*22%
mmmrnrn.
1952 A
118% 123
10%
92%
110%
98%
103
32
78
mmm
71%
.1951 J
65
59
\
66%
78%
62
785s
74
111%
.1948 J
.1960 A
1st A ref 5s series C
Belvldere Delaware
•
By-Prod Coke 1st 5 Mb A
A
...1953 J D
1949 M N
Amer I G Chem conv 5 Ms
Am Internat Corp conv 5Ms
1949 J
Am Rolling Mill conv deb 4Ms—1946 M
96
44i2
83
O
1940 F
2030 M
102% 105
110%
*113%
10314 10434
11
101l2
9158
86i2
96
82%
J
110
74
....
10434
1950 A
Allls-Chalmers Mfg conv deb 4s.. 1945 MN
♦Alplne-Montan Steel 7s
1966 M 8
s
100
40% 43l2
98% 100%
153s
...1942 M
Alleg A West 1st gu 4s....
Alleg Va! gen guar g 4s
Allied Stores Corp deb 4 Ms
American Ice
191
59
1948
...1946 AO
1944 F A
Alb A
4314
40i2
D *109
D
10434
1946 A O
♦Albany Perfor Wrap Pap 6s
Coll A
8
1947 J D
...1952 A O
Coll trust 4s of 1907
1st
D
89
Gen mtge 5s series E
Bklyn-Manh R T sec 6s A
A
INDUSTRIAL
J
105
...
COMPANIES.
Ala Qt Sou 1st oons A 5s
103%
♦Certificates of deposit
({♦Bowman-BUt Hotels 1st 7s...1934
%
RAILROAD
104% 105%
201
♦Berlin City Elec Co deb 6 Ms
♦Deb sinking fund 6 Ms
4714
46i8
4484
925s
96%
Beech Creek ext 1st g 3 Ms
Bell Telep of Pa 5s series B
Vienna (City of)—
♦6s Nov ooupon on
Warsaw (City) externa! 7s
4
93%
1st M 5s series II
Venetian Prov Mtge Bank 7s
105%
D
50
Sydney (City) s f5 Ms
A
102
105
Beech Creek 1st gu g 4s
2d guar g 5s_
72
96
1960 M N
1964 M N
105
101
109%
4s stamped
29
70i2
165
6s
100
76
Batavlan Petr guar deb 4Mb... .1942 J
Battle Crk A Stur 1st gu 3s
.1989 J
2978
29
♦87
s f
High
100%
39
9134
3278
70
165
•External
Low
22
102
108%
Con ref 4s
33%
2534
A
♦External s f 6s
Low
10178
101%
D
Conv 4Mb..
Ref A gen M 5s ser F
Bangor A Aroostook 1st 5s
61
26
...1946 F
•Uruguay (Republic) extl 8s.._.1946 F
Jan. 1
32%
8
Styrla (Province of)—
♦7s Feb ooupon off
Since
1935
P.LEA W Va Sys ref 4s
Southwest Dlv 1st 3M~5e
19
♦61l8
No.
Range
Dec. 31
Tol A Cln Dlv 1st ref 4s A
Ref A gen 5s series D
28%
22'g
1978
15ig
High
Bonds Sold
O
...
San Paulo (State of)—
♦External 8s July coupon off
Asked
&
100
J
.1941 J
{Baldwin Loco Works lBt 5s... .1940 M N
Bait A Ohio 1st g 4s...July
.1948 A O
...
♦8s May coupon off
1962 M N
♦External 6 Ms May coupon off 1967 M N
1933 to
Friday's
J
.1939 J
Auburn Auto conv deb 4Ms
Austin A N W 1st gu g 6s
July I
Range or
Bid
Low
High
205.
Week's
8*
Jan. 1
Dec. 31
A Asked
Friday's
Week Ended Jan. 24
591
July l
70
76
J
102%
"~5
11%
13%
45
113%
J
107%
10434
114%
15
79
104%
85
107
107%
104
105
8
121
11514
104l2
12514
102%
121
130%
109%
110%
46
91%
8
10018
100%
1
100%
J
11434
11534
36
96%
1946 J
D
109U
62
108% 110%
A
O
11534
1167g
10
96%
35-year
1960 J
J
108iS
1123a
113U
1175s
11212
9218
100i2
101M
100
30-year coll tr 5s
113U
99
IOO84
112% 11334
F
A
116%
11678
3
96%
116
103
113% 114%
J
D
1143g
116
4
94%
114
119%
112% 11334
F
A
111%
112%
53
91%
Guaranteed gold 4 Ms
Sept 1951 M S
J
Canadian Northern deb 6 Ms
1941 J
1117g
112%
27
91%
110% 112%
110% 112%
123%
125%
38
105%
122% 125%
..1936 M
Am Telep A Teleg conv 4s.
s
f deb 5s
J
103
1943 MN
J
1939 J
20-year sinking fund 5Ms
Convertible debenture 4Ms
Debenture 5s
1965 F
{♦Am Type Founders 6s otfs
A
1940 A
O
114
119
76%
65
31
105
1133s
311
100
9514
143
20
90%
9534
J
J
1%
934
13%
111% 114%
10834 110%
11334 11534
115
11678
115% 11678
11234 116
Amer Water Works A Electric—
...1976 MN
Deb g 6s series A
103
106%
10-year 6s conv coll trust
1944 M
8
110
113
{♦Am Writing Paper 1st g 6s
1947 J
J
4214
40i2
10134
27U
7684
102i2
2884
44
8178
79
8
*97
100
1939 J D
1955 F A
104
104l2
61
97
97i2
275
♦Certificates of deposit
Anaconda Cop Mln s f deb 4Ms_1950 AO
♦Anglo-Chilean Nitrate 7s
1946 M N
{♦Ann Arbor 1st g 4s
1995 Q J
..—
1964 M
Ark A Mem
Bridge A Ter 5s
Armour A Co (III) 1st 4 Ms
1st M
s
f 4s ser B (Del)
J
25
58
97
106%
692
80
110
U834
81
18
42
56
20%
249
9834
314
44
Armstrong Cork deb 4s...
1950 J
106%
J
J
Conv 4s of 1905
1955 J
D
107
Conv g 48 Issue of 1910
1960 J
D
Conv deb 4Mb
1948 J
D
♦ion2
110i2
Rooky Mtn Dlv 1st 4s
1966 J
J
Trans-Con Short L 1st 4s
1958 J
J
398
103%
10384
12
J
114
114%
3
41%
48%
99% 103%
29%
71% 817g
J
D
106
107%
23
73%
J
J
101%
10234
198
64%
J
J
5034
5034
1
19
J
D
107%
108%
8
96
J
D
109
109%
39
95%
89%
75
9034
241
Conv gold 4s of 1909
11112 112%
1995 Nov
IO6I4
106U
1996 M N
107%
10678
1955 J D ai0678 al067g
103
49
26
96
104
104%
97%
10534 106%
88
Adjustment gold 4s
Stamped 4s_.
O
Cal-Arlx 1st 4 ref 4Ms A
.1962 M
8
Atl Knox A Nor 1st g 5s.__.
1946 J
D
Atl A Charl A L 1st 4 Ms A
1st 30-year 5s series B
1944 J
J
1944 J
J
Atl Coast Line 1st cons 4s July... 1952 M
D
84
1952 MN
May 1 1945 MN
1964 J
83
General unified 4Mb A
LAN coll gold 4s
Oct
10 yr
coll tr 6s.
Atl A Dan 1st g 4S
2d 46
1948 J
m
Atl Gulf A
8
10512
11084
11214
*11814
10378
10584
98
1948 J
-
J
J
w"i S~8 coif tr 5sl IIII1959
Atlantic Refining deb 5s
9778
46 U
3734
J
J
63
..1937 J
J
106
84M
1
75
75M
2
75
3
107
48
74M
110%
104%
1047g
106%
D
78
81%
15
68
32%
3334
18
24
♦Ref A
11034
1
89
87M
110% 111
112
11234
9944
118
867*
86
10534 106%
96% 100%
84
88%
81%
85%
96%
9834
40%
4934
10578
6
99i2
219
71M
171
6Ht
85i2
853g
98i2
4934
347
57
71
89%
71
27
41
23
63
35U
101
10678
31
6%
1678
O
18
19
37
7
16
19
23%
24%
118
J
J
♦
J
♦
J
Cent Hudson G AE 1st A ref 3Ms 1965 M S
Cent 111 Eleo A Gas 1st 5s
1951 F A
footnotes see
pase
m
^
24
22%
"24"
24
mmmm.
mmmm
23
23
25
106
10634
17
100%
101%
41
3978
43%
101%
103%
103
90
98
103%
J
8778
89%
88
78
87
89%
105%
103
65%
A
104%
O *103%
63%
F
A
Cent Pao 1st ref gu g
F
4s.
64
A
68
63
Central Steel 1st g s
18s
104%
m^mmmm.
94
97%
267
M N
7978
81
..1941 M N
121%
49
121%
2
100
58
42
"100%
62
65
M S
103
103%
27
M N
121
12484
116%
262
1057g 1067g
D
15%
61
BROKERS
Members
—
-
Bonds
A.
New York Curb Exchange
-
T.
&
T.
-
Teletype
NEW YORK
NY 1-911
Wires to Chicago, Indianapolis and St. Louis
55
7
98%
—
99% 101%
J
98
HAnover 2-7900
43
J
Vilas A Hickey
Private
105% 10634
1987 J
Railroad, Public Utility and Industrial
Telephone
104%
.....1987 J
General 4s
P
—
mmmm
22%
M
-
........
15
19
595
49 WALL STREET
19
19
1
41
New York Stock Exchange
17%
mmmm
33%
BOND
,
{♦Cent New Engl 1st gu 4s_. ....1961 J
Central of N J gen g 5s
J
For
*22%
J
♦Mobile Dlv 1st g 5s
103% 1037g
14
31%
19
1946 J
........
105% 10534
"l6
56
26%
18
A
107
111%
10378
52
13
O
D
79
1243g
30
A
gen 6
18
84
♦ChattDlvpur money g 4s__._ 1951 J
5
103%
"
31%
106%
109
m
56
107%
105
mmmm
55
2978
Ms series B_.
♦Ref Agen 5s series C
10534
11234
D *108%
A
10878 109%
73
81%
29
3334
108
108%
MN
112%
106%
88ia
78
lTl% "il7
113% 114%
105% 107%
10034 10234
49%
5034
107% 108%
D
J
89%
10234 10434
94%
J
g4s.
87%
66
J
Cart A Ad 1st gu
9434
F
A
1995
62%
89%
M &
J
27
53
Atch Top A 8 Fe—Gen g 4s
IO6I4
Canadian Pao Ry 4% deb stk perpet..
78M
4512
94
101%
68
103% 105%
102
10334
89
97%
67
81
121% 122
96% 100
102% 103%
115% 12434
110% 117
Week's
SS'e
BONDS
h 0
STOCK
& Asked
Bid
Low
030 41 N
Giles A Ohio 1st con g 5s
111%
119%
High
to
1?
Since
No.
Low
112
36
12034
14
General gold 4 Ms
902 M
8
Rel A Impt 4 bis
003 A
O
111%
112
78
111%
112%
104
41
Ret A Impt 4 Ms ser B
995
J
Craig Valley 1st 6s_.May
Potts Creek Branch 1st 4s
040
J *109
940
j
R A A DIt 1st con g 4s
089
J
01%
83%
989 j
041 M
2d oonsol gold 4s
Warm Spring V 1st g 5s
84
06
111
Jan.
Low
N. Y.
Ohio Burl A Q—III Dly 8Mb
Crown Cork A Seal
J
109
8 *106
O
110
61
84
109%
51
02 »4
33%
General 4s
8
108%
109%
84%
1st Aref 4 He ser B
977
A
108
109
2l!
77
971
A
113%
11434
70
84%
I tChlcago A East III 1st 6s
934 A
O
94
95%
15
53
t*C A E III Ry (new to) gen 5s
♦Certificates of deposit
951 M N
18%
20
Chicago A Erie 1st gold 5s..
982 M N
j
937 J
248
18%
Ch G L A Coke 1st go g 5s
18%
2
116%
105%
28%
116%
5%
5
105%
19
31%
5%
82%
309
97
16
14
10212
6
05
62
64i8
78
15
58
61
23
13%
72l2
75i2
13
13%
70
70
3
15
j
10334
104i2
18
102
10334
1943 IV» N
M N
7934
8178
9934
311
07
Gold 5 Ha
.1937
Del Power a Light 1st 4 Ha
1971 j
1st a ref 4Ha
.....1909 j
61
80%
j
1O034
10
03%
1909 j
j
106%
10334
*10534
*10012
10714
ser
B
1st mortgage 4 Ha
2034
D RR a Bridge 1st g 4s
19%
1936
Den Gas a El L 1st a ref s f 5s
116% 116%
105
105%
102
S
d
Del A Hudson 1st A ref 4s
113% 115
82
95%
288
96%
103%
75
D
1st lien a ref 0s
106% 109
1st Aref 5s ser A...
102%
12
i
1st ref 7 Ha series A
104% 106%
108%
26
J
50
100
106
j
105%
106%
10278
106
1937
41
48%
104%
50
j
69%
1936
Cuba RR 1st 6s g
110
949 J
17
Cumb T a T 1st a gen 6s
109
110
958 M
...
101
98
55%
49%
4934
46%
109
00
—
104%
49%
1942 j
...1952 j
1936 I
Cuba Nor Ry 1st 5 Ha
87
3,
109
08
j
Crown Zellerbach deb 5s w w.— 1940 M
...
Stamped as to Penna tax
105%
j
D
j
F
a
1951 IVI N
1951
98
5
104
88
93
96
10714
6
389
85
83%
IVI N *107
2034
j
s
j
37
37%
♦Refunding g 5s ser B
♦Refunding 4s series C
947 J
947 J
j
*38
3938
j
36
♦1st A gen 5s series A
900 m N
18
18%
0
434
15%
21
♦1st A gen 0s series B.May
j
19
19%
4
4%
16
J
9534
97%
92%
97%
{♦Des M A Ft Dodge 4s ctfs
Chic L 8 A East 1st 4 Ha
909
46%
55
{♦Des Plalnes Val 1st gu4Hs_. -1947
Detroit Edison gen A ref 5s ser C 1962 F
Gen a ref 4Hs series D
...1961 f
43
46%
31i2
3312
3334
a
1414
1778
126
1034
244
5%
o
1334
24%
27l2
209
11%
21
Chic Ind A Sou 50-year 4s
906 J
956 j
3034
j
4s......1930 i
1936 j
959 M
947 J
t ♦Chicago Great West 1st 4s
{♦Chic Ind A Loulsv ref 0s
♦Chle M A St P gen 4s ser A
D *111%
J
4834
989
989
J
♦Gen 4Hs series C„.May 1
♦Gen 4Hs series E__May 1
989
J
989
J
♦Gen 4Hs series F__May 1
089
J
975
A
2000
O
♦Gen g 8 He ser B
1
May
{♦Chic MHw St P A Pac 5s A
•Cony adj 5s
Jan 1
t#Chlo A No West gen g 3Hs
♦8tpd 4s non-D Fed lnc tax..
♦Gen 4Hs stpd Fed lnc tax
•Gen 5s stpd Fed lnc tax
29
28%
70
91|
♦Consol gold 4 Ha
{»Den a R G West gen 5s —Aug 1956
♦Assented (subj to plan)..
♦Ref A impt 6fl ser B
Apr 1978
746
99
32%
32%
46%
5334
53%
46%
3
58%
254
58%
86
36%
54%
60%
42
30%
21
23% 1027
9%
2%
28%
30%
36
9% 1086
8%
cons g
47%
47%
49%
19%
7%
38%
41%
41%
Gen A ref M 4s
58%
58%
60%
23%
9%
46
52
50
43
45
53
987 M N
987 M N
4838
52
180
48
50
32
30%
987 M N
987 M N
987 M N
5038
52
31
33
44
53%
45
35
44
108i2
O
10858
d
1931
....1937
1937
44
54%
52%
D
23
25
39
13
47%
21%
25%
D
2134
24%
56
13
20%
24%
Ed EI 111 Bklyn 1st cons 4s
Ed Elec (N Y) 1st cons g 5s
22%
14%
24%
77
12%
20
24%
♦El Pow Corp
16%
744
7%
11%
16%
♦1st ainklng fund 0Hs
Elgin Jollet a East 1st g 5s
let ref g 5s
May 1 ...2037 J
♦1st A ref 4Hs stpd.May 1 ...2037 J
♦1st A ref 4Hs ser C.May 1
2037 J
♦
D
♦Cony 4Hs series A
It ♦Chicago Railways 1st 5s stpd
Aug 1 1938 25% part pd
1949 M N
A
78%
80
{•Chle R I A P Ry gen 4s
♦Certificates of deposit
1988 j
J
3938
4034
39
39
1934 A
O
1634
18%
16
17
1738
18%
17%
11%
295
f
♦Certificates of deposit
1952 M S
17
♦Certificates 01 deposit
1900 MN
June 15 1951 j
1951 J
9
42%
73
80
1995
...1953
1941
El Paso A 8 W 1st 5s
32%
36
41%
1
32%
39
40
264
10%
16
18%
5s stamped
Erie A Pitts g gu 3Hfl Ber B
Series C 3 Ha
10
15%
17%
Erie RR 1st
110
10%
16%
19%
5
10%
15
83
4%
D *104%
D
*83%
D
7%
19
74
88
13%
03%
61
74%
Genessee River 1st
107
108%
87
.1902 M S
1962 M S
1943 A
O
Chile Copper Co deb 5s
1947 j
J
m N
107
107%
99% 102
107
107%
107%
22
82
107
107%
10
103
86%
320
10234
86
81%
102%
30%
40
36
1940 j
J
*80
J
J
*73%
1957
1940
1943 j
112%
—
mmmm
52%
MN
103%
1093 j
D
9938
59
97%
8
100% 103
J
*62i8
39
I
J
*54
1969
I
D
1974
M
35
D *113
95
101%
100
22
05
110
110%
108
111
112
mm
02%
J
103%
1031?
2
73
94
97
104
00
89
J
83%
90%
105%
534
50
78%
J
105
...1977 f
1981 J
-
~
93%
85
-
96%
1
108%
13
72
m
mmmmmm'
m
74
103
103%
9734
140
71
212
69%
2
96
*108%
69%
A
100
A
73%
06
26%
9
100
98% 101
48%
56%
59%
71%
99
102%
99% 101%
88
15%
7134
256
48%
102%
122
60%
O
101%
10134
40
60%
101
A
51
54%
6
Col A H V 1st ext g 4s....
col A Tol 1st ext 4s
1948
1955
*110%
*110%
Comm'l Invest Tr deb
1949
11134
Conn A Passum Rlv 1st is
1943
Conn Ry A L 1st A ref 4Ha
1951
*103%
108%
1951
107
Debenture 4 Hs
Debenture 5s
155,
112
*
—
-
04
54
{♦Consol Ry
♦Debenture 4s
---
•
02
•••
mmmm
108%
4
88%
107
2
06%
50
34
88
105%
93
105
32
88
16
20
29%
29
30%
27
3434
34%
102%
25
61
May 1 1965 M
*107%
May 1 1965 M
105
see
page
595
1949 J
A
107%
10734
94%
38
45
15
80%
83
72
32%
*31
31%
103
j
93%
C
2234
103%
¥o~
26
33
40
10
34
35%
73%
42
102%
104%
32%
....
31%
30%
31%
16
70
94
10334
94%
64
192
2%
136
25%
25%
2%
183g
18
O
32%
10778
32%
33
108
89%
10478
105%
100%
71%
83%
82%
107%
105%
j
D
104
105
0
A
*9934
68%
63
8
D *100
j *109%
s
103%
101
91*4
103%
12
D
*84
A
94
9534
"32
j
87
89
1936
102%
1901
1952
gu
108%
102%
10878
M
5s.....1947 J
1944 f
1950 J
100%
85
11
68%
56
440
71%
32
68%
64
111
57
.1973
105%
10634
98
9934
100%
97
63%
General 4Hs series E
99%
100%
188
53%
.....1977
♦Green Bay a West deb ctfs A.....
Feb
*56
Feb
8%
1940 M n *106%
...
Gulf Mob a Nor 1st 5 Hb B
1st mtge 6s series C
1950 A
1950 A
O
93
O
87%
*68%
Febl952 j
J
j
Gulf a S11st ref a ter 5s
J
69
D
103
Stamped
105%
110
11
17%
20%
29%
2
23%
24
29
20
30%
10
32
36%
10
31%
36%
70
57
20
9%
19
94%
90%
"l7
3
88%
50
118
49%
"16
49%
55
69"
Hansa 88 Lines—
10
2
08
5
27
,1
For footnotes
..
deb 5Hs——1942 j
Hackensack Water 1st 4s
1952 J
1
1st mtge 3bis
04%
General 4Hs series D__...... 1970
Gulf
32
106%
103
Steel
j
8
10334
10734
50
1
95%
O
46
46
5
37%
36
37
8
...1949
J
*36
Hocking Val 1st cons g 4 Ha
1999
j
116
♦Hoe (R) & Co 1st mtge
♦Holland-Amer Line 0s (flat)
1944 A
O
50
1947 ivi N
1937 M n
*14
♦03
'33 coupon on)
(Apr '36 ooupon on)
♦Harpen Mining 0a
102% 102%
107% 109
104% 105%
States
♦6a (Oct 1
|
1st mtge 3Ms
J
D
2
83
30
General 5s series C
104% 106
108% 109%
55
3134
102%
O
8
3%
*22%
General 5 Ha series B
30
106
32
99
30
29
{♦Cons Coal of Md 1st a ref 5s__1950
♦Certificates of deposit
Consumers Gas of Chlo gu 5s ....1936 J
Consumers Power Co—
29
34
29%
i960
4%
5
*16%
1st A ref 4Ha series A
107% 108%
106% 107%
29%
..1955
♦Debenture 4s
J
1948 M N
j
...1939 J
Great Northern gen 7s ser A
mmmmm
29
1955
♦Debenture 4s
j
M N
Gt Cons El Pow (Japan) 7s
1st A gen s 10 Ha
111% 112%
109%
1954
non-conv deb 4s
9%
J
Grays Point Term 1st
mmmm
95%
108%
105
6%
5%
105%
D *105
1938
1949 j D *119
*55%
1934 ivi 8
10134
1962 f A
j
10378
1947 J
Grand Trunk Ry of Can guar 60.1936
98% 101 i
110
110%
01
•
112%
-
58
70
105%
1951
...1957
48
10%
j
Greenbrier Ry 1st gu 4s
*29%
¥l%
1934 J
•Debentures ctfs B
•Consolidated Hydro-Eleo Works
of Upper Wuertemberg 7s
1950
Consol Gas (N Y) deb 5HB.....1945
J
({♦Gould Coupler 1st s f 0s.....1940 f
Gouv a Oswegatchle 1st 5s
1942 j
Gr R AI ext 1st gu g 4Hs._
1941 J
mmmmm
65%
100
May 1952
...Apr 15 1952
...Jan 15 1901
46%
25
*1043s
Goodyear Tire a Rub 1st 5s —..1957 M N
D
Gotham Silk Hosiery deb 0s
1936 J
100% 103%
95
98%
38
m N
Columbia G A E deb 5s
i"j
♦Good Hope Steel a Ir sec 7s
1946 A
Goodrich (B F) Co 1st 6Hs......1947 J
Conv deb 0s...
....1946 j
105% 108%
105% 107%
92%
534
101%
1980 m N
4%
3%
23
({♦Ga Caro a Nor 1st ext 0s
mmmm
105%
40
j
50%
50%
65
01
106%
O
101
♦Certificates of dep stamped..
{♦Oa a Ala Ry 1st cons 5a
19*6 J
00
m
*778
♦Certificates of deposit
100%
■»
-1942
1942
({♦Gen Theatres Equip deb 6b...1940
105
106
D
Gen Pub Serv deb 5 Ha
Gen Steel Cast 6Hs with warr
96%
109
A
1945 j
94%
108% 109%
9
O
♦20-year s f deb 0s
mmmm
6178
934
M N
♦Gen Elec (Germany) 7s Jan 15—1945 j
♦s f deb 0Hs
....1940 J
99%
S
M N
A
Gen Amer Investors deb 5s A
Gen Cable 1st a f 6 Ha A
97
96
-
♦IGelaenklrchen Mining 0s.
90%
106%
00
V
A *10638
j *105%
1977 A
8tamped guar 4Hs
—
105
1901
Galv Hous a Hend 1st 5Hb A
Gas a EI of Berg Co cons g 5s
97
58
•
108%
{•Colon OH cony deb 6s
1938 J
{♦Colo Fuel A Ir Co gen s f 5s
1943 f
({♦Col Indus 1st A coll 5s gu._..1934 F
5Hs..
96
98%
107
1973 A
Colo A South 4Hs ser A
88%
A
1901
1972
4 Hs series O
7
1941
Framerican Ind Dev 20-yr 7 Hb
t♦Francisco Bug 1st b f 7Hb
103% 103%
j
owner.
♦Certificates of deposit
Fort St U D Co 1st g 4 Hb
Ft W a Den C 1st g 5 Ha
mm mm mm
9912
1952
It ♦Proof of claim filed by
mmmm
S
9
(t♦Proof of olalm filed by owner...
(Amended) 1st cons 2~4s
1982
112%
mmmm
j
1977
1939 j
1943
♦1st a ref 5s series A
♦Certificates of deposit
Fonda Johns A GIov 4Hs
1903 J
---.
1942 M
f 5s stamped
X ♦Fla Cent a Penln 6s
{♦Florida East Coast 1st 4 Hs
103
mmmm
104%
86
43
48
97
101% 104%
96% 100
111% 111%
45*8—1950
92%
95
D
86%
78%
j
1991 J
*95%
*98
1990 M N
M S *130
Bpr A Col Dly 1st g 4s
...1940
W W Val Dly 1st g 4s
j
1940 J
9638
j
Cleve Elec Ilium 1st M 35*s
10834
1965 J
Ciev A Pgh gen gu 4Hs ser B
1942 A O *111%
Series B 8Hs guar...
1942 A O *102%
J *111%
Series A 4Hs guar...
1942 j
Series C 8H0 guar
1948 MN *10258
Berles D 8Hs guar
1950 a f *105
Debenture 5s
100
—
....
J
1993 j
1941 j
Debenture 5s
07%
08%
46%
30-year deb 6s series B.......1954 J
Flat deb b f g 7b
1946 I
73
82
9
1947 ivi N *110
1938 ivi s *1Q4
46
1954 F A
1
75
s
1st Hen 0s stamped
97%
Cln Wabash A M Dly 1st 4s
St L Dly 1st coll tr g 4s
s f
117%
20
103
1st
117%
10234
1st Hen
1033s 106
Coal River Ry 1st gu 4s
j
10214
88%
Cleve Union Term gu 5Hs
1st s f 5s Series B guar
J
s
87%
4Hs
117l2
...1957
0s
Federal Light a Tr 1st 5o
5s International series
107%
2
Gen A ref mtge 4Hs ser B
1956
j
.....1942 ivi
107
22
2
46%
90%
J
72
60
56
13
62
"563
78
5
103
110
50%
85
8
105
110%
132
85
10
103
112
72i8
50%
99
104
110
*84
52
99
85"" "59
101
*40
j
166
8378
*106
8258
82l2
69
99
J
M N
8OI4
~
90
58
102
100
O
2020 J
s f
J
101
S
1908 A
N *105
j
110
90
*10534
8
1937 j
1936 Q
1942 M
2020 J
F *102
j
102%
1942 M
Cln H A D 2d gold 4HS
O I St L A C 1st g 4s..Aug 2
Cln Leb A Nor 1st con gu 4s
........
10134
1942 ivi
Cln G a E 1st M 4s A
1952
89
81%
o *10358
77% 1385
2
117%
N Y a Erie RR ext 1st 4s
108% 110%
63%
107
30
1073*
107
105%
3
110
....
102
31%
33
O
25%
110%
32%
O
62
109
99
IO8I4
128i4
1907 IW N
1976 A O
Ernesto Breda 7s
j
79
32%
o
*3258
N *110i2
1963
4s series D
111
83%
a
ivi
1996
Ref a Impt 6s of 1927
59
0%
801a
106
*10714
12814
j
S
1940
Ref a Impt 5s of 1930
Erie a Jersey 1st s f 6s
87
j
i
M
1953
63%
cony
108% 109
Cbllds Co deb 5s
Cleve Bho Line 1st gu
320
—..1963
Gen
05
j
Gen 4 Hs ser A
20
183S
11%
4
J
Ref A impt 5s ser D
Ref A impt 4 Ms ser E
Cairo Dly 1st gold 4s
28
A
109
1944 j
Ref A Impt 0s Ber C
7214
..1965
3d mtge 4Hb
1963 J
1952 j
General 5s series B
70
O
107% 108
1st mtge 4s series D
Cleve Cln Chi A 81 L gen «a
j
....1951
100
Guaranteed 4a
Cleve-CIIffs Iron 1st mtge
i
1st consol gen lien g 4s..
Penn coll trust gold 4s
12
D
Clearfield A Mah 1st gu 4s._
102
Conv 4s series A...
23
1944 J
1st guar 5s series O
Clearfield Bit Coal 1st 4s
Series B (small)
87
5
18%
108
107%
108%
*108%
110%
10134
Cln Union Term 1st 4Hs A
1st mtge 5s series B
5
106l2
j *10534
107%
107
5s
9
10434
J
74%
j
cons
113
10638
1990
88
j
{♦Choc Okla A Qulf
84
113
10434
1940
79
J
1st ref 5 Hb series A
1st A ref 5Hs series O
"ll%
j
4s prior
cons g
75
85%
1903 J
Chic A West Ind con 4s..
20
~l¥%
O
j
19R6 a
15
182
84
1963
Guaranteed g 5s
109l2
A
M N
...1939 j
(Germany) 6Hs..1950
D
1900 J
1900 M S
Chic Un Sta'n 1st gu 4 Ha A
1st 6s series B
107
...
Series B
June 15 1951 j
Deo 1
j"d
15%
*1578
1434
♦(East Cuba Bug 15-yr s f 7Hb —1937 M S
East Ry Minn Nor Dlv 1st 4s
1948 a o *104
East T Va a Ga Dlv 1st 5s
10578
...I960 M N
38
lnc gu 5s._
85%
90%
*32
.....1942
Dul A Iron Range 1st 5s
Dul Sou Shore A Atl g 5s
38%
Ohio T H A So East 1st 5s
114%
10934
113l2
O
1996
11
Memphis Dly 1st g 4s
93
1995
58
Gold 8 Ha
03
1965
56
♦Cony g 4Hs
71
109i2
a
....1996 j
Detroit River Tunnel 4 Ha
Donner Steel 1st ref 7s
2%
7
71
109
A
F
6%
S
A
♦Second gold 4s
53%
*3%
21
52
50%
ser
♦Det A Mac 1st lien g 4s
♦1st 4s assented
52%
CD St L A N O 5a
j
26
A
...1962
55
(♦Secured 4 Ha series A
a"
1936 j
Gen a ref 5s 6erles E
52%
(♦Refunding gold 4s
f
W1
1
55
28%
15%
(♦Den a R G 1st
31%
38%
36%
36
0Hs————— 936 M N
♦4 Hs stamped
g
5
15
14
4,
....
36
26%
987 M N
♦General 4s
♦Secured
18%
Low
17
26
105%
1951
Low
10478
10358
9712
j
No.
High
10458
102
..
f 4s
112% 112%
108% 109%
10734 109%
Illinois Division 4s
s
1935
d
A
Crown Willamette Paper 6s
to
Dec. 31
d
...1950 M N
Copenhagen Telep 5s Feb 15
OR
949
949
Chic A Alton RR ret g as
15-year deb 5s with warr
00%
112%
Friday's
Bid & Asked
Low
...1946 j
1943 j
F
.-195-1
Container Corp 1st 6s
OO
112%
fife
High
111% 112
118% 12034
110% 112%
111
112%
108% 111
a"8
*c«*
STOCK EXCHANGE
Week Ended Jan. 24
1
1933
Range or
BONDS
Range
Dec. 31
1935
July 1
Week's
July 1
1933
Range or
Friday's
EXCHANGE
Week Ended Jan. 24
N. Y.
25
Jan.
New York Bond Record—Continued—Page 3
592
'
!
{♦Housatonlo Ry
cons g
5s
1939
A
1939
10734
86
20'8
33%
26
118%
57
I
91
54
30
19
54%
12%
89
New York Bond Record—Continued—Page 4
Volume 142
BONDS
N.
Y.
h
Bid
&
Low
1937 J
-1937 J
H A T C 1st g 5s lnt guar
Houston Belt A Term 1st 5s__
Asked
i
Since
Jan
1935
No.
High
Range
to
Dec. 31
0
Low
Low
.
1
105
105
2
905s
105
105
J
104
104
1
89
104
101
102%
10234
46
41
99
121
2
101«%
.194fc M N
38i2
121
120
121
.1957 F
A
84
8578
179
03»4
8034
8012
O
37
39
332
2534
3234
39
Illinois Bell Telep 3Hs ser B__. .1970 A
O
10584
122
102i2
-
J
105%
J *104%
1st gold 3 Hs
.1951
J
J
Extended 1st gold 3Hb
1st gold 3s sterling
.1951
A
.1961 IVI
O *10U2
fcj
*80
Collateral trust gold 4s
.1952 A
0
83%
Refunding 4s
.1955 M N
J
.1952 J
*73%
Illinois Central lBt gold 4b
Purchased lines 3Hs
Collateral trust gold 4s—
86i2
39
84
238
88
7578
7578
....
16-year secured 0 Hs 2
80
8412
8178
88
76
72%
256
62»4
9734
60
70U
10214
20
82
A
65%
70i2
463
421*
D
103%
10314
7
70i8
J
Cairo Bridge gold 4s.
J
Litchfield Dlv 1st gold 3s
LouIbvDIv ATermg3Hs
J
*87
J
.1953 J
*95i2
90
--
....
*77
1951 J
J
82
J
89
g
..
.1951
Joint 1st ref 6s series A
75
82
84l2
89i2
07
88i2
8812
75
87
88
88
2
D
77%
81
226
52«8
D
72%
7558
177
4934
O
106%
10778
31
lOlU
A
32V8
6
J
*99%
J
26
J
106
3
01
88
<)
No.
107%
....
100
-*»-
31
891*
72
-
81
7134
6734
753a
10658 108l2
3238
3278
mmmm
....
....
263s
6
7
106i2
6
96
2134
263S
10534 10612
J
*108
98U
108
Inland Steel 1st 4H ser A
1st Ms f 4Hs ser B
A
O
103
79
A
102%
T03i4
102i2
52
F
8
80
103
1031*
102l2 10278
{Interboro Rap Tran 1st 5s— .1906
J
J
91%
92l8
154
501*
89i4
55
807*
109
....
108
0
♦Certificates of deposit—
89%
...
A
O
♦Certificates of deposit..—
Interlake Iron 1st 5s B
M N
20U
59
571*
90
6512
60i2
92i4
26
571*
8734
8934
52
50
86i2
97
8934
93
__
19U
18
77
60i2
92i4
89
.1932 M S
7% notes
conv
65
91%
♦Certificates of deposit....
8*10-year
113
62%
60
8* 10-year 6s
9218
89i2
96
Corp 1st & coll tr 5s—
Stamped extended to 1942...
Internat Cement
conv
{♦Int-Grt Nor 1st 6s
♦Adjustment 6s
IVI N
.1945 M.N
J
.1952 J
deb 4s
ser
•
A
39%
52
10838
"~39
O
105
81
104i2 106
109
105%
10938
19
O
36
807a
A
O
106-2
108
107i8 10958
103i2 108
182
113
26
47«
---
9978 100t2
1153a 11934
38
4012
IOI4
1334
A
O
10734
10734
4
98%
F
A
105%
105%
7
82
IM
8
84
84%
20
South Ry Joint Monon 4s
Atl Knoxv A Cln Dlv 4s
1952 J
1945 M S *111%
J
88
1955 IM N
109
♦Lower Austria Hydro El 6 Hi. —1944 F
{♦IMcCrory Stores deb 6 He
94
A
40%
103%
53
1942
O
4s —1990
A"
4s
2013
Manila RR (South Lines) 4s
1st ext 4s
1943 J
1947
53
23
36
39
66
23
36
39
Marlon Steam Shovel
.1947 J
A B
ser A
IM
f 6s series A
.1947 F
Int Telep A Teleg deb g 4Hs— .1952 J
J
Conv deb 4Ha
1955 F
1948 A
37
65i4
47
31%
92i2
7578
2
45iS
80
82
....
4918
15
431*
88l2
8U8
9314
85'4
0
65%
963s
68
76
J
98
167
8
8U2
8414
173
Int Rys Cent Amer 1st 5s B
.1972 M N
1st coll trust 6% g notes.—— .1941 M N
1st lien & ref 6 Ha
81%
8U2
*90i2
93U
85
85l4
A
Market St Ry 7s ser A.April
Mead Corp 1st 6s with warr
1946
Merldlonale Eleo 1st 7s
1957 A
A
284
37
75
87
♦Mlag Mill Mach 1st
906
42
8612
97
9034
Michigan Central Detroit A Bay
City Air Line 4s
1940 J
88%
589
40
101
5
82
100l2
2
82
Hs
8Si2
2's
35
893s
75
10314
1
29>4
79
9U2
1001* 101
10012 100%
s f 7s
Us
238
8484
8978
Kan A M 1st gu g 4s...
.1990 A
O
103%
{♦K C Ft S A M Ry ref g 4s
♦Certificates of deposit
.1936 A
A
O
42
O
4034
4434
423s
87
11
28
K C Pow A Lt 1st mtge
4Hs_— .1961 F
Kan City Sou 1st gold 3s
.1950 A
A
11234
11338
6
96
O
765s
81
224
51U
74l2
81
Ref A impt 5s
...Apr 1950 J
Kansas City Term 1st 4s
.1960 J
J
Kansas Gas A Electric 4 H8
J
7058
7678
364
52
67
7678
♦Karstadt
(Rudolph) 1st 6s...
♦Ctfs
w
♦Ctfs
w w
w
♦Ctfs with
J
D
.1943 M N
stmp (par $645)..
10712
108
70
841*
105%
10534
34
70»4
*40
.1943
—
warr
(par $925)-Kelth (B F) Corp 1st 6s—
Kendall Co 5 Ha
Kentucky Central gold 4s
.1943
--
*36
.1946 M
8
95
M
S
10212
1987 J
J
107%
J
J
9434
J
J *100
_
Kentucky A Ind Term 4 Hb
Stamped
2
38
*34
--
13>4
43
38
.1943
stmp (par 5925)
70
381?.
-
-
----
13
2514
23
-
951*
20
44
103U
10714
23
68
1
80
-
-
-
-
103'4
4434
40i4
4334
37I4
112l2 1133s
107
103
10458 10534
.....
38
....
....
39
....
2912
30i4
9634
92i2
102i2 1033s
107
10714
73
89
80
13
95i2
102
102
100
95i2
20
30
35
35
68%
647a
71%
66
50
27
50
50%
9412
82
94%
94%
75
49»4
74
75
61
61
61
61
61
45
99%
85%
101i8
103%
z 49%
O
108%
10034
99i2
60
87
41
102
60
100
102
104
47
102
104%
4978
10834
101%
41%
16
J
10278
17.
2918
1
93U
12
83%
84%
10278
92
1951
M S
*80
1st gold 3 Ha
Ref A Impt 4 Hs series C
1962
M N
10538
10538
102%
90
70
85
30
59
10378
104%
63
57
10434 105%
98i2 IO214
6758
85
10234 104l2
104
104%
61
56
103i2 10412
-
J
101
Mid of N J 1st ext 5s
1940 A
O
81
1961 J
D
..1979 J
1971 J
J
{{•MllwANor 1st ext 4Hs (1880)1934 J
1st ext 4Hs
1939
D
1st mtge 5s
Con ext 4 Ha
02%
"70%
70%
M
8
72
3578
46
--
60%
{♦Mil Spar A N W 1st gu 4s
{♦Mllw A State Line 1st 3Hs
1947
t«MlnD A St Louis 6s ctfs
1934 MN
53s
6%
11
1949 IVI
1962 Q
8
2%
3
55
F
378
37s
3
J
37%
115
1941 J
♦Is* A refunding gold 4s
♦Ref A ext 50-yr 6s ser A
J
*55
»
—
-
-
-
-
22
197g
29
35%
42
44
80
31
38
44
3134
35%
47
16
30
1949 IW
S
25%
30
69
15
1st ref 5 Ha series B
1978 J
J
87
88%
65
Sits
23%
1834
8134
1st Chicago Term s f 4s
1941 MN
*78
85
83
83
12
36
40
76
83%
59%
73%
25-year
5Hs
8
1959
1990
38%
3938
78
83
459
Mo-K-T RR pr lien 5s ser A
1962
67^2
73i2
237
F
A
104
105
28
00
1962
60
65
156
J
J
11334
11334
1978
Jan 1967
62
6714
102
3634
41i2
30%
33
108
32%
"m
...
160
1093s
111
45
35
40-year 4s series B
100%
103i4 10634
11278 11334
1051*
10212
119
♦Cum adjust 5s ser A
77i2
109
10U
119
102i2 10278
108
32l4
111
35
Prior lien 4 Ha series D
{♦Mo Pac 1st A ref 5s Ber A
1965
O
90
1023s
52
A
7758
8034
85
46*4
1960 F
A
7758
80l2
56
46
1942 F
A
7658
77
F
Coll A ref 5Hs series D
Coll tr 6s series A
A
Coll tr 6s series B
Lake Erie A West 1st g 5s
2d gold 5s
1937 J
J
Lake Sh A Mich 80 g 3 Hb
♦Lautaro Nitrate Co Ltd 0s
J
J *101%
D
102 •
2
----
1
J
J
1954 J
J
103
J
Lehigh A New Eng RR 4s A
Lehigh A N Y 1st gu g 4s
J
103
104
.1965 A
5s— .1944
5s
2534
O
M
F
74i4
77
102t2
18
27M
346
10334
12
3
77
61
79
43|
lOOU 101
9978 1021*
21
27U
5
103l2
105
105%
63
52%
57
6834
98l4
9914
2
64
97
A
71
1
33
64i2
72
30%
16%
8
30%
33i2
541
19ia
2734
33%
8
181*
1934
27
32
28
1878
27%
33%
27%
12%
33%
125
"12%
887
384
7%
3014
27%
6
191*
195s
191*
187S
27
33%
31%
20
695*
82
85
3314
292
30l2
3314
554
3114
82
♦Certificates of deposit
♦Mo Pac 3d 7s ext at 4% July
1938 MN
1938 M S
1947 F A
....1977 M S
85
I
30
88
'ls%
21
27%
""36
9
"l478 "2l""
ni8
115s
61%
41*
9
12%
1938 M
♦Ref A lmpt 4Hs
♦Sec
5%
notes
S
11
1214
27
6
9%
12%
M
S
8634
63
70
15
1021*
41
10534
...1937 J
J
10412
10434
7
.1937 J
J
103%
10312
11
1943 J
J
10634
10718
26
77
1982 J
D
100l2
101
86
501*
J
J
69
71
10
65
10238
10314
21
88
31
70*8
86
87
1
72«4
8634
8634
A
*6212
6678
31%
64
6934
Monongahela Ry 1st M 4s ser A..I960 M N
A
66'8
66ls
1
32
64
6778
Mont Cent 1st gu 6s
J
J
98%
98%
6
73
98
98%
F
A
9334
95
46
79
8234
95
J
J
88ls
93
103
757*
8134
93
M N
3834
41
487
3014
3314
41
M N
4H2
45%
213
33
31
45i2
---
-
85%
89%
105% 106%
1043s 10434
89U
IO6I4
Mohawk A Malone 1st gu g 4s__.1991
F
1938
33l2
97g
F~~A
F
1st A ref s f 5s
1st A ref s f 5s
Secured 0% gold notes
Leh Val Harbor Term gu 5s
Leh Val N Y 1st gu g 4Hs
32
30*4
9914
71
A
10%
3U4
1981
{♦Mobile A Ohio gen gold 4s
6884
27
67%
578
*30
♦1st A ref 5s series I
♦Montgomery Dlv 1st g 6s
33
19
*3012
♦Certificates of deposit
104
27%
3
1949 MN
1980 A O
104
20
650
29
♦Conv gold 5Hs
98
133
1638
1978 MN
98
42
30i2
♦Certificates of deposit...
771*
65
52%
3034
1234
♦Certificates of deposit
♦1st A ref 5a series G
80
4978
467
60i2
3H2
2734
28%
11%
2912
1976 M
1977 M
♦1st A ref g 5s series H
I62" 1021*
105U
105
5
F
s f
102i2
71U
101% 1023s
72i2
8034
7158
80i2
76
■
102%
1997
s f 4Hs A
Cons sink fund 4 Hs ser C
3
*77
.1954
Lehigh C A Nav
Lehigh Val Coal 1st A ref
102
88%
B
♦Certificates ol deposit
♦General 4s
♦1st A ref 5s series P
Laclede Gas Light ref A ext 5s.. .1939 A
Coil A ref 5Hs series C
1953 F
35%
101
{♦Mo-Ill RR 1st 5s series A
Mo Kan A Tex 1st gold 4s
8
40%
34
106i4 106U
J
3
378
3234
J
155
4
6%
J
118
Kinney (G R) A Co 7 H % notes. .1936 J
J
Kresge Foundation coll tr 4s
{♦Kreuger A Toll cl A 5s ctfs— .1959 M
26>4
1%
378
39%
35%
103
120
it
1
J
M St P A SS M con g 4alnt gu—1938 J
1st cons 5s
1938 J
1st cons 5s gu as to Int
1938 J
1st A ref 6b series A
1946 J
2
J *119l8
D
102%
""5"
4
24
J
82
60%
160
First and ref 6 Hs
70%
65
30 >8
11
7034
46
IO6I4
5
68
129
6978
40%
1939
""34
155
Kings County Elev 1st g 4s
Kings Co Lighting 1st 5s
10278 103
Jaok Lans A Sag 3Hs..
106%
....
4978
109%
10034 102
16
18%
9
3
36%
O
93
46%
99%
903a
108
74
I6I4
*138
*29
98
82%
67
O
J *101
68
33
A
.1961 J
Purchase money 6s
1st A ref s f
7H
30
1937 A
Plain
Kings County El L A P 5s
23
"21"
69i8
Mllw EI Ry A Lt 1st 5s B
»4
605a
"2l"
4
297S
*3618
1977 M S
1956 J D
♦Mex Internat 1st 4s asstd.i
97
100%
2978
23
75
IVI N
87
100%
22
0%
94i2
M 8
Metrop Ed 1st 4Hs ser D
1988
A O
Metrop Wat Sew A D 6 Ha
I960
^{♦Met West Side El(Chlo)4s ...1938 F A
9134
A
30
7%
*45
J
83%
Without warrants
23
2978
24i2
68%
6478
O
J
O
ser B w w
853s
9
*28"
D
A
1940 Q
6s
J
1948 A O
{♦Iowa Central Ry 1st A ref 4s. .1951 M 8
James Frank A Clear 1st 4s
1959 J D
Debenture 5s
Investors Equity deb 5s
1959 M N
J
J
1941
1384
Internat Paper 5s
)~b
{♦Man Q B A N W 1st SHb
3Si8
533s
5412
7U2
9834
116% 117
10234 103%
30
*28
1963 M 8
1939 M N
5s
38i8
45
94
26%
O
12i8
28%
AO
A"
37
228
88
4
37
51%
IO8I4 109i2
117
♦Certificates of deposit
s f
80
44H
11634
♦Certificates of deposit
s f
85
25%
It ♦Flat stamped modified
♦2d
1
94
81
IIII4 IIU4
86
90'8
10318
1942
coupon
cons g
28
109%
10734 10734
105
105i2
667a
"52
90
WIN
♦Certificates of deposit
{♦Manhat Ry (NY)
92
-w--
1950 IM N
1942 A O
Proof of claim filed by owner
({♦Manati Sugar 1st b f 7 Hb
|{*Stmpd Oct 1931
54%
1941
MoKesson A Robblns deb 5 Hi
J
O
74
1948
J
1944 A
.1941 A
191
1980
1941
J
July
88%
St Louis Dlv 2d gold 3s
Mob A Montg 1st g 4Hs
J
ser A
O
High
107i2 107i2
104i2 10412
108
10834
A
Paducah A Mem Dlv 4s
Mfrs Tr Co ctfs of partlo In
A I Namm A Son 1st 6s
♦1st g 5s series C
Internat Hydro El deb 6s
Int Merc Marine s f 6s
s
11538
14
10012
1181*
40'2
Low
2003
167
1952 A
♦1st 5s series B
Ref
100
100
2003
1st A ret 4Hb series O
Gold 5s
Manila Eleo RR A Lt
Int Agric
76ia
105
2003 A
Unified gold 4s
1st refund 6 Hs series A
1st A ret 5s series B
♦Certificates of deposit
8912
8758
6214
Low
Range
....
021*
80
A
{♦Ind A Louisville 1st gu 4s_... .1966 J
Ind Union Ry gen 5s ser A
.1965 J
Gen A ref 5s series B
.1965 J
High
107%
Low
«...
1945 M
F
_
Jan. 1
Asked
1937 IM N *104%
108
J
1940 J
100
1940 A
J
Ind 111 A Iowa 1st g 4s
Since
1935
&
Bid
NA.
Louisville A Nashville 5s.__
*99
3278
*10214
Dec. 31
Louis A Jeff Bdge Co gu g 4s
J
1st A ref 4 Ha series C
Illinois Steel deb 4Hs
.1940 A
♦Ilseder Steel Corp mtge 0s.—. .1948 F
1933 to
Friday's
S «
Week Ended Jan. 24
July 1
Range or
77
J
Western Lines 1st g 4s
111 Cent and Chic St L A N O—
tj
iS .2
EXCHANGE
96
J
3Hs
STOCK
91%
7258
J
Springfield Dlv 1st
Y.
8
89i2
.1951
St Louis Dlv A Term g 3s
Gold 3 Hs
Week's
<u
BONDS
N.
4
84i2
J
Omaha Dlv 1st gold 3s
73*8
7578
98i4
10214 102%
6438
70i2
10314 103i4
90
60
651*
--
A
F
....
69i8
6834
57
9538
102%
Aug 11906 F
----
5018
.1955 M N
J
.1936 J
40-year 4 Hs...
Telephone Whitehall 4-2900
■
56
.1953 M N
Refunding 6s
NEW YORK
63 Wall St.
102i8 102i2
10214 102i4
78
60
Members New York Stock Exchange
10534
10538 10538
761*
-----
D. H. SlLBERBERG & Co.
104
83
----
*101t2
FOR BANKS AND DEALERS
10078 10234
41
3812
61
35
—Feb 1957 A
♦Adjustment Income 6s
BROKERS IN BONDS
High
J
Houston Oil sink fund 5Hs A
.1946 M N
Hudson Coal 1st s f 5s ser A.... .1902 J D
Hudson Co Gas 1st g 5s_;
Hud A Manhat 1st 5s ser A
1933
Range or
Friday's
O
STOCK EXCHANGE
Week Ended Jan. 24
593
July 1
Week's
f?
1st guar gold 5s
Montana Power 1st 5s A
Deb 6s series A
87
79U
103% 10334
10634 107%
9734 101
Montecatlnl Mln A Agrlo—
Lehigh Val (Pa) cons g 4s
General cons 4 Hb
General cons 5s
113
371*
40
Leh Valley Term Ry 1st gu g 5s. .194)
A
O
105%
2
8918
105
Lex A East 1st 50-yr 5s gu
A
O
117
117%
11
89%
115
A
O
13312
134
20
117
13314 134
F
A
123
123%
13
103
M N
Liggett A Myers Tobacco 7s
68
4558
10514
Little Miami gen 4s series A
Loew's Inc deb s f 0s
O
Lombard Elec 7s ser A
J
D
.1950 A
Long Dock Co 3Hs ext to
Long Island gen gold 4s
.1938 J
M
Unified gold 4s
.
f 20-year
Guar ref gold 4s
D
8
10434
*
A....
9958
O
F
ser
8
A
5S
Louisiana A Ark 1st 5s
A
J
J
132t2
120U
8714
11134
Louisville Gas A El (Ky) 5s.... .1952 M N
A
footnote1'
see
page
595
104%
52
48%
Montreal Tram 1st A ref 5s
1941 J
J
Gen A ref s f 5s series A
1956 A
O
8684
87
f 5s series B
1955 A
O
8684
8684
1955 A
1955 A
O
Gen A ref
s
Gen A ref s f 4 Hs series C
Gen A ref s f 6s series D
66%
76
102% 103%
63«4
~88
O
70«4
Morris A Co 1st s f 4Hs
1939 J
J
10434
42
82
108
2000 J
D
90
9134
140
70
90
92
70
103t4 104l2
Morris A Essex 1st gu 3 Hs
Constr M 5s ser A
94U
9534
39
77
90
9534
1955 M N
1947 M N
86i2
1095s
8734
90
653*
84
88
MutUnTelgtd6sextat5% ....1941
^amm (A I) A Son—See Mfrs Tr—
M N
*10912
F
16
10434
4
10058
35
101
67
133%
98 U
8714
10258
10018
IM
Lorlllard (P) Co deb 7s
for
46
1937
7s
12134 12312
38
O
IVI N
p m deb 5s
103U
52
10578
117i4
g
8H*
M N *10638
A
52
Deb
9
9218
85«4
110
108
45l2
48is
104i2 105
104i8 10434
102i4 10234
98
100 >8
Constr M4Hs series B
Mutual Fuel Gas 1st gu g 5s
A
88
Nash Chatt A St L 4s ser A
1978
Nash Flo A 8 1st gu g 5s
1937 F
13314
Nassau Elec gu g 4s stpd
1951
J
62i2
Nat Acme 1st
1942 J
95
1095s
89>s
22
D *10258
99% 102l2
20
985s
118
121
89
256
381*
84
89
112
4
11134 113
s
f 6s
Nat Dairy Prod deb 5Hs.
—
Nat Distillers Prod deb 4Hs
1948
F
A
1945 M N
104% 105%
109% 109%
108% 109%
68
"166
103i8
10334
"357
103
103i2
32
78
86
91
895s
A *10314
131
121
86
1956 M N
105
103
SOU
5734
8934
103%
68
651*
102
7478
103% 104%
99
103
102%
10434
3,
Week's
fell
bonds
Range or
N. Y. STOCK EXCHANGE
Week Ended Jan. 24
H a.
Week's
July 1
|
No.
High
Range
bonds
Dec. 31
Since
N. Y. STOCK EXCHANGE
1935
Jan. 1
Week Ended Jan. 24
Low
\Low
•Jan 1914 coupon on
•Assent cash war rot No 4 on—
•Guar 4s Apr *14 coupon
•Assent cash war rot No 5
Nat RR mez pr lien 4Mb—
•Assent cash war rot No 4
j
•3
1*4
4
—
15
4*8
""3% "4%
1%
*3%
4%
1926
'
4
4%
2
4%
5
1951
•1st oonsol 4s
{•Naugatuok RR 1st
Newark Consol Gas
1965
4a
s f
*119%
73%
5s.....1948
•New England RR guar 5s......1945
•Consol guar 4s
1945
New England Tel A Tel 5s A
11
52
47%
43%
15
1U4%
16
123%
"58"
45%
122
75"
70
124
122
1
99%
82%
119% 122
100
107
48
68%
95
48%
105% 107
75
80%
80%
55%
59
93
94%
94%
87%
3
100
100
52
59
Paducah A Ills 1st
94%
94%
({•Pan-Am Pet Co (Cal)oonv 6s. 1940
89
58%
80%
24%
111% 1450
A
o
81
87
643
A
o
87
43%
46%
j
99
92%
99%
920
J
146
73%
98
100
J
101%
100
102
A
7434
64
65
91%
107%
107%
1953
38
103
84*4
1935
43
92%
103
233
2
*108
70" ""31
43%"
86%
41%
52
92%
82
94%
70% 83%
97% 103%
77
91%
107% 109
99
41%
"66% ~7~o"
30
41
108%
102%
102%
109%
104% 10578
104% 107
104%
122% 125
113% 114%
92% 95%
41
24
94%
98% ""86
103%
1973 win
1942 win *100%
104%
101%
N Y L E A W Coal A RR
6Ms
N Y L E A W Dock A
j *104%
Impt.6s...l943 J
N Y A Long Branch gen 4s
1941 M s *103
16
—
106
58
95
61
83%
92%
89%
75%
87
63
109
102
102
94%
98%
103
104%
100% 101
104% 105
*3438
40
25
29%
32%
22
30
35%
18
21%
22%
29%
29%
35
20
30
20%
28%
32%
35%
36s4
3678
35
41
50%
23%
40%
96?8
50%
42%
7
35
35%
34%
35
14
♦Non-cony debenture 4s
36
36%
36%
34%
j
1956 J
1966 win
...1956 j
1948 j
^1940
a
J
J
O
•Debenture 4s
36
34%
37%
48%
1957 m n
♦1st A ref 4Mb ser of 1927
II1967 J d
•Harlem R A Pt Ches 1st 4s... 1954 mn
N Y O A W ref g 4s..
June 1992 M s
41
50%
20%
General 4s
1Q55
t*N Y Providence A Boston 481.1942
N Y A Putnam 1st oon gu 4s.
i993
{♦N Y Rys Corp Ine 6s.._Jan ..1965
39
♦Ino 6s assented
...
1965
47%
D
O *102%
86
o
Apr
j~"j
31%
32%
42 s4
1951 mn
88
1947 m n
1951 m N
..1956 MN
52
25
43
64
347g
12%
482
23%
31
80
89
39%
42%
3578
135
321
103
""48
31
81%
66%
16%
"82%
88"
38*4
308
4
31%
38
154
10%
31%
16
56
8
90
99% 101
99% 101%
101%
106
371
101
101
107%
108%
106%
6
'
100%
11965
N Y A Rlchm Gas 1st 6s A
N Y Steam 6s series A
96
a
1965
23%
4034
96%
50%
37%
j
A
107%
108%
106%
106%
84%
2
6
98
4
90
27
107% 108%
108% 110%
106% 106%
106
106%
54
84%
J
77
1937 f
A
65
80
22
41
1
45
80
1940 F
a
60%
67
59
31%
46
67
72%
102%
45%
100
100
Terminal 1st gold 5s
n Y Telep 1st A gen s f
4Mb
N Y Trap Rock 1st 6s
1943 m n
1939 M N
6s stamped
N Y Westch A B 1st ser
1946
1946 J
HMs"IIl946
Nlag Look A O Pow 1st 6S A
Niagara Share(Mo) deb 8Mb
d
84
J
1956 a
j
O
1950 m n
s f 6s_ 1947 M N
1947 M N
Nord Ry ezt sink fund 6M8.....1980 A
I {♦Norfolk South 1st A ref 6s
1961 f
o
A
•Certificates of deDOslt
I {♦Norfolk A South 1st g5S—__11941 m n
N A W Ry 1st oons g 4s
1996 o A
Pocah CA C Joint 4s
North Amer Co deb 5s
1941 J
.—1961
No Am Edison deb 5s ser A. IIZIl957
Deb 6 Ms ser B
Aug 15 1983
Deb 5s ser O
Nov 15 1969
North Cent gen A ref 6s A.
Gen A ref 4 Ms series A
*10034
110%
111%
86
84%
f
d
17%
108
96%
89%
53%
146
17%
18
53%
115%
io684
A
105
m
S
104
F
a
IO384
MN
104
1974 m
5s
s *120
1974 m
85%
19%
108
9734
89%
53%
153
19%
1884
54
117%
107%
106%
104%
104%
105%
158
91%
40%
38%
38
1937 J
General gold 6s
'"§9
14
22
1946
76
199
10
1
90
124
48
2
38
1
60
867*
105%
52
5
16
3
4
54
14%
91%
10
96
110% 111%
...1997 q
2047
j
146
155
16%
15%
1978
51
54
19
115
58
61%
56
56
91
54
101% 105%
98
120
121%
112% 113
65% 66
125
88
85
86%
...
Og A L Cham 1st
65
108
3
100
80
89
105% 106
93
106% 107
.
4s...
1948 J
37%
Ohio Connecting Ry 1st 4s......1943 M
*108%
Ohio Indiana A West 5s
Apr 11938 Q J *100%
Ohio Public Service 7Ms A......1946 A o
113
1st A ref 7s series B
1947 f
page 595.
65
106
gu g
For footnotes see
5
34%
747*
105%
106%
1st A ref 6s ser B
........1941
Northwestern Teleg 4Mb ezt—. 1944
*104
Norweg Hydro-El Nit 5 Ms
1957 MN Z101
A
113%
M N
? A
J D
...1968 J D
1936 f A
F
General 5s series B
Secured 6Ms
1964 MN
1970 a o
Secured gold 5s
Debenture g 4 Ms
...1981 A
General 4Ms series D
Gen mtge 4Mb ser E
Feop Gas LAC 1st cons 6s
1984 J
.1943
a
o
j
o
1947 M S
a o
Refunding gold 5s
Peoria A Eastern 1st oons 4s
•Income 4s
April
Peoria A Pekln Un 1st 5 Ms
105%
106%
17
64%
8434
104%
27
9
35
56%
92
142
34
8
14
49%
60%
59%
60
95%
151%
38%
71
102
....
69"
45*4
~69"
94
69
10234 10234
Pere Marquette 1st ser A 6s
1st 4s series B
1956 J
1st g 4Mb series C
1980
81%
2
102%
250
97
25
106%
19
j
107*
110%
11134
111%
112
119
119%
109
111
116%
99%
105%
100%
106%
118
106%
8
84%
100
55
104
104
78
104
104% 105
10134 103%
93
97%
106%
101*4
100
80%
106% 107"
110% 111
111% 112%
111% 112
118% 119%
109
110*4
65
87*8
11534 118
21
100%
""97
9
15
7
12
117
106%
124
101%
107%
107%
355
*116%
107%
109
182
170
117
""§3
94
88%
13%
106
103%
'ill
92
95
93%
wl
83%
81%
10434
104%
111%
110%
1940
84%
1990 Apr
12
f a
1974
*108%
j
1966 J
101%
1943 MN
106%
154
76
77
180
50%
98%
io884
102%
174
60
10778 108%
104% 107
74% 77
93
98%
393
68%
107
42
64
100
102%
49
61
108
106%
10
101%
"l3
68%
39%
67
19%
Phlla Co
Bee
113%
113%
96%
74
462
75%
08%
94%
96*s
98%
81
66
75%
91%
10O
80
50
99% 100%
105% 106%
99% 101%
105% 107%
105% 107%
115% 116%
106% 109
76
88%
9
4
83%
51
13%
108% 108%
98% 103%
48%
89
95
46
89
96%
9
89""
78
D
J
6s series A
Phlla Elec Co 1st A ret 4 Ms
1st A ref 4s....__....
.1967
f
...1971
1973 j
Phlla A Reading O AI ref 6s
Conv deb 6s
A
J
1949 M
S
1937 J
1943 A
Philippine Ry lstsf4s...
Plllsbury Flour Mills 20-yr 6s
Pirelli Co (Italy) cony 7s
Pitts C C A Bt L 4MB A
Series B 4MB guar..
Series C 4Mb guar.
j
O
1952 win
.1940 A O
108
Series H cons guar 4s
Series I oons 4Mb
1960
f
A
Series J oons guar 4mb
General M 5s series A
1970 j
d
Gen mtge 5s ser B
.1975 a o
J
Gen 4Mb series C
1977 J
Pitts Va A Char 1st 4s guar......1948 MN
283
11
39
50
321
27-%
31%
29%
108%
a69%
399
28%
108
a69%
22
11
3
Pitts Y A Ash 1st 4s ser A
1st gen 6s series B
100%
97%
89%
70
96%
98
96%
108% 108%
99
86%
116
117%
75
117%
117%
108%
118% 118%
115% 117%
85%
119
11534 119
96%
107
108%
94
"73"
83
92%
53
*108%
82
97
*118%
*113%
*107%
f
a
f
A
61%
16
81%
83
M s
82
82
3
37%
J
j
75
78
372
106%
j
J
107%
80%
38%
107%
1950 J
j
Purity Bakeries
1948 j
J
82
87%
18
20
2
28%
25%
109
7
*87
108%
113%
J
80
ii684
10134
""35
636
98%
106%
107%
with warr ..1947 m n
5Ms without warrants........1947 M n
105
107%
a
M
o *105%
113
S
..1948 M S
J
1946 j
J
1953 j
♦Rhine-Westphalia EI Pr 7s.....1950 MN
....1952 m n
♦Cons mtge 6s of 1928....
.1953 F a
♦Direct mtge 6s
o
({♦Richfield OH of Calif 6s
1944 mn
mn
•Certificates of deposit.......
1952 j
108%
107%
33%
2834
32%
32%
32%
99%
42%
A
Rio Grande Juno 1st gu 5s.. ....1939 J
{♦Rio Grande West 1st gold 4s
1939 J
•1st con A coll trust 4s A......1949 a
o
52%
79
107
109
95%
78%
110% 119%
100*4 103
108%
107%
108%
107%
158
2
15
73
176
79
7534
82
96% 99%
106% 108%
106% 107%
1043s 109
106
107%
5
980
9
79%
63
99%
80~~
105%
114%
109%
107%
33%
2884
32%
32%
32%
313
102%
88
106%
*49""
318
47%
788
3
76
2
26%
5
25
4
32%
31*4
31%
31%
1
7
20
19%
99
J *107
.....1955 f
79
88%
59
*32%
45
11
81%
80
80
..1941 mn
5Ms.l964 M N
38%
7784 83
79*4
82
72%
78
107% 107%
6434
82
35% 41%
80
90%
14% 20
13
*100
(♦Debenture gold 6s
..1941 J
Reading Co Jersey Cent coll 4s..l951 a
Gen A ref 4 Ms series A
1997 j
Gen A ref 4 Ms series B
1997 I
109
66
10
41% 1025
86
101
Rlchm Term Ry 1st gu 6s
•Rima Steel 1st s f 7s
70
111% 112%
111
II284
111
112%
83
o
..
.
83
1971 a
conv
75
27
74
Pub Serv El A G 1st A ref 4s
Pure Oil Co s f 4Ms w w
..
102%
100
26%
75
.1977
Purch money 1st M
54
32*4
29%
107% 108%
20%
51*4
1974
RepubT AS 6s*f..........
1940
RepubllolSteel Corp 4Ms ser A.. 1950
108
45%
47
1948
Rensselaer A Saratoga 6s gu.
109
107
45%
26%
83
...1962
deb 5s
108
89%
82~
I960
{♦Radlo-Keith-Orpheum pt pd ctfs
for deb 6s A com stk
(65% pd)..
100
d *106
80
j
{♦Postal Teleg A Cable ooll 5s...1953 J
J
5{♦Pressed Steel Car conv g 6s. ..1933 j
{♦Provldenoe Sec guar deb 4s....1957 mn
♦Providence Term 1st 4s
...1956 m s
s f
116%
111
103*4 105%
78%
1958
Port Arthur Can A Dk 6s A.....1953
1st mtge 6s series B
1953
Port Gen Elec 1st 4 Ms ser O
1960
1st 5s 1935 extended to 1950
Porto Rlean Am Tob conv 6«.._1942
116%
108%
114
110
99
*108%
*116%
113
100%
61%
81
1958 J
•Pitts A W Va 1st 4Mb ser A
1st M 4Mb series B
1st M 4mb series C
♦Rhine-Ruhr Water series 6s
112% 113%
112% 113%
105%
108%
10784
15
45%
*108
1963 F a
*116%
1964 mn
Revere Cop A Brass 6's ser A.
39%
107
111
1942 a
*112%
1942 MN
*112
1945 MN
♦Cons M 6s of 1930 with warr..1955 a
34
108
114%
111% 112%
121% 123
87
126
o *110%
♦Rheinelbe Union sf 7s.
100% 101%
*123
Series D 4s guar
*108
Series E 3 Ms guar gold1949 f 4
d *103%.
Series F 4s guar gold.........1953 J
*108%
Series Q 4s guar
1957 MN
103
108
98%
95%
*111%
*113%
110%
d
104%
MN
109
105%
25
A
1981 J
1967 J
103
100
..
1974 f
1977 j
General g 4Mb series C
General 4mb series D
19%
108
....1941
62
51
444
J *108%
May 1 ..1948 M N
Consol sinking fund 4Ms......1960
General 4mb series A
1966
15
107% 108
96%
9878
88% 90
48% 53%
1938
.
1948
4s ster! stpd dollar
1st 4ma series D
2047
2047
2047
.
Consol gold 4s
85%
107%
106%
75%
97%
107%
101%
101%
2047
O
Pennsylvania P A L 1st 4 Mb
1981 A O
Pennsylvania RR cons g 4s......1943 M N
Rem Rand deb 5Ms
s
94%
148%
38%
S *102%
A *103%
D *99%
D *101%
N 104%
A 102
^ S
95
Penn-Dlxle Cement 1st 6s A
..1941
Pa Ohio A Det 1st A ref 4Ms A..1977 A
4Mb series B.
1981J
84
52
*67
...
28-year 4s
1st gen 5s series C
27
*43
1947 m
69
M
F
J
..1944 J
1962 M
....1963 F
Guar 8 Ms trust ctfs D
Guar 4s ser E trust ctfs..
86
to sale Oct 1933. A
♦A pr 1934 coupons
142
1942
Penn Co gu 3Ms ooll tr A
1937
Guar 3 Ms coll trust ser B
1941
Guar 3Ms trust ctfs C........1942
81
117%
106% 107%
103% 106%
102% 10478
103% 106
s *112%
*67
cpns-.._
..
Phlla Bait A Wash 1st g 4s
General 6s series B
•Non-eony debenture 3Ms... 1947 Wl s
•Non-oony debenture 8Mb....1954 a O
.
58
92%
"52"
95%
*98%
8
9078
41
114
1947 wl
93
8634
56
113%
t*N Y N H A H
90
101% 103%
77
105
1946 win
O
87
63
2000 win ♦104
97%
1978 win
1939 A
7438
109%
59%
109%
104%
104%
N Y A N Eng (Boat
Term) 4s
89
67
519
59
9084
3
103%
94% 229
83% 1460
91%
89%
43
87
.
96%
10378 104%
108% 110%
109
115%
963s
74% 87
80% 9378
64
102
♦1st M s f g 3s loan ctfs.
....1955
Paramount Pictures deb 6s..._ .1955
Pat A Passaic G AE cons 5s.
•Paullsta Ry 1st ref 1 f 7s..
98%
280
A
A
57
...
68%
93
*119%
92
104%
25
..1949
•—
24
25%
5734
a
107
104% 104%
10678 108%
9984 100%
93
84
376
36%
27%
36
so"
103%
222
1944
88
•Certificates of deposit...
Paramount Broadway Corp—
11
'"28
59%
1953
...1978 M s
1935 A o
deb 4s
109
55
25
98%
60%
{♦Park-Lexington 6 Ms ctfs
O
4Ms series B___
100%
98%
104%
17
52
Parmelee Trans deb 6s
1949 f
ser
f g 4 Ms
36
'
17
Nor States Pow 6s
s
35%
33%
63
35
Ref A lmpt 6s series C
Ret A lmpt 6s series D
Nor Ry of CaUf guar g 5s
1956
1952
88%
125
Gen Hen ry A Id g 3s Jan
Ref A lmpt 4mb series A
Ref A lmpt 6s series B
1937
38
105
Nor Ohio Trae A Lt 6s A
North Paolflo prior Hen 4s
......1938
32%
1951
g
1938
.
•2d extended gold 5s
Pacific Tel A Tel 1st 5s...
Ref mtge 5s Series A
35
124
as
Pac RR of Mo 1st ezt g 4s
30
o
100
159
14%
1998 f
1998 f
..1937 A
Apr'33-Oot'33-Apr'34
198
108
38
d
•Stmpd
68%
104%
66
N Y Gas El Lt H A Pow g 5s_... 1948 J
♦Ez
104%
106%
100%
*95%
103%
1083g
*106%
5284
14%
.1938
N Y Edison 1st A ref 6Ms A.....1941
1st Hen A ref 6s series B
..1944
1st Hen A ref 6s series C......1981
N Y A Erie—See Erie RR.
{•North Ohio 1st guar
65
1942
.......1964
14%
81
101% 103%
1946
1st & ref 4s series G
53
94%
10138 103
20
1941
Pacific Coast Co 1st g 6s._
Paolflc Gas A Et gen A ref 6s A
80
33
109
105
65%
55
32
A
77%
1
103
102%
Paris-Orleans RR ezt 6Ms......1968
f
111
40
103
1017.
32*4
33%
MN
109
99%
1963
12%
....
113% 11334
118% 120%
119% 120
1961
14
o
N Y Lack A West 4s ser A
106%
94%
83%
Ore-Wash RR A Nav 4s
15
1968
4-6%
105
99
1
Oslo Gas A EI Wks eztl 6s...
Oils Steel 1st mtge 6s ser A
11
1974 a
♦Norddeutsohe Lloyd 20-yr
4
31
2013 A
1st mortgage 6s.
1st mortgage 6s
n y Susq A West lBt ref 6s
2d gold 4Mb
120
36
...1942 j
Prior Hen 6s series A
Pr. Hen 6s assented
120
35%
con* 6s
1944
Consol 4s series A
1998
Ref A lmpt 4 Ms series A
2013
Ref A lmpt 6s series C........2013
N Y Cent A Hud Rlv M 8MB
1997
♦Cony debenture 6s
•Collateral trust 6s
1
27%
1945
♦Non-cony debenture 4s
♦Cony debenture 8Mb
4
120
35%
32*4
33%
*107%
n Y Cent RR
n-o
111
120
4s.....1946
Ore Short Line 1st cons g 5s
1946
Guar stprt cons 5s
.....1946
26%
33S8
36
High
101*4 101*4
102
102%
1478
1478
111% 112%
2
-
Range
Low
87
10
86
1956
Purchase money gold 4s
N Y Greenwood L
gu g 6s
n y A Harlem gold 8Mb
Low
112%
113%
92*4
1954
1st guar 6s series B
N Y Dock 1st gold 4s
Serial 6% notes
No.
102%
1935
Refunding 6 Ms series A
High
112%
113%
110%
1968
N A c Bdge gen guar 4Mb
1935
101%
_
75
78*4
..1956
♦(8-yr 6% gold notes
♦Deposit receipts for 6s
n Y Connect 1st gu 4Mb A
73
105%
......1954
Ref 4mb series C
66%
§3
102%
Ontario Transmission 1st 5s.....1946
com g
0
Asked
1944
1955
♦1st 5s series C
Debenture 4s
3%
45g
105% 107
100
.1952
First A ref 5s series B
New Orleans Term 1st gu 4s.
{(♦N O Tez A Mez n-o Ino 5s
♦1st 5s series B.
Ref A lmpt 4 Ms ser A
Lake Shore ooll gold 3 Ms
Mloh Cent ooll gold 8mb
N Y Chlo A St L 1st g 4s
2%
120*4
New Orl Great Nor 5s A
1983
NO A NB 1st refAlmpt 4Kb A...1952
•1st 4Mb series D.
•1st 5Ha series A
45
70
122
1986
1960
{New Orl Pub Senr 1st 6s A
4
1
_
65
1952
1961
1st g 4He series B_.
N J Junction RR guar 1st 4s
N J Pow A Light 1st 4 His
19
91
73
73
1954
g 4s
cons
4
107
3%
106%
•Assent cash war rot No 4 on
Nat Steel 1st coll
{♦Old Ben Coal 1st 6s..
Oregon RR A Nav
434'
*438
on..
1%
Since
Jan. 1
&
1933
90
Ontario Power N F 1st 6s... ....1948
on..
Dec. 31
Low
Ohio River RR 1st g 5s.........1936
General gold 6s
1937
1977
July 1
Range or
Friday's
Bid
High
1957
J
>t3
1933 to
«
Friday's
| §3
'Bid & Asked cq <5
Low
Nat R y of Mez pr lien 4 Ms—
New
Jan. 25 1936
New York Bond Record—Continued—Page 5
594
52%
'""5
d
90
90
j
83
8334
43
43%
48
38
1
45
158
IO584 106"%
II284 115%
108*4 110%
107% 109%
33%
34
28% 28*4
32*4 33
32% 32S4
32% 32%
32% 32%
43%
49
42% 4784
106% 10784
52%
52%
70
90
90
60%
24%
79%
83*4
48
37%
Volume 142
New York Bond Record—Concluded—Page 6
Week's
BONDS
Range
N. Y. STOCK EXCHANGE
Week Ended Jan. 24
July 1
A
1933 to
Range
ia
Dec. 31
Since
1935
or
Jan. 1
Friday's
Bid
High
No.
Roch GAE gen M 5 Ha ser O. ..1948 M S
Gen mtge 4 Ha aerlea D
-.1977 M S
105%
II284
105%
12
96
105% 105%
11234
1
86
11234 11284
Union Eleo Lt A Pr (Mo) 5a
Un E L A P (111) 1st g 5 Ha A
Gen mtge 5s aerlea E
..1902 M S
1 {♦RI Ark A Louis 1st 4Ha... -.1934 M S
—1945 A O
108%
109
89*2
7%
90%
108% 109
13
17%
Union Oil of Calif 6s aerlea A
A
O
*32*4
Rut-Canada 1st gu g 4a
J
J
40
Rutland RR lat
J
J
St Joe A Grand laid lat 4a..... -.1947 J
J
♦107
St Joa Ry Lt Ht A Pr lat 5a... —1937 M N
104
Low
16
•Ruhr Chemical
a
f 6s........
con
4Ha.....
21
25
17*2
124
Royal Dutch 4s with warr
120
m —
m —
5
-mm-
7
42*2
35
42
37*4
126
114
32%
18%
—
'
—mm
3334
34
22
42%
42
"_27
107% 107*2
103*2 104%
83%
*80
AO
104%
8784
87
-mm —
1
87
70
04%
mmmm.
----
80
70
87
St Louis Iron Mt A Southern—
MN
♦IRiv A O Dlv lat g 4a
88
75
70*4
*
mmmmmm
7378
4878
.
-
— —
-
11734
10
10412
10934
70
705a
15
1055a
—1978 M
S
1989 MN
{♦St L S W lat 4aTbond ctfa..
♦2a g 4s Ino bond ctfa
J
...Nov 1989 J
18*2
716
261
80
..
8134
61
76%
40
50
8
172
33%
J
32%
35
232
23%
J
J
101
11
..1943 J
J
J
St Paul Un Dep 5s guar
J
J
119
56*2
39%
48*2
28%
35
100*4 101
45
mmmm.
m—mm
21
26
2
22%
105%
67
11
54
92%
105
80
103% 104
104% 105
11778 120
104
,
105
45
1
17%
85
11
90
122
55
120
1947 j
J
10412
235
22%
107%
aer
A
♦Seo. s f 6Ha series C
♦Sink fund deb OHa aer A
O
Utah Lt A Trao 1st A ref 6s__... 1944 A
O
98
...1944 F
A
Utah Power A Light 1st 5a
Utll Power A Light 5 Ha
1947 J
Cona
a
cons g
..1952 J
J
J
M S
...
Sohuloo Co guar 6 Ha
J
J
Stamped
Gnar
a f 6 Ha series B
Stamped
A
94l2
96*2
14
70
109
2
95
1
34
60*8
60%
20%
68
61
59*2
59%
60*2
O
A
♦CertUa of deposit stamped
O
1949 F
28
90
20""
♦3*4
7%
18
4%
1934
0%
10%
20
20
1734
19
10
17
20
16
19%
2
8*2
678
47
426
9
1178
10*2
17%
M 8
20%
89
237
878
1178
9
9%
8%
1034
20%
17
4
—1936 F
A
F
A
Sharon Steel Hoop a f 5 Ha
Shell Pipe Line a ( deb 5a
Shell Union Oil » f deb 5s
MN
MN
4%
103
103%
102*2
85*2
5
55
2
4*8
10312
104%
103%
4
2%
4*s
3%
44
85
103
32
80
103%
43
78%
102%
84*2
5934
42%
86
9
58
61%
3
89
43
2
80
112%
7
8684
257,8
Shlnyetau El Pow lat 0Hs
♦(Siemens A Halake a f 7s
♦Debenture a f 0 Ha
J
D
J
J
M S
261*2
4234
Sierra A San Fran Power 5s
♦Silesia Eleo Corp a f 6Hs
F
A
112
1946 F
A
2934
F
A
24
33
S
78*2
101%
83
M
10134
25
80
176
..
„
Bkelly OH deb 5 Ha
30
—1950 A
O
10484
105%
5a. —1936 F
A
102
102
God cona guar 50-year 5s.... ..1963 A
O
*114*2
J
6
South Bell Tel A Tel lat a f 5s. -1941 J
Southern Colo Power 6s A
..1947 J
..1949 J
J
10678
10434
D
86*8
3
105
19
103%
00*4
46
—1977 M
S
509
65
M
S
92%
84%
94%
Gold 4 Ha
88
449
44
Gold 4%a
MN
84l2
8734
390
43
87%
456
—1981 MN
—1950 A O
83
75
Virginia Midland
8734
3212
3212
9638
987S
193
18
20*8
64
70
150
18
60*4
66
28
59
87
93
107i2
*314
10712
"l3~
~15%
36
3
1073s
10778
89
1055s
70
70
1
50
100i8
1
91
1934 j
j
j
d
1958 A
O
85
4
{Wabash RR 1st gold 5s
♦2d gold 5s
1939 M N
1939 F A
104i2
100i2
93i8
120
66
57*g
48
60
*10034
70
"72"
73*"
38
60
6434
56
89
89
48
12%
30*4
3012
10
11
28*2
33
60
12
30
34
30*2
33*2
29
75
*62
70
1941
89
89
5
{♦Wabash Ry ref A gen 5 Ha A ..1975
♦Certificates of deposit
32
34
29
3034
A
♦
1980 AO
♦Certificates of deposit
Walworth Co 1st M 4s..........1955
29
29
30
"■§4
11*4
29*2
33*2
3
10%
29
*189
31
"30%
33U
84l2
107
1937 MN
106%
J
J *101
.
So Pao RR 1st ref guar 4a
J
J
10134
109
72
106%
13
80%
95
103
251
1st 4s, Stamped
60%
O
7214
82l2
90
1939 m s
8834
9134
349
30
34
43
4812
4914
81
80
46
4812
4
35%
423S
6"
a
{♦Warner-Qulnlan Co deb 0a....1939 M
8
.....1941 M
S
♦Warren Bros Co deb 6s
♦Deposit receipts
2000 F A
Washington Cent 1st gold 4a ....1948 Q M
Warren RR 1st ref gu g 3Hs
1946 F
A
....1946 F
Wash Term 1st gu 3 Ha
1st 40-year guar 4s
*70
107
*10778
J *11034
a f 5a
1939 J
Westchester Ltg 5s stpd gtd ....I960 J D
West Penn Power ser a 5s
1946 M S
77
76
97
79
"941*2
86
105% 107
20
1017t
10
101
j
106
1937 J
J
103%
.....1943 A
O
107i2
1946 M
8
3734
38U
1063s
j"3
112
90%
110
98
97U
107%
104U
108i2
43%
334
01*1
43
100
16
78
272
23
4234
10634
98
mmmm
-
—
99% 103
Devi A gen 6 Ha
Mem Dlv 1st g 5b
St Louis Dlv 1st g 4a
1951 J
D
105
106
170
71*8
30-year
1960 M
8
105
128
72
1953 J
J
32%
106%
33%
14
27
2361 J
J
88
91%
146
66
2361 J
J
85i2
8658
9
107&8
1
57
61
657
28
53
73*2
77*2
78*2
102
71%
78*2
8234
Wheeling A L E Ry 4s
311
35*2
35%
68*2
8234
60
85
91
Wheeling Steel Corp 1st 5 Ha
1st A ref 4Hs series B
*83
83
J
F
A
D
10478
16
J
1st 4 Ha
f {♦Stevens Hotels 6s series A.. —1946 J
D
♦Studebaker Corp conv deb 6a. —1945 J
J
Sunbury A Lewiston 1st 4s
Swift A Co 1st M3%s
J
J
91%
83*2
10
65
76
29
3
104
63%
73
105
134
105*2
1634
6
78
83%
97% 100
57%
65
10478 105%
10478 105%
"¥"
1434
98*2
m
24*4
83*2
—1930 J
M
S
10034
106%
A
O
82%
25
16
12
89*4
IOO84
168
39
3
98*4
10734
112
101%
86*4
120%
104%
52
4
43*4
101%
4
60
99%
110%
103
Registered...
RR
White Sew Mach 6s
Without
Tenn Eleo Pow lat 0s aer A..
..
_.
J
—1951 J
—1944 M S
104*2
98*2
O
110%
F
Term Assn of St L 1st g 4 Hs
1st cons gold 6s
Gen refund a f g 4s
A
116
—1947 J
54%
19%
26%
81%
92
10034 10034
105% 10734
Partlc
s
1949
with
Texas Corp conv deb 5s
Tex A N O con gold 5a
86*4
120
120%
10378 104%
94
warr
Will A S F 1st gold 5s
Wilson A Co 1st M 4sseriea A
10434
315
93%
64
11834
31
82
O
99
100%
69
55
117*2 118*4
98
100*2
1979 A
O
98*2
100
81
D
99
106
9978
106*4
J
-1960 J
..I960 A O
70
J
J
Toho Eleo Power 1st 7a A
117%
m
—
— —
— —
—
—
53%
97
103
54
97
100
12
67
105*2 106%
7134 310
37% 1425
38
71*4
22% 37*2
10034 102
94
95%
9978
M
S
32*2
10134
95
102
18%
313
85%
30
95*4
70%
5734
Tokyo Elec Light Co Ltd—
Tol W V A Ohio 4s
-1953 J
ser
81*4
83%
135
57%
D
101*8
10134
84
97%
conv
0 Hs
O
..
.
-1940 J
1949 M
..1953 J
D
F
a f 7a
-1946 M
mmmm
23
—
"
00
mm —
103
"8
101%
A
S
94
102*4
112%
96
4
21
102*2
*83
87
*80*2
90
97
82
79*2
83%
99% 10134
96%
9834
mm—rn'
"49
96
9734
2234
2478
26
D
23
24%
146
55i2
5834
53
102%
1027s
"99"
60
42*i
"9*9*2
90
1955
101%
102
*107U
108
21
.1949
96
98%
22*4
21*2
26
25%
3*4
2012
1278
""81
27
15
45
13
12
83
45
5834
107
107%
98
9934 102
83
2378
22i2
2
I6434
IO514
*184
1970 a o
10478
105U
71
.
4*4
86
*107
7%
7*g
4*2
4
"151*2 "25*4
15%
25*4
9
15%
14*4
12
66
r
Cash sales not Included In year's range,
year's range,
n
97
—
—— —
35
67%
45%
43%
'4
69%
Impaired by maturity,
63*4
63*4
I6U4
105*4
104
105*4
84*s
9434
85
mm—m
98"%
delivery sale not Included In
I Negotiability
t Accrued Interest payable at exchange rate of $4.8665.
as
being in
bankruptcy, reoeivership, or reorganized under.
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
»
Friday's bid and asked price.
Cash sales in which
no account
♦ Bonds selling flat.
is taken in computing the range, are shown
below
Norddeutsche Lloyd 6s, Jan. 23 at 92.
t
Deferred delivery sales In which no account Is taken in computing the range, are
given below:
Adriatic Elec. 7s, Jan. 20 at
117% 117%
90%
96
102% 103
mm—m
a Deferred
Under-the-rule sale not Included In year's range.
—mm—
101% 101%
101%
J *118%
-1940 M N
♦Tyrol Hydro-Eleo Pow 7Ha.. -1955 M N
•Guar sec a f 7a
101*2
98
S *11834
-1943 MN
Trumbull Steel 1st a 1 6s.
Ujlgawa Eleo Power
97*4
—1942 M S *108
C
Trl-Cont Corp 5s conv deb A
Truax-Traer Coal
D
-1960 J
A
Toronto ham A Buff lBt g 4s
Trenton G A El 1st g 5s
102%
1943 J*j
j
Sheet A Tube 5s...1978 J
1st mtge a f 6a ser B.
e
1st 0s dollar series
J
♦Certificates of deposit
$ Companies reported
Third Ave RR 1st g 5a
Tol A Ohio Cent ref A impt 3
10238
99*2 100*2
D
104
104
107*2 108
45
♦Sup A Dul dlv A term 1st 4a..1936 M N
Youngstown
116%
83
70
...I960
{♦Wis Cent 50-yr 1st gen 4a
♦Certificates of deposit
105% 107%
87*2
95
102% 10434
64%
41
-1904 M 8
Tol St L A W lat 4s
35%
91*2
86%
43%
1938
116
187
J
.
103
J
1935 MN
....1942 J
71
95
.
♦AdJ Ino 5s tax-ex N Y.Jan
32%
85
J
J
♦Ctfs for col A ref cony 7s A
Wllk A East 1st gu g 5s..
98
107%
A
Third Ave Ry 1st ref 4s
O
1940 mn
♦Ctf dep Chase Nat Bank
9934
J
Ha A
107%
{♦Wor A Conn East 1st 4 Ha
J
Gen A ref 6s series B
Gen A ref 5b series D
1953 A
..1936 J
f deb 0s
110% 110%
A
Texas A Pao 1st gold 5a
Gen A ref 5s series C
.
98
108
103% 104
107*2 108*2
37
43%
3534 4234
106
10634
103
105%
10278 103*4
10334 106
104
106*4
81
J
J
2
116
M S
1948 J
-
warrants
99
J
106*2
91*4
—1944 A O
104%
J *102%
-1943 J
74%
1966 M S *108i8
D
3
..I960 F
Texarkana A Ft 8 gu 5 Ha A
Tex Pao-Mo Pao Ter 5
120
D
A
_.
92
106
121*4
106*2
HO
{♦Wlckwlre Spencer St'l 1st 7s ..1935
17
----
ser
1st consol 4s
Winston-Salem 8 B 1st 4a
Tenn Coal Iron A RR gen 5s.
Tenn Copp A Chem deb 0s B
96*4
llY"
123
61
O
J
Tenn Cent 1st 6a A or B
1938
5s
O
*99*8
60*2
10478
..1943 J
25-year gold 5s.....
97%
M S
Island Ry
30
92%
J
{♦Spokane Internat 1st g 5s... —1966 J
07*1
103
74
M S
lBt A ref M 3%8 ser B
81
10278
345
J
S'west Bell Tel 1st A ref 5s
105%
A
97
O
J
"85**1
105
1936 F
95*4
J
A
East Tenn reorg Hen g 5s
Mobile A Ohio coll tr 4a
30
1950 MN
15-year
0Hs
11012
12134
105*4
119*2
106*4
109*2
106
66
28
Funding A real est g 4 Ha
Western Union coll trust 5a
9*5"
94
1063s
j *109
...1946
11034
121
1977 j
...
3412
50
49
98 ig
103U
o
ser A...
9134
41*2
lOOU
1952 a
Assented
86
30
7
10638
1st A ref 6 Ha series A
24
21
7
S
West N Y A Pa 1st g 5s—
90
105l2
D
Western Maryland 1st 4a...
783s
71
123
...I960 J
......1961 j
1963 M
70
73
122
10514
120i2
.....
356
107
*94l2
A
Wash Water Power
Gen gold 4s
{♦Western Pao 1st 5s
7838
♦Westphalia Un El Power 6a
76%
87%
106*4 112
106% 106%
97
Southern Ry 1st 00ns g 5s..
—1994 J
Devi A gen 4s series A..... —1960 A
Deri A gen 0s
A
Staten
42
100
31
31
West Shore 1st 4s guar
„
San Fran Term lat 4s
So Pao of Cal 1st con gu g 5s
So Pao Coast 1st gu g 4s
32
31
.......1955 a
Warner Bros Plot deb 0s
♦5a
28
11
31
*
♦Ref A gen 5s series D
10la
11*4
303s
"29"
...1978 AO
98*2 10034
8434
93*8
673s
673s
45
*70
♦Certifiestee of deposit
1107S 111*2
104
104*2
.84%
1941
♦Certificates of deposit...
"Si"
4
1941 J
89""
55
89
"25
23
91
70
100*8 100*8
89
99i2
"1*5%
107*4 108
65
1113s
.1939
♦Ref A gen 4Hs aeries C
"II"
757f
*77
...1976 F
107*2 107*2
37g
4*8
1*4
105
104
1954 J
♦Ret A gen 6s aerlea B
107*2 107*2
87
1902 MN
Dee Moines Dlr 1st g 4s
Omaha Dlv 1st g 3Hs
Toledo A Chic Dlv g 4a
99
no7s
...1962 M N
1st mtge 4 Ha series B
9784 100*2
3
1930 MN
100l8
J *102
2003 J
1st Hen g term 4a
Det A Chic Ext 1st 5a
65
j
1942 J
1st mtge 4s eer H
77
4"li2
32
60i|
6684
2
107
9214
gen 5a
1st 5s series E
10678 108
102% 105
80%
89*2
87*2
9478
76% 88
"291*2
A
gu 4 Ha
1st seo 5s series G
1
33*8
13
98>4
162
91%
*107i8
Va A Southwest 1st gu 5s
1st cons 5a
102
102%
32i2
9878
100i2
67i2
33*8
.
23
61
Virginia El A Pow 4s ser A.......1955 MN
Va Iron Coal A Coke 1st g 5a ....1949 IM 8
104% 105%
99
310
89%
29%
101% 102
100%
89
27
107%
112
5%
5
103*2
104%
10334
86
61%
43
1127g
30%
39i8
33
"§§"
26
115
6584
1957 MN
25
27
O
f 4s aeries B__
6s debentures
{♦Seaboard All Fla 6a A ctfa.. —1935 A O
103*2 104*2
A
♦{July coupon off
♦Vertlentes Sugar 7a ctfa
4%
6*2
334
4*2
3*2
8*2
9%
-mm-
4*4
678
'
4%
2
678
««««.
56*2
114% 114%
10%
3
19
1834
M 8
♦Certificates of deposit...
{(♦At! A Blrm 1st g 4s
29
3
....
60*2
18*2
*18%
O
mmm———
1
59*2
59*2
60*2
A
A
Oct
{♦Refunding 4a
18
61
mm — —
O
108
109%
10834 109
109
..1989 MN *11478
20
{{♦Seaboard Air Line 1st g 4a.. —1950 A O
19
♦Certificates of deposit
A
96*2
108
...
stamped
89
10884
60*8
5934
60%
56
...1955 F
4a series A
10034
111*4
355g
111
1959 F
Virginia Ry 1st 5a series A
■
D
98
63
97l|
15>4
3
..1941 A
Debenture 5a
Vanadium Corp of Am oony 5a
VandaUa
O *100
d
121
85lg
3512
3212
I
1
..1943 J
10334
Un Steel Works (Burbach)7s
1961 A
{♦Universal Pipe A Rad deb 6s ..1936 j
♦Unterelbe Power A Light 6a....1953 A
♦{Vera Cru* A P 1st
84
24*2
105
D ♦103*4
105
J
1937 J
..
8134
457g
mm —
—
26
18%
17
56*2
•••M—M
112U
35i2
1434
13%
118
....
s *11134
j
33
187
19
48l2
Guaranteed 5s
J ♦101*2
1937 J
con g 4s. —1908 J D ♦103*4
{♦St Paul E Gr Trk 1st 4Hs_. —1947 J J
24%
{•Si Paul A K O Sh L gu 4Hs. ..1941 F A
19%
1934 J
99
15
54%
46*2
St Paul A Dulutb 1st
1944 m
98
10
J
101
U N J RR A Can gen 4a
99
"~~8
♦1st terminal A unifying 5a.. -1952 J
♦Gen A ref g 5a ser A
-1990 J
St Paul City Cable cona 5s
S
34i2
33i8
37
17
1953 M
33l8
10
16
United Drug Co (Del) 5s.
33
117
15
♦Ctfa of deposit stamped
O
33
984
7*4
7*2
♦Con M 4 Ha aerlea A
United Biscuit of Am deb 5s ....1950 A
*33
35
Gold 4 Ha
81
107i2
10334
IO8I4
j
69
-mm-
118
10612
D
19
mm*———
119*4 121
109l|
117
D
D
21
..
73
107*2 109
1063s 108*2
116*2 118
10338 10434
10634 10934
1951 J
1947 j
1734
So Pac ooll 4a (Cent Pao ooll)
1st 4 Ha (Oregon Lines) A
80*a
1951 J
20
cona gu g
90
♦Un Steel Works Corp 0 Ha A
J
South A Nor Ala
109
82
J
Socony-Vacuum OU3Hs
112*8 113*8
108l2
2038
187g
22
8*2
984
BUesian-Am Corp ooll tr 7s
94
14*2
17%
984
106
....
57
1534
185
1878
♦Series B certifies tee
113
75
20%
♦Certificates of deposit...
105
1937 MN *100%
82
♦Prior Hen 5s aerlea B
1014
112i2
139
U S Rubber 1st A ref 5a
17
♦Certificates of deposit
♦lat A cona 0s aerlea A
1
19
121
United S 8 Co 15-year 0s
18*4
♦Adjustment 5a
20
10038
12034
76*8
8U2
{♦Gold 4a
20
7378
4878
J
Scioto V A N E lat gu 4a
10512 107*4
17*4
21
38%
J
mm—m——
..
105
99U
118
...June 2008 m s
1968 j
High
94<a
15
12012
j
Union Pao RR 1st A Id gr 4s ..—1947 j
1st Lien A ref 4a
June 2008 m e
j
Gold 4 Ha
1907 j
Gold 4a
Low
8
107i8
71
-mm-
..
Santa Fe Prea A Phen 1st 5a,
A
Low
10578
67%
—1950 J
{♦St L-San Fran pr Hen 4s A
♦Certificates of deposit...
B A A Ar Pass lat gu g 4a
San Antonio Publ Serv lat 0a
O
1942 P
No.
105
...1947 M N
12-year 4s conv deb
High
Range
10634
52
"43%
Mont ext lat gold 4s
tPaclflo ext gu 4a (large)
J
1945 A
{♦{Union Elev Ry (Ohio) 5a
O
1954 j
30
J
.....
1957 A
45*a
{♦St L Peor A N W lat gu 5s.. ..1948 J
St L Rocky Mt A P 5a stpl... —1955 J
St Paul Minn A Man 5
Jan. 1
Asked
I{♦United Rys St L 1st g 4a
J
J
St Lawr A Adr lat g 5a
2d gold 0s
♦Certificates of deposit...
Since
1935
A
Low
1st Hen A ref 5s
108
1933 to
Dec. 31
Bid
*
High
Low
Low
Week Ended Jan. 24
July 1
Range or
Friday's
STOCK EXCHANGE
Asked
Week's
Sts
iS-S
bonds
N. Y.
A
NO,
595
52J£.
Czechoslovak 8s, series B, Jan. 21 at
100H.
German Rep. 7s, unstamped, Jan. 22 at 32.
Meridionale Elec. 7s, Jan. 21 at
48H.
Norwelgan Hydro Eleo. 5Hs, Jan. 22 at 100H.
Siemans & Halske 7s, Jan. 21 at
60%.
New York Curb Exchange—Weekly and
596
NOTICE—Cash and deferred delivery sales are disregarded In the week's range,
the regular weekly range are shown In a footnote in the week In whloh they occur.
In the following
extensive list
furnish
we
No account Is taken of such sales In
which any
Sales
1933 to
Jan. 1 1936
for
Par Low
Acme Wire v 10 com
Low
6k
30
45
Corp....10
Air In va stors oom
*
3
.......
29
*
5
1,400
•1.
900
1
9
900
k
2k
Jan
112
Jan
17
Jan
Jan
Brown Co
Jan
Brown Fence A Wire B___*
Jan
Brown lorman
Bruck Silk Mills Ltd
Am dep rets ord
Jan
47
2%
27%
Jan
3%
Jan
Jan
30%
Jan
Buckeye Pipe Line
'*16
Jan
Jan
Buff Nlag A East Pr pref 25
1
40
175
30
37k
Jan
40
Jan
Ala Power %7 pref.......*
74
77
370
26
71
Jan
77
Jan
Allied Internatl Invest
2%
%
21
Aluminum Co oommon...'
96
13,900
500
2%
Aluminum
Goods
Aluminum Ind
Jan
500
»
%
Jan
Aluminum Ltd oom......1
Jan
Warrants
2k
Jan
1,600
700
100
.
2k
Jan
6%
1%
31%
88 preferred
*
85.50 prior pref
47%
]
5%
Amer Cynamld olass A.. 10
33%
10
Amer Fork A Hoe Co com »
A Foreign Pow warr.
Amer Qas A Eleo oom
*
Amer
Preferred
*
"3%
3k
21%
4%
108
110
1
$2.50 preferred
1
39
Corp 10c
Jan
91%
Preferred
•
51%
*
Wupperman__l
Jan
Jan
Jan
2k
3k
Jan
2k
16k
Jan
19k
Jan
77k
Jan
4k
916
Jan
7
Jan
Jan
ik
non-voting
Canadian
Jan
27
Jan
31k
Maroonl
1
Jan
89
25c
31%
Jan
8k
29%
Jan
47?*
Convertible class A
Class B
Jan
1
200
Jan
116
3%
400
15K
1,200
9,900
ik
16k
57%
31%
35%
Jan
Jan
Jan
Jan
116
«.*
56 preferred
carrier
Corporation....
Castle (A M) A Co
10
Catalln Corp of Amer
1
Celanese Corp
94%
54%
4%
4%
100
21k
Jan
86
86
11H
12%
10,000
"l0% "11%
30",400
115K
115K 115K
875
81
75
76
46
20
Jan
42
Jan
Jan
11%
Jan
110
Jan
116%
Jan
112
Jan
116
Jan
3k
1%
1%
2%
2%
Jan
%
6% pref without warr 100
7% preferred
100
19%
30%
Jan
18
Jan
C ntrlfugal
916
Jan
Jan
v
Jan
Jan
Cbesebrough Mfg
25
Chicago Flexible Shaft Co 5
1%
30
2%
Con v preferred
100
Conv pref od ser '29..100
Pipe...
•
harts Corporation..
l
Jan
Chicago Rivet A Maoh..*
Jan
3%
Jan
Jan
39K
Jan
94%
54%
Jan
Jan
Cbllds Co pref
100
Chief Consol Mining Co..l
Cities Service oom
•
Jan
Jan
42
10
44 %
Jan
Jan
*
17K
45%
17k
2K
12%
17
29 %
14
2%
Jan
•
preferred
Jan
Jan
Jan
Jan
Jan
10k
4k
t e...*
Jan
Jan
18
Jan
87%
1b
West Utll.l
Jan
93
Jan
98
Cent A South
Jan
Jan
85
98
Jan
19K
86
27
10
775
100
4K
11K
1%
2%
4%
5%
%
7,400
1,300
2%
11
26
106
9k
Jan
16k
Jan
16 k
40
Jan
53k
Jan
10
,
12k
40
92
Jan
98
Jan
1,400
8
15
Jan
250
11
44
Jan
17k
46%
Jan
Jan
ik
2,200
26,400
2
Jan
ik
k
Jan
Jan
2%
Jan
26
37
40%
1
1,100.
625
18k
Jan
26
2
31k
Jan
42
ik
25
20
Jan
33
Jan
Jan
25%
Jan
5%
19%
120
""loo
K
6
5,100
3k
22
4,600
0
19k
5k
17k
121
24%
300
I0S
117k
25%
•
"24"
51%
46%
Jan
6
Jan
Jan
22
Jan
Jan
121
Jan
7
~25%
"""600
4k
24
57%
1,690
2,300
6k
34%
Jan
k
k
Jan
4% 17^,200
3,000
49%
K
6k
%
3%
Jan
Jan
Jan
Jan
Jan
25%
57 k
%
4%
Jan
50%
Jan
4
Jan
5%
Jan
3
41k
Jan
Jan
Jan
Jan
5%
Jan
Jan
5
•
44
44
10
6
42
Jan
45
Jan
Cities Serv P A L 57 pre!.*
49
49
50
Jan
Jan
47
250
7k
6k
42%
46
45
Jan
City Auto Stamping
•
City A Suburban Homes 10
14%
16%
8
11
Jan
13,
50
13
Preferred BB
56 preferred
%
Jan
2
Jan
H
3%
3%
7%
Jan
5%
Jan
Claude Neon Lights Ino..l
Cleve Elec Ilium oom
•
Jan
6%
Jan
Cleveland Tractor oom...*
Jan
8%
Jan
Cllnchfleld Coal 10m
10
7%
8%
7,400
IK
Arkansas P A L 57 pref..*
93%
9%
96
160
26%
10
400
ik
K
90
9k
£i
10%
11%
600
j
1%
3,200
15,400
K
6%
1%
1%
7%
96
Jan
Club Alum Utensil Co...*
Jan
10k
Jan
Colon Oil Corp oom
•
Colt's Patent Fire Arms.25
Columbia Gas A Eleo—
2,200
ik
'l 6
332
40,900
*64
10k
Columbia Oil A Gas vie.. •
Jan
11%
Jan
Jan
Jan
Jan
1%
1%
7%
Jan
Columbia Pictures new...*
Commonwealth Edison.100
Jan
332
Jan
Class A
)
<5 preferred
...»
1%
Option warrants
V t c common
*
Telep 51.50 pre?... •
Atlantic Coast Fisheries..*
26%
2
25%
13%
*
"13"
53 preference A
'
52
3%
Jan
Jan
5% pref
106
Warrants
Como Mines
1
25
13
25%
Jan
25%
Jan
1
3,200
2
13k
Jan
16%
Jan
Oom do Shoe Machinery
Consolidated Alroraft
1%
11%
J
16%
34
Jan
35%
Jan
14%
26~900
7H
1,700
4
18,700
IK
Jan
14%
Jan
Merchandising pref....*
Jan
55
Jan
3k
Jan
4
Jan
Consol Copper Mines
5
Consol G E LAP Bait oom »
13
51
85
53
2,000
2%
7k
Jan
11
Jan
IK
iok
Jan
12k
Jan
5% pref A
53%
53%
60
43 K
50
Jan
54%
Jan
70%
74%
1%
1,250
18 %
70
Jan
75%
Jan
8% preferred w W...100
Consol Royalty OH
i>
Cont G A E 7% prior of 100
Jan
1%
Jan
Continental Oil of Mex
400
n"
Baumann(L) ACo7 % pfdlOO
"2% "3" T.800
IK
ik
2k
Jan
3
Jan
146
Jan
148
Jan
11109 K
121
Jan
121
Jan
200
ik
4
Jan
100
IK
12
Jan
4k
14
Jan
Telfrf Pa 6K% pf.100
58 opt oo nv pref
Blumenthal (8) A Co
Boback (H Oi Co com
*
7% 1st pref.
100
Botany Consol Mills com.*
Bourjols Ino
2,500
18%
23%
3%
48%
3%
48%
5,100
19%
8
1,100
Borne Scrymser Co
25
Bower Roller Bearing....5
13%
23%
Bridgeport Machine....
Brill Cap class B
35%
Jan
21%
Jan
14%
35%
25%
13%
Jan
23%
Jan
3%
44%
Jan
4
Jan
Jan
53
Jan
Jan
19%
Jan
28 %
100
2
16%
Jan
Jan
Securities...»
Cooper Bessemer oom
•
9%
14
5%
14
25%
12%
14%
Preferred
112
8
725
516
ik
Jan
Jan
13
Jan
Jan
Jan
Jan
Jan
k
18
Jan
Jan
Am
6
15k
Jan
19k
Jan
62c
46k
4%
4%
200
90
90
Jan
Croft Brewing Co
1
Jan
5%
14%
Jan
Crowley Milner A Co
3%
2,000
1
94%
350
29
%
100
"li% "14%
Cent
6
Petroleum..]
7%
9%
Jan
12%
Jan
Crown Cork Internatl A.
H
13%
1%
Jan
Jan
Crown Drug Co com__.25c
Preferred
25
800
K
23
3
Jan
Jan
Jan
Jan
•
Cuban Tobacco oom vtc_*
Cuneo Press oom
•
29
Jan
36%
Jan
7%
27%
Jan
7%
Jan
Jan
27%
Jan
5%
39
7%
7
6%% preferred
100
600
12 K
16%
Jan
21%
Jan
Darby Petroleum
•
21%
21%
100
14K
21%
Jan
22%
Jan
Davenport Hosiery Mills.*
De Havilland Aircraft Co-
Am dep rets ord bearerfi
29%
29%
200
24%
28
Jan
29%
Jan
Am
29%
30
400
24%
29%
Jan
30
Jan
Tobacco—
Jan
Jan
Jan
113
Jan
Jan
5
Jan
Jan
90
Jan
Jan
3%
94%
Jan
4k
90
2k
Jan
88
Jan
Jan
%
Jan
1
Jan
6%
Jan
7
Jan
2k
9%
Jan
14k
Jan
Jan
39
Jan
1,900
12
100
3
6k
Jan
7k
Jan
2
4k
Jan
7k
Jan
1
5k
Jan
6k
Jan
Jan
Jan
8,700
•
34
5%
1,500
"4:666
K
K
10
65
ik
6k
Jan
65k
2k
Jan
10k
Jan
14k
Jan
15
Jan
6
25%
Jan
29 k
Jan
32
12%
13,.
J16
14
15,e
120%
19%
Jan
Jan
28%
Jan
9k
Jan
14%
Jan
%
Jan
1
Jan
Jan
com...o
Am Dep Rets ord reg £1
Dennlson Mfg 7% pref. 100
13,700
8
122
Jan
2k
12
4%
2
14%
5%
24:800
K
1%
Jan
2%
Jan
3,800
6k
11k
4%
Jan
14%
Jan
Jan
5%
23
1%
Jan
23
Jan
7
Jan
6,800
"""400
Cusl Mexican Mining..50c
6H
k
6%
88%
Jan
k
Io:6o6
100
5,200
14%
1%
3%
Jan
Jan
2
%
*
3%
12 k
10
3
93
3K
k
Jan
3
k
8,200
Crooker Wheeler Eleo....*
Crown
%
5k
84
113
91
5K
Jan
K
*16
800
54:500
%
Jan
"7% "7% ""306
Jan
32,200
12,300
Jan
26%
Jan
14
"25% ~28%
25
Preferred
CreokPetroleum
Jan
ik
Jan
700
Crane Co oom
23%
Jan
Jan
11k
15
29%
Jan
5K
"
ik
8
14%
25^
Jan
6
Jan
Ltd—
8
100
ik
ik
1,300
dep rots ord reg..£i
Courtaulds
3
2,700
6.000
80
29,600
900
50
K
k
4,200
8%
20%
Jan
7%
Jan
500
601.
97
k
100
Jan
1%
page
30 k
27,600
•
7
1%
£i
18
1%
1%
12%
19%
45
"l~% "1%
]
56 preferred A—..
Cosden OH oom
20%
reg
2,000
%
Jan
1,900
6%
•
Registered
Jan
Jan
102 k
Jan
10,300
/>
Corroon A Reynolds—
Common
100
Class A
Brit Amer Oil coup
Jan
ik
73
%
%
7H
43
•
•
93
5%
•
Copper Range Co..
Cord Corp
%
5%
13%
100
oom
Jan
Jan
40%
88%
36%
22 K
7% preferred
3k
Jan
k
%
5%
•
53 pref A
5
300
•
Class A.
Jan
4K
"""% ""% """166
5%
Jan
ik
42%
*
87%
1
38
7%
•
BrasllllanTr Lt A Pow..."
14
1
•
21,600
17%
]
24%
Jan
Jan
23
23%
4%
lK
Blokfords Ino oom
com
Jan
51k
32
1,450
13,200
Continental
'04H
Bell Tel of Canada...... 1 or
52.50 conv prefBlack A Decker Mfg Co..*
Bliss (E W) A Co com....*
14 k
Jan
115
t
10
14
Jan
Jan
2%
k
IS
100
Baboook A Wilcox Co
*
Baldwin Locomotive warr
14
52 k
12%
k
6,500
19,450
Consol Mln A Smelt Ltd.*.
Consol Retail Stores
_„*
Jan
Jan
Consolidated Automatlo
25%
4%
716
16%
1%
Jan
2,300
4%
~3"300
30
108
106
2%
10%
•
1%
45
Jan
12%
Benson A Hedges oom
Conv pref
1%
73
102%
1%
1
300
9%
1
98
45
Community P A L 56 pre? *
Community Water Serv..*
10%
com
"16
~
Jan
•
1%
1%
62%
Jan
Tobacco-
oommon
""2% "3%
%
Mach.*
Atlas Plywood Corp
3,000
21k
ik
Jan
Jan
ik
30%
2%
'14%
300
1516
Jan
k
49 %
■m
13%
Jan
8%
18
Atlas Corp common
~~3~666
52 K
316
Jan
%
600
28
Atlantlo Coast Line Co..6(
Warrants
5k
'32
3%
3
k
26k
ik
500
%
»
Associated Rayon oom
1
%
Assoc Laundries of Amer.*
Associates Investment Co *
1
13,200
49%
47%
16%
3%
Commonwealth A Southern
Conv
Assoc Gas A Eleo—
H
k
100
100
Jan
Industries
Common
....*
k
6%
Amer deposit rots
5
Jan
4%
6
18k
2k
Jan
Jan
Jan
•
107
4,800
18,100
57,600
Art Metal Works oom
Jan
•
Jan
67K
1%
Preferred
4%
Preferred
104 %
90
107
18k
ik
4k
Jan
3K
5%
see
Jan
53%
82
8
18k
47
CentPAL7% pref
24
7%
4,500
18k
57 dlv preferred
Jan
35
44
1,100
6k
v
39
%
21%
700
Cent Hud G A E
Jan
11
Jan
19%
16K
Jan
Jan
108
38 %
150
4k
15
Jan
Jan
64,900
2,200
Jan
113
40 k
111
30 k
24 %
3k
7% 1st partlc pref...100
Jan
30
%
ik
7% prior preferred...100
Celluloid Corp oom.....15
Jan
1,300
5%
400
Jan
4k
39%
7,475
3%
Jan
3k
24
11%
39%
IK 101,400
Jan
of America
Jan
Jan
8%
6
88
....*
Jan
7k
16
8,100
Jan
3%
4%
37%
7
4
6,500
*
19
6,100
100
2%
3k
Carolina P A L 57 pref.._
Jan
7
73k
98
2
2k
16
Jan
12 k
—
100
Carman A Co—
Jan
86 %
1%
dep rets ord
Jan
10
2
4%
For footnotes
25
ik
ik
Jan
75
1
Amer
Jan
Jan
Arkansas Nat Gas oom_._*
Common class A
•
Aroturus Radio Tube
British
24%
10k
B
Jan
Jan
•
com
Appalachian El Pow pref.*
Brlllo Mfg Co
Jan
16 K
11k
4k
Jan
•
Arch or Post Fence
Corp
716
5%
Preferred B
Amer Thread Co pref. ...5
Amsterdam Trading.
American shares
Blue Ridge
Jan
Jan
Jan
5%
3%
3
•
Bell
Jan
5%
Jan
%
~24~
1st preferred
Bellanca Aircraft
Jan
S16
VA
9k
Amer Pneumatic Service.*
Class A
ik
4H
30
Axton-Flsber
Jan
6%
250
Automatlo-Voting
ik
1,000
18
Assoc
"16
5,600
100
Eleo
1,300
10
7,900
Associated
1%
10
30
Apex Elec Mfg Co
Jan
1%
10
30
Angostura
"16
Canadian Indus Alcohol A
25
Am Superpower Corp com *
Jan
Jan
Jan
an
Amer Potash A Chemical.*
Jan
k
91
7%
,316
23%
2%
8%
7k
Jan
3k
10%
»
Jan
K
87
500
1
2k
6,700
1,700
24%
400
100
IK
%
Calamba Sugar Estate-.20
38
Amer Meter Co
Jan
300
8%
Jan
20%
Amer Maraoaibo Co
%
%
54
19%
17%
17%
Jan
Jan
Jan
11%
18%
%
300
%
2%
45
35
preferred
Amer Mfg Co com
Jan
Ke
Jan
400
Amer Laundry Mach
6%
2k
1,500
Amer Hard Rubber com.60
an
Jan
716
Cent States Eleo com
Amer L A Tr com
Jan
3,175
5%
24%
11k
39
82 preferred
9%
35%
American Genera]
51k
ik
%
300
39%
26
52%
68 k
5%
45%
10,900
20%
4%
38%
Jan
Amer dep rots pref shs £1
k
—
48
Jan
23k
—
Jan
103
16K
Jan
200
'
Jan
66
200
Cables A Wireless Ltd—
Jan
102%
116%
Jan
Jan
4,400
------
— —
Jan
200
13%
9K
.....
mm
25k
104 %
Jan
15%
k
100
34%
Jan
Jan
Jan
1,100
--
---
Amer Dlst Tel N J oom__*
7% Conv preferred-.100
Amer Eauitles Co oom
1
47%
6%
24%
Jan
46
25
1,300
2k
8
Cable Eleo Prod v 10.....*
Carnation Co com
n-v
25
24%
103% 104 %
52
52%
57
68%
49
9k
1
*
Class B
Class B
10
Butler Brothers..
Jan
Jan
Am Cities Pow A Lt—
Class A
Jan
15k
1
600
ik
31k
Jan
39 %
Am dep rets A ord shs. £1
Am dep rets B ord shs £1
41
7
7k
14 K
600
49
17
.....
10c
Common olass B
46%
87
10c
Jan
-17H
k
2k
Burma Corn Am dep rets.
Carlb Syndicate
oom
Jan
6k
20
22%
21
Amer Capital-
Class A
31k
6
'*
700
3k
Jan
Jan
8
100
--
3k
American Beverage com. I
American Book Co
100
Jan
87
54
400
Jan
109
3k
99m
54
Jan
15k
26
500
$3 conv pref
82
50
28
Jan
Burcolnc com
52
*
6% preferred
Jan
%
64
111k
15m 15k
U%
11%
Mfg..*
com
22
110
100
preference
69 %
Jan
------
Allied Mills Ino
Allied Products cl A com 25
Jan
"
mmmmm
Alliance Investment com.*
*
%
%
%
«
Jan
Jan
12k
29k
K
551st preferred
»i«
6k
2,300
%
*
50
3%
IK
200
7%
Jan
28
2K
*
'16
'16
316
80
%
k
3%
5K
""650
30 %
30
7K
Distillery .1
Bulova Watch 53K pref..*
Bunker Hill A SuUlvan._10
26
68 k
66
•
preferred
High
Low
2
21K
13%
"l3"
100
Jan
AlabamaGt Southern...60
Algoma Consol Corp oom. *
7% preferred
*
Low
300
3%
reg-.lOs
0% pref..
3k
14%
Vs
38%
Warrants
Jan. 1 1936
British Col Power cl A.._*
Jan
Range Since
1935
Shares
High
1933 to
British Ceisnese Ltd—
11k
44%
8
700
K
*
Par Low
46
Jan
Jan
15
3,500
900
"■■■■
High
Jan
44
66k x!10%
3k
15k
45%
3%
30%
12k
1
A Ins worth Mfg
Conv pref
Low
800
{Continued)
5
3
•
Agfa Ansoo Corp oom
Shares
46
110% 111%
Adams Minis 7% 1st pf 100
Aero Supply Mfg ol A....*
B
High
44
20
of Prices
Dec. 31
Week
STOCKS
1935
1
Sales
for
Week's Rang
Range Since
Dec. 31
Week
of Prices
STOCKS
July
1
July
6%
Exchange for
It is compiled entirely
security, whether stock or bond, in
dealings occurred during the week covered:
Week's Range
86
o1
computing the range for the year.
complete record of the transactions on the New York Curb
daily reports of the Curb Exchange itself, and is intended to include every
from the
and when selling outside
Saturday last (Jan. 18 1936) and ending the'present Friday (Jan. 24 1936).
the week beginning on
Class
a
25 1936
Yearly Record
unless they are the only transactions of the week,
39%
....
39%
100
4k
Jan
15k
37k
106k
Jan
1
Jan
a:9
Jan
11
Jan
62
Jan
64
Jan
69 K
.....
"14:766
9%
10%
900
Jan
1K
»i«
4
Jan
40 k
108
ik
Jan
Jan
Jan
8
4
57 k
Volume 142
Week's Range
Week's Range
Range Since
of Prices
Jan. 1 1936
STOCKS
STOCKS
(Continued.)
Par Low
Detroit Gray Iron Fdy_..6
Derby Oil A Ref Corp com*
Preferred
High
10 33
333
♦
Dictograph Products
2
Dietllled Liquors Corp.. 6
6 33
6%
11 33
12%
Distillers Co Ltd—
24
24
29
Amer deposit rots ...£1
Doehler Die Casting
•
Dominion steel & Goal B25
32 %
__
Dominion Textile Ltd com*
Dougals (W L) Shoe Co—
1,700
1,900
•
1,600
.1
19,600
1,100
26
44,400
Heyden
*
700
10
Helena Rubensteln
400
....
Chemical
Hud Bay Mln A Smelt
•
71
Humble Oil A Ref
•
7% preferred
2
2%
75%
73
Durham HoMery class B__»
Durham Duplex Razor—
6%
8%
9%
•
6%
4 34% prior preferred .100
74
61%
8%
77%
East Gas A Fuel Assoo—
100
65
1%
25%
27
7%
18 preferred series B._.*
17 preferred series A...*
"B".*
Economy Grocery Stores.*
£1
-
-
8%
Ind'polls P A L 6 33 % pflOO
36
3
16%
4
17%
*
68
69
18
•
76
78
1033
833
24
2%
1033
1
•
Option warrants
Class B
•
Industrial Flnanoe—
V10 common
7% preferred
100
Insurance Co of N Amer. 10
International Cigar Mach *
3033
Internat Holding A Inv..*
2%
Internet Hydro-Eleo—
7%
Intl Metal Indus A..
*
internat
1
Pref S3 50
1
2" eonv pref w w
*
6%
93
1
833
Electric Shareholding—
Common
in
Non-voting class A....*
15 preferred
(ties Power Assoe oom_._i
Britain and Ireland...£i
Ind'ana Pipe Line
Indian Ter Ilium oil—
-
36
Elec P A L 2d pref A
Industries
Imperlcal Tobacco of Great
Elsler Eleotrlc Corp
•
Elec Bond A Share oom...6
preferred
Chem
Amer deposit rots
Imperial Oil (Can) ooup..*
Registered
*
1%
2933
28
Edlsou Bros Stores oom..*
Class A
•
100
Imperial Tob of Canada.5
6
East States Pow com B__*
Easy Washing Mach
preferred
Illuminating Shares cl A..*
Imperial
Eastern Malleable Iron
1
7% pref stamped
100
Hydro Eleotrlo Securities _•
Illinois P A L 28 prei...
...»
Eagle Pleher Lead New .10
preferred
Huylers of Delaware Ino—
Hygrade Food Prod
6
Hygrade Sylvanla Corp..*
*
Common
100
Common
—
Dublller Condenser Corp. 1
Dulre Power Co
10
Texas Sulphur
»
22
—
100
24 prior pref w w
Hollinger Consol G M...6
Holophane Co com
.*
Holt (Henry) A Co cl A..*
Hormel (Geo A) A Co...*
97%
10
7% preferred
*
22
•
Driver Harris Co
96
Elec Shovel Coal $4 pref..*
series......50
Mining Corp
Warrants
International
1
15
16
Elgin Nat Watch Co...15
31
3133
Empire District El 8%-10Q
Empire Gas A Fuel Co—
46
46
International Products.. •
6% pref
..100
5033
5233
Internati Safety Razor B_*
Internat'I Utility-
51
58
Class A
Class B
^lectrographlc
8% preferred
6 33 %
orp com
i
....100
—
preferred
...
100
7% preferred
100
8%
100
54
5833
Empire Power Part Stk..*
21
Emsco Derrick A Equip..6
1733
2%
41%
2133
1833
preferred
Equity Corp eom
Eureka
10o
Pipe Line
50
European Electric Corp—
Option warrants
Evans Wallower Lead
%
%
100
Ex-eell-o Air A Tool
8
Falrohlld Aviation
%
1033
7
l
FaJardo Sugar Co
2%
42
933
20%
•
7% preferred
...20
%
22%
933
148
150
l
4%
5%
Fanny Farmer Candy
1
14%
14%
Fansteel Metallurgical...*
Fedders Mfg Co com
•
15
31
15
terro Enamel Corp oom..*
31%
3133
Flat Amer dep recta
32%
.....
Fldelio Brewery
l
Film Inspection Mach
*
53
Fire Association (Phlla.) 10
First
National
Storee—
7% 1st preferred
100
16
5933
3733
5633
Florida P A L S7 pref
Ford Motor Co Ltd —
•
dep rots ord reg.fl
Ford Motor of Can el A..*
Class B
•
8%
2433
2733
733
Conv
Italian
v t c._10
l
Superpower A....*
Warrants
Jersey Central P A L—
preferred
6% preferred
100
7%
100
100
preferred
Jonas A Naumburg ..2.60
Jones A Laughlln Steel. 100
Kansas City Pub Service—
V t c pref A
»
Kansas G A E 7% pref. 100
100
6% preferred D
Klrby Petroleum
...
.1
Kirk land Lake Q M Ltd..'
3933
Klein (Emll)
Klelnert Rubber
58
833
•
........
...io
Knott Corp com
Kolster Brandes Ltd
1
Ifl
25%
Koppers Gas A CokeCo—
2733
6% preferred
100
Kress (Sh) A Co pref.. 100
100
Kreuger Brewing
j
Lackawanna RR of N J100
Lake Shore Mines Ltd
I
Fort Worth Stk Yds Co..*
eroedtert Grain A
Iron Fireman Mfg
Irving Air Chute
60
Motor of France—
Amarloan dep rets
1
Warrants..
Interstate Hoe Mills
•
Interstate Power 27 pref.*
Investors Royalty com. .25
Iron Cap Copper com
10
7% pref B
100
•
Ford
114
633
Fllntokote Co el A
Am
114
Registered
Kingsbury Breweries.... 1
Kings County Lighting
81
1
preferred
%
81
Petroleum.*
633%
Falstaff Brewing
Flsk Rubber Corp
Malt—
16
1633
preferred
16
General Alloys Co
•
233
333
Am dep rots ord reg..£l
1933
20
1733
Lakey Foundry A
Mach.Il
Langendorf United Bak—
Gen
Eleotrlc
Co
•
15
*
20
1%
Gen
28
conv
pref B
1
Investment oom
conv
pref olaas B
•
%
Loblaw Groceterias cl A
80
80
•
70
79
2%
1333
4833
Lockheed Air
88%
Common
*
I33
12 %
47
General Tire A Rubber..26
7633
6% preferred A
100
Georgia Power 26 pref...*
97
Genera] Telephone com.20
$3 convertible pref
Class
10133
8633
8633
(A C) oom
•
Preferred
6
.
*
»
Corp
1
Lone Star Gas Corp.....*
Long Island Ltg—
•
7% preferred
100
Pref class B
100
Loudon Packing new
*
Louisiana Land A Explor.l
Lucky Tiger Comb Q M 10
Lynch Corp com
...6
.._*
Coal
.
B
733
*
25 preferred
4 Men
•
6% pref with warr..lOO
Lion OH Development...*
Lit Brothers
...»
6%pflOO
pref
Gen Rayon Co A stock..*
Gilbert
•
Develop...25
1%
%
Gen Pub Serv 18
1
...»
Lehigh Coal A Nav
Lerner Stores oommon
20
.....
Warrants
Gen Outdoor Adv
...»
Preferred
Leonard Oil
Gen Gas A Elec—
S6
Class A
Lefoourt Realty oom
Ltd—
Gen Fireprooflngoom
•
15%
1633
Globe Underwriters new. 2.
2 33
2%
class A.*
2533
2933
•
933
1133
oldfleld Consol Mines. 10
33
33
3i6
Marconi Internat Marine-
33
American dep receipts.£1
Glen
G
uchaux Sugars
Class B
Gold Seal Electrical
1
|S preferred
vt
0
.....*
233
22
233
22
Mfg Go¬
agreement extended
Grand Rapids Varnish._.*
Gray Telep Pay Station..*
1833
11%
25%
2033
12%
30%
Great Atl A Pao Tea—
•
126 % 12833
1st preferred ....100
12633 127%
2733 29
Non-vot com stook
7%
Gt Northern Paper.....25
Greenfield Tap A Die
*
Grocery Stores Prod v 1025
Guardian
•
%
87%
90
84%
...*
Gypsum Lime A Alabast.*
—*
see
Massey-Harrls oom
•
•
•
1
Masonite Corp com......*
Mass Utll Assoo vtc
1
McCord Rad
A
Mfg B._*
McWilllams Dredging..
•
Mead Johnson A Co.
*
7% preferred
Merchants A Mfg cl A
100
1
Merrltt Chapman A Soott *
633% A pref erred... 100
Meeabl Iron Co
633
7
•
Mexico-Ohio
•
Oil
Michigan Gas A Oil......*
Michigan Sugar Co.....*
Handley Page Ltd—
Am dep rets pref...8sh.
Hartford Electric Llght.25
*
Mercantile Stores eom...*
%
25.50 preferred
Margay Oil Corp
Marlon Steam Shovel..
Maryland
Casualty
Memphis Nat Gas oom..5
80%
90
84%
•
100
33
33
1
Investors
Gulf States Utll 26 pref..*
For footnotes
633% pref w w
Mapes Consol Mfg..
933
8
Gulf Oil Corp of Penna..26
Hall Lamp Co
Mangel Stores Corp
Mayflower Associates
Gorham Ino class A oom.*
Gorham
Jan. 1 1936
Shares
Par
Horn AHardart
DaperCorp
Range Since
for
Hartman Tobacco Co
Harvard Brewing Co
05%
70
100
Do* CUeuiical
8%
Shares
Hires (C E) Cool A
7% preferred
Sales
Week
Hazel tine Corp
Heola Mining Co
933
3
Diamond Shoe Corp
Duvai
of Prices
(Continued)
----.
page 601.
Preferred
10
=sr
New York Curb Exchange—Continued—Page 3
598
July
1
July
Week's Range
Sales
1933 to
Range Since
of Prices
for
Dec. 31
Jan. 1 1936
Week
1935
Shares
Low
STOCKS
(Continued)
Par Low
High
(Continued)
Low
Par Low
High
Philadelphia Co com.....*
3,600
1
4%
134
3,600
8
>
3
*
64,500
*16
34
Jan
334
600
K
34
234
234
Jan
4.H-
Glass B v t e
•
:
Middle West Utll com...*
$6 conv pref serAww..*
Certificates of dep—*
3
Jan
"is
454
134
Jan
Jan
Jan
*
12 K
*
19%
12 K
20
Mldvale
*
S3 oonv pref
45
2454
9134
1034
Jan
1254
Jan
Pines Winterfront Co
434
19
Jan
Jan
Pioneer Gold Mines Ltd—1
1834
45
Jan
Jan
Pltney-Bowes
7%
22
Jan
2034
4534
2454
9134
Jan
9134
Jan
86
Montgomery Ward A—
Montreal Lt Ht A PoW—
90
64
,
68
10
*
11%
144 K 149
Jan
Pittsburgh Forgings
1
Pittsburgh A Lake Erie.50
»•
20
8834
""266
109
634
425
Jan
111
Jan
1534
81
1734
Jan
Jan
Jan
90
Jan
4134
Jan
70
Jan
Pleasant Valley Wine Co.l
10
Jan
1154
Jan
Pond Creek Pocahotas
130
9
56
142
Jan
149
Jan
Potrero Sugar oom
3134
3534
Jan
33
Jan
Jan
3854
Jan
Power
12
28
Jan
28
Jan
Pratt
100
90
1,100
3534
37
100
American Shares
134
1
Mountain Producers
10
6
M ountaln Sts Tel A Tel 100
143
it,
Mueller Brass Co com
5,500
*
14334
30
28}*
15134
4,600
2634
200
3134
51%
100
Jan
Jan
2854
15134
51%
Jan
Prudential Investors
1334
134
Jan
'""234 ~~2%
45
4534
Jan
Jan
1st preferred
100
Jan
Pub Serv of mdlan 37 pref *
134
400
Jan
234
Jan
4334
Jan
Jan
13
Jan
4534
1334
2434
Jan
27
»
834
Jan
26
100
*
"Ilk ~22%
*
National Fuel Gas
234
preferred
5,200
1
1,300
34
IK
2
1,800
V
"Si"
Jan
234
Jan
2
3
334
13
600
334
1
534
100
334
"""760
Jan
734
Jan
Jan
34
Jan
9is
Jan
Rainbow Luminous Prod
Class A-.-.
11
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
9
1434
154
254
5 34
Jan
134
234
preferred
New Jersey Zinc
7134
334
834
*
Newmont Mining Corp. 10
New Process com
*
7434
834
100
83
25
New Haven Clock Co
9634
2534
334
3634
4,500
2434
334
3634
3134
N Y Auction Co com-—.-*
N Y Merchandise
NY* Honduras RosarlolO
5
3,000
26,000
4734
34
134
84
400
1034
200
15
36
1,000
N Y Pr A Lt 7% pref—100
108
109
60
59
56 preferred
N Y Shipbuilding
102
104
50
5334
*
1734
1
pref_ 100
6
2,400
12
8,200
118
100
334
934
1034
12,600
34
34
1,300
134
2 34
1,000
5
934
1034
38
5,000
2,800
Nlplsslng Mines——5
3234
234
3
534
8,900
16
Class A opt warr
Class B opt warrants
Common
j
*
14
Jan
Relter-Foster Oil
Reliable Stores com
Jan
Reybarn Co Inc
Jan
Reynolds Investing
Rice Stix Dry Goods
Jan
Richfield Oil pref
334
7454
Jan
Jan
5
Jan
Jan
934
Jan
Jan
Jan
4
Noma Electric
Common
434
4434
1
56 preferred...
North American Match..*
No Amer Utility Securities*
434
4634
434
*16
3134
Jan
38
Jan
109
Jan
104
Jan
934
16
Jan
1154
Jan
Jan
2034
11954
Jan
534
6934
Jan
Jan
Jan
Jan
Jan
Jan
Jan
54
154
Jan
1054
34
Jan
Jan
234
Jan
734
3234
254
334
Jan
1034
Jan
Jan
38
Jan
•
34
Jan
3
Jan
Jan
534
Jan
5
716
•
34
34
134
'is
700
15,000
Jan
334
3934
4434
334
354
S16
Jan
79
3
Jan
454
4634
Jan
Jan
Jan
46
Jan
Jan
554
Jan
5
7ie
Jan
Jan
Jan
21
100
Outboard Motors B oom.*
ii*
*
Overseas Securities
»
Pacific Eastern Corp
1
5
Pacific G A E 6% 1st pf .25
5 34% 1st pref
25
Pacific Ltg 56 pref
•
106
2934
2734
Pacific P A L 7% pref..100
Paolflo Tin spec stk
—•
Airways
»
Pender D Grocery A
*
Pennroad Corp v t e
4534
8134
79
Common
]
Jan
34
1
800
s
4234
'is
1434
454
134
1834
1634
6634
For footnotes see page
500
5,700
134
34
634
"
234
734
Jan
Jan
754
»16
Jan
1634
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
5
Jan
Jan
254
Jan
9
Jan
2
Jan
254
Jan
434
Jan
534
Jan
234
Jan
11
Jan
2
Jan
54
434
Jan
Jan
17
Jan
"(MOO
34
Jan
Jan
19i«
4634
Jan
834
1434
S16
3834
500
234
8
Jan
1434
Jan
1,000
46
1434
1434
16
4
234
89
34
434
54
354
134
Jan
434
234
Jan
600
54
31,200
54
900
34
1
70
1734
4,100
5,500
2,500
7»
5
100
18
834
Jan
72
85
1,075
11,200
14,300
134
834
334
3034
65
Jan
316
354
6334
34
Jan
89
34
454
Jan
Jan
68
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
154
7
Jan
854
Jan
154
Jan
354
Jan
34
30
34
Jan
32
Jan
Jan
716
Jan
17
3234
Jan
40
Jan
27
42
Jan
42
Jan
Jan
Jan
54
400
4
334
354
31,600
10,100
31
31
254
8234
85
82
8554
1
1,000
1554
100
234
Jan
134
Jan
434
4634
334
Jan
354
Jan
31
Jan
3134
Jan
44
34
9
,3l«
2
84
100
44
234
47
Jan
800
234
834
"is
4534
354
454
334
Jan
654
S16
1234
434
134
34
8
234
854
28
Jan
3954
234
454
Jan
Jan
Jan
10
Jan
14
Jan
of Can.*
19
100
Singer Mfg Co
Singer Mfg Co Ltd—
1854
334
Jan
85
Jan
8554
Jan
Jan
Jan
234
34
1054
554
Jan
21
mm a» «•«.«»
1434
234
916
734
454
1954
Jan
Jan
Jan
Jan
Jan
Jan
Jan
2
Jan
4734
11834
10754
Jan
12634
Jan
110
Jan
109
Jsn
109
Jan
234
Jan
50
1834
Jan
2034
Jan
Jan
Jan
Jan
5
100
350
35234
70
119
33334
Jan
35234
Jan
Amer dep rec ord reg.£l
4
454
400
2
354
Jan
454
Jan
Jan
2034
234
654
Jan
Jan
154
Jan
Sioux City Q A E 7% pf 100
40
Jan
Smith (A O) Corp com
Smith (L C) A Corona
1534
454
2954
2634
10454
Jan
Jan
1134
834
534
3034
2754
Jan
10634
Jan
Jan
Jan
Jan
Jan
Jan
Typewriter
v
*
t c com—.*
Bono tone Corp
So Amer Gold A Plat
8ou Calif Edison—
834
J
2
234
1
434
6 54 161,800
Jan
B% original preferred.25
6% preferred B
25
2754
Jan
534% Dref series C
26
434 100,800
34
334
Jan
Jan
Southn Colo Pow ol A
Jan
Jan
Jan
Jan
Southern N E Telep —100
Southern Pipe Line
10
Southland Royalty Co.—5
1934
4354
Jan
434
534
4534
39
75
Jan
7734
2434
37
Jan
37
5
Jan
18
Jan
19
Jan
110
Jan
110
Jan
Jan
150
7434
50
7234
103
11434
134
Jan
Jan
Jan
12
300
109
254
81
78
2,300 *3254
1
280
9034
109
51
6
234
110
Jan
6634
54
88
8754
300
50
4754
11834 12334
54
434
4,800
108
45
5
334
134
3134
41
3
34
454
Jan
834
334
1834
10654
601.
Jan
Jan
6,000
44
Jan
Jan
34
Jan
3
Jan
154
82'400
4034
6
26
40
8,600
3,100
234
P«rf*»ct Circle Co
1
500
234
10
534
Jan
6934
Jan
Jan
6
434
1834
68
54
x
Ms
154
2 34
5134
11434 115
8834 8834
1
54
9
1,250
1,600
3,700
6,900
454
80
100
754
34
1634
454
134
Jan
10
47
654
Jan
110
Jan
11
10834 109
103
10434
100
600
78
100
Jan
Jan
34
334
1,100
Simmons Boardman Pub Co
Convertible preferred—*
Jan
50
4
♦
Penn Salt Mfg Co——.50
Sherwin-Williams
Jan
Jan
11234
400
oom..25
6% preferred A A
ion
6% pref A A dep rcts.100
Jan
10334
150
20
1034
50
4 54
3%
47
534
28
334
234
35
Jan
w
Jan
1734
Jan
125
354
2034
10634
Jan
18
1834
•
Pa Water A Power Co—
28
A Power. •
10434
111
6,000
142
Jan
34
200
...
Jan
10134
1334
634
lis
35.50 prior stock
Allotment certificates...
Selfridge Prov Stores—
Amer depreo
£
Jan
71
110
•
Peppered Mfg Co
Corp General.*
Bros Inc..
*
Segal Lock A Hardware..*
SelberUng Rubber oom...*
Selby Shoe Co.
*
Seeman
10134
10434
80
5 0 34
Jan
17
'ti
10
37
534
34
634
S16
42
Jan
40
XEdo
13734
1534
434
54
30
1,100
1,700
5134
Jan
700
42
*
Jan
6
Jan
141
13
1,700
Sherwln-WlUlams
Jan
50
700
18
1
Pa Gas A Eleo class A
Pa Pr A Lt 57 pref
56 preferred
111
Jan
Jan
Jan
534
800
1,100
Jan
Jan
19
37
*
Class B
Peninsular Telep oom
*
Preferred
--.—100
Penn Mex Fuel Co
...l
1434
54
Jan
30
1,900
2854
Jan
3954
Jan
36
29
4534
7734
Jan
14
IK
3654
Manufacturing .25
Scranton-Sprlng Brook
734
10
200
4434
7534
22
4
Scovllle
2454
1834
3934
Jan
1434
1
Parker Rust-Proof com—*
5
300
S16
354
6334
134
754
Jan
Jan
50
254
Jan
'»
200
Jan
334
900
3034
9t6
Jan
7
«
2734
98
310
•
2134
1554
50
10634
Jan
61
1
5
Pantepec OH of Venei— 1
Parke. Davis A Co
3
3,400
3,000
58
6
1434
„•
Shenandoah Corp oom—.1
33 oonv pref
25
1,700
534
3034
Jan
Jan
Jan
20
70
4834
34
334
48
10
Paramount Motor
112
10134 10334
1334 14
134
1134
634
734
5
Class A conv pref
100
6,700
111
1st pref—100
Jan
22
5034
"1534 "1534 """l75
82
Jan
4434
Jan
130
10
Jan
Jan
754
1,125
•106
1834
Jan
Jan
Jan
13734
1434
554
135
234
com
Shawlnlgan Wat
oom
100
Jan
Jan
300
Jan
Jan
OUstoeks Ltd
Jan
3734
1434
5434
Jan
354
2,800
105
107
Ohio P S 7%
Jan
54
92
21
Jan
Jan
10534 10634
CO
34
34
103
*
81
354
Water Co 36 pref
eo OO
975
834
134
1434
105
Ohio OH 6% pref
100
Ohio Power 6% pref.—100
Jan
Jan
1654
1516
1054
10234
30
1,800
4,700
2034
Ohio Edison 56 pref
,Jan
9
2,900
4534
434
634
Ohio Brass Co ol B com—*
934
9
34
175
7%
9
1034
554
10434 107
18K
3834
3434 3434
10434 10434
5
54
100
24 K
8
934
125
734
2234
1834
3734
75
100
4234
Sentry Safety Control—..1
105
—10
Jan
54
100
100
Seton Leather oom
•
Shattuok Denn Mining.. .6
105
A100
Jan
Jan
20
Engineering—*
Novadel-Agene Corp.—. •
Jan
1654
Jan
79
Northwest
Jan
2
Seleoted Industries Ino—
100
preferred
Amer
5
7% preferred
100
Salt Creek Consol OH
1
Salt Creek Producers—10
Savoy Oil
Schlff Co
Northern N Y Utilities
Pan
•
Safety Car Heat A LlghtlOO
St Anthony Gold Mines.. 1
fit Regis Paper new com.. 5
Jan
37
21
54
Rustless Iron A Steel
Ryan Oonsol Petrol
Jan
Jan
Jan
3554
154
Jan
Jan
434
59
1
Russeks Fifth Ave
Jan
Jan
Jan
Jan
Jan
3454
1254
34
^16
5
International
Jan
9654
Jan
654
Jan
1934
20
334
854
12,100
13,900
3,350
■%
234
pref
3634
105
Jan
Jan
Jan
2334
1134
934
34
.....1
Royal Typewriter
79
Nor Ind Pub Ser 6% pfdlOO
com class
conv
Jan
234
734
134
""334 ""534 ~8~l6o
Nor European OH com...1
Nor Sts Pow
31.20
Jan
68
18
Nor Cent Texas OH Co..5
7%
1
Roosevelt Field, Ino
Root Petroleum Co
2534
Nor Amer Lt A Pr—
7% 1st preferred
Northern Pipe Line
*
Securities
Class B common—
550
16,500
10
1054
10234 10234
—25
com
Rossla
234
34
34
'
334
2334
1234
10
Jan
Niagara ShareNlles-Bement-Pond
3,500
54
6
Jan
Niagara Hud Pow—
Common
10434
"""300
Schulte Real Estate com..*
20
Jan
Jan
Jan
»
Jan
11654
454
3
N Y Wat Serv 6% pfd—100
9834
654
1534
%
Jan
Jan
234
2334
354
54
2L
74
Jan
Jan
Jan
834
154
10
734
2
37
Jan
8034
700
34
*
Class B
36
434
1834 2034
11634 118
434
434
154
1934
69
51
1,570
3,200
934
Jan
Jan
754
45,100
""§634 "§654
Raymond Concrete PUe—
1554
334
37
2
3334
54
*
14
Jan
Jan
Jan
34
Reeves (D) oom
Jan
754
254
6 54
'
1
J an
Jan
Jan
100
—*
Jan
111
Jan
Jan
Corp—
Founders shares
N Y Steam Corp oom—
N Y Telep 034%
N Y Transit
6934
154
854
7434
2434
34
100
Jan
100
434
32
com—
33 convertible preferred *
Raytheon Mfg v 10
50c
Red Bank OH Co
*
Reed Roller Bit Co—
*
Jan
Jan
Jan
1154
334
1234
Jan
Jan
Ry A Utll Invest cl A—
0%
Rlohmond Rad
New Mex A Arls Land—1
*
Quebec Power Co
Ry A Light Scour
Jan
35
334
—6
preferred.—
Pyle-Natlonal Co
6
Pyrene Manufacturing—10
Quaker Oats com
»
Jan
9
»
30
..»
334
1034
34
34
434
11054
1234
1154
234
2
50
preferred
7
Jan
600
35
8334
Jan
Jan
Jan
Jan
334
*
Jan
Jan
34
34
7,700
100
Jan
234
1734
700
L pref
Jan
2554
2034
1434
*
534
634
34
Jan
50
13
13
100
7% preferred
Jan
Jan
700
111
S*
Neptune Meter class A.—*
Nestle-Le Mur Co cl A
*
New Bradford Oil
J an
Jan
7%
3934
1354
50
954
1
200
3
2834
1
254
Jan
Jan
Jan
934
834
2334
26
Jan
16
700
11034
5
Nev Calif Eieccom
23
23
34
254
2334
61
85
634
•
74
9834 10434
5734
Jan
5?
534
4,300
7054
Pub Utll Secur $7 pref
Puget Sound P A jl.—
pr
38
29
Jan
21
"i'soo
934
9334
Jan
2
1334
134
234
434
—
pref—100
9
r~834 "1^566
92
Jan
,3is
134
834
134
134
Nebel (Oscar) Co com—
Nelson (Herman) Corp
1,100
13
Union Radio Corp—
Nehl Corp oom
154
834
""~8"
Public Service Okla—
1134
12.50
Transit
734
34
2,400
18,000
Jan
Jan
34
Jan
2
234
'2434 "2534 "i'ioo
National Sugar Refining. _
Nat Tea Co 634% pf—10
700
24",i66
58
preferred
7734
82
»
200
134
Conv part preferredNational Steel Car Ltd—
534
634
34
Nat Service common
1154
58
85
134
"8234 """966
534
National Refining com—25
Nat Rubber Macn
1934
34
35
•
com
Nelsner Bros 7%
1134
2%
—
Nat Mfg & Stores com—*
National P A L 50 pref—_*
National
2*200
1
Warrants
Nat
10
%
National Investors oom._l
1034
""1054 "1234
Publio Serv Nor 111 oom„*
Common
00
29
6
50
45
4434
22
30
7%
26
*
52 conv pref
Jan
Jan
334
25
2034
Jan
National Container Corp—
Common
*
16
6%
?
