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US ADM.
FEB i
IBRARY
COPYRIGHTED IN 1937 BY WILLIAM B. DANA
COMPANY, NEW YORK,
VOL. 144. ",u'd wn^o3p.?'Y«r*Cop!f~
JUNE 93. IP'S, AT THE POST OFFICE AT NEW YORK,
ENTERED AS SFCONO-Cl ASS
NEW YORK, JANUARY 30, 1937
NEW YORK, UNDER THE ACT OF MARCH 1,
W"I!11b,dSZ^CTY'C!W
BROOKLYN TRUST
Chartered
OF
McLaughlin
NEW YORK
President
BOSTON
PHILADELPHIA
NEW
''
1'
THE
J
CITY
:>»i
OF
The
NEW
.
chase
ditionally
YORK
1
i,'
is
■
-
tra-
bankers' bank.
a
BROOKLYN
YORK
For
Federal
Afember
NO. 3736.
•
NATIONAL BANK
1866
Kidder, Peadody & Co
George V.
107.,
CHASE
THE
COMPANY
-
.
>
many
years
it has.
Insurance
Deposit
Corporation
served
large number
a
of banks and bankers
as
New York
correspondent
and
depository.
COMMERCIAL BANKERS SINCE 1852
\^ykEu£oBank
And
©
Member Federal
BANK
INSURANCE
FRANCISCO
OVER
United States
STOCKS
Member Federal
Deposit Insurance Corporation
RESOURCES
Deposit Insurance Corporation
AND
UnionTrustCo.
SAN
reserve
Government
$200,000,000
Securities
The
Hallgarten & Co.
FIRST BOSTON
Established I8S0
CORPORATION
NEW YORK
NEW YORK
BOSTON
CHICAGO
PHILADELPHIA
Incorporated
63 Wall
Street, New York
Telephone: BOwling Green 9-5000
Boston
Philadelphia
Chicago
San Francisco
SAN FRANCISCO
Representatives in other leading Cities
London
Chicago
Brown Harriman & Co.
AND OTHER
PRINCIPAL CITIES
throughout the United States
Wertheim & Co.
120
State and
Broadway
New York
Amsterdam
London
New\orkTrust
CARL M. LOEB & CO.
61
BROADWAY
Barr Brothers & Co.
Capital Funds
NEW YORK
Municipal Bonds
.
$37,500,000
.
INC.
Chicago
New York
Berlin
Amsterdam
Paris
London
ioo
broadway
57TH ST. & FIFTH AVE.
United States Government
40TH ST. & MADISON AVE.
EDWARD B. SMITH & CO.
SECURITIES
NEW YORK
State
-
New York
31 Nassau Street
Municipal
Industrial
PHILADELPHIA
Cleveland
New
•
•
Pittsburgh
York(5th Ave.)
•
BOSTON
•
Allentown
London
•
European Representative's Office:
Easton
8 KING
Railroad
-
Public Utility
BONDS
WILLIAM STREET
LONDON, E. C. 4
Correspondent
Edward B. Smith &
Minneapolis
CHICAGO
*
■;
Co., Inc.
R.W.Pressprich&Co.
Members New York Stock Exchange
Member of the Federal Reserve System,
St. Louis
the New York Clearing House Association
and
of the Federal Deposit Insurance Corporation
New York
Chicago
Philadelphia
San Francisco
m?
Financial
n
Chronicle
Jan. 30, 1937
BAKER, WEEKS
A. G. Becker & Co.
&HARDEN
Incorporated
Investment Securities
J. & W. Seligman & Co.
Members
Established 1893
New York Stock Exchange
No.
New York Curb Exchange
Investment Securities
52 WALL STREET, NEW YORK
Graybar Building, New York
New York
Street
NEW YORK
Chicago Board of Trade
Commercial Paper
Wall
64
j
Philadelphia Stock Exchange
London
Correspondents
Commercial Trust Bldg., Philadelphia
Buhl Building, Detroit
Chicago
SELIGMAN BROTHERS
6 Lothbury, London, E. C. 2
And Other Cities
Bourse
Building, Amsterdam
52, Avenue des Champs-Elysees, Paris
Foreign
Leading Out-of-Town
Australasia and New Zealand
Investment Bankers and Brokers
bank" of
new south wales
BIRMINGHAM
NEWARK
(ESTABLISHED
(With
New
MARX & CO.
Jersey State & Municipal Bonds
Newark Bank & Insurance Stocks
which
the
Western
Australian Bank of
1817)
Australian
Commerce, Ltd.
Bank
are
Reserve
£8,780,000
6,150,000
7,780,000
Liability of Proprietors...
BIRMINGHAM, ALABAMA
and The
amalgamated)
Paid up Capital
Reserve Fund
£23,710,000
J. S. RIPPEL & CO.
MUNICIPAL
SOUTHERN
CORPORATION
AND
18 Clinton St.
Newark, N. J.
BONDS
Aggregate Assets 30th Sept., 1936. £115,150,000
A. C. DAVIDSON, General
Manager
780 BRANCHES AND AGENCIES in the
Australian States, New Zealand,
Fiji, Papua,
Mandated Territory of New Guinea, and London.
.
PALM
BEACH
AND
WEST
PALM
BEACH
The
Bank
tralasian
DETROIT
transacts
Banking
description
every
Business.
Wool
of
and
Aus¬
other
Produce Credits arranged.
Specializing in
Head Office:
29
MUNICIPALS
MICHIGAN
Threadneedle
47
and
CORPORATION
BONDS
WATLING, LERCHEN & HAYES
Members
New York Stock Exch.
Palm Beach—West Palm Beach,
Bell System Teletype:
Street, E.C.2
Berkeley Square, W.l
Agency arrangements with Banks throughout
the
U.
S.
A.
Fla.
W-Palm Beach No. 84
New York Curb Assoc.
Detroit Stock Exchange
CARLBERG & COOK, INC.
George Street, SYDNEY
London Offices:
FLORIDA BONDS
Chicago Stock Exch.
334 BUHL
BLDG.,
DETROIT
ST.
LOUIS
NATIONAL BANK OF NEW ZEALAND, Ltd.
Established 1872
Chief Office in New Zealand: Wellington
Sir James Grose, General Manager
LISTED AND UNLISTED
Head Office: 8
Stik
SECURITIES
GAINT LOUIS
£1,000,000
The
conducts
£500,000
every
of banking
Correspondents throughout the World
Exchange
UILDING, DETROIT. MICH
Bank
description
business connected with New 'Zealand.
Charles A. Parcel Is & Co.
PENOBSCOT
£6,000,000
£2,000,000
Currency Reserve
0O9OUVK st
Members of Detroit Stock
Moorgate, London, E. C. 2, Eng.
Subscribed Capital
Paid up Capital..
Reserve Fund
Co.
&
London Manager, A. O. Norwood
Members St. Louis Stock Exchange
MIAMI
Missouri and Southwestern
We buy and sell for
own
Florida
Stocks and Bonds
our
account
Municipal Bonds
Hong. Kong & Shanghai
Smith, Moore fit Co.
£(j0.
St. Louis
The First Boston
Ingraham Bldg.
,
r
St. Louis Stock
Corp. Wire
Exchange
MIAMI
Bell System Teletype MMI 18
BANKING
CORPORATION
Incorporated in the Colony of Hongkong.
The
liability of members is limited to the extent and
in manner prescribed by Ordinance No. 6 of 1929
of the Colony.
Authorized Capital (Hongkong Currency)
H$50,000,000
Paid-up Capital (Hongkong Currency) __.H$20,000,000
Reserve Fund in Sterling
£6,550,000
Reserve Fund in Silver (Hongkong Cur¬
rency)
Foreign
t orelgn
H$10,000,000
Reserve
Liability of Proprietors
kong Currency)
C.
NATIONAL BANK
of EGYPT
Head
Office
.
...
•
.
.
Royal Bank of Scotland
PAID
RESERVE
CAPITAL
FUND
£3,944,171
Deposits
£66,800,985
.
NATIONAL BANK OF INDIA, LIMITED
to
the Government in
Over
£3,000,000
....
3,000,000
Head Office:
200
Years
of
Commercial
CHIEF FOREIGN
Banking
OFFICE—Edinburgh
Branches in all the
EGYPT and the SUDAN
26, Bishops gate,
London, E. C.
Branches
in India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
DEPARTMENT
Bishopsgate, London, England
HEAD
principal Towns in
Kenya Colony
Uganda
General Manager
Subscribed Capital
£4,000,000
Paid
3
7, King William Street, E. C. 4
STREET, NEW York
and
.
LONDON AGENCY
6 and
WALL
H$20,000,000
HUGHES, Agent
£3,780,192
Reserve fund
Bankers
FULLY
C.
Incorporated by Royal Charter 1727
Capital (fully paid)
Cairo
72
DE
(Hong¬
£2,000,000
Up Capital
Reserve Fund
Total number of offices, 254
Bank, Ltd.
banking
Trusteeships and Executorships also
undertaken
Associated Bank, Williams Deacon's
£2,200,000
The Bank conducts every description of
and exchange business
William Whyte
1¥
,
raiments' j
Vol. 144
JANUARY 30, 1937
No,03736
CONTENTS
Editorials
Financial Situation_
_
page
_..655
_.
Why Strikes in the High-Wage Citadels of Industry ?__
669
The British Way with Unions and Strikes.
668
After Six Months' War in
Credit
Control
of
_____
Spain.
Fiat
Currency?—By
Willis...
671
H.
Parker
672
....
Comment and Review
Chicago Stock Exchange Record of Prices for Year 1936. 675
Book Reviews—
679
674
Capacity to Pay Current Debts
Investment Banking
Week
on
the
659
European Stock Exchanges
Foreign Political and Economic Situation...
Foreign Exchange Rates
and
Comment
...
660
664 & 714
Course of the Bond Market
674
Indications of Business Activity
679
Week
on
the New
Week
on
the New York
York Stock
Curb
Exchange
658
Exchange.
713
News
Current Events and Discussions.
Bank and
Trust
...
Company Items
General Corporation and
Investment News...
694
711
759
Dry Goods Trade
807
State and
808
Municipal Department..
Stocks and Bonds
Foreign Stock Exchange Quotations
758
Dividends Declared
716
Auction Sales.
758
New York Stock Exchange—Stock Quotations
New York Stock
724
Exchange—Bond Quotations.._723 & 734
New York Curb
Exchange—Stock Quotations
740
New York Curb
Exchange—Bond Quotations
743
Other Exchanges—Stock and Bond Quotations
746
Canadian Markets—Stock and Bond Quotations
751
Over-the-Counter Securities—Stock & Bond Quotations.
754
Reports
663
Foreign Bank Statements
Course of Bank Clearings
714
Federal Reserve Bank Statements.
721
General Corporation and
759
Investment News.
Commodities
The
Commercial Markets and the Crops...
798
Cotton
800
Breadstuff s
805
Published Every Saturday Morning by
the William B. Dana Company, 25 Spruce Street, New York City
Herbert D. Seibert, Chairman of the Board and Editor* William Dana Seibert, President and Treasurer; William D. Riggs, Business
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. O, Copyright, 1937, by William B. Dana Company.
Entered as second-class matter June 23, .1879 at the post office at New York, N. Y., under the Act of March 3. 1879.
Subscriptions
in United States and Possessions, $15.06 per year, $9.00 for 6 months; in Dominion'of Canada, $16.50 per year, $9.75 for 6 months;
South and Central America, Spain, Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain, Continental Europe
(except Spain), Asia, Australia and Africa. $20.00 per year, $11.50 for 6 months.
Transient display advertising matter, 45 cents
per agate line.
Contract and card rates on request.
Financial
VIII
iV;
.
.
•
■
Chronicle
•••
.1
Jan. 30, 1937
•-/
Jersey City, New Jersey
To the Stockholders of
January 20, 1937
American
STATEMENT
OF
For the Year Ending
income
from
European Securities Company
INCOME
BALANCE
December 31, 1936
investments:
Investment Securities, at cost:
Cash
$437,857.88
Received in Securities (a)
Bonds Received
on
or
$445,357.88
Accrued--
130,521.67
335.41
.........
$1,652,404.08
5,232,745.91
Common Stocks and Option Warrants.. 11,171,423.71
Preferred Stocks
,
J
Cash
.........
.
..........
$151,150.00
31,675.36
15,285.30
LIABILITIES AND CAPITAL
Collateral Trust 5% Sinking Fund Gold Bonds
Series "A" due January 1,1958___
$1,517,000.00
$378,104.30
Series"B" due May 1,1958
"
Net 31.0ss from Securities Sold........................
3,259.18
Year 1936 Credited
Dividends received In
secur
to
Surplus Account
$374,845.12
ties, which have been entered
the books of
on
on
■
Funded Debt
_,
In accordance with the Charter
58.946.30
8.471.30
h
two years' dividends on
,
$50,475.00
Taxes
Reserve Account.
the Company in accordance with Federal Income Tax Regulations.
$3,023,000.00
1,506,000.00
Accrued Liabilities:
Interest
(a)
$18,199,327.66
Funded Debt:
198,110.66
Net Income
for the
45,022.91
Total
on Funded Debt...
General Expense
Deduct:
97,731.05
Bonds..
on
$576,214.90
......
Interest and Expenses:
Interest
$18,056,573.70
-
_
Accrued Interest
Total Income from Investments
Taxes Paid or Accrued
•
Bonds
7,500.00
Miscellaneous Interest.
Profit
1936
ASSETS
Dividends:
Interest
SHEET
As of December 31,
......
600,000.00
...
amount
equal to
outstanding Preferred Stock.
an
Capital Stock:
ANALYSIS OF SURPLUS ACCOUNT
Preferred Stock—No Par Value
For the Year Ending December 31, 1936
Deficit
at
January 1,1936-—.—.-.-
Net Profit for the Year 1936
come
Statement.
as
per
.......
Authorized—100.000 shares
Issued—50,000 shares—$6.00
Cumulative...
Common Stock—No Par Value
$647,588.97
—
In.....
$374,845.12
Less Preferred Stock Dividends Paid:.
One dividend of $2.00 per share and one divi¬
dend of $5.00 per share, covering the cumula¬
tive
Deficit
at
350,000.00
24,845.12
December 31, 1936
Cost of Investment Securities
Excess
cated
of
Cost
12,347,018.52
Investment securities having a market value of at least 125% of the Collateral
Trust Bonds outstanding are
deposited with the Trustee as Collateral.
Stock dividends are not treated as income but are entered on the books of the
$5,725,021.42
in
Invest¬
Indi¬
are
Company by recording only the number
Value...................... $2,206,012.33
the
cost
received
SCHEDULE OF BONDS
or
book
during the
value
year
Company and Kind—
Par Value
American & Foreign Power Co., Inc., 5% debs., 2030..
American Power & Light Co., 6% Debs., 2016..--....
Central States Electric Corp., 5% Conv. Deb., 1948...
Central States Electric Corp., 53^% Opt'l Deb., 1954..
Cities Service Co., 5% Conv. Deb., 1950.
Continental Gas & Electric Corp., 5% Debs. "A," 1958
Value
$230,000.00
370,000.00
110,000.00
$185,150.00
376,012.50
58,862.50
76,175.00
56,000.00
212,906.25
280,500.00
150,187.50
87,750.00
14,025.00
9,390.00
12,560.00
17,352.50
85,000.00
70,000.00
225,000.00
300,000.00
150,000.00
Electric Power & Light Corp., 5% Debs., 2030
Florida Power & Light Co., 5% 1st Mtge., 1954
Mississippi Power & Light Co., 5% 1st Mtge., 1957...
National Power & Light Co., 5% Debs. "B," 2030....
90,000.00
15,000.00
New Eng. Gas and Electric Assn., 5% Conv. Deb., 1947
12,000.00
16,000.00
New Eng. Gas and Elec. Assn., 5% Conv. Deb., 1948..
New Eng. Gas and Elec. Assn..
5% Conv. Deb., 1950..
New England Power Association, 5% Debs., 1948
22,000.00
50,000.00
5Q',312.50
Pecos Valley Power & Light Co.,
6% Non-Cum. Inc.
Debs., 1950
Southwestern Development Co., Beneficial Certificate,
Interest In Note, 1942
50,000.00
(b)21,600.00
5,000.00
(a)4,500.00
Southwestern Power & Light Co., 6% Debs. "A," 2022.
Standard Gas and Electric Co., 6% Notes, 1935
25,000.00
17,000.00
24,875.00
15,385.00
86,000.00
78,260.00
27,000.00
(b)24,300.00
Standard Power & Light Corp., 6% Debs., 1957
Tennessee Electric Power Co. (The), 6% 1st & Ref.
200,000.00
179,000.00
Mtge. "A," 1947
United Light & Rys. Co. (The). 5M% Debs., 1952....
20,000.00
20,450.00
309,270.00
Standard Gas & Electric Co., Certificate of Deposit for
6% Notes, 1935
Standard Gas and Electric Co., Certificate of Deposit
6% Conv. Notes, 1935
338,000.00
$2,513,000.00 $2,264,723.75
a
the
of shares received and making no
No stock
securities involved.
Shares
Company
,
Appraised
Class
,
Value
500 Allied Chemioal & Dye
Corp..
Common
6,000 Amerada Corp.......................Common
2,000 American Bank Note Co
..Common
3,000 American
Cyanamid Co.........
524,375.00
81,500.00
.Class "B" Common
14,868 American Gas & Electric Co
108,000.00
Common
31,224 American Power & Light Co.....
1,000 Caterpillar Tractor Co
$113,250.00
583,569.00
374,688.00
...Common
Capital
.....
7,400 Central States Electric Corp...
6,500 Columbia Gas & Electric Corp...
Company
Class
Value
t
$7 Cumulative Pfd.
(b)$42,000.00
(b)80,500.00
...$6 Cumulative Pfd.
35,000.00
3,500 American & Foreign Power Co., Inc
2,500 American & Foreign Power Co., Inc
3,500 American & Foreign Power Co., Inc
400
Appraised
6% Cumulative Pfd.
500 Alabama Power Co
$7 Cumulative Pfd.
$6 Cumulative Pfd.
2nd Pfd. Cum. Series "A"
120,000.00
70,000.00
32,400.00
$5 Cumulative Pfd.
258,400.00
$7 Cumulative Pfd.
238,150.00
(e)3,030.00
30 Caterpillar Tractor Co
.5% Cumulative Pfd.
1,000 Chicago District Elec Generating Corp.$6 Cumulative Pfd.
5,000
700
3,000
1,000
3,350
2,100
3,000
3,000
4,350
Cities Service Power & Light Co
Columbia Gas & Electric Corp
347,500.00
5% Cum. Conv. Preference
63,700.00
Commonwealth & SouthernCorp.(The)Pfd. Stock Cum.$6 Series
212,250.00
Conbolidated Railroads of Cuba
6% Cumulative Pfd.
10,375.00
Continental Gas & Electric Corp
7% Cum.Prior Preference(b)326,625.00
Electric Bond and Share Co
$6 Cumulative Pfd.
Electric Power & Light Corp
Electric Power & Light Corp
Florida Power & Light Co
600
Freeport Sulphur Co.
425 Georgia Power Co
Common
13,875.00
119,437.50
Common
95,000 Commonwealth & Southern Corp. (The) Common
20,150 Consolidated Edison Co. of N.Y., Inc...Common
600 Detroit Edison Co. (The)
600 Du Pont (E. I.) de Nemours & Co
.
..Capital
Georgia Power Co..
Gulf
States Utilities Co
1,000 Illinois Power & Light Corp..
1,650 Louisiana Power & Light Co
500 Mississippi Power & Light Co
1,150 National Power & Light Co
1,500 New England Power Association
1,000 New England Public Service Co
200 New England Public Service Co_.
500 Tennessee Electric Power Co. (The)
500
100
Tennessee Electric Power Co. (The)
Texas Electric Service Co
166 United Corporation (The)
6,500 United Gas Corporation
2,000 United Light and Power Co. (The)
Total.
320,625.00
901,712.50
85,800.00
..Common
103,800.00
500 Edison Elec. Ilium. Co. of Boston (The).Capital
(d)80,000.00
10,000 Electric Bond and Share Co.
Common
7,500 Electric Power & Light Corp. ———Option Warrants
3,800 Ford Motor Co. of Canada, Ltd
.Class "A" Capital
225,000.00
5245iooFraser Companies, Ltd
Common
1,000 General American Transportation Corp. .Common
14,300 General Electric Co...........
...Common
(b) 1,704.62
5,400 Humble Oil & Refining Co
93,750.00
84,550.00
73,375.00
782,925.00
Capital
432,000.00
500 International
Nickel Co.
of
Canada,
Iitd. (The)........................Common
500 Italian Superpower Corp..........
1,100 Kennecott Copper Corp
2,000 Loew's Incorporated——————
31,812.50
.
Class "A" Common
437.50
Capital
66,275.00
—Common
132,500.00
706,250.00
168,525.00
270,000.00
$7 Cumulative Pfd.
2d Pfd. Cum. Series "A" (b)229,500.00
$7 Cumulative Pfd.
269,700.00
—$7 Cum. Conv. Pfd.
31,250.00
.6% Cum. Conv. Pfd.
66,000.00
$6 Cumulative Pfd.
(b)40,162.50
$5 Cumulative Pfd.
(b)37,250.00
Common
7,800 National Power & Light Co...
Common
92,625.00
200 New Orleans Public Service, Inc
Common
3,555 Niagara Hudson Power Corp.^.Common
(b) 1,300.00
f[/.£':■ (b)55,625.00
59,546.25
2,888 Niagara Hudson Power Corp..
—.."A" Option Warrants
8,690 North American Co. (The). ..........CommoD
_
400 Northern States Power Co
2,500 Otis Elevator Co
...Common
6,000 Pacific Gas and Electric Co.....
501
Class "A" Common
-
1,083.00
269,390.00
14,900.00
93,125.00
..—Common
213,000.00
Common
(b)10,020.00
Pecos Valley Power & Light Co
1,300 Penney (J. C.) Co
..Common
2,775 Public Service Corp. of N. J.
127,400.00
Common
132,508.25
2,000 Public Service Co. of Northern Illinois--Common
(c)168,000.00
4,750 Reynolds (R. J.) Tobacoo Co
Class "B" Common
....
1,500 Sears, Roebuck and Co....
Capital
1,500 Sears, Roebuck and Co..
125,062.50
Rights
2,100 South Coast Corp. (The).......
(b)51,450,00
.Common
1,000 Standard Oil Co. (New Jersey)
200 Texas Pacific Coal & Oil Co.
1,687.50
..Common
1,700 Standard Gas and Electric Co
266,000.00
...
15,300.00
.Capital
68,750.00
Capital
..
1,000 Timken Roller Bearing Co. (The).
2,775.00
...Capital
72,750.00
—
1,500 Gulf States Utilities Co
500
(b) 103,500.00
$6 Cumulative Pfd.
250 Foster Wheeler Corp
500
202,125.00
$6 Cumulative Pid.
American Power & light Co
3,800 American Power & Light Co
2,200 Appalachian Electric Power Co
88,250.00
.'•
2,500 Mission Oil Co. (The)
As of December 31, 1936
1,000 Abitlbi Power & Paper Co., Ltd
1,000 Alabama Power Co
were
-
50,000 Louisiana Land & Exploration Co. (The).Common
SCHEDULE OF PREFERRED STOCKS
Shares
increase
dividends
As of December 31. 1936
Appraised
Total--.................
of
1936.
SCHEDULE OF COMMON STOCKS AND OPTION WARARNTS
Ai of December 31, 1936
for
the Preferred Stock amounted to $975,000.00
Issued and outstanding Option Warrants entitling the holders to pur¬
chase at any time 20,500 shares of Common Stock at a
price of $12.50 per share.
Held............ 15,850,561.37
Over Appraised
on
December 31, 1936.
There
$18,072,039.94
Held....$18,056,573.70
Indicated Value of
ment Securities
622.74S.85
$18,199,327.66
Accumulated unpaid dividends
on
December 31; 1935
15,140,125.21
.........
Total
$622,743.85
December 31,1938
Appraised
$5,000,000.00
Surplus Account (Deficit)
period for the fourteen months ending
September30,1933.......................
_
Authorized—500,000shares \
Issued—354,500 shares........ 10,139,510.21
Option Warrants
615.00
$6 Cumulative Pfd.
(b)139,500.00
(b)41,500.00
...$5.50 Cumulative Pfd.
$6 Cumulative Pfd.
Cumulative Pfd.
53,750.00
(b)163,350.00
Cumulative Pfd.
(b)40,000.00
$6
$6
$6 Cumulative Pfd.
101,775.00
(b)127,500.00
.0% Cumulative Pfd.
i-$7 Cum. Prior Lien Pfd. (Jt>)63,250.00
$6 Cumulative Pfd.
(b)4,600.00
7% Cum, First Pfd.
6% Cum. First Pfd.
$6 Cumulative Pfd.
,
375 Trojan Oil and Gas Co
478
12,500 United Light and Power Co. (The)
Total...
3,644.75
..Capital
83,000.00
Class "A" Common
-
GRAND TOTAL————
100.000.00
147,500.00
Common
—
$8,598,308.12'
$15,850,561.37
Unless otherwise indicated the prices shown are the closing sale prices on
the New York Stock Exchange or the New York Curb Exchange on Dec. 31, 1936.
NOTE;
$3 Cumulative Preference
$7 Cumulative Pfd.
786,500.00
Where no
122,000.00
December
...$4,987,529.50
249,218.75
(The)...Common
1,000 United Fruit Co
1,000 Westlnghouse Elec. & Mfg. Co
42,625.00
Common
.....
United Electric Coal Companies
$6 Cum. Conv. First Pfd.
7,387.00
(b)562.50
500 United Carbon Co ...................Common
36,250 United Corporation (The)
(b)36,125.00
(b)32,250.00
(b)10,100.00
Common
sale took
place on that date the security is appraised at the bid price
31, 1936.
(a) Estimated fair value by Board of Directors,
(b) Bid
quotations
furnished by hankers,
(c) Chicago Stock Exchange,
(d) Boston
Stock Exchange,
(e) Closing sale price furnished by bankers.
*
THE activities ofsharplyL.to the and his associates,
John Lewis attention of the
first coming
ultimately to the motpr industry last month.
general public early last year in the rubber industry
respects typical, but the behavior of public officials
and
continuing in this, that and the other industry
ever
since, have at length brought the Administration
at Washington face to face with an
impasse in plants
year,
of the General Motors
General
is faced
is
with
during the past week
Shortly before the turn of the
handful of workers in certain plants of the
a
Motors
Corporation suddenly and without
warning refused to continue working, but instead
whose 'gravity the public
just beginning really to
understand.
the other
As
one
seized
after
strikes
of
Wednesday when, referring
on
to himself
government,"
of them have
he
"relic
tention, the business
called the attention of the Senate
sharply to
com¬
large
too
the
The
which
their
they
seed
that
at
some
sonal
the
that these
panied in
highly disturb¬
Far
make,
Corporation,
of
understand
to
the
endeavor
are
It
was
Glass
economic
now
the country is now faced
events
of
The
deep in .the
the
or
past
even
growing
to
of
"the
Before the
ever
ern
outlawry
heard
half-
were
in certain
seems
to
what it
previously asserted
would not consent to "bar¬
gain" with the
that
groups
started the trouble
sole agent
the
should
not
men,
the
as
of all its work¬
pretending, what is
not the
fact, that they
rep¬
resented all such workmen.
The
Secretary of Labor in
Washington
ask
the
hastened
leaders
doubtless this fact that led Senator
trouble-making
and
the
former
idol
of
the
common
of
officials
eral Motors
come
to
workmen
of the
Gen¬
Corporation to
Washington and
the
with
situation
her.
Both
over
groups
promptly proceeded
remained
moned
land, exhibited by
many
strike
as
such
certainly not entirely unknown.
now
so
strikingly exemplified
the press
to
the
Democratic
of the world.
"sit-down"
re¬
peatedly, namely, that it
Washington,
rest
a
when
on
into his
no
intention of
to
give
up
presence
to
both
where
call until Jan.
21, when Mr. Lewis
sum¬
representatives
of
and told them that he had
permitting the
men
under his control
their occupation of the property of the
corporation, and added, in effect, that
the
Presi¬
dent had been reminded of the heavy election debt he
was
under
these wage
to
discontented
earners
now
General Motors
wage-earners
and that
expected payment of that
plants of the General Motors Corporation
debt.
have
traordinary statement and being determined to have
begun its development with the dis¬
turbances early last year in
It
later,
call attention to the sound
of, tactics not dissimilar to this mod¬
But the state of affairs
on
end
an
concrete way
a
had
for
so-called
two
into
to
General Motors made clear
advice
enforcing"
government
past been casting a lengthening shadow before
was
or
in
of, the contracts he
nearly always accom¬
another by grants of
"constantly
that
picket lines thrown around closed plants, has for
it.
came
day
longer.
disdain
15
talk
the most elementary law of the
years
or
and
entered
Jan.
now in vogue in
Washington, we should not
today be able to point with pardonable pride
to a standard of living that is the envy of the
defi¬
The situation by which
decade
ment"
Party, and it is this practice on the part of the
Administration that is in danger of developing
among us a large number of people wholly
lacking self-dependence and quite willing to
have the government provide for them.
Had
we always adhered to doctrines such as those
nitely at stake.:
has its. roots
and
activities
Facts
:
sense
organized
'
anything.
that
the fundamentals of effec¬
tive
would
A so-called "truce agree¬
and about the
pounded and defended, as if there were any
such entity as "government" which possessed
the power, independent of the funds pro¬
vided by the people, to support any one or
public is at length begin¬
ning
wages,
support the
people," the idea that the gov¬
ernment is under obligation to support large
sections
of
the
population is daily pro¬
Thanks,
the officials of the General
Motors
his
form
one
from
"lesson"
in extent
of
control
not
funds.
ing factors have been dis¬
courage
owners
the
The
"aid" the individual solve his per¬
direction
to
think, to the
those
Cleveland, the $50,000,000
bill, and they were wholly silent
problems, such aid taking the form of
wishes
we
to
have operate them.
say
that provoked the quota¬
exceptionally high
discriminating observers
importance.
to
the
to
access
denied
plants
the
whom
measure
loan
if
and
aid of
have had much less
to
seem
about,
gaining
the
areas.
ernment to
time
past been equally clear to
tinctly
to
come
and
erties
been
is
government
many others in the name of "soil conserva¬
tion," "relief" where relief is not deserved or
warranted, and various other projects.
The Administration, from the
President
down, has for a long while past taken the po¬
sition that it is the duty of the Federal gov¬
in the
of law-enforcing agen¬
It has for
to
Federal
monumental grants of funds to farmers and
policies and tactics of union
cies.
the
concerning the use of taxpayers' money to
support those who prefer striking to working
leaders and in the supineness
that
obligation
about the
making
appearance)
thrown around these prop¬
across
lines
tion from President
degree in
were
the stock of the
own
Meanwhile,
They
(or at
elements
in the
new
were
who
the
support
women
have
flooded
more
elements
new
events
not
and
picket
under
first recognized that there
all
should
men
corporation.
contention
thoughtful have from the
were
government
of
American
the trail, many words and much
time being wasted in arguing the
unopposed
individual
enterprises.
property of thousands
that "the
ring
the profit and loss
of
in
in
of the
New Deal managers at once, as
might have
been expected, proceeded to draw a red her¬
fully with esti¬
statements
Cleveland,
said
unlawful possession
people."
mates of the effect of each
upon
President
but others still remain
enforced that,
though the people support the government,
thoughts upon the specific
interruption and contented
itself
of
message
which that admirable leader
lesson should be constantly
degree centered its
a
veto
a
munity has in rather too
constitutional
withdrawn,
as a
past year have claimed at¬
of
the
were
habitually employed. Some
Senator Glass again served his country well
the
of
possession
plants in which they
Cleveland's Advice
of the so-called
sit-down
most
to be without precedent
appears
in recent years.
even
Corporation, and the country
situation
a
Its
development during the past few weeks is in
the rubber tire industry.
spread last autumn to the flat glass industry, and
no
dealings with
som,
could
see no
men
officials, learning of this
holding their plants for
good
purpose to
ex¬
ran¬
be served by
re-
656
Financial
maining longer in Washington.
Labor
remained
issued
his
over
that in
name
The Secretary of
silent.
strangely
The
brief and equivocal sentence
a
quarters was interpreted as
some
President
Mr. Lewis and in others
rebuke for
a
something quite different,
as
There followed another invitation
by the Secretary
of Labor to both Mr. Lewis and his associates,
the
officials
of the
corporation, to
come
and
again to
Washington.
When the representatives of the
poration
unable to
were
cor-
what good would be
see
ac-
Chronicle
Jan. 30, 1937K
feet of it all upon the relief question and conse-
quently
upon
the all important budget problem with
all that it implies, and much more of the same order.
It may have been these aspects of the matter
that the Secretary of Labor had in mind when she
accused the General Motors Corporation officials
of
indifference
the
to
public
interest,
although
doubtless there are many who will think that her
chief interest was in making certain that the wage
of the automobile industry have the benefit
earners
complished by another journey to Washington, where
they could in the nature of the case merely repeat
what they had already made abundantly clear, and
of being represented by Mr. Lewis and the others
who rendered yeoman service during the fall
campaign.
courteously declined the
But unless we are greatly mistaken, the public
large sections of it are rapidly growing conscious of the fact that much more is involved than
is thus indicated, as important as all this is. Increasing numbers, we believe, are becoming unwilling to agree even tacitly that what the Secretary
issued
which she
Mr.
irrevocably took her place by the side of
Lewis
strongly
invitation, the Secretary
extraordinarily intemperate statement in
an
and his
associates, while the President
supported
callers that
day (the
his
Secretary
press
by
telling
his
included) that he considered
the action of the officials of the corporation "very
unfortunate
their part."
on
A demand
by the Secretary of Labor for
gress
grant of
an
extraordinary
quickly followed, at the
power
that intimation after intimation of
on
issued from
Department
of Labor.
Meanwhile, agents
dispatched to the Middle West to obtain "evi-
were
dence"
against the corporation, and the National
Labor Relations Board
with
Thursday went into court
of the Governor of
course
less
and
on
petition directed at the corporation.
a
The
no
time
same
wrong-doing
the part of the General Motors Corp.
the
Con-
upon
unprecedented.
night
Michigan has been
In addition to working day
close ally of the Secretary of Labor,
as a
he has allowed the immediate needs of the strikers,
including those still in unlawful possession of the
property of others and those who are forcibly blockading the plants belonging to others, to be met from
outside
and
has
also
them
given
Within the past two
support.
or
moral
and
aid
three days he has
refused ordinary protection to the great
the employees of the corporation
majority of
who would return to
their
At the
work
and
their
systematic efforts
wages.
time,
same
being made to stir
are
up
the
emotions of the politicians and the public with a view
to further extreme
and
legislation and probably extended
inquisitory "investigation" of the corporation.
And all the
while, not
indication of any
once
has there been the slightest
disquietude in official quarters
over
the fact that the labor
agitators remain admittedly
disdainful
of
of
the
law
the
land.
Indeed,
Secretary of Labor in her excoriation of the
tion
sider the whole affair
of the
Motors
disposed to
con-
largely if not solely in terms
Corporation will be interrupted, the
likely to be lost by the
owners
num-
of this
enterprise and by its employees, and the "strategy"
of the two
opposing
camps.
Others, disposed to
ceed somewhat further with the
questions are threshed out fully and settled in accordance with reason and forward-looking wisdom
more or less regardless of cost. The public would
advised to put aside the personal factors
inv°lve^ in this controversy, the bickering, the maneuvering, the "strategy," the politics, the charges
an(* counter-charges relevant and irrelevant, and
some quiet and earnest thinking about these
larSer an(l more fundamental questions now thrust
^ie f°re&r°und.
The
What
or
length of time the operations of the General
ber of dollars
#
matter,
are
are
?
th
pared tQ
Precisely what is the public to make of this alare
hours of labor a week would gain anything of consequence by having Mr. Lewis and his associates
act as their spokesmen. No one will question the
desirability of permitting the thousands, who desire to return to their jobs and their wages, to do
in P^ce. Not only those directly involved would
benefit, but the whole community would gain inl¬
measurably.
Here as always, however, there is such a thing as
paying too much for the whistle, and clearly too
muc^ *s '^e^n» asked for the whistle in this instance. Vital issues are here involved, and now
that the lines of battle have been drawn, the real
interest of the public will be best served if these
the
What of This Record?
Many
°f Labor lightly assumes to be the public interest
in the premises is really such. It is unquestionably
highly desirable to have this whole matter brought
to an end, although of course we must demur when
Jt is suggested that the wage earners of the industry
who now receive extraordinary rates of pay for 40
corpora-
openly made light of the whole matter.
most incredible record?
or
pro-
ponder-
so
to
mi
Are
we
gystem of private property,
modify it that it becomes something radi-
cally different?
to put
Larger Issues
The first ig this;
an
If not, then
we
must act at
once
end to the practice of labor groups in
seizing private property and holding it for
ransom
in the form of concessions they demand, or in some
cases, as
in the coal mines of Pennsylvania, actually
operating it
aware,
or
selling it.
No
one, so
far
as we are
in either private or public life has had the
hardihood openly to espouse
an
abandonment of
property rights in this country or, for that matter,
ing the indirect effects of this impasse, the prob-
such radical alteration of those rights
ability of other similar disturbances resulting from
in the tactics of labor unions during the past few
it, the publicity it is receiving and the emotions it
years.
is
real enough although subtle and evasive.
arousing, the
tions
less openly avowed inten-
of the trouble makers to
motor
tries
more or
The attacks on the system
as are
are none
implied
the less
Witness
proceed with other
the disregard of the very fundamentals of the sys-
manufacturing enterprises and other indus-
tern among large and growing sections of the public,
as
soon
as
the time is
ripe, the inevitable ef-
particularly the labor unions, and,
even
more
im-
Volume
the almost
portant,
property rights.
ties.
of law-
supineness
complete
enforcing agencies faced with such attacks
657
Chronicle
Financial
144
In
fied
upon
one
in
the
degree
General Motors
Witness also the disposition, ex¬
another, they
or
situation
are
all exempli¬
existing in the plants of the
The Secretary of La¬
Corporation.
traordinarily conspicuous recently in Washington
bor would do well to revise her ideas of
but
terest"
plain enough in
condone
but
unions.
Such
gerous
to
even
other places, not only to
many
defend
attacks
than frontal assaults
Either
wish
we
property essentially intact,
has
to
come
decide,
the
second, and almost
The time
do not.
IT IS rather well understood that almost continual
requirements
under the question of
reserve
decision
the
our
effective
willingness
in
its
against authority" of
and intricate
of
matter
appearances
sort.
any
tindustrial
Applied to
Only
a
flow that
operation of
to
employment permit himself to become
Even
vast machine.
a
in
cog
•
a
fectiveness of the whole
we
the
necessaries, the comforts and
The reward for
standard
lower
faced and settled
of
cruder forms
New York
the
or
The issue should be
action
Shall
we
indefinitely
end, and it is
an
The monetary
tions. The
proceed in
down
were
They conspire
small
groups
strike
in
certain
groups
of
enter¬
been
action which results in due
where
sort
recent instances,
Labor
of
unions
have
make trouble for every
attained
one
concerned.
They have
$239,750,000.
were
Shall
we
continue to allow ourselves
be dealt with in this
as
any
are
some
manner?
The expense is
thoughtful man can well deter¬
mine for himself if he is
These
to
The
$74,947,000,
and
an
deposits by $22,210,000
reserve
ratio remained
$2,857,000,
un¬
while industrial advances
off $46,000 to $24,085,000. Open
market
tions remained in suspense, with holdings
opera¬
of bankers
acceptances down $3,000 to $3,081,000, while
,
hold-
ings of United States Government securities were
quite unchanged at $2,430,227,000.
Corporate Dividend Declarations
again has caused time-serving politicians to cringe
enormous,
$19,953,000
position of power that over and over
a
before them.
to
by
$476,000 to
a
high salaries to their officials and
deposits by $17,707,000 to $6,772,597,000; a
changed at 80.4%. Discounts by the system increased
political machine of the baser sort in this
than pay
of member
of the Treasury general account balance by
to
country, and in too many instances have done little
more
$18,544,-
$11,958,000 to $7,267,547,000, the
variations consisting of a gain
deposits
and
become
Federal
increase of non-member bank
they have been charged the charge has been
afterthought.
an
most
reserves
$9,170,414,000.
$6,782,000 to
$8,006,000 to $180,253,000; a decline of foreign bank
daily labor. Serious abuses have not
alleged in
$8,849,914,000, but
sharply, and total
drop
of individuals who are persuaded to
stoppage in many other plants, and by
continue their
but the so-called "inactive
bank
forcing into idleness many other workers eager to
even
up
to a new high
$4,140,492,000. Total deposits with the 12
to
account
points of attack, selecting
to take other
or
course
require¬
gold stock of the country moved
Reserve notes in actual circulation receded
endeavor to correct abuses but by
strategic
is
the basis of the present
to future reserve
as
cash in vaults fell rather
000
out
now
gold certificate fund of the 12 banks in¬
banks increased
seeking
banks
monetary authoiities will
creased $21,000 in the week to
certain
an
excess reserves
gold fund" of the Treasury is absorbing the fresh addi¬
deliberately and more or less avowedly to cripple
prises, not in
on
our
record of $11,345,000,000,
they employed by employers,
and
and
$28,000,000 in the weekly period,
and automobile indus¬
by individual citizens generally.
enterprises
little higher,
arrive at their decision
in its subtler forms now apparent
were
were a
ments.
These so-called leaders of labor
criminal
member bank balances with the 12 Federal
banking statistics that
that would result in quick legal, and even
ways
of
movement
return
legal requirements increased $20,000,000 to an
about at
the lux¬
"racketeering," either in its
rubber, glass, steel
tries?
being "ster¬
officially estimated aggregate of $2,150,000,000. The
being revealed in the courts in
as now
City,
even
the
are
the credit situation
as
seasonal return flow of currency to the
for all.
Still another issue is this:
or
or are
refusing to conform is
living.
once
submit to labor union
in
we,
over
The reward is high in terms
question.
uries of life.
a
Are
far
so
Because of
Reserve Banks
not, willing to adapt ourselves to this routine?
That is the
of
operation.
under the return
shores, but the additions
the Treasury,
concerned.
currency,
athletic term, and reduces the ef¬
use an
flow to these
is
necessarily throws thousands of others out of their
stride, to
even more
might have been anticipated in view of the
ilized" by
small deviation from routine
a
much under normal
currency
expectations, and
larger pre-holiday requirements. Gold continues to
assembly line, for ex¬
an
Each individual must for the hours of his
ample.
sense.
from circu¬
$21,000,000. This leaves the entire
post-holiday return of
that
high order is essential
negative
a
currency
noted, the reduction for the weekly period
amounting to
enterprise, it is simply a
perhaps in
save
modest further return of
lation is
large
a
uninstructive,
are
seasonal
the efficient
important
however, the figures for the week to Wednesday night
cheerfully and in good faith. Every scliooiboy knows
a
The weekly
an
today is
being willing to obey orders explicitly,
organization of
months ago.
two
some
part in the Washington conversations. Unfortunately,
us
"rebellion
as
be rumored
not
Let
Much of the discontent
general
more
early decision
an
banking statistics presumably played
discipline that is essential
only the economic manifestation of what is spoken
of
was
this week, and
anticipated with regard to the increase which began
to
people to
as a
joint economic endeavor.
deceive ourselves.
is
important, question at
as
submit ourselves to the
for
mind where its interests lie.
debate in Washington
issue has to do with
,
own
Federal Reserve Bank Statement
effective.
A
"public in¬
concerned, and
general public would be well advised to make
its
up
private property.
make
to
the
the
dan¬
more
this situation is
as
system of private
or we
and
far
are
upon
to continue
of
actions
the
these
as
far
as
of the
willing to take the trouble.
really fundamental issues
brought to the forefront by current labor difficul-
FAVORABLE feature ofactions by corporateThere
dividend the current week. enti¬
ties
were
those
a
were a
sizable number of larger
which
made
corporations among
the increased
or
extra declara¬
tions, and it is notable that nearly all are engaged
in
different
lines
of industry;
the exceptions
are
658
Financial
two steel and two oil
declared
accumulations
Feb. 27.
U. S. Steel Corp.
companies.
dividend of $1.75 a share
a
the
on
7% preferred stock, payable
Inland Steel Co. declared
payable March 1; last
common
of $1.50.
an extra
dividend of 50c.
a
dividend of $1,
a
the company paid 75c.
year
quarterly, and on Dec. 17
Corp. declared
account of
on
share
a
extras of 25c. each Dec. 21 and Oct. 1 last.
Petroleum
Co.
placed the
basis with
of
dividend
Western
on
the
the
on
stock, payable April 1, in comparison with
amount in previous quarters
plus, however,
half the
annual
Texas
the
50c.,
Ry. declared
common
declaration
of
March
payable
Phillips
stock
common
on
a
1.
$2
quarterly
Norfolk
dividend of $2.50
a
a
stock, payable March 19,
a
&
share
as com-
pared with $2 quarterly previously, and also an
extra of $5 Dec. 19 last.
Armour & Co. (111.) declared
a
dividend
of
15c.
share
a
the
on
common
stock, payable March 15, which is the first payment
on
on
the present common
its
stock, and the first payment
equity shares since 1926.
chinery Corp. declared
share
the
on
common
United Shoe Ma-
special dividend of $2.50
a
a
stock, payable Feb. 13; the
was paid Jan. 5 last,
regular quarterly of 62%c.
Armstrong Cork Co. declared
share
the
on
dividend of 50c.
a
a
common
stock, payable March 1, as.
compared with quarterlies of 37%c.; in addition,
an
extra of $1 was paid Dec. 19 last.
Monsanto
Chemical Co. declared
dition to the
an
extra 25c.
regular quarterly of
payable March 15.
dividend of 50c.
a
a
same
share in ad-
amount, both
Diamond Match Co. declared
share
on
the
common
stock,
1, which compares with 25c. paid Dec. 1
Burroughs Adding Machine Co; declared a
quarterly of 20c., payable March 5 to stock of record
Feb.
5; previously, 15c. quarterly
low-Sanford
share
a
on
Carpet Co. declared
the
which compares
common
with 25c.
was
a
paid.
Bige-
dividend of 50c.
stock, payable March
a
1,
share in previous quar-
ters; in addition, a special dividend of $2
paid
was
and there
Dec. 3 last.
Jan. 30, 1937
sign of
was no
strike situation.
The
a
main
real break in the motor
trend, accordingly,
was
toward moderately lower levels in nearly all departments. Building supply shares moved upward against
the trend,
as
it is
anticipated that much rebuild-
now
ing will have to be done in the Ohio Valley, while
prospects for building
good. The tendency
the whole
on
are
Tuesday again
considered
rather
decidedly toward lower quotations. Stocks of cornon
panies whose plants
in the flood
are
suffered, while the rails that
run
rivers also dipped sharply. Nor
was
naturally
zone
along the flooded
was
the motor strike
picture encouraging. The market turned about
on
Wednesday, and registered fair gains in a number of
important groups. Steel and rail shares led the
advance, which also took in rail equipment, motor
and metal issues.
their
popularity.
sprinkled
among
Building supply stocks retained
There
the
quite
were
advances,
few
a
however,
losses
for
buying remained selective. The favorable steel
ings reports
gave
that
group
and provided an offset to
a
fillip
on
the
earn-
Thursday,
uncertainty in the rest of
the list. Sharp advances
were scored in leading steel
issues, and smaller gains appeared in oil stocks owing
to the better commodity price outlook. The rest of
the market appeared dull and dispirited. The main
trend
yesterday again
burst of
irregular,
was
but
another
buying sent the steel issues to record levels
for late years. Railroad stocks
improved a little, but
utility shares and most industrial issues were dull,
a
pay-
able March
last.
Chronicle
in the listed bond market the tone
was
uncertain,
for the monetary outlook remains clouded.
were
held in
action
is
to
Meetings
Washington all week to determine what
be
taken
toward
increasing reserve
requirements, and the belief that credit expansion
controls will be
augmented prevented buying of high
grade bonds. There was also some apprehension of
a
downward
readjustment of the international value
0f the French franc. In these
States. Government
circumstances, United
securities drifted
slowly lower,
high grade corporate bonds likewise receded.
Among the bonds with a speculative interest, trends
and most
TJie New York Stock Market
IRREGULARYork stock market, the rule this week were uncertain and much in line with stock movemovements were owing to damaging ments. Foreign dollar, bonds
the New
quiet and not
on
were
floods in the Midwest, the continued strike in the
greatly changed,
motor
occasioned by the protracted Cabinet crisis. There
industry, further uncertainty
national monetary
influences.
the inter-
as to
situation, and similar unfortunate
Liquidating
pressure
was
apparent
at
was
for
save
a
decline in Japanese bonds,
much discussion in all markets of the sharp
recent advances in
commodity, and a
view such movements with alarm did
tendency to
times, but it resulted in relatively modest losses in
various groups of issues. Others were in keen
demand,
with steel stocks advancing in some instances to best
cotton,
levels of recent years. The steel group was, indeed,
the leader of the market in the later sessions, and the
narrowly. In the foreign exchange markets weakness
affected the French franc and negotiations for a large
sharp advances brightened the rest of the list
not aid the
stock market. Oil prices
metal, rubber
were strong, but grains,
and other items fluctuated
well.
French loan in the London market confirmed the
Earnings reports by United States Steel and Beth-
as
lehem Steel proved much more favorable than had
fears that the situation is getting difficult for the
French stabilization fund to control. Sterling also
been
anticipated by the trading community, and
soaring prices followed. Oil stocks also were favorites,
since rising prices for the commodity caused optimism.
was
Otherwise, however, the market reflected fully the
uncertainty occasioned by the new difficulties that
mained unchanged at 1%.
have cropped up lately. Turnover on the New York
the half-day session
Stock
shares;
Exchange
was
maintained at
a
fair pace, deal-
soft, indicating
side of the Atlantic.
Call loans
on
a
steady flow of funds
the New York Stock Exchange
On the New York Stock
on
on
Monday they
were
Tuesday, 2,174,730 shares;
shares.
shares;
The tone
was
dull in the brief session last
with movements indecisive in
oil
all
Saturday,
sections
save
stocks, which showed smart gains. Flood
became
ever
more
ominous
over
the last
the
news
week-end,
on
on
1,115,840
2,219,010 shares; on
Wednesday, 1,936,736
on
Fri-
On the New York Curb Ex-
change the sales last Saturday
°n
were
Thursday, 2,342,530 shares, and
day, 1,964,770 shares.
re-
Exchange the sales at
Saturday last
ings in the full sessions averaging about 2,000,000
.
to this
Monday, 828,725 shares;
were
527,000 shares;
Tuesday, 772,974
shares; on Wednesday, 679,020 shares; on Thurson
Volume
Financial
144
day, 648,735 shares, and
stock
The
ences
eral
market
this week
days.
labor strife in the motor
menace
from floods
in
fered
as
a
Trade and industrial reports this week naturally
on sev-
early solution of the
an
are
On
Wednesday, after
good rate of activity,
a
Steel ingot production for the week ending today
of the country
traders and the market suf-
consequence.
affected somewhat by the floods, but in general
they continue to reflect
industry and the constant
many parts
induced caution
among
and Phelps Dodge at 53% against 55%.
depressing influ-
resulting in price recessions
659
American Smelting & Refiniftg at 89% against 96%,
Friday, 616,145 shares.
on
encountered
Uncertainty of
Chronicle
was
estimated by the American Iron and Steel In-
stitute at 77.9% of capacity against 80.6% last week
a
lower
and 49.9% at this time last
steel
that
the
occurred if companies affected by the floods were
opening, equities, under the inspiration of the
shares, rallied and closed generally higher for
day. Thursday's session was in the main given
to
over
holding the gains
of
Yesterday price movements
The steel issues
their
ing
proved
time,
recovery,
previous
high ground.
new
but when compared with the close
day a week ago, prices
Electric closed
are
mostly lower.
yesterday at 63% against 64
some
on
Fri-
General
on
Fri-
day of last week; Consolidated Edison Co. of N. Y.
at
It
year.
of
was
indicated
activities would
Electric
tion for the week ended Jan. 23
was
power
have
produc-
reported by the
Edison Electric Institute at 2,256,795,000 kilowatt
At clos-
however, the market experienced
actual advance
able to continue operations.
day.
mostly irregular,
exception, and extended
an
previous gains to
the
were
an
hours against 2,264,125,000 kilowatt hours in the
-
preceding week and 1,949,676,000 kilowatt hours in
the corresponding week of last year.
report
on car
The weekly
loadings is delayed because of flood
conditions.
/
As indicating the course/of the commodity mar-
46% against 48%; Columbia Gas & Elec. at 17%
kets, the May option for wheat in Chicago closed
against 18%; Public Service of N. J. at 51% against
yesterday at 127%c. as against 127%c. the close Fri-
51%; J. I. Case Threshing Machine at 152% against
day of last
161; International Harvester at 105% against 110;
yesterday at 106%c.
Sears, Roebuck & Co. at 83% against 85%; Mont-
Friday of last week.
gomery
at
Ward & Co. at 55'against 57%; Woolworth
61% against 63%, and American Tel. & Tel. at
182% against 183.
at
Western Union closed yesterday
79% against 813/4
Chemical &
on
Friday of last week; Allied
Dye closed yesterday at 235 against 236;
E. I. du Pont de Nemours at 173
tional Cash
tional Nickel at 63
nets at
against 174; Na-
Register at 34 against 34%; Internaagainst 64; National Dairy Prod-
23% against 23%; National Biscuit at 31%
against 32; Texas Gulf Sulphur at 40 against 40%;
Continental Can at
169
at
against
61% against 66; Eastman Kodak
172%;
Standard Brands at
15%
week.
May
as
Chicago
at
corn
closed
against 108%c. the close
on
May oats at Chicago closed
yesterday at 49%c. against 49%c. the close
Fri-
on
day of last week.
The spot price for cotton here in New York closed
yesterday at 13.28c.
as
Friday of last week.
yesterday
was
21.12c.
Friday of last week.
closed
yesterday at
against 12.97c. the close
on
The spot price for rubber
as
against 20.65c. the close
on
The price of domestic copper
13c.,
the close
on
Friday of
last week.
In London the price of bar silver yesterday was
20 5/16 pence per ounce as against 20 7/16 pence
per ounce on
Friday of last week, and spot silver in
against 16%; Westinghouse Elec. & Mfg. at 158%
New York closed yesterday at 44%c., the close on
against 166; Lorillard at 233% against 24%; United
Friday of last week.
States Industrial Alcohol at
ada
40% against 39; Can-
Dry at 30% against 31; Schenley Distillers at
14% against 44%, and National Distillers at 28
against 28%.
present week.
were
conspicuous for their gains
United States Steel closed yester-
the
matter
on
of
the
foreign
cable
4.66c.
as
transfers
on
on
at
Paris
as
yesterday at
on
Friday of
last week.
1
European Stock Markets
Auburn Auto closed yester-
T"\EALINGS were small and the price trends irL/ regular this week, on stock exchanges in the
leading European financial centers. Uncertainty
81% against 79%; Republic Steel at 323,4 against
In the motor group,
closed
against 4.06%c. the close
113% against 114; Bethlehem Steel
32%, and Youngstown Sheet & Tube at 81% against
SO.
cable
$4.89%
Friday of last week,
day at 94% against 87% on Friday of last week;
Inland Steel at
exchanges,
London closed yesterday at
against $4.90 5/16 the close
and
The steel shares
the
In
transfers
Friday of last week; Gen-
regarding monetary developments was added to the
68% against 66%; Chrysler at 123
political and trade unsettlement, and the result in
against 121%, and Hupp Motors at 2% against 2%.
most markets was a mild downward movement of
day at 31 against 31%
eral Motors
at
In the rubber group,
on
Goodyear Tire & Rubber closed
security quotations.
The latest monetary fears
re-
yesterday at 33% against 33% on Friday of last
late to the French franc, which is rumored about to
week; United States Rubber at 55 against 533,4, and
be devalued again, within the range of possible fluc-
B. F. Goodrich at
shares
closed
this
32% against 33%.
week
for the
most
The railroad
part lower,
Pennsylvania RR. closed yesterday at 41% against
42
on
Fe at
Friday of last week; Atchison Topeka & Santa
72% against 75%; New York Central at 42
tuations set last Sept. 25. That French financial
are pressing was confirmed Thursday,
difficulties
when the discount rate of the Bank of France suddenly was raised to 4% from 2%.
Such
nounced advance is highly unusual, and it
a
against 42%; Union Pacific at 129% against 130%;
tributed to efforts to keep money in France and
Southern
vent a further drain of funds.
Pacific
at
46% against 48%; Southern
pro-
was
atpre-
It appeared, also,
Railway at 27 against 26%, and Northern Pacific
that French authorities were seeking another loan
at
from London bankers, the desired advance
28% against 28Among the oil stocks, Stand-
ard Oil of N. J. closed
on
yesterday at 69% against 69
Friday of last week; Shell Union Oil at 28%
against 28, and Atlantic Refining at 34% against
34%.
In the
copper group,
yesterday at 53 against 55
Anaconda Copper closed
on
Friday of last week;
on
this
occasion being reported at £50,000,000. Efforts to
obtain promises of franc maintenance from French
officials were only partly successful, for replies
made to inquirers were
very
cautiously worded and
do not seem to exclude the possibility of another
Financial
660
reduction
the lev.el
from
In these circumstances
in
a
all
prevailed
European markets, with liquidation usually
little
cal
established last autumn.
cautious attitude
a
pronounced than buying. In the politi¬
more
sphere, lack of progress toward European
ap¬
Chronicle
was
reflected uncertainty.
other
unsettled markets.
Concern
expressed
was
everywhere regarding the recent rapid rise of
modity prices, and this also proved
com¬
disquieting
a
The
Stock
London
Exchange
quiet in the
was
initial
trading session of the week, with gilt-edged
issues
fractionally lower. In the industrial section
interest
textile
displayed in steel, brewery and
was
stocks, but others drifted lower.
bility of
The possi¬
higher French price for gold already
a
rumored, and it aided
mining issues.
was
advance in African gold
an
Anglo-American trading favorites
dull, and other international issues also weak¬
were
ened.
The session
the convenient
Tuesday again
on
dull, and
was
explanation that commitments
were
being, lightened in view of the approaching end of
the
fortnightly account
British funds
while
industrial
losses
in
about
again
once
not much
were
issues
employed.
was
changed for the day,
showed
small
gains and
Prices
equal numbers.
were
erally lower in the international section.
again
was
trend
was
on
Business
downward.
well, but only
peared in the industrial section, which witnessed
declining tendency.
in
demand
issues
German bonds
international
the
marked lower.
were
tered in
but
other
were
regis¬
gilt-edged issues Thursday, when the in¬
further
British
section,
a
in modest
were
Small losses
of the French bank rate
crease
of
unfortunate
industrial
aggravated the fears
monetary
issues
developments.
likewise
Anglo-American favorites improved
night reports from New York.
but
receded,
better
on
over¬
Gilt-edged issues
were
sharply lower yesterday, but industrial stocks
held
to
former
levels.
International
issues
were
Trading
recessions
it
on
the Paris Bourse resulted in small
during the first session of the week, but
the small movement
expected that
was
overtures made to
impressed observers, since
advance would follow the
an
Germany by Premier Leon Blum.
Rentes drifted lower and French equities of all
descriptions likewise suffered
issues
capital
to
seems
be
States
United
refugee funds.
foreign section, for
the
the
over
After
an
Mecca
for
official
bility remains
one
continued
French
arrival
uncertain opening
day, prices improved slightly
of
Argentine
that displeasure has been expressed in
now
because
reverses.
in demand in the
were
Buenos Aires
the
able
pending
a
on
assurances
on
of
Tues¬
reply by Chancellor Hitler to the
suggestions for peaceful cooperation recently made
Heavy industrial stocks
England and France.
small
lost
fractions, but equally modest gains ap¬
Fixed-
peared elsewhere in the list of equities.
interest issues
cult
discern
to
motionless.
were
definite
a
It
trend
again diffi¬
was
Tuesday, but
on
gains outnumbered the losses, although all move¬
Motor issues showed better
ments were small.
sults than other groups.
re¬
The dulness continued
on
Wednesday, but gains again were a little more pro¬
Chemical and automobile
nounced than the losses.
manufacturing stocks attracted attention, and there
also
was
Activity increased slightly on Thursday,
the
and
Some
of
the
moderately favorable to
prominent issues advanced
points, but changes in most instances
fractional.
with
remained
trend
holders.
1 to 2
improved demand for fixed-income obli¬
an
gations.
The
gains
were
extended yesterday,
were
speculative favorites showing large advances.
Anglo-American Trade
PROTRACTED 'conversations on trade relations
between Great Britain and the United States
were
held in
of the visit
President
of
matters also
all
Washington, this week, in the
the Bourse, partly
course
paid this country by Walter Runciman,
the
were
British
Board of Trade.
discussed at
length, it
Other
but
seems,
reports agree that the possibility of a reciprocal
trade agreement
the last
over
at
received
Mr. Runciman
items.
attention than other
more
stayed at the White House
week-end, and then prolonged his stay
Washington beyond his first expectations.
is still somewhat
doubtful, however, whether
It
a re¬
ciprocal agreement will eventuate, for a British Em¬
on
ploration will be
necessary
mined
whether
detailed
but
can
take place."
further
task.
upon
which
This state¬
surprising, since it is well known
explorations have been in
some
ex¬
before it can be deter¬
there is a firm basis
negotiations
ment is somewhat
that
Wednesday said "further
progress
for months,
aspects of the problem apparently need
study and experts
The
British
are
Cabinet
to be detailed to the
officer
conferred
not
only with President Roosevelt, but also with Secre¬
tary of State Cordell Hull and other State Depart¬
ment officials.
doubtless
were
Many problems of mutual interest
discussed in these
well be assumed that the
countries
were
talks, and it
may
good relations between the
made better still
that monetary sta¬
by the exchanges.
European Politics and Economics
of the primary objectives of the
Rentes did not join in the modest ad¬
government.
the Berlin Boerse
on
cautious attitude seemed advis¬
bassy statement
neglected.
even
as a
British funds
few good features ap¬
a
.
Monday,
small scale, Wednesday, and the
a
irregularly
held rather
gen¬
,,
last
in
factor.
some
equities, with bank stocks in the van of the
Very little business was done
London, Paris and Berlin, and also contributed
further
showed
gains yesterday, but larger advances appeared
movement.
to the
Rentes
recessions.
substantial
small
in
at
Bank stocks and
equities drifted slowly lower and closed with
neutrality in Spain impressed traders and investors
,
doubled, but other departments of
count rate
the market
peasement and the difficulty of arranging genuine
*
Jan. 30, 1937
vance,
but bank stocks and other equities improved.
SOME evidence again wasdemocratic nationsthat
afforded this week
It
confirmed
Europe
was
tiations
bankers,
were
on
Wednesday in Paris that
in progress
and this
for
a
loan from London
unsettled the market,
revealed the weakness of the franc.
and
declines
also
were
recorded
Rentes
were
in better demand.
better demand for
was
some
leaders
have not
sort of
of
the
in
entirely lost hope of achieving
general settlement that might satisfy
dictatorial
the
receded,
France, whose skill in international affairs is gain¬
bank
International
There
the
since it
in French
stocks, industrials and utility shares.
issues
nego¬
a
little
rentes, Thursday, after the dis¬
regimes.
ing recognition, made
last
Sunday, in the
a
Premier
peace.
The address
Blum
of
direct appeal to Germany
course
of which the Reich
promised aid in return for
of
Leon
was
an
was
unequivocal pledge
not received
any
too
Volume
Financial
144
well in German
circles, it seems, but it indicates at
intensive diplomatic
that the
least
discussions of
recent weeks have not been abandoned.
General, Hermann Goering, and Premier
German
close, with ample evi¬
Benito Mussolini drew to a
dence to show that these Fascist
determined
lin and
Rome,
on
wording
4
were
dispatched by Ber¬
the question of sending volunteers
It is possible that more information on
Spain.
available today, for a
German aims will be made
special session of the Reichstag has been called to
hear Chancellor Adolf Hitler.
used the
has
Reichstag
on
forum for important
a
as
a
possibilities from the
an assurance
was
fice of national
In effect, the ad¬
to the Reich that a Franco-
would not imply any sacri¬
dignity or power by Germany.
That
question does not arise, M. Blum remarked, since
agreement would be possible only in an atmos¬
phere of full confidence and equality.
He insisted,
however, that the nations must work together in
peace,
if they
to work together at all.
are
in the nature of
Nothing-
bargain could be offered to the
a
Reich, he said, and the idea was dismissed that Ger¬
many
might be brought to terms through aggrava¬
tion of her economic difficulties.
next to the
M. Blum turned
problem of armaments, and he pointed
out that increases in this field are at a rate
exceed¬
THE low estate to illustrated League meeting of
which the in the of Nations
has fallen
the
of secondary
for settlement
some
or
colonization, if compelled to feel
apprehension, no matter how little, that the
help rendered might some day be turned against
the
that
and
credits,
raw
it,
materials and outside
Spanish
outstanding problems raised by the
and the intervention of other
war
with the
nations,
or
general European settlement.
to have been forgotten at Ge¬
question of
a
seems
neva,
while reform of the League itself remains a
moot
subject.
bad
All fhis, of course, does not mean
principle of international cooperation is a
that the
but merely that all the world now recog¬
one,
nizes the degree
The
tions.
was
few
a
na¬
Council, and a face-saving compro¬
reached whereunder the League's
be maintained
will
status
policies of
Danzig problem came up, as usual, at the
of the
session
mise
to which the League was made the
the national
of
instrument
on
juridical
while actual
paper,
authority is diminished through instructions to the
High Commissioner to
legal rights.
the Council
Turkish
in
be "discreet" in using his
In its final session, last Wednesday,
arranged a "settlement" of the Franco-
dispute regarding the Alexandretta district
This question arose because Syria soon
a fully independent State on termina¬
Syria.
is to become
of
settled
supply of raw materials, or opening facilities
No attempt was made to deal with
gerly manner.
nation, either by opening credits or by augmenting
the
Only ques¬
importance were placed on the
agenda, and even these wrere treated in a most gin¬
tion
the pre-war period.
even
was
League Council from Jan. 21 to 27.
tions
"What nation," he
asked, "would consent to cooperate with another
ing
•
League Council
number of occasions
political associates at Lyons.
German trade agreement
an
Somaliland, which will aid the Italians greatly in
civil
viewpoint, last Sunday, in an address before
The British Gov¬
granted to Italy the right to use the
several
excellent
ports in British
of
Disarmament
French
Italy.
conquering fully and exploiting Ethiopia.
the
international announce¬
Premier Blum discussed the
dress
facilities
The German dictator
ments.
his
Great Britain and
ernment has
affairs
Notes similar in con¬
along precisely similar lines.
interesting to note signs of increasing amity be¬
tween
countries remain
diplomatic
their
conduct
to
tent and almost in
to
Meanwhile,
protracted conversations in Rome between the
the
661
Chronicle
mandate, and because Turkey
the French
problem by decreeing that the Alexan¬
district shall
dretta
but
the
be
The Council
by other nations.
fears encroachments
subject to
have full internal
autonomy,
Syria in decisions on interna¬
France and Turkey are to
tional matters.
make a
integrity of the
Apart from these matters, the Council de¬
treaty guaranteeing the territorial
area.
to increase the force and
voted
military potential of which it and its friends would
be the victims?"
The Premier then urged the obvi¬
itself to
study of reports and recommenda¬
tions.
establishments
ous
might
come
solution of economic
organization of peace 011 the other.
and the
No
official
to the French
German
reply so far has been made
Premier's address, or to somewhat like
previously made by the British Foreign
remarks
Intervention
cooperation on one hand,
in Spain
ONCE again there is reason to believe that
genuine non-intervention in Spain may pos¬
sibly be achieved, on paper if not in actual fact.
The civil
war
in
time ago,
Spain probably would have ended
it not for the extensive aid
Secretary, Anthony Eden.
some
tion
reaching both loyalists and insurgents from Com¬
the
in
But the unofficial reac¬
carefully controlled German press has
not been cordial.
a
One Berlin observer suggested as
possible reason the rapid expansion now being
the
in
witnessed
export
of
German armaments.
were
munist and Fascist
sources.
In view of that likeli¬
hood, and of the danger that all Europe may become
embroiled in the
the
struggle, the British Government
nations
assisting the combatants
Specific reference was made to the arrangement
circularized
whereby Greece was to accept German guns and am¬
munition for sums blocked in the Reich, but that
an(ji suggested real non-intervention.
by Dr. HjalWednesday by the
arrangement, made some months ago
mar
Schacht,
was
repudiated on
Greek Government.
also
on
From Vienna it was reported,
Wednesday, that a new Austro-German trade
seem
other
to afford a basis for
set the
tionals to
fight in the Spanish war, and the French
treaty had just been signed, but
same
plainly
the
are
two
countries.
Further
expedients
under consideration in Germany, for re¬
ports late last week suggested the possibility of an
agreement
Africa for
for
a
leasing part
of Portuguese West
long term of years.
Meanwhile, it is
Great Britain
example of neutrality by forbidding her na¬
increases
between
procedure, although an¬
period of delay is inevitable.
Parliament
this accord merely
slightly for 1937 the total of exchanges
Germany and
Italy were the last nations to reply, and their notes
already has passed legislation to the
effect, dependent upon similar measures by all
the interested countries.
The Soviet Russian Gov¬
ernment took a stand similar to that of the
a
French,
willingness to apply restrictive measures being
expressed, provided real assurances were available
regarding Fascist aid to the insurgents.
In the
662
Financial
German
after
and
Italian
extensive
notes, delivered last Monday
collaboration,
these
governments
likewise accede to the request for a ban
teers to
Spain,
similar conditions.
on
German
The
volun¬
on
and
Italian
notes,
published last
about the aid
they extended the Fascists in Spain.
Germany and Italy, it appears, already have
prepared legislation prohibiting their nationals
Both
going to
These
measures are
all
other
Spain to participate in the
Powers
to be
war.
placed in effect whenever
adopt "equally positive
Both governments were able to
steps."
point to their
com¬
munications of Jan.
7, in which they declared ex¬
pressly that such legislation by the respective sup¬
porters of the several factions in Spain would be
necessary
for genuine non-intervention.
Government rather
man
that
reply
no
The Ger¬
tartly reminded London
far had been received to the Ger¬
so
man
suggestion that all non-Spanish participants,
including agitators and propagandists, be removed
from Spain.
Italy made a protest in its communica¬
tion
against
who
the
are
"mass-naturalization" of foreigners
fighting for the loyalists, and demanded
total
evacuation
political volunteers.
from
measures
which all the large
upon
interested Powers apparently are in
agreement.
While these negotiations were in
progress, the
of Madrid with the
formerly sent on their screeching way
destruction, and the origin of the larger guns is
not hard to guess.
the
draft plan had been prepared
virtual naval blockade of
ment has
as
well.
Spain, which would
The Portuguese Govern¬
objected to any such blockade
fringement of sovereignty, but the
this into account.
for patrol
high
seas
In
as
an
in¬
plan takes
general, this suggestion calls
just outside the territory controlled by the
British
would patrol the seas of
ish
new
by the German and Italian fleets of the
loyalists, while
and
French
naval
units
insurgent territory?3 Brit¬
ships would hover beyond the 10-mile limit off
Portugal, and thus prevent supplies from reaching
the insurgents, without
infringing upon Portuguese
sovereignty.
sented
is still
This suggestion is not likely to be
a
stringent naval patrol is regarded
with considerable nervousness
ernment.
some
the
curious international effects
loyalist
cause
day that for
be
by the British Gov¬
Meanwhile, it is interesting to note that
Spanish struggle.
the
are
flowing from
Mexico, which heartily favors
in Spain, announced last Satur¬
reasons
of economy no minister will
appointed to Italy at this time.
Oddly enough,
the Mexican Government indicated at the
that
Mexican Legation would be
a
China.
The
upon an
turn to
pre¬
formally to the Powers, and its application
less probable, for it has been made
plain at
London that
Italian
Minister
to
same
time
established in
Mexico
Neutral
these
over
pellets.
correspondents again claimed that
press
insurgent tactics
were
entirely fruitless from
military standpoint, however much they may ter¬
rorize the civilian population for the duration of
a
the bombardments.
The
insurgents
reported
were
Wednesday to have made military gains both
north and south of Madrid, and the
danger to the
on
capital thus
hastened
the
struggling
fight.
enhanced.
was
It
was
efforts to evacuate all
armies
reflected
civilians,
might concentrate
by
that
so
the
on
Far to the south, where an insurgent force
is
attempting to take Malaga, the fighting con¬
tinued, and here also the insurgents were portrayed
as having made some
gains. But wintry weather is
preventing really large engagements and
the im¬
portant gains that both sides would like to report.
Soviet Trials
ANOTHER of those
decided
indefinite "vacation," and prepared to
re¬
strange and slightly incred-
ible trials of former Russian officials
charged
sabotage and plotting against the Stalin dic¬
tatorship was held in Moscow this week, and a tale
with
of international
intrigue
unfolded that is
was
ex¬
tremely discouraging to contemplate, if it is true.
occasion,
as
in the two former instances of
trials, allegations of the most desperate sort
leveled at men like Karl Radek,
leading Soviet
propagandist; Gregory Sokolnikoff, former Ambas¬
sador to London;
Gregory Piatikoff, former Vicewere
Commissar for
kakoff,
Heavy Industry, and M. Serebry-
former
tions.
These
Vice-Commissar
former
officials,
for
Communica¬
like Zinoviev and
Kamenev last August, were accused of treasonable
activities, and the amazing tales they unfolded in
military court at Moscow fully bear out the
the
charges. They vied with each other in describing
espionage activities, by which German and Japanese
spies were informed of railway building and of plans
for
allocating to the Reich vast
raine.
of train wrecks and of
officials associated with
tator himself.
ico,
and
was
Leon
said to be
a
plotting the deaths of high
Stalin, and even of the dic¬
Trotsky,
now
in exile in Mex¬
party to much of the plotting
by Mr. Trotsky.
server
of Russian life and affairs
a
score
experienced
as
are
in¬
an
ob¬
Walter
Duranty
The conspirators implicated more
convincing.
than
so
de¬
were
The tales unfolded
credible, but they impressed
and
in the Uk¬
sabotage, but all accusations stoutly
nied
as
areas
They revealed tales of occasioning thousands
of others in their curious
further trials
possibly will result.
ings
were
took
confessions,
The hear¬
place yesterday.
started last Saturday, and summations
Italy.
Despite the recent enlargement of the
area
of
much of
an
advantage in the fighting.
for Madrid
goes
grimly
on,
The struggle
with the lines of trench
warfare not greatly different from those
start of the
capital 12 weeks
assumed
insurgent offensive against the
ago.
Japanese Cabinet
con¬
flict, neither side in Spain has been able to claim
at the
Airplanes again careened
capital and dropped their murderous
On this
Portugal
far used in the
six-inch shells
of
mass
a
guns so
were being
dropped into the heart of Madrid, in contrast to the
Wednesday that
take in
bombarding the city
were
largest
It appeared that eight-inch shells
Non-intervention Committee continued its
study of
the general problem, and it was indicated on
for
added last Saturday, when it
was
Spain of military and
ing the earliest possible date for placing in effect
a
chapter
With these notes in hand, the
British Government set about the task of determin¬
the restrictive
another
Jan. 30, 1937
appeared that the rebels
siege.
Tuesday, were more conciliatory than had been an¬
ticipated, for Berlin and Rome were rather flagrant.
from
Chronicle
To the story of external aid
.
1
MUCH concern has aggravation of the Japanese
continuance and been caused everywhere by
political
acute
and
economic
stage a week ago
headed
on
crisis,
which
by Premier Koki Hirota.
ficulties
are
very
reached
an
resignation of the Cabinet
serious, for it
The economic dif¬
was
found necessary
Volume
establish
to
to
Financial
144
virtual embargo on imports
a
But the political troubles
protect the yen.
shadowed
two
such
even
in order
over¬
matters, when leaders of the
Japanese parties engaged in bitter criticism of
the militarists at the
opening of the Diet,
Premier Hirota suspended the
ment.
for two
Parlia¬
or
Diet sessions
days, but refused to dissolve the body, and
this
impasse resulted in his resignation last Satur¬
day.
It was chiefly the Japanese Army, which has
been
forging ahead blindly in its
of
program
663
Chronicle
£873,288,
The
Last year
curities
fell off
was
it
from
week
a
40.33%.
government
on
other securities
and
No
the
quest, that objected to criticism from Diet members,
STATEMENT
his advisers, Emperor Hirohito
com¬
Jan. 30
1935
1
Feb.
Jan. 31
1936
1934
£
1933
Act¬
ing through
Jan. 29
£
Army that remained recalcitrant.
Jan. 27
1937
and it is the
w:th
figures
years:
ENGLAND'S COMPARATIVE
OF
£3,355,438
made in the 2%
was
show
we
comparisons for previous
and
advances
change
Below
rate.
se¬
Of the latter amount, £887,716
discounts
BANK
41.40%,
42.00%.
on
securities.
con¬
was
Loans
£4,243,154.
discount
now
when it
ago,
£3,701,000 and loans
was
rose
from
proportion is
reserve
slightly lower than
manded
Kazushige Ugaki,
form
to
But leading mili¬
objected to this choice, apparently because
General
Ugaki
forces
nese
retired general of the
Cabinet, last Monday.
a new
tarists
a
former Governor-General of Korea, to
Army and
ordered
once
a
reduction of the Japa¬
by two divisions and because he seemed
lean toward the civilian side of affairs.
the
Army portfolio
number of
Japanese Generals, all refused to
and in this situation the constitution of
net was
delayed, for the Army
vent the
functioning of
conflict
as
the
a
or
such Western
but
Cabi¬
can pre¬
Many observers view this
determining factor in turning Japan
toward Fascism
Bankers' accounts.
Other accounts
Govt,
securities—..
Other securities
Disct. & advances.
Securities—
Reserve notes & coin
Coin and bullion....
better approach to democracy,
generalizations about affairs in
Proportion of reserve
to liabilities
Foreign Central Banks
Jan. 28 from
2% to 4%.
The 2% rate had
been in effect since Oct.
15, 1936 at which time it
reduced from 2J^%.
Present rates at the lead¬
was
OF FOREIGN CENTRAL BANKS
of 946,000,000
which is
Jan. 29
Date
vious
Established
Rate
>
Country
86,544,422,085 francs, compared with
now
year
a
itor
current
record
accounts
Date
francs,
80.48% the
of
of
securities
vances
interest
OF
Established
3
Nov. 29 1935
4>*
3^
Gold holdings
June 30 1932
3X
Credit bals. abroad,
May
5
a
10 1935
Batavia
4
July
1 1935
4J4
Belgium
2
May 15 1935
2H
Ireland
3
Bulgaria
6
7
Italy......
4H
Canada..._
2H
4
Jan.
24 1935
4H
Java
4
July
18 1933
5
Jugoslavia
3.29
18 1936
.
3.65
Lithuania..
Apr.
6 1936
3
Japan
of
200,000,000
Changes
Aug. 28 1935
July
Chile
State
FRANCE'S COMPARATIVE STATEMENT
Rate
4
3X
Colombia..
to
Jan.
22,1937
Jan. 24, 1936
Jan.
25, 1935
2H
Austria
India
advances against
and temporary ad¬
is furnished below:
for Week
Aug. 15 1935
Mar. 11 1935
at
and
ago
comparison of the various items for three
2 1936
Mar.
...
year
a
Bills bought abroad showed
27,000,000 francs
Dec.
3H
Hungary
ratio,
reserve
12,000,000 francs,
without
A
The
with 71.43%
before.
year
decrease
a
respectively.
compares
2
Argentina-
4~
namely,
vious
Effect
.
increases,
Pre¬
Jan. 29
Holland..
1 1936
Credit balances
ago.
abroad, French commercial bills discounted and cred¬
BANK
Effect
Country
loss
a
francs in note circulation, the total of
80,030,900,540 francs
years
Rate in
Pre¬
Rate in
2%
Jan.
on
francs.
ing centers are shown in the table which follows:
DISCOUNT RATES
30.86%
2%
52.05%
2%
48.21%
2%
THE official discount 1937 fromthe Bank was The
ad¬
vanced
28, rate of
2% to 4%.
57.42%,
TpHE Bank of France increased its discount rate
on
40.33%
statement for the week ended Jan. 22 showed
000
1
41.40%
2%
Bank rate.
1,000,000 francs, 610,000,000 francs and 1,225,000,-
Japan are not necessarily accurate.
Discount Rates of
452,297, 000 397 ,138,330 374,941,384 366,661,673 357,309,815
12,134, 000 15 ,851,331
20,948,938 25,154,293 42,245,113
136,864, 806 142 ,762,748 141,057,928 138,400,553 102,940,514
67,761,988
98,423, 200 106 ,040,194 98,955,896 100,593,585
37,806,968 35,178,526
38,441, 606 36 ,722,554 42,102,032
89,378,138
78,636, 199 80 ,045,001 82,521,413 77,057,869
29,133,769
19,496,406
26,741, 815 32 ,741,082
19,517,947
18 ,752,854
8,178,324
11,943,009
9,290,627
8,018,
11,318,082
17,190,761
10,227,320
18,723, 674 13 ,988,228
61,762, 000 63 ,977,875 78,118,207 85,134,178 44,811,714
314,059, 960 201 ,116,205 193,059,591 191,795,851 127,121,529
Bank of France Statement
regime in Japan by
a new
precisely such tactics.
.....
a
serve,
a new
the Navy
or
Public deposits
Other deposits.
When
offered successively to
was
Circulation....
Jan.
14 1937
5
Feb.
1 1935
6X
1 1936
6
4
5H
July
3
Jan.
11936
3H
Morocco
6X
May 28 1935
4H
Danzig....
5
Oct.
21 1935
6
Norway...
4
Dec.
5 1936
3H
Denmark
4
Oct.
19 1936
3^
Poland
5
Oct.
25 1933
2
June 30 1932
2 ^
Portugal...
5
Dec.
13 1934
5X
Estonia.
5
Sept. 25 1934
5H
Rumania.
4^
Dec.
7 1934
Finland
4
Dec.
South Africa
3H
May
15 1933
2
Jan.
Spain
5
July
10 1935
5X
discounted.,
+ 610,000,000
bought abr'd
—12,000,000
7,171,056,051 9,545,353,817 4,003,035,927
952,328,983
1,424,552,779 1,314,266,966
—27,000,000 3,560,286,826 3,231,643,857 3,148,827,961
Note circulation...
—946,000,000 86,544,422,085 80,030,900,540 81,686,361,995
Credit current accts. + 1,225,000,000 18,575,186,717 11,509,985,078 20,224,766,281
c Temp. advs. with¬
bills
b Bills
Adv. against securs.
4
France
60,358,742,140 65,386,430,530 82,014,004,268
9,950,746
10,710,534
13,162,313
French commercial
6
England
No change
+ 1,000,000
Francs
Francs
Francs
Francs
Czechoslo¬
vakia
.
.
»
4 1934
28 1937
2
.
6
.
4
.
Greece
Sept. 30 1932
5
Sweden
2H
Dec.
1933
3
6
Germany
Jan.
41937
7
Switzerland
1>*
Nov. 25 1936
out int. to State.
a
—0.15%
Includes bills purchased In France,
71.43%
57.42%
80.48%
b Includes bills discounted abroad,
c
Rep
resenting drafts of Treasury on 10-billion-franc credit opened at Bank.
2
1
—200,000,000 19,398,092,309
Propor'n of gold on
hand to sight liab.
*
Gold holdings of the Bank were revalued Sept. 26, 1936, in accordance with
valuation
legislation enacted
that
on
date.
Immediately
de¬
following devaluation,
10,000,000,000 francs of the Bank's gold was taken over by the Franch stabilization
fund, but it was announced a few days thereafter that 5,000,000,000 francs of the
gold had been returned to the Bank.
See notation to table "Gold Bullion in Euro¬
Foreign Money Rates
pean Banks" on a
IN bills Friday market discount rates9-16% on
LONDON open
9-16%
aga'nst for short
on
were
as
as
'Temporary advances without interest to the State."
Friday of last week, and 9-16for three months'
bills,
as
Money
on
call in London on Friday was l/2%>
market rate
was
raised
on
At
Jan. 28
2l/2% to 43^% while in Switzerland the rate
remains
at
134%
•
England Statement
small loss
the total to
an
£314,059,960 in comparison with £201,-
a year ago.
As the gold loss was attended by
expansion of £1,833,000 in circulation, ,the de¬
in
crease
reserves
Jan. 23
of
amounted to £1,855,000.
Publ:c
a
4,000 marks, the total of which stands now at
marks,
66,864,000
note
THE statement for the week ended Jan. 27 shows
of £21,631 in bullion, which reduced
116,205
Germany Statement
THE quarterly statement of in gold and bullion
showed
slight decline the Bank dated
marks
Bank of
a
Bank of
against 9-16@^% on Friday of last week.
Paris the open
from
subsequent page of this issue.
Note—"Treasury bills discounted" appeared in blank in the statement of Sept. 25.
all of these bills had matured and have since been transferred to the account
a
as
compared
with
76,589,000
A loss of 128,000,000 marks in
year ago.
circulation, further reduced the total of notes
outstanding
4,378,000,000
to
Circulation
marks.
last year
amounted to 3,753,821,000 marks and the
previous
year
to
culation is
ago.
now
3,428,919,000
and foreign
portion of gold
marks.
currency
The
1.7%, compared with 2.18%
Reserves in foreign currency
of
rose
pro¬
to note cir¬
a year
72,000 marks
deposit
and
584.
change and checks, advances, and other daily matur¬
fell off £1,422,000 and other deposits £990,The latter consists of bankers' accounts, which
decreased £1,863,872, and other accounts,
which
rose
investments
316,000
marks.
Bills
of
ex¬
ing obligations fell off 148,363,000 marks, 7,340,000
664
Financial
marks
we
and
furnish
20,946,000 marks respectively.
Chronicle
Below
Discount'Rates of the
three years:
Federal
HPHERE have been
comparison of the different items for
a
changes this week in the
1
The
Changes
Assets—
Jan. 23, 1937 Jan. 23,1936 Jan.
23,
Reichsmarks
Gold and bullion..
1935
following is the schedule of rates
Advances
Investments
735,418,000
———
Notes In circulation
673,438,000
Propor'n of gold & for'n
to note circula'n
1.7%
New York
2.18%
2.44%
Money Market
Boston...
maintained,
were
Rates in
with
business
tions, computed
annual bank discount basis.
on an
Acceptance and commercial
Call loans
paper
rates
were
un¬
the New York Stock Ex¬
on
change held to 1% for all transactions, while time
offered at
1%% for all maturities
up to
Money Rates
m
Feb.
17 1935
IX
on the
was the
ruling quotation all through the week for both
loans and renewals.
reported
standstill,
this
new
The market for time money is
transactions having been
no
week.
continue
Rates
l}/i% for all maturities.
nominal
The market for prime
mercial paper has been
at
com¬
quite active this week and
while the supply of high class paper is gradually
improving, it is still under the daily requirements.
Rates are %% for choice names running from four
to six months and
May 11 1935
Cleveland———————
Richmond
Chicago
St. Louis—4.—
—
1% for
names
less known.
but the demand from the
city has been
less
more or
Prime bills have been available in slightly
larger quantities though there is still not enough to
the demand.
as
Rates
are
unchanged.
Official
issued by the Federal Reserve Bank of
New York for bills up to
Reserve Bank is
May
8 1935
2
Feb.
16 1934
Sterling Exchange
perhaps of the Dutch guilder, is
yen
Fears
will be devalued
and that the French franc is certain to be devalued
within
a
short time.
monetary studies
Much
hesitancy is caused by
in progress by the
now
United
States Treasury and it is feared that the dollar
may
be cut to the full extent authorized by law. It is also
franc, the pound
holdings
to
quoting the
of
%% for bills funning from
acceptances
$3,081,000.
same
Reserve
rates
Bank
Open
as
of
—180 Days
Bid
Asked
Prime eligible bills__
A
'16
—90 Days
Bid
Asked
Prime eligible bills
s,c16
A
market
from
dealers
those reported by the
New
market acceptances
decreased
York.
are as
—120 Days
Bid
60 Days
Asked
A
Asked
—30 Days
Bid
adverse
effect
markets.
and flood
on
the
disasters
here, have
an
foreign exchange and other
However, the attitude with respect to the
long-term outlook is
one of optimism.
The range for
sterling this week has been between $4.89% and
$4.91 for bankers' sight bills, compared with a range
of between
range
$4.90% and $4.91 1-16 last week.
The
for cable transfers has been between $4.89 11-16
and $4.91 1-16,
compared with
exchange rates
narrow
of between
a range
A
and fluctuations
because
of
the
are
held
powerful in¬
fluence of the several exchange equalization
funds,
are hesitant and cautious.
The exchange
funds give attention
only to spot rates.
for franc futures collapsed
Tuesday
growing fear
as
The rate
sharply in all markets
of devaluation
on
induced
weakness.
believed that Treasury
Paris, and in London
are
authorities here, in
seriously studying problems
which may arise for the exchange equalization funds
a result of devaluation of the franc.
Under the
as
present law the French Government has the power to
the
franc
lation would be
4.35
to
about
4.35
cents,
present level of around 4.67 cents.
compared
New
legis¬
required to lower the franc below the
level, which
compares
with old dollar parity of
3.92.
For
some
former
days there has been talk of the
the pound
dollar
might
relationship
of
be restored to
$4.86.
pound has been ruling above $4.91 and
occasions
unit
was
the franc
A% bid
A% bid
limits
bankers
Asked
'16
FOR DELIVERY WITHIN THIRTY DAYS
Eligible member banks
Eligible non-member banks
situation, mounting prices of commodities,
and the strikes
sibility that
716
Bid
5ie
rates
follows:
150 Days ■
Bid
Asked
A
The
likewise be lowered to its
may
These uncertainties, added to
those already existing, such as the disturbed inter¬
national
for
for open
May 10 1935
2
general that the Japanese
are
to the
are
2A
2A
2A
2A
2A
2A
tending lower and showing hesitancy.
are
days, %% for 91- to 120-day bills and 1%
121- to 180-day bills.
The Federal Reserve
Federal
2A
May 14 1935
2
———_
with the exception
dull
1 to 90
$3,084,000
3 1935
•
9 1935
STERLING exchange is foreign exchange market,
undertone. The entire showing a slightly easier
devalue
Bank's
19 1935
"
2
Course of
It is
and including 90 days
5-16% bid and %% asked; four months, %% bid
and 5-16% asked; for five and six months,
%% bid
and 7-16% asked. The bill-buying rate of the New
York
Jan.
Jan.
2
■;v
14 1935
2
————
———
foreign
THE "out-of-town" been fairly heavy this week
acceptances have inquiries for prime bankers'
quotations
Jan
2
....
...
May
2
-
.
within
meet
2
Atlanta
2
2A
$4.90 3-16 and $4.91% a week ago.
While in the main there is no important change in
Bankers' Acceptances
spotty.
2A
2 1934
Jan.
former ratio of $4.86.
DEALING in detailfrom day toloan rates
with call day, 1%
Stock Exchange
a
Rate
8 1934
Feb.
"
2
of the
New York
at
Previous
thought possible that in the event of the devaluation
six months.
still
Date
Philadelphia
on the
there
almost at a standstill.
The Treasury sold last
Monday its usual issue of discount bills, and awards
were at an
average of 0.361 % for the 273-day obliga¬
were
different
New York——————
San Francisco
as
requirement question is clarified.
departments
changed.
in effect
the
Established
on
2
general disposition to do'nothing until the
reserve
now
at
paper
Jan. 29
Kansas City
money
loans
Effect
Minneapolis—
EXCEEDINGLY dull market thisprevailed
conditions week,
New York
all
of
Rate in
Federal Reserve Bank
,'■+77-!; 777777^-;: 7
Dallas.
a
classes
DISCOUNT RATES OF FEDERAL RESERVE BANKS
669,027,000
*128,000,000 4,378,000,000 3,753.821,000 3,428,919,000
-20,946,000
753,901,000
749,543,000
938,807,000
339,453,000
267,521,000
285,000,000
Oth. daily matur. oblig.
Other liabilities
was
various
the
Reserve banks:
Reichsmarks
66,864,000
76,589,000
79,186,000
26,669,000
20,264,000
21,204,000
+72",666
5,641,000
5,289,000
4,580,000
—148,363.000 4,450,845.000 3,629,553,000 3,345,740,000
276,545,000
291,529,000
345,229,000
—77340",656
36,135,000
46,100,000
56,169,000
+316,000
525,173,000
663,970,000
758,411,000
Bills of exch. & checksSliver and other coin
curr.
Reichsmttrks
for
—4,000
Of which depos. abr'd
Res've In for'n currency
Other assets
Liabilities—
Reichsmarks
no
Banks
Reserve
rediscount rates of the Federal Reserve banks.
REICHSBANK'S COMPARATIVE STATEMENT
for Week
Jan. 30, 1937
during the late
summer
Lately
pos¬
the
the
on numerous
and early fall the
quoted above $5.00.
were
If both the pound and
allowed to decline in relation to the
dollar, the effect would be similar
to
a
higher dollar
Volume
144
valuation.
Financial
As it is
and for the past
now
foreign exchange authorities
regarded the dollar
as
few
Chronicle
M. W. Sprague, former adviser to the Bank of Eng-
years,
the other side have
on
land and later to the United States
Treasury,
greatly undervalued and have
considered this circumstance largely responsible
the heavy flow of gold from
attended
for
resigned
these
genthau
Europe to the United
States.
conferences,
disclosed
that
indicated
at
Treasury
is
present
by
that
reports
negotiating
of
loan
a
£50,000,000 in the London market.
impossibility that France
home because
can
the
French
inevitable.
has been
a
as
A number of other
advisers to both the Treasury and the
Federal Reserve banks, also attended the conference.
The conferences
especially significant because
are
of the visit at this time of Mr.
Walter
President
of
of
lack
who
reemployed
'
citizens
French
The
Sprague,
experts,
approximately
This shows the
of
also-
Secretary Mor-
Professor
part-time adviser to the Treasury.
find accommodation at
of the conviction
devaluation is
be devalued is
may
and
time ago in protest against the dollar
some
depreciation 'program,
Widespread fear that the franc
that
665
Otto
con-
of
the
Niemeyer,
British
a
Board
Runciman,
Trade,
and Sir
director of the Bank of England,
fidence in the French outlook is also shown by the
It is generally believed that these two gentlemen are
inability of the French Government either
here for the purpose
induce
to force
or
considerable repatriation of French funds
a
from abroad
to draw into investment
or
sources
the
hoards of French gold and currency hidden in
vast
France.
The negotiations for a loan with London are
dealing with questions
now
should be 3% or
be nine months
to whether interest
as
V/^%) whether the maturity should
or
a
and whether payment of
year,
capital should be guaranteed.
Doubtless the French
Government would have to guaranty payment of the
in
loan
gold,
it did in the
as
completed only
was
A London
United Press stated that
had
been
in, first,
trade agreement between the United States
a
and Great Britain, and second, a
decrease in the value of the franc.
the
prevailing
credit
Ltd., N. M. Rothschild &
The credit is
look Mr. Beckett
not been
at the
by
three, six
or
nine months' maturity,
option of the borrower.
The credit is secured
form
gold to the credit of
or
the Bank of England at the Bank
-
Foreign exchange interests
meetings which
concern
Treasury
who
Department
believed
are
policies.
be
to
asked
When
of France.
taking place in the
Washington
of
experts
studying world monetary
about
these
meetings the
sees
little amelioration in
says
tariffs,
that there has
denominator
nearer a common
of definite exchange parities between
"The exchange equalization
funds," he said, "per-
useful service, but the
a
that
exchanges
watching with much
are
are now
at
observers,
Britain, France and America.
proof
deposit of either sterling
a
to bo
seems
at pains to point out the
was
brought much
Great
will be transferred to the French
a
simultaneous
Washington
quotas, and other restrictions and
but
It is
of
a
Th's
defects in the present international foreign exchange
and trade situation. Regarding the international out-
[n the shape
money
opinion
recently in London,
ago.
Thursday night to the
and Morgan, Grenfell & Co.
the
readjustment of the
present dollar-sterling ratio to permit
extended to the government-owned French railroads,
Treasury.
time, it is
some
The Honorable Rupert Beckett, Chairman of the
£50,000,000
a
fields may not produce results for
considered possible that they may eventually result
Westminster Bank, Ltd., at the annual meeting held
placed by the London banking firms of
Lazard Brothers & Co.,
Sons,
on
least,
Although studies in both the monetary and trade
of the previous
case
month
a
dispatch late
of establishing the ground work
mutual trade agreement, at
a
London, payment of
£40,000,000 loan effected in
which
for
are,
By this I
position
the
genuine
to
of
the
various
great extent, still in abeyance.
a
that these funds have taken
mean
that
necessity for them i&
functions
should
goods themselves.
be
filled
by the
of turning credit into
a
commodity, the true
modity goods being lacking.
The
measure
corn-
of stability
Secretary of the Treasury declined to discuss their
which
currencies is the result of economic cooperation.
"nothing pressing" before the
groups
"you
back here three
may see
times
over
"What
is
this
same group
the next two
has
been
or
going
I
am
or
four
three weeks."
on
Treasury business of such
discuss it.
and added that
a
of the
survey
monetary situation, past, present, and future," he
asserted.
That
the
tripartite agreement
mechanics of operating
the conference
nation
were
the subjects of
elimi-
according to observers. Officials said that the
conference did not
taxing
under it
and the
indicated by a process of
was
concern
the Japanese crisis, the
investments in this country,
of foreign
or
proposals to rehabilitate Germany.
The
international
aspect
shown by the presence
adviser
the
to
was
Department,
and H.
Merle
Cochran, first Secretary and Treasury representative
at the United States
Embassy in Paris, who
accom-
panied Secretary Morgenthau to the White House
shortly
after
visit to the
William
noon
on
Monday.
Mr.
Treasury follows by two weeks
W.
sentative in
Butterworth,
the
London
the
much to
not
be
Cochran's
a
Treasury's
embassy.
visit by
repre-
Professor O.
attained
among
the
chief
world
Is it
hope that political considerations will
allowed to stand in the
prosperity
way
of wider col-
through which alone lasting
can
peace
be attained?"
and
•
Aside from the factors enumerated above, which
are causing at most only a temporary
hesitancy in
foreign exchange operations, there is no essential
change in the situation. Gold continues to flow to
the United States not only from England, but from
other parts of the world, attracted by the high
price
for the metal here, the prospects of a still further
advance,
and
by
opportunities
Offsetting the movement of funds
is
of the conference
of Dr. Herbert Feis, economic
State
too
nature that I can't
simply making
been
laboration
today [Monday last]
a
has
of
It is in fact the fictitious position
significance in detail, but he hinted that there
was
the
passage
an
for
investment,
to this side there
equal trend of funds to London seeking both
Much gold has been shipped from
safety and profit.
Great Britain to the United States during the past
amounting now to about $200,000,000, but the
year,
British gold position is also improving, as may be
from the fact that net gold imports into England
in 1936 amounted to £227,675,423, compared with
seen
£70,065,891
in
1935.
1936 amounted to
Total
imports
of
gold
in
£314,295,298, against £244,091,930
in 1935 and £262,483,031 in 1934.
amounted to £86,619,875, against
Exports in 1930
£174,025,439 in
Financial
666
and
1935
Another fact in¬
£128,712,611 in 1934.
Jan. 30, 1937
Chronicle
dicating the strength of the British position, and the
great volume of foreign funds deposited there, is the
$4.90J4 @ $4.90 13-16;
Bankers' sight was
Tuesday the pound eased off.
high record of deposits in British banks during
new
which totaled £2,315,366,000, an increase of
1936,
£146,494,000 over 1935, the largest expansion in any
Advances of British banks in 1936
since 1932.
year
increased approximately
Money rates in London con¬
are now beginning
greater trade activity.tinue excessively easy,
to
warn
£79,000,000 because of the
but bankers
the business community that rates on gilt-
edged securities
low
are so
as
to imperil the further
of trade.
orderly advancement
Investors
dis¬
are
inclined to lend money at the unsatisfactory yields
The
available.
bankers
warning is being expressed by
same
side
this
on
regarding the low yields
of
cable transfers $4.90%@
On Wednesday the undertone was irregu¬
$4.90%.
larly
The
with trading limited.
easy,
$4.89 13-16@$4.90 3-16
London
On Thursday exchange
The
steady.
was
$4.90 for bankers- sight
for cable transfers.
On
,
was
range
,
for bankers' sight and $4.89%
@$4.90% for cable transfers.
on
On
7-16@$4.91 1-16 for cable transfes.
and $4.90
$4.89%@
was
range
and $4.89 11-16@$4.90 1-16
Friday sterling was steady.
$4.89 11-16@$4.89 15-16 for bankers'
The range was
sight and $4.89%@$4.90 for cable transfers. Closing
quotations
Friday
on
were
$4.89 13-16 for demand
$4.89% for cable transfers. Commercial sight
and
$4.89%, 60-day bills at $4.89, 90-
bills finished
at
day bills
$4.88%, documents for payment
at
(60
government securities which are retarding long-term
days) at $4.89, and seven-day grain bills at $4.89 3-16.
financing of the more important industrial enter¬
Cotton and
prises
.
.r,
.
$4.89^.
grain for payment closed at
Continental and Other Foreign Exchange
Money is in abundance in Lombard Street from
Bill rates continue unchanged,
day to day at %%.
THE Frenchsterling,situation, as indicated in the
franc is causing much uneasiness in
of
resume
seldom
varying
by the
and three-months' bills
slightest
are
fraction.
Two-
9-16%, four-months' bills
19-32%, and six-months' bills 21-32%.
All the
gold
continues
offer in the London
on
taken
be
to
open
unknown
market
destination.
Markets
gold is privately owned and shipped to
On Saturday last there was on
United States.
£289,000, on Monday £289,000, on Tuesday
£235,000,
Wdenesday £395,000,
on
Thursday,
on
York
At the Port of
the gold movement for the week ended
Jan. 27, as
reported by the Federal Reserve Bank of
New
was as
£352,000, and on Friday £21,800.
New
York,
MOVEMENT
GOLD
follows:
AT
JAN.
21-27,
Bank also increased its rate for advances on securities
3%% to 5% and its rtae for 30-day loans from
2% to 4%.
ostensible
The
given in Paris for the
reason
traordinary rate increase
was
ex¬
that British bankers
with whom the French Government has
negotiated
a
$250,000,000 loan demanded that speculative borrow¬
INCLUSIVE
to
Exports
4%, the
On Jan. 28 the
change in the rate since Oct. 15.
ing be curbed.
YORK,
NEW
Imports
taken by surprise on
were
increase in its rediscount rate from 2% to
from
offer
everywhere
Thursday when the Bank of France announced an
first
Much of this
the
for
banking circles.
French financial
reported
sources are
have declared that banks have been
"dumping"
collateral into the Bank of France for discount with a
$10,928,000 from England
2,145,000 from India
consequent heavy drain on the national currency.
2,005,000 from Switzerland
None
1,696,000 from Canada
Paris
dispatches of Jan. 28 report that bankers
1,201,000 from Australia
there foresee
160,000 from Holland
and
$18,135,000 total
Net Change
above
figures
are
for the
likely
week ended
on
Wednesday. On Thursday there were no imports or
exports of the metal or change
for
received from England. There were no exports
of the metal
or
change in gold held earmarked for
foreign account.
a
discount of
rate
%% and
and the
a
will
stimulus to the three-power stabilization
Minister of Finance, Vincent
The French
asserted positively a
few days
assertion only
Auriol,
that no further
be made, but his
ago
cut in the value of the franc is to
aroused further suspicion in financial
abroad.
His
statements made
a
LONDON CHECK RATE ON PARIS
105.16
105.15
105.15
Jan. 25
LONDON OPEN
words
recalled
strikingly the
just before the franc was devalued
few months ago.
Early in the stabilization attempt
Jan. 25
Tuesday, Jan. 26
PAID
Wednesday, Jan. 27__
Thursday,
Jan. 29...
Monday, Jan. 25—
Tuesday, Jan. 26
.105.16
105.10
Wednesday, Jan. 27._ 141s. lid.
Thursday,
Jan. 28_.141s. lid.
Friday,
Jan. 29.. 141s. 11 Hd.
FOR GOLD BY THE UNITED STATES
RESERVE BANK)
Saturday, Jan. 23
.105.16
Jan. 28_
Friday,
$35.00
35.00
35.00
(FEDERAL
Wednesday, Jan. 27
$35.00
Thursday,
Jan. 28.
35.00
Friday,
Jan. 29
35.00
day-to-day rates sterling exchange
Saturday last was dull, but steady.
Bankers'
Referring
was
to
$4.90%
in demand.
$4.90 3-16@$4.90%, cable transfers
@$4.90 7-16.
On Monday sterling was
The range was
$4.90%@$4.91 for bankers' sight bills
no
harm, but
viously threatened
MARKET GOLD PRICE
141s. lOd.
141s. O^d.
141s. 8>^d.
Saturday, Jan. 23
sight
and
a
further lower¬
have done
Tuesday, Jan. 26
Monday,
negotiations
price paid for gold by the United States:
Saturday, Jan. 23
Monday,
are
alignment is
ing of the franc to the limit provided by law would
MEAN
on
premium of 1-32%.
a
current
an
Paris, the London open market gold price,
on
PRICE
a
ranged between
following tables show the mean London check
The
parliamentary circles
of currencies.
circles
Canadian exchange during the week
French
of
outcome
provide
in gold held earmarked
foreign account. On Friday, $7,372,100 of gold
was
alignment of the franc, the pound,
a new
dollar.
reported to have declared that such
in Gold Earmarked for Foreign Account
Decrease: $1,475,000
The
the
are
now
all the dangers
pre¬
revived with the possibility
that the franc will be allowed to
slip.
Lifting of the Bank of France discount rate on
Thursday
appears
to be a futile gesture in an im¬
possible situation and it also upsets the Government's
plans for
a
period of cheap
of business.
rate
money
for the stimulation
It is scarcely likely that a
will stop
higher bank
the flow of gold from France, to
say
nothing of the repatriation of French funds.
Fundamentally the French difficulties arise from
political rather than financial and trade conditions.
French capital has fled and continues to move out
because of its distrust of the Socialist Government.
Since
devaluation
and for long
before, day-to-day
Volume
has been readily available in Paris, but longer
money
accommodation has been exceedingly
term
for
Financial
144
business
both
balances
French
New York,
Swiss
and
the Government
have
been
security
seeking
in
to
New Dollar
This WeeH
Parity
3.92
6.63
13.90
16.95
5.26
8.91
Switzerland (franc)
19.30
32.67
22.83
Holland (guilder)
40.20
68.06
54.75K to 54.76^
(franc)
____
Belgium (belga)
Italy (lira)
______
a
4.65)^ to
4.67
16.84y2 to 16.87
;
5.26>6 to
5.26M
to 22.90H
New dollar parity as before devaluation of the European currencies
between Sept. 25 and Oct. 5, 1936.
The London check rate
105.10, against 105.15
Paris closed
on
on
Friday
Frday of last week. In
on
New York sight bills on the French center finished
4.65%, against 4.65%
cable
transfers
at
The United States
10.5% and of imports
was
Other South American countries also
relative
improvement in their foreign trade.
paper
closed
pesos
on
Friday, official
quotations, at 32.65 for bankers' sight bills, against
32.75
Friday of last week; cable transfers at 32.65,
on
against 32.75. The unofficial
free market close
or
was
30%@30.15, against 30.20@30.30. Brazilian milreis,
official rates,
8.75 against 8.75. The unofficial
are
free market in milreis is 6.15@6.20, against 6.15@
or
6.20. Chilean
exchange is nominally quoted at 5.19,
against 5.19. Peru is nominal at 26% against 26%.
Friday of last week;
on
4.66%.
against
4.66,
Argentine esports
Argentine
Range
as
cur¬
Great Britain took 31.8% of total exports
14.6%.
was
show
tripartite
favorable balance of 535,738,-
a
supplied 20.4% of imports.
share of
following table shows the relation of the leading
to the
Argentine foreign trade
fully resolved.
000 pesos.
important change in
no
exchanges until such time
felt with respect
during 1936 showed
and
be
can
American
of imports for
5,478,000,000 francs
against
There
approximately
excess
amounted
1936
year
The
Parity
at
South
are
Old Dollar
at
the
rencies
European currencies to the United States dollar:
a
moves
sterling rates.
The trade situation is. shown in the
in 1935.
France
j
now
9,944,000,000 francs,
The
E'XCHANGE on the South harmony with dollarAmerican countries is
steady and
in
doubts
cities.
full
obtain.
667
London, Amsterdam, Brussels, and the
figures for foreign trade.
the
difficult
to
Chronicle
Antwerp
belgas closed at 16.85% for bankers' sight and at
EXCHANGEfollow closely Eastern countriesofcon¬
on the Far the fluctuations
tinues
the
16.86 for cable
sterling-dollar rate.
Final
transfers, against 16.84% and 16.84%.
quotations for Berlin marks
40.24 for
were
to
showing
Currently the Japanese
tendency to
a
bankers' sight bills and 40.24% for cable transfers,
Cabinet crisis in Tokio.
in
although
comparison with 40.23% and 40.24. Italian lire
imposition of
for
London market has
transfers,
5.26%
against
Austrian
schillings closed at
exchange
on
5.26%.
against
18.70;
Czechoslovakia at 3.49, against 3.49%;
Bucharest
on
18.70,
and
at
0.74,
against 0.74;
18.95%, against 18.95%; and
against 2.16%.
on
on
Poland at
Finland at 2.16%,
Greek exchange closed at 0.89%,
against 0.90.
—•—
war
sterling.
the
Nevertheless, during the past week
Swiss
franc
has
weakness owing to
moved
not
sterling and the guilder,
a
in
or more
harmony with
but has shown
certain
a
widespread belief that if the
French franc is further devalued the Swiss authorities
also find it advisable to lower the Swiss unit.
may
the
market
keep the
their short commitments in
cover
without much
were
difficulty and
tem¬
any
the
It
now seems more
Japanese authorities
steady
yen as
business entered into
cover
adopted.
as
Closing quotations for
28.50
against 28.60
on
will fail to
possible at Is. 2d.
yen
checks yesterday
were
Friday of last week. Hongkong
closed
at
30.61@30 11-16, against 30.66@30.70;
Shanghai at 29%@30 1-16, against 29%@30 1-16;
Manila at
50%, against 50 7-16; Singapore at 57%,
against 57%; Bombay at 37.07, against 37.07; and
Calcutta at 37.07,
It
devalued following the tripartite currency agree¬
the
yet not experienced any serious
granting of permits to
against 37.07.
Gold Bullion in European Banks
is recalled in Swiss circles that when the Swiss franc
was
as
stringency is already being relieved by the
porary
no
These currencies fluctuate in close relation to
London advices state that
difficulty in liquidating contracts. Shanghai operators
have been able to
doubtful that
EXCHANGE on important changes from weekthe
the countries neutral during to
shows
week.
is
the
exchange restrictions by Japan,
before restrictions
;
yen
largely to
confusion is certain to arise from the
some
closed at 5.26% for bankers' sight bills and at 5.26%
cable
due
ease,
ment, the authorities asserted in official statements
THE fallowing.table indicates the amounts of gold
bullion (converted into pounds sterling at
that devaluation of the Swiss franc
of
them.
Thus far at least the Dutch
was
forced upon
guilder continues
strong and neither financial authorities nor banking
circles
in
Amsterdam
attention to adverse
to
seem
rumors
have
current
paid
much
respecting other
currencies.
sight
on
Amsterdam finished
54.76%, against 54.76%
on
to
shown for the
1937
of—
1936
£
£
England
314,059,960
France
482,869,937
Germany b.
201;116,205
523,091,444
2,818,050
193,059,591
656,112,034
2,899,100
90,713,000
62,731,000
68,476,000
72,936.000
69,111,000
15,899,000
7,395,000
6,852,000
191,795,851
616,439,983
17,117,100
127,121,529
657,338,309
39,440,600
Nat. Belg'm
105,865,000
Switzerl'nd-
83,488,000
Sweden
25,504,000
ished
at
at
21.88%
and
cable
transfers
on
at
21.88%
Sweden closed
25.27% and cable transfers at 25.27%, against
25.29 and
25.29; while checks
on
Norway finished at
24.63% and cable transfers at 24.63%, against 24.65
and
Spain
Italy
Denmark..
24.65.
Spanish pesetas
York.
are
not quoted in New
Total week.
Prev. week.
a
90,123,000
42,575,000
55,573,000
97,211,000
46,825,000
23,36(5,000
6,555,000
6,551,000
6,603,000
Norway
against 21.90 and 21.90. Checks
1933
£
at
against 22.89% and 22.90. Copenhagen checks fin¬
1934
£
Netherlands
22.85% for checks and at 22.86 for cable transfers,
1935
£
sight bills at 54.66,, against 54.66. Swiss francs closed
against 54.77; and commercial
corresponding dates in the previous
four years:
2,009,750
c87,323,000
a42,575,000
64,130,000
cable transfers at 54.77
of
by special cable yesterday (Friday); comparisons
us
are
Friday
Friday of last week;
on
as
respective dates of most recent statements, reported
Banks
Bankers'
at
par
exchange) in the principal European banks
6,602,000
90,347,000
63,095,000
86,045,000
76,621,000
78,425,000
67,518,000
•
14,515,000
7,398,000
6,574,000
74,389,000
88,964,000
11,433,000
7,397,000
8,015,000
1,220,978,647 1,095,854,699 1,245,913.725 1,243,527,934 1,253,595,438
1,216,794.628 1,103,011,917 1.247,141,983 1,244,239,831 1,251,200,644
Amount held
Bank
Oct. 29, 1935; latest figures available,
b Gold holdings of the
of Germany are exclusive of gold held abroad, the amount of which is now
reported as £1,333,450.
c
Amount held Aug. 1,
1936; latest figures available.
Note—The par of exchange of the French franc cannot be exactily
yet, since the legislation enacted Sept. 26,
the
.
90,458,000
76,666,000
franc's
gold
content
calculated on the basis
on
somewhere
between
43
and
49
milligrams.
which the Bank of France has revalued its gold
the parity between francs and
to
as
fix
However,
holdings'
pounds sterling is approximately 165 francs to the
about 125 francs to the pound).
It Is on this new basis
have here converted the French Bank's gold holdings from francs to
pounds
pound (the old parity
that we
determined,
1936 empowers the Government
was
Financial
668
Chronicle
The
extraordinary situation which John L. Lewis
and his Committee for Industrial
Organization have
still be
nothing of the kind could happen in
It is not
Great Britain.
flattering to
national
our
pride to be reminded that in Great Britain, where
is better
trade unionism
organized and
portant than here, and where
im¬
more
Labor Government,
a
by
twice been in power,
curbing the
has nevertheless found
arrogance
been
The
a way
of union leaders and ef¬
fectually preventing such strikes
have
for
as
of the Trades
passage
strike of the
Disputes and
Trade
1927, however, following the general
previous
year,
requires, has given Great Britain
of industrial peace
occa¬
measure
a
far beyond anything that this
the
be
noted
does not undertake to
at
the
that
outset
prohibit
the
Act
prevent strikes
or
such,
as
the
one
the
shall be
regarded
regulate the
illegal, and to curb picketing,
as
of union funds for political
use
pur¬
exclude consideration of union membership
poses,
non-membership in public employment, and
or
strict the union
membership of
service.
of
Some
these
re¬
in the civil
persons
provisions
specially
are
or
intended,
if its obvious effect may be, to coerce
directly or by inflicting hard¬
or
the Government either
ship
the community. A later provision of the
upon
Act declares that "a strike or lockout shall not be
be calculated to coerce the Government
deemed to
coercion
unless
such
as a consequence
ableness of the
ought reasonably to be ex¬
upon
which the courts might ultimately have to
but the plain intent of the Act is to put a
upon
strike which, either by challenging
any
Government
to the
directly
penalties imposed by the Act are direct and
Any
of
ance
made
not
part in, or otherwise acts in further¬
liable,
on summary
exceeding £10
than
three
or
are
the
object other than
of
trade
a
or
in addition to the furtherance
dispute within the trade or industry in
which the strikers
calculated
or
to
are
engaged,"
coerce
or
if it is "designed
the Government either
by inflicting hardship upon the
rectly
M0:
or
nity."
Under. similar conditions
a
ance or
the
continue,
or
commu¬
to apply any sums in further¬
of these provisions, "a trade dispute
shall not be deemed to be within
unless it is
trade
com¬
support of" any such strike or lockout. For
purpose
men,
di¬
lockout is also
illegal, and the Act makes it unlawful "to
mence, or
any
a
a
trade
or
industry
have
the
dispute between employers and work¬
employment,
or
with the conditions of labor,
in that trade or industry."
persons
"without
wages or
expres¬
industry/ workmen shall be deemed
or
be within
of
Conversely,
prejudice to the generality of the
sion 'trade
in
a
the
trade
same
or
industry if their
conditions of employment are determined
with
accordance
the
conclusions
of
the
same
union may
a
or
for
furtherance
works
the
mation
or
such
to
be calculated
numbers
place,
or
egress
and the
any
a
of not
inducing
otherwise in
or
or
of 1875
Act
an
resides, "for the
ployers."
in
same
accordance
employer
with agreements
or
group
of
em¬
Picketing
purpose
on summary
than £20
cause
family
or
an
of¬
a
house
of inducing
or
conviction by
in the mind of
or
a
imprisonment for not
than three months. Intimidation is defined
lence
as
in that
to work or to abstain from working,""
punishable
a person a
of his
or
the
attend
relating to conspiracy
protection of property.
person
more
ing "to
so
manner
to obstruct the approach thereto
similar
body,
such
to intimidate any person
apprehension of injury to him
with
any person to*
working, if they
joint industrial council, conciliation board or other
made
happens to be, for
Violation of this provision is made
person
is made
or
therefrom, or to lead to a breach of the-
fense under
where
business
on
of persuading or
in
house
dispute, "to attend at or
place where a person resides or
or
to abstain from
or
or
of obtaining or communicating infor¬
purpose
work
trade
a
carries
or
stringent, than those relating
employer, or in anticipation or
an
of
house
a
near
be penalized by his;
part in an unlawful strike..
whether acting for themselves, or for-
persons,
union,
peace."
em¬
of
The Act makes it unlawful for one
to strikes.
more
certain*
picketing provisions are more specific, and
industry which is connected with the
or
is imprisonment for not:
approval of the Attorney General.
in consequence more
or
ployment or non-employment or the terms of the
to
member
The
more-
There is a reservation which,
requires that court proceedings shall in
between workmen and workmen, in that
or
conviction, to a fine of
imprisonment for not
penalty
than two years.
cases
equally well suited to conditions in this country.
illegal if it "has
makes illegal is
months, while if the conviction is on.
indictment
more
the Act
which
strike"
a
who "declares, instigates, incites-
person
others to take
No
strike
by bringing hardship
or
public, might naturally lead the Government
union for refusal to take
a
reason¬
pass,
larly those dealing with strikes and picketing,
Act makes
thereof," and the
expectation is, no doubt, a question
adapted to British conditions, but others, particu¬
The
industry in which a strike
still be declared, the strike is illegal if it is
to interfere.
lockouts
or
Moreover, within the limits of
or
What it does is
to define conditions under which strikes
inspired the Act, is now permissible
Britain.
particular trade
may
severe.
general right of collective action.
resembling a general strike such as
Great
to deprive trade unions of the
or
even
which
nothing
The
lockouts
working
designated public or
a
employer or a group of employers. No "calling
other trades or industries, and
the
accordingly, worth examining.
determined
and
out" of workers in
ban
should
through
as
quasi-public body or directly by the workers with
country knows, and the principles and requirements
the Act are,
engaged,
agreement regarding wages
the
of
It
particular trade or industry in
pected
together with the knowl¬
edge that the Act will be enforced whenever
sion
time
some
increasingly prevalent in this country.
Unions Act of
of the
conditions concluded
in
primarily representative of the trade unions, has
provisions is
A strike may
sympathetic strike.
declared, but it must be kept strictly within
bounds
the
fight with the General Motors Cor¬
poration has evoked, in more than one quarter, the
of
the
which the strikers have been
created in their
comment that
outlaw
to
of the foregoing
obvious effect
An
The British Way with Unions and Strikes
Jan. 30. 1937
or
fine
more-
as mean¬
reasonable
to any member
to any of his dependents, or of vio¬
damage to
any person
or
property."
"injury" referred to "includes injury to
The-
a person
ini
Financial
144
Volume
;respect of his business, occupation, employment or
•other
of
source
income, and includes
actionable
any
669
Chronicle
the present
as
condition of virtually complete legal
irresponsibility continues.
wrong."
While these
provisions do not absolutely outlaw
picketing, they clearly make illegal the
Why Strikes in the High-Wage Citadels
picket¬
mass
of Industry?
ing which has become increasingly common in this
eountry, including the mass picketing which is en¬
gaged in by strike sympathizers who
selves actual
parties to the dispute.
regarding injury
the
cover
broad enough, apparently, to
are
injury which
be held to suffer from
unfair to labor
as
an
employer
may
reasonably
picketing which placards him
and, by inference, aims to discour¬
the public from patronizing him.
age
not them¬
are
The provisions
No form of
picketing which operates to interfere with ordinary
traffic, whether
of the peace,
ish
not it leads to some open breach
or
would
to be legal under the Brit¬
seem
■
•'
•
•
•
No serious attempt appears to
establish
either
the
principles
for those industries.
average
ers'
hourly
Both
the 1929 rates.
steel
The British
with the
19% higher than
hourly and weekly pay in the
industry far exceeds the average of all indus¬
Workers
tries.
tires
employed in plants making rubber
tubes
and
than
enjoy
higher
in
established
are
any
hourly
kk'
/
;
,
HOURLY WAGES—SELECTED INDUSTRIES
United States Department of Labor Data *
AND
Average Hourly
Earnings
All
en¬
28.23
V
27.02
89.1c.
31.34
1936, the latest published.
♦Data for September,
such
$22.20
66.1c.
Steel works, rolling mills
Rubber tires and tubes
Yet
Weekly
Earnings
Average
56.8c.
76.6c.
manufacturing industries
Automobiles
privileges of
rates
pay
large manufacturing
industry.
upon
organization and joint action which the unions
Iron and steel work¬
are now
the prohibitions
legislation seeks to impose legal responsibility
commensurate
schedules
pay
have been made to
or
of the British statute in American law.
unions
highest paid by any of the 25 largest
manufacturing industries and some 40% above the
•
'
of automobile workers in Novem¬
wages
the
were
WEEKLY
law.
trade
Weekly
ber
high standards of pay apparently do
joy, and specifically to prevent involving the public
not insure
in inconvenience
ing 1936 Akron rubber plants were plagued by sit-
ing
hardship
union objective.
a
other
the
or
as a means
of obtain¬
American labor unions,
hand, have
refused
admit
to
the
if
they
conduct
were
outside
obligations of law. Their most extreme defiance
of law is
now
device
a
as
such
any
responsibility for their acts, and in the
of strikes have often acted
on
showing itself in the sit-down strike,
which, if it is allowed to be used
union
proper
maneuver,
in
puts
jeopardy
as
a
hitherto
a
signs that the tide of public opinion,
are
of
tolerant
union
Business
turning point.
excesses,
be
may
near
and employers
men
Federal
and
policy and in the attitude of local
Nearly
•of Trade
a year ago
the New York Board
adopted resolutions calling for the incor¬
What
amongst America's high¬
high
efficacy
pended,
a
sums
collected and
ex¬
secret ballot and majority vote on any
a
strike
proposal,
grant
all
and authority in the courts "to
usual
and
appropriate
civil
A careful survey
tors
labor union which calls, instigates, di¬
any
rects
supports any strikes for unlawful purposes,
or
in violation of
or
union which calls
agreement, or against any labor
or
aids any
strike except for the
accomplishment of direct lawful benefits for
strikers."
7
the
Similar resolutions were offered on Jan.
by Frederick J. Lisman, of F. J. Lisman & Co.,
'investment bankers,
at the regular monthly meet¬
has not lost its
a
factors
The
strikes
by workers paid for above the average, are
1.
^
The determination
stirred up
few
tions
wage
labor union leaders
strikes whose
and
of
to
unions
should
primary aim was union domination,
enforce
be
with
legal responsibility in the dealings
employers
and
the public.
accompanied, however, by equally strin¬
gent regulation of strikes and picketing.
no
They
There is
prospect except of increasing lawlessness as long
convincing
and hour issues.
of
proof
this
staged
were
Since that time
ques¬
involving collective bargaining, recognition of
union
similar
and
those
far to end the racketeering of
and the calling or fomenting of
afford
Before 1933 most strikes
than
go
Strike statistics for the
bargaining.
years
observation.
over
and
interest among workers in organization
for collective
last
bargain¬
encouraged unionization drives
other
with, would
of the Federal government
under the New Deal to stimulate collective
ing has both
proportion of
statute
accounting for the accomplishments
these:
enactments, although directed at
British
policy
value, but it must be only one phase,
by the unions, which explain the support accorded
Such
the
steel, auto¬
The high wage
important one, of a well rounded policy
very
New York.
which
of industrial history during the
personal management.
a
evils
policy lost its
account for the industrial unrest in
ing of the Chamber of Commerce of the State of
deals
wage
of insuring a stable, loyal work¬
mobile and rubber factories.
remedies
against
as a means
a
past three years indicates that certain special fac¬
strict accounting to union
all
Has
ing force?
of
themselves of
automobile
unrest in the
explains the seeming paradox of strikes and
paid workers?
albeit
operations,
Finally, recent front-page head¬
intense unionization work
poration of labor unions, periodical reports to ap¬
nancial
128,000 steel workers
organization drive lasting
an
attest to industrial
propriate Federal or State authorities of their fi¬
members
during
industry.
are
increasingly demanding a radical change in State
officials.
union
Organiza¬
est
supposed to possess.
There
have enrolled
to
only six months.
lines
every
property right that an individual or an employer is
now
claims
its
in
major strike of five weeks'
one
The Committee for Industrial
duration.
tion
and
strikes
down
Dur¬
peaceful, contented labor force.
a
our
The National
constitutes
a
subjects account for
a
large
industrial disputes.
Labor Relations Act in
particular
potent weapon of the unions.
They
have not hesitated to broadcast to all workers that
this law
was
for them to
from their
passed not only to make it possible
join
a
union without fear of reprisals
employer, but also actually to encourage
them to affiliate with
An
even
more
New Deal is
a
union.
striking instance of the
way
the
capitalized by union organizers is the
670
argument
they advance that President Roosevelt
wants all workers to
tion
of the
steel mills
of
Financial
^
union.
a
literature
union
the
warns
join
A large propor¬
circulated among
employees that tliey
the
2.
in
the
tremendous fillip to organization drives
steel
the
and
sider the situation.
automobile
industries.
Con¬
Workers everywhere were told
by union leaders and politicians that all bosses
for Landon—that the bosses
date
into
employees
ticket.
after
Small
where
voting
wonder,
the election
were
found
daily
the
that
Republican
the
morning
Small wonder, indeed,
grievances and irritations which
in
occurrences
Such
large factory
any
are
could
so
when
even
policy
a
told
were
willingly accepted enroll¬
they
not accompanied
were
was
Work¬
effective in two ways.
they were getting a "free ride"—that
they could benefit from the union campaign at no
cost.
They
and
not,
about
interested in their
was
dues
Americans
all
Since
revenues.
temptation of signing a card which entails
financial
obligations.
It must be admitted that the
6.
are
difficult to
by inclination; it is indeed
resist the
welfare
managements charged, chiefly concerned
as
"joiners"
110
told also that the waiver of dues
were
the union
showed
industrial workers every¬
extremely "cocky."
that the small
for
then,
were
trying to intimi¬
cards
1937
by cash for dues.
ers
The outcome of the national election in Novem¬
so,
The auto union
tion fees.
ment
duty
owe a
joining the union to the President.
ber gave a
Chronicle
shrewd strategy
employed by the C. I. 0. also played a large role in
its
early successes.
in
steel, auto and rubber industries appear the best-
The industrial union campaigns
easily become delicate and serious issues in indus¬
publicized and the best-financed, if not the best-
trial relations.
managed, drives
Shrewd union
leaders, of
talize the situation.
hastened to capi¬
course,
Intensification of union
cam¬
paign efforts began with the posting of the election
Since that time the workers have learned
returns.
that—guided
by organized
President last
union to
have
November.
secured.
gained
and
conserve
Both
many
labor—they
They must
elected
a
join
a
now
magnify the advantage they
the
steel
and
unions
auto
workers during the two weeks
more
following the election than they had enrolled in
similar
It
period previously.
well
as
Witness
time affiliated with
The election influence is
a
trade union.
easily the most important
single factor explaining the rise of the unions.
3.
The
breakdown
of
local
law
Militant, unlawful practices of the unions often in¬
their
crease
of the
for
membership, due partly to intimidation
unorganized and partly to worker admination
the
"strong arm" methods.
Failure
officials to enforce the law likewise robs
of
employers
potent weapon against the unions—
their
to
their
operate
plants
with
loyal
workers.
The
nation-wide.
In
local
Akron,
law
court
business and
adapted it to their needs.
and blurbs have been sent out
containing enrollment blanks to be returned with¬
the
out
necessity
of buying
even
headlines
newspaper
7.
well
by union "greats."
as
homes
such
cases
wound up
and
only be imagined.
can
by
use
C. I. 0.
an
policy of concentrating
industry.
On the West
hurtful
Coast, maritime
absolutely free from all fear of
intervention in most communities.
Even in
duty perhaps
on
as
to prevent their break¬
ing the law.
4.
are
in the
any
other group of human beings,
to try something
militant, aggressive
new.
Trade unionism
energy
characteristic of
the industrial unions
was
ber, steel
Many employees felt they
could through the company
had
or
won
something
new to
they
unions—why not give the Lewis idea
5.
Many of the enrollments
unions
in
the
early stages
plained by the fact that
were
the rub¬
auto worker.
all
charged the
early announced
no
newcomers.
a
a
in
the
auto
industry.
Such tactics
by the industrial
won
dues
or
are
ex¬
initiation fees
The steel union quite
on
dues and initia-
to
conserve*
energies; they alsocompetitive
bring their adversary to terms.
strategy, of course, has been
"sit-down" strikes to tie up
strategi¬
cally important industrial units.
Sit-downs
have
been
exhaustively
recent weeks—but another
strategy
trial
unions
among
have
may
When
serves.
a
do
for
escaped
strike
not
discussed
in
phase of C. I. 0. strike
the
attention
it
de¬
actually is called, the indus¬
rely solely
upon
the striking
picketing and for "missionary work"
the idle who
are
not union members.
The
picket lines in the Goodyear strike early in 1936
were
manned
partly by miners, partly by workers
from other Akron
Flint
and
of
elsewhere
more
Looking
have
plants, in addition to the strikers
Pickets for General
themselves.
areas
chance?
of the drives
moratorium
large unit in
rubber, U. S. Steel Corp. in steel, and General Mo¬
workers
Workers, like
eager
on one
Thus, Goodyear became the target in
enable the unions to utilize the force of
a manner
often
of sound trucks.
unen¬
promised that
are
Significant in organization strategy has been the
orders
be used in
as
Drives
attacks with "flying squadrons"'
mass
generous
as
Intensive personal drives
union finances and organization
are
cam¬
meet¬
Just what pressure is used in
the resort to
protect strikers
mass
workers sought out in their
many
by organizers.
Part and parcel of such
much to
C. I. O.
with
cases
seems
Pennsylvania, unions
Michigan, the National Guard is
six months
past
ings addressed by political and religious leaders
action not meeting the approval of union
legal
the
shrewdly conceived and directed.
paigns have opened in most
In
workers have been
of
Organizing strategy in the field likewise has
been
take any
to strikers' interests.
postage stamp;
the point.
proves
leaders.
never
a
(c) efficiently organized publicity work—reference
considerations
police will
Broadsides
by the thousands, all
enforcement
were
of radio—
of direct mail advertising—union
use
forceable, and local officials practically refused to
State
use
organizers alertly seized this advertising medium of
tors
breakdown in
(b)
tively;
local
of their most
ability
organization drives have been (a)
followed, with
enforcement.
in this country.
perhaps the first drive to utilize this medium effec¬
as
strike late
a
called, managed and settled by work¬
at any
never
unorganized
among
organized workers.
in November
the
to
might be well to note that this post-election
psychology has been noticed
ers
any
seen
Significant and distinguishing characteristics of
than
over
were
Motors plants at
drawn
from
industrial'
1,000 miles away.
the impressive array of factors that
operated in favor of the C. I. 0., small wonder
that it has
citadels of
gained strength
even in the high-wageCan the unions hold the gains;
they go on to even more substan-
industry.
achieved and
can
Financial
144
Volume
tial victories?
It is far too
be
may
hazarded.
First, unions find it difficult to hold gains
in
won
great industry-wide organization drive.
a
the loss in union
ness
the National
waned.
Wit-
strength after 1920—the de-
cline in the auto union's
membership in 1935 after
Recovery Administration enthusiasm
successful
a
organization drive should eventually diminish
thusiasm for the union among most
Third, C. I. O. leaders will
serious
blunders
eventually make.
demanding
major tactical
is,
support
leaders
of
course,
a
miserably.
old-line
to play in Europe," he declared, "is today the main
preoccupation of all Europe. Here is
of 65,000,000 people
.
.
and nationalism into
a
A.
F.
of L.
machines in many
campaigns to fail
A. F. of L. leaders
equipped
are
The close connection
with
crafts
local
of
political
sections of the country should be
fervor
same
r
After six months of
more or
less continuous
in Spain shows
war
coming to
a
Are they to restore her to the position of
us.
great Power in the center of Europe enjoying the
respect of other Powers, both great and small, and
using the manifold gifts of her people to restore
fidence and prosperity to
ship, or are they to lead her to a sharpening of international antagonism and to a policy of ever
greater economic isolation?
increase of strength on the
some
vigor is due to aid from abroad, and how much to
weakening of support for General Franco in the
is
clear,
been
however,
able
itself
without
help, and it is around the problem of inter-
vention, whether of
men
diplomatic
continue
efforts
dences of progress
joint policy
or
side
that neither
maintain
to
or
toward
munitions
to
both, that
or
revolve.
a common
the part of
smooth for
peace
and prosperity."
had been
York "Times" reported the next day, the speech was
operations have
looked
and
upon
evi-
The
understanding
"cast in
was
friendly Italo-German relations."
more
suspicion that it anticipated the French
point of view,
an
exposition of which
from Premier Blum in
a
was
expected
speech at Lyons the fol-
German opinion not only declined
lowing Sunday.
to
all-too-censorial tone"
an
accept responsibility for the increasing gravity
of the Spanish crisis, but it was not in accord with
Mr. Eden regarding the virtues of collective security
and the importance of the League of Nations.
serious
some
differences
apparently
With
adjusted
by
are
treaties between the Reich and Italy, Austria, Po-
slight, and while diplomatic approaches continue to
land and Lithuania, German opinion inclined to fa-
be
vor
made,
done
on
one
much
of them
to
no
clarify
other Powers
as
reflecting "a note of petulance, the result,
even
There
outside
If she chooses
.
hoped for. As the Berlin correspondent of the New
perhaps, of
It
.
fight-
certainty how much of the added loyalist
have
.
cooperation with other Powers, full and equal cooperation, there is nobody in Britain who will not
know with
country.
ardently desiring to
antagonisms and
return to normal conditions of work and partner-
part of the Madrid forces, but it is impossible to
would
con-
world heartily sick of
a
clear sign of
no
Recent
end.
an
seemed to indicate
a
preached. All the world
+lMr' E1de'1'sresponse fai[edt topresumably
sPeech which awake" ,in
the cordial
After Six Months of War in Spain
soon
creed which is practised
it is
lead Germany and whither they are to lead
are to
and make the way
ing, the civil
great nation
assist wholeheartedly to remove misunderstandings
borne in mind.
f
as
a
which has exalted race
.
is asking at the present time whither these doctrines
feuds and
error.
important of all, the American Federa-
embarrass the C. I. O.
to
the
union
most
tion of Labor wants the C. I. O.
and fail
"The future of Germany and the part she is
tion.
all of
make the inevit-
soon
which
en-
workers.
The Lewis statement of last week
presidential
But most
operation in curbing the menace of armaments and
effecting a general political and economic ameliora-
with the
'
Secondly, costly strikes essential to
able
Turning to Germany, Mr. Eden appealed for co-
early to answer sucli a
but certain tentative opinions
now,
query
671
Chronicle
appears
the
as
yet to have
general
diplomatic
situation.
In
on
Jan. 19,
Foreign Secretary Anthony Eden undertook to
Commons
the
assure
just
he
said,
it
marked,
was
"neither
he
a
hoped,
strained
relations."
cessions
and
as
treaty
It
involved
friendships.
nor a
"the end
called
no
also
by
Turkey,
was
pact," although
of
no
chapter
a
British
Greece
ate
past," and it
was
the
and Yugoslavia.
were a
As
was
far
"orig*
up
the
legacy of the immedi-
with that object that the Britthought it desirable to include
exchange of notes in which the Italian Foreign
Secretary,
"that
the
serv-
only by France but
inally intended," Mr. Eden said, "to clear
ish Government had
con-
in the Mediterranean," and
concerned, the declaration
misconceptions which
of
existing
It had, however, been of
"an appeasement
Spain
Governments,
modification of
such had been welcomed not
as
for
The joint
as
on
far
behalf of his Government, had stated
as
Italy is concerned the integrity of
territory of Spain shall in all circumstances
remain intact and
unmodified."
assurance
of
peace.
speech of Premier Blum,
a
on
Jan. 24,
was,
plea for cooperation, but it
went much farther in what was said about economic
aid.
declaration of the British and Italian
as
re-
regarding the Anglo-Italian
cooperation in keeping Europe at peace.
ice
better
like that of Mr. Eden,
and added an appeal to Germany for
agreement,
British
bilateral agreements rather than collective ones
a
'The
speech in the House of Commons,
a
as
"The German State," Premier Blum said, "is
now
the
all
grave
devoting all its science of organization and
power
of its national
economic difficulties.
will to overcoming
From that fact there
has spontaneously sprung to many minds the idea
of
a
kind of exchange, of
terms of which
a
sort of contract by the
Germany would receive help in the
economic field which she would pay for by satis-
factory participation in the pacific settlement of the
European
situation."
That
Blum emphatically rejected
declared that "we reject
as
any
suggestion
Premier
undignified. He also
suspicion regarding
the will for peace that Chancellor Hitler has pro-
claimed
on
several solemn occasions."' Yet "how,"
he asked, "can economic agreements be made inde-
pendently of
a
political settlement?
What nation
would consent to cooperate with another nation,
either by opening credits
of
raw
gration
materials
or
or
or
by improving the supply
by affording facilities for emi-
colonization, if it should be compelled
to remain in apprehension that the help given
will
be
used
.
.
..
only for the increase of the military
672
Financial
potential of which it
its friends would be the
or
victims?"
into
France
of course,
ported to have been
the situation in Spain, and in that situa¬
Italy, Portugal and Russia,
involved. In
many, are
note addressed
a
to each of these Powers and to
Government asked whether
in
effort to
an
Spain for the
munitions
The
were
of preventing' the entry of
volunteers,
and
such
whether,
pending
supervision, they would
to
the
prevent
recruiting
replies of Germany and Italy
were
delayed until J an. 25, and in the interval important
diplomatic
conversations,
days, were carried
extending
several
over
by representatives of the two
on
Powers at Rome.
The German
reply, which
provided the plan
was
interested Powers
was
purpose
citizens
to
of taking part in the
enter
and
war,
transit
or
through the country of all
persons
to
condition that the Lon¬
Spain for
war
ately
joint
a
service,
on
desiring to
of
agreement
all
the
Governments
concerned "on the essential content of the
to be taken
go
non-intervention effected immedi¬
on
by each,
on
In
indicates the
Europe of large numbers of
their
sympathies
enlisted
are
their ambitions
or
the efforts of other Powers to localize
Not for many years
the conflict.
with
dangerous
so
measures
the time of their coming into
has Europe been
Credit Control of Fiat Currency?
By H. Parker Willis
Information
result of
from
comes
Washington
ties, eqrly in the current week, that the question of
"curbing"
excess
This
statement
allowed
same
the
that
is
not
official,
but
purpose
"Open Market Committee' of the Federal
no
Spain
non-Spanish
all
Jan." 7, "to
from
remove
participants
fighting
in
Spain, including agitators and propagandists," and
expressed
to
serious fear that "if the Powers
a
were
prevent only the future flow of volunteers, but
were
prepared to leave in Spain the foreign partici¬
pants in the civil
would lead to the
war
there, it
were
advantage of the elements fighting
.against the national
The
who already
the observation
"that if
of Reserve
naturalization
foreigners who have joined the ranks of
parties in the conflict should
measure
true
would
prove
gested naturalization
been
the
two
the
...
.
.
of the
This
.
of
such
unquestionably be contrary to
policy of non-intervention.
has
one
true,
a
to reflect Federal
parties in the conflict, and what decisive
The net effect of the
tion
exactly where it
fairly definite
and
that it will
before. A joint agreement,
acceptable to all the Powers interested in the Span¬
ish
war
is the very
thing which the London commit¬
tee has been unable to
lic
ury
drawn up.
On Jan. 20 it
sion of
learned that Portugal
exports to Spain on its frontiers
ternational
The
was
Great Britain that neither
a
supervi¬
nor an
in¬
patrol of its coasts would be permitted.
internal
position of the Blum Government is
Governors
that
was
not
much
Governor
of the
borrowing
more
likely to be necessary,
so
adopt
could be
a more
Federal
of
"new
that the Treas¬
conservative attitude
situation.
This
was
been
good
on
news,
believed, but the change of front
nounced eliminates any assurance
the
if it
now an¬
that might have
gathered from the earlier announcements and
leaves the situation
freres
had notified
of
System has, in recent addresses before pub¬
itself to
which
Jan. 25
Board
to borrow
necessary
expected.
would be able to devote itself to refunding and
than there had been previ¬
on
There
been
had
consolidating what it already owed, and could allow
ously to expect that such an agreement could be
reason
the
of relief," but that
program
entirely "upset this program,"
bodies, expressed himself pretty definitely to the
The
less
of
Reserve
was even
accomplish.
opinion that the Treas¬
probably be
than
more
entire credit
replies is to leave the situa¬
was
Reserve
"a
money"
importance is attached to it."&
The
had
sug¬
of
What is
when preparing the budget for the coming year,
effect
one
The advancing
often projected,
so
ury,
any
reveals how effective
help of foreign volunteers to
ratios, which has been
officially urged during the past two months?
Eccles
mass
any
"any heavy
alarming suggestion is made by those who profess
-countries
so-called
as
evidently pigeon-holed for the present.
reports published recently in the press of various
the
intention of ordering
the reasoh for this abandonment of all that has been
much
on
no
by Federal Reserve banks would handicap the
the Ohio disaster has
Spanish Government."
Italian note added
System has
Treasury in its future borrowing."
is
evidently
is
of testing public opinion.
Government, however, that
sale
or more.
time, it is fairly definitely made known
disposal of government securities,
opinion had yet been
will
banks
six weeks
some
by Reserve authorities to gain circulation,
perhaps for the
At the
of member
reserves
probably be deferred for
It reminded the. British
Expressed by that Government regarding the Ger¬
the
as
long session of Federal Reserve authori¬
a
control to be introduced."
on
humanize
or
situation.
a
Reserve
proposal, made
are
be gratified, and whose activities may paralyze
may
force," and "on the main lines of the system of
man
who
men
ex¬
willing to take part in any civil outbreak in which
prepared to enact
preventing the departure from Germany
don committee
im¬
an
substantially iden¬
was
German
to it.
attached
Italian notes
istence in
to which all the other
It
soldiers in Spain has
portance greater than the terms of the German and
joint plan of control,
a
one
agreed.
forbidding
Spain for the
Spain drags on, with outside aid
of foreign
numbers
Italy, reaffirmed the willingness
Germany to take part in
legislation
in
war
confronted
tical with that of
of
So the
continuing to come in, mainly, it would seem, in
they
dispatch of volunteers in their respective ter¬
ritories.
much foundation.
cannot be said to have
France, the British
support of the Franco forces. The presence of large
undertake
individually
and
Jan. 10
on
felt in British Government
regarding the German and Italian replies
circles
ready to join
establishment of
the
Ger¬
as
The satisfaction which is re¬
Spain.
supervise the frontiers and ports of
purpose
and
well
as
military supplies from
of volunteers and
flow
the
be able to check
Blum would
that Premier
ately in mind in their appeals for cooperation was,
tion
confi¬
regarded in Italy as weak, and there is no
dence
What Mr. Eden and Premier Blum had immedi¬
Jan. 30, 1937
Chronicle
as
unsettled
as
ever.
exceedingly optimistic outlook for the future
was
was
foreshadowed
not very
by Mr. Eccles and his
convincing to the
tive minds in the financial
con¬
more conserva¬
community.
They could
not, of course, foreshadow the floods of the Middle
West
or
the need for additional
expenditures result¬
ing from them.
Experience has stimulated the be¬
lief that there is
always unexpected
reason
for
new
Volume
drafts upon
will
there
Federal
be
and that ordinarily
resources
complete inability to keep expenses
the
to
down
Financial
144
levels
foreshadowed.
been
had
that
make the situation
be
found
it
and
outgo which had been accepted not only
Eccles, but by President Roosevelt
Governor
by
himself, in his
budget estimates of the
numerous
With such
past six months, could not be fulfilled.
based
forecasts
appointment
experience, surprise and dis¬
upon
the present outcome cannot be
over
real.
very
such
disappointment
admission
real
that
actual and
more
over
there
is
genuine than any
finances is, however, the
intention
no
to
take any
step with regard to the position of bank credit.
Postponement of
weeks is almost
decision in the matter for six
a
equivalent to putting off the whole
matter until the Greek kalends.
suggestion of
vague
"new
some
Although there is
to cut reserves"
move
(excess reserves), there is no indication what it may
be, and
as
yet nothing whatever to suggest that the
known and
recognized
of defense already
measures
under consideration will receive
any
serious atten¬
tion.
Specifically, the authorities at Washington
have
rejected the whole idea of "cleaning up" Re¬
serve
Bank
large
holdings
portfolios,
in
Treasury
Such
by reducing
their present
securities,
the
of
government
so
doing they would handicap the
ground that by
its
borrowing is
now
described
as
on
undertakings.
borrowing
future
likely to reach
"sizable total before the end of the fiscal year,"
a
while, of
the
reduction in value of govern¬
course, any
ment bonds
or
increase in the rates of interest which
government must pay would evidently
far too high
price to
be
re¬
in exchange
garded
as
for
improvement and adjustment of the bank-
an
pay
There
is, in this, nothing that has not been known
recognized for
a
long time.
is found in the fact that the
within
the
The
new
aspect of it
government itself has,
past two months,
recognized the
cariousness of the credit situation and lias
sized the belief
pre-
sawing off the limb of the tree upon
depends for its own support.
now
balance"
at
good deal more than
a
$7,000,000,000, out of which $1,500,000,000 are re¬
Now, notwith¬
ported to consist of cash balances.
standing the dependence upon this investment sup¬
port that has come to prevail, the
at
Washington
sapient financiers
said to Have devoted a principal
are
involved in
base
through the inflow of foreign funds, and to have
regarded it as a serious problem "how to prevent
foreigners from investing in property and securities
part of their consideration to the danger
the
in
The
currency
have the
we
of thought in the
confusion
usual
whole matter.
foreign gold which had been shipped here is
spoken of
principal source of the excess reserves
as a
of
books
the
on
Here
States."
United
the
country's
of the
enlargement
official
The
Federal Reserve banks.
our
question how to get rid of excess reserves thus con¬
ceived of
as
question how to stop foreign invest¬
a
At the
ment.
same
time, some saving common sense
to suggest to our financiers that in stop¬
appears
ping foreign investment we shall be likely to drive
again such foreign investment as has already
home
here, and in so doing to run the risk of
occurred
subjecting
our
appears
banks to an intolerable burden of
saving
The
redemption.
if
from the
what
situation
consideration of
in the
situation, but by the fear that
should take any
we
grace
to be furnished not by any
remedial measures we shall
raise the cost of current
borrowing for the Treasury
present 2.57%, or thereabouts, to a some¬
higher figure.
Public financial
empha¬
by suggesting definite steps of pre¬
suggestion that the
loss what else to do, might occupy
a
the true merits of the
conditions.
credit
or
a
just
"investment
"■
What is much
acute, it would, however,
more
semi-official
the
which
It may
not be a pleasant fact, but a face none the less, that
for many months past the New York market has
been very greatly dependent upon the incoming of
foreign gold shipped here on investment account by
way of payment for American stocks and bonds.
The Secretary of the Treasury has estimated this
itself in
the
hopeful view of probable relations between in¬
in
community, at
Few, therefore, will be surprised on learning that
come
673
Chronicle
never
policy in the United States seems
to have reached a lower level
than at present,
deliberations are going on in
caution, yet has not gained its own consent to act.
but while these very
Its
Washington, Congress has been adding to the situa¬
precautionary measures have been approved by
the best
banking opinion in the community, and the
tion
least,
tion to enforce such
dent's
prophylactic
accounts of what took
meetings
been
correct, the Reserve authorities have
are
reserves
and
that could be
"putting
on
no
the brakes"
so
far
effectively done, in the attempt to
bring credit overexpansion to
there is
of
If the
fully in accordance with the idea of reducing
excess
as
measures.
place during the Washington
an
Apparently,
end.
seriousness of criticism and no consensus
opinion that is sufficient to offset the bait held
out
willingness
by the
absorb
low
further
Nor is there any indication that adher¬
years can
apprehension which, to
devaluation
stabilization
current
ranted
say
the
In extending the Presi¬
not called for.
and
powers
perpetuating
the
fund, it has thought best, according to
dispatches,
news
to
reenact
the
unwar¬
provisions of the so-called "Thomas Amend¬
ment" of
1933, which legalized the issue of $3,000,-
000,000 of legal tender notes in case of necessity.
Originally the Thomas Amendment was tentatively
adopted
as a
possible resource against danger, at a
banks
time when
our
structure
apparently
should be reenact it
were
closed and
greatly
today ?
financial
undermined.
Why
Only, it would seem,
because the Administration and its
in
our
representatives
Congress are, in fact,- much more disturbed about
the
possibilities of the present situation than they
expenditure current during the past few
are
inclined
We
be expected.
to press on
of
was
reduction of the volume
to resolutions for the
of "relief"
plan
ridiculously
figures, when and if requested so to do, by the
Treasury.
ence
of the money market to
government bonds at
element of
an
government has been urged to adhere to its resolu¬
both with
getting
our
what
seem
to be determined
borrowing and with
we
need
from
the
our
banks
to
admit, and foresee at least a possi¬
bility that the country may find itself driven to add
to its fiat
rency.
credit
a
new
supply of actual fiat
cur¬
Certainly it is to be hoped that this pessi¬
through the creation of inflated credit, regardless
mistic conclusion for which the actions of our gov¬
of any
ernment have
caution and without any restraint.
That such,
we
need not
a
situation is
repeat.
more
than
discouraging
If anything were called for to
every
themselves, as just indicated, afforded
apparent warrant, will not, in fact, be trans¬
lated into action ;
but it is very imperative that some
674
Financial
definite
should
steps
be
taken
to
counteract
Chronicle
members of national securities exchanges, with
the
plement, and Regulation
belief, which is growing both here and abroad, that
there is
basis for
a
loans by
banks for
U of the
1936
a
sup¬
body dealing with
same
the
purpose of purchasing or
stocks registered on a national securities exchange.
serious apprehension than
more
Jan. 30, 1937
carrying
heretofore.
Why should
not give freedom of action to
we
Board of Governors of
is understood to be
of
credit
our
Reserve
our
more or
System, which
less alive to the
(feeble expedient), the present ratios of
all, to attempt to substitute
reasonable
ties
dangers
versal.
method
instead
of
two
of
some
and
new
of
of
best-informed
our
bankers
position.
on
the
laissez-faire-go-as-you-please
further
subject of
rallied
thought of.
There is
for effective remedial
basis
should
in 1929,
the interval
authoritative
In
the
the
well-known
manual
book
for
has
the
depression
of
the
changes
the
investment
upon
in
law
amended
closed at
matters.
nearly
as
widely
and
which
not
At
Loan
used
as
it
has
been
now
only of the effect of
occasioned
Corporation, and
by
new
situations
points the text
is
brought
statements of fact and in the conclusions drawn from them.
sample
purchase
the inclusion of
or
one
underwriting
of the leading New York
agreement
City trust companies.
portions in footnotes; Regulation T of the Board
of Governors of the Federal Reserve
extension and maintenance of credit
MOODY'S
BOND
(Based
U. S.
All
120
1937
Govt.
Bonds
on
PRICES
System relating to the
by brokers, dealers and
Corp.*
Jan. 29.. 112.21
very
active.
at
Aaa
Aa
A
Most
to
groups
lower
a
November.
New
Ohio
5s,
point
Central Pa¬
York Central 3%s,
1995,
roads
being most
declined 3 to
1963, fell 4% to 87.
bonds again
the utility market.
certain
91,
Erie 5s, 1975,
has been the feature
Brooklyn Edison 3% s,
grades displayed
holding
2%.
Indus.
were
by flood conditions
Louisville Gas & Electric 3%s,
1966, closed at 102%, off 1%; Cincinnati Street Railway 6s,
1955, declined 4% to 100%.
Industrial
no
bonds reacted
with
some
sey)
moderately, but there has been
downward trend.
general
emphasis
on
The
oils
have
deb. 3s, 1961, closing at 100%, off %.
been
easier, Inland
The
metals
have
milled about,
have
of
Steel
been
been
some
companies
1955, broke 13%
Obligations of
The steels have
3%s, 1961, receding % to 106%.
quiet.
Packing
spectacular
securities
company
to 68,
advanced
Among foreign
gyrations
in reorganization;
points
issues
mixed,
(New Jer¬
Swift & Co. 3%s, 1950, declining %
Paper 6s, 1947,
with
been
the decline, Standard Oil
companies moved fractionally lower.
8%
Bush
to 105%.
the
among
Terminal 5s,
whereas American
Writing
to 89.
South
Americans
continued
Antioquia bonds scoring impressive gains.
issues generally held their
own, while
firm,
European
Japanese bonds, after
early weakness, recovered somewhat.
Moody's computed bond prices and bond yield
are
averages
given in the following tables:
120 Domestic
U.
been
6s, 1944, closed
reflected the uncertainties.
on
YIELD
AVERAGES
(REVISED)
individual Closing Prices)
All
120 Domestic Corporate
120 Domestic
1937
120
by Ratings
Corporate by Groups
Daily
Averages
Domes-
Corporate by Groups*
P.
tenden¬
have
Standard Gas & Electric 6s, 1935, at 87
Bonds of companies affected
MOODY'S BOND
RR.
debentures
company
88%, up 2%; Utilities Power & Light 5s, 1959, declined
(Based
Baa
1961, at 104%
reactionary
International Hydro-Electric
1% to 62%;
(REVISED)
tic
Averages
declined
110%;
&
high-grade
Lower
Average Yields)
120 Domestic Corporate *
by Ratings
Domes¬
Daily
and
of
Appendices give the texts of the Securities Act and Securi¬
ties Exchange Act as
amended, with the original texts -of
amended
of
extent
Lower grades also lost ground, the de¬
a
1935, a purchase group agreement of the same year, and a
typical selling group letter of 1936, and an informing survey
ol the question of trustee
responsibility prepared by a coun¬
sellor of
cies,
There
are
2.
off
bonds
contract
but the
greater than similar
no
107%, of 1 %; Pacific Gas & Electric 3%s,
were
the
possible down to the date of publication in its
New features specially to be noted
the
The Baa
85%, off 2%.
the week in
off
banking practice, but also
procedure
of these
sharply,
been
in October last year.
to
Baltimore
an
currency and credit manipulation, and
all
The declines in
the bonds of the flood-affected
Softness in
coal
in Federal taxation,
other
published
Banking Act of 1933, the establishment
of the Home Owners'
as
was
Securities Act, the Securities Exchange Act,
passage of the
and
book
been
thoroughgoing revision to
has
bonds
Illinois Central 5s,
study and reference in its field.
subjected, account has been taken
Tuesday, not having
on
1966, declined 1 point to 103%; Consolidated Edison 3%s,
1946, fell % to 105; Detroit Edison 3%s, 1966, closed at
REVIEW
shortly before the advent of the great depression,
in
high of 118.16
United States Governments
rather
railroad
114%, down %.
of
of this
off
fell
the index
uni¬
quite
been
a
down 1% at 103; Union Pacific 4s, 1947, closed
noticeable.
real and genuine call
By H. Parker Willis and Jules I*
Revised Edition.
667 pages.
New York*
Harper & Brothers.
$5
and
at
Banking.
first edition
to 116.64
since November.
1949, fell 1%
clines for
be
Bogen.
The
were
action, not "six weeks" from
BOOK
Investment
4s,
1997,
but immediately.
now,
has
stood at
moderately toward the end of this week.
cific
and
a
prices
than they have been since early in
on a
not
bonds
High-grade
and
credit
our
Continuation of the present policies
lows
losses in December and
financiers, the rank and file of the banking and
community has been apathetic—disinclined
to make itself heard
declined
new
the decline in
business
even
made
bond
low since Nov. 23, 1936.
railroad
floating government securi¬
converting them into bank credit?
some
so
in
lower grades have not been of large proportions.
Up to the present time, despite the warning utter¬
ances
weeks ago,
also
and,
reserve
decline
Aaa average, which
The
been
Reserve banks, raise, if necessary
our
week's
This
position, request them to liquidate the
portfolios of
best of
The Course of the Bond Market
our
ticCorp.
30
For¬
Aaa
Aa
A
Baa
RR.
P. U.
Indus.
105.41
116.64
112.25
103.56
91.51
28- 112.30
3.14
105.41
3.35
116.86
112.45
103.38
91.35
100.00
105.04
111.43
28-
3.70
112.28
3.13
27—
3.34
105.22
3.81
116.64
4.53
112.45
4.00
3.72
103.38
3.39
91.35
100.00
105.04
111.23
27-
112.12
3.71
3.14
26-
105.22
3.34
3.81
116.86
4.53
112.25
4.00
3.72
103.38
3.40
91.20
105.04
111.43
26..
3.71
112.28
3.13
25-
105.79
3.35
3.81
117.29
4.54
4.01
112.86
3.72
103.74
3.39
91.66
100.53
105.22
111.84
25-
112.38
3.68
23-
3.11
106.17
3.32
3.79
117.50
3.71
104.30
3.37
92.12
101.06
105.79
112.05
23—
3.66
3.10
3.31
3.76
if 4.51
i 4.48
3.97
113.07
3.94
3.68
3.36
3.66
3.09
3.30
3.76
4.47
3.93
3.68
3.36
3.76
4.46
eigns
100.00
99.83
105.04
111.43
22— 112.39
106.17
117.72
113.27
104.30
92.28
101.23
105.79
112.05
112.40
106.36
117.72
113.48
104.30
92.43
101.41
105.98
112.05
106.36
Jan.
21—
29..
22-
21-
•
3.70
3.80
4.52
4.00
3.72
3.39
3.65
3.09
3.29
117.72
113.48
104.48
92.28
101.41
105.98
112.25
20—
3.65
112.45
3.09
106.36
3.29
3.75
117.94
4.47
3.92
3.67
104.48
92.28
101.41
105.98
112.25
19-
3.65
3.08
106.54
3.29
3.75
118.16
4.47
3.92
3.67
113.68
104.48
92.28
101.41
106.17
112.25
18..
3.64
3.07
106.36
118.16
4.47
3.92
3.66
113.48
3.35
104.48
92.28
101.23
106.17
112.25
16-
3.65
15— 112.53
3.07
106.36
3.29
3.75
118.16
4.47
3.93
3.66
104.48
92.28
101.23
106.17
112.25
15-
3.65
3.07
3,29
3.75
i 4.47
3.93
3.66
3.35
101.23
3.08
|j 4.48
3.93
3.67
m
3.35
113.48
m
5.39
3.35
16— 112.55
_—
m
mmm
3.35
113.48
18- 112.51
5.34
3.36
20- 112.37
19—
3.28
3.75
3.92
3.67
3.36
14-
112.60
106.36
104.30
92.12
105.98
112.05
14-
3.65
13-
112.40
106.36
3.28
117.94
3.76
113.68
104.48
92.12
101.23
105.98
112.25
13..
3.65
12— 112.45
106.54
3.08
117.94
3.28
3.75
4.48
3.93
3.67
113.89
3.35
104.67
92.12
101.23
106.17
112.45
12-
3.64
3.08
3.74
3.66
3.34
104.67
92.12
101.23
114.48
'
3.93
113.89
f 3.27
106.17
112.45
11—
3.64
3.08
3.27
3.74
4.48
3.93
3.66
3.34
3.64
3.08
3.27
3.74
4.48
3.93
3.66
3.35
117.94
112.68
106.54
117.94
9— 112.72
106.54
117.94
11—
113.68
113.89
104.67
92.12
101.23
106.17
112.25
9-
8-
112.71
106.36
117 94
113.89
104.48
91.97
101.23
106.17
112.25
8-
112.62
3.08
106.17
3.65
7-
117.94
113.68
104.48
91.66
101.06
105.98
112.05
7-
3.66
3.08
___
'
5.41
'
mmm
■
mm*'
m
mm
m
mm
m
m
3.27
j
3.75
: 4.49
3.93
3.66
3.35
3.28
3.75
j4.61
3.94
3.67
3.36
mmm
5.43
6—
112.56
106.17
117.94
113.68
104.30
91.66
100.88
105.98
112.05
6-
3.66
112.64
106.17
3.08
5—
3.28
117.94
3.76
113 68
3.67
3.36
mmm
91.51
4.51
3.95
104.30
100.70
105.98
112.05
5-
4— 112.74
3.66
106.17
3.08
3.28
117.94
3.76
4.52
3.96
3.67
3.36
m
113.68
104.30
91.51
100.70
105.98
112.25
4—
3.66
3.08
3.28
3.76
4.52
3.67
3.35
mmm
113.68
Clos ed
3.96
104.30
91.35
100.70
105.79
112.05
2„
3.67
3.09
3.28
3.76
4.53
3.96
3.68
3.36
2..
112.78
105.98
1
Stock
Exchan ge
—
High 1937 112.78
Low 1937 112.12
1
Yr. Ago
Jan. 29'36 108.11
117.72
.
118.16
113.89
104.67
92.43
101.41
106.17
112.45
Low
10^.22
116.64
112.25
103.38
91.20
99.S3
105.04
111.23
High 1937
1937
1
100.00
112.25
107.88
97.11
85.93
93.06
100.18
107.69
2 Yrs.Apo
Jan. 29*35 107.21
1„ Stock
106.54
Yr. Ago
Jan. 29'36
Exchan ge
!
mm
Clos ed
3.64
3.07
3.27
3.74
4.46
3.92
3.66
3.34
3.71,1
3.14
3.35
3.81
4.54
4.01
3.72
3.40
5.43
4.00
3.35
3.57
4.17
4.90
4.42
3.99
3.58
6.09
4.64
3.73
4.18
4.68
5.96
4.77
4.89
4.26
6.15
.
5.34
2 Yrs.Agn
89.69
*
104.85
96.94
89.10
72.76
87.78
86.07
95.62
Jan. 29'35
These prices are computed from average yields on the basis of
one "typical" bond (4% coupon, maturing In 30
years) and do not purport to show either the average
level or the average movement of actual price quotations.
They merely serve to Illustrate In a more comprehensive way the relative levels and the relative movement ol
yield averages, the latter being the truer picture of the bond market.
Volume
675
Chronicle
Financial
144
CHICAGO STOCK EXCHANGE RECORD OF PRICES FOR 1936
Continuing the practice begun by
thirty-two
us
Exchange.
of the dealings
which
In the compilation of the figures
the repoits
we
make
furnish below
record of the highest
a
as
based entirely
are
we
have used
and in
our range
sale transactions
on
given in the Chicago Stock Exchange official list each day
distinction between sales in small lots and sales in large lots.
no
For record of
Jan.
years ago, we
prices for each month of 1936 for all the leading stocks and bonds dealt in on the Chicago Stock
and lowest
previous
25
Jan.
27 1934
Jan.
28
Jan.
30 1932
..page
Jan.
31 1931
page
Jan.
25 1930
page
Jan.
26 1929
page
"Chronicle"
as
28 1928
page
Jan. 29 1927
page
Jan.
page
page
Jan. 27 1923
page
Jan.
28 1922
page
Jan.
739
732
523
468
page
Jan. 26 1924
1933..^..page 562
30 1926
Jan. 31 1925
566
page
yeais, see
Jan.
1936......page 527
Jan. 26 1935
page 534
29 1921
page
follows:
Jan.
484
565
533
505
366
349
353
415
page
1
26 1918
Feb.
3 1917
Jan.
29 1916.
Jan.
30 1915
Jan.
31
Jan.
27 1912
page
Jan.
28 1911
page
Jan.
29 1910
page
Feb.
6 1909
page
Jan.
25 1908
page
Jan.
19 1907
page
256
234
276
348
205
138
Jan.
20 1906
-page
135
Jan.
21
1905
page
198
409
416
page 333
page 399
page 380
page 349
page 347
page 244
1919
Jan.
Jan.
page
31 1920
Feb.
25 1913
1914
October
November
December
June
March
September
August
July
May
April
January
February
High Low
High
High Low High Low High Low
High Low
High Low
High Low
High Low High Low
High Low High Low
BONDS
Low
Cal & South Chic 5s ctfs
76
Chicago City Ry 5s
I684
1927
1st Mtge 5s ctfs of
5s series A
79
79
82%
82%
76i4
72
73
7Q34
7034
75
79
76
77
75
75
70
1034
76
22l2
24
12
74
72
75
75
76*
7*6*
223s
25
75i2
74
13%
75i2
1927
dep
1927
_
111*2 *1*1*34
1927
5s series B__
lT"YL%
IU4
72
225S
112
75i2
7512
25
74
74
1212
37%
82
32%
112
Side El ext. 4s. 1938
208 So La Salle St Bldg 5Ks.l958
80%
81
82
32%
74
75
76%
7212
80%
81
75%
1927
Commonwealth Edison 5s B.1954
Metrop West
78
16
16
1927
Certificates of deposit
Chicago Railways 5s
1634
76
78
1927
Chic City & Con Ry coll tr 5s '27
12i2
37%
STOCKS
share S per share % per share $ per share $ per share % per share % per share $ per share $ per share $ per share
159
113
131% 130
13134 130
120i2 115
105i2115
5234 55% 50% 53%
5712 5034 5534 50% 5434
651% 56i2 55
18
20
15% 17
16% 19
15
16i8 21
16
1558 17
16%
16i2
15U 1658
1634 1812 16i2 18
17
5
5
7%
5%
534
534
5i8
534
7
514
514
534
6i4
7%
6i2
714
658
714
63s
7%
738
7%
9%
834
!
8%
9%
7
8i2
978
7
7
7
758
878
83S
778
6i2
8i4
678
878
778
Pur $ per share % per share % per
Laboratories com...
Abbott
(New)
97% 101%
9834 107
*
16%
173S
*
6
7
157s
7%
5
534
7%
*
*
common
Adams (J D) Mfg common
Adams Royalty Co com
._•■
Advanced Alum
Castings
Ainsworth Mfg Corp com
Allied Products Corp class A.
Altorfer Bros Co
pref
conv
60
72
21
23%
21i8
2234
2U2
2334
22
23i2
23%
24%
113s
1538
15U
16i2
23%
18%
44
46
46
46
43
43
19l2
47
21
45
15l2
41l2
19%
45
1312
43i2
24%
21%
24
1134
22i2
1538
45i2
22
15
22i2
13
2U4
12%
46
47
47
~3~0~%
24U
29
20
24
23
3334
33
39%
36
51
51i4
69
53%
47%
64
56
66
41%
64%
22
43
73%
10
10
13
16
538
6%
434
6
478
4%
5*8
32i4
338
31
478
36%
3%
1Q34
85s
10l2
46
52
57
57
*
21
2234
22
25l2
2134
13I2
15i2
14%
1578
14
40
42
44
46
25%
31
26
32%
10
Common..