18
Realisation-
*
28 u
4O"666
National Candy Co com..*
Properties
preferred
Pub Serv of Colo—
Jan
%
1
5,900
Propper McCallum Hos'y *
Jan
Jan
•
Nat Bond A Share Corp—•
900
1354
Voting trust otfs.33 l-3c
14134
2634
14934
634
14334
434
National Baking Co com.l
Natl Beiias Hess oom
3934
1
Jan
1134
134
154
•
•
5
50
"ilk "ilk """ioo
Lambert Co
Jan
~I05
8% preferred
100
Nachman-Sprlnfllled Corp*
A
54
Jan
High
Jan
434
54
1034
Corp of Can com„*
Jan
X
1,200
2654
*
Producers Royalty
34
334
50
*
New common
5,200
150
1
Murphy (O C> Co
'16
11,300
50
—6
Premier Gold Mining
1
Pressed Metals of Amer—*
Mtge Bk of Columbia—
Nat Leather
*
Powdrell A Alexander
33
Mountain A Gulf Oil
55.60
Pittsburgh Plate Glass—25
2634
1634
Preferred A
6
3834
1134
•
234
•
Low
1334
4,
Postage
Meter
com-—*
Moore Corp Ltd
Low
900
5
9
3034
725
6,100
32 K
Moody's Invest Service--*
Shares
Pitts Bessemer A Le RR-50
75
150
65
Moh A Hud Pow 1st pref.*
2d preferred—
*
Molybdenum Corp.——1
Jan. 1 1936
1935
50
com
4
45
2334
)91K
'Irk'lrx
$3 oonv pref ser A—.10
Pie Bakeries Ino
100
Minnesota Mining A Mfg. •
534
Piedmont & Nor Ry.,.100
Pierce Governor oom
*
200
Minn Pow & Lt 7 % pf 100
Miss River Pow 6% pfd 100
Mock judson Voehrlnger.*
Co
—1
Jan
Midland Royalty Corp—
Midland Steel Prod
Common
Jan
Jan
Range Since
Dec. 81
Phoenix Securities—
34
334
334
Jan
High
17
1634
1933 to
for
Range
of Prices
Sales
Week
Week's
STOCKS
Middle States Petrol—
CISBB A vte
Jan. 25 1936
534
25
25
534
Jan
Jan
2834
2634
534
20
3534
Jan
1534
2754
Jan
900
"
2554
Jan
500
9
1454
34
900
South Penn Oil
25
So'west Pa Pipe Line
Spanish A Gen Corp—
50
54
dep rets ord reg„£1
3434
54
434
3,300
1534
8434
834
Jan
434
Jan
1834
Jan
Class A pref
Square D class B com——1
Jan
109
Jan
Stahl-Meyer Inc
Jan
10434
Jan
♦
com
*
50
4234
Jan
118
Jan
Standard Brewing Co
*
Standard Cap A Seal com.5
200
4134
87
Jan
89
Jan
Standard
160
6234
6334
Jan
7034
Jan
250
3934
Jan
41
Jan
Conv preferred
Jan
Jan
454
634
3234
Jan
534
Jan
Jan
9
Jan
Jan
3534
Jan
54
Jan
54
Jan
100
34
34
34
Jan
54
Jan
53
57
1,900
'•
70c
4034
Jan
57
Jan
3034
434
3234
434
54
3334
1,450
«•
2.40
29
Jan
3234
Jan
154
3
Jan
434
Jan
54
Jan
3434
Jan
400
Common
21
Jan
Jan
3
34
9i#
dep rets ord bear.£l
Jan
Jan
2634
534
|
834
50
9
""206
3,700
"534 "534
Jan
Jan
3634
28>4
Jan
Jan
100
Jan
Am
154
434
17
834
3234
Am
1934
1
154
2,000
54
33
3,300
34
28
450
54
Jan
33
Jan
4
Jan
.
Dredging Co—
9
•
1334
1334
50
9
X
154
1334
Jan
4
1334
Jan
Jan
Volume 142
New York Curb Exchange—Continued—Page 4
July
Week
s
(Continued)
Par Low
High
Stand Investing 35.50 pt.*
Standard Oil (Ky)
10
Standard OH (Neb)
..25
12
Standard Oil (Ohio) eom 26
23
6% preferred.......100
Standard PAL eom
*
98#
3#
Common classB ......*
3#
Preferred
......*
Standard Silver Lead
1
42
37#
22#
32#
#
#
Starrett Corporation.....1
6%
preferred
1
July
.....10
Steel Co of Can Ltd
.*
Stein (A) A Co com
•
6#% preferred
100
Sterchi Bros Stores......*
Sterling Brewers Ino.
Stetson (J B) Co 00m
..1
*
Stlnnes (Hugo) Corp
6
22#
12#
24#
98#
4
36
9.6
H
4#
.....
13#
.....
14#
.....
4
3#
Range Since
Dec. 31
Jan. 1 1936
1935
Shares
Low
1,050
2,800
900
3,500
125
H
#
"21# """825
.....
.....
......
20
„•
16
16
200
*
$3 conv preferred....-*
Sunray Oil--..
1
7
8
600
Sullivan Machinery
Sun Investing 00m
Sunshine
Mining Co—10c
SwanFlneh Oil Corp.... 15
Swiss Am Elee pref
100
Swiss OH Corp
.1
1#
300
3#
3
20,600
4#
80,500
24# 481,700
100
6#
54
Taggart Corp eom
.*
Tampa Electric Co 00m..*
Tastyeast Inc cl A.
1
6
38#
3#
23#
5#
3#
21
Technicolor Ine 00m..
*
Teok-Hughes Mines
1
5
Tenn El Pow 7% 1st pf 100
74
75
Tenn Products Corp com*
Texas Gulf Producing
*
700
Jan
Jan
Jan
Jan
18
.
.
6
1#
•
Thermold 7% pref..
Tobacco Allied Stocks
100
*
Tobacco Prod Exports...*
■
Amer
....
"""4#"
Jan
deposit rets
Am dep rets dot reg—£1
Todd Shipyards Corp
*
64
57
.....
3#
3#
""5# "5#
Abbott's Dairy de.
Jan
3#
17#
Jan
19#
1st A ref 58
1946
Jan
1st A ref 6s
1951
1st A ref 6s
1956
Jan
4#
Jan
1st A ref 5s
1968
Jan
24#
Jan
6#
Jan
Jan
8
1st A ref 4 #s
1967
Aluminum Co s f deb 5s *62
Jan
4#
1952
53 called
Jan
54
Aluminium Ltd deb 5s 1948
Amer Com'lty Pow 5He 63
Jan
Jan
Am Pow A Lt deb 6S..2016
Jan
Amer Radiator 4 Ms—1947
Jan
38#
3#
23#
5#
Am El Pow Corp deb 6s '57
Amer G A El deb 5S..2028
Jan
Am Roll Mill deb 5B..1948
Jan
75
5#
35#
3#
17#
4#
Jan
70
Jan
Jan
Jan
Jan
7
Jan
Amer Seating oonv 6s. 1936
Jan
#
Jan
Jan
#
4#
6#
Jan
Appalachian El Pr 68.1956
Appalachian Power ds.1941
>
Deb 68—
2024
1,700
97#
88
90#
82
83M
107 # 108 #
105M 105 M
"""loo
104
4#
18#
*
Truni Pork Stores
1948
.....
Tublse ChatUlon Corp—1
Class A
1
Jan
68#
108#
»16
#
Jan
109#
Jan
Jan
31S
Jan
Assoc
Jan
Assoc T A T deb S#l A '55
Assoc Telep Util OS—.1933
Jan
4#
Jan
Jan
3#
Jan
Jan
22#
Jan
Jan
10
Jan
Jan
1
Tung-Sol Lamp Works...1
80c dlv pref new
*
10#
7#
30#
11#
14#
14#
10
6#
......
3
4,300
6,900
2,400
9#
800
13#
1977
..I960
Rayon 5s
Otis of aeoosit..
1938
6s without warr
1938
Bell Telep of Canada—
1st M 5s series A...1955
Jan
23#
10#
14#
2#
7#
Jan
30#
13#
15#
Jan
1st M 5s series B
Jan
5s series O
Jan
Jan
Jan
1957
.1960
Bethlehem Steel 6s
..10
3#
Union American inv'g...*
Union Gas of Can...._..*
26#
8#
9#
Union Tobacco com.....*
#
316
4#
30
1,400
Jan
3
3
1,500
1,800
4,300
16
26#
3
8#
#
*1.
Jan
Jan
4#
30
Jan
1998
Blnghamton L H As P 5s '46
Birmingham Elee4#s 1968
Jan
9#
Jan
Birmingham Gas 5s..1959
Jan
S16
Jan
Boston Consol Gas 58.1947
Broad River Pow 5s—1964
United Aircraft Transport
Warrants.............
United Chemicals eom...*
18
9#
1,500
10
15
300
14#
2#
Jan
18
Jan
7#
8
Jan
10
Jan
Buff Gen Else 5s ....1989
Gen As ref 6s
Common olasa B......*
100
37#
75#
84
79
r
*
1
U s Int'l Securities......*
1st
pref with warr.....*
*
Playing Card
10
U 8 Lines pref
U S Radiator Corp com
*
7% preferred....
100
U S Rubber Reclaiming..*
50
H
18,600
1
3#
12,400
50
8
20
1#
1,400
39#
#
#
'16
1#
Jan
Jan
8
Jan
47
83
Jan
80#
#
M
M
3»
M
•
52,500
25,900
1#
Jan
Jan
38#
Jan
#
400
332
Jan
Jan
6
77
#
M
3#
5#
29#
6#
Jan
5#
1#
2#
1
86#
Jan
43
900
..
83#
39#
500
2
Jan
Jan
Jan
9
39#
Jan
8#
Jan
43
Jan
Jan
6#
1#
8#
86#
39#
2
1#
6#
H
1,000
79#
1#
33#
6
36#
.....
.
400
89#
1#
34#
6#
37#
79
700
"is
....
#
#
#
.
""19#
8#
....
19#
10#
29
1956
150
«
2,400
475
14#
1#
«
6
#
......
3,300
1,000
1,700
19,200
......
1
w
50
5#
1
4,800
100
i.20
"
80
7% 1st preferred——100
Western Power 7% pref 100
Western Tab A Stat v t e
see
*
Jan
87
Jan
77 M
Jan
Jan
80#
77 K
Jan
77
Jan
118#
119
Jan
120
Jan
134
Jan
Jan
105#
Jan
136 K
106
90
79
15,000
7,000
2,000
136M
106
12,000
91M
83M
50.000
71,000
108
108
5,000
90# 96 M 112,000
107 M 107#
3,000
106 M 106 M
1,000
Jan
Jan
Jan
1#
Jan
77#
1#
Jan
33#
4#
30#
Jan
Jan
Jan
Jan
Jan
1
3
Jan
3#
7#
Jan
Jan
K
Jan
Jan
Cities
450
102
76#
46 #
38 H
102 M
Jan
Jan
Jan
89#
Jan
94
Jan
76
Jan
83#
Jan
108
107 M
Jan
Jan
96M
Jan
102#
89 H
107 M
Jan
Jan
102
106#
Jan
107#
106#
29
Jan
Jan
Jan
1949
Commers A Prlvat 5 Ms *37
Jan
19
Jan
22#
Jan
4#
25#
10#
Jan
1st 4Ms series C
Jan
32
«
Jan
1,400
3#
•
#
......
"16""
100
3#
1#
100
M
1#
85
20#
8
.......
10
1#
Jan
2#
23#
#
5#
39#
—...
2#
26#
316
7
40#
.....
20#
12#
200
•is
27,800
12#
11,900
17,900
2
850
17
......
63#
page 601.
30
35
Jan
Community Pr A; Lt 5s 1967
Jan
30
65
1,600
6#
HIM
111M
111M
106 M
105 M
.......
Jan
45M
94
Jan
97
49
99M
Jan
101
Jan
46
93#
Jan
Jan
72
103#
96 #
Jan
96#
104#
99#
93#
87#
72#
75#
77#
106#
109#
102#
Jan
65#
Jan
37 M
90
Jan
37#
82 M
Jan
25
62
Jan
25M
64
Jan
29
72
Jan
K
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
40M
Jan
71,000
36,000
78# 912,000
47
86 M
93
94#
97#
Jan
28M
28#
69
Jan
78#
78#
Jan
99M 104,000
43M
M
69 M
97#
Jan
Jan
Jan
Jan
Jan
Jan
Jan
100
Jan
Jan
104#
Jan
Jan
73#
Jan
Jan
74
Jan
83
103#
65 M
66M
34M
Jan
35#
Jan
86M
111
Jan
86 M
Jan
Jan
Jan
112
Jan
Jan
112
Jan
69 M
111#
110M
110M
105 M
112#
113#
Jan
Jan
98 H
103 H
Jan
54
103 H
63 H
Jan
107#
106#
104#
Jan
72
Jan
108
Jan
109
Jan
108
Jan
109
Jan
103#
Jan
104#
Jan
111#
Jan
112
Jan
99M
121
Jan
122
Jan
20,000
88M
103
Jan
108#
Jan
37,000
25,000
33
88
Jan
92#
Jan
4M
70
29#
Jan
48
Jan
96
Jan
96
Jan
23,000
73# 327,000
74
171,000
34M
3,000
112M
22,000
112
9,000
112
36,000
112
7,000
107 # 148,000
106 M
38,000
104 M
60,000
72
173,000
Jan
Consol Gas (Balto City)—
5S
1989
Gen mtge 4 Ms
1954
Consol Gas El Lt A: P (Bait)
1st ref s f 4s
.1981
111M 111M
121
121
108# 108 M
55
26M
27#
80#
79#
83M
Jan
Jan
Jan
4,000
8,000
11,000
2,000
10,000
98#
102
87M
103
Consol Gas Util Co—
Jan
2
Jan
45
Jan
Jan
Oont'l Gas A El 6s
Jan
Crane Co 5s
Jan
33#
18#
2#
26#
Conv deb 6 Ms w w .1948
Consol Pub 7Msstmp.l939
Consumers Pow 4 mi—1958
Jan
Aug 11940
Crucible Steel 6s
1940
Jan
S16
Jan
Cuban Telephone 7 Mi 1941
Jan
Jan
Gumberld Co PA L 4Ms'56
Jan
92 M
48
Cuban Tobacco 5s....1944
Dallas POW A Lt 6l A.1949
78
Jan
80
103 M 103 M
91
Jan
102
112
1st Ac coll 6s ser A..1948
40#
Jan
Jan
Jan
Jan
.....
101
108#
100#
Jan
108
Jan
Jan
Jan
50
72
108
"16#"
Jan
99
Jan
102#
.1961
5s series D
Jan
7
Jan
51#
108
Jan
Jan
106#
43
108
9#
"is
4#
37#
Jan
Jan
76,000
52,000
1962
Conn River Pow 5s A1962
Jan
Jan
113
23,000
C-......1956
Jan
Jan
Jan
Connecticut Light A Power
Jan
19
7i#
104#
15#
112
69
..1965
5s series O...
71# 76#
X04# 105#
16#
17#
34M
104
22#
Jan
100
1966
D—1957
70M
71M
Comwealth Subsld 5Ms '48
85
31#
17#
1#
100#
Jan
103 M 104 M
Jan
....
Jan
Jan
46M
94M
72 M
109 M
97 M
78 M
100
1#
Jan
105
Jan
96#
75 M
75M
98M
3#s series H_.
Jan
Jan
Jan
113
Jan
105#
94 M
Jan
4 Ms series
Jan
103#
Jan
62
93
57
7s series A
18
106
102 M 102 M
78
80
1st M 4s series F—1981
Jan
8#
99#
93M
87 M
72 M
75M
77 #
Jan
110
104#
98#
111#
105 M
107#
90
105#
1st 4 Ms series
1#
26#
M
75
Jan
Jan
2#
91
Jan
1#
Jan
"31#
1954
1st M 6s series B
Jan
1M
2,600
1st M 5s series A...1953
Jan
10
103 # 104
103
65
Commonwealth Edison
4#
400
33#
1948
5Ms
Jan
85
96 M
69,000
110,000
64,000
45,000
4,000
25,000
40,000
256,000
285.000
363,000
93,000
34,000
71
98
Pipe
Jan
Jan
3#
Gas
Cities Serv P A L 5 Ms 1962
Jan
20#
32#
Ser vies
Line 6s
Jan
#
3#
1#
#
1950
Oonv deb 5a
Cities Service Gas 5Ms '42
79#
•
1966
Jan
#
85
1#
Jan
8
Jan
Cities Service 5a
80
20#
10
Jan
5#
82#
1#
™H ~~i# ~8",200
.....
Jan
Cincinnati St Ry 5Ms A '52
6s series B
...1955
Jan
1#
#
#
3#
4#
#
Jan
^
96
70M
Chlo Pneu Tools SMs.1942
Ohio Rys 5s otfs
..1927
20#
4
»
96M 97
100M 101
1964
Jan
Jan
Jan
*
102
5Ms ex-warr—
24#
2#
£79#
1#
35#
7#
41#
1#
95
200
108#
101
69
Jan
13,000
17,000
6,000
Chic Jot Ry As Union Stk
Yards 5s
1940
77
2,000
3,100
20,200
108
1948
S32
1#
5.000
115.000
112# 113
105# 106#
Cent States Elee 5s
Jan
38,000
30,000
112M
104 # 105
99 M 100
Jan
Chlo Dist Elee Gen 4 Ms '70
50
Oumul
Western Cartridge pref .100
Western
Maryland
Ry
78
13M
Jan
86 M
Walker (Hlram)-Gooderh'm
Western Auto Supply A..*
34
Jan
Cent Pow As Lt 1st 5s. 1956
Jan
Jan
I
8
Wayne Pump com
...1
Wendeii Copper......... 1
Western Air Express.-...1
Jan
Jan
99
Jan
Jan
46
Venezuela Mex Oil Co.. 10
preferred......*
walker Mining Co.
...1
78
116#
Jan
2
Jan
100
24#
*
Jan
114M
Cent Ohio Lt As Pow 5sl960
Cent Power 5s ser D..1967
#
#
*32
13#
#
.....1968
Cent States P As L 5 Ms.'53
800
5,300
1st As ret 4#s ser F.1967
5s series G
1981
4#% series H
Cent Maine Pow4#sE1957
Jan
4#
H
5#
82#
1#
4#
1#
25#
1956
#
57
4#
6s series E
Jan
......
H
2#
1966
#
7,900
1#
...100
A Worts Ltd 00m
75
116
Jan
Jan
5
"20# "22# ~2"906
1#
4#
1#
*
:
Jan
86#
46
500
Jan
81#
H
H
2,700
...
4
18
10,600
6#
6#
1#
.....
57,200
3,700
50
43
Oonv preferred........*
Util Pow A Lt eom
.1
Class B
Jan
88M
Jan
97
29,000
Cent HI Light 5s
1943
Central Hi Pub Servlee—
8
100
*
39
97 M
116M
119
120
Jan
4#
36#
Utlca Gas A Eleo 7% pf .100
*
Jan
Jan
98
115#
117M
117#
136M
105#
Cent Arts Lt A Pow 5s 1960
51
Wahl (The) Co com..
waltt A Bond olA—
35
34
Jan
Jan
86#
Utah Pow A Lt 37 pref—.*
Manufacturing.....*
36#
36#
Jan
Cedar Rapids M A P 5s '63
1
Waco Aircraft Co
Jan
Jan
78
Jan
93#
#
88#
4#
8#
39#
8#
#
29
5
Jan
30
Jan
Carolina Pr As Lt 5s
.—*
100
30
Jan
Jan
74#
Jan
90
Utah Apex Mining C0...6
Venezuelan Petrolsum
Jan
33#
30#
112
10
Va Pub Serv 7% pref
Jan
34
Jan
77M
103 # 103M
4#
Utility A Ind Corp—.....*
41
Jan
83
Canada Northern Pr 5s '5s
4#
Utility Eaulties Corp
*
Priority stock..—.....*
Jan
29#
28
Jan
Canadian Pae Ry 61—1942
Capital Admlnls 5a-..1953
United Wall Paper—
Universal Consol Oil
1
35#
Jan
Jan
80
Jan
I'l6
3#
.
60 #
Jan
3
Universal Pictures com
Jan
Jan
Jan
Jan
32 M
Jan
Un Verde Extenslon...50e
8
98M
56#
Jan
Jan
37,000
87,000
Jan
United 8tores v t c—....*
Universal Insurance..
Jan
83
2#
1#
5#
93#
#
88#
4#
Corp com.....*
2*
Jan
81M
75M
42#
100
,
U 8 Foil Co class B
105#
100
Jan
U S Eleo Pow with warr.-l
s Finishing 00m
Jan
30M
11M
.....
5,000
12,000
73,000
3,000
Jan
Jan
Jan
Jan
37
13
*
Warrants
A*
Jan
96 M
96#
Jan
•
Class B
9#
108
Jan
47
#
8
U S Dairy Prod class A—
12
Jan
Jan
Jan
16,000
1#
43
26
50
20M
20
99 #
M
*
Preferred-.
4,000
64
Jan
98 M
"is
#
*
.10
United Shoe Mach com.26
25,000
34M
38M
77
86 #
80#
600
S3 preferred..........*
United Molasses Co—
Preferred...
5K
Jan
99 M 100
170,000
58M 59# 142,000
4,400
36 conv 1st pref....
ord ref—£1
United Profit-Sharing....*
Jan
116
4,000
United Milk Produota
Am dep rets
107#
Jan
1#
5#
Option
United Lt A Pow com A..*
Jan
Jan
Jan
Jan
Jan
2#
4#
warrants
United G A E 7% pref.100
90#
Jan
114
41#
United Gas Corp oom...l
*
Jan
82
107M
40
United Dry Docks com
Pref non-voting
81M
44M
92#
58
1#
warrants
Jan
47 K
99
2
*
33 cum A part pref
99
13M
6s with warrants
Jan
Jan
Jan
"e'ooo
..
Atlas Plywood 5 Ms-1943
Baldwin Loco Works—
6#
96M
64M
116
34M
Conv deb 6 Ms
Jan
Jan
55
116
34
Registered
Jan
103#
99#
104#
101#
106 #
108#
34
10
I
106 K
Jan
Jan
1988
Jan
Jan
102 M
97
Jan
I960
Jan
106 M
63
105
Deb 5s...
39
104
.....
Jan
100#
Conv deb 5s
Jan
5#
Jan
6#
24#
Jan
2#
41
31#
Jan
21#
9
Jan
64
41
11#
Jan
Jan
62
33
4,000
33M 161,000
36# 200,000
36 M 212,000
100
7#
1#
31,000
38
21#
"is
37,000
8,000
3.000
32
21#
Triplex Safety Glass Co—
Am dep rots for ord reg—
Jan
29#
106
Conv deb 4 Ms—.1949
#
8
Jan
38#
97#
Conv deb 5 #1—1938
6,000
Jan
105
96
Jan
2#
5M
29
105M 105M
103# 104 #
100# 101
94
4
3#
1#
Jan
219,000
106# 107 M
Jan
1#
Jan
7
104 M
20
Arkansas Pr As Lt 5s..1956
8,600
40
Jan
Jan
Associated Eleo 4 Ms.. 1953
Associated Gas As El Co—
3#
3#
Jan
Jan
Jan
Jan
M
2
Jan
Jan
3M
3#
13 M
106#
92 #
102 M
103 M
Jan
2,900
31
13#
1M
7M
5#
Jan
103
1
9
1#
11#
2M
Jan
8
200
Jan
Jan
103 M
66
18
3I6
1#
10M
105 M
63
5#
2
»•
Jan
~69""
Jan
32#
Jan
Jan
11
30,000
14,000
32,000
.74,000
104 M
Jan
4#
9
Jan
2#
92#
108 #
105#
Jan
61
#
rrt-Oontlnenta] warrants..
For footnotes
98 M
96M
6
20
3#
Vogt
97 #
17,000
43,000
35,000
43,000
328,000
21,000
1,000
57
3#
Jan
Jan
86M
102 M 103
65
4#
300
31S
l
Common
7% preferred
9
2#
20
Trans Lux Plot Screen-
.
7#
2#
37#
M
......
39
108# 108#
Universal Products.
29
1942
Jan
Jan
Jan
4#
8#
102#
4#
BONDS—
48#
JaD
Jan
6
52
3#
Jan
Jan
Alabama Power Co—
Jan
104
37#
7% preferred A
—106
Tonopah Belmont Devel.l
Tonopah Mining of Nev.-l
U 8 Stores
5#
*
67
Jan
18#
Toledo Edison 6% pref 100
U S
37,300
14,900
Wright-Harg reaves Ltd..*
Yukon Gold Co..
*
Jan
2.10
2#
200
.....
104
Preferred
17H
5a
25#
1#
Jan
*16
Am dep rets ord reg—£1
U
300
7
1
High
Jan
Woolworth (F W) Ltd—
Jan
Tobacco Securities Trust
united corp
29M
Woodier Petroleum...._l
Jan
""14#"
4M
7#
#
100
100
Conv deb 4#s C
Texon OH A Land Co
One*celled Mfg Co
7#
13,600
4,400
Wolverine Portl Cement 10
23
6#
48#
2#
3#
~7~400
400
7
Wilson-Jones Co.
Jan
Jan
Jan
75
""7# ""7#
39
1
preferred..
Jan
Jan
1#
45
29,600
37
•
Jan
#
K
4#
.
Jan
16
100
Texas PAL 7% pref-.lOO
*
WH-lc-w Cafeterias Inc
Conv
101M
*
Jan
Jan
60
3,400
5,600
3#
36
50
*01M 102
Low
67
2M
13M
Jan
Jan
22
2,400
Willms Oil-O-Matlo Heat. *
20
#
7#
50
H
6#
#
700
Low
4M
8#
11M
West Va Coal A Coke....*
Williams (BOACo
.
H
21#
4,400
31,700
8,900
Shares
High
4M
8#
11M
1#
12#
Jan
89
5#
37#
....100
Jan
~""3#"
1
Syracuse Ltg 6% pref.-100
preferred
Jan
....
1#
32#
2,600
7%
98#
4#
Jan
#
»
400
4#
4#
Jan
Jan
""l3#"
34
19#
6#
53#
12#
24#
Jan
80
11
~~18~
Jan
32
2#
2#
7#
#
4#
H
5#
2#
Jan. 1 1936
1935
West Texas Util $6 pref
Wmtvaeo Ohlorlns Prod—
Jan
23#
Jan
K
%
2#
*18
......
Stroock (S) A Co
*
Stuts Motor Car........ *
42
Jan
28
5
Range Sines
Dec. 31
Par Low
High
Jan
2#
8
200
1933 to
for
Week
97
H
200
20
Low
35#
21#
11#
21#
1
......
Sales
of Prices
3
1,200
1,800
7,400
2,600
2,800
Week's Range
STOCKS
(.Concluded)
10#
13#
7#
11#
76#
150
3#
4
.....
1933 to
for
Range
of Prices
Sales
Week
STOCKS
599
.1963
67",000
88
106
Jan
86# 89M 674,000
103 M 103 M
2,000
102 # 103
7,000
91M
1,000
91M
33
85#
103#
102#
88#
Jan
91#
Jan
105 M
109 #
Jan
Jan
106#
Jan
110
Jan
Jan
65
106 M
103
92 M
107 #
56#
99 M
106#
104#
108#
102#
Jan
Jan
Jan
Jan
106
107
50
Jan
Jan
104
Jan
Jan
103
Jan
Jan
85
106# 106#
5~66o
65
100#
94
1952
Jan
Delaware El Pow 5 Mi—'59
103M 104
Jan
105#
Jan
Denver Gas A Elee 5s.1949
108
Jan
17#
Jan
Derby Qas A Elee 5s
100H 102 M
.1946
77M
60M
Jan
107#
89#
108
18,000
11,000
25,000
Jan
Jan
Jan
New York Curb Exchange—Continued—Page 5
600
July
...
Sales
1933 to
Dec. 31
$
High
Low
105 % 106%
104M 105
A.1047
76
67M
105%
102%
Low
106%
Jan
Jan
105
Jan
7%
7
Deb 7s.——Aug 11062
Certificates of deposit.
2
15,000
16,000
11,000
8
6
|2
----Aug. 11062
0%e..1037
Duke Power 4%s
1967
Eleo Power A Llgbt 6s_S080
Elmlra Wat. Lt A BR 6s '66
El Paso Eleo 6s A
1960
El Paso Natural Gac—
6 % With warrants. 1048
Deb «%■-—
1088
Empire Diet El 6s
1062
Empire OH A Bet 5%s 1042
Eroole Marelll Eleo MIg—
6 %■ series A
1068
Erie Lighting 6«——1967
European Eleo Corp Ltd—
1M
1%
■
2M
1%
%
H
11,000
76
Dixie Gulf Gas
"Io4%
2,000
104%
83% 442,000
80M
-
-
-
85
4%
4%
Jan
%
%
101%
104%
Jan
Jan
Jan
Jan
fis series 1
3
Jan
2%
Jan
102
Jan
Jan
12,000
103% 103%
J-
-m.rn.-~
-
——————
105% 105 M
4,000
58,000
99M 100
88 M
146,000
92
104%
83%
Jan
103
Jan
64
102%
Jan
103%
Jan
Jan
107
Jan
Jan
106%
Jan
46
106%
105%
98%
Lehigh Pow Secur 6s.. 202b
Lexington Utilltles5s.l962
Llbby MoN A Llbby fis '42
Lone Star Gas 5a.__i.1942
Jan
100
Jan
41
80%
Jan
92
Jan
40%
105%
Jan
43
Jan
75%
38%
Jan
66%
25
5,000
78
3,000
9,000
65
39%
39
Long Island Ltg 0S—.1946
Los Angeles GA E fis 1939
fis.
1961
24
Jan
Jan
Federal Water 8erv 6
103% 103%
88
84
6,000
52,000
58
16
103
Jan
75%
Jan
-----
-----
—
------
Jan
5 Ms series F_
1943
Louisiana Pow A Lt fis 1957
81
Jan
Louisville GAE 4%sO 196 J
39%
—
-
106% 106%
1947
103%
88
Jan
Jan
Finland Residential Mtge
— —
-
--
------
-----
-----
77%
79
40
I9fi)
7a wl h warrants
1941
1941
warr
40
102
102%
100
Jan
Jan
Metropolitan Ed 4s E_ 1971
104
105
Jan
95%
Jan
Jan
Mass
oa» ueb fis
CMS
fis series F
......
Gary Electric A Gas—
General Bayon 6s A—1048
'37
22 %
Gen Vending 6s ex war
Certificates of deposit—
22%
92
Gen Wat Wks A El 6s. 1943
89
Georgia Power ref 6s—1967
97 M
Georgia Pow A Lt6S-_ 19781
Gesfurel 6s .———1063
88
—
—
62,000
98 % 269,000
48,000
91
-----
—
------
89 %
Glen Alden Coal is... 1966
90 M 123,000
98M 105
301,000
Gobel (Adolf) 6Ms—193o
88%
92%
Jan
94%
Jan
Jan
94%
Jan
84
Jan
86,
Jan
Jan
84%
Jan
66
82%
97%
Jan
99%
Jan
100%
Jan
'
-----
96
Grand Trunk West 4s. 1960
M
-----
Gt Nor Pow 6s stmp.. 195i>
107 M 107 M
Great Western Pow 6s 1046
108% 108 M
50
52 M
63%
65%
106% 107
105% 106
102% 103
49,000
2,000
11,000
3,000
65,000
21,000
43,000
8,000
109% 109M
106% 106%
Guantanamo A West 6s '68
Guardian Investors 6S-1948
1947
Gulf States Utll 6s—1966
Gulf Oil of Pa 6s
1961
Backensaok Water 6S-1988
6s series A
1977
-
Hall Print 6s stmp
Midland Valley fis
1948
Mllw Gas Light 4MS-.1967
1057
Indiana Electric Corp—
Jan
86%
97%
81%
32%
88%
81%
Jan
2
38%
64%
40
30
68
69
Jan
Jan
99%
91
Jan
Jan
32%
Jan
Jan
90%
Jan
1st A ref fis ser A...196)
106
Jan
98%
100
Jan
100%
63
102%
93%
Jan
10
24
106%
108%
44
97
.
1937
Jan
Narragansett Else fis A'67
Jan
107%
Jan
Jan
108%
Jan
6s series B
1957
Nassau A Suffolk Ltg fis 46
Jan
55
Jan
Nat POW A Lt 6S A—.2026
Deb fis series B
2030
Jan
65%
107
Jan
Janj
62
105
Jan
106
Jan
65
102%
Jan
103
Jan
2,000
10,000
98%
108%
Jan
Nelsner Bros Realty 0s '4>Nevada Calif Else fis.l9fif
105%
109%
107%
Jan
Jan
Jan
Jan
94%
8,000
3,000
18,000
47,000
91%
93%
105
Jan
105
Jan
107%
Jan
98
104
Jan
104%
102%
Jan
Jan
105%
6%
Jan
62
Jan
Jan
100
Jan
Jan
107%
8%
105% 106
105
105%
104
104%
100% 102%
Nat Pub Serv 5sctfs._1978
Nebraska Power 4Ms.l98i
6s series A..
2022
2
Jan
51
Jan
Jan
Jan
97%
87%
Jan
18
42
106
92
Jan
Jan
Jan
92
85,000
20
270,000
4,000
J*
83
Jan
20
Jan
109%
Jan
110
Jan
1,000
11,000
106% 106%
90
95% 211,000
70%
117%
Jan
118
Jan
35
106
Jan
86%
109%
107%
95%
110%
Jan
Jan
72%
73%
72%
Jan
79%
Jan
Jan
79
Jan
Jan
79%
Jan
46%
90%
18%
110
110
117% 117%
/ 64
85
Jan
Jan
Jan
Jan
N E Gas A EI Assn fis. 1947
76
79%
33%
9,000
65
104%
Jan
104%
Jan
85
Jan
92
Jan
13,000
18,000
40
103%
Jan
105
Jan
55,000
66,000
79% 127,000
91% 283,000
94% 108,000
34
79
Jan
Conv deb fis
1948
Conv deb 5a.__.___l9fi(
New Eng Pow Assn fis. 194)
76%
32%
50
88%
Jan
95%
Jan
97%
Jan
101
Jan
83%
94,000
60
74%
Jan
Jan
76%
41,000
25
69
Jan
83%
76%
101% 102%
21,000
56
101%
Jan
103%
Jan
107%
Jan
Jan
Jan
29%
■
106%
104
5,000
10,000
91%
105
114
11.000
80
8,000
---- —
77%
76 M
91
94M
Debenture 5Ms
New Orl Pub Serv—
—
-
-
-
-
76,000
18,000
2,000
210,000
3,000
81,000
61,000
202,000
50,000
79
100%
100
40%
42
86
60
106%
103%
104%
113%
107%
56%
58
108
82%
Jan
106%
Jan
Jan
104%
105%
Jan
Jan
114
Jan
Jan
108
Jan
Jan
80
Jan
Jan
80
Jan
Jan
Jan
108%
91
Jan
Jan
Ext 4%s stamped—1950
N Y PAL Corp 1st 4Mb b
Niagara Falla Pow 0s. I960
1107% 108%
106
Jan
48
101
Jan
46
99
Jan
42%
32%
95
Jan
99
Jan
Nippon El Pow OMs..1963
86
Jan
94%
Jan
No Amer LtA Pow fis. 1936
5Ms series A
i960
Nor Cont Utll 6%S—.1948
106%
104%
101%
Jan
Jan
Jan
fis series A
1959
58
45
86%
Jan
93
107%
Jan
107%
Jan
fis series C
Jan
97%
Jan
fis series D__
71,000
44
96
Jan
101
Jan
100
Jan
102%
Jan
91
93
Jan
No Indiana GAE 6s.1952
Northern Indiana P 8—
1966
.1969
3,000
106% 106%
70
105 %
Jan
106%
—
-
—
71
—
—
105% 105%
6%
8
—
—
-
-
-
-
110%
Jan
111
Jan
•
54,000
78
1%
104%
Jan
105%
Jan
4%
Jan
8
Jan
—
6M%
notes...
1940
N'western Elect 6s...1945
N'weetern Power Os A .I960
Certificates of deposit...
-----
------
-----
-----
------
41%
50
Jan
52%
Jan
46
55
Jan
55%
65
Jan
56
Jan
Ogden Gas fis
107
Jan
Jan
Ohio Edison 1st fis.... 1960
Ohio Power 1st fis B..1962
3,000
107% 107%
100% 102
264,000
83%
30,000
53%
101%
102% 102%
-----
-----
------
84%
87
247,000
73
78
84,000
84%
86
52,000
78,000
112
Jan
112
Jan
19,000
5,000
3,000
104
107%
Jan
108%
Jan
108
Jan
109
Jan
58%
1112
112
Jan
Jan
Jan
Jan
Jan
Jan
1
1109
1
89%
—----
95
109
89%
-----
------
96
77,000
61
63
20,000
108
108
7,000
103
99%
63
81%
25%
18%
,
89%
Jan
-------
90%
53%
89%
Jan
------- ----
Jan
96
Jan
Jan
63
Jan
71
107
Jan
108
Jan
102%
Jan
103%
Jan
32,000
51%
52%
102%
Jan
104
Jan
61,000
49%
Jan
101
Jan
105%
Jan
105%
Jan
103%
103% 103%
100
100%
38,000
105% 105%
6,000
69
1,000
87,000
05
105
Jan
105
Jan
106% 106%
103% 103%
71
107
Jan
69
105%
103%
Jap
11,000
Jan
104
Jan
102% 103%
57
59%
57
59%
100% 101%
30,000
97
101
Jan
103%
Jan
14,000
51
Jan
59%
Jan
50%
Jan
59%
Jan
31,000
8%
8%
47%
98%
Jan
101%
Jan
105% 105%
32,000
73%
103%
Jan
105%
Jan
31,000
63%
106
Jan
107
Jan
88
105%
105%
Jan
Jan
98
105
105
2,000
Jan
49
-----
Jan
90
73
Jan
88%
1970
81
3,000
103%
77
\104% 105%
82%
i9~666
105%
102%
107%
103%
-----
It Y A Westoh'r Ltg 4s 2004
Debenture fis
1964
64%
97%
Jan
107%
107%
103%
108%
105%
_.^..
105% 106% 111,000
103
103% 81,000
-----
N Y State G A E 4 Ms. 198
1st 5 Ms
.1901
78,000
95
80%
74%
N Y Central Elee 5 Ms *fi(
New York Penn & Ohio—
41,000
------
92%
Income fis aeries A..It 49
23,000
—
19fi«
33%
Jan
Jan
76%
89%
1942
100M
...1958
43
87
26%
99
102%
101%
81%
69%
N'western Pub Serv fis 1967
_.194o
106
106%
102
Jan
105% 106
48,000
83%
Jan
Jan
103
Jan
1st A ref 4Mb ser D 1966
Public Service Co—
107%
106%
Jan
101%
Jan
0s series
109% 109%
105
105%
106% 106%
104% 105%
103% 103%
92%
94%
98% 100
3,000
4,000
8,000
55,000
70%
60%
109
Jan
109%
Jan
105
Jan
Jan
24,000
46,000
63
106%
104%
102%
Jan
105%
107%
105%
103%
Jan
63
40
90
Jan
94%
Jan
12,000
45%
93%
Jan
Jan
107%
-----'
-----
------
Jan
Ohio
C__
...1953
Jan
87
Jan
fis series D
1954
Jan
78
Jan
6Ms series E
1961
41
85
Jan
90%
Jan
Okla Gas A Eleo 6S...1960
0s series A.
..1940
42
79%
Jan
86
Jan
Okla Power A Water fis '48
Oswego Falls 6s.
.1941
68%
Jan
100
Jan
Jan
Jan
Jan
67
"166%
100%
105% 106
104% 105%
105% 106
103% 104
45%
46%
-----
40%
-----
41%
io'ooo
67
100
Jan
Pacific Coaat Power fis 1940
66
105
Jan
100%
106%
Jan
47,000
9,000
Jan
56%
Jan
106
Jan
Paolflo Gas A El Co—
1st 6s series B
.1941
6,000
32,000
9,000
104%
105%
101%
39
44
55
35
------
55,000
72
57%
1st A ref 4Mb E
1st A ref 4Ms F
Jan
106
Jan
Jan
104
Jan
Jan
46
Jan
Pac Invest 5s
78
Jan
82
Jan
39%
Jan
41%
Jan
Paolflo Ltg A Pow 6s..1942
PaolflcPow A Ltg fis.. 1966
ser
107
61
108
46,000
6,000
48
96%
53%
106%
Jan
61
Jan
Jan
108
Jan
Jersey Central Pow A Light
.1947
104
105
4Mb series C.......1961
105
106
Jones A Laughlln Stl 6c *89
106
106
117
16,000
110,000
6,000
117%
6,000
102
102% 29,000
106% 106%
2,000
5,000
106% 106%l
For footnotes see page 601.
77
70%
102%
103%
103%
Jan
105
Jan
Jan
106
Jan
106
Jan
107
Jan
61%
115%
Jan
56
101%
106%
106%
Jan
80%
70
Jan
Jan
Jan
117%
102%
106%
Jan
106%
Jan
Jan
107
107
119% 120
106% 107
106% 107%
98%
98%
3,000
66
106%
Jan
107
Jan
16,000
26,000
29,000
18,000
101
119%
106%
106%
98%
Jan
120
Jan
Jan
Jan
107%
107%
98%
Jan
114
Jan
115
Jan
85%
102%
Jan
91%
103%
Jan
85
62
100%
Jan
Jan
67
100
Jan
67
Jan
01M
104%
97%
100%
103%
105%
Jan
100
Jan
20,000
71,000
39%
103
Jan
104%
Jan
------
88
82%
82%
69
102
86
Jan
Jan
Jan
103%
100%
102%
105%
99%
91% 250,000
103%
1,000
100% 11,000
103% 84,000
4,000
105%
99% 70,000
..I960
103
103%
Deb 6%s series B
1959
Pennsylvania Power fis *5o
Jan
101
Jan
105
106
14,000
92%
105
Jan
106%
Jan
Penn Pub Berv oa C..194?
107
107
7,000
39,000
06%
107
Jan
107
Jan
60
104%
Jan
106%
Jan
103
113
Jan
114%
Jan
89
108
Jan
108
Jan
Park A TUford 6s
58%
1967
I960
A... 1948
Palmer Corp 0s
Jacksonville Gas 6s...1942
105% 107% 296,000
9,000
7%
8
Jan
108%
Jan
90%
_1QR?
47%
108
Jan
32
Invest Co of Amer—
6eserles B
18,000
Jan
107%
57%
93%
28
88%
Kansas Pow A Lt 6s A.'55
100
95
107%
1,000
1966
1947
33
59%
------
New Amsterdam Ga fis.'48
98
Jan
36,000
-----
107% 107%
107% 108%
Jan
90
105%
62
Missouri Pub Serv fis.1947
Mont-Dakota Pow 6Ms '4
Montreal L H A P Con—
Jan
Jan
85%
95%
70%
M issourl Pow A Lt 6 M s * 55
Jan
105
12,000
15,000
Miss River Pow 1st 6s lufii
Jan
Interstate Public Servlcr-
Kansas Power 6s
98%
Mississippi Rlv Fuel 6s.'44
92
Jan
56%
106%
...1952
Kansas Gas A Eleo 68.2022
Jan
Jan
■
5s aeries B
105
Jan
Jan
International Power sec—
Sup 6Ms'66
Jan
Jan
Jan
No States Pr ref 4MS..1961
Jamaica Wat
Jan
67
96%
Jan
Stamped..
Jan
Jan
18,000
105%
105%
100%
Jan
Jan
Italian Superpower 6s. 1963
86%
Jan
104%
104%
98%
92%
Jan
.
Jan
63
40
73%
1967
Jan
78
90
92,000
74%
..
25%
Jan
26%
26%
96
Iowa Pow A Lt 4Ms—1058
Jan
95
45
Jan
Jan
Isarco Hydro Eleo 7S.1952
Isotta Franshlnl 7s.
1942
Jan
21%
3M
93%
Jan
22%
22%
Jan
Iowa Pub Serv 5s...
Jan
101%
Miss Pow A Lt R«_. ..1957
30
2
Jan
1961
106%
Jan
Jan
30
94
6s series B
106%
91%
Jan
46
94%
63
6s series A w w
1047
without warrants
Iowa-Neb LAP 5s... 1957
73
46,000
<
Jan
65
4 Ms series F
104
Jan
22
6s series D_
63
90
23%
1962
101%
104
68
Debenture 6s
Jan
70
23% 163,000
86% 41,000
105%
59,000
104% 105%
Jan
12,000
44,000
32,000
35%
51,000
42,000
Interstate Power 5s.. 1967
Jan
68%
89,000
57,000
Interstate lrn A St) 4Ms'46
Jan
...
18,000
96
Interstate Nat Gas 6s. 1936
40
62,000
74%
73%
International Seo 5s—1947
Jan
95,000
fis
70
International Salt 6s.. 1951
Jan
93%
Jan
95
7s series F
40
"92%
33
32%
99%
104%
87
.1963
7s series E
1,000
92
Jan
Indianapolis Gas5s A.1052
...1966
1957
Jan
Jan
79
104
Jan
79
No Ohio PAL 6MS..1951
Nor Ohio Trac A Lt fis '66
6 Ms series G
Jan
86
..........
Indiana A Mloh Eleo 5s '66
Ind'polls P A L 5s ser A 'R?
75%
22M
1956
99
4Ms series E_
Intercontinental Pr 6s. 1948
37,000
Jan
43%
99
Indiana Hydro-Eleo 5s '58
1st Hen A ref 5s
107 %
Mississippi Pow fis...1956
64
23%
101% 102%
91%
93
1963
1961
Indiana Service 6s—..I960
105 %
Jan
Jan
92%
1047
1957
Jan
105%
Jan
106M 106M
103% 104 M
100% 101%
97%
99
S f deb 6Mb —May
—
....
103%
79
72
85
1st A ref 6s ser C—-1066
5s
..—
61M
42
108% 108%
1st A ref 6Ms ser B. 1954
Indiana Gen Serv 6S..1948
------
37
71
63
6s series C—
....
.....
60
74
Ill Northern Utll 5s.—1957
6Ms series B.
Jan
Jan
.......
......
7,000
-----
—1047
6s series A
94
Jan
99,000
106%
103%
104%
113%
Illinois Central RR 6s lPR?
111 Pow A L 1st 6s ser A
94
105%
106 %
64
6s stamped
1978
1981
Idaho Power 6s
Jan
106%
99%
Jan
....
-
86
100% 101
Houston Light A Power—
1st 6s ser A
1953
Hydraulic Pow 6s__-.1950
Ref Aimpr 5s
—1951
Hygrade Food 68A
1949
6s series B—
..1049
Jan
105%
87 M
------
.....
43
104M 105
warrants-1943
1st 4Mb ser E
105
Mlnneap Gas Lt 4MS.1950
Minn PAL 4%s.___.1978
97
32 M
32 M
104 M 104%
-1036
1st 4Ma ser D
------
81
Houston Gulf Gas OS—1943
6 Ms with
100
42%
1947
Hamburg Eleo 7s
1935
Hamburg El Undergrouno
A St By 6M8—
1038
Hood Rubber 7f
96%
------
21%
81%
fis efts of deposit
Munson 8 S 6 Ms ww.
Grand Trunk By 6 Ms 1936
4Ms series B.
106% 106%
99% 101%
1962
Middle States Pet 0%s '45
Middle West Utilities—
85 M
35
106%
Jan
Memphis P A L fis A..1948
General Pub derv 6s —1963
Jan
104
Jan
105
Jan
48
95%
102%
General Bronse 6s——1940
104%
Jan
105%
67
Jan
Jan
Gen Pub Utll 6Ms A-1966
Jan
65
Jan
91
69 M
Jan
102%
61
71%
60
Jan
104
Jan
95 M
3,000
101M 102
46,000
94%
95H 154,000
63%
Jan
110
Jan
Jan
McCord Bad A Mfg 0s 1948
92%
95
Jan
54%
Jan
Jan
44%
Jan
82%
87%
108%
102%
103%
103%
60
64
96
106
97 M
100 M
Jan
94%
100%
105%
Jan
82 M
Jan
33
Jan
104
84
Jan
104%
106
Jan
80
99%
103%
89
93
106%
Jan
Jan
99% 103% 288,000
98%
99% 32,000
86
92% 135,000
94 % 156,000
84%
9,000
83% 22,000
99
37,000
100 M
6,000
86 M 79,000
45
28,000
23 M
7,000
23M 35,000
Jan
96% 100% 341,000
23,000
36,000
91
97%
Jan
1946
3,000
104
stamped.1944
Gatlneau Power 1st 6s 1966
Deb gold 6s June 16 1941
Deb 6s series B-—. 1941
Jan
mr.
99 %
103% 104%
6s ex-warr
76
Jan
101
100%
103%
99%
Firestone Tire A Bub 6s
95 M
72
106
Jan
70
Firestone Cot Mills 6s
105
1,000
------
-----
Jan
99%
45%
82%
Jan
Jan
Mansfield Mln A Smelt
Jan
6s-6sStampedl961
.'48
'42
First Bohemian Glass 7s "67
Fla Power Corp 6MS-1979
Florida Power A Lt 6s 196*
60
-------
104% 105% 112,000
-----
86
Banks
55
97%
Jan
93%
104%
98%
93%
103%
103%
105%
46
Jan
106%
7s without
Ms'64
-----
------
1942
5 Ms series E__
Manitoba Power 5 % «
Fairbanks Morse 6S—1942
106
105% 105%
Laclede Gas Light BMsl93fi
Jan
81
81
High
Low
Low
92
95
17,000
108% 109% 101,000
103% 104
8,000
6,000
103% 104
104
104
4,000
106
9,000
106%
Jan
105M 106
x-warr.—.—1066
European Mtge inv 7s C'67
$
52,000
13,000
10,000
42,000
1,000
22,000
15,000
Jan
74
102
08...
6 Ms
Jan. 1 1936
103% 103%
103% 104%
65
'
-----
-----
Range Since
1935
Kimberly-Clark fis... 1943
Koppera GAG deb fis 1947
Sink fund deb fiMs. 1950
22
>'
-
-
97
100% 101
96
96%
..1969
40
------
-
105
1948
..1955
5Ms series F
Jan
Jan
96%
1st mtge fis ser H..1961
8
10%
1933 to
Dec. 31
Kent uoky Utilities Co—
0 Ms series D
Certificates of deposit.
High
Sales
for
of Prices
High
Jan
1
Week
BONDS
Detroit loternat Bridge—
6%s
July
(Continued)
Low
Low
9,000
95,000
/«•25 1936
"7
Week's Range
Jan. 1 1936
1935
of Prices
6s 1st series B______1950
■
Range Since
for
Week
Week's Range
BONDS
(Continued)
Del City Gas 6s ser
1
..1938
1936
Penn Cent LAP 4Me 1977
fie—
1979
Penn Eleotrle 4s F
1971
Jan
Jan
Jan
Jan
Penn Oblo Edison—
6s series A xw
fis series D._
1964
Penn Water Pow fis... 1940
4
Ms
series
B
1968
98% 100%
105% 106%
113% 114%
26,000
86
98%
SSKSiukSSSSiij4aii .ii«...AA-.'.^
Volume 142
New York Curb Exchange—Concluded—Page 6
July
1
Week's Range
Sales
1933 to
for
Dec. 31
Jan. 1 1936
Week
1935
(<Continued)
Low
High
Low
1981
6s series C
1967
1979
Phlla Electrlo Co 5i._196r
Phlla Elee Pow 5%a._1972
93H
96% 335.000
105% 106%
57,000
7%
9% 319,000
112% 113
9,000
19,000
110% 110%
Phlla Rapid Transit 6s 106?
87%
Phil Sub Co Q A E 4%e'57
108
Pledm't Hydro-El e%i '60
Piedmont A Nor 6s... 1964
44
104%
107
68
86%
103%
96%
Jan
Jan
106%
6
Jan
9%
Jan
Jan
112%
110%
Jan
113
Jan
Jan
112
1H
104%
100
Potrero Sug 7s strop.. 1947
82
PowerCorpiCanj «>*s b 6>
94%
Power Securities 6s...1949
Prussian Eleotric 6s. .1954
Pub Serv of N J 6% pet oth
Pub Serv of Nor Illinois—
134
96%
27
104
Jan
Jan
27%
Jan
104%
77%
Jan
106
Jan
Jan
Jan
83%
106%
Jan
107%
Jan
101
101
91
1,000
37.000
Jan
94%
20,000
53
41
66%
90%
41%
102%
Jan
Jan
Jan
90
Jan
Jan
94%
Jan
100%
Jan
Jan
Jan
111%
Jan
10,000
58%
106
Jan
107
Jan
Wiso-Mlnn Lt A Pow 5s *44
Wise Pow A Lt 6s E—1956
6s series F
1958
104
Jan
4 94s series E
1980
13,000
21,000
52%
102
Jan
103%
Jan
1st A ref 4H*ser F.iosi
103% 103%
103% 104
62%
102
Jan
104%
Jan
4Ha
103% 104%
17,000
103%
Jan
105%
Jan
Pub serv of Oklahoma—
Queens Boro CAE 4%s '58
5Hs series A...J...196?
Wash Water Power 6s. i960
West Penn Elee 5s
2030
West Penn Traction 6s .'60
West Texas Util 6s A. 1957
108%
Jan
106%
106% 106%
24
62
101%
106
24
1954
warrants
20,000
63%
1968
7s with
Ward Baking 6s
1937
Wash Gas Light 5s...1968
Wash Ry A Elect 4s..1961
31%
21,000
Wise Pub Serv 6s A...1952
Yadkin Rlv Pow 5s
1941
York Rys Co 6s
j. 1937
60%
104%
Jan
105
103%
101%
Jan
104%
Jan
Jan
103
86%
83%
Jan
96%
Jan
Jan
93 %
Jan
78%
40%
37%
36%
33%
Jan
Jan
88 %
Jan
12,000
86
105
Jan
Jan
5,000
88
106%
Jan
106%
106%
106% 107
106% 106%
20-year 7s
61%
103
Jan
104%
Jan
Baden 7s
Reliance Managemt 6s 1954
Rochester Cent Pow 5s 1953
104
104
2,000
55%
100
Jan
104
Jan
79
81
14,000
22%
74
Jan
81
Jan
Rochester Ry A Lt 5s. 1954
111% 111%
Jan
112
Jan
100
Ruhr Gas Corp 6Hs__196S
111%
28%
Ruhr Housing 6 Hs...1958
23
32%
St Louis Gas A Coke 6s '47
106% 107%
17%
17%
San Antonio P S 6s B. .*58
102% 102% 120,000
64
San Joaquin
124
88
124
101
109
5,000
124
1,000
Sauda Falls 5s.......1956
Saxon Pub Wks6s....l937
32%
32%
8,000
91
32%
Jan
108
Jan
warrants...193/
ex-warrants..... 1936
Scrlpp (E W) Co 5Hs. 1943
Seattle Lighting 5S...1940
Second Int'I Sec 6s
1948
Servsl Ino 6s
19%
18%
Jan
14%
Jan
19%
Jan
101%
Jan
102%
124
Jan
Jan
110
Jan
33
Jan
32%
"~67% "69""
30*666
17
43,000
96%
4%
66%
61
163"
6s series A
External 6%s
Jan
Jan
Jan
Jan
102
Jan
Maranho
Jan
107%
Jan
Medellln 7s
Jan
Jan
104%
103%
Jan
100%
73
105
Jan
107
Jan
lst4HsserlesD
1970
102% 103%
63%
100%
Jan
103%
Jan
63%
Sheridan Wyo Coal 6s 1947
60
62%
7,000
38
58
Jan
62%
Jan
99
99%
14,000
41
97%
Jan
100%
Jan
37%
101%
Jan
104%
Jan
Southern Calif Edison Co—
7s
E
103%
103%
Jan
Jan
107
Jan
6 %■
Jan
106%
Jan
52
101%
Jan
103%
Jan
61
101
Jan
102%
Jan
3,000
78%
106
Jan
106%
Jan
63%
106%
Jan
107%
Jan
104%
11,000
34,000
70
103%
Jan
104%
Jan
21%
21%
2,000
21%
21%
1,000
102% 102%
106
Sou Counties Qas 4%s_'08
104% 107
51,000
75%
104
Jan
107
Jan
5%s certificates
Sou Indiana G A E 5 He '67
Sou Indiana Ry 4s_. ..196)
107% 107%
2,000
67%
71% 187,000
98%
107%
Jan
108
Jan
56%
Jan
Southern Nat Gas 6a. 1944
102
104
117,000
63
96
97
16,000
40
25
101
92%
60
103
60
71%
104
Jan
Jan
97
Jan
103%
Jan
•
S'western Lt A Pr 6s..1957
100
101
42,000
45
99
95
96
13,000
25
92%
Jan| 103%
Jan; 101
Jan1
96
So'WtJt Pow A Lt 68.2022
92%
13,000
37
91
Jan
95%
Jan
Jan
range,
■'
7,000
55
101%
Jan' 103%
103%
Jan
Jan
104%
s
1
Stand Gas A Elee 6s..l936
Certificates of deposit.
Conv6s.
..1936
Certificates of deposit.
Debenture 0s
1961
Debenture 6s.Deo 11966
Standard Investg 5Hs 1939
5s ex warrants..... 1937
Stand Pow A Lt 6i
1957
Standard Telep 5H8..1943
Btlnnes
71%
73%
43,000
37%
69
Jan
76
Jan
71
73
61,000
48
69
Jan
75
Jan
71
73
137,000
100,000
70%
72% 235,000
69% 72
137,000
99% 101%
32,000
37%
69%
Jan
75
Jan
71
73
47%
69
Jan
75
Jan
30
65%
Jan
73
Jan
28%
66
Jan
73%
Jan
64
97
Jan
101%
Jan
99% 100%
31,000
67%
70% 260,000
64%
97
Jan
100%
Jan
25%
71
Jan
16
64%
46%
Jan
49
Jan
50%
Jan
49
5,000
1st 4 H«
1970
Syracuse Ltg 5Hs
49%
46
51
25,000
49%
Jan
47
9,000
25
10,000
69
105%
Jan
105% 106%
43,000
56
105%
109%
Jan
108%
45
103%
97
1957
Jan
26
Jan
55%
Jan
61%
Jan
57%
Jan
62%
Jan
Jan
10
Jan
21,000
6
80
32%
Jan
33
Jan
32%
2,000
33%
34
8,000
8
22
32%
Jan
34
Jan
68%
95%
Jan
97%
Jan
Jan
95%
97%
21,000
61
89%
Jan
91
69%
28%
28%
32%
70
2,000
17,000
6,000
86%
69%
Jan
71
Jan
23
28%
Jan
28%
Jan
21%
28%
Jan
9,000
1,000
10,000
23
32%
Jan
28%
32%
Jan
Jan
21
26%
Jan
26%
Jan
10%
8%
Jan
11
Jan
Jan
13%
Jan
Jan
20%
9%
81%
Jan
9%
16%
13%
81%
23%
71%
Jan
75
Jan
18
Jan
18
Jan
18
Jan
18
Jan
12
Jan
14%
Jan
92%
10%
Jan
Jan
93%
21%
Jan
12%
Jan
16
Jan
28%
28%
32%
26%
26%
11
11
8%
9%
15
16%
4%
3%
13,000
17,000
10%
8%
74
75
82,000
Jan
Jan
Jan
Jan
13
18
12
62%
13%
11,000
14%
19,000
93%
21% 249,000
15
16
15,000
10%
92%
2,000
7%
e
2
2%
12,000
1
1%
1%
2
11,000
3,000
18,000
1
2,000
2%
1%
63%
51
1%
63%
54%
11%
12
11%
2%
2%
2%
Jan
Jan
2%
63%
Jan
Jan
51
Jan
54%
Jan
5%
11%
Jan
12%
Jan
5%
11%
Jan
12%
Jan
2
Jan
1%
1%
1%
Jan
13
63%
9,000
43%
25,000
4,000
11%
Jan
%
%
Jan
Jan
a
Jan
Jan
Under
In year's
n
adjusted for split-up.
adjusted for stock dividend.
Deferred delivery sales not included In weekly or yearly range are
No sales.
Abbreviations
shown below:
Used
Above—"cod," certificates of deposit: "cons." consolidated;
"cum," cumulative; "conv," convertible; "m." mortgage; "n-v," non-voting stock*
"v t c." voting trust
certificates; "w 1." when
without warrants.
Issued; "w w." with warrants; "x wt*
The National Securities Exchanges on whlcb low prices since
made (designated by superior figures In tables), are as follows:
New York Stock
2
July 1 1933 were
22 Pittsburgh Stock
"Cincinnati Stook
Jan
51
47
Jan
Jan
Jan
Jan
106%
106%
110%
Jan
108%
Jan
Jan
Jan
New York Curb
« Cleveland 8tock
S
New York Produce
i« Colorado Springs
«
105% 106
1954
6s series B
26
21%
Deferred delivery sales not included In year's range,
Included in year's range,
r Cash sales not Included
Ex-dlvidend.
'
(Hugo) Corp—
7-4% stamped...1936
7-4% stamped.-.1946
Super Power of 111 4Ha '68
Price
Jan
83
x
Price
"
16,000
Jan
Jan
Jan
18%
49,000
51,000
32%
1945
No par value,
the rule sales not
Jan
102%
21%
17
26
10
9
.1946
7s
Jan
Jan
15%
15
25%
27%
1961
Santiago 7s
Jan
S'western Nat Gas 6s. 1945
1942
Jan
61%
62%
60%
61%
1949
Jan
Santa Fe 7s
7s Stamped
Jan
1946
100
21
192*
8"west Pub Serv 6s
106%
107%
107
104
1921
Staley Mfg6s
Jan
Jan
6%a._.1919
6%s certificates
1919
Jan
95%
103
103%
103% 104%
Jan
42
106
Russian Govt
Jan
Jan
106%
"3" 000
105%
93
Jan
61
(State) 7s
1958
Rio de Janeiro 6%s..l959
100%
102%
64
Jan
Jan
14,000
15,000
31,000
Parana
101
'l"62%
21
41
18
96%
1967
107%
103%
88%
33%
106% 106%
102% 103%
Mtge Bk of Chile 6s... 1931
Mtge Bk of Denmark 6s '72
96%
6s series B
Jan
60
Jan
Jan
Issue of May 1927..
Issue of Oct 1927
78%
Southwest G A E 6s A. 1957
Jan
107%
103%
1951
6,000
OJ
101
1951
4s stamped
81,000
6s
Jan
Mtge Bk of Bogota 7S.1947
102% 103%
102% 103%
106% 107
Assoc Tel
Jan
99
46%
1951
Sou Calif Gas Co 4 He. 1961
M western
107
106%
1958
ser
Mendoaa 7%s
Jan
Sou Carolina Pow
88,000
Jan
Jan
Certificates of deposit..
63
1960
106
Jan
Lima (City) Peru 6%s..'68
69
2,000
3%s May 1
75
13
19%
103%
Jan
4,000
M
106
Jan
German Cons Munlc 7s '47
Seoured 6s
1947
Jan
2o"666
Ref
Jan
107%
1952
65%
98%
106%
100%
103%
Ref M 3 %s B July 1 1960
106
103
1966
102%
Jan
103% 103%
101% 103% 134,000
Jan
83
07
Hanover (City) 7*
1939
Hanover (Prov) 6 %s._ 1949
19%
106
Southeast PAT, rts_..202fi
Jan
107
logs
Jan
1970
6s. 1957
Jan
107
Danslg Port A Waterways
Jan
1968
17,000
27
Jan
Jan
2~66o
..1952
Danish 6%s
18
1st 5s series O
106
Jan
106
~
1948
18%
7
4 %b series B
Shawlnlgan W A P 4Ha *67
22%
106%
103""
Cent Bk of German State a
Prov Banks 6s B...1951
Jan
30%
3,000
11,000
101% 102
Jan
4%
101
i03"
1947
Jan
Jan
3%
19%
19%
1948
90%
76
1951
7 %s stamped
Cauca Valley 7s
Jan
106%
Sobulte Real Estate—
6s
Jan
Jan
92%
106,000
11,000
106% 107%
92
93
159,000
40
32,000
41%
105% 106% 18,000
99
Buenos Aires (Province)—
7s stamped....
1952
L A P 6s B *52
96
5,000
7,000
'iffii 107" ~i4~666
1947
9,000
7,000
Jan
Jan
20,000
«
Agricultural Mtge Bk (Col)
20-year 7s
1934-1940
Jan
104%
Sate Harbor Water 4%e '71-
Jan
99%
FOREIGN GOVERNMENT
AND MUNICIPALITIES—
104
1,000
Jan
Jan
Jan
66
103
45
135%
103%
Jan
99
Jan
52
19,000
Jan
103
Jan
102%
95%
91%
83%
48"666
90%
Jan
1978
96%
75
"98% "99%
75
2,000
99
88%
31
4%a series D
1st A ref 4HsserD_196(>
Jan
1946
133
196C
1st A ref 5s series C. I960
107
107
45
29
5s series O
Puget Sound P A L5%a '40
Jan
Jan
91
24,000
102
97%
196f
Pub Serv Subsld 5%a_194!
98
96
6,000
26,000
103% 104%
101% 103
26,000
92%
96% 237,000
89%
93%
59,000
88% 124,000
88%
99
Jan
92
94%
West Newspaper Un 6s *44
West United G A E 5%s '55
Wheeling Elee Co 6S..194I
wise Elee Pow 68 A... 1964
1967
Jan
95%
3,000
i960
Jan
Jan
5s series D
90%
39,000
96%
Waldorf-Astoria Corp-
Jan
106
9,000
25,000
45
52%
193v
1st ref 5s ser B
0»
Jan
106%
104% 104%
Jan
99
65
1961
106%
Vamma Water Pow 0%s'67
Va Public Serv 6%s A.1946
72
6s series C_...
Jan
Valvolme Oil 5s
1st A ref 5s
I......1960
105%
Jan
67%
.110% 111%
106% 106%
60
Jan
3,000
,
3,000
105
53,000
135%
106% 106%
94%
99
107%
22,000
47,000
Jan
Jan
25
98% 100%
31% 31%
105
41%
Jan
101
1961
Jan
Jan
96%
Jan
101
Potomae Edison 5s...I960
103%
104
Utah Pow A Lt 6s A..2022
106
Potomae Elee Pow 6S-19ft*
Portland (las A Coke 5s '40
Jan
60
4%S
1944
Utica Gas A Elee 6s D. 1956
6s Series E
1952
103
80
102%
9,000
Jan
Jan
89
Jan
60
104% 105
Jan
69
"2i666
1930
6% % serial notes...1938
6%% serial notes...1939
6%% serial notes.. 1940
Jan
Jan
9,000
Eleo 0a__J96:j
6%% serial notes..1937
101%
87 %
35%
104% 104%
79%
81%
106% 106%
107% 107%
6s with
High
102
00
108%
45%
79
Quebec Power 5s
Low
Low
5,000
23,000
Jan
29,000
45%
63,000
series
1935
High
101% 101%
102% 102%
Jan
98
17,000
108
103% 103%
Pittsburgh Steel 6s... 1948
4%b series F
Jan. 1 1936
107%
44%
19,000
107%
l»4fc
56%
Jan
29,000
105
Pittsburgh Coal 6s
Pomeranian
Range Since
Dec. 31
U 8 Rubber Co—
4s series B
Poor A Co 6s
1933 to
for
Week
Low
High
Peoples Qas L A Coke—
Peoples Li A Pr 6s
Sales
of Prices
BONDS
(.Concluded)
Low
1
Week's Range
Range Since
of Prices
BONDS
601
July
New York Real Estate
» Denver Stock
« Salt Lake City Stock
*
Baltimore Stock
16
26
San Francisco Stock
2'
San Francisco Curb
*•
San Francisco Mining
2«
Seattle Stook
»
Spokane Stock
Washlngton(D.C.) Stock
92%
93%
39,000
48
89
Jan
95
Boston Stock
"
Los Angeles Stock
2
Buffalo Stock
"
Los Angeles Curb
*
California Stock
19
•
Chicago Stock
2*
Mlnneapolls-St. Paul
New Orleans Stock
Chicago Board of Trade
Chicago Curb
21 Philadelphia Stock
'•
83
84%
68,000
40
86
Jan
44
45
36%
78%
41%
Jan
Terni Hydro Elee 6 Hs 1953
Jan
46
60
99%
Jan
12
34
Jan
66
»'
Jan
Tenn Public Service 5s 1970
St. Louis Stock
Detroit Stock
•
11
Tennessee Elee Pow 5s 1956
" Richmond Stock
Stock
Texas Eleo Service 5s.l96<
Texas Gas Dtll 6s
1946
Texas Power A Lt 6s.
6s
1956
2022
Thermold Co
6s stpd.1937
Tide Water Power 5s. 1979
Tlets
6,000
100% 101% 116,000
34
.36%
14,000
105% 106
62,000
105% 105%
4,000
101%
40
Jan
96
19,000
98%
99%
63,000
(Leonard) 7%s.l946
105
Jan
106%
Jan
51
104
Jan
55
95
Jan
105%
96%
Jan
Jan
49
98%
Jan
99%
Jan
32
Jan
32
Jan
—Blytb & Co., Inc.,
1962
Twin City Rap Tr 5Hs *52
107
107%
37,000
79
76%
80
198,000
19
85
85
5,000
54
84
84
84%
84%
7,000
5,000
106%
76%
""73%
Jan
Jan
Dlen Co—
6s 2d
107%
80
Jan
Jan
► A
stamped
1944
6s 3rd stamped
1944
Stamped ctfs of deposit
74
84
Jan
72
78
Onion Amer Inv 6s A.1948
Jan
Jan
Jan
101%
5s series A
1954
6s series B
—.1957
106% 106%
underwritings,
1,000
sales
and
Jan
the firm has been identified with many recent
84%
Jan
101%
Jan
106%
Jan
106%
Jan
105%
Jan
105%
Jan
105%
Jan
107
Jan
1949
115% 115%
1,000
113%
Jan
116%
Jan
45%
Jan
48
Jan
46%
17,000
96%
35%
32%
32%
32%
32%
4,000
32%
82%
87% 149,000
45%
United Industrial 6 Hs 1941
1st s f 6s
1945
United Lt A Pow 6s... 1975
6Hs
5Hs
1974
Apr 1
1959
Un Lt A Rys (Del) 5 Ha '62
United Lt A Rys (Mal¬
es series a
1952
6s series A
1973
USA Brit Internat 6s 1948
83% 88
102% 104
86
90
106% 108%
80% 83%
101% 102
1,000
49,000
32%
Jan
32%
32%
32
Jan
33 %
Jan
Jan
26
76
Jan
87%
Jan
80
.
28%
Jan
88
Jan
21,000
50
100%
Jan
104
Jan
190,000
31
81%
Jan
90
Jan
104%
75%
Jan
108%
Jan
Jan
83%
Jan
98%
Jan
20,000
39,000
61%
53,000
93%
25
—R. S. Dickson & Co., Inc. have prepared
capita
on
a
County,
parity
North
basis
Jan
offerings.
for distribution an analysis
Carolina, indicating the debt burden per
with
other
current
North
Carolina
County
obligations.
the
Omaha office,
545
branch manager In charge o
Omaha National Bank Building, of the General
American Life Insurance Co., St. Louis, it was announced to-day
J. Moriarty, Vice-President of the company.
the life insurance business for 16 years.
exceptional record both
as a
personal producer and branch office manager.
—Homer & Co., Inc., 40 Exchange Place.
ket," which contains
statistical data.
a
by John
Mr. McDevitt has been in
During that time he has built an
New York, has issued the first
number of Its "Quarterly Review of the High
102
Co., Revere
In municipal underwritings,
85
90%
and
under-
Copper & Brass, Inc., Los Angeles Gas & Electric Corp. and several other
84
92%
corporate
writings have included financing for Anaconda Copper Mining
—Frank A. McDevitt has been appointed
United Elee N J 4s
United EI Serv 7s x-w.1956
Recent
trading.
Important industrial and utility enterprises.
6~oo6
"
'106% 107"
York
entire 20th floor. For
During the
Broadway.
past year, the firm has greatly extended its activities to new corporate
of Brunswick
....1967
4HS
announcing the removal of tbeir New
the past 10 years the firm has been located at 120
Jan
Union Eleo Lt A Power—
99
are
offices to 14 Wall St., where the firm will occupy the
municipal
Toledo Edison 6s
NOTICES
Jan
25
95
CURRENT
Jan
Grade Railroad Bond Mar¬
detailed review of this market for 1935 and other
Financial
602
Chronicle
Jan. 25 1936
Other Stock Exchanges
July
New York Real Estate Securities
Sales
for
Dec. 31
Week
Stocks
'
Bid
Aik
Bid
Unlisted Bonds (Concluded)
Ask
(Concluded)
1935
Shares
Low
Par Low
Mden 6s
1941
44
1941
3
1937
41
4..
Dorset ctfs of deposit
80 Broad St Bldg 5%s.l950
31
mmm
Mb Are A 29th St Corp 6*'48
Lincoln Bldg Cp 5%s v t c 1963
Lincoln Hotel Props 6%s '41
64
Pennsylvania Bldg 6s..1939
27
Brier field Apt
Bid? ctfs
Bldg 5a '48
17
2124-34 Bway Bldgs ctfs—
18
79 Madison Ave
5
„•
22
18
City d Suburban Homes...
3*8
14
Lincoln Bldg Corp v t c
3
Tudor
4U
t o
v
Linotype..*
New Eng Tel A Tel
100
NT N HavenAH&rtfordlOO
North Butte
2d Unit Ino units
10
4th Unit Inc units
8
12
Pennsylvania RR
6th Unit Ino units
14
10
6
6
8
Baltimore Stock Exchange
Established 1853
Hagerstown, Md.
Louisville, Ky.
266
601
20%
553
75
1%
New York and Baltimore Stock Exchanges
Chicago Board of Trade and Commodity Exchange, Inc.
2%
124%
5%
Jan
53c
1,573
20c
58o
Jan
63
Jan
65o
Jan
17
*
32%
23%
35%
24%
16%
63
650
50
100
Exchange
July
Sales
of Prices
Range
Jan.
Stocks—
Par Low
Arundel Corp
36
Bait Transit Co com v t c_*
1st preferred v t c
*
Black d Decker com
*
Preferred
25
Ch A Pot Tel of Bait pfd 100
1
100
preferred
Davison Chemical Co
20
18
400
1936
Low
11%
2,705
1
32
Jan
22%
750
1
%
Jan
17
8
Jan
1%
12%
1,520
12%
Jan
2,164
6%
2%
18
Jan
3%
30
Jan
16%
17%
30
30
*
94
5
2
Jan
96%
542
96%
Jan
150
20c
200
10c
20o
Jan
22%
24%
5%
86%
39%
1%
70
9%
Jan
290
%
25%
5%
Jan
30%
86%
39%
1
4%
25
83%
39%
100
1
5
1
850
124
Venezuela Holding Corp..*
Waldorf System Ino
»
35
2,010
47
172
5,045
90c
90o
%
Jan
124
I
124
96
-7
Jan
1%
%
28c
9,375
124
Jan
Jan
Jan
%
10%
5%
%
11%
400
%
%
Jan
328
3%
11%
Jan
6%
415
2%
6%
Jan
*
25
28
50
4%
23
70
71%
$8,000
32%
70
Warren Rrn» no
»
Jan
Jan
36
Jan
732
%
%
Jan
1%
%
28
74%
Jan
Jan
Jan
1,155
1%
2%
Jan
3
Jan
25
CHICAGO
SECURITIES
Jan
3
2%
23%
24%
34
33%
116% 117%
Jan
87
690
89
14
*
1
111
2
99
1
45%
91
Jan
33
Jan
34
119
Jan
84
Jan
89
Jan
Listed and Unlisted
Jan
Jan
114
7%
72
22
115
4%
140
114% 115%
Vm) H.Davis &6<x
Jan
Members:
New York Stock Exchange
Chicago Stock
New York Curb (Associate)
Chicago Curb
Jan
115%
885
9c
11%
12%
470
1%
11
Jan
12%
Jan
17
17%
105
3%
17
Jan
18%
Jan
Fidelity d Deposit
20
Fidelity d Guar Fire Cp.10
95% 100%
60
48%
389
15%
100%
Finance Co of Am class A.*
10%
Eastern Sugar Assoc com.l
1
Preferred
Jan
High
1%
Consol Gas, E L A Power.*
5%
Low
Since
1935
22%
34%
Dec. 31
Shares
High
20
*
Atl Coast Line (Conn)..60
for
Week
24%
600
*
Warren (S D) Co
Bonds—
1
1933 to
Jan
Jan
10
Eastern Mass St Railway—
Series A 4%s
.1948
Jan. 18 to Jan. 24, both inclusive, compiled from official sales list
Week's Range
35%
318
•
Baltimore Stock
17%
830
17%
2
•
100
12
1,063
95c
Jan
17
2
n%
Utah Apex Mining
Utah Metal A Tunnel...
%
12
»
Vermont A Mass
39
316
65c
80o
Folding Mach Co. 10
Preferred
Jan
416
45o
Union Copper Ld A MIn_25
Union Twist Drill Co
5
Members
45
5%
17
United Gas Corp
U Shoe Maob Corp
Jan
Jan
Jan
4%
Torrlngton Co
York, Pa
„
1
2
Suburban Eleo Securs—
2d preferred
39 Broadway
NEW YORK
BALTIMORE, MD.
40
Shawmut Assn tr ctfs
Stone A Webster
STEIN BROS. &> BOYCE
6. S.Calvert St.
8
25
Hoe Mach__10
Reece Butt
on
533
40% 45
122% 124
Qulncy Mining
Orders Executed
12
59
Pond Creek Pocahontas
Reece
4%
2
*
......
902
40
30
*
Old Colony RR
100
Old Dominion.........25
Pacific Mills
*
City—
High
Low
12
9%
.......100
Mass Utilities
Mergenthaler
Stocks—
Beaux Arts Apts Ino units..
-
59
-
mmm
21
17h
Unlisted
Carnegie Plana Apts
Bldg 6s
Preferred
•
High
Maine Central—
Common...... .....100
Berkshire (The) 6s
Range Since
Jan. 1 1936
1933 to
of Prices
Closing bid and asked quotations, Friday, Jan* 24
Unlisted Bonds
1
Week's Range
Exchange
Jan
%
88
Jan
289
8
3
43%
9%
Jan
25
3,166
1
Jan
37 So. La Salle
Jan
50
St., CHICAGO
Jan
10%
Exchange
Exchange
Jan
Houston Oil preferred.. 100
18
10%
19%
4
15
Jan
20%
Jan
Mfrs Finance 1st pref.-.25
11
11
35
5%
11%
Jan
115
%
10%
1%
Jan
2
Second
preferred
25
1%
Jan
Merch d Miners Transp..*
33
33%
360
21
31
Jan
Monon W Penn P S
24%
25%
3%
52%
416
12%
24
Jan
22
3
45
1%
19%
2,296
5%
7% pf 25
Mt V-Woodb Mills com 100
Preferred
3
100
52
New Amsterdam Casualty5
Northern Central Ry.._60
97%
16%
97%
Penna Water d Pr
*
88%
89
2
Western National Bank.20
16%
17%
35
35
com
15%
U S Fidelity d Guar
2
Jan
B 5s flat
17%
88
1975
Jan
Week's Range
Sales
1933 to
50
Jan
62%
Jan
of Prices
for
Dec. 31
13%
Jan
Jan
Week
1935
Shares
Low
July
71
95
Jan
16%
97%
162
41%
87
Jan
89
2%
14%
Jan
17%
Jan
Abbott Laboratories oom. *
98
99
34
Jan
35
Jan
Adams (J D) Mfg oom...*
Adams Royalty Co com
*
16%
17%
10
24
3
/
19% $85,000
1,000
Jan
13
15%
Jan
19%
Jan
79
88
84
Jan
88
Jan
Stocks—
Par Low
Advance Alum Castings. .5
Ainsworth Mfg Corp comlO
Allied Products Corp el A •
Amer Pub Serv Co pref. 100
_
Co
oommon
inclusive, compiled from official sales lists
1
Associates Invest Co—
New common
*
Automatic Products
July
Auto Washer
Sales
1933 to
Range
of Prices
for
Week
Dec. 31
Jan. 1 1936
Shares
Low
Par Low
High
Since
6%
2
25
non-cum pref
4%
60
1st preferred-.-
50
*mer Tel A Tel
100
2%
25
5
25
158% 160%
%
30
2
25
2,713
10
1
LOW
*
Preferred
Boston
A
...100
Albany
...100
Boston Elevated
24%
98
24%
43
1%
4%
155%
J8n
Jan
Jan
Jan
2%
5%
Jan
14%
22%
Jan
98
Jan
84
60
459
88
69
167
99%
...100
67%
Common
100
9%
Preferred (stpd)
Prior preferred
100
117%
65%
Jan
Jan
25
161%
55
Jan
99%
Jan
Jan
69
9%
6
6
28%
50
3%
1%
30
477
12 H
23
3%
8
CI A 1st pref stpd...100
9
10
482
Class A 1st pref
8
9
85
100
Class B 1st pref stpd. 100
CI B 1st pref
100
11%
Class C 1st pref (stpd) 100
Class C 1st pref..... 100
9%
CI D 1st pref stpd..
Boston Personal
.
100
Prop Tr_*
Boston & Providence. .100
Brown-Durrell Co
*
com
Calumet & Hecla..
25
%
*
Eastern Mass St Ry—
Common
preferred
16
7%
7%
%
100
6%
61
73%
1%
8%
63%
76%
1%
100
33
35
100
B
Eastern 8 8 Lines com
11%
9%
11%
10%
18
18
•
Economy Grocery Stores.*
Edison
11%
12%
11%
11%
15%
147% 147%
7
5%
*
6% cum pref..
100
4)4 % prior preferred 100
1st
Elee ilium
106
Reo for $50 pd on new sbs
156% 158%
53
55%
Reo for$150 pd on new sbs
154
Employers uroup..
General Capital
*
Georgian Ino cl A pref...20
9
60
236
50
308
45
30
325
517
1,645
Ulettedafety Rasor
Class A......
*
__.*
Class B
*
Preferred
*
Intl Button Hole Mach-.IO
Rnyale
Cepper
Loew's Theatres
For
in
22%
37%
1%
17%
154
721
9%
Jan
Jan
6
Jan
Jan
32
Jan
J8n
11%
Jan
Jan
17
Jan
15%
Jan
15%
Jan
144%
3%
Jan
147%
Jan
1%
Jan
7
Jan
2%
5%
3
footnotes
25
25
see
page
605
Jan
6%
Jan
70%
110
110
**
87
20
50
6%
Jan
17
Jan
01%
26%
Jan
31%
Jan
13
5
1,850
8
2%
Jan
Jan
30
Jan
16%
%
Jan
16%
Jan
Jan
Jan
9%
Jan
1$
103
35
Jan
Jan
13,250
Jan
Jan
15%
Jan
7%
Jan
8%
Jan
1%
Jan
Jan
Jan
3%
42%
16%
67
Jan
61
Jan
1
Jan
1%
1%
..
Jan
2
Jan
Jan
Jan
Jan
100
4%
1%
%
1,150
8%
1%
%
....
5
3%
1%
%
25
101
21%
3%
25
100
70
101%
20%
20
2
100
22%
550
4%
37,850
»
100
6%
80%
10
6%
%
H
30
Jan
%
4%
Jan
Jan
44
Jan
48%
Jan
25
Jau
Jan
36
Jan
28
Jan
31
Jan
Common
..__*
Cudahy Packing Co pf 100
Dayton Rubber Mfg com.*
Cumui d A pref
Decker d Cohn—
35
10
39%
115
6%
26
Jan
4%
Jan
Jan
1%
%
Jan
Jan
25%
Jan
Jan
Jan
19%
104
Jan
Jan
26
Jan
3
Jan
2%
Jan
34
Jan
96%
Jan
12
Jan
%
5%
Jan
2%
Jan
Jan
4%
3%
35
110%
16
%
6%
3%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
9,550
5
39
Jan
43
Jan
40
40
115
Jan
117
Jan
7
15,400
2
5
Jan
29
4,700
5
26
Jan
29
Jan
10
32
121
Jan
126
Jan
140
90
108
Jan
110
41%
108
10%
11%
20
21
5%
Jan
117
122% 122%
108
Jan
1%
%
Steel—
Preferred
...100
Cord Corp oap stock..
o
Crane Co oommon
25
Preferred
100
Jan
3
%
1
50
Jan
Jau
%
5%
%
350
6
44
100
120
3%
Jan
68%
0%
%
900
%
6%
3%
11%
40%
Jan
Jan
25
3
16
Jan
4%
35
34%
106% 109
16
8
24%
33%
1
28%
Commonwealth Edison 100
Congress Hotel Co com. 100
Consumers Co—
Common
%
28
Jan
Jan
200
com. .6
38
5%
4%
%
5%
7
37
Jan
110
40%
700
Jan
Jan
Jan
35
1%
36
26;
n
10%
39%
40%
%
34
22% ' Jan
18
i,,
5
Common
Jan
»
3
6% prior pref A
100
7% cum pref.......100
Jan
5,450
70
Jan
1%
1%
10
500
1%
%
650
Club Aluminum Uten Co.*
Coleman L'p d Stove com *
Continental
1%
2%
25
Jan
Jan
1%
»
47
Jan
16%
Jan
Jan
400
24%
Chle Yellow Cso ln« cap.*
Cities Service Co oom
.»
%
Jan
108%
16%
46
65,
4
3
64
•
154
36
1%
11%
*
Jan
7%
10
Preferred
63%
10
Jan
210
2.600
5
77
519
Jan
130
Chicago Rivet A Mach cap*
Chicago Towel conv pref.*
18%
23%
8%
44
Jan
Jan
2
Jan
Jan
159
80c
10
8%
Jan
14
Jan
420
S
Jan
7%
230
Jan
1%
9%
Jan
Jan
230
.__*
com
Jan
1%
9,150
6%
21%
7%
Jan
150
100
2%
26%
155%
52%
16%
1,230
6,400
103
57
Jan
16%
64
Jan
103
Jan
22
Jan
21%
7%
4%
7%
23%
8%
5%
68%
3
Jan
Jan
1%
7
20
10
9%
Jan
49
Jan
%
103
Jan
2%
21
10%
10%
13%
103
9
2
Jan
90
Jan
%
2
Jan
33
2 U
30
2%
200
Jan
32
Jan
450
9
Jan
520
12
300
30%
26%
11%
40%
Cbio A No West Ry eomlOO
Chic Rys part ctfs 1
100
Part certificates 2... 100
190
2%
Jan
57
35%
%
27%
24
Jan
10
08%
50
Jan
Jan
100
•
Jan
18
27%
9%
2%
*
Preferred
Jan
38%
1%
2%
pref
1
%
1,310
8
Prior lien
....
Chicago Mall Order
26%
8
Common
11
6%
27%
Jan
10%
%
33
18
Jan
6%
5%
Jan
1%
1,310
%
1,146
8%
4,600
60
1
2,222
3,000
—
oom
18
6
58
Central S W
4%
15
Jan
Jan
Jan
8%
29
15
6%
4%
14%
97%
Jan
5%
25%
4%
4%
38%
50
455
8
4%
Chic Eleo Mfg A_.
Chlo Flexible Shaft
Jan
110
170
Cherry Burrell Corp com.*
Chlo City & Con Ry com.*
Chicago Corp oommon...*
1%
29
450
345
25
25%
5%
5%
16%
Chain Belt Co
Jan
Jan
40
Jan
Jan
Jan
22%
16
11%
60
46
Jan
*
Cent Cold Storage com
20
Cent III Pub Serv prof
*
Cent IIISecur common...1
Jan
37%
Jan
21
50
300
CentralStates Pow A Lt pf *
53
46
1%
2,450
2%
Jan
Jan
429
Jan
5
550
6%
2%
38%
12%
824
%
46
21%
Canal Construct conv pref*
Castled: Co (A M) com..10
12%
Jan
Jan
46
16,150
Jan
3%
41%
5%
Jan
21
7%
Jan
2
Jan
13
12
%
7
lu
3
40
Jan
6
.*
5%
8%
1%
1%
oom
Jan
111
Jan
50
7
Butler Brothers....
Jan
14
101%
17%
17
9
4%
Jan
30%
15%
8%
10
6
Jan
16%
17
Jan
8%
9%
6%
High
98
5
29
Jan
4%
7
Low
8%
50
240
___*
Class B
7%
11%
3
Hathaway Bakeries—
isle
Jan
Fuel Assn—
Common
Preferred
11%
15%
15%
6%
6%
East Boston Co
Past (ias A
12
..26
Copper Range
Jan
I
100
High
Jan
128
Range Since
Jan. 1 1936
Brown Fence A Wire—
Jan
24%
Boston A Maine-
6
•
7% preferred
100
Brach A Sons (E J) com..*
Bruce Co (E L)
123% 128
com.*
Berghoff Brewing Co
1
Blnks Mfg Co A conv pref *
Borg-Warner Corp oom. 10
High
Blgelow-Sanford Carpet Co
Common
*
Bendlx Aviation oom..
23
98%
oom. 6
pref
Bastlan-Blessing Co
1935
190
conv
Balaban & Katz pref... 100
Amer Pneumatic Serv Co—
Common
5
Asbestos Mfg Co com
Exchange
Week's Range
1
Jan
Armour A
Stocks—
inclusive, compiled from official sales lists
Jan
25%
3%
Jan
3,935
Boston Stock
Jan* 18 to Jan. 24, both
Jan. 24. both
to
Jan
Bonds—
Bait Transit Co 4s flat 1975
Chicago Stock Exchange
Jan. 18
33%
6%
2.350
2%
600
110
7%
Jan
Jan
Jan
12%
Jan
8%
10%
19%
Jan
21%
Jan
%
4%
Jan
6%
Jan
Financial
Volume 142
July
Stocks
1933 to
Range
for
Dec. 31
Jan.
Week
Shares
Low
Par Low
23%
10%
High
23%
11%
690
16%
19%
3,500
28%
17%
29
17%
4,100
29
32
2,300
FitzSlms A Con D&Dcom *
16%
17
100
General Candy A
5
Gen Housenoid Utll com,*
12
12%
350
3%
3%
5,400
24%
29%
6,770
11%
5,000
(Continued)
Eddy Pap Corp (The) oom*
Eleo Household Utll cap.5
Elgin Natl Watch Co... 15
Sales
1933 to
Since
for
Dec. 31
Jan.
1935
1 1936
Stocks (Concluded)
High
Low
24
Jan
11%
Jan
Jan
19%
Jan
Jan
30
Jan
17%
Jan
18%
Jan
6%
27%
Jan
32
Jan
8%
16%
Jan
17%
Jan
3
11%
Jan
12%
*
Class B
*
Goldblatt Bros Ino
oom
_•
Great Lakes DAD com..*
Hall Printing Co com
9
22%
23
30
31
17
1%
10
Jan
3%
Jan
22%
8%
22%
Jan
29%
3%
Jan
11%
23%
33
Jan
6
Jan
7%
2,000
70
4%
9%
Jan
10
8%
Jan
10%
Cincinnati Stock
Jan
25%
Jan
29
12
Helleman Brew Co G cap. 1
9
10%
5,400
28%
250
Horders Inc
12
12%
Hormel A Co (Geo) com A*
21%
22
Houdallle-Hersney CI B„*
*
26%
28%
4,300
2%
Illinois Brick Co
25
11
11%
1,700
111 North Utll Co pref..100
105
90
com
Indep Pneu Tool v t o
Jan
13
22
31
Jan
11%
103%
Jan
*
26%
28
750
3%
Jefferson Electric Co com.*
33%
33%
Kalamazoo Stove com
*
47%
53
Katz Drug Co oom
1
33
33%
650
9%
400
Preferred.
100
Keystone Stl A Wire
50
oom.
*
1,000
43
79
Jan
79
Jan
Exchange—See
570.
page
63
66%
Jan
26%
28%
9
33
Jan
35
Jan
7
43
Jan
53
Jan
19
33
Jan
33%
9%
Jan
4
60
11%
41%
42
80
84%
2,300
7%
2%
4,050
%
1%
7%
Jan
54
Jan
59%
210
11%
Jan
14
Jan
35
Jan
43
Jan
74
Jan
86%
2%
Jan
Exchange
Jan
Jan
A. T. A T, CLEV. 595
Cleveland Stock
Jan
1%
2,900
Union Trust Building, Cleveland
Telephone CHerry 5050
Jan
5
17
200
GILLI
Jan
Jan
8%
54%
12%
Members Cleveland Stock Exchange
Jan
107
Jan
100
2,910
Ohio Listed and Unlisted Securities
Jan
42%
9
Ky Utll Jr cum pref
Jan
79
Jan
3%
220
Ken-Rad T A Lamp oom A *
76
Jan
Jan
66%
Kellogg Switchbd com.. 10
Jan
Jan
Jan
16
65%
_
Jan
17%
10
250
107
8%
26%
8%
300
*
Iron Fireman Mfg v to.
Jan
75%
2,350
Jan. 18 to Jan. 24, both
inclusive, compiled from official sales lists
La Salle Ext Unlv com..5
1%
2%
220
5
680
35
2%
20
1%
1
July
2%
%
3%
Jan
2%
Jan
Sales
1933 to
Dec. 31
Jan.
Week
1935
Shares
Low
Since
Range
for
Jan
5
Jan
28%
9%
3
Jan
%
Week's Range
of Prices
Kingsbury Brew Co cap..l
Jan
Jan
10
25%
15%
36
650
2%
5%
Bonds—
Chic City Rys 5s ctf8..1927
Chic Ry 50 ctfs
1927
Jan
6%
9%
w_..25
11%
$5,000
11,850
Jan
Jan
8%
12%
3%
Harnlsehfeger Corp com. 10
w
Jan
Jan
12 %
8
Jan
Jan
29
250
2,650
6%
E) pref
2%
8%
3%
76
7
Jan
3
'
10
Heller (W
10%
%
1%
150
Jan
3%
Godchaux Sugars Inc—
Class A
2%
1%
11%
Jan
Jan
Jan
Jan
79
Yates-Amer Mach pt pf_*
Zenith Radio Corp oom__*
6
High
Low
Shares
76
WlsconslnBanksbarea com*
16%
28%
1 1936
214
11%
Wllllams-Oil-OMatlc com*
Jan
High
10%
10%
Jan
9%
12
310
Price Low
Par
21%
4%
20
Since
Range
of Prices
1935
De Mets Inc preference._*
Dexter Co (The) com
5
Econ Cunnghm Drug com *
Week's Range
Week
Sales
of Prices
.
1
July
1
Week's Range
^
:
603
Chronicle
1
1936
Leath A CoCommon..
*
Cumul
*
preferred
Llbby MoNellALlbby.-lO
4%
35
9%
900
10
3
«
35%
11%
Jan
Jan
Jan
♦
Common
7% preferred...
Lindsay Light com
50
10
Lion Oil Refining Co com.*
8
500
8%
35%
38%
6%
750
7%
7%
7%
Jan
8
Jan
35%
Jan
39%
Jan
Jan
6%
Jan
2
500
7%
9
%
%
160
5%
1,400
5
7%
3
Jan
8
Jan
7%
Jan
7%
Jan
*
<72%
14
26
Jan
28
Jan
1,964
17
19%
Jan
24
Jan
12
Jan
13%
Jan
Jan
90
Jan
Jan
Jan
16%
6%
Jan
Jan
57%
Jan
108%
Jan
1
21%
12%
13
90
90
122
50
90
15%
6%
16%
275
12
15%
6%
100
1
5
1,558
15
Allen Industries Inc
*
100
*
Prior pref
City Ice & Fuel
Cleve Builders Realty
Cleve-Cllffs Iron pref
*
*
28
405
54
57%
107% 108%
3%
54
Jan
120
107%
107%
Jan
65
100
100
*
Cleveland Ry
High
Low
30
20
Cleve Elec 111 $4.50 pref.,*
Packing-
New com
High
28
Apex Electric Mfg
Lincoln Prtg Co—
Loudon
Par Low
Stocks—
Airway Elec Appl pref--100
65
25
35%
61%
Jan
65
66
237
34%
59%
Jan
66
20%
Jan
22%
Jan
7%
Jan
7%
Jan
5
40
41%
750
26
34
Jan
43
Jan
*
37
40
230
2
36
Jan
40
Jan
Cliffs Corp vt c
Electric oom...6
27
28
950
8%
27
Jan
28%
Jan
Commercial Bookbinding.*
62%
20%
7%
McQuay-Norrls Mfg com.*
55
56%
50
55
Jan
57%
Jan
Electric Controller & Mfg.*
70
Manhattan-Dearborn com*
2%
11%
3%
2,480
%
1%
Jan
Faultless Rubber
*
2,050
«%
8%
%
11%
Jan
Jan
Halle Bros
5
62%
Jan
3%
13%
73%
Jan
11%
100
106
106
5
Jan
8
Jan
Hanna (M A) $5 cum pref *
105
105
20
100%
Jan
34
Jan
Harbauer
*
18
18
10
Jan
Jan
44%
6%
Lynch Corp
com
McCord Rad A Mfg A
McGraw
Marshall Field
common..
Masonlte Corp com
*
*
Mer A Mtrs Sec cl A com.l
Prior preferred
*
Mlckelberry's Food Prod—
71%
700
73%
8
39
•
11,150
34
6%
30
24
1,410
20
26
Jan
Preferred
2,435
7%
20
1%
70
50
14%
34
35
45
21
23
23
10
8
*
36
*
*
23
Inter lake
2%
1,350
2%
%
2%
Jan
2%
Jan
Steamship
Jaeger Machine
13
<
4,250
•
3
350
*
36 conv pref A
3
»t«
%
1%
1%
650
%
%
%
%
2%
1%
Lams on & Sessions..
*
4
J^n
3%
Jan
Leland Electric
*
10
10
Conv preferred A
*
16
16
2%
Jan
Monarch Mach Tool
*
18
18
35
35
73
10
100
105
105
6
48
*
*
25
25
57%
58%
456
3%
4,362
9
44
46%
2,750
7
38%
Jan
46%
Jan
Nestle LeMur cum cl A
*
2%
Muskegon Mot Spec A—*
17%
18%
800
5
17
Jan
18%
Jan
Nineteen Hund class A
*
30%
Nachman
12%
13
250
4%
11
Jan
13%
Jan
Ohio Brass B
*
6% cum pref...
%
560
%
%
Jan
Jan
Patterson-Sargent
%
140
Jan
Richman Bros.
48%
4,050
Jan
Seiberling Rubber..
Jan
%
44%
10
1%
2
%
38%
Jan
1%
Jan
2%
%
6
2,900
%
*
8
National Standard com...*
34
Nat'l Union Radio com..l
1
Cumul
conv
pref
National Refining
2%
*
12
.100
8% cum pref
10
1
34%
150
17
1%
450
8
Noblltt-Sparks Ind com.,*
North A mer Car com
*
31%
5%
33
Northwest Banoorp com,.*
12%
14
5,800
Northwest Eng Co com..*
17
17%
10
800
32%
%
8
Jan
Jan
Jan
31%
%
2,100
6
5%
Jan
Jan
10%
*
Union Metal Mfg
34%
Jan
Vlchek Tool
*
11%
1%
Jan
Weinberger Drug Inc
*
17
33
Jan
Jan
100
75
Jan
12
Jan
30%
Jan
Jan
35
Jan
104%
24%
56%
Jan
27
Jan
Jan
58%
Jan
2
Jan
8%
1
3
60
Jan
7%
2%
30%
29%
38
90
13
Jan
5
Jan
55
10%
45
102% 102%
Trumb-Cliffs Fur cumpflOO
National Rep Invest Trust
Jan
21
*
__
7%
20
National Tile
com.
Jan
30%
Jan
7% cum preferred...100
com..5
19%
1
11%
Natl Gypsum cl A
Jan
690
Jan
National Leather
2%
2%
19
3
3%
%
%
50%
Jan
1
1%
Jan
18
396
650
%
Jan
10
9%
*
Jan
18
40
8%
com
15%
25
Preferred
Class A
Jan
190
Jan
Natl Elec Pow—
Jan
10
4%
10%
16%
6%
Jan
2
Springfield com*
Jan
Jan
19%
2
Jan
*
Jan
24
4
72%
Jan
2
Modlne Mfg com
13
Jan
5%
1%
%
pref.*
Jan
19%
%
50
Miller A Hart conv
36%
10
22%
72%
50
2
Jan
34%
*
25
2
Jan
18
Jan
100
Murray Ohio Mfg
1%
105
Jan
Jan
35
2
100
100
Jan
18
104%
6
50
Utll—
7% preferred A
Jan
12%
135
Jan
Jan
23
3
25
4%
35%
1
117
Jan
Jan
Jan
Jan
57
6%
2%
12
245
%
Jan
Midland United Co—
6% prior lien
275
23
70
34
4%
Jan
23
20
40
36%
12
Medusa Ptld Cement
*
Common
5
21%
Kelley Isld Lim & Iras
1
Common
Middle West Utilities-
Midland
Ctfs of deposit
Jan
•
Jan
104%
Jan
102
3%
13
Jan
Jan
Jan
102%
Jan
Jan
Jan
3
Jan
10%
35
3%
5%
Jan
10%
Jan
11%
17%
25
1
10%
Jan
11%
Jan
46
7
17
Jan
17%
Jan
r
Jan
Jan
1%
2%
3%
Jan
10%
Jan
14
Jan
800
3
15%
Jan
18%
Jan
7%
Jan
10%
Jan
30%
Jan
6%
Northwest Utll—
preferred
100
Prior lien preferred..100
9
10%
240
1
30
30%
70
2
27
Jan
*
13
13%
150
7%
13
[Jan
15
|Jan
10
450
3
9
Jan
10
26%
300
4
25
Jan
27%
Jan
1%
17%
Jan
2%
Jan
Jan
18%
Jan
Jan
41
Watling, Lerchen & Hayes
Jan
Jan
7%
Ontario Mfg Co com
Oshkosh Overall Co com..*
Parker Pen (The) com..10
2%
4,970
18
18%
650
6
Co..*
40
41
250
21
Gas A Eleo eom
Perfect Circle (The)
25
*
Peabody Coal cl B com—*
Penn
9%
1%
%
38%
Pines Wlnterfront oom.,.5
3%
3%
950
H
3
Jan
3%
♦
3%
3%
100
1%
2%
Jan
3%
*
2%
3%
750
1%
2%
Jan
3%
*
2
2
50
%
1%
Jan
2
Jan
Telephone
Jan
Process Corp com
DETROIT
Buhl Building
Jan
Prima Co com
New York Curb (Associate)
Detroit Stock Exchange
-
Randolph 5530
Jan
Potter Co (The) com
Members
New York Stock Exchange
Detroit Stock
Jan. 18 to Jan. 24,
Exchange
both inclusive, compiled from official sales lists
Public Service of Nor Ill-
.*
Common
57
58%
550
54%
Jan
58
350
9
54
Jan
50
28
103
Jan
9%
July
Jan
58
Jan
Week's Range
Sales
1933 to
Range
Jan
of Prices
for
Dec. 31
Jan.
Week
1935
Shares
Low
57
.100
100
110
110%
120
120
50
88
112%
Jan
120
*
134% 138
600
106
130
Jan
140
100
143% 145
25
23%
360
111
142
Jan
145
Jan
Auto City Brew com
1
2#
Jan
26
Jan
Baldwin Rubber "A"—.*
45
24%
110%
Jan
quaker Oats Co—
Common
Preferred
Rath Packing Co com..,10
^
4
150
17
22%
Jan
50c
3%
1%
4%
2%
7,150
3,650
6% preferred vto
6
Reliance Mfg Co com..10
13
14
Rollins Hosiery M conv pf*
16%
15%
com—*
Co com *
Slgnode Steel Strap Co—
Common
*
23%
23%
100
Sangamo Electrlo
35
36
%
70
Ross Gear & Tool
%
130
30
Preferred
Slvyer Steel Cstgs oom
»
Sou Colo Pow A com
25
S-west Gas A El 7% pref 100
10%
11%
28
28
15%
5
103
Jan
_
Jan
15%
Jan
Chrysler Corp com
13%
Jan
Jan
Consolidated Paper com .10
Jan
Jan
17
6%
270
3%
5%
110
%
100
39%
Jan
15%
23%
35
-
4
20
3%
4%
650
13%
15%
2,400
Storkllne Furn conv pref 25
8%
25%
33%
23%
10
Sutherland Paper com—to
Swift International
15
25
Swift A Co
Thompson (J R) eom—25
Utah Radio Product com.*
Utll A Ind Corp com
Convertible pref
*
*
25%
34%
24%
Jan
37
8%
28
15%
3
101
Jan
11%
Jan
Jan
28
Jan
Jan
16%
Jan
Jan
5%
Jan
Jan
%
3%
Jan
1%
13%
Jan
8%
Jan
3
410
50
5%
19%
1%
3%
1%
2,250
5,500
1,200
1,650
6,300
4
5
11%
«
Vortex Cup
16%
130
18%
19
36%
6%
33%
Class A—
*
35%
Wahl Co com
*
6%
Walgreen Co common
•
Wleboldt Stores Ino com.*
For footnotes see page
33
20%
605.
22
3,450
450
10
Jan
Fed Screw Works com
8
5
54%
7%
8%
5%
54%
8%
*
Jan
24%
Jan
Jan
12%
Jan
Jan
3%
1%
Jan
Jan
com....10
1
Graham-Paige Mtrs com.l
Hall Lamp com
*
Hoover Steel Ball com..10
HoudalUe-Hershey •'B,,._*
Jan
5
Jan
Hudson Motor Car
3%
16%
Jan
*
Lakey Fdy A Mach com.. 1
350
9%
common.._*
*
19%
36%
Jan
Mich Steel Tube com
Jan
Jan
Mich Sugar
Jan
6%
Jan
Mid West Abr
34%
Jan
Jan
Jan
10
Fed Motor
%
32%
20%
7%
13
Jan
1
15%
Jan
4%
15%
3%
1,250
6%
13
Jan
%
Jan
13%
22
Goebel Brew com
1,300
86%
22%
2%
Jan
24%
91%
23%
12%
General Motors
Jail
Jan
22
*
Truck com...*
Jan
17%
33%
5%
21
Federal Mogul com
Det Paper
Jan
6%
Jan
23
98%
330
22%
Jan
10%
4
29%
2,012
1,732
6%
23%
2)4
2)4
136
138
3)4
3%
34%
24
28%
'
625
McAleer Mfg
*
Jan
Jan
Co-
Common..
Jan
25%
634
%
26%
Jan
26
2%
4%
1%
Jan
15%
Jan
150
Jan
m
24
990
Kresge (S S) common...10
16%
6%
Jan
Viking Pump Co—
Common......—.—*
Jan
765
6)4
%
"
48
6)4
23)4
33%
22%
8%
4%
Jan
Crowley, Mliner com
*
Deisel-Wemm-Gil com-.10
com...10
Detroit Edison com
100
Det Mich Stove com
1
com......—*
Motor Wheel
common—5
Murray Corp com
10
3
6%
11
27
15
23%
6
3%
34
1%
5%
17
18
Jan
1%
40%
Jan
6%
Continental Motors com.*
Det A Cleve Nav
High
1
2,827
23
2)4
23
11
Low
4,727
Prod com..—*
Eureka Vacuum—
5
Ex-Cell-O Air com
3
103
'
5
26%
22
8614
Since
1 1936
2%
48
24%
27%
2214
2%
%
2,550
11%
3%
Capital City Prod com—*
13
1%
*
Jan
com.-.5
Burroughs Adding Mach.*
8%
1,040
Convertible preferred..*
Jan
2%
Jan
Standard DredgeCommon
4%
9
350
16%
103
2%
1%
High
Par Low
Stocks—
Bower Roller Bear
Raytheon Mrg—
Common v t e—
1
59
60
Common
6% preferred
7% preferred
3%
6%
12%
28%
16
23%
6%
4%
35
1%
5%
17%
18%
800
254
*
23
2%
127
55
Jan
Jan
Jan
Jan
Jan
2%
2%
6%
25
2%
138
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
%
2%
Jan
7%
7%
12%
Jan
10
Jan
Jan
Jan
610
8,006
310
6%
2%
4%
18%
Jan
3
9%
Jan
14%
23%
14%
725
2%
7%
Jan
8%
Jan
300
1
4%
Jan
5%
Jan
54%
Jan
56%
Jan
6%
2%
Jan
8%
Jan
Jan
Jan
5%
Jan
229
1,195
2,142
15,055
8,887
1,780
1,798
1,290
2,469
22
22%
3%
1%
Jan
Jan
1
11
Jan
3%
7%
12%
2%
27
Jan
30%
Jan
6
15
Jan
15
Jan
3
21
Jan
Jan
815
1
10%
23%
Jan
24%
Jan
9,232
4,205
1
%
5%
Jan
7%
Jan
3
Jan
4%
Jan
31%
Jan
35%
Jan
%
5%
Jan
1%
Jan
Jan
Jan
Jan
1%
3
395
3,780
1,665
1,243
593
%
3
«
6%
14%
Jan
5%
17%
'
3%
18
Jan
19%
Jan
Financial
604
Chronicle
1936
25
Jan.
%
July
1
July
Sales
1933 to
for
Dec. 31
Jan.
Packard
Motors
com
44 56
17
—2
Stearns
Timken-Detrolt
Tlvoll
Brew
17
Jan
1756
Jan
1556
Jan
154
Harb-Walker Refrac com.*
1,865
Jan
Koppers G & Coke pfd.100
Jan
28
426
17 X
24
Jan
28
Jan
Lone Star Gas Co
1856
597
454
16
56
12 X<
Jan
1856
Jan
McKlnney Mfg Co
*
Jan
16
Jan
Mesta Machine Co
Jan
8
Jan
Mountain Furl
X
5X
7%
Jan
15-16
Jan
11X
356
IX
Jan
2X
X
11-16
Jan
IX
Jan
6X
3
3.377
14,489
15-16
956
15
.*
IX
1
55 c
3,440
15
400
15X
Jan
Jan
Jan
16
Jan
Jan
July
1
Week's Range
Sales
1933 to
of Prices
for
Dec. 31
Week
Par Low
60c
Ambassador Petroleum Col
356
Bandint Petroleum Co—1
Stocks—
1756
8556
High
Shares
Since
5
'
'
8556
30
654
754
Buckeye Union Oil com..l
10c
13c
1
1
1
10c
11c
14c
18c
354
17
254
2,GOO
2,000
2,500
3,000
100
10
60c
2
100
1756
Low
15c
12,100
1
Jan
60c
Jan
5
Jan
Jan
1756
Jan
83
14
Jan
86
Jan
454
Jan
854
Jan
3c
6c
Jan
13c
Jan
4c
8c
Jan
13c
Jan
6c
14o
Jan
18c
10c
Jan
18c
400
356
15
Jan
1856
*
Consolidated Steel com—*
1
22
Jan
23
400
1
254
3056
300
13
8c
"
150
1456
900
16
67
66
1.00
Jan
Jan
14
Jan
19
254
Jan
Jan
25
445
156
237
21
15
275
.
2
166
»
2,407
1
856
Jan
Jan
Jan
Jan
Jan
756
9856
Jan
954
Jan
1054
Jan
3
3054
456
Jan
Jan
356
Jan
Jan
100
10
156
20
9
17
Jan
17
Jan
656
1356
Jan
1454
154
Jan
14X
130
IX
300
4c
5,000
2c
3c
Jan
4c
Jan
2,279
75c
356
Jan
554
Jan
4
'
270
32X
IX
.25
IX
130
31
.
756
Jan
26
Jan
30
Jan
Jan
Jan
3256
156
Jan
34
Jan
1
30
32
85c
1
31
•
Jan
Jan
60c
Jan
90c
1554
3456
Jan
3956
2756
97
Jan
109
Jan
101
Jan
10356
Jan
Jan
456
Jan
3
1,040
39 X
37 X
156
1556
90c
826
10054 109
Jan
22
8
3,159
Jan
1
1
25
^
'
387
Jan
Unlisted—
Lone Star G Co
*
—
103 X
70
4X
103
6% pfd 100
Penroad Corp v t c
827
.
Jan
56 X
64
2
356
154
1356
Jan
11
Jan
2254
Jan
2454
Jan
18 56
Jan
20
Jan
50c
Jan
50c
11c
8,100
75c
29,600
12c
12c
1,200
856c
756c
11356 115
800
86
7356
8,100
50c
9
1554
1,300
6
500
3
Business Established 1874
Jan
10c
256
LOUIS MARKETS
m,SIMON & CO.
I.
Jan
Jan
2256
456
5
i
100
19
ST.
Jan
5454
1056
50c
pref 100
Los Ang Industries Inc.-.2
Jan
856
Jan
6756c
L A Gas & Elec 6%
156
Jan
41
'
Westinghouse El & Mfg .50
Jan
66
Corpl
Lockheed Aircraft Corp..l
1,230
80c
23
Jan
1654
Jan
256
22
1,100
2,800
1256
4
Jan
1,300
2356
Jan
256
Holly Development Co__.l
10c
Lincoln Petroleum Corp__l
Jan
195
31X
Jan
15
1856
Jade Oil Co
Jan
456
>
154
17
3c
Westinghouse Air Brake.. *
Jan
5154
56 X
*
Jan
456
256
4456
554
254
354
3X
4X
Victor Brewing Co
Jan
Jan
14
1156
90c
«
500
700
3254
1456
1356
28
1756
Goodyear T & Rubber—*
Jan
Jan
50c
Jan
456
1156
400
13
2.50
756
5454
1254
1156
2356
1856
Gladding-McBean & Co..*
Globe Grain & Mill Co__25
Jan
656
18
'
3,400
356
1654
*
Equip.——5
General Motors Corp—10
Company
San Toy Mining Co
Jan
4,000
*
Dougals Aircraft Inc
Renner
Jan
274
18c
2956
1456
1256
356
Claude Neon Elec Prod—*
1154
Jan
1856
23
254
Consolidated Oil Corp
Jan
Jan
1756
13c
Chapman's Ice Cream
*
Citizens Nat T & S Bk__20
Jan
10
454
Jan
154
22
*
100
Jan
9856
13X
IX
5
Vanadium Alloy Steel
High
3756
Jan
17
Standard Steel Spring
United Engine & Fdy
1936
Jan
Jan
97
2,570
2X
3X
24X
8
8X
98X 100
9X
10X
100
154
31
1
920
IX
3X
Jan
12
4,510
3
_
Jan
20
54
1
84
375
5
24X
Pittsburgh Forging Co
1
Pittsburgh Plate Glass .25
Pittsburgh Screw & Bolt..*
Pittsburgh Steel Fdy
*
■i
1,000
42X
5
*
Preferred
United States Glass Co.
Low
200
60c
Jan.
41X
Shamrock Oil & Gas
1935
Range
•
IX
5
Plymouth Oil Co
official sales lists
Jan. 18 to Jan. 24, both inclusive, compiled from
10
Supply
Natl Fireproofing pref .100
Pittsburgh Brewing Co...*
Preferred
Angeles Stock Exchange
*
IX
*
1
KInner Alrpl & Mot
5
Jan
Wolv Brewing com
Hancock Oil A com
500
35 X
98 X
19X
IX
36 X
98 X
10X
2X
Jan
5,565
Emsco Der &
Jan
17 X
7
4,870
11,540
Preferred
Jan
956
5X
656
IX
Central Investment
956
Jan
Jan
354
Byron Jackson Co
Jan
756
Jan
1154
Preferred vtc
756
456
5X
154
Preferred
1
200
456
3
Common vtc
1,696
9X
1
1
Preferred.
956
856
2X
2
High
Low
9
2
*
Bolsa Chlca Oil A
Class A
1,999
16
7%
1935
Shares
5
Duquesne Brew Co com..5
7,490
Univ Cooler "B"
Barker Bros Corp
Jan
556
7
1
United Shirt DIst com—*
Los
Jan
8X
654
Warner Air Corp
Wolv Tube common
45
1756
13 54
10
com
common
Jan
Follansbee Bros pref
100
Fort Pittsburgh Brewing .1
m
*
common
810 il
Jan
27 X
*
10
bcotten-Dlllon com
17
6X
43 X
256
19X
2
Range Since
Jan. 1 1936
Dec. 31
High
Price Low
Par
6
Reo Motor Car common._5
River Raisin Paper
»
Stocks {Concluded)
High
556
Pfeiffer Brew common—*
Rickel. H W
of Prices
Low
Shares
4,013
1,672
754
45
756
*
Parke-Davis & Co
1
1
1933 to
Week
High
Price Low
Par
*
1936
1935
of Prices
Stocks {Concluded)
Week's Range
Sales
for
Since
Range
Week
Week's Range
50c
9c
Jan
11c
Jan
80c
9c
Jan
12c
Jan
856c
Jan
Siock
Louis
St.
Exchange
(Associate)
of
Trade
York Curb
Chicago
Board
New
315 North Fourth St., St.
Louis, Mo.
Telephone Central 3350
Jan
756c
MEMBERS
New York Stock Exchange
Jan
9c
90c
all
Jan
6256c
on
Jan
lc
10c
25c
3
Enquiries Invited
Ifid-Western and Southern Securities
112
Jan
Jan
256
115
St. Louis Stock
Exchange
Jan. 18 to Jan. 24, both inclusive, compiled from
Jan
356
Mascot Oil Co..
1
75o
75c
100
19c
60c
Jan
75c
1
256
256
2,900
256
256
Jan
3
1,000
2,500
15c
17c
Jan
19c
Sales
1933 to
Range
for
Dec. 31
Jan.
Week
Jan
19c
Week's Range
Jan
Menasco Mfg Co
official sales lists
1
July
Jan
1935
Since
Jan
Merchants Petroleum
1
19c
Nordon Corp
5
1
17c
17c
Occidental Pet Corp
25c
30c
Olinda Land Co
1
8c
9c
*
10
956
1054
Pacific Clay Products
Pacific Finance Corp
10
Preferred A
10
Preferred D
Pacific Indemnity Co.-.10
Pacific Lighting Corp
Pacific Public
*
*
Preferred.
1954
1356
1056
52 X
1056
Pacific Western Oil
Samson Corp B com
13
*
6% pref ann
10
8JL&P7%pr pref.--100
100
6% prior pref
Secur Co units of ben int..*
20
Signal Oil & Gas A com—*
Security-First Nat Bk
So. Calif Edison Co
25
25
556% pref
25
So Counties Gas 6% pf 100
6% pref
Jan
756
Jan
21
Jan
Jan
14
Jan
Jan
1056
Jan
754
19
Jan
21
Jan
5354
Jan
20
»
19
26
6654
5154
10556
Jan
56
556
Jan
156
20 X
Jan
5
200
3,000
2
106
Jan
654
2256
Jan
Jan
1356
400
156
Jan
1456
354
Jan
8,600
1154
256
Jan
354
15c
16c
4,200
5c
10c
Jan
17c
Jan
37
20
37
156
156
11756 11756
10356 10356
4656
4954
5756
2
Jan
IX
Jan
26
6754
116
Jan
118
Jan
26
65
10356
Jan
10356
Jan
448
13
44
Jan
54
Jan
1,400
60
25
5054
Jan
60
Jan
1154
2456
2756
2556
Jan
1356
Jan
Jan
2854
Jan
2854
Jan
2654
Jan
1254
300
2756
2,700
1
2854
800
2
2654
1,400
26
Jan
156
37
3
12
107
Jan
Jan
6
27
2854
37
36
100
154
1056
1556
1456
18
107
Standard Oil of Calif
*
4154
*
1856
1
200
14,100
*
12
1254
Union Bank & Tr Co—.50
121
12356
111
25
24
2456
3,800
1
1156
Universal Cons Oil Co.—lC
756
856
3.400
27
1.20
-.1
1
654
856
37,900
556
7
4?6
71
50c
500
>
Jan
107
Jan
2
2254
3856
Jan
2856
Jan
Jan
4154
Jan
Jan
19
Jan
12
Jan
14
Jan
120
8
2
Jan
1756
1254
2656
2,200
Jan
107
75
500
Taylor Milling Corp
4056
1756
Western Air Express
Jan
256
800
Wellington Oil Co
Jan
1354
1056
2856
Union Oil of Calif
1054
8
2654
Transamerica Corp
Jan
9
100
Southern Pacific Co
Jan
9c
656
400
\
654
2256
Republic Petroleum Co..l
Rice Ranch Oil Co
1
.
6354
106
*
1st preferred
Jan
30c
Jan
18
2,300
656
2154
*
18c
Jan
300
14
*
Service
Jan
9c
500
21
106
15c
25c
256
5,000
21
20
6c
25c
456c
1,850
10,000
1,800
Jan
Jan
12356
2556
Jan
2254
756
Jan
854
Jan
454
556
Jan
856
Jan
Jan
7
Jan
Jan
of Prices
Par Low
Stocks—
High
Jan
13 56
Jan
1554
Jan
53 X
574
1
Jan
58
Jan
3254
3254
500
9
4856
3254
Jan
3254
Jan
36
36
5
20
35
Jan
36
Jan
356
1856
356
1854
3
Jan
Jan
98
98
*
*
100
Columbia Brew common.5
Ely & Walker D G com..25
2d
preferred
100
1
102
200
90
13
1754
Jan
5
70
98
Jan
98
254
554
Jan
50
2
256
Jan
3
Jan
22
1
656
Jan
10
Jan
254
254
com.*
956
1056
956
*
100
Preferred
Internat'l Shoe
*
com
Key Boiler Equip com...*
1154
456
885
50c
50c
350
5
5
356
854
Jan
75
1
4
Jan
5
Jan
257
38
956
4854
50c
385
2756
10
1054
1156
National Oats
1156
119
119
1656
1454
common
116
Rice Stlx D G 1st pref..100
116
S'western Bell Tel pf__100
Stlx Baer & Fuller com...*
15
40
Jan
25
Jan
2756
Jan
10
Jan
11
Jan
10
Jan
14
116
Jan
119
856
15
100
215
10
111
90
12556 12556
Wagner Electric com
Jan
6
250
1
Jan
40
1254
115
*
100
10
1654
1756
1354
1556
Jan
1756
29c
12,500
6c
22c
Jan
29c
7c
29,500
3c
5c
Jan
756c
1.15
Jan
Jan
Jan
116
16 56
Jan
Jan
1356
11756
Jan
36
11556
123
Jan
125J6
215
10
Jan
1054
Jan
3054
3056
313
756
656
3054
Jan
3256
Jan
3256
2654
Jan
3256
Jan
Jan
Bonds—
•*6,000
18
S'western Bell Tel 3 56s '54
105
105
1,000
105
Jan
105
Jan
tUnited Railways 4s.-1934
United Ry 4s ctf dep
34
35
18
2854
Jan
35
Jan
3254
3356
2,000
17,000
18
27
Jan
34
Jan
tCity & Sub P S 5s... 1934
3256
105
Established 1874
Jan
1
Jan
Jan
5c
Jan
956
10
Jan
25c
10c
4956
'
Jan
10
Mining—
Black Mam Cons Min__10c
Jan
4756
856
456
137
Mo Portl Cement com..25
456
54
3
27 56
1st preferred
Jan
Jan
Jan
Laclede Steel common..20
Nat'l Candy common
1154
4
50c
25
40
100
Jan
954
2
10c
49 56
456
40
Laclede Gas Light pref.
Jan
Jan
Hamilton-Brown Shoe com
Preferred
Jan
456
1,010
Huttig S & D common...*
Hydraulic Pr Brk com. 100
Jan
254
554
Hussmann-Ligonler
102
356
1954
456
Falstaff Brewing com.
High
10154
3
Burkart
Preferred
Low
40
15
Century Electric Co
Low
5
275
102
*
Mfg common
Shares
1936
1554
5656
preferred..100
Amer Inv B
A S Aloe Co
1
Alaska Juneau Gold
Calumet Gold
DeHaven fit Townsend
1.30
22,900
1.10
Jan
1.30
Jan
25c
lc
2c
26,000
lc
lc
Jan
2o
Jan
Tom Reed Gold
1
33c
35c
5,800
25c
32c
Jan
3456c
Jan
Zenda Gold
1
8c
10c
4,000
456c
356c
Jan
10c
Jan
9856
2056
356
X
15454
2756
454
Jan
16156
Jan
PHILADELPHIA
NEW YORK
Jan
1415 Walnut Street
30 Broad Street
Cardinal Gold
Imperial Develop Co
Members
New York Stock Exchange
Philadelphia Stock Exchange
Unlisted Stocks—
Atlantic Refining
Aviation Corp
100
159
161
25
American Tel & Tel
30
30
'
100
'
Cord Corp
General Electric
5
454
556
300
*
(Del)
Cities Service
4
456
1,900
100
5
*
Montgomery Ward
*
Packard Motor Car Co...*
Radio Corp of
395
America.—*
Seaboard Oil of Del
*
Tide Water Assoc Oil
*
Warner Bros Pictures
5
656
3756
3754
756
1354
3354
1654
1054
254
656
3754
200
6
16
3754
100
'
1554
756
1454
700
2,600
3456
500
1654
100
1156
5,80011
256
'
4
2154
754
254
Jan
30
Jan
Jan
Jan
3
556
456
756
Jan
Jan
556
3756
Jan
Jan
39
Jan
3654
654
1254
Jan
39
Jan
Jan
Jan
Jan
854
1454
3354
1454
Jan
3654
Jan>
Jan
1654
Jan
954
Jan
1156
Philadelphia Stock Exchange
Jan. 18 to Jan. 24, both inclusive, compiled from official sales lists
Jan
Jan
t July 1
Week's Range
Jan. 18 to Jan. 24, both inclusive,
American Stores
compiled from official sales lists
July
American Tel & Tel
Sales
1933 to
Range
Baldwin Locomotive
of Prices
for
Dec. 31
Jan. 1
Week
1935
Budd
1936
Rights
Budd
Par Low
Stocks—
High
Shares
Low
Low
Allegheny Steel com
*
Arkansas Nat Gas C com.*
Preferred
100
33X
4X
7X
33 X
300
13 X
33 X
4X
500
X
IX
Armstrong Cork Co com..*
48 X
1,056
13
*
1656
3X
BOX
1656
187
6
4X
7,168
3X
7X
47 X
15 X
3X
Blaw-Knox Co.
1
(D L) Candy Co ... *
Carnegie Metals Co
Clark
Columbia Gas & Elec Co.*
For footnotes
see
page
5
14
605
8
5
15
1,100
50
609
90c
3
3X
pref..50
100
(E G) Mfg Co
*
Bell Tel of Pa pref
Since
5
14
Jan
Jan
*
Jan
Jan
Jan
5
Curtis Pub Co pref.__.__*
Electric Storage Battery 100
General Asphalt
10
52
Jan
General Motors
17 X
454
Jan
Jan
6
Jan
Chrysler Corp
High
Jan
Jan
Jan
Jan
Jan
Jan
Wheel Co
33 56
4X
856
16
Jan
Preferred
Range
Dec. 31
Jan. 1 1936
1935
Par Low
*
-.100
*
Bankers Securities
1
Week's Range
1933 to
for
Week
Stocks—
Pittsburgh Stock Exchange
Sales
of Prices
10
*
High
Shares
Low
35X
973
158 X 160 X
756
»
92
'
33
X
5
4X
24
21X
119X 121
lix
9X
2X
2X
664
32X
9856
IX
X
420
109 X
3
3,456
6,159
f
12X
13X
520
86
89 X
730
1
2
1
101X mx
54 x
215
28X
56 X
54X
118« 118X
Horn & Hard
(Phila) com *
Horn & Hard (N Y) com.*
126
Preferred
*
106
33 X
1,484
33 X
35
10
Jan
556
Jan
21%
Jan
Jan
2456
12254
Jan
119)4
9X
2X
125$
1154
256
Jan
1356
9156
10156
5556
3156
Jan
86
Jan
Jan
Jan
Jan
Jan
Jan
Jan
33 X
1154
2254
Jan
22
22 X
84
54
Jan
11854
Jan
11854
Jan
68
122
Jan
131
Jan
Jan
34
Jan
12
106
High
35X
Jan
16156
Jan
Jan
1
4 1
126 X
2654
13 X
Jan
15556
4X
10156
52 X
528
30 X
53
2
Low
34
Since
2
15X
3354
106
Jan
Jan
Jan
57
10754
Jan
Jan
Jan
Jan
Jan
Volume 142
605
Financial Chronicle
==*
July
1933 to
Range
for
Dec. 31
Jan.
Week
1935
of Prices
Stocks
Par
{Concluded)
Price Low
*
Lehigh Coal & Nav
High
1 1936
Low
Stocks
High
Par Low
35%
(Concluded)
6%
Jan
11%
Jan
1%
8%
Jan
10
Jan
i%
183
1%
Jan
1%
Jan
Roos Bros
2%
2%
1%
Jan
2%
Jan
11%
5%
12%
5
1,627
511
%
%
4%
10%
Jan
12%
Jan
31,529
3%
Jan
33
35%
2,894
1%
17%
42%
31%
Jan
35%
Jan
114%
Jan
Jan
Shell Union Oil
com
*
90
114%
Jan
118%
116%
Jan
Southern Pacific Co
100
Sou Pac Golden Gate A
1%
*
*
Jan
35%
Jan
30
Jan
30
Jan
1
26%
27
585
5
26%
Jan
27
Jan
St J L & P 7% pr pref—100
118% 119
85
67%
116
Jan
119
6% prior pref
100
Schlesinger & S(B F) com.*
106
106
32
65
104
Jan
106
com
1%
Jan
34%
Jan
615
1%
2%
Jan
5%
Jan
150
3
7%
Jan
Jan
Soundview Pulp & Paper.*
3%
11%
928
10%
89%
39%
25
*
2%
Philadelphia Traction. "50
..50
Reading Co com
Scott Paper
Sun Oil Co.
28%
25%
01%
11%
*
63
100
B
1%
2%
Jan
Jan
Spring Valley Water Co..*
7
10%
Jan
12%
Jan
Standard Oil Co of Calif—*
40
29%
39%
Jan
39%
17%
Jan
57
Jan
42
71%
3
89
100
Jan
2%
2%
16%
15%
103% 104
12
12%
Thomas-Allec Corp A
*
Tide Water Ass'd Oil com.*
Jan
Jan
28%
64%
79%
Jan
Transamerica Corp
.100
6% preferred
*
*
1,977
Jan
Jan
1%
Jan
3%
2%
Jan
Jan
210
7
Jan
141%
Jan
2%
Jan
2%
14%
Jan
43%
101
Jan
104
Jan
47,047
4%
12
Jan
14
Jan
23%
Jan
25%
Jan
10
Jan
12
Jan
25%
Jan
25%
Jan
7%
Jan
8%
Jan
1
Jan
30%
Jan
Union Oil Co of Calif
25
24%
25
3.547
%
Jan
Jan
Union Sugar Co com
25
11
11%
3,100
4
1,601
%
%
Jan
%
"l6
25%
25%
405
16
1,663
3%
4
Jan
Universal Consol Oil
8%
1,727
1
6%
Jan
6%
8%
Jan
1,902
Jan
Wells Fargo Bk & U Tr. 100
43%
Jan
45%
Jan
Western Pipe & Steel Co. 10
Jan
19%
112%
Jan
Yellow Checker Cab A..50
*
44%
Utd Gas Imp com
Preferred
*
18
Westmoreland Inc
*
Westmoreland Coal
*
131
19%
112%
110
45%
4,546
t
6%
--13%
Jan
14
4%
7%
Jan
8
Jan
13
Jan
43
Jan
101
110%
110%
30
24
26
1.20
Jan
Jan
2%
Jan
30
Jan
Jan
26%
24%
7%
310
Jan
301
179
3,687
3,742
Jan
Jan
27%
27
10
Jan
101
304
Jan
43
7%
301
26
Jan
Jan
10%
*
11%
Jan
144
V
83%
17%
108%
100
8
7%
20j
251
14
14
Ys
__25
7% preferred
Jan
7%
60
29%
Jan
Jan
16%
2,315
'16
8
Jan
Jan
Jan
40
1%
17%
1%
44
Jan
6%
115
4
Preferred
28%
3%
26%
700
*
50
Jan
Jan
4
60
7
41%
%
,S16
4%
United Corp com
18%
42
1316
Union Traction
Jan
23%
42
220
30%
Tonopah-Belmont Devel.l
Tonopah Mining
Jan
15%
%
%
%
Tacony-Palmyra Bridge..*
5%
Jan
24%
141
Jan
Jan
5
5%
12%
'
Jan
%
1
1
Jan
Jan
%
%
1,665
43
34
9%
'
2,564
78%
30
1
*
Salt Dome Oil Corp
Preferred
11%
3%
461
'
1,888
3,407
1%
34%
Phila &Rd Coal & Iron
18%
*
29%
8%
100
*
1,149
..50
5%
28%
3%
34%
4%
10%
4%
%
380
%
5%
16%
25%
3%
62
..50
High
34%
114% 115%
Rapid Transit7% preferred
Low
15
*
Phila
Low
30
449
33%
Shares
150
Jan
5
High
1 1936
1935
313
114% 118%
'.".25
Dec. 31
30
..50
Phila Elec Pow pref
Jan.
for
Since
35%
Penna Salt Mfg
pref.
Range
30
B
::so
Phila Elec of Pa $5
1933 to
*
Rainier Pulp & Paper Co.*
Pennsylvania RR
2
Sales
Range
of Prices
5
Mitten Bk Sec Corp... ..25
Preferred
..25
Pennroad Corp v t c__.
Week's
Week
Shares
11,009
9%
Natl Power & Light
Since
135
11%
9%
'".50
Lehigh Valley
1
July
1
Sales
Week's Range
oy.
Jan
Jan
STRASSBURGER & CO.
Bonds—
Elec & Peoples tr ctfs 4s '45
12%
13
Lehigh Valley 4 %s
43
43
101
101
2003
Penn Pow <fc Lt 4%s.. 1970
Phila Elec Pow 5%s._1972
9
$7,000
l.OOOl', 33
2,00Cf-L;
1,0<H? ipo
110% 110%
MONTGOMERY STREET
133
FRANCISCO
SAN
(Since 1880)
Members: New York Stock Exchange—San Francisco Stock
Exchange—Chicago
(Associate)
Curb
Francisco
Exchange—San
Board of Trade—New York Curb Exchange
Members
Municipal and
Ybrk
Nero
Dean Witter & Co.
Direct Private Wire
Exchange
Stock
raicisco StockExchange
San Z>
San Francisco CurbExchange
Corporation Bonds
Chicago
Board
Chicago
PRIVATE LEASED WIRES
Stock
of
New
vo*k Curb Ex.
New
York
Los Angeles
San Francisco
Portland
Oakland
New York
Honolulu
Beverly Hills
Cotton
(Asso.)
July
Fresno
Stocks—
Exchange-
Range
Dec. 31
Jan.
1935
Par Low
High
50c
200
10c
35c
Jan
50c
Jan
9
100
1
1%
9
Jan
159
160%
497
'
98%
155%
Jan
9%
160%
Jan
Jan
47c
9,400
20c
37c
Jan
59c
Jan
15%
12%
Jan
20
Jan
Jan
14%
1933 to
Range
of Prices
for
Dec. 31
Jan.
Jan
13
Jan
Jan
1.00
16%
Jan
14%
22%
Week
2%
4%
Jan
5%
Low
Par
Alaska Juneau Gold....10
Anglo Calif Nat Bk of S F20
Assoc Insur Fund Inc—10
Atlas Imp Diesel Eng A. .5
Bank of Calif N A
100
Stocks—
16
17%
21%
17%
1
13%
7%
%
1%
120%
3%
15%
3,522
870
27
3,414
185
182
10
16%
18%
25
20
California Copper
10
Calif Cotton Mills com.100
Calif Ink Co A com
*
Calif Packing Corp
*
Caterpillar Tractor
_*
Claude Neon Elec Prods..*
Clorox Chemical Co
*
Cst Cos G & E 6% IstpflOO
Consolidated Aircraft
*
Consol Chem Indus A
*
Crown-Willamette
_._*
Crown Zellarbach v t c—*
Preferred A
*
Preferred B
*
Di Gioroglo Fruit com—.10
$3 preferred
100
Eldorado Oil Works
*
Emporium Capwell Corp.*
Emsco Derrick <fc Equip. .5
Fireman's Fund Insur...25
Food Mach Corp com
*
1,025
25
4,538
337
1
36%
1,500
6.574
4
49
49%
325
34
35
55
58%
%
29%
Jan
5%
6
Jan
6%
Jan
51
Jan
%
%
25
5
20%
22%
3,635
3
5
5%
1,010
1
6%
6%
6,258
5%
Jan
185
Jan
16%
Jan
63%
Jan
63%
63%
5
20
63
Jan
63 %
Jan
1.15
1.35
16,095
Jan
1.35
Jan
3
Jan
4%
Jan
60c
Jan
90c
*
3%
4%
7,199
75c
90c
1,550
84%
85%
355
Jan
6
21%
27
7,636
40
i
3%
14% J Jan
15
35
36
Jan
Jan
18%
13
1,150
65
16%
30%
Jan
19
Jan
Jan
30%
Jan
64%
22%
Jan
105%
Jan
7%
Jan
9
Jan
Idaho Maryland
95%
95%
Jan
Italo Petroleum
105%
Jan
95%
198
26
Jan
5%
45%
Jan
5%
45%
Jan
16
Jan
13
24
Jan
25%
Jan
15%
500
5
14%
Jan
16%
1,480
19%
Preferred
Jan
3.25
3.50
2,900
2.50
3.15
Jan
3.50
Jan
28c
44c
19,536
5c
19c
Jan
44c
Jan
2.05
2.40
17,468
47c
1.45
Jan
2.40
Jan
Jan
1
69c
75c
16,195
45c
69c
Jan
78c
31c
37c
1,100
5c
15c
Jan
41c
Jan
1
13c
14c
10,400
3c
13c
Jan
14c
Jan
Jan
14%
24%
50
23%
Jan
24%
Jan
Jan
Jan
2.65
2.75
700
Jan
5%
6%
30c
30c
%
3%
Jan
Jan
7%
7%
200
27%
28%
65
22c
26c
1,800
6%
7
7%
7%
721
31%
48
Jan
4%
48%
22%
54%
Jan
56%
Jan
33%
Jan
Jan
5%
Jan
35%
7%
10%
Jan
11
Jan
848
5
%
4
Jan
zOccidental Pete.
(I)
6%% pref—
6%% pref
Pacific Lighting com
6% preferred
Pacific
3%
25%
Jan
Jan
Republic Pete.
3.00
3.00
1,100
Jan
Jan
2%
9%
Jan
11
Jan
11%
7%
Jan
8%
Jan
Jan
115%
Jan
34%
34%
50
Jan
8%
Jan
12%
13%
200
113
8%
Jan
27%
27%
17
Jan
10,209
15%
»
3
20
Jan
26
Jan
25%
28%
39%
26
Jan
40
27
3
33%
Jan
42
Jan
22
22
30%
27%
1,640
3,309
1,401
*
52%
54
1,090
9.296
%
3%
400
4
72
90
14
67
35
14%
17
2,740
6%
Jan
2%
13
Jan
14%
2
15%
27%
Jan
28%
Jan
14%
37
Jan
40
Jan
11%
22
Jan
22
Jan
Plg'n Whistle pref
Ry Equip & Rlty com
*
4%
4%
30
83
212
18%
128
Jan
17%
Jan
42%
10%
43%
325
29
42%
Jan
46
Jan
11%
1,365
1
2%
10
Jan
11%
Jan
5%
6%
945
2
2
Western Air Express.
•No par
Jan
12%
31%
34%
18%
29%
Jan
30%
26%
Jan
27%
Jan
19
51%
Jan
54
Jan
104%
Jan
4%
Jan
18%
Jan
/ Flat,
Jan
16%
106%
Jan
6%
22%
Jan
Jan
67%
119
Jan
125
Jan
99%
139%
Jan
142
Jan
79%
Jan
38%
3%
4%
Jan
Jan
Jan
79%
80%
Jan
16%
18
Jan
4%
8%
Jan
40c
Jan
50
Jan
6.50
Jan
Jan
6%"
Jan
Jan
*
3
Jan
Jan
7%
United Corp.
Jan
%
Jan
20o
45%
Jan
Jan
11
6%
16c
27%
3.50
Jan
1
1%
1
4
12%
100
«
Jan
200
4
747
28%
26%
Jan
Jan
10%
»7
6%
'
1,027
Jan
Jan
Jan
11%
24%
25%
5%
6%
95
3%
13%
'
Jan
13%
34%
40%
Jan
Jan
5.50
70%
Jan
21
36
Jan
32%
14%
13%
*
Jan
Jan
110
Jan
100
Jan
4.50
34%
35c
100
Jan
142
12
3,200
12%
123% 125
Jan
40c
29
%
Jan
8
7%
1%
1%
2%
48%
5
'7
Jan
34c
1,029
14,242
2%
48%
2,433
11,319
Jan
%
Jan
14%
6%
492
3.10
Jan
31%
22%
40
Jan
10%
Jan
66%
28%
1,451
Jan
2.75
11
25
'
73
30%
290
Jan
Jan
9
Jan
106%
Jan
Jan
11%
28
'
31
69%
65%
15%
13
39%
3%
Jan
55
135
18
2%
Jan
1%
5%
20
27%
*
,7
2
40
25
81%
—
47
Jan
13%
13%
33%
29%
—*
5
5
4%
4
-
980
Jan
*
*
6% series 1
5% series 2
12
13
89%
„
200
16
83
Phillips Petroleum
2%
1
31
142
Jan
7%
14
6
30%
6% preferred
..100
Paraffine Co's com..
*
Jan
7%
7%
13%
200
1,477
30
*
14%
Jan
Radio Keith..
1%
5%
21%
Jan
6
Jan
200
17,395
—*
Jan
12
Jan
16%
5%
26%
4%
42
(non-vot)com*
pref
*
Tel & Tel com—100
5%
27
4%
38%
12%
10%
68%
66%
16%
(Non-voting)
Jan
Jan
Jan
5%
70
Pac Pub Ser
14%
Jan
4%
1,238
105
Jan
11%
15
15%
26
100
Jan
11
27
27
25
Consol.. 10
Occidental Ins Co
10
Oliver United Filters A—*
B
*
Paauhau Sugar—
—15
Pacific G & E com
25
6% 1st pref
25
42%
2
15%
15%
North Amer Oil
Jan
*
27
13
Jan
42
1,630
1,194
1,100
7
10%
Jan
30
5%
125
13%
com.10
Market St Ry pr pref—100
Natl Auto Fibres
.*
Natomas Co
*
No Amer Inv com
109
6% preferred...
100
Marchant Cal Mch
5%
20%
4%
7
2%
16%
Jan
Jan
Jan
7
2%
4%
20%
5
7
Jan
16
Jan
Jan
9
6
8%
15%
5
3%
%
12
Jan
Jan
2
377
120
6%
14%
25
9%
8%
4%
13%
9%
90c
Jan
502
13%
29%
75
7%
Jan
Jan
'7
Jan
9%
27%
141
6%
10
17%
13,463
2.00
42
40
8%
615
42
29%
7%
26c
Jan
29%
114% 115%
Jan
1%
Pacific Finance
2%
20c
8%
Jan
2
Jan
18c
15
50
Pacific Eastern Corp.
28%
130
7%
1,000
Jan
Jan
9%
Jan
6,352
16
21%
9%
Jan
7%
27%
5%
Jan
10%
21
Jan
30c
15%
14%
600
530
6.25
Jan
20%
670
26%
3.00
Jan
5%
15
16
26%
26%
Jan
30c
35c
20%
14%
8
2.65
'4.10
2%
Jan
26
8%
>7
2,000
840
9
2,270
Jan
22
Jan
10
zKinner Airplane
40%
10%
*
2%
Magnin & Co com.—*
Jan
4.50
Jan
4,464
A
22%
Jan
Jan
7%
Lyons-Magnus Inc
Magnavox Co Ltd
Jan
Jan
4.50
Jan
Gen Paint Corp A
com..*
*
100
66
1.40
15
70
pref
Jan
Jan
17
Jan
270
38%
1,570
L A Gas & Elec
Jan
13%
4.50
99
4%
Lockheed Aircraft....
18%
Jan
16.80
38%
56%
35%
Llbby McNeill & L
Jan
11
5
44
47%
*
Leslie-Calif Salt Co.—*
17
43%
22%
954
54%
35%
Jan
14
17
106
64%
21%
400
102
Jan
80c
Jan
1
M J & M & M Oil
2%
31
Jan
1
Kleiber Motors
24%
4,415
1,089
1,307
93%
3%
32%
18%
17%
100% 102
39
39%
B
70c
1
93%
17
Jan
Jan
4.50
14%
*
Ltd—*
Honolulu Plantation—20
Hunt Bros A com..
*
Island Pine Co Ltd com.20
Preferred
25
Langendorf Utd Bak A—*
Jan
87
105
120
102%
24
Inc
31
23c
400
17%
12%
*
Gladding McBean
36
Honolulu Oil Corp
Jan
79
5
106
Jan
27
47
Hale Bros Stores
77
17
100
80c
80c
106
Jan
Jan
S16
16%
40
31
31
10
Dumbarton Bridge
189
2%
75c
2
Jan
Jan
103%
56%
1.10
1
Jan
431
10%
63%
Claude Neon Lights
Jaa
233
7
22
Cities Service
59
30%
3%
63%
Jan
37%
2
17
Jan
Jan
606
4.50
Jan
1
Jan
19
Jan
13%
26
Jan
Jan
2.00
1.00
Jan
49%
Jan
2.00
360
75
1U.
7
Jan
36%
Jan
66
lAi
Cardinal Gold
55
18%
26
,
Jan
17
66
>2
18%
Jan
302
94
*
4.50
15%
63%
7%
'
Jan
34
36
2
*
fa 0% 27
47%
103% 104
8%
7%
95%
94%
*
4.25
100
100
Cal OrePw6% pfd
Jan
3
1.75
200
66
*
27
25
6%
64
*
A.
Jan
15
36
com—*
10
California Art TileB
Jan
16%
540
105%
14%
Jan
'
10
Golden State Co Ltd
4%
20%
180%
15%
23%
Jan
13
Bunker Hill & Sull
>7
Laundry...*
General Motors com
*
B common
Jan
*
Jan
1
Galland Merc
KJelser com
17
1,715
Amer Toll Bridge
17%
21%
951
4
Foster &
Jan
1,527
15
16%
30%
15%
Jan
14%
105
High
Low
Low
'
5%
5%
24%
*
Byron Jackson Co
Colomba Sugar com
Shares
High
1,210
14%
Bancamerica-Blair
1935
20
12%
Atlas Corp
1 1936
15%
5
zAtlas Imp Dsl B
Week's Range
*
Argonaut Mining..
Since
40c
Anglo Natl Corp
1
1
Aviation Corp
July
High
50c
9
100
Amer Tel & Tel
Sales
1936
Low
Low
Shares
Since
1
*
25
Amer Power Ltd
24, both inclusive, compiled from official sales lists
Jan. 18 to Jan.
1933 to
for
Week
Alaska Treadwell
San Francisco Stock
Sales
of Prices
Exchange
Stock
1
Week's Range
Ccffee & Sugar Ex.
Commodity. Exchange, Inc.
Honolulu
Exchange
Exchange
New York
Seattle
Tacoma
Stockton
Sacramento
San Francisco Curb
Trade
Exchange
89%
40%
3%
Jan
5
Jan
Jan
Jan
83
Jan
19%
Jan
r
value
e
Cash sale
*
Ex-dlvidend
i
Ex-iight»
z
Listed,
t In default
Price adjusted because of stook dividends, split-upa, &o.
New stock,
t Low price not including cash or odd-lot sales
o
The National Securities Exchanges on which low prices since July 1 1988
made (designated by superior figures In tables) are as follows:
* New York Stock
« Cincinnati Stock
" Pittsburgh Stock
*
New York Curb
«» Cleveland Stock
n Richmond Stock
>
New York Produce
'« Colorado Springs Stock
" St. Louis Stock
*
New York Real Estate
« Denver Stock
»
were
Salt Lake City Stook
San Francisco Stock
»
Baltimore Stock
"
Detroit Stock
»
•
Boston Stock
17
Los Angeles Stock
*7
San Francisco Curb
7
Buffalo Stock
'■
Los Angeles Curb
»
■
California Stock
"
Minneapolls-St. Paul
a
San Francisco Mining
Seattle Stock
>
Chicago Stock
"New Orleans Stook
'•
11
M
Spokane
M
Washington (D.O.) Stook
„„„„
Chicago Board of Trade « Philadelphia Stock
Chicago Curb
Stock
fig—
606
Jan. 25 1936
Financial Chronicle
Canadian Markets
LISTED
Provincial and
Province of Alberta—
Bid
AND UNLISTED
Municipal Issues
Ask
Toronto Stock
Provlnoe of Ontario—
Bid
Ask
6a
Jan
1 1948
94
9512
5*8.
Jan
3 1937
4*8
Oct
1 1956
91
92
5a...
Oot
1 1942
111* 112
Prov of British Columbia—
4*8
Feb
July
5a
4*8.
6s
Sept
100*2
6a...
May
9912 100*2
4a—
98
4*a_
15 1936
12 1949
100
1 1963
Oct
99*2
Provlnoe of Manitoba—
4 Ha
Aug
1 1941
10234 10334
106
107*2
......June 15 1954
6a
6a
Deo
2 1959
107
Jan
Stocks
107
June 15 1936
4Mb
Apr
4*8
Apr
12*
46
1950
11112 112*2
1 1958
10712
4*8.
May
1 1961
11112
1st preferred
Conv preferred
.
m ^
.
^
—
—
June 15 1943
5*8.
Nov
Province of Nova Sootla—
10012 101*4
Sept
16 1952
6a
Mar
1 1960
101*2 IO214
15 1946
101
1 1951
Oot
4*8.
4*8
*
100
15*
125
25
125
218
Consumers Gas
191
8
*
17*
191*
18 *
18*
32 *
31*
4*
25
Bid
15
11
10*
*
14 *
*
25
14*
24*
2*
Ford A
Frost Steel & Wire Co...*
Preferred
Go*,
Inc.
3*
65 *
55*
...150
General Steel Wares com.*
Utility Bonds
95
Int Pow A
Pap of Nfld 5s '68
Lake St John Pr & Pap Co—
6*8
..Feb
Feb
...
89
1 1947
32
MacLaren-Que Pow 5 Ha '61
81
82i2
11612 117
Manitoba Power 6*s__1951
7734
78i2
10512 106l2
■
-
-
-
Internatl Utilities A
94
103
104
McColl Frontenac Oil 6s 1949
106* 107*
106l2 10712
90l2 9212
100U 10034
Minn A Ontario Paper 6s '45
Montreal Island Pow 5 *s'57
par
106
5s
107
Loblaw GrocA
107
value) 3s
.
1939
50
*
Preferred
5034
Oct 1 1951
1071s 107l2
10212 103l2
*
A
100
New Brunswick Pow 5s 1937
93
Northwestern Pow 6s..I960
59
60
59
60
National Grocers
102l2 10312
91
92
Ottawa Lt Ht A Pr 5S..1957
11312
Ottawa Traction 5*s__1955
Cedar Rapids M A P 6s 1963
113
Consol Pap Corp 5*a..l961
Dominion Canners 6s.. 1940
32i2
/32
11012 11112
10534 10634
8634
87i2
Power
5s.
65
68
94
90
--
Certificates of deposit
-
/43l2 4414
10512 106l2
.
102
81
82
9314
9334
10112 103
Great Lakes Pap.Co 1st 6s*50
Smith H Pa Mills 6*8.1963
*
Simpsons Ltd pref
Oct 2 1954
7834
79l2
100
Preferred...
*
Preferred
Telephone
*
Union Gas
Exchange
inclusive, compiled from official sales lists
Sales
for
of Prices
Low
High
Week
Low
1.90
3.202
1.15
Jan
1.90
8*
9*
995
6*
Jan
9*
6
120
5*
Jan
6
39
*
14
i
Jan
14
12*
99* 101
190
1
Jan
14
«
85c
200
40c
Jan
1.00
7*
40
6*
Jan
7*
155
3*
Jan
105
Jan
Jan
48*
8
Jan
Jan
Jan
5
106
Jan
107
Jan
66
1.50
29
Jan
106
65*
19*
17*
3*
160
65
Jan
67
Jan
18*
17*
3*
Jan
19*
17*
Jan
5
Jan
495
1.50
Jan
2.25
Jan
29
4*
Jan
5*
Jan
2,930
20,974
6*
Jan
6*
Jan
19*
17*
3*
1.90
1,659
560
5
152
29*
2,005
Jan
12
Jan
Jan
3
Jan
4
Jan
16*
Jan
101
Jan
Jan
Jan
Jan
27*
3*
29*
Jan
OK
155
4&0
90
18*
"16*"
Jan
"18*"
95
6*
Jan
75
6*
4*
•
96*
10
7
Jan
10
Jan
82
691
10,635
90
17
79
3*
86
Jan
Jan
Jan
Jan
7*
Jan
Jan
4*
Jan
90
Jan
19
Jan
30
95
29
Jan
30
Jan
101
10
100
Jan
104
Jan
200
23
Jan
75
Jan
23*
79*
Jan
37
Jan
7*
Jan
19
23*
79
7*
Jan
885
10*
102
"io *
8*
9
2*
33*
18*
32*
18
66*
Jan
60*
Jan
207
49
Jan
53*
Jan
15
3
Jan
11
120
8*
105
25
287
10*
9*
3*
34*
18*
3,602
383
9,345
1,940
9
10
100
68
58
12
17
2,385
*
17
16
..100
110
*
3
100
63*
Jan
Jan
3
*
...
Jan
22
60*
63*
3
6*
20*
20
122
9*
*
60
7*
22
*
com
706
20*
110*
^
205
105
3
20
15
63*
102
8*
8*
2*
31*
17*
6*
65
14*
109*
2*
63*
3
Jan
Jan
11
Jan
Jan
105
Jan
Jan
10*
Jan
Jan
9*
Jan
Jan
3*
Jan
Jan
34*
18*
Jan
Jan
Jan
10
Jan
Jan
65
Jan
Jan
Jan
17
Jan
Jan
110*
Jan
Jan
3
Jan
Jan
63*
Jan
53
Jan
159*
159* 160
359
148
Jan
160
Jan
203
200
246
185
Jan
203
Jan
100
203
205
37
200
Jan
206
-Jan
100
203"
200
203
65
196
Jan
203
Jan
100
100
...
Loan
25
278
50
53
203
51*
Jan
290
22
271
Jan
290
Jan
169
172
222
163
Jan
172
Jan
227
172"
100
....
and
52*
228
50
225
Jan
228
Jan
142
97
137*
Jan
142
Jan
86
32
85*
Jan
88
Jan
201
10
Jan
201
Jan
Trust—
.100
Huron & Erie
100
National Trust
142
139
100
85*
85*
201
"94"
192
94
94
9
90
Jan
94
Jan
118
118
3
115
Jan
118
Jan
Toronto Stock
Jan. 18
to
Exchange—Curb Section
Jan. 24, both inclusive, compiled from official sales lists
Jan
101
Jan
Friday
3 *
3
3*
436
3
Jan
Last
Week's Range
for
148 *
400
140
Jan
3*
148*
Jan
147
Jan
Sale
Week
3*
100
3*
Jan
5
Jan
of Prices
Low
High
96
26*
Jan
29
1
Jan
30
Jan
30*
Jan
Biltmore Hats.
*
Jan
Bruck Silk
*
Jan
Brewing Corp
*
Preferred
♦
3*
27 *
12
29
30
50
30*
9*
1.30
1.15
20*
28*
*
20*
29 *
4
36
Building Products A
38*
5*
93 *
25
Canada Bread
Steamships
Jan
147 *
*
Preferred
Jan
3*
*
B
Preferred
14*
445
100
BC Power A
Canada Packers
10*
50
Jan
British American Oil
Canada Cement
Jan
Jan
Jan
*
B preferred
14*
100
Jan
.
27
Brewers A Distillers
(FN)
Jan
100
Jan
5*
158
*
1st preferred
Jan
6*
3*
Toronto General trusts 100
Toronto Mortgage
50
High
39
Brazilian
Canada
Shares
1.70
Brantford Cord 1st pref.25
Burt
Range Since Jan. 11936
8*
5*
Blue Ribbon com
6*% preferred
Jan
29
Jan
*
Canada Permanent
Week's Range
100
Jan
Jan
27
,44*
*
com
Toronto
36
100
Jan
3*
Montreal
37
Beauharnois Power
Bell
Jan
Dominion
100
Beatty Brothers—
Jan
8*
Commerce...
1.75
6% preferred
3
100
(Hiram)
Jan
5*
1*
15
Jan
6*
2*
Jan
Imperial
Sale
Alberta Pacific Grain
Jan
70
655
14*
22
*
Preferred
Canada
WA. 3401-8
Last
Abitibl
57
55,119
59
Nova Scotia..
Price
Jan
48*
8
45*
53
Tip Top Tailors
Royal
Par
55
Jan
Banks—
Kin? Street West, Toronto.
Stocks-
100
104* 105
53*
Preferred..
New York Curb (Associate)
Friday
Jan
5
13*
13*
103*
"mi
Westons (Geo) com
Preferred
Exchange
Commodity Exchange, Inc.
Toronto Stock
445
25
Zimmerknlt
Member» Toronto Stock
Canadian
14*
79
100
Preferred
STOCK BROKERS
66*
230
.__..._*
Western Canada Flour
Preferred
Co.
Jan
Jan
23
7*
100
Preferred
Walkers
&
Jan
26*
Jan
101
*
Sterling Coal
United Steel
Duncanson, White
"20 *
100
Twin City
99
6s
Steel of Canada
'
15
Jan
30
Standard Steel pref
101
Gatlneau Power 6s....1966
General Steelwares 6s. 1952
Pressed Metals
Standard Chemical
-
Jan
Jan
13*
24*
2*
64*
Jan
3*
29
90
Riverside Silk A
112
...
Jan
Jan
82
81*
4*
Russell Motors pref
100
St Lawrence Paper pref..*
103
88
140
Jan
15*
11*
Jan
1
79*
95
106
106
155
100
95i2
103l2
105* 106l2
10484 IO584
1,095
10
9912
9412
9512
10212 10312
106i2
!
5
Jan
Jan
4*
6*
98
Provincial Paper Ltd 5*s'47
Quebec Power 5s
1968
55
31*
4*
14*
8*
Jan
13
9*
94
1943
86
Jan. 18 to Jan. 24, both
~29*
1
Porto Rico pref
-
8,445
Jan
35
10
100
94l2
1 1957
96
8612
91
Deo
Price Bros A Co 6s
10334 10434
10514 10534
Valley Power 5 *s'70
Corp of Can 4 *s 1959
5,475
Jan
19*
Jan
4,015
18
Page-Hersey
Pantepec Oil
10534
9812 106
Ottawa
4,940
192
Jan
50
*
Ontario Equitable
103
Jan
Jan
17*
1,795
6*
16*
100* 101
3*
3*
16
Nat Sewer Pipe A......
Certificates of deposit
Nova Scotia L A P 5S..1958
95
25*
3*
66*
56*
4*
5*
14*
101
Monarch Knitting
Moore Corp com...
88I2
108
88
15
T.75
*
10314 10334
.
19*
17*
.100
Massey-Harris com
106
640
500
Jan
Jan
219
1*
106
*
Maple Leaf Grdehs pref 100
Maple Leaf Mill
_*
McColl-Frontenac OU
105
3,230
5
8*
18*
Jan
188
15*
11*
15
Jan
Jan
193
32*
3*
6*
48 *
8
100
Preferred..
Montreal Tramway 6s. 1941
10684
105
Jan
12*
5*
14
104*
*
32
31*
Montreal L H A P (650
108l2 10912
1949
Jan
Jan
Jan
16
385
14
B
92
523
7*
*
Laura Secord
57
106
Maple Leaf Milling 5*81949
Massey-Harrls Co 5s
1947
/56
105
1,075
28*
_
Preferred
-
455
15
6*
3*
7*
*
com
Kelvlnator
46
3012
Fam Play Can Corp 6s. 1948
Jan
Jan
10*
2*
7*
4,332
19
1
B
1 1942
6*s
103
88
Eastern Dairies 6s
Jan
Jan
125
85c
InternatI Nickel
Ask
/44
/93
Fraser Co 6s unstamped '50
6s stamped
1950
Jan
Jan
200*
5
*
Imperial Tobacco
5
Internatl Milling pref..100
Bid
55
15
15
*
Harding Carpets
65*
5*
Great West Saddlery
*
Preferred
...100
Gypsum
Ask
/4284 4314
98^2 100
East Kootenay Power 7s '42
Jan
Jan
18
Jan
558
4*
15*
*
Fanny Farmer
Industrial and Public
Donnaoonna Paper 6*s '48
Jan
123
192
100
Cosmos Imperial
Hamilton Cottons pref..30
Hlnde & Dauch
*
Duke Prloe Power 6s... 1966
60
47
10*
3*
Distillers Seagram Corp..*
Dominion Steel A Coal B 25
Private wires to Toronto and Montreal
1949
37*
9*
8*
14*
423
16*
Jan
85
1.13C
125
Jai
Jan
4*
15,416
11*
3*
8
8*
17*
18
206* 219
11*
3*
*
Dominion Stores
&
Dominion Tar 6s
Jan
43
145
8*
Consolidated Smelters ..25
Bonds
New York
1940
Jan
10
11*
Goodyear Tire
Dom Gas A Eleo 6*8..1945
44*
11*
Jan
6C
39
10
Preferred.
14 Wall St.
Dominion Coal 6s
Jan
Jan
37*
11*
Canadian Oil
Gundy
Canadian Vlckers Co 6s
Jan
38 *
Preferred
Can Lt A Pow Co 6s...
15
*
Canadian Pacific
Wood,
Calgary Power Co 6a..
Jan
10
...
Canadian
1
Jan
Canadian Ind Alcohol A__*
Cockshutt Plow
March
Jan
6*
14*
2
7*
6*
14*
6*
Consolidated Bakeries
6a
6*
65
7*
14*
Canadian Wineries
Bell Tel Co of Can 6s_.
7oe
7*
9*
Jan
111
14*
*
Jan
47£
*
Canadian Dredge
High
Low
12*
49*
5*
91*
7*
7*
25
B
98
9714
W 66K
Shares
91
90
Canadian Car
102
108i2 10912
114
100
Range Since Jan. 11936
for
TXTaaU
12*
49*
5*
5
Preferred
4*8.
5s...
pref 100
Canadian Canners
Feb
IO8I4 109
15 1960
16 1961
Price
Canadian Bakeries
108
4a—
IOOI2 101*4
109»2 11012
Par
of Prices
Low
High
Canada Wire & Cable B_ _*
Province of Saskatchewan—
AH*
(Concluded)
11334 11434
Week's Range
Sale
11534 11634
15 1965
Sales
Last
102* 103*
Provlnoe of Quebec—
.Mar
2
4*8.
10812
Prov of New Brunswick—
15 1943
1 1959
Exchange
Friday
10412 105
*
100
50
*
100
*
*
100
42
7
42
12
380
52,410
9*
Jan
1.30
2,352
1.15
Jan
4
12
1.45
21*
11,877
15*
Jan
29 *
4
248
28*
Jan
8
4
Jan
37
270
32
Jan
37*
Jan
39
120
37*
Jan
39
Jan
5*
22
Jan
29*
-
Jan
5
Jan
5*
10
Jan
6
Jan
93 *
43
10
90
Jan
95
Jan
70
39
Jan
42
Jan
7 *
1,080
61*
58
61*
376
83
82 a
3
83
11
12*
6*
92*
3
40
120
910
5*
Jan
7*
Jan
58
Jan
62
Jan
82*
2*
Jan
84
Jan
3
Jan
9
Jan
Jan
12*
Jan
Stocks—
Par
Price
31*
15
Canada Bud
*
14*
7*
Canada Malting
Canada Vinegars
*
34
_*
22
Canadian Marconi...
Consol Press
Corrugated Box pref
DeHaviland Aircraft
Disher Steel pref
Dominion Bridge
1
Nc
par
value
32
15
15*
2*
2*
14*
7*
32*
21*
2
*
8*
100
15*
7*
34
Range Since Jan. 11936
Shares
*
Jan
32
Jan
300
15
Jan
15*
Jan
Jan
Jan
Jan
1,340
9
5
58
/ Flat price.
240
13
Jan
805
6*
32*
Jan
Jan
34
Jan
21*
Jan
27*
2*
Jan
22
2
.100
50
90
40
2
50
8*
33*
9
120
35
1,180
4*
5
667
59
82
58
2*
2*
16*
7*
90
34*
High
29*
1,030
1,380
8*
Low
125
2
*
Dominion Tar A Chemical*
Preferred
100
*
Sales
Jan
2
Jan
7
Jan
9
Jan
Jan
90
Jan
2
Jan
2
Jan
8*
Jan
82*
32
4*
56
Jan
9
Jan
Jan
35*
5*
Jan
Jan
Jan
60
Jan
Jan
Financial
Volume 142
607
Chronicle
Canadian Markets—Listed and Unlisted
Toronto Stock
Week's Range
Sale
Sale
16
40
Jan
18
9
21
8
Jan
9
Jan
Read-Authler
53*
5%
325
4
Jan
65*
Jan
Reno Gold
223*
Imperial Oil
Internatl Metal Induat—*
7
53*
41
100
Preferred
365*
373*
Internatl Petroleum
*
Langleys pref
Montreal Power—
..100
Standard Paving
34
Jan
329*
313*
Jan
Jan
San Antonio
3.25
3.10
3.30
2.97
Jan
3.45
72c
69c
72c
2,600
56c
Jan
72o
38
4
Jan
Jan
30
Jan
42
Jan
Sherritt Gordon
1.08
1.02
1.10
22,552
1.00
Jan
1.15
Jan
305
385*
Jan
Siscoe Gold
3.32
3.05
3.40
61,665
2.87
Jan
3.40
Jan
5.90
5.00
5.90
5,100
70,360
4.40
Jan
5.90
Jan
33*c
183*c
Jan
7c
Jan
Jan
24c
Jan
17c
Jan
223*c
Jan
3.05
Jan
3.58
Jan
53*c
Jan
73*c
Jan
833*c
Jan
1.10
Jan
2.45
Jan
2.65
Jan
42o
Jan
9,288
335*
Jan
48
Jan
48
Jan
315*
Jan
345*
Jan
South Tiblemont
335*
Jan
395*
Jan
Stadacona Rouyn.
16
16
Jan
175*
Jan
St Anthony Gold
3.50
Jan
Jan
Sudbury Basin
Sudbury Contact——
Jan
Sullivan Consol
209
3.40
200
125*
1,204
980
6
3.15
Jan
55*
Jan
Jan
195*
230
1.10
14
14
32 3*
335*
36
43
112
33 3*
34
343*
*
100
15
240
23
185
25*
33 5*
5
345*
120
Jan
105*
1,897
——*
Toronto Elevators
Jan
13
65*
Jan
21
1.70
1
63*c
63*c
63*c
...1
1.06
99c
1.10
1
2.56
2.46
2.63
38,700
11,835
4,200
92,438
26,210
1
37c
37c
40c
12,400
28c
Jan
36,143
30,425
4.38
Jan
5.40
Jan
1.45
Jan
2.35
Jan
Jan
1.36
Jan
Jan
*
...
Sylvanite Gold
3.15
3.39
3.58
Jan
Goldfields...
15
Jan
Teck-Hughes Gold
*
Jan
5.25
5.00
5.40
Jan
Jan
Texas-Canadian
*
36
2.35
2.00
2.35
1
1.22
1.20
1.32
2,550
1.20
1
23c
20c
23c
193*c
Jan
26c
1.71
1.62
1.75
1.60
Jan
1.82
Jan
1.00
1.20
10,300
62,845
4,383
36,900
19,700
325*
112
Jan
Gold
Jan
112
25*
Toburn
Jan
Towagmac Expl
Ventures
15*
335*
Jan
Jan
335*
Jan
34
Jan
35
Jan
Waite Amulet
Jan
Wayside Consol
Jan
White Eagle
Jan
Wlltsey-Coghlan
Wright-Har greaves
Jan
117
496
225*
Jan
25
210
25*
Jan
Waterloo Mfg A
*
1.30
1.50
150
114
1.30
Jan
35*
1.50
Jan
*
*
1.14
163*c 173*c
16 3*c
*
35*c
from official sales lists
Sales
Friday
Week's
Last
Sale
Range
of Prices
High
Low
Price
*
Acme Gas & Oil
Afton Gold
16c
...1
for
Range Since Jan. 1 1936
4c
Jan
4c
6c
27,300
3c
Jan
6c
Jan
8.80
7.80
8.85
35,789
7.65
Jan
8.85
Jan
71c
45c
71c
63,100
41c
Jan
71c
Jan
33*c
4c
Sales
Friday
High
Low
67c
8,949
14c
Jan
183*0 Jan
59c
67c
24,500
57c
Jan
70c
52c
500
50>*c
Jan
60c
Jan
Aldermac Mines
*
29,700
lc
Jan
Brett-Trethewey
33*c
Jan
29*c
45*c
Jan
18,600
Jan
4.30
4.25
4.35
1,565
4.15
Jan
4.40
Jan
Churchill Mining
93c
90c
97c
85C
Jan
97c
Jan
Coast Copper
16c
18c
14c
Jan
22c
Jan
Cobalt-Contact
1
3c
35*c
15,700
23*C
Jan
33* c
Jan
Delhousle Oil
10c
311,258
45* c 74,650
34c 385*c
23,100
Jan
11c
Jan
East Crest Oil
*
45*o
65*c
3J*c
53* C
1
3J*c
Jan
5c
Jan
Home Oil
*
34c
Jan
41c
Jan
Hudson Bay Mining..
*
11c
...
37c
40c
3,000
363* 0
Jan
50c
Jan
Hirkland-1 ownsite
1.69
1.55
1.71
69,235
1.45
Jan
1.71
Jan
Lake Mar on
69c
76c
67c
Jan
76c
Jan
*
—
3.50
Jan
2c
3c
70,900
13*c
Jan
3c
Jan
51c
5,709
35c
Jan
57c
Jan
63*c
63*c
500
63*c
Jan
9o
Jan
74 V4c
74 V6c
2,970
3,379
2,000
26,500
63*c
24
253*
26
43*c
153*C
33*0
43*c
13*0
17c
43*c
Mandy Mines
*
13c
12c
13c
5,768
12c
Jan
143*c
Jan
125*0
39,100
123*c
Jan
Night-Hawk Pen
1
13*0
13*c
62,500
13*c
Jan
23*o
Jan
5.20
13*c
183*c
15c
18 3*c
11.300
15c
Jan
21c
Jan
63*c
6c
63*c
18,500
43*c
Jan
7o
Jan
22c
22c
24c
14,100
183*c
Jan
273*0
Jan
1
3c
23*c
3c
30,500
Jan
.1
1.12
1.00
1.14
7c
5c
4.65
5.35
21,980
3.80
Jan
5.35
Jan
Nordon Corp
3c
25*c
3c
12,000
2c
Jan
Jan
Oil Selections
I05*c
7c
105*0
57,960
6c
Jan
33*C
103* 0
Jan
Parkhill Gold
5
,
*
65*c
Jan
9c
Jan
1.05
Jan
1.22
Jan
Pend-Oreille
1.15
Jan
1.30
Jan
Porcupine Crown
Castle-Trethewey
1.66
1.55
1.69 145,603
1.24
Jan
1.69
Jan
Preston-East Dome
23*c
23*o
Central Patricia
3.08
2.93
3.10
61,480
2.73
Jan
3.10
Jan
Ritchie Gold
23*c
2c
90c
2,300
~
1.14
Jan
7c
Jan
3c
28,500
2c
Jan
33*c
Jan
33*c 171,200
lc
Jan
33*c
Jan
Jan
Jan
76c
Jan
90c
Jan
Robb-Montbray
1
63*c
53*c
91.200
53*c
Jan
7c
55c 931,250
19c
Jan
55c
Jan
4o
43*c 156.100
33*c
Jan
43*c
Jan
35*c
Jan
1
Sudbury Mines
Temiskaming Mining. ...1
43*c
3c
3o
33*c
6,500
2c
Jan
4c
Jan
4,000
23*c
45*c
Jan
60
Jan
5C
5c
2,000
4c
Jan
53*c
Jan
2.80
2.90
1,100
2.80
Jan
3.10
Jan
1.80
*
2.10
*
515*
2.00
45
6c
2.10
52
5c
...1
•
9,352
11,580
5c
1,000
Jan
2.25
Jan
52
Jan
53* c
1
Wood-Kirkland
7c
Jan
Jan
43*C
—
Jan
42
Jan
1
1.22
1.06
1.28
36,900
1.06
Jan
1.28
7.50
7.00
7.75
25,928
6.90
Jan
7.75
Jan
36,100
3c
Jan
55*c
Jan
65*c 135,500
24c
2,650
1.36
47,571
5c
Jan
8c
Jan
22c
Jan
24 J* c
1.25
Jan
1.45
Jan
13c
Jan
15c
Jan
20c
CANADIAN SECURITIES
Jan
*
Jan
—
45* c
Federal-Kirkland
35*0
6c
5o
1.32
1.30
Franklin Gold
23c
1
*
1
m.
m -» ~
1
-
«•
19c
50c
-
145*c
15c
4,400
Drury & Thompson
Jan
17c
19c
18,500
133*c
32o
32c
700
32c
Jan
350
19c
94,050
60
Jan
22c
Members
Montreal Stock Exchange
Jan
Montreal Curb Market
Jan
155*c
13o
6c
45*o
1
Graham-Bousquet
45*0
Jan
1
Goodfish Mining—__
3o
Jan
4c
35*c 101,100
2.80
...5
Gold Belt
Jan
1.00
37c
90c
—
*
Goldale
23*c
17,170
7c 120,600
35*0
45*0
—
_
...
—
48c
..
*
Golconda Lead
Pawnee-Klrkland
35* c
*
*
...
Jan
Jan
2,000
God's Lake
Jan
Jan
23,615
1,100
Gabrlelle Mines
53*0
23c
9c
Falconbridge
Jan
7.15
1.26
Eldorado
Jan
lc
53*c 1729800
Jan
1.19
.
43*0
Jan
1.20
Dominion Explorers.
Jan
Jan
1.05
Dome Mines
3o
8c
75*0
Conlagas Mines
Coniaurum Mines
20c
18c
1.25
Clericy Consol
Commonwealth Pete.
Jan
5.50
1.17
Chibougamau Pros—
Jan
143*c
15,960
1
Chemical Research
Jan
260
7.15
*
Cariboo Gold..
88c
Jan
195*0
...1
Canadian Malartic
Jan
10c
*
Calmont Oils
74 c
20 3* c
18c
1
Bunker Hill
Jan
250
6.60
*
Buffalo-Canadian
Jan
4.00
3,500
4.00
125*c
..50c
Buffalo-Ankerite
43*c
19c
*
B R X Gold
Jan
Jan
33*c
39,020
18,205
1
...
Mines
Jan
23c
6.95
Big Missouri
Bobjo Mines
3c
Jan
46o
...1
*
Jan
Jan
4c
23*c
Malrobic Mines
1
3c
83*o
4c
—5
745*c
Exploration
113*c
*
—1
Beattie Gold
2c
163*c 203*c 105.950
4c
18c
36c
High
Jan
73*c
3.70
1
35*c
*
Low
7c
3c
193*c
3,847
19,100
Base Metals
Range Since Jan. 1 1936
Shares
15,800
30,500
73*c
23*c
73*c
Central-Manitoba
*
Bagamac-Rouyn
Barry-IIollinger
Week
1
2c
1
for
of Prices
Low
High
Price
Par
Stocks—
Week's Range
Jan
45*c
Astoria-Rouyn
Bralorne
16c
4c
1
Bear
15c
Last
15*0
Ashley Gold
Jan
Exchange—Mining Curb Section
Week
Shares
45*c
Arntfield
3c
both inclusive, compiled from official sales lists
Jan. 18 to Jan. 24,
2c
Anglo-Huronian
Jan
*
Toronto Stock
*
Algorna Mining
Jan
53*c
52o
...1
AJax Oil & Gas
Alexandria Gold
1.30
I93*c
1
Sale
Par
Jan
Jan
Exchange—Mining Section
Jan. 18 to Jan. 24, both inclusive, compiled
Stocks—
1.00
153*c
*
Ymir-Yankee Girl
Toronto Stock
19c 223*c
21c
335*
35*
40
1
6c
24c 191,350
Jan
235*
117
285*0
Jan
35*
116
22 3*
53*c
233*c
11
225*
117
100
53*c
*
305*
*
Preferred
*
Jan
Tashota
Walkervllle Brew
United Fuel pref
Jan
2,780
,50c
,
5
23*
33
Sheep Creek
1.70
*
Thayers—
Preferred
1
225*
75*
5
112
Jan
Jan
195*
205*
112
34
325*
Royalite Oil
*
20
15,862
1.50
100
Preferred
Jan
63*c
1,433
34
28
6c
19 3*
36
Jan
63*c
203*
*
6-3*0
68c
1
53*
333*
Jan
763*c
Roche-Long Lac.
53*
—*
Jan
4?*c
Red Lake-Gold Shore-
Jan
16
100
Preferred
Supertest Pete ord
Tamblyns (G) — __
Jan
77c
Jan
_♦
—*
Shawlnigan
1.18
Jan
50
48
12
Jan
48c
35
33
12
99c
Jan
395*
3.30
Jan
1.94
Jan
32
3.30
1.15
Jan
50
395*
16
1.07
1.42
25
*
Rogers Majestic
1.13
1
South American G & P —1
48
"32 ~3*
*
*
National Steel Car
—*
North Star Oil pref-—--.6
Power Ccrp
—*
National Breweries
1.94
77c
42
37
1.67
225
335*
225*
75*
213*
1.92
♦
50
333*
*
Humberstone Shoe
105*
65,120
14,475
159,150
12,700
1,945
19,955
35
50
—*
Honey Dew
High
Low
Shares
High
285
34
35
100
Preferred
Low
Range Since Jan. 1 1936
for
Week
Jan
8
*
Hamilton Bridge
16
Range
of Prices
Price
Par
Stocks (Concluded)
*
B
Week's
Last
High
Low
Sales
Friday
Range Since Jan. 11936
for
Week
Shares
*
English Elec A
l»
of Prices.
High
Low
Price
Par
Exchange—Mining Section
Sales
Last
Stocks" {Concluded)
Toronto Stock
Exchange—Curb Section
Friday
6c
61,200
3c
Jan
6c
Canadian
360 ST. JAMES ST. W., MONTREAL
Jan
21c
200
21c
12,733
18c
Jan
22c
Jan
Greene-Stabell.
24c
23c
24«4c
20,050
23o
Jan
28c
Jan
Gunnar Gold
90c
85c
94c
75,600
77c
Jan
94c
Jan
1
4c
35*0
2c
Jan
4c
Jan
40c
40c
42c
16,500
30o
Jan
42c
Jan
1
85*c
8c
95*c
63*c
Jan
103*c
Jan
165*
155*
34,900
36,025
13.70
Jan
15.50
Commodity Exchange Inc.
Jan
Granada Gold
Halcrow-Swayze
Hard Rock
Barker Gold
...5
Hollinger Consol.
Homestead Oil—-— ...1
4c
175*
14c 155*c
15,800
14,800
He
Jan
153*c
1
75c
67c
75c
88,780
62c
Jan
75c
1
37c
31c
38c
64,975
29c
Jan
38c
Jan
45c
48c
1,100
283*c
Jan
50o
Jan
485*0
535*
63c
74,947
Jan
58c
—
1
....
-
15,583
48 3* c
51
699*
Jan
7c
10c 152,800
45*c
Jan
10c
Jan
19c
1
Lake Shore Mines
*»
165*c
20c 195,237
10c
Jan
20c
Jan
50,600
25*c
Jan
4c
Jan
34,985
4.00 104,275
6.40
Jan
7.55
Jan
3.12
Jan
4.00
Jan
10c 148,900
53*c
53*c
Jan
10c
Jan
63,650
Jan
10c
Jan
495*
15,904
40
Jan
58,325
1.33
Jan
49 3*
1.63
Jan
1.62
41c
1
Klrkland Lake
58
95*c
Lamaaue Contact
1
Lebel-Oro
595*
4c
35*c
4c
7.55
7.00
7.55
3.95
3.35
Lee Gold Mines
*
Little Long Lac
Macasaa Mines
...
1
*
95*c
75*o
...1
85*0
7o
Mclntyre-Porcupine. . ...5
McKenzie-Red Lake.. ...1
485*
Manitoba & Eastern..
Maple Leaf Mines
44
1.59
1.52
10c
Jan
Jan
.1
6c
45*0
7c
Jan
26c
29c
23*c
193*c
73*c
27c
52,800
34,125
Jan
—1
Jan
31c
Jan
*
1.46
1.40
1.61
66,960
1.40
Jan
1.65
Jan
♦
14c 155*e
2,500
13c
Jan
153*0
Jan
*
McMillan Gold
1.50
15,665
1.25
Jan
1.50
Jan
500
69*c
Jan
9c
Jan
41,405
2c 299,700
25*o
5,450
58c
Jan
67o
Jan
—
McVittie-Graham
McWatters Gold
Morris-Kirkland.
Murphy Mines
—
1.35
9c
9c
66c
60c
67c
1
...
1.50
1
Mining Corp
Moneta-Porcupine
2c
15*c
1
_
_
*
Nlpissing
2.94
....
*
Noranda
*
North Can Mining
O'Brien Gold
*
—
♦
Pamour Gold
-
Paymaster Consol-
48
1
—
lc
Jan
33*c
Jan
13*c
Jan
23*c
Jan
3.00
Jan
29o
34c
55*c
5c
4.60
3.40
715*c
65c
3.00
13,535
2.40
Jan
495*
2.70
46
29c
35c
--
Olga Oil & Gas
2o
25,114
443*
Jan
493*
Jan
29c
6,500
24c
Jan
33c
Jan
40c
6,750
34c
Jan
48c
Jan
65*c 103,700
39*c
Jan
7c
Jan
4.65
3.70
Jan
48c
Jan
74c
Jan
Jan
1.43
Jan
26.288
74c 425,974
37,395
1.12
4.65
Jan
1.42
1.35
1.43
1
35*c
25*c
35*c
35,200
23*c
Jan
33*c
Jan
Pickle-Crow
...1
4.70
4.50
4.70
61,135
3.55
Jan
4.70
Jan
Pioneer Gold
...1
11.95
10.75
12.00
9,410
9.50
Jan
12.00
Jan
Premier Gold
...1
1.87
1.80
1.89
14,075
1.80
Jan
1.95
Jan
*
2.80
2.65
2.85
3,300
2.65
Jan
3.25
Jan
...1
1.26
1.15
1.28
15,150
1.00
Jan
1.28
Jan
♦
6c
6c
6c
500
6c
Jan
73*c
Jan
Perron
Gold
...—
Peterson-Cobalt...
.
—
Prospectors Airways..
Quebec Gold—
Quemont Mining
Last
Sale
Par
Stocks—
Agnew-Surpass Shoe
Preferred
*
100
Preferred
Amal Electric Corp
*
1003*
—---
14
100
Preferred
of Prices
53*
Preferred
Bell Telephone
Preferred
100
Canada Forgings cl A
Class B
30
14
660
10
Jan
15
Jan
108
5
108
Jan
108
Jan
133*
15
7
Canada Steamship
Preferred
100
Can Wire & Cable cl B
*
Preferred
363*
123*
13*
Jan
153*
Jan
Jan
43*
Jan
330
263*
Jan
38
Jan
Jan
148
Jan
6,912
458
93*
12
27,383
283*
30
565
142
93*
28
Jan
103*
Jan
30
15
153*
1,400
15
Jan
16
Jan
37
110
33
Jan
373*
Jan
Jan
73*
Jan
623*
63*
Jan
7
73*
995
60
613*
518
58
Jan
63*
525
5
Jan
2
Jan
2
2
680
13*
Jan
2.210
8
Jan
123*
Jan
100
9
Jan
123*
Jan
37
345
31
Jan
37
Jan
115
10
115
Jan
116
Jan
11
123*
123*
36
3
253*
3
7
879
63*
Jan
143*
15
545
143*
Jan
15
Canadian Celanese
293*
27
29 3*
1,817
27
Jan
313*
126
185
125
Jan
183*
19
45
25
25
10
Rights
Converters
*
No par value.
*
100
125
183*
125
Jan
Jan
63*
100
Jan
235*
233*
63*
143*
7%..
Jan
455
223*
23*
115
363*
15
63*
43*
Canadian Car & Foundry.*
Preferred
25
Preferred
Jan
355
43*
Jan
Jan
43*
43*
123*
100
*
Jan
2,000
148
2
223*
23*
123*
*
Canadian Bronze
4
5
613*
*
*
*
153*
Jan
36
43*
*
Canada Nor Pow Corp
Jan
23*
108
*
*
Jan
6
Jan
147
Canada Cement
1003*
Jan
2
1473*
113*
Building Products A.
Jan
4
150
100
*
100
23*
36
Bruck Silk Mills
Jan
40
115
3834
363*
*
B_
10
Jan
33*
*
High
Jan
27
123*
Brit Col Power Corp A
Low
93*
35
33*
*
75
38 3*
143*
Brazilian T L & P
6
Range Since Jan. 11936
for
Week
Shares
36
100
Bawlf Northern Grain
10
1003* 1003*
*
Bathurst Power & Paper A*
High
2
36
*
Assoc Breweries
Week's Range
Low
10
*
*
Alberta Pac Grain A
Price
official sales lists
Sales
Friday
Jan
Kirkland-Hudson Bay
1254
Montreal Stock Exchange
Jan
J M Consolidated
HARBOUR
Jan. 18 to Jan. 24, both inclusive, compiled from
Jan
Howey Gold
PHONE
183*
233*
73*
128
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1934
Jan
Jan
30
Jan
Financial Chronicle
608
Jan. 25 1936
Canadian Markets—Listed and Unlisted
Montreal Stock Exchange
Last
Par
Week's Range
of Prices
Week
Low
Price
High
Range Since Jan. 11936
Shares
48
50
19
100
102
105
27
Preferred
Candn Fairbanks pref__100
Canadian Foreign Invest.*
Canadian Hydro-Elec pflOO
Canadian Induct Alcohol.*
Class B
*
Canadian Pacific Ry
Cockshutt Plow
25
26 %
26
26%
45
45
11%
10%
46%
11%
10%
11%
8%
9
10 %
10%
7%
11%
*
218
Distillers Corp Seagrams _*
Dominion Bridge...
33
..100
Dominion Glass
...25
Preferred
100
Dry den Paper
34 %
33%
15
14%
111
""I %
Electrolux Corp
.__*
Jan
50
Jan
Ea Kootenay P cum
Par
Jan
105
Jan
100
Jan
Eraser
Jan
26%
Jan
48
Jan
Jan
Int Paints (Can) LtdA...
Int Petroleum Co Ltd
11
35
1,600
480
40
Jan
7%
665
201
Jan
Jan
31%
32
Jan
Mitchell &
73
Jan
14
146
Jan
435
5
"20 %
19%
6
20%
2
*
3,075
2
14%
Foundation Co of Canada*
Jan
11%
Jan
10
'
Jan
8
Jan
70c
80c
1,460
70c
Jan
88c
Jan
21%
6,933
20%
Jan
22%
Jan
5%
5%
22%
5%
37
37%
285
9
6
Jan
4
230
Jan
38%
38
2,087
8
6%
8
345
4
Jan
8
Jan
85c
75o
85c
720
50c
Jan
95c
Jan
11%
10%
4%
485
10%
Jan
12
Jan
5%
Jan
8
Jan
33%
Jan
Jan
*
B
Jan
*
5
Co~Ltd~(Robt)~ *
12
50
5
6%
7%
235
2
13%
Jan
Montreal Isld Pow Co
*
2
2
11
2
Jan
2
Jan
Mtl Ref & Stor vot pref
*
9
9
12
9
Jan
9
Jan
146%
Jan
82%
255
79
Jan
81
Jan
6%
Jan
18
25
115
Jan
20%
2%
Jan
98
100
235
Jan
100
Jan
Page-IIersey Tubes Ltd..*
Paton Mfg Co Ltd
*
Pow Corp of Can cum pflOO
Rogers-Majestic Ltd A.__*
80
Jan
19%
10
1.00
Jan
Jan
4%
340
14%
Jan
75c
Melchers Dist Ltd A
Jan
Jan
336
85c
9
301
Jan
Jan
35%
15%
1,140
Jan
6
5
85
1.00
10
High
Low
80
22%
Inter Util Corp cl A
Class B
112%
5
5%
Jan
Jan
Jan
79
146%
Jan
Jan
Jan
14%
1C6
4%
146
146
218%
34%
9%
8%
Range Since Jan. 1 1936
Shares
6
85c
Imperial Oil Ltd
Jan
High
6
Voting trust ctf
Home Oil Co Ltd
11%
10%
12%
8%
Jan
1,262
Low
for
Week
of Prices
9%
8%
Jan
8%
913
Price
Companies Ltd
Jan
23%
45
2,615
2,922
Sales
•
Foreign Pow Sec Ltd.....
Jan
9%
15%
112%
Market
Week's Range
pf 100
99
76%
*
Eastern Dairies
935
1,114
218%
31%
33%
79
Dominion Textile...
48
Stocks (Concluded)
High
11,450
207
..100
Dom Steel & Coal B;
Low
100
Con Mining & Smelting.25
Dominion Coal pref-
Last
Sale
.100
Canadian Cottons
Curb
Friday
for
Sale
Stocks (Concluded)
Montreal
Sales
Friday
Jan
15
Jan
Reliance Grain Co Ltd
Jan
5%
77
82%
23%
100
"lo""
9%
9%
98%
98%
4%
6%
5
5,500
1,025
4%
Jan
6%
6%
Jan
7
Jan
7
8
1,980
6%
Jan
8%
Jan
Sarnia Bridge Ltd A
*
Sou Can P Co Ltd pref. 100
Hamilton Bridge.
5%
5%
35
4%
Jan
6%
Jan
Thrift Stores Ltd
Jan
20
5%
Jan
115
6%
Jan
10
Jan
255
Jan
Jan
Jan
Jan
5%
Jan
Jan
7
Gypsum Lime & Alastine.*
Jan
5%
10
9%
5%
*
Gurd (Charles).
98
Jan
General Steel Wares—__*
...100
Preferred
Hollinger Gold Mines
Holt, Renfrew
Howard Smith Paper
5
100
*
5-Ha
35
34
35
16 %
15
17%
7
7
125*
100
112
112
Imperial Tobacco of Can.5
14
Preferred
40
25%
Jan
34
13,130
13.80
Jan
16%
Jan
Cum pref 6%%
Walkerville Brew Ltd
7
Jan
7
Jan
Walker-Good & Worts
483
11
Jan
13
Jan
181
108
Jan
115
9
Jan
33
34
197
7%
2%
31%
9%
99%
2%
8%
3%
Jan
34
Jan
18
18%
331
17%
Jan
18%
Jan
65c
31,530
40c
6,950
2,825
99
42
98%
Jan
2
5
1 %
J an
135
2
Jan
Jan
25
7
12%
9
*
12%
113
25
8%
*
Preferred
*
18%
1
8%
3%
3
3%
*
74% c
1,625
Jan
Jan
Mines—
Preferred
£1
Internatl Nick of Canada.*
7%
48%
*
International Power
Preferred
100
4%
4%
65
70
Jamaica Public Serv Ltd.*
Preferred
13%
7%
45%
33%
123%
100
*
17
17
100
130
130
Lake of the Woods
Preferred
Lindsay (CW)
Massey-Harris
*
Montreal Telegraph
Montreal Tramways—100
*
Preferred
25
National Steel Car Corp.
*
Ogilvie Flour Mills
Preferred
Preferred
*
-
.
48%
Brazil Gold & Diamond.
Jan
Jan
3%
Jan
48%
4%
Jan
Bulolo Gold Dredging
Cartier-Malartic Gold
70
Jan
Castle-Trethewey
27,270
160
70
523
57
Jan
75
33
Jan
123
6
123%
Jan
610
17
Jan
5
17%
123
Jan
Jan
33%
123% |f Jan
130
18%
125
32
1
"52"
44%
7.70
7.05
Jan
Francouer Gold..
*
32c
24% c
1
3%
Jan
4
5%
Jan
6%
Jan
Greene-Stabell
12%
Jan
16%
Jan
J-M Consol Gold
99
86
Jan
99
Jan
Lake Shore Mines
31%
Jan
34
Jan
Lamaque Contact Gold
57
Jan
60
Jan
Lebel-Oro
25
3%
25
.
58
Jan
Jan
40
Jan
~2~95
2.95
2.95
Jan
Mcln tyre-Porcupine
Niplsslng Mines
O'Brien Gold
5
42%
1
35c
35c
40c
16%
225
15%
Jan
17
Jan
Pamour-Porcupine
*
4.45
4.45
4.50
40
55
34
Jan
40
Jan
Parkhill Gold
24c
23% c
25c
58
25
56
Jan
58
Jan
Perron Gold
1.42
1.38
46
49%
44%
Jan
49
| Jan
Pickle-Crow Gold
4.70
Jan
7,167
10c
700
6c
Jan
7%c
Jan
20c
8,765
13c
Jan
19c
Jan
20
42%
Jan
45%
Jan
100
2.50
Jan
2.95
Jan
35c
Jan
40c
Jan
255
3.75
Jan
4.65
18% c
Jan
28c
Jan
1.42
17,300
3,150
1.12
Jan
1.43
Jan
4.54
4.70
2,025
4.18
Jan
4.70
Jan
11.60
11.00
11.60
125
9.80
Jan
11.60
Jan
1.23
1.18
1.27
11,800
13,725
10,320
29,669
1,905
1.00
Jan
1.27
45
5
45
60
199%
Jan
205
152
20
153
Jan
153
5
8
Jan
8
Jan
Quebec Gold
75
60
75
Jan
75
Jan
Read-Authier
1.92
1.68
1.92
57
57
60
55
Jan
57
Jan
Siscoe Gold
3.26
3.10
3.35
118
10
118
Jan
118
Jan
Sullivan Consol
1.05
99c
1.10
Pioneer Gold
...
1
5.35
5
300
5
Jan
170
5%
99
97
Jan
730
2%
8%
1.85
5%
99
Jan
2%
*
*
5.00
5.35
1.72
1.61
1.72
16%c
16%o
8.75
8.20
Jan
Arno Mines
*
40
10
40
Jan
40
Jan
Cndn Malartic Gold
1
23
1,605
20%
Jan
Jan
Central Patracia Gold
20
20%
4,552
Jan
Jan
18%
18%
19
19%
17%
24%
20%
Jan
20
Jan
Chibougamau Prospectors*
Duparquet Mining
124
435
445
125
*
"10%
10%
12%
12%
13
*
59%
25
53%
60%
54%
12
25
10%
Southern Canada Power._*
12
2%
*
24
30
201
8%
118
Jan
Eldorado Gold
1
Jan
12
Jan
Howey Gold
13%
Jan
127%
Jan
20c
Jan
55c
Jan
9%c
9c
10c
66,250
8c
Jan
10% c
Jan
1.25
1.12
1.25
1,600
1.10
Jan
1.25
Jan
71c
71c
1,000
63c
Jan
71c
Jan
49% c
50c
Jan
56c
4.02
3,000
3,200
49%c
3.44
3.18
Jan
4.02
Jan
27%c 27%c
500
22% c
Jan
30o
Jan
250
2.98
Jan
3.40
Jan
Jan
San Antonio Gold
1
3.20
Jan
2
10
310
28
3
47
2%
Jan
Jan
Sherritt-Gordon.
32
Jan
Jan
.
25
Jan
18
47
Jan
1
Stadaconna-Rouy n
Sylvanite Gold.
2%
Jan
3
Jan
14
Jan
Jan
67%
Jan
1.06
1.10
2,300
1.00
19c
25c
84,150
18% c
Jan
25c
Jan
2.49
1,100
2.48
Jan
2.60
Jan
1.75
1.60
1.95
5,085
1.35
Jan
8%
8%
8%
1,705
405
6%
6%
Jan
8%
"l~25
1.25
1.25
440
1.20
Jan
2%
14%
2%
14%
1,328
2%
13%
Jan
*
60
60
35
59
Jan
*
34
33%
2%
15%
60%
34%
265
33
Jan
99
99
20
20
Jan
133
Jan
137
Jan
Brewing Corp of Can....*
175
149
Jan
162
Jan
204
198
197
Jan
204
Jan
285
61
271
Jan
285
Jan
169% 173
379
164
Jan
173
Jan
Nova Scotia
100
285
278
Royal
100
173
1.05
51%
Preferred
*
Canada & Dom Sugar
Canada Malting Ltd
9
411
Canada Wire & Cable pflOO
Cndn Light & Power... 100
"20%
20%
20%
14
Claude Neon Gen Ad Ltd. *
50c
50c
50c
10
17%
Consol Bakeries of Can
Canadian Government
Municipal
INCORPORATED
ESTABLISHED
255 St. James St.,
56
Public Utility
1883
Montreal
17%
17%
*
2%
2%
Donnaconna Paper B
*
Ford Motor of Can A..._*
General Steel Wares pf 100
Loblaw Groceterias A
*
and
4
24%
62
Massey-Harris Ltd pref 100 34%
McColl-Frontenac OilpflOO
101
Price Bros Ltd pref
100
Industrial Bonds
Preferred
330 Bay St., Toronti
Sparks St., Ottawa
*
Consol Paper Corp Ltd
HANSON BROS
Jan
1.15
Jan
Unlisted Stocks—
Abitibl Pow & Paper Co. I
Cum 6% pref
100
Jan
201
3.25
Jan
2.48
53
204
3.20
24% c
Jan
100
Jan
Jan
11%
54
1
*
.1
Ctf of deposit 6% preflOO
Brewers & Dist of Van
*
Montreal
Jan
338,000
3.95
162
3c
55c
27%c
159
6,300
38% c
1
162
3c
48c
...1
100
Commerce
Jan
1.21
McVittie-Graham
150
8.85
3.05
Macassa Mines
135% 137
Jan
Jan
Kirkland Lake Gold
137
...100
8.00
Jan
Jan
61
2,510
Jan
Jan
53
8.85
2c
Jan
31
52
52
Jan
1.10
12
Banks—
Canada........—.—.50
Jan
19%c
2.84
60%
64%
5
Jan
1.75
Jan
1,500
Jan
340
5.35
Jan
1,150
Jan
415
Jan
1.60
16%c
Jan
25
2%
4.85
1,905
4,000
1.15
Jan
12
Jan
3.04
10%
64
1.10
2c
1
Jan
47
2%
Jan
1.10
57
12
87c
2.94
49%
60
Jan
Jan
3c
50
3%
1.88
3.35
"~3~04
169
1,286
56
60
Jan
10
28%
*
9%
12%
47
100
Jan
Jan
Jan
Unlisted Mines—
21%
19%
8%
Jan
1.43
2.90
Jan
40
29
Jan
Jan
8
2
*
Jan
7c
17%c
204
98%
100
59
10c
152
5%
100
Jan
52
1,400
50
Canadienne
Jan
36% c
102
Wright-Ilargrea ves
100
26c
Jan
Jan
Jan
Preferred
Jan
28% c
2,232
Jan
*
Woods Mfg pref
23c
60,460
59
Jan
Teck-Hughes Gold
Winnipeg Electric
1,000
38% c
39
99%
Ventures Ltd
*
23c
31c
40
Wayside Consol Gold..50c
Preferred
23c
54
48
Jan
Western Grocers Ltd
Jan
190
Jan
Wabasso Cotton
35c
2,284
13
Viau Biscuit
Jan
42
16
Preferred—
23c
40
Jan
Steel Co of Canada
Jan
35c 362,350
39%
40%
101
Jan
Tooke Brothers pref
Jan
Jan
19%c
*
Mines
11%
100
43
Jan
7.75
5
14%
Sherwin-Williams of Can.*
5c
2.86
41%
8,181
667
Shawinigan Water & Pow_*
Jan
Jan
Jan
33
1,915
Sons
835
.59
102
12%
22
2c
Jan
118
St Lawrence Paper pref 100
Jan
Jan
Jan
6.90
75
St Lawrence Flour MillslOO
75c
40c
35
5,585
7.75
32
15%
Preferred
23c
37%c
12
SInon (H) &
52
8
57
Jan
Jan
2,385
Jan
2.86
100
*
13,803
Jan
31c
300
*
6%
68c
32
30,800
Falconbridge Nickel
15
preferred
5c
1.65
2.86
Dome Mines Ltd
12"
A
4c
1.65
Jan
15
_*
100
32
2.86
1.65
Quebec Power
Regent Knitting
Rolland Paper pref
St Lawrence Corp
36
..5
Power Corp of Canada—*
*
35c
4%c
Mines
Coniagas Mines..
70c
36c
5
200
152"
100
...
Jan
58
100
....
7%
16%
Ontario Steel Products—*
Penmans
Jan
40
39 %
42
_*
100
Preferred
Big Missouri Mines
7%
44%.
15%
102
_*
Noranda Mines
Jan
325
59
Niagara Wire Weaving—*
Preferred
14%
5%
"32 %
*
_
Jan
98
40
National Breweries
13%
14%
6%
16
Montreal Cottons pref.100
Mont L H & Pow Cons
2,843
33%
3%
*
*
McColl-Frontenac Oil —*
14%
7%
49%
4%
100
Royalite Oil Ltd
*
3%
4
24% 25%
58%
63
19%
19%
34%
35
100% 101
4%
4%
125
17
2
555
Jan
Jan
40c
5,515
Jan
Jan
Jan
Jan
Jan
785
2%
24%
Jan
Jan
264
55
Jan
Jan
20
19
Jan
Jan
20
35
Jan
Jan
96%
3%
22%
Jan
Jan
Jan
Jan
Jan
Jan
29
Jan
Jan
Sept
1 1946
6s
Deo
1 1954
4%s
July
1 1960
103% 10334
107U 10734
IO2I4 10234
105
1,755
26
32
*
3
Jan
27
295
32
33
1,640
No par value.
Montreal Curb Market
Jan. 18 to Jan. 24,
Sales
Friday
Last
Par
Week's Range
Sale
Stocks—
Railway Bonds
both inclusive, compiled from official sales lists
of Prices
Price
Low
High
Bid
Range Since Jan. 11936
for
Week
Shares
4s perpetual debentures.
Ltd vot tr *
21
20
Bathurst Pow & Pa cl B__*
4%
4
Beauharnols Power Corp.*
3%
3%
Beld-Corticelli cum preflOO
130
130
21%
4%
3,332
Low
3%
1,480
130
180
10
17%
3%
3%
High
130
Jan
22
6s
Jan
Jan
4%
3%
Sept
15 1942
Deo
15 1944
5s
July
1 1944
89i4
8934
112I2 113
IOOI4 101
11414 11434
4%s
Ask
Jan
Jan
Bid
Canadian Pacifio Ry—
_
4%a
Asbestos Corp
Ask
Canadian Pacific Ry—
Jan
Jan
130
Jan
*
20%
20%
21%
Jan
21%
Jan
(new)...*
11%
11%
12
335
9
Jan
13
108%
108% 109
49
108
Jan
109
Jan
22
30
Dominion Government Guaranteed Bonds
Jan
Can Nor Pow Ltd pref. 100
Brit Amer Oil Co Ltd
Brit Col Packers
*
Cndn Dredge & Dk Ltd..* "38"
Canadian Vickers Ltd
*
Cum pref
100 "11"
Comm Alcohols Ltd
*
Dominion Eng Works Ltd*
11
Dominion Stores Ltd
*
5
Dom Tar & Chem Ltd
*
Canada Vinegars Ltd
Cum pref
100
60
22
38
39
1,856
231
16%
21%
Jan
37
Jan
27%
Jan
44
Jan
490
1%
Jan
40
11%
Jan
40
85c
Jan
90c
Jan
33%
34
120
26%
Jan
34%
Jan
11
12
4,395
9
Jan
12
Jan
5
540
4%
Jan
60
25
2%
14
85c
4%
58
2%
15
85c
58
Jan
2%
16
5%
60
Jan
Jan
Jan
Jan
Bid
Ask
Canadian National Ry—
4%S...
Sept
1 1951
Bii
Ask
Canadian Northern Ry—
11212 113
6%s
July
1 1946
125
126
109
11534 11612
11212 113
Grand Trunk Paolflo Ry—
4%s.__
1 1962
107
4%s
11012 111
3s
...Jan
1 1962
Grand Trunk Railway—
98
4%S—
—
68
116
5s
117i2 118
11712 II8I4
58
....Feb
1 1970
11634
4s
6s
Jan
Sept
1 1936
103
99
10338
609
Financial Chronicle
Volume 142
Over- the- Coun ter
Send for
STOCKS & BONDS
FACTS & FIGURES
HOIXRgSE SHR0STER
Established 1914
74
Quotations
on
New York
Bid
a3 Hh Mar
<z3Ks Jan 15 1976 w 1
a3hs July 1 1976
o4a Oct
1974
Bouoht, Sold and Quoted
i4KB Not 16 1978
1977
104
i4Kb March 1
IO8I4
L08-K
10834
i4Ks Mar 1 1963
108K
10834
i4Kb June 1 1965.
107io
108
j4 Kb
107i2
108
110*4
111
1967
14Hb Dec. 15 1971
14 Ka Dec 1 1979
110*4
111
i6a Jan 25 1936
.....
110*4
111
108 Jan 25 1937
.....
11 OK
111
-
1980
«4J4b Sept 1 1960
a 4Mb Mar 1 1962
aiXB Mar 1 1964
•4MB April 1 1966
MUNDS, WINSLOW & POTTER
i4Ks May 1 A Nov 11957.
108K
1 1959
1 1977
1
June 1
14340 Feb 16 1976
103K
...
1 1957
o4s Nov 1 1958
o4a May
Bank and Insurance Stocks
14148 April 16 1972
i4 >4 8
i4Ks Jan 1
a4s May
a4s May
City Bonds
IOII4 10134
.....
Private wires to principal cities in United States and Canada. •
•
Over-the-Counter Securities—Friday Jan. 24
10212 10314
102
10234
1 I960
Philadelphia.
Ask
9712
977g
102i2 10314
a3HB July 1 1975..
dSKa May 1 1954
o3Kb Not 1 1964
.....
1981
Whitehall 4-5500
Members New York, Chicago
mmrn .
Highway Imp 4Kb Sept *63.
130*2
130i2
127K
«•»-.-
123i2
123K
112K
...
11434
...
Port of New York Authority
104 **8 10434
3a series F March 11941..
101K
'65
101K 10134
Gen A ref 2nd ser 3Ks
Kill
Arthur
Bridges
series A 1936-48
4K&
MAS r.50%
C
Bayonne Bridge 4b aeries
Bonds
103K
Honolulu
104K
0 S Panama 3s June
101
5 Kb
103
106
1956
6s April
107*2
110
ill
112
Aug 1941
Hawaii 4KsOot 1956
114*2
4s 1946
Brooklyn..
11961
Bid
Tr.100
10
20
7
........100
100
205
220
68
70
100
303
308
124
129
20
118
121
.1946
1947
4s
1958 optional
11234
112
'
115
112
Bid
5b
100
65*2
66*2
100 2140
2190
1063S 1067S
Continental III Bank A
200
225
261
370
10*
595
625
Par
Bid
National
Northern TruBt Co
124*2 127*2
33K
Trust..—
Ask
256
340
Par
First
A
100
Trust
1013s 10134
Bid
101
Harris Trust A Savings._10(
Ask
Bid
Par
American National Bank
& STOCKS
...
5s
First of Fort Wayne 6a
First of Montgomery 6s
First ot New Orleans 5s
First Texas of Houston 6a._
First Trust of Chicago 5s.._
First Carolina®
Bid
Ask
95
Ask
97
Lincoln 5b
Louisville 6s
100
Maryland-Virginia 6s—....
Mississippi-Tennessee 6s._.
100
«...
100
19
99
100
101
North Carolina 6s
99
100
75
78
Ohio-Pennsylvania 5s
97
99
99
98
Oregon-Washington 5s
Paelfic Coast of Portland 5e
97
95
100
91
Paclflo Coast of Salt Lake 5s
Pacific Coast of San Fran.5s
99
Pennsylvania 5s
100
101
8an
io"i
Antonio
Southwest
4*2
2U2
23*2
6
7
46
48
*
26 pref.*
Hydro-El 7 % pf.100
Birmingham Elee 27 pref..*
Broad Rlv Pow 7% pt—100
Buff Ntag A East pr pret.25
Carolina Pr A Lt 27 pref..*
6% preferred
*
Cent Ark Pub Serv pref-100
Cent Maine Pow 0% pf. 100
27 preferred
100
Cent Pr A Lt 7% pref.. 100
Columbus Ry. Pr A Lt—
1st 26 preferred A
100
26.50 preferred B
100
Conaol Traction (N J).-.100
Consumers Pow 25 pref..*
0% preferred
...100
6.60% preferred
100
Daytoa Pr A Lt
10Y
Virginian 5s
85
/29
Southern Minnesota 5s
101
80
31
Par
Bid
100
.-100
100
Denver
....100
Des Moines
100
First Carollnas
..100
Fremont .............100
26
Atlanta.. .............
...
Dallas
For footnotes see page
611.
Par
31
Lincoln
38
45
North Carolina
68
72
Pennsylvania
2
6
84
88
14
Virginia
8
13
12
15
26
26
23i2
26i2
100
5
55
60
-.100
25
100
..........100
Virginia-Carolina
Ask
23
San Antonio
8
Potomac
Bid
23
100
...100
.....
Nebraska Power 7% preflOO
Newark Consol Gas
100
114
New Engl G A E 5K % Pf-*
30*2
31*2
New Eng Pow Assn 0 % pflOO
56K
5634
6
64*4
23*2
...
66*4
...
3
121
New England Pub Serv Co—
*_
$7 prior lien pref
92
25*4
93*2
New Jersey Pow A Lt $6 pf •
86
88
New Orl Pub Serv $7 pf—_*
24*2
100*2 102
42*2
100
43*2
102
46*2
47*2
100
102
65*2
7212
67*2
7% cum preferred....100
108
109*2
75*2
N Y A Queens E L P pf 100
103
45*4
46*4
Northern States Pr $7 pf 100
89
..
N Y Pow & Lt $6 cum pf—*
106
101
102
40
43
104
105
*
100
104
105
10534 10634
106
107
94
95
112
110*2
...
...
62
64
190
198
95
120
...
...
17 preferred
Ohio Power 6% pref
110
111
Ohio Pub Serv 0% pf...loo
100
100
25
Pacific Pow A Lt 7% pf.100
Penn Pow A Light $7 pref-*
Philadelphia Co $5 pref...*
Pub Serv of Colo 7% pf. .100
7% preferred
Okla G A E 7% pref
Pae Gas A Elee 6%
.
84*2
*
Ohio Edison J0 pref
104
.
81*2
pf
Puget Sound Pow A Lt—
56 prior preferred
111*8 11258
96*2
98*2
101
103
103
106
2934
81*2
30
83
108*2 110
78
80*2
103
♦
60
100
77
78*2
'J 109*2
61*2
Queens Borough GAE
0% preferred
190
198
Roch Gas A Eleo 7 % B.. 100
107
100
101*2
104*2 105*2
preferred
100
109
110
100
Sioux City G A E 57 pf. .100
7%
6% preferred C
Illinois Pr A Lt lBt pref...1
41*2
42*2
Sou Calif Ed pref B
23
24*2
South Jersey Gas A Elec. 100
2434
25*2
53*2
55
Jersey Cent P A L 7% pflOO
Kansas Gas A El 7% pf 100
90
92
Interstate Natural
Land Bank Stocks
As*
109
112
100
pref......*
—
Joint Stock
10
107
Gas....*
Interstate Power 27 pref
•
Jamaica Water Supply pt.50
99
98
...100
Nassau A Suffolk Ltg pf 100
preferred
Idaho Power $6
99*2 100*2
5i
0% preflOO
7%
Hudson County Gas
99
97
Union of Detroit 6s—
Virginia-Carolina
Pref 100
Foreign Lt A Pow units
Gas A Eleo ot Bergen...100
100
6s
100
7% preferred
Dallas Pow A Lt 7%
Derby Gas A Elee 27 pref.*
Essex-Hudaon Gas
100
47
100
6e
6s
Tennessee
100
108
99*2 101
85
99
3
3*2
Continental Gas A El—
/45
Louis 58-.—
100
100
City rts_.
1
...
106
Phoenix 5s
St.
98
5a
9
...
99*4 100*4
Potomac 5s
95
80
Kentucky of Lexington
100
Mountain States Pr com..*
1
100
97
...
100
97
99*2
5s...
Illinois Midwest 5s
Illinois of Montloello 5s
99*2 100*2
100
95
100
5a_.
5s
87
92
Greensboro
York
Pacific Coast of Los Ang 5s.
100
6a
Fremont 5b
Mo Pub Serv 57 pref
96K
Bangor
fl7
Denver 6a
78
9412
Atlantic City Elec
;
101
New
Alt
pref...*
pre!..*
Assoc Gas A El ortg pref..*
20.50 preferred
*
76
Arkansas Pr A Lt 27
100
5a
Dallas 5a
All
Bid
Alabama Powar 17
Land Bank Bonds
100
Utility Stocks
Par
100
California 5b
Atlantic
83
18
2134
Chicago Bank Stocks
Teletype CGO. 437
State 0540
100
Iowa of Sioux
15*2
73
16
Ask
101K 102i8
10312 104
104
104*4
99
Burlington 5b
LaFayette
14*2
115
100
Atlanta 58
Greenbrier
51
123
.20
20*4
27 preferred
La Salle St., Chicago
Joint Stock
Fletcher
49
70
115
DEALERS-COUNSELORS
MUNICIPAL BOND
Chloago
54
120
59*2
63
cRc6ln&(m
Atlantic
1760
50
Manufacturers.
57*2
50
Colonial Trust
...25
Continental Bk A Tr.
10
Corn Exoh Bk A Tr
20
Bought—Sold—Quoted
120 So.
-25
Chemical Bank A Trust..10
Public
1
1834
100 1710
11*4
10
1938.MAN
JOINT STOCK LAND BANK BONDS
MUNICIPAL BONDS
|
1734
12
10
24St
23*2
Central Hanover
110
Conversion 3s
Ask
Par
Ask
112
4Kb July 1958
6s July 1948
U S Conversion 3s
Companies
115
Clinton Trust
JAJ
JAJ
4KB 1957 OPt 1937..MAN
4KB 1968 opt 1938—MAN
4KB 1942 opt 1935
MAN
..MAN
19
500
119
116
3ovt of Puerto Rico—
1930
4KB 1967 OPt 1937
optional 1944 ..JAJ
1937-MAN
29*2
17
50
105
.
3.00
r 3.50
5s
4KB 1950 opt
4s 1967 optional
28
490
.
Bank of Nsw York A
Bronx County
Bid
3148 '66 optional '45
Sterling Nat Bank A Tr„25
Bank
12*2
Yorkvllle (Nat Bank of). 100
Ask
Bid
Par
B ansa Comm Italians
112i2 114
Federal Land Bank Bonds
optional 1945.. JAJ
3s 1956 optional 1940... JAJ
3s 1955
46
.100
10434 106*2
Ask
tout
103*2
OS Feb 1952
44
New York Trust
112
111
Bid
Bid
100
4KB Oct 1959
103K 104*2
_
A
25
Trade
...
10*2
60
Klngsboro Nat Bank....100
Bankers
4s 1940
1952
Bank
17*2
9*2
45
50
Trust
1975
Bank of Sicily
4 Kb July
National
Public
174
108
1065
Avenue
Exchange
Ask
Bid
Bridgeis series B 1938-50
J AD
4Kb ser B 1939-53..MAN
Inland Terminal 4Kb ser D
1936-60
MAS
Holland Tunnel 4Kb series E
1930-60
MAS
United States Insular Bonds
Philippine Government—
Peoples National
100 1035
Fifth
103i2 105
JAJ 3
1938-53
...
Penn
39*2
85
28
15*2
Washington
Geo.
Gen A ref 4a Mar 1 1976.
44*2
37*2
First National of N Y..100 1935
25
Flatbush National
100
Ask
Bid
42*2
12 K
70
23
Tr_12K
10
Nat Safety Bank A
...
13.55
Commercial National Bank
A Trust
100
...
Barge C T 4s Jan 1942 to *46
Port ot New York
38
City (National)
Barge CT 4Kb Jan 1 1945—
Can A Imp High 4Kb 1965.
60
National..
...
'00 to '67
Canal Imp 4s J A J
National Bronx Bank
Chase
Improvement—
4s Mar A Sept 1958 to '67
Highway
Canal Imp 4Ks Jan 1964...
60
...
r2.25
4Kb April 1940 to 1949..
'
50
60
Merchants Bank
Bensonhurst
Ask
100
33*2
Yorktown.. 00 2-3
Bank of
bid
Par
•
30*2
Bank of Manhattan Co.. 10
Ask
Bid
Oanal A Highway—
r3.00
Bank Stocks
A sk
Bid
Par
World War Bonus—
1971
and other Stock and Commodity Exchanges
New York
Ask
Bid
New York
40 Wall Street,
July 1
New York State Bonds
5b Jan A Mar 19461
request
on
Dealers Association
Open-end telephone wires to Baltimore, Boston, Newark and
*
mmmmm
York Security
New
Copy 14C
Whitehall 4-3700
Trinity PL, N. Y.
Members
our
111*2
...
Tann Elec Pow 0%
25
pref.100
88
27*4
190
68*2
75
103
105
Toledo Edison 7% pf A. 100
108
109*2
7% preferred
Kings Co Ltg 7% pref..100
83
69*2
100
Texas Pow A Lt 7% pf. .100
92
United GAE (Conn) 7% pf
87
Long island Ltg 6% pf. 100
30
90
28*4
198
68*2
70
UnitedGAE(NJ) pref 100
62
100
78*2
80*2
Utah Pow A Lt 57 pref
56
76*2
7% preferred
95
113
115
Memphis Pr A Lt 27 pref.. •
87
89
*
107
Loa
AngelesGAE0% pf 100
Metro Edison 27 pref B
0% preferred ser C
•
Mississippi P A L 26 pre!..*
Miss Rlv Pow 0% pref..100
...
104K 105*4
70
71*4
112*2 114*2
*
Utlca Gas A El 7% pref. 100
UtU PowerA ^17% preflOO
Virginia Railway
Washington Ry A Elec
5%
preferred
100
89
_
58"
100*2 102
24*2
96
25*2
100
-
100
Western Power 57 pref-.100
108*2 110
105
107
610
Quotations
1
Over-the-Counter Securities—Friday Jan. 24—Continued
on
Associated Gas & Electric System
Guaranteed Railroad Stocks
Securities
Inquiries Solicited
3oscpb Walkers Sons
Members J^ew York Slock
Dealers in
120 Broadway
S. A. O'BRIEN &CO.
Members New York Curb Exchange
Exchange
160
Tel. REctor
Broadway, New York
Hancock 8920
Direct private telephone between New York and Boston
2-6600
STOCKS
75 Federal St., Boston
COrtlandt 7-1868
GUARANTEED
NEW YORK
„Sincel855
Public Utility Bonds
Guaranteed Railroad Stocks
(Goiftntoi In Pairathaili.)
Bid
Albany Ry Co eon 6b 1930..
fa Dollars.
Bid
Asked
6.00
83
182
64l2
Los Angeles G A E 4a.. 1970
6
187
6.00
94
99
2.00
33
35
Boaton A Albany (New York Central)
Boston A Providence (New Haven)........ -100
8.75
127
146
153
Canada Southern (New York Central)
3.00
55
1st 6b series A new
93
95
Metrop Edison 4s ser G 1965
90
92
6234
.100
...
Caro Cllnchfield A Ohio (L A N A O L) 4%
... .100
Common 8% stamped
Chic Cleve Clno A St Loula prof (N Y Cent).. .100
Cleveland A Plttaburgh (Pennsylvania)..
-.50
68
4.00
89
92
5.00
93
3
6
88
Associated Electric 6e
1961
3.60
83 ig
-.60
2.00
47
44i2
Michigan Central (New York Central)
-100
Morris A Essex (Del Laok A Western)
-.60
New York Laokawanna A Western (D L A W) -100
Northern Central (Pennsylvania)
5.60
76
950
1100
3.875
62
5.00
91
—60
4.00
97
62
Participating 8s 1940
4.60
66
32
34*2
37i2
39
35
61
Northern States Pr 5s
6212
70
78
100
101
1.50
5s series B.
3.00
160
7.00
95
Publlo Serv of Colo 6s 1961
Pub Serv
96
olNH3«iO 1960
Publlo Utilities Cons 6 M a '48
168
176
180
6.90
98
101
145
Cent Ind. Pow 1st 6s A II
Valley (Delaware Laokawanna A Western)
vioksburg Shreveport A Pacific (111 Cent)
__
-100
72
Cent Maine Pow 4s
145
150
252
G
86
90
5.00
90
---
105*2 1057g
/67*2 69
105*2 106*2
105
1053s
81*2
Rochester Ry
/36
39
8712
San Diego Cons G A E 4s *65
108
1083s
10
n
10514 10534
10634 10734
0
1st 5s 1930.
101*4 101&8
Schenectady Ry Co 1st 5s'4fl
10534
100*2 101
Sioux City Gas A Elec 6s
Coney
isld
A
1031s 10338
Sou Blvd RR 1st 5s 1945..
.
Scranton
...
Electric 5s._.1937
47
"75
6.00
72
75
3.60
46
104
Sou Calif Gas 1st 4s
Sou Cities Utilities 5s A 19A«
5
104i2 10478
10514 10534
10534 106
1045s 105
Union Ry Co N Y 6a 1942..
3
66
58
5
49
63
75
67
7
Duke prloe Pow 6s 1966
72
2
Bklyn
101*2
Un Trao Albany 4 Ma 2004
/40
72i2
..,.
Duquense Light 3Ms..
Federated UtU 5Ms 1957..
3
EQUIPMENT TRUST CERTIFICATES
3
Iowa BoDtll 5 Ms I960...
Kan Oltv Pub 8erv 3s 1951
Quotationa—Appraisals Upon Request
.
•
Refunding
•»
1960
Tel Bond A Share 5a 1968.
.
_
88
•
••
n
10
125
106*4 107*4
72
Western Mass Cos 4s.. 1939
103
...
10378
95
93
i960...
West Penn Pow 3M» ser 1 66
Wisconsin Pub Serv 61*8 "6»
Yonkera RR Co gtd 6s 1946.
10634
100
94
92
Westohsster Elec RR 6s 1943
104
1047g
105*4 106
70
75
Stroud & Company Inc.
DEFAULTED
Private Wires to
New York
Philadelphia, Pa.
Railroad Securities
Railroad
Bid
Equipment Bonds
Ask
Atlantlo Coast Line 6Ma_.
<Hi
rl.25
T2.60
1.50
Baltimore A Ohio 4Mb...
r3.30
2.00
6S
r3.50
Boston A Maine 4Mb
0.60
2.25
r3.75
2.75
6a
r 3.75
2 75
3 Ms Deo 1 1936-1944..
r3.50
2.00
r3.25
2.25
Canadian National 4Mb..
6s
r3 25
SHi
2.60
r2.76
2.00
rl.76
Chesapeake A Ohio 5Mb_.
2 25
r3.30
Canadian Paolfio 4Kb
Cent RR New Jer 4Mb
1.00
Offerings Wanted
Bid
Missouri Pacific 4Mb
6b
6Ma
4.25
00
4.25
N Y Chic A St L 4Ms6s
r 5.60
2 60
2.50
r3 50
2 75
r3 50
N Y N H A Hartford 4Ms.
Members New York Security Dealers Ass'n,
4.50
r3.25
r3.25
5s
DUNNE&CO.
4.25
r5 00
r5
New Orl Tex A Mex 4Mb—
Now York Central 4Mb—
Ask
r5.00
20
Pine'Street, Now York
4 25
Northern Pacific 4 Ms
r2 25
1.50
Pennsylvania RR 4Ms
r2.00
1.25
r2.10
RAILROAD
4 25
00
1.40
-
ri.00
0.60
58
4MB
r2 50
2.00
r2.50
2.00
Bought
—
Sold
BONDS
—
Quoted
Earnings and Special Studies
on
Request
4s series E
6s
r5
JOhn 4-1360
2 75
r5 00
5s
-
due Jan A
4.00
non-call Deo 11936-50
r2.75
5.50
Pare Marquette 4Mb
r3 30
2.50
5.50
Reading Go 4Mb
r3.00
2.60
r3.00
85
78
Denver ARC West 4Mb
E.
2.50
78
68.
John
2.00
r 6.50
6s
Chicago RIA Pao 4Ma_—
July '36-'49
2Ms series G
2.00
4.00
r6.60
6s
Ohio Mllw A St Paul 4Mb.
r3.00
r5.00
r5.00
Chicago 4s Nor West 4Kb
85
5s
St Louis-San Fran 4s
78
78
41 Broad St., New York
84
84
•
Sloane
&
Co.
Torft Security Dealers Association
HAnover 2-2455
Bell System Teletype NY 1-624
•
84
78
Members New
re 25
5.50
6s
r6 25
6.50
6Ms
re.25
5.50
St Louis Southwestern 5s.
r 5.50
4 50
r3.00
2.50
4.50
2.50
8Mb
Southern Pacific 4 Ms
r5.50
r3 00
r2 60
1.75
Kris RR
6Hb
6a
4MB
r3 25
2.75
6s
r3 00
2.50
Great Northern 4Ms__.
r2 00
Illinois Central 4Mb
1.25
r2.00
1 25
T2.00
6s
Hooking Valley 6s
1 25
r3.25
5MB
2 25
r3.00
6s
2.00
r2.00
1 00
r2.00
CMS
r2 00
1.25
0.50
r4.00
3.25
r4.00
3.25
r6.25
5.25
r6.25
5.25
68, 1945
4Mb
r3 25
2.75
r3 25
2.75
6s
r2.00
5Ms
97
94
6s
97
95
Maryland 4Mb..
6s
Western Paolfio 5s—
6Ms
99
98
6s
Western
1.25
93
100
96
Albany 1st 4 Ms, April 1 1943
10234
.......
(52
82
....
Prior lien 4Ms, 1944
Convertible 6s, 1940-45..
...
83
Buffalo Creek
1st ref 5s, 1961
Ohateaugay Ore A Iron 1st ref 4s, 1942..
Choctaw A Memphis 1st 6s. 1952
Cincinnati Indianapolis A Western 1st 6s, 1965.......
Cleveland Terminal A Valley 1st 4s. 1995
...
.....
.......
Georgia Southern A Florida 1st 6s, 1945
90
100
102
79
9712
92
93
r3.75
3.00
Goshen A Deckertown 1st 6Ms. 1978..
Hoboken Ferry 1st 6a, 1946
Kanawha A West Virginia 1st 6s, 1955....
r6.25
5.25
Kansas Oklahoma A Gulf 1st 5s,
r6.25
5.25
Little Rook A Hot Springs Western 1st 4s. 1939
Macon Terminal 1st 6a, 1965
.....
100
"
—
88
1978
...
90
98*2
...
09*2
100*4
/30
101
33
100
99
60
60
100
75
Minneapolis St. Paul A Sault Ste. Marie 2d 4s, 1949..
Montgomery A Erie 1st 5s, 1956
...
New
York A Hoboken Ferry gen 5s,
1946
70*2
90
Rock Island-Frisco Terminal 4Mb, 1957...
St. Clair Madison A St. Loula 1st 4s, 1951...
82
75
57
Southern Illinois A Missouri Bridge 1st 4s. 1951
Toledo Terminal RR 4Ms, 1957
w«mh»nir«r.»
nnnntv
Rv
1st 3M«
1954
mmm
mmm
72*2
91*2
84
90
1955
4Ms, 1966.....
mm
90
Shreveport Bridge A Terminal 1st 5s,
Somerset Ry 1st ref 4a. 1955
Toronto Hamilton A Buffalo
65
62
70
.....
Portland RR 1st 3Ms. 1951
Consolidated 5s. 1945
78
107
.........
56
54*2
3.00
Maryland A Pennsylvania 1st 4s. 1951
For tooinotss tie page 611.
00
96
Meridian Terminal 1st 4s, 1955
Members of New York Stock Exchange and other
Stock and Commodity Exchanges
82
/55
Maine Central 6s, 1935
BROADWAY, NEW YORK CITY
mm mm
80
...
...
120
73
....
91
r3.75
ABBOTT, PROCTOR & PAINE
Alt
/71
/72
6s
Wabash Ry 4Mb
.......
Augusta Union Station 1st 4s, 1953
Birmingham Terminal 1st 4s, 1957
Boston A
1.25
rl.00
Akron Canton A Youngstown 5Mb, 1945..
Boston A Maine 3s, 1960
Prior lien 4s. 1942
r2.00
1.25
at a
4*
3 00
Virginian Ry 4Mb
r2 00
4
2.75
4.25
2.00
4Mb
3 00
*1
r4 00
1.00
2.00
6MS
r4 00
Railroad Bonds
1
r3 25
5Ms
Texas Paolfio 4s
r2.00
r3.00
Minn St P A S S M 4a
3.60
1 00
T3.00
6Mb
Maine Central 6a
5s.
1.75
r4 30
1.00
fS.25
6s
r2 50
r2 00
Long Island 4Mb
Loulsv A Nashr 4Mb
6s
Southern Ry 4Ma
Union Paolfio 4Mb
6s_
internat Great Nor 4Mb..
6s
4Mb
5s
_
123
Western P s 6Ms
IO8I4 1085s
99
1965
El 4s
„
107*2 10778
104»s 104*2
10178 102*8
60*2
59*2
101*4 101*2
85*2
83*2
Virginia Power 6s 1942
3634
106
1960
Wash A Suburban 6Wa 1941
-»~
102l2 103*2
99la 100i2
5
S'western Gas A
74
85
1960
3Ms
Utica Gaa A Eleo Co 6s. 1957
••
mmm
36
7
Sou Calif Edison 4s
79
78
72
8
3
72
3.00
Preferred
95
83
5
256
6.00
Warren RR of N J (Del Laok A Western).... —60
West Jersey A Sea Shore (Penn)
—60
77*2
7512
104&8 1055s
80
3
ser
75
3.00
10.00
5.00
IOOI4 101*4
93
94*2
86
Colorado Power As 1953.
150
.100
103
10734 108'4
10334 104*8
81
7
1
United New Jersey RR A Canal (Penna)
-100
Utlca Chenango A Susquebanna(D LAW). -100
...
1045s 105
-
mm*
6.00
3.00
93
10784 108*4
8
38
73
7.00
Pennsylvania Eleo 5a 1962
Penn Telep Corp 1st 4s 1965
Peoples L A P 6 Ms 1941...
104
88
5
1948
Old Dom.Pow.58 May 15 '51
Parr Shoals Power 5s 1952
80
-
36
—50
Pittsburgh Fort Wayne A Chicago (Penn)... .100
103
9
4s *65
eons
Oklahoma Nat Gas 6s A1946
64
75
1964
Ohio Edison 1st A
_--
68*2
8
70
Preferred
3U2
-
60
Rensselaer A Saratoga (Delaware A Hudson) .100
St Louis Bridge 1st pref (Terminal RR)
.100
2nd preferred
-100
Tunnel RR St Lonls (Terminal RR)
98
3
99
7.00
—50
Preferred
78
New York Cent Eleo 6s 1952
N Y A Queens Electric Light
A Power 3 Ms
1965
Northern N Y Otll 6s 1966
-
94
60
Colony (N Y N H A Hartford)
Western)
Pittsburgh Bees A Lake Erie (U 8 Steel)
ewego A Syracuse (Dei Laok A
New England G A E 6s 1962
32
64
.100
.......
Old
32*2
3
79
50.00
98
104
106*2
31
-
172
76
97
Newport N A Ham 6s 1944
66
31*2
8
80
166
4.00
102i2 10234
102
B
85
53
Nassau El RR 1st 6s 1944
B
46*2
10.00
1st 6s 1938
52
106*2 107*2
104
104*4
10478 105*4
8
49
2.00
Bstterman stook
Mtn States Pow
65
Assoc Gas A Eloc Co 4Mb '6!8
Associated Gas A Eleo Corp
92
Delaware (PenneyIvanla)
Fort Wayne A Jackson pref (N Y Central)... .100
Georgia RR A Banking (L A N, A C L)
.100
Lackawanna RR of N J (Del Lack A Western) .100
96
73*2
103i8 103*2
-
96
5.00
93
-
Monongabela W P Pub Serv
1st A gen 4Ms
1960
72
1946.
130
8.50
Long Island Lighting 6s 195A
8
87
10.60
Lehigh Vail TranB ref 6b '60
mmm
---
-
Alabama A Vioksburg (111 Cent)..
.100
Albany A Susquehanna (Delaware A Hudson) .100
Allegheny A Western (Buff Roch A Pitts)
.100
Beech Creek (New York Central)
■
General 6s 1947
Ask
Bid
ill
/35
-
vmaeud
Far
...
90*2
64*2
82
63
80
m
93*2
66*2
Financial
Volume 142
611
Chronicle
Quotations on Over-the-Counter Securities—Friday
Real Estate Securities
OVER-THE-COUNTER SECURITIES
Reports—Markets
BOUGHT—SOLD—QUOTED
Utilities—Industrials—Railroads
Publlo
RYAN & McMANUS
INCORPORATED
New York City
N. Y. 1-1152
A. T. & T. Teletype
BAKER &, CO.
AMOTT,
Members New York Curb Exchange
39 Broadway
Jan. 24—Continued
BArclay 7
_
.
.
A.T.& T.Tel.
ny 1-588
■
1 50 Broadway, N.Y.
2360
DIgby 4-2290
Private Wire Connections to Principal Cities
Real Estate Bonds and Title Co. Mortgage
44l2
/49
52
B'way Barclay 1st 6a, 1941.
Water Works Securities
/41*2
Broadmoor, The, lat 6a, *41
Complete Statistical Information—Inquiries Invited
4a*
Alden 1st 6a, Jan 11941.
Specialists in-—
/31*4
/315s
3234
Certificates of deposit
1st leasehold 634a,
3234
Tel.: HAnover 2-0510
57
58
68
70
Chesebrough Bldg 1st 6s, '48
60*2
6212
Chrysler Bldg 1st 6s. 1948..
Teletype: New York 1-1073
.
93
/48*2
/49*2
51
1st Aref 534s. 1947
Bid
98U lOOU
Alton Water Co 6a, 1950-..
105
mm
—
9984 101*2
103
Long Island Wat 534a, 1955
103*2
Middlesex Wat Co 534s. *57
107i2 109
Monmouth Consol W 5a, '68
Monongahela Valley
634s. 1950.
105
101*2 104
6a. aeries B, 1964
102i2
105* ~
New Jersey Water 5s,
6Ha. aerlea A, 1964
103
10412
New Rochelle Wat 5a, B, '51
IOU2
—
mmm
~
101
1950.
104
10212 104i2
95
96l2
534s, 1961
98~*2
10212
10512 107
New York Wat Serv 6a, 1951
101
10312 105
Newport Water Co 5s, 1953.
Ohio Cities Water 634s. 1953
104U 105*4
88
90
Ohio Valley Water 5a, 1954.
107
110
6a. 1951
102
5Hb. aerlea A, 1961
103l2
6a. 1941.
104
10214
Ohlo Water Service 5s, 1968
Ore-Wash Wat Serv 5a, 1967
m m
101
lat 6a aerlea C
mm —
9512
89*4
Penna State Water 534s, '52
102
Penna Water Co 6s, 1940
9812
91U
10312
106
1st consol 4a, 1948
6a, aerlea O, 1967...
10512
6Ha, series A. 1947.
104
■
^
^
_
.
m
99l2 IOU2
99
lat consol 5a, 1948
100l2 102
Prior lien 5a. 1948
10384
Phlla Suburb Wat 4s, 1965..
107
78
81
Pinellas Water Co 534a 1969
80
83
Pittsburgh Sub Water 5a, '58
Plalnfleld Union Wat 5a. '61
10534
101
~
—
m
9812 10012
90i2
98
100
Roanoke W W 5a, 1950
102
Roch A L Ont Wat 5s. 1938
St Joseph Water 5a,
9212
10034
101
105
mm —
6a. aerlea A. 1942
10214
6a, aerlea B, 1942
104
10234
95
6a, aerlea A. 1952
9312
6a, aerlea B, 1952
Haokensaok Water Co 6a,
'77
mm —
■mm —
mm —
9712
mmm
106
-mm
1961...
1st A ret 5a. A, 1967
Sedalla Water Co 534a, 1947
South Bay Cons Wat 5s, '50
South Pittsburgh Wat 5a, '65
Water Serv 5a,
5a aeries B
102t2
6a. 1954
1962
102
-
—
Illinois Water Serv 6s A. '52
105U
10512
mmm
mm
—
lat Hen A ret 6a. 1970
10512
mm —
lat Hen A ret 534a, 1953.
10412
mm —
lat Hen A ret 534a, 1954.
10412
mm
—
95
6a. 1968
98
mmm
1 Park Ave 6s, Nov 6 1939..
78*4
103 East 57th St 1st 6s. 1941
66
mmm
12
13
69
72
/46*2
5s, Income,
Graybar Bldg 6s. 1946
75
76
48
50*2
Hearst Brisbane Prop 6s '42
88
Hotel Lexington 1st 6s, 1943
/56
/46*2
47*8
...1950
1st 6ita, Apr 15
lat 534a. May 15 1948
48*8
mm —
60 Park PI (Newark) 6a. '37
1937
1947
61 B'way Bldg 1st 534s. 1950
General
/48
Bldg lnc 634a. 1963
let 6a,
/2 7i2
/53
/18*2
/47
/10
6s. 1945
69
72
69*4
71*2
/46
6234
96*2
/39*2
40
26*2
29*2
26*2
Sherry Netberland Hotel—
59
86*2
53*2
/24l2
/24i2
Savoy Plaza Corp—
Realty ext lat 534a. 1946.
91*2
■
1st 5*48. June 15 1941
...
/38*2
616 Madlaon Ave 1st 634a '38
Lefoourt Manhattan Bldg—
1st 534s, stamped. 1941..
Lincoln
/51*2
1943
lat fee A leasehold 634a '40
49
Kelth-Albee Bldg (New
Rochelle) 1st 6s, 1936....
Lefoourt Empire Bldg—
...
50*2
.
Theatre—
Roxy
48*2
Harrlman Bldg 1st 6s. 1951-
....
/71
Prudence Co 534a stmpd.1961
Realty Assoc Sec Cerp—
1st 6128. Oct 1 1941
Fuller Bldg deb 6s, 1944
534a unstamped 1949
79*2
48*2
165 B'way Bldg 1st 534a, '61
/42*2
16
/14
1st 6a. Nov 15 1939
-
32
0
...
Oliver Cromwell, The—
-m
78"
76
Bldg—
1st 634s stamped. 1948...
Fox Theatre A Off Bldg—
94
48*2
mm-
973s
41*2
7a. 1945
Syracuse Hotel (Syracuse)—
1st 6*28. Oct 23 1940
Textile Bldg 1st 6s. 1958—
Trinity Bldga Corp—
lat 534s. 1939
2 Park Ave Bldg lat 4a, 1941
/53
/44l2
99
mmm
mmm
49
14
47
101
58*2
Walbrldge Bldg (Buffalo)—
1st 6*28. Oot 19 1938
Westing ho use Bldg—
/29
---
/63*2
1st fee A leasehold 6a. '89
96
95
97
10112
84
Members
Specialists in
86"
SURETY GUARANTEED
102
MORTGAGE BONDS
105
Terra Haute Water 5s, B, '56
York
Stock
Exchange
Baltimore
Stock
Exchange
New
103
1960
Washington
104
Exchange
Stook
Associate Member N. Y.Curb Excb.
102l2
6s, series A, 1949
Mackubin, Legg & Co.
101
Union Water Serv 534a, 1951
102
Water Serv Cos, Ino, 6a, *42
92
'61
102
West Virginia Water 5s,
BANKERS—Eat.
96l2
9612
5a, aerlea B. 1950
lat mtge. 634a. 1950
Westmoreland Water 6s, *52
1899
9812
9812
101
Wichita Water Co 6a, B,
Baltimore—Plaza 9260
New York—Andrews 3-6630
Philadelphia—Penny packer 8300
A. T. A T. Teletype—Bait. 288
Redwood A South Sts., Baltimore, Md.
103
Western N Y Water Co—
1st mtge 5a, 1951
Indianapolis W W Securities
83*2
London Terrace Apts 6a. *40
Texarkana Wat lat 6s..1958
101*2 103
Indianapolis Water 434a. '40
lat Hen A ret 6a, 1960
-
47
42 B'way 1st 6a. 1939......
34l2
103
6a, series A, 1960
102
mmm
/31*2
45
/2934
(Phlla)—
1st 6s, July 7 1939
102l2 104
434a, 1958
19th A Walnut St
Scranton Spring Brook
10812 112
534a, aerlea B, 1977
Huntington Water 6a B. '64
6a
1941
mmm
4534
343s
5134
/44
/33*2
/50*4
/43
534s series Q
42l2
/39*2
/30
Loew'a Theatre Realty Corp
Scranton Gas A Water Co—
6a, aerlea D, 1960
Greenwich Water A Qaa—
4s, 1949 stamped
62d A Madison Off Bldg—
1400 Broadway
10034 10234
1937
634a series BK
634 s series C-2
534a series F-l_.
502 Park Avenue 1st 6s, 1941
3234
36*2
NewYork Title A Mtge Co—
49
Lewis Morris Apt Bldg—
'
E St L A Interurb Water—
4778
lat 4-6s extended to 1948.
108
100
434a, 1958.
108_l2
10312
Richmond W W Co 5a. 1957
614a, aerlea B. 1946
101
1st A gen 6s, 1946
500 Fifth Avenue—
4g
1st A rei 5s, 1960
IOI84
50 Bway Bldg 1st 3a, Ino '46
Hotel St George 1st 534s. '43
Peoria Water Works Co—
105'2
9*4
6934
Film Center Bldg 1st 6a, '43
40 Wall St Corp 6a. 1068...
102
/31*4
/3434
634a, 1939
N Y Athletic Club—
68
6a, Nov 1 1947
101
Morgantown Water 5s, 1965
Muncle Water Works 5s. '65
105
m
99
Water
6a. aertea C, 1967
•
Ask
mmm
73
7134
N Y Eve Journal 634a.
/7*2
...
83
f deb 5s 1945...
Munson Bldg 1st
— mm
Equitable Off Bldg deb 5a'52
Ask
mmm
3234
82*2
1948
6s
Metropolitan Corp (Can)—
6s,
1947
Metropolitan Playhouses lnc
s
Court A Remsen St Off Bldg
1st 6a, Apr 28 1940
Bid
mmm
79*2
/3034
let 6Ha (L I). 1936
95
Dorset. The, 1st 6s, 1941...
Eastern Ambassador Hotels
Water Bonds
81*2
Majestic Apts lat 6a, 1948..
43*2
/4112
1944.
Chauln Bldg lnc 4a 1945
PLACE, NEW YORK
Ask
Bauman—
Metropolitan Chain Prop—
B'way Motors Bldg 6a 1948.
INCORPORATED
EXCHANGE
40
Ludwlg
1st 6a (Bklyn), 1942
B'way A 41st Street—
Swart. Brent & Co.
Certificates
Bid
Bid
102
9834
Interstate Water 6a. A, 1940
102i2
mm
Jamaica Water Sup 634a, '55
10512
—
Joplln W W Co 6a. 1957
105
106
5a, aeries C, 1960
104l2
Kokomo W W Co 58, 1968..
10412 106
6s, aeries A, 1949
IOU4
Lexington Wat Co 534a, '40
102
—
mm
W msport Water 5a,
104
'66
1952..
Surety Guaranteed Mortgage Bonds and Debentures
Bid
10312
Bid
Ask
73
All8eries, 2-6s, 1953
Arundel Bond Corp 2-5s, '53
AruDdel Deb Corp 2-6s, 1953
Telephone and Telegraph Stocks
Par
Bid
111
Par
Bid
24
116l2 11812
Northw Bell Tel pf 6 34 % 100
100
147
149
Pao A Atl Teleg U 8 1%_25
Bell Telep of Penn pref.,100
119
121
Peninsular Telephone com. *
Clnoln A Sub Bell Telep. .60
86
88
Bell Telep of Canada
Cuban Telep 7% pre!
10U
37
Empire A Bay State Tel. 100
62
100
40
Gen Telep Allied Corp $6 pf
80
Franklin Teleg $2.50
Int Ocean Teleg
6%
100
•
—
-
—
-
—
—
«
-
82
-
Mount States Tel A Tel. 100
142
145
New England Tel A Tel.100
123
Roch Telep $6.50 lat pf.100
111
So A Atl Teleg
$1.25
25
100
9'western BeU Tel, pf___100
113
2OI4
138
140
124
126
10
11
100
114
Preferred
II84
125
Lincoln Tel A Tel 7%
—
-
Wisconsin Telep 7% pref
...
Potomao
43
Debenture 2-6s, 1953
116
•
2-6s, 1953
Maryland
Potomac
43*2
41
43
56
Debenture Corp 2-6s, 1953
41
43
41
43
Potomac
/25*2
31
27*2
Realty Bond A
deb 2-6s, 1953
35
Mortgage
Union Mtge Co. 6s,
/30
1937-47
Union Mtge Co 5 ^s & 6s
32
.J
69
41
Deben¬
2-6s, 1953
Realty
Atlantic
ture Corp
75
Nat'i Bondholders part ctfs
(Mtge Security series)
Nat Consol Bd Corp 2-5s, '53
Nat Deben Corp 2-6s, 1953
43*2
4H2
Potomac Franklin Deb Co—
/52
(Mtge Guarantee series)
Nat'l Bondholders part otfs
4U2
Potomac Deb Corp 2-6s, '53
A 6s,
Mortgage Bond Co of Md
Ino 2-5s, 1953
Nat'l Bondholders part ctfs
(Central Funding series)
mmm
Corp—
2-6s, 1953
'mmm
44
mmm
70
(all
Corp
Potomac Consol Deb
45
70
42
Home Mtge Co 634s
Bond
issues) 2-5s, 1953
Cont'l Inv Bd Corp 2-6s, *53
1934-43
19
Tri States Tel A Tel
10212 105
105
19*2
17*4
no
Sou New Engl Telep
51
mmm
70
Series B 2-5s, 1954
73
Cont'l Inv Deb Corp 2-6s '53
116*2 11712
100
Preferred A
-
Aa*
51
Series A 2-6s, 1954
...
Associated Mtge Cos, Ino—
New York Mutual Tel..100
Ast
113
Ask
Nat'l Union Mtge Corp—
Allied Mtge Cos, Ino.—
'37
Universal Mtge Co 6s '34-'39
/40*2
/50
/50
4212
52
52
43
Miscellaneous Bonds
Federal Intermediate Credit Bank Debentures
Bid
American Meter 6a -...1946
104l2
Amer Tobacco 4a .....1961
108
Am Type Fdra 6a
1937
Debenture 6a
1939
/93
/93
..1942
96
Am Wire Fabrioa 7a
4a*
mmm
---
134a
mmm
1348
100
10134 102
ButterlokPubllahlng 6 341936
Chloago Stock Yds 5s._196]
/32
Consolidation Coal 4 34a 1934
40
/37
10378 104*4
100
1003s
conv
4s..1950
9912
34
--
lat 334s
1955
71
Deep Rock Oil 7s
1937
/69
Fed F'm Mtge 1348ep.l 1939 100.16 100.20
Haytlan Corp 8a......1938
Glldden Co 534a
Hiram Walker G AW
1939
434b'45
/17i2 19*2
103*2 104*2
10534 106*4
Inland Steel 33^3 serD. 1961
Journal ol Comm 0 34a 1987
102O 103A
Merchants Refits 6a
100
fjBBaaBBPgSBga
I—
1
——OBSI
1937
m
111
Z
70
Bid
15 1936 100.23 100.27
Aug 15 1937 102.4 102.8
Aug 15 1938 102.18 102.22
June 15 1939 100.18 100.22
mmm
101
Bid
Ask
Aug
Natl Radiator 5a
95
Bethlehem Steel 5s....1936
Cudahy Pack
2a
134s
1953
4i*l
100*4 100*2
Home Owners' Loan Corp
mmm
Bear Mountain-Hudson
River Bridge 7s
Bid
Midvale Steel & Ord 5s. 1936
1946
/39*2
N Y Shlpbldg 5s
1946
97
100
No. Amer Refrao 634a.1944
85
90
Otis Steel 6a otfa
194]
98
Penn-Mary Steel 5s
1937
15 1930..
r. 30%
FIClHs Aug. 15
FIOlHa Mar. 16 1930.. r.30%
F I C 1 Ha Apr. 15 1930.. r.30%
F I O ma Sept. 15
102
Pierce Butler 4P 8 34s. 1942
Revere Copper & Br
4#s.'56
Soovllle Mfg 5 34a
1946
St'd.Tex.Prod.lat6 34a aa.'42
Struthera Wells Tltus6 34a'43
Wheeling Steel 4^8
1966
Willys-Overland 1st 634a '83
41*4
1035s 104*8
/19
20*4
102/8 10338
107
108
f22
25
80
—
mt
Ask
.
FIClHsFeb.
FICl^sMay
151936.. r.30%
FIClHs June 15 1936.. r.30%
FICl^s July 15 1936.. r.35%
*
No par value.
i Coupon.
V Now
a
on
1111
11Ii
1
1
1
1
r Baals
1Mb Oct.
15
F I C 1 Ma Nov. 15
..r.50%
F I O 1Mb Deo.
15 1936
FIC
15 1937 —r.50%
Interchangeable.
I Flat price.
selling
111|•11a1
F I C
1936 ..r.35%
1936 ..r.40%
1936 ..r.45%
1936 -r.45%
ms Jan.
c Registered coupon
price.
to i When
Issued.
1 1
1
1
1
1
1
1
1
,1
1
1
1
1
1
•
•
•
•
1
•
(serial).
x
Ex-dividend.
New York Curb Exchange,
1015fi 102
Wltherbee Sherman 6a.l944
/68
/16
18
Woodward Iron 6a ....1952
/62
65
-mm
t Now listed
on New York Stook
Exchange.
t Quotations per 100 gold rouble bond equivalent to 77.4234 grama ol pure gold.
612
Financial Chronicle
Quotations
on
Over-the-Counter Securities—Friday Jan. 24-Continued
Specialists in all
Investment
SYLVANIA INDUSTRIAL CORP.
Company Securities
DISTRIBUTORS
63 Wall
Jan. 25 1936
GROUP,
Street, New York
Boughtf Sold & Quoted
QUAW & FOLEY
Incorporated
Members New
BOwling Green 9-1420
Kneeland 8C Co.—Western Trading
York Curb Exchange
PINE STREET
30
Correspondent
NEW YORK
Telephone ANdrews 3-5740
Investing Companies
;
Bid
Par
Administered Fund
♦
Ask
Par
Nd
Invest. Co. of Amer com. 10
45
16.33
7.37
1.80
Afllliated Fund Inc com
1.98
7% preferred
Investors Fund C
Amerex Holding Corp
*
13*8
143«
Amer Business Shares
1
1.15
•
NORTHERN NEW YORK UTILITIES, INC.
Ask
48
45
93.93 95.83
1.25
Investment Trust of N Y.*
Amer A Continental Corp..
13 *8
14
1.06
1.17
Amer Insurance Stock Corp*
4
Assoc Standard Oil Shares.2
6%
434
7*2
Banoshares, Ltd part Bhs 60c
Bankers Natl Invest Corp.*
Basic Industry Shares
*
British Type Invest A
1
.50
.75
4*8
478
Offerings Wanted
Investm't Banking Corp's
Amer General Equities Ino.
.35
1
17*8
1838
1
3.95
4.35
44
50
5
3*2
28.47 30.62
•
Commercial Natl Corp
38
2.60
Corporate Trust Shares
Series A A
First Boston Corp
Major Shares Corp
Maryland Fund Inc
*
1
1.56
1
4.48
Voting trust certificates.
_
No Amer Bond Trust otfs_.
No Amer Trust Shares, 1963
Scries 1965
1966
Series
1958
3.04
3.04
Pacific Southern Invest pf.*
ClaBS A
*
34i2
Common B shares
40
1.10
100
1.64
1.82
378
823s
863S
100
42*2
mmm
Cumulative Trust Shares..*
5.43
Deposited Bank Shs
ser A
2.61
M
4.45
4.95
COMPREHENSIVE SERVICE
in the
Over-the-Counter Market
«
-
3.15
m.
3.15
,;
m m
m
m
"
Bristol & Willett
m
47
53
41l2
44
16*2
»
14i2
212
1.00
1.11
1.49
1.64
Class
B
Quarterly Inc Shares...25c
Representative Trust Shares
Established 1920
Members New York Security Dealers' Association
'
4
115
Broadway, N. Y.
Republic Inveetors Fund..6
Royalties
Diversified Trustee Shs B
978
4.00
3.75
.50
Selected Amer Shares Inc..
Selected
_
Management
American Shares..
1.64
3.30
4.25
4.60
Selected Cumulative Sbs__.
6.35
7.00
Selected Income Shares
1.71
m
Spencer Trask Fund
Equit Invest Corp (Mass).6
28.31 30.43
Equity Corp cv prei
Fidelity Fund Inc
4134
Standard Utilities Inc
50 07 52.95
*
State Street Inv Corp
1
3734
•
Five-year Fixed Tr Shares..
Fixed Trust Shares A
3.68
»
Fundamental
Investors
11.34
•
B
9.45
*
•
8uper Corp of Am Tr Sha A
3.95
91
98
5.57
........
6.13
5.30
3.55
3.75
2.42
Shares
10<
1.38
1.52
Building shares—......
1.82
2.01
Trustee Standard OH Shs A
1.13
1.75
Merchandise shares
B
1.78
4.65
2.75
7.14
6.47
Trusteed Amer Bank Shs B.
m
1.09
1.21
RR
2.58
2.87
1834
19*4
B
2.89
2.99
Voting trust ctfs
1.09
1.17
Industry Shares..
1.12
1.24
Steel shares
1.40
1.55
U S Eleo Lt A Pow Shares A
Tobaoco shares.
1.35
1.49
Huron Holding Corp..
55
Incorporated Investors....*
Investors Fund of Amer
2*8
75
OnNYTr Sha
21 22 22.28
1.02
Un N Y Bank Trust CJ
ser
1.34
1.50
1.63
.
1.83
4
..
F
4*2
2*2
2
Wellington Fund
10*2
16.63 18.26
5314
2*2
*
Bid
Aetna Casualty A Surety. 10
Aetna Fire
107
111
69
72
Aetna Life
35i4
Companies
Par
Home Fire Security
Homestead Fire
10
10
Ask
Bid
6*2
714
29*4
3034
9
Importers A Exp. of N Y..6
7
Ins Co of North America. 10
8012
82
14
16
Agricultural
..25
86
American Alliance
..10
28*4
Knickerbocker
6
...5
3212
35*2
Lincoln Fire
6
16i2
Maryland Casualty
8
6l2
American of Newark... -2H
1612
18
72
74
1
Mass Bonding A Ins
26
Merchan is Fire ABsur oom 2 H
52
American Re-lnsuranoe -.10
American Reserve
31
33
Meroh A Mfrs Fire Newark
6
10i2
67l2
1212
5634
5834
National Casualty
National Fire...
10
18l2
19i2
..10
American Surety
26
Automobile
Bankers A Shippers... ..26
42*4 4414
11
9i2
112*2 117*2
National Union Fire
Boston
707
New Amsterdam Cas
Baltimore Amer
-2H
718
Camden Fire
...6
25U
Carolina
,..,10
32
City of New York
..10
Connecticut General Life. 10
3034
4534
3234
4734
Continental Casualty.. —6
26*2
27*2
434
5*4
Eagle Fire
-2K
Employers Re-Insurance. 10
Excess
6
Federal
39
14*2
10
,
103
27U
-
«.
41
16
110
_
10
National Liberty
2
20
4&8
478
54
63l2
87
84
12
10i2
156
160
6
16i2
17l2
New Brunswick Fire
10
37i4
Merck
6 °r.
A
(Jo
mo oom
4
«.
100
100
National
102
25
125
'mmm
carnation Co $7 pref ...KM
110
7% pref... 100
57
38
7
New England Fire
New Hampshire Fire
10
17
16*2
54*2
54*2
Columbia Broadcasting cl A *
$7
•
*
preferred
10*
44
Dentist's Supply Co of N Y.
Dlotapnone Corp
49
Pathe Film
56
—
A
oom.....
Co
•
••
534
24
81
39
40
351
356
32
34
standard Screw
125
135
102
53
mm
57"
22
!
•
Preferred....
10f
Sylvania Indust Corp
25
71
103
aylor Milling Corp
Taylor Whar IAS com
•
9*2
41*8
10*2
1
1*2
414
Prlco Products Corp
•
TublaeChatlllon cum pf.10
Unexcelled Mfg Co
10
234
Gair (Robert) Co com.—(*)
Preferred
(*)
3*8
Un Piece Dye Wks pfd ..100
6&8
778
3634
Gen Flreproofing $7 pf—10C
Golden Cycle Corp
10
3834
■T S Finishing pref
47*2
5~1~
•
5
6
10(
44
28*4
29*4
18
23
1
2*8
•Veioh
»
23
102
Klnner Airplane A Motor .1 1
58
43
Grape Juloe pref.. 10*
Preferred
28
97
6
*
99
vest Va Pulp A Pap oom.. *
10<
White (S S) Dental Mfg
2(
White Rook Mln Spring—
23g
100
3*2
100
Northam—
$3 conv pref
46
25
98
$7 1st preferred—
Wlloox-Glbbs
2934
19
10*2
4234
mmm
4*2
11*2
mmm
Young (J S) Co
7% preferred
16*4
47
.MM
1734
101*2 103*2
15*2
16*2
10(
99
102
60
com
Worcester Salt
78
85
Warren,
99
Herrlng-Hall-Marv Safe.lOC
17
*
t
73
108*2
29*4
*
334
Co—Foreign she
American shares
....
20
.KM
49
$8 preferred
434
•
(oovlll Mfg
21
linger Manufacturing... 10<
standard Cap A Seal
I
97
Kildun Mining Corp
101
*
|
•
Great Northern Paper..
40
59
53
Preferred
100
38
47*2
10C
Graton A Knight oom
5*2
98
•
56
118
Driver-Harris pref
.10C
Flour Mills of America
•
oom
lock wood
22
434
44*2
•
...6f
King Royalty
Remington Arms
~
37
19
7% pref.......*
$7 1st preferred......10*
—
83
35*2
1
Publication Corp com
10(
Dixon (Jos) Crucible
Doehler Die Cast pref
Foundation
18*2
mmm
45
78
Vorwlcb Pharmacal—— 6
>hlo Leather
*
56
mmm
43*2
Yeast—KM
Mdetyme Distillers....
-4534
1106*2
56
114
22
24
10<
mmm
101
115
mmm
ion
oom
60
119
mmm
20
10
Vorth western
9
••
50
111
21
39*2
Columbia Baking oom.
$1.00 cum pref
98*2
*
•
*88*2
58*2
Climax Molybdenum Co new
Class B
—100
Casket.
Vew Haven Clock pref.. 1(M
Vorth Amer Matoh Corp..*
114"
Crowell Pub Co oom
10*
Vat Paper A Type pref.lOi
28
1(M
Carrier Corp
5
4034
*2
4«fc
534
4ig
43g
34*2
36*2
114*2 116
)
preferred
Preferred
39U
50
New Jersey
20
New York Fire
6
Northern
59
55l2
2134
2434
12.50
117
North River
2.60
Northwestern National..26
29
30l2
144
148l2
BURR & COMPANY INC.
122
Pacific Fire
26
139
104
19
21
44l2
46l2
30i4
NEW YORK
108
6
Chicago
144
10
Fidelity A Deposit of Md.20
95
97
Phoenix
Fire Assn of Philadelphia. 10
Firemen's of Newark.. ...6
83*2
85
Preferred Accident
1414
16
Providence-Washington
Franklin Fire
6
3414
36*4
Republic (Dallas)
10
2834
General Alliance
1
19
20*2
Rochester American
10
30
28
30
Rosa la
44*2
46*2
209
Georgia Home
mmm
Mook, Judson A Voehrlnger
Collander
Draper Corp
American Equitable
American Home
15i2
mmm
mmm
118
Maytag warrants
Preferred
10'
Balke
Douglas Shoe preferred—10C
Ask
3714
9U2
2934
..10
coin
23
*8
Hotels.*
1st preferred
Preferred
Par
u<
108
3834
334
Bowman-BUtmore
Preferred
1.12
Insurance
21
200
•
12
51*2
mm
Trusteed N Y Bank Shares
Trusteed
United Gold Equities (Can)
Standard Shares
1
25
5*2
4934
48
4aulauuttu ruouoa'UB
Preferred
mmm
5
pf. *
Preferred
1.26
1*8
67
Canadian Celaneseoom...*
1.45
23
«!•
If#
vfalllson H R Ino com....*
Preferred
KM
_
1.60
Preferred
•
mmm
1.31
Guardian Invest Trust com*
19
21
Co 7% pref
2.70
1.24
Equipment shares
24
17
Brunswick
1.45
...
3834
22
Hardware
American Manufacturings
Preferred
10*
Art Metal Construction.. 1<
Petroleum shares
Mining shares
3734
Rubber..6<
—
1.63
Agricultural shares......
Food shares
37*2
American Hard
101
Beneficial Indust Loan
m -
4.40
Automobile shares
1.62
3534
Port Cement
■mmm»
6.91
Trust Fund Shares
1.47
77
a wren pe
Lord & Taylor common. 100
1st 6% preferred
100
2d 8% preferred—
100
mmm
6.91
D
Trustee Standard Invest G__
D
Chemical shares
75
American Book $4
Amerloan Republics com..'
\ndian National Corp
*
O
1.57
1.73
30
American
mmm
2.42
Supervised
Group Securities—
em
12*2
27
*
Amer Maize Products
90.81
BB
21.59 23.67
A s>
11*4
kmerlcan Arch 11
3.70
B
ma
Amer Air Lines Ino v t 0—
mmm
19.31 20.54
AA
Inc
New stock
Fundamental Tr Shares A..
Shares B
m m —
Standard Amer Trust Shares
Par
-
4.60
1.59
«•
8.70
D
26c
Industrial Stocks
.70
1.50
C
Dividend Shares
Tel. BArclay 7-0700
11.89 12.39
2.90
Deposited Insur Shs A..
A
...
2.46
Plymouth Fund Inc cl A.lOc
36*2
1.14
10
7% preferred
24.86 27.02
3.11
—
;
100
Street, N.Y.
4.58
Nation Wide Securities
N Y Bank Trust Shares
...
8% preferred
INC.
HAnovS-hi-T282 52 William
1.70
Northern Securities
Crum A Foster Ins eom__10
ROBINSON, MILLER & CO.
7*4
54*8
5258
258
1
2.45
Series ACC r"od
6*2
-»
Mass Investors Trust
Series
2.45
Series AA mod
■
18.40 19 90
com
--
Accumulative series
6
.55
Bullock Fund Ltd
Canadian Inv Fund Ltd
Century Trust Shares
Blair Corp.
Mutual Invest Trust
4.38
Central Nat Corp class A_*
Class B
*
Bancamerlca
Bonds and Preferred Stock
;
..
_
_
10
16*4
18*4
15
49
53
Seaboard Surety
10
20l2
69
74
Security New Haven
10
42
Chain
44U
...5
31
33
12
144
147
21*2
23
10
20
Sun Life Assurance
100
470
500
Travelers
100
633
643
Store
Securities
31
9
Southern Fire
10
Springfield Fire A Marlne.25
Stuyvesant
..5
29
Great Amer Indemnity. ...1
Boston
22l2
,,16
-
57 William St.
34
5
St Paul Fire A Marine.. 26
Seaboard Fire A Marine...5
-
Glens Falls Fire—
...6
Globe A Republic
—6
Globe A Rutgers Fire..
2nd preferred
Great Amerloan
—
Halifax Fire
in
Hamilton Fire
Hanover Fire
..10
Harmonla
Hartford Fire
Hartford Steam Boiler.
4034
4234
...
31
33
U S
..10
89
92
U S Fire
10
77
80
U S Guarantee
39
41
Westchester Fire
—
Home
a
Fidelity A Guar Co
2
4
10
..2.60
1434
16U
218
13
15
734
8i2
16i2
17i2
60U
58*4
100
105
40i2
42i4
Realty, Surety and Mortgage Companies
Par
Bid
Bond A Mortgage Guar..20
Empire Title A Guar...100
For footnotes see page
611.
Ask
h
7
34
12
Par,
Lawyers Mortgage
20
Lawyers Title A Guar..100*
Bid
Chain Store Stocks
Par
Berland Shoe Stores
7%
preferred
Bickfords Inc
IAt*
2
1*2'
2*2
5
Ask
84
8
13*2
14*2
*
35*4
36
*
7
9
100
47
56
Diamond Shoe pref
100
Edison Bros Stores pref. 100
Flshman (M H) Stores
*
104
106
$2,50
conv
pref
(H C) common
preferred
Bohack
7%
112
13*2
100
98
Green (H L) 7% pref—.100
Kobacker Stores
*
preferred
Kress (S H) 6% pref
Lerner Stores pref
-g.atz Drug pref..
100
102
Bid
79*2
Melville Shoe pref
Miller (I) & Sons com
..100
110l4
__*
5
7
6H% preferred
100
Mock, Judson & Voehrlnger
24
27
—See Industrial Cos.
Nelsner Bros
Reeves
pref
(Daniel) pref
100
100*2 102
111
112l2
100
105
111
United Cigar Stores 6% pref
10
11*2
10712
no
102
104
12*2
Alt
Companies.
Rose 5-10-25C Stores......5
Schlff Co preferred
100
5
100
*
Par
& Taylor—See Indus¬
Murphy (G C) $5 pf newlOO
15*2
100
7%
Lord
trial
.*
Preferred
1*2
Bid
*
100
6% pref ctfs..__
U S Stores pref erred.. ..100
90
18
19*4
1734
19
2*2
5
613
Chronicle
Financial
Volume 142
Per Cen
Bonds—
Quotations
Over-the-Counter Securities-
on
f
$3,309 India Mutual Insurance Co. ctfs.
of profits
--$1 lot
.......
By Barnes & Lofland, Philadelphia:
Friday Jan. 24—Concluded
Shares
$ ver Share
76; 6 at 58.
Stocks
36 Pratt Food Co.,
Philadelphia, P a., common, par $100—30 at
Springfield Worsted Mills of Bordentown, N. J., common, par $100.
Subject to $50,000 6% 1st mtge. gold bond Issue due June 1 1942
$50 lot
1,468 Investment Bond & Securities Co. common, par $50.—.....—..$60 lot
10 Integrity Trust Co., Philadelphia, Pa., par $10
11M
357
Sugar Stocks
Far
Cache
La
21
2U?,
12i2
I8I4
1U
11
Preferred
16i2
HaytianCorp Amer
34
•
108i2 112
11214
3
2i2
•
Savannah Sugar Rel
Ask
Bit
Far
Aik
Bit
Co..20
Poudre
Eastern Sugar Assoc
7% preferred
100
Wes* Indies Sugar Corp.—1
17 coupons at $30 each and 6 coupons at $15 each,
field Worsted Mills of Bordentown, N. J., 6%
Foreign Unlisted Dollar Bonds
Antioqula 8%. 1946
Bank of Colombia. 7%. '47
Bank of Colombia. 7%. '48
Barrauqullla 8s'35-40-46-4b
Bavaria fl Ha to 1946
A ft
29
/39
change Bank 7s. 1963...
Hungarian defaulted ooups /32-58
Hungarian Ital Bk 7)4s, '32
17
Jugoslavia 5s, 1956
Brandenburg Eleo. 6a, 1963
Braill funding 6%. '81-*51
67
34
/31
34
(Peru)
7%. 1947
7H%.
1944
Oeara (Braill) 8%. 1947..
/3012
32i2
/3U2
33
6 Ha 1946-1947 (A AB).
IOI4
/ 79
43
Oberpfalx Elec. 7 %, 1946..
52
Oldenburg-Free
Mtge.7%. 1948
to
34
Porto Alegre 7%, 1968
29
Protestant
Duisburg 7% to 1946
/31
/27i2
/27i2
East Prussian Pr. 6s. 1968
/27
28
/41
44
Rhine Weetpb Eleo 7%,
30i2
Rio de Janeiro 6%. 1933..
/15i2
vestment 7)48. 1966..
993
1,290
1,280
18
76
16
76
74
16l2
/27
many), 7s. 1946
'33
*36
'36
76
919
914
86
89
900
90
910
90
910
90
......
233
236
234
234
567
236
576
—
567
1,660
1,650
2,160
2,130
479
458
Energle Electrlque du Littoral..
691
690
2,130
458
691
1,670
2,130
464
709
1,680
2,080
477
695
29
577
569
567
568
/42
40
/38
/39i2
900
890
838
839
1,008
1,001
408
21
890
834
1,013
408
23
1,276
70.80
73.75
72.90
78.75
79.50
102.30
2,410
892
834
1,011
408
26
1,295
70.80
73.80
72.90
78.90
79.70
102.75
2,440
16i2
28i2
2734
1,665
1,470
49
40
.
4%, 1917
73.80
Rentes4%. 1918
72.90
73.40
72.50
Rentes4H%. 1932A
79.30
; 78.50
1932 B
80.10
2.350
79.30
102.30
2,360
890
833
997
408
21
1,274
69.90
72.80
71.90
77.70
78.30
101.90
2,380
1.663
1,646
1,630
1,503
1,481
1,470
Nord Ry
/28i2
155
Rom Cath Church 6 Ha, '46
/27i2
Frenoh Nat. Mali SS. 6s.'62
148
151
R C Church Welfare 7s, '46
/2634
/32
35
Saarbrueoken M Bk 6s, '47
/2212
Salvador 7%. 1967
/30
Pechlney
1,280
1,267
/30
32i2
Salvador 7% otf of dep '57
/29
30
Rentes, Perpetuel 3%
70.90
70.40
Salvador
/24
27
Rentes
Building A Land-
bank 6)4%. 1948
German defaulted coupons
July to Dec 1933.......
Santa
/58
/42
July '34 to Deo '35...
/26i2
Dawes
Sao Paulo (Braill) 6s, 1943
/25-50
Saxon State Mtge. 6s,
10-16-34 Stamped
9i2
18s4
/8i2
/1734
Coupons
Young
12-1-34 Stamped......
June 1
Santander (Colom) 7s, 1948
Coupons
April 15 1935
German
Santa Fe scrip
884
/8
German oalled bonds
German
27i4
Haiti 6% 1958
Rentes 4H%,
Rentes 5%,
35
Tuouman Scrip
Vesten Elec Ry 7s.
1947—
Wurtemberg 7s to 1945..
—
-
-
2912
gold rouble
41
38
Societe
92
94
96
98
2,185
2,155
535
534
65
506
501
2,140
531
65
500
2,140
530
67
105
Lyonnalse
66
499
41
41
41
Union d'Electricltle
3212
Bit
Wagon-LIta
10%
88.291 91.16
1942
gold rouble
Jan.
20
37
37
36
35
118
138
87
Dessauer Gas (7%)
123
Deutsche Bank und Disconto-Gesellscbaft— 86
Deutsche Erdoel (4%)
108
DeutscheRelchsbahn (German Ryspf 7%). 122
Dresdner Bank
87
Farben Industrie I G (7%)__
150
Gesfuerel (6%)
127
Hamburg Electric Werke (8%)-___135
117
138
87
123
86
109
122
117
138
87
123
86
108
122
87
151
123
136
117
138
87
120
86
109
122
87
151
127
137
116
138
87
120
85
107
121
86
150
127
136
Berliner
--
Handels-Gesellschaft (6%)
Commerz-und Privat-Bank A
on
Wednesday
of the current week:
G—
_—
—
By Adrian EL Muller & Son, New York:
Stocks
Shares
-
$ per Share
'
60
Co., totaling
$4,596.28, all past-due, Interest at 5}i%:
No. B-70,873
15
Reichsbank (8%)
No. B-63,340
No. 43,071
15
15
15
15
84
17
83
17
81
16
185
218
190
173
185
220
190
175
83
17
185
219
189
172
,
Mannesman n Roehren
Nordeutsch n Lloyd
200
510
350
Rhelnlsche Braunkohle
87
151
127
135
83
17
183
217
189
-169
Hapag
109 Hebrew Publishing Co. (N. Y.), par $100
3 ctfs. of Title Guar. & Trust Co., guar, by Bond & Mtge. Guar.
Jan.
37
Elektrlzltaets-Geeellschaft
Berliner Kraft u. LIcht (8%)
sold at auction
—_
each
Jan.
18
Allgemelne
The following securities were
2,050
49
Jan.
Jan.
21
22
23
Per Cent of Par
87.431
AUCTION SALES
71.30
74.10
73.10
79.40
80.10
102.80
2,420
Exchange
Jan.
For footnotes see page 611.
408
representative stocks as received by cable
Union of Soviet Soe Repub
1943
891
day of the past week
Ask
.
—.
41
Tubize Artificial 311k pref
31
/2912
/31
1,680
2,050
530
67
498
Societe Marseillaise
The Berlin Stock
Atl
Union of Soviet Soo Repub
7%
49
40
Soclete Generale Fonciere
Closing prices of
I
50
Soclete Francalse Ford
----
^Soviet Government Bonds
Bit
56
' 42
A C
1,655
1,478
49
42
Saint Gobain C
Schneider A Cle
102
1961—
I960--
103.20
1920
Royal Dutch
40
mmmmm
J 55i2
7s unstamped 1946
Tuouman Prov. 7s,
21
.
35
/28
Tuouman City 7s.
Housing A Real Imp 7s, '46
Hungarian Cent Mut 7s,'87
1134
m
27i2
Pathe Capital
16i2
/35
7s 1940
Stettin Pub Utll 7s. 1946
90
/2512
/3212
/40
----
/ 32
Stlnnes 7s unstamped. 1936
14i2
18i2
•
39
Serbian 6s, 1956..
Hanover Hari Water Wks.
6%. 1957
/17
/67
/1034
/15
/43-54
Serbian coupons
Stem A Halske deb 6s, 2930 /255
12i2
/11'2
/13i2
/25
1935
Guatemala 8s 1948
1947
410
Orleans Ry
----
(Braill)
8%. 1947
Jan to June 1934
German scrip
4% scrip
Catharlna
92
576
.......
Energle Electrlque du Nord
French Govt. 6Ho. 1937.
German
564
574
1,690
Frankfurt 7s to 1946
German Atl Cable 7s. 1946
1,290
18
Lyon(PLM)
83
/15l2
Prov Bk Westphalia 6s.
1,006
1,320
74
Eaux Lyonnalse..
(Ger¬
Prov Bk Westphalia 6s.
Mortgage A In¬
European
scrip
Church
1,022
Credit Lyonnalse
Panama 5%
29
177
18,500
1,012
1.290
L'Air Liquids
29
50
Duesseldorf 7s to 1946....
176
18,600
Credit Commercial de France
28"
/2712
/ 79
1946
181
18,300
175
18,200
Kuhlmann
/26i2
7%
State
25
Dortmund Mun Utll 6s, '48
178
18,500
1,005
1,290
440
448
176
Courrleres.
/48
20
7Hs'49
972
447
Coty S A
National Hungarian A Ind.
67
6s. 1949
960
442
Comptolr Nationale d'Escompte
54
/so
48
Costa Rica Pao; Ry
950
431
Citroen B
Nat Central Savings Bk 01
50t2
4%
Costa Rica funding 6%, '61
967
Cie Generate Transatlantique...
/64l2
/43
/65
/4U2
Columbia scrip issue of '83
9,000
977
18,000
d'Electrlcltie.l
Cle Generale
8,500
8,800
.
Cie Distr. d'Electricitie.
Bank Panama 6)4%
1948-1949 C C & D 7..
Jan. 23 Jan. 24
Francs
Francs
Jan. 21 Jan. 22
Francs
Francs
8,700
Canadian Pacific
Hungary 7Hs, 1962
pest. 7s. 1968
Bas
Canal de Suez....
IOI4
Francs
8,700
Banque de l'Union Parlslenne..
34
City Savings Bank, Buda¬
Issue of 1934
Banque de Paris et Des Pays
3014
Natl.
Jan. 20
9.000
2834
98
42
/37
/40l2
/95
/914
/9U
/2i2
....
Burmeister & Wain 6s. 1940
(Colombia)
Francs
Bank of France
/29U
/28
42
Corp.
6)48. 1963
18
Jan.
—
/31
7s to *45
Municipal Gas A Eleo Corp
Recklinghausen, 7s, 1947
Nassau Landbank flHs, '38
Munlc Bk, Hessen,
51
Ind.
Water 7%. 1948
of the past week
88
•
Mannheim A Palat 7i, 1941
/70
Buenos Aires scrip
Callao
/31
Bank
Hungarian
7Hs. 1962
Brown
Coal
Call
734
Leipalg Trade Fair 7s. 1953
Luneberg Power. Light A
85
Munloh 7s to 1945
Braill funding scrip
British
Leipslg O'land Pr. 6)4t, '46
28
stocks as received by cable each day
33
/30
6734
Paris Bourse
on
Quotations of representative
---
—
17
/16
/13
/27
Bolivia 6%. 19(0
Prices
40
39
Koholyt 6)4s. 1943
Land M Bk, Warsaw 8s, '41
2512
50.10
Mines
Gold
Zenda
/40
18
24
Clt. 7% to 1946
Bogota (Colombia) 6)4. '47
5 ver Share
Stock
Shares
20
42
/43-54
Coupons
32i4
Palatinate Cons.
Bavarian
55 lot
-
Hungarian Discount A Ex¬
28i2
19i2
19l2
$150 lot
due Dec. 1 1932, on Spring¬
1st mtge. gold bonds, due
By A. J. Wright & Co., Buffalo:
Ask
Bit
Bit
f27h
/2634
/18 ,
/18
/15
/31j4
Anhalt 71 to 1946
1942
1
June
German and
Per Cen
mtge. gold
Bonds—
$30,000 Springfield Worsted Mills of Bordentown, N. J., 6% 1st
bonds, due June 1 1942, with coupons from Dec. 1 1932 attached
(8%)
Saltdefurth (7H%)
Siemens A Halske(7%)
184
218
189
172
24
36
115
139
87
121
86
108
122
86
151
128
137
15
83
17
185
217
190
176
By R. L. Day & Co., Boston:
Shares
$15 paid
preferred, par $100
$100
par
$300
170 Imperial Storage Co., Inc., common, and 170 preferred, par $100
Boston
Athenaeum,
par
Per Cent
Bonds—
$600 Retail Properties Inc.
6s, Mar. 1959, series B, registered...
Mar. 1959, series A, registered
1942, coupon June
$500 Retail Properties Inc. 5s,
$5,000 Boston
Metropolitan Bldg. 5s, June 15
and subsequent
Co.
6 flat
65H flat
15 1933
40 flat
on
$5,000 International Match Corp. 5s, Nov.
certificate
1947, Bank of New York & Trust
65 flat.
—The Future of the
Wholesale Business and the Future of the
By Crockett & Co., Boston:
President
of
associates at
reprints of these addresses to
those interested.
—Announcement is made of the
formation of the firm of I. G.
S per Share
5 First National Bank, Boston,
20
Farr
25
Sanford
Mass., par $12.50
8H
3%
$100
25 Saco Lowell Shops common, par
$100
Realty Trust, 1st pref., par $100
$300
25 Dewey & Almy Chemical Co. common, class A...
14 Springfield Gas Light Co., par $25
75 Underwritings & Participations, Inc., A, par $50
5 West Point Manufacturing Co., par $100
25 Boston Chamber of Commerce
1
Boston
25
Athenaeum,
49H
46H
Mills
5 Wamsutta Mills, par
—
13X
Alpaca Co., par $50
par
National Service Cos.
$4 conv. partlc.
pref
$12 lot
295
26H
17 H
5
81X
70c,
Osterwei1
Irving G. Osterweil,
who will head the new firm, was formerly a partner in Osterweil & Cerf
and has been associated with Engel & Co., Alexander Kremer & Co., Inc..
Strauss, Phillips & Co., and the Securities and Exchange CommissionCo., with offices at 120
Broadway, New York City.
business in general unlisted securities.
The firm will conduct a
their current edition of
Stocks
Inde¬
by Frank S. Cunningham,
Butler Brothers, Chicago, for an address to his business
a recent conference.
Butler Brothers are now distributing
pendent Merchant were the subjects chosen
—Hoit, Rose & Troster, 74 Trinity
Shares
NOTICES
$6 lot
130H
101
301
$5 lot
1,000 North American Mines, Inc., B
$200 lot
II Dennison Manufacturing Co. preferred, par $100
68H
33 Missouri Kansas Pipe Line common, par $5, and 30 class Bv.t.c., par $1.$100 lot
11 United States Envelope Co.
6 Brockton Morris Plan Co.,
I
CURRENT
$ per Share
Stocks
units Universal Chain Theatres,
10
bank statements
as
utility stocks and other
of
1935, and data on insurance and public
over-the-counter securities.
Tenenbaum
—Peltason,
Place, New York, are distributing
"Facts and Figures," which contains a survey
of Dec. 31
&
Harris,
Inc.,
Boatmen's Bank Bldg., St.
giving details of the financial condition of
Arkansas, with particular reference to the road district re
Louis, have issued a circular
the
State
of
funding 3% bonds of the State.
—Battles & Co.,
75 Federal
and Henry A.
office in Boston at
V. Hughes, D. Ray Holt
Inc., announces the opening of an
St., under the direction of Joseph
Sasserno.
the firm also maintains an
Beside its Philadelphia and New
office at Wilmington, Del.
York offices,
614
Financial Chronicle
General
Corporation and Investment News
RAILROAD—PUBLIC
UTILITY—INDUSTRIAL—MISCELLANEOUS
Allegheny Steel Co.—Acquires Plant—
Allied
The acquisition by the company of an extension to its plant site on the
a modern barge-loading terminal was
announced on Jan. 20 by W. P. Detwiler, Executive Vice-President.
Growth of the company's shipments to down-river points has creaed a
volume of river freight which the new terminal will handle with increased
,
Allegheny River for the erection of
6ffici6Qcy ho doclcirod
'
-V* ■
"The increase of over 300% in the number of our customers in the last
four years has opened numerous new markets for our
American Agricultural Chemical Co.
-i
products,
many
6 Months Ended Dec. 31—
Gross profit from operations
extended
it
to
to
furnaces and
our
make
a
our
„
~
,
1934
$586,179
374,067
$373,968
362,818
41,955
317,533
23,818
45,485
255,704
36,156
56,529
266,357
61,612
$97,717
$125,233
$373,349
Gen. operating & administrative
exp
Provision for loss on time sales on
_
present railroad spur has been
rail-and-water terminal.
Completion of these
improvements will give Allegheny Steel transportation facilities as good as
any in the industry and possessing important advantages over those of
any inland location," Mr. Detwiler concluded.—V. 141, p. 3066.
..
Allen
Industries, Inc.—Common Stock Offered—Con¬
currently with an offering by the company to its common
stockholders of 39,600 shares of common stock, F. Eberstadt & Co., Inc., made a public offering Jan. 21 of these
shares at $>19 per share, subject to allotment
upon deter¬
mination of the number of shares purchased by stockholders.
In addition, the
banking firm offered 10,000 shares of the
company's outstanding common stock acquired from certain
stockholders, priced at the market. The offering by the
company consists of rights to stockholders to purchase an
aggregate of 39,600 shares of common stock at $13.75 per
share, in the ratio of one additional share for each five shares
American Box Board Co.-
Eliminate Dividend Arrears—
par value of the
20 days, or Feb. 10.
The bankers announce that the sub¬
scription books have been closed.
A prospectus dated Jan. 17 affords the
following:
'
Authorized
and
American
9 Mos.End.
a
Calendar
Consol. net profit
$376,326
com. stock
$1.51
Before provision for dividends
$227,790
b Per share of
a
1932
$37,825
$133,690
$0.42
$0.84
Nil
on
preference stock,
b On 237,600
offering.
After deduction
of
dividends paid or accrued on
preference stock outstanding during these
periods, which stock it is proposed to retire out of the
proceeds of this
offering.
For the nine months ended Sept. 30 1935 such
preference divi¬
dend deductions amounted to
$18,135, equivalent to approximately $0.07
per share on the 237,600 shares of common stock to
be outstanding as above.
The company has
reported a net profit in each year since its organization
in 1927, with the
exception of the year 1931, when it reported a loss of
$74,938.
It is estimated that
earnings for the full year 1935, computed
on the basis set forth
above, will amount to at least $2 per share.
shares
be
to
outstanding
Dividends—Company
stock
June
on
common
after
resumed
this
payment
of
dividends
on
its
common
1
1935 at the rate of $0.50 per share
per quarter on its
(no par) outstanding prior to Dec. 14
1935, equivalent to
share per quarter on its present common stock
(par $1).
<
stock
$0.16 2-3 per
Purpose—From
the
proceeds of the sale of 39,600 shares of common
stock the
company proposes to retire its outstanding preference stock and
to pay in full its funded
debt.
The balance of such proceeds wi,l be added
to the general
corporate funds of the company.
The offering or the
10,000 additional shares does nob represent new
financing on the part of the company, and the
proceeds from the sale
of these
shares, which
are
stockholders, will
accrue
Listing—Company
common
noo
stock
the
on
The
common
stock,
including the 39,600 shares presently offered by the
company, is now
on the Cleveland Stock
Exchange and the Detroit Stock Exchange.
listed
Consolidated Balance Sheet Sept. 30 1935
Assets—
Cash
Accounts
Liabilities—
$237,191
223,332
439,602
41,087
3,776
778,681
50,834
receivable
Inventories..
Other assets
Value of life
Insurance, &c
Property, plant
Deferred
& equipment.
assets
Accounts
payable
Long-term debt due within yr_
Federal income tax
(for
$1,774,5051
117,976
382,267
...
Total
$1,774,505
Represented by 7,294 shares $3 preference
stock, no par, and 66,000
no par.
On Dec. 18 1935 each share of the com-
shares common stock,
gany's authorizedof100,000 shares of common stock (no
lto toree shares
stock (par $1), and the
common
common stock was
Allied
par) Was changed
company's authorized
increased to 500,000 shares
(par $1) .—V. 141, p. 4156.
International
Investing Corp.—Accum. Div.—
The directors have declared a
dividend of 45 cents per share on
account
accumulations on the $3 cum. conv.
pref. stock, no par value, payable
Feb. 1 to holders of record Jan.
24
This compares with 35 cents
paid on
Aug. 1 and on Feb. 1 1935, this latter
being the first dividend paid on the
pref. stock since Aug. 1 1931, when 50 cents
was
distributed; similar pay¬
ments were made in the two
preceding quarters, prior to which regular quar¬
or
terly dividends of 75
Alton
cents per
share
were
disbursed.—V. 141,
p.
580.
606,808
railway
Net from railway
1935
Net after rents
1Q^9
193,210
199,976
9,505
$96^,061
263,597
346,193
$1,030,416
268,310
13,159,346
2,813,469
221.040
13,328,174
4,112,505
1,847,341
14,090,370
3,502,410
486,783
13,969,218
Net after rents
def416,226
1933
$1,054,042
From Jan. 1—
Gross from railway
Net from railway
—-V. 142, p. 118.
1934
$1,283,803
.
668,793
51,262
47,811
3,258,173
735,031
765,946
191,520
169,820
200,000
200,000
1,000,000
8,862,223
200.000
1,000,000
6,443,532
adjustment
Reserve
1,075,251
for
taxes
Reserve for dlvs..
Res.
for
all
other
claims
C88h capital
Net surplus..
Total
$
3,157,196
and expenses
14,145,970 12,037.471
x Valuations
approved by
missioners.—V. 142, p. 450.
Total
National
Encaustic
14,145,970 12,037.471
Convention
Tiling
Co.,
of
Insurance
Com¬
Ltd.—Hearing Ad¬
After announcing that he would
adjourn hearings on the plan proposed
for the reorganization of the
company until Jan. 24, Judge Jonn C. Knox
of the United States District
Court advised the reorganization and
oppo¬
sition groups to get
together in the meantime and attempt to
compsoe
their differences.
He suggested that provisions of the
compensation
modified in
to
some
out of it."—V.
be
paid
respects
142,
p.
118.
plan regarding the
reorganizing and .underwriting might be
that the stockholders "will get a bit more
for
so
American Stores Co.— -Sales—
Period—
•1935
Five weeks ended Feb.
2..
Four weeks ended Mar.
2.....
Four weeks ended Mar. 30.....
Four weeks ended April 27
Five weeks ended June
1.....
Four weeks ended June 29.
Five weeks ended Aug.
3..
Four weeks ended Aug. 31.....
Four weeks ended Sept. 28.
Five weeks ended Nov.
2
Four weeks ended Nov. 30
Month of December
_.w.
1934
1
$10,630,723 $10,602,865 $10,157,087
9,418,804
9,074,434
8.425,292
9,048,869
9,234,926
8,446,763
9,256,393
9,010,725
8.349,021
11,349,389
11,231,864
10,363,100
9,072,179
8,848,731
8,615,951
10,357,987
10,294,961
8,178,496
8,022,422
8,253,842
x9,900,972
8,362,032
8,354.964
8.299,376
10,883,017
10.735,860
10,683,643
8,899,733
8,744,032
8,579,652
10,565,336
9,978,001
9,387.792
12 months ended Dec. 31
xFive weeks ended Sept. 1.—V. $115,866,889$114,365,212$109.387,150
141, p. 4C09.
American International
Corp,—Annual Report—
Harry A. Arthur, President, says in
Based on market quotations,
or, in
lished by directors, the net assets as
compared with $19,437,122 as of Dec.
part:
their absence, on valuations estab¬
31 1935 were $25,961,313,
31 1934.
The coverage per $1,000
of Dec.
principal amount of debentures outstanding
was
Dec. 31 1935
Dec. 31 1934
$1,878.39
1,406.34
Increase..
$472.05
On the foregoing basis the asset
value per share of the common
stock
Dec. 31 1935
was
$12.04
Dec. 31 1934
5.57
Increase..
$6.47
Dec. 31 1935 there were
outstanding $13,821,000 debentures and
1,007,973 shares of common stock, there
being no change during the year.
Directors have decided to place an
aggregate valuation of $200,000 on
corporation's interest in the preferred and common
stocks of Ulen & Co
in recognition of the
gradually improving outlook for that corporation.
A
year ago the Ulen investments were carried at the
nominal valuation of $1.
Sociedade Anonyma Marvin
reports improved operations during the
year
1935 but the directors recommend
no
change in the value of $40,000
assigned to this holding a year ago, due to
continued unsettled conditions
in Brazilian
exchange.
On
Corporation's investment in Allied Machinery Co. of
America has been
estimated by directors to have a
valuation of $167,428 at Dec.
31 1935.
dividend of $6,250 was received
by corporation during the year from
A
this
subsidiary.
Income Accounts for Calendar Years
Interest
„
revenue
Dividends...
35,450
Total---.
Deduct—Expenses
Taxes
Interest
Net
Shs.
earnings
common
1935
$138,415
822,621
13,416
$974,451
172,345
1933
$375,159
693,739
33,261
$1,102,160
20,033
210,029
24,816
760,155
773,232
1932
$455,168
825,462
4,315
$1,284,946
303,432
29,627
930,828
$13,901
$21,918
$94,082
$21,058
1,007,973
$0.01
1,007,973
$0.02
1,007,973
1,055,586
$0.09
$0.02
stock out¬
standing (no par)
Earned per share
1934
$129,516
813,631
24,400
$967,547
171,427
22,064
760,155
'
Miscellaneous income—.
RR.—Earnings—
December—
Gross from
$
Unearned prems..
redemption
of preference stock)
Unrestricted.;
a
72,762
109,746
a730,847
Reserves
Capital stock (paid-in capital).
Earned surplus:
Restricted
698,432
in office.......
111,565
Long-term Indebtedness
-
Total
$192,404
34,538
22,401
Accrued liabilities
Sheet
1934
Losses in process of
Interest accrued..
Cash on deposit &
and owned by,
stockholders and not to the company.
for the listing of its
to make application
New York Curb
Exchange.
Liabilities—
/
<fcstocks__12,792,918 10,242,165
collection
outstanding in the hands of,
to such
proposes
^
1935
journed—
Years
1933
Co.—Balance
1934
Assets—
Bonds
x
American
1934
;
Insurance
Prems. in course of
Earnings for Stated Periods
Sept. 30 '35
Fire
1935
the
application of the proceeds
thereof to the retirement of the
company's funded debt and preference
stock,
y Not including 42,000 shares reserved for issuance under
manage¬
ment
profit sharing stock plan.
Business—Company, organized in 1927, is one of the leading manu¬
facturers of cotton, felt and jute fiber
products for use in automobile up¬
holstering and body construction, and of rug and carpet cushions for
domestic and general use.
During the nine months ended Sept. 30 1935
the company's automotive division
accounted for approximately 65%,
and its floor
covering division for approximately 35%, of its total sales.
Its customers include
leading automobile manufacturers, and prominent
floor
covering distributors, mail-order houses and department stores
throughout the United States.
Company sells a relatively small amount
of its products to
refrigerator and other manufacturers.
*
Eagle
Dec. 31—
Outstanding
y237,600 shs.
500,000 shs.
Giving effect to this offering
x
-Plans New Preferred Issue to
Stockholders will also be asked to approve a reduction of the
par value
of the present 82,500 unissued shares
of $10 par common stock to the $1
113,966 outstanding shares of common stock.
Net income of the
company for the 11 months ended Nov. 30 amounted
to $300,446 after all
charges and Federal taxes.
Warrants evidencing such rights are
being issued to
stockholders of record Jan. 20, subject to
expiration in
Capitalization—•
Common stock ($1 par)
1933_
The directors have called a
special meeting of stockholders for Feb. 3
to take action
designed to clear the way for payment of the dividend
arrearage of 8H% on the 7% cumulative ($10
par) preferred stock, and
to provide for future
capital needs.
The company is considering making
application to list its stock on the Chicago Stock Exchange.
Stockholders will be asked to approve a new issue of
5H% cumulative
convertible preferred stock in an amount and
under terms that ^ill be
fixed at a later date.
This stock would be offered on a
par for par basis
in exchange for the 113,966 shares of
7% preferred stock now outstanding
and additional stock would be offered in
payment of the dividends in
arrears.
The present
arrearage remains after payment of 3M% in 1935
and 3}4% in 1934, in addition to
regular dividends.
held.
x
(Del.) (& Subs.)
1935
$668,364
382,775
Net loss chgd. to earned
surp. acct
—V. 141, p. 2726.
the Ohio and Mississippi rivers.