638
5
..
*
American Pub Serv pref
100
Annex Hotel Co
27*
23%
15%
100
Armour & Co
com
cap
5
478
73s
6i8
1
common
Asbestos Mfg. Co.. common
458
27%
578
478
30%
43
514
4%
412
434
534
5i8
534
5%
3
312
3
6
3%
5-%
6%
5%
3
4
3%
59%
57
4212
5
4
48%
9%
IOI4
214
14
5
1514
17
17
14
15l2
15
16
1112
478
334
16%
14
I6I4
1378
151.4
1434
17
458
*22% 2*4*"
Athey Truss Wheel capital
*
234
258
4i8
48i2
3
29
33
32
47
4134
4034
8%
10%
93s
IOI4
112
2
16
134
1534
2
1612
9%
12%
1034
12
29
1238
638
26l2
1238
2834
2738
24ig
45
46l2
55i2
55%
51
62%
834
934
758
*8
Automatic Products common..5
%
%
234
3%
Rights
Automatic Washer Co
pref *
conv
Barber Co (W
H)
A
Bastian-Blessing Co
com
*21%
2434
1
7%
8%
22%
734
2658
9%
1
3
6%
5U
capital
25
5
Bruce Co (E L) com
*
Bucyrus-Monighan class A
Si8
1214
*23'% 28*I8
26
32
2638
123s
10l2
6%
5^8
2738
934
512
6
1238
7
3034
83i2
5%
22%
25
23
30
5%
13i8
7
28
31%
29
3358
31%
34i8
29
33%
30
311.4
29l8
32i4
13
1538
14
1734
1534
1834
13
I8I4
32U
13
14
13
1412
32l2
33
93s
10%
3l2
312
312
3l2
2%
2%
9
83s
1034
li2
378
47S
3
4
38%
1%
5
42%
234
38i2
2i4
4134
3i2
39
40
2i4
*
21
33
29
40
*
Cent Cold Storage Co com
20
Cent 111 Public Serv
pref....*
Central 111 Secur Corp com_.__l
49
62%
56
68l2
15
1612
16
17
57
63
58
66
Castle & Co (A M) common.
10
Central & So West Utll Co com.l
Preferred
preferred
1
1%
10
8iS
10
s4
134
3934
42l2
278
138
238
30U
58i2
1612
35
64%
16%
24i2
3U2
40%
1%
20i2
134
4334
2i8
25i2
52
60
52
5858
15
15t2
58
63l2
58is
64%
U8
13
32
8
"sh "934
16"
18%
18%
19
21%
23%
21
1734
2234
33
33
33
33
33
10%
13%
12%
14%
13
16%
3
56
5138
134
51%
2%
134
1%
33%
2%
29%
212
54
52
58%
3%
6134
57%
4
53
2%
52%
54%
2%
12%
15%
1434
18%
35
55
53%
53
63
60
7312
71
90
90
97
85
91
83
96%
14
14
1438
13
14
13%
13
15
95% 100%
14
14%
61
7U2
67
70%
67
13%
74%
71%
67%
1
15l2
65
1^4
12
13i2
1212
2is
25U
3312
5612
67
15
15
*581*8 *6*2*"
5734
63
5914
138
118
1234
138
1234
2
2%
15
51
53
12%
5134
16%
58
58
1%
1%
16
16
19%
1334
62% z63
50
50
56
60
6934
16
17
15
21
48i2
54%
48
5412
50
13
5278
1234
50
4912
45
45
48
49
50
48
4834
48
54
4934
47U
2U
3
105
*3* *4%
14
10
1U2
1014
143g
14-%
54
3%
4%
66%
67
17
14%
70%
2%
17%
15%
68%
68
73
71%
1%
16%
43
U8
66%
1
14
4634
1334
1
13s
1414
1738
1
44
I84
16
3%
66
2l2
48
U2
15
32%
3312
178
22%
2U
2
234
37%
4812
47
15
138
134
"13% ~1~6%
2
5434
3%
68
158
4214
41
...100
100
20
18%
22%
33
1034
41%
44
Chic & N W Ry Co com
20%
20%
"m
32%
858
17%
40%
Preferred
778
15
43
35
Cherry Burrell Corp
*
15%
"c9% *1*3% "II" "14*"
1434
13
11%
1®4
1412
1612
Central States Pow & Lt pref..*
Chain Belt Co common
*
com
13%
28
30%
25% 28%
3034 27U 3078 28% 3038 28% 32%
11% 12%
1134 12%
11% 12%
10% 1234
1434 1212 14i8
8
10
10% 12%
9% 12
7%
8%
734
934
10%
3734
31% 37%
2912 28% 31% 28% 32% 32
24i8 27% 27
75% 90%
74% 80% 72i2 78is 75% 81% 78% 84% 83% 90
112
111
107% 109%
108% 108% 109
108
11U2 108
109l2 110
22
23
21
22%
21% 23
21
22% 23
2112 2134 23
25
25
26%
27%
23% 26
25% 27
26i2 29
2834 29
18% 19%
29
25
18% 21
2934 20
17i2
16
preferred
3
2
2%
15%
25i8
1214
6i2
16
18
*
Convertible
1%
16
30
pref..*
conv
9
14
32%
32%
7%
10
common
5% convertible preferred
Canal Construe Co
Prior lien
H84
20%
9%
934
*
Bros
15%
1
Common
Butler
3
17l2
2678
....
13%
7%
10
110
66 « 82%
70*34 70»4 80i2 77
683s 76
7314 77lS
10 *64~
110
107%111% 108
10818 108i2 10834 1101s
.100 108l2 110% 107i2110
20
20
19
19
20% 22
1678 20
1978 20
1834 193s
*
29
* 2778 29
29U
2758 3014 29is 30l2 27
27i2 28% 28
com
B
2
15
110
20%
25
5
Brown Fence & Wire cl A
Class
312
15
110
978
com
8%
18%
7is
Binks Mfg Co capital..
7% preferred
Brach & Sons CE I)
3
15
110
104
734
com
Borg-Warner Corp
3l2
1612
14
104
6%
Beatrice Creamery com
Bendix Aviation Corp com
Bliss & Laughlin Inc
9%
h
.._*
com
Berghoff Brewing Co
9
934
1
5
com
Barlow & Scelig Mfg
3
9U
19%
15
18
*
100 102% 103
Backstay Welt Co com,...
Balaban & Katz preferred
934
11
61
13%
28
4
Auburn Auto
common
7%
4%
43
Associates Investment Co com.*
678
578
71
74
2
i%
23
15%
105
478
358
438
3U
334
234
234
3
3
3%
3%
4%
3%
2%
384
3%
%
4
%
%
5%
*
Chic City & Con Ry part com..*
Part preferred
*
Chicago Corp
........1
common
1
1
4i2
'
*
44
Chicago Electric Mfg A..
Chicago Flexible Shaft com
Chicago Mail Order common
*
24l2
5
ft
Convertible
preferred
Chicago Rys partlc ctfs
Partic certificates
ser
1.100
534
48%
Partic certificates
ser
3
ser
4
4i2
4312
50i2
4534
22
22U
21
48
43
47
30*4
28
31
275s
29l2
3312
40
28
31
28%
1%
14
34
%
1U
%
>8
%
26
30
5
6%
478
50
414
46i2
49
50
48%
46%
55%
44
47
18
20
18
18
20
2012
20
20
20
20
19
24
25
25
4312
46
46i2
4934
485S
5234
52%
55
5134
57%
53%
58%
54
58
28
29
2714
30l2
28
29l2
28%
29%
1
1
%
34
1
%
%
4i8
458
34
s4
%
%
%
5%
52
48
1
1
1
43
50i4
2118
4514
%
4%
48%
4%
49%
1
478
50i2
4U
5l2
4'%
l4
14
1
%
%
%
100
Chicago Rivet & Machine cap..*
Chicago Towel Co
pref
conv
Cities Service Co
*
common
Club Aluminum Utensil Co
%
28
30 78
28l2 28
103
104
10212 105
25
* 100
Chicago Yellow Cab Co Inc cap.*
*
1978
3
2l2
26
584
3%
37
22
434
258
34%
7%
3%
34
Commonwealth Edison
96% llO^s 102% 107
cap..
100
Compressed Ind Gases cap.....*
Congress Hotel Co common..100
Consolidated Biscuit
Consumers Co
12
38
...25
"*51*2 **634
278
39
26
4%
43
117%
678
29
100 120
126
110
Preferred
Curtis Lighting Inc com
*
•Dayton Rubber Mfg common..*
Cumulative class A pref-...35
Decker (Alf) & Cohn Inc
10
Preferred
Dexter Co
100
*
(The)
pref
3%
10%
1978
4%
50
3%
12i8
23
31
27
32
30% 32% 30% 32%
27%
26l2 30
105
106
105
105
105
106
106
105is 1061S 105
27
26
26% 29% 25
29% 26% 32
2738 26
3%
4%
4
3%
4%
3%
4%
334
4%
378
4S8
438
5
1%
1%
1%
2%
1%
2.
178
23S
134
1%
U2
238
1%
34
35
30
31
33
35
30
33
33
34
3134 33
30i2 32
105
108
115% 112% 119%
116
99
10434 107% 105% 116% 108
105l8 105
49
54
50U
59
58l2
72i4 e42
8
30
2i8
36i2
105
59%
12
24U
4i8
27
434
29
26
28
104l2 105
106
106
28
578
..._.*
..5
75
x
70
%
10^8
J4
1158
h
%
43
10%
934
10%
8%
%
%
%
%
%
42
h
%
49%
47%
978
%
13
15
7212
17i2
ie" Ye""
24
24
24
24
25
2514
1134
1214
11
13
1234
1378
13
15
70
17
18
2514
*1*3%
Ex-dividend.
July 27, 1936.
c
77
iir2 Ye""
85
87
92
92
93
18
18
16
18
15
15
18%
18%
27
31
27
31%
25
70
13
22
6 Abbott Laboratories ex-dlv. 200% stock
60% stock dividend paid Aug. 15,4936.
%
11%
10
10
6
8
7
7
6%
8
7
!
11
7
10
10%
6% 10
6i2
778
6I4
8i2
734
8
12%
3
4
3
7
3
3%
3
5
538
6
4I4
3%
4%
5*2
414
5i2
5l2
414
7%
25* 27% 25
27
32
34
30%
33
29% 343.1
33%
2734 35l2
3412 47
2934 3534 29
4312 36% 43
102
98
98
99
99% 99 102%
101
106
98
98
108
101
101
97%lOOU 100% 101% 99
104
107i2 106
4
4
4
5%
6
8
4%
434
4%
5%
6
7
334
4%
434
8
414
5
434
65s
4l2
514
24
46% 42% 50
44% 42
27
36% 35% 39% 39
3058 2334 2914 28% 3H2 29i2 35i2 34
29% 25% 28
120
135
132
135
133%
123
127
133% 141
128
138% 133% 135
120
129
131% 12212 129
12534 131
12812 133
107
108
104% 108
107
107% 108
106% 107% 103% 108
108
108% 10612 108
106i2 106i2 107
108% 106
IO8I4 108
21% 22%
5
5
5
4
4
9
7
7
5%
6
5%
5%
734
SI4
534
534
15
11
20%
18% 21%
12
1734
16% 18% 17
13% 1534
1214 1378
1234
1034 1234
12% 143s 1034 14i8
1414
33
31
29
32
25
29
3034 3234 31
32%
27i2 27
2278 27
2334 25% 2312 2434 2234 24'2
2234 25
7
10
6
7
9
7
11%
7%
12% 10% 14
5
634
712
6% 1 73g
7i2
65s
7%
6%
9%
6%
65
12'4
s4
45
41
46
1034
734
4l2
3934
10*
2ii"8 24*
934
%
1134
41
10
7278
10%
i2
50
*
common...
No par value.
26i4
112
134
31% 3212
97U 10038
28%
5i8
1%
8
5t2
15s
99
%
%
%
28%
2234
28
101% 105
31i2
414
3414
1%
l?
Cudahy Packing Co pref
..100 108
■Cummingham Drug Stores
2H
De Mets Inc pref w w
98% 105
3418
103
24l2
12
%
100 115
5
5
;
•Cord Corp capital stock
Crane Co common
conv
278
18
5
com
7% cumulative pref
100
Continental Steel Corp com....*
Deep Rock Oil
32
28l2
103
54
5
6% prior preferred A......100
Preferred
38
30%
534
1
com
common
Stock trust ctfs for
3258
105
23l2
4%
134
32
26l2
Coleman Lamp & Stove com....*
•<2
5%
4
5134
24i2
48
52
24l2
1%
4
5%
4812
22i2
4378
6%
46
23
100
Partic certificates
5
25
41%
1
1.4
H8
100
2
ser
V
*8
26
26
26
26
26
26
27
27
28
1334
19i2
1434
18
17
18
16
19%
16%
18
70
75
75
75
76
76
Brown Fence & Wire class B changed to common, ex-dlv.
17%
"1*9%
100% stock Nov. 4, 1936*
676
Financial
Chronicle
Jan. 30, 1937
Chicago Stock Exchange—Continued.
STOCKS
1
March
January
February
June
April
May
July
August
October
December
November
September
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low
High Low High
Low
Par % per thare $ per thare % per thare $ per thare $ per thare
$ per tharr
Dixie Vortex Co
*
com
Class "A"
$ per share
18*2
Econ
20
19
21
38*4
41*4
40
1634
*
17*2
16*2
41*2
17*2
5 per share
19
17*4
27%
16%
26
15%
3834
36%
39*2
Cunningham Drug com..*
Eddy Paper Corp (The)
.*
Elec Household Util Corp
5
16U
19*4
17*8
1858
18*2
28
30
25
28
24
25
24
2734
25
18%
1734
15*2
15*4
16%
14%
1578
13
15
27%
3334
1534
3334
27i8
1678
23
1634
Elgin National Watch Co
37l2
3234
36*8
33
37
3334
35*2
33*2
36
14l2
34*2
1634
38%
37*2
20
17*4
19*2
26
24
(The) preferred
100
Field (Marshall) & Co common.*
Simon
&
Dredge Co
16*4
13*4
$
18%
1934
19
39
39%
18*4
28%
14%
39*2
13
16%
1834
39*4
1784
26
87
15*2
15
19
14
19
14*4
1634
14*2
1634
13%
16%
14
1534
1434
19%
17%
20%
19%
25*8
21%
19
20*2
19
23
19
20
1734
19
17i2
19
17%
18*4
18*4
19
17
18%
16
18
15
39
43
16%
43*2
46
45
47
45
4834
49
53
54
60
50
58*2
1212
1178
1338
11*2
14*2
54*4
64%
65%
11%
15*2
1434
16
15
438
3l2
4%
378
5%
6*2
9
3412
33
3978
33
38
33
35
1634
2314
31%
14
1778
17
2334
3034
1834
2534
33*2
1534
2258
28*4
14%
2334
25
28%
29
263g
45
45
r 39
53
51*2
54%
54
58%
64
62
64%
63
65
com
Common (new)
*
Godchaux Sugar Inc class A...*
*
Class B
*
16%
18
1634
17%
17%
434
20
5
32
common
*
22%
23%
28i2
10%
22%
com
*
29
33
29
11?8
8*4
Greif Bros Coop A com
Hall Printing Co common
10
6
Harnischfeger Corp
10
93«
11
1
8l2
10%
com.....
Heileman Brew Co G capital
7*2 JS?8
734
12*2
934
1014
25i2
2734
29
....
25
24
2034
38
36
12
13
12
..*
17i2
22
21
*
2678
31
28
10
884
*
Hormel & Co (Geo) com
Houdaille-Hershey class B
Illinois Brick Co cap
12l2
1434
16*2
6*8
8%
14%
11
14*2
10%
1378
32
3378
3234
3778
34
37
33
35*
33
44
39*2
12*2
45
40
45
15
16
15
20*4
18%
20*4
16%
19
17*2
32%
27
30
28*4
32%
28
29*2
28»4
28%
3078
28*2
30%
26%
37
3234
37*4
28%
46
40*2
43
40
44
40
4378
26
32%
28*2
30%
26*4
30
23%
27
55
15*4.
1534
1034
16*4
....
912
.__"_!
Capital stock (new).
1
167g
100
A__*
Ken-Kad Tube & Lamp com
Kentucky Util jr cum pref
50
100
;
Keystone Steel & Wire
com....*
Kingsbury Brewing Co
cap
3334
5
714
54
Common
32
35
37
11*2
1634
13
1734
12
13
12
13%
13%
14*2
32
35
37*2
10i2
93i2
6*2
37
IOI4
42
45
40
43
41%
4334
39
45
4434
47
45
4834
41*2
40
39
4034
40%
42
40*4
4234
41
48%
46%
51%
97g
9*4
12%
11*8
12%
11*4
1384
10
11*2
10*4
11%
10
1334
12
13%
37
38*4
38
40
39*2
42
40*2
43*2
76
78*2
79
86%
82%
89
87%
90*4
74
87
8378 100
89
9634
91
1*4
29
28*4
3%
9i2
2
234
20
2i2
258
19
23S
334
2*8
2%
134
2
31i2
35%
2834
3*8
32
28
32l4
2934
2U2
5
4
7
5
10*2
9
10%
8*2
4ll2
10*8
lli8
938
9
7%
7
3534
5
134
25
8I4
9*2
7i4
8%
54*2
47
46
212
26
72
31
57%
5538
6212
318
26I4
93%
42l2
31*4
58*2
29
32
29
33
21
24
22*2
24l2
412
15
734
6*2
3
112
30
32
29
30
31
30
32
30
23
28%
26*4
29*2
25
26*4
25
32
32
5*8
6*2
10*4
1278
4%
77g
<
11
634
9*4
11%
43
4*2
45*2
13%
50
4
48*2
4%
%
4
10% 12
14%
7
7
778
48
2
40*2
7%
42
238
10%
634
39*2
11*4
1478
6*4
7
42%
7
40
25*2
87*2
90%
"ol"
2
13g
1%
"78*4 87""
11*2
46*2
134
25*2
1
1234
634
1434
7
39
42
1%
1*4
20
134
25
97%
87
10
14
15
6%
39*2
4
13%
534
6*4
44%
25 *
2%
134
2134
48%
48
21%
2%
24%
2*8
23%
50
57
53%
52%
4612
39%
32%
387g
34
37
41%
34%
38*2
3 834
4034
47*2
3934
46
53
60
59
62
58
59
54%
58*2
56
8412
5*2
57%
8412
27
31
22
22
7*2
3334
20*4
3*2
4
37*4
54%
6%
45
1434
634
32%
~4~2~
^
334
44
6*4
38
50
36*4
43
41
53 1
932
7*4
5%
7*4
29
6*4
7%
6%
7%
684
7*2
6*2
7*4
"2% "3%
27
32
28
35
32
35
31
34
25
25%
25
27*4
278
28
29*2
29*2
27
7*4
29%
33
30
6*8
7*4
6*2
17%
27g,
58*4
54 j|
44%54%
33%
7%.
2%
3*4
9
7
9*8
7
5*4
3%
4*2
*4
%
1
%
3%
4*4
8%
8%
3%
334
3*2
9*4
4%
%
3*2
*8
1*8
*4
27g
*8
%
*4
%
2*8
2*2
2%
234
2
178
2%
1*4
2%
2%
1*4
2*8
2%
3
3
2%
2%
1%
2
1*4
•
2
1*2
4*2
3
1
~ "l 78
378
5
3
4i2
4%
1%
134
212
2%
238
23g
1*2
3l2
%
1
1%
134
10*8
55
45
9
51
7*2
49l2
1
8i4
5012
10
7
46%
10
7*2
50l2
152
24
I
150*2 148
30
21
50*8
150
"23*2
5
29
33%
32
34
27*2
3%
27%
4*}
27
149
7
22
•
35
19
42
49
146
17
2%
3
8%
9%
3%
4%
9%
3%
12%
6*2
*4
2%
12%
4%
13
11%
4
1334
534
684
5%
6%
%
11%
*2
3*4
27
12
133,
12
*4
7g
*2
5
4%
15%
8%
8
5
10*4
6
5
12
6%
47g
8*4
2%
1
2%
2%
6*4
6
6
7*4
334
63}
5%
47g
%
*2
7
9*2
7*2
8%
5*4
9
5*4
6*4
3*2
6
734
5%
4%,
13*4
5%
38
5
7*
12
5*4
7*4
5%
3%
2%
7%
3%
4%77g
47
2
2%
4
1*4
134
3
334
7
6
6*2
6%
6
8
6%
8*2
6*2
9*4
6%
47
44
43% 42
47*8
47% 46
43*2 47
45*2 51% 43%
8*g
634
8*8
6%
7
6*2
7
6*2
8*4
67g
9
7*4
8*2
7%
8*2
50% 49% 5134 50
5134
49
53
49*2 51
4912 51
4934 50*4 48% 50
149
151% 153% 153% 156% 149
154
146
151
144%152
154*4 157
15l7g 157%.
6%
42
48*4
8
5134
29*2
"l9"
1
134
7
334
20
5%
41
19
21
21
25%
24
26*2
24
24
25
26
25%
26*2
22
1134
13
1178
15%
13
15*2
13
13
12
13
12*2
15%
1578
197g
18
2434
21
25
30
23
29
20
31
31
28
32
19
3078
33
30
32
31
31
28*222%.
29%
32
29%
31%
29%
30%
28
31
28%
31
48%
1*4
52
45
5384
48
53
50*2
1*4
56
1*2
47
54
53
60
57*2
67
17
1%
17%
8%
16%
1%
18
16
8
49%
1*4
16*4
7%
54*2
13
7*2
8%
8
48
47%
49
45
1
35
1%
37%
1*4
36
3534
37*4
37
634
5*2
6%
"~9%
*
%
%
5
3878
10
ii4
3|
7(
5014
234
4914
2
1514
""534 ~¥
32%
National Union Radio Corp.. ..1
com.
-.5
.20
com
65
2%
15*2
7iS
34%
10
3414
38
%
31U
334
H4
3438
6i2
1
32*2
434
178
35
6i8
10
57
2
63*2
2%
49
1*4
63
2%
14%
73S
15*2
9*4
14
6
8*2
38
42
40
1%
1*4
1%
15*2
14
10i8
1314
i8i4
1638
21%
100
1038
1534
778
100
No West Util 7% pref
7% prior lien preferred
13g
30
4
134
3434
5
10
com...
Northwest Bancorp common.
Northwest Eng Co common..
1*4
13
6%
7*2
7
40
42%
42
1%
32l2
34
26%
28
5
4
42
34
26
412
12
978
18
15
7*2
45
1%
13
67g
42
7
7*8
47
44
123g
25*4
16*2
9*4
20
1134
26%
34
100 108
~~*
5%
7g
37%
7%
33
13
com
9
1
%
30
27%
5*2
5
"9"
20
"l~0~*4 ""7% "~9%
2378
9
14
25*4
27
23
28
27
49
34%
10%
29%
47
57
49
56
5234
7634
61
68
47%
112% 109% 11034
18
18
1734
111
28
11*4
7%
13%
29%
40
25*2
27%-
35%
36
41
62
67
65
73
111
113% 115%115%
21
23
22%
15
14% 16%
14%
14
29
30
27
29
2834
29
30
30
29
30
27
25
27
247g
257g
29*2
25%
29%
21
29
27%
30
2
17g
25*4
2%
28%
1%
27
28
27*2-28
27
19
23
19%
24
22
1%
2
178
2*8
35
35
37
37
'ilia
22%
1834
19%
17*2
18%
17
18
37*2
34%
36%
34
36
35
37%
3*4
2*4
36
111
"9*4 "12%
12
24*4
19*4
26
"26"
28
17
30%
12
27
36
10%
27%
21
21*2
1S4
19
9
27%
28
1%
41%:
11
29
38
"l0%
22
110
""9"
1%
6
12
2334
20*4
10%
2634
7*4
38%
19
26
1712
"7%
24%
5*4
%
1134
28
27i2
18*2
5%
1
45
11
23*2
*
6%
1
1134
2734
common..
5%
78
11
28
35
%
9%
53*4
31h
1734
1*2
27%
17*2
100
51
178;
15%
10*4
277g
2234
25
6% preferred
52
8*4
18
28
2*4
9%
1%
15
10
ii*
lio
3%
46*2
17
10
..5
134
48
17b
1%
18
10
B
3
25%
11% 22
2834 47*2
107*2 107%
com
preferred
7*2
1*4
26%
78
27%
12
108
Oshkosh Overall Co
7g
12
14
1412 20
8*2 15*2
32
35
25
3212 40
25
105% 10634 104*2 10412 104
104
15
12
16
17*2 17*2 18
23*2
9
9
10U
978
9*2
9*4 11*2
27
Okla Gas & Elec 7% pref
Ontario Mfg Co common
15%
13%
6
634
42
37%
1%
2%
21% 21%
9034 145
45
44%
3%
10
29%
.10
1*2
2%
1%
134
1%
134
1*2
2
20" ~
18%
3*4
2.78.
32
t7~78
34
36%
33
35
35
37
55
52
58
17
1734
1678
17*4
16
17
16
1678
54%
"l7"
54%
35%
3734
38
39%
37
38%
33%
37*4
734
4
3%
17g
4%
88%-
100
*
38i2
41
37
40
37*8
38*2
3
2*8
33g
32
.5
1
..1
__.*
.*
*
60
278
278
214
1%
54%
314
314
2
59i2
54
58
100 103
33s
212
2*s
278
3i2
278
3*2
334
5%
3%
3*4
4*2
278
314
212
3
6
3%
3*2
4*2
2
1*8
1%
2
57
61%
57
2*8
60*2
412
2
57
278
3*4
3%
57
61%
1%
11214 110
100 112% 120
d Katz
21%
10*2
834.
10%
12%
13i2
common..
♦No par value.
13*4
6*4
3734
1%
49%
4%
7*2
9*2
11
3114
Capital stock
stock, Aug. 31, 1936.
3%
434
9
1278
127g
48*8
11
National Pressure Cooker Co
2
National Rep Inv Tr conv pref.. *
preferred..
preferred
4
7*4
9%
11*4
44*8
59
55
8l2
45
30
100
com
45
8%
10%
12%
2*s
43
29
30
preferred
Common
6%
8*2
11%
134
30
26*4
*
National Gypsum A n v com
National Leather common.
common
6%
!
13*8
48*2
"2% ~2%.
...»
com
Process Corp common
5%
8%
11%
44%
10*2
1*2
150
25%
2%
31%
32%
31
3
1?8
2i2
~17~
2%
1%
134
414
1%
Mountain States Power pref. 100
Muskegon Mot Spec class A
3%
17g
83%-
27*2
54*4
212
52
3%
1%
1%
25%
3984
80
1%
29
4
12%
47%
4*2
134
1934
36
81
61
7%
138
144
2%
"1% "2%
9%
4
5%
11*4
1%
25%
41
32*4
734
358
2i2
50
4
1%
17%
75
59
1012
1*8
142
46
438
46
4
10*296
36
27
278
Midland Util 6% prior lien...100
Montgomery Ward & Co cl A__
1834
43*2
83*2
60
58
11b8
48i2
10i2
83*4
57
384
314
38i2
714
16*2
4034
90
30*2
434
_
18%
43
34
838
2
13%
41%
85*2
38
20*4
38
Public Service of No 111
96
35
4*8
2%
Potter Co (The) common
134
39
22
*2
334
Perfect Circle (The) Co
125
34
2%
3%
Pictorial Pap Plcg.e com
Pines Winterfront common
834
43
20
*8
U4
Peoples Gas Light & Coke
15%
12%
33
7%
*
common
I684
1678
10%
40*4
33
20
100
7
11*8
96
18
....100
8
11%
46
27
30
*
7
85
32
*
334
10*4
4134
27
37
31
25*4
1134
41
100
29%
22%
5
10*2
94
30
3ls
"i34 "2%
13<
87g
218
234
26*2 "2778
34
218
~~2"l■
1*2
334
7*2
8*4
51
26
1
"2"
134
32
63
8
1*2
28*2
<
9
37U
2914
6%
"2% "~2%
3*8
2
21g
*8
338
Parker Pen (The) Co
120
19
338
%
234
Paper Mills
50
91
55
*
112
100% 125
12*2
7%
7%
Preferred
96
39
79*2
*
100
8%
10
*
pref....*
44
120
77
6*8
10*4
Modine Mfg common
*
Monroe Chemical Co common..*
86
36*2
5*2
10
A
5
85*8
1238
3978
common
5*4
84*4
83*2
6*2
preferred A
5
7
95
40
io84
*
4i2
10*2
Middle West Corp cap
5
Stock purchase warrants._i__
Middle West Utilities com
*
6%
7%
17
79
18
25
27
37*2
40
82
94i8 115
40*2
Metrop Ind Co allotment ctfs
Mlckelberry's Food Prod com
North American Car
lv
<*16%
9
10
common..
Noblitt-Sparks Ind Inc
14"
17%
17
18
18
19
19*2
1734 18*4
187g
19
1934
19
20
2034
31
2778 3234 23
30*4
22% 2478 23% 25% 22% 28*4
28
28
2534 2978 2834 3078
31%
30% 24% 28*4
9
11%
8
11
9*2 10*2
12*2
10
9
11
10*4 11*2
11%
12*4
9% 10*2
1134
IIS4 18%
14% 16%
108*4 102
107U 107*8 108*2 105
107
108
105*2 109
109% 106
109% 10434 106% 10434 108% 109
110*4 109
110%
68
66
68
65
66
61
63
60
65
61
65
63
63
63% 66
6534
72*2 6934 83%
23
18" "l8
2414
19*2 22
14
21
16% 17
17*2 1834
1634 18*2
18% 22
17
19*4 21%
19*4
28
28
3038
23
23
2034 21
22
22
28*2 28%
25
31
25
31
25
27% 24
2412 25% 25*2 277s
2478 27% 25% 28
26% 28
2634 28*2 22% ~2~8 "
19
24
21
19*2 23*4
19
1834 2034
18% 2034
23%
19% 23*4
2034 22
21% 24% 2234 26
21
24
39
38*4 37
3234 40
31*2 35% 35
39
44
3934 3934 44
42
41% 42
45
43*2 42
60
70
65
2/54
70
47*2 60*4 59*2 63*2
5
434
6
5*4
3714
534
Merchants & Mfrs Sec cl A com.l
Prior preferred
*
Prima Co
17
35
37*2
27
Penn Gas & Elec A
4234
17
26
35
18*2
10%
Dredging Co
Convertible
25%
24%
4284
27
33
90
40
Peabody Coal
28
25*2
27*4 z23
39% 40*8
1678
14%
26%'
27%
3634
16%
25
30
13%
4238
36
Northern
25*2
23*4
26*2
23
81
62%
National Standard
26*2
22
27*2
30
11*2
34%
Masonite Corp common
*
McCord Radiator & Mfg Co A..*
McGraw Electric common
5
cum
14%
97g
26
11%
26*2
2434
40%
14
8i2
734
5234
33S
26%
73%
7%
1234
16
10
87
34
National Elec Power A
14%
14
12
25
12
65
9%
62
Lynch Corp common
5
Manhattan-Dearborn Corp com *
Mapes Cons Mfg Co common
*
Nachman Springfllled com
National Battery Co pref
1034
17
10
25*2
11
39%
Lion Oil Refining Co com
Loudon Packing Co com
conv
1134
14%
25
18
10%
*
7% prior lien
6% preferred A
7% preferred A
1034
15
11%
43
10
com
Convertible preferred
11
30
1338
10%
1334
2712
2412
18
7*2
1534.
10%
36
18
19
434
10
14%
12%
2634
11%
9%
17
1178
35
..10
Miller & Hart Inc
11%
9*2
26*2
22l2
36"
9*2
42*2
$3.50 preferred
conv
9*4
1234
13
1U8
_*
Preferred.
$6
15
11%
8212
Libby McNeill & Libby com... 10
Lincoln Printing Co com
*
Midland United Co
13
12*4
28%
23%
35
5
com
Lawbeck Corp 6% cum pref..100
Leath & Co cum preferred
*
McWilliams
1334
11
75
1
com
Kuppenheimer class B
La Salle Extension Univ
McQuay-Norris Mfg
13
13
/41
_*
100
Lindsay Light & Chem
9*4
14i2
12
17
32%
8
13
1334
1
■...
com
(new)..!
9
8
17
__
Preferred
6% preferred
55i2
8
11*4
1178
-.-10
Katz Drug Co common
Common (new)..
Preferred
55%
43
26*2
18U
35U
__
Warrants.
8*2
27*2
13
13l2
~3~5%
33"
9
14%
1234
2638
~36~
5834
55
2678
2134
Illinois Northern Util pref
100 103% 10934 100
Independent Pneu Tool vtc com*
63
66*4 65
Interstate Power $6 pref
*
$7 preferred..
*
20
30
30
Iron Fireman Mfg Co v t c
26
*
283s
Jarvis (W B) Co capital
____1
Jefferson Electric Co common..*
Kalamazoo Stove common
*
IOI4
27l2
2612
3714
27
24
38
.25
w w
Without warrants
Hibb Spencer Bartlctt com
Horders Inc common...
8i4
22%
8*2
734
223.1
"l9%
1534
1
*
49
64
5
General Finance Corp com
Kellogg Switchboard
25
iii4
20
General Household Util
i
117s
41s4
24
19%
1112
w
10
38
1834
$3 cum convertible pref
General Candy Corp class A
Rights
27
12
45
25%
9%
1358
39
E) pref
23%
4184
22%
1134
&
Dock
Gardner-Denver Co common...*
Heller (W
2034
40*2
14%
43*2
20*2
38*2
22%
2834
1178
39*8
247g
41
1612
Connell
common
Goldblatt Bros Inc
Great Lakes D & D
share $ per share
per
19%
39
87
..15
Fair
Fitz
24
25*2
I per share $ per share
20%
4084
19%
21
41
17*2
18%
39*2
16i2
Il20
113
1*2
4978
4978 56
49
52
57*2 58*2 51
56*2
111
114
112*8 115
109*2 115
12112 118
123
116
Drug, ex-div. 200% stock, Nov. 23, 1936.
11834 116
118
56*2
59
3*8
4*4
4*4
334
60%
60
2%
3%
2%
3*4
60%
60*8
4*2
4
3%
3
3*2
2
334
234
727g
72*2
65*2
68
5
334
3%
3%
71%
70*4
4*2
27g
1*4
234
69
6%
8
6*8
434
3%
4%
2%
4
3%
4
378
2
1%
4%
2
3%
1*4
3%
69%
5
85
4%
73%
2%
4
71
1%
5
3*2
81
78*2
81%
77
114
115
118
114
120
69
70
70*4
116%118
116
73
113
117
115
118
117
115% 1197s-
119
118
121
117
119
119
120
118%120
119% 119%:
/Kalamazoo Stove, ex-div. 50% stock, June 22, 1936.
x Ex-dividend.
y Ex-rights.
i Masonite Corp. common, ex-div.
100% stock, Oct. 1, 1936.
7
5*4
6*4
378
120
g
116
82%
87
McWilliams Dredge, ex-div. 100%,
Volume
677
Chronicle
Financial
144
Chicago Stock Exchange—Concluded.
STOCKS
December
November
October
June
September
August
May
July
March
April
February
Low
High
High Low High Low High Low High
High Low
High Low
High Low High Low
High Low
High Low High Low
January
Low
% per xhare
Par $ per xhare $ per xhare $ per xhare % per xhare % per xhare $ per *hare f per xhare $ per xhare S per xhart S per share S per xhare
125
122
12938 118
126
124l2 123
122
122i2 127
126i2 115
1243s 120
127U 120
131
135
130
140
12514 131
13U2 136
*
Quaker Oats Co common
14412 151
142
146
144l2 148
143
150
145
141U148
145
147
150
144
147
14812 146
143
145
1421S 146
22
22
22
22
24
24
25k 26l4 2534 26i2 2812 3378 32i2 34
2538 2538
25
25
26
22i2 2212 24
334
412
334
5»4
3&8
414
4i8
6i8
3
384
458
5i8
712
5i8
6I2
334
7
3
678
4»4
4i2
33s
112
178
13s
214
U2
I84
I84
2U
2i8
3
U2
2
2l2
25s
18s
214
2
2l2
312
238
312
312
234
19
2812 3278 30l2 35
11
24'4 2134 2434 23U 30l4
1434
14U 163s
15i2 19i2
Ills 13
12i4 13
15i2
1212 14
-.100 142
Preferred
145
10
50c
5
10
212
6% preferred v tc
Co common
Preferred
26
458
2212
100
Rath
Packing Co common
Raytheon Mfg Co com v t c
Reliance Mfg
-
—
Mills
Rollins Hosiery
U2
13
108
"i3i"2 "1714
pref.*
conv
"
17
"llu "l558
15U
18*2
St Louis Nat Stock Yards cap..*
7934
2312
80
82
85
*85"
91*
Sangamo Electric Co
35
37
35
40
39
55
1U2
65l4
10U
6514
14
12
14i2
11
1212
28
28
28
31
29l2
3212
2812
15J4
1634
17
20
19
28l4
24
*
Ross Gear & Tool com
.*
Slgnode Steel Strap common
Cumulative preferred
Sivyer Steel Casting Co
So Colo Power Co A
*
30
834
com..
5i2
4
103l2
99
102l2
99%
61
6412
6412
Stein & Co
(A)
"334 "
.*
Dredge common
412
16i8
1314
*
lot
5i«
3l2
1878
13l4
418
1558
common
..25
8i4
10i2
26
27i2
27i2
85~"
83
86
84
86
85i2
60
66l2
77
7012
86
77
24
30
2658
89l2
8334
55
6734
65
66I4
61
64
7284
11
7412
11
32
2834
31
74is
9i2
2738
1834
72i4
10i2
31
27l2
2034
7934
1034
30
28l2
2212
25
26
25
26
212
2i2
2712
2i2
66
70
4i8
7
21
2314
8212
86
10l2
11«4
2658
29
30
26
2358
24
15
31
32i2
29U
29i2
97U
165s
32
25
30
24
1634
2334
26
25
25l2
2478
86
1178
28i2
23
14
18i2
13i2
1878
17i2
4i8
5
458
478
3
434
534
458
55«
314
434
478
314
7
106
10514 104
104lS 105U 104
103i2 104i2 104l2 106
1031s104
10212 105
90
88U 92U
91
93
87i2 91 i8
89
93
9114
7434 75
8H2 8I84 91i2
4
3i2
412
4I8
47s
514
414
558
334
4l2
378
458
412
434
6
14
15
17
165s
15U I8I4
1414 17
1338 1478
1434
12i2 14U 1258 14U
19
20
18
I8I4
1858 20
18
18
1634 17
1678 167s
1734 18
1858
8
7
8»2
8i8 1034
8I4
6?s
738
0i4
7U
5l2'
7U
5i2
6
914
9i4
3i8
common
3i8
23
Swift & Co capital stock
25
2258
25
2334
Swift Internacional cap
...15
33i8
25
.1
838
3534
I2«s
325s
1034
1934
18
217S
21
2434
2U2
25i8
24
20 58
22
33l2
IOI4
2134
2178
2378
23
2658
2378
25l2
303s
2234
31i4
3018
33
31
3234
1114
10l2
32l2
1158
714
3U2
934
1034
13i2
1078
125s
978
2634
com
Thompson (J R) common
Gas Corp common
United
U S Gypsum preferred
Utah Radio Products
2434
35i2
12i2
20 >4
23
2078
22
207s
2134
31i4
24U
33 58
28i2
31i2
287S
10
III4
10
llh
9i2
3034
IOI4
29U
914
3134
10>4
225s
22i8
31*4
95s
205s
303s
9's
30l2
938
*
234
1
414
35S
5
2
8
7i8
83s
16312 166
3l8
4
4i8
7U
100
com
28
18
10
Paper Co
9714
97i2100l2
"ioi"2 Ye"
102
10U2 100
4i2
23
10l2
15«s
33
21
19U
8212
Sunstrand Mach Tool com.....*
Sutherland
25
86
.
"l678 "is"
1112
938
25
55U
67l2
6712
478
1778
"lo" "l4~"
25
91
10
Convertible preferred
Stutz Motor Car
10
24i2
52l2
10i2
108
108
108
10
Y2I4
2412
S9i2
"44i"2
125
99
common
Storkline Furn
12
24
52i4
1103411034
91
54
1758
Convertible preferred
11«4
23
"83"
212
4
3
Standard
25
I6I4
25
66i2
Southwest Gas & El Co 7% pf 100 101
Southwest Light & Pow pref..*
com
20
81
85U
4312
111
100
Preferred
Schwitzer Cummins capital.... 1
Sears Roebuck & Co common..*
108
"li"
14
22
2234
1514
22
1514
26
109
109
109
109
108
14
25
"2i2 "3U
214
378
2i2
3i2
258
314
238
3l2
278
314
278
438
3i8
1
H4
78
V8
312
1
ll8
1
li4
1
78
358
334
414
4
538
21i2
1934
20
1
41s
22
3
20i2
78
3i2
1958
U2
412
D8
414
7s
35S
U8
4
22
2414
22
40
40i2
39i2
3958
4018
40's
40'8
40 !8
3938
24l4
40
2i8
37S
I"
3U
I8I4
21
19
21
I
Utility & Ind Corp
common
Convertible preferred. ......7
40
40l2
40
4012
20
3834
175s
20l2
3838
18
37
3312
3534
638
5
3218
3334
31
5
634
5i2
32
3478
4
534
4
514
30
33
278
4i2
30i2
33
4
3i2
20
197s J21
3934
3934
5U
3134
20
4l2
4
514
31
35
534
478
3234
3358
35i2
Bankshares
6
478
20
225s
19
20i2
19
2014
16
19
16i2
1914
17
19
17l2
19l2
1834
2034
11
1234
10
13i8
1U2
13
1034
12
1378
1218
16
14
16
1414
15
12
5»8
8U
6
7is
634
5U
5U
534
5l2
534
5i2
20
1558
7
187S
IU2
17i2
13U
1634
10i8
10
3734
39l2
53g
578
6
658
6
6I2
6i8
6i2
24l2
13i4
"2il"2
24U
12i8
678
2012
1034
638
6
10
8i2
13i8
2
3i4
214
11
*
com
4U
53s
39
36
2
_
1
II6I4II6I4
*
Amer Mach partic pref..*
Zenith Radio Corp
„
3634
*
com
com
5
3478
534
34ig
5
55s
34
33
*
com.
78
18i8
3734
19i2
512
100
common
Oil-O-Matic
Woodall Indust
♦
41
1834
37i8
41
1778
*
common.....
6H% preferred
Yates
3938
2034
3834
40
*
common
Wisconsin
41
1812
1978
*
Wieboldt Stores Inc
Williams
40
578
1934
*
...
Class A
Walgreen
20
4
338
1534
*
Preferred
Vortex Cup common
Wahl Co
24
U2
478
2134
*
Viking Pump Co com
2
Us
1558
15
13
38
42i4
32i4 4158
15i8
3i8
1334
1934
15i2
1912
I6I4
19
163s
207s
23
26i8
25
34?8
38
3234
3958
40U
37i2 41U
No par value.
OF TRADINGS-SHARES
VOLUME
Range of Prices of Chicago Bank Stocks in 1936
Compiled for Commercial & Financial Chronicle by Rogers & Tracy, Inc., Chicago
1936
High
Div.
(100).
Chicago Title & Trust Co. (100)
Value
Bid
x4
185
270
290
270
195
January
x6
American National Bank & Trust Co.
172
215
219
210
163
February
155
158
163
163
95
2~.00
66
214
217
201
134
...
April
Drovers National
6.00
184
170
175
175
139
May
150
145
6.00
(100)
(100)
(100)
Lake Shore Trust & Savings Bank (50)
203
336
339
297
250
July
266
425
435
440
305
August
186
...
Harris Trust & Savings Bank
145
56
105
110
103
32
44
46
48
43
4.00
161
175
185
175
110
November
6.00
235
330
340
325
155
December
72
110
120
110
810
820
855
575
172
150
155
170
125
.
Personal Loan & Savings Bank
(100)
Terminal National Bank (20)-....
y Upper Avenue National Bank (100)
Month
Average
Month
Average
22,800
19,818
593,000
462,000
436,000
57,400
660,000
29,520
800,000
31,538
48,769
63,769
65,280
585,000
1,058,000
63,846
85,318
62,560
1,988,000
1,915,000
1,502,000
935,000
1,549,000
17,769
26,400
30,769
23,400
35,962
1,685,000
1,848,000
811,000
64,800
84,000
31,200
44,600
1,116,000
934,000
35,900
567,000
21,800
552,000
642,000
22,000
57,370
44,083
23,700
394,000
16,400
418,000
510,000
701,000
22,200
28,000
41,334 10,178,000
33,814
76,462
79,792
60,080
16,000
32
414
x6
(100)
(100)
Daily
Average
1,632,000
1,660,000
1,877,000
1,564,000
October
18".00
Mercantile Trust & Savings Bank
Merchandise Bank & Trust Co. (100)
National Builders Bank (50)
For
1,268,000
1,658,000
September—
47
Live Stock National Bank (20)
Northern Trust Co.
June
10.00
Drovers Trust & Savings Bank
Daily
1,435,000
738,000
820,000
-
92
First National Bank of Chicago
For
2,377,000 91,423
2,801,000 121,783
1,626,000 62,538
-
.
March
City Nat. Bank <fc Trust Co. of Chicago (100)
Continental 111. Nat. Bank & Tr. Co. (33 1-3)
Bank.(100)
Daily
M onth
Low
*Book
Asked
1934
1935
1936
For
1936
Ann.
39
44
46
41
190
210
280
—
19.456,000
64,638 12,483,000
VOLUME OF TRADING—DOLLAR
24
175
5".00
Total Dec. 31, 1936
130
Per Cent
Figures in parentheses indicate par value.
♦Based on statements as of Dec. 31, 1937.
Increase
Plus extra dividends,
Avenue National Bank paid 50% stock dividend January, 1937.
y
x
Upper
$32,748,783.88
33,546.097.40
26,623,080.57
23,620,180.00
12,680,438.67
13,766,075.38
21,334,298.24
24,141,110.80
23,758,912.96
27,419,473.16
31,157,256.84
21,951,645.29
January
February
Increased Trading on
Chicago Stock Exchange in 1936
Year Since 1931—
of 1935
—Share Volume Largest in Any
Dollar Volume 60% Above That
Indicating that the Chicago Stock Exchange had a satis¬
factory
in 1936, Thaddeus R. Benson, President of the
year
Exchange, in
1935
It is the largest volume in any year
1934.
over
1931.
The dollar
last year.
of
year-end review, states that "our share vol¬
56%% ahead of 1935 compared to a 22% increase in
is
ume
a
volume
of transactions is
60%
since
ahead of
The price appreciation of a representative group
is 37%.
stocks
Dividend payments made by
April
May
June
July.
—
.
August
September
October
November
December
to
the
Exchange at
a
more
1936
1935
1932...
1931
1930
1929
years," and he reports that 37 corporations listed new securi¬
ties
the Exchange in
on
recapitalizations.
were
1936, 22 of which were new and 15
He says that
facts
represent a
trend which,
year," and adds:
in my opinion, is only the begin¬
right to expect.
financing medium for the
Central States.
It will
through which investors may
ning of the growth the Chicago Stock Exchange has every
will
If
become
of
industry
growing
continue to
increasing
and
become
a
importance
commerce
more
of
the
as
buy and sell the securities of that industry and commerce.
There
the
is
every
business
expect
grow
a
because
its progress
tremendous
their
to expect the continued
growth and expansion of
because there is every reason to
The Chicago Exchange will
represents the progress of the business of this
Exchange
in
1937
continued expansion of all business.
Of that future there
great territory.
the
reason
the
of
natural
resources
and
be no question when you consider
the ability and capital available for
can
refinement.
The
(shares
$183,180,567.39
+60%
+ 139%
—12%
+34%
+44%
+50%
+48%
—6%
+ 13%
—10%
Stocks
Year-
$194,000
429,000
847,000
IMS...
Bonds
in Shares
Par Amount
Bonds
Par Amount
19,456,000
12,483,000
—..10,178,000
18,288,000
15,642,000
34,401,200
69,747,500
82,216,000
38,941,589
10,712,850
10,253,664
1,433,000!
10,597,000
12,480,500
27,462,000
4,975,500
7,534,600
14,827,950
7,941,300
1924...
1923...
1922.
1921.
1920.
1919.
1918.
1917.
1916.
1915.
.14,102,892
.10,849,173
.13,337,361
9,145,205
5,165,972
7,367,441
7,308,855
2,032,392
1,701,245
1,610,417
715,557
.
.
.
.
$8,748,300
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
Total
Earnings
Reserve
of
Bank
of
$4,423,476 Reported by Federal
Chicago in 1936—Net Earnings
$932,178 Compare with $771,220 Year Before
In its
statement
of earnings and expenses for
1936 the
Chicago reports net earnings of
$932,178, which compares with $771,220 in 1935.
The total
earnings of the Bank in 1936 were $4,423,476; the report
Federal
Reserve Bank of
also shows:
$2,908,580.01
Operating expenses
Assessment for Board of Governors
Cost of Federal Reserve currency-
$193,744.04
351,056.16
j
544,800.20
Total net expenses
following
and
1926
+320%
+451%
+295%
a
great
important agency
1927
$7,794,471.72
6,081,960.79
6,733,663.05
9,844,656.47
14,462,290.52
10,206,575.74
14,794,591.45
16,068,464.76
16,004,958.58
29,153,216.74
27,599,719.94
24,436,051.63
.
"30 of our corpora¬
tions listed additional shares during the
These
1928
or
Decrease
yearly transactions back to 1915 follows:
Stocks
in Shares
Year—
1933
rapid rate than for several
$292,747,353.19
A record of the
listed
listings are coming
Benson likewise states that "new
*.
Total
1934
dent
—
March
Presi¬
our
corporations are 85% more than they were in 1935."
1935
1936
tabulations
dollar)
inclusive:
show
traded in
the
during
volume
the
of
years
stocks
1934-36,
$3,453,380.21
Current net earnings
970,095.67
Through the profit on sales of government securities, viz.,
$1,150,317, and other additions to current net earnings of
Chronicle
Financial
678
Jan. 30, 1937
$375,743, total current net earnings and additions to current
net earnings are shown as $2,496,156, from which the following deductions were made:
of the mart in 1936 and as a director in the 1927-30 period,
His new term as President began Jan. 18. John. V. McC'arthy of John V. McCarthy & Co. was chosen to succeed liim-
Deductions from current net earnings:
self
Reserves for contingencies.-—-------Prior service contributions to retirement system
*777,009.41
Totai deductions
$1,663,977.81
-
932,177.99
Paid united states Treasurer (section
distributed
-
Jan. 18,
Ci*
25,030
153,241
1
below
the
$17,271 in 1935
ShOW
bv
DJ
vnicago^•ouru M
loss of
which
As
Dec.
of
31,
net assets were
standing
memberships.
and
four
additional
and
five
lowest
additional
$74,652, of which $69,572 is in cash
during
with
compared
1936,
14
six
Benson
Addressed
speaking
of
^
the
Club
He noted
211,000,000 Shares
invited
Louisville
progress the
and
have
con-
of
$923,000,000
par
value
business
to
men
participate
in
by the
dinner,
Benson snoke
1
of
William C.
j
s.
\\
and
Drovers
Trust
Jan.
on
19.
*
-j
nu-
A
the
Waldeck,
National
also.
M
Executive
Bank
f
Sims
was
Fox
reappointed
cantile
Ari^v.n«i
m
uw
Michael E. Fox
was
APicc
'
^
~
&
Trust
Co.,
-r
v.
JS
,
.
™
~
_Home Loan Bank:
«
fn!!'
are
using
now
just one customer with a loan of $300,000.
Gardner, President of the bank, reports the total of
December
Henry
examiner
showed
President
and
Illinois
a
serve
third
largest
monthly
ci
output
second
to
i.
as
121 in
constitute
the
on
by
the
of
credit
during
the
Bank of Chicago paid its usual
11 to stock of record Dec. 31,.
Jan.
Chairman
of
the
hookf
l0",
T5e
the
stockholders.
It is
,
of
stated that this
for which the bank has shown
0peratl0"s^oDireCt0rS allocated $16,937 to--
vear
ren0rted
total
$340,630,.
announced,
Board,
and loan associations, 351 in
Wisconsin, and the United States Gov-
dividends for 1936.
cost for the
r*
since its organization 17 years
ago, servVice-President prior to his election to the presidency
credits
building
savings,
a profit on its
Mer-
term
the
some of
of credit at the year's end, Mr. Gardner
use
undivided profits and $89,392 to legal
his
for
The amount was the largest since September
ago.
year
the
Zander,
and
eminent
Chicago
demand
accelerated
distribution amounting to approximately
G.
Member
chief
advances
represented
the total
were
toes futures mart
»
The Federal Home Loan
^ e" residentin the affairs Fox Smis Co., Chicago, and
Of tile eter
active
of^ the butter, egg and pota-
as
of
2% annual dividend
lias been
ing
'
explained.
Exchange
4—
rich
I
of
Chicago Reports Credit
$24,567,482—Pays Usual 2% An-
is the fourth successive year
elected to
4-v.c
««
the increase in
President of the Chicago Mercantile Exchange on Jan. 6 in
the mart's first uncontested election in two years.
Mr. Fox
4c
Bank
Seasonal needs of the associations account for
Howard
,
Re-elected
Loan
mmunity institutions which make home loans.
The month's disbursement of $1,340,701.25 was 73% higher than the November total and 14.2%
Bank^ & Trust Co.,
♦
E.
without,
entire year-
Vice-Presi-
-
manager of the Association.
Michael
frorm
moves
was
Ct
over
Board, Edward Eagle Brown, President of the
National Bank; Walter J. Cummings, Chairman of
Howard
Harris
aCqUired
r
and
Solomon A. Smith, Vice-Chairreelected to those positions, and the other mem-
Continental Illinois
Home
December
•
of the
reelected
C.
years at $37,353,640, some 425
associations having at one time or another used its facilities.
The announcement issued by the hank also said:
Fenton, Chairman, and
Iiirst
Siebel
Barnett Faroll, who
•
pag
Savings Bank of Chicago,
has been elected Vice-President of the Association.
were
Exchange.
all advances made in the four
&
dent of the Continental Illinois National
man,
Curtis & Company,,
its credit, whereas at the close of business, Jan. 6, 1933, it
s.
years.
hers
eucceeds-
to New York,
move
partner of Clement,
building and loan associations, it is stated,
r»
for
W.
Mr. Boylan will
'
exchange,
the
«+Sro/ft-aL
Mr.
Herman
floor
a
of
year high, $24,o67,482.. Three hundred eighty-seven savings,.
President Fred A. Cuscaden, Vice-President of the
Trust Co., who served as head of the Association
two
Ex¬
nchncement that credit outstanding had reached a new four-
President
Northern
as
the
nuai Dividend
Cummings, who had been ^ icePresident of the Clearing House Association last year, sueceeds
as
stock
Outstanding
as. elected President of the 'Chicago Clearing House ASSO-^
Clation
active
m.
Cummings, President of the Drovers National;
the
member
♦
^
William C.
head
opposition, will serve as Second Vice President.
v ice-rresident
Bank
be
York
the
Cummings Elected President Chicago ClearHouse Association
Herman Waldeck Elected
ing
third-generation
a
the Second to the First Vice Presidency.
4-'
ci
will
$3,523,836, including bond investments
Boylan, retiring president.
will
New
This demon-
which
at
also
on
Under the rules of the Board of Trade,
"
-
P.
he
the
on
Federal
of floor trading procedure.
followed
was
Committee and
Jan. 4 at
on
Templeton>
Robert
where
correspondents of members spent the day in
explanation
r
director, will comprise the
^v
'V
Louisville offices, the floor traders giving a demonstration
and
j
d
$2,982,258 and current assets of $295,028.
Templeton was elected President of
Carrying
into Kentucky on
13, a group of floor traders and Chicago partners of
stration
r'r»L.«
j.
the Chicago
meeting on Jan. 4, receiving
392 voa against 378 cast for his opponent, Lowfell S. Hoiti
that time the Chicago "Journal of Commerce" (Jan. 5)
Exchange is making.
its new business program
are
-j
Board of Trade at the annual
than
more
d
illCome> $539,878. Profit from operation before a deduction
of $300,000 for "additional" rent was $167,270. Assets were
carried
Jan.
firms who
and
mone-
Assessments of members, $387,250; services, $419,100; other
bonds listed, together having a total market value of more
than $6,000,000,000 owned by an estimated 3,000,000 people.
He
35,434
year,
Public Relations,
The same paper states that the gross income of the Board
0f
Trade iast year was $1,346,229, derived as follows :
689 offices throughout the
that 249 corporations
Of stock
previous
The volume in
the
change's Committee
of
Ration at the start of 1936, and that there is
382 members who maintain
country.
of
Conduct
Business
Ky.,_on Jan. 13, before a
Pendennis
the ability, the will and the confidence today to solve them
adequately in the same way those of 1936 were solved
Mr.
Benson spoke of the successful yeai recorded by the Chicago
Exchange in 1936 (further reference to which is made m a
preceding item), and in calling attention to the facilities Of
the Exchange and its members, stated that the Exchange
has
the
Finance Committee, said the Chicago "Tribune," which alsostated that Winthrop E. Smith will be Chairman of the
rxir
which might act as retarding influences,
present
fronted
with
compared
as
25,550
advance, and the
Specifically, there
Executive Committee of the Board. The two V lce-Presidents will serve under Chairman Char es V Essroger on the
business m the United States will go forward
a Pace.f^v^raWJ c^Para^e to tiiat of 1936.
Benson pointed out that problems similar to those
iffivr
Mr.
an
cars.
during 1936
against
t°5 Trade' a»d Joh" E'
?
iQ97
now
the
butter
showed
5,000
Oil Jan. 12 by Kenneth S.
Templeton,
Chicago Board of Trade, that Seibel C.
Harris and Barnett Farroll, Vice-Presidents of the Board
President of the Chicago Stock Ex-
Louisville,
in
at
a
made known
,wag
125 Louisville
security brokers and dealers, bankers and officials of corporations whose securities are listed on the Exchange, demeeting
traded in
of
cars
i*.
President
President
by
,,
change,
In
mittee
The
Procedure
dinner
by the end
year.
Kennetn o. 1 empleton, Jrresident or Chicago Board of
Trade, Announces Membership of hxecutive Com-
listings
Chicago Stock Exchange—Members of
Exchange Demonstrate
Floor Trading
lhaddeus H. Benson,
through
on
that
so
♦
of
Chicago
the futures call dropped!
on
however, and then
of potatoes compared with 452 in 1935.
cars
__
listings
new
new
at $1,000 and the last one at $1,250.
Dealers
Security
approximately
of eggs
cars
27,926
1935;
listings in the preceding year. ' Two memberships were
year, one
gajn
a
or
♦
Louisville
35314
in
membership is offered at the present time is n.200.
a
Beginning with June,
1935> but December again
of
ende(j
2,516
$910.39 for each of the 82 out-
of Governors approved
The Board
listings
during the
price
1935.
months, the volume increased considerably,
taiY value of this trading amounted to $283,767,173.60.
government bonds, giving a book value of
transferred
year
were
and $17,931 for
quote, also stated :
we
of
rnonths
^
$6,239 foi 1936 compared with
1934.
Total income for
1936 was $23,358, while expenses, including depreciation,
totaled $29,597.
Tile Chicago "Journal of Commerce," from
net
a
for 193o
that
summer
month-by-month comparison, October and November fell slightly below the-
Ex-
Curb
Chicago
the
tne
regard-
say
of August the total volume was ahead of that of the previous
23
M
Stanley
Trading
During the first five months of 1936 trading
Chicago Curb Exchange Reports Net Assets Dec. 31 of
$74,652—Deficit During 1936 $6,239 Compares with
Tan
Jan.
Other
~
.
Futures
nnblic
PUDIIC
elected
was
f-rnrHn?*
_
$x7,2fl
Sage
,,
President Fox had the following to
IUtUreS trading
v
made
macie
E.
.
In his report to the members of the Exchange, under date
725,553
(Section 13-B)
surplus (Section 7)
Figures
-inures
...
Wyckoff and Harry H. Field.
S28.354
13-B)
to surplus
Transferred to
W.
and
.
Miles L. Friedman, already a member of the Board;
follows:
as
Dividends paid
Transferred
,
Edwin
Net earnings
The net earnings of $932,178 were
JnrT
„
officers elected for 1J37 include Nick lennema, Secretary J
Kirschbraun, Treasurer, and Dave Feltman, Sergeant-at-Arms.
Directors chosen for a two-year term are
225,432.67
-
,
,
231,677.97
Assessment—Building for Board of Governors
Another
Vice-President,
First
as
Second Vice-President, succeeding Charles S. Borden.
dzy,yo7.7o
A
together with
Mr
7%
50^
a
Zander is
addition
reserves in
reduction in
£nin in
loans
furthef onoted
/.f!? L
V7.
Q
/
dividends paid to the Federal Government
.
operating
as
since
on
the
follows-
"
the
bank..
started operations will reach $811,253, with this year's distribution.
In
addition to this, the Chicago unit of the system has provided a total of5"
$113,794, out of its earnings toward the expenses of the Federal Home'-
Eoah Bank Board's operations out of Washington.
Volume
144
Financial
<
BOOK
asset
REVIEW
Capacity to Pay Current Debts.
Arthur H. Winakor.
Bulletin No. 53 of the Bureaiifpf Business Research,
College of Commerce and Business Administration,
University of Illinois.
54 Pages.
Urbana, 111.:
Published by the University
This study is based upon an examination of the
statements of 172 large industrial
ability of small and large companies
comparative
current debts was
author
relatively
companies, supplemented
"Statistics of Income."
by figures from the Federal
The
financial
a
that
while
assets
current
companies, no great difference
the
an
small
proportion of such payables owed
relatively much smaller.
Small
than
assets
show lower current ratios,
to exist in current
appears
enable them to
assets
in
the
STATE
OF
EPITOME
TRADE—COMMERCIAL
Friday Niylit, Jan. 29, 1937.
f Notwithstanding the two major disturbances in the form
of
floods and strikes, business activity showed remarkable
stability last week.
The "Journal of Commerce" weekly
business
with
the
index
declined
revised figure
a
fractionally
of 96.4 for
a
compared
as
loadings, as it has into steel operations and
the operations
of all industrial plants in the affected
regions.
But this all means good business in replacement
on,
steel
industry.
observers declare.
Estimates
This applies especially to the
of the effect of the floods on
operations of the steel industry vary, but it is evident that
a temporary reduction of 3% to 5% in output has occurred.
As flood-waters in steel districts affected
little
long.
prospect
The "Iron
that
Age,"
for
of
At mid-week
"Will
suspensions
in
receding, there
are
fact, predicts
for
actually and relatively much greater than
are
of
small companies,
supporting
ability to
working
current debts.
pay
should
Ma.ior Roads' Carloadings in Week Ended Jan. 23 Above
Like Week of 1936
The first 17 major railroads to report for the week Jan. 23,
1937 loaded
lines,
own
a
total of 315,702 cars of revenue
compared
with 329,163
week and 270,560 cars in the seven
A
resumption of
steel buying by
REVENUE
FREIGHT
of the last five months is regarded
inevitable,
as
according to the "Iron Age."
The production of electricity
by the electric light and
industry totaled 2,256,795,000
power
kilowatt hours in the week ended Jan. 23, which is a gain
of 15.7% over the corresponding period of 1936.
Floods,
strikes and unseasonal weather affected retail and whole¬
the past
week.
1937
increases
in
bituminous
and
coal
There
crude
Official statements from approximately
oil
were
also
production.
tional
Steel Corp. reported
tory for
the December
1936
1937
30,788
32,370
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chicago Mil. St. Paul & Pac Ry.
Chicago & North Western Ry—
22,684
16,912
18,666
24,235
14,567
15,608
Gulf Coast Lines
3,687
3,548
International Great Northern RR
2,166
2,052
14,782
40,773
15,172
11,944
2,824
2,002
15,071
4,788
7,232
25,682
43,186
4,798
23,411
64,960
4,981
7,304
25,971
35,664
3,769
18,301
48,916
5,335
4,720
21,804
5,726
5,501
5,151
Missouri Pacific RR
New York Central Lines
Wabash
7,008
15,193
21,601
14,613
16,594
19,276
16 Jan. 25
1937
18,074
24,176
16,048
62,072
Pittsburgh & Lake Erie Ry
8,156
8,628
8,814
11,320
1936
6,813
.
1,766
2,160
9,696
4,953
12,828
6,355
7,086
16,777
8,777
8,855
8,952
11,885
1,644
7,240
9,024
1,497
1,994
8,535
33,230
8,194
3,750
2,231
9,007
39,992
11,571
4,138
39,420
45,258
11,967
4,756
42,859
5,892
7,006
*9,762
9,810
5,616
7,180
x9,547
9,621
32,489
4,828
4.038
x6,953
7,721
315,702 329,163 270,560 199,826 212,351 160,715
Total
Excludes
x
20,842
4,755
21,337
Norfolk & Western Ry
S.
between
interchanged
cars
P. Co.—Pacific Lines and Texas
&
New Orleans RR. Co.
TOTAL LOADINGS AND
RECEIPTS FROM CONNECTIONS
(Number of Cars)
the highest earnings in its his¬
quarter and full year of 1936.
1937
20,185
84% of the railroad
industry indicate that consolidated net earnings last .month
just about equaled the December, 1929, aggregate, although
gross revenues were 21% below the 1929 month.
The Na¬
16 Jan. 25 Jan. 23 Jan.
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio RR
Southern Pacific Lines
1936.
Weeks Ended—
Jan. 23 Jan.
compared with the
in
Received from Connections
■Weeks Ended—
Pennsylvania RR
Pere Marquette Ry
week
CONNECTIONS
Loaded on Own Lines
However, retail sales are up
8% to 12% for the country as a whole over the correspond¬
ing week last year. Wholesale business was up 15% to 20%
same
their
(Number of Cars)
New York Chicago & St. Louis Ry
activity
on
days ended Jan. 25, 1936.
RECEIVED FROM
AND
LOADED
the automotive
the mills for shipments exceeding that of the most active
freight
in the preceding
cars
comparative table follows:
suddenly take place, and be followed simultane¬
ously by heavy orders from the flood areas, strong pressure
sale
the
to 40; Pittsburgh, 34 to 40: Portland, Me., 24 to 30;
Chicago, 32 to 42; Cincinnati, 36 to 42; Cleveland, 32 to 44;
Detroit, 24 to 38; Charleston, 42 to 50; Milwaukee, 22 to 46;
Savannah, 42 to 48; Dallas, 48 to 64; Kansas City, 22 to
26: Springfield, Mo., 34 to 42; Oklahoma City, 26 to 42; Salt
Lake City, 14 to 36; Seattle, 28 to 34; Montreal, 8 to 20,
and Winnipeg, 16 below to 6 below.
interests
periods
improving
and
-
Activity
operations before the end of the week.
steel ingot rate was around 75% of capacity, or about seven
points under the peak reached two weeks ago.
Jt is stated
on
important fund is pro¬
an
capital
36
continue
resumption
a
normal
that
without
revenue
periods.
car
later
seems
and
services
short
The flood is cutting into
corresponding week of 1936.
railroad
96.2
to
week ago and 72.8 for
for
As the annual
accruing to large enterprises from prepaid outlay
case
vided
obtain
outlays
Indications of Business
THE
but their larger working capital
their ratios than in thfe case of larger companies.
Large
companies, on the other hand, are better able to curtail out¬
lays if necessary, at the same time that their larger prepaid
revenues
large
notes and bills
companies, again,
as
enables them to obsorb moderate losses with less effect upon
commensurate
companies have
For current liabilities, however, large com¬
advantage in that their current payables and
were
consumption
total
to
liquidity.
panies have
pay
part of the study.
concludes
more
The
to
679
Chronicle
'
.
Net
Weeks Ended—
profit for the past quarter totaled $4,628,729, almost double
the net income from the same period in 1935.
The out¬
standing features of the weeks' weather were the unprece¬
Chicago Rock Island & Pacific Ry.
dented floods in the Ohio
Illinols Central System—
in
the
South
Pacific
severe
freeze
Valley, severely damaging freezes
and abnormal warmth in the
area,
Eastern States.
more
For the
second
in Pacific
occurred
time
Coast
since
Jan.
States, which
1
California, losses
mounting to millions of dollars.
The
devastating flood is easily one of the greatest catastrophes
of 4£s kind the country has ever experienced.
Up to the
writing of this report, the known dead total 255, with more
200
unconfirmed.
1,000,000.
Property
Latest advices
are
The
damage
homeless
was
that flood waters
were
estimated
are
at
Missouri, Arkansas, Mississippi and Louisiana.
The floodfalling in Western Pennsylvania, West Virginia,
Ohio, Indiana, Illinois and Kentucky.
The crest has been
passed at Cincinnati, Ohio; Louisville, Ky.; Wheeling, W.
Va.; Portsmouth, Ohio; Aurora, Ind.; Pittsburgh, Pa.
The
waters are still rising at Memphis, Tenn.; Evansville, Ind.;
Cairo, 111.; Mounds and Mounds City, 111.; Marks, Miss.;
Truman, Ark.; Padueah, Ky.; New Madrid, Mo.
It is
stated that the United States Army is hurrying
plans to
evacuate the Mississippi Valley of 500,000, if necessary.
The Red Cross seeks $10,000,000 for rescue work.
There
are 100,000 Civilian Conservation
Corps and Works Progress
waters are
Administration
workers,
and
fighting
York
volunteers
City
area
National
and
Coast
Guardsmen
hold the dikes.
In the New
the weather has been unsettled the past
to
week, with temperatures cold to mild.
and
cold
degrees.
Saturday
here,
with
Today it was fair
temperatures ranging from 37 to 43
The forecast
increasing
was for fair, slightly colder tonight.
cloudiness.
Rain Saturday
night.
Overnight at Boston it
was
28
to
32
degrees;
Baltimore,
1936
-
21,656
32,391
30,017
12,638
70,677
13,911
64,311
The Association of American Railroads in
week ended Jan.
16
reported
as
reviewing the
follows:
Loading of revenue freight for the week ended Jan. 16 totaled 700,238
This
cars.
was
increase of
an
1936 and
ing week in
an
88,891
14.5% above the correspond¬
cars or
137,412
increase of
cars
24.4%
or
above the
corresponding week in 1935.
at
$400,000,000.
rising in Tennessee,
placed
Jan. 25,
16, 1937
24,375
Total
a
Jan.
23, 1937
23,237
29,737
13,091
66,065
St. Louis-San Francisco Ry
was
especially damaging to citrus fruits and truck in Southern
than
Jan.
Loading of
of
„
revenue
freight for the week of Jan. 16 also was
an
increase
1,709 cars or two-tenths of 1% above the preceding week.
Miscellaneous freight loading for the week ended Jan. 16, totaled 275,046
cars,
a
45,142
decrease of 102 cars below the preceding week, but an increase of
cars
above the corresponding week in 1936, and 74,038
the corresponding week in
1935.
Loading of merchandise less than
cars,
an
above
increase
the
3,724
of
cars
cars above
'
carload lot freight
above
1936
corresponding week in
preceding
the
9,457
and
totaled
week,
161,279
12,263
above the
cars
cars
same
week in 1935.
Coal loading amounted to
161,049
cars,
a
decrease of 8,358
the preceding week, but an increase of 20,298
week in 1936, and
Grain
2,248
the
and
cars
23,601
grain
cars
products
above the
corresponding week in 1936.
week in
It
a
was,
cars
above the
and
grain products loading for the week
cars,
of
an
1,325
Live
cars
stock
cars
cars,
loading amounted to
same
however,
an
ended Jan.
15,833
1935.
1,279
cars
cars,
an
of
below
totaled 20,353
but
a
decrease
increase of 692
same
cars
week in 1936 and
Districts alone,
16 totaled 12,122 cars,
above the preceding week and 1,734
corresponding week in 1936.
cars
increase of 6,946
16,
In the Western
loading of live stock for the week ended Jan.
increase of
increase
1936.
1,900 cars above the
week in
below
In the Western Districts alone, grain
below the corresponding week in
above the
an
decrease of 2.534
increase of 2,329 cars above the preceding week
above the preceding week,
870
1935.
cars
above the corresponding
week in 1935.
loading totaled 32,135
above the preceding week, but
same
cars
same
cars
an
above the
680
Financial
Forest products loading totaled
31,920
above the preceding week,
3,543
11,166
cars,
an
increase
of 2,011
Chronicle
1937
30,
Jan.
cars
week in 1935.
above the
cars
same
Ore loading amounted to
the preceding week,
7,261
cars
5,061
11,097
cars,
an
amounted to
the preceding week,
above the
3,218
11,879
cars,
above the
cars
week in
same
same
week in
increase of 1,379 cars above
compared with
Loading of
revenue
Week of Jan.
2___—
Week of Jan.
Week of Jan.
1935
1936
541,826
614,853
611,347
497,274
553,518
1,986,720
9.
587,953
698,529
700,238
1,768,026
1,613,618
—
16
562,826
1935.
an
increase of
115
week in
same
above
cars
1936
Total
the
In
the corresponding weeks
1936
in
and
-
and 4,073
1935.
All districts reported increases in the number of cars loaded with
freight,
1937
1936, and
above the corresponding week in 1936 and
cars
above the corresponding week in
Coke loading
cars
above the
cars
revenue
1935.
freight in 1937 compared with the two previous years
follows:
following table
undertake to
we
the
show also
loadings for separate roads and systems for the week ended
Jan.
During this period
16,1937.
total of 101 roads showed
a
increases when compared with the
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
week last
same
(NUMBER OF CARS)—WEEK ENDED JAN.
year:
16
■<:"v
Total Revenue
Railroads
Total Loads Received
Freight Loaded
1937
1936
Railroads
from Connections
1935
Eastern District—
1937
Total Loads Received
Freight Loaded
yyy
1937
1936
1
Ann Arbor
Total Revenue
Southern District—(Concl.)
Norfolk Southern
from Connections
1936
1935
488
Boston & Maine
Chicago Indianapolis & Loulsv.
Central Indiana
582
546
1,416
2,010
8,511
1,533
Bangor & Aroostook
2,049
2,154
7,716
1,232
201
276
Piedmont Northern
464
386
11,194
9,645
Richmond Fred. & Potomac—
332
284
2,526
2,303
Seaboard Air Line
9,130
22,621
6,975
18,662
7,149
18,180
20
7,501
1,443
16
1,205
876
1,008
....
999
1,104
1,063
1,046
4,628
4,570
16,027
438
i
1936
1937
306
954
3,091
3,829
13,063
•
19
59
Central Vermont
1,099
927
938
2,209
1,890
Tennessee Central
403
379
359
674
680
Delaware & Hudson
4,898
4,486
Winston-Salem Southbound...
167
149
130
829
739
9,589
7,816
6,802
6,387
Delaware Lackawanna & West.
4,276
8,268
105,157
92,805
85,115
70,325
58,001
1,880
11,885
—
Detroit & Mackinac
■
.
8,831
5,431
364
190
185
3,229
2,736
2,845
1,898
1,680
314
Detroit Toledo & Ironton.
Southern System
67
300
354
3,969
Detroit & Toledo Shore Line..
HI
Total
73
12,584
4,141
11,070
4,181
11,455
3,631
16,183
8,513
Lehigh & Hudson River
204
148
109
1,950
Lehigh & New England
Lehigh Valley
1,510
8,925
3,013
4,424
1,041
1,648
8,157
1,413
8,024
3,756
13,588
7,647
1,825
1,121
7,105
3,274
3,548
2,939
2,398
Erle
Grand Trunk Western
-
Maine Central
Monongahela
Montour
a
2,315
New York Central Lines
N. Y.N. H.&Hartford
New York Ontario & Western..
N. Y. Chicago & St. Louis
Pittsburgh & Lake Erie
Pere Marquette
■
43,186
10,748
1,461
4,798
7,447
4,981
8,172
3,133
\
3,562
2,065
37,177
10,345
2,113
4,353
5,168
5,827
237
36
9,775
12,874
2,503
4,105
4,682
5,217
1,745
11,567
6,863
551
330
457
20
352
234
1,169
1,070
1,628
Rutland
592
463
593
1,117
5,161
3,470
4,781
3,237
9,810
3,573
153,958
137,535
135,055
178,477
381
223
7,911
5,526
4,834
8,341
6,346
318
270
9,218
8,454
638
547
& South*
174
162
235
143
138
8,379
3,285
2,263
628
600
V
529
405
212
276
76
81
1,569
5,565
9,694
1,616
5,006
8,494
1,599
3,956
7,191
1,954
2,369
Northern Pacific
1,690
1,989
2,625
Spokane International
3,448
96
112
76
340
208
1,214
1,027
942
1,576
1,029
80,935
71,826
62,720
51,980
42,257
18,766
2,901
5,057
SpokeanePortland & Seattle...
Total
Allegheny District—
Central Western District—
Akron Canton & Youngstown..
504
552
942
787
26,964
1,573
25,075
1,083
16,777
2,353
14,106
1,509
Alton
20,842
2,680
388
313
260
7
8
Bingham & Garfield
V
1,536
6,286
Bessemer & Lake Erie
522
32,370
3,187
Baltimore & Ohio
1,345
5,389
1,143
15
9
5,388
12,354
10,130
Buffalo Creek & Gauley
Cambria & Indiana
*
3,108
Minn. St. Paul & S. S. M
149,968
Central RR. of New Jersey
Cornwall
1,764
9,657
2,696
7,992
2,765
3,468
8,952
Lake Superior & Ishpemlng
Minneapolis & St. Louis
8,400
3,150
Total
514
Ft. Dodge.Des Moines
Great Northern
887
5,501
3,984
Wheeling & Lake Erie
509
521
Green Bay & Western
1,304
Wabash
746
799
Elgin Jollet & Eastern.._
254
1,126
1,746
15,889
3,208-
Duluth South Shore & Atlantic.
22
299
812
11,926
2,133
18,976
4,171
Duluth Mlssabe'& Northern—
37,400
10,972
1,776
9,355
4,530
5,308
5,892
754
13,261
"
Chicago Milw. St. P. & Pacific.
Chicago St. P. Minn. & Omaha.
39
45,258
617
15,508
2,457
19,276
4,421
1,229
—
Chicago & North Western
Chicago Great Western
173
1,700
35,455
412
Pittsburgh & Shawmut
Pittsburgh Shawmut & North..
Pittsburgh & West Virginia
Northwestern District—
Belt Ry. of Chicago
86
65
Burlington & Qulncy..
16,048
14,906
2,349
11,597
1.292
8,855
1,023
9,649
2,725
1,375
2,654
7,189
& Illinois Midland
13,098
1,523
108
11
57
403
356
38
23
195
250
180
37
26
Colorado & Southern
741
2,954
1,936
42,859
18,865
695
974
863
994
64,960
14,380
15,052
53,993
13,002
8,339
53,178
12,497
53
Rock Island & Pacific.
& Eastern Illinois
3,277
72
3,267
7,340
5,701
145,904
662
442
11
22
1,001
1,127
1,107
2,183
1,812
1,073
1,478
1,140
117,156
110,996
109,811
86,116
City
1,158
3,387
1,970
967
1,504
1,019
106
119
North Western Pacific
6,199
1,989
1,689
572
523
407
383
249
Peoria & Pekin Union
42
99
45
59
92
18,666
15,412
12,633
6,730
4,074
348
397
298
972
14,353
11,922
11,193
1,255
8,970
Northern
Nevada
...
Southern Pacific (Pacific)
Total
7,485
2,188
1,070
1,133
Illinois Terminal
14,982
1,394
106
9,621
2,889
1,311
2,389
886
Denver & Rio Grande Western.
Fort Worth & Denver
3,309
10,640
3,092
3,242
2,104
Denver & Salt Lake
2,368
1,457
86
'
1,185
4,294
33,563
4,174
Western Maryland
203
Chicago
Chicago
Chicago
Chicago
650
Union (Pittsburgh)
West Virginia Northern.
6,813
2,495
310
343
Long Island
Reading Co
17,028
2,472
407
801
...
Cumberland & Pennsylvania...
Ligonler Valley
Penn-Reading Seashore Lines..
Pennsylvania System
Atch. Top. & Santa Fe System..
Toledo Peoria & Western
Union Pacific System
6,820
Utah.....
1,121
695
665
14
9
Western Pacific
1,121
1,071
1,238
2,221
1,256
104,688
92,038
81,393
57,975
43,734
126
5,299
Pocahontas District—
Chesapeake & Ohio
24,235
21,509
Norfolk & Western
23,411
19,108
943
4,497
1,098
3,641
53,086
45,356
Norfolk & Portsmouth Belt Line
Virginian
19,667
16,663
7,458
3,171
8,877
4,756
1,417
1,004
40,373
16,054
13,279
872
Total
3,787
y.y,
1,110
■
yi.'YY
,
924
Southwestern District—
Total
..................
Alton & Southern
157
230
Burlington-Rock Island
186
140
130
244
231
221
268
3,548
2,052
3,125
3,088
2,156
2,137
1,644
2,231
1,131
1,994
Gulf Coast Lines
Southern District—
—
International-Great
Northern.
Alabama Tennessee & Northern
199
238
189
153
166
Kansas Oklahoma & Gulf
Atl. & W. P —W. RR. of Ala-
789
653
634
Kansas City Southern
699
715
603
1,486
1,057
984
Atlanta Birmingham & Coast..
Atlantic Coast Line
738
Louisiana & Arkansas
10,420
4,353
8,347
3,725
7,450
3,329
5,101
4,177
2,651
Central of Georgia
Charleston & Western Carollna.
Cllnchfleld
969
110
154
177
415
424
Litchfield & Madison
357
387
499
924
737
314
309
1,052
246
266
298
Missourl-Kansas-Teaxs Lines..
283
371
Missouri Pacific
889
Natchez & Southern
166
116
128
813
633
942
Midland Valley
1,785
1,090
859
Missouri & Arkansas
43
30
69
95
Quanah Acme & Pacific
802
680
1,644
1,455
Macon Dublin & Savannah....
542
433
1,060
11,545
5,598
10,036
4,317
181
158
151
561
382
170
328
1,841
2,946
*
Note—Previous year's figures revised.
2,412
Previous figures.
Moody's Commodity Index Declines Moderately
Moody's Daily Index of Staple Commodity Prices declined
further this week, closing at 205.0 this Friday, as compared
The main factors in the decline
also
were
lower prices for
hogs
decreases in the prices of silk,
hides, wheat, and corn. Rubber, steel, cotton and
coffee advanced, while there were no net changes in the
prices of silver, copper, lead and sugar.
The movement or the index during the week, with com¬
parisons, is as follows:
cocoa,
---206.9
Jan. 22
Jan. 23-
—
--.
2 Weeks Ago, Jan. 15
Month Ago, Dec. 29Year Ago, Jan. 29
.207.0
Mon.
Jan. 25
206.5
Tues.
Jan. 26
206.1
205.3
Jan. 27
Thurs. Jan. 28
Fri.
Jan. 29
120
5,377
3,867
1,667
2,636
3,032
4,329
21,195
3,959
2,145
3,187
17,350
251
199
47
56
15
38
20
33
41
54,631
47,174
65,144
56,653
Includes figures for the Boston & Albany RR.,
205.0
205.0
Low—May 12
1937 High—Jan. 14
Low—Jan. 29
:
4,010
the C. C. C. <fe St. Louis RR. and
the
Freight Cars and Locomotives on Order Jan. 1, 1937,
Highest Since 1930
I
Class
year
railroads
cars
than
nounced
of
on
the
United
Association
Jan. 30.
year,
States
on
had
order
on
new
more
Jan. 1 this
corresponding date since 1930, J. J. Pelley,
the
this year totaled
date last
of
and steam locomotives
on any
President
of
American
New freight cars
on
Railroads,
order
25,592 compared with 12,805
and 628 two years
there
were
ment
ago.
the same
on
Jan.
On
an¬
Jan. 1
on
1, 1930,
further showed:
Of the
total
refrigerator
205.0
297.
cars
34,581
cars,
New steam
On
on
1,
order
plain box
2,871, and flat
locomotives
Jan.
freight
new
number
numbered 10,020 ;
169.0
208.7
162.7
210.1
1936 High—Dec. 28
11
100
4,482
7,305
4,819
2,269
Total
210.0
-207.1
19
96
6,578
1,988
Terminal RR. Assn. of St. Louis
freight
week ago.
42
99
7,859
2,431
6,447
4,353
2,206
St. Louis Southwestern
a
RR.
45
97
Texas & New Orleans
1,473
2,069
Sat.
9,007
Texas & Pacific
284
1,620
2,530
Fri.
9,769
Weatherford M. W. & N. W_.
147
1,729
2,698
were
13,259
Wichita Falls & Southern
183
There
15,101
56,510
252
1,284
18,067
18,297
1,854
a
2,700
241
327
Mobile & Ohio
Michigan Central
263
3,821
8,006
2,209
1,467
20,918
20,449
Nashville Chattanooga & St. L.
Mississippi Central*
322
4,146
—
373
996
210
114
4,870
St. Louis-San Francisco
1,690
21,578
23,303
,
245
84
5,439
15,172
51
27
Gulf Mobile & Northern
703
810
1,877
119
960
Georgia & Florida
Wed.
964
Louisiana Arkansas & Texas—
367
1,137
Illinois Central System
Louisville & Nashville
wool.
1,536
1,082
1,061
Gainesville Midland
and
122
1,558
491
Georgia
with 206.9
189
1,857
301
Florida East Coast
188
1,609
2,044
1,228
154
1,382
Durham & Southern
331
;.y
1,825
1,246
2,956
1,297
2,199
Columbus & Greenville
4,187
244
Fort Smith & Western
on
cars on order.
at the
cars,
cars,
order at
1936, there
were
The announce¬
beginning of this
9,445
;
year,
automobile box
coal
2,977;
new
cars,
279.'
the beginning of
five
new
steam
this
year
locomotives
numbered
on
order,
Volume
and
the
on
Jan.
on
Diesel
in
8,903,
while 24,103
steam
locomotives
calendar
any
and
installed,
New
in
service
1931.
1934
there
order
this
year
In
1935,
59.
since 1930,
year
service
in
1935
87, the largest number
40
locomotives
steam
new
Thirty-four
electric and
new
in 1936 compared with
102 in 1935
1
1934.
in
Freight
and
cars
locomotives leased1
cluded in the above
otherwise
or
acquired
681
Slight Increase in "Annalist" Weekly Index of Whole¬
sale Commodity Prices During Week Ended Jan. 26
January Average Increased 4.4 Points
"Commodity prices recovered slightly last week under
leadership or livestock, butter and eggs, textiles and
freight cars,
1934.
totaled
Chronicle
ago.
years
in
put
1
new
calendar
cars
service in
were
put in service
were
43,941
any
1936
Jan.
on
and 90 two
year
in
put in
were
order
on
freight
installed
6ince
year
while in
locomotives
31
installed
installed.
were
New
Diesel
locomotives
1936
totaled
for
on
New locomotives
seven.
number to be put in service in
76,909
were
were
compared with three last
railroads
largest
when
and
seven
I
Class
1936 there
1930, totaled 431.
electric
numbered
the
date in
same
1,
New
Financial
144
in¬
not
are
the
rubber," the "Annalist" announced on Jan. 28.
"These
gains were, however, partly offset by losses in the grains,
cocoa and tin, and the 'Annalist' Weekly Index of Whole¬
sale Commodity Prices advanced only 0.1 point to 138.2
on Jan. 26 from 138.1
(revised) on Jan. 19."
The "Annal¬
ist" presented its weekly index as follows:
THE
"ANNALIST"
WEEKLY
INDEX
PRICES
figures.
Jan. 26,
"Annalist''
Monthly Index of Business Activity at the
Close of 1936 Reached Highest Point Since October
1929
v
Business
activity closed 1936 at the highest levels since
"Annalist"
The
108.3
Index
of
Annual
Review
Activity
of the year.
ord high figure for
The
most
was
tion.
important
consumption,
ingot
the
silk
factor
in
It
last
consumption,
production.
adjusted
production
declined
only 8.9 points below the rec¬
now
June, 1929.
index
index
The
of
month's
increase
miscellaneous
largest decline
"other"
A
fractionally.
freight
freight
for
the
month
loadings.
car
loadings
car
by
shown
was
The
and
electric
power
durable goods
the
in
industries
of
substantial
a
rose
level
was
that
single
less
a
revival.
sharply.
high
industries
are
the
over
In
year.
durable
burners,
ords
that
the
boots and
undoubtedly not
expected,
arc
a
following
engines,
washing
goods
pace.
indus¬
are
lagging.
In
The
than
a
industries
machines,
industries
outstand¬
are
electric
stokers
to establish
The
however,
that,
although
rec¬
new
petro¬
plate glass,
record for the year
new
industry.
power
It shows,
one.
rayon,
oil
and
several
above
list
was
as
"old"
is
to be
industries
on
a
still, of
capita.
per
course,
■
are
low volume of construction.
a
Industries
still considerably depressed, although less
ago.
conditions
to
ret-ponee
*138.1
128.6
81.6
81.6
75.6
*
commodities
on old doll,
Preliminary.
in
sections
of
'TTTtZ
"ANNALIST"
"ANNALIST"
INDEX
OF
MONTHLY
INDEX
OF
WHOLESALE
COMMODITY
(1913M100)
Dec., 1936
Jan., 1937
Farm
Jan., 1936
144.1
137.0
123 9
Food products
132.8
129.8
129.1
Textile products
129.4
125.7
112.8
Fuels
166.1
167.1
173.7
Metals
124.0
119.9
111.4
Chemicals
98.3
97.9
98.2
Miscellaneous
94.4
91.6
85.9
138.4
134.0
128.3
81.7
79.1
75.8
products
All
commodities
old doll, basis
on
Wholesale
-
Commodity
Ended
Jan.
Products
23
and
Declined
Prices
Due
to
Foods,
Lower
During
Prices
for
Week
Farm
According to National Fer¬
tilizer Association
Wholesale
commodity prices declined 6% in the week
entirely to lower prices for farm prod¬
foods, according to the National Fertilizer Asso¬
ucts
BUSINESS
ACTIVITY
and
ciation.
This is the first setback since the middle of Octo¬
ber
registered by the weekly commodity price index, com¬
piled by the Association.
Last week the index stood at
85.0% of the 1926-28
AND
COMPONENT GROUPS
of 100
average
in
the preceding week.
and a year ago, 78%.
compared with 85.5%
as
registered 83.1%,
A month ago it
this, the announcement
issued Jan. 25 by the Association said:
The
largest
group;
decline
a
the
week
the
downward
Textile
to
moderate decline
a
prices
continued
to
period.
26
shown by the
farm
cotton
product
and wool,
10% higher than
index
of
the week, with
during
a
group
lard,
eggs,
food
prices.
higher prices
Higher lumber prices resulted
index.
index moving
up
material
reached since the
sulphate,
decline
in
to
a
high point
new
for
recovery
began.
Advances
the
in the
cyanamid, and1 cottonseed meal, which
tankage,
were
more
responsible for the upturn in the
index.
Although the index declined,
and
now
The small advance in the index of metal prices also took
the highest point
offset
fertilizer
was
advance
weekly rise in the
building material
prices of ammonium
than
the
were
cotton textiles, wool, and woolen goods resulting in the fifteenth
consecutive
recovery
trend
The farm product index i6
Due largely to lower quotations for meats, butter,
potatoes,
for cotton,
it
took place in
during
year ago.
the
noting
In
the only exceptions to
which advanced slightly.
the
but turned upward during the closing months in
wholesale prices and increased costs.
higher
1—THE
~
Reflecting the rise in prices that culminated two weeks
the January average of the "Annalist" index showed
a sharp advance,
standing at 138.4 for January, as against
134.0 for December.
The monthly index is as follows:
in
various
basis
Revised.
*
ago,
and
substantial number of industries which'are
that is due to
part,
year
a
remarkably stable,
TABLE
138.2
All
re¬
country showed wide varia¬
tions, with agricultural districts still leading the sales recovery by a sub¬
stantial margin.
A portion of last year's rise in retail trade is attributable
to higher prices.
Retail prices during the first seven moaths of the year
were
85.8
ended Jan. 23, due
motor buses,
outstanding
predominate,
supplying building materials
Trade
98.2
94.3
big
a
For the most part, the above industries produce consumer
December, however, the index of machine tool orders rose to a
high level
There
98.3
95.9
better
much
A
output records last
new
industry, plastics,
paper
the electric
by
complete
"new" industries
In
record
98.3
Miscellaneous
the 1935
represented.
goods.
so
the
and
shoes.
in
goods
that
branches of the chemical industry, cigarettes,
divisions of
turned
the
established
industries
Non-durable
Several
containers and
was
of
ironing
radios.
leum, certain
however,
goods industries.
number
household
and
non-durable
goods industries do not hold
Air-conditioning, Diesel
include:
the
setting
consumer
the durable goods group,
ing examples:
frigerators,
Chemicals
widespread recovery is the fact
more
longer
no
in
remembered,
Indicative of
one.
A considerable
Activity
It must be
balance has been achieved and
lead
111.4
prob¬
was
ably most responsible for the increase in industrial production during 1936.
Several capital goods industries which had been
lagging badly showed
signs
176.1
124.5
All commodities
sharp increase in activity
tries
166.1
124.5
combined
the
in
unchanged.
was
111.2
166.1
Metals
PRICES
moderately lower, while tire zinc output index
The preliminary index of automobile production
was
*130.0
further stated:
was
in
production.
steel
the lowest month
sharp rise in the seasonally-adjusted index of cotton consump¬
importance was a gain in the adjusted index of pig iron
Increases were also recorded by lumber production, rayon
a
Next
131.6
*130.0
to
The index lias regained 83.7% of its loss dur¬
ing the depression and is
index
advanced
(preliminary) for December, from 106.9 in November,
103.2 for October, and 88.9 for February,
125.1
128.0
132.0
Textile products.
(New York), issued Jan. 22.
Business
Jan. 28. 1936
1937
*143.7
Food products...
Fore¬
and
Jan. 19,
1937
143.6
products..
All commodities
cast Number of the "Annalist"
COMMODITY
Fuels
.•
October, 1929, according to the monthly review of domestic
business by II. E. Hansen in the
Farm
WHOLESALE
OF
(1913^100)
only 30 declined;
34
price series advanced
in the preceding week there
declines; in the second1 preceding week there
were
were
during the week
46 advances and
60 advances and 11
declines.
Nov. 1936
Dec., 1936
Oct. 1936
WEEKLY WHOLESALE COMMODITY PRICE
Freight
It
car
101.3
r
Other
97.2
*100.2
INDEX
93.8
102.9
-
*102.8
100.5
loadings
Miscellaneous-
X108.1
104.0
Electric power production
*104.4
X104.8
*104.1
M anufacturing
*122.7
*116.8
*110.5
121.9
121.6
Compiled by The National Fertilizer Association (1926-1928=100)
112.4
Steel ingot production...
Pig iron production
120.4
*117.1
*123.0
129.2
25.3
Rayon consumption
Fats and oils
Lumber
Cement
-
—
-
production
Year
1937
1936
85.5
86.5
84.0
80.4
1936
79.2
Cottonseed oil
23.0
Farm products
93.4
94.9
90.6
78.2
108.9
109.8
105.5
95.4
85.0
86.6
84.7
77.0
121.9
107.3
*135.7
*127.7
Cotton
71.5
71.4
69.8
65.8
*100.6
96.3
Grains
109.1
112.5
107.7
77.4
74.5
86.6
Livestock
79.8
81.4
80.3
79.3
82.2
75.7
82.5
82.2
84.2
84.2
79.0
—
*100.6
production
production
98.2
82.8
132.3
Boot and shoe production
Automobile
Month
ing Week
Ago
Ago
23, Jan. 16, Dec. 26, Jan. 25,
1937
Foods
'
127.2
88.6
consumption
Jan.
Total Index
124.3
Wool consumption
Silk
Group
114.5
151.0
Preced¬
Week
Bears to the
114.1
*141.4
Textile activity
Cotton consumption
Latest
Per Cent
Each Group
78.3
80.7
•
—
84.1
Lead production
——
Combined Index
*108.3
2—THE COMBINED
*106.9
INDEX SINCE
1933
1932
87.2
79.6
87.5
73.4
79.7
82.3
72.2
75.9
68.0
7.1
Metals...
95.6
95.3
91.9
83.3
Building Materials
87.4
86.6
84.5
77.1
1.3
1931
92.2
January
February
1934
80.1
84.2
79.7
Chemicals and drugs
Fertilizer materials
94.4
94.4
93.6
71.1
70.7
69.5
64.3
0.3
1935
80.2
80.3
Fertilizers
75.8
75.8
75.9
73.0
Farm machinery
10.8
1931
1936
80.2
84.5
Textiles
17.3
*103.2
JANUARY.
Fuels
0.3
production
TABLE
—
...
Miscellaneous commodities.-
0.3
Zinc
_
8.2
6.1
m
Mining
94.9
92.7
92.7
92.7
92.5
85.0
85.5
83.1
78.0
84.1
83.2
66.1
71.4
88.9
84.4
84.6
62.5
69.8
87.5
94.1
82.8
85.9
69.2
66.8
88.7
May
95.8
81.8
86.4
77.3
64.3
87.7
All groups oomblned
85.7
89.4
April
100.0
March
_
June
86.7
97.6
September..
83.8
87.5
63.9
82.7
78.0
94.0
62.9
102.5
August
82.0
xl02.3
July
84.9
75.1
87.5
64.4
Decline in Wholesale Commodity Prices During Week
Ended Jan. 23 Reported by United States Depart¬
ment of
85.1
,
85.3
81.6
102.8
86.1
71 4
82.0
68.5
78.5
October
*103.2
89.1
74.6
78.5
69.8
75.5
November
*106.9
92.0
76.0
75.3
68.2
75.6
*108.3
96.7
82.4
77.5
68.8
75.2
December
♦
Preliminary.
*
Revised.
-
Labor—First Drop
Since Late October
During the week ended Jan. 23 wholesale commodity
prices registered the first decline since late in October, ac¬
cording to an announcement made Jan. 28 by Commissioner
Lubin of the Bureau of Labor Statistics, United States
Department of Labor.
"The decrease, which amounted to
Financial
682
largely the result of a sharp drop in market prices
products," Mr. Lubin said.
"The decline caused
the all-commodity index to fall to 85.3% of the 1926 average.
The index is 1.4% above a month ago and 6.4% above a
year ago."
The Commissioner continued:
0.5%,
was
of farm
In addition to the farm
Textile products
materials remained unchanged at last week's level.
of non-agricultural commodities, as measured by the
Wholesale prices
products," declined
index for the group "all commodities other than farm
They are 1.2% above the corresponding week of a
0.2% during the week.
above that of
month ago and 4.3%
than
other
modities
The index for "all
a year ago.
processed foods,"
products and
farm
Week Ended
which
com¬
covers
Week Ended
Jan.23,1937
Major Geographic Regions
metals and metal products,
chemicals and drugs, and housefurnishing goods groups.
and building
OVER PREVIOUS YEAR
PERCENTAGE INCREASE
Minor increases were
declined slightly.
and leather products,
recorded in the hides
Electric output during the week ended Jan. 16 totaled
2,264,125,000 kwh.
This was a gain of 14.9% over the
1,970,578,000 kwh. produced during the week ended Jan. 18,
1936.
The Institute's statement follows:
products group, foods, fuel and lighting materials,
commodities
miscellaneous
and
Jan. 30, 1937
Chronicle
Jan.16, 1937
17.9
-.
Central Industrial
17.1
14.6
12.5
19.1
New England..
Middle Atlantic.
18.1 "S
7.8
9.3
18.3
18.2
4.0
13.0
12.4
11.6
15.7
West Central
14.9
---
Southern States
-
Rocky Mountain.
Pacific Coast
-
Total United States.
industrial commodities, remained unchanged at 83.1% of the 1926 average.
It is 0.8% above a month ago and
5.2% above
a year ago.
The index of raw materials prices dropped 1.4%
during the week ended
Percent
It is 2.0% above the corresponding week of December and 11.8%
Jan. 23.
above the week ended Jan. 25, 1936.
A fractional decline
the semi-manufactured group of commodities.
is
(THOUSANDS OF KILOWATT-HOURS)
FOR RECENT WEEKS
DATA
was
Change
registered by
1937
This week's index—85.6—
3% above a month ago and 14.6% above a year ago.
1936
1937
Week Ended
1936
prices declined 0.2% and are higher than last month and last year by 0.8%
The
following is also from the announcement issued
Commissioner Lubin:
on
A decrease of
2.2%
\
■
recorded in farm product prices, due primarily
was
4.9% drop in the livestock and poultry subgroup and 1.6% in grains.
to a
Wholesale prices for barley, oats, sheep,
seed,
timothy
6
1.962,827
1,781,666
1,762.671
1,763.696
1.760,562
1,578,817
Feb. 20..
1,952,476
1.950.278
Feb. 27
1,941.633
1.728.293
1,512,158
2,264,125
2,256,795
dried
beans,
white
and
potatoes,
cloverseed,
oranges,
averaged
wool
Percent
higher.
Change
In Millions of
1936
In Thousands of
Kilowatt-hours
Kilowatt-hours
from
Market prices of foods at wholesale declined 0.7% as a result of
1935
1934
1933
1932
1931
1930
1929
+
+
+
+
6,481
5,835
7,012
11.7
7,198
6.772
12.9
6,978
6,182
6,025
7,436
6,679
7,371
+ 13.1
7,250
6,219
7,056
7,116
6,130
7,071
7,495
7,240
7,487
6,112
7.287
7,363
7.485
7,310
7.219
6,311
7,774
6,932
6.318
7,337
7.523
8.388,495
+ 15.3
6.832
7,385
7,166
7,099
7,391
7.795,422
+ 16.7
+ 17.5
+ 14.8
+ 18.8
6,533
6,809
7,059
7,184
7,180
8,022
7,067
7,580
7,416
7.585
13.9
7.131
6.608
6,634
7,331
7,719
8,134
8,197,215
8.521,201
+ 12.7
7,094
6,832
6.508
6,972
7.009
6,638
7.288
7,270
7,567
7,871
1935
1936
decreases
subgroup "other foods"; 1.1% in dairy products; and 0.7%
Jan
8,664,110
7,762,513
Individual food items for which lower prices were reported were
Feb
8,025.886
7,048,495
March._
8,375,493
April
June
8,336,990
8,532,355
8,640,147
July
9,163,490
7,500.566
7.382,224
7,544.845
7.404,174
7,796.665
August..
8.078.451
Sept
9,275,973
9.262,845
Oct
9,670.229
Nov
9,237,905
of 2.1% in the
in meats.
cheese at Chicago,
oatmeal,
pork, veal, lard, oleo oil, pepper,
and cereal
macaroni,
rye
products were
meal,
corn
up
Prices of wheat flour, hominy grits,
York,
beans,
string
4.8% above that of last
weakness in
and
fuel
fresh
fruits
beans, coffee, and
cocoa
The present food index—86.7—-is 1.2%
Continued
cured and fresh
mutton,
edible tallow and coconut and
raw sugar,
0.2%.
canned
dressed poultry at New
last month and
flour,
Fruits and vegetables, on the other hand, advanced 2.1%
cottonseed oils.
the
1,545,459
RECENT MONTHS
FOR
DATA
year ago.
for
1,542,000
1,733,810
1,736 729
1,717,315
1,728,201
1.726.161
1,718,304
1.699,250
1,619.265
1,602,482
1,598,201
1,588,967
1,588,853
13
Jan.
This week's index—90.3—is 2.1% above a month ago and 15.6% above a
butter,
1,778,273
30
23._
apples in the Chicago market, Lemons, flaxseed and sweet
eggs,
potatoes.
1,772,609
Feb.
16--..
Jan.
Lower prices were reported for corn, rye, wheat, cattle, hogs, live poultry,
cotton,
1,668,731
+ 14.9
+ 15.7
Feb.
Jan.
Jan. 28 by
+21.0
1,854,874
1,970.578
1,949,676
1,955.507
2.244,030
9
Jan.
and 2.8%, respectively,
1929
1932
1935
from
Finished product
vegetables,
and
higher.
copra were
above the corresponding indes of
May
Dec
year.
prices of petroleum products caused the index
lighting
materials
7.161
7,538
6.494
6,294
6.851
7,380
7.285
7.220
7.682
93,420.266
85,563 80.010 77,442 86,064 89,467 90,277
Business
Activity of New York Federal
Activity Compares Favor¬
Total.
Average
0.3%.
decrease
to
group
11.6
wholesale prices of coal and coke were steady.
A sharp advance in prices of hides, leather and luggage forced
the index
since June, 1930.
housefurnishing goods
group
advanced to 85.7
as
"Business
Pronounced advances in prices of non-ferrous metals, particularly copper
steel, were the factors contributing to the advance of 0.3%
and
metals
metal
products
Average
group.
wholesale
prices
and
in the
of
motor
Rising prices of fats and oils and menthol caused the index for chemicals
and drugs to increase fractionally.
materials, and
The drugs and pharmaceuticals, fetri-
mixed fertilizers
subgroups remained at
level.
y+'-v
Market prices of crude rubber fell 6.7%
down
was
silk and rayon declined 2.3%
lower.
slightly
was
Woolen and worsted goods, on the other hand, advanced.
Cloth¬
reported in prices of brick and tile, cement
The index
of the
Bureau of
Labor
It remained at 91.2% of the
were
,
lower.
No
changes were
784
price series,
weighted according to their relative importance in the country's markets,
and is based
on
The following table shows index numbers for the main groups
for
Jan. 27,
of com¬
1934; and Jan. 28, 1933:
the
past five weeks and
for
Jan.
25,
1936; Jan.
26,
1935;
(1926—100.0)
Department
alter
All
16
9
2
26
25
26
27
28
1937
Commodity
Jan.
1937
1937
1937
1936
1936
1935
1934
1933
commodities..
Farm
Jan.
84.7
84.1
80.2
79.0
72.4
60.0
90.9
90.4
88.4
78.1
79.0
59.5
41.3
87.3
86.7
J 02.0
products..
76.9
76.9
76.8
Fuel & ltg. mat'ls.
76.9
77.1
77.5
leather
and
Jan.
85.2
101,8
Metals
Jan.
92.3
86.7
Textile
Jan.
85.7
102.6
and
products.
Jan.
90.3
Foods..
Hides
Dec.
85.3
products...
86.2
.
trade
store
comparatively
a
apparently
the
in
least
Northern New Jersey,
City and
the
in
start
poor
attributable at
was
The
1, continued:
New York
in
first
part to
half of December, which
unfavorable weather con¬
remaining period before Christmas,
daily sales were about 9% larger
improved
considerably
and
Dec.
24, inclusive, average
for
than
a
in
as
1
to
previous, and
year
December,
have
to
were
In
1931.
in
the
in approximately the same
other
increased
at
parts
least
as
dollf
t
volume
the country retail trade was
much over a year previous as in
of
New York.
For
the
1936
year
show
apparently
New York
Federal
department
an
store
for the country as a whole
11^% over 1935, and in the
sales
increase of about
show
District sales will
Reserve
increase
an
of approxi¬
after declin¬
ing somewhat further than in this district from 1929 to 1933, has subse¬
quently shown a more rapid recovery.
The drop in the dollar volume of
mately 10%.
sales
Jan.
Jan,
23
in large volume."
reported to have been made
its "Monthly Review" of Jan.
will
the average for the year 1926 as 100.
modities
in
reported
and structural steel.
Statistics includes
usual amount for
but of less than the
and retail sales of new passenger automobiles
ditions,
Wholesale prices of rosin
average.
the railroads," the Bank said, "showed a sea¬
over
decline,
time of year,
76.9%, although
Advancing prices for lumber and hydrated lime did not affect the index
1926
sonal
Bank, in presenting its monthly indexes of business activityf
ing and knit goods prices remained firm.
for the building materials group as a whole.
to
were
Cattle feed
and the cotton goods subgroup
appears
V
Paper and pulp advanced 1.0%.
1.6%.
The index for the textile products group remained at
general
in
with
favorably
compared
week's
last
rV'VV
during the week.
December
in
activity
preceding months, after
allowance for the usual seasonal movements," according to
the Federal Reserve Bank of New York.
"Shipments of
have
freight
vehicles and plumbing and heating fixtures remained unchanged.
lizer
ably with Preceding Months
a
higher prices for furnishings and furniture.
and copper products, together with higher prices for farm implements
scrap
Reserve Bank—December
Prices of skins declined and shoes remained steady.
The index for the
result of
of
Indexes
for the hides and leather products group up 0.8% to the highest level reached
pared
from
with
entire
1929
1929
so
to
35%
country
district,
the
Department store trade for the entire country,
rose
that
level
1933
in
was
this
for
30%
1936
for the
40% for
district,
as
but
compared
the
country
from
1933
as
to
a
whole,
1936
sales
as
com¬
for the
with an increase of 20% in this
sales were somewhat closer to
department store
country as a whole than for this district.
Adjusted for seasonal variations, for usual year to year growth, and where i
for price
changes)
'
85.7
82.7
80.9
65.0
54.1
101.1
97.7
86.8
90.4
68.6
Nov.
76.1
Nor.
70.8
70.0
Sept.
Oct.
76.2
76.4
51.8
1935
1936
1936
1936
77.2
77.5
77.0
74.3
74.0
65.2
-7
101.1
metal
90.7,
90.4
90.1
89.9
89.1
86.1
85.2
84.7
78.2
Building
91.2/
91.2
90.8
90.2
89.7
85.3
84.9
86.2
70.2
Chemicals & drugs
88.0
87.9
86.8
86.1
86.1
80.6
80.0
75.1
71.9
Housefur'g
85.7
84.3
81.7
72.8
68.1
60.8
*
Primary Distribution—
*
products
materials
goods.
85.4
85.3
84.3
82.3
82.1
Miscellaneous
75.3
75.6
74.9
74.9
74.5
67.8
70.6
Raw materials-...
87.2
88.4
87.4
86.9
85.5
78.0
*
Semi-nfd.
85.6
85.7
84.9
84.3
83.1
74.7
*
84.6
84.8
84.6
84.1
83.9
82.3
84.1
84.3
84.0
83.5
articles
.
Finished products.
All
com.
All
com.
..
83.1
80.6
f'ds
83.1
83.1
83.0
82.6
82.4!
79.0
v
1.:#
*
79.0
75.1
64.6
77.9
78.5
67.0
Not computed.
Electric Output for Week Ended Jan.
Above a Year Ago
The
Edison Electric
Car
23,fl937, 15.7%
Institute, in its weekly statement,
disclosed that the production of electricity by the electric
light and power industry of the United States for the week
ended Jan. 23, 1937, totaled 2,256,795,000
kwh., or 15.7%
above the 1,949,676,000 kwh. produced in the corresponding
miscellaneous
.
73
74
78
78
80
87
53
56
71
76
72
Department store sales. United States
Department store sales. Second District
Chain grocery sales
79
88
87
90 V
83r
87 r
87 r
92 r
70
68
68
70
92
96
96
84r
98r
Advertising
64
65
69
72
New passenger car registrations
Gasoline consumption
85
102
93
80 p
88
90
94
Imports
__
Distribution to Consumer—
Mall order house sales
-
General Business Activity—
Bank debits, outside New York City
Bank debits. New York City
lOlr
96
95r
66
66
67 p
69p
50
41
41
50
72
67
68
72
43
42
40
45
58
55
54
Factory employment, United 8tates
Building contracts
89r
95 r
96r
97 r
51
46
44
55 p
New corporations formed in New York State
56
60
58
59
Velocity of demand deposits, outside N. Y. City
Velocity of demand deposits, New York City
New life insurance sales
54
General price level*
149
156
156
157 p
Composite index of wages*
189
191
194
195 p
Cost of living*
142
144
143
143 p
week of 1936.
68
64
63
loadings, merchandise and
loadings, other
Exports
Other chain store sales
*
*
oth. than
farm prod. &
♦
;!
"
oth. thar
farm products
Car
V
Preliminary.
r
Revised.
* 1913 averages 100, not adjusted for trend
Volume
Financial
144
Indexes
Monthly
of
Governors
of
Federal
683
Chronicle
Reserve
Year Ago
a
The Board of Governors of the Federal Reserve
P.
Change from
Percentage
System for December
C.
of Accounts
Outstanding
Nov. 30
System
as follows, on Jan. 28, its
monthly indexes of industrial
production, factory employment, &c.:
Stock
Net Sales
Locality
issued
on
Dec.
Collected in
December
Hand
End
Feb. to
of
Month
1935
1936
4-8.4
+ 16.8
45.7
45.2
Dec.
BUSINESS INDEXES
New York
(Index numbers of Board of Governors, 1923-1925= =100) «
Rochester—
-14.7
+9.2
+ 14.0
+ 10.6
+ 13.9
46.2
50.7
Syracuse.-
-12.9
4 8.4
+ 9.1
38.0
42.6
-15.0
+ 12.1
+ 16.8
41.3
43.6
-11.2
+6.6
41.4
45.1
—3.4
33.8
39.4
+10.7
Buffalo
Adjusted for
Without
Seasonal Variation
Seasonal Adjustment
.
hl7.9
.
Northern New Jersey
Bridgeport
Dec.,
Dec.,
Nov.,
1936
1935
1936
Dec.,
1936
production,
total..
1-8.7
47.5
+ 11.3
50.6
+2.2
+3.7
+ 13.2
Elsewhere
1935
General Indexes—
Industrial
-f 0.1
—0.5
Central New York State
Nov.,
1936
Northern New York State
Southern New York State
Dec.,
50.3
pi 21
114
101
pll4
115
96
Manufactures
p\22
115
101
pll5
115
95
Minerals
Hudson River Valley DistrictCapital District
pi 15
111
102
Z?109
115
97
Westchester and Stamford
?61
58
r68
p49
51
40
26
2?34
39
22
vn
72
rl03
p60
62
7-80
_
_
7-54
J?40
_
Construction contracts, value
Total
b:
All other
Factory employment
Factory payrolls
c
+9.8
—0.8
Niagara Falls
Residential
96.0
P98.2
Freight-car loadings
P97.7
88.6
96.7
90.5
+ 14.4
All department stores
77.4
86
80
71
74
80
-
-
---
44.2
45.2
-fl.4
46.3
46.7
P92
93
83
27161
105
145
Production Indexes by
Groups and Industries—
Manufactures—Iron and steel
143
138
103
125
127
90
P139
121
126
December sales and stocks in the principal departments are compared
62
Department store sales, value
105
with those of a year previous in the following table:
Net Sales
Textiles
111
27132
99
98
83
101
104
105
107
147
127
115
124
27112
111
106
Cement
91
—
coal
p 95
Anthracite
147
94
-
-
59
150
__
Tobacco manufactures
78
-
—
-
90
46
153
119
106
83
■
.
27100
p76
70
7-72
2775
72
7-71
pl60
152
146
27155
150
152
98
100
84
100
100
86
99
68
106
68
74
Petroleum, crude
70
77
70
Zinc
Silver
Lead
--
on
Hand
Percentage Change
Dec. 31, 1936
Compared with
December, 1935
Compared with
Dec. 31, 1935
Furniture
+29.9
+ 31.4
Toilet articles and drugs
Books and stationery
4-18.3
17.4
+6.4
+ 19.9
17.2
+ 12.4
125
pi 32
Leather and shoes
Stock
Percentage Change
December, 1936
82
122
Food products
Automobiles
Minerals—Bituminous
-
+9.5
+9.7
+14.7
+ 10.8
—
...
-
----
+ 11.7
Apparel stores
•
88.2
P94.5
c
+ 10.9
+8.5
+4.7
+ 10.1
-
Silverware and Jewelry
Linens and handkerchiefs
+
+
+
+
+
+
-
-
Women's and misses' ready-to-wear.
Musical instruments and radio
+ 11.9
16.2
+21.9
15.7
+36.9
15.2
+23.3
+ 13.1
Toys and sporting goods
Home furnishings
15.7
Luggage and other leather goods—
Woolen goods—
Women's ready-to-wear accessories
-+9.2
+8.7
+ 12.7
--9.1
4 23.1
--8.4
+ 15.6
Shoes
--8.3
month.
Men's furnishings
--7.7
+ 15.7
+27.7
Indexes of factory employment and payrolls without seasonal
adjustment com¬
piled by Bureau of Labor Statistics.
Index of factory employment adjusted for
Hosiery
--7.2
-rll.8
Cotton goods.
--5.6
Men's and boy's wear
+4.5
+20.9
+25.4
+4.4
+ 6.2
+6.0
+6.S
—
p
*
Preliminary,
t Revised.
Indexes of production, car loadings, and department store sales based
on
dally
averages.
-
b Based on three-month
moving
of F. W. Dodge data centered at second
average
c
seasonal variation
complied by Federal Reserve Board of Governors.
Silks and velvets-—-
FACTORY EMPLOYMENT AND PAYROLLS: INDEXES BY GROUPS AND
INDUSTRIES
M iscellaneous
*—(1923-1925=100)
-
—
As to sales in the
Employment
metropolitan area of New York during
the first half of January, the Bank, in its review, comments:
Payrolls
Adjusted for
Without Sea
Seasonal Varia'n
sonal Adjustm't
Without Sea¬
sonal
Adjustm't
During the first half of January, total sales of the reporting department
stores in the Metropolitan area of New York were
5.7% higher than in the
corresponding period of 1936, but it appears that somewhat
Dec., Nov., Dec., Dec.,\Nov., Dec., Dec., Nov., Dec.,
1936
Non-durable goods
1936
1936
96.0
88.6
97.7
92.0
Durable goods
1935
98.2
Total
1936
89.5
79.7
92.(
98.2 103.1
104.8 102.9
1935
1936
96.7
88.2
90.6
79.7
103.2
97.3
1936
1935
94.6
90.5
88.5
71.2
97.6
93.0
85.3
more
than the
January, due at least
77.4
92.3
usual seasonal recession occurred from December to
in
part to unseasonable weather conditions.
Chain
Store
Sales
in
New
York
Reserve
District
In¬
creased
Durable
Iron and steel
99.4
84.4
98.8
97.8
83.9 101.0
94.4
73.1
95.9 112.7 105.4
84.9
91.9
113.6 110.2
Automobiles
95.5 113.7 111.3
131.1 123.4 115.1 136.3 128.3 119.7 133.2 125.8 103.8
Railroad repair shops
Nonferrous
98.1
equipment.. 116.4 112.0 100.8 119.8 114.7 103.8 118.3 112.9
--
Machinery
Transportation
61.7
60.6
110.7 106.7
metals
54.3
61.2
97.4
60.6
111.6 110.0
53.8
65.4
65.2
98.2 105.3 102.0
55.2
83.0
Lumber and products
68.0
66.2
61.6
67.2
67.8
60.8
60.5
60.8
49.0
Stone, clay and glass
68.7
66.3
61.8
66.8
67.3
60.1
58.7
61.1
49.3
Non-durable Goods—
Textiles and products
87.2
83.0
Fabrics
106.8 104.4 100.4 106.5 104.8 100.0
100.2
97.3
94.6 101.8
98.8
96.1
94.8
A.
96.9
86.7
83.9
B.
Wearing apparel
119.9 118.4 111.1
86.7
84.6
77.7
Leather
12.6% During December Over Year Ago—
Sales During 1936 Gained 8.4%
Goods—
114.9 116.0 106.3
98.6
94.9
95.3
93.8
89.0
90.7
77.8
67.3
115.0 113.4 107.3 110.7 114.1 103.1 105.8 108.3
products
Food products
Tobacco products
61.9
62.4
60.4
63.1
65.9
61.6
55.4
Paper and printing
104.0 103.6
98.4 106.0 105.0 100.3 102.7
Chemicals & petroleum prod. 118.6 118.1 112.4 119.3 119.7 113.2 118.7
A
Chem.
group,
except
petroleum refining.. 118.2 117.4 111.2 119.2 119.4 112.3 118.4
B. Petroleum refining
120.2 121.1 117.3 119.6 121.1 116.7 119.9
Rubber products
101.9
99.5
86.6 101.6 100.0
86.4 103.8
72.9
York) District
were
Candy chain store systems registered the largest advance in sales
over
a
April, 1935, and the 10-cent, shoe, and variety chain
reported larger increases in average daily sales than in November.
93.3
year previous since
51.5
stores
98.6
90.6
114.8 103.3
113.4 101.1
119.1
110.6
101.2
81.9
*
December,
chain store systems
12.6% higher than
in December, 1935," states the Feb. 1
"Monthly Review"
of the Federal Reserve Bank of New York, it was announced
by the Bank on Jan. 28. "Even after allowing for differences
in the number of shopping days, the increase was
larger than
in November," says the review, which adds:
54.8
Indexes of factory employment and payrolls without seasonal
adjustment
complied by the Bureau of Labor Statistics.
Index of factory employment adjusted
for seasonal variation complied by Federal Reserve Board of
Governors.
Under¬
lying figures are for payrolls period ending nearest middle of month and have been
adjusted to the Census of Manufactures through 1933.
are preliminary.
"Total December sales of the reporting
in the Second (New
1936, figures
Sales of the grocery chains, on the other hand, recorded the least
favorable
comparison since August, 1935.
For the year
1936, total sales of the reporting chain stores
higher than for the year 1935,
as
compared with
an
8.4%
were
increase of 1.8% from
1934 to 1935, and an advance of 8.3% from 1933 to 1934.
There
was
a
tion between
slight decrease in the total number of chain stores in opera¬
December, 1935 and December, 1936,
increase in sales per store of all chains combined was
so
that the percentage
slightly higher than for
total sales.
,
Percentage Change
Percentage Change
December, 1936
New York Reserve Bank Reports Gain of
Store
For the month of December, total sales of the
reporting
department stores in Second (New York) District were 11.7%
larger than in December, 1935, but after allowing for differ¬
ences in the number of
shopping days, the increase in average
daily sales was about 7%, a smaller increase than in the
previous two months."
In noting the foregoing in its
"Monthly Review" of Feb. 1, the New York Federal Reserve
Bank, it was announced Jan. 28, also says:
Number
ones
than in the five preceding months.
Grocery.
Bridgeport, Capital District, and Central New York States department
stores reported the smallest gains in the
daily rate of sales in three months,
favorable year to year sales comparisons in several months.
leading apparel stores in this district
1935,
a
were
smaller advance than in the previous two months.
For the year 1936, total sales of the
District
were
1935, following
an
Stocks of merchandise
than in
Reporting department
9.7% larger than for 1935,
only 1.7% from 1934 to 1935.
than in
Sales of the
10.8% higher than in December,
as
increase of 6.6%
on
compared with
Apparel store sales
stores in this
an
increase of
nearly 15% larger
between 1934 and 1935.
hand, at retail valuation,
December, 1935, the largest increase in
of accounts
were
were
four months.
9
Collections
outstanding were higher in December, 1936, than in December,
1935, in department stores and also in apparel stores.
Total
per
Sales
Store
—2.7
+ 3.1
+8.1
+ 17.2
+ 11.4
+0.2
+0.4
+ 13.0
+21.7
+ 12.7
+24.6
+ 1.0
+ 15.9
—0.8
+ 17.1
+ 16.4
+2.5
+8.9
+ 15.5
+ 12.1
+ 17.3
—3.4
—1.1
+ 12.6
4-13.8
+8.4
Variety
Candy
Total
December
Sales
of
Wholesale
Firms
in
New
District
serve
for
18.9% Above December,
Year Reported at
10.1%
+4.4
—
13.4
+8.8
York
Re¬
1935—In¬
,
Federal Reserve Bank of New York announced on
Jan. 28 that its Feb. 1 "Monthly Review" will state that
The
"total
December
sales
of
the reporting wholesale firms in
District averaged 18.9% higher
than in December, 1935, the largest increase since last
July."
According to the Bank, the review will also have the follow¬
ing to say regarding sales of wholesale firms:
the
Second
Hardware
(New
concerns
York)
recorded the most substantial advance in sales
since
January, 1934, stationery and
spring of 1934, and the
1934.
higher
per
Store
-
Shoe
crease
and stores in Northern New
Jersey, Northern New York State, the Hudson
River Valley District, and Westchester and Stamford showed the
least
Sales
Total
Sales
—2.3
-
Ten-cent
but
The New York, Rochester,
Sales
of
Stores
daily sales than in November, while the Syracuse and Southern
New York State stores recorded smaller advances than in November
larger
Year 1935
Type of Store
The Buffalo and Niagara Falls department stores showed
larger increases
in average
from
December, 1935
Sales
During December as Com¬
pared with December, Last Year—Notes Increase
of 9.7% in Sales During 1936
partment
Year 1936
Compared with
11.7% in De¬
The
shoe,
favorable increases in six
jewelry
concerns
Federation
few
of
months.
paper firms
the largest increases since the
grocery concerns the
cotton
goods,
or seven
and
largest gain since November,
firms reported the most
diamond
months.
On the other hand, sales
of the
and yardage sales of silk goods, reported by the National.
showed smaller advances than in the
previous
Textiles,
Financial
684
1935.
1936, total sales of the reporting wholesale firms in this
For the year
District averaged 10.1% higher than for the year
Increase of 5.5% from
1934 to 1935, and an advance of 14.8% from 1933
1934.
to
rise of 34% in new
a
alterations, and repairs.
value of additions,
the
Labor, from which the foregoing is taken,
P. C.
Change from Nov. to Dec. 1936
Outstanding
Percentage
Nov. 30
Change
December, 1936
December, 1935
Collected in
Net Sales
December
Year 1936
Class of
;
; ;
Construction
>;
•' ■'
—25.3
End
Net
1936
95 0
Total
53.1
52.6
45.3
49.4
412 3
62.4
68.3
*+5.2
+ 18.9
Cotton goods...
...
----—-_-
38.0
37.2
—2.8
+ 12.6
+8.6
+7.4
+25.1
Hardware--.-—*-—
+23.9
49.4
51.6
Stationery-
+25.9
58.0
72.2
Paper—......
+32.9
+32.2
+36.3
55.4
58.7
27.5
25
Diamonds
Jewelry
compared with December 1935. by class of con¬
shown in the table below for 751 identical cities having a popula¬
The percentage change
+7.3
+ 12.3
*+5.2
Men'8 clothing
+8.2
Year 1935
88.1
+7.7
+ 19.6
+ 9.4
+ 17.1
Groceries
Rayon arid silk goods
Shoes—*.'Ji-
1935
of
—10.0
—18.9
Additions, alterations, and repairs—
Month
Sales
+2 2
+33.1
—19 9
—9.6
with
Stock
Est. Cost
Number
■77''-7+7
Compared
Commodity
-
table:
of Accounts
P. C. Change
Compared with
.
December in the number and
identical cities having a population of 2,500 or over
in the following
is indicated
reporting lines.
continued
which permits were issued for each of the different types
of buildings for
of construction in 1,499
the majority of
standing continued to be better than a year previous in
change from November to
The percentage
cost
Collections of accounts out¬
months in which increases had been reported.
of
by the United States Department
An announcement
jft At the end of December, stocks of merchandise on hand continued higher
than a year previous in the reporting grocery, hardware, and jewelry con¬
cerns, but diamond stocks were below the 1935 level, following several
by an increase of 114% in residential
non-residential buildings, and of 31% in
gain is accounted for
This
buildings,
1935, compared with an
Jan. 30, 1937
Chronicle,
+ 19.4
—25.5
+ 147.1
•M
struction, is
tion
of 10.003 or over.
Change from Dec.'35 to Dec. 1936
Class of
Construction
Total
Show
Sales
Horwath &
Increase
Slight
in the number of
December
The
>
Over Same Month in 1935
+25.0
+44.4
—
—
December 1935, an increase of 132.5 percent is shown
Compared with
Horwath—December
+ 123.7
+ 1.4
+23.5
-
Additions, alterations, and r. pairs
*
Quantity figures reoorted by the National Federation of Textiles, Inc., no*
included in weighted average for total wholesale trade.
Trend of Business in Hotels, According to
+47.5
+40.1
New non-residential.
+ 10.1
Est. Cost
•
+44.1
64.1
60 8
+ 18.9
Weighted average..
Number
+ 103.1
,
family-dwelling units provided in these 751 cities during
1936.
cumulative
made during the calendar
gains
year
1936 over the
indicated below.
calendar year 1935 are
monthly survey of the trend of business in hotels,
Horwath & Horwath state that the December increases in
sales and room rates over the corresponding month of 1935
In their
exceeded slightly the averages for the year.
For the fourth
consecutive month the general average room rate was up
5% and Chicago and Detroit had exceptional rises of 14
and 12%, respectively.
The group "all others" has so far
not shown any outstanding improvement on this point,
says the survey, which continued:
December
The
is
occupancy
the
highest for this month
Washington and the group
Philadelphia,
since 1930.
"all others" showed the least
favorable percentages.
business and a small percentage of them actually
had decreases.
Approximately 85% of all contributing hotels and increases in room sales,
75% increases In restaurant sales, 75% higher occupancy
'■
rates.
follows:
and 70% higher
___
Decreases in total sales during the last six
as
months from seven years ago
'
■.
11
11
23
17
16
39
44
40
11
48
47
43
20%
24%
22
21
Chicago
Philadelphia
Aver.
16%
20%
19%
■:+;
•
Dec.
Nov.
Oct.
20%
18%
—
Sept.
Aug.
July
New York City
Number
New residential
Total
The data collected by the Bureau of
to
private construction, the
tracts were awarded
in
$11,240,000:
to
Permits
were
number and value of buildings for which con¬
for
1936 the value of these public buildings
1936, to $7,538,000; and for
November
issued during December for the
R. I., for a school
Y., for an apartment house
to cost $340,000 and for a school building to cost $300,000; in Newburgh,
N. Y., for a school building to cost over $500,000; In New York City—in
the Borough of The Bronx for apartment houses to cost over $2,700,000; in
the Borough of Brooklyn for a school building to cost $750,000; in the
Borough of Manhattan for apartment houses to cost over $3,700,000;
In the Borough of Queens for apartment houses to cost over $1,000,000
and for school buildings to cost over
17
10
17
24
30
31
32
24
water and sewage
Detroit
25
26
12
12
8
13
houses to cost over $700,000; in
16
9
14
19
20
22
17
cost
All others
22
21
19
13
16
10
17
nearly $400,000; in Lansing,
Detroit, Mich., for mercnatile buildings to
Mich., for factory buildings to cost nearly
$400,000; in Washington D, O., for apartment houses to cost over
$1,000,000
Tex., for apartment houses to cost nearly $1,000,000; in Houston,
16%
20%
18%
15%
14%
16%
17%
in Dallas,
27%
......
30%
29%
27%
24%
28%
28%
buildings to cost over $800,000 and for buildings for the 1939 exposition to
Tex., for
Same months last year
V
cost
+
following analysis by cities is also from the report of
Horwath:
OF BUSINESS IN
TREND
$1,000,000; in Du Quoin, 111., for a
plant to cost nearly $400,000; in Peoria, 111., for ware¬
Pacific Coast
Horwath &
$300,000; in Providence,
building to cost $1,250.000; in Paterson, N. J., for a school
building to cost $550,000; in Mount Vernon, N.
17
Denotes increase.
following important building
Maiden, Mass., for factory buildings to cost over
20
The
Labor Statistics include, in addition
In Boston, Mass., for an office building to cost $1,500,000; in
projects:
29
x
+ 30 8
by Federal and State governments in the cities included
For December
the report.
13
Total.....—...
+61.1
-+•34.2
December 1935, to $6,963,000.
12
-<j
4 23.2
-
-
8
3x
+ 114.3
Additions, alterations, and repairs
Washington
Cleveland-..-—
......
Est. Cost
+88.0
+27.1
+ 11.4
-
New non-residential
amounted
►>Very little special business was reported for the month.
Some of the
New York City hotels had only moderate increases in New Year's Eve
are
Change from 1935 to 1936
Class of Construction
a
nearly $1,200,000.
►l .Contracts
HOTELS IN DECEMBER,
DECEMBER, 1935
1936, COMPARED
were
$2,200,000, and for the Laurel Homes Housing Project in Cincin¬
nati, Ohio, to cost nearly $3,900,000.
Room
Sales
Percentage of Increase (+)
or Decrease
i
► Contracts
Percent¬
(—)
age
Same
Total
Rooms
Restaur't
This
Month
Inc.
Month
of
(+)
or
Last Year Dec.
(—)
+ 11
+8
69
66
+ 13
70
63
43
38
0
+8
52
50
+ 11
+ 12
69
66
Detroit
+ 25
+ 21
+29
68
63
+23
+ 26
+ 20
62
53
+ 16
+7
+ 25
68
65
+ 15
+ 13
+ 17
55
50
FAMILIES PROVIDED FOR IN NEW DWELLINGS,
_
New ResidenttaX Buildings
+2
All others
THE NUMBER OF
+8
Texas
C., to cost over
CONSTRUCTION, TOGETHER WITH
IN 1,490 IDENTICAL CITIES IN NINE REGIONS OF THE UNITED
STATES, AS SHOWN BY PERMITS ISSUED, NOVEMBER AND DE¬
CEMBER, 1936
+ 12
Pacific Coast
buildings in Washington, D.
public
ESTIMATED COST OF BUILDING
+ 14
+24
awarded by the Procurement Division of the Treasury
+5
+26
+ 12
+4
+ 10
for
$3,000,000.
Rate
Occupancy
were
Department
.
awarded by the Housing Division of the Public Works
Administration for the Jane Addams Housing Project in Chicago, III., to
cost over
WITH
hospital to cost $500,000; in San Francisco, Calif., for mercantile
+3
+9
New York City
+ 19
Chicago
Philadelphia.
.
+ 19
.........
+6
Washington
Cleveland
No.
j
of
Division
+ 1
:
Estimated
Cities
Geographic
Cost
Dec.
$3,687,875
14,237,325
12,061,756
3,739,049
8,234,980
1,466,402
3,269,884
1,178,738
148
1490
59,565,361
346
334
-
+ 14
+ 13
+ 16
+ 15
60
56
+14
65
60
+5
West North Central.
129
South Atlantic
+ 16
Year to date
168
+4
East South Central..
66
West South Central..
.
103
66
Mountain
Pacific
Building Construction in United States During Decem¬
ber 8% Above November According to Secretary of
Labor Perkins
Contrary to the usual seasonal movement, the trend of
building activity showed a rise in December, Frances Perkins,
Secretary of Labor, announced on Jan. 23.
"The value of
building permits issued in December was 8% greater than in
November, with new residential buildings up 2%, new non¬
residential buildings, 33% and additions, alterations, and
repairs down 10%", she said, adding.
As computed with December 1935, the aggregate value of all
mits issued last month was up
showed
a
by 44%.
building
gain of 124% over the year period, while the value of new
residential buildings
per¬
New residential building permits
$ For 'the calendar
$1,328,714,000,
Geographic Division
346
East North Central..
334
West North Central
129
130
.
South Atlantlo
66
103
Mountain
Pacific
an
168
West South Central..
66
148
2,129
513
956
1,743
2,408
427
400
1,250
1,158
383
58,296,422
14,402
14,510
—0.7
Estimated
$4,334,923
6,954,577
9,579,342
3,223,955
5,771,744
660,295
2,977,454
1,232,234
6,359,074
3,524
3,042
2,871
Buildings
Dec. 1936
New England
Middle Atlantic
681
3,772
2,695
Total Construction
(Including Alterations
and
Repairs)
Estimated Cost
Cost
gained 1%, and the value of additions, alterations, and
year
of
Cities
Nov. 1936
647
10,420,413
New Non-Residential
No.
Dec. 1936
313
+2.2
East South Central..
Nov. 1936
$2,184,502
8,577,474
7,667,301
1,470,848
3,955,068
943,945
1,572,811
1,351,326
3,140,422
Dec. 1936
$10,383,038
28,879,679
29,704,604
6,517,627
13,620,728
2,308,459
7,970,670
2,692,313
19,022,787
Nov. 1936
$8,505,522
30,329,494
23,565,087
6,269,857
15,137,966
2,905,867
5,635,667
2,925,424
16,605,971
1936 the aggregate value of permits issued for all
classes of buildings in cities having a population of 10,000 or over amounted
to
Total
Percentage change...
non¬
repairs, 25%.
WorJ1936
1936
$3,966,880
15,716,956
15,870,008
2,014,523
6,006,443
1,040,859
3,958,976
1,090,878
9,899,838
130
New England
Middle Atlantic
East North Central.
Total
FamUes Provided for in
New Dwellings
+5
increase of 61% as compared with the calendar year
Total
Percentage change...
1490
$41,093,598
+ 33.1
$30,863,697 $121,099,905 $111,880,855
+8.2
Volume
Financial
144
of
Valuation
Construction
Awarded
Contracts
Distribution
in
Retail sales in December increased seasonally at department stores
December, 1936
by
1936 provided a construction total in the 37
Eastern States of $2,675,296,000, a gain of 45% over the
figure of $1,844,544,900 for 1935.
Increases over 1935 were
especially pronounced in residential building, which showed
a gain of 67% in the 1936 figure of
$801,623,800 as against
only $478,843,100 for 1935.
Large increases occurred, too,
in commercial building, for which the 1936 figure amounted
to $249,136,100 as against only $164,479,800 for
1935.
For factory building the 37 States' figure totaled $198,019,100 in 1936 as against only $108,858,500 for 1935.
Public,
educational arid institutional building in 1936 amounted to
$506,104,500 and compares with only $402,150,300 for 1935.
The
For
year
public
$920,412,500
works
and
utilities
the
construction figure
1936
contrasted with only $690,213,200 for 1935.
Freight-car loadings showed
and the Board's seasonally
Commodity prices
December
for November
advanced. Since the middle of January there has
commodities traded in
V^>V' R
Residential
487,300
against
as
1936
mercial
CONTRACTS
■
'
to
brokers.
'
'
:
'
'
New
No. of
Credit Corporation
other loans, which had increased sharply
preceding weeks. Holdings of Government obligations declined further
New
York
City banks but increased at banks in other
somewhat, reflecting chiefly the return of currency from
■
to
$65,-
The rate
and
on
count of over
OF THE
EAST
holiday use.
% on Jan. 13
90-day bankers' acceptances was raised 1-16 of 1
lA of 1 %. Market discount rates on Treasury bills have
stands at
now
leading cities.
but thereafter increased
the week ending Jan. 16 selling at a dis¬
1-3 of 1%, as compared with a rate of about
1-10 of 1% early
in December.
'
'
reductions in com¬
The decrease in loans reflected in
Demand deposits decreased at the turn of the year,
Excess
V
loans
at
MOUNTAINS
Space
Projects
Month
STATES
AWARDED—37
ROCKY
' '
in
also increased, with bills offered in
CONSTRUCTION
•
and
last July and in part repayment of
December 1935.
•
loans
in
1936 and $45,140,100 for
$68,440,700 for November
banks in leading cities de¬
clined in the first three weeks of January, as a result of
The loss from
amounted
and textiles also
decline in prices of
Bank credit
projects of every
:
December
in
a
the organized exchanges.
Loans and investments of reporting member
and compares with $208,204 200
■
construction started
on
been
part the retirement of notes issued by the Commodity
1936 and $264,136,500 for December 1935.
description.
agricultural commodities, con¬
and the first half of
half of December
the second
in
number of finished goods, such as steel products, paper,
1936 total for construction of all descriptions in the 37
December 1935 was entirely due to a shrinkage in public
advance
particularly nonferrous metals, lumber, hides, and wool, and prices of a
Works Progress Administration projects was centered.
The
to
January. There-were marked increases in prices of industrial raw materials,
It was in this
Eastern States amounted to $199,695,700
smaller decrease than is usual in December,
a
adjusted index advanced further.
Wholesale prices, for both industrial and
tinued
Administration
and
and
than the usual seasonal amount at variety stores and mail order
more
houses serving rural areas.
reached
class of work that the greatest influence of Public Works
as
685
Chronicle
Floor
(Sq.
of member banks increased from
reserves
$1,880,000,000 to $2,-
130,000,000 in the four weeks ending Jan. 20, reflecting
Valuation
Ft)
largely the post-
holiday return flow of currency from circulation.
of December—
1936—Residential building
Non-residential building
6,389
2,467
14,369,500
749
294,300
$65,487,300
72,956,000
61,252,400
9,605
33,632,600
$199,695,700
Public works and utilities
3,856
2,796
1,597
11,898,500
20,680.000
863,400
$45,140,100
124,506,000
94,490,400
Total construction
8,249
33,441,900
$264,136,500
Public works and utilities
Total construction
18,968,800
in California During De¬
Point Since
March, 1930,
According to Wells Fargo Bank & Union Trust Co.,
General
Activity
Business
cember
Highest
at
San Francisco
1935—Residential building
Non-resldentlal building
Twelve
General
$801,623,800
953,259,700
920,412,500
222,515,000
83,906
37,851
building
181,382,900
5,776,600
15,550
1935—Residential
137,307
409,674,500
135,415,900
113,235,700
2,907,000
$478,843,100
675,488,600
690,213,200
113,491
251,558,600
$1,844,544,900
Non residential building
Public works and utilities
in com¬
104.4% in November and 84.5% in December,
average) stood at 106.8% for the month of December,
$2,675,296,000
61,736
35,876
15,879
building
published by
Wells
parison with
Total construction
California at the beginning
highest levels since March, 1930,
the
Fargo Bank & Union Trust Co., San Francisco.
The bank's index of Western business (100 equals 1923-25
the
Non residential building
Public works and utilities
activity in
risen to
according to the current "Business Outlook,"
Months—
1936—Residential
business
1937 had
of
All four factors of the index—industrial
1935.
production,
freight car loadings, department store sales and bank
debits—registered substantial gains over the levels of a year
and three of the factors increased from November to
December, while industrial production showed a moderate
ago,
Total construction
seasonal decline.
NEW CONTEMPLATED WORK REPORTED—37 STATES EAST OF THE
ROCKY MOUNTAINS
1936
Bank
1935
of
No. of
Projects
No. of
Valuation
Since 1931
Valuation
Projects
During 1936 business activity in the seven Far
Month of December—
Residential building
Non residential building
7,592
4,479
2,570
1,516
11,293
$309,201,700
8,565
$267,596,900
2,854
Total construction
91,856,300
112,085,200
over 1933, and 21% above 1932.
The 1936
39% higher than the depression low, reached
in March, 1933.
The increases in business extended over
the entire Western area and was shared by almost all major
over
1934, 27%
average was
Twelve Months—
Residential building
102,147
$1,204,499,700
38,609
15,626
1,202,547,100
1,410,464,400
73,132
47,388
24,238
$1,804,977,600
1,585,231,600
2,647,096,100
156,382
building
Public works and utilities
$3,817,511,200
144,758
$5,317,305,300
analysis and research
Favorable trends were shown in car loadings,
automobile
sales, building permits, bank debits, electric
power production and business failures.
The bank observes
that the employment situation throughout the West is typi¬
fied by figures for the year for California manufacturing
industries, where employment, payrolls and employee earn¬
ings gained throughout each month of 1936.
Employment
gains ranged monthly from 2.4% to 10.9%, and payroll in¬
creases ranged from 6.5% to 19.2%.
according to the banks'
industries,
Total construction
department.
Summary of Business Conditions in United States by
Board of Governors of Federal Reserve System—
Index of Industrial Production Increased Sharply
During November
In its
monthly
summary
conditions in
Governors of
the
of general business and financial
the
United States, based upon statistics for
December and the first three weeks of January, the Board of
"Index
of
♦
Federal Reserve
industrial
System states that its
production showed a sharp advance
Living
Costs Advanced Slightly During
December
According to National Industrial Conference Board
in December after allowance is made for the usual seasonal
changes. There was a marked expansion in employment and
payrolls and retail trade continued at high levels."
In its
summary, issued Jan. 27, the Board also said:
advanced 0.3 %, from Novem¬
according to the monthly survey of the
National Industrial Conference Board issued Jan. 11.
In¬
creases were noted in the cost of each of the major divisions
Living costs of
Production and employment
•
budget. At the close of 1936, the cost of living was
2.6% above that of a year ago, and 20.1% above April,
1933, the low point during the depression, but it was still
of the
ber to December, at a time when a sharp seasonal decline is usual, and the
adjusted
index
advanced
average.
There
level
record and output of
on
was a
from
114
to
121%
of
the
1923-1925
further rise in activity at textile mills to the highest
14.2%
other nondurable manufacturers was main¬
increase in output. In the first three weeks of
as
a
point of 1933.
assemblies of autombolies
result of shut-downs occasioned by strikes. Coal
production declined
construction
contracts
awarded,
according to figures
30.5% higher than at the beginning of 1934 when they had reached their
of the
low point.
and
true of food or
December.
Factory employment expanded further between the middle of November
Increases
were
advances at
durable
of
there
are
marked
at textile mills and at shoe factories.
of
employment and
advances
in
increases
in
the
rates,
In retail trade, employment rose more than seasonally
and in most other
the low point of the spring of
0.7% lower than in December,
*
M
1933.
Coal prices rose slightly, 0.1 % from
factory payrolls increased
non-agricultural pursuits there were increases, when allowance is made for
changes.
over
Reflecting principally the higher level
wage
than is
1935, and 25.4% lower than in December, 1929, but they have risen 22.1%
employed
sharply in December, particularly at steel mills and in the textile industries.
seasonal
At the close of 1936, clothing prices were
In the non¬
number
1936, rents were 10.8% below the December,
clothing prices.
Clothing prices increased slightly, 0.1%, from November to December.
general among the durable goods industries, with the largest
industries
In December,
1929 level, which, however, is considerably nearer to the 1929 level
December, contrary to the usual seasonal movement.
plants producing automobiles and machinery.
November to Decem¬
At the close of 1936, rents were 11.4% higher than a year ago and
F. W. Dodge Corp., showed a seasonal decrease in
the middle
December, 1935, and 38.6% above the low
Food prices in December of this year, however, were still
Rents continued to advance, increasing 0.5% from
ber.
increased, contrary to seasonal tendency.
of
November to December, which raised
21.6% lower than in December, 1929.
seasonally from November to December, while output of crude petroleum
Value
-
them 1.1% above the level of
January activity at steel mills
increased somewhat, but there was a decline in
The Conference Board's
1929.
Food prices increased 0.5% from
usual in that month. At automobile factories there was a marked
are
below December,
advices continued:
tained. Declines in production of steel and lumber were smaller in December
than
wage earners
ber to December,
Actual volume of industrial production showed little change from Novem¬
Board's
Western
the Bank of America (California)
index, reached the highest level since 1931.
The bank's
1936 index level was approximately 12% above 1935, 19%
States, as reflected by
$63,655,400
847
$104,142,500
107,891,200
97,168,000
Public works and utilities
Non-reeldentlal
(California) Reports Far Western
12% Above 1935—Index at Highest Level
America
Business
November to December.
In Decem¬
ber, 1936, they were practically the same as in December, 1935, but 7.8%
lower than in December,
consequence
R»j«i
1929.
The cost of sundries increased 0.2%
from November to December, in
of moderate increases in the prices of
housefurnishings_ and
Financial
686
In December, 1936, the cost of sundries was 1.2% higher than in
candy.
Chronicle
during
Steel
December, 1935, 5.7% higher than in the spring of 1933, and only 3.6%
lower than in December,
1936
^ The purchasing value of the dollar
116.1 cents In December,
was
as
in
December,
operating
and 100 cents in 1923.
80.6%
Relative
in
Indexes of the
Cost of Living
1923=100 b
Per Cent
(+)
in Family
Dec.
Food-
a
84.3
81.8
20
Housing.....
Clothing.
1936
84.7
33
-
12
74.0
86.6
86.5
4,431,645
tons,
The
most recently
basis,
seasonally-adjusted
a
middle
gross
20.8%.
increased
sales
of
77.7% of rated
about
or
reported
output
Total
1929.
about
rate is
operating
other
failed
has
industry
industries.
leading
to
The
total building awards
in
37
in
Eastern
expand
1936,
year
the
over
states,
activity
provided a
rapidly
as
as
however,
figure reported in
according
the
to
1935.
W.
F.
Dodge
Corp., amounted' to $2,675,000,000 last year, compared with $1,845,000,000
1935.
Increases
especially pronounced in residential building,
67%, bringing the 1936 figure to approximately
Commercial and factory construction were also materially
showed
which
(79.0)
(68.9)
was
1936,
construction
Total
truck
on
highest
construction
most
1935;
capacity.
gain of 45%
in
+0.5
+0.5
+0.1
81.4
74.1
(79.4)
(68.8)
a.
(—)
from November, 1936
to December, 1936
Nov.
1936
Budget
of Increase
or Decrease
above
in December,
level since the
capacity.
of
The
Importance
the
to
compared with 116.6 cents in November, 119.2 cents in December, 1935,
Item
production
ingot
aavanced
1929.
Jan. 30, 1937
23%
about
were
$802,000,000.
were
of
gain
a
higher than in the preceding year.
■
Men's
y.i-
---
Women's.
-
Fuel and light
Coal.
(85.8)
(88.0)
(85.9)
(88.0)
____________
Gas and electricity—-
Sundries
(+0.5)
(-0.1)
+0.1
(+0.1)
(0 )
30
95.3
95.1
average
86.1
85.8
+0.3
116.1
of all items-
116.6
high
level,
than
in December,
487,000
net
a
Based
on
to
food price Indexes of the United States Buareau of Labor Statistics for
Dec. 15 and Nov. 17,
prior to July, 1936,
1936," price $2.50.
1936.
may
b Revised series.
an
♦
National
those
:
Tool
cf
the
demand
National
Industrial
tinued
Conference
Advance
During
World
in
Board
Reports
Industrial
Production
November
exception of France, Belgium and The Netherlands, output
stands at or near the recovery high levels,
according to
the monthly statement on foreign economic conditions issued
Jan. 16 by the National Industrial Conference Board.
Out¬
put increased in November in the United States, Canada,
France, Belgium, Poland, Switzerland, The Netherlands,
Norway, Sweden, Japan, and in most of the Central and
South American countries.
The only important countires
in which production declined were Great Britain and Aus¬
tralia.
The Board further reported:
now
The rise in business activity in
Great Britain
1935 has been par¬
over
ticularly marked in iron and steel and in the engineering and shipbuilding
industries.
Output in the building materials and construction group reached
a
high point during the
new
tobacco.
ments.
year,
did factory production of foods and
as
Demand for iron and steel products is heavy, and some
facturers
are
Production
monthly
manu¬
experiencing difficulty in keeping up with consumers' require¬
of steel
exceeding
output
continues
to
million
a
reach
in
tons
new
all-time
September,
highs, with
October,
and
November.
Statistics
ready been raised, and
a
The
on
new
Security
at
prices
continued to
trade during
trade showed
an
an
prices
little net
showed
orders
over
advance during
average,
increase in
and
a
physical volume of
y^y.
raw
in France continued, and the October rise in The Netherlands revealed the
effects of the currency changes in that country.
Security prices continued to advance
December, but in
some
instances
were
1935 when they totaled
on
the leading
exchanges during
November.
In France, stocks advanced sharply after
devaluation, but
during the last three weeks of November. A part of these November
losses were recovered in December.
In Holland, stocks advanced steadily
high ground during the month.
Noted
in Employment During
Industries—Payrolls Increased
show
that
the
of
or
to
2.2% in employment and
Continues
National
Upward
Industrial
Con¬
employed
It is important
consecutive month of this year, the changes in
12.2%
a
growth in industrial activity
net
December, 1935, the December, 1936, indexes showed
in employment and
1935, to 86.6 in December,
wage increases
20.3%
in total wage payments.
77.2 in
1936, while the index of pay-rolls
during December
were
received from
137 re¬
These increases affected the pay envelopes of 55,232,
Changes in Employment and Wages Paid, According to Sex
Reports from 4,111
industrial establishments which
of their working forces,
and
as
2.2%
compared with
3.6% while total
November.
wages
designated the
sex
showed increases of 1.2% in the number of male
in the number of female workers
Total
wage
employed during December
to males increased
payments
paid female workers increased 1.7%.
enterprises,
2,282
reporting establishments, the number of male workers increased 1.8% but
the number of female workers declined 0.2 of 1%.to male and female
employees
Total
wage
increased 4.3% and 0.5 of 1%,
payments
respectively,
during the November-December period.
The
non-manufacturing
classification
reporting enterprises, showed
December
increase
an
8.9% of the 619,422 employees reported during the month.
an
a
as
compared with November.
and female workers increased 0.9 of
same
of
industry,
decrease of 1.5%
representing
1,829
in the number of male
increase of 11.1% in the number of female workers employed during
December
Activity in
Trend, According
November-December
average
a contra-seasonal increase in the number
employment and payrolls reflect
porting enterprises.
but
Business
$2,267,000,000.
Within the manufacturing classification of industrial
lower than during the early part of
closed
Wage Increase During December, 1936
'
;•;'
and
measured by
as
1% in total wage payments.
Reports of
materials
Wholesale commodity prices advanced in each of the leading countries for
which November figures are available.
The post-devaluation improvement
December
Common stocks,
from 62.9 to 75.7 during the same period.
rose
3.8% from October to Novem¬
number of industrial
high point for the
new
greater than seasonal increase in total wage payments.
A further advance took place during December
a
December and
by More Than Usual Amount
Research
increase 8.5% over the corresponding 1935 period.
cotton, and
above
and foreign
;
decrease of 0.1 of 1% in the number employed and
was a
December,
Increases occurred in sugar, coffee, rubber, silk, copper, tin, and tea.
rose.
a
during
change
1935.
over
Gain
November
Contrasted with
World prices of important raw materials rose
substantially during Novem¬
The combined index of nine internationally traded commodities ad¬
when prices for wheat,
was
by the
75.2%
were
85.8%
rose
The index of employment for all reporting industries rose from
ber.
Wheat and cotton declined.
This
recorded
Inc., average of 90 stocks, registered a gain of
Corporate issues in 1936 amounted to $4,632,000,-
Co.,
year.
increase of 104%
increases
For the first 10 months of 1936 the value of international
vanced to 74.6% of the 1928 average, a rise of
ever
within the State.
A considerable portion of the advance in the
1936, however, resulted from
been
December,
For the week ended Jan. 9, the weighted
by the United States Bureau of Labor
85.2% of the 1926
Statistics
Statistics
both
than the usual seasonal amount
The combined index of the value of trade in 75 countries,
goods exchanged.
new
Total
Domestic orders
January.
to note that for the tenth
world prices rather than from any material rise in the
into
of
3.7% in payrolls represent
computed in terms of gold, stood at 40.0% of the 1929 average, as compared
receded
Association.
with substantial gains
Over
and
consumption have not risen correspondingly.
ber.
the highest
were
The current November-December increases of
of world
which has
Employment in Illinois industries increased 2.2% during
December over November, while payrolls gained 3.7%, it
was announced on Jan. 27 by Peter T.
Swanish, Chief of the
Division of Statistics & Research of the Illinois Department
of Labor.
The changes in employment and payrolls during
the month of December as compared with November are
based upon reports from 4,981 manufacturing and nonmanufacturing establishm nts.
Mr Swanish explained, ad¬
ding:
of 0.3 of
Production of agricultural and of industrial goods for popular
with 38.5% in October, 1935.
25.7%
November, and
output,
a
or
totaled 44,-
ago.
December in Illinois
change
Wages have al¬
40-hour week placed in effect, tending to increase
International trade advanced by less
in
power
December,
For the 13-year period, 1923-1935, inclusive, the records of the Division
Most of the recent rise in output in Germany has been confined to
heavy
during October.
output reached
output
42.9%.
Contra-Seasonal
unit costs.
materials.
value
higher than
Electric
December
in
Builders'
27.8% during the
of
French social legis¬
industry.
stood
Standard
France has experienced a slight industrial revival, partly as the result of
devaluation, which has stimulated exports.
lation, however, will place heavy burdens
Bituminous coal
period.
the year
an
generally improved
784 commodities compiled
of
recovery
000,
7%
preceding month.
the first two weeks
index
World industrial production continued to advance
during
November and in all the leading industrial nations, with the
orders
increased1
of
petroleum
new
Wholesale commodity
Con¬
result
a
high levels, advanced 1% during
figure of 2,189,000,000 kilowatt hours.
to
weekly
Machine tool
1935.
1935.
12.8% higher than a year
Figures on revised basis for dates
be found in "The Cost of Living in the United States, 1914-*
rising
average
was
December,
in
as
Crude
averaging 3,114,000 barrels daily in
which
tons,
than
greater
0.4
-
December.
during
higher
consistently
Purchasing value of dollar
production advanced
power
conditions
record1
8%
*
Weighted
and
r.cw
+0.2
100
Fuel
business
period.
'■ :--y.y
^ y' ;
Total
wage
payments to
male
1% and 6.7%, respectively, during the
;
■;
V>
'U
,
ference Board
:y
Changes in Man-Hours During December in Comparison with November
Industrial
to
the
on
seasonally-adjusted basis,
a
rose
new
ber,
Jan.
activity,
high point for the recovery period during Decem¬
according to the regular monthly business survey of
a
National Industrial 'Conference Board.
29 also had the following to say:
The Board
on
highest
preliminary estimates, was
Activity in the iron and steel industry
activity advanced, with cotton consumption
than at any time except in March, 1927, and June, 1933.
Bitu¬
coal production rose sharply,
reaching a new high for the recovery
period.
Indexes of trade and distribution, with the exception of that for
department store sales, increased.
The only notable decline during Decem¬
ber was
in total building contracts
awarded, and this was seasonal in
character.
Automobile
is
estimated
production
to
have
output in December,
in
been
1935.
the
Motors, is running at
According
to
latest
Stales
a
rate about
available
Canada
in
20% higher than
information,
were
combined, and in these
enterpries the
0.9 of 1% greater in December than in November.
Hours worked in 2,031 manufacturing establishments reporting man-hours
for male and female workers separately, increased
and decreased
1.5% for male workers
1.6% for female workers.
In the non-manufacturing group,
1,517 enterprises reported
an
increase
of 4.3% in total man-hours worked by male and female workers combined.
Within this classification of industries, 1,384
of 1.0%
concerns
in the total man-hours worked by male and
in the total number of man-hours worked
showed
an
an
increase
increase of 9.5%
by female employees.
Average actual hours worked in December by 471,353
wage
earners
in
the 3,636 enterprises reporting man-hours were 42.1, or an increase of 0.5
and
December
about 480,000 units, a 14.7% increase over
Current output of the motor industry, exclusive
of General
the
United
Total hours worked by male and
In the manufacturing group of industries, 2,119 enterprises reported man-
total hours worked
alout 15% higher than a year
ago.
continued to increase.
Textile
higher
1.8%.
female workers during December increased 1.4% and 0.1 of 1 %, respectively.
hours for male and female workers
Orders for machine tools and output of crude
petroleum were the
ever
recorded.
Automobile output, based on
minous
For male and female workers combined, in all reporting industries, the
total number of hours increased
sales
of
a
year ago.
passenger
cars
of 1 % from the average of 41.9 in November.
In
the
manufacturing
establishments, the
compared with 42.2 in November, or
a
average
hours were 42.0 as
decrease of 0.5 of 1%.
In the non-
manufacturing classification, the average number of hours worked per week
during December
was
42.3,
or
3.7% greater than in November.
Financial
144
Volume
687
Chronicle
reaching the highest point since April, 1930
Automobile Sales in December
of 920 workers in December for every
manufactured in
factory sales of automobiles
table below of
in the
Census has issued the figures
The Bureau of the
States (including foreign assemblies from
made in the United States and reported as complete
the United
parts
units
Canadian
Dominion
complete units of vehicles) for December, 1936.
production figures have been supplied by the
as
Bureau of Statistics.
United
Canada (Production)
Sales)
(Factory
States
Chassis)
Total (All
Passenger
Trucks,
TotaliAll
Vehicles)
Cars
&c.
Vehicles)
Passen¬
ger
Cars
Trucks
1936—
2,041
364,004
287,606
420,971
298,274
65,730
224,816
62,790
13,302
13,268
11,261
10,853
77,448
18,021
14,488
3,533
April.
502,775
417,133
85,642
24,951
20,247
4,704
75,058
20,006
77,061
16,400
68,597
10,475
16,389
13,126
8,192
3,051
January
February
March
343,523
May
460,565
June
452,955
July
August-
440,999
271,291
385,507
375,894
372,402
209,754
61,537
4,660
September
135,130
90,597
44,533
4.655
33,940
5,361
2,481
4,592
2,415
3,617
3,274
2,283
1,609
2,174
surveyed reported gains in
Eight of the 16 non-manufacturing industries
December.
The largest gain (ap¬
proximately 380,000) was a seasonal expansion in retail trade, due primarily
to the employment of extra workers to handle the holiday trade.
In the
general merchandising group, which is composed of department, variety,
and general merchandising stores and mail order houses, employment
increased 32.5% or by nearly 295,000 workers.
The level of employment
in this group in December, 1936 exceeded the December, 1929 level by
11.2%.
In "other retail trade" establishments employment increased
3.4% over the month interval or by nearly 87,000 workers.
Reports received from wholesale trade firms indicate a net gain in em¬
ployment of 1.7% or approximately 24,000 workers over the month interval.
The increase was shared by most of the branches of wholesale distribution.
Seasonal demands resulted in increased employment of nearly 12,000
workers in the anthracite and bituminous coal mining industries.
The gain
in
726
37.7% in weekly payrolls.
224,628
190,688
November
394,890
498,721
341,456
53,434
10,812
426,019
72,702
20,411
10,086
16,542
3,869
4,454,535
3,676,063
778,472
162,322
131,308
31,014
Total (year)
index-base period.
769
October
December
index-base
in employment in the non¬
durable goods group raised the December index to 103.9, which, with the
exceptions of September and October, 1936, is the highest monthly level
reached since November, 1929.
In the non-durable goods group, 1,039
workers were employed in December for every 1,000 working during the
The increase of 0.7%
(1923-25—100).
year
employment between November and
NUMBER OF VEHICLES (Including
Year and, Month—
and indicating the employment
1,000 employed during the
employment in
age offices
accompanied by a rise of
the anthracite mining was
also reported larger numbers of
preceding month.
and broker¬
Laundries, metal mines, insurance,
workers in December than in the
'
industries reporting decreased
December, seasonal recessions were shown
in
private building construction
(8.3%), quarrying and non-metallic
mining (6.6%), dyeing and cleaning (4.4%), and year-round hotels (1.1%).
The remaining four industries (telephone and telegraph, electric light and
power and manufactured gas, electric railroad and motor-bus operation
and maintenance, and crude petroleum producing) showed decreases rang¬
ing from 0.1 % to 1.2%. Aggregate employment in the 16 non-manufacturing
industries combined showed a net gain of approximately 385,000 workers
Among
eight
the
non-manufacturing
employment from November to
1935—
10,607
18,115
21,981
24,123
20,702
289,728
332,231
425,913
387,158
65,778
305,547
55,560
294,182
July
332,109
274,344
August
237,400
181,130
56,270
87,540
56,097
213,310
3,402
31,443
272,043
12,118
9,371
5,188
8,273
66,503
452,936
361,107
356,340
8,252
13,566
17,964
20,563
16,938
15,745
13,188
7,675
62,174
227,554
273,576
359,410
58,733
January
February
March
April
May..
June
September
October
58,655
62,158
57,765
5,003
2,355
4,549
4,017
3,560
3,764
3,627
3,817
2,672
1,786
6,803
1,470
between November and December.
November
395,059
336,914
58,145
13,491
10,916
2,575
December-
404,528
343,022
61,506
13,789
10,666
3,123
3,946,934
3,252,244
694,690
172,877
135,562
37,315
January
155,666
6,904
8,571
4,946
1,958
230,256
7,101
1,470
March
338,434
112,754
186,774
279,274
288,355
273,764
42,912
February
64,620
14,180
18,363
56,691
20,161
12,272
15,451
16,504
1,908
2,912
3,657
employment have been shown, the increase
13,905
10,810
3,095
raising the December index (97.7) to
Total
(year)
1934—
April
352,975
May
330,455
June
306,477
July
43,482
59,160
264,933
261,280
223,094
234,811
183,500
11,114
9,904
8,407
August
45,197
41,839
51,311
7,325
2,707
2,579
September...
170,007
125,040
44,967
5,579
4,211
1,368
October
131,991
84,003
47,988
2,125
1,655
49,020
3,780
1,697
2,694
116,852
153,624
111,061
34,462
42,563
2,753,111
2,177,919
575,192
November
83,482
December
Total (year)
Japanese
Sugar
1,052
645
2,443
251
92,647
24,205
Season
During 1936-37
8.8% Above Last Season
Production
Forecast
Production of sugar in Japan, including the Island of
Formosa, during the current 1936-37 season is forecast at
1,188,000 long tons, raw sugar value, as contrasted with
1,092,000 tons manufactured last season, an increase of
96,000 tons, or 8.8%, according to advices received by Lamborn & Co., from Tokyo.
An announcement by the firm
continued:
which commenced in November and is
expected to be completed in June, promises to be the largest production on
The 1934 yield of 1,164,000 tons was the
record for the Japanese Empire.
highest up to this time.
Of the 1,188,000 tons anticipated this season,
produced from
sugar cane
1,140,000 tons are expected
and 48,000 tons from sugar beets.
year's outturn, 1,061,000 tons came from sugar cane and
sugar
t
Of last
31,000 tons from
beets.
Manufacturing Industries
December marks the 11th consecutive
1,052,000 long tons.
month in which gains in factory
of 1.0% over the month interval
the highest level reached since Decem¬
ber, 1929. Factory payrolls also increased from November to December, the
rise of 4.5% bringing the payroll index (94.6) above that of any preceding
than usual interest,
employment generally declines
from November to December and the payroll gain, because of the rather
sharp advance which was augmented by the large number of wage rate
increases which occurred between Nov. 15 and Dec. 15. More than 606,000
of the 4,200,000 factory wage earners covered in the monthly survey
received increases in wage-rates between Nov. 15 and Dec. 15.
The in¬
dustries in which the largest numbers of employees were affected by these
wage increases were blast furnaces-steelworks-rolling mills, cotton goods,
woolen and worsted goods, brass-bronze-copper products, automobiles,
electrical machinery, paper and pulp, tires and tubes, chemicals, petroleum
month since May,
1930.
Both of these gains are of more
gain because of the fact that
the employment
refining, and foundries.
Factory employment in
the December
22.2% above December, 1935
December 1936 was 10.8% above
(88.2) and factory payrolls were
1935 level
(77.4).
industries included in the survey showed
December than in the preceding month and 59
The payrolls reported represent earnings
Fifty of the 89 manufacturing
employees working in
industries reported larger
payrolls.
bonus payments. Among the industries
employment were fertilizers, 15.5%
automobiles, 6.2%; and agricultural implements, 6.0%;
Other industries
showing large gains were woolen and worsted goods, 10.1%; locomotives,
8.2%; aircraft, 7.3%; boots and shoes, 7.0%, and iron and steel forgings,
only and do not include gift or
showing substantial seasonal gains in
5.9%..
■
;
■
to 4.5% were reported in
the carpet and rug, dyeing and finishing textiles, hardware, stamped and
enameled ware, and lighting equipment industries.
Industries of major
Gains
Sugar consumption in Japan during the year ending Aug. 31, 1936, ap
proximated
partment of Labor:
more
The current crop, harvesting of
to be
The following regarding employment conditions in the
manufacturing and non-manufacturing industries of the
United States is from an announcement issued by the De¬
in
ranging from 4.1%
employment
reported were slaughtering and
works-rolling mills (1.5%), foundries
importance in which smaller increases were
Continued
Gains
During December in Industrial Em¬
ployment and Payrolls in United States Reported
by Secretary of Labor Perkins
*
The upswing in employment
which has been evidenced
1936 in the combined manufac¬
turing and non-manufactruing industries surveyed by the
Bureau of Labor Statistics, United States Department of
Labor, continued through December, Secretary of Labor
Frances Perkins announced today
'Jan. 23).
"Approx¬
each month since February,
imately 470,000 additional workers found employment in
these combined industries between November and December,
and aggregate weekly payrolls rose by over $14,100,000/'
she said.
"A comparison of employment shows a gain in the
combined groups
of more than 1,310,000 workers between
December, 1935 and December, 1936.
Weekly payrolls in
December, 1936 were nearly $53,000,000 greater than in the
corresponding month of 1935."