We are also now receiving much
of our raw materials by water.
'
"The terminal site just acquired from the Duster Sand & Gravel Co. is
„
$2,126,891
$2.40
shipments made during period
Depr. of plants & depletion of mines
Reserve for self-insurance
being
on or near
_
Mills, Inc. (& Subs.)—Earnings—
\
Earnings for 12 Months Ended Dec. 31 1935
Net income after taxes,
interest, depreciation, &c
Earnings per share on 886,888 shares no par capital stock
—V. 141, p. 3850.
*
Within 200 yards of
Jan. 25 1936
615
Financial Chronicle
Volume 142
Statement of Surplus for Year Ended Dec. 31 1935
Balance earned surplus Jan. 1 1935
$1,722,566
Specialists in
Credits to surplus:
Operating income for the year,
Net amount realized in
as
13,900
above
of book values, on sales of securs
xl ,077,666
reserve for adjustment of book value of Allied
Machinery Co. of America—wholly owned
12,256
excess
All
Reduction of
„
Total
J
Federal income & other taxes paid (incl. expenses & interest to
date of payment) applicable to prior years, in excess of reserve
Accrued expenses in connection with settlement to be effected of
New York State franchise taxes of prior years
Earned surplus—from Jan. 1 1933-
Capital surplus at beginning & end of year
1932 and
97,847
MCDONNELL& CO.
5,000
$2,723,542
2,531,185
l
Total surplus, Dec. 31 1935
x Determined
on the basis of market values established
./New York Stock Exchange
York Curb Exchange
,
w
Members^ New
$5,254,728
as
Rights and Scrip
$2,826,389
120
of Dec. 31
NEW YORK
BROADWAY,
(or) subsequent costs.
unrealized net appreciation of the corporation's securities,
valuations as shown by list of securities, increased $5,523,215
TEL.
RECTOR 2-7815
Note—The
based
on
since Dec. 31 1934.
For these reasons,
General Balance Sheet Dec. 31
1935
$
Assets—
Cash
Liabilities—
y
167,429
154,626
177,463
152,709
95,935
received
9,076
on
established
as
-
2,531,186
300,000
25,547
1,722,566
2,531,186
20,495,101
19,792,350
25,722
surplus... 2,723,542
Total
$
Common stock (excl. of escrow and treas. stock to be
Stocks
4,537,460
Cash
853,798
Mortgage loans
137,130
210,130
Real estate
100,363
Workmen's
37,792
1,966,186
2,694,247
securities:
will be authorized to issue the following new
not
$1,000,000
exceeding 6%
notes, to bear interest at rate not exceeding 5%,
issuable in two series of $500,000 each, due in about five years
Secured
other
for
new company
1st mtge. bonds due after 20 years, to bear int. at rate
liability legal loss
Reserve
89,266 shs.
retired)-.188,077 shs.
New Securities
The
and
reserve
215,320
19,644
a306,453
Objections to the allowance of these claims nave been filed, except
to the sum of $20,437 (under attachment) which has been admitted.
$
$
com¬
pensation
1,670
a
1934
1935
Liabilities—
$
4,412,842
2,718.495
355,705
618,420
Preferred stock
as
1934
1935
$5,153,500
Claims allowed by the Court or special master each less
than $100, aggregating
(b) Claims allowed by the Court or special master (other than
claims filed by Holyoke Water Power Co. and claims
allowed for less than $100) aggregating $216,428, less
claims which the special master has found entitled to
priority payment, $1,108
Interest thereon at 6% from June 25 1934 to Jan. 1 1936-(c) Claims filed by Holyoke Water Power Co. aggregating
American Re-Insurance Co.—Financial Statement-
4,521,504
Outstanding June 251934 and Estimated Amount of Unsecured
(a)
on the books since Dec. 31 1932 at
of that date plus additions at cost, less the
book values of securities sold.
Market value Dec. 31 1935, $23,712,007: 1934, $18,119,173.
y Represented by 1,007,973 no par shares.
—V. 141, p. 2267.
Assets—
the plan
Debt incurred prior to June 25 1934:
average
Bonds
Enders, and A. A. Johnson.
The directors deemed
of both creditors and of stockholders.
Bonds and Stock
Securities owned have been carried
market values
F.
Debt
Accounts payable-
19,792,350
Groat,
1st mtge. 6% gold bonds
Interest from Jan. 1 1934 to Jan. 1 1936
of
Capital surplus
20.495,101
bondholders' committee, consisting of D. Samuel Gottesman, Benjamin L.
Allen, Elbert A. Harvey, George E. Warren and Oliver Wolcott, and (2) the
merchandise creditors' committee, consisting of H. A.
Hughes, J. L.
for
taxes
protest
Earned
excess
to be fair to the interests
prior yrs. under
40,000
40,000
Securities owned.17,834,395 17,764,776
x
4,000
of that during the years of the depression.
In connection with the formulation of the plan there have been numerous
conferences with the following committees or their representatives:
(1) the
much in
est. of
llab.
addit'l
Mar¬
Total
380,077
5,600
cos.
max.
vin
x
380,078
State taxes
Res. for
&c.
pay.
accrued
Invest.in Sociedade
Anonyma
1,007,973
13,821,000 13,821,000
int.
debentures..
Y.
N.
&
Interest
Receivable for sees.
sold,
$
1,007,973
debentures
Accrued
owned
accrued
$
Common stock.,
20-year con v. gold
Mach'y Co. of
Amer.-Wholly
Divs.
1934
1935
$
1,671,163
2,179,880
Investm't in Allied
and with improved business and financial conditions,
that futuie operations will produce an income
it is reasonable to expect
1934
1,000,000
-
losses and claims
Premiums not over
90 days due
259,944
Accrued interest_.
49,870
55,798
Reinsur. recover'le
Unearned
133,073
19,629
reserve
for
2d mtge. bonds, 5%, due in 10 years
952,652
Gen. mtge. bonds
Common stock (ho
prem.
Commissions
Res.
724,415
833,525
pay.
taxes,
insurance,
1,043,142
68,304
New Money—It is not believed that the company will
Table of Distribution to Holders of Existing Bonds,
120,180
*48,127
295,716
Contingency res..
Voluntary
catas¬
500,000
1,000,000
4,044,764
2,574,976
...10,479,699
7,923,835
Surplus..
Existing Securities—
1st mtge. bonds
Each $1,000
10,479,699
7,923,835
Total
Contingency reserve, represents difference between value carried in
assets and actual De6. 31 1934 market quotations on all bonds and stocks
owned.—V. 142, p. 451.
x
Water
American
Works
&
Electric
Inc.—Con¬
Co.,
version Procedure—
The New York Stock
Exchange has received the following communication
that we advise you as to the procedure to be followed
by this company in connection with conversions of its 10-year 5% conver¬
collateral trust bonds into shares of its common stock during the
period immediately prior and subsequent to March 1 1936.
"Section 1 of Article VI of the indenture, dated March 1 1934, under
which
issued provides, in part, that
be convertible, at the option of the holders, upon
surrender of tne bonds to be converted, with all interest coupons maturing
were
bonds
shall
subsequent to the date of surrender, at the office of the trustee in the
Borough of Manhattan, the City of New York, into fully paid and non¬
assessable share (calculated to the nearest l-1000th of a share) of common
stock of the company
...
in the following ratios for each $1,000
March 1
C' acipal amount193b
of bonds, viz.:' 50 shares, if such conversion is made on or
ore
.
.
.
"In view of the fact that March
1 1936 fans
on
Sunday, bonds will be
accepted through, but not beyond, Monday, March 2 1936, for conversion
into 50 shares of common stock for each $1,000 principal amount of bonds
surrendered.
"If the bonds are so surrendered on March 2
1936, the March
1 1936
need not be surrendered therwith but may be retained and col¬
coupon
lected in the usual manner.
If the bonds are so surrendered prior to
March 2 1936 all coupons maturing subsequent to the date of surrender,
including the March 1 1936 coupon, must be surrendered with the bonds."
December Power Output
Showed Increase—
The power output of the electric subsidiaries of the company for the
month of Dec. 1935, totaled 192,962,970 kwh. against 157,858,879 kwh.
for the corresponding month of 1934, an increase of 22% .
For the 12 months ended Dec. 31, power output totaled
905 kwn., as
against
2,068,1521,781,782,229 kwh. for the same period last year, an
increase of 16%.
Output of electric energy for the week ended Jan. 18 1936 totaled 43,821,hours, an increase of 13.9% over the output of 38,469,000
kilowatt hours for the corresponding period
of 1935.
Comparative table of weekly output of electric energy
4
Jan.
11
Jan.
18
for the last five
1935
1934
1933
1932
1931
39,207,000 32,741,000 28,997,000 25,179,000 28,322,000
t QQfi
Jan.
1QOK
1 QQJ.
1Q39
43.260,000 36,191,000 30,818,000 28,479,000 29,802,000
44,402,000 37,637,000 32,519,000 28,844,000 30,030,000
43,821.000 38,469,000 33,056,000 27,932,000 30,540,000
—V. 142. p. 452.
company
4~3~064
25
56 shs.
20
Each $100
Holyoke Water Power Co.
(to extent of admitted
claims protected by at¬
tachment)
11,748
shs".
5 shs.
20,437
20,437
89,266 shs.
Preferred stock
44,633 shs.
1 shs.
9,404 shs.
188,077 shs.
Common stock
1 sh.
$2,619,814
$75,937
Totals.
354.381 shs.
x Subject to increase if additional claims
(including contested claims of
Holyoke Water Power Co.) whether or not heretofore filed are allowed.
Note—Obligations of the company incurred in the operation of the
business under the supervision of the Court and claims finally adjudged
entitled to priority payment are to be paid in cash or otherwise discharged
in sucn manner as the Court shall direct.
New Money—It is not believed that the company will have sufficient cash
to enable it to meet the cash requirements of the plan and the expenses
of the reorganization.
The amount needed for these purposes, except
to the extent of the avilable cash of the company, will have to be provided
through the sale of assets not to be retained in reorganization or in part
consideration for the transfer to the new company of the fixed assets,
machinery, inventory and other properties to be acquired by it in accordance
with the plan.
In order to enable it to make payment of any
such amount as it may be
required to pay to the paper company, to increase its inventory and to
provide adequate working capital, the new company must be provided
with new money.
During the few years next succeeding the consummation
of the reorganization the new company to operate economically and effici¬
ently and to be in a position adequately to meet competition in certain of
its products, may find it advantageous to supplement, adapt or recondition
its machinery and to make repairs to certain of its plants.
It is believed
that not less than $500,000 of new money must be provided in any conser¬
vative reorganization for working capital and that, while probably no
additional amount would be required during the first months after the
consummation of the reorganization, provision should be made for seeming
additional funds if needed.
Application has been made to the Federal Reserve Bank of Boston
a loan to the new company for the purpose of providing working capital.
the consummation of the plan (pro¬
vided it be consummated within a reasonable time and without any change
or modification not consented
to by it), acquire from the new company
for $500,000 the secured notes, series A (subject to certain conditions
outlined in the plan).
Consolidated Condensed Income
Account 11
filed its petition under Section
77-B of the Bankruptcy
.Act in the United States District Court for the District of Massachusetts
on June 25 1934.
The Court has temporarily continued the company in
possession of its plants and properties.
„
,,
/
'
In the judgment of the directors it is to the interest of all concerned
that the company should be reorganized rather than liquidated.
A reor¬
ganization in accordance with the provisions of the plan will provide
additional working capital, eliminate the cost of carrying idle properties
to be abandoned, and effect a substantial decrease in fixed interest charges.
Months Ended Nov. 30
Discount, freight, &c
Manufacturing cost of sales
Selling and administrative expenses
Other expenses
(idle mills carrying charges, &c.).
Profit—before depreciation and bond interest..
Depreciation reserved for 11 months
Nov. 30 1935.
Interest on funded debt accrued to
Balance
Sheet
Notes & accounts receivable.
Inventories
Fixed assets
Good-will
Investments
Cash with trustees
Deferred assets & charges...
Total
283,442
as
at
Nov. 30 1935
Liabilities—
Assets—
Cash in banks and on hand..
$138,739
145,031
$289,734
period
Consolidated
480,255
125,067
$112,159
26,580
:
Other income
Net loss for
1935
$5,358,329
343,394
4,297,454
Gross sales
Net profit
American Writing Paper Co., Inc.—Hearing on Plan—
A hearing on the plan of reorganization dated Dec. 30 1935 will be
held before the United States District Court, Boston, on Feb. 10.
Opposition to the plan is expressed by the protective committee for
holders of preferred stock of that company, in a letter sent to preferred
stockholders by Charles Plohn, Chairman of the committee. The committee
argues that preferred stockholders should obtain one share of new common
stock for each preferred share now held, instead of one new common for
each two preferred shares now held.
The deposit agreement of the preferred stockholders' committee was
approved on Jan. 2 1936 by Judge McLellan, Mr. Plohn says, in seeking
deposits of shares in advance of the hearing on the plan on Feb. 10.
Digest of Plan of Reorganization
The
$1,670
53,830
1,670
Other claims
The Bank has stated that it will, upon
000 kilowatt
Dec. 28-.-
Stock
500
for
Weekly Power Output—
years follows:
Week Ended—
288,596 shs.
Each 20 shares
tible
"'The
x
Common
$2,576,750
Each 2 shares
from the company:
"You have requested
such bonds
Debt and Slock
Gen. Mtge.
Bonds
Cash
Outstanding
$5,153,500
Claims under $100
Total
have sufficient cash
■Will Receive-
500,000
1,000,000
trophe reserve..
Capital stock
par)
37,298
re¬
&c_.
500,000
2,840,000
450,000 shs.
$402,624
a$425,632 Accounts payable
b640,164 Accrued interest on bonds..
926,280 Other liab., due June 25 1934
C$7,052,555 Funded debt
1 Pref. stk. no par (at $25 each)
5,153,500
2,231,650
4 Common stock (par $1)
19,251 Capital surplus
70,438 Deficit, Nov. 30 1935
1,080,658
$9,134,325
Total
442,342
390,655
197,252
1,396,961
$9,134,325
$22,780 attached in pending litigation,
b After reserve for allow¬
doubtful accounts and discounts of $42,798.
c After depreciation
reserved from Jan. 1 1933 to date of $479,68.31-, See also Y. 142, p. 293.
a
ance,
616
Financial
Amoskeag Mfg. Co.—Management Continued
Federal
company
Control—
Court.
Jan. 25 1936
Associated Telephone Utilities Co.listed Trading -
Judge George O.
to
until March
The
in
Chronicle
Sweeney at Boston on Jan. 20 ordered the
under the guidance of Treasurer Fred O. Dumaine
9, when plans for reorganization would be submitted to the
remain
The
New
York
-Removed from
Un-
Curb
Exchange has removed from unlisted trading
privilages the lo-year convertible gold 5)4% debentures, series C, due
May 1 1944, and the certificates of deposit representing 15-year con¬
vertible gold 5}4 % debentures, series C, due May 1 1944.—V. 141, p. 3528
Judge ordered that
all claims against the company also should be
to the Court at that date.
I
Hall, counsel for Treasurer Dumaine told the Court that reopen¬
ing of the mills at Manchester, N. H., was "not far distant."
He said
Treasurer Dumaine succeeded in
getting reduction in taxes "far beyond
expectations."
Mr. Hall said there were few claims against the company.
By reorganization under Section 77-B of the Federal
Bankruptcy Act,
as petitioned
by Mr. Dumaine on Dec. 24, Mr. Hall said it was hoped "to
preserve the business and
community of Manchester and to avoid the un¬
fortunate results of liquidation."—V. 142,
p. 119.
submitted
John L.
Atlantic Gulf & West Indies SS. Lines
Period End. Nov. 30—
Operating
Operating
A. P. W. Paper
Was
$1,494,456
1,048,387
309,736
$1,519,734
1,074,076
320,915
$136,332
3,307
$124,742
Drl6,469
$139,639
101,241
Gross profit
$108,273
.'
.
Miscellaneous earnings (net)....
-
Total
Interest funded debt
Notes, acceptances, &c
Depreciation
—_
782
$41,339
$75,911
distributed.
Accumulations after the payment of the March 2 dividend will amount
to $7.50 per share.—V.
141, p. 4010.„
'
^
Associated Gas & Electric
Co.—Weekly Output—
For the week ended Jan.
11, Associated Gas & Electric System reports
eiectric output of 76,762,173 units
(kwh.), wnich is an increase of
11.4% above the same wees: a year ago.
The recently acquired properties
are included for both
periods so that tne figures are on a comparable basis.
The substantial increases in
output of the past few months have not been
carried ove* into net
earnings, so far as figures are available.
This is due to
rate cuts and nigner
expenses and taxes which have even resulted in lower
net
income
in
some
instance.
Consolidated Statement of Earnings and
Expenses of Properties Irrespective of
Dates of Acquisition
"[jlDfQOED
12 Months End. Nov. 30—
1935
Electric
1934
$84,980,246 $82,106,158
12,586,640
12,180,626
2,884,115
3,218,490
4,881,772
4,861,256
1,364,451
1,361,168
1,233,146
1,249,356
Gas
Ice
Transportation
Heating
Water
Amount
$2,874,088
406,014
x334,375
20,516
3,283
%
4
3
$544,096
33,554
$19,908
114,706
$4,798
128,762
$307,879
1,367,405
$577,650
1,523,053
$94,797
$123,963
$1,059,526
$945,402
Stock—To
an increase in authorized capital to provide
stock, which will be issuable in series with such
rate, redemption price and terms, liquidation
rights, convertibility into common stock and other terms as may be fixed
by the directors at the time of issuance.
The company's letter states that
provisions
as
company's $14,000,000 5%
3
7
4
$41,501,624 x$l,357,962
x3
Preferred Dividend Rate and
A special
meeting of stockholders will be held on Feb. 24 to vote on a
proposal to reduce the dividend rate on the preferred stock to
5% from
6%, and compensate preferred stockholders by making the new 5%
1936.
Under
1 1941.
calling the meeting it is stated that the
proposals, already approved by directors, are predicated on the belief that
low money rates will prevail for a
long time, and that other corporations
already have made plans to reduce preferred dividends and interest rates.
"This opinion is supported," it
says, "by the fact that your company's
stock is selling above the call
price of $110 a share and would sell higher
except for the possibility of future calls for redemption similar to that
made in 1935."—V. 142, p. 120.
Auburn Automobile Co.
(& Subs.)—Earnings—
Consolidated Income Account for Years Ended Nov. 30
1935
Taxes
11,010,664
Net operating revenue
Prov. for retires, (renewals
$40,143,662
Net sales.
9,714,334
Operating income,.
9,199,324
Decrease.
6'
515,010
$30,429,328 $32,302,300 x$l,872,972
x6
Note—This statement excludes New
England Gas & Electric Association
(and its subsidiaries) which is not a
subsidiary, but includes expenses in
connection with
Wheeler-Ray burn bill and other non-recurring expenses.
Ruling Reserved—Court
to Decide
Action for Reorganization
of
on
Petition to Intervene in
and
George M. LePine, 61 Broadway, attorney for the
company and its
allied interests, characterized
Mr. Carpenter's allegations as
"unfounded,
recklessly and carelessly made."
Balance
Other operating income
$1,240,340
111,372
$452,684
74,119
$325,600
45,094
$1,351,712
3,154,254
334,655
$526,803
2.826,406
160,861
$370,694
1,806,759
83,958
123,218
92,294
913,156
96,693
280,000
127,679
$2,352,709
91,309
$3,470,313
108,600
104,663
$1,927,702
64,996
$2,261,400
$3,257,050
$1,862,706
190,963
443,644
98,435
477,647
57,354
592,501
$2,896,007
198,155
$3,833,132
190,633
$2,512,561
204,588
$2,697,852
$3,642,499
223,442
$2,307,973
553,177
$3,865,941
$2,861,150
Gross profit
Expenses
Inventory mark-down
Patterns, dies, jigs and fixtures writ¬
ten down
Taxes..
Loss from operations
Other income (int., discount,
x
Loss for year.
_ _
Minority interest (loss).
Dividends (cash).
Deficit for year
$2,697,852
x
Represented by cash and capital stock receivable in sale of
aircraft
engine and propeller division to affiliate
company, being reimbursement
for development expenses
charged to income in prior
of sale of trade
name
means.
Y.
McCall, in
The companies also will be
required to show cause why a
temporary
receiver should not be
appointed for the Utilities Employees Securities Co.,
one of the affiliates.
Assete—
1934
Liabilities—
480,660
30,403
U. S. govt, obligs.
Notes & accts. rec.
1,112,541
2,000
1,370,146
2,273
3,194,403
20,896
133,981
575,003
Accrd. int. recelv.
2,779",765
Inventories
Sinking fund cash-
21,089
Sundry investm'ts
Prepaid exps. and
deferred
x
prepared by Assistant Attorney-General John R. O'Hanlon
charged that the "Employees Investing and Welfare
Plan" of the Assosciated
was being operated in violation of
the State Labor Law and that the
system
parent company and its New York State
affiliates had violated the General
Business Law by
failing to register as dealers in securities.
The Attorney-General's suit was
said to have resulted from a three
months' investigation of
complaints by employees of the Associated
system
charged that they had been forced to agree to the
plan.
O'Hanlon in an
accompanying affidavit declared that the plan
constituted "nothing more nor less than a
gigantic bond selling program
which has netted
$4,500,000 for financing of Associated
System Securities
at the
employees of
who
Mr.
expense of
the system."
Another primary purpose of the
plan, he added, "has been to relieve
the several
employing affiliates of the system from the
payment of part of
the wages
being earned by their employees."
Still another aim, he said, was to
enable it to continue to
report the
full wages of
employees as operating expenses for rate making and income
tax
purposes.
61,577
charges
104,571
5.454,370
76,363
6,215,959
1
Fixed assets
1
Good-will
New York State Electric & Gas
Corp.;
Northern Pennsylvania Power
Co.; Oswego Gas Corp.; the Patchogue
Electric Light Co.; Smyrna Telephone
Co., Inc.; Southern New York Ry.,
Inc.; Spring Brook Water Co.; Staten Island Edison
Corp.; Triple Cities
Traction Corp., and Utilities
Employees Securities Corp.—V. 142, p. 452,
Corp.;
Accts.
1934
$
payable
$
587,129
388,564
dep., &c.
40,505
58,450
Fed. income tax..
Other accruals
87,912
14,500
187,564
Dealers'
78,612
Note payable to af¬
filiated company
Notes pay. to bank
1,126,000
20,626
750,000
Min. stockholders'
int. in cap. stock
& simp, of subs,
Capital stock.
Capital surplus
y
Deficit
1,377,867
1,713,864
10,945,755 10,945,755
440,138
417,621
5,197,105
2,347,755
Total..
9,507,439 12,128,563
Total.
x After
depreciation,
y Represented by 224,729
944 shares fractional dividend
scrip certificate
p. 3852.
1
Austin Nichols &
9,507,439
12,128,563
no par
shares, including
outstanding.—V. 141,
Co., Inc.—Earnings—
8 Months Ended Dec. 31—
1935
1934
$1,451,589
1,306,962
$1,507,659
1,395,897
$144,627
Dr2,058
24,600
16,463
15,000
$111,762
Dr2,416
28,800
$86,506
$55,841'
$3.00
$1.96
Depreciation.
Interest, net.
Federal taxes.
Earnings
Electric
1935
$
Cash
A complaint
Central
years, and proceeds
and good-will.
1935
Supreme Court Justice Charles B.
McLaughlin signed an order enjoining the
companies from the sale of
income bonds or notes
pending a hearing Jan. 29 to show cause
why the
order should not be
continued until final determination of
the action.
York
.
Other charges
Depreciation...
Paying of Wages in Stock Fought by State— *
The company and 16 affiliated
companies were named defendants Jan. 23
an action
begun by Attorney-General Bennett of N. Y. State to
prevent
the sale of securities to their
employees in lieu of wages and to recover for
the benefit of
employees the proceeds of securities sold since October
1931,
On application of Assistant
Attorney-General Ambrose
charge of the Bureau of Securities,
&c.).
Extraordinary income
$5,359,596
5,033,996
Consolidated Balance Sheet Nov. 30
in
by allegedly fraudulent
1933
$9,196,248 $10,331,730
7,955,908
9,879,046
Company—
Federal Judge Mack declined to rule
Jan. 18 at a hearing before him in
the Federal Building whether it was
mandatory or discretionary with the
court to permit
petitioners to intervene in the case of the
company whose
reorganization is sought by certain creditors under
Section 77-B of the
Bankruptcy Act. He directed counsel for all parties to file briefs.
Decision will be made before action is
taken on the original petition for
reorganization when it comes up for a
hearing Feb. 3.
Intervention in the litigation was
sought by Oliver C. Carpenter of
20 Broad St., attorney for
Lindsay E. Bird, holder of $10,000 of Associated
Gas debenture certificates.
Mr. Carpenter charged that assets of the
company were being wasted by continued
adjournments and collusion.
Jack Kraus 2d of 551 Fifth
Avenue, counsel to the petitioning creditors,
1934
Cost of sales
&
replacements)
x
52,864,955
10,610,475
pre¬
ferred convertible into 1 1-3 shares of common after
Aug. 1
the proposed plan no preferred
may be called prior to Aug.
In the letter to stockholders
xl
Total gross oper.
revenues.__$107930370 $104977,054
Operating expenses, maint.,&c. 56,776,044
debentures due
2581.u
Atlas Powder Co.—To Reduce
Make Issue Convertible—
—
$2,953,316
3,911,089
400,189
dividend
July 1 1937, and for other corporate purposes.
Any shares of preferred
stock to be sold under this
authority will first be offered to the common
stockholders of the company pro rata for
subscription.
The third proposal is an amendment to the
by-laws of the company
which will give the directors, as well as the
stockholders, power to amend
the by-laws.—V. 141, p.
xlO
x!6,210
to
the directors believe that the
creation of a class of preferred stock will
permit the company to take full and prompt
advantage of future market
conditions favorable to the issuance of
preferred shares, and thus to provide
funds for the payment of the
1
net
$226,901
80,977
The second proposal relates to
for $25,000,000 of preferred
Associated Dry Goods CorjD.—$3 Preferred Dividend—
The directors have declared a dividend of
$3 per share on account of
accumulations on the 6% cum. 1st pref.
stock, par $100, payable March 2
to holders of record Feb. 7.
Similar payments were made on Dec. 2, Sept. 3,
June 1 and March 1
1935, this latter being the first dividend paid since
June 1 1932, when a
regular quarterly payment of $1.50 per share was
$2,724
2,073
The first is that of
broadening the company's charter powers to include,
among other things, the production of oil so that, if desirable for tax or
other reasons, the
company may take over the assets and operations of
certain of its
subsidiary companies.
79,840
„
Net loss—V. 141, p. 4010.
,
$16,854
3,054
19,166,159
The company has called a
special stockholders' meeting for March 24*
The letter which is
being sent to stockholders sets out three proposals upon
which they will be asked to vote.
103,561
102
79,635
-
$710,908
166,811
Atlantic Refining Co.—To Authorize
Preferred
Refund $14,000,000 Debentures—
^,
Cost of sales (incl.
processing tax) before deprec
Selling, administrative and general expenses
$412,184
185,282
$26,040
9,186
Gross income
1934
1935
$11,239
8,514
Interest and rentals
Ry. and
Wabash
Co., Inc.—Earnings—
6 Months Ended Dec. 31—
Net sales.
#l£.877,06?
Net loss
—V. 141, p. 3528.
company, the Wabash
elected a director ot the
$1,605,224 $19,259,278
1,593,984
18,847,094
expenses
Operating income.
Other income
Tom K. Smitn, St.
Lous, has asked the Interstate Commerce Commission
for authority to serve as a director of this
Smith
$1,655,415
1,629,375
(& Subs.)
1935—11 Mos.—1934
1935—Month—1934
Net oper. revenue
Taxes
Ann Arbor RR.—New Director—
affiliated companies.
Mr.
Jan. 7.—V. 142,
p. 119.
revenues
.
per
share
on
28,780
no
par
shares
cumulative prior preferred class A
stock
$5
i A
<
'
—V. 141, p. 4159.
Baldwin Locomotive
14,705
10,000
Works—Bookings—1
The dollar value of orders taken in
December by the company and sub¬
was announced on Jan. 21
sidiary companies, including the Midvale
Co.,
Financial
Volume 142
as
SI,650,577
Included
compared with SI,305,406 for December 1934.
as
Seaboard Airline Ry. for
in the
December bookings is an order from the
six locomotive tenders and one steam switching
These book¬
locomotive.
ings brought the total for the year 1935 to $18,095,891 as compared with
$21,935,640fcl934.
Consolidated shipments, including Midvale, in December aggregated
Sl.733,787 as compared with $2,087,801 in December of last year.
Con¬
solidated shipments for the year 1935 were $20,829,720 as compared with
$16,615,048 for the year 1934.
On Dec. 31 1935 consolidated unfilled orders, including Midvale, amount¬
ed to $6,689,081 as compared with $9,462,712 on Jan. 1 1935.
All figures are without intercompany eliminations.—V. 142, p. 120.
Rubber Co.—To
Baldwin
Split Stock—
for Feb. 19 to
stock.
Directors also propose to apply for
listing on the New York Curb Exchange.
It is proposed to increase authorized capitalization to 600,000 shares of
new common, of which 278,764 would be issued in exchange for presently
outstanding A shares.—Y. 141, p. 738.
41 for
into $1 par
1
common
Baltimore Transit Co A—Earnings—
1934
1935
Month of December—
$947,390
795,361
81,602
Total expenses
Taxes
$917,241
$70,425
Total revenue
$65,380
Operating income
Non-operating income.
766,420
85,439
2,661
See Royal
$66,853
11,052
8,788
Russ
Register—
Co. above.—V. 140, p. 633.
Dutch (Petroleum)
Berland Shoe Stores,
The directors have declared a
Inc.—$1.75 Preferred Dividend—
account of
Feb. 1
dividend of $1.75 per share on
the 7% cum. conv. pref. stock, par $100, payable
to holders of record Jan. 20.
A similar payment was made in each
accumulations
on
preceding quarters, and compares with $3.50 per
Aug. 1 and May 1 1934.
The last regular quarterly
per share was made on Feb. 1 1932.—V. 141, p. 2878.
five
of the
share distributed
payment of $1.75
(N. J.)—Merger—
Bethlehem Steel Corp.
A special meeting of stockholders will be held Feb.
take action with respect to a proposed merger of the
26 to consider and
corporation, Union
New Jersey corporation, Bethlehem Mines Corp.,
and Kalman Steel Corp., a Delaware corporation,
into Bethlehem Steel Corp., also a Delaware corporation, which is to be
the surviving or resultant corporation.
[The latter company was incor¬
porated July 1 1919 in Delaware.]
In our issue of Jan. 18 we stated that the merger of three subsidiaries
was contemplated.
See V. 142, p. 453.
Iron Works Co., also a
a Delaware corporation,
Black & Decker
Mfg. Co.—To
Vote
on
Employees Stock
Plan—
1,472
$73,087
Russ
com.
Batavian Petroleum Co.—Not to
of no-par class A stock
proposal to split tne present 70,000 shares
on a
preferred stock of Bastian-BIessing Co. and 1,900 shares of pref. of
Soda Fountain.
(In 1934 treasury stock consisted of 10,040 shares of
309 shares of pref. of Bastian-BIessing and 1,581 shs. pref. stock of
Soda Fountain—V. 140, p. 792.
on
called a special meeting of stockholders
Tne company has
vote
617
Chronicle
The company
of stockholders
has called an annual and special meeting
Jan. 27 for the ratification of an employee's contingent stocK com¬
pensation plan receommended by the board of directors.
Under tnis plan,
the authorized common stock would be increased from 300,000 to 330,000
on
Gross income
Fixed charges (incl. int. on $931,000
debentures in December 1935)
Net income
series B 5%
Note—No deduction is made in the above statement
series A 4% and 5% debentures,
Jan. 1 1936 to holders of record at close of business
toward interest of $116,288, on
payable
on
1935.—Y.
4011.
141, p.
declared
Dec. 20
*
Corp.—Earnings-
Bankers Securities
1933
1934
1935
$280,864
479,132
sales
on
$262,253
439,210
$759,996
Calendar Years—
Profit and loss
shares.—V.
$58,064
for December 1935
$701,463
175,515
43,502
$648,715
151,424
Total income
183,782
41,502
Operating expenses.
Taxes
202,489
40,117
Liquidation of sub. in excess of re¬
101,868
serve provided.!
Adjustment of security values to cost
or market, whichever is lower
26,717
p.
4160.
Jay Kasler of Toronto and SamueJ
$468,360 cash was ordered Jan. 21 by Federal
The sale of the assets of the company to
C. Rudolf of San Francisco for
Judge Guy L. Fake at Newark, N. J., after a two-day consideration of three
bids.
The assets sold, which included accounts receivable and merchan¬
dise on hand, but not the plant itself, were valued at $1,358,627 on Nov. 30
last.
The liabilities were listed as $1,153,462.
The real estate will remain
of the trustees, O. Bertram Plante
for later disposal.
in the possession
453,053
Int., divs., commissions &c. income.
$320,455
328,260
141,
Bond Electric Corp.—Sale—
$62,034
-
mann,
and L. Edward Herr¬
$253,000
The proceeds of the sale will meet the trusteeship obligation of
and will pay pre-receivership creditors about 10 cents on the dollar.
the Court were one from David Willner of Newark,
an auctioneer, who proposed to sell the assets and guarantee proceeds of
$450,000, and one from a creditors' protective committee headed by Luigi
Criscuolo of New York.
The Court preferred the cash offer.—Y. 142,
p. 295.
*
The bids rejected by
Bond & Share Trading
Corp.—Initial Dividend—
25 cents per share on the
value, payable Feb. 1 to holders of record
The directors have declared an initial dividend of
$406,127
$331,022 loss$46,945
During 1935 losses were taken in the amount of $434,809 for which,
however, reserves had been provided in prior years, and therefore this
Profit for year..
1934
1935
14,128
Deposits in banks
to in liquidation
198,829
194,668
1,326,616
332,032
Reservo
983,781
291,975
912,347
241,801
Boss
7,407,500
Coll. trust notes..
Other securities...
Accrued int. rec..
250,000
3,000,000
354,527 defl36,858
Surplus
2,284,431
47,655
stock.__
Accounts
payable.
25,466
32,189
295,808
Accrued
wages...
17,499
57,104
9,293
146,161
300,000
300,000
205,173
727,162
Tax
Accts. & notes rec.
568,675
surr.
405,413
109,032
(less reserve)
Cash
97,609
y
at cost
due
from
Due
21,755
11,309
1,882,768
2,762,544
16,371
13,384
17",572
19,362
Invests., adv., &c_
Def'd accts. rec
Deferred charges..
$4,339,814 $4,669,978
equip.,
28,047
38,268
2,591
expenses.
x
1,443
12,539
13,867,196
District Court
13,867,196 13,433,015
Total
13,433,015
1944—par value, $4,814,200 and
$5 par value, $2,682,789.
y 1,285 shares
After deducting 80.000 shares held in treasury
Consists of collateral trust notes due
z
for retirement.
balance sheet at $2,599,994
Dec. 31 1935 of over $4,200,001.—V.
Note—The stocks and bonds entered on the
had
an
indicated market value at
141, p. 584.
Bankers &
Shippers Insurance Co. of N. Y.—Dividend
Increased—
PMThe directors have declared a quarterly dividend of $1 per share on the
capital stock, par $25, payable Feb. 7 to holders of record Feb. 3.
This
compares with 75 cents per share previously distributed each three months.
In addition extra dividends of 25 cents were paid on Nov. 8, Aug. 8 and
May 9 1935.—V. 141, p. 3218.
Bastian-BIessing Co. (&
Subs.)—Earnings—1935
$2,667,225
1.902,524
Net sales
-
1934
$2,761,295
2,038,193
487,394
Years Ended Nov. 30—
Cost of sales
545,414
Selling expenses.
General and administrative expenses
Prov. for bad debts, repossession losses,
$29,834 loss$116,927
83,404
52,693
$113,238
32,660
17,500
profit before deduction of interest.
Interest charges
Provision for Federal income tax
Net
x
final n8t loss to surplus account of
Consolidated Balance Sheet Nov. 30
1935
Assets—
6% pref. stock...
$587,662
10,370
144,278
10,147
149,870
6%
387,945
941,607
Patents
Cash
406,232
917,556
23,615
x
tain Co
receivable
Inventories
39,230
Value of life insur.
and
Common stock..
Trade payables.__
Miscell.
Res.
accts..
2,644
officers & em pi.
8,182
126,594
40,189
143,488
53,798
K vestments, &c._
Deferred charges..
payables.
Fed.
for
Capital
31,445
42,605
23,010
79,109
29" 679
32,400
118,660
871,405
55,582
stock..zDr348,403
Dr322,505
857,072
$2,292,905 $2,300,550
x Represented
by 173,665 shares (no par; stated value,
y\After reserve for losses of $93,939 ($80,843 in 1934).
z
(at cost)
represented by 10,340)^ shares common stock
868,325
paid-
in surplus
Total
357,750
interest.
and
Treasury
$2,292,905 $2,300,5501
357,750
868,325
81,345
17,500
tax
Minority
Earned surplus
Total
1934
$286,200
inc
Accrued liabilities.
Long-term rec., in-
586,200
pref. stock of
Russ Soda Foun¬
Accts. and notes
Notes
1935
Liabilities—
1934
$600,048
Capital assets
y
adjustment of accrual of prior year's property
amounting to $9,675 leaving a
$77,693.
loss$64,234
23,134
$63,078 xloss$S7,369
profit from operations
From which is deducted
taxes
236,435
58,180
218,998
28,475
&c
Net profit on sales.
Other income
Net
Plan—
Dec. 7.
on
#
with the plan states in part:
organized in 1924 in Delaware with an authorized
capital of 300.000 shares of common stock (later increased to 500,000 shares).
Soon after organization it acquired 21,000 shares (outstanding 36,000 shares)
of stock of Botany Worsted Mills of Passaic, N. J.
It also acquired the
assets, property and business of Garfield (N. J.) Worsted Mills, subject to
its liabilities, as a going concern.
By subsequent purchases the holdings of
stock of Botany Worsted Mills were increased to total of 35,913 shares.
In connection with the financing of these purchases and the raising of funds
for other purposes a total issue of 100,000 shares of class A stock (par $50)
was authorized and eventually issued and is now outstanding, and a bond
issue of 6H% 10-year sinking fund gold bonds maturing April 1 1934, was
authorized, of which $7,007,000 are outstanding.
On March 28 1932, proceedings in equity in the U. S. District Court for
the District of New Jersey resulted in the appointment of equity receivers.
The court appointed Franklin W. Fort, Charles F. H. Johnson, Henry C.
Whitehead, Harry Meyers and Henry Bahnsen.
These receivers remained
in possession of the property until Sept. 12 1935 when the same persons
were appointed temporary trustees under the provisions of Section 77-B of
A statement submitted to the court
753,055 shares common stock,
participating preferred,
($1,585,957 in
hearing will be held Feb. 3 before John Grimshaw, Jr., Special Master
at Paterson, N. J. on the plan of reorganization submitted to the U. S.
The
Total
$4,339,814 $4,669,978
in 1935
A
less
depreciation
Prepaid
Tota
of $1,661,062
Botany Consolidated Mills, Inc.—Hearing on
brokers
and customers-_
Office
198,180
491,565
from
Inventories
a After
deducting depreciation
1934).—V. 140, p. 1303.
733,630
......
for contlng..
Earned surplus...
Restricted bk. deps
Total....
stock
Treasury
Res.
reserve
Capital surplus._.
value of
policies..
lav. in & advs. to
subsidiaries
1934
$3,250,000 $3,250,000
Common
amts.
3 ,000,000
Common stock
619,200
30—
1935
Liabilities—
1934
$1,005,079
503,782
350,217
employees, &c__
10,120,000
zlO ,000,000
2,599,994
56,530
Serial gold debs...
1935
$950,869
......
pre¬
227,000
506,700
Coll.tr. serial notes
31,989
53,643
30,000
penses
ferred stock
Mfg. Co. (& Subs.)—Balance Sheet Nov.
Plant & equip.__
Cash
a
insur.
and deferred ex¬
Participating
.*7,496,989
367,397
taxes
Trust funds
City Stores Co. se¬
....
for
50,487
414,897.
Deferred income
Loans receivable..
Real est. acquired.
$
Due to brokers and
customers
First mortgages
1934
$
Liabilities—
357,502
126,388
no par
Marketable securs.
1935
I
S
S
Assets—
Cash
stock,
Assets—
Comparative Balance Sheet Dec. 31
•
common
Jan.20.
reflected in the profit and loss account
amount is not
curities
class A
$5 per share).
Treasury stock
and 489 share
company
was
the Bankruptcy Act.
Not long after their
appointment, the receivers, discontinued the manu¬
facturing operations of the debtor with the result that thereafter the entire
operating business was confined to that of the subsidiary corporation.
Botany Worsted Mills.
Pursuant to orders of the court the business
inventory and property of the debtor (other than plant and machinery at
Garfield, N. J.) were sold and transferred by the receivers to Botany
Worsted Mills, the subsidiary corporation, and the receivers were directed
by order of the court to make no further expenditures in connection with
the physical assets consisting of plant and machinery at Garfield, N. J.
These physical assets have since been sold under authority of the City of
Garfield to satisfy liens for taxes.
•
Aside from miscellaneous assets, of doubtful value, the principal asset of
the corporation consists of its interest in 35,913 shares of stock
Worsted Mills.
Of these shares, 27,402 shares are held by the
of Botany
Chase Na¬
York as trustee for the 6H% 10-year sinking fund gold
bonds, due April 1 1934 and which, with the semi-annual coupons thereon
maturing April 1 1932 and subsequent coupons, remain overdue and unpaid.
The remaining 8,511 shares of stock of Botany Worsted Mills are in the
possession of the temporary trustees.
Botany Worsted Mills is not in receivership but is operating to a large
percentage of its capacity.
By reason of the heavy impairment of its
capital, it has been and is handicaoped in its operations by lack of adequate
working capital.
Through the efforts of its management it has procured
loans from or through the Reconstruction Finance Corporation in the gross
amount
of $1,800,000, secured by mortgage on its plant, machinery,
equipment, &c.
It has also procured a bank credit of $1,000,000 from the
Textile Banking Co. secured by pledge of inventory and it has also obtained
and enjoys an open credit in the Boston Wool market of approximately
$1,000,000.
Notwithstanding the difficult conditions under which the
business of Botany Worsted Mills is being carried on by reason of limited
working capital the management has not permitted its physical properties
and equipment to deteriorate but, on the contrary, has constantly replaced
and renewed its equipment with modern and improved apparatus.
Its
long record of earnings up to the time of the beginning of the depression in
the textile industry, and the tenacity with which it has continued its
operations, improved its equipment and retained its position in the market
are believed to justify the expectation, that with the proposed reorganiza¬
tion completed, the operation and management of the business free from the
uncertainty necessarily attendant upon operation under judicial proceed¬
ings, and the opportunity thereafter to obtain further and adequate
working capital, the Botany Worsted Mills can be restored to a revenue
tional Bank, New
618
Financial
producing condition which will
substantial
of
part
the
the ultimate salvage of at least a
holders'
investment in
the debtor
security
corporation.
'
.
The plan of reorganization, approved by directors, has also
of the protective committee for stockholders of the debtor.
the approval
Statement of Claims and Securities to Be Adjuste
10-year 6tf% sinking fund gold bonds, due April 1 1934 with]
April 1 1932 and subsequent unpaid coupons attached,
principal amount
$7,007,000
Sundry accounts payable.
6,220
Indebtedness to subsidiary, Botany Worsted Mills
376,049
Class A stock (par $50)
5,000,000
Class B common stock (no par)
*380,129 shs.
--
—
__
*
Stated value $20 per share.
When the plan becomes effective the
corporation will be authorized to
issue 140,140 shares of preferred stock
(par $25); 209,147 shares of class A
common stock (par $1
per share); and 200,000 shares of class B common
(par $1),
The preferred stock shall be entitled to dividends at the rate of
$1.25 per
share in each year before any dividends shall be
payable upon the common
stock.
Dividends on pref. stock shall be non-cumulative until there shall
have been accumulated or applied from net
accrued
indebtedness
earnings a sum equal to the
Botany Worsted Mills to RFC and to Textile
of
Jan. 25 1936
Bourne Mills, Fall River, Mass.—Dividend Doubled—
The directors have declared a
quarterly dividend of $1 per share on the
capital stock, no par value, payable Feb. 1 to holders of record Jan. 20.
This compares with 50 cents
paid in each of the four quauters of 1935;
$1 on Nov. 1 and Aug. 1 1934; $1.50 per share on May 1 1931, and $1 per
share in each of the three preceding
quarters.—V. 141, p. 3528.
British-American Tobacco Co., Ltd.—Final Dividend—
The directors have declared a final dividend of $0,361 per share on the
American depository receipts and on the ordinary bearer shares payable
Jan. 24 to holders of record Dec. 23.—V.
142, p. 121.
Broad Street Management Corp.
Calendar Years—
Interest
Securities to Be Issued Upon the Confirmation of the Plan
stock
Chronicle
mean
Banking Co.
as the same shall exist on the date of confirmation of the
plan,
for the period of five years from the date of issuance of the
preferred
whichever shall be the shorter period and shall be cumulative
thereafter.
Preferred stock shall be callable on any dividend date, at $25
■Earnings—
1935
1933
$39
1934
Fees for investment service
$46,341
$41,305
40,446
Total income
Salaries
$46,341
4,337
5,910
1,145
1,722
$41,305
$40,485
3,571
5,480
1,815
:
1,023
Directors' fees
Rent, supplies, telephone, &c
Legal and auditing fees
Miscellaneous expenses
Service fee..
4,213
5,449
1,112
802
566
611
927
23,171
2,065
20,653
1,740
20,222
1,413
$7,427
$6,726
$6,031
:
Taxes
or
stock
per share.
■'
'
-
;
/.
■
After the annual 5% dividend upon the
preferred stock, together with all
of such dividends, if any, shall have been paid or
accumulations
provided for class A
earnings of any year
duly
stock shall be entitled to receive out of the
common
a dividend of $1 per share in preference to the class B
stock and before any dividend shall be
paid on the class B stock.
After the 5% annual dividend upon the
preferred stock and the $1
preferred dividend upon the class A stock shall have been paid or
provided
for any further distribution out of the
earnings of such year shall be divided
ratably, share for share, among holders of the class A and class B common.
All classes of
common
stock, preferred stock, class A common stock and class B
stock, shall have voting power and each share of stock shall be
ntitled to
one vote.
Treatment of Bonds, Other Claims and Stocks to Be Adjusted Under This Plan
Holders of the 10-year
6)4%
sinking fund gold bonds will be entitled
to receive two shares of the
preferred .stock and two shares of the class A
common stock in respect to each
$100 of bonds.
Holders of the class A stock
(par $50) will be entitled to receive
of the
one
Balance Sheet Dec. 31
Assets—
Cash
Pre-receivership
creditors
of
the
debtor,
other
than
the
subsidiary.
Botany Worsted Mills, whose claims have
been filed and allowed, will be
of the plan, to receive in cash 100% of
claims.
The claim of the subsidiary,
Botany
entitled,
upon the consummation
the face
amount
of their
Worsted Mills, against the debtor, will be waived.
It is believed that the
minority stockholders of Botany Worsted Mills necessary to such
can be obtained if the
plan be confirmed,
j
|
assent of
waiver
Class A
lgold bonds...
140,140
ass A stock ($50
par)
Cass B common
Shares of class B stock
Cash
140,140
50,000
19,0063^
.
_
$6,220
directors will
members the individuals
composing the
as
Botany Worsted Mills.
The officers will include the
following: Pres.,
Charles F.
~~2~666
165,134
$182,819
$181,729
Total
$182,819
$181,729
Represented by shares of 10 cents par value,
b The above investment
on
market quotation
(over-the-counter market in New York) as
at Dec. 31 1935 was in excess of cost
by $205,852, after giving consideration
to any tax liabilities relative to
realization of this unrealized appreciation.
The corporation holds contracts to furnish investment
service for a fee to
Capital Administration Co., JLtd., and the Broad Street
Investing Co.
Inc., to which no value has been attributed.—V. 140, p. 634.
Bronx Traction Co.- -Proposed
See Third Ave.
Merger-
Ry. below.- -Y. 78, p. 2333.
Brooklyn-Manhattan Transit Corp.—Collateral Retired
The Chase National Bank, tiustee under the trust
indenture of July 2
1923, securing the Rapid Transit Security 6% gold bonds, series A, due
July 1 1958 announces that according to their records $641,000 of these
bonds were retired in the operation of the Jan. 1
1936, installment of the
sinking fund.
Tney also advise that tneir records of the aforementioned
operation of the sinking fund show that the following described collateral
was released at the
request of the corporation; $91,000 Winiamsburgh Power
Plant Corp. general
mortgage 5% sinking fund gold bonds series A, due
July 1 1968.
Acquire All of B. & Q. T. Stock—
poration for
made Jan. 20 to the Transit Commission
by the cor¬
to acquire ail stock of the Brooklyn & Queens
subsidiary, held by other interests and outstanding in
was
permission
Corp.,
a
or
controls
about
70% of the
and
common
The corporation does not propose at this time to
buy the publicly held
stock, but it desires to own two-thirds of the
voting stock before the
maturities of a number of bond issues in
200,000
_
Management Upon Consummation of Plan—The board of
1934
$12,188
20,000
2,000
147,540
a
54% of the preferred stock.
served for purch. war¬
rants to management
To pr-receiver. creditors
1935
$15,685
expenses,
Common stock..
a
the hands of the public.
The B. M. T. now owns
-
re- :
be fixed at 11 and will
include
board of directors of
Surplus
23,844
for
Total.....
Application
,;>Class B
126,973
20,266
Liabilities—
based
Transit
O
bl26,973
class B stock
Would
-Will Receive
Pref. Stock
taxes, &c
Divs. payable
Res.
Accts. receivable._
Summary of Distribution of Securities of the Company 1
Existing Securities—
10-year 6H% sink, fund
1934
$34,490
__
Capital Adm. Co.,
Ltd., 166,200 shs.
held.
Treatment of Pre-Receivership Creditors of Debtor
1935
$32,003
deposit &
on
hand
on
share
class A stock for each two shares of the old class A
stock held.
common stock (no par) will be entitled to receive
share of new class A stock for each 20 shares of class
B common stock
new
Holders of the class B
one
Net income.
H.
Johnson;
1939, 1940 and 1941.
Such ownership, representatives of the
company stated at a Transit
Commission hearing Jan. 22, would facilitate the
refinancing of the maturing
bonds at lower interest rates.
"The sole purpose of this petition," said A. M.
Williams, special counsel
the company, "is to
permit the B.-M. T. to simplify its corporate
for
Vice-Pres., F. R. Edington; Vice-Pres., F. A. Gurghardt; Treas., Otto E.
structure
Purchase
Warrants—The purchase warrants for the purchase of the
authorized issue of 200,000 shares of class B common
stock (par $1) will
be distributed to the
management of Botany Worsted Mills (such manage¬
ment to be identical with the
management of this corporation) in the
discretion of the president, Col. Charles F. H.
Johnson.
These warrants
the
Kuhn.
will entitle the executive members
of the management to purchase at
any
time within five
years of their date, up to 100,000 shares of class B stock at
$1 per share, and the balance of the authorized
200,000 shares at $2 per
share.
if at some future time "it should become
convenient
Earnings
as
Assets—
Liabilities—
Cash in bank
$213
Due from subsidiary
b Note receivable
a
94,858
209,560
Sinking fund trustee
Cash in bank of United States
c
Subsidiary company stock.
Deferred charge
86
477
13,466,133
423
674
Federal income tax payable..
State of Del., franchise taxes.
Accrued
4,307
Due to subsidiary
Funded debt
Operating deficit
Capital surplus
376,049
7,007,000
222,750
5,000,000
3,257,580
14,948,618
12,837,249
Total
...$13,771,7511
Total
$13,771,751
Botany Worsted Mills—resulting from sale of inventory in
accordance
with court order,
b Stoehr & Sons, Inc., due June 20
1932, secured by
125,000 shares of common stock of Botany Consolidated
Mills, Inc.
c Net
worth of 99.758% interest in
subsidiary. Botany Worsted Mills as of Oct.
26 1935.
27,402 shares of Botany Worsted Mills stock having a book value
of $10,274,837 as of Oct. 26
1935, are pledged as collateral to the 10-year
secured
a
6J4 % sinking fund bonds.
Note—The machinery and
equipment at Garfield, N.
June 19 1933, by the
City of Garfield to satisfy a personal
a
J.
were
sold
on
Briggs Manufacturing Co.—-To Guaranty Sub.'s Divs.—
voluntarily offered to provide
full debenture interest and
a
7 % dividend
on
an amount
sufficient to
the common stock of its
subsidiary, Briggs Motor Bodies, Ltd., England, until
the profits in any
trading year reach the figure foreshadowed in the prospectus for the
English
company's recent financing.
Owing to unforeseen production difficulties encountered in the extensions
of the English company's
plant, the estimates made in the prospectus for
profits in 1935 were not realized.
These difficulties are now being over¬
come.—V. 141, p. 3852.
\
Bristol-Myers Co.—Extra Dividend—
The directors have declared
addition to the regular
extra
dividend of 10 cents per share in
quarterly dividend of 50 cents per share on the
capital stock, par $5, both payable March 2 to holders of
record Feb. 17.
Similar distributions were made in the nine
an
preceding quarters.
Period End. Dec. 31—
Net profit after deprec.,
...
1935—12 Afos.—1934
$443,621
$399,501
$2,272,600
$1,966,164
686,999
$0.65
696,448
$0.57
686,999
$3.30
696,448
$2.82
Shares capital stock (par
$5) outstanding
Earnings per snare
To Vote
on
Reorganization Plan-
The stockholders at a special
meeting to be neld on March 5, will vote on
plan of reorganization involving the merger into this
corporation of its
subsidiary, Bristol-Myers Co., a New Jersey corporation.—V. 142, p. 454.
a
$6,670,650
347,061
$7,063,685
$1,402,857
723,652
$7,017,711
4,301,553
$7,430,206
4,336,328
$609,880
$679,205
$2,716,158
$3,093,878
67,051
80,870
253,242
315,346
$542,829
$598,335
$2,462,916
$2,778,532
366,521
jljois.,
v\j
ju»
,-i.yx
•
j.
i
.
—V. 141, p. 4012.
Brooklyn & Queens Transit System—Earnings—
Period End. Dec. 31—
Operating
Operating
Taxes
on
revenues
expenses
oper. props
1935—Month—1934
1935—6 Mos.—1934
$1,803,262
$1,781,904 $10,142,532 $10,130,102
1,399,380
1,336,172
8,085,046
7,982,317
145,008
138,961
856,770
786,552
Operating income
Non-operating income.-
$258,874
14,334
$306,771
16,596
$1,200,716
92,465
$1,361,233
Gross income
Income deductions
$273,208
125,731
$323,367
129,478
$1,293,181
744,016
$1,458,195
774,355
$147,477
$193,889
$549,165
$683,840
96,962
Current income carried
to
—Y.
surplus
141, p. 4012.
Brooklyn Union Gas Co.—75-Ceni Dividend—
The
directors
have declared
a
dividend of 75 cents per share on
the
Aprl 1 to holders of record March 2
common stock, no par
value, payable
A similar payment was made on Jan. 2
last, prior to which regular dividends
of $1.25 per share were distributed each three
months from Julv 1 1927 to
and including Oct. 1 1935.—V. 141.
p. 3685.
Bulolo Gold
Dredging, Ltd.—Operations—
The company has advised the Montreal Curb
market that gold
production
during December amounted to 6,774 fine ounces, wnich
compares with
9,723 ounces in November and 10,986 ounces in December
1934
Estimated net working profit in December is
shown at 4,902 fine ounces
which is equivalent to $171,570 with
gold calculated at $35
Canadian funds.
per
In
ounce
in
November net working profit was
estimated at $252
665, and in December of 1934 at $272,195.
'
Number two dredge was shut down for a while and
only 615,000 cubic
yards were handled during December as against
811,000 cubic yards in
November and 881,400 cubic yards in December a
year ago.
Operation of
No. 2 dredge was resumed Jan. 1.—V.
141, p. 3853.
-
1935—3 Mos.—1934
Federal taxes & other
charges
$1,342,795
60,062
$1,327,488
717,608
Gross income.
Income deductions
property tax lien.
buildings were taken over by the City of Garfield, Oct. 21
final decree in foreclosure proceedings.—V. 141, p. 3852.
This company has
$1,280,787
46,701
5,040
2,400
liabilities
Class A pref. stock
Common stock (380,129 shs.)
1935,_under
[Includes Brooklyn & Queens Transit System]
1935—Month—1934
1935—6 Mos.—1934
$4,538,540
'
$4,414,301 $25,762,675 $25,421,886
expenses
2,831,953
2,703,543
16,668,236
16,288,982
oper. props,,
425,800
367,963
2,423,789
2,069,219
I'SS
$7,320
necessary to do so."
revenues
Operating income
Accounts payable, trade
Bondholders' tax claims
Accrued interest
The land and
on
of Nov. 30 1935
[Botany Consolidated Mills, Inc.—in receivership]]
or
of System
Period End. Dec. 31—
Operating
Operating
Taxes
Balance Sheet
pay
by owning this stock directly instead of owning it
indirectly
through wholly owned subsidiaries."
He added that permission to
acquire
publicly-held shares was sought so that such purchases could be made
Bush Terminal Buildings
Period End. Dec. 31—
Loss after exps., depre.,
int.
&
other
Co.—Earnings—
1935—Month—1934
1935—12 Mos
but before Fed. taxes.
-V. 142, p. 121.
-1934
4
charges,
$16,479
$13,596
$119,764
$7,880
Financial
Volume 142
Bush Terminal Co.—Court Asks Action
plan of reorganization is presented to him witnin 30 days he will terminate
the proceedings under Section 77-B now before him and return the company
to tne possession of equity receivers.
Judge Inch also stated that in such
an event the suit in
equity against the company must also be promptly
a
concluded.
suit
in equity was brought against it in the Federal court in Brooklyn on April 1
1933.
Judge Inch appointed former Supreme Court Justice James V.
The financial difficulties of the company first became public when a
Van Siclen and C. Walter Randall
equity receivers.
On Nov. 16 1934 the company filed a voluntary application for reorgani¬
zation under Section 77-B of the Federal Bankruptcy Act, Judge Inch
appointed Mr. Van Siclen and Mr. Randall as trustees an* continued them
in their duties as equity receivers because the suit in equity is still pending,
despite the reorganization proceedings.
On March 15 1935 Judge Inch appointed Herman S. Bacbrach Special
Master to hold hearings and take testimony as to plans of reorganization.
On Jan. 7 Mr. Bachrach, in a report to Judge Incn, said he considered a
number of plans for reorganization, but he was unable to recommend any
as
(Incl. Sub. Cos.)
Income Account Years Ended Sept. 30
Reorganization
on
In a memorandum handed down Jan. 22 Judge Robert A. Inch, in the
U. 8. District Court, in Brooklyn, served notice on the company that unless
619
Chronicle
1934
1935
Operating profit after deducting selling and general
administrative
Dividends
on
expenses
_
$905,690
-
ai_
$439,871
1,763
677
$907,453
$440,548
93,746
10.699
98,650
42,665
31,505
investments
Total profit
Maintenance of stocks of spirits
Non-operating overhead
Provision for bad & doubtful accounts—
Amount due from and shares in Robert McNish &
5,031
Co., Ltd. written off
Investment in Alexander McDougall & Co., Ltd.
63,074
49,302
96,197
244,012
245,003
written down
Interest
on
Interest
on
bank loans, &c
debenture stock of Robert McNish &
Co., Ltd
Additional
reserve
of
inventories
against
raw
"Tne report of the Special Master indicates clearly that no plan is recom¬
for the approval of this court," said Judge Inch in his memo¬
"On the contrary, it is mentioned in the report that none of
mended
36,090
382.539
"2",574
1,506
Executive salaries
of them to the court.
161,618
Directors foos
Directors fees of Robert McNish & Co., Ltd
71,135
materials and supplies..
Provision for depreciation
833
14,473
50,000
10.000
$196,122
J76
31,815
246
Legal expenses
Provision for income taxes
...
randum.
the proposed
time.
plans
can
be presented for what appears to be an indefinite
"Both the decisions of the higher courts in regard to equity receiverships
as well as the express words of Section 77-B of the Bankruptcy Act direct
that such suits and proceedings be closed with all reasonable speed.
They
Net income._
Exchange arising through the conversion to dollars
of the accounts of Robert McNish & Co., Ltd—
Consolidated profit for the year
cannot be allowed to stay in the court longer than is reasonably necessary.
"In the absence of some motion by some or all of the parties, this court
is charged with the duty of itself seeing that such due diligence is exercised.
In this case the equity suit is still pending and this court has previously
called attention to the need of reasonable speed in both such suits and in
this proceeding.
"In view of the Master's report, this 77-B proceeding cannot therefore
be allowed to linger on thus indefinitely in the mere hope of some plan
being hereafter presented.
The continued existence of this proceeding
depends not on such hope for a plan, but upon the actual presentation of a
fair and feasible plan within a reasonable time.
"It seems to me, therefore, that this court should, and it does now declare,
that unless some plan is duly presented or circumstances shown to the court
that such a plan is to be duly presented, this 77-B proceeding will be ter¬
minated and the debtor returned to the possession of the equity receivers,
which suit, in turn, must also be promptly terminated.
"It seems to me that a period of 30 days longer is all that should now
be granted in which to present such plan, and if it is not so presented this
court will take immediate steps to terminate this 77-B proceeding as above
indicated."
1935
Cash
x
Amounts
due
'
Period End. Dec. 31—
Profit after exps., depr.,
but
int.,
Liabilities—
$103,607
592,286
778,973
Bank loan,
Ltd
12,447
6,130,289
Inventories
16,634
6,798,269
change, &c
provincial
chase contracts
122,173
Eest'd inc. tax lia¬
bility & other ac¬
der sales contract
crued taxes
232,567
372,151
172,043
2,460.745
2,623,023
2,292,968
16,875
2,292,816
24,151
Investments
yFixed assets
Good-will,
and
other taxes
10,170
.
Special
inventory
of spirits held un¬
McNish
&
Co., Ltd. 20-yr.
6% debentures. 4,038,165
Accrued interest-.
71,702
Res. for contlng...
for
500,000
13,482,860 13,482,860
7,104,352
6,336,157
Consolidated Income Account
Total
2,336,141
2,452,499
1,501,292
$2,495,645
1,801,014
$582,996
6,211
$710,334
35,714
$434,048
60,894
$694,631
47,809
$589,207
602,329
505,234
90,909
20,640
185.847
$746,048
657,889
504,659
90,909
15,532
167,493
$494,942
657,897
504,482
90,905
15,925
174,989
$742,440
788,258
510,930
90,909
16,356
121,685
53,793
83,314
94,796
105.252
$869,545
$773,748
$1,044,056
184,418
$922,3(54
397,208
Cost of sales
Gross mfg. profit-
Other income
Total Income
Adm., gen. & sell, exp...
Prov. for deprec., Ac
Amortization of patents.
Special charges
Idle plant exp. (net)
Prov. agst. book value of
market
to
a
secur.
reduced
31,402
quoted value
Orient Coal & Coke Co.
charges
Net loss
Preferred
dividends
$869,545
51,415
$773,748
803,734
$1,228,474
2,047,406
$1,319,562
3,330,285
36,683
36,683
40,432
36,683
36,683
Total surplus
def$781.447
on sale of treas. stk
$107,101
20,943
$855,615
51,881
surplus
Prop, of cap. surp. (aris¬
ing fr. reval. of prop.)
realized during year.,
b Transfer of bal. in res.
Loss
.
Adjust, in respect to dis¬
mantlement of Orient
C. & O. prop, units...
1,105 in 1934.
y After reserve for depreciation of $2,509,774 in 1935
1934.
z Represented Dy 988,480 in 1935 (988,481 in
1934) voting shares and 123,436 in 1935 (123,435 in 1934) non-voting shares,
both
no
par.
Assets—Cash, $85,932; accounts and bills receivable: less; reserve for bad
doubtful accounts, $2,872), $88,735; stocks of spirits, $4,979,871;
materials and supplies, $176,578; prepayments on purchase contracts,
$10,170; special inventory of spirits held under sales contract, $232,567;
deferred charges to operations, $12,315; shares in and amounts owing by
subsidiary companies, $929,054; investment in shares of associated company
(at cost), $372,150; fixed assets: less: reserve for depreciation, $1,753,607;
net, $2,392,971; good-will, trademarks, &c, $1; total, $9,280,346.
Liabilities—Trade accounts payable, $106,460; accrued charges, &c.,
$26,500; containers in hands of customers, $49,632; accrued interest on
debenture stock of Robert McNish & Co., Ltd., including accrued liability
for income tax in respect thereto, $71,701; provision for Dominion, provin¬
cial and other taxes, $98,947: rseserves for contingencies, $198,265; reserve
uncompleted sales contract, $500,000; reserve—provision for deficiency on
merging of Canadian subsidiaries by parent company, $178,757; reserve—
re guarantee of Robert McNish & Co., Ltd. debentures, $3,196,346; capital
stock (988,480 voting shares and 123,436 non-voting shares), $4,853,735;
total. $9,280,346.—V. 140, p. 3205.
and
raw
Canadian National
—V. 142, p.
$803,734
$2,047,406
1932, $37,051.
of Orient Coal & Coke Co. to surplus on account of
Consolidated Balance Sheet
1935
Canadian Pacific
1935
$
1,478,006
from
officers
Accts. & notes rec.
Cash in banks, &c.
Patents
Deferred charges
.
.
18,054,725
Total
After
reval.
from
Accounts
182,224
Wages
477,273
Reserves
32,383
18,856,7341
6.307.300
2,666,350
of
53,416
1,208,417
37,436
85,266
assets
14,773
15,751
226,022
9,052
15,751
243,138
281,573
386,363
32,562
$
7% pref. stock.... 6,307,300
y Common stock.. 2,666,350
Cap. surp. arising
cap.
and employees..
Investments
x
1,892,416
67,528
1,171,734
payableand
Acer. gen. tax
expenses
17,951
.....
9,265
244,252
payable
214,486
51,415
9,070,730
•Dt-776,192
Surplus...
__def786,081
Paid-in surplus
9,070,730
Treasury stock
Z>r776,192
Total
18,054,725 18,856,734
deducting reserve for depreciation and depletion of $3,259,783
in 1934.
y Represented by 266,635 share of no
1935 and $3,331,884
in
par
value,
including treasury stock.—V.
141, p. 3219.
quarterly dividend of 30 cents per share
stock, payable March 2 to holders of record Feb. 15.
This compares with 40 cents per share previously distributed each three
months from Sept. 15 1928 to Dec. 2 1935 inclusive.—V. 142, p. 454.
The directors have declared a
the
no
par common
Canadian Bronze Co.,
Ltd.—;New Vice-President—
Harold J. Roast has been appointed Vice-President in charge
operations.—V. 142, p.
Canadian
of technical
121.
Industrial Alcohol
Co., Ltd.—May Reduce
Capital—
A special meeting of shareholders will be held on Jan. 30 for the purpose
of considering and, if deemed expedient, sanctioning special by-law B of
the company, being a by-law to reduce the paid-up capital of tne company
by the outstanding voting and non-voting shares without
or par value of the capital stock of the company to the sum of
$4,853,735, which by-law also provides for the making of application to the
Secretary of State of Canada for Supplementary Letters Patent confirming
represented
nominal
the same.
$175,249
$2,037,000
earnings
1935
$1,934,000
Increase
$103,000
Cape & Vineyard Electric Co.—$750,000 Bonds Offered—
A
$750,000 issue of 4% 1st mtge. bonds, series A, is being
offered by Arthur Perry & Co., Inc., and Graham,
& Co.
The offering price is 103.25 and accrued
A prospectus dated Jan. 18 affords the following:
Parsons
interest.
Dated July 1 1935; due July 1 1965.
Int. payable J. & J.
Both principal
(and premium if any) and int. shall be paid in coin or currency of the United
private
debts, and shall be payable at the office of the company or at its agency
in Boston.
Coupon bonds registerable as to principal only will be issued
in denom. of $1,000 and fully registered bonds in denom. of $1,000 or
authorized multipled thereof; coupon or registered bonds interchangeable.
Callable all or part at any time prior to maturity, whether or not on an
int. date upon 30 days' notice, at 105, if red. on or before July 1 1940:
and thereafter up to and incl. July 1 1945, at 104; and thereafter up to and
incl. July 1 1950, at 103; and thereafter up to and incl. July 1 1955, at 102;
and thereafter up to and incl. July 1 1960, at 101; and thereafter prior to
maturity at par, in all cases with accrued int.
Old Colony Trust Co.,
States of America which at the time of payment is legal tender for
trustee.
Canada Vinegars, Ltd.—Smaller Dividend—
on
Tv\PYP(I<Zt>
Rys.—Earnings—
1936
Gross
1934
$
Liabilities—
xLand, bldgs.,machln'y & equip..15,608,277 16,015,891
1
Good-will........
1
lAQK
$2,747,949
Earnings of System for Second Week of January
Sept. 30
1934
S
$2,923,198
—V. 142, p. 444.
discontinuance of mining operations.
Due
Ry.—Earnings—
454.
(excluding depreciation and depletion), 1935,
depreciation and
depletion, 1935, $31,948; 1934, $35,716, 1933, $36,961;
Inventories
Sept. 30 1935
company.]
Gross earnings.
$51,415
Idle plant expenses, net
Assets—
as at
[After giving effect to readjustment of book value of certain assets,
the amount represented by outstanding shares of the
and reduction in
$21,845; 1934, $47,599; 1933. $57,835; 1932, $68,201; and
b For contingencies
-
Balance Sheet
Earnings of System for Third Week of January
34,742
Profit & loss surplus..def$786,081
12,474,563 12,622,834
1935 and
Total
for bad and doubtful accounts of $47,318 in
1QQA
4,634
a
12,474,563 12,622,834
reserve
and $2,350,768 in
$2,047,406
Deficit
Previous
After
x
1932
1933
$1,935,340
30,809
34,945
pleted sales con¬
tract
(A. M.) Byers Co.—Earnings—
1934
$3,162,834
4,105,820
218,265
uncom¬
Deficit
1935
$2,919,137
500,000
Inc. dep. account
zCapital stock
Years End. Sept. 30—
Sales (net)
18,795
——
Natl. Cndn. Dist.,
Robt.
trade¬
—V. 142. p. 454.
[Including Orient Coal & Coke Co.]
133,410
Prov. for Dominion
Prepaym'ts on pur¬
$310,411
$149,505
$20,324
8,860
290,986
158,121
payable.
Accounts
Co.,
Res.
$21,037
$219,434
secured
by
Accr'd charges, ex¬
&
before
Federal taxes
$1,120,700
overdraft—
Bank
McNish
Deferred charges. _
*
$
$
secured
directors of Robt
1935—12 Mos.—1934
1935—Month—1934-
1934
1935
$
$167,376
Accts. receivable
30
1934
$
marks, &o
Earnings for December and 12 Months Ended Dec. 81
and
Consolidated Balance Sheet Sept.
Assets—
$227,937 loss$558,529
...
Security—A first mortgage on all franchises and property used
in company's business, including electric plants, transmission
bution lines and equipment, now owned or hereafter acquired.
and useful
and distri¬
Purpose—Net proceeds (estimated at $745,218) will be used to pay in
Jiartto $1,000,000, representing money borrowed from time to time and used
demand notes held by New England Gas & Electric Association amountng
for additions and improvements.
Funded Debt and
Capitalization (Giving Effect to This Financing)
Authorized
Outstanding
Capital stock ($25 par)
$750,000
$750,000
1st mtge. 4% bonds, series A, due 1965
750,000
750,000
History and Business—Company was incorp. in Mass. as a gas and electric
company on May 9 1889, under the aame of Cottage City Gas & Electric
Light Co.
Company is qualified to do business only in Massachusetts.
Its common stock is 100% owned by New England Gas & Electric Asso¬
ciation.
Utilities Investing Trust holds 100% of the common shares of
beneficial interest of New England Gas & Electric Association, but has
no power by vote or otherwise to direct or cause the direction of the man¬
agement and policies of such association.
Utilities Investing Trust had
outstanding on Nov. 30 1935, $37,600,000 of income notes maturing
620
March
Financial Chronicle
1
1967, of which $18,837,600 were held by Associated Utilities
Corp. (Dei.) and $18,762,400 were held by Gas & Electric Associates
(Mass.), the stock of both of which was then owned directly or indirectly
through Associated Gas & Electric Co. (New York.).
The general character of the business done by the company is the manu¬
-
facture, purchase, distribution and sale of electricity for light, heat and
power in a territory predominantly of a residential and summer resort
character
with
such
establishments
commercial
required in com¬
munities of this type and with practically no industrial development.
The
electricity distributed on Cape Cod is purchased from Southeastern Massa¬
chusetts Power & Electric Co., and that distributed on Martha's Vineyard
is manufactured in its own
plant at Vineyard Haven.
The business, tesidentail and rural customers of the company are located in 17 towns on Cape
Cod and the Island of Martha's
Vineyard in Dukes and Barnstable counties,
Mass.* covering an area of approximately 400 square miles with an esti¬
mated all-year population
(1930 Federal census) of about 32,000.
The
summer population is estimated to be
approximately double that number.
are
as
1934
Operating
1933
1932
$1,036,935
69
$1,021,459
102
$1,023,744
1,099
$1,037,004
94,983
$1,021,561
78,651
84,533
revenues
99,448
98,262
10,075
25,832
272,701
189,490
72,259
$1,024,843
71,673
100,627
64,902
9,817
25,517
255,109
Taxes (other than income
taxes)
Rents and royal ties
Management and service contract fees
Other operating expensesSelling, general & administrative exps.
Uncollectible operating revenue
10.076
25,505
250,237
174,863
10,926
17,010
Operating income
Non-operating income
$244,116
Dr$3,319
$299,593
Dr$2.745
180,298
5,396
$311,503
Dr$5,829
x$240,796
100,151
19,898
$296,849
102,274
26,635
$305,674
109,217
28,195
Net income
$120,747
$167,938
$168,261
x The net income
available for interest for the nine months ended Sept. 30
1935 was $171,939.
Balance Sheet Sept. 30 1935
Assets—
Cash & demand deposits*
$116,976
157,948
Inventories.--
29,533
1,037
Other current assets
Security investments
1
Fixed Assets-..*
3,402,809
Deferred charges.
9,964
Total
The company nas filed a
petition in Federal District Court, Chicago,
a six months' extension from Feb. 27 within whicn to formulate
plan of reorganization.—V. 142, p. 456.
seeking
a
Chicago Towel Co .—Earnings—
Calendar Years—
Gross
Notes payable
$1,020,886
Accounts payable—trade
45,432
Accrued liabilities
65,769
Other current liabilities.
914,283
Unadjusted credits
Capital stock
Surplus
750,000
$3,718,269
directors
15,080
906,817
Total
have
Co.—Larger Dividend—
declared
dividend
a
of
60
cents
per
share
the
This
on
Caterpillar Tractor Co.—Larger Regular Dividenddirectors
have declared
a dividend
of 50 cents per share on the
value, payable Feb. 29 to holders of record Feb. 15.
25 cents per share paid in each of the six preceding
quarters, and 12K cents per share in the first two quarters of 1934, and in
each of the last three quarters of 1932.
In addition an extra dividend of 50
cents was paid on Nov. 30,
last, an extra of 25 cents was paid on Aug. 31 and
May 31 1935; an extra of 50 cents was paid on Nov. 30 1934, and a special
dividend of 12^ cents per share was distributed to holders of record Nov.
no par
This compares with
21
1933.
For detailed record of dividend payments see Dec. 12 issue of
"Industrial Number" of "Railway & Industrial Compendium."
Years Ended Dec. 31—
1935
1934
Net profit after deprec., int. and Federal taxes
$5,949,307
$3,651,190
—V. 141, p. 4012.
Central Vermont Ry.,
Period End. Dec. 31
Ry.
oper. revenues
Net rev. from opers
Net ry. oper. income
Inc. avail, for fix. chgs.
Fixed charges
Net deficit—Y.
141,
p.
1935—12 Mos.—1934
$462,681
83,607
77,702
79,623
101,329
$377,706
39,490
13,503
15,480
116,105
,423,305
643,588
319,537
408,883
1,198,539
$4,953,347
410,603
109,574
132,504
1,200,696
$21,706
$100,626
$789,656
$1,068,192
Again Increased—
25 cents in each of the three preceding quarters, and 15 cents paid on Nov. 1
Aug. 1 1934.
This latter payment was the first made since May 1
1931, when 37H cents per share was paid; previous thereto the company
and
made regular quarterly distributions of
62H cents per share.
In addition
an extra dividend of
12^ cents was paid on Nov. 1 1935.—Y. 142, p. 122.
Chesapeake & Ohio Ry.
December—
Gross from
railway
railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
-Earnings—
1935
1934
$9,285,601
1933
1932
$8,201,947
3,665,155
2,866,028
$7,668,239
3,167,941
2,732.272
$8,110,340
3,519,744
2,774,762
114,031,433 109,489,077
50,741,540
48,674,104
49,937,283
36,997,795
105,969,522
47,643,437
36,967,128
98,725,860
42,760,744
32,502.269
4,200.566
3,434,865
—V. 141, p. 4013.
$526,322
6,691
$625,021
6,896
$670,118
44,130
99,726
$623,908
46,048
91,636
$533,013
58,387
75,000
$631,917
65,751
74.744
$526,262
123,359
400,000
$486,224
125,573
480,000
$399,625
125,988
240,000
$491,423
128,065
320,000
$2,903 def$119,349
$33,637
$43,358
80,000
$3.42
80.000
$4.54
Net income
Preferred dividends
Common dividends
Net surplus
Shares of common stock
outstanding (no par)_.
Earnings per share...
80,000
$5.03
80,000
$4.50
Assets—
1935
zProp.,plant,equip
1934
I
Liabilities—
1,888.191
Cash
152,520
Accts. receivable__
Inventories
y
x.
Common stock
c
Surplus
1,870,191
201,182
54,852
179,681
8,501
60,6081
194,020
23,335
Preferred stock.Sl,659,358 $1,850,000
800,000
800,000
The directors have declared a dividend of $1 per share on the $2 cumula¬
tive class A stock, no par value, payable Feb. 1 to holders of record Jan. 27.
was made on May 1 and Feb. 1 1935 and
compares with
A similar distribution
50 cents per share paid on Sept. 10, March 5 and Jan. 12 1934, this latter
payment being the first made on this issue since Jan. 3 1928, when a regular
quarterly dividend of 50 cents
per
share
was
disbursed.
1 dividend will amount to
Accumulations after the payment of the Feb.
$11.50 per share.—V. 140, p. 2349.
y. Chicago Milwaukee St. Paul & Pacific RR.—Interest
Payments Authorized on Gen. Mtge. Bonds—Payments on
Equipments—
announced Jan. 21 by R. J. Marony, New York fiscal representa¬
that he had received a court order authorizing the
tive of the company,
general mortgage bond interest of $1,984,085, equivalent to
two-thirds of the semi-annual interest that fell due on
July 1 1935, and
quarterly interest that fell due on July 1 1935 and Oct. 1 1935. These bonds
are the general mortgage bonds of the
Chicago Milwaukee & St. Paul Ry.
Due to the fact that this is only a two-thirds payment of the face value of
each coupon, the coupons will be stamped and returned to the bondholder.
of Feb. 1 1936 the trustees are also authorized to make a
payment of
20% of the principal of equipment trust certificates which matured during
1935.
The principal amount thus authorized is $672,800,
together with
As
accrued interest to Feb. 1 1936.
are as follows:
The issues and amounts to be paid thereon
>-4
of principal maturity due on equipment trust A
of principal maturity due on equipment trust C
of principal maturity due on equipment trust D
of principal maturity due on equipment trust E
of principal maturity due on equipment trust F_.
of principal maturity due on equipment trust G
of principal maturity due on equipment trust H
20% of principal maturity due on equipment trust J
20% of principal maturity due on equipment trust K
b350,713
326,234
23,846
19,859
95,000
Accts. payable and
accrued expenses
105.000
a Treasury stock.. Dr45,004 Drl65,127
Total
$2,893,912 $2,925.9661
Total.
$2,893,912 $2,925,966
a 485 shares
preferred stock in 1935 (2,061 shares in 1934).
b Includes
$10,000 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 (20,000 in 1934) shares of no par value,
x After depreciation of
$597,935 in 1935 and $580,597 in 1934.—V. 140, p. 635.
Chile
Copper Co.—25-Cent Dividend—
directors
have
declared a dividend of 25 cents per share on the
par $25, payable Feb. 28 to holders of record Feb. 8.
A
like payment was made on Nov. 29
1935, prior to which no dividends were
stock,
disbursed since Sept. 30 1931 when
was made.—V.
141, p. 2732.
share
a
quarterly payment of 37 H cents per
Chrysler Corp.—Shipments—
Shipments of passenger cars and trucks during 1935 were 41% greater
than shipments during the
preceding year. In 1935 shipments of Plymouth,
Dodge,
DeSoto and Chrysler passenger cars and Dodge trucks totaled
as against 597,683 units
shipped during 1934.
Shipments for the entire year 1935 were nearly 245,000 units ahead of
shipments in 1934.—V. 141, p. 3531.
842,520 units
Cincinnati Street Ry.—To Resume Common Dividends—
The directors on Jan. 21 declared a dividend of
10 cents per share on
the capital stock, par $50,
payable Feb. 1 to holders of record Jan. 25.
This payment will be the first distribution made since Feb. 1
1933 when
a dividend of 25 cents was
paid.
Like
payments were made
Oct.
on
1
and July 1 1932, as
compared with 50 cents paid on April 1 and Jan. 1 1932
and 75 cents per share paid each
quarter from April 1 1929 to and including
Oct. 1 1931.
Period End. Dec. 31—
income after int.,
1935—Month—1934
31
1935—12 Mos.—1934
Net
_deprec. &
Fed^taxes__
$44,512
def$3,023
$212,512
$205,789
Cleveland Ry.—Midamerica Extends Control—
The tenure of control by tne Midamerica
Corp. of this company has been
extended for at least three years as a result of an
agreement effected with
Midamerica Corp. bought control of the Cleveland Ry. at an auction
of collateral pledged by O. P. and M. J. Van
Sweringen for a $40,000,000
loan, wnich was defauled.
This control is exercised tnrough
majority stock
holdings in tne Alleghany Corp., wnich controls Metropolitan Utilities,
Inc.; this last company in turn controlling Cleveland Ry.
Metropolitan Utilities, Inc., had contracted to start by Jan. 10 1936 the
payment of an amount equal to the par value of 5
% of the largest number
of Cleveland Ry. snares at
any one time theretofore deposited under the
terms of merger of the two
companies together with amounts equal to ac¬
crued dividends to, and
including,
Under tne agreement now made
a date 30 days
following the payment.
known, tne Cleveland Ry. stockholders
have postponed until Jan. 10
1939, the commencement of tne payments
which otherwise would nave started this
month.
Also postponed, this
until 1940, was the additional
5% annual purchase which was to have
started on March 1 1937.—V. 141, p. 1269.
Cleveland Terminals Building
A. B.
Co.—Receivership Asked
Gochenour of Sycamore, 111., filed suit in Common Pleas
Court,
Cleveland, Jan. 23, asking for a receiver for the company, a Van Sweringen
property, and for judgments of approximately $15,000,000 from three
Gochenour, claiming to hold $10,000 in bonds, out of a $6,500,000 first
mortgage leasehold issue dated Dec. 1 1926, named as defendants the Van
Sweringen Corp., the E. G. Tilloson Co., investment brokers, and the
Central
United
Bank
as
trustee.
^
His petition alleged the
Building company bought stock in the Alleghany
Corp. and other corporations, most of which were owned
by the Van Swer¬
ingen Corp., and paid out over $15,000,000 "in fraud of the bondholders'
rights."
It also alleged the sales were made when the
stocks were on a declining
market.
The petition said the defendants were aware of
this, with the
result the Building
company divested itself of over $15,000,000 in liquid
assets and
got stocks representing losses over $12,000,000.
The plaintiff charged these facts were
concealed from the bondholders
that 90% of these were induced to enter a
refinancing agreement
about June 1 1932, and waived certain interest
requirements to prevent a
default of the bonds because of
and
"misleading and fraudulent statements."
~V',141..P^ 1764.
trustees to pay
20%
20%
20%
20%
20%
20%
20%
__
Federal taxes
{
1934
1935
$576,6301
I
$610,165
Service equip.,contracts & goodwill
defendants.
Chicago Electric Mfg. Co.—Accumulated Dividend—
was
$617,101
6.807
V
stockholders.
4013.
Cherry-Burrell Corp.—Regular Div.
It
$664,747
5,371
1934
Earnings for December and 12 Months Ended Dec.
Inc.—Earnings
1935—Month—1934
The directors on Jan. 21 declared a quarterly dividend of 50 cents
per
share on the common stock, no par value,
payable Feb. 1 to holders of
record Jan. 24.
This compares with 37H cents paid on Nov. 1 last,
Net from
$2,593,263
1,968.242
Federal taxes
common
capital stock, par $10, payable Feb. 1 to holders of record Jan. 16.
with semi-annual dividends of 50 cents per share previously
distributed.
In addition, extra dividends of 10 cents were paid on
Aug. 1
and Feb. 1 1935—V. 141,
p. 587.
The
1932
$2,401,890
1,875,568
Depreciation
$3,718,269
compares
capital stock,
1933
$2,708,307
2,091,206
Operating profit
The
Carolina Insurance
The
1935
$2,970,297
2,305.550
revenues
Other income
3373.
p.
payment.—V. 142,
Chicago Rock Island & Pacific Ry.—Seeks to Extend
Time of Filing of
Reorganization Plan—
Notes receivable*.
Liabilities—
141,
yet been presented for
122.
p.
Balance Sheet Dec. 31
Gross income
Interest on unfunded debt
Provision for income taxes
Accounts receivable
C, equipment
trust certificate, denom.
$1,000, which became due April 1 1933, and which
has not yet been presented for
payment, and to pay three outstanding series
J equipment trust
certificates, denom. $1,000 each, which became due
June 1 1934, and which have not
Total income
Total revenue
Operating expenses
Depreciation and amortization
—V.
Jan. 25 1936
also authorized to pay one outstanding series
are
Expenses
Income Account for Calendar Years
Revs, from miscell. elec.
operations-_
Trustees
$107,800
179,800
123,600
33,800
65,600
13,400
9,000
111,600
k
28,200
_
Colgate-Palmolive-Peet Co.—Obituary—
Louis Carl Proesch, Treasurer of the
company for past 13 years, died on
Jan. 20.—V. 141, p. 2732.
Concord Gas Co.—Accumulated Dividend—
The directors have declared a dividend of
87 K cents per share on account
of accumulations on the 7% cumulative
preferred stock, par $100, payable
Feb. 15 to holders of record Jan. 31.
A dividend of 87 cents per share
was paid on Nov. 15 last and one
of 87H cents on Aug. 15 last,
prior to
which regular quarterly dividends of
$1.75 per share were distributed.
—V. 141, p. 1929.
Congress Hotel Co. of Chicago—Gets RFC Loan—
The
company
has
obtained
Finance Corporation for
under section 77b of the
a
a
commitment from the Reconstruction
loan of $900,000 and the plan of
reorganization
made effective as soon as
Bankruptcy Act will be
court approval is secured.
t
j
Hearings on the reorganization plan have been pending before
Judge
Philip L. Sullivan in the Federal District Court, Chicago, and have
,
waited
621
Financial Chronicle
Volume 142
negotiations for the loan with the RFC, which previously had turned
down the company's request for a $1,000,000 loan.
Under the terms of the plan, Ralph Hitz of the National Hotel Manage¬
ment Co. will take over operation of the hotel proper, while H. L. Kaufman,
President of the Congress company, will remain in an advisory capacity
and supervise the financial operations of the concern.
The RFC funds, according to Mr
Godehen, will enable the hotel to
pay off approximately $400,000 in delinquent taxes, other pressing current
obligations and also permit the company to rehabilitate the property.
Merchandise creditors will receive notes.
on
They also declared a regular semi-annual dividend of 75 cents per
share on the preferred stock, and an interim dividend of 50 cents per share
on the common stock, both payable March 2 to holders of record Feb. 15.
In addition a further interim dividend of 25 cents was declared on the
common stock, payable June 1 to holders of record May 15.
See also V.
141, p. 591.
The board of directors also announced that a labor dividend to employees,
exclusive of management and the higher salaried employees, equal to the
amount of the extra dividend on the common stock had been declared and
May 15.
3688.
would be paid on or about June 1.—V. 141, p.
>
The
company filed a voluntary petition for reorganization under 77b
May 3 1935 to avoid any possible creditor suits for ordinary bankruptcy
receivership. The petition showed assets as of March 31 last of $8,272,072,
$4,477,200 in excess of liabilities, but with cash of only $23,853.
The
hotel building, lands leaseholds and fixtures were valued at $7,659,468.—
V. 140, p. 3384
on
Consolidated Investment Trust—50-Cent
The trustees have declared
Special Div.—
special dividend of 50 cents per share on the
capital stock, par $1, payable Feb. 12 to holders of record Jan. 28.
A
special dividend of 70 cents was paid on April 15 1935, and an extra divi end
of 25 cents was distributed on April 16 1934.
The regular semi-annual
dividend of 50 cents per share was paid on Oct. 15 1935.—V. 141, p. 1270.
Consolidated Lithographing Corp.—To Move
City.
The factory
Morgan Ave., Brooklyn.
Consolidated
has
established
139,
Offices—
and
general
offices remain at Grand
and
St.
wholly-owned subsidiary, already
its executive offices in the Empire State Building.—V.
Consolidated
Corp.,
a
Mining & Smelting Co. of Canada, Ltd.
—Operations—
The company reported
metals in its output.
gains in production for 1935 in all important
Official production figures for 1935 compare with those of the
1934
157.673
110,978
1935
Lead, tons
Zinc, tons
Copper, tons
Gold, oz
Silver,
preceding
follows:
year as
164,329
119,840
.
319
7,594,366
on
the
7,316,231
Net earnings from all operations..$16,319,966
on funded debt
6,430.280
Corp.—Iniatil
Dividend
New
on
$5
Interest
on
unfunded debt
Amount charged to prop
money borrowed
tion purposes
46,922
Cr44,400
209,208
Balance for dividends and surplus.
Dividends
reb. 29.—V. as
inot March 2 142,reported in last week's "Chornicle") to holders of record
456.
p.
Consolidated RRs. of Cuba—Suit Dismissed—
an accounting suit
stockholder against the Consolidated Railroads of Cuba, the
Cuba Co., the Cuba RR. and the latter's 15 directors on the ground that
the plaintiff had failed to produce sufficient facts to support his complaint.
The plaintiff, Frank M. Miesse, holder of 10 shires of Cuba RR. preferred,
Supreme Court Justice McCook on Jan. 23 dismissed
a
claimed that the individual defendants had weakened the Cuba RR. by
conspiring to transfer its assets and that this act had proved detrimental
to stockholders.—V. 141, p. 3687.
Refund Processing Tax
The company
is advising customers of its intention to compute promptly
the amount of processing taxes due them from the refunding of these taxes,
returned to the company by the government, after having been impounded
in an action by the company against the Collector of Internal Revenue
seeking a permanent injunction against their collection.
Customers also have been advised that the company neither desires nor
intends to derive any profit whatever by reason of the recovery of these
impounded taxes, but plans to pass them on to customers as quickly as
machinery can be set up for that purpose, unless some action by the govern¬
ment makes this impossible.—V. 142, p. 296.
Corrugated Paper Box Co., Ltd.—Div. Plan Approved—
Preferred and
common
stockholders
on
Jan.
14. approved the plan for
settlement of pref. dividend arrears by issuance of dividend funding rignts
representing arrears of $33.25 a share as of Dec. 2 1935.
Rights will not
bear interest, will be dated Jan. 1 1936, and will be fully registered.
One
right will be issued for each share.
See also V. 142, p. 123.
Crown Drug
Co.—Admitted to Listing and Registration—
York Curb
Exchange has adm'tted to listing and registration
stock, 25 cents par, and the 7% cumulative convertible pre¬
ferred stock, $25 par.—V. 142, p. 458.
The
the
New
common
Cubmn-American Sugar
T.
Co.—New Director—
1,457,383
6,345.229
$6,146,369
5,047,311
$3,332,728
1,272.260
$7.60
Balance
Shs. cap. stock outstanding (par $100)
Earnings per share
$382,554
1,272.260
$4.28
$1,099,058
1.272.260
$4.83
1935
85.127
8,238.754
hand
1,750,997
7.855.569
1,677,971
4,243,765
4.262.419
615,317
111,476
172,982
622.726
on
in transit (at cost)
materials and other
or
Construction
supplies
first and refunding mortgage bonds, 3Vi% series due 1960 (see offering in
V. 141, p. 2586).
Balance Sheet as of Sept. 30 1935
[Adjusted to give effect to recent financing]
Due from officers & employees
Inventories at cost
1,237
726,396
2,516
315,392
47,112
Prepaid expenses
Other deferred charges
—
Unamort. debt disct. & exp_.
74,743
686,890
6% preferred stock
$7,800,000
Common stock (317,500 shs.
no par)
5,480,000
Long-term debt
21,029,000
Accounts payable
105.609
Accrued payrolls
43,890
Accrued taxes
721,102
.
Accrued bond Interest
Due to affiliated
companies,.
186,710
96,783
6,295,204
Retirement reserve
Res. for Injuries and damages
deposits
&
404,239
contrib.
162,219
Res. for contingencies
355,869
Other reserves
Surplus
$45,387,022
—V. 141, p.
De
24,941
2,677,163
Total
$45,387,022
The directors have declared a dividend of 55 cents per share on account of
accumulations on the $2.20 cum. pref. stock, no par value, payable Feb. 1
to holders of record Jan. 24.
Similar distributions were made in each of
the nine preceding quarters.—V. 141, p. 591.
1,587,281
6.273,822
138,932
234,900
discount and expense (to be amortized
during the life of the bonds)
Deferred charges, amounts in suspense & liquid*n
Capital stock reacquired for resale to employees
4,284.902
Total,..
2
135.176
382.000
$327,194,447 $320,039,357
Liabilities—
Capital stock
$127,226,000 $127,226,000
Premium on capital stock
758,038
758.038
Michigan Electric Power Co. pref. stock
xl33.135
Genera) and refunding mtge bonds—Series A 5s
26,0b"0".666
Series B 5s
23,000.000
Series C 5s, due Aug. 1 1962
20,000,000
20.000.000
Series D 4Hs, due Feb. 1 196150.000,000
50,000.000
Series E 5s. due Oct. 1 1952..
15,000.000
15,000,000
Series F 4s. due 1965
49,000.000
Great Lakes Pow. Co. mtge. bonds 6% due '43
320,000
Michigan Electric Power Co. mtge bonds 6%
due Dec. 1 1944
1,615.000
Accounts payable
1,354,686
1,587,861
Deposits by employees towards purchase of
reacquired capital stock
68.643
145.776
Other current liabilities
3,197,765
1,953.494
Accrued payrolls
120,854
118,468
Taxes accrued
1,958,263
1.875.512
Interest accrued
2,116.422
2,020.049
Miscellaneous accrued liabilities
26.420
28.685
Retirement reserve (depreciation)
31.022.059
30.036.446
Casualty and contingency reserve
1,010.188
964.677
Miscellaneous reserves
106.669
66,566
Miscellaneous unadjusted credits
,
115.678
239,384
Profit and loss (surplus)
22,044,624
19,018.400
—
-
.
...
$327,194,447 $320,039,357
—
Called for redemption on Jan. 2 1936, including premium and accrued
dividends.—V. 141, p. 4013.
Detroit Street
Rys,—Earnings—
Period End. Dec. 31—
1935—Af onth—1934
$1,593,118
1,207,907
70,757
Taxes assign, to oper—_
Operating income
Non-oper. income
$314,453
1,842
$3,573,239
32,028
$2,787,121
54,868
$316,295
156,767
$267,557
156,768
$3,605,268
1,848,374
$2,841,989
1.877,646
$159,528
Gross income
Deductions
$265,093
2.464
Net
Income
$110,788
$1,756,893
$964,343
-V. 141, p. 4164.
Discount
Corp. of New York—Earnings—
1935
1934
1933
1932
Net profit for year
Dividends paid
$206,267
600,000
$1,663,401
1.000,000
$1,733,620
1,000,000
$2,083,974
625,000
Balance, surplus
def$393,733
3,011,731
$663,401
2,748.330
Dr400,000
$733,620
2,014,711
$1,458,974
1.555.736
Prev. undiv.ded prof—
Reser'd for pension fund
......
the eight preceding quarters and on Jan. 4 1934, while on Feb. 1
1933 the
paid $4 per share.
The last previous regular quarterly dividend
of $2 per share was paid on Feb. 1 1932.—V. 141, p. 2587.
company
Denver & Salt Lake Western RR.—Trustee—
The Interstate Commerce Commission has ratified the appointment of
Raymond L. Sauter as trustee.—V. 141, p. 3376.
,
31
—
A comparative
New
.
..
$2,617,998
balance sheet
was
$3,011,731
Preferred and
Common Stocks—
The directors have declared an extra dividend of 25 cents per share on
the common and preferred stocks, payable June 1 to holders of record
Dome
$2,014,710
a
Vice-President.—V. 142,p. 458.
Mines, Ltd.-—Earnings—
12 Months Ended Dec. 31—
Total recovery
1935
.....
Devel., oper. & general costs
Est. prov. Dom. & Fed. taxes
Dominion dividend tax paid
Outside exploration written off
Operating profit-...
Total
$2,748,330
published in V. 142, p. 458.
Vice-President—
Other income
on
Drl,000.000
Undivided profits Dec.
Herbert N. Repp has been elected
have declared a dividend of $2 per share on account of
accumulations on the 8% cum. debenture stock, par $100, payable Feb. 1
to holders of record Jan. 20.
Similar distributions were made in each of
Diamond Match Co.—Extra Dividends
1935—12 Mos.—1934
$1,437,663 $17,090,802 $16,188,249
1,100.571
12,658,424
12,541,121
71,997
859,137
860.006
Manufacturing Co.—$2 Preferred Dividend—
The directors
1,418,474
...
Debt
Transferred to sur. acct-
3376.
Mets, Inc.—Accumulated Dividend—
Dennison
114,021
214,066
2,296,629
1,464,678
513,725
1,509,015
Casualty and contingency (investment) fund
Deposits in banks and trust companies closed or
under restrictions (net)
Calendar Years—
for line extensions.,
Total
;
Loans to officers and employees
Bonds and other investments
4,287
Consumers' service depos.. &c
Res. for
...
Operating revenues
Operating expenses
Liabilities—
Tax anticipation certificates.
Accts. receivable less reserve-
on
hand and in transit (at cost or less)
Land contracts receivable
95.156
x
The New York Stock Exchange has authorized the listing of $20,000,000
104,495
,
Accounts receivable,.
Total
Dayton Power & Light Co.—Listing—
Cash on band & demand dep.
1934
$294.395.707 $286,822,451
2.519,682
2,783.385
4.971,771
5,440.927
Notes receivable
suing year to full a vacancy.—V. 142, p. 123.
Property, plant & equipment
including intangibles
$42,645,934
Work in progress.
302,129
480,178
Investments
Cr44.280
203,925
.
Richie Boyd has been elected a director of the company for the en¬
Assets—
044,280
204,193
$5,448,331
5,065,777
Other property
$5
an initial quarterly dividend of $1.25 per
pref. stock, no par value, payable March 15
Corn Products Refining Co.—To
..
$9,677.957
.
Prepaid accounts
brought by
$12,835,196
6,450,000
79,182
accts. for int.
for construc¬
Extinguishment of discount on secur.
Extraordinary approp. to retirement
res., addition to current approp'n..
Coal
cum.
6,450.000
46,054
$13,561,681
Interest
Utility property
have declared
new
380.729
243.323
Total....—.,
$49,768,716 $45,294,261 $41,492,269
Expense of all operations, incl. maint. 21,994,095
21.074.247
19,336,208
Retirement reserve (depreciation)
5,418.014
4.624,867
4,031,743
Federal income and other taxes
6,036.638
6,033.465
5,289.123
Cash
Oil
370,069
319,479
362,964
295,625
Gas
Miscellaneous
Fixed capital—Property and plant:
Preferred Stock—
The directors
.
Steam
Consolidated Balance Sheet Dec. 31
35.328
-
oz
Consolidated
1933
1934
1935
$47,324,003 $42,933,311 $39,213,634
1,786,124
1,671,402
1,654.583
Electricity
Assets—
784
65,131
.
-
—V. 141, p. 3857.
share
Years Ended Dec. 31—
Gross earnings from all operations:
on
Decalcomania
3963.
p.
(& Subs.)—Earnings—
a
J. A. Voice, President, announced that effective Jan
27 the executive
offices of the company will be located In the Empire State Building, New
York
Detroit Edison Co.
I
18,046/
—
-
income
before
$6,939,989
2,274,830
590,9871
1934
$7,177,086
2,123,104
973,865]
1933
$6,266,957
2,037.809
523.110
66,425
21.925
$4,056,125
363.595
$4,080,117
378,908
$3,617,688
144.970
$4,419,720
$4,459,025
$3,762,658
allowing for
deprec. and depletion
Number of tons milled in 1935, 549,100, gold-fine ounces,
206,795.—V.
142f p« 458•
Financial Chronicle
622
Dow Chemical Co.—Wins Oil Well Patent Suit—
Court of Appeals in the Tenth
decision, reversing the lower
court, and upholding the validity of the Dow patents covering the Dowell
method of treating oil wells with acid to increase production.
The decision
is regarded as of primary importance by the company since the process is
The company announces that the Federal
Circuit at Denver, Colo., has rendered a
Suit
on their bonds.
A sinking fund is to be created out of earnings
through which bonds must be retired to the full extent of the original serial
dividends can be paid on the stock of the
company.—V. 137, p. 1418.
interest
Douglas Aircraft Co., Inc.—Gets Big Navy Contract—
The company has been awarded a contract by the Navy Department for
114 torpedo bomber planes and spares of the T. B. G. type for carrier
service costing $3,636,000, Secretary of the Navy Swanson announced
on Jan. 20.--V. 141, p. 2587.
now in extensive use in
Jan. 25 1936
maturities of the issue before any
Fall River Gas Works Co.—Reduces Dividend—
have declared st dividend of 40 cents par share on the
stock, par $25, payable Feb. 1 to holders of record Jan. 28. This
compares with 50 cents paid in each of the four preceding quarters; 60 cents
paid each three months from May 1 1933 to and including Nov. 1 1934,
and 75 cents paid quarterly prior to May 1 1933.
The directors
common
Earnings for December and 12 Months Ended Dec. 31
oil fields.
Period End
1935—12 Mos.—l934
1935—Month—1934
$74,635
$75 142
42.063
38.940
5,342
4,526
12,082
14,004
Dec 31—
brought against the Williams Well Treating Corp. of Tulsa,
Okla., which has been enjoined by the decision and ordered to make an
accounting.
Dowell, Inc., a subsidiary of Dow Chemical, is operating in all the major
oilfields, under the patents which have been in litigation.
The Dow Chemical Co. states: "In reference to the decision by the U. S.
Operating
Circuit Court of Appeals for the Tenth District upholding our patent for
treating deep wells, we hope and desire to continue our friendly relations
Non-oper.
income—Net
55
22
159
41
with
Balance
L
Retire, reserve accrualsInterest charges...
$15,203
5.000
1,192
$17,693
5,000
1,164
$190,049
$226,912
60.000
12,384
60.000
15,610
$9,011
$11,528
$117,665
$151,301
was
those companies for whom Dowell has been treating
service to others on reasonable terms."—V. 141, p. 747.
and to extend
(E. I.) Du Pont de Nemours & Co., Inc.—Earnings—
The company reports for the year ended
calculation,
shows
a
non-recurring items of profit and is after setting aside a substantially cor¬
responding amount for contingent liabilities.
Earnings for 1934 were $3.66
&
Maintenance
Taxes
Net oper. revenues
Dec. 31 1935, that preliminary
to verification by independent public accountants,
share earned on its common stock.
This includes certain
subject
$5.04
share
Earnings for 1935 Include dividends from General Motors investment
equal to $2.03 a share on du Pont common stock as compared with $1.36 a
New Vice-President—
r
Thomas 8. Grasselli, President of the Grasselli Chemical Co., has been
elected a vice-president of this company and appointed a member of its
Eastern / Malleable
Feltman
Co.—Admitted
Iron
Unlisted
to
Exchange ha? admitted to unlisted trading privileges
capital stock, $25 par, in substitution for old capital stock, $5 par.
Investing Corp.—Removed from
Un¬
Bonds &
the development of Polascreen,
and other objects under
Ebasco Services,
4,169,301
jr fj crease
Client Operating Subs, of—
1936
American Pow & Lt. Co._..94,900,000
1935
85,314.000
35,275,000
74,251,000
Electric Pow. & Lt. Corp...41,809 000
National Pow. & Lt. Co
78.262,000
Amount
9,586.000
6.534.000
4,011,000
%
11.2
18.5
5.4
—V. 142. p. 458.
All other assets
a
dividend of $1.50 per share on account of
accumulations on the $6 optional cum. conv. pref. stock, no par value,
payable March 2 to holders of record Feb. 5. A similar payment was made
on Dec. 2 and Sept. 3, last, prior to which the last previous dividends of
$1.50 per share (or at the holder's option 44-1,000 of a share of common
stock) were made on Sept. 1 and March 1 1933.
}
Accumulations after the payment of the March 2 dividend will amount
to $15 per share.—V. 141, p. 2735.
1935
1934
$6,206,445
1,683.546
1,102,687
1932
1933
$5,589,387
1,393.654
790,097
$5,589,626
1,228,426
759,477
4
$5,908,465
1,364.601
842,199
75,126.702
20.333.288
12,960,726
75,064,122
20,752,750
12,699,832
72,086,316
20.473,784
12,523,148
The directors have declared
The
preliminary
Dec. 31
3,649,701
Total
40,725.089 34.298,050
by National Convention of Insurance
report shows liquidating value of $48.85 per share as of
compares with a liquidating value of $41.46 per share
This
1935.
Junfe 30 1935.
Securities held in the portfolio at the end of the year
showed a cost of $2,879,743 and a market value of $3,242,217.—V. 142,
on
p.
459.
Fidelity Investment Association, Wheeling, W. Va.—
1934
1935
Assets—
$
Bonds
holders of record Feb.
Preferred
stocks..
750,520
552,876
912,851
2,734,865
Deferred payments
Reserves..
Mortgage and col¬
on
1,093,521
1,195,776
787,745
339.369
264,680
165,974
Cash
Furniture and fixt.
Acer. int.
1
35,164
754,795
unem¬
ployment benefit
plan
65,000
...
41,465
26,762,038 24,878,398
._
bonds purch.
Wisconsin
196,848
Other assets.
Total
525.565
359.765
.24,854,073 22,446,438
.....
1
194.418
bonds
on
s
1,317,400
Undivided
936,573
Loans to contract-
lateral loans
1934
1,317,400
2,548,514
Other securities-..
holders.,
1935
$
Capital
profits
and special res..
Total
26.762,038 24,878.398
—V. 141, p. 694.
Fidelity-Phenix Fire Insurance Co.—Earnings—
Calendar Years—
Premiums
1935
1 934
1 933
1932
.$15,149,415 $15,715,227 $14,845,696 $15,418,747
2,355.215
2.235,738
2.068.368
2,428,987
on sales of stocks
and bonds (net)..
Transf. of cap. to surplus
Increase by adj. in book
val. of
in
124,583
276,988
960,719
11,793,435
4,517.089
8,343,879
580,776
297.719
1,553,819
2.049,871
$30,003,424 $23,042,761 $27,772,481
stks.&bds.(net)
Decrease
$34,787,247
10,394,475
on
New Pre¬
This
new
stock
was
issued in connection
4,495,167
unearned
Total income
an
11.
.
Liabilities—
$
20,150,902 18,738 373
73.746,074
17,898,261
8,830,346
initial dividend of $1.50 per share on the
6% cumulative convertible preferred stock, par $100, payable March 2
reserve
Disbursements—
6.260.416
6,988.288
2.009,560
Expenses
Cash dividends
Loss on sa'es of
7.979,965
7,005,620
1.870,967
7,758.104
6.536.996
1.663,071
10,229 053
6.895,649
1,663,033
stocks
and bonds (net)
Decrease by adj. in book
val. of stks.&bds.(net)
1,012,266
Incr'se in voluntary res.
accumulations
on
the old 7 % preferred stock.
Fairchild Aviation
Corp.—New Executive—1
200.000
436,039
15,272", 170
Increase in surplus...$14,545 160
with the recent plan to clear up
—-V. 141, p. 3689.
$6,186,208 $11,378 271
x$284,924
13,135.441
Previous surplus
Ogsbury has been appointed Vice-President and General
He will have charge of the activities of all subsidiaries.—V. 141,
30,414*997
24,228,789
Co.,
San
Surplus, Dec. 31.
$44,960,157 $30,414,997 $24,228,788 $12,850,517
Decrease in surplus.
Francisco—Reorganization
With approximately 85% of the 1st mtge. bH% bonds approving the
reorganization plan, a recommendation that the plan be given court ap¬
proval was filed Jan. 21 by H. M. Wright, special master, in Federal Dis¬
trict Court, San Francisco.
The reorganization plan cannot become effec¬
tive unless it is officially approved by Judge A. F. St. Sure.
K Under the plan, the company will continue to operate the property under
the management of George D. Smith, with certain restrictions and control
by the bondholders' protective committee, consisting of Alexander McAndrew of E. H. Rollins & Sons, Inc., Chairman; Roland C. Foerster of Mor¬
rison, Hohfeld, Foerster, Shuman & Clark: Bernard W. Ford of Blyth &
Co., Inc., and Paul B. Kelly of the Anglo-California National Bank.
The equity interests have contributed $35,000 toward the cost of the
reorganization.
Under the plan of reorganization bonds which originally matured ser¬
ially from 1932 to 1949 will all mature in 1949.
Interest payments will
be modified to assist the company in re-establishing its financial stability.
The modified schedule of fixed interest payments calls for 1% from Oct. 16
1934 to Oct. 15 1935; 2% from Oct. 16 1935 to Oct. 15 1936; 3% from
Oct. 16 1936 to Oct. 15 1937; 4% from Oct. 16 1937 to Oct. 15 1938, after
which the full original rate of
% is to be paid until the maturity of the
bonds.
During the period of reduced fixed interest payments the full rate of
5M% will be paid, if earned, and all past-due interest as well as any de¬
ficiency below the full 5 H % rate during the four year period mentioned will
be funded until the final maturity of the bonds, so that, in effect, the bond¬
holders will be recognized to the full extent of the original principal and
12,850,517
x
Comparative Balance Sheet
2.250.000
who was Assistant Secretary of the company, has been
Vice-President.—V. 141, p. 2275.
a
premium
ferred Stock—
Hotel
850.000
2,250.000
8,512,577
John G. Yost,
elected
Losses
Fairbanks-Morse & Co.—Initial Dividend
Fairmont
900,000
552,866
x
Valuations on basis approved
Commissioners.—V. 141, p. 594.
•
—V. 142, p. 298.
Manager.
P.. 1272.
other
all
Profit
llncluding Chicago & Erie RR.]
S.
177,835
Int., divs. and rents
RR.—Earnings—
December—
James
for
liabilities
2,320,784 Net surplus
40.725.089 34,298,0501
Real estate
Shareholdings Corp.—Accumulated Dividend—•
The directors have declared
^
1,424,431
for taxes and
Cash capital
2,346.361
Total..
1.601,742
15,612.868
[Incl. Fidel Association of New York, Inc.]
,
to
181,771
deposit &
on
$
10.511.049
expenses
Res.
Dec. 31 '34
$
10.701.210
16.859,560
Unearned prem
Res. for claims
Res.
(not
overdue)
Cash
Dec. 31 '35
Liabilities—
$
In course of
collection
Inc.—Weekly Input—
operating companies which are subsidiaries of American Power &
Light Co., Electric Power & Light Corp. and National Power & Light Co
as compared with the corresponding week during 1935. was as follows:
new
$
Balance Sheet Dec. 31—
client
Net after rents
of 87 M cents per share on
Jan. 2 to holders of record Dec. 2.
1867; V. 134, p. 3829.
4,668,853
Interest accrued..
202,811
Prera
For the week ended Jan. 16 1936, the kilowatt-hour system input of the
From Jan. 1—
Gross from railway
Net from railway
on
219,240
142,
#
Net after rents
value,
Fidelity Fund, Inc.—Liquidating Value—
to a considerable depth.—V.
water
458.
Gross from railway
Net from railway
par
196,335
a camera
the company reports, show that Polascreen shots of water can be made
which subdue glare and reflection from the surface, showing rocks, fish,
Erie
no
8tocks_33.132.892 26,854,088
Real estate
Co.—Develops New Camera Device—
The company has announced
device to remove the oblique glare of reflection from surfaces not intended
to be in the picture.
The device resembles an ordinary lens filter, but may
be used in either still or motion picture photography.
Hollywood tests,
Electric
Inc.-—Initial
Co.,
Fidelity & Deposit Co. of Maryland—New Vice-Pres.—
The New York Curb Exchange has removed from unlisted trading privi¬
leges the 5% debentures, due March 15 1954.—V. 140, p. 143.-
p.
164.532
Fidelity & Casualty Co. of N. Y.—Balance Sheet-
Trading—
Eastman Kodak
Stores
Dec. 31 '35 Dec. 31 '34
The New York Curb
divers
pref. stock,
cum.
—V. 141, p. 3689; V. 139, p
x
The new capital stock is issuable in exchange for old capital stock on the
basis of one new share for 10 old shares.—V. 142, p. 125.
Utilities
Shoe
Curme
&
In office
Eastern
$226,871
The company paid an initial quarterly dividend
the
Trading—•
listed
$189,890
Preferred Dividend—
Assets—
Eagle-Picher Lead Co.—Arrearages Paid Up—
The directors on Jan. 21 declared a dividend of $1.50 per share on the new
6% cumulative preferred stock, par $100, payable Feb. I to holders of record
Jan. 31.
This dividend covers tne period from Oct. 1 1935 to Dec. 31 1935
and clears up all arrearages on tne exchanged stock.—V. 141, p. 4164.
new
443.159
—V. 141, p. 4165.
Executive Committee.—V. 141, p. 3377.
the
$895,188
467.246
61 224
157.446
$17,670
$15,148
Net income
$875,807
This stock is entitled to cum. dividends at the annual rate of $3.50 per share
for four years from Jan. 2 1936 and $7 per share annually thereafter.
share in 1934.
r
revenues
Operation..
1935
Assets—
y
$
as at
Dec. 31
1934
$
1935
Uabilities—
1934
$
$
Bonds & stocks.62,835.318 48,795,590 Unearned prems. .15,613,447 16,194,223
Real estate
1,738,307
Prem. In course of
collection
2,037,058
1,738,307 Loss in process of
adjustment
2,701,255
2,344,585 Reserve for dlvs._ 1,178,040
Interest and rents
accrued, &c
Cash
168,553
2,515,958
expenses
169,733
1,988,561 Other claims
1,057,000
797,000
1.600,000
1,400.000
3,464,825
3,464.826
43,680,628 29,140,000
Cash capital
Net surplus
Total
y
3,001,280
1,039,447
Res. for taxes and
-.69,295,195 55,036,775
Total
.69,295.195 65,036.775
Valuations on basis approved by National Convention of Insurance
Commissioners.—V. 141, p. 4015.
(Marshall) Field & Co.—Bonds Called—
All of the outstanding 4H% debenture bonds, which by their terms
mature*on Jan. 1 1937, have been called for redemption on Feb. 1, at 10014
and interest.
Payment will be made at the Continental Illinois National
Bank & Trust Co. of Chicago, trustee, 231'South La Salle St.,
Chicago, 111.
(In our issue of Jan. 11 we erroniously stated that all the outstanding de¬
bentures had been called for payment.)—V. 142, p. 298; V. 141, p. 3535.
Foreign Light & Power Co.—Preferred Stock Called—
The company has called 8,296 shares of its $6 cumulative first
preferred
stock for redemption on March 18 at $105 per share plus accrued dividends
i
Notices
and less Canadian tax.
are
Co., Inc., 37 Wall
Sheet—
Bonds A stocks. $3,826,470
Unearned
$3,111,259
prems..
339,263
322,593
368,959
Int. & rents accrd-
for
other
50,000
50,000
1,000,000
surplus...... 2,373,242
1,751,674
$4,511,090 $3,823,800
$4,511,090 $3,823,800
Total...
of Insurance Commis¬
Proposed Merger—
Ry. below.—V. 118, p. 2703.
See Third Ave.
Fourth National Investors
Corp.—Proxy Contest
which last year prevented the managplan of consolidation of this corporation with the other units in the
National Investors group is soliciting proxies to elect a new board of direc¬
tors
at
the annual meeting scheduled for March 3.
This committee,
committee of stockholders
ment's
consisting of Thomas E. Brittingnam Jr., William Ferguson and Sanforth
Griffith, state that they and members of their immediate families as of
record Dec. 16 1935, held 7,000 shares of stock and that in groups with
which they are closely connected there are 29,000 shares.
In the campaign
against the management plan a year ago the committee had proxies for
over 125,000 shares, or more than one-quarter of the outstanding shares.
Among those who have agreed to serve on the stockholders* committee's
proposed new board are Thomas E. Brittingham, Jr., trustee and VicePresident; Wisconsin Alumni Research Assn., and W. L. Morgan, President,
Wellington Fund and Treasurer, Wilson Line.—V. 142, p. 460.
American
General
Life
Insurance
Louis—
St.
Co.,
Balance Sheet Dec. 31—
1935
$
7,398.912
4,795,107
4,276.153
1,543,636
1,438,361
15,961,201
19,251,248
Collateral loans.
est.
Policy and other
5,162,648
18.345.334
Stocks
insur.
process of
Prems.
1,726,517
1,059.286
property taxes
Dlvs.
rents
Res.
413,564
Policy
of coll*n
of
23,397,817
due 1953.
Value of Assets—The market value of assets at the end of the year was
$8 772,293, after giving effect to the redemption on Jan. 1 1936 of the
$1,000 5H% debentures.
For the purpose of comparison with the market
value of assets on Dec. 31 1934 of $8,096,059, recognition should be given
to the sum of $1,352,845. representing the cost of reacquisition and redemp¬
tion during the year of $1,313,000 5H% debentures.
After deducting
$5,000,000 outstanding debentimes, the balance of assets for the preferred
stock equalled $151.38 per share on Dec. 31 1935, as compared with a value
of $71.55 at the end of the previous year.
The asset value of the common
stock (after a further deduction of the outstanding preferred stock at $100
per share and $597,520 of undeclared cumulative dividends on preferred
stock as of Dec. 31 1935) was $1.02 per share on Dec. 31 1935.
Income Account
for Calendar Years
1934
1933
1932
$238,346
131,159
$269,498
123,563
$267,924
193,466
$379,390
186,142
15.075
Cash divs.
on
34.700
$384,580
$427,762
$461,391
$565,532
34,141
32,305
stocks—
on
bds., notes & cash
sale of securi¬
37,843
34,274
42,227
30,017
54,946
35,248
on
ties, after deducting all
468,883
942,877
.
-See
Federal taxes
from
Revenue
252,403
Total income
616,510
.
duction
Salaries and administra¬
tive services
y732,267
fund-
500,000
Other
expenses
1,660,227
500,000
1,828,719
Surplus
Taxes
(other than
Reserve for taxes only,
y After deducting $950,000 for extraordinary
non-recurring creditor's claim discharged by order of court.—V. 140.
1830.
x
Fed¬
5,933
on
6,009
6,541
$353,175
$383,137
$468,796
352,740
401,194
...
Balance
Int.
2,470
$312,200
eral taxes)
124,392,388 123,260,846
Total
(bp
option
contracts
policy
Capital stock
124,392,388 123,260,846
Total
Corp.—Annual Report—
and D. K. Laidlaw, President, state in part:
of 5H% Debentures, due 1939—Corporation called for
redemption on Jan. 1 1936 $1,000,000 debentures, 5H% convertible series
due 1939, at 103.
In addition there were purchased and canceled during
the year $313,000 of these debentures at a cost of $321,804.
The total
funded indebtedness now outstanding amounts to $5,006,000, consisting
of $2,631,000 5H% debentures, due 1939 and $2,369,000 5% debentures,
Int.
Credit to lien re¬
341,650
Other assets
General Public Service
F. H. Cabot Jr., Chairman
Profit
reduc¬
Other resources
27,432,321
24,256,289
debs. & Fed. and
and
States
p.
under deb. indenture.
339,859
344,872
Net loss
$27,659
prof$8,303
General American Transportation
Corp.—Listing—
authorized the listing of 10,000
on official notice of issuance
making the total amounts applied for to date 848,633 shares.
This issue of 10.000 shares was authorized by the directors Nov. 29 1935.
The stock is to be issued in part payment for over 700 tank cars to be
acquired by the corporation.
This 10,000 shares has been evaluated by
the directors at $45.25 per share so that the 10,000 shares represents $452,500 of the purchase price of the tank cars; the balance of the purcnase price
of the tank cars is to be paid in cash.
Of the consideration so to be re¬
ceived by this corporation for the issuance of the 10,000 shares of stock,
the amount of $5 per share of common stock shall be capital and the con¬
sideration in excess of $5 per share of such common stock shall be surplus.
—V. 141, p. 4166.
The
New
additional
York
Stock
Exchange
shares of common stock
General Capital
has
(par $5)
35,193
12,020
12.623
1932—1
$238,616
10,527
$157,366
$198,251
390,385
1,004,099
$199,051
1,002,628
$228,089
61,937
$233,019
$805,848
Taxes and expenses
Net oper. income
Net loss on sale of inv
Net loss for period
1933
1934
$210,271
1935
$192,560
Int. and divs. received—
Statement of
a
$211,674
$803,577 prof$166151
Capital Surplus Year Ending Dec. 31 1935 1 '■'
7-——
Capital surplus, Dec. 31 1934Net credit from sale of treasury
' ' '
—$9,733,891
6,813
stock
Proceeds from sale of unissued stock credited to
Stock dividends as and when
proportionately the book value per share of all the stock owned in
in question,
b Effective Jan. 1 1932, profits or losses on the
surplus account and were no
longer treated as income.
duce
the company
sale of securities were carried directly to the
Surplus Statement as of Dec. 31
1935
Surplus (earned):
Income surplus; Balance at begin$106,904
loss27,659
Assessment for Fed. stock trans¬
Dr7,500
fer tax applicable to prior years
Capital surplus, Dec. 31 1935
Operating deficit—Dec. 31 1935
$9,535,133
6,095,627
-
Capital surplus less operating deficit (without prbv. for re¬
duction to market value of investments owned)
$3,439,506
Accounts
and
accrd.
32,222
rec
Investment at cost
Interest
Accts. payable
Total.
5,265,130
6,204,592
divi¬
dends receivable
22,498
32,915
3,006,921
Capital surplus
9,535,133
Operating deficit— 6,095,627
Treasury stock
Dr891,994
a
Capital stock
Profits
or
$110,138
$114,190
.562,646
217.042
212,791
losses on securities sold were
book
118,821
842
Surplus (earned) at end of year
determined on the basis of the
values.
The book values were the
1931 and (or) subsequent costs.
written-down values
established Dec. 31
quoted market prices or estimated fair value the un¬
realized net appreciation of investments at Dec. 31 1935 was $234,503
compared with an unrealized net depreciation of Investments at Dec. 31
1934 of $1,410,802.
f
Balance Sheet Dec. 31
Note—Based
on
ou
w
1934
1935
Assets—
c
b Investments—
1934
Railroads
.
Liabilities—
1935
1943
Preferredstock_-$2,305,258 $2,305,258
stock
669,886
869,886
d Com
f$2,246,187 $3,004,670
907,271
700,714
264,638
$7,170
2,942,777
Investm't cos.
81,613
Fire Ins. cos..
370,648
9,733,891
Utilities
5,862,608
Dr215,602
31,933
$490,902
-
Banks
$30,138
def4.631
Stated value of common stock scrip
which expired on Dec. 31 1934
and
liabilities
$98,601
114,190
loss36,827
Dr31,041
Premium and expenses on debs, called
Industrials1985
Liabilities—
1934
$378,537
$254,305
$106,904
Dr8,804
Common stocks:
Balance Sheet Dec. 31
1935
Assets—
$68,205
30,397
110,138
420,609
and canceled
a
1933
1934
$98,601
8,302
$71,744
Total
Surity profit surplusBalance at beginning of year
a Net profit on sale of securities—
Net profit on debentures reacquired
average
$9,778,928
243.795
Total
prof$30.397 prof$67.601
received are not treated as income; the
corporation's books is solely to re¬
effect of such stock dividends on the
38,223
surplus
Distributions to stockholders
Cash
payablei
taxes
Corp.—Earnings—
Calendar Years—
showed en¬
142, p. 460.
and Blitz products manufactured in Germany, also
which they are produced.—Y
Partial Retirement
1,169,707
liens
2,349,446
26.706,906
liens
for
tion
Loans to policy¬
holders
Opel
couraging gains in the countries in
2,017,872
xl, 172,110
to
policyholders
due
invest
Net premiums in
course
appor.
totaled
The
220,560 sold in 1934.
prevailing in the peak years of
1935
Other liabilities.
2,950,153
premiums
the
a
inc. prem. and
Due and deferred
over the
1928 and 1929.
These figures include the products of the corporation's American, Cana¬
dian, English and German factories sold outside of the United States and
Canada.
American-source sales of Chevrolet, Pontiac, Oldsmobile, Buick,
LaSaile and Cadillac vehicles reflected substantial gains in practically all of
the 104 countries comprising the overseas market.
General Motors sales
of its Vauxhall cars and Bedford trucks manufactured in England, and of
Reserve for Fed.
17.200,383
and accrued..
1935, General Motors overseas volume
units an increase of 28.9%
1935 volume marks a full return to the levels
653,799
int. thereon..
19,615,482
Int. A rents due
A
1,005,097
968,646
complete year
the
284,281
and
cumulate
879,786
home off. bldg
on
int.
Dlvs. left to ac¬
under contract
Int.
1,022,594
adj.
and
paid in adv
Real estate sold
Real estate, incl.
reserve.117,631,257 114,510,263
Policy claims In
mtge.
loans
$
$
Liabilities—
21,151,030
Bonds
1934
1935
1934
$
Assets—
Cash
Real
General Motors Corp.—Overseas Sales—
and trucks, from all sources, totaled
Overseas sales of General Motors cars
For
Co.—
Total
25,998 units in the month of December, representing a gain of 14.3% over
November, and a gain of 58.3% over Dec. 1934
The figure is the highest
for the month of December ever recorded.
141, p. 594.
42d St. Manhattanville & St. Nicholas Ave. Ry.
The
c
1,000,000
claims
approved by National Convention
Valuation
x
3,017
2,037
$582,874
$353,216
a Cost $371,475 in 1935 and $307,018 in 1934.
b Shares of $1 par value,
Includes reserve for accrued expenses of $170.—V. 141, p. 2276.
44,650
56,100
...
all
Net
Total...
C4.740
$353,216
$582,874
Total
Cash capital
sioners.—V.
42,707
Res. for unclaimed
120,344
132,374
expenses
Res.
deposit A
In office
141,109
4,728
Undistrib. income-
Res've for taxes A
15,264
320,117
15,965
224,174
divs. A taxes—
adjustment
collection
$81,281
329.270
Losses In process of
Prems. In course ot
on
$899,374
3,491
$857,132
7,500
$103,028
Unrealized apprec.
Cash
Capital stock—
Capital surplus—
b
$349,725
$512,584
70,290
—
Dec. 31 '34
7,500
Real estate
Cash
Dec. 31 '35
Liabilities—
34
Dec. 31 '35 Dec. 31
1934
1935
Liabilities—
1934
1935
Assets—
Inv. (at mkt.)
a
First American Fire Insurance Co.—Balance
Assets—
31
Balance Sheet Dec.
being mailed to stockholders of record.
Inquiries from others may be directed to J. G. White &
St., New York.—V. 139, p. 3807.
x
623
Financial Chronicle
Volume 142
Convertible
debs.:
5%, 1953
5^%,
Accounts
1939
payable-
Taxes accrued
2,602,526
2,050,581
Pref. stocks
619,367
413,936
Notes
162,466
52,765
299,144
1,143,682
2,369,000
2,631,000
2,369.000
20,379
16.121
5,272
2.425
562,646
217,042
3,944.000
1,675
Unadjusted credits
741,824
e
Earned surplus
(from Jan. 1 '32)
Bonds:
$5,584,571 $6,605,627
_Total
"""a Represented by 158,259
_
Total
460.
—V. 142, p.
Railroads
$5,584,571 $6,605,627
shares in 1935 and 154,883 in 1934.
Note—The market value
31 1935 of investments owned was
$4,482,088 against $3,885,415 Dec. 31 1934. On that basis the corporation's
net worth amounted to $4,771,390 and the net asset value per share on the
128,797 shares outstanding, exclusive of shares held in treasury was $37.05.
no par
at Dec.
Cash
Int. and accts. rec.
General Investors Trust-•Earnings—
Years Ended Dec. 31—
Expenses
(incl.
items incident
Federal
non-recurr.
1933
$19,875
$24,665
5,130
7,843
8,918
$14,835
2,037
$12,032
3,611
$15,746
5,291
$16,871
12,143
$15,642
13,605
$21,037
17,427
$4,728
$2,037
$3,610
exp.
&
to cap. shares
registration)
—
period
Total surplus
Dividends paid
Undistributed income end of period
83,466
on
Total
$8,563,441 $9,525,408
books at written-down values established Dec.
and subsequent costs.
The aggregate of investments at quoted
market prices or estimated fair value at Dec. 31 1935 was $8,460,849 and
at Dec. 31 1934 was $7,762,601.
1931
31
c Represented by:
24,640 shares $6 (cum.) dividend pref. and 280 shares
$5.50 (cum.) dividend pref., of no par value (entitled in liquidation to $100
per
Net income
Undistrib. income, beginning of
48,753
$8,563,441 $9,525,408
b Investments carried
1934
$19,965
Gross income
288,342
991,395
919,219
27,105
68,539
Other Investm'ts
Total
1935
-
Utilities
U. S. Govt. sec.
share if involuntary, otherwise $110 per share),
d Represented by: 669,886 shares of no par value,
e Dividends on both series of pref. stock, which are cum.,
have not been
paid during 1932, 1933, 1934 and 1935, amount to $597,520.
f Option contracts have been written for the sale of various
stocks owned
by the corporation at prices aggregating $35,150, which amount is in excess
of both the cost of $34,181 and the quoted prices of such stocks aggregating
$34,988 at Dec. 31 1935.—V. 141, p. 3378.
624
Financial
General Shoe Corp.—Larger Dividend—
The company paid a dividend of 35 cents per share on the no par class
and B common shares on Jan. 15 to holders of record Dec. 31.
This
compares with 25 cents paid on Oct. 15, last.
15 cents paid on July 15
and April 15 1935, and 10 cents per share distributed each three months
from April 16 1934 to and including Jan. 15 1935.—V. 141, p. 3691.
A
Chronicle
1936
25
Jan.
(3) Certificates of deposit issued under the deposit agreement of the
are and have been quoted in the market at less than the
Battles committee
actual bonds.
(4) Their plan will, we believe, place Great Lakes Utilities
Corp . under
the management of National Public Utilities Corp., whereas we believe
that the future management of the Great Lakes Utilities Corp. should be
subject to the approval of its first lien bondholders.
.
(5) The Battles committee cannot properly represent both the National
Public Utilities security holders and the
Great Lakes Utlities bond¬
holders as there is a conflict of interest.
For example, there is litigation
pending against National Public Utilities Corp. to establish that while
that corporation was managing Great Lakes Utilities Corp., excessive
^
Georgia & Florida RR.—Earnings—
—Second Week of Jan.
1936
1935
Period—
Gross earnings
$16,350
x.
Jan. 1
1936
$14,850
to Jan.
14
1935
$32,900
$29,300
V. 142, p. 460.
management fees were charged, and also to establish that
Glidden Co.—6 Glidden
The petition said the amount represents the difference between the price
paid by the officials for 81,000 shares of Glidden stock, purchased in 1932
and 1935, and its present market price.
It includes also, according to the
petition, $425,000 in salaries paid to the officials in 1932, 1933 and 1934
and bonuses for the same period, amounting to from $200,000 to $300,000.
Those named as defendants are Adrian D. Joyce, Pres.; R. H. Horsburgh,
V.-Pres. & Treas.; R. W. Levenhagen, V.-Pres.; and Otto Miller, Dwight
P. Joyce and W. J. O Brien, described as executive officers.
The petition alleges that the company's board of directors, of which
defendants
members, authorized the six defendants to take
options on Jan. 21 1932, on 35,000 shares of the company's common stock
at $8 a share.
It said also that the six executives took options last July
on 46,000 shares at $22 a share,
and that both these and the previous
options were exercised.
The plantiff contends that the defendants voted dividends for themselves
and took a bonus of 5% of the company's net earnings for 1931.
She seeks
an injunction to restrain the defendants from disposing of
any of the stock
in question pending conclusion of the court action.—V. 142, p. 127.
were
Grand Rapids Metalcraft
Earnings for
Corp.—Earnings—
Year Ended Nov. 30
Net operating profit
1935
-
$86,677
.
Non-operating deductions
394
'
Income taxes
Net profit for year
$72,489
_
Increased—Directors have authorized
a
cash
$0.29
dividend
of 6c.
0.
This compares with stock, payable
?er share on the common a cash dividend Feb. 29per holders of record Feb.
to share paid on July 31
of 5c.
1935, and 5c.
per
share paid on Feb. 25 1935.
Assets—
Liabilities—
hand and In banks
on
Accounts receivable,
Inventories
$64,538
customers'. 124,001
31,342
Tools & dies for re-sale to cust's.
2,990
373
Accrued interest receivable
Mash.
,
Notes payable to bank
$65,000
Accounts payable
Accrued expenses.
44,114
17,966
13,792
Reserve for Income taxes
Preferred stock
(ppr $10)
7.535
Common stock, (par 10c.).
equip., tolls, dies, furni¬
36,914
5,102
ture and fixtures
Patents & patents pending
Unamortiz
cost of special tools
and dies
25.000
Paid in surplus
Earn. & unearn. surplus
93,584
5.000
6,198
Corp.
The committee proposes to taice
the following steps for the protection or
gold bonds:
the holders of the Great Lakes first lien
Oppose the plan of reorganization for National Public Utilities Corp.
and Great Lakes Utilities Corp. as proposed by the Battles committee, and
oppose the reduction in the fixed interest rate on the Great Lakes Utilities
first lien gold bonds from 5H% to 2%%.
(2) Assist in the litigation against National Public Utilities Corp. for
(1)
„
the
protection of the interests of the Great Lakes Utilities bondholders.
(3) Intervene in the reorganization proceeding in the Federal Court in
Delaware.
(4) When the proper time arises, to present a separate plan of reorganiza¬
tion for Great Lakes Utilities
Corp. which will fairly and reasonably safe¬
guard the interest of the Great Lakes first lien bondholders and assure
them of a sound and fair management of the properties.—V. 141, p. 1438.
Great Northern
Ry.—Loan from RFC Ratified—
Ratification by the directors of the road of the Reconstruction Finance
Corporation's proposal for refunding a maturing obligtaion of 7 % bonds
with a new issue of $100,000,000 at 4% was announced Jan. 22 by W. P.
Kenney, President.
Mr. Kenney said that after the arrangement had been approved by
the Interstate Commerce Commission, stockholders wuold have the first
opportunity to purchase the new bonds at the rate of one $1,000 bond for
each 25 shares of stock held.
Holders of the maturing bonds would have
the next opportunity, and the public would have the last call.—V. 142,
p. 460.
•
Greene
County RR.-—Reconstruction Loan Extended—
Interstate Commerce
The
Commission
not to be in need of financial
Jan.
on
18 found the company
reorganization in the public interest at this
of a loan of $6,000 by the Recon¬
time and extended the time of payment
struction Finance Corporation.
The RFC had extended the company an
advance of $13,916 evidenced by
17 1936.
its 3-year promissory note, maturing Jan.
Company paid $3,915
principal of this indebtedness.
On the due date the company made
an additional payment of $4,000 on the unpaid principal, and requested an
extension of the balance of $6,000 so that $2,000 will be due on Jan. 17
1937. $2,000 on Jan. 17 1938 and $2,000 on Jan. 17 1939.—V. 135, p. 1160
on
Condensed Balance Sheet Nov. 301935
Cash
Utilities
13,792
.
Earnings per share on 250,000 shs. common stock (par $10c.)
Dividend
Lakes Utilities
National Public
Corp. wrongfully and improperly caused Great
Corp. to divest itself of certain property for the benefit of
Catherine D. Boyle, Woburn, Mass., filed suit in Common Pleas Court,
Cleveland, O., Jan. 18 to recover for the benefit of all stockholders $4,450,000 from six officers of the company.
She reported that she owned
300 shares of common stock.
the
National Public
Utilities
Officers Sued—
the
(B.) Greening Wire Co., Ltd.—Earnings—
Earnings for year, after deduction of operating and
administration expenses, but not depreciation
Interest
5,255
64,957
15,000
1,000
10,334
64.957
4 209
$62,686
515,180
$29,460
485,720
$577,866
45,500
$515,179
$532,366
$515,179
bonds
on
Provision for depreciation
Reserve for income tax
Directors' fees
1
Net income—
Previous surplus.
Total.
$271,993
Total
$271,993
Total
Grant
$108,959
$148,898
532
Prepaid expenses
Impounded bank deposits..
•
1934
1935
Years Ended June 30—
Building, Inc.—Time for Deposits, &c.—
surplus
Dividends paid.
The
representatives for the 1st mtge. leasehold 7% sinking fund gold
bonds (Frank E. Gernon, Chairman) in a letter to the holders of certificates
of deposit dated Jan. 18, states:
There have been subjected
to the mortgage agreement, i. e., the plan,
91.85% in principal amount of the above mentioned bonds issued and out¬
standing.
'
■George M. Gillies, 25 Broad St., New York, N. Y., has been appointed
and is acting as the agent of the representatives pursuant to the terms of
the mortgage agreement.
The time within which additional bonds and coupons may be subjected
to the mortgage agreement
has been extended for a further period of 90
days from Jan. 19 1936.
Those wishing to subject their bonds and coupons
to the mortgage agreement may, within the time limit, present them to the
depositary, Commercial National Bank & Trust Co., 56 Wall St., New
York, for the printing or stamping thereon of appropriate legends indicating
that they are subject to the terms of the mortgage agreement.
The representatives are advised by Grant Building, Inc., that on and
after Feb. 1 1936, the Feb. 1 1934 interest coupon appertaining to all of
said bonds outstanding, whether or not the same have been subjected to the
terms of the mortgage agreement, will be paid, upon the presentation thereof
(accompanied by the ownershio certificate required by the U. S. Treasury
Deoartment), on and after Feb. 1 1936, at the office of the depositary.
While Grant Building, Inc. will pay the Penn. 4 mills tax as provided in
the mortgage, it will withhold from Pennsylvania residents the additional
one mill tax imposed by the Pennsylvania Legislature by the Act of June
22 1935.-—V. 141, p. 1274.
Great Atlantic & Pacific Tea Co.—Usual Extra Div.—
The directors have declared an extra dividend of 25 cents per share in
addition to the usual quarterly dividend of $1.50 per share on the common
stock, no par value, both payable March 1 to holders of record Feb. 14.
Like amounts have been payable each quarter since and incl. Sept. 1 1931.
-V. 142, p. 301.
Great Lakes Paper
Co., Ltd.—Sale Appealed—*
The Western Investments, Ltd., a holder of first mortgage bonds of the
has given notice of an appeal against an order of Justice J. A.
McEvov, Toronto, approvinga proposed sale of the assets of the company
to Lynn E. Aldrich and John E. Gefaell for transfer to a new corporation.
"The judge erred," the notice of appeal reads in part, "in permitting the
votes of the holders of approximately 46% of the outstanding bonds to
control and deal with the rights of the bondholders, as against the objecting
votes of holders of 14% of the bonds and without regard to the fact that
the holders of approximately 40% of the bonds did not vote at all or express
their views."—v. 142, p. 128.
company,
Great Lakes Utilities
Corp.—Protective Committee—
A protective committee has been formed for the holders of the 1st lien
coll. trust gold 5H%
bonds.
Tne members of the committee are: E. W.
Hughes of E. W. Hughes & Co., 1 Wall St., New York (Chairman); Howard
Buffett & Co., Omaha, Neb.; C. T. Williams, Jr. of C. T. Williams & Co.,
Inc., Fidelity Building, Baltimore, Md.; and W. L. Adams of Lawrence
Adams & Co., Inc., 49 Wall St., New York; with Robert H. Snyder, Sec.,
27 Cedar St., New York and Lowell M. Birrell, counsel, 27 Cedar St.,
New York.
This committee has sent out to all known holders of the first lien collateral
trust
gold 5H % bonds,
a
letter dated Jan. 14 1936 and
a power
of attorney.
Surplus.
Balance Sheet June SO
1935
$36,882
178,110
Accts.
in bank
$85,471
$63,631
hand, raw
Res. for income tax
15,000
4,209
material & work
Bank overdraft.—
7,102
Accts. receivable..
Stock
on
181,386
We
either
represent approximately '20% of the outstanding
We urge you not to deposit your bonds with
the Battles committee or otherwise consent to their plan of reorganization
own
or
Great Lakes first lien bonds.
the following reasons:
(1) Their plan provides for reduction in fixed interest from 5J4% to
2H %. a reduction which we do not believe is either fair or necessary.
(2) By depositing your bonds, you subject them to a charge for com¬
pensation, expenses and fees of the Battles committee and its counsel,
even though their plan is abandoned.
for
-
362,045
291,780
Dividend
Deferred charges..
1,348
a Fixed
assets.... 1,269,234
Patents
24,582
10.745
Canadian
1,332,654
26,221
2
2
in process
Investments
11,375
«i—
Bank of
Commerce mort¬
100,000
gage loan.
7% cum. pref. stk.
(par $100)
lS.OOOordinarysbs.
stock (no par)..
650,000
Surplus
Total
a
$1,844,688 $1,876,394
After
reserve
for
650,000
543,375
532,366
-
543,375
515,180
$1,844,688 $1,876,394
Total
depreciation of $1,009,426 in 1935 and $944,469 in
1934.—V. 141, p. 4016.
Greyhound Corp.—May Split Stock—
The
directors
20 recommended
Jan.
on
four-to-one
a
split-up of the
shares, the plan to be acted on by the stockholders at their annual
on March 24.
The proposal is subject to the approval of the
common
meeting
Securities
and
Exchange Commission.
It also is prooosed that the authorized
1,000,000 shares of $5 par common
3,500.000 shares of no par.
outstanding 597.467 shares of common stock, including
stock be increased to
There
now
are
16,000 shares
reserve
for but not issued under the plan of management com¬
pensation.
In addition, there are outstanding 23,181 shares of series 1
$7 dividend convertible preferred stock.
>
If the plan is adopted and approved by the SEC, there will be 2,389,888
common shares outstanding, including management shares authorized to be
outstanding.—V. 141,
p.
3228.
(Charles) Gurd & Co., Ltd.—Earnings—
Calendar
Years—
1935
Net profit after deprec.
& income taxes, &c
Preferred
1932
1933
1934
$26,196
$18,077
13,650
$15,163
18,200
$11,079
209,188
dividends
x$29,280
18,200
$4,427
204,761
def$3,037
207,798
def$64,004
274,120
Dr2,317
$220,267
$209,188
$204,761
$207,798
$0.18
Nil
Nil
$0.13
18.200
72,000
Common dividends
Surplus
Previous surplus. .
Inc. in income tax.
Profit & loss, balance.
Earns, per sh. on 60,000
shs.
com.
stk. (no par)
Operating profit, $140,877; taxes and licenses, $56,794; depreciation of
buildings, plant and rolling stock, $32,201; executive salaries, $16,600:
directors' fees, $280; legal fees, $145.
Reserve for Dominion and Provincial
income taxes, $5,577.
Net profit (as above), $29,280.
x
Balance Sheet Dec. 31
Assets—
1935
Cash
Accts. receivable-
Inventories
Properties
Equipment
Good-will
Deferred
Total
x
1934
charges.
-
.
-
.
$21,534
Accounts
135,918
121.379
188,152
Tax
170,858
886,161
106,204
73,272
125,000
884,616
5,271
1935
Liabilities—
$41,380
Investments
Francis Braun.
1934
1935
payable,bills
payable and ac¬
crued charges.
The letter says in part:
The corporation is in
reorganization proceedings under Section 77-B
of the Bankruptcy Act.
However, the interest on the first lien collateral
trust gold bonds is.being earned and paid by the trustee who is operating
the properties.
•
A reorganization plan for National Public Utilities Corp. and Great
Lakes Utilities Corp. has been prepared and presented by a reorganization
committee, consisting of William W. Battles, Francis M. Brooke and
Liabilities—
1934
$6,089
Assets—
Cash on hand and
$9,624
payable.
1934
$11,905
8,028
10.538
296,131
275,613
260,000
875,113
209,188
reserve
Deprec. reserve..
Preferred stock.
.
260,000
750,113
4,956
108,800
62,918
250.000
$1,544,063 $1,642,356
Represented by 60.000
no par
.
i
Common stock.
Surplus
.
.
Total
shares.—V. 141,
.
220,267
.$1,544,063 $1,642,356
p.
752.
Harding Carpets, Ltd.—Stock Options—
Options have been granted to executives of the company to purchase an
aggregate of 14,500 shares up to Feb. 1 1941, at $3 per share, this price
being subject to adjustment from time to time by an amount represented
by interest calculated from Jan. 1 1936, less credit for an amount equivalent
to any dividends paid up to the time of the exercising of the option.—V.141.
P.
4017.
surplus, this amount representing the earned surplus of R. Hoe
Ltd., at the rate of acquisition of its stock by the parent company in
Preferred Dividend—•
Hart-Carter Co.—Resumes
$2 cum. convertible
value.
One dividend amounting to 50 cents per
share represents the regular quarterly dividend ordinarily due, and the
other, amounting to $1.75 per share is on account of accumulations.
Both
dividends are payable March 2 to holders of record Feb. 15.
The current
payment will be the first made since Dec. 1 1931 when 25 cents was paid;
similar payments were made in the two preceding quarters, and prior
thereto regular quarterly dividends of 50 cents per share were paid.—V. 142,
p. 128.
no
par
Inventories
Years Ended Dec. 31—
..,>1935
-
$2,488,334
revenue
one year
1934
^
1935—Month-
Mos.—1934
$564,035
$575,990
358,718
358,921
23.979
22,742
87,790
83,250
$50,009
35,344
1,895
6,968
$50,707
36,353
1,428
6,337
Net oper. revenues—
$5,800
$6,588
$93,546
$111,075
income—Net
42
35
98
89
Maintenance
Taxes—
15,743
Fixed assets
5,159,108
Patents, less res. lor Amortiz..
1
Deferred charges
95,613
$5,842
2,916
$6,624
2,916
232
$93,645
35,000
2,765
$111,165
211
5,714
Balance---,
$3,474
$55,880
$72,909
—
6H% prior pref. stock
7% preferred stock
$10)
Common stock (par $1)
Capital surplus
—
Surplus arising from appraisal
Class A stock (par
of fixed assets
Total—
-----
doubtful
notes
35,000
3,256
160,000
4,349,151
1,487,069
4,411,368
V.
142.
*
Hollinger Consolidated Gold Mines, Ltd.—Obituaryrecently in Florida.-
Noah A. Timmins, President of the company, died
V. 142, p. 301.
Holly Development Co.—Earnings—
1935
11 Mos. End.Nov. 30—
Net earnings
1932
1933
1934
w
$42,918
$48,381
36,000
$66,676
27,000
$77,476
27,000
$15,918
128,638
$12,381
119,913
$39,676
123,250
$9,976
117,659
$144,557
$132,294
"
Balance
Previous surplus Dec. 31
Add'l provision for Fed'l
Earned surp., Nov.
4017.
67,500
Dr35,000
30"
$127,635
$127,927
Balance Sheet Nov. 30
(Walter E.) Heller & Co. (& Sub.)—Earnings—
Investments
Year Ended Dec. 31 1935
Consolidated Income Account for the
354.519
Acquisition, collection, factoring, general & admin, expenses.Provision for doubtful receivables
Prov. for Fed. income & excess profits taxes on above inc. (est.)-
82,578
47,930
$271,582
30.294
operations.
Other income (net)
$576,817
273,^50
Accounts
136,912
286,150
56,908
13,219
Marketable secure.
Reserve for
8,279
1,416
Cash
227,577
1,475
502
$900,000
2,621
3.288
taxes-
2,599
80,949
payable-
160,580
Res. for depred. &
995
231,590
Inventory
Deferred charges—
Total
4,869
Taxes accrued
Acc ts receivable..
1934
$900,000
Capital stock
781,230
depletion
Capital surplus
Earned surplus
144" 557
$1,914,893 $1,225,304
Total
$1,914,893 $1,225,304
27,210
132,294
-V. 141, p. 2588.
$301,877
24,027
Total Income
exps.
1934
$1,325,109
1935
Liabilities—
and
advances
$756,610
Income
Net profit on above
1935
Assets—
Capital assets
Inc.]
[Including Heller Modernization Credit,
Underwriting
$198,877.-
accounts of
and
inc. tax, prev. years-
Net income
—V. 141, p.
4,441,499
618,345
165,060
959,970
$8,614,970
Total
$8,614,970
After reserve for
Dividends
Retirement res. accruals
Interest charges
210,538
——
Other assets
p.301.
1935—12
-1934
158.738
264,459
-
Accrued Interest
_
$2,602,109
Haverhill Gas Light Co.—Earnings—
Period End. Dec. 31—
Accrued accounts
Long-term debt
Notes & acts., rec., due alter
x
Operating revenues
Operation
receiv.—trade.xl.026,266
1,442,999
$422,045
payable
Accounts
Deficit of earned surplus-——
—V. 141, p. 3861.
Non-oper.
Notes & accts.
Co.—Gross Revenue—
Havana Electric Ry.
,
Liabilities—
$664,698
Cash
The directors have declared two dividends on the
& Co.,#
1924.
30 1935
Consolidated Balance Sheet Sept.
Assets—
preferred stock,
Gross
625
Financial Chronicle
Volume 142
in connection with issue of add! cap. stock.
$277,849
Total earned surplus
Provision for additional Federal income "taxes for prior year.
$755,172
Preferred
Common
68,895
xll8,818
477,322
6.200
dividends
dividends
Balance, earned surplus, Dec. 31 1935
per share on 234,094 shs. common
$561 257
$1 ).99
stock (par $2)
Earnings
(Henry) Holt & Co., Inc.—Class A Dividend—
a dividend of 10 cents per share on account
on the $1.80 cum. partic. class A stock, no par value,
payable March 2 to holders of record Feb. 10.
A like payment was made
on Dec. 2 last, this latter being the first payment made on the issue since
June 1 1933 when 15 cents was paid, 22^ cents per share were distributed
each three months from June 1 1932 to March 1 1933 incl.
Prior to then
regular quarterly dividends of 45 cents per share were disbursed.—V. 141,
p. 3074.
The directors have declared
Transferred to surplus
Earned surplus Dec. 31 1934
of accumulations
Houghton & Dutton, Inc.—To Liquidate—
Federal Judge Elisha H. Brewster has issued an order to
liquidate the
On March 11 1935 company filed a petition of debtor seeking to
reorganize under Section 77-B of the Bankruptcy Act.
At that time it
company.
Consolidated Balance Sheet Dec. 31
Liabilities—
Assets—
Cash
on
1935
Short-term coll. trust notes.—$4,512,500
$1,080,170
x6,799,971
hand & in banks
Receivables
21.882
Notes due individuals
gave liabilities as of Jan. 31
The company in business
vears,
35,099
hope that the store will
33,831
—V. 135, p.
on
Divs.
payable
pay.,
withheld
$706,442.
58,126
65,500
449,014
taxes
Reserves
Preferred stock (par
Common stock (par
Capital
surplus
Earned
surplus
$25)—— 1,641,125
$2)
468,188
6.975
561,257
$7,906,290
Total
$7,906,290
$2,316,449.
Inc., as at Dec.31
1935 was cash in the amount of $5,000. the contra of which was capital
stock.
Walter E. Heller & Co. owned all of the issued stock of Heller
Operating costs
Operating income
Miscellaneous income
Less
and steps to that end are now being taken
Co.—Earnings—
Period End. Dec. 31—
Value of metals sold
Total income
After deducting dealers' reserves held as security of
Note—The only asset of Heller Modernization Credit,
reopen
637.
Howe Sound
pending
determination of recipient—
Accrued
Total
as
62,790
Due
26,147
-
factored accts. receiv—
Due to officers & employees..
Deferred charges
Accounts
1
Furniture and fixtures
1935.
in the department store field in Boston for 93
closed its doors Jan. 21.
An executive of the company said there is
1935—12 Mos.—1934
$1,820,044 $11,618,341
$9,591,197
1,541,270
9,687,707
8,067,032
1935—3 Mos.—1934
$3,442,816
2,815,734
$627,081
188,276
$278,774
131,635
$1,930,634
676,308
$1,524,165
$815,357
$410,409
91,597
$2,606,942
265,217
$2,030,839
339,698
69,361
depreciation
506,674
x
Modernization Credit, Inc.—V. 141, p.
4017.
(G.) Heileman Brewing Co.—Extra Dividend—
share in
of 15 cents per share on the
capital stock, par $1, both payable Feb. 15 to holders of record Feb. 1.
Like payments were made on Nov. 15 last.
A regular dividend of 15 cents
was paid on Aug. 15 1935, this latter being the first distribution made since
March 1 1934 when a quarterly dividend of 20 cents was paid.—V. 141,
p*2588.
The directors have declared
addition
to
the
an
extra dividend of 10 cents per
regular quarterly dividend
(R.) Hoe & Co., Inc.—Annual Report—
j
Fred L. McCarty, President, says:
"The termination of the trusteeship did not become
effective until July 1
1935.
Therefore, the results include operations under trusteeship up to
that date and only three months' operations under corporate control. These
figures show that no net earnings are available for interest on funded debt."
Consolidated Income Account Year Ended Sept. 30
1935
R. Hoe
R. Iloe
& Co., Inc.
& Co., Ltd. Consolidated
$22,434
$92,744 prof$70,309
104.090
40.047
64,042
Operating loss.
Other income.
$52,696prof$134,352
long term debt
139,639
289,201
Depreciation
Interest on long term
debt
Expensas & allowances of trusteeship
&
65,482
$81,655
205,121
289.201
237,974
237,974
reorganization
38
111
$719,584 prof$68,831
$650,753
72
Miscellaneous expenses
Loss for year ended Sept.
30 1935--
def$955,221
Dividends & service charges received
from subsidiary
__
Capital surplus arising from amend¬
ment to ctf. of incorp. under plan of
readjustm'tdatedasof Jan. 16 1935
$1,555,437
a$228,979
1,951,994
1,951,994
surplus
is
$1,555,437
$2,180,973
92,526
189,150
prof68,831
650,753
12,842
$1,435,118
$1,424,851
after deducting $371,236 excess of cost to
parent company over par value of R. Hoe
dated item is after transferring $976,361
Co.—Liquidation—
Gross oper. revenue
Oper. exps. and taxes--
Operating income
Non-operating income—
Gross income
int. on
adj. inc. bonds at 5%
1935—Month- -1934
$688,742
$685,251
1935—12 Mos.—1Q34
410,632
329,913
$7,695,130
4,696,063
$7,885,334
4,562,604
$274,620
24,460
$358,829
24,007
$2,999,067
286,835
$3,322,730
$299,078
$382,836
$3,285,903
$3,624,820
310,701
311,038
3,774,127
3,775,670
302,090
$71,798 def$488,223 def$150,850
141, p. 4168.
Hudson Motor Car Co.
-Retail Sales—
Retail sales of Hudson and Terraplane cars in the United States during
.—
$360,969
Period End. Dec. 31—
—V.
$360,969
$1,435,118 a$l,424,851
Surplus, Sept. 30 1935
—
Note—-Composed of:
$188,725 b$4,349,151
$3,555,300
Capital surplus
—
Surplus arising from appraisal of
1,487,069
1,275,705
211,363
fixed assets in 1924
4,470,037 surl ,035.029 b4,411,368
Deficit of earned surplus
Consolidated
& Mtge.
def$ll,623
189,150
$1,185,922
Total surplus
Development & experimental expenses
92,526
of prior years written off
Div.& serv.charges paid to parent co.
719,584
Net loss fiscal year ended Sept. 30 '3512,842
Prior years adjustments, net
a
Counties Title
Inc. charges, inc.
Surplus Account Year Ended Sept. 30 1935
Surplus account, Oct. 1 1934
Hudson
Superintendent of Insurance Louis H. Pink on Jan. 21 announced the
signing of an order of liquidation for the company, one of the smaller of the
title and mortgage guaranty companies taken over by the Insurance Depart¬
ment.
This is the 18th company to be placed in liquidation, with 8 remain¬
ing in rehabilitation.
Supreme Court Justice William F. Bleakley signed the liquidation order
at White Plains after evidence presented by the Superintendent showed the
company to be insolvent.
The examiner's report indicated that current
liabilities exceed current assets by at least $196,776 and that the company's
capital structure is impaired to the extent of $285,975.
There was no op¬
position to the order on the part of the company.
May 29 1936 is set as the
final date for filing of claims against the company.
The company was organized Feb. 23 1923 as the Orange & Rockland Title
& Mortgage Guaranty Co. of Monroe, N. Y., and was taken over for
rehabilitation on July 18 1934.
It had its principal office at Newburgh,
N. Y., and issued both guaranteed wholly-owned mortgages and certificates.
Its outstanding guarantees amount to approximately $560,000 in whollyowned mortgages and 89 specific certificated issues for $930,000.
It sold
no
group
issues.
Hudson & Manhattan RR.- —Earnings—
Loss before depreciation & interest
on
$318,812
$2,341,725
$1,691,141
Earns.per sh.on cap.stk.
$1.58
80.67
$4.94
$3.37
Metals sold, fourth quarter of 1935, gold (oz.), 3,417; silver (oz.), 1,041,971; copper (lbs.), 4,431,159; lead (lbs.), 29.875,345; zinc (lbs.). 32,065,408.
—V. 141, p. 3862.
$746,996
Net income
& Co., Ltd., stock,
b Consoli¬
from earned surplus to capital
December totaled 8,879 cars, according to announcement made on Jan.
17
by William R. Tracy, Vice-President in charge of sales.
This represents
a gain of 39% as compared with the preceding month and a gain of 211%
as compared with the same month of the preceding year.
The December sales of 8,879 cars bring the total of retail sales in the
United States for the full year 1935 to a figure of 78,745, a gain of 26%
over the 1934 total and 96% over the 1933 total.
United States retail sales
in 1935 were greater than for any year since 1930.—V. 142, p. 462.
Illinois Brick Co.—To Reduce Par Value—
Stockholders at the annual meeting
31a proposal to reduce the par value of the capital stock
$25 a share, and apply the surplus created by this write-down
The directors have recommended to
to be held on Jan.
to $10, from
against the profit and loss deficit.
There are 240,000 shares of stock outstanding and the surplus created
through
close of
writing down the stock would amount to $3,600,000.
At the
1934, the company had a profit and loss deficit of approximately
$2,800,000.—V. 140, p. 974.
626
Financial
Imperial Royalties Co.—Distribution, cfee.—
(III) The
By action of the
trustees, Dec. 17 1935. disbursement of accumulated
funds in the amount of
$61,793, was authorized to be made to shareholders
of record
In
an
Jan.
1
order of
1936.
construction, entered by the XT. S. District Court of Tulsa
County, Okla.,
Nov. 8 1935, the Court held:
"That there exists in the
capital structure of Imperial Royalties Co. a
excess of $4,000,000 and that, during the existence of said
deficit, in
on
deficit in
any amount, cash disbursements made to shareholders constitute and are
distributions of capital
.
that the preference as to $1 par preferred
and class A preferred
.
.
shares, for which provision is made in (the) declara¬
and were intended to be effective only as to dis¬
tributions payable from surplus created by net earnings of the trust estate."
Based upon this holding the Court further held and ordered that such
partial distributions of capital were properly payable to all classes of shares
tion of trust
in
.
.are
,
Chronicle
ratable proportions.
There is, therefore, being presently paid to the holders of
preferred and
class A preferred shares the
equivalent of 1-3 cent and 5 cents per share,
respectively; to ho'ders of common and class A common snares a like amount
plus the further sum of 2-3 cent and 10 cents per share, respectively, to
equal the amount paid May 15 1935, to holders of preferred and class A
preferred shares.
The total being currently paid on common and class A
shares is, thus, 1 cent and 15 cents, repsectiveiy.
The trustees in a letter to shareholders state further:
We believe shareholders will
regard with approval the fact that. Inclusive
of this
disbursement, a total of $121,891 has been paid to them since trustees
assumed direction of Imperial's affairs on March 5 1935.
Further disburse¬
ments will be made at such times and in
such amounts as accumulated
funds will permit.
common
balance, approximately $3,841,800, for general
corporate purposes, including such additions to plant and other facilities
as may seem
expedient in the future.
History and Business—Company was organized Feb. 6 1917 in Delaware.
Company is primarily an operating company and with its subsidiaries
constitutes an integrated unit in the iron and steel industry.
Company,
directly or through certain of its subsidiaries, is engaged in (a) the manu¬
facture and sale of the following among other products: pig iron, steel ingots,
blooms, billets and slabs, sheet bar and skelp, structural shapes, sheared
plates, universal and floor plates, bars, special sections, black and galvanized
sheets, cold rolled sheets, hot and cold rolled strip, tin mill black plate,
tin plate and light manufacturing terne plate, heavy tee rails track spikes
and track bolts, angle splice bars and tie plates, steel sheet piling, rein¬
forcing bars, small shapes, fence posts manufactured from rail steel quality
material, and coke and certain of its by-products, including tar products;
(b) the mining and quarrying of iron ore, coal and limestone, chiefly for™6
use of the company, although a portion thereof is from time to time sold to
outsiders; and (c) the operation of tnree freight vessels on the Great Lakes,
chiefly for the transportation of raw material for the company.
Joseph T. Ryerson & Son, Inc., a wholly owned subsidiary, is engaged
In the purchase, and sale and distribution direct to consumers for immediate
delivery, principally from warehouses, of a broad line of finished
products, Including bars, shapes, plates, sheets, tubes, bolts, cold finished
steels, tool and alloy finished steels, stainless metals, brass, copper, babitt
metal, solder, and numerous allied specialties, including metal working
machinery and hand tools, and, to a small extent, in the fabrication or
structural steel for building construction,
bridges, &c.
A substantial
portion of materials sold by Joseph T. Ryerson & Son, Inc., is, or may be,
purchased from the company.
All
phases of receivership proceeding^ have been terminated and, by
of the recently reorganized board of Monarch
Royalty Corp.,
litigation, filed by Mr. Ache and involving company's affairs, aban¬
doned.
As soon as disposition of the Federal Court
proceeding is permitted,
which is anticipated at an
early date, definite action to provide for corporate
reorganization, if such is shown to be the desire of the majority of the share¬
direction
the
holders. will be possible.
Settlement or the litigation relating to the title to the estate of John E.
Horn has been made on
of Imperial shares held
a
basis which involves surrender and cancellation
by John F. and E. S. Horn in an amount equivalent
to
approximately 15% of the trust estate.
This settlement constitutes a
saving in value to Imperial shareholders of approximately $150,000.
Claims heretofore filed for refund of illegally
paid Federal and State in¬
come taxes have been
approved in part buo payment of such amounts as
have been approved is
being withheld pending adjudication of the balance
of the claims.
Statement of Income for Period Oct. 1 1935 to Dec. 311935
Gross income..
$32,595
Total administrative expense
5,598
Operating profit
26,997
Additions to income
m
858
Total
$27,854
2,052
Taxes-
Production expense
Miscellaneous deductions
101
68
Net profit (before reserves)
$25,632
Imperial Tobacco Co. of Great Britain & Ireland—
Final Dividend—•
The directors have ordered a final common dividend of
7 H % for the
year ended Oct. 31 1935, plus a bonus of
9%, according to cable advices
from London.
Previously an interim dividend of 7H% "was paid, making
a total of 15%, tax free for the
year.
In the
15%, plus
a
previous year dividends totaled
bonus of 7H%~V. 141, p. 1596.
Income Foundation Fund—1-Cent Extra Dividend—
The directors have declared
an extra dividend of 1 cent a share
together
regular quarterly disbursement of 134 cents per share on the
stock, both payable Feb. 1 to holders of record Jan. 15.
The extra
is to be paid out of realized
profits whereas the regular dividend is to be
paid from income from securities.
with
the
common
Inland Steel
Co.—$35,000,000 Bonds Offered—Details of
company's financing were given in the offering prospectus
Kuhn, Loeb & Co. in respect of $35,000,000 1st mtge. 3%% bonds, series D, due Feb. 1 1961.
The bonds were offered by Kuhn, Loeb & Co. at
1013^.
The sale of the series D bonds
completes the company's
financing program, which involves the redemption of its
outstanding 43^% bonds and the provision of $3,841,000
new
money.
The initial step was consummated on Dec. 30
1935 by the private sale through Kuhn, Loeb & Co. of
$10,000,000 1st mtge. 3% serial bonds, series C, due in from 1 to
the
released Jan. 22 by
10 years.
&
are
to be dated Feb. 1
products added, and
In
a new
February 1932, the
type of business acquired, as setforth below.
company
placed in operation
a
newly constructed
continuous mill located at its plant at Indiana Harbor, Ind., for the produc¬
tion of wide strip sheet steel, steel plates, and cold rolled sheets, all of a
character not theretofore manufactured by the company.
The estimated
annual
capacity of this mill is approximately 600.000 gross tons, of which
approximately 300,000 gross tons are cold rolled sheets.
Construction of
mill, among other things, enabled the company
to produce more economically certain products which were formerly pro¬
duced by 10 sheet mills owned and operated by Inland Steel Co., of Wis.,
a
wholly owned subsidiary, at Milwaukee, Wis., all of which mills of
Inland Steel Co. of Wis. have been abandoned and for the most part dis¬
posed of or dismantled.
In December 1933, the company completed the construction of facilities
at its plant at Indiana Harbor, Ind., for the production of cold rolled plate
for tinning and tin plate, products which had not theretofore been manu¬
factured by the company.
This department has an estimated annual
capacity of approximately 100,000 gross tons.
On Sept. 30 1935, the company acquired, under a plan of reorganization,
all of the capital stock of Joseph T. Ryerson & Son., Inc. (Del.), which
contemporaneously acquired all of the property, business and good-will
of Joseph T. Ryerson & Son, Inc. (111.).
Prior to such acquisition, neither
Inland Steel Co. nor any of its subsidiaries carried on business of the general
character of the business formerly done by the Illinois corporation, and
presently done by Joseph T. Ryerson & Son, Inc. (Del.).
Properties—The principal operations are carried on at Indiana Harbor,
Ind., where company owns approximately 450 acres of land.
There are
located at the Indiana Harbor plant by-product coke ovens with an es¬
timated annual capacity of approximately 900,000 gross tons of coke;
four blast furnaces, with an estimated annual
capacity of approximately
1,000,000 gross tons of pig iron; 27 open hearth furnaces, with an estimated
annual ingot capacity of approximately 2,000,000 gross tons of steel tothe aforesaid continuous
fether with rolling andsteel into certain facilities capable of converting such
,000,000 gross tons of other finishing semi-finished and finished products.
Certain
subways,
viaduct
sites,
rights-of-way,
trackage
rights,
and
ap¬
proximately 42,000 square feet of land at Indiana Harbor on which is
located a portion of the office building of the company, are leased, and the
fee of such leased property is, or may be,
subject to mortgages antedating the
company's leases thereof.
Certain other relatively unimportant property
leased, and the fee of part or all of such property
be, subject to mortgages antedating the company's leases
thereof.
Company also has permission from the United States government
and the State of Indiana entitling the
company to fill in, and appropriate
to itself, approximately 300 acres of
submerged land, adjacent to the
Indiana Harbor plant.
Inland Tar Co., a subsidiary, maintains a plant for the manufacture of
certain tar products, located on the company's
property at Indiana Harbor.
Chicago Heights plant located at Chicago Heights, 111., located on ap¬
proximately 14 acres of land, consists of a re-rolling mill on which bars,
fence posts, reinforcing bars, &c. are manufactured and has an estimated
annual capacity of approximately 90,000 gross tons of such
product.
The iron ore properties consist of: ore
rights in actively operated proper¬
ties in Marquette County, Mich., and Itasca
County, Minn., which rights
are held under
mining leases or arrangements: and ore rights In properties
in Crow Wing, Itasca and St. Louis
Counties, Minn., being held as iron ore
reserves, which rights are owned in fee or held under mining leases or ar¬
rangements.
Companies In which Inland Steel Co. has stock holdings,
not in excess of
50%, have iron ore rights, both in active and in inactive
properties, which rights are owned in fee or held under mining leases or
at Indiana Harbor is also
also is,
or
may
The coal properties of
company and its
1936; due Feb. 1 1961.
Interest
A.
Company will reimburse owners resident in State of
Penn. upon application in the manner specified in the fifth
supplemental
indenture any Penn. personal property taxes not
exceeding four mills on
each dollar of the principal amount in
any year.
First National Bank,
Chicago, and Roy C. Osgood, trustees.
As a sinking fund for the retire¬
ment of series D bonds, the
company agrees to deliver to the corporate
trustee or redeem and pay $700,000 of bonds in 1947 and
each year tnereafter during the life of the bonds.
The $10,000,000 of first
mortgage
3% serial bonds, series O, now outstanding, will mature in each of the
years 1937 to 1946, incl., at the rate of $1,000,000 per
annum, of which
$200,000 is in lieu of sinking fund on series C bonds, and
$700,000 is in
lieu of sinking fund during said period on series D bonds.
Series D
General Development of Business for the Past Five Years
The business of the company and its subsidiaries, during the past five
has been in general as set forth above, except to the extent that
during this period additional facilities have been constructed, additional
years,
arrangements.
Series D bonds
payable F.
Jan. 25 1936
estimated
bonds will
be redeemable at the option of the
company as a
whole at any time, or in part for the
sinking fund, on any interest date,
on 60 days' notice, at the
following percentages of their principal amount,
if redeemed during the respective periods hereinafter
specified: 105% to and
incl. Jan. 31 1941; 104% thereafter to and incl. Jan. 31
1946; 103% there¬
after to and Incl. Jan. 31 1951; 102% thereafter to and
incl. Jan. 31
1957;
101K % thereafter to and incl. Jan. 31 1958; 101% thereafter to and incl.
31 1959; 10034% thereafter to and incl. Jan. 31
1960; and 100%
thereafter; in each case together with accrued interest.
Listing—Company has agreed to make application in due course for the
listing of these bonds on the New York Stock Exchange and for their
registration under the Securities Exchange Act of 1934.
► Series O Bonds—$10,000,000 first mortgage 3% serial bonds, series
C,
dated Jan. 1 1936, and maturing serially from Jan. 1
1937 to Jan. 1 1946,
incl. were not offered to the public.
Series C bonds were sold by private
sale by the company to Kuhn, Loeb & Co. on Dec.
30 1935, pursuant to a
firm commitment, the proceeds to the
company being 100% per unit or
a total of $10,000,000 less interest
discounted to Jan. 1 1936 of $1,666.67.
On Dec. 30 1935,Kuhn, Loeb & Co. sold all such
series B bonds to one pur¬
chaser by private sale at 100.478 +
% flat per unit or a total of $10,047,826.90, the difference between the proceeds to the company and the
price
to the ultimate purchaser being 0.494 +
% per unit or $49,493.57. including
in such difference the amount of interest
discounted.
Jan.
A prospectus
dated Jan. 22 affords the following:
Application of Proceeds—Series C bonds were sold privately on Dec. 30
1935, and the net proceeds thereof, after deducting
expenses, are estimated
$9,971,800.
The net proceeds, after deducting expenses, to be received
by the company from the sale of 'the series D bonds, are estimated at
$34,460,000.
Company intends that the net proceeds of the series C and
the series D bonds will be applied or used as follows:
(i) $14,145,000 to redeem, or to reimburse the company for funds used
to redeem, on Feb. 1 1936, at
102)4%, all the
at
outstanding $13,800,000
sinking fund 4)4% gold bonds, series B, due Feb. 1 1981.
(ii) $26,445,000 to redeem on April 1 1936, at 10234%. all the
outstanding
$25,800,000 first mortgage sinking fund 4)4% gold bonds, series
A, due
first mortgage
wholly owned subsidiary, Inland
Colleries Co
consist of: coal mining rights in actively operated property,
located in Floyd. Knott and Pike Counties,
Ky., which rights are owned
in fee (possibly subject to
royalty payments) or held under a coal
,
mining
lease; coal mining rights in actively operated property located in Allegheny
County, Pa.; and coal mining rights in undeveloped coal reserves located
in Jefferson County, 111.
Inland Lime & Stone Co., a wholly owned
subsidiary, owns actively
operated limestone properties near Manistique, Mich.
Company owns approximately 800 acres of vacant land in Porter County,
Ind.
Indiana Harbor Homes Co.,
a
wholly-owned subsidiary,
owns
approxi¬
mately 300
acres of land at Indiana Harbor, Ind.i near the Indiana Harbor
plant, the greater portion of which 300 acres is vacant, the balance being
used for dwelling houses.
Inland Steel Co. of Wis., a wholly owned subsidiary, owns approximately
50 acres of land at Milwaukee, Wis.
The mills formerly located on this
land have been abandoned, and, for the most part,
disposed of or dis¬
mantled.
Joseph T. Ryerson & Son, Inc., a wholly owned subsidiary, operates
warehouses, (mostly single story buildings) in 10 important steel con¬
suming centers of the United States.
Such facilities have an estimated
annual capacity for fabricating approximately 25,000
gross tons of steel
for bridges, buildings and other structures.
Inland Steamship Co., a subsidiary, owns three Great Lakes freight vessels
which have an estimated aggregated carrying
capacity of approximately
32,500 tons.
Said vessels are subject to a mortgage securing the principal
sum of $110,000,
maturing on Jan. 1 1937.
Funded Debt and Capitalization (Giving Effect to Financing)
Authorized
1st mtge. bonds (issuable in series)
$100,000,000
1st mtge. 3% serial bonds, series C,
due
in
equal annual instalments
from Jan. 1 1937 to Jan. 1.1946...
10,000,000
1st mtge. SH% bonds, series D, due
Feb. 1 1961
35,000,000
Capital stock (no par)
1,600,000 shs,
Outstanding
$10,000,000
35.000,000
1,440,000 shs.
Note-^lOQOfo or the stock and all funded debt of subsidiaries,
of which
by
the
are
consolidated
with
the accounts
company.
Inland Steamship Co.,
the accounts of which are not consolidated,
the
of the company,
accounts
are
owned
80% owned subsidiary,
has outstanding in the hands
of the public $110,000 first mortgage 534 % serial gold bonds due Jan. 1
1937.
By agreement, the company is required to pay to Susquehanna Ore Co.
(an associated ore mining company) 25% of the maturing principal, premium
of 234%, interest and sinking fund requirements of
Rogers-Brown Iron
Co. first and refunding mortgage 5% serial gold bonds
maturing serially
from 1936 to 1940 (payment of which has been assumed
by Susquehanna
Ore Co.).
At Sept. 30 1935 the amount of principal and premium
payable,
upon maturity of the outstanding bonds of this issue aggregated $1,078,300,
of which the company's proportion was $269,575.
an
Underwriters of Series D Bonds—The name of eachfunderwriter and the
respective amount underwritten are as follows:
Amount
Name—
Kuhn, Loeb & Co., New York
Edward B. Smith & Co., New York
Brown Earriman & Co., Inc., New York
First Boston Corp., New York—
$15,000,000
2,500,000
2,000,000
1,250,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
-
Blyth & Co., Inc., New York
Hayden, Stone & Co., New York
Lee Higginson Corp., New York
Mellon Securities Co., Pittsburgh
...
Otis & Co., Cleveland
Goldman, Sachs & Co., New York
A. G. Becker & Co., Chicago
Clark, Dodge & Co., New YorkField, Glore& Co., New York
Ladenburg, Thalmann & Co., New York.
J. & W. Seligman & Co., New York
Lawrence Stern & Co., Inc., Chicago.
Blair, Bonner & Co., Chicago
Central Republic Co., Chicago
Hallgarten & Co., New York
Harris, Hall & Co., Inc., Chicago—
Hemphill, Noyes & Co., New York
750,000
500,000
500,000
500,000
500,000
500,000
500,000
w
-
•
250,000
250,000
250,000
250,000
250,000
Illinois Co. of
Chicago, Chicago
Morgan Stanley & Co., Inc., New York
250,000
„
4,000,000
Consolidated Statement of Income
9 Mos. End.
Year Ended Dec. 31-
1933
1932
Gross
Sctl©s
"
'
"
"
"
Cost of goods sold
15,077,787
& admin, exps
gen.
1,150,386
$7,637,594 $10,585,694
1,704,375
1,336,602
$3,209,299
1,284,066
85,518
61,145
43,419
State,
$5,889,799
394,333
$9,233,448
166,033
$1,148,782
21,756,949
municipal
county,
&
school bonds.-.-
7,821,342
20,211,279
10,014,877
Collateral loans
20,009
Acer, interrest on investment
1,755,244
Loans on policies
16,400,581
Net
premiums
deferred in
course of collection
2,543,065
$71,174,220
338,483
467,378
Legal reserve
Incompleted policy claim—Int. & prem. paid in advance.
Set aside for taxes pay. in 1936
1st mtge. real estate loans---
225,000
70,561
Other accrued expenses
Real estate owned
Surplus
Total
assigned to partlc.
policies
Surplus assigned for deprec.
698,514
750,000
of assets
6,947,972
1,000,000
Surplus unassigned.—
Paid-up capital
$81,672,130
Total
$81,672,130
-V. 137, p. 878.
Kansas Oklahoma & Gulf
Ry.—Would Borrow $285,000
The company has applied to the Interstate Commerce Commission for
approval of a $285,000 loan from the Public Works Administration to pur¬
chase 5,200 tons of 110-pound rail and 500 tons of 90-pound rail and track
fastenings.
The road told the Commission It proposes to issue 4%
PWA maturing over a 10-year period.—Y. 142, p. 130.
serial notes to the
Co.—Definitive Bonds Ready—
Kansas Power & Light
The company announced that its first mortgage bonds, 4M% series due
1965, in definitive form, are now ready for delivery in exchange for tempo¬
rary bonds at the offices of Bankers Trust Co., New York, and Harris
Trust & Savings Bank, Chicago.
The company requests that holders send
their bonds for exchange to the nearer of the two banks.—V. 141, p. 3382.
(Julius) Kayser & Co.—Earnings—
15,643
$1,864,087
384,472
(net)
Liabilities—
A. 8S€tS~~~~
Cash in banks
Prov. for doubtful accts.
Profit from sales.loss$l,691,259
Other income-481,426
Insurance Co.- -Financial Statement
City Life
Federal govt, bonds
Sept. 30 *35
$26,631,530 $40,404,309 $42,597,393
23,422,230
32,766,714
32,011,698
Gross profit from salesloss$455,353
Sell.,
1934
Kansas
Dec. 31 1935—
elisors
less
allowances.I$14,622,433
returns &
627
Financial Chronicle
Volume 142
[Including Affiliated Companies]
6 Mos. End. Dec. 31—
Net earnings
Gross income
Interest
on
$6,284,132
1,810,125
$2,248,559
1,850,625
$9 ,399,482
1 ,336,500
121,453
11,803
89,204
2,179
31,721
loss$l ,209,832
1,883,250
funded debt-
count &
Other interest
Provision
for
124,150
10,605
126,847
49,723
expense—
85,728
.
on
miscell.
on
or
43,408
Prov. for Fed. inc. taxes.
925
Surplus
4,106
6,048
572,113
91,991
4,495
1,171,047
Net Income—
Dividends
$166,693
Ioss$3,320,958
300,000
$6,710,714
1,800,000
$3,729,889
600,000
Note—Above statement does not include income accounts of Joseph T„
Ryeraon & Son, Inc., Inland Tar Co. or Inland Steamship Co.
Consolidated Balance Sheet Sept. 30 1935
Assets—
Liabilities—
hand & dem'd deps.
Marketable securities at cost
$9,154,904
Notes & accounts receivable
b4,405,135
on
a396,865
Inventories
14,986,415
Amount due from
employees
56,607
Cash deposit with trustee—
2,740
Investments
15,714,099
381,021
assets
Amount
due
from
9,828
c71,092,748
Patents A good-will
65,072
Deferred charges
.$119,586,4011
reserve
accrued int.
$443,328
3,773
10,998
271,486
$184,041
16,459
100,505
$139,226
16,627
$157,071
16,431
$67,077
402,020
$0.41
$122,599
412,120
$0.29
$140,640
422,420
$0.33
payable—trade—
Accrued liabilities
Federal income tax
-
956
1,375,415
1,281,446
payable
105,445
39,600,000
196,704
Funded debt
& contingent reserves.
Oper
Capital stock (1,440.000 shs)
Earned surplus
-
Larger Dividend—
The directors have declared
$105,683
b After
reserve
2,909,932
47,000,000
24,993,808
to reduce to basis of market ($386,138) plus
for doubtful accounts &c of $463,219. c After
depreciation of $44,981,240.—V. 142,
p.
129.
Insuranshares Certificates, Inc.—Larger
dividend of 37 M cents per share on the
compares
Kelvinator
Corp.—Earnings—
1935
1934
depreciation, interest, taxes, &c
$153,002
$290,322
The corporation states it has changed Its accounting policy and included
In its first or December quarter, dividends from its wholly owned financed
company, Refrigerator Discount Corp.
Hereafter, dividends from this
company, it is stated, will be taken quarterly instead of in the fourth and
September quarter as heretofore.—V. 142, p. 462.
3 Months Ended Dec. 31—
Kingsbridge Ry. Co.
See
Third
Ave.
Dividend—
The directors have declared
a dividend of 9 cents per share on the com¬
stock, par $1, payable March 20 to holders of record March 12.
This
Sept. 20, last- 7 cents on March 20 1935, and
5 cents per share paid on Sept. 20 and March 20 1934.—V. 142, p. 462.
-Proposed Merge]
Ry. below.
(D. Emil) Klein Co., Inc.
$119,586,401
Total
a
par $5, payable Feb. 15 to holders of record Feb. 1.
This
with 25 cents paid on Nov. 30, last; 65 cents paid on Sept. 10
1935 and 25 cents per share distributed on Feb. 15 1935, Sept. 15 1934, and
Feb. 15 1934. this latter being the first dividend paid on the $5 par stock.
—V. 141, p. 2740.
stock,
common
Net loss after
29,655
282
able within one year
Debt to sub. not consol
401,900
$1.01
$2,093,713
Accident compensation pay¬
Dividends
-
share
per
3,320,968
Total
After
Accounts
Deferred liabilities
officers
and employees
Fixed assets
a
24,820
156,280
Shs. of com. stk. outstd'g
Earnings
Other
$321,282
dis¬
posals of capital assets
Cash
$362,684
3,165
24,796
150,681
$42,218
Common dividends
977
6,970
sales
Net income
Employees pref. divs
secure.
& investments
Net losses
Depreciation
$363,109
80,219
$421,509
17,581
361,710
reserve
$243,898
77,384
interco.
profit in inventories.Losses
Tax
$319,697
42,987
$619,982
3,394
49,661
145,417
Total income
Interest
Amortization of debt dis¬
1932
1933
1934
1935
$581,873
38,109
Other income
Selling,
adminis.
general expenses
-Earnings—
1932
1933
1935
1934
$649,640
Years End. Dec. 31—
Gross profit from sales.-
$614,830
$587,540
$690,932
and
324,545
309,486
299,044
333.362
x$325,096
18,128
x$305,344
18,040
$288,496
17,703
$357,570
24,763
$343,224
54,257
40,250
$323,384
52,414
37,651
$306,199
58,856
34,688
$382,333
93,396
42,542
$248,717
24,885
114,469
$233,319
29,120
91,800
$212,654
39,357
81,492
$246,394
48,457
96,246
$109,363
91,575
Net profit from sales—
Other income
$112,399
91,775
$2.16
$91,805
92,395
$1.82
$101,691
95,540
$2.07
mon
Gross income
compares with 8 cents paid on
Charges against income.
Federal income taxes
Interborough Rapid Transit Co.— Tenders—
The Guaranty Trust Co. of N. Y. will until 4p.m. April 1 receive bids
for the sale to it of sufficient 1st & ref. mtge. 5% gold bonds, due Jan. 1
1966, to exhaust the sum of $1,548,056 at prices not exceeding 110 and
interest.—V. 142, p. 462.
International Mercantile Marine
Co.—Passenger Agent
Net profit for year
Preferred dividends
Common dividends
Balance, surplus
Shs.com .stk .out. (no par)
Jor Air Line—
x
By terms of an agreement Just concluded with Pan American Airways
System, this company will become sole passenger agent in North America
for this Airways system, effective Feb. 1, according to an
nnouncement
made by J. S. Mahool, General Passenger Traffic Manager of I. M. M.
—V. 141, p. 1934.
$2.33
Earnings per share
After'depreciatlon of $10,127 in 1935 and $10,131 in 1934.
Balance Sheet Dec. 31
Assets—
x
1935
ments &
y
$76,451
39,420
Securities owned—
special meeting held on Jan. 20 approved a plan
to increase the number of shares from 300,000 to 360,000, the increase to
be effected by offering stockholders the right to buy one new share at $15
$69,131
37,270
impts—
Mfg. Co.—Stock Increase Voted—Rights—
Good-w.ll, brands.
Iron
Fireman
The stockholders at
a
for each five shares held.
Application is being made at the present time to the Securities and Ex¬
change Commission for permission to offer the new stock to present holders.
It is expected that the approximate date of issuance will be around April 10.
—V. 142, p. 462.
Jackson & Curtis Securities
The directors have declared
the $6
a
Corp.—$1.50 Dividend—
dividend of $1.50 per share on account
of
value, payable Feb. 1
to holders of record Jan. 16.
This compares with $1 paid in each of the five
preceding quarters; 75 cents per share distributed each quarter from Aug. 1
1933 up to and incl. Aug. 1 1934; 50 cents per share paid each quarter from
Aug. 1 1932 up to and incl. May 1 1933, and with regular quarterly distribu¬
tions of $1.50 per share made previosuly.
Accumulations after the payment of the current dividend will amount to
$10.25 per share.—V. 141, p. 2739.
accumulations
on
cum.
pref. stock,
Jamaica Public Service Ltd.
Period End. Dec. 31—
Gross earnings.
Oper.
exps. & taxes
Interest & amort
Balance.
-V. 142, p. 302.
no
book value
Accts. rec., tradeInventories
Prepaym't,
1935—12 Mos.—1934
1935—Month—1934
$85,279
46,464
8,63 1
$82,014
45,618
$859,397
508,822
8,650
102,936
$829,751
493,816
108,864
$30,183
$27,745
$247,638
$227,070
trade
Loans receivable—
Cash
surr.
policy
ins.,
Period End. Dec. 31—
Railway oper. revenues.
Railway oper. expenses.
Railway taA accruals
193 6—Month—1934
$906,035
611,570
42,885
$720,912
579,766
98,031
Uncollect, ry. revenues-
61
24
Equip. rents—Net Dr..
Jt.Jacil. rents—Net Dr.
44,467
8,112
21,052
8,520
$198,938
$13,515
Net ry. oper. income
—V. 141, p. 4018.
1935—12 Mos.—1934
$9,981,090
$9,650,064
7,095,617
7,205,687
775,509
776,885
.2,290
3,377
402,438
419,157
82,756
89,580
$1,486,403
$1,291,452
1
386,772
1,136,817
Total
x
1,074,632
133,013
•
7,317
«.*•«•••
15,976
1.228
24,350
19,081
15,431
11,796
11,820
6,187
—$1,830,527 $1,775,395
Total...
$1,830,527 $1,775,395
of $100,275 in 1935 and $90,931 in 1934.
y Repre¬
91,575 shares no par stock in 1935 and 91,775 in 1934.—V. 141,
After depreciation
sented by
p.
75,000
40,651
1,103,138
85,000
1
145,930
393,295
44,450
1,198,821
-
—-
int.,
tax., rent & duty
440.
Lake Shore Mines,
Ltd.—Bullion Output—
Bullion output during the quarter ended Dec. 31 1935, equaled $2,387,000
against $2,382,000 in the previous three months and $2,321,965 in corre¬
sponding 1934 period.—V. 141, p. 3384.
Landis Machine Co.—Bonds Called—
Edward M. Primeau, President, says:
In 1928 we issued $500,000 in 5H % debentures.
notes are retired
Kansas City Southern Ry.—Earnings—
Surplus—
value of
life Insur.
Prepaid
con¬
Reserve for taxes..
ac¬
ceptances recelv.
par
(& Subs.)—Earnings—
&
for
1934
$396,000
160,606
purch.
of leaf tobacco—
Notes
Reserve
tingencies
trademarks, &c.
Cash
$342,000
160,256
7% cum. pref. stk.
Common stock—
better¬
equip.,
1935
Liabilities—
1934
Mach. Afictures,
annually until 1943.
About $20,000 of these
March 1 1943, $194,000 mature. We
time and have
have been carrying a considerable cash balance for some
decided to use a portion of our funds to retire the 1943 bonds.
have called the 1943 bonds
March
as
of Mar. 1 1936.
We, therefore,
$22,000 of the bonds
mature
1
1936, so that on that date the total retirement will be $216,000.
This, therefore, leaves a balance of $158,000. Of this amount, the company
holds in the treasury $46,500 in bonds which have been purchased at the
market from time to time.
When the foregoing operation is completed,
there will be outstanding $111,500 of the bonds to be retired in annual lots
of slightly more than $20,000 at a time.
The annual saving in interest on
the bonds retired will be $10,730 which will go a long way to retire the bonds
still out.
628
Financial
Chronicle
Earnings for Year Ended Dec. 31 1935
Net profit after all charges
Dividends paid
$122,161
65,745
Liggett & Myers Tobacco Co.—4% Extra Dividend—
The
directors have
declared an extra dividend of 4% ($1 per share)
quarterly dividend of 4% ($1 per share) on the common and
par $25, all payable March 2 to holders of record Feb. 17.
An extra dividend of
$1 per share has been paid in March of each year
since and incl. 1925.
The company in 1926 and 1927 also made a stock
distribution of 10%.
and the regular
common
Surplus
Surplus, Dec. 31 1934
Adjustment in 1934 income
$56,416
744,164
980
Surplus, Dec. 31 1935
Earnings per share on 50,000 common shares (par $25)
$801,559
$2.13
Condensed Balance Sheet Dec. 31 1935
AssctS"mmm'
Cash
on
Merchandise
from
B
stocks,
/
Earnings for Calendar Years
1935
Operating profit
1934
1933
1932
$20,824,156 $22,981,421 $19,005,1401
1,189.647
2,673,113
2,863,269/
Other income
Notavall.
Liabilities—
hand & In banks
Notes & accts.
Due
Jan. 25 1936
$338,718
xl,361,359
receivable
Inventories
officers,
employees
rec.
invest--.
on
Investments
Land, bldgs., mach. & equip't.
Inventory of small tools
Deferred charges
Total
298
18,630
374,000
5lA % serial gold notes
Res. for Fed. & State inc. taxes
11,153
1,870
97,980
y531,646
10,896
18,053
24,799
Employees' relief fund
1,156
6,007
220,000
Deferred Income
7%
(par $100)
Common stock (par $25)
Surplus
cum. pref. stock
1,250,000
801,559
-
$2,708,1161
Total income
$11,664
payable..
Due officers & employees
Accrued int., payroll & comm.
336,439
& others
Accrued Int.
Accounts
Total
Depreciation charges
Federal income tax
Interest on bonds
Net income
y
After
reserve
for
Lawyers Title & Guaranty Co.—Liquidation Ordered—
Supreme Court Justice Alfred Frankenthaler
Balance, deficit
Shs.
and
com.
--$40,262,751 $41,871,071 $38,984,607 $39,887,433
B
com.
Sales
temporary nature for the reason that the current liabilities of the
a
of the insufficiency of current assets to meet current liabilities;
that the
total of liabilities exceeds the total of assets by $5,539,079; that Lawyers
$502,827sur$5814,610
39,887,434
34,072,823
Dr400,000
Profit and loss
is not of
company will increase at a more rapid rate than current aasets, as indicated
in the examiner's report; that Lawyers Title & Guaranty Co. is unable to
meet its obligations as they arise in the regular course of its business because
1,651,489
&
leaf tobacco
on
of
taken
23,278
22,596
1,103,628
2,368,497
1,642,512
bonds canceled
Drl ,318,981
Adjust, of carrying chgs.
the fourth largest of the title and mortgage guaranty companies
over by the Insurance Department.
This is the 19th company to be
placed in liquidation, with 7 remaining in rehabilitation.
The Superintendent's petition for a liquidation order reported that total
liabilities were $5,539,079 in excess of total assets after setting up reserves
for mortgage depreciation.
The entry of a liquidation order was not con¬
tested by the company.
Current liabilities were estimated to exceed current assets by $18,893,383,
and in this connection the Superintendent's petition said: "Which condition
company,
24,264
1,172,698
3,023,913
1.346.969
$289,339sur$2886,464
41,871,071.38,984,607
Previous surplus
Prem. on pref. stock
Jan. 21 signed a court
on
order directing Superintendent of Insurance Louis H. Pink to liquidate the
31,978
1,212,212
2,569,853
1,343,217
$16,856,543 $20,086,690 $16,731,175 $23,075,212
(7%)...
1,461,187
1,515,531
1,549,307
1,575.987
(20%),. 15,684,695
15,684,695
15,684,695
15,684,615
Pref. dividends
Con. dividends
$2,708,116
x After reserve for doubtful
accounts of $25,000.
depreciation of $561,368.—V. 140, p. 976.
-.$22,013,803 $25,654,534 $21,868,409 $24,749,979
Difference bet. purch.
price & par of 7 % bds,
x
stk. outst'g (par $25)Earnings per share
x
3,136.939
3,136,939
3,136.939
$4.91
$5.92
$4.84
3.136,939
$5.85
This is the difference between purchase
price and par of 7 % gold bonds
this company purchased and canceled
during the year as required by
trust indenture.—V.
Lincoln
140, p. 643.
Stores, Inc.—Sales—
Period End. Dec. 31—
1935—Manth—1934
$716,127
$642,679
1935—11 Mos.—1934
$4,543,440
$3,386,968
13
12
Stores in operation
—V. 141, p. 2438.
Loew's, Inc.—To Offer 3}4% Debentures—
The
company,
it is said,
has
Title & Guaranty Co. is insolvent."
The court order sets June 30 as the final date for filing claims against the
company.
1941, and the remainder for
funded debt.—V. 142, p. 463.
virtually completed negotiations for the
underwriting of
Company was one of the oldest and largest of the mortgage guaranty
companies.
It was organized in March 1887 as the Lawyers Title Insurance
Co. of New York and was
continuously in business until taken over for
rehabilitation
on Aug. 4 1933.
In addition to having nine wholly-owned
subsidiary corporations, largely employed as property holding or manage¬
ment companies, it held a large block of stock in the Lawyers Westchester
Mortgage & Title Co. at White Plains which is also in liquidation.
Lawyers
Title insured real estate titles for the White Plains company and co-operated
with it on large mortgage issues.
The company invested in, guaranteed and sold mortgages, serviced mort¬
property and issued title insurance policies.
At Dec. 31
1932 its outstanding guarantees amounted to about $223,000,000, of which
about $61,000,000 were specific certificated issues.
It sold no group cergages, managed
tificated
issu©s«
Supervision of the certificate issues has been transferred to the State
reason of release of guaranty and revocation
of agency the volume of wholly-owned mortgages being serviced had been
reduced to about $28,000,000 at Nov. 30 1935.—V. 140, p. 976.
Mortgage Commission, and by
1935
December—
1934
$3,718,773
Net after rents
1932
$3,179,851
541,548
291,062
$3,339,421
753,529
529,845
39,866,526
8,944,722
5,338,991
750,610
...
1933
$3,315,814
888,248
742,265
38,177,450
7,945,383
4,107,569
38,739,138
7,052,957
3,210,368
from Jan. 1—
Gross from railway
Net from railway
40,641,557
Net after rents.
4,982,747
retiring
other
mortgages
Loft, Inc.—Stockholders Organize—
A committee of stockholders headed
by Albert Spear has been organized
meeting next March and has retained Strasbourger &
Broadway, New York, as attorneys.
The group has had
grievances ever since George Loft relinquished control of the company, it
Schallek
of
11
said, and it felt that the present management under J. W. Carkner was too
closely associated with O. J. Guth, who recently resigned the presidency.
—V. 142, p. 131.
Lord & Taylor—New Director—
Oswald W. Knauth has been elected
director to fill the vacancy
a
Lucky Tiger-Combination Gold Mining Co.- -Earnings
3 Months Ended Dec. 31—
Metals produced—Gold (ounces)
1934
xl935
$216,327
25,663
129,844
3,665
127.574
$202,746
12,909
146,850
$60,820
9,631
$42,987
8,588
$70,451
8,672
Crl,353
16,540
$51,575
1,989
4,329
4,782
7,590
$46,592
$32,885
4,187
-
(ounces)
109,816
_
Gross value
Royalties
Operating costs
Operating profit
Total income
Miscellaneous expenses
Depreciation
Income and capital stock taxes.
Minority interests
Lehigh Valley Transit Co.—Hearing Postponed—
caused
by the resignation of Leroy Palmer.—V. 141, p. 3384.
Interest
—V. 142, p. 463.
subsidiary
and
to act at the annual
Silver
Lehigh Valley RR.—Earnings—
Gross from railway
Net from railway
a new issue of $15,000,000 10-year debentures at 3A%.
Part of the proceeds will be used to retire the
$7,717,500 6% debentures of
The
final hearing scheduled for Jan. 20 on the reorganization plan,
been postponed until Feb. 17 by Federal Judge William H. Kirkpatrick because the Public Service Commission of Pennsylvania has not
yet given its approval to the plan.—V. 141, p. 3384.
has
Lerner Stores Corp.—Stock
The stockholders at
Net profit accrued to
Gold Mining Co
x
Lucky Tiger-Combination
Estimated.—V. 142, p. 303.
Mclntyre Porcupine Mines, Ltd.—Earnings—
Split-Up Voted—
special meeting held on Jan. 20 approved a 2-for-l
split-up of the common stock, thereby increasing the authorized capitaliza¬
tion to 600,000 shares of common stock of which 400,000 shares will be
outstanding.
Stockholders will receive one additional share of common
stock for each share of common stock registered in their respective names.
—V. 142, p. 303.
a
Period End. Dec. 31—
1935—3 Mos—1934
Gross income
Development,
and
$2,061,273
$6,365,825
1,182,462
91,868
taxes
1,088,897
3,466,646
260,018
Depreciation
■
Net profit
Libbey-Owens-Ford Glass Co.—Increases Com. Div.—
The directors
dividend of 50 cents per share on the
common stock, no par value, payable March 16 to holders of record Feb. 28.
This compares with 30 cents paid each three months from Dec. 15 1933 to
and including Dec. 16 1935 and on Oct. 2 1933.
This latter was the first
dividend paid since Sept. 1 1930, when a quarterly payment of 25 cents per
share
was
Jan. 21 declared
on
a
made.
1935
Years End. Dec. 31—
Net prof, after all chges.,
1934
incl.depree.& Fed.tax. $8,167,420
Shs. com. stk. (nopar)-2,504,253
Earnings per share.
$3.26
—V. 141, p. 4170.
1933
$3,161,832
2,554,253
$1.24
1932
$4,200,542 loss$295,019
2,550,642
2,331,522
$1.65
Nil
Total income
$241,486
45,000
23,366
37,181
1,960
•
Administrative expenses
Taxes
Net income
$133,979
226,031
11,109
Balance of surplus—Jan. 1 1935
Credits applicable to year 1934
-
$371,120
64,981
147,883
-
Provision for doubtful accounts of 1934
Write-down of securities values
as
of Dec. 31
1934
Balance of surplus—Dec. 31 1935
$158,255
Liabilities—
Assets—
$127,650
receivable.8,459
receivable
275,547
—
Notes &
accts.
Divs. & interest
Notes & accts.
payable
$1,508,978
Reserve lor taxes
Capital stock
Surplus
Investments
In
securities—
Stock transfer stamps
Market value,
10,702
$1,760,1481
Total
a
158,255
139
-
Furniture—depreciated value
—V.
1,407
b91,506
al,321,907
15,740
book value
Patents—at cost
$1,694,741.
141, p. 2741.
.
3,165.497
242,582
,
t
$886,570
$2,639,161
$2,796,703
'"$1.13
$1.11
$3.31
$3.50
Mack
Trucks, Inc.—■New Models—
Thecompany has added a line of light Mack, Jr., trucks and buses to Its
regular line of heavy-duty commercial vehicles, according to an announce¬
ment made by President A. J. Brosseau.
Active production of the models
is already under way, with deliveries in progress to Mack's 76 nation-wide
direct factory branches.—V. 141, p. 3076.
Madison Square Garden Corp.—New Director—
James Norris
Sr., has been elected to the board of directors.—V. 142,
Total
b Represented by 91,606
$1,760,148
no
par
shares.
Central
RR.—Bond Issue Oversubscribed—A
new
of
$8,718,500 10-year 1st mtg8. & coll. 4% bonds,
series A, due 1945, was offered Jan. 20 by a group of under¬
writers headed by Kidder, Peabody & Co. ana including
White, Weld & Co., Brown Harriman & Co., Inc., Hornblower & Weeks, Estabrook & Co., Whiting, Weeks &
Knowles, Inc., Goldman, Sachs & Co., Stone & Webster
and Blodget, Inc., Coffin & Burr, Inc., Newton, Abbe &
Co., Dick & Merle-Smith, Halsey, Stuart & Co., Inc.,
R. L. Day & Co., Bond & Goodwin, Inc., Harry A. Rounds
& Co. and Maine Securities Co.
The issue,
priced at 100
and int., has been oversubscribed.
The offering is part of $12,424,000 series A bonds to be
presently outstanding.
The amount offered by the under¬
approximately the funds necessary to
meet the requirements of holders of matured 1st & ref.
bonds who demanded cash,
plus $2,424,663 needed to
liquidate "a Reconstruction Finance Corporation loan.
writers
Balance Sheet Dec. 31 1935
Cash
_____
—V. 141, p. 2741.
issue
$82,830
158,656
Provision for doubtful accounts
Total
85,806
--
$898,585
Earns, per sh. on 798,010
shs. cap. stock (par $5)
Maine
Earnings for the Year Ended Dec. 31 1935
Income, dividends, interest, &c
Trading
Interest paid
$6,204,782
p.131.
Corp.—Earnings—
Liberty Share
1935—9 Mos.—1934
$2,172,915
expenses,
represents
Dated Dec. 1 1935; due Dec. 1 1945.
Principal and interest (J. & D.)
payable at the principal office of Old Colony Trust Co. in Boston, trustee,
or, at the option of the holder, at an agency of the company, in New York
or in Portland, Me., in such coin or currency as at the time of
payment
is legal tender for debts due to the United States of America.
Coupon
bonds are in denom. of $1,000 and $500 each, registerable as to
principal
only, and registered bonds are in denom. of $1.000 or authorized multiples
Coupon bonds and registered bonds are interchangeable.
The
Portland National Bank, registrar.
Red. on not less than 30 days' notice
thereof.
Financial
Volume 142
629
Chronicle
Income Available for
as a whole or In part on any date as follows:
Before Dec. 1 1940 at 105:
thereafter and before Dec. 1 1941 at 104; thereafter and before Dec. 11942
103; thereafter and before Dec. 1 1943 at 102; thereafter and before
Dec. 1 1944 at 101; thereafter and to maturity at 100, in each case with
accrued interest.
Railway oper .revenues_$11,254,770
Railway oper. expenses8,673,777
modified) dated Oct. 17 1935 (which is being consummated contempo¬
raneously with the issue and sale of the series A bonds) provides for the
refunding of this company's 1st. & ref. mtge. gold bonds m the aggregate
principal amount of $20,000,000, which matured Dec. 1 1935, and this
company's note to Reconstruction Finance Corporation in the principal
amount of $2,424,663.
Company has, in accordance with the plan,
authorized the issue of $12,424,000 1st mtge. & coll. bonds, series A,
4%, due Dec. 1 1945 and of $10,000,000 gen. mtge. bonds, series A* 4)4%.
due Dec. 1 1960.
The $8,718,500 1st mtge. & coll. bonds of series A
now being offered include all of such bonds except those which holders of
the company's 1st & ref. mtge. gold bonds have elected to retain in accor¬
dance with the option given in the plan; and the proceeds of such bonds
are to be used toward the
payment of the amount due to RFC and toward
providing cash for holders of 1st & ref. mtge. gold bonds who are not taking
1st mtge. & coll. bonds Under the plan.
Any of the above-mentioned
lto the company's
general mtge. bondstreasury to by such holders under the plan will be taken
not taken be available for sale pledge.
or
History—Company was incorporated Oct. 28 1862.
Company as of
Dec. 31 1934 operated in the States of Maine, New
Hampshire and Vermont'
and in the Province of New Brunswick a total of
1,046.05 miles of standard
$2,580,993
$2,981,807
$2,930,922
1,030,409
1,048,704
1,092.852
1,165,823
or branch
line railroad, of which 629.13 miles were owned,
were leased, and 17.50 miles were used under
trackage right
agreements.
In addition, the company operated 288.58 miles of yard
track and sidings (of which 189.70 miles were owned and
98.88 miles were
leased) and 47.39 miles of industrial tracks.
Exclusive of industrial
tracks, yard track and sidings, the main and branch line
mileage operated
on that date In Maine was
905.43, in New
Hampshire 99.50, in Vermont
Net ry. oper. income- $1,550,583
Non-operating income—
210,741
$1,933,102
251,861
$1,838,069
253,419
$1,761,325
Deductions from income
27,279
$2,184,964
26,931
$2,091,489
23,832
$2,124,227
Total income-—-—-
Income
(a) Portland & Rumford Falls Ry., and (b) Rumford Falls
Dexter & Newport RR.
*
(5) Dexter & Pisca-
Affiliated Companies—Company owns, directly or indirectly, a con¬
trolling stock interest in several corporations, the principal of these
being:
<U
portiandf Terminal Co.
(4) Maine Central
Co.
(2) Samoset Co.
Transportation Co.
(3)
(5) Boston-Maine Airways,
Valuation—In
its valuation report on the
company, the ICC found a
rate-making purposes, of the railroad properties owned by
(exclusive of $1,021,062
supplies).
Between June 30
1916 and Dec. 31
1934 net additions and betterments to the railroad
properties owned by the company have amounted to $12,067,964.
Adding to the final value found by the ICC as of June 30 1916 for the
railroad properties owned by the
company, the value found by the Com¬
mission as of that date for the railroad
proerties owned by the three Coos
lines and Eastern Maine Ry. and, net additions and
betterments made
since that date to the railroad properties owned
by the company. Including
net additions and betterments to the three Coos lines
and Eastern Maine
the cpmoany as of June 30 1916, of
$39,840,000
fw working capital, including material and
ibefcotal for the railroad properties
Dec. 31 1934
a
was
$54,028,177.
owned by the company as
$12?424<000
..
Gen. mtge. bonds, series A, 4)4%, due Dec. 1 1960
6% secured bonds, due Jan. 1 1959, of two classes
bl0,000|000
(being
6% collateral trust bonds, as modified)
Washington County Ry. 1st mtge. 3M% bonds, due Jan. 1
1954 (assumed)
Somerset Ry. consol. mtge. 4% bonds, due
July 2 1950
(assumed).
1st & ref. mtge. 4% bonds, due July 1 1955
(assumed)III"
Equip, tr. ctfs. of 1923, 5J4 %, due serially April 1 1936-38-Equip, tr. ctfs. of 1924, 5H%, due serially
1
Equip, tr. ctfs. of 1929, 5%, due serially June 1 1936-44
Notes to Federal Emergency Administrator of Public Works
due serially April 15 1936-44-——
j£ne
Common
lUUd
co 974 mo
V
2 200 000
'
172 ^00
864*000
200 000
301,000
.
stock
Preferred stock
918 000
292 000
io
miZ-I
-
nnn'nnn
3
000*000
=907:600
—
Prior preference scrip
a
of
Capitalization 0Giving Effect to the Proposed Refinancing)
1st mtge. & coll. bonds, series A 4% (this issue)
for
fixed charges——
^
$1,734,045
21,751
■_
,AO
$2,102,476
averaged $2.-
$2,067,656
$2,158,033
for fixed charges, as
Income available
-
indicated above,
Nov. 30
calendar
1934 was $2,067,656 and for the 12 months ended Nov. 30 1935 was
$2,102,476.
Estimated fixed charges for 1936 amount to $1,780,213.
Note—In accordance with a specific ruling of the ICO, the interest on,
bonds of leased lines guaranteed or assumed and owned by the company,
including principally the $1,000,000 Maine Central RR. European &
North American Ry, 1st mtge. 5s, due 1958, and $2,119,000 Portland &
Ogdensburg Ry. 1st mtge. 4Ha, due 1953, is neither included in nonoperating income nor in rent for leased roads, as shown above.-—*. 142, p.
463,303.
year
Marine
Bancorporation—Larger Dividend—
The directors have declared
a
dividend of 20 cents per share on
the no-
par fully participating and the initial stock, ooth dividends being payable
Feb. 1 to holders of record Jan. 21.
Previously regular quarterly dividends
of 15 cents per share were
per share was
paid.
In addition an extra dividend of 15 cents
paid on the two issues on Dec. 18
last.—-V, 141, p. 3866.
Maryland Insurance Co.——Comparative Balance SheetAssets—
a
Liabilities—
Dec. 31 '35 Dec. 31 *34
$2,097,935 Unearned
Bonds & stocks. $2,571,933
of collection....
137.295
Interest accrued..
10,919
132,924
10,868
190,103
on
deposit &
in office
$349,936
$344,578
35,484
44,018
adjustment
Res.for taxes &exp
Res. for all other
184,732
Cash
Dec. 31 '35 Dec. 31 *34
prems—
Losses In process of
Premiums in course
claims
-
Cash capital...
Net surplus
27,000
18,880
25,000
1,000,000
1,472,831
25,000
1,000,000
993,982
Eastern Warehouse
final value, for
*•
available
273,875
015,552 for the calendar years 1932-34 and the 12 months ended
1935.
As shown above, income available for fixed charges for the
Leased
Lines—The company is obligated to other railroad
companies
with resoect to properties of such
companies leased to and operated by
the company, the more important of which are:
(1) European and North
American
Ry.
(2) The Portland & Ogdensburg Ry.
(3) Portland &
Rumford Falls RR.
The lease to the company includes the sub-lease of
rev.
$1,850,351
399.42 miles
&qu1s1lRy
$3,016,175
from ry. oper.
Net
Purposes of Issue—Company's plan of exchange and readjustment (as
the following:
$10,556,435 $10,931,066 $11,348,497
8,332,322
7,574,627
8,000,143
Ry. taxes, jt. facil. and
equip. rents, net—Dr_
French, President, Dated Jan, 20
36.02, and in New Brunswick 5.10.
12 MosEnd
Nov. 30 '35
1934
1933
1932
Issuance—Issue approved by the Interstate Commerce Commission.
Legal Investments for savings banks in Maine.
Data from Letter of E. S.
Fixed Charges
-Years Ended Dec. 31———
at
433
In addition to its funded debt company
(a) is obligated, jointly and
severally with European & North American Ry., on $1,000,000 5% 1st
mtge. bonds due Jan. 1 1958, secured by a first mortgage on part of the
properties of the latter company, all of which bonds are owned by the
company; (b) has guaranteed, and by agreement in the lease has assumed
the payment of principal of and interest on $2,119,000 1st mtge
4*4%
bonds, due Nov. 1 1953. of Portland & OgdeMburg Ry
all orwhich
bonds are owned by the company: (c) is obligated through
guarantees or
through
ass^ption In the lease or otherwise, to pay principal and interest
of (1) $300,000 4% debentures, due June 1 1955 (all of which are owned
by the company) and $728,000 1st mtge. sinking fund 5% notes, due Nov 1
.
Ru™r°rJ Falls Ry., and (2) $400,000 1st mtge. bonds
(of which $242,500 are held alive in sinking fund) due Oct. 1 1937 and
$156,000 of sinking fund mtge. 6% bonds, due Nov. 1 1948, of Rumford
Falls & Rangeley Lakes RR.; (d) has guaranteed the payment of nrineinal
of and interest on $4,500,000 4% and $3,850,000
5% 1st mtge. bonds
due July 1 1961, of Portland Terminal Co.; and (e)fcasguaranteed the
payment of principal of and interest on $175,000 of 1st mtge. 414% bonds,
due July 1 1949, of Dexter & Piscataquis RR.
b Gen. mtge. bonds not taken by holders of the 1st & ref.
mtge gold
bonds of the company under the plan will be taken into the company's
treasury to be available for sale or pledge.
There are reserved for issue In exchange for stock of Portland & Rum¬
ford Falls Ry. pursuant to the plan of exchange of Nov. 2 1933, (a) $25,900
c
of the present 6% coll. trust bonds (secured by stock of Portland « Rumford
Falls Ry.) included above as "6% secured bonds," in addition to the amount
shown above as outstanding, and (b) all the prior preference stock now
authorized but unissued.
Sinking Funds—In each year, so long as any series A bonds remain
outstanding, commencing 1937, after reserving from the company's net
income for the next preceding fiscal year (as reported to the ICO or other
succeeding Federal governmental body) $200,000 for its general purposes
(including dividends on prior preference stock but on no other stock),
the company will pay into a sinking fund the remainder of the preceding
Total—
Total--
$2,910,251 $2,420,459
a Valuations on
basis approved by
Commissioners.—V. 141, p. 463.
$2,910,251 $2,426,459
National Convention of Insurance
V*
Massachusetts Investors Trust—-Assets Show Increase—
Trust, the largest of the Boston-type Investment truRts, in Its
issued, states that starting the 1935 calendar
with net assets of $30,809,648, it ended the year with net assets of
$78,171,412.
Of this increase $33,023,473 represented the net proceeds
of new shares of the Trust and $14,338,291 resulted from appreciation in
This
annual report for 1935, just
year
market value of the assets.
The number of shares outstanding
Increased from 1,638,460 at the end
shareholders grew
of 1934 to 3,253,374 on Dec. 31 last, and the number of
during the same period from 20,687 to 31,352.
Per share asset value of the
Trust rose from $18.80 to $24.03 during the year, the report discloses.
The dividend of 27 cents a share paid Jan. 20 to holders of record Dec. 31
1935, brought total payments out of 1935 earnings to 87 cents, or approximstely 5% more than in the previous year.
Commenting on the generai outlook the trustees state that barring some
calamity such as a European war, the trend of present markets seems to
indicate that the United States is headed into an era of greater prosperity
than it has enjoyed in recent years.
Monetary inflation, resulting from
large Federal spendings made necessary by the depression, should not be
regarded as beyond the realm of possibility, the trustees state, and for this
reason an appreciable amount of carefully selected gold mining stocks is
being held by the Trust.
Another field in which holdings of the Trust were materially increased
during the year was that of public utilities.
Between April 1 and July 1
the Trust invested $2,656,891 in sound operating companies and in holding
companies in strong position.
This investment shows an average return
of 5.8% and a market appreciation of $955,830, or 36.1%.
The report shows also, that during the year trustees departed from the
policy of investing only in common stocks or occasionally in government
issues, by making investments in preferred stocks of U. 8. Steel, Engineers
Public
many
Service and
In opinion of the management
Pure Oil companies.
preferred issues, including those mentioned, which have accumulated
unpaid dividends, have like opportunity with common stocks for apprecia¬
tion.
This policy may be broadened further by acquisition of certain lowpriced bonds which appear to have possibilities of marked appreciation, the
trustees indicate
Further revision in
policy Is disclosed in statement of the trustees that
their policy not to invest over 5% of the fund based on cost prices in nonincome paying securities may not be strictly adhered to hereafter, as they
believe that occasions may arise when it may be advisable moderately to
increase the percentage
of trust assets invested in such securities.—V. 141,
p.4170.
Massachusetts
Bonding
&
Insurance
Co.—Resumes
Common Dividends—
of $1 per share on the capital
holders of record Jan. 25 and the
of record April 25.
This
marks tne resumption of dividends for the company, the previous payment
having been 50 cents a share on April 15 1932.—V. 141, p. 3541.
The directors have declared a dividend
stock: 50 cents will be paid on Feb. 5 to
other 50 cents will be paid on May 5 to holders
Massachusetts
Utilities
Associates—Acquisition
of
Stock Approved—
acquisition by the company of not exceeding
25,280 shares of the capital qtock (par $25 each) of Southeastern Massa¬
chusetts Power & Electric Co. and rights to subscribe to all or any part of
The SEC has approved the
such shares
The Commission finds that the acquisition is not unlawful under the
provisions of Section 8 of the Public Utility Holding Company Act and is
not detrimental to the carrying out of the provisions of Section 11 thereof;
and that the acquisition will serve the public interest by tending towards the
economical and efficient development of an integrated public utility system.
—V. 140, p. 4406.
Michigan Bakeries* Inc.—Accumulated Dividend—
The directors have declared a dividend of
$1.75 per share on account of
year's net income up to $200,000 of such remainder or up to 25% of such
remainder, whichever is the greater; and will pay any balance of such re¬
mainder up to $75,000 into sinking funds to be established under the
accumulations on the $7 cum. preferred stock, no"par value, payable Feb. 1
to holders of record Jan. 24.
A similar payment was made on Nov. 1,
indentures securing the company's 6% coll. trust bonds in the proportion
of two-thirds for those secured by Portland & Rumford Falls Ry. stock and
Aug. 1 and May 1 last. Effective with the current payment the balance
past-due dividends amounts to $21 per share.—V. 141, p. 2592.
those secured by Portland & Rumford Falls RR. stock;
that the excess, if any, then remaining of preceding year's net income
will first be reserved for general purposes of the company to the extent
one-third
for
that such net income was less than $200,000 in any of the preceding years
and has not theretofore been made up under this cumulative provision,
and the balance. If any, of such excess will be added to the sinking fund
(other than the sinking fund for the 6% coll. trust bonds) to the extent
that it received less than $200,000 in any such preceding year and so far
as such deficiency has not theretofore been made up under this cumulative
provision; that said sinking fund (other than the sinking funds for the 6%
coll. trust bonds) will be used to purchase series A bonds, issued under
the first mortgage at not exceeding face value and accrued interest, and
to the extent not so used after advertisement for tenders thereof, will be
paid to the trustee under the general mortgage; that series A bonds held
or acquired by the company may be used for the sinking fund, at cost to
the company not exceeding face value excluding accrued interest and series A
bonds set aside in or acquired by the sinking fund are to be canceled and
not reissued; and no bonds of any series shall be issued under the first
mortgage in place thereof.
of
Michigan Steel Tube Products Co.—Plans to Split Stock
to split-up on a two-for-one basis the company's common
apply for listing on the New York Curb Exchange will be
presented to stockholders for consideration at their annual meeting on Feb. 4.
according to a notice mailed to stockholders by the company on Jan,, 21.
The notice further states that the company proposes to register under the
Federal Securities Act of 1933, as amended.
In a letter accompanying the notice of the meeting, the company states
that certain stockholders have entered Into an agreement with F. Eberstadt
& Co., Inc. of New York, covering the public offering of certain shares
owned by such stockholders.
•
Following the proposed split-up, the company will have outstanding
200,000 shares of common stock of $2.50 par value. The company has no
bonds or preferred stock.—V. 142, p. 464.
A proposal
stock and to
.
Midamerica
Corp.—Hearing Feb. 3—
The Interstate Commerce Commission's
will be thorough,
investigation of the corporation
correspondence between O. E. Sweet, Director of the
630
Financial Chronicle
1936
Jan. 25
r
distributions
1936.
payable to approximately 3,000 holders of record Feb. 1
are
Previous distributions aggregating about $4,600,000 make the total
payments to certificate holders approximately $5,000,000 to date.
Principal Distributions Authorized Jan. 17
NEW ENGLAND POWER ASSOCIATION
debenture
5s
debenture
April
Per Cent of
Per Cent of
Series—
Series—
Designated Principal
Instalment Mortgage A
12
Instalment Mortgage D
10
1948
53^s Dec. 1954
Designated Principal
National Mortgage C
National Reserve CA
—
13
12
Investors' Mortgage B
Investors' Mortgage D
affiliated with it.
"We shall desire to know the method and the circumstances concerning
tne organization of the Mid-America Corp., facts as to the relationship of
its directors, officers and stockholders with the carriers indicated above,
to any
voting trusts or other powers, and any other facts bearing
upon the management and control exercised or that may be exercised by the
Mid-America Corp. over those carriers."
The hearing referred to by Mr. Sweet was ordered by the ICC on applica¬
tion of Mr. Tomlinson to serve as a director of the Fort Worth Belt Ry.,
controlled by the Missouri Pacific and the Texas & Pacific, two lines in the
Van Sweringen system.
Mr. Tomlinson is a director of the Mid-America
and is one of the financial backers of the holding company, formed last
September when the Van Sweringens regained control of their holdings
through purchase of securities at the auction in New York.—V. 142, p. 132.
Mid-West Rubber Reclaiming Co.—Accumulated Div.—
a
dividend of SI
share
per
on the $4 cum. preference stock,
no par value, payable
Jan. 30 to holders of record Jan. 20.
A like payment was made on Dec. 23
last, this latter being the first payment made since Septj 1 1931 when
regular quarterly dividend of $1 was paid.—V. 141, p. 4019.
Minn. St. Paul & Saulte Ste Marie
December—
5
1933
-Earnings—
Corp
$188,130
cos
2,700
1,751
1,350
"T066
11",600
"5",632
1,111
Federal excise tax
Fed. transfer taxes
175
1,269
-
367.)
Adj. Federal income tax
prior years
Adj. N. Y. State fran¬
Cr57
Cr5,700
chise tax
Adj.
Cr2,464
N. Y. City
excise
Crl ,220
tax
Adj. Fed.
cap.
Cr300
stk. tax-
Net profit
Preferred dividends
$21,259
59,432
$115,833
40,860
$78,780
81,719
$60,027
$38,173
Deficit
Inv.
a
def35,843
223,289
defl37,725
Note
prof$74,973
$2,937
prof$60,027
1934
1935
22,293,596
22,079,116
4,299,726
2,165,857
1,016,850 def1,547,931
of
Accrued
State
Universal
Other
investments
Spend $6,422,894—
17,000
and will include the purchase of
steel rail.
To Intervene in
Bixby of New York
There will be
the trustees.
are
a
hearing
on
Feb. 4.
cap. stock tax_.
Prov.
York
Total
9 Mos. End.
,
Other income-
Prov. for contingencies.
Interest paid
Prov. for loss on deposits
1933
$663,195
102,579
$298,681
100,977
$765,775
327.449
241,570
Loss on sale of secur's, &c
3
Provision for deprec'n__
$399,658
258,150
6,128
273,809
Crl 65
250
163,108
209,813
loss$48,227
108,469
$60,241
270,602
9,666
297,979
Profit for period
25,500
$718,694
293,441
$135,385 loss$179,238 loss$518,007
286,478
$3.67
-
$0.69
Nil
Sept. 30 '35 Dec. 31 '34 |
banks
—$1,110,994
Municipal & U. 8.
Accts.
'
$32,788
2,021,935
trade
329,177
2,338,556
758,921
881,311
36,870
3,626,424
43,090
99,554
Inventories
775.712
36,421
$6,886,592 $7,457,805
$502,585
Res. for conting's.
665
$450,893
17,388
207,479
179,176
118,000
90,000
Capital stk. (195,627shs. no par). 1,956,270
Capital surplus
2,564,544
Earned surplus
1,436,147
Total
Dec. 31 *34
int.,
<fec__
Res. for capital stk.
& income taxes.
(net)
Total
Sept. 30 '35
insurance,
2,252,639
Dep. In closed bks_
Properties (net)-Deferred charges.-
Liabilities—
31,580
45,000
1,956,270
3,766.602
1,010,893
--$6,886,592 $7,457,805
—V. 141, p. 3868.
Mountain
Director—
States
Telephone & Telegraph Co.—New
•
Charles C. Gates has been elected
a director, succeeding Charles P.
Cooper
resigned in compliance with the Federal Communications Act.—V.
140, p. 1665.
who
National
Bondholders
Corp.—Payments Aggregate $5,-
$
The board of directors has approved cash distributions aggregating approxi¬
mately $400,000 on 18 different series of its particiation certificates, accord¬
ing to announcement made by C.
E..O'Neil, President, Jan. 17.
The
136,113
$2,078,460 $1,518,218
Bds. (market val.)
Stks. (market val.)
9,130,762
1934
1935
$
1,240,020
Liabilities—
.
2,657,284
1,351,606
7,587,433
1,284.666
1,316,308
136,600
117,147
381,309
105,588
Accts. recelvable.-
149,021
Home office bldg--
850,000
Res.
1,283,025
$
$
unearned
for
269,705
850,000
-
5,296,123
Reserve for claims 3,116,937
premiums
5,194,584
2,394,874
Reserve for comm.
& real
mtges.
and expenses
Accrued Int.& rents
Capital—
750,000
1,000.000
Surplus--;
4,652,279
Total
15.597,141 13,113,333
724,350
781,801
Res. for contlhg'8-
estate
760,000
1,000,000
3,049,526
15,597,141 13,113,333
-V. 141, p. 2594.
Co.—Salep** ^
4 Weeks Ended—
Jan. 26
1935
"
Feb.
23
Mar. 23—
Apr. 20
May 18-—
June
-
—
15
July 13
Aug. 10
Sept. 7
-
5
4,599.872
6,340,570
Total, 52 weeks
Stores in operation
—V.
1934
$4,387,876
4,929.167
4,898.378
4,816.420
4,885.980
5.037.572
4,588.974
4,297.939
4,287,208
4.666.327
4.873.386
1933
$4,344,288
4,735.402
4.747.235
4.608.491
4.659,679
4,796,725
4.626.518
4,404,117
4.706.260
4,809,117
4,741.915
4,758.069
5,400,557
$4,928.12$
4.650.848
6,062.463
5,022,922
4,843.404
4,743.075
4,881,542
4.730,998
4.474.619
4,923.028
4,717.324
4.695.523
4,934,844
$61,609,669 $61,338,373 $62,608,610
1,224
1,245
1,299
141, p. 3869.
New
England Power Association—Bonds Called—
of the outstanding secured serial
notes
(other than the series E)
have been called for redemption on Feb. 15 at 101)4 and Interest.
Pay¬
ment will be made at tne Old Colony Trust Co., Boston, Mass.—V. 141,
p.
3869.
New Haven Clock
Co.—Preferred Dividend—
The directors have declared
a dividend of $1.62 H per share on account
cum. conv. pref. stock, series A, par $100,
payable Feb. 1 to holders of record Jan. 15.
Like amounts were paid
on Nov. 1, Aug. 1, May 1 and Feb. 1 1935, Feb. 1 1933 and Feb. 1 1932.
Accumulations after the payment of the Feb, 1 dividend will amount
to $16.25 per share.—V. 141, p. 2743.
of accumulations
New
the 6H%
on
Jersey &
New York
December—
Net after rents
From Jan. 1—
—
Gross from railway
Net from railway
Net after rents.
RR.—Earnings—
1935
Gross from railway
Net from railway.„-
_
_
_
—
_
—
1934
1933
$63,390
20,168
def35,880
$66,528
def21,020
def41.968
$74,167
$92,343
def9,661
def 14.336
def24.848
def39,724
765,868
def159,464
def421,856
828,269
939,121
1,103,750
def] 92.843
def 71,066
def334.357
def263,251
def436,831
1932
33.987
—-V. 141, p. 4172.
New
York
Fair for
000,000—
Total
1934
1935
Cash
All
Accts. pay., tradeTovno notroKIn
Taxes payable
Acer, payrolls,
Govt.
reo.,
3,524,133
National Surety Corp.—Balance Sheet Dec. 31—
Assets—
Nil
Comparative Balance Sheet
securities
4,463.242
$1,518.2181
Nov.
2
Nov. 30
Dec. 31
40,809
118,000
Dividends paid
Earns, per sh.on 195,627
Can.
4,463,242
19
National Oats Co.—New Directors—
Oct.
22,377
1,093
banks
Provision for income tax.
outstanding
1932
45,000
in closed
&
411,319
A. C. Carr and J. L. Cooper have been elected directors succeeding
J. E. Muckerman and Gordon Fennell.—V. 141, p. 2441.
National Tea
1934
$1,242,302
t
gen. exps
hand & In
$2,078,460
Total
the
Year Ended Dec. 31
-
Sept. 30 '35
$1,169,691
72,611
.
on
Common stock..
14,858
411,319
Market value, cost being $5,414,874 in 1935 and $4,745,474 in 1934.
a
Comparative Statement of Earnings
Cash
850
14,858
interest
b Cost being $269,788 in 1935 and $672,369 in 1934.
c After deducting
81,800 shares of common stock and purchase warrants for 7,200 shares of
National Investors Corp. reacquired and held in treasury, at cost, $463,000.
d $1 par value stock.—-V. 142, p. 465.
common
authorized
1,650
Security profits def 2,908,759
Income surplus—
87,549
1st
shares of record Dec. 20 1935.
In connection with said stock dividend the directors
transfer of $1,956,270 from capital surplus to capital.
175
Federal
Paid in surplus
Stock
Exchange has authorized the listing of 195,627
additional common shares (no par), on official notice of issuance as a stock
dividend, making a total of 391,254 shares to be listed.
At a meeting held Dec. 9 1935 directors authorized the issue of 195,627
common shares as a 100% stock dividend, payable Feb. 1
1936, to the
now
for
750
c
collection
Corp.—Listing—
11,000
972
Prems. in course of
Motor Products
Federal
dPreferred stock--
Reorganization—
—V. 142, p. 464.
2,700
Income tax
N. Y. C. excise tax
Deferred charges..
$600
'1
.
5,400
3,684
764,382
b399,050
■'
taxes
Unearned
The Interstate Commerce Commission on Jan. 20 authorized trustees
of the St. Louis Iron Mountain & Soutnern Ry. River & Gulf Division
1st mtge. 4% bonds to intervene in a hearing on the Van Sweringen plan
for reorganization of the road.
The Bankers Trust Co. and William H.
sh8.
_
for
Prov.
50,000
receivable.-
1934
$3,925
expenses
for
N.
Y.
Prov.
$616,233
82,948
$1,632,763
46,647
Dlvs.
1935
Liabilities—
In affiliated
companies
Credit Corp
cars,
7,181
n
Federal income tax
Cash
motives, freight and passenger
Assets—
$197,941
133,851
2,950
103.763
2,700
Assets—
1932
The company and its subsidiaries have been authorized by the Federal
Court to spend $6,422,894 for road and equipment improvements during
1936.
The funds will oe spent on tracks, roadbed, shop equipment, loco¬
Selling, adm. &
$205,568
112,971
$228,233
25,328
-
_
Balance Sheet Dec. 31
141, p. 3232.
holders of
6,801
27,758
$49,521
Total income
Expenses
New York State taxes.
N. Y. C. excise tax
regular quarterly dividend of $1.75 per share was distributed on Aug. 1
1931.
Since this latter date the company paid eight dividends of $1 per
share each.
Accruals after the Feb. 1 dividend amount to $19.50 per share.
The New
3,316
29,074
745
The directors have declared a dividend of $2 per share on account of accumlations on the $7 cum. pref. stock, par $100 payable Feb. 1 to holders
of record Jan. 25.
A like payment was made on Nov.
1 last.
The last
new
$163,381
39,358
Minnesota Valley Canning Co.—$2 Accumulated Div.—
tons of
$173,177
49,439
140,519
Missouri Pacific RR.—To
1932
1933
1934
1935
"""$82
a
—V. 142, p. 132.
—V.
Unit Officer
Cash dividends
444,736
1,478,903
5
Interest
174,609
def81.114
Net after rents
5
5
—
Distillers, succeeding Munson G. Shaw, who has been elected Chair¬
2743,
from affiliated
$1,524,999
22,371,582
4,167,975
1,243,926
Union Mortgage G
-
of the Board.—V. 141, p.
National Investors
$1,949,106
23,745,222
Union Mortgage F
44
Year Ended Dec. 31—
$1,613,291
.
From Jan. 1—
Gross from railway
Net from railway......
Union Mortgage AN
4
—
12
-
5
—
Management fees receiv.
Ry.—Earnings—
1934
1935
tional
$1,721,175
.
Title Investment A
6
-
5
President Seton Porter announced on Jan. 15 that Thomas W. Balfe had
been elected President of Alex. D. Shaw & Co., the import division of Na¬
account of
on
accumulations
Gross from railway
-
man
"We shall desire to
develop fully at the hearing facts as to the Mid-America Corp. particularly
as to its connection with tne
Alleghany Corp. and the various persons affili¬
ated With those companies, with a view to determining wnat measure control,
if any, Mid-America exercises, either solely or with persons affiliated with
it over the carriers formally controlled by the Alleghany Corp. and persons
Net from railway
Net after rents
Southern Securities C
National Distillers Products Corp.—Import
ICO Bureau of Finance, and A. P. Martin, Cleveland lawyer and attorney
The directors have declared
5
9
Teletype N. Y. 1-752
for George A. Tomlinson, indicates.
Mr. Sweet, in a letter to Mr, Martin declared:
as
-
Mortgage Bond F
Mortgage Security D
National Mortgage B
—V. 141, p. 4172.
York
Members New York Stock Exchange
facts
Southern Securities B
Mortgage Bond E
EASTMAN DILLON & CO
A. T. & T.
Southern Securities A
Moline D
15 Broad Street, New
8
7
Jesse
Jan.
Central
RR.—RFC
Chairman Declares
4%
Bonds—
H.
Jones,
Reconstruction
Finance
Corporation
23 said the road should not bring out an issue at
rate if the road has any
security to offer.
Chairman
more
than
a*
on
4%
He pointed to the fact that the company covered its fixed charges in
1935, after depreciation amounting to some $15,000,000 of $16,000,000.
Since the road did not actually spend this amount in cash, Mr. Jones
declared that the company had "made lots of progress."
Because of this improvement, Mr. Jones said that the road, in his
opinion, would not have any difficulty in working out of its short-term
debt, now on a demand basis, into long-term obligations.—V. 142, p. 466.
New
Niquero Sugar Co.—Annual Report—
James EH Post, President, says in part:
The crop, one of the shortest in the history
Jan. 21 and
finished March 22 1935.
was
Rys. Corp. into New York City Omnibus Corp.
appeal
sti 1 awaits results or an
taken by New York Rys. preferred stockholders from a United
States
District Court approval of the
V. 142, p.
of the company, was started
Because of continued restrictions,
at 91,560 bags but, by subsequent allotments,
increased; 137,776 tons of cane were ground, as compared with 170,282
in the 1933-1934 crop, which produced 111,920 bags of raw
sugar of 325 lbs. Spanish, each (equivalent to 17,681.59 tons of 2.000 lbs.
Spanish), and 581,793 gallons of molasses.
The final yield of sugar,
calculated to 96 degree test, was 13.37% of cane ground instead of 11.52%
1933-1934 crop.
New York
From Jan.
5.034
26,948
$699,253
667,218
22,384
imm
Total income
Producing & manufacturing costs & selling & general expenses. _
Provision for depreciation
Amortization of expense on gold bonds extended
Interest on sinking fund gold bonds
Interest on bills, drafts and loans payable
Loss on sale of sugar stabilization bonds
879
20,195
50.197
$73,612
21,797
of prior crop, &>c.
$273,387
$323,757
56.493
42.180
60,158
121,431
83,801
3,529,468
1,001,214
356,977
3.606.660
857,666
343,186
3,332.695
1—
Gross from railway...
Net after rents
$642,467
-
Assets****
y
%
$
Loans
Cash
on
in
983,837
1,052,872
75,212
7.9,229
accrued-_
a
1st mtge. 7 % sink.
Bldgs., machinery, railroad.
roiling stock, Ac..
2,655,962
& eq.
Work animals, livestock
Pasture fields
-
828,433
payable
A ins.
908,230
58,515
23
21,629
642,467
Deficit
392,208
reserve)
tractors (less
41,536
payable
Accrued int., rent, taxes
con¬
146.108
Recoverable tax
on
10,926
2,860
54,746
Deferred charges
25,129
$5,438,4671
Total
a
par.—V.
$100
New York
$5,438,467
Total
After reserve for depreciation of $2,645,301.
shares,
b Represented by 45,000
138. p. 3955.
to the announcement.
Upon surrender of deposit receipts to Guaranty Trust Co. of New York,
depositary, each holder will receive in respect to the notes represented
thereby, an equal principal amount of the new 3-year 6% notes dated
Oct. 1 1935 and due Oct. 1 1938.
in its announcement that holders of both deposit
receipts and undeposited notes forward their holdings immediately to the
Guaranty Trust Co., 140 Broadway, New York, as depositary for both
securities.
Net from railway
$2,990,975
1,028.980
677,144
$2,610,776
717.436
444,467
$2,459,179
732,294
Net after rents..
409,712
268.538
34,243,513
11,136,328
33,143,864
10,451,608
6,759,546
5,509,427
30,647,506
9,912,548
5.216.887
29,158.468
7,051,741
2,141,153
From Jan.
1934
1933
1—
Gross from railway
—V. 142, p. 133.
Interborough Ry. Co.- -Proposed Merger
Ry. below.—V. 109, p. 1366.
New York New Haven &
The New York Stock Exchange
due Nov.
1 1935
on
Hartford RR.—Interest—
having received notice that the interest
both the Harlem River & Port Chester 1st mtge.
beginning Jan. 20 1936, must carry the May
4%
1 1936 and subsequent coupons.
Refuses to Segregate System Earnings—
petitions for the segregation of mortgage earnings of the New
denied Jan. 17 by Federal Judge Carroll C. Hincks In
Haven system were
New Haven.
The petitions
Rhode
Island
sur$15,211 sur$100,570
Dec. 31 1935 and 1934
losses incurred on settlements of the
Capital Surplus Dec. 31
1934
^
$2,158,764
adj. book val. realized upon sales
during the year of sec. pur. pr. to Dec. 31 1932..
Net prof, realized upon sales during the year of sec.
purchased since Dec. 311932
Net
$2,061,844
551,630
87,078
excess over
Statement of
$49,618
$15,210
271,274
244,407
$320,893
ended Dec. 31 (as above)
Total..
on
$2,158,764
Undistributed Income Dec. 31
Balance, Jan. 1_
Net income for year
Divs.
9,841
$2,903,303
Balance, Dec. 31
192,909
$259,618
315,000
-
210,000
$5,893
2d pref. stock
Balance, Dec. 31.
$49,618
Balance Sheet Dec. 31
1935
1934
Stocks A bonds.$4,056,097 $3,576,186
Liabilities—
Assets—
a
b
Particlpat'n
1935
1934
Capital stock. „$1,500.000 $1,500,000
unclaimed-304
304
Taxes accrued
3,729
2,000
c
Divs.
in
7.596
55,793
56.734
292.803
56,960
21.747
foreign loans
Capital surplus
Undiv. profits
2,903.303
5,893
2,158,764
49,618
Total
$4,413,230 $3,710,686
($4,091,836 in 1934).
b After reserve for
contingent losses of $311,154 ($412,437 in 1934).
c Represented by 60,000 shares no par $7 cum. div. 2d pref. stock and 466,548 no par shares
common stock.—V.
141, p. 1103.
$4,413,230 $3,710,686
Total
a
Market value
$6,121,842
North River Insurance
Co.—Larger Regular Dividend—
had been filed by the Bankers Trust Co., New
Hospital Trust Co., Providence, and the United
York;
States
Trust Co.
the petitions Judge Hincks ruled "all lines of the railroad
operated as a unit and it is impossible to determine and allocate earnings
properties in question "
The Court also approved salaries set by the Interstate Commerce Com¬
mission for two of the road's trustees.
Winthrop M. Daniels, New Haven,
and James Lee Loomis, Hartford, will receive $12,500 a year.
Previously
the Court approved $30,000 a year for President Palmer and $15,000 for
chief counsel William W. Myer.
k
"The value of the services of the applicants are far in excess of the maxi¬
mum allowed by the ICC," Judge Hincks said.—V. 142, p. 466,
In dismissing
are
of the
New York &
Pennsylvania RR.—To Abandon Line—
The company has applied to the Interstate Commerce Commission for
permission to abandon its entire 57-mile line which extends from Canisteo
to Ceres, N. Y.
Earnings of the road do not warrant continued operation,
the company said.—V. 105, p. 2366.
New York Rys. Corp.—Petitions Granted—
Transit Commission has granted all petitions of New York City
Omnibus Corp., New York Rys. Corp., and New York & Harlem Ry.
and Eighth Avenue Coach Co. looking toward reorganization of New York
The
declared an extra dividend of 5 cents per share In
quarterly dividend of 20 cents per share on the common stock,
$2.50, both payable March 10 to holders of record Feb. 28.
Previously
regular quarterly dividends of 15 cents per share had been distributed.
In addition extra dividends were paid as follows; 5 cents on Dec. 10, Sept. 10
and June 10 1935; 10 cents on MTarch 11 1935; 5 cents on Dec. 10, Sept. 10
and June 11 1934, and 10 cents on March 10 1934.—V. 141, p. 1940.
The directors have
par
gold bonds, due 1954, the Naugatuck RR. 1st mtge. 4% 50-year gold oonds,
1954, is now being paid.
The Committee on Securities rules that the
bonds be quoted ex-interest 2% on Jan. 20, that the bonds shall continue
to be dealt in "flat" and to be a delivery in settlement of transactions made
Court
sur$34,407
210.000
addition to a
due
Three
$244,407
210,000
5 Cent Extra—
New York City
See Third Ave.
$100,570
$271,274
315,000
$43,726
.
Cash
1932
$2,240,585
652.081
Net from railway
Net after rents
$225,211
(net)
Int. A divs. recelv.
Earnings for December and 12 Months Ended Dec. 81
Gross from railway
18.449
1,511
151,485
—
Statement of
urges
1935
$272,016
7,139
6,973
5,001
Balance, Jan. 1
1935.
December—
$239,323
4.909
during the two years
corporation's participations in foreign
loans.
In March 1933 the book value of securities owned by the corporation
on Dec. 31
1932 was reduced to market value as of that date by a charge
to
capital surplus and provision was made
for contingent losses on
participations in
foreign loans by an appropriation from capital surplus.
The net excess over such adjusted book values of the proceeds of sale during
the two years of securities purchased prior to Dec. 31 1932 and the net
profit on sales of securities purchased subsequently have been credited to
capital surplus, while the losses incurred on settlement of the corporation's
participations in foreign loans have been charged to the reserve provided
Upon surrender the undeposited notes to the same bank, as depositary,
holder will receive in respect to his notes an equal principal amount
of the new 3-year 6% notes, together with payment in cash of the interest
1
$254,318
5,010
9,030
^
stk
142,428
1,225
$285,315
1
Divs. paid on 2d pf.
each
company
$128,363
therefor.
notice addressed to holders of Its 3-year 6% gold notes
and to holders of deposit receipts therefor, under the deposit agreement
dated Sept. 3 1935, announces that it has declared the plan operative.
This action was warranted, in the Judgment of the company, by the fact
that 78.98% of the notes of this issue nave been deposited under the agree¬
ment.
Holders of 11.17% additional notes have assured the company
that they will exchange their holdings for new notes as provided in the plan,
so that, in all, 90.15% of the entire issue is committed to the plan, according
The
sec.
Chicago & St. Louis RR.—Plan Operative—
The company in a
due Oct.
-
Net income
or
Rep. of Cuba, at par
Cash In banks and on hand—
137.827
Note—The figures shown above for the year ended
not include the results of security transactions
Sugar stabilization 5 H % bonds
of
$101,496
190.825
do
local con¬
sumption of sugar (Cuba)--
$63,494
i
sale of
1932
1933
1934
$54,738
—---
Total.
189,857
160,065
receivable (less reserve)
2,000,000 2,000,000
14,785,113 11,158,672
capital
230,577
earnings—Interest
on
200,000
1935
Taxes
Loss
400.000
—
Securities Corp.—Earnings—
North American Utility
Gross
400.000
other
Total
23,544,526 20.284,347
Convention of Insurance Commis¬
23,544.526 20,284,347
Deficit
dise in stores and in trans—
Sugar on hand (less reserve)--
Cash
Valuations approved by National
sioners.—V. 142, p. 466.
Materials, supplies A merchan¬
Accts
1,175,641
y
551,000
„
Unclaimed wages
'28,347
&
fd. g. bonds
census
Accounts
47,451
-
colonos
to
Bills
110.260
Planted & growing cane
Advances
Cuban
all
Net surplus
$4,500,000
b Common stock
$1,614,545
Land
for
Res
deposit A
Total
653,154
286,400
dividends.
Other income.
Liabilities—
Assets—
Res. for
claims
office
556,371
336,000
Res.for taxes A exp
'
of collection
Interest
5,586,120
of
ad ustment
5,000
mortgage
Premiums In course
$
5.467,042
Unearned prems-Losses In process
bond and
on
$
Liabilities—
Bonds A stocks.21,657,054 17,971,605
Dec. 31 '34
Dec. 31 '35
Dec. 31 *35 Dec. 31 *34
Dividends
Balance Sheet July 31 1935
Comparative Balance Sheet
Niagara Fire Insurance Co.
Calendar Years—
Deficit at July 31 1935
3.522,186
1,016,441
475,251
751.572
308.659
—V. 141, p. 4173.
$51,815
590,651
Balance carried to deficit account.
Previous deficit
1932
1933
$301,740
77,452
11,992
loss
on sugar
RR.—Earnings—
$287,444
130,276
47,747
Net from railway
$667,270
-
with the Securities and Ex¬
of $17,500,000 4% 1st mtge.
1934
1935
Gross from railway. _.
Net from railway
Earnings for Year Ended July 31 1935
Net
Corp.—Bond Offering
Susquehanna & Western
December—
Net after rents
of the first mortgage 7 % bonds of the company were asked
a voluntary reduction of the Interest thereon to 3M% per
annum,
applicable to the Jan. 1 1935 and subsequent coupons and to
date (Jan. 11 1936) the holders of $527,000 of bonds have consented thereto,
of which $520,000 of bonds and the accompanying coupons have been
stamped with the appropriate notation of such reduction.
K Tne holders
to consent to
Profit
company's reorganization plan.-—
133, 305.
The corporation has filed an amendment
change Commission postponing the offering
bonds to Feb. 6.—V. 142, p. 134.
to lis ground
Sugar and molasses produced
Interest & discounts received
Miscellaneous income (net)
program
New York State Electric & Gas
was
in the
and complete motoriza¬
additional* routes.
tion of the New York Rys. system and
The reorganization and motorization
Delayed—
quota was first fixed
our
631
Financial Chronicle
Volume 142
Northern New York
A further step in
Utilities, Inc.—Merger Ratified—
the plan of corporate
simplification of the subsidiary
companies of Niagara Hudson Power Corp., which is expected to result in
economies of operation with resulting lower electric rates, was taken at a
stockholders meeting of Northern New York Utilities, Inc. held at Watertown, N. Y., Jan. 21. At this meeting the stockholders voted for a plan of
reorganization and consolidation of Northern New York Utilities Inc. with
eight other subsidiary operating companies of Niagara Hudson Power
Corp., and the Old Forge Electric Corp., subject to the approval of the
Public Service Commission of the State of New York.
The new corporation will continue the name Northern New York Utilities
Inc.
In their
petition for consent to the
reorganization and consolidation, the
10 companies stated that, among other reasons for the consolidation:
"The elimination of the necessity for maintaining such separate records
resulting from the operation of the properties of the
constituent companies by the consolidated company will all be in the
public interest. It is proposed that the consolidated company will, imme¬
diately upon the consummation of such consolidation, file with your Com¬
mission revised electric rate schedules for the territory now served by the
constituent companies, making such savings immediately available to such
consumers."
Of the companies involved in the plan only shares of the present Northern
New York Utilities Inc. are outstanding in the hands of the public.
Each
holder of one share of common stock of the present Northern New York
Utilities Inc. will receive one-third of one share of common stock of the
consolidated corporation, and each holder of one share of the outstanding
preferred stock of the present company will receive 1 1-10 shares of the
preferred stock of the consolidated corporation.
The eight other subsidiaries of the Niagara Hudson Power Corp. involved
In the consolidation are:
and the economies
first
Chronicle
Financial
632
St. Lawrence County
quarterly dividends of $1.75 per share were distributed.
On the $6 pref.
stock payments of 75 cents per share were made Aug. 1 and May 1 1933,
prior to which regular quarterly distributions of $1.50 per share were made.
The Feb. 1 payment will leave arrearages of $8.75 per share on the 7%
pref. stock and $7.50 per share on the $6 pref. stock.—V. 141, p. 3547.
UtiJs. Inc.
Power Co.
Norwood Electric Light &
Northern Ohio Traction & Light Co.—Bonds
Called—•
The Ohio Edison Co., successor to Northern Ohio Traction & Light Co.,
that it will redeem on March 1 1936 all of the latter company's
Pacific
announces
The bonds
5)$,% series, due 1951, at 105% of their principal amount.
both issues should be presented for payment on the
redemption date at
principal office of City Bank Farmers Trust Co.* 22 William St., New
York City.—V. 141, p. 3700.
the
Northwestern
Service
Public
"Packard Motor Car Co.—Personnel—
Co.—Preferred Dividends
M. A. Cudlip has resigned as Vice-President and Secretary.
Hugh J.
Ferry has been promoted to Secretary as well as Treasurer and A. O. Ben¬
nett was named Assistant Secretary and Assistant Treasurer.—V. 142,
p. 307.
have declared a dividend of $1.75 per share on the 7%
pref. stock, par $100, and a dividend of $1.50 per share on the 6%
cum. pref.
stock, par $100.
The dividends are payable on March 2 to
holders of record Feb. 20.
Dividends of $1.31^ and
$1.12^ per share
were paid on the respective issues on Dec. 2 last, and on Sept. 2 1935 divi¬
dends of $1.16 2-3 per share on the 7% stock and $1 per share on the 6%
stock were paid.—V. 141, p. 3235.
The directors
cum.
Paraffine
L.
McCartney has been elected
Windolph .—V. 141, p. 4021.
a
director succeeding J.
Fred
4174.
Finishing stockholders
excess
Assets—
$23,314
28,934
6,277
18,374
-
119,433
2,255
Plant and equipment, less deprec
Deferred charges
Goods .in transit
$114,151
26,078
14,179
profits taxes
$73,893
166,545
9,227
8,364
$382,725
Notes payable
Earnings for
Accounts payable
29,945
Accrued processing tax
Deposit
6,849
525
Mortgage payable
22,000
Reserve for Fed. inc.
Reserve for loss from
&ctax...
leakage, &c
282
200,000
81,326
Total
$382,725
Jan.
10
Issued
a
Total income
Gas
& Electric
Co.—Move to Absorb Five More
Approved by California Commission—
California
field.
the last five
Pacific Gas has absorbed about 30 subsidiaries.
There are three more remaining—San Joaquin Light & Power Co
the
Midland Counties Group and the Western Canal Co.—V.
142, p. 307.
years
,
Pacific Power & Light
Co.—Preferred Dividends—
The directors have declared a dividend of $1.75
per share on the 7%
cumulative pref. stock, par $100, and $1.50 per share on the $6 cumulative
pref. stock, no par value, both payable Feb. 1 to holders of record Jan. 18.
Similar distributions were made in each of the five preceding quarters.
232.085
246.207
230.677
$819,143
$535,377
$316,396
51.945
26.208
27.629
$871,088
$561.585
$344,025
6,568
5,708
17.578
19,530
12,911
and
doubtful accounts
Prov.for loss on acct.,&c.
Loss on bldgs.demolish'd
props,
34,765
46,750
17,125
in
of rents secured
excess
5,245
for contingencies.
13,415
6,429
"8", 859
"6". 155
T. 155
Miscellaneous
Prov. for Fed. inc.
Net profit
^
Shs.
common
standing
6.037
117,243
61,792
36.662
$952,819
$691,067
$403,958
$264,736
118,049
$5.78
96.135
$4.11
95.735
$6.64
stock
163,034
143.166
tax_„_
"
out¬
(no par)
per share
Assets—
Cash
on
$2.61
1935
1935
1934
Accounts payable.
$59,461
$62,740
$304,175
Dividend payable.
161,061
88.537
Acer, taxes & Ins..
14,810
z6,132
1,071,782
732,493
Prov. for Fed. ino.
U. S. Govt, secure.
plus accrued Int.
x
Liabilities—
1934
$205,027
hand and
on
deposit
Cust.'s notes and
accounts
profits
Res. for contingen.
7% cum. pref. stk.
258,022
45,359
253,774
Surplus
15,340
18,179
454,429
buildings,
taxes
b Common stock.
mach. & equip..
Patents
Total....
excess
89,865
79,138
259,833
69,272
Other assets
y Land,
&
154,741
Inventories..
163,084
28,900
29,110
286,332
1,531,213
124,627
al4.494
99,420
236,098
1,129,109
23,700
$2,273,974 $1,761,158
Total
$2,273,974 $1,761,158
After allowance for doubtful accounts of $9,000 in
1935 and $6,967 in
After allowance for depreciation of $193,006 in 1935 and $171,167
x
Accrued taxes only,
a
Includes reserves for deferred rental
income,
b Represented by 143,166 no par shares in 1935 and 118,049 in
1934.—V. 141, p. 3081.
x
1934.
in
y
1934.
Peerless
State
Railroad Commission approved on Jan. 20 the
asborption of five subsidiary companies by the company, but only after it
had reduced valuations by approximately
$11,000,000.
Unless protested
by the company, an order of the Commission to that effect will become
operative within 20 days.
The companies affected involve two groups.
One is a Great Western
Power group of affiliates, including the City Electric
Co., the Feather
River Power Co., the Napa Valley Electric Co. and the California
Electric
Generator Co.
The second group includes the San Francisco-Sierra
Power
Co.
The action marks the move of Pacific Gas to
quit the utility holding
In
of patents
Exp. of rented
1932
$547,072
356,490
patent litigation exp._
Provision
for
bad
and
certificate
company to abandon that part of its line extending
generally
from a point near Los Alamos to the end of the track at Los
Pacific
$781.584
18.923
Other income
Prepaid, taxes, ins.
supplies
Olivos, a distance of approximately 12.01 miles, in Santa Barbara
County,
Oalif.—"V. 139, p. 4133.
The
1933
$1,051,228
$1,073,594
71.101
$1,144,695
Operating profit
14,179
Common stock ($1 par)
on
$1,430,084
_
Amortiz.
Years
1934
manu¬
facturing operations.
Selling, adver., shipping,
gen. & admin, exp
10,517
..
on contracts of sales
Accrued Items
Commission
Calendar
1935
Gross profit from
permitting the
Units Is
upswing
follows: Feb; 23 1936. $13.58
plus divs ; Aug. 23 1938, $12 82 plus divs.;
Aug. 23 1941, $11.84 plus divs.; Aug. 23 1944. $10.77 plus divs.; Aug. 23
1946 (date of maturity), $10 plus divs.
If the change in the common stock is authorized
by the shareholders at
the annual meeting,
application will then be made to list the par value
shares upon the New York Stock
Exchange.
$17,100
Ry.—Abandonment—
Interstate Commerce
the per
Consolidated Balance Sheet Dec. 31
138, p. 3449.
Pacific Coast
year,
at this
Earnings
Surplus
Total
such stockholders
on Parker stock
time or at a later date, the
price paid for the same is based upon a
3% yield basis.
With necessary adjustments at interim periods to conform
with the 3% yield basis, the
price per share to be paid in the future will be
Liabilities—
—
as
Interest paid
Balance Sheet Nov. 30 1935
Inventories
10,
During 1935, the company retired 7.031 shares of its preferred stcok at a
premium of $27,310
Only 2,911 shares of prefered stock remained
out¬
standing at the end of the year.
We again remind the preferred shareholders
that in order that all
may be treated alike, whether surrendering their stock
Prov.
Net gain after providing for Federal taxes—
Other current assets—
Feb.
share to be paid
note that many forecasters of business
trends predict a continued
of activity in those industries which take the bulk of our
products.
thereon
Admin., general and selling expenses
Trade accounts receivable..
a
as
Totalincome
Notes receivable
before
made
Notwithstanding the 10% stock dividend paid during the
Earnings for Year Ended Nov. 30 1935
Accounts receivable
be
date.
share earnings are in excess of what
they were for the preceding year.
This
in earnings is due to new business secured.
It is encouraging to
Owings Mills Distillery, Inc.—Earnings—
southward
of that
increase
Buy Can Companies—
Cash in bank
will
participate in the dividend of $1.12H
as
general container business.
Negotiations have been completed to purchase
the entire capital stock of Enterprise
Can Co., an independent manu¬
facturer located in the Pittsburgh district, for a consideration of approxi¬
mately 20,401 shares of Owens-Illinois Glass Co., and likewise for the pur¬
chase of the assets and business, free of liabilities, of the Tin
Decorating Co.
of Baltimore, Md., a subsidiary of American Tobacco Co., for
approxi¬
mately $3,320,000 cash.
Neither Enterprise nor Tin Decorating Co. is
manufacturing beer cans.
Supplementing the glass company's present operations in the field of
glass, wood and paper containers, Owens-Illinois Can Co., a wholly-owned
subsidiary, will be organized to own and operate these new units, which will
supply general line cans, metal packages and packers sanitary cans.
The
new
can subsidiary,
with head offices at Toledo, Ohio, will have as its
President, Fred A. Prahl.
► Owens-Illinois general research laboratories, which have introduced glass
fibers and glass building block, have specialized through their
Packaging
Research Division in work affecting packing and
processing of food and
other products, so that much of its activity is
already connected with
problems affecting users of both glass and tin packages.—V. 141, p. 3547.
The
place of the existing authorization of 250,000 shares of
(no par), and to provide for conversion of each one share of
common
Early in Dec., Metal Finishing Research Corp. was merged Into the
Parker Rust-Proof Co.
Combined net earnings of the two companies, after
making full provision for Federal taxes of both companies of $163,034,
amount to $952,819 or $6 64 a share on the
143,166 shares of common stock
outstanding, which includes the 13,313 shares issued to the Metal Finishing
Research Corp.
Distribution of 13.313 shares of Parker stock to Metal
Upon the completion of the Libbey Glass Co. acquisition, through which
Reserve for Federal income and
Merger
—
non-par stock into three full-paid shares of the par
value common stock.
W. M. Cornelius, President, in his remarks to stockholders for the
year
1935 says in part:
Jan. 20 declared
par
Ownes-Illinois entered the field of thin blown (paste mold) tumblers, the
directors have authorized the purchase of certain independent can and metal
container manufacturers as a further step in rounding out the company's
-V.
in the
stock
common
a dividend of $1.25 per share on the
$25, payable Feb. 15 to holders of record Jan. 30.
This compares with $1 per share paid each three months from Nov. 15
1934 to and including 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 15
1931 to and including Nov. 15 1933.
In addition an extra dividend of 25
cents was paid on Nov. 15 and Aug. 15 1933.
President Wm. E. Levis reported that net earnings of the company and
Its subsidiaries for the year 1935, subject to final determination by the
company's auditors, were $7,819,000, as compared with $6,496,359 for the
year 1934.
In arriving at tnese earnings, deductions have been made for
depreciation, depletion, repairs, Federal taxes and bad accounts.
Depre¬
ciation and depletion have been charged against both operating and nonoperating plants at the same rates as used in prior years.
For the year 1935 estimated earnings, before audit, are equivalent to
approximately $6.52 per share, as compared with $5.41 per share earned
during 1934.
These earnings are figured on 1,200,000 shares for both years,
although actually on Dec. 31 1935, the company issued 25,630 shares of the
47,200 shares payable to the Libbey Glass Manufacturing Co. for the pur¬
chase of its assets.
None of the Libbey earnings is included in the foregoing
earnings figures.
The company's working capital position has been further strengthened
during the year.
To
share)
per
outstanding
on
Capital
At the annual meeting to be held Jan. 30 the stockholders will be asked to
amend the articles of incorporation with
respect to capital stock so as to
provide an authorization of 500,000 shares of common stock (par $2.50
Earnings—
stock,
$617,944
476,009
467,007
$0.52
$2.39
$130
of Dec 31 1935, shows current assets,
467,007
Parker Rust-Proof
Co.—Change in
Approved—Annual Report for 1935—
Owens-Illinois Glass Co.—Common Dividend Increased—
The directors
as
$1,138,490
$247,281
including $387,025 cash and marketable securities, amounted to $5,382,457
and current liabilities were $591,740.
On June 30 1935, cash and mar¬
ketable securities totaled $470,629, current assets were $5,458,247 and
current liabilities totaled $1,326,631 —V.
141. p. 3870.
of Predecessor Co.-—
See Northern Ohio Traction & Light Co. above.—V. 141, p.
common
.
$537,430
476,009
$1.13
Earns, per share.
The consolidated balance sheet
Noxema Chemical Co.—Par Value Reduced—
1935—6 Mos.—1934
1935—3 Mos —1934
Net profit after deprec.,
Int., Fed. taxes, &c--_
Shares cap.stk.outstand.
V7 The stockholders at their annual meeting on Jan. 15 approved a reduction
In the par value of the class B and common stocks from $10 to $1 and an
increase in the authorized shares to 500,000 from 50,000 to consist of
100,000 common and 400,000 class B shares. * They also approved the
issuance of not more than 100,000 shares of class B stock for not less than
$10 a share.—V. 142, p. 306.
Ohio Edison Co.—To Redeem Bonds
Companies, Inc. (& Subs.)—Earnings—
Period End. Dec. 31—
Norwich Pharmacal Co.—New Director—
Frank
Telephone & Telegraph Co.—Refunding—
The company, it is reported is negotiating with representatives of Morgan,
Stanley & Co. for refunding at least $23,890,000 series A 5% bonds of 1952.
It is also regarded as probable that affiliated units may do some refunding.
Home Telephone & Telegraph Co of Spokane, with $3,000,000 5% bonds
maturing May 1 next, and Southern California Telephone & Telegraph Co.
with $6,173,000 5s of 1947, are mentioned.—V
142, p. 307.
gen. & ref. mtge. gold bonds, series A, 6%, due 1947, at 107H% of their
principal amount, and all of the company's gen. & ref. mtge. gold bonds,
or
Jan. 25 1936
On the 7% pref. stock, payments of 87 M cents and 88 cents
per share
were made Aug. 1 and May 1 1933,
respectively, prior to which regular
Fulton Fuel & Light Co.
Malirae Light & Power Co.
Antwerp Light & Power Co.
Fulton Light, Heat & Power Co.
Peoples Gas & Elec. Co. of Oswego
St. Lawrence Valley Power Corp.
—V. 142. p. 306.
Corp.—Earnings—
Years Ended Sept. 30—
Net loss after taxes, depreciation, &c
—V.
141,
p.
1935
$223,655
1934
$172,862
1604.
People's Light & Power Corp.—New Plan Offered—
W. R. K. Mitchell, Vice-President of Provident Trust Co. of Philadelphia
23 on behalf of the protective committee for the 1st lien
announced Jan.
bondnolders, of which he is chairman, that his committee had filed in the
U. S. District Court for the District of Delaware at Wilmington an alter¬
native plan of reorganization.
The committee, headed by Mr. Mitchell is reported to represent over
30% of the outstanding first lien bonds.
Tne committee states that it
has rejected as being unfair to the first lien bondholders the plans of re¬
organization heretofore put forward by the company on the grounds that
such plans accorded to the holders of bank debt and junior securities of the
corporation preferences and privileges that such holders could not obtain
upon a judicial determination of the respective rights of each class of
security.
The plan sponsored by first lien bondholders' committee provides that
holders of first lien 5M% gold bonds, series of 1941, will receive for each
633
Chronicle
Financial
Volume 142
$1,000 first lien bond $500 first mortgage bond, 5%, series due 1961, of
Texas Public Service Co., $500 collateral lien bond, series due 1961, of a
necessary to
with the sinking fund for
series may rank pari passu
be successor to Peoples Light & Power Corp. providing
for 3% fixed interest and 3% additional interest contingent and cumulative,
and four shares of common stock.
In settlement of past due interest the
new company will issue $55 in scrip and will pay $42.16 in cash.
Under the bondholders' plan of reorganization, it is stated that the first
mortgage bonds of the Texas subsidiary to be issued to the present holders of
first lien bonds to the extent of 50% of such holdings, should command a
high investment rating, since such bonds will be outstanding to the extent
of only approximately 60% of the fixed properties of the Texas subsidiary
and the interest thereon was earned over 1.88 times after depreciation for
the fiscal year eding Nov. 30 1935.
In addition to Mr. Mitchell, W. H. Duff, Duff & Phelps, security analysts,
Chicago, and David Soliday, Hopper, Soliday & Co., investment securities,
Philadelphia, are members of the committee. David Bevan of Provident
Trust Co., Philadelphai, is Secretary of the committee.—V. 142, p. 468.
new
The terms
company to
Condensed Income Accounts
Freight revenues,.
Passenger revenues
AH other revenues......
Maintenance
Loeb & Co. of
gen.
the approval of the Interstate Com¬
Commission.
Coupon bonds in $1,000 denomination registerable as to principal, and
fully registered bonds in authorized denominations, interchangeable under
conditions provided in the mortgage.
Interest payable A. & O 1.
Bonds
will be redeemable, at the option of the company, as a whole but not in part,
at any
249.014,711
54,121,816
time on 60 days' published notice, to and incl. April 1 1945 at 105%,
thereafter to and including
32,634.223
343,668,699 335,770,750
96,347,699 93,234,623
122,648,843 113,132,735 122,719,249
27,630,648
24,411,321
29,719,160
Allother
The bonds
The sale of these bonds is subject to
235,347,937 238,968,328 251,229.985
59,738,930
52,930,251
57,740,587
36,306,591
32,817,235 34,698,127
Transportation
mtge. 3%% bonds, series C, due April 1
were offered at 98b£% and int. to date of
delivery, to yield 3.84% to maturity.
merce
30 '35
$
331,393,458 324,715,814
91,732,112
89,224,291
Total...
Series
"C" Offered—Railroad financing at the most favorable
coupon rate in three decades or since the period of low money
rates prevailing around the turn of the century, was an¬
1970.
Nov.
1934
1933
$
Pennsylvania RR.—$40,000,000 Gen. Mtge. 3%s,
$40,000,000
11 Mos.End.
Calendar Years-
1932
*
nounced Jan. 23 in the offering by Kuhn,
the bonds of series C.
so far as
the proposed fund as aforesaid may be modified
comply with any requirements of the ICC.
of
120,037,676
26,125,824
Net operating revenue 89,381,855
Railway tax accruals— 28,231,430
Uncoil, railway revenues
75,227
97,947,467
24,459,600
120,451
94,882,591
23,731,426
135,986
96,372,627
24,061,310
Equipm't and joint facil¬
ity rents (net)
11,943,160
11,390,557
9,698,163
8,174,100
Net ry. oper.
income. 49,132,038
Total non-oper. income. 46,599,392
61,976,859
41,619,599
61,317,016
40,013,891
64.001,054
33,221,266
Gross income
95.731,430 103,596,458
51,138,673
51,915,454
1,024,019
1.063,237
158,769
147,379
101,330,907
51.472,566
963,141
136,163
140,583
97,222,320
46,848,665
591,969
132,898
Separately operated prop¬
53,541
erties
(loss)
28,409,498
Int. on funded debt
277,527
Int. on unfunded debt..
1,095,867
Miscell. income charges.
101,631
28,268,140
1,659,908
1,159,540
64,040
28.413,478
590,196
871,209
20,178
27.492,930
169,477
736,723
82,157,894
84,315,289
82,515,213
75,992,840
1,165
1.229
1.228
1.279
19,281,169 *18,815,694
21,229,480
21,139,270
20,182,150
Rent for leased roads—
Miscell. rents
Miscell. tax accruals
Total deductions
thereafter to and including April 1 1955 at 104%,
April 1 1960 at 103%, thereafter to and including April 1 1965 at 102 H%
and thereafter at 100% plus a premium equal to
of 1% for each six
months between the date of redemption and April 1 1970, in each case
with accrued interest, all as will be provided by indenture (to be dated
Feb. 1 1936) supplemental to the general mortgage.
Girard Trust Co.,
Philadelphia, corporate trustee.
Legal investments for savings banks under the laws of New York and
Times fixed chgs.
13,573,536
Net income.
the inclusion
penses
of
charges as
President, Jan. 22
of $60,000,000 general mortgage bonds,
pledged with the Girard Trust Co., Philadelphia, trustee, as
part collateral for an outstanding issue of $52,000,000 15-year secured
6M% gold bonds, due Feb. 1 1936, which will be released from pledge not
later than Feb.
1 1936.
The $60,000,000 bonds so pledged now bear
interest at the rate of 6% per annum, but by appropriate action the rate
will be reduced to 3M % and other modifications made.
Security—The bonds are issued under the general mortgage dated June 1
1915, to Girard Trust Co., Philadelphia and William N. Ely, trustees.
The general mortgage is in the opinion of counsel a lien (subject to $K25,198,490 of prior liens which may not be renewed or extended, and for the
retirement of which, at or before maturity, general mortgage bonds are
reserved, and to certain equipment trust obligations) on all the lines of
railroad and important leaseholds owned by the company at the date of
the mortgage, and upon all appurtenances thereof and equipment used in
connection therewith whether then owned or thereafter acquired, and upon
This Issue—These bonds are part
thereafter acquired by the use of any of the general mortgage
proceeds.
covered by the general mortgage includes the main line of the
Pennsylvania RR., extending from Pittsburgh to Philadelphia and valuable
terminal properties at Philadelphia,
Pittsburgh and Harrisburg.
The
leaseholds subject to the mortgage include the leases of the main lines of
the system from Philadelphia, Pa. and Camden to Jersey City, N. J., and
from Baltimore, Md. to Harrisburg, Pa.
Additional Issues—Additional general mortgage bonds may not be issued
if, after such issue, the amount of general mortgage bonds outstanding,
including bonds at the time reserved to retire prior debt, would exceed the
aggregate par value of the then outstanding paid-up capital stock of the
all property
bonds or their
The property
company.
Purpose—The proceeds of the bonds will be used, together with treasury
May 1 1936, at 105 and int.,
bonds due Nov. 1 1964, now outstanding in the principal
funds to the extent required, to redeem on
the secured 5%
$50,000,000.
No RFC Loans—Company is not indebted to the Reconstruction Finance
Corporation or to the Railroad Credit Corporation, and has no outstand¬
ing bank loans.
Since Sept. 30 1935, the company has sold $18,420,000
equipment trust 2%% certificates, series G.
Other Retirements—Since Sept. 30 1935, the company has retired, at ma¬
turity or otherwise, bonds and equipment trust certificates in the amount
of $6,348,000.
In addition, the company has made provision for meeting,
on Feb.
1 1936, the $52,000,000 15-year secured 6K% gold bonds which
are outstanding and mature on that date.
Obligations Assumed—Company has assumed liability under lease or by en¬
dorsement, or otherwise, in respect of the principal of obligations of com¬
panies in which it is interested and which are essential to the operation of
its railroad system aggregating $631,930,091, of which $181,104,000 are
assumed jointly with other railroad companies, and $88,971,091 are owned
'
subsidiary and affiliated companies.
Legislation—Company's expenses were increased in 1935, and will be
1936, by the restoration of the 10% wage reduction
further increased in
Feb. 1932, such restoration having become effective onefourth on July 1 1934, one-fourth on Jan. 1 1935 and the balance on April 1
1935.
Emergency freight charges, increasing certain rates, which went
into effect on April 18 1935, will terminate, unless extended, on June 30
in
effect
since
1936.
Act, the Social Security Act and the Bituminous
Coal Conservation Act (Guffey Act) will, if constitutional, also result in
increases in
operating expenses.
Proceedings are pending before the
ICC in connection with a proposal to reduce basic passenger fares in the
territory in which the Pennsylvania RR. operates.
General Mortgage Bonds—Of the general mortgage bonds, there will be
outstanding in the hands of the public after the present sale
The Railroad Retirement
$125,000,000
50,000,000
40,000,000
50,000,000
50,000,000
series A4^% bonds, due June 1 1965,
series B 5% bonds, due Dec. 1 1968,
series C 3%% bonds, due April 1 1970,
series D 4 }4% bonds, due April 1 1981, and
series E 4M% bonds, due July 1 1984.
payment,
Extends C. & D. Service—
far-reaching and significant advances in the history of
made Jan. 19 by the Pennsylvania RR., when it
1 it will render a complete door-to-door
One of the most
announced
that beginning April
less-than-carload freight between all points on
at no additional cost above the regular
The extra charges now made for truck
shipments moving distances beyond 260 miles, will
transportation service for
its system, regardless of distance,
station to station freight rates.
pick-up and delivery on
be entirely eliminated.
It is anticipated that the already substantial
volume of less carload traffic now handled by the
and constantly growing
Pennsylvania in pick-up
result of this action.
that the road stands ready to
join with any and all railroads serving the same territory, in extending simi¬
lar privileges to shipments between points on its own lines and those on other
and delivery service, will be greatly increased
It was further stated in the announcement,
systems.
,
refunding or retirement of general mortgage bonds out¬
securities.
series C, the company
and on April 1 in each
year thereafter (but only out of the net income of tfte company for the
preceding calendar year, determined in accordance with the regulations of
the ICC and after deducting any sinking fund requirements for such year
for the general mortgage bonds, series E) a sum equal to H of 1% of the
maximum principal amount of bonds of series C outstanding at any one time
Sinking Fund—As a sinking fund for bonds of
will pay to tne corporate trustee on April 1 1937
not
1935, to be applied to the purchase of bonds of series C at
exceeding their principal amount
experimenting with and studying the
Earnings
(exclusive of accrued interest).
of System
RR.]
1935—12 Mos--1934
$26,964,514 $368601,518 $344398,696
19,697,798 263,915,643 246,712,130
1,284,170 25,342,870 23,834,810
1 £0-321
(Excludes L. I. RR. and B. & E.
1935—Month—1934
Period End. Dec. 31—
Railway oper. revenues.$32,114,281
Railway oper. expenses. 23,789,355
Railway tax accruals—
1,365,406
Uncollect, ry. revenues.
14,160
Equipment rents
434,029
Joint facil. rents
325,461
581,4/2
22,458
7,055,879
If
Pere Marquette
Period End. Dec.
Ry.—Earnings—
31—
1935—Month—1934
1935—12 Mos.—1934
$1,947,157 $28,478,082 $24,597,190
646,214
128,583
4,828,197
2,618,368
$2,681,057
Gross earnings
operating income
Surplus after charges...
—V. 141, p. 4174.
'
Net
377.745
defl36,270
def615,625
1.628,249
*
Petroleum & Trading
Corp.—Earnings—•
Earnings for Year Ended Dec. 31 1935
dividends & interest (includes $242 proceeds
received as dividends)
& administrative expenses..
Income from
of sale
$70,959
6,415
4,760
of securities
General
Federal & State taxes
$59,783
from sales of securities.
of securities
62.427
Operating deficit,
$2,643
281,842
Jan. 1 1935
Operating deficit, Dec. 31 1935
Statement of Capital Surplus Dec. 31 1935
Balance, Jan. 1 1935
Excess of cost over par value of 4,078 shares of class A stock
purchased in the open market during 1935
x Dividend on class A stock outstanding
Total
dividends
charged
29,635
62,270
$2,575,335
Balance, Dec. 31 1935-.x
$284,485
i
2,667,241
to
1934 and
capital surplus during
1935,
$125,717.
Balance Sheet Dec. 31 1935
Liabilities—
Assets—
$187,208
388
Marketable securities, at cost.a2?554,577
Other securities, at cost
bl70,125
Prepaid New York State fran¬
chise tax
1,625
Cash
Dividends
receivable--
Accrued Federal & State taxes.
614,075
(par $5)
Class B
common
c7,500
stock
Capital surplus
Operating deficit
panies is contained in a petition filed in U. 8. T i strict Court
by Mayor S. Davis Wilson in the reorganization proceedings
a
2,575,335
284,485
-
guaranteed by the United States of America as may be specified in such
direction or to the purchase of general mortgage bonds of any series, from
the company or otherwise, at not exceeding their principal amount, all as will
be provided in said supplemental indenture to be dated Feb. 1 1936.
Any
sinking funds hereafter created for the general mortgage bonds of otheu
$2,913,924
Total
$2,913,924
Total
Valuation
$2,300,820.
Represented by
1935,
c
Philadelphia Rapid Transit Co.—Surcharge
Demand for
a
$1,500
$1.25 class A partio. pref. stock
based on market quotations Dec. 31
b Fair value approved by board of directors, $27,000.
10,000 no par shares.—V. 141, p. 3236.
amount is insufficient to
1,520,078
1,897,107
income- $6,185,870
$5,374,419 $70,239,698 $63,997,014
N0ie—For purpose of comparison, the amounts charged to operating
expenses, beginning August 1934, account of the Railroad Retirement Act,
later declared unconstitutional, have been omitted.—V. 142, p. 467.
Net ry. oper.
C tendered at not more than their principal
exhaust the full amount available for the purchase
of bonds as of April 1 in any year, the unexpended balance in the hands
of the corporate trustee shall be applied as the company may from time
to time direct in writing, either to the purchase of such securities issued or
the amount of bonds of series
.
possibilities of a
rail-truck service for merchandise freight for more
than five years.
After several preliminary test operations, the railroad
inaugurated in December 1933, a system-wide collection and delivery
service for this class of shipment.
This service has been rendered without
additional charge over the ordinary freight rates for shipments moving
distances up to 260 miles.
Beyond that distance a graduated scale of plus
charges has been in effect, covering the trucking service between the rail¬
road station and the store door of the shipper and consignee.
These charges
now reach a maximum at 361 miles and beyond of six cents per 100 pounds
for either collection or delivery, or twleve cents for both.
All of these extra
charges will be eliminated under the plan just announced and the regular
station-to-station freight rate will cover complete handling of the shipment.
The road has been
complete door-to-door,
Net loss for the year—
obligations to the extent of 90 % of the cost of such equipment or the princi¬
pal amount of such obligations, and for the acquisition of other corporations'
Dec. 31
as a
Income before losses
standing, for the acquisition of additional property, for additions, better¬
ments and improvements, for equipment or the refunding of equipment
after
_
21,828,334
American railroading was
Net losses from sales
$20,000,000 of series C bonds, due April 1 1970, will, upon their release
from the indenture securing the company's 15-year secured 6M% gold
bonds, due Feb. 1 1936, be in the treasury of the company.
$125,198,490
of bonds are reserved to retire a like amount of prior lien bonds and the
remainder is issuable, under the restrictions stated in the mortgage, for
the
,
The actual net income
amount of
by the company or
•••
in ex¬
deprec'n
follows.. 21,531,141
for the year 1934 was $21,633,965, after eliminatr
ing from expenses the amount included therein under the Railroad Retire"
ment Act, which Act was later declared unconstitutional.
*
series C, now
after
Net income was
other States.
Data from Letter of M. W. Clement,
earned
surcharge of $41,407,222 against the
Demanded
PRT underlier com¬
in Philadelphia
of the P. R . T,
634
system.
Financial Chronicle
Mayor
Wilson claims four companies. Union Traction Co.,
Peoples Traction Co., Electric Traction Co. and Philadelphia Traction Co.
Were Involved in
illegal inflation of
capital stock resulting in the issuance of
securities having a fictitious increase fn value of $21,166,552, and that this
"increase in value caused
payments of excessive interest on these watered
securities in the amount or $20,240,671."
He demanded the collection of
these sums because the "whole of the intent of the
proposed plan of re¬
organization is to conceal and confirm forever fraudulent manipulations of
the nature set forth."—V.
142, p. 470.
$29,656,510 Overall Upset Price Fixed—
Federal Judge Wm. P. James has fixed a minimum
price of $29,656,510
that will be acceptable by the Court when the
Oil
properties of the Richfield
Co.
and Pan American Petroleum
Corp. are offered for sale here
31 next.
In setting this overall minimum
price the Court stated
that it would not be
proper to permit anyone to pick out individual parcels
of choice property at their own
price, leaving tne balance to be knocked
down at inadequate
Jan.
prices.
This statement
Philippine Ry.—Earnings—
Period End. Dec. 31-—
Gross earnings
•
,
to
1935—Month—1934
$70,945
Net after taxes
37,700
♦Before taxes.—V. 142, p. 307.
1935—12 Mos.—1934
$36,069
defl,883
$512,288
113,686
$544,132
146,366
.
Plymouth County Electric Co.—New Name—
Steel
Car
Co.—$2,500,000 Issue Approved—
Federal Judge R. M. Gibson at Pittsburgh has authorized issuance of
$2,500,000 trustees' certificates, to mature in 12 months and bear 5%
interest.
/
Court Orders
approval.
concerns, thereby
Corp. of Chicago
to purchase first preferred stock.
Tne present stockholders are not obligated to
buy this stock, but may,
if they so desire, purchase the same at
price paid by General-American
Transportation.
The latter will set aside sufficient stock for this purpose,
but if the issue is not taken up
by stockholders, the General-American
Transportation Corp. will do
will provide additional time for preparation of a reorganization
plan which
it is understood is now in the process of completion.
The Court observed
that it is exceedingly doubtful whether a bid would be forthcoming on
Jan. 31
in
hearing for confirmation of the plan has been set for March 5.
Postal Telegraph & Cable Corp.—Trustees
Confirmed—
Federal Judge Alfred C. Coxe
approved Jan. 23 the appointments of
Alfred E. Smith and General George S. Gibbs as
permanent trustees of the
corporation, which is in procees of reorganizat:on under Section 77-B of
the Bankruptcy Act.—V.
141, p. 4175.
deprec. & Fed. taxes..
1935—3 Mos.—1934
$4,278,858
$3,458,561
$7,883,363
$7,544,022
6,325,087
$0.64
6,325,087
$0.50
6,325.087
$1.17
6,325,087
$1.10
p.
2748.
permanent registration of their securities now listed
Jersey—Earnings—
Oper.
expenses, maint.,
taxes & depreciation..
6,000,845
Net inc. from oper...
$4,333,656
Bai' fordivs Asurpius.
2,768,578
—V. 141, p. 4023.
6,532,955
80.662,295
80.658.452
$3,978,195 $38,564,133
$39,771,586
25,352,951
3,170,553
23,773,509
Reading Co.—New General Counsel—
William I. Woodcock, Jr., has been
appointed General Counsel, succeed¬
ing the late William L. Kinter.
Earnings for December
December—
Gross from railway
Net from railway
Net after rents
and 12
1935
$4,592,141
1,691,661
1,429,014
51,373.733
15,621,588
12,562,360
Gross from railway
Net from railway
Net after rents
53,078,431
16,193,277
12,856,973
—V. 142, p. 135.
Reliance
Months Ended Dec. 31
193*
$4,370,977
1,261,041
1,083,651
•
p* From Jan. 1—
Bronze & Steel
1933
1932
$4,148,467
1,258,211
1,096,936
$4,383,974
1.341,104
1,094.946
49,464,052
16,315,524
13,577,068
51.806,374
13,002,205
11.086.616
Corp.—Reorganization—
The Corporation on Jan. 21 filed in the
Federal court, Brooklyn, a petition
seeking reorganization under Section 77-B of the
Bankruptcy Law.
The
Eetition, signed by E. F. Gillespie, President16.
and
ad been authorized
by the directors
Jan.
on
The petition
was
officers
Gold Case Decision March 27—
In the first Royal Dutch Co. and Batavian Petroleum
Co. gold clause
the Advocate-General, according to dispatches from Amsterdam,
advised the Supreme Court that judgments in the companies' favor
by the Court of Appeals should be reversed, and the cases should be re¬
mitted to the other Court for Judgment according to the Supreme Council's
Views.
Final judgment by the Supreme Council will be rendered March 27.
The Advocate-General's arguments were that the gold clause was accord¬
nas
ing to contract and the intention of the gold value clause, while the United
States joint Congressional resolution is not applicable,
being contrary to
Dutch law and the public interest and welfare.
Therefore the companies
are obliged to pay on the
gold basis, he said.—V. 142, p. 472.
appointed.
petition stated the assets were $763,158 and the liabilities
$1,331,661. both for Dec. 31 1935, leaving a deficit of $568,503.—V.
139. p.
A61Z.
Remington Rand IncProposes to Refund 5V£% Debs.—
The directors
have
approved
plan for refunding $17,453,000 5H%
debentures now outstanding by
offering to holders for a period of 30 days
opportunity to exchange their bonds, par for par, for a new issue of
4X %
20-year bonds.
Each $1,000 bond of the
proposed new issue will
a
carry warrants to sub¬
scribe to 15 shares of common stock at
$25 a share for the first two
years,
thereafter increasing $2.50 each
year until a maximum price of $40 is
reached.
The new bonds will be callable at 105 for the first
four years.
The unexchanged portion of the new
issue, if any. will be offered for subscription to common stockholders.
Period End. Dec. 31—
Net inc. after all charges
Shs. com. stk. outstdg—
142,
p.
1935—3 Mos.—1934
$985,419
1,378,684
per share
income
$1,869,466
1,378,684
$950,378
1,290,987
$0.19
$0.66
$0.01
$0.48
for month
of December
1935—9 Mos—1934
$560,779
1,290,987
1935 amounted
to
471.
Purchase
Corp., recently organized to assist in the
asphalt and asbestos roofing and
formation of the new corporation.
permanent institution to make character loans up to $2,000 to home owners
for repair and modernization
purposes on low-interest, monthly-payment
terms identical with those provided for under the National
Housing Act.
Walter B. Harris has been elected President of the new
company, and
the directors include Mr. Harris, G. F.
Bahrs, L. C. Rugen, S. D. Van
Vleet and Charles F. Evans.
Divisional offices will be maintained at 500
Fifth Ave., New York, and in
Chicago, and Mobile, Ala.
"The decision to organize the Ruberoid Purchase Corp. was based on two
major considerations," Mr. Harris said.
"One was the rapidly growing
demand among home owners for a simplified metnod of
obtaining loans for
repairs and replacements.
The other was the highly satisfactory experi¬
ence of the Ruberoid Co.
during the past 21 months with loans extended to
more than 7,500 home owners under a similar
plan.
Growing confidence
in the economic outlook
among home owners everywnere was further indi¬
cated by the fact that the average size of loans
applied for has increased
during this period
of the country are already
participating in the plan.
In the loan contracts
made through these channels no special conditions are attached
except that
25% of the amount required for the needed building materials shall be
expended for products of Ruberoid manufacture."—V. 141, p. 3549.
(Joseph T.) Ryerson & Son, Inc. (Del.)—Bal. Sheet—
Balance Sheet
as
of Opening of Business Oct. 1 1935
Liabilities—
Cash on hand
Demand deposits
Marketable securities
Notes receivable, trade
Accounts receivable, trade.-
Inventories
—
Other current assets
$14,331
1,384,854
504,218
21,978
1,907,094
5,392,821
17,024
Investments
Fixed assets
26,954
a4,271,865
^
Goodwill
1
Deferred charges
26,096
89,573
Other assets.
payable, trade....
Sundry
Accrued liabilities
$571,835
39,125
383,574
279,626
...
Other current liabilities
Reserve
for
inventory
price
decline
Reserve
600.000
for group
Insurance
adjustments
26,403
Reserve for contingencies
Capital
no
stock
(116,258
68,487
shs.
par)
11,687,759
Total
r
$13,656,8101
Total
$13,656,810
&c. reserves of $4,252,177.
T. Ryerson & Son, Inc., a Delaware corporation, on Sept. 30
1935, acquired all of the property, business and good-will of
Joseph T.
Ryerson & Son, Inc., an Illinois corporation, subject to all its
obligations of
a
After depreciation,
Joseph
whatsoever nature.
Such assets and liabilities (exclusive of
capital stock
and surplus) were recorded on the books of the
Delaware corporation at the
same
values
as
carried
on
the books of the Illinois corporation.—V.
142,
p. 472.
Period—
Gross earnings.
—V. 142, p.
Ry.—Earnings—
Week of Jan.
1935
Jan.
1
1936
1936
$319,500
$260,875
to
Jan.
$595,800
472.
St. Regis Paper Co.—Admitted to Unlisted
1935
$505,243
Trading—
The New
York Curb Exchange has admitted to unlisted
trading
privileges the new common stock, $5 par, in substitution for old common
stock, $10 par.
The new common stock is issuable share for share in
exchange for old common stock.—V. 142, p. 309.
Savoy Plaza Corp.—Files Petition to Reorganize—•
The corporation, which was adjudged bankrupt on
Dec, 1 1932, applied
Jan. 17 in Federal Court for permission to
reorganize under Section 77b
of the Bankruptcy Law.
In its petition it cited an
mortgage bond committee, whose attorneys are Miller, Owen, Otis &
Bailly. According to the petition, the assets of the corporation are
$25,454,650, the deficit $9,704,238 and the current liabilities $3,514,238. The
first mortgage amounts to $9,900,000 and the second
$3,775,000.
The
Irving Trust Co. is trustee in bankruptcy.—V. 136, p. 3177.
expected
to
Exchange has authorized
Calif.—Appeal Fails—
District Court in Los Angeles,
specifying which Richfield
subject to sale in settlement of some $28,000,000 creditors'
Accounts
the listing of $9,200,000
dated Jan. 1 1936 and maturing
is
Copper & Brass Inc.—Listing—
Federal
were
than 60%.
operating profit of $584,460 for the fiscal year ending Nov. 30 1935.
The suit was a mutual undertaking by the first
mortgage certificate com¬
mittee, represented by Breed, Abbott & Morgan, attorneys, and the first
agreement
The U. 8. Circuit Court of Appeals at Los
Angeles has dismissed ap¬
peals of creditors, thus clearing the way for foreclosure sale of the
company.
The appeals were made against the decision of
Judge William P. James
of the
more
"Under the system developed for the Ruberoid Purchase
Corp.. home
owners desiring to make
repairs or replacements may apply directly for
loans through Ruberoid distributors in their home localities.
More than
1,800 Ruberoid dealers and applicators located in practically
every section
—Second
first mortgage 434% sinking fund
bonds,
Jan. 1 1956.
See also V. 142, p. 309, 471.
assets
23
of
announcing the
be
The amendment states the
underwriting
entered by Jan. 27.—Y. 142, p. 308.
Richfield Oil Co. of
in
financing corporation, chartered in Delaware, with ample capitaliza¬
has been approved for credit insurance by the Federal
Housing Administration, Mr. Abraham said, and has been organized as a
Republic Steel Corp.— Underwriters—
claims.
building products,
re-
tion and resources,
St. Louis Southwestern
The New York Stock
financing or needed repairs,
Slacements and improvements in residential properties, it was stated Jan.
y Herbert Abraham, President of the Ruberoid Co., manufacturers
$416,012.—V.
Kuhn, Loeb & Co. will underwrite $12,000,000 of the
$45,000,000 series
B bonds scheduled to be sold
publicly in the near future, according to an
amendment filed with the Securities and
Exchange Commission.
Other
underwriters and the amounts to be underwritten
by each follow:
Field,
Glore & Co., $8,000,000: Otis &
Co., $3,000,000; Hayden, Stone & Co.,
$2,500,000; Brown Harriman & Co., Inc., Emanuel &
Co., First Boston
Corp., Ladenburg, Thalmann & Co. and Schoellkopf, Hutton &
Pomeroy,
Inc., $2,000,000 each; Blyth & Co., Inc.
and Mellon Securities Co.,
$1,250,000 each; Goldman, Sachs & Co., Hayden, Miller &
Co., Kidder,
Peabody & Co., Lazard Freres & Co., Inc., Lee, Higginson
Corp., E. H.
Rollins & Sons, Inc., J. & W.
Seligman & Co., Speyer & Co. and Dean,
Witter & Co. $500,000 each;
Bankamerica-Blair Corp., A. G. Becker & Co.,
W. E. Hutton & Co., Lawrence Stern &
Co., Inc., and White, Weld & Co.,
$400,000 each; G. M.-P. Murphy & Co.,
$350,000, and Harriman & Keech,
$150,000.
Revere
Co.—$2,000,000 Improvement Loans by Sub.—
Loans in excess of $2,000,000 to home owners located in
virtually every
section of the country have already been
placed with the Ruberoid
approved by Judge Grover M. Moscowitz, who directed
The
Net
the New York Stock
Committee on Stock List, has heretofore been advised that no
application for registration of the "American Shares" of Royal Dutch Co.
would be made; therefore, this notice would
apply to the bonds of Royal
Dutch Co. which are presently listed.
The exemption heretofore accorded to these securities under the rules of
the Securities and Exchange Commission will
expire on March 31 1936.
Treasurer, stated that it
remain in control and continue the business.
He set
Feb. 10 as the date for a
hearing to determine whether the officers shall
continue in control or whether trustees shall be
Earnings
on
Exchange,
The
Public Service Corp. of New
Period End. Dec. 31—
1935—Month—1934
1935—12 Mos.—1934
Gross earnings
$10,334,501 $10,511,150 $119226,428 $120430,038
the
equal the minimum price established by the order
suggested in the appraisal made by Stone &
values
Royal Dutch (Petroleujm) Co.—Not to Register—
Ruberoid
1935—6 Mos.—1934
stk. outstand-
ingnopar..
Earnings per share
that
would
The New York Stock Exchange has been advised by the fiscal agent that
this company and the Batavian Petroleum Co. do not intend to
apply for
Procter & Gamble Co, (&
Subs.)—Earnings—
Period End. Dec. 31—
Net profit after interest,
141,
which
compliance with
cases,
so.
—Y. 142, p. 470.
—V.
diminish¬
The
The company's plan presented by the trustees and a modification of the
original provides that new money of not less than $1,750,000 or more than
$2,150,000 shall be provided by the General-American Transportation
com.
one
ing the total price to be received and reducing the ultimate recovery
by
various groups of claimants.
The order signed by the Court provided that if no sale is made on
Jan. 31 next, the sale date would be continued over to Feb.