Secretary Perkins added:
Approximately
December.
ment
86,000 factory wage
This increase is
earners
were
usually declines from November to December,
shown in
returned to jobs in
particularly noteworthy as factory employ¬
13 of the preceding 17 years for
decreases having been
which data are available. The
employ¬
December increase continues the unbroken succession of factory
ment
gains which have been reported each month since
Jan., 1936.
packing (3.2), blast furnaces-steel
meat
bookand job printing
goods (1.8%), and millwork
(1.3%).
A further gain in employment of 2.1% was shown in the machine
tool industry continuing the succession of increases which have been re¬
ported in this industry each month with but one exception for more than two
years.
Employment in this industry in December was above the level of
any month since June, 1930 and was 290.7% above the low point of April,
and machine shops
(2.3%), electrical machinery(2.6%),
(2.1%), silk and rayon goods (1.8%), cotton
1933.
Among the 39 industries in
which declines in employment were shown
35.1 % in beet sugar, 14.8% in canning
seasonal slack resulted in decreases of
7.6% in jewelry, 7.2% in millinery,
and preserving,
5.9% in marble-slate-
oil-cake-meal, 4.6% in cigars and cigarettes,
4.6% in stoves, 3.5% in radios and photographs, 3.4% in cement, and
1.8% in confectionery.
Other substantial declines were shown in ship¬
building (8.4%), structural ironwork (4.4%), and soap (4.5%).
The indexes of factory employment and payrolls are computed from
granite, 5.4% in cottonseed
supplied
returns
by representative
1923-1925, taken as 100.
Reports
establishments in 89 manufacturing
indexes is the 3-year average,
The base used in computing these
industries.
They have not been adjusted for
seasonal variation.
received in December, 1936 from 22,613 manufacturing
4,179,434 workers, whose weekly earnings during
were
establishments employing
the
pay-period ending nearest Dec. 15 were
The following
general
$103,223,108.
tabulation shows the percentages of
change in the Bureau's
employment and payrolls from
each of the 18 years, 1919 to 1936, inclusive:
indexes of factory
December in
ftom November to December have been
preceding 17 years.
The current gain of 4.5%,
November to
Increases in factory payrolls
recorded in
however,
nine of the
has
increase in
been
exceeded in only three instances.
payrolls is due in part to
received by factory workers between
The
estimated
number
of
factory
the Nov. 15 and Dec. 15 pay-periods.
wage
earners
employed in December
(8,187,000) exceeds that of any month since December, 1929, and total
weekly payrolls in December ($192,400,000) is the maximum recorded
since
May,
1930.
Average employment for the 12 months of
6.8% above the 1935 average.
Payrolls
Employment
This pronounced
In¬
the numerous wage-rate increases
1936 was
Factory payrolls for the year 1936 were
Year
1919
1920
1921
1922
1923
..
1925
1
1926
7.8
1.7
_
_
-
-
_
-
.3
1935-
1.3
1936..
-
1.4
1934..
1.3
-
-
1933..
-
-
1932..
_
■
-
"
In
the
November
durable
to
goods
December,
industries,
the
employment
December
1936
increased
1.5%
employment index
from
(92.0)
1927
__
--
1919—
3.6
1920—
1921_
1.1
1922..
1.8
1923..
2.4
1924..
4.6
-
—
1925—
.4
1.0
-
-
.6
--
_
•
•
-
-
8.4
-
-
_
_
3.5
2.1
,
1932..
..
1.0
2.8
1933-
1.8
1934..
.7
1.0
.7
1929-
1931..
De¬
crease crease
1930-
1.5
19261927-
'
2.1
2.5
lnYear
1928..
6.8
.5
—
1931-
,
crease crease
Year
2.7
1930..
1.3
1.5
crease crease
1929-
1.2
..
..
Year
De¬
In-
De¬
1928..
1.6
...
1924
15.4% above the 1935 average.
crease crease
..
..
In¬
De¬
5.8
1935-
2.5
1936..
4.5
688
Financial
INDEX NUMBER8 OF EMPLOYMENT AND PAYROLLS IN
Chronicle
Non-Manufacturing Industries
TURING INDUSTRIES ADJUSTED TO CENSUS TOTALS FOR 1933
(3-year
1923-1925=100.0)
average
The 16 non-manufacturing industries surveyed, with indexes of employ¬
and payrolls for December,
ment
changes from
Payrolls
Dec.
All Industries.
Nov.
Dec.
1936
1935
x
Dec.
1936
Not.
Dec.
1936
1935
97.7
96.7
88 2
94.6
90.5
92.0
90.6
79.7
92.3
88.5
December,
1935,
103.2
97.3
97.6
93.0
earlier years is not
below.
shown
are
or
100, in computing
industries.
Information for
available from the Bureau's records.
INDEXES OF EMPLOYMENT AND PAYROLL TOTALS IN NON-MANU¬
FACTURING INDUSTRIES IN DECEMBER 1936 AND COMPARISON
WITH NOVEMBER 1936 AND DECEMBER 1935
71.2
103.9
Durable goods
Non-durable goods
1936, where available, and percentage
1936 and
the index numbers for the non-manufacturing
Manufacturing Industries
1936
November,
The 12-month average for 1929 is used as the index base
Employment
x
Jan. 30, 1937
MANUFAC¬
85.3
77 A
(Average 1929=100)
Durable Goods
'
Employment
Payrolls
Iron and steel and their products,
not
including machinery
Blast furnaces, steel works, and
rolling mills.
Bolts, nuts, washers and rivets
98.8
97.8
83.9
101.0
94.4
109.3
107.7
92.3
115.3
105.0
81.0
80.6
71.1
98.2
88.6
65.6
56.3
52.7
47.8
87.6
85.8
80.3
87.4
82.5
72.6
64.4
57.0
67.8
58.3
48.9
76.7
Hardware
73.4
65.2
73.6
83.6
66.2
1
88.0
85.8
84.1
69.7
63.3
72.9
73.7
69.4
67.2
65.9
109.3
114.6
93.9
97.3
102.9
73.2
53.4
65.8
65.5
41.7
Tin
cans
and other tin ware.. *-
Machinery,
not
portation
95.8
91.3
93.8
92.2
+ 5.1
73.0
+ 6.3
—.2
+ 7.8
75.6
+ 7.9
+ 9.1
+ 11.2
116.3
+27.3
+ 11.3
87.9
+ 3.4
+ 6.3
67.2
73.6
—.1
+ 5.8
82.4
+ 2.3
+ 8.3
+.e
+ 8.9
;
93.1
—.5
+ 7.2
94.1
+2.5
+ 9.4
72.6
—.6
+2.9
69.1
—.8
+4.5
54.8
+ 6.5
—4.4
55.4
+ 37.7
Bituminous coal
83.8
+ 1.8
+ 6.0
84.9
+ 5.3
+ 22.2
Metalliferous
65.0
+ 3.4
+ 21.5
58.4
+ 7.0
+ 35.2
Quarrying and nonmetalllc
Crude petroleum producing
49.2
—6.6
+ 14.1
38.9
—10.5
+ 30.9
72.3
—1.2
+ .6
61.3
+2.0
+2.3
83.7
—1.1
+ 3.5
c69.5
—.2
+ 8.2
+ 12.7
Electrlo-rallroad
96.4
93.5
79 2
103.7
97.6
80.5
168.5
164.2
137.5
187.2
167.0
128.8
111.3
95.9
112.7
105.4
84.9
91.1
117.9
110.8
97.3
124.8
120.6
119.5
109.7
116.4
111.6
105.7
103.0
84.0
102.8
96.8
motor-
Hotels (year round)
Laundries
74.3
88.6
116.8
109.4
115.5
105.3
94.3
99.3
97.0
81.7
99.7
93.3
107.4 "
135.2
124.4
100.9
Radios and phonographs
Textile machinery and parts..
203.2
210.6
190.1
169.4
137.4
76.8
74.0
67.5
78.8
67.4
143.9
139.0
115.2
138.2
134.4
+ .1
d
—8.0
76.0
+5.8
Vii.1
,1+1.1
+ 2.0
57.7
—4.2
+ 9.0
d v'
+ 1.3
+ 31.0
%
'
d
+ .3
+ 16.2
+4.0
d
.
—9.0
+ 52.6
62.1
Typewriters
+ 9.3
+ .8
d
Building construction
72.1
127.8
-—4.4
d
...
Insurance
130.5
+ 1.9
77.7
Dyeing and cleaning
Brokerage
Engines, turbines, tractors and
121.1
+ b
Services—
101.2
Electrical machinery, apparatus
and supplies
a
bus operation and malnt.
87.9
Cash registers, adding machines
calculating machines
water wheels...
+ 1.7
+ 10.7
+32.5
Mining—Anthracite
94.6
96.6
.
91.2
Telephone and telegraph..
Electric light and power a
Including trans¬
equipment
Agricultural Implements
•
146.4
merchandising.
manufactured gas
113.7
—----
1935
Public Utilities-
Tools (not including edge tools,
machine tools, files, & saws)
Wire work......
Dec.
1936
chandising
75.2
70.0
—
4
Nov.
1936a
Other than general mer¬
Structural a ornamental metalwork..
Dec.
1935
100.1
General
46.6
Stoves.
Dec.
1936
Retail
59.2
paratus and steam fittings..
Nov.
i
Trade—Wholesale
Plumbers' supplies
Steam a hot-water heating
ap¬
Index
Dec.
1936a
37.3
and
steel
P. C. Change From
Change From
'
72.3
68.2
silver
plated cutlery) a edge tools.
Forglngs. Iron and
P. C.
Index
83.5
67.1
Cast-iron pipe
Cutlery (not lncl.
Industry
73.1
----
Foundry a machine-shop prods.
Machine tools
and
parts
Transportation equipment
168.1
a
Preliminary,
b Less than 0.1 of 1%.
c Cash payments only, value of board*
and tips cannot be computed,
d Data not available for 1929 base.
room
98.5
119.8
114.7
103.8
118.3
112.9
91.9
Aircraft
571.5
532.4
404 8
451.7
389.8
317.2
Automobiles
Cars, electric &
136.3
128.3
119.7
133.2
125.8
103.8
58 5
60.1
42.8
60.8
60.6
39.9
Locomotives....
Shipbuilding
43.8
40.5
24.1
31.4
28.2
14.4
89.3
97.4
84.7
89.9
97.3
82.5
Railroad repair shops
Electric railroad
61.2
60.6
53.8
65.4
65.2
55.2
63.3
61.3
65.5
61.8
steam railroad
63 4
Steam railroad
66.3
61.0
60.4
53.2
65.5
65.4
54.8
111.6
110.0
98.2
105.3
102.0
83.0
Aluminum manufactures
118.8
118.8
100.6
116.2
114.9
89.4
Brass, bronze
Nonferrous
metals a their prods.
Weekly^Report
The lumber
industry during the week ended Jan. 16, 1937,
46% of the 1929 weekly average of production and
54% of 1929 shipments.
Production continued low (largely
seasonal)
shipments showed only slight gain over the pre¬
being still greatly restricted by the long-con¬
;
ceding week,
tinued
maritime
112.9
100.7
111.1
103.8
84.0
121.1
120.5
106.8
.116.8
121.9
99.6
Jewelry
Lighting equipment
93.1
100.7
81.1
73.8
78.0
62.3
duction
101.4
97.2
79.7
104.2
97.0
72.0
73.5
73 8
69.6
71.4
71.6
fewer mills
57.3
Silverware
Smelting
and plated ware—
a
lead and zinc
Stamped
Lumber
80.9
products
Furniture
Lumber,
79.4
77.9
69.6
70.0
62.2
162.9
156.0
144.3
165.5
155.0
129.6
67.2
and enameled ware..
and allied
over
67.8
60.8
60.5
60 8
49.0
87.7
88.3
74.0
78.1
above
5% below the output of the previous -week;
1% above shipments, and new orders 9%
was
were
orders
of
that week, according to reports to the
National Lumber Manufacturers Association from regional
77.6
57 8
54.1
53.4
45.1
50.8
49.6
37.4
49.2
mil I work
49.9
47.3
41.7
42.7
37.4
and softwood mills.
66.8
67.3
60.1
58.7
61.1
49.3
ended Jan.
48.6
49.6
39.7
40 5
41.1
29.2
38.4
associations covering the operations of important hardwood
47.2
59.4
63.1
97.6
99.7
94.0
99.4
92.7
43.3
34.9
33.0
34.2
25.3
Reported new business during the week
41% in excess of production; ship¬
ments were 15% above output.
Reported new business of
the previous week was 24% above
production; shipments
were
8% above output.
Production in the week ended
76.2
Glass
Marble, granite, slate and
64.2
40.7
Stone, clay and glass products...
Brick, tile and terra cotta
Cement
62 0
100.5
Sawmills
77.0
72.3
64.8
67.1
58.1
Jan.
other
products
Pottery
Textiles and their
products
Fabrics
Carpets and
106.5
104.8
94.8
87.2
101.8
98.8
96.1
96.9
86.7
83.9
98.1
94.3
85.2
97.7
89.6
70.9
101.3
rugs
Cotton goods
Cotton small
99.5
90.5
98.0
87.9
79.0
100.0
83.0
105.4
103.6
99.3
106.3
97.8
123.1
117.8
118.8
116.2
100.6
98.2
85.5
82.7
86.4
82.5
68.0
76.4
Knit goods
Silk and rayon goods
Woolen and worsted goods..
Wearing apparel
122.1
121.0
115.3
126.9
124.2
113.0
81.6
80.0
86.8
68.6
63.8
70.3
wares
16
reports further showed:
During the week ended
feet
of
hardwoods
booked orders of
Mills,
were:
Mldlnery
66.1
76 6
86.7
84.6
77.7
102.4
84.7
79.3
75.9
158.1
141.0
105.2
102.7
93.8
hardwoods
89.9
90.4
86.0
87.3
88.1
80.3
143.0
118.4
1P37.
114.5
125.5
100.1
44.4
Shirts and collars
Leather and its manufactures...
84.2
106.3
106.5
141.1
Men's furnishings
83.8
116.0
155.2
women's
92.2
114.9
107.2
men's
Corsets and allied garments-
47.8
45.4
29.3
31.2
122.5
124.7
110.5
111.7
116.4
98.4
regions
93.8
89.0
90.7
77.8
67.3
72.9
hardwoods
92.9
29.4
Boots and shoes...
93.9
87.8
89.6
70.7
58.2
66.2
Leather
98.1
98.4
99.7
104.9
100.8
98.4
Food and kindred
products
Baking
Beverages
110.7
114.1
103 1
105.8
108.3
132.2
133.0
124.6
120.3
120.4
107.8
180.1
.............
183.0
161.6
187.1
191.3
feet;
93.3
Butter
81.7
82.0
78.3
63.0
65.1
113.1
92.3
90.4
98.2
79.4
Confectionery
90.2
91.9
88.0
85.4
84.6
82.8
Flour
74.3
74.7
74.8
69.3
70.4
66.0
Ice cream
61.2
62.2
58.4
55.0
56.3
100.0
96.9
85.8
101.8
99.8
273.6
162.7
154.2
268.8
141.1
69.0
68.0
76.8
59.3
58.6
65.5
63.1
65.9
61.6
55.4
54.8
Lumber
80.8
177.5
but
•
cane.---
Tobacco manufactures
pine,
and snuff
mills
same
mills.
feet,
or
totaled
above
Reports from 92
or
4%
below
57.1
64.8
62.1
54.2
53.9
50.5
106.0
105.0
100.3
102.7
98.6
90.6
feet, and
106.5
106.2
97.4
108.1
108.8
94.3
171,988,000
108.5
108.1
104.5
93.7
90.2
93.3
87.6
82.3
Newspapers and periodicals...
105.9
105.3
102.5
105.8
101.8
95.2
Chemioals and allied products and
petroleum refining
119.3
119.7
113.2
118.7
114.8
103.3
Other than petroleum refining.
119.2
119.4.
118.4
113.4
130.0
115.6
132.9
127.5
103.6
99.8
82.0
83.1
79.3
Druggists' preparations—..
Explosives..—
105.4
105.9
102.8
112.3
112.7
103.5
93.3
95.4
81.1
97.8
98.3
72.7
80.7
69.8
73.4
71.6
62.1
61.5
Noithern
Jan.
hemlock
production.
Northern
Northern
All
hemlock
16,
and
reporting
and
Southern
or
feet,
or
for
reported
hardwood
16, 1937, by 436 soft¬
44% above the preduction of the
the
same
Production
mills
give
Shipments
as
new
was
172,985,000
were
150,282,000
business
reported
7% above production.
week
for
Production
the
feet.
10,482,000 feet,
as
week
same
were
10,952,000 feet.
was
feet
week's production
and
a
year ago
feet
and
211,288,000
it
of 430
was
feet.
In
shipments,
9,629,000
feet,
the
reported production last week and
feet;
identical
softwood mills
172,923,000 feet; shipments
168,416,000
a
feet and
7,439,000 feet.
case
year
and
of
orders
149,289,000
respectively,
received,
216,286,000
hardwoods,
ago
was
were,
74
identical
mills
8,756,000 feet and 9,046,000
7,620,000 feet, and orders,
8,099,000
v++;-
106.2
98.0
ended'
week
101.1
129.2
meal
Chemicals
Cottonseed—oil, cake &
....—
Fertilizers..
Paints and varnishes..
127.6
125.3
120.7
122.2
116.8
106.2
Rayon and allied products..
Soap
362.4
364.0
351.8
282.8
322.8
299.6
97.8
102.5
95.6
104.2
101.6
92.8
119.6
121.1
116.7
119.9
119.1
110.6
101.6
100.0
86.4
103.8
101.2
81.9
81.2
79.9
72.0
74.0
69.2
60.2
shoes, tires and Inner tubes..
137.8
135.6
121.7
139.2
130.5
108.6
Rubber tires and Inner tubes..
92.4
90.9
75.6
98.8
98.9
77.9
Petroleum refining
Rubber products
Rubber boots and shoes
Rubber goods, other than boots.
x
Last
feet and
112.3
above
Coast,
production.
59.5
62.1
95.6
redwood,
182,310,000
and
Identical Mill Reports
57.1
111.9
West
shipments,
hardwoods
the
in
feet;
preceding week
for the week ended Jan.
as
production.
11,710,000 feet,
66.9
97.6
production
California
216,869,000
Shipments
15%
63.9
112.6
feet;
161,234,000
184,695,000
above
orders reported
wood
56.5
Job
shipped
Southern
reported shipments
orders
Chewing and smoking tobacco
Cigars and cigarettes...
Paper and printing
Boxes, paper
Paper and pulp.
Printing and publishing—Book a
169,061,000
hemlock,
Coast,
Southern
showed
51.5
Sugar refining,
packing
combined;
produced
Revised figures for the
above
orders
West
512 mills
corresponding week of 1936,
All but
West Coast reported shipments above
shipments of last year's week, and
all but Southern pine, West
Coast, Southern cypress and Northern hard¬
woods reported production above similar week of 1936.
51.7
meat
Northern
hardwoods
60.0
96.4
but
but
1937,
16,
227,351,000 feet.
reported
All
.,
Jan.
softwoods
production,
209,120,000 feet.
regions
Northern
and
553 ;
orders,
All
163.9
Canning and preserving
Slaughtering and
Sugar, beet
was
was
shown by reporting hardwood and softwood
13% below the corresponding week of 1936; shipments
were
3% above shipments of last year's week, and new
orders 3% above orders of a
year ago.
The Association's
96.2
finishing textiles
Hats, fur-felt....
ng and
Cothlng.
Clothing,
16, 1937,
mills
Non Durable Goods
Dye
strike.
Reported new business rose ap¬
the preceding holiday weeks.
National pro¬
reported during the week ended Jan. 16 by 7%
preciably
shipments
refining—copper.
Ended
Week
stood at
115.8
a oopper products
watches and time-
a
Movement,
Jan. 16, 1937
recording devices
Clocks
Lumber
of
November 1936 indexes preliminary, subject to revision
Automobile
Financing in November
The dollar volume of retail
financing for November 1936,
for 456 organizations amounted to
$114,011,014, an increase
of 7.1% when compared with October
1936;
an
increase of
19.9% compared with November 1935; and an increase of
96.3% compared with November 1934.
The $133,949,876
shown for wholesale financing for November 1936, is an
increase of 78.1% over October 1936; a decrease of
1.6%
from November 1935, and an increase of
338.4% over
November 1934.
„
;
Volume
Financial
144
Wages of Farm Hands Higher Than a Year Ago,
According to Bureau of Agricultural Economics
Retail Financing
Used and
Financ¬
and
in
Month
New Cars
Total
ing
Volume
Volume
Thousand
Number
Dollars
Thou¬
Cars
Volume
in
Number
Thou¬
of
sand
Cars
Cars
sand
beginning of this year compared with an index of 94 a year
earlier, the Bureau of Agricultural Economics, United States
of Agriculture, reported Jan. 15.
The index
Department
is now the
also
Farm
Orga nlzations
is
as
a
1936—
75,207
275,747
133,949 b274,663
November
100,086
106,501
114,011
125,738
60,791
73,007
175,661
148,925
45,710
41,004
k
Total 11 mos.
1,518,400 3,919,034 1,568,144 1,736,119 1005789 2,182,915 562,355
ended Nov.
last
November
Total 11
221,655
243,435
76,411
114,170
78,903
95,122
44,024
62,710
145,244
129,265
34,880
32,412
favorable
moa.
a
46,495
30,556
196,440
162,783
80,003
63,749
71,501
58,085
44,130
34,861
116,437
99,034
27,371
23,224
Wage
situation
Jan.
i Total 11 moa.
f
ended Nov.
869,363 2,285,596
282 Ident leal
(2) Summary for
999,421 550,513 1,286,175 296,399
846,912
Orga nlzations
October
72,085
258,335
130,224 d257,764
November
Total 11
96,275
121,351
100,695
108,100
58,486
70,376
162,060
136,413
42,210
37,724
75,906
132,314
November
t Total 11
^
73,236
110,272
74,187
90,190
206,153
228,166
42,178
60,531
339,841
117,894
from
1
of
this
the supply
year
with 86%
on
Oct.
of
farm
1 and
97%
has been
82% of normal
year
a
led
have
an
better than
Jan. 1
The mild
ago.
to
on
increased
as
a
year ago.
It was
compared with 84% on
early winter weather and better
demand for hired help on the
year.
69 persons per 100 farms
on
the
compared with 107 last October and 62 a year ago.
The Bureau attributed the increase in the number of hired workers this
year
It
a
month,
by
With prices
126, and
and wages works out
compared with a price-wage ratio of 117 a year ago.
this ratio will decrease, however, during this first
expected
103,
of
figure of 122
better incomes
of farmers.
for their products standing at an index of
farmers
rates
wage
is
as
last primarily to the
over
received
as
that
the ratio between
prices
make their usual seasonal advance.
32,009
29,659
Farmers'
moa.
Income
Cash
for
Estimated
December
at
$725,000,000—Total Cash Income in 1936 $7,865,000,000,
According to Bureau of Agricultural
1934—
Economics
October
45,363
29,729
November
Total 11
77,502
61,769
68,224
55,303
185,414
153,261
42,737
33,784
107,912
91,492
25,486
21,519
An unlooked-for large
total
the
moa.
ended Nov.
853,708 2,159,403
970,159 534,406 1,189,244 275,236
809,642
Of these
organizations, 37 have discontinued automobile financing,
b Of this
number, 45.8% were new cars, 53.6% were used cars, and 0.6% unclassified,
c The data In this table are Included In Table 1.
Of the 282 organizations, 24 have
discontinued automobile financing,
d Of this number, 47.1%
were new cars,
52.3% used cars, and 0.6% unclassified.
a
the
of this
ended Nov. 1,216,134 2,689,097 1,000,691 1,148,818 631,190 1,540,279 369,501
fe£
Jan.
on
of normal compared
quarter of the year as wage rates
1935—
October
in the
drought
recorded
area.
that
Employment of hired hands averaged
first
to
1,478,361 3,702,021 1,495,257 1,682,401 974,388 2,019,620 520,868
was
severely
the
on
1927.
76%
incomes
of
with
moa.
ended Nov.
that
in
about
at
and
1
farm
c
1936—
}
decline
suffered most
most stable,
were
for farm workers
The demand
Oct.
rates
reports
since
1
first
November
sharpest
which
The supply of labor available in rural areas was the smallest
ago.
estimated
October
States,
averaged 91%
year
1,248,182 2,864,773 1,055,234 1,192,050 655,119 1,672,723 400,115
1934—
The
season.
Bureau
labor
for
ended Nov.
that
Central
summer.
The
78,577
136,160
at
other hand, in the
Southeast.
In the tobacco region of Virginia, the Carolinas, Kentucky,
and Tennessee,
wages
went up during the last quarter, reflecting the
1935—
October
declined during the last quarter of 1936, but not as much
wages
usual
North
West
October.-.-—.
highest since 1931, said the Department, which
stated:^
Dollars
Dollars
Dollars
(1) Summary for 456 Ident ical
in
Thou¬
of
sand
of
Cars
Unclassified
Volume
Number
in
103% of their pre-war level at the
Farm wages averaged
Wholesale
Year
689
Chronicle
AUTOMOBILE FINANCING
1936
to
cash farm
gain in December income has raised
income from marketings for the year
$7,865,000,000
as
compared with
$7,090,000,000 in
1935, it was reported Jan. 23 by the Bureau of Agricultural
Economics, United States Department of Agriculture.
The
Bureau added:
was 18%
greater
Sharply higher prices
heavy marketings accounted' for this increase.
The December farm
products price index at 126 was the highest for that month since 1929.
Nearly all groups of commodities yielded gains in income in December
as
compared with a year ago.
Hop produced the largest gain.
Sub¬
stantial
gains from
grains, cotton, tobacco, and dairy products also
were
reported.
Poultry and egp were the only products to yield smaller
The
December
than the
income,
estimated
at
$725,000,000,
$613,000,000 reported for December, 1935.
and
Further Advance in Prices of Farm Products Reported
by Bureau of Agricultural Economics
A
substantial rise in prices of farm
products during the
past month was reported Jan. 16 by the Bureau of Agricul¬
tural
Economics, United States Department of Agriculture,
in its mid-January summary of the
price situation.
Accord¬
ing to the Bureau, prices of most principal products ad¬
vanced, the only exceptions being poultry and eggs.
Bureau's
World
laigely
continued:
advices
wheat
prices in domestic markets
or
weakness
on
the rate of European
harvested
in
wheat
becoming much of
Small
rose
will depend largely
With the close adjust¬
season
between
world supplies and consumption, the newlycrop from
Argentina and Australia may be absorbed without
this
ment
upward
purchases
heavy
of
next month
buying, the Bureau says.
price-depressing factor.
a
of
during the
prices
reported on Jan. 1.
Rapid disap¬
pearance
of feed grains,
together with an advance in livestock prices
and an upward movement in wheat and rye, largely explain the increase
in
stocks
prices
The
feed
of
feed
grains
were
in late November con¬
through December, and in early January the weekly average for
hogs was at the highest level since late April.
Some further advance in
hog prices is expected in view of the probability that hog marketings
during the late winter will be reduced more than usual.
Cattle prices in early January reached the highest level in about a year.
Prices of fed cattle are expected to be fairly well maintained' with an
tinued
cattle probably will make at
during the next few months.
ewes
have advanced recently, and a
further increase is expected, possibly before the end of February, with a
still larger advance probable during March.
upward
least
and prices of lower-grade
tendency,
an
seasonal
average
Prices
of
Prices
slaughter
chickens
of
advance
Butter
continue
average
higher
1936,
have
prices
some
with
It
during the
seasonal
decline
to
more
than is usual at this time
in
the
about
was
paid in
sum
the
cash
at
season
a
expected
is
that
half of
first
of the year when there is
butter and cheese will both
1937 than in the like period of
in prices coming later than
decline
income in
same
in
as
substantially
usual.
1935, but income from all other groups of products
higher.
reported that most of the increase was from
inasmuch as prices averaged only 5%
Farmers' cash income is ex¬
pected to be larger than in the first quarter of 1936, as a
result of higher prices and increased government payments
to farmers.
Conservation and benefit payments will be
heavier marketings,
higher in 1936 than in 1935.
larger during the first half of 1937 than in the correspond¬
ing period last year, when payments were reduced by in¬
validation of the Agricultural Adjustment Act.
♦
Countries Fill 1937 Initial Sugar Quotas
.—Syrup Quota for Dominican Republic Filled
"'The Sugar Section of the Agricultural Adjustment Ad¬
ministration announced
next
two
or
Tobacco
partly
to
40c.
marketing
Wool
time,
to
three
trend
in
<jf wool are relatively small,
consuming countries, whereas mill activity is at a
upward.
Supplies
The latter is true also in the cotton textile industry.
general index
for
of
of
prices
to
99
earlier
commodities
November,
in
received
Quotas in Pounds
,
294,308
Belgium
564,205
263,302
6,668,480
Canada
Dominican Republic
Netherlands—
217,865
11,114,100
Peru
350,667
United Kingdom
No
more
certifications to
Sugar Section said:
collectors of customs will be issued
by the
Sugar Section against the 1937 quotas of the above countries unless export
credits against such
quotas are received during the current year or the
quotas are increased as a result of increased consumption,
or re-
allotment of deficiencies, or other provisions of law.
The
above
quotas
were
filled primarily from stocks held in customs*
custody awaiting the opening of the 1937 quota.
The Sugar
continue
prices
received' by
farmers
mid-December stood at 126% of the pre-war
in November and 110% in December, 1935.
farmers
Jan. 18 that the 1937 initial sugar
foreign countries, other than Cuba, was made in our issue
of Jan. 2, page 25. The following are the countries for which
the 1937 quotas have been exhausted:
-
initial
general
Beason.
prices
high level.
as
will continue during the
months.
show
both here and in other
The
upward
the
improvement this season over last, due
reduced supplies of many types and partly to increasing con¬
The greatest advance occurred in Burley prices, which averaged
a
pound—a record high—during the first two weeks of the
prices
sumption.
about
time
on
quotas, established under General Sugar Quota Regulations,
Series 4, No. 1, have been exhausted for seven foreign coun¬
tries.
Reference to the allotment of the 1937 quotas for
In its announcement of Jan. 18 the
the small supply
of potatoes this winter prices have advanced
sharply during the last month, and indications are that, aside from minor
from
with 1935 came entirely
compared
Income from poultry and egp marketed was
1935.
With
slumps
1936
since government payments in 1936 were only
farm products,
Czechoslovakia
supplies.
increased
decline.
the
and
lambs
of the year because of record
usually
half
hog prices which started
in
<
gain
Seven Foreign
grains.
rise
seasonal
The
from sales of
The Bureau
trend during December,
by European countries.
Wheat
about the same as world1 prices.
Strength
their
continued
prices
result
the
as
The
income.
and
to
December,
average
bought was 127 in December, or about the same
compares
December, 1935.
The ratio
by farmers rose from 94 in November
with
prices paid
122
in
thus being virtually back at
this ratio stood
for their products in
compared with 120%
The index of prices paid by
at 90.
pre-war
parity.
A year
Section of the AAA also announced on Jan. 18
of 830,894 gallons for the Domini¬
can Republic, established under General Syrup Quota Regu¬
lations, Series 2, No. 1, has been filled.
that the 1937 syrup quota
Exports by Cuba from Jan. 1 to 23 Reported
39% in Excess of Those During Similar Period a
Sugar
Year
Ago
Cuban exports
of
sugar
from Jan. 1 to Jan. 23 totaled
133,455 long tons, raw value, as contrasted with 96,036 tons
Financial
690
during the corresponding period last year, an increase of'
37,419 tons, or approximately 39.0%, according to Havana
advices received by Lamborn & Co.; the firm further an¬
nounced:
To the United States the shipments
amounted to 127,141 tons,
as
against
78,883 tons in the same period of 1936, an increase of 48,258 tons, or 61.2%.
To other destinations, principally
tons
European, the exports aggregated 6,314
compared with 17,153 tons during the similar period last year, a
as
63.2%.
decrease of 10,839 tons, or
Cuban exports of sugar for the
week ending Jan. 23 amounted to 28,542
and 198 tons to Bel¬
tons, of which 28,344 tons went to the United States
During the corresponding week last year, the exports totaled 29,346
gium.
tons, of which 27,336 tons went to the United States and
2,010 tons to Chile.
Production in 1936 Highest on Record—Con¬
sumption Increases 18% Over 1935
Rayon
Both
production and consumption of rayon yarn in the
United States broke all previous records during
1936,
according to figures compiled by the "Rayon Organon,"
published by the Textile Economics Bureau, Inc.
Con¬
sumption last year, however, was substantially in excess of
output, resulting in a sharp drop in surplus stocks which
amounted to only three days' requirements at the close of
1936.
The report issued by the Bureau on Jan. 22, further
said:Yy'Yy:;:\:-y ;Y''
Y\.Y.1■
The output of rayon yarn last year
amounted to 277,626,000 pounds,
the highest annual total in the history of the industry
and
an
plus
cuprammonium
202,010,000 pounds in 1935,
62,700,000 pounds
The
1936
yarns
214.926,000
totaled
increase of
Production of
8%, compared with output of 257,557,000 pounds in 1935.
viscose
pounds
against
gain of 6%, while acetate yarn output of
a
13% from the 1935 total of 55,547,000 pounds.
was up
consumption
of
rayon
yarns,
representing
total shipments
plus imports and less exports, amounted to 297,594,000 pounds, an increase
of
18%
over
1935 consumption of 252,676,000 pounds.
If rayon staple
fiber data were added, consumption would aggregate 323,000,000 pounds
in 1936
against 259,300,000 pounds in 1935, or an increase of 25%.
Because
reduced
record
of
the
heavy
by 21,533,000
and
equal to
consumption
pounds
during
last
surplus
year's
the year
to
only three days' requirements
at
were
total
the close
on
of last
year.
The
following table gives figures on total rayon yarn production and
consumption during recent
together with the change in stocks at
years,
the end of the year.
Change in
Year
Production
Domestic Stocks
Consumption
Michigan, Corning grade crude in Pennsylvaniat
Lima, Illinois, Princetown, West Kentucky and Owensboro
crude in the
1935
1934
1933
1932
1931
1930
1929
—21,533,000
+2,688,000
+ 11,118,000
+ 1,439,000
—17,821,000
—4,991,000
+ 15,361,000
297,594,000
277,626,000
257,557,000
208,321,000
213,498,000
134,670,000
150,879,000
127,333,000
121,399,000
,
252,676,000
194,771,000
211,883,000
152,041,000
157,360,000
117,968,000
131,448.000
Midwest.
ducers."
The
general increase was the first widespread change in the
price picture in more than a year. Early in Janu¬
ary of 1936, advances covering all fields east of the Rocky
Mountains were posted by all major units.
Since then the
basic structure of the industry has strengthened immeasur¬
ably. Production, although it has consistently set new highs
in recent weeks, is still below demand and crude oil stocks
crude oil
are
still
being drawn upon despite the fact they
lowost point m 15 years.
The Texas Railroad Commission
order
providing
Pil
Price
Continent
Its
Products—Humble
+4,767,000
Impasse—Average
Fields
12
Cents
a
Increase
Output
Again
Sets
Crude
in
Mid-
Barrel—Other Major
Units Follow Standard Affiliate
age
Breaks
New
Lead—Daily Aver¬
Peak—1936 Crude
Humble
Oil &
Refining Co., Wednesday broke the
deadlock that has prevailed since Continental Oil's 17-cent a
barrel increase in crude prices became
an
average
area.
price boost of 103^ cents
The advance
was
extended to
effective Jan. 4 with
a
barrel in the Texas
the
Oklahoma fields
by Carter Oil Co. and other major purchasers, where the
markups
were
12 cents
barrel.
a
Humble, affiliate of the Standard Oil Co. of New Jersey,
set
a
new
top of $1.27
which other fields and
General
Pipeline Co.,
a
barrel for East Texas crude',
grades of oil
are
based.
upon
The Bell
small independent unit, was the first
Other major companies meeting
the advances were Skelly Oil Co., Carter Oil Co., Gilliland
Pipeline Co., and the De Soto Crude Oil Purchasing Corp.
Carter Oil buys in Oklahoma and Shelly in Kansas.
Sun
Oil also joined the advance.
Stanolind, Texas Corp. and
the few remaining large companies met the advances.
a
to follow Humble's lead.
Advances under the new Humble schedule for the Gulf
Coast area range from 3 cents on the extremely low gravities
to 25 cents a barrel on the highest gravity.
Crude oil under
20
gravity is posted at 95 cents a barrel, plus 3 cents for each
higher gravity up to 26.9, and 2 cents additionalfor each
degree of gravity up to 40, with the top price of $1.44 an,
increase of 22 cents over the former high.
The company
previously quoted 34 degrees and above at $1.22 a barrel.
The new postings listed Conroe, Tomball, Raccoon Bend
deep sand and Fairbanks (Stasuma) crude below 28 gravity
at $1.20 a barrel, up 10 cents, plus 2 cents for each degree of
gravity up to 40 and above 40 at $1.44.
West and New
Mexico crude below 25 gravity were posted at 78 cents a
barrel, plus 2 cents for each fegree of gravity up to 40 and
above at $1.08.
The former posting began at 75 cents for
below 29 gravity and ended at 36 degrees and above at 90
cents.
Y'; Y,. YYY''-Y.
The advance quickly spread to all producing areas east
of the Rocky Mountains.
By Friday all of the major com¬
panies had joined with the Standard of Jersey affiliates in
marking up prices in Texas, New Mexico and the midcontinent.
Other fields affected by the upward swing in¬
an
as less than full units, threeeighths unit value.
February allowables for Oklahoma will aggregate 581,900
barrels daily, up 8,800 barrels from the January quota, if
the Oklahoma Corporation Commission follows its usual prac¬
tice in setting the quota in conformance with the announced
wishes of the State's oil operators.
The latter, through
Conservation Officer Armstrong, recommended that Okla¬
homa follow
known
of the Bureau of Mines
the recommendation
the
set
justified in view of
crude production.
quota was expected over
581,900-barrel level
demand
market
for
Official announcement of the
as
State's
the
new
the
week-end, to become effective Feb. 1.
+\'^:.-Yt'Y'Y:
Despite the fact that the Nation's daily average crude oil
production for the week ended Jan. 23 again set a new alltime high, the unparalled drain upon crude oil holdings, which
virtually^ unchecked isnce last May to drag
continues unabated.
a new record
peak of 3,205,150 barrels, statistics released by the American
Petroleum Institute disclosed.
This compared with the
point in 15
years,
Crude oil production spurted 20,500 barrels to
recommended allowable of the Bureau of Mines of 2,998,400
barrels daily, and actual production in the like 1936 period
of 2,820,500 barrels.
Production Nears Record High
The
24 issued
the
a new
stocks to the lowest
and
Jan.
on
are at
formula of oil production proration
for the Yates field with the purpose of equalizing acreage
production as between wells on large tracts and those on
small tracts.
The former method of proration is being
attacked legally by the Ohio Oil Co., largest operator in the
field.
The new order established three types of units, with
varying rates of output specified for each.
Tracts of 40 or
more
productive acres were allowed full-unit valuations,
tracts of less than 50 productive areas, one-half unit value,
an
has continued
Petroleum
-v
Continental, original leader, bowed to the leadership of
the majors and revised its schedule downward to conform
with the new tops.
"Continental's original action," Dan
Moran, President, said "merely recognized a statistical and
economic situation that was apparent from all of the facts
available to us and others.
Obviously, however, the com¬
pany, regardless of statistics and economics, cannot in¬
definitely continue to pay higher prices for the raw product
than are paid by our competitors, and we are therefore going
along with them in this adjustment, which, while not as
large as we had hoped to accomplish, will nevertheless serve
as a substantial recognition of what is justly due the pro¬
which
1936
Jan. 30, 1937
cluded
and tracts heretofore carried
stocks
the lowest
Chronicle
All major producing States east of the Rocky Mountains
participated in the upward climb in crude output, all ex¬
ceeding the levels suggested for their areas by the Bureau of
Mines.
Total output east of the Rocky Mountains was
28,100 barrels above the preious week.
A drop of 7,600
barrels in California pared the net gain for the week to 20,500
barrels. ■
YY,v Y:;" YY;Y.vY;:"vYv'' ■ YYyYy
Y^Y'+^'Y'Y
Total stocks of domestic and foreign crude oil in the United
States at mid-month of 286,044,000 barrels represented a
decline of 868,000 barrels for the week to the lowest point
since 1922.
A week earlier stocks had dropped 747,000
barrels, meaning a net drain of 1,615,000 barrels in the first
two weeks of 1937. Only twice since the downward movement
started last May was there any interruption.
In the first
two weeks of December there
recorded.
were
small additions to stocks
.Y;.Y Y:Y Yy:''Y-'iv.x
:•
Complete 1935 figures of the Bureau of Mines indicated
that a 10% increase in crude oil production in the United
.
States
over the
previous year had lifted the total to 996,596,barrels, within striking distance of the 1,007,323,000barrel all-time record set in 1929.
The final figures are
2,654,000 barrels above the prlimina'ry total issued a year Ago.
Crude oil price changes follow:
000
Jan. 27—Humble Oil & Refining posted increases
averaging 10 M cents a
barrel in Texas crude oil prices, establishing a new top of $1.27 for East
Texas crude.
Other companies followed.
In Oklahoma, the advance
averaged 12 cents
Jan.
a
barrel.
All markups were effective 7 a. m., Jan.
(
$1.42
28.
29—Pure Oil advanced Michigan crude 10 cents a barrel to
barrel, and met postings of other producers in the mid-continent and
Southwest.
2
a
Jan.
29—The
South
Buckeye pipe lines 10
Jan.
29—The
Ohio
Penn
cents
Oil
Oil
a
Co.
Co.
advanced
effective Jan. 28. Illinois and Princeto
to $1.35 and West
advanced
barrel to $1.42
wn
Corning grade crude in
barrel.
a
Lima
crude
crude
were
Kentucky and Owensboro the
10
cents
: i
toTS1.25,
marked up 12 cents
same
amount to
$1.40.
Prices of Typical Crudes per Barrel at Wells
(All gravities where A. P. I. degrees
Bradford, Pa
Lima (Ohio Oil Co.)
Corning, Pa
Illinois
.
...$2.57
1.15
...
are not
shown)
..$1.22
Eldorado, Ark., 40.
Rusk, Texas, 40 and over.
1.42
Darst Creek.
1.25
..
Central Field, Mich....
Western Kentucky.
1.40
Mid-Cont't, Okla., 40 and above
Rodessa, Ark., 40 and above
Smackover, Ark., 24 and over...
1.30
_
*
...
Sunburst, Mont
Huntington, Calif., 30 and over.
1.25 Kettlemen Hills, 39 and over
.90 Petrolia, Canada......
..
..
..
..
..
..
1.27
1.09
1.42
1.15
1.22
1.43
2,10
Financial
144
Volume
REFINED PRODUCTS—GULF OIL ADVANCES BUNKER C
/
FUEL
OIL—STANDARD OF INDIANA LIFTS KEROSENE PRICESPENNSYLVANIA
LUBRICATING
ADVANCE—MOTOR
OILS
FUEL STOCKS SPURT—CRUDE RUNS TO STILLS RISE •
The Gulf Oil
Corp. Thursday advanced the price of Grade
a barrel at its deepwater terminals
along the Atlantic and Gulf Coast. Under the new schedule,
which became effective immediately, the new price of Grade
C at the company's local terminal is $1.20 a barrel.
Other
companies met the advance.
Reports from Oklahoma late Friday indicated that the
Mid-Continent
Petroleum Corp. was the first company
to pass the higher crude prices along t > the refined products
market.
It was reported that the company advanced tank
car prices of all grades of gasoline 3^-cent a gallon, and of
kerosene and furnace oil
34-cent
barrels for the week ended Jan.
Receipts of California oil at Atlantic and Gulf Coast ports, for the week
ended Jan.
23, totaled 206,000 barrels,
Reports received from refining companies owning 88.8% of the 4,066,000
barrel
estimated
daily
potential
gallon in the normal tank-wagon prices of kerosene
in Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota,
Missouri, North Dakota, South Sakota and Wisconsin.
Subnormal prices were advanced a corresponding amount in
the
in
market for
the
all grades
of Pennsylvania
bright oil and cylinder stocks brought two advances of 3^
cent a gallon during the week.
The first increase of
cent
was marked up on Jan. 22 by all leading marketers.
Less
than a week later, a similar boost was posted bringing the
net advance for the period to 1 cent a gallon.
An increase of 1,621,000 barrels in stocks of finished and
unfinished gasoline during the week ended Jan. 23 lifted the
total to 68,180,000 barrels, according to the American Petro¬
leum Institute.
The total was 8,166,000 barrels above the
figure on the corresponding 1936 date.
Refinery stocks
advanced 1,557,000 barrels, a dip of 7,000 barrels in bulk
terminal holdings paring the gain to 1,550,000 barrels.
An
increase of 71,000 barrels in stocks of unfinished motor fuel
of the end of the
as
68,180,000 barrels of finished and
week,
unfinished gasoline and 103,441,000 barrels of gas and fuel oil.
Cracked gasoline production by companies owning 94.7% of the
potential
charging capacity of all cracking units indicates that the industry as a whole,
on a
Bureau of Mines
basis, produced
an average
of 660,000 barrels daily
during the week.
DAILY AVERAGE CRUDE
PRODUCTION
OIL
(Figures in Barrels)
B. of M.
Actual Production
Average
Dept. of
Int. Cal¬
Week Ended
4 Weeks
Week
Ended
Jan. 23
culations
Ended
Jan. 23
Jan. 16
Jan. 25
1937
1937
1937
1936
604,250
178,900
598,650
585,700
167,500
508,050
139,950
Panhandle Texas
73,500
66,200
North Texas
65,550
32,700
65,000
65,900
64,850
(Jan.)
Oklahoma.
573,100
Kansas
165,600
—
169,000
170,500
100,350
32,800
169,750
99,300
179,850
448,200
185,650
179,350
447,950
183,950
176,95(1
61,250
56,750
25,350
147,100
43,950
432,250
113,500
159,250
1,261,900
1,247,950
1,241,450
1,039,400
76,800
168,100
71,600
169,550
76,150
165,950
131,650
216,300
244,900
241,150
242,100
179,000
27,300
112,200
29,200
40,100
27,450
117,300
29,550
47,750
27,700
30,200
94,850
3,500
West Central Texas
of crude oil to stills rose 10,000 barrels
Despite this refinery operations showed
a fractional
dip, operating at 78.2% of capacity against
78.5% the previous week. The decline in percentage opera¬
tions in the face of higher actual runs was explained as due
to an upward revision in the figures of the country's total
refining capacity.
Seasonal drains upon stocks of gas and fuel oils brought
a decline of 1,400,000 barrels during the period under review
to 103,441,000 barrels, which is roughly 1,300,000 barrels
under the like 1936 date. Daily average outturn of cracked
gasoline dipped 20,000 barrels to 660,000 barrles.
Representative price changes follow:
22—Standard
104,500
East Central Texas
East Texas
448,800
-
Southwest Texas
186,300
;
Coastal Texas
1,176,000
Total Texas
North Louisiana..
Coastal Louisiana.
Total Louisiana.
Montana
14,400
27,350
112,450
29,100
47,550
16,550
4,500
79,800
92,900
2,438,500
559,900
2.998,400
Arkansas
Eastern
Michigan
Wyoming
New Mexico.
advanced normal
Indiana
of
and
subnormal
Total east ol CaliforniaCalifornia
Total United States
Note—The figures indicated
47,350
116,200
28,900
39,200
46,700
34,550
3,450
92,750
16,750
3,550
91,050
4,000
58,000
2,619,350
2,591,250
2,567,600
2,140,000
585,800
593,400
589,650
680,500
3,205,150
3,184,650
3,157,250
2,820,500
16,250
above do not include
12,800
estimate of any oil which
any
might have been surreptitiously produced.
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND
UNFINISHED
1937
FUEL OIL WEEK ENDED JAN. 23,
GASOLINE AND GAS AND
(Figures In thousands of barrels of 42 gallons each)
Crude Runs
Daily Refining
Stocks
of Finished and
Unfinished Gasoline
to Stills
Capacity
Stocks
of
Gas
Finished
District
tank-
of gasoline 0.3 cents a gallon throughout its entire marketing
Unfin'd
of
Terms., Nap'tha
C.
Daily
Reporting
Total
Rate
P.
P.
Aver¬
Poten¬
tial
wagon prices
32,700
170,700
West Texas
average runs
3,055,000 barrels.
Jan.
Mines
bulk terminals, in transit and in
companies had in storage at refineries,
pipe lines
Colorado
accounted for the balance.
Daily
United t Sates
area.
Firmness
to
of the
basis, 3,055,000 barrels of crude oil daily during the week, and that all
a
same
refining capacity
indicate that the industry as a whole ran to stills, on a Bureau of
Seasonal strengthening of the fuel oil market through the
mid-west brought increases in kerosene prices by Standard
of Indiana.
The company on Jan. 22 posted a boost of
0.3 cents
daily average of 29,429 barrels,
a
daily average of 7,357 barrels for the four weeks ended
a
Jan. 23.
gallon.
a
16 and 98,143 barrels daily for the four
weeks ended Jan. 23.
compared with
C bunker fuel oil 5 cents
691
Chronicle
Oper¬
At Re¬
age
ated
fineries
C.
&c.
and
Fuel
Oil
Distil.
area.
22—Prices
Jan.
stocks
were
Jan.
of
advanced
26—Prices
stocks
were
of
advanced
grades
all
M
H
cent a gallon.
barrel at all deepwater terminals at
bunker fuel oil prices 5 cents
The
Atlantic and Gulf Coast ports.
Standard of Jersey, Tidewater Oil
other units met the advance.
Jan.
all grades
M cent
of gasoline
H
cent a gallon,
and of kerosene and furnace oil
gallon.
a
U. S. Gasoline (Above 65 Octane),
Tank Car Lots, F.O.B. Refinery
Shell
New York—
New YorkStand. Oil N. J. .$.06%
Socony-Vacuum..
Colonial Beacon..
Eastern
Chicago
Warner-Qulnlan__$.07
.07
-
.07
New
Orleans.
.07
Texas
.07 %
Richfield OIKCal.)
.07
Gulf
.07 X
Tulsa....
| North Texas.
.$.05% ' Los Angeles._
Fuel Oil,
N. Y.
$1.20
C
Diesel 28-30 D
$.04
.03%-.05
(Bayonne)—
New York
$.04%
$.185
.185
zBrooklyn
z
77.5
1,127
421
90.1
6,982
3,245
271
71.3
4,189
1,596
2,174
43
262
7,484
279
1,879
7,168
327
1,755
54.3
106
57.9
95.5
663
87.6
Gulf
158
96.3
137
86.7
956
240
58
63.7
36
62.1
270
61
Mtn.
89
62
69.7
46
74.2
1,209
821
746
90.9
506
67.8
10,338
2,144
3,609
88.8
2,824
78.2
38,592
18,057
1,045
6,725 100,947
447
2,494
California..
.
Reported
Estd.unrepd.
—
71,933
3,314
3,055
3,045
41,906
40,349
19,102
19,109
7,172 103,441
7,101 104,841
z2,767
34,912
19,645
6,633 101,400
4,066
3,984
3,984
.05 %
-.05%
U.S.B.of M.
05
03%-.04
<
xJan. 23 *36
x
New Orleans .$.05%-.05%
New Orleans C.._
Phila., Bunker C
$
Estimated Bureau of Mines basis,
Note—Some of the reports included
conditions.
z
January, 1936, dally average.
in the above
were
Incomeplete due to flood
-
.95
1.20
|
Exports of Tin Under International
Agreement Above November
December
Boston
.165
...
.17
according
I Buffalo
| Chicago
—
—
175
.177
s
tin
an
to
ports for the week
ended Jan. 23 totaled 522,000 barrels,
74,571 barrels, compared with a daily average of 117,714
Tin
five countries participating in the
exported 15,159 tons of tin,
During December the
international
Imports of petroleum for domestic use and receipts in bond at principal
716
1,134
231
agreement
announcement
by
the
International
Tin
Committee, issued Jan. 20 through the New York office of
the International Tin Research and Development Council.
tons
with 11,977 tons exported in November and
in
October.
The announcement
exported
follows:
October
Malaya.
Coal
3,715
673
1,846
December
1,963
Bolivia
Slam
Tons
3,080
942
Nigeria
Tons
2,526
Netherland East Indies.
November
Tons
average gross
average of
510
66
108
457
4,066
crude oil production for the week ended
Jan. 23, 1937, was 3,205,150 barrels.
This was a gain of
20,500 barrels from the output of the pjevious week.
The
current week's figure remained above the 2,998,400 barrels
calculated by the United States
Department of the Interior
to be the total of the restrictions imposed by the various
oil-producing States during January.
Daily average pro¬
duction for the four weeks ended Jan. 23, 1937, is estimated
at 3,157,250 barrels. The daily average output for the week
ended Jan. 25, 1936, totaled 2,820,500 barrels.
Further
details, as reported by the Institute, follow:
daily
3,037
1,480
91
Jan. 16 '37
Daily Average Crude Oil Output Again Higher—Up
20,500 Barrels in Week Ended Jan. 23
The American Petroleum Institute estimates that the
a
•
164
33,639
States
549
No. La .-Ark.
La.
This compares
United
•
183
757
Terminal
$.053
I Newark
Not including 2% city sales tax.
daily
84.6
337
793
1 Tulsa U S I_.$.02%-.03
I Chicago,
28-30 D
I
|
380
449
Inland Texas
Texas Gulf..
Jan. 23 '37
Gasoline, Service Station, Tax Included
z
100
92.1
1.85
27 plus...
5,317
88.4
Kan.,
F.O.B. Refinery or Terminal
Gas Oil, F.O.B. Refinery or
N. Y.
i
'Tulsa
California 24 plus D
$1.00-1.25
(Bayonne)—
Bunker
612
851
129
467
4,441
xEst.tot.U.S.
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
(Bayonne)
238
146
507
Okla.,
.$.07H
.05
-.05
.06%-07
ports...
Tide Water Oil Co
Gulf
New York—
8,419
1,311
Ind.,Ill.,Ky.
Rocky
Petroleum Corp. advanced tank-car prices of
29—Mid-Continent
80.4
8,853
1,018
669
East Coast..
Mo
New York price is now $1.20 a barrel.
and
bright oil and cylinder
of Pennsylvania
Jan. 27—Gulf Oil Corp. advanced Grade C
a
538
669 100.0
Appalachian.
bright oil and cylinder
cent a gallon.
grades
all
of Pennsylvania
.
.
.
.
1,768
1,981
7,128
5,361
6,427
1,080
1,095
1,190
Output Off During Week Ended Jan. 16, 1937
The United States Bureau of Mines, in its current
weekly
coal report estimates the total production of soft coal during
the week ended Jan. 16 at 10,093,000 net tons, a decrease of
or 3.1 %, from the preceding week. Production
corresponding week of 1936 amounted to 8,673,000
327,000 tons,
in
the
tons.
Financial
692
Anthracite production in Pennsylvania during the week
is estimated at 952,000 net tons.
This shows a
decrease of 190,000 tons, or 16.6% from the figure for the
ended Jan. 16
preceding week, and compares with 1,017,000 tons in the
corresponding week of 1936.
During the coal year to Jan. 16,1937, a total of 342,048,000
tons of bituminous coal were produced.
This compares
with 280,315,000 tons of soft coal produced in the corre¬
sponding period a year ago. Anthracite production figures
The Bureau's statement follows:
not available.
are
COAL AND BEEHIVE
ESTIMATED UNITED STATES PRODUCTION OF
COKE
Jan. 30, 1937
Chronicle
to
amounted
lb.
refineries, at the refineries, and material In process of refining
391,000,000 lb. on Dec. 31, 1936, compated wih 472,000,000
to about
at the end of
1935.
Lead
•
Producers have
been expecting some let-up in business, following the heavy buying of the
last six months.
Shipment to consumers for January will be under those
reported for December.
The industry was pleased with the December
statistics, though some in the trade looked for a larger reduction in stocks.
Some consumers have requested shipments of metal deferred because of the
flood in the Ohio Valley and the unsettled labor conditions in the automobile
tons, compared with 7,000 tons in the previous week.
industry.
(IN NET TONS)
volume of business was small during the week, the price
the
Though
American
remains firm at 6c., New York, the contract settling basis of the
Coal Year to Dale
Week Ended
1937 d
Bltum. coal:
Jan.
Jan. 9,
1937 e
Jan. 16,
Smelting & Refining Co. and at 5.85c., St. Louis.
St. Joseph Lead booked
business in the East on its own brands at a premium.
tfljijlWUA
18,
1929-30 f
1935-36 t
1936-37
1936
coll y fuel. 10093000 10420000 8.673,000 342.048,000 280,315,000 419,663,000
1,716,000
1,153,000
1,409,000
Dally aver.. 1,682,000 1,737,000 1,446,000
Includ'g
continuing at a high rate, sellers regard the market as firm on the basis of
In fact, the industry is about convinced that the already
6c., St. Louis.
the current month.
952,000 1,142,000 1,017,000
169,500
158,700
190,300
aver..
g
g
g
g
g
g
902,000 1,082,000
coll y fuel.
product nc
964,000
g
62,700
10,450
30,900
5,150
sellers' views in this country.
days in the domestic market in the common
2,000 tons.
g
g
Price changes during the last week in London were
not such as to influence
seven
Commercial
Beehive
but, with deliveries against old business
tight statistical position of zinc will become even stronger by the end of
Penn. anth.: b
Dally
zinc
Demand for zinc was inactive,
a
Tot. includ'g
Tot.
aver.
-'
62,100
10,350
.
5,069,500
20,442
732,300
2,953
1,546,700
6,237
a Includes lignite, coal made into coke,
and local sales,
b Includes SulUvan
County, washery and dredge coal, and coal shipped by truck from authorized
operations.
Estimate tor current week based on railroad carloadlngs.
These are
checked later as promptly as possible against actual production reports furnished
through trade association and State sources,
c Excluding colliery fuel,
d Subject
Adjusted to make comparable the number of working
days in the three coal years, g Comparable data not yet available.
to revision,
e
Revised.
Sales for the last
grades totaled around
■
coke;
Tot. for per'd
Dally
2,300
Buying of lead during the week was below average, totaling only
Tin
The flood and labor situation here exerted a depressing influence on the
London market for tin, and prices declined the equivalent of about lc. per
The lower market failed to bring out much business.
pound.
sumers
per
Most con¬
be available under the 100
feel that ample supplies of the metal will
cent rate of oprations
established for the first
by
quarter
Tin
the
Committee.
1
ESTIMATED WEEKLY PRODUCTION OF COAL, BY
SANDS OF NET TONS)
STATES (IN THOU¬
(The current estimates are based on railroad carloadlngs and river shipments and
subject to revision on receipt of monthly tonnage reports from district and State
the operators.)
are
Chinese tin, 99%, was nominally as
December Production of Portland Cement
sources, or of final annual returns from
v
2, Jan.11, Jan. 12, Jan.12,
9, Jan.
1937
1937
1929
1923
8
1935
1936
s
2
3
2
Alabama...
250
227
228
185
382
Arkansas and Oklahoma
108
65
115
62
168
93
226
163
174
129
276
226
1
1
1
1,335
1,075
1,224
1,036
1,686
443
373
436
394
439
79
65
91
102
96
Kansas and Missouri
203
155
182
157
180
Kentucky—Eastern
853
728
761
643
929
607
240
__
Colorado
Georgia and North Carolina
Illinois
Indiana
Iowa
*
434
8
8
2,111
659
A
.
140
190
211
157
214
190
417
Maryland
Michigan
40
35
42
43
63
15
12
12
18
18
32
Montana
92
77
84
64
75
82
Western
New Mexico
39
45
North and South Dakota
37
30
55
61
73
76
68
77
63
59
50
600
466
527
443
435
814
2,435
2,250
2,048
1,801
2,926
103
110
93
108
14
11
13
16
24
26
118
83
96
78
156
109
294
240
232
181
258
211
47
39
34
43
62
74
1,965
1,555
1,662
1,444
2,106
1,134
698
618
568
508
789
762
151
123
123
111
166
186
1
1
85
87
9,095
7,837
11,884
11,850
Tennessee
Texas
Utah...
Virginia
Washington
West Virginia—Southern
Northern b
a
...
Wyoming
Other estern States
Mines
3,402
119
Ohio
Pennsylvania bituminous...
monthly cement report of the United States Bureau
showed that the, Portland cement industry in
December,
1936,
produced 8,971,000 barrels, shipped
6,246,000 barrels from the mills, and had in stock at the
end of the month 22,842,000 barrels.
Production and ship¬
ments of Portland cement in December, 1936, showed in¬
creases of 54.6 and 38.4%, respectively, as compared with
December, 1935.
Portland cement stock at mills were 0.5%
lower than a year ago.
The preliminary totals of production
and shipments for 1936 show increases, respectively, of
45.7 and 48.8% over the final totals for 1935.
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 160 plants at the close of
December, 1936, and of 163 plants at the close of De¬
cember, 1935.
of
Jan.
Avge.
2
Alaska
*
♦
RATIO
133
fc.730
10,420
C. & O.; Virginian; K. & M.; B. C. & Q.;
on the B. & O. in Kanawha, Mason, and Clay counties,
b Rest of State, includ¬
ing the Panhandle District and Grant, Mineral and Tucker counties,
a Alaska,
Georgia, North Carolina, and South Dakota included with "other western States.
OF
Dec.,
The month..
PRODUCTION TO CAPACITY
1935 Dec.,
25.6%
28.6%
The 12 months ended
BY
DISTRICTS,
Oct., 1936
Sept., 1936
56.0%
40.0%
1936 Nov., 1936
40.3%
42.7%
PRODUCTION. SHIPMENTS, AND
CEMENT,
Total bituminous coal
54.6% Above
Ago—Shipments Gain 38.4%
Year
a
The
Week Ended
Stale
Jan.
follows: Jan. 21st, 50.450c.; 22nd,
50.375.; 23d, 50.275c.; 25th, 49.425c.; 26th, 49.725c.; 27th, 49.350c.
57.1%
38.1%
50.9%
41.5%
STOCKS OF FINISHED PORTLAND
IN
DECEMBER,
1935
(IN
1936
AND
THOUSANDS OF BARRELS)
i
.
and
*
Less than
Stocks at End
District
1,000 tons.
Buying
of
_-
1935
Non-Ferrous
Metals
Slackens
on
Developments and Flood News
of "Metal an3TVIinerarMarkets''
_
28*issue
The Jan.
Labor
stated
that buyers of major non-ferrous metals were more reserved
last week in placing new business, owing to
disappointment
over the strike situation in the automobile
industry and the
floods in the Ohio Valley that are curtailing industrial
activity
in that territory.
These developments also moderated specu¬
lative enthusiasm in London and caused prices to show further
irregularity.
Domestic quotations continued unchanged and
lead, and zinc.
Tin was easier.
Refined
platinum advanced $10 per ounce on renewed buying interest,
chiefly abroad the publication further reported:
firm in copper,
Copper
■
■'
Eastern Pa., N. J. and Md
New York and Maine
791
Ohio, Western Pa. and W. Va
Michigan
Wis., 111., Ind. and Ky
Va., Tenn., Ala., Ga., Fla. & La.
East. Mo., Iowa, Minn. & S.Dak.
W. Mo., Neb., Kan., Okla.A Ark.
Texas
435
Colo., Mont., Utah, Wyo. & Ida.
California
....
9,713 tons, against 17,812 tons in the preceding week.
Sales for the
j50,497 tons.
In view of the irregularity in prices in
London,producers seemed satisfied with the rate at which new business is
being,booked here.
owing to the
Offerings of copper for near-by delivery continue light,
sold-up|condition£of the industry.
creased, compated with last month.
shipments far ahead
Standard.copper
on
Continental
stocks for
on the
copper for
13c. basis.
the London Metal Exchange dropped to £51 6s. 3d.
operators
franc.
who
purchased
on
fresh
rumors
questioning
764
413
203
770
317
1930
1,120
291
4,496
1,820
3,971
266
617
173
289
535
812
349
511
1,754
3,383
2,051
2.027
679
891
527
715
1,716
677
857
308
305
552
655
411
490
2,874
1,899
501
318
467
743
202
246
142
159
612
567
936
1,235
899
1,102
1,270
1,389
^
525
3,187
1,774
1,911
1,873
2,910
1,623
730
134
205
103
272
649
562
5,803
...
8,971
4,514
6,246
22,949
22,842
CEMENT, BY MONTHS, IN 1935 AND 1930 (IN THOUS. OF BARRELS)
Stocks at end
Month
Production
1935
January
February,
March
April
May
June.............
July
August
September
....
October
.......
November.
...... _
December
Total
January.
per
pound
be extended for two years from June 30 next.
Preliminary figures
United
the
1,769
1935
,,
3,202
3,053
4,299
6,136
8,222
8,725
8,021
7,235
7,173
7,510
7,093
5,803
1936
3,630
3,454
5,263
8,519
10,985
11,273
11,446
12,535
12,292
12,470
Shipments
1935
of Month
1930
1935
8,971
2,840
2,951
4,878
0,198
7,428
7,032
7,813
8,105
7,799
8,794
5,970
4,614
12,560
12,564
13,089
a8,942
6,246
111,815
74,934
111,977
al0,977
3,889
3,156
7,138
9,089
11,121
12,417
11,766
1930
21,785
21,899
21,289
21,219
21,991
23,083
23,287
22,415
21,783
20,501
21,613
a22,949
22,080
22,971
21,120
20,571
20,431
19,281
18,975
18,920
18,738
18.079
a20,117
22,842
Copper authorities expect another increase in foreign
Senator^Brown, Michigan, has proposed that the tax of 4c.
on copper
)
August
scrap has in¬
Jan. 25, but steadied in the last two days on improved inquiry from
stabilityfrf the
t
as next
on
Intake of
Business was reported in
of Month
1936
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
:;V>
month to date total
1935
193
Oregon and Washington
Total
1936
Shipments
403
.....
Sales of copper in the domestic market during the last week amounted
to
Production
on
mine output of copper by states released by the
StateslBureau^of Mines, since the first
a
i
76,472
______
Revised.
Note—Statistics given above are compiled from reports for December reoelved
by the Bureau of Mines, from all manufacturing plants exoept two, for wbieb
stlmates have been Included in lieu of aotual returns.
of the year show the following
results, in short tons:
1935
Arizona
1936
Utah
Colorado—.
•
204,600 New Mexico—
—V——139,014
Montana
77,479
64,765
7,327
109,309
126,645
8,789
Idaho—.—
Washington
Texas
According to the preliminary statistics
on copper
1935
2,252
1936
1,046
3,309
1,425
43
25
14
——
26
issued by the United
States Bureau of Mines, stocks of blister copper at the
smelters, in transit
I
Increase
During^ December in Iron and Steel Foundry
Operations in Philadelphia Federal Reserve Dis¬
trict Reported by University of Pennsylvania
The output of gray iron and steel castings
during December
increased substantially in the Philadelphia Federal Reserve
Financial
Volume 144
according to reports received by the Industrial
Department of the University of Pennsylvania.
Although nearly all of the plants shared in the increased
activity, the total production of castings in this area did
not reach as high a point as that attained earlier in 1936.
The total output of iron and steel casings in 1936 was
larger than in any year since 1930.
Among the steel
foundries this recovery was especially marked, their total
output being within 3% of the production of 1930.
In
gray iron foundries, however, the total production in 1936
was less than that of the first nine months of 1930.
The
The
District
Research
Bureau also states:
Shipments of iron and steel castings also Increased during
Among the iron foundries, deliveries kept pace with
December.
the increase in pro¬
deliveries
empha¬
sized further by a continued increase in the volume of unfilled orders for
gray iron castings and by a slight decline in the backlog for steel castings.
Inventories of pig iron, scrap, and coke declined slightly among the
duction, but the steel foundries reported a much smaller gain in
The contrast between the two groups of plants is
than in output.
Iron foundries but increased markedly among the
of
tonnage
iron
gray
produced in
castings
price of
average
sterling
£225.14.6
backwardation of
at
spot
£204.12.8 against
there was a
shillings, but this gradually disappeared, and
sterling 10
the end of December there
was
10 shillings.
contango of
a
1936
Total
1936 was sterling
in
tin
At the beginning of last year
1935.
in
Exports
exports, in tons, from the four signatory countries
the year 1936
were
9,529; Bolivia, 24,074; Malaya, 66,806 ; Siam, 12,678.
Floods Reduce Steel Operations
in Wheeling and Cin¬
Districts—Country's Average Down To 75%
cinnati
The "Iron Age" in its issue of Jan. 28 reported that
steel production sharply in the Ohio
floods
River
Valley, but elsewhere neither high water nor automobile
strikes have appreciably affected the industry, which is
working at top speed on heavy backlogs plus a January
volume of orders that for many companies exceeds that for
any month last year excepting December.
The "Age"
have reduced
29 foundries
further manufacture within the plants.
The Wheeling and Cincinnati districts are hardest hit by flood waters.
In the Wheeling district the plants of the Wheeling
Steel Corp. and the
Follansbee Brothers Co. and the Mingo Junction plant of Carnegie-Illinois
Steel Corp. are virtually idle, but, with waters now receding, resumption
of production is expected
Steel Co.
and
The plants of the Andrews
by the week-end.
the Newport
Rolling Mill Co. at Newport, Ky., and the
Ashland, Ky., unit of the American Rolling Mill Co.
No.
Per Cent
of
Per Cent
Change
Change
December,
Firms
Report¬
1936
from
from
ing
Short Tons
Nov., 1936
Dec., 1935
29
28
17
24
2,558
1,521
Coke-.
23
+ 12.2
+8.4
963
Pig iron
Scrap
+ 12.4
+22.0
3,551
Jobbing
f For further manufacture
Shipments
585
_
Unfilled orders
+33.4
+26.7
+81.7
+ 108.4
+ 13.9
3.634
2,949
+32.7
Raw stock:
23
—
6.0
—1.4
504
—33.
6,308
4,796
+ 10.0
512
+32.7
+ 14.0
+24.6
Jobbing...
+9.9
Shipments
4,443
+ 11.5
+5.0
Unfilled orders
6,603
—0.9
For further manufacture
+ 101.8
+ 102.7
+93.8
+ 114.4
+ 171.9
397
+63.4
are
all
Rolling Mill Co. is down to about 50% owing to diversion of electric power
the stricken district.
Even if mills in the flooded areas were able to
operate, railroad shipments would be impossible until the existing confusion
has ended.
On Jan. 25 the American Iron and Steel Institute estimated the week's
steel operating rate at 77.9% of the country's capacity, but enforced shut¬
downs since then bring the
"Iron Age" estimate to 75%.
The southern
Ohio district is down to 15%, the Wheeling district, to 46%, and at Pitts¬
burgh the temporary suspension of a few open-hearth furnaces has reduced
the rate from 82 to 80%.
There has also been
slight loss at Youngstown.
a
The brighter side of the picture is that production has
at
Chicago and Buffalo and Is holding its
by floods,
except
Detroit,
average rate from 100 to
+ 1.1
4,395
+ 17.9
—44.5
448
....
Coke..
as
been increased
other sections not affected
own in
where automobile strikes have cut down the
93%.
Owing to floods or fears of water damage,
tin plate production has been curtailed to 85% from 97% last week.
Raw stock:
Pig iron
Scrap
idle,
Cincinnati territory, while the Middletown, Ohio, works of the American
Steel Foundries—
Production
are
machine tool plants, foundries and other industrial plants in the immediate
to
Gray Iron Foundries—
Production
and Siam for
Nigeria,
Netherlands East Indies, 31,546;
follows:
as
further reported:
steel plants.
during
December was 13.9% more than in the previous month and 33.4% more
than in the corresponding month of 1935.
Only three of the active foundries
failed to participate in this increase in activity which affected the output
of castings for jobbing work as well as the production of castings used in
The
693
Chronicle
+62.0
+39.4
In Detroit sentiment is not
General
Motors
ever, should
hopeful for
an
immediate settlement of the
imbroglio unless President Roosevelt intervenes.
How¬
resumption by strike-bound automobile plants and repairs to
flood-damaged property
come almost
simultaneously, strong pressure on the
mills for shipments, exceeding that of the most active periods of the past
Production of Tin During
1935—Exports for Year Under Inter¬
World!,Consumption and
1936
Above
few
and
Development Council's "Bulletin," compiled by The Hague
statistical office, contains figures relating to the new inter¬
national tin agreement which came into force at the begin¬
ning of this year, states an announcement issued Jan. 21
by the New York office of the Research and Development
Council.
According to these figures, the announcement said,
of the International Tin Research
permitted exports from the seven countries con¬
129,904 tons per annum with the quota at
65% of standard.
The announcement continued:
The standard production (with the quota at its present rate of 100%)
will be 199,850 tons, while if the quota reached 125% the permitted exports
would be 249,814 tons per annum.
These figures do not include the
production of Cornwall and Portugal nor of countries which are not
participating in the agreement. In 1936 Cornwall and Portugal had quotas
of 2,419 tons and 740 tons, respectively, and the. non-adhering countries
the
total
cerned would be
and
production and consumption of tin during the
year the announcement had the following to say:
A preliminary figure of 171,000 ton? is given for the total world pro¬
duction in 1936, of which total Malaya contributed 39% and The Nether¬
lands East Indies 18%.
The increase in world production as compared
to the
1935 amounted to about 30,300
steel production
event,
any
of
the automobile strikes,
building
for
but
a
heavy tonnage of
construction has been placed on mill books.
total in
more
than two years; of this
28,000 tons is for electrification of the
Pennsylvania Railroad line from Paoli to Harrisburg, Pa., 4,600 tons for
the Glenn L. Martin airplane factory at Baltimore, 4,300 tons for the Apex
Building! Washington, and 3,160
way
tons for New
York Central
express
high¬
work in New York.
Railroad equipment orders and inquiries are still a major market factor.
The Baltimore & Ohio has ordered 2,000 gondola cars and will build 2,000
box
cars
in its
own
shops; the Northern Pacific will buy 2,000 cars and 17
locomotives; the Chesapeake & Ohio will buy 1,553 cars and the MissouriKansas-Texas
1,254, and the Union Pacific has ordered 25 locomotives.
Steel scrap has declined 50c. a ton at Pittsburgh, owing to flood conditions,
but has risen 75c. at Chicago and $1 at Philadelphia, where export buying
is
a
strong influence, the "Iron Age" scrap composite has risen to $18.83.
Lake Superior movement by water in 1937 is expected to exceed 50,000,000
tons, compared with 44,822,023 tons in 1936, and may require additional
Pittsburgh Steamship Co., subsidiary of United States Steel Corp.,
asking bids
on two
that will take 12,000 tons of steel.
An ocean liner to
replace the Leviathan, requiring 16,000 to 20,000 tons of steel, may be built
by the
new
Maritime Commission
building program.
as
the beginning of a substantial ship¬
Settlement of the seamen's strike on the Pacific Coast,
following the return to jobs on the Atlantic Coast, might hasten this program
and would,
incidentally, release
for
consumption
a
large tonnage of steel to replenish depleated
"IRON AGE" COMPOSITE PRICES
THE
in 1935.
tons
In
Pacific Coast Stocks.
tons.
1936 is estimated at 154,000 tons against
Detailed consumption figures are available up to
the end of November, 1936, and the following table gives the consumption
of the principal countries
for the 12 months ended November and the
increase or decrease as compared with the preceding 12 months:
World
142,500
inevitable.
Fabricated structural steel lettings totaled 58,500 tons, the largest weekly
is
with
the continuance
heavy products
ships.
produced approximately 16,000 tons.
As
as
Aggregate steel buying has declined slightly under the influence of floods
national Tin Agreement
The January issue
months, is regarded
probably will be back to normal by next week.
Finished Steel
Based on steel
Jan. 26, 1937, 2.330c. a Lb.
bars, beams, tank plates;
wire, rails, black pipe, sheets and hot
These products represent
2.330c.
2.330c.
rolled strips.
One year ago.
Year Ended November
One week ago
One month ago
2.130c.
85% of the United States output.
Increase
Low
High
2.330c.
Dec. 28
2.084c.
Mar. 10
2.130c.
Oct.
1
2.124c.
Jan.
8
1934
2.199c.
Apr. 24
2.008c.
Jan.
2
%
+21.9
1933
2.015c.
Oct.
3
1.867c.
Apr. 18
1932
1.977c.
Oct.
4
1.926c.
Feb.
22,240
—5.5
1931
2.037c.
Jan.
13
1.945c.
Dec. 29
+ 19.0
+39.5
1930
2.273c.
Jan.
7
2.018c.
Dec.
1929
2.317c.
Oct.
29
—20.2
1928
2.286c.
Apr.
2
Dec. 11
2.273c.
8,606
31,504
8,235
6,846
10,790
32,665
2.217c.
July
17
—3.6
1927
2.402c.
Jan.
2.212c.
Nov.
153,210
140,469
+9.1
or
1935
1936
Tons
Tons
United Kingdom
France
--------
-
— -
-
Union of Soviet Socialist Republics
Germany
Other countries
—
-
consumption
Total apparent
59.693
72,743
21,009
9,800
9,548
United States
1936
Decrease
1935
nearly
22%, but in the United Kingdom there was a decrease of 6%%.
Consump¬
tion in France increased by 19%, and in Russia by 39%%.
There was a
decrease of 20% in Germany, of 16% in Sweden, and of nearly 8% in
India.
On the other hand, consumption in Poland increased by over 39%,
in Czechoslovakia by 29%, in Belgium by 16%, in Switzerland by 11%%,
the
In
and
in
United
Canada
consumption increased by 13,050 tons, or
States,
by nearly 9%.
-
Prices
and
Based on average of basic iron at Valley
1937, $20.25 a Gross Ton
furnace and foundry Irons at Chicago,
$20.26
Philadelphia,
Buffalo,
19.73
Valley,
and
ago
18.84
Southern iron at Cincinnati.
Jan. 26,
One week ago
One year
comparison of the statistics of actual and apparent consumption indi¬
consumers' stocks declined by about 1,400 tons during the year
A
November, 1936.
In the previous year there was very
stocks.
th6S6
ill
World
visible
*
*
1935--
—
1934
of
1935
-
-
little change
-
1929
-
stood
at 22,695
tons at the
stocks
were
consumption at that time.
13,841
tons,
end of 1936,' repre¬
of consumption, whereas at the
representing 9.7% of the rate of
Jan. 26,
One month ago—One year ago
Low
Jan.
$18.73
17.83
16.90
Aug. 11
May 14
27
Jan.
3
Dec.
14.79
Dec. 15
15.90
7
Jan.
13.56
13.56
Dec.
6
16
18.21
Dec.
17
Nov. 27
17.04
July
24
4
17.54
Nov.
May 14
1
Steel Scrap
1937, $18.83 a Gross Ton
One week ago
Jan.
19.71
-
1928
192/..
'
stocks
18.21
18.71
18.59
1930
»
senting 14.8% of the present annual rate
end
.
High
$19.73
Nov. 24
18.84
Nov. 5
17.90
May
1
16.90
Deo.
5
14.81
Jan.
5
15.90
Jan.
6
1936
1931
cates that
ended
1
One month ago
1933
Stocks
9
Pig Iron
1932
Tin
4
2
$18.42
17.75
13.58
Based
on
No.
1
heavy
melting
steel
quotations at Pittsburgh, Philadelphia
and Chicago.
694
Financial
High
1937
$18.83
—
1936
$17.92
12.67
4
9
13.42
1933
Dec.
10
10.33
Mar. 13
9.50
Sept. 25
12.26
-
Aug.
6.75
Jan.
3
5
1932
8
Apr. 23
8.50
i
--
Jan.
12
6.43
July
11.33
—
Jan.
6
8.50
Dec. 29
15.00
1928
—
1927
-
The American
-
and
Iron
18
11.25
Dec.
9
29
14.08
Deo.
3
Dec. 31
13.08
July
2
15.25
—
Jan.
16.50
-
1929
Feb.
17.58
1930
Jan.
13.08
Nov. 22
Steel
11
Chronicle
off 2 points
Jan.
on
Reports,"
was
25
an¬
81,395 units,
ment
production, though
of steel
plants.
New
capacity for flat-rolled steel in
raised from about 6.6%
the Pittsburgh
1936—
1936—
49.2%
Apr. 20
70.4%
completion of two broad strip continuous mills and a third
about to be built.
Jan.
13
49.4%
Apr. 27
Jan.
20
27
49.9%
49.4%
May
Jan.
Feb.
3
__50.0%
May 18
Feb.
10
May 25
Feb.
17
Feb.
24
52.0%
51.7%
52.9%
71.2%
70.1%
69.1%
69.4%
67.9%
68.2%
69.5%
Mar.
2
Mar.
9
4
May 11
1
June
8
June
Aug. 24
Aug. 31
Sept.
7
Sept. 14
Sept. 21.
15
70.0%
Sept. 28
70.2%
74.0%
Oct.
5
Oct.
12
Oct.
19
Oct.
26
June
June 30
Mar. 30
60.0%
53.7%
62.0%
Apr.
Apr.
6
13
Mar. 23
Aug. 17
June 22
53.5%
55.8%
Mar. 16
71.4%
70.0%
72.2%
72.5%
71.5%
68.2%
72.5%
74.4%
75.4%
75.3%
75.9%
74.2%
74.3%
74.7%
74.0%
July
6
July
13
67.2%
69.0%
64.5%
July
20
70.9%
Nov.
2
67.9%
July
27
71.5%
Nov.
9
Nov. 16
Nov.
Nov.
Dec.
Dec.
Dec.
74.1%
23.—..74.3%
30
75.9%
7
76.6%
14
79.2%
21—.77.0%
Notable tonnages of the past week include 2,150
pending.
Decision by the Pittsburgh
Steamship Co., Great Lakes subsidiary of the
United States Steel Corp. to build two freighters this year marks the first
addition to bulk cargo in this service since 1930.
close
to
12,000
such craft
Although railroads have been considered relatively out of the picture as
substantial
buyers of rails and equipment after the heavy commitments
late last year a continuous stream of car
4
79.4%
Jan.
11
78.8%
Jan.
18
80.6%
Jan.
25
77.9%
and locomotive inquiry and sales
Current active inquiries for cars total more than 7,000 and for
In the past week 2,200 cars were placed.
Reversal of the usual trend in pig iron shipments is envisaged as a result
of the
for
present foreign trade situation.
Inquiries from European
pig iron made in the United States has caused speculation
Apparently
import.
beyond ability to
consumes
about 4 H %
rent loss of tonnage
some
partsmakers
H Proof
been
has
estimated
that
General Motors Corp.
usually
of all finished steel produced in this country.
Cm-
by the strike is somewhat less than this proportion
as
freights, which have increased strongly recently,
ocean
A somewhat mixed situation exists in steel and iron scrap,
continuing production for stock.
are
week, to 80% of capacity.
increase of
an
one
with slight
weakness evident in steel grades in the Pittsburgh district at the same time
Export demand appears to be
Pennsylvania, topped by
chase for a domestic consumer at a higher price than had been
Uncertainty of the situation makes buying to
viously.
At the
puzzling matter.
a pur¬
paid pre¬
contracts a
cover
time brokers find offerings light, and the
same
supply apparently scarce.
of the small effect of this stoppage is found in the scale of operations
by steelmakers, which shows
an
own
interpose something of a barrier to heavy buying.
may
cause
High
production.
and are seeking tonnage here to eke out their
at the bottom of a sudden rise in Eastern
It
to the
European makers have committed themselves
some
serve
producers find delay in shipments to this consumer allows better delivery to
users.
sources
as
possibility of this material becoming an export commodity instead of
strength is shown in the East and West,
other
Barge inquiries for
recently placed with builders.
backlogs of orders for all forms of steel
With heavy
Steel requirements will
bars and plates.
mostly
tons,
river service involve about 3,000 tons in addition to the large number of
Jan.
threat to the steel industry actual effects at the moment
disturbance.
toll bridge in Florida and
a
1,105 tons for bridges for the Chicago Milwaukee St. Paul & Pacific.
locomotives 32.
Although implications of the strike in plants of General Motors Corp.
may carry a
little
protected projects has reduced
on
Mississippi river dam, 2,100 tons for
tons for
is evident.
Jan. 25 stated:
on
number
the
This
with 29,346 tons for the preceding week, the decline probably
Dec. 28. —.77.0%
1937—
"Steel" of Cleveland, in its summary of the iron and steel
markets,
Total of structural steel contracts placed last week is 13,590 tons.
total
1936—
Aug. 3
Aug. 10
been
district has
of total capacity of the country to about 20% as
being due to the. fact that recent closing
6
1936, does not seem
Repetition of interruptions met in March,
imminent.
compares
1936—
curtail-f
the threat is still hanging over many
of the steel
capacity of the industry will be 77.9% of capacity
for the week beginning Jan. 25, compared with 80.6% one
week ago, 77.0% one month ago, and 49.4% one year ago.
This represents a decrease of 2.7 points, or 3.4%, from the
estimate for the week of Jan. 18, 1937.
Weekly indicated
rates of steel operations since Jan. 6, 1936, follow:
"Cram's
decline of 10,290 from the preceding week.
a
Flood conditions in the Ohio Valley have not yet caused serious
nounced that telegraphic reports which it had received indi¬
cated that the operating rate of steel companies having 98%
Jan.
Cleveland
and Cincinnati down 24 points.
Automotive production for the week ending Jan. 23, according to
the result of
Institute
1937
30,
Jan.
district gained 2; Detroit was off 5 points, St. Louis off 4 points,
Jan.
June
13.00
1934
1931
26
Dec. 21
Jan.
17.76
1935
Low
point
over
the preceding
Chicago, Eastern Pennsylvania, Buffalo and
New England were unchanged; Pittsburgh gained 1 y2
points, Youngstown
With prices down at Pittsburgh and up at Philadelphia and Chicago the
net result is an advance of 13 cents in "Steel's" scrap
high of $18.29.
$36.57.
composite, to a new
This also raised the iron and steel composite two cents to
The finished steel composite is unchanged at $55.80.
Current Events and Discussions
The
The
with
Week
daily
average
Federal
the
Reserve
ASSETS AND
Banks
LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
CENTRAL
IN
volume of Federal Reserve bank credit
RESERVE
New York
outstanding during the week ended Jan. 27,
as
reported by
the Federal Reserve banks, was $2,485,000,000, an increase
of
the preceding week
$1,000,000 compared with
decrease
of
and
On
in
After
noting
27 total Reserve bank credit amounted to $2,472,000,000,
Jan.
increase
$3,000,000
1936.
of
increases of
$4,000,000
for
the
week.
This
increase
corresponds
an
with
$18,000,000 in member bank reserve balances and $32,000,000
in Treasury cash and deposits
with Federal Reserve banks and
a
decrease
000,000 in monetary gold stock and a decrease of $21,000,000 in money in
circulation.
Member bank reserve balances on Jan. 27
be approximately
$2,150,000,000 in
excess of
estimated to
were
Chicago
Jan. 20
Jan. 29
Jan. 27
Jan. 20
Jan. 29
1937
1937
1936
1937
1937
1936
$
$
$
$
$
Assets—
Loans and investments—total--
$
8,542
8,568
8,000
942
943
866
1
l
74
75
58
41
38
"31
731
705
729
138
138
148
141
143
168
17
16
15
129
129
127
14
14
30
27
28
5
5
6
1,462
1,475
1,111
363
361
256
3,494
3,555
3,391
1,139
1,126
1,174
454
451
413
94
95
legal requirements.
90
1,085
1,065
1,109
275
276
250
Reserve with F. R. Bank.
2,656
2,590
2,561
565
599
479
In New York
2,070
1,986
■'
City
Outside New York City
Loans
on
securities
to
others
(except banks)
Accepts, and com'l
Loans
paper
bought
real estate
on
Loans to banks
Other loans..
16
'
U. S. Govt, obligations
Obligations fully guaranteed by
United States Government—
Relatively small changes were reported in the System's holdings of bills
discounted, purchased bills, industrial advances and United States Govern¬
2,087
Loans to brokers and dealers:
Treasury currency, offset in part by an increase of $28,-
of $2,000,000 in
City-
Jan. 27
Other securities
a
compared with the corresponding
these facts, the Board of
Governors of the Federal Reserve System proceeds as follows:
week
CITIES
(In Millions of Dollars)
.,
Cash in vault.
securities.
The statement in full for the week ended Jan. 27, in com¬
parison with the preceding week and with the corresponding
date last year, will be found on pages 772 and 773.
Changes in the amount of Reserve bank credit outstand¬
ing and in related items during the week and the year ended
Jan. 27, 1937, were as follows:
'
v
+
Increase
(+)
or
Decrease
(—)
"■
,
"\.'H ••" '
'•
•:
•
Jan. 27,
$
Bills discounted
Jan. 20, 1937
.
J
+1,000,000
3,000,000
Government securities
Industrial
1937
.
3,000,000
Bills bought
U. S.
SiflCC
advances
(not
Jan. 29, 1936
£
--------
2,430,000,000
$20,000,000 commitm'ts—Jan. 27)
Total Reserve bank credit
24,000,000
1,1,000,000
2,472,000,000
11,345,000,000
Monetary gold stock
2,531,000,000
Treasury currency
—8,000,000
+15,000.000
+4,000,000
+2,000,000
+28,000,000 +1,166,000,000
—2,000,000
+39,000,000
+625,000,000
6,773,000,000
—21,000,000
+18,000,000
2,683,000,000
+32,000,000
—348,000,000
574.000,000
+1,000,000
+19,000,000
6,318,000,000
—
Member bank reserve balances
+910,000,000
Treasury cash and deposits with Fed¬
eral Reserve banks
------
Non-member deposits and other Fed¬
eral Reserve accounts
— —
U
53
34
33
36
79
75
185
189
173
498
497
473
75
74
80
Other assets—net
Liabilities—
Demand
deposits—adjusted
6,427
6,431
5,907
1,564
1,567
1,416
606
600
535
454
455
414
United States Govt, deposits
Inter-bank deposits:
159
169
162
49
53
91
2,428
2,393
2,368
613
626
565
381
387
400
4
4
4
Domestic banks
Foreign banks
Borrowings
7
"362
Capital account
Member
Banks
in
New
York
City
and
Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
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:
334
"326
"23
~~22
"41
1,469
Other liabilities.-
1,467
1,464
239
238
223
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks
taneously
with
the
given
are
figures
selves, and covering the
for
out
the
on
Thursday, simul¬
Reserve
banks
them¬
week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities
be
cannot
same
compiled.
In the following will be found the comments of the Board
returns
of
,/'■
Time deposits
of Governors
Returns
■„
------
-
_J_-.
+3,000,000
54
82
^—4,000,000
including
Other Reserve bank credit
Money in circulation-
,
.' - -r, -.
54
Balances with domestic banks...
ment
the
of
Federal
close
of the Federal
the
entire
Reserve
of business
The
condition
leading
cities
on
Reserve System respecting the
body of reporting member banks of
System for the week ended with the
Jan.
statement
Jan.
20
20:
of
shows
weekly
reporting
decreases
for
the
member
week
of
banks
in
101
$140,000,000
in
investments, $15,000,000 in demand deposits-adjusted, $95,000,000 in government deposits, $62,000,000 in deposits credited to domes¬
tic banks, and $46,000,000 in balances with domesvic banks.
total
Joans and
.
Loans
loans
to
to
brokers
brokers
and dealers
and'
dealers
in
New
outside
York
New
City declined $5,000,000, and
York
declined
$6,000,000 in the
Financial
144
Volume
Holdings
member banks.
Chicago district and $13,000,006 at all reporting
acceptances
all
at
States
000,000 in
banks.
ber
and commercial paper
the New York district and $13,000,000 at all reporting mem¬
Holdings of obligations fully guaranteed by the United States
declined
Government
$11,000,000.
Demand"5 deposits-adjusted
increased $34,000,000
showing
a
net
'
declined
in the Kansas City dis¬
districts, and
$14,000,000
in the New York district, all reporting member banks
the week.
Time deposits de¬
Government deposits declined in all districts, the aggre¬
decrease of $15,000,000 for
clined $3,000,000.
decrease being
declined $40,000,000
$95,000,000.
gate
member
$8,000,000.
in
New
the
banks.
reporting
Deposits credited to domestic banks
York district and $62,000,000 at all
Deposits
ing
A
credited
banks
foreign
to
increased
assets and liabilities of the
of the principal
reporting member banks, together with changes for the week
and the year ended Jan. 20, 1937, follows:
Increase
Jan.
1937
(4 )
13,
or
Decrease
holders in London,
ceeded
$
—140,000,000 +1,688,000,000
22,657,000,000
the annual meeting of stock¬
W.
Mr. Fisher, who suc¬
England, Jan. 21.
Tuke
Favill
head
as
In
of
most
interest
cases
as
a
changes in interest rates
confidence.
orv
In New York City
985,000,000
Outside New York City...
225,000,000
Loans
on
securities
+ 10,000,000
384,000,000
+17,000,000
1,152,000,000
+9,000,000
57,000,000
—10,000,000
Loans to banks
Other loans.
guaranteed
—108,000,000
4,120,000.000
9,262,000,000
V. S. Govt, direct obligations
—13,000,000
4-791,000,000
+611,000,000
by
United States Government
+67,000,000
—11,000,000
1,229,000,000
Other securities
might, and probably would, tend to retard progress,
dant
supplies of money alone are not sufficient to promote'
America
greater
as
creditor
great
a
lesser extent to be a
or
Nation will continue to a
disturbing factor in inter¬
until the ability
sending goods is
national financial and trading relationships
2,308,000,000
—46,000,000
+561,000,000
+42,000,000
—20,000,000
15,547,000,000
5,050,000,000
560,000,000
—15,000,000
3,000,000
+1,711,000,000
+158,000,000
—95,000,000
—51,000,000
—62,000,000
+8,000,000
+399,000,000
+7,000,000
+2,000,000
+22,000,000
5,325,000,000
389,000,000
Balances with domestic banks
—24,000,000
Liabilities—
to
she
has
possible
for
manner
until
built
up
the
Time deposits..
United States Govt, deposits
—
Inter-bank deposits:
6,059,000,000
421,000,000
7,000,000
Domestic banks
Foreign banks
:
Borrowings
a
debtor nation,
—9,000,000
Plans to Ban Foreign Volunteers in Spanish Civil War
Considered by Non-intervention Subcommittee—
Action Awaits Chancellor Hitler's
Speech to Reichs¬
is adjusted to conform to her position as a creditor country.
discussing
international
One
of
the
of
other
most
the French
International Committee
on
on
Non¬
Jan. 28 in an attempt
which
an
date an effective enforcement scheme for
international embargo on the sending of
foreign volunteers
Spain to participate in the civil war in that country.
to
these
for
by restoring
a
in
As
Germany was scheduled to deliver to the Reichstag
today (Jan. 30), when he was expected to discuss German
policies regarding the Spanish civil war. Meanwhile rebel
troops continued their bombardment of Madrid this week,
"but sustained rains and fog almost halted fighting on other
Spanish fronts.
Loyalists announced that they had regained
some of the ground lost on the outskirts of Madrid.
The
Spanish civil war was last referred to in the
"Chronicle" of Jan. 23, page 537.
Associated Press London
advices of Jan. 27 discussed proposals before the Non¬
sources
said
an
Llock for the subcommittee, since it must
of nations which favor the Fascist
further
the
be stationed
both
at
devise a plan to win the approval
diminished because of Por¬
observers but Portuguese
and the expected disapproval of Spanish republican and
tugal's flat opposition to the stationing of any
Portuguese soil,
Fascist
authorities
to
neutral observers on their
soil.
role
of
"umpire,"
a
called for sea patrols along the
Warning
by
Reference
I
President
Carlisle
a
disturbing
of this
com¬
by the three governments was
and the
with
the system of quotas and exchange controls,
of
Mr. Fisher to the improvement in
this,
on
first
the
occasion
upon
which
in part:
I
have
had
the
able to
refer
to a year
of further improvements in economic conditions.
This
improvement has been widely spread and has shown itself in the record
high levels of employment and the reduction of 240,000 in the number of
registered unemployed in Great Britain during the year; in the growth in
industrial production, in the recovery in the shipping industry, in the rise
in joint stock company profits, in the payment of higher wages,
in the
privilege
of
addressing
sales.
its
.
general
initial
.
of
people
recovery
impetus
that
the
to
are
experiencing undoubtedly owed
now
the government, which took the
wise action of
the
in
sterling, not
our
currency
countries
Bank of
have
only at home, but also abroad.
recently
England notes
fact that
is evidenced by the
been
content
.
their
invest
to
invested produces nothing by way of interest.
external,
.
activity,
owes
much
to
the change
in
tariff
our
.
factors
which
during the past few
have
years
contributed
are
to
the
in
recovery
the improvement in
our
with
Empire
foreign countries,
relative
stability
countries,
the
trading
exchange
rates
of the
agreements
the encouragement of agricultural
of
between
the
this
country
competitive power
following the depreciation of sterling, the conclusion
sterling
The
certain
for hoarding purposes despite the fact
so
to
opposed
abroad
witnessed by the increase in the value of
we
Further, the
industry, which has been largely due to the expansion in internal,
revival of
Other
faith
foreign
in
money
policy.
as
which
step of placing our national finances on a sound basis and thus
in
resources
being
in
.
restoring confidence in
extent
Chairman,
as
materials, and in the expansion of the purchas¬
raw
of the community,
power
The
shareholders
the
greater consumption of
Ottawa
entered
production,
countries
of
into
and
thfe
area.
House
of
Lords
Decides
That
Bonds Sold in U. S. May
on
sixty-sixth annual meeting of The DominionBank,
held at the head office, Toronto, Canada, on Jan. 27, Dudley
Dawson, General Manager, presented a highly satisfactory
report for 1936.
He drew attention to the further improve¬
ment in trade conditions in Canada and pointed out that the
outlook for the future is very favorable.
He stated that it
is very questionable whether or not the low interest rates
now prevailing are beneficial to the people of Canada as a
whole.
C. H. Carlisle, President of the institution, sounded
the usual note of warning with regard to Canada's heavy
public debt and made timely reference to the heavy taxes
now imposed which undoubtedly retard industrial develop¬
ment and national progress.
have
forward in international cooperation and
the declarations
of
made by
was
fortunate
am
British
Be Paid
on
'Gold) Dollar
Present Dollar
Basis
Canada's Public Debt
At the
feature
to
The enunciation
business in Great Britain, as to which he said,
with
Dudley Dawson of Dominion Bank
Finds Outlook for Canadian Trade Favorable —
Comments on Low Interest Rates at Stockholders'
—
calculated
action
avoid
to
definite step
United States
position, they
the
own
importance attached to the development of international trade
agreements
they said.
Manager
Meeting
intention
a
France,
safeguarding their
while
view to their ultimate abolition.
the
General
has
the Governments of
by
which,
progressive relaxation
a.s
Spanish coast. Under
It, fleets of Italy and Germany, countries which have recognized the Spanish
Fascist insurgent junta, would cruise off the Spanish coastal areas held
by the Madrid-Valencia government forces.
French naval vessels would
patrol the insurgent-held coasts, with Britain perhaps relegated to the
The second plan
price equilibrium with other coun¬
of securing a reduction
The currency adjustments,
improved.
the international exchanges.
notable
courageous
The first proposed that
land and sea entrances to Spain.
Hopes for its approval, they said, already had
on
in
desire marked
insurgent cause in Spain as well as others
They said two plans were under consideration.
lookouts
their
influence upon
a
made
country,
reaffirmed
scheme was the big stumbling
which favor the Valencia-Madrid government.
netural
of
events, the possibility
barriers
trade
policy
this
ing
follows:
enforcement
measure
a
these
of
readily
dangerous consequences, had they not been preceded by the declarations on
retail
Informed
result
international
be
however, would have proved very difficult to carry out and might have had
Hitler of
as
of Switzerland, Holland and Italy.
can
measures
speech which Chancellor
Final action, however, awaited the
intervention Committee
followed by the readjustment of the values
was
The
understood, for the prices
ruling in these countries made it difficult for the home producer to face
foreign competition and the realignment of currencies, which has now
taken place, should do much to increase the competitive power of their
mon
to decide upon a
events of the year has been the devaluation
important
franc,
currencies, notably those
necessity
and
in London
Mr.
developments,
currency
Fisher said:
monetary
Today
A subcommittee of the
accordance with her needs as a
in
years
had been
States, which
of the United
structure
of
amounts
their
meet
period
tries.
intervention in Spain met
to
economic
long
industries
tag
payment of
in
debtors
still cannot be sent to America
due to her; nor will it be
liabilities automatically in this
goods
the fact that
to
her
over
made by
concluded
point
adequate extent
an
of
"Demand deposits—adjusted
the United States in the special agree¬
with other countries has proved beneficial, but
The reduction of tariffs
In
Reserve with Fed. Reserve banks.
He added:
facilitated, Mr. Fisher stated.
indications
cheap and abun¬
development.
+160,000,000
3,243,000,000
Cash in vault
trade,
while stringency in the capital mar¬
kets
ments
—66,000,000
2,000,000,000
Loans on real estate
fully
+62,000,000
+47,000,000
others
to
(except banks)
Accepts, and com'l paper bought.
Obligations
—5,000,000
—13,000,000
activity in
improving the
have an entirely disproportionate effect
may
indicates
Experience
in costs
is laid upon the importance of cheap
and
maintaining
of
means
is only a minar item
borrowed money
on
production, and if too great stress
of her debtors to fulfill their obligations by
Loans to brokers and dealers:
last October,
the bank
of
said:
(—)
Jan. 22, 1936
1937
$
$
Loans and investments—total
to
Chairman of Barclays Bank at
Since
Jan. 20,
Assets—
States
change in its status from a debtor to a great creditor
Nation featured the inaugural address of Edwin Fisher as
money
summary
in
money
United
overemphasis of the importance of
industrial recovery and a plea for the
adjust its economic policies to conform
against
warning
cheap
small
A
Nation
Stockholders' Meet¬
to the
in the Philadelphia and Chicago
and' $12,000,000 each
trict
^
Change in Status from Debtor to Creditor
$19,-
States Government direct obligations declined
of United
Economic
Amend
to
—Chairman Addresses Annual
reporting member banks.
Holdings
Bank (London) Urges United
Policies Incident to
Edwin Fisher of Barclays
bought increased $6,000,000 in the
Philadelphia district and $10,000,000 at all reporting member banks.
"Other loans" declined $51,000,000 in the Chicago district, $40,000,000 in
the NevrYork district, $13,000,000 in the Dallas district, and $108,000,000
of
695
Chronicle
The House of Lords ruled
on
Jan 28 that British dollar
bonds, sold in the United States in 1917 and containing a
gold payment clause, may be paid on the basis of the present
Associate
dollar.
Press
accounts
states
that
the
decision
upholds the Government's contention that payment was
determined by United States law and the resolution of
Congress that the Government was only obliged to pay
in lawful currency in respect to each nominal dollar.
These
advises added:
Action
tenstein
5H%
was
to
coupon
the dollar.
brought by a company incorporated under the laws of Liech¬
compel
payment
of interest and
principal
on
a
twenty-year
gold bond in currency equivalent to the old gold value of
696
Financial
Chronicle
The petition was dismissed in the King's bench division, but the
ruling
was reversed by the Court of
Appeal. The House of Lords' decision today
demption
upholds the dismissal of the original action.
Jan. 30, 1937
Chase National
$461,000 principal amount of this issue have been drawn by lot for re¬
on March 1, 1937, at par and accrued interest.
In addition.
Bank, in the
capacity, is inviting tenders at prices
same
below par of bonds of this issue in
Registration Statement Filed by Norway Under Securi¬
ties Act for $29,000,000 of
4% External Loan Bonds,
due Feb. 1, 1963
The
Kingdom of Norway filed on Jan. 27 a registration
statement (No. 2-2821) under the Securities Act of 1933
covering $29,000,000 of 26-year 4% sinking fund external
loan coupon bonds, due Feb. 1, 1963, it was announced
by
the Securities and Exchange Commission on Jan. 28. Award¬
ing of this bond issue to an underwriting syndicate headed
by Lazard Freres & Co., Inc., New York, was referred to
in our issue of Jan. 23, page 538.
In its announcement of
Jan. 28 the SEC said:
According to the registration statement, the proceeds from the sale of
bonds, together with other treasury funds, are to be used for
refunding
Name
11 Broad Street, New York, and tenders of bonds will be received up to
12
-
"Payment of the principal of the bonds
external sinking fund 6%
gold bonds.
Stage Railway Issue of 1927, due Sept. 1, 1960, are being notified that
$366,000 of bonds of this issue have' been drawn by lot for redemption on
March 1 at par and accrued interest, by the Chase National Bank and
Oity
Bank Farmers Trust Co., fiscal agents.
for/redemption
should be presented for payment on March 1 and tenders will be received
up to 12 noon on that
L_
is to be effected
by
a
1,000,000
500,000
cumulative
in
or
The price at which the bonds
or
are
are
the public, and the
by amendment
The Commission noted:
no case
Rate
to
Be
Outstanding April 1 and June 1
Redemption
to be Called
7% external sinking fund gold bonds of 1950 and the City
of Tucuman 7% external sinking fund
gold bonds of 1951,
said a statement issued in New York
yesterday (Jan. 29)
by C. Alonzo Irigoyen, Financial Attache.
The approxi¬
mate amounts outstanding are $1,272,000 of the Province
of Tucuman 7 % of 1950 and $2,042,000 of the
City of Tucu¬
man
7% of 1951.
Due to the fact that these bonds carry
high interest coupons the Government has decided to call
for redemption all the bonds
outstanding on April 1 and
June 1 respectively, the announcement issued
by the Finan¬
cial Attache said, adding:
to the registration statement.
In
at
Uruguay Bonds of 1921
of 3^% Per Annum
The Minister of Finance of the
Argentine Republic, Dr.
announces that the Government of the
Argentine Nation has taken over the Province of Tucuman
.
to be furnished
also being
Roberto M. Ortiz,
taxing authority thereof, except
to be offered to
sum
F
otherwise subject to taxation thereon
discounts
Coupon of 8%
Bonds
Norway."
underwriting commissions
1
for
levied by or within the Kingdom of Norway, or
owners
sinking fund 5K%
1962, this
Government of Argentine Nation
Acquires 7% Exter¬
nal Bond Issues of Province and
City of Tucuman—
."
The registration statement states that "both
principal and interest will
be payable without deduction
by or on account of any present or future
or
external
1928, due Aug. 1,
or
accepted at their
or
addition
$17,027,324, which,
Richling, Minister of Uruguay, has announced that the
of the 8% Uruguay bonds of 1921, due Feb. 1, 1937,
paid at the rate of 3 lA % per annum at the office of
the National City Bank of New York.
The amount of cash paid into the
sinking fund on the respec¬
within any political subdivision
sum of
J.
as may exceed the semi-annual
such interest date is to constitute
sinking fund moneys and
paid in whole or in part by delivery of bonds to be
.
$189,210, the
coupon
will be
on
tive interest dates is to be used to redeem the bonds.
sinking fund payment of
Paid
about $923,000, of which so much thereof
imposed
day at the corporate trust department of the Chase
4.
Feb.
as follows:
On Aug. 1, 1938, and on each semi-annual in¬
terest date thereafter the issuer is to remit to the fiscal
agent the sum of
or
The Chase Bank is also inviting
tenders of these bonds at prices below par in an amount sufficient to exhaust
the sum of $388,609 in the sinking fund.
Bonds drawn
sinking fund
by
address.
same
Nation
■
1,000,000
r_
redeemable at the option of the Government in whole
when in hands of holders
day at the
Argentine
by Aug. 1, 1937, all of the Argentine Nation's
1, 1942, and thereafter on any semi-annual interest date
after 30 days' notice at the principal amount and accrued
interest.
taxes or duties
of
available for the purchase of any of these bonds tendered at
prices below
par.
Tenders will be received up to 12 noon on March 1st at the Chase
Bank's corporate trust department.
in part on Feb.
face value.
that
noon on
Holders
gold bonds, issue of Feb. 1,
$7,500,000
5,500,000
4,000,000
3,000,000
3,000,000
1,500.000
1,000,000
1,000,000
.
„
...
be
sufficient to exhaust the
Bonds called for redemption
with money now in the fund, will be sufficient to retire at
par and interest
A!Yt\jo\jLt\£
Lazard Freres & Co., Inc., New York
Oity
Halsey, Stuart & Co., Inc., Chicago, 111
Glore, Forgan & Co., New York Oity
Kidder, Peabody & Co., New York City
Ladenburg, Thalmann & Co., New York Oity_
Bancamerica-Blair Corp., New York City
Goldman, Sachs & Co., New York City
Harris, Hall & Co., (Incorporated), Chicago, 111.
E. H. Rollins & Sons, Inc., New York
Oity
Bell, Gouinlock & Co., Ltd., Toronto, Canada
Baker, Weeks & Harden, New York City
may
amount
will be paid on that date at the corporate trust department of Chase Bank,
to the
sinking fund external loan gold bonds due
March 15, 1963, which are to be called for
redemption on March 15, 1937.
The principal underwriters and the amounts to be
underwritten by
each are as follows:
interest due
an
in the sinking fund.
Chase Bank announces that the fiscal agents have
received, in
of $28,334,000 of 35-year 5%
are
now
Bank.
the
The bonds
of $489,277
sum
does the act of filing with the Commission
give to any security
The funds for this retirement are
already in the Treasury of the Argentine
Republic and have been obtained by an issue of internal bonds of the Na¬
its approval or indicate that the Commission has
passed on the merits of
the issue or that the registration statement itself is correct.
tional Government.
The assumption of this debt is made
pursuant to Articles 8 and 9 of Law
12.139 which provides that in
Hungary Provides Funds for Payment of 50% of Feb. 1
Interest
on
State Loan of 1924
Speyer & Co., as American fiscal agents, have been in-'
by the trustees of the State Loan of the Kingdom of
Hungary 1924 that the Hungarian Government has pro¬
vided foreign currencies to meet
50% of the interest due
Feb. 1, 1937. For the balance,
Pengo Treasury bills of the
Government have been deposited to the credit of the trustees
with the National Bank of
Hungary, said an announcement
issued Jan. 27 by the Speyer firm, which added:
formed
As directed by the trustees,
Speyer & Co. are prepared to pay to the
1, 1937, coupons of the dollar bonds on or after that
date, $18.75 per $37.50 coupon, $9,375 per $18.75 coupon and $1,875
per
$3.75 coupon. Such coupons will be stamped "paid 50%" and returned to
holders of the Feb.
the bondholders to be reattached to their bonds in order that
their claim
for the balance may be preserved.
.
$254,000
of
Due
,
that
6% External Loan Gold
Sept. 1, 1945, to Be Redeemed March
1
pointedjout
ernment.
14-Year
Controversy Over Contract for Transmission
Exchange of German Marks Ended
Litigation for a period of almost 14 years over a contract
between the foreign exchange house of Zimmermann &
Forshay and Roessler & Hasslacher Chemical Co., has termin¬
ated by the payment of a
judgment in excess of $690,000
by Roessler & Hasslacher, a subsidiary of DuPont.
The
suit grew out of an agreement
by Zimmermann & Forshay
and
City Bank of New York, as fiscal agent, is
notifying holders of Republic of Finland 22-year 6 % external
loan sinking fund gold bonds due
Sept. 1, 1945, that $254,000
principal amount of these bonds have been selected by lot
for redemption on March 1,
1937, at their principal amount
plus accrued interest. Called bonds will be paid at the head
office of the bank, 55 Wall St., New
York, on that date.
Member
Announcement
was made on Jan. 28 of five
sinking fund
redemption operations to take place on March 1, af¬
fecting three issues of bonds of the Government of the
Argentine Nation.
The announcement said:
With respect to Argentine Nation external
sinking fund 6%
of
gold bonds
1923, sries A, due Sept. 1,1957, Kuhn, Loeb & Co., City Bank Farmers
Trust Co. and the Chase National
Bank,
as
fiscal agents, announce that
World War for
the
Trading on New York Stock and New York
Exchanges During Week Ended Jan. 2
According to data issued by the Securities and Exchange
Commission yesterday (Jan. 29)
trading by all members of
•Holders of City of Brisbane
and
the
Curb
$60,000 of City of Brisbane 5% Gold Bonds Due March
1, 1957, Selected by Lot for Redemption March 1
»
States entered
exchange of German marks.
justified it in
refusing to pay for marks at the contract rate.
The Supreme Court Referee
upheld Roessler & Hasslacher's views, but the
Appellate Division and the Court of
Appeals expressed the opinion that wars do not
necessarily
debase currencies and that,
therefore, Roessler & Hasslacher
were not relieved from
paying the contract.
The National
Sinking Fund and Redemption Operations Announced
for Three Bond Issues of
Argentina
provincial debt,
Roessler &
Hasslacher contended that the
unprecedented depreciation
of the German currency
following the War
Bonds
(Australia) 30-year sinking
fund 5% gold bonds due March 1,
1957, are being notified
by the National City Bank of New York, as fiscal agent,
that $60,000 principal amount of these bonds have been
selected by lot for redemption on March
1, 1937, at par.
Bonds so drawn should be presented for
payment at the
head office of the bank, 55 Wall Street, New York.
over
during the life of the Law No. 12.139 (20 years) the Province foregoes
transmission and
Finland
the Nation takes
the right to borrow externally unless it is done
through the National Gov¬
before the United
.
case
the National Government has the
right to retain from the proceeds of the
Internal Tax Unification Law accruing to the Province the
necessary sums
to meet the service of the debt assumed.
Also it should be
the New York Stock
Exchange, except odd-lot dealers, in
all stocks for their own account
during the week ended Jan. 2,
in relation to total transactions on the
.
the previous week ended Dec. 26.
Exchange,
was
below
On the New York Curb
Exchange, however, the percentage of trading for the ac¬
count of members
during the week ended Jan. 2 was higher
than the preceding week.
The week ended Jan. 2 included
five trading days, the
Exchanges having been closed on Jan.l,
New Year's Day, while the week ended
Dec. 26 was com¬
posed by only four trading days, the Exchanges
having been
closed on Christmas
Day (Dec. 25) and the Saturday follow¬
ing (Dec. 26).
Trading on the Stock Exchange for the account of all
members, except odd-lot dealers, during the week ended
Jan. 2 (in round-lot
transactions) totaled 3,752,753 shares,
which amount was
19.37% of total transactions on the Ex¬
change of 9,689,160 shares.
During the preceding week
Volume
144
Financial
for the account of Stock Exchange Jmembers of
was 19.4% of total trading of 7,725,430
On the Curb Exchange member trading during the
week ended Jan. 2 amounted to 1,022,595 shares, or 19.42%
of total transactions of 2,632,502 shares; this compares with
member trading during the previous week ended Dec. 26
of 733,620 shares, or 18.32% of the total volume of 2,001 970
trading
3,081,285 shares
shares.
shares.
The data issued
by the SEC are in the series of current
figures being published weekly in accordance with its program
embodied in its report to Congress last June on the "Feasi¬
bility and Advisibility of the Complete Segregation of the
Functions of Broker and Dealer"
The figures for the week
ended Dec. 26 were given in these columns of Jan. 16, page
538.
The Commission, in making available the data for the
week ended Jan. 2, said:
The figures
given for total round-lot volume for the New York Stock
Chronicle
697
Bulgaria Extends Offer for; Settlement of Partly-Paid
Coupons on 7% Settlement Loan 1926 and 73^%
Stabilization Loan
1928
Speyer & Co. and J. Henry Schroeder Banking Corpora¬
tion, as American fiscal agents for the Kingdom of Bulgaria
7% Settlement Loan 1926 and 7H% Stabilization Loan 1928,
have been advised of
announcement
an
by the League Loans
Committee (London)—on which the American Bondholders
represented—the British Council of Foreign Bondholders,
are
and
the French, Dutch, Belgian and Swiss Bondholders'
organizations that the offer, dated Nov. 17, of an additional
payment in settlement of the balances due on part-paid
coupons due after Jan. 1, 1935, has been extended from
Jan. 30 to April 30, 1937. Full details of the offer
may be
obtained from the Fiscal Agents. The offer was referred to
in our issue of Nov. 21, 1936,
page 3235.
♦
.
Exchange and the New York Curb Exchange represent the volume of all
round-lot sales of stock effected
the volume reported by the ticker.
ended
Jan.
2
on
those exchanges as distinguished from
on
the New York
The total round-lot volume for the week
Stock
9.8% larger than the volume reported
Exchange, 9,689,160 shares,
by 8.3%
The data
the ticker volume
published
are
based
same
exclusive
was
On the New York
the ticker.
on
Curb Exchange, total round-lot volume in the
exceeded
and warrants.)
New York Stock
upon reports filed with the
as
follows:
York
New
New
York
Curb
Exchange
866
1,092
...
Reports showing transactions:
As specialists*...
Other than
Initiated
176
.....
105
a
value of
*
205
cr
418
499
$446,393,325,
the
New
Curb Exchange the round-lot
York
transactions
of specialist*
5.8%
The
above
two
in which registered" are not strictly comparable with data similarly
designated for the New York Stock Exchange, since specialists on the New York
Curb Exchange perform the functions of the New York Stock Exchange odd-lot
as well as
The
value
of
those of the specialist.
number
registered
securities
Stock sales
(including rights) had
decrease of 6.8% from November,
a
of
an
sales
December
November's
increase
leading
"In stocks
dealer
Jan. 25.
on
Total stock sales in
97
408
On
all
on
were valued at
$317,483,796, an increase of
November, said the Commission, which added:
over
325
no transactions
sales
while bond sales
floor
on
of
$2,358,956,424,
Initiated off floor
Reports showing
value
in
December, 1936, amounted to $2,676,525,432,
a
decrease of 5.2% from the value of sales in
November,
and an increase of 16.7% over the value of
sales in Decem¬
ber, 1935, it was announced by the Securities and Exchange
8.1%
specialists:
as
dollar
exchanges
Commission
Stock
Exchange
Number of reports received-....
Reports Sales on National Securities Exchanges
During
December
5.2%
Below
November
but
16.7% Above December Year Ago
The
week, 2,632,502 shares
of rights
Exchange and the New York Curb Exchange by their respective members.
These reports are classified
SEC
on
of
New
all
(including rights)
total.
Total
26.3%
York
principal
over
exchanges;
bond sales.
The
dollar
value
of
sales
all
on
99,755,967 shares,
amount
of
bonds
was
November.
Exchanges
registered
were
accounted for
96.2% of the
95.7% stock sales and 99.7%
reports in
the various
classifications
may
total
more
exempt
exchanges in
December
was
$2,011,018,
an
J. M. B.
of
Hoxsey Describes New York Stock Exchange's
for
Listing Securities—Memorandum
increase of 0.9%
over
November.
than the number of reports received because, at time, a single report may
carry
entries in
NEW
YORK
more
than
STOCK
one
classification.
EXCHANGE—TRANSACTIONS
FOR ACCOUNT
OF MEMBERS*
Week Ended Jan.
IN
ALL
Presented
Week
Round-lot
transactions
of
on the
Exchange....
Cent
a
9,689,160
members
Total
1,067,610
2. Initiated off the floor—Bought
997.993
transactions
of
specialists
registered—Bought
in
stocks
in
5.15
listing of securities a
responsibility, and recognizes the protection of the
paramount duty.
Mr. Hoxsey gave the following
five conditions upon which the Exchange insists before
listing:
■
Total.
■
1,687,150
8.71
Total round-lot transactions of members, except transactions
of odd-lot dealers in stocks in which
registered—Bought..
Sold.
-
as a
(1) That the applicant be
853,270
833,880
..................
Sold
substantial going concern.
certificate.
1,879,075
1,873,678
3,752,753
a
(2) That the management have a good reputation and agree to be bound
by the Exchange's standards of responsibility to security holders.
(3) That the company be legally organized and the securities
validly
authorized and issued and that a purchaser on the
Exchange will get a valid
(4) That there be sufficient volume and distribution of the securities
warrant
Total.
described on Jan. 28 in a state¬
of the Senate Inter-State Com¬
Committee by J. M. B. Hoxsey, Executive Assistant
on Stock List of the
Exchange. He as¬
serted that the Exchange considers the
which
(
were
to the Committee
public
Total.
Round-lot
the list
serious
512,438
-
on
to the subcommittee
merce
5.51
485,555
Sold-
Inter-State
by the New J York Stock Exchange in
determining the eligibility of securities for listing and for
ment
540,250
527,360
Subcommittee of Senate
Committee
The standards used
continuance
the floor—Bought
on
Sold
to
Commerce
Per
except transactions of
specialists and odd-lot dealers in stocks in which registered:
1. Initiated
Standards
2, 1937
Total for
Total volume of round-lot sales effected
STOCKS
(SHARES)
19.37
to
Transactions for account of odd-lot dealers in stocks in which
registered:
a
to
national market.
(5) That the
accounting,
company comply
periodic reports,
with the Exchange's requirements as to
and disclosure of corporate information
for the protection of investors.
1. In round lots—Bought......—
Sold
„
Total.
292,800
201,800
................
-
Mr.
Hoxsey added, in part:
The Exchange's requirements for listing
494,600
-
are being constantly stiffened
To illustrate these continuing improvements let me mention
picked from among the most important to the public.
and improved.
2. In odd lots (inoludlng odd-lot transactions of specialists):
Bought
Sold
..
Total
NEW
ten of them
1,204,681
1,317,904
(1) The refusal of the Exchange to list nonvoting common stock.
(2) The disclosure of ultimate corporate control of subsidiary companies
applying for listing.
2,522,585
YORK
CURB
EXCHANGE—TRANSACTIONS
FOR ACCOUNT
OF
MEMBERS*
IN
ALL
(3) The disclosure of options and the reacquisition of the corporation's
STOCKS
own
(SHARES)
Total for
Week
Total volume of round-lot sales effected
Round-lot
transactions
of
on the
Exohange....
members, except transactions
Per
Cent a
2,632,502
on
the floor—Bought
(6) The requirement that corporate statements be audited by independent
74,790
Sold
159,855
as to companies whose accounts
regulated by public authority, and the continued improvement of the
of corporate accounting.
methods
85,065
Total
v7) The disclosure of depreciation policy and the prohibition of
3.03
121,925
corporate
123,815
-
Total
245,740
4.67
as
tered—Bought
are
a
uniform form of auditor's report certifying that
in accordance with accepted principles of
kept
(9) Prevention by the Exchange of the practice of taking stock dividends
income to the recipient corporation in an amount
greater than that
charged against the earned surplus of the issuing corporation.
(10) Recommendations of a subcommittee now under consideration by
on Stock List for requirements
regarding corporate trustees
287,515
329,485
...
accounts
accounting consistently maintained.
Round-lot transactions of specialists in stocks In which regis¬
Sold
any
change without notice.
(8) The adoption of
2. Initiated off the floor—Bought..
Sold
change in the collateral securing listed bonds.
trusts and the requirement of
periodic disclosure by other investment trusts of securities held.
are
...
any
(5) The refusal to list fixed investment
public accountants, with certain exceptions
of
specialists in stocks in which registered:
1. Initiated
stock.
(4) The disclosure of
Week Ended Jan. 2, 1937
the Committee
Total
617,000
11.72
Total round-lot transactions for accounts of all members:
Bought.
484,230
Sold
538,365
Total
1,022,595
19,42
and the form of bond indentures.
Testimony to the sincerity of the efforts of the Exchange to aid In the
improvement of the standards of management responsibility and of corporate
accounting and disclosure is found in the hundreds of cases in which
listing
has not been granted.
twice the total Exchange volume for the reason that the total of members' trans¬
actions includes both purchases and sales, while the total Exchange volume Includes
At the Committee hearing on Jan. 27 into the
Exchange's
listing practices in so far as they involve the securities of
holding companies, there was included in the records a
"confidential" memorandum by Mr. Hoxsey, addressed to
the Exchange's Committee on Stock List, which it is stated
described as "parasitical" many large
holding companies
whose securities are heldfby investors.
A Washington dis¬
patch of Jan. 27 to the New York "Times" referred to this
only sales.
memorandum
Odd-lot transactions of specialists in stocks In which registered:
Bought
............................
Sold
Total.
...
...
180,007
129,304
309,311
*
The term "members" Includes all
Exchange members, their firms and their
partners, Including special partners.
,
a Percentage
of members' transactions to total Exchange transactions.
In
calculating these percentages the total of members' transactions la compared with
as
follows:
698
Financial
K.
Wheeler, chairman of the committee, asserted that
had the advice given
by Mr. Hoxsey been adhered to the crash of 1929
Senator Burton
would not have assumed the proportions it did.
He said the memorandum,
dated March 1, 1926, was a correct forecast of what happened in 1929 when
the market crashed and the
Mr.
depression of subsequent
Hoxsey declared that about the only
means
began.
years
at the disposal of the
Exchange to protect holders of the securities of certain public utility holding
companies was to require "constant reports," at intervals of
few months
a
all facts bearing on the operation of the companies, their assets, profits
on
and losses,
&c.
A;
Richard
Whitney, former President of the Exchange, and
a member of its Board of Governors, was heard
by the Com¬
mittee on Jan. 27 and 28, and from the dispatch on the
latter date from Washington to the 4'Times" said in part:
Mr. Whitney announced that when he returned to New York he would
take up with Charles
R. Gay, president, and other officers of the Exchange
Chronicle
Out of the net profit for 1936
(which compares with
$658,063 for 1935), a quarterly initial dividend of $37,500
($1.50 a share) was paid on Nov. .18, 1936; the report also
Mr.
ever
Whitney admitted that he had
never
seen
could he remember
nor
evils complained of in memoranda to the committee
by J. M. B. Hoxsey, the Exchange's listing expert.
"A great many things were happening in those
v
,
stock list
on
United
The
balance
Hoxsey is, there is
no
net
$4,243,659.
surplus
Monthly
Increase
Noted
During
December in Volume of Bankers' Acceptances Out¬
standing—Total Dec. 31 of $372,816,963, However,
is Below Year Ago
For
fourth consecutive month,
the
the volume of out¬
standing bankers' dollar acceptances increased during De¬
cember over November, according to the monthly report of
the Acceptance Analysis Unit of the Federal Reserve Bank
of New York.
The acceptances outstanding on Dec. 31
amounted to $372,816,963, an increase of $23,763,473 over
the Nov. 30 figure of $349,053,490; however, as compared
with Dec. 31, 1935, the volume of acceptances outstanding at
the close of 1936 represented a decrease of $24,140,541.
During December, 1936, increases occurred in all classifi¬
cations of acceptance credits excepting those for domestic
shipments.
In the year-to-year comparison, only credits
created for imports and for domestic shipments were higher
than on Dec. 21 a year ago.
The following is the report for
the end of 1936, as issued by the New York Reserve Bank
on
State maintained
DOLLAR
ACCEPTANCES OUTSTANDING—UNITED
BY
FEDERAL
In
addition
the
to
with
Reserve
the
1936
Nov. 30, 1936
$34,234,767
company
Bank of New
2. New York.
263,443,872
247,026,727
299,523,636
13,478,081
4,273,483
13,127,126
12,295,881
532,927
4,055,763
408,283
3,435,250
964,920
1,390,914
1,420,797
3,196,232
17,645,001
868,588
18,901,467
1,025,357
19,775,113
2,587,116
6.413
2,377,035
4. Cleveland
*
6. Atlanta
7. Chicago
8. St. Louis
—...
9. Minneapolis
...
Dec. 31, 1935
York
debentures
2,327,026
24,149,142
$372,816,963
Grand total
'$349,053,490
$396,957,504
Cash
with
United
Nov. 30,
1936
1936
secure
or
Reserve
Dollar exchange
Based
on
$107,489,165
77,349,139
13,232,970
69,473,310
1,322,258
93,501,806
public
deposits of
over
:
?
continued,
with
integration
of
76,010,759
99,326,902
vidual
and
banks
General
During
notable
past
respect
but
to
the
in
that
of
require the
trust
and
RATES
they
of
banks.
expeditiously
were
in
With
handled,,
the
longer process of adjustmnt,
somewhat delayed.
It is expected
been
will
active
rehabilitation
or
savings
become
continued attention
of
more
the
active
trust
in
the
new
year
company.
Continuing gains in assets, deposits, surplus and number
depositors in 1936 are reported by the National Association
1
The net gain for the year was $183,260,928, well distrib¬
deposits,
as
more
they
established.
The
that the spread and activity of saving is the
reason
Many mutual institutions have restrictions
deposit.
rise for the 12 months of $247,018,249.
proportionately
by
$55,958,635
to
on
1,
The combined surplus account
$1,268,808,686,
another
The ratio of surplus to deposits advanced from 12.2%
12.6%, which meant that each dollar
in
:;y
average dividend
before.
record
a year ago
deposit had additional protection
of 2.53%,
rate
But this rate of yield still compared favorably with
any similar sum
reflected
was
decline from 2.65%
a
the
year
the rate of
of capital.
Savings bank officials said that all signs point to further
f
■
the
return from
ACCEPTANCES
.
are
importance to the gain in accounts than to the
Lack of demand for money and other investment difficulties
164,073,427
6,003,305
BANKERS
18,
reviewed
18 States $183,260,923—Gains also Shown
in
Assets, Surplus and Number of Depositors, Accord¬
ing to National Association of Mutual Savings
figure.
......$315,327,440
PRIME
1937
ON
JAN.
the
indi¬
of more than 12 X cents.
—
MARKET
was
and
the
were
increasingly
was
improvement
owned by
estate,
has
banks
of
in
rose
83,540,397
.
CURRENT
of savings
company
because
situations
features
requirements
heretofore.
securities
real
facilities
Deposits in Mutual Savings Banks Rise to New High
Figure of $10,101,073,980—Gain for Year in Banks
.$151,254,013
-
as
consultation
the
the readjustment,
securities,
these
the
with
portfolios
and
settlement
or
numbr of
a
will
the
estate
mortgages
reorganization
and
Bond
year
real
case
to
U"";."U
service
investment
of
extension
submitted
trustee for
as
mortgages,
liquid
a
company
V.U:,^
V
company's
information
concerned.
the
capacity
trust
security
recommendations
its
of
a
2.414,905
Bills of others.
—
amounted to $74,267,731.45.
...
the
a
other
required to be
deposits of $72,077,175.85, this shows
yyV
of
from
due
those
which reflects the policy of your trust
liquidity.
maximum
Development
10,684,329
'
Own bills-....
Total
undi¬
and
Assets also stood at the peak, amounting to $11,459,411,297 on Jan.
BY ACCEPTING BANKS
Increase for month
moneys)
balances
(less
100%,
of
maintain
to
BILLS HELD
'
fund
33.5% of deposits aggregating
securities
in effect upon the amounts received for
goods stored in or shipped
between foreign countries
surplus
demand
Bank,
Government
to unsecured
rise in
Dec. 31, 1935
$111,665,054
76,233,453
Domestic shipments
stock,
$34,240,658.71,
true measure of its usefulness.
Domestic warehouse credits
capital
uted among the 18 states in which mutual institutions
$126,154,852
85,899,812
11,911,341
70,799,651
1,817,854
Exports
of the United States "War Loan
:.;'V
States
savings banks attach
Dec. 31,
fiscal agent
as
outstanding,
the Federal
and
bank operation.
ACCORDING TO NATURE OF CREDIT
Imports
Securities
In the same period deposits rose above any previous level to
$10,101,073,980, the highest figure they have reached in 120 years of mutual savings
Decrease for year, $24,140,541.
$23,763,473.
Increase for month,
deposit
other
Institutional
Savings Banks in figures made public Jan. 26.
the number of depositors stood at the all time
record of 14,467,639, an increase of 389,827 for the
year.
This also, it is stated, was the largest number of
savings
accounts ever recorded for one group of banking institutions
and about 20% of all bank deposits in the United States.
The gain consisted largely of small accounts as reflected
by
the slight recession of the average from $704.50 a year
ago
to $698.18 on Jan. 1.
The Association further, says:
2,693,383
20,909,284
:
of
$102,077,175.85.
banks
On Jan.
2,496,497
2,412,043
12. San Francisco
those
were
says;
department,
of Mutual
607,133
/
•
27,395,390
11. Dallas
trust
,/,0:
vided profits amounted to
of
$31,060,175
5. Richmond
its
of
Banks
$38,783,135
3. Philadelphia
undivided profits up to
is owned exclu¬
and
Mr. Miller also
deposits
trust
Deposit Account."
STATES
1. Boston
Dec. 31,
of
Corp., Savings Banks Association of the State of New York and the Federal
DISTRICTS
RESERVE
report
deposit accounts with the trust company
aggregating $61,867,465.
Jan. 18:
BANKERS
the
year-end
sively by tbe savings banks of New York State.
Mr. Miller
reports that as of Dec. 31, 1936, 131 savings banks in the
ratio
Consecutive
the
at
The Savings Banks Trust Co.
"When applied
Fourth
$632,248,
profit,
profits
brings the combined
pledged to
:v'vv.^
of premium on
bonds in the amount of $454,282."
adds, in¬
$1,743,659.
latter, with the surplus fund, Dec. 31, 1936, of $2,500,000
The
need for the board of
to handle the problems coming before that committee and its
assistant."
of
undivided
Capital
"If you have a good stock list committee and an able executive assistant to
that committee such as Mr.
governors
States Treasury
creased
.
days," replied Mr.Whitney.
of conservative asset valuation,
measure
a
the directors also authorized the writing-off
accounts
having discussed with responsible officials of the Exchange the holding-
company
that "as
states
the whole question of holding-company listings in an effort to further safe¬
guard the stockholders of such corporations.
1937
30,
Jan.
Everywhere the public shows
a
disposition to put aside
progress in
a
1937.
part of current
earnings for future needs and opportunities.
Dealers'
Dealers'
Dealers'
Rate Selling
Buying
Days—
Rate
Days—
Buying
Dealers'
Rale Selling
Rait
Public
30
iO
60
tO
tO
90
1
1
HH
120
CO
X
Y\
150-
CO
y<
%
X
X
180
table, compiled by
7-16
7-16
us,
of each month since Dec. 31, 1934:
1936—
1935—
1934—
$543,385,189
Dec. 31
Aug. 31
Sept. 30-
1935—
Oct.
— --
31
$321,807,411
327,834,317
362,984,286
387,373,711
396,957,504
Apr. 30.
May 30
June 30
$343,694,299
330,531,460
316,431,732
315,528,440
515,812,657
492,764,805
465,860,016
Dec.
May 31
413,372,771
374,755,247
Jan.
31
384,146,874
Oct.
31
308.112,141
315,000,590
330,205,152
June 29
343,285,933
Feb. 29
376,804,749
Nov. 30
349.053,490
July
320,890,746
Mar. 31
359,001,507
Dec.
31
372,816,963
Jan.
Feb.
31
28
Mar. 30
Apr. 30
31
Nov. 30
31
-
July
31
Aug. 31
Sept. 30-
1936—
Support Against Over-Chartering of
Banks
Urged by S. H. Squire, Ohio Bank Superintendent,
at Regional Banking Conference at Pittsburgh
5-16
furnishes a record of
of bankers' acceptances outstanding at the close
The following
the volume
CO
1
Declaring that the overchartering of banks "helped pave
way for the banking debacle of the spring of 1933,"
S. H. Squire, Superintendent of Banks of the State of Ohio,
stated on Jan. 28 that 90% of tbe State Bank Commission¬
the
ers
are
bonks
opposed to increasing to any extent tlie number of
in
the United States.
He spoke
at tbe two-day
regional banking conference held by the American Bankers
Association at the William Penn Hotel at Pittsburgh.
In
part, Mr. Squires said:
The
time
moment's
chartering.
Annual Report
Profit
for
$658,063 in
A net
of Savings Banks Trust Co.—Shows Net
Year
of $1,124,030,
Comparing with
1935
profit of $1,124 030 for the year ended Dec. 31, 1936,
in the annual report of the Savings Banks Trust
allotted
reference
this point.
me
to
Possibly
My
query
a
the
this
morning
vital
issue
discussion
would be:
does
not
connected
which
is
allow
with
to
the
follow
for
more
subject
may
a
bank
touch
upon
\
"(1) What is the
and bank
are
not
most effective means of obtaining public support for bankers
chartering officials in their efforts to curb the issuance of charters which
Justified?
"(2) If we are agreed, with a recent past President of the American Bankers
Association that 'banking is simDly not the field for politics of any denomination/
is the simplest and best way of freeing our profession and our supervisory
is shown
what
Co., made public on Jan. 20 by Charles A. Miller, President.
departments from politcial control of Federal and State authorities?"
than
of
J
Volume
A
Financial
144
prominent student of banking
vital
policy
is
If
is
so,
by
not
it
both national and State, all bankers who
authorities,
and
once said:
"A proper bank chartering
the future stability and sanity of our economic life."
essential that we stress cooperation of all supervisory
to
carefully thought out plan
a
general public whose interest
the
If
we
that, in my judgment, the
"cooperation."
have
dual system—National
a
authorities.
should, as I see it,
The
supervisory
tion
insistence
told
have
I
unified
a
on
in
the
unless
Federal
to
charter
State
a
of
banks,
the
the word
on
them,
over
American
determined way,
a
Deposit
in the permanent
ship
of
support
the
various
be exerted along the line of
State
Insurance
bank
Supervisors will agree—at least,
be
will
that goes the
granted
without
allow
it
member¬
agreement that
The
next
Our
It
full
essential
is
that
their
it
to
a
sound
chartering
supervisory authorities
complete and
munities
on
500
less
their
close
of
the book
further
On
be
policy
Division
of
be
made
and
were
there
in
total
a
of
was
dividends
paid.
through
liquidation
of
institutions
which
had
Department at various times dating from June
1935.
Of
this
the
on
to
process
14
claims
$17,060,692.87, against
$11,455,187.54, from which
amounting
remaining assets
to
are
1936,
Conservation
16,
there remained depositors'
year,
liquidations
lvalue
1,
of
the
of
various
collections
Jan.
by the
the part of other
evolved,
in that
concur
in
number, five institutions
the
taken
been
1930, to
11,
being administered
were
the
field.
According to Mr. Withers, "the legislative
and
equally
policy and pledge
whole
many
banks.
two
com¬
Cities
needs—agriculture, industry,
enacted
ambitious
most
An
1.
into
and
program
as
a
enacted
constructive
He states that the Legislature during
law
practically all of the recommenda¬
Banking Advisory Board, including:
tions of the
of
home
commerce,
the
was
within recent years."
1936
have
now
the
Dec.
10,000 to 12,000 people have four and five banks.
All will
agree that our people have a right to adequate credit facili¬
ties for
the
of
over
united support.
or
$3,699,195.69, with liqui¬
line.
same
Superintendent Squire also said tliat
of
As
books
of
concurrence
reduced
was
dation income exceeding all liquidation expenses, including
counsel fees and allowances by $26,246.47.
In part, Mr.
Withers added:
strengthen the banking system of this country.
that
all
In part,
is to obtain
along the
agreement
an
The report further reveals that during the year the
value of assets
through the Central Office at Trenton and the remaining nine institutions
practical program
a
objective is
one
essential
to
step in
authorities
supervisory
book
no
FDIC.
the
207.74.
bank will be chartered
new
Corporation
And with
will
no
and trust companies
various banks
but 5.4% of
amount in¬
cludes all general liquidation expenses as well as counsel
fees.
The total amount of all cash collected was $2,464,-
which
agreed—that
fund.
of liquidating the
cost
•in his possession during the year amounted to
the total cash collected and disbursed, which
Associa¬
Bankers
program.
frankly that the
you
State
and
influence
Executive Committee has
the
forward looking,
are
encourage
emphasis must be placed
repeat
We
action
arrive at a solution of this pressing problem of a sane
chartering plan for the banking system of this country, I
to
are
wholesome
and
of
seek to serve?
we
699
Chronicle
Act
validating
membership
the
in
Deposit
Federal
Insurance
Corporation.
2.
An
Act to facilitate the
3.
An
Act
to
define
of
conversion
National
a
into
State bank.
a
giving the Commissioner of Banking and Insurance the right
savings and time deposits and to regulate the interest thereon.
building must be served.
4.
An
Act
the
same
5. An
Act
restricting loans to officers, directors and employees.
an
exhaustive
6.
Act
permitting and restricting the granting of personal loans.
time,
which may
(1)
I
The Nation must go forward.
At
bank should not be chartered without
a new
embracing
survey,
factors,
many
few
a
in passing:
name
In
Necessity, not convenience.
that the institution
(2) Assurance
Determination
(3)
would
not
to
as
(5)
make
can
whether
branch
a
a
of
reasonable
profit.
near-by
a
The
National
FDIC
States
.
.
is
the
insurer
of
deposits
is
and
as
with
and
to the
respect
the
the
insurer
of
.
deposits in
granting of charters to the
of
consensus
consultation
with
the
the
FDIC
most
in
every
bility
committee
by the
with
various
full
same
regard
State
to
added
;
and1
reserves,
the
return
of
operation for the first time in several
Of
particular
both
of
in
the
adjustments;
fine-
spirit
with
the
the
been
portfolios
total
of
the
outstanding
of
cooperation
of
turn
and
the
charged
by
confidence,
the principal problems
tered
institutions
Responses to Inquiry by Guaranty Trust Co. of New
York
Indicate that Rise in Wages and Materials
is Expected—Labor Outlook Only Serious Factor
Business Situation
in
be the
to
appear
which,
however,
continuing
shows
in
sizable
capital
the
generally
their
facing
relations
some
lack
of
definite
our
on
State-char¬
demand
signs of
sound
investment, and, in
tions, the problem of real estate management and sale.
for
com¬
increasing;
institu¬
some
Competition with other financial agencies, including those of the Federal
Government, continues strong and tempting to those institutions faced with
the
Indicating the results of an inquiry recently sent out by the
Guaranty Trust Co. to a selected group of business concerns,
the company in the Jan. 25 issue of its
monthly review,
"The Guaranty Survey," says:
credit,
the low rate of return obtainable
and
the
other
authorities.
.
mercial
the asset values,
and
managements
other supervising
year,
profitable
to
losses;
preferred stock,
public
manifested
in
recovery
previously
of
institutions
many
years.
marked
and
the complete return
Department
super¬
At
has
note
investment
reduction
'
visors.
State-chartered banks, trust companies
our
savings institutions, accompanied by sizable increases in both demand
time deposits; the almost complete
elimination of bills payable; a
progressively sounder position in the ratio of net capital to deposit lia¬
unless concurred
be
to
seems
cooperation
generally continuing improvement in the
a
large majority of
a
and
States, the granting of charters by the Comp¬
in by the FDIC, should be dis¬
The Comptroller of the Currency should cooperate and consult
Currency,
FDIC
the
the
sense
United
of
and
in the United
the
couraged.
extent
the
in
bank
of
troller
broad'
the
in
banks
ending Dec. 31, 1936, Commissioner Withers
past year has witnessed
condition
structure.
(7) Prospects of reasonably steady growth of territory served.
State
year
said:
character of management.
character standing of incorporators.
Financial and
(6)
reviewing the activity and progress with the Bureau
bank
parent
Competence and
Since
clarifying the deposit cf securities for trust funds.
during the
sufficient service.
give
(4) Adequate capital
with
of
An
necessity
continued
the
age
of
seeking
new
avenues
of revenue.
The Department has
the establishment of fair service charges and to discour¬
continuance of unprofitable departments and services.
to
urge
to be that a
New Jersey State Banking Board Opposed to
Lowering
of 2% Interest Rate on Savings and Time
Deposits
hood of shortages in some raw material markets and of delayed deliveries
on
The weight of opinion among the firms responding to the
inquiry seems
general rise in values is in prospect, including wages as well as
prices of raw materials and manufactured products. There is also a likeli¬
of some
and manufactured goods.
materials
raw
The outlook in this
re¬
spect, however, may be expected to improve with the end of the maritime
strike
the Pacific Coast.
on
(The Guaranty's inquiry was made prior to the
outbreak of the strike in the automobile industry.)
of higher
prices and shortages,
expressed opinions
such
no
tendency has
a
Despite' the expectation
developed in
certain lines.
factured goods are generally moderate.
Inventories
Labor difficulties
of
manu¬
feared in
are
a
Conditions
are
mainly favorable, except in
yet become adjusted to the accelerated tempo of business.
The unsound
that commonly appear in the later stages of expansion have not
yet had time to develop, or at any rate to become general.
The only serious weakness suggested by the reports is in the labor out¬
look.
To a certain extent, this also is typical of periods of business
recovery.
In the present instance, however, the results of the inquiry
merely tend to
indications
from
other
sources
feeling of unrest in labor circles.
may
be
among
with
more
the
exception
near
and it is to be
these
It is
can
of
an
exceptionally
of
war,
seems
to sentiment
At any rate, no other single factor
capable of working
future as possible labor
such
destructive
disturbances of major proportions
hoped, for the sake of labor
as
well
as of other groups,
that
engaged in the production and dis¬
to concerns
hardware, chemicals and fertilizers, paper and
and other producers' goods.
all replied to every question,
paper
In all, 51 replies
the
more
products, and machin¬
were
received.
important queries
were
for the most part, carefully and completely.
Commissioner
While not
answered,
|
Withers
of
New
Jersey, in
Report, Refers to New Legislation as Most
Constructive
interest
in
Recent
Years—Finds
Continuing
Improvement in Condition of Majority of State-
Chartered Banks
According to figures released by State Banking Commis¬
Withers of New Jersey, in his annual
report
to the Banking Advisory Board (made
public Jan. 16), the
sioner Carl K.
of
rate
2%
Jan. 14, to the Jersey "Ob¬
by
resolution,
went
being adjusted by Clearing
permit, to conform to the reduced
of
this type
record
on
House
return
in
action,
where
now
favor
obtainable
Legislation
restrictions
by
the
ties
which
may
governing
Board. '
Federal
In
have
the
this
the effect
extension
resolution
authorities to prevent
was
of
local
the
con¬
invest¬
on
by the banks.
2% rate has been in effect since Jan. 1, 1936. under
in 1935 by the Legislature.
of
of
Act passed
changing the present Federal
branch
close
an
banking
cooperation
also
was
between
unwarranted overexpansion
of
opposed
State
and
banking facili¬
considered necessary.
W. W. Aldrich Criticizes Policy of Low Interest Rates
—Says
Program
Militates
Against
Sound
and Means Serious Adjustments Later
covery,
Re¬
Extremely low interest rates, instead of being necessary
for recovery, actually militate against
recovery and acceler¬
ate forces
which later involve serious
adjustments, Win-
throp W.
New
of
Aldrich, Chairman
York
City,
declared
intervention
in
of
the Ohase
on
Jan.
21
in
field
of
credit
the
National
an
Bank
address
before
Rhode Island Bankers
Association, at Providence, R. I.
serting
of
that
the
rate
interest
should
regulate
on
the
As¬
savings
und
investment, Mr. Aldrich said that "an economy can be
kept in equilibrium only if the rate of interest, along with
other prices, is allowed to seek its natural level."
Stating
that "government intervention in
banking through the de¬
pression
Bank
Annual
however,
rate
government
be avoided.
The inquiry was sent
State
maximum
in Trenton advices,
Board,
ditions
wide-spread
tribution of food products, textiles and clothing, leather and shoes, metals,
ery
The
maximum
possible that this apparent feeling
largely due to the policies of labor leaders than
the rank and file of workers.
effects in the
the
server," which added:
ments
where special obstacles are present or where some branches have not
confirm
in
The
period of business expansion.
features
stated
was
a
The general picture presented by this limited sample of business
opinion is
fairly typical of the situation that ordinarily exists during the earlier stages
of
reduction
savings and time deposits by banking institutions in New
Jersey is opposed by the State Banking Advisory Board, it
there is noted by those companies that
general tendency toward speculative buying, although
small majority of cases.
cases
Further
has
to say:
It
has
banks
in
the
as
taken
many
forms,"
Mr.
Aldrich
went
on
,
included
in
governmental
Austria
United
States
and
to
Germany
support
in
1931,
and
guarantee
followed
by
of
commercial
organized
action
strengthen weak spots in the banking situation,
by the action of the banks in f&31 in organizing the National Credit
Corporation, followed by the government's Reconstruction Finance
Corpo¬
ration in
1932.
The RFC
has made loans to
banks, to railroads, to
municipalities, and1 to industrial concerns.
It has purchased the
preferred
stock of banks with a view to
strengthening their capital structure.
It
first
has
loans
made
departments and
various
to
organizations of the govern¬
itself.
ment
•
At the same time,
gold embargoes and foreign exchange
control measures
systems
various parts of the world to protect banking
foreign drains and from the flight of domestic funds abroad,
reductions in interest rates.
.
.
.
imposed in
were
from
effect
governmental activity has also taken
Greater
to
those
as
to
interest
and to
Germany.
Credit
Institutions and
Rates
of Interest
discussing the effect of
rates
upon
of
Nation,
American
the
of the Federal Reserve Act in 1933, the passage of the
Act in 1916, and the establishment of the Federal
System in 1923.
Through the depression, Federal
credit institutions have multiplied rapidly, until at the present time there
are
some 30
government lending agencies.
Certain of these, such as the
Home Owners' Loan Corporation and the Federal Farm Mortgage Corpora¬
the passage
by
Loan
Farm
Federal
The former has ceased its operations
as an
active lending agency, and the latter is expected to do so in 1940.
From the point of view of cur interest rate analysis, attention will not be
given the emergency institutions, however important at the time, but rather
to a certain selected group of institutions which seem intended to be of a
tion,
.
emergency
are
institutions.
Position of Government Lending
Agencies, Credit Standards
Rates
and Interest
reductions in interest
rates and credit standards requires careful analysis.
The various advan¬
tages which they enjoy place them in a preferred position compared with
other lending agencies, and reduce their costs below competitive levels.
In
the first place, government lending agencies have received capital
contributions from the Treasury.
More than $2,009,000,000 has been so
of
effect
The
government lending agencies
The majority of these
provided.
upon
agencies are paying no dividends to the
for such payment are on a when, as
government and existing provisions
and
earned basis.
if
provision for the gov¬
they issue. The government
lias guaranteed unconditionally, both as to principal and interest, the notes
of the Reconstruction Finance Corporation, and the bonds of the Home
Owners' Loan Corporation and the Federal Farm Mortgage Corporation.
The
total of such
guaranteed obligations is in the neighborhood of
$4,700,000,000.
In addition, the government stands ready to guarantee,
both as to principal and interest, any obligations which may be issued
through the Federal Housing Administration against mortgages which are
issued before July X, 1937, and stands ready to guarantee $50,000,000 of
Tennessee Valley Authority bonds when issued.
The maximum of govern¬
ment guaranteed bonds which might be issued1 by present lending agencies
second
the
In
the
In
of
the obligations which
$13,000,000,000.
third place, various
about
is
government agencies enjoy
place,
guarantee
ernment
obligations
issued by government lending
tax-exempt privileges, giving them further advantages in
The obligations of the Federal Land banks
and the Federal Intermediate Credit banks are exempt both in respect to
surtaxes and normal
taxes.
Provision is made for exemption from the
normal tax of the income from the obligations issued by the Reconstruc¬
tion Finance Corporation,
the Federal Farm Mortgage Corporation, the
Home Owners' Loan Corporation, the Central Bank for Coperatives, Fed¬
eral
Home
Loan Banks, and the Federal Savings and Loan Insurance
agencies
carry
operating costs.
the matter of
In
its lending agencies
to
deferments of
assist¬
offset
interest rate reductions, and appropria¬
the government has extended direct financial
in other ways, including payments to
the fourth place,
principal instalments,
administrative expenses,
Government lending institutions have
ticular
fields.
Monetary policies have
fields through increasing member bank
Through our interest rate policies we
from exercising its regulatory function.
tions
defray
to
declining
and
Low
rates of
&c. . . .
reduced rates of interest in par¬
reduced ratfes of interest in all
excess reserves.
...
are preventing the rate of
interest
...
interest are of
immeasurable benefit to a
they are the result of genuine forces of supply and
demand.
They are evidence of a prudent, thrifty people; of a community
where greater reliance is placed on machines, and where wages are rela¬
Nation, provided that
tively high.
On
the
other hand',
the reduction of rates of
interest through monetary
manipulation and forced credit expansion provokes great harm in its
on
the banking system and in magnifying business fluctuations.
mentals
are
disguised.
for
deterioration
Artificial
the
in
case
effects
Funda¬
substitution of bank
lead to a disastrous
bank credit itself.
.
.
.
prices are dangerous in any field, but are emphatically so
of the rate of interest where the effects permeate the entire
in the quality of
interest rates eventually rise, as they surely will, serious
readjustments are involved.
Business earnings must be recapitalized at
the higher rates and fixed assets correspondingly reduced in value.
Longterm bank assets will be subject to the same forced readjustment.
The world has proceeded far in the control of rates of interest.
The
When
system.
operations of
financial systems have been
of savings and
tuted for the substance.
processes
capital formation.
confused with the fundamental
The shadow has been substi¬
of interest are not necessary for recovery.
In
1922, when a very sharp business recovery took place (the Federal Re¬
serve
Board adjusted index of production advanced from 75 in January
to
100 in December),
the four- to six-months' commercial paper rate
fluctuated between a low of 3.91% and a high of 4.88%.
Extremely
low
rates
for recovery, but they militate
forces in motion which involve later
serious readjustments.
An economy can be kept in equilibrium only If
the rate of interest, afong with other prices, is allowed to seek its natural
level and to perform its full regulatory function.
This conclusion applies
Not
against
only
a
are
sound1
low rates not necessary
recovery
*
and set
^
in excess bank reserves
should cause firmer money rates and a means of testing
the market for long-term bonds.
He said that no commer¬
cial revival would seem adequate to absorb present swollen
bank reserves.
He predicted that if reserve requirements
were increased the result on the bond market would prob¬
said that a reduction
readjustment, rather than any
ably be "a quiet and healthy
violent or drastic reaction."
spoke before the annual midwinter meeting of
State Bankers Association, in the audi¬
Case
Mr.
York
New
the
noted in the current issue of
Mr. Case said, in part:
the meeting are
the "Chronicle."
I
not
was
speak
to
to
we
bond
our
said, to
he
answer,
what
at
President, in asking me to
your
the topic for our discussion.
You would
such questions as these:
"What
account?
When shall we act on it—and how?
today, suggested
the
do about
Precisely
surprised when
altogether
you
have
like
should
moment
switch from
we
short- to long-term
sell now,
Finally,
obligations—at what moment from long to short?
Shall we
or
shall we hold; and which maturities shall we sell or hold ?
what
shall
who
buy—we
we
are
holders
large
of
long-term bonds—as
accumulate?"
funds
additional
Other
Reserve Bank of New York.
torium of the Federal
remarks at
into my confidence quite frankly.
Now, I want to take you
If you are
dogmatic answer to these questions, you have
picked the wrong man.
I am not wise enough to answer them, nor do I
know anyone who
is.
Nevertheless, it is just such questions that we
must ask and continue to ask, because they involve not only the present
but the future welfare of our banks, and so of the whole people.
.
.
.
As the size of the business unit has increased, financing methods have
expecting
give
to
me
a
corporations with large surplus funds have not needed
following their example, have frequently preferred
new capital
issues to temporary accommodation.
The consequence is that
bank loans to industry, as to government, have increasingly been
made
Great
changed.
bank
others,
credit;
through the purchase of bonds.
The trend, of course, has been enormously
accentuated by the depression, but while recovery will do much to redress
there is little to indicate a
the balance,
bond
problem.
an
reversal of the trend itself.
The
immediate and a permanent
.
.
.
problem is not wholly new.
Whenever money was easy
demand small, the purchase of bonds has helped the
The immediate
and
both
is
therefore,
portfolio,
commercial
the
profitably employed. This is particularly true
not only to redeem past losses
and build up surplus, but also to retire preferred stock and debentures
issued to the Reconstruction Finance Corporation.
Today, even, recovery
is no automatic solvent to the problem of earnings.
It contains too many
new
and unfamiliar ingredients which seem to have altered the usual
banks
keep their funds
to
today when so many banks need earnings,
Short-term rates, instead of firming, have declined still further.
process.
unprecedented degree, the borrower's market still maintains
long-term borrowers have shown a
unprecedented extent
an
full
take
This
To an
itself, and to
disposition to
instead of easing, have continued their advance.
Long-term bonds,
advantage of it.
raises
a
question which is not only interesting but central, I take
it, to our discussion.
No doubt you have heard the suggestion, as I have,
that
low-coupon issues,
these
long-term,
which the Treasury has signally
approved by force of example, contain the seeds of serious trouble.
How,
it is asked, can such issues continue to hold their place market-wise as
normal conditions
return?
Statistics of the past, certainly, afford no
30-year average of more than
A
reassuring answer.
three-and-a-halfs may not always enjoy clear
sailing.
/
the
On
4% in the yield of
bonds—the record for the first three decades of this century—
long-term
suggests that our threes and
other
hand, there is much to
support the contention that
we
future than in the past.
The
security program, as now designed, will shortly begin to absorb
outstanding governments, and with new issues tapering off, supply may
be sharply curtailed.
.
.
.
Thanks to the action of the Federal and
State authorities, you are enabled to lay a service charge against unpro¬
ductive accounts and escape the old competition in high interest payments
lower yields in the
expect somewhat
may
social
and so your emphasis, upon
revival of commercial and industrial demand
depositors which reduces your dependence,
to
...
low interest rates, bringing about a
true capital on a vast scale, inevitably
Artifically
credit
urged on
was
'
tional Bank of New York.
Corporation.
ance
requirements
25 by J. Herbert
shall
permanent character.
The Privileged
reserve
Case, partner in R. W. Pressprich &
Co., investment brokers.
Mr. Case, who retired last year,
cn April 80, as Chairman of the Board and Federal Reserve
Agent at the Federal Reserve Bank of New York, warned
against artificially low interest rates, and indorsed state¬
ments recently made by W. W. Aldrich of the Chase Na¬
Credit
Intermediate
in
rise
further
Jan.
Mr. Case
the establishment of government credit institu¬
interest, it should, be noted that from the origins of
Federal and State Governments have from time to
time been interested
in the ownership, control or operation of banking
institutions.
The modern period of Federal activity in banking dates from
the establishment of the Postal Savings System in 1911.
This was followed
In
tions
control.
rate
.
great
Government
economy
Case Urges Further Rise in Reserve Re¬
quirements—Former Head of Federal Reserve Bank
of New York Says Action Would Result in Firmer
Interest Rates and Would Test Bond Market
A
•
importance has been the reduction of rates of interest to
artificially low levels through central bank operation, monetary devalua¬
tions, and the activity of the exchange stabilization funds.
Finally, commercial banking systems have been used as instruments of
national policy in the financing of budgetary deficits.
A recent study by
the League of Nations indicates that such has been the case, particularly
in the United States, Japan and Germany.
.
.
.
...
Of
whole
Herbert
J.
the form of the establish¬
regulatory
new
fields served by government lending agencies as well
which ^experiences the expansionist effects of
particular
the
commissions.
Illustrations are afforded by the
Federal Deposit Insurance Corporation and the Securities and Exchange
Commission in the United States and by the Board of Bank Control in
of
ment
Tan. 30, 1937
Financial Chronicle
700
would
that
it is
the
part
be
to
think
of
tried
to
appraised
so
excess reserves.
fairly, pro and con, and with
can appraise them for you.
They
arguments
because
no one
one
in the • light of his own
situation.
I
however, that just as neither side has a monopoly
precipitate action is indicated, either on your
What is indicated is a list which is diversified,
no
market's.
the
the
by each
fair to say,
argument,
or
present
be content,
I must
have
no mere
adequate of itself to absorb our swollen
seem
have
I
Finally,
yield.
mere
The rule against
well as space. ...
only in the issues represented but in their maturities.
not
putting all your eggs in one basket is valid In time as
There is considerable speculation about the chances
effects
of
conceded
a
further increase in reserve requirements.
that
excess
reserves
have been
and
the
probable
Since it is generally
largely responsible
for
the
per¬
abnormally low money rates, men naturally wonder what
be involved in their substantial reduction.
Winthrop Aldrich, Chairman of the Chase National Bank, had something
sistently
and
changes would
to
say
about this recently in reporting to his stockholders.
"Times" of Jan. 13:
I quote from
the New York
of bank credit In the United States In 1936 as well as substantial
In the fourth quarter of the year have brought to the
question of controlling expansionist tendencies.
Both experience and
theory make it clear that, unless adequate monetary controls are invoked in time,
our recovery can all too easily degenerate into a dangerous boom culminating! n
disaster."
"The expansion
commodity price Increases
fore
the
«*
I cordially
statement
This
of
volume
Financial
144
Volume
.Randolph
calls
Burgess
orr
able
money—has created a situation which, if not counteracted, would keep the
far below its real worth to business borrowers, and so would
a
Federal
tion.
ties
by
powerful temptation to overborrowing', overexpansin and price Infla¬
L have supported publicly the efforts of the Federal Reserve authori¬
Non-member
support them.
to
follow
bonds
than
rather
ment
should look for
I
violent
any
quiet and
a
But
reaction.
drastic
or
which
healthy readjust¬
the test might
expect
members of
of
has
concluded
10 issue, page
381.
York
Recommends
Association
Institute—Raymond N. Ball
Warns
Mid-Winter Meeting
that Bankers Must
Solve Own Problems or Government Will Step in
—Recommendations as to Social Security Act—
Research
Reports at Meeting
200
report of the Committee on Education. Raymond F. Leinen,
Executive Vice-President of the Lincoln-Alliance Bank &
who attended the mid-winter
meeting of the New York State Bankers Association, held
in New York City.
The address of J. Herbert Case, who
by
than
more
persons
Trust Co., Rochester,
concluded
at
Board
N. Y., addressed the meeting as Chair¬
Trustees of the Pension Fund, and
of
of the National Bank & Trust
Co., Norwich, N. Y., submitted a report as
on Agriculture.
Sibley,
Harper
banquet addressed by
a
the
Otis A. Thompson, Cashier
to elsewhere
was
of
man
of the principal speakers at the meeting, is referred
in this issue of the "Chronicle."
The session
one
was
Social
Bank & Trust
resolution adopted on Jan. 25
a
the
Raymond Roos, Cashier of the National Commercial
Co, of Albany, submitted, as Chairman the
J.
research in banking and
The founding of an institute for
to
governing State taxation of National banks.
.
finance was recommended in
subject
be
should
banks
payable thereunder.
The employees of banks
just as much entitled to the benefits of the Social Security Act as are
those of other employers, and while many banks have already provided
pension plans which seem to be superior in some respects to the pensions
provided under the Social Security Act, such plans can be adjusted so as
to become supplementary to the Federal pensions.
Accordingly, your committee expresses the opinion that the Federal
Social Security Act should be amended so as to include all bank employees
in the benefits thereof, and make all banks subject to the taxes levied
thereunder, without prejudice, however, to the existing statutory principles
,
Bankers
State
Creation of
all
that
consultation with representatives
committee on this subject, your com¬
are
♦
New
and
banks and to the
believe that the banks
wish to hide behind a techni¬
and the taxes
Security Act
Aldrich at the meeting of the stock¬
holders of the Chase National Bank were referred to in our
The comments by Mr.
Jan.
Reserve
Federal
the
does not
committee
the
and
Bankers Association
the American
mittee
gradual reversal of the trend.
a
careful consideration
After
cality.
as
obviously
thereof,
are
exempt
are
generally not exempt.
inequitable, both to the
are
is
employees
suggest that we had reached a turning point and might now
well
a
Personally,
market.
the
banks
situation
This
any
is
Revenue,
has been given to the
from Social Security taxes imposed
result of a ruling of the Bureau of
which held that such banks are "instrumentalities of
within the meaning of this phrase as used in the Act.
System
Government,
the United States"
No doubt we may expect somewhat firmer money rateB
further reduction of excess reserves. As far as its effect on
concerned, I think we should welcome it as a means of testing
to
Reserve
the Federal
Internal
and I shall continue
reduce this problem to manageable proportions,
to
At
thereunder.
legislation, consideration
regard to the Social Security Act and the taxes pay¬
the present time, banks which are members of the
situation of banks in
cost of money
offer
Federal
the realm of
In
that the
high-powered
The fact of the matter is
endorse.
reserves—what
our
701
Chronicle
Chairman of the
Committee
President of the Chamber of Commerce of the United States.
Raymond N. Ball, President of the Association, opened
meeting by warning bankers that unless they found a
the
of
solution
their
The
maladjustments
changes
tionary
the
of
ing
in
that
with
in
the
The
that
result
with
lative
new
Acts
and
departments.
with
other
monetary
have
given
this country
with
and
with the
face
difficult
gave
conditions
existing
and
reality
situations
evidence of
and
wide¬
policy,:
government
of the functions
accepted views
Among these, the Gold Reserve Act of 1934, together
banking
and
implications
development.
monetary
far
significance and effects
enacted since March,
legislation
1933,
avowedly novel monetary system, unique and
an
American
in
beyond
to
perceive,
complex,
its
ultimate
time will
which only the passage of
matters
are
ability
our
Extremely
disclose.
The
is
results
democratic
who
us
expressed
as
expression
foreign
the recent election should not,
of
a
of
one
no
people
the
of
War, for better
varioous
Communism,
about
yet,
the people,
This
Socialism
or
for
I
assume
even
of
the
our
ciples
changes
been
of
economic
our
Several
desires
expressed
I
do not believe
in this country.
in
I
and
we
needs
are
of
the
headed for
not disturbed,
am
We should be
face the facts and recognize that the
we
world-wide
are
in
their
under which
system
We
believe the
I
roots.
bankers must
has
this Nation
in devel¬
grown
and
however, is not solely that
This responsibility,
as
accept our share.
Our
the
work
records,
far
so
have
we
and
has
been
examined
forth—used
so
largely exploratory in
the
savings
various
In the first
nature.
records—mortgage
of
types
in
banks
and
other
institu¬
records that
fci
the
by the Mortgage Conference
of
New
York
we
tration
and
of
being carried
access
Urban
and
Home
Mortgage
Information
seen
being kept
Bureau.
Housing
In ad¬
Adminis¬
Loan
of statistical analysis and research that is
conducted by
touch
in
Federal
the
are
program
Corporation in
and pushed1 forward
on
of
officials
by
the
to the very enlightening piece of
Housing,"
Agriculture and
of
V.
with
New York
Owners'
notable
have been
field
Group
consulted
the
the
in Greater
the
and
have
learned
of
banks
the
FHA.
We have also been
research, "Financial Survey
1934,
the
staff
of the
Department of
results of some of the work done there in the
these organizations and other bureaus in
Washington have expressed their desire to cooperate with us and to have
our
cooperation in
gage
lending.
at
the
value
us
and
to
submitted
Harold
any
Your
agencies,
be
loans.
mortgage
to
F.
All
fundamental program of study of real estate mort¬
Commission therefore proposes to secure from-these
appropriate
if
the
possible
times,
to
whatever data are available and! of
analyses and reports thereon, to
prepare
members of the
Klein,
offering of $50,000,000, or thereabouts,
received at the Federal Re¬
banks, or the branches thereof, up to 2 p. m., Eastern
Standard Time, Monday, Feb. 1, but not at the Treasury
Department, Washington, were invited on Jan. 28 by Henry
Morgenthau Jr., Secretary of the Treasury.
The bills,
which will be sold on a discount basis to the highest bidders,
will be dated Feb. 3, 1937, and will mature on Nov. 3, 1937.
On the maturity date the face amount of the bills will be
payable without interest.
An issue of similar securities in
amount of $50,102,000 will mature on Feb. 3.
In inviting the tenders to the new offering, Secretary
Morgenthau also had the following to say:
Tenders to
a new
Association.
Assistant
Secretary
serve
denominations
the
Brooklyn
Trust Co., submitted the report of the Committee on Legis¬
$1,000,
No
on
$500,000,
$100,000,
tender for
amount
an
less
and
$1,000,000
$1,000 will be considered.
than
Each
The price offered must be expressed
the basis of 100, with not more than three
decimal places, e.g. 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from
and
trust
incorporated banks
companies and from responsible and recognized dealers in
posit of 10% of the face amount of Treasury bills applied for, unless
tenders
are
in¬
Tenders from others must be accompanied by a de¬
vestment securities.
the
accompanied by an express guaranty of payment by an in¬
corporated bank
or
trust company.
Immediately after the closing hour for receipt of tenders on Feb. 1,
1937,
all tenders received at the Federal Reserve banks or branches thereof up
the
to
closing hour will be opened and public announcement of the ac¬
ceptable prices will follow
following morning.
as
soon as
possible thereafter, probably on the
The Secretary of the Treasury expressly reserves the
right to reject any or all tenders or parts of tenders, and to allot less than
the amount applied for, and his action in any such respect
Those submitting tenders will be advised of the acceptance or
of.
on
shall be final.
rejection there¬
Payment at the price offered for Treasury bills allotted must be made
at the Federal Reserve banks in cash or other
immediately available funds
Feb. 3, 1937.
The Treasury bills will be exempt, as to principal
and interest, and any
gain from the sale or other disposition thereof will also be exempt, from all
except
estate
and
inheritance taxes.
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from
the gift tax.)
No loss from the sale
bills shall be allowed
as
lation, which had the following to say regarding the Social
poses of any tax now or
Security Act:
its
$10,000,
tender must be in multiples of $1,000.
taxation,
of
of
(maturity value).
Washington and have
the Department of Commerce in
members of
with
Offering of 273-Day Treasury Bills in Amount of
$60,000,000, or Thereabouts—To Be Dated Feb. 3,
1937
ledger
cards,
tions, and the highly valuable and instructive
savings
0.361% per annum on a bank
SSjThey (the bills) will be issued in bearer form only, and in amounts or
reports featured the meeting;
for
New
antedating the World
that of the Com¬
Study of the Banking Structure was pre¬
sented by S. Sloan Colt, President of the Bankers Trust
Co. of New Yofk.
The report said, in part:
mittee
given
The average price of Treasury bills to be
of 273-day Treasury bills, to be
the
Fascism
many years.
industrialist.
dition
accepted.
discount basis.
a
enterprises will accept the
business
great
prospered for
place
Only part of the amount bid for at
bank discount basis.
the latter price was
various
has
movement has expressed itself
radical change in our form of government.
a
these
in
heard
There
challenge and make
its contribution, in cooperation with government, toward the solution of
many of our new problems and thereby help to preserve the basic prin¬
oping
the
per annum, on a
99.755, equivalent to a rate of
99.717, equivalent to a rate of about 0.373%
the
of
echo
leadership of American business which has shown great capacity
of
The accepted bids ranged in price from
about 0.323% per annum, to
that there
the voice
the
but
War.
If
countries.
greatly disturbed, however, unless
desires
is
has been
World
the
for better social conditions,
majority
as
which
people
accomplish
to
November
conditions.
different
attempting
government, and
in
since
and
I believe, be ignored.
must recognize that
we
polls
the
of
of
the part of
on
in
not,
the
will
social
forms
form
does
at
before
countries
growing movement
In
*
were
issued is 99.726 and the average rate is about
believe in
we
to 2 p. m., Eastern Standard Time, Jan. 25.
invited by Secretary Morgenthau on Jan. 21, as
noted in our issue of Jan. 23, pageJ541.
Details of the bids to the offeringfwere made available by
Secretary Morgenthau on Jan. 25 as follows:
They
unprecedented legis¬
in the
Jr. an¬
Jan. 25 that tenders of $134,878,000 had
thereof up
.
expression
of the Treasury Henry Morgenthau
been
accepted to the offering of $50,000000, or thereabouts, of 273-day Treasury bills, dated Jan 27
and maturing Oct. 27, 1937.
The tenders to the offering
were received at the Federal Reserve banks and the branches
on
received and $50,038,000
the
in
a
Secretary
•
nounced
policies that have emanated in the Congress and govern¬
ment
unprecedented
to
1932
have found
concepts
face
us
most
government were challenged.
These
caused! revolu¬
the peoples
culminat¬
have
of the
one
traditional
our
War
Average
at
0.361%
economic life of
and
election in
with
country.
our
World
the
social
of events during the twenties,
brought
1929,
dissatisfaction
spread
by
political,
repercussions
confronted
were
history of
of
The
collapse
our
we
the
in
world.
created
Accepted
$60,038,000
Mr. Ball said, in part:
ship.
of $60,000Jan. 27—
Rate of About
Tenders of $134,878,000 Tendered to Offering
000 of
273-Day Treasury Bills dated
problems government opnership and
operation of banks may be substituted for private owner¬
own
possessions.
a
or
other disposition of the Treasury
deduction, or otherwise recognized, for the pur¬
hereafter imposed by the United States or any of
702
Financial
Treasury Department
Circular No.
418,
as
amended,
Chronicle
"I
and this notice
Jan. 30. 1937
unable
am
understand
to
how
the
precludes
temporary injunction
the studying of the various problems
prescribe the terms of the Treasury bills and govern the conditions of their
either
issue.
arising out of the TVA operation or the working out of a permanent
+.
Fourth Annual
Birthday Balls In Honor of President
Fight Against Infantile Paralysis
honor of President Roosevelt's 55th birthday today
(Jan. 30) the fourth annual birthday balls will be held in
5,000 cities tonight.
As in the past, 30% of the amount
raised by each local birthday ball is to be sent to the national
committee and given by it to the President for presentation
to the Warm Springs, Ga., Foundation for the continuation
and expansion of its part in the n tionwide fight against
infantile paralysis.
70% of the funds raised by each birth¬
day ball is to remain in the community for the treatment of
infantile paralysis, this money to be disbursed through those
local or adjacent orthopedic doctors, hospitals or facilities
upon which the community
depends under ordinary or
epidemic conditions.
In
Roosevelt
1939,
30,
Signs
Bill
$2,000,000,000
President's Power
Extending Until June
Stabilization
Fund
and
Devalue Dollar
to
until
June
30,
the President's
nounced
the
President Roosevelt of the bill extending
1939, the $2,000,000,000 stabilization fund,
measure
Jan.
23,
conferred
Both
Jan.
< n
544.
page
19,
devalue the dollar, was an¬
Senate and House passed
to
powers
25
Jan.
on
the
indicated in
as was
these columns
The Stabilization Act with the powers
the President would have expired today
The text of the Administration's bill to devalue
(the Gold Reserve Act of 1934) was given in our
issue of Feb. 3, 1934, page 742.
Its provisions, origi, ally
upon
(Jan. 30).
the dollar
to
continue in
force
two
years,
were
extended
for
ditional year under a proclamation by the President
ago,
a
Agreed in Principle on Plans for British-American
Trade
Pact—Secretary Hull at Conferences •—
Secretary Morgenthau Moves to Revise Tri-Partite
Exchange Control Program—President Harrison of
Roosevelt
Discontinues
ferences Because of
President Roosevelt
addressed
Power
Pool
Jan.
on
26 made
known in
letter
a
and
President Roosevelt's letter follows:
of
power
a
transmission facilities in the
The preliminary fact-finding arranged for at that
conference has been completed and the opportunity is in
my hands.
"Sincethe conference of Sept. 30 a sweeping
preliminary injuction has been
the Tennesee Valley Authority upon the application of 19
utility companies, including certain companies who
ference.
The
securing of
circumstances,
an
precludes
a
transmission
The letters were sent to the following:
week-end
guest at the White
House, as noted in the
Jan. 23, page 549.
It was reported from
Britain hnd the United States.
were
parties to the
ment and
private monetary experts.
The advices to the "Wall Street Journal" also said in part.
Secretary Morgenthau and Mr.
House,
the
but
had
situation
Secretary
nothing,
Runciman.
.
.
later
Runciman both lunched at the White
insisted
that
yet, to do with
as
facility
and
arrangement
Frederic Delano, National Resources
Cooke, Rural Electrification Administration; Frank
McNinch, Federal Power Commission; Basil Manly, Federal Power Com¬
this
declined to discuss in detail what
same
weeks."
.
was
behind the
.
The international aspect of
the conference
shown by the presence of
was
Dr. Herbert Feis, economic adviser to the State Department, and H. Merle
Cochran, first secretary and Treasury representative at the United States
House
shortly after noon.
by two weeks
Mr.
Cochran's
visit to
Samuel
Ferguson,
Treasury follows
the
visit by William W. Butterworth, the Treasury's represen¬
a
tative in the London
Embassy.
O. M. W. Sprague, former adviser to the Bank of England and later to
the U. S. Treasury, also attened the conference, and Secretary Morgenthau
disclosed that Prof. Sprague, who resigned some time ago in protest
against
the dollar depreciation program, has been re-employed as a part-time
adviser
the
Treasury.
The meeting with
Secretary Morgenthau began at 10 o'clock yesterday
morning when the Secretary met with George L. Harrison, President of the
New York Federal Reserve Bank, John Williams, economic adviser to
the
New York bank; Walter Stewart/partner in Case, Pomeroy; Prof. Sprague,
Lochhead,
Manager of the Stablization Fund; George C. Haas, Research Chief of the
Wayne C. Taylor, Assistant Secretary of the Treasury, Archie
Preston
Co.,
currency
back here three or four times over the next two or three
group
.
Treasury; Daniel W. Bell, Budget Director;
Power
of the
study
"nothing pressing" before the group, adding that "you may see
was
Mr.
Valley Authority;
Georgia
his
the matters being discussed by
.
Morgenthau
Secretary
there
con¬
Morris
Arkwright,
Later
Nations considered
of these conferences
would warrant definite notice of intent to negotiate.
A
dispatch to the "Wall Street Journal" of Jan. 26 from its
Washington bureau stated that while Secretary Hull and
Mr. Runciman were establishing a working basis for further
negotiation on a reciprocal trade agreement, Secretary of
Treasury Morgenthau was discussing the world currency
situation, "past, present and future", with a group of gover-
mission; Arthur E. Morgan, Tennessee Valley Authority; Harcourt
Morgan,
Tennessee Valley Authority; David Lilienthal, Tennessee
S.
Walter
with
this week, economic experts of the two
whether detailed application of the spirit
to
makes it advisable to discontinue these conferences."
Committee
Latter
with
week
Washington on Jan. 25 that at a meeting which was also
attended by Secretary of State Hull an agreement was reached
in principle on the negotiation of a reciprocal trade agree¬
injunction of this broad character, under the
joint
this
"Chronicle" of
Tennessee Valley area.
issued against
Meets
Embassy in Paris, whom Secretary Morgenthau took with him to the White
"On Sept. 17, 1936, I asked you, together with other
representatives of
the government and private interests, to
participate in a conference to ex¬
use
Bank
conferred
meeting of monetary experts at the Treasury yesterday, but he insisted that
private power interests,
the discontinuance of the conferences
bearing on the pooling
of public and private power
companies in the Tennessee
Valley Area.
plore the possibilities of joint
Reserve
Roosevelt
Runciman, President of the British Board of Trade, who was
Con¬
Injunction Against TVA.
Federal officials
to
York
New
President
Mr.
President
power
President Roosevelt and Walter Runciman Said to Have
year
noted in the "Chronicle" of Jan. 11, 1936, page 226.
as
TVA.'*
conferences were referred to in our Jan. 23
issue, page 547 and on page 543 we noted the appointment
issued, page 547 and on page 543 we noted the appointment
by the President of a board, headed by Secretary of the
Interior Ickes, to formulate a National power policy.
The
ad¬
an
solution.
would
the dissolution of the injunction
or
place our property at the mercy of the uncontrolled discretion of the
ment between Great
The signing by
and
of transmission,
The dismissal of the law suit
Roosevelt To Be Held Tonight, Jan. 30—Funds To
Be Used For Warm Springs (Ga.) Foundation and
President
the pooling
Herman Oliphant,
Treasury
General Counsel; Clarence Opper, special counsel on monetary affairs;
Hartford
and
Cochran.
After this meeting had been in session for
time, the Secretary sum¬
some
Electric Light Co.; Alexander Sachs, New York; Owen D.
Young, General
Electric Co., S. Parker Gilbert, New York; Wendell L.
moned
wealth and Southern
Board, and Harry D. White, chief of monetary research of the Treasury.
Willkie, Common¬
Corporation, Louis B. Wehle, New York.
Dr.
Feis, E. A.
At 11:15 there
With regard
to President
Roosevelt's cancellation of
further pool conferences, Wendell L. Willkie, President of
The Commonwealth & Southern
Corporation, issued a state¬
ment
as
be necessary to start
comprehensive law suit testing the constitutionality
a
of the TVA operations. That unless we did
might waive
our
right
August 19th
application for
an
a
filed.
was
was
September 17th the President invited
us
the creation of a power pool or grid system.
September 30th. At the
directors that
unless
we
should
conference it
delay
to a conference to discuss
This conference
suggested by
one
was
held
our
George Harrison, who
were
resumed upon the Secretary's return and
continued until
At this time, the
discussions continued throughout the day with an hour out for lunch.
A further conference
was
tary group on Jan. 26.
be
namely
held by Secretary Morgenthau with the mone¬
It is stated that the discussions
technical,
understood
were
dealing with problems of clearing international
payments and handling capital and gold movements.
Mr.
Runcinian
was
booked to sail yesterday
(Jan. 29)
the Cunard
on
White Star liner Acquitania.
on
of the TVA
discontinue the duplication of
brief intermission during which Secretary Morgen¬
12:30 when he took Mr. Cochran to the White House.
President
Pledges Support of Government
Housing Plan of National Public
Housing Conference
trans¬
mission and distribution systems. The TVA declined in the
slightest degree
to? do so and by the same token I declined to alter the
progress of the law
Roosevelt
Agencies
dismiss the law suit. This I declined to do
or
the TVA would likewise
was
con¬
later granted by the court.
a
meeting of the presidents of the 12 Federal Reserve banks
other conferees adjourned to the office of Assistant Secretary Taylor, where
to
temporary injunction
This application, which was pending at the time of the White
House
ference, sought much broader relief than
"On
ever
On May 29th this law suit was filed.
so.
"On
so we
a
Federal Reserve
of the
the Treasury, left at this time.
Conferences
21st, 1936 I advised the President that in view of the competi¬
tive warfare which the TVA was waging against our
companies, it would
was
economist
15-minute visit to the White House.
postponed
to go to
follows:
"On May
to do
thau paid a
had
Goldenweiser,
to
the Court notified both the TVA and the utilities that in view of the
import¬
of the case it should be set down for hearing on its merits in the early
Delegates to the fourth annual meeting of the National
Housing Conference, held in Washington, were
assured by President Roosevelt that the organization would
have the support of Government agencies in its ten-year
plan to "abolish slums and re-house the lower-income groups
at rents they can afford to pay."
The President's pledge
was contained in a letter addressed to Mrs.
Mary K. Simkhovitch, of New York, President of the Conference, and
read before the meeting on Jan. 22.
The letter, dated
Jan. 14, follows as contained in Washington
advices, Jan.
part of December. The TVA objected to this and said that it could not be
22, to the New York "Times" of Jan. 23:
suit.
The President did not then
any question or criticism
nor
at
any
time before
in regard to either the law suit
or
or
after, suggest
the application
for the temporary injunction.
"After the conference the TVA increased its activity in
duplicating our
transmission and distribution systems.
and the 9th
In the time between the conference
of November the Court heard two technical motions filed
by
the TVA seeking to secure the dismissal of the law suit. On November 9th
the Court over-ruled the second of these motions and
November
on
13th
ance
ready for the trial of the
"The Court
then
set
case
until much later.
Public
My Dear Mrs. Simkhovitch:
<
for
""V
hearing the application for the temporary in¬
junction and after several days hearing in which the TVA and the utilities
democracy with part of its citizens living under good conditions and part
participated, issued the preliminary injunction to the effect that the TVA
forced
could
not
facilities
make further
and
solicit
duplication of
our
utilities have been and
are
customers
our
pending
transmission
hearing
on
the
extremely desirous of having the
and reach the higher courts at the earliest possible date.
and
distribution
merits.
case
The
determined
We
have
to
come
live
to
under
realize
that
a
circumstances
nation
cannot
inimical
to
function
the
as
general
a
healthy
welfare.
I
recently called the attention of Congress to the fact that millions of Amer¬
icans still live in habitations which
benefits
of modern
not
only fail to provide the physical
civilization, but breed
of future generations.
disease and impair the health
Volume
Your
Financial
144
has
organization
the opportunity effectively to
this issue
carry
before the people.
ministration the Federal
Through the Public Works Ad¬
Government has carried the fight directly to the
first public housing project, Atlanta's Techwood de¬
our
velopment, which replaced eleven blocks of noisome slum with good hous¬
The Public Works Administration is
ing at low rents.
developments and has forty-six others under
more
Ten
replacing
we
opening four
now
business
festering
slum
would
areas,
(b)
this
If, indeed, the deeper
of its citizens
have
we
a
incredible.
seemed
have
as
possible, especially those who need it most, then
Roosevelt
Signs
Reconstruction
Bill
Life of
Following
Extending
Finance
Corporation
Adoption of Measure By Congress
The
(Public,
1935
Numbered
1,
bill
continuing the functions of the Reconstruction
Corporation until June 30, 1939 was signed by
President Roosevelt on Jan. 26.
The bill was passed by the
Senate on Jan. 15, and in identical form was passed by the
House on Jan. 22.
The adoption of the bill by the House
by a viva voice vote followed the rejection by that body on
Jan. 22 by a vote of 176 noes to 9 affirmative votes of a
Finance
motion to recommit the
by the House under
June 30,
on
1939".
section,
and the
(a) of
be
be deemed to
Mortgage Company, shall
RFC
(a) of the
First Deficiency Appropriation Act, fiscal year 1936.
Senate
Confirms
Nomination
of
Roswell
Magill as
Under-Secretary of the Treasury—Placed in Charge
of Internal Revenue and Taxation Matters
democratic government is to assist as
purpose of
great opportunity lying ahead in the specific field of housing.
President
31,
16, 1937" and inserting in lieu thereof "the close of
established by or pursuant to law within the meaning of section 7
against the slum finally is bearing fruit.
many
Act approved January
The agencies referred to in the Acts referred to in subdivision
doing this and it is substantial evidence that the long fight
are
of the
way.
public erection of 51 big, carefully planned community
ago
years
projects
9
sentence thereof "June
Today families taken from substandard housing are living happy,
healthful lives in
Yet
section
Seventy-fourth Congress), is hereby amended by striking from the first
You will not be alone in your efforts.
slum.
703
Chronicle
The bill
measure.
Following the Senate's confirmation on Jan. 27 of tho
nomination of Roswell Magill as Under-Secretary of tho
Treasury, Secretary of the Treasury Morgenthau on Jan. 28 ..
placed Mr. Magill in charge of all internal revenue and
taxation matters. Mr. Magill, Professor of Law at Columbia*
University, in New York, was nominated to the post of
Under-Secretary by President Roosevelt on Jan. 22. Ho
succeeds Thomas Jefferson Coolidge, who resigned over a*
because of differences over the Administration's
policies. Mr. Magill has in the past served tho
Treasury Department for two extended periods as a special
consultant on tax legislation and other tax matters, it was
stated in an announcement issued by the Treasury Depart¬
ment, which continued:
year
considered
was
ago
financial
From July, 1923, to September, 1924, he was engaged as special attorney
special rule limiting debate to 2J^
hours.
Under Section 2 of the bill extends (besides the RFC)
the life of the following government, agencies, as indicated
in our Jan. 23 issue, page 545, the Commodity Credit Cor¬
poration, the Export-Import Bank, the Electric Home and
Farm Authority and the Reconstruction Finance Corpora¬
tion Mortgage Co.
During the debate on the bill in the House on Jan. 22 an
in hearings before committees of Congress having under consideration the^„
amendment
from Dartmouth College in 1916 and from the law school of the University
which
a
defeated would have limited
was
RFC
loans to individual borrowers to $1,000,000,
From the Washington advices Jan. 22 to the New York
"Times" we take the following:
Besides extending the lending power of the RFC, the bill also is designed,
according to the report of the House Banking and Currency Committee,
"to facilitate the gradual withdrawal of the corporation from the lending
field in
a
with its flexible and efficient operation."
manner most consistent
Suspensions Made Discretionary
To this end it authorizes the
President, at his discretion, to suspend
or
terminate the operations of the corporation in any field of lending whenever
he may find "upon report of the board of directors of the corporation or
and
chief attorney in connection with consideration of the Revenue Act
as
of 1924 and in the preparation of regulations under that Act.
ber, 1933, he
on
appointed
was
matters of tax legislation
Revenue Act of 1934.
in
and in that capacity represented the Secretary
Following that session of Congress he participated
study of the British tax system for the Treasury Department and
a
the Joint Committee
Dr.
of
In Novem¬
assistant to the Secretary of the Treasury
as an
Magill is 41
Internal Revenue Taxation.
on
years
old and
a
He
native of Illinois.
was
Chicago with the degree of Doctor of Jurisprudence in 1920.
he
taught in the
established
became
a
a
of Chicago
University
law practice in
Law
School
for
graduated
Thereafter
two
and
years
Chicago which he continued until 1926. He
member of the law faculty of Columbia University,
New York,,
in 1924 and has been professor of law there since 1927, teaching courses in
taxation
and
civil procedure.
He has also been
a
consultant on taxation
to New York law firms and has written a number of books on taxation,
tho
latest being "Taxable Income," published in 1936.
The resignation of Thomas Jefferson Coolidge as UnderSecretary of the Treasury was referred to in our issue of
Jan. 18, 1936, page 401.
otherwise that credit for any class of borrowers to which the corporation is
authorized to
lend is sufficiently
available from private
sources
to
meet
Senate
This provision drew the fire of the Republicans, Representative Jesse P.
Mr. Wolcott said that if the provision stood, the President, "who already
has the power to end the life of the corporation at will," would be able to
vitiate at any time those provisions allowing loans to sufferers from disaster,
to small
business, to drainage districts and to school districts and inserted
Act in previous Congresses.
However, his plea
vote, 123 to 41.
was
in vain, the amendment going down on
a
standing
f
"Inconsistency" Is Charged
Representative Joseph
Martin Jr.
W.
of Massachusetts
said
that to advocate government reorganization and then to extend the life of
the four agencies was inconsistent.
of the
He quoted Jesse H, Jones, Chairman
RFC, that the Export-Import Bank "doesn't do enough business to
put in your vest pocket."
quotation
from
Mr.
However, the Democrats replied with another
Jones
all
that
the
agencies
concerned
were
"good
shotguns to have in the parlor" and Mr. Martin's amendment to kill the
were:
defeated by either voice or standing votes
by Representative Albert J.
one
to bar all
were
lending for
new
business
one
Engel,
Republican,
of Michigan,
by Representative Francis H. Case,
Republican, of South Dakota, to provide for loans to
school teachers, and one by Representative
pay the salaries of
John J. Cochran, Democrat, of
Missouri, to provide for loans to public and private hospitals.
Mr. Cochran embodied his amendment in a motion to recommit the bill,
which would have the effect, if carried, of placing his amendment in the
bill.
The motion
was
defeated
The text of the bill
as
The Senate
on a
standing vote, 176 to 9.
passed by Congress and approved
the
Functions
Jan. 27
passed, without
record vote,
a
BILL
1937.
The bill, sponsored by Representative Marvin Jones,,
Texas, Chairman of the House Committee on Agriculturer
was passed by the House on Jan. 25, after its
approval by
the House Committee on Agriculture on Jan. 15.
In passing
the House measure on Jan. 27, the Senate indefinitely post¬
poned similar legislation which was before it, introduced by
Senator Ellison D. Smith, of South Carolina, Chairman of
the Senate Committee on Agriculture and Forestry.
Th&
bill passed by the Senate on Jan. 27 provides for loans to
farmers "for fallowing, for planting, for cultivation, for
production of crops, for harvesting of crops, for suppliesincident and necessary to such production or harvesting
and for feed for livestock, or for any other purposes," in
amounts not to exceed $400 to any one borrower, except in
extraordinary cases where larger sums are justified.
Tha
loans would bear interest at the rate of 4% per annum.
Passing of the bill by the Senate followed a discussion
before that body on the powers of the Federal Government
to appropriate money for relief of the distressed under the
general welfare clause of the Constitution; as to this discus¬
sion we take the following Washington advices, of Jan. 27,
from the New York "Journal of Commerce" of Jan. 28:
seed and feed loans to farmers in the belief that it is acting for the general
of the Reconstruction Finance Corporation,
and
For Other Purposes
States of America in Congress assembled.
That notwithstanding
provision of law until the close of business
struction Finance Corporation is
welfare of the nation under the brOad powers of the welfare clause of the
Constitution,
Be it enacted by the Senate and House of Representatives of the United
on
any
under law, and the liquida¬
tion and winding up of the Corporation's affairs as
was
Carter
(Dem., Va.).
In
other
June 30, 1939, the Recon¬
hereby authorized to continue to perform
all functions which it is authorized to perform
provided for by section
Glass
launched
the floor of the Senate today by Senator
on
speech that touched off
a
flood of oratory
a
the Federal
on powers of
Government to provide relief, Senator Glass declared that Congress should
take stock of the situation and
general
give
a
more
literal interpretation
to the
welfare clause before invoking its supreme powers to appropriate-
public moneys.
13 of the Reconstruction Finance Corporation Act, as amended, are hereby
Recalling
a veto
by President Cleveland of
a
bill making
a
gift of seeds
postponed during the period that functions of the Corporation are continued
to
to this Act:
with his clear conception and his courage could find nothing in the
activities
Provided, That in order to facilitate the withdrawal of the credit
of the Corporation
when from time to time during such period
the President finds, upon a report of
tion
the Board of Directors of the Corpora¬
otherwise, that credit for any class of borrowers to which the Cor¬
or
Texas farmers in 1875,
stitution
which
then
not for the
legitimate demands upon fair terms and rates, the President may
Senator Glass declared that "if Mr. Cleveland,
authorized
appropriations
for
special
Con¬
and
purposes
general welfare, I cannot find anything in the Constitution that
warrants such action
today.
Respects High Court
poration is authroized to lend is sufficiently available from private sources
to meet
a.
A sharp attack upon the actions of Congress in appropriating funds for
A
Continue
on
bill making available to the Farm Credit Administration thesum of $50,000,000 for seed and feed loans to farmers
during-
by the President follows:
To
Discussed
r
banks went down by a voice vote.
Other amendments which
$50,000,000 Feed, Seed Loan.
4% Annual Interest —
Bear
of
The other Republican attack was on extension of the terms of the RFC's
satellites.
Pass
Would
in Senate
amendment to strike it out of the bill.
in the RFC
House
Power of Government to Aid Distressed
Wolcott of Michigan, ranking minority member of the committee, offering
an
and
Bill—Loans
legitimate demands upon fair terms and rates."
"I
am
in favor
of the
horse
and
buggy
age
if that
means
respect
for
authorize the Directors to suspend the exercise by the Corporation of any
the Constitution and for the Supreme Court acting under the Constitution,
such lending authority for such time or times as he may
of the
Sec.
2.
Numbered
(a)
1,
Section
7 of the Act approved January
Seventy-fourth
from the first sentence thereof
"the close of business
March
31,
1936
on
(Public,
Congress),
is
deem advisable.
31,
1935
(Public,
hereby amended by striking
"April 1, 1937" and inserting in lieu thereof
June 30,
1939"; section 1 of the Act approved
Numbered
484,
Seventy-fourth
Congress),
is
United States.
disagree with
some
rendered, such
which
said
we
as
willing to tear that court down because I
our
I wish
own
some of
them had
never
commerce
people but not
been
and that
foreigners
in tho
matter of our contractual relations."
In
sharp
reply,
Majority
1937" and inserting in lieu thereof "the close of business
except that
not
that which has destroyed intrastate
"There is practically
June 30, 1939";
am
might swindle
hereby amended by striking from the first sentence thereof "February 1,
on
I
of its decisions.
no
Floor
Leader
Robinson
of
Arkansas
saidt
limitation to the appropriating power of Congress
which is imposed by
a
conscience and
a sense
of duty.
704
Financial
"The national Government," he said,
from starving, or from
"hast he power to prevent farmers
being driven onto"relief rolls by lending them money
with which to plant and make
crops.
that the Government will
renders the United States
Measure
a time of a
Ways
Policy Would Greatly Affect American Prosperity
The House Ways and Means Committee on Jan. 28 favor¬
ably reported the Doughton resolution to extend the Recipro¬
cal Trade Act for a period of three more
years.
At earlier
Committee hearings, one of the most important witnesses
was Francis
B. Sayre, Assistant Secretary of State, who
said on Jan. 22 that the Administration
hopes to expand
foreign markets for American products fast enough, by means
of the reciprocal trade program, to avoid
restriction of
agricultural and industrial production.
He warned the Com¬
mittee that if the program were abandoned now it would not
only contribute to the world's already great political in¬
stability but would have repercussions
on
the prosperity of
of Jan. 22 to the New York
"Times" described Mr. Sayre's remarks in part as follows:
"If orderly processes of trade break down
as
a
ready exchange of goods jmd]the]distribution of the
for securing the
means
necessary raw
nationalism^and itstorollary, imperialistic
expansion, alike lead to perpetual conflict.
"America must, therefore, reach out toward liberal trade policies, not
only
foundation upon
sine
In
explaining the
the
every
committee.
country," he told the
I
cohesions
declared^
Two
or
free trade.
floodgates
so as to allow the
which
highly competitive with
reduced
It does not
throwing open the
mean
importation of great quantities of foreign goods,
our
own."
Social
Security ActYTax for Old-Age Benefits Held
Valid—Federal Judge in Boston Denies Injuction
in Test Case—Decision Will Be
Appealed
The
Constitutionality of the taxing provision of the Federal
Security Act was upheld on£Jan. 27 by Federal Judge
George C. Sweeney in Boston in denying an injuction to
Social
prevent the payment of the tax by the Edison Electric Illu¬
minating Co. of Boston. Counsel for the petitioner said the
ruling would be appealed to the United States Circuit Court
of Appeals.
The tax imposed is desired to provide pensions
to those
over
65 years of age,
^In
Sweeney had held valid Title 9 of
a
the
prior test case, Judge
Act, providing for an
unemployment compensation insurance tax.
In his ruling today that Section eight of the act, covering old-age assist-
ance Vas
constitutional, the Jurist said it
power of
Congress.
was a
He held that the tax
was
valid exercise of the taxing
intended to provide for the
general welfare of the country.
"Everything that his
Boston & Maine RR. is
court
has
said in the
equally'applicable
Davis against the
of
to Section eight," Judge Sweeney
was
contention of counsel for Davis that the tax
not
exercise of
authority.
Legal observers here took particular
that his ruling of
constitutionality
Title eight.
In so doing,
.
note of a statement
was
based
on
the
r
The
use
Jurist
an
does ,not
determination
erroneous
by
the
Superintendent
of
Banks
permanently deprive them of moneys which were unnecessary
This, he indicated,
was
a
sufficient
safeguard for the stockholders.
the par value,
even
greater than the proportionate share of the deficit, was contrary.
if
Justice
Frankenthaler pointed out, to a ruling of the United States Supreme Court
liability under the Federal Banking Law and
on
the courts of other States
on
was
contrary to rulings by
liability under the laws of those States.
Section 7 of Article VIII of the New York State Constitution, by omitting
the words
"equally and ratably and not one for another," usually found
in the other statutes,
liability
upon
Justice Frankenthaler said, imposed "an unqualified
each stockholder for the unpaid debts of a bank up to the
stock held by him."
par value of the
This ruling was in
then
a
suit brought originally by Joseph
Banking Superintendent, to collect
Michael
issue
Weinser,
was
owner
A. Broderick,
assessment of $4,500 agains
an
of forty-five shares of stock of the Globe Bank
The court ruled that
no
triable
raised by the stockholder and granted summary judgment to the
dividends withheld from the stockholder.
question
♦
Employees' Taxes Under Social Security Act, if Paid
by Employer, Will Not Be Considered as Additional
Wages—Rulings
by Commissioner of Internal
Revenue.—Extension of Time for Filing Returns
The Social Security Board on Jan. 26 made public recent
rulings by the Bureau of Internal Revenue, dealing with the
taxes under the Social Security Act, the recent extension of
time with respect to the taxes under Title IX, and a ruling
regarding the payment of employees' taxes by the employer.
The Commissioner of Internal Revenue ruled that amounts
voluntarily paid as employees' tax by an employer are not
wages subject to the taxes under Title VIII.
This ruling
was
made known by the Bureau of Internal Revenue as
follows:
Commissioner of Internal Revenue Guy T. Helvering announced today
that amounts voluntarily paid as employees' tax by an employer .without
collecting such amounts from his employees,
taxes under Title VIII of the Social
of whether
are
not wages subject to the
Security Act.
Title VIII of the Social Security Act imposes two taxes, an income tax
on
employees and
Jan. 1, 1937.
Income tax
an excise tax on
employers, both of which became effective
The initial rate of each of these taxes is 1% of the wages of
The law makes provisions for the employer to collect the
employees by deducting the amount thereof from the wages
on
of each employee when they are
paid.
After the close of each calendar month both the amount of the tax
on
the employer and, whether or not collected from his employees, the amount
of the employees' tax must be paid by the employer to the collector of in¬
ternal revenue.
The taxes with respect to all taxable wages paid by the
are
required to be paid to the collector
within the succeeding month.
Form SS-1, the monthly return to be used
by employers for this
is available at the offices of all collectors,
purpose,
,A number of employers have made known
their
employees.
a
desire to pay the employees'
deducting the tax from the remuneration of
They have requested
a
ruling whether the amount so
paid them, will itself be subject to the taxes under that title df^the Act.
The amount of the employees' tax in such case, if voluntarily paid by an
ployer's tax
or
as
additional wages subject to either the em¬
employees* tax imposed by Title VIII of the Act.
The
following further ruling by the Commissioner
public Jan. 22:
was
also made
this section might
butTadded:
are
therefore,
for the satisfaction of those debts."
con¬
later be challenged after the
money is appropriated for some specific use,
"We
a
taxing provision—
of the money collected from the taxes
himself raised the
pointed out that "the Banking Law entitles stockholders to
employer, is not considered
by the court
Judge Sweeney referred to Title two which
the
court
tax under Title VIII without
uniform throughout the country.
Judge Sweeney also found
that the levy was an excise tax and held it did not constitute an
arbitrary
cerns
The
k
"I therefore rule that this tax under Section
eight is constitutional."
a
necessary was a
refund of any surplus remaining after payment of the bank's debts and that,
employer during a calendar month
case
commented.
Judge Sweeney overruled
The
the employee.
Associated Press advices of Jan. 27 from Boston outlined
the ruling on that date as follows:
>
was
these decisions:
three other countries are under
"To open up trade
channels, trade barriers naturally must be
both sides," he said.
are
assessment
Superintendent rather than for the courts.
New York "Times" added the following regarding
because of discriminations against
on
mean
an
the
superintendent for the amount of the assessment, less the amount of the
month to present them with what evidence he found.
"This does not
for
and Trust Co. of a par value of $100 each.
close scrunity, he went on, but asked the committee not to
press him for
their names, saying that he interaded to see that Ambassadors or Ministers
a
the determination that
matter
Assessment Collection
Germany and Australia already'have been excluded from participation
within
used by the New York State Superin¬
by Justice Alfred Frankenthaler of the New York Supreme
Court.
In one ruling the Court sustained the authority of
the Superintendent to make an assessment upon stockholders
up to the par value of their stock, even though the assessment
upon each shareholder would be greater than his proportion¬
ate share of the deficit.
In the other ruling it was held that
most-favored-natlon
unconditional
blow at discriminatory trade practice, prevalent in
Europe.
4'We propose to get non-discrimination from
American commerce, he
powers
to build for world peace."
of
principle, incorporated in all the fifteen trade agreements concluded thus
far, Mr. Sayre asserted that it was intended by this means to strike a telling
in the generalization of tariff
Legality of
tendent of Banks in making assessments upon stockholders
of banks closed during the depression was upheld on Jan. 27
increased profits, but because it is the
means
'which
workings
Superintendent of Banking in
Assessments on Stockholders of Closed
Upheld by State Supreme Court
Banks Are
materials
"conquest and the march to imperialism become
only because increased trade
York
The first ruling, upholding the assessment up to
the United States.
A Washington dispatch
Economic
Jan. 30, 1937
New
Making
great peril to its citizens.*
Reciprocal Trade Act for Three
Reported to House—F. B. Sayre Tells
and
Means
Committee
Abandonment
of
well-nigh irresistible.
of
bak to the doctrine that the Constitution
ever go
powerless in
Is
of the world," he said,
Powers
There is not the slightest likelihood
Extending
Years
Chronicle
not to assume that such
"expenditure will be unconstitutional.
The action to
An extension of time until
April 1, 1937 is hereby granted for the filing
of return and paying the tax under Title IX of the Social Security
Act, for
the calendar year 1936.
Taxpayers who take advantage of this extension of time will not be
re¬
enjoin the Boston & Maine RR. from paying
the unemployment insurance tax under the Act was referred
quired to file tentative returns and will not be charged with interest, pro¬
to in
the tax in installments, is paid on or before April 1,
our
Jan. 16 issue page, 377.
vided the tax, or the first installment thereof if the taxpayer elects to pay
the first installment thereof, is not paid on or before
1937.
If the tax, or
April 1, 1937, Interest
will be charged at the rate of 6% per annum from April 1, 1937 until the tax
Federal Judge Caffey In New York Dismisses Suit Filed
By Norman C. Norman Challenging Social Security
Act—Injunction Had Been Sought As Stockholder
or
the first installment thereof, as the case may be, is paid.
This Treasury Decision is issued under the aurhotiry prescribed by Section
908 and section 905 of the Social Security Act.
of Consolidated Edison Co. of New York
In the New York "Times" of Jan. 28 it
was
stated that
Federal Government Enters Egg Market in
Federal
Judge Francis G. Caffey dismissed on Jan. 27 the
suit filed by Norman C.
Norman, stockholder of the Con¬
solidated Edison Co., for an injuction
forbidding the com¬
pany to comply with provisions;of the Social Security Act.
The "Times" said:
Judge Caffey, who listened last week
directed
Mr.
Norman to
amend
his
to
arguments
in
the
case,
had
complaint, but the plantiff did not
comply with the order.
The suit
was
referred to in
our
issue of Jan. 16, page 377.
Attempt to
Stop Price Decline and Sale of Hens
The United States Department of Agriculture on Jan. 16
made
large purchases in the
market through the Com¬
Agricultural Adjustment
Administration in an endeavor to restore prices, which had
been dropping steadily, and to encourage the hatching of a
normal number of chickens.
In approving the purchase of
the eggs, Henry A. Wallace, Secretary of Agriculture, said
that he acted on authority accorded him by the amended
egg
modities Purchase Section of the
,
Volume
Financial
144
Agricul ural Adjustment Act, which provides that 30%
of customs receipts may be used to stimulate the consump¬
tion of surplus farm commodities.
All eggs purchased will
be distributed to persons on relief rolls.
The following is
from the Washington advices, Jan. 16, to the New York
"Times" of Jan. 17:
"While
the
their recent
purchase
would
continue
they
disclosed,
not
was
until
the intimation
recovered
had
prices
sharp drop.
few weeks.
They
November and at
ful
Y
a* dozen in
priced in New York City at 43 cents
were
28 cents early this month.
Officials of the AAA said
been a widening of the
margin between retail and whole¬
and that the farm price could be increased without affecting
the cost to the
consumer.
and relatively high feed costs,
A
hens.
continuation
of this
trend
many
producers
would result in
selling their
are
the
of
Pacific,
received from the power¬
which
policy to adopt.
The Pacific strike
by the settlement here, since the Eastern seamen have
boycott of ships plying to the West Coast until peace
agreed
are
a
by the Western strikers and ship owners.
on
mediate
their
possible.
back into the ship jobs as rapidly as
ment was
made,
The principal effect of last night's decision will be to
shortage of trained and experienced
the
Eastern
and egg producer organizations.
egg
auctions,
Europe and the Mediterranean, and the services to the
West Indies and South America.
Ships have been operating
the strike
all these routes, particularly in the latter
on
their early strength,
charged that many ship operators were finding it
leaders
replace experienced men with green hands.
necessary to
•
vessels running
the main routes across
ports in the Atlantic Coast service,
Atlantic to
end the admitted
for jobs on
seamen
but
through mercantile exchanges,
No actual settle¬
the strikers have never been able to conduct satisfactory
as
negotiations with employers in the East.
weeks of the strike, when the seamen had lost much of
made
strike is to get
of the rank-and-file leaders who directed the
concern
men
Purchases
being
The im¬
Picketing and other strike activities will end this morning.
of chickens this season, with higher than normal prices later in the year.
are
West
the
conducting
is
decision apparently was the best
terms
normal hatch
less
a
Approves
The Federation notified the New York strike committee that
will not be affected
from
The program has also been started because, with the present low prices
of eggs
Federation
Coast strike.
there had
that
sale prices,
Maritime
its
from
Both wholesale and farm prices for eggs have dropped sharply in the last
Coast
West
Of far greater importance was the ratification
agreed to continue
of the
amount
that
given
was
705
Chronicle
On the Pacific Coast, tentative settlement
"Bottom Third" of Agriculture Must Be Aided During
Next
Four Years,
Secretary Wallace Declares—
Says One-Third of Nation's Farmers
Living at
are
Bare Subsistence Level
of two issues
accord between shipowners there and longshore¬
men, the major union in the Coast maritime strike, was
announced on Jan. 28 by spokesmen for the two groups,
blocking
it
of
during the next four
will stress the necessity of aiding "the bottom third"
agriculture, which
benefit
from
Wallace said
on
far has received comparatively little
so
general
Secretary
recovery,
Jan. 28 in
an
of
Agriculture
address before the annual meet¬
ing of the Illinois Agricultural Association at Chicago. About
one-third of farm families in the United States, he said, are
living at a bare subsistence level and as a result, since 1933,
several hundred thousand farm families have been on relief
rolls.
Some of these farmers, he said, may become
fully
self-supporting with the aid of Government rehabilitation
loans.
Others will obtain jobs in industry, but meanwhile,
the Secretary continued, the Government must
help to im¬
prove their production efficiency and "free them from a
credit system that keeps many of them in a kind of economic
Blavery."
Mr. Wallace expressed the hope that the Federal Govern¬
ment, State Governments, organized agriculture and un¬
organized farmers can co-operate in furthering President
Roosevelt's program—"a
program
of making the ideal
practical, of making economic justice workable, or develop¬
ing ways of economic democracy."
He added:
But
as we
that we must have courage to look our
means
the perception to see them as they are.
It
problems in the face and
means
that in making plans,
the goals we seek must be real, must be attainable, must be
worthy.
means that having fitted these goals
fearlessly but wisely to the
to work
humbly and without stint,
a
starts—all
Government
these will be required.
and make
errors
And beyond them, so far as the
is converned,
and the integrity that go
even
Willingness
spirit of give and take between groups
in the interests of the general good, readiness to correct
new
there will be demanded the energy, the skill
to make up good administration without which
the soundest plan can not succeed.
Whether in agriculture or other, fields of endeavor, the task of
bridging the
gap
between the ideal and the practical is
one
Since 1933 that test has not been shirked.
and file of people in agriculture and
that tests the mettle of
men.
I firmly believe that the rank
industry do not want the
.i
and
Gulf
♦
Strike
Two Issues Between Pacific Coast
hours
Terminated
settlement
the
New York
"Herald-
call
both financial and physical, the
the walkout
off if their
colleagues
seamen
on
the
West Coast and in the other Atlantic and Gulf seaports were willing to in¬
Telegrams and reports read to the meeting last night
brought the necessary consent.
taken in Boston, Philadelphia, Baltimore, New
Orleans,
Portland, Me., Fall River, Pensacola, Fla., Newport News,
Norfolk and Galveston agreed with the New York decision that it would be
votes
Charleston,
dence,
R.
continue strike action.
Houston, Jacksonville, Mobile and Provi¬
I., rejected the proposal and declared their intention of
The
men
registered in these ports totaled only
300, however, or about five% of the Eastern strikers.
of
strike
a
the New
appeared in
bearing
employees of the Libby-
7,100
the
at
Glass
Plate
Pittsburgh
"Herald
York
Tribune"
Co.
27, \tfhich
28,
of Jan.
the settlement of the strike at the Libby-Owens-
on
Ford Co. plants, it was also stated:
Settlement
drawn
for
rate
when
came
the
employees of the company
addition
said the
Lind's
Mr.
investigate
establish
uniformity
be
will
the union and
fifth
member
is due
Oct.
is
of
one
women
of two
be
1, 1937.
of
each
of
Company officials
committee
a
Plate Glass Co.
the
flat
five
a
view
industry.
glass
representatives
of
with
an
of the
to
The
two
company,
The committee's
accountant.
to
The
report
'
the eight-cent increase will be applied to the
It establishes minimums of 55c.
employee.
employees; 61c.
hour for plate
hour.
an
impartial member to be selected by the four.
expected to
Under the wage agreement
base rate
to 89.8c.
throughout
rates
composed
from
solution
a
The increase brings the average
appointment
provides
of the Pittsburgh
ratee
approved
and the union
annuai payroll will be $980,000.
the
to
proposal
wage
committee
all
company
by Ralph Lind, Federal mediator.
an
hour for
an
hour for window glass workers, and 63c.
an
and laminated glass workers.
The company
and the union committee signed
a
one-year
contract.
—A.P. Sloan Refuses Request by
Secretary Perkins
Ground That
Strikers Are Illegally Occupying Plants—President
Attend
Roosevelt
New
Conference,
Criticizes
Both
President Roosevelt moved
conferences
on
John
L.
Lewis
and
—
re¬
a scant
designed
end
to
this
the
week
to initiate
"sit-down"
further
strike
of
em¬
ployees of the General Motors Corp., after officials of the
had refused
company
a
request by Secretary of Labor Per¬
kins that they attend a meeting with union leaders in Wash¬
ington
Miss Perkins
Jan. 27.
on
on
Jan. 23
asked
repre¬
sentatives of the strikers and of the company to attend such
'Without
conference
a
that
condition
or
she was acting under the power
when
the
prejudice,"
and
said
granted by Congress
law
March
4,
creating the Labor Department was passed
1913.
That law authorizes the Secretary of
Labor to intervene in labor
disputes when industrial peace
threatened.
A
reference
pages
dent
to
strike appeared in our Jan. 23 issue,
On Jan. 25 Alfred P. Sloan Jr., Presi¬
Motors Corp., replied to Secretary Per¬
the
548 and 549.
of
kins's
At the end of their resources,
maining on strike.
of
strike
Mr. Sloan
ports is from
of seamen in
Ended—7,100
Co.
In the Associated Press advices from Toledo, Jan.
Shipowners and
Tribune" of Jan. 25:
groups
Glass
Federation of Flat
agreement
giving a flat eight-cent-an-liour increase in all plants of the
company, it was stated in Associated Press advices from
Toledo, Jan. 27.
Previous reference to the strike, which
was called on Dec. 15 by the union, appeared in our issue of
Jan. 23, page 547, in which item we also referred to the
is
to
six-weeks'
to
adoption of this resolution was made in our issue of
Jan. 23, page 547.
Picketing at the ports ended on Jan. 25.
The following regarding the ending of the strike at the
Small
,
Glass Workers and company officials of a wage
the
useless
affiliated with the
with the approval by a committee of the
on
Strike
continued for a
The meeting
conflict.
Libby-Owens-Ford
at
The
maritime unions had ratified the resolution
adopted by the
New York seamen last week to end the strike; reference to
dorse that policy.
jurisdictional
a
Owens-Ford Glass Co. in four cities was settled on Jan. 27
on
seamen on
to
Plant
G.
Employees Granted Wage Increases
—
along the Atlantic and Gulf Coasts,
closing days of Octobe- in sympathy
the West Coast, was formally
terminated on Jan. 24 at a meeting held in the
Stuyvesant
High School, in New York City.
Termination of the strike
was announced
by Joseph Curran, Chairman of the "Strike
Strategy Committee" of the International Seamen's Union,
who led the strike although it did not have the official sanc¬
tion of the ISU.
Mr. Curran reported to the
meeting, at¬
tended by some 2,500 marine workers, that a
majority of
ports on the Atlantic and Gulf Coasts and the Pacific Coast
had decided last week
T.
shipowner spokesman
•,
Strike
called in the
Gulf
and
I. L. A.
The maritime strike
Atlantic and
conference
discussion of issues affecting clerks and checkers who are
Longshoremen
was
of
General Motors Strikers and Officials Still Deadlocked
Maritime
Coasts
with the walkout of
hours
|gg
'
Picketing Ends—Tentative Agreement Reached
which
several
Harry Bridges, Coast President of the International Longshoremen's
and
test to be
shirked in the next four years.
East
After
and
It
realities,
then hammer out practical measures for fulfillment.
we must
Press advices from San Francisco,
Association, said tentative accord had been reached on questions of wages
accept the challenge to wipe out the line between the ideal and
the practical, let us take care to understand what such
acceptance means.
It
Associated.
stated in
was
Jan. 28, which added:
The Administration's farm program
years
an
General
by asserting that officials of the company
would decline to negotiate further with the union "while its
request
representatives hold
the
our
plants unlawfully."
He said that
only issue is
the evacuation of the plans held by the
strikers.
In addition to taking exception, on Jan. 22, to
suggestions by John L. Lewis, head of the Committee for
Industrial Organization, incident to
Administration, President Roosevelt
strike
on
moves
Jan.
26
by
the
criticized
the refusal of Mr. Sloan
Secretary
decision
on
the close of
and
labor
to attend the conference called by
referring to it as "a very unfortunate
his part."
The President's observation came at
Perkins,
a
series of conferences
leaders
which
on
Jan. 26 with business
Secretary Perkins attended,
ac-
706
Financial Chronicle
..
wording to United Press accounts from Washington, which
•aiso said, in part:
The conferees
proposed
Earlier,
clared
including
legislation,
child
heatedly that it presented a "moral challenge which the American
_
he said.
"He
alone can define his statement.
Of course, I do not believe the President
intended to rebuke the working people of America who are his friends and
undertake
the President's words,"
interpret
to
only attempting to obtain rights guaranteed to them by Congress
public policy in the National Labor Relations Act." .
are
in
declaration of
a
"one
as
statement.
cannot
who
criticized General Motors's refusal to attend the
the greatest mistakes in their lives," and de¬
Perkins
Miss
conference
•strike
labor
of
program
and minimum wage bans.
maximum hour
Jan- 30 • 1937
Lewis refused to interpret the
conference, Mr.
subsequent press
President's
"I
automobile strike developments and discussed the
reviewed
.Administration's
labor,
his
At
the
ployees of the General Motors Corp., after officials of
Secretary Perkins on Jan. 27 asketl Congress to grant
'
face."
;people. must
The
President
•crowd
of
into
executive
the
labor and business representatives,
"I
I
them
told
down
come
not
was
only disappointed
regarded it
but I
here,
part."
as
Sloan
in the refusal of Mr.
unfortunate
very
a
decision
on
Sloan
take
to
"Herald Tribune" noted the request as follows:
the
stated
reasons
Washington at
Wednesday
on
Thursday
and
last,
when
•union
We
while
cannot
The
T. Robinson, majority leader of the
Bankhead. She urged' speedy passage
proposed Act "because of the particular situation growing out of a
number of current important and serious strikes."
^
^
The idea of equipping the Labor Department to conduct sweeping in¬
quiries into strikes and lockouts, Miss Perkins said, was her own, although
the
continue
hold
to
plants unlawfully.
our
therefore, to accept your invitation.
is the evacuation pf the unlawfully seized
agreed by the union in Lansing, Mich.,
now,
was
done.
not
idea,
Murphy,
The question of
have
we
yet made
as
toward opening plants
move
no
the evacuation of plants unlawfully held is not, in
letter
union's
that
will bargain
we
Jan.
of
4,
as
soon
the proposals
on
plants are
our
as
our
We have steadfastly maintained,
issue to be further negotiated.
an
.and again repeat,
forth in the
set
evacuated,
and
not
the other
would
be
not
mobile
the
of
Lewis has taken
until
America
of
workers.
we
the
the position that
bargaining
this
of
stand,
plants
the
the United
recognize
to
exclusive
face
have suggested would
you
did
the
the
•
agreed
we
as
In
principle for which
which
than
Mr.
evacuated
Motors
ference
more
hand,
Workers
•General
view
agency
positive assertion,
Auto¬
for
all
and
the procedure
was
Commissioner, Miss Perkins said
strikes.
•most
con¬
beneficial result
any
no
proceedings of last week.
•concern
the
over
thousands
of
existing situation, particularly
who
employees
fault of their
work through
of
■immediately.
You
appreciate
•considerations
-potential,
intention
no
feelings
of the
which
in
have
we
personal
or
solution
a
no
to permit
General Motors strike.
statement
a
with
to interfere
problem of such
that
anything
consequences,
grave
the public interest and innocent sufferers
are
so
im¬
majority of General Motors employees were being "de¬
of the corporation, President Sloan
Secretary Perkins yester¬
Despite the refusal
was
ransom
to
demands."
their
On Jan. 28 General Motors
Corp. obtained a court order
requiring the United Automobile Workers' Union
to "show cause" by Feb. 2 why its sit-down strikers should
not be removed from Fisher plants 1 and 2 by a permanent
injunction. The United Press accounts from Flint on that
Flint
at
date said:
The
filed
corporation
the hill of complaint which
Jan. 2 by Circuit Judge Ed¬
amendment to
issued
an
injunction
temporary
a
Black.
ward D.
Today's order
by U. A.
issued by Circuit Judge Paul V. Gadola, who assumed
after the withdrawal of Judge Black under attacks
was
jurisdiction of the
case
(Jan. 29).
Adolph
W. A. officials
on
the ground that he was a
Committee
Germer,
substantial stock¬
said in Detroit
on
Organization
Industrial
for
behalf of the union that
no
representative,
comment would be made.
said to have conferred with
day
and are holding them as
certain plants
seized
enforce
holder in General Motors.
I want to make that perfectly plain.
portantly involved.
which he intimated that
employees in
prived of the right to work by a small minority who have
may
actual and
all
to
early court action would be taken to remove the sit-down
strikers from other General Motors plants.
He said that
accompanied
either technical
Mich., on Jan. 27, pending settlement of the
On the same day Mr. Sloan issued
work in Flint,
to work
v'"
can
to
of
it affects Hie tens
as
thrown out
have been
More than 100,000 of these want to go back
own.
11,000 Chevrolet employees returned to part-time
Almost
in
convinced that the
we are
lead to
Perhaps it is unnecessary to state, but I repeat for emphasis, our grave
lead
not a
was
Department for several years.
seldom invoked by the New York State
it had worked well.
The chief
purpose it would serve would be, she said, to enable the government to get
at the facts in a labor dispute, and to recommend findings on the basis of
facts.
Moreover, the government would thus be able to guide public
opinion which she thought was a controlling factor in the settlement of
the
'before.
On
It
but had been in actual operation in the New York
she added,
Although
Industrial
Nevertheless, in the interest of peace, at the request
strike, although the union has since attempted to call additional strikes.
view,
with the President yesterday.
discussed it cursorily
she had
15, that such evacuation would be effected not later than Jan. 18.
was
•of Governor
on
clear,
way
You Will recall that it
Jan.
'This
representatives
our
only issue then, and
plants.
•on
its
see
in
with the
for legislation giving her department
request
and to Speaker William B.
Senate,
of
State Labor
confirmed by subsequent events, we sincerely
request,
your
regret to have to say that we must decline to negotiate further
her
directed
Perkins
of subpoena to Senator Joseph
power
new
Mr. Sloan's letter to Secretary Perkins said, in part:
For
specifically in connection with the General Motors
A Washington dispatch of Jan. 27 to the New York
strike.
Miss
question as to whether he personally would
part in strike conferences, the President said
-that the General Motors head already had been invited by his personal
•representative,. Miss Perkins. '
-;.■••* .'V' 7" :•
The Chief Executive's statement was interpreted by some as a rebuke
to Mr. Sloan, because of the blunt language used and because he again
•departed from his custom and permitted use of direct quotations.
Mr.
She denied, however, that her request was
for settlement.
v."!.
A moment later, in reply to a
Invite
her
powers to subpoena witnesses and records in labor dis¬
putes, and to make findings of fact and recommendations
made
added:
.and
"his
offices.
conferred with
He noted that he had
to
smile as one of the largest
his bi-weekly press conference in
to attend
reporters
newspaper
streamed
weeks
v/.--
not, wearing his usual
was
United Press Washington advices of Jan. 23 described the
^request sent by Secretary Perkins as follows:
The conference call went out in letters to Alfred P.
William
Finance
•C.
I.
S.
Knudsen,
Chairman
Executive
General
of
Vice-President,
Sloan Jr.,
Donaldson
and
Motors, and to John L.
President;
On
tions.
agreed
emphasized
the conference
that
not
was
Lansing but
at
upon
collapsed last
attend
this
It said:
conference and have invited
John
L.
Lewis, who is the principal adviser of the latter, to attend and participate.
The
•officers of the General Motors Corp. may also be accompanied by an adviser if
•desired."
.v
President
Roosevelt
ton
Jan. 22
600,000 in WPA Rolls by June Is Re¬
by H. L. Hopkins at Hearings on $900,000,000
Deficiency Bill—Measure
Reported to House—
$790,000,000 for Relief Projects
The
President's
^regarded here
as
statement,
a
made
came
Questioned
the
toward
about
the
withdrawal
General
of
settlement, Mr.
a
a
as
a
the
conference,
generally
was
definite
end of
January to the end of June. Of this amount, accord¬
ing to Mr. Hopkins's testimony, $655,000,000 is planned for
the
have
deadlines
no
further
peace,
are
not
in
than
news
there
come
strike
A
part,
the President
•of General
•<justion.
In
"What
peated
Motors
do
developments,
from
efforts
which
to
you
to
think
a
course,
I think
in
the
conversations and
Statement
to intervene
in
the strike
third question:
of
statement.
Mr.
"rock-bottom
Lewis's
600,000 additional
drop of
a
and
assumes
a
good
persons,
is
agricultural year which
based
will
unnecessary," Mr. Hopkins told the committee,
his feeling that this reduction put the relief rolls on
expenses
was
basis"
and
that
"it
will
be
difficult
to
hold
Flood Crisis
it at
these
flood
crisis
statement?"
he
laughed
and
re¬
Considered
appeared before the committee long before the present
and
might have
"
Of
statements,
if he planned
recovery
in-
employees, he replied that he had already answered that
response
his earlier
to Earlier
asked
was
other
under
follows:
drought
adding that it
aiose,
got.
activities
dispatch of Jan. 25 to the New York
the testimony before the committee, in
proposition, with
make
a
relief
for
'
outlined
continued
waiving the usual prohibition against
you've
as
"Our
rest
the
Washington
"Times"
He
moments when
and
departments.
negotiate
officials
order."
Points
When
he
$80,000,000 for the Resettlement Admin¬
actual WPA;
numbers."
•directly quoting the President, said:
-interest of
Lewis's
that
impression
rebuke.
Motors
corporation
Roosevelt,
press
by
appropriation of $899,717,319, of which $790,000,000 repre¬
sents the President's request for Federal relief from the
on
:
Those who attended Mr.
with
away
regarded the President's statment
•cluded
at
rebuke to Mr. Lewis.
conferencq? later
•press
"I
the rolls of the Works
600,000 in the period from
February to June of this year, it is said to have been re¬
vealed on Jan. 25 upon publication of the testimony of
Harry L. Hopkins, WPA Administrator, at secret hearings
before the House Appropriations Committee, which is con¬
sidering the $900,000,000 deficiency bill.
The committee
reported the bill to the House on Jan. 25, carrying a total
Administration
Progress
dispatch of Jan. 22 to the New York "Times" reported
the President's remarks as follows
Cut of
istration,
replied to a demand by
•John L. Lewis, head of the C. I. O., that he aid the strikers,
•by declaring that "there come moments when statements,
-conversation and headlines are not in order."
A Washing¬
on
the resultant curtailment of opera¬
and
President Roosevelt plans to reduce
Monday.
public the letter without comment.
"Acting under the powers conferred upon me by Congress in the Act of March 4,
1913, and because I believe that the Interests of Industrial peace so require, I am
^requesting you to attend without condition or prejudice a conference in my office
At 11 a. m. on Jan. 27,1937, to consider renewal of negotiations between the General
Motors Corp. and the United Automobile Workers of America which had been
^scheduled to take place in Michigan on Monday, Jan. 18, 1937.
"In view of repeated declaration of policy on the part of Congress in favor of
stabilizing labor relations by promoting collective bargaining between representatives
-of employees and employers, the importance of prompt negotiation for settlement
between the parties to the current dispute is clear.
This conference is for the
purpose of finding plans and methods of resuming the negotiations which have been
Agreed upon at Lansing.
"I am requesting officers of the General Motors Corp. and of the United Auto¬
mobile Workers of America to
that
vealed
"plans and methods" of resuming negotiations which had been
The Labor Department made
announced
.■■•Voy;' '/.• ■':;vB
■
Plan for
settle the strike
to
Corp.
Brown,
Lewis, head of the
Wyndham Mortimer, Vice-President of the union.
The letter
Motors
General
the
because of strikes
O.; Homer Martin, President of the United Automobile Workers, and
'but to find
23
Jan.
125,613 of its automobile employees were idle in 50 plants
therefore
to be
some
persons
believed
the entire plan
for
reduction
dropped.
of the
crisis
in an additional paragraph in
that the proposed appropriation be
granted without delay so it might become available at once and the
relief continued till reimbursed by another deficiency appropriation if it
became necessary to replace the funds spent in the flood situation.
The Administration's plans, Mr. Hopkins said, contemplate a WPA em¬
ployment in February at about the same stage as now—2,200,000; in
March, at 2,150,000; in April, at. 2,000,000 ; in May, at 1,800,000, and
in June, at 1,600,000.
This would mean a total reduction by the end of
June of 1,500,000 persons from the peak of WPA employment.
The committee
its
report,
took
notice
in which it recommended
Volume
Under
Financial
144
the
includes a slight decrease in cost per man, the
estimated by Mr. Hopkins were as1 follows:
February,
$151,700,000; March, $146,000,000; April, $134,500,000; May, $120,000,000, and June, $103,000,000.
monthly
Mr.
plan, which
costs
longer-range picture of unemployment in which
he
viewed
unemployment as
a
continuing Federal responsibility and
rational problem.
Even with a return to 1929 levels of industrial pro¬
Hopkins
drew
a
and entirely ineffectual
Civilian
contains
an
Conservation
of $95,000,000 for the work
appropriation
Corps in
the rest of this
so
far as its alleged object is
when it is not needed, we
credit balance which is confessedly beyond our power to use,
build up our
with the accompanying danger that goes
Merchants
Association
of
with it.
New
York
Oppose
All At¬
tempts to Liberalize Pension and Old Age Provi¬
sions of Social Security Act—Bills Introduced in
1937.
also
The bill
the
misleading,
concerned. As we
placate public opinion. Either way the sterilization program Is
further import such gold into the United States
duction, he estimated that there would be between 6,500,000 and 7,500,000
unemployed in
707
Chronicle
of
Congress
fiscal year.
The Board of Directors of The Merchants' Association
Parker
H.
Dr.
Dollar
Willis
Cites
Effect
Devaluation
of
of
Foreign Tfrade—Holds Secretary of State
Negotiate/ Reciprocal Trade Treaties Be¬
cause
of Interference With Coming of Goods to
U* S. Through This Country's Devaluation. Would
Acts
on
to
Have Frank Disclosure
Gold
of
Policy of Govern¬
ment.
Discussing the effect of the devaluation of the dollar before
Republican Club in New York on
Jan. 25, Dr. H. Parker Willis, Professor of Finance at
Columbia University declared that there is one field in which
devaluation has had "a powerful effect." That field he said
"is foreign trade," Dr. Willis went cn to
say:
the Women's National
It
was
said at the time, that the relief which we were
and have since then
kept
up, was
South Africa and to other
more
extending
so
liberally
freely to the miners in
gold-producing regions where the precious metal
being produced from
was
it
going much
very "depressed" levels far underground, than
going to the domestic Unemployed. This kind of "relief" was however
was
not
limited to the mining regions of the world. It, of course, enabled pur
debtors in all countries to pay us off with dollars which were now worth
only about 59%
of the old dollars,
and thereby to relieve themselves of
about 41% of their indebtedness.
wanted to enlarge their foreign trade. In France one reason
for the devaluation was to
improve that particular kind of
trade which consisted in the entertainment and
support of
Our
devaluation has been
own
so
keep
were artificially lowered, has been essential in order
the declining goods balance and to give our manufacturers a
up
better chance to get into foreign markets, at the same moment that we allow
foreigners to pay off their indebtedness here through the larger importation
of their output into the United States. Whatever we think of the abstract
merits of this
political controversy,
as
I have just said, the think that inter¬
ests us most is the actual facts in the case and
period since
our
devalution act
we
billion dollars of useless metal, while at the
countries
an
excess
balance,
a
two
time we sold to foreign
would not permit them to pay except
by the further exportations of specie that
our
same
well over
indicated by the trade figures, of about
as
$750,000,000, for which conditions
in
they show that during the
took into this country
are now
steadily coming to hand
ports.
It is fair to ask how long this country is
going to be condemned to con¬
tinue its hoarding policy, accumulating useless billions of specie in Ken¬
tucky and enjoining the Army to keep it under guard—although who could
or
would take it away, or would-have the transportation facilities to remove
it passes my
comprehension.
Now, how long shall
and at the
same
continue to hoard these useless accumulations
we
time to deprive ourselves of the goods which they represent ?
The Republican Party has been blamed for many
years because of the War
Loans, made under the Wilson administration by the
What shall
we
think of the
merely accumulates here
reverse
an
policy which gives
amount
excess
way, to
foreigners.
away our
goods and
of metal for which no use is
proposed?
Is it unfair to ask that
shall have
we
frank disclosure of the gold policy
a
of our government, and, especially of the answer that it is prepared to give
to the
to
question what is its relationship to
replies
If you should
seven or
foreign trade. We
our
entitled
are
both accounts and to have them consistent and reasonable.
on
"We
answer:
doing very well
are
now
it is
a
eight millions of unemployed have to be supported
fact that about
b^
the govern¬
ment, but none the less everything is going very well under the new Mes¬
sianic
dispensation", I shall
stand, but there is
with
our
no
answer:
policy,
financial crisis and disturbances.
our
present
"You may be very happy
we
...
"do-nothing" policy
volves the seeds of serious
things
are
during
we
inevitably Invite the return of
the continued possession of
danger, and
no use.
as
a
a
great
The existing program in¬
shall not find any justification
we
continue to disregard the warning on
going well enough
our
things
We cannot find the slightest excuse for
or for
quantity of metal which is being put to
for ourselves if
as
guaranty that you will continue to be. By keeping on
present financial
the ground that
they are, and that the deluge may not come
time."
Elsewhere-in his address Dr. Willis commented
In view of what
we
are
doing does it not
seem
that
we
as
have
follows:
a
definite
duty to perform by way of bringing forward some new standard of value
which, as the President has said, will be stable from generation to generation.
Few of
us are
willing to give him power
over a
ready to
propose some
alleged, that the
Now,
our
as a matter
the Federal social security program has
such time as
emerged from the confusion of its
present experimental stage, are extremely unwise."
Nation's Employed and Unemployed
Richard W. Lawrence, Chairman of
Executive Committee of New York State Chamber
Federal Survey of
Urged
by
of Commerce
Declaring that the United States is "working in the dark"
in its efforts to solve the unemployment problem, Richard
Jan. 20,
immediately a
comprehensive survey and census of the Nation's employed
and unemployed.
Mr. Lawrence, who is Chairman of the
W.
Lawrence, speaking
Station WMCA, on
over
urged the Federal Government to undertake
Executive Committee
of the Chamber
of Commerce of the
State of New York and President of the Bankers Commer¬
existing data of a national
situation were conspicu¬
ously lacking in the scope and detail so essential to a sound
solution of the problem.
A report to the Chamber, drawn
by its Executive Committee, and presented at the Jan. 7
meeting, advocated a census which "would reveal the exact
status of unemployment, the number that could probably be
absorbed into industry, the number of so-called unemployables, and much other data pertaining to the problem, such
as the effect of child labor, the number of young men who
have reached the age where they seek employment, the
effect of the movement of women into the ranks of the em¬
cial Security Co., said that the
character
on
the
unemployment
ployed, part-time workers, workers displaced by techno¬
logical improvements, workers being absorbed into brand
new
industries, &c."
The adoption of the report by the
Chamber was noted in our Jan. 16 issue, page 382.
Mr.
Lawrence, in his address on Jan. 20, pointed out that among
important governmental
other
activities which
should be
by accurate unemployment information were the
drafting of a national budget, the negotiation of reciprocal
tariff treaties, the fixing of freight rates, fixing of tax
guided
aiding housing, and expanding public
credit.
"In short," he concluded, "a large part
of our legislative measures are directed towards relieving
unemployment. But in spite of this, we resort to guesswork
for determining the employment situation."
He contended that "the relief rolls do not give an accurate
levies, program for
and private
picture
of
unemployment.
doubt whether the present
We should know beyond any
unemployment is represented by
only about one worker out of eight, or by about one worker
out of four, as some of the authorities would have us be¬
lieve.
By knowing the truth we could not be stampeded into
extravagant or unsound plans for Solving the problem, legis¬
latively or otherwise."
kind of substitute for the gold standard if it be true,
kind of gold standard is not be be thought of.
'
Dr. L. H. Gulick to Address New York State Chamber
of
use of any
government, which so often denounced gold
as an
obsolete and useless
metal, devoted itself to acquiring and hoarding that gold, but it has failed
to devise any method for allowing its use either
by ourselves
It is true that at the present time, we have in effect,
a
or anyone else.
system of adminis¬
on
Feb.
4
on
President Roosevelt's
Dr. Luther H. Gulick, a member of President Roosevelt's
Committee
on
Administrative Management, will address the
Chamber of Commerce of the State of New York on Feb. 4
trative rulings which theoretically permit the export of gold to countries
on
that want it but, as a matter of fact, it is
is
good deal more difficult for any
Commerce
Reorganization Program
of fact, nothing of the kind has been done. Not only has
a
be made to
the Social Security
increases even¬
examples of the many attempts that will
period of generations in which
to-try this experiment, but he has certainly had plenty of opportunity al¬
as
are
Your Committee is of the opinion that while some
tually may be advisable, any efforts to produce them until
managed as effectually to interfere with
whereby tariff duties
to
"These measures
liberalize the pension and old age benefit provisions of
Continuing he said:
the coming of goods into the United States, so much so that our Secretary of
State has put forward the thought that the
making of reciprocity treaties,
of
all
attempts that may be made to liberalize benefits under the
pension and old age assistance titles of the Social Security
Act at the present session of Congress.
It is announced
that action was taken by the Directors upon the recommen¬
dation of the Industrial Committee, of which C. S. Ching is
Chairman.
The Committee points out that several measures
amending the Social Security Act have been introduced in¬
cluding the Fletcher bill providing that, in order to qualify
for Federal grants to states having old age assistance pro.grams, such programs must provide for the payment of
benefits to persons at 60 years of age; the Bigelow bill pro¬
viding for old age pensions to citizens of the United States
sufficient, when added to income from other sources, to
equal $25. per month to single persons, and $40. per month
to married couples living together; and the Martin bill which
would mcrease the maximum Federal contribution to State
old age assistance plans from $15 to $25 per month per
beneficiary.
The Committee reports:
Act.
"I think it is a fact" said Dr. Willis that most countries
that have undertaken devaluation have done so because
they
tourists."
New York has decided that The Association will oppose
"The-President's Reorganization Program."
Dr. Gulick
director of the National Institute of Public Administra¬
quantity of gold to leave the United States than it would be for the biblical
tion and Eaton Professor of
"rich man" to enter into the Kingdom of Heaven. Although we theoretically
istration at Columbia University.
permit such shipments of gold to
acted
filled
are so
stringent
as
occur,
the conditions which must be ful¬
to discourage the taking of gold away from this
country in any except the most urgent cases.
ally fears the further incoming of gold
a
Secretary Morgenthau nomin¬
so much that he has lately announced
plan for "sterilizing" further importations. It is hard to know whether this
sterilization plan was prepared by some practical joker among the "brain
trust" or whether it was seriously undertaken in the belief that it might
York
as
research
consultant
Municipal Science and Admin¬
For several years he has
and
adviser
to
various New
State legislative committees and frequently has been
called upon to assist in the drafting of new city charters.
The meeting of the Chamber will be held at 65 Liberty
Street at 12 o'clock noon, with President Winthrop W. AidDr. Gulick will speak following the regu-
rich in the chair.
708
lar business
tees will
river
Eddying
550,000
More than
1,000,000 Homeless as Result of Ohio River
Floods—Damage Exceeds $400,000,000 in 11 States
Asks
$10,000,000 Relief
Fund—Much
1,800-Mile Flood Front Under Martial Law
Whole
than
1,000,000
persons
made
were
At
.
mid-Western and Southern States during the past week, as
floods
from
the
towns
along
an
Ohio
swollen
1,800 mile
River
inundated
More
area.
than
cities
in
estimated
At
of
American
Red
excess
Cross
issued
call
a
for
$4,000,000 to aid the flood sufferers.
contributions
affected by the flood were Cincinnati and Louisville.
thirds of the
and
than half its
more
population
President Roosevelt issued
the American people
$2,000,000.
increased
Disastrous
floods
270,000
every
likelihood
number
The
of
for
instructed
largely
homes.
is
waters
increased.
and
more
that
agencies
with
the Red
to
the
for
care
these
Federal
until
fund
looking
in this
I
most
made
be
raised
national
great
President
Red Cross,
speedily
as
relief
possible.
as
to act as
agency
of
the
United
States
and
therefore, urging all of
am,
We
are
generously to
this
fund
relief
of
that
adequate
relief
homeless
our
may
confident the response everywhere
am
President
be
General
Edwin
M.
Markham, Chief
Surgeon-General Thomas Parran Jr.
of
generous.
the
Engineers;
Public Health
the
This
29).
described in part as follows in
was
The four
bv
gigantic
President
Roosevelt
to
A peace-time army was
of
small
and all
had
craft
things
During
of
resources
the Federal Government
fight the
doing
been
rescue
day
the
onrushing waters
food,
and
medical
supplies,
being hurried to the flood
records
of
disaster
mounted
More than
that
500,000
250,000
flood
is
work in the
persons
will
have
Nor
was
much
over.
from
flood
the
States, that
flood
in the
worse
can
a
General
"This
handle
President
to
crest
we
is
who has
1,300 miles
know
Roosevelt
"step
on
rising
Malin
is
told
it,"
the
the
do
to
Conservation
shifts,
with
around
long.
The
worst hasn't
heads
engineers
Corps
The
three
duty
on
of
happened
of the
and
the
collecting
Red
flood
remove
all
persons
the evacuation
from flood danger zones.
of
thing with
whole
yet."
.
.
diphtheria
suffering from
conditions.
are
Typhoid,
The
the
as
fast
possible.
as
Much of the
area
are
all
and
working
given below,
summary
as
angry
yellow
and
the
Red
CroBS
_
tide
of
survey
Netherland,
& Trust Co.,
Association's
of
of necessity,
pneumonia,
dysentery
under
and
conditions
early
this
prepared by the Associated Press,
the
Ohio
the
Postal
29
Jan.
by the Study
by
pre¬
Com¬
Vice-President Mer¬
St. Louis, Mo., in an
banking confer¬
regional
committee
Savings
of
the
Act
Postal
the circumstances
of
discloses
that
the
Savings System
attending the
principles
under¬
were:
of
based
committee,
the
the
on
studies
here
reported,
digressions in the operation of the Postal Savings System from
to
furnish
2—The
such
communities
Postal
Savings
despite the fact that
Postal
the
rather
Savings Act
than
3—The
one
was
disposition
with
System
savings facilities.
is
in
of the principles
conditioned
competitive
direct
competition
which
upon
the
that the system
was
with
passage
be supple¬
in nature.
of
the
postal
savings
funds
is
not
that
Postal savings deposits are not
which they are received.
be sheltered, clothed and fed.
flood
on
planned by the Congress which established the system.
This has already made
and living,
influenza,
its
Savings Sys¬
Evidence—
-
being redeposited In banks in the community in
In some States more than the amount deposited in the
postal savings depositories of the State is placed on deposit with banks in the StateIn other States, which are In the majority, only
a negligible portion of the funds
received in postal savings depositories Is redeposited in the banks.
The reason for
this state of facts may be that:
Many banks are not able to accept savings funds because the interest required
to be
paid on them Is more than the banks can earn from the use of the funds; or it
be that the supervisory authorities of an individual State will not permit the
banks to pay the interest required on postal savings funds.
Whatever the reason, the striking fact is that of the $1,236,000,000 of assets in
the Postal Savings System, only
$385,000,000
are on
deposit in banks, while $777,-
000,000 are Invested in government securities.
Finding
4—The
savings
facilities
offered
by
banks
today
are
more
adequate than in 1910.
River
swelled
to
record-breaking
heights today on its turbulent rush to the Mississippi as the death toll rose
hourly and a super flood was predicted.
Haggard, fear-stricken refugees
by the thousands fled from the devastated flood zone, embracing 11 mid-
was
mental
all
Jan. 26:
The
Bank
the
of
24-hour
giving orders
affected by the flood was placed under
week is
A
of the
summary
banks,
populations.
exposure
the
findings
the
Finding
may
law.
Pittsburgh
by
survey
principles underlying its establishment.
Act
the
The
all feared.
martial
a
made by
study
exhibit
prevent the epidemics of disease which threaten because of the hun¬
unsanitary
at
a
Postal
4. To guarantee the safety of the savings of the individual with small means.
.
To
thousands
of
result
3. To redeposlt, insofar as possible, the funds received through the Postal Sav¬
ings System in banks located in the same communities where the funds originated.
any
establish camps where the refugees may
of
of
establishment
they
To
dreds
a
1. To furnish bankless communities with savings facilities.
' V;,'-
To
has
Finding 1—Postal savings depositories generally are not established in
communities, despite the fact that the aim of the Postal Savings
agencies
government
within
barkless
information
were:
necessary
announced
was
of
relief
different agencies fighting
Cross
ten days.
or
them.
Objectives
everything possible
the
as
Banking Studies of the
before
Finding
objectives
Association
lying the
.
hope that
a
week
2. To operate the system as a supplement to banks and not in competition with
.
.
the
of
a
asking Congress to amend the Postal Savings
enactment
Ohio gets farther
upper
the future of such
Main
The
the clock.
men
the swollen Ohio poured
as
Mr. Netherlands summary follows, in part:
ence.
the
before
and it's going to be
seen,
700,000
to
Army engineers said that they believed
Chairman, Wood
address
gathering in the headwaters
ever
650,000
Committee
cantile-Commerce
General Craig reported to
coordinated much
estimated
Thursday.
or
Smith, President of the Association, with the
mittee's
Army, the Navy, the Coast Guard, the Works Progress Administration, the
Civilian
Administrator,
WPA
Postal
on
This
K.
sentation
of Senators and Representatives
was
originally intended to care
Bankers
Tom
waters
sweep
debating a
legislators
adopted by the Administrative Committee of the Amer¬
tem.
clothing
General
the river's stricken valley.
Three
flood
sight.
group
but you can't predict
it,
the
days, when the flood in the
Craig,
thing
All
accuracy.
down
in
a
flood
new
from
already the worst we've
next few
down," said
work.
is
relief
and later to
Ohio, and pouring
"This
flee
to
prove
to
Committee
already homeless, and it is expected here
to
of the tidal
progress
that the fund,
...
are
more
the President at noon,
of
area.
1927
the
after
ican
River.
Craig, chief of staff of the Army, calling the flood "unprecedented in our
authorized Brigadier General William K. Naylor, commander of
the Fifth Army Corps area, at Louisville, to send five companies of infantry
rescue
Mississippi
been
history,"
to aid in
the
supplementary and non-competitive savings facilities,"
areas.
until
homeless in
made
were
the purpose governing its establishment, namely, to furnish
flotilla
great
a
of
Mississippi valley,
A resolution
today
the Ohio
of
work by this evening;
collected,
necessary were
the
mobilized
were
mile.
Act "to bring the administration of the system again
dispatch of Jan. 25 to the New York "Herald Tribune":
The
River
on
of A. B. A. Urges Amend¬
Savings Bank Law—Would Have
System Operated as Supplement and Not in Com¬
petition with Banks
Washington
a
600,000
anxiously watching the
Mississippi.
ment
Organization of Federal relief forces to combat the flood
ravages
stretch
by Wednesday
Administrative
made known by the Presi¬
was
dent at his press conference yesterday (Jan.
named are to leave for Memphis tomorrow.
where
district,
beyond
business
Mississippi
Mississippi would reach its crest for
Service, and Colonel F. C. Harrington, Army Engineer now
attached to the WPA.
the
Major-
Army
of
into
project constructed in 1927 to protect this
effective. Nevertheless they made plans
to evacuate 500,000 persons from the Mississippi valley in
case the levees should give way.
It was not believed that
designated four government officials
survey of the flood area on the Ohio River, viz.:
to make a
homeless
would
area
lias
Harry L. Hopkins, Works Progress Administrator;
for
western
the flood control
and Buffering
will be immediate and
billion-dollar
the
sent out the crisp command
Hopkins,
L.
into the
citizens.
Tbe
calls
it!"
of the lower
people to contribute promptly
so
out
communities
week, and stricken areas started the work of rehabilitation.
Another flood danger, however, threatened the inhabitants
American
the
sent
noon,
The Ohio River flood began gradually to subside late this
all
representative
our
President
as
our
instantly available for these thousands of
fellow
I
$2,000,000
at
relief, should be appropriated for flood sufferers in the emergency.
would be
minimum
a
out
of watery desolation extended mile
300-mile
along a
on
Harry
receded
have
waters
of
edge
sweeping
deluge
President sent, out word
for work
the
shoreline
Mississippi Valley,
States,
11
"Step
emergency.
As
and
of
this
to
lower
the
over
the
of
panorama
built
The
meet these immediate emergency needs
unfortunates
went
water.
$790,000,000 relief request:
cooperate
to
spread
a
President Roosevelt,
I have
clothing.
warm
Government
station
pumping
water
disaster.
American
upon
the
Virginia,
West
undermined by
coating of the
authorities awaited the big test of the great system of dikes and
levees
authorities.
Cross
Cross may
and
care
the
of
Red
dependent
are
Ind.,
a
waters.
shortage of drinking
crest
the
1927,
hazardous
the
the
In
is
and
sleet
Snow,
made
the
over
southeastern
Cairo, 111.,
reached, this
thy can be returned to their homes, it is imperative that
relief
From
t'j
read:
There
A 20,000-gallon tank of gasoline,
Missouri, Arkansas and Mississippi signaled the
history.
Pittsburgh in the north, where anxious crowds watched the flood
through
disaster
grave
various
extent
and' continue
and
their
flood
suffering
food, shelter, fuel, medical
fullest
In order
be
the
to
from
the
of
threat of fire to
new
Forty thousand were homeless in that State alone.
evacuations
of
flood-besieged towns in Tennessee,
relentlessly
Mississippi River Valleys already have
children
crest
will
added
this
of
the
the
the
refugees
have
and
and
1884.
in
a
greatest mass flood exodus in
rescue.
victims
Red Cross
to
Ohio
that until
weather
work
the
the
women
homeless
of
freezing
in
men,
46.7
was
Wholesale
still later
The President's statement
fluid
a
expected
toppled from its moorings and spread
Evansville,
help.
23 urging,
and
flood.
current,
Throughout
Two-
57.5
all-time high,
previous
stage—normally at 28 feet—
by tonight or early
flood
of
crest
a
Ky., gasoline-filmed waters added
the
of
threatening
Red Cross fund of
a
The
Kentucky,
Jan.
on
later doubled
was
$10,000,000.
driven
At
of
refugees.
were
statement
a
to contribute to
That amount
to
fury
with
of death and destruc¬
combat the approaching
onsweep
feverishly to
the
Louisville,
at
.
The property damage
only rooftops.
$300,000,000.
volunteers toiled
tidal deluge.
feet,
Paducah,
swift
of the latter city were covered with water
area
north,
inflammable
The two largest cities
of
56.9
the
$400,000,000. President Roose¬
velt assumed leadership pf Federal relief forces, while the
was
Farther
the
killed, many hundreds were missing, and the damage
were
showed
than
more
Ohio's
the
tomorrow.
200 persons
at
army
of
reached
and
..
villages
Cairo, 111., the key point in the great
tion, an
in 11
homeless
their
and
towns
estimated
was
of
crest
More
The
from
precarious straits.
Federal Aid—Red
debris-littered
the
down
slow-rising torrents, the waters spread along an
death list was unofficially placed at 132, with
homes and thousands of others marooned in
muddy,
front.
driven
Pittsburgh
from
Tenn.
Memphis,
in
1,800-mile
Cross
fo
vailed
States
Southern
and
Western
session, at which reports from several commit¬
be presented.
—President Roosevelt Mobilizes
Jan. 30, 1937
Chronicle
Financial
Evidence—
In
1935
1910 less than 40% of the National banks reported savings deposits.
In
83% of the National banks had savings departments.
This increase in savings
700%, since 1910, in the number of savings
facilities is attested to by the increase of
Volume
Financial
144
depositors in National banks, and by the increase of 1,000%
deposit In savings accounts in National banks.
in the amount on
Gordon Brown, Executive Manager New
1935, 12,803, or 78%, had savings
departments.
The number of savings depositors in these banks has doubled, and
the amount of savings deposits has quadrupled since 1910.
and
profession has endeavored to meet the needs of communities too
small to Bupport a bauk.
Their methods have taken one of several forms.
.
.
.
The protection for deposits sought In 1910 and offered by the Postal Savings
System, now is provided also by banks through their membership In the Federal
Deposit Insurance Corporation.
Of the 19,059 banks and branches in operation
Dec. 31, 1935, 17,296, or 90.8%, are members of the Federal Deposit Insurance
Corporation, and more than 98% of all accounts In the banks which are members
The
of insured
number
Columbia is
banks
and
branches in
48
the
also
and
pro
float,
con
banks
These questionnaires have
exchange charges.
or
attempting to regulate or
measures
on
been sent out by Mr. Simmonds as Secretary of the section.
Fiduciaries
Tax
Need
Not
Interest
Detailed
Give
Data
in
Bureau
According to Ruling of
Returns,
of
Internal Revenue
Members of the Trust Division, American Bankers Asso¬
The area In
ciation, have received
District of
17,926, whereas the number of postal savings depositories,
arguments
prohibit service,
those furnished
States and
associations
present to legislative committees information on legislation affecting
The banking
by the Postal Savings System.
There are 12,033 bank towns to the 7,214 postal savings towns.
square miles per bank town Is 252 to the 420 per postal savings town.
York State Bankers Association.
The bulletin deals with the manner in which the various State
Of the total number of banks of all types in
of the Federal Deposit Insurance Corporation are insured In full.
The savings facilities offered by banks*are more adequate than
709
Chronicle
Division
Including
branches, is 8,036.
income
income tax memorandum from the
an
stating that banks and
tax returns
trust companies making
need not give detailed
fiduciaries
as
information
Graduate School of Banking to Hold Session at Rutgers
regarding interest received from the calendar
1936, according to a ruling by the Bureau of Internal
year
University, New Brunswick, N. J., June 21-July 3
Revenue.
The third resident session of the Graduate School of Bank¬
The
memorandum
ing, the national educational institution for bank executives
missioner of Internal Revenue Guy
sponsored by the American Bankers Association through its
trust
admissions each year are limited to the first 200
At
in
this
faculty
to meet
The
ment.
five instructors
the
been added
have
to
staff
is
Lewis
follows:
as
calendar year 1936.
additional
work,
upon fiduciaries
1040,
be relieved
on
Form
and
1041
the requirement
from
on
of
such returns for the
Among other things, the letter set forth the burden of
and
expense,
would
difficulty which
by the requirement.
have
placed
been
In view of the facts submitted it
was
respectfully requested that the requirement for furnishing detailed lists of
taxable interest reported on information return.
Form
1041, and
on
tax
,
Form 1040, to be filed by fiduciaries for the calendar year 1936,
return.
be waived.
On
Jam_19 the following telegram was received:
Reference letter fifteenth banks and trust companies making returns on
1040 and 1041 as fiduciaries need not give detailed information
regarding interest received for calendar year 1936.
E.
Division's
The
the
requirements of the maximum enroll¬
administrative
Form
on
forms
year's session about 600 bank executives will be
attendance and
T. Helvering requesting that banks and
when preparing Information returns
furnishing detailed lists of taxable interest reported
applicants
meeting the established requirements for students.
companies,
tax-paying returns
American Institute of Banking Section, will be held at
Rut¬
gers University, New Brunswick, N. J.,'from June 21 to
July 3, inclusive.
The school opened in 1935 and the 220
students who entered at that time will this year complete
the study course and become the first graduating class.
The
school is held in cooperation with Rutgers University, and
the facilities of the library, classrooms, dormitories and din¬
ing halls are made available for the resident sessions.
New
says:
On Jan. 15 the Trust Division, by letter, made representations <io Com¬
communication
members
to
points
out
that this ruling is applicable in the preparation of March 15
returns.
Pierson, Chairman
of the Board of Regents; Dr. Harold
Stonier, Director; Dr. Eugene E. Agger, Rutgers University,
Associate Director; Richard W. Hill, Registrar; Norman C.
Miller, Rutgers University, Associate Registrar. The Board
of
Regents is composed of:
Lewis
E.
York, N.
Dr.
wick,
Y.
Clothier,
President
University,
Rutgers
New
Bruns¬
N. J.
Dr. Ira B.
versity
Walter
Cross, Professor of Economics
A.
P.
on
the Flood Foundation, Uni¬
California, Berkeley, Calif.
of
J.
Cummings,
Bank & TruBt
San
C.
Chairman of
Continental
Board
National
Illinois
Co., Chicago, 111.
Giannini,
Chairman
of
Board
Bank of
America
N.
T.
Sc
S.
A.,
Francisco, Calif.
Harry J.
Thedelegation representing the American Committee of
Creditors of Germany which will attend the
beginning Feb. 8, sailed for Europe on Jan. 22. The
delegation is composed of Harvey D. Gibson and Andrew
Gomory, President and Vice-President, respectively of the
Manufacturers Trust Co., New York; Joseph Rovensky,
Vice-President of the Chase National Bank of New York,
and E. C. MacVeigh, of the law firm of Davis, Polk, Wardwell, Gardiner & Reed.
C, E. Bacon to Retire April 1 as
Marion
Law,
President
National
First
Bank
Houston,
in
Martin, President Federal Reserve Bank, St. Louis, Mo.
E.
Smith, President Dorchester Savings Bank, Boston, Mass.
Lyman E. Wakefield, President First National Bank & Trust Co., Minne¬
apolis, Minn.
W.
Hills,
Secretary
the Board
of
of
Regents,
22
East
40th
Street, New York, N. Y.
Ex-officio members of the Board
and
are
the
President, First
Second
Vice-Presidents and Executive Manager of the
American Bankers Association, the Chairman of its Public
Education
Commission,
and
President,
the
Vice-President
and Educational Director of its American Institute of Bank¬
ing Section.
♦
The Economic
Policy Commission of the American Bank¬
ers Association is
publishing an extensive report on changes
which have occurred in bank earning assets in the period
since 1923, particularly along the lines of the reduction in
commercial
of Clarence E. Bacon
Manager of the New York Clearing House and the ap¬
pointment of Edward L. Beck, Assistant Manager, as Mr.
Bacon's successor, both changes effective April 1, was made
on Jan. 26 by William S.
Gray Jr., President of the Central
Hanover Bank & Trust Co., who is Chairman of the Clear¬
ing House Committee.
Mr. Gray said that the resignation
of Mr. Bacon was accepted by the Committee "with
deep
regTet."
The following summaries of the careers of the
retiring Manager and newly appointed Manager were made
available by the Clearing House:
Bacon,
a
resident of Tarrytown, N. Y.,
Clearing House during the panic of 1893 after
business
vious
experience.
State
ment of
Secretaries
Section
and
Legal
Depart¬
ABA
of his
service
the
at
appointed Assistant Manager in 1917 and Manager in 1926.
ber
of
Chamber
the
of
Commerce,
Trustee of
Clearing
Hospital.
He is
the Westchester
Savings Bank, Trustee of the Warner Library and
town
a
a mem¬
County
director of the Tarry-
Mr. Bacon retires voluntarily after
a
continuous service
of approximately 44 years.
a
native of Canada, spent the first 18
years
of his
the Canadian Bank of Commerce, serving the
Agency In New York and the branches in Montreal, Toronto and in the
experience with
He returned to New York in
west.
by
course
York
He has held all positions in the Clearing House, organ¬
ized and fnanaged the Out-of-Town Collection Department in 1915, was
business
Three Studies of State Legislative Matters Distributed
the
the New
to
number of years of pre¬
Holiday of 1933.
from the Commission at Association
St., New York City.
In
came
a
House he has been through the panics of 1893, 1907-8, 1914, and the Bank
£}'Mr. Beck, who is
40th
Manager of New York
Beck, Assistant Manager,
Announcement of the resignation
loans and the effects of Federal Government
financial policies since 1933. This report will soon be avail¬
able in booklet form at 50 cents a copy, and may be obtained
headquarters, 22 East
L,
Successor
as
Mr.
Economic Policy Commission of ABA to Publish Report
of Bank Earning Assets Since 1923
House—E.
Clearing
Named
McC.
Rutherford
Richard
be held in
Berlin
Houston, Tex.
William
Standstill Agreement to
the
conferences about
Haas, Vice-President the First National Bank of Philadelphia,
Philadelphia, Pa.
Francis
Departure of American Delegation to Germany Stand'
jjSSiffi&fcidM i still Conference in Berlin
Short-Term
Pierson, Chairman, Chairman of Board Irving Trust Co., New
Robert
1
1920 and for
a
time
was
engaged in
foreign banking and was also with the firm of Peat, Marwick, Mitchell &
Co.,
accountants,
and
with
The
Bank
of
Manhattan
Company.
Mr.
Beck became Assistant Manager of the New York Clearing House in 1926.
He is
a
member of the Chamber of Commerce of the State of New
York.
Three
important studies dealing with current State legis¬
lative matters have recently been issued by the State Secre¬
taries Section and the Legal Department of the American
Bankers Association. As to the studies an announcement by
the Association had the following to say:
A "Survey of Public Depository Laws" for use of State secretaries and
State association legislative committees,
ment
and issued by the
probable necessity in
compiled by the Legal Depart¬
State Secretaries
many
Section, calls attention to the
States for legislative action to amend public
depository laws since banks under Federal jurisdictions will
hibited
from
paying
interest
on
public
demand
deposits.
be pro¬
soon
The
survey
analyzes the situation in each State and copies are available at $1
from
Frank W.
each
Simmonds, Secretary of the section, at the association's
Secretaries
Section
Bulletin
No.
13"
presents
Uniform Trust Receipts Act and State banking boards.
a
study
of the
This material
was
gathered by O. O. Wattam, Secretary North Dakota Bankers Association,
as
Chairman of the section's Committee
on
Cramer,
Elected
President
Association—Other
"State Secretaries Section Bulletin No,
14" presents the returns of the
legislative questionnaire
New
Officials
York
Safe
Elected
At the annual meeting of the New York State Safe Deposit
on Jan.
13 at the Hotel Pennsylvania in New
York City, the following officers were elected:
P* President—Martin L. Jensen, Assistant Treasurer and Manager, Chase
Safe Deposit Co.
First Vice-President—Alfred L. Curtiss, Secretary, New York Stock Ex¬
change Safe Deposit Co.
Second Vice-President—William Haas, General
Manager, Manufacturers
Safe Deposit Co.
Company
►» Treasurer—E.
Walter
Boedecker
(reelected)
Manager,
as
summarized by W.
Fidelity
Safe
Deposit Co.
New Members of Executive Committee
George F. Parton, General Manager, Standard Safe Deposit Co.
James G. Manchester Jr., Manager, Safe Deposit
Jr., of the section.
committee's recent
Jensen
Association
State Legislation, and has been
sent to all State secretaries at the direction of President Theodore P.
same
L.
Deposit
Secretary—James A. McBain, Assistant Treasurer, Chase Safe Deposit
headquarters in New York.
"State
•Martin
Vaults, Central Savings
Bank.
John A. Kane, Secretary, Atlantic Safe Deposit Co.
710
Financial
R. W. Freer (ex-officio), Secretary and General Manager, Central Han¬
Safe Deposit Co.
over
debt, our com¬
with various foreign nations, reparations, trade barriers
will for
y
bank
ference—Walter
Interested In
French
B.
Finds
Audit
Bankers
Furthering Their Education-—Other
Speakers
and foreign
Jan. 28 and 29, a regional banking
auspices of the American
on
held
was
under the
Bankers' Association.
The conference is the first of
be held
to
in
various
sections of
the
series
a
country to
provide bankers with the opportunity for forum discussions
on current banking methods and
policies.
Some of the sub¬
jects discussed, dealt with the need for bankers to counsel
together, bank insurance and crime protection, the banker's
part in building an agricultural community, chartering of
banks, loan administration policy, investment policy, budget¬
ary control, expense control, income from banking services,
public relations and banking education, personal loans,
FHA mortgages, preserving the association between banking
and trust business, research on Federal lending agencies,
postal savings, costs and methods of operation and in the
trust field.
Following the presentation of each topic a general
discussion took place.
The conference was directed by Tom
K. Smith, President of the Association and President of the
,
Boatmen's
a
employed
bank which
public good¬
establish
to
"started from scratch" following the
holiday in the quarters of
bank that had closed
a
were
described by Dunlap C. Clark, President American National
Bank, Kalamazoo, Mich.
"Our
Mr. Clark said:
major premise is that there has been too mush 'mystery' in the
baking business, too much aloofness
the part of bankers.
on
We have
tried to make the public understand that we have no 'secrets'—that it is
entitled to information concerning our condition and operations as complete
Pittsburgh Pa.
Conference
methods
Successful
followed by dinner, entertainment and
was
at
Banking Conference Held
Pittsburgh
Under Auspices of A. B. A.—Tom 1C. Smith, Presi¬
dent of Association, Tells of Purposes of Con¬
three
It has surveyed railroads
trade, and many more matters of that character.
Regional
of
and
business,
studies financial,
and automotive transportation, taxation and the national
merce
Brooklyn.
passing that it is
banking agencies.
Smith, Assistant Treasurer, Bowery Savings Bank.
The meeting
dancing.
At
Commission
governmental activities which affect banking.
Manager, National City Safe Deposit Co.
John A. Elbe, Cashier, Lincoln Savings Bank of
L.
of that Committee's work to him, but I might mention in
The Commerce and Marine
Members of Executive Committee Continuing in Office
Merwin
Jan. 30, 1937
this group which has done such excellent work on Federal
Robert T. Root, Manager, Fifth Avenue Bank Safe Deposit Vaults, Inc.
Roswell D. Regan,
Chronicle
National
Bank
of
St.
Louis.
At
the
opening
session Mr. Smith addressed the gathering on the subject of
"Why Bankers Should Counsel Together", saying in part.
as
demand from
we
borrowers.
our
This viewpoint,
directly with that of the American Bankers Association
in
occasions
Most
recent
years."
>
bankers, Mr. Clark continued,
relations activities,
amount of
how
as to
He went
bankers lazy?' " he said.
we
expressed
on many
the desirability of public
agree as to
but he raised the question
thought and effort to them.
challenge 'Are
of course, coincides
as
.
many
direct
a proper
"I present the
on to say.
"I think, by and large,
we are.
Our services must be better than our claims—consistent consideration of the
customer, personal contact,
stantly
the job.
on
cultivation of friendships.
Perhaps, though
We must be
deeply inculated the old 'pedestal complex,' that business should
"We must realize that
merchandisers of
we are
a
come to us.
is no
better
or
desirable than another
more
As
commodity—credit.
this commodity is an intangible it is the most difficult type to sell.
money
con¬
profess otherwise, we have too
we
Our
We cannot
bank's.
compete on a quality basis therefore and should not, save perhaps in rate
instances, attempt to do
I
am
so on a
price basis, that is, by under-cutting rates.
naturally assuming in this statement that the fundamentals of sound
credit
respected."
are
A public relations
policy, he said, should be divided into two phases—
inside the bank and outside
the
bank.
He described the
employee
con¬
ferences held in his bank at which operations and mistakes are discussed
by the
He also described
method.
case
calling on customers
the
development
systematic
of
the part of representatives of the bank.
on
is a paramount necessity.
Unquestionably the present is one of the most
important periods in the history of American banking.
We are emerging
B. French, Executive Vice President Trust Co.
Jersey, Jersey City, N. J., told of the work of the
Graduate School of Banking, conducted jointly by the
American Institute of Banking and Rutgers University. Mr.
French who dealt with the subject of bank officers at
forty,
from the most severe depression in our experience with a heritage of problems
said in part:
The success of these conferences has arisen from the fact that
individual
to
bankers
they furnish
opportunity to pool their individual knowledge
an
and to aid in formulating collective policies, at a time when collective action
to be solved.
Fortunately
our emergency
problems
behind
are
us,
Walter
of New
What
but the
I should like to suggest
to you to-night is
to bring the general
fact that the depression is passing does not mean that all our trouble.have
standards of the profession up to a level where they can't
vanished.
should insist that
The response which has attended these conferences is abundant
evidence that bankers fully realize this fact.
we
devote
can
confront
our
energies to
Now that the crisis is past,
fundamental
of the
some
us.
Mr. Smith described as "a very major question which is
going to be with us for years tov come is the investment of
surplus funds," as to which he sarcL
Although
number of bankers have beeh complaining in recent
a
because of the great investment
A
years
of commercial banking funds in govern¬
bonds, it must be admitted that these bopds could find no other
employment. It is none too soon for us to realize that the day is coming
only in greatly reduced
us
bank.
.
lawyer can't practice without
professions
are
affairs of
a
.
bank any the less so?
a
because
a
certificate of qualifications.
exceedingly important but, I ask
business does not
as
he
mean
can
when in
January 1935 there
was
handed to
good and I felt that it might be the
so
operate to remove increasing amounts of government securities from the
course
investment
portfolios of the banks. At the present time banks hold
50% of the government debt, and in spite of that fact
of having too much idle cash. What will we do when
of our present investments for still more cash ?
some
I
in
am
solution
I
am
this
problem.
There
are
number
a
hopeful that this conference may
many
complaining
prove
of
no
alternatives.
.
.
and
of
knowledge freely for
various
banking business there is
the
have
always
good.
The
a
shared
coramond
banking organizations is today greater than
Association."
From
of
the
matters of this
years
economic
produced
developments
a
relating
the
to
country,
banking,
number of interesting publications.
and
to
address
investigate
are
was
gathering momentum, it made
eight Western states
with
a
deposit plans.
moreover,
Quite recently it
United States," which has become a standard work in its field.
Two
other
instrumentalities
and
are
Marine Commission.
chairman of the Committee
of
the Committee
the
on
Association
which
have
was
that there would be older
major in—"Investments,"
to
major.
your
of the two
one
"Bank Ad¬
subjects left
In addition the whole student
'
we
being graduated from this school worth the effort ?
We
can
we
are
conditions
trend.
to
men
speakers of national
VY';--v<v'>
.
are
attending and
now
satisfied that
we
need more
to correct that deficency.
us
realize that
say without
training and we
...
so
long
as we are
of the word.
engaged in demands constant study and research.
change
rapidly.
Forecasts
If the
Graduate
recognize this need
as
even
School
must
be
read
and
in the
This
Times
debated,
attempt to follow the current
does
nothing more than bring
their constant responsibility, it will have
justified its existence
a
hundred times.
laws and economics."
produced
Banking Studies and the Commerce
Since the next speaker on this program is the
on
equivi-
Secretary The Cleveland Trust
Co., Cleveland, Ohio, speaking on "Banking Education and
Public Relations," said that banking education through the
American Institute of Banking is a most important cog in
the wheel of public relations.
"There is need for public
confidence, understanding and respect," Mr. Newton said,
"confidence that rests not merely on government guaranty
but upon faith in the ability of the bank's management.
Our
public must be made to feel that every officer and employee
of our banks has a technical knowledge of finance, banking
published the booklet "The Bank Chartering History and Policies of the
valuable studies
were
That the school
Earl V. Newton, Assistant
detailed analysis of the experience of
of
offered
speak for the four hundred
bank
When the deposit guaranty movement
guaranty
were
achieved its purpose and
heretofore been readily available
The Commission,
assurance
graphs must constantly be studied to
prepared the first comprehensive study of the group and chain banking
in the United States.
can
economic
com¬
movement
work.
I sent in my application and was accepted as a member
The Graduate School has made
com¬
until quite recently, of demand deposits, for all
covering any considerable period of years.
Institute of Banking
/
doing what
business
We hope shortly to publish
mercial loans and,
These figures have not
bank—or that
University credits which
business of banking we'll be students in every sense
has
already mentioned showing the declining trend of
banks.
years' extension work be¬
general
the analysis I have
mercial
subjects
I think I
we
Commission
this
Rutgers
...
hesitation—"Yes!"
It is the function of the Economic Policy Com¬
of
good a
as
at
I also learned that the first class would be limited to
Is the distinction of
has included in its membership some of the leading
banking economists and bankers
American
reputation.'.
and
natjure.
two
seminar sessions every other evening at which we had
The Association has sponsored some extremely valuable studies bearing
mission, which for
sessions
body attended lectures in "Banking Law," "Economics," and also attended
before.
this
of training
bank.
resident
three
The
problem.
course
Now I wanted
of my own
for
bank officers gave me the
in attendance.
Three
quote in part:
on
the
to
after you were approved for
The above comments were made by Mr. Smith following
the opening remarks of Arthor E. Braun, President of the
Pittsburgh Cleaning House Association and President of the
Farmers' Deposit National Bank of Pittsburgh.
Mr. Smith
was also a speaker at one of the sessions on Jan. 29, at which
time he spoke on "The Utilization of Research By the
Bankers'
called
ministration" and "Trusts." You minored in
experience
-I
American
course
In addition there would be
of the first class.
It
well-developed
their
importance
ever
the
two hundred men.
I have attempted only to drive home
Bankers
that
you were an officer of your bank with
attempt to mention all of the major banking problems
cooperation.
banking outside the limits
good
a
your
.
useful in clarifying a great
the urgent need for collective action in the solution of these questions.
tradition
in
limited to
is indeed fortunate that in the
me
It sounded pretty
own
University, New Brunswick, N. J. of two weeks each (one session a year for
lant
the present time.
Banking had given
the inside of my bank was concerned.
as
found
men
us at
of
to my
answer
I learned that the requirements were that
you had to be a graduate of the
American Institute of Banking and also be an officer of
Mr. Smith also said:
I have made
envelope containing the
tween resident sessions.
.
of these points."
confronting
Institute
three years).
have to exchange
.
position to make any specific recommendations toward the
no
of
we are
we
.
far
I
over
the very feeling that I had
me an
first announcement of the Graduate School of Banking.
which must be invested in government bonds. In other words, this Act will
a
Just
in some other
conduct the affairs of a bank successfully,
too close to your own shop is
American
fund,
money
have found out.
many
This living
quantities. Under the Social Security Act, approximately three per cent of
reserve
is administering the
you,
ability to make
the nation's business payroll will this year
be diverted into the
A doctor
Both these
practice.
Investing the funds of the public is
has demonstrated his
man
We
.
great trust and only qualified bankers should be allowed the privilege.
ment
when this form of investment will be available to
a
must have the same kind of certificate before he can
'
be criticized.
have certain qualifications vefore he can come in
man
and manage the affairs of
questions which
\
a
Banking Studies, I shall leave the discussion
;
v
Other
Gilbert
T.
speakers at the conference
Stephenson,
Director of Trust
were:
Research,
Banking, American Institute of Banking Section.
Graduate
SchooL of
Financial
Volume 144
Arthur J. Linn, Comptroller, Hamilton National
John
At
Bank, Washington, D. C.
Bank
Lincoln-Alliance
Vice-President,
Remington,
&
Trust Co.,
the
regular monthly meeting, held Jan. 7,
last
members:
George M. Bodman, of Cyrus J. Lawrence & Sons.
Philadelphia.
Horatio W. Turner, of O'Brien, Potter & Co.
N. J.
Detwiler, Assistant Cashier, Philadelphia National Bank, Phila.,
Paul B.
the
Chamber elected the following as
Rochester, N. Y.
John J. Driscoll, Jr., C. P. A., Driscoll, Millet & Co.,
Sutton, Jr., President, First National Bank, Toms River,
Frank W.
711
Chronicle
Jules A. Guedalia, of
Kazuo
Pa.
Leigh Chandler & Co.
Nishi, agent, The Yokohama Specie Bank, Ltd.
Inc.
George V. Denny Jr., Educational Executive Treasurer, Town Hall,
Trust Officer, Hudson County National Bank, Jersey
Morris Bernhard,
John H.
City, N. J.
Awtry, of The First Reinsurance Co.
F. Ellsworth Baker, General Agent, National
Life Insurance Co.
Sidney M. Price, Cashier, First National Bank, Maiden, Mass.
E. B. Harshaw, Vice-President, Grove City
National Bank, Grove City, Pa.
V. McLaughlin, President Brooklyn Trust Co., N. Y.: B. E.
George
In
Meeting
Washington
of
Committee
Governing
of
R. E.;
Investment Bankers Conference Inc.—Representa¬
despite flood conditions in a large part of
the conference area, over 700 bankers registered for the
Council of theInvestment Bankers Conference, Inc., met in Washington,,
on Jan. 26, at which
time, it is stated, representatives of
the Securities and Exchange Commission were guests of
the Governing Committee at a luncheon.
B. Howell Griswold Jr., who was reelected^ Chairman of the Conference
at this week's meeting, presented a general review of theactivities of the conference since Oct. 16, 1936, according toan
account, Jan. 26, from Washington to the New York
"Journal of Commerce," from which we also quote the fol¬
Young, Vice-President National Bank of Detroit, Detroit, Mich.
tives of SEC
Bailey, Comptroller National Shawmut Bank, Boston, Mass.
It is stated that
; '
Conference.
Comparative Figures of Condition of Canadian Banks
In the following we compare
banks for Nov. 30, 1936, with
and Nov. 30, 1935:
the condition of the Canadian
the figures for Oct. 31, 1936,
STATEMENT OF CONDITION OF THE BANKS OF THE
DOMINION OF
CANADA
Nov. 30,
Assets
1936 Oct. 31,
1936 Nov. 30, 1935
$
$
Current gold and subsidiary coinIn Canada
12,566,042
12,314,146
Total....
5,047,982
9,738,050
4,860,865
7,705,177
5,077,409
7,236,737
Elsewhere.
14,786,032
lowing
The
of
securities;
activity
several of
and registration,
distribution and ade¬
in connection with unlisted trading upon exchanges, and'
rules and regulations.
There was detailed discussion on
problems, and measures were taken to perfect cooperation
adopted
standards
over-the-counter
these
with the
liaison
and
Luncheon
Committee at
of
:
conference
quate
Guests
Governing Committee and Advisory
The
adequate
determining
Securities
prospectuses
covering
reports
for
and
Exchange Commission.
Dominion notes
Notes of Bank of Canada
...
Deposits with Hank of Canada
Notes of other banks
United States A other foreign currencies.
Cheques on other banks
Loans to other banks in
44,340,624
182,876,712
6,006,622
23,448,649
44,178,891
214,920,328
7,425,852
22,786,330
113,733,031
111,396,901
36,709,251
186,723,085
6,432,130
23,236,277
93,206,434
with
made
due
3,408,009
4,284,627
5,329,524
22,994,937
21,780,334
ents in the United Kingdom..
Due from banks and banking correspond¬
97,668,520
trading
945,300,577
149,215,821
108,183,042
162,447,153
103,951,963
138,909,425
52,794,410
115,669,406
74,671,142
692,647,974
156,407,516
108,547,066
66,258,008
707,850,681
160,359,901
95,901,988
59,711,214
856,839,840
138,965,853
17",943",695
14,71l" 503
22",585",150
89,638,474
93,517,715
ties other than Canadian
Canada
on
cover
..........
Elsewhere than in Canada
Other current loans A disc'ts in Canada.
Elsewhere
12,922,236
8,964,196
4,510,841
13,649,731
8,607,513
5,330,538
Loans to Provincial governments.
to
cities,
towns,
estimated
loans,
Real estate other than bank premises
real estate sold by bank..
on
0.
Douglas
ex¬
its membership
had increased
from
1,218-
in
besides
Clark,
P.
Sydney
George
October to 1,700 today.
Mr.
Griswold, included Francis
security dealers
elected,
from
away
and
Treasurer,
A reference to the conference
Oct.
and
A.
Bonner,.
H.
Wallace
Fulton,.
appeared in these eolumns-
31, 1936, page 2776.
premises
at
not
ABOUT
York
New
TRUST
BANKS,
COMPANIES,
&c.
made Jan. 25 for the transfer of a
Stock Exchange membership at
$1^5,000. The-
Arrangements
were
previous transaction was at $134,000, on Jan. 8.
there was a sale at $112,000.
Two
loss pro
vlded for
Bank
regulating the
on
On Jan. 20-
municipalities
and school districts
Mortgages
of securities
Vice-Chairman;
ITEMS
Loans to the Government of Canada...
Non-current
absence of James.
the
in
efforts
deben¬
stocks,
tures, bonds and other securities of
a
sufficient
marketable
value
to
Loans
members,
cooperative
(not exceeding 30 days)
Call and short
loans In
date to the New
same
Director.
ish, foreign and colonial public securi¬
Railway and other bonds, debs. A stocks
SEG
two
discussed
The conference announced that
Officers
100,196,754
12,302,439
8,790,766
4,380,806
120,314,085
the
on
said:
stock exchanges.
SEC Commis¬
C. Matthews led the discussion..
Other Commission officials attending included Milton Katz, David Saperstein, Sherlock Davis, Harold Neff and John Farnham.
.
.
109,892,725
,058,659,966 1,096,674,545
Provincial
and
government
government securities
Canadian municipal securities and Brit¬
talks,
Chairman,
bankers and
than in Canada and the
United Kingdom
Dominion
"off-the-record"
Landis,
William
21,733,762
from other banks in Canada
Due from banks and banking correspond¬
ents elsewhere
In
M
"Herald Tribune"
sioners
balance
and
York
tensive
Canada, secured,
Including bills redlscounted
Deposits
Advices from Washington
than
more
Jan.
New
28,
York Cocoa
memberships were sold
Frank Wolf'
Exchange
for $3,500,
for $3,300, the other
one
selling to I. Witkin, for another, and A. P.
Arosteguy, of"
France, selling to P. B. Weld, for another.
cost
74,966,319
74,773,993
76,114,904
62,856,534
64,267.847
59,425,443
7,035,985
7,031,645
6,869,389
9,56L794
9,650,163
10",979",244
1,521,656
less amounts (if any) written off
1,529,398
1,706,434
Liabilities of customers under letters of
credit
as
per contra
Deposit with
Minister of
the
Finance
for the security of note circulation....
Deposit in the central gold reserves
Shares of and loans to controlled cos
The membership of Russell
W. Earle on the Commodity
Inc., was sold Jan. 21 to F. Eugene Nortz, for
another, at $1,350, up $200 from the last previous sale.
Exchange,
Other assets not included under the fore¬
going heads
3,206,528,944 3,202,338,006 3,091,757,741
Total assets...
A
membership
Jan. 26 at
the
on
$6,000,
Board
Chicago
Trade
of
sold
decrease of $325 from the last previous
a
transfer.
Liabilities
116,023,209
117,971,877
130,526,762
8,187,337
50.045,200
38,593,102
33,821,957
36,17L 434
47",54l",064
679,975,818
Notes in circulation
664,281,664
613,269,891
Arrangements
Balance due to Dominion govt, after de¬
ducting adv. for credits, pay-lists, Ac.
Advances under the Finance Act
Balance due to Provincial governments..
Deposits by
notice
the
publio,
,546,776,305 1,510,319,426 1,474,122,395
408,490,394
382,658,439
414,548,166
Deposits elsewhere than In Canada
Loans
from
other banks in
Canada,
secured, including bills redlscounted..
Deposits made by and balances due to
11,685,193
in
and
Canada
30,310,640
981,004
64,267,847
27,725,433
1,474,403
2,600,943
2,705,299
2,950,309
132,750,000
145,500,000
the
United Kingdom
fund
or reserve
12,299,964
30,843,056
Kingdom
Bills payable
Letters of credit outstanding
Liabilities not Incl. under foregoing heads
Dividends declared and unpaid
Rest
12,253,796
9,463,299
banking correspond
ents In the United
than
13,600,970
7,747,355
other banks in Canada
Due to banks and
The Cashiers Association of Wall
payable after
fixed day in Canada..
or on a
Elsewhere
Capital paid up
833,901
62,856,534
2,952,955
2,947,693
133,750,000
145,500,000
2,542,761
133,750,000
145,500,000
22
Jan.
on
the
ensuing year:
election
of
Street, Inc., announced
following officers for the
the
President, Harold Winston of Cities Service
Co.; First Vice-President, Thomas Keely of Green, Ellis &
Anderson; Second Vice-President, Watts Mason of Merrill,.
Lynch & Co.; Treasurer, John Wall of H. M. Byllesby & Co.,
Inc.;
Secretary, Edward Ifland of Maynard, Oakley &.
Lawrence, and Assistant Secretary, Peter Ross of the Nevw
York
Security Dealers Association.
59,425,443
The Corn Exchange
the
nounces
Bank & Trust Co. of"^ew.-York 1
an-;
election
Lewis
of
W.
Francis
President.
Note—Owing to the omission of the cents in the official reports, the footings In
the above do not exactly agree with the totals given.
New
York
Chamber
of
Commerce
to
Vote
New Members—Elects Seven Others to
candidates
on
Seven
Membership
Chamber of
Commerce of the State of New York have been approved
by the Executive Committee, it was announced on Jan. 28
by Richard W. Lawrence, Chairman.
The nominees, who
will be formally voted upon by the membership at the reg¬
ular monthly meeting to be held Feb. 4, follow:
Seven
for
membership
Albert L. Schomp, President, American
Thomas J.
in
the
Bank Note Co.
Grahame, Vice-President, Globe Indemnity Co.
At the annual meeting this week
President
The
Vi
ice-
the
tr
Fitzhugh White, of Glenny, Roth & Doolittle.
Halliday,
President, United New York Sandy Hook Pilots
Benevolent Association.
the
of
Association, said:
many
beneficiaries whom
under
whose
it
to
serves,
the
public
at large,
to
the courts
jurisdiction/ it operates, and to the governmental authorities
with
charged
supervisory
responsibility
has
always
been
of
primary
concern.
With
the
the
the
many
and
depression,
member
experience
Macy & Co., Inc.
of the Corporate Fidu¬
thousands of beneficiaries are affected by thepolicies, procedures and methods of the member banks and trust companies.
01 this Association.
The direct responsibilities of each member institution
with
Nelson Macy, Jr., of Corlies,
of
interests
Robert C. Johnson, of Lobdell & Co.
E.
a
ciaries Association of New York City, Henry A. Theis, VicePresident of the Guaranty Trust Co. of New York, and
Henry K. Astwood, Vice-President, Ernstrom & Co., Inc.
William
as
}
3,198,449,531 3,190,303,508 3,083,796,353
Total liabilities
.
up
the publio, payable on de¬
mand in Canada
Deposits by
completed Jan. 23 for the sale of two-
were
memberships in the Chicago Stock Exchange at $3,000,
$100 from the last previous sale.
utmost
the
trust
chief
one
new
and
problems
added
burdens
institutions
aim:
to
to
the
of
to
public
developed
they have
this
contribute
resourcefulness
benefit
that have
in
imposed
Association
every
meeting
that they
the
as
way
upon
have
changing
John
T.
Creighton,
all
gone
of
the-
trustees,
forward
of
their'
situations
with--
possible
out
serve.
Officers re-elected at the meeting were Mr.
dent;
result
a
Vice-President
of
Theis, Presi¬
City
Bank:
Financial Chronicle
712
Trust
Farmers
Erwin W.
and
Trust
Manufacturers
William
of
Officer
Trust
of
Officer
and Treasurer.
retary
and
Co., Vice-President,
Trust
Assistant
C.
Murphy,
Avenue
Fifth
Berry,
Co.,
Sec¬
Vice-President
Bank.
F.
G.
elected
of
of
members
three
of
Bank
York
New
Executive
of the
&
Trust
value
of
$723,084.
♦
Herbst,
Co.,
Committee for
were
period
a
Five
promotions were made
Edward
A.
Hegeman,
Vice-President
and
Chairman
of
staff of the
Pa., at the
appearing in "Money and Commerce" of Jan. 23.
Jr., heretofore Cashier, and It. Allan Chase,
Greiner
.
the Board of the Oyster Bay Trust Company, died of heart
attack on Jan. 21. Mr. Hegeman was 79 years of age.
Mr.
Co. of Scranton,
directors' recent annual meeting, it is learned from Scranton
John
•••••'
in the official
Bank & Trust
Third National
advices
years.
•
Remaining assets had an estimated
Depositors have received 70%.
hand.
Vice-President of Irving Trust Co. and It. McAllister Lloyd,
Vice-President
Jan- so,
Exchange National Bank owed the RFO $36,000 and had $4,660 cash on
formerly
Assistant Cashier, were promoted to Vice-Presi¬
an
Barthel, formerly
Harry E.
dents;
Cashier,
Assistant
an
advanced to Cashier, and Waler E. Attenborough, here¬
was
Hegeman had been with the trust company as director since
tofore head
1S96.
nected
bookkeeper, and A. Russell Raub, formerly con¬
the bond department, were promoted to Assist¬
Cashiers.
Other officers, headed by It. A. Gregory,
ant
Charles C. Lobert, a director of the National Bank of Ge¬
neva, Geneva, N.
to
"
reelected.
were
♦
Y., has been elected President of the institu"
tion,
with
according
Itoehester
Alfred
G.
of
dispatch
13.
Jan.
appearing
Mr.
in
Lobert
Lewis, who resigned recently.
bank
the
Geneva
a
"Democrat"
Other officers of
reappointed.
They are W. Horace Rogers,
Vice-President; Vernon H. Alexander, Cashier,
and Dexter H. Phillips, Assistant Cashier.
v.";;,f;
*
were
Executive
Gordon Abbott, until recently Chairman of the Board of
Directors of the Old Colony Trust Co. of Boston, Mass., died
his home in that city on Jan. 25 after
at
74 years old.
was
Mr. Abbott
graduated from Harvard in 1884.
he
was
Boston
member
a
Vice-President
a
that
capacity
Ten
New
New
was
York
firm
Old
the
1900,
he
Mutual
he
Trust
was
Chairman
York
in many
Life
Wheelock & Co.,
In 1893 he
Colony
New
and
director
a
of Abbott,
when
became
He
was
Co., serving in
named
of
elected
was
the
President.
Board.
In
banking affiliations,
corporations, including
♦
Providence, R. I., H. Raymond Fox, formerly Secre¬
tary of the institution, was given the additional title of
Vice-President.
Other officers were reappointed.
The com¬
given in the Providence "Journal" of Jan. 21,
follows:
Walter
Congdon,
F.
Jacobs,
Farrell,
President;
Vice-President
and
Secretary;
and
Frank
Trust
Lewis
R.
Assistant
Treasurer,
Soban, Assistant Secretaries.
E.
Chafee,
Officer;
Holmes,
and
died
H.
Vice-Fresident;
Raymond
Treasurer;
Howard
F.
Fox,
William
Williams
and
John
Vice-Presi¬
DeLancey
William
A.
in
Stockholders of the Hartford-Connecticut Trust Co., Hart¬
on Jan. 21 elected Frazar B. Wilde, President
of the Connecticut General Life Insurance
Co., a member of
the Board of Directors, according to the Hartford "Courant"
of Jan. 22.
At the subsequent directors' annual
meeting,
Byrne, President,
reelected
and
three
and his associate
members of
the
staff
officers
were
were
promoted.
They are A. Raymond Betts, connected with the commercial
department of the bank for five years, named a Vice-Presi¬
dent; Graham R. Treadway, associated with the trust de¬
partment
for
seven
made an Assistant Treasurer,
and Charles M. Squires, heretofore an Assistant Treasurer
years,
and Assistant Trust Officer at the Rockville branch of the
institution,
advanced
to
Assistant
an
Vice-President
First
$100,000,
The
institution
Trust
Co.
of
been
absorbed
by
the
Union
County
Elizabeth, N. J.
■'
Mrs.
Mary
♦
■
G.
Roebling was elected President of the
Trenton Trust Co., Trenton, N. J., at the annual
meeting
of the directors
on
who
Chairman of the Board of Directors.
was
made
Jan. 21.
She succeeds H. Arthur
Smith,
Mrs.
Roebling was elected a director of the institution a year
ago following the death of her husband, Siegfried Roebling.
♦
^At the annual meeting of the stockholders of the First
National Bank at Pittsburgh, Pa., Henry A.
Roemer, Presi¬
dent of the Pittsburgh Steel Co. and President of the Sharon
Steel Corp., was elected a director.
♦
In regard to the affairs
of four defunct Pittsburgh, Pa.,
Pittsburgh N. A., Diamond National
Bank, Duquesne National Bank, and Exchange National
Bank—the Pittsburgh "Post-Gazette" of Jan. 18 had the
following to say:
'
banks—the Bank
The
receiver
Reconstruction
of
$96,390.
estimated
of
of
the Bank
Finance
of
Depositors have
value
of
Pittsburgh reports $1,517,000 owed to the
Corporation
on
received
Dec.
31,
92%%.
$2,407,862.
"
1936,
and1 cash
on
hand
Remaining assets had
an
near
cash
on
estimated
cn
a
possible dividend by the Diamond National Bank in
future, there having been no RFC loans on Dec. 31, and $606,000
hand.
Depositors have received 60%.
Remaining assets had an
value of
$2,012,380.
,
Duquesne National Bank owed the RFC $460,000 and had $110,708 cash
hand.
Depositors have received 70%.
Remaining assets had an esti¬
mated
value of $891,017.
were
B
the promotion of J. Hu¬
Cashier, and of Chesley
Peterfish from Note Teller to Assistant Cashier.
Wilson
Sr.
reelected
was
Gilpin
Vice-President.
♦
V-V;'-*.';
•/*'/';
j
.
Staunton, Va., dispatch on Jan. 12 to the
Richmond "Dispatch," Herbert McK, Smith, a member of
the Virginia House of Delegates, was elected Vice-President
According to
a
of the Augusta
National Bank of Staunton at a meeting of
day, succeeding the late Julius L. Witz.
Michael Kivlighan was retained as President.
directors
that
on
•
of
Directors
Richmond,
Va.,
moted
five
Harry
H.
Bank
State-Planters
the
at their
and
officers
Augustine
added
was
&
meeting
annual
two
others
advanced
Co.
Trust
Jan.
on
to
from
14
the
of
pro¬
roster.
Vice-President
Cashier to Executive Vice-President;
aCrlisle R. Davis
Assistant Cashier to an Assistant
Vice-President; H. S. Lafoon was promoted from Co-Man¬
promoted from
was
an
of the Lombardy Street branch to
ager
Assistant Cash¬
an
ier; S. W. Phillips was advanced to Manager of the Lom¬
bardy Street branch, and R. P. Knightly was promoted
to Assistant Manager of the Lombardy Street branch, while
James W. Rawley and Osmond T. Jamerson were named,
respectively,
Officer
appointed
also
Assistant
an
Assistant
and
President
Cashier
Secretary.
all
were
as
the changes, the
and
Assistant
Julien
the
Richmond
H.
Hill
other
Trust
was
officers.
"Dispatch"
re¬
In
of Jan. 15
said:
Mr.
Augustine,
He
iunner.
quently taking
native of Richmond',
a
joined
the
over
State-Planters
began
in
1922
hia banking
as
career
as
Vice-President,
a
subse¬
the duties of Casbier.
•
The election of George Edward Smith as Vice-President
of the Columbia Bank & Savings Co. of
Cincinnati, Ohio,
announced on Jan. 21 following the organization meet¬
ing of the directors, according to the Cincinnati "Enquirer"
was
of
Jan.
22.
Mr. Smith succeeds
late William
the
Leimann.
Other officers,
all re-elected, are H. William Brockmann,
President; Henry G. Hauck, Vice-President; G. C. Fahnestock, Cashier, and Louis Schwab, Secretary-Treasurer.
condition statement as
Dec.
of
31
of
the
Cleveland
Co., Cleveland, Ohio, shows total resources of $380,070,330, which compares with total assets of $337,733,007
on
Dec.
on
hand and in
31, 1935, of which the principal items
are:
Cash
banks, $111,080,589 (as against $93,459,921
on
Dec. 31, 1935); United States Government
obligations,
direct and fully guaranteed, $91,454,734 (as compared with
$53,433,165), and loans, discounts and advances, less re¬
serves, $142,807,763 (down from $155,898,322 at the end of
1935).
On the debit side of the statement, capital notes
and
capital stock remain unchanged at $15,000,000 and $13,800,000, respectively, but surplus and undivided profits have
risen from $3,054,986 on Dec. 31, 1935, to $3,191,535, and
total deposits have increased to $344,016,956
(an all-time
high) from $303,176,420 at the close of the previous year.
Harris Creech is President.
stockholders,
Cleveland
Jan. 20,
bank's
the annual meeting of the
Creech
has
been
21
was
as
reported
in
the
saying that in his
capital included $15,000,000 of Recon¬
Corporation capital notes upon which in¬
from 3%% to 3%.
Under the
struction Finance
terest
At
Mr.
"Plain Dealer" of Jan.
the
report
on
reduced
arrangements with the RFO the bank has agreed
retiring
the
$1,000,000
"that
we
a
notes
year.
shall
be
to begin
approximately
"We anticipate," President Creech said,
in
1938
able
the
at
to increase
rate
of
this rate
of
retirement
unless the notes are otherwise refinanced."
-
Prospects favor
the
"Dispatch,"
bert Wamsley from Teller to Acting
Trust
.
Bank of Cranford, N. J., capitalized
placed in voluntary liquidation on Jan. 21.
has
Other changes made
♦
National
was
been
the bank's personnel, it is learned from Staunton advices
The
♦—-.
The
had
ago,
Pratt, who
joined the bank as "a
Cashier since 1913 and
who
and
Assistant Trust Officer.
at
years
to the Richmond
ford, Conn.,
B.
46
He succeeds William A.
Hunter,
Mr.
Cashier and Vice-President since 1927.
noting
*
John
12.
Jan.
on
recently.
runner"
and
\
At the annual meeting of the directors of the Union Trust
Co. of
dent
directors
General Electric Co., the
Insurance Co., the Chicago &
RR., the Easterbrook Steel Pen Manufac¬
turing Co., the Metropolitan Life Insurance Co., the Radio
Corporation of America, &c., &c.
as
President of the National
elected
the
Western
plete list,
was
Valley Bank of Staunton, Va., at the annual meeting of the
From that time until 1893
merchants.
Central RR.,
England
North
the
his Boston
to
Mr. Abbott
the
of
until
later
years
addition
of
New York
and
a long illness.
born in Boston and
was
Hunter
Charles S.
the
replaces
addition
In
and
directors'
noted
in
to
the changes
meetings
issues
of
of
Jan.
at the
Chicago
16
annual
banking
stockholders'
institutions
(pages 389 and 392) and
Jan. 23 (pages 553 and 554), also elsewhere in these col¬
umns today, some of the other changes in the directorates
and personnel of Chicago banks are indicated below:
our
Volume
Financial
144
Bank—William
National
Central
Leverone
the
of
post
Howard and Nathaniel
A.
Garfitt, E.
directors.
Irving Fass
promoted to
was
Assistant Vice-President.
Bank
City
Chicago
additional
elected
were
&
Assistant
appointed
Cory
H.
Cashier.
Ed
View
W.
Weiss
A.
& Savings Bank—L.
Trust
Lake
Bank—Maurice
National
Liberty
elected director and
W. Hathaway
appointed Assistant Trust
Cashier
appointed Assistant
National Bank—Haydn Miller
W. Johnson pro-Cashier.
Cosmopolitan
and
Live
dent,
added
Vice-President,
Cohn,
Bennett, formerly Assistant Vice-Presi¬
and H. P. Johnston was added to the
Vice-President.
National
Madison-Crawford
Bank—H.
R.
Brintlinger
elected
was
to
Board.
the
Trust
Mercantile
Shoe
Florsheim
elected
Bank—Irving S. Florsheim, President of the
Savings
elected to
was
Bank
Merchandise
Noyes
&
Co.,
Trust
&
They
Reichwein
J.
formerly
B.
Hiland
and
Cashier
were
Comp¬
and
troller, respectively.
added
Bank—P.
National
Merchants
Tess
the
to
Milwaukee
of
Board
L.
Healy, Roy
Hilmer R.
and
Kropp
A.
Directors.
elected
Niemira
Bank—Thaddeus
National
Avenue
Wickstead, from Assistant Trust Officers to Trust Officers,
and
Joseph M.. Hildesheim elected Assistant
Secretary.
Other
officers
of
the
trust
company
were
reelected.
National
Schafer
and
Vice-President
elected
Bank—Ward
National
C.
elected
Castle
member
new
a
of
Rebecca* Lambert
J.
and
dent
W.
Morton
appointed Assistant
Miss
elected to the directorate.
Jr.,
T. Kurzdorfer
Cashier.
L.
appointed Assistant Vice-Presi¬
Stanton and J. E. Crowley
K.
Cashiers.
J. Schwoeffermann, formerly
of the Citizens' National
The transfer of $400,000 from undivided profits to
Executive Vice-President
Bank of Chicago Heights, 111., was
He succeeds Joseph Orr, who remains as Chair¬
of the Board.
In noting this, the Chicago "News" of
meeting.
Miss
Monnix,
Margaret
has been
and
directors
former
Secretary
elected Secretary of
to
Executive
the
the Board of
Vice-Presi¬
retiring
All
——4
At the annual meeting of the stockholders of the National
of Chicago,
Builders Bank
of
New
the
111., Timothey W. Evans, Vice-
York Central Lines,
All other directors and officers
reelected.
were
#
The
Bankers Trust Co. of
Jan. 11 by Federal Judge
Ernest A. O'Brien, and litigation which started on Nov. 7,
1934, was ended.
The company was given 90 days to put
details of the plan into effect.
It has already been ap¬
proved by the Michigan State Banking Department.
We
quote further, as follows, from the Detroit "Free Press" of
of
plan
reorganization
Detroit, Mich.,
approved
was
the
on
Jan. 12:
Under
stock
of
$10
the plan,
of
terms
will
for
provision
No
value.
holders
present
exchange their stock
par
one
6hares of $100 par
of 10,000
two-thirds shares of
and
made
is
in
the
for
plan
stock
new
payment
of
approximately $12,500,000 in claims of holders of certificates of participa¬
tion in the
These
William
Court
S.
of
Appeals.
Jr.,
in
for
that
with
Gas
claim
of
Co.,
upheld
was
trust
company
in
the
acted
had
issued, and1 that
certificates have
were
these
of
Wismer
Bondholders
Bankers
been
gress
in
in cash.
$1,700,000
was
A
President, will resume
claims for labor and
lease with the Simon
J.
of both parties.
B.
C.
Schram,
receiver
the
of
paid with $25,000 in cash by the Bankers
paid
cash
by
as
by the
Management,
Bondholders
Inc.,
of
Co.
the
business
and
for
17
company
years,
is to be
and its
The
preferred stock, which will bring the total retired thus far
to $1,150,000.
Staff appointments approved by the Board,
the paper stated, were as follows:
J.
promotions
were
W. W.
Spring, First Assistant Vice-President, became ViceL. O. Anderson, Assistant Cashier, was named
Cashier; P. R. Pascoe, Assistant Cashier, was elected As¬
sistant Vice-President; George Ostrom became manager of
President ;
the investment department.
All the other officers, headed
by R. L. Griggs, President, were reappointed.
*
Sherer, formerly Auditor of the Merchants' Bank of
Mo.,
was
promoted to Assistant Vice-President
by the directors at their recent annual meeting, it is learned
from the Kansas City "Star" of Jan. 23.
Other officers,
by H. R.
Lebrecht,
were
renamed.
♦
the
Louisville
"Courier-Journal"
of
Jan.
14
it
is
learned that the following changes in the personnel of the
Louisville
E.
added
Hatch
the
to
C.
and
executive
Vice-President,
in
lieu
T.
W.
former title
of
Vice-Presidents,- head
Wicnke,
committee;
R.
Arnett,
First
office,
National
of Assistant Vice-President;
R. M.
were
v
office,
M.
H.
Clark, Branch
branch; H. M. Casillas, Assistant Branch
branch; D. E. McGuire, Assistant Branch
B. P. Maple, Assistant Branch Man¬
ager, Lindsay branch;
C. L. Simpson, Branch Manager, Lynwood branch;
Walter Pfleghaar,
Assistant Branch Manager, San Luis Obispo branch;
R
E.
Cowden, Branch Manager, Saticoy branch, and R.
W. Stafford,
Belvedere
Manager,
Gardens
Manager,
First
Huntington
Spring
Assistant
Branch
and1
Park branch ;
Manager,
Sixth
one
of Nova
the
year
hundred
Scotia
1936,
branch.
and Oxford
'
♦
The
.
~~»d fifth annual statement of the
Bank
(general office Toronto, Canada), covering
made public
was
on
Jan.
25.
New
high
levels in deposits and resources, and an exceptionally strong
liquid position are features of the report.
Deposits now
stand at $238,511,561, an increase of more than $7,000,000
oyer
the previous year, while total resources at $296,959,267
$8,136,379. Readily available or quick assets amount
$184,580,677 as compared with $172,997,131 at the end
of 1935, or equal to 71% of the bank's liabilities to the
are
up
to
Net earnings for the 12 months, after taking care
and Provincial taxes
($474,268), and after
making appropriations to contingent accounts, out of which
full provision for bad and doubtful debts have been made,
aggregated $1,926,687 (as against $1,834,175 the previous
year), which, when added to $711,630, the balance to credit
of profit and loss brought forward from the previous year,
made $2,638,317 available for distribution.
This was allo¬
cated as follows:
$1,440,000 to pay four quarterly dividends \
at the rate of 12% per annum: $145,000 contributed to
officers'
pension fund, and
$250,000 written
off
bank
premises account, leaving a balance of $803,317 to be car¬
public.
of
Dominion
ried forward to the current year's profit and loss
account.
paid-up capital of the institution is $12,000,000, and its
fund $24,000,000.
It was established in 1832 and
reserve
maintains branches from
coast
to coast in Canada,
also in
Newfoundland, Jamaica, Cuba, Puerto Rico, Dominican Re¬
and in New York, Boston, Chicago, and London,
J. A. McLeod is President and H. F. Patterson,
England.
public,
General
Manager.
The
New
York
agency
is
at
49
Wall
Trust
Co.,
Louisville, Ky„
were
CURBTEXCHANGE
company
at Shelby and Con¬
is
Minn., it is learned from the "Commercial West" of Jan. 23.
From
par
Security-First National Bank on Jan. 19 authorized
retirement on Feb. 1, next, of $400,000 of
THE
$500,000.
office
♦
headed
$10
the 350,000 shares of
on
additional
the New York Curb Exchange have
irregularity during the present week.
The trend of prices was generally downward on Monday and
Tuesday but there was some improvement apparent as the
week progressed and a number of the market leaders re¬
gained part of their losses. Public utility preferred stocks
have been weak and industrial specialties were down for a
brief period but again moved ahead.
Low-priced stocks were in demand during the abbreviated
session on Saturday, and while the advances, were not par¬
ticularly noteworthy at any time during the trading, they
were fairly well scattered through the list.
There Was some
profit-taking in evidence during the first hour but this was
quickly absorbed as the price trend continued to point up¬
Public utilities were irregular and industrials were
ward.
fairly steady, though the gains were few. Oil stocks were
inclined to sell off except Grulf Oil and Humble Oil, which
registered modest gains.
The advances included among
others Aluminium Ltd.pref., 3 points to 128; Carrier Corp.,
2Vx points to 33%, and Sherwin Williams, 2% points to
136%.
W Price movements
shown
Kansas City,
million dollars
a
he said.
According to the Los Angeles 'Times" of Jan. 20, directors
of the
liquidate them.
new
made at the recent annual meeting
of the directors of the Northern National Bank of Duluth,
D.
than
more
1936 by
This represents !
increased in
was
Street.
Streets.
Four
for
Management, Inc., was formed to take over certificates
Trust
Capitalization
total
a
reserve
*
The
Small
assets.
to the satisfaction
than
in
G.
paid
were
Bank-Detroit
$482,985
decision of the late
a
$492,341 in collateral notes and mortgages.
the
has
Co.
more
National
The
ot
was
Otto
admitted
in
modified
Trust
the
Holders
reason.
by
headed
$250,000
Murphy Co.
and
in
which
the original mortgages.
the Detroit City
A
and invalid
Chancery,
in
decided that
Sayres
suing against
company,
business
First
illegal
Master
Mr.
invalid
were
recourse
The
declared
were
Sayres
in guaranteeing the certificates when they
illegally
they
company's real estate mortgage holdings.
claims
capital structure
and the
disbursing dividends of $280,000,
after
and Harry Jo¬
of the Chicago Park District, were
elected directors, it is learned from the Chicago "News" of
Jan. 13, while at the subsequent meeting of the directors,
George
DeBushnell
was
named
a
Vice-President
and
Leonard Phillips promoted from an Assistant Cashier to
Cashier.
and
value stock.
Vice-President
seph,
surplus makes
profits
Alexander said.
Mr.
for the year,
$765,812
undivided
surplus,
Dec. 31, 1936, amounted to $64,363,979, an increase of $13,-
on
Manager,
Directors.
the bank have been elected.
officers of
other
President
bonds,
on
capital
for
Mann, Branch Manager, Adams and Halldale branch;
Jan. 13 added:
dent,
$7,787,403.92
premium
named President of the institution at the directors' annual
man
undivided profits account.
tinued, in part:
an
•
B.
amount
appointed Auditor.
State Bank—E.
Uptown
from
All officers,
bank,
and its two branches, Manhattan and North Memphis, were
reelected and two employees, Joe B. Rawlings and O. O.
Bobbins, were made Assistant Cashiers.
The paper con¬
that
earnings of
Board.
Upper Avenue Bank—Stewart Sherman
declared a'
Co., at their annual meeting the previous day,
235,030
Johnson elected Assistant Cashier.
Security Bank—Oliver H.
Shore
Memphis "Appeal" of Jan. 15 that
2% extra dividend, raised the regular dividend to 8%, and
increased the bank's surplus by $400,000 by transferring
Deposits
North
is President.
the directors of the Union Planters' National Bank & Trust
Board
to
E. J. Szunarski.
Bank—Louis
Boulevard
National
Rahill
_
Cashier.
the
J.
«
of
of directors in the place of
of new business and
headed by President Vance J. Alexander of the main
the directorate.
Co.—Henry
Vice-Presidents.
Vice-
Assistant
from
in charge
the
to
E.
Assistant
as
Bank—I.
advanced
Vice-President; Edward W. Hinkle and John J.
to Assistant
William
Officer.
appointed Vice-President,
was
staff
Furnish
Vice-President
It is learned from the
National
Stock
R.
A.
President to
of Directors.
Board
13:
Jan.
advertising; Hubbard G. Buckner, from Assistant Secretary
Co.—Jame3
Trust
713
Chronicle
announced
on
on
considerable
.
Financial
714
Chronicle
Jan. 30, 1937
Oil shares featured the trading on Monday, and while
there
irregularity apparent in the general list due
promment issues gradually worked
higher though the advances were small and without special
significance. Public utilities were somewhat reactionary and
most of the market favorites in this group were off one or
was some
We collect
to selling pressure, many
documentary or clean drafts drawn on
any part of the U nited States and on foreign countries.
MANUFACTURERS
points. Specialties were irregular, Sherwin Williams
Pittsburgh Plate Glass registering higher levels while
Aluminum Co. of America and Pepperell Manufacturing Co.
were sharply down.
The outstanding declines of the day
were Aluminum Co. of America, 3% points to 162; American
TRUST
COMPANY
more
PRINCIPAL OFFICE AND FOREIGN DEPARTMENTi
and
55
BROAD STREET, NEW YORK
Member Federal Reserve System
Member New York Clearing House Association
Member Federal Deposit Insurance Corporation
Superpower pref., 2% points to 53%; Mead Johnson, 3%s
pomts to 112; Singer Manufacturing Co., 3 points to 355,
and Alabama Power $6 pref., 2 points to 75,
Curb prices continued to move downward on
and while there was no pressure apparent on any
EXCHANGE
FOREIGN
Tuesday,
particular
section, weakness centered around the public utility preferred
stocks, and a number of prominent issues in this group
dipped to the lowest levels recorded in some time. Oil shares
were off due to profit-taking and most of the active issues
registered substantial losses. Some of the industrial special¬
ties showed modest gains, including Wayne Pump, which
moved up to a new top at 39% at its peak for the day, and
McWilliams Dredging, which reached 36 at its high and fell
back to 33%. Mead Johnson declined 6 points to 106, Fisk
Rubber pref. 6 points to 82, Pan American Airways 4 points
to 67, and Dow Chemical 4 points to 154.
Following an early decline due to selling, curb stocks
showed moderate improvement on Wednesday and, despite
the fact that the volume of business continued to dwindle,
there were a number of sharp gains scattered through the
list. Public utilities were somewhat stronger and industrial
specialties registered a number of noteworthy gains. Oil
shares, on the other hand, were quiet and made little progress
either way . Among the strong stocks of the day were Sherwin
Williams, 3% points to 142; Aluminum Co. of America, 4
points to 165%; Brown Co. pref., 3 points to 58; Fisk Rubber
pref., 4 points to 86; Aluminium Ltd., 5% points to 111, and
Canadian Hydro Electric, 6 points to 80.
On Thursday the early dealings were marked by numerous
strong features in the specialties group with gains ranging
from 2 to 6 more points.
As the day progressed the market
turned dull and some of the morning advances were cancelled,
though a fairly large list of active shares held their gains
until the session closed.
Kew tops for the recovery, and
in some instances for the year, were registered by several
prominent issues including among others, Sherwin Williams,
Wayne Pump, Eagle Picher Lead and International Hydro
Electro pref.
Other noteworthy advances were Jones &
Laughlin Steel 6 points to 108, Mead Johnson 2 points to
107, Newmont Mining 2 points to 124 and Godchaux Sugar
B 4% points to 35%.
The tone of the market was firm on Friday but the volume
of transfers fell behind the total of the previous day.
Spe¬
cialties attracted most of the buying and there was some
interest manifested in the rubber stocks, but the gains, in
most cases, were in minor fractions.
Brill Corp. pref. was
an exception and surged forward 5 % points to 63 %.
Sher¬
win Williams was also in demand ana closed at 146 with a
RATES
Country and Monetary
Jan. 23
Jan. 25
.
Week Ended
of
Shares)
_ .
Saturday...-.
Monday..
Tuesday..
-
.....
;
Wednesday
Thursday..
Friday...
527,000
828,725
772,974
679,020
Asia—
China—
Chefoo (yuan) dol'r .296708
Hankow(yuan) dol'r .296875
Shanghai (yuan) dol .296875
Tientsin (yuan) dol'r ,296875
Hongkong, dollar.. .305958
.370470
India, rupee
Japan, yen
.285625*
Singapore (S. S.) dol'r .574500
.296916
.297083
.296916
.296916
.296916
.296916
.297083
.297083
.297083
.297083
.296875
.296875
.296875
.296875
.297083
.297083
.296875
.297083
.297083
Foreign
.305750
.305416
.305166
.305376
.370617
.370850
.360356
.370289
.370244
.285753*
.285828*
.285444*
.285135*
.285046*
.575312
.575562
.574687
.674937
Australia, pound.
New Zealand, pound
Africa—
.574437
3.906770* 3.908281* 3.910677* 3.905620* 3 ,901666*8.902500*
3.935089* 3.936651* 3.938571* 3.933214* 3 ,930714*3.930803*
South Africa, pound.. 4.850000* 4.852421* 4.854062* 4.847421* 4.845156* 4.845000*
North America—
Canada, dollar......
Cuba, peso..
Mexico, peso
Newfoundland, dollar
....
.999170
.999338
.999290
.999396
.999543
.999166
.999166
.699166
.999166
.277500
.696696
.277500
.277500
.699166
.277500
.999166
.277500
.996852
.996777
.696972
.997053
.326616*
.326583*
.999062
.996629
648,735
Argentina, peso......
Brazil (official) mlireis
(Free) mlireis
Chile, peso..........
Colombia, peso......
Uruguay, peso.......
*
.326883*
.087072*
.061062
.051700*
.573900*
.786875*
.327033'
616,145
Total---.
4,072,599 $12,202,000
Safes at
$333,000
.087088*
.326683*
.087072*
.087072*
.061050
.061283
.060814
.061225
.051725*
.051725*
.051725*
.051725*
,051725*
.073900*
.786875*
.573900*
.573900*
.573900*
.789166*
.573900*
Week Ended Jan. 29
1936
1937
COURSE OF BANK CLEARINGS
1937
Kansas City
__
San Francisco..-:..
$1,423,000
2,384,000
2,513,000
2,222,000
2,374,000
2,207,000
Pittsburgh....
Detroit-.-...-.-..
Cleveland
Jan. i to Jan. 29
...
Baltimore
New Orleans
Twelve cities, 5 days
Other cities, 5 days—
$588,000 $13,123,000
Foreign government-.
Foreign corporateTotal
'
4,072,599
6,508,504
19,147,857
$55,388,000
333.000
$29,280,000
518,000
588,000
273,000
1,716,000
1,837,000
$126,347,000
2,368,000
1.076,000
$30,071,000
$58,941,000
$129,791,000
FOREIGN
EXCHANGE RATES
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
a
record for the week just passed:
•t
Total all cities, 5 days——
All cities, 1 day......—
....
$4,942,011,701
712,643,540
$4,122,829,051
658,739,945
+ 19.9
+8.2
—
$5,654,655,241
1,130,931,048
$4,781,568,996
1,183,629,210
+ 18.3
$6,785,586,289
$5,965,198,206
+13.8
18.6
+23.1
+ 16.4
+31.0
+8.7
+20.2
-1-16.9
4-39.9
J 15.0
37.3
27.8
+29.1
—*4.6
19,777,580
$12,202,000
Pursuant to the requirements of Section 522 of the Tariff
Act of 1922, the Federal Reserve Bank is now certifying
give below
$2,922,389,071
217,732,173
274,000,000
181,000,000
70,181,345
59,300,000
100,777,000
87.873,101
86,928,618
52,416.703
42,898,040
27.333,000
Cent.
1936
$13,123,000
of shares-
-—.—_ _
1936
$3,467,369,297
268,017,126
319,000,000
237,173,000
76,318,675
71,300.000
117,819,000
122,945,825
99,972,250
71,989,473
54,807,055
35,300,000
St. Louis
Bonds
Domestic
Per
Clearings—Returns by Telegraph
Total all cities for week—.—.—.
Stocks—No
.789000*
Nominal rates: firm rates available.
Boston
$53,000
59,000
60,000
111,000
128,000
177,000
1937
.789166*1 .786875*
.087072*
clearings this week will show an increase compared
with a year ago. Preliminary figures
compiled by us, based
upon telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, Jan. 30),
bank exchange for all cities of the United States from which
it is possible to obtain weekly returns will be 13.8% above
those for the corresponding week last year. Our preliminary
total stands at $6,785,586,289, against $5,965,198,206 for
the same week in 1936.
At this center there is a gain for
the week ended Friday of 18.6%.
Our comparative sum¬
mary for the week follows:
Total
New York Curb
Exchange
.327183*
.087072*
.061125
Bank
Foreign
59,000
32,000
.277500
South America—
Chicago.
Corporate
2,362,000
2,066,000
2,187,000
1,998,000
.297083
.305750
Australasia-
Value)
$59,000
47,000
91,000
45,000
Jan. 29
EXCHANGE
Oovernm't
$1,311,000
2,278,000
Jan. 28
_
Philadelphia
Domestic
| Jan. 27
....
(Number
Jan. 29, 1937
Jan. 26
$
S
$
*
$
$
Europe—
.186800* .186814* .186814* .186814* .186771* .186757*
Austria, schilling.
.168461
.168526
.168432
.168505
.168467
.168526
Belgium, belga
.012875* .012875* .012875* .012875* .012875* .012875*
Bulgaria, lev..
.034880
.034891
.034887
.034887
.034887
Czechoslakla, koruna. ,034871
.218950
.219037
.218770
.218866
.218675
.218679
Denmark, krone
4.904791 4.907291 4,900000
1.897500 4.898458
England, pound sterl'g 4.902833
.021595
.021620
.021600
.021587
,021600
.021593
Finland, markka./...
.046642
.046663
.046594
.046622
.046572
046594
France, frano
.402139
.402214
.402232
.402230
.402267
Germany, relchsmark .402200
Greece, drachma..... .008976* .008978* .008982* .008976* .008971* .008978*
.547532
.547542
.547532
.547532
.647517
.547517
Holland, guilder.
.197750* .197750* .197750* .197750* .197750* .197750*
Hungary, pengo
.052608
.052611
.052610
,052606
.052606
.052609
Italy, lira
.246433
.246566
.246333
.246204
.246137
.246150
Norway, krone
.189233
.189233
.189300
.189233
.189233
.189266
Poland, zloty
.044475* .044441* .044485* .044450* .044450* .044500*
Portugal, escudo
.007278* .007278* .007278* .007278* .007235* .007235*
Rumania, leu.
.070642* .070571* .070571* .069571* .069642* .068312*
Spain, peseta
.252891
.252977
.252766
.252625
.252554
.252554
Sweden, krona
.228614
.228783
.228614
.228541
.228969
.228492
Switzerland, franc
.023020* .023040* .023040* .023020* .023020* .023020*
Yugoslavia, dinar
New York._--_-.-_
Bonds (Par
Stocks
RESERVE
Noon Buying Rate for Cable Transfers in New York
Value in United States Money
Week Ending Jan. 30
NEW YORK CURB
FEDERAL
Unit
points. As compared with Friday of last
week prices were generally lower, Aluminum Co. of America
closing last night at 164 against 167% on Friday a week ago,
American Gas & Electric at 43% against 46%, American
Light & Traction at 24 against 24%, Associated Gas & Elec¬
tric A at 3% against 4%, Canadian Industrial Alcohol at
6% against 7%, Consolidated Gas of Baltimore at 87%
against 88%, Electric Bond & Share at 24% against 26,
Glen Alden Coal at 13 against 13%, Hudson Bay Mining &
Smelting at 33% against 34%, National Bellas Hess at 3
against 3%, Newmont Mining Corp. at 123% against 128,
Niagara, Hudson Power at 16% against 17%, and Standard
Oil of Kentucky at 19% against 20%.
TRANSACTIONS AT THE
BY
JAN. 23, 1937 TO JAN. 29, 1937, INCLUSIVE
net advance of 3
DAILY
CERTIFIED
BANKS TO TREASURY UNDER TARIFF ACT OF 1930
We
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
furnish
them
We cannot
today inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous—the week ended Jan. 23.
For that week there was an increase of 15.4%, the aggregate
of clearings for the whole country having amounted to
$6,467,715,596, against $5,605,081,935 in the same week
Financial
144
Volume
Outside of this city there was an increase
in 1936.
715
Chronicle
of 23.6%,
having recorded a gain of
10.3%.
We group the cities according to the Federal Re¬
serve districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals register a gain of 10.9%, in the Boston
Reserve District of 18.3%, and in the Philadelphia Reserve
District of 15.8%.
In the Cleveland Reserve District the
totals record an expansion of 40.5%, in the Richmond Re¬
serve District of 24.1%, and in the Atlanta Reserve District
of 32.1%.
The Chicago Reserve District has managed to
enlarge its totals by 30.7%, and the Minneapolis Reserve
District by 26.0%, but in the St. Louis Reserve District
the totals are smaller by 4.0%.
In the Kansas City Re¬
serve District the totals show an improvement of 14.0%,
In the Dallas Reserve District of 26.8%, and in the San
the bank clearings at this center
Francisco Reserve District of 23.3%.
In the following we furnish a summary
OP BANK
by Federal Reserve
CLEARINGS
23
^
Inc. or
1936
1937
1935
Dec.
-A
1934 *
i
Seventh Feder al Reserve D Istrict—Chi
Detroit
567,885
489.558
269,316
211,392
118,019,199
Mich.—Ann Arbo
93.432.341
3,433,815
1,556,512
1,054,414
2,449,286
953,050
801,653
15,722,000
811,864
77,803,349
1,638,078
1,335,302
631,819
67,868,757
1,304.969
632,913
11,200,000
9,824,000
436,223
3,519.866
10,086,368
246,597
4,032,076
1,924,325
250,615
190.285,805
r
Grand Rapids
Lansing
Ind.—Ft.
Wayne
Indianapolis..
16,884,000
1,388,691
5,069,388
South Bend__
Terre
Haute.
-
Wis.—Milwaukee
Sioux City
111.—Bloomingt'n
Chicago
Rockford
342,031
519,150,867
397,171,054
cities)
698,748
5,689,421
2,102,261
234,660
228,277,667
490,947
248,614,871
533,946
3,003,322
687,109
775,967
330,302,407
828,865
4,337,783
1,194,187
Springfield
Total (18
3,583,255
12,221,783
3,930,011
1,218,712
Decatur
592,185
15,337,079
679,015
6,107,702
2,624,819
217,461
21,296,672
1,151,317
7,656,864
2,858,325
la.—Ced. Rapids
Des Moines
Peoria
districts:
SUMMARY
Week Ended Jan.
Clearings at-
486,315
468,319
2,347,100
494,511
736,234
350,346,636
294,823,023
64,200,000
28,452,282
15,671,785
+30.7
2,121,086
443,392
59,200.000
23,611,682
680,015
Inc.or
Federal
Reserve
Boston
S
'
%
211,516,036
3,567,059,669
-10.9
3,555,189,636
3,114,542,033
111.—Jacksonville
360,483,776
-15.8
299,325,468
259,128,763
305,486,459
•>
Cleveland.
Chicago
St. Louis
96,025,962
Reserve Dis trict—Minn
ea polls
2,153,592
48,791,923
22,877,865
1,679,803
432,680
476,142
2,168,151
+30.2
1,819,471
43,188,036
17,631,203
1,323,846
20.5
357,246
Helena—•.
2,804,726
64,678,421
26,484,927
2,009,947
514,305
573,850
1,946,376
—10.2
2,107,354
1,589,037
48,825,307
16,537,041
1,297,565
427,806
255,565
1.473,194
Total
99,012.652
78,580.156
+26.0
66,798,432
70,405,515
71,234
77,564
110,565
1,638,659
26,554.343
85,409,381
118,249,081
95,737,020
397,171,054
-30.7
350,346,636
294,823,023
115,613,140
120,477,687
—4.0
108,673,067
96,025,962
Ninth Federal
+26.0
126,411,912 + 14.0
66,798,432
70,405.515
Minn.—Duluth..
107,360,050
97,867,192
Minneapolis
St. Paul
78,580,156
99,012,552
•»
144,078,232
64,689,093
51,012,473
+26.8
49,162,858
42,578,086
253,289,914
205,398,257
+23.3
179,254,103
153,228,151
5
•t
12th San Fran..11
6,467,715,696
add
our
5,314,131,958
4,687,304,742
2,140,753,833
+23.6
1,877,045,799
1,651,863,327
409,379,164
32 cities
5,605,081,935 +15.4
2,646,137,618
110 cities
Outside N. Y. City.
now
108,673,067
97,047,370
-32.1
it
We
1.0
-24.1
118,587,808
•t
Canada
120,477,687
188,056,184
108,123,708
••
4
Total
116,613,140
217,420,637
9th
11th Dallas
273,000
519,150,867
18
Minneapolis 7
10th KansasCltylO
310,253,967
+32.0
276,741,857
307,839,365
detailed statement showing last week's
figures for each city separately for the four years:
Total (4 cities).
N. D.—Fargo
S. D.—Aberdeen
Mont.—Billings
(7 cities).
Tenth Federal
Reserve Dis trict
Colo.—Colo. Spgs
Pueblo
2,797,223
3,059,776
98,750,389
4,563,430
542,328
642,992
Total (10 cities)
144,078,232
126,411,912
Omaha
Week Ended Jan. 23
Kan.—Topeka
Clearings at—
..
Wichita
Inc. or
1935
Dec.
1936
1934
Mo.—Kan. City.
St. Joseph
%
Reserve Dlst rlct—Boston
Federal
--49.6
7,206,137
3,069,818
+27.7
6,381,400
+66.4
312,061
365,049
1,370,790
186,640,764
607,431
214,727
478,118
2,545,568
1,265,939
6,806,356
3,646,455
7,232,000
342,839
+ 18.3
194,669.073
Portland
Mass.—Boston..
5,223,368
22,752,067
511,678
450,735
+34.3
1,599,651
223,533,034
682,704
--37.7
1,363,962
-16.6
171,041,828
--12.3
647.382
274,882
645,451
--82.8
--47.9
209,916
431,626
2,267,777
--43.0
1,321,868
766,427
Fall River...
Lowell
New Bedford..
502,454
1,015,600
3.747,064
2,225.409
11,461,515
N. H—Manches'r
642,804
2,533,506
1,556,321
10,012,323
3,560.556
9,119,400
386,235
Total (12 cities)
300,799,090
254.354,798
Springfield
Worcester
Conn.— Hartford
New Haven...
5,326,197
R.I.—Providence
11,648,000
-57.3
--14.5
Eleventh Fede ral
Second
Feder al Reserve D istrict—New
6,708,830
1,377,368
41,100,000
825,357
Blnghamton.
Buffalo
4,431,057
978,353
29,100,000
--41.2
13,113,142
782,033
29.600.000
560,647
--47.2
603,598
•
Elmira
Jamestown
483,878
781,300
—40.8
-
-61.6
3.821,577,978 3,464,328,102
Syracuse
Westchester Co
Conn.—Stamford
N. J.—Montclalr
Newark
Northern N. J.
--10.3
8,499,977
5,021,260
New York
Rochester.
6,310,833
3,627,574
--34.7
2,821,766
5,113,911
441,933
19,900,233
42,993,187
2,201,990
3,277,344
326,916
16,320,079
--28.1
Total (13 cities) 3,957,163.100
Third Federal
Pa.—Altoona
35,112,896
3,667,059,669
Bethlehem
Chester
Lancaster
Philadelphia...
Reading
Scran ton
Wllkes-Barre..
--38.4
+56.0
-35.2
--21.9
—22.4
356,700
1,281,440
404,000,000
1,344,838
2,745,793
1,001,627
a224,192
315,392
898,046
351,000,000
992,379
2,313,487
1,002,769
1,062,003
+35.2
+ 120.5
+ 10.0
+42.7
+ 15.1
+35.5
+ 18.7
—0.1
N. J.—Trenton..
4,753.000
2.643.000
+54.3
+86.9
Total (9 cities).
417,594,369
360.483,776
+ 15.8
York
1,638.603
Galveston
2,490,000
Wichita Falls-
a801,824
3,878,279
64,689,093
51,012.473
St.
Worth
La .—Shreveport -
Cleveland
Columbus.....
Mansfield.....
45,705,198
61,905,682
7,305,500
1,201,335
b
b
Pa.—Pittsburgh.
140,707,605
101,302,922
Total (5 cities).
305,486,459
217,420,637
Youngstown...
C.—Wash'g'n
326,359
2,578,000
42,433,846
1,328,837
66,444,325
21,067,755
Total (6 cities).
134,179,122
Richmond
S. C.—Charleston
Md.—Baltimore.
D.
Sixth Federal
Tenn.—Knoxville
Nashville..
—
.
Ga.—Atlanta
Augusta
Macon
Fla.—Jacksonville
Ala.—Birm'ham.
Mobile
Miss.—Jackson..
22,871,504
Stockton
28,941,964
16,161,807
4,224,413
4,826,512
148,130,000
2,529,815
1,500,924
2,259,301
Total
253,289,914
205,398,257
Ore.—Portland
.
Utah—S. L. City
Cal.—Long Beach
Pasadena
San
Francisco
San Jose
Santa Barbara.
(11 cities)
306,010
221,745
b
290,000,000
869,209
1,921,817
710,719
956,670
3.597,000
b
+31.6
J 46.3
63.1
78.0
b
+38.9
+40.5
229,325,468
259,128,763
2,873,491
371,100
368,179
107,360,050
97,867,192
769,945
32,942,687
4,674,694
2,431,000
b
79,806,542
188,056,184
45,953,868
14,139,595
167,433,612
122,764,701
35,679,146
21,878,981
15,764,701
5,152,925
Toronto
35,805,451
47,495,141
5,909,000
1,178,482
Ottawa
b
Calgary
75,655,506
Quebec
Halifax
Hamilton.
St. John
166,043,580
London
29,453,185
988,181
Brandon
Lethbrldge
Saskatoon
Moose Jaw
41,754,837
97,047,370
Medicine Hat
41.000,000
+38.3
+26.6
+ 59.9
+24.3
+33.2
+44.2
b
16,673,754
15,282,698
3,372,732
2,021,711
2,483,697
4,792,741
5,706,012
2,028,923
1,658,756
2,968,187
4,269,482
2.788,074
275,929
343,081
1,277,515
554,894
968,365
996,354
556,818
204,162
672,602
564,859
4,098,565
5,392,873
1,347,318
1,688,196
3,012,321
4,114,114
2,427,442
232,697
510.369
1,204,718
504,311
409,379,164
310,253,967
•
Kitchener
1,147,965
Windsor
3,029,103
328,931
2,755,310
13,437,004
44,800,000
1,062,929
2,147,865
10,477,147
34,300,000
1,018,876
745,505
617,521
14,674,000
17,233,430
11,008.000
Chatham
12,791,949
Sarnla.
1,192,433
940,541
b
94,321,229
34,534,003
697,861
555,074
559,041
425,878
850,894
Fort William
85,409,381
109,902,279
745,610
541,592
487,295
265,010
570,214
484,901
977,392
2,684,802
269,273
634,853
444,895
467,766
475,624
663,420
Brantford
11,160,114
Sherbrooke
2,761,650
12,817,723
1,387,098
39,150,689
4,692,010
1,818,000
2,115,061
1,759,860
+26.8
49,162,858
42,578,086
Francl
b
b
SCO—
20,271,961
4,871,000
+55.6
21,894,188
7,403,000
370,871
19,411,835
11,984,180
2,901,464
2,352,801
108,959,789
1,564,881
1,097,108
1,313,986
+23.3
179,254,103
153,228.151
+ 19.1
+13.1
--66.9
--30.3
--27.8
+8.3
+45.3
+22.8
+5.6
+31.8
360.238
15.497,402
9,290,609
2,602,950
2,334,986
94,670,119
1,437,401
828,666
1,053,820
1935
Dec.
1934
%
Reglna
+44.4
+ 19.1
+9.6
+29.0
+ 10.4
+21.9
+7.7
+42.7
Inc. or
1936
1937
Vancouver
b
40,602,247
54,957,778
11,657,100
1,032,517
110,064
+24.1
+14.0
Week Ended Jan. 21
Winnipeg
1,943,000
Prince Albert..
—
Moncton
Kingston..