Company's Plan Submitted to Stockholders and
Objections of security holders to the company's plan of reorganization
were set aside by Federal
Judge Robert M. Gibson on Jan. 21 and the
company's plan ordered submitted to creditors and security hoiders for
Shs.
made in explanation of the Court's position in respect
minimum price for the
properties as a whole.
It was indicated that to
the properties piecemeal would
destroy the good-will value of the
Richfield and Pan American
companies as going
sell
Webster for this purpose.—V. 142, p. 471.
Creditors for Approval—
A final
was
fixing minimum prices for individual parcels of property in lieu of
29, which
See Southern Massachusetts Power & Electric Co.
Pressed
1936
25
Jan.
Schenley Distillers Corp.—Listing—
;
The New York Stock Exchange has authorized the
listing of 150,000
shares of 53^% cum. preferred stock
(par $100).—V. 141, p. 4024.
Seaboard Air Line
Ry.—Pick-Up and Delivery Service—
The company has announced its intention of
delivery
instituting flee pick-up and
on its system lines and those of its subsidiaries for less
than car-
Financial
Volume 142
load
freight, effective Feb. 1
136.
p.
Selected
The
or
as
soon
thereafter
as
Industries, Inc.—Annual Report—
reports as of Dec. 31 1935 net assets of $43,174,763.
a share of $5.50 prior stock and $11.09 a share of
$1.50 convertible stock outstanding.
During the year the corporation
retired 51,479 shares of its $5.50 cumulative prior stock.
company
equivalent to $113.91
(par $25) heretofore acquired and now owned, representing a total
reduction of $2,288,000; and (c) by reducing the par value of the out- '
standing 1,008,548 6-10 shares of common stock from $25 per share to '
$15 per share, representing a total reduction of $10,085,486.
There will be applied out of the capital surplus of the company amounts '
sufficient to eliminate the deficit in the consolidated earned surplus account
of the company as of Sept. 30 1935.
The earned deficit Sept. 30 1935
amounteq to $4,940,351 and capital surplus was $3,138,618.
;
The report reflects a gain of approximately 42% in net assets during
the year, before giving effect to repurchases of the company's prior stock
$22,042,644
Gross operating income
Costs, operating and general expenses, taxes, &c
16,051,782
Operating income
Dividends, interest and other income
$5,990,862
579,531
the gain was approximately 43%.
$33,007,834, equivalent to $82.07
in the hands of the public.
were
Income Account
a
On Dec. 31 1934, net assets
share of prior stock outstanding
for Calendar Years
1935
1934
1933
1932
$1,762,735
$1,564,216
3,188
28,750
$1,768,668
11,953
84,986
182,557
7,646
$1,791,485
9,898
81,108
169,937
$1,586,156
10,555
90,855
159,695
Miscellaneous income—.
Total income
...
Salaries.
General expense
Service fee
Interest
'
65,737
95,466
141,469
43,307
446,773
Net income.
35,061
14,140
6,633
38,885
$1,438,220
1,774,912
$1,495,481
2,010,872
$1,835,641
2,212,353
$1,286,166
2,211,940
$1,534,046
Net Income
Earnings
per
share
$22,529,499
1,936,435
stated value of prior stock retired
Balance
Surplus arising from conversion of conv. stock into com. stock
Net profit on sale of securities, less provision for Fed. income tax
$20,593,063
1,242
350,067
Net Income, as per statement
1,438,219
—$22,382,592
$5.50 cumulative prior stock
1,774,911
Surplus, Dec. 31 1935
Sept.30 *35 Dec. 31 '34
on
LiaMlUies—
$20,607,680
Notes
and
3,352,202
2,442,292
(net). 2,474.278
1,632,221
4,429,910
3,862,302
taxes.
369,129
199,119
1935
Assets—
$
Funded
LiaMlUies—
currencies
U. 8. Govt,
27,495
303,559
493,655
778,272
securs.
Int. & divs. receiv.
1,316,446
-
sold
261,733
121,946
173,325
taxes, &c
725,776
9,475,000 10,761,975
c Cum. conv. stock 2,121,585
2,124,690
d Common stock.. 2,120,902
2,119,039
Surplus
20,607,681 22.529,499
34,104
359,381
stock
Special deposits for
dividends
exchange
contracts
17,473
Notes receivable..
197,500
Invests, at cost.35,600,331
Total
34,621,923
38,695,205 38,098.1391
Investments owned
a
17,473
b $5.50 cum. prior
secur.
on
38,695,205 38,098,139
Total
March 31 1931 are carried at the lower of cost
market, at that date. Subsequent purchases are carried at cost.
The
market value of investments on Dec. 31 1935, was in excess of the amount
•hown by $8,849,596 apd less than the amount shown in 1934 by $3,210,923*
or
the value of investments
by appraisal
not readily marketable having been determined
by the corporation.
b $25 par.
c $5 par.
d $1 par.
Of the unissued common stock, there
are reserved as follows: 1,272,951 shares for conversion of convertible stock,
307,644 shares for exercise of purchase warrants, 200,000 shares for option
at $15 per share and 20,000 shares for option at $8 per share; total, 1,800,595
•hares,
e
Includes
interest accrued.—V.
141, p. 3702.
Servel, Inc.—12J^ Cent Common Dividend—
The directors have declared a quarterly dividend of 12^ cents per share
on the common stock, par $1, payable March 2 to holders of record Feb. 20.
Aninitial dividend of like amount
Years End. Oct.'SI
was
1935
paid on Dec. 2 1935.
1934
17,605
Total reserves
48,938
investments 2,220,803
Co.'s common stk.
9,900
2,217,549
9,900
(par $1)
Earnings
per
1,781.426
$1.16
share
xdef$493,399xdef777.443
1,736,426
1,761,426
Nil
$0.26
Charges for depreciation for 1934 amounted to
$303,604 and $282,217 in 1932.—Y. 141, p. 2128.
x
Nil
$271,153; in
1933.
Signode Steel Strapping Co.—Resumes Common Divs.—
The directors
have declared a dividend of 12 H cents per share on the
stock, payable Feb. 5 to holders of record Feb. 1.
This payment
on the common stock since Jan. 15 1931, when a
similar disbursement was made.—V. 141, p. 2905.
common
will
be the first made
Silverwood's
cruals
Dairies,
Ltd.—Plan to Pay Preferred Ac¬
Approved—
The preferred
and common stockholders at a meeting held on Jan. 6
approved a plan whereby accumulated dividends amounting to $13.75
a share as of Jan. 2 1936 on the 7% cum. pref. stock, par $100, will be can¬
celed.
Under the plan the 7% preference stock will be exchanged on the
basis of one $50 par 6% debenture and five new class A no par preference
shares for each share of 7% preference stock held.
New class A preference
stock will be entitled to cumulative dividends at the rate of 40 cents a share
annually, and after 40 cents is paid on common, will participate equally
with common stock in further dividends.—V. 141, p. 2750.
Simpson's, Ltd.—Accumulation Dividend—
The directors have declared a dividend of $1 per share on account of
accumulations on the 6>£% cum. pref. stock, par $100, payable Feb. 1 to
holders of record Jan. 25.
Similar distributions were made in each of the
preceding quarters and on Aug. 1 1934, this latter being the first
payment to be made on this issue since Feb. 1 1932, when a regular quarterly
five
dividend of $1.62H per share was paid.—V. 141, p. 2446.
Sladen Malartic Gold Mines—Stock
Offered—
for the Sladen Malartic Mine has now been approved, and
be 3ent on to the property shortly.
Contracts for the
hoist and compressor have already been awarded and work on the con¬
struction of a power line to the mine is under way.
The site for the sinking of the shaft is now being surveyed and full ad¬
vantage will be taken of winter weather conditions to ship the necessary
machinery and equipment to the property.
of
men
will
Skelly Oil Co.—Listing—
The New York Stock Exchange has authorized the listing, upon official
notice of the filing of the certificate of amendment of the certificate of
incorporation of the company, of 1,008,548 6-10 shares of common stock
(par $15) in substitution for, share for share, a like aggregate number of
shares of capital stock (par $25) previously authorized to be listed and
now outstanding.
The stockholders on Jan. 3 approved a reduction in the capital of the
,
.
.
.
.
by the total amount of $17,743,486, such reduction to be effected
(a) by retiring the 53,700 shares of 6% cum. preferred stock (par $100)
heretofore acquired and now owned by the company, representing a total
reduction of $5,370,000; (b) by retiring the 91,520 shares of common
company
25.213,715
4,940,351
5,868,194
3,122,252
Earned deficit.---
45,383,410 43,296,280
Total
45,383,410 43,296,280
19230465 1932
Dillon Read & Co. to Handle Issues—
The company
has filed
an
'
amendment with the Securities
and Exchange
Application has been made to list the debentures on the
New York Stock
Exchange.
provide funds to re¬
deem its 5 H % debentures on March 1 (in case the sale of the new issues
should not be carried through as planned), a stand-by credit arrangement
for $9,000,000 has been made with the following banks: Chase National
Bank, $2,000,000; National City Bank, $2,000,000; First National Bank,
$2,000,000; Continental Illinois National Bank & Trust Co., $1,000,000;
First National Bank of Chicago, $1,000,000, and Harris Trust & Savings
Bank of Chicago, $1,000,000. The compensation of the banks is H of 1%
of the amount of participation.—V. 142, p. 472.
The amendment further discloses that in order to
Co.—Proposed Merger—
Southern Boulevard RR.
See Third Ave.
Ry. below.—V. 67, p. 805.
Southeastern Massachusetts Power & Electric
Co.—
Exemption Granted—
provisions of Section
6(a) of the Public Utility Holding Company Act of the issue and sale by
the company of 25,280 shares of capital stock (par $25).
h
The Commission finds that the issue and sale of the shares of capital
stock and the issue of rights to acquire the same are 3oIely for the purpose or
financing the business of the company; and that the issue and sale thereof
have been expressly authorized by the Mass. Department of Public Utilities.
The SEC has issued
Name
The
an
order exempting from the
Changed—
of this company voted to change the name
the Plymouth County Electric Co.—V. 142, p. 137.
stockholders
American
Gold
&
Platinum
of the
Co.—Listing—
Exchange has authorized the listing of
2,000,000
shares of common stock (par $1).
The company was
incorp. Oct. 11 1916 in the State
of Delaware (with
perpetual corporate existence). Of the capitalization, 1,699,800 shares of
common stock and 30,000 shares of preferred stock
(since retired) were
issued originally in payment for all of the shares of the Anglo-Colombian
Development Co., Ltd., and 60% of the shares of Pacific Metals Corp.
These companies controlled mining properties in the Republic of Colombia,
and the Anglo-Colombian Development Co., Ltd., owned a dredge and
other equipment.
Subsequently, in 1926, the principal mining properties
held by the Anglo-Colombian Development Co., Ltd., were transferred to
the Compania Minera Choco Pacifico, S. A., a 100% owned subsidiary of
the South American Gold & Platinum Co. In 1915, prior to acquisition by
South American Gold & Platinum Co., Anglo-Colombian Development
Co., Ltd., began dredging operations.
A second dredge was placed in operation In 1920 and a third dredge
began operating in Jan. 1923. The three dredges had self-contained power
plants.
Transportation of fuel was a serious problem and, consequently,
the development of hydro-electric power on the Andagueda River was
undertaken in 1922. Early in 1925, the plant was completed and ready to
deliver power to the dredges; dredge No. 2 began operating on this power in
January and dredge No. 3 in March of the same year.
In 1927, dredge No. 1 was converted to electric power, and its capacity
increased by changes in bucket line and other equipment. In the latter part
of 1932, dredge No. 4 began operating on the property of the Compania
Minera del Andagueda.
The corporation, through control of subsidiary corporations, is engaged
in the business of mining platinum and gold in the Republic of Colombia,
South America, and is engaged in operations incidental and accessory to
such mining operations.
Comparative Statement of
Yards Dredged and Production by Subsidiaries
Production
Production
Troy Ounces
Cubic
Troy Ounces
Yards
of development
crew
cap.stk
Cubic
Recently Nesbitt. Thomson & Co.. Ltd., Montreal, made a private
offering or 800.000 shares of stock and the issue was heavily over-subscribed
on the day of offering.
Nesbitt, Thomson & Co. announced Jan. 13 that an aggressive program
a
399,301
6,700,000
leased equip., &c
Min. int. in
The New York Stock
1,766,426
404,777
11,631
6% cum. pref. stk. 6,630,000
Com .stk. (par $25) 25,213,715
at
res.)..32,465,809 31,527,488
Total prepaid and
deferred charges
428,125
469,518
South
int.,
x$521,51S
2,056,319
Unearn. rentals on
cost (less
company to
1932
1933
Net profit after deprec.,
Fed.
taxes
&
other deductions
$2,111,516
Shares com. outstanding
70,358
Deferred obllgat'ns
empl. stock pur.
contracts
—
Commission stating that Dillon, Read & Co. will be the principal under¬
writers of its $3,000,000 1H% to 3% serial notes and $9,000,000 4%
debentures.
The notes will be offered at 100 and the debentures at 98H.
Reserved for exps.,
held at cost
Foreign
81,609
contracts
Corp. owned stocks
Received for
359,381
83,016
Bank loans secured 3,365,061
Foreign
exchange
11,394
9,544,000
71,679
1,437,763
long-
term debt
Total
Total
$
$
e731,162
Dividends payable
Due for sec. purch.
285,464
144,189
8,700,000
and
1934
1935
$
1,758,838
599,515
Capital surplus.-- 3,138,618
1934
Deposits in foreign
711,082
409,246
844,000
Sk. fd. requlrem'ts
officers' &
assets
interest,
&c
&C., taxes
319,345
183,258
employees
Fixed
29,613
1,889,153
Reserve for income
.
on
Accrued
aocts.
receivable (net)
Due from officers &
Due
^
payable
131,320
Accounts payable. 2,002,691
Notes
hand
Receivables
Sept.30 '35 Dec. 31 '34
$
$
i
Balance Sheet Dec. 31
Cash....
$1.22
1,008,548.6 shares of com. stock.
on
Assets—
Inventories
Statement of Surplus Dec. 31 1935
Surplus, Dec. 31 1934
over
4,098,408
264,300
Depletion, depreciation and other capital extinguishments
Prov. for Income taxes (incl. amounts applicable to prior years)
Cash in banks and
Dividends—Prior stock.
on
$6,343,528
Income before interest charges, &c
Interest charges on debentures
Consolidated Balance Sheet
Taxes
Dividends
226,865
Non-operating charges
$2,106,021
12,672
Stock transfer & register
department
Excess of cost
$6,570,393
—
$2,040,284
14,958
6,981
- — -
-
Total
$1,765,480
Interest and dividends..
Prof, on syndicate partic
a
Ended Sept. 30 1935
Consolidated Income Account, Nine Months
and to prior stock dividends, but after reserves of $265,000 for estimated
taxes on unrealized appreciation of securities held.
Before deducting such
reserves
635
Chronicle
stock
possible.- -Y. 142,
—Crude Metal-
Yards
—Crude Metal—
Dredged
1917-(est.) 87,000
1918-(est.) 140,000
156,925
507,539
1,243,510
1,411,809
2,507,100
2,977,803
2,934,803
3,236,952
Platinum
1,410
6,185
6,349
6,967
14,327
15,259
12,705
15.242
12,233
18,923
Gold
418
1927—.
702
1928—
972
1929—.
1,521
4.462
4,209
7,760
1930—
Dredged
3,586,164
3,980,897
4,002,808
6,387,306
7,417,611
7,572,020
7,033,817
1933
8,746 1934—I 111,675,248
5,140 j 1935 (6
5,3851
rnos.). 6,664,605
Platinum
22,117
26,358
Gold
18,029
26,090
6,364
8,555
8,054
9,048
9,736
18,285
31,789
38,812
15,619
24,399
23,398
27,573
35.342
30,175
Note—Prior to 1933 small amounts of tribute metal have
been included
with dredge production.
The South American Gold & Platinum Co. does not directly operate any
properties nor are any titles vested directly in the company.
are conducted mainly by
Compania Minera Choco Pacifico,
Operations
S. A., the
principal operating subsidiary. Titles to the mining or other real property
owned in the Republic of Colombia are vested in it and other subsidiaries.
Through its subsidiaries the corporation controls certain areas of gravelbearing lands, in and adjacent to the San Juan and Atrato rivers and tribu¬
taries in the Intendencia of the Choco, Republic of Colombia.
Dredges
Nos. 1, 2 and 3 are operating in the watershed of the San Juan River,
which drains into the Pacific Ocean, while dredge No. 4 is operating on
the Andagueda River, a tributary of the Atrato River, which drains into
636
Financial Chronicle
the Gulf of Uraba, on the Caribbean Sea.
The power plant is located on
the Andagueda River. Part of the mining properties has been worked out
and is of no present value. Part contains no commercial values, or has not
been prospected, because topographically unsuited to dredging or existing
equipment.
A subsidiary of the corptration has partially prospected two
showing considerable promise to date. Through options and operating
contracts, portions of these areas are controlled by the subsidiary, and
negotiations are under way looking toward the acquisition or control of
areas
additional portions.
Consolidated Income Summary for
Years Ended Dec. 31 1934
1934
a
Depreciation
Depletion
Federal income taxes
__
1933
$805,366
178,545
115,827
7,254
Net income
$304,545
179,459
30,274
3,348
1932
1931
$94,765
159,397
65,573
1,545
$63,267
138,511
117,000
Southwestern Life Insurance Co.-
net income.
Assets—
paid
State of Texas bonds
930,266
Texas County & municipal bds 6,151,129
1st M. loans on Texas real est. 15,354,627
Home office building
1,500,000
Other real estate
1,405,976
Cash
828,538
Reins. prems. paid in advance.
170,082
Int. on investment accrued..„
784,703
Unpaid mortgage interest
342,318
Loans agst. cash val. of policies 11,793,360
Consolidated Balance Sheet Dec. 31
Assets—-
1934
$1, 104,812
Short term invest.
410,796
Notes
&
12,318
25,801
3,205
530,103
234,387
15,198
16,235
January
February
94,986
11,728
Fixed assets (net). 2 931,692
Def'd charges, &c_,
assets
50,390
115,311
9,276
Materials
&
sup-
15,890
31,639
16,937
258,153
12,840
196,814
April
May
322,218
374,800
surplus of subs621,329
Capital stock
1,760,000
577,250
1,760,000
6,945
2,173,448
Total
E.
Month
pay.
deposit
on
for
employees..
Res. for conting..
Res. against stated
value
of
3,257,367
mining
Mln. int. in cap. &
Consol. earned
$5,234,781 $5,178,401
6,945
2,111,491
sur.
Lewisohn, V.-Pres.; E. H. Westlake, V.-Pres.; John G. Greenburgh, V.Pres. & Asst. Treas.; J. R. Lowenstein, V.-Pres. & Asst. Sec.; C. A.
Magnell, Sec. & Asst. Treas.; J. B. McGee, Treas.
Transfer agents: Central Hanover Bank & Trust Co., New York, and
National Trust Co., Ltd., Toronto.
Registrars: Bankers Trust Co., New York, and Toronto General Trusts
Corp., Toronto.
Office, 61 Broadway, New York City.—V. 141, p. 2597.
Southern Pacific
Period End. Dec. 31—1
Total 12 months
Southern
52
Cost of sales.
Jan.
$2,204,346
Gross earnings.
—V. 142, p. 472.
1Q35
$1,962,045
Previous surplus
*
plan of universal
i
$4,320,608
$3,883,664
x
U.
$13,326,017 $12,738,997
9,232,676
8,794,325
$4,093,342
4,267,495
469,406
$811,180
129,616
480,595
26,719
investments.
Loss, dismantling and closing factories
Loss due to declines in foreign exchange rates.
Net loss.
$648,534
$654,844
17,456
'
$672,301
Assets—
rec
Rec. from affil. co.
Inventories
Sundry
165,536
60,612
611,356
Land,
bldgs.,
mach.&equip._ 4,118,849
Leaseholds, bldgs.
&
with
ployees
for
taxes, &c
Demand loans
7% 1st pref. stock.
8% 2d pref. stock.
245,604
77,474
462,599
3,332,200
1,000,000
9,032,200
183,068
88,297
459,533
3,332,200
1,000,000
9,032,200
1,668,302
2,206,876
1,668,302
1,558,341
4,313,381
Surp. approp. and
1,062,438
of 1st pref. stock
282,162
■
266,726
em¬
184,199
in
hands
Total
391,669
12,332
487
1,206
1,207
within
138, 207
escrow
29,477
8, 379
6,754
137 880
3 503
138,220
1,218,630
4,791
2,231
9,000
107,006
.
36,063
against funds
deposited
21, 852
in es¬
2,434
Investments
Land
one year.
Reserve for taxes.
Res.
crow
138,207
Mortgage & other
liabilities..
amortization
243,000
1,151,900
426,800
243,000
1,205,300
Surplus
1,118 490
219,518
391,357
Total
$2,419,611
$2,385,769
6%
y
cum. pref. stk.
Common stock..
426,800
trade¬
marks, &c
Total
x
y
$2,419,611
After
reserve
$2,385,7691
for depreciation of $865,592 in 1935 and $829,467 in 1934.
Represented by 130,000 shares of
Standard
no
par
value.—V. 140,
p.
649.
Corporations, Inc.—Larger Dividend—
The directors have declared
a
quarterly dividend of 5 cents
per
share
on
stock, payable Feb. 1 to holders of record Jan. 20.
This compares with 4 cents paid each quarter from Feb. 1 1934 to and
includ¬
ing Nov. 1 1935; 3 cents paid on Nov. 1, Aug. 1 and May 1 1933, and 4 cents
no
par common
share paid in each of the three preceding quarters.—V. 138, p. 699.
Standard Investing Corp. (&
1935
Subs.)—Earnings—
1 934
$385,835
Total
exps.
& int. paid..
$385,835
33,555
333,252
28,583
1 933
$388,946
3,256
Miscellaneous income—
~
$392,202
33,516
354,259
28,651
1932
$374,821
$375,547
28,472
375,604
11,443
$370,857
17,942
725
$388,799
28,760
424,740
loss
$9,555
$24,225
$39,972
$64,701
appreciation of $1,018,274 in value of investments
quoted market values at Dec. 31 1935 is not included in the above
income statement.
This appreciation compares with a depreciation of
$598,912 on Dec. 31 1934.
Excess of realized profits over losses sustained
Note—-Unrealized
based
on
for the
period on security transactions, amounting to $175,689, has been
credited
to capital deficit account.
Consolidated income account shown above does not include provision for
dividends in arrears on the 6% cumulative preferred stock of
London & Empire Corp. (a subsidiary company) in the hands of the public.
The amount thereof applicable to the year ended Dec. 31 1935 was $2,343.
Consolidated Statement of Capital Deficit
for Year Ended Dec. 31 1935
$1,525,939
10,607
-
of "First acquired,
of
$1,536,546
5,126
first sold" cost)
175,689
Credit from acquisition (at a discount) of debentures of $453,000
13,950,774 14,567,142 I
principal amount, during the year ended Dec. 31 1935
Total
13,950,774
14,567,142
a After allowance for loss on doubtful accounts of
$331,221 in 1935 and
$339,082 in 1934.
b After allowances for depreciation of $4,519,409 in
1935 and $4,562,393
in 1934.
c Less
depreciation and amortization,
d
$74,249
50,000
Amount recovered from advance, previously charged off
Excess of realized profit over losses sustained for the year ended
Dec. 31 1935 on security transactions (computed on the basis
e367,855
12,332
7,543
sink fd. trustee.
273,530
406,010
540 120
Total
Com. (18,718 shs)
Cash
Notes payable
Mtge. instal. mat.
254 792
211,629
Treasury stock (at
cost)—
1st pref. (200 shs)
Oct. 27 '34
$83,179
pire Corp., computed on a liquidating basis
instal. plan..
Patent rights
101,052
receivable,
Good-will,
Oct. 26 '35
Balance capital deficit, Dec. 31 1934—
Net increase in minority's interest in American, London & Em¬
Bale
of common stock
on
Liabilities—
Accts. payable and
American,
used for repurch.
Deficit
'34
$204,869
accrued
reserve
Net
361,882
d Common stock..
101,291
675,281
Adv.
to
officers,
employees, &c._
$
339,270
salries, wages,
1,008,494
bldg. impmts.
Contr.
Acer.
Oct. 27
securs.
1934
$
Accounts payable-
Res. for conting..
notes & accts.rec
c
3,697,108
190,504
non-cur r.
Investments
b
1935
Liabilities—
1,670,753
1,971,861
24,286
26 '35
$194, 154
Provisions for taxes
$
1,210,293
2,004,058
13,471
3,878,991
Prepd. & def. chrgs
Oct.
Inventories
Oper.
1934
$
Accts.& notes
$637,160
4,999
Salaries & directors' fees
Consolidated Balance Sheet Oct. 31
a
$219,518
$391,357
$589,824
preferred stock to July 1 1934.
[Including American, London & Empire Corp.]
Note—No provision has been made in the foregoing for possible additional
Cash....
12,230
$729,369
75,414
16,794
Years End. Dec. 31—
Income from divs. & int.
excise taxes.
1935
7,350
$648,080
55,630
2,626
Funds deposited in
per
$563,661
20,482
44,334
15,122
4,934
8,768
(at cost)
the
in foreign exchange rates..
on
$64,861
782,000
$451,150
x54,794
charges
S., &c.,
less
$3,944,671
4,275,257
Interest
prof$3,569
637,160
30,270
Dividends paid on
Accts.
1934
Reinstatement of portion of provision made at
Oct. 31 1933 against loss tnrough future declines
Loss
$147,442
589,824
Leaseholds, less
193o
$643,559
79,898
Other income
$202,110
391,357
Divs.on 6% cum. pf. stk.
Miscell,
Prepaid expense..
r;
(A. G.) Spalding & Bro. (& Subs.)—Earnings—■
Selling, advertising & administrative expenses
Deprec. & amort., plant and equipment
$9,568prof$l 10,348 prof$66,324
121,754
92,894
113,560
14,040
11,904
15,125
2,080
1,980
2,500
$219,518
Plant and equip.
Deposits and advs.
Cost of goods sold
$4,361,516
4,320,514
$36,487 prof$87,150 prof$41,002
26,919
23,198
25,322
6% pref. redeemed
Total surplus
x
Years Ended Oct. 31—
Sales, net of discounts, returns and allowances.
Dec. 31 '32
Consolidated Balance Sheet
1Q3fi
-
Year Ended
'33
$3,418,879
3,331,729
Excess of par over cost of
Assets—
Jan. 1 to Jan. 14
1Q36
28
Oct.
$70,226
113,789
15,777
2,317
net loss
Cash
Application is being made to Interstate Commerce Commission for authority
to make the tariff effective Feb. 1 on not more than ten days notice to the
public.
In addition to authorizing the free pick-up and delivery service
the tariff will authorize payment of five cents per 100 pounds to shipper or
consignees who make their own arrangements for performing such service.
—Second Week of
10Mos.End.
9,437
Prov. for Fed. inc. tax..
free pick-up and delivery service on less than carload merchandise traffic.
P princl
$79,663
Prov. for depreciation..
Interest charges
$17,003,657
24,692,285
Ry.—Pickup and Delivery Service—
a
Ended
Oct. 27 *34
$4,728,151
4,764,638
Net loss from oper..
Other income
Total
Weeks
Oct. 26 '35
$5,728,095
5,807,757
Sales
Surplus
.The Southern Ry. System announces authorization of
663,633
948,452
Stahl-Meyer, Inc. (& Subs.)—Earnings—
Period—
income:
♦After depr.& retire $2,091,875
$1,698,291 $20,319,879
*
Before depr. & ret
2,746,674 ' 2,338,452
27,999,205
♦Relates to maintenance of equipment.—V. 142, p. 137.
$320,710
—Y. 142, p. 311.
Net loss
1935—12 Mos.—1934
Railway oper. revenues.$13,982,409 $11,746,163 $163381,511 $149192,709
Railway oper. expenses. 10,656,106
8,782,939 123,898,159 113,579,216
Railway tax accruals...
686,919
881,620
12,035,941
12,274,874
Uncoil, railway revs
2,984
Cr48,999
35,511
Cr8,706
Equipment rents
533,245
417,989
6,916,512
6,058,975
Joint facility rents
11,277
14,323
175,507
284,692
Net ry. oper.
$7,114,360
December
Lines—Earnings—
1935—Month—1934
$34,045,075 $26,242,559 $13,540,792
October..
$927,917
1,421,846
2,732,512
2,322,133
2,193,078
1,437,008
1,111,870
1,577,692
2,339,911
3,572,421
3,328,163
3,278,010
1932
861,980
901,041
782,803
545,145
667,599
1,374,288
2.305,958
2,144,048
2,025,135
July
August
September
Directors: Adolph Lewisohn, Sam A. Lewisohn, Frederick Lewisohn,
H. Westlake, E. N. Chilson, Eugene L. Norton, E. C. Westervelt,
M. A. Caine, Marland Gale and Robert C. Adams, all of New York, N. Y.
Officers: Adolph Lewisohn, Pres.; Sam A. Lewisohn, V.-Pres.; Frederick
1933
1934
$359,582
551.532
720,035
757,373
672,331
329,770
188,609
239,190
712,975
865,201
922,089
795,673
June
$5,234,781 $5,178,401
Total
1935
$1,260,469
1,617,261
3,108.329
3,299,647
3,350,817
2,356,850
1,714,051
2,124,644
3,318,165
4,418,880
3.642,294
3,833,668
November
Consol. capital sur.
'24,173
of—
March....
bullion In in ven'y
properties
advances, &c
Sundry investm'ts
1932
Spiegel, May, Stern Co.—Corrected Sales—
salaries,
&c
Sundry accts.
168,163
Invent'y of bullion
I plies (cost)
Prospecting, other
,
1933
1934
$46,219 loss$148,977 loss$164,456 loss$200,996
19,776
13,876
Accrued
Funds
1,935
376,484
$45,972,925
1933
4,610
Co¬
lombian govt
533,896
.....
Total
1935
taxes
$13,231
Est.exp.ofmarketi ng
5,253
fe eposit with
(employees)
Unasslgned funds
profit after chgs. &
1934
wages,
receivable
6 Mos. End. Dec. 31—
Net
398,896
2,000,000
4,960,443
Capital stock
Sparks-Withington Co. (& Sub.)' -Earnings—
$88,165
Accrued taxes
accounts
receivable (net).
Accts.
$804,149
236,242
Int. & prems. paid in advance.
Res. for taxes & oth. liabilities
—V. 141, p. 2446.
Liabilities—
1933
Cash
$38,079,689
Policy reserves.
.$45,972,925
$91,463 loss$131,749 loss$192,243
on
stock
528,000
176,000
Per share earnings
$0.28
$0.05
Nil
Nil
a After
all charges, including Colombian taxes and minority interests.
-Financial Statement
Liabilities—
TJ. S. Government bonds...$3,453,269
Bonds guar, by U. 8. Govt
3,258,656
Total.
$503,738
____
dividends
common
1936
Dec. 31 1935—
Company's proportion of
Cash
Jan. 25
Represented by 349,110
no par shares
340 shares.—V. 140, p. 486.
(including treasury stock).
e
18,-
Balance
capital deficit, Dec. 31
Note—Previous to Feb. 28
sustained
on
security
1935
39,758
$1,315,972
1931 realized profits were in excess of losses
Since that date the net excess of
transactions.
losses sustained over realized profits on such
transactions, with the excep¬
prior to
tion of an amount of $302,606 charged to general reserve account
Dec. 31 1934, has been charged to the above account
637
Financial Chronicle
Volume 142
Consolidated Balance Sheet Dec. 31
1935
Assets—
Misc. sec. & ad vs.
stock..$2,757,800 $2,757,800
394,591
394,591
3,214,000
10-yr. 5% gold deb 2,945,000
3,125,000
% conv. debs.. 2,941,000
Minority
Int.
in
a
$7,798,130
1,500
Acc'ts receivable:
5,075
53,802
1,952
6,792
Forsecur. sold..
Acer. Int.
32,475
rec
Miscellaneous
Prepaid
~7~, 344
taxes
.
Acer. int.
32,979
407
Capital deficit
Earned surplus...
$8,245,6701
109,741
Misc. curr. llabll..
$7,967,426
deb__
Fed. & State taxes
1,315,973
62,097
on
Represented by 55,156 no par shares,
b Represented by 394,591 no
shares,
c Market value $8,548,517 in 1935 and $7,199,217 in 1934.
a
par
Called—Holders May Convert into New Issue—
The corporation has called for redemption on March 1 all the outstanding
10-year 5% gold debentures due March 1 1937 at par and int.
Payment
be made at the office of Brown Brothers Harriman &
Co., 59 Wall
St., New York.
State
5% debentures due March 1 1946, subject to the following provisions,
in partial refunding of the debentures called for redemption.
The new 10-year 5% debentures will be coupon debentures in denom.
of $1,000, will be dated Feb. 29 1936, will be due March 1 1946, will bear
interest from March 1 1936 at the rate of 5% per annum payable M. & S.,
and will be redeemable at any time on 30 days' notice at par and interest.
Corporation will agree to reimburse to the owners of debentures, resident
in Pennsylvania any Pa. personal property tax not exceeding five mills
per annum on each dollar of assessed value thereof.
Principal and interest
will be payable at New York, Boston and Philadelphia offices of Brown
Brothers Harriman & Co., paying agents.
New York Trust Co., trustee.
Debentures will be issued in an aggregate principal amount not exceeding
$1,000,000 and not less than $500,000, only for refunding of 10-year 5%
gold debentures due March 1 1937.
Corporation will agree that so long
as any of the new debentures are outstanding it will not increase its funded
debt, unless immediately thereafter the net assets (before deducting funded
debt) are equal to at least 150% of the principal amount of funded debt.
Holders of the debentures called for redemption March 1
1936 who
desire to receive the new debentures in lieu of payment of the debentures
so called for redemption, must deposit any of the 10-year 5% gold deben¬
tures which they elect to exchange with New York Trust Co. as depositary,
100 Broadway, New York, for exchange on or before Feb. 25.
Deposited
debentures must be accompanied by all interest coupons appertaining
thereto due subsequent to March 1 1936.
Coupons for interest due March 1 1936 snould be detached and presented
for payment in the usual manner to Brown Borthers Harriman & Co.,
New York, Boston, or Philadelphia.
The corporation reserves the right, in case of the deposit of more than
$1,000,000 principal amount of debentures for exchange, to allot the new
debentures among the holders of deposited debentures, in such manner
as directors may determine in its absolute discretion.
No debentures will
be accepted for exchange in case the principal amount of debentures de¬
posited is less than $500,000, but if less than $1,000,000 debentures is
deposited by Feb. 25 1936, the corporation reserves the right to accept
deposits thereafter in the discretion of the directors.
Application will be made to list the new debentures on the Boston Stock
Exchange and the New York Curb Exchange.
Holders of Debentures with
A number of holders of 10-year
with
warrants
for
common
stock
Common Stock Warrants Attached
5% gold debentures due March 1 1937
have failed to present their
attached,
debentures with the attached warrants for the purpose of receiving the shares
of 10 shares for each $1,000 debenture)
and certain accumulations tnereon which they are entitled to receive,
without cost, under the terms of the warrants.
The company announces
that tne warrants and the rights evidenced thereby will become void and
of no force or effect on full payment of the debentures on redemption.
Holders of debentures with warrants attached, who elect to accept the
exchange offer upon deposit of their debentures (having warrants attached)
for such exchange, will receive from New York Trust Co., trustee, the
shares of common stock and accumulations tnereon to wnich they are
entitled under tne terms of the warrants.
Holders of debentures (having
warrants attached) who elect to receive payment of their debentures on
redemption, in lieu of accepting the exchange offer, are advised that they
should prior to Marcn
1 1936 present their debentures (with attached
warrants) to New York Trust Co., 100 Broadway, New York, for detach¬
ment of such warrants and delivery of the shares of common stock and
accumulations thereon to which they are entitled.
The warrants by their
terms will be void and of no value if detached except by the trustee.—V.
141, p.2447,
of
common
stock
(at
the rate
Standard Gas & Electric
Co.—Weekly Output—
Electric output for the week ended
an increase of 7.5%
compared with
Jan. 18 1936 totaled 92,894,804 kwh.,
the corresponding week last year.—
V. 142, p. 472.
19,037
1,725,856
164,873
on
for
divs.
de¬
168,659
238,458
payable.
Capital stock...23,982,922 20,343,789
clared
z
_
Accounts payable only,
y
1935 (421,697 in 1934).—V.
z
45,318,535 28,551,331
Total...
Represented by 476,915 no par shares in
142, p. 472.
Standard Fire Ins. Co. of N. J.—50-Cent Extra Div.—
dividend of 50 cents per share in
quarterly dividend of like amount on the capital
The directors have de lared an extra
addition to the regular
stock, par $25, both payable Jan. 23 to holders of record Jan.
detailed dividend record see V. 140, p. 1844.—V. 140, p. 1844.
The officers and directors recommend a
will prove advantageous to the
in part*
liquidating value of the shares of this corporation as of Dec. 31 1935,
liquidating value of $65.14 as of Dec. 30
plan of recapitalization believing it
shareholders.
Briefly, this plan contemplates:
(1) Elimination from the balance sheet of the item "organization ex¬
penses" in the sum of $5,907.
(2) Reduction of the item• 'land'' from a net value of $320,000 to $145,907;
the reduction of the item "buildings" from a net value of $438,199 to $437,-.
013;
and
the
reduction of the
items
"machinery and equipment"
"furniture and fixtures" from $146,709 to
Tne exchange of each share of the 60,000 common shares (no par)
issued for
share of the new common shares (par $10) to be authorized.
(6) The elimination of all unpaid cumulated dividends, which as of Nov.
30 1935, amount to $207,500.
(7) The elimination of a deficit in the sum of $75,000 caused by the*
elimination of the two items referred to in Clause 1 hereof and the re¬
valuation of fixed assets referred to in Clause 2 hereof.
(5)
now
.
(8) The creation of a paid-in surplus in the sum of $100,000.
Abraham G. Feldman, President, in a letter to stockholders
states:
If the shareholders approve the proposed plan of recapitalization the
holders of present convertible preference shares will receive 70% of the new
common stock (par $10) and the holders of the present common shares will
receive 30% of the new common stock.
A total of 100,000 shares of the
new common stock will be outstanding when proposed exchanges have been
completed.
The new common stock will constitute the only capital lia¬
bility of the corporation and will have a book value of $11 per share.
Conditioned upon the approval of this plan, the president, treasurer,
and general manager in charge of operations, Abraham G. Feldman, has
agreed to accept a two-year contract at a salary of $15,000 per year, a
decrease of $5,000 per year.
Upon the same condition, Mortimer Goldstone, vice-president, secretary and sales manager, has agreed to accept a
two-year contract on the basis of $10,000 per year, plus 5% on sales made
by him in excess of $200,000.
Mr. Goldstone's combined salary and com¬
missions last year were $23,400.
His sales for the last three years averaged
approximately $225,000 per year.
The plan further contemplates the payment in cash of $2 per share for
each present outstanding share of convertible preference stock.
The money
necessary for this disbursement is not coming from the corporation but is
being contributed by Feldman and Goldstone, who together own 41,235
of the 60,000 shares of the common stock of no par value now issued, and
10,099 shares of the 35,000 shares of convertible preference stock now
'
issued.
j.
Application will be made for listing the new common shares on the'
Stock Exchange.
Simultaneously, application will be made for
registration of the new securities pursuant to the Securities Exchange Act
Chicago
of 1934.
I
G. Feldman and Mortimer Goldstone will deposit
National Bank of Chicago, transfer agent, a sufficient sum
of money to cover the payment of $2 per share to all convertible preference
shareholders entitled thereto (other than themselves).
Abraham
Messrs.
with the First
Comparative Income Account
11 Mos. End.
Years Ended
Period—
Gross profit
Cost of sales
__
Operating expense
Sundry deductions
Depreciation
Net
$21,882
prof it
dividends..
$3,667
loss$28,599
$113,921
122,126
21,683
Notes & accts. rec.
Cash val. life ins..
1935
1934
1933
$999,933
48,236
Stock transfer stamps
Other expenses
Net income..
Cash dividends declared
$349,470
34,404
127,041
7,736
18,035
69,300
$743,878
794,269
Management services
$666,125
26,706
173,685
5,404
28,729
Provision for State taxes
$486,606
620,300
$221,072
396,987
Investments
Inventories
194,459
Fixed assets
904,909
Deferred
of Surplus for 12 Months Ended Dec. 31
1935
$10,131,176
Charges to surplus:
Cash distributions declared on stock of this corporation
Prov. for Fed. & State taxes on realized gains from sales of
securities
794,269
440,821,
:
$3,667
Surplus account as per books at end of period —
$8,896,085
priced at market quotations over ledger
(cost)
11,140,160
Add excess of sees,
amounts
17,500
def$62,6l7
1935
payable.
Accruals
1934
$30,349
$32,187
16,234
Liabilities—
Accounts
26,180
credit
Customers
balances
&
sun¬
dry liabilities
for
Fed.
1,175
income
4,200
...
Reserve
taxes
875,000
875,000
Common stock..
300,000
300,000
Profit and loss surp
150,369
136,264
Preferred stock.
x
Surplus account as per books at beginning of period
$6,115,548
Credits to surplus:
Net income for period as per accompany income statement.
743,878
Net gains from sales of securities
3,266,337
Adjustment of prior period tax provisions
910
Net credit resulting from purchases and sales of treasury stock
during period
4,503
Total.
1934
$86,999
115,561
18,522
4,609
188,469
920,990
•
34,480
24,694
..$1,377,328 $1,369,630
Total
x
Statement
20,231
charges.
loss$45,117
-----
1935
1934.
31,921
1,323
$21,882 def$28,599
Comparative Balance Sheet Nov. 30
Assets—
Year
1932
$199,297
109,170
103,323
3~2~,12i
4,200
Cash..,.
Cal.
Nov. 30 '35. Nov. 30 '34. Nov. 30 '33.
$240,886
$184,986
$243,837
Till,574
212,562
1
209,320
1 92,201
J
1,023
8,436
Federal tax
Paul C. Cabot, President, says
Dividends <fe interest received
and
$102,525.
(3) Amending the articles of incorporation so that the corporation will
be authorized to issue only 110,000 shares of common stock (par $10), in
lieu of 50,000 snares of convertible preference stock of (par $25) and /110.000
snares of common stock (no par), as now authorized.
(4) The exchange of each share of the 35,000 convertible preference
shares now issued for 2 shares of the new common shares to be authorized.
amounted to $88.68, as against a
Income Account 12 Months Ended Dec. 31
For
16.
Corp.—Recapitalization Plan—
Surplus after divs
Corp.—Report for 1935—
7,128,674
18,310,390
Surplus
45,318,535 28,551,331
Total
Preferred
State Street Investment
The
taxes
unreal, profits..
Res.
Offer to Holders of 10-Year 5% Gold Debentures
election in lieu of receiving payment of their de¬
exchange them for an equal principal amount of new 10-year
34,595
Res. for Federal &
Storkline Furniture
Holders may at their
bentures,
53,231
476,233
State taxes
Debentures
will
fee
Management
payable
$7,967,426 $8,245,670
Total
y691,703
531.446
crued expenses.
29,372
118,019
26,511
4,538
1,525,940
71,652
purch
& ac¬
pay.
Res. for Federal &
30,127
39,783
Empire Corp...
Accts. payable for
Accts.
$
$
TAabililies—
Amer. London &
securs.
Total
$
3,661,138
9,217,249
Securs. (mkt. val.)41,238,521 18,993,880
Accts. receivable..
418,876
340,202
Cash
1934
1935
1934
$
Assets—
Preferred
b Common stock.
378,419
1,500
1935
1934
1935
Liabilities—
1934
Securities at cost $7,530,242
Cash In bank
395,865
c
__
$1,377,328 $1,369,630
Total
Represented by 60,000 no par shares.
Balance Sgeet
Nov. 30
1935 (After Giving Effect to Proposed Plan of
Recapitalization)
banks and on hand, $113,920; accounts and notes
receivable, $126,125 (less, reserve for bad debts, &c., $4,000), $122,125;
Merchandise inventories, $194,459; cash surrender value of officers' life
Assets—Cash
in
$21,682; prepaid expenses (incl. $6,000 deferred advertising
estimated by management), $10,993;
salesmen's overdrafts,
$2,871; other assets, $459; land, $145,907; buildings, $437,012; machinery
and equipment, $102,525; total, $1,151,958.
Liabilities—Accounts payable, $31,524; real estate and personal property
taxes billed and accrued, $8,957; accrued payroll, commissions, &c., a>7,277;
reserve for Federal income taxes, $4,200; common capital stock v$l0 par),
insurance,
expense
$1,000,000; surplus, $100,000; total,
Stouffer
$1,151,958.—V. 140, p. 326.
Corp.—Accumulated Class A Dividend—
The directors have declared a dividend of
of accumulations
on
$1.68^ per share on account
the $2.25 cum. class A stock, no par value,
payable
This compares with $1.12 Ms paid on
Dec. 30 last and 5QH cents per share paid on Aug.31, June 29 and March 30
1935, and on Dec. 29 1934, this latter being the first payment to be made
on this issue since Nov.
1 1932 when a regular quarterly dividend of like
amount was paid?—V. 141, p. 4026.
Feb. 1 to holders of record Jan. 25.
$20,036,246
Deduct
for add'l State & Fed. taxes which would be
gain equal to the unrealized apprec. if all the
at quoted market prices (not incl.
for Federal excess profits tax)
prov.
payable
securs.
prov.
on a
held were sold
Surplus of assets priced at market quotations over
capital stock as per accompanying balance sheet
1,725,856
liabs. &
$18,310,390
of quoted market values over
of period
$1,177,666
(excess of quoted market values over cost)
Note—Unrealized apprec. (excess
cost) of investments held at beginning
Unrealized apprec.
of investments held at end of period
Increase in unrealized appreciation during
Texas
Corp.—Debentures Called-^—
The company has called for redemption on April 1 next a
000,000 convertible sinking fund 5% gold debentures, at 101
total of $30,and interest.
Payment will be made at the office of Continental Illinois National
& Trust Co., Chicago, or Chase National Bank, of New York.
Bank
Holdings of Indian Refining Stock—•
11,140,160
period
The company announced that of a total of 1,270,207 shares of common
stock of Indian Refining Co. outstanding, it has acquired and holds at the
$9,962,494
present time
1,155,447 shares.—-V. 142, p. 312.
638
Financial
Chronicle
(S.) Stroock & Co., Inc.—Earnings-
Toho Electric Power Co., Ltd.—Bonds Called—*
Calendar Years—•
Gross profit from
operations, before depreciation..
Discounts on purchases, interest
earned, dividends
received, profit on sales of securities, &c
16,902
98.257
11,761
18,300
$213,065
58,738
$22,385
81,123
10,208
cap. stk. taxes,
&C
Net Income
Previous deficit
abandoned mach
Dividends paid
on
10.444
Surplus, Dec. 31
per share on
93,800 shares capital stock.
Balance
Assets—
1935
Cash
Sheet Bee.
1934
$340,091
330,553
Market securities.
$232,944
336,552
123,057
152,270
2,844
423,986
375,374
insur.
&
-
—
6,699
cos
year
taxes, cap. stock
48,416
50,084
taxes, &c
Dr28,375
15,436
def58,738
Z>r28,375
3,867
6,296
policies
a
1,084,387
1,136,685
United
318,750
318,750
$2,676,625 $2,534,823
Total
$2,676,625 $2,534,823
The stockholders of Virginia
Bridge & Iron Co. have ratified the sale
of the company's
plants, real estate and other property to the Tennessee
Coal, Iron & RR. of Birmingham,
Corp.—V. 142, p. 311.
Texas & Pacific
a
subsidiary of United States Steel
Period End. Dec. 31—
revenues
Other income
1935—Month—1934
1935—12 Mos.—1934
$2,108,406
$1,788,777 $23,479,957 $22,289,956
"nn
"
1""
720,400
471,522
7,489,401
,179,115
561,032
390,179
5,052.104
4,732,752
46,326
70,636
476,357
509,784
Total income
$607,358
10,568
338,316
11,700
Net income
-V. 142, p. 473.
$460,815
15,189
341,342
11,700
$5,528,461
67,912
4,066,571
11,700
$5,242,536
75,301
4,123,591
$246,774
Miscellaneous deductions
Fixed charges
Contingent charges....
$92,584
$1,382,278
$1,031,944
11,700
Textile Banking Co.—President
Resigns—
J. P. Maguire has
resigned as President and director.—V. 137, p. 4026.
Third Avenue
Ry.—To Merge Affiliated Subsidiary Cos.—
A special
meeting of the stockholders and of the holders of adjustment
mortgage bonds will be held Feb. 24 for the purpose of the submission
of,
and taking into
consideration, the agreement bearing date Jan. 7 1936 for
the merger and consolidation of the
capital stock, franchises and property of
Third Avenue Ry.,
Forty-Second Street, Manhattanville & St. Nicholas
Ave. Ry., Kingsbridge
Ry., Union Ry. of N. Y. City, Bronx Traction Co.,
Southern Boulevard RR. and New York
City
the capital stock, franchises and
Interborough Ry. each with
property of the others, under the name of
Third Avenue Transit
Corp. as the corporate name of such new consolidated
corporation, the adoption or rejection of said agreement of
merger and
consolidation, in pursuance of and in conformity with, the provisions of the
statutes in such case made and
provided.
Included in the provisions of the
agreement of merger and consolidation
provisions that the shares of the
new
without
each of the other companies owned
by others than Third Avenue Ry. and
Union Ry. of New York
City; and stockholders of the new consolidated
corporation shall be entitled to one vote for each share
without par value.
Adjustment mortgage bondholders (entitled to vote) shall continue to
be
entitled to one vote for each $100 face value of
bonds.
The new stock as stated above will be without
par value and of a stated
value of $10 a share, as
compared with the present stocks' $100 par.
This
reduction will convert a
corporate deficit of $5,883,809 for these seven
companies as of Sept. 30 1935, into a corporate
surplus of $11,446,043.
A
corresponding change for a corporate deficit into a corporate surplus
will be effected in the consolidated
balance sheet of the Third Avenue
Ry.
System, which includes not only the seven New York City
trolley operating
companies, but also bus operating companies in Bronx and Westchester
counties and trolley
operating companies in Westchester County.
The
system's balance sheet as of June 30 1935, showed a
corporate deficit of
$5,771,261.
bond structure would be little
RR. first 5s of 1937, the
refunding 4s of 1960 and
affected.
The $5,000,000 Third
$21,990,500 Third Avenue Ry. first
the $22,536,000 Third Avenue
Ry. adjustment
income 5s would not be
disturbed, except that the refunding 4s and the
adjustment income 5s, which are now
collaterally secured by stock and
certificates of indebtedness of the
companies to be merged, would become
direct liens on the properties of the
merged companies.
The certificates of indebtedness of the
constituent companies, totaling
$13,885,547, would be canceled.
Notices are being mailed to stockholders and also
to adjustment income
bondholders, who are entitled to one vote for each $100 of bonds held. The
voting power of the bondholders is due to a provision in the indenture that
such rights shall be afforded until all
accumulations and full 5% interest
have been paid for five successive
years.
There were $10,974,640 accumula¬
tions on the incomes Sept. 30
1935; during the past decade 2)4% has been
paid annually on this issue.
The letter to adjustment income
bondholders urges owners to register
their bonds for voting purposes and be
represented at the Feb. 24 meeting
to alleviate the
difficulty of recent years in obtaining a quorum. A quorum
consists of $8,000,000 of both stock and
bonds, and a vote of two-thirds
of these is sufficient to
approve the proposed changes.
Consent of the New York
City Board of Estimate and Apportionment and
of the New York State Transit
Commission
changes.
Meetings of the subsidiaries
are
other prerequisites to the
are scheduled for
Feb. 19, five days in
advance of the Third Avenue
meeting.
All the funded debt of the six
companies which would be united with
Third Avenue Ry. would be
canceled, except $2,750,000 publicly held, as
follows:
$500,000 first mortgage 5s of 1940 of
Forty-second Street, Man¬
hattanville & St. Nicholas Avenue
Ry. Co., $2,000,000 Union Ry. Co. of
N. Y. City first mortgage 5s of
1942, and $250,000 Southern Boulevard
RR. first mortgage 5s of
1945; these bonds would not be disturbed.—
142,
p.
138.
States
Fire
Third Ave.
76,640,248
Insurance
Co.,
N.
Y.—Larger
United States Pipe &
Corp.—New Name, &c.—
Ry. above.
Thompson Products, Inc.—Earnings—
Earnings for 11 Months Ended Nov. 30 1935
Net profit after interest, depreciation, Federal
taxes, &c
Earnings per share on 263,160 no-par shares common stock
—V. 142, p. 473.
Foundry Co.—Increases Common
Dividend—
$617,375
$2.25
dividend of 37H cents per share
a
on
April 20 to nolders of record March 31.
This compares with 12)4 cents
per share distributd in
each of the twelve
preceding quarters.
From Dec. 15 1928 to and
tne company
including Jan. 20
quarterly distributions of 50
stock.
1933
cents per share on the common
Preferred Stock Called—May Increase Common Stock—
The directors have called for
redemption on Feb. 29 all the outstanding
first preferred stock at $21 a share
plus 20 cents in accrued dividends.
The board proposes to finance tbe
redemption by withdrawing cash not to
exceed $5,500,000 and to
arrange tne financing of tne remainder of the
funds required.
It is also proposed to increase tne common
stock by not more than
200,000 shares and to offer this stock to shareholders, the
proceeds of the
sale to be used to retire the
temporary bank loans used in connection with
tne preferred retirement.
Tne proposition to increase tbe authorized common
stock will be pre¬
sented ror approval of stockholders at the annual
meeting in April. Com
mon stockholders will be offered
rights to subscribe "at such a time and
upon such terms as in judgment of tne board will be for tne best interests
of the
corporation.
The board, however, naturally reserves the
right to
adopt some other method for retiring the temporary bank loans if at time of
retirement the best interests of the corporation will be best
served by so
doing."
It
stated that the action regarding the
preferred stock precluded the
company's former practice of making a declaration of a full year's dividends
at one time based
upon previous earnings.
1
Earnings for Year Ended Dec. 31
1935
1934
1933
1932
Net profit after deprec..
Federal taxes, &c
x$l,169,071
$818,068
def$71,453df$l,273,054
Earns. per sh. on 600,000
shs.com.stk. (par $20)
$0.88
$0.29
Nil
Nil
x
Preliminary.—Y. 141, p. 451.
was
United
Steel
Works
of
Bonds Called—
Burbach-Eich-Dudelange—
Ail of the
outstanding 25-year sinking fund 7% gold bonds, due April 1
1951, have been called for redemption as of April 1 next, at par and int.
Payment will be made at Kuhn, Loeb & Co., 52 William
St., N. Y. City,
or at the
Guaranty Trust Co. of New York, 140, Broadway, N. Y. City.
—V. 141, p. 1457.
Universal Chain Theatres
Corp.—Pays
Liquidating Div.
A liquidating dividend of $2.50
per share was paid on the 8% cum.
pref.
stock, par $100, on Jan. 6.
A similar payment was made on
May 15 1935
and on May 14 1934.
On Jan. 15 1935 a
liquidating dividend of $7.50
per share was distributed.—V. 140, p. 4084.
Upson Co.—Initial Dividend
At
on
New Stock—
a
meeting of the board of directors held on Jan. 6, a dividend of 12
±4
share on the new reclassified common stock of the
company was
declared, payable Jan. 15 to stockholders of record Jan. 6.
The Upson Co. formerly had two classes of
common stock—A and B.
Each had a par value of $25 per share.
The main differences between the
cents per
two classes were that the A stock was
redeemable at $35 per share and had
no
voting rights.
Dividends on both classes, however, were the same.
a meeting of the stockholders held
on Nov.
1 1935, the two classes
At
were
consolidated into
one new
class of common stock with
$12.50 per share.
outstanding.
to
25 cents
P. 487.
a
par value of
The old certificates are being called but some are
still
Hence, the dividend of 12^ cents per share is equivalent
per share on the old stock outstanding of $25
par.—V. 140,
Vadsco Sales
Corp.—Registrar—
The Manufacturers Trust Co. is
registrar for the company's preferred and
stock.—V. 142, p. 475.
common
Vick Financial Corp.—Annual
Report—
William Y. Preyer, President, says in
part:
The
net
asset
value
securities valued at
of the
common
closing prices
on
stock
as
that date,
of
was
per share.
Dec. 31 1935, with
approximately $9.70
Earnings from interest, dividends,
&c., before expenses and taxes, on
outstanding in 1935, were
share, which compares with 34.9 cents per
share in 1934.
After expenses and taxes, such
earnings were equivalent
to 27.9 cents per share in 1935, and 29.5 cents
per share in 1934.
These
earnings do not include a net realized profit of $33,124 in
1935, which
compares with a net loss of $149,570 in 1934.
Profits and losses were
credited and charged to the reserve for investment
depreciation, provided
from capital surplus on Jan. 27 1931.
Expenses of $38,964 and taxes of
$12,621 in 193,5 compare with $39,077 and $6,491,
respectively, in 1934.
The figures for 1934 used in these comparisons differ
somewhat from those
shown in the annual report for
1934, because of certain adjustments for
the average number of shares of common stock
equivalent to 34.1
that year,
Third Ave. Transit
See
Jan. 19 '35
84,396,797
directors have declared an extra dividend of 10 cents
per share
in addition to a quarterly dividend of
40 cents per share on the common
stock, par $4, both payable Feb. 1 to holders of record Jan. 24.
Previously
regular quarterly dividends of 30 cents per share were distributed.
Extra
dividends of 10 cents were paid on Nov. 1, Aug. 1 and
May 1 1935 and
on Nov.
1, Aug. 1 and May 1 1934.
Extra dividends of 20 cents were
paid on Feb. 1 1935 and 1934.—V. 141, p. 2752.
consolidated corporation shall be
par value and shall be exchanged, share for
share, for the out¬
standing stock of Third Avenue Ry., and share for share for the stock of
V
Jan. 11 '36
83,484,167
(kwh.)
The directors on Jan. 23 declared
the common stock, par $20, payable
Ry.—Earnings—
Net from ry. opers
Net ry. operating inc
The
Jan. 18 '36
The
6,200 shares.—V. 141, p. 3876.
Avenue
Co.—Weekly Output—
Regular Dividend—Extra Dividend—
Tennessee Coal, Iron & RR.
Co.—Buys Virginia Plants
are
Stock Increase—•
on
>
United Gas Improvement
4,750
stock..
Operating
971.
The stockholders, at a special
meeting to be held on March 6 will vote on a
proposal to increase the authorized capital stock to 3,000,000 shares.
—V. 141, p. 3395.
ma¬
Total
p.
United Aircraft Corp.—To Vote
Electric output of system
4,750
chinery, &c
American Felt Co.
City—Proposed Merger—
Ry. above.—V. 99,
—V. 142, p. 474.
group life insur.
common
Union Ry. Co. of N. Y.
Week Ended—
Electric output of system
Advs. to empl. on
Land, bldgs.,
interest.—V. 141, p. 2448.
1934
Deps. with mutual
insurance
Union Oil Co. of California—Tenders—
.$2,606,500 $2,606,500
Surplus
Treasury stock..
p. m.
J. M. Rust, Treasurer of the
company, will until 12 noon, Jan. 31 receive
bids for the sale to him of sufficient 20
year 6% gold bonds, series A, to
exhaust the sum of $250,000 at or below
a5K% basis, exclusive of accrued
See Third Ave.
1935
a
.
-
Guaranty Trust Co., 140 Broadway, N. Y. City, will, until 4
Feb. 20, receive bids for the sale to it of 1st mtge. 20-year 5)4% s. f. gold
loan certificates, due June 1
1939, to an amount sufficient to exhaust
$25,700 at prices not exceeding 101 and interest.—V. 141, p. 4027.
31
Capital stock
Prov. for prior
2.844
Inventories
miscell. assets.
«•
def$58,738
$0.24
$50,084
$2.27
.
Liabilities—
Accts. receivable..
Acer. int. reoeiv..
Prepaid
..
93,800
....
Earnings
Trinity Buildings Corp.—Tenders—
The
taxes
sales, Fed.
The company on March 15 next will redeem $275,000 of 1st
mtge.
(Kansai division) s. 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
Lombard St., London, E. 0.3, England.—V. 140, p. 487.
$211,488
60,784
48,526
and general expenses and
State franchise & N. Y. City taxes
Loss
19,585
.
121,721
Administrative, selling
on
$191,903
$454,636
61,117
Depreciation
Discounts
1934
1935
$437,734
Total income
Property
Jan. 25 1936
cents
per
«
The trust that was created as of Oct. 20 1932
by the transfer of certain
securities to H. S. Richardson, trustee,
subject to the terms and conditions
of a trust agreement made as of that
date, was terminated as of March 21
1935, when all the assets of the trust had been converted into cash.
Upon
termination, holders of certificates for shares of beneficial interest
received
$164,798 and the corporation received $481,885 for its interest
in the
principal and income of the trust.
Thus, aggregate disbursements
trustee
the
were
trustee
these
$646,682,
was
securities
whereas the cost of the securities
$632,547.
at
a
forced
The
sale,
trust
and
was
created
to
by the
transferred to
obviate sacrificing
by such action,
which
permitted
Financial
Volume 142
orderly liquidation, there has been realized for all concerned
than could possibly have been obtained in October 1932.
much more
Interest
...
Cash dividends
Divs.
in
(other
than stock divs.)
1932
$191,208
158,886
sees,
2,013
x6,952
Other income
Operating
12,208
7,430
$283,410
51,587
$271,091
44,194
$242,520
$362,302
66,310
55,395
$231,823
206,992
exp. & taxes..
111999444137256
Schedule of
Maturities, Due Feb. 1, and Offering Price
$226,897
127,881
$176,211
133,656
$306,907
1938.
1939
1940—
1948.
Operating profit
Dividends paid
260,235%
x Corporation's proportion
of Interest received by H. S. Richardson,
trustee, from Jan. 1 to March 21 1935, when the trust was terminated.
Balance Sheet Dec. 31
1934
1935
AssetsCash
$314,910
5,403,519
cost)
Invest, in commod.
70,885
b Invest, (at
_
Fed.
$53,885
$63,009
and
10,575
4,863
depreciation
830,767
Com. stk. (par $5) 4,093,810
Earned surplus...
470,355
Capital surplus
511,188
828,456
State taxes
459,752
Note receivable
6,000
6,700
divs.
and
receivable
25,075
Total
$5,970,580
b Market
value
$7,429,277 in
.$5,970,580 $6,097,667
Total
$5,395,712 in
1935 and
1934.—V. 141,
3877.
Virginia Bridge & Iron Co.—Assets Sold—
Virginia-Carolina Chemical Corp.—New Director—
J. Randolph Tucker, has submitted his resignation to the board of direc¬
tors of the company as a director representing the 7 % pior preference stock,
and the board accepted it and immediately
elected Sherlock Bronson, a
Tucker, in the latter's place.
I«Mr. Tucker had accepted the place on the directorate with the under¬
standing that he would resign later, when the affairs of the corporation had
settled down.—V. 141, p. 4178.
Virginia Iron, Coal & Coke Co.—Earnings—
1935—3 Mos.—1934
Total
$411,834
378,075
$1,390,705
1,410,658
prof$33,759
18,568
$19,952
57,355
prof$335
$52,327
30,724
$37,402
122,498
$100,275
124,957
$28,207
prof$21,603
$85,096
$24,682
99,940
-V. 141. p. 2753.
1935
Gross from railway
Net from railway
$1,424,915
694,326
Net after rents.
► 'From Jan. 1—
Gross from railway
1934
$1,223,640
89,495
45,145
$1,268,785
Depreciation
145,327
57,813
225,755
124,340
41,796
182,055
$1,204,084
$920,594
-
Federal taxes
profit
115,204
115.204
$l,0o8,880
$1.65
$805,390
$1.22
Preferred dividends
Surplus available for common
Earns, per share on 660,000 shs. com.
—V. 142, p. 312.
stock (no par)
Inc. (& Subs.)—Earnings—
Warner Bros. Pictures,
Nov. 30 '35
Weeks Ended—
Operating profit
13
$7,550,670
$7,182,676
a4,921,645
b3,931,094
1,297,760
1,429,451
1,809,104
1,203,915
1,207,993
1,320,583
85,066
31.032
66,219
227,043
160,000
18,500
$914,729 loss$199,451
119,459
56,464
$37,176
prof$1,034,188
$142,987
prof$99,792
Dr2,872
Dr764
Cr 5,960
Prov. for invest, in affil. companies..
Federal taxes
Profit
Other income
Loss
Minority interest
Includes
$1,031,316 loss$143,751
$105,752
b Excludes depreciation
Comparative Balance Sheet
—V.
$1,265,512
713,016
627,211
$1,146,367
607,877
589,448
$1,226,327
674,757
622,903
$
Wabash
15,783,580
7,240,264
14,443.351
7,741,477
6,772,558
13,433,773
6,913,268
6,116,664
Notes receivable!
1,505,619
J
Ry.—Deferment Plan Authorized—
contemplated the receivers
of interest on the unpaid
1933 and 1934 maturities, the payment of which was deferred until 1937
and 1937 respectively, until such principal maturities are paid in 1936
and 1937, pursuant to deferment
agreements previously,, entered into
the proposed deferment plan it is
to pay semi-annual instalments
continue
under date of June 1 1933."
j
&c__
13,574
Deferred income
.
14,101,555
11,581,264
Pur. mon. obllg.
1,229,301
819,560
Advances,
to
contr.,
Investment
equipment trust obligations involved
$1,132,000 equipment trust of
670,000 equipment trust of
830,000 equipment trust of
1,026,000 equipment trust of
1,953,000 equipment trust of
1,575,000 equipment trust of
2,250,000 equipment trust of
are as
follows:
1922.
1923,
1924,
1924,
1925,
series
series
series
series
1927, series
1929, seriti
O.
D.
E.
F.
G.
H.
equipment trust certificates referred to above are held In pre¬
proportions by insurance companies and other financial insti¬
have approved the arrangement and agreements are being
circulated for other known corporate and individual holders.
"Under the terms of the agreements into which the holders of such
"The
876,262
Contr. obligat'ns
pay..
1,067,552
675,061
Fed. tax reserve
1,211,368
1,264,866
565,574
383,761
295,475
555,525
588,790
Royalties
Conting. reserve
and
1,289,311
el,316,725
Deferred charges
941,338
Good-will
8,227,483
advances
1,020,671
8,514,402
Adv.
film
service, Ac
Prop,
applies.
interest.
733,973
Capital surplus. 56,650.505
receivers:
"(a) Pay currently as the same
dividends on these certificates.
shall
become due the warrants for
"(b) Pay the principal amount of all certificates outstanding under the
equipment trust agreements and all outstanding dividend warrants per¬
taining thereto as the same shall respectively become payable, except that
the.principal amount of certificates payable in 1936 and 1937 will be paid
in 1939 and 1940 respectively, and pursuant to deferment agreements
entered into under date of June 1 1933, the unpaid instalments of principal
maturing in 1933 and 1934 will be paid in 1936 and 1937 respectively,
t
"(c) Pay semi-annually interest at the respective rates carried by the
various equipment trusts on certificates maturing in 1936 and 1937 until
payment of these maturities is made in 1939 and 1940, respectively."
Director——
13.361,459
170,353,040
169,776,781
above.—V. 142, p. 475.
Wabasso Cotton Co.,
Ltd.—-New Bonds—
A description of the new $3,000,000 1st mtge. 3H%. 4% and 4H%
bonds, series A, offered by Wood, Gundy & Co., Ltd., Toronto, follows:
Dated Feb. 1 1936, due Feb. 1 1937-1948 and 1951.
Principal and int.
(F. & A.) payable at holder's option in lawful money of Canada at Royal
Bank of Canada in Montreal and Toronto.
Coupon bonds in denom. of
$1,000 and $500 registerable as to principal.
Fully registered bonds in
denom. of $1,000 and authorized multiples thereof.
Coupon bonds and
fully registered bonds interchangeable.
Redeemable at the option of the
company at any time prior to maturity at 100 for the 3M% bonds, at 101
for tne 4% bonds, and at 102 for the 4bonds, plus in each case accrued
interest to the date of redemption.
The 4^% bonds, due 1951, will be
secured by two sinking fund payments, each of $200,000 (payable in cash
will be
provided in the trust deed) to be made respectively
Trustee, National
during the 13th and 14th years of the term of such bonds.
Trust Co., Ltd., Montreal.
These bonds will be
a
legal investment for insurance companies under the
Canadian and British Insurance Companies' Act, 1932.
Total
56,325,484
15,749,503
170,353,040 169,776,781
a Represented by 103,407 no par shares,
b Par $5.
c Remittances from
foreign companies held in abeyance,
d After reserves,
e Includes 100,254
shares common stock carried at $1.
f Serial bonds, sinking fund require¬
ments,
ments
instal¬
purchase money and contractual obligations and mortgage
maturing within one pear.—V. 141, p. 3877.
Warner-Quinlan Co.—Two Protective Committees Formed
for Debenture Bondholders—
holders of the
Jan. 22.
protective committee is composed of M. B. Pinkham of Hayden,
Stone & Co., John L. Hopkins, Treasurer of Adams Express Co., and
Joseph Pulvermacher, President of Sterling National Bank & Trust Co.
Raymond B. Hindle, 25 Broad St., New York, is Secretary of the com¬
mittee and counsel are Chadbourne, Stanchfield & Levy, 25 Broadway,
New York, and Benjamin A. Hartstein, 22 East 40th St., New York.
►► The committe, whose members are reported to be holders or representa¬
tives of holders of a large amount of the deoentures, announces that it has
intervened, with the approval of the court. In reorganization proceedings
now pending under Section 77-B of the Bankruptcy Act.
The effectiveness
of the committee's intervention and its influence on any reorganization
The'formation of two protective committees to represent
10-year 6% convertible debentures was announced
One
plan, it states, necessarily depend upon the co-operation
which It receives
The committee is not requesting deposits at
from the debenture holders to act
this
in their
behalf.
Independent Protective Committee Formed for Debenture Holders
The formation of an independent
protective committee under the chair¬
manship of Hubert F. Young, was also announced Jan. 22.
Other members
of the committee are:
G. Evans Hubbard and Albert C. Lord, Secretary,
31 Nassau St., New York.
Counsel for the committee are*
field Hays, 120 Broadway, New York, and Raymond L. Wise,
Arthur Gar¬
295 Madison
Ave., New York.
Proceedings for reorganization of the company under Section 77-B of
the Bankruptcy Act are now pending in the U. S. District Court for the
Southern District of New York and Feb. 15 has been set as the date for the
filing of a reorganization plan.
An unusual conflict of interest makes it necessary
for debenture holders
representation. according to the committee's announce¬
"This is particularly advisable." it points out, "because the Cities
Service Co. appears to be the largest single creditor of the Warner-Quinlan
Co. and at the same time holds a majority of its common stock, and hence,
to have independent
ment.
voting control."
connection with
bankers
See Ann Arbor RR.
640,867
eign cos
time but is requesting authority
equipment trust certificates are being requested to enter, the holders
agree, in effect, not to take steps to enforce payment of instalments of
principal on the equipment trust certificates maturing in 1936 and 1937
until three years from their respective maturity dates,
provided the
160,000
pay.
cRemit from for¬
from debenture holders.
as
12,885,021
168,307
1,789,398
tutions which
in bonds
216~643
9,523,867
3,069,770
660,848
206,420
1,909,050
102,369
secure
Ac
86,872,324
387,935
Serial bonds, Ac.
current
receiva¬
Mtges.
7,647.121
1,583,251
Due affil. cos...
and sce¬
dominant
or
1,474,975
payable—
pay. and
sundry accrd.
$
5.670.885
19,006,722
Accts.
Accts. rec., Ac__
Total
have been authorized by an order of the Federal Court
nouncement:
The
Mtge. A fd. debt 83,362,330
Notes
Deficit
with the holders of its equipment trust
certificates, whereby the instalments due to have been paid in 1933 will
be paid this year and the instalments due in 1934 will be paid in 1937
and the instalments due in 1936 and 1937 will be paid in 1939 and 1940,
respectively.
The company is paying all interest.
A. K. Atkinson, Treasurer for the receivers, made the following an¬
"Under
19.006,723
Pref.
43,192
U,372.330
12,818,969
6,049,954
5,196,092
at 8t. Louis to enter into agreement
will
5,670,885
b Com. stock...
137,598.032 139,844,417
3,541,220
3,200,703
AC
stock...
a
leasehold, eq.,
Cash
$
Liabilities—
$
.
d Real est.,bldgs.
142, p. 312.
The receivers
Nov. 30 *35 Nov. 24 '34
Nov. 30 '35 Nov. 24 '34
Dep.
1932
of studio properties,
depreciation
ble, Ac
1933
62,616
of studio properties.
narios
1934
Nov. 25 33
Nov. 24 34
$8,602,147
a4,873.634
mln.
Net from railway
Netafter rents
4.50
$1,632,979
Rights
has been appointed transfer agent
Earnings for December and 12 Months Ended Dec. 31
December—
4.50'
1935
-—
Inventories
Virginian Ry.—Transfer Agent—
The City Bank Farmers Trust Co.
for the common stock.
4.60^
$1,543,484
Other income....
$1,449,749
1,449,414
$3,029
31,236
Net loss..
4.40'
(Hiram) Walker-Gooderham & Worts, Ltd.— -Earnings
a
1935—12 Mos.—1934
$4,948
7,978
revenue..
4.20'
98.93
3 Mos. Ended Nov. 30—
Assets—
Bond interest, &c.
4.30'
96.79
95.70
95.40
Net profit
Net operating loss.
Other income
4.10^
98.65
97.78
law partner of Mr.
$396,006
400,955
4.00
99.40
Amortiz. & deprec. on all property
Interest and discount
See Tennessee Coal Iron & RR. Co. above .9V. 140, p. 4418.
Operating revenues
Operating expenses
4.00'
4.00'
100.00
Amortization of film costs
Period End. Dec. 31—
4.00
98.17
—V. 142, p. 475.
Net
,203,235
419,553
578,552
28,275
$6,097,6671
98.60
100.00
Total Income
Reserve for invest.
150,191
4.00
Interest
1935
modity purchase
for
4.00'
com¬
and
cost)
other assets
p.
on
1934
sec.
Benefic. int. in
Interest
due
commitments
73,891
Res.
U. 8. Treas. notes,
series C
(at
Bal.
99.51
99.05
Profit from operations
Liabilities—
$387,224
5,141,826
1951
Yield
Price
Amount
$150,000
150,000
150,000
150,000
175,000
175,000
175.000
175,000
175,000
175,000
175.000
175,000
1,000,000
1937
Income Statement
for Years Ended Dec. 31
1933
1934
1935
$51,072
$1,060
$1,414
191,449
262,601
273,030
639
Chronicle
or
The committee states that none of its members has any
Warner-Quinlan Co., the Cities Service Co., the
the
management, or with any other protective committee
for the
company.
"From time to time during the
last few years the Cities Service Co. and
its subsidiaries have made loans to the Warner-Quinlan Co., which on
Aug. 31 1935 totaled $5,250,000," says a notice to the debenture holders.
"The Cities Service Co. owns 58% of the voting stock of the WarnerQuinlan Co.
It is also the principal general creditor. In addition to the
liability to the parent company and its subsidiaries, the Warner-Quinlan
Co. as of the same date owed $2,634,577 to others including banks and the
Federal and State governments.
"These conditions make it obvious that unless the debenture holders
take united, vigorous and independent action, they are liable to suffer an
impairment of the face value of their investment or the amount of income
therefrom or, perhaps, both."—V. 142, p. 139.
Watertown Light
& Power Co.—Tenders—
Empire Trust Co., trustee, is inviting tenders for the sale to
50-year gold bonds, dated Jan. 1 1909, at a price not
nterest, in an amount sufficient to exhaust the sum
$16,817.
Tenders will be received up to 3 p. m. Jan. 30 at the offices
the trustee, 120 Broadway, N. Y. City.—V. 140, p. 489.
The
of 1st mtge. 5%
exceed 105 and
it
to
of
of
640
Financial Chronicle
Market value of assets
on
Dec. 31 1935 was $1,071,705 as compared with
$627,880 last year, an increase of 70%. The number of shares outstanding
increased from 47,653 to 64,269.
Resources on Dec. 31 were invested in
95 separate issues including common stocks 44.9% of assets; preferred
stocks
14.1%, bonds 34.1%, and cash and accruals 6.9%.
Market value
per share increased to $16.90 from $13.17 after paying 85c. in regular and
special dividends during the year.
Walter L. Morgan, President, stated that the increase in value enjoyed
during the year was principally accounted for by the increase in value of
common stocks, medium
grade bonds and preferred stocks held in the port¬
folio, and also because of the greater interest by new shareholders resulting
from newspaper advertising during the year.—V. 141, p. 3396.
,
(Raphael) Weill & Co.—25% Stock Dividend—
The
stock,
Jan.
directors have
common
declared
stock dividend of 25%
on the common
Jan. 24 to holders of record
share have been paid on the
stock each March 1 and Sept. 1.—V. 138, p. 1584.
$100, payable in
par
10.
Semi-annual
West
Point
a
common
dividends
stock
of $4
on
per
"It is estimated that the new company, if a total of $1,500,000 Is borrowed
from the Reconstruction Finance Corporation, will (apart from the proceeds
Manufacturing Co.—Earnings—
[Including Dixie Cotton Mills fully owned Subsidiary]
of any stock subscribed by common
stockholders) have net quick assets of
approximately $6,000,000.
Its funded debt will consist only of the RFC
$1,500,000 and of $674,475 of 6% 10-year notes, or a total funded
debt of $2,174,475.
Bonds of the American Wire Fabrics Corp. ($799,400
principal amount) will be a liability of that subsidiary and not a liability
of the rorganized company.
"The company owns iron ore and pig iron with a book value of approxi¬
mately $1,473,000, which is not required in its current operations, since
it no longer operates its blast furnaces.
It is expected that this iron ore
and pig iron can be disposed of in the course of the next five
years on a
basis similar to that on which the company's iron ore has been sold for the
past few years, which is at least equal to book value, and thus far sufficient
to pay most of the indebtedness to the RFC."
With respect to the company's earnings, the letter
says:
"For the three months ending Nov. 30 1935, the trustees
report earnings
for the company (not including the
subsidiary, American Wire Fabrics
Corp.) before interest and depreciation, of $260,572.
The management
estimates that a depreciation charge of $210,000 per year for the reorganized
company would be reasonable.
Interest charges on the funded debt of the
reorganized company will be $115,648.
On this basis, for these three
months, the company, had it been reorganized, would have earned for its
stock, after depreciation and interest charges, at the rate of $717,538 per
annum, or $1.84 per share on 388,127 shares.
"The value of the company and its stock
must, of course, depend upon
its earnings.
Whether earnings continue this improvement for the im¬
mediate future is, of course, unknown.
Earnings for these three months,
however, show that the company is capable of making substantial earnings
in case of a revival of business.
The management believes that when the
company is taken out of bankruptcy and reorganized It w 11 be able to carry
out plans and make economies which will increase
earnings materially."
Other members of the reorganization committee are
Rudolph Flershem,
George C. Lee, Arthur H. Lockett, Acosta Nichols and Robert B. Stearns.
Frank Hamilton, 37 Broad St., is secretary and Robert R.
Thurber, 1
Federal St.. Boston, assistant secretary.—Y.
142, p. 314.
Consolidated Statement of Income and Surplus
Year End.
Net sales of cloth and yarn
Cost of cloth & yarn sold &
selling adminis.
exps...
44
loan of
Wks.End
Aug. 31 '35 Sept. 1 '34
$16,094,282 $13,056,558
16,671,113
12,130,435
Operating loss of cloth mill divisions
Net profit of other divisions
Other income (less other charges)
$576,830prof$926,122
101,232
94,839
60,381
9,917
Dr159,008
Estimated prov. for Fed. & State income taxes
$415,216 prof$871,869
7,839,085
7,671,056
$7,423,868
Excess of net
assets of Dixie Cotton Mills over
extimated market value of its stock at acquisit'n
i
$8,542,925
180,000
Surplus reserve for contingencies
Dividends paid in cash
468,000
271,840
432,000
$6,775,868
$7,839,085
-
Surplus unappropriated
_
Consolidated Balance Sheet
Aug. 31 '35 Sept. 1 '34
Assets—
x
$
Real estate,plant
and equipment- 9,059,287
2,074,969
4,521,059
9,422,971
948,750
2,391,498
4,691,871
542,512
412,520
1
1
Securities owned-Accts. & notes
948,750
rec_
Inventories
Cash
Good-will & trade¬
marks
Prepaid
120,070
133,090
17,266,648
expense.
18,000,702
-
Aug. 31 *35
Liabilities—
$
7,200,000
2,000,000
7,200,000
1,700,000
1,018,939
897,421
271,840
6,775,869
271,840
7,839,085
17,266,648
18,000,702
Notes payable
Accounts
and
Sept. 1 '34
$
Capital stock
payable
accruals—
Cap. surpl. (arising
in consolidation)
Surpl. res. for con¬
tingencies
Profit and loss
92,356
Wil-Low
Total
x
Total
After
provision for depreciation of $9,759,197 ($9,395 in 1934) and
$272,356 excess of net assets of Dixie Cotton Mills over estimated market
value at acition.—V.
Period—
1936
Gross earnings
142,
p.
(est.)
$334,631
Willys-Overland Co.—Wins Right to Make More Cars—•
-
-Jan.
1935
1
to
Jan.
1936
$291,768
before
14
$536,658
trustee for
1935
$1,042,356
1934
1933
$857,230
175,462
93,110
$666,696
def5,405
def71,984
10,868,312
2,050,006
10,768,713
1,736,791
518,117
95,064
Net after rents
78,869
12,907,071
12,302,903
2,522,111
1,267,422
1,016,313
905,827
—V. 142, p. 313.
Western Tablet & Stationery Corp.-—Bonds Called—■
The company
has called for redemption
on
April
1
next,
price, any
delivered for sale
of the bonds designated by lot for redemption, which are
at the corporate trust department of the Chase National Bank in
New York.
—V. 141, p. 3706.
Western United Corp.—Bonds Called—•
The company is notifying holders of its
30-year 6 %% sinking fund
collateral trust gold bonds series A, due Dec. 1 1955, that it will redeem
on
March 1 1936, all of the bonds of this issue, at their
principal amount and
accrued interest, together with a premium of
5% of the principal.
Chicago.—Y. 141,
p.
4179.
3,116,667
Gross income
Deductions
Net
—V.
$453,895 $10,751,682
96,213
1,314,155
$7,984,415
$550,109 $12,065,837
693,348
7,613,825
$9,406,610
7,640,643
698,253
—
income
141,
$928,079
90,787
$1,018,867
Operating income
Non-oper. income
3,261,866
p.
White
$320,614 def$143,239
$4,452,013
4029.
Sewing Machine Corp.—Removed from
1,422,195
$1,765,967
Unlisted
Trading—
The New York Curb
Exchange has removed the debenture rights from
142, p. 314.
unlisted trading privileges.—V.
Wickwire
Be Fair and
Spencer Steel
Co.—Amended Plan Found to
Equitable—•
An amended plan of reorganization dated
Aug. 30 1935 (Y. 141, p. 1611)
under Section 77-B of the
Bankruptcy Act, approved and adopted by the
reorganization committee headed by George W. Treat,
Chairman, has
been found fair and equitable by the U. S. District
Court for the Western
District of New York after extended
hearings, and holders of securities
or claims are given the
privilege of filing their assent or dissent to the plan
on or
before Feb. 15.
Holders of certificates of
deposit issued by the
reorganization committee will be considered to have accepted if
they do not
dissent within that period.
No provision is made for
acceptance or dissent
by stockholders, since the Court has found the company to be
insolvent.
A hearing on the confirmation of the
plan has been ordered by the Court
to be held at the Federal Building,
Buffalo, on Feb. 26.
In
a
letter sent Jan. 13 to holders of its certificates of
deposit, representing
than 83% of the total of $16,000,000 1st
mtge. 7% sinking fund gold
bonds of Wickwire Spencer Steel Corp.,
prior lien collateral & refunding
mtge. 7% sinking fund gold bonds, series A, 5-year
7% class A notes and
5-year 6% class B notes of Wickwire Spencer Steel Co., all of which had
assented to the original plan dated May 27
1929, as amended July 28 1930,
the reorganization committee points out that the
preesnt amended plan,'
like the original plan, provides for issuing common stock to
more
thsee security¬
holders.
Under the present plan, the division of stock
among these security¬
holders has been changed only by giving bondholders 21
shares of stock of
the new company instead of 20 shares for each $1,000
principal, in lieu of
a cash adjustment of interest to
prior lien bondholders provided for in the
aside each time to
made to the bondholders.
loss of $249,427.
Cash impounded through sales of plants and
machinery
totals $1,100,000.
Delinquent taxes approximate $1,000,000.
Empire Securities, Inc., is attempting reorganization of the
company
through purchase of the bonds and claims of creditors.
It has offered to
pay $700 for each $1,000 bond [not $700,000 as
erroneously reported pre¬
viously] and $350 for each $500 bond.—See V. 142, p. 477.
Winn & Lovett
Grocery Co.—Sales—
Period End. Dec. 28—
Sales
1935—5 Weeks—1934
$569,179
—V.
1935— Year—1934
$5,153,823
$4,464,996
$506,259
141, p. 291
Winsted Hosiery Co.—Extra Dividends—
The directors have declared four extra dividends of
50 cents per share
in addition to four regular
quarterly dividends of $1.50
per
capital stock.
The dividends will be paid
Nov. 1.—V. 136, p. 508.
on
Wisconsin Public Service Corp.
(&
Operating
Operating
Subs.)—Earnings—
1935
revenues
exp.,
1934
$7,191,715
4,217,627
reserve
21,625
-
141, p. 3878.
Co.,
76,116
__
Net income
&
$730,516
(before
Amortization of debt discount & expense
Other income deductions
(F. W.) Woolworth
100% Distribution—
$2,793,885
596,221
1,349,597
102,249
15,300
$658,170
Net operating revenue & other income
appropriation for retirement reserve)
Appropriation for retirement
Interest charges (net)
$2,762,520
31,364
$3,003,820
895,93 1
1,351,976
Net oper. rev. (before approp. for retirem't
res.)
income
$6,961,140
4,198,619
$2,974,088
29,732
maintenance & all taxes
Other
—V.
share on the
Feb. 1, May 1, Aug. 1 and
12 Months Ended Nov. 30—
Telegraph Co., Inc.—Earnings—
Period End. Nov. 30—
1935—Month—1934
1935—11 Mos.—1934
Tel eg. & cable oper. rev. $7,280,583
$6,772,760 $81,585,169 $79,641,129
Teleg. & cable oper. exp_
6,018,206
5,974,923
67,145,724
67,837,360
Uncollec. oper. revs
50,964
47,409
571,096
557,488
Taxes assign, to oper
283,334
296,533
On the last two manufacturing authoriza¬
be applied on interest due the
$2,000,000 of 6M% first mortgage bonds.
No concession
set
now
Such
bonds should be presented for payment on the
redemption date at the City
Bank Farmers Trust Co., 22 William St., New
York, or at the City Na¬
tional Bank & Trust Co., 208 South La Salle St.,
opposed by the National City Bank, New York,
was
bondholders.
was
Attorneys for the receiver asserted negotiations for reorganization have
progressed to a point where they undoubtedly will be carried out.
Testi¬
mony was introduced to show that a gross profit of $17,436 has been made
on
20,428 cars sold.
Depreciation and taxes, however, caused a net
$143,500 of
its outstanding first mortgage 15-year
6% sinking fund bonds, due in 1941,
at 102 and interest.
The corporation offers to purchase
immediately, at the same
Western Union
was
1932
$957,780
188,637
From Jan. 1—
Gross from railway
Net from railway
the
$250,000
holders of the
RR.—Earnings-
December—
Gross from railway
R. Wilson, receiver, was granted permission to make
15,000
cars to keep the factory
open pending reorganization in a hearing
Judge George Hahn in U. S. District Court, Jan. 20.
This is the
sixth grant made.
The application
1935
$617,214
tions
Net from railway
Net after rents
company.—V. 140,
additional
476.
Western Pacific
director of the
a
David
Ry.—Earnings—
—Second Week of Jan.—
—V.
Cafeterias, Inc.—New Director—
Eugene L. Norton has been elected
4086.
p.
141,p. 4029.
Western Maryland
Jan. 25 1936
original plan.
Other changes in the plan, while important, relate princi¬
pally to the financing of the new company and the treatment of the $674,450
of 7^% notes, and the subsidiary, American Wire Fabrics
Corp. and its
bonds, and to giving stockholders a right to subscribe for certain stock.
In recommending the adoption and consummation of the amended plan
without delay and expressing its belief that the reorganized company will
be in a strong financial position to take advantage of any further
recovery
in the steel industry, the letter says in part:
"The court has also found that the net value of the property available to
bondholders, class A and class B noteholders, and unsecured creditors who,
under the plan, are to take stock, is $8,500,000, of which $4,500,000 is the
value of the mortgaged assets and $4,000,000 the value of the unmortgaged
assets.
On the basis of this valuation, the 388,127 shares proposed to be
issued would represent a value of approximately $21.90 per share.
On this
basis, the 21 shares to be issued for each $1,000 principal amount of bonds
would represent a value of approximately $459.90:
the 30 shares of stock
to be issued for each $1,000 principal amount of class A notes would repre¬
sent a value of approximately $657, and the 10.8171 shares to be issued
for each $1,000 principal amount of class B notes would
represent a value
of apprxoimately $236.89.
Wellington Fund, Inc.—Assets Gain—
Ltd. —1935
Operations—
The company on Jan. 8 announced a record
profit in 1935 of
against £4,879,950 for 1934.
The concern also was able to distribute the
highest
£5,298,404,
payment, 100%, for
undertaking became a public company in 1931.
A final
ordinary dividend of 50% and a cash bonus of 25% will be paid, making
100% for 1935, against 80% in 1934.
The transfer to the freehold build¬
ings reserve was doubled at £100,000, as also was the
payment to the staff
benevolent fund at £20,000.
The sum of £6,541,663 was carried
forward,
compared with £5,614,453 last year.
any year since the
Income Account for Calendar Years
1935
'
Profit after
_
a
deprec., directors and
remuneration, &c
£5,298,404
managers
Provision for taxation to date
Net profit
Preference
dividends
Common dividends
Balance
Building
reserve-
Staff fund
Balance
Bal. brought forward from prec.
year
Balance carried forward
—V. 140, p. 4253.
York Ice
S.
in
1934
1933
£4,879,949
£4,525,383
1,112,445
1,007,671
1,117,435
£4,185,959
232,500
2,906,250
£3,802,278
232,500
2,325,000
£3,407,948
225,000
2,250,000
£1,047,209
100,000
20,000
£1,244,778
50,000
10,000
£932,949
50,000
10,000
£927,209
5,614,453
£1,184,778
4,429,675
3,556,727
£6,541,663
£5,614,453
£4,429,675
£872,948
Machinery Corp.—New Vice-President—
E. Lauer, General Sales
Manager, has been elected Vice-President
charge of sales.—V. 142, p. 140.
641
Financial Chronicle
Volume 142
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
PETROLEUM—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
Fright Night, Jan. 24 1936
closed 21 to 26 points
Coffee—On the 18th inst. futures
higher for Santos contracts, with transactions of 3J,750
bags.
Rio contracts closed 19 to 23 points higher, with
transactions of 18,250 bags.
In the local spot market
Santos 4s advanced 34 cent to 934 cents.
Speculative and
foreign interests took part in the buying to-day.
A new in¬
vestment demand was a so in evidence, apparently attracted
by coffee's recent strength.
Rio terme prices were 100 to
175 reis higher, while the open market Brazilian exchange
rate was 200 reis higher at 17.5 milreis to the dollar.
On
the 20th inst. futures closed for Santos contracts 1 to 7 points
lower, with sales of 48,250 bags.
Rio contracts closed 3 to 6
points lower, with transactions totaling 14,250 bags.
The
Rio market was closed for a holiday.
The open market
exchange rate ruled at 17.4, a net gain of 100 reis
Saturday.
C. & F. offers from Brazil were about 50
points above those ruling last Friday, with Santos Bourbon
4s at from 8.90 to 9.35 cents.
Santos spot 4s were quoted
Brazilian
from
from 934 to 934 cents.
Havre futures were 334 to 3 % trancs
higher. On the 21st inst. futures closed 14 to 22 points higher
for Santos contracts, with transactions totaling 53,250 bags.
Rio contracts closed 13 to 18 points niguer witn sales of 24,0JO
bags. Rio de Janeiro futures were 200 to 226 reis niguer. Cost
and freight offers from Brazil were about unchanged.
Spots
were
steady.
Santos 4s were quoted 934 to 934 cents.
Rios were 7 cents.
On the 22d inst. futures closed 8 to 10
Santos contracts, with sales of 69,000 bags.
points lower for
lower with transactions of
Rio de Janeiro futures were 25 reis higher
to 150 reis lower.
The Brazilian open market exchange
rate advanced 100 reis to 17.15 milreis to the dollar, but
Rio contracts closed 8 to 9 points
14,500 bags.
gain at the close.
Cost and freight offers from
10 to 15 points higher, with Santos Bourbon
9.00 to 9.30 cents.
Local spot Santos 4s were at the
lost all this
Brazil
4s at
were
unchanged quotation of 934 to 934 cents, while Rio No. 7s
were
7 cents
at
even.
On the 23d inst. futures closed 4 to 8
points higher for
Rio con¬
Santos contacts with transactions of 42,500 bags.
to 3 points lower, with transactions of 4,250
Rio de Janeiro futures were 75 to 100 reis lower, while
the open market exchange rate was 100 reis weaker at 17.35
milreis to the dollar.
To-day futures closed 8 to 12 points
higher for Santos contracts, with transactions of 107 con¬
tracts.
Rio contracts closed 12 to 14 points up, with sales of
54 contracts.
Continued demand for actual coffee and a
tracts closed 1
bags.
Brazilian
firmer
exchange
rate
supplied
reasons
for the
further advance.
Rio coffee
prices closed as follows:
5.32
-
May
July
;
Santos coffee
September
.5.72
5.48
5.62
March
December
-5.80
prices closed
as
8.981 September
9.06
May
July
9.08 [December
9.04 ]
9.09
Cocoa—On the 18th inst. futures closed
cocoa
a
at
tone
stocks had
Local
unchanged to 1
Manufacturers continued to buy actual
substantial premiums, and this naturally imparted
higher.
firm
to
an
the futures
market.
increase of 1,334
bags.
transactions for the day were
New York warehouse
London was steady.
54 lots, or 724 tons.
Closing- Mar., 5.05; May, 5.12; July, 5.18; Sept., 5.25.
On
the 20th inst. futures closed unchanged.
Although trading
was limited in volume, the tone was steady throughout the
session.
Sales for the day were only 36 lots or
482 tons.
A
given for the comparatively quiet market,
is the fact that the premiums for spot grades have mounted so
high that the local board offers an unsatisfactory hedge.
However, spot cocoa is firmly held.
As a result of the buy¬
ing of actual cocoa the past week, stocks in New York ware¬
houses were cut 9,000 bags, which brings the total down to
759,000 bags, the lowest since June 1933, and these stocks
are in strong hands.
This explains the strength of spots.
Closing: Mar., 5.05; May, 5.12; July, 5.18; Sept., 5.25.
On the 21st inst. futures closed unchanged to 1 point lower,
with transactions totaling 11 lots, or 147 tons.
The futures
market here closed at 1 p. m. as a mark of respect to the
late King George V.
The London market of course was
closed.
LocaLclosing: Mar., 5.05; May, 5.12; July, 5.18,
and Sept., 5.24.
On the 22d inst. futures closed 1 to 5
points higher.
Total sales were 200 lots or 2,680 tons.
Wall Street buying was again in evidence.
Warehouse
stocks continue to decline, yesterday's reduction amounting
to 148 bags.
Closing: Mar., 5.09; May, 5.16; July, 5.21;
Sept., 5.26; Oct., 5.29.
On the 23d inst. futures closed 1 point lower to 1 point
plausible
reason
higher, with total transactions of 323 lots or 4,328 tons. A
broadening interest in cocoa both futures and spots has been
evident for some time.
Manufacturers continue among the
5.37.
Sugar—On the 18th inst. futures closed 5 to 7 points up.
market showed gains of 37 to 43
points.
Transactions totaled 421 lots, or 20,150 tons. This
strength was attributed largely to lifting of hedges against the
sales of actuals and to the statement oy Secretary Wallace
that invasion of State's rights by the government as defined
in the Supreme Court Hoosac Mills case does not apply to
territories.
According to the Secretary, this indicates that
sugar quotas applied to territories as well as to foreign coun¬
tries, probably would hold.
There is an increased demand
on the part of refiners for raw sugar at advancing prices.
From the lows of Jan. 7, the
The market for
raw sugar
was very
active, with sales totaling
16,000 tons of duty frees, mostly Philippines, which
changed
hands at prices ranging from 3.30c. to 3.35c.
On the 20th
inst. futures closed 1 to 2 points higher, with spot Jan. 6
points higher.
Sales for the day were 15,600 tons.
The
activity and strength of the spot raw market had a very
strengthening effect on futures.
Secretary Wallace's state¬
ment of Saturday was also a contributary cause in the
strength.
He reaffirmed previous views that sugar quotas
probably would be maintained.
About 50,000 tons of raws
were sold at 3.35c. to 3.37c. for duty frees.
Consumption
principal
European countries during the
first il months of 1935, was
3.9% ahead of that for the same
of sugar in the 14
period in 1934.
On the 21st inst. futures closed 2 to 3 points
with transactions totaling 14,200 tons.
In the
market for raws there were two transactions, one for Godchaux of New Orleans, who paid 3.35 cents for 2,000 tons of
Philippines, Feb.-Mar. shipment; the other was for McCahan
of Philadelphia, who purchased 1,000 tons at the same price.
London was closed owing to the death of King George.
The
JNew York futures market suspended trading from li to 11.30
a. m. as a mark of respect to the deceased English
Bang.
On the 22d inst. futures closed 1 to 3 points higher, with
transactions light, totaling but 6,350 tons.
In the market
for raws, duty frees were offered at from 3.35 to 3.40 cents,
while Cuban offers fluctuated with the futures market
between 2.40 and 2.45 cents, at which level the market closed.
London was quiet with futures closing 34^. lower to 24d.
higher.
Spot Jan. there was %d. higuer.
On the 23d inst. futures closed unchanged to 1 point higher,
lower,
except for spot Jan., which on issuance of 3 notices was
quoted 8 points lower.
In the market for raws three sales
Rionda buying 5,000 tons of Philippines,
tons Feb.-Mar. shipment at
2.30c. f.o.b. Cuba for 3,000
tons of Cuban sugar, Feb. shipment, the equivalent of about
2.4334c. c. & f.
In London the market was steady with
futures 34 to 24<i higher, while raws were offered at 5s 234d
or about .98M>c. f.o.b. Cuba.
To-day futures closed 2 to 3
points up, with sales of 315 contracts.
In the raw market
the spot price went up 2 points to 3.35c. on sales of Philippines
and Puerto Ricos in prompt positions to refiners.
Aoout
27,000 tons were sold, the bulk to operators at 3.35 to 3.42c.
were
follows:
March
point
big buyers of contracts.
Closing: Jan., 5.07; Mar., 5.08;
May, 5.16; July, 5.22; Sept., 5J26; Oct., 5.29; Dec., 5.34.
To-day futures closed 2 to 4 points up, with total transactions
191 contracts.
Buying was done by European and domestic
trade interests, and Wall Street buying was also in evidence.
Manufacturers paid 5.42 cents for spot Accra cocoa, or a
premium of 30 points over March futures.
Closing: Mar.,
5.11; May, 5.19; July, 5.24; Sept., 5.30; Oct., 5.33; Dec.,
reported,
Mar .-Apr. shipment arid 6,500
3.38c.
A certain operator paid
Prices
were as
March
September
follows:
2.38 January
July
-
2.33
2.35 May
2.37
2.41
November
2.4]
Lard—On the 18th inst. futures cbsed 7 to 12 points up.
was due to bad weather reports from the West,
expected will causa a subscantial falling off in
hog receipts.
Hog prices were nominally steady, and the
top price at Chicago was $10.
Most of the sales ranged from
$9.75 to $9.90.
Total receipts for the Western run were
19,100, compared with 20,900 for the same day last year.
Lard clearances from the Port of New York as reported on
This advance
which it is
Saturday were exceptionally light, and totaled only 5,600
pounds, which were shipped to Manchester.
On the 20th
inst. futures closed extremely irregular, 2 to 10 lower on
distant months, with January 12 points higner and March
2 points up.
Lighter hog receipts were responsible to a
large extent for the strength in the nearby positions.
De¬
mand for loose lard was reported a little better.
Western
hog receipts totaled 66,000 against 90,500 a week ago, and
48,000 for the same day last year.
Hog prices closed 10c.
to 25c. higher at Chicago.
The top price was $10.20, and
the bulk of sales ranged from $9.90 to $10.15.
On the 2ist
inst. futures closed unchanged to 2 points higher.
The
market held fairly well in view of the break in hog prices.
But trading throughout the session was very light.
Heavier
receipts than expected at Western markets caused prices to
drop 10 to 15c. for hogs in Chicago.
The top price was $10.05
Financial
642
.
and most of the sales ranged from $9.75 to $10.05.
Total
receipts for the Western run were 80,600 against 66,300 for
the same day last year.
Exports of lard were quite heavy
and totaled 165,256 pounds.
On the 22d inst. futures closed
12 to 17 poipts higher, alter rising to a maximum of 20 points,
at which level selling developed.
The closing undertone,
however, was firm.
This strength was attributed largely
to short covering influenced by the lighter hog receipts and
advance in price of hogs.
The firmness of the grain markets
also played its part as an influence.
Total hog receipts at
the principal Western markets were 73,700 against 93,200
last year.
Hog prices closed 15 to 25c. higher at Chicago;
top price was $10.25 and most of the sales ranged from $9.90
to
$10.20.
On
the
23d inst.
futures closed
unchanged to 2 points
The market opened 15 points higher on scattered
commission buying, but this was subsequently lost on sub¬
lower.
stantial offerings by packers.
The severe cold weather
greatly curtailed the movement of hogs to the principal
western markets.
Total receipts at Chicago were 4,000
head or 10,000 short of expectations.
Receipts at
the
principal western markets totaled 27,900 against 58,100 for
the same day last year.
The top price at Cnicago was 25c.
higher and most of the sales ranged from $10.20 to $10.50.
Export clearances of lard totaled 403,470 pounds, which
were shipped to Liverpool and Manchester.
To-day futures
closed 5 to 10 points lower.
DAILY CLOSING PRICES OP LARD FUTURES IN CHICAGO
Sat.
Mon.
Wed.
Tues.
Thurs.
Fri.
10.85
11.12
January
May
July
r—
10.95
11.05
10.92
11.00
11.05
11.15
11.05
11.15
10.95
11.10
..11.00
10.97
10.97
11.12
11.10
11.00
Pork—Easy; mess, $35.37 per barrel; family, $33.37;
nominal, per barrel; fat backs, $23.75 to $32.37 per barrel.
Beef, easy; mess, nominal; packer, nominal; family, $21 to
$22 per barrel, nominal; extra India mess, nominal.
Cut
meats: quiet; pickled hams, picnics, loose, c.a.f., 4 to 6 lbs.,
15c.; 6 to 8 lbs., 14>£c.; 8 to 10 lbs., 14j^c.
Skinned, loose,
c.a.f., 14 to 10 lbs., 21c.; 18 to 20 Its., 20c.; 22 to 24 lbs.,
17%q.
Bellies, clear, f.o.b., New York: 6 to 8 lbs., 22%c.;
8 to 10 lbs., 22c.; 10 to 12 lbs., 20>£c.
Bellies, clear, Dry
Salted, Boxed N. Y., 14 to 16 lbs., 16^c.; 18 to 20 lbs.,
16%c.; 20 to 25 lbs., 163d*c.; 25 to 30 lbs., 16c. Butter,
creamery, firsts to higher than extra and premium marks,
34 to 35; Cheese, State, whole milk, held, 1935, fancy, 20 to
21c. Eggs, mixed colors, checks to special packs, 19 to 263^c.
Oils—Linseed
cake
oil market
was
quiet but firm.
Bids of
around $21.25,
but with crushers fairly well sold
ahead, it is reported that such lids are not acceptable.
Quotations: China Wood, tanks, Jan.-Feb., 14c.; Mar.-Apr.,
forward, 13.3c.; Drums, spot, 143^c.
Cocoanut, Manila,
tanks, Apr .-June, 5c.; Coast, 4%c.
Corn, crude, tanks,
West mills, 9h£c.; Olive, denatured, spot, Spanish, 76c.;
shipment, 74 to 75c.
Soya bean, tanks, Western, 7^c.;
C.L. drums, 9.1c.; L.C.L., 9.5c.
Editle, 76 degrees, ll&c.
Lard, prime, 14c.; extra strained winter, I33^c.
Cod,
Crude, Newfoundland, nomiual; Norwegian yellow, 383^c.
Turpentine, 47 to 53^c.
Rosins, $4.75 to $7.00.
are
Cottonseed Oil sales,
Crude, S. E., 8^c.
January
February
__10.00@10.30
10.05 @
-_-lo.14@10.17
10.15@
March
April
including switches, 151 contracts.
Prices closed as follows:
—
May
June
July
August
10.19@
10.19@
10.18@10.20
10.20@
-
Petroleum—The summary
and tables of prices formerly
appearing here regarding petroleum will be found on an
earlier page in our department of "Business Indications,"
in the article entitled "Petroleum and Its Products."
Rubber—On the 18th inst. futures closed 13 to 16 points
lower.
The market ruled at about this level throughout the
short session.
attributed
to
Sales totaled 1,130 tons.
speculative
selling.
The decline
Certificated
was
stocks
in
warehouses licensed by the Exchange decreased by 400 tons
to a total in storage at the close of business on this date, of
29,970 tons.
London closed unchanged to l-16d. lower.
Singapore closed quiet with prices off fractionally. Closing:
Jan., 14.10; Feb., 14.19; Mar., 14.28; April, 14.36; May,
14.44; June, 14.50; July,,14.56; Aug., 14.64; Sept., 14.72;
Oct., 14.78; Nov., 14.85; Dec., 14.92.
On the 20th inst.
futures losed 12 to 15 points higher, with transactions to¬
taling 2,720 tons.
Spot, ribbed, smoked sheets in the local
market advanced to 14.31, as against 14.15 on Saturday.
During the day 20 tons were tendered for delivery against
January contracts.
London closed unchanged.
Singapore
closed l-16d. lower.
Closing:
Mar., 14.43; May, 14.59;
July, 14.71; Sept., 14.84.
On the 21st inst. futures closed
7 to 12 points up, with sales totaling 2,080 tons.
Spot, ribbed
smoked sheets in New York advanced to 14.38, as against
14.31 on Monday.
During the day 30 tons were tendered
for delivery against January contracts.
London and Singa¬
pore were closed.
Closing:
Jan., 14.34; Feb., 14.42;
Mar., 14.51; April, 14.58; May, 14.66; June, 14.72; July,
14.79; Aug., 14.85; Sept., 14.92; Oct., 15.00; Nov., 15.08;
Dec., 15.16.
On the 22d inst. futures closed 16 to 20 points
up, with transactions totaling 3,630 tons.
Spot, ribbed,
smoked sheets in New York advanced 25 points to 14.63.
During the day 10 tons were tendered for delivery against
January contracts.
Certificated stocks of rubber in ware¬
houses licensed by the Exchange, increased by 110 tons to a
total in storage at the close of business of 30,080 tons.
London closed firm with slight fractional advance.
Singa-
Chronicle
Jan. 25 1936
closed steady "with prices up 5-32 to 3-16d. higher.
Jan., 14.54; Feb., 14.60; Mar., 14.67; April,
14.75; May, 14.83; June, 14.89; July, 14.96; Aug., 15.02;
Sept., 15.09; Oct., 15.16; Nov., 15.24; Dec., 15.32; spot,
pore
Local closing:
14.63.
On the 23d inst. futures closed 7 to 11 points up, with trade
quite active, transactions totaling 4,090 tons. Spot ribbed
smoked sheets in New York advanced to 14.68 as against
14.63
on
During the day 270 tons were ten¬
Wednesday.
dered for delivery against January contracts,
the total so far this month to 4,700 tons.
which brought
London closed
unchanged. Singapore closed l-32d to l-16d up.
Closing:
Feb., 14.70; Mar., 14.77; May, 14.90; July, 15.04; Sept.,
15.19.
To-day futures closed 18 to 23 points up, with total
transactions of 644 contracts.
These were new highs for the
season.
Good factory buying was reported.
The London
market was firm.
Singapore was closed.
Local closing.
March, 15.00; May, 15.12; July, 15.22; Sept., 15.39; Oct.,
15.47; Dec., 15.63.
Tin—This market
developed extreme weakness the past
several days, prices showing a drop of approximately 100 to
160 points.
This weakness was attributed almost entirely
to the
sharp drop in prices on the London Metal Exchange,
our price down
%c. per pound, spot
Straits being qouted at 46c.
Complicating the situation
which in turn forced
here
the erratic movements of Sterling exchange.
were
Tin
at the lowest levels in several days.
It is figured
that American consumers are pretty well stocked up, and that
prices
are
there will be
no
real demand from this
source
for several
weeks.
According to the
International Tin Research
Bulletin, published at the Hague, world production of tin
gained 28% in 1935, while consumption increased 20%.
According to this bulletin the prospects for tin consumption
appear favorable for an upward trend, as shown in the moving
average
consumption graphs of a number of important
countries.
Lead—This market is exceptionally active,
with sales the
past week taking quite a spurt forward.
In fact, business
was so brisk that one of the
principal lead producers is now
selling only to regular customers, and then frequently can
only fill a portion of the inquiry.
It is estimated that the
rate of sales now is 10,000 tons weekly.
Lead prices have
been unchanged since October 10, ruling at 4.50c. to 4.55c.
per pound, New York, and 4.35c., East St. Louis.
It is
reported that most producers will not sell beyond February
delivery, and haye turned down all inquiries for March
delivery.
Sales last week were reported 40% over those
of the preceding week.
The decision of the Supreme
Court on the Tennessee Valley Administration is looked
forward to with much eagerness, in that a decision declar¬
ing it illegal will be followed—it is expected, by a revival
of demand for lead covered cables on the part of public
utilities, and this demand, according to informed circles, will
very likely be of a most pronounced character.
Zinc—Demand was 'very quiet, conditions offering a
sharp contrast with that of lead. The average weekly sales
for the past several weeks have been approximately 1,500
tons.
However, shipments of zinc exceed these sales three
times over, according to reports, which would reflect the fact
that consumption is very satisfactory and that buyers should
be in the market soon to replenish stocks.
The price of
4.85c. per pound, East St. Louis has been in effect for
several months, notwithstanding receding prices on the
London Metal Exchange.
Steel—As yet no marked recovery has taken place in the
or lull that
prevailed during
steel business from the fullness
the Christmas
ever,
holidays. In spite of this sluggishness, how¬
optimism still prevails, and a pronounced revival is
looked for
in
the
not
distant
future.
Business from
the
automobile
industry has slowed up somewhat, but sub¬
stantial orders are coming in from the railroads, and more
are in
prospect.
It is expected that purchases from this
source will be the main stimulus in bringing about a revival
of steel activity.
The Pennsylvania Railroad has distributed
virtually all of the 110,000 tons to be used in the construction
of its 10,000 new freight cars.
The New York Central has
finally set a date for the taking of bids on 35,000 to 40,000
tons of steel rails and 3,500 tons of track fastenings, and
made it January 29th.
The Chicago & Northwestern Rail¬
road placed orders for 16,000 tons of rails, 112 pounds
weight, with the Inland Steel Co.
The Missouri Pacific
system received permission to spread $2,000,000 for rails and
track materials, and $500,000 for freight cars.
The St.
Louis Southwestern
order of steel rails.
came
into the market for
According to
a
substantial
estimate, awards of
fabricated structural steel last week were 42,000 tons, the
largest contract involving 32,000 tons for the Santa Ana
siphon and bridge in California, awarded to the Western
Pipe & Steel Co.
one
Pig Iron—Although
a rather quiet state of trade prevails
industry, sales are showing up well.
In fact, the
much better than expected for this time of year.
in the steel
volume is
Sales in the New York district last week
were
approximately
2,500 tons, which is a rather liberal showing for any time of
year, especially for January.
Reports from the Buffalo
district are also encouraging.
Most of the purchases are for
prompt delivery, which is regarded as indicating that the iron
is going into consumption soon after receipt at the foundries.
ing: Jan., 1.833^; Feb., 1.83; Mar., 1.83; Apr., 1.83; May,
1.83; June, 1.82^; July, 1.813^; Aug., 1.803^,
On the
21st inst. futures closed 13^ to 3 cents lower, with total
transactions of 1,400 bales.
Crack double extra in the
local spot market declined
j^c. to $1.88. During the day
20 tons were tendered for delivery against January contracts.
Closing: Jan., 1.8C% Feb., 1.81; Mar., 1.81; Apr., 1.81;
May, 1.81; June, 1.81; July, 1.80; Aug., 1.79.
On the 22d
inst. futures closed 2 to 3H> cents higher, with transactions
totaling 1,670 bales.
Crack double extra in the spot market
declined 1 cent to $1.87.
Closing: Jan., 1.823^; Feb., 1.83;.
Mar., 1.833^; Apr., 1.833^; May, 1.84; June, 1.84; July,
1.83; Aug., 1.82^.
On the 23d inst. futures closed
to 23^c. higher, with
transactions of 710 bales.
Crack double extra in the spot
market advanced 2c. to $1.89.
Yokohama futures 5 to 18
It would seem that foundry operations are improving more
rapidly than the steel industry in general.
A great potential
demand is figured on as a result of widespread renewal of
car equipment on the part of the railroads, as many parts of
car
equipment are made of castings.
Demand for ferro¬
alloys is in fair volume and in line with the rate of steel
operations, hence reflecting the very gradual improvement
in steel.
Coke shipments are reported going forward very
steadily, which is regarded as another indication that
foundry operations are being well maintained.
Hides—On
the
18th
futures closed
inst.
unchanged to
points lower, with transactions totaling 160,000 pounds.
Stocks of certificated hides in warehouses licensed by the
2
Exchange, decreased by 7,890 hides to a total of 901,232
Domestic spot hides were
unchanged.
Closing:
Mar., 11.90; June, 12.32; Sept., 12.63; Dec., 12.95.
On the 20th inst. futures closed 7 to 8 points lower with
hides.
pounds.
and Dec., 12.61.
On the 23d inst.
futures closed unchanged to 3 points
lower, with total transactions of 1,600,000 pounds.
Spot
hides unchanged on a basis of 11cents a pound for light
native cows and 15 cents for native steers.
Stocks of certi¬
ficated
hides
in
warehouses
licensed
by the exchange,
remained unchanged at 893,419 hides.
Closing: Mar.,
11.65; June, 11.98; Sept., 12.30; Dec.,
12.61. To-day
prices closed 8 to 14 points up with transactions of 37 con¬
tracts or 1,480,000 lbs.
Closing: June, 12.06; Sept., 12.40;
Dec.,
stronger.
Local closing: Jan., 1.85; Feb., 1.84; Mar.,
1.85; Apr., 1.843^; May, 1.843^; June, 1.843^; July, 1.83H;
Aug., 1.83.
To-day prices closed 1 to 23^ points down with
sales of 130 contracts.
Lower prices in Japan caused a
further decline in raw silk futures.
The New York spot silk
market was J^c. lower at $1,883^ for crack double extra silk.
Closing: Feb., l.»23^; M.ar., 1.823^; Apr., 1.823^; May,
1.833^; June, 1.82; July, 1.813^; Aug., 1.81.
yen
Stocks of certificated
hides in warehouses licensed by the Exchange decreased by
7,823 hides to a total of 893,419 hides.
Spot hides quiet
and devoid of any new feature.
Argentine was also quiet.
Closing: Mar., 11.90; June, 12.25; Sept., 12.55; Dec., 12.87.
On the 21st inst. futures closed 17 to 22 points down
with transactions totaling 1,640,000 pounds.
Stocks of
certificated hides in warehouses licensed by the Exchange
remained unchanged at 893,419 hides.
Closing: Mar., 11.71;
June, 12.03; Sept., 12.38; Dec., 12.68.
On the 22d inst. futures closed 2 to 7 points lower with
transactions of 1,240,000 pounds.
Domestic spot sales were1
19,700 hides at unchanged prices from last sales.
Light
native cows sold at 113^ cents and heavy native steers at
15 cents.
Closing: Mar., 11.67; June, 12.01; Sept., 12.31,
total transactions of 200,000
643
Chronicle
Financial
Volume 142
12.75.
COTTON
Movement
the
of
are
that distribution
has reached the heaviest retail sales volume in
over
a year.
Bituminous
production increased 9.0% for the week, and
14.4% over the same week in 1935.
Bituminous dumpings
at New York tidewater on Wed., were around 475 cars.
Sub zero weather stimulated a heavy demand.
Copper—Copper producers
calling attention to the
demand is picking
up in a most noticeable way.
Moreover a do idedly upward
trend in prices is looked for.
On Wed. prices started off
at 8.60c., c.i.f.
European ports, and by the end of the diy
quotations were ruling at 8.65c. to 8.72V£c. per pound, the
higher figure actually having been paid.
The revival of
activity and strength abroad is looked upon as a natural
reaction from the rather long period of dulness in the foreign
market.
The American market the past week has been
comparatively quiet.
Sales for the month so far total
approximately 22,677 tons.
The price was firm and un¬
changed at about 9>£c. per pound.
The world statistical
position of copper is quite strong, and copper interests
generally are looking for an increasingly broader demand
both from domestic and foreign sources as the year progresses.
Unless
something of an unforeseen character develops
politically or legislatively to upset calculations, the future
holds great promise, according to authorities in the copper
industry.
Refined copper production in 1935 showed a gain
of 35% over that of 1934.
In a number of phases of the
copper situation the year 1935 showed a marked improve¬
ment over that of 1933-34, according to the United States
are
indicated by
as
tele¬
our
For the
ending this evening the total receipts have reached
week
103,103 bales, against 92,756 bales last week and 98,804
the
bales
making the total receipts since
previous week,
Aug. 1 1935, 5,648,250 bales, against 3,424,195 bales for
the
period
same
1934-35,
of
showing
since
increase
an
Aug. 1 1935 of 2,224,055 bales.
Texas
Wed.
Tues.
Mon.
Sat.
Receipts at—
6,586
7,107
2,518
7,151
2,777
9,256
2.788
City
.
New Orleans
-
1,539
Jacksonville
_
7,935
1,179
254
-
—
—
—
-
—
3,368
a.
21
344
-
•r
189
52
Lake Charles
2,525
132
-
44
578
_
—
«.
—
47
97
_
_
28
36,001
454
........
•»
—
Savannah
Charleston..
28
9,869
4,160
■
—
_
22,725
1,079
■
3,465
177
Pensacola
Total
Fri.
2,399
-
454
Mobile.
883
—
—
•MM.
•'
..a...
..
mm
..
—
8
8
313
-
941
389
-
251
..
37.498
2,161
344
18.666
398
1,902
106
106
—
77
-_
Ba tirnore
-
—.
1
34
9
63
2
186
145
Wilmington..
Norfolk
143
35
26
79
32
460
289
289
13,727
25,642
9,913
9,842
—
-
Totals this week.
The
Thurs.
3,036
Galveston
Corpus Christi--
Coal—Reports from the local market
Crop,
from the South to-night, is given below.
grams
Houston
Ocean Freights were quiet.
Charters Included: Wheat, 38,000 quarters, 10; Montreal, May 1-20,
picked United Kingdom ports at minimum as scheduled.
Grain booked:
three loads to Scandinavia from New York at 16c.
Trips: West Indies,
prompt, SI.35; two to four months period, same SI.15.
Trip across, North
Atlantic, $1.20.
Trip up and round trip, $1.35.
Jan. 24 1936.
Friday Night,
The
12,800
ionowing taoie
total since
last year:
31,179 103,103
snows the weeK s total receipts,
the
Aug. 1 1935 and stocks to-night, compared with
I
fact that for the first time this year export
Bureau of Mines.
1934-35
1935-36
Stock
Receipts to
This
Since Aug
Week
Jan. 24
1 1935
This
Since Aug
1 1934
Week
1936
742.397
12.690
643.894
18,529
796,855
61,609
949,855
268.260
4,538
795.354
2,762
116,687
110
64,647
6,531
103,609
152.115
*9,291
941
334,856
136,570
3,655
283.004
1,902
196,113
1~,694
106
55.422
443
Wilmington
186
50
Norfolk
460
18,432
29,469
'289
14,887
22,725 1.349,143
Galveston
Texas
15,037
43.803
577
36.001 1,475,250
454
257,242
10,711
City
Houston
-
Corpus Christi—
839
31,162
37,498 1,419,242
Beaumont
New Orleans
46,208
23,716
601,443
1935
605,300
27,225
989,623
76.101
2,008
713,250
Gulfport
2". 161
Mobile
344
Pensacola
8
Jacksonville
Savannah
5
1,427
191.928
93,722
14,321
4,159
120,773
459
Brunswick
Charleston
Lake
3,847
Charles
289
125,516
54,262
14,311
41,380
43",922
23,845
23,497
34,355
63,514
32,514
26,315
26,846
N'port News, &c-
'¥,645
New York
Bos con
146
Baltimore
20.922
1,575
32,799
5,147
2,968
Philadelphia
103,103 5,648,250
52,473 3,424,195 2,569.514 2,836,585
In order that comparison may
we
be made with other years,
give below the totals at leading ports for six seasons:
Wool—The woolen situation is reported as strong, but the
Receipts at—
demand is being greatly hampered by light supplies.
Raw
wool the world over is unusually strong, due to the fact that
Galveston
consumption has outstripped production,
New
situation is
such that
a
and the supply
substantial forward movement in
prices is looked for.
The situation in the United States is
without parallel for many years.
Manufacturers are in such
a position now that they are forced to wait for the shearing
of domestic sheep in order to provide for their nearby needs.
As the new clip is quite a distance away, it looks as though
top makers and manufacturers would be forced to draw their
raw
supplies from foreign markets.
Demand continues
heavy at Colonial Wool Sales.
A good selection totaling
9,675 bales, was offered at the Colonial wool auctions to-day
Demand continued unabated, and sellers appeared to have
things their way on both merinos and crossbreds.
Silk—On the 20th inst. futures closed 3 to 5 cents lower,
Crack double extra in the
spot
market declined 4^ cents to
Bourse
broke
Kobe futures
$1.88^. Yokahoma
the week-end, while the
drop of 10 to 27 yen.
Local clos¬
17 to 28 yen
registered
a
over
22,725
36,001
37,498
2,161
1933-34
1932-33
1931-32
1930-31
Mobile
15,037
10,711
18,529
2,762
1,427
42,885
31,495
28,195
1,727
2,403
36,255
66,575
65,816
8,476
1,941
89,021
61,874
85,657
17,611
5,679
22,748
31,950
32,268
11,212
941
Orleans-
"¥,694
'¥,670
"2",459
"""330
"3",502
907
829
1,471
1,165
1,145
Savannah
Brunswick
1934-35
"¥.902
Houston
6.416
—
Charleston
Wilmington
186
50
203
460
289
754
~1,229
"¥.974
279
lb' 723
17,826
"¥,639
103.103
52,473
114,611
198,981
280,442
115,045
__
Norfolk
NerwportNews
AU others
Total this wk-
973
~
Since Aug. l-_ 5,648,250 3,424,195 5,826,209 6,505,029 7,332,553 7,236,177
The exports for the week ending this evening reach a
.
with total sales of 1,600 bales.
1935-36
of
total
86,622 bales, of which 25,502 were to Great Britain,
14,700 to France, 13,951 to Germany, nil to Italy, 19,145
to Japan and 13,324 to other destinations.
In the corro*
sponding week last year total exports were 58,267 bales.
For the season to date aggregate exports have been 3,895,818
bales, against 2,784,847 bales in the same period of the pre¬
vious season.
Below are the exports for the week:
644
Financial Chronicle
fan.
1936
25
prices; in fact,
some mills were prompted to fix prices on
material, with others purchasing for forward delivery.
| Jan.
24 1936
Exports from—
Great
Galveston
13,399
Houston
11,079
many
2,254
Italy
Japan
5,377
12,458
8,715
211
"417
Los
353
1,024
1,304
400
2",626
""50
5,404
25,502
14,700
13,951
19,145
13,324
86,622
6,715
18,991
Angeles
Total
1935
9,945
3,336
Total
1934
35,772
16,464
From
1
Jan.
Great
Exports from—
1,850
3,068
14,134 58,267
16,192 127,019
Britain
Ger¬
France
Japan
45,233
282,597
334,676
52,495
28,829
16,315
234
Corpus Christ!.
54,191
470
745
Texas City
6*784
Beaumont
Orleans.
Mobile.......
Jacksonville
Pensacola,
&c.
70,567
Savannah
37,694
16,645
32,145
34,143
•
.
135,204
—
-
-
-
-
210,957
-
16,024
-
8,800
-
-
--
-
-
783
"773
■
York
.
Boston
688
430
1,189
1,123
Baltimore
-
3,761
731
"lib
320
55
/
/
__
720
Francisco
-
-
—'
—
—
229
77
10,900
5,710
554
80
10,753
-
--
-
W---
Seattle
124,554
138,459
168,331
912,267522,818
-
-
—
-
-
---
-
41,192
1,656
4,019
There
of January and 5,000 bales of May
were 27 notices issued against the
continued
stopped.
Certifi¬
1,116 more bales
promptly
were
to
increase
with
total of 24,933 to date.
a
Average price of
the Southern spot markets was reported as
compared with 11.75c. the previous day.
To-day prices closed 7 to 24 points lower.
Distant po¬
2,102
6,567
middling in
11.77c.
6,013
5,917
sitions declined
3,765
ber
bale.
44,227
165
sharply in the late trading, with both Octo¬
and December showing losses of more than a dollar
The January option expired at noon at the
158,773
2,401
----
bales
delivery, which
stocks
added, making
14
3,397
3,147
165
—
536,653216,703 1071,584
-
-
----
128,263
—
January
cated
1,161
562
-
-
------
----
-
—
....
Total
-
----
------
"
-
----
14
62
.
—
------
2,738
j
__
----
------
—
about 4,000
during the day.
2,320
2,030
6,318
6,694
-
----
sold
33,439
50
•!
~
-
-
20,122
'
'
.
Gulfport
this
8,214
-
—
prices closed 5 points down to 12 points
The January delivery came in for most attention, as
month expires at noon
to-morrow.
Brokers usually
identified with the Producers' Pool sold 500 bales of January
at 11.80c. at the opening.
These interests, it is estimated,
4,712
867,072
—
*3*0,963
'
-
1,154
-
494
—
------
-
1,701
2,102
Norfolk
Philadelphia
Los Angeles
-
-
--
-
_
2*023
26,433
Wilmington
-
-
6,175 149,764
12,565
162,619
V
761
-
------
2,782
On the 23rd inst.
up.
825,272
8,984 199,316 1022,409
400 44,804 261,375
2,109
1
62,281
5,744
Total
6,021 155,555
64,341
150
110,024
1,765
87,497
Charleston
65,159
786
172,219 203,990
3,929
8,419
84,622 20,911
1,509
_
Lake Charles..
many
Other
China
Italy
108,061
134,186
.114,841 112,964
165,562 114,526
Houston
San
16,185
20,591
Exported to—
1936
Galveston
New
6,102
15,941
1935 to
24
New
28
2,483
353
Total
Aug.
651
2~, 483
Savannah
more
13,527
28
__
Norfolk
developments at Washington, with signs pointing more and
in the direction of inflation.
The passage of the bonus
bill, the buoyant stock market and the determination
evidenced at Washington to put through effective crop con¬
trol legislation were factors
contributing to the marked
strength and activity above referred to.
Prices advanced to
a maximum of 17
A feature of the trading
points at one time.
was the sale of about
10,000 bales of January/ credited to
the Producers' pool.
These sales were taken by local shorts,
spot houses and the trade, at the price of 11.80.
There were
13 notices issued against January contracts, which were
readily taken.
In spite of the pressure against this option,
it reached a high of 11.82 cents and closed at 11.80 cents.
23,103
3,881
2", 115
2',000
5,531
Charles.
to
40,862
211
"234
City..
New Orleans
Lake
Total
4,036
4,912
1,735
Corpus Christi._
Texas
Other
China
On
the 22d inst. prices closed 3 to 13 points up.
The activity
and strength of cotton futures recently have been due largely
Ger¬
France
Britain
raw
11.75c.,
were
21,580 614,2133895,818
a
price of
unchanged from previous close.
Liverpool
lower, and this, with rather heavy liquidation
cables
the
on
from Washington that stiff opposition is
being encoun¬
tered in the Senate to a bill to replace the discarded
news
Total
1934-35.
461,573 243,536
Total
1933-34.
863,521572,514
241,823 258,021 1094,583 57,943!427,368 2784,847
917,126 427,764 1170,897 178,770620,002 4750,594
give
the following amounts of cotton
us
On
!. Jan. 24
Shipboard Not Cleared for—
Ger¬
Britain
Galveston
France
1,000
8,658
14,238
3,900
1,618
4,797
1,148
Other
Coast¬
many
Foreign
wise
*600
7,000
6,703
1,344
20,800
19,242
11,474
Stock
Charleston
__
2,100
34,800
36,221
31,853
300
667
Orleans..
Savannah
667
680
2,428
Norfolk.
Other
ports
..
Total
1935-.
Total
,
1936.
1934.
.
'
_
25,044
18,743
13,474
10,915
18,178
16,277
15,047
5,006
35,790
52,196
52,124
97,409
Tues.
11.85
11.90
Spot Market
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
was
_.
11.95
Steady, unchangedSteady, unchnaged.
Steady, 5 pts. adv__
Steady, 5 pts. adv..
Steady, unchanged.
Quiet, 10 pts. dec...
11.85
SALES
Total
200
.
Steady
Steady
Steady
Steady
Steady
200
*550
*400
*950
200
200
400
200
200
200
—
—
200
800
1,750
40.388
_
6.600
46.988
Futures—The
highest, lowest and
New York for the past week have been
Saturday
Monday
Tuesday
Jan. 18
It is
Contr'ct
Spot
Barely steady.
--
Jan. 20
Jan. 21
the
opinion generally that no real activity will develop until
something in the way of a definite plan is determined upon,
to meet the situation brought about by the collapse of the
Agricultural Adjustment Act.
In the day's light trading
foreign buying was in evidence, as was also a demand from
the Wall Street element.
Offsetting this was selling from
New Orleans, the South and the Far East.
The average
price of middling in 10 designated Southern markets declined
7 points to 11.65c.
On the 20th inst. prices closed unchanged
to 8 points higher, with the tone steady.
At the opening
prices were lower on the weak Liverpool cables, which showed
losses of 10 to 21 American points.
Shortly after the local
,op< ning buying was in evidence from Liverpool, the Continent
and the Far East; with a demand from local traders.
On the
selling side appeared spot houses, Southern and New Orleans
interests.
Buying to a large extent was influenced by the
Supreme Court's denial to rehear the rice millers' case, and
its order for the release of impounded funds.
It is thought
this eventually should prove quite a stimulus to the com¬
modity markets in general.
However, an offsetting influence
is the increasing uncertainty over the final government plans
for crop control.
The average price of middling in the 10
selected spot markets, was 11.63 cents, compared with 11.65
cents Saturday.
On the 21st inst. prices closed 4 to 7 points
higher, after a brief session, the market closing at noon as a
mark of respect to the deceased English King.
The January
option in the local market expires Friday at noon, and for
that reason the major portion of the day's operations was
confined to that month.
Though 18 notices were issued,
January gained 7 points for the day.
The final quotation of
11.76 cents for this delivery
compared with an average
Southern spot quotation of 11.71 cents.
Demand from
shorts was supplied largely by houses usually identified with
government interests.
January holdings by the government
are thought to be heavily reduced.
Exports of cotton are
reported to have passed the 4,000,000 mark.
Last season
these figures were not reached until about the middle of May.
With the recent order of the Supreme Court demanding that
funds in escrow be released, many are inclined to look for
increasing activity on the part of the trade with advancing
Fri.
11.95
950
Since Aug. 1
.
with trading very light and devoid of special feature.
Closed
Total week.
moderately
active, and prices held fairly steady most of the week 011
inflationary talk.
To-day, however, the President spiked
the inflation rumor and prices broke sharply.
On
the
18th
inst.
prices closed 3 to 10 points off,
Wed.Thurs.
Futures
Market
Closed
3,067 106,269 2,463,245
1,804
95,855 2,740,730
8,903 171,853 3,561,622
Speculation in cotton for future delivery
Mon.
Market and Sales at New York
707,597
607,673
569,590
191,628
43,255
149,687
34,355
159,460
!
Total
Sat.
.11.85
Middling upland
Total
"300
Houston.
to
Jan. 18 to Jan. 24—
Leaving
'J
Mobile
11
The official quotation for
middling upland cotton in the
New York market each day for the past week has been:
at—
Great
New
to cotton
shipboard, not
on
Agri¬
Act, brought about this sharp setback
prices. Liverpool cables reported the market there
13 points lower.
cultural Adjustment
In addition to above exports, our telegrams to-night also
closing
as
Wednesday
Jan. 22
prices
at
follows:
Thursday
Friday
Jan. 23
Jan. 24
Jon. '36—
Range.. 11.69vll-76 11.62-11.70 11.67-11.77 11.78-11.82 11.72-11.80
11.71-11.78
Closing. 11.69
—
11.69
11.76
11.80
II.75
11.58ft
—
11.61ft
11.60ft
Feb.—
Range..
Closing. 11.51ft
11.52ft
11.52ft
March—
'Range.. 11.31-11.40 11.25-11.36 11.36-11.42 11.40-11.46 U.41-11.50 11.33-11.41
Closing. 11.32-11.33 11.35-11.36 11.39-11.40 11.42-11.43 11.44-11.45 11.37
April—
Range..
11.21ft
11.25ft
Closing. 11.17ft
11.29ra
11.33ft
11.37ft
May—
Range.. 11.00-11.08 10.92-11.06 11.05-11.12 11.10-11.18 11.16-11.24 11.02-11.10
11.01
11.05-11.06 11.10
Closing.
11.16-11.17 11.22
11.07-11.08
June—
Range..
Closing. 10.83ft
10.87ft
10.92ft
10.98ft
11.07ft
10.92ft
July—
Range.. 10.64-10.71 10.58-10.69 10.70-10.76 10.74-10.84 10.84-10.92 10.70-10.80
10.65
10.68-10.69 10.74
Closing
10.80
10.92
10.77
Aug.—
.
Range..
Closing. 10.48ft
Sept.—
10.53ft
10.59ft
10.66ft
10.77ft
11.61ft
10.38ft
10.44ft
10.52ft
10.63ft
10.45ft
Range..
Closing. 10.31ft
Oct.—
Range.. 10.14-10.24 10.10-10.24 10.24-10.30 10.29-10.45 10.40-10.50 10.21-10.33
Closing. 10.14-10.15
10.22
10.28
10.38-10.40 10.48-10.49 10.28
10.19ft
10.25ft
10.37ft
Nov.—
Range.
.
Closing. 10.12ft
10.47ft
10.25ft
Dec.—
•
Range.. 10.10-10.20 10.08-10.17 10.19-10.25 10.25-10.39 10.38-10.47 10.18-10.27
10.16
10.22
Closing. 10.10
10.35
10.46-10.47 10.22
ft
Nominal.
Range for future prices at New York for week ending
Jan. 24 1936 and since trading began on each option:
1
Option for—
Range for Week
Jan.
1936.. 11.62
Feb.
Range
1936..
Mar. 1936..
Jan.
20 11.82
Jan.
22 10.35
Jan.
20 11.50
Jan.
May
1936__ 10.92
June
Nov. 21 1935
Mar. 18 1935 12.70
Jan.
9 1935
23 10.16
Mar. 18 1935 12.70
Feb.
18 1935
Sept. 30 1935 11.34 Oct.
8 1935
1936..
1936..
10.51
Jan.
20 11.24
Jan.
23 10.33
July 1936.. 10.58 Jan.
Aug. 1936..
20 10.92
Jan.
23 10.21
10.58
1936.. 10.10
May 17 1935
Sept. 30 1935 11.38 Oct.
8 1935
Jan.
20 10.50
Jan.
23
9 1936 11.97
May 25 1935
10.39 Jan.
Nov. 1936..
1936..
Aug. 24 1935 12.07
Jan.
9 1936
Nov. 25 1935
10.42
Sept. 1936._
Dec.
Beginning of Option
10.10
11.25
Apr.
Oct.
Since
Mar. 19 1935 11.97
3 1935 11.40 July
Sept.
9.80 Jan.
11.55
9 1936 11.45
Dec.
26 1935
3 1935
10.19
16.0*8
Jan.
20
10.4*7*
Jan.
23
Jan.
8 1936 10.19
Jan.
8 1936
9.76
Jan.
9 1936 10.69
Jan.
2 1936
The
Visible
the
and consequently
brought down to Thursday evening.
To make the total show the complete figures for to-night
(Friday) we add the item of exports from the United States,
all
foreign figures
for
1935
1934
1933
1932
1931
Stock at Bremen
Stock at Havre.
Stock at Rotterdam
Stock at Barcelona
...
Stock at Genoa
Stock at Venice and
Mestre
74,000
99,000
728,000
276,000
204,000
18,000
68,000
76,000
11,000
Total Great Britain
835,000
909,000
313,000
170,000
27,000
82,000
43,000
20,000
8,000
993,000
586,000
306,000
22,000
89,000
124,000
5,000
10,000
879,000
516,000
264,000
21,000
83,000
104,000
663,000 1,142,000
988,000
5,000
Stock at Trieste
658,000
Total Continental stocks
Havre stock
stock
Europe
Other Continental
American afloat for
U. S. exports to-day
Totai gross
27,000
53,000
28,000
79,000
106,000
47,000
87,000
133,000
Leaving totai net overland
107,000
123,000
314,000
625,000
567,000
622,000
434,000
850,000
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
9.93d,
In Sight and
5.46d.
5.93d.
6.Old.
6.71d.
Tinnevelly, good, Liverpool
1934-35
Since
Since
3,424,195
5,648,250
18,964
24—100,000
509,689
17,375
480,848
2,505,000
85,000
2,230,000
154,848
*24,413
6,135,043
648,287
8,662,939
1,161,050
134,626
613,955
consumption to Jan. 1...
130,435
196,168
Total in
52,473
103,103
222,067
*25,899
over
Aug. 1
Week
Aug. 1
iWeek
Receipts at ports to Jan. 24
Net overland to Jan. 24
6.917", 956
10,437",944
sight Jan. 24
t
week have been 125,000 bales.
Continental imports for past
increase over a year ago
Spinners'
Takings
5.15d.
6.25c.
8.28d.
4.89d.
5.02d.
6.07d.
11.35c.
8.52d.
4.67d.
5.67d.
9.40d.
180,976
480,848
1935-36
7,708,149 7,583,072 9,900,990 10497,046
7.08d.
12.65c.
2,652
17,3<5
foregoing shows the week's net overland movement
has been 18,964 bales, against 17,375 bales for
the week last year, and that for the season to date the
....1,617,000 1,929,000 2,092,000 1,759,000
6,091,149 5.654,072 7,808,990 8,738,046
6.17d.
11.85c.
160,587
509,689
year
North,
Total visible supply
298
2.354
Including movement by rail to Canada.
58,000
334,000
541,000
20,922
7,983
152,071
—
The
73,000
76,000
120,000
-
-
6,766
*
39,000
Middling uplands, Liverpool
Middling uplands, Newr York
3,288
Jm
18,964
Total to be deducted
*
—
..—
418
324,000
47,000
161,000
Continental stock
Total American..
247
6,230
aggregate net overland exhibits an
of 28,841 bales.
28,000
62,000
16,000
Indian afloat for Europe
661,824
Inland, &c., from South
Southern consump'n to Jan.
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
20,027
14,945
5,304
140,338
915,000
351,000
418,000
Havre stock
670,276
1 289
this
590,000
Bremen stock
Total East India, &c
-
Between interior towns
78,000
308,000
Manchester stock
Other
overland
,
..6,091,149 5,654,072 7,808,990 8,738,046
Total American..
East Indian, Brazil, &c.—
Liverpool stock
25,730
points
Deduct Shipments—
Ovenand to N. Y., Boston, &c—
2,569,514 2,836,585 3,733,475 4,791,289
2,285,388 1,801,024 2,084,406 2,138,401
13,247
6,463
44,109
26,356
U. S. ports stock
U. S. interior stock
10,647
9,388
100,811
369,640
1,198
385
438,000
476,000
47,000
52,000
260,000
142,000
101,000 1,055,000
215,000
364,000
70,000
216,000
188,000
129,000
298,000
3,787
14,404
8,327
105,431
392,336
&c
Via other routes, &c
"
245,000
322,000
116,608
47,189
......
Island
Via Virginia
121,990
59,995
4,476
5,657
1,630
252
Louis
Via Louisville
7,708,149 7,583,072 9,900,990 10497,046
above, totals of American and other descriptions are as follows:
Since
Aug. 1
Week
Aug. 1
Week
Via Mounds,
Total visible supply..
bales.
1934-35-
Since
Shipped—
Via Rock
1
and Since Aug. 1
-1935-36
1,386,000 1,502,000 2,135,000 1,867,000
Europe161,000
106,000
133,000
76,000
for Europe 298,000
215,000
364,000
351,000
Egypt, Brazil,&c.,afl't for Europe
120,000
107,000
123,000
58,000
Stock in Alexandria, Egypt
334,000
314,000
434,000
567,000
Stock in Bombay, India
541,000
625,000
850,000
622,000
Stock in U. S. ports
2,569,514 2,836,585 3,733,475 4,791,289
Stock in U. S. interior towns
2,285,388 1,801,024 2,084,406 2,138,401
U. S. exports to-day
13,247
6,463
44,109
26,356
Liverpool stock—
Manchester stock
Bremen stock.
28.60c. 11915
17.75c, 11914
16.85c. 11913
Overland Movement for the Week
India cotton afloat for
A.TYtCViCCi
23.55c.'1917
Jam 24—
Via St.
9.65c.
14.90c.
14.35c.
10.00c.
11.75c.
11.00c.
lJ.90c.
7.00c.
39.25c. 11912
25.60c.11911
31.95c. 1910
17.10c.11909
12.20c. 11908
8.55c. 1907
12.90c. 11906
13.05c. 11905
-
33.80c. 11916
17.30c. 11922
20,30c. 11921
1929
American cotton afloat
Of the
6.30c.11925
stocks
Total European
18.65c. 11920
13.70c.11919
1918
21.00c.
6.70c. 11924
10.45c. 11923
1930
762,000
117,000
894,000
630,000
98,000
bales.
Stock at Liverpool
Stock at Manchester
1933
1934
1935
Quotations for 32 Years
11.85c. 11928
12.6bc. 11927
11.45c. 1926
1936
Friday only.
1936
week last year.
same
New York
are
Jan. 24—
bales more than
receipts at all the towns have been 62,068
made up
Foreign stocks as
Cotton to-night, as
Supply of
"by cable and telegraph, is as follows:
well as afloat are this week's returns,
645
Chronicle
Financial
Volume 142
figures for 1936 show a decrease from last
week of 4,091 bales, a gain of 125,077 bales over 1935, a
decrease of 2,192,841 bales from 1934, and a decrease of
*
679,508
16,146
spinn's* takings to Jan. 24.
23,458
567,625
Decrease.
Movement into sight in
previous years:
1934-Jan. 26
1933—Jan. 271932—Jan. 29
—
9,791,214
.......10,312,187
11,953,510
.165,271 1933.
...278,005 1932
366,683 1931
.
Bales
Since Aug. 1-
Bales
Week—
Quotations for Middling Cotton at
Other Markets
above
The
'
2,788,897 bales from 1933.
Closing Quotations for Middling Cotton on—
Week Ended
Saturday Monday
Jan. 24
Tuesday
Wed'day Thursday
Friday
11.63
11.66
11.68
11.54
11.74
11.77
11.82
11.87
11.90
11.77
Mobile
11.51
11.55
11.60
11.66
11.72
11.57
11.78
HOL.
11.84
11.88
11.90
11.80
HOL.
11.90
11.95
12.00
11.90
Montgomery
11.43
11.45
11.50
11.57
11.60
11.52
Augusta
Memphis
11.92
11.95
11.99
12.02
12.04
11.97
Galveston
movement—that
the
Towns
Interior
the
11.58
New Orleans
At
11.58
is,
the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
in
corresponding period of the previous year—is set out
Savannah
A__
Norfolk
11.82
Movement to
24 1936
Ship¬
Season
Week
Stocks
ments
Receipts
Towns
24
355
103
57,774
14,923
147
Ala., Blrming'm
Eufaula
412
79
77,765
1,064
362
84,078
1,294
898
106.419;
3,727
Montgomery.
Selma
Ark., Blythville
Forest City..
'
I
19,039
882
11,711
70,622
14
7,273
580
135
66,552
95.924
34',
42,876
398
1,306
1,346
38
115,224
27,289
146
42,830
320
49
28,107
922
25,451
26,928
22,088
183
26,549
1,340
35,790
1,533
383
1,121
21,227
19,113
20,001
256
1,105
79
150,646
Newport
Pine Bluff...
1,245
Walnut Ridge
503
29,299
103,589
33,185
24,093
1,402
12
Ga., Albany
33
65,590
12,139
242,178
1,288
1,200
157,078
Athens
Atlanta
Augusta
Columbus..
800
Macon
60
Rome
36
La., Shreveport
Miss.Clarks dale
645
Columbus..
275
Greenwood.
952
Jackson
161
Natchez
12
....
171
Vicksburg
Yazoo City.
42
Mo., St. Louis
5,648
74
N.C.,Gr'nsboro
28,739
49.040
14,646
71,173
109,180
39,492
162,690
52,898
8,694
28,516
37,560
116,570
4,218
22,538
9,558
3,323
347,511
San Antonio.
Texarkana
__
89
Total, 56 towns 104,705
*
23,704
77,651
173
320
Waco
6,794
5,332
23,903
46,231
98,413
394
160
The
above
484,364 bales more
11.32
11.34
11.27
—
New Orleans Contract
for
Market—The closing quotations
leading contracts in the New Orleans cotton
the past
Jan.
Jan.(1936) 11.50
February
340
17,957
8
641
47
67,871
55
7,349 190,481
2,654 145,462
500 24,750
2,202
12,918
61,449
350
82,724
44,621
26,184
28,984
13
33,727
26,577
52,722
25,473
1,684
1,479
3,659
10,775
10
284
21,940
21
19,300
12,012
17,873
56,546
113,820
20,569
123,925
23,582
3,528
19,595
28,155
5,657
195
4,864
112,052
76
3,889
148
1,860
14,035 182,403
3,319
228,388
3,234
81,017
800
150
1,233
2,091
433
3,492
2,045
840
700
335
24
104
1,617
62
428
21
1,655
38
731
132
13,630
10,804
506
17,910 .,022,017
539l
23,117
85
20,210
41
14,331
491
43,721
605
33,987
3
6,679
78
15,632
45
25,939
205
54,028
454
175
400
15,200
39,580
13,575
8,175
46,223
5,773113,844
2,353134,074
450
14,511
283
550
26,999
21,458
28,755
3,070
market for
week have been as follows:
Saturday
1,904
1
1,949
18
Monday
Tuesday
Jan. 20
Jan. 21
Wednesday
Jan. 22
Thursday
Friday
Jan. 23
Jan. 24
11.536-.60a
Bid. 115561167a 115561173a 116061176a 115961172a
.
11.24
11.27
113161132a 11.37-11.38 11.39
11.32-11.33
10.94
10.99
11.04-11.05 11.10
11.17
May
11.02-11.03
10.66
10.71
10.78
10.87
10.71
10.45
10.28
10.41
10.23
-—
June
10.59
July
August...
September
October
..
10.41
10.27
1013&1014a 10.22
November
Decfember. 10.08
10.17
—
10.22
—
10.36
—
—
55,556
150
264
4,362
19,343
65,615
266
21,979
29
5,022
9,122
22,865
2,010
18,117
722
366
4,476
125
5,576 128,119
4,712 72,084
19,363 507,141
241
4
8,012
125
4,052
4,709
1,337
11,604
576
333
15,100
1,556
3,884
18,927
1,183
12,618
53
165
4,200,331130,6042285388 42,637 2,801,686 66,1351801024
totals of 15 towns in Oklahoma.
show that the interior stocks have
week 25,899 bales and are to-night
than at the same period last year. The
totals
11.29
16,915
72,021
24,460
4,492
Includes the combined
decreased during the
11.25
17
11,379
10,518
4,798
11.27
11.22
Dallas.
Fort Worth
843
17,748
32,843
11.34
20,103
66,944
18,392
1,791
1,602
59
45,901
11.25
11.32
March
142
2
11.62
11.22
11.29
April
1,166
308
11.70
50,286
Texas, Abilene.
1,110
11.73
25,769
3,030| 61,346
Robstown..
11.69
108
55,063 693,986
2,800
1,818
2
3,183
221
4,417
1,352 13,574
723
13,435
Paris
11.66
1,140
51.041
Dallas
11.55
11.63
71,658
102,910
Brenham
11.70
11.70
27,970
54.765 1,502,554
Austln.....
11.80
11.70
"621
Tenn., Mem phis
S.C., Greenville
11.75
11.65
7,200 107,880
Oklahoma—
15 towns *.
25
207,
252
4,506
Jan.
Week
38,583
Hope
Jonesboro.
Little Rock..
Season
11.80
11.65
.
Stocks
ments
Week
Helena
30,122
9,279
1935
25
Ship¬
Receipts
Jan.
Week
Jan.
11.75
11.65
Little Rock
Movement to Jan.
11.70
Houston
detail below:
Tone—
Spot
Steady.
Steady.
Steady.
Steady.
Steady.
Options-
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Spinning Industry for De¬
of the Census announced on
Jan. 21 that, according to preliminary figures, 29,253,444
cotton spinning spindles were in place in the United States
on Dec. 31 1935, of which 23,391,370 were operated at some
time
during the month, compared with 23,193,734 for
November, 23,192,602 for October, 22,683,816 for Septem¬
ber, 22,046,652 for August, 22,311,970 for July and 25,072,972 for December 1934.
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 of computing the percentage of activity has
been used.
Computed on this basis the cotton spindles in
the United States were operated during December 1935 at
103.8% capacity. This percentage compares with 101.1 for
November, 103.8 for October, 93.9 for September, 76.4 for
August, 73.5 for July and 86.9 for December 1934. The
average number of active spindle hours per spindle in place
for the month was 233. The total number of cotton spinning
Activity in the Cotton
1935—The Bureau
cember
646
Financial
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:
Spinning Spindles
State
Active Spindle Hours for Dec.
Active
Average per
Spindle
In Place
December
Total
29,253.444
United States
During
Dec. 31
23,391,370
6.803,980,354
Cotton-growing States
Chronicle
too
19,232,864
17,209,878
5,236,985,044
9,008,200
5,525,516
1,416,755,007
the cotton
655,976
150,240.303
148
1,907,814
1,750,860
823,520
662,202
Connecticut
3,358,240
Maine
909,336
Massachusetts
4,829,596
Mississippi
224,354
1,089,256
New Hampshire
New York.
533,460
3,019,444
639,450
3,046,826
171,494
359,904
North Carolina
6,105,730
283,834
5,426,414
Rhode Island
1,239,228
744,238
South Carolina
5,811,726
638,112
545,634
178.540
Virginia
258,764
648,816
544,172
All other States
875,492
280
186
622,590
252
150
297
157
Import Brazilian
a
company to import raw cotton from Brazil,
advices to the United States Commerce
Tokio
office.
An
announcement
The
according to
Department from
by the Department,
new
company, the report states, will be capitalized at 1,000,000
yen,
of which amount one-half will be
paid up. It is planned to erect cotton gins
in Brazil and to purchase cotton from
Japanese farmers in that country.
The cotton-importing company is an
outgrowth of the Japanese Economic
Mission to Brazil which is
sponsoring the plan on the assumption that it
will greatly increase the trade between
the two countries.
It is admitted,
however, that there are many practical obstacles to overcome and that the
enterprise may not prove profitable, the report states.
Domestic
Below
Stock
Three
of
Previous
Cotton
at
Close
of
December
Years,
New York Cotton Ex¬
change Reports—Although the total supply of cotton in
this country for the current season was
larger than that for
last season, the total domestic stock at the end of
December
was much
smaller, in consequence of increases in domestic
consumption and exports, according to the New York Cotton
Exchange Service. The total domestic stock at the end of
December, including government-financed cotton and
vate holdings, was
approximately 11,854,000 bales, the
change Service reported, compared with 12,665,000 on the
same
date last season, 14,208,000 two seasons
ago, and
15,928,000 three seasons ago.
Under date of Jan. 20 the
Service continued:
Analysis of supply and distribution of cotton in this country
emphasizes
that the domestic stock of "free," i.e.,
non-government-controlled, cotton
has been run down to a very low level for this time
of the year. At the end
of December, the total stock of all cotton in all hands in
the United
States,
including government-controlled cotton and private stocks, was
approxi¬
mately 11,854,000 bales.
Of this total, about 5,100,000 bales were
being
carried by the government, in the spot stocks of the
producers' pool and the
loan holdings.
Besides this, the producers' pool had a potential call on
about 900,000 bales, through its holdings of futures to that amount. Dis¬
regarding the futures, the amount of "free" spot cotton in the
country on
Dec. 31, was about 6,754,000 bales.
Allowing, say, 200,000 bales for im¬
ports, city crop accumulations, &c., during the balance of the
season, the
total supply available for domestic
consumption and exports up to the time
when the new crop begins to move off farms is about
6,954,000 bales.
During the seven months from Jan. 1 to July 31 last season, consumption
and exports totaled 5,635,000 bales.
Hence, If consumption and exports
in the rest of this
season
were
to
be the
same
as
in the
same
period last
only
season, the amount of "free" cotton at the end of the
season would be
1,319,000 bales—unless the government released some of its
holdings.
This amount, 1,319,000 bales, would include some
foreign cotton, and a
considerable amount of American cotton not tenderable on
futures contracts
—the current crop having contained more than
the usual percentage of
non-tenderable cotton—and it would
necessarily include some hundreds of
thousands of bales in mill stocks, likewise not
available for tender in the
futures market. Any old crop futures that the
producers' pool might hold
at the end of the season would constitute a
potential claim on the meagre
stocks in domestic merchandising channels.
As a matter of fact, domestic
consumption and exports are currently running at a
substantially higher
rate than a year ago, and, hence, it would
appear, on the face of current
statistics, that the spot situation were headed for an even
tighter position
then just indicated.
The foregoing is merely a statistical
analysis of the current situation and of
the situation that would come about if current trends
were continued.
It is
not expected in the trade that the situation
will develop to the
point in¬
dicated, for in that event the position of the trade at the end of
the season
would be well nigh commercially impossible.
The alternative probabilities
are, obviously, either the release of a substantial
portion of the government
holdings or a marked decrease in the distribution and
consumption of
American cotton.
In the absence of a release of
government stocks, it is
to be expected that shortage of
supplies of cotton, reflected in
high prices
for nearby deliveries relative to prices for distant
deliveries, would tend to
cause mills around the world to run down
their stocks of the raw
material,
and yarn and cloth buyers to run down their
stocks of the manufactured
products, these developments causing a recession in
forewardings of cotton
mills, exports of cotton to foreign countries, and, if carried
far enough, a
decrease in cotton consumption.
In foreign countries, a decrease in
consumption of American cotton would
probably be offset by some increase in consumption of
foreign growths, but
this would hardly be the case in the United
States, since domestic mills run
almost exclusively on the domestic
staple, and so a decrease here would
mind when, within recent weeks,
government holdings of cotton.
Adminis¬
developing situation
in
they urged the necessity of releasing
Weather Reports by
Telegraph—Reports to us by
telegraph this evening denote that a study of the average
0.32 in.
3.20 in.
dry
0.02 in.
dry
Miami
3 days
1 day
Pensacola
Tampa
Ga.—Savannah
2.46
0.01
0.19
0.15
3 days
1 day
_
Atlanta
1 day
Augusta
Macon
S. C.—Charleston
N. C.—Ashevilie
in.
in.
in.
in.
0.02 in.
dry
dry
*
1 day
1 day
0.15 in.
0.34 in.
1 day
—1 day
Charlotte
0.46 in.
—
Raleigh
Wilmington
Tenn.—Memphis—
Chattanooga
0.54 in.
dry
2 days
Nashville
0.02 In.
1 day
_«—2 days
0.86 in.
0.05 in.
Thermometer——low 29
mean 50
low 12
mean 38
low 24
mean 51
low 10
mean 38
low 32
mean 55
low 30
mean 58
low 16
mean 42
low 24
low 26
low 24
low 18
low 26
low 16
low 16
low 12
low 32
low 17
low 22
low 26
low 27
low 14
low 22
low 32
low 50
low 28
low 38
low 30
low 12
low 22
low 20
low 26
low
6
low 12
low 12
low 20
low
9
low
8
low
4
52
45
50
47
53
39
mean
mean
mean
mean
mean
mean
mean
34
40
54
mean
47
mean
50
mean
mean
mean 51
48
mean 44
mean 49
mean 52
mean
mean 66
48
57
mean
mean
mean 52
mean 41
mean 46
43
mean
mean
48
mean
34
mean
38
mean 41
mean
45
mean
33
mean
40
mean
36
The
following statement has also been received by tele¬
graph, showing the height of rivers at the points named at
8
a.
m.
of the dates
given:
Jan. 24 1936
Feet
New Orleans
Above
zero
Above
zero
Above
zero
Above
zero
of gauge.
Above zero of gauge.
Memphis
Nashville...
Shreveport
Vicksburg
Receipts from
the
Jan. 25 1935
Feet
6.8
4.3
21.1
27.3
35.4
of gauge.
of gauge.
14.3
5.5
20.6
of gauge.
25.5
24.1
Plantations—The
following table
indicates the actual movement each week from the
planta¬
tions.
The figures do not include overland
receipts nor
Southern consumption;
they are simply a statement of the
weekly movement from the plantations of that part of the
crop
Week
which finally reaches the market through the outports.
Receipts at Ports
Stocks
at
Interior
j Receipts from Plantations
Towns
Endedj
1935
1934
|
Oct.—I
j
I
1933
|
1935
I
1934
1933
1935
1934
1933
|
18.. 372,945 208,903 376,859 2,132.3451
735,609 1,785.278 514.566 300.444 504.550
25.. 405,164 232,059 348,464
2,220,7511 829,198 1.881,910493.570325,648 445,096
Nov.1- 372,149 201.932
313.1112,253,1001
882.2231,986.737404,498 254,957 417,938
8.. 363.686 148,501 275,658 2,287.554 1
922,2542.081,239 398.140 188.532 370,160
15.. 330.485 134,427
257.1262.318.7831,963.2932.151,371359,714 175.466 327.258
22.. 271,993 133,525 285.757 2,321,538 1
983.174 2,186,556 278.748 153,406 250,572
29.. 222.432 119.755
266,0622.350.4251 973,9682.198,290251,319110.549 277,796
Dec.6_. 258.950 104.014 218.332
2,358.2791, 960,556 2.207,139 266,804
13.. 177.455109,945 177.899
2.389.1801, 934,2152.203,417 188.356
20.. 188.143105.029 165.800 2,371,801
1, 915.166 2.195,903 1190.764
27.. 158,112 84.550 150.873
2,382,2571, 911,1382,188,745 161,268
1936
1935
1934
1936
1935
Jan.—
3..
10..
99,705
98/04
17..
92,756
1934
1938
1
90.602 227,181
83.604174.177
85.980 158,286
80.522 143.716
1935
1934
62.371 101.0162.361,5051.883.029 2,181.268
65,462 105,0702,337,209 1,851,022 2,152,086
65.9081103,831 2,311,287 1,825.4372,122.362
74.50S
66,834
23.455
40.323
74,103
52,473114,6112.285.3381,801,024 2.084,406
24.. 103,103
77,201
28,060
76,655
78.953
34.262
93,539
75,888
The above statement shows:
from the plantations since
in 1934-35
(1) That the total receipts
Aug. 1 1935 are 6,781,010 bales;
4,065,709 bales and in 1933-34 were 6,624,952
(2) That, although the receipts at the outports the
past week were 103,103 bales, the actual movement from
plantations was 77,204 bales,
stock
at interior towns
having decreased 25,899 bales during the week.
were
bales.
World's Supply and Takings of
Cotton—The follow¬
ing brief but comprehensive statement indicates at a
glance
the world's
supply of cotton for the week and since Aug. 1
for the last two
are
seasons
from all
sources
obtainable; also the takings
or
from which statistics
amounts
sight for the like period:
Cotton
Takings,
Week and Season
1935-36
Week
Visible supply Jan. 17
Visible supply Aug. 1
American In sight to Jan. 24-_
Bombay receipts to Jan. 23-Other India ship'ts to Jan. 23
Alexandria receipts to Jan. 22
Other supply,to Jan. 22 *
to
represent a net loss in the world all-cotton
consumption rate.
tration leaders at Washington doubtless had this
0.56 in.
0.34 in.
1 day
Fla.—Jacksonville
Cotton Grown by Japanese Farmers in
Brazil—Tentative
its
dry
dry
dry
dry
dry
2 days
1 day
Birmingham
Montgomery
176
plans have been perfected in Japan for the organization of
0.46 in.
0.24 in.
__1 day
2 days
Ala.—Mobile
240
Mr. Holbrook is Assistant Treasurer of the
Kendall Co. of
Boston, who are textile manufacturers.
Jan. 17 said:
2 days
1 day
Shreveport
Miss.—Meridian
Vicksburg
284
in.
dry
dry
.
Ark.—Fort Smith
Little Rock
La.—New Orleans
123
Exchange—
Managers held Jan. 21, Eijiro
Fujise and Henry G. Holbrook were elected to membership
in the New York Cotton
Exchange.
Mr. Fujise is a part¬
ner of the Southern Cotton Co. of
New York City and Dal¬
las, Texas, who do a spot cotton business, mostly for
export.
to
0*22
high 70
high 64
High 78
high 66
high 78
high 86
high 68
high 80
high 64
high 76
high 76
high 80
high 62
high 52
high 68
high 76
high 76
high 78
high 76
high 71
high 74
high 76
high 72
high 82
high 68
high 76
high 73
high 70
high 70
high 66
high 70
high 62
high 64
high 70
high 70
high 69
high 72
high 68
0.04 in,
0.06 in.
0.10 in.
Oklahoma—Oklahoma City__ '
93
Two New Members of New York Cotton
At a meeting of the Board of
Company Organized in Japan
1 day
Palestine
San Antonio
163
230
0.69 in.
0.10 in.
dry
2 days
1 day
Dallas
Del Rio
El Paso
Houston
Rainfall
1 day
Brownsville
Corpus Christi
185
1,539,362,516
185,855,430
1,726,777,225
181,252,345
40,656,124
155,428,252
154,090,642
Rain
2 days
2 days
Abilene
290
65,804,418
5,395,768
TennesseeTexas
272
553,348,519
152,094,414
940,702,802
169,510,478
785,812,409
51.664,872
101.619,908
falls.
much of the cotton belt region.
Austin
157
1,012,380
Alabama
rain
over
Texas—Galveston
Amarillo
233
New England States
Georgia
plowing to make better headway unless
Temperatures continue well below
The soil over
belt generally is in the best of condition.
much
normal
in Place
All other States
Jan. 25 1936
in the past seasons seem to indicate that
January will be
the coldest month of the winter and that
temperatures in
February will be milder.
If this condition runs true to
form it would allow
Total supply
Of which other
*
out
of
1934-35
Season
7.712,240
Week
Season
7,694,816
4,295,259
10.437,944
924,000
18,000
321,000
*2,000
1,293,600
11,000
240,000
6,879",719
196", 168
130,435
84,000
9.6,000
8,000
33,000
10,000
6,917,956
856,000
301,000
1,031.200
290,000
8.063,408 17.511,803
a
7,968,251 16.275.875
7,708,149
Deduct—
Visible supply Jan. 24
Total takings to Jan. 24
Of which American
gone
7,708,149
7,583,072
7.583,072
355,259
248,259
107,000
9,803,654
7,134,054
2,669,600
385,179
208,179
177,000
8,692,803
5,958,603
2.734,200
Embraces receipts in
Europe from Brazil
,
Smyrna, West Indies, Ac.
a This total embraces
since Aug. 1 the totai estimated
consumption by
Southern mius, 2,505,000 bales In
1935-36 and 2,230,000 bales in 1934-35—
taidngs not being available—and the
aggregate amount taken by Northern
and foreign
spinners, 7,298,654 bales in 1935-36 and b,462,803 bales In
1934-35, of which 4,629,054 bales and
3,728,603 bales American.
6 Est.
647
Chronicle
Financial
Volume 142
Bales
All Ports—The receipts
India Cotton Movement from
Bombay and the shipments from
of India cotton at
all India
1935-36
Jan. 23
Bombay
7,363
-
18—
2,997—-Jan.
23—
Manchester—Jan.
Temple Pier, 1,480
3,716
250
4,910
Michigan, 1,913
To Dunkirk—Jan. 23—Michigan, 467
467
152
To Antwerp—Jan. 16—Chester Valley, 152
To Rotterdam—Jan. 16—Chester Valley, 664
772,000
856,000 129,000
92,000
924,000
84,000
-
18—Temple
2,236—Jan.
Aug. 1
Week
Aug. 1
Week
Aug. 1
Week
632
--- — - -
—
17—Custodian, 5,311—Jan.
17—Custodian,
Since
Since
Since
Receipts—
23
To Copenhagen—Jan. 16—Tampa, 250
To
Havre—Jan.
16—Chester
Valley,
To
1933-34
1934-35
16—Chester Valley, 482— -Jan.
150
Michigan,
To Liverpool—Jan.
Pier
2 052
cabled,
the season from Aug. 1 as
have been as follows:
ports for the week and for
for three years,
HOUSTON—To Ghent—Jan.
16—Tampa, 542
To Oslo—Jan.
664
—
542
*
1,441
1,231
1,735
1,337
Gdynia—Jan. 16—Tampa, 1,441
To Gothenburg—Jan. 16—Tampa, 1,231
——
To Japan—Jan. 18—Aurora, 1,735
—
NEW ORLEANS—To Ghent—Jan. 15—West Moreland, 1,337-To Havre—Jan. 15—West Moreland, 4,381—Jan. 21—Gand,
To
Since Aug. 1
For the Week
Exports
Great
Britain
ment
Great
Britain
I Total
I China
ment
1934-35—
1933-34—
Total
China
568,000
399,000
516,000
130,000
29,000
140,000
21,000
30,000
144,000
174,000
113,000
65,000
98,000
2C ,000
236,000
213,000
142,000
348,000
380,000
387,000
681,000
334,000
Other India
1935-38—
18,000
1934-35—
8,000
18,000
8,000
26,000
30,000
4,000
1933-34-
321,000
301,000
311,000
all—
Total
2',000 68,000
14,000' 30,000 47.000
34,000| 20,000 63,000
32.000
8,000
3,000
9,000
1935-36—
1934-35.
1933-34.
86,000
128.000
889,000
982,000
645,000
399,000
516,000!
130,0001
According to the foregoing, Bombay appears
compared with last year in the week's
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:
Alexandria
1933-34
1934-35
Tricalor, 1
8ince Aug.
as
This
High
Staniard
Week
Exports (Bales)—
9,000 138,171
92,358
8,000
To Liverpool
Manchester,
To
Week
1
Aug.
&c
India. 16,000 394.794
To Continent and
2,000
To America
21,601
81,033
78,573
8.600
13,000 382.058
3.00o 20,221
1
10.000 184,561
96,552
18", 000 328,282
39,791
4,000
Density
210,000 cantars and the foreign shipments
2,626
.45c.
.45c.
Flume
.30c,
.450.
Piraeus
.85e.
ard
I 00
.45c.
Salonlca
.85c.
1 00
Venice
.50c.
,65c
Copenhag*n.42c.
Naples
.40c.
Legh< rn
,40c.
Gothenb'g .42o
,57c
Barcelona
Antwerp
*
*
*
.27c.
Havre
Stand-
.650.
.30c.
.30c.
Manchester. 30c.
Liverpool
H gh
.60c.
Trieste
.42o.
Japan
30c.
.45c.
Shanghai
*
45c.
.60c.
Bombay
60c
65c.
.46c.
.61c.
Bremen
30c
45c.
,42c.
57c.
Hamburg
32c
D'r.sity
.550
.55c
47c.
■
z
.57c
Only amall lots.
follow¬
stocks, &c.f at that port:
—
Of whicn American
Totai.
weigh about 750 lbs.
the week ended Jan. 22 were
25.000 bales.
Jan. 24
52,0od
o30,000
322,000
55,000
622,000
328,OuO
70,060
632,000
331,000
54,000
616,000
317,0u0
-
Totai stocks.
Jan. 17
Jan. 10
Jan. 3
Forwarded
42,000
49,000
34,000
28,000
3,000
174,000
112,000
1,000
191,000
95,000
2,000
211,000
100,000
2,000
210.000
98,000
imports
Of whicn American
Amount af.oat
35,000 646,924 24,000 561,885 32,u00 649,186
Total exports
Note—A cantar is 99 lbs.
Egyptian bales
This statement shows that the receipts for
75
400
17—
Liverpool—By cable from Liverpool we have the
Aug.
Week
1
Aug.
100
50
1,229
pound:
Standard
High
Density
ing statement of the week's imports,
Since
This
Since
This
Since
924
86,622
follows, quotations being in cents per
Genoa
115.000
5,843,246
165,000
5,159,596
210.000
6.512,316
150;
Freights—Current rates for cotton from New
furnished by Lambert & Barrows, Inc., are as
Cotton
York,
•Rate Is open.
1
38
350
.
Stockholm
This week
200
2,115
.
Oslo
Receipts (cantars)—•
250
18—President Hoover,
1,225—Jan.
Jan. 21—Golden Sun, 1,400
To Japan—Jan.
Rotterdam
1935-36
2,000
1,156
400
To Bremen—Jan. 20—Seattle,
ceive weekly a
Alexandria, Egypt,
Jan. 22
—
2,000
To Gdynia—Jan. 18—Stureholm, 956; Tripp, 200
To Gothenburg—Jan. 18—Stureholm, 250
To Gdynia—Jan. 18—Svanhild, 200
To Antwerp—Jan. 21—Gand, 38
To Japan—Jan. 21—Haveland, 2,115
To Dunkirk—Jan. 21—Gand, 350
LOS
ANGELES—To
Liverpool—Jan.
18—Steel Maker,
Lochgoil, 774
To Manchester—Additional—Pacific Grove, 100
To Antwerp—Jan. 16—Wyoming, 50
To Havre—Jan. 16—Wyoming, 1,229
To Dunkirk—Jan. 16—-Wyoming, 75
receipts of
8,000 bales.
Exports from all India ports record an increase
of 21,000 bales during the week, and since Aug. 1 show a
decrease of 93,000 bales.
900
15—West Moreland, 900
To Bremen—Jan. 18—Tripp,
to show a
decrease
5,181
800
To Rotterdam—Jan.
I
8,000 14,000 28,000 50,000
3,000
6,000 30,000 39,000
5,000
8,000 20,000 33,000
1935-36—
I
I
I
Bombay—
&
Japan
Conti-
Jap'ndk
Conti-
From—
Of whicn American
market for spots and futures
week and the daily closing prices of
spot cotton have been as follows:
I
The tone of the Liverpool
each day of the past
<
•
Manchester
Market—Our report received by cable to¬
night from Manchester states that the market in yarns and
is steady.
Demand for home trade is improving.
cloths
those for previous
prices to-day below and leave
We give
weeks of this and last year for
comparison.
32s Cop
32s Cop
Ppl'ds
to Finest
Twist
Middl'g
Twist
d.
d.
•
ings,
d.
d.
d.
s.
Cotton
Miadl'g
Upl'ds
Common
to Finest
d.
b.
s.
d.
Oct.—
18
10
@11H
9 5
25
10
@11K
9
6
@97
@10 0
1
10
@ 11H
9
@11H
10
6
10 0
10
UD* @12
12
1
10H@11W
9 1
@93
6.97
10tf@llH
9
@93
1
@10 0
6.45
10
9UV
9
1
@93
8
6.47
10
@1 iy4
9 2
@94
Sat.
Jan. 18
6 81
10H@UH
10H@11H
9
2
@94
6.88
6.77
9
4
@96
6.91
6.59
10^@11H
9
4
@96
6.96
10tf@llH
9
@96
7.02
94
@
96
7.08
May
5.86
5.79
5.82
10K@11H
94
@
96
7.15
July
5.78
5.72
5.74
7.20
October
5.59
5.52
5.53
@10 5
6.67
@10 4
6.50
@10 2
6.38
@10 2
6.41
10H@11«
New Contract
9
4
4
@96
5.95
5.88
5.92
5.85
5.88
December
4
@96
7.23
5.56
5.56
March
9
5.56
May
5.53
@11H
9
5
@
7
6.07
9
4
@96
8.18
July
5.52
4
@96
6.13
10H@11H
9
4
@96
7.15
1
9
4
@96
6.17
10^@ll>*
9
4
@96
@11M
@10 0
J
previous page, the
the past week have
in detail, as made
mail and telegraphic reports, are as follows: Bales
Shipping
News—As shown
on
5.50
_
5.49
-
.
.
«.
-
«
-
5.98
6 01
5.99
6.08
5.97
5.97
5.91
5.96
5.98
5.97
6.04
5.92
5.92
.
m
5.89
5.91
5.90
5.98
5.85
—
5.85
5.85
-
m
-
-
5.77
5.82
5.84
5.83
5.90
5.78
—
5.77
—
*»
5.57
5.62
5.64
5.63
5.70
5.55
6.56
m
5.54
.
mm-
5.48
—
-
5.53
--
5.46
•
d.
d.
d.
d.
d.
d.
d.
mm
5.52
--
5.50
«•
—
...
...
-
-
5.61
5.60
.
-
mm
5.59
-
-
-
.
—
.
-
--
.
-
5.57
-
mm
.
mm
5.66
...
5.66
...
5.65
5.63
--
6.52
5.52
--
5.51
...
-
5.49
mm
mm
.
.
.
GALVESTON—To Copenhagen—Jan. 16—Svanhild, 600
To Gdynia—Jan. 16—Svanhild, 138
Jan. 18—Tampa, 879;
American Press, 225
To Japan—Jan. 16—Amagisan Maru, 3,899
Jan. 17—Myrtle
Bank, 2,799_—Jan. 20—Aurora, 5,760
To Bremen—Jan. 18—American Press, 8,615
To Hamburg—Jan. 18—American Press, 100
To Oslo—Jan. 18—Tampa, 258
—
To Gothenburg—Jan. 18—Tampa, 399
To Puerto Colombia—Jan. 13—Commercial Alabaman, 80—
To Liverpool—Jan. 20—Custodian, 5,973—Jan. 22—Temple
Pier, 4,911
J-
Manchester—Jan.20—Custodian, 1,471
21—Chester Valley, 2,074
To Dunkirk—Jan. 21—Chester Valley, 180
To Rotterdam—Jan. 21—Chester Valley, 623
1,242
12,458
8,615
100
258
399
80
10,884
Jan.22—Temple
2,515
Pier, 1,044To Antwerp—Jan. 21—Chester Valley, 148
To Ghent—Jan. 21—Chester Valley, 686
To Havre—Jan.
600
—
148
—686
2,074
—
180
623
—
142
——
234
275
28
Japan—Jan. 17—Amagisan Maru, 211—
SAVANNAH—To Bremen—Jan. 17—Kohistan, 2,483
211
2,483
21—Chester Valley, 142
Valley, 234
To Rotterdam—Jan. 21—Chester Valley, 275
LAKE CARLES—To Ghent—Jan. 19—Michigan, 28
TEXAS CITY—To Ghent—Jan.
To Havre—Jan. 21—Chester
CORPUS CHRISTI—To
NORFOLK—To Hamburg—Jan. 18—City
Jan. 24—City of Newport News, 78
of Baltimore, 275—
-
353
...
mm
5.45
—
«...
5.40
5.49
5.56
5.44
-
5.51
mm
mm
5.61
5.55
5.47
5.42
BREADSTUFFS
a
exports of cotton from the United States
reached 86,622 bales.
The shipments
To
—
mm
7.08
10
from
-
-
5.48
9
October
9K@11H
1
Frl.
5.93
5.91
March..
January (1937)..
19 35
6.44
d.
d.
d.
d.
January (1936)..
10H@11H
10^@11H
10
1
given below:
Thurs.
Noon Close
Close Noon Close Noon Close Noon Close Noon Close
6.77
3
are
Wed.
to
Jan. 24
@10 5
9 6
1
each day
Tues.
Mon.
@10 2
@10 2
3
17
Steady,
Steady,
Steady,
Quiet but
11 to 14 pts
4 to stdy., 2 to 6 to 8 pts. 4 to 7 pts.
decline.
advance.
advance.
dec. 4 pts. adv.
1
10 2
10
pts.
Prices of futures at Liverpool for
6.79
@10 2
Jan.—
up
pts. stdy.,
6.92
19 36
10
3
0
10«@11H 10 0
10*@11K 10 0
27
to
advance.
10
10
10H @12
6
13
6.17d.
6.19d.
6.18d.
Quiet but
Quiet,
Market,
P. M.
6.47
Dec.—
20
doing.
doing.
Barely st'y
Steady,
Quiet but
Quiet, un¬
Quiet,
Futures.]
11 to 14 pts
Market
( 4 to 5 pts. stdy., 2 to changed to stdy., 4 pts 2 pts. dec.
decline.
to 2 pts adv
advance.
4 pts. dec. 2 pts. adv.
advance.
opened (
10
10H@11K
29
A fair
busines
demand.
6.13d.
6.08d.
6.15d.
10 3
15
22
*
d.
6.40
Nov.—
8
A fair
business
Moderate
Quiet.
doing.
demand.
P. M.
4
s.
business
A fair
12:15
Quiet but
834 Lbs. Shirt¬
Cotton
Moderate
Market,
Friday
Thursday
Wednesday
Tuesday
Monday
Mid.Upl'ds
1934
1935
8H Lbs. Shirt¬
ings, Common
Saturday
Spot
Friday Night, Jan. 24 1936
Flour—No
Trading
real
change
remained very
appeared in the flour situation.
quiet,
there being no signs of a
pick-up in demand.
Impounded tax refunds are having a
more or less disturbing effect, and signs would seem to indi¬
cate that it will
be
a
long time before this situation is clari¬
unchanged, family brands hold¬
carlots.
Flour quotations are
fied.
ing at $8.15 to $8.30 for
Wheat—On
the
18th inst.
prices closed unchanged to
3^c. higher.
The market ruled firm, though very quiet.
Legislative uncertainties and indications that it will be some
little time before the government is able to put through a
plan with reference to crop control are factors
helping sentiment much, and are apparently responsible
in a large measure for the general feeling of apathy in evidence
definite
not
in many
commodity markets.
There
was
nothing striking
foreign news.
On the 20th inst. prices closed un¬
changed to Y% cent lower, with trading the dullest so far
in the
Liverpoool closed with net losses of % cent.
be a general feeling of apathy on the part
of the trade here in view of the lack of anything striking in
the way of news from abroad, and the general uncertainty
this
year.
There appears to
648
Financial Chronicle
prevailing as to government action in the many complexities
resulting from the recent Supreme Court decisions.
Local
shippers continue to sell wheat to outside mills, Monday's
sales totaling nearly 50,000 bushels.
Domestic flour demand
is still disappointing.
On the 21st inst. prices closed yc.
lower.
Trading was extremely dull, with the volume of
transactions near the record low.
Contributary causes of
this extreme dullness
were
the closing of
the Liverpool
and Winnipeg markets out of respect to the deceased English
King and the utter absence of anything stimulating in the
news from other
parts of the world.
Other influences were
the uncertainty and
confusion obviously prevailing in
government circles in the attempt to meet the situation
created by recent Supreme Court decisions and the order to
release funds in escrow.
At no time did the Chicago grain
market show a semblance of activity.
Unfavorable crop
reports concerning the new winter wheat crop, appeared to
be ignored as a market influence.
On the 22d inst. prices
closed % to % cent higher.
The firmness of prices not¬
withstanding the light volume of trade, was ascribed to the
threat of wheat damage as a result of the severely cold
weather in the West and Northwest.
This influenced
some
short covering, but aside from this demand there was no new
outside buying and speculative interest appeared to be
dormant.
The uncertainty concerning developments
at
Washington,
the absence of
appreciable demand from
flour interests and no news of a particularly stimulating
character from abroad were factors apparently responsible
for the feeling of apathy in grain circles.
On the 23rd inst. prices closed % to %c. up.
The market
continued
tremely
in
its
narrow.
developments.
weather would
in the
dull, listless state, with fluctuations ex¬
The trade appears to be awaiting further
It was
thought the prevailing sub-zero
damage to the crops, but nothing
There was nothing in the foreign
stimulating character outside of the report that
a
cause some
indicated this.
news
of
news
an
Japan had re-entered the world wheat market
which, of
course,
as a buyer,
indicates further competition for available
world
supplies.
To-day prices closed unchanged to %c. down.
There have
been so many disturbing factors and uncertainties hanging
over the commodity markets of late that traders are still
indisposed to commit themselves, and the same quiet easing
tendency prevailed in wheat to-day. Predictions were heard
that big crops of spring, should they follow an abundant
crop of winter wheat, would lift the 1936 production on this
continent
to
bushels.
total
a
of approximately
volume
Open interest in wheat
DAILY
1,200,000,000
110,119,000 bushels.
was
CLOSING
PRICES
OP
WHEAT
Sat.
Mon.
117% 117
CLOSING
PRICES
OP
WHEAT
Sat.
May
July
September
Season's
September
_____
—
High and
102%
December
97%
May
98%
DAILY
CLOSING
Mon.
____100%
88%
87%
117%
Tues.
100%
88%
87%
88%
87%
DAILY
DAILY
Season
When Made
I
Season's Low and When Made
Apr. 16 19341 September
78%
July
6 1935
July 31 19351December
81
July
6 1935
Aug.
1 1935 iMay
88%
Aug. 19 1935
PRICES
OP
WHEAT
Sat.
May
July
89
October
88
88%
FUTURES
Mon.
Tues.
IN
Wed.
88
88%
Closed
87%
-
December
May
WINNIPEG
Thurs.
88%
88%
87%
88
88%
87%
Fri.
87%
88%
87%
Corn—On the 18th inst. prices closed M to ^ cent higher.
large local operator was reported to be a substantial buyer.
However, as the market showed a tendency to advance,
offerings became freer.
Offerings from the country were
still relatively light.
Clearing and colder weather was
predicted, which of course would have a beneficial effect in
aiding the quality of corn still on the farms.
On the 20th
inst. prices closed y2 to % cent lower.
Sport corn was
steady and y2 cent higher, but this had no appreciable effect
on the market for futures.
Neither did the falling off of
receipts at primary markets nor the reports of colder weather
have any
influence on prices. The grain markets appear
decidedly sluggish.
On the 21st inst. prices closed y
A
When
Made
Jan.
June
Aug.
37
In spite of falling off of receipts from the
country
due to heavy weather, demand for spot corn continued in¬
different.
Trading extremely light, with fluctuations nar¬
On the 22d inst. prices closed y2 to % up.
Receipts
from the interior are expected to fall off as a result of the
On
An
the
23rd
advance
inst. prices closed unchanged to %c. lower.
lc. in spot corn had little or no effect on
of
the market for
futures.
The
unusually low receipts and
This, of course, is regarded
as
the
severe
likely be
%c. up.
and
as
this
the
on
a
There
weather
commodity
other
grains.
as
eases
large scale.
was
strength in spots was due to
a good demand for spot corn.
very
up
temporary, for
nearby
as
arrivals will
soon
very
To-day prices closed %c. off to
nothing in the
seems to
news
of interest,
on corn
be in the doldrums the
Open interest in
-
1 1935
May
was
same
23,043,000
bushels.
32%
32%
OP
CORN
IN
NEW
Mon. Tues.
83 %
82%
83%
Thurs.
83%
Fri.
83%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
May
60%
60%
60
60%
60%
60%
July
September
60%
60%
60%
60%
60%
60%
60%
60%
60%
60%
60%
60%
28%
28
27%
When Made
June 13 1935
June 13 1935
Aug. 17 1935
32%
32%
32%
32%
32%
32%
inst.
prices closed y cent higher to y cent lower.
Trading
light and fluctuations narrow.' On the 22d inst. prices closed
unchanged to y cent higher.
Trading very inactive and no
of interest.
news
On
the 23rd inst. prices closed y to
V2c. lower.
There
nothing in the news to explain the easing tendency of
rye outside of a very soft market on slight
pressure.
The
market for this grain continues
comparatively quiet. To-day
prices closed y±c. down to yc. up, with the market
was
very
quiet.
DAILY
CLOSING
PRICES
OF
RYE
Sat.
May
July..
September.
When
Made
Tues.
54%
54%
54%
55
High and
FUTURES
Mon.
55%
55
IN
CHICAGO
Thurs. Fri.
Wed.
54%
54%
54%
55%
54%
54%
Season's Low and
Jan.
5 1935
September
45
53%
52%
June
Aug
3 1935
December
48%
46%
1 1935
CLOSING PRICES OF
May
July
May
RYE
55%
53%
55%
53%
53%
54
When Made
June 13 1935
76
June 13 1935
Aug. 19 1935
FUTURES IN
WINNIPEG
Sat
Mon
Tues.
Wed. Thurs. Fri.
45%
45% Closed 45%
45%
45%
-—46%
46%
46%
46
46%
-
DAILY CLOSING PRICES OF BARLEY FUTURES
IN CHICAGO
Sat. Mon.
Tues.1 Wed. Thurs. Fri.
May
43%
DAILY CLOSING PRICES
May
July-
Closing quotations
43%
43%
43%
OF BARLEY FUTURES IN
Sat. Mon.
Tues.
Wed.
38
37% Closed 38
38%
—
-
38%
43%
43%
WINNIPEG
Thurs.
38%
Fri.
37%
38%
37%
38%
follows:
were as
GRAIN
Wheat, New York—
No. 2 red, c.i.f., domestic
Manitoba No. 1, f.o.b. N.Y
Oats, New York—
117%
Corn, New York—
No. 2 yellow, all rail.
No. 2 white
43%
Rye, No. 2, f.o.b. bond N. Y__
Barley, New York—
47% lbs. malting
54
Chicago, cash
54-
FLOUR
Spring pats.,high protein $7.00( 7.30
Spring patents
6.65< 6.95
Clears, first spring
6.00( 6.30
Soft winter straights
4.90( 5.20
Hard winter straights
6.20< >6.50
Hard
winter patents
Hard winter clears
6.40( >6.70
5.50( >5 89
Rye flour patents
$4 00
4.30
Seminola, bbl., Nos. 1-3. 7.60
7.80
Oats, good
2.60
Corn flour
2.05
Barley goods—
Coarse
2.85
Fancy pearl,Nos.2,4&7 4.00®4.75
For other tables usually given here see page 573.
The
visible
supply of grain, comprising the stocks in
principal points of accumulation at lake and
seaboard ports Saturday, Jan. 18, were as follows:
at
granary
GRAIN
STOCKS
Wheat
New York
"
Corn
Oats
Rye
Bushels
Barley
Bushels
Bushels
Bushels
97,000
127,000
Boston.
Bushels
4,000
United States—
236,000
38,000
389,000
afloat
747,000
Baltimore
New Orleans
62,006
1,176,000
Philadelphia
73,000
211,000
41,000
32,000
48,000
29,000
Wichita
Hutchinson
St. Joseph
119,000
444" 000
55,000
20". 000
"2,000
72,000
m
m
m
m
m.
11,000
223,000
15"66o
165" 660
51,000
2,033,000
1,096,000
1,986,000
1,114,000
Fort Worth___.
65,000
470,000
Galveston
1,000
T660
~5"666
13:000
14",660
91:660
182,000
67,000
187,000
1,026,000
10,000
149.000
128,000
St. Louis
1,976,000
364,000
833,000
2,233,000
4,792,000
442,000
719,000
Indianapolis
1,632,000
1,000
555,000
510,000
32,000
79,000
7,828,000
,058,000
5,521,000
2,205",660
55~666
232,000
561,000
220,000
562,000
47,000
73,000
1,796,000
6,726,000
2,073,000
68,000
Kansas City
11,299,000
Omaha
4,335,000
341,000
Sioux City
Peoria
Chicago
442,000
864,000
384,000
"
188,000
Milwaukee
1,009,000
Minneapolis
YORK
Wed.
28%
27%
27%
Rye—-On the 18th inst. prices closed % to y^p, with a
much improved demand in evidence for
spot rye.
On the
20th inst. prices closed y to y cents
lower, apparently in sym¬
pathy with the other grains. Trading very light. On the 21st
afloat
Sat.
84
Fri.
Thurs.
28
27%
32% Closed
32%
"
DAILY CLOSING PRICES
No. 2 yellow
43%
CHICAGO
31%
33%
29%
December
43%
28%
Season's Low and
September
-
afloat
corn
IN
Wed.
28%
27%
27%
Fri.
Thurs.
43%
DAILY CLOSING PRICES OF OATS FUTURES IN
WINNIPEG
Sat. Mon.
Tues.
Wed. Thurs. Fri.
May
July—
row.
prevailing cold wave.
This together with a firm spot mar¬
ket encouraged some buying of futures.
This demand was
of short duration, however.
28%
27%
27%
YORK
Wed.
Tues.
7 1935
4 1935
,
lower.
NEW
43%
Mon.
28%
27%
27%
-
High and
44%
35%
s
September
IN
Tues.
43%
PRICES OP OATS FUTURES
Fri.
87%
OATS
Mon.
42%
CLOSING
May
July
September.
DAILY
89
OP
Sat.
Sat.
117%
100%
PRICES
v
CHICAGO
101
89%
87%
CLOSING
No. 2 white
117%
Thurs.
y to Ys higher.
prices closed
devoid of interest.
news
September
December
May
100%
89
87%
July
18th inst.
On the 23rd inst. prices closed
unchanged to ^c. lower.
Trading was very inactive, and news without interest. To¬
day prices closed %c. up.
The market was inactive and
Fri.
Wed.
100
68%
6 1935
shippers apparently being attracted by the prevailing low
prices.
On the 20th inst. prices closed y to % cent off,
virtually nothing to report in the way of news or trading.
On
the
21st
inst.
prices closed unchanged to y
higher.
Trading light and without special feature. On the
22d inst. prices closed
y to y cents higher.
There was
nothing of particular interest in the trading or in the news
affecting this particular grain.
Thurs.
IN
June
with
YORK
117%
Season's Low and When Made
September
67%
Mar. 25 1935
December
60%
June
1 1935
29 1935 May
56
Aug. 13 1935
Made
5 1935
Jan.
The demand for spot oats is reported as having improved,
NEW
FUTURES
When
65
Oats—On the
Wed.
IN
Tues.
Jan. 25 1936
High and
84%
September
December
May
Season's
No. 2 red
DAILY
Season's
13,460,000
158"66O 12,858,000
Duluth
4,931,000
63,000
7,873,000
Detroit
2,638,000
1,246,000
135,000
6,740,000
4,000
9,000
5,000
473,000
1,786,000
1,123,000
Buffalo
"
afloat
Total Jan.
3,947,000
18
1936___
Total Jan.
11 1936
Total Jan.
19
1935
976,000
24,000
4i~9:66o
1,572,000
1,352,000
66,604,000
6,433,000 40,858,000
8,532,000 15.545.000
67,975,000
6,235,000 40,784,000
8,678,000 15,523 000
75.305.000 36.116,000 21,239,000
11,523,000 13,403,000
Note—Bonded grain not included above: Oats, New York, 123,000 bushels*. Buf¬
falo, 73,000; total, 196,000 bushels, against none in 1935. Barley, Duluth, 21,000
bushels; total, 21,000 bushels, against 1,636,000 bushels in 1935. Wheat, New York,
2,831,000 bushels; N. Y. afloat, 287,000; Philadelphia, 735,000; Baltimore, 452,000;
Buffalo, 8,571,000; Buffalo afloat, 9,515,000; Duluth, 842,000; Erie, 1,906,000;
Boston, 1,012,000; Chicago, 132,000; Chicago afloat, 115,000; Albany, 4,715,000;
total, 31,113,000 bu8hels, against 22,188,000 bushels in 1935.
..
•Other Canadian & other
,
3,047,000
375,000
788,000
5,769,000
5,822,000
6,971,000
3,545,000
3,456,000
3,215,000
3,854,000
3,925,000
6,116,000
Total Jan.
11
1936
Total Jan.
19
1935
124,246,000
119,340,000
......
Summary—
Total Jan.
18
8,532,000 15,545,000
3,545,000
3,854,000
6,433,000 40,858,000
—5,769,000
66,604,000
122,387,000
American
Canadian
.
1936—188.991,000
6,433,000 46,627,000 12,077,000 19,399,000
192,221,000
6,235,000 46,606,000 12,134,000 19,448,000
194,645,000 36,116,000 28.087,000 14.738,000 19,519,000
1936
Total Jan.
11
Total Jan.
19 1935
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
July 1 1935 and July 2 1934/,
-ended Jan, 17, and since
shown in the following:
/
Corn
Wheat
Since
Week
Since
Since
July 2
July 1
July 2
Jan. 17
July 1
1936
1935
1934
1936
1935
Bushels
Exports—
Bushels
Bushels
Bushels
Bushels
Jan.
17
North Amer.
3,794,000
Black Sea.__
88,000
645,000
Argentina
Australia
—
2,283,000
87,008,000
32,202,000
53,177,000
I
1,000
5,303,000
98,064,000
4,296,000
99,292,000
7,7~20~666
1934
!
Bushels
17,000
12,825,000
176,580,000125,559,000
50,339,000, 58,252,000
256,000
328,000
19,625,000
23,632,000
485" 000 30,422",000 25,828"666
7,547,000 242,607,000 283,864,000
8,205,000212,306,000 164,229,000
India
......
737,000
Oth. countr's
Total
are
Since
Week
Weather
Report for the
Week Ended Jan, 22—The
feneral summary of the weather bulletininfluenceby the
issued of the
)epartment of Agriculture, indicating the
weather for the week ended Jan.
22, follows:
feature of the week's weather was the stormy condition
States.
Two severe storms, passing practi¬
cally over the same path, moved from west Gulf sections northeastward
over the Atlantic area to the Canadian Maritime Provinces.
The first of
the storms was central over eastern Texas on the morning of the 14th and
passed to the north Atlantic coast by the morning of the 16th.
The second
was central over the lower Rio Grande Valley on the morning of the 18th
and moved thence to western North Carolina and eastern Tennessee during
the foliowixig 24 hours and to the Canadian Provinces by the morning of
the 20th.
The latter, especially, was attended by heavy rains and severe
local storms in the east Gulf area, excessive rains in many south Atlantic
sections, and heavy snows in north Atlantic districts.
Temperaturas persisted low during the entire week in the Northwest,
but remained relatively mild in the South and East until after the passing
of the sacond storm, when an extensive high-pressure area moved south¬
eastward, attended by much colder weather, with freezing temperatures
reaching the south Atlantic coast, northern Florida, and Gulf coast districts.
Chart I shows that freezing temperatures covered the entire United States,
except parts of Florida and the Pacific districts.
Subzero weather was experienced in the Appalachian Mountains as far
south as parts of West Virginia, and farther west to the northern portions
of Illinois, Missouri, and Kansas.
First-order stations in the northern
plains reported from 20 degrees to 28 degrees below zero, the latter occurring
at Williston and Devils Lake, N. Dak.; in some north-central States many
sub-stations had minima of 25 degrees to 30 degrees below zero.
Farther
north in southern Canada several stations reported 42 degrees below zero,
while Doucet in eastern Canada had an extreme low of 46 degrees below zero.
Chart I shows that the temperature for the week, as a whole, averaged
below normal generally east of the Rocky Mountains, except along the
Atlantic coast and in the Southeast.
The greatest deficiencies occurred
from the upper Mississippi Valley westward to the Rocky Mountains,
where the minus departures from normal ranged from 6 degrees to as much
as 19 degrees.
On the other hand, a little farther west, in the northern
Great Basin, an abnormally warm week was experienced, the temperature
averaging as much as 8 degrees above normal at some stations.
In fact,
the week was mild to abnormally warm everywhere west of the Rocky
The outstanding
that prevailed in the Eastern
Mountains.
Data in the table on page 4 show that precipitation during the week was
heavy in the Soutneastern States and the middle and north Atlantic areas,
most stations reported from 2 to as many as 4 inches.
Moderate
amounts occurred in the Ohio and upper Mississippi Valleys, the Lake
region, and parts of the lower Missouri Valley.
Rain or snow was again
substantial in the Pacific Northwest, including western Montana, Idaho,
northern Utah, and northern Nevada.
There was very little precipita¬
tion in the Southwest, with a number of stations along the southwestern
border from southern Texas to California reporting no appreciable amount
during the week.
Substatntial snowfall rather generally from the northern half of the
Great Plains westward to the Cascades was decidedly beneficial to this
entire area as much-needed moisture will be supplied to the soil when the
snow
melts.
In the northern Great Plains and the upper Mississippi
Valley as far south as northern Missouri and southern Nebraska the snow
cover is substantial to heavy, especially in Iowa.
However, in the southern
States of the western half of the country precipitation and snow storage
continue mostly light, with moisture needed in a good many places.
The
persistently dry area from western Nebraska and eastern Colorado south¬
ward continues deficient in precipitation, with rather severe
duststorms
again reported from southeastern Colorado.
The first half of the week was moistly favorable for seasonal operations
on farms in the Southern States, but extensive rain and cold weather the
latter part effectively stopped outside activities.
Some damage occurred
by flooding of lowlands in the south Atlantic and east Gulf sections with a
number of rivers in flood stage; the lower Chattahoochee in Georgia is in
the highest stage in six years.
In west Gulf sections conditions were more
favorable for seasonal farm work, but generally over the northern half of
the country activities are at a standstill because of heavy snows and cold
where
weather.
The cold wave the latter part of the week modified considerably before
reaching southern trucking districts; scattered damage is reported, but
harm from the low temperatures appears not to be extensive, though it is
too early to determine in detail the results of the cold weather.
In Florida
potato planting in the Hastings district has been nearly completed and
truck shipments are increasing, while there has been some planting of
spring crops.
Small Grains—Winter grains are protected by a more or less adequate
onow cover from the northern Ohio Valley, northern Missouri, and north¬
ern
Kansas northward.
To the south of this
area
moisture conditions
are
largely satisfactory, but cold weather has delayed progress.
In the Ohio
Valley condition of winter wheat is still good in most localities, while in
Missouri it is fair to good.
Conditions favored wheat in eastern Kansas
where the soil moisture is generally adequate, but were unfavorable in the
western half.
In most of Oklahoma and Texas progress and condition of
winter grains were fair to good, although it is too dry in the west-central
part of the latter State.
In most of the Northwest, especially in Mountana, the snow cover is
satisfactory, but in eastern Colorado there is little or no snow, with mois¬
ture badly needed; a damaging duststorm was reported in the southeast
on the 15th.
Further rains and snows were helpful in the Pacific North¬
west, while the soil is reported wet in many parts of the Southeast.
The
improved since the first of the year, while there is now a generous snow
cover over most of the Spring Wenat Belt which will supply needed moisture
when melted.
THE DRY GOODS TRADE
Barley
Bushels
75,135,000
18
moisture situation over the northwestern portion of the country, from the
Pacific coast to and including Rocky Mountain districts, has markedly
644,000
2,422,000
1936... 122,387,000
points
Total Jan.
Rye
Bushels
108,000
3,062,000
Corn
Bushels
8,713,000
Ft. William & Pt. Arthur 38,539,000
water
Oats
Bushels
598,000
2,124,000
Wheat
Bushels
Canadian—
Montreal
>
649
Financial Chronicle
Volume 142
New York,
Friday Night, Jan. 24 1936
During the early part of the week, retail business continued
to make a favorable showing.
Later, however, owing to
severe snow storms in large sections of the country which
were
followed by intense cold, the attendance in stores
diminished considerably and the sales volume was adversely
affected.
Reports from the agricultural districts where
previously the invalidation of the Agricultural Adjustment
Act had resulted in somewhat gloomy foreboding struck
a
little
more
hopeful note, obviously influenced
by
the efforts of the Washington administration to enact a
substitute measure for the outlawed Act. Sales of department
stores in the metropolitan district, during the first half of
January, according to figures issued by the Federal Reserve
Bank of New York, showed a gain of 10.7% over 1935, with
stores in New York and Brooklyn recording an increase of
9.9% while establishments in Northern New Jersey gained
15.6%.
In appraising this showing, it should be borne in
mind, however, that sales during the corresponding 1935
period were drastically affected by severe weather con¬
ditions.
Trading in the wholesale dry goods markets continued
confusion caused by the elimination
of the processing taxes. Although numerous price readjust¬
ments were announced, there persisted an attitude of caution
on the part of buyers.
During the latter part of the week,
buying activities of wholesalers as well as retail merchants
broadened, with the latters' annual conventoin bringing
numerous
buyers into the markets, and with renewed
inflation rumors proving a further stimulus,
particuparly
in view of the fact that inventories are generally in a depleted
condition.
Business in silk goods turned quiet, with the
reaction in raw silk prices and the uncertainty over the
labor troubles in the dress industry causing some caution
among buyers.
Spring novelty weaves moved in moderate
volume at steady quotations.
Trading in rayon yarns
continued dull although shipments were reported to hold
up well. A revival in new buying on the part of the weavers
is not anticipated until the pending labor differences in the
to feel the effects of the
New York dress trades have been cleared away.
Domestic Cotton
Goods—Trading in print cloths failed
improvement expected to materialize following
the downward adjustment of prices, in consequence of the
elimination of the processing tax. After a moderate spurt in
buying during part of the preceding week, business dwindled
sharply, and buyers did little more than cover urgent
immediate requirements.
The continued' caution on the
part of users was viewed as being due to the slbw progress in
settling tax refunds on shipments made prior to the AAA
decision and in part also to the confused state of affairs
in the finished goods market where numerous price adjust¬
ments are still under way.
Once these various obstacles are
definitely cleared away, little doubt is held that buying
activities will broaden substantially since seasonal needs
have been backing up in all divisions for some time.
Trading
in fine goods was rather spotty.
Following the adjustment
of quotations by a number of mills, a moderately good amount
of business was released, but later in the week, the continued
unsettlement in the price structure caused buyers to resume
their cautious attitude.
Fairly good interest prevailed for
pigmented weave taffetas and other novelties.
Closing
prices in print cloths were as follows: 39-inch 80's, 7Vac39-inch 72-76's, 7% to 7Mc.; 39-inch 68-72's, 6^c.; 3814inch 64-60's, 5 9-16c.; 3834-inch 60-48's, 4% to 4%c.
to show the
Woolen Goods—Trading in men's wear fabrics broadened
materially, with prices showing a stiffening trend, in line
with
the
condition
firmness
of
raw
of most mills.
wool
markets
and
Fair-sized orders
the' sold-up
on
topcoatings
placed by clothing manufacturers,
suitings scheduled to be opened within
the next few weeks are expected to show substantial advances
over
the previous season.
Reports from retail clothing
centers were fairly satisfactory although heavy snow storms
and
overcoatings
and
new
and
the
Business
fall lines
severe
in
were
on
cold
cut
down
the
attendance
in
stores.
women's
goods continued fairly active, with
mannish type materials and sport woolens commanding
chief attention, and with activity in the winter resort-wear
trade continuing to prove the broadest in years.
Some
hesitation was again caused by the threatening labor troubles
in the local dress industry.
Foreign
Dry Goods—Trading in linens showed
a
sub¬
stantial improvement with prices
the firmness displayed by the
strengthening in line with
foreign primary markets.
Many importers are reported to be well sold ahead, and
nearby deliveries on dress goods and suitings are said to be
difficult to obtain.
ened
Business in household linens also broad¬
perceptibly, with particular interest shown in damask
table cloths. Trading in burlap
continued very light. Little
was
done on shipments but moderate inquiry developed
for spot goods. Lower Calcutta cables were offset by hugher
sterling rates.
Domestically lightweights were quoted at
4.10c., heavies at 5.50c.
650
Financial
State and
Chronicle
Jan. 25 1936
City Department
$26,500.00 City of Yankton, S. Dak., 4% water works and sewerage im*
provement bonds, Allison-Williams Co., Minneapolis, Minn.,
$1,042.60
„
Specialists in
Illinois &
Missouri
per $1,000.
6,500.00 City of Yankton, S. Dak., 4% street improvement bonds,
Allison-Williams Co., Minneapolis, Minn., $1,042.60 per $1,000
8,000.00 City of Yankton, So. Dak., 4% Third Street improvement
bonds, Allison-Williams Co., Minneapolis, Minn., $1,042.60
Bonds
Ser $1,000.
lity of Yankton, S. Dak., 4% city hall bonds. Piper, Jaffray
& Hopwood,
Minneapolis, Minn., $1,046.08 per $1,000.
9,000 Hardwick Town School Dist., Vt., 4% general obligation bonds,
the
Southern Ohio Savings Bank & Trusc Co., Cincinnati, Ohio,
$1,029 per $1,000.
45,000.00 Village of Hardwick Vt., 4% sewer and water bonds, Stone &
Webster and Biodget, Inc., Boston, Mass., $1,028.07 per
$1,000.
700,000.00 Arlington County, Va., 4% sewer bonds, Phelps, Fenn & Co.,
STIFEL, NICOLAUS &. CO., Inc.
105 W. Adams St.
DIRECT
CHICAGO
WIRE
314 N. Broadway
ST.
LOUIS
„„
New York, N. Y., $1,099
0_,
per
$1,000.
573,871.92 State of Georgia, by the Highway Department of the State of
Georgia, non-interest, bearing State of Georgia Highway De¬
RECONSTRUCTION
FINANCE
partment refunding certificates. Trust Co. of Georgia, Atlanta,
Ga. and associates, $840.30
per $1,000.
Since the certificate®
are non-interest bearing this bid is the equivalent of 99 H •
CORPORATION
,
Statement
of Award of Bonds Taken Over from PWA Hold¬
ings—The following is the text of
by Jess8
released
H. Jones,
on
an
official announcement
Chairman of the above
Corporation,
News Items
Jan. 17, which supplements the tentative reports
of sale, given in V. 142, p. 487:
Asheville
Thirty-eight issues of bonds purchased by the Reconstruction Finance
Corporation from Public Works Administration and offered by the Corpora¬
tion at public sale Jan. 16 have been awarded to the highest bidders.
The
face amount of the bonds sold was $4,472,800 and the sale price $4,657,813.39, a net premium ol $185,013.39, representing an average price of
over 104
In addition, ten issues of State of Georgia highway department
refunding
certificates, having face amount of $573,871.92 were sold for $482,224.58
which, since the certificates do not bear interest, is the equivalent of 99
The bonds, the successful bidders and the prices paid were:
$180,000.00 City of Phoenix, Maricopa County, Ariz., 4% water system
extension bonds, Stranahan, Harris & Co.,
Inc., Toledo, Ohio,
and associates, $1,042.10 per $1,000.
227,000.00 City of Phoenix, Maricopa County, Ariz., 4% storm sewer
bonds, Stranahan, Harris & Co., Inc., Toledo, Ohio, and
associates, $1,021.10 per $1,000.
51,000.00 City of Oxnard, Ventura County, Calif., 4% sewer bonds,
Banks, Huntley & Co., Los Angeles, Calif., $1,091.82 per
$1,000.
91,000.00 County Sanitation District No. 1 of Los Angeles County,
Calif., 4% bonds, series No. 1, John Nuveen & Co., Chicago,
111., $981 per $1,000.
192,000.00 City of Aurora, 111., 4% water revenue bonds, Stranahan,
Harris & Co., Inc., Toledo, Ohio, $1,065.50 per $1,000.
18,000.00 City of Pinckneyville, Perry County, 111., 4% water revenue
bonds, Lewis, Pickett & Co., Inc., Chicago, 111., $981 per
$1,000.
51,000.00 City of Savanna, 111., 4% water revenue bonds, Lewis, Pickett
& Co., Inc., Chicago, Hi., $1,008.40
per $1,000.
89,000.00 Kentucky State Board of Education Acting as the Board of
Control for Kentucky State Industrial College, 4% dormitory
revenue bonds,
Stein Bros. & Boyce, Baltimore, Md., and
associates, $985.50 per $1,000.
149,000.00 Parish of Caddo, La., 4% serial excess revenue highway
I
'
improvement bonds of 1934, Weil & Co., Inc., New Orleans,
La., $1,013.17 per $1,000.
460,000.00 City of Shreveport, La., 4% general improvement bonds of
1934 First National Bank, Shreveport, La., $1,025 per $1,000.
24,800.00 Town Commissioners of Centreville, Centreville, Queen Anne s
County, Md., 4% sewer bonds, 1934, The Centreville National
Bank of Maryland, Centreville, Md., $1,050 per $1,000.
57,000.00 Mayor and Councilmen of Frostburg, Allegany County, Md.,
4% water improvement bonds, Y. E. Booker 6c Co., Washing¬
ton, D. C., $1,005 per $1,000.
104,000.00 City of Monroe, Mich., 4% serial sewage disposal bonds.
Stranahan, Harris & Co., Inc., Toledo, Ohio, $1,002.85 per
$1,000.
25,000.00 Village of Appleton, Swift County, Minn., 4% sewage treat¬
ment and disposal plant bonds,
Piper, Jaffray, & Hopwood,
Minneapolis, Minn., $1,088.88 per $1,000.
15,000.00 Village of Ashby, Grant County, Minn., 4% water works
bonds, The First National Bank, St. Paul, Minn., and asso¬
ciate, $1,039.53 per $1,000.
20,000.00 School District of Pattonville, St. Louis County, Mo., 4%
bonds Mississippi Valley Trust Co., St.
Louis, Mo., $1,003.70
per $1,000.
22,500.00 School District of St. Mary, Ste. Genevieve County, Mo.,
4% School District of St. Mary bonds, Foster Petroleum Corp.,
Westerly, R. I., $1,001.70 per $1,000.
26,500.00 Stanberry School District No. 53, Gentry County, Mo., 4%
school district bonds, City National Bank & Trust
Co., Kansas
City, Mo., $1,010.30 per $1,000.
222,000.00 Town of Kearny, County of Hudson, N. J., 4% school bonds
of 1935, Lobdell & Co., New York, N. Y., $1,029.13
per $1,000.
46,000.00 The Board of Education of the Township of Teaneck, Bergen
County, N. J., 4% school district bonds, Graham, Parsons &
Co., New York, N. Y., and associates, $1,033.90 per $1,000.
90,000.00 Central School District No. 9 of the towns of Chester and
Horicon, Warren County and Minerva and Schroon, Essex
County, N. i4% school district oonds, Bancamerica-Blair
Corporation, New York, N. Y. and associate, $1,022.50 per
$1,000.
57,000.00 Village of East Rochester, Monroe County, N. Y., 4% water
bonds, Bancamerica-Blair Corporation, New York, N. Y.,
$1,027.50 per $1,000.
34,000.00 Town of Greenburgh, N. Y., 4% road bonds of
1934, the
Southern Ohio Savings Bank & Trust
Co., Cincinnati, Ohio,
$1,058 per $1,000.
90,000.00 Central School District No. 1 of the Towns of Hunter, Jewett
and Lexington, County of
Greene, N. Y., 4% schocl building
bonds, Charles H. Drew & Co., New iork, N. Y., $1,041.60
per $1,000.
122,000 Central School District No. 1 of the towns of Keene and
Jay,
County of Essex, New York, 4% school building bonds,
Bancamerica-Blair Corp., New York, N. Y., and
Associate,
$1,025, per $1,000.
210,000.00 Central School District No. 2 of the Town of North
Elba,
Essex County, N. Y
4% school bonds, Phelps, Fenn & Co.,
New York, N. Y
$1,044.49 per $1,000.
200,000.00 Central School District No. 1 of the Town of Schroon, Essex
County, N. Y., 4% school building bonds, Phelps, Febb & Co.,
New York, N. Y., $1,033.26
per $1,000.
400,000 The City of Yonkers, N. Y., 4% assessment bonds,
Phelps, Fenn
and
Buncombe County, N. C.—Agreement
Refunding Proposal—An announcement was
sent out on Jan. 21 to the
depositors by the protective com¬
mittee for the holders of the bonds of the above
city and
county, stating that an agreement has been reached with the
Reached
local
on
Bond
officials
on
the
salient
features
of
a
bond
refunding
It is stated that the plan provides for general
agreement.
refunding bonds bearing interest rates ranging from 1%
during 1936-1939, to 4% in 1966-1976.
It is also set out
that the interest on
refunding water bonds would rise from
2% in 1936-1940, to 4% in 1966-1976.
Connecticut—Financial Statistics Compiled on Munici¬
palities—Roy T. H. Barnes & Co. of Hartford has prepared
a booklet
setting out financial statistics for cities and towns
of the State.
Among the statistics shown for the various
municipalities are figures on total bonded debt, debt ratio,
perfected grand list, tax rates for 1934 and 1935, current
levy, and percentages of 1933-34 collections, population,
&c.' This booklet should prove to be a
handy reference
guide for dealers and investors in Connecticut municipal
bonds.
Florida—Dismissal
of Suit Against Chain Store Law Is
Supreme Court on Jan. 17 refused to
attacking the chain store tax law on the ground
that it was enacted after the 60-day period of the 1935
Legis¬
lature had expired, according to an Associated Press dis¬
patch from Tallahassee.
After hearing long arguments on
the case, the court denied a motion to
quash a preliminary
writ issued earlier directing the
Secretary of the Senate and
the Chief Clerk of the House to correct
legislative journals
or show reason for not
doing so.
So far as the records show, the
legislative session ended
May 31, the 60th day of the session.
Actually, adjourn¬
ment was not until the early hours of June 2.
Denied—The State
dismiss
a
suit
Indiana—Special Legislative Session Delayed—The calling
of
a special session of the State
Legislature has been delayed
by Gov. Paul V. McNutt, according to press advices from
Indianapolis on Jan. 21.
Normally the Legislature will not
meet in regular biennial session until
January 1937, but it is
said that the Governor is convinced a special session will be
necessary if Indiana is to obtain any benefits from Federal
social security program.
It is stated that Governor McNutt
is awaiting United States Supreme Court action on social
security, or at least an actual appropriation by Congress.
now
Maryland—Special
Legislative
Session
March—Governor Nice has announced that
of the
Delayed
Until
special session
Legislature will be called for the first week in March,
instead of
revenue
a
February,
program
as was originally planned, to enact a
for financing old-age pensions and relief
activities of the State after March 31, when the present
gross
1%
receipts and automobile titling levies expire, according
to Baltimore
dispatches.
Minnesota—Legislature Approves Old-Age Pension Bill—
The State Senate in special session on Jan. 23
passed an
old-age pension bill to provide $30 a month to needy persons
65 years of age or over, according to an Associated Press
dispatch from St. Paul.
It is said that the House has already
passed the measure, which is to become effective
signed by the Governor.
on
March 1
if it is
.,
.,
on
nnn
nn-£„9°"
Y°rk' N' Y" $1,044.50
per
$1,000.
29,000.00 Village of Tippecanoe, Miami County, Ohio, 4% First mortgage
water works revenue
bonds, Ryan, Sutherland & Co., Toledo,
Ohio, $1,013.70 per $1,000.
105,000.00 The City of Cushing, Payne County, Okla., 4% electric
power
and transmission equipment bonds of
1934, the Brown Crummer Co., Wichita,
Kansas, $981.40 per $1,000.
202,000.00 Consolidated
School District No. 9, Benton County, Ore.
(Joint School District No. 9-A, Benton and Linn Counties),
4% school building bonds. Dean Witter & Co., New York,
N. Y., $1,056.97 per $1,000.
New
York
City—Comptroller Issues Statement
on
City's
Debt—The city has a gross funded debt of $2,312,625,070
as of Dec. 31 1935, and can still borrow
$256,547,728 without
exceeding the debt limit imposed by the State Constitution,
Comptroller Frank J. Taylor reported on Jan. 23.
He wasexpected to present his statement of the funded debt and
its relation to the debt-incurring power of the city to the
Board of Estimate at its meeting on Jan. 24, in accordance
with a local law passed in 1933.
It is understood that the
report will be submitted to Rufus E. McGahen, Director of'
the Budget.
651
Financial Chronicle
Volume 142
Last year the funded debt was $2,373,307,317, while the unencumbered
debt margin was $366,888,295, because of the higher valuation of property.
According to the State Constitution, the debt-incurring power of the
10% of the assessed valuation of taxable real estate, which for
1935 amounted to $1,664,977,119.
The funded debt, less certain con¬
tractual obligations, leaves the city a safe margin for further borrowings,
according to the Comptroller.
In his official statement, on which Mr. McGahen must base his cal¬
culations for the capital outlay budget for 1936, Mr. Taylor listed in great
detail the various types of bonds, cash and securities which, when dededucted from the funded debt, leave the margin for additional loans.
The gross figure is $351,484,376.
From this amount certain sums, in¬
cluding reserves already set aside and authorizations against which no
contracts have been entered into, are deducted to leave the net figure.
According to the city charter, the capital outlay budget must be in the
hands of Mayor F. H. La Guardia by Feb. 10, so that he can submit
his budget message to the Municipal Assembly five days later.
Included
in the capital outlay budget are the program of public improvements con¬
templated for the current year, with tentative estimates of costs, which
must be met from the proceeds of the sale of corporate stock and other
MUNICIPAL BONDS
city is
securities issued by the city.
In addition to the unreserved
_
,
_
,
Independent Subway System.
State—Report compiled on Municipal Accounts
by State Comptroller—Morris S. Tremaine, Stats Comptroller,
recently issued a special report on municipal accounts, pre¬
pared by the Department of Audit and Control, presenting
statistics obtained from about 1,600 municipalities in the
State on their annual reports to the State Bureau of Municipal
Accounts, required by statute from local subdivisions which
come under the supervision of this' bureau.
This new re¬
State Comptroller treats in detail the
operations of these local units.
lease by the
financial
—
Road
motor vehicle license revenues by
counties for retirement of road bonds:
of
diversion
partial
"Judge Golden C. Davis declared the
Lawrence-Armbruster road refunder
injunction asked in
law unconstitutional to-day in making permanent an
representatives of 52 counties.
"Judge Davis specifically issued a permanent injunction to prevent Clark
County Commissioners and Auditor from carrying out provisions of the Act,
which provides that counties contribute 10% of their motor vehicle license
revenues to a State road bond retirement fund.
Common 1*1 eas Court by
Claim 18 Benefit
"The protesting
Counties contended the law benefitted 18
counties at
the expense of the 70 others.
It went into effect last September.
"The Court held the law violated both the Ohio and Federal Constitutions.
Ohio attorney-general, prebehalf of the protestini counties in the suit filed
He was assisted by Clark < >unty Prosecutor Orviile
Wear and Albert Stroup of Van Wert.
"Assistant Prosecutor John R.
Harner, who represented the Clark
"Gilbert H. Bettman of Cincinnati, former
sented oral arguments on
several montns ago.
County Commissioners in the action, said the case would be taken to the
Second District Court of Appsals and the Ohio Supreme Court.
"An amendment to the Lawrence-Armbruster law was passed yesterday
by the House of Representatives and sent to the Senate.
"It provides for each county's license fees to be used
fund, as at present.
within the county,
rather than in a general
Some Are Penalized
"A previous
narrow
effort to repeal the law outright failed
in the House by a
margin.
the law, said it would give 18 counties bene¬
$5,940,204 during its 15-year effective period, while penalizing
70 counties $9,996,385 in excess of road bonds they would have
"Mr. Bettman. in opposing
fits totaling
the other
^"Ina short ruling, Judge Davis said 'the Court does not consider a lengthy
opinion covering an analytical discussion of the propositions of law involved
in this case is necessary at this time.'
"The original petition for an injunction charged the law violated 18 sec¬
tions of the State Constitution and
the section of the United States
Consti¬
declaring 'no State shall make or enforce any law which shall abridge
immunities of citizens; nor shall any State deprive any
perons of life, liberty or property, without due process of law.' "
tution
the privileges or
Governor Signs Pension Tax Bill—Gov. Martin L. Davey
signed the Pollock-Zoul bill on Jan. 18, ear-marking the $1
a gallon liquor tax for old-age pensions during the first half
of 1936, according to an Associated Press dispatch from
Columbus on Jan. 18.
The gallonage tax, together with the
liquor profits which
already
go
for pensions, will provide
approximately $9,000,000 for the aged, it is said.
Ohio—New Bond Refunding
Governor Davey
Law Operative—On Dec. 20
signed Amended Senate Bill No. 365, pro¬
bond refunding law for the State, which permits,
refunding of bonds due in future years.
provided in the new law that reserves must be estab¬
lished for uncollected taxes so that debt service on the
refunding bonds will be adequately guaranteed.
It is also
set forth that when the County Auditor pays over tax
collections to local treasurers, the moneys for debt service
and operating charges must be segregated and the local
treasurer must certify that they have been placed in the
viding
a new
until Jan. 1 1939, the
It is
debt retirement fund.
Port of New
York Authority—Gain of 7H% in Income
73^% in income is an¬
New York Authority for 1935.
This
of the bi-State agency exceeded ad¬
vance expectations and marked a continuation throughout
1935 of the exceptional gains recorded the latter half of 1934.
Net income was 17.2% higher than the previous year.
The
statement throughout was considered as probably the most
notable ever issued by the Port Authority.
Reported for 1935—An increase of
nounced by the Port of
result of all operations
Traffic using inter-State bridge and tunnel facilities exceeded 19,000,000
for the first time, an increase of 800,000, or nearly 5% over 1934.
Income from aU sources totaled $11,975,392.94, an increase of $837,242.64
or 7H%, and was $2,000,000 higher than 1933 and nearly $3,000,000 over
1932
of $3,346,273.16 was almost $500,000 over 1934.
The
balance in the general reserve fund as of Jan. 1 was $3,078,505.
Other
reserve accounts established by statute and in support of individual facilities,
approximated $15,000,000.
In comparison with the estimates that had been made by an independent
engineering firm of national reputation on probable gross operating revenues,
The net income
MERICKA
CO.&
INCORPORATED
On. Wall Strut
DIRECT
Union Trnit Bids,
)
CLEVELAND
(
WIRE
NEW YORK
exclsuive of miscellaneous income resulting from investments, &c.,
was
income
7.52% higher.
preliminary nature but the completion of the
official audit is not expected to cause more than minor variations in details.
The statement
Public
was
of
Works
a
Administration—Report
on
Progress of
Projects Under New Works Program—The following announce¬
ment
made
was
Federal
public
on
Jan. 20 by the above named
agency:
Over 99 H % of the new Public Works Administration program for build¬
ing of works of lasting value was under construction contract or advertise¬
ment on Jan. 16, it was reported to-day to PWA Administrator Harold L.
Ickes.
Of the 4,166
projects which received PWA allotments under ohe new pro¬
either under contract or had contract specifications
on many of these construction has begun, while some have
already been completed.
These projects called for an expenditure of approximately $744,000,000,
most of which is pro\ ided by funds raised in the communities to be benefitted
both by the projects and the employment derived from the construction.
All are non-Federal PWA projects and in each instance where allotment wag
made the community put up 55% of the cost of constructing the project the
community itself had selected in order to secure a Federal grant of 45%,
thus registering local and Federal co-operation to effect the purposes of the
gram,
4,149
were
advertised, and
recovery program.
Refunder Act Held Invalid—A Spring¬
field, Ohio news dispatch of Jan. 16 had the following to say
in regard to a court decision given on that day, rendering
unconstitutional the Lawrence-Armbruster Road Refunder
Act which went into effect last September, providing for a
Ohio
WM. J.
margin, Mr. Taylor will advise the Board
$300,000,000 exempted from the debt limit there is still an
unencumbered balance of $18,168,745 available for new rapid transit
railroads.
Included in the figure of $94,936,648, which represents the
difference between the gross and net borrowing power of the city, there
is also a reserve of $57,000,000 for building the new Sixth Ave. line of the
that of the
New York
Markets
,
.
_
Dealer
The projects which received allotments were in every State in the Union
larger group of applications. PWA received over
12,000 applications from communities declaring themselves desirous of
putting up $1,500,000,000 in their own funds to secure Federal grants of a
lesser amount.
Due to lack of funds allotments could only be made to
and selected from a much
approximately one out of three of these applicants before the totai of some¬
thing over $300,000,000 in funds made available to PWA for its program
was
In
exhausted.
pushing the new PWA program to its present advanced stage the organi¬
accomplished in four months what required approximtaely two years
number of non-Federal projects in the original PWA
zation
for noariy the same
Erogram launched in 1933. ofThis was possible through improved processes,
icluding decentralization
examining divisions, revised contractual pro¬
cedure and various other
simplified processes, together with better national
understanding of the purposes and machinery of the program.
AJ1 except 8 of the 4,166 projects have cleared through the State Directors'
offices into Washington.
Tnese projects consist largely of allotments for
schools, water works, sewers, &c., to local public bodies such as municipal¬
ities, counties, educational and sanitary districts, &c., and individual pro¬
jects range from a few thousand to many millions of dollars.
Before construction contracts were let or construction specifications were
advertised, financial contracts between the Government and the applicants
had to be prepared.
Over 4.000 such contracts were written by the PWA
legal staff and sent to applicants and all except a few have been accepted.
Over 4,000 Treasury Warrants have already been issued to carry out the
program.
The above
figures refer only to PWA non-Federal projects.
In addition
to such projects, there is the PWA Housing program financed with the new
funds involving the total of a little over $100,000,000 for 38 housing protects
on all of which contracts have been let.
Report
Sales of Bonds Taken
on
is the text of
a
statement
as
Security—The following
(Release No. 1794) made available
by the above Federal agency on Jan. 24:
a net profit of more than $4,750,000 through the sale of
as security for loans to aid in the financing of useful public
projects throughout the nation.
This profit to the government has resulted from the sale of approximately
$300,000,000 worth of securities, chiefly municipal and railroad bonds.
Benjamin W. Thoron, Director of Finance, reported to-day to Adminis¬
trator Harold L. Ickes that to date $202,047,000 of municipal bonds have
been sold either to the public or to the Reconstruction Finance Corporation
and a profit of $2,770,000 has been realized in their resale.
A total of
$103,527,500 of rail securities has likewise been resold to the public at a
premium of $1,982,000.
The report continued:
"The securities sold consist, for the most part, of obligations purchased
by the PWA during a period when market conditions made their sale through
private channels either impossible or prohibitively costly.
Recipients of
loan and grant allotments from the PWA have consistently been permitted
and encouraged to finance their loan requirements in the private investment
market if more attractive rates were obtainable.
The improvement In
security prices and the return of investor confidence is, therefore, strikingly
demonstrated by the ability of the government to turn over at a profit
securities which formerly went begging."
PWA has sold about 70% of the municipal bonds that it has purchased
to date, while its entire portfolio of railroad securities has already been
reduced by more than 55%. The policy of returning to private investors the
remaining securities now held by the government will continue as rapidly
as orderly liquidation will permit.
Mr. Thoron said that included among the securities still to be placed upon
the market are $41,000,000 4% bonds of the Chicago Sanitary District,
$17,700,000 4% bonds of the Tri-Borough Bridge Authority of New York
City and several railroad issues of important size.
Proceeds from the sale of these securities are deposited in the PWA
revolving fund. Further loans, bearing interest at 4%, are made from this
fund from time to time for other useful public works projects.
No grants
are made from the revloving fund.
Issues of PWA bonds sold to the public through the RFC range from
$10,000 Village of Blooming Prairie, Minn, water and sewer improvement
bonds sold at 100.125 to $30,800,000 Pennsylvania RR. Co. 30-year seemed
4% serial bonds sold at 103.545.
Every State and the Territories of Hawaii and Alaska are represented
in the list of municipal bonds which have been sold. Typical of such issues
and the prices obtained for them are:
PWA has made
bonds taken
works
$ 795,000 City of Birmingham, Ala., 4% drainage bonds
102.376
155,000 Stockton Port District, San Joaquin County, Calif., 4%
cotton compress improvement bonds
101.579
215,500 Pocatello, Ida., 4% waterworks bonds
102.672
348,000 Springfeild, 111., 4% water revenue bonds
107.619
1,059,000 State of Kansas Highway Commission 4% revenue antici¬
pation warrants
103.75
32,000 Waltham, Mass., 4% bridge bonds
105.777
75,000 Geneva, N. Y., 4% special appropriation bonds
110.37
43,200 Glendale, Ohio, 4% sewerage improvement bonds
104.53
60,000 Fort Mill, S. C., 4% sewer revenue bonds
100.77
95,000 Austin, Tex., 4% water, electric light and sewer systems
revenue
Report
ment
on
was
bonds
102.25
Drainage District Loans—The following state¬
on Jan.
15 by the above named Cor¬
released
poration:
district in Illinois and,
$506,500, have
$117,300,541.34
authorized under the provisions of Section 36 of the Emergency
Farm
Mortgage Act of 1933, as amended.
The districts are:
McGee Creek Levee and Drainage District, Pike and
Loans for refinancing and rehabilitating a drainage
for refinancing a drainage district in Idaho, aggregating
been authorized by the RFC.
This makes a total to date of
652
Financial Chronicle
1936
25
Jan.
Brown Counties, 111.:
Refinancing
—
—
$115,500
Rehabilitation
30,000
ARKANSAS BONDS
$145,500
Drainage District No. 2, Ada County, Idaho—
361,000
Loans aggregating $383,000 have also been authorized for refinancing
two school
districts in Texas under the provisions of Public—No.
74th Congress (8.3123).
The districts are:
Markets in all State, County &
325—•
Borger Independent School District, Hutchinson County, Tex— $235,500
Weslaco Independent School District, Hidalgo County, Tex—
147,500
The refunding loans are based on deposit of 100% of the outstanding
indebtedness.
If less than 100% is deposited, the amounts authorized are
automatically decreased.
Town Issues
SCHERCK, RICHTER COMPANY
LANDRETH
BUILDING, ST. LOUIS, MO.
Three Allotments—The following is the text of a
statement (Press Release No. 1790) recently made public
by the above Federal agency:
Report
Three
Ickes,
One
on
non-Federal
allotments
announced
were
to-day
arkansas
Harold ^L.
1
by
Public Works Administrator.
loan of $825,000 to Syracuse
for the construction and equipping of a
University of Syracuse, New York,
medical school building.
by 4% negotiable first mortgage coupon bonds,
was a
The loan is to be secured
State & Municipal Bonds
payable over a period from 1937 to 1966.
No grant was allotted.
Syracuse
University is organized as a private corporation and is ineligible for a grant.
The State of Tennessee
construction
of
a
court
was
allotted
building,
a
WALTON, SULLIVAN & CO.
loan and grant of $192,857 for the
including furnishings
and
equipment,
LITTLE ROCK, ARK.
Nashville.
at
The
City of Akron, Ohio, was allotted
improvements.
The latter two provide for grants based
ST. LOUIS, MO.
loan and grant of $34,545 for
a
street
materials.
All of the allotments
Public Works construction.
were
on 30% of the cost of labor and
made out of the old appropriation for
Rhode Island—Highlights of Governor's Annual
Budget
Message—The following salient features of the annual budget
message of Governor Green to the Legislature are taken from
the Providence "Journal" of Jan.
15:
"Predicts net
revenues of $12,205,385 and expenditures of
$12,064,497.46,
operating surplus of $140,887.54 for the fiscal year ending next June 30
and revenues of $12,674,910 and expenditures of $12,616,807.99, a
surplus
of $58,102.01 for the year ending June 30 1937.
The surplus for the fiscal
an
year ended last
six years.
"To prevent
appropriate
of
tions
coining
or
June 30
now
more
was
increased
ARKANSAS
ARKANSAS,
noted as $547,918.53, claimed as the first in
the General Assembly is asked not to
against expected surpluses, or to make special appropria¬
$50,000 of maximum recommended expenditures for
taxes,
than
State of —BONDS OFFERED FOR INVESTMENT—
Peltason, Tenenbaum & Harris, Inc., St. Louis, Mo., are offering for public
subscription 3% road district refunding, series A bonds.
Dated Jan. 1
1934.
Due on Jan. 1 1949.
Issued, $47,142,075 (assuming 100% exchange
of road district bonds
originally outstanding); retired by sinking fund,
$3,322,600; outstanding, $43,819,475. Prin. and int. (J. & J.) payable at
the First National Bank in St. Louis.
Redeemable on any int. date on
30 days' notice at par and accrued interest.
Coupon bonds in $5,000,
$1,000 and $500 denominations, registerable as to principal only.
The
offering notice states that it is generally estimated the State Treasurer will
again call for tenders in the Spring of 1936, at which time there should be
about $1,500,000 available for
retiring obligations tendered, 45.8% of
which sum would be applied to the
redemption of road district refunding
bonds.
The legality of these bonds has been
approved by Benj. H. Charles,
of St. Louis.
It is stated that under
from all Federal income taxes.
calendar
year
1937
be
financed
out
of
current
revenue.
But
the
budget for the next fiscal year makes no relief appropriations, thus in¬
dicating additional taxes might be necessary.
"Principal estimated increases in expenditures during the 1936-37 fiscal
year include:
Maintenance costs for Public Works Administration projects
at the State institutions. State
College, airport and Point Judith; bigger
appropriations for highway and bridge construction and maintenance to
help match $1,500,000 in Federal grants; another $100,000 for old age
pensions, making the total $300,000, which probably will be matched by
$300,000 from the Federal government; $2,012,617.99 for debt interest and
retirement; and higher salaries for some sheriffs and court clerks who must
turn
over
bonds
are
exempt
ARIZONA
PHOENIX, Ari---.—BONDS OFFERED TO INVESTORS—A group com
posed of Boettcher & Co., Stranahan, Harris & Co., Tyler, Buttrick & Co.
and Refsnes. Ely, Beck & Co. is
offering to investors at prices to yield from,
2.40% to 3.75%, according to maturity, a block of $407,000 4% coupon
water and sewer bonds.
Dated Sept. 4 1934.
Due yearly on July 2 as
follows:
$23,000, 1939 and 1940; $24,000, 1941; $25,000, 1942; $26,000,
1943; $27,000, 1944; $29,000, 1945; $30,000, 1946; $32,000, 1947; $13,000,
1948; $10,000, 1949 and 1950; $11,000, 1951 to 1954; $12,000, 1955, 1956
and 1957; $13,000, 1958 and 1959;
$14,000, 1960; and $15,000, 1961.
CALIFORNIA
fees to the State.
ALAMEDA
Rhode
Island—Special Convention Election Set for Mar. 10
—Governor Green has designated March 10 as the date on
which
laws these
year.
"Advising the Legislature to authorize no further bond issues for relief
public works, the Governor's message suggests that relief beginning in
the
existing
special election will be held in order to determine
a
whether
constitutional convention shall be held, accord¬
It is said that the people will
a
Bidders
elect
delegates at the same time so that, if the convention
voted, the delegates will have been chosen, thus assuring
an early convention session.
OFFERINGS
WANTED
Arkansas—Illinois—Missouri—Oklahoma
MUNICIPAL
BONDS
to
R8TABLIHHET1
Investment
Fourth
and
Olive
FRESNO
BOND
ST. LOUIS
Bond Proposals and
Negotiations
a.
m.
Feb. 4 for
purchase of
COUNTY
an
SCHOOL
SALE DETAILS—We
are
Jan. 27 the City Councilissue of $64,000 waterline bonds.
DISTRICT
now
(P. O, Fresno), Calif.—
informed by the Deputy Clerk of
the Board of Supervisors that the $55,000
(not $65,000) issue of Reedley
Joint Union High School District bonds awarded to R. H.
Moulton & Co.
of Los Angeles, as 3%% bonds, for a
premium of $10, equal to 100.018, as
reported recently—V. 142, p. 489—are coupon bonds, dated Jan. 1 1936.
Denom. $1,000.
Due on Jan. 1 as follows: $15,000 in 1949, and
$10,000,
1950 to 1953 incl.
Basis of about 3.37%.
Prin. and int. J. & J. payable in
lawful money of the United States at the
County Treasurer's office.
The
next highest bid was an offer of $88
premium on 32£s, tendered by Dean
Witter & Co. of San Francisco.
COUNTY SCHOOL DISTRICT
(P. O.
BOND SALE—On Jan.
amount of
LOS
Securities
Oakland) .'Calif.—BOND OFFERING—
rate of interest.
name
$3,500
was
1S77
Street*
O.
ANTIOCH, Calif.—BOND OFFERING— On
FRESNO
Francis, Bro. & Co.
(P.
by the Stony Brook School District.
are
will open bids on the
ing to Providence advices.
is
COUNTY
The Board of County Supervisors will receive bids until 10
the purchase of $2,000 bonds issued
ANGELES
Fresno),
Calif.—
14 an issue of Grant School District
bonds, in the
sold to the County of Fresno at par for
4%%.
COUNTY
FLOOD
CONTROL
DISTRICT
(P.
O.
Los Angeles), Calif.—BOND ISSUANCE
AUTHORIZED—It is reported
that the County Board of Supervisors
approved recently the sale of $600,000
in flood control bonds, at the
request of the Chief Engineer.
It is under¬
stood that the proceeds from the sale of these bonds is
required to pay the
second instalment of $600,000 due on an
agreement between the district
and the United States War
Department, for the construction of a number of
flood control projects in the county.
LOS ANGELES COUNTY SCHOOL DISTRICT
(P. O. Los Angeles),
Calif.—BOND OFFERING—L. E. Lampton,
County Clerk, will receive10. for the purchase of $25,000 bonds of Whittier
will bear no more than 5% interest.
Denom.
$1,000.
Dated Feb. 1 1936.
Due Feb. 1 1951.
Certified check for 3%,
required.
bids until 2 p. m. Feb.
School District, which
ALABAMA
Municipal Bonds
MONTEREY COUNTY (P. O. Salinas), Calif.—LIST OF
BIDS—The
following is an official tabulation of the bids received for the $248,000
coupon court house bonds awarded
Trust & Savings Bank, of Salinas,
EQUITABLE
Securities
New
Birmingham
Corporation
York
Nashville
Knoxtllle
Chattanooga
on
as
Jan.
13
reported
V. 142, p. 489;
Memphis
Bidder—
Schwabacher & Co.—2% % on all bonds.
Weeden & Co.—4% on $68,000,
to
the
Monterey County
in detail
at
that time—
Premium
$493 26
maturing 1937 to 1943, and 2K %
$180,000, maturing 1944 to 1961
on $43,000, maturing 1937 to 1941, and
2}^% on $205,000, maturing 1941 to 1961
19.00
Salinas National Bank—-2%% on all bonds
2,452 72
Blyth & Co., Inc.—4% on $68,000, maturing 1937 to
1943, and
2}4% on $180,000, maturing 1944 to 1961514.00*Monterey County Trust & Savings Bank—2H% on all bonds___
1,268.00
The
First Boston Corp., and
Griffith, Wagenseller & Durst—•
4% on $88,000, maturing 1937 to 1945, and 2^% on
$160,000,
maturing 1946 to 1961
379.50Shaw, Giover & Co., and Union Bank & Trust Co. of Los
Angei es
—2M% on all bonds
1,885.00
Wm. Cavalier & Co.—2^% on
$178,000, maturing 1937 to 1954,
and 2% % on $70,000, maturing 1955 to
1961
i
969.66
R. H. Moulton & Co.—4% on
$68,000, maturing 1937 to 1943,
and 2y$% on $180,000,
maturing 1944 to 1961
153.00
Harris Trust & Savings
Bank—5% on $28,000. maturing 1937 to
1939, and 2H% on $220,000, maturing 1940 to 1961.
127.00
The Anglo California National
Bank, and American Trust Co —
4% on $68,000, maturing 1937 to 1943, and 2^% on
$180,000,
179.00on
Bankamerica Co.—4%
ALABAMA
_
CULLMAN, Ala.—PWA LOAN APPROVED—It is stated by the City
Clerk-Treasurer that the Public Works Administration has approved a
loan of $91,000 for sewer construction and he reports that the bonds will
mature in 30 years, beginning in 1939.
4% bonds in $1,000 denomina¬
tions.
Prin. and interest payable at the City Treasurer's office.
FLORENCE, Ala.—BONDS SOLD—It is
stated by S. B. Howard, City
issue of $190,000 4% semi-annual water refunding bonds was
sold in November at par.
Dated Dec. 1 1935.
(In these columns last
November we reported on the call for payment of all the outstanding water
Clerk, that
an
bonds dated Dec. 1 1915 and due
on
Dec. 1 1935.)
RUSSELLVILLE, Ala.—PWA LOAN HELD UP—It
is reported by the
City Clerk that a loan of $69,000 was approved by the Public Works
Administration for the construction of an electric distribution system, but
an injunction against the
project was secured by the Alabama Power Co.
VERNON, Ala.—PWA LOAN APPROVED—A
ARKANSAS
MORO SPECIAL SCHOOL DISTRICT (P. O. Moro), Ark.—BONDS
EXCHANGED—It is stated by the District Secretary that $30,000 refund¬
ing bonds approved by the voters at an election held on May 3 1935. have
maturing 1944 to
*
Purchaser.
loan of $18,000 for water
and sewer system construction was approved recently by the Public Works
Administration, according to the Town Clerk.
He states that the bonds
securing the loan are dated Oct. 1 1935, and mature on Oct. 1 as follows:
$500 from 1939 to 1951; $1,000 from 1952 to 1961, and $1,500 in 1932.
Prin. and interest payable at the office of the Town Treasurer.
nearly all been exchanged through T.J
_
Raney & Sons, of Little Rock.
1961.
OXNARD, Calif.—BOND SALE—The city recently sold $51,000
bonds to Banks, Huntley & Co. of Los
Angeles.
sewer
SACRAMENTO COUNTY (P. O.
Sacramento), Calif.—BOND OF¬
FERING— Sealed bids will be received
by T. F. Patterson, County Clerk,
until 10
a
m
on
Jan. 30 for the purchase of
City High School District bonds.
payable J. & D.
Denom. $1,000.
as
follows:
a $410,000 issue of Sacramento
Interest rate is not to exceed 4%,
Dated Dec. 1 1935.
Due on Dec. 1
§10,000, 1936 to 1942; $15,000, 1943 to 1950; $20,000, 1951 to
1956, and $25,000, 1957 to 1960, all inclusive.
Principal and interest
payable in lawful money of the United States at the office of
the County
Treasurer in Sacramento, or at the
county's fiscal agency in New York City,
at the option of the holders.
A certified check for
$41,000, payable to the
order of
the^hairman of the Board of Supervisors, must accompany the bid
DISTRICT (P. O. Jacksonville), Fla.—BOND SALE—The $300,000 4% right-of-way purchase
bonds offered on Jan. 23—V. 142, p. 157—were awarded to the Florida
National Bank and Du Pont-Ball, Inc., both of Jacksonville, jointly,
for a price of $301,201, equal to 100.40, a basis of about 3.97%.
Childress
& Co. and the Pierce-Biese Corp., both of Jacksonville, second high bidders,
offered a premium of $708.50.
Dated Jan. 1 1936.
Due $12,000 yearly
FLORIDA
bonds appeared in our columns
(The tentative offering report on these
recently—V. 142, p. 489.)
SCHOOL DISTRICT (P. O. San Diego)
Calif.—BONDS NOT SOLD—We are now informed by the Deputy County
Clerk that at the offering held on Nov. 18—-V. 141, p. 3257—the $10,000
Descanso School District 4% annual bonds were not sold.
He states that
the bonds were ordered sold privately by the County Treasurer.
Dated
Dec. 15 1935.
Due $1,000 from Dec. 15 1936 to 1945, inclusive.
SAN
DIEGO
COUNTY
Assessed
Clerk that
Levy
Citrus
DISTRICT NO. 1 (P. O. Engle-
wood), Colo.—BOND SALE—A $20,000 issue of coupon school bonds was
offered for sale on Jan. 20 and was awarded to Mr. J. H. Goode, of Denver,
as 2Mb, at a price of 99.00, a basis of about 2.37%.
Denom. $1,000. Dated
Feb. 1 1936.
Due $2,000 annually from 1941 to 1950, incl. Prin. and int.
O.
F. Ben wed
Citrus
DISTRICT
Lamar),
(P. O.
14
to approval at an election to be held on
issue of $28,000 3H% refunding bonds to
Bickford, Inc., of Lamar.
N. K.
COUNTY SCHOOL DISTRICT NO. 29 (P.
SALE—Subject to approval by the voters,
OTERO
O.
an
Colo.—BOND
$34,000 refunding bonds was sold
Boone),
issue of
recently to Sullivan & Co. of Denver.
CONNECTICUT
BIDS—The $100,000 tax anticipation
Waterbury and GoodAvin, Beach
& Co. of Hartford, jointly, as 1Mb, at a price of lbO.316, a basis of about
1.12%, as previbus.y noted in these columns, were also bid for as follOAvs:
Bidder—At 1M% Interest Rate Bid
NEW BRITAIN, Conn .—OTHER
notes awarded to the R. F. Griggs Co. of
1st
100.125
-100.119
100.106
100.10
National Bank, Boston
R. L.
Day & Co., Boston
Putnam & Co., Hartford
Bancamerica-Blair Corp
-----
At 1M%
Interest
Halsey Stuart & Co., New York
'
-100.2748
New York
100.118
-—-—-100.098
--
DELAWARE
Treasurer
MILFORD, Del.—BOND OFFERING—T. C. Collins, City
will receive sealed bids until noon on Feb. 1 for the purchase of
all or anv
part of $135,000 3M% sewer bonds.
Dated Jan. 1 1936. Denom. $1,000.
Due Jan. 1 as folloAvs: $5,000 from 1938 to 1952, incl.
and $10,000 from
1953 to 1958, incl.
They are non-callable and payable as to principal and
J. & J. interest at the First National Bank & Trust Co., Milford or, at
the Milford Trust Co., Milford.
A certified check for
payable to the order of the city, must ac¬
each proposal.
Bonds will be delivered to the purchaser at the
City Treasurer's office on March 1 1936.
Accrued interest from Jan. 1
1936 to date of delivery to be paid by the successful bidder.
A preliminary
report on this offering appeared in a previous issue.
5% of the amount of the bid,
Financial
$2,225,000
Real estate
—
(including this issue)
Total debt
$226,000
7,000
—
Sinking fund, retired each year
• - ■ -
liir.it—15% of assessed valuation.
City-owned revenue producing property, such as water,
light, &c.: Light and water plant
Statutory debt
Tax rate
electric
-
-
Tax
Collections for
<
—
-
fiscal period
time
Taxes collected to present
Revenues
and
_ - -
—
105
1934
1935
Taxes collected to end of
$30,116.00
22,578.00
24,916.00
$29,750.00
21,380.40
27,680.00
Expenditures
;
—
Taxes
Expenditures
--
1934
$82,169.73
$73,133.08
22,578.00
Light and water plant
27,680.18
99,663.34
97,629.20
5,084.39
special school district, county, &c.: Nil.
Bank ba'ance, end of fiscal years-
Other taxes, such as
21.759
22.000
22.000
21.000
21.000
17.000
(County-
districts
the fact
the
pay¬
counties
Putnam
Clay
454,234.52
50,131.3 5
48,413.97
42,237.61
53,319.35
60,041.04
-$2,631,583.87
$306,203.76
$132,699.76
83,231.12
79,924.24
29,607.70
297,371.17
375,395.71
426,463.51
Marion
$70,584.72
65,509.91
168.392.33
162,624.34
141,877.76
69,728.03
88,023.33
129,341.27
98,751.62
179,103.79
201,556.08
$555,752.97
$1,115,595.33
Citrus
$21,763.40
30,030.94
49,759.62
48,056.36
41,925.64
52,926.13
55,604.79
Total
$670,506.42
767,030.44
806,683.98
778,284.03
678,995.51
857,150.40
964,578.68
'
Levy
$39,027.37
58,306.10
101,884.37
98,409.78
85,855.30
108,382.09
122,161.64
-
_____
—
$300,066.88
$5,523,229.46
and tax collections are based
tax assessors, tax collectors and
Circuit Court clerks of the counties concerned.
The figures relating to
bonded debt,
sinking fund resources, and gasoline tax allocations are
based upon information submitted by the clerks of the Circuit Court of
the counties involved and by the State Board of Administration.
upon
$614,026.65
information
submitted
HILLSBOROUGH
the
by
COUNTY
CONSOLIDATED
SPECIAL
TAX
O. Tampa), Fla.—BONDS SOLD TO
purchased at par the issue of
$22,000 4% coupon school bonds offered on Jan. 15-^—V. 141, p. 4191.
Dated Dec. 1 1935 and due $1,000 on Dec. 1 from 1937 to 1958, incl.
SCHOOL
DISTRICT
PWA—The
Public
NO.
3
(P.
Administration
Works
GEORGIA
AUGUSTA, Ga.—BOND SALE—The $34,000 issue of 4% coupon or
register
semi-ann. refunding bonds offered for sale on Jan. 20—V. 142,
p. 157—-was awarded to Johnson, Lane, Space & Co. of Savannah, paying
a premium of $6,362.78, equal to 118.714, a basis of about 2.73%.
Dated
Feb. 1 1936.
Due from Feb. 1 1937 to 1966, incl.
CHATHAM COUNTY
(P. O. Savannah), Ga.—BOND OFFERING—
Lillian E. Grotheer.
Sealed bids will be received until noon on Jan. 31 by
Deputy Clerk of the County Commissioners, for the purchase of a $500,000
issue of 3% coupon public school bonds.
Denom. $1,000.
Dated Feb. 1
1936.
Due $25,000 annually from 1937 to 1956, incl.
Prin. and int.
(F. & A.) payable at the office of the Disbursing Clerk of the County Com¬
Bonds can be registered as to principal with said Disbursing
These bonds have been validated by the Superior Court of Chatham
missioners.
Clerk.
County.
The legality of the bonds has been approved by Clay, Dillon &
furnished to the purchasers.
No bid will be accepted for less than
Bonds will be delivered at Savannah.
1935
Revenues:
wide)
175,204
7,103
18,335
30,751
12,456
5,516
Vandewater of New York, whose opinion will be
Fiscal Years
Total levied
50,000
—
Census)
$22,452.74
353,285.19
340,855.34
Total
Statement
Basis of assessment
Debt
cents) of the gasoline tax of seven cents per
The amount of gasoline tax money so applied
the reduction of the bonded debt (or credited
the above-named counties in the last seven
Duval
holder's option, at
company
Assessed valuation
Bonded
$3,401,229.50
765,167.82
3,225,682.66
4,462,416.87
1,791,122.70
1,496,937.30
$383,978.43
1
Levy
in Mills
tion
(1930
The above figures relating to assessments
100.29
Whiting, Weeks & Knowies, Boston
Faxon, Gade & Co.. Boston
(three
gallon collected by the State.
to the payment of interest and
to the bond sinking funds) of
years is as follows:
Total
100.295
—
Estabrook & Co., Boston.
Keen, Taylor & Co.,
Interest)
shown above, a portion
$33,000 water works
NO.
Accrued
PopulaNet
Totals..$16,902,830.56 $1,760,273.71 $15,142,556.85
249,365
The above figures are exclusive of overlapping bonded debt of
subsidiary subdivisions of counties.
Attention is called to
that under the laws of the State of Florida, there is available for
ment of interest on and the reduction of the bonded debt of the
bonds has been sold to local
SCHOOL
1934
/
and
SCHOOL DISTRICT (P. O. Kremmling),
the voters, the district has
$35,000 3% school building bonds to Gray B. Gray, Inc., of Denver.
COUNTY
Accrued
Levy
GRAND COUNTY HIGH
OTERO
Fund
Resources
(Exclusive of
Interest)
Marion...
Colo.—BOND SALE—Subject to approval by
Feb. 28 the district has sold an
Sinking
$4,862,380.56 $1,461,151.06
797,500.00
32,332.18
3,307,350.00
81,667.34
4,557,000.00
94,583.13
1,853,600.00
62,477.30
1,525.000.00
28,062.70
Putnam...
DISTRICT NO. 1 (P. O. Ordway),
SALE—The district has soid $77,500 refunding bonds to
of Denver, subject to approval at an election to be held in
Colo.—BOND SALE—Subject
Gross
Clay
Treasurer.
LOVELAND, Colo.—BOND SALE—An issue of
banks.
$10,498,540.00 $59,795,680.00 $239,182,720.00
Not assessed
874,235.00
3,496,940.00
421,960.00
2,789,139.00
11,156,556.00
1,071,850.00
6,830,464.00
27,321,856.00
54,630.00
1,458,508.00
5,834,032.00
215,180.00
2,559,304.00
10,237,216.00
(Exclusive of
_
the near future.
sold
Homesteads
Bonded Debt
Duval
CROWLEY COUNTY SCHOOL
Colo.—BOND
Estimated
Real
Valuations
Total
Assessed
Valuation
Totals-.$62,045,170.00 $12,262,160.00 $74,307,330.00 $297,229,320.00
COLORADO
payable at the office of the County
11992323054045
Marion.,,
posed issuance of $160,000 in not to exceed 6% bonds, divided as follows:
$110,000 sewer construction and $50,000 fire department bonds.
(This report supersedes the tentative election notice given recently—V. 142, p. 331.)
ARAPAHOE COUNTY SCHOOL
874,235.00
2,367,179.00
5,758,614.00
1,403,878.00
2,344,124.00
Putnam-..
Feb. 18 in order to vote on the pro¬
election will be held on
an
Clay-_..-_
of December 1935
as
Valuation
Valuation
the Florida Ship Canal
Composing
Assessed
Counties— Non-Homestead
Duval
$49,297,140.00
the City
is stated by
ELECTION— It
Calif.—BOND
1963.
of Counties
Navigation District,
Luis Obispo),
bonds aggregating $52,000,
STOCKTON,
NAVIGATION
CANAL
Financial Statement
,
OBISPO
LUIS
SHIP
Jan. 1 from 1939 to
on
COUNTY SCHOOL DISTRICTS (P. O. San
Calif.—BOND SALE—The two issues of 4% coupon school
offered for sale on Jan. 13—V. 142, p. 330—
were purchased by the Public Works Administration at par.
The issues
are divided as follows:
$34,000 Morro Union School District building bonds
and $18,000 Cayucos School District bonds.
SAN
653
Financial Chronicle
Volume 142
par and accrued interest to date of delivery.
Bids
issue.
A certified check for $20,000, payable to
must be for the entire
the County Commis¬
sioners, must accompany the bid.
DECATUR, Ga.—BOND ELECTION—A special election will be held
Feb. 14 in order to vote on the issuance of $80,000 in bonds divided as
$40,000 for schools, $30,000 for water works and $10,COO for sewers;
the entire amount to be augmented by $141,000 from the Federal Govern¬
ment, making a total of $221,000.
These bonds were approved at an elec¬
tion held in December but the election was voided by a court ruling.
on
3,184.06
follows:
DOOLY
Del.—BOND OFFERING—J. H. Anthony, Town Clerk,
2 p. m. Feb. 6, for the purchase of $130,000 3%
coupon,
registerable, municipal electric light and power plant bonds.
Denom. $1,000.
Dated Feb. 15 1936.
Principal and semi-annual interest
(F. & A.) payable at the First National Bank of Seaford.
Due yearly on
Feb. 15 as follows:
$7,000, 1941 to 1945; $10,000, 1946 to 1950; and
$9,000, 1951 to 1955; redeemable after five years.
Certified check for
5%, payable to the town, required.
SEAFORD,
will receive bids until
COUNTY
(P.
O.
Vienna),
Ga .—BOND SALE—A $50,000
by the voters at the elec¬
5% semi-annual school bonds authorized
issue of
tion held on Nov. 25—V. 141, p.
3722—has been purchased by Brown Bros,
of Montezuma, Ga., according to report.
DEMOREST, Ga .—BOND OFFERING—It is reported that sealed bids
by Mayor J. W. Ritchie, for the purchase of
will be received until Feb. 4,
a
^
$12,500 issue of 5% semi-ann. water works
LEXINGTON,
Ga.—BOND
bonds.
SALE—A block of $14,500 waterworks
system bonds was sold recently to the
United States government at par.
IDAHO
FLORIDA
SCHOOL DISTRICT NO. 3
Ida.—BOND CALL— It is stated by Alvin Whitehead,
District has exercised its option and is calling
for payment on March 1, on which date interest shall cease, the following
6% bonds: $21,500 school bonds, dated June 1 1919, and $21,000 school
bonds, dated June 1 1921.
Said bonds are to be presented for payment at
any bank in Boise.
The Department of Public Investments, Boise, will
pay par plus accrued interest to date of call.
BONDS
BANNOCK COUNTY RURAL HIGH
(P.
O.
Grace),
District Treasurer, that the
PIERCE-BIESE CORPORATION
JACKSONVILLE
Tampa
Miami
Orlando
FREMONT
FLORIDA
DUVAL
COUNTY
SPECIAL
TAX
SCHOOL
DISTRICT
NO.
2
(P. O. Jacksonville), Fla.—BOND OFFERING—-Sealed bids will be re¬
ceived until 5 p. m. on Feb. 6 by R. O. Marshall, Secretary of the Board of
Public Instruction, for the purchase of a $22,000 issue of 4% coupon school
bonds.
Denom. $1,000.
Dated Dec. 1 1935.
Due $1,000 from Dec. 1
1938 to 1959, incl.
Prin. and int. (J. & D.) payable in lawful money of
the United States of America, at the Florida National Bank of Jacksonville.
These bonds were approved by the voters at an election held on Dec. 17
and they will be validated by a decree of the proper Circuit Court in Dubai
County.
These bonds will not be sold in fractional parts.
(This report supplements the report of offering given under the caption of
"Baldwin School District No. 2," which we carried recently—V. 142,
p.
489.)
COUNTY
INDEPENDENT
SCHOOL
DISTRICT,
CLASS A, NO. 2 (P. O. St. Anthony), Ida.—BOND ELECTION—A
special election will be held on.Jan. 25 for the purpose of voting on the
question of issuing $33,000 school building bonds.
GOODING COUNTY SCHOOL DISTRICT (P. O. Gooding), Ida.—
ELECTION—The trustees have ordered an election to be held on
21 for the purpose of voting on the question of issuing $50,000 high
BOND
Jan.
school
building bonds.
LITTLE
(P. O. Council), Ida.
that at an election
the issuance of the
very wide margin.
Dated July 1
scheduled for sale shortly.
WEISER IRRIGATION DISTRICT
—BONDS VOTED—It is stated by the District Secretary
held
on
Jan.
11—V. 142, p. 331—the voters approved
$60,000 in 4% reservoir bonds by a
1936.
It is said that these bonds are
McCAMMON, Ida.—BONDS VOTED—At a recent election the voters
by 86 to 7, gave their approval to a proposal to issue $30,700 water supply
line
bonds.
654
Financial Chronicle
RIGBY, Ida.—BONDS
VOTED—The taxpayers of the city
voted to issue $25,000 sewer system bonds.
on
Jan. 6
Jan. 25 1936
FRANKFORT
SCHOOL
CITY,
of the issue of
& Co. of
Ind.—LEGAL
OPINION—Legality
$75,000 4)4% school bonds sold on Dec. 17 to A. S. Huyck
par plus a premium of $6,850, equal to 109.133, has
approved by Smith, Remster, Horn brook & Smith of Indianapolis.
Prin. and int.
(J. & J.) payable at the office of the Treasurer of the Board oi
Trustees.
The following other bids were submitted for the issue:
SHOSHONE HIGHWAY DISTRICT (P. O.
Shoshone), Ida.—BOND
SALE—The $48,000 coupon refunding bonds offered on Jan. 18—V.
142,
P. 331—were awarded to Ferris & Hardgrove of
Spokane, as 2%s, for a
premium of $170, equal to 100.354.
Dated July 1
1935.
Murphey,
Favre & Co. of Spokane, second high bidders offered a
$25 premium for 2Ms.
Chicago at
been
Bidder—
Premium
Robinson
&
Co., Chicago
County Bank, Frankfort, Ind
C. W. McNear &
Co., Chicago
Jack A. Stull, Evanston
City Securities Corp., Indianapolis
Marcus R.
Warrender, Indianapolis
Clinton
ILLINOIS
of $275,000
43^ % sewer and water revenue serial bonds, the proceeds of
together with a Federal grant, will be used to finance the con¬
which,
struction of
a
an
ordinance authorizing the issuance of $53,000 waterworks and
bonds
offered
on
Jan.
7—V.
141,
0.
SALE— On Jan. 20 the city disposed of
The Gary State Bank of Gary purchased
Gary Trust & Savings Ban, $75,000. The
obligations will bear 4% interest. The banks are paying par, and In addi¬
tion the cost of
legal opinions.
issue of $7,500 5% refunding
4192—was awarded at par to the
CHICAGO SANITARY DISTRICT (P. O.
Chicago), 111.—$2,250,000 BONDS PUBLICLY OFFERED—'The Chase National
Bank, the
Northern Trust Co., Chicago, and Kelley, Richardson &
Co., Inc., are
offering $2,250,000 4% series A refunding bonds, due Jan. 1 1955, optional
Jan. 1 1945, and priced at 103% and int.,
yielding about 3.50% to optional
date and 4% thereafter.
These bonds are part of an original authorization
of $20,718,890, which refunded a like amount of bonds due in
1935 and
warrants
Erior thereto, and constitute, in the opinion of counsel,therein and legally
valid being sub.
inding obligations of the District, all taxable property
Other bids
ject to the levy of taxes to
PAYMENT
FOR
pay
the bonds without limit
DRAIN
as
COUNTY
to rate or amount
CANAL
Indianapolis
MORROCO,
111.—SELLS
ST.
$10,000,000
due $350
a
recent election the voters
proposal to issue $68,000 sewage treatment plant and storm and
sewer construction bonds.
CLARLES,
111.—BONDS VOTED—Issuance of $34,000 park
Improvement bonds was authorized by the voters at a recent election. The
vote was 954 to 106.
ST. CHARLES TOWNSHIP (P. O. St.
Charles), III.—BOND SALE
—Local banks have purchased an issue of
$34,000 park bonds.
WILLIAMSON COUNTY (P.
Q. Marion), 111.—PROPOSED BOND
ISSUE—Hosea Borum, Chairman of the Board of Commissioners
states
$170,000 not to exceed 5 % interest
funding bonds.
There are no issues outstanding, the
proceeds of the
scheduled loan to be applied to the payment of
warrants, vouchers, claims
and other items of floating indebtedness.
The bonds will be issued in
denoms. of $1,000 and $500 and mature
serially over a period of 20 years.
The county reports an assessed valuation of
$16,000,000 and population of
53,000.
that bids will be asked soon on an issue of
take
the
warrants
The warrants
were
on
1937 to 1946 inclusive.
HAUTE,
Ind.—WARRANT
OFFERING—The
troller will receive bids until
noon Feb. 8 for the
warrants.
VINCENNES, Ind.—NOTE
City Comp¬
purchase of $75,000 time
SALE—The $50,000
offered
temporary loan notes
on Jan.
20—V. 142, p. 331—were awarded to the Indianapolis
Bond & Share Corp. of
Indianapolis on a 3% interest basis, plus a premium
of $8.
Dated Jan. 20 1936.
Due $25,000 on each of the daties July 1
and Dec. 1 1936.
VIENNA
SCHOOL TOWNSHIP (P. O.
Scottsburg), Ind.—BOiYD
$13,000 4% school building bonds offered on Jan. 17—V.
4192—were awarded to W. E. Everitt of Scottsburg at par plus a
premium of $196, equal to 101.507, a basis of about
3.72%.
Dated Jan.
1 1936 and due $750 each six months from
July 1 1937 to Jan. 1 1957.
SALE—The
141,
p.
WASHINGTON. Ind.—BOND OFFERING—Maud G. Spaulding,
City
Clerk-Treasurer, will receive sealed bids until 2 p.m. on Feb. 1 for the
purchase of $10,000 5% swimming pool revenue bonds.
Eated Feb. 1
1936.
Denoms. $1,000 or $500.
Due $1,000 on Oct. 1 from 1937 to 1946
incl.
Interest payable A. & O.
Legal opinion of Matson, Ross, McCord
& Clifford of
Indianapolis will be furnished the successful bidder.
IOWA
ARCADIA, Iowa—BOND SALE—It
is stated by the Town Clerk that
on Jan.
13 a $5,000 issue of 3)4% annual
coupon refunding bonds wag
purchased by the Carroll County State Bank of Carroll,
paying a premium
of $30, equal to 100.60.
There was one other bidder, the Carleton D.
Beh Co. of Des Moines, who bid a
premium of $26 on the bonds.
CALLENDER SCHOOL DISTRICT, Iowa—BOND SALE—An issue
3%% school building bonds was recently sold to The WhiteCorp. of Davenport for a premium of $260, equal to 101.238.
of $21,000
Phillips
Due in 1955.
CASCADE, Iowa—BOND SALE—The $13,000 issue of
annual memorial
coupon
semi¬
building bonds offered for sale
on Jan. 20—V. 142, p. 331—
Beh Co. of Des Moines, as 3s, paying a
premium of $5.00. equal to 100.038, according to the Town Clerk.
was
awarded to the Carleton
D.
CENTERVILLE INDEPENDENT SCHOOL DISTRICT
(P. O. Cenare informed by the Secre¬
coupon grade school
building bonds purchased by the Iowa Trust & Savings Bank of Centerville,
as 2%a, at a price of 100.26—V.
142, p. 491—are dated Jan. 1 1936, and
mature from Dec. 1 1940 to 1951
incl., giving a basis of about 2.72%.
Interest payable J. & D.
terville), Iowa—BOND SALE DETAILS—Wc
tary of the Board of School Directors that the $50,000
DUBUQUE COUNTY (P. O. Dubuque), Iowa—BOND SALE DE¬
TAILS—It is stated by County Auditor that the
$22,500 funding bonds
by the White-Phillips Corp. of Davenport, reported in these
columns recently—V. 142, p. 491—were sold as
3Hs, at par, and mature
purchased
on
Dec.
1
as
follows:
$1,000, 1940 and 1941, and $20,500 in 1942.
DUNDEE SCHOOL DISTRICT, Iowa—BONDS VOTED—At an
elec¬
tion held on Jan. 9 the voters of the district
approved a proposition to issue
$17,000 school building bonds.
The vote was 186 to 84.
INDIANA
CLINTON SCHOOL CITY, Ind,—BOND
OFFERING—The Board of
Trustees of the School City will receive bids until
8 p. m. Feb. 4, for the
purchase of $57,000 bonds.
CONNERSVILLE, Ind.—BOND
SALE—The city recently sold $63,000
works revenue bonds to the
City Securities Corp. of Indianapolis
premium of $1,953, equal to 103.10.
The purchasers are also paying
the cost of legal services and
printing of bonds.
HAWARDEN, Iowa—BOND SALE—The $17,000 issue of hospital bonds
offered for sale
on Jan. 20—V. 142,
p. 491—was awarded to the Carleton D,
Beh Do. of Des Moines, as 3
%s, paying a premium of $110, equal to 100.647.
according to the City Clerk.
water
for
a
ELKHART
COUNTY
(P.
O.
Goshen),
Ind.—OTHER BIDS—The
issue of $54,000 bonds awarded to the City Securities
Corp. of Indianapolis
2Hs, at par plus a premium of $278, equal to 100.51, a basis of about
2.40%, as previously noted in these columns, was also Did for as follows:
as
Bidder—
Int. Rate
Fletcher Trust Co., Indianapolis
2%%
Harris Trust & Saving Bank, Chicago
C. W. McNear, Chicago
2)4%
Indianapolis Bond & Share Corp
Salem Bank & Trust Co., Goshen
A. S. Huyck, Chicago
M. R. Warrender, Indianapolis
Premium
$61.00
11.00
2^%
2% %
3%
1,620.00
3%%
3%%
1,088.00
188.00
311.00
401.00
i
a
issued
semi-annually from July 1 1937 to Jan. 1 1947.
TERRE
ALLOTMENTS—
intercepting
to
SULLIVAN COUNTY (P. O. Sullivan), Ind.—BOND SALE—The
$40,000 series B 1936 advancement fund bonds offered on Jan. 24—V.
142, p. 491—were awarded to the Farmersburg State Bank of
Farmersburg
as 3s for a
premium of $30, equal to 100.085, a basis of about 2.99%.
Marcus R. Warrender of
Indianapolis offered a premium of $400 for
3)4s.
Dated Feb. 1 1936.
Due $2,000 on June 1 and Dec. 1 in each
of the years from
LA SALLE,
III.—CERTIFICATE SALE— The $750,000 6% public
utility certificates offered on Jan. 20—V. 142, p. 158—were awarded to
H. C. Speer & Sons Co. of
Chicago, at 100.40, a basis of about 5.94%.
The Carleton D. Beh Co. of Des
Moines, bid 100.10.
Dated July 1 1936.
Due July 1 as follows:
$39,000, 1938; $42,000, 1939: $46,000, 1940: $51,000, 1941; $57,000, 1942; $65,000, 1943: $73,000,
1944; $82,000, 1945;
$95,000, 1946, and $100,000, 1947 and 1948.
Ind.—WARRANT
^
of St. Louis paid
par for the $127,000 4% water revenue Refunding bonds purchased
by them
recently—V. 142, p. 331.
Due serially on Jan. 1 from 1937 to 1948 incl.
from that fund for construction of any projects on Federal aid
highways.
To-day's grant of $435,500 to cover 30% of the cost of labor and materials
used is made from the old appropriations for
public works construction,
to which the Comptroher-General's decision does not
apply.
Alton was given a grant of $19,500 toward street
improvements esti¬
mated to cost $68,200.
Decatur was granted $24,000 toward
resurfacing and widening streets,
a project to cost $82,081.
These grants are based on 30% of the cost of labor and
materials, and
were made out of the old funds for
public works.
Bend),
,
The amount of
grants
South
SCOTTSBURG SCHOOL TOWN, Ind.—BOND SALE—The $7,000
4% school building bonds offered on Jan. 17—V.
141, p. 4192—were
awarded to the Scott
County State Bank of Scottsburg at par plus a premium
of $120, equal to
101.71, a basis of about 3.69%.
Dated Jan. 1 1935 and
$150,000,000.
PWA
O.
Indianapolis, second high bidders, offered
1%% interest basis and pay a premium of $8.
HIGHLAND, 111.—PRICE PAID— Stifel, Nicolaus Co.
THREE
(P.
to carry on poor relief.
nounced that all interest charges and other penalties levied on
taxes unpaid
for years prior to 1932 will be waived for home owners who
pay the principal
amount of the past due levies by Feb. 1 1936.
The concession in the case
of income-producing properties is one-half of the
The following is the text of an announcement
(Press Release No. 1793)
just made public by the above Federal agency:
Three non-Federal allotments,
totaling $479,000. to Illinois cities were
announced to-day by Haroid L. Ickes, PubJc Works
Administrator.
They
will permit construction totaling $1,810,157.
The City of Chicago was given a grant of
$435,500 toward construction
of the bascule bridge on South Ashiand Ave., a
project to cost $1,650,000.
A grant of $562,500 on this
bridge was awarded from the Works Relief
appropriation, but subsequently was rescinded because of the
ComptroderGeneral's ruling that the Public Works Administration
could not make
COUNTY
of
WAR¬
(P. O. Chicago), 111.—WAIVES PENALTIES ON
TAXES—Acting in accordance with an Act passed at the last
of the State Legislature, County Treasurer
Joseph L. Gill has an¬
charges.
JOSEPH
OFFERING—The Board of Town
Feb. 10 for the purchase of $1,000
m.
anticipatory warrants.
Jan. 22 an issue of $100,000 tax
anticipation warrants was
awarded to the Albert McGann Securities
Co. and Harrison & Austin, both
of South Bend on a 1
% % interest basis.
The Indiana Bond & Share Corp.
COUNTY
FALLS, III.—BONDS VOTED—At
$707
587
Ind.—WARRANT
SALE—On
UNPAID
ST.
Savings Bank
Bond & Share Corp
street improvement
poses.
a
1936.
Premium
due June 1 1936.
RANTS—A syndicate composed of the City National Bank &
Trust Co.,
Continental Illinois National Bank & Trust
Co., First National Bank,
Harris Trust & Savings Bank and the Northern Trust
Co., all of Chicago,
is reported to have recently purchased an issue of
$10,000,000 2)4% edu¬
cational fund tax anticipation warrants of 1936.
ROCK
Due July 1
premium of $782.
/
Trustees will receive bids until 2
p.
chapter in the long controversy over the construction of the Chicago Sani¬
tary Canal and the diversion or water from Lake
Michigan for sanitary pur¬
approved
a
$400,000 general fund tax anticipation warrants offered on Jan. 20—
142, p. 331—were awarded as Is, at
par plus a premium of $15, to a
composed of the Union Trust Co., Indiana Trust Co., Fletcher
Trust Co., American
National Bank, Indiana National Bank and the
Merchants National Bank, all of
Indianapolis.
Dated Feb. 1 1936, and
No Valid Reason
ILLINOIS, State of—REPORT ON
plus
par
follows:
Y.
waterway link.
taxes involved is
5s, at
as
as
group
Brig.-Gen. G. B. Pillsbury reported to the
House Committee:
"It can see no obligation or valid reason either at law or in
equity that
would justify the United States in acquiring the
property in question or in
reimbursing the sanitary district for the cost thereof."
The report of the army engineer board marks the termination
of another
session
SALE— The
issue
of
$50,000
time
Jan. 20—Y. 142, p. 491—was sold to the First National
on
MARION COUNTY (P. O. Indianapolis), Ind.— WARRANT SALE—
The
Speaking for the board,
COOK
Ind.—NOTE SALE—The
_
government to consider reimbursing the sanitary district for construction
DISTRICT,
were
Bidder—
Harris Trust &
for the
SCHOOL
Kokomo),
Ind.—WARRANT
offered
Bank of Marion
14.
CHICAGO
O.
May 15 1936.
MARION,
In a report to the House Committee on rivers and harbors
the engineering
board of the War Department flatly declared "it is not advisable"
cost of its
(P.
$150,000 tax anticipation notes offered on Jan.
20—V. 142, p. 490—were
awarded to the Union Bank &
Trust Co. of Kokomo on a 1^% interest
basis, plus a premium of $17.
The Indiananolis Bond & Share Corp. offered
a $29 premium for
l^s.
Due
OPPOSED—The proposal of the
Federal government to pay the Chicago Sanitary District about
$77,000,000
for the sanitary district canal as a part of the federalized
lakes to the gulf
waterway was rejected by the high command of the army engineers on
Jan.
1,000.00
1,200.00
$300,000 short term warrants.
$225,000 of the notes and the
BROOKPORT, 111.—BOND SALE—The
Brookport National Bank.
2,251.00
3,11100
®o£A,RY' '"d.— WARRANT
bonds.
sewerage
-
—-
Cumberworth, Harris & Co., Indianapolis.
Walter, Woody &
Heimberdinger,- Cincinnati
Jack Stull, Evanston
(for 3% bonds)
Millard C. Morrison, Frankfort
(for $60_,000 bonds, 4)4%)
modern sewage disposal plant.
BRADLEY, III.—BONDS AUTHORIZED—The village board recently
approved
1
«,
BARRINGTON, 111.—BOND SALE—H. B. La Rocca & Co., Inc. and
A. S. Huyck & Co., both of Chicago,
jointly, have purchased an issue
$6,5i5.00
5,500.00
5,311.00
4,450.00
4,031.50
3,812.00
IOWA,
State
of—HIGHWAY
COMMISSION ISSUES ANNUAL
property tax levy to retire State primary road bonds
by reason of the refunding of $46,000,000
the State Highway Commission reported
to Governor Clyde L. Herring in its annual statement.
These refunding
operations amounted to $15,037,000 in 1934 and $31,306,000 in
1935, and
reduced the annual Interest bill on the bonds
by $868,867, the report stated.
REPORT—A
State
averted in the last two years
of such bonds during the
period,
was
a
Of the $106,838,000 primary road bonds
originally issued by 85 counties,
$20,180,000 are said to have been retired.
The interest rate was
total of
reduced from
4.63% to 2.41 % by
planned to refund
year, which bonds
an
are
reason of the refunding operations.
It is
additional $20,000 of Iowa
primary road bonds this
scheduled to mature May 1.
IOWA (State of)—WARRANT CALL—State Treasurer Leo
J. Wegman
is issuing a call for payment of $150,000 worth of State
sinking fund anticipa¬
tory warrants.
paid off Feb. 1. only $850,000 worth of the
original $3,500,000 block sold by the State to the Carleton D. Beh Co. of
Des Moines a year ago last December will be outstanding.
The $150,000 call is the smallest since the State began paying off the
warrant in monthly instalments.
According to E. F. Rahm, Deputy State Treasurer, this is due to the
seasonal drop in beer revenue, payments by closed banks and interest on
public deposits, the three sources of sinkihg fund revenue.
the
warrants
are
JOHNSON COUNTY (P. O. Iowa City), Iowa—BOND SALE— The
$11,000 issue of funding bonds offered for sale on Jan. 23—V. 141, p. 491—
was awarded to the Polk-Peterson Corp. of Des Moines as 2}^s, paying a
Due from
101.40, a basis of about 2.34%.
premium of $154, equal to
Nov. 1 1940 to 1946.
McINTIRE INDEPENDENT SCHOOL DISTRICT (P. O. Mclntire),
Iowa—BOND SALE—The $5,500 issue of school bonds offered for sale on
Jan.
11—V.
Mclntire,
A
the
SCHOOL
INDEPENDENT
MANSON
OFFERING—The
for
purchased by the Aetna Savings Bank of
142, p. 158—was
3Ms, at par.
as
Iowa—BOND
Feb. 3
DISTRICT,
School Directors will receive bids until 2 p.m.
REFUNDED—
like amount of
rate of 3H%
recently, at
the
Central National Bank in Des Moines, by Gerald Paardekooper, County
Auditor, D. D. Galvin, County Treasurer and Jerry Speed, Chairman of
the County Board of Supervisors.
The original funding bonds were issued in 1916 at an interest rate of 4 ^ %.
During the succeeding years part of the bonds were retired and the $60,000
worth recently refunded have a definite retirement schedule and will be
completely paid off in 1945.
Jackley & Co. of Des Moines, handled the
refunding bonds.
refunding
bonds,
bearing
interest
an
NEW MARKET, Iowa—BOND ELECTION— An election is called fo
Feb. 11 at which time a proposal to issue $55,000 light and power plant,
bonds will be submitted to the voters.
OSCEOLA, Iowa—BONDS VOTED—A proposal to issue $27,000 water¬
approved by the voters recently.
works improvement bonds was
PAGE COUNTY
(P. O. Clarinda), Iowa—BOND OFFERING—B. F-
Mitts, County Treasurer, will receive bids until 11 a. m. Jan. 24 for the
purchase of $4,667 5% bonds of Drainage District No. 27.
RICKETTS, Iowa—BOND OFFERING—J. H. A. Christiansen, Town
Clerk, will receive bids until 8 p.m. Feb. 3 for the purchase of $4,000
bonds.
RIDGEWAY INDEPENDENT
SCHOOL DISTRICT
(P.
O. Ridge-
way),
Iowa—MATURITY—The District Secretary reports that the
$20,000 school bonds purchased by the Farmers State Bank of Ridgeway,
as 3s, at a price of 101.13, as noted recently—V.
142, p. 491—are due as
follows: $1,000, 1938 to 1951, and $1,500, 1952 to 1955, giving a basis of
about
MAINE
AUGUSTA, Me.—NOTE SALE— The $300,000 tax anticipation notes
offered on Jan. 21—V. 142,p. 492—were awarded to the First Nat. Bank
of Boston on a 0..29% discount basis.
The Bank of Manhattan Co., of
New York, was second bidder on a 0.29% discount basis.
The First of
Boston Corp. bid 0.315% discount.
Notes dated Jan. 21 1936; and pay¬
able $150,000, Sept. 10 1936 and $50,000 on each of the dates Oct. 15,
Nov. 16 and Dec. 21 1936.
Other bids were as follows:
Bidder—
Bank of the Manhattan Co_
;
Discount
0.29%
_
Newton, Abbe & Co
Whiting, Weeks & Knowles
0.32%
0.34%
—
0.34%
Leavitt & Co
Jackson & Curtis
0.375%
__
.
Second National Bank of Boston
E. H. Rollins & Sons
0.445%
0.48%
0.49%
0.49%
National Shawmut Bank....
Merchants National Bank of Boston.
purchase of $26,000 school building bonds.
MARION COUNTY (P. O. Knoxville), Iowa—BONDS
block of $60,000
funding bonds was exchanged for a
sewer
655
Financial Chronicle
Volume 142
When
2.88%.
COUNTY
SCOTT
(P.
Davenport). Iowa—BOND OFFERING
by Albert O. Kurth, County
O.
MARYLAND
CHARLES COUNTY (P. O. LaPlata), Md.—BOND
SALE—An issue
of $20,000 4% coupon refunding bonds was sold on Dec. 23 to the County
Trust Co. of Marlyand, Baltimore, at a price of 107.638, a basis of about
3.14%.
Dated
1
Jan.
from 1937 to 1956, incl.
1936.
Denom. $1,000.
Interest payable J. & J.
Due
$1,000
annually
HAMPSTEAD, Md.—MATURITY—The $20,000 4 % waterworks bonds
purchased by the Hampstead Bank of Carroll County of Hampstead at a
price of 100.75—V. 142, p. 492—mature $1,000 on Feb. 1 and Aug. 1 from
1943 to 1952 inclusive.
MARYLAND
(State ok)—YEAR-END SURPLUS AT $3,505,499—
Maryland ended 1935 with a current surplus of $3,505,499.62, it was shown
Jan. 15 by the December balance sheet issued by William S. Gordy, Jr.,
State Comptroller.
The surplus was made up of $151,135.91 in the general
fund and $3,354,315.71 in the special fund.
On Dec. 1, the current surplus
was $2,343,414.55.
There was $1,788,909.10 in the annuity bond fund
at the end of the year.
The capital surplus stood at $135,684,981.41.
Uncollected taxes totaled $2,271,409.93 on Dec. 31, including $1,148,222.23
due
on
1935 taxes.
MARYLAND, State of (P. O. Baltimore)—PLANS $1,905,000 BOND
FINANCING THIS YEAR—The State plans to issue a total of $1,905,000
bonds in the present year.
The initial sale is expected to take place in
April, when $350,000 will be purchased by the State Teachers Retirement
System.
Public offerings will consist of $55,000 bonds on Aug. 15 and
$1,500,000 on Oct. 15, according to report.
Uncollected State taxes at the
close of 1935 amounted to $2,271,410, of which $1,148,222 was due from
that year's levy.
Of the 1934 levy, $1,387,252 was still due at the close
of the calendar year.
The State had a current surplus of $3,505,450 at
the close of 1935, as compared with only $132,994 at the end of the previ¬
ous year.
CONTEMPLATED—It was stated recently
MASSACHUSETTS
Auditor, that the county intends to issue $104,000 in bonds, of which
$98,000 will be used to redeem poor fund warrants, and $6,000 would be
ANDOVER, Mass.—BOND SALE—The issue of $100,700 coupon junior
devoted to court expenses.
SHELBY
ING—Fred
a.m.
COUNTY
W.
27 for
Jan.
(P.
O.
Harlan), Iowa—CERTIFICATEOFFER-
Peters, County Treasurer,
will receive bids until 10
the purchase of $32,000 secondary road construction
anticipation certificates.
VINTON,
Iowa—BONDS
AUTHORIZED—The
City
Council
has
adopted an ordinance providing for the issuance of $38,000 sewage disposal
plant bonds.
(P. O. Sioux City), Iowa—BOND OFFER¬
ING—The County Supervisors will receive bids until 10 a. m. Feb. 3 for
the purchase of $200,000 bonds issued to fund poor fund warrants.
WOODBURY
COUNTY
.,
,
ARLINGTON, Mass.—NOTE SALE—The $400,000 revenue anticipa¬
KANSAS
tion notes offered
DISTRICT NO. 4 (P. O. Eureka), Kan.—
BONDS VOTED—A proposed $30,000 bond issue, for erection of a high
school gymnasium and auditorium, was approved by the voters at a recent
EUREKA
high school loan bonds offered on Jan. 20—V. 142, p. 492—was awarded to
H. C. Wainwright & Co. of Boston on a bid of 101.04 for 2s, a basis of
about 1.88%.
The First Boston Corp. offered 100.53 for 2s.
Dated Feb.
1 1936.
Due yearly on Feb. 1 as follows: $6,700, 1937; $6,000, 1938 to
1948, and $4,000, 1949 to 1955.
Other bids were as follows: For 2s—Washburn & Co., 100.4238; Tyler,
Buttruck & Co., 100.312; Estabrook & C.
100.296; Whiting, Weeks &
Knowles, 100.139; R. L. Day & Co., 100.13; Blyth & Co
100.066.
For
—Newton, Abbe & Co., 101.67; Jackson & Curtis, 101.475; Bay State
Merchants National Bank of Lawrence, 101.3899; Halsey, Stuart & Co.,
101.126; Hornblower & Weeks, 101.035, and Ballou, Adams & Whittemore, 100.613.
SCHOOL
of Boston
on
second with
Jan. 20
on
COUNTY (P. O. Oskaloosa), Kan.—BOND SALE—
$8,000 2K% public work relief bonds offered on Jan. 17—V. 142,
491—were awarded to the Lathrop-Hawk-Herreck Co. of Wichita at a
price of 100.153, a basis of about 2.22%.
Dated Jan. 1 1936 and due Jan.
1 as follows: $500 from 1937 to 1940, incl. and $1,000 from 1941 to 1946, incl.
JEFFERSON
The
p.
KANSAS CITY SCHOOL DISTRICT (P.
O. Kansas City), Kan.—
for
BOND SALE—A $500,000 issue of school building bonds was offered
20, and was purchased by a syndicate composed of Brown
Harriman & Co., Inc., of New York, the First National Bank of Chicago,
and A. H. Gillis & Co., of Kansas City, as 2Ms, paying a premium of $2,036,
sale
on
Jan.
equal to 100.409, a basis of about 2.46%.
$25,000 from Feb. 15 1937 to 1956 inclusive.
Dated Feb. 15 1936.
Due
INVESTMENT—The successful bidders resubscription on Jan. 24 at prices to yield
from 0.50% to 2.53%, according to maturity.
In the opinion of the
bankers these bonds are legal for investment by savings banks in New
York.
The interest on the bonds is said to be exempt from all Federal
BONDS
OFFERED
FOR
offered the above bonds for public
income taxes.
KANSAS, State of—SUPREME COURT RULES ON VALIDITY OF
UTILITIES—The Topeka "Capital" of Jan. 15 reported
follows on a recent ruling of the State Supreme Court, dealing with the
proposed construction of a municipal utility in the city of Pittsburg:
"The Kansas Supreme Court has ruled that municipalities still can take
advantage of portions of the old NRA statute authorizing grants for con¬
struction and improvement of municipal utilities.
"The ruling was contained in a written opinion filed yesterday outlining
the reasons for the granting Dec. 14 of a writ of mandamus directing the
State Auditor to register $125,000 in revenue bonds.
"Pittsburg officials sought the writ after the Auditor had refused to
register the securities contending the State law authorizing the city to issue
MUNICIPAL
as
portion
of the NRA under which the
opinion stated, still is 'operative, in fact, in
bonds were issued,
the
this State'."
LOUISVILLE, Kan.—BOND OFFERING—The City of Louisville will
sell at 8 p.m. Jan. 28, $1,000 bonds, issued to pay the city's share of Works
Progress Administration projects.
Bonds are of $100, dated Jan. 15 1936,
and maturing $100 on each succeeding Dec. 1 until and including Dec. 1
1945.
Rate of interest at 4%.
Sealed bids accompanied by a certified
check for 2% of the amount of bid will be received by Jim Sullivan, City
Clerk.
MT.
to
HOPE, Kan.—BONDS VOTED—At a recent election a proposition
issue $25,000 water works system bonds was approved by the voters.
SEDGWICK COUNTY
(P. O. Wichita), Kan.—BOND SALE— The
$40,000 public works relief bonds offered on Jan. 20—V. 142, p. 491—were
awarded to the City National Bank & Trust Co. of Kansas City, Mo.
It is stated by the County Clerk that the bonds were awarded for a
premium of $9.31, equal to 100.024.
WAKEENEY GRADE SCHOOL DISTRICT, Kan.—BONDS SOLD—
The district recently sold $20,000 3% 15-year serial school bonds to the
State School Fund Commission at par.
WELLINGTON, Kan.—BOND SALE— The First National Bank of
Wellington has purchased $20,000 2H% water works improvement bonds
at a price of 101.25.
KENTUCKY
KENTUCKY, State of— WARRANTT CALL—John Buckingham, State
be calling for payment on Jan. 31, all outstanding
numbered B-1140 to B-6929, aggregating $1,714,717.99, issued
to June 30 1929.
Interest shall cease on date called.
Treasurer, is said to
warrants,
The Merchants National Bank was
Dated
payable Nov. 6 1936.
were as
follows:
Discount \
0.197%
Second National Bank
Whiting, Weeks & Knowles._0.21 %
Faxon, Gade & Co
0.22%
United States Trust Co
0.225%
First Nat'l Bank of Boston. .0.245%
Bidder—
Discount
Leavitt & Co
0.287%
Newton, Abbe & Co
0.29%
R. L. Day & Co
0.33%
West Newton Savings Bank_0.35%
Mass—NOTE SALE—The $300,000 revenue anticipation
Jan. 22—V. 142, p. 492—were awarded to the Beverly
of Beverly on a .17% discount basis.
The Merchants
National Bank of Boston was second with a bid of .18% discount.
Notes
are dated Jan. 22 1936 and are payable Nov. 5 1936.
BEVERLY,
notes offered
on
Bank
National
Other bids were as follows:
Discount
Bidder—
Whiting, Weeks & Knowles Co
First National Bank
.19%
.215%
.215%
.22%
Second National Bank
Faxon, Gade & Co
New England
Trust Co
.23%
.23%
Newton, Abbey Co
METROPOLITAN
DISTRICT
(P. O. Boston), Mass.—
$1,895,000 BONDS OFFERED FOR INVESTMENT—Special offering is
being made of $1,895,000 coupon 2M% bonds by First National Bank,
Lazard Freres & Co., Inc., and Newton, Abbe & Co., Boston.
The bonds,
BOSTON
dated Dec.
15 1935 and due Dec. 15 1955-1960, are priced to yield from
They are legal investment, in the opinion of the bankers,
banks and trust funds in New York and Massachusetts.
2.55 to 2.65%.
for savings
CAMBRIDGE,
Mass .—HIGHER
TAX RATE FORECAST—Mayor
Lynch has announced that Increased welfare costs may require an advance
of $41 per $1,000 or assessed to $43.
in the tax rate from the present figure
CONCORD, Mass .—TEMPORARY LOAN— The Merchants National
of $30,000 notes at 0.20% discount.
Bank of Boston has purchased an issue
Other bids
Due Nov. 5 1936.
were as
follows:
Discount
0.205%
Bidder—
Second National Bank of Boston
such bonds was invalid.
"That
awarded to the National Shawmut Bank
offer to take the notes on a .19% discount basis.
Bidder—
GREENSBURG, Kan.—BONDS VOTED—At the election held on Jan. 14
332—the voters approved the issuance of the $58,000 in sewage
disposal system bonds by a count of 376 to 155.
—V. 142, p.
were
.18% discount basis.
Jan. 27 1936 and
Other bids
ejection.
a
an
Co
Buttrick &
First Boston Corp
Tyler,
-w
-
0.23%
0.32%
DEDHAM, Mass.—NOTE SALE—On Jan. 22 an issue of $75,000 revenue
notes, maturing Nov. 13 1936, was awarded to the Boston Safe Deposit &
Trust Co. of Boston on a .17% discount basis, plus a $7 premium.
The
National Shawmut Bank of Boston was second high with a bid of .17%,
plus 10 cents premium.
Other bids were as follows:
Norfolk County Trust Co. Dedham. 0.173%;
Merchants
National Bank, 0.20%; Second National Bank of Boston,
0.20%; First National Bank of Boston, 0.215%; Whiting, Weeks & Knowles,
0.22%; Newton, Abbe & Co., 0.22%; New England Trust Co., 0.23%, and
,
Jackson & Curtis,
0.24%.
ESSEX COUNTY
(P. O. Salem), Mass.—NOTE SALE—The $200,000
tuberculosis hospital maintenance renewal loan notes offered on Jan. 21—
V. 142, p. 492—were awarded to the Gloucester National Bank on a 0.124%
The Gloucester Safe Deposit & Trust Co.
Dated Jan. 22 1936 and payable April 1 1936.
were as follows:
Bidder—
Bidder—
Discount
basis.
discount
bid 0.145%
discount.
Other
bids
Beverly Natl. Bank
Cape Ann
National
_
Gloucester
Whiting, Weeks &
Boston
.18%
Bank,
.15%
Knowles,
Discount
Faxon, Gade & Co., Boston.Newton, Abbe & Co., Boston
Gloucester
Safe
Deposit &
Trust Co
.17% [Naumkeag Trust Co., Salem.
.19%
.16%
.145%
.16%
FITCHBURG, Mass.—BOND SALE—The $776,000 coupon, registerable
as to prin. only, high school bonds offered on Jan. 22—V. 142, p. 492—were
awarded to a syndicate comprising Blyth & Co.. Graham, Parsons & Co.,
Burr & Co., and L. E. Rothschild & Co., on a bid of 100.551 for 2s, a basis
of about 1.95%.
A group composed of Brown Harriman & Co., F. S.
656
Financial
Chronicle
19354-
Moseley <fe Co. and Whiting, Weeks & Knowles, submitted the second high
bid of 100.1599 for 2% bonds.
Dated Jan. 1 1936.
Due yearly on Jan. 1
Average valuation
for the last three years and 1932-1933-1934
valuation of motor vehicles $169,941,273.82.
follows: $40,000, 1937 to 1946; $38,000, 1947 to 1952, and $37,000, 1953
as
to
Debt limit @ 2K% of $169,941,273.82-.
Debt within debt limit
1956.
The bankers re-offered the bonds for public investment at
prices to yield
from 0.25 to 2.15%, according to maturity.