;
Sudbury
+52.3
+30.2
+3.3
4 31.2
+3.2
4 52.8
+22.8
+ 16.9
+5.8
+50.6
+4.4
—1.5
+3.8
+14.9
+ 18.6
—32.8
+6.0
+ 10.0
+29.9
+84.0
+ 14.3
—23.0
+ 18.0
+ 16.5
+ 17.5
103,250,816
85,860,663
37,525,661
11,512,653
4,304,461
3,488,868
1,925,172
3,090,338
4,098,883
1,474,355
1,145,793
2,099,218
4,692,585
2,392,447
296,257
353,534
981,787
338,412
700,864
501,872
355,114
162,833
550,602
399.326
858,730
1,790,182
+ 12.8
+22.2
230,192
595,784
418,706
398,687
391,414
+9.9
+24.8
+ 19.5
—10.5
142,591,830
83,364,670
31,017,955
13,506,580
4,604,488
3,119,493
1,760,072
3,204,479
4,462,782
1,238,413
1,332,539
2,247.583
3,041,699
2,242,711
241,766
351,417
940,117
359,557
656,100
408,020
386,580
167,579
515,487
411,930
876,658
2,306,721
180,138
657,854
421,354
384,869
379,030
+28.3
555,648
458,894
+32.0
276,741,857
307,839,365
b
97,616
125,553
+ 30.6
22,250,854
118,249,081
95,737,020
Total (32 cities)
22,309,668
+32.1
169,668
+4.2
La.—N ew Orleans
28,007,360
Total (10 cities)
156,659,658
118,587,808
423,615
441,919
2,805,676
Clearings at-
847,960
190,585
b
1,534,964
1,761,037
62,687,290
+ 15.4 5,314,131,958 4,687,304,742
2,176,900
2,066,000
33,894,747
802,575
16,139,146
1,109,112
+ 13.7
+60.5
+ 16.8
+ 12.9
+23.6 1,877,045,799 1.651.863.321
894,179
1,964,225
1,061,527
201,401
14,820,000
25,082,110
2,292,471
2,435,996
72,169,696
+32.6
2,140,753,833
Outside New York 2,646,137,618
658,618
251,000,000
Reserve Dist rict—Atlant
18,423,000
21,496,797
1,599,503
52,186
1,585,147
303,609
-Richm
663,149
City
+61.7
+ 11.2
+ 13.6
+7.7
+23.3
b
179,473
784,570
1,972,000
31,138,524
1,013,101
54,588,484
19,210,198
1,100,000
as
371,276
(110
cities)...—.. 6,467,715,596 5,605.081,935
Peterborough
15,261,385
56,700,000
1,392,276
1,060,412
18.9
Grand total
New Westminster
3,987,642
7,641,000
570,971
22,215,395
12,643,293
3,900,117
3.321,523
120.597,000
2,395,719
1,138,652
1,451,930
Yakima
Edmonton
108,123,708
19.7
a—
-
176,798
36,561,845
Vlcksburg
41,898,515
29,522,657
8.641,000
952,737
Spokane
Victoria
Reserve Dist rict
Fifth Federal
W.Va.—Hunt'ton
Va.—Norfolk
462,490
3,437,086,159 3,035,441,421
5,332,551
5,937,974
2,647,752
3,544,995
1,188,380
1,735.025
2,643,452
2,579,543
266,091
300,000
14,529,012
17,616,638
392,014
35,148,441
Wash.—Seattle.
Montreal
Feder al Reserve D istrict—Clev eland
b
b
b
Ohio—Canton
60,130,746
90,593,700
11,916,000
2,138,408
cities)
Canada—
Fourth
Cincinnati
672,267
+10.9 3.555,189,636 3,114,542,033
Reserve Dls trlct—Phlla delphi
482,278
a494,313
346,890
15.8
District—Da Uas—
1,018,880
39,020,826
6,213,857
2,042,000
a744,453
2,716,910
Dallas
Twelfth Feder al Reserve D istrict—San
York
+51.4
Reserve
1,116,909
50,340,968
6,862,937
Texas—Austin-
Total (5
N. Y.—Albany..
32.6
211,516.036
415,298
605,428
2,202,291
260,655,901
Me.—Bangor
Kans
97,568
2,336,291
28.241,366
2,269,334
2,646,442
86,877,766
2,843,518
464,456
569,439
Lincoln
1937
—
65,732
99,711
108,486
2,653,398
30,410,499
Neb.—Fremont—
Hastings
First
b
349,000
134,179,122
»
8th
12,941,280
+54.8
166,043,580
»t
7th
b
b
b
b
347,000
-40.5
••
6
10
+'l6~8
637,000
Quincy
156,659,658
5
Richmond.
15,651,314
18,276,140
Tenn.—Memphis
"
Atlanta
_
194,669,073
••
6th
*
-18.3
417,594,369
Philadelphia 9
4th
S
%
254,354,798
3,957,163,100
New York .13
6th
Eighth Federa 1 Reserve Dis trict—St. Lo uis—
+29.4
74,800,000
96,800,000
29,679,373
Ky.—Louisville.
300,799,090
12 cities
1st
8rd
1934
Mo.—St. Louis..
Dists.
2nd
1935
Dec.
1936
1937
Week End. Jan. 23, 1937
a
Not included In totals,
lood conditions.
b No
clearings available,
c
All banks closed due to
✓
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
The
We give below
tables which show all the monthly changes
in National bank notes and in bonds and legal tenders on
as
Jan. 23
National Bank Circulation Afloat on—
Amount Bonds
Deposit to
on
tion
«
Tues.,
Wed.,
Thurs.,
Jan. 26
Jan. 27
Jan. 28
Total
20 5-16d.
141s.ll%d
81%
-
Holiday
104%
104%
104%
104
103%
Holiday
War Loan...
Tenders
Bonds
Bank Notes
Jan. 29
20 7-16d.
20 7-16(1. 20 7-164. 20%d.
141b.9%<I. 141s.8%d. 141s. lid. 141s. lid.
82%
82%
82 %
81%
Silver, per oz.d 20%d.
Gold, p. fine oz.141s. lOd.
Consols, 2 %%. Holiday
British 3 %
Legal
for National
Fri.,
Mon.,
Jan. 25
Sat.,
deposit therefor:
Secure Circula¬
MARKET—PER CABLE
FINANCIAL
ENGLISH
NATIONAL BANK NOTES
IN
CHANCES
Jan. 30. 1937
Chronicle
Financial
716
114%
114%
114%
114%
113%
British 4%
1960-90-—
b600,000
a313.138.265
313,738,265
Nov. 30 1936..
b600,OOU
321.812.120
31 1936..
b600,000
b600,000
a321,212,120
a328.059.920
price of silver per ounce (in cents) in the United
States on the same days has been:
328,659,920
Bar N.
a338.615.395
339,115.395
U.S.Treasury. 50.01
348,386.855
U. 8. Treasury
Dec.
Oct.
31
1936.
Sept. 30 1936-.
Aug. 31 1936..
31 1936..
b600.000
a347.786.855
b600,000
a357,525,840
358,125,840
June 30 1936..
July
beoo.ooo
8371,121,815
bttOO 000
a383.416,980
beoo.ooo
a397,548.410
1936..
beoo.ooo
a412.859.760
413 459,760
44%
44%
50.0 1
50.01
50.01
50.01
77.57
(newly mined) 77.57
44%
50.01
384,016.980
398.148.410
Mar. 31
44%
Closed
Y.(for.)
77.57
77.57
77.57
77.57
44%
371,721,815
1936..
Apr. 30 1936..
The
May 31
29 1936-.
beoo.ooo
31 1936..
beoo.ooo
a428,125,995
a445.407.210
428,725,995
Jan.
Dec
31
beoo.ooo
a472.646.661
473,146.661
Feb.
1936.
446.007.210
Federal Reserve bank notes outstanding Jan. 4, 1937, secured by
lawful money, against $2,353,595 on Jan. 2, 1936.
a Includes
proceeds for called bonds redeemed by Secretary of the Treasury,
b Secured by $600,000 U. S. 2% Consols 1930 deposited by U. S. Treasurer.
VOLUNTARY LIQUIDATIONS
$2,298,883
;
National bank notes
tender deposits Dec. 1, 1936,
their increase or decrease during the
The following shows the amount of
afloat and the amount of legal
and Jan. 4, 1937, and
month of December:
Effective, Jan. 12, 1937.
13044#
-N"o
Chftrtor
NationaljBank Notes—Total Afloat—
Amount afloat Dec.
1, 1936
$321,812,120
8,073,855
;
Net decrease during December
Ito,/ I
k
rjfu
Amountjof bank
$313,738,265
notes afloat Jan. 4, 1937
Legal Tender Notes—
Amount deposited to redeem National bank notes Dec.
Net amount of bank notes redeemed in December
National Bank of Newberg, Newberg, Ore. 50,000
Effective, Dec. 22, 1936.
Liq. Agent, J. H. Mackie, care of
United States National Bank of Newberg, Ore.
Absorbed by:
The First National Bank of Portland, Ore.
Charter No. 1553.
Jan. 21—The First National Bank of Cranford, Cranford, N. J
100,000
Amount on deposit to
a
—
Includes proceeds for
Elizabeth, N. J.
Elizabeth, N. J
$321,212,120
8,073,855
redeem National bank notes Jan. 4, 1937.. a$313,138,265
Liq. Agent, Union County Trust Co. of
Absorbed by: Union County Trust Co. of
Effective, Jan. 12, 1937.
I
1, 1936
Capital
16—Peoples Nat. Bank in Reynoldsville, Reynoldsville, Pa
$50,000
Liq. Agent, L. L. Guthrie, Reynolds¬
ville, Pa.
Absorbed by: "The First Nat. Bank of Reynolds¬
ville," Reynoldsville, Pa. Charter No. 4908.
Jan. 18—The First National Bank of Downey, Downey, Calif
25,000
Effective, Dec. 15,1936. Liq. Agent, W. O. Marshall, 550 Mont¬
gomery
St., San Francisco, Calif.
Absorbed by: Bank of
America National Trust & Savings Assn., San Francisco, Calif.
Jan.
Jan. 19-^-United States
}
BANKS
NATIONAL
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
The
STOCK REDUCED
Bank, Waterbury, Conn.
COMMON CAPITAL
Jan.
National
Waterbury
16—The
From $500,000 to $250,000 (amount
called bonds redeemed by Secretary of the Treasury.
of reduction $250,000).
CAPITAL STOCK REDUCED
of Tulsa, Tulsa, Okla.
From $3,000,000 to $2,000,000 (amount of reduction $1,000,000).
COMMON CAPITAL STOCK INCREASED
Jan. 19—The First National Bank of Carbondale, Carbondale, Pa.
From $110,000 to $220,000 (amount of increase $110,000).
Jan. 19—First and American National Bank of Duluth, Minn.
From $1,500,000 to $2,000,000 (amount of increase $500,000).
Jan. 19—The Public National Bank & Trust Co. of New York, New
York, N. Y.
From $5,775,000 to $6,930,000 (amount of increase $1,155,000).
Jan. 21—The First xVa1 ional Bank of Addison, Addison, N. Y.
From $50,000 to $75,000 (amount of increase $25,000).
Jan. 22—Coshocton National Bank, Coshocton, Ohio.
From $50,000 to $100,000 (amount of increase $50,000).
PREFERRED
Jan. 18—National Bank
ENGLISH
THE
GOLD
SILVER
AND
MARKETS
the weekly circular of
Samuel ^Montagu & Co. of London, written under date of
reprint the following from
We
Jan. 13, 1937:
GOLD
„
f The Bank of England gold reserve against notes amounted to £313,660,659
on Jan. 6, showing no change as compared with the previous Wednesday.
Bar gold to the value of about £1,400,000 has been on offer in the market
during the week. The prices arranged daily have shown a premium over the
dollar parity, calculated on the exchange rate quoted at the time of fixing,
but nevertheless the bulk of supplies has been taken for America.
Quotations:
Equivalent Value
of £ Sterling
Ounce
Jan.
8
Jan.
12s. O.Old.
7d.
7d.
6%d.
8d.
6%d.
7d.
141s. 7d.
141s.
141s.
141s.
141s.
141s.
141s.
7
Jan.
9
Jan. 11
Jan. 12
Jan. 13
#
Average
lis. 11,92d.
12s. O.Old.
12s. O.Old.
were
N. J.
DECREASED
STOCK VB"
PREFERRED
Jan. 18—The National Bank of New Jersey, New Brunswick, N.
From $500,000 to $250,000 (amount or decrease $250,000).
12s. 0.05d.
the United Kingdom imports and exports of gold
mid-day on Jan. 11:
Exports
Imports
U. S. A
£3,468,416
British South Africa
£1,391,475
British India
xl0,000
British West Africa
119,327
France
151,254
British India
258,476
42,447
Germany
23,400
Australia.
23,600
Belgium
x2,000
New Zealand...
12,406
Turkey.
594,500
British Guiana.
Other countries
9,768
61,486
France
The foUowing
Jan. 18—The National Bank of New Jersey, New Brunswick,
From $750,000 to $375,000 (amount of decrease $375,000).
12s. O.Old.
12s. 0.05d.
DECREASED
STOCK "A"
PREFERRED
„
Per Fine
CHANGE
Bank & Trust Co. of Dallas, Dallas,
National Bank of Dallas."
Jan. 22—Republic National
Texas.
To: "Republic &
CHANGES
J
OF TITLE
IN CAPITAL STOCK AS
REPORTED BY NATIONAL BANKS
Retirement
Name and Location
Date of
Change
Increase in
Pref. Stock
Com. by Div.
Capital
No. of Shs.
Par Value
registered from mid-day on Jan. 4 to
No. of Shs.
Par Value
After
Changes
Outstanding
-----
Other countries.
Co. of New Haven,
Nat'l
Bank
&
The SS Comorin which sailed from
Bombay
on
Jan. 9 carries gold to the
12-28-36 The First Nat'l Bank of
week opened with a recovery of %d. to 21 5-16d. for cash and
21 %d. for forward,
but prices subsequently sagged until 21 %d. and
20 15-16d. were quoted for the respective deliveries on Jan. 9.
A slight
improvement registered on Monday was lost yesterday,
whilst today
quotations are respectively %d. and l-16d. lower at 21d. for cash and
20 %d. for forward.
Indian demand has fallen off, particularly during the latter half of the
week, and there has been rather more inclination in that quarter to resell.
China sales and some speculative resales have continued, whilst buying
has included moderate demand on Continental account.
The rather easier trend was probably in part induced by the publication of
Eress in Congress and amongst officials of the that enthusiasm was lacking
oth messages from Washington reporting
Treasury for the retention of
policy other than the payment of the present
special price of 77.57c for domestic newly-mined silver.
Whether such
enthusiasm exists in fact or not, it can by no means be assumed that re¬
sponsible opinion is necessarily prepared to accept the idea of abandonment
of the major portion of the silver policy with all that such action would
part of the silver purchase
12-31-36 The
of the market appears to lack strength and failing a
revival of Indian demand some further fall is not unlikely.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the Jan. 4 to mid-day on Jan. 11:
£4,969
8,854
9,604
8,736
Canada
U. S. A
Belgium
Other countries
British India
1,456
IN
NEW YORK
(Per Ounce .999 Fine)
Oz. Std.
2 Mos.
21%d.
Jan.
6
21 l-16d.
Jan.
7--
20 15-16d.
Jan.
8—
21%d.
Jan.
9
20 15-16d.
Jan. 11
Jan. 13
21%d.
21 %d.
21 Hd.
21d.
20%d.
Jan. 12
Average
21.167d.
9
Jan. 11
Jan. 12
-
45% cents
45% cents
45% cents
17,500 B
500 shs.
35,000
$5,000
65,000
100 shs.
100 shs.
25,000
First
First
Bank
Covlna
First
50,000
52 shs.
Bank,]
^
Bank
200 shs.
380,000
$20,000
420,000
200 shs.
Wichita]
National
National
12-31-36 The Old Nat'l
Trust Co. of
200 shs.
$10,000
50,000
z
500 shs.
Spokane, Wash,
9,
stock,
x
500 shs.
P
$50,000
Union j
Bank &
Feb.
None
of J
"$99.08
C—Common
liquidation
50,000
200 shs.
$10,000
in
City, Utah
P—Preferred.
95,840
$4,000
$20,000
Covina, Calif.
1- 6-37 The
20,000
ofj
Falls, Texas
12 31-36 The
70,000
100 shs.
of J
Mirin
National
Douglas, Ariz
12-29-36 City Nat'l Bank
30,000
$10,000
$10,000
Bank
National
Saint Peter,
12-29-36 The
$10,000
100 shs.
$10,000
Mankato, Minn
12-26-36 The
60,000
$10,000
100 shs.
Edora, Iowa.
$50,000
C
Prior
convertible,
z
Bank
450,000
550,000
went
Into
1935.
DIVIDENDS
Dividends
we
grouped in two separate tables.
In the
bring together all the dividends announced the
current week.
show
the
are
Then
21.010d.
we
follow with
a
second table in which
dividends
previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared:
The dividends announced this week
are:
Per
Name of
45% cents
45%d.
The highest rate of exchange on New York recorded during the period
from Jan. 7 to Jan. 13 was $4.91 % and the lowest $4.90%.
$7,500
500 shs.
Goshen ,j
1- 8-37 National Bank of Commerce in
we
21 5-16d.
78-
Jan.
22,500 A
12-31-36 Hardin County Nat'l Bank in J
first
£256,411
21 3-16d.
Jan.
Jan.
100,000
$20,000
750 shs.
150 shs.
inj
10,000
x5,000
Other countries
S&
LONDON
Bar Silver per
Cash
Bank
Ind
£249,955
Liberia
Quotations during the week:
IN
80,000
1,000 shs
$7,500 "A"
National
Blandinsvllle, 111..
voluntary
£32,163
Coin at face value.
$7,000
Exports
Imports
x
350 shs.
Jeffer-J
Jeffer-J
I
Park
undertone
150,000
$5,000
First
4-37 First National Bank of
1-
imply.
The
150.000
Parish at Gretna. La...
son
The past
35,000
1,000 shs.
$75,000
A]
Parish at Gretna, La...
son
1- 2-37 The First Nat'l Bank of
SILVER
45,000
$2,000
Tr. Co. of Winchester, Va..
value of about £797,000.
500,000
200 shs.
Patton.j
Pa.
Coin at facd value.
None
$200,000
Olean, N. Y
£4,259,338
122,000
125,000
$3,000
1- 7-37 Farmers & Merch. Nat. Bk.
any
240 shs.
Trust]
Bank ofl 5,714 2-7 shs.
Exchange Nat'l
1- 9-37 First National Bank at
x
920,000
630,000
1- 2-37 Citizens
12-31-36 The
£2,005,409
Px$567,000
700 shs.
$31,500 prior
Co. of Fulton, N. Y
53,565
23,860
18,767
Netherlands
Belgium.
&Tr.J
Conn___\
12 30-36 The First National Bank
Company
Addressograph-Multigraph Corp. (quar.)
Allied Kid Co. common (increased)
Class A (increased)
Preferred (quar.)
Share
25c
25c
25c
$1%
When
Holders
Payable of Record
2
Mar. 22 Mar.
Feb.
1 Jan. 25
Feb.
1 Jan. 25
Feb.
1 Jan. 25
Volume
Financial
144
Per
Name of Company
Share
American Arch Co
American Hide Sc Leather preferred (quar.)
American Home Products Corp. (mo.)
-American Investment Co. of 111., $2 conv. pref.
(quarterly)
American Metals Co., pref. (quar.)_
Mar. 25 Mar.
1
...
—
_—,
Anaconda Wire & Cable
Armour Sc Co. (Del.) 7% pref. (quar.)
Armour & Co. (111.) (initial)
Feb. 18
Mar.
Mar. 31 Mar. 19
20c
Mar.
Feb.
15a
Feb.
Jan.
20
Mar.
Feb.
Feb.
Jan.
19
30
21
lc
Feb.
Jan.
UK
Mar.
Mar.
UX
nx
$ix
%ix
June
June
50c
50c
5
Sept.
Sept.
Dec.
Dec.
Mar.
Feb.
Mar.
Feb.
Apr.
15c
50c
Apr.
Apr.
Mar.
20c
Feb.
Jan.
SIM
SIM
Feb.
Feb.
10
8
15
8
Jan.
Jan.
20
SIM
Apr.
Mar.
5
25c
50c
Atlas Plywood Corp., UX nref. (initial)
Bankers & Shippers Insurance Co. (quar.).
Borland Shoe Store, Inc., 7% pref. (quar.)
Bethlehem Steel Corp., 7% pref. (quar.)
.
,
__
Bigelow-Sanford Carpet (increased)
Preferred (quarterly)
,
Blue Ribbon Corp., 6H% preferred
Borden Co. (quar.)
Boss Manufacturing Co., common
Mar.
S1H
$1X
Mar.
Feb.
Mar.
Mar.
Feb.
Apr.
Mar.
5
Mar.
Feb.
nx
$6 preferred (quar.)
7 % preferred (quar.)
Armstrong Cork Co. (increased)
,5% preferred (quarterly)
25c
50c
75c
S1H
Amparo Mining Co—American Paper Goods Co. (quar.)
7% preferred (quarterly)—
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
American Tobacco Co., com. & com. B (quar.)_
h50c
—
40c
$2
-----
Bourjois, Inc., $2M preferred (quar.).
Brach (E. J.) Sc Son (quar.)
Brewer (C.) & Co., Ltd. (monthly)
Brooklyn Edison. Co. (quarterly)
Brooklyn Union Gas Co. (quar.)
68Mc
—
30c
$1
$2
75c
Brown Shoe Co. common (quar.)
Bunker Hill & Sullivan Mining
Burroughs Adding Machine (quar.)
California Packing stock dividend
Payable lQ-200ths sh. $50 par 5% preferred.
Campbell, Wyant & Cannon Foundry (quar.)
Canada Vinegars Ltd. (quar.)
Canadian Converters (quar.)
Canadian Indemnity Co
Canadian Oil Cos. (quar.)
Carthage Mills, Inc., 6% pref. A (quar.)
6% preferred B (quarterly)
Caterpillar Tractor (quarterly)
Preferred (initial, quarterly)
Cedars Rapids Mfg. & Power Co. (quar.)
Central Massachusetts Light Sc Power Co. (qu.)6% preferred (quarterly).
Chicago Mail Order (quar.)
-
__
-
_
Extra
Chile Copper Co.
Colgate-Palmolive-Peet (quarterly)
75c
SI
20c
10
10
Mar.
1 Feb. 10
1 Jan. 28
Feb.
1 Feb. 15
Mar.
Feb. 15 Jan. 30
Feb. 15 Feb.
1
Mar.
1 Feb. 15
25 Jan. 20
Feb. 27 Feb.
5
1
1 Mar.
Apr.
Mar. 1 Feb. 20
Mar.
1 Feb. 15
Jan.
5 Feb.
5
5
Mar.
25c
Feb.
27 Feb.
30c
Mar.
50c
Feb.
Jan.
1 Feb. 15
15 Jan. 30
15 Jan. 15
1
15 Feb.
60c
Feb.
Apr.
Apr.
6
1 Mar. 20
1 Mar. 20
SIM
Feb.
28 Feb.
25 Feb.
15
75c
Feb.
15 Jan.
31
50c
Feo.
26 Jan.
15 Jan.
21
50c
SIM
37 Mc
12 Mc
25c
12 Mc
Preferred (quarterly)
$1
Colonial Life Insurance Co. of America
10
23
Feb. 20 Feb.
rS6
12Mc
SIM
Feb.
Feb.
15
30
10
10
Feb. 27 Feb.
8
Mar.
1 Feb.
5
1 Mar.
5
Apr.
Mar.
1 Feb.
Mar.
1 Feb.
Jan.
-
25 Jan.
22
$25
Community Public Service Co. common
Extra
Connecticut Light & Power Co., 5H % pref. (qu.)
Connecticut Power Co. (quar.)
Consolidated Edison (N. Y.)
Consolidated Paper Co_
Continental Amer. Life Insurance (Del.) (qu.)_
-
-
—
Feb.
1 Jan.
25
27
15
Feb.
1 Jan.
Feb.
Mar.
1 Jan.
1 Feb.
Mar.
1 Feb.
Mar. 15 Feb.
25c
Mar.
37 Mc
Jan.
Mar.
1 Feb.
27 Jan.
1 Feb.
25
15
15
15
5
18
19.
15 Jan.
Feb.
15 Jan.
1 Feb.
30
Mar.
Mar.
1 Feb.
15
Mar.
1 Feb. 13
50c
Mar.
1 Feb.
Mar.
1 Feb.
75c
75c
60c
SIM
50c
Quarterly
Quarterly
Quarterly
1 Aug. 18
25c
25c
-
Feb.
Feb.
Mar.
SIM
40c
SIM
25c
87jjl
37m
-
Fort Worth Stockyards Co. (quarterly)
Freeport Sulphur Co. (quar.)
6% preferred (quarterly)
General Metals Corp. (quar.)
German Credit & Investors Corp
Georgia Home Insurance Co. (s.-a.)
SIM
Globe-Democrat Publishers, 7% pref. (quar.)
Globe & Rutgers Fire Ins. Co. 2d pref. (s.-a.)-_
Golden Cycle Corp.
(quar.)
Grand Union Cor., $3 pref-Great Lakes Dredge & Dock Co.
(quar.)
—
Extra.
Green Bay & Western RR. Co., class A deb
.
Class B debentures
Capital stockGuelph Carpet & Worsted Spinning Mills, 6H%
preferred (quarterly)
Gulf Oil Corp
;
Gurd (Charles) & Co., Ltd., 7% pref.
(quar.)—
Hammond Clock, 6% pref. (initial)
Covers period from Dec. 15, 1936, to Feb. 15,
1937.
Hanna (M A.) Co., pref. (quar.)
Harmonia Fire Insurance Co.
(s.-a.)
Holophane Co., Inc. (increased)
Honomu Sugar Co. (monthly)
Horn & Hardart (N. Y.), 5% pref. (quar.)
Houdallle Hershey, class B
Class A (quar.)
;
Inland Steel Co. (increased)
International Business Machines (quar.)
Ironrite Ironer Co., 8% preferred
Jackson & Curtis Securities Corp., pref. (qu.)-.
Jefferson Standard Life Insurance (N. C.)
Jonas & Naumberg Corp.-Jones (J. E.) Royalty Trust, ser. A, part. tr. ctfs.
Series B partic. trust certificates
i...
Series 0 partic. trust certificates...
Jones & Laughlin Steel Co., pref
Kansas City Stockyards Co. (quar.)
.....
5% preferred (quarterly)Kendall Co. cum. pref. series A (quar.)—
Lake Superior District Power, 7% Pref. (quar.)_
6% preferred (quarterly)
-
-
—
.....
Jan.
28
Feb.
Feb.
Feb.
Jan.
12
12
12
27
Mar. 22
Feb.
Mar.
Feb.
Mar.
Feb.
18
15
Feb.
Jan.
15
23
Mar.
Feb.
15
May
Fety
Apr.
15
Jan.
Jan.
Jan.
Feb.
Jan.
25c
Mar.
25c
Feb.
Feb.
50c
10c
30c
.
„
Mar.
Feb.
Mar.
Mar.
5
30
25
26
Jan. 26
Feb.
1
Feb. 20
Feb. 24
Feb. 27
Feb. 10
37m
Extra
Girard Life Insurance (increased).
Mar.
Feb.
SIM
$2i!
Feb.
Feb.
Mar.
Mar.
Mar.
3
25c
Feb.
Feb.
3
Feb.
Feb.
10
21|
2M%
Feb.
Feb.
Feb.
Feb.
10
•BS
Feb.
Jan.
20
Apr.
Mar. 15
SIM
Feb.
50c
Feb.
10
Oct.
1
1
SIM
65c
50c
Feb.
15
Feb.
Jan.
Mar.
Feb.
26
8
Feb.
Mar.
Feb.
Feb.
Apr.
Mar. 20
Apr.
Mar. 20
Feb. 15
7i20c
Feb.
Mar. 22
Jan. 25
Jan. 25
15c
Feb.
Feb.
10c
M
621?
SIM
Mar.
Apr.
Feb.
Jan.
Jan.
Dec.
Dec.
S2.18
$1.61
$6.77
Jan.
fcSIM
SIM
SIM
Apr.
Dec.
Mar.
Feb.
Jan.
Jan.
Jan.
Jan.
Feb.
Mar.
SIM
Feb.
Mar.
Feb.
Feb.
Mar.
5
9
25
28
31
31
31
26
19
19
10a
15
15
1 Sept. 21
1 Dec. 21
Feb.
1 Jan.
Feb.
26 Feb.
15 Feb.
Feb.
Manufacturers Casualty Insurance (quar.)-.—
Extra
Manhattan Shirt Co
Massachusetts Bonding Sc Insurance Co
19
15
1
Feb. 15 Feb.
1
Mar.
1 Feb. 10
Feb.
5 Jan. 28
Feb.
1 Jan. 20
Mar.
1 Feb. 15
Feb. 15 Jan. 31
-
Mayfair Investment Co. (Los Angeles) (quar.)_
McColl Frontenac Oil (quar.)
Meadville Telephone Co. (quarterly)
Memphis Nat ral Gas, pref. (quar.)
1 Mar. 20
Apr.
Mercantile Insurance of Amer
Merchants Fire Assurance (semi-ann.)
Feb.
1 Jan.
27
Feb.
Extra
7% preferred (semi-ann.)
Metropolitan Storage Warehouse Co. (quar.)—
Midland Mutual Life Insurance (quar.)
Feb.
1 Jan.
1 Jan.
1 Jan.
25
25
Feb.
1 Jan,
1 Jan.
Feb.
1 Jan.
13
25
25
Feb.
———
Extra—
Feb.
—
Feb.
1
Mar.
2
Mar. 15
Mar.
Minnesota Valley Canning Co., 7% preferred—
Model Oils, Ltd
Monsanto Chemical Co. (quar.)
....
Extra
.—
Quarterly
Quarterly
Quarterly
Feb.
Feb.
25
6
25
25
Feb.
Feb.
Extra
New Haven Clock Co., pref. (quar.)
New Jersey Insurance Co
1 Jan
25
UJan.
20 Feo.
Feb.
20 Feb.
27
2
2
$1H
25c
75c
$ 1H
$1
Mar.
Jan.
Mar. 10
Feb.
5
Feb. 27
Feb. 15
Jan.
9
Mar.
Feb.
Mar
Ogden Maine RR., (semi-ann.)
Ontario Mfg. Co. (increased)
-
Oshkosh Overall Co..
Otis Steel Co., conv. 1st preferred
...
Jan.
Feb.
$2H
Jan.
Feb.
Jan.
40c
-
Jan.
30c
Extra
1
Feb.
—
—
15 Jan.
Feb.
—
-
1
2
2
25
26
26
2 Jan.
Feb.
—
—
Special
Niagara Share Corp. of MarylandClass A preferred (quarterly)
Nipissing Mines Co
Norfolk 6c Western Ry. (increased quar.) - - —
Northam Warren Corp., conv. pref. (quar.)
Northern Insurance Co. (semi-ann.)
1
1 Oct.
5 Jan.
Mar. 15 Feb.
Feb.
8 Jan.
Feb.
8 Jan.- 26
Feb.
1 Jan. 25
— —
New Brunswick Fire Insurance Co. (s.-a.)—
Extra
31
1 Apr.
1 July
Jan.
Feb.
Mutual Investors Co., 6% prior pref. (s.-a.) —
Nationa. Founders Corp., $3H pref. A (quar.)_
National Lead Co., class A pref. (quar.)..
National Union Fire Insurance (increased)
15 Jan.
Oct.
Jan.
—
Div. covering three quar.
Jan.
25
Apr.
July
Montreal Light, Heat & Power Co. (quar.)
Moore (Wm. R.) Dr., Goods (quar.)
Apr.
10c
S4.125
9
5
12
Mar. 20
Feb. 20
Jan. 30
Mar.
periods ended Dec.
15, 1936 payable to parties in whose names
pfd. stk. is initially issued upon ex¬
change of prior pref. stk. under co.'s re
the new
capitalization plan.
Time for exchange
x-
tended to close of business on Jan. 30, 1937.
Pacific Fire Insurance Co. (quar.)
—
8% preferred (quarterly;
Feb.
Feb.
10c
-
$m
50c
Feb.
31>£c
-
5c
87 He
Pennsylvania Fire Insurance
Penna. State Water Corp., $7% pref. (quar.)—
$55
%xx
50c
Pennzoil Co
S1H
Pfaudler Co.. pref. (quar.)
5050c
Phillips Petroleum Co. (quar.)
Photo Engravers Sc Electrotypers—
Pitney-Bowes Postage Meter (quar.)
Princeton Water Co. (N. J.) (quar.)
Prudential Security Co., 4% ser. A
Progress Laundry Co. (quar.)
20c
75c
10c
15c
5c
...—i
Quincy Market Cold Storage & Warehouse 5%
preferredReading Co., 1st pref. (quar.)-.
Reed (U. A.) Co., $2 preferred A.
Rochester Gas Sc Electric, 6% pref. C & D (qu.)
5% preferred E (quarterly).
Holland Paper Co., Ltd. (quar.)
Preferred (quarterly).
Rolls-Royce Ltd., Am. dep. rec. ord. regShare bonus distribution at rate of one ad¬
ditional ord. reg. sh. for each sh. held.
San Gabriel River Improvement Co
Schuyler Trust Shares
-
-
Scotten Dillon
h%2X
50c
/i50c
Second National Investors Corp. $5 pref
Security Realty Corp., 6% pref. (quar.)
SI
S1H
Standard Fire Insurance of N. J. (quar.).
Sterling Products, Inc. (quar.)
Storkline Furniture Corp
12Hc
—
Series B—
-
95c
—
25c
—
Tampa Electric Co. (quarterly)----.
Tayior Sc Fenn Co. (quarterly)
Tennessee Electric Power, 7.2% pref. (monthly)
7.2% preferred (monthly)....
—
7.2% preferred (monthly)
6% preferred (monthly)
preferred (monthly)
preferred (monthly)
—
preferred (quarterly)
preferred (quarterly)
7% preferred (quarterly)
7.2% preferred (quarterly)
Texas Corp. (increased)
„
or
common
...
20
30
20
5
15
1
20
27
20
20
1 Jan. 21
Feb.
Mar. 11 Feb. 28
Feb.
1 Jan. 25
Mar.
1 Feb. 11
Mar.
1 Feb. 11
Feb. 15 Feb.
1
Mar.
1 Feb. 15
Jan. 22
25 Jan.
25
1 Dec. 31
5
15 Feb.
Jan. 23 Dec. 30
Feb.
l Jan. 25
Feb. 15 Jan. 30
Mar.
1 Feb. 15
Feb. 10 Jan. 30
Mar.
1 Feb. 15
Feb. 25 Feb. 15
Mar.
1 Feb. 18
Apr.
1 Mar. 15
25 Jan. 22
1 Jan. 26
5
Feb. 15 Jan.
Jan. 25 Dec. 31
Jan. 25 Dec. 31
Jan. 25 Dec. 31
Jan. 25 Dec. 31
Jan. 23 Jan. 22
Mar.
1 Feb. 15a
Jan.
Feb.
Feb.
26 Feb.
15
Mar. 25 Feb.
25
10
1 Feb.
$1H
Mar.
56c
S1H
Feb.
15 Jan.
Jan.
30
Feb.
60c
Feb.
Jan.
60c
60c
50c
Mar.
Feb.
20
15
Apr.
Mar. 15
Feb.
Jan.
50c
50c
Mar.
$1X
S1H
$1X
$1.80
50c
23
20
Feb. 15
Mar. 15
Mar. 15
Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 15
Mar. 15
15
Feb.
Mar,
Feb.
Feb. 10 Feb.
15c
Tide Water Power Co., $6 pref. (quar.)
Trans-Lux Daylight Picture Screen Corp.
Preferred (quarterly)----.
Feb.
1 Jan.
Mar. 31 Mar.
Mar.
1 Feb.
Mar.
1 Feb.
20
25
Mar.
1 Feb.
ft
Mar.
1 Feb.
1 Feb.
1ft
13
26.
_
8
3
stock.
Tidewater Associated Oil Co
Truax-Traer Coal Co.
1 Feb,
10c
Texas Pacific Coal Sc Oil Co
Thermoid Co. $3 preferred, stock div
2 shares
15 Jan.
1 Feb.
1 Jan.
5
25
25
26
26
Feb.
"ft
_
1 Jan.
1 Jan.
Feb.
—
Preferred.
13 Feb.
1 Jan.
Feb, 10 Jan.
Mar.
1 Feb.
Mar.
1 Feb.
Mar.
1 Feb.
jpeb. i5 Feb.
Jan.
S1H
30c
S1H
$4
12Hc
$2
$7.85
$7.88
$1.96
$1.96
75c
in
Mar.
4c
—
5% preferred (quarterly)
...
Sioux City Gas Sc Electric, 7% pref. (quar.)
Soundview Pulp Co. (quar.)
6% preferred (quar.)
South Bend Lathe Works (quar.)
South Carolina Power Co.. $6 pref. (quar.)South Coast Corp., 4% pref. (initial)
Southington Hardware (quar.)
Stamford Water Co. (quarterly)
—
Stamper No. 1 Trust, series A
Series AA_
Payable
Feb.
20c
37Hc
Sherwin-Williams—
Series BB
Feb.
Feb.
Mar.
50c
h $16.60
—
Sun Oil Co—
Mar.
24
27
26
5
22
22
Jan,
—
15 Feb.
15 Feb.
1 Apr.
2 July
Nov.
I Oct.
Feb. 15 Feb.
1 Mar.
Apr.
1 June
July
Lunkenheimer Co
Preferred
(quar.
Preferred (quar.) _
Preferred
(quar.
Preferred (quar.
Luther Manufacturing Co
Madison Square Garden (increased)
Extra
Preferred (quarterly)
Fall River Gas Works Co. (quar.)__
First State Pawners Society (quar.)
Fitz Simons & Connell Dredge Sc Dock (quar.)
Florida Power Corp., 7% pref. A (quar.)
15
15
Marl 38 Febl5'38
Feb. 15 Feb.
1
Feb. 15 Feb.
1
Feb. 15 Feb.
1
Mar.
1 Feb.
5
60c
18c
Extra
-
Sept.
15
opt'l
Plantation
7 % preferred- (quarterly)
—
Lincoln National Lire Insurance Co. (qu.)..—
Pearson Co., Inc., 5% pref., ser. A (quar.)
Peninsular Grinding Wheel (quar.)
Pender (David) Grocery, class A (quar.)
Feb.
25c
A3 5c
75c
Fairey Aviation, Ltd. (American shares)
Fairbanks, Morse & Co. (quar.)
May
Aug.
Lehigh Power Securities, $6 pref. (quar.).
Lessing's, Inc.
Life Savers Corp.
(quar.)
1 Feb. 15
Jan. 25
Jan. 25
Jan. 25
Mar. 4
6
Feb.
Jan. 26
5
5
Feb.
1
Mar. 10
Mar.
1
Feb.
1
—
-----
Parker (S. C.) Sc Co., Inc., ser. A (quar.)—
30c
or
Extra
Holders
When
Payable of Record
Mar.
Feb.
Feb.
Lake of the Woods Milling, pref. (quar.).
Lee & Cady Co
...
10
30
35c
(sem ann.)
(sem-ann.)
Electric Shareholdings Corp. preferred.
Payable in 44-1000ths sh. of com.stk.
payment of $1H cash.
—
1 Jan.
Feb.
50c
5Mc
-
-
Preferred (quarterly)
Eaton Ma uracturing Co—
_
25c
30c
Preferred (sem -ann.)
Dow Chemical Co
Ewa
25c
SIM
62 Mc
1 Jan.
1 Jan.
25
Feb.
Feb.
43 Mc
31Mc
7% preferred (quarterly)
5% preferred (quarterly)
Commercial Discount Co. (Los Angeles)
Commonwealth Insurance (N. Y.)
Preferred
Preferred
Share
Name of Company
Occidental Insurance (quar.)
Commercial Acceptance Co. (Pittsburgh)—
Copperweld 8teel (quarterly)
Corporate Investors, Ltd. (quar.)
Cosmos Imperial Mills Ltd. (quar.)
Deere & Co. preferred
Preferred (quar.)
Detroit Gasket Sc Mfg. (quar.)-----Diamond Match Co. (increased)
Per
Holders
Payable of Record
50c
Alpha Portland Cement
.
When
717
Chronicle
.
Mar,
_
....
25c
S1H
Mar. 10 Feb.
Mar. 15 Mar.
5
Financial
718
Per
Share
Name of Company
United Biscuit Co. of Amer.,
When
Apr.
15
Feb.
Feb.
Feb.
Feb.
Feb.
11
27
Common
Preferred
Feb.
Feb.
2
Dec. 31
United States Steel Corp., pref
Feb.
Jan.
Universal Winding Co., 7%
Feb.
Jan.
(quar.)
pref. (quar.)
30
21
Feb.
(quarterly)
Feb.
1
July
31
Central Cold Storage
June
16
Dec.
16
Central National Com. class A
Mar.
Feb.
Feb.
18
15
Central Power & Light 7%
Preferred
Mar.
Feb.
Feb.
5
Feb.
8
Feb.
10
Jan.
21
Feb.
Feb.
Apr.
Apr.
1
Mar.
Feb.
20
Jan,
Mar.
——
Feb.
Jan.
Williamsport Water, $6 preferred (quar.)
Winchendon Electric Light & Power Co—-—
Youngstown Steel Door Co., common..;
Feb.
Feb.
Mar.
8
Jan.
21
10
1
Mar.
we
—.
preferred__—
—-—-—
Railway Signal class A
—
Centrifugal Pipe Corp. (quar.)..
Quarterly
Quarterly
—
Quarterly
Century Ribbon Mills, pref. (quar.)..
(Resumed)
Century Shares Trust participating..
Cerro do Passo Copper Corp..
Belt
Co
give the dividends announced in previous weeks
and not yet paid.
The list does no£ jmclude dividends an¬
nounced this week, these being given in the preceding table.
Per
Share
Name of Company
When
Holders
Payable of Record
25c
;;
Adams-Millis Corp
1 Feb.
15
Feb.
1 Jan.
15
50c
Adams (J. D.) Mfg. (quar.)
Mar,
15c
Abbott's Dairies, Inc. (quar.)
Feb.
1 Jan.
1 Jan.
22
$1H
Mar.
$1H
3%
Agnew-Surpass Shoe Stores (semi-ann.).
Preferred (quarterly)
Alabama Great Southern RR.. Preferred
Alabama Power $5 preferred.(quar.)
Alaska Juneau Gold Mining (quar.)
Feb.
r20c
Preferred (quarterly)
Apr.
Feb.
Feb.
22
15
1 Mar. 15
6
17 Jan.
1 Jan. 20
1 Feb.
Feb.
1 Jan.
9
Feb.
Extra
1 Jan.
10 Jan.
15 Feb.
21
Feb.
Alaska Packers Assoc.
(quarterly)
All-Canadian Properties (liquidating dividend)
Allied Chemical & Die Corp. (quar.)
Allied International Investments $3 pref.
Aloe (A. S.) Co. (guar.)
—
Altorfer Bros, preferred (quar.)
Amalgamated Sugar 5% uref. (quar.)—
Amerada Corp. (quarterly)
-Amerex Holding Corp
American Asphalt Roof common (quar.)..
American Can Co. (quar.)..
...
American Chain & Cable Co., Inc 5% pref.(quar.)
American Chicle Co. (quarterly)
American Cities Power & Light class A (quar.)..
Opt. stk. div. of 1-32 sh. of cl. B stk. or cash.
American Envelope Co., 7% pref. A (quar.)—
Feb.
Feb.
Feb.
9
1
1 Jan.
11
1 Jan.
1 Jan.
Feb.
1 Jan.
25
21
15
Feb.
Jan.
1
30 Jan,
15
Feb.
Feb.
1 Jan.
15 Jan.
Feb.
15 Jan.
Feb.
15
31
25
Mar. 15 Mar.
5
1
Mar. 15 Mar.
Feb.
1 Jan. 11
—
Mar.
1 Feb.
1 May 25
1 Aug. 25
1 Nov. 25
Sept.
Dec.
25
Feb.
10 Jan.
Feb.
American Factors, Ltd. (monthly)
American Home Products Corp. (monthly).
1 Jan.
30
14a
Feb.
1 Jan.
15
Special
Feb.
1 Jan.
15
6% preferred
Feb.
15
16
American Light & Traction
(quarterly).
(quarterly)
American Machine & Foundry Co
American Re-Insurance Co. (quarterly).
Feb.
1 Jan.
1 Jan.
Feb.
15 Jan.
29
American Reserve Insurance
Feb.
1 Jan.
1 Jan.
15
1 Jan.
27 Jan.
15
(semi-annual)..—
Feb.
Extra
Feb.
American Shipbuilding (quar.)
American Smelting & Refining (quar.).....
Feb.
American Sugar Refining Co.
Preferred (quar.)
Apr.
Apr.
(quar.)
American Thermos Bottle
——
Feb.
-
Feb:
American Tractors, Ltd. (monthly)
....
Amoskeag Co. preferred (semi-ann.)
Anglo-American Corp. of South Africa ordinary.
6% cum. pref. (semi-annual)
Appelton Co. $7 preferred
——
——.
July
5
18
Feb.
1 Jan.
25
1 Jan.
5
Feb.
1 Feb*
15 Feb.
10
37 ^c
31H
Feb.
1 Jan.
Feb.
15 Feb.
20
3
Feb.'
1 Jan.
15 Feb.
Feb.
..
Mar.
—
Feb.
Preferred A (quar.)
-
...
15 Feb.
1 Jan.
11
Feb.
1 Jan.
14
Feb.
1
15 Jan.
30
Feb.
1 Jan
15
Feb.
10
Jan.
15 Feb.
30 Jan.
Jan.
30 Jan.
15
Feb.
1 Jan.
1 Jan.
15
30
5
Feb.
Feb.
Inc. preferred
(quar.)....—.
Blue Ridge Corp. $3 pref. (quar.)
Opt. stk. div. of 1-32 sh. of com. or cash.
Bon Ami Co. class A (quar.)..
-
Jan.
an.
Feb.
(quarterly)
Bower Roller Bearing Co. (quarterly)
....
Brazilian Traction Lt. & Pr. Co., Ltd. (ord.)—.
Jan.
Jan.
—
(increased)
Jan.
Mar.
Mar.
15
15
18
I
14
1
....
Calhoun Mills
_I
Dec. 26
Jan.
Feb.
Broadway Dept. Stores, 7% 1st pref. (quar.)..
Broadway & Newport Bridge Co
5% preferred (quarterly)
Brooklyn Teleg. & Messenger Co. (quar.).
Buckeye Steel Casting
Quarterly
Prior preferred (quar.)
Buffalo Ankerite Gold Mines, Ltd. (quar.)
Buffalo Niagara & Eastern Corp., 1st pref. (qu.)
Bullock's, Inc., 5% pref. (quar.)..
Byron Jackson Co. (quarterly)........
Calamba Sugar Estates (quar.)........
Calgary Power Co., Ltd., pref. (quar.).
Jan.
Feb.
class A (quar.)
Brewers & Distillers of Vancouver
California Packing Corp. common (quarterly)
California Water Service 6% pref. (quar.).
Canada Cement Co., preferred-.........
Canada Southern Ry. (semi-ann.)
1
15 Jan.
Mar.
1 Feb.
...
Birtman Electric Co
Preferred (quarterly)
21
Feb.
Feb.
Extra
Bangor Hydro-Electric Co. (quar.)
Barnsdall Oil Co. (quar.)
—
Beacon Mfg. Co., 6% pref. (quar.)
Beatty Bros., Ltd., 1st preferred (quar.).——.
Belden Mfg. Co. (quarterly)
—
Beneficial Industrial Loan
1
Dec. 29
Feb.
15
Jan.
19
Feb.
Dec.
31
Feb.
Dec. 31
Feb.
20
Feb.
Jan.
20
Feb.
Jan.
20
20
Mar.
Feb.
Jan.
Feb.
Feb.
1
Feb.
Jan.
15
Feb.
Jan.
Feb.
Feb.
Apr.
11
1
Mar. 15
Feb.
Jan.
Feb.
Feb.
Feb.
Feb.
Mar.
Feb.
14
18
Feb.
Feb.
Jan.
Jan.
1
15
Feb.
Apr.
Feb.
Jan.
Mar.
Feb.
Jan.
Jan.
Jan.
Feb.
.....
Pref. (quar.)—
Champion Paper & Fibre Co. (quar.)—.—.—
Preferred (quar.)
..........
Charis Corp. (quarterly)—
—
Chartered Investors (quar.)
Chase National Bank (semi-ann.)—
...
Oherry-Burrell Corp. (increased quarterly)—_
Correction: Previously reported payable as of
30
Mar. 15
Feb.
Preferred
Mar.
Feb.
Feb.
Jan.
Jan.
Jan.
25
18
20
21
Jan. 25
Mar. 20
Feb.
Apr.
July
June
19
Oct.
Sept. 18
Mar.
(quarterly)
City Ice & Fuel Co. (quarterly)
Preferred
Jan.
Feb.
(quarterly)
Mar. 15
15
15
20
21
Mar.
Jan.
Jan.
Jan.
21
Feb.
Columbia Gas & Electric Corp—
6% preferred series A (quarterly).
Jan.
Jan.
(quarterly)
Cluett, Pea body & Co. (increased)...
Jan.
Feb.
Preferred
Feb.
Feb.
(quarterly)
City of New York Insurance Co. (s.-a.).
City Water Co. of Chattanooga 6% pref. (quar.)
Cleveland Cincinnati Chicago <fe St. Louis.—...
Jan.
21
Feb.
20
20
15 Jan. 20
9
23 Feb.
Feb.
15 Feb.
3
Feb.
1 Jan.
1 Jan.
15
Feb.
Feb.
5% cumul. preferred (quarterly)...
6% cumul. conv. preference (quar.)
—
Columbia Pictures Corp. (semi-annual)........
$2% conv. pref. (quar.)
........
Columbus Ry
Power & Light Co.—
6H% preferred B (quar.)
Feb.
Feb.
Commonwealth Edison Co
Commonwealth Internat. Corp.,
Extra
Feb.
Ltd., (interim)
Feb.
Feb.
Feb.
(quar.)—
Community Public Service (quar.)—.—
Commonwealth Investment Co.
Feb.
Feb.
Extra
15 Jan.
15 Jan.
1 Jan.
1 Jan.
1 Jan.
15
15
15
14
15
15
Feb.
15 Jan. 30
1 Feb. 15
1 Jan. 15
1 Jan. 15
1 Jan. 15
1 Feb. 15
1 Dec. 30
15 Jan. 15
1 Feb. 16
5
20 Feb.
Feb.
Concord Gas Co. 7% preferred
15 Jan.
Mar.
Connecticut River Power 6% pref. (quar.)
Oonsol. Chemical Industries, Inc., A & B.
Class A & B (extra)
Consolidated Cigar Corp. prior
15 Jan.
15 Jan.
Feb.
Feb.
Feb.
pref. (quar.)
Mar.
7% preferred (quar.)
Consolidated Edison Co., preferred (quar.)
Consolidated Oil Corp., com. (quar.)
Preferred (quar.)
——.—-—
Container Corp. (increased, quar.)
Correction: Previously reported holders of re¬
Feb.
Feb.
Mar.
cord Feb. 15.
Continental Can Co.. Inc., common (quar.)
Continental Oil Co. (Del.)
25
Mar. 29 Mar.
1
Feb. 20
Mar.
Cook Paint & Varnish Co. (quar.).—
Preferred (quar.)
————-—-——
20
Mar.
Feb.
Coon (W. B.) Co
7 % preferred (quarterly)
Feb.
Jan.
16
Feb.
Jan.
Corn Exchange Bank & Trust (quar.)
—.
Cresson Consol. Gold Mining & Milling (qu.)
Crowell Publishing Co. 7% pref, (semi-ann.) —
Feb.
Jan.
16
22
Feb.
15 Jan.
Feb.
llJan.
Crown Cork International Corp. class A (quar.).
Crown Cork & Seal Co., Inc., common (quar.)..
April
Mar.
pMar. 10a
$2H cumul. preferred
Feb.
10
Feb.
Jan.
Feb.
Jan.
16
10
Feb.
Jan.
20
Mar.
Mar.
Feb.
Jan.
Feb.
preferred (quar.)
6% preferred (quar.)
Davenport Water Co. 6% pref. (quar.)
Dennison Mfg. Co. debenture stock (quar.) —
Dexter Co. (quar.)
Dictaphone Corp
Preferred (quar.)
Dieme & Wing Paper Co., 5% pref. (quar.)—
Distillers Co., Ltd., ord. reg. (interim)
Amer. dep. rec. for ord. reg. (interim)
Distillers Corp-Seagrams, Ltd., 5% pf. (initial)
Correction: Previously reported holders of recas
19
26
30
Feb.
pref. (qu.)
Preferred (quar.)
Dallas Power & Light 7%
cord
6 Feb.
30
23
Mar. 15 Feb.
Jan.
Feb.
(quarterly) —
Crown Cork & Seal. Ltd. (quarterly)
Crown Drug Co. pref. (quar.)
1
Jan.
Jan.
16
16
20
Jan. 20
Feb. 15
Feb. 13
Feb. 13
Jan. 31
Feb.
Feb.
Mar.
Mar.
Mar.
Feb.
Feb.
Feb.
Feb.
Dec. 30
Jan.
14
Jan.
22
Jan. 2.
Dividend Shares,
Dixie-Vortex Co
3c
(quarterly)
Inc.
37Hc
Class A
625*0CC
Dome Mines (quar.)
Domestic Finance Corp., $2 pref. (quar.)
50c
r30c
15c
Feb.
...
50c
Feb.
15 Jan.
15 Feb.
15 Feb.
.....
25c
Feb.
1 Jan.
Dominion Bridge Co. (quar.)
Dow Drug Co. (quar.)
-i—
Duplan Silk Corp. (semi-ann.)
Duquesne Brewing Co. (increased)
Eastern Shoe
1 Jan. 15
Feb.
1 Mar. 10
Apr,
1 Mar. 10
Apr.
Apr. 20 Mar. 31
Feb.
1 Jan. 20
Feb.
30
4
1
22
Public Service Co—
$6 H preferred (quarterly)
$6 preferred (quarterly)
Edison Electric Illuminating Co. of Boston....
Electric Bond & Share Co. $6 pref. (quar.)
$5 preferred (quar.)—
...
Ely & Walker Dry Goods (quar.)
Employer Group Assoc. (quar.)
...
Erie & Kalamazoo RR. Co. (semi-ann.)
Eppens, Smith & Co. (semi-annual)
Equitable Investment Corp., capital stock....
Capital stock
Capital stock
Capital stock
Eureka Pipe Line Co. (quarterly)
Faber Coe & Gregg, Inc., 7% pref. (quar.)
Fair (The) preferred (quar.)
.......—
Farmers <& Traders Life Insurance (quar.)
....-
..........
...
...
...
Mar.
1 Feb.
Mar.
1 Feb.
Feb.
Feb.
Feb.
1 Jan.
1 Jan.
25c
Mar.
1 Feb.
S1H
31H
16
25c
Jan.
Feb.
Feb.
30 Jan.
1 Jan.
1 Jan.
10c
Feb.
10 Feb.
10c
4
May 11 May
Aug. 10 July 27
50c
80c
$1
Dec.
Feb.
Feb.
1 Jan.
1 Jan.
Apr.
Apr.
22
3
20
20
1
Dec. 28
Fiduciary Corp. (increased)
$1
26
28 Dec. 21
1 Jan. 15
Feb.
32 H
....
*
6
6
19
M
5
Jan. 31
Feb. 27
.
10
10
1 Jan.
50c
1
Extra.
62 He
1 Jan.
Feb.
Federal Knitting Mills Co. (quarterly)
Federated Dept. Stores, Inc., 4H% pref. (quar.) 3106H Jan. 30 Jan.
1 Jan.
Feb.
31H
Fibreboard Products. Inc.. 6% pref. (quar.) —
$1 Jan. 30 Jan.
Fidelity & Deposit Co. (Md.) (increased)
25c
1 Jan.
Feb.
Fidelity Fund, Inc. (quarterly)-.....
...
15
28
1
10
25
Feb. 1.
Preferred
Chicago Yellow Cab (quarterly)
Cincinnati Inter-Terminal RR. 4% gtd. 1st pfCincinnati Northern RR. Co. (s.-a.) —
Cincinnati Street Railway (Increased).
Cincinnati Union Terminal Co., 5% pref. (qu.)_
Preferred (quarterly)
Cumberland County Pow. & Lt., 6%
1 Dec. 31
9
1 Jan.
Jan.
Jan.
Feb.
Cummins Distilleries Corp., pref. (quar.)
Cuneo Press, Inc. (quar.)
-
Feb.
5
5
Nov.
5
Feb. 20
Feb.
9
Mar.
15
25
15
25
Feb.
5
Jan.
Feb.
25
15 Jan.
15 Jan.
Feb.
Feb.
Badger Paper Mills, Inc., 6% pref. (quar.)
Baltimore American Insurance (s.-a.)
19
5
Feb.
—
Atlas Powder Co. preferred (quar.)—.
Atlas Tack Corp
Brentano'slB. S., Inc.,
2 June
20
Feb.
Atlas Corp. 6% preferred (quar.)
Atlas Plywood Corp. (increased)
Bourne Mills
30
10 Jan.
1 Jan.
Feb.
Atchison Topeka & Santa Fe. pref. (s.-a.)—
Class B
5
2 Mar.
1 Jan. 20
1 Feb.
Mar.
Mar.
1 Feb.
Jan. 30 Jan.
Feb.
1 Jan.
Atlantic City Electric $6 pref. (quar.)
Atlantic Macaroni Co., Inc. (quar.)
Blauners,
5
2 Mar.
30 Dec. 31
Jan. 30 Dec. 31
Feb.
1 Jan. 20
Jan. 20
Feb.
Feb.
1 Jan. 21
Associated Dry Goods Corp., 6% 1st pref---—.
^s7 % 2nd preferred
Associated Insurance Fund, Inc. (s.-a.)—
Associated Telephone Co., Ltd. pref. (quar.)
Associated Telep. & Teleg. Co. 7% 1st pref
Atlantic Refining Co.. pref. (quar.)
29
Jan.
$7 preferred (quar.)
Archer-Daniels-Midland Co., preferred
Asbestos Mfg. preferred (quar.)
$6 first preferred
15
May
Aug.
Feb.
Nov.
'
June
Jan.
Feb,
May
Aug.
..........
Central
Chain
15
Feb.
Mar.
Jan.
Jan.
Feb.
(quarterly)
——Corp.—.......
preferred
Jan.
Feb.
Chain Store Invest. Corp. $6H
Below
20
Jan.
Jan.
Feb.
Central Ohio Steel Products
6%
21
Jan.
Jan.
Dec.
Jan.
Feb.
Central Hudson Gas & Electric
Dec.
Jan.
Mar.
(Wm.) Co., preferred (quar.)..
Castle (A. M.) & Co. (quar.)
Celotex Corp. 5% preferred
.....
Carter
Feb.
Jan.
Feb.
Feb.
Feb.
Extra
June
Jan.
Jan.
(quar.)
Capital Management Corp
—
Carolina Insurance Co. (semi-ann.)...
Aug.
Virginia Coal & Iron (quar.)
Wesson Oil & Snowdrift Co., Inc., conv. pf. (qu.)
Western Tablet & Stationery Corp
Westinghouse Electric & Manufacturing
Participating preferred
—
Westvaco Chlorine Products (quar.)
Weymouth Light & Power Co. (increased)
Will & Baumer Candle Co., Inc., common
Jan.
Feb.
Feb.
Feb.
——
Canadian Investors Fund, Ltd.
Utica Clinton & Binghamton BR
.
Dec.
Feb.
....
Upson Co
Debenture (semi-ann.).
Debenture (semi-ann
i.).
20
20
20
31
15
15
20
21
10
29
18
5
31
Feb.
Feb.
(interim)
Canadian Industries. Ltd., A & B....
27
Feb.
Jan.
$5 preferred (quarterly)
United Shoe Machinery (special)
United Standard Oilfund of Amer., Inc
Holders
When
Payable of Record
Feb.
Canadian Bronze Co., Ltd., common..—
6
Feb.
Mar.
Mar.
Share
Company
Name of
6
Mar.
United Gas Corp., $7 preferred
United Gas Improvement (quar.)..
Per
Holders
Payable of Record
May
pref. (quar.)
Co., com
United Engineering & Foundry
Preferred (quarterly)
Jan. 30, 1937
Chronicle
Feb.
1 Jan.
20
20
16
22
20
20
Volume
Financial
144
Per
Name of Company
Share
Extra..
—-
..............
Feb
June
Feb.
Jan.
Jan.
15
15
Feb.
Jan.
July
16
Mar. 23
June 22
Oct.
Feb.
Jan.
20
Jan.
Feb.
16
Apr.
Sept. 22
Feb.
(quar.)
Mar
Preferred (quar.)
General Foods Corp. (quar.)...
General Mills, Inc (quar.)
June
General Stockyards
Preferred (quar.)
terminate after close of business
.....
50c
on
Jan.
56 Ho
9
Jan.
15
Jan.
15
Jan.
Feb.
Feb.
Feb.
Jan.
Feb.
Genesee Brewing Co., Inc., A & B (quar.)
Globe A Republic Insurance Oo. (quar.)
19
May 22
Jan, 25
Feb.
Feb.
...........
Preferred
(quarterly)
Goodyear Tire A Rubber Co. 2d preferred
Offer to exchange 2d pref. for $5 conv. pref.
stk. A com, stk. has been ext. to Mar. 13,
1937, with proviso that should a div. be
dec. to holders of 2d pref. stk. of rec. on or
before March 13, exchange under plan shall
1
20
20
15
Feb.'
Feb,
Feb.
.......
Freeport Texas Co., Dreferred (quar.)..........
Froedtert Grain & Malt, pref. (quar.)
Frost Steel A Wire Ltd.. 7% preferred
Fuller Brush Co. 7% preferred (quar.)........
7% preferred (quar.)
7% preferred (quar.)
Gardner-Denver Co. preferred (quar.)
General Cigar Co., Inc..
Gillette Safety Razor pref., (quar.).
Glidden Co. (quarterly)..
15
Jan.
Jan.
Jan.
Feb.
Freeport Sulphur Oo, preferred (quar.)
Preferred
Holders
When
25
Jan.
20
16
Mar, 17
Mar. 17
Jan.
Apr,
Apr.
.....
Hawaiian Commercial Sugar
........
...
Hecker Products Corn., vot. trust ctfs...
Heileman (G.) Brewing Oo. (quar.)
Hercules Powder Co., preferred
slUc
118
h75c
...
......
25c
....
20c
75c
50c
520c
15c
25c
Feb.
1 Jan.
Feb.
1 Jan.
Mar.
1 Feb.
Feb. 15 Feb.
Feb.
1 Jan,
Feb.
1 Jan.
Feb. 15 Feb.
Feb. 21 Jan.
Jan.
Feb.
Mar.
Feb.
Feb.
Mar.
Feb.
Jan.
Jan.
Feb.
Jan.
Feb.
Feb, 15 Feb.
12
12
23
1
25
25
5
16
20
15
5
15
8
8
1
Jan. 30 Jan. 25
5
Feb. 15 Feb.
Jan. 30 Jan. 20
Mar. 15 Mar. 5
1 Jan.
9
Feb.
Feb. 28 Feb.
Feb. 15 Jan.
Jan.
Feb.
Feb.
Jan.
Holly Sugar Corp. (increased).
Preferred (quar.).....—..................
Home Insurance Oo. (quarterly)
...
Jan.
Jan.
Apr. 24
July 24
Oct. 25
15 Mar. 31
15 Mar. 31
15
Jan.
21
30
Jan.
30
Jan.
12
23
25
Jan.
15
Jan.
Feb.
Feb.
Feb.
Feb.
...
15
Dec. 31
Jan,
Jan.
15
21
15
15
15
15
15
30
Feb.
Feb. 15 Jan.
Feb.
1 Jan.
Feb.
1 Jan.
Feb.
1 Jan.
Feb
1 Jan.
Feb. 10 Jan.
Feb. 15 Jan. 30
Mar. 8 Feb. 11
Mar. 8 Feb. 11
96 preferred (quar.)
Illinois Northern Utilities, 6% pref. (quar.)....
97 preferred junior (quar
pterly).
Illuminating Power Securities (quar.)
7% preferred (quarterly)
Imperial Tobicco Great Britain & Ireland ord—
Ordinary (extra)
Independent, Realty & Investm't Co. (St. Louis)
Liquidating dividend..
...
Feb.
25
Apr.
Feb.
.......
International Cigar Machinery Co.......
—
International Harvester, pref. (quar.)—.
Internet. Nickel Oo. of Canada, Ltd.,,pref. (qu.)
1 Dec. 31
1 Mar. 15
1 Jan.
16
Mar.
.......
1 Feb.
1 Jan.
5
2
Feb.
International Printing Ink
25c
60c
UK
sm
62i§
Feb.
1
Feb.
1
Jan. 30
Mar. 1
Feb.
1
Feb.
1
Feb.
1
Feb. 15
25c
Apr.
1
Feb.
Mar.
25c
1
1
Feb.
1
Feb.
Mar.
Feb.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
21
21
Jan. 23
Feb. 18
Jan. 21a
Jan. 21a
Jan. 18
Feb.
1
Mar. 15
Jan. 15
Feb. 25
Jan. 21
Jan,
Jan.
Jan. 18
Mar. 10
Feb.
1
Jan. 11
Jan. 11
Jan. 30
Feb.
1
Feb.
Jan.
1
15
Jan.
18
25
20
Jan.
Jan.
Jan.
Jan.
20
22
22
Feb.
Jan.
Jan.
Mar.
Feb.
Apr.
Mar, 7
Apr. 20
20
5
'
-
May
Feb.
Feb.
Dec.
Jan,
14
Feb.
Feb.
Jan.
Jan.
15
21
25c
Mar.
25c
June
25c
25c
5
1 Feb. 15
1 May 15
Sept.
A50c
Link Belt Co. (quar.)
.....
Loblaw Groceterias Co., A. A B. (quar.)-.....
Locke Steel Chain Oo. (quar.)
....
Extra
Loew's Boston Theatres Oo. (quarterly)......
.
———
1 Aug. 15
Decl'37 Nov, 15
10 Jan. 30
Feb, 10 Jan, 30
Mar.
1 Feb. 16
Feb.
1 Jan, 21
Mar.
1 Feb. 15
Mar. 1 Feb. 12
Feb.
1 Jan. 15
Feb.
1 Jan. 15
Feb.
Feb.
1
Feb. 15
1
1
Feb.
Feb.
Apr.
Mar.
Feb.
Jan.
23
Jan.
29
15
18
Jan.
Jan.
1 Mar
18
1 Feb.
1 Jan.
17
16
Feb. 15 Jan.
31
Feb.
20
Lynch Corp. (quar,)——
Macy (R. H.) & Co. (quar.)
Bancorporation, initial stock (quar.)-.
Fully participating (quarterly)
Mayflower Assoc. (liquidating dividend).
Maytag Co., $6 1st preferred (quar.)..
93 preferred (quar.)
McCall Carp., common (quar.)
McOlatchy Newspapers, 7% pref. (quar.).
7% preferred,(quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
McOrory Stores, preferred (quar.)
McGraw Electric (quarterly).
Mclntyre Porcupine Mines
Melville Shoe Corp. common (quar.).
2d preferred (quar.)..—.
Mercantile-Commerce Bk. A Tr. Oo. (St. Louis)
Quarterly
;
Mercantile Stores, Inc., 7% pref. (quar.)—
Merchants A Mfgs. Fire insurance (quar.)—
Merchants Refrigerating Co. of N. Y. 7% pref—
Mergenthaler Linotype (quar.).
Metal A Thermit Co. (additional dividend).
7% preferred (quarterly)—.......
7% preferred (quarterly)
Michigan Bakeries, Inc. prior preferred (quar.)-
Jan.
10 Feb.
Feb.
Jan,
Jan.
Feb,
Jan.
Feb,
15
10
Feb.
...
Feb.
—
Feb.
May 31 May 31
Aug. 31 Aug. 31
„
Nov. 30 Nov.
Feb.
1 Jan.
Feb.
1 Jan.
Mar. 1 Feb.
Feb.
1 Jan.
Feb.
1 Jan.
.........
Participating preferred
Moore (Tom) Distillery (quar.).......
Extra
—
Moore Drop Forging class A (quar.)...
Morrell (John) A Co., common
Morris Plan Insurance Society
(quar.).
(quar.).
Jan.
Jan.
Feb*
Mar.
Jan.
Mar.
June
Feb.
Feb.
Jan.
Feb.
Jan.
Jan.
15
Feb.
Jan.
Feb.
Jan.
Jan.
15
27
Jan.
23
Feb. 20
Jan. 20
Mar. 20
June 21
Dec. 31
Dec. 31
Feb.
4
19
Jan. 15
Jan. 18
Feb. 16
Jan. 20
Feb.
Feb.
Mar.
Feb.
Feb.
15
Feb.
Feb.
Mar.
50c
21
Jan.
Feb.
_
_.
19
1
22
22
Feb.
...
_
30
20
Mar. 20
30
20
Apr.
97 preferred (quar.)
Michigan Central RR. Co.
_
21
25
15
15
1 Jan.
5 Jan.
Jan.
Jan.
Feb.
Jan. 15
Feb.
Feb. 28 Feb. 28
—
Michigan Public Service, 7% preferred.
6% preferred—
Miller (I.) Sons, 8% preferred
Milwaukee Electric Ry. A Light Co., pref.
Minneapolis Honeywell Regulator (quar.).
4% new conv. preferred B (quarterly)-.
Mine Hill A Schuylkill Haven RR. (s.-a.)—
Mississippi Power & Light $6 preferred-.
Mitchell (J. S.) A Co. (increased)
Modine Mfg. Co. (quarterly)
Monmouth Consolidated Water Go.$7 preferred (quarterly);
Montana Power Co. 96 pref. (quar.)..
Montgomery (H. A.) Co. (quar.)—...
Quarterly
Montreal Light. Heat A Power Consol. (quar.)
Moody's Investors Service partic. pref. (quar.)—
1 Jan.
Feb.
1 Jan. 16
1
Feb. 27 Feb.
Feb. 15 Jan. 30a
5
Feb. 15 Feb.
5
Mar. 1 Feb.
Feb.
1 Jan. 21
Marine
15 Feb.
Feb.
1
Mar. 31
June 30
Jan. 31
1
11
Jan.
Mar. 15
June 15
Dec. 31
1
Feb. 15 Feb.
1
Feb. 15 Feb.
Jan. 30 Jan. 20
Jan. 30i Jan. 20
Feb.
1 Jan. 21
Feb.
3 Jan. 18
Mar.
1 Feb. 24
Quarterly
.
——..
Quarterly.
—..
Quarterly-——
...
Mortgage Corp. of Nova Scotia (quar.).
Muskogee Co., 6% cumul. pref. (quar.)..
June
Nasb-Kelvinator
Feb. 20 Jan. i 1
Feb.
1 Jan. 11
1.
Mar. 1 Feb. 16
Sept.
....
Dec.
-
Feb,
Mar.
Corp. (quarterly)
National Automotive Fibres class A
National Bearing Metals Corp.-
Feb. 10 Jan.
......
6% preferred guaranteed (quarterly)———
Kaufmann Dept. Stores, pref. (quar.)
....
Kayser (Julius) A Co—
Kellogg Switchboard & Supply Co
Preferred (quar.)
Kelvinator Corp
Kentucky Utilities. 7% junior preferred
7% junior preferred (quarterly)
Keystone Steel A Wire..
King Gil Co. (quarterly)...
Kings County Trust Co. (quarterly)—
Klein (D. Emil) Co. preferred (quar.)
Kokomo Water Works Co., 6% pref. (quar,)—
Kress (S. H.) & Co. (increased)
Special preferred (quarterly)—
Kroger Grocery & Baking Co., 7% pref. (quar.)
(Quarterly)...:
............
6% preferred (quar.)
—...
7% preferred (quar.)
Lane Bryant, inc.. 7% pref. (quar.)
Lansing Co. (quarterly)..
Lawbeck Corp., 6% pref. (quar.)
Layton Oil Co.. Inc., 8.4% pref. (monthly)....
Lee Rubber & Tire Corp
Jan.
Jan.
Jan.
Apr.
Apr.
Participating preference (quar.)
Co., 7% pref. (qu.)
96 preferred (quarterly)
Howey Gold Mines—
Humberstone Shoe Oo. (quar.)
Hussman-Ligonier Co. common.
Hutchison Sugar Plantation Co., Ltd. (mo.)
Idaho Power Co. 7% preferred (quar.)...
Kalamazoo Stove Co. (quarterly)
Kansas City St. Louis A Chicago RR.—
15
15
Nov.
Houston Lighting & Power
....
15
May
Aug.
Hotel Barbizon, Inc.. vot. tr. ctfs. (quar.)
Voting trust certificates (quarterly).........
Voting trust certificates (quarterly).........
Voting trust certificates (quarterly).
Household Finance Corp. common (quar.)....
..
29
Feb.
Feb.
Preferred A (quarterly)
Horn A Hardart Co. (N. Y.) (quar.)....
Home (Jos.) Co. preferred (quar.)..
_
16
Feb.
Feb.
Feb.
Feb. 15
Feb. 15
Feb.
...
Extra...
Homestead Fire Insurance (semi-ann.)........
Hormel (Geo. A.) & Co. (quarterly)
Preferred (quarterly)
International Radio Corp. (quar.).....
International Safety Razor, class A (quar.).....
International Utilities Corp., 97 prior pref. (qu.)
1
Mar. 26 Mar. 16
Feb.
1 Jan. 15
Hinde & Dauch Paper Co., 6% pref. A (quar.)..
Hollander (A.) & Sons (quar.)
—
...
4
15 Feb.
15 Jan. 25
15 Jan. 25
15 Jan. 25
Feb.
Monthly
93 H prior preferred (quarterly)
Interstate Dept. Stores preferred (quarterly)
Interstate Hosiery Mills (quar.).
Intertype Corp. first preferred
....
Jantzen Knitting Mills (quar.).
......
Preferred (quar.)
15 Feb.
Feb.
Hershey Chocolate Corp. (quar.)
Preferred (quar.)
Preferred (participating dividend)
Hibbard, Spencer, Bartlett & Co. (monthly)..
Institutional Securities Insurance—
Group shares (initial)
International Business Machine....
Feb.
Feb.
...
5
Sept.
Dec,
Louisiana A Missouri River RR.—
Mar. 25
Feb.
5
5
5
Sept.
Louisville A Nashville RR. Co.
Ludlum Steel Co. common
.......
Hawaiian Pineapple Co
Hawaii Consol. Ry. 7% preferred
...
Nov.
Mar.
June
Feb.
7% gtd. preferred (semi-annual)
Louisiana Power A Light 96 preferred (quar.)—
......
6preferred (quar.)..
Havana Elec. & Utilities Co., 6% pref.....
Hawaiian Agricultural Co. (mo.)
,
....
6
5
5
June
—
...
Feb.
May
Aug.
Nov.
Mar.
6% preferred (quarterly)
94 X
.........
.....
7% preferred (quarterly)
...........
7% preferred (quarterly)
.....
7% preferred (quarterly).....
.......
7% preferred (quarterly)
Lehigh Portland Cement (quar.).............
Leonard Custom Tailors (quarterly)........
Lerner Stores, 4H% preferred—
Covers period from Dec. 14, *36 to Feb. 1, *37.
Le Tourneau, Inc. (quar.)
Quarterly
Quarterly..
....
Quarterly
Lexington Utilities Co. preferred
Preferred (quar.)
Ligget A Myers Tob. Oo. com. A com. B (qu.)..
Lincoln Printing Co., preferred (quar.)
...
2d preferred (quarterly)
Los Angeles Gas A Electric Corp—
.
.....
Feb.
.........
.......
Holders
When
Payable of Record
May
Aug.
...........
.............
Loose-Wiles Biscuit Co. (quar.)
.......
Preferred (quar.)
Lord A Taylor 1st preferred (quarterly).
exchange of 2d pref. on Jan. 16 and on
each business day up to and incl. March
13 (or such earlier date as previously ex¬
plained)
Gotham Silk Hosiery Co., Inc., 7% pref....
7% preferred (quarterly)
Grace National Bank (semi-ann.)
Graton Knight Co., 7% pref. (quar.) ........
Great Lakes Engineering Works (quar.)
....
Extra
Great Western Electro-Chemical
Green (H. L.) Co. preferred (quar.)
Gude Winmill Trading Corp., vot. trust ctfs
Hale Bros. Stores. Inc. (increased, quar.)
...
Hamilton Watch Co. 6%preferred (quar.)
Hartford Electric Light Co. (quar.).........
Hat Corp. of America 6H% preferred.........
Landis Machine (quarterly)..
Quarterly
Quarterly...
Quarterly.
Per
Share
of Company
Loew's, Inc., $QH cumul pref. (quar.)-.
....
Lone Star Gas, 6H% preferred (quar.).....
date next
preceding the record date for payment of
div. on 2d pref. stk.
New $5 conv. preferred
To holders of rec. of new pref. orig. Issued on
Name
Payabfe of Record
Mar.
June
Firestone Tire A Rubber preferred (quar.)
First Security Corp. of Ogden(Utah), ser A (s-a)
Franklin Fire Insuracne (quarterly)..
719
Chronicle
Feb.
7% preferred (quarterly)—
National City Bank (semi-ann.).
(qu.)
National Lead Co. Class B (quarterly) —...
National Liberty Insurance (semi-ann:)-.
————....
National Oats (quar.)
National Paper & Type Oo. 5% pref. (initial).
National Power A Light Co.. $6 pref. (quar.)—
Common
(quarterly)
National Pressure Cooker Co. (quar.)
National Standard (new,
initial)
New (quarterly)——...
National Tea Co. preferred (quar.).
Nation Wide Security Co., series B.
Neisner Bros., Inc., preferred (quar.)
Neptune Meter Oo. 98 preferred (quar.).—
Nevada-California Electric preferred
Newberry (J. J.) Co., 5% pref. A (quar.).....
Newberry (J. J.) Realty Co., QH% pref. A (qu.)
6% preferred (quarterly)..
New Jersey A Hudson River Ry. & Ferry Oo—
6% preferred (semi-ann.)
New
Jersey A Hudson River Ry. A Ferry Co—
6% preferred (semi-ann.)
New Jersey Zinc Co. (quar.).—
New.Process Co. preferred (quar.).
New York Fire Insurance (quarterly).
Extra...-..—
...........
New York Merchandise (quar.)
Norfolk A Western Ry. Co., pref. (quar.).a...
North American Edison Co preferred (quar.)
North American Oil Consol
North Carolina RR. Co., 7% guaranteed (s.-a.)
North River Insurance Co. (increased).
—
_
Northern Illinois Finance Corp.
Convertible preferred (quarterly).
20
Northern N. Y. Utilities, Inc., 7% 1st pref....
Northern RR. of New Hampshire (quar.).
15
15
Noyes (Chas. F.) Co. 6% preferred—...
Northwest
Engineering Co
Nov. 26
23
Jan.
Feb.
11
1 Jan.
22
.
Nat. Credit Oo. (Seattle, Wash.) 5% pref.
National Distillers Products Corp. (quar.)
——
May 27
Aug. 27
Apr. 15 Mar. 12
Feb. 27 Feb. 11
Feb.
1 Jan. 16
National Biscuit Co. (quar.)
Preferred (quar.)
Extra
1
1
1
1
1
.........
15 Feb.
1 Jan.
1 Jan,
Feb. 15 Feb.
Feb. 15 Feb.
Mar. 1 Feb. 18
1
Feb. 15 FeO.
1 Dec. 28
Feb.
Mar.
1 Feb.
1
1 Feb. 15
Mar.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Jan. 14
Feb.
Feb.
1 Jan. 15
Feb.
1 Jan. 15
1
Feb.15 Feb.
Feb.
1 Dec. 30
Mar.
1 Feb. 16
Feb.
1 Jan. 16
Feb.
1 Jan. 16
Feb.
Feb.
Feb.
Feb.
1 Jan.
Feb.
Feb.
Jan.
Feb.
Jan.
Jan.
31
Feb.
Jan.
Mar.
Feb.
Feb.
30
20
22
25
25
20
30
15
Jan.
25
Jan.
Jan.
Feb.
Feb.
Jan.
Jan.
Jan,
Jan. 21
Mar. 10 Feb. 26
Feb.
Jan. 15
Jan. 15
Feb.
Jan. 11
Feb.
Jan. 30 Jan. 11
Feb.
Jan. 15
Feb.
Jan. 25
Financial
720
Per
Name
Share
of Company
When
7% 1st preferred (quarterly)
7H% 2nd preferred (quarterly).
Jan.
Jan.
(Initial)
Jan.
Feb.
?!
*
Oahu Sugar, Ltd. (monthly).
Ohio Public Service Co., 7% preferred (mo.) —
6% preferred (monthly)
5% preferred (monthly)
Old Dominion Co.. Irregular dividend.
Oliver United Filters, Inc., A
Ontario Steel Products Co., 7% pref, (quar.)..
7% preferred
Oswego Falls Corp., 8% 1st pref. (quar.j.
Oswego & Syracuse RR. (semi-ann.)
Outboard Marine & Mfg. Co.
Feb.
Feb.
Feb.
Feb.
30
30
30
30
Jan.
15
Jan.
15
Jan.
15
Jan.
15
15 Feb.
1 Jan.
15
5
30
30
Feb.
1 Jan.
23
Feb.
20 Feb.
5
Feb.
Feb.
10 Jan.
25
Owens-Illinois Glass Co
Feb.
15 Jan.
30
Paauhau Sugar Plantation, Ltd. (monthly)
Pacific American Fisheries. Inc. extra.....
Feb.
5 Jan.
15 Jan.
15
12
Pacific Finance Co., 6% pref. (initial)
Pacific Gas & Electric Co. 6% pref. (quar.)
30c
Feb.
Feb.
1 Jan.
15
Feb.
15 Jan.
30
Feb.
....
5H% preferred (quar.).
Paci
icific Lighting Corp., (increased)
Pacific Power & Light, 7% pref. (quar.).
6% preferred (quarterly)
Pacific Public Service. 1st pref
Package Machinery Co., 7% 1st pref. (quar.).
Pan American Airways Corp. (quar.)
Parker Pen Co. (quarterly)
Parker Rust Proof Co., common (quar.)..
Passaic & Delaware RR. (semi-ann.)
15 Jan.
30
Feb.
15 Jan.
20
Feb.
1 Jan.
Feb.
1 Jan.
18
18
Feb.
1 Jan.
15
Feb.
1 Jan.
20
Feb.
1 Jan.
20
Mar.
1 Feb.
15
Mar
1 Feb.
10
Feb.
1 Jan.
22
Feb.
15 Feb.
6
Penman's Ltd.
Feb.
15 Feb.
5
6% preferred (quarterly)
Penna. Power Co., $6.60 pref. (mo.)
L.
$6.60 preferred (monthly)...
Pennsylvania Sugar Co
Peoria & Bureau Valley RR. (semi-ann.)
Philadelphia Co., 5% pref. (s.-a.)
Philadelphia Electric Co. $5 pref. (quar.)
Philadelphia Insulated Wire Co. (semi-ann.)
Philadelphia Suburban Water 6% pref. (quar.).
Phillips-Jones Corp. preferred (quar.)
...
Phoenix Finance Corp., 8% pref. (quar.)
8% preferred (quarterly)
8% preferred (quarterly)
8% preferred (quarterly)
Pioneer Mill, Ltd. (monthly)
...
Pittsburgh & Lake Erie RR
Pittsburgh Bessemer & Lake Erie RR. (s.-a.)
Feb.
Peninsular
Telephone 7 % preferred
(quarterly)
(quarterly)
Feb.
Mar.
...
Jan.
Feb.
Mar.
1
1 .Tan. 20
1 Feb. 20
30 Jan. 22
10 Jan. 22
1 Feb.
10
Feb.
1 Jan.
9
Feb.
15 Feb.
1
Mar.
Feb.
Apr.
July
Oct.
Jan.
Feb.
Feb.
1 Feb.
9
1 Jan.
20
10 Mar. 31
10 June 30
10 Sept. 30
10 Dec. 31
1 Jan. 21
1 Jan.
18
40c
Jan.
Jan.
Jan.
7
Feb.
15 Jan.
29
re¬
Toledo Edison Co., 7% pref.
preferred (monthly)
preferred (monthly) —
Transamerica Corp. (stock dividend)
Payable in 1-50 sh. of Bancamericar-Blalr stk.
6%
5%
.
Semi-annual
——
United Corp., Ltd..
16
Feb.
Feb.
Jan.
16
Jan.
30
5
Feb.
Feb. 20
Feb.
Mar.
May 20
Aug. 20
Jan.
22
Jan.
15
Feb.
an.
15
Feb.
Jan.
Jan.
15
Jan.
15
Jan.
Jan.
15
Jan.
9
Jan.
Jan.
Feb.
19
21
lan
Feb.
15
15
25
Jan.30
Jan.
Feb.
Mar. 20
Jan.
23
Feb.
Jan.
20
Feb.
Jan.
Feb.
Jan.
21
20
Mar.
Feb.
27a
1 Jan.
1 Jan.
23
20
1 Jan.
20
United States & Foreign Securities, pref. (qu.)_.
United States Hoffman Mach. Co., pref. (quar.)
15
tan.
22
United States A
15 Jan.
22
International Securities, pref
United States
_
1 Jan.
15
Pipe & Foundry Co., com. (quar.)
Common (quarterly)
30 Jan.
23
Common
1 Jan.
Feb.
1 Jan.
1 Jan.
15
15
15
Common
Feb.
Jan.
30 Jan.
2
Mar. 31 Mar.
Feb. 27 Feb.
Mar. 31 Mar.
Mar. 31 Mar.
Mar. 31 Mar.
1
Upper Michigan Power & Light Co.—
6% preferred (quar.)
Utica Gas & Electric Co. pref. (quar.)
$6 preferred (quar.)
Utilities Stock & Bond Corp. vot. tr. ctfs. (s.-a.)
Utility Equities Corp. $5 H priority stock—...
Vanadium-Alloys Steel Co
Virginian Railway Preferred (quarterly)
Vulcan Detinning Co.
Preferred (quarterly) —
Preferred (quarterly)
;
Preferred (quarterly)
Walgreen Co. (quar.)
Waitham Watch, prior preferred (quar.)
Prior preferred (quar.)
Warren Foundry & Pipe Corp. (quar.)......
Washington Gas Light Co. (quar.)
Wayne Screw Products Co. (quarterly).._._.
Weill (Raphel) & Co.. 8% pref. (s.-a.)
Wentworih Mfg. Co. (extra)
Westchester Fire Insurance Co. (Increased)
15
25
1
1 Jan.
15
1 Jan.
15
Feb.
15 Jan.
27
Feb.
1 Jan.
26
Apr. 25 Mar. 31
Feb.
1 Jan.
11 Jan.
Feb.
Feb.
Feb.
Apr.
Feb.
1 Jan.
1 Jan.
Apr.
21
21
14
22
22
1 Mar. 22
1 Jan. 15
Feb.
Rhode Island Public Service Co., class A (quar.)
Feb.
1 Jan.
5
(quarterly)
Feb.
1 Jan.
1 Jan.
Rice-Stix Dry Goods Co. common.
Rich Ice Cream Co. (quar.)
Feb.
1 Jan.
15
Feb.
1
May
1
Feb.
1 Jan.
11
Feb.
1 Jan.
1 Jan.
15
Quarterly
Richmond Insurance Co. of N. Y. (increased)..
Riverside Cement Co., 1st pref. (quarterly)..
Rockland Light & Power (quarterly)
....
Feb.
Feb.
15
15
Feb.
10 & 25c. Stores (quar.)
1 Jan.
1 Jan.
18
1 Jan.
20
15
Feb.
5 Jan.
11
1 Jan.
15
Feb.
Feb.
1 Jan.
1 Jan.
Feb.
1 Jan.
20
Feb.
Feb.
Feb.
....
Extra
May
Feb.
Mar.
Apr.
July
.....
(quar.)
Oct.
...
Jan.
1 Jan.
1 Jan.
1 Jan.
1 Apr.
1 Jan.
50c
5 Jan.
M
37 He
12 He
Feb.
1 Jan.
1 Jan.
15 Jan.
Feb.
17
Feb.
Feb.
Apr.
19 Feb. 10
15 Jan. 20
15 Jan. 20
15 Mar. 20
Feb.
15 Jan.
Feb.
Feb.
Mar.
20
16
Apr.
July
10
Oct.
20 Oct.
11
Feb.
1 Jan.
15
July
2 June
19
Oct.
2 Sept. 18
15
1 Jan.
Feb.
Feb.
Feb.
Mar.
1
Jan.
15 Feb.
1
Feb.
Jan.
10
15
1
1
15
21
Feb.
1
Feb.
1 Jan.
1 Jan.
20 Jan.
21
3<»
31
Feb.
lan.
i >ec
30
30 Dec. 31
15 Jan.
Feb.
15 Jan.
Feb.
Feb.
Feb.
Feb.
20
20
1
Jan.
5
1
Jan.
5
15 Feb.
1 Jan.
1 Jan.
1 Jan.
1
11
26
26
1 Mar. 20
1 Mar. 20
1 Jan. 19
Mar.
Feb.
1
1 Jan.
15
1 Jan.
19
Feb.
1 Jan.
19
15
15
(quarterly)
Feb.
1 Apr.
15
May
May
Aug.
Aug.
1 July
15
Nov.
1 July
1 Oct.
15
Nov.
1 Oct.
15
Feb.
1 Jan.
22
Feb.
22
Jan.
1 Jan.
30 Jan.
Jan.
30 Jan.
20
10
...
_.*
....
Wisconsin Telep. Co., 7% preferred, (quar.)
WJR Goodwill Station (quar.)
.......
Wool worth (F. W.) Co. (quarterly)
Wool worth & Co., Ltd., ordinary (bonus).. ...
American dep. rec. for ord. reg. (final)..
Wright Hargreaves Mines. Special interim div.
Wrigley (Win.) Jr. Co. (monthly)
Monthly
Monthly
Yellow & Checker Cab Co., class A
Youngstown Sheet & Tube, preferred—-—-—
„
15
...
••
Zellers
Ltd.,
6%
preferred—
Zenith Radio (resumed)
a
Feb.
15
20
Mar.
1
Feb.
Feb.
8 Jan.
8 Jan.
Feb.
1 Jan.
1 Jan
20
Feb.
20
'•tar
20
Feb.
viar.
\ or.
J
14
14
6
1 Feb. 18
6
15 Feb.
Feb. 15 Jan. 31
Jan. 30 Jan. 22
Mar.
Feb.
Payable in stock.
/ Payable in common stock,
ulated
dividends.
1 Payable
g
in
Payable in scrip,
preferred stock.
h On account of accum¬
Payable in Canadian funds, and in the case of non-residents of Canada,
reduction of a tax of 5% of the amount of such dividend wilJ be made.
r
a
1 Apr.
Transfer books not closed for this dividend.
e
30
1 Feb.
15
Mar.
1 Feb. 15
Feb.
1 Jan. 26
Feb. 20 Jan. 20
2 Feb.
1 Jan.
20 Apr.
20 July
Apr.
Apr.
Wisconsin National Life Insurance (s.-a.)__
Extra
21
21
••
Feb.
Mar.
Feb.
Extra
1 Jan. ,25
2 Jan.
5
Feb.
28
Quarterly
30
Feb.
Feb.
21
Extra
30
Feb.
m
1 Jan.
15 Jan.
Feb.
Quarterly
21
62 He
...
.'.
Quarterly
15
20
5 Jan.
(quarterly)
Extra
1 Sept. 17
3 Dec. 20
1 Jan.
Feb.
5H% preferred
15
Feb.
Feb.
Winstead Hosiery Co.
Extra
21
1 Feb. 17
1 Mar. 18
1 June 17
15 Jan.
1 Jan.
*IH
12 He
%IH
$1H
300%
7% preferred (quarterly)
15
Feb.
26
1
Feb.
Feb.
West Virginia Pulp & Paper pref. (quar.)
Westvaco Chlorine Products 5% pref. (quar.)..
Wheelin
& Lake Erie, prior lien (quar.)
15
Feb.
1 Jan.
15 Feb.
30 Jan.
15
White (S. S.) Dental Mfg. Co. (quar.)
Wilson & Co. (quar.)
Preferred (quar.)
-
15
Feb.
Feb.
Feb.
Jan
Feb.
...
(quar.)..
Whitaker Paper Co
Preferred (quar.)
In
*1H
14
Feb. 15 Jan. 31
Mar. 15 Feb. 28
1 June 15
July
A (mo.)
West Jersey & Seashore RR. Co. (s.-a.)
West Penn Electric 7% preferred (quar.)
20
25
1 Jan.
Feb.
15
Mar. 15 Feb. 27
1 Jan. 25
Feb.
1 Jan. 25
Feb.
May
Jan.
Westland Oil Royalty Co., Inc. class
Class A (monthly)
22
1 Jan.
Feb.
...
reb.
1
1 Jan.
Apr. 30 Mar. 31
uly 30 June 30
O t. 30 Sept. 30
......
6% preferred (quar.)
Feb.
Royal Dutch (New York shares) (interim)-*_.
Royalties Management
Saguene> Power Co., pref. (quar.)
St. Lawrence Flour Mills (quar.)
•
Preferred (quar.)
St. Louis Screw & Bolt, preferred
Savannah Sugar Refining Co. (quar.)
Scott Paper Co., common (quar.)
Securities Corp. General, $7 pref. (quar.).
$6 preferred (quarterly)
Security Insurance Co. (New Haven), (quar.)..
Seeman Bros., Inc., com. (quar.)
Quarterly
Quarterly
Quarterly
West Penn Power Co., 6% pref
15
1
Feb.
Mar.
Feb.
-—
Quarterly
Feb.
(quar.)
—
Western Cartridge 6% pref. (quar.)
Wee ting house Air Brake (quar.)..............
15
15 Mar. 15
15 June 15
June
J.) (quar.)
— r
Extra
............
July
Universal Leaf Tobacco Co.. Tnc.. (quar.)..*...
1 Jan.
May 29a
Aug. 31a
Nov. 30a
—
(quarterly)
1
lo Jan.
27 Feb.
1 Jan.
Preferred
June
Dec.
1
1
Feb.
Feb.
U. S. Sugar Corp
Dec. 31
Sept.
(quarterly)
(quarterly)
Preferred (quarterly)
Universal insurance (Newark, N.
Quarterly
1
Mar. 31 Mar.
1
Feb.
1 Jan. 15
Feb.
1 Jan. 15
Extra
Jan.
b.
Feb.
Feb.
Preferred (quarte ly)
Republic Investors Fund, pref. A & B (quar.)..
Retail Si »res Corp—Opt. div. of one sh. for each
Co.14.8% p"rirf."(qu.)
15
20
Feb.
F
Feb.
Quebec Power Co. (quarterly)
Railway & Light Securities Co.. pref. (quar.)..
Railway Equipment & Realty Co__.
Raymond Concrete Pile (quarterly).
Preferred (quarterly)
Reading Co. (quar.)
Reliance Mfg. Co. (quarterly)
Extra..
Southern Indiana Gas & El.
Jan.
Feb.
Feb.
Sovereign Investors, Inc.
——
Jan.
Extra
Southern Canada Power (quar.).
Southern Fire Insurance (s.-a.)-.
20
Feb.
Apr.
Feb.
-
Feb.
Jan.
Unite t New Jersey RR. & Canal (quar.)—.—
States Fire insurance Co. (quar.)
Feb.
-
Feb. 20
Mar.
Feb.
Feb.
United
Feb.
....
><*t.
Mar.
United Insurance Trust Shares series F, reg
Feb.
...
(quar.)
(quar.)
Sharp & Dohme, Inc., pref. A (quar.)
Shawinigan Water & Power Co. (quar.)
Sierra Pacific Electric Co., 6% pref. (quar.)
Sign ode Steel Strapping (quar.)
Preferred (quarterly)
Simpson's, Ltd., 6H% preferred
Skeliy Oil Co.. 6% preferred (quar.)
Smith Agricultural Chemical Co. (quar.)......
6% preferred (quarterly)
Solvay American Investments 5H % pref. (quar.)
Soundview Pulp Co. (div. payabld in stock)...
South Pittsburgh Water Co., 5% preferred
Southern Calif. Edison (special).
Quarterly
Original preferred (special")"".".
17
uly
Feb.
Tung-Sol LamD Works, pref. (quar.)
Union Oil of California (quar.)
eb.
Public Service of Northern Illinois..
Preferred
Preferred
Dec.
•
Feb.
Mar.
Tubize Chatillon Corp., 7% pref
Feb.
(quarterly)
Quaker City Fire & Marine Insurance (s.-a.)
Public Service Co. of Colorado, 7% pref. (mo.).
6% preferred (monthly)
5% preferred (monthly)
Public Service Com. (N. J.), 6% pref. (mo.)...
(increased quar.)
6% preferred (monthly)
6% preferred (mon hly)
8% preferred (quarterly)
7% preferred (quarterly)...
$5 preferred (quarterly)
Preferred
Feb.
Apr.
Feb.
Public Electric Light Co.
Selby Shoe Co. (quarterly)
Servol, Inc. (quar.)
Preferred (quar.)
20
20
20
Jan.
Feb.
Feb.
Extra
Jan.
Mar. 31 Mar. 15
Feb.
1 Jan. 22
Feb.
1 Jan. 22
Extra
Rose's 6,
Jan.
Feb.
Feb.
Feb.
Shares C
Investment
D
Union Bag & Paper
Roos Bros., Inc. (Del.). $6H pref.
Root Petroleum Co. (quarterly)
25
Feb.
(monthly)
United Biscuit Co. of America (quar.)
Preferred (quarterly)
Preferred
25
Jan.
Feb.
Feb
1 Feb.
or
25
Jan.
Feb.
Feb.
Sept.
Ltd
1 Mar. 15
1 Jan. 20
held
Jan.
Feb.
June
Preferred (quar.)
Preferred (quar.)
Toburn Gold Mine.
Feb.
14 shs
30
7
7
15 Jan.
Feb.
Feb.
25c
reported holders of
Mar.
6% preferred (quar.)
7% preferred (quar.)
Pullman, Inc. (quarterly)
Quaker Oats Co. preferred (quar.)
Quarterly Income Shares
Mar.
Mar.
Feb.
(quar.)
Plymouth Fund, class A.
Special
Portland Gas & Coke Co., 7% pref. (resumed)..
6% preferred (resumed)
Portland RR. (Me.), 5% pref. (s.-a.).
Potomac Edison Co., 7% pref. (quar.)
6% preferred (quarterly)
Procter & Gamble (increased quar.).....
15
15
25
Feb. 15
Feb. 15
Feb.
Sterling, Inc., common
Preferred (quar.)
Stouffer Corp.", class A (quar.).
Syracuse Lighting, Inc., 8% pref. (quar.)
6% preferred (quar.)
6 H% preferred (quar.)
Tacony-Palmyra Brid 5% preferred (quar.) —
Tainblyn (G.) Ltd. (initial, quarterly)
Quarterly
Quarterly
Tampa Gas Co. 8% pref. (quar.)..—.........
7% preferred (quar.)
Telautograph Corp. (quar.)
Telephone Investment Corp. (monthly)—
Texas Power & Light Co., 7% preferred
—
6% preferred (quar.)
Thatcher Mfg. Co. preferred (quar.)
Thompson (John R.) Co. (quar.)
Timken-Detroit Axle Co. Preferred (quar.).—
Series
15
Jan.
Jan.
May
rS 2
43 He
Stein (A.) & Co. (quar.)
Correction: Previously
cord as Jan. 19.
Trustee Standard
Apr.
Feb.
Feb.
r43Hc
Extra
Preferred
15
15
15
31 He
Pleasent Valley Wine Co.
Apr.
Jan.
40c
Standard Car & Seal, new
20
Jan.
Feb.
$i^
Preferred (quar.)
Stanley Works 5% preferred (quar.)
Steel Co. of Canada (quar.)
1 Jan.
Jan.
iig
15
15 Jan.
15 Jan.
Jan.
15c
Squibb (E. R.) & Sons, $6 pref. (quar.).*
15
Jan.
20c
25c
Spartan Mills Corp. (semi-ann.)
Spencer Chain Stores, Inc., common
Spiegel, Inc., new
Preferred (quar.)
Spiegel Mtv stern Co.
preferred (quar.)__._._
26
Holders
Payable of Record
Share
of Company
1 Jan.
Feb.
When
Per
Name
1 Jan.
10 Jan.
Feb.
$2
Jan. 30, 1937
Holders
Payable of Rerord
Jan.
Nunn-Bush Shoe Co.
Chronicle
Volume
Financial
144
Chronicle
Condition of the Federal
Weekly Return of the New York City
Clearing House
,
The weekly statement issued by the New York
Clearing House is given in full below:
STATEMENT
OF MEMBERS
City
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JAN. 23,
Tli©
following shows the condition of the Federal Reserve,
New York at the close of business Jan. 27, 1937,
Bank of
in
1937
comparison with the previous week and the corresponding
date last year:
*
Deposits,
Deposits,
Average
,
Time
Undivided
Capital
Net Demand
Profits
♦
Clearing House
Reserve'\Bank of
New York
CLEARING HOUSE
THE NEW YORK
OF
721
Average
Surplus and
Members!
27, 1937 Jan. 20, 1937 Jan. 29, 1936
Jan.
$
Bank of N.Y.&Tr. Co-
13,483,000
31,671,000
161,893,000
28,536,000
35,046,000
92.553,000
49,419,000
23,494,000
50,000,000
4,000,000
100,270,000
500,000
25,000,000
10,000,000
5,000,000
12,500,000
7,000,000
5,775,000
12,993,000
143,637,000
389,752,000
25,431,700
656,117,700 al,443,827,000
479,386,000
53,382,000
179,356,600 61,475,170,000
475,783,000
41,778,600
66,798,100
748,788,000
17,438,000
258,832,000
494,518,000
106,960,900
60,651,700
503,032,000
62,404,000
3,974,500
126,734,200 c2,039,521,000
3.655,600
54,040,000
73,937,800
£862,699,000
16,555,000
2,738,600
93,905,000
8,768,700
306,633,000
27,771,500
79,169,000
8,034,100
82,472,000
9,007,600
522,480,000
885.531,700 10,010,123,000
594,160,000
6,000,000
20,000,000
77,600,000
20,000.000
Bank of Manhattan Co..
National City Bank
Chemlcak Bk. & Tr. CoGuaranty Trust Co
90,000,000
42,936,000
21,000,000
15,000,000
10,000,000
Manufacturers Trust Co.
Cent. Hanover Bk. & Tr.
Corn Exch. Bank Tr. Co.
First National Bank....
Irving
J'
Trust Co
Continental Bk. & Tr. Co
Chase National Bank...
Fifth Avenue Bank
Bankers Trust Co
Title Guar. & Trust Co..
Marine Midland Tr. Co.
NewjYork Trust Co
Com'l Nat. Bk. & Tr.Co.
Public Nat* Bk. & Tr.Co.
$
$
Assets-
Gold certificates on hand and due from
United States Treasury x
.
3,588,509,000 3,622,619.000 3,468,426,000
Redemption fund—F. R. notes....
Other cash tTotal
3,500,000
350,000
1,046,000
76.992,000
............
1,050,000
78,455,000
1,046,000
77,253,000
3,666,547,000 3.600,918,000 3,547,931,000
reserves
Bills discounted:
1,758,000
55,563,000
Secured
by U. S.
Govt, obligations,
(or) fully guaranteed
direct and
789,000
356,000
768,000
684,000
2,868,000
2,195,000
1,145,000
1.352,000
5,063,000
1,093,000
5,921,000
1,096,000
5,916.000
1,752,000
7,705,000
132,099,000
361,251,000
158.910,000
Other bills discounted......
132,062,000
361,251,000
158.947,000
55,252,000
493,439,000
185,692,000
652,260,000
652,260,000
734,383,000
660,419,000
660,624,000
748,903,000
90,000
7,194,000
142,769,000
10,134,000
10,909,000
87,000
8,384.000
167,161,000
10,134,000
10,469,000
250,000
6,647,000
123,825,000
10,810,000
30,894,000
.....
18,247",666
606,000
3,114,000
Total bills discounted
.......
Bills bought In open market...........
Industrial advances....
26,587,000
1*331,000
46,989,000
....
United States Government securities:
Totals......
Bonds
Treasury notes
Treasury bills
* As per official reports:
National, Dec. 31, 1936; State, Dec. 31, 1936; trust
companies, Dec. 31, 1936.
e As of Jan. 5, 1937.
Includes deposits In foreign branches as follows:
a $246,034,000; b $84,468,000;
C.$121,092,000; d $45,393,000.
%
Total U. S. Government securities..
f^TheJNew York "Times" publishes regularly each week
returns of
...
Total bills and securities.
number of banks and trust companies
-
which
notjmembers of the New York Clearing House.
The
following are the figures for the week ended Jan. 22:
Due from foreign banks
Federal Reserve notes of other banks
INSTITUTIONS
All other assets
a
are
Uncollected items...
Bank premises
BUSINESS
NOT
FOR
IN
CLEARING
THE
WEEK
HOUSE
ENDED
WITH
THE
FRIDAY,
NATIONAL AND STATE BANKS—AVERAGE
CLOSING
JAN.
22,
OF
.......
...
....
1937
Total assets...
FIGURES
....
4,498.062,000 4,457.777.000 4,469,260,000
.......
'
j
Ik
k—
Other Cash,
Loans,
Res.
Dept.,
Liabilities—
Dep. Other
Disc, and
Including
N. Y. and
Banks and
Gross
Investments
m
Bank Notes
Elsewhere
Trust Cos.
Deposits
F. R, notes in actual circulation........
871,976,000
U. S. Treasurer—General account—
Manhattan
$
Grace National
$
$
$
$
Trade Bank of N. Y.
101,900
691,000
245,648
5,948,500
6,547,000
3,292,755
1,699,800
3,822,000
382,181
98,000
668,000
516,000
5,625,000
Brooklyn—
Peoples National
56,652,000
27,471,000
173,185,000
Foreign bank
Other deposits
30,880,200
29,476,000
7,409,660
4,823,000
Sterling National
27,020,200
21,800,000
4,417,633
Total deposits...—.........
141,119,000
51,270,000
51,474,000
7,744,000
9,260,000
1,686,000
Capital paid In
Surplus (Section 7)..
...—
Surplus (Section 13b)
........
Reserve for contingencies.........
...
1
-
Res. Dep.
Cash
Manhattan—
Federation
Fiduciary
Fulton.
Lawyers
,
United States
k,
$
Gross
Trust Cos.
Deposits
$
3,512,700
1,994,194
12,020,900
1,656,162
1,688,872
1,285,300
3,619,100
,11 other liabilities....
Total liabilities
$
$
$
62,934,100 *10,818,200
9,832,553
197,245
*1,215,679
13,039,917
21,514,000 *5,612,200
29,500.500 *12,199,100
64,680,997 32,715,204
Empire
Batiks and
Elsewhere
Disc, and
Investments
Dep. Other
N. Y. and
Loans,
1m
'
6147",100
16,745,108
Ratio
78,609,000
11,721,329
13,894,380
24,320,900
43,526,600
84,234,614
total
-—..
771,478,000
to
reserve
deposit
to
vances
make
127,647,000
51,025,000
50,825,000
7,744,000
8,849,000
1,363,000
160,077,000
51,237,000
51,474,000
7,744,000
9,260,000
1,457,000
and
86.6%
industrial
86.2%
84.0%
8,327,000
8,389,000
9,873,000
ad¬
......
...
349,950,000
19,553,000
189,961,000
4,498,062,000 4,457,777,000 4,469,260,000
...........
F. R. note liabilities combined
Commitments
t "Other cash" does not include Federal Reserve notes
or a
bank's own Federa
Reserve bank notes.
m
f< Brooklyn—
x
77,942,000
37.077,191
Brooklyn
Kings County
* Includes
amount
with
3,437,000
2,513,715
Federal
Reserve
50,232,000
8,626,952
53,000 123,459,000
43,098,416
follows:
Empire,
Fiduciary, $860,106; Fulton, $5,229,000; Lawyers, $11,412,200.
v
of
68,409,000
34,591,000
151,411,000
3,363,533,000 3,297.318.000 3,450,329,000
Deferred availability items........
TRUST COMPANIES—AVERAGE FIGURES
^
879,210,000
Deposits—Member bank reserve acc t__ 3,106,225,000 3,042,907,000 2,890,865,000
as
These
over from
are
certificates given by the United States Treasury for the gold taken
the Reserve banks when the dollar
was on
Jan. 31, 1934, devalued from
100 cents to 59.06 cents, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of te Gold Reserve Act of 1934.
$9,306,900;
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
theAFederal 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.
items of the resources and liabilities of the reporting
(Pir. The statement beginning with Nov. 6, 1935, covers reporting banks In 101 leading cities, as it did prior to the banking holiday in 1933, Instead of 91 cities, and has
also been revised further
so as
The amount of "Loans to banks" was included heretofore partly in "Loans on securities—to others" and partly
to show additional items.
of demand deposits standing to the credit of individuals, partnerships, corporations,
The method of computing the item "Net
Banking Act of 1935: First, it Includes United States Government
deposits, against which reserves must now be carried, while previously these deposits required no reserves, and, second, amounts due from banks are now deducted from
gross demand deposits, rather than solely from amounts due to banks, as was required under the old law.
These changes make the figures of "Net demand deposits" not
comparable with those shown prior to Aug. 23,1935.
The Item "Time deposits" differs in that it formerly included a relatively small amount of time deposits of other banks,
which are now included in "Inter-bank deposits."
The item "Due to banks" shown heretofore included only demand balances of domestic banks.
The item "Borrowings"
represents funds received, on bills payable ahd rediscounts, from the Federal Reserve banks and from other sources.
Figures are shown also for "Capital account," "Other
assets—net ," and "Other liabilities."
By "Other assets—net" is meant the aggregate of all assets now otherwise specified, less cash items reported as on hand or in process
in"Other loans." The Item "Demand deposits—adjusted" represents the total amount
associations, States, counties, municipalities, Ac., minus the amount of cash items reported as on hand or in process of collection.
demand deposits," furthermore, has been changed in two respects in accordance with provisions of the
of collection which have been deducted from demand deposit!.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING
Total
Boston
New York
PhUa.
ASSETS
$
$
$
$
$
1.213
9,462
1,196
1,928
Loans and investments—total.......
22,657
CITIES, BY DISTRICTS, ON JAN. 20,1937 (In Millions of Dollars)
Cleveland Richmond
Federal Reserve Districts—
Atlanta
St.Louis
Chicago
Minneap. Kan. City
San Fran.
Sottas
$
$
666
587
$
3,104
691
407
710
504
2.189
Loans to brokers and dealers:
.......
4
985
14
953
26
77
20
15
144
836
139
213
1
4
45
9
225
2,000
In New York City
Outside New York City.....
3
18
Loans on securities to others (except
Loans to banks..
53
198
71
30
46
60
161
30
7
11
6
37
12
12
23
1
24
86
241
63
180
26
26
74
43
5
19
23
866
57
Loans on real estate.........
384
1,152
banks)....
Acceptances and com'l paper bought.
4
27
2
3
1
1
9
6
1,632
3,787
190
230
119
167
519
141
116
149
142
396
352
952
304
208
1,647
239
185
279
199
721
153
70
44
2
156
2
4,120
319
U. S. Government direct obligations..
9,262
389
Obligations fully guar, by U. S. Govt.
1,229
3,243
21
493
89
55
54
36
164
63
13
49
39
150
1,255
302
273
77
83
407
111
44
139
53
349
5,325
287
2,697
263
309
134
93
805
135
63
144
103
292
Other loans
...
Other securities.
arve
with Federal Reserve Bank..
389
114
69
17
36
19
11
64
12
5
12
11
19
Balance with domestic banks
2,308
142
185
152
222
136
138
415
140
92
260
183
243
Other assets—net.
1,355
91
571
87
106
38
38
106
24
16
24
28
226
15,547
5,050
1,026
6,992
822
1,110
419
335
2,324
421
274
495
386
943
280
997
26k
706
197
176
850
180
123
146
121
1,013
560
9
192
55
53
24
31
84
10
2
15
34
51
6,059
260
2,462
327
377
233
232
848
297
123
403
204
293
9
5
2
85
55
89
Cash in vault
.........
B|emand deposits—adjusted...
LIABILITIES
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks
421
Foreign banks
Borrowings—
Other liabilities
7
;
Capital account
;..
3.563
235
1
~~20
226
340
6
......
14
1,600
1
....
4
345
6
.....
827
389
7
86
355
13
""332
78
324
722
Financial
Chronicle
Jan. 30, 1937
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
was
issued by the Board of Governors of the Federal Reserve System
showing the condition of the twelve Reserve banks at the close of business
on
Thursday afternoon, Jauuary 28
The first table presents the results
on
Wednesday.
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the
corresponding
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks.
The Federal
Reserve note statement (third table
following) gives details regarding transactions in Federal Reserve
Reserve Agents and the Federal Reserve banks.
returns
for the latest week
appear
in
Governors of the Federal Reserve System
department of "Current Events and Discussions "
our
COMBINED RESOURCES AND LIABILITIES
Three ciphers (000) omitted
Jan.
27,
ASSETS
on
FEDERAL RESERVE
BANKS
Jan. 13,
1937
12,729
307,771
AT THE CLOSE OF BUSINESS JAN.
Dec. 30,
1936
Jan.
6,
1937
$
S
8,849,893
12,729
Dec. 23,
1936
Dec. 16,
1936
S
$
8,851.876
278,370
9,167,961
9,142,286
1,506
1,487
875
861
2,857
2,381
3,081
24,085
3,084
24,131
492,182
1,345,963
492,045
1,345,963
592,082
592,219
1,343,963
595,574
490,643
1,340,963
598,621
2,430,227
2,430,227
2,430,227
2,430,227
8,851.383
314,574
reserves
9,177,196
2,344
513
—
Dec.
9,
1936
S
8,851,878
12,741
247,672
8.849,882
13,330
304,749
9,170.414
Other cash *
Total
S
8,849,914
Redemption fund (Federal Reserve notes)
i
20,
1937
$
hand and due from U. S. Treas.x
OF THE
Jan.
1937
Gold ctfs.
notes between the
The comments of the Board of
27 1937
Dec. 2,
1936
S
the
upon
Jan.
29,
1936
*
%
8,809,324
11,986
247,404
8,811,021
11,407
246,357
7,643,860
199,574
8,853,624
12,133
232,753
9,112,291
9,064,191
9,098,510
9,068,774
9,068,785
8,006,194
2,191
4,521
3,994
2,005
4,351
4,105
856
7,029
1,853
5,856
850
1,987
2,960
2,348
3,041
6,377
8,882
7,684
5,999
6,338
7,065
3,089
24,221
3,089
3,089
24,768
3,088
3,088
25,493
3,087
25,696
4,670
24,999
3,089
25,313
490,643
489.576
489,576
1,340,963
598,621
1,347,163
593,488
1,347,163
693,488
408,326
1,417,283
604,618
381,326
1,449,163
699,738
598,008
2,430,227
2,430,227
2.430.227
2,430,227
2,430.227
2,430,263
12,533
12,741
15,685
346,649
Bills discounted:
<
Secured by U. S. Government obligations,
direct and (or) fully guaranteed.
Other bills discounted
Total bills discounted
Bills bought In open market
Industrial advances
United States Government securities—Bonds.
r
Treasury notes
_
Treasury bills
Total U. S. Government securities...
24,328
490,690
.
1,828
32,148
215,696
1,616,559
Other securities
Foreign loans
on
181
gold
Total bills and securities
2,459,823
2,460,250
2,459.885
2,460,685
2,463,461
2,467,196
2,466,313
2,464,807
2,465,348
2,474,327
Gold held abroad
""226
'"223
""220
25,018
574,286
46,145
Due from foreign banks
Federal Reserve notes of other banks
29,821
665,840
46,146
""221
""220
""226
"""221
34,381
29,225
23,834
660.987
""226
760,268
""226
747.244
26,646
895,842
46,146
48,082
48,082
48,082
23,823
651,945
48.066
43,285
12,301.473
""650
41,841
40,144
31,902
671,914
46,146
39,200
12,318,180
12,419,193
12,417,228
LIABILITIES
Federal Reserve notes in actual circulation
4,140,492
4,159,036
4,176.758
4,242,336
4,278,786
4.350,488
4,268,972
4,232,669
4,202,799
3,599,683
Deposits—Member banks'
6,772,597
6,754,890
6,739,615
United States Treasurer—General account.-
190,033
6,674,157
172,826
74,947
239,750
188,259
94,900
217,540
6,507.490
250,560
Foreign banks
92,638
215,592
182,021
6,571,721
230,829
94,016
179,918
74,383
181,428
60,779
165,803
6.736,989
93,081
65,198
163,415
6,775,236
109,628
59,405
152,320
5,863.331
180,253
6.627,004
232,287
7,267,547
7,255,589
7,237.878
7.136,913
7,076,484
7,013,861
7,073,565
7,052,683
7.096.689
6.642,518
563,102
656,123
657.442
131,704
879,317
650,064
482,746
130,624
145,601
130,390
578,938
130,283
130,275
130.630
145,501
145.501
27,088
5,365
27,088
34,248
16,486
34,246
16,002
27.088
34,249
35,111
145,501
27,088
34.251
14,900
145,501
27,190
36,248
4,745
739,938
130,833
145,501
27,088
34,251
21,917
672.619
5,655
658,189
131,972
145,854
27,190
36,232
5,131
12,318,180
12,419,193
12,417,228
12,382,432
12.454,798
12,390.915
12,675,081
12,236,522
12,301,473
11,066,664
Uncollected items:
Bank premises
All other assets
Total assets
-
;
reserve account
Other deposits
?
Total deposits
Deferred availability Items
Capital paid in
132,105
Surplus (Section 7)
Surplus (Section 13-B)
145,854
27,190
,1..................
Reserve for contingencies
All other liabilities
36,235
Total liabilities
37,727
41,253
40,147
39,488
26,074
582,369
48,078
46,200
12,382,432
12,454,798
12,390,915
12,575,081
12,236,522
95,601
19,685
477,480
47,799
40,529
11,066,664
478,037
49,631
251,519
1
131,792
145,854
27,190
145,854
36.268
26,406
33,901
5,279
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
80.4%
80.4%
80.3%
80.3%
80.2%
79.8%
80.2%
80.4%
80.3%
78.2%
Commitments
20,238
20.332
20,565
t20,640
20.959
21,064
21,371
21,491
21,644
27,004
2,458
1,893
1,914
2,615
4,737
7.757
6,297
4,568
5.082
4,789
to make Industrial advances
-
Maturity Distribution of Bills and
Short term Securities—
1-15 days bills discounted
.....
.......
16-30 days bills
discounted..................
11-60 days bills discounted
61-90 days bills discounted
.............
Over 90 days bills discounted
245
16
18
171
189
230
495
272
132
255
144
143
161
176
246
268
311
1,398
80
82
254
251
302
421
564
148
145
585
71
20
14
6
339
347
520
528
161
2,381
2,348
3,041
5,377
8,882
7,684
5.999
6,338
7.065
310
1-15 days bills bought In
open market.......
16-30 days bills bought In
31-60 days bills bought In
61-90 days bills bought In
Over 90 days bills bought
41
2,857
Total bills discounted
Tota
110
3
2,182
1.944
64
527
194
1,615
1,950
134
open market.......
227
89
278
315
63
513
584
545
1,895
322
open market.......
650
215
220
233
250
412
326
168
587
open market.......
1,885
598
2,527
2,014
2,582
548
235
435
471
1,271
2,426
3,081
3,084
3,089
3,089
3,089
3,088
3,089
3,088
3,087
4,670
1,003
1,152
1,010
925
1,167
1,212
938
928
1,022
1,632
290
171
320
409
260
270
647
647
407
586
529
560
587
544
669
565
468
522
668
494
1,052
21,211
1,103
21,145
1,158
21,146
1,100
21,350
669
734
853
805
962
685
22,003
22.218
22,407
22,591
22,637
28,751
24,085
24,131
24,221
24,328
24,768
24,999
25,313
25,493
24,509
24,033
22,809
23,499
25,309
58,029
60.280
12,940
3.240
29,281
23,499
54,426
63,548
2,285,514
11,011
12,940
51,985
61,374
3,240
60,855
64,189
99,074
16,011
43,749
137,175
2,292,917
2,282,662
2.133.618
121,3X2 1
1
29,281
26,739
151.028
2,101.807
2,430,227
2,430,227
2,430,227
2,430,227
2,430,227
------
------
—-—
,
651
In open market
bills bought In open market.........
1-15 days Industrial advances
16-30 days industrial
advanoes..............
31-60 days industrial advances..
61-90 days industrial advances
Over 90 days industrial advances
Tota Jindustrlal advances
.........
.........
......
.........
1-15 days U. 8. Government
securities......
16-30 days U. 8. Government
securities......
81-60 days U. 8. Government
securities......
61-90 days U. 8. Government
securities......
Over 90 days U. 8. Government
securities....
Total U. 8. Government securities.
...
25,329
109,961
2,208,176
61,374
125,135
2,195,580
2,263,110
23,809
58,015
79,000
2,256,462
2,430,227
2,430,227
2,430,227
2,430,227
"
63,548
-
'
(
1-15 days other securities
16-30 days other
securities..........
' '
328.148
25,696
37,317
.
31,025
110,710
178,275
2,072,936
2,430,263
.
31-60 days other
securities..........—..
61-90 days other securities
Over 90 days other securities......
.....
"181
.......
Total other securities
——
4,477,966
337,474
4,494,145
4,558,517
381,759
4,609,640
367,304
4,637,989
359,203
4,646.501
296,013
4.576.604
307,632
4,538.157
305,488
4.497.999
295,200
3,953,622
335,109
4,140,492
4,159,036
4,176,758
4,242,336
4,278,780
4,350,488
4,268,972
4,232,069
4,202.799
3,599,683
Treas..
4,491,838
4,488,838
4.535.838
6,143
4,69£
95,000
95,000
4,492,338
4,290
90,000
3,880,343
2,331
101,000
4,616.838
4,636
95,000
4,464,838
1,897
93,000
4,616,838
7,397
87,000
4,540,838
1,735
101,000
4,582,838
2,588
securities.........
88.00C
5,153
131,400
4,581,426
4,583,735
4,643,573
4.686.169
4,716,474
4,719,235
4,636,981
4,586,628
4,557,533
4,016,896
Federal Reserve Notes—
Issued to Federal Reserve Bank
by F. R. Agent
Held by Federal Reserve
Bank......
...
In actual circulation
Collateral Held by Aoent
Notes Issued to Bant—
Gold otfs.
on
as
Total collateral
,
"Other cash" does not Include Federal
These
......
Reserve notes,
t Revised figure.
are certificates given by the United States Treasury tor the gold taken over from the Reserve banks when
cents on Jan.
31, 1934, these certificates being worth
the provisions of the Gold Reserve Aot of 1934|
353,939
Security for
hand and due from U. 8
By eligible paper
United States Government
•
181
......
less to the extent of the difference,
the dollar was devalued from
100 cents to 59.06
the difference ttself having been appropriated as profits by the Treasury
(under
Volumt
Financial
I4i
723
Chronicle
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF
EACH OF THE 12 FEDERAL RESERVE BANKS
AT
CLOSE OF BUSINESS JAN. 27, 1937
Three Cipher* 1000) Omtttea
Federal Reserve Bant of—
Total
$
$
certificates
Gold
Neto York
Boston
RESOURCES
on
hand
Cleveland Richmond
Phila.
Atlanta
Chicago
$
St.
San Fran.
Dallas
Louis Minneap. Kan. City
$
\
and
$
$
$
$
$
$
$
$
$
due
163,401
900
642
677
19,954
258,867
1,540
17,978
10,036
15,712
6,751
596,417
1,445
30,739
310,292
238,595 1,699,830
278,385
174,337
255,266
182,032
628,601
19
1 16
535
854
436
30,536
23,494
582,887 3,666,547
517,369
636.273
8,849,914
12,729
Other cash *
Total reserves
611,925
220,614 1,663,745
727
2,567
15,414
35,358
556,720 3,588,509
1,046
1,360
76,992
24,807
9,170,414
Treasury
Redemption fund—Fed. Res. notes..
486,298
307,771
from United States
289,902
174,604
238,912
Bills discounted:
HI
Secured by U. S. Govt, obligations,
direct and (or) fully guaranteed..
Other bills discounted
2,344
660
789
410
513
7
356
9
2,857
667
1,145
3,081
225
1,093
24,085
492,182
5,921
132,099
*361,251
39,448
50,678
107,876
138,586
592-.082
2,772
35,579
97,298
42.801
158,910
47,454
60,964
2,430,227
175,678
652,260
194,777
250,228
133,416
2,460,250
179,342
660,419
200,070
251,702
136,246
Total bills discounted.....
Bills bought
in
open market
Industrial advances
U. S. Government securities:
Bonds.
Treasury notes
1,345,963
Treasury bills
Total U. 8. Govt, securities
Total bills and securities
Due from foreign banks
17
301
62,490
46,145
41,841
2,510
...
Total resources......
50
101
4
38
11
15
2
27
419
9
139
113
61
116
6
27
19
317
294
121
108
385
86
60
87
87
4,557
1,171
2,570
27,021
374
1,385
55,980
360
1,052
767
1,309
153,087
67,343
23,503
64,276
28,275
17,302
47,313
20,814
25,639
70,118
30,844
23,137
109,941
276,410
116,054
85,429
126,601
94,966
214,467
110,536
278,241
116,616
86,547
127,482
96,381
216,668
12,318,180
3,057
830,604 4.49S.062
22,265
60,890
26,786
73,891
32,504
lim
(218
1,847
43,435
118,782
52,250
19,233
52,596
9!i1
21
20
10
8
3
6
6
705
1,316
56,397
2,721
48,687
2,529
2,806
881
495
3,821
76,738
4.952
6,368
2,810
4,668
2,690
2,236
1,711
4,710
3,968
13,839
1,493
1.391
22,509
1,261
1,604
31,568
3,449
5,366
21,555
2,390
1,977
1,616
28,782
3,285
1,980
633
23,742
773,683
956,744
503,456
379,357 2,066,319
421,808
278,105
418,417
304,426
887,199
7,194
142,769
10,134
10,909
226
Bank premises
All other resources
75
4
90
25,018
574,286
...
Fed. Res. notes of other banks......
Uncollected Items
120
135
9
45,210
4
26
3,077
LIABILITIES
F. R. notes in actual circulation.....
Deposits:
Member bank reserve aooount..
4,140,492
351,756
871,976
303,343
412,853
199,877
180,746
942,773
178,059
132,462
158,910
86,685
321,052
6,772,597
373,147
10,736
422,124
20,292
6,878
218,097
18,277
155,092
194,637
2,493
2,617
963,658
29,281
8,673
213,399
4,005
2,168
166,221
8,302
4,405
1,818
2,243
7,243
112,321
3,217
1,794
5,191
207
2,168
5,847
475,913
12,219
5,159
19,527
164,607 1,003,430
207,335
122,523
219,779
182,538
512,818
25,995
3,803
4,655
13,792
29,806
2,939
3,116
1,003
3,985
3,613
24,269
3,847
29,404
10,170
9,645
U. 8. Treasurer—General account.
180,253
Foreign bank
74,947
239,750
371,763 3,106,225
56,652
11,567
5,533
27,471
173,185
3,234
7,267,547
392,097 3,363,533
62,848
9,371
141,119
9,826
2,874
1,570
Other deposits
Total deposits
Deferred availability items
563,102
132,105
145,854
27,190
Capital paid ln._
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
36,235
5,655
Total liabilities.................. 12,318,180
Commitments to make Indus.advances
•
"Other cash" does
not
include
3,290
3,174
393,235
462,814
242,838
43,569
12,230
51.474
13,362
49,331
12,813
14,323
45,919
51,270
7,744
4,325
1,007
9,260
1,686
262
13,520
3,000
619
21,481
4,301
4,809
754
1,416
1,690
7,971
483
200
162
1,095
2,090
1,197
219
956,744
503,456
225
1,211
2,277
251
127
371
1,142
1,696
2,037
421,808
278,105
418,417
304,426
887,199
1,308
379,357 2,066.319
283
931
3,851
1,262
1,847
180
545
3,120
773,683
Reserve
75,569
12,561
21,504
5,616
8,327
1,965
3,212
4,869
3,422
1,522
830,604 4,498,062
20.238
Federal
6,953
2,399
71
306
486
3,769
10
notes.
FEDERAL
RESERVE
NOTE
STATEMENT
Three Ciphers (000) Omitted
Total
Neto York
Phila.
$
Federal Reserve Agent at—
Boston
$
$
$
Federal Reserve notes:
Cleveland Richmond
$
Atlanta
Chicago
$
St.
%
$
%
$
San Fran.
Dallas
Louis Minneap. Kan. City
%
$
f
974,988
103,012
324,579
21,236
439,353
26,500
211,986
12,109
973,787
31,014
189,638
11,579
137,890
5,428
167,915
9,005
96,658
27,444
9,973
375,565
54,513
351,756
871,976
303,343
412,853
199,877
180,746
942.773
178,059
132,462
158,910
86,685
321,052
4,491,838
2,588
In actual circulation
377,417
25,661
208,190
337,474
4,140,492
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
406,000
990,706
332,000
440,000
212,000
168,000
990,000
171,632
128,000
660
975
410
75
50
4,477,966
Collateral held by Agent as security
for notes Issued to banks:
Gold certificates
on
hand and due
from United States Treasury
Eligible
paper
U. S. Government securities
135
87,000
Total collateral
406,660
4,581,426
991,681
332,410
440,000
United States Government Securities
Below
furnish
167,000
97,500
389,000
113
4
23
16
127
22,000
15,000
5,000
193,745
143,004
172,023
97,516
389,127
45,000
212,135
on
213,075
990,050
the New York Stock Exchange
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange enuring the current week.
Quotations after decimal point represent one or more 32ds of a point.
we
a
Daily Record of U. S. Bond Prices Jan. 23 Jan.25
Jan. 26 Jan. 27 Jan. 28 Jan. 29
120.8
High
120.16
Low.
120.16
mmmm
120.16
mmmm
120.10
120.7
120.7
120.7
120.9
Mb, 1945-47
37
10
6
50
108.27
108.22
108.23
108.21
108.25
108.20
108.27
108.22
108.16
108.21
108.20
108.20
Close
108.27
108.22
108.17
108.21
108.25
3
mmmm
136
105.21
105.19
105.22
105.22
105.21
130
101
90
105.21
50
12
104.13
104.2
104.8
104.8
104.6
104.12
104.4
103.31
104
104.8
104.4
108.20
Close
104.12
104.4
104
1
Total sales in $1,000 units...
3
209
5
8
High
103.11
103.10
103.4
103.9
103.12
103.11
Low.
103.11
103.4
103.1
103.4
103.8
103.8
103.11
103.4
103.2
103.9
103.12
103.8
2
3
5
114.13
114.9
114.12
114.10
Low.
114.18
114.13
114.8
114.10
114.10
114.8
114.9
114.12
114.10
2MB, 1948-51
114.9
114.8
114.18
114.13
Total sales in $1,000 units...
2
5
28
6
2
High
113.18
113.18
113.10
113.14
Low-
113.18
113.10
113.9
113.12
113.8
113.10
113.12
2 Mb. 1951-54
113.8
ZHb. 1946-58
105.15
105.14
104.12
7
Close
105.24
105.13
105.14
Low.
114.18
.
105.22
105.14
105.19
High
High
4s, 1944-54
105.17
105.19
Total sales in $1,000 units...
Total sales in $1,000 units...
■
105.20
Low.
Close
2
-
Low.
105.14
High
Treasury
High
Total sales in $1,000 units...
3Jis, 1943-45
Daily Record of U. S. Bond Prices Jan. 23 Jan. 25 Jan. 26 Jan. 27 Jan. 28 Jan. 29
120.9
120.8
120.7
120.7
120.10
120.7
Close
Treasury
4tfs, 1947-52
Close
25
223
104.8
32
39
58
5
Total sales in $1,000 units...
104.8
29
100
104.4
55
70
fHIgh
103.6
103.4
103
103.7
103.8
103.6
Low.
103.6
103
102.28
103
103.6
103.5
102.31
103.7
103.8
2MB, 1950-59
m* + m
113.10
Total sales in $1,000 units...
50
2
39
2
3
Total sales in $1,000 units...
6
255
97
203
29
30
High
109.19
109.14
109.14
109.12
109.11
109.10
High
101.14
101.11
101.15
101.16
101.10
Low-
109.19
109.14
109.9
109.10
109.10
109.8
Low.
101.16
101.13
101.12
101.6
101.11
101.14
101.11
Close
109.19
109.14
109.12
109.12
109.10
109.10
Close
101.16
101.13
101.9
101.14
101.14
101.11
Total sales in $1,000 units...
10
7
141
53
30
3
106.21
106.22
106.21
106.19
106.19
106.22
106.19
Close
3 Ms, 1943-47
113.18
High
106.21
Low.
3s. 1951-55
106.22
106.15
106.20
106.15
106.12
106.18
106.22
106.15
106.12
106.21
Close
113.8
:
.
'
Close
2MB, 1949-53
Total sales in $1,000 units...
9
4
33
60
107.15
107.15
107.8
107.17
107.16
107.12
Low-
107.15
107.12
107.8
107.10
107.12
Close
107.15
107.12
107.8
107.17
107.12
41
19
'mmmm
107.9
107.7
107.7
mmmm
107.9
Low-
mmmm
107.9
107.7
107.7
mmmm
Close
*
107.9
mm mm
107.7
1
3
mmm*
High
108.9
108.10
108.5
108.6
108.8
LOW.
108.9
108.5
108.5
108.6
108.8
108.9
108.10
108.5
108.6
8
3
9
5
'High
108.10
108.6
108.10
108.10
108.10
Low.
108.11
108.6
108.3
108.6
108.5
108.6
Close
108.11
108.6
108.10
108.6
108.3
108.7
7
1
6
High
mmmm
mmmm
108.8
Low.
mmmm
mmmm
108.4
mmmm
108.5
Total sales In $1,000 units...
8MB, 1949-52
Close
mmmm
'
Total sales in $1,000 units...
■
m
mmm
High
*mmm
Low.
mmmm
3Ms. 1941.
Close
*•
m mm
mm
28
mm
4
mmmm
mmmm
mmm
mm
m
mm
29
108.9
108.5
108
108.3
108.4
108.3
108.3
105.7
105.3
rnrn-mm
105.4
105
105.1
105.4
105.3
105.4
105.3
105.5
105.6
105.3
mmmm
157
25
mmmm
5
38
12
High
105.9
105.6
105.6
105.6
105.7
105.6
105.9
105.5
105.5
105.4
105.5
105.3
105.9
105.6
105.6
105.7
105.6
1
13
7
High
103.29
103.26
103.27
104.2
Low.
103.29
103.26
103.26
104
104
103.29
103.26
103.27
104.2
105.3
104
5
6
30
103.31
;
103.31
104
103.31
25
2
162
27
27
25
High
104.29
104.26
104.23
104.30
104.30
104.30
Low.
104.28
104.23
104.21
104.22
104.28
104.27
104.28
104.24
104.23
104.30
104.29
104.28
15
84
32
46
13
102.23
102.26
102.28
102.26
102.24
102 22
102.21
102.22
102.25
102.26
102.24
102.22
102.21
102.26
102.28
102.26
*
8
20
36
109
62
4
High
102.24
102.22
102.19
102.24
102.25
102.24
Low.
102.22
102.21
102.19
102.18
102.22
102.22
Close
102.23
102.22
102.19
102.24
102.25
102.24
Total sales in $1,000 units...
6
3
2
53
34
51
Total sales in $1,000 units...
2Mb. 1942-44
4
135
3
5
1
108.27
108.23
108.21
108.21
108.24
108.23
Low.
108.27
108.23
108.16
108.16
108.20
108.18
Close
108.27
108.23
108.18
108.21
108.22
108.21
■
3MB, 1944-46
m
w
_
204
23
35
8
104.16
104.16
104.17
Total sales in $1,000 units...
10
1
High
104.14
104.13
104.9
!-■ Low.
Close
104.12
104.10
104.5
104.8
104.14
104.12
104.12
104.11
104.7
104.15
104.16
104.12
$1,000 units...
7
36
137
17
192
Total sales in
51
105.5
102.23
Home Owners' Loan
High
Total sales in $1,000 units...
2MB, 1955-60
High
105.28
4
105.3
18
108.5
108.5
106.1
7
105.4
Close
108.5
108.3
106.2
11
mmmm
m.mmm
2Mb, series B, 1939-49-. Low.
108.5
108.3
106
mmmm
10
•
102.25
Home Owners' Loan
6
108.3
106.5
High
108.6
19
108.3
105.28
Total sales in $1,000 unUs...
108.6
108.3
106.1
Close
3s, series A, 1944-52
108.8
108.7
105.31
Total sales in $1,000 units...
Home Owners' Loan
55
108.9
105.30
Close
3
108.11
8MB, 1946-49
f*mmm
Total sales in $1,000 units...
108.7
108.8
105.31
106.5
Low.
Federal Farm Mortgage
2 Ms, 1942-47
Total sales in $1,000 units...
4G
106.2
Close
108.7
Close
106.2
C1086
3s, 1942-47
108.7
3Ms. 1941-43
106
Total sales in $1,000 units...
Federal Farm Mortgage
1
'
mmmm
Low.
3s, 1944-49
107.9
107.7
5
Total sales in $1,000 units...
63
35
106.5
Close
107.9
3 MB, 1940-43
622
High
Total sales in $1,000 units...
Federal Farm Mortgage
18
1
High
213
103.5
Low.
3Ms, 1944-64
107.11
59
15
Total sales in $1,000 units...
12
'
107.11
8s, 1946-48
16
20
Total sales in $1,000 units...
Federal Farm Mortgage
17
High
103
103.6
86
Note—The
bonds.
above
table
includes
only sales of
Transactions in registered bonds were:
2 Treas. 4Mb, 1947-52.120.15 to 120.15
10 Treas. 4s, 1944-54... 114.18 to 114.18
1 Treas. 3s, 1951-55...100.17 to 106.17
3
Treas.
4
Treas.
3^8, 1946-49.108.1
2Mb, 1955-60.104.6
coupon
to 108.4
to 104.10
Jan. 30, 1937
724
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded In the day's range, unless they are the
account is taken of such sales in computing the range for the year.
States
United
Ydrk Stock
Securities
Government
Exchange—See previous
United States
Transactions at the New York Stock
New
the
on
No
only transactions of the day.
Exchange,
Daily, Weekly and Yearly
page.
Week Ended
State,
Municipal &
United
Total
Miscell.
States
Bond
Bonds
For'n Bonds
Bonds
Railroad <Ss
Stocks,
Treasury Bills—Friday, Jan. 29
*
Number of
Shares
'
Jan. 29,
1937
Sales
URates quoted are for discount at purchase.
Bid
Feb.
101937
Feb.
171937
Feb. 24 1937
31937
Mar.
Mar. 10 1937
Mar. 16 1937
Mar. 17 1937
—
Mar. 18 1937...
Mar. 241937..
Mar. 31 1937
-
71937
141937
21 1937.
281937
51937—
12 1937
19 1937———
26 1937
Apr.
Apr.
-
Apr.
Apr.
May
May
Asked
....
Bid
9 1937—
June
0.20%
0.20%
0.20%
0.20%
0.22%
0.22%
0.22%
0.22%
0.22%
0.22%
0.22%
0.22%
0.22%
0.22%
0.22%
0.25%
0.25%
0.25%
0.25%
0.30%
3 1937.
Feb.
June 16 1937
mmmmm
m
m m
m
June 23 1937
m
June 30 1937
■
mmmmm
mmmmm
July
July
July
mmmmm
July
mmmmm
Aug.
Aug.
Aug.
mmmmm
mmmmm
'
rnrnmrnm
'
'mmm.
Sept.
mm
Sept.
Sept.
Sept.
Sept.
mmmmm-
mmmmm
mmmmm
mmmmm
7 1937
141937
211937
28 193741937
111937
18 1937
25 1937
1 1937
81937
15 1937
22 1937
29 1937———
—
Aug.
mmmmm
2 1937
mmmmm
Oct.
mmmmm
Oct.
131937
Oct.
201937
Oot.
May
May
June
27 1937—
mmmmm
Asked
0.30%
0.30%
0.30%
0.30%
0.30%
0.32%
0.32%
0.32%
0.32%
0.34%
0.34%
0.34%
0.34%
0.38%
0.38%
0.38%
0.40%
0.40%
0.40%
0.40%
0.42%
6 1937
'
mmmmm
$6,804,000
13,426,000
14,942,000
13,747,000
13,308,000
10.863.000
...
857,899,000
$9,125,000
$6,066,000
$73,090,000
<
-mmmmm
'•
mmmmm
Total—
11,753,616
mmmmm-
mmmmm-
mmmmm
New York Stock
mmmmm
mm
1937
Exchange
mmmmm
m
Jan. 1 to Jan. 29
Week Ended Jan. 29
Sales at
mmmmm
11,753,616
15,971,800
57,476,686
67,201,745
$6,066,000
9,125.000
57,899,000
$12,396,000
8,251,000
88,257,000
$24,556,000
48,710,000
262,460,000
404,531,000
$73,090,000 $108,904,000
$335,726,000
$476,137,000
of shares.
Stocks—No
Bonds
mmmmm
Government
-
-
mmmmm
State and foreign
Railroad and industrial
mmmmm
•'
mmmmm
Total
mmmmm
mmmmm
mmmmm
Stock and Bond
Below
daily closing
stocks and bonds listed
S2ds of
one or more
the
are
on
Averages
of representative
averages
the New York Stock Exchange
compiled by Dow, Jones & Co.:
Bonds
Stocks
Int.
Asked
Bid
10
Bid
Rate
38.488.000
'
as
Rate
$53,118,000
mmmmm
point*
Int.
1936
1937
1936
mm
mm mmrn
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, Jan. 29
% Figures after decimal point represent
$221,000
819,000
2,061,000
1,552,000
624,000
789,000
2,219,010
-
a
$968,000
1,837,000
1,540,000
1,378,000
1,994,000
1,408,000
2,174,730
1,936,736
2,342,530
1,964,770
—
"
$5,615,000
10,770,000
11,341,000
10,817,000
10,690,000
8,666,000
1,115,840
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday-
Asked
Dec.
15 1941—
Dec.
15
1939—
June
15
1941—
Mar. 15
1939—
Mar. 15
1941
June 15
1940—
—
15 1940—
Dec.
Mar. 15 1940—
IH%
1H%
m%
IX %
IX %
vx%
ix%
m%
Maturity
10
Total
30
20
20
Total
10
First
Second
10
Indus¬
Maturity
Rail¬
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
trials
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Date
1939—
100.9
June
101.4
101.6
Sept. 15 1938—
100.22
100.24
Feb.
101.9
101.11
June
15 1938
101.4
101.6
Apr.
15 1937—
101.4
101.6
Mar. 15
101.4
101.6
Sept. 15 1937—
101.18
102.23
103.1
103.3
102.10
102.12
Jan. 29.
184.74
103.7
103.9
Jan. 28.
183.41
100.30
101
Jan. 27.
183.97
102.27
102.29
Jan. 26.
183.19
102.1
2X%
2X%
2X%
2%%
102.25
102.3
Jan. 25.
Jan. 23.
15
100.7
101.20
1
1938—
1938—
3%
3%
3X%
104.84
54.77
35.71
65.70
107.25
111.89
94.20
106.01
54.45
35.87
65.37
107.45
112.04
94.09
106.10
104.92
54.77
36.25
65.69
107.40
111.94
93.89
106.13
104.84
54.22
35.88
65.26
107.35
111.85
93.45
106.13
104,70
185.62
55.25
36.48
66.25
107.58
112.48
94.39
106.38
105.21
186.69
56.06
47.02
66.87
107.74
112.94
94.94
106.60
105.56
•
New York Stock Record
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Sales
NEW YORK STOCK
the
CENT
STOCKS
for
LOW
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Jan. 23
Jan. 25
Jan. 26
Jan. 27
Jan. 28
Jan. 29
Week
$ per share
$ per share
*62
69
$ per share
$ per share
Shares
share
>er
2
$
*62
69
6512
6512
65
65
64
65
64
181*
2612
18%
2612
18%
26%
17%
26%
17%
17%17%
35
35
1778
26%
*3478
4%
35
34%
69
*62
per
*62
69
share
69
*62
Lowest
Par
Abraham A Straus
69
4
414
4%
4%
26%
34%
4%
27
33%
4%
64%
18
26
26
33%
*26
64%
17%
34
34%
4%
V
4%
65%
1758
65%
18
26
26
*33%
4%
2,300
11,200
500
800
34%
4%
5,200
"
~78~
78"
4i2
*100
4%
1484
14%
ft
"77"
4%
*100
1434
*175
*175
414
77%
5%
15
...
"75"
4%
*100
14%
46%
IF 471ft 48
14658
4658
*45
47
46
*46
46"
*45
47
*44
4334 44
43% 44
37% 38
37% 38
*10712
*107%
236
23712 23712 236
31% 3134
*31% 3214
1714 17%
1678
17%
...
*8212
8384
72
72
T*70
71%
♦138
143
.112% 11412
4
4%
47
46%
4
46%
*44
47%
45
*43
46
46
46
*43
43
44
42
37
37%
*43%
37%
37%
37%
110
HO
238%
*110
232
31
31
31
16%
16%
16%
•
•»«...
235
*110
233
70
*138
70%
70%
70%
143
143
143
112% 113
112
112%
69%
10
39
*73%
74
73
74
71
69
69
1,600
*44
107% 108%
*129% 143
112% 109% 112
7
44
17
82%
78%
39%
7%
44
107% 107%
*129% 143
108
109%
40
15,700
•17012 173
63% 64
169
1*9312
1177%
*94
98
700
76
76
2,800
*114
118
102
101
101
32
*27
32
116
115
115
*114
*10312 107% *103% 105
103
1*29
35
29
29
*29
.♦1512
1534
28%
32%
9784
15%
16
R28
32%
*97%
9%
*16%
*156
10
17%
300
13%
66%
37%
*56%
19%
♦
13%
67%
37%
58%
1984
27%
27%
31
32
*97%
11%
*16%
*156
12%
64%
97%
12%
16%
300
55%
1?
65
3584
56
19%
19%
35
1478
265s
30%
9778
12
16%
*156
11%
64
33%
53%
19%
117
*114
103% *101
32
*22
15
15%
26%
27
31%
97%
1278
16%
300
12%
64%
33%
53%
19%
120
102% *100
32
*27
15
27
15%
27%
31%
15%
27%
31%
31%
32%
98
98
98
98
12%
13%
12%
16%
13%
16
16
*156
300
*156
16%
300
62%
3,700
15%
27
28
32%
97%
12%
*16%
*156
11%
13
12
64%
63%
12%
63%
32
35
33
33
52%
54
55%
55%
11%
63%
32%
55%
18%
18%
19
19%
20
33%
97»4
13
16%
300
12%
64
33
55%
20%
400
10
2,000
3,500
10,200
120
77,200
300
mm'mmmm
62,900
per
share
6
67
15
4
18% Jan 21
27% Jan 16
Jan
25% Jan 2
33% Jan 27
3% Jan 12
75
4
Jan 26
Jan
2
100% Jan 22
14% Jan 4
36
Jan
9
4% Jan 26
80%
5%
100%
15%
Apr
86% Nov
2
Jan
6% Apr
Jan 22
91
Mar
Jan 12
13
July
Jan
48
42
Jan 29
Jan
5%% conv pref
American Can
100
98
Feb
238% Jan 26
157
Jan
Jan 16
23
17% Jan 18
84% Jan 8
83% Jan 22
Aug
6% Jan
20% Nov
69
2
81
Jan 27
76
Jan
4
Jan 28
Jan
30%
4% Jan
34% Jan
101
Jan
83
Jan
38% Jan 29
8%
48%
110%
101%
41%
Jan 22
74
66
Jan
4
69
Jan
4
139
Jan
4
143
Jan 22
Jan
55ts Apr
Jan 26
65
Jan
73
71% Jan 13
40
Apr
Jan 14
124
May
110
Dec
Jan
9
9
American Car A Fdy__-No par
Preferred...
100
Amer ChainACabCo Ino No par
56
Jan
93%
Jan 19
64% Jan 21
96% Jan 5
72
Jan
80
American
Chicle......No par
101
Jan 29
29
Jan 25
(Alleg Co)..26
Amer Colortype Co
Am Comm'l Alcohol
10
Corp. .20
American Crystal Sugar....10
6% 1st pref
.......100
Amer Enoaustlo Tiling new..]
Amer European Seos...No par
Amer Express Co.........100
Amer A For'n Power
No par
Nov
29
Jan 25
99
13% Jan 28
Jan
5
17
13
Jan
2
Jan 18
87% May
27
2d preferred........No par
56 preferred
...No par
49
Jan
18
Jan
n New stock,
r
13%
68%
38%
58%
20%
Cash sale,
Jan
Jan
Jan
Jan
Jan
x
22
18
22
22
29
Nov
7% July
20% July
16% Jan
89
Apr
8% Apr
9% Jan
175
Amer Hawaiian SS Co.....10
Deferred delivery,
111
4
6
1,800
7,200
a
121% Jan 13
105% Jan 22
Jan
Jan
7% Jan
58% Jan
20% Jan
t Companies reported In receivership,
Jan
Jan 21
26%
29%
96%
8%
4,000
4,600
Preferred...........No pat
31
Jan 13
7
162% May
30
Apr
57% Apr
Jan 12
16% Jan 18
28% Jan 20
33% Jan 21
13% Jan
31% Nov
Deo
Dec
Jan
Am Coal of N J
Oct
Nov
Nov
Dec
Dec
Mar
July
174
Jan 25
4
34%
5%
39%
125%
49
121
115
81
75
Jan 29
100
35% Jan
19% May
Nov
36
Jan 29
5
90
Jan 16
7
108
4
34
Jan
Jan 22
Jan
169
5% pref.....
Nov
Jan
100
«_
60
Jan 26
...25
Preferred
Mar
5% Nov
61% Nov
60% Nov
110
16% Jan 13
Am Brake Shoe A Pdy.No par
195
225
Allied Stores Corp.....No par
5% preferred
100
.50
Nov
17% Sept
54% NOV
40% Oct
111% Dec
245
Aug
33%
Preferred
Jan
47% Jan
30% Jan 14
..10
Aug
2% Apr
12% Jan
12% Jan
12is Jan
27
Apr
26% July
103
38% Jan
110
Jan 26
36% Jan 12
Allied Mills Co Ino
American Bank Note
Mar
58
43
Amalgam Leath Cos Ino new 1
6% com preferred
50
Amerada Corp
No par
Am AgrioChem (Del)..No par
9
7
100
Allls-Chalmers Mfg....No par
Alpha Portland Cem
No par
Feb
74% Feb
15% Nov
85% Feb
37% Oct
21% Jan
178
4
118
Apr
9% Apr
17% June
22% Jan
zl% Jan
7% Jan
59
Jan25
Jan
Pref A without warr
Allied Chemical A Dye.No par
No par
Highest
$ per share 5 per share
70
Nov
42
Mar
110% Aug
Jan 18
6384 Jan
2 X % prior oonv pref .No par
Allegheny Steel Co....No par
Alleg A West Ry 6% gtd.,100
300
15%
62
Bid and asked prices; no sales on this4ay.
*114
62
170%
$
49% Jan
48% Jan
200
*115
*170% 173
*17012 174
*170% 173
*170% 172%
62% 62%
62% 63
61% 62
62% 63%
94
95
94l2 94%
94% 94%
95%
95% 96%
77
75
77«4
74% 77
77%
74% 75
75%
share
3% Jan 29
43% Jan 2
43% Jan 5
210
7%
*129% 143
112
mm
235%
30%
net
Lowest
Highest
Pre! A with 530 warr
100
Pref A with 540 warr....100
100
6,900
70%
*43% 48
107% 107%
94% 95%
39% 39%
73% 73%
69
mm
Albany A Susque RR Co.. 100
tAllegheny Corp
No par
700
1,400
38%
7%
74
46
45
43%
38%
39%
6%
74
30,600
4,800
38%
78%
38
73
4%
46-
95
80%
39%
7%
45%
80
40
Alaska Juneau Gold Mln___l0
95
81
37%
44
"41700
95
81
16%
82%
77%
38%
78%
367S
96%
40%
Adams Mtills..
.No par
Address Multlgr Corp
10
Advanoe Rumely
mNo par
Affiliated Products Ino.No par
Air Reduotlon Ino new. No par
14%
...
95
17%
.25
No par
Air Way El Appliance. .No par
Ala A Vlcksburg RR Co.. 100
4,000
3,400
14,900
2,300
19,500
8,300
14,300
1,100
2,800
1,700
2,600
30%
81%
105l2 106
234
31
37
7%
*110
235%
30%
16%
78i2
36%
6%
72
3%
4534
43
237
5I660
Acme Steel Co
Adams Express
46,700
5
*170
4%
47%
*44
37%
95
14%
*44
37%
43
*68
14%
75%
4%
47
43%
83
3678
7%
778
45
4534
107% 108
97
97%
40% 40%
"75%
47
43%
81
81
4012
14%
*170
*170
4%
47%
75%
5%
*68
14%
14%
83
36
*40%
*68
4%
82%
83
100
4%
825
3612
8
4814
47
14%
*75% "75"
4%
82
82
100
....
"75"
31%
17%
82%
35%
7%
10712 10914
5%
*172
4
4%
"76%
$
Year 1936
Lots
No par
100
Preferred
6<
Range for Previous
Range Since Jan. 1
On Basis of 100-Share
Oct
89
Nov
Nov
70% Deo
141
Deo
137% July
174
Deo
60% Deo
100
78%
120%
113%
35%
16%
35%
32
101
8%
14%
175
Deo
Deo
Deo
Oot
Deo
Deo
Nov
Aug
Sept
Dee
Feb
Oct
6% Apr
29% Jan
9% Mar
60% Deo
12
22% Deo
50% Deo
21% July
25
Apr
Apt
18
Jan
Ex-dlvidend.
y
Ex-rights.
Proctor
Abbott,
Members New York Stock
Paine
&
Exchange and other leading exchanges
Commission orders executed in
and individuals
Stocks, Bonds, Commodities for institutions
New York
•
Volume
Chicago
•
Boston
Buffalo
•
•
Montreal
•
Toronto
Cleveland
*
Indianapolis
•
AND HIGH
SALE PRICES—PER
Monday
Jan. 28
Jan. 29
$ per share
734
85s
44
2534
24
15*4
15
48
49
48*2
1578
50*2
118
118% 118*8
48*2
m8*4
118*4
237g
12%
2378
23*4 2378
227s
12l2
1278
125s 13
60
60
59
6O84
61*2
*127
130
*126*2 130
*126*2
67
♦66
15
14
83
83*2
67«4
83*2
68*4
26*2/ 27
734
8*8
41i2
4958
378
25
42*4
49*2
3%
24*2
14*2
49*4
153s
50*4
118*2
119
2284
23*8
12%
1278
5878
60*4
*126*2
130
67
66
66
1484
8384
1334
1378
*65*2
13%
82*4
82*4 83*8
68
68*2 69*4
68*4
67*4
2634
2634 28
27*4 2778
*166
'170
*166*4 170
*166*4 170
*166%
34
345s
333s
337B
33*2
3434 35
33
*33*2 34*2
3384 3384
33*2
32*4
25
25
24%
2434
2584
255s 25&S
42
42
95*4
963s
106
106
*66*2
146
14934
70*2 71*8
*114*2 115
146
26
26*8
54*4
54
54
142
25
253s
*1397s 144*4
25
257s
183% 183*2
98
97*2
9734
1827b 185*4
97*4 97*2
9734
99*4
98*2
150
150
*150*8 151
18
173s
18*4
18*s
27*8
2784
265s 27»4
*105*4 107
♦105*4 107
14
13*2
1334
14*8
7584
74u
76
74*2
1%
1%
15g
I84
9*4
9*2
83s
8%
938
8%
8
*95
8*8
*95
..
51*4
54*2
*85*4
22*2
51 *8
51*4
55*s
533s
*85*4
90*4
23*8
108
33
934
42l2
*119
10
42*2
...
*110
*119
111
9*4
89*2
*100
26
9*8
106
*146*4
68%
6784
114% *114%
26
2578
53
53*2
141
♦13978 141
24%
24% 24%
183%
183% 184
99
99
98*2
99*4
99% 9984
52%
84
90
*90
*95
*95
*50
51*8
54*8
51
~
50
5234
85*s
2234
85*4
53%
87
*119%
*119
110
884
9*2
lib"
*105
8%
9*8
1087s
9*4
88
*100
103
100
100
*96
101
*96
101
*96
101
62
62
62
107
*99
14*4
16
107
14*4
I684
14*2
16
*99
107
6334
63*4
14*2
16%
14%
16%
*99
107
*107
116
74
45*8
27
4218
3434
115
"l734
*107
7284
44%
82*4
►
42*8
41*2
3578
27
27
41*2
3378
132
1784
"1784
32i2
8*4
31*2
32
*8
41
41
758
41l2
8*2
9*2
8*8
42*2
884
95s
8*2
*
131
"17*4
*
*88
94
*90
94
92
93
93
*87
93
93*4
22*4
22
36
225s
3634
21*2
36*2
225s
3678
35*4
36*s
42
42
42
42
42
42
32
8*2
9*2
83S
8*2
105*2 106
38*2 39
3078
313s
41*8
41*4
34
19*4
*112
34l2
19*4
115
8*4
10534 105«4
3734
3834
30*2 31*8
41
41*4
3312
19
*113
348s
198s
116
305s
8
42*2
8*8
9*4
8
106
17%
3178
8%
106%
*66
68
3784
*
88
37*4
Jan 29
128
Jan 14
6% oonv preferred
100
Amer News N Y Corp. .No par
Amer Power A Light ...No par
$6
preferred
$5 preferred
No par
No par
Am Rad A Stand San'y.No par
Preferred.
.;
100
American Rolling Mill
25
.
...
_
Amer Safety Razor new.18.50
American Seating Co..No par
20
101
101
115
*107
Jan
8
11% Jan
2
Jan
4
65
79
Jan 23
,67
24% Jan 4
Jan
6
33% Jan
6
Jon
5
23% Jan
4
164
32
100
25
100
Amer Steel Foundries..No par
Preferred
100
"l7%
31
31
8*4
42*2
8%
9%
8%
94
93*4
22*4
106*2
28%
29%
40
327b
19
115
66
66
64
64
3778
35*8
37
35
36
Bid and asked prices; no sales on this day,
8
43%
17%
31%
8*4
43*2
8*2
8*4
9%
8%
9434 95%
93% 95%
2134 22%
35% 36%
*4184 42%
106% 106%
37*2 38%
29% 29%
a40% 40%
17*4
31
8
8
Jan 28
6334 Jan
5
Jan 14
53
Jan 19
23% Jan 11
I8I84 Jan 15
American
5
Preferred
9334 Jan 15
25
Common class B
Am
Jan
25
Tobacco...
95% Jan 16
.100
10
Type Founders me
..No par
Woolen.....No par
Pref erred..
100
147
Jan
5
43
43
8%
984
11%
9*4
8%
96*2 101
96*2 98
21% 22*4
35% 35%
43
106
43
5,600
1,300
10,300
2,700
40*4
32% 33%
19
19%
*111% 115
70,500
4,000
26
26
26
26%
IO284 10284
102% 102%
*42%
*42%
108
10734 10784 *107
13%
1334
1384 13%
*85% 86
*85% 86
27
27%
26% 27*2
22
22%
21% 22%
*57% 59
67% 58
78
81*2
79% 81%
19*4
19%
19%
19%
126
127
125% 126
65
65
65*4 65*4
36% 37*2
36% 37%
1,300
3234
18%
113
34
18%
113
20
400
"""200
2,700
lb",300
4,000
700
82,500
7,300
1,100
500
6,100
99
Jan 13
Jan 25
Jan
9984 Jan 28
150*2 Jan 26
Jan 11
14% Jan 18
79
Jan
Jan 12
Mat
104
Feb
Jan
150
Mar
8% June
19% Apr
18
Deo
88*s Mar
136
92>4
Jan
7% Sept
52>4 Sept
27% Oct
109% Sept
11%
70%
Feb
Feb
*4 May
2
Feb
4% Apr
3% July
10
Jan
100
Jan 13
44
Jan
78
Deo
52
Jan 12
24
May
50
Deo
57*2
94%
24%
108%
37%
Jan 11
28
Jan
55% No v
Jan 11
35
Jan
89% Deo
26% Mar
Jan 13
44% Jan 7
52*8 Jan 29
100
Jan 26
No par
18
Jan
$6.50 conv preferred.No par
Andes Copper Mining
20
A P W Paper Co..
No par
Archer Daniels MldTd.No par
106
Cap
7% preferred
100
ArmourACo(Del)pf 7% gtdlOO
Armour of Illinois new..
$6 conv pref
Preferred
5
No par
4
Jan 7
30*2 Jan 26
5*2 Jan
41
8
10
45*2
119%
110%
10%
90*2
Jan
7
119% Jan
8
10734 Jan
2
Jan
4
81*4 Jan
2
7
100
Armstrong Cork Co...No par
Arnold Constable Corp
6
Jan 20
69*2 Jan 18
14
Jan 29
Artloom
15*4 Jan
100
Corp..
No par
.....100
Associated Dry Goods
1
6% 1st preferred.
7% 2d preferred
100
..100
Atch Topeka A Santa Fe..l00
Preferred
25
4% oonv pref ser A.....100
Atlas Powder
.....No par
126
Jan 16
15%
97
Jan
May
111
Jan
Jan 12
9
June
43
Nov
Jan 22
3
July
7
Nov
Apr
May
50
Jan
122
Jan
110*2
73s
Jan
Jan
Jan
8
37
Jan
8
118
Jan 25
Jan 21
Jan 21
Jan
12% Apr
101
Jan 28
95
Deo
112
Oct
114
Jan
9
116
Jan
9
98
Feb
124
Oct
69*2 Jan
4
75% Jan 19
59
Jan
112
5
4
22% Jan
107
Oct
48% Jan 12
2784 Jan 16
21% Apr
11
Apr
13% Apr
26% June
109
Sept
49
Deo
44
Jan 18
35% Jan 25
Jan 23
85
Jan 18
48
Jan
84
Nov
Jan 13
*112
Jan
131
Nov
14
June
33
Pref assented...
.......
Baltimore A Ohio..
Preferred
100
......100
Bangor A Aroostook.......50
Conv 5% preferred
100
Jan 14
26% June
538 June
45
Jan 26
9*4 Jan 12
11*4 Jan 29
9*4 Jan 29
Jan
6
7*4 Jan
6
Jan
6
101
Jan 29
Jan 21
98
Jan 29
41
105
Jan
4
4
2334 Jan 20
38% Jan 20
Jan
4
43
Jan 21
106%
Jan
5
8
35% Jan
4
No par
Barker Brothers
2534 Jan
4
32
Jan 21
39*2 Jan 27
42
5
Barnsdall Oil Co
1st preferred
Beatrice Creamery....
No par
100
25
No par
$5 pref w w
Beech Creek RR Co.......50
Co.....20
20% Jan 16
113
Jay
25
Jan
IOI84 Jan
40% Jan
10734 Jan 28
5
13
Jan
84
Jan 16
..5
25
Aviation
Beneficial Indus Loan. .No par
Best A Co.
No par
Jan 4
21% Jan 29
56% Jan 26
(Del)...No par
preferred...........20
73
7% preferred..........100
Blgelow-Sanf Carp IncuNo par
Blaek A Deoker Mfg CoNo par
125
Beth Steel new
n
Jan
40% Jan
34% Jan 23
26% Jan
17% Jan
112
Beldlng Hemlnway Co.No par
Belgian Nat Rys part pref....
delivery.
2*t July
2%
29*8
3384
15%
July
Apr
July
21
Apr
Apr
39
Dec
Feb
Mar
Jan
Jan
Mar
Deo
Dee
Deo
Dee
Nov
Oct
Feb
Jan21
preferred.........50
Bayuk Cigars Ino
29% June
3
Apr
30%
54*4
10%
46*2
7%
11%
9%
94%
94%
27%
41%
49*2
Jan 27
10
Barber Co Ino
Beech-Nut Packing
9
884 Jan 18
39% Jan 13
684 Jan 4
Jan
31% Oct
54% Nov
35% Apr
118% Deo
133
7% Jan
8684
88%
20%
33%
88*2 Aug
115
Jan
72% Jan
8
Jan
90<4' Jan
Jan
Jan
..........100
9
8
103
30
Preferred
6
95
19% Jan 27
18% Jan
No par
Deo
5
Jan
17% Jan 21
Jan
Prior A
Jan
128
Jan
16
16
Avla'n Corp of Del(The)new.3
84
98
7
Atlas Tack Corp
No par
Auburn Automobile.—No par
Baldwin Loco Works. .No par
Assented—.........
105*4 Jan
4% June
66% Jan
104
Aug
47% Feb
7*2 Jan
8% Jan
62% Mar
18% Nov
22% Feb
108
May
27% Nov
Jan
No par
6
65*2 Jan 29
130
Austin N'«hols
7% Mar
Jan 19
100
a Deferred
Apr
87
Jan
63% Aug
Sept
26% Jan
190% Nov
102% Feb
145
Jan 14
84
t Companies reported in receivership,
20% Mar
149*2
Deo
9
25
5%
Jan
36
6% Jan
25
Bendix
8
Jan 28
48*4 Apr
129
64
145% Nov
684 Jan
1
$5 prior pref
720
29
*39*2
187
Jan 11
20% Apr
107*4 Jan
24*2 Dec
1% Jan 22
934 Jan 22
Anaconda Copper Mining..50
Anaconda W A Cable..No par
820
106*4
37%
29%
37%
Jan 20
No par
Preferred
900
26,200
Jan 20
26*2
56%
14384
25%
67*s Mar
133% Jan
Nov
152*4 Mar
108*2 May
73% Jan
145*4 Deo
1*4 Jan
Amer Zinc Lead A Smelt
450
23,000
33,300
25,500
1,300
115
106
Jan
9% Jan
64
Jan 18
73*4 Jan 21
18% Jan 20
29*2 Jan 13
16% Jan
25% Jan
102
I*
68% Jan 29
146
103
Nov
1
tAm Writing Paper..
Anchor
Jan
104
Am Sumatra Tobacco..No par
Amer Telep
—'
100
Preferred
3,700
4,600
39*4 Oct
28*4 Nov
46% Deo
Jan 22
140
2,100
"l'ooo
Apr
154
No par
130
17*4
30*2
18
107
Jan 13
17
37
Dec
9
143% Jan 14
59*8 Jan 5
111% Jan 2
165*2 Aug
31
Jan 15
Amer Sugar Refining.....100
Preferred.
100
Stores
Jan
Nov
14% July
23>4 July
3534 Jan 21
3434 Jan 21
26% Jan 21
Jan
25
American
Preferred
300
36% Feb
1884 Apr
Jan
157
Jan 21
Jan
Jan
100
1,200
Jan 12
Jan 29
105
Jan
*__.
87*2 Sept
74is Sept
27% Jan
147
41
130
69
Feb
6684
136%
25
n
Jan
Feb
43
6
Jan
800
400
*35%
7%
Jan 18
25%
6% cum
Feb
Jan 13
Jan
4
Preferred
15
54% Nov
July
134
98% Jan 12
American Snuff
Jan
15«s Nov
48% Deo
122% Nov
29% Jan
Dec
45
2d preferred
24
Jan
118
Jan 29
1st preferred
52,000
170
Jan 14
Jan 23
30% Jan
72
67%
16%
87%
72%
28%
Jan 20
41
American
600
Jan 12
Jan 11
89
Am Water Wks A Eleo.No par
"moo
125
9% Apr
23% Apr
66
Apr
21
May
10
Apr
27
Apr
Amer Shipbuilding Co.No par
16~306
115
20*4
Jan 19
2284 Jan 27
11% Jan 7
50% Jan 2
51% Nov
5% Jan
Amer Smelting A Refg.No par
Preferred
......100
500
3,800
1,800
5,900
114
Atlantic Refining
68*2
119%
25%
13%
6534
Amer Mach A Metals_.No par
Amer Metal Co Ltd
No par
46
Jan
2% Sept
16% Sept
Jan 29
Atl G A WISS Llnes_.No par
Preferred..
100
....
*66
51
300
26
26
26
26
26
*26*4 26*2
103
103
*10234 103
1027s 10278 *102*2 103
*42
*42%
*42%
*42*8
*105
109
*105
1087s *109*2 110%
10878 *105
14
137b
1334
143s
143s
14*4
148s
137b
*85% 86
*845s
*8478
*85*4
2788 2784
275s 2784
2684 27*2
26% 27
22
22
22*4
22*4
22*8 22*8 *22i8 22*4
58
58
56% 57
66*2
575s 575s
56*2
78
76%
78%
78*4
7984
7778
79*8
76*8
1878
18%
19%
19*4
195B
195s
195s
I884
126
126
12534 12584
126*2 126
*125*8 12612
...
4
Jan
44% Jan 26
417b
3178
18%
42
8% Mar
Oct
37
Jan 22
American Locomotive..No par
Preferred
100
Amer Mach A Fdy Co..No par
Oct
4%
31%
Jan 25
16
101*4 Jan 27
42
*113
2534
4
100
30*4
4084
337b
19*4
7
13% Jan
Atlantic Coast Line RR...100
29
113
2*2 Jan
17% Jan
12,600
38
1834
100
44*4 45%
45*2 47%
27
27
27
*26% 26%
42%
*40*2 42
*41% 42%
34%
34% 35
34% 35
118*4 *11484 118% *115*4 118*4
83
83
81%
84*2 8484
36*2
32
14%
16%
45
38
113
No par
16,600
31,500
9,200
14,700
21,400
15,800
$ per share I per share
47*2 Jan 22
51*4 Jan 19
4% Jan 22
"moo
36
39%
4,000
7,200
1,800
6,900
4
5
72
73
73%
101*2 102
*101% 101%
37
40
200
6
47
No par
107
20
7384
35
106
14
16%
*99
65*2
*107
115
131
*16%
30*2
8*4
/ 42*2
45
8%
8*s
984
9%
8*2
778
93*4 *92
93*4
93*4
22
21%
1734
14%
17
107
63%
101
19%
101*4 101%
45*4
*40*2
33%
35*8
114
114*2 *115*4 118*4 *11434
81*2
8034
81*2
81*2
8O84
42*8
3534
133
44*8
*26*2
463s
27
27
116
72*2
73*4
102
102%
102*2 102*2
46%
81*2
*107
75
64
101
19%
1934
19%
20*8
20*2
2U8
21*8
*101
103
103
*101
103*2 *101
*101*8 104
745s
75*s
1027s 103
1,100
1,300
___
88
*99
80
.
37*8 Jan
Jan
Highest
Lowest
$ per share
9% Jan 21
American ice
30
10,300
1
$ per share
6*2 Jan 2
6% non-cum pref
Amer Internat Corn
3,700
800
..50
Preferred.......
88
14*2
6% conv pre!
Amer Home Products
*90
88
62*4
145s
167B
500
4984 4934 """400
51%
53*4 43,100
52% 53%
52%
400
*83% 90*4
*84% 89
7,000
23% 24
23% 23%
100
108% 108*4 *10734 108*4
700
*31% 32%
32% 32%
3,300
8%
9*4
9f
8%
44
1,800
4484
43% 44
*11984
*120*4
*109% 110
*109*2 IO984 """205
9
9% 134,100
9%
9%
21*8
115
7%
89
1638
»
8
89
1678
*26*2
42*8
34i2
1784
26%
107
1384
75%
1%
89
16*4
46
150
89
1434
116
...
24%
184%
99
99%
14,500
Amer Hide A Leather.......1
*46
50
533s
140
89
61*2
*107
....
.
-.
_.
66
67%
88
63
1434
*99
26
154
89
90%
154
*151% 153%
106% 106%
106%
67
*64% 6684
*146%
67
68%
69*4
11484
11434 *114
2584 2534
257s
53
53*4
53*2
9134
53
5384
53*4
140
*1397s
♦1397s 141
25%
24%
2478
24%
183*4
182%
183*4 18478
9884
98*4
98*2
97*2
99
99
99
98*2
151
149
*149
150*4 150*2 *148% 152
17
17
17
173s
17%
17*4
17%
26
26*2
25%
26% 267b
26*4
278s
*105%
*105*2 107
*105*2 107
*105*4 107
1384
13%
13%
1384
1334 13%
13*4
75*4
73%
74*4
74*2 76
75*2
74*8
1%
1%
1%
1%
1*4
1*2
8
8%
7*4
87S
7*2
8*2
8*8
8
77g
7%
778
7%
8*8
110*2 110*2
9*2
89*2
103
*62*2
*90
106
23
23
21*2
22*2 23*8
10734 10784 *10784 108*4 *107s4 108*4
31
*31
31%
32*2
30*2 30*2
9*4
8*4
93s
*8*2
8%
9*2
42% 43
4234
43*8
42*2 43
108
33
67%
114%
25%
68%
67*4
114*2 114%
26*4
54*4
*66*2
*146
*146
6884 695s
114*4 114*2
26
106
105*2 106
67*2
67*2
105*2 106
♦67*2 677b
68
*146
142
*42
43
94
94*2 95*4
90*2
90*4 917b
152i2 152*2 *151*2 152*2 *151*2 153%
152
152
*42
42
8
8
8% 25,200
8%
8*4
2,500
42% 42%
42*4
42% 4284
50
51
2,500
4934 50*2
50
11,000
384
3%
384
4
384
5,500
2434 25%
25%
24% 25%
15
6,000
15%
15%
15%
15
49
23,600
49% 51
50%
50%
119
119
1,400
119%
118*2 119
23
23*4
7,100
23*4 23%
23*4
6,600
12%
12%
12*4
12%
12%
59
8,000
60%
59
59*2 6O84
*126*2 130
*126% 130
130
"""166
*63*2 67
67
*63% 67
13%
13% 37,500
14%
13% 14%
81
2,300
80% 81%
83%
82%
67
67
68
67%
3,300
68
27% 28% 144,600
28
27% 28*4
*166% 170
*166% 170
170
34% 34% 32"900
34% 35%
34
1,200
33% 34
33% 33%
32*4
25
25
1,600
25% 25*2
25%
270
42
42
42% 43
42*4
Par
Lots
Highest
Lowest
Shares
2434
15%
41
On Basis of lQQ-Share
Week
$ per share
8U
Range for Pretious
Year 1936
EXCHANGE
Jan. 27
4934
4*8
1478
STOCKS
NEW YORK STOCK
the
$ per share
42i2
725
Range Since Jan. 1
Sales
Jan. 26
49*2
378
25*s
*66
Friday
$ per share
50
4%
25
16
4
NOT PER CENT
Thursday
Jan. 25
40%
49*2
358
49«4
SHARE,
Wednesday
Tuesday
i per share
Jan. 23
$ per share
834
8%
45i8
4534
Norfolk, Va.
•
New York Stock Record—Continued—Page 2
144
for
LOW
Saturday
Richmond, Va.
•
4
18% Jan 27
Jan 12
Jay 26
27% Jan 13
103
Jan 27
42
111
1434
84*s
28%
2384
6284
81%
20
24% Nov
13*4 Jan
Jan
1634 June
14%
110
May
18
Jan
100
Aug
Jan 16
35
Feb
8
85
Feb
Jan 18
13
Dec
Jan 16
83
June
Jan 16
21%
Jan
Jan
20
Jan
25*4
48
Jan
72
46% Apr
Jan 18
16% Apr
107% July
127% Jan
8
Jan 16
23
33*4 Jan
4
38
Jan 21
28% Dec
Cash sale,
x
Ex-dtvidend.
Jan
y
Deo
16*4 Mar
89% May
32% Oct
8
68
r
112
5
Jan 29
Deo
28% Nov
July
42% Oct
105
Jan
6
New stock,
28*4 Dee
22*4 Nov
115
Jan
Jan
64
38% Dec
28% Nov
Oct
Nov
77% Deo
20
Deo
135% Nov
65*2 Dec
*34% Deo
Ex-rlghts,
726
LOW
New York Stock Record—Continued—Page 3
-
AND
SALE PRICES—PER
HIGH
SHARE, NOT PER CENT
Sales
Jan. 25
Jan. 23
2534
2434
25*8
1*25%
Jan. 26
24i2
25
2558
25%
Par
Shares
*31
9238
92*8
*92i4
9412
*92i4
94%
*92%
94%
36i2
3412
3512
3438
37
3714
39
45
43
45
43
4334
4378
44*4
91
9114
94l2
36
353s
4478
45
44i2
92
93
43i2
4434
26*8
2678
26*8
27
80
80
80
80*2
92
*43%
2634
7934
44
*4312
92
44%
92
*43l2
44
44
2634
27i8
27
27*8
27
27%
7912
80
7978
8I4
3*4
1914
80%
7958
80%
3,600
9
81*
8i2
8i2
8i2
*814
834
4
334
378
378
378
334
334
1958
20*8
19*8
20
8%
8%
4
8%
Jan 12
Jan 16
39
Jan 29
41
Jan
45
Jan 23
88
Jan
.J,93
Jan 22
80i8 June
No par
4234 Jan
26% Jan
4534 Jan 14
28
Jan 18
39
72U Jan
8034 Jan 16
93g Jan 18
6
Borden Co (The)
15
10
Corp.—.
Borg-Warner
8% Jan 28
35g Jan 5
100
Boston A Maine
700
90U Nov
41
5U4 Jan
55i8
56%
55i2
5434
55%
48
48
48
48
*48
4858
48
48
46
46
46l2
47
46
4538
46%
46%
1,800
Brlggs & Stratton
Bristol-Myers Co
5
4212 Jan
6
47
Jan 23
7%
2,600
Brooklyn A Queens Tr. No par
63s Jan
6
8
35
35
800
4934
50i4
4934
60
4978
50
4,500
lis July
yl2% July
43U Apr
Jan 13
35
7%
35%
7
34l2
46i4
7l8
34%
48%
46%
56*8
483s
10,400
48i2
47
7U
712
3534
50
5034
10138 10138
50
50U
3514
36i4
♦351s
4934
50 I8
♦101U 103
*50l2
51
*48i2
49l2
2312
23U
*48
487S
225* 23i8
2134 22i2
11412 114i2
13
13&8
*8712 95
22
2212
«113i2 115
7
7%
5534
7U
343s
50 U
34%
49%
5378
7
102% 102% *101
49
49U
4978
49
49
22i8
22l2
23'
115
13
23l8
115
103
7l8
♦lOlU 102*4 *101
49l2
48l8
22I8
50
50
48is
48
48%
2214
22*4
23i8
23
23
237a
114i2 115
133s
13
133s
93
917b
lOU
9178
103
48
24
114
114
115%
133g
92%
*8678
10%
103*
1384
♦86i2
9412
10i2
1034
57U
4234
58
57
5784
5558
56i2
55
57
57
59
433s
4134
42l2
4058
41U
4034
4178
4112
42%
34is
9*8
3U4
3334
34
333s
34i8
333*
914
34
335s
34
IO84
10*4
11%
33%
11%
31
31
31
32
33i2
34
36
32
32*4
3434
35
35
3612
36U
14*4
3038
37%
15%
305*
2378
1434
*30%
34
91*
1*29
31
1034
9U
10*8
934
10l2
9U
*2834
34
95g
105s
14
14
14
15i8
14%
15l8
14l2
1478
30
30
2934
31
303s
3078
30
303s
634
295*
714
7
714
3H2
7i8
31
89
3
171*
18.
18i8
3338
.333s
Ik
?30%
3
27*
17l8
3d%
33
8934
285*
4334
28i2
4234
4418
27*
32
30i2
88i2
8934
2878
2878
4314
714
IS**
3U8
6O84
1534
60
60
17l2
17l2
30*4
6O84
1634
603s
1712
30i8
6034
155a
603*
1712
*601*
51
52
129
9612
3018
98
30«4
10734 10734
*381*
35
397*
8H2
35i2
107*
22
♦6914
18*8
71
*109
*89i4
17
17*8
32*4
32*4
287*
29'j
V29*4
2918
*60%
153*
30i8
155s
153s
155s
*60
61
60
60
*58
17l2
163s
17
*16%
5U4
51U
165s
*60
129
97
293s
307S
35
35
1078
.
IU4
3934
40
40
21U
IDs
21U
*110
6912
1934
7434
1U8
111
6884
1934
681*
19
71*
38
75
7412
*10912 HO
49
50l2
46is
*4212 44
89
8934
8934
778
39
78*4
80
34i2
1078
35
III4
10678 107%
3878
39i8
20% 21
11
in2
6784
18i2
72i4
111
68i2
1914
7334
10912 109i2
47
48
41*8
4212
88%
89
6534
67i8
33*
66i8
6678
65
3U
1034
338
1112
10%
11
278
1478
15i2
934
934
[5%
F414
III4
33s
1612
107g
3U2
2*8
5*8
438
14
14
30
31i8
6984
70
6678
*314
105s
3is
I6I4
*934
3U2
k 214
3
314
11
3U2
3U2
2I4
55s
438
31
1334
14
1278
418
13&8
2934
29%
30
69
70
2is
514
4
2*8
7i2
81*
*7&8
7
718
658
678
27
26%
21
20&8
13i2
26l4
20*4
14i2
69i4
25g
v
1334
50
12234
1978
*85
85i2
IOI4
103s
£121
■19*4
36
36
*07
*46l2
121
50
122l2
1978
1934
85i4
1
978
85i2
1038
35l2
36
3712
37i2
P20%
♦103
58*s
IIIII4
107
38
20U
675g
18i2
*31
2i8
17*8
33%
305s
«•
295*
*60
---
165s
15%
*58
60*4
17%
*16%
52
52
*102
107
*106
38i4
21i8
10684
106
38
38%
*38
19
2078
113s
11%
110
110
19%
113s
*109
68I4
6712
68%
67%
193s
19%
21%
205s
73%
5
32
3138
2
214
53s
5%
63*
26
26
2058
13i2
46l2
2034
20*8
14i4
1378
*25
*46i2
118
19U
86
6884
68*4
L2%
7%
6%
2%
6i2
26
20*4
1434
48
12014
1958
978
958
8612
9?8
353s
*3414
35i8
7%
7
63s
*6%
2578
21%
14*4
2578
22
25%
21%
153s
14
46%
7U
46%
»
1,200
685s
21%
28
28
28
1*28
29
29
—
mmm
imm
m
m
85
50
7,800
*47
*47
«...
451*
29
400
3,800
28,800
30
58.200
2,600
86
3578
"35%
160
*90
----
*47
*25
4514
45»4
46
4684
46
4684
21
213s
21%
21%
22
22
150
29
*26
29
*24
27
26%
2634
*24
27
28
29
*26
29
29
*26
29
76i2
116
20*8
2034
3*8
3*4
71*8
147g
72i4
15*8
3914
40
104
44
175s
*92
36%
37
44
*44%
46
I8I4
18%
1778
103% 103%
L0414
97
Bid and asked prices; no sales on this day,
12134 12184
*92
97
121% 121%
36%
37
44%
44%
18
175s
101% 101%
92
92
Apr
Apr
*8
Jan
300
53,800
.24,300
690
19,400
19,700
327g Jan 13
14i2 Jan
16ig Jan 20
6U2 Jan 9
61
4
51
99
104
4
87
Jan
8I4 Jan 18
16334 Jan 20
IO8I2 Jan 19
106
Jan 23
31*8 Jan 28
Jan 13
41
Jan 28
82i2 Jan 7
39U Jan 12
12*8 Jan 28
4
Jan 25
37l2 Jan
19
98
Jan 26
2
O
Jan 28
10l8 Jan 1
IO8I2 Jan 14
Jan 29
107U Jan 26
4184 Jan 15
2484 Jan 11
h
6
11% Jan 20
15
Jan 14
37
64* May
54*4
76
Jan 29
11012 Jan 6
5234 Jan 22
June
July
Apr
May
54
253*
Jan
6*1 Nov
35
Apr
Jan
Mar
101
Aug
22Q Jan
19
6
8984 Jan 22
59
8
51
Preferred
.100
Preferred
13*8 Jan
4
2
814 Jan 13
3084 Jan
2
5
100
434 Jan
100
312 Jan
1112 Jan
6
par
23
7%
6%
Chlckasha Cotton Oil
Chllds Co
...
6I4 Jan
4
2
173* Sept
153s Jan 28
6
No par
Colgate-Palmolive-Peet No par
6% preferred
.....100
No par
Preferred
100
No par
46i2 Jan 22
11078 Jan 4
18% Jan 4
9
14*8
Dec
12
Jan
337g Nov
278 Feb
57* Feb
47* Feb
12*8 Oct
247* Deo
651* Deo
3
Feb
8
Jan
8
July
325* Oct
30% Jan
14*4 Deo
51
Deo
138*4 Nov
Oct
107%
Jan
July
11144
Deo
471*
Oot
109i2 Jan 18
5
35
Jan
90
Jan 14
78
Jan
2
126
Jan
122i2
57
113
Jan
7
3784 Jan 16
90
Jan 14
33
23
Nov
89*4 Nov
131* Nov
46ia Mar
Deo
56
51
77U
124
Jan
129
Jan
134
Nov
68
Nov
6
133
Jan 21
84
Jan
6
5712
21*8
104i2
62i4
Jan 15
Jan
4
Jan 20
26
Jan 18
Jan
117l2 Jan
4
No par
3434 Jan
4
42
4
Jan
17*8 Jan 27
101% Jan 29
Jan 29
6434 Jan 29
4 \i% conv pref
100
Comm'l Invest Trust..No par
111
54.25 oonv pf ser '35-No par
Commercial Solvents..No par
116l2 Jan 25
Jan
5
73i2 Jan
4
18ia Jan
33g Jan
2
2
56 preferred series
No par
Conde Nast Pub Inc...No par
67*2 Jan 29
13*8 Jan
4
Congoleum-Nalrn inc. .No
3634 Jan
2
New stock,
90
Apr
Jan
11012
92
Feb
Mar
48
4
1912 Jan 27
103
82
48
*9018 Jan 20
128
Jan 6
10 No par
«
7744 Nov
314 Jan
8i* Deo
2** Feb
98
2434 Jan 6
263s Jan 11
par
Deo
Apr
Nov
Feb
100
100
No par
100
Deo
233*
4% 1st preferred
4% 2d preferred
10
Jan
38*4
69i*
103g Jan 22
4
Commercial Credit
25
721* Deo
111
38ig Jan 18
6
4
100
Jan
Oct
Nov
19U Mar
4
Jan
447* Jan
preferred
7
74
Nov
Jan 12
21
6% preferred series A...100
57" "Feb
90
85
3212 Jan
par
52.75 conv pref
No par
Columbia Gas A Elec..No par
Jan 11
371* Dec
9i* Deo
Jan
Jan
Jan
Jan
Jan
100
Corp. No
51
12412 Jan 20
20U Jan 13
8684 Jan 12
Deo
Sept
851*
15U
727*
484
Colorado A Southern
Deferred delivery.
Jan
193*
22ia Jan 29
Special
50
Cluett Peabody A Co..No par
Preferred
100
Coca-Cola Co (The)
No par
a
Apr
Apr
Apr
li*
Jan 16
Clev Graph Bronze Co (The) .1
Clev A Pitts RR Co 7 % gtd.50
t Companies reported In receivership,
31*
3U
1212
100
Commonw'lth A Sou
40*4 May
No par
No par
C C C A St Louis Ry Co pf 100
Clev El Ilium Co pref. .No par
5%
Jan 25
2»4 Jan 21
8i2 Jan 15
7*8 Jan 8
27i2 Jan 14
Preferred
v
27*
24i2 Jan 12
2012 Jan 4
6
v t 0
Apr
Apr
Apr
May
Apr
li*
No par
10
City Stores
Clark Equipment
Corp
May
70%
4
26
Collins A Alkm&n
Jan
6
21*
2
No par
Class A
4
25*8 May
4
214 Jan
678 Jan
Chile Copper Co
Chrysler Corp
City Ice A Fuel
Jan 20
Jan
Apr
64*
121*
100
Chicago Yellow Cab
Jan 22
43s Jan 22
6H2 Jan
preferred
27*
1Q
1634 Jan 22
11*8 Jan 22
32
Jan
lag May
Jan 25
1512 Jan 22
32U Jan 18
...100
preferred..
Colo Fuel A Iron
Jan
Jan
Jan
Jan 15
2'2 Jan 11
67g Jan 7
Jan
Chicago A North Western. 100
Preferred
68I4
3*8
1U2
312
86
Jan
Dee
1081*
Jan
6
397*
971* May
85
4
110
"12"
No par
25
JChlc A East 111 Ry Co
100
234 Jan
67g Jan
238 Jan
Nov
32U
Apr
61*
44
63i2 Jan 29
Oct
Deo
Feb
143
19
6
6% preferred
100
Chicago Great Western... 100
Nov
186
Deo
Jan
Chesapeake Corp
Chesapeake A Ohio
53
103«4
944
*91
Jan
106
41
Jan 13
Feb
181*
Jan
213* May
6
Cab
Feb
68*4 Nov
Jan
921*
116
4
Checker
Deo
Aug
Jan *100
91
6
Jan
16
6
12934 Jan 22
Jan
60
Jan
2
Jan 21
jl24>4 Jan 11
A«S% Jan 5
426*8 Jan 6
106%
36i2
783s
34i2
83s
30*4
Jan
Jan
99
106
Jan
Apr
107*
Jan 18
5
6
103*
54
52i4 Jan
Jan 11
Jan
161* Nov
Apr
Apr
1234 May
453* Jan
18
4
Jan 23
Jan
Jan 14
3512 Jan
201
500
2712 Jan 4
6084 Jan 25
Nov
40ii
6778 Jan 6
109U Jan 14
No par
Col Plot
9,500
Jan
6% prior pref
100
ChampPap <fc Fib Co 6% pf 100
1,200
12,500
Jan
30
8U June
571* Sept
5,000
400
6
337g Jan 16
474i
Columbian Carbon
62,800
1.200
20i8 Jan 12
4
7534 Jan 11
Common
3
2
21% Jan 28
300
12014 12134
3558 3714
22
30%
Jan 12
314
I6I4 Jan
Colonial Beacon Oil
3,600
Jan 18
4684 Jan 29
67i4 Jan 28
340
29
38
100
...
......
50
22
66i8
665s
66%
6712
6612 6712
65*4
6484
6538
65*8
11212 11212 11U2 111% ♦llOU 11214 *108
L1258 *107
111%
80
78
76
77
77
76i4
78i2
7812
7784
8OI4
119
*114
*114
*114
120
*114
118
118
116l2 120
1984
20'4
19U
205s
20i8
1914
19%
20%
19% 20%
3i2
334
35s
3l2
35g
35s
3i2
3%
338
33*
70
69
69*8 70*4
6912
69i8
693s
69%
67%
68%
16
16
16
16l2
16*4
1678
17%
16»4
16%
17%
39i2
40*8
39U 395s
3934
39lg
40%
3934
39% 40%
663*
111
300
16,300
46
*26
3012
Cerro de Pasco Copper.No par
Certain-Teed Products
1
200
22
66i8
18U
V.SOO
14,200
29
104% 10414
*92
97i2
*45
"
45
45l2
2312
26
46%
185g
19
Preferred
340
111
105*4 10584
*9034
97l2
47
37i2
Central Vloleta Sugar Co..-19
Century Ribbon Mills..No par
Conv preferred
No par
tChlo Rock Isl <fc Pacific...100
*97
*90
*25
100
...
Central Foundry Co
1
Central 111 Lt 4^% pref-100
Central RR of New Jersey.100
3,700
2,300
29
*25
preferred
Central Agulrre Assoo..No par
1,400
3,600
8,800
*47
5%
No par
Chicago Pneumat Tool .No
2,200
*90
100
6,900
978
3584
tCelotex Co
2,300
353s
♦
Jan
100 |T38
Preferred certificates
10,500
95s
10584
97i2
97i2
*104
♦
8,800
34%
111"
27
4284 Jan 25
1
Caterpillar Tractor
No par
Celanese Corp of Amer.No par
7% preferred
.100
7,800
25%
22%
14*4
119U 120
36
37U
4434
4418
18*8
17*4
3778
♦114
700
7,500
*26
29
12334 12334 *12034 12334
76
2,100
12,900
1,300
*22
111
500
87
87
87
88
87
8712 88i2
8914
87i2
129
*127l2 129
*127l2 129
*127l2 128
*127% 129
*127% 129
132
132
130
130
132
13034 133
13012 130l2
129% 129%
58
58
58
57l2
57U
5714
*57U
5712
5712
*57%
*57%
20
20
20
20%
20*8
1984
19i2
195g
19%
20%
1978
103%
10312 *103
103% 103i2 10312 *10314 103i2 103% 103% *103
59
61
59
60
60*4
58*8
58i2
61i8
61%
59i2
62%
112
111% *110l2 112
ini2 111% *111
*111% 112
*111% 112
46*4
233s
1834
20
89
461*
233*
*45
4,470
100
Carriers A General Corp
Case (J I) Co
4,600
1,200
*26
377*
5,900
83,500
10%
1103s 111
36*4
*90
91U
*36
10
Stamped
20
....
34%
*97
36i2
1,600
113s
10
111
iio%
800
387s
20
34%
*97
36
300
*46% 48
11978 12378
*19%
19%
11934 121
1934
1958
86%
85%
54ia June
Jan
13%
30%
69*4
2%
7%
6%
30%
161* Apr
Jan 21
Jan 22
13%
29%
*68%
23s
4%
Jan 25
91
15
Carolina Clinch A Ohio Ry.100
3314 Nov
33
60
Preferred A
230
«■*<<*
16*4 Nov
Deo
Jan 15
2784 Jan
___1
Capital Admin olass A
tChlo Mil St P A Pao—No par
5%
6*8 Mar
29<s Deo
881* Deo
33*4 Oct
4844 Deo
Deo
84
No par
Cannon Mills
2,700
29%
684
37i8
500
2%
5%
4%
30i4
68I4
2%
63s
37
1,500
25
2%
5%
4%
13%
68I4
212
678
*97
60*4
173s
5
100
2%
4
Jan
15i8 Jan 25
1514 Jan
3214 Jan
900
13%
2*8
Campbell W & C Fdy__No par
31%
4
Jan 25
83s Jan 12
Calumet A Hecla Cons Cop..5
31%
1314
31
23g Jan
31%
4
31«4 Nov
_„1
Canada Dry Ginger Ale
Mar
331* Deo
No par
No par
Canada South Ry Co
Canadian Pacific
9
Jan
Jan
Packing
20
Deo
Deo
Oct
Apr
Callahan Zlno-Lead
19,600
Mar
59*8
351*
34is
8%
California
35,000
21*
14
Jan
Apr
Apr
14ig
13ia
293*
53s Jan
Byron Jackson Co
25
1134 Jan 29
29 U Jan
100
Jan 21
157# May
1151* Sept
4134 Jan 29
2,300
106
IU2
20>4
Deo
21*4 Deo
115
Sept
3734 Jan 29
23,600
52
Jan 28
Apr
22is
Jan
5
No par
Jan
Jan
838
59
718 Jan
27
9>s
85
Jan
11U Jan 15
Jan
10
Preferred
2,300
15%
•»
1071s Sept
9i2 Jan
16,900
30%
Jan 28
115% Jan 28
98
10,500
I-...
24
Sept
8ia May
87g Jan
9178 Jan 27
30
tChlo Ind A Loulsv pref...100
Chicago Mall Order Co
5
12*4
2934
758
95a
16*4
32*4
32%
Jan
Jan 11
143g Jan 11
5% conv preferred
Copper A Zinc
Byers Co (A M)
Bldg gu pf otfs.100
Butte
620
73
73
7412
76
7584
110
*109
110
109i2 109i2 ►109
46
48is 1x48*4 49%
47% 48%
42
42
*42
46
42l2
42*4
88
88
8812
8778
87%
87%
65*8
64i2
64%
65%
64%
63%
*3
3
314
3U
3%
3%
1034
lOU
10%
10%
10*4
11%
3
3
278
278
2*4
2«4
15
15*8
1434
15%
15%
153s
10
9l2
*834
918
9%
9%
258
46l2
25s
8684
28%
46*4
234
65*8
Jan
1214 Jan
Butler Bros
8,300
31
86
*102
IU4
1U8
110
110
7k
118i2 121
1984
1914
85% 85l2
52
29
89
Oct
45
50
2412
24U Jan
13l2 Jan
Bush Term
3,800
13,300
19,200
106
104l2 104l2 *103
"""266
*102% 106
75g
712
7i2
778
3,700
7*4
778
154
152
155i2
15184 15U4
152*4
3,000
190
127la 12712 *12712 128
127% 128
96
9538
96
935s
3,000
9412
95%
30
3U2
30
3038
315s
3078 £52,500
108
108
300
*10734108U *108
108%
38
39
41
39
381*
6,300
39%
*79
81
79
81
*78
210
783s
35
36
3534
3,000
35U
35%
35%
12
1178
125s
1034
115s
12% 106,100
2l2
*109
2934
♦26
53g
1T0"
*47
1*5714
214
15*8
31*8
100
Debentures
3,090
3658
8978
*12712
*12978
4
31
110
*90
1*90
1*47
S'*89
2%
5i8
35
*97
*10812 11038
318
1614
*934
2*8
20*4
1334
*4612
3U
153*
30l2
70l2
25g
778
|*26
3U
*60
*101
10778 10778
*110
513s
♦42l2
17U
3334
15714
110
51
328%
455s
278
96
107
115
2884
463s
2*4
16*4
3212
128
1134
♦110
28*4
4512
278
154
22
*39"
2812
46*8
234
16i2
52
106
*11
28
4478
3
1045s
113s
*801*
2878
4412
158is 159%
128U 129
98
9734
29i2 30^8
*107*4 108i2
38i2 39
81i2 8I84
159
129
88
104
8
159
31
88
57
35
4,250
2934
106
313s Jan
17,800
Oct
Feb
44i2 May
Burroughs Add Mach__No par
JBush Terminal
..No par
1134
3734
15
9734
45% Jan 18
4I84
30*4
7%
2
51
37*4
684
58U Sept
3434 Jan
35
12U Mar
5U* Mar
Jan
No par
5,300
501* July
Jan
40%
Bullard Co
3358
Jan
Jan 12
Bulova Watoh
8,200
Dec
4ig
Feb
6478 Mar
69
Apr
5234 Jan 14
Jan
Jan 12
6i* Nov
187*
Dec
No par
No par
4,100
7
20
110
100
preferred
7%
58*4
8912
*5D4
*10212
*51
*102
105
734
234
1658
3234
6
No par
Jan
11%
33
102U Jan
4734 Jan 29
2014 Jan
100
Buoyrus-Erle Co
100
105s
par
..No par
7% preferred new
Budd (E G) Mfg
270
42
31
*86
No
Budd Wheel
7
678
303*
100*8 Jan 18
4812 Jan 5
Brown Shoe Co
35,300
91
53
Bruns-Balke-Collender_.No par
41,400
13%
49i2 Jan 26
9,600
678
10412 104i2
8
778
51
♦101
104
87%
*28*8
43*8
12*4
*8678
10%
5734
No par
$6 preferred series A-No par
4,800
114
41
10i2
*88
1284
3812 Jan 14
Brooklyn Union Gas
800
22%
3414 Jan 26
Bklyn Manh Transit
1,100
47*4
22%
22*4
48
No par
Preferred
200
50
*49
133*
Brlggs
1,100
Nov
Jan
47
Manufacturing-No par
No par
55
Apr
47
Dec
63i8 Mat
Apr
4934 Jan 15
1634 Jan
100U
Oct
37*8
6
5734 Jan 15
Bridgeport Brass Co__. No par
120
64
5
29,500
481s
46i2
7*8
20
Dec
381* Hov
323g Aug
Jan 25
1934
1938
5414
share
per
2478
Jan
4
JBotany Cons Mills class A.50
1834
5514
19i2
June
25*8
4l2 Jan 11
203s Jan 26
2,000
4
378
19%
54%
4
33% Jan
Highest
share $
$ per
No par
Class B
17,000
4
share
per
92
100
5
Bon Ami olass A
170
160
2678
80U
834
5
14i2 July
18U May
77U July
167g Apr
40i8 Deo
Bohn Aluminum A Brass
2,400
91
44
Range for Previous
Year 1936
Lowest
Highest
share
2638 Jan 12
32i2 Jan 7
Boeing Airplane Co
43,200
44%
91
*43%
per
Blumenthal A Co pref
10
39
3734
5
22\ Jan 4
30% Jan 18
No par
Blaw-Knox Co
20,100
34
*923s
Lots
Bloomlngdale Brothers.No par
2578
34
9412
3638
*92
Lowest
Week
29
*31
♦923*
19
Jan
$ per share
34
34
93 '
24
28
$ per share
On Basis of 100-S/»ar«
STOCK
YORK
EXCHANGE
the
*31
*31
4438
2412
Jan
Friday
34
34
44*8
24
*31
*31
*92
$ per share
Thursday
Jan. 27
$ per share
$ per share
t liper share
Wednesday
Range Since Jan. 1
STOCKS
NEW
lor
Tuesday
Monday
Saturday
Jan. 30,mr
r
Jan 20
55*8
Jan
8
13
June
Jan
6
100
Jan
Jan 29
391*
Aug
Apr
113i2 Jan 12
2934 Jan 20
10714
8%
Jan
Jan
4734 Jan 8
2484 Jan 14
281* Sept
Dec
19
30
Jan 14
19i*
Jan
29
Jan 25
16
Jan
12334
3912
461S
207g
Jan 22
94
Jan
Jan 20
31
May
Jan 20
3912
108
Jan
101
Jan 14
Jan 14
69l4 Jan
114
8
8
Jan 12
8OI4 Jan 26
120
21U
4ia
75*8
17i4
4U4
Cash sale.
Deo
14
Jan
901*
80*4
Jan
Jan
44
Jan
100U July
Oct
Deo
July
21U Deo
1061* Feb
66*4 Nov
1161* Nov
30
Oct
48
Deo
361* Feb
377* Mar
36
Mar
1361* Aug
Jan
Jan
*451*
51U
2318 July
108*4 Oot
103
Aug
847b Sept
128
Nov
55
Jan
Jan 25
97
Jan
Jan 21
14U June
2U Apr
59U Apr
24*8
7
July
307* Aug
151* Deo
44i* Jan
Jan 13
Jan 13
Jan 28
Jan 21
*
Ex-dlvldend.
91*4 Nov
136
51*
82
Nov
Feb
Feb
Feb
y Ex-rlghts.
Volume
LOW
New York Stock Record—Continued—Page 4
144
HIGH
AND
SALE PRICES—PER
Tuesday
SHARE, NOT PER CENT
Wednesday
Friday
Thursday
Sales
8TOCK8
for
Monday
Saturday
NEW YORK STOCK
the
EXCHANGE
Jan. 23
Jan. 25
Jan. 26
Jan. 27
Jan. 28
Jan. 29
$ per share
*18
21
S per share
$ per share
*17
21
$ per share
$ per share
Range Since Jan. 1
Shares
On Basis
Week
$ per share
19%
21
'
1784
19%
22%
20
1784
18%
21%
17%
83%
*82
84
*82
*89
91
89
*90% 110
*90% 110
5%
*17%
89
5%
5%
17%
5%
17%
17%
47%
48%
106% 107
11%
11%
49%
48%
10634 10634
11%
11%
1634
16%
*17
21
*18%
17%
22%
108%]108%
*82
17%
83%
*82
82%
91
*89
91
*89
110
*90% 110
5%
17%
-
46% 47%
107% 107%
11
11%
107
64%
65%
63
2584
4284
3%
44%
31%
70%
6984
25%
2534
24%
42%
3%
44%
31%
72%
70%
41%
3%
43%
29%
63
121
•119
*36%
25%
91
*55%
*46%
*109
3%
43%
30%
6934
69%
♦170%
8
7%
5384
5134
*119
3634
36%
21%
25%
92%
67%
120%
36%
23%
90%
111
91%
*55%
45%
47
57%
46%
110
110
12
14%
12%
*116
118
42
42
116
41%
19% 1934
♦106% 107%
J1*
14%
12%
116
41%
19% 1934
107
107
7%
„71*
7%
♦85
89
85
*55
55%
87%
17%
55
22%
85%
65%
86%
87
21%
*86%
*17
2134
21%
*17
17%
144
144
*9%
*23
*9%
11%
♦23
25
67%
67%
32
144
11%
28
16%
82%
91
*89%
91
1*89% 110
*89% 110
"4.556
17%
17%
17%
*1714
17%
46%
47%
46%
46%
1,700
60,400
.....No par
Consol Ed Co of N Y..No par
900
$5 preferred..
No par
Consol Laundries Corp
__5
Consol Oil Corp
No par
Preferred...
No par
Consol RR of Cuba pref
100
106%*106% *106%
107%'
63%
61%
25
24»4
41%
3%
41
42
44
44
30%
30
72%
70
30%
71%
69
68%
3%
*110
125
*1438
12
116
' 1141
12%
11%
41%
19%
106%
7%
7%
41%
19
106
21%
22%
*
12
106
7%
21%
41%
19%
106
41%
7%
15%
144
*9%
*24
145
11%
145
*9%
145
106% 106% 106% 106%
II684 119% 117% 118%
30% 30% *30
30%
27
28% 1271]
28%
48% 50%
48%
4984
18
18%
18%
17%
8%
8%
8%
8%
♦142
11%
,
♦23
26
65%
65
65
CO rH
32%
32%
40
65%
28
106% 106%
118% 119%
30
30%
26% 26%
48% 50%
17% 18%
8%
8%
145
*9%
♦142
11%
(*23
93
22%
41
11
♦10%
743s
53%
76%
53*4
♦53%
*36%
38%
1%
2%
7»4
17%
1
73
37
1%
2%
*7%
67% |68
93
221]
41%
50%
11
75%
54
37%
1%
2%
*9%
145
12%
12%
41
4134
111% 1113s
13% 13%
23%
87%
22%
85%
22%
5%
21%
1,100
32%
34%
5,600
40
40
25%
26%
92%
22%
♦91
*40
41
49%
*1084
72%
*53%
51
11
73%
54
50%
*10%
71%
53%
50%
*37
38
37%
1
1
1%
♦2%
87
83
22%
84%
85
81
83
81
43
43%
134
1%
1%
42%
*1%
42%
1%
1%
85
1%
1%
13%
30%
6%
31
30
6%
4%
22%
23%
2234
115
*107
10%
*7%
5%
*107
9%
7%
10%
8
5%
*33% 39%
*101% 103
45
45%
....
....
13%
70%
i
5%
*36
103
45
115
10
7%
6%
39%
103
451]
37
Crown Cork A Seal
No par
$2.25 cony pref w w. .No par
Pref ex-warrants....No par
Cr W'mette Pap 1st pf.No par
Crown Zellerbaoh
v t o.No par
Crucible Steel Of America..100
109
56% Jan
17
Jan
5
Jan
4
Cuba RR 6% pref
...100
Cuban-American Sugar....10
Preferred
100
Cudahy Packing..........50
Curtis Pub Co (The)...No par
Preferred
No par
Curti8s-Wright
1
13% Jan 19
11% Jan 27
115% Jan 20
39% Jan 5
Jan 21
8
22%
11
73%
53%
37%
1%
2%
7%
11%
12%
41%
42%
111% 111%
13%
13%
5%
6%
21%
22%
84
83%
81%
81%
41%
42%
1%
1%
13%
29%
6%
4
13%
31%
6%
4%
22
23%
22%
67%
6%
67%
68
201
201
61
63
27%
100
*66
27%
100
69%
13%
30%
....
13%
130
6%
4%
6%
26%
26%
68%
4
68
5
6%
5%
28
6%
4%
25%
13%
30%
6%
5
27
69
69%
69%
*205
212
207
61
64
65
62% *62% 64%
27
28
27
27
27%
27%
100
100
♦98% 101
*98% 100
69
66% 66% 1*65% 69
*65%
201
204
(207
115
*107
115
115
*107
110% 110% *107
10
9% 10
9% 10
9%
10
9%
8
7%
7%
712
7%
7%
7%
7%
5
5
5%
5%
5%
5%
5%
5%
*37
39
37% 37% *36«4 39
361] 36%
103
*105
106
103% 103% 103% 103% 104
43% 44%
43% 44%
43% 44%
44%
44%
No par
Preferred...
....20
........
Diesel-Wemmer-Gllb
Corp. 10
Delaware A Hudson
100
Delaware Laok A Western..50
Denv A Rio Gr West
pref.. 100
Detroit Edison
100
Co... 100
6% non-cum preferred..100
Devoe A Reynolds A ..No par
Diamond Matoh......No par
700
Participating preferred...25
9,700
1,000
Distil Corp-Seagr's Ltd No par
600
40
9,700
5% pref with warrants.. 100
Dixie-Vortex
Co ......No par
Class A—
.....No par
Dome Mines Ltd......No par
300
Dominion Stores Ltd. .No par
68,700
Douglas Alrcr Co Inc.-No par
Dresser (SR)Mfg cony ANo par
700
1,100
1,400
1.200
Convertible class B
No par
Duluth 8 S A Atlantic....100
Preferred
100
700
Dunhill International..
500
Duplan Silk..........No par
Preferred.
10
1
.....100
123
Jan
Jan 11
6
17% Jan 4
14% Jan 12
127
Jan 11
42% Jan 22
20% Jan 20
Elec Auto-Lite
Preferred
15,000
7,800
42.700
2,400
3,100
2,000
2,100
6.300
7,600
300
50
500
200
700
~7~, 500
2,700
1,500
No
(The)
5
Electrlo Boat
3
Elec A Mus Ind Am shares...
Electrlo Power A Light. No par
47 preferred
No par
46 preferred........No par
Elec Storage Battery
No par
t Elk Horn Coal Corp.No par
6% part preferred.......60
El Paso Nat Gas Co
3
Endlcott-Johnson Corp
50
5% preferred
.100
Engineers Public Serv
1
45 cony preferred....No par
45)4 preferred......No par
$6 preferred
..No par
Equitable Office Bldg..No par
Erie..
100
First preferred
100
Second preferred.......100
100
Erie A Pitts RR Co..
1.400
3,900
6,600
17,350
3,720
3,300
500
7,200
4,500
110
par
.........100
50
Eureka Vacuum Cleaner
Evans Products Co..
5
...5
Jan
2
Jan
8
13
June
2
68
Jan 21
42
Jan
61
J
31
Jan
Jan
29
Jan
5
Jan
4
4
53% Jan 20
19% Jan 18
9
984 Jan 15
Jan 13
Jan
Jan
Jan 12
39% Jan
7
25
Jan 27
91
Jan 25
146% Jan
7
34% Jan 29
40
Jan
9
28% Jan 12
94% Jan 13
93
4
Oct
8
23% Jan 14
41% Jan 25
19
Jan
40
Aug
47%
10%
69%
60%
35%
%
2%
7%
15%
121%
Jan
4
51
Jan 28
4)4% preferred
.....100
Fidel Phen Fire Ins N Y
50
44% Jan
24% Apr
114
Deo
9% Mar
21% Deo
90
70%
8884
19%
108%
10834
32%
33%
5434
23%
.
9!*
153
11%
21%
63
Jan
Jan
Deo
Nov
Deo
Deo
Nov
Nov
Oot
Feb
Feb
Feb
Oot
Jan
Dee
40%
Jan
Aug
34% Jan
95% Deo
43
25
Nov
40% Deo
61% June
12% Dee
82% Oot
Jan
51
Jan
36% Dec
29
39% Jan
7
1% Jan
5
% May
134
Jan
3% Jan 8
8% Jan 16
17% Jan 19
1% Jan
4% July
13% Aug
3
Jan
884
18%
Jan
8
Jan
6
Jan 11
Jan 20
5
5
122
Jan 16
Jan 19
180% Jan 18
135
Jan
5
159
163
2
Jan 16
32% Jan
4
11% Jan 29
38% Jan 4
Jan 16
Jan 11
3584 Jan 14
14% Jan
8
43% Jan 21
114
Jan
8
5%
114
Feb
133
Apr
129
Feb
185
Aug
166
Mar
152
July
28%
Jan
534 Apr
30<4 Apr
110%
Jan
14% Jan 15
10
Apr
4
5
Deo
83
Jan 27
81
Jan 27
87
41%
1%
5%
26%
65%
Jan 29
44% Jan 16
Jan
8
Jan
2
2
Jan 19
Jan
4
8
Jan 18
Jan
4
29
Jan 18
Jan 14
Jay 13
15% Jan
70% Jan
5
57% Jan 6
115% Jan 19
1784 Jan 16
18434 Nov
136% Deo
5% July
Apr
156
4
21% Jan 29
Oot
Jan
Dec
116
Jan
6% Jan 15
26% Jan 14
92% Jan 7
120
Deo
illl% June
5% Jan
63s
Jan
323t Jan
291] Jan
39% Deo
% Jan
1% Jan
223i Nov
53% July
110
Aug
7% Jan
45% Jan
Deo
12% Deo
40% Nov
15% Nov
47% Nov
115
Nov
17%
734
Feb
Feb
25% Deo
94% Deo
87% Dec
55% Jan
1% Feb
6% Deo
29% Deo
69
Feb
116
July
77%
Jan 27
79
Jan 26
80
Jan 14
48
Jan
16% Deo
84% Oct
89% June
82%
8%
13%
26%
Jan
55
Jan
97
22
80
Jan 14
5
8
Jan
4
84% Jan 14
934 Jan 15
16% Jan 15
Jan
2
30% Jan 18
Jan 27
24% Jan 15
5% Apr
11
Apr
16
Apr
11«4 Jan
29
Oct
80
Jan 14
68
Jan
69
Jan
14% Jan 21
32% Jan 21
12
Jan
Au*
40% Jan
Jan 27
12% Jan
28% Jan
Jan
800
Deo
4
66
Federal Water Serv A..No par
Federated Dept Stores.No par
Deo
14% Mar
129
Jan
201
8,500
Deo
3% Deo
20
Jan 12
6% cony preferred......100
Fajardo Bug Co of Pr Rloo.20
Federal Screw Works..No par
125
11% Jan 21
77% Jan 25
Fairbanks Morse A Co. No par
Preferred............. .100
Federal Motor Truck..No par
Nov
19% Deo
5634 Oct
55
Jan 28
100
Nov
2
Jan 21
3,600
Dec
Nov
Nov
4
Jan
6,900
110
Nov
Nov
Sept
Jan
167% Jan 29
112
37%
35%
91%
58%
498(|
Jan
Jan 20
115% Jan 22
16% Jan 18
175% Jan 2
111
12
140
41% Jan
7% Apr
50% Jan
Jan
Federal Light A Traction
15
Preferred
No par
100
30% Oct
37% Oct
18% Apr
39
5
100
19% Apr
363t Jan
14% Apr
4% Jan
128
May
4
Apr
20% Jan
_3%
21%
Federal Mln A Smelt Co
4,600
Dec
52
27
Fairbanks Co.............26
200
400
107
Deo
7% Mar
50% Deo
59
5
Jan
Exchange Buffet Gorp.Ne par
Preferred
10% Jan
Sept
36% May
43% Jan
7% Apr
Mar
170
Jan
123% Jan 21
30% Jan 8
Jan
Jan 28
Eltlngon Schild
4
12
109
Jan
Jan
850
6%
63%
35%
16%
99%
Sept
Jan
Jan
May
June
Mar
26
Jan 27
133
5,600
12,400
9
6
4
169
6% cum preferred.
100
Eaton Manufacturing Co....4
Jan 22
7% May
Apr
95% Apr
1% Sept
Feb
4
15% Mar
43% Jan
46% July
Jan 19
5
Jan
46
44% Deo
46
Apr
69% Oot
82% June
Dec
23
Jan
112% Jan
11% Jan
10
25
55% Apr
63% Aug
158
Aug
4
July
Jan 28
6% non-voting deb.....100
Duquesne Light 1st pref
100
Eastern Rolling Mills
6
Eastman Kodak (N J) .No par
1,500
June
Apr
Apr
June
106%
104%
29%
26%
42%
17%
7%
144 j
" I
Du P de Nemours (EI) A Co.20
11,100
2,400
Nov
87% Jan
24% Mar
28
109% Jan 6
7% Jan 12
500
40
109
24% Jan 22
59% Jan 21
Jan 13
9,300
....
13% 113%
30%
30%
Deere A Co
4
Jan
Deo
Jan
101% Jan 14
6% Jan 5
18
Jan
67%
6334
17%
35%
2%
28%
1%
9%
37%
26%
35%
Jan
102
JA3
Oct
1%
10%
5
Jan
Feb
106% June
1284 Nov
Dec
111
Feb
July
9% Nov
17% Deo
June
44
47% Jan 28
Nov
109
Mar
93
Nov
7%
20%
48%
Jan
Deo
Deo
Mar
Nov
Nov
2
Nov
7
Nov
94
12% June
1534 May
35
4
51
Jan
5% Sept
% May
136
Jan
Jan 15
101
Jan 28
Jan
45% Jan 25
85
95
Apr
Apr
3%
11%
Jan 16
2834 Jan 15
100
120% Jan 18
No par d 2% Jan 28
Preferred
Cuba Co (The)
Det A Maeklnao Ry
67
41
22%
900
11%
41
584
9,100
2,100
28
26%
92
92*
22%) 22%
5%
16.200
67
.
12
12% 12%
1284
40% 41% *41% 41%
111% 111% 1111% 111%
13
13% *13%
13%
534
140
7,400
1.400
1,400
*23
28 a
43%
1%
28
121
4
18% Jan 16
84
101
8
Jan
Jan 25
Jan
43
28
Jan
35%
21%
74%
54%
17
13
*67
119
No par
Jan
share
2534 Mar
33i] Jan
1934 Deo
Oct
100
85%
*100
preferred..........100
7%
Cream of Wheat ctfs
Crosley Radio Corp ...No par
102
41
17%
5%
6134 62
27% 28
*99% 101
♦66
69%
5434 Jan 21
*16%
43%
64%
Jan 22
4
17
13%
31%
684
4%
61
4
Jan
17
534
204
Jan
1738
*16%
83
68
6
46
87
4334
*200
168
........
Jan
4334
69
100
Coty Ino.............No par
Crane Co
.25
82
5%
23
85
82%
204
Jan 27
71% Jan 15
m., Jan 14
Cutler-Hammer Ino_.-No par
Davega Stores Corp........6
Dayton Pow A Lt 4H % PtlOO
memm m
68%
Jan
800
7
684
re%
6%
7
7%
6%
6%
6%
7
6%
27
27
28%
2784 28%
27*4
26% 27%
27%
26%
27%
*56
68
57% £*56%
57
57
57% 57%
57% |*56
57%
115
*113
115
*113% 115
♦113% 114% *113«4 114% *113% 114%
|115
♦16
16
16
16
17%
16
17% 4*16
16%
16% *15% 17
76
78
*72
80
*72
*76% 80
77% *70
79
1*76% 78
*77
79
79
79
79
79
*77
79
79
♦74 '
i*77
78%
83
89
*82
*82
*84% 88
*83% 85% *82
4*84% 88
8484
9%
8%
9%
8%
9ls
8%
8%
9%
884
9%
9%
9%
15
15
14%
15
15%
15%
14%
14%
15%
143s
15
14%
27% 27%
29% 29%
28% 2834
27%
27%
27% 28
27%
27%
22
22
*22
*23% 23% *22
22%
23% *21
22%
*22%
22%
*79
*76
*79
*76
*79
*76
204
Jan 21
72% Jan 25
63% Jan
86
7%
23%
68%
8
*84
3
6%
4%
Jan
85
,
4
Jan 25
85
7
31.
Jan 23
85
86%
17%
2734
67%
13%
32
Jan
Jan 23
Jan 14
....
87
67
9
86
2%
*2%
3
8
*7%
7%
7%
7%
♦17
18
17% *17
17%
17
17% *16%
*118% I2I84 121% 121% ♦118%
♦118%
*118%
172
175
174
171
173% 170% 171
173%
16984 173
134
*133
133
133% 133
134% 134% 134
*131% 133%
115
116
114% 114% *114% 114% 114% 115
*114% 115
15
14% 15%
14% 14%
15% 15%
15%
15%
15%
172% 169
171% 172% 171
171% 167% 169
♦170% 172
163
163
163
*159
♦161% 163
*161% 163
♦161% 163
35
35
35%
34% 34% A 3484 35% £34%
35%
35
88
4384
1»4
25
Jan
22%
84
*85
*83
Corn Products Refining
Preferred
69%
2534
4234
3%
45%
55% Jan 25
*10%
12%
41%
111%
13%
5%
22%
2% Jan
108% Jan 25
Jan
11
1284
42% 4234
111% 111%
13%
13%
534
5%
23% i2384
102% Jan 13
61% Jan 29
20% Jan 6
39% Jan
Jan
11%
76%
127s
42%
111%
13%
2
19%
49%
'
2
Jan
7
29% Jan 23
3734 Jan 14
6% Jan 15
49
49
13
Jan
3
7
80
49
35%
4
29
Jan
8% preferred.......No par
4934
161%
20% Jan
10
4034 Jan
50
92%
22%
*40%
49%
*35
Jan 29
40
22%
41%
*159
34
56
41%
1584
% Jan 2
8% Jan 26
12% Jan 12
17% Jan 8
105% Jan 23
10% Jan 4
1% Jan 19
91
23
172% 173
Jan 15
9
Jan 12
*52%
1331
175
9% Jan 4
15% Jan 27
105% Jan 2 3
108
*85
|404
134%
Jan 14
106
56
251]
*114%
500
49% Jan 23
42% Jan
250
7,300
1,300
70,400
34,400
5
9
85
32
17%
RT310
11,000
I834 Jan
.....1
400
900
4
85
40
*118% 12184
62,300
10,400
16% Jan
43% Jan
5% Jan 20
£*52%
40
7%
*17%
10
4
56
25%
734
100
900
Jan
5
Continental Oil of Del......6
Continental Steel Corp. No par
Corn Exoh Bank Trust Co..20
200
1,400
17,300
7,200
Motors
June
Jan
Feb
Sept
Apr
Apr
90
32%
3
400
39,700
7,200
Continental Insurance...$1.50
Continental
June
84
40
3
7,200
50,300
20,900
4,800
1,540
7,100
Preferred
........100
Continental Can Ino
....20
Continental Diamond Fibre. .6
8
18% Jan 15
84% Jan 20
91% Jan 7
♦52%
25
1%
7,200
No par
...
Aug
6584
72%
73%
4%
15%
27%
per
Jan
15
♦85
26%
39
500
26,400
Class B_
x88h Jan 14
16
Jan 14
55
40
1%
2%
10,600
33,000
7
19% Jan 23
90
25%
*91%
*22%
40%
38
1,200
31,100
^Consolidated Textile..No par
Consol Coal Co (Del) v t o. .25
5% preferred v t o
100
Container Corp of America.20
Continental Bak class A No par
Jan
Highest
22
*52%
86%
*16%
26%
92%
22%
41%
49%
1
2,700
Preferred
16% Jan 27
Lowest
$ per share
*85
40
38
19
106%
7%
7%
21%
21%
100
1,000
11,200
Highest
18% Jan 11
18% Jan 8
80
Range for Previous
Year 1936
$ per share
share
Jan 25
32
1
41%
106
86,900
1
per
Jan
32
38
174
*40%
18'4
7%
21%
26%
77%
14%
12%
116
3,000
Consol Film Industries
$
Class A_........._....._l
Cushman's Sons 7% pref.. 100
21%
40
53%
•134
Ill'Il
198s
714
21%
4
*
41%
19
14
IIO584I1O6I4
26%
92%
53%
734
17%
71
14%
12 4 ■ 12%
*1001116
118
*40%
18%
141
14%
40
♦1034
76%
41%
3%
44%
30%
71%
68%
69%
68% 69%
168
168
*165% 172
*165% 172
7%
7%
7%
7%
7%
7%
52
51
52%
51%
51% 52%
119
119
121
*119
121
121%
♦36% 37
36% 36'4 ♦36%
86%
24
25
26
24%
25%
25%
89% 90%
89
91
91%
89%
♦55% 57
57
£*55% 57
*55%
♦46% 47
47%
147
47% *46
♦110% 125
♦110% 125
»110%|125
21% 22%
2284 231]
23%
22%
57
55>4 57%
57% 58%
58%
123
123
123
1122% 123
1123
♦2%
2%
2%
|2%I 2% M 2%
15
116
70%
66>4
91
25
69
6684
55
74
•53%
2434
41%
3%
43%
30%
3%
44%
30%
71
32%'
♦39%
26%
92%
•22%
*40%
49%
11%
107% 107%
61%
62%
6384
25%
3034
52%
*119
120%
36% 36%
22
22%
90% 91%
55% 55%
*45% 47
100
Prior preferred
___100
Prior pref ex-warrants._100
5%
43
170%
7%
Preferred
10
5%
71
7%
51%
2,100
5%
44%
107
•106% 107% *10634 107% 107
121
122
123
123% 1118% 121%
30
30
29% 29%
29% 30
*271] 28% ♦27% 277g
27% 27%
51%
50%
51%
50%
483s 50
18
18%
17% 18
18% 18%
9
9
8%
8%
8%
8%
144
*89%
*82
5%
42%
3%
23%
21% 22%
22% 23%
58
58%
57%
55% 57%
*121% 123
•121% 123
*121% 123
2»4 WWH
2%
23t «*2%
P234
15%
12%
17%
84
*82
Congress Cigar
..No var
Connecticut Ry <fe Ltg Df..l00
Consolidated Cigar
No par
5%
6234
24%
41%
3%
23%
57%
15%
120
17
68
170
8
53
100
107% 10-% 10784 10784
*11
11%
11%
11%
16%
16%
16%
1634
*104%|106 *104% 106
*10484 106
9%
9%
9%
9%
9%
9%
1
1
1%
i
il
1
1%
>
8%
8%
8%
8%
884
8%
34% 34%
34%
34% 35% (34
2634 28%
28%
28% 29
28%
34
32% 34
35%
3384 35
4%
4%
4%
484
4%
4%
25
42
18%
21
*18%
16%
46% 47
107% 107%
11
11%
16%
16%
64%
2534
42%
*18
17%
107
66%
17
21
21%
of 100-Share Lots
Lowest
Par
5%
5%
17%
65%
3%
43%
31%
6984
68%
♦170%
7%
*17
*18%
22
*89
16
16%
1634
16%
105% 105% *10434 106
*104% 106
9
*9%
934
9%
*9%
9%
1
1
1
1%
1%
1%
8%
8%
8%
8%
8%
8%
36
36
36l2 37
3534 36%
28% 2834
2634 27%
■ 28% 29%
33
35% 35%
34% 35%
34%
4%
434
4%
434
4%
■4%
*105g 110 '
*18%
16%
727
28
Jan
Jan 28
7 1% Jan 15
23% July
4%
Jan
2% June
8% Apr
3434 Jan
122% Jan
31% Feb
183s Apr
15%
8% Mar
684 Mar
25
Jan 13
103
Jan
4
84
Jan
7134
210%
61%
27>4
101%
66% Jan 27
72
Jan
6
37
Aug
92
59
Jan 26
Jan
2
25% Jan
2
97
105
Jan 14
8% Jan
5% Jan
4% Jan
4
4
2
36% Jan 26
102% Jan 22
42% Jan
6
210%
Jan 14
70
Jan 11
29% Jan 18
110% Jan 26
10% Jan 14
8% Jan 12
6
Jan 14
42% Jan 9
107% Jan 11
45% Jan 18
69% Mar
73s Jan
3
Apr
2% Jan
20% Jan
105
Dec
38
Apr
June
10% Deo
18% Sept
34% Oct
Deo
Deo
Deo
Deo
Mar
Dec
Deo
123% Nov
12% Mar
6
Deo
6
Oct
46% Nov
115% Nov
4934 Nov
■
♦
Bid and asked prices; no sales on this day,
t Companies reported in receivership.-,
i
a Deferred
delivery.
n
New stock,
r
Cash sale.
%
ray-dividend,
v
Ex-rights.
New York Stock
728
LOW
HIGH
AND
SALE PRICES—PER
SHARE,
Record—Continued—Page 5
NOT PER CENT
STOCKS
Range Since Jan. 1
On Basis of 100-Share Lots
JOT
far
NEW YORK STOCK
Saturday
Monday
Tuesday
Wednesday
Tgursday
Friday
the
Jan. 25
Jan. 26
Jan. 27
Jan. 28
Jan. 29
Week
$ per share
$ per share
$ per share
$ per share
C per share
$ per share
Shares
1937
30,
Range for Previous
EXCHANGE
Jan. 23
34%
*10584
34%
49
4984
34%
106
34%
106
49
3438
33%
107
*106
49%
34%
33%
106
49%
42%
48%
106
48%
41%
34%
*106
49%
34%
108
48%
42%
51%
*34%
7%
34%
106
48%
34%
*108
117
*108
70
*67
*67
43%
5%
*31
*108
70
*67
44
43%
5%
117
5%
30
106
*106
18%
1434
18%
1434
*102
104
79
79
17%
*150
18
152
31
106
106
152
*150
*150
152
11%
1234
12
28
28
27
28
26%
58
58
122
122
5134
*148
57%
121
52%
150
63
148
148
62
3%
3%
33s
63%
63%
63%
70%
64
64
70
*70
77
77
77
*76
*75
58
5%
77
121% 122%
*55
*54
57
13
61
66%
70%
434
4%
4%
61%
60%
*116%
....
46
46
45
67%
6634
67%
66%
81
83
82%
33%
3738
82%
3334
80
33
32%
45%
67%
8284
3338
38
38
37
37
18%
87%
22%
8638
17%
86%
18%
86%
22%
17%
18%
86%
21%
87
87
21%
22
*85%
22%
86%
47%
*57%
6%
7%
2134
*85
86%
48
48
58
56%
48%
57
6%
7%
6%
784
6
33
*94
95
4%
11%
5%
93
4%
1134
5%
24%
47
24%
*46%
443S
45
1934
42%
3734
19%
43
3784
*142
144
62%
94
4%
10%
5%
23%
45%
44%
19%
42
37
*142
*83
6%
7%
32
95
4
3234
81%
32%
123
123
107% 10834
1134
11%
93
93
4
4%
1034
10%
4%
1034
5%
5
5
24%
47
4434
1934
42%
37%
23
23
4%
22%
2338
4534
4534
45
45
44
44%
19%
4238
43%
19%
4134
35%
10%
19%
41%
35%
144
36%
144
144
5
43%
19%
43%
36
*142
*60
60
60
34%
34%
*72%
*72%
83%
1538
15
15
4%
4
4
51
51
*50
*13%
*53%
14
*13
14
*12%
*51%
54
67
67
*34
35
35
53%
6534
*34
334
53%
6534
3%
56%
1334
53%
15%
*133
*17
34%
14%
*133
17%
17
83%
15%
1534
334
3%
52
50
13%
*1234
*51%
52%
65%
34
59
15%
4
49
14
52%
68%
17
104% 104% *104
105
*104
105
*104
7%
7%
7%
7%
738
7%
7%
*102
103
*102
103
102% 102% 102%
15
1538
15%
15%
15%
15%
15%
*119
125% 125% 125% *120
128% *120
*160
167
*160% 167
*160% 167
*160%
35
35
34
34
35
35%
35%
180
180
*13134
180
182
*132
181
182
*132
....
*65
67%
*64% 67
*64% 67
*106% 112% *107
109
112% *107
49
49%
49%
49%
48% 49
114
112
113
11434 11484
11434
*22%
23
22% 22%
21% 2238
3634
36%
*112
*112
*399% 409%
*4034
41
26
78
36%
26%
78%
400
40%
2534
....
400
77
40%
26
77%
65%
66
66%
1684
66%
17%
16%
17
71
72
70%
71%
5%
15%
20%
2%
15%
21
24%
5%
5%
*14
20%
36
37
534
36
*112
.
*390
400
*4012
25%
77%
65%
15%
69%
5%
41
2534
78%
5%
21%
22%
2%
2%
238
2438
23%
54
53
53
2%
22%
*50%
*70
71
70
70
70
17%
17
17
16%
65
*107
113% 114
21
2234
35
*112
*395
*40%
25%
7734
15%
14%
*53
67
49
68%
5%
*14
21%
7
...
400
26
7034
538
14%
22%
2%
233s
55
Deo
44
Nov
No par
Jan 18
%
Jan
No par
'.No par
No par
100
58
334
Jan
No par
100
Gen Realty & Utilities
$6
1
preferred..
No par
General Refractories...No par
Gen Steel Castings pf_.No par
JaD
71
Oct
Jan 25
19
Jan
77
Oct
72
77
Jan 27
19%
Jan
81
Oct
60% Jan
65%
Jan 18
58
Jan
123%
Jan 28
116
69
Jan 16
Jan 11
11834
8
12% Jan 15
69
Jan
63
Jan 14
70
538
17%
71%
5%
14
14
22
1534
70
4%
43%
65%
Jan
2
Jan
4
48% Jan
7
Jan 27
70
Jan
2
80
Jan 26
88
Jan
6
500
18,500
400
22,600
9,800
16,700
1,700
52,600
2,200
5,100
7,200
12%
94%
4%
$6
11
5%
23%
4534
43%
19%
43%
20
.
.
15%
4
36,300
2,700
50%
14%
53
200
68%
6,700
I
300
200
80
2,900
700
$7
500
43,800
100
......
2,000
2,500
116
200
84% Jan 16
87% Jan 20
20% Jan 4
833s Jan 29
43% Jan 5
23% Jan 8
87% Jan 6
51% Jan 28
55% Jan
5% Jan
634 Jan
4
58% Jan 18
6% Jan 21
31
6
3% Apr
32% Apr
106
6%
57
Jan
Feb
Dec
118% Mar
4% Dec
2
Apr
26% May
Apr
32% Apr
48%
Deo
71
Dec
89
Dec
3184
33%
Jan
4
110
No par
11% Jan
4
100
.100
93
1
3
Gr'by Con M S & P 2d stpd—5
4.% Jan
Conv pref series.....No par
Granite City Steel
No par
(W T)
No par
Gt Nor Iron Ore Prop. No par
Great Northern pref
..100
Great Western Sugar..No par
Preferred
100
Green Bay & West RR Co. 100
Green (H L) Co Inc
1
Greene Cananea Copper
100
Greyhound Corp (The)-No par
No par
4
Deo
400
41
100
27
8,300
4,400
3,300
94,100
8,800
79%
6884
16%
7034
5%
1334
22%
Jan
4
48
Jan 22
Jan 26
139
Jan
4
Jan
Dec
Jan
5
110% Dec
105% Dec
8% Apr
14% Deo
96% July
4% Feb
11% Mar
Jan
„
Feb
Dec
86% Nov
31% Apr
June
1% July
3% Apr
6%
10
Apr
24% Aug
28% Jan
Jan
x25% Nov
44
Dec
52% Nov
16
Jan
22%
32%
Jan
46%
Oct
2
31
Jan
42%
Dec
Jan 26
144
Jan 12
Jan 18
136
Jan
Jan
Oct
149% Aug
60
Jan 13
50% Mar
05
Jan
4
62%
38%
Jan 23
34
Jan 11
22
Apr
39% Nov
73
Jan
8
81
Jan 13
05
May
1434 Jan
334 Jan
4
95
Oct
Jan
1034 Jan 18
434 Jan 11
1484
Jan
24
13
Jan
5
15
Jan 20
100
Gulf States Steel....i_No par
51%
Jan
6
50
Jan 18
9%
30%
55% Jan
6
'08% Jan 29
28%
Jan
63
Hackensack
25
34
5
34% Jan 29
30
Jan
34%
Deo
25
32% Jan 12
13% Jan 4
2734 Jan 16
36
Jan
7
33
June
37,
Aug
16
Jan 11
6
Jan
2934
Gulf
Mobile & Northern
Preferred
_
.100
....
Water
7% preferred class A_.
Printing....
Hall
10
Hamilton Watch Co...No par
Preferred
100
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrao.No par
100
Hat
Corp of America cl A
1
QH% preferred.
—100
Jan
105% Jan
101% Jan
50% Jan
4
9
Jan 11
14
Jan 23
zl04
Dec
Jan 22
100
June
4
55
Jan 22
5
134%
1734
105%
Jan 21
120
Jan
4
Jan 11
12
Jan
Jan 29
104
Nov
2
8
Jan 14
Jan 13
103
Jan 15
Hecker Prod Corp v t c.No par
25
Preferred
100
Jan
4
120
Jan
7
160
Jan 15
Helme (G W)
Hercules Motors
No par
Hercules
No par
$7
Powder
preferred
100
Hershey Chocolate
No par
cum
Conv
$5
Jan
13%
33% Jan
150% Jan
12934 Jan
4
No par
conv
....
Class B
No par
Household Fin partlo pref..50
Common stock new..No par
Houston Oil of Tex v t o new 25
Howe Sound Co
.......6
Hudson & Manhattan
100
120.
RR Sec ctfs series A....100
Preferred
Hudson Motor Car
23,700
15,200
Illinois Central
Hupp Motor Car Corp
a
lines
Deferred delivery,
100
No par
10
100
..100
Jan 25
166
Jan
37%
6
Jan 16
Jan
Dec
Jan
Mar
Mar
84
Jan 28
126
Jan 21
111
Jan 19
Jan
51% Jan 28
120% Jan 4
24% Jan 13
7
55
135% Deo
18% Nov
9
Jan 25
7
Nov
115
133%
67%
Jan
32
125% Nov
105% Mar
133
182
43%
113%
15% Dec
Apr
4%
5
9
Oct
Aug
99% Dec
12% Aug
117
May
150% July
25% Apr
Jan 22
48
preferred...No par
5
15% Jan 25
125%
30%
5
64% Jan 14
preferred..... No par sl07
Holland Furnace
Jan
Jan
Jan 20
02%
'
105
Dec
Dec
1934 Mar
Jan
107
101
434
Jan
16% Jan
129
17% Nov
66
July
7
103%
5%
...2
Dec
1% July
5
26
Hayes Body Corp
Hazel-Atlas Glass Co
55,600
t Companies reported In receivership,
47%
21%
44%
42%
10%
35%
Jan
87
Feb
59
100
16%
3,100
1,200
Jan 12
5% Jan 22
Dec
7%
Sept
21% July
2
Jan
56
Jan
zlOO
Nov
55%
6% Nov
77
Jan 22
4
3%
5
Jan
15
2
Jan 26
92
37% Dec
52% Sept
4% Jan 22
2434
Jan
84
27% Nov
Jan 28
Preferred
260
400
96
4
Jan 22
Jan
Oct
48%
Guantanamo Sugar
200
......
Jan 29
Jan
21%
41%
43%
19%
40%
35%
Aug
684
13% Jan 18
2
Jan
6% Jan
Grand Union Co tr ctfs
*
Jan 12
July
13%
34% Jan 21
Leased
*15%
Dec
June
-
74
124% Jan 29
310
16
Deo
110
Jan 29
4
68
16
15'4
72
Jan
Jan 16
7
0% pref series A.......100
17
Jan
Feb
Jan 21
114% Jan
par
800
*16
584
123% Nov
59 >2 Dec
Jan
38
8
7
51
68
Nov
105
84
4
2%
23
68
Aug
77
Jan
18%
34%
2
Jan
Graham-Paige Motors
Grant
4
79% Jan
2734 Jan
Preferred
30
4,100
1
4
No par
No par
2d preferred
$6 preferred
Gotham Silk Hose
50
8,600
60
Goodyear Tire <fc Rubb.No
190
6,100
1,400
No par
Goebel Brewing Co.—
1
Goodrich Co (B F)
No par
$5 preferred
No par
250
......'
.....No par
4H % conv preferred
Gobel (Adolf)
70
71,100
12,500
3,000
3,100
2,000
1,800
5,500
17,100
7,500
preferred
Glldden Co (The)
51
68
Jan 20
Jan
123
Oct
No par
5%
13%
21%
2%
22%
70
Jan 20
117% Jan 22
534
118
9
Jan 19
5% Jan 13
Jan
114
Jan
76% Jan 29
110
70%
Oct
Jan
Jan
181
»
15%
6
July
53%
90
Conv pref erred... ...No par
Glmbel Brothers
Preferred
79
122% Jan 27
60% Jan 9
107% Jan
4% Jan
Jan 26
68
Feb
14
70
6
Jan 27
78%
66%
4%
64% Jan 29
Gen Railway Signal...No par
Preferred
Deo
09% Jan 25
34% Jan 28
70
♦Bid and asked prices: no sales on this day,
152
Feb
21
2%
22%
50%
70
Jan
Apr
112
26%
140
34%
Hollander & Sons (A)
r7734
6634
16%.
Jan 13
70
8,900
22%
83%
51%
57%
6
7%
33
84
33%
16%
16%
105% 105%
7
7%
*4012
25%
59% June
33%
General Printing Ink..No par
$0 preferred
No par
Gen Public Service
No par
800
87
79
398
12884 NOV
Dec
43% Jan 20
Holly Sugar Corp.——No par
7% preferred
100
Homestake Mining...
100
Houdallle-Hershey cl A .No par
41
Jan
49
64% Jan 21
2,200
400
Jan
70%
Jan 23
Jan
5,100
26
78%
66%
1638
152
Jan 25
23%
*40%
Dec
17
Jan 16
52%
5234
35%
400
42
60%
2
60% Jan
Oct
39% Jan
2% Jan
23%
23%
Deo
123
Jan 26
34%
34%
3434
*113
*115% 116
z22%
Jan
28
19%
*72%
15%
3%
*48%
*13%
*52%
66%
114
1184
Jan
44% Nov
65
*66
67%
112% *106% 112%
51%
5034
51%
116
Oct
584
17
40
51
2%
22%
50%
16%
.
115
7
Jan 12
13% June
2,400
22%
2%
23%
50%
51%
2338
3534
49%
133s Jan 21
29%
30% July
133% *133
107
Nov
9
3634
181
Dec
20
Jan
35
182
76
155
Jan 29
68
133
Apr
Apr
141
1938
34%
182
49
*6412
1638
13
.....
107
66
71%
182
IO84
9
148
Jan
40
104% 104%
7%
7%
738
103
103
103
*102% 103
15%
15%
15%
14%
15%
125
*120
125
128% *120
167
*160% 167
*160% 167
35
35
35%
3538
35%
*132
66%
15%
21%
2%
24
17%
...
182
17
Jan
150
17% Nov
14% Nov
104% Apr
Jan
42%
19% Jan 14
Jan
Jan
Nov
No par
Common
*133
105
*16%
97
30
105% Aug
3334 Jan 25
*3334
35
34% 34%
33%
34% *33%
35
14%
15%
14%
15%
28%
28%
28%
28%
106% 106% 106% 106%
104
103% 104% *103
53%
54
53% 54%
*133
*16%
1034 Jan
Jan 21
Nov
15% Dec
8% May
Jan
*60
63
1738
36
79
Jan
11% May
100
Jan 26
34%
*133
17
43%
19%
42
Jan 21
Jan 16
Jan
68
34
*133
17
45
19% Jan 28
15% Jan 18
105% Jan 5
33
15%
34%
*72%
15%
3%
48%
*13%
52%
6684
14%
28%
....
19%
43%
3634
10%
5%
23%
106% Jan 28
37
*60
35
3434
15
44%
4
7
Deo
29%
35
65%
36
44
19%
42%
36%
*93
63% Feb
7% Aug
Gen Theat Equip Corp.No par
123% 124%
10834 HO
11%
Jan
Gen Time Instru Corp.No par
Gillette Safety Razor.-No par
142
35
*33%
1434
1434
14%
*28%
29%
28% 28%
28% *28%
28%
107
107
106
*106% 106%
106% 106% 106%
*104% 105
*104% 105
*104% 105
*104% 105
54
54
54
53
54%
53% 53%
53%
*15
123% 124
10834 108%
12
1238
*93
94%
4
4%
10%
1034
4%
5
23
23%
45
45%
78
Apr
384
500
142
35
64
*34
35
7%
33%
81%
33%
Jan
31%
12,900
144
*72%
16
58
6%
47%
8
Apr
61,100
*142
34%
56%
8434
51%
2134
83%
49%
57%
534
7%
31%
83%
32%
4
Nov zl35
19%
68
68
35
83%
1534
7%
3234
81%
32%
18%
*86%
870
Jan
5% Jan 22
108
33
36%
*36
18%
87
22%
82
144
35
*51
35
6
738
81
*93
4%
11%
58
32
37
85%
2134
50%
*57%
584
*60
334j
32
*35%
18%
8434
85
*72%
15%
37
45,000
2,300
3,000
5%
46
67%
80%
32%
50%
62%
35%
35%
82%
33%
*83
32%
5%
80
48%
*57%
32
32%
5%
Oct
Feb
73
117% Jan 28
49% Jan
Preferred
......
67
86%
123% 124
*121% 123
108
108% 109
108%
12
12% 12%
12%
63
44%
183s
81
62
*116
67%
33%
4,900
5,100
5%
46
1734
32
81
33%
32%
80%
10
60
32%
*35%
6%
7%
32%
1,000
35%
48% Jan
4
General Motors Corp
10
60% Jan
$5 preferred..
mNo par xll9% Jan
Gen Outdoor Adv A ...No par
56
Jan
14,900
45
4834
5%
7%
32%
81
123% 123%
108% 10834
*12%
12%
80
81
33
33
*80%
7%
32%
1434
Feb
9784
No par
$7 pref class A
$8 pref class A
General Mills
160
76%
July
23% July
6
8
54
Deo
Jan
Jan
11
127
03
32% Jan 13
100
No par
Conv pref series A ...No par
1,400
13%
66%
80%
85
58
100
65%
9
Jan
70%
Dec
Deo
45%
Gen'l Gas & Elec A
110
78
Jan
15% Jan 12
12% Jan
145
48%
120
110
25% Jan 11
..100
Aug
20
6
preferred
June
24% Apr
9584 July
General Foods
280
72
5
....
48
*57
64%
4
7
Jan 20
103
Deo
General Electric
77,700
11,800
24,500
74
5
63
5%
87
2134
1734
3%
7%
32
106
Jan 14
Dec
5634
34% Dec
1184 Mar
183s Jan 12
83
No par
No par
cum preferred
7
2
105
6
No par
Jan
6
3
Baking
General Cigar Inc
60
43%
45
44%
65%
7%
07
135
42%
Deo
Jan
53% Jan 20
41% Jan
4% Jan
..5
preferred...
4
2034 Jan
109% Jan
pref. No par
Class A
63%
*110
4%
62%
5%
47
32%
72
100
General Bronze....
General Cable...
300
3%
13%
72
*116
67%
2
Jan 26
$8
1,700
5434
122
7
Jan
70l2
General
66%
*110
62
47
Jan
14
Gen Am Trans Corp
6534
68% 146,900
121% 121% *12184 122%
2,000
*56
57
100
*55%
48%
434
5
53s
66
13%
110
124
Jan
30% Sept
8% Jan 16
4712 Jan 25
11012 Jan 19
No par
30
4234
034
Jan 14
43
Gen Amer Investors...No par
Preferred
No par
400
6134
6434
65%
*6434
123% 123% *123
70%
110
60%
*116%
5%
5%
*116%
5%
5%
65%
123
65
72
*7034
5%
6134
6484
122
13%
*109
....
3%
13
57
13
13%
72
434
62
78
*6434 6584
121% 121%
663s
65%
121% 122
58
13%
*69%
*69
*75
78
70
6334
43%
3%
preferred... 100
Gar Wood industries Inc
2,800
5,400
149
64
70
63%
*69
*109
*3 7
*147
62%
43
3%
60
61
149
62
43%
3%
conv
No par
10
1,900
6038
3
45
25% Mar
3% Aug
Fuller (G A) prior
16,700
4,100
*147
....
Jan 29
Jan 29
$6 2d preferred
No par
Gabriel Co (The) cl A..No par
GamewellCo (The)
No par
Gannet Co conv $6 pf_.No par
90
1234
27%
42%
65%
6534 6584
*120% 122
*120% 121%
66%
67
66% 67%
122
122
121% 122
*116%
■
5%
12%
61%
65%
5
*147
"30
55
55
56
56%
117% 117% *117% 120
50
50%
50%
50%
55
51
44
Jan 18
Dec
58% Nov
35
Preferred
150
2634
43
64
*109
55
*117% 121
51
13%
2734
42%
70
13%
71
27
60%
69%
*133s
7034
1234
27%
150
63%
43
63
*58
152
27%
51%
149
*147
*147
1234
42%
70
78
121
513s
150
12
57%
*118
52
3%
64
*74
16,100
8,200
106
150
12%
27%
54
57%
121
*51%
6384
43
42%
1338
62%
*66%
30%
105% 105%
18%
19%
18%
18%
1438
14%
14%
14%
104
103% 103% *103
77%
78
7734
79
17%
18%
17%
17%
*106
18%
17%
18%
17%
18%
14% 1484
14%
14%
14%
1434
105. *103
105
103% 103% *103
78
78
78
78%
77%
7734
17%
1734
17% ■1734
17%
17%
12%
7,000
36%
10584 Nov
52%
117
30
Jan
Feb
Apr
40
4
Preferred
240
30%
106%
100%
4
Francisco Sugar Co
No par
F'k'n Simon & Co Inc 7%pfl00
Free port Sulphur Co.10
50
200
2934
x24%
4
130
2,700
2934
Jan 20
106% Jan 22
60% Jan 7
4
4
Highest
$ per share % per share
Jan
t Follansbee Bros
2,800
5%
35
4
share
Jan
4H%
67
41
per
Jan
Foster-Wheeler
4234
5%
Z3234 Jan
10512 Jan
48% Jan
%
48
Food Machinery Corp new.. 10
67
5%
share
34
6,000
4284
*5%
*108
per
No par
Florence Stove Co
3,900
3,400
70
117
$
Year 1930
Lowest
Highest
Florshelm Shoe class A.No par
600
43
5%
18
12%
11,000
1,800
43
67
42%
5%
29»4
106
Preferred series A......100
First National Stores..No par
Fllntkote Co (The)....No par
*67
67
30
Firestone Tire & Rubber... 10
500
3,300
49%
*108
42
5%
Par
117
43
42%
5%
30
*108
70
44%
5%
32
117
Lowest
6,400
106
*48%
4134
42
43
4284
4134
4238
42%
42%
50
50
50
50%
49%
50%
50%
52
52%
5234
34% *34% 35
34%
*34% 35
34%
35
35
34
7
7
7%
7%
7%
7%
7%
7%
7%
7%
49%
47% 48
49
47% 48%
50
4834
4934
50%
50%
♦114% 119% *114% 119
*114% 117
*114% 119% *114% 119% *114% 119%
52
52
51
51
49
51
5134
49l4
49%
513s
49%
50%
126
126
128
128
*12434 13134 *126
131%
*12484 128
*12434 130
15
1584
1584
15%
1534
15%
15%
14%
1434
15%
15%
15%
*78
80
*78
81
78
76%
*76% 80
*76% 80
80
*76%
29
29
29%
28% 29%
29
28%
2834
29%
29%
2834
29%
42%
49%
3438
7%
4884
:
Jan.
Sales
21%
Jan
141
Jan
165
Deo
41
Oot
Jan
150
Deo
Aug
58% Sept
135
Apr
102
Sept
30%
Jan
80
Jan
119
Feb
4934
Dee
108
June
9
Jan
3334
Oot
19%
Jan
42%
Dec
124
Deo
11234
Jan
Jan
5
108
Feb
115
Oct
366
Jan 18
415
Jan
9
407
Dec
544
Feb
Jan
6
41
Jan
5
39% June
2334 Jan
4
40
27%
Jan 14
22% July
76% Jan 18
65% Jan 26
80
Jan
65%
73
Jan 11
12% Jan
4
17% Jan 22
6234
Jan
4
73 84
4
Jan
6
12% Jan
18% Jan
7
5% Jan 21
15% Jan 21
4
7
Jan 12
Jan
6484 June
6%
4884
Jan
Jan
3% June
8% Apr
13% May
22% Jan 28
22% Jan 28
2% Jan 16
25% Jan 20
18% Apr
46
Jan
4
56
Jan 21
30
68
Jan 28
72
Jan,20
I884 Jan 18
58
Jan
11
May
2% Jan
1434 Jan
n New stock,
r
2
4
Cash sale,
x
1
Ex-dvlidend.
Jan
June
y
44%
Feb
33
Mar
70
Nov
*78% Nov
13% Deo
65
5%
Dec
Jan
17% Feb
22% Nov
3%
Feb
29% Oot
54% Sept
73% Oct
20
Ex-rlghts.
Oct
Volume
New York Stock Record—Continued—Page b
144
Sales
729
AND
HIGH
SALE PRICES—PER
Tuesday
Monday
Jan. $6
Jan. 23
Jan. 25
S ver share
S per share
17
18
37k
37k
5k
13k
5k
18k
7k
57
♦186
110
mm
mm
112k 113k
27k 28k
584
5k
13
1234
29k
534
Range for Previous
18k
38
37
m
+
m
m
182k 185
109k no
105
5534
57
1234
538
5k
57
7k
13k
"l384
*161k
12k
8k
8k
16k
64k
16k
63k
1984
13k
18k
12k
♦161k
19k
13k
16k
mm
mm
«»
«.
-
~
13
634
7
♦41
*109k 111
5k
1284
12k
512
18k
5k
19
1278
6k
103k
42
111
*110
111
*161
8
12
135
1778
12k
6k
101
*42k
*110
m
♦161k
mm
15k
8k
627b
135
19k
1258
6k
103
43k
50
50
50k
50
50
28
28
48k
27k
48k
27k
48k
35
36
*33k 35
92
90
90k 90k
13
1234
13k
13k
31k
31k
30»4 31k
♦105k 106
♦105k 106
25
25
25k 25k
*34
48k
34k
34k
35
♦124
79
24k
25k
132l2 *124
132k *124
*79
79k
148
149k 150
125k 125k
125k
125
126
126k
79
79k
149k 150
125k 125k
126
106
126k
106
25
27
*7k
*6k
27k
*48
35k
94
93k
13k
12k
30k 30k
105k 105k
25k
2478
26
26k
132k *124
132k
*78
81k
81k
111
148
145k 146k
125k *124
125k
128
126k 128
94
5H2
50k
27k
48k
*27
48k
37
37k
95k
12k
30k
95
12k
13
30k
30k
128
130k
135
Jan
4
106
May
137
Jan 21
125
All?
140
Deo
Jan 25
118k Jan 9
32i2 Jan 12
88k July
6k Jan
122
Nov
9,000
12,500
11,900
28,300
100
240
9k
8k
21
18
♦104
60
19
♦42
110
*20k
20k
18
18
18k
10534 *10384 104
6034
58k
59k
19
1938
1834
44
*42
44k
17k
♦52k
27k
6k
28k
54
14
14
*137
180
23k
26k
21
*1534
2234
43k
*173
13k
127
43k'
6
54
800
3,100
34,000
1278
31
3,200
21
I684
*15k
1634
*15k
22k
44k
21
44
23
22k
4384
4334
175
175
18k
338
175
175
18k
3k
17k
3k
3k
17k
129k 129k ♦12734 129
1984
19k
19k
18k
*54k
55 k
54
76k
13k
*27k
77k
76k
13k
27k
110
1384
28
*59k
4984
74
110
3
60
9k
43
109
24
147
*31k
26k
94
31k
*34k
*131k
3k
182
19k
19k
54
52
76k
13k
74k
12k
147k
*167
171
21k
63k
64k
59k
4984
27
147
26k
94k
31k
35k
*167
171
22
22
64i2
63k
64k
59
63k
92
7
56
7
25
15
4634
52k
13k
7
15
25k
*13k
*36k
155s
38k
1584
27
28k
6
6
Ilk
Ilk
47k
20»4
10k
*67k
*39k
10k
69
*40
-
40»4
147
31k
24k
90k
31k
34k
62
26
25k
*13
15
38k
1584
36k
15k
26k
5k
28
12k
2k
18k
36k
19
36k
6
*5
47k
47
21
20k
10k
69
10k
68k
39k
39
146k
30k
23k
88k
30k
34k
*131k
-
6k
*4k
21
30k
34k
*131k
47k
46k
52k
50k
14i2
14k
56k
£5
7
*678
-
12i2
2k
2k
♦18k
36k
4884
23k
89k
35
•
584
37k
6k
30k
93k
31»4
Ilk
2k
19k
*67
147
32k
2434
47
47
52k
14k
50k
55k
55
7
25k
3,100
64
14i2
67g
24k
*13
36k
15k
26k
6k
*32k
27k
6k
27k
12k
2i2
18k
12
12k
15
2k
*17
38
♦31
15k
6
15k
28
5k
2k
12
...No par
100
Preferred
....
12,100
24k
120
37k
21k
41
21
21k
7,000
17
*15k
16k
100
186
64
64k
13,100
12,100
186
360
65
....
*30
38
15k
28k
15k
28
6k
578
12
»
•
39
15k
28k
6k
36k
*35
40
5
5
6k
47k
2078
36k
36k
578
*484
47
47
47
2078
10k
20k
10k
2078
10l2
20k
♦4k
47k
20k
10k
69
69
69
10k
69k
10
69
70
39k
38k
39
38k
39
38k
70k
38k
*47k
1978
10k
*160
165
*162
62
62k
62
15
15
6U2
14k
63
15
14k
♦428s
43
♦42k
43
*42k
43
14k
42k
50
♦45
50
*160
110k 110k *110k
*____
50
165
9,000
4,200
2,800
45
110k HOk
700
2,600
1,600
9,300
16,900
.........100
—No par
1
1
Preferred
125
Jan 20
87k Jan
79
Jan 23
143
Jan 20
155
Jan
123l2 Jan 19
126
Jan
pref—100
123
Jan
4
10
44
Jan
2
117
Jan
5
20
Jan
4
Preferred
Kansas
City Southern
100
..100
Preferred
Kaufmann Dept Stores.S12.50
42is Jan 25
28is Jan 13
Kayser (J) A Co
No par
No par
Kimberly-Clark
Kinney Co
No par
Preferred
Kresge (S S) Co
10
Kresge Dept. Stores.—No par
5
Jan 14
1914 Jan
I684 Jan
5
4
56
Jan 22
295s Jan 2
157b Jan 16
147
47k
24k
277s
41k
2178
Jan 14
Jan 14
32
Jan 20
15k July
Jan 13
Jan 23
Jan 14
12
49
Jan 29
186
Jan 29
15k Apr
94k Apr
8k Jan
Jan
1714 Jan 27
278 Jan
16k Jan
197b Jan 15
3«4 Jan 18
I8i2 Jan 18
Jan 16
52
Jan 27
67U Jan
984 Jan
2634 Jan
Jan
123«4 Nov
2184 Nov
38k May
47k Jan
80k Nov
Mar
97«4 Mar
160
Oct
19
Apr
76
Jan 20
Jan
110
Jan 23
Jan
3k Jan 16
Jan
6534 Jan 29
6i2 Jan
10S4 Jan 26
43k Jan 8
109k Jan 2
24k Jan 22
107i2 Jan
10
2234 Jan
7% preferred
1
—.100
t Louisiana Oil preferred-.100
Louisville Gas A El A—No par
Louisville A Nashville—
Ludlum Steel..-—
.
.
100
1
MacAndrews A Forbes...—10
Mack Trucks Ind
No par
No par
Macy (R H) Co Inc
No. par
Madison Sq Gard v t c-No par
Magma Copper..
t Manatl Sugar
.--10
100
100
Preferred-.
142
28
Jan
6
Jan 11
2318 Jan 27
a:88k Jan 29
2914 Jan 4
343s Jan 15
Jan
6
4234 Jan
5
132
50i2 Jan 26
13i2 Jan 18
Jan
4
612 Jan
4
53
24l2 Jan 27
7
No par
15
Jan
t Manhattan Ry 7% guar. 100
Modified 5% guar
100
Manhattan Shirt
25
36
Jan 13
Mandel
Bros....
2834
94k
32k
353s
132
Jan 13
Jan
6
Jan 12
Jan 11
No par
No par
2,800
Mathieson Alkali Wks .No par
30
—.100
7% preferred
May Department Stores... 10
Maytag Co
Preferred...
^mmmm'm
40
No par
-
No par
Preferred ex-warr'ts.No par
Prior preferred—
No par
40k Apr
8k Jan
34k Jan
lk Jan
7k Jan
32
Dec
2
Martin-Parry Corp
Jan
Jan
Jan 14
2
Masonite Corp
Oct
June
434 Jan
Marshall Field A Co
33
127k
27k
7
IOI4 Jan
12k Deo
17k May
2k Jan
I684 Jan 12
35i8 Jan 19
39
Jan 20
8k Apr
lk Jan
6k July
18<4 Jan
5
Jan 28
6
Jan 20
2k July
47
Jan 26
51
Jan 18
Jan
9
12k Jan 25
2k Jan 20
Jan 21
20
1878 Jan
978 Jan
4
21k Jan 18
2
60
4
ilk Jan 8
70k Jan 18
4134 Jan 8
Jan
38k Jan 27
Jan
May
Marine Midland Corp (Del)-P
Market Street Ry
.100
2
Jan
Sept
26k
20
167s Jan 11
39
45
113
57k Jan
22k July
Maracaibo Oil Exploration.. 1
1,300
May
21k Apr
Jan 13
16k Jan 20
No par
No par
107
61k Deo
8k Mar
Jan 22
Jan 20
2884 Jan 28
6k Jan 25
100
100
Jan
Oct
Deo
46k Deo
67k Deo
108k July
3k Feb
51k May
30k Oct
102k Oct
4
Prior preferred
Jan
3k
23884
63k Nov
55
151
6
2d preferred
Marlln-Rockwell
Apr
Jan
Jan
116k Jan
170k Deo
23k Feb
Jan
237s Jan
100
2
35k
31k
115
Nov
Nov
Dec
77b Jan 12
30
32k June
43
Apr
104k Feb
13
13
497s Jan 13
54k Jan 6
153s Jan 20
61
Jan
July
65
140
147»4 Jan 20
3584 Jan 14
1334 Jan
130
100
May
97
Jan
100
45
25
36
Preferred
43
22k Jan 29
May
Jan 15
40
4,400
1,900
2838 Jan 18
Jan 29
113
7
Jan 14
270
14k
Oct
May
12
52
100
Nov
89
61
5% preferred.—.—
(P) Co
180
Jan 21
Jan
LoriUard
18k Nov
I884 Dec
45k Nov
Oct
Jan
Jan 15
Jan
33k Jan
50k July
2684 Feb
Feb
5414
433s
04l2
10612
2k
No par
Nov
19
25k
—No par
Deo
51
28
Apr
Jan 29
—
135
958
65
6% preferred
62
Jan
Jan
Nov
4
Jan
,
11*900
2,500
Jan 20
July
7k
61
32k Nov
18k Nov
22
59
Preferred
Oct
24k
July
218s Jan2l
Loft Inc
Jan
107
2
Lily Tulip Cup Corp—No par
-No par
Jan
24k
197s Jan 23
585s Jan 9
79
Jan 16
14k Jan 19
130
Jan
18
Jan
7k
Lima Locomot Works—No par
Link Belt Co
No par
30
600
June
?8k Jan
242
150
Apr
30
20k Apr
4k Apr
74k Feb
3534 Aug
19k June
20k Apr
Jan 29
Loew's Inc
Nov
28k
Oct
46k Deo
16k Jan 21
No par
33k Feb
110
18k Jan
3k May
7k Jan 21
25
Long Bell Lumber A—No par
Loose-Wiles Biscuit....—..25
29,000
Jan
19k Dec
17k Dec
Apr
Apr
Jan 16
2
72,100
1,700
3,700
15,900
Jan
48k Aug
36k Nov
Jan
56
10
26
Jan
Jan
Lone Star Cement Corp No par
3,100
121
Jan
17
23,500
200
Nov
1518
Liquid Carbonic...
Dec
50k Deo
13
I8I2 Jan
Preferred
133
46
100
No par
Deo
126k Deo
19k
116
No par
Lerner Stores Corp
152
Oct
5
5l2 Jan 5
47U Jan 12
278s Jan 27
Jan 13
500
2284 Apr
31k Nov
126
Sept
93k Nov
17»4 June
175
1,300
107
Jan 21
171
4,300
4,200
2,900
Jan
Jan
20
42
118
19k Feb
37k Nov
15
24k Aug
113
Apr
58k Jan
88
May
121*4 Feb
75k May
No par
Lehman Corp (The)—No par
Lehn & Fink Prod Corp.
6
53k Feb
82
17
100
400
Nov
Lane Bryant
200
«
93
Lambert Co (The)
100
400
June
Ilk Sept
10k Apr
80
Jan 26
1,030
12,400
2,100
20,100
50
2378 Dec
113
9,300
Nov
Jan 14
1065s Jan
31,200
35
6
6
50
Oct
Apr
63k Nov
4
Preferred
30
Oct
15
Jan 18
1714 Jan
160
Sept
Ilk Oct
10k Oct
61k Nov
Jan
Jan
4% conv preferred
—100
Lehigh Valley RR
50
Lehigh Valley Coal
.No par
112
28k
Jan
Lehigh Portland Cement—.25
Not
Jan 11
23
6
136
64
37
Lee Rubber & Tire...
Feb
47
Jan
108
1,300
13,100
1,100
2,900
23,600
Jan
Apr
8
18k Dec
66k Nov
Feb
Laclede Gas Lt Co St Louis 100
preferred..
19k
10k Deo
87
Jan 27
5%
Jan
3
27k
223s Jan 14
19k Jan 14
Deo
Jan
22
No par
Apr
Jan
384
30
110
5634 Jan 29
Jan
May
107
39k July
Jan
117k Jan
23k Jan 15
4478 Jan 16
107
Co new..No par
Kroger Groo A Bak
46
Jan 26
103
1134 Jan 6
Jan 25
100 2127
43
Jan 16
Preferred
Kress (S H) A
Jan
8
130k Jan 28
Liggett A Myers Tobacco...25
Series B
26
165
♦I I6k
2834 Jan
700
14k
*41
Jan 26
26k Jan 20
1,000
7,300
62
♦
Jan 16
106
194
Deo
Jan
Jan
Deo
Deo
Mar
Deo
23k Deo
14k Deo
8k Dec
98k Deo
4834 Nov
97
5
24k
7k
18k
5k
18k
5k
7k
Feb
384 Apr
2k Jan
lk Jan
20k Apr
1378 Jan 16
36k Jan
Jan 29
147
105k Deo
160
Apr
4
25i2 Jan 26
121
Jan 29
No par
Johns-Man vllle
Apr
15k Nov
41k Nov
56k Jan
148k Jan
284 Apr
4k Jan
13k Dec
43k May
125k Feb
37
Jan
.No par
100
Jewel Tea Inc
Jan
July
July
July
160
5
7
29l2 Jan 26
Jan 2
105
1984 Jan
Oct
Dec
23
Jan
Preferred
54
5
10k
2k
9<k
2k
2234
2884 Jan 25
493s Jan
3912 Jan 29
1134 Jan
Island Creek Coal
45
lllk Jan
9k Jan 15
8k Jan 29
Llbbey Ownes Ford GL No par
Llbby McNeill A Libby No par
Life Savers Corp
5
*162
62k
14k
42k
Jan 13
90
90
49
6
2
10
22k
24k
47k
Jan
Jan
Kelsey Hayes Wheel conv cl A1
Class B
1
*35
24k
47k
185k
48
25
300
45k
25
Jan 12
6I2 Jan 26
110
300
13
147
26
Jan 21
5
•44k
22k
24k
23
41
3134
1,190
'
*12
*114
45k
14k Jan 20
7k Jan 20
1085s Jan 22
International Silver
Intertype Corp
5
2138 Jan 20
7
Jan 12
100
Jan
4
48
7% preferred
Jan 11
4
26>4 Jan
Inter Telep & Teleg
No par
Interstate Dept Stores.No par
7
Jan
International Salt...— No par
International Shoe
No par
100
Jan
Jan
100 21097s Jan 20
8
Internat Rys of Cent Am..100
Jan 6
Certificates.
Jan 23
1634
1138
534
0014
Keith-Albee-Orpheum pf—100
600
11,100
*2k
♦16k
60
nok 110k
1,000
50k
27k
*2k
18k
36k
165
•110k lllk
par
4
1325g Jan
Preferred
200
500
18k
36k
5k
15
*
2,800
2,600
12k
2k
19k
60
50
Corp. .No
Kalamazoo Stove Co
0k
12k
284
18k
165
*
147
27k
........
15k
50
..No par
100
Preferred
Jones A Laugh Steel
m
44
17k
18k
18k
3k
3k
3k
17
16k
16k
16k
126k 127
*127k 129
19k
197s
19k
19k
52
55
53k ♦53k
77k
76k
77k
757g
13k
13k
13k
13k
*27
27k
*26k 27k
113
113
*112k H4k
114
113
113k H3k
*167k 171
*167k 171
22
22k
2178
22k
61
43
Class C
Int Printing Ink
800
3
15k
♦42k
♦
No par
10
64
64k
65k
6278
63k
10k
10k
10k
978
9k
42k 42k
42i2
42k 4212
108
108
109
107k 107k
23k
23k 23k
23k 23k
*144
147
14678 1407g 14678
32
30
30k
31k
30k
24
2378
24k
24k
24k
89
90
*90k
92k £88k
31k
£30k 32k
31k
30k
34k
*34k 35
*34k
3478
*131k
*131k
47k
47k
48k
47k
467g
51
52
52k 53k
52k
14k
14k
14k
14k
14k
55
55
55k
*55k 55k
7
7
684
6k
678
25
25
25
25k
25k
*13
*13
1478
14k
14l2
14
165
—100
Class B
160
17k
*60
♦155
Preferred-.—.
Inter Pap A Pow cl A ..No par
8*8
Jan
Kan City P ALpfserB No par
300
110
60
63k
62i8 Jan 29
930
49
61k
147
23k
31k
*34k
*131k
27k
21k
48
Int Nickel of Canada—No par
rn»mmm-m
130
60
59
60
*587s
59k 59k
49
49k
49k
49k
48k
47k
71
75
73
73
73k
70k
71k
71k
7278
109
*1067s 108k
♦108k 110k *108k 109k ♦1067b 109
3
3k
3k
278
3k
3k
3k
3k
278
31k
25
13
112k 113
32
........
19k
52l2
75k
111k 112k
27k
10k
10k
10k 10k
42
42
43k
43k
109
*107k 109
♦107k 109
*107k
24k
23k
23k 23k
23k 23k
14k
56k
10k
176k 182
*43
52k
4884
20k
46
9k
43
52
*2k
♦18k
37k
5k
46
lllk
62
62k
9k
*14k
28
21k
45
113
3
48
*36k
1584
2178
44k
27
109
110
47k
56k
22l4
12k
22
22k
♦24k
21
111
171
*44k
37k
113
171
64k
59k
4984
74«4
*12
*15l2
27k
♦21k
63k
5984
48k
73k
21k
63k
53
2078
18
*6k
50k
2778
13k
15k
75
13k
50
15i2
21k
41
*43
6k
277b
*114
46k
2278
11134
111k 112k
170
21k
13k
147
6k
28k
19k
52l2
54k
7784
110k ♦111
11084 lllk
*167
22
43
3
17
17k
*44k
43
6k
53k
27k
*24k
*37k
20k
175
Jan 29
Keystone Steel & W Co No par
17k
18k
3
3k
3k
16k
16k
16k
16k
129
126
127k *126
17k
1678
85s
I884
645s
13534
7,700
*12
17
4
4
15*4 Jan 26
18k
*114
20k
Jan
612 Jan
Jan
Int Hydro-El Sys cl A
25
Int Mercantile Marine.No par
Internat Mining Corp..
.1
42.800
14
41
Jan 18
Kendall Co pt pf ser A .No par
Kennecott Copper..—-No par
147
23
162
60
50k
27k
28k
7
103k
103k *100
103k *100
58
57k
56k
58k
58k
51k
22k
♦24k
*37k
20k
Jan
100
4,200
28k
23k
26k
37k
160
Preferred
18k
50 k
2234
*24k
37k
20k
lllk Jan 22
18
44
Jan 22
58
189
18k
*42k
Jan 22
4
18k
44
8
6
18k
18k
6k Jan 18
1934 Jan 18
4
2
Jan
18
19
2
Jan 28
2,700
18k
Jan 18
1334 Jan 20
42
21k
1878
Jan
Jan
6
5
180
207b
18k
5
6
103
21k
19
45k
*104
5
165s Jan
4
Prior preferred.......—100
60
2,100
2,200
11212
22i2 Jan
55s Jan
1H2 Jan
Int Business Machines.No par
Internat Harvester....No par
21
27k
*12k
45k
♦104k 110
No par
Interlace Iron........No par
Internat Agrlcul
No par
440
97
0—100
Intercont'l Rubber
790
600
v t
21k
6k
*114
110
t Interboro Rap Tr
1
21
/ 6k
2334
26k
40k
21k
18k
17
18k
47k
47k
20k
1778
*104
103k *100
58
5778 59k
53k
28k
13k
£127
47k
110
103
6k
5284
2734
634
*37
♦104
21k
21k
6k
47k
110
Inspiration Cons Gopper...20
70
27k
48k
39k
100
Insuranshares Ctto Inc
200
9,200
4,500
17,700
21,200
1,300
111
45
44
44
44
45
45k *44k 458s
4478
44k
*44k
*116k 120
♦116k 120
♦116k 120
♦116k 120
*116k 120
*116k 120
21
21k
21k 22
20k 21
21k
21k
21k 21k
20»4
2118
*41
43
*41
*41
42k 43k
*41k 42k
43k
43k
♦43k 43k
*29
30
30
30
30
29k
29k
29k
*29k 30
2978 30
26
*26k 26k
26k 26k
♦26k 2634
26k ♦26k 27
26k 26k
110
share
Jan 21
45k
*104
per
137
42k
105k 105k *103k 107
25k 25k
25k 25k
27k
26k
26k 26k
*124
132k
132k ♦124
*74
79
7978
7978
145
143
144k 14578
*124
123k 12478
125k
128
25k May
13012 Jan 20
6% preferred.....
19
8
2884
48k
27
42
43k
40 k Jan 11
Ingersoll Rand........No par
12k
6k
6k
100k 102k
8
48k
2634
*43
22i4 Jan 20
e
Inland Steel..........No par
13
*6k
50k
50
27
18k
19k
13k
12k
678
6k
1017s 103k
8
28
13
18
8
48®4
93
778
8
28
31k
16k
778
8k
8k
16
15k
16k
62k
63k
62k 63
135
134k 134k *133
14k
Highest
% per shar
4k Jan
per share
3,200
23,300
3,100
1,700
2,700
38.700
24,600
5,400
2.200
6,600
100
161k 161k
14k
167g 134,800
m
9k
8
12k
29k
m
8
*6k
92
m
111
7k
52i2
6k
m
111
111
♦7
27
56k
182
16
16
9k
28
56
58
5k
18k
7k
180
*7k
♦48
7k
Highest
Indian Refining..
10
Industrial Rayon......No par
12,500
105k 1057s
9k
♦50
50k
18
106
*8
*7k
6k
7k
127b
5k
18k
778
113k
27k
5k
127b
182
7k
♦110
5k
18
2678
5k
12k
5k
5k
105
1578
62k
42
*5k
12k
Lowest
2,700
180
8
12k
42
113k 114k
2678 2778
Par
........
182
16
12k
6k
57k
113
Lowest
$
134k 135
♦136
106
7k
100
778
+ mmm
Year 1936
EXCHANGE
I per share
1234 Jan 4
36k Jan 26
18k
36k
182
12
41
41k
27k
5k
15k
6k
6k
101k 104k
103k 106k
26k
13k
8k
18
*136
112k 11378
16%
7k
6384
62k 63k
♦133k 135k *133k 135k ♦133k 135k
19k
130k 132
♦135k
17k
7k
56k
18k
36k
38k
132k 134
105
109
64
♦161k
Shares
15k
112k 113
26k 27k
534
5k
1834
$ per share
s per
36k
187
7S4
Week
16k
110k
5k
18k
7k
19
Jan. 29
Range Since Jan. 1
On Basis of 100-Share Lots
the
37
12k
5k
17k '18k
7
7k
54k 56k
182k 183
13k
5k
Friday
share
19k
17k
131k 131k
*135
S per share
Thursday
Jan. 28
Jan. 27
share
15k
36k
378s
131k 131k
♦135
♦11284 11384
28
1734
17k
36k
13184 13184
♦136
s per
NOT PER CENT
SHARE,
Wednesday
STOCKS
NEW YORK STOCK
LOW
Saturday
41
May
Ilk Jan
6k Apr
27k Apr
153k Jan
Jan
35
Feb
42
Jan
134k Nov
49k Oct
65k Nov
15k Dec
57
9
Nov
Deo
35k Dec
18
Nov
5714 Jan
23k Feb
2484 Deo
684 Mar
1284 Aug
3k Mar
23
Nov
45
Nov
7k Deo
66k Nov
25k Nov
12
Mar
42k Nov
Jan 14
165
163
Deo
59i2 Jan 22
64
6
43k May
70
Nov
14
15k Jan 11
21k
Feb
56
Feb
163
Jan 25
Jan
423s Jan 28
44
Jan 13
13k Apr
43k Dec
45
Jan 13
45
Jan 13
44
Nov
7
111
Jan 22
103
Jan
Jan
106k Jan
4
50k Apr
110k Oct
i
♦Bid and asked prices; no sales on this day,
j Companies reported In receivership,
a
Deferred delivery,
n New stock,
r
Cash sale,
x
Ex-dlvldend.
y Ex-rights.
New York Stock Record—Continued—Page 7
730
LOW
SALE PRICES—PER
HIGH
AND
SHARE,
NOT PER
CENT
Tuesday
23
Jan. 25
Jan. 26
share
Jan
S per
$ per share
$ per share
3378
181*
1834
1001*
*99
33l2
33i2
*33U
'
18U
19
98i2
98l2
42
Wednesday
&40»s
*4134
2714
401*
27i2
27%
4034
40%
87
87
85%
13
1338
131*
1334
1338
1334
4534
4618
46U
4614
82i2
i 14%
30
82
81U
131*
81
14
130
130
126
42
*37
22U
2118
21*4
305s
3H2
41l4
3084
3114
4H2
60%
2038
611*
2158
*40
30%
39%
.
106
106
*105
108
105
30
31%
3834
3834
117% 117%
105
*105
14,700
~2~I6O
Mesta Machine Co
21
22
30,900
Miami Copper..
30%
31
13,900
Mld-Con'inent Petrol
41
4134
2,500
118% 118%
120
110
*105
110
36
37i8
33»4
9634
2934
33
95l2
*285g
95i2
96%
29
28%
721*
7234
71
71
1878
20l2
413g
*108
18
3184
•100
34*8
235s
34®4
23S4
*109
109U
1834
2812
28ig
&18*4
35U
36
*167
Minn St Paul A 8 S Marle.100
16%
17%
*147
61
13i8
13%
2
59%
12%
2
6512
IH4
12
*53
*56
*108
28
Preferred series A
t Missouri Pacific
Conv
%
64%
62
63
126
J125% 126%
11%
1034
11
1034
123s
12
12
12
53
5434
*53%
53%
56
55
55
*108
109
*54%
*108
*23%
36%
126
*123
1034
12%
54%
5434
*54%
82l2
80
80%
80
80
43
4278
40%
41%
fi?59
61
4134
56i4
78%
40%
58
53%
5634
54
56
5.98
99
94
96
9134
96
9234
94
11%
135
*130
24%
|H|134
134
618
558
17l2
558
51*
1478
$76
pioi
101
22%
6
55s
16%
5%
17%
5%
5%
13%
75%
16%
5%
5%
1738
514
5%
1458
13%
76
76
*74
101
100%
109% 109% 108%
2
2%
2%
259% 25934 260
*114
115
*114
*113% 115
31
3134
3034
315s 32%
56
56
56%
5534 56%
16
16%
1584
1638 1678
*102
10434 *103
10434 *101
*103%
*103l2 105
*103%
27%
27% 28
28i8 28%
52%
56
5312 53% *52%
5
484
5%
4%
5
101
101
101
10934
10934 *109
258
234
278
R234
266
*202
25934 262
*109
114
fcll4
3238
3234
5618
16%
56%
*103
1678
10434
*10314 105
28is
*53i2
285s
5678
5
514
*30
3778
*301*
3778
S 187s
19i4
1878
5658
2338
19%
575s
57
•
23i8
*114
58
2414
11434 *100
*3 1
18%
55%
243s
23%
11434 *104%
*31
3734
18%
18%
56%
24%
55
23%
*104%
16
16
15
1538
15%
15%
15%
44l2
4478
4312
4458
42
43
41%
139
139
*139%
139l2 13912
*137i8
17%
"l~8~~
16%
1778
1738
112lo 1121!. *110
*....
115
75"
*11314
78
7712
76"
*
*11314
162"
*158
75
158
.
.
.
.
158
75
*158
2034
21
20%
12
12
12
II84
27i2
28
2234
22S4
3084
3034
*
*2684
♦
160
20»4
12
28%
22%
26%
21%
27
22%
313s
30%
31
37%
35
18%
700
Biscuit
75
No par
Nat Enam A 8tamping.No par
National Lead
......10
£159
159
2678 Jan 14
0% Jan
2
2414 Jan
3
Jan
7
9
Jan
5312 Jan 27
1% Jan 27
42% Jan 4
65
Jan
6
D* Jan
6
34
Jan 21
407s Jan 23
Jan 29
Jan
101
Jan 18
58% Jan 14
25s Jan 16
45% Jan 11
06% Jan 18
2
Jan
6i*
6714
45
Oct
Jan
65
Nov
Jan
311*
405s
534
16»4
Jan
Jan
13* July
123* Mar
94
Deo
2»4
8
51*
141*
9%
33ag
Feb
Oct
4
Feb
Jan
Jan
Sept
37* Jan
197S Aug
79
May
7«4
Jan 29
Jan 21
107l2 Jan 4
171* Jan 27
2784 Jan 29
30
Jan 14
6
Jan
5
National Power & Lt.
-No par
111* Jan
Nat Rys of Mex l.t4% pf.100
H2 Jan
% Jan
2d
preferred
.
....100
National Steel Corp
National Supply of Del
Preferred
Mar
Nov
Jan
08
Dec
2'3|*
Dec
411* Dec
60i* Jan
69>4
Feb
71
Feb
3534
11*14
*4
Jan
Bros
123
Jan 15
5
53
Jan 15
55
Jan 26
100
107
Jan
5
19
Jan
6
29
3434 Jan
4
4IS4 Jan 18
100
1
...No par
12,300
30
37%
46,600
N Y Chic A St Louis Co..-100
41
Jan
4
83
Jan 14
Preferred
21* Nov
preferred
preferred
.100
N Y Steam $0 pref.
No par
No par
*7 1st preferred
t Norfolk Southern
....100
Norfolk <fe Western
5
135
2
Jan
1
60
100
14
990
25%
29%
240
21%
30%
21%
22%
23%
23%
26
850
30%
*31%
31%
31
31%
3,700
1,200
O5* May
7* Jan
1* Jan
57U Apr
197S Jan
741*
Jan
77« July
Jan 23
2
Jan
4
2
314 Jan 21
Nov
Apr
43
40
Dec
83
Deo
119
Jan
7»«
July
Jan
Apr
1041* Jan
105
8
Jan 28
98
Jan
9712 Apr
237* July
60
Aug
19i2 Jan 14
59% Jan 14
2478 Jan 27
17
July
107
Jan
8
Jan
A
100
Preferred
Otis
No par
....100
Steel
No par
Prior preferred
100
$5.50 conv 1st pref-.No par
Outboard Marine A Mfg
5
No par
...100
Owens-Illlnols Glass Co
26
Pacific Amer Fisheries Ino_..5
13% Jan 14
3578 Jan 5
135
Jan
4
16% Jan
4
112% Jan 23
75
Jan 26
161* Jan 22
4514 Jan 21
139i2 Jan 25
181* Jan 18
115
Jan 13
203s Jan 26
160i8 Jan 22
23
Jan
7
14
Jan 29
32
Jan 29
26
Jan 29
30% Jan
3234 Jan 14
Deferred delivery,
n New
Jan
121* July
Feb
Mar
41* Mar
591*
251*
1151*
19%
39*4
136
Nov
Dec
Dec
Mar
Feb
Nov
NOV
June
2044 Mar
120*4 Nov
831* Deo
stock,
r
6
Cash sale,
x
47
Jan
70
Nov
114
150
11% Jan 27
a
123
Dec
25% Jan 4
21% Jan 27
$ Companies reported in receivership,
18
79
Jan 12
4
10
Coast
1st preferred
2d preferred
32
241* Apr
Deo
Nov
Jan 26
75
Jan
...No par
No par
Pacific Finance Corp (Cal).lO
Pacific
Aug
121* Aug
24>s Jan
5
8018 Jan
67
19
July
28
304*
Jan
70
70
141*
June
106i* July
103
2
Jan 13
2634 Jan 28
Oct
59
40
Jan 18
Oct
Feb
Jan
4
4
4
29
115
351* July
8
60
No par
3101*
Nov
Apr
Jan
Preferred
71* Feb
53* Feb
155* Mar
99
Sept
23%
6234
65s
303s Jan 20
631* Jan 22
578 Jan 18
Ohio Oil Co
Oct
Feb
Deo
Dec
10914 Aug
27* Jan
Jan
6
214
61*
18U
104
May
5
160
Apr
105
Jan
Nov
Mar
Us Aug
210
Jan
15
291* Nov
May
Jan
57i8 Jan 7
173s Jan 21
Oct
Oct
Sept
83
Jan 14
5
95
57
1.14
Jan
49&S
631*
931*
272
8
Nov
0414 Nov
Feb
Jan 29
347g Jan 14
Dec
1214 Nov
13U Jan
Apr
Jan 26
Jan 29
133
9
4
Jan 22
Feb
751* Nov
10U
21*
91*
Jan
701*
Feb
Dec
00
Jan 22
110
11*
110
Jan 14
101
3
78
1041* Apr
Jan
Jan 20
6U* Deo
147* Feb
10U June
32*4 Apr
41
Apr
4
Telegraph
Outlet Co
32
Nov
8
1,500
13
147
Dec
3U Jan
20
20%
64
Dec
Jan
137*4
Api
Apr
Jan 29
377* Apr
301* Nov
171
1
98
June
Oct
5112 Jan
40
12
Oct
263* June
60
Northwestern
Otis Elevator
29
33*s Mar
3
Jan 22
Dec
Nov
24% Nov
7
8
Deo
112
9
Jan
Jan
Dee
26s* June
Jan
187s
0i4
5%
1538
Oct
Deo
Mar
Oct
Norwalk Tire A Rubb-.No par
Oppenhelm Coll A Co—No par
21
Jan 20
471*
191*
155*
38%
1641*
3744
1071*
325*
Dec
61* Jan
108l2 Jan 11
103l2 Jan 20
2714 Jan 4
North Amer Aviation
Jan 22
70
No Amer Edison pref.. No par
Preferred
5,600
12
4
Northern Central Ry Co
Northern Pacific
100
No par
60
3,000
21
20%
12
259l2
111%
30l4
55ia
133s
102l2
...100
Adjust 4% pref
North American Co
Preferred
29
Jan 29
6U* Jan 22
100
11* Jan 14
5i2 Jan 2
16U Jan 2
4
Deo
22>4 Mar
621* Nov
Apr
10% May
Jan
108
10
1278 Jan 22
...100
10H* Nov
3644 Dec
791* Aug
107
1073*
253* Jan 22
60
...
Oct
Nov
39*4 Nov
28U July
112*4 Mar
5
18% Jan
26
Apr
Apr
21
9
OmnibusCorp(The)v t oNo par
20%
1134
Dec
21
10«4 Jan
Oliver Farm Eq new...No par
700
100
2112 Jan
1295g Jan
t N Y Investors Inc...No par
JNYNHA Hartford
100
Preferred
159
Dec
100
100
New York Dook
N Y A Harlem
7%
Jan
307s
100
Preferred series A
3,100
900
9
443s Jan 20
42,300
75
Jan
4
Conv
153
321* Jan
27*4 Jan
173* Jan
361* Jan
3is July
17% Jan
5312 Jan
32,100
4
Jan 11
Jan
10
1834
Jan
571* Jan 21
40
110
21,200
55
109
No par
New York Central
120
5%
12612 Jan 14
12% Jan 15
123* Jan 25
83
80
28%
52%
9
No par
..No par
414 Jan 13
4%
Jan 18
100
5
27%
52%
Jan 29
6178 Jan 22
1434 Jan 14
214 Jan 18
6734 Jan
2
201* May
121* Apr
91* Apr
28*4 Oct
28
Jan 26
1012 Jan
1134 Jan
Jan
155
62
No par
No par
43
377s Jan 12
Jan 22
26
...
447* May
1021* July
14
Apr
3734 Jan 25
775s Jan 29
N Y Railways pref
No par
N Y Shlpbldg Corp partstk.-l
10
7
Jan
N Y Ontario A Western... 100
100
Jan
70
3,800
1,700
29
7812 Jan 18
6,400
29,300
1,500
57,400
Jan 26
26
2,400
6,200
112
109U Jan 14
20% Jan 13
1
5%
70
8
Jan 18
35i2 Jan 20
24U Jan 11
150
Jan
54
16%
5%
98
Jan
3334 Jan 13
102i2 Jan 6
144
2,050
75%
Jan 21
107
100
Nelsner
8.700
Jan 13
Jan 20
Jan 16
B
Newberry Co (J J)
6% pref series A
t New Orl Tex A Mex
14
43%
223s
183s
3234
Jan 29
110
Feb
331* Dec
103
*2458 Jan 28
Preferred
50
30
18i2
1358
31%
165%
Nat Mali A St Cast's CoNo par
300
9,100
7,400
1788 Jan
9
171
600
6
2
2
108% Jan 26
3384 Jan 27
168% Jan 12
56
3,600
73l2 Jan
100
55
12%
Jan 27
Feb
5U Feb
0i* Feb
297* Dec
Jan 12
Jan 14
Deo
21* Aug
234 Jan
10»4 June
2
31* Jan
30U Jan
95
Jan
2934 Jan
734 Jan 15
2734 Jan 15
A
108
3,900
159
6%
Preferred
NatomasCo
......
par
100
Nat Distil Prod
*113%
*11314
160
Jan
70
-.10
7% pref olass A
4,000
*
5
155s Jan 18
95% Jan 18
214 Jan 23
45s Jan
334 Jan
2734 Jan
-100
National Tea Co
56
56
55%
55%
563s
24
24%
24%
23%
2434
115
*104% 115% *104% 115%
15%
15%
15%
16%
16%
42
42%
4134
41%
42%
145
145
*139
*140
145
17%
18%
18%
17%
17%
*
113
113
113
114%
78
76
"77% 77%
76%
27
27
2784
2634
27%
*
Deo
4
88i2 Jan
1% Jan
par
7% pref class B
100
t Nat Depart Stores...No par
800
96
183s
Nov
120
Jan
99l2 Jan 25
29% Jan 5
23% Jan 5
3,500
57
*31
112
Dec
11
5% pref ser A......—100
Nat Cash Register
No par
Nat Dairy Prod
No par
2,900
*100
19
Apr
119
31
2,200
24%
133% 133%
1%
1%
35
18%
Bid and asked prices; no sales on this day.
26,300
No
7% cum pref
100
8,800
11%
20%
National
■
11%
5%
Mar
*65
Jan
4
11
23
54
88
Jan 20
122
Nat Bond A Invest Co .No par
8,300
94%
28%
5
75
159
2734
*52
Jan 22
111
Jan
Jan
12%
*108% 110
108% *108% 110
2%
2%
2%
2%
2%
260
260
260% 259% 259%
115
112% 112%
111% 111%
313s
30%
30%
31%
30%
56
56
*55% 56%
55%
16
16
16%
1534
1634
104
104
104
*103% 104
4%
106
4
116% Jan 29
par
1
Nat Aviation Corp
23
283s
7
102
5
11%
52%
10334 Jan
307* Nov
485* Sept
1311* Mar
109
Sept
4
23
105
Feb
Jan
57%
105
110
4212
3812 Jan
Acme
56%
94%
11%
....
Jan
3158 Jan
Jan 14
42%
98
xl7% Apr
215s Jan
122
29U Jan
38% Jan
Jan
41%
10034 10034
Jan 16
117I8 Jan 19
Jan 11
02
42
101
26
20
4138
74
2
4
N Y Air Brake
*72
1634 Jan
6
1,300
48,900
5%
5%
13%
*71%
6314 Jan 18
Jan
National
2,000
...
126%
1634
Jan 16
8
Jan
83
*113%
*113%
2U4
2812
2214
3034
"76%
28
*
12
21
*
77
27
78
*75
*
16%
17%
113
35
*123
6
Jan 22
41
Jan
Nashv Chat A St Louis—100
13,/00
2,800
>
134
Jan 14
17
80
73
1%
6
6
May
59
585s Jan 23
Newport Industries
73
2
30
107
35,700
13%
1%
6
Jan 13
Dec
39
117% Jan
100
No
No
preferred
6%
50
63%
11%
Deo
Jan 22
Myers F A E Bros
No par
Nash-Kelvlnator Corp
6
7,300
63
135
Deo
15
135
Murray Corp of America.. 100
^
17,300
23%
*13134 133%
1%
134
1%
6
6
6%
17
17%
1738
5i2
5%
5%
5%
5%
538
14%
13%
1438
135
6%
514
1378
76
11
11%
23
135
2
6%
1714
658
m
22%
135
13434
I84
»6i8
jft 1738
IIE5
&1438
11%
12%
23U
Oct
12
107%
2
2
Jan
1
*55
91
65i4 Jan
67s May
May
77%
95
Jan 13
Dec
Nov
70
Munslngwear Ino
Murphy Co (G C)
37%
80
86
IO8I4
2834
122
21
No par
Preferred
120
75%
3734
Jan 26
Jan
Jan
Co olass B
35%
80%
35%
SI
Dec
Dec
1234
x95
Jan 11
29
37%
78%
41%
Jan 28
98
*20
27%
37%
99
30
29
36
Jan 12
4
*20
*23%
32% Jan 25
95
3734 Jan
111* Apr
*95
27
29
27%
3878
Apr
431*
1%
54
858
Jan
Apr
*84
*54%
Jan 20
Jan 12
19 , Jan
8
112i2 Jan 14
118>2 Jan
1434 Nov
49U Nov
2l3g Nov
11
1%
56
Dec
161*
146% 150
59%
60%
£12%
12%
5434
83i2
283* Apr
108
*23U
3 684
*130
Mother Lode Coalltion.No par
Jan
8
Jan
36
36
12
60
Deo
4938
38% Jan 15
243s Jan 15
28
*10%
No par
2414
Oct
3212 Jan 4
95U Jan 14
173
12%
-
-
June
213g Jan
109
27l2
121*
Rights
Nov
16
38i8
1
*108
38i4
243s
Mont Ward A Co Ino.-No par
Morrel (J) «fc Co
Morris A Essex
40
Jan 19
Jan 14
6
34
IO84
12%
55
*38
*82
fig 42U
24
126
10%
10
401* Nov
Deo
37
231* Nov
101% Deo
Motor Products Corp.-No par
8134
35
100
20
Jan 21
June
Mullins Mfg
*165
35%
preferred..
Mohawk Carpet Mills
Monsanto Chemical Co
42%
28i2
42i2
9234
14%
47x2
Feb
214 May
Motor Wheel
109
|*2412
*12
30
173
*165
147% *147
150
60%
5934 60%
12%
13%
12%
12%
1%
1%
1®4
U4
%
%
*S4
%
75
74
75X2
76%
63
64
63%
633s
13%
1%
%
109
3584
343s
34%
100
29
92
2,600
2734
5934
75%
*108
36
173
6
Jan 15
4,600
18%
147
60%
74
11% *10%
1214 112U
55
*53i8
5512
5678
109
150
1%
12512 126
28%
2534 Jan
101
Highest
share $ per share
per
2,200
*108% 109
1938
28%
No par
100
Mo-Kan-Texas RR
....
109
27%
3334
6334
126
126
109
18%
36
75
7638
66l2
109
18
*165
%
7578
%
....
17%
35
'
76
109
37
34%
96
29
....
100
4% leased line ctfs..
100
Mission Corp
..No par
v
*165
150
1
60i8
37
3734
35%
....
60
2
*%
18%
*147
6U4
1334
*17s
2234
40
20%
35i8
*14612 150
13%
22%
39%
preferred
7%
L
Jan
$
23%
34%
96%
2934
72%
34
^
20
No par
Preferred
30
2934
1,800
72%
72%
72%
1,000
108% 108% *108% 109
60
*108%, ^
19
18%
1834
18%
18%
11,500
19%
61
61
600
61%
61% *60
61%
22% 23% £23%
24
22%
196,800
24%
39
*38% 41%
270
38%
38%
38%
21
20% 21
213g 21%
21% 11,700
16
16%
1634
5,800
17%
16%
17%
31%
31%
31% 31%
14,900
31%
31%
*165%
100
•1653s
*1653*
31
31% 31%
31% 3I84
31%
3,800
101
101
300
*100% 101% *100% 101%
34
33
34
33% 34%
33%
12,000
23%
23%
23% 23%
23%
14,800
23%
*111
112
111
111
40
*111% 112
1834
41
*167
96
29
10
No par
36
share
36%
35%
23%
34
70
96
60
213s
37
3634
36i2
....
96
3684
233s
96
23%
33%
*28%
31%
31%
3158 32
16658 1665s *165%
32
3234
32% 32%
99l2 10078 *100% 101
33
33%
3378 35
23%
2384
2312 2378
♦111
11134 III84 112
*109
109% 109% 109%
18
1858
1734
18%
28
28%
28% 283s
111
111
18%
60
17%
3218
10078
*3584
.6
Midland Steel Prod
■
2Hs
40l2
20i2
32
33%
108% 108%
1878
2214
35%
23%
33%
23
70
60
*5834
*1661* 170
311*
22%
33
....
1834
19i8
58%
2H4
413s
215g
1814
211*
37i8
23I4
3312
2314
10734
585g
35
36%
23
33%
96%
28%
7334
*72
3634
2318
6
8% cum 1st pref
100
Milw El Ry & Lt 6% pf—100
Minn-Honeywell Regu.No par
4% conv pref ser B
100
Minn Mollne Pow Impl No par
20
4
Jan
lli2 Jan
41
*105
45
16i8 Jan 27
108% Jan 26
106% Jan
60
no
6
1
130
830
5
12-% Jan
7% preferred
100
7% pref ctfs of dep
100
Merch A Min Trans Co-No par
Men gel Co (The)
22,000
.
23ig
3334
*95l2
*293s
No par
60
61%
21%
3034
31%
4038
41%
118% 118%
110
par
1
Melville Shoe
600
107
106
*105% 107
108%
108
*10714 1081* 107
900
108% 108% 108%
11934 *11434 11934 *116% 11934 116% 116%
*11434 ii9i2 *11434 II884 119
50
15
14
14
1458
14%
1458
1434
14%
14
lSig
14%
14% 32,400
91
91
90 s8
91
91
92
91
9058
91
9I84
*90
700
91%
2
*2
2
*2
2l4
2%
2%
*2
2U
214
400
2%
2%
4
4
4
458
4
4&8
*412
4%
4
*4
*414
400
4%
5%
5U
5%
*5%
538
5U
5%
5U
210
*5%
5%
5%
5%
28
27% 27%
2858
27l2 27l2
27%
27%
27% 27%
27%
1,100
27%
7
7
7
7
73s
714
7%
71*
71*
7
7%
4,500
7%
243s
25%
24% 25
25
253s 2578
2534
26U
2538
25% 25%
7,000
3%
33g
3i2
338
3%
3%
33s
33s
3
3
3%
3%
1,600
7&8
8
7%
8I4
8
778
734
83s
81*
8
784
5,000
7%
39
38
3834 3934
38
3912 40
4078
40%
39%
38%
39% 22,800
96
98
97
96
95% 95%
*95%
96
95
97i2 97l2
96
2,600
56
57
56i2
5358
55%
53%
54%
5712
55
5438 55%
54%
60,200
2
2
1%
25,6
2716
214
l1s,6 2%
|23s
2% rH%6
21,6 206,300
45
45
*44
*44% 46%
4578
*44% 45
200
44% 44% *43% 45
*66
66%
66i2
66%
66I2
661* 66I2 *66
80
66%
66%
66%
66%
I84
184
1%
1%
1%
134
17g
1»4
1%
1%
1%
134 10,800
3634
No
$3 conv preferred
Stores
6% conv preferred
(100
Mead Corp
...No par
$6 pref series A
No par
130
2034
31%
40%
6
Mc Lei lan
100
*38
41
21%
118
pai
McKesson & Robbing
12534 127
20%
118
Jan 29
*38
21
119
84
5
Co
$ per
2038 Jan 29
Jan
McKeesport Tin Plate.No
Eleo
130
61
18%
Jan
McGraw
30
8134
13%
32% Jan 29
38
103
8134
13%
share
McGraw-Hill Pub Co—No par
100
127
60
119
*99
per
Molntyre Porcupine Mines..6
800
4,600
99
$
4.100
11,700
4,300
3934
Year 1936
Lowest
Highest
98% Jan 25
40;,8 Jan 12
2334 Jan 4
6% oonv preferred
900
13%
45%
60
119
McCall Corp
-No par
McCrory Stores Corp new__
3,200
13%
45%
82%
13%
1334
12734 12734
124
Par
10,300
84
61
119
Shares
£39
40%
84%
1384
4634
82%
13%
125%
*125% 128%
*37% 41
42
61
$ per share
Lowest
84
99
82
13%
127
*41
Week
10,200
2,200
46
31%
98%
*80
1338
13&8
125% 129%
61
61
Jan. 29
16%
I684
16%
1634
108% 108% *107% 111%
30
31
30%
31%
13%
81
42
*41
84%
13%
98%
135
*132
85%
30
130
133
*41
85
98%
128
131
3934
31
*97%
*97l2 1041*
82i2
1434
40%
13%
46
46%
46%
46%
16%
16%
16%
16%
108% 108% *108% 109
161*
1634
161*
1658
1101* 1101* *10812 HO
31
30U
32i8
3178
,97% 10434
40%
Range for Previous
of IQQ-Share Lots
EXCHANGE
the
28
$ per share
On Basis
STOCK
NEW YORK
Friday
33
33%
33
33%
32%
3234
19
19%
19%
19%
19%
203f
100% 100% *101
103
*101
103
41%
41
41%
41
*41
41%
27%
27%
27%
27%
26% 2 %
2758
4034
86
87
Jan
$ per share
33%
33%
18%
19
*98% 100%
41% 41%
43
40%
87%
27
Jan
28
*4H2
Thursday
Ranoe Since Jan. 1
STOCKS
Sales
for
Monday
Saturday
Jan. 30, 1937
July
114
July
128
Jan
13
July
31* Jan
814 July
414 Jan
30
Dec
Ex-dlvldend.
y
1641* Mar
22
Dec
15
Dec
321* Deo
297b Deo
395* Nov
Ex-rights.
Volume
New York Stock Record—Continued—Page 8
144
HIGH
Monday
Sales
NEW YORK STOCK
the
NOT PER CENT
SHARE,
STOCKS
fOT
SALE PRICES—PER
LOW AND
Saturday
EXCHANGE
jvt
Jan. 26
Jan. 27
Jan. 28
Jan. 29
$ per share
35
36
$ per share
$ per share
Shares
37%
35%
50%
51%
60
41
41
150% 150%
148
*146
148
1148
24% 25
fc24% 25%
11
11%
11%
It 11%
L 384
176%
A .81%
17
17
3%
3%
78%
82%
77%
81
105
m —
26%
27%
190%
*24% 24%
32%
6*31
434
478
26%
188
(189
43%
27%
4%
43%
26%
7%
9%
*15
.
*31
43%
27%
6%
24%
7
9%
9%
15
15%
438
4%
61%
4%
62
62
100
101% 101%
6
6%
934
6
42
25%
42%
50
50
*114
116%
54%
7
55
8%
♦38%
80%
81
39
81
*104% 106% *104% 106%
27
26% 278s
2838
27%
188
18384 190
24%
32%
434
43%
27
23%
24%
24%
25%
32
*31
31
31%
484
4%
434
43%
26%
2634
7
7%
10
44
7
9%
14%
9%
934
14%
61%
61%
14S4
4%
61%
4
98
100
5%
6%
4%
43%
26%
7%
15%
4%
101
198
190
6
44
27
7%
4
61
79
9%
14%
4%
60%
98%
93
5%
5%
10%
11%
71%
25%
85
*78
85
*78
84
*78
*82%
24%
19%
12%
91
24%
20%
12%
55%
64%
*82%
91
*82%
91
24
24
24
19%
12%
52%
20%
12%
54%
19%
12%
52%
53
54%
53%
54%
*98
*54
*54
^♦98% 100%
o%™"" 6%
*98
12
52%
17%
86%
52%
12%
2%
79%
17%
86%
52%
8%
8%
8%
0*4
o>4
*12%
2%
79%
12%
12%
2%
2%
80
17
♦86%
78
17
98
51
8%
73
72
72
18%
19%
18%
3%
31%
3%
3%
31%
59%
30%
*52%
17%
♦76%
*52%
17%
18
2%
77%
16%
*67%
51%
*8
♦71
59%
17%
77
*5984
99
5%
11%
75
74
85
17%
3%
31
634
200
*98
84
*78
*82%
1934
12%
52%
„
53%
100% 1*98
19%
6%
6%
12
6%
12%
12%
2%
2%
"l
f
790
78
78
77
78
76%
16%
17
17
17
17
17
17
700
*67%
51%
*812
98
1*67%
98
*67%
98
20
98
52%
834
72%
I884
3%
59%
17%
75%
♦71
17%
3%
30%
♦62%
17%
62%
8%
72%
18%
3%
30%
59%
17%
♦12%
2%
52
8«4
*71
17%
3%
30%
52%
*16%
5234
52%
*8
884
72% *71
18%
1734
3%
3%
30% *30%
52% 1*52%
17% i*16%
_
880
13%
2%
77%
13,600
3,100
53%
9%
72%
27,000
18%
13,300
3%
31%
31,200
1,400
59%
17%
1,500
76
76
75
75
*73
180
♦175
180
*175
180
*175
180
♦175
180
*175
180
♦188
190
♦187% 190
185
185
♦184
190
*185
191
*185
10
191
16%
27%
*105
3%
24%
5%
76
17%
16%
16%
16
16%
27%
105%
26%
27%
25
26
105
3%
3%
24%
24%
5
5%
105
103
3%
24%
5%
104%
♦3%
*20%
484
334
25%
5
75
75%
15%
24%
103
.
3%
*20
4%
16%
24%
104
3%
25
1634
17
16*4
26
27
27
25
*20
*20
4%
17%
27%
105
106% 1105% 107
3
♦3%
334
3%
4
14%
5%
£k5%
26,100
4,100
740
2,600
25
6%
50
36,800
6% Jan
12% Aug
Jan
Jan
88% Jan 26
18%
Jan
Jan
8234 Jan 23
67
Apr
100
1
105
Jan
Jan 25
103
July
100
166
»Jan
28% Jan 28
200% Jan 28
59
21% Jan
2684 Jan 28
30
34% Jan 5
5% Jan 12
44% Jan 29
28
23
.—..10
1
Park Utah C M
...1
Parke Davis 4 Co
No par
2.50
Parker Rust Proof Co
23% Deo
13% Oct
20% Jan
4% Apr
74% Apr
97% Feb
109% Deo
8% Aug
17% Jan
2«4 July
4084 May
-
2d preferred
Park-Tllford Ino
Parmelee Transports'n_ No par
105
23% Jan
Jan
4% Jan
42% Jan
247s Jan
6
14% Jan
4
3% Jan
2
Penlck 4 Ford
60% Jan 28
...No par
Penney (J C)
No par
Penn Coal 4 Coke Corp....10
Penn-Dlxle Cement
No par
Preferred series A
100
PennOl Sand Corp vtoNo par
Pennsylvania.
50
Peoples Drug Stores. __No par
Preferred
100
Peoria 4 Eastern..
100
Jan
8
7% Jan 14
Jan
Pathe Film Corp
No par
Patino Mines 4 EnterprNo Par
Peerless Corp..
..8
9% Jan 29
10% Jan 20
1634 Jan 12
478 Jan 12
64
Jan
9
97
Jan
5
102% Jan 21
5
Jan
2
6% Jan 23
7% Jan
2
12%
Jan 29
4
76
Jan 25
64
Jan
22
Jan 13
3984 Jan
4
4984 Jan 14
113% Jan 15
48% Jan 4
4% Jan
5
27% Jan 25
43% Jan 19
7% Aug
25
June
174
Apr
Jan
4%
22%
37%
5%
47%
32%
10
Mar
73
6%
17
27% July
74
June
45
28% Apr
Feb
11684 Jan 27
110
Mar
57% Jan 12
38
4
Apr
8% Jan 29
Jan
4
39
Jan 28
84
Jan 20
Jan
10% Mar
30
34
Feb
112% Nov
3% June
4% Jan
28% Jan
Jan 22
51
Deo
Deo
Deo
Jan
Mar
Nov
Apr
11% Apr
17% Nov
3% Deo
6% June
10% May
1% Jan
60
Aug
69
Deo
Dec
Oct
59% Nov
116>4 June
58
Jan
Oct
7% Feb
46% Aug
87
Jan
7
25% Apr
64%, Jan
.100
89
Jan
4
91
Jan
8
56
Jan
90
Deo
No par
24
Jan 16
25
Jan 11
16
Jan
31
Nov
100
Petroleum
Corp of Am.
6
Pfelffer Brewing Co...No par
Phelps-Dodge Corp
...25
Philadelphia Co 6% pref...50
*6 preferred.
No par
X Phlla Rapid Tran Co
7% preferred
60
60
Phlla 4 Read C 41....No par
Phillip Morris 4 Co Ltd
10
Phillips Jones Corp
No par
7% preferred
100
17% Jan
11% Jan
4
5
62% Jan 28
52
Jan
4
100
Jan
8
12
—5
8
Jan
100
70
Jan
Hosiery
Preferred
Pierce OH Corp pref—100
Pierce Petroleum
A o par
16% Jan
3% Jan
PUlsbury Flour Mills.......25
Pirelli Co of Italy "Am shares'
Pittsburgh Coal of Pa
100
28% Jan
60
Jan
Jan 29
Jan 12
81
Jan
Phoenix
Jan 12
54% Jan 14
100% Jan 8
284 Jan 13
13% Jan
86% Jan 25
49% Jan 4
NO par
13
57% Jan 12
7
Jan
2% Jan
74
20% Jan 25
14
6% Jan
Phillips Petroleum..
9
16% Jan 20
Jan 20
20
Jan 16
87%
53%
9%
74%
19%
384
33%
53%
Jan
6
Jan 29
Jan 20
Jan 13
Jan 23
Jan 12
Jan 18
Jan 22
18% Jan 2
76% Jan 22
112
18% Dec
12% June
10% June
25% Jan
45% Jan
81% Jan
19% Mar
66<4 Deo
64% Aug
102% Oot
12
3% Jan
8% Jan
1% July
66
Nov
Mar
16% Mar
8% Jan
101% July
Mar
16
Nov
88
7% Apr
May
38% Jan
5% July
68
Mar
62%
11%
Deo
Deo
84
1% Jan
27% Dec
4934 Deo
7% June
35% Apr
Feb
18%
3%
37%
62%
18%
70 .July
8
Jan
Deo
Deo
Jan
Aug
Deo
100
73
77
Deo
Pitts Ft W 4 Chicago
100
Preferred
...100
Pittsb Screw 4 Bolt...No par
175
Jan 18
175
Jan 18
155
Mar
160
May
185
Jan 26
190
Jan
7
176
Feb
187
7% Apr
23% Deo
13%
Deo
29
Deo
110
Deo
Preferred
800
50
July
76
Paramount Pictures ino
1st preferred
10
75
*175
300
Deo
152
60
Preferred
7
1%
153
Jan
100
Prior preferred
900
4% Jan 25
16
July
68% July
47% Dec
Jan
Apr
11%
Ao par
Pet Milk
40,000
5,300
10,500
Jan
284 Jan
10% Jan
per share
41
4484 Deo
14% May
26% Jan 8
11% Jan 16
17% Jan 20
No par
Pere Marquette........—100
78
2%
140
People'sGL4C (Chlo)___100
12
2%
118
2
600
20
*98
4
Jan
200
12%
12%
12%
523s
53%
52%
5334
53% 153%
100%
100%
*6%W6%
Jan
149
5,700
6,800
24%
Jan
152
22% Jan
4% conv preferred
89
*23
30%
Jan 22
148
10
8% oonv preferred
Paraffine Co Ino
84
90
24%
20%
*78
share $
14884 Jan 29
5384 Jan 14
4478 Jan 9
Highest
per
100
-,-..-100
Corp.
Packard Motor Car
10
12%
2%
31
*52%
*16%
1,200
3,400
5%
5,300
12% 125,200
7434 *2,800
25% * 6,900
41% 120,500
60%
*22
preferred
Pan-Amer Petrol & Transp__5
7,800
3,700
7,000
$
Jan 27
Paolflc Telep & Teleg
6%
$ per share
38
Jan 12
.No par
Pacific Mills
Pac Western Oil
Lowest
Highest
$ per share
34^4 Jan 29
49% Jan 29
Panhandle Prod 4 Ref .No par
9%
14%
4%
*82%
.
25
Lots
No par
600
99% 101
5%
1134
f
6%
19%
3%
31%
*71
100%
61
11%
19%
12%
|*53%
4%
72«4
24
54%
9%
14%
Pacific Gas & Electric
Paolflc Ltg Corp
16,600
1,440
3,100
50%
91
55%
54%
100%
40,200
25
25
25%
42%
40®4 4184
40%
52
62
*50%
50% *50%
116% 116% *115% 116% *115% 116%
55
53
54
54%
5484
53%
7
7
8
8%
7%
7%
39
*35
39
39
*37%
38%
24%
40%
24%
19%
12%
18%
12%
934
14%
4%
Par
80
82%
82%
100
*105
106%
106% *105
2834
28% 217,100
2734
28%
198
198
9,800
200% 195
25% 19,800
26'4
25%
25%
600
30
31%
30% *2934
4%
4%
18,600
4%
4%
44
3,700
43% 44%
43%
27
27
4,300
2734
27%
7
7%
10,200
7%
7%
9%
1*82%
55%
160
4,500
81
97%
5%
71
Lowest
11,600
6,700
2,900
77
81
14%
4%
61%
£*24%
•78
87
81
81
105
10% 11%
11%
75
72% 72%
26
26
27%
26%
40% 4184
41% 42
*50% 52
*50% 62
*114
116% *114% 116%
53% 54%
53% 54%
7%
8%
7%
7%
*37
39
♦37% 39
74
24%
4%
87%
82%
3534
36%
3434
50%
5034
49%
50%
39
40
3984
39%
149
148% 148% *146
148
148% *148
148%
24
24
24
24%
11
11%
11%
11%
17
16% *16%
4%
4%
3%
3%
35%
49% 60%
39
38% 40
150
15084 149% 150
*144% 148
*144% 148
22% 23%
23% 24
11
11
11%
11%
17
17
16%
16%
4
4
4%
4%
85
88%
84% 85
10%
74%
10%
73
17
36%
50%
4034
Range for Previous
Year 1936
Range Since Jan. 1
On Basis of 100-Share
Week
$ per share
37
37%
51%
fc»40% 40%
1150% I5O84
37
£51
r*i6%
Friday
Thursday
Jan. 25
share
per
Wednesday
$ per share
Jan. 23
f$
Tuesday
—
Pittsburgh Steel Co
No par
7% eum pref....—100
Pitts Term Coal Corp
1
6% preferred
Pittsburgh United
100
...26
Jan
5
13% Jan 2
24>4 Jan 27
1784 Jan 21
29% Jan 5
108% Jan 2
103
Jan 26
3
Jan 29
4
Jan 12
23
Jan 21
28
Jan 12
6% Jan 29
49
Jan
4% Deo
30% Deo
9% Apr
1% May
14
Oot
June
3% Jan
2
100
107% Jan
4
132
Jan 29
58%
Jan
Pittsburgh 4 West Va
100
Plttston Co (The)
No par
Plymouth Oil Co
6
31% Jan
7
36
Jan 22
21
Jan
2% Jan 5
24% Jan 19
3
Jan 12
28% Jan 22
1% Apr
11% Jan
Pond Creek Pocahon. .No par
Poor 4 Co class B__
No par
20
Jan 13
20
Jan 13
20
May
112%
41%
3%
27%
26%
Jan 20
12
Jan
29%
Deo
Jan
Jan
6*4 May
17% Oct
17% Oct
57% Oct
40% May
11534 Deo
11%
3%
13%
28%
28%
73%
Dec
Deo
Dee
Dee
Deo
Deo
56
Dee
2%
Oct
'
125
125
35
357s
2%
25%
123% 125
35
1
122
123%
35
33%
34
2%
25%
27%
28%
28
2%
25%
21%
28%
27%
2%
25%
21%
28%
11%
3%
11%
378
14%
10%
11
10%
10%
3%
13%
3%
14%
3%
12%
27%
27%
70%
26%
27%
27
27
25%
25%
3%
13%
26%
2%
25
22
♦20
14%
27
*26%
*69
2%
25
*15
70%
62
118
118
52
52
112
112
52% 52%
*110% 118
*126% 128
126%
*139%
*154
161
162%
*112% 113% 113%
69
69%
128
144
162%
113%
68%
69%
22
227B
22%
144
*140
111
111
*110
69
70%
63%
64
118
63%
118
*18
23%
111
61
25%
69%
62%
118
118
120% 122%
33% 33%
2%
2%
24% 25%
♦16
21%
27% 28
10% 11
3%
3%
12% 14%
2534 26%
26% 25%
*69
51% 52
111% 111% 111
126% 126% *123%
*139%
*139% 142
♦159
162% ♦159
*112% 113
*112%
67%
67% 69
22
21%
22%
111
111
70
62% 63
117% 117%
51
52%
111
111
ll25M 128
32«| 33
*2®4
25%
*16%
22%
111
21%
27%
28%
11
11%
♦33s
1334
2684
3%
14%
27%
*26
26®4
*68
6934
62% 6334
*117
ir%
51%
52%
*110
110%
*123
127%
*139% 142
*159
162%
127%
142
162%
113
1113
68%
2%
25%
113
67^2
68%
22% 123%
*110121 111
*32
34%
300
2%
24%
*16%
27%
10%
*3%
13%
26%
26%
2%
25%
20%
28%
1,200
11,200
.*68
10®4
3%
14
26%
26%
11,900
2,900
1,900
12,300
18,600
70
300
16,000
51%
8,000
110%
1,300
500
110
2124
180
124
*139% 142
*159
162%
*112% 113
67
100
300
68%
4,300
23% 118,800
190
*110% 111
22%
104
600
105% 105% *104% 108% 104% 104% 104% 104% 104
*104% 105
20
20
19%
19% 20%
19%
19% 20%
20%
20% 10,700
20% 21
18
18
18
18
*17% 18
17%
600
17%
*17«4
18%
18% 18%
12
12%
11% 11%
11%
11%
11%
11%
1134
1134
12% 119,100
11%
112
*107
*106% 112
*106% 112
♦106% 112
*10634 112
*10684 112
78
79
78
78
78
78%
77%
78%
78%
78% 787s
78%
4,000
9
9
9
8%
8%
8%
8%
8%
8%
8%
884
884
27,100
35
36
35
35
35
36
*35
900
3584
35% 36% *35
3534
*42
46
44
*41% 44
43% 43% *41% 44
100
*41%
*44% 46
200
48% *48
4812 48%
48% 48% *48
48% *48
.49
*48% 49
45
*43% 45
*43%
100
4334 43% *43% 44
*43% 44%
*43% 45
12
12
*12
12%
700
12%
12%
12% 12%
12%
12%
12% 12%
*75
83
*338
3%
♦24
28
*18%
197s
25%
25
*76
3%
*22
18%
25%
83
3%
27%
19%
26%
92%
91%
9138
91%
117
♦102
109% *102
7
6%
7
6%
31% 32
31% 32%
111% 113
110% 111
100% 100% *100% 101
*75
83
3%
*22
3%
27%
*75
82
*75
3
3
3
*21
25
*23
19
19
18%
25
2534
25
19%
25%
82
3%
19
19
19
25%
25%
25%
26
*75%
*65
14
*13
14
*26%
*74%
26%
75
76
123
123
124
8
8
♦7%
4634
47%
378
778
45%
14
13%
3%
7%
13%
40
*31
»
3%
7%
*30
8
46
3%
7%
13%
m
—
«b
»
*
1,200
37,700
2,400
•
_
«.
«•
«»
*.
6%
67
67
*65
67
*65
67
35%
*72%
133
*90%
28
110
31%
56%
*65
3534
74
133
95%
28%
110
3234
56%
67
14
14
14
*12%
*12%
26
26
26
26% *25
75
75
76
*7412
*74% 75% *74
76%
128
125
130
127
*120
*125
129% *125
8
*7
*7%
8%
7%
7%
7%
7%
45
46
44
45
44% 45%
4334
4434
3%
3%
3%
3%
3%
3%
3%
3%
7%
7%
7%
7%
7%
7%
7%
7%
11
*12
11
15
15
*11%
11%
12%
30
30
*22%
*22% 30
♦13«4
26%
Bid and asked prices; no
14
263s
*12%
26
*221!
sales on this day,
X Postal Tel 4 Cable 7% pf 100
Pressed Steel Car Co Ino
6%
3,300
300
280
100
1,500
15,600
100
......
1,300
100
700
500
7,900
4,400
7,300
290
40
1st pref..
1
6
60
No par
6% pf (ser of Feb 1 '29).100
Pub Serv Corp of N J—No par
$5 preferred
..No par
6% preferred
......100
7% preferred
100
8% preferred
100
Pub Ser El 4 Gas pf $5-No par
Pullman Inc
..No par
Pure Oil (The)..
No par
100
8% conv preferred
Jan
2
2884 Jan 25
1178 Jan 22
Jan
4
378 Jan 22
Jan
5
15% Jan 20
25% Jan 4
25% Jan 27
27% Jan 22
25%
884
2%
IO84
67
27% Jan 21
4784 Jan
2
71»4
65%
118%
5284
108% Jan
11984 Jan
6
112
4
128%
140%
162%
113%
138
4
Jan 20
Jan 11
159% Jan 7
112% Jan 16
66% Jan 4
1934 Jan
108
Jan
6% preferred..
100
Purity Bakeries
No par
Quaker State Oil Ref Corp..10
Radio Corp of Amer
No par
Preferred B..... ....No par
$3.50 oonv 1st pref.-No par
103
X Radlo-Keith-Orph
No par
Raybeetos Manhattan .No par
Jan 12
55% Jan
117
99
4
6
71
4
7
103
76% Jan 14
7% Jan 4
80
7
18% Jan
2
17
Jan 13
10% Jan
Jan
Jan 15
Jan
4
Jan 21
Jan 25
39
122% Feb
50% Nov
113
July
Apr
130
Jan 25
146
Apr
164
Jan 25
112
Jan
U4
Apr
99% Deo
Jan 21
Jan 22
Jan 15
Jan 21
Jan 15
Jan
7
Jan 15
9% Jan 20
36%
Jan
16
Aug
103
May
5
Jan
Jan
July
24% Mar
133% Apr
91% May
9% May
16% Oct
934 May
83% Jan
68% Apr
28%
July
144% July
117% Mar
20% Nov
19% Oot
14% Jan
108% June
80
.
July
10% Nov
38% Nov
34% Jan 6
42% Jan 12
3634 Jan 11
4584 Jan 20
35%
Jan
60>4
60
47% Jan
49
Jan 11
39
Jan
60
Deo
60
43
37
Jan
47
Nov
2
Jan 19
6
12
Jan 26
100
80
Jan
8
83
Rels (Robt) 4 Co.....No par
1st preferred
100
Reliable Stores Corp.—No par
3
Jan
6
27
Jan
9
Real Silk Hosiery....
Preferred
Remington-Rand.
1
1834 Jan 25
21% Jan 4
80% Jan 5
Jan 15
9% Jao
65% Oot
1% Apr
12% May
20% Jan 6
26% Jan 25
16
Aug
17% Aug
Jan 20
384 Jan 18
29
Jan 27
81
100
Jan
4
100
Jan
5
5
Jan
2
Jan 15
Republic Steel Corp
No par
6% oonv preferred
100
6 % conv pnor pref ser A.100
27% Jan
4
109
7%
3284
119%
101%
99% Sept
4% July
16% Apr
77
May
78% May
Preferred with warrants. .26
Rensselaer 4 Sar RR Co...100
....
Revere Copper 4 Brass
Class A
5
10
Preferred
Jan 19
99
Jan
33%
Jan 19
71
Jan 21
2
100
128% Jan
4
5$i% preferred........100
Reynolds Metals Co...No par
5X% oonv pref
...100
Reynolds Spring new
...1
Reynolds (R J) Tob class B.10
Reynolds (R J) Tob class A.10
Rhine Westphalia El 4 Pow
93% Jan
6
Jan
4
Ritter Dental Mfg
No par
Roan Antelope Copper Mines
Ruber'dCo(The)capbtkNo par
Rutland RR 7% pref
100
St Joseph Lead..
.....10
X St Louis-San Franolsoo—100
ist preferred
100
X St Louis Southwestern— .100
Preferred—............100
t Companies reported In receivership,
Feb
Deo
Mar
103% Feb
113% Apr
128
Apr
Jan 21
43*4 Jan 8
13% Jan 16
Reo Motor Car
Apr
Jan 20
23% Jan 25
111% Jan 7
IO584
22S4
18%
12%
Jan
Jan 11
4%
1%
NoT
60
Reading
lat preferred
2d preferred
370
5,100
oonv
6% conv 2d pref
Procter 4 Gamble
«•
2,000
93
94
93
94
93
93% 94
109
110
*102
*102
109% *102
110
6%
6%
6%
6%
6%
6%
6% 29,900
30% 31%
30% 31%
32%
31%
31% 3234 173,200
114
112% 113
112% 113
117% 117% 119%
3,400
101
101
600
101% 101%
100% 101% *100% 102
92
67
125
*23
*102
76%
67
26
82
24%
37
26%
*65
*13%
3%
3%
27%
19%
36
353s 3534
35% 36
35% 36%
3634
72
72
73
73
72% 72%
♦71% 82%
133
132
132
132
129% 129% 130% 131
132% 133
95
94% 95%
95% 95%
95%
*90% 94% *90% 94%
29
29
29
27% 28%
2834 29
28% 29
28%
*107% 113
*107% 112% *107% 111% *109% 111% *109% 110%
31
32
33
33
323s *31% 32% *31% 32»4
3234
66
66% 56%
66%
56% 57
56%
66%
56% 57%
*35%
*72%
*75
Porto Rio-Am Tob el A-No par
Class B
No par
600
62% 63%
117% 118%
5034
Preferred
1,470
128% 132
a Deferred delivery,
n
26%
110
Jan 29
29% Jan 4
657$ Jan 18
67
Jan 26
24% Jan
6
72
Jan
6
117
Jan
4
7% Jan 27
4334 Jan 29
Jan
2
Jan
3
n4
4
Jan 27
28% Jan
New stock,
r
4
94
Jan 21
Jan 29
Jan 2 7
39% Jan
79% Jan
133
4
6
10
6
24% June
90
Apr
Jan 27
9584 Jan 26
30% Jan 14
112
Jan
8
34% Jan 22
58
Jan
67
Jan 26
8
26% Jan 26
77% Jan 13
127
Deo
Jan 26
Apr
Cash sale,
x
8
Nov
90% Nov
114
Apr
8% Mar
29% Dec
128
Dec
104%
Oot
39% Deo
79% Deo
Oot
98
Nov
34
Feb
117
Jan
32
Jan
18
8
Deo
24% Nov
25
138
31% Jan
Jan
31
Dec
92
8% Jan 22
15% Jan 22
4
Jan
Deo
4% Deo
22% May
105
Apr
25
July
50
Apr
58% Sept
8% Nov
19% Feb
74% Apr
5% June
22
July
1% Jan
2% Jan
7% Jan
8% Jan 2
48% Jan 12
16%
100
Oot
Ex-dlvldend.
Jan
y
36% Nov
60% Nov
65% Feb
13% Jan
35
Mar
75% Deo
119
Deo
10% Feb
50% Deo
3% Mar
6% Deo
15
Oot
37
Oot
Ex-rights.
New York Stock Record—Continued—Page 9
732
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER
CENT
Sales
STOCKS
•ayt?W
for
Saturday
Monday
Tuesday
Wednesday
Jan. 23
Jan. 25
Jan. 26
Jan. 27
$ per share
$ per share
42i4
43
*99
100
*111
112
112
112
*16
16i2
44's
4458
97i2
97l2
258
284
193s
1934
43i2
43%
2
1?8
$
per
share
Thursday
Jan
$ per share
7
7
4534
10l2
85i8
463s
45%
10l2
8578
1038
10i2
10l2
1058
lOU
44%
1014
84&S
85%
8314
8514
83
84
44'8
4578
4384
/
$ per share
43
42U
4184
42i8
4158 42%
9934
9938
993s
*99i8
993g
993s
11U2 llli2 *11U2 112
11H2 11H2
*112
112i2
112i2 11212 *112
112l2
16
17
16i2
I6I4
I6I4
16i2
44%
4334
42i2 4358
42i2 4334
*97
9778
98
97U 9778
977g
23<
2%
234
212
2i2
234
19
19i8
18l2 19
1734
18U
42
41
4214 4384
4214
41%
2
1%
1%
1*4
1%
1%
6
684
6
6i2
65g
63g
47U
28
Friday
Jan. 29
4318
42i4
43
9938
99i2
99i2
997S
240
11038 11058 *11012 111
112i2 II212 *112
11212
40
16i2
I684
44
97i2
*18
25g
1834
40
41i4
158
1«4
iUKli
1634
16l2
4384
9714
4414
97l2
3
258
18
203s
4012
1%
41
158
6i2
65s
6i2
6&8
4438
IOI4
83is
45i2
IOI4
8434
443g
*10i8
83is
45i2
103g
84ig
5,100
50
2,800
10,196
1,300
30,800
On Basis of 100-Share Lots
D1 UOjdl
Lowest
Par
Safeway Stores
No par
5% preferred
100
6% preferred
100
7% preferred
100
Savage Arms Corp
No par
Schenley Distillers Corp...
6
5H% preferred
100
.
$
vet
4112
9712
10984
IIII4
14is
4212
32
16
I6I4
3184 32
10334 104
12l2
64i4
4212
126s
65
4318
285s
10484 10434
28
13i8
13U
52
52
4
4
457s
10078 1007s
4534
3184 32i8
16'4
1578
3134 3258
104U 105
1258
123s
31
3H2
3
Jan 29
1«8 May
4U
Jan 21
2038
Jan 29
768 June
2012
Jan 11
4514 Jan 14
2
t Seaboard Air Line... No
100
6
Jan 26
Seaboard Oil Co of Del.No par
41
Jan 15
Seagrave Corp
No par
Sears, Roebuck 4 Co ..No par
81
H2 Jan 29
par
Preferred
Ai
11'8
Jan 21
Jan
4
8714
Jan 14
7s Jan
4
108
102
Jan
5
10812
Jan 29
35,500
Sharpe & Dohme
Conv preferred
A 0 par
1018 Jan
4
A .No par
6H2 Jan
4012 Jan
7
12l8
1234
1214
1234
108
125s
1312
10434 10434
12l2
5158
127g
5334
4
44
27%
28i4
1045g 10458
13
1258
10078 101
55
5U2
4
4i8
45
4
13ig
1334
637s
6378
*41
267g
42
4
42
4314
10034 1013g *101
4
133
116
133
133
4234
IOD4
135i2
115
101
115
115
115
*155
158
*155
158
*155
158
*155
31
30l2
3078
30
3058
30
3078
47%
4878
46i8
47
273g
27
275g
49
50
4918
50
26i8
4858
4614
2614
48l2
30'8
45l2
2738
47i2
27ig
47
2658
49%
4838
4934
30iS
4478
2634
4784
*60l2
65
64
62
*57l2
6478
*57i2
6478
*5712
934
49i2
62
934
*70
74
73
73
72
73
101
101
101
103
103
103
834
9i8
31
10
10
10
7234
95g
*72
7234
7234
*9l2
*2358
25
24
24
*90
95
*90
95
*92
95
92
92
2334
*93
24
24
95
*93
95
7H2
6938
7034
69U
7018
6934
7058
6914
*3638
37
37
37
36i2
73
7314
19U
1714
3712
7234
38i4
73U
*37i2
7334
1834
187g
16i2
16i2
1612
18i2
163g
I8I4
1634
1938
1634
31%
16%
74l2
30i4
18i2
163s
2914
*37i2
72i2
18i2
38i4
73%
19U
1738
36i2
7238
30i4
29
30
30
30i2
163g
1534
16U
1618
163s
29i8
157s
30
1534
74l2
7312
7312
74I2
75i2
75
75
*121
123
I6I4
3114
16i2
75
75
73
73
123
123
123
123
123
123
122
59
59
58
59
58
59
73
1834
55
57s
6
7
39
397s
38U
*171
397s
1834
6I4
37U
37i2
1778
26i2
267s
32
2214
16U
*1334
14
*56
56i4
39i2
37i2
*17i2
3912
2634
27i8
32i8
2278
1634
32i8
22i2
1658
81S
38
19
8iS
6's
7
57
5634
7
3714
37i2
37
38i2
37
38i2
18i2
2634
*18
263S
32i8
2234
32
21%
16i2
1578
1378
14
1378
56
56
56i8
8
8iS
8I4
18i2
14
14
1378
57
*56i4
57
*5614
5234
53 s8
8%
4012
405s
40i2
9i8
4078
16
1638
1578
16i8
5214
8i2
3978
1538
87s
405g
157s
*56
8
8
1434
4312
1538
1534
14l2
43%
*4212
44l2
500
*37
39
300
1358
14%
14
1434
45
44
44
1214
*1178
12
*90i2
92
92
92
92
113s
12
1178
12i8
*3738
*63U
1134
'92
1112
*90i2
3934
_
1H2
92
11%
12i8
7U
13
13ls
11%
7i8
*1278
12ig
13
127s
*27i2
2734
2758
912
978
958
38i2
281S
10U
2658
87s
277s
934
7i8
127g
2634
40 84
38
38l2
20 I8
2058
20l8
2034
714
13
73s
39
4014
2018 205s
IO6I4 1063s
2414 24%
7118 71%
16i8
I6I4
7
7
106i8 1063S
243g 2588
71
72
16i8
1638
13
106i8 IO6I4
24l2 25%
7014 7U2
16
163s
9U
3712
7U
2634
958
3834
20i8 20i2
106i8 106i8
23?s 25
70
707s
16
I6I4
*38
*63%
1H2
*90i2
1134
714
1234
27
39
*63i4
1U2
92
1214
714
1234
27
IOI4
958
3834
397g
2034
W2038
106is 1063g
247g
24is
72
73
16's
I6I4
*113g
*90i2
1134
7%
125g
2714
958
3734
16
15
-
-
1H2
1,500
700
1978
20 is
1914
197s
193s
20
19%
20
19%
19l2
26i4
25l2
26i2
10i2
2458
25i2
24l2
25
2514
25i8
97g
26
10
26i2
IOI4
*108
108i2
10
10
1018
108% 108i2 *108
10
10
10
10
10
Ids
10
*22l2
24
*22i2
23
22%
3612
*45i8
16i8
9114
22l2
37i2
*20i2
3534
37
37i2
467s
37
3714
4634
47
47
17
1714
1634
17
94
94
578
6l4
*93
6U
94
678
93
93
93
9358
66
66
65
66
105U 10512
2578 257«
104l2 105l2
2534 26
130
130
130U
99
99U
275s 28i4
30i2
31
*98%
13084
9914
28
28
3034
31i2
6
92l2
1018
934
10
22
22
2234
37
108
958
22
10i8
10
3,600
22
700
3634
37%
45l2
3658
45i2
37
4512
4534
46
46%
16
1714
1534
16l2
1558
16
94
90
90
93
*92
534
6i4
6i8
93
9314
93
64i8
64%
64
*90
94
63S
6i2
57s
9314
645S
9334
95
64
67
9834
9884
27
27%
98l2
26%
2914
30%
29»4
9834
2914
3078
9812
2834
2958
11,900
1,000
7,800
120
18,500
3,500
3,900
July
160
Feb
Mar
32i2 July
4778
Oct
2612
54U
Deo
Deo
59
Oct
ll7g Nov
82
Oct
11434 Nov
934 Mar
27
Oct
Jan116
133s
Jan
37
44
Jan
5334 Mar
99
Mar
10958 Nov
255g
Jan 16
22i8
Jan 14
L06
4112 Jan
1514 Jan
2
4
Jan
126
4
2384 Jan112
112
t22
Jan
LI
4578 Jan 1
120
16»4 Jan
12814
Jan 29
2184 Apr
143s Apr
12078
Jan
3i2 Jan
4
Jan
2
43U
46i2 Jan
8
31
Jan 11
6734
Jan
4
34i2 Jan
7114 Jan
2
1714 Jan
15i2 Jan
65
Jan 12
3634
Nov
4334 Nov
18's Nov
129
Feb
1334 Mar
Apr
978
Feb
9i2 Jan
2434 Apr
2684 Apr
2778
Deo
62
Deo
Jan 11
2
Feb
72U
3«4
Deo
Jan
463s Jan 25
35
Aug
47%
Feb
48i2
Deo
723g Jan
4
7
2
4812
Jan
32
Jan 25
3284
Jan
31
Dec
Jan
703s
Dec
2434 May
4084
25
7U2 Jan 25
38i4 Jan 28
Mar
55*8
65
2
75
4
2014 Jan 14
8
Jan 29
Jan
16i2 Apr
Oct
7812 Nov
24i2
Apr
No par
28is
Jan
4
Jan
4
17l2 Jan 20
335s Jan 9
1634 Jan 20
145s
13U
Jan
1578
73
Jan 26
77i2 Jan 11
70
Dec
91
Mar
4
118
Jan
125
Nov
60]8 Jan 8
73s Jan 28
27
Jan
60
3
Jan
1
t Studebaker Corp
Preferred
.100
122
Superheater Co (The)..No par
Superior Oil
1
54
Superior Steel
37
100
Jan 27
Jan
4&s
2
Jan
5
Jan 27
Sutherland Paper Co
10
Sweets Co of Amer (The)...50
32l2 Jan
2
13
Jan
8
Swift 4 Co
25
25l8 Jan
5
No par
3138 Jan
4
Symington-Gould Corp ww_.l
1834 Jan
4
8wift Internat Ltd
Without warrants
9
514%
preferred
Telautograph Corp
Texas
Texas
1414 Jan 6
1334 Jan 27
50
Talcott Inc (James)
55i2 Jan 15
.5
Corp
Corp (The)
Gulf Produc'g Co No
Gulf Sulphur...No
5
25
par
par
Texas Pacific Coal 4 Oil... 10
Texas Pacific land Trust... 1
Texas 4 Pacific Ry Co
100
Thatcher Mfg
...No par
conv
pref
No par
The Fair
No par
Preferred
100
Thermold Co
1
Third Avenue
100
Thompson (J R)._
25
Thompson Prods Inc..No par
Thompson-Starrett Co.No par
$3.60 cum pref
No par
10
Tidewater Assoc Oil
Preferred
100
Tlmken Detroit Axle.