Other bids for the issue were
follows:
as
The above statement
Bidder—
Int. Rate
Halsey, Stuart & Co., Inc.; Spencer Trask & Co.,
and H. C. Wainwright & Co
_
First Boston Corp., and Harris Trust & Savings Bk_
Hornblower & Weeks; Newton, Abbe & Co., and
Lee Higginson Corp
Rale Bid
2%
2}4. %
100.105
101.669
2M%
101.25
Edward
B. Smith & Co.; Tyler, Buttrick & Co.;
Washburn & Co.; Burr Gannett & Co.; K. L. Day
& Co.; Estabrook & Co., and Jackson & Co
2M%
First National Bank of Boston
19354
loan notes, maturing Nov. 6 1936, which was offered on Jan. 20—V.
142,
p.|492—was awarded to the West Newton Savings Bank on a .35% dis¬
basis.
The Second National Bank of Boston and the Bank of Man¬
hattan Co., of New York, each bid .36% discount.
were
as
Bidder—
follows:
_
Discount
|
Bidder—
Discount
| National Shawmut Bank
0.42%
R. L. Day & Co.
0.44%
ton (plus $3)
Merchants National Bank—0.44%
0.37%
Newton, Abbe & Co-_
__-0.375% Faxon, Gade & Co
0.46%
Leavitt & Co. (plus $2).
0.39%
Whiting, Weeks & Knowles.-0.485%
National Bank of Boston at
0.31%
HOLYOKE, Mass.—LOAN OFFERING—Lionel Bonvouloir, City Treas¬
urer, will receive sealed bids until 11 a. m. on Jan. 28 for the purchase at
discount of $400,000 revenue anticipation notes.
They will be dated Jan. 29
18
1936, at the First National Bank of Boston,
in Boston, or at the Central Hanover Bank & Trust Co., in New York
will be ready for delivery on or about Wednesday, Jan. 29
City,
1936, at
either of said offices.
The denomination of these notes will be
as
follows:
$25,000, $10,000 and $5,000.
Notes will be authenticated as to genuineness
validity by the First National Bank of Boston, under advice of Storey,
Thorndike, Palmer & Dodge of Boston and all legal papers incident to this
issue will be filed with said bank, where they may be inspected.
and
Financial Statement Jan. 17 1936
--$85,169,000
84,471,330
titles
Borrowed against
341,365
258,167
__
■
Uncollected
Year—
Levy
Jan. 15 1936
.$2,673,367.26
$18,854
2,461,094.69
72,393
2,356,617.20
381,047
Tax anticipation notes outstanding against 1934
None
Tax anticipation notes outstanding against 1935
$450,000
.
LAWRENCE,
Mass.—NOTE SALE—The
$500,000
revenue
anticipa¬
tion
temporary loan notes offered on Jan. 24 were awarded to Newton,
Abbe & Co. of Boston on a .319% discount basis.
Notes are dated Jan.
24 1936 and will mature Nov. 4 1936.
Other bids
were as
Leavitt &
Co.
&
Bank
0.33y0
0.34%
0.37%
0.38%
0.405%
0.42%
of Boston
(plus $7 premium)
Curtis
First National Bank of Boston,
Faxon, Gade & Co
__
LEE,
Mass.—NOTE SALE—An issue of $75,000 2% bonds was sold
Jan. 24 to the First Boston Corp at 100.19. Due from 1937 to 1956.
on
LYNN, Mass.—NOTE SALE—The issue of $500,000
tion loan notes offered on Jan. 22
of Lynn on a .26 % discount basis.
revenue anticipa¬
awarded to the Security Trust Co.
The Merchants National Bank of Boston
was
bid .27% discount
Notes are payable Nov. 6 1936.
Other bids were as follows:
Whiting, Weeks & Knowles, 0.29%; First
National Bank of Boston, 0.295%; Faxon, Gade & Co., 0.31%; Newton,
Abbe & Co., 0.31%; Leavitt & Co., New York, 0.364%; Day Trust Co,
0.39%, and Jackson & Curtis, 0.41%, plus $3.
MASSACHUSETTS
(State
of)—LONG-TERM
FINANCING
IN
PROSPECT—Long-term financing planned by the State this year includes
the probable offering o$7,000,000 public works bonds and a relatively
large emission of Metropolitan Water loan obligations, according to report.
Funding operations, representing the conversion into permanent debt of
some $10,000,000 emergency finance board notes, also may be
arranged.
METHUEN, Mass .—OTHER BIDS—The $65,000 notes due Nov. 5
1936, awarded recently to the First National Bank of Boston at 0.34%
discount, as previously noted in these columns, were also bid for as follow:
Bidder—
Discount
Jackson & Curtis
0.42%
National Shawmut Bank
0.45%
0.47%
0.48%
0.48%
Whiting, Weeks & Knowles
Faxon, Gade & Co
Tyler, Buttrick & Co
Merchants National Bank of Boston.
0.49%
;
MONTAGUE, Mass.—BOND OFFERING—John J. McLaughlin, Town
Treasurer, will receive bids until noon Jan. 28, for the purchase at not less
$100,000 coupon Turners Falls High School Addition bonds.
name rate of interest, in a multiple of M%.
Denom. $1,000.
Dated Jan. 15 1936.
Principal and semi-annual interest payable at the
Merchants National Bank of Boston.
Due $5,000 yearly on Jan. 15 from
1937 to 1956, incl.
Bonds will be prepared under supervision of and certified
as to genuineness by the Merchants National Bank of
Boston; legality will
be approved by Ropes, Gray, Boyden & Perkins of Boston.
than par of
Bidders to
NEW
-
-
_
_
_
-
Other
Due Nov. 3 1936.
Discount
0.32%
0.325%
0.39%
G. F. Coker, City Treas¬
11a. m. Jan. 29 for the purchase at discount
anticipation temporary loan notes, dated Jan. 30 1936
and
payable Nov. 4 1936 at the National Shawmut Bank of Boston.
Notes will be issued in denominations to suit
purchaser.
Delivery to be
on or about Jan. 30 at the
National Shawmut Bank in Boston.
made
Notes
will
National
&
be authenticated as to genuineness and
validity by the
Shawmut Bank of Boston, under advice of Storey, Thorndike,
Dodge, and all legal papers incident to this issue will be filed
with said bank, where they
may be inspected.
Financial Statement
Assessed valuation 1933
Assessed valuation 1934._
Assessed valuation 1935
Gross debt.
as
of Jan. 22 1936
•
-.$58,234,630
58,084,910
57,946,090
1,579,500
1,199,500
-
Netdebt
Sinking funds
None
Notes outstanding for year 1935
Tax titles held
830,000
97,503
Borrowed against tax titles
5,000
Cash on hand
227,633
Tax Levy—1933, $1,863,100; 1934,
$1,945,800; 1935, $1,999,140.
Uncollected Taxes—1933, $3,284; 1934, $45,080:
1935, $469,400.
SOUTHBRIDGE, Mas a.—OTHER
Discount
Second National
Jackson
-
-
0.19%
0.21%
0.23%
0.25%
SALEM, Mass .—NOTE OFFERING—Charles
follows:
Bidder—
Bay State & Merchants' National Bank
--
urer, win receive bids until
of $300,000 revenue
Palmer
Valuation 1934
Valuation 1935
-
-
discount.
bids were as follows:
Bidder—
Jackson & Curtis
First National Bank of Boston.
Leavitt & Co. (plus $2.25
premium)
—
and
_
-
-
NORTH ADAMS, Mass.—TEMPORARY LOAN—The $200,000 revenue
anticipation notes offered on Jan. 24 were awarded to the Merchants
_
1936, and payable Nov.
Discount
Second National Bank of Boston
Merchants National Bank of Boston.
Day Trust Co
West Newton Savings Bank
Bank of the Manhattan Co__0.36%
First National Bank of Bos¬
_
Outstanding
Commitment
Dec. 28 1935
$4,089,318.68
$2,674.14
4,398,815.47
11,127.79
4.447,584.38 1,098,740.57
0.18% discount.
count
Other bids
3,205,000.00
$1,043,531.84
does not include the present offering of $285,000.00.
Collections for Last Three Years
& Knowles and the National
Shawmut Bank, both of Boston, each taking
half of the issue on a
0.17% discount basis.
The Lee Higginson Corp. bid
Notes are payable Nov. 13 1936.
Other bids were as follows:
100.094
FRAMINGHAM, Mass.—NOTE SALE—'The issue of $400,000 temporary
Bidder—•
Tax
$4,248,,531..84
NEWTON, Mass.—NOTE SALE—The $300,000 revenue anticipation
temporary loan notes offered on Jan. 21 were awarded to Whiting, Weeks
100.562
2H%\
__
Tax
Jan. 25 1936
awarded to
BIDS—The $152,490 school bonds
Newton, Abbe & Co. of Boston as 2s, at a price of 100.39, a
1.95%, as previously noted in these columns, were also bid
basis of about
for as follows:
Bidder—
Int. Rate
Jackson & Curtis.
Mechanics National Bank of Worcester
Blyth & Co.
Estabrook & Co
Hornblower & Weeks.
101.74
101.661
101.58
101.59
2l4°/0
Halsey, Stuart & Co., Ihc.
WATER
100.05
2}4%
Tyler, Buttrick & Co
First Boston Corp
SUDBURY
Rate Bid
2%
2}4%
214%
2M%
—
101 18
100.249
100.06
2H%
2\i%
^
DISTRICT
(P. O. Sudbury), Mass.—BOND
OFFERING—Cabot Devoll, District Treasurer, will receive bids until noon
for the purchase at not less than
par of $69,000 coupon bonds.
are to name rate of
interest, in a multiple of M%. but not to
exceed 3H%•
Denom. $1,000.
Dated Feb. 1 1936.
Principal and semi¬
annual interest (Feb. ] and
Aub. 1) payable at the Second National Bank
of Boston in Boston.
Due yearly on Feb. 1 as follows:
$3,000, 1939 to
1951, and $2,000, 1952 to 1966.
Bonds will be engraved under the
supervision of and certified as to
genuineness by the Second National Bank of
Boston; their legality will be
approver by Ropes, Gray, Boyden & Perkins, whose
opinion will
be fur¬
nished the purchaser. All legal papers incident to
this issue will be filed with
said bank where they
may be inspected.
Jan.
27
Bidders
Bonds will be delivered to the
purchaser at
of Boston, Boston, on or about Feb.
5.
the Second National Bank
The Sudbury Water District of
Sudbury was created by a special Act of
the Massachusetts
Legislature, Acts of 1934 Chapter 100.
It constitutes
a fire and water
district including the more thickly settled
part of the town
of Sudbury for the
purpose of supplying water for the
extinguishment of
fires, for domestic and other purposes.
Financial
Information
Assessed valuation of town of
Sudbury, 1935
Assessed valuation of property within the
District, 1935
Total bonded debt of town of
Sudbury, Jan. 1 1936
Total bonded debt of Water District not
including this issue
Tax rate, town of
Sudbury, 1935
Population town of Sudbury 1935
Population of Water District, 1935
,
WELLESLEY, Mass.—LOAN
by the Town Treasurer until
__$2,398,725
863,315
60,000
None
30 00
1,343
Approx. 650
OFFERING—Sealed bids will be received
noon on
of
Jan. 27 for the purchase at discount
Jan. 27 1936 and due
$200,000 revenue anticipation notes.
Dated
$10«,000 each on Nov. 12 and Nov. 18 1936.
BEDFORD, Mass,—NOTE SALE—The National Shawmut Bank
purchased on Jan. 16 an issue of $350,000 revenue anticipation
0.49% discount.
Due $250,000 on Nov. 6 and $100,000 on Nov.
of Boston
notes at
We
12 1936.
NEWTON,
Mass.
—
FINANCIAL
STATEMENT—1The
following
Buy for
Our
Own
Account
MICHIGAN MUNICIPALS
report on the financial condition of the city is given in connection with the
recent sale of $285,000 bonds to the First Boston Corporation.—V.
142,
p. 333.
Debt
Outside Debt Limit—•
Cray, McFawn & Company
Statement
Gross
Washington Street
Highway widening
$623,000.00
80,000.00
Water
505,000.00
Sewer
1,304,145.22
School
470,000.00
County sanatorium240,000.00
Incinerator
118,000.00
City hall.
364,000.00
Soldiers, sailors & marines memorial. 160,000.00
Tax titles
36,731.69
—
Sink. Funds
Net
$591,617.29
79,538.43
$31,382.71
DETROIT
461.57
505,000.00
1,304,145.22
470,000.00
240,000.00
118,000.00
364,000.00
160,000.00
36,731.69
$3,900,876.91 $671,155.72 $3229721.19
Within Debt Limit—•
Telephone CHerry 6828
MICHIGAN
BELDING,
Stable and service station
Service building
BIG
on
Beacon Street fire station
2,000.00
Hull Street land
projects
bonds.
•t^.^MCHANAN, Mich.—-BOND SALE—The
District No. 2 bonds
offered
to
the
Galien-Buchanan
Other bids
$3,205,000,00
were as
Net debt
Jan.
Bank
$37,000
Sanitary Sewer
493—were awarded
2%8, at par plus a
basis of about 2.58%.
There are:
20—V.
142,
p.
of Buchanan
as
follows:
Bidder—
First
Gross debt
on
State
premium of $162.80, equal to 100.44, a
$32,000 special assessment bonds.
Due Feb. 1 as follows: $6
000 from
1937 to 1939, incl. and $7,000 in 1940 and
1941.
5.000 city's portion bonds.
Due $1,000 on Feb. 1 from 1937 to
1941, incl.
10,000.00
Bridge
RAPIDS, Mich.—BONDS AUTHORIZED—The
City Commission
$25,000 filtration, hydro-electric and
Jan. 6 authorized the issuance of
sewer
8,000.00
6,000.00
2,000.00
2,000.00
Auburndale fire station
Mich.—BOND
OFFERING—Kathleen
Maloney,
City
Clerk, wnlireceive bids until 3 p. m. Jan. 31 for the
purchase of $51,000
refunding bonds.
Denom. $1,000 and $500.
Dated Aug. 1 1935.
Prin.
aS,<? semirann- int. (Feb. 1 and Aug. 1) payable at the City Treasurer's
office.
Due Aug. 1 1955.
Certified check for 1% of amount of
bonds
bid for, payable to the City
Treasurer, required.
School
$1,506,000.00
Sewer
984,000.00
School, fire alarm headquarters and
fire station
273,000.00
Street improvement
271,000.00
Building
91,000.00
Land
50,000.00
A. T. T. Tel. DET347
of Michigan Corp
Crouse & Co
$3,205,000.00
$7,105,876.91
$6,434,721.19
Braun, Bosworth & Co
Stranahan, Harris & Co
'
Int. Rate
3%
3%
~~~
~
Premium
$62.53
ion
11
3W%
1 56 00
314 %
111.00
Financial
Volume 142
CHARLOTTE SCHOOL DISTRICT, Mich.—
election the voters of the district approved a proposition to
recent
At a
issue
$123,000 high school construction bonds.
ESCANABA, Mich.—BOND SALE—Barcus, Kindred & Co. of Chicago
purchased on Jan. 2 an issue of $29,500 4% coupon refunding water bonds
at par and accrued interest.
Dated Jan. 1 1936. One bond for $500, others
$1,000 each.
Due serially as follows: $5,000 from 1937 to 1941, incl. and
$4,500 in 1942.
Interest payable M. & S.
GRAND RAPIDS TOWNSHIP (P. O. Grand Rapids), Mich.—BOND
OFFERING—Earl D. Hulliberger, Township Clerk, will receive bids until
10 p. m. Feb. 10 for the purchase of $34,000 special assessment district
bonds to bear
no more
than 4% interest.
Denom. $1,000.
Dated Oct. 1
(April 1 and Oct. 1) payable at the Old
Kent Bank in Grand Rapids, or elsewhere, as may be agreed upon.
Due
yearly on Oct. 1 as follows: $2,000, 1937 to 1947, incl.; and $3,000, 1948 to
1951.
Certified check for 2% of amount of bonds bid for required.
1935.
Prin.
and semi-ann.
int.
657
Chronicle
right of the City of La Plata to construct a municipal power plant,
Missouri Power and Light Co., to-day was upheld in
County Circuit Court.
Judge Harry L. Libby handed down a
19 page decision sustaining a demurrer entered by the city to quash injunc¬
tion proceedings brought by the utility company.
.
"The suit entered by the power company was an attempt to stop the
issuing of $75,000 in bonds and acceptance of a $25,000 WPA grant which
would finance the city-owned plant.
Contracts for construction had been
"The
over
the protest of the
Macon
let."
MISSISSIPPI,
DUCED—A bill
State
was
of—DEBT AUTHORIZATION BILL INTRO
recently calling for the
introduced in the Legislature
aid.
1M cents of the present 6-cent gasoline tax.
shortly by the Committee on Highways and
ing to report.
Highway Financing, accord¬
OVERLAND SANITARY SEWER DISTRICT,
(P. O. Highland Park),
R. Pulford, Secre¬
tary of the Board of Education, will receive sealed tenders for the sale of
any bonds issued by said school district up to 8 o'clock p. m. (Eastern Stan¬
dard Time) on Feb. 4 1936.
The district reserves the right to reject any
or all tenders, and to waive any irregularities in said tenders, and to accept
the tender or tenders which, in the opinion of the Board of Education, are
most favorable for the district, up to the total amount of approximately
$50,000.
Tenders should fully describe bonds offered. Including serial
numbers, and state sum, plus accrued interest to date of delivery, for which
bonds will be sold; also dollar value and yield.
Each tender shall be ac¬
companied by certified check, payable to the Treasurer of Public School
of Highland Park, for 5% of amount of bonds tendered.
Bonds purchased
DISINCORPORATION—Circuit
recently ordered the disincorporation of the above district after a
bond issue for the sewer failed on Dec. 3 and a grant of $135,000
PWA was rescinded, according to St. Louis news reports.
will be delivered to Treasurer at Manufacturers National Bank of Detroit,
of
tender.
No
seven
days of date of mailing notice of acceptance
thereafter.
interest
MUSKEGON, Mich.—BOND OFFERING—At the
same
time that the
city will sell $358,000 water supply improvement revenue bonds on Feb. 5,
report of.which offering has been given in these columns—V. 142, p. 493—
an issue of $384,000 sewage disposal system revenue bonds will be offered.
R. F. Cooper, City Clerk, will receive bids until 2 p. m. Feb. 5 for the
purchase of the sewage disposal bonds, which will bear no more than 4%
interest, will be coupon in form, with privilege of registration as to principal
Dated Nov. 15 1935.
Denom. $1,000. Principal and semi-annual
(May 15 and Nov. 15) payable at the City Treasurer's office, or
Hackley Union National Bank of Muskegon.
Due yearly on Nov.
15 as follows: $10,000, 1937; $11,000, 1938, 1939 and 1940; $12,000, 1941
and 1942; $13,000. 1943 and 1944; $14,000, 1945 and 1946; $15,000, 1947,
1948 and 1949; $16,000, 1950 and 1951; $17,000, 19o2; $18,000, 1953;
only.
interest
at the
£19,000,
1954; $20,000,
1955; $21,000,
$23,000,
1959;
Sale will
be made subject
and
Mo .—COURT ORDERS
of St. Louis County
SCHOOL DISTRICT
OF
Detroit, Mich., within
regular Federal
through the a.lotment or
The bill will be considered
It is set out that the notes would be paid
BONDS SOUGHT— Reginald
PARK
HIGHLAND
Mich.—TENDERS
from the Public
issuance of $18,000,000 in State notes, a $15,000,000 grant
Works Administration and $9,000,000 to be received as
$24,000,
1960.
to approval
1956; $22,000,
1957 and 1958;
Cert, check for $10,000 required.
of bonds as to validity by Miller,
Canfield, Paddock & Stone, of Detroit.
Judge
Mueller
proposed
from the
MISSOURI
BETHANY, Mo.—BONDS DEFEATED—The voters of this community
at a recent election rejected a proposal to issue $19,800 reservoir construc¬
tion bonds.
CABOOL, Mo.—BONDS VOTED—A proposal to issue
ight plant bonds carried at a recent election.
$28,000 municipal
(P. O. Maysville), Mo.—BONDS DEFEATED—
At an election held on Jan. 3 a proposition to issue $55,000 court house
bonds was rejected by the voters.
A vote of 1,417 "for" to 982 "against"
fell 183 short of the necessary majority for approval.
DE KALB COUNTY
election a pro¬
by the voters, a vote of
FERGUSON, Mo.—BONDS DEFEATED—At a recent
posal to issue $30,000 city hall bonds was rejected
463 "for" to 376 against" being 95 short of the
necessary
majority for
approval.
Mo.—BOND OFFERING—Sealed bids will be received
on Jan. 27 by A. L. Darby, Director of Finance, for the pur¬
issues of bonds aggregating $1,500,000, divided as follows:
KANSAS CITY,
until 2 p. m.
chase of two
$1,250,000 city hall, second issue bonds.
Due on Feb. 1 as follows:
1938 to 1942; $25,000, 1943 to 1946, and $35,000, 1947
$20,000
to 1976,
all inclusive.
250,000 trafficway improvement bonds.
Due
$5,000, 1938 to 1943, and $10,000 from
Bidders shall specify in their
on Feb. 1 as follows:
1944 to 1965, all incl.
bid the lowest rate of interest
which they
willing to receive on said bonds.
Bids may specify different rates of
upon different maturities.
No bid wiil be received which is in
whole or in part less than par and accrued interest.
Denom. $1,000.
Dated Feb. 1 1936.
Prin. and int. (F. & A.) payable at the City Treas¬
are
interest
OWOSSO, Mich.—NOTE OFFERING— G.
Van Epps, City Clerk,
will receive bids until 2 p.m. Jan. 27 for the purchase of $40,000 tax antici¬
pation notes.
Bidders are to name rate of interest, not to exceed 6%.
A..
Dated Jan. 15 1936. and payable Aug. 15 1936.
Certified check for
City will furnish legal opinion and printed note. /
$1,000,
required.
ROYAL OAK TOWNSHIP SCHOOL DISTRICT NO. 9 (Ferndale
School
District), Mich.—REFUNDING PLAN READY—The
Municipal Investors Association, 1859 National Bank Bldg., Detroit,
refunding agents, announces that the Board of Education of Ferndale CLy
School District has adopted a plan for refunding outstanding bonds and
notes.
Details of the plan may be obtained from the refunding agents.
City
_
WHEELER AND BETHANY TOWNSHIPS FRACTIONAL SCHOOL
DISTRICT
NO.
2
(P.
O. Breckenridge), Mich.—BOND OFFERING—
urer's office, or at the Chase
will be furnished.
Bids must be
Delivery of the bonds will
A certified check for 2% of
the bonds bid for, payable to the Director of Finance,
the par value of
is required.
Mo.—BOND ISSUANCE AUTHORIZED—With Comp¬
the Board of Estimate and Apportionment at a
voted its approval of an ordinance authorizing the issuance
of $2,250,000 of the $7,500,000 of bonds voted last September as the city's
share of the cost of the proposed $30,000,000 memorial river front develop¬
ST.
LOUIS,
troller Nolte dissenting,
recent meeting
ment.
Sealed bids addressed to E. E. Peterson, Secretary of the Board of Educa¬
tion, will be received until Jan. 24 for the purchase of $12,000 3M% school
bonds to mature $1,000 on March
tion bonds.
MINNESOTA
ADRTAN SCHOOL DISTRICT (P.O. Adrian), Minn.—BOND OFFER¬
ING—Sealed bids will be received until Feb. 3, by the District Clerk for the
purchase of a
4%, payable
$500 in 1938,
by the voters
$6,500 issue of school bonds.
Interest rate is not to exceed
J. & J.
Dated Jan. 1 1936.
Due on Jan. 1 as follows:
and $1,000, 1939 to 1944 incl.
These bonds were approved
at an election held on Aug. 12 1935.
COLUMBIA
Council recently
Minn.—BONDS AUTHORIZED—'The City
resolution to issue $187,700 refunding bonds.
HEIGHTS,
passed
a
cer^
r
MINNESOTA (State of)—CERTIFICATE SALE—The $l,590,000
tificates of indebtedness offered on Jan. 24—V. 142, p. 493—were awarded
to
the Justus
Chicago
1936.
on a
F. Lowe Co. of Minneapolis and Halsey, Stuart & Co. of
.60% interest basis, plus a premium of $35. Dated Feb. 1
Due Feb. 1 1937.
REDWOOD COUNTY INDEPENDENT SCHOOL DISTR'CT NO. 23
(P. O. Walnut Grove), Minn.—BOND ELECTION—An election is to be
held on Jan. 27 for the purpose of voting on the question of issuing $46,000
school building bonds.
STEELE
COUNTY
(P.
O.
MONTANA
1 from 1937 to 1948, inclusive.
ZEELAND, Mich.—BONDS VOTED— By a vote of 469 to 110 the resi¬
dents recently approved a proposal to issue $20,000 power plant construc¬
Owatonna),
Minn.—BONDS AUTHOR¬
IZED—The
Board of County Commissioners
has passed
authorizing the issuance of $50,000 poor relief bonds.
a
resolution
The approving
National Bank in New York.
opinion of Benj. H. Charles of St. Louis
made upon a blank form furnished by the city.
be made on or about Feb. 10 in Kansas City.
LODGE, Mont .—BOND OFFERING—H. H< Case, City
Clerk, will receive bids until 1:30 p. m. Jan. 27 for the purchase of $18,200
3% internal improvement water works bonds.
Denom. $500, except one
for $200.
Dated Jan.
1
1936.
Interest payable semi-annually.
Due
yearly on Jan. 1 as follows: $1,200, 193,7; $1,500, 1938 and 1939; and
$2,000, 1940 to 1946, incl.
Certified check for 2% of amount of bid is
required.
MEDICINE
NEBRASKA
ALLIANCE, Neb.-—BONDS AUTHORIZED—'The City Council
passed an ordinance authorizing the issuance of $100,000 city hall,
auditorium and fire department building bonds.
NEBRASKA—MORTGAGE
has
jail,
EXTENSION
LAW
had the following to say in
the recent extension of the mortgage
MORATORIUM
ASSAILED—A Lincoln dispatch of recent date
a high court attack on
moratorium law to March 1 1937:
regard to
"Renewed attacks have been made in the
State Supreme Court against
winter which extended until March 1 1937, the mortgage
J. G. Mothershead, President of the Nebraska Bar
Association, in an action in which he is a party, suggests to the court that
whatever justification there may have been for the law as originally passed
in 1933 on the ground of emergency legislation, that condition no longer
exists, and declares that extending it for two years has reduced the right to
the law passed last
moratorium law.
enforce contracts
to a
mere
shadow.
•
SCHUYLER, Neb.—BOND SALE—A $10,000 issue of park bonds was
purchased recently by the Greenway-Raynor Co. of Omaha as 2Ms at par,
according to report.
Denom. $1,000.
Dated Feb. 1 1936.
Due on
WEST BRANCH (CITY), WEST BRANCH AND OGEMAW TOWN¬
SHIPS
FRACTIONAL
SCHOOL DISTRICT
NO. 1
(P.
O. West
Feb. 1 1946.
Branch), Mich.—BOND SALE—The $37,000 4% coupon, registerable as
to principal, school bonds offered on Jan. 22—V. 142, p. 493—were sold to
the State Savings Bank and the Commercial Bank, both of West Branch,
jointly.
Dated Dec. 16 1935 and due serially on Dec. 15 from 1936 to
McGrew), Neb.—BOND SALE—A $22,000 issue of 4% semi-ann. school
bonds was purchased recently by the Greenway-Raynor Co. of Omaha,
paying a premium of $50, equal to 100.22, according to report.
SCOTTS
BLUFF
COUNTY SCHOOL
DISTRICT
NO.
83
(P. O.
1965, inclusive.
BELKNAP COUNTY (P. O. Laconia), N. H.—BOND
SALE—Lincoln
R. Young & Co. of Hartford purchased on Jan. 7 a $30,000 refunding issue
an issue of $25,000 relief bonds as 2^s at a price of 102.18.
Dated
and
Dec.
15
1935.
Denom.
$1,000 and $500.
Due Dec. 15 1945.
Interest
payable J. & D.
COUNTY (P. O. Plymouth), N. H.—NOTE SALE—
anticipation notes offered on Jan. 24 was awarded
discount basis.
The next high
bidder was the National Shawmut Bank of Boston, offering to take the
notes on a 0.34% discount basis.
Notes are dated Jan. 24 1936 and will
mature $100,000 on Nov. 30 and Dec. 28 1936.
GRAFTON
MISSISSIPPI
r LA PLATA, Mo.—PUBLIC
UTILITY LOSES COURT SUIT ON PWA
17
ALLOTMENT—A United Press dispatch from Macon, Mo., on Jan.
reported
as
follows:
The issue of $200,000 tax
to the
First of Boston Corp. on a 0.30%
658
Financial
KEENE, N. H.—LOAN OFFERING—Harold I. Chandler, City Treas¬
urer, will receive sealed bids until noon on Jan. 30 for the purchase at
discount of $300,000 revenue anticipation notes.
Dated Jan. 30 1936.
Denoms. to suit purchaser.
Due $100,000 Dec. 10 1936 and $200,000 on
Jan. 29 1937.
Payable at the Merchants National Bank of Boston.
This
institution will certify to the genuineness of the notes and the
legality will
be approved by Storey, Thorndike, Palmer &
Dodge of Boston.
Chronicle
Jan.
1936
25
Schaumberg, Rebhan & Lynch, G. M.-P. Murphy & Co., A. G. Becker &
Co., the Wells-Dickey Co. and MacBride, Miller & Co.
The syndicate
awarded $1,795,000 general refunding and $450,000 serial funding
bonds as 3on a combined bid of $2,227,242.05, equal to 99.209, a basis
of about 3.84%.
The issue of hospital equipment bonds was disposed of
at 4%, the purchasers
taking $198,000 bonds for a price of $200,138.20.
equal to 101.08, a basis of about 3.85%.
The bonds are described as fol¬
was
lows:
NASHUA, N. H.—NOTE SALE—An Issue of $100,000 revenue notes,
dated Jan. 27 1936 and maturing Dec. 2 1936, was awarded on Jan. 24
to the First of Boston Corp. on a 0.305% discount basis.
Ballou, Adams
& Whlttemore of Boston bid
0.34% discount.
PENACOOK UNION SCHOOL DISTRICT (P. O.
Penacook), N. H.
—RATE OF INTEREST—The $44,000 bonds awarded on Jan. 11 to
Ballou,
Adams & Whlttemore of Boston at a price of 101.83—V. 142,
p. 494—were
sold as 3s.
Dated Dec. 15 1935 and due $2,000 on Dec. 15 from 1936 to
$1,795,000 general refunding dated Feb. 1 1936 and due Feb. 1 as follows:
$95,000, 1941; $100,000, 1942; $200,000 from 1943 to 1946, incl.;
$100,000 from 1947 to 1954, incl.
F. & A. interest.
450,000 serial funding bonds dated Feb. 1 1936 and due $25,000 each
Feb. 1 from 1937 to 1954, incl.
F. & A. interest.
198,000 hospital equipment bonds dated Oct. 1 1935 and due $10,000
Oct. 1 from 1936 to 1954, incl., and $8,000 Oct. 1 1955.
A. & O,
„
interest.
NEWARK, N. J.—$1,000,000 BONDS
1957, inclusive.
ROLLINSFORD SCHOOL DISTRICT (P. O. Salmon Falls), N. H.
—BOND SALE—The $40,000 2%% coupon registerable as to
principal
school bonds offered on Jan. 17—V. 142, p. 334—were awarded to the First
Boston Corp. on a bid of 101.219, a basis of about 2.63%.
Dated Nov. 1
1935.
Due $2,000 yearly on Nov. 1 from 1936 to 1955, incl.
Other
bidders were:
Name—
•
'
Ballou, Adams & Whittemore
First National Bank, Boston
Price Bid
-.100.139
100.272
E. H. Rollins & Sons
100.43
Paine, Webber & Co
Rollinsford Savings Bank, Salmon Falls, N. H
100.695
101.00
OFFERED FOR INVESTMENT
—Offering of $1,000,000 4H % bonds is being made by Dick & Merle-Smith
and Graham, Parsons & Co. at
prices to yield from 3.25% to 3.70% for
maturities ranging from 1944 to 1950.
The bonds, originally issued for
water supply,
public improvement, street and sewer and Port Newark
improvement purposes, are direct obligations of the city, payable from un¬
limited ad valorem taxes
In connection with the
on all the taxable property therein.
offering, the bankers estimate that Newark had
surplus cash balance of about $1,500,000 at the end of 1935.
The city
is committed to
operate on a cash budget basis as defined in Chapter 60
a
of the Pamphlet Laws of 1934 of New
Jersey.
The bankers have also
estimated that since 1933 the
City has reduced the tax supported portion
of the debt by about
$12,966,721, or 12%, and state that the city has no
floating debt outstanding.
The city's net bonded debt as of Dec. 31 was
$90,564,621.
As of the close of the year, Newark had collected 74% of
its entire 1935 tax levy.
NEWARK, N. J.—BONDS
OFFERED FOR INVESTMENT—Adams &
Mueller
are offering $200,000
city coupon bonds of which $100,000 are 3 M %
bonds due Feb. 1 1936 to 1944 and priced to
yield from 1.00% to 3.25%,
and the remaining $100,000 are
4%% bonds due July 1 1939 to 1946 and
H. L. Allen & Company
griced to yield from 2.35% to 3.45%. These bonds, issued under Chapter
A.
0 P. L. Laws of 1934, which necessitates the
operation of the city upon a
cash basis, are legal investment for
savings banks and trust funds in New
York and New Jersey, according to the bankers.
Telephoiw-Kfeicror 2-7333
T. & T. TiilSe N. Y. 1-528
NEWARK, N. 3.—RESTORES PAY CUTS—1The City Commission
voted Jan. 23 to restore in full all pay cuts for 8.092
employees of the city,
effective July 1. Mayor Meyer C. Ellenstein made the announcement after
a conference with Directors Michael P.
Duffy, Anthony Minisi and Pearce
Franklin. The salary cuts went into effect
New York
100 Broadway
to
Bought
-
Sold
-
NORTH BERGEN TOWNSHIP. N. 3—PROTECTIVE COMMITTEE
ANNOUNCES REJECTION OF REFUNDING PLAN—The committee for
bondholders of the township, of which Edwin H. Barker is
Quoted
123 S. Broad
St., New York
HAnorer 2-1720
Chairman,
nounced Jan.
LOBDELL & CO.
48 Wall
July 1 1932 and ranged from 2%
25%, and affected all employees receiving $1,000 or more. The restora¬
budget.
tion represents $800,000 in the 1936
NEW JERSEY MUNICIPALS
St., Phila,
Kingsley 1030
A. T. & T.: NY 1-735
an¬
21 that it nad rejected tne proposals for refunding the in¬
debtedness of the township presented to bondholders by the so-called con¬
ciliation committee.
"The committee's objection to the refunding
plan,"
Mr. Barker said, "is due primarily to the fact that
regardless of the financial
terms of the proposed bonds or the covenants to be made
by the township
to insure their payment, such bonds, like all bonds
issued under the present
laws of the State of New Jersey by municipal
corporations of that
State,
in its opinion, and that of its counsel, unenforceable.
Holders are
compelled by the effect of these statutes to rely for their payment solely
upon the good faith of the officials of the issuing
municipality, and of the
Municipal Finance Commission of the State of New Jersey."
are,
MUNICIPAL BONDS
New
Jersey and General Market Issues
Other members of the Barker committee are Thomas E.
Harper, Hugh
D. Montgomery and Philip A. Russell.
W. D. Bradford, 115 Broadway,
New
B. J. Van
57
Ingen & Co. Inc.
WILLIAM STREET,
A.
T.
& T.:
NEW
N.
Y.
N. Y.
1-730
Telephone: John 4-6364
Newark
JERSEY
Tel.:
Market 3-3124
MUNICIPALS
on the new
refunding bonds contemplated, it is
of the opinion, also shared by its counsel, that the
program ignores the
effect of certain administrative practices of the officials in
charge of the
fiscal affairs of the township.
Its principal objection to the
plan, however,
rests in the
INCORPORATED
New York
Wire:
MArket 3-1718
A. T. & T. Teletype
NWRK 24
REctor 2-2055
NEW
JERSEY
ATLANTIC
COUNTY (P. O. Atlantic City), N. J.—INTEREST
DISTRIBUTION TO DEPOSITING BONDHOLDERS—
Stacy
Chairman
B.
Lloyd,
of the Atlantic County Bondholders Protective
Committee
announced Jan. 23 that a distribution of interest from funds on
deposit
with the committee at Dec. 31 1935, will be made to holders of
certificates
of deposit of record Feb. 1 1936.
The payment will be made as promptly
as
possible after Feb. 1.
for the committee.
The Bank of New York & Trust Co. is
depositary
BURLINGTON COUNTY (P. O. Mount
Holly), N. 3.—BONDOFFER¬
ING DETAILS—The $166,816 refunding bonds for which
Clarence G.
Price, Clerk of the Board of Chosen Freeholders will receive bids on Jan.,
30 at 2 p. m. consist of three issues of coupon or
registered bonds, divided
as
follows:
$90,340 road and bridge refunding bonds.
Dated Dec. 30 1935.
Denom.
$1,000, except one for $340.
Due yearly on Dec. 30 as follows:
$33,000, 1936: $10,000, 1937, 1938 and 1939; $15,000, 1940, and
$12,340, 1941.
23,675 improvement bonds.
Dated Jan. 1 1936.
Denom. $1,000, except
one for $675.
Due yearly on Jan. 1 as follows:
$5,000, 1937 to
1940, and $3,675, 1941.
v
52,800 general refunding bonds.
Dated Dec. 30 1935.
Denom. $1,000,
except one for $800.
Due yearly on Dec. 30 as follows:
$10,n00,
1937 to 1940, and $12,800, 1941.
Bidders are to name rate of interest, in a
multiple of K%, but not to
exceed 6%.
Bidders are to offer a combined bid for the purchase of the
three issues in bulk.
Only enough bonds will be awarded to produce a
onds offered.
Erice which will Principalsum not in excess interest payablethe
raise a and semi-annual of $1,000 over at
amount of
the Union
Trust Co. of Mount Holly.
Certified check for 2% of
for, payable to Joseph S. Bright, County
Treasurer,
required.
Legality to be approved by Caldwell & Raymond of New York.
Delivery to be made on Feb. 6 or as soon thereafter as possible.
National
Bank &
amount of bonds bid
CAMDEN.
opposition to the plan in question.
Its opinions and conclusions are based
on a complete study of the entire
plan from the standpoint of the ultimate
effect of the proposal on the credit rating of the
community and the security
of the obligations to be issued by the
township pursuant to the provisions
of the proposal.
Although, as previously noted above, the committee is
agreeable in the main to those features of the plan with respect to interest
rates and maturities fixed
Colyer, Robinson $ Company
1180 Raymond Blvd., Newark
York, is Secretary of the committee, Thomson, Wood & Hoffman of
are counsel and Arthur T. Vanderbilt is associate
counsel.
The Protective Committee has issued a report for the benefit of creditors
of the township containing a comprehensive
analysis of the reasons for its
New York
N.
J.—SUPREME COURT RESERVES DECISION IN
POWER PLANT SUIT—'The Supreme Court
reserved decision on Jan. 22
on the application
of the Public Service Gas & Electric Co. to declare
Camden's light plant referendum
illegal.
conclusion, based upon the opinion of counsel to the committee,
that under the present laws of the State of New
Jersey, the holder of any
bonds issued pursuant to the provisions of those statutes would
relinquish
all rights to appeal to the courts to enforce
payment of the obligations
should, as for example in this instance, the township again default.
Dis¬
cussing this feature, the report to bondholders states in part as follows:
"The committee is advised by its counsel that all statutes of the
State,
in force at the time a municipal bond is issued, enter into and
become a part
of the contract made upon the bonds.
Under the provisions of an Act
entitled "An Act Concerning Municipal Finances"
(Chapter 340 of the
Laws of New Jersey 1931, as amended and
supplemented), whenever a
municipal corporation defaults it may file a petition in the Supreme Court
of New Jersey, the effect of which is to cause the
Municipal Finance Com¬
mission to function in that municipality.
The Municipal Finance Commis¬
sion is now functioning in the Township of North
Bergen, and if the town¬
ship should default upon the refunding bonds proposed to be issued under
the plan of readjustment, suggested by the so-called "Conciliation Com¬
mittee," it would undoubtedly again function in the township upon the
petition of the township.
The powers which this legislation vests in the
Municipal Finance Commission and the restrictions which it imposes upon
the rights of creditors, all become a part of the contract made with the
holders of the proposed refunding bonds, and
supplement and modify the
covenants made in those bonds and the
rights which they purport to give
to their holders thereof.
"One of the supplements to the Act
Concerning Municipal Finances, to
wit, Chapter 292 of the Laws of 1935, authorizes the Municipal Finance
Commission, by resolution, to determine 'the maximum amount for any
purpose of expenditure
which may be included in any annual
budget or tax ordinance and certify the same to the governing body of the
municipality and to the county board of taxation, and no appropriation
or tax lhvy for any purpose
shall to the extent that it exceeds
the maximum amount so fixed by the Commission be valid or
effective.'
"Under the quoted provisions of this statute, the
Municipal Finance
.
.
.
...
Commission may, at any time, when it is
functioning in a municipality,
reduce, in any amount, in its discretion, the appropriation made for the
payment of the principal and interest of the bonds of any community in
which it is functioning.
This statute will become part of the contract
embodied in the proposed refunding bonds, and the
bondholders, by accept¬
ing the bonds, will assent to its provisions, $o that they would have no
ground to complain in any court, State or Federal, if the Municipal Finance
Commission should almost completely remove from the
budget the appro¬
priation made in any year for debt service.
The covenants, therefore, for
the levy of taxes, contained in the
proposed plan of readjustment, are
unenforceable in law
as
well
as
in practice
by the bondholders, and for their
observance the bondholders would be
compelled to rely solely upon the good
faith and discretion of the
township officials and of the Municipal Finance
Commission of the State of New
Jersey.
."
(Official announcement of the Committee's objection to the
projected
.
refunding plan
.
appears as an advertisement
on
page
VII.)
PLEASANTViLLE, N. J.—BOND
ESSEX
COUNTY (P. O.
Newark), N. 3.—BOND SALE—Vark im¬
bonds in the amount of $200,000 have been sold at
par as
$164,000 to the County Sinking Fund Commission and
$36,000
to the County Employees Pension Commission.
provement
follows:
HADDON
TOWNSHIP
(P. O. Westmont), N. 3.—REFUNDING,
Griffith, Township Clerk, reports that the
exchange of new refunding 4H % bonds for $1,480,000 of previously issued
indebtedness is almost completed.
ALMOST COMPLETED—R.
JERSEY CITY, N. J.—BOND SALE—The three issues of bonds offered
on Jan. 21—V. 142, p. 494—were awarded to a
syndicate headed by Brown
Harriman & Co. and including F. S. Moseley <fc Co., the Mercantile Com¬
merce Bank
& Trust Co., Schlater, Noyes & Gardner, Darby &
Co.,
SALE— The $50,000 5% coupon or
registered sewage disposal plant bonds offered on Jan. 20—V.
142, p. 334—
were awarded to the
only bidder, the Mainland National Bank of Pleasantville, at par and accrued interest.
Dated Feb. 1 1936.
Due $5,000 yearly
on Feb. 1 from 1937 to
1946, inclusive.
SEASIDE PARK, N. 3.—BOND
OFFERING—Aaron Wilbert, Borough
Clerk, will receive bids until 3 p. m. Feb. 1 for the
purchase at not less than
of $15,000 4H% coupon or registered
emergency boardwalk recon¬
par
struction
annual
bonds.
int.
Denom.
$500.
(June 1 and Dec.
9^ Pleasant Beach.
£9^
1)
Dated
Dec.
30
1935.
Prin.
and
semi¬
payable at the Ocean
Due $1,500 yearly
on
County National
Dec. 30 from 1936
enough bonds will be sold to raise a sum not in excess of
$15,500.
Cert, check for 2% of amount of
bonds bid for, payable to the
borough, required.
Opinion of Caldwell & Raymond of New York will
be furnished
Financial
Volume 142
SOUTH
J.—BONDS OFFERED TO INVESTORS—Leach
Bros., Inc., is offering an issue of $380,000 Borough of South River4)4%
refunding bonds, which are part of the $570,000 block purchased from the
borough on Dec. 9—V. 142, p. 161.
The bonds, dated Dec. 1 1935 and due
Jan. 1 1937 to 1956 fncl., are priced too yield from 3.50% to 4.50%.
They
are issued under Chapter 77 of the Pamphlet Laws of 1935 of New Jersey,
being part of an authorized issue of $810,000 of which $190,000 are unissued.
The borough officially reports assessed valuation for 1935 of $5,375,432
and net debt, including this issue, of $736,000.
Additional resources for
the borough are provided from its municipally owned electric light plant,
which over the past 12 years, has shown total net profits after all charges,
of $940,207, after deducting principal and interest requirements on electric
light bonds, depreciation and operating expenses.
For the year 1935, it
is estimated that net revenues will provide a cash surplus of $88,000, or
more than sufficient to meet all principal and interest charges on the entire
debt of the borough during 1936.
The bonds are legal investment for savings banks and trust funds in
New Jersey.
'
RIVER,
N.
,
.
MALAGA
SCHOOL
dents of the district at
issue
a
DISTRICT. N. M.—BONDS VOTED—'The resi¬
recent election voted favorably on a proposition to
$20,000 school building bonds.
NEW MEXICO (State of)—BOND SALE— The State has sold an issue
of
$150,000 1H % refunding bonds to the International Trust Co. of Denver
Due $30,000 yearly for five years.
at par.
Offerings— Wanted
1932-45.
YORK
SCHOOL
HIGH
DISTRICT
NO.
1
AMHERST COMMON SCHOOL DISTRICT NO. 13 (P. O. Eggertsville), N. Y.—BOND OFFERING—Arthur E. Popper, District Clerk, will
receive bids until 3:30 p.m. Jan. 27 for the purchase at not less than par of
$44,000 coupon, fully registerable, school building bonds.
Bidders are to
name rate of Interest, in a multiple of H or 1-10 of 1 %, but not to exceed
Dated Feb.
1
1936.
Principal and semi-annual
interest (Feb. 1 and Aug. 1) payable at the Manufacturers & Traders
Trust Co. of Buffalo.
Due $2,000 yearly on Feb. 1 from 1937 to 1958,
incl.
Certified check for $1,000, payable
to Joseph L. Sauter, District
Treasurer, required.
Approving opinion of Clay, Dillon & Vandewater of
New York will be furnished to the purchaser.
valuation of the property subject to the taxing power of
the 1935 assessment roll is $9,444,146.
The total
bonded debt of the district including the bonds now offered is $209,000.
population of the district is $4,000.
The bonded debt as given
does not include the debt of any other subdivision having power to levy taxes
upon any or all of the property subject to the taxing power of the district.
The present
Taxes Levied
-$83,480.36
84,237.02
84,035.38
Taxes uncollected for these years were reported to the County Treasurer
by the Board of Trustees and have been paid by the County Treasurer to
the Treasurer of the School District.
The amount of taxes levied for the
fiscal year 1935-1936 is $85,945.93, and to date $57,644.99 of such taxes
have been collected.
Fiscal year ends June 30 1936.
-
-
-
-
bonded
debt of said district, including the above mentioned bonds is
$228,700.
The estimated full valuation of the property in the district is
$1,999,786.
The estimated present population of said district is 2,660.
The bonded debt above stated does not include the debt of any other sub¬
division having power to levy taxes upon any or all of the property subject
to the taxing power of the district.
The school year commences July 1.
This school district was organized on May 2 1935.
The amount of taxes
levied for the year 1935-1936 is $17,887.18, of which $14,763.87 have been
collected as of Jan. 16 1936. No other tax data is available.
N. Y.—BOND OFFERING—A. E. Severn, Clerk
2.88%.
1960.
-
Dated Jan. 1 1936.
Other bidders
the pur¬
$1,000,
Due $5,000 yearly
Jan. 1 from
on
were:
Name—
Int. Rale
Halsey, Stuart & Co
Adams, McEntee & Co
Blyth&Co
Geo. B. Gibbons & Co
Lehman Bros
Bacon, Stevenson & Co
Premium
$345.60
2.90%
3.00%
3.20%
3.20%
3.25%
3.25%
3.25%
3.40%
3.40%
3.40%
Second National Bank of Hempstead
Roosevelt & Wei gold
__
Manufacturers & Traders Trust Co
Graham, Parsons & Co
310.00
216.00
205.00
560.00
168.00
168.00
504.00
358.80
48.00
HERKIMER, N. Y.—CERTIFICATE ISSUE OFFERING—Helen J
Gillette, Village Treasurer, will receive sealed bids until 2 p. m. on Jan. 28
public works cer¬
$2,186.31 in 1936
and $2,100 in 1937 and 1938. Rate of interest to be expressed in a multiple of
M or l-10th of 1%. Principal and interest (J. & D 1) payable at the First
National Bank of Herkimer.
A certified check for $200, payable to the
order of the ViUasre Treasurer, must accompany each proposal.
Legal
opinion of Francis J. Moore, 152 North Main St., Herkimer.
for the purchase of $6,496.31 not to exceed 6% interest
tificates of indebtedness of 1935. Due Dec 1 as follows:
ILION, N. Y.—BOND OFFERING—Sealed bids will be received by
Harvey E. Billington, village clerk, until 2 p. m. (Eastern Standard Time)
Jan. 31 for the purchase of $25,000 not to exceed 5% interest coupon or
registered flood control bonds.
Dated Jan. 15 1936.
Denom. $1,000.
Due $5,000 on July 15 from 1937 to 1941 incl.
Bidder to name a single
interest rate on the issue, expressed in a mutliple of H or 1-1 Oth of 1%.
Prin. and int. (J. & J. 15) payable at the Ilion National Bank & Trust Co.,
Ilion.
The bonds are general obligations of the village, payable from un¬
limited taxes.
A certified check for $500, payable to the order of the village,
must accompany each proposal.
The approving opinion of Clay, Dillon
& Vandewater of New York will be furnished the successful bidder.
on
LAKE
Financial Statement and Tax Data
The assessed
the district according to
AND
The assessed valuation of the property subject to the taxing power of
the district according to the 1935 assessment roll is $1,788,718.
The total
1937 to
Marine Midland Trust Co. of New York.
Due yearly on Dec. 1 as fol¬
lows: $5,000, 1936 to I960; and $4,000, 1961 to 1965.
Cert, check for
$2,900, payable to Louis B. Dorr, District Treasurer, required.
Approving
op nion of Clay, Dillon & Vandewater of New York will be furnished to the
purchaser.
Denom. $1,000.
SMITHFIELD
bidder.
of about
15
(P. O.
Eggertsville), N. Y.—BOND OFFERING—Albert A. Cushing, District
Clerk, will receive bids until 4 p. m. Jan. 27 for the purchase of $145,000
school building bonds, series D.
Bidders are to name rate of interest, in a
multiple of H or l-10th%, but not to exceed 4%. Denom. $1,000. Dated
Dec. 1 1935.
Prin. and semi-ann. int. (June 1 and Dec. 1) payable at the
6%.
FENNER,
HEMPSTEAD, N. Y.—BOND SALE—The $120,000 sewer improvement
bonds offered on Jan. 22—V. 142, p. 335—were awarded to A. C. Allyn &
Co. and E. H. Rollins & Sons, jointly, on a bid of 100.30 for 2.90s, a basis
(P. O.
Redwood), N. Y.—BOND OFFERING—Morris H. Jewett, District Clerk,
will receive sealed bids until 2 p. m. on Jan. 30 for the purchase of $16,000
not to exceed 4% interest coupon or registered school bonds.
Dated Jan. 1
1936.
Denom. $1,000.
Due $1,000 on Jan. 1 from 1938 to 1953 incl.
Bidder to name a single interest rate on tl a issue, expressed in a multiple
of M or l-10th of 1 %. Prin. and int. (J. & J.)payable in lawful money of
the United States at the Redwood National Bank, Redwood.
A certified
check for $320, payable to the order of the Board of Education, must ac¬
company each proposal.
CENTRAL
LEBANON,
4-5770
ALEXANDRIA UNION FREE SCHOOL DISTRICT NO.
AMHERST
NELSON,
STOCKBRIDGE CENTRAL SCHOOL DISTRICT NO. 1 (P. O. Morrisville), N. Y.—BOND OFFERING—Gaylord Phelps, District Clerk, will
receive sealed bids until 1.30 p.m. (Eastern Standard Time) on Jan. 27 for
the purchase of $228,700 not to exceed 6% interest coupon or registered
school building bonds.
Dated Feb. 1 193o.
One bond for $700, others
$1,000.
DueFeb. 1 as follows: $5,000, 1937 to 1946 incl.; $7,000, 1947 to
1951 incl.; $9,000. 1952 to 1956 incl.; $10,000, 1957 to 1960 incl.; $11,000,
1961; $12,000 from 1962 to 1964 incl. and $11,700 in 1965.
Bidder to name
a single interest rate on the
issue, expressed in a multiple of H or l-10th
of 1%.
Principal and interest (F. & A.) payable at the First National
Bank, Morrisville or at the First National Bank of New York, at holder's
option.
A certified check for $5,000, payable to the order of Francis Lewis,
District Treasurer, must accompany each proposal.
The approving opinion
of Clay, Dillon & Vandewater of New York will be furnished the successful
of New York.
Whitehall
NEW
EATON,
Due
except one for $400.
Prin, and semi-ann. int. (Feb 1 and Aug. 1) payable
at the City Chamberlain's office or at the Guaranty Trust Co. in New York.
Due $5,000 yearly on Feb. 1 from 1937 to 1956, and $3,400 Feb. 1 1957.
Bidders are to name rate of interest, not to exceed 4%.
Cert, check for
$2,000 required.
Legality to be approved by Clay, Dillon & Vandewater
YORK STOCK EXCHANGE
ST., N. Y.
follows:
of Board of Education, will receive bids until 7 p. m. Feb. 14 for
of $103,400 coupon or registered school bonds.
Denom.
Gordon Graves & Co.
MEMBERS NEW
„
as
chase
County—City—Town—School District
WALL
Aug. 1
second high bidders.
Dated Feb. 1 1936.
$2,000 1936 to 1939; and $1,000, 1940 to 1955.
were
GLOVERSVILLE,
New York State Municipals
40
659
& Co. of New York
Financial Statement and Tax Data
MEXICO
NEW
Chronicle
GEORGE,
Y.—BOND
N.
L.
OFFERING—Hartwell
Smith,
village clerk, will receive sealed bids until 2 p. m. on Feb. 10 for the purchase
of $120,000 not to exceed 6% interest coupon or registered sewer bonds.
Dated Jan. 1 1936.
Denom. $1,000.
Due $4,000 on Jan 1 from 1939 to
1968 incl.
Prin. and int. J. & J. payable at the First National Bank of
Lake George or at the New York Trust Co., N. Y. City.
Bidder to name a
single interest rate on all of the bonds, expressed in a multiple of M or l-10th
of 1%.
Proposals must be accompanied by a certified check for 2%.
Legal opinion of Hawkins, Delafiled & Longfellow of New York will be
furnished the successful bidder.
MARLBORO CENTRAL SCHOOL DISTRICT NO. 1 (P. O. Marl¬
boro), N. Y.—BOND OFFERING—Elizabeth H. Plank, District Secretary,
will receive sealed bids until 2 p.m. on Jan. 28 for the purchase of $316,000
not to exceed 4% interest coupon or registered school bonds.
Dated Feb. 1
1936.
Denom. $1,000.
Due Feb. 1 as follows: $10,000 from 1938 to 1953
Rate of interest to be expressed
by the bidder in a multiple of H or l-10th of 1 %.
Principal and interest
(F. & A.) payable at the First National Bank of Marlboro.
A certified
check for $6,320 must accompany each proposal.
The approving opinion
of Hawkins, Delafield & Longfellow of New York will be furnished the
incl. and $12,000 from 1954 to 1966 incl.
CANDOR UNION FREE SCHOOL DISTRICT NO. 9 (P. O. Candor),
N. Y.—BOND OFFERING— Sealed bids will be received by E. G. Kilpatrick, District Clerk, until 3 p.m. (Eastern Standard Time) on Jan. 31
for the purchase of $46,000 not to exceed 6% interest coupon or registered
school bonds.
Bonds are dated Jan. 1 1936.
Denom. $1,000.
Due Jan. 1
as follows: $3,000 in
1937 and 1938 and $2,000 from 1939 to 1958 incl.
Bidder to name a single interest rate on all of the bonds, expressed in a
successful bidder.
multiple of Si or 1-1 Oth of 1%.
Total bonded debt (current issue)
Principal and interest (J. & J.) payable in
lawful money of the United States at the First National Bank of Candor.
A certified check for $1,000, payable to the order of E. G. Ivilpatrick,
District Treasurer, must accompany each proposal.
The approving opinion
of Clay,
bidder.
Dillon & Vandewater of New York will be furnished the successful
CATTARAUGUS COUNTY (P.O. Salamanca), N.Y.—BOND OFFER¬
ING—R. L. Farnham, County Treasurer, will receive sealed bids until
2p.m. (Eastern Standard Time) on Feb . 3 for the purchase of $150,000 not
registered highway refunding bonds. Dated
1936. Denom. $1,000. Due Feb. 15 as follows: $5,000 from 1937 to
1946 incl. and $50,000 in 1947 and 1948. Principal and interest (F. & A. 15)
to exceed 6% interest coupon or
Feb. 15
payable at the Salamanca Trust Co., Salamanca.
Bidder to name a single
H or l-10th of
1%. A certified check for $3,000, payable to the order of the county, must
accompany each proposal. The approving opinion of Clay, Dillon & Vande¬
water of New York will be furnished the successful bidder.
interest rate on all of the bonds, expressed in a multiple of
Financial Statement
$1,457,751
Assessed valuation (32% of real)
Real valuation (approximately)
4,555,471
316,000
Population, 3,500.
Tax collections: District was
organized Oct. 15 1935 and no taxes have
yet been levied.
MONROE COUNTY (P. O. Rochester), N.
Clarence A. Smith, Director of Finance, will
$1,000.
Due $35,000 on Feb. 1 from 1937 to 1946, incl.
Rate of interest to be
expressed in a multiple of M or l-10th of 1%.
Principal and interest
(F. Ad payable at the Union Trust Co., Rochester or at the Marine Mid¬
land Trust Co., New York City.
A certified check for $7,000 must ac¬
company each proposal.
Successful bidder will be furnished with the
approving legal opinion of Hawkins, Delafield & Longfellow of New York.
Financial Statement
Assessed valuation
Total bonded debt (including current offering)
Financial Statement
$66,452,760
Assessed valuation—
Total
bonded
debt
(incl. present offering but excl.
bonds due Feb. 15 1936 provided for in
budget)
-
Levy
Uncollected end fiscal year
Uncollected Jan. 151936
1933-34
1934-35
1932-33
$924,208.47 $970,918.79 $954,889.36
9,312.49
7,849.72
,
13,501.01
6,095.88
28,944.7b
3,266.19
Note—Taxes for fiscal year beginning Nov. 1 1935 have been levied in
the amount of $1,084,579.51, of which $253,173.83 were collected as of
Jan. 15 1936. These taxes become delinquent April 11 1936.
CLARKSTOWN COMMON SCHOOL DISTRICT NO. 6 (P. O.
Clarkctown), N. Y.—BOND SALE—The $19,000 3H% coupon or re¬
gistered school bonds offered on Jan. 22—V. 142, p. 495—were awarded
to the First National Bank of Spring Valley, the only bidder, for a premium
of $2, equal to 100.01.
Date Jan. 1 1936. Due Jan. 1 as follows: $600,
1937 to 1946; $1,100, 1947 to 1956, and $1,000, 1957 and 1958.
DEPOSIT, N. Y.—BOND SALE—The issue of $24,000 coupon or reg¬
istered State highway reconstruction bonds offered on Jan. 21 was awarded
to the Farmers National Bank of Deposit at 3%.
George D. B. Bonbright
All
Year—
Tax Collections
Fiscal Year—
$779,405,536
13,791,000
Tax Collections
Levy—
County
Purposes
Purposes
$8,359,684
$4,187,968
8,207,293
3,931,717
7,970,894
3,700,871
—
1,635,000
-72,398
Population (1930)
— __
Population, 423,132.
$175,000
—
Y.—BOND OFFERING—
receive sealed bids until
interest
2 p.m. on Jan. 28 for the purchase of $350,000 not to exceed 6%
series A of 1936 general bonds.
Dated Feb. 1 1936.
Denom.
1934-1935
1933-1934
1932-1933
MONTOUR
FALLS,
Uncollected
Aug. 201935
Tax Sale
$1,774,756.46
2,086,548.66
1,757.507.74
Uncollected
Jan. 2 1936
$1,652,537.45
1,759,409.93
1,470.321.07
N. Y.—BOND SALE—'The $15,000
coupon
or
registered water bonds offered on Jan. 20—V. 142, p. 496—were awarded
to J. & W. Seligman & Co. of New York on a bid of 100.50 for 3.10s, a basis
of about 3.03 %••
Bonbright & Co. of New York were second high bidders,
offering 100.2997 for 3Ms.
Dated Jan. 1 1936.
Due yearly on Jan. 1
as follows:
$2,000, 1940 to 1946, and $1,000, 1947.
Other bids
were as
follows:
Int. Rate
Bidder—
George D. B. Bonbright & Co—
George B. Gibbons & Co., Inc
—
.
Montour National Bank
NEW YORK, N.
Rate Bid
3H%
3.60%
100.299
100.19
4%
Par
Y.—PLANS ISSUANCE OF $19,500,000 BONDS—
of $19,500,000 serial bonds to finance
the new independent transit system.
The city contemplates the issuance
the purchase of subway cars for
I
660
Financial Chronicle
Bidders will be asked to
name
the rate of int. and the entire issue will mature
at the rate of
$650,000 each Feb. 1 from 1937 to 1966 incl.
The bonds will
be sold in blocks as funds are needed,
probably during the period from
Feb. 14 to Aug. 14.
It is expected that tenders for the bonds will be sub¬
mitted on behalf of the various sinking funds by City Comptroller Frank J
Taylor.
$30,000,000 LOAN APPROVED—Mayor Fiorello LaGuardia on Jan. 21
signed a local law authorizing City Comptroller Frank J. Taylor to borrow
$30,000,000 at 1% int. on certificates of indebtedness to meet poor relief
needs in the first half of the present year.
The obligations will be retired
from revenues obtained from various taxes
now
levied to finance relief
ex¬
penditures.
CITY CHAMBERLAIN REPORTS
UNIFICATION PLAN NEARLY
COMPLETE—The definitive unification plan for tne acquisition of the city
rapid transit lines by the city, is near completion, C{ty Chamberlain A. A.
Berle, member of the city trans t committee, disclosed on Jan. 22.
He inti¬
expected that the plan will be ready for presentation to the
or ear y next week.
Until
this is done the Transit Commission is powerless to consider the plan offi¬
cially and to arrange for public hearings on it.
After the holding of public hearings the Commission will either make
suggestions for changes or modifications before final adoption, but if it
adopts the plan as presented, it wil go to the Board of Estimate for final
Transit Commission either the end of this week
!
Around City Had the feeling
was
that unification is almost
sure of con¬
summation in the early spring, unless there is some delay due to the need
of going to the Legislature for further powers to
bonds, previously referred to in these columns. The Commission also voted
a bid for the entire loan on its own
account, acting through City
Comptroller Frank J. Taylor.
The issue will be sold in blocks of varying
amounts, with the initial emission of $3,900,000 scheduled to be made
some time in February.
to submit
YORK
(State
of)—PROPOSED
FINANCING—It
1939 to 1968. incl.
SPENCER, BARTON AND VAN ETTEN CENTRAL SCHOOL DIS¬
were awarded to
out the State.
The bulk of the offering is usually taken by New York City
institutions.
The State is also expected to come to market in the near
future with an offering of long-term bonds.
Such a flotation will
probably
by the voters
NEW
YORK STATE—BILLS INTRODUCED TO CHANGE PROP¬
TAXES—Bills designed to change the municipal taxing of real
estate have been introduced in the
chester
Assembly by Ralph A. Gamble, West¬
Republican, according to Albany advices.
The sponsors, including
the New York State Conference of Mayors,
measures
are
are said to contend that the
designed to lessen the possibility of higher taxes.
NORTH
COLLINS UNION FREE SCHOOL
DISTRICT NO.
4
(P. O. North Collins), N. Y.—BOND SALE—The $65,000 coupon or
registered school building bonds offered on Jan. 24—V. 142, p. 496—were
awarded to Ernst Bros, of Buffalo on a bid of 100.2741 for 3-His, a basis of
about 3.48%.
A. C. Allyn & Co. of New York were second with a bid of
100.26 for 3J^s.
Dated Feb. 1 1936.
Due yearly
$3,000, 1937 to 1941, and $2,000, 1942 to 1966, incl.
on
Feb.
a
1
as
follows:
bonds.
Denom.
$1,000.
Due Feb. 1
incl.; $4,000 in 1943 and
$5,000 from
as
follows:
1938 to 1942,
1944, and
$5,000 in 1945 and 1946.
8,500 emergency relief bonds.
One bond for $500, others $1,000 each.
Due Feb. 1 as follows: $4,500 in 1945 and $4,000 in 1946.
All of the
bonds will
be dated
Feb.
1
1936.
Bidder to
name
a
Dillon & Vandewater of New York will be furnished the successful bidder.
Financial Statement
The assessed valuation of the property subject to ithe taxing power of the
city is $23,337,780.
The total bonded debt of the city, including the
above-mentioned bonds, is $1,452,271.
The population of the city (1930
census) was 21,792.
The bonded debt above stated does not include the
debt of any other subdivision having power to levy taxes upon any or all
of the property subject to the taxing power of the city.
The fiscal year
June 1.
The amount of taxes levied for the fiscal years com¬
commences
June
1
1934
was,
respectively,
The amount of such taxes un¬
collected at the end of each of said fiscal years was, respectively,
$41,34a.42,
$25,015.35 and $32,529.10.
The amount of such taxes remaining uncol¬
lected as of Jan. 21 1936 is, respectively, none, none and $23,325.40.
The
taxes of the fiscal year commencing June 1 1935 amount to $357,598.23,
of which $317,643.81 has been collected.
QUEENSBURY COMMON SCHOOL DISTRICT NO. 18 (P. O.
Falls), N. Y.—BOND SALE—The $74,000 coupon or registered
building bonds offered on Jan. 23—-V. 142, p. 336—were awarded
Glens
school
to the Manufacturers & Traders Trust Co. of Buffalo as 3s, for a
premium
of $243.98, equal to 100.329, a basis of about 2.97%.
E H. Rollins & Sons
of New York, second high bidders, offered a premium of $236.80 for 3s.
Dated Dec. 1 1935.
and $4,000,
Due yearly on Dec. 1
1939 to 1955.
as
offer to take the
Dated Jan. 1 1936.
(This corrects the report which appeared in V. 142, p. 497.)
Other bids
Bidder—
were as
follows:
Int. Rate
Premium
George D. B. Bonbright & Co
3.20%
J. & W. Seligman & Co
Union Trust Co. of Endicott
$396.51
3.30%
3.40%
3.40%
248-40
534.52
411.50
A. C. Allyn &
Co., Inc
George B. Gibbons & Co., Inc
Bancamerica-Blair Corp
3.40%
3.60%
3.60%
276.00
496.80
138.00
3.70%
3.75%
325.00
174.80
Marine Trust Co
Bacon, Stevenson & Co
SYRACUSE, N. Y.—NOTE SALE—On
refunding bonds.
Bidders are to name rate of interest, in a multiple of
H or l-10th%, but not tomxceed 4%.
Denom. $1,000.
Dated Feb. 1
1936.
Principal and semi-annual interest (Feb. 1 and Aug. 1) payable
at the National City Bank, in Troy.
Due yearly on Feb. 1 as follows:
$12,000, 1937 and 1938: $11,000, 1939 to 1946, and $21,000, 1947 to 1956.
Certified check for $6,500, required.
Approving opinion of Messrs. Clay, Dillon & Vandewater, Attorneys of
New York, will be furnished to the purchaser without cost.
Manufacturers & Traders Trust Co. of Buffalo bid .40% discount, plus
$79 premium.
Notes are dated Jan. 23 1936 and will mature Oct 23 1936.
SYRACUSE, N. Y. —BONDREFUNDING AUTHORIZED—Governor
the Fearon bill authorizing the city to
revenue deficiency and welfare ob¬
Lehman has signed as Chapter 6,
refund maturities of bonds other than
up
to an aggregate amount of not more than $2,110,000.
WEST SENECA UNION FREE SCHOOL DISTRICT NO.
1 (P. O.
Ebenezer), N. Y.—BOND OFFERING—Charles Nesselbush, District
Clerk, will receive bids until 3 p.m. Jan. 28 for the purchase at not less
than par of $23,827 coupon, fully registerable, school building bonds.
Bidders are to name rate of int in a multiple of M or l-10th %, but not
to exceed 5%.
Denom. $1,000, except one for $827.
Dated Jan. 15 1936.
Principal and semi-annual interest (Jan. 15 and July 15) payable at the
Ebenezer State Bank, of Ebenezer.
Due $1,827 Jan. 15 1937, and $2,000
yearly on Jan. 15 from 1938 to 1948, incl.
Certified check for $475, payable
to Arthur Ward, District Treasurer, required.
Approving opinion of Clay,
Dillon & Vandewater, of New York, will be furnished to the purchaser.
WHITE PLAINS,
N. Y.—BOND SALE—The $446,000 coupon or
registered bonds offered on Jan. 22—V. 142, p. 497—were awarded to a
syndicate composed of Goldman, Sachs & Co., Manufacturers & Traders
Trust Co. of Buffalo, Morse Bros. & Co., Inc., and Wilmerding & Co.,
all of New Vork, on a bid of 100.14 for $250,000 3>^s and $196,000 3>£s.
The offering consisted of:
$250,000 general city (impt.) bonds.
Dated Jan. 1 1936 and due Jan. 1
as follows: $30,000 from 1938 to 1945 incl. and $10,000 in 1946.
98,000 sewer impt. bonds.
Dated Sept. 1 1934 and due Sept. 1 as
follows: $2,000 in 1951 and $8,000 from 1952 to 1963 incl.
98,000 sewer extension bonds.
Dated Sept. 1 1934 and due Sept. 1 as
follows: $6,000, 1952; $10,000, 1953 to 1959, incl., and $11,000
Other
I960
bids
and
were
as
1961.
follows:
Rate and Premium
Bidder—
Lehman
&
$196,000
Kean,
Taylor &
Co. and R. W. Pressprich & Co.
Halsey, Stuart & Co.
Estabrook & Co.; Bacon, Steven¬
son & Co. and Peoples National
Bank
Rate and Premium
$250,000
Bros.;
Trust
Co.
of
3.40%
3.40%
3.40%
3.40%
$350.00
287.50
$274.40
225.40
White
3.50%
Graham,
Parsons
Eldredge & Co
&
125.00
3.40%
98.00
3.40%
Co.
125.00
3.50%
98.00
3.90%
100.00
3.25%
78.60
3.75%
3.80%
200.00
200.00
3.50%
3.50%
156.80
157.00
and
Bancamerica-Blair
Corp.; B. J.
Co., George B.
Co.,
Inc.,
and
Roosevelt & Weigold-A. C. Allyn & Co., Inc.; E. H.
Rollins & Sons, and Rutter &
Van
Ingen
Gibbons
&
&
Co
County Trust Co. of White Plains
FORMAL REOFFERING OF BONDS—The bankers reoffered the bonds
for public investment as follows: Of the total, $250,000 are 3M% general
city bonds, due Jan. 1 1938-46, incl., were priced to yield 1.75 to 3.20%,
$196,000 3X% sewer improvement and sewer extension bonds, due
Sept. 1 1951-63, incl., priced to yield 3.25 to 3.35%.
In the opinion of
the bankers, the bonds are legal investments for savings banks and trust
funds in New York State.
The bonds, in the opinion of counsel, are valid
and legally binding obligations of the city, payable from ad valorem taxes
which may be levied upon all taxable property therein without limitation
an
as
to rate or amount.
YONKERS, N. Y.—BONDS OFFERED FOR INVESTMENT—Adams,
McEntee & Co., Inc. of New York are offering $250,000 registere
3H%
and
bonds.
The offering consists of $100,000 of 3Hs, due Oct. 1
1942 and 1943, priced to yield 3.10%, and $150,000 of 4>£s, due March 1
1942, 1945 and 1946, priced to yield from 3.15 to 3.25%.
The bonds are
legal investment for savings banks and trust funds in New York State.
NORTH
BISCOE,
N.
CAROLINA
C.—BONDS
SOLD TO PWA—It is reported that the
Public Works Administration has purchased $44,000 4% semi-annual water
and
sewer
bonds at par.
BRUNSWICK COUNTY (P. O. Southport), N. Q.—DEBT ANALY¬
SIS PREPARED—R. S. Dickson & Co., Inc., of Charlotte, N. C. and
New York, have prepared for distribution
indicating the debt burden per capita
North Carolina county obligations.
GUILFORD
COUNTY
analysis of the above county,
parity basis with other current
an
on a
(P. O. Greensboro),
The $100,000 revenue anticipation notes offered
Financial Statement,
the $2,000,000 tem-
on a
follows: $3,000, 1937 and 1938;
RENSSELAER COUNTY (P. O. Troy), N. Y.—BOND OFFERING—
John J. Tower, County Treasurer, will receive bids until 11 a.m. Jan. 27
for the purchase at not less than par of $322,000 coupon, fully registerable,
21
Jan.
gorary loan notes offered.33% discountwere awardedpremium of $23. The
on that date basis, plus a to the Chase National
ank of New York
Plains
single
interest rate on the entire $51,500 bonds, expressed in a multiple of M or
l-10th of 1%.
Prin. and int. (F. & A.) payable at the Chase National
Bank, New Vork.
A certified check for $1,200, payable to the order of
the city, must accompany each proposal.
The approving opinion of Clay,
mencing June 1 1932, June 1 1933 and
$359,169.17, $255,760 and $365,825.36.
York at 3.10% interest, for
of about 3.07%.
issue at 3.20% interest for a premium of $396.51.
Due $4,000 yearly on Jan. 1 from 1938 to 1960, incl.
in
OLEAN, N. Y.—BOND OFFERING—W. T. Donigan, City Clerk, will
receive sealed bids until 2p.m. (Eastern Standard Time) on Jan. 29 for the
purchase of $51,500 not to exceed 5% interest coupon or registered bonds,
divided as follows;
$43,000 public works
Paine, Webber & Co. of New
premium of $303.60, equal to 100.33, a basis
Co. of New York, were second high with an
Bonbright &
reported
asis of
grevioussubscriptions fromkind, the notes will be sold in allotments on the
emissions of this banks and investment banking houses through¬
ERTY
plus
par
ligations
is
that Comptroller Morris S. Tremaine has come to New York City for the
purpose of arranging the details of an early offering of between $50,000,000
and $75,000,000 of notes in anticipation of tax revenues.
As in the case of
include part of the $55,000,000 poor relief issue authorized
last November.
Y.—BOND
TRICT NO. 1 (P. O. Spencer), N. Y.—BOND SALE—The $92,000 coupon
or registered school
building bonds offered on Jan. 17—V. 142, p. 33b—
complete the transaction.
SINKING FUND APPROVES BOND ISSUANCE—'The Sinking Fund
Commission has approved the issuance of $19,500,000 subway car purchase
NEW
N.
Rutter & Co
mated that he
approval.
Jan. 25 1936
SALE—The $15,000 Varysburg Water
District bonds offered on Jan. 20—-V. 142, p. 497—-were awarded to the
Manufacturers & Traders Trust Co. of Buffalo as 3.60s, at a price of 100.55,
a basis <5i about
3.55%.
Dated Feb. 1 1936 and due $500 on Feb. 1 from
SHELDON,
N. C.—NOTE SALE—
on
Jan. 21
were
awarded
to Oscar Burnett & Co. on a 1
The assessed valuation of the property subject to the taxing power of
the county is $121,221,136.
The total bonded debt of the county, including
the above-mentioned bonds, but excluding bonds to be paid by said refund¬
ing bonds, is $3,409,500.
The population of the county (1930 census) was
119,781.
The bonded debt above stated does not include the debt of any
other subdivision having power to levy taxes upon any or all of the
property
subject to the taxing power of the county.
The fiscal year commences
% interest basis, plus a premium of $1.
The
American Trust Co. was next high bidder, with an offer to take the notes
on a l%% interest basis, plus a
premium of $31.95.
It
due
was
on
reported later that the said notes
are
dated Jan. 15 1936, and are
July 15 1936.
HARNETT COUNTY (P. O. Lillington), N. C.—BOND SALE—An
$80,000 issue of 4% semi-ann. school bonds is reported to have been pur¬
Nov. 1.
The amount of taxes levied for the fiscal years commencing
Nov. 1 1932, Nov. 1 1933 and Nov. 1 1934 was respectively $1,655,822.80,
chased at par by the Public Works Administration.
$1,662,456.68 and $1,693,266.36.
HERTFORD COUNTY (P. O. Winton), N. C.—BONDS SOLD—The
Public Works Administration is said to have purchased a
$22,000 issue of
4% semi-ann. school bonds, at par.
The amount of such taxes uncollected
at the end of each of said fiscal years was
and $51,654.49.
The amount of such
respectively $36,680.21, $37,817.52
taxes remaining uncollected as of
the date of this notice is respectively $22,171.41, $25,690.81 and $48,545.62.
The taxes of the fiscal year commencing Nov. 1 1935 amounted to
$1,791,452.32 of which collection has just begun.
ROCHESTER, N. Y —PLANS SALE OF $2,000,000 BONDS—City
Comptroller Paul B. Aex plans to make public offering soon of $2,000,000
budget for poor
RANDOLPH
COUNTY
(P.
O.
Asheboro),
N.
C.—NOTE SALE—
A $60,000 issue of notes is reported to have been
purchased by the Wachovia
Bank & Trust Co. of Winston-Salem, at 1M%.
Due in three months.
welfare bonds, representing the amount fixed in the 1936
relief purposes.
ROANOKE RAPIDS, N. C.—NOTE SALE—It is reported that the First
National Bank of Henderson, N. C., has purchased $8,000 notes at
3%,
plus a premium of $2.
RYE, N. Y.—BOND SALE—The $90,000 coupon or registered village
building bonds offered on Jan. 22—V. 142, p. 496—were awarded to Faxon,
on a bid of 100.53 for 2j^s, a basis of about 2.16%.
Dated
Feb. 1 1936.
Due $10,000 yearly on Feb. 1 from 1938 to 1946.
Other
stated by
Gade & Co.
bidders included:
Int. Rate
Name—•
Rye National Bank
First of Michigan Corp
Blyth & Co
-
—
u
100.1313
$143.10 prem.
63.33 prem.
N. C.—BOND EXCHANGE CONTEMPLATED—It is
the City Clerk that $38,000 water and sewer refunding bonds
approved recently by the Local Government Commission, which
bonds are not to be sold publicly but are to be exchanged for the
original
bonds held by two local banks.
Price Bid
2.20%
2.40%
2.40%
SALISBURY,
were
WASHINGTON, N. C.—NOTE SALE—An $8,250 issue of
been purchased by R. S. Dickson & Co. of Charlotte at
of
$2.25, according to report
% plus
notes
has
a premium
661
Financial Chronicle
Volume 142
NORTH
JAMESTOWN,
proved a proposed
DELAWARE,
Ohio—BONDS SOLD TO PWA—The $11,000
city hall construction bonds authorized at the August 1935 primary
Administration.
DAKOTA
N. Dak.—BONDS VOTED—The voters recently ap¬
$60,000 bond issue for construction of a filtration plant.
PORTAL, N. Dak.—BOND SALE—The $2,500 fire hall bonds offered
en Jan. 20—V. 142, p. 336—were awarded to the Bank of North Dakota,
the only bidder, at par for 5s.
Dated Dec. 1 1935.
Interest payable semi¬
annually.
Due $250 yearly on June 1 from 1937 to 1946, incl.
THOMPSON, N. Dak.—BOND OFFERING—NT. H. Morrow, Chairman,
receive bids until 2 p.m. Feb. 4 for the purchase of $2,000 bonds.
Denom. $500.
Certified check for 2%, required.
will
HARRISON, Ohio—BOND SALE—The $5,000 coupon drainage sewer
on Jan. 16—V. 141, p. 4198—were awarded to
Seasongood & Mayer of Cincinnati as 2%s, at par plus a premium of $6.85,
equal to 100.137, a basis of about 2.71 %.
Dated Jan. 1 1936 and due $1,000
on Oct. 1 from 1937 to 1941, incl.
construction bonds offered
Other bids were
follows:
as
„
j
700 CUYAHOGA BUILDING,
Ohio—MATURITY—The $15,000 storm
SPRINGFIELD
$36,000
equal
Jan. 1 1936 and due $2,000
OHIO
were
1
BALTIC VILLAGE SCHOOL DISTRICT, Ohio—BOND OFFERING
—A. C. Hoffman, Clerk of the Board of Education, will receive bids until
noon Feb. 7, for the purchase at not less than par of $19,250 4% school
building bonds.
Denom. $770.
Dated Oct. 1 1935.
Interest payable
semi-annually.
Due $770 yearly on Sept. 1 from 1937 to 1961, incl.
Certified check for $1,925, payable to the Board of Education, required.
originally set at Feb. 1—V. 142, p. 336.)
CANTON, Ohio—BOND OFFERING—Robert E. Beck, City Auditor,
until 1 p. m. Feb. 6 for the purchase at not less than par
coupon bonds:
$60,000 fire department equipment bonds.
Due yearly on March 1 as
follows:
$6,000, 1937; $7,000, 1938; $6,000, 1939; $7,000, 1940;
$6,000, 1941, and $7,000, 1942 to 1945, inclusive.
40,000 police department equipment bonds.
Due $8,000 yearly on
will receive bids
of the following 4%
March 1 from 1937 to 1941, inclusive.
Dated March 1 1936.
Principal and semi-annual interest
(March 1 and Sept. 1) payable at the City Treasurer's office.
Certified
offered, required.
CARROLL COUNTY (P. O. Carrollton), Ohio—BOND OFFERING—
J. McCausland, Clerk of the Board of County Commissioners, will
1 p. m. Feb. 10 for the purchase at not less than par of
$23,000 5% coupon poor relief bonds.
Dated March 1 1936.
Denom$500.
Prin. and semi-ann. int. (M. & S. 1), payable at the County Treas¬
urer's office.
Due yearly on March 1 as follows: $2,000, 1937; $2,500.
1938 and 1939; $3,000, 1940, 1941 and 1942, and $3,500. 1943 and 1944.
Certified check for 5% of amount of bid, payable to the County Treasurer,
required.
W.
COLUMBUS, Ohio—BONDS OFFERED BY SINKING FUND TRUS¬
be received by W. H. Duffy, Secretary of the Trustees
Fund, until 3 p.m., Feb. 14 for the purchase of the following'
blocks of coupon assessment bonds now held in the Sinking fund:
TEES—Bids will
of the Sinking
$77,200 (Series No. 89) Hilltonia Ave., Mound St., &c.
Dated Jan. 21
1927 (serial bonds) numbered 699 to 775, incl. and 777, of the
original issue of $766,200; maturing March 1 1938 (last of series);
rate of interest 4 Yi %.
I
51,000 (Series No. 90) Letch wood Ave, Al. North Olive-Girard St., &c.
Dated Feb. 10 1927 (serial bonds) numbered 461 to 511, incl., of
original issue of $506,000; maturing March 1 1938 (last of series);
rate of interest 4 £3%.
57,000 (Series No. 100) Mooberry St., Seymour St.-E. terminus.
Dated
Oct. 15 1927 (serial bonds) numbered 130 to 186, incl. of the original
issue of $186,000; maturing March 1 at the rate of $19,000 in each
of the years 1937 to 1939, incl.; rate of interest 4)4 % •
15,800 (Series No. 106) Walhalla Road, High St.-Indianola Ave. Dated
Dec. 15 1927 (serial bonds) numbered 36 to 50, incl., of the original
issue of $50,800; maturing March 1 at the rate of $5,000 in each
of the years 1937 and 1938, and $5,800 in the year 1939; rate of
interest 4)^%.
'
78,300 (Series No. 108) Nashoba Ave., Floral-Doren Ave.
Dated Jan.
15 1928 (serial bonds) numbered 181 to 258, inclusive, of the original
issue of $258,300; maturing March 1 at the rate of $26,000 in each
of the years 1937 and 1938, and $26,300 in the year 1939; rate of
interest 4H%69,000 (Series No. 115)
Linwood Ave., Whittier St.-Frebis Ave., &c.
Dated May 15 1928 (serial bonds) numbered 157 to 225, incl. of
the original issue of $225,000; maturing March 1, at the rate of
$23,000 in each of the years 1937 to 1939, incl.; rate of int., 4M%.
No.
117)
Safford Ave., Al. E.
57 to 81, incl., of the
49,000 (Series No. 130) Wheatland Ave., Steel Ave.-Glenview Boulevard.
Dated Doc. 15 1928 (serial bonds) numbered 73 to 121, incl. of the
original issue of $121,000' maturing March 1, at the rate of $12,000
in each of the years 1937 to 1939, incl., and $13,000 in the year;
1940; rate of interest 4H%.
36,200 (Series No. 131) Dennison Ave., Pt. 238 ft. S. Goodale-Goodale.
Dated Jan. 15 1929 (serial bonds) numbered 53 to 88. incl., of the
original issue of $88,200; maturing March 1, at the rate of $9,000
in each of the years 1937 to 1939, incl., and $9,200 in the year
1940; rate of interest 4 >3%.
20,900 (Series No. 133) Wrexham Ave., Sullivant Ave.-Mound St.
Dated
March 15 1929 (serial bonds) numbered 28 to 47, incl., of the
original issue of $47,900 ; maturing March 1, at the rate of $5,000
in each of the years 1937 to 1939, incl., and $5,900 in the year
1940; rate of interest 4)4 %.
40,600 (Series No. 145) Erie Road, High St.-Webster Park Ave.
Dated
Aug. 1 1929 (serial bonds) numbered 37 to 76, incl., of the original
issue of $76,600; maturing March 1, at the rate of $8,000 in each of
the years 1937 to 1940, incl., and $8,600 in the year 1941; rate of
interest 4 Yi %.
65,600 (Series No. 148) Winner Ave., Granville St.-Mt. Vernon Ave.
Dated Nov. 1 1929 (serial bonds) numbered 61 to 125, incl., of the
original issue of $125,600; maturing March 1, at the rate of $13,000
in each of the years 1937 to 1940, incl., and $13,600 in the year 1941
rate of interest 4 H %
•
25,600 (Series
155)
No.
Dated Jan.
1
Ridgeway
Ave.,
Nelson Road-East terminus.
1930 (serial bonds) numbered 25 to 49, incl., of the
original issue of $49,600; maturing March 1, at the rate of $5,000
in each of the years 1937 to 1940, inclusive, and $5,600 in the year
1941; rate of interest 4 )4 %.
85,000 (Serias No. 163)
Doten Ave., Third Ave.-Fifth Ave.
Dated
April 15 1930 (serial bonds) numbered 86 to 170, incl., of the original
issue of $169,900; maturing March 1, at the rate of $17,000 in each
of the years 1937 to 1941, incl.; rate of interest 4^%.
Principal and interest payable at the office of the city's agency, in New
York.
Certified check for 1% of amount of bonds bid for, payable to the
Trustees of the Sinking Fund, required.
Bids must be made on blank
forms which may be obtained from the trustees.
Ohio—MAY ELIMINATE DEBT SERVICE LEVY
LIMITATION—At a special election on Feb. 18 the voters
will pass on a proposal to eliminate the three-mill debt service levy from the
10-mill tax limitation.
Such action would provide an additional revenue
of $900,000 for general operating purposes.
The vote will be held under
authority of the Lawrence Act.
I
Premium
$141.00
217.00
Charles A. Hinsch & Co
Provident Savings Bank & Trust
Paine, Webber & Co
First Cleveland Corporation
Mitchell Herrick & Co
-
3)4%
3 H%
3H%
136.00
64.57
417.60
156.20
Ryan, Sutherland & Co
3%
3H%
3M %
3)4%
51.00
_
3)4%
314%
3% %
184.00
263.65
50.00
Weil, Roth & Irving
Stranahan, Harris & Co
Peoples Savings Bank & Co
MUSKINGUM
Int. Rate
3)4 %
3)4%
319.99
82.85
Cool, Stiver & Co
Seasongood & Mayer
WATERSHED
Ohio—REPORT
Massillon),
164—
plus a
100.43, a basis of about 2.95%.
Dated
Oct. 1 from 1937 to 1954, incl. Other bids
!
Braun Bosworth & Co
ON
CONSERVANCY DISTRICT
PWA
(P.
O.
ALLOTMENT—'The following
the above named
(Release No. 1792) was just made public by
Federal agency:
"Harold L. Ickes,
Public Works Administrator, announced to-day an
allotment from old Public Works Administration
Corps of Engineers to complete
construction on reservoirs in the Muskingum Watershed Conservancy Dis¬
trict, a municipal corporation in Ohio, and the enlargement of the Mus¬
kingum River channel in Massillon, Ohio.
"This is in addition to an allotment of $22,590,000 made some time ago.
$3,500,000
funds which will enable War Department
"The Conservancy District itself nas agreed to furnish $12,000,000 to be
expended for the purchase of land tnat will be flooded by the water im¬
pounded by the 14 dams, and to relocate hignways and railroad tracks that
run
through the areas to be submerged.
The PWA allotments to the
Corps of Engineers are for construction work only.
"The whole project is for controlling the food waters of tne Muskingum
River, a tributary of the Ohio River draining the southeastern part of the
State into the Ohio.
"Necessary for the additional allotment appeared several
when it was decided to change the original plans to relocate
above Massillon.
This required that the channel through
montns ago
the reservoir
that city be
enlarged to prevent ravaging floods."
OHIO, State oi—SCHOOL DISTRICT LIMITATION
EXCESS BILL
PASSED—The House of Representatives has passed Senate Bill No. 383,
which enables school districts to issue refunding bonds outside the 10-mill
for
limitation
outstanding
without the said 10-mill
bonds that are now
limitation, according to report.
of—AVERAGE YIELD OF 30 CITY BONDS AGAIN
DECREASES—With firm prices continuing in Ohio municipal bonds, the
average yield of bonds of 30 Ohio
cities compiled by Wm. J. Mericka &
Co., Inc., whose New Tcork office is located at 1 Wall St., decreased from
3.16 to 3.15 in the week ended Jan. 23.
Average yield of 15 largest Ohio
cities declined from 3.17 to 3.16 and of 15 secondary cities from 3.14 to
3.12.
Averages are weighted according to outstanding debt of each city.
OHIO,
State
PORTAGE COUNTY
(P. O. Ravenna), Ohio—BOND
OFFERING—
Wascko, Clerk of the Board of County Commissioners, will receive
noon Feb. 3, for the purchase of $63,000 6%
emergency poor
relief bonds.
Dated Feb. 1 1936.
Principal and semi-annual interest
E.
R.
bids
until
(March 1 and Sept. 1) payable at the County Treasurer's office.
Due
1 as follows:
$5,500, 1936; $5,800, 1937; $6,200, 1938;
$6,500, 1939; $6,900, 1940; $7,300, 1941; $7,800, 1942; $8,300, 1943; and
$8,700, 1944.
Certified check for 3% of amount of bonds bid for, payable
to the County Treasurer, required.
yearly on March
Terrace Ct.-Ryan Ave.
Dated June 15 1928 (serial bonds) numbered
original issue of $81,000; maturing March 1, at the rate of $8,000
in each of the years 1937 and 1938, and $9,000 in the year 1939;
rate of interest 4Y\%.
on
follows:
additional
receive bids until
to
Bidder—
statement
Denom. $1,000.
25,000 (Series
as
DISTRICT, Ohio—BOND SALE—The
school building bonds offered on Jan. 18—V. 142, p.
Herrick & Co. of Cleveland as 3s, at par
coupon
awarded to Mitchell,
premium of $156.20,
check for 5% of amount of bonds
498—bear
incl. The
CLEVELAND
COLUMBUS
were
(Date of this offering was
bonds
sewer
Cool, Stiver & Co. of Cleveland—V. 142, p.
4^% interest and mature $600 each Sept. 1 from 1937 to 1961,
bankers paid a price of 101.199, a basis of about 4.38%.
recently sold to
MARTINS FERRY SCHOOL
CINCINNATI
AKRON
CANTON
75.00
5%
the voters gave their approval to
ment bonds.
KINGSTON,
MITCHELL, HERRICK & CO.
'$16.00
11-00
11.00
3%%
-4%
4)4%
RONTON, Ohio—BONDS VOTED—At the election held on Jan. 14
the proposed issuance of $70,000 improve¬
I
Mil NI CI PAIS
Premium
Int. Rate
Bidder—
Ryan, Sutherland & Co
Weil, Roth & Irving Co
Provident Savings Bank & Trust Co
Merchants Bank & Trust Co
OHIO
4%
elec¬
tion have been sold to the Public Works
RUTLAND
Teachers
SCHOOL DISTRICT, Ohio—BOND
System has purchased an issue
Retirement
SALE—The State
of $33,000 school
building bonds.
SANDUSKY,
on
Ohio—BONDS AUTHORIZED—The City Commission
bonds.
7 voted to issue $1,100,000 municipal light plant
Jan
Ohio—FACES $1,500,000 DEFICIT FOR 1936—The city
funds for 1936, according
of the county budget commission.
Rev¬
enues anticipated include only $134,000 from general taxes for operating
purposes; less than $735,000 as the city's share of the State sales tax;
$1,309,000 for debt service on general obligations and about $800,000
from miscellaneous taxes.
Members of the budget commission suggested
to John N. Edy, City Manager, that part or all of the requirements for
debt service may be diverted to general operating purposes by refunding
general obligation maturities.
TOLEDO,
faces
a
deficit of $1,500,000 in general operating
to disclosures at a recent meeting
UPPER
SANDUSKY,
of $165,000
337—was awarded
for a premium of
Second high offer came
Ohio—BOND SALE—The issue
coupon water works bonds offered on Jan. 23—V. 142, p.
to Stranahan, Harris & Co. of Toledo at 3% interest
$76.50, equal to 100.046, a basis of about 2.99%.
the BancOhio Securities Co. of Columbus.
from
Due yearly on
Dec. 20 as follows:
Dated Dec. 20 1935.
$6,000, 1937 to 1946; and $7,000, 1947
1961.
to
WESTERVILLE, Ohio—BOND SALE—'The Citizens Bank of Westercoupon dam construction and park land
ville nas purchased $11,500 4%
purchase bonds at par plus a premium of $50, equal to 100.43, a basis of
about 2.94%.
Dated Oct. 1 1935.
One bond for $500, others $1,000 each.
Due $500 in 1937 and $1,000 from 1938 to 1948,
Interest payable A. & O.
Ohio—BOND OFFERING—Arvilla Miller, Village
purchase at notjess than
of $70,500 4% coupon refunding bonds.
Denom. to suit purchaser.
Dated Oct. 1 1935.
Interest payable April 1 and Oct. 1.
Due $5,700
Oct. 1 1941 and $7,200 yearly on Oct. 1 from 1942 to 1950, incl.
Certified
check for 5% of amount of bonds bid for, payable to the Village Treasurer,
WILLOUGHBY,
Clerk, will receive bids until noon Feb. 10 for the
par
required.
YOUNGSTOWN,
Ohio—-HAS DEFICIT
municipal administration finds the city with a
sisting of $2,296,550 in general overdrafts,
$328,597 in bond fund overdrafts; $395,675 in
due the Mahoning
OF $3,210,037—The new
deficit of $3,210,037, con¬
including unpaid salaries;
unpaid bills, and $188,213
Valley Sanitary District.
COLUMBUS,
FROM TAX
DEFIANCE COUNTY
(P.
O. Defiance), Ohio—BOND SALE—The
$25,400 emergency relief bonds offered on Jan. 17—V. 142, p. 163—
awarded to the State Bank of Defiance as 2%& at par plus a premium
of $266.92, equal to 101.04, a basis of about 2.01%.
Dated Nov. 1 1935
and due serially on March 1 from 1936 to 1944 inclusive.
were
OKLAHOMA
ALVA, Okla.—BOND ELECTION—It is reported that an election will
on March 31, in order to vote on the issuance of 4)4%
bonds,
aggregating $255,000, divided as follows:
$15,000 water system, and
$240,000 electric power plant bonds.
Due in 25 years.
be held
HOOKER, Okla.—BOND ELECTION— At an election to be held on
proposition to issue $50,000 electric light
bonds.
Jan. 21 the voters will pass on a
and power plant
662
Financial Chronicle
1936
Jan-
CARLISLE SCHOOL DISTRICT, Pa.—BONDS AUTHORIZED
The
School Board on Jan. 7 passed an ordinance authorizing the issuance oi
$45,000 school building bonds.
OKLAHOMA,
State of—BONDS APPROVED—MacQ. Williamson,
Attorney-General, has approved recently the following issues of bonds:
$125,000 Shidler refunding bonds, $15,950 Konowa School District building
bonds, $12,500 Lindsay electric service bonds, $10,457 Tuskahoma Oonsol.
School District funding bonds, $10,000 Noble sewer bonds, $9,988 Antlers
School District refunding bonds, $1,375 Poteau School District funding
bonds.
CENTRAL POOR DISTRICT (P. O. Wilkes Barre), Pa.—TEMPO¬
RARY LOAN—Central Poor Board on Jan. 14 accepted the bid of Wisher,
Hand & Co. of Philadelphia on a staggered loan of $600,000 against tax
on a 1.10% interest basis for the period the District,
which is equivalent to an average
1% for an over-all period from Jan. 1 to Dec. 15, the time
during which the money will be demanded.
The successful bidders, Fisher, Hand & Co., bid .95% for an immediate
borrowing of the total sum, which would cost the District $5,050.
I«is
was rejected for the borrowings under the staggered method at l.lU/o,
which would cost the District, over-all, but $3,299.94.
nnn
Principal and interest are payable in four installments of $200,000, $15U,000, $150,000 and $100,000 due over a period from Feb. 1 to Dec. 15.
anticipation certificates
OREGON
will have the actual use of the money,
rate of .549 of
BAKER, Ore.—BOND OFFERING— Sealed bids will be
received
until
the purchase of all or any part of said bonds shall be upon the rate of interest
and subject to the following conditions: (a) That bonds shall be sold for
the
highest and best bid obtainable, and for cash only.
(6) All bids for the
purchase of said bonds shall be in writing and sealed and accompanied by
EXETER TOWNSHIP SCHOOL DISTRICT
(P. O. Birdaboro,
R. F. D. No. 2), Pa .—BIDS RECEIVED—The following bids were re¬
certified check for a sum equal to 5% of the amount of such bid, which
check shall be payable to and deposited with the City Clerk of the
City of
Baker, Ore., such deposit to be made by the bidders as evidence of good
faith,
(c) The bonds must be taken up and paid for by the purchaser upon
tender thereof, unless by appropriate arrangement agreed upon in
a
ceived
between the said city and purchaser thereof provisions shall be made for
up said bonds in instalment blocks, and any failure to do so shall
entitle said City of Baker to retain the amount of said deposit above referred
to as liquidated damages and not as forfeiture or
penalty,
(d) The said
City of Baker reserves the right to accept or reject any and all bids,
(e) Ac¬
Leach
Pa .—BOND ISSUE DETAILS—The $77,500 3M%
plant bonds sold to the State Teachers' Retirement Board at Harrispreviously reported in these columns—V. 142, p. 500—mature In
30 years.
Coupon bonds of $500 each.
Interest payable J. & J.
MATAMORAS,
water
burg,
Campbell, Inc., Atkinson, Jones & Co., Inc., Blyth
Co., Inc., Camp & Co., Inc., all of Portland, Ferris & Hardgrove, of
Spokane, and Jaxtheimer & Co. of Portland, paying a premium of $110.11,
equal to 100.064, a net interest cost of about 3.08%, on the bonds divided
as follows:
$85,000 as 3Ms, maturing $17,000 from 1941 to 1945, and
MILTON
a
bonds,
and 1946.
districts of the valley on a new financial basis.
"Bondholders took the loss, realizing as low as 26 cents
on the dollar in
Eagle Point District and as high as 51 cents in the Gold
issues:
Date
the
Municipality and
Hill District.
'In all districts annual assessments
have been greatly reduced under the
SANDY, Ore.—BOND
SALE DETAILS—We are informed
by H. A.
Schneider, City Recorder, that the $10,000 water works
improvement bonds
purchased on Jan. 14 by the Clackamas
County Bank of Sandy, as 4Ms—
V. 142, p. 499—were sold at
a price of
100.18, a basis of about 4.48%.
Coupon bonds dated Jan. 1 1936.
Due $1,000 from 1946 to
1955, incl.
Interest payable J. & J.
an election held on Jan.
8, the
have approved the issuance of
$70,000 in 3% funding
Due in six years from Jan. 1
1936.
said to
be received
Recorder, for the purchase
bonds. Bidders to name the
Dated Jan. 1 1936.
Due on Jan. 1 as follows:
$i,500.
1937 to 1940: $1,549.47,
1941, and $2,000, 1942 to 1946.
Prin. and int.
payable at the City Treasurer's office.
A
rate of interest.
PHILADELPHIA,
Pa.—NAMES
Moncure Biddle & Co.
St., Philadelphia
SHENANDOAH
P. J.
Jan.
15 1936
6,000
Jan.
16 1936
95,000
Jan.
17 1936
20,000
FUND
MEMBER—
Certified check for 2%,required.
readvertising in January and the resale on Jan, 20
satisfy this technical defect in the original advertising.
was
Pa.—BOND
SALE—An
issue of $37,000 3 M % school bonds has been sold to E. H. Rollins &
Sons
of Philadelphia for a premium of $296, equal to 100.80.
for
Interest payable June 1 and Dec. 1.
Due yearly
$1,000. 1937; $2,000, 1938 to 1961; and $1,000, 1962.
2% required.
Dated
Dec. 1
Certified
on
SPRING
Pa.
TOWNSHIP
BOND
SCHOOL
DISTRICT
OFFERING—Raymond E.
Henry,
(P. O. West Lawn).
District Secretary, wili
receive sealed bids until 7:30 p. m. on Feb. 7 for the
purchase of $71,000
tSUS, ec?e(Sn49Wnt<^esb coupon school bonds. Dated Dec. 1 1935.
iosa
K** fo,lows: $4'000 from 1937 to 1953, incl.,
S.H «?nnn,?2
ol^
BELLEFONTE SCHOOL DISTRICT, Pa.—BOND
ELECTION—'The
on Jan. 6 passed a resolution to call an election
for Feb.
11 for the purpose of voting on the question of issuing $41,000
bonds. C*
OFFERING—
10
Denom. $1,000.
SOUTH UNION TOWNSHIP (P. O.
Hopwood), Pa.—BOND SALE
The issue of $35,000 funding bonds offered on Jan. 21 was awarded to
Singer, Deane & Scribner, Inc. of Pittsburgh at a price of 100.295.
to
Board of Directors
Pa.—BOND
coupon bonds.
MacGregor of Pittsburgh bid 100.15 for the issue.
was
made
DISTRICT,
on Jan. 20—V. 142, p. 500—were awarded to the Union
Deposit
Bank of South Fork as 4 Ms, at a price of 101, a basis of about
4%.
Dated
Jan. 1 1936 and due $1,000 on Jan. 1 from 1937 to 1944 incl.
Glover &
The objection to the original advertisement was that the
bonds
Dec. 5, 12 and 19 and sold on Dec. 20.
The Attorneys
hold that the calendar week during which the last
advertisement appears
must have expired before bonds may be
legally sold.
In other words, the
earliest date that these bonds could have been sold in
95,000
SOUTH FORK, Pa.—BOND SALE—The $8,000 street and sewer bonds
advertised
DISTRICT,
15 1936
offered
opinion.
December,
follows:
check
of the offering of $250,000 school bonds on Jan.
20:
This offering on Jan. 20 was made to confirm a sale
made Dec. 20 of
these same bonds to the Bancamerica-Blair
Corp. in association with
Butcher and Sherrerd.
The bonds were sold at an interest rate of
3M%
and at a price of 100.51.
It was necessary to readvertise the sale to
satisfy
a
technical objection made by the
attorneys who are issuing the legal
SCHOOL
SCHOOL
1936.
as
DISTRICT,
Pa —OFFERING FOR VALIDA¬
TION PURPOSES EXPLAINED—W. N.
Decker, Secretary of the Board
of Education, has furnished us with the
following explanation of the purpose
CAMPBELLTOWN
Jan.
Brennan, District Secretary, will receive bids until 9 p. m. Feb.
^th.e,^cha?e of $50,000 4%
Feb. 1
PENNSYLVANIA
-
36,000
RIDLEY PARK, Pa.—BOND OFFERING—N. E. Hoopman, Borough
Secretary, will receive bids until 7:30 p. m. Feb. 14 for the purchase at not
less than par of $65,000 coupon registerable as to principal sewer and re¬
funding bonds, to bear interest at one of the following rates: 1 M %. 1 V< %.
2%. 2M%. 2M%. 2M% or 3%.
Denom. $1,000.
Dated March 1 1936.
Interest payable March 1 and Sept. 1.
Due yearly on March 1 as follows:
$3,000, 1937 to 1951, and $4,000, 1952 to 1956.
Cert, check for 2% of
amount of bonds bid for, payable to the Borough Treasurer, required.
Bonds will be sold subject to approval of Morgan, Lewis & Bockius, of
Philadelphia.
PENNSYLVANIA
The
13 1936
SINKING
yearly onFeb. 15 from 1941 to 1966,incl.
Monday Dec. 23.
30,000
Jan.
POTTER TOWNSHIP SCHOOL DISTRICT (P. O. Spring Mill#
R. D.,) Pa.—BOND OFFERING—G. H. McCormick, District Secretary,
will receive bids until 10 a.m. Jan. 31 for the purchase of $13,000 coupon
bonds, to bear interest at 2M. 2%, 3, 3A, 3M. 3M. or 4%.
Denom. $500.
Dated Feb. 15 1935.
Interest payable Feb. 15 and Aug. 15.
Due $500
Commonwealth of
were
10 1936
Sinking Fund Commission to succeed John H. Mason.
The two other
are Mayor S. Davis Wilson and City Comptroller White.
refunding bonds
on Jan. 20—V.
142, p. 499—was purchased by
Conrad,
Co. of Portland, at a price of
98.80, reports the City Recorder
Dated Jan. 1 1936.
Due from Jan. 1 1941 to
1950, optional after Jan. 1
1937.
No other bid was received.
SCHOOL
$25,000
Jan.
members
of
Bruce &
ALTOONA
10 1936
Herbert W. Goodall, President of the Tradesmen National Bank & Trust
Co. of Philadelphia, has been elected City Council's representative on the
5% must
Dec. 27,
(A similar issue of bonds was reported sold on
noted in these columns at that
time.—V. 142. p. 164 )
1520 Locust
Amount
Approved
ing bonded indebtedness)
Collegeville Borough, Montgomery County (con¬
structing water works system)
Punxsutawney Borough S. D., Jefferson County
(purchase site for erecting, building and equip¬
ping, furnishing school building)
Economy Township S. D., Beaver County (com¬
pleting erection, equipping, furnishing school
building)
Oakmont Borough, Allegheny County (construc¬
tion of streets: sewer improvements)
Terre Hill Borough, Lancaster County (funding
floating indebtedness)
SEASIDE, Ore.—BONDS VOTED—At
offered for sale
Purpose—
Pine Township S. D., Allegheny County (purchase
site for erecting and equipping school bldg.)
Jan.
New Castle City S. D., Lawrence County (refund¬
financial set-up."
issue
Certified check for $300 required.
PENNSYLVANIA
(State of)—BOND ISSUES APPROVED—Bond
proceedings approved or forwarded from Jan. 13 to Jan. 20 by the Depart¬
ment of Internal Affairs, Bureau of Municipal Affairs, cover the following
refinancing programs disclosed.
"Completion of the refinancing program of the Talent
Irrigation District,
reducing the debt of that District from $1,505,000 to
$450,000, put all the
five
WASCO, Ore.—BOND SALE—The $25,000
$1,500, 1945
SCHOOL
PENNSYLVANIA (State of)—RESTRAINED FROM TAKING OVER
BRIDGE—A temporary injunction was granted by the Dauphin
County Court recently restraining the State from taking possession of
the Market St. toll bridge in Harrisburg.
A hearing in the matter is
expected to be held to-day (Jan. 25).
The action of Warren Van Dyke,
Secretary of Highways, which took the form of condemnation proceedings
against the owners or the span, was taken pursuant to an Act of the Legis¬
lature, according to report.
The voters on Jan. 2 1934 approved a $10,000,000 bond issue for the purpose of financing the acquisition by the State
of all toll bridges in the Commonwealth.
The Highway Department was
authorized to take the spans through condemnation in the event the purchase
offers were refused.
Mr. Van Dyke stated that proceedings to compel
surrender of three other bridges will be instituted.
reduced the indetedness of. Jackson
County irrigation districts from a
total of $3,606,000 bonded
debt and delinquent interest to
$1,058,000, a
for
TOWNSHIP
TOLL
survey of
check
FRANKLIN
?le of M% but March exceed 4%. Denom. 1938 to 1944, and $2,000, 1936.
)ue yearly on not to 1 as follows: $1,000, $1,000.
Dated March 1 1945
JACKSON COUNTY (P. O.
Medford), Ore.—RFC LOANS REDUCE
DISTRICTS' DEBTS—A special dispatch from Medford
on Jan. 13 had the
certified
4%. Denom. $500. Dated Jan. 1,
or
DISTRICT (P. O.
Washington R. D. No. 6), Pa.—BOND OFFERING—Harry W. Gabby.
District Secretary, will receive bids until 7:30 p. m. Jan. 25 for the purchase
of $11,000 coupon bonds.
Bidders are to name rate of interest, in a multiNORTH
following to say:
"Refinancing programs under the Reconstruction Finance Corporation
have
as
Jan. 20—V. 142, p.
Due yearly on Jan. 1 as follows: $1,000, 1938 to 1944;
Cert, check for 2% required.
1936
funding bonds.
accompany the bid.
on
to 1956
Ore.—BOND OFFERING— Sealed bids will be received
8p.rn.oii Jan. 22, by George W. Page, City Recorder, for the purchase
of a $25,000 issue of
sewage disposal system bonds.
Interest rate is not to
exceed 4%, payable M. & N.
Denom. $1,000.
Dated Nov. 1 1935.
Due
on Nov. 1 as
follows:
$1,000, 1936 to 1950, and $2,000, 1951 to 1955, all
incl.
Prin. and int. payable at the
City Treasurer's office or at the fiscal
agency of the State in New York.
The approving opinion of Teal,
Winfree,
McCulloch, Shuler & Relley, of Portland, will be furnished.
A certified
check for $500 must
accompany the bid.
until 6 p. m. on Jan.
28, by George Cusiter, City
of a $17,549.47 issue of
refunding improvement
SALE—1The issue of
338—-
Pa .—BOND
2M%,2M%.3%,3M%,3M%, 3»A%
GRESHAM,
bids will
DISTRICT,
refunding bonds offered
NORTH EAST, PA.—BOND OFFERING—H. Lewis Willert, Borough
Secretary, will receive bids until Jan. 27 for the purchase of $25.000 coupons,
registerable as to principal, bonds, which will bear interest at 2%, 2M%.
until
SILVERTON, Ore.—BOND OFFERING—Sealed
coupon
and after Feb. 1 1946.
on
COOS COUNTY
(P. O. Coquille). Ore.—BOND ELECTION—A
special election will be held on Jan. 31, for the
purpose of voting on the
question of issuing $376,000 road warrant
bonds.
SCHOOL
awarded to the First Milton National Bank of Milton on a bid of 102.31,
basis of about 3.38%.
Dated Feb. 1 1936.
Due Feb. 1 1956; redeemable
was
as 3s,
maturing $17,000 from 1946 to 1950.
It is stated by the
Clerk of the School Board that the second highest bid was an offer of
100.225
on 3Ms, tendered
by the Baker, Fordyce Co., and associates.
(This report supersedes the report of sale given in these columns
recently—
V. 142, p. 499.)
COLUMBIA COUNTY UNION HIGH SCHOOL DISTRICT NO. 1
(P. O. Vernonia), Ore.—BOND ELECTION—It is reported that an
are
as
$44,000 3M %
$85,000
voters
1 1936.
and
dated Jan
1951; $10,000, 1956
on Jan. 7—V. 141,
p.
par to the Herndon National Bank.
&
new
are
Pa .—BOND SALE—The issue of $20,000 water system
4054—was awarded as 3s at a price of
HERNDON,
bonds offered
for sale on Jan. 13—V. 142, p. 337—was purchased
by a group composed
of Hemphill, Fenton &
a
3M%
made as yet
The bonds
follows: $5,000, 1941, 1946 and
as
575.00
138.50
100.80
100.00
1961, and $15,000,1966.
school bonds offered
the issuance of $55,000 in
like amount of warrants.
Jan. 1
ple™u™
3%
__3 A %
3M%
3M%
award has been
on
that date:
Int. Rate
Freeman & Co
No
Due
CLACKAMAS COUNTY SCHOOL DISTRICT No. 62 (P. O. Oregon
on
school bonds offered on
Bros
M.M
crued interest from Feb. 1 1936 upon the total sale price of said bonds shall
be paid by the purchaser upon the payment of the
purchase price of said
bonds in full.(f) The City reserves the #*ght to
purchase not to exceed four
of said bonds of the aggregate
par value of $4,000 at the price for which
the remainder of said bonds are sold, for the
purpose of placing the same in
its Mt. Hope Trust Fund.
to be used for the retirement of
Jan. 17 for the $50,000 coupon
Dougherty, Corkran & Co
taking
election is scheduled for Jan. 27 to vote
on
Name—
R. W. Pressprich & Co
E. H. Rollins & Sons
writing
City). Ore.—BOND SALE—The $170,000 issue of
^
,
2 p. m. on Feb. 3 by Mable Nelson, City Clerk, for the purchase of a
$75,000
issue of water improvement refunding bonds.
Interest rate is not to exceed
6%, payable F. & A.
Denom. $1,000.
Dated Feb. 1 1936.
Due on
Feb. 1 as follows: $3,000, 1937, and $4,000, 1938 to 1955, incl.
Bids for
os/
q i/
9
i
■
/
o
o
M.
to name.one of the following interest rates:
i/
3 M,
??]y
o
A or 4 %.
r<»
mno
T
Bonds
are registerable as to principal
xA ce^if'ed check for 2 % of the amount
v? order of the District Treasurer,
must accompany each
! k0 issued subject to the favorable legal
of Townsend, Elliott & Munson of
P*—BOND
opinion
Philadelphia.
SALE—The $90,000 coupon funding
bonds offered last November have been sold to
Singer, Deane & Scribner,
Volume 142
Financial
^Pittsburgh.
as
38, at par plus a premium of $971 and an additional
Dated Dec. 1 1935.
Denom. $1,000.
Due
f?X2,;5Q In accrued interest.
$10,000
Dec. 1 from 1937 to 1945, incl.
on
purchasers
on
Bonds
were
delivered to the
Jan. 6.
VERNON TOWNSHIP SCHOOL DISTRICT,
Pa.—BOND ELECTION—At an election to be held
tion to issue
Crawford County,
on Jan. 28 a proposi¬
$30,000 school building bonds will be submitted to the voters.
WAYNESBORO SCHOOL DISTRICT, Pa .—BOND SALE—Yarnall
both of Philadelphia, bidding jointly, were
awarded the $150,000 coupon, registerable as to principal or principal and
interest, school building bonds offered on Jan. 21—V. 142, p. 500.
The
purchasers offered a premium of $807, equal to 100.538, for 2&s. a basis of
about 2.47%.
Suplee, Yeatman & Co. and Bioren & Co., second high
bidders, offered a premium of $2,145 for 2^s.
Dated March 1 1936.
Due as follows:
$3,000, 1941 to 1944, incl.; $4,000, 1945 to 1949; $5,000.
1950 to 1954; $6,000, 1955, 1956 and 1957; $7,000, 1958, 1959 and 1960;
$8,000, 1961, 1962 and 1963; and $10,000, 1964, 1965 and 1966.
& Co. and E. H. Rollins &
Sons,
WEST PITTSTON SCHOOL DISTRICT, Pa.—BOND OFFERING—
Rees A. Llewellyn, Secretary of the Board of School Directors, will receive
bids until 7:30 p. m. Feb. 11 for the purchase at not less than par of $79,000
coupon, registerable as to principal only, school bonds, to bear interest at
of the following rates: 3%,3M%,3&%,3^%or4%.
Denom. $1,000.
Dated Dec. 1 1935.
Interest payable June 1 and Dec. 1.
Due yearly on
Dec. 1 as follows: $2,000, 1938 and 1939, and $3,000, 1940 to 1964. Certi¬
one
fied
check for 2% of amount of bonds bid for, payable to the District
Treasurer, required.
Bonds offered subject to approval of Townsend,
Elliott & Munson of Philadelphia.
■
663
Chronicle
BELL COUNTY
(P. O. Belton), Tex.—BOND SALE— R. A. Under¬
purchased and are now offering to investors
prices to yield from 4.10 to 4.30%, ani ssue of $75,000 4^4 % road and
bridge funding bonds.
Denom. $1,000.
Dated Nov. 15 1935. Principal
and semi-annual interest (May 15 and Nov. 15) payable at the Central
Hanover Bank & Trust Co. of New York.
Due on May 15 as follows:
$4,000, 1950; $5,000, 1952 to 1957, 1958, 1960, 1962, 1966, 1967 and 1968;
wood & Co. of Fort Worth have
at
$10,000, 1969, and $5,000, 1970 and 1971.
BELL COUNTY (P. O. Belton), Tex.—BONDS
CALLED—In connec¬
County
district
tion with the report given in these columns last November that the
Treasurer was calling for payment on Nov. 1 and Nov. 15 all road
and special road bonds at the Austin National Bank, in
Austin, it is now
following bonds have not been presented:
$5,000 5% Road District No. 1 bonds, Nos. 6 to 10.
Dated June 9 1913.
1,000 5% Road District No. 2 bonds, dated July 28 1913, No. 47.
12,700 5% Road District No. 5 bonds, dated Feb. 1 1914, Nos. 261 to
266, 276, 277, 281, 296 and 297, 304, 346, 349 and 350. 353 and
354, and 358 and 359.
9,000 5% Road District No. 10 bonds, dated July 12 1915, Nos. 55 to
59, 81 and 82. and 119 and 123.
2,000 special road, series A bonds, dated June 9 1913, Nos. 95 and 96.
1,000 special road, series E bonds, dated Feb. 1 1914, No. 280.
1.000 special road, series G bonds, dated July 12 1915, No. 31.
stated that the
BURNET, Texas—BONDS TO BE SOLD TO PWA—It is stated by the
City Clerk that $45,000 4% semi-ann. water system bonds approved by
the voters at an election held on Oct. 14 will be purchased by the Public
Works Administration.
FORT
WORTH,
Due in not to exceed 35 yrs.
Dated Oct. 1 1935.
Tex—BOND SALE—We
that
informed
are
the
$687,500 issue of pleasure grounds, parks and playgrounds bonds and a
$91,000 issue of series 63 improvement bonds, previously scheduled for sale
Southern Municipal Bonds
Jan. 22, the offering of which was reported to have been canceled prior
date, as noted in these columns—V. 142, p. 501—were awarded at
on
to that
the official public sale held on the 22nd to a syndicate composed
McALISTER, SMITH & PATE, Inc.
«T BROAD
NEW YORK
STREET
Telephone WHitehall 4-6765
GREENVILLE, S. C.
CHARLESTON, S. C.
of R. W.
Pressprich & Co., Eldredge & Co., both of New York, the Illinois Co. of
Chicago, Stern Bros. & Co. of Kansas City, Mo., and the State Investment
Co. or Fort Worth, on their unconditional tender of 100.579 for 3Hs, a
basis
of about 3.45%.
Dec.
Dated
Due from Dec. 1
1 -1935.
1939 to
1966. inclusive.
A bid of 100.65 for 3 Ha, is said to have been submitted by a group com¬
posed of Graham, Parsons & Co., Stranahan, Harris & Co., Inc., E. H,
Rollins & Sons, Inc., and associates, but this tender contained the stipularbe made within 30 days.
tion that delivery of the bonds must
BONDS
CAROLINA
SOUTH
said
to
have
issued
an
injunction recently,
preventing the district from
issuing and selling school building bonds, on the grounds that such issuance
would exceed the constitutional debt limit and that specific legislative
authority was lacking.
GREATER GREENVILLE SEWER DISTRICT (P. O. Greenville),
S. C.—BOND SALE—The $51,000 issue of 4%
semi-ann. Overbrook
Water and Sewer Sub-District bonds offered for sale on Jan. 17—V. 142,
{>. 500—was purchased at par by tne Commission. Administration, accordng to the Chairman of the District Public Works
oi—TEMPORARY HIGHWAY BOARD
PROGRAM—The Colum¬
regarding a decision of the
State Supreme Court, authorizing a temporary road body to go ahead with
a program of road and grade crossing construction:
Tne Supreme Court of South Carolina yesterday authorized a temporary
State Highway Board to proceed immediately with a $5,761,000 road and
grade crossing construction program.
"The Court issued a per curiam order, signed by all five justices, declaring
that the temporary board was empowered by the Legislature with all the
authority of the State Highway Commission and Chief Highway Com¬
missioner for a period of 60 days.
"Approval was given to advertising lettings, taking bids and awarding
contracts foi the construction of a $3,059,000 grade crossing hazard elimina¬
tion program and a $2,702,000 road building program financed with Fedexal
SOUTH
CAROLINA,
State
AUTHORIZED TO PROCEED WITH $5,761,000
bia "State" of Jan. 14 had the following to say
'4
funds.
highway engineer, J. S. Williamson, said that the order of
the Court would enable the provisional board to award $500,000 in contracts
now pending, these contracts being for projects advertised by toe old high¬
way commission prior to Oct. 28. when Governor Johnson took charge with
militia.
He said the department would also be in position to advertise for
bids on $1,000,000 in additional projects probably next week.
"The order of the Supreme Court is a result of a peititon tiled by the
temporary board, created by Act of the Legislatuie, at the special session
called by Governor Johnson, asking the Court to construe the powers and
authority of the temporary board.
The board, under the Act was to func¬
tion for 60 days, and It wanted to know just what its powers were under that
Act. The Act placed Mr. Williamson and O. P. Bourke, Secretary-Treasurer,
In active charge of the highway department and set up an advisory board
consisting of E. P. Miller State Treasurer; A. J. Beattie, Comptroller
General, and F. O. Robinson, Secretary of the Sinking Fund Commission.
"Under this Act," the Court order read,
"It was the legislative intent
that the petitioners conduct and operate the affairs of the State highway
depzrtment for the 60-day period therein provided for; and to that end they
are fully clothed with ail powers and authority heretofore vested in and
exercised by the regularly constituted State Highway Commission and Chief
"The State
Highway Commissioner, in order tnat the normal and accustomed functions
Higtiway Department shall not be Interrupted; and they may
perform all acts and discharge all duties in connection therewith heretofore
lawfully performed and discnarged by the regular State Highway Com¬
mission and Chief Highway Commissioner in the usual operation of the
Department."
of the State
SOUTH
DAKOTA
INVESTMENT—The
FOR
3.40% for the earlier maturities
terest for the later
up to
1959
successful
Denom. $500.
payable at the
Due $3,000 on
TENNESSEE
KINGSPORT, Tenn.—BOND ELECTION—It is stated by the City
Treasurer that a $300,000 bond issue for school construction purposes will
be up for approval by the voters at an election to be held Feb. 25.
—
Sold
—
re-
maturities.
HOUSTON INDEPENDENT SCHOOL DISTRICT
(P. O. Houson),
Texas—BONDS OFFERED FOR INVESTMENT—-Public offering of a new
issue of $2,102,000 3% bonds was made on Jan. 20 by a banking group
headed
by Edward B. Smith & Co. and including Goldman, Sachs & Co.,
F. S. Moseley & Co., the Boatmen's National Bank (St. Louis),
Securities
Corp.,
Carroll & Co. and
The bonds
1966.
The
McDonald-Coolidge & Co.,
Moroney & Co., Houston.
be dated Feb.
are to
1937 to
1
Garrett
&
Co.,
Equitable
John B.
1937 to
priced to yield from
1936 and will mature Feb. 1
1956 maturities,
inclusive,
are
0.65 to 2.95% and the 1957 to 1966 maturities are priced to 100 and accrued
interest.
The bonds will be issued for school purposes and, in the opinion
obligations of the Houston Independent School
District, payable from ad valorem taxes to be levied against all taxable
of counsel, will be general
property therein, within the limits prescribed by law.
IRVING SCHOOL DISTRICT (P. O.
Irving), Texas—BOND SALE
a $47,000 issue of
November has
—The President of the Board of Education states that
school bonds approved by the voters at an election held in
been sold at par.
KINGSVILLE, Tex.—BOND SALE—The $40,000 issue of 5% coupon
semi-annually water works and sewer revenue bonds offered for sale on
Jan. 20—V. 141, p. 4201—was purchased by W. K. Ewing & Co. of San
Antonio, at a price of 96.50, a #asis of about 5.46%.
Dated Dec. 1 1935.
Due $2,000 from Dec. 1 1936 to 1955, incl.
LAKEVIEW SCHOOL DISTRICT (P. O.
Lakeview), Tex.—BONDS
SOLD—-It is reported that the $37,040 school bonds approved by the voters
June 24 1935, have been sold.
on
LAMB COUNTY
(P. O. Olton), Tex.—BOND SALE—A $60,000 issue
of 5H% semi-annual road bonds was approved by the voters at an election
held on Jan. 4 and has since been purchased by the Brown-Crummer Co. of
Wichita, at
a
price of 101.50, according to report.
LIVINGSTON FREE SCHOOL CORPORATION (P. O. Livingston).
Texas—MATURITY—In connection with the sale of the $200,000 5%
semi-annual school
bonds to the State Board of Education at par,
as re¬
ported in these columns last September, it is reported by the Superintendent
of Schools that the bonds mature in
COUNTY
MONTGOMERY
Tex.—BOND
1975.
CALL—We
are
ROAD
informed
DISTRICTS (P. O. Conroe),
by Mrs. Ollie Womack, County
Treasurer, that the following bonds are being called for payment on Feb. 14
$61,000 Montgomery County Road District No. 2 Bonds
Dated Feb. 14 1916
Optional Feb. 14 1936
$6,000
10,000
6,000
7,000
Nos. 151 to 156 incl
Nos. 159 to 168 incl
Nos. 170 to 175 incl
Nos. 209 to 211 incl_
Nos.
Nos.
Nos.
Nos.
219
223
231
246
1
Due Feb. 14 1946
$2,000
7,000
15,000
to 250 incl
5,000
and 220
to 229 incl
to 245 incl
$32,000 Montgomery County Special Road B-3 Bonds
Dated June 1
1920
Due Feb. 14 1946
$1,000
7,000
Optional Feb. 14 1936
$2,000
22.000
Nos. 157 and 158
Nos. 176 to 197 incl
Nos. 200
Nos. 212 to 218 incl
INDEPENDENT SCHOOL DISTRICT (P. O. Morton),
SALE—It is reported by the Superintendent of Schools
4% semi-annual school bonds approved by the voters at an
election held on Nov. 12 has been purchased at par by the Public Works
Administration.
Due from Nov. 1 1936 to 1951.
Texas—BOND
that $19,000
PORT ISABEL-SAN
BENITO NAVIGATION DISTRICT (P. O.
Brownsville), Tex.—BOND EXCHANGE—It is now stated by the County
Judge that the $500,000 refunding bonds authorized by the County Com¬
missioners' Court last November—V. 141, p. 3425—were exchanged for
old bonds.
Texas—BOND SALE NOT CONTEMPLATED—
bonds that were
November, it is stated by the City Secretary
that the election was contested and the bonds cannot be offered until a
decision is reached by the court as to their legality.
RAYMONDVILLE,
In
connection
the $125,000 power and light plant
with
approved by the voters last
SAN SABA INDEPENDENT SCHOOL DISTRICT (P.
TEXAS BONDS
Bought
bidders
to yield 1.25% to
and priced at 101.00 and in¬
MORTON
S. Dak.—BOND OFFERING—C. E. Hull, City Treasurer,
will receive bids until Feb. 5 for the purchase at not less than par of $10,000
MILLER.
5% water filtration plant bonds.
Dated Jan. 1 1936.
Principal and semi-annual interest (Jan. 1 and July 1)
Continental National Bank & Trust Co., in Chicago.
Jan. 1 in 1941 and 1946; and $4,000, Jan. 1 1951.
OFFERED
offered the above bonds for general investment priced
CHEROKEE COUNTY SCHOOL DISTRICT NO. 10 (P. O. Gaffney),
S. C.—BOND ISSUANCE ENJOINED—The State Supreme Court is
Quoted
Texas—BOND SALE—A
been
TEXAS,
Jan.
O. San Saba),
$10,000 issue of school bonds is stated to have
purchased by the State Board of Education.
State
of— WARRANTS
CALLED—An
Austin
dispatch
of
15 had the following to say:
reported Wednesday a general revenue
deficit of $10,627,469 as he called for payment warrants up to No. 168,920,
amounting to $1,453,571.
The deficit in the pension fund is $5,191,875.
"The Treasurer also announced he was purchasing pension warrants up
to and including the February 1935 issue, provided they have not been
discounted, and paying those up to the February 1934 issue regardless of
whether they have been discounted."
"State Treasurer Charley Lockhart
H. C. BURT & COMPANY
Incorporated
Sterling Building
Houston, Texas
TEXAS
AUSTIN, Tex.—BOND SALE—The $350,000 issue of 3% coupon semiann. school, series of 1936, bonds offered for sale on Jan. 23—V.142, p. 339—
was awarded to Blyth & Co. of New York, and Miller, Moore & Brown,
Inc
of Dallas, jointly, at a price of 101.0314, a basis of about 2.88%.
Dated Jan. 1 1936.
Due from Jan. 1 1937 to 1956 incl.
The second highest
bid was an offer of 100.87, submitted by E. H. Rollins & Sons, Inc. of New
York; Donald O'Neil & Co. of Dallas, and Bowman, Roche & Co., Inc. of
,
TEXAS, State of—CHAIN STORE TAX LAW BECOMES EFFECTIVE
of the new chain store tax law was inaugurated recently
—Enforcement
by Comptroller George Sheppard, according to report. It is said that the
law provides for taxes ranging from $1 on one store to $750 per unit on
chains operating 50 or more units in the State.
The Comptroller is said to
have concluded that processing companies are not to be construed as manu¬
facturers, which will bring bakeries, coffee roasters, meat and provision
dealers, meat packers and restaurants within the tax category.
UTAH
Austin.
OFFERED FOR INVESTMENT—The successful bidders reabove bonds for public subscription at prices to yield from
1.25% on the 1937 maturity to 2.95% on the 1954 to 1956 maturities, on a
BONDS
offered the
gradually rising scale.
IRON
COUNTY
(P. O. Parowan, Utah—BONDS VOTED—At a re¬
cent election the taxpayers
voted favorably on the question of issuing
$60,000 school building bonds.
664
1936
Jan. 25
Financial Chronicle
WYOMING
$23,000.00
HOT SPRINGS
COMMONWEALTH OF VIRGINIA Ref. 4s,
due
COUNTY (P. O.
Thermopolis), Wyo.—BOND OF¬
FERING—Sealed bids will be received by Fred Waldorf, Clerk of the Board
of County Commissioners, until 3 p.m. on Jan. 25, for the purchase of a
Interest rate is not to exceed 4 )£%,
Dated Feb. 1 1936.
Due $4,000 from
whole or in part
upon any interest payment date after the expiration of five years from tne
date of the bonds.
Prin. and int. payable at the County Treasurer s office,
or at the Chase National Bank, N. Y. City.
Said bonds will not be sold
for less than their par value and the Board of County Commissioners reserves
the right to reject any or all bids and to sell the bonds at private sale.
A
$60,000 issue of court house bonds.
July 1962, at 2.50% basis & int.
payable F. & A.
Denom. $1,000.
Feb. 1 1941 to 1955 incl.
F. W. CRAIGIE & COMPANY
Richmond, Va.
A.T.T.Tel. Rich. Va.83
Phon* 8-9137
All of said bonds are callable in
certified check for 10% of the bid is
required.
RIVERTON SCHOOL DISTRICT NO. 25 (P. O. Riverton),
the District Clerk that the
VIRGINIA
BOND SALE DETAILS—It is stated by
MIDDLEBURG, Va .—BOND SALE DETAILS—We are now informed
by the Town Treasurer that the $15,000 coupon sewer bonds purchased
on Jan. 15 by Scott, Horner & Mason, Inc., of Lynchburg, as noted in
these columns—V. 142, p. 501—were sold as 4s at a price of 100.57, a
basis of about 3.94%.
Due from June 1 1937 to 1956.
WAYNESBORO, Va.—BOND ISSUANCE NOT SCHEDULED—Beporting on $110,000 3H % school bonds that were approved by voters last
August, to be used on a Public Works Administration building project,
it is stated by the City Manager that approval has not been forthcoming
as yet from Washington on the matter.
He reports that if definite rejection
is made of the proposed allotment by the PWA, a total of approximately
$60,000 in refunding bonds will probably be offered for sale within a short
Wyo.—
$35,000
3H% high school building impt. bonds purchased by the First National
Bank of Riverton at a price of 100.573, as reported recently—V. 142,
p. 340—are coupon bonds, dated Dec.
1 1935.
Denom. $1,000. Due
$1,000 from 1938 to 1952, and $2,000 from 1953 to 1962, giving a basis
of about 3.445%.
Interest payable J. & D.
SUNDANCE, Wyo .—BOND SALE—A $20,000 issue of 4% semi-annual
bonas was sold to the State of Wyoming, according to the
Denom. $500. Due in from 15 to 30 years, optional in 15 years.
water system
City Clerk.
time.
WYTHE MAGISTERIAL SCHOOL DISTRICT (P. O. Hampton),
Va.—BOND OFFERING—Sealed bids will be received until 2 p. m. on
Feb. 3 by Robert M. Newton, Superintendent of the
Division of Schools,
issue of $100,000 coupon school bonds.
Interest
4%, payable F. & A.
Denom. $1,000.
Dated Feb. 1
1936.
Due on Feb. 1 as follows: $2,000, 1937 to 1942; $3,000, 1943 and
1944; $2,000, 1945; $3,000, 1946; $2,000, 1947; $3,000, 1948 to 19o0;
$4,000, 1951; $2,000,1952; $4,000,1953 to 1955; $3,000, 1956; $2,000,1957;
$5,000, 1958 and 1959; $6,000, 1960 and 1961; $5,000, 1962; $4,000, 1963;
$6,000, 1964 and 1965.
Prin. and int. payable in lawful money at the office
of a New York bank or at the option of the holder at the principal office
of the Treasurer of Elizabeth City County.
Bidders to name the rate of
interest in a multiple of }4. of 1 %, and must be the same for all of the bonds.
No bids will be accepted for separate maturities or at less than the par value
of the bonds.
The approving opinion of Hawkins, Delafield & Longfellow
of New York will be furnished the purchaser
A certified check for $2,000,
payable to the county, must accompany the bid.
for the purchase of an
rate is not to exceed
CANADA
GLACE
BAY, N. S.—BOND SALE—W. L. McKinnon & Co. of Toronto
have purchased $30,000 5% street paving bonds, due in 1955, and $15,000
5% relief bonds, due Nov. 25 1950.
KAMLOOPS, B. C.—PRICE PAID—'The issue of $26,500 4%
.
WASH INGTON
SKAGIT
COUNTY
SCHOOL
NEW
NO. 73
(P. O. Mount
is now reported by the County
Treasurer that t e $3,500 school bonds offered for sale without success
on Jan.
11, as reported—-V. 142, p. 502—have .jeen purchased by the
State, as 4s at par.
Vernon),
DISTRICT
Wash.—BONDS SOLD—It
TYLER, Wash.—BOND OFFERING—It is stated by the Town Clerk
that he will receive seale" bids until Feb. 3 for the purchase of a $25,000
issue of right-of-way bonds.
Due in 10 years.
These bonds were ap¬
proved by the voters at
an
election held
on
Dec. 27.
WISCONSIN
was
offered to' the public recently by
C. W. McNear & Co. of
Due
on
Dec. 1
Chicago.
Denom. $1,000.
Dated Dec. 1 1935.
follows: $12,000, 1938 and 1939; $13,000, 1940 and 1941;
as
$14,000,
1942 and 1943; $15,000, 1944; $16;000, 1945 and 1946; $17,000,
1948; $18,000, 1949; $19,000, 1950; $20,000, 1951 and 1952;
$21,000, 1953; $22,000, 1954; $23,000, 1955; $24,000, 1956; $25,000, 1957;
$26,000, 1958; $27,000, 1959; $28,000, 1960; $29,000, 1961; $30,000, 1962;
$31,000, 1963; $33,000, 1964; $34,000, 1965; $35,000, 1966; $37,000, 1967;
$38,000, 1968; $30,000, 1969, and $41,000 in 1970.
Bonds maturing on
Dec. 1 1960 and thereafter are callable on June 1 1939, and any interest
date thereafter, on 60 days' notice, in their inverse numerical order, at 104.
Prin. and int. (J. & D.) payable at the Guaranty Trust Co. in New York.
Legality approved by Chapman & Cutler of Chicago.
1947
and
Financial
Statement
(As
Officially
Assessed valuation 1935-♦
Total bonded debt
Reported
Jan.
14
1936)
BRUNSWICK
(Province
of)—MUNICIPAL
RELIEF
COSTS
LOWER—Municipalities in the province will be required to pay only 25%
of the cost of their direct relief charges during the four months ending
March 31 1936.
This will reflect the recent increase in the Dominion
Government's monthly contribution to the provinces toward unemploy¬
ment relief expenditures.
NORTH BAY, Ont —BOND SALE—The city recently
5% bonds at a price of par, according to report.
OAKVILLE,
chased
ASHLAND, Wis .—BONDS OFFERED FOR SUBSCRIPTION—A $780,000 issue of 4% water revenue bonds
improve"
recently to Wood, Gundy & Co. of Toronto—V. 142, p *
340—was purchased by the bankers at a price of 95.
Due in 20 years.
ment bonds sold
an
Ont.—BOND SALE—F.
sold
L. Craig of Toronto
$50,000
has pur¬
issue of $6,000 bonds at a price of 103.88.
PEMBROKE, Ont.—ARREARS AND CURRENT TAX PAYMENTS
EQUAL 98% OF YEAR'S LEVY— This city reports that tax collections in
1935 amounted to over 98% of the year's levy.
Of this amount, however,
only 73% is credited to the current roll, the balance being arrears and
interest.
The city is in default on its indebtedness.
SARNIA,
Ont .—FUNDED DEBT AND BANK BORROWINGS RE.
financial position during 1935
time the city's debenture debt is the lowest it has been since
1929 and its bank borrowings are below those of any year in the past 10
years.
Tax collections in 1935 were $15,564 higher than in 1934.
Current
taxes collected amounted to 74.25% of the roll as compared with 70.9%
DUCED—The city materially improved its
At the present
in 1934.
SASKATOON, Sask.—SINKING FUND SURPLUS—The city has been
granted permission by the Local Government Board of Saskatchewan to
withdraw $150,000 from the excess earnings of the sinking fund.
The
sinking fund still has a surplus of $204,000 over requirements.
$7,752,620
TORONTO, Ont.—TO AMEND BORROWING POWERS—'The city is
70,000
going to get an amendment which will fix up the municipal borrowing-power
changes brought in with the transfer of the income tax from the cities to
the Province.
That legislation, according to Municipal Affairs officials at
Tnere is no school district debt.
The only overlapping debt is the city's
share of $52,000 county debt which is $28,600.
Queen's Park would just about clear up the municipal borrowing-power
problems created by the new law.
The major job of the department now
is the determination of just what amounts will be given back to the cities
in return for the lost power of collecting income taxes.
*
-
-
Does not include this issue of $780,000 water revenue bonds.
Population, 1930 U. S.
census,
10,622.
BLACK RIVER FALLS SCHOOL DISTRICT NO. 1 (P. O. Black
River Falls), Wis.—BOND SALE—-The issue of $60,500 4% high school
building bonds offered on Jan. 20—V. 142, p. 502—was awarded to the
Jackson County Bank, of Black River Falls, for a premium of $4,000,
equal to 106.611, a basis of about 3.19%.
Thrall, West & Co. of Min¬
neapolis offered a premium of $2,631.75. Dated Feb. 1 1936. Due yearly
on Feb. 1 asfollows:
$1,000,1937 to 1940; $5,000,1941 to 1948, and $5,500,
1949, 1950 and 1951.
_
a
COON VALLEY, Wis.—BONDS VOTED—At an election held on Jan. 7
proposition to issue $15,000 sewage disposal plant bonds carried by a
C. O. Veldey is Village Clerk.
vote of 152 to 63.
KENOSHA
COUNTY
(P.
O.
Keneosha),
Wis .—LIST OF BIDS—
The following is an official tabulation of the bids received for the two
issues of coupon bonds aggregating $660,000, awarded on Jan. 15, as 3s,
as reported in detail in these columns at that time—V.
142, p. 502:
$360,000
„
*
BicMers—
The Northern
Co., and the
Co. of Milwaukee, Inc
Brown Harriman & Co., Inc.; A. G.
Co., and the First Nat. Bank of St
Edw. B. Smith & Co.; the Milwaukee
of Michigan Corp.; Wells-Dickey
Stern Bros. & Co
$300,000
Bonds
.
Trust
Poor Relief
Securities)$368,416.00
(
102.338
Becker &1 368,316.00
Paul
[ 102.31
Co.; First/ 363,010.00
Co., and/ 100.83
102.379
306,930.00
102.31
302,040.00
100.68
I
Halsey, Stuart & Co., Chicago; T. E. Joiner &/ 361,839.00
Co.,Chic.: R. W. Pressprich & Co., Chic., and/ 100.51
Piper, Jaffray & Hop wood
I
*
$307,137.00
293,597.00
97.86
Successful bidder.
LA CROSSE COUNTY
$350,000 issue of
coupon
(P. O. La Crosse), Wis.—NOTE SALE—The
general corporate purpose notes offered for sale on
Jan. 17—V. 142, p. 339—was awarded to A. G. Becker & Co. of
at 1.75% .plus a premium of $408,
Chicago,
according to the Chairman of the County
Dated Jan. 1 1936.
Due on July 1 1936, optional on May 1 1936.
It has been reported to us by the County Clerk that the scheduled offer¬
ing of these notes on the 17th, had been withdrawn, and was so noted in
these columns.—V. 142, p. 502.
Board.
MARATHON COUNTY (P. O. Wausau), Wis.—BONDS AUTHOR¬
IZED—The County Supervisors are said to have approved
recently the
issuance of $150,000 in
Due on Aug. 1 1937.
\%%
bonds to finance necessary expenditures.
POLK COUNTY (P. O. Balsam Lake), Wis.—BOND DISPOSAL NOT
SCHEDULED—It is reported by the County Clerk that the $210,000
5%
highway bonds authorized by the County Board last June, have not been
disposed of as yet because definite approval of their issuance has not been
received from the State Highway Department.
WEST
ALLIS, Wis .—BOND ISSUANCE NOT SCHEDULED—It
is
stated by the City Clerk that no plans have been made for the issuance and
sale of the $135,000 high school addition bonds approved by the voters
last November
.
WEST BEND, Wis.—BOND OFFERING—C. P. Heipp, City
Clerk, will
receive bids until 3 p.m. Jan. 33 for the purchase of $70,000 coupon sewer
and sewage disposal plant bonds.
Denom. $500.
Dated Dec. 15 1935.
Principal and semi-annual interest (June 15 and Dec. 15) payable at the
City Treasurer's office.
Due $3,500 yearly on Dec. 15 from 1936 to 1955,
ncl.
Certified check for $1,000, payable to the city, required.
VANCOUVER, B. C.—ANNUAL REVIEW OF FINANCES—Charles
Tisdall, Chairman of the Finance Committee, has just submitted to
Mayor Gerald G. McNeer and the Board of Aldermen his annual review
of the municipal finances of the city, the work in this instance covering the
calendar year 1935.
Although there was a cash shortage of $3,580,000
in the operations of the city during 1935, due to the failure to make provision
for certain expenditures and the non-collection of current revenues, the
deficiency was met, according to Mr. Tisdall, from collection of tax arrears
and water rents, non-payment of sinking fund instalments and by borrow¬
ing from capital funds.
Sinking fund instalments budgeted but not paid
into the fund amounted to $980,000.
Including this omission, the total
shortage in the sinking funds as of Dec. 31 1935 stood at approximately
$8,548,000.
Speaking of the decline in collection of tax arrears in 1935 to
$1,951,397.10, as compared with payments on that account of $2,506,544.32
in the previous year, the Chairman of the Finance Committee attributed
the falling off to two causes, namely, consolidation of tax arrears, payment
being extended over six years; and (2) the decision of the City Council
not to hold a tax sale.
The amount involved in the consolidation was
E.
$6,805,498.50, of which about $2,500,000 has been taken advantage of.
Although a tax sale would have involved 12,342 pieces of property, of which
4,035 were improved, there would be practically no purchasers, Mr. Tisdall
reported.
Taxes due and unpaid at the close of last year amounted to
about $8,184,500, against $7,780,838.14 at the end of 1934.
Current tax
collections in the year just ended reached $8,803,129.01, in contrast with
total payments of $8,588,954.30 dining 1934.
At this point we quote from
Mr. Tisdall's report as follows:
"The gross debenture debt as at Dec. 31 1934 (inclusive of debentures
authorized but unissued) amounted to $71,710,620.66.
The debenture
debt as at Dec. 31 1935 amounted to $72,803,573.78
(this including an
issue of $1,500,000 3% baby bonds sold locally).
Debentures to the value
of $407,046.88 matured during 1935. $341,046.88 being paid off from the
sinking fund and $66,000 of serials from general funds.
The sinking fund
at Dec. 31 1934 was short $7,028,956.39 and at Dec. 31 1935 approximately
$8,548,000.
Interest on the sinking fund shortage to Dec. 31 1934 has been
paid into the sinking fund account.
The earnings of the sinking fund are
approximately $1,060,000 per annum, and these earnings are being steadily
plowed back into the fund.
Sinking fund instalments are carried at cost
to the city, other than securities bought at a premium, which are always
The cost as at Dec. 31 1935 amounted to
$16,262,842.58 and the face value $18,124,466.43.
Under the provisions
written down to their face value.
of the city charter, all sinking fund investments must be in Dominion or
Provincial government or government guaranteed securities, or our own
city issues.
None of the securities held are in arrears either
as to principal
Earnings from securities now held by sinking fund are suf¬
During the
year Mr. G. F. Laing, Manager of the Bank of Montreal, Vancouver, and
Mr. H. C. Hewetson, formerly Vancouver Manager of the Toronto Trusts
Corp., have been sitting in with the sinking fund committee in an advisory
capacity, the former gentleman being one of the most widely known com¬
mercial bank managers in Canada, and the other equally well and favorably
or
interest.
ficient to meet all capital maturities for the next seven years.
known in trust circles."
WINNIPEG, Man.—REDUCES BONDED DEBT—'The city reduced its
debenture debt in 1935 by $1.4 millions and at the same time increased its
sinking fund by $1.5 millions.
The city's funded debt now stands as
$64.8 millions, against which a sinking fund/of $32.5 millions has been
accumulated.
An improvement in tax collections was experienced by the
city in 1935.
@FedFRASER