20th Cen Fox Film
Corp No
par
Preferred
No par
Twin City Rap Trans.-No par
Preferred
100
Ulen4 Co.
64
Jan 13
2
43
Jan
4
165s Jan 22
Jan
4
Jan 28
Jan
4
1538 Jan 28
49
Jan
6
Deo
10U Jan
6i8 Jan
12
25
1278
8i2
1314
28U
IOI4
4034
Jan
Jan
6U Jan
32
Jan
20l8 Jan 16
1051s Jan 4
4
Jan
6
8i2 Jan 11
22
5
2
Jan 28
25U Jan
5
1358 Nov
Jan
Jan 25
3234 July
8i2 Mar
Jan 25
26
Apr
6
Jan 13
Jan 21
10i2 Jan 16
Jan 20
Jan
Jan
1218
11
9i2
Jan
1484
1005s
56
125s Mar
Jan
Apr
Apr
1478
Jan
1038 May
7%
93
47g
Feb
Dec
106i2 Mar
2778 Deo
74i2 Nov
18i8 Nov
275s Apr
2218
Deo
Jan
12
Feb
Jan
110
Oot
938 Nov
Jan
7% Apr
22i2 June
3138 Apr
884 May
65U
3934
2IS4
Feb
28
385s Nov
4784 Nov
17i2
109
Jan
Dec
Dec
Dec
678 Jan 20
278 June
8
74&a June
38i2 May
1023s Deo
7158 Jan
2084 Aug
108i2 Jan
105U Nov
28% Feb
14984 Aug
100i8
68
Jan
Jan 11
10578 Jan 18
2638 Jan 19
132U Jan 18
Jan
Jan 13
No par
265s Jan
5
273s Jan
2958 Jan 12
3112 Jan 25
98
Feb
24%
47g
94
5
Jan
Nov
Jan 22
85
Jan
Oct
16
110
Jan
3414 Jan 4
4234 Jan 13
1334 Jan 4
414
Oot
6318
Jan
2414 Jan 21
3812 Jan 20
47i2 Jan 21
1712 Jan 22
Jan
884 June
85
July
487g Nov
8I4
1078 Jan 15
109 i8
Mar
49
8i2 May
2738 Jan 22
Jan
Jan
3U
5
9
Feb
143g Mar
28
15U
Jan 13
Jan 16
Jan 13
108
4484 Nov
Jan 20
213s Jan
108
4
253s Jan 14
73i2«Jan 2
17i2 Jan 2
223s Jan 11
185S Jan
1984
4
Jan
59
123s Jan 18
8
Nov
7i2 Jan
9U June
337g Apr
Jan 13
Jan
6
64
93i8 Jan
Jan
101i2 Jan
......
15i2
33
4H2 Jan 22
lli2 Jan 27
12612 Jan
100
Jan 12
91
Union Carbide 4 Carb.No par
25
Preferred
9U Jan 20
Jan
Union Pacific...
Union Tank Car
Nov
Deo
Jan 15
64
100
123s Nov
8
878
77S
3834
1318
1112
4312
37i8
Union Bag 4
Union Oil California
15
Jan 21
1534 Jan
Deo
9114 Jan 22
par
Jan 22
Jan 20
Oct
13i2 Nov
263s Nov
3578 Jan
203g Dec
Deo
No par
Under Elliott Fisher Co No par
Pap Corp No
Jan
Apr
28i2 Apr
938
Jan 16
10
Jan
663
20U
13
Jan
Truscon Steel
23
Dec
Dec
5514
Jan 27
TrhContinental Corp. .No pa<
6% preferred
No par
Truax Traer Coal
No par
Jan 22
425g
'377a
684 May
16
Transue 4 Williams St'I No par
275g
3234
2384
173g
Jan 25
20i2 Jan 20
96s July
55s Apr
287g Jan
70
Transcont 4 West'n Air Ino.6
Jan
634 Mar
14i8 Jan 12
553s Jan 13
Jan
22
No par
8
4238
39'8
Deo
Oct
2
8
10
......
Jan
30i2
1178 Jan 2
503s Jan 18
Timken Roller Bearlng.No par
Corp
125
Jan
9i8
56i2 Jan 13
83s Jan 12
Transamerlca
United Aircraft Corp
98i2
736s June
2934 May
7i2
3512 Aug
(The).._l
Sun Oil-.............No par
Stone 4 Webster
35,500
104i4 105
2578
2534
12914 1297s
99
25
6
30i8
257s
128i2 12934
305g
par
No par
Oil of Indiana
29
104% 10538
25i2 2534
128i2 129
2734
No par
12,100
17,300
3,100
1,300
10,100
1045s 105
2558
8,700
16,400
200
16i2
9H2
6i2
4,900
94,200
9,100
22,200
13,700
12,000
6,200
27,400
7,000
108
47
64i2 65
IO484 10512
25l2 2578
12934 130
*9884
27i2
2934
10i8
109
400
22,900
I6I4
Jan
114
Jan,11
50
5634 Jan 29
65i8 Jan 26
Investing Corp..No
$3.60
714
10
Apr
Jan
9212 Oct
Jan
24i8 Aug
32
Jan 26
25i2 Jan 27
$7 cum prior pref
Stand
Texas
12%
39
584
678
Deo
30i2 Dec
17i2 Nov
Apr
5
4834 Jan
No par
Tennessee
12
28
634 July
63U June
10 U2 Mar
72
Dec
1578
2
3314 Jan 13
2078 Jan 4
28i2 Jan 4
..No par
16 cum prior pref
20
20%
10 I8
1038
109i2 *109
109i2
Comm Tobacco
49,600
31,300
10,800
92
1978
1018
No par
Prefeired
-
2038 2034
IO6I4 1063g
2438 2478
7278
7214
16
Preferred
13,000
36,700
73,400
26
*108
6,600
40
45
3934
3,100
16i2
1478
100
No par
Standard Brands......No par
Stukely Bros 4 Co Ino_.
41
46
6>£% preferred
Square D Co
1,800
20,500
61,000
1578
1378
Jan
Stewart-Warner
40
9
36
Sterling Products Inc...... 10
1534
878
Jan,27
10,700
40i2
1518
92
Standard Oil of Kansas
10
Standard Oil of New Jersey.25
Starrett Co (The) L S__No par
5414
834
3978
Jan 27
No par
Standard
77,600
54I2
5314
104i2 Jan 7
9i2 Jan 28
92
No par
2
Standard Oil of Calif
12
46
*63I4
1134
500
900
8
6
l
Jan 20
Conv preferred A
Spiegel Inc
80
1214
55i8
87g
4034
Jan 23
758 Jan
4
26
Splcer Mfg Co
4,000
8
8
101
Jan
8
Spencer Kellogg 4 Sons No par
Sperry Corp (The) v t c
1
220
57
Jan
74
No par
40,800
714 239,600
3914
5,400
1638
1378
65i8 Jan 20
10&8 Jan 11
34
4
5'8
1,400
5714
6
Jan 26
1418 Jan 18
3112 Jan 12
1278
1434
*37
1612
Jan
912 Jan
72
4
8
12%
47%
4038
75
Jan
Jan
2,900
39
19
23
900
70i2
53U Jan 1,1
23i2 Jan
1284 Apr
884 Jan
200
33
Jan 29
1
preferred
Feb
32t2 Jan 13
5034 Jan 21
2734 Jan 20
^25
Jan
t Stand Gas 4 El Co.. .No par
12i8
53%
834
1218
5212
8i2
*5.60
No par
Jan
32,500
15,500
1,100
2,800
15,300
5,800
1,400
1384
Sparks Withlngton
Spear & Co
150
Jan
9i2 July
3134
16
155
1238 Jan 22
22i2
315s
2218
16i2
Preferred
2M Apr
4
700
32 I8
Jan
378 July
Jan
10l2 Jan
12,500
23
155
Jan
1
18i2
16i8
137S
100
Mar
534
4212
Jan
Stand
3734
3178
No par
110
11212 Jan
43a Jan
11,600
26i2
22i2
56i8
8l4
48
Nov
11812
Jan
Ill's Jan
120
18i2
26i4
2212
I6I4
26is
23,800
3712
3714
32
5134
....
7
16
52%
40
3912
377g
1834
26i2
56i2
2134
5178
834
*6314
738
32
1258
403s
58
22l2
163s
137s
12
4038
123
32
1278
*63l4
*1178
16i2
47i2
*28
26i2
1238
1412
*18
33
26i8
13
*45
123
7
3914
38i2
13
9
123U
638
48i4
10
1,900
85
657a
Solvay Am Invt Tr pref.-.lOO
16,700
32
4758
100
Jan
115i2 Jan
54I2 Jan
12i2 May
10
2,100
Apr
Jan
15512
17,400
132
Jan
18,
Sugar
Jan
976s Dec
54
Sept
I6I4 Jan
34
634
473s
19i2
Jan
Socony Vacuum Oil Co Inc. 15
Mobile & Ohio stk tr ctfslOO
1,400
x3'2 June
Dec
12712 Nov
1412 Jan
487g Oct
Jan
Jan
Spalding (A G) 4 Bros.No par
1st preferred
100
Spang Chalfaot 4 Co Inc pf 100
20,600
884 July
1934 Jan
29
100
120
Nov
Dec
2634 Jan
1,800
700
45
102
40UJune
21
Sept
,4784
68,800
64
28U
138
85U Jan
100
9%
4318 Jan
30'4 Apr
1484 Apr
Dec
D£
Jan
9,400
24l4
Deo
Deo
1114
Jan
So Porto Rico
1934 Nov
Jan
484
48
South Am Gold 4 Platinum. 1
iu,« Dec
313s Nov
327g
111
24
180
47
778 Nov
101i2 Nov
104i2
100
42*2 Jan
6478
978
Jan 21
Deo
Deo
Dec
1013s
2914 Jan
4838
*28
7% preferred
26
70i2
4734
SIosb tiheff Steel 4 Iron... 100
65
Jan
87t
July
1384 Jan 29
43i8 Jan 23
2934 Jan 5
105U Jan 28
I6I4 Jan 12
557s Jan
4is Jan
Jan
2i8
44
Feb
Feb
Jan
Smith (A O) Corp
10
Snider Packing Corp...No par
100
4758
33
Jan
100
32
4634
Jan 27
99
Southern Railway
71
1634
Preferred
42
Skelly OH Co
1,900
1,490
25
100
6,000
Southern Calif Edison
48l4
3H2
*28
10214 Jan 4
12i2 Jan 26
4412 Jan 4
312 Jan 5
Southern Pacific Co
69
33
10
2678
46,700
31,900
3H2
48i4
.No par
Simms Petroleum
4
Jan 29
"MOO
35
33U 3314
33i2 3312
35
*3314 337s
3414
3538
22
2278
2258 2318
2214 23
2218 22i2
22i8
2258
223g
32
*31
30
3U2 ,31%
3034 31
30i2
30i2
31%
30%
3034
*49U 50
*49U 50
*4914 50
49U 49i2
4912
49i2
49i2
4914
2384 2438
23&8 2418
223g 235g
22i8 23i2
23i2 24i4
2338 24i8
*111
111
11134 *111
llli2 111
*110l8 111
*110i8 111
*110%111
44
4438 4412
43i2 44U *4212 43U
4314 43i2
4414
4414
44%
16
1578
1534
16
16i8
15%
157s
1534
157s
1538
1578
1558
12712 12712 *126l2 127l2 *126i2 12712 12712 127i2 *126i2 128
128
128i4
12
12
12i8
1214
1178
1H2
1134
12i8
1238
12i8
1134
115s
12
1278
1258
1318
1138
1178
1138
1234
1314
1278
12i8
12l2
27
2638
28i8
2814 2878
26i8 267s
25i2 277s
28l4
26i2 2714
*60
61
59
59
59
57
5934
57i2 58
5684
573s
5634
68lj
67
66
68
68%
66lS
67
66
65i8 66
66I4
66i2
3l2
3i2
3i2
*3i2
3%
3&s
*3l2
35s
35g
3i2
3l2
*3i2
45
45
4558 46'4
45i2 463s
4378 4578
4438 45l2
4534
4578
47
Simmons Co
Jan
30i2
33U
*28
Conv 1, referred
100
Silver King Coalition Mines.5
Preferred
103
25
ser
Sheaffer (W A> Pen Co.No par
Shell Union Oil
No par
28
4658
2714
485S
*100
10234 10234 *100
103
9
834
93s
914
9i2
25
1
Corp
$5 conv prel
390
73
26
I6I4
7412
22,400
2,800
Servel Inc
158
*70
*24
3U8
6,800
50
4834 49
4918
3,000
48% 4912
2678
27
27
2634 27
2634
3,600
2678
17
173g
18
18
1678
17i2
17i2
1734
234,900
11118 llUs *11012 11218 *110l2 112i8 *110i2 112i8
100
5
514
534
53g
558
55g
514
538 118,900
36
3714
36i2 37i2
373s 38i4
37U
38ig
4,600
49%
2738
*1634
12,500
1,800
49i2
273g
263s
1834
600
50
28ig
1047g 10478
1258 1278
53
5514
42
13234 134
*112
4
4i8
43
4212
101
28%
105
10514
1258
13i8
54l2 5578
2758
10812 108i2
48
1878
Deo
89
105
3078
73i2
1*16
155s
107i2
105
135
48
17.« Jan 13
1118
2034
114
33U
2212
Jan
Apr
3i2 July
695s Jan
7% Jan ~2
Jan 29
48
9U
7«
2
30i2 Aug
Jan 18
114
858
2
Jan 25
133
878
2
17 U
51
858
Jan
Jan
*4 Jan 25
35
116
10i8
2is
8i2
/8
32i8
135
934
2
Jan
5
105
1778 Nov
5578 Nov
10134 Mar
17
18,900
6,800
15,000
Nov
x38
1
Jan
31i4
Dec
114
11412 Mar
100
Preferred
1558 Jan 26
31
share
99
No par
Scbulte Retail Stores
Scott Paper Co
29
42
*62
Dec
No par
No par
133
10%
June
93
No par
*114
10l8
11
3778 July
Shattuck (FG)
64
158
Jan 22
Sharon Steel
64
*155
98
6,100
133
158
2
110i8 Sept
25,000
2,100
*41
*11118 11218 *llli8 11218
47g
434
5i2
434
37
3534 36%
37i2
<_
Jan 26
6
16
64
1758
Aug
113
11212 Jan 26
1714 Jan 12
4584 Jan 21
35
42
17%
108
!
1
16
*41
1714
Jan
Jan
Jan
Jan
34
*62
17
Dec
16i2
64
2758
July
96
3434
2838
273s
27
Jan 21
315g
42
2758
Jan 13
100
34
64
48l2
46
J
31i4
I6I4
28
51%
'
16
42
5214
4
4i8
45i8 4534
10034 101
495g Nov
Jan
Jan
3378
2858
13i2
per
155g
64
5258
Highest
per share
3312
42
1234
\
16I4
64
105
share
34
42
104
per
1558
28U
51%
2758
*155
313g
$
32U
115/ 115
133
30l2
share
9434 Jan
Rights.
3158
Lowest
Highest
19,600
1,900
22,800
Year 1936
EXCHANGE
3,700
950
Range for Previous
Range Since Jan. 1
flTAPTT
Shares
4212
43i2
97i2
258
VAD T/"
Week,
$ per share
WiyW
the
Jan. 30, 1937
90 it
Jan
2258 Jan
2058 Apr
85s
70
100
Jan
Dec
June
3158
Feb
323s
Feb
f
^
*
Bid and asked prices; no galea on this day.
t Companies reported In receivership,
a
Deferred delivery,
n
New stock,
t Cash sale,
x
Ex-dlvldend.
y
Ex-rlghts.
LOW
AND
New York Stock Record-Concluded—Page 10
144
Volume
HIGH
SALE PRICES—PER SHARE.
Sales
NOT PER CENT
Jan. 23
Tuesday
Monday
Jan. 25
S per share
23%
23%
•25%
2984
♦116
87%
♦31%
738
46%
15%
*24%
26
Jan
$ per share
23%
22%
26
*25
97
97
49
8%
48
4884
83
83
82%
83
15%
16
15%
16
97
778
*48%
8%
87g
*111% 112%
13
14%
19%
19%
19%
*111% 114
14
13
1984
101
*95
3%
*3%
19
19
*95
100
3%
26
Jan. 27
$ per share
Jan
$ per share
Jan
28
$ per share
22% 227b
23%
22% 23
22% 23%
25
28%
28% *26
*25% 257s *25
29
29% 29%
28% 28%
29%
287s 29%
*116
*116
116% 116% ♦116
88
89%
88
88% 89% *87% 89
88%
32
32
32
32%
32%
32% *31% 32%
7%
7%
738
7%
7%
7%
7%
7%
45% 45%
45% 46
45*4 46
45% 45%
15
14%
1434 15
14%
14%
14% 14%
23
23
23
23
23% 2378
24%
2334
9634
*97% 101
*97% 1Q1
96% *97% 101
77g
8%
/8%
8%
8%
8%
8%
8%
48
48
*47% 48
48% 4834
48% 48%
82
83
82% 82%
81% 82%
81% 81%
15%
15%
15%
15%
15%
15% 15%
15%
*111
112
112
*111% 112
111% 111% ♦111
13
12%
12»4
13%
12% 13%
12% 13%
19
19%
19% 20%
19% 20%
19%
19%
100
*97
*95
*98
100
100
99% 100
*3%
3S4
3%
3%
3%
3%
*3%
3%
3%
-
-
-
mmmm
-
18
18
18%
1934
18%
18% 197b
18%
31
32
31
31
31
31%
30%
31% 31%
31%
125
125% *12484 126
128% 130
125% 126
126% 126% 127
*170%
168% 168% *170%
*170%
*168%
*170%
18%
19%
18%
18%
19%
187g
187g
18%
18%
18%
19%
59
59
59
*57
56
56
56%
56%
56% 56%
56%
387g 39%
3878
38% 39%
39% 40
38% 38%
38% 39%
8
8%
77*
8%
8%
7%
7%
8%
8%
7%
7%
17
16
16%
16%
1678
16%
15%
15%
15%
1634
16%
*95
103
*95
102
*98
101% *98
101% *98
102% *98
67
67%
66%
66%
67% 67%
66% 68%
66% 67
68%
17%
18%
17%
18%
17%
17%
16%
17%
18%
18%
17%
53%
52% 53%
52% 53
51% 52%
51% 52%
52% 54%
98
96
97%
96%
95% 96
97%
96% 98
95% 96
87
85
86
87
*877s 88
877g
86%
86% 86%
85%
73
74%
*727g
74%
74%
727g
7278 *72% 73
*72%
72%
87
88%
86% 88%
897b 93
91%
85% 87%
85% 88%
148
149 v
148% 149% 149% 149% 149
149% zl47
149% 148
132
♦120
133
*120
132
*120
*120
132
*120
13284 *120
♦162
167% *162
167% ♦162
167% *166
167% 167% 167% *162
9
8%
8%
8%
8%
878
8%
8%
87g
8%
8%
7
7
7
7%
6%
67g
67g
7%
7%
7%
6%
♦82
82% *75
82% *70
82% *79% 82%
82% 82% *79%
19%
18%
3078
130
-
mm mm
877g
*161
164
♦161
101
101
101
4%
4%
2%
2%
56
56
31
31%
♦43%
*114
44%
*86
59
8%
114
10%
10%
*30% 32%
♦128% 132
75
4*71%
121
*121
4
*101
101
4%
2%
57%
*55
31
30%
4
2%
*55
29%
42%
8%
58%
43%
87
86
1637s
4%
2%
56
30%
8%
59
8%
57%
*114
4
2%
*55%
29%
43
41%
114% *114
44%
43%
*85
9%
60
87g
59%
11
116
114
*9%
11
10
32
114
11
32
*30% 32%
128% 128% *130
73
*71
*118
135
118
118
11%
11%
11%
11%
*9
11%
10%
11%
*9
46
*7%
*94
7%
977S
♦42
*94
44
46
7%
67g
6%
37g
11%
11%
44
61
135
11%
11%
11%
*8
11%
11%
7%
15%
67%
1%
1%
1%
11%
11%
33%
3978
11%
33%
39%
12%
3434
11%
12
1%
11%
34
34
33
1534
67%
1%
11%
33%
40
39
40%
38%
40
36%
35%
36%
35%
35%
87s
9%
8%
8%
35%
8%
35%
8%
*98
99%
122% 122%
49
84
84
*99% 101%
107% 107%
98
9%
*18%
278
7%
81%
49%
163
"9%
19
2?s
8
82%
50
164%
168% 169
29%
3778
24%
33%
30%
3778
25
33%
98
•
-
-
—
17b
178
48% 49%
83% 84%
*83% 84%
101% 101% *99% 105
105% 107% *105% 1077b
99%
122% 122%
*114
9%
9
18%
2%
*17
mm
8%
81
82%
4934
52%
163% 16434
158
9%
17%
27g
778
81%
52%
163%
170
166
167
9%
18
234
7%
29%
*37%
25
*33%
170
30
377g
25%
3334
2%
7%
7934
51%
28%
*37%
24%
33%
"
29%
3778
25%
34
11
*117
*98
99
122% 122%
115
9%
17%
27g
278
7%
77s
79% 81
50% 51%
158% 160
167
28%
*37%
24%
33%
15%
*6584
1%
11%
33%
39%
35%
8%
11,700
8,200
t United Paperboard new
10
U fe & Foreign Scour._.No par
46%
7%
95
.100
18
..No par
20
100
U 8 Hoffman Maoh Corp...5
2,900
10
*17b
167
29
377b
24%
33%
80
•51
157%
166S4
28%
*37%
24%
20
46,900
2,200
700
40
99% 99%
1217S 122%
114
9%
18%
278
778
81%
517b
160
166%
29%
377b
25%
9%
*17%
2%
7%
78%
33
33
114
9%
19
2%
110
10
400
29
5,300
3334
377g
25%
3334
100
100
120
*116
534
46
57g
10%
83%
6378
46%
98
98%
90
91
97g
83%
63%
121% 121%
*74
75
56
56
277g
28%
5%
934
83%
6%
97g
64
83%
64%
45%
46
97%
89
125
*73%
*56%
27%
98%
90%
125
578
40%
5%
9%
83
6%
978
83
63
64%
43%
94%
45
95
88
88
*116
121
7484
7384
58%
56
28
578
41
2678
73%
56%
27%
140% 142
140
140
140
140
45
44
44
44
44
*4434
79
78%
114% 114% *114% 120
79%
79%
34%
8%
34%
8%
*
34%
8%
35
8%
78
76%
*114% 120
34%
8%
35
8%
Bid and asked prices; no sales on
5%
9%
6%
10
5%
978
83
6%
10%
82%
62%
4278
63%
61%
45%
46
83%
62%
46%
93
96
95
96
88
90
87
88
82%
119% 119%
74% 74%
56
62%
27% 28
138% 138%
*43% 44
76%
78%
114% 115
34% 34%
8%
8%
this day,
41%
107
26%
17%
5%
40
5%
97s
*82
60%
45%
93%
*87%
118% 118% *116
74
74
61% 61%
27%
28%
138% 138%
447b
107
27%
17%
5%
40
57g
10
84%
62%
46%
95
90
1237g
130
4,600
800
600
900
21,600
8,000
1,330
2,000
60
400
45
45
80
81%
*113
34%
34%
8%
8%
120
36%
8%
Jan.32
5
169
Jan
160
Oct
5*
Apr
7»4 Jan 15
684 Jan 4
81i2 Jan 13
80
67% May
57% Apr
Jan 16
86
Jan 21
i6Hj Jan 13
Jan 2
100
164
Jan 19
153
108
Jan 18
50
47g Jan 13
2* Jan 20
37« Jan
1«4 Jan
Jan
3912 Jan
114
Jan 18
42i2 Jan 5
aS6% Jan 19
o91
Jan 19
7% Jan
54l2 Jan
4
Jan
2
4
9% Jan 15
Jan 14
58i2 Jan 20
323s Jan 9
44% Jan 20
3%
165
Jan
115
Aug
Apr
Jan
July
June
Jan
Jan
9
76
Jan
5
118
Jan 26
122% Jan 11
4% Jan 21
12% Jan 21
May
70
120
9
16
Jan 12
3714 Jan
11434 Jan
11% Jan
5
5
4
Jan
6
684 Jan 26
94
Jan 26
12
Apr
Dec
15%
4834
1978
46%
8%
Jan 18
98
Jan
8
Jan
5
Jan 18
Jan
8
Jan 13
Jan 29
9%
5%
26%
17?s
1078
2%
47%
9%
Jan
Jan
Apr
Apr
Jan
Apr
49% Nov
116
Aug
48% July
80
Aug
84
Sept
Deo
Deo
May
Dee
Deo
8%
68%
114%
13%
41%
131%
Aug
86
Feb
137% June
4% Feb
10% Mar
7% Mar
19
Nov
39%
Deo
118
Jan
12% Dee
49% Nov
20
62
Nov
Nov
7% Nov
69
Deo
27S
12%
38%
37%
39%
11%
Feb
Deo
Deo
Deo
Deo
Feb
Jan 16
% June
4% Jan
1578 Jan
Jan 11
21
Apr
8
19% Apr
6% June
2% Jan 9
51% Jan 7
84% Jan 23
1
Aug
33% June
Jan
30% Deo
Apr
Apr
44
9% Jan 22
38
Deo
57
105
Jan 23
Jan 25
6% Mar
2% Oct
Jan
Jan 21
83
"~~i%
Jan
30
18
35i2 Jan 4
353s Jan 19
734 Jan 6
5
4% June
114
69%
1%
12%
35%
141*4
31
Jan
Aug
Aug
2% Aug
Jan 28
1478 Jan 29
4
Jan 29
Jan 21
*114%
17% Jan 22
39% Jan 21
118
65i2 Jan 26
Us Jan 5
10U Jan
5
14
37
130
.
Mar
1
Jan 18
Nov
8% Nov
Nov
16% Apr
28% Jan
114
Jan 18 zll0% Feb
40
Apr
46% Jan 15
72
May
0865s Jan 19
091
84
Jan 19
Sept
4% Jan
0i2 Jan 27
28% Aug
6H2 Jan 22
109
Mar
114% Jan 16
4
Apr
1284 Jan 7
71
July
July
168
92
30
1277® Jan 19
30
144
May
Nov
18% Deo
85
June
Jan
4
Jan
4
102
Jan
Jan
10412 Jan
4
108
Jan 22
96
Jan
110
Apr
Jan 6 *100% Jan 19
Jan 6
122% Jan 21
Jan 14
115% Jan 8
87
Feb
102
116%
111%
Jan
Jan
124%
116%
12%
23%
Sept
Sept
Deo
Feb
Sept
4
Feb
preferred...........100
100
Westlngh'se Air Brake.No par
95
120
114
87g
17i2
2i2
7U
7714
488s
Jan
4
Jan
2
Jan
8
2
Jan
Jan 13
Jan
4
Jan 14
Westlnghouse El A Mfg....50
145
Jan
4
preferred...........-50
151
Jan
4
Weston Eleo Instrum't.No par
26
Jan
5
36l2 Jan
2312 Jan
7
1st
No par
Class A..——
Westvaoo Chlor Prod..No par
5% preferred
......30
Wheeling A L Erie Ry Co.. 100
5H% conv preferred—100
Wheeling Steel Corp.—No par
PrJerred
.....100
White Motor
50
White Rk Mln Spr ctf—No par
White Sewing Maeh—No par
Conv preferred.....No par
6
Wllooz Oil A Gas.
No par
Wilson A Co Ino
.....—100
Co...—.10
Worthlngton P A M——100
66
preferred
Woolworth (F W)
33
90
114
2
Jan 28
Jan 18
Jan 18
100
—4
700
KH% preferred......—100
6,900
9,400
Zenith Radio Corp
No par
Zonite Products Corp...—..1
t Companies reported in receivership,
a Deterred
delivery,
n
26
Jan
8
3478 Jan
7
Jan 29
34
Jan 19
99
23U Jan
1512 Jan
4
4
28*4 Jan 13
4i2 Jan
884 Jan
7984 Jan
4
2
5
6058 Jan 29
3412 Jan 4
Jan
77*4 Jan
49*8 Jan
20% Jan
128
Jan
42U Jan
7512 Jan
10834 Jan 11
33
Jan
2
7i2 Jan 2
New stock,
r
1878 Jan 25
6% Jan 4
46% Jan 4
6%
10%
8334
65%
Jan 25
47
Jan 22
Jan 21
Feb
8% Apr
15
Apr
17s Nov
5% Aug
72% May
34*4 Jan
94% Jan
123% Jan
22% June
35% Oct
19*4 June
31% Nov
100
107*4 Jan 21
5% Jan 2
40
Jan 29
78
91%
115
4
Jan
Preferred......
52% Jan 29
167% Jan 22
170
Jan 22
30% Jan 22
3778 Jan 23
Jan
73
Young Spring A Wire—No par
Youngstown 8 A T——No par
8
103
Jan
Yellow Truck A Couch ol B-.l
Jan
4478 Jan 29
81
-
3
8% Jan 2
83% Jan 22
4
118
Preferred B
10% Jan 20
203s Jan 20
Jan
100
100
Preferred A
9
38
Wright Aeronautical—.No par
Wrigley <Wm> Jr (Del) .No pa
Yale A Towne Mfg Co.....25
250
600
18,800
5
9i8 Jan 21
734 Jan 13
84i2 Jan 11
Apr
Deo
Nov
81
Western Union Telegraph. 100
37,300
1,800
71,700
27%
28%
138% 138%
133
Jan
Nov
98
Preferred...... ........100
21,100
74
81%
114
16,800
61
787s
34%
8%
500
74
45
114
19,500
60
45
Jan 20
167
Jan 22
103%
75%
7978
154%
preferred .....No par
2d
1,800
1,100
Jan
92% Jan 14
753s Jan 18
9434 Jan 29
2% Jan
52% Deo
83*4 Deo
107
Sept
Western Pacifio
10
120
Jan
47
7% Apr
Jan
Jan
Sept
6378 Deo
19% Deo
49% NOV
101
Nov
Jan 14
—1
6% preferred.... ...... 100
West Penn Power pref.... 100
6% preferred.....——.100
Western Maryland.......100
130
28%
*37%
25%
Jan
16%
100
—
Preferred............—100
3,100
165
21%
193s Jan 12
5538 Jan 29
99i2 Jan 21
978
18%
104
48
Conv
80
15,300
Jan
59
West Penn El class A..No par
350
165
51
.No par
Wesson Oil A Snowdrift No par
60
1,300
4,900
14,200
25,400
.
Wells Fargo A Co
500
158
100
6
Preferred
210
3,400
7%
80%
52%
159%
*97
41
39% 40
42%
107
105% 105% *106
26%
27%
26% 26?s
18
183g
18%
18%
5%
5%
5%
584
40% 40%
*40% 41%
Webster Elsenlohr—.
71
Jan 21
131
42
Ao par
Warren Fdy A Pipe——No par
Waukesha Motor Co...
5
Jan
Aug
31% Aug
4% Oct
10
Aug
150
par
Convertible pref
May
878
49
4
par
—..No par
Warren Bros
160
13934 Jan
4512 Jan 14
1912 Jan 6
.No par
.No par
63.85 conv pref
t Warner Qulnlan
mmmmmm
2
*17b
49
48%
*81% 84%
*99% 105
107
107%
115
400
Nov
Jan
Nov
Feb
Nov
Nov
Apr
4
5
par
Jan
23%
39%
125%
169%
20%
62%
10
Apr
24% June
80% May
Jan
4
par
Nov
5
72% July
68% Jan
46% Jan
115% Jan
131
Apr
Jan
No par
Preferred
.....100
Warner Bros Pictures
—5
3,600
1,900
4,500
*81
6
734 Jan
Class B
300
36
8%
Jan
8314 Jan
100
100
Feb
100
Jan
69% Jan 16
5
par
20
Jan
104
31* Jan
Walgreen Co
Apr
2
Jan
4
5
102
13
91
89
Jan 27
19% Jan
113% July
Jan 22
17*4 Jan 21
Jan
Deo
Nov
358 Jan 28
Jan
Jan
87
20'4 Jan 28
100
Jan
60i2
1634
4414
9212
June
8%
50% Nov
Jan
Jan 16
7
16% Feb
29% Aug
109
1137S Jan 14
14U Jan 25
5914 Jan 22
4114 Jan 21
9
Jan 21
Jan
July
32%
June
Jan 12
66% Jan
Jan 14
14% Nov
Jan 11
f Wabash
100
Preferred A............100
30
4
117
105
Jan 19
53%
37i2
6I4
1314
.........100
Preferred B
Jan 25
"
93
Jan 29
113
Preferred..
70
39%
35%
8%
*98%
99%
122% 122%
9%
18%
*2%
7%
30
15
Jan 15
1934 Jan 21
No par
Virginia Iron Coal A Coke. 100
6% preferred.....
100
Virginia Ry Co pref100
Vulcan Detlnnlng
.100
1,300
2
100
Va El A Pow 66 pref
300
31
49%
*81
84%
*99% 105
106% 106%
No par
6% preferred
80
31
*116
42
5% non-cum
Va-Carolina Ohem
36,000
9,000
11%
120
6
5
Co com 100
pref..
100
mm,mmmm
11%
100
*41
f
.......100
7% 1st pref
Vlck Chemical Co
1,400
11%
33%
*97
6%
Van Raalte Co Inc
Jan 21
130
28I4 Jan
Corp of Am.No par
Jan 19
169
48
30
5% Apr
40% Apr
10% Apr
Jan 14
Jan
Vanadium
6,100
Jan 14
35% Nov
9% Feb
4878 Aug
Jan
Universal Picture* 1st pref-100
25,100
1,200
96% Nov
Jan
Jan
Utilities Pow A Light A
1
Vadsco Sales
....No par
Preferred
100
3,900
31,400
*116
42%
Preferred
Jan
17
75
No par
100
Oct
68
22%
122
100
No par
100
17
Jan
111
Jan 25
20% Jan 19
347g Jan 13
72i8 Jan 29
100
85
Highest
$ per share $ per share
Jan
13
25% Sept
37% Nov
16% Apr
33% Nov
24% Mar
Jan 19
Jan 11
167
40
1%
8%
Jan 21
.50
Corp
Preferred...
20
3
14,900
1%
120
*6
...100
50
Preferred
68,700
100
42%
U 8 Steel
U S Tobacco
15%
6778
*97
187s
1st preferred
600
*115
27
No par
......No par
U S Smelting Ref A Mln
Preferred
32,000
120
26%
18%
100
20
U 3 Realty A Impt
U 8 Rubber
10
8%
100
26%
18%
preferred v 10
U S Pipe & Foundry...
9,100
29,500
38,200
5,500
3,100
45%
*97
105% 105%
26%
26%
18%
18%
No par
t c
.....No
6H% preferred
J Walworth Co..
No
Walk(H)Good A W Ltd No
Preferred
....No
Ward Baking class A. .-No
*115
39%
v
Waldorf System.......No par
98
18%
Class A
1,300
120
*26%
U S Industrial Alcohol-No par
U S Leather v t 0
No par
1,600
98
38%
50
Prior
'
41
40
41%
*105% 108
*105% 108
5X% oonv pref
17
*114
40
7% preferred.
7,100
147b
*65%
36
6
Jan
15%
6778
1%
40
4
Jan
30
U 8 Freight
U S Gypsum
38
97
Jan
Preferred
1,260
100
......
167g
97
17
Corp......No par
38
7%
4
9612 Jan 21
Preferred
6,700
45
4
IIII4 Jan 26
6i2 Jan 4
U S Dlstrib
11%
11%
11
8012 Jan
1484 Jan
200
2,000
*
79
600
3%
3%
*116% 118
15
14%
14%
47
46% 467g
19%
1984
19%
49%
*114
115
9
17%
7%
16%
38%
135
118
*81
*81
2
49
99%
122% 122%
•»
mm-
*17g
48%
2
*17g
49
*114
*114
*
*81
*81
2
14%
4684
*19%
95
96
1578
50%
84%
99% 101
107% 10778
16%
38%
118
43
44
7
68%
1%
2
135
*9
15%
49%
84%
12
*117
68
*81
**•»•«»
9
8%
58%
59%
*113% 114
31%
16
9
114
11
10
69%
87s
9%
61%
114
114
mmmm
m m mm
"8%
58%
1534
*39%
36%
Improve...No par
Preferred..........No par
Vlcks Shr A Pac Ry
69%
*30
..No par
Universal Leaf Tob
10%
15%
1
100
3%
*65%
2584
99U
87g
49%
86
86
*85
*85%
163
*158
163
*158% 163
106
105
*101
*102% 104
4
4
4%
4%
4%
2%
2%
2%
2%
2%
55
*54
56
55
57%
30
31%
31%
30%
30%
40% 40%
42%
41% 4178
114% *114
11434
114% *114
43% *43 % 43%
43%
43%
3%
15%
67%
1%
18% Jan 4
9634 Jan 26
7% Jan 4
4612 Jan 7
100
100
3%
*94
4
5,000
11,600
3%
*42%
7%
4
14% Jan
United Gas
110
*118
43% Jan
400
610
94
1%
2,700
39,600
132
86
27% Jan 8
30% Jan 11
117
..No par
United Eng A Fdy
United Fruit
700
86%
400
72%
9434 233,800
3,600
149%
8%
2
Jan 11
Jan
.....No par
United EleottloCoal...No par
44,300
16,600
4,800
167%
6
115
89l2
3234
8%
4678
1578
Preferred
110
40%
68
5
Jan
28l2 Jan 20
4
United Drug Ino
500
18%
55%
97%
20°s Jan
25
6 per share
243s Jan 12
6
United Dyewood Corp.....10
6,400
8,700
2,700
5634
157b
101%
Range for Previous
Year 1936
Lowest
Highest
$ P«r share
297g Jan
6% Jan
United Corp
Preferred...
68,300
12
94
95
United Carbon .......No par
United-Carr Fast Corp.No par
7%
17
*16%
167b
17%
17%
16% 16%
17%
38%
38% 38% *38
*38% 39
38% 3834
*116% 118
*115% 118
*116% 118
*115% 118
13%
13%
14%
14%
14%
1434
14%
14%
47
46%
46% 46% *46
46%
46% 46%
197g *19% 1978
1978
1978
197g
*19% 197g
*43
1,400
1,200
3,700
8
No par
10
1,100
-
Corp...6
United Biscuit........No pa>
Preferred
100
32
32
337b
*31%
131
130
130
1297s 1297s *129
73
73
71%
71% **71%
*71%
73
3%
200
1,600
82%
32
132
73
37g
Un Air lines Transp
United Amer Boscb
14,600
United Stockyards Corp..
1
United Stores class A. .No par
Preferred class A ....No par
90%
9%
100-Share Lots
Lowest
Par
*84
*90%
"
163
*101
108
*84
114
378
11%
4%
45%
44%
*86
*90%
~
59%
114
1637s *161
4%
2%
43%
42% 42%
115% *114
115% *114
44%
*90%
8%
*86
86
*85%
On Basis of
.
.
Shares
18%
-
ftTOmr
diuujtx
.
22*4
mmmm
VORTf
a v/iviv
EXCHANGE
Week
29
$ per share
31
*86
the
Friday
Thursday
25
29% 29%
29%
116%
116% *116
87%
88% 89%
32
32%
32%
7%
7%
7%
46
46%
46%
15
15%
15%
25
24% 2434
97
Wednesday
Range Since Jan. 1
STOCKS
KT1CW
xlxaw
f()T
jut
Saturday
733
Jan
978 Feb
96% Nov
*5078 Deo
153% Oot
Oot
160
33%
Jan
39
Jan
32
July
35% Oot
91
Nov
July zl20
Oot
21% July
84
July
18% Feb
13% July
3% Apr
Apr
16
2*4 Jan
6% June
397s Deo
109% Feb
28% Nov
17% Nov
6% Nov
43
Nov
5% Mar
11
Jan
Jan 21
70
June
87
Jan
Jan 20
71
Nov
99*4 Jan 22
44% Apr
23% Apr
56
Apr
91
47
Jan
62%
Jan
Jan 23
126% Jan 11
76
Jan
7
62% Jan 27
29% Jan 20
^6
Jan 23
Jan 15
81% Jan 29
115
Jan 27
36% Jan 12
9% Jan 16
Cash sale,
x
63
Aug
33% Apr
8%
Jan
83% Jan
42% July
41%
105
79
Feb
51
Nov
Jan
23% Deo
163% Deo
56
Apr
87% Oct
Jan
122
11% Jan
5% July
Ex-dividend,
36% Deo
86% Deo
80% Oot
140% Sept
Aug
42% Nov
9% Jan
y Ex-righta.
Complete Bond
Brokerage Service
RICHARD WHITNEY & CO.
Member*. New York Stock
Exchange
Member*
Exchange
15 BROAD
New
York
Curb
STREET,
NEW YORK
Telephone*^ Owllng-Green 9-4600
T.
A.
&
T.
Teletype TWX.
N.
Y. 1-1793
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
734
On Jan. 1, 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"—except for income and defaulted bonds
NOTICE—Cash and deferred delivery sales are disregarded In the week's range, unless they are the only transactions of the week, and when selling outside of
the regular weekly range are shown In a footnote In the week In which they ocour.
No account is taken of suoh sates in computing the range for the year.
Week's
Friday
bonds
N.
Y. STOCK
Week Ended
U.
S.
Nft.
Range or
Range
bonds
Sale
Friday's
Since
N. Y. STOCK EXCHANGE
Price
Government
Bid
&
Asked
Jan. 1
High
No.
120.16
106
20.7
108.27
154
08.16 109.26
114.8
114.18
68
14.8
115.20
113.8
113.18
96
13.8
114.9
110.18
Low
15 1947-1952 A
O
120.9
15 1943-1945 A
O
108.20 108.16
15 1944-1954 J
d
114.8
15 1946-1950 M
Treasury 4%s—Oct
Treasury 3%s__ .Oct
Treasury 4s
Dec
Treasury 3%s
Mar
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
is
Jan. 29
S
113.8
120.7
3%s._ Judo 15 1943-1947 j D 109.10 109.8
Sept 15 1951-1955 M S 106.19 106.12
3s
Low
High
121.14
109.19
244
09.8
106.22
139
06.12 106.28
153
07.8
June 15 1946-1948 j
3s.
D
107.11 107.8
107.17
15 1940-1943 j
D
107.9
107.7
107.9
10
06.31 107.27
S
108.7
108.5
108.10
68
07.31 108.24
15 1946-1949 j
D
108.6
108.3
108.11
102
08.3
108.24
15 1949-1952 J
D
108.6
108.4
108.9
53
08.4
108.18
3%s—June
3%s___Mar
3%b._-June
3%s
Dec
15 1941-1943 M
_Aug 10 1941 F
3%a__
3%s___Apr
2%s
Mar
2%s.._Sept
2%s—Sept
2%s
2%s__-Sept
2%s
Dec
A 108.5
108
15 1944-1946 A O 108.21 108.16
15 1955-1960 M S 104.12 104.5
15 1945-1947
M
S
105.21 105.13
15 1948-1951 M s 104.4
1951-1954 j D 103.8
103.31
103.1
102.72
15 1956-1959 M s 103.5
15 1949-1953 J d 101.11 101.6
107.30
Mar
15 1944-1964 M
38
May 15 1944-1949
3s
Jan
2%S
Mar
S
M N
15 1942-1947 j
1 1942-1947 M
105.28 105.28
Week Ended
ffe
Jan. 29
n
a.
Range or
Sale
Friday's
Price
(Republic
33%
J
32%
O
07.29 108.24
105.24
412
05.13106.16
104.13
296
03.31 104.16
D
99%
99
99%
99
97%
99
98
99
27%
104%
27%
1944 M
S
1949 F
A
511
03.1
620
02.26 103.9
965
01.6
Denmark 20-year extl 6s
105
105.7
105.3
105.3
105.9
62
103.31 103.26
104.2
268
237
05
105.17
05.3
105.23
03.26 104.10
Home Owners' Mtge Corp—
3s series A
May
1 1944-1952 M N
104.28 104.21
104.30
208
04.21105.3
a
102.26 102.21
102.28
239
02.21 103.2
102.24 102.18
102.25
149
4
26%
101.16
105.3
6
26
103.8
J
114
26%
External gold 5%s
External g 4 %s
iol"
101
98
1949
SlnklDg fuDd 5%s
Jan 15 1953
♦Public wks 5%s
June 30 1945
Czechoslovakia (Rep of) 8s
1951
Sinking fund 8s ser B
1942
S
33
26%
External loan 4%s
05.25 106.10
256
1952 J
External 5s of 1914 ser A
04.5
83
NO.
33%
A
1940 M n
Cuba (Republic) 5a of 1904
08.16 109.25
106.5
High
30%
30%
26%
26%
♦7» Nov I, 1936 coupon on..1951
148
103.16
Since
Jan. 1
26
O
1953 M N
J
Cordoba (Prov) Argentina 7s. .1942 J
Costa Rica (Republic of)—
281
101.21
Range
Asked
1947 F
♦Sinking fund 7s of 1928
♦Sirking fund 7s of 1927
Copenhagen (City) 5s...
25-year gold 4%s
475
103.12
it
Low
High
of)
♦0s Apr 1 1935 coup on.-Oct 1961 A
♦6s July 1 1935 coup on Jan 1961 J
♦Colombia Mtge Bank 0%s_. 1947 A
104.17
104.26
Bid
Low
Foreign Govt. & Mun. (Concl.)
Colombia
Week's
Friday
Last
108.27
108.5
Federal Farm Mortgage Corp—
3%s
i
«
Last
EXCHANGE
5
29
•
23
62%
99
27
29%
104%
101%
38
2
98
98
103
104
104
16
63
313
100%
99%
105%
105%
105%
100%
100%
Deutsche Bk Am part ctf 08—1932
{♦Stamped extd to Sept 1 1935— m s
Dominican Rep Cust Ad 5%s..l942 M 9
1st ser 5%s of 1926
1940 A O
*50%
80%
77%
79%
27
80%
77%
79%
23
80%
104% 105%
101
101%
10
103%
60%
105
99%
99
10
100%
1955
Apr 15 1962
100
97%
27%
105
1952
26%
27%
27%
97
98
105%
99
33%
33%
7
105
103%
29%
29%
23%
23%
23%
1
58%
105
63%
105%
105% 105%
77
105
45
100% 101%
99% 100%
82
105%
45
45
74%
72
81
80%
73
80
23
23
02.18 102.31
2%s series B_.Aug
2%s series G
1 1939-1949
F
1942-1944
♦El Salvador 8s ctfs of dep
Estonia (Republic of) 7s
Finland (Republic) ext 6s
Foreign Govt. & Municipals—
Agricultural Mtge Bank (Colombia)
♦Sink fund 6s Feb coupon on.1947
♦Sink furd 6s Apr coup on _.1948
Akershus (Dept) Ext 5s
F a
a O
27%
9
26%
27%
27%
10
25%
25%
27%
27%
98
27%
..1963 M N
98%
35
98
98%
15
50
27%
1945 J
J
"l7%
s
f 7s series B
1945 J
15
39
14%
14%
♦External
s
f 7s series C
1945 J
J
J
.17%
17%
20%
♦External
"l7%
15
17%
42
15
20
s
f 7s series D
1945 J
J
18
15
18
47
14%
14
13%
13%
14%
32
13
20%
17%
14%
14%
24
12%
16%
14 %
13%
14%
17
13
16%
14
98%
♦Antioqula (Dept) coll 7s A
♦External
♦External
s
♦External
sec a f
f 7s 1st series... 1957 A
O
O
♦External sec s f 7s 3d series. 1957 A O
Antwerp (City) external 5s..—1958 J D
Argentine Govt Pub Wks 6s.—1960 A O
102 %
Argentine 6s of June 1925
D
101%
O
1957 M s
1958 J
D
102%
102%
101%
102%
102%
101%
102%
102%
101%
103%
102%
102%
102%
102%
External
s f
External
s
7s 2d series. 1957 A
1959 J
6s of Oct 1925—1959 A
f 0s series A
External 6s series B
Extl
6s of May 1926
1960'M
External s f 6s (State Ry)—.I960 M
s f
N
s
Extl 6s Sanitary Works
.1961>f A
Extl 6s pub wks May 1927—1961 M N
Public Works extl 6%s
1962 F a
Australia 30-year 5s
...1955 J
J
99
99
102 X
102
101X
102 %
101%
102%
102%
102
102 %
102%
102%
"l02~"
102
1956 M N
Belgium 25-yr extl 6%s
101
100
1957 M S
Austrian (Govt) s f 7s
♦Bavaria (Free State) 6%s
102%
109%
109%
102%
1957 J
External 5s of 1927
External g 4 %s of 1928
J
109%
109%
1945 f a
...1949 m s
External sf 6s
1955 j
j
External 30-year s f 7s 3t—.1955 j D
Bergen (Norway) ext s f 5s
1960 M s
♦Berlin (Germany) s f 6%s
1950 a o
♦External sinking fund 6s.-.1958 j D
♦Brazil (U 8 of) external 8s
♦External s f 0 %s of 1926
2d series sink fund 5%s
1940 A O
♦Dresden (City) external 7s... 1945 mn
•20
27
102
99%
102%
46
101%
102
37
101% 103
101% 102%
39
47
101%
28
102
56
aidlX
"19%
102
103%
101% 102%
39
102
61
102
102%
78
101%
109%
108%
101%
99%
103
110
66
109%
44
102%
102
101
21
23
102%
110%
110
102
101.
22
19
9
109%
106
20
109%
105%
116%
101%
20%
18%
107
29
117
10
102
4
99
7
19%
15
18%
20%
20
108% 109%
105% 107
115% 117
102
21%
21%
59%
1948 J
J
1907 J
J
74
106%
♦Frankfort (City of) s f 0%s—1953 M N
French Republic 7 %s stamped.1941 J D
7%s unstamped
1941
ai2l"
1949
1905 J
D
♦5%s unstamped
...1965
♦German Rep extl 7s stamped. 1949 AO
♦7s unstamped
1949
German Prov & Communal Bks
12§"
1968 F
Haiti (Republic) 8 f 6s ser A
1952
♦Hamburg (State) 6s
1940
♦Heidelberg (German) extl 7 %s '50
Helsingfors (City) ext 6%a
1960
Hungarian Cons Municipal Loan—
♦7%s unmatured coup on...1945
♦7s unmatured coupon
A
25
sec s f ser
D
50
50
53
107
1957 A
o
44
44
45%
213
47
♦Leipzig (Germany)
♦External s f 6%s of 1927—1957 A o
♦7s (Central Ry)
1952 j D
Brisbane (City) s f 6s
1957 M S
44
44
44%
263
47
44
44%
103%
26
103
31
75
98
~
99
106% 107%
18
20
12
120% 124%
4
119% 119%
128
130
17
123%
23%
25
21
30
31%
20%
25
18%
27%
24%
21%
7
14
37%
32%
~12
27
98%
20
23%
1
33
90%
99
20
20
15%
18%
105% 100
100
22
21%
25
*21%
24
21%
21%
21%
48%
25
*21%
51
51
50%
115
115
"87%
"87"
25
36
27%
21%
*21%
-
31%
25%
33
18%
106
130
22
101
25
32
128
123% 123%
133
25
z24%
18%
1947|M S
2
25
10
115
24%
25%
21%
24%
51
115
88%
142
85%
88%
"87"
87%
*99'32
80%
~~6
"80%
87%
75%
74
75%
27
71%
78%
95
93
93
99%
79%
97%
81%
86
81
19
79%
85%
32%
29%
32%
21
24
24
17
Lower Austria
44%
12
98
Italian Public Utility extl 78—1952 J
J
Japanese Govt 30-yr s f 6%s._1954 F A
Extl sinking fund 5%s
1965 M N
Jugoslavia State Mtge Bank—
1941 j
20
20
~
J
on... 1948 J
B
4
123%
119%
24%
♦35%
"32%
A
J
A
♦Hungarian Land M Inst 7%s.l901 M n
♦Sinking fund 7%s ser B
1961 M N
♦Hungary (Kingdom of) 7%s._1944 F A
Irish Free State extl b f 5s
1960 M N
Italy (Kingdom of) extl 7s
1951 J
Italian Cred Consortium 7s A..1937 M 8
External
2
20%
23%
"30%
♦(Cons Agrlc Loan) 6%s
1958 J D
♦Greek Government s f ser 7s. .1904 m n
♦Sink fund secured 6s
99
106%
18%
120%
119%
67%
123%
j"d
78 unstamped
1949
German Govt International—
♦5%s of 1930 stamped
3
107
98
1945 m s
External 7s stamped
74
74
1958 f
A
102%
1950 j
Sinking fund gold 6s
20-year sf 6s
Budapest (City of)—
D
103%
♦6s July 1 1935 coupon on... 1962
Buenos Aires (City) 6%s B-2..1955
D
j
External
s
f 6s
C-2
1960 a
s
f 6s ser C-3
.1960 A
O
♦Buenos Aires (Prov) extl 0s... 1961 M
♦6s 8tamped
1961 M
♦6%s stamped
S
102
17
102
2
100
102
4
100
101%
♦4s of 1904
101
102
102
♦Assenting 4s of 1904
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
"88%
63%
87%
87%
81%
82%
83%
84%
63%
88%
89%
82%
83%
83%
85%
64%
23
23
24%
24
24
24%
109%
114%
101%
101%
61%
S
"82%
a
83
1976 a
O
j""j
Canada (Dom of) 30-yr 4s
1960 A
6s
o
Aug 15 1945 F
25-year 3%s
a
1901
♦Carlsbad (City) s f 8s
♦Cent Agric Bank (Ger) 7s
83%
85%
114
109%
113%
101
101
100%
1952 M N
10-year 2 %s
100%
109%
1954
♦50
1950 M
♦Farm Loan
s
f 6s__July 15 1960 j
♦Farm Loan
s
f 6s...Oct 15 1960
S
j
O
♦Farm Loan 6s ser A Apr 15 1938
o
♦Chile (Rep)—Extl 8 f 7s
1942 M n
♦External sinking fund 6s... 1960 a o
♦Extl sinking fund 6s...Feb 1961 f
♦Ry ref ext! 8 f 6s
Jan 1961 j
♦Extl sinking fund 6s__8ept 1961
♦External sinking fund 6s___1962
IS
♦External sinking fund 0s... 1963 M
♦Chile Mtge Bank 0%s
1957 j
♦Sink fund 6%s of 1920
1981 j
♦Guar s f 6s
....1961 A
♦Guar sf 6s
A
j
s
D
D
o
;.1960 M S
1951 j
♦Cologne (City) Germany 6 %s. 1950
M
D
S
100
85
88%
89%
82%
83%
13
85%
211
77%
36
35
78%
78%
81%
27
60
85%
64%
18
21%
24%
18
22
25
17
80
73
54
111
83%
109% 110%
113% 114%
100% 101%
100% 103%
50% 51
see page
739.
13%
14%
7%
7
J
*9
J
10
10
10%
10%
*6%
7%
7%
D
all%
J
J
J
♦{Small
Milan (City, Italy) extl 6 %s—1952 a O
Minas Geraes (State)—
all%
3
♦Sec extlsf 6%s
1958 M S
....1959 m s
74%
73%
75
31%
31%
32
33%
32%
D
67
31%
66%
....—..1959 mn
♦6s series A...
64
64
1952 J
New So Wales (State) extl 5S..1957 F
External a f 5s
Apr 1958 A
105%
104%
Norway 20-year extl 6s
20-year external 6s
1943 F
1944 F
107 %
_
38
External sink fund 5s
1903 M
100%
103%
29
28%
29
29
30%
19%
36
Municipal Bank extl
20
20
20%
19%
"19%
16%
16%
16%
"16%
19%
19%
19%
19%
19%
19%
19%
16%
16%
16%
16%
16%
21%
146
21%
102
21%
21%
21%
101
44
i$
21%
17%
17%
17%
17%
74
19%
17
28
*52
19%
"19%
51
\IU
19%
25%
♦Nuremburg (City) extl 0s
24
Oriental Devel guar 0s
24
24
Oslo (City) sf 4%s
1955 A
O
24
Panama (Rep) extl 5%s_.
♦Extl s f 5s ser A
107%
107%
100%
103%
101%
1953 J
D
♦Stamped
20
17
16%
19%
73
16%
20
14
16%
20
♦7s Sept coupon off
..1947 M S
♦Peru (Rep of) external 7s
1969 M s
♦Nat Loan extl s f 6s 1st ser._1960 J
d
16%
15
18%
53%
19%
53%
19%
9
13%
27
33%
37
27%
66%
33
67
61%
64
100
17
6
24
8
73
104% 105%
104% 105
100% 107%
106% 109
100% 102
81
102% 104%
68
101
102
"20
24
75%
72%
12
99%
5
~18%
77
*74
5
5
71%
76%
99% 100
106
6
75%
"22
20*
80%
105% 100
82% 85
73% 76
74
Peraambuco
34
101%
*102%
18%
76
75%
71%
71%
99%
99%
1963 M N
24
24
6%
13
9%
56
2
105
101%
......1958 mn
Extl deb 5%s
9
9%
13
2
105%
103%
1952 F
...1953 M
U
7%
7%
75
64
100%
External sink fund 4%s.....1950 M
External s f 4%s
1965 A
f 5s... 1970 J
11%
70%
109
67
104%
104%
106%
106%
30%
s
10%
11%
12%
35
"20%
61
,
♦Sec extl s f 6%s
♦Montevideo (City) 7s
8%
,
7
6%
♦STreas 6s of '13 assent(large) '33
26%
26%
7
23
7%
7%
2
8
10
49
4
43
""I
52
38
36
7
8%
30%
21
13
U
D
37
36
17
19
11
10%
1954 J
1954 J
74
76
27%
28%
22%
21%
23
49
20%
20%
22
287
25%
20%
18%
20%
20%
22
140
19
22%
22%
60
60%
14
58
01
77
78
13
76%
57%
78
(State of)—
♦Nat Loan extl
s
f 0s 2d ser..1961
♦Poland (Rep of) gold 6s...
1940
♦Stabilization loan s f 7s. —1947
♦Externalsink fund g 8s.....1950
For footnotes
d
102
n
30
1962 M N
♦Chilean Cons Munlc 7s
♦Chinese (Hukuang Ry) 6s
3
22
*93%
30%
s
N
d
♦Assenting 5s large
♦Assenting 5s small....
100
1977 M
♦Sink furd 7s July coup off.. 1907 j
j
♦Sink fund 7%s May coup off 1968 M n
20% 30
100% 102
♦Medellln (Colombia) 6%s
1954 J
♦Mexican Irrlg assenting 4%s..1943 M
♦Mexico (US) extl 5s of 1899 £.1945 Q
♦Assenting 5s of 1899
1945 Q
101%
1976 F
3% external s f $ bonds
Bulgaria (Kingdom of)—
4
h
103%
101 % 103
103% 105%
32%
*20
1947
102
Refunding
1975
1984
4
t f 7s
(Province of)—
7%sJunel 1935 coup on....1950 J
100
Extlsf
4%s-4%s
s f 4%s-4%s
Extl re-adj 4%a-4%s
Extl S f 4%s-4%s
30
10
32%
1957
ioo"
a
ser
104%
47%
♦78 with all unmat coup
102
S
1961 F
28
o
External
101%
101%
103%
50
60%
60
11
81
29%
23%
60%
735
New York Bond Record—Continued—Page 2
Volume 144
**
BONDS
Last
N. Y. STOCK EXCHANGE
Week Ended Jan. 29
£ fe
Sale
Price
Foreign Govt. &Munie. (Conci.)
Week's
Week's
Friday
Range
or
Friday's
Bid
A
Low
Asked
High
■a
Since
bq&3
Jan. 1
No.
Low
N.
--..1961
♦7%s July coupon off
...1960
Prague (Greater City) 7%s....l982
♦Prussia (.Free State) extl 6%s.l95l
J
0
J
J
.1952 A O
♦External • f 6s
30
25-year external 6s.........1947 F
27%
A
mmmmmm
20
1950 M S
7s A
14
28%
26}$
32 %
80}$
92
98
98
19%
20%
20
113%
rnmmmmm
27 %
112%
112%
24%
2
20
113%
24
21
16% 21
112
113%
112%
24%
14
112
33%
32%
17
27
20
2
17%
113
...1946 A
O
....1953 F
A
♦8s April coupon off
♦6 %s Aug coupon off
Rio Grande do Sul (State of)—
♦8s April coupon off........1946 A O
♦6s June coupon off........1968 J D
.....1966 MN
♦7« May ooupon off
♦7s June coupon off
Rome (City) extl 6 He
..1967 J
D
..1962 A O
1904 MN
Rotterdam (City) extl 6s
Roumania (Kingdom of) Monopolies
♦70 August coupon off
1959
F
A
mmmmmm
32
30%
30%
38
37%
28%
30
29%
29%
77
mmmmm-
31%
29%
109
8
38%
31%
30%
31%
23%
24%
40
77
77
28%
26
34%
32%
30%
24
121
♦110%
33
26
105%
5
31%
32%
9
30
31%
.......
32%
26% 32%
72%
77
105% 108
♦Saxon State Mtge Inst 7s.—. 1946
♦Sinking fund g 0%s
1946
Serbs Croats A Slovenes (Klncdom)
♦8s Nov 1 1935 coupon on...1962
♦7i Nov 11935 Coupon on—.1962
......
32
9
31
34
35
38%
33
32%
97
96
J
D
......
J
D
......
M N
28%
......
♦7s Feb ooupon off.........1946 F
A
f 5%s
.1955 F A
Taiwan Elec Pow « 1 6%».....1971 J
J
Tokyo City 5e lean of 19-2
1952 M 6
s
A
O
—1961
Trondhjem (City) lst5%s
19*7 MN
♦Uruguay (Republic) extl 8s..1946 F A
-I960 M N
1964 MN
Venetian Prov Mtge Bank 7s..1952 A O
Vienna (City of)—
6s Nov coupon on.—.......19*2 MN
Warsaw (City) external 7s..
Yokohama (City) extl 6s
AND
22
19*8 F
A
1961 J
D
52%
......
104
28%
28%
52%
33%
*90%
104
72%
......
72%
71%
*73
D
F
O
Alb A Susq 1st guar 3%s
1946 A O
Alleghany Corp coll tr 6s
1944 F A
1949 J D
75
78
321
89%
115%
110%
115%
76%
*102%
93
230
116
9
.1960
Coll A
conv
♦Coll A
6s........
conv
1950 A O
6s
♦5s stamped
.—.I960
1998 A O
1942 M S
Allegb A West 1st gu 4a
Allegh Val gen guar g 4s
Allied Stores Corp deb 4%«
.1950 A O
♦AlpineMootan'Pteel 7s
Am A Foreign.Pow deb 5s—
1965 M
1943
34%
28%
27%
43%
84%
34%
77
95
98
....
22
22
22
50
1
Con ret 4«
4s stamped
1951
Battls Creek A Stur 1st gu 3S..1989 J D
Beech Creek ext 1st g 3%s
1961 A O
Bell Telep of Pa 5s series B
1948
Belvldere Delaware
52
53%
30
33%
92
♦Berllr Elec El 4c Undergr 6%s 1956
Beth Steel eons M 4%s tier D..1960
25%
30%
24
30%
90%
93%
70
74%
74%
20
74%
55
105
104
71% 76%
67% 68%
72% 78
100% 102
Cons mtge 3%a ser E
Big Sandy lat 4a
Boston 4c Maine 1st 5s A C
„„
93
93
2
48%
77%
51
89
81%
45
91%
93
46
51
77%
82%
92%
97
300
104%
105
13
105%
18
104
56"
7
*103
84
98%
79
1
♦106%
108%
74'
74
106% 107
100
32
94
»6%
88%
89
85%
89
63%
352
62
66%
91%
93%
109
55
87
219
108
...
17
105
106%
79
111% 112
100%
Cal Pack
86
100%
111%
111%
101%
101%
175
170
182
O
101
J
D
J
J
Amer Water Works A Electric—
Deb g 6s series A..—
..1975 MN
39
8
...
425
45
575
487
24
vH H o S
r-4 vH ©
36
*
89
80
94
586
89
79%
94
99
(♦Ann* Arbor 1st g 4s
1995
Ark A Mem Bridge A Term 58.1964
Armour A Co (111) 1st 4%s
1939
1st M s (4e ser B (Del).—.—195*
Armstrong Cork deb 4s....—I960
Atch Top A S Fe—Gen g 4s
1995
Adjustment gold 4s
1996
Stamped 4s—
—1995
Conv gold 4s of 1909—
1955
Conv 4a of 1905
.......1955
Conv g 4s lame of 1910
1960
Corv deb 4%s_.
......1948
Rocky Mtn Dlv 1st 4s
..1965
110%
106
106
38%
Q
J
mmmmmm
M
S
mmmmmm
J
D
103%
F
A
100%
J
J
A
O
106%
113%
Nov
M N
m'mmm
mm
106%
98
38%
39
217
70
71
17
104%
103%
99%
106%
113%
105
104%
100%
J
Canada Sou
93%
80%
107%
114%
110% 113
100% 102%
100% 102%
169
eons
gu5s A...... 1962 A O
Guaranteed gold 5a
185
J
J
Oct 1969 A O
Guaranteed gold 5s
Guar gold 4%s
June 15
Guaranteed gold 4 %s..
Guaranteed gold 4%s..Sept
Canadian Northern deb 6 %s
144
110
2
110
24
J
D
110
108
J
D
J
D
J
J
For footnotes
see page
8
112%
120
104%
108%
132%
104%
108%
106
105
*
&
29
34
39
47
100
103
186
103% 104
9
22
15
6
110
"61"
80
101%
105%
83
113% 115%
120
122%
131% 132%
104% 106
108% 109
106%
105
"~5
201
90
92%
29%
5
27
28%
2
28
30%
30%
85
87
66
83
266
81%
69
63
70
117
103
103
5
*102%
♦104%
33%
119% 119%
33%
113
113%
117%
116%
119
119
105%
105
56
mmmm
mmmm
70
61%
102% 103
103% 103%
104% 105
35%
11
119%
5
119
114%
117%
119%
97
113
118%
114
113%
127%
98%
113%
126%
115
98%
99
116%
109% 110
mmmm
92%
68
118%
116%
115%
127%
102%
114%
109%
104%
*74%
105
103%
115%
110%
105%
110
"l05"
38%
6
88
J
33%
84%
160
12
uo%
105%
91%
39%
*78%
31%
105%
33%
42
119%
116
22
116% 118%
16
119
121
8
118% 121
3
116% 118%
114
116%
36
39
113%
37
126% 128%
99%
98%
275
46
116
104
25
115%
31
109 % 110%
47
104% 105%
72%
72%
20
105
90
105
Carriers A Gen Corp deb 5s w w 1950 MN
...1981 J D
36%
Cart 4c Ad 1st gugia..
70
91%
♦Cent Branch U P 1st g 4s
1948 J D
(♦Central of Ga lstg 5s..Nov 1946 F A
♦Ref A gen
99% 100%
106
0%s series B
1959
A
..1959 A O
♦Chatt Dlv pur money g 4s.. 1951 J D
J
♦Mae 4c Nor Dlv 1st g5s ....1946 J
113% 116
109% 110%
♦Mid Ga 4c Atl Dlv pur m 5s. 1947 J
♦Mobile Dfv 1st g 5s....... 1946 J
112
108%
107% 108%
110
3
107
110
105
105
1
105
108
110%
106%
112%
110%
*31%
19
O
♦Bef 4c gen 5s series C.
108
108
..1946 MN
♦Consol gold 5s.
*19
J
J
1941 M S
...1941 M S
Cent Hud G A E 1st A ref 3%s.l965 M S
Central Foundry mtge 6s
te Gen mortgage 5s....
106%
1
A
O
2
110% 111
106% 106%
111% 113
Cent 111 Elec A Gas 1st 5s.....1951
112%
Cent Illinois Light 8%s
..1966
F
6
113
(♦Cert New Engl 1st gu 4s....1961
J
J
J
J
113
*34%
♦25%
*20%
30%
230
116
A
113
31%
240
18%
104
108%
103%
108%
"72
93
39%
81
32%
19%
19%
39%
7
105%
109% 111
—
Members
-
T.l.ph«n. HAnover 2-79(10
Private Wires to
-
—
"77%
New York Curb Exchange
-
NEW YORK
A. T. & T. Teletype NY 1-911
Chicago, Indianapolis and St. Louis
—
105
93
40
81
----
35
16
48
106%
01%
36
9
18%
34%
22%
29%
Stf
24
31
19%
23%
----
mmmm
11
30
23
172
242%
43
107
125%
34
36
108% 109
103% 104%
2
108% 108%
3
70
73
86
63
73
85
Vilas & Hickey
49 WALL STREET
1
31%
240%
125%
108%
104%
108%
88
27
85
77%
78
11
75
88%
78%
Railroad, Public Utility and Industrial Bonds
New York Stock Exchange
10
22
30%
BOND BROKERS
79%
26%
*80
D
111% 112
89%
83%
85% 89%
47
108%
101*»
29%
28%
109%
104%
21%
21%
105
106%
97%
99%
44
102
106
739.
fk
121
32
114
D
3
138
22
118%
116%
cons g 6s ser A.Deo 15 1952 J
4s
66
105
A
J
21
121%
132%
A
M S
21
1
103
109%
♦
92
121%
130% 131
105% 107
5
94
113%
93%
114%
D
1938 J
guar g
Caro Clinch 4c 01st 5s
Ik. 1st
94
11*
mmmmmm
114%
120
80
F
Central N J geng 6s..........1987 J
1
General 4s
............1987 J
-
J
80
*85
100%
104%
103%
J
1955
1956
1951
1946
1949 J
(♦Car Cent lat
109% 110%
69%
94
70
103%
36
1970 F
J
J
Canadian Pao By 4% deb stk perpet J
J
Coll trust 4%s
........1946 M 5
5s equip trust ctfs
J
....1944 J
Coll trust gold 6s
.Dec 11954 J D
103% 104%
31
A
1942 A O
Canadian Nat guar 4%s_.
1957
Guaranteed gold 5s....July 1969
94
87%
93%
5
108
108%
108%
110 %
D
J
.1940
deb 5s
111% 112%
100% 101%
32
215
108
D
Trans-Con Short L lap 4s...1958 J
CaKArls 1st A ret 4%s A
1962 M
103%
M N
1950 F
♦Camaguey Sugar 7s ctfs
39
72%
104% 105
110
J
mmmmrnrn
A
M N
Collateral trust 4 %8—...... 1960 J
♦Certificates of deposit
Anaconda Cop Min s t deb 4%s 1960 A O
♦Anglo Chilean Nitrate—
S f income deb....
...1967 J J
(♦Am Writing Paper 1st g 6s„ 1947 J
conv
102% 102%
111%
110%
100%
100%
A
V
.1957 M N
3%s..
103
J
(♦Bush Term Bldgs 5s gu
..I960 A O
By-Prod Coke 1st 5%s A...
1945 M N
Cal G 4c E Corp untf A ret 5S...1937 M N
109%
106%
111
"}03%
MN
J
♦Certificates of deposit...
...
(♦Bush Terminal 1st 4s
...1952 A <
♦Consol 5sl.
1955 J
J
99%
111%
M N
110"
*94%
84%
J
J
MN
Conaol 4%s
1967 MN
((♦Burl C B 4c Nor 1st A coll 5s 1934 A O
161
......
MN
I
90
,
100%
108%
105%
f deb
34%
100%
'Buffalo Gen
mmmm
11
c
34
35%
Brurs 4s West 1st gu g 4s
1938 J J
Elec 4%s ser B...1981 F A
Buff Roch 4c Pitts ges g 5s....1937 M S
105
103% 103
100%
95
94%
86%
62%
62%
♦102%
111%
101% 101%
106%
83
"35%
104% 106
104
Brown Shoe
O
120
23
111%
87%
81%
20%
30
112%
101%
79
20
347
86%
68%
......
93%
89% 93%
115% 116
110% 110%
lll* 116%
76
77%
20%
18%
98%
88%
68
......
99%
75
1
111%
88%
88%
83%
27%
36%
"§7%
A
3
97%
98%
1967 M S
1934
♦Certificates of deposit.........
Brooklyn City BR 1st 5s
1941
Bklyn Edison cons mtge 3%s..l966
Bklyn Man hat Transit 4%s—-1966
Bklyn Qu Co A Sub con gtd 5S.1941
1st 6s stamped.
...1941
Bklyn Union El 1st g 5s...—1950
Bklyn Un Gas lat cona g 5s
1945
1st lien A ret 6s aeries A
1947
Debenture gold 5s
....1950
23
10
105
105
D
68%
95
107%
89%
mmrnm
21%
20%
21%
105%
20%
21%
o
{(♦Botany Cons Mtlli 6 %s
J
J
20%
195* M N
lat M 5a serlee II
Am
Telep A Teleg—
20-year sinking fund 5%8— .1943
Convertible debenture 4 %8—1939
3%s debentures
1961
3%s debentures
.1966
♦Am Type Founders conv deb. 1950
21%
1st g 4%s series JJ
1961 A O
(♦Boston A N Y Air Line 1st 4s 1955 F A
69%
7
21
70
100
105
97
mmmm
22
23
J
7
■
121
D
O
o
17
77
131
A
...1966
1944
10
116
130%
*104
J
cons
110%
120
120%
O
69%
93%
108%
5%s—1949 J
J
1960
67%
67%
S
91
105% 106%
108%
89%
94%
113% 116%
100% 103%
103% 105
106
24
20
68
American Ice s f deb 5a..—...1953 J D
Amer I G Chem oonv 5%s——1949 M«N
conv
J
Bangor 4c Aroostook 1st 5a
3
"84%
Corp
J
P
64
2030 M S
Am Internat
S
1951
ser
A
1996
4%s
30
......
39
77%
63
;
74
mmmm
109
Conv
1
74
assented.—...1948
140
106
34%
6
......
warr
115%
102%
104%
26%
80
♦6s with
101
88
18
110
113%
100%
103%
44
93
52%
33%
♦76
210
90
90
29%
......
..1943 J
48 series B...
94%
91
91
3%s._1943
♦Berlin City Elec Co deb 6 %«_.1951
♦Deb sinking fund 6%s—1959
♦Debenture 6a
1965
......
cons
ii»
106% 106%
78
S
38
D
1st
High
111%
114%
103% 105%
98%
99%
95% 99%
105% 106%
56% 60%
51% 54
79
83%
....
106%
108
34
29%
♦Albany Perfor Wrap Pap 68—1948 A O
106
30
69
89%
♦114%
109%
Low
101% 102
84%
83%
107% 107%
32
68
D
Since
....
99%
68
90
10
98
70
104%
8
87
98
102
A
1952 A
1943 J
1946
52
J
68%
95%
52
Tol * Cln Dlv 1st ret 4s A...1959
Bef * gen 5s series D.
..2000
72%
102
105
♦106%
♦105%
104
68%
50%
78%
70
29
83
79
106%
114
—....
......
58%
101% 101**S2
♦75
86%
*107%
1941 MN
P L E & W Va Sya ref 4s
1st lien A ret 6s series B
1947 J
"79"
106
123
105
44
22
*77%
105%
56%
51%
20
127
105
INDUSTRIAL
Coll trust 4s of 1907
10-year deb 4%s
Adriatic Elec Co extl 7a
Ala Gt Sou 1st ooos A 5s...
J
104%
99%
98%
J
COMPANIES
♦((Abltlbi Pow A Paper 1st 6s. 1953 J D
Adams Express coll tr g 4s
1948 M 8
MN
MN
J
114%
103%
98%
95%
114%
104%
98%
97%
105%
57%
No.
Range
Jan. 1
....
....
Southwest Dlv 1st 8%-5s—.1950 J
40
42
105
D
112%
115%
oqcQ
32%
21%
25%
21%
.lat & ref 5s series C
——..
f 6s.....
*21%
9
44
34%
34%
97%
24%
J
Refund 4c gen 5s series A
1995 J D
1st gold 5s...
July 1948 A O
Bet 4c gen 6s series C
1995 J D
—
M N
♦External • f 6s
38%
32%
33%
♦Silesia (Pror of) extl 7a
1958 J D
♦Silesian Landowners A sen 6S..1947 F A
Btyrta (Province of)—
t 5%« guar
42
J
M S
Baldwin Loco Works 1st 5a....1940 MN
5s assented
1940
Bait & Ohio 1st g 4s
.July 1948 AO
Ref & gen M 6a
J
(♦8s July coupon off
1936 J
♦External 8s July ooupon off .1950 J
J
♦External 7s Sept coupon off 1956 M i
♦External 6s July ooupon otf.1968 J
J
Secured • f 7s
1940 A O
J
2d 4s
1948
Atl Gulf A WI S3 coll tr 5s
1958
Atlantic Befitting deb 5a
..1937
Auburn Auto conv deb 4%s.—1939
Austin 4b NW lat fug 5s
1941
San Paulo (State of)—
RAILROAD
High
*119
J
!?
40
98
22
29%
74%
105%
♦24
J
♦8s May coupon ett........1952 MN
♦Extl 6%» May coupon off..1957 MN
s
Asked
D
.1946
1944
1944
Atl Coast Line lat cons 4s July 1952
General unified 4%a A....—1964
LAN coll gold 4s— —Oct 1952
10-yr coll tr 5a
May 11945
Atl A Dan lat g 4s
1948
—
1953 J
♦Saarbruecken (City) 6s
Sao Paulo (City of Braall)—
♦External
A
Atl & Char] A L 1st 4%a A
lat 30-year 5a series B
.
Rio dt Janeiro (City of)—
s
Bid
Low
High
3
32
98
MN
M S
Qneersland (State) extl s 17s1941 A O
Externa!
Price
Atl Knox A Nor lat g 5a
♦8s June coupon off
Sydney (City)
Friday's
Sale
Y. STOCK EXCHANGE
Week Ended Jan. 29
Porto Alegre (City of)—
♦ Rblne-M al d- Dan ube
Range or
Last
BONDS
Range
I©
Week's
Friday
BONDS
N.
Columbia G A E deb 6s—May 1952 M N
Debenture 5s
<^ew Y0rk Curb £xchange
Private Wire
Sale
N. Y. STOCK EXCHANGE
A
Low
F
A
Through Short L 1st gu 4s—1954 A
Guaranteed g 6s
1960 F
O
Cent Pac 1st ref gu g 4s
1949
Cent RR & Bkg of Ga coll 68—1937 M
Central Steel 1st g 8 f 8s
1941 M
Certaln-teed Prod 5%s A
1948 M
Champion Pap A Fibre deb 4 % 81950 M
1947
1944
Ches A Ohio 1st con g 5a
1939
General gold 4%s
1992
Ref A impt mtge 3%s ser D1996
Ref A lmpt M3H> ser E—1996
Craig Valley 1st 58
May 1940
Chesap Corp conv 6a
10-year conv coll 5s
A
110 %
125%
S
94 H
107%
146
130
130
154
56
137
20
109
21
128%
102%
102%
108%
127
101%
139
101%
169
110%
1
J
100%
100%
110%
*111
J
J
J
n/i
O
56
A
118%
56
118%
"~38~~
30
37
35%
34
122%
J
*
1
37%
37%
J
39
39
36
36
5
22
22%
36
23
57
1966 IVI N
22
J
99
♦1st & gen 5s series A
♦1st A gen 6s series B.May
Chic Ind A Sou 50-year 4a
.1956 J
J
Chic LS A East 1st 4%s
.1969 J
D
1966 J
21%
106 H
111%
106%
♦Chic M A St P gen 4s ser A.. 1989
♦Gen 4%s series F—.May 1 1989
{♦Chic Milw St P & Pac 5s A..1975
♦Conv adj 5s
Jan 1 2000
{♦Chic & No West gen g 3%s__1987 M
117
61
66%
13
55
69%
33
66%
69
13
68
N
1987 M N
68%
2
68
70
34%
441
31%
11%
941
10
45%
48%
33%
10%
44%
49%
50
50%
36%
12%
49%
52%
49%
54%
51
56
D
♦1st A ref 4%s ser C.May 1 2037 J
1949 MN
♦Conv 4%s series A
52%
*37
58%
D
D
"52%
52
1936 IVI N
30
64%
56%
69%
69%
44%
48%
49%
*37
1987 M N
J
7
16
*48%
♦Gen 4% s stpd Fed lnc tax. .1987 M N
♦Gen 6s stpd Fed lnc tax
1987 M N
May 1 2037 J
64%
17
....
"58%
"55%
32
80
27
30
39
30%
444
6l"
30
16%
30
30
31%
30%
30%
31
17%
17%
18%
35%
34%
34
18J
If ♦Chicago Railways 1st 5s stpd
F
Aug 1 1936 25% part pd
f *01110 R I & P Ry gen 4s
1988
♦Certificates of deposit
A
J
J
—
♦Certificates of deposit
{♦Secured 4%s series A
1952
♦Certificates of deposit..
♦Conv g 4 Ha
m"s
1960 MN
1951 J
June 15 1951 J
3 Ha
1951 J
lnc gu
,
'
;
••
D
1960 J
Dec 1 1960 IVI S
5s
;
'
'
81%
83%
39
41%
307
40%
20%
18%
19%
19%
40%
22%
438i
20
215
22
139
13
1
44
39
40%
,
18
20%
19%
22%
20%
10%
12%
113% 113%
98%
9
"97%
96%
99
42
88%
88%
18
106%
111%
108%
106%
4
111%
2
18%
1963 J
1st mtge 3%s series E
3 Hs guaranteed
...
4%s
con
ser
cons
111%
J
109%
1951 M S
J
4s... 1952 J
'106%
.1963 J
1962
D
Chllds Co deb 5s
M
S
1943 A O
5s...1952 IVI N
Cincinnati Gas A Elec 3%s
1966
1942
F
104
92%
A
1st mtge guar 3Hs series D..1971 IVI N
J
Clearfield A Mah 1st gu 4s
1943 J
D
Oleve Cln Chi A St L gen 4s...1993
General 6s ser B
1993
Ref A impt 6s ser C
...1941
.
J
103%
97%
w—1940 IVI
"l05%
...1942 J
105
104
102%
104%
105
D
*105%
102
J
*105%
107
*106%
J
♦1st 4s assented.........
♦Second gold 4s
♦2d 4s assented
Detroit Term A Tunnel 4%s_.
Dul A Iron Range 1st 5s..
1995
8%
*49%
114%
108%
109%
107%
107%
O
J
J
107%
J
D
J
D
1996 J
1996 J
Conv 4s series A
1953 A
"115%
24
60%
65
60%
68%
64%
72%
mm
66
70
71%
6
65
65%
66
2
66
66
30
106
108
107%
423
95
101',«
105%
m
mmrnm
47
1
mmmm
4
107
mm mmm
91%
95%
100% 101%
105
105%
101% 102%
35%
36
106% 107
mmmm
102
106% 107
33
36%
mmmm
137
15
33%
21
74
18%
20
364
18
30%
53
29
8%
66%
1
Series D 3 Ha guar
Gen 4Hs ser A
_
■
■
6%
mmmm
9
mmmm
mmmm
25
111
33
110%
109% 111
107%
16
107% 109%
114% 116%
11
108
mmmm
rnmmm
'rnmmm..
'mmmm
mmmm
mmmm
F
■
J
109
68
107% 110
3
"106
90
139%
114%
166
111
108
115%
166
""9
m
115% 116%
105% 107%
139% 139%
113% 113%
104
104%
159% 172%
mmm
1
mmmm
6
3
mmmm
•mmmmm
mmmm
•
*106%
107 %
mmmm
mmmm''
*106%
105%
89%
107%
mmmm
107
m
m
106%
91%
39
mmmm
107
105% 106%
89% 92%
210
A
XX
rnmmmmm
"92%
O
O
99
"92%
J
"94" "18
"91%
20
91%
92
94%
*92
"85%
95
85%
85%
87%
87%
206
118%
1
118% 119
117
117
117
2
117
*114
mm mm*
*102
s
94%
94%
93%
89
91
mmmm
118%
85%
mrnmrn-mm
N Y & Erie RR ext 1st 4s—1947 IVI N
1938 IVI
117% 118%
102% 102%
61
72%
104%
O
1957 J
49
104
*111%
*108%
mmrn
J
"l3
66
117%
102%
106
139%
mrnrnm
J
89
48
107%
74
105%
93%
90
J
*97
109%
*15
106%
109%
28
104
104%
103%
97
102%
01% 104%
08"
109%
06% 110%
J!
104%
"64
98%
182
04
107%
02
85%
158
89
85
117%
.....
114% 114%
mmmm
104
03% 104%
104
J
A
O
O
*106
J
J
113
07% 107%
*113
A
109%
MN
1950 A
109%
110%
19
09% 111%
7
....
*88%
m
m mrn m
mmmm
*80%
m
mmmm
mmmm
81%
11
16%
81%
15%
15%
*9%
10%
♦4%
3%
mrnm*mm
rnmmmmm
16%
82
87
mmrnrn
17
319
16%
119
15%
19%
19%
9%
9%
4
5
1952
{{♦Proof of claim filed by owner. MN
(Amended) 1st cons 2-4s
1982
{ {♦Proof of claim filed by owner MN
Fort St U D Co 1st g 4%s
J
1941 J
Framerlcan Ind Dev 20-yr 7 %s 1942 J
J
Francisco Sugar coll trust 6s...1956 MN
Galv Hous A Hend 1st 5%s A.. 1938 A
O
Gas A El of Berg Co cons g 5s.. 1949 J
Gen Amer Investors deb 5s A.. 1952 F
D
5
3%
*107
108%
rnmrnmmm
85
mmmmmm
99%
99%
121%
121%
101%
105%
39%
'"I
3%
4%
107% 107%
108
108%
mmmm
108%
85%
2
2
83
87%
11
97% 100%
122%
101%
5
121% 122%
101% 102%
105%
2
100
A
1947 J
J
♦Gen Elec (Germany) 7s Jan 15 1945 J
J
s
f 5%s A
♦Sinking fund deb 6%a
♦20-year s f deb 6s
1940 J D
...1948 M N
rnmmmmm
105%
39%
39%
*38
39%
39%
9
105% 106%
39%
40
39%
40
39%
40
2
rnmrnm
39%
2
149
103
128
1939
J
J
103%
101%
11% 111%
Gen Steel Cast 5%s with warr.1949 J
J
{♦Ga A Ala Ry 1st cons 5s
1945
{{♦Ga Caro A Nor 1st ext 6S..1934
♦Good Hope Steel A Ir sec 78—1945
Goodrich (B F) conv deb 6s
1945
1st mtge 4%s
1956
101% 105%
102% 103%
95%
97%
42%
44%
115%
13
15
Cleve Union Term gu 5Hs
1st s f 5s series B guar..
116%
1972
O
113
28
12
113
1973
o
112%
108%
104%
109%
30
08% 111%
04% 105%
109
105%
86
107
107%
*14
91
90
92%
38
89%
92%
76
75
76%
46
75
15-year 3%s deb
Gen Pub Serv deb 5%s
J
J
J
J
A
O
J
D
J
D
Goodyear Tire A Rub 1st 5s...1957 M N
*
95%
rnmmmmm
rnmmmmm
rnmmmmm
"95%
97
43%
*49%
43%
53
mmmm
*26
28
mmmm
105%
101
100%
103%
104%
105%
*103%
105%
105%
101%
68
2
105
49%
52
26
49
26
105
103%
105%
101%
105
107%
103%
111
111
218
100%
104%
79
107
22
103%
103%
Ill
3
77%
D
*112
A1
10% 112%
06
107%
Gotham Silk Hosiery deb 5s w wl946 M S
Gouv A Oswegatchle 1st 5s
1942 J D
Gr R & I ext 1st gu g 4%s
1941 J
111
.
For footnotes see page 739
90
81%
15%
104
115
O,
102% 104
102% 104%
101%
O
1980 IVI N
102% 103%
103
1961
Colo A South 4 Ha ser A
104%
3
12
102%
*110
104%
104
103%
J
°l
East Coast 1st 4%s._ 1959 J D
♦1st & ref 5s series A
1974 M S
♦Certificates of deposit
101% 101%
mmmm
103%
mrnmmm'm
{♦Florida
Fonda Johns A Glov 4%s
104
J
104% 105
103
103%
A
A
1977
Coal River Ry 1st gu 4s
1945
Colo Fuel A Ir Co gen s f 5s...1943
♦5 income mtge
.1970
J
5
rnmmmmm
70
64%
52
103%
A
113
1981
f 4 Hs series C
D
f g 7s
12
104%
103%
*101%
103%
103%
103%
1951 F
13
...1977
*106%
1954 J
1946 J
1943 J
s
s
70
104%
Gen Motors Accept Corp deb 3sl946 F
113
*110%
*109%
F
s
5s stamped
Gen Cable 1st
105%
*107%
J
s
1942 IVI
1942 IVI
s f
70
70
104%
103
*106
*103
1942 IVI
1st lies
1st Hen 6s stamped
30-year deb 6s series B
♦Certificates of deposit
05% 105%
03% 105
102%
J
S
{♦Fla Cent A Penln 5s
102%
S
M N
D
1942 IVI
Flat deb
38
97
98%
05% 106%
M
A
1956 J
Federal Light A Tr 1st 5s
5s International series
05% 108%
05% 108%
03% 105%
92%
94
106%
J
1954 F
Fairbanks Morse deb 4s
38
82
40
103
05% 106%
11% 113
08% 111%
Gen A ref mtge 4%s ser B
Cleve Short Line 1st gu 4Hs
37
22%
21%
32%
115%
108%
*113
"104
mmmm
Ref A lmpt 5s of 1927
1967 M N
Ref A lmpt 5s of 1930—1975 A O
Erie & Jersey 1st a f 6s
J
1955 J
3d mtge 4%s
12
65%
45
115%
marnrn'mmm
J
1953 A
f 6s
101%
61
65
#
O
1953 A
s
100
*109
J
J
1st consol gen lien g 4s
Penn coll trust gold 4s
4s series D
104% 106
64%
85
117%
102%
62%
107%
"63%
IVI N
1965 A
Series B
107
106
2
*50
mmmmmm
J
1965
1951
4
*41
1939 J
4s prior
101% 103%
100%
101% 103
100
11
*41
1961 IVI N
1995
Elgin Joilet A East 1st g 6s....1941
El Paso Nat Gas 4%s ser A
1951
Conv deb 4%s
1946
105
101%
62%
*50
D
East Ry Minn Nor Dlv 1st 4a._1948 A O
East T Va A Ga Dlv 1st 5s
1956 M N
El Paso A S W 1st 5s
5s stamped
"110%
1995
1937 A
Ed El 111 Bklyn 1st cons 4s
Ed Elec (N Y) 1st cons g 5s
20
94
29
'114%
104
mmmm
106%
105%
108%
102% 103%
8
102
18
8%
104
87
35
m+mmmrn
1995 J
{{♦Dul Sou Shore A Atl g 5s.. 1937 J
Duquesne Light 1st M 3%s... 1965 J
conv
178
105
35%
S
ser E
1952 A O
Gen A ret M 4s ser F
1965 A O
Gen A ret mtge 3%s ser G.. 1966 M 8
♦Detroit A Mac 1st lien g 4s... 1995 J D
Gen
105%
103%
30
J
g
104% 107%
19
O
69%
106% 110%
33%
19%
""20%
40%
40
35%
38%
63%
12
33
33
J
35%
35%
35%
35%
6
68%
101
101
22%
107%
34
93%
J
A
45
mmmm
65
100
106
"94%
22%
106
104% 107%
63
"65"
J
A
3
53
67
t
105% 108%
104% 106%
103% 107%
221
38
1
1
mmmm
■
107%
105%
*
1937 IVI N
cons
40
66
1943 IVI N
20
144
22%
1
1
107 % 107%
121
105%
1
1
■mmm*
mm*-
106
66
66
«
2
106%
62
a62%
....
B
107%
105%
103
....
102%
104%
10P,6
60%
101%
D
1936 J
ser
rnmrnm
alll
102
"104%
J
{♦1st ref 7%s series A—— 1936 J
♦Certificates of deposit—
187
104
M
*99%
101%
106%
102%
"161%
D
1952 J
Cuba Nor Ry 1st 5%s
Cuba RR 1st 5s g
100%
100%
106%
103%
S
86%
*105%
J
1990 MN
1940
1940
4%s.l950
Cleve Elec Ilium 1st M 3%s
1965
Cleve A Pgh gen gu 4Hs ser B.1942
Series B 3Hs guar
1942
Series A 4Hs guar
...1942
Series C 3Hs guar
1948
107%
*105%
J
g 4s
W W Val Dlv 1st g 4s
Cleve-CHffs Iron 1st mtge
s
w
96%
*107%
104
J
Spr A Col Dlv 1st
47
108
107%
1977
St L Dlv 1st coll tr g 4s
92%
*35%
110
D
Cairo Dlv 1st gold 4s
1939
Cln Wabash A M Dlv 1st 4s. 1991 J
1st
s f 4s
1950 MN
J
Crown Willamette Paper 6s...1951 J
108%
99
37
Crown Cork A Seal
Crown Zellerbach deb 6s
Genessee River 1st
*108%
1963
.
Ref A lmpt 4Hs ser E
105%
105%
103%
101%
M N
Cln Leb & Nor 1st con gu 4s
Cln Un Term 1st gu 5s ser C..1957 IVI N
Ref A impt 5s ser D
A
115
106
182
38
D
Ernesto Breda 7s
1944 J
1st mtge 4s series D
{♦Choc Okla & Gulf
J
...1951 F
deb 3 Hs
115
100
j
Guaranteed 4s
1st A ref M
s f
98%
Chicago Union Station—
Chic & West Indiana
Crane Co
Erie RR 1st
*94%
96%
Copenhagen Telep 5s.Feb 15 1954
43%
42%
23%
181
10%
May 1 1965 IVI N
1970 IVI N
1st mtge 3%s
...1966 M N
Container Corp 1st 6s
...1946 MN
15-year deb 5s with warr
1943 J D
1st mtge 3%s
1st mtge 3%s
105%
104%
105%
114% 114%
mmmm
106
63%
106%
104%
High
104
10
114%
37%
65%
Low
107%
37
"37%
Erie A Pitts g gu 3%s ser B—.1940 J
Series C 3%s
1940 J
19%
20%
12%
*112
104
36%
D
1
104
*35
J
1956
83%
81%
97%
10%
D
Chic T H & So East 1st 5s
'
18%
20%
D
Memphis Dlv 1st g 4s
■
20%
D
Ch St L A New Orleans 5s_
Gold
40%
—
1934 AO
{♦Refunding gold 4s
!
1
77
mmmm
Gen A ret 5s
32%
10%
44%
68%
68%
♦Stpd 4s non-p Fed lnc tax 1987 M N
4%s stpd.May 1 2037
1
56
68%
120
104%
105%
106
37%
♦Debenture 4s
s f 5s
1960 J
Consumers Power 3%s.May 1 1965 J
♦Ref A impt 5s ser B—Apr 1978 A
38
111%
105%
rnmmmmm
O
♦Consolidation Coal
J
{♦Des M A Ft Dodge 4s ctfs... 1935 J
{♦Des Plains Val 1st gu 4%s_. 1947 IVI
Detroit Edison Co 4%s ser D— 1961 F
68%
68%
68%
61
♦Gen g 3%s Ber B—May 1 1989
♦Gen 4%s series C—May 1 1989
♦Gen 4%s series E—May 1 1989
♦4%s stamped
{♦Secured g 6%s
107%
No.
104%
105%
Since
Jan.
High
22%
"106%
♦Assented (subj to plan)..
1
J
mmm*mm
A
1936 J
cons g 4s
1936 J
{♦Consol gold 4 %s
{♦Den A R G West gen 5s.Aug 1955 F
6
J
1947 J
*106%
105%
105
104%
105%
103%
J
...
{♦Den A R G 1st
'400
1947 J
.1947 J
A
alll
Den Gas A El 1st A ret s f 5s... 1951 IVI N
1951 IVI N
Stamped as to Penna tax
88
49%
J
F
103
*104%
...1955 J
....1955 J
♦Debenture 4s
Gold 5 %s
343
36%
122%
1961
J
Del Power A Light 1st 4 He¬ 1971 J
ist A ret 4%s
1969 J
1969 J
1st mortgage 4 %s
101%
"47%
47%
"39%
103%
J
deb 3%s.l946 A O
1956 A O
♦Consolidated Hydro-Eleo Works
J
of Upper Wuertemberg 78—1956 J
Consol Gas (N Y) deb 4%s
1951 J D
Consol Oil conv deb 3%s
1951 J D
{♦Consol Ry non-conv deb 4a..1954 J D
Del A Hudson 1st A ret 4s
7
*99%
.1982 M N
.1937 J
52
116%
J
J
Dayton Pow A Lt 1st A ret 3 %s 1960 A O
21
117
J
♦Certificates of deposit
35
114%
118%
114%
.1971 F
56
109%
112%
116
116%
4%s.--1951
4%s.-1951
{♦1st lien & ref 6s
111%
'111%
S
{♦Chicago Great West 1st 4s_. .1959 M S
115
109%
A
If ♦Chicago & East 111 1st 6s.. .1934 A O
{♦C A E 111 Ry (new Co) gen 5s .1951 M N
120%
1
55
J
.1977 F
1st A ref 4%s ser B
1st & ref 5s ser A
3
115
*110%
.1958 M
General 4s
120
115
115
J
.1949 J
111
111%
112%
120
s
Illinois Division 4a
♦1st A ref
108
44
108%
Chic «fe Alton RR ref g 3s
.1949 A
Chic Burl A Q—111 Dlv 3%S—. .1949 J
♦1st ref g 5s
4
107%
151%
132%
100%
1989
1989
1941
♦General 4s
125%
95
123
A
R & A Dlv 1st
{♦Chic Ind & Loulsv ref 6s
♦Refunding g 5s ser B
♦Refunding 4s ser C
95
3
100%
F
J
♦Certificates of depositChicago & Erie 1st gold 5s
Ch G L A Coke 1st gu g 5s
104%
96
124
S
IVI N
J
4s
95
M
J
con g
24
125%
108%
1946 J
2d consol gold 4s
95
94
M N
Potts Creek Branch 1st 4a
Warm Spring V 1st g 58
*122
108%
94
S
D
104
125%
M N
J
High
112%
108%
91
111%
99%
♦Debenture 4s
No.
110%
94 H
N
High
Jan. 1
103""
*
"103 %
N
Since
Asked
99
O
Consol Edison (N Y)
3 % s debentures
Range
Friday's
Bid
Price
Jan. 29
Week Ended
Range or
106
A
Bonds Sold
Asked
*114
"107%
1943 A O
Conn River Pow sf3%sA
Week's
Last
A
104%
104%
104%
114%
104%
A
Conn Ry A L 1st A ref
Stamped guar
104%
rnmmmmm
M N
Range
or
Friday's
Bid
O
1948
Conn A Passum Rlv 1st 4s
135 So. La Salle St.
Friday
A
1955 F
Lt 4s
1965
Commercial Credit deb 3%s...l951
Commercial Invest Tr deb 3%s 1951
eDIgby 4-5200
Connections
Randolph 7711
*5y. T. 1-761 -<• 'Bell System Teletype •*- Cgo. 543
BONDS
15 1952 A O
J
15 1961 J
Columbus Ry Pow A
Chicago, III.
One Wall Street
Jan
Col A H V 1st ext g 4s
Col A Tol 1st ext 4s
lijnwojm"BONDS
r.
Apr
Debenture 5s
View Tork,
Range
Sale
Price
Low
f ^ew r°rk Stock Exchange
{
Last
Inter st Period
EXCHANGE
Week Ended Jan. 29
Bennett Uros. & Johnson
tM embers
STOCK
Y.
1937
30,
Jan.
New York Bond Record - Continued- Page 3
736
•
7
.•
Volume
Week's
Friday
Last
bonds
to >»
N
EXCHANGE
STOCK
Y
737
New York Bond Record—Continued—Page 4
144
Week Ended Jan. 29
ft
NO.
Friday's
Price
a
Bid
Low
1947
1944
1st A gen 8 f 6 %s
A
32
Asked
£3
High
No.
*99
d
1950
Grays Point Term 1st gu 5s
Gt Cons EI Pow (Japan) 7s
Range
Range or
Sale
J
Low
1
BROKERS IN BONDS
High
....
90
93"
85
91%
Since
Jan.
86
BANKS AND DEALERS
FOR
94
90
17
85
86%
114% 116%
J
115%
114%
115X
28
General 5%s series B
1952 j
J
119
118
119
90
116% 119
General 5s series C
1973 j
J
114%
U5X
21
114% 115%
General 4 %s series D
1976 J
J
108%
108X
42
108% 109%
106%
106%
107 X
123
106% 108%
Great Northern 4%s series A..1961 J
General 4%s series E
1977 J
J
General mtge 4s series G
1946 J
J
120%
120
121X
212
Gen mtge 4s series H
1946 J
J
109%
109 X
109X
171
D* H. SlLBERBERG & Co.
118% 124
108% 109%
♦Green Bay & West deb ctfs A
Feb
Greenbrier Ry 1st gu 4s
Gulf Mob A Nor 1st 5%s B
*68
Feb
♦Debentures ctfs B
"14 %
1950 A
O
102
o
ser C
1966
1946
0
1952
j
♦Harpen Mining 6s
Hocking Val 1st cons g 4 %s
1949 j
{♦Housa tonic Ry
Houston & Texas Cent 5s gu__1937 J
Houston Belt A Term 1st 5s.1937 J
Houston Oil sink fund 5%s
Hudson Coal 1st
s
A..1,940
97%
103%
104%
*90*
99%
52
105
13
103% 105%
104% 105%
4
N.
Week Ended
"29
124
126%
89 X
30
84
89%
General
cons
80
4%s
86 X
25
1940
2003
2003
84 X
86%
General
cons
5s
2003 IVI N
101X
j
101X
1
102 %
102 X
54%
53 %
*122%
Leh Val N Y 1st gu g
Lehigh Val (Pa)
101% 102%
101% 101%
103" "22
102%
103%
Liggett A Myers Tobacco 7s
117
50%
57%
55 X
124
124
5a
124
A.1957 f
A
82 X
85 X
"166
80%
35%
34 X
35X
86
32%
O
107 %
107 X
108X
42
105 %
106"" "12
105%
107 X
9
91X
93%
"95
177
91%
88%
90%
84%
s
1952 A
O
Refunding 4s
1955 M n
92 %
91%
95 X
Purchased lines 3%s
Collateral trust gold 4s
Refunding 5s
40-year 4 %s
Aug
1952 J
j
88 %
88 X
90 X
1953 M n
86 %
84 X
89
103X
5
"74 k~
102 X
73 X
78 X
210
107
108
A
O
1
1966 F
A
107
g
Ind Union Ry 5s series B
1965 J
Ref A imp mtge 3
%s ser B—1986 ivi
Inland Steel 3%s series D
1961 f
tlnterboro Rap Tran 1st 53... 1966 j
♦Certificates of deposit
conv 7% notes....1932
♦Certificates of deposit.
107X
O
♦
ser
98%
107X
*.__.
j
noo'x
J
37
8
160%
107%
111
46
17
85
91%
81% 87%
107% 107%
107
38""
37
105%
28
105% 105%
103%
28
103% 105%
a
106 %
75
105%
J
95 X
106%
96%
141
94%
97
94 X
94%
93%
48%
95%
46
52%
"53"
m"s
52 X
54
51%
3
53
1
89 X
90
16
89
13
88%
91
42
102
102%
102
102
6
149
35
162
62
34 X
11%
11
34
36%
45
12%
146
34%
7
34%
11
13%
J
102 %
58
101
Ref s f 6s series A
1955 m s
Int Rys Cent Araer 1st 5s B...1972 m n
1st coll trust
6% g notes
1941 (vi n
99 X
100
83
93%
1
20
102
102%
98% 101%
92% 93%
19
102
103
74%
130
70
88%
185
82%
89
77 X
79%
192
75
79%
"61
4
42
100
101
24
104%
105%
51
3X
X
61
3
65%
"37
4%
2003
106%
105%
6
105% 108%
101%
103%
29
101% 103%
2003
97%
120
107%
102%
109%
28
M St P A SS M con g
1st cons 5s
102% 103%
98%
27
1954 J
*113%
102
Coll tr 6s series B
107%
109%
57
45%
46%
30
100
109
109
109%
103%
103%
14%
103%
2
16%
5%
30
*3%
*2%
99%
104%
*95
107%
41%
*55
14
15
104% 105
95~"
4s Int gu.1938
J
J
4%
34%
131
34%
37%
30%
30
36%
30%
9
28%
32
37
J
"51%
94%
94%
96%
98
Mo-K-T RR pr lien 5s ser A... 1962 J
40-year 4s series B
1962 J
J
86
73%
86%
73%
76%
74
J
84%
72%
109% 109%
108
108%
1st gold
4s
Prior Hen 4%s series D
197^ J
♦Cum adjust 5s ser A
Jan 1967 4
{♦Mo Pac 1st A ref 5s ser A
1965 F
161
J
39
49
37
27%
37
25
30
25
3
25
28%
94%
95%
93%
95%
48
52
94%
83%
70%
88
13
76%
51
74
"52
'"*8
45
74
67
69
75
42%
48%
44
45
70
70
72
A
44%
44%
48%
44
44
4
162
1975 IVI
S
16%
15%
18
385
15%
18%
1977 IVI
s
44
44
48%
543
42%
49
44
46%
18
42
47
48%
130
44
48%
41%
13
45%
14%
42%
48%
42
46%
♦Certificates of deposit
♦1st A ref 5s series G
....1978 M N
100
107% 111%
101
44%
♦Conv gold 5%s
♦1st A ref g 5s series H
46%
44
101
44
44
*42
IVI N
13%
44
A
O
44
44
1981 F
A
44
44
14%
47%
46%
48%
44%
46%
1949
1980
13%
46%
2
106
106
161
102
1
93
108%
{♦Mobile A Ohio gen gold 4s...1938 M S
♦Montgomery Dlv 1st g 5S..1947 F A
40
39%
105%
104%
104%
94%
100%
77%
29
115
73
25
37%
37
6
1
104% 104%
5
11
2
92%
72
72
1
72
77
72%
3
71%
75
2
48
99% 100
105%
105
Mont Cent 1st guar 6s
78
72%
105%
6s debentures
99% 100%
77%
'
1st guar gold 5s
22
42%
49%
42
47
100
100
97
97
47
86
43%
30%
49%
34%
57
31
97%
110%
34%
97%
110%
6
97
36%
98%
5
110% 111%
106%
108
72
1965
106%
108%
108
109%
31
106% 108%
108
110%
1937
102%
102%
102%
102%
4
102%
2
33%
S
34%
97%
Monongahela Ry 1st M 4s ser A '60
Monongahela West Penn Pub Serv
1st mtge 4 %s
1960
94%
358
46
1977 M S
♦Secured 5% notes
1938 M
Mohawk A Malone 1st gu g 4s. 1991 M
104% 106%
104
104%
1964
100
♦Ref Almpt4%s
39%
1974
105
♦Certificates of deposit
40
1st A ref 8 f 5s
100
♦Certificates of deposit
♦1st A ref 5s series I
104% 109%
1st A ref s f 5s..
105
79
♦Certificates of deposit
♦General 4s
107% 108%
106
1938
96%
75
26
O
106
77%
41%
*95%
99%
100
7
25
♦Mo Pac 3d 7s ext at 4% July 1938 MN
1954
5
25
"25"
70
94%
15
34%
68%
104%
11%
3%
68
104%
57
5
63%
J
46%
57
*54
91%
41%
25
F
8
O
97*"
86
18
6%
70
105
90%
30
4%
70
105 X
108
5%
12
Lehigh A N Y 1st gu g 4s
1954]
14
67
1945 M S
Lehigh Val Coal 1st A ref 8 f 5s. 1944 f A
1954
89%
104% 105
4%
6%
65%
J
104% 104%
107
73
70%
39X
1965 A
91%
44%
70%
39%
39%
5%
2
100
91
65
104%
16%
92
*96
65
39X
109%
110*" 116"~
91
*90
D
10
108
17
io5x
Cons sink fund 4 %s ser C
Lehigh A New Eng RR 4s A
107%
53
1954
14
3%
115""
70
1997
1954
104%
70%
♦Lautaro Nitrate Co Ltd 6s
109
103% 104%
•
68%
1941
Lehigh C A Nav s f 4 Ha A
104%
*110%
68
"76"
♦Certificates of deposit
16
99
"28"
68%
Lake Erie A West 2d g 5s
Lake Sh A Mich So g 3%s
105% 106%
69
1942
For footnotes see page 739
15
D
100
45 X
1942
Secured 6% gold notes
106
♦Certificates of deposit
Coll tr 6s series A...
Leh Val Harbor Term gu 5s.
105%
103
♦1st A ref 5s series F__
6
j <zl09%
1959
Laclede Gas Light ref A ext 5s. 1939
Coll A ref 5%s series C
1953
Coll A ref 5%s series D__
1960
Is A ref 8 f 5s
105%
97%
1990 J
{♦Kreuger A Toll secured 5s
Uniform ctfs of deposit
102
1959 J
*119%
*101%
12
98%
{♦Mo-Ill RR 1st 5s series A
115%
j
103
Mo Kan A Tex
161
98
99
97%
102%
"95"
102% 102%
j
d
97%
*97%
102%
1st ref 5%s series B
1st Chicago Term s f 4s
15
First and ref 6 %s
1954
Kinney (G R) 5 %s ext to
1941
Kresge Foundation coll tr 4s..1945
41
98%
109%
108%
107%
77
77%
*40
96%
109%
107%
82%
77
40
*70" ~
1949 IVI s
J
1978 J
1941 M N
...1961 j
A
82%
25-year 5 %s
4
1949 F
33%
"87%
*
25
106%
15
53
30%
25
106%
"2
50
29%
1961 j
161
20
37%
J
102% 103%
115% 115%
108
51%
90
*92%
J
100% 101%
106% 107%
161
50%
*30
J
33
*102%
57%
1946 J
"16
161
54%
1938 J
100%
O
31
1938 J
100%
O
90%
55%
1st cons 58 gu as to Int
1st A ref 6s series A
103%
*115
80
30
26
98
80
109%
43
7
48
26
105
97% 100
25
83
82%
54%
54%
51
104%
1949
1962 Q
84%
80
104%
99%
25
81
30
80
80
104%
1934
103% 104%
104% 105%
59
43
104%
1971
106
104
*88
J
93
104
104%
83%
O
98%
5
83 %
S
J
93
14
104%
82%
D
{♦Minn A St Louis 5s ctfs
96%
99% 100%
103%
1961
♦1st A refunding gold 4s
1961 J
S
105%
1940
♦Ref A ext 50-yr 5s ser A
29%
104
105
104
J
1950'A O
66%
98
114% 115
"93
93
1979
95
30
.1968 IVI
""39
*115
D
Dj
100%
1952
64
102%
1960 J
100%
lmpt 4 %s series C
93
102 X
1945 J
61
108
95%
*115
"166%
Con ext 4 %s
-
96
111
111% 111%
"96% ""20
S
59%
98
1980
1945
96%
N
62
*25
96
*111%
"96%
1951
70
*40
*96%
1946
~
-
95
warr
Kings County Elev 1st g 4s
Kings Co Lighting 1st 5s
2003
62%
7
101%
107% 109%
109
94
103
101
87
1939
{♦Mil Spar A N W 1st gu 4s... 1947
{♦Mllw A State Line 1st 3%s..l941
107%
122% 124%
21
93
stmp (par $925).. 1943
1937 A
135
109%
106%
59%
D
..1997 A
106%
132%
108%
59 X
♦Karstadt (Rudolph) 1st 6s... 1943 M n
♦Ctfs w w stmp (par $645)..1943
4%s unguaranteed
105
109
93
98 X
9
107%
{♦Mllw A No 1st ext 4%s(1880)1934
1st ext 4%s
1939
99% 102%
104% 106
108
*108
1960
Kings County El L A P 5s
3
Mid of N J 1st ext 5s
Mllw El Ry A Lt 1st 53 B.
1st Mtge 5s
75
86 X
78 X
{{♦K C Ft S A M Ry ref g 4s. 1936
♦Certificates of deposit.....
Kan City Sou 1st gold 3s
1950
Stamped
101
Ref A
72 X
87
104 X
(par $925)-.1943
Keith (B F) Corp 1st 6s
1946 m s
Kendall Co 5 Ha
1948 M s
J
Kentucky Central gold 4s
1987 j
Kentucky A Ind Term 4%s...l961 j
110% 112%
101
Jack Lans A Sug 3%s
1st gold 3 %s.
102
73 X
100
Purchase money 6s
101%
102%
100
James Frank A Clear 1st 4s... 1959 j D
Jones A Laughlin Steel 4%s A_.1961 M S
Kan A M 1st gu g 4s
1990
Plain
99 X
102%
93 X
4
♦Ctfs wltn
102
102",s
S
w
97% 100%
12
D
A B...1947
w
18
202
111
"97%
S
♦Mlag Mill Mach 1st s f 7s
1956
Michigan Central Detroit A Bay
City Air Line 4s.
1940
78
♦Ctfs
123%
100%
110%
J
S
90
72
Kansas Gas A Electric 4%s__.1980 j
133
A
132%
122%
97%
♦Mex Internat 1st 4s asstd
1977
♦4s (Sept 1914 coupon).....1977
79%
70
1950
132%
A
*410
Apr
O
{{♦Met West Side El (Chic) 4s.1938
78
lmpt 5s..
Kansas City Term 1st 4s
6
51
Metrop Ed 1st 4%s ser D
Metrop Wat Sew A D 5%s
90
Ref A
105% 108
101',6 101%
101',6
36%
75 X
{♦Iowa Central Ry 1st A ref 4s. 1951 M
6
103% 103%
106%
36%
82
J
78
106% 106%
"16
105
34
77
A
69%
105%
34
34%
88 X
f
106
108
100% 101%
S
1943 J D
Marlon Steam Shovel s f 6s
1947 A O
Market St Ry 7s ser A...April 1940 Q J;
Mead Corp 1st 6s with warr..1945 IVI N
38
o
j
103%
105%
101',6
Mfrs Tr Co ctfs of partlc In
A I Namm A Son 1st 6s
145% 162
O
j
103%
S
13
*106
{♦ManGBAN Wlst3%s.._1941 J
101% 102%
101% 102
1941
A
O
D
Manila RR (South Lines) 4s...1939 IVI N!
1st ext 4s
1959 IVI N
91%
90
*32 X
f
108
A
s f 7%s
1942 A Oi
♦Certificates of deposit
{♦Manhat Ry (N Y) cons g 4s.l990 A Oi
♦Certificates of deposit
1
♦Second 4s
2013 J D
Manila Elec RR A Lt s f 5s... 1953 IW S
56
1944
1st Hen A ref 6%s
1947
Int Telep A Teleg deb g 4Ha.. 1952
Conv deb 4%s
...1939
Debenture 5s
1955
"73
78
J
{{♦Manatl Sugar 1st
108
88 X
1956
ser A
161""
100%
109
—
Internat Paper 5s
166%
107%
Maine Central RR 4s ser A
Gen mtge 4 %s ser A
41%
103X
105X
95X
1956
Internat Hydro EI deb 6s
Int Merc Marine s f 6s
25
77
McCrory Stores Corp s f deb 5s 1951 M N
McKesson A Robbins deb 5 %s. 1950 M N
107
105X
O
6
126%
D
South Ry joint Monon 4s
1952
Atl Knoxv A Cin Div 4s
1955 IVI N
♦Lower Austria Hydro El 6%s.l944 F A
107
51 X
A..July 1952
1st g 5s series C
A
135%
125
2003
St Louis Div 2d gold 3s
Mob A Montg 1st g 4 %s
101%
105X
S
162
♦Adjustment 6s
♦1st 5s series B
1950
1938
F
134%
*109%
1st A ref 3%s series E
Paducah A Mem Dlv 4s
92%
84
1952 j
*110
75%
84
108% 109
128% 129%
134% 136
125
126%
1st A ref 4%s series C
1st A ref 4s series D
97%
101% 102%
87
89%
90
91%
Internat Cement
A
"7
97
81%
102 X
ser
125
69%
80
1937 IVI N
J
1940 J
Unified gold 4s
1st A ref 5s series B
6
85
1951 m n
Int Agrlc Corp 5s stamped 1942..
iv! n
{♦Int-Grt Nor 1st 6s
134%
A
A... 1969 J
1945 IVI
Louisville A Nashville 5s
80
19
87
deb 4s.. 1945 M n
O
103 X
66
71%
1951 F
ser
Louis A Jeff Bdge Co gu 4s
109
97 X
82 X
Interlake Iron 1st 5s B
conv
73%
107
92 X
d
...
I*10-year
O
102
1944 A
5s
89 X
d
...1932 AO
A
F
109
*108
1944 A
1941
1965
6
1
High
1949 IVI
Louisiana A Ark 1st 5s
90
102% 104%
97%
102 X
*100%
Ji
80
1937 IVI N
deb 5s
Lorlllard (P) Co deb 7s
*100%
O
80
1949 IVI
p m
Guar ref gold 4s
95""
97
Illinois Steel deb 4%s
1940 A
Ind Bloom A West 1st ext 4s_.1940 A
Ind 111 A Iowa 1st g 4s
—1950 J
{♦Ind A Louisville lstgu 4s
1956 j
.
101X
"91%
92
3%s.._ 1951
♦Certificates of deposit
105% 107%
105% 107%
87
Western Lines lstg 4s
1951
III Cent and Chic St L A N O—
Joint 1st ref 5s series A
1963 J
1st A ref 4%s series C
-.1963 J
§♦ 10-year 6s
34
*96 X
101%
Omaha Dlv 1st gold 3s
1951
St Louis Dlv A Term g 3s___1951
Gold 3%s
1951
Springfield Dlv 1st
42
102%
Low
*92 X
"92"
1955 M n
Cairo Bridge gold 4s
1950
Litchfield Div 1st gold 3s...1951
Loulsv Dlv A Term g3%s...1953
118
73%
83%
20-year
96
8
104
...1951 m
Collateral trust gold 4s
1951
23
68%
71%
Unified gold 4s
105%
Extended 1st gold 3%s
1st gold 3s sterling
103 X
66
73%
O
1946
No.
67%
1952 J
A
High
Jan.
OQI
102%
1962 M N
ser
Since
Asked
J
A
1951
Long Dock Co 3%s ext to
Long Island gen gold 4s
107% 110
*110
j
A
IVI N
Lombard Elec 7s
36%
Illinois Bell Telep 3%s ser B...1970 A
Illinois Central 1st gold 4s
1951 j
Bid
IVI N
J
Little Miami gen 4s series A
Loews Inc s f deb 3%s
85%
O
J
4%s
4s
cons g
Leh Val Term Ry 1st gu g 5s
Lex A East 1st 50-yr 5s gu
*101X
j
Friday's
Low
30
Range
Range or
Price
Jan. 29
125X
D
-..1951 j
EXCHANGE
107% 107%
♦Adjustment income 5s.Feb 1957 A
1st gold 3%s
STOCK
87
88
1949 M n
ser
Y.
»
Last
Sole
bonds
99%
105
Week
Friday
90* ~
107X
M N
f 5s ser A.-.1962 j
Hudson Co Gas 1st g 5s
Hudson A Manhat 1st 5s
66
104% 106%
100
102 %
125
j
1937 M n
58
cons g
O
99 X
NEW YORK
A. T. A T. Tele. N. Y. 1-1598
Telephone Whitehall 4-2900
107 %
*24
J
1999 J
1944 A
♦Hoe (R) A Co 1st mtge
66
*90
*98%
0
10-year deb 4%s
Hackensack Water 1st 4s
"""9
102X
15
12
Exchange
St.
*90
j
4%sl..111961
106%
101
J
Stamped
*268
106k
O
1950
Gulf & S I 1st ref A ter 5s Feb 1952
Gulf States Utll 4s
15
1940 M n
1st mtge 5s series C
Gulf States Steel s f
13%
Members New York Stock
Wall
63
75
1937
S
IVI N
43%
31%
31
36
102% 102%
1013's2l02%
New York Bond Record—Continued—Page 5
-.Friday
BONDS'
N.
Y.
STOCK
Last
EXCHANGE
Sale
Week Ended Jan. 29
Price
Jan.
Week's
Range or
Range
Friday's
& Asked!
Jan. 1
BONDS
Y.
Since
Bid
Last
STOCK EXCHANGE
Price
I -3^
Range or
Friday's
Sale
Week Ended Jan. 29
1937
30,
Week's
Friday
Bid.
A
Askea|
g-f
Range
Since
Jan.
1
**r
Low
Montana Power 1st <fe ref 3fts.l966 J
D
Montreal Tram 1st & ref 5s—..1941 J
Gen & ref s f 5s series A
1955 A
Gen & ref s f 5s series B
1955 A
High] No.
O
Gen & ref
s
Gen & ref
s
'
f 4 fts series C
1955 A
1955 A
f 5s series D
Morris & Essex 1st gu 3 Ms
Constr M 5s series A
98ft
J
......
O
O
84
96
101ft
95ft
M N
M N
M N
& rets No 4 on '57
{♦Naugatuck RR 1st g 4s
Newark Consol Gas cons 5s
98 ft
101ft
61ft
96
98 ft
101ft 102M
59ft
63
95
95
95
107
106
107
105MI
105
106 M
*2%
5
O
4ft
6M
*3 ft
*2 ft
O
81ft
*81
1997 Q
2047 |Q
2047
2047
...2047
2047
1938
*81 ft
108 ft
109 ft
80 M
80 ft
jjl05
104ft
83
82
83
81ft
81ft
108ft 112ft
110M
81ft
105 ft
80ft
82 ft
104ft 106
112
111ft
108 ft
UlU
108M
108ft 110
108
108
108ft
108
109ft
103"
103"
103 ft
103""
103ft
105ft
103ft
105ft
103ft
1961
1964
Northwestern Teleg 4fts ext...1944
Norweg Hydro-El Nit 5fts
1957
108
108
108
103ft 103ft
105M 105ft
107ft 108ft
♦Og & L Cham 1st gu g 4s
1948
Ohio Connecting Ry 1st 4s
1943
Ohio Edison 1st mtge 4s
1965
Ohio Indiana & West 5s. .Apr 11938
Ohio Public Service 7fts A
1946
28 M
Nor States Pow 5s
1st & ref 6s
ser
1941
A
1941
ser B
Ref mtge 4fts ser B
Ref mtge 5s
1st & ref 7s series B
111M 112
105ft
♦106ft
103
103M
28
4ft
6ft
5ft
7 ft
Ohio River RR gen g 5s
Ontario Power N F 1st g 5s
Ontario Transmission 1st 5s
J
5ft
O
*3 ft
Oregon RR & Nav
29ft
109ft
109ft 109ft
106
104ft 106ft
O
*2%
Ore Short Line 1st
9
102ft 103ft
cons
1954 M
N|
1948 J
D
90
D
Ms A1952 J
New Orl Pub Serv 1st SsserA..1952 A
First & ref 5s series B
1955
New Orleans Term 1st gu 4s... 1953
{{♦N O Tex & Mex n-c inc 5s__1935
♦1st 5s series B
1954
J
106ft
93ft
80
73
125ft
123ft
76
73M
124M
107 M
96 ft
J
95
J
81
81
106ft 107ft
107ft 107ft
94 ft
97ft
81M
81
84ft
99ft 103ft
99ft 103
103 ft
Ioom
102 ft
100 M
99ft
98
98
47ft
46
52
J
J
A O
A O
80
68ft
73 ft
125ft 127ft
123ft 125ft
127 ft
125ft
123ft
*103ft
106 M
94M
O
D
106ft 107ft
77
93 M
122 ft 122 ft
123
78
J
1st g 4Ms series B
1961 Wl N|
N J Junction RR guar 1st 4s...1986 F A
N J Pow & Light 1st 4
Ms
1960 A O
1983 J
106 ft
90
*120
J
-■
1956 F
50
98
47 M
52
ft
"52
49 M
1954
54
51ft
1945 J
Jl
...1944 MN
1998 F
10-year 3fts sec s f
Ref & lmpt 4 Ms series A
Ref & lmpt 5s series C
O
2013 A O
2013 A O
A
1946 A
106 ft
103ft
103 ft
95ft
101ft
Ms. 1997 J
■»
103
1942 J
J
107 M
Ref & lmpt 4M8 ser A
Lake Shore coll gold 3 Ms
2013 A
95M
1998 F
97 ft
O
A
1998 F A
1937 A O
1974 A O
1978 M S
Mich Cent coll gold 3
Ms
N Y Chic & St L 1st g 4s
Refunding 5 Ms series A
Ref 4 Ms series C
3-year 6s
96 ft
103 ft
94
Oct 11938 A
48 collateral trust
1946 F
N Y Connect 1st gu
4Ms A
1953 F
1st guar 5s series B
1953 F
N Y Dock 1st gold 4s
1951 F
Serial 5% notes
;
1938 A
O
A
100 ft
A
108
O
N Y Edison 3 Ms ser D
1st lien & ref 3ft s ser E
N Y & Erie—See Erie RR
1965 A
1966 A
104ft
A
100ft
122ft
122
107
106ft 107ft
102
102
Otis Steel 1st mtge 6s ser A
1941
102
101ft
102
101ft 102ft
Pacific Coast Co 1st g 5s
1946
Pacific Gas & El 4s series G....1964
{{♦Pan-Am Pet Co (Cal)
103
103
O
103M
103
1st M s
.1955
-1955>J
_196£ ; M
.195( U
102ft 105
107ft 108M
93ft
96ft
N Y L E & W Coal & RR
5MS-1942 IVI N
N Y L E & W Dock &
J
lmpt 5s.1943
N Y & Long Branch
gen 4s
1941 M S
{♦N Y & N Eng (Bost Term) 4s 1939
{♦N Y N H & H n-c deb 4s
1947
♦Non-conv debenture 4s
♦Conv debenture 3 Ms
S
O
38
38
Penn-Dixie Cement 1st 6s A... 1941 M
Penn-Glass Sand 1st M 4fts... 1960 J
Pa Ohio & Det 1st & ref 4 fts A. 1977 A
122
105
107
108
1984 J
109 m
63ft
72
103
105
103
105 ft
M
124
125 ft
39
42 ft
39 ft
38
35ft
38
36
42
40
39 ft
46
J
48ft
46 ft
63 ft
26
64
26 ft
2$
46ft
98ft
47 ft
45 ft
ft
48ft
99
95
99
Peop Gas L & C 1st
cons 6s
Jan 1965 Apr
Prior lien 6s series A stamped 1958
J
N Y & Rlchm Gas 1st 6s A
1951 IVI N
N Y Steam 6s series A__
1947 IVI N
1st mortgage 5s
-.1951 IVI N
1st mortgage 5s
1956 M N
{♦N Y Susq & West 1st ref 5s.. 1937
2d gold 4 Ms
J
38
94
107ft
.
{♦N Y Rys Corp inc 6s
"65ft
64 ft
105M
105ft
106ft
,107 ft
*107
100 ft
107
107
83
65
28
109
101ft|
1943 A
Refunding gold 5s
1947 M
cons
4s... 1940 A
♦Income 4s
April 1990 Apr
Peoria & Pekln Un 1st 5 fts
1974 F A
Pere Marquette 1st ser A 5s
1956 J
J
1st 4a series B
1956 J
1st g
1980 M
4 fts series C
General g 4 fts series C
General 4 fts series D
sec
J
S!
105M
98 ft
102 ft
....
1967 J
1967 M N
1971 F A
Phlla & Reading C & I ret 5s... 1973 J
Conv deb 6s
1949 M
Philippine Ry 1st s f 4s
1937 J
Plllsbury Flour Mills 20-yr 6s_.1943 A
Pirelli Co (Italy) conv 7s
1952 M N
Pitts C C & St L 4 fts A.
Series B 4 Ms guar
1940 A
105ft
105ft
102 ft
47
24 ft
23ft
124ft
112
114
101ft 103ft
122ft 126
112
115ft
120ft 123
105
98ft
102
82
44ft
40 ft
103
38
42ft
93 ft
95
ft
94 ft
109
65ft
105ft
107
108
107
107
46 ft
ft
84
107^g 109ft
57 ft
65ft
105
105ft
106ft 107
106ft 108
106ft 107
106
107ft
82
92 ft
91
105
111ft
108ft 111ft
121ft 121ft
115ft 117ft
97ft
99
17 ft
20ft
|
116M
98 ft |
20ft
113M
105M
113
98ft 101
102
130M
128
129
119
119
116ft
106ft
116
117
105 ft 106 ft
105ft 105ft
102 ft 103 ft
44ft 48 ft
22 ft
26
105M
103
47
25M
18 ft
24ft
106
106 M
85ft
98
111ft 111ft
113
113
113ft
113ft 113ft
*113ft
H3M
—
il3M
113ft 113ft
112M
111ft 112ft
114ft
114ft 114ft
125ft 125ft
122
124ft
1953 J
1957 M N
1960 F
114ft
*114ft
1963 F
*122
...
114ft
*112
1964 M N
122
122
1970 J
D
121
122
1975 A
O
121
123
1977 J
J
106 ft
106 ft
1943 M N
Pitts Va & Char 1st 4s guar
Pitts &WVa 1st 4 fts ser A
98
Ulft
1949 F
General mtge 5s series B
General 4 Ms series C
28
107
*108
1945 M N
4s
103ft
113ft 113ft
119
Series F 4s guar gold
Series G 4s guar
cons guar
113
104ft 106
99ft
103 ft
113ft
113
O
1942 M N
Series I cons 4 fts
Series J cons guar 4 fts
General M 5s series A
107
108
110
109 ft
116ft
105ft
105ft
103 ft
45ft
24 ft
23ft
106ft
97M
Series H
43
115ft 116ft
115ft 116ft
111ft
O
1942 A
Series C 4 Ms guar
Series D 4s guar
102 ft
112ft 112ft
119
1981 J
Phlla Elec Co 1st & ref 4 ft s
1st & ref 4s
101 ft
113ft
*128ft
A
1977 J
5s series A
|*lllft
121
124
121
ft
123ft
106ft 107ft
112ft 113
"96"
94
96
1958 A
93ft
96
93 ft
1960 A
93 ft
96
92 ft
96
96
1958 J
1st M 4 Ms series B
1st M 4 Ms series C
-
105ft 106ft
108M
*121ft
115ft
98
97M
18ft
19ft|
*112ft
1943 M N
1974 F
109
105ft
106ft|
112ft zll2ft
115ft
116
115ft
115ft
122ft
105 ft
Series E 3 Ms guar gold
43
*102
~94ft
109
120ft
O
1955
105ft
109
105
39ft
50 ft
{♦N Y Providence & Boston 4s 1942
O
N Y & Putnam 1st con
O
gu 4s...1993
N Y Queens El Lt & Pow 3
Ms. 1965 M N
104
109 ft
43 ft
43 ft
39
99ft 101ft
105ft 105ft
105ft
120m
36
D
105ft
104ft
101M
105ft
1968 J
40
June 1992 M S
104ft 106ft
100
1981 A
50
♦1st & ref 4Ms ser of 1927—.1967
D
♦Harlem R & Pt Ches 1st 4s. 1954 M N
109M
106
107M
1970 A
41
1940
109ft
104ft
104 ft
A
Debenture g 4 fts
72ft
86
104 ft
D
D
General 4fts series D
Gen mtge 4ft s series E
109
46
77ft
122ft
101ft
..1963 F
194: 2 J
194- 1J
ii2m
38
1948
85
103
106ft 106ft
106ft 106ft
107ft 107ft
109ft 110
1965 J
36
1957 M N
"96"
101ft
106ft
106ft
General 4 fts series A
General 5s series B
40
♦Debenture 4s
84
*101ft
106 ft
106ft
107ft
122
103ft 104ft
107M 109
J
1956
*
76M|
Consol gold 4s
1948 M
48 sterl stpd dollar May 1 1948 M
Gen mtge 3fts ser C.
1970 A"
Consol sinking fund 4 fts
1960 F
1956 M N
♦Conv debenture 6s
♦Collateral trust 6s
S
39 ft
73ft
46
101ft 102ft
103
104ft
92 ft
95 ft
98M 100ft
36
1
M
193'7 M S
F A
75
100ft 100ft
100
*120
97 ft
35ft
40
J
75
S
28-year 4s
Phlla Co
"39ft
O
..1952IM N
106ft 106ft
108
108ft
39
S
♦Non-conv debenture 3MS--1947
♦Non-conv debenture 3Ms—1954
♦Non-conv debenture 4s
1955
J
A
M
96
109
58
57 ft
73 ft
74 ft
100 ft
103
4 fts series B
..1981 J
Pennsylvania P & L 1st 4 fts
1981 A
Pennsylvania RR cons g 4s
1943 M
*96
O
100ft
101ft
44ft
_194i
Phlla Bait & Wash 1st g 4s
General 5s series B
108ft
102 ft
.194
—
100ft 101ft
106ft 106ft
102M 105ft
109ft 109ft
108
100 M
.1941
5s
—
101ft
*106ft
50
46 ft
51M
98 ft
*102
—
74
J
S
Guar 3 fts trust ctfs C
Guar 3fts trust ctfs D
ser E trust ctfs..
115ft 117M
105ft
A
Guar 4s
117
111
100 ft 102 ft
103ft 105ft
"52"
96ft
67 M
I
50
49
194<
cons
115ft
103 ft
F
Paramount Pictures deb 6s_.
Paris-Orleans RR ext 5 fts...
125
*107 ft
51 ft
51
♦Paullsta Ry 1st ref s f 7s—
Penn Co gu 3 fts coll tr A—
Guar 3 fts coll trust ser B
O
1973 IV1 N
1973 M N
104 M|
*107
conv 6s '40
51ft
102M
108 ft
107 M
95 ft
93 ft
98 M
97 M
96 M
96 ft
101ft 101,si6
103 ft
104 M[
92 ft
94ft
100 ft
99ft
103 ft
104 ft
108 ft
107 ft
*108 ft
101ft
♦106ft
101
103ft
1955
Broadway C
f g 3s loan ctfs
64ft
102 ft
104 M
100 ft
100ft
101
♦Certificates of deposit
61ft
95 ft
104ft 107ft
100ft 102ft
Paramount
61ft
103 H
79ft
107ft 111
104
{♦Park-Lexington 6 fts ctfs.
112ft 113ft
106ft 112ft
103ft 106ft
103ft 103ft
94
96 ft
100ft 103
76ft
102 ft
106 ft I
ioi"
Parmelee Trans deb 6s
113ft
109ft
80
123
109
1938
♦2d extended gold 5s
Pat & Passaic G & E
106
71
107ft
104ft
100 ft
1961
1938
Pacific Tel & Tel 3fts ser B
Paducah & 111 1st s f g 4 fts
50ft
103 ft
103 M
94
«
108ft
104ft
1966
1st & ref mtge 3fts ser H
Pac RR of Mo 1st ext g 4s
52
112M
106 M
2000 M N
A
120MI
113ft 114
113ft 114
120
121ft
102
46ft
71ft
104ft
104ft
,*.1946 M N
114
102
48 ft
68
"llm
114
113ft
114
1963
52
68
a
114ft|
113ft
114ft
Oslo Gas & El Wks extl 5s
124
1949
115
114 ft
1946
1946
122ft
106ft
Peoria & Eastern 1st
Purchase moDey gold 4s
112ft
102
120
47 ft
"72ft
N Y Gas El Lt H & Pow
g 5s...1948
112
112
112
106ft
44ft
70
A
112
,
112
120 M
50 ft
54
47 ft
♦Certificates of deposit
Ms
*112
1961
52
~49ft
1956 F
Consol 4s series A
*104 ft
1946
48 ft
47
.
A
AI
A Ol
33 ft
1945
4s
g 5s
52MI —
♦Certificates of deposit
♦1st 5s series C
♦1st 4Mb series D...
♦1st 5 Ms series A
28
Guar stpd cons 5s
Ore-Wash RR & Nav 4s
5
D| 106ft
109ft
104ft
105 ft
1937
1943
com g
—
109ft
..1947
J
{♦New England RR guar 5s...1945 J
^♦Consol guar 4s
1945 J
New England Tel & Tel 53 A... 1952 J
N Y O & W ref g 4s
General 4s
111
5ft
1965 J
ser
111
Ref & lmpt 4fts series A
Ref & lmpt 6s series B
Ref & lmpt 5s series C
Ref & lmpt 5s series D
1951 A
f 4s
N Y Lack & West 4s
4 Ms series B
119
*3 ft
*3 ft
----
warr & rets No 4 on '51
N Y Greenwood L gu g 5s
N Y & Harlem gold 3
Ms
90
118
North Pacific prior lien 4s
Gen lien ry & Id g 3s Jan
1951 A
warr & rets No 4 on. 1926
^ ♦4s April 1914 coupon on
*.♦48 April 1914 coupon off
N Y Cent & Hud River M 3
Debenture 4s
;
93
24
106
♦Assent warr & rets No 5 on '77
Nat RR of Mex prior Hen 4
Ms—
N & C Bdge gen guar 4
NY Cent RR conv 6s
100M 101M
97 ft
105ft
M N
M N
♦4s April 1914 coupon on...1977 A
♦48 April 1914 coupon off
1977 A
New Orl Great Nor 5s A__
NO & N E 1st ref & imp 4
41
111
95
J
J
coup off
s
'95ft
{Northern Ohio Ry 1st guar 5s—
♦April 1 1934 & sub coupons. 1945
♦Oct 1935 and sub ooupons—1945
♦Stpd as to sale of April 1 '33 to
April 1 1935 incl coupons__1945
1957
1957 J
Nat'Steel 1st coll
84
73
128
96
118MI
101ft
59M
J
D
1957 J
♦Assent
95 X
97 M
A
1951 J
♦4Mb July 1914
1^2
101ft
111
F A
♦4 Ms July 1914 coup on
^♦Assert
96ft
101ft
118
J
warr
84
Nor Ry of Calif guar g 5s
1957 J
♦Assent
83
O
1937 F
Nat Ry of Mex pr lien 4 Ms
♦4 Ms Jan 1914 coup on
97 M
99
103ft 104M
82ft
....—
96
—1946 J
Nat Dairy Prod deb 3^sw W..1951
Nat Distillers Prod deb 4fts... 1945
High
86MI
1955 M N
Nash Flo & S 1st gu g 5s
Nassau Elec gu g 4s stpd
Nat Acme 4s extend to
99
104MI
86
2000 J
ConstrM 4 fts series B
1955
Mutual Fuel Gas 1st gu g 5s
1947
Mut Un Tel gtd 6s ext at 5%..1941
Namm (A I) & Son&See Mfra Tr—
Nasb Chatt & St L 4s ser A....1978
97 M
103 ft
Low
94
~
A
*50
General gold 5s
1940 F A
Terminal 1st gold 5s
1943 IVI N
N Y Telep 1st & gen s f
4Ms—1939 M N
N Y Trap Rock 1st 6s
D
1946
*50
67
106
106
69ft
106ft
Pitts Y & Ash 1st 4s
106
1st gen 5s series B
1962
A
108 ft
*112ft
124ft
108ft 109M
1st gen 5s series C
1st 4 fts series D
1974 J
D
*123
1977 J
D
*117
1953 F
A
1937 F
6s stamped
1946
{♦N Y Westch & Bost 1st 4 Ms. 1946
J
Niagara Falls Power 3 Ms
1966 M S
Nlag Lock & O Pow 1st 5s A
1955 A O
Niagara Share (Mo) deb 5Ms.. 1950 MN
Nord Ry ext sink fund 6
Ms
1950 A
{{♦Norfolk South 1st & ref 5S..1961 F
O
A
♦Certificates of deposit
f {♦Norfolk & South 1st g 5s.__1941 M N
N & W Ry 1st cons
g 4s
1996 O A
North Amer Co deb 5s
No Am Edison deb 5s ser A
Deb 5 Ms series B
1961
F
1957 M
Aug 15 1963 F
29
ft
87
68ft
94ft
90
98
94 ft
91 ft
107 M
98
20
109M
106ft 107
103 ft
103
105
102M 106
18
108
16 ft
107
103ft
&27ft
30 ft
23 M
32ft
#27
29
23
31
69
80
y*76
84
A
ser
1948 J
Port Arthur Can & Dk 6s A
1st mtge 6s series B
1953
Port Gen Elec 1st 4Ms ser C...1960
1st 5s 1935 extended to 1950
Porto Rlcan Am Tob conv 6s.. 1942
F
F
D
J
73 ft
J
^♦Postal Teleg & Cable coll |5s 1953 J
Potomac Elec Pow 1st M 3ft s 1966 J
Pressed Steel Car deb 5s.._
1951 J
41ft
1950 J
S
103
104
103
105 ft
98ft
1950 J
A
104ft *103 ft
106
"105 ft
104ft
103 ft
106 ft
105
106 ft
106 ft
4fts without warrants
Purity Bakeries s f deb 5s
1103
*124 ft
*118ft
,
£85 ft
*
—.1948 J
,.
128
99ft
72ft
105ft
106
"88ft ""22
*40 ft
43 ft
324
105ft
29
97ft
218ft
'88ft
125ft
104ft
99ft
988ft
21ft
54
89
1
13
128ft
255
104ft
6
99 ft
20
75ft
106ft
80 ft
88ft
40
45 ft
104ft 106
96 ft
98ft
20
21ft
85 ft
120
89
128ft
104ft 105
99
100ft
{♦Radlo-Keith-Orph pt pd ctfs
for deb 6s & com stk
122ft
98
104 ft
^♦Providence Sec guar deb 4s._ 1957 M N
{♦Providence Term 1st 4s
1956 M S
Pure Oil Co s f 4 ft s w w
118ft 122
74
*108ft
85 ft
105ft 106ft
105
*10415,6-106
74
J
121ft
105ft
124ft" 124ft
124ft
A|
M S
118ft |H8ft
105ft 105ft
A
Deb 5s series C
Nov 15 1969 M N
North Cent gen & ref 5s
1974 M S
Gen & ref 4 Ms series A
1974 M S
For footnotes see page 739
108ft <108 ft
94ft
1.94 ft
17
17ft
107ft ?107
*107ft
103ft *103
105
104ft
82
{♦Debenture gold 6s
(05%
1*280
pd)__.|J
1941 J
D
120ft
121
116
125
Volume
739
New York Bond Record—Concluded—Page 6
144
Friday
Friday
Range or
Friday's
Sale
IS
Price
Bid
&
High
Low
Reading Co Jersey Cent coll 4s. 1951
Gen & ref 4 %s series A
1997
Gen & ref 4 %s series B.,
1997
O
J
102%
107%
J
J
Jan.
No.
Low
§£
Week Ended Jan. 29
1
Friday's
Sale
EXCHANGE
N. Y. STOCK
Since
Asked
Range or
BONDS
Range
■8
Week's
Last
Week's
Last
BONDS*7*!*!*
STOCK EXCHANGE
Week Ended Jan. 29
N. Y.
Price
Bid
&
j
O
77
102% 104%
Third Ave Ry 1st ref 4s
107%
65
12
106% 108%
106% 108
109% 113
Jan 1960
Third Ave RR 1st g 5s
1937 J
Tokyo Elec Light Co Ltd—
1st 6s dollar series
1953 J
D
127
146%
Tol & Ohio Cent ref & imp
3%s 1960 J
D
100
Tol St L& Wist 4s
1960
♦Adj lnc 5s
106%
107
112%
112
113
Republic Steel Corp 4%s ser A. 1950 M S
Gen mtge 4%s series B
1961 F A
Purch money 1st M conv 5%s '54 M N
146%
137%
97%
146%
"497
99%
148
108
108%
59
108
110
T01WV&Ohio 4s
98
99%
222
98
100
Toronto Ham & Buff 1st g
J
105%
27
106
Trenton G & El 1st g 6s
IVI
72
110
67%
42%
147
38%
101%
2
75%
106%
102%
100
J
High
72%
42%
101
101%
73
77%
S
J
Low
71%
40%
71%
41%
J
Remington Rand deb 4%s w w.1956 M S
Rensselaer & Saratoga 6s gu.._1941 IVI N
Since
Jani 1
101%
j
A
103%
106%
Range
!?
High NO.
Low
High
102%
Asked
1956 M N
Gen mtge 4%s series C_
J
J
1946 J
108%
99
J
♦Rhine-Ruhr Water series 6s. .1953 J
99
J
Revere Cop & Br 1st mtge
♦Rhelnelbe Union s f 7s
4%s_1956
105%
104%
♦26
184
97%
104%
25%
32
20%
22%
~~~3
18
-
26%
23
♦Rhlne-Westphalla El Pr 7s...1950 M N
24
24
7
22
24
1952 IVI N
22
22%
6
20
24%
22%
24%
1
20
23%
42
20
24%
24%
24%
58%
57%
60%
108
58%
66
♦Direct mtge 6s
F
A
♦Cons mtge 6s of 1928
1953
♦Cons mtge 6s of 1930
1955 A O
t«-Motafield Oil of Calif 6s... 1944 IVI N
M N
-tlficates of deposit
♦C
60
59 %
161
60%
52%
66
sec 8
1952
*103%
1955 F
f 7s
s
{♦Rio Grande June 1st
♦109%
*105%
108%
167"
121""
12l'"
12l"'
101%
102
M N
1952 F
f 7s
S
Union Oil of Calif 6s series A.. 1942 F
*91
83
83%
81%
91%
84
A
49%
51%
48%
A
1962
{{♦R I Ark & Louis 1st 4%s..l934
IVI
22
4%sl966
StyJoe & Grand Island 1st 4s__1947
m
11
31
31%
17
104%
28
112%
112%
6
101%
101%
1
103
A
103%
7
103%
J
A
1
29%
31%
St*Jos Ry Lt Ht & Pr 1st 5s... 1937 M N
J
St Lawr & Adlr 1st g 5s
1996 J
|f*2d gold 6s
1996
St;;Louis Iron Mt & Southern^♦IRiv & G Dlv 1st g 4s
1933
^ ♦Certificates of deposit
37
23
a24%
28
"28"
♦Rut-Canadian 1st gu g 4s
1949 J
♦Rutland RR 1st con 4%s___1941 J
Saguenay Power Ltd 1st
108%
•
102
O
1
102
108% 108%
19%
24
22%
22%
28
32%
30
34%
103% 104%
112% 112%
100%1012932
103
102
4s.. 1947
1st lien & ref 5s
IVI N
86%
87 %
88
93
42%
44%
27
82
83%
8
32%
34%
161
29%
31%
73
31%
34%
18
30
J
31%
4
29
28%
31
134
26%
26%
28
140
96%
96
99%
55
70
17
62
5
43%
J
J
"32%
30
1950 J
J
♦Certificates of deposit
1978
Si's
PH
*Ctfs of deposit stamped...
{St L SW 1st 4s bond ctfs
1989 MN
♦2d g 4s inc bond ctfs...Nov 1989 J
J
68
J
J
I^lst terminal & unifying 5S..1952
1990 J
con g
J
J
D
J
♦Gen «fc ref g 5s series A
St Paul & Duluth 1st
"58%
58%
48%
48%
♦109%
J
4s..l968
{♦St Paul E Gr Trk 1st 4%s._.1947
{♦St Paul & K C Sh L gu 4%s.l941 F
♦29%
23
A
{Pacific
feMont ext 1st gold 4s
4s (large)... 1937
1940
J
J
103%
101%
106%
1972
J
J
121
1943 J
J
StjPaul Minn <fc Man 5s
ext gu
St Paul Un Dep 5s guar
J
103%
D
50%
23
24%
11
103%
32
101316
4
106%
1
122%
11
107%
102%
114%
s
J
IVI
N
U S Rubber 1st & ref 5s ser A. .1947 J
J
♦Un Steel Works
J
J
102
102%
56
111%
102
111%
2
San Diego Consol G & E 4s...1965 IVI N
Santa Fe Pres & Phen 1st 5s. .1942 M S
"109%
109
109%
40%
114%
39%
115
J
41%
44
{♦Schulco Co guar 6%s
1946 J
♦Stamped
Lv ♦Guar sf 6^s series B
.1946 A
♦Stamped
Scioto V & N E 1st gu 4s
1989 M
{{♦Seaboard Air Line 1st g 4s. 1950 A
{♦Gold 4s stamped
1950
♦Adjustment 5s
Oct 1949
{♦Refunding 4s
1959
♦Certificates of deposit..
cons 6s series A
♦1st &
O
g
N
O
deb 4 J^s
Shell Union Oil deb 3%s
conv
Shlnyetsu El Pow 1st 6 %s
♦{Siemens & Halske s f 7s
A
O
1946
1941
F
Skelly Oil deb 4s.
Oil
3%s
10
33%
10
32
90
10%
58
15%
17%
173
10
20%
297
17%
19%
59
37
37%
7
11%
"l2"
16%
18%
19
12%
136
♦11
12
113%
112%
113%
33
100%
99%
100%
206
81%
8
81
*98%
57%
S
52%
A
21
22
69
""75
4
1
101%
102%
60
105%
106%
42
130
130
7
108
41
106%
107%
106%
106%
100%
100%
101
101%
105%
1950
South & North Ala RR gu 5S..1963
South Bell Tel & Tel 1st s f 5S.1941
Southern Colo Power 6s A
120
30
J
1951
Socony-Vacuum
22
69
1951
f 6%s
42
32
32%
A
1951 IVI N
..1951 IVI s
1952 J D
Slleslan-Am Corp coll tr 7s
s
1
39%
119%
18%
1935 J
♦Silesia Elec Corp 6%8
22
44
15
M
^♦Debenture
41%
44
"~16%
1935 F
♦Series B certificates
2
9%
1945 M S
{♦Seaboard All Fla 6s A cts.._1935
Sharon Steel
120
7
12
40%
39%
30%
1933 M S
4s
115
42
♦Certificates of deposit
{♦Alt & BIrm 1st
Corp 6%s A. 1951
♦Sec
103%
f 6 %s series C
s
♦Sink fund deb 6 %s ser
102
1951
A...1947
1947
6
1951 A O
So Pac coll 4s (Cent Pac coll). 1949 J D
1st 4%s (Oregon Lines) A...1977 IVI
Gold 4%s._
1968 IVI
Gold 4%s
1969 MN
I* 1st mtge pipe line 4%s
98%
100%
95%
99%
95%
95%
95%
1981 M N
J
101%
100%
O
107%
106%
97%
97%
102%
107%
103%
103 %
106%
106%
J
010-year secured 3%s
1946
1950 A
San Fran Term 1st 4s
So Pac of Cal 1st
98%
100%
98%
con gu g
95%
5s..1937 MN
1937 J
J
J
Mist 48 stamped
1955 J
1955
Southern Ry 1st cons g 5s
Devel & gen Is series A
1994 j""j
1956 A O
98
So Pac Coast 1st gu g 4s
E Devel &
4s
gen 6s
A
O
101%
101
107%
105%
112%
81%
102%
1956 A
So Pac RR 1st ref guar
O
104%
103%
105
J
102%
102
1956
Devel & gen 6%s
J
tJMem Dlv 1st g 5s
1951 J
*
'III
81%
116%
80%
103%
102%
24
76
323
135
176
167
205
52
10
"116
""69
251
129
178
22
26
1996
J
1938 M
S
"94%
94
D
S'western Bell Tel 3%s ser B..1964 J
S'western Gas & Elec 4s ser D.1960 M N
108%
108
109
60
103%
103
105
61
St Louis Dlv 1st g 4s
!East Tenn reor lien g 5s
IHMoblle & Ohio coll tr 4s
{♦Spokane Internat 1st
g
100
1938 M S
5s...1955 J
J
35%
J
♦Studebaker Corp conv deb 6s. 1945 J
J
Swift & Co 1st M
3^s
1-950
♦Symington-Gould conv lnc wwl956
I*'Without warrants
31
135"
135%
"l09
105%
106%
181
1947
138
105%
105%
26
124%
124%
3
104%
104%
11
106
100%
1956
Tenn Cent 1st 6s A or B
105%
124%
Tenn Coal Iron & RR gen
5S..1951
Cop & Chem deb 6s B...1944 IVI
S
Tennessee Corp deb 6s ser C..1944 IVI
s
Tenn
Tenn Elec Pow 1st 6s ser A
Term Assn of St L 1st g
47
207
D
1943
36%
100%
137
D
106%
A
1961 J
100%
♦103%
130%
181
1946 F
Standard Oil N J deb 3s
4%s
105*/ ""26
94%
105%
Staley (A E) Mfg 1st M 4s
Staten Island Ry 1st
98%
*104%
101
1947
1
3
166% I53~" '"61
*108
4%s._1939
40
108%
118%
"26
Texarkana & Ft S gu 5Ms A.. 1950
107%
Texas Corp deb 3%s
1951
1943
2000
103%
118%
110%
107%
102%
110
110
110
18
1977
'105%
106
37
1979
106%
126%
105%
106%
127
Gen & ref 5s series B
BftGen & ref 5s series C
JJ*'Gen & ref 5s series D
106%
13
1980
jjTex Pac Mo Pac Ter 5Ms A.. 1964
107%
107%
107%
13
108%
1
|Hlst cons gold 5s
tMGen refund s f g 4s
Tex & N O con
gold 5s
Texas & Pac 1st gold 5s
,
1944
1953
M
S
108%
111%
41
108
50
104
295
1
157
106%
28%
106%
36%
29
33%
107% 107%
102
103%
114% 114%
16
35
13
148
106% 107
22
28%
3
28%
"25
104%
104%
106%
36%
161
104%
105%
F
105%
22
23
39
103% 106
93
105% 106%
65
65
68%
50
60
69
62%
1959
62%
66
221
58
67%
105
58
48
32%
5
34
*22
{♦Util Power & Light 5%s....l947 J
85
114%
101%
99% 101%
*22
Utah Power & Light 1st 5s... 1944
82
99
4
107
27
113
104
103
J
87%
42%
17
62
100%
107%
160
35
102% 108%
114% 116%
108
109%
113
114%
35%
160%
"35""
23
121%
31
J
88
31
30
28%
26%
96
35%
33%
Vanadium Corp of Am conv 5s. 1941 A O
F A
Vandalla cons g 4s series A
1955
Cons 8 f 4s series B
1957 M N
J
J
{♦Vera Cruz & P 1st gu 4%s__1934
{♦July
32
Virginia El & Pow 4s
68
70%
A
1942
1955
Va Iron Coal & Coke 1st g
5s..l949
Va & Southwest 1st gu
64%
54
31%
34
26%
39%
39%
41%
42%
41
44
39% 42%
119% 121
31%
50%
57%
21
22
68
69
103%
54
103% 103%
*77%
96%
{♦Wabash Ry ref & gen 5 %s A. 1975
♦Certificates of deposit
♦Ref & gen 5s series B
1976
♦Certificates of deposit
♦Ref & gen 4%s series C
1578
♦Certificates of deposit
♦Ref & gen 5s series D
1980
♦Certificates of deposit
Walker (Hiram) G&W deb
A
97
F
O
A
O
♦34
I6§"
O
s
1941 IVI
107%
86%
87
98
O
'loo"
s
54%
3%s__2000 F
Washington Cent 1st gold 4s._1948 Q IVI
Wash Term 1st gu 3%s
1945 F A
1st 40-year guar 4s
1945 F
8
1st mtge 3%s series
1st <fc ref 5%s series A
35
39
38
41%
37
37%
106% 108%
"l6
43
83%
6
96%
141
50%
55%
3
72
76
70
76%
81
109%
110% 110%
108% 108%
127
J
4
126% 127%
121
1
121
107
107%
127
121
107%
4
107
108%
29
107% 109%
107%
104%
106
162
104% 106%
106
A
O
129% 130
107% 108
{♦Western Pac 1st 5s ser A.. .1946 IVI
s
105%
106
59
105% 107%
111
111
111%
23
110% 111%
38%
87
37
58
105% 106%
J
Western Union coll trust 5s.. .1938 J
Funding & real est g 4%s... .1950 IVI N
.1951 J
25-year gold 5s__
.1960 IVI
30-year 5s
99% 100%
98
94%
97*
94%
97
94%
100% 102%
106% 109%
36%
36%
35%
103%
107%
106%
108%
36
.1946
♦5s assented
103%
108%
106%
108%
22
♦Westphalia Un El Power 6s. .1953
"99%
Wheeling Steel 4%s
White Sew Mach deb 6s
{♦Wickwlre Spencer St't 1st 78.1935
J
♦Ctf dep Chase Nat Bank..
110
WIlkes-Barre & East gu 5s
1942
J
D
Wllmar & Sioux Falls 5s
1938 J
D
78
82
98% 103
101% 105
102
105
98%
104%
105
103
92
94%
108
109%
103
106%
33
37
106
106%
100% 102
J
7s A. 1935 MN
Wilson & Co 1st M 4s series A. 1955 J
J
1960 J
Winston-Salem S B 1st 4s
J
J
J
{♦Wis Cent 50-yr 1st gen 4s...1949
♦Certificates of deposit
3%s
1st mtge s f 4s ser C
...1951
1961
2
23
99%
94%
104%
39%
39%
58
23
97% 100%
96
94%
106% 106%
104%
37%
39
36%
54%
54%
*104%
103"' 102%
113%
30%
"31%
20%
56
4
1
112% 113
101
103%
4
139
103% 104%
34%
151
39%
35
15
39%
62
54%
11
105%
103%
"62
113%
5
32%
64
4
102% 103%
113% 115
30% 35%
30
32%
30
{♦Sup & Dul dlv & term 1st 4s '36 MN
♦Certificates of deposit
J
{♦Wor & Conn East 1st 4%s..l943 J
Youngstown Sheet & Tube—
Conv deb
107% 111%
106
107%
108% 109%
16
42
102%
1940 M N
103% 103%
conv
51
106%
109%
113
102%
series A... .1966
106% 108%
♦Ctfs for col & ref
108%
106%
.1949
RR 1st consol 4s
103% 104%
101
Wheeling & L E Ry 4s ser D__, .1966
40%
39%
44
98%
94%
106%
.2361
Registered
36%
35%
103%
113
.2361
West Shore 1st 4s guar
123%
108%
105
107%
West N Y & Pa gen
gold 4s.. .1943
88%
99
100%
25
74
116%
S
1966
1952
1977
I
1st 4s
Western Maryland
41
10
112
54%
*112%
*108%
116%
42
39%
99
73%
99%
42%
39%
37%
258
*102%
110%
Westchester Ltg 5s stpd gtd._1950 J
West Penn Power 1st 5s ser E.1963 IVI
1st mtge 4s ser H
1961 J
87%
71%
37%
37%
"95
100%
71%
*77
1939 J
f 5s
108
73
Warren RR 1st ref gu g
"68
99
99%
50%
"72%
♦Deposit receipts.
38
38%
s
{♦Wamer-Qulnlan Co deb 6s..1939
Wash Water Power
36
40%
*
1939 IVI
IVI
deb 6s
40%
40%
38
"40"
2
121
40
36
1955 A
1955 A
♦Warner Bros Co deb 6s
99%
41%
41
37%
37%
4%s 1945
6s debentures
*36%
37%
"45"
A
A
69%
97%
39%
73
99%
39%
40
105% 107%
112%
86
102% 102%
101% 102%
100% 101
98%
99%
98%
85
7
"80
*69
14%
14%
100
103%
1939
11%
12%
100
104% 107%
103%
IVI N
1941
1941
36
84%
164
106
Omaha Dlv 1st g 3%s
18%
102
166" l6I%
105%
s
Des Moines Dlv 1st g 4s
Toledo & Chic Dlv g 4s
17%
21%
20%
38%
99%
161% '"36
31
1941
Det & Chic Ext 1st 5s
15
81
7
101%
104%
109%
66%
66
98
15%
112% 113%
5%
33%
*112
O
F
4
"35% "55
41%
107% 109%
65%
66%
J
IVI
113% 113%
2
85
Warner Bros Plct
18%
17%
108%
66%
S
J
....
4%
97
Walworth Co 1st M 4s
9%
MN
IVI
1939
4s
34%
34%
12%
30
"34""
98% 105
113%
♦82%
*106%
1st lien g term
124
103
D
1939
1954
{Wabash RR 1st gold 5s
♦2d gold 5s
113%
4%
*2%
33%
107%
4%
J
1966
Virginian Ry 3%s series A
106% 106%
111% 112%
109
110%
114% 115
*113%
J
1958 A
109%
23
102
2003
4s
1st cons 5s
103% 103%
101% 101%
121
ser
100
103
J
off
29%
100
58%
48%
coupon
♦Vertlentes Sugar 7s ctfs
Southern Natural Gas—
Gold 4%a
J
121
131
113%
100%
i02%
O
J
20
28
109
99%
s
9
115%
113
99%
IVI
85%
90%
105% 106%
105% 106%
8
14
114%
IVI N
4s
3
88
105%
106%
178
1971
5s
(Del)
95
23
1970
1953
1944
{{♦United Rys St L 1st g 4s...1934
U S Pipe & Fdy conv deb 3%s_1946
Drug Co
93
90%
121%
103%
99
IVI
United
U N J RR & Can gen
90
94%
108
s
United Biscuit of Am deb 5s_. 1950 A
121%
101% 103
102%
99~"
34-year 3%s deb
35-year 3%s debenture
u
S A & Ar Pass 1st gu g 4s
1943 J
San Antonio Pub Serv 1st 6s. .1952 J
22
121
102%
114%
108%
O
84
108
32%
106%
A
83%
90
*♦8 L Peor & N W 1st gu 5s...1948 J
St L Rocky Mt & P 5s stpd
1955 J
{♦St L-San Fran pr lien 4s A..1950 J
fc^Con M 4%s series A..
J
Utah Lt & Trac 1st & ref 5S...1944 A
>
106
O
IVI N
J
87%
105%
88
S
♦Debenture 5s
♦Certificates of deposit
♦Prior lien 5s series B
J
June 2008 IVI
June 2008 IVI
1st lien & ref 4s
121
*108%
21%
a24%
IVI
..1948 A
f 6s
s
*120
1977 M
RochG&E4HSseries D
EtGen mtge 5s series E
1947
deb
conv
Union Pac RR 1st & Id gr
52%
91%
*90%
O
107%
93
93
A
M
1945
UJlgawa Elec Power s f 7s
12-year 4s
J
4s. 1939
con & coll trust 4s A...1949
♦Ruhr Chemical
103% 103%
102
Ml N
Union Elec Lt & Pr (Mo) 5s.. 1957 A
Un E L & P (111) 1st g 5%s A.. 1954 J
A
58
5s..1939 J
gu
♦Rio Grande West 1st gold
EH* 1st
*56%
105% 108%
101% 103
4
D
{{♦Union Elev Ry (Chic) 5S..1945
J
Rlchm Term Ry 1st gen 5s
♦Rlma Steel 1st
26
101%
4s.. 1946
1949
Tri-Cont Corp 5s conv deb A..1953
Truax-Traer Coal conv 6%s._1943
♦Tyrol Hydro-Elec Pow 7%s._1955
♦Guar
105 %
1942 M S
C
ser
73
75%
105%
O
1950 A
F
A
IVI N
30
22%
22
30%
24%
8
22
25%
23
23
1
23
24
*15%
29%
131
123%
131%
130
123% 131%
104%
104
105
125
104
105
112% 136
105% 107%
157
195
121
143
104% 105%
124% 126
104 % 105
e
Cash sales transacted during the current week and not
No sales.
r
Cash sale; only
transaction
current
100% 104
108% 109%
118% 118%
110% 111%
107% 108%
102% 105%
106% 110
126% 128%
105%
106%
107%
108%
106
108
108%
109%
included In the yearly
range:
transaction during current week,
a Deferred
interest payable at exchange rate of
{4.8484.
{ Companies reported as being in bankruptcy, receivership, or
Section 77 of the Bankruptcy Act, or securities assumed by such
*
Friday's
♦
Bonds selling
z
delivery sale; only
during current week,
n Under-tho-rule sale; only transaction during
x Ex-interest.
{ Negotiability Impaired by maturity,
f Accrued
week,
bid
and
asked
No
price.
sales
transacted
reorganized under
companies.
during
current
week.
flat.
Deferred delivery sales transacted
in the yearly range:
German Rep. 7s unstamped, Jan.
during the current week and not Included
28 at 24%.
Oregon RR. & Nov. 4 1946, Jan. 28 at 114.
Penn. RR. 4s 1943, Jan. 23 at
113%.
740
New York Curb
NOTICE—Cash and deferred delivery sAles
regular weekly range
are
Exchange
are snown in a footnote in the week in whloh
In the following extensive list we furnish
week
beginning
-
Weekly and Yearly Record
Jan. 30, 1937
disregarded In the week'* range, unless they are the only transactions of the week, and when
selling outside of the
a
they
No account Is taken of such sales in computing the range for
occur.
complete record of the transactions
Saturday last (Jan. 23, 1937) and ending the present Friday (Jan. 29, 1937).
on
the year.
the New York Curb Exchange for the
on
It is compiled entirely
from the daily reports of the Curb
Exchange itself, and is intended to include every security, whether stock
which any dealings occurred during the week covered:
Friday
Sales
Last
Par
Acme Wire
v t c
corn...20
Adams Mlllls 7% 1st pf 100
Aero Supply Mfg class A_*
Class B
*
Agfa Ansco Corp com
1
Aiusworth Mfg common..5
Air Investors common.
Conv preferred—.
Warrants.....
Week's Range
of Prices
Low
High
Week
Price
54:%
14%
21
5%
$3
conv
preference
100
Aluminum Goods Mfg...*
Aluminum Industries com *
Aluminum Ltd common._*
preferred
Amer Box Board Co
American CapitalClass A common
Common
$3
22%
Jan
5%
Jan
400
700
Amer Equities Co
Amer Gas & Elec
Jan
1%
Jan
Jan
78%
Jan
Jan
87
Jan
600
23
4%
4%
22%
22%
166%
115% 116
17%
17%
"l3~
900
25
com
6% preferred
..25
Amer Mfg Co common. 100
Amer Maracaibo co
1
Amer Meter Co
*
Amer Pneumatic Service.*
*
com
1st preferred...
Preferred..
American Thread pref
5
Anchor Post Fence
*
4%
Jan
Jan
Brown Fence & Wire
Preferred
Arkansas P & L $7 pref.
10
Art Metal Works
173
Jan
Brown Forman Distillery .1
Bruce (E L) Co...
*
1,150
115
Jan
116%
Jan
Bruck Silk Mills Ltd
Buckeye Pipe Line
50
Buff Nlag & East Pr
pref 25
9%
Jan
14%
Jan
98%
Jan
124
129
4,950
1,850
129
28
29%
3%
ijii
500
121
Jan
1,900
2,900
28
Jan
2%
"2" 700
17%
32%
Jan
3%
Jan
63
.5
Ashland Oil & Ref Co..
1%
10
1%
39%
44%
1%
100
8
600
1316
36%
325
39%
46%
300
7%
2,400
"14,766
40
6%
33%
32%
33%
Class A
preferred
*
warrants
11 %
39%
23
23%
42%
46%
110% 111%
10%
11%
33%
34%
39%
39%
28%
31%
Jan
18%
j an
Jan
10
Jan
Jan
1%
38%
Jan
700
50
Jan
Jan
Jan
41
14
1%
150
9%
38
,
2%
10%
10%
26,700
18,400
88,900
10
10%
95
70
13%
14
600
4,000
"§"%
*26
2%
39
3%
3%
30
6%
£25%
2%
200
12
200
25%
104%
117
4
Jan
100
7
Jan
1
Jai
7,6
%
14,166
31%
"31%
30%
30%
~3l
78%
74
123
'22%
""2%
2%
*2%
2%
17%
4,800
2%
2%
19,000
34%
500
17
200
19,200
1,300
Jan
8%
Jan
Chicago Flexible
Chicago Rivet &
Jan
12%
Jan
Chief Consol Mining
Childs Co preferred
50%
10%
Jan
Jan
13%
Jan
47
Jan
50
Jan
17%
Jan
Jan
52%
Jan
4
Jan
Jan
7%
Jan
Cockshutt Plow Co
Jan
Colon Development...1 sh
156
Jan
5% income stock A—£1
6% conv pref.
£1
Colorado Fuel & Iron warr.
Jan
12%
5%
Jan
161
121%
Jan
Jan
Jan
Jan
15%
7%
Colt's Patent Fire Arms.25
Columbia Gas & Elec—
Jan
Conv 5% preferred-.100
Columbia Oil & Gas
1
Columbia Pictures com—*
Jan
Jan
162
Jan
123%
Jan
18
Jan
4
Jan
2
Jan
4
65,300
2%
Jan
50,100
1%
Jan
500
14%
Jan
15%
Jan
125
36
Jan
37
Jan
Commonwealths Dlstrlb.l
Community P & L $6 pref
Community Pub Service 251
Community Water Serv.. 11
Compo Shoe Mach vtc—1|
18%
3%
Jan
24%
Jan
Consolidated Aircraft..—1
a
Jan
Jan
Jan
Consol Biscuit Co.
Consol Cigar warrants.
1,200
35%
Jan
43%
Jan
9%
50%
Jan
11
Jan
Jan
56%
Jan
Jan
17
Jan
10%
10%
11
375
55
52%
56%
430
16%
16%
16%
350
%
%
3,200
15H
Jan
%
Jan
5%
Jan
6%
Jan
30%
29%
2%
30%
3,400
28
Jan
30%
Jan
2%
800
Jan
2%
Jan
27
27
100
6
100
22
900
Consol Copper Mines
5
Consol G E L P Bait com.*
5% preferred A
100
Consol Min & Smelt Ltd..5
Consol Retail Stores
5
27
Jan
6
Jan
8
Jan
Jan
22
Jan
Jan
3t %
Jan
Cook Paint & Varn
32%
Jan
preferred
Jan
38
Jan
Jan
61
Jan
com.
Jan
10%
Jan
Jan
300
Jan
13%
43
25
39%
Jan
45
Jan
93%
95
150
93%
Jan
96%
Jan
18
400
17%
Jan
19
1,200
17%
Jan
19
85
Jan
89
Jan
6%
2%
27%
51%
33%
26%
5%
2
26
22%
23%
5%
6
77
111% 112%
25
325
2,000
200
75
250
54
1 %
78%
4%
52
86
4%
55%
2,200
1,600
64,100
3,600
3%
1%
20
54"
"54
~~~20
Jan
Jan
Jan
24%
Jan
20
Jan
5%
15%
71%
110%
52%
27%
1%
Jan
6
Jan
Jan
Jan
>■
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
4%
52
Jan
16%
Jan
77
Jan
Jan
115
.Jan
Jan
63
Jan
33%
\%
Jan
Jan
Jan
76
86
Jan
Jan
Jan
5%
Jan
5%
60
5%
Jan
Jan
Jan
Jan
Jan
Jan
54
Jan
58
Jan
72%
74%
100
72%
Jan
77
Jan
71
70
71
350
Jan
71
Jan
14%
14
14%
66%
12%
4%
Jan
14%
Jan
Jan
4%
Jan
Jan
Jan
_.—
...
6,100
4%
4%
200
2%
2%
9%
3%
86,100
10%
"47%
45%
48
11
11%
11%
5
5
5
2
2%
600
%
8%
Jan
3%
10%
400
45%
Jan
48%
Jan
1,400
10
Jan
12%
Jan
200
5
Jan
5
Jan
1%
Jan
2%
Jan
2,000
5%
"5% "6%
4%
4%
4
15",500
600
20%
3%
19%
21%
5,100
58
58
60%
1,100
88
88
91%
*930
10%
38,200
9%
9%
4,000
Jan
3%
4%
3%
130
130
133
2%
58
2%
2%
8
87%
"76%
34
1%
16%
17%
25%
1%
16%
17%
27%
9%
26%
63
33%
1 %
58
jl°%
""7% "~8%
Jan
18
Jan
21%
Jan
58
Jan
67
Jan
88
Jan
100%
2%
23%
"21%
Jan
Jan
2%
31%
Jan
34
1%
Jan
1%
Jan
Jan
Jan
Jan
16
Jan
17
200
Jan
17%
Jan
Jan
27%
Jan
2,400
15%
22%
9%
Jan
11
%
Jan
7%
Jan
%
9%
Jan
18,666
87%
Jan
89%
Jan
'75"" Jan
81%
Jan
10%
Jan
10,500
1,200
21%
Jan
Jan
150
9%
20%
139
300
"""300
3%
100% 101
2%
2%
21%
24
Jan
Jan
64
77%
3
Jan
39
Jan
88
114
Jan
10%
Jan
58
75
8%
1%
104%
Jan
Jan
450
87%
114
Jan
6%
4%
4%
16
2,300
Jan
Jan
3,200
900
Jan
16
Jan
Jan
7%
35%
118%
2,000
Continental Secur Corp..5
18%
34%
Jan
35
110%
600
1
8% preferred
100
Consol Royalty Oil
10
Cont G & E 7% prior pf 100
Continental Oil of Mex...l
Cont Roll & Steel Fdy...*
2%
11%
Jan
2,400
t c ext to 1946
44
Jan
Jan
37
Jan
Jan
Warrants
v
97%
Jan
37,100
Commonwealth Edison 100
Commonwealth & Southern
New
Jan
8%
1 %
——
Jan
103
2
41%
.
Jan
Jan
16
Jan
Jan
7%
35
102%
108%
10%
com.
43
Jan
Jan
25
32%
4%
Clayton & Lambert
Mfg..*|.
Cleveland Elec Ilium
*
Cleveland Tractor com...*
Clinchfield Coal Corp.. 100
7%
18%
300
1,700
31
1%
City Auto Stamping
*
City & Suburban Homes .10
Claude Neon Lights Inc..l
—
Jan
10%
32
Club Alum Utensil Co...*
Jan
Jan
30
62%
84
*
Jan
Jan
39
preferred.
Jan
17%
7%
32%
96
60
1
3%
Jan
2%
10
600
61
*
27%
Jan
Jan
15
16,000
77
100
Jan
100
40%
Mach
Jan
128
Jan
Jan
2%
Jan
"9% "10%
£16% £16%
Shaft Co 5
Cities Service common...*
Preferred
*
Preferred B
*
Preferred BB_
*
Cities Serv P & L $7 pref.*
$6
5%
*
Jan
22,100
5,300
*
10
2%
3%
5%
2,700
Centrifugal Pipe...
Chesebrough Mfg......25|__._-
Jan
Jan
3%
17%
42%
Jan
Jan
22%
3%
47%
37%
26
22%
14%
Jan
Jan
17,800
..100
Conv preferred
.100
Conv pref opt ser '29.100
Charis Corporation..
2%
3%
60
36%
22%
Cherry-Burrell Corp
19
45
2
100
Jan
3,500
2,200
warr
Jan
Jan
7
6% pref without
7% preferred
Jan
Jan
1%
18
94
10%
10%
Ys
Jan
43
*
*
96
16%
2,400
$7 div preferred
1st preferred.
9%
Jan
Jan
7%
110% 110%
11%
12
1
Jan
50%
3%
6,800
37%
r97% r97%
31%
37
10%
11
7%
9%
6,800
650
10%
95
Jan
6,000
37
Jan
Jan
Jan
54
.*
Jan
Jan
400
preferred-
2%
10%
Jan
Jan
82%
8%
Jan
6%
Jan
110%
Jan
Jan
6
100
Jan
%
%
21%
3%
6
Jan
300
Jan
36%
21%
73%
2,500
7%
Jan
316
46%
21%
220
8%
6%
7%
1,500
3%
2%
80
6%
108%
1%
30,800
162
15%
Jan
775
Jan
3%
1%
31%
10,400
Jan
14%
Jan
24,200
7
1%
31%
22%
Jan
Jan
2%
18
3%
Jan
22%
28%
300
6%
39
14%
31
"275
25%
380
123%
Jan
5%
1,700
123
Jan
%
Cent & South West Util-.l
Cent States Elec com
1
8%
6%
1%
Jan
]
6%
Jan
Jan
Jan
Jan
Jan
5%
39%
Jan
%
Jan
40%
147
154%
3%
3%
4%
5%
17%
17%
14%
1
Jan
Jan
600
6%
Jan
■ •
300
37%
7%
39
37
Jan
Jan
1,600
3
Jan
%
200
Jan
Jan
3%
27%
36%
""% ""%
5%
3%
52
Jan
Jan
5
150
31
53
106%
117
19
Jan
Jan
Jan
87%
3
25%
Jan
17%
Jan
Jan
Jan
86%
Jan
24%
Jan
4
86%
Jan
Jan
Jan
24
100%
"18%
Jan
12
48
104
1
Jan
Jan
100
100
33
Jan
Jan
650
Cent Ohio Steel Frod
Cent P & L 7 % pref
Jan
21%
10%
450
4%
Jan
2,000
%
"""700
59%
4%
5%
4%
7
$6
$4
For footnotes see page 745.
23%
1%
Celanese Corp of America
7% 1st partic pref...100
Celluloid Corp com
15
Jna
Jan
~3~600 ""9%" Jan "12%" Jan
21%
Jan
35%
47%
2d preferred
100
Brazilian Tr Lt & Pow...
Bridgeport Gas Light Co
"9% 'ii'%
Jan
Jan
36
.
Jan
4%
4%
400
161
pref
Bearing
Bowman-Biltmore com.
7% 1st preferred
100
15
47%
2
S32
%
%
14
100
Bower Roller
Jan
*
4,500
22,800
2%
3
92
5%
14
Blumenthal (S) & Co
Bohack (H C) Co com
7% 1st preferred....100
Borne Scrymser Co
25
Botany Consol Mills Co..
Bourjois Inc
13
com
12 %
100
pref
2,600
Jan
100
"~8%
Barlow & Seelig Mfg A..
Baumann (L) & Co com.
$3 opt conv
15
99
12%
7%
147
Bliss (E W) & Co com...
Blue Ridge Corp com
14%
33%
Catalin Corp of Amer.
Tobacco—
.
Jan
Cent Hud G & E
25,700
52
50
Berkey & Gay Furniture
Purchase warrants
BIckfords Inc common
64
Jan
8%
17%
51%
3%
com
2%
38%
Jan
Jan
7%
common..
Jan
Jan
7%
17%
Bell Tel of Canada
Jan
Jan
Class B
Jan
Jan
Jan
13%
6%
2%
2%
10%
1.900
1%
Jan
42
4%
5%
Atlas Corp common
Bellanca Aircraft
2%
37%
44
4
17%
Jan
Jan
Jan
55%
900
Jan
Jan
95
5%
Jan
Jan
12%
2%
3%
31%
316
100
2,100
%
Carrier Corp..
*
Carter (J W) Co common.l
Casco Products
*
Castle (A M) & Co
10
Jan
2%
1 800
37%
Jan
9%
1,000
52,600
8%
8%
9%
Jan
59
2%
99
2%
61
Convertible class A...
Jan
2,100
3,400
1,000
2%
10
2%
170
Bell Tel of Pa 6
% % pf .100
Benson & Hedges pref.
2%
57
1%
25c
Jan
1,400
1,200
10
Carlb Syndicate
Carman & Co—
53
43,500
4%
5%
36%
Jan
Jan
21,200
com
Jan
7%
Capital City Products.
Jan
Jan
13%
7% 1st pref
Bell Aircraft
Corp
33
1%
1
33
2%
5%
Jan
48%
Marconi
30%
26%
28%
37%
2%
58%
5%
23%
112%
4%
Jan
55
36%
Jan
Jan
11%
35%
Jan
Canadian
Jan
Jan
48%
17%
Baldwin Locomotive warr
Barium Stainless Steel..
Jan
Jan
Jan
%
4%
7%
1%
—*
32%
34%
4%
Jan
non-voting.
24%
21%
27%
32%
1%
32%
1%
50
Jan
B
100
"~275
4H
Jan
Jan
5,100
4,200
2%
Jan
Jan
5%
Carnation Co
11%
Babcock & Wilcox Co
Jan
Carolina P & L $7 pref
33
1%
40%
9%
2%
97%
35%
136
Jan
30%
24%
1%
Jan
Jan
48
.10
Jan
.
6% preferred
100
Canadian Indus Alcohol A *
Jan
32
13%
common.
Jan
Canadian Hydro-Elec—
40
48%
Atlas Plywood Corp
Austin Silver Mines
Jan
Jan
Jan
Atlantic Coast Fisheries..*
Automatic Products.
5
Automatic Voting Mach..
Jan
30
25%
23%
dep rets A ord sh..£l
Jan
33
2
Am
24
Atlantic Coast Line Co..50
preferred
10%
Jan
Jan
4%
Am dep rets B ord shs.£l
Amer dep rets pref shs £1
8
39
2,800
26%
Associates Investment Co *
Warrants-
10
24%
23%
104
*
41%
Jan
Jan
Jan
600
4
Cable Elec Prod vtc
Cables & Wireless Ltd—
47
33%
Jan
400
113
115
%
Jan
Jan
Jan
10%
$3 convertible pref----*
Jan
110%
10%
33%
39%
5,300
1,250
24%
25"
25
Calamba Sugar Estate. .20
Camden Fire Insur Assn.
Canadian Car & Fdy pfd 25
4%
2%
20%
550
23%
55%
Jan
Jan
64
46
Warrants
Burma Corp Am dep rets
33%
32%
1,400
29%
34
Jan
....
4%
11%
65%
10%
23%
$5 1st preferred
*
Bunker Hill & Sullivan.. 10
Burco Inc common.....
6%
12,500
24
Assoc Laundries of Amer.*
Vtc common
*
5
Jan
Jan
~ib%
J
44%
10.600
3%
7%
1
Jan
Jan
Jan
Class A pref
Jan
134
Associated Elec Industries
Amer deposit rets
£1
Assoc Gas & Elec—
Common
Jan
2%
6%
53%
10
Burry Biscuit Corp.. 12%c
10
95
com
14%
Jan
Jan
7,200
10,900
.
"59%
com
Jan
17%
57%
2%
_
Jan
62
*
Angostura Wupperman__l
Apex Elec Mfg Co com
*
Appalachian El Pow pref.*
Arcturus Radio Tube...
Arkansas Nat Gas com..
Common class A
*
Axton-Fisher
5%
Jan
Jan
Jan
Jan
4%
11%
32%
Am dep rets ord rcg. 10s
British Col Power class A.*
Brown Co 6% pref
100
22
14%
3%
Amer Potash & Chemical.*
American beal-Kap com. .2
Superpower Corp
Jan
17%
21%
.....
Jan
300
Jan
dep rets ord bearer £1
Am dep rets ord reg...£l
British Celanese Ltd—
146
113%
3%
34%
1
Registered
Jan
Jan
High
17%
Am
77
Jan
Low
5,700
British Amer Tobacco-
25%
24
21
24%
10
*
—
Jan
22%
Range Since Jan. 1, 1937
Shares
30
—
400
11
3%
9%
for
Week
m
Jan
2%
High
4%
11%
63%
100
3,600
125
29
43%
Amer Hard Rubber com.50,
Amer Invest of 111 com...*1
Amer Laundry Mach
20
preferred
4%
3%
100
104
23%
com
preferred
$2.50 preferred
Amer Lt & Trac
Jan
Low
19%
British Amer Oil Coupon
25
4
$2
conv
Brillo Mfg Co com..
Class A
Jan
170
com
Preferred..
American General Corp 10c
$2.50
Jan
34%
——
Amer Foreign Pow warr..
Amer Fork & Hoe Co com
Class A
Jan
5%
Jfin
75
116
10c
Amer Cyanamld class A. 10
Class B n-v
Amer Dist Tel N J
pref 100
6%
21
Jan
240
preferred..
Option
Jan
86
161
Class A
25
Class A with warrants 25
Class B
$5
Jan
78%
$5.50 prior pref
Am Cities Power & Lt—
Am
18
78
Sales
Week's Range
of Prices
20%
Brill Corp class B
Class A—
7%
bond, in
100
21%
22%
10c
class B
Preferred
Jan
83%
73%
24%
4%
50
Price
*
19
200
ik
Bridgeport Machine
14%
3%
28%
1*16
72%
81%
71%
17%
com
Jan
Jan
1,700
164
.100
American Airlines Inc. —10
American Beverage com..l
American Book Co
100
111
Jan
Jan
*
25
com
Jan
56%
5
5%
32%
4
pref
Jan
21
21
5
Sale
Par
200
29%
32%
1%
Last
High
5,600
*
Aluminum Co common..*
6%
45%
110%
800
common.
Allied Products cl A
6%
Low
1,025
18
Allied Internat Investment
Common
Shares
STOCKS
(iContinued)
2
Industries com
Alles & Fisher Inc com..
Alliance Invest
22
Range Since Jan. 1. 1937
14%
5%
74%
Allen
54%
5
78
Ala Power $7 pref
$6 preferred
50
21%
"l%
Alabama Gt Southern.
Friday
for
Sale
STOCKS
or
50
1,600
100
3,600
7,700
"V,206
8%
114
Jan
Jan
115
Jan
Jan
Jan
Jan
2%
98%
Jan
3%
Jan
Jan
102%
Jan
1%
17%
11%
18%
Jan
2%
Jan
Jan
25%
Jan
Jan
12%
Jan
Jan
21%
Jan
Volume
144
New York Curb Exchange-Continued-Page 2
Friday
STOCKS
Last
Par
Cooper Bessemer com
$3 preferred A
$3 prior preference
Copper Range Co
Week's Range
for
Sale
(Continued)
of Prices
29%
._*
*
"44 34
Low
High
29%
"""366
13%
5%
4%
Common
6%
$6 preferred A
*~3%
Preferred
100
Courtaulds Ltd
32%
14%
5%
1,200
8,700
Jan
Georgia Power $6 pref
Jan
Jan
6434
52%
Jan
44
$5 preferred
Gilbert (A C) com
*
1234
4%
Jan
1834
Jan
Jan
534
Jan
Glen Alden Coal
Jan
Godchaux Sugars class A.*
Class B
*
6%
Jan
89%
3%
Jan
Jan
434
32
33
800
31%
Jan
3834
Jan
Jan
1434
Jan
400
1%
38
17%
%
19%
1
Crowley, M liner <fc Co
*
Crown Cent Petroleum._.l
1
7,900
9,900
30,500
2%
13%
2%
2%
13%
13%
500
4%
Crown Cork Internat A.
4%
4%
8,400
Crown Drug Co com..25c
Preferred
...25
tc.*
Inc
Jan
92
9334
125
834
43 34
1334
4,000
13
13
100
Preferred
13%
,._*
*
$7 preferred
_..*
Goldfield Consol Mines
1
Gorham Inc class A
*
S3 preferred
45
40
13
13
1334
7,400
4934
44
5034
3,900
14,750
3734
2834
105
105
34
3734
105
3i6
107% 107%
5
Cusl Mexican Mining..50c
*16
Darby Petroleum com...5
High
Jan
9534
Jan
Jan
1334
Jan
40 34
Jan
45
13
Jan
15
Jan
41 34
28
Jan
5034
3734
Jan
105
Jan
Jan
Jan
300
5%
33%
Jan
734
Jan
100
Jan
3734
Jan
24
Jan
Jan
Jan
2734
434
1834
2234
Jan
334
1234
1834
113
Jan
11734
Jan
12634
Jan
35
35
24
2434
200
434
Jan
Jan
Jan
Grand National Films Inc 1
Grand Rapids Varnish...*
334
1734
15
1834
20,400
8,400
Jan
1
Jan
Gray Telep Pay Station. 10
20
1834
2034
1,100
Jan
10
Jan
Great Atl & Pac Tea—
2
Jan
11634
290
12%
4%
23%
1%
Jan
Jan
Non-vot
Jan
1334
Jan
7% 1st preferred
Jan
Gt Northern Paper
5
com
stock
*
2334
Jan
25
Greenfield Tap & Die...*
Jan
234
Jan
Grocery Sts Prod com__25c
Jan
Jan
50%
Jan
Jan
10734
Jan
14%
Jan
%
1534
34
Jan
Jan
106%
14%
14%
50
%
%
30,200
Jan
Gypsum Lime
18%
17%
15%
18%
7,900
16
Jan
1834
Jan
Davenport Hosiery Mills *
15%
100
15
Jan
1534
Jan
Hall Lamp Co
Haloid Co
Dayton Rubber Mfg com.*
24%
23
24%
4,400
1934
Jan
2534
Jan
Jan
Jan
Jan
Jan
1134
534
......
1
6134
,350
6,400
1,700
6
134
6034
1,500
23,700
6334
127
Jan
Jan
44
Jan
Jan
1234
Jan
434
Jan
6
34
Jan
134
5734
Jan
6334
Jan
Jan
88
Jan
95
Jan
95
Jan
Jan
1534
Jan
734
Jan
38
Jan
Jan
Handley Page Ltd—
Amer dep rets pt pref 8sHartford Electric Light.25
"l
1234
834
1434
1134
Gulf States Util $5.50
pref *
86 preferred.....
*
100
Jan
34
88
"
"43" "4134 "44""
Guardian Investors.
1
Gulf Oil Corp of Penna.25
15
113
100
Jan
Jan
334
11334
Jau
Jan
34
20
2%
105
8,200
38
134
Jan
734
7
*
20
8V4
34
Jan
Jan
x48
100
Low
92
*
Jan
1%
34%
14%
%
11.600
*
preferred
Curtis Mfg Co of Mo
Jan
Range Since Jan. 1 1937
Shares
V t c agreement extended
com
Press
734
93
High
10
1%
36
18%
,316
634%
Low
Gorham Mfg Co—
37%
Cuneo
Jan
100
*
v
Price
*
2,900
5
com
32
12,000
7%
Crocker Wheeler Elec
Cuban Tobacco
Jan
3%
Creole Petroluem
Crystal Oil Ref
Week
29%
89%
£1
Croft Brewing Co
for
of Prices
Par
6%
89%
3%
Cramp (Wm) & Sons Ship
& Eng Bldg Corp... 100
Weeks Range
Sale
High
14
*
1
com
Low
Last
1 1937
61%
"44"" "44%
14%
5
Shares
3,200
Sales
STOCKS
(Continued)
Range Since Jan,
30%
741
Friday
Week
Price
*
Cord Corp
Corroon & Reynolds
Cosden Oil
Sales
Class A
31
30%
31%
200
30 %
Jan
32
Jan
15
15
15%
400
15
Jan
16
Jan
Dennlson Mfg 7% pref.100
Derby Oil & Ref Corp com*
70
69%
71
170
69%
Jan
73
Jan
Hartman Tobacco Co
5,800
534
Jan
Jan
Harvard Brewing Co
1
Hat Corp of Am cl B com.l
Hazeltine Corp.
*
Hecla Mining Co
25c
Preferred
*
7%
82
17
*14%
82
15%
17
19
Detroit Gasket & Mfg coml
6% pref ww
20
Detroit Gray Iron Fdy.._5
Det Mich Stove Co com__l
Detroit Paper Prod
Detroit Steel Products
6%
19%
14
15
25
7634
Jan
88
Jan
1,500
1534
17%
Jan
17
Jan
400
Jan
1934
Jan
7%
1,000
16
Jan
10
*
56%
9%
7%
Jan
934
Jan
2,000
8%
Jan
1034
Jan
1,500
10
Jan
52%
Jan
58
Jan
Hey den Chemical
Hires (C E) Co cl A
2934
3734
Jan
2934
Jan
Jan
43 34
Jan
Hollinger Consol G M
Holophane Co com
12
Jan
1434
Jan
*
56%
£1
29%
29%
100
Doehler Die Casting
Dominion Steel <fc Coal B 25
38%
14%
40
14%
1,100
100
DominlonTar&Chem com*
634% pref
100
Douglas (W L) Shoe Co—
7% preferred
100
108
30
30
Dow Chemical
*
Draper Corp
*
85%
84
...10
40%
40
3%
Common
3%
9%
9%
25
Jan
5% preferred
100
Hud Bay Min & Smelt...*
Jan
96
Jan
Humble Oil & Ref
*
30
Jan
4234
Jan
Hussman-Ligonler Co
Jan
2,100
334
Jan
4
Jan
Jan
7834
Jan
2,400
634
Jan
1034
Jan
Jan
14 34
Jan
Jan
Jan
134
1,100
1734
2034
134
1
300
COl CO X'
1
"42"
T.ioo
"15"
^ *0»
l
"1534
"2^66
2734
3334
3,700
1934
1934
50
Jan
17
Jan
18
Jan
20
22
250
134
1734
Jan
22
934
Jan
1034
5
Jan
134
134
300
134
4,600
350
61 34
25
2 1 34
2134
7,800
2134
2 1 34
21
14
14
Illinois P & L 86 pref
6% preferred
Illuminating Shares
6
1,700
Jan
72
Jan
634
8234
8234
Jan
""360
534
7734
1,300
11
Jan
1334
Jan
Imperial Oil (Can) coup..*
Registered.
*
Imperial Tobaccjiof Can.5
Imperial Tobacco of Great
100
11%
12%
22
300
20
Jan
23
Jan
57%
3%
60
700
5734
Jan
62
Jan
4%
6,700
26% 110,300
76%
1,000
87%
3,400
334
Jan
Jan
21%
7134
Jan
434
2834
Jan
7934
Jan
Jan
76
85%
1
x79
Jan
8734
Jan
10
Jan
8%
74%
1,000
8
Jan
67
440
67
Jan
80
Jan
11%
U%
200
1134
Jan
14
Jan
6%
8%
1134
Jan
934
Jan
Britain
and
15
700
534
Jan
97
175
9634
Jau
66
67
*69% ~71*
76
74%
31
18%
18
31%
18%
100
"""956
76
31*
2%
2%
«516
Non-voting
class A
*
V t
c common
%
2%
1%
27
2234
2334
70
Jan
International Petroleum.
Jan
70
Jar-
Jan
7234
Jan
Registered
International Products
1
23
23
23%
500
*
13
12%
13
600
42
3934
4334
Jan
Jan
Jan
Jan
Jan
Jan
2134
1834
634
Jan
3234
Jan
25
Jan
1
8134
114
Interstate Power $7 pref.*
Investors Royalty
1
Iron Fireman
Mfg v t C..10
Irving Air Chute
Jan
1334
Jan
3334
Jan
Jan
Jan
Jan
Jan
100
02134
Jan
17,200
34
Jan
8034
Jan
4334
o2134
1%
8234
Jan
114
114
10
13%
1234
1334
82
88
5934
734
26 34
31
19,600
113
Jan
Jan
134
1834
700
1634
Jan
1934
Jan
234
34
316
3,800
134
'16
Jan
2 34
Jan
6%
x36%
2034
600
34
Jan
6%
1,800
634
3434
1934
Jan
400
300
37
Jan
24 34
Jan
Jan
Jan
,5i6
2534
Jan
1634
134
34
1734
1,100
10,800
16
Jan
1834
Jan
Jan
134
Jan
Jan
nil
3i6
Jan
Jan
1434
Jan
10
Jan
14
Jan
Jan
89
Jan
9634
Jah
134
316
9134
234
Jan
92
97
50
Jan
534
1034
934
Jan
Jan
834
Jan
Kingston
Jan
Kirby Petroleum
13
13
Jan
1434
Jan
18J4
1334
1834
900
1834
650
18
Jan
19
Jan
75
Jan
"4%
16* 500
75
Jan
434
3
Jan
434
Jan
400
22
Jan
Jan
Jan
Jan
2234
1934
22
2234
1934
20
6434
63
64 34
200
134
8,900
1,500
300
34
9434
34
1,100
9434
75
84
86
40
234
134
234
2134
2134
2234
51
51
5134
500
2334
2234
2434
7,400
2,200
2,300
Products
1934
Jan
2234
2034
56
Jan
6434
Jan
3i6
9634
Jan
Jan
86
Jan
Lehigh Coal & Nav
1%
Jan
234
2234
5134
2534
Jan
Leonard Oil
21
Jan
Jan
51
Jan
1834
Jan
100
Jan
105
Jan
Jan
Jan
Lakey Foundry & Mach__l
Langendorf Un Bak cl B
*
.
Lefcourt Realty com
Preferred
Jan
Develop
Lion Oil Refining
Jan
Lit Brothers
Jan
Jan
com
*
-
334
900
734
14,500
13,200
1,500
15
15
10834
Jan
134
'1834
Jan
734
9034
Jan
Jan
108
Jan
30
%
Jan
334
11434
Jan
19
Jan
Jan
234
634
534
134
100
934
Jan
Jan
Jan
Jan
Jan
%
434
Jan
11534
2534
Jan
Jan
Jan
334
Jan
Jan
734
Jan
Jan
834
Jan
Jan
Jan
1)4
Jan
20
300
1934
Jan
500
1034
1334
Jan
2034
1334
1734
10834
1234
2134
,si6
Jan
12
1534
10734 10834
500
775
1134
1134
100
1734
34
1934
2,200
106
Jan
Jan
1134
173*
Jan
Jan
Jan
Jan
Jan
Jan
Jan
,S16
7734
11,600
34
Jan
7734
20
78
5634
5634
3,200
7634
5634
Jan
5634
Jan
68 34
Jan
834
634
434
834
30,600
6
Jan
534
400
Jan
Jan
434
434
600
334
334
834
534
Jan
434
Jan
"4%
Jan
Jan
Jan
19
1234
134
18
*
-
1,000
834
134
1934
1134
_*
25
—
634
734
1134
20
.
1
434
23
3
Rights
Lackawanna RR N J... 100
Lake Shores Mines Ltd
1
334
4,500
3,700
34
—
734
134
Koppers Co 6% pref...100
Kress (S H) & Co pref 1__ 10
Kreuger Brewing.
1
34
22
734
Emil) Co com
*
Kleinert (I B) Rubber... 10
Knott Corp common
1
Jan
134
95
434
1
Klein (D
134
8534
34
9234
8234
Jan
%
1
Kirkld Lake G M Co Ltd _1
13
Gen Electric Co Ltd—
10134 108
Ken-Rad Tube & Lamp A *
Kingsbury Breweries
1
10V4
1
108
x7%
97
30
9934
*
Kansas City Pub Service—
Common vtc
*
V t c preferred A.
Kansas G & E 7% pref.100
500
34
110
Jan
Jan
716
7,000
1,200
Jan
3834
2334
400
934
2834
3134
Jan
Jan
300
93
9934
Jan
Jan
Jan
26,300
834
Jan
7
24 v
16
85
2534
34
7i6
Jan
Jan
22%
>516
9
100
Jan
600
34
:
Jan
Jan
8634
734
9%
100
100
134
8534
9134
Jan
10 34
For footnotes see page 745,
Jan
Jan
""500
8534
734
2234
834
pref
*
General Tire & Rubber...5
Jan
Julian & Kokenge com
1034
conv
Jan
8
Jersey Central Pow & Lt—
5 34% preferred
100
6% preferred
100
7% preferred
100
200
/
36
Jan
12%
Jan
934
84
Jan
634
14%
64
15,500
95
3334
12
Jan
2834
3134
5
"MOO
7
1334
5934
2,300
Jan
Jan
18
1434
1234
Jan
7%
2%
Jan
Jacobs (F L) Co...
Jeannette Glass Co._.__.*
Jonas & Naumburg
2.50
Jones <fc Laughlin Steel. 100
750
Jan
1,900
3,600
1,800
400
61
134
316
Jan
1034
Gen Rayon Co A stock...*
General Telephone com.20
*
1334
8834
5
-----
Superpower A
Jan
Franklin Rayon Corp com 1
34
1734
134
'is
'316
Warrants
Jan
434
134
Italian
34
3,600
44
24
2034
1634
__
1034
7234
425
434
83
x37
_
Jan
1234
82
'16
Jan
38%
Jan
100
634
734
70
134
85
Warrants
634
"l34 "134
New warrants.....
International Vitamin
Interstate Hosiery Mills.
1034
2334
3034
Jan
1,100
"3534 "35H
3534
134
Jan
5,000
2 34
234
3134
16
"634
Jan
Jan
Jan
*
Class B
34
2234
2
34
Class A
Jan
Jan
a2134 02134
134
*
_
234
4634
Jan
Jan
234
Jan
8
134
__*
International Utility-
Fanny Farmer Candy
Fansteel Metallurgical
Fedders Mfg Co com
-----
A stock purch warr
Intl Metal Indus A
Jan
7,300
300
Jan
3
6% preferred
100
Internat Safety Razor B._*
3,000
Jan
134
334
Jan
2,300
Jan
434
11,600
Jan
7%
434
Jan
3
Jan
9%
334
334
Jan
600
44
3134
1834
234
4734
9%
900
434
36
77
7
434
42
Jan
7%
Jan
Internat Holding & Inv__*
Internat Hydro-Elec—
Pref 83.50 series
50
Jan
9%
Jan
Jan
Jan
68
716
106
Jan
Jan
1,400
Jan
2734
1734
2
3934
Jan
30
29
Jan
3,400
5,100
6734
Jan
34
2734
66
4,300
15,900
"~50
36
134
Old warrants
1
"37"
Jan
434
434
434
1
7234
1
*
Jan
Jan
102
~37~
*
Class B
200
Falstaff Brewing
com
934
Jan
734
31
Industrial Finance—
200
1,300
38,700
European Electric Corp—
$6 preferred-
Jan
1,500
43 34
934
2634
Jan
*
4434
934
Jan
Jan
60
Amer dep rets ord reg.£l
Jan
9834
Jan
1
14%
Jan
5634
Conv preferred
15
Gamewell Co $6 cum pref.*
General Alloys Co
*
Jan
1934
Jan
Froedtert Grain & Malt—
Common
]
14
7434
Jan
2734
300
Jan
JaD
*
14%
Jan
1734
Ford Motor of France—
Amer dep rets
lOOfrcs
Jan
17
1534
Ford Motor of Can cl A..*
21
Jan
7234
2434
39
734
Jan
400
2134
2134
375
Jan
59%
Jan
750
Jan
1
Jan
21%
19
Jan
100
6134
7334
16
$6 preferred
100
Florida P & L $7 pref
Ford Motor Co Ltd—
Am dep rets ord reg__£l
Jan
68
Jan
18
15
Fldelio Brewery
Fire Association (Phlla).lO
First National Stores—
6834
Jan
7234
2534
234
3734
Ferro Enamel Corp com.
Fiat Amer dep rets..
Jan
59
1834
175
22%
5634
60
7234
100
Ex-cell-O Air <fc Tool
Fairchlld Aviation
Jan
100
15%
1%
Jan
Jan
47
4534
Insurance Co of No AmerlO
16
29
Jan
International Cigar Mach *
08
100
534
Jan
Jan
734
16
Evans Wallower Lead....*
134
Jan
Ireland._£1
7% preferred
6
96%
warrants
Jan
Jan
Jan
Indian Ter Ilium Oil—
76%
86%
Emsco Derrick & Equip..5
Equity Corp com
10c
Eureka Pipe Line com
60
"2134
Indiana Pipe Line
t10
Indiana Service 6% pref 100
7% preferred
100
Indpls P & L 6 34 % pref 100
24
"71
6634
cl A..*
__
112
22
67
Jan
Jan
Jan
8634
68
70
26
24%
6% preferred
100
6%% preferred
100
7% preferred
..100
8% preferred
100
Empire Power Part Stk._*
Jan
35*4
64 34
6534
6 1 34
6634
Jan
41%
Jan
6734
*11%
Jan
1934
2134
Jan
1,350
8%
934
Jan
Jan
1,700
Jan
Jan
Jan
1834
3234
7734
66
*
Jan
1534
3334
Jan
Jan
10934
150
21
l
3934
Jan
19
160
8634
1,500
4
Jan
1334
6,100
83
8534
534
Jan
Jan
11034 112
3234
3434
"3334
46
Jan
42
Jan
534
4534
Jan
Jan
38%
534
5%
39J4
""l25
46
Jan
Jan
Jan
"3934 "46"
40
Hygrade Sylvania Corp..*
80
10 34
2834
Jan
Jan
Jan
Jan
Jan
Jan
834
1034
24%
Jan
2734
9
1
Jan
Jan
9
Jan
36
1
634
6934
61
Jan
Jan
7,000
50
4
1534
9%
78%
Jan
12
8%
76%
24%
Jan
1734
134
300
.69
Jan
234
600
400
1034
37%
6% preferred A
7 % pref stamped
.100
7 % pref unstamped. .100
Jan
Jan
5,600
1034
Elgin Nat Watch Co
15
Empire District El 6%.100
Empire Gas & Fuel Co—
$3
9
154
234
Jan
1734
*
Huylers of Delaware Inc—
Common
1
33
Jan
*
Jan
15934
6
1834
1034
11%
Gen Outdoor Adv 6 % pf 100
Gen Pub Serv $6 pref
*
134
1534
Jan
Electrographic Corp com.l
$6 preferred..
1634
1734
134
18
32
84
150
Gen Investment
1334
1734
Hydro Electric Securities.*
Hygrade Food Prod
5
1
Gen Fireproofing com
Gen Gas & Electric—
200
Jan
conv
(Peter) Brew Co
334
1434
2534
pref w w
Elec Shovel Coal $4 pref.. *
Fox
70
"2~300
*
'77" ~78
Option warrants
Electric Shareholding—
Class B
Jan
"234
Jan
24%
*
7% 1st preferred
Flsk Rubber Corp
1034
76%
Edison Bros Stores com..*
Eisler Electric Corp
1
Elec Bond & Share com..5
$5 preferred
*
7% preferred
Jan
68%
Easy Washing Mach "B"
Economy Grocery Stores.
Option
834
14%
*
30
*
Common
300
2034
J6 preferred series B___*
Elec Power Assoc com
Class A
Elec P & L 2d pref A
1034
25,900
"5%
$6 preferred
24
25%
934
4 34 % prior
preferred. 100
6% preferred
.100
Eastern Malleable Iron.25
$6
3%
Jan
334
-
-
5
1,600
10
2234
23%
*
Eastern States Corp
$7 preferred series A
108
10
135
70
Duval Texas Sukphur
*
Eagle Plcher Lead.
10
East Gas & Fuel Assoc—
*
2
180
42%
„
25
ww
200
86
7% preferred
...100
Dublller Condenser Corp.l
Duke Power Co
100
Jan
Preferred
*
25
154 v 15634
200
68
*
Jan
Horder's Inc
Hormel (Geo A) & Co
¥! 700
634
23
Holt (Henry) & Co part A *
55
Distillers Co Ltd-
Driver Hariis Co
Helena Rubenstein
Heller Co
13 34
1,000
9%
734
2334
134
7
*
Horn & Hardart
9%
1
Amer deposit rets
734
5Q
934
*
5
35
7%
95
& Alabast.*
__1
Dejay Stores
95
554
1934
400
Jan
20
1134
1234
20,100
934
Jan
1334
159,700
Jan
Jan
1934
Jan
Jan
634
Jan
134
17
534
2
18
1834
4,600
'516
1634
534
500
534
2
Jan
Jan
Jan
Week's Range
for
Sale
of Prices
Low
High
Week
Pear
Price
5
18%
Lockheed Aircraft,......1
11%
13%
Locke Steel Chain—
*
Lone Star Gas Corp..
16
11
18%
12
13%
25.900
8.900
8,000
14
Low
Shares
Loblaw Groceterias A—_*
s%
100
.100
88 %
88
77 %
75%
6%
Loudon Packing
-—-*
Louisiana Land A Explor.l
6%
14 %
Lucky Tiger Comblnat'n 10
Lynch Corp common..-.6
Majestic Radio A Tel
1
Mangel Stores.......—1
35 conv preferred---—*
IK
41
5%
23%
$13%
9%
11%
Nor Amer Lt A Pow—
Common
—1
Jan
Jan
North Amer Rayon ol A—*
Jan
14
1%
40%
4%
9%
Jan
Jan
88
Jan
Jan
No Am Utility Securities.*
78%
6%
15%
1%
41%
4%
400
75%
Jan
Jan
Nor Cent Tezas Oil
1.500
15,100
Jan
13%
Jan
Jan
Nor European Oil com—1
Nor Ind Pub Ser 6% pf-100
700
1%
Jan
Jan
dep rights.
£1
Margay Oil Corp.—-——*
Marlon Steam Shovel.—*
Mass Utll Assoo v t o
1
Massey-Harrls common
*
Master Electrio Co
1
1,000
5%
6
39
Jan
May Hosiery Mills pref—*
MoCord Rad A Mfg B—*
*
McWllliams Dredging
Mead Johnson A Co
.*
Jan
Jan
Nor N Y
Jan
Jan
Jan
Jan
Northern Pipe Line—-.10
Nor Sts Pow com cl A—100
Jan
Jan
Nor Texas Elec 6
Jan
Jan
Jan
Jan
3%
7%
23
21
23%
2,600
17
18%
16
1,800
16
Jan
100
3
Jan
Jan
8%
19%
18%
3%
9%
19%
3,000
Jan
Jan
200
18%
Jan
Jan
55
55
55
Jan
Jan
11%
12%
10%
Jan
Jan
30
Jan
"§%
12K
38 K
31% 39%
101% 112
100
2,700
23,900
6%
Mercantile Stores com—*
6
7
1,000
3,100
39
108
40
600
Jan
Jan
Jan
Participating preferred.*
Merrltt Chapman A Scott *
10%
——
6%% A preferred—100
"73"
Mesabl Iron Co.———1
IK
5%
32 K
Metal Texrlle Corp com..*
Part preferred—
*
Metropolitan Edison pref-*
......
Michigan Bumper Corp—1
Michigan Gas A Oil.
1
8K
Michigan Steel Tube..2.60
Michigan Sugar Co
*
'""1%
5%
17
11%
2%
1%
5%
.*
39
Jan
Jan
Jan
Jan
Jan
Jan
6%
%
Jan
Jan
100
Jan
Jan
61%
Jan
Jan
*
*
Pan Amer Airways
10
Pantepec Oil of Venez—.1
716
Jan
Jan
Jan
Parker Pen Co—
"""300
34,266
67,800
500
4
32
Jan
Jan
104
Jan
Jan
1%
8
5%
IK
1%
300
3%
2%
Jan
Jan
2%
16%
1%
7%
Jan
Jan
Jan
Jan
Penn Central Lt A Pow
Jan
Jan
52.80 preferred
Jan
Jan
$5
1,900
Jan
Midland Oil conv pre!—.*
9%
22%
84
83
Pennroad Corp v t
Jan
Pa Gas A Elec class A
200
Jan
Jan
22%
Jan
Penn Salt Mfg Co
100
85
Mining Corp of Can
...
71
*
Minnesota Mining A Mfg.*
40
4%
3%
39%
40
Jan
Pa Water A Power Co
1,600
2,600
3%
Jan
Pepperell Mfg Co.
?%
Jan
Perfect Circle Co.
325
4%
3%
39%
Jan
Jan
Jan
Minn P A L
7% pref
100
Miss River Pow pref—100
Phillips Packing Co
14%
300
"16"
102
1,050
98
Jan
104
Jan
115
564
110
Jan
123%
Jan
9%
10%
2,200
1,100
4
500
34%
Jan
44
50
36%
Jan
2,000
6%
Jan
4%
Jan
6
Jan
149%
41%
Jan
.*
6%
5
7%
100
5
6%
6%
10
"*38~"
7%
44%
46%
28
28%
21
46%
28%
21
100
34
38
1,200
6%
3
3
""13%
18%
66%
3%
25.60 preferred—... ...1
52%
12%
18%
65%
3%
7%
3%
52%
14%
19%
67
3%
103
97
2%
11%
10%
%
2%
11%
National Oil Products....4
41
40
42
National PAL 26 pref
90%
89%
90%
%
Mfg, A Stores com.—*
*
National Refining Co. . -25
Nat Rubber Mach
....*
"15%
—1
2
%
Nat Service common
Conv part preferred—.*
National Steel Car Ltd...*
National Sugar Refining..*
National Tea 5% % pret.10
National
Transit.—12.60
Nat Union Radio Corp
Nebel (Oscar) Co com.
27
3
""37%
300
200
31,200
200
7I6
""26"
5
N Y Auction Co
37%
9%
11%
3%
1%
38%
com
81
4
123%
*
'11%
Jan
5
Jan
Jan
Jan
28
Jan
18
Jan
21
Jan
32%
Jan
38
Jan
Power Corp of
Jan
6%
Jan
2%
Jan
51
Jan
48%
28%
7%
3%
54
14%
Jan
Jan
Jan
N Y Pr A Lt 7% pref—100
19%
Jan
Jan
67%
Jan
4,400
3%
Jan
3%
Jan
Jan
%
1%
8%
33%
Jan
103
Jan
Jan
1,900
2,100
1,000
1,300
700
"moo
13,100
800
100
1,300
24,800
%
2%
Jan
Jan
11%
Jan
Jan
44%
Jan
87
Jan
91%
Jan
*
1
11%
N Y Steam Corp coin
*
N Y Telep 6% % pref—100
New York Transit Co
8%
16%
Jan
11%
%
3%
52%
25%
700
30
5
Jhn
Jan
Jan
Jan
common..
6
Jan
Jan
8*
Jan
Jan
Jan
"MOO
350
5,900
%
96%
100%
Jan
108
Jan
Jan
Jan
Jan
8
Jan
,39%
Jan
3
Jan
6%
Jan
25%
33%
43%
107%
109%
111%
Jan
33
Jan
Jan
35%
46%
Jan
Jan
110
7%
34%
12%
3%
Jan
Jan
Jan
111%
Jan
Jan
112
Jan
14%
Jan
Jan
32%
Jan
Jan
6
Jan
10%
32%
29]
107 J
Jan
Jan
9
Jan
Jan
Jan
Jan
Jan
89
7%
Jan
8%
Jan
"40% "41% ""456
23%
40%
59%
Jan
24%
44%
75%
9%
2,300
71%
8%
73,200
28%
""loo
7%
Jan
Jan
31%
28%
104%
50
Jan
110
1,700
200
Jan
Jan
1,000
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
5
25
Jan
30
48
"37"
"38"
"""160
Jan
50
Jan
36%
Jan
38
Jan
Jan
7
Jan
7
29%
30%
69%
6%
4%
69%
""360
4%
iio%
109%
29%
Jan
Jan
Jan
30%
Jan
Jan
41%"
Jan
69%
Jan
Jan
Jan
8%
IIo% 111% "'320
41%
69%
5%
4%
16%
110%
113
Jan
108
150
108
Jan
112
Jan
100
162
Jan
170
Jan
50
200
7
5
21,000
111
Jan
Jan
Jan
5
Jan
Jan
17%
Jan
166% 168
90%
91%
140
250
136
Jan
145
35
"I§%
900
137
137
35
150
33
Jan
35
18%
19
200
15%
Jan
20
Jan
Jan
115
Jan
89%
115
13
12%
13%
1,100
8
7%
37%
23%
2%
8%
15,800
37%
27%
3%
6%
8%
Jan
9%
Jan
11%
Jan
6% prior Hen pref...100
7% prior lien pref—100
Jan
Jan
Pub Utll Secur 57 pt pf...*
Jan
3%
2%
Jan
32
Jan
39%
Jan
Puget Sound P A L—
55 preferred
80
Jan
80
Jan
Jan
114
Jan
14
Jan
15
Jan
Pyrene
16%
1%
Jan
19
Jan
19%
88%
4%
Jan
2%
23%
89%
Jan
*
56 preferred.———.—*
Pyle National Co com-.-5
Jan
6
Jan
135
Jan
136%
Jan
20
Jan
25%
Jan
80
Jan
85%
Jan
4
Jan
12%
Jan.
Jan
91%
Jan
Jan
Jan
122
126
1,300
26
100
5%
31%
100
32
650
44
200
200
50
82%
3%
5%
"""266
3%
Jan
Jan
Jan
Jan
Jan
6
122
Jan
135
Jan
26
Jan
26
Jan
5%
29%
Jan
6%
32%
44%
114%
105%
Jan
12%
Jan
Jan
19%
Jan
Jan
118%
Jan
5%
Jan
Jan
200
43
Jan
10
113
Jan
10
104
Jan
11%
300
11%
18%
200
300
5%
300
5%
60%
65
360
16%
716
2%
17%
%
14%
14
15
2%
Nlplsslng Mines
5
3%
3%
Noma Electric
1
9
9
""56"" ""49"
8%
17%
115
5%
52
Jan
Jan
Jan
3%
65
13%
Jan
Jan
3?S
19%
Jan
27%
Jan
2%
Jan
6%
5%
Jan
3%
6%
Jan
Jan
9%
5,300
9%
Jan
23%
94%
141
22%
90%
23%
94%
141
144%
2
2%
17%
17%
3%
3%
10%
11
5,300
9,530
1,400
2,400
10%
8
Jan
42
$8%
Jan
36%
iJan
18%
88%
125
Jan
Jan
Jan
Jan
42
Jan
25%
Jan
Jan
94%
144%
2%
17%
4%
11%
28%
Jan
Jan
Jan
1,900
28
75
26%
Jan
37
11
28
1%
16%
3%
10%
28
2%
17%
3%
40
1,200
15,000
34%
Jan
40
Jan
3%
32%
Jan
Jan
Jan
500
2,000
40
Jan
Jan
Jan
Jan
34
4%
200
34
Jan
4%
34%
*is
%
14
Jan
16
11
3%
4
Jan
12%
Jan
Jan
%
'16
*16
35,300
%
Jan
%
%
%
500
%
15%
3,800
15%
13
15
12%
14%
3,200
i in
103
Jan
103
30
108%
Jan
109
68%
270
Jan
34
36%
310
94
94
64%
33%
86%
90%
108% 109
65
34
50
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
15
Jan
Jan
97
Jan
Jan
51
Jan
2%
6,100
13%
44%
2%
Jan
Jan
9
Jan
3%
Jan
Jan
11%
Jan
Jan
Jan
Jan
Jan
Jan
68%
37%
Jan
Jan
98
Jan
90%
Jan
118
Jan
119
Jan
100%
106%
3%
106% 106%
3%
3%
40
50
Jan
101%
103
Jan
53 conv preferred
4%
Jan
85
Jan
90%
Jan
525
50%
825
46%
Jan
60%
Jan
23
125
20
Jan
23
Jan
300
8
Jan
180
121
148
22%
25%
1%
%
8
8%
121%
"22% *22%
25%
1%
%
"150
525
26
2
%
Jan
Jan
8%
124%
Jan
150
Jan
22%
22%
1%
Jan
%
Jan
%
25%
28%
1%
Jan
10,000
18,400
Jan
Jan
2
Jan
Jan
Jan
Jan
Jan
%
Jan
32
*T%
29%
32
41
32
42
5%
12
10%
35
36
is.
6%
12%
36%
""% "I
5%
Reybarn Co Inc....—...1
Reynolds Investing......1
Rice Stix Dry Goods
*
Richmond Rad com——1
Roosevelt Field Ino
6
Root Petroleum Co——1
51.20 conv pref—
20
Jan
3%
86%
53%
85
121
*
(Daniel) com—..*
Relter-Foster Oil..—*
106%
Jan
Jan
20
85%
50%
Jan
32
24%
Jan
32
Jan
75
41
Jan
3,400
4,200
1,800
4
Jan
10
Jan
45%
6%
12%
Jan
Jan
Jan
33
Jan
36%
Jan
7%
Jan
Jan
Jan
1
Jan
Jan
5%
Jan
2%
12%
Jan
Jan
Jan
Jan
Jan
1,100
Reeves
Jan
Jan
*
Jan
Jan
Jan
516
Common
Jan
Jan
Jan
16%
5,000
6,400
Jan
100
.10
Raymond Concrete Pile—
Raytheon Mfg v t e—.50c
Red Bank Oil Co.—
*
Reed Roller Bit Co.
*
Jan
18%
%
2%
23,200
6,400
1,300
"BI"" "3",300
6
3,900
2,800
4,300
Rath Packing Co..
80
16%
716
2%
745
3%
6%
Manufacturing.. 10 ""8%
30
6
135
25%
18
'""5%
"27%
6% preferred....—100
14,100
1,850
4,100
5%
20%
*
Jan
%
Pub Service of Okla—
Quaker Oats com.—.—.*
6% preferred...
.100
Quebec Power Co.——*
Ry A Light Secur com
*
Ry A Utll Invest cl A
1
Rainbow Luminous Prod—
Class A.———.——.*
Class B..
—*
Class A pref
Niles-Bement-Pond.
For footnotes see page
320
Common...———.60
Jan
Niagara Share—
Class B
92
Jan
Jan
Jan
Jan
Jan
4%
100
57 prior pref—..——*
56 preferred—————*
Pub Serv of Nor 111 00m..*
97
Class B opt warr
7% 1st pref
Jan
9%
10
1,600
117% 118%
N Y Water Serv6% pref 100
Niagara Hudson Power—
Common
..—15
Class A opt warr
Jan
4%
6%
Publie Service of Indiana—
Jan
Jan
Jan
Shipbuilding Corp—
Founders shares
31%
5%
10%
32%
28%
107%
200
100
*
Mining...-1
Pressed Metals of Amer..*
Producers Corp.———.1
Propper McCallum Hos'y *
Prosperity Co class B—♦
Providence Gas
—*
Prudentla 1 Investors
*
56 preferred
..*
Pub Service Co of Colo.—
Premier Gold
Jan
95
6% 1st pref
Pratt A Lambert Co
Jan
Jan
170
Can com..*
Jan
12
113% 113%
104% 104%
N Y Merchandise Co——*
26 preferred
Jan
17%
64%
80
9%
10%
1%
1%
135
...
N Y A Honduras Rosarto 10
*
Pitts Bessemer&L Erie RR
Common
60
Pittsburgh Forglngs
1
Pittsburgh A Lake Erie. 50
Pittsburgh Plate Glass..26
Pleasant Valley Wine Co.l
Meter
44
""25%
Newmont Mining Corp. 10
*
Jan
Jan
6%
1
Ltd..1
Pioneer Gold Mines
7%
153
Pines Wlnterfront
26
""5%
New Process common.
49%.
Jan
Pltney-Bowes Postage
800
~27~~ """666
18% 18%
2%
2%
19% 19%
6
New Jersey Zinc
25
New Mez A Ariz Land...1
44
conv pref ser A..—-.10
Pierce Governor com——*
Jan
3,300
""l4% ""l4% 'l4% ""156
New Eng Tel & Tel Co.lOO
*
New Bradford Oil
37
1
Jan
2,300
100
New Haven Clock Co
154%
Jan
......
Plough Ino__
—*
Potrero Sugar com——6
Powdrell A Alexander
6
110%
100
7% preferred...
16
%
80
""II %
Nestle-Le Mur Co cl A...*
Nev Calif Eleo com
14
4%
1
*
Nehl Corp common
*
1st preferred
*
Nelsner Bros 7% pref.. 100
Nelson (Herman) Corp.—5
Neptune Meter class A...*
2,300
...
Common
8
Warrants
Nat Leather common... 10
6,300
153
153
153
National Baking Co oom.l
Nat Bellas Hess com
.1
National Fuel Gas
Jan
42
...
National Gypsum cl A—6
National Investors com—1
149
36%
"""<)%
Nat Bond A Share Corp..*
Natl Container com
—1
4
17
35%
10
Murray Ohio Mfg Co.
*
Naohman-Sprlng filled.
*
Nat Auto Fibre A v t o—*
10%
Jan
"""166
6%
1
Jan
Jan
154%
Moody Investors pref——*
Moore (Tom) Distillery.. 1
MtgeBk of Col Am she
com.
9%
3%
15
4
154
Mueller Brass Co
14%
Jan
98
Montgomery Ward A——*
Montreal Lt Ht A Pow
*
Mountain Sts Tel A Tel 100
13%
Jan
110
101
Montana Dakota IJtll—10
Mountain Producers
Jan
"7% ""8% "1*666
28
*
.*
*
*
Jan
Jan
Jan
Phoenix Securities—
14
2d preferred
——*
Molybdenum Corp
—1
Monroe Loan Soolety A—*
5%
7%
8
*
100
Philadelphia Co com
Phila Elec Co 55 pref
Mock*, Jud., Voehrlnger Co
Common .——2.60
Mob & Hud Pow 1st pref-*
pref
preferred
115
4%
3%
75
66
69
*
*
--*
60
Pa Pr & Lt 57
98
Mid-West Abrasive oom60c
108% 109%
111
111%
111% 112
Co
*
0—1
Jan
Jan
500
23
"4l"
*
Jan
56
23
7%
—1
5%
1%
8%
1,200
1,300
Midland Steel Products—
$2 non-cum dlv sbs——*
Mid vale Co
*
175
500
...
preferred
Jan
35
44%
44%
84
Peninsular Telep com
*
Preferred.
- -100
100
5%
1%
10
46%
32
Patchogue-Ply mouthMUls *
Pender (D) Grocery A —*
Class B
*
9,800
39,200
90
2,800
2,800
5,900
28%
106%
10
Jan
100
17
51.30 1st preferred
Pacific Tin spec stock
Jan
77
Jan
120
36%
6%
33
34%
Paramount Motors Corp.l
Jan
34%
3%
9%
10
32
5%% 1st preferred—.26
Pacific Ltg 56 pref
*
Pacific P A L 7% pref-100
110
3%
3%
8%
5%
Pacific G A E 6% 1st pf-25
Pacific Public Service——*
7%
Jan
75,000
"7% ""7% """400
30%
Overseas Securities.
275
1%
5H
99
_
"12% "13%
Jan
Penn Mez Fuel Co
10—..——.*
—*
Jan
27%
109%
Jan
33
8
t c
6%
34
Jan
Middle States Petrol—
v
3%
200
45
33
Jan
106
3%
200
7i6
95%
3%
5%
%
96%
600
3%
63
35%
108
7%
35%
4%
Jan
925
6%
78
1
5%
32%
3
10
Preferred
69
104
106
*
Mexico-Ohio Oil
9%
2%
3%
600
4,700
107
""%
6
31%
6%
6,400
49%
101%
100
Merchants A Mfg cl A—1
6%
73
44
43%
5%
—100
Utll 7% 1st pf 100
9%
10%
1,200
1,200
Jan
5%
67%
42%
41%
3%
preferred
21%
Memphis Nat Gas com—5
7% preferred
7%
High
Lew
99
5%
68
42%
6
% pref 100
Northwest Engineering—*
Novadel-Agene Corp..—*
Ohio Brass Co ol B com...*
Ohio Edison 56 pref
*
Ohio Oil 6% pref
—100
Ohio Power 6% pref—100
Ohio P S 7% 1st pref—100
Oklahoma Nat Gas com. 16
S3 preferred......—60
Oldetyme Distillers—...1
3%
Shares
6% Prior preferred—50
360
79
"m
Price
—*
18,000
Amer
v
.*
preferred
$6
Jan
Range Since Jan, 11937
Week
6%
90%
Mapes Consol Mfg Co...*
Class A
for
of Prices
Low
High
Par
Marconi Internat Marine—
Class B
Week's Range
Sale
Class B com.
Common..........---*
7% preferred
6% pref class B
Warrants
Last
High
Long Island Ltg—
N Y
STOCKS
(Continued)
Range Since Jan. 11937
Last
Sales
Friday
Sales
Friday
STOCKS
(Continued)
Nat
Jan. 30, 1937
New York Curb Exchange—Continued—Page 3
742
5%
2%
10%
1,000
300
10
e
3%
8,300
3,000
4,500
6%
Jan
11
Jan
3%
13%
Jan
Jan
16%
Jan
18
Jan
'T%
2%
10%
5%
3%
11%
11%
12
16%
16%
2%
3
'moo
7%
%
5%
Jan
1,500
200
5%
2%
Jan
New York Curb
Volume 144
Friday
STOCKS
Week's Range
for
Sale
Rossia International
of Prices
Price
Tl~X
Rustless Iron A Steel...
1634
554
*
Ryerson A Haynes com__l
Ryan Consol Petrol
Safety Car Heat A Lt.-lOO
St Anthony Gold Mines.
634
H
119
$2 conv pref A
334
39
*
Schulte Real Estate
Par
Jan
1
Jan
90
Jan
105
Jan
3134
Jan
36
Jan
Trl-Contlnental warrants.
12
Jan
1754
Jan
634
6 34
680
Jan
6 34
Jan
631
Jan
Trims Pork Stores
Jan
Tublze Chatlllon Corp
Class A
634
119
119
34
1,300
50
34
1134
4,800
800
""934 "1034
30",300
250
""334 ""434 "3~, 166
39
54
52
Water 8erv 16 pref
500
"is
54
72
Securities Corp general...*
Seeman Bros Inc
*
434
534
114
Jan
Jan
119
34
934
54
Jan
Jan
1134
Jan
Jan
28 34
10
Jan
600
25
72
4
434
700
334
334
9,600
334
38
7
7
8
2,100
72
1
354
9934
354
434
5,300
550
9934 100
9934 100
1,200
134
*
com
11
1
134
11
300
Seversky Aircraft Corp
1
634
6
1134
634
20,200
5
2434
20
2434
21,100
3054
3134
700
14834
11034 112
2,950
150
2534
110
8hawlnigan Wat & Pow.
Sherwin-Williams com..25
140"
5% cum pref ser AAA 100
Sherwin-Williams of Can
Line stamped.
134
2534
34
340
354
Jan
100
11334
Jan
11354
*
1654
Jan
1854
Jan
1934
934
Jan
2534
1134
Jan
134
9 54
Jan
11834
254
Jan
434
3934
Jan
Jan
Jan
1
Jan
54
Jan
Union Gas of Canada
Jan
United Chemicals com
7834
Jan
534
Jan
5054
Jan
Jan
Jan
4
Jan
834
Jan
30
Jan
434
100
Jan
Jan
100
Jan
7% preferred
$3
cum
*
A part pref
1
1st $7 pref non-voting _*
30
Jan
United G A E 7% pref. 100
com A..*
United Lt & Pow
Common class B
*
834
6 54
4
234
358
32.
2
3334
234
2,600
3,900
40
41
310
2834
27 34
Jan
1034
1134
400
154
1,400
1154
154
1154
1254
53,400
3,300
8,800
800
123
12034 124
3
Jan
354
94
'""934
94
1134
Jan
634
2434
Jan
Jan
2934
Jan
33*4
Jan
United Profit Sharing
Preferred
Jan
14834
Jan
United Shipyards com B_
11034
Jan
113
Jan
United Shoe Mach com..26
2434
Jan
2554
Jan
Jan
Am deo rets ord reg
29
1,200
800
634
634
100
554
034
2 7 54
Preferred
ar95 34
1
<1654
254
Jan
340
Jan
370
Jan
U S Lines pref
U S Playing Card
Jan
100
Jan
*
554
200
Jan
Jan
8
Jan
8
Jan
1154
1134
6634
7054
3134
4,500
60
Jan
7534
Jan
28
Jan
3134
Jan
Jan
6634
Jan
634
300
534
Jan
054
Jan
154
700
134
Jan
154
Jan
334
2:9434
4434
1634
234
454
25,600
234
Jan
454
Jan
9034
4734
1834
234
9354
Jan
650
89
Jan
550
Jan
1754
6,000
234
600
4134
1534
234
9034
254
Jan
2,100
3234
91
91
9634
4734
350
3154
Jan
3234
Jan
Jan
934
7054
1034
Jan
Jan
9354
3
254
600
*
5,100
"iS
1,600
United Wall Paper
Universal Consol Oil
10
"l34
50c
*
Jan
4134
Jan
Jan
29
Jan
Universal Insurance
34
28
Jan
Universal Pictures
1
Jan
Universal Products
Jan
Utah Apex Mining Co..
Utah Pow A Lt $7 pref...*
Jan
Jan
UtUlty Equities Corp
*
Priority stock
*.*
UtUlty A Ind Corp oom.. 5
3834
9
Stahl-Meyer Inc com....*
Standard Brewing Co
»
Standard Dredging Co-
9
160
654
354
Jan
9
Jan
10
Jan
Jan
48
Jan
300
38
Jan
42
Jan
54
934
40
1,700
1,000
600
54
com
4
34
Jan
Conv preferred
Class B
54
Jan
10
Jan
4254
454
Jan
Venezuela Mex OH Co
5
5
19
*
16
Jan
Venezuelan Petrol
Jan
1.800
54
Jan
4,100
454
1534
Jan
57
1934
6034
60
61
250
1954
Standard Invest $534 pref *
Standard OH (Ky)
10
Standard OH (Neb)
25
1,650
1934
2034
4,200
1234
12
1234
1,700
36
Standard Oil (Ohio) com 25
3334
3634
4,900
100
634
.....
Preferred
554
6534
634
31~200
634
"534
2,800
1
100
Jan
Waltt A Bond class A
Jan
Wayne Pump
534
Jan
5
Jan
734
734
6954
2354
Jan
Jan
2,300
12,900
2,900
20
Jan
7u
3134
Jan
9
2,000
734
Jan
954
Jan
Jan
1834
Jan
Jan
13
Jan
34
3334
834
1834
1234
13
38
3834
1334
14
20
*16
1834
200
18
Jan
Jan
®i6
36
Jan
Jan
Jan
Jan
*
1234
50
20
Sterling Brewers Inc
Sterling Ino
634
6
534
554
..1
Stetson (J B) Co oom
*
Stlnnes (Hugo) Corp....
2434
Stroock (8) & Co
Stutz Motor Car
29
4
*
634
554
25
2334
4.800
1
7%
1st preferred
Swan Finch OH Corp
*
1
Tenn El Pow 7% 1st pf.100
Texas P& L7% pref...100
Texon OH A Land Co
Thew Shovel Coal Co
Tobacco Prod Exports
Tobacco Securities Trust
854
434
1054
Wise Pr A Lt 7% pref.. 100
Wolverine Portl Cement. 10
434
42,000
1,100
Jan
Wolverine Tube
Woodley Petroleum
Woolworth (F W) Ltd—
1434
2154
Jan
600
13
Jan
1424
Jan
100
98
Jan
110
2
com
Jan
Wrlght-Hargreaves
1634
12,900
1154
Jan
1654
Jan
700
3734
Jan
41
Jan
Youngs town steel Door.
Yukon Gold Co
234
Jan
234
4
Jan
5
22
6
2134
Jan
7334
Jan
11154
110
11154
140
734
4454
7
734
10,400
634
Jan
4334
1234
534
4334
1434
45
700
15
2,500
10
1034
2,000
334
"l'.ioo
110
Jan
Jan
354
Jan
20
9434
Jan
9 9 34
1534
1,100
934
700
2134
300
100
14
Jan
1554
18*
Jan
Jan
954
2134
434
1134
234
334
Jan
Jan
Jan
Jan
Jan
1054
2554
Jan
12J4
285<
Jan
854
Jan
11
Jan
8134
9954
9954
31
4
31
"354 ""434
8
"1054
600
19,000
300
1,200
10H
2
234
34
71
Jan
Jan
Jan
Jan
/Jan
Jan
Jan
40
Jan
8234
10254
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
10
154
834
10
100
98
2~3o6
Jan
101
Jan
2954
Jan
31
Jan
Jan
95
Jan
354
Jan
8
Jan
1054
1,300
934
Jan
134
934
6,700
l\i
Jan
1054
134
9>|
7
100
454
Jan
8
Jan
Jan
Jan
2,500
754
Jan
51
900
4534
Jan
51
Jan
14
15
300
14
Jan
1554
Jan
Jan
10
Jan
95
Jan
95
Jan
834
1734
19,700
7,600
534
1354
Jan
834
Jan
1734
634
1534
Jan
Jan
1054
1134
1,900
854
Jan
1734
1234
2134
2134
1,200
Jan
23
Jan
•754
8
7434
12,500
2134
734
Jan
Jan
834
7434
Jan
05
Jan
234
Jan
0
8
6
7734
112
724
734
73
6
Jan
Jan
254
Jan
BON DS
Abbott's Dairy 6s.... 1942
Jan
Jan
10534
102
Jan
1st A ref 68....
1951
1534
Jan
1st A ref 5s
1956
1034
Jan
1st A ref 5s
1968
Jan
66
Jan
Jan
4
Jan
Jan
£1
1st A ref
434 s
Aluminum Co
1967
9234
f deb 5s '52
10554
10634
Am El Pow
s
5454
350
51
34
134
*16
14,600
154
900
$21,000
81,000
101
10334
37,000
9834
9934
55,000
9134 9354 189,000
10554 10654
29,000
10634 10654
32,000
10654
33
154
Jan
5424
Jan
Am Pow A Lt deb 6S..2016
105
104
11134
Jan
Amer Radiator 434s.-1947
Am Roll Mill deb 5s..1948
104
Jan
10334
10334 10434
*16
134
Jan
Amer Seating 6s stp—1946
106
106
Jan
Appalachian El Pr 5s. 1956
105
10534
5s. 1941
108
108
Jan
Appalachian Pow
Debenture 6s
2024
1,000
10654 10734 106,000
105
10654 131,000
Jan
110%
234
Jan
102
10534 107
10134 104
33
Corp deb 6s *57
Amer G A El deb 5s...2028
5334
2,400
2,000
310234 10454
1946
1st A ref 5s
47
1834
254
Alabama Power Co—
Jan
Jan
234
—
Jan
Jan
1834
72
Jan
9
334
Jan
2354
Ltd..*
66
334
£1
3118
104
10154
10034
10334
10334 10454
102
Jan
104
Jan
10534
Jan
10854
Jan
10134
Jan
105
101
Jan
10534
Jan
Jan
9954
Jan
95
Jan
9754
Jan
91
Jan
1055
Jan
10654
10634
Jan
107
Jan
Jan
35
Jan
33
10654
Jan
Jan
10754
Jan
Jan
106J4
Jan
Jan
10434
Jan
Jan
10434
Jan
Jan
106
5,000
10134
10334
10334
10434
11,000
10434
Jan
10534
Jan
108
Jan
108
Jan
11734
Jan
Jan
11954
10254
Jan
10034
10334
Jan
10434
Jan
5,000
11,000
3,000
11834
Ark-Louisiana Gas 4s 1951
Arkansas Pr A Lt 5s.. 1956
Jan
Jan
2034
534
745,
154
10254
Aluminium Ltd deb 5b 1948
zee page
Jan
74,300
Jan
434
2,500
5,200
5,900
134
434
,
175
Tonopah Mining of Nev_.l
2834
834
800
7854
Amer dep rots (new)...5
2
34
Jan
Jan
*
B
3834
1454
x38
7,300
7% preferred A
100
Tonopah Belmont Devel.l
Jan
734
4,250
2,500
1034
Winnipeg Electio ol
Jan
Jan
Jan
Jan
20
Jan
500
8034
""§54"
Jan
9,400
Jan
3
634
134
334
10
934
14
2054
Jan
Jan
Jan
Jan
1134
2634
2554
934
1
1934
Jan
454
134
8954
700
Wilson Products
Jan
2
Jan
Jan
234
Jan
50
Jan
40
49
Jan
454
8634
134
38
5054
4534
1934
6
Jan
400
*
434
Jan
Jan
1134
234
Jan
Jan
834
3 54
534
8034
103
100
454
3024
4
3 34
2834
9,300
12,900
1,100
Jan
434
Jan
50
634
Jan
Jan
Jan
434
1054
234
234
Conv preferred
WHson-Jones Co
25
Todd Shipyards Corp
Toledo Edison 0% pref. 100
14
20
Jan
19
334
2434
734
334
99 34
26
27?
*
134
Jan
Jan
1454
154
3 34
2054
7634
*
"1534
50
6,400
Wll-low Cafeterias Inc..
75
Tllo Roofing Ino
1
Tlshman Realty A Const.*
Tobacco and AlUed Stocks *
26
3,700
2
Jan
7634
2
154
554
88
154
534
6
Jan
6
534
87
Jan
Jan
Teck-Hughes Mines
554
434
14
Technicolor Inc common.*
102
*
2
2
600
Williams (RC) A Co
1854
434
2134
33,300
8034
Williams Oil-O-Mat Ht..»
24
105
534
78
Jan
100
105
"554
Jan
500
1434
Jan
Jan
13,000
38
29J4
624
2034
Taggart Corp common...*
Tampa Electric Co com..*
Tasty east Inc olass A
Taylor Distilling Co
Jan
14
1854
15
300
9034
26
Swiss Am Elec pref....100
2934
*
2
434
Jan
2834
334
3954
49
Jan
14
Jan
49
Jan
19
100
West Texas Utll $6 pref.
West Va Coal A Coke
24
"454
60
Sunshine Mining Co... 10c
0
Western Grocery Co
20
Western Maryland Ry—
1854
conv pref
Jan
Jan
2234
5
Western Air Express
1
Western Auto Supply A__*
West. Cartridge 6% pf.100
234
1
Jan
Jan
3934
2434
....
354
Jan
Jan
Jan
Jan
Jan
Jan
Jan
2534
134
14
6
2,800
Jan
2034
1134
2534
134
6634
10
234
28
"is
334
454
250
36
2
1834
200
175
12,300
134
Jan
200
250
650
Jan
Jan
6
17
3,200
4,200
434
3054
234
934
Jan
14
1
common..
Western Tab A Sta
100
Jan
11
*
Wellington Oil Co—...
Wentworth Mfg Co...
Jan
22
__*
Walker Mining Co
Jan
Jan
Jan
14
Class B
Jan
10454
22
34
.....
Jan
36
22
*
Jan
3
17
334
Waoo Aircraft Co
6534
3454
1,900
2,600
Jan
Jan
Jan
2034
1
Wagner Baking v t c
Wahl (The) Co common..*
6634
734
716
Jan
Jan
17
734
Jan
554
19
200
Standard Steel Spring com*
Starrett (The) Corp v t c.l
88,100
10
Jan
Jan
66
Standard Products Co...
Standard Silver Lead
1
common.
iiS
6
Va Pub Serv 7% pref—100
Jan
1
19
5
334
7% preferred
Vogt Manufacturing
Common
6
534
1
Jan
534
34
334
134
8
70
334
*
Jan
9
3054
14
Utloa Gas & Elec 7% pf 100
Jan
2
7ts
3934
*
54
"iS
334
8
Jan
Utll Pow A Lt common
*
9
54
12
United Verde Exten
44
39
£1
1st preferred
2d preferred
1034
3134
10
*
pref
Jan
900
38
So West Pa Pipe Line. -.50
Spanish A Gen Corp—
Sterchl Bros Stores
250
254
1,400
48
Standard P A L
1
Common class B......*
6934
Jan
2.000
9
47
Conv preferred
69
100
United Stores vtc
934
934
4734
....
6934
7% preferred
U 8 Rubber Reclaiming..*
Jan
334
3
6
25
South Penn Oil
1,100
2054
Jan
Jan
634
134
834
Jan
5
Jan
400
8
Jan
654
Jan
Jan
94
834
3354
Jan
354
Jan
29,100
*
Jan
.2834
2734
534
Jan
1334
124
Jan
3134
conv 1st
Jan
93
10
$7
Jan
2
1034
154
4534
31
Jan
Jan
1054
28
25
Jan
634
Jan
Jan
6634
6734
454
U S and Int'l Securities._»
Jan
Jan
Jan
Jan
9
634
Jan
100
100
10
Jan
934
*
1
40
Jan
Jan
10
Jan
2734
2054
134
Jan
40
*
Jan
$3 preferred
United Molasses Co—
159
25
Southern Union Gas
Southland Royalty Co
For footnotes
6,400
10,700
4,600
1,800
1034
*
U S Stores Corp oom
3234
Southern Colo Pow ol A.25
Am dep rets ord reg
Am dep rets def reg
1934
2534
*
18
100
*
534 % pref series C
Sullivan Machinery
Sunray Drug Co
Sunray Oil
354
3
United Milk Products
Jan
133
854
1154
*
United Corp warrants
United Gas Corp com
Jan
II
434
6734
5,300
1,100
2,900
1,000
24
154
134
Jan
10
634
United Aircraft Transport
Warrants
Jan
16
21
Union Elec Light A Pow—
96
554
6% original preferred.25
0% preferred B
25
534 %
Jan
Jan
Southern Calif Edison—
634% pref
Jan
5
1954
6534
834
1034
1834
754
534
354
U S Radiator Corp com..*
v t c com
Stein (A) A Co
Jan
634
1st pref with warr
*
100
Smith (H) Paper Mill—.
Bonotone Corp
....1
6% preferred
1634
1
834
Jan
460
1
Amer dep record reg..£l
Am dep rets ord reg
Spencer Chain Stores
Square D class A pref
Jan
"854
*
31
54
Sioux City G A E 7 % pf 100
Smith (L C) A Corona
South New Engl Tel
Southern Pipe Line.
Jan
834
1034
1
Tung-Sol Lamp Works
80c dlv pref
U S Foil Co class B
25
7% preferred
Jan
60
2154
7034
954
1154
2034
834
654
434
1934
1854
Simmons-Broadman Pub—
Typewriter
Jan
1
*
Shreveport El Dorado Pipe
Singer Mfg Co
Singer Mfg Co Ltd—
Jan
1554
..*
Twin Coach Co
Jan
5,900
Shattuck Denn Mining
Conv pref
42
Ulen A Co 734% pref...25
5% preferred
2
Unexcelled Mfg Co
10
154
Sentry Safety Control
Seton Leather
Jan
Jan
Jan
354
9434
..£1
434
254
42
Jan
Selfridge Prov Stores—
Amer dep reo_.
3,000
Jan
$6 1st pref
100
3,800
234
434
Option warrants
....
434
3
Jan
Jan
254
654
High
Jan
65
Jan
334
Low
Jan
Jan
K
50
30
55.50 prior stock
25
Allotment certificates..
Range Since Jan. 1 1937
Shares
254
117.
Selected Industries Ino—
Common
High
434
454
.
Jan
Jan
Jan
49
Selby Shoe Co
Jan
1
Jan
854
11334
1,200
354
Segal Lock & H'ware
Selberllng Rubber com...*
Low
Triplex Safety Glass Co—
Am dep rets for ord reg..
54
Manufacturing.25
Scranton-Sprlng Brook—
Common
100
600
38
Soovllle
Price
Trans Lux Plot Soreen—
29,900
65
...»
Week
1734
11634 11734
.........5
common
for
of Prices
High
2734
"16"
Week's Range
Sale
3334
102
*
com
54
1,600
Last
34
1034
5
..100
preferred
Low
Shares
50
St Reels Paper com
Sohlff Co
"is
Sales
STOCKS
(Concluded)
Range Since Jan. 1 1937
1454
534
31
.....
St Lawrenoe Corp Ltd-.-*
Savoy Oil Co
34
102
.
Russeks Fifth Are...
7%
High
H
*
Low
743
Friday
Week
*
Royal Typewriter
Sanford Mills
Sales
Last
(Continued)
Par
Exchange—Continued—Page 4
98^060
88,000
Jan
Jan
Last
Sale
(Continued)
Price
Associated Eleo 45*8—1953
63
Associated Gas A El Co—
Conv deb 55*s.
1938
Conv aeb
63
655*
45*s.
1949
....—I960
Debenture 6s
..1968
56
61
registered------1968
59
595*
78
58
*5*8 C...1948
Conv deb 68
1977
Assoc Rayon 6s
.1960
Assoc T & T deb 55*8 A '65
Atlanta Gas Lt 45*b_.1955
of Prices
High
Low
75
Conv deb
Conv deb
Week's Range
60
,555*
61
595*
585*
625*
615*
156 5*
86
59
59
64
55*8
65
1005* 1005*
86
875*
1045* 1055*
for
97,000
6,000
3,000
73,000
87,000
73,000
Low
63
675*
Jan
82
Jan
625*
Jan
61
Jan
Jan
Jan
655*
655*
59
Jan
605*
Jan
64
JaD
69
Jan
75
Jan
66
Jan
665*
Jan
61
Jan
695*
Jan
2,000
2,000
17,000
15,000
7,000
1005*
1045*
Jan
1055*
Jan
Jan
176
Jan
86
Jan
Jan
1005*
88
Jan
Jan
Baldwin Locom Works—
6s witb
162
176
61,000
158
177
71,000
158
Jan
177
Jan
1465*
Jan
162
Jan
warrants... 1938
173
W..1938
177
163
1605*
1505* 162
6s stamped w
6s without warrants 1938
..1938
6s stamped z w.
Bell Telep of Canada—
1st M 5s series A. —1956
159
59,000
1485* 1625* 326,000
Canadian Pac Ry 6s.. 1942
Carolina Pr A Lt 5s.-.1956
1135*
121
1205*
1235*
$1445*
$1055*
985*
985*
855*
855*
100
1015*
$1065*
$1055*
1035*
1125* 1125*
105
1055*
Cedar Rapids MAP 5s.'53
112
1957
6s series C..—
1960
Bethlehem Steel 6s_—1998
1st M 5s series B
Binghamton L H A P 58 '46
Birmingham Eleo 45*s 1968
Birmingham Gas 6s—1959
Broad River Pow 6s.. 1964
Buffalo Gen Elec 6s...1939
Gen A ref 6s.—..-.1956
Canada Northern Pr 6s '53
1135*
112
143
Jan
1625*
Jan
114
21,000
1135*
Jan
1165*
Jan
1215*
20,000
13,000
1205*
1235*
Jan
124
Jan
Jan
125
Jan
144
Jan
145
Jan
124
150
1055*
1055*
99
865*
1015*
1075*
34,000
4,000
12,000
98
855*
985*
1065*
Jan
Jan
Jan
Jan
1055*
99
885*
1015*
1075*
Jan
45*8 series H
1035*
1981
Cent Ohio Lt A Pr 56.1950
1035*
.1948
6s series B
..1961
Illinois Central RR 6s. 1937
Jan
III Northern Util 5s... 1957
995*
1927
1955
6s series B
Cities Service 5s.
815*
995*
1005*
1966
Conv deb 5s...
1950
"785*
Cities Service Gas
55*8 '42
1025*
Cities
Service
Gas
1943
Line 6s._._
55*8
......1949
Commers A Privat 55*s '37
40,000
103
Jan
104
Jan
113
21.000
1125*
Jan
64,000
105
Jan
7,000
112
1145*
1055*
1125*
Jan
1055*
112
Jan
Jan
103
755*
75
Jan
1105*
111
1st 45*s series C...1956
1st 45*s series D...1967
1st M 4s series F...1981
1065*
35*8 series H......1965
Oom'wealtb Subsid 65*8 48
1025*
Community Pr A Lt 5s '57
Community P S 5s....1960
1005*
875*
Conn Light A Pow 7s A*51
Cosol Gas El lit A Power—
1045*
995*
110
1035* 104
825*
805*
99
100
775*
775*
102
27,000
101
1055*
79
795*
1025*
8,000
2,000
58,000
14,000
33,000
8,000
373,000
26,000
7,000
1025* 103
745*
765* 104,000
745*
775* 59,000
10,000
535* 54
98
A..1943
Crucible Steel 5s.
1940
Cuban Telephone 75*8 1941
1025*
97
99
1065*
..1952
1035*
105
Jan
1035*
Jan
Jan
Indiana Hydro-Eler 6s '58
Indiana A Mich Elec 5s '55
98
103
Jan
1025*
1035*
895*
Jan
Jan
1045*
Jan
Jan
925*
Jan
Indiana Service 5s
Jan
99
Jan
1st lien A ref 5s
955*
685*
JaD
695*
Jan
735*
Jan
1055*
Jan
725*
725*
755*
106
Jan
Indianapolis Gas 5s A. 1962
Ind'polis P L 5s ser A. 1957
1055*
Intercontlnenta Pow 6s '48
125*
Jan
Edison El Ill(Bost)35*s '65
Elec Power A Light 58.2030
Elmlra Wat Lt A RR 5s '56
El Paso Elec 5s A....1950
Empire Dist El 5s
1952
Empire Oil A Ref 55*8.1942
Jan
110
Jan
International Sec 5s.
1025*
Jan
104
Jan
Interstate Power 5s... 1957
805*
Jan
99
Jan
100
775*
775*
102
Jan
84
1015*
1055*
Jan
Jan
Jan
1025*
745*
745*
52
10
945*
1065*
95
1035*
Jan
45*s series F._
1958
87
JaD
83
Jan
Iowa-Neb LAP 5s
1957
104
Jan
103
Jan
70
Jan
Iowa Pub Serv 5s
795*
Jan
Jan
80
Jan
1957
Jan
54
Jan
1055*
Isarco Hydro Eleo 7s. 1952
Isotta Fraschlnl 7s....1942
103
1105*
Jan
111
Jan
1105*
Jan
111
Jan
105
Jan
1105*
1115*
1065*
1065*
1025*
855*
1005*
Jan
104
Jan
101
Jan
Jan
130
Jan
1035*
Jan
104}*
Jan
Jan
1095*
Jan
1245*
Jan
1255*
Jan
1105*
1105*
1055*
Jan
Jan
Jan
Italian Superpower 68.1963
Jan
905*
Stamped
"685*
5s series B
1947
45*8 series 0
1961
Jan
Kansas Power 5s
Jan
Kentucky Utilities Co—
1st mtge 5s ser H..1961
Jan
Kansas Gas A Elee 6s. 2022
16,000
1,000
975*
325*
945*
1947
65*8 series D.......1948
55*s series F
1965
.....1969
Kimberly-Clark 5s
1943
Lake Sup Dist Pow3}*8l966
Lehigh Pow Seeur 6s..2026
Lexington Utilities 5s. 1952
Llbby McN A Llbby 5s '42
Jan
985*
Jan
Lone Star Gas 5s.....1942
Jan
47
Jan
Jan
Jan
~7J)66
70
Jan
755*
Jan
12,000
2,000
30,000
104
Jan
103""
Jan
1085*
1055*
Jan
Jan
McCallum Hosiery
Jan
McCord Rad A Mfg 6s '43
1035*
.Tan
1055*
Jan
Memphis P A L 5s A..1948
Metropolitan Ed 4s E.1971
Middle States Pet 65*s '46
Midland Valley 5s
1943
Milw Gas Light 45*8-1967
103
Jan
1025*
107
23
106
Jan
1015*
Jan
1025*
Jan
9,000
1065*
1055*
Jan
107
Jan
Jan
106
Jan
Jan
15,000
35*
6,000
1005* 101
94
955* 223,000
67,000
1065* 108
95
965* 223,000
113
2,000
113
8,000
1035* 1035*
4,000
1035* 1035*
92
85,000
905*
35*
Jan
1005*
Jan
935*
Jan
11
35*
35*
Jan
7,000
18,000
3
Jan
Jan
135*
125*
45*
45*
102
955*
109
1065*
Jan
935*
Jan
1095*
1035*
Jan
1035*
103
Jaq
1035*
935*
Jan
Jan
Jan
Jan
55*8.1951
103""
7a without warrants. 1941
45*s
65*8 '41
..1978
"975*
95
1055*
1956
6s-
905*
Jan
66
70
7,000
63
Jan
70
1957
Jan
985*
104
"995*
104
104
Jan
Missouri Pub Serv 5s. 1947
Jan
Jan
Jan
Jan
Jan
65*8
1944
Munson S3 65*8 ctfS—1937
Nassau A Suffolk Ltg 5s '45
Nat Pow A Lt 6s A...2026
1075*
815*
99
115*
80
1055* 1065*
13
125*
Jan
1045*
Jan
1015*
Jan
104
Jan
32
Jan
32
785*
Jan
84
Jau
79
Jan
835*
Jan
20,000
1075*
Jan
96
50
Nebraska Power
45*8.1981
6s series A
2022
1065*
Jan
19,000
915*
Jan
935*
Jan
76
1035*
5,000
7,000
1,000
1015*
1035*
1035*
Jan
1015*
Jan
Jar
104
Jan
Conv deb 5s
1948
Jan
105
Jan
Conv deb 6s
1950
Jan
96
Jan
935*
96
109
Jan
1015*
Jan
106
Jan
Jan
1055*
Jan
105
Jan
1035*
Jan
1065*
1065*
1085*
1045*
995*
Jan
1015*
1055*
955*
96
865*
88
1015*
Nevada-Calif Eleo 5s. 1956
N E Gas A El Assn 58.1947
New Eng Pow Assn 5s. 1948
Debenture
55*s
1954
Jan
5s stamped.
.1942
945*
1045*
1025*
Jan
Jan
Jan
Jan
Jan
Income 6s series A—1949
895*
1015* 1015*
103
99
98
103
99
75
25
24
745
765*
24
245*
Jan
100
Jan
100
Jan
3,000
103
Jan
29,000
20,000
2,000
4,000
95
Jan
1015*
1015*
1045*
Jan
Jan
1065*
Jan
Jan
99
Jan
Jan
1065*
Jan
1105*
Jan
795*
Jan
Jan
78
Jan
Jan
825*
Jan
105
Jan
1065*
135*
Jan
545*
103
Jan
Jan
125*
Jan
70
Jan
77
795*
Jan
80
Jan
74
Jan
80
Jan
Jan
Jan
1075*
Jan
Jan
10754
1005*
102
Jan
72
Jan
765*
Jan
665*
Jan
695*
Jan
91
Jan
96
Jan
Jan
865*
1035*
Jan
88J*
Jan
1045*
103
Jan
104
Jan
1055*
1055*
Jan
1055*
1055*
Jan
Jan
Jan
Jan
66
144",000
Jan
745*
765*
Jan
Jan
55
Jan
685*
Jan
Jan
565*
Jan
Jan
Jan
Jan
54
Jan
>
Jan
Jan
1215*
1045*
Jan
Jan
96
1055*
1055*
Jan
1035*
1055*
1205*
103
"4,066
104
Jan
72
Jan
Jan
1065*
Jan
995*
1075*
1015*
Jan
1035*
Jan
975*
Jan
995*
Jan
1035*
Jan
Jan
Jan
1045*
1015*
1115*
Jan
985*
1105*
1035*
1035*
Jan
105
Jan
Jan
105
Jan
104
Jan
105
Jan
Jan
106
Jan
Jan
1065*
Jan
Jan
105
96
1055*
"7*660
105
1055* 10654
1025* 1045*
32,000
23,000
1055*
$20
J40
1035*
1025*
1065*
975*
9454
1055*
1025*
1045*
Q£
26
98
k
1035*
1035*
1075*
.985*
955*
1055*
1025*
105
975*
995*
1075* 1075*
80
82
5,000
63,000
9,000
10,000
26,000
6,000
42,000
19,000
59,000
95,000
34*666
23,000
99
115*
995*
125*
106
.?
1065* 1075*
95
975*
485* 50
108
1095*
11,000
9,000
4,000
88,000
130,000
32,000
5,000
1,000
4,000
49,000
985* 995*
110
$109
825* 845* 128T666
835*
69,000
825* 845*
83
825* 845*
95,000
83
995* 1005* 148,000
1005* 1015*
99,000
1005*
Jan
1005*
105
80
7,000
2,000
12,000
12,000
104
1055* 1055*
1055* 1055*
72
735*
$755* 84
635*
685*
109
1015*
34,000
19,000
1,000
Jan
75
61,000
1265* 1265*
1005*
Jan
Jan
Jan
Jan
Jan
1055*
1105*
755*
3,000
1035* 1045*
108
Jan
103
Jan
Jan
1015*
50,000
73,000
1265*
Jan
52,000
Jan
1,000
50,000
29,000
68,000
37,000
5,000
8,000
108
Neisner Bros Realty 6s '48
25,000
.
13I660
New Orleans Pub Serv—
1005* 1005*
1035* 1035*
1015* 1025*
1015* 1015*
Jan
Jan
1025*
795* 80
$78
80
1075* 1075* "2",000
1005* 1015*
32,000
725*
745* 155,000
665* 68
42,000
106
2030
Deb 5s series B
Jan
94
103
100
1,000
2.000
Montana Dakota Power
1055*
$94
98
995* 1005* 175,000
Jan
Jan
5L000
10,000
2,000
49,000
39,000
$1055* 106
Mississippi Rlv Fuel 6s '44
Miss River Pow 1st 58.1951
New Amsterdam Gas 5s '48
1015* 1015*
1035* 104
26
23
"£666 "94"- Jan "161""" Jan
95
Mississippi Pow 5s.... 1955
Miss Pow A Lt 5s
Jan
Jan
113
Jan
Jan
Jan
Jan
Jan
Jan
Mansfield MIn A Smelt—
2,000
105*
95*
10
Manitoba Power
Jan
107
26,000
6,000
13,000
125*
80
Jan
Jan
94
105
Jan
99
Jan
205*
2,000
87,000
20,000
995* 65,000
1065* 107
28,000
1025* 1035*
15,000
96
995* 121,000
1035* 104
14,000
1035*
985* 995*
19,000
1105* 111
74,000
1105*
1045* 105
13,000
32,000
105"" 1045* 105
$1035*
97
785*
Jan
Jan
Jan
106
1005*
Jan
985*
6,000
31,000
1045*
1035*
97
1095*
Jan
Jan
1095*
36,000
Louisiana Pow A Lt 5s '57
985*
1035*
Jan
945*
565*
Long Islind Ltg 6s... 1945
Jan
1065*
62
1035* 104
1035*
1055* 1055*
$1205* 1225*
56
-
Jan
Jan
Jersey Central Pow A Lt—
Jan
Jan
Jan
—
Certificates of deposit
45*8..1958
Jan
Jan
Jan
Jan
104
.1961
1065*
$107
108
$305*
915*
93
General Rayon 6s A—1948
Gen Vending C rp 6s. 1937
see page
5s series B
Nat Pub Serv 58 ctfs.1978
"915*
General Bronze 6s
1940
General Pub Serv 5s.. 1953
65*s A. 1956
68
935*
82
Gary Electric A Gas—
Deb gold 6s. June 151941
Deb 6s series B....1941
5s series D.........1956
Jan
885*
Interstate Publle Service—
5,000
25,000
3
First Bohemian Glass 7s '57
5s ex-warr stamped. 1944
Gatineau Power 1st 5s. 1956
1952
Debenture 6s
1015*
745*
22.000
1065* 1065*
1045* 1045*
1035* 104
12
Finland Residential Mtge
Banks 6s-5s stpd
1961
Florida Power A Lt 5s. 1954
1947
1025*
106
Erie Lighting 5s
1967
Farmers Nat Mtge 7s. 1963
Federal Water Serv 55*s '54
Firestone Cot Mills 5s. 1948
Firestone Tire A Rub 5s '42
_
Jan
Ercole Marelli Eleo Mfg—
65*8series A.......1953
...1952
100
5,000
405*
96
975* 249,000
6,000
1025* 1025*
99
14,000
1,000
785*
785*
1025* 1025*
1065* 1065*
1055* 106
65*s..l937
Eastern Gas A Fuel 4s 1956
7s series F
Jan
Jan
88
105
13.000
15,000
38,000
99
96
75
1957
Jan
895*
Jan
Jan
59
International Power Sec—
65*s series C.......1955
99
Jan
Jan
88
80
Jan
1095*
Jan
1055*
107
985*
1065* 1065*
1065*
$1105* 111
1957
755* 77
1950 "77"
75
765*
765*
1963
5s
1065*
9,000
2,000
$1075*
"965*
Jan
Jan
1095*
71,000
405*
106
65*8
-Aug 1 1952
Certificates of deposit.
Deb 7s..
Aug 11962
Certificates of deposit.
97
Indiana Gen Serv 6s.. 1948
Jan
1045*
1045*
1035*
Detroit Internet Bridge—
For footnotes
1951
Jan
98
Jan
97
Jan
865*
855*
104
108
1015*
1065*
1065*
1055*
1035* 105
1055* 106
1953
5s series C
104
130
132
107
Derby Gas A Eleo 5s..1946
Det City Gas 6s ser A. 1947
..I960
99
Minn P A L
405*
5s 1st series B
5,000
6,000
2,000
5,000
1105*
1105*
1065* 109,000
105
1055* 47,000
21,000
1025* 103
87
65,000
895*
10,000
1005* 101
$1075* HI
1245* 1255*
Conv deb 65*s w w.1943
Cont'l Gas A El 5s
1958
Gen Pub Util
deb55*s—May 1957
6s series I
Gen mtge 45*s
1954
Consol Gas Utll Co.—
Delaware El Pow 55*s. 1969
Denver Gas A Eleo 58.1949
111
111
1035* 1045*
Consul Gas (Bait City)—
5s
1939
5s series C
1105*
1105*
1105*
1105*
1055*
$1285*
(Bait) 35*s ser N—1971
Dixie Gulf Gas
Sf
855*
Jacksonville Gas 5s... 1942
1st M 5s series B...1954
Cuban Tobacco 5s....1944
Dallas Pow A Lt 6s A. 1949
$1075*
1015*
1065*
1055*
1055*
1015*
Indiana Eleotrlo Corp—
6s series A
1947
Iowa Pow A Lt
1st M 5s series A... 1953
ser
83
1035*
Commonwealth Edison—
1st A coll 6s
835*
83
1035* 104
Pipe
Cities Serv PAL 55*8.1952
81
International Salt 5s..1951
110
Ohio Pneu Tools 55*8-1942
55*e A '52
815*
105
975*
685*
99
32
104
7s series E
Midland Ry 4>*s A1956
Ohio Jet Ry A Union Stock
yards 5s..
1940
32
1055*
Jan
Chloago A Illinois
Chic Rys 5s ctfS
Cincinnati St Ry
.....1949
1947
6s series B
Idaho Power 5s
Jan
32
Jan
Jan
104
104
1st A ref 55*8 ser B.1954
985* 126,000
71
70
26,000
70
715* 84,000
705*
735*
735*
755* 34,000
10,000
1055* 106
tl045* 1065*
.
935*
855*
1st A ref 5s ser O—1956
Cent Pow A Lt 1st 5s. 1956
65*a ex-warrants... 1954
Cent States PAL 65*s '53
Ghlo Diet Eleo Gen 45*s '70
Hungarian Ital Bk 75*s '63
Hygrade Food 6s A...1949
104
High
Low
$
97
111 Pow A L 1st 6s ser A '63
92
Cent States Elec 5s.
955*
Jan
Cent Power 5s ser D..1967
985*
97
108
3,000
1035* 1045* 104,000
103
13,000
1035*
11,000
1025* 103
10,000
1035* 1045*
92
15,000
925*
104
Week
1045*
855* 865*
33
$24
885* 895*
'"885*
87
855*
Gobel (Adolf) 45*s...l941
1045* 1045*
1045*
Grand Trunk West 4s. 1950
$1065* 109
Gt Nor Pow 5s stpd..1950
925*
945*
"925*
Grocery Store Prod 6s. 1946
$605* 615*
Guantanamo A West 6s '68
725*
735*
Guardian Investors 5s. 1948
i095* 1095* 1095*
Hackeesaok Water 5s. 1938
1045* 1045*
6sseries A..
...1977
995* 1005*
ioo"
Hall Print 6s stpd.... 1947
$245*
Hamburg Eleo 7s.....1935
Hamburg El Underground
23
215* 23
A St Ry 55*8
1938
1015* 103
1025*
Heller (W E) 4s w w-1946
104
1045*
Houston Gulf Gas 6s.. 1943
1015*
65*s with warrants. 1943 1015*
65*8 series B
..1956
1st A ret 45<s ser F.1967
5s series G
...1968
El ss.1943
Jan
Central 111 Public Service—
6s series E_.
lien Wat Wks A
Georgia Power ref 5s—1967
Georgia Pow A Lt 5s..1978
Gesturel 6s—>.
....1953
Glen Alden Coal 4s... 1966
Range Since Jan. 1 1937
for
of Prices
Low
High
Price
High
Jan
Week's Range
Sale
Md)
(Conti
Week
$
Last
BONDS
Range Since Jan, 11937
1931
30,
Sales
Friday
Sales
Friday
BONDS
6s
Jan.
New York Curb Exchange—Continued- Page 5
744
99
Jan
705*
Jan
765*
Jan
23
Jan
25
Jan
24
Jan
245*
Jan
N Y Central Elee 55*8 '50
94
95
885* 915*
$1025* 103
31,000
38,000
New York Penn A Ohio—
Ext
45*8 stamped—1950
109
109
1,000
1
»
I
....
—
1015*
1025*
Jan
1035*
Jan
Jan
104
Jan
1055*
Jan
Jan
Jan
Jan
Jan
975*
Jan
925*
1055*
Jan
Jan
1075*
995*
955*
1065*
102
Jan
1025*
Jan
1045*
945*
Jan
105
Jan
Jan
99
Jan
975*
1055*
Jan
1005*
Jan
1055*
Jan
1075*
785*
Jan
108
Jan
Jan
Jan
835*
Jan
99
Jan
115*
Jan
1005*
145*
Jan
Jan
1055*
1025*
925*
475*
1075*
Jan
107
Jan
Jan
1075*
975*
Jan
Jan
Jan
1083*
125
Jan
1265*
Jan
Jan
1085*
Jan
110
Jan
965*
1205*
Jan
995*
1215*
Jan
Jan
Jan
845*
Jan
Jan
85
Jan
785*
785*
785*
Jan
Jan
Jan
51
Jan
Jan
Jan
1005*
91
845*
1015*
Jan
1025*
Jan
Jan
Jan
Jan
955*
Jan
875*
1025*
Jan
92
Jan
Jan
103
Jan
109
Jan
1095*
Jan
Volume
New York Curb
144
Friday
BONDS
Last
Week's Range
Corp 1st 4%s '67
N Y State E A G
100%
Jan
Starrett Corp Ino 58..1950
Jan
104%
Jan
107
Jan
102%
Jan
103%
Jan
112
Jan
112
Jan
86%
4,000
5,000
2,000
86%
Jan
86%
Jan
99% 100%
24,000
95%
Jan
100%
Jan
68%
69%
106% 107%
18,000
6,000
66
Jan
69%
107%
Jan
Jan
31,000
16,000
23,000
62,000
10,000
112
112
86%
No Amer Lt A Pow—
1966
Nor Cont'l Utll 5%s.. 1948
99%
No Indiana G A E 68.1962
106%
6%s series A
69
106%
Jan
5.000
105
Jan
107
Jan
29,000
105
Jan
105%
Jan
103%
Jan
104%
Jan
103
Jan
103%
Jan
104
Jan
105
Jan
Northern Indiana P S—
1966
6s series D
1969
105%
...1970
No States Pow 5% a
1940
103%
105% 105%
105% 105%
103% 104%
103
103
N'western Elec 6u stmpl945
104
104
105%
4%« series E
N'western Power 6s A. 1960
—
N'western Pub Serv 6s 1957
------
Ogden Gas 6s
1945
110%
Ohio Edison 1st 6s
1960
------
Ohio Power 1st 6s B..1952
4%s
105%
103%
tier D.1966
93
93
103% 104
110% 111%
104% 104%
104% 105%
103% 103%
1,000
12,000
37,000
7,000
12,000
1953
------
5s series D
1954
105%
6% s series E
1961
105%
Okla Gas A Eleo 5s... 1950
103%
{50
54
2d stamped 4s
1946
Super Power of 111 4%s '66
1st 4%s
1970
Syracuse Ltg 5%s
1954
5s series B
106% 106%
5,000
95%
95
98
,
Tenn Public Service 5« 1970
Ternl Hydro-El 6%s..l953
83 %
83
85
V
74 %
70
74%
Texas Elec Service 58.1960
Texas Gas Utll 6s....1945
105%
Texas Power A Lt 5s..1966
6e
2022
105% 105%
39
38%
39
105% 105%
105%
J112% 115
87%
Jan
Jan
105
Jan
Thermold Co 6s stpd.1937
104%
Jan
111%
Jan
Jan
Jan
Jan
105%
105%
Tide Water Power 6a
1979
Tletz (Leonard) 7%s.l946
104
104%
104%
103%
Jan
104%
Jan
Toledo Edison 5s
Twin City Rap Tr
93%
Jan
Jan
__
103% 105
103% 104%
t20
1962
92%
1944
49%
109%
104% 106
{109
105% 105%
103% 103%
------
109
Jan
109
Jan
103%
Jan
106
Jan
3,000
105
Jan
105%
Jan
4,000
103%
Jan
103%
Jan
24,000
6s 3d stamped
48
5s series B
1967
1957
116% 116%
70%
72%
Jan
106%
Jan
107%
98 %
Jan
22,000
26,000
44,000
63,000
2,000
37,000
98,000
32,000
95
Jan
80%
Jan
66
Jan
105%
Jan
38%
85%
74%
Jan
Jan
Jan
Jan
Jan
39
Jan
Jan
105
Jan
106
105%
Jan
102%
Jan
106
Jan
103
Jan
104%
Jan
106%
Jan
107%
Jan
92
Jan
94%
Jan
47%
Jan
53
Jan
106%
Jan
106%
Jan
105
Jan
Jan
105%
116%
67%
Jan
Jan
88
85%
Jan
1974
93
91%
Jan
94%
1959
106
United Industrial
101%
Jan
102%
Jan
105%
Jan &108
97%
Pacific Coast Power 5s '40
97
98%
——————
•..1941
{102
102%
——————
107% 108
14,000
------
3,000
Jan
Pacific Gas A El Co—
1941
118%
101
A. 1948
Pacific Ltg A Pow 6s..1942
Pacific Pow A Ltg 5s..1955
12,000
118%
Jan
11,000
101
2,000
117
92% 119,000
102% 102%
3,000
104% 105
54,000
2,000
105% 105%
58,000
101% 103
87
118% 118%
101
101%
------
117
90%
117
90
1938
------
4%s.l977
104%
1979
------
1971
101%
1st
s
'6%s
5% a
119
Jan
Jan
102%
Jan
Un Lt A Rys (Del)
Jan
117
Jan
Jan
Jan
102%
Jan
104%
Jan
93%
102%
105%
104%
Jan
105%
Jan
101%
Jan
103
Jan
Jan
Jan
6s series A.....
6s series A
1952
4%s
105%
Jan
105%
105% 105%
18,000
104%
Jan
105%
Jan
106% 106%
1954
4,000
106
Jan
Vamma Water Pow 5%s '57
Va Publlo Serv 5%s A. 1946
5,000
3,000
1,000
106
Jan
Jan
1st ref 5s series B ..I960
110%
Jan
106%
106%
111%
Jan
106% 106%
Jan
6s
106
Jan
106%
Jan
------
Penn Water A Pow 5s. 1940
110% 110%
106
1968
106
1946
7s with warrants
1981
98%
97%
98%
58.000
97%
Jan
29
28%
29
37,000
26%
Jan
100
30%
Jan
Jan
110% 110%
16.000
110%
Jan
111
Jan
Wash
Pblla Elec Pow 5%s..l972
Phlla Rapid Transit 6s 1962
111%
110% 111%
68,000
109%
Jan
111%
Jan
15,000
96%
Jan
97%
Jan
Wash Water Power 5s. 1960
West Penn Eleo 5s
2030
105%
62%
Jan
36,000
1,000
106%
Jan
108
6,000
Phil Sub Co G A E
4% '57
0%s '60
72%
{105% 107
70
74%
108
1949
Pittsburgh Steel 6s... 1948
------
Pomeranian Elec
——————
97
108
105% 106
------
Jan
106
74%
Jan
Jan
Jan
Ry A Elec 4s..1951
78%
1949
Prussian Electric 6s.. 1954
107%
106%
Jan
Jan
Jan
106
Jan
Jan
107
Jan
Jan
96
Jan
114
Jan
115
Jan
85
Jan
91%
89%
Jan
101%
Jan
103
Jan
101
Jan
102
Jan
104%
Jan
104%
Jan
Jan
100
Jan
29,000
36,000
8,000
102
Jan
104%
Jan
100%
Jan
102%
Jan
Jan
101
Jan
33,000
11,000
30,000
40
Jan
44%
Jan
101%
Jan
101%
Jan
106%
106%
Jan
108
Jan
Jan
106%
Jan
Jan
106
Jan
2~2~666
105
Jan
105%
8,000
107
114
113% 114
105%
Jan
10,000
112%
Jan
114%
Jan
99%
99
99% 108,000
97%
Jan
99%
Jan
71%
71%
75
73
Jan
76%
Jan
34,000
105
Jan
105%
Jan
106%
Jan
107%
Jan
"M00
105%
Jan
106%
Jan
102%
107%
100%
Jan
Jan
107
Jan
West United G A E 5%s '55
105
Jan
22
Jan
78%
Jan
85
Jan
106"
1,000
105%
Jan
107
Wheeling Elec Co 6s..1941
Wlso-Mlnn Lt A Pow 5s '44
Wise Pow A Lt 4s
1966
108% 108%
77%
78%
6,000
108%
Jan
109
Jan
Yadkin Rlv Pow 5s
1941
10,000
76
Jan
80
Jan
York Rys Co 6s
1937
18,000
100
Jan
11,000
100%
Jan
23
101%
West Penn Traction 5s *60
West Texas Utll 5s A. 1957
West Newspaper Un 6s '44
20%
{21
Jan
105
41%
105
105%
Jan
99
105
101% 101%
1961
Potrero Sug 7s etpd__1947
Power Corp(Can)4%s B '69
102%
40%
101%
106%
106%
{100%
40%
101% 101%
Potomac Edison 5s E.1956
Jan
108
98
1,000
20%
83%
12,000
3,000
9,000
2,000
2,000
100
102
102%
98%
37,000
20%
82
83
63,000
23,000
19,000
58,000
Jan
99
101%
104%
{102%
102% 103
103
106% 106%
6a__ 1953
Portland Gas A Coke 5s '40
88
103
{99
Ward Baking 6s
1937
Wash Gas Light 5s... 1968
110%
96%
115
87%
1954
Phlla Electric Co 58—1966
96%
27,000
Jan
Waldorf-Astoria Corp—
Peoples Gas L A Coke—
1979
96%
102%
101%
104%
{106%
Utlca Gas A Elec 5s D. 1956
5s series E
1952
Valvollne Oil 7s
.1937
105%
5%8 series B...1959
114
114%
1944
11,000
Penn Pub Serv 6s C—1947
88%
93%
106%
94%
1973
Utah Pow A Lt 6s A..2022
105% 105%
Jan
106
95%
5%s '52
105%
1960
86%
91%
17,000
United Lt A Rys (Me)—
Penn Ohio Edison—
Power Securities 6s
109
1975
94%
Jan
4%s series F
Jan
United Lt A Pow 6s
Jan
100
Pittsburgh Coal 6s
Jan
107
Jan
108%
Jan
Pledm't Hydro-El
105%
22
Jan
4s series B
49%
105%
Jan
1946
103%
Peoples Lt A Pr 5s
Jan
Jan
104%
f 6s
78,000
4%s series B__
Jan
45%
104%
Jan
104% 107
6s series D
Jan
22
106%
Deb
Jan
54
0%s 1941
1946
6s series A x-w
50%
Jan
105%
106%
117%
72%
22%
22%
89%
Okla Power A Water 5s *48
Penn Electric 4s F
Jan
Jan
53
7,000
1,000
1,000
178,000
4%s
United Elec N J 4s... 1949
United El Serv 7s ex-w 1956
5s.._
Jan
3,000
tl06% 108
{106
107%
{106
107
Jan
Palmer Corp 6s
53
...1954
100%
Penn Cent LAP
57
29
5s series A
Jan
«er
Jan
53
Union Eleo Lt & Power—
98%
Paciflo Invest 5s
44%
11,000
106%*107%
31,000
92%
94
108,000
106%
6%s '52
90,000
1st 6s series B
High
Jan
45
~2~66O
49
49%
105% 105%
105% 105%
107% 107%
105%
105%
1957
98% 100
Oswego Falls 6s
Low
36,000
2,000
54
109%
..1940
debs
Range Since Jan. 1 1937
9
52
1946
99%
conv
57
1940
7-4% stamped
4%a... 1951
5s
for
Week
Ulen Co—
6s series C
Okla Nat Gas
2d stamped 4s
41%
57
Corp—
7-4% stamped
1936
103%
Ohio Public Servloe Co—
6s series A
39%
39%
Tennessee Elec Pow 5s 1956
6s series C
1st A ref
of Prices
High
Low
Stl nnee 'Hugo)
Jan
104%
107
103%
Nippon El Pow A%8..1963
Sale
Price
106%
67,000
———
-
Weet's Range
Last
High
Jan
106%
104%
BONDS
(.Concluded)
Low
105%
102%
106%
106%
103%
106%
103%
------
Range Since Jan. 1 1937
9
103%
4%s.l980
1st 6%S
1962
N Y A Westch'r Ltg 4s 2004
1964
Debenture 5s
High
745
Sales
Friday
Week
Low
Price
N Y PAL
for
of Prices
Sale
(iContinued)
Exchange-Concluded—Page 6
Sales
100%
42,000
105
105%
{105% 107%
106
106%
100
100
Jan
106%
Jan
34^666
101
99%
Jan
129,000
{107% 107%
"99%
99%
100
Jan
Jan
Jan
------
20%
Jan
101%
101%
20%
24,000
142%
Jan
147
Jan
19,000
110%
Jan
112
Jan
104%
Jan
105%
Jan
12,000
102%
102%
102%
104%
Jan
103%
Jan
Jan
103%
Jan
Jan
103%
Jan
Baden 7s
Jan
105%
Jan
Buenos Aires
104%
Jan
105%
98%
Jan
Jan
Jan
Publlo Service of N J—
142%
142% 143%
111%
6% perpetual certificates
112
104%
103
103%
Pub Serv of Nor Illinois—
1st A ref 5s
1956
5s series C
1966
4%s series D
4%s series E
1978
1st A ref
4%s
111%
{104%
102%
102%
102%
—--
-
ser
4%s series I
— —
103
F.1981
I960
102% 103%
104%
1980
104% 104%
14,000
9,000
10,000
104% 105
21,000
Pub Serv of Oklahoma—
4s series A
------
96%
Puget Sound PAL 5%s '49
1st A ref 5s series C.1950
95
1st A ref
90%
4%s
ser D. 1960
96%
95
90%
104
1968
107
1952
97
158.000
95
Jan
96
51,000
91%
Jan
91%
92,000
88%
103%
Jan
104
106% 107
{104% 104%
87%
88%
Reliance Manag't 5s..1954
23%
Corp 0%s_.1953
Ruhr Housing 6%s
1958
Safe Harbor Water 4%s '79
——
— —
— — —
— —
-
17%
St Louis Gas A Coke 6s '47
6s ex-warrants
106%
106
132
132
2,000
{32
1935
34
..1935
102%
Scrlpp (E W) Co 5%s.l943
1948
Servel Ino 5s
1948
Shawlnlgan WAP 4%s '67
4%s series B
1908
1st
4%s series D
Southeast PAL 6s
26%
26%
14,000
26%
Jan
26%
19,000
Jan
28%
28%
Jan
26%
Jan
19%
Jan
19%
1961
19%
1,000
25%
18%
90%
15,000
86%
Jan
90%
Jan
8,000
16,000
86%
15
Jan
91
Jan
Jan
17%
Jan
Jan
35
7%s stamped
Cauca Valley 7s
1947
91
90
91
Jan
15
16%
96
Jan
Cent Bk of German State A
92%
Jan
104
Jan
------
107%
2026
Jan
104%
Jan
Jan
90
Jan
6,000
22%
Jan
25%
Jan
34,000
35,000
104%
Jan
107
Jan
17%
Jan
18
Jan
105%
Jan
107
Jan
132
Jan
132
Jan
23
21,000
2,000
Jan
37
Jan
------
Jan
39
Jan
40
Jan
19,000
33
Jan
21,000
102
Jan
103%
Jan
——————
102
Jan
Jan
104% 104%
104% 104%
104% 104%
69%
70%
100% 101
107% 108%
1948
Prov Banks 6s B...1961
68 series A
...1952
5%s
1955
6s
{22
1953
19%
19%
{18%
18
"92%
Jan
Jan
104%
Jan
Parana
Jan
104%
Jan
10,000
104
Jan
105
Jan
Jan
71
Jan
8,000
69%
13,000
94,000
100
Jan
101
Jan
107%
Jan
109%
Jan
Sou Calif Edison Ltd—
106%
106% 107
71 000
106
Jan
107
3%s.May 1 1960
105
105
106%
87,000
105
Jan
108
Jan
Ref M 3%s B.July 1 '00
1st A ref mtge 4s
1960
105
104% 106%
26,000
104%
Jan
108
108% 109%
104% 105
102% 102%
84%
86
17,000
8,000
108%
104%
Jan
5,000
102%
Jan
103%
33.000
84%
102%
Jan
98%
Jan
99%
61%
Jan
66%
Jan
17
Jan
20
Jan
17
Jan
20%
Jan
19
21,000
5,000
Jan
21%
21%
Jan
Jan
18
Jan
21]
Jan
24%
Jan
30}
Jan
Jan
18
Jan
20
Jan
91%
Jan
93
Jan
23%
Jan
25%
Jan
23%
Jan
15%
Jan
25%
18%
Jan
3,000
15%
99%
Jan
24
Jan
20
Jan
{99% 100
28
1921
1%
1921
Santa Fe 7s stamped..1946
25%
Jan
34
33
7,000
30
Jan
35%
Jan
1%
Jan
1%
Jan
1
Jan
1%
Jan
1%
1%
1%
1%
1919
1,000
32%
1%
de Janeiro 0%s_.1959
Russian Govt 6% a
1919
28
"72*"
1%
1%
1%
1%
72
72
1949
17
17%
1961
17
17
19,000
51,000
64,000
31,000
2,000
4,000
2,000
1%
Jan
Jan
1%
Jan
1%
Jan
1M
Jan
62%
Jan
72
Jan
16
Jan
Jan
20%
20%
Jan
16
Jan
Jan
110%
105%
Jan
5,000
4,000
12,000
24%
{10
28
1958
6%s certificates
5%s
5%s certificates
Jan
Jan
109
(State) 7s
102%
39,000
15%
Rio
Jan
Jan
Jan
3,000
93
{20%
{20%
Issue of Oct 1927..
Jan
24
Jan
99%
21%
18
92
27%
22
1,000
1,000
.
20%
30%
30
30
Issue of May 1927
104
23
20%
Mtge Bk of Chile 6a...1931
6s stamped
1931
Mtge Bk of Denmark 5s '72
104
106%
19%
20%
23
{18
Hanover (City) 7s
1939
Hanover (Prov) 6%s._1949
Lima (City) Peru 0%s.l958
Maranhao 7s
1958
8,000
1,000
66%
18%
Jan
3,000
66
German Cons Munlo 7s '47
Secured 6s
1947
102%
106%
------
22
100% 100%
99%
99%
Danzig Port A Waterways
External 0%s
1952
Mendoxa 48 stamped..1951
Mtge Bk of Bogota 7s. 1947
25
29
22
22
100%
Medellln 7s series E..1951
23%
34
{106% 107%
------
107
Jan
87
103
------
104%
Jan
2,000
33
{1012932 102%
------
105
104%
Jan
(Provlnce)88
102
------
1970
Sheridan Wyo Coal 6s. 1947
Sou Carolina Pow 5s. 1957
19,000
------
{108
110
{20%
25
1955
Second Int'l Sec 5s
17%
17%
106%
Saxon Pub Wks 6s...1937
Schulte Real Estate—
6s with warrants
23%
24
{18
23
104% 105
------
San Antonio P S 5s B..1958
San Joaquin L A P 6s B 52
Sauda Falls 5s
26%
26%
1947
90%
Danish
Rochester Cent Pow 5s '63
Ruhr Gas
20-year 7s
1952
Queens Boro Gas A Eleo—
5%s series A
Agricultural Mtge Bk (Col)
20-year 78
1946
7s stamped
1966
Quebec Power 5s
FOREIGN GOVERNMENT
AND MUNICIPALITIES—
Debenture
Ref M
3%s
.1945
Sou Calif Gas Co 4%s. 1901
Sou Counties Gas 4%s,1968
Sou Indiana Ry 4s
104%
------
84%
1951
S'western Assoo Tel 58.1961
So'west Pow A Lt 6s..2022
103
102% 103
103
103%
103
103%
8'west Pub Serv 6s...1945
105%
105% 106
S'western Lt A Pr 6s..1967
103
Jan
Jan
87
Certificates of deposit.
87
87%
Debenture 6sDeo 1 1966
86%
Standard Investg 5% s. 1939
Standard Pow A Lt 6s. 1957
100%
86%
'
I'1
7s
Jan
Jan
Jan
103%
Jan
104
Jan
4,000
99%
Jan
104%
6,000
104%
Jan
106
Jan
Jan
89
27,000
87
Jan
92
Jan
86%
89
49,000
9,000
86%
Jan
92
Jan
87
1936
Certificates of deposit.
Debenture 6s
1951
Santiago 7s
Jan
87
Stand Gas A Eleo 6s_.1936
Convertible 6s
8,000
8,000
87
Jan
90
86%
89%
19,000
87
89%
81,000
85
88% 127,000
31,000
100% 100%
85
89%
78,000
*
No par value
rule sales not
a Deferred
delivery sales not Included In year's range.
87
Jan
91%
Jan
the
86%
Jan
91%
Jan
range,
87
Jan
92
Jan
91
Jan
t Friday's bid and asked price.
Jan
102
Jan
e
»
Under
Jan
85
100%
85
Jan
90%
Jan
t
Included In year's range,
r
Cash sales not inoluded In year's
Ex-dlvldend,
No sales were transacted during current week.
Cash sales transacted
during the current week and not Inoluded in weekly or
yearly range:
No sales.
V Under-the-rule sales transacted during the ourrent week and not Inoluded In
weekly or yearly range:
No sales.
Deferred delivery sales transacted
during the ourrent week and not Inoluded
weekly or yearly range:
s
No sales.
Abbreviations
Used
Above—"cod/
certificates of deposit; "oons, *
consolidated.
..oumcumulative; "conv," convertible "m," mortgage: "n-v," non-voting
v","o," voting trust oertitloates; "w 1/' when issued
»-w." without warrants
"w
w,"
with
stook.
warrants
Financial
746
Chronicle
Jan. 30, 1931
Other Stock Exchanges
Sales
Friday
Last
New York Real Estate Securities
Stocks (Concluded)
Closing bid and asked quotations, Friday, Jan. 29
Par
Week's Range
for
Sale
Exchange
of Prices
Low
High
Week
Price
Range Since Jan. 1,1937
Shares
High
Low
Narragansett Racing Ass'n
Unlisted Slocks
Ask
Bid
Pennsylvania Bldg ctfs....
Bid
Unlisted Bonds
83
Ask
Ino
7
100
New England Tel A Tel 100
32
Dorset ctfs of deposit
20
French (F F) investing pf.
French (F F) Oper units.-
12
39
15
61 Bway Bldg 6*48.-.1950
56
Lincoln Bldg Corp v t c
4*4
10
1941
1938
22*4
36
13
6 J*s
Granada (The) 6s
Oliver Cromwell ctfs
Park Place
12
39 Bway Inr units
7
Dodge Corp—
Inoome bonds v t
4
551 Fifth Ave units—
Fox Theatre & Office Bldg
35
0
5**
...
Old Colony RR..
...
Old Dominion Co
...
16
Pacific Mills Co.
—
»
24
Pennsylvania RR.
Qulncy Mining Co...
Orders Executed
on
Established 1853
& S. Calvert St.
NEW YORK
York
New
and
Baltimore
Stock
Exchanges
Utah Apex Mining..
Utah Metal A Tunnel
Chicago Board of Trade and Commodity Exchange, Inc.
compiled from official sales lists
Sales
Friday
Week's Range
Last
Sale
Par
Stocks—
of Prices
Low
Price
Warren
High
Warren (S D)
1st
pref v t
18**
18**
18*4
49
47
49
Range Since Jan. 1, 1937
for
Week
Shares
Low
Consol Gas, E L A Pow ... *
"87**
5% preferred
-.100
Eastern Sugar Assn com.-l
114**
Boston Term 1st
Series A
18
Jan
19
290
46
Jan
50**
2
3
Jan
45
8**
33**
Jan
9
38
Jan
88
269
87
Jan
89*4
138
113
Jan
45*4
45
127*4 129*4
42**
Jan
50*4
Jan
48
Jan
133
Jan
Jan
7?*
Jan
10*4
Jan
25*4
Jan
3H
Jan
Jan
Jan
25
43**
Jan
Jan
1,072
1,258
14**
28**
Jan
16 H
Jan
Jan
16**
31**
2**
96**
105
96
Jan
335*
3**
98**
35c
500
30o
Jan
45c
Jan
27**
225
26
Jan
12**
231
10
Jan
28**
13**
Jan
Jan
89%
40**
Jan
98
Jan
Jan
46**
Jan
Jan
Jan
Jan
5*<
25*
Jan
2
30
94**
98
46 J*
161
3%
1**
16%
11**
1**
2
2
Jan
4,515
1H
5%
1*4
16**
11295
15,115
130
265
1**
Jan
Jan
Jan
Jan
16
Jan
17**
Jan
10*4
Jan
Jan
35
Jan
12 **
40
11
17**
123*
38
40
21
103** 104
84,000
103**
Jan
8,000
86*4
Jan
8754
Jan
92
Jan
95
Jan
87
87**
87**
92
1948
92
1948
CHICAGO
1,724
Jan
104
Jan
100
SECURITIES
Listed and Unlisted
Jan
Jan
48**
13
Jan
3
Jan
3
Jan
55
Jan
55**
Jan
Jan
23*4
Jan
19
205*
42*4
Jan
42*4
Jan
38
11*4
Jan
12*4
Paaf H.Davis &©o.
Jan
Jan
Jan
150
3
3
550
*
55
55
10
21**
23
1,678
Humphrey Mfg Co com..*
42*4
42*4
Mfrs Finance 1st pref...25
Mar Tex Oil
...1
11*4
11*4
44**
12*4
Members
New York Stock Exchange
20
4
4
3
1
Jan
44**
2H
44**
3*48.1947
4**s
Jan
122
.*
Common class A
Jan
1*4
Jan
Jan
43
131
97
21**
29
Jan
160
5*4
1%
97
45
*
Jan
115
750
1,234
13
100
Jan
38**
39**
Jan
48*4
Houston Oil pref-
22 J*
Jan
Jan
13
Preferred
Jan
Jan
317
45*4
Guilford Realty com
1
Jan
362
43
128
Jan
96
Jan
2*4
42**
43
.
1,492
8*4
37*4
113*4 114*4
43
1
Preferred
Fidelity A Deposit
20
Fidelity A Guar Fire
10
Finance Co of Am class A. *
68c
Eastern Mass dt Ky—
High
87*4
*
com
Jan
Jan
Bonds—
2*4
8**
35**
"8*4
c
Black A Decker
90
Jan
6**
11**
*
Series B 5s.
Arundel Corp
*
Atl Coast Line (Conn)..50
Bait Transit Co com v t o. *
1,016
1,104
140
Jan
26
1
Co
80
7**
Jan
Jan
5**
350
96**
5
Bros Co
9
25**
3**
2**
Venezuela Holding Corp.. *
Waldorf System Inc
*
Baltimore Stock Exchange
Jan. 23 to Jan. 29, both inclusive,
15*4
30**
.*
United Oas Corp.
1
United Shoe Maoh Corp.25
Preferred
25
Yoitto.
Louisville, Ky.
Hogerstown, Md.
Members
250
6**
137
200
15**
28**
Folding Mach Co. 10
Union Cop Ld A Mln...25
Union Twist Drill C0....5
39 Broadway
BALTIMORE, MD.
26
8
Suburban Electric Seour.. *
Torrlngton Co.
STEIN BROS. &) BOYCE
7,988
1*4
39**
42**
25**
2%
25 **
*
382
24
25
Stone & Webster
797
347
6*4
1**
1H
88**
40*4
**
..50
Shawmut Assn tr ctfs
Baltimore Stock Exchange
94o
"39%
Reece Buttonhole Mach.10
Reece
138
«H.v
1
100
..25
7%
137
137**
N Y N H & H RR (The) 100
North Butte.....
3*4
1,965
4
3
Jan
4
Jan
H
3*4
New York Curb
Chicago Stock Exchange
Chicago Curb Exchange
(Associate)
10 So. La Salle
St., CHICAGO
Jan
Chicago Stock Exchange
Jan
Merch A Miners Transp..*
41
40*4
41
590
3954
Jan
41
Jan
Monon W Penn P S
7%pf25
26 J*
26**
275*
310
26*4
Jan
Jan
Mt Ver-Wood Mills comlOO
5*4
5*4
100
5
Jan
27*4
5*4
Jan
Friday
39
70
Jan
72
Jan
Last
Week's Range
for
Sale
of Prices
Low
High
Week
Preferred
5*4
Penna Water A Pow com. *
Seaboard Comm'l
com
'
4s
1**
36
1*4
88*4
Jan
38
15
28*4
36
4,156
194
29, both inclusive, compiled from official sales lists
Stocks—
Par
Jan
90
Price
Sales
Range Since Jan. 1, 1937
Low
Shares
High
Jan
Jan
5
to Jan.
Abbott Laboratories—
Common (new)
15
Jan
15
26*4
Jan
29**
Jan
Adams
35**
Jan
37
Jan
Adams Royalty Co com..*
Advance Alum Castings..f
Jan
...»
50**
17*4
49*4
16**
50*4
16**
(J D) Mfg com...*
12
7**
1,600
49*4
Jan
120
15*4
Jan
12*4
9*4
4,250
6*4
Jan
4,850
8*4
Jan
9*4
8**
19*4
400
18
Jan
20*4
Jan
25
22*4
19**
22**
22*4
300
22
Jan
81*4
78
82
430
70*4
Jan
23*4
84*4
Jan
Amer Pub Serv Co pref.100
Armour & Co common...5
Allied Products Corp—
114
(flat)
(flat) '75
1975
;
.1976
B 5s
mm* /•»«»
m>
114
105
Loan.
Bait Transit Co 4s
A 5s
850
Jan
v.*
1951
Atlantic Coat Line 5% ctfs
Paving
4,170
1**
90
15
27
2
Western National Bank.20
Bonds—
16**
265*
35**
A 10
U S Fidelity & Guar
17**
Jan
15**
1**
16**
1
...
15*4
90
New Amsterdam Casualty5
Owings Mills Distillery
70
70
100
Jan. 23
105
40
40*4
46
47*4
103*4 103*4
72
72
Ga Southern & Fla 5% 194 5
Read Drug & Chem 5*4 '45
100
114
Jan
114
Jan
300
105
28,000
3,550
1,000
1,000
1,000
Jan
106*4
Jan
38*4
Jan
41%
Jan
48
Jan
47
Jan
103
Jan
72
Jan
...10
Common
Class A
72
Jan
Associates Invest Co com.*
Jan
Atbey Truss Wheel cap...4
Jan
10*4
21,440
3,100
Jan
4
Jan
53
850
51
Jan
54
Jan
16
52
7
4
8*4
3*4
9*4
3**
52*4
15*4
Asbestos Mfg Co com...!
Jan
103*4
Jan
9*4
;
3**
Jan
Boston Stock
Jan.
to
100*4
Sale
of Prices
Low
High
Range Since Jan. 1, 1937
for
Low
50
-.50
1st
preferred
Amer Tel & Tel
2
700
1*4
5
28
Jan
182** 185
2,051
144*4
66**
29*4
144*4 146
66**
66**
29
29*4
437
66
Jan
187
29
75*
20
-
...100
mm
m m
.
-
-
1*4
5*4
28
5*4
Jan
6*4
Jan
25
2**
Jan
15
28
<m —
-
Jan
7**
Jan
8
Jan
50
3*4
Jan
6
Jan
18
18
50
18
Jan
19
Jan
17*4
19*4
17**
205*
27*4
13*4
17*4
Jan
18*4
Jan
1,900
19
Jan
20*4
Jan
700
25
Jan
28
Jan
11*4
Jan
13*4
Jan
Barber Co (W
H) com_..l
Seellg Mfg A—
Barlow A
Jan
Jan
30
...5
Bastlan-Blesslng Co com.»
100
Boston Elevated....-.100
Boston Herald Traveler..*
;
160
20**
275*
13
13**
34*4
10**
14
34
35*4
79*4
79*4
22
1
1
Bliss A Laughlln Inp cap.5
Borg Warner Corp com.10
26*4
13
*
com
22
14**
14**
28
28
21**
24
14
15**
30
3
Braoh & Sons (E J) com..*
Brown Fence & Wire—
Common
1
181**
Jan
187*4
Jan
144*4
Jan
147
Jan
Bruce Co
67 H
Jan
Butler Brothers
Class A.
Boston A Albany
4*..'
Bergboff Brewing Co
Binks Mfg Co cap
High
183**
..25
6% non-eum pref
17
200
6
Bendlx Aviation
Week
Shares
Amer Pneumatic Service-
Common..
Jan
8
5
Common
Sales
Week's Range
Last
Price
13**
8
15
Exchange
Friday
Par
Jan
inclusive, compiled from official sales lists
Jan. 29, both
Stocks—
100*4
3,000
Automatic Products com.5
Automatlo Wash oonv pref *
100*4 100*4
5%
14**
*
(E L)
..
»
com
Jan
30**
Jan
Jan
7*4
Jan
Canal Constr conv pref...*
5*4
Jan
8
-
-
23*4
14*4
30**
...10
5**
-
conv preferred....30
250
2,750
2,690
3,500
9*4
Jan
14
Jan
32*4
Jan
35*4
73
Jan
80*4
Jan
Jan
21*4
Jan
22
Jan
1,350
13
Jan
15
100
27
Jan
28
Jan
24*4
Jan
Jan
50
150
Jan
1,700
21*4
Jan
13*4
29**
Jan
15**
31
12,100
2,100
Jan
31
Jan
5
9,020
2*4
Jan
5
Jan
150
51*4
Jan
62
Jan
2**
155*
77*4
1,850
1%
Jan
15
Jan
19
Jan
1,310
70*4
Jan
77*4
Jan
6*4.
18,400
Boston A Maine—
Preferred
100
;
Preferred stamped—100
75*
14**
Castle (A M) common..10
40
325
36
Jan
41*4
Jan
Central 111 Sec—
14 *4
16
493
11
Jan
17*4
Jan
6
75*
153
90
4*4
350
3**
98*4
Jan
110
Jan
75
520
61*4
Jan
75
Jan
Jan
Jan
23
Jan
Common
Jan
18
Jan
Prior lien preferred
*
149
Jan
150
Jan
Preferred
*
4
16**
60
25
56
9*4
d
...
..1
Central States Pr & Lt—
Jan
19
10
15
Jan
Chain Belt Co
*
65
66
40
65
Jan
20*4
68*4
Jan
Jan
Jan
J7*
Jan
Cherry Burrell Corp com.*
76
76
20
72
Jan
76
Jan
654
Jan
10*4
Jan
81
Jan
Chic City A Con Rys pref. *
Common.
*
2
Jan
J9
Jan
Chicago Corp
1
Chicago Flex Shaft com..5
Chicago A N W Ry comlOO
Chicago Rys—
Copper Range....
26
""14**
!4
15
1,738
77
76
78
302
69
68
66*4
69
295
60
Jan
Preferred
1
9
*
.......
1st
2*4
47
preferred........100
100
Adjustment ........100
Eastern SS Lines
"""6*4
*
com
9*4
388
10*4
2**
160
70
47
49
13**
6*4
10**
20*4
14*4
235
6*4
135
11
2*4
47
Jan
3
Jan
151
Jan
13*4
Jan
i!l5**
Jan
Jan
*
com
* 7
Jan
645
6H
Jan
10*4
Jan
12
Jan
7
19*4
Jan
22 *4
Jan
19
.*
Part ctfs 2
Part ctfs 3..
100
"I59""
Jan
160
Jan
...*
23*4
23*4
24
375
22*4
Jan
24
Jan
*
44 J*
44*4
455*
180
43*4
Jan
45*4
Jan
Cities Service Co com....*
General Capital Corp
Georgian, Inc (The) cl Apf 20
60*4
62*4
4*4
1,300
*4
*4
*4
Jan
Jan
Club Aluminum Uten Co.*
2
Jan
14*4
Jan
34
17**
761
15**
Jan
19*4
Jan
Coleman Lp A Stove 00m.*
Commonwealth Edison. 100
6*4
85
5*4
Jan
7
Jan
Compressed Ind Oases cap*
1*4
4**
18*4
2*4
5*4
500
1*4
4*4
18*4
Jan
2*4
Jan
Consolidated Biscuit com.l
6*4
Jan
25
Mass Utilities
v
t c
19
11
Jan
Jan
19
Jan
Common..
_
5
100
13
10*4
13**
738
10*4
Jan
13*4
Jan
40
36
41
495
36
Jan
41
Jan
1,077
3
Jan
3*4
55*4
Jan
6% prior pref A
100
7% cum. pref
100
Continental Steel pref.. 100
Jan
Cord Corp cap stock
_.*
Mergenthaler Linotype.. *
For footnotes
see page
750
3*4 ,
53*4 /
45*
1%
4%
2
400
53
3*4
Jan
Jan
Jan
4*|
Jan
Jan
27*4
Jan
Jan
Jan
Jan
500
20
Jan
5*4
47*4
62*4
Jan
32
Jan
10
100
Jan
106*4
Jan
250
25
Jan
27**
Jan
9,400
4**
Jan
Jan
Jan
2
Jan
40
34
Jan
35
Jan
129*4 133*4
43*4 44
9*4
105*
1,050
119
Jan
139
Jan
300
Consumers Co—
250
2
.100
com
5% cum pref
4**
1*4
19**
Maine Central
•
13*4
*
Co
106*4 106*4
25
2654
65
Gillette Safety Rasor
Loews Theatres (Boston) 25
32
32
355
14
1
5*
■
15*
14
Hathaway Bakeries cl A..*
*4
950
Jan
*4
Jan
30
4
14**
19**
1*4
*
Isle Royal Copper
150
Jan
Jan
Jan
61
0*4
1*4
Gilchrist Co
Helvetia Oil Co—
763
*4
**
4*4
44*4
47
100
Employers Group
550
400
14,800
46
100
Edison Elec Ilium
20*4
156*4 159*4
1*4
554
46**
Chlo Rivet A Maoh cap..*
Chicago Towel conv pref-*
Chicago Yellow Cab Co..*
Economy Grocery Stores.*
1*4
*4
5*4
1**
**
55*
common..
Preferred..
g
Eastern Mass St Ry—
Common
..100
Preferred B
1
Jan
5**
718
Common..
6*4
20*4
18
4*4% prior pref.....100
6% cum pref
—lUo
Jan
Jan
Jan
16**
East Gas A Fuel Assn—
5*4
73
850
Jan
4**
25
j
2
15**
12*4
*
Calumet A Hecla
Brown-Durrell Co
110
73
16*4
Jan
20
16*4
149
107
Jan
14*4
16*4
18
149
5%
109**
14
176
16*4
Boston A Providence.. 100
15
76
100
stpd...100
100 ""18"
Prop Tr. *
CI D 1st pref stpd..
Boston Personal
2**
15
Jan
238
2**
76**
Jan
19
17*4
16*4
61
Conv preferred
*
Cent 111 Pub Serv pref--.*
Central S W—
14
Jan
14
59*4
1
Jan
12
16**
.100
Common
12
12
16*4
CI A 1st pref
Class B 1st pref stpd. 100
CI C 1st pref
Jan
38
■)i 6
Prior preferred
100
Class A 1st pref stpd. 100
45*
59**
3**
53*4
3**
54
360
53*4
Jan
5
34
34
129**
'""9**
100
43*4
Jan
47**
Jan
650
9*4
Jan
11
Jan
54
10*4
44,800
*4
Jan
*4
Jan
Jan
10*4
Jan
554
450
Jan
5*4
100*4 100*4
5
5*4
20
Jan
100*4
Jan
Jan
55*
Jan
*4
**
85*
5
"loo**
5**
1*4
550
8,100
7
4*4
98*4
4*4
Jan
c
Volume
Financial
144
Crane Co
26
Preferred
for
of Prices
Low
51%
120
121
..100
Cudahy Packing Co preflOO
Cungham Drug Stores.2%
~22%
Curtis Lighting Inc com..*
Dayton Rubber Mfg com.*
"23 %
Cum class A pref
51%
35
Jan
54%
Jan
121
Jan
107%
21%
Jan
108
Jan
5
150
800
50
19%
.
31
Jan
Jan
22%
8%
Jan
Jan
25
Jan
Standard Dredge 00m
Jan
Convertible preferred..*
Stein A Co (A) com
*
Jan
31%
87
Class A
*
22%
250
20%
Jan
23%
Jan
40%
*
com
87
22%
100
Preferred
40%
200
39
Jan
40%
Jan
Swift & Co
-
-
29%
*
27
30
22%
Jan
30
3,300
19%
Jan
50
104%
Jan
107
Jan
200
92%
Jan
95
Jan
110
81%
Jan
83%
Jan
6,800
9,700
4%
15%
Jan
Jan
150
18
Jan
5%
18%
18%
500
11
Jan
12
Jan
Jan
32%
Jan
Jan
27%
Jan
Jan
26
Jan
Jan
13%
Jan
95
82
4%
15%
5%
18%
5%
18%
18%
18%
11
11%
31%
26%
25%
32
1,800
27%
2,800
Jan
Jan
Jan
Jan
Jan
10
87
Jan
90
Jan
31%
26%
25
Sundstrand Mach ToolCo*
Eddy Paper Corp (The)
Jan
40
82
82
Storkline Furn Corp com 10
Swift International
16
High
24%
22%
Jan
23%
24%
93
*
Low
Shares
20%
22%
106% 107
22%
Southw Lt A Pow pref
*
St Louis Nat Stkyds cap.*
Deoker (Alf) A Cohn—
Dlxle-Vortex Co
24
So Bend Lathe Wks cap..5
Southw G A E 7% pref. 100
118%
1,650
Week
Slvyer Steel Castings com.*
180
Jan
for
of Prices
Low
High
Price
Par
Jan
220
121
107% 107%
22
22%
7%
8%
23% 24%
31%
31%
48
500
53%
Stocks (Concluded)
High
Low
High Shares
Week's Range
Sale
Weelt
Price
Par
common..
Week's Range
Sale
Range Since Jan. 1 1937
Last
Range Since Jan. 1, 1937
Last
Sales
Friday
Sales
Friday
Stocks (Continues)
747
Chronicle
1,640
Elec Household Utll cap.6
11%
11%
12%
3,100
10%
Jan
12%
Jan
Thompson (J R) com
Elgin National Watch_..l5
38%
38%
20
300
37%
15%
Jan
39%
Jan
Utah Radio Products com.*
19
37%
16%
Jan
20
Jan
Utll A Ind Corp
Convertible pref
58
58
59
320
58
Jan
59
Jan
67
100
58%
Jan
67
Jan
"18"
16%
18
550
16%
Jan
18
Jan
4%
4%
2,050
4%
Jan
5
Jan
26
350
550
12
Viking Pump Co—
66
26
31%
25%
24%
Fits Sim A Son(DAD)com*
2,000
Gardner Denver Co—
Common
$3
*
...
pref
20
General Candy Corp A...6
General Finance Corp ooml
cum conv
4%
26
"1%
1%
5%
5%
12%
3%
2
6
Common
.*
24%
24%
24%
80
23
Jan
24%
Preferred
*
40
40
70
39
Jan
40
Jan
Jan
5
Jan
*
8%
Godchaux Sugar class A. .*
49%
8%
44%
9%
50
36
30
*
Class B
*
*
Jan
10%
Jan
Walgreen Co common
800
43
Jan
50
Jan
29%
Jan
36
Jan
8%
"28%
Great Lakes D & D com..*
Hall Printing Co com...10
15%
Harnlschfeger Corp com. 10
800
39%
Jan
41
Jan
4,650
23%
Jan
29%
Jan
Woodall Indust com
2
*
750
15%
11%
18%
23
19
19%
19
10
111 North 'Utll pref
100
Indep Pneu Tool vto
*
16
Jan
11%
Jan
Jan
45
17%
Jan
19%
Jan
20
Jan
23
Jan
15%
Jan
19%
Jan
100
50
1,800
109
10
109
Jan
110
81
140
80
Jan
85
Jan
5,850
4%
Jan
6
Jan
Jan
4%
4%
900
38
850
37%
Jan
39%
Jan
150
20%
Jan
21%
Jan
10%
650
9%
Jan
10%
Jan
Jan
Jan
Jan
8%
,
9%
2,050
8
13%
14%
13
Jan
35%
2,150
1,000
9%
14%
34
8%
14%
35%
39%
21%
10
32%
Jan
36%
Jan
22%
22%
50
22
Jan
22%
24%
650
24
Jan
1,200
21
Jan
25%
24%
49%
950
41
Jan
49%
Jan
2,900
1,200
15
Jan
15%
Trading Markets in
Cincinnati and Ohio Listed and
Jan
23%
Active
Jan
24
Members Cincinnati Stock Exchange
Unlisted Securities
Jan
Jan
•
1
23%
Jeflerson Electric
*
49
22%
44%
1
15
15
com
Jan
2
Jan
80
Iron Fireman Mfg vto
Jarvls (W B) Co cap
Katz Drug
3%
Jan
Jan
109
*
Jan
1%
Jan
Jan
10
BALLINGER
Ppw—
preferred
2%
Jan
14
23
Illinois BiKlck Co cap
16
45
19%
*
Jan
10
550
45
*
14%
1,450
16
11
45
"45"
25
Hormel A Co com A
$7
15
14
16
Helleman BrewCo G cap.l
Hlbbard Spen Bai^ com
Horders inc com..>2.
interstate
29%
4%
"l6%
Wisconsin Banksbaree com*
40
26%
950
4,600
21
Wllliams-Oll-O-Matlc com*
9,350
Zenith Radio Corp. com
40
Goldblatt Bros Inc com..*
4%
38%
Wieboldt Stores Ino com.*
880
36
Common
3
P*
Wahl Co com
Gen Household Utll—
12%
12%
5
7
TRUST
UNION
CO.
&
CINCINNATI
BLDG.
Jan
Phone Cherry 6711—First Boston Wire—Bell Sys. Tel.
Cln. 291
Co—
Common
Kellogg Switchboard com.*
Preferred
10%
100
16%
10%
120
9%
Jan
96%
Jan
19
Jan
25%
22%
Ky Utll Jr cum pref
38%
60
...100
Cincinnati Stock Exchange
Jan
10%
100
Jan
Jan
22
23%
3,050
36%
42%
470
36%
Jan
43%
89
50
86%
Jan
89
Saturday, Jan. 23,
Jan
84%
Ken-Rad T A Lamp 00mA*
6% preferred
Kingsbury Brew
9%
96% 100
100
1
2%
2%
3%
6.100
2%
Jan
3%
2%
2
2%
1,610
1%
Jan
2%
8
550
7%
Jan
8%
Jan
Sales
Sat.
Jan
7%
Exchange closed since Jan. 25, due to the flood.
Jan
La Salle Ext Unlv com...6
cap
compiled from official sales list.
Jan
Range Since Jan. 1, 1937
Last
Leath A Co com
*
etmmm
<»
Par
Stocks—
Cumulative preferred..*
kmmmmm
28
29
Jan
29
13%
12%
13%
3,750
9%
Jan
14
Jan
Lincoln Printing CoCommon
..*
11%
11%
43%
12
44%
1,050
10%
Jan
12%
Jan
Dow Drug.
90
42
Jan
45
Jan
Formica Insulation—
200
4
Jan
4%
Jan
Magnavox
30
9%
Jan
9%
Jan
Proctor & Gamble
1,450
16%
Jan
19%
Jan
Randall B._
6%
Jan
Rapid
for
of Prices
Low
High
Shares
Price
Week
Low
High
Jan
Llbby McNeil A Llbby__1G
Week's Range
Sale
70
28
'
Cinn Advertising
*3% preferred
*
Lindsay Light com .....10
Preferred
43%
10
Lion Oil Refining Co com.*
Loudon Packing com....*
18
6%
McCord Rad A Mfg A...*
McGraw
Electric
46
6%
45%
41
6
com
9%
17%
54
McQuay-Norris Mfg com.*
9%
18%
6%
46
42%
,
850
70
6
Jan
41%
Jan
500
41
Jan
54%
20
52
4%
Jan
48
Jan
Jan
Jan
8%
Jan
14%
8%
Jan
145
Jan
25
Jan
4
Jan
25%
25%
13%
13%
133%
8%
8%
8%
23%
41
Prod
*
23
23%
2.50
3%
3%
*
64
64
20
4
331
2%
Jan
64
35
55%
Jan
9%
*
11
11
11
*
31%
31%
31%
75
'15
31
Jan
65%
Jan
Jan
11%
Jan
Jan
34
Jan
Jan
4%
25%
25%
*
.
Jan
42%
54%
Jan
10
24%
13%
20
20
*
Amer Ldry Mach
Jan
1,650
2%
Jan
Mapes Cons Mfg capital.*
23
23
23
110
21%
Jan
23
Marshall Field common..*
20 %
20
21
1,400
19
Jan
22
Jan
Masonlte Corp com
70
70
70
50
60
Jan
70
Jan
6%
30%
6%
30%
6%
30%
Jan
6%
Jan
Jan
31%
Jan
3%
Jan
12%
5%
Jan
15%
Jan
Jan
7%
Ohio Listed and Unlisted Securities
Jan
Jan
3%
Manhatt-Dearborn com..*
_.*
Mer A Mfrs Sec cl A com.l
6%
Prior preferred
*
Mlckelberry's Food Prod—
Common
3%
1
4%
4%
Middle West Corp cap
6
Stock purchase warrants
15%
14%
1,750
10
15%
7%
12,450
1%
10%
1%
12%
%
9%
Jan
1%
Jan
12%
Jan
7%
8%
310
6%
Jan
9
Jan
7%
250
6%
Jan
8
Jan
4%
3%
4%
3%
180
2%
Jan
4%
Jan
20
3%
Jan
8%
Jan
7%
7%
340
7%
Jan
8%
Jan
42%
250
Jan
46%
GILLIS
Jan
6,150
7
7%
9,650
42.300
Members Cleveland Stock Exchange
Jan
7
5
5
Jan
Midland United Co—
Union Trust Building# Cleveland
Common
*
Conv preferred A
*
1%
12
Midland Utll 7% prbenlOO
6% prior Hen
100
7% preferred A
6% preferred A
Miller A Hart
7%
100
100
conv
pref..*
._.._*
41
Modlne Mfg com
Monroe Chemical Co—
9,800
40
Cleveland Stock Exchange
Jan. 23 to Jan. 29, both
9%
49
Montgm Ward & Co clA.*
Muskegon Motor Spec A.*
7%
Jan
10
Jan
Last
Week's Range
40
48%
Jan
49
Jan
Sale
of Pr ices
153
50
Jan
153
Jan
24
100
Jan
24
Jan
9%
9%
150
22%
Par
Stocks—
Airway ElecAppl pref
Nachman Pprlngfllled com*
com..
"66%
2%
10
National Pressure Cooker 2
Nat Rep Inv Tr conv pfd.*
"16%
22
650
19
Jan
22
Jan
Akron Brass
31
120
29%
Jan
32
Jan
67
2%
100
65
Jan
67
Jan
Apex Elec Mfg pr pref. .100
Clark Controller
1
3,050
1%
Jan
Jan
Cleve Builder's Realty
14%
100
14%
Jan
15
Jan
Cleve Cliffs Iron pref
11
350
8%
Jan
12%
Jan
19
2
14%
10%
2%
30
..10
National Union Radio coml
3
Noblitt-Spark8 Ind com..5
51%
20
7
Northwest Bancorp com..*
Northwest Eng Co com
*
Northwest Utii—
33
13%
31
700
29%
Jan
2
3%
5,500
1%
Jan
50
52%
39%
Jan
7
7%
2.400
2,200
6%
Jan
14,250
12%
25%
Jan
Jan
13%
27%
15%
33
2,300
31
3%
54
Price
*
96%
Jan
Low
High
22
Jan
295
12%
Jan
83
96%
Jan
32
Jan
253
5
150
4%
Jan
89
90
515
86%
Jan
63%
125
60
Jan
58
61
252
58
Jan
35%
37%
33%
Jan
31
155
30
Jan
71
72
90
69
Jan
29
30
17%
18
91
28%
17%
Jan
102
102
75
75
Jan
60
60
15
60
Jan
28%
28%
80
28%
Jan
58
37
195
29
"58"
97
37
30
89
Commercial Bookbinding. *
60
77
60
Jan
29
30%
26%
519%
24
Jan
150
26
Jan
9
Jan
4,317
Jan
71
Jan
Elec Controller & Mfg..
16%
Jan
Faultless Rubber
*
33
Jan
Foote-Burt
*
7%
33%
13%
Range Since Jan. 1, 1937
for
Week
Shares
60
*
Jan
12%
96%
35%
High
5
—
*
Cleveland Ry
100
Certificates of deposit 100
Cliffs Corp v t c
Low
27
.100
66%
Natl-Standard Co—
com
-
31
21
National Battery Co pref. *
Nat Gypsum A n-v com..5
North Amer Car
Sales
350
49
24
*
49
153
•
Preferred
Capital stock
inclusive, compiled from official sales lists
Friday
Common..
National Leather
A. T. A T. GLEV. 665 A 566
Telephone GHerry 6060
"is"
Jan
100
45
54
900
39
Jan
54
Jan
General T&R6% pref A100
Greif Bros Cooperage A__*
7% prior lien pref... 100
Ontario Mfg Co common. *
Oshkosh Overall—
75
81
200
70%
Jan
81
Jan
Halle Bros
21
21
50
20%
Jan
21%
Jan
Interlake Steamship
*
14%
15
200
14%
Jan
15
Jan
Kelley Isl Lime A Tran—*
10
28%
2%
29
200
26
Jan
29%
Jan
Lamson A Sessions...
*
13
13
13%
590
Peabody Coal Co B oom_.5
2%
2,750
2%
Jan
2%
Jan
Leland Electric
*
25
25
27
490
19
Penn Gas & Elec A
17
17%
150
16%
Jan
17%
Jan
McKee (AG) class B
*
43
43
43
50
42
Jan
34%
34%
50
33%
Jan
35
Jan
Medusa Portland Cement *
53
40
Jan
6%
650
6%
Jan
6%
Jan
53
8
980
6%
45%
7%
7% preferred
Common
Parker Pen
com
com
.
.
*
3%
2%
3%
7,100
2%
Jan
3%
Jan
4%
2%
3%
Jan
4%
Jan
Monarch Machine Tool ._*
22
22
100
22
Jan
5,500
1%
Jan
3%
Jan
Murray Ohio Mfg
28%
618
27
Jan
4
3
Jan
4%
Jan
National Refining
Preferred
*
25
27
4%
4%
3%
4%
850
3
100
95
94
93
350
96
250
95%
100
85
Jan
83
_.
99%
Jan
National Tool
Jan
99
Jan
119
30
118%
Jan
120
Jan
20
119%
Jan
122
*
100
7%
cum
121
6%
5
2%
Patterson -Sargent
Jan
Peerless Corp
Richman
16%
3,650
1,050
4
2
Jan
2%
Jan
32
650
31
Jan
36%
Jan
17%
180
16
Jan
19
71
26
26
27%
85%
26%
33%
33
30
page
750
*
.._*
3
30
Jan
4
Jan
6%
Jan
Jan
26%
3%
Jan
Jan
Jan
Jan
53
Jan
Jan
Jan
Jan
Jan
Jan
300
"53%
*
7
7
8% cum preferred—100
50
50
57%
338
19
19
165
Seiberling Rubber
70
Jan
72%
Jan
Upson Walton
*
1
26%
83%
Jan
27%
Jan
Van Dorn Iron
*
Jan
87
Jan
Vlchek Tool
*
100
16%
Jan
27
Jan
Warren Refining
310
31
Jan
33%
Ja n
Weinberger Drug Ino
50
1,250
450
2
*
9
9%
9%
5%
14%
5%
17%
8%
8
9%
Jan
16
514
*
53
Jan
350
1,077
Jan
6%
2%
71
see
Jan
17
33
4%
54%
Packer Corp
Jan
5%
2%
50
16%
29%
Jan
150
26%
83%
For footnotes
Jan
44
125%
83%
Preferred
140
Jan
Jan
7%
15%
30
Jan
27%
Slgnode Steel Strap com..*
1,000
45
Jan
31
*
..*
8%
2%
7%
Jan
95
45
144
Sears
com
5
*
121
Schwltzer-Cummins cap..l
Roebuck
2
275
11
Union Metal Mfg..,.
Sangamo Electric Co
2
8
8
95
9%
26
990
16%
Rollins Hosiery Mills pf._*
8%
65
12
410
32
10
7%
15
12
123
Raytheon Mfg—
50c
14
preferred...100
148% 150
121
"l5""
Jan
119
Ohio Brass B
Common
_
National Tile
119% 120
119
10 J
6% preferred v 10
Reliance Mfg Co com
Jan
4%
-.100
c
7%
l
Preferred
Common vt
225
Jan
l
60
6% preferred
7% preferred
Quaker Oats Co—
26
Metropolitan Pav Brick. _*
MUler Wholesale Drug
*
Process Corp common
*
Public Service of Nor 111—
Common
*
Common
30%
26%
*
com
Potter Co (The) com
Prima Co com
*
Jaeger Machine
Perfect Circle (The) Co..*
Pictorial Pap Pkge com..6
Pines Wlnterfront
......5
400
386
10
152
14%
5%
18
335
125
125
6%
39
748
Financial
Chronicle
Jan. 30, 1937
Sales
Friday
Last
Stocks (ConcludedI)
watling, lerchen & Hayes
Exchange
New York Curb Associate
Detroit Stock Exchange
Buhl
Pacific Public Service.
Building
._*
Republic Petroleum Co._l
Roberts Public Market
detroit
Telephone! Randolph 5530
'
*
1st preferred.
Chicago Stock Exchange
for
of Prices
Low
High
Week
Price
Par
Pacific Indemnity Co
10
Pacific Lighting Corp,-..*
Members
New York Stock
Week's Range
Sale
33
49 %
8
8
11
S
Ryan Aero
95c
10
6% preferred ann
85c
3%
3%
>>
Last
Stocks—
Par
Auto City Brew com
1
Baldwin Rubber com
Week's
Sale
of Prices
Low
High
Price
_*
56
Detroit Paper Prod com.
High
Jan
1%
Jan
Jan
12%
56%
Jan
Southern Pacific Co
Jan
Standard Oil of California *
Jan
55
190
100
150
15
Jan
17
Jan
207
21%
Jan
22
Jan
Superior Oil
2%
Jan
3%
2%
Jan
2%
Jan
Taylor Milling Corp
*
*
91S
%
143% 143%
7%
9%
Goebel Brewing com
1
9%
10
1,371
235
.
1
1,025
%
Jan
%
Jan
Transamerica Corp
24
143%
Jan
145%
Jan
Union Bank & Trust Co.50
7%
Jan
9%
Jan
Union Oil of California. .25
26
20%
22%
Lakey Fdry & Mach com.l
Jan
Universal Cons Oil Co.. 10
12%
1%
10%
01%
1,360
8
Jan
10
10
19%
Jan
23
Jan
Wellington Oil Co
Jan
68%
Jan
Yellow Checker Cab
7%
3%
6%
7%
4%
1,830
60%
6%
Jan
7%
4,702
3%
Jan
4%
Jan
7
2,478
6
Jan
7
Jan
Blk Mammoth Cons M 10c
Motor Wheel
2%c
17%
21%
6%
3%
23
10
Murray Corp com
Packard Motor Car
Parke-Davis
1%
4%
4%
5
com
_*
com.
1%
4%
23
8,390
565
400
1,815
564
17
18%
6%
Jan
3%
1%
3%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
19%
935
21%
17%
11%
44%
6%
1,897
10%
946
42%
Jan
5
Jan
44
5
Rickel (H W) com
River Raisin Paper com.
.Stearns (Fred'k) com
4
5,347
4,075
11
11%
44%
Reo Motor com.
20%
22%
8%
Jan
18%
"19%
*
com..
6%
1,637
.
Jan
Jan
Cardinal Gold Mining
Jan
20%
22%
8%
Gordon Mines Inc
5c
4%c
Jan
200
13
Jan
500
29%
Jan
50
Jan
60
500
200
100
28%
27%
107%
Jan
43%
14%
32%
40%.
29%
Jan
28
Jan
Jan
Jan
Jan
«•
«.
4.
«.
Jan
Jan
108%
48%
Jan
300
45
Jan
900
Jan
800
43%
4%
43%
Jan
44
Jan
100
21%
Jan
23%
Jan
8,900
16
Jan
17
Jan
40
150
Jan
155
Jan
6,300
Jan
46
Jan
4%
Jan
Jan
23%
16%
26%
13
1%
11%
61%
4,000
25c
7,700
15,000
4,300
23%
Jan
26%
Jan
1%
10%
Jan
61
Jan
1%
11%
61%
Jan
20c
Jan
25c
Jan
2c
Jan
3c
Jan
67%c
Jan
72% c
Jan
l%o
Jan
500
100
1,800
Jan
Jan
Jan
20
Jan
Tom Reed Gd Mines Co..l
41c
41c
42c
4,300
41c
Jan
48c
Jan
11%
44%
7%
Jan
Amer Rad & St Sanitary..
Jan
28%
Jan
American Tel & Tel—. 100
28%
28%
182% 184
34%
35
8%
8%
9%
10%
300
Jan
Jan
187%
Jan
Aviation Corp
Jan
28%
183%
34%
8%
10%
Baldwin Locomotive
25
9
9,231
25
8
Jan
9%
10%
10%
100
9%
Jan
25
(Del.>
5
Jan
Cities Service Co
Jan
Commercial Solvents
*
7%
7%
7%
6%
Jan
7%
Jan
Cord Corp
Walker & Co units....
*
7%
7
7%
7
Jan
7%
Jan
Curtiss-Wrlght Corp
Warner Aircraft com.
1
1%
1%
1%
1,110
1,000
2,915
1%
5%
Jan
1%
Jan
North Amer Aviation Inc.l
7
Jan
Packard Motor Car Co
"16
Jan
6%
6%
"16
15%
7
"16
17%
7,268
100
507
13
Jan
137
300
%
17%
_
.
..
3%
5%
5%
7%
16%
11%
7%
16%
12%
8%
15%
20%
Radio Corp of America
Standard Brands Inc
Tide Water Associated Oil
..
11%
8%
15%
20%
11
7
7
United Corp (Del)
15%
15%
Warner Bros Pictures Inc.5
Wm.Cavaijer&Co.
9%
10%
Jan
4%
3%
900
4%
Jan
200
3%
Jan
5%
300
5
Jan
7%
16%
U%
500
Jan
100
700
6%
13%
10%
Jan
8%
15%
20%
Jan
Jan
Jan
8
Jan
11
5%
4%
5%
Jan
17%
11%
Jan
Jan
Jan
12%
9%
Jan
16
Jan
21
Jan
Jan
8%
17%
Jan
Jan
Jan
12%
8%
15%
20%
7%
16
1,900
Jan
300
100
200
1,000
600
7
15%
Jan
Jan
Jan
Jan
Established 1874
Chicago Board of Trade
DeHaven fit Townsend
San Francisco Stock Exch.
Angeles
Jan
Jan
Jan
MEMBERS
Angeles Stock Exch.
35
1,300
300
Jan
Jan
34%
6%
8%
Jan
Jan
4%
4%
3%
5
1
Radio-Keith-Orpheum
Exchange
25%
182
Jan
9%
Jan
Jan
Unlisted—
Jan
8%
5%c 145,500
2%c
9,000
Jan
6%
8%
100
Jan
Jan
Jan
7c
1.00
5%
24
100
5%C
2%C
3,090
Los
Jan
Jan
36
Jan
6%
523 W. 6th St.
Jan
3e
Jan
Jan
10%
Los
58%
lc
6%
New York Stock
51
Jan
9%c
6%
1
2c
Jan
Jan
500
*
.4
3%"
Jan
50c
Jan
com.
.
45%
53%
2c
8%
com
3c
....
50c
Jan
com
Jan
Jan
2c
767
Wolverine Tube
2,450
6,000
7c
9%
Wolverine Brew
Jan
50c
5
100
23c
7c
8%
Wayne Screw Prod
55
2% c
3c
67%c 72%c
70c
"~9%
B
Jan
Jan
Oatman Rainbow Gd M 10c
Jan
25
61
1
*
Universal Cooler A
67
155 I
10
Imperial Development.25c
4%
25
Jan
Prince Cons Mining Co. 10c
1,515
*
8%
2%
Jan
11%
9%
2%
Jan
Jan
5
*
Jan
Jan
4%
1
com
9
Jan
Jan
4%
1%
4%
23%
4%
United Shirt Dist
Jan
23%
Jan
8%
23%
Jan
m
Gold
Atlantic Refining Co
Tivoll Brewing com
Jan
8
33%
52%
Mining—
Calumet
2
_
49%
165
614
13
25%
12%
1%
10%
25c
Mines.-lOc
Michigan Sugar com.....*
Mid-West Abrasive com50c
High
Jan
Jan
3%
*
1
513
3,348
8
McAleer Mfg com
95c
3%
31
150
66%
"
Hudson Motor Car com..*
1,300
100
16
155
5,395
21%
4%
com
Hall Lamp com
*
Hoover Ball & Bear com.10
800
41%
23%
23%
16%
21%
65%
7%
Graham-Paige
11,000
51
40%
28%
28%
27%
27%
108% 108%
46% 47
46
45%
4%
4%
43%
43%
4%
.
.
Victor Oil Co
21%
100
Low
29
Jan
10
Federal Mogul com
Gemmer Mfg B_
23%
11%
8%
2%
40%
-
3%
916
100
13
40%
28%
27%
108%
46%
45%
1%
6,721
200
30
13
30%
9%
3,400
3c
U%
25
Orig preferred
6% preferred
17
~"~9%
1
_
Low
Shares
3c
25
25
5% % preferred
25
Sou Cos Gas 6 % pref—100
Sou Calif-Edison Co
21%
3%
2%
2%
1
1
Range Since Jan. 1, 1937
Week
111
41%
com. ..*
Sunray Oil
3%
100
com
Det-Mich Stove com..
Gas A
17
*
+ +
_
Detroit-Cripple Creek
1%
12%
56
Sierra Trading Corp—25c
Signal Oil
Sontang Drug Stores
Sales
for
54%
21%
com
*
Consolidated Paper com. 10
Continental Motors com. 1
Det & Cleve Nav com...10
Detroit Edison
1%
10%
56
......
1
Briggs Mfg com
Capital City Prod
Range
official sales lists
51
Security-First Natl Bk_.20
Exchange
ft
Friday
1,800
•
Sampson Corp B com
Jan. 23 to Jan. 29, both inclusive, compiled from
33%
51
8
23%
10%
8%
2%
23%
Secur Co units of ben int..*
Detroit Stock
31%
40%
Range Since Jan. 1, 1937
Shares
Members
Teletype L.A. 290
New York Stock Exchange
Philadelphia Stock Exchange
Los
Jan. 23
to
new york
philadelphia
Angeles Stock Exchange
30 Broad Street
1513 Walnut Street
Jan. 29, both inclusive, compiled from official sales list
Sales
Friday
Last
Stocks—
Par
Bandini Petroleum Co
Week's Range
for
Sale
of Prices
Low
High
Week
Price
1
Barker Bros pref new.. 100
7%
40
Barnhart-Morrow Cons.-l
65c
Berkey & Gay Co..
3%
Warrants..
2
Bolsa Chica Oil A
10
B
7%
2%
10
Broadway Dept St pref 100
Buckeye Union Gil pref.
105
6%
40
57%c
3%
1%
7
7%
40%
65 c
3%
2
7%
2%
2%
104% 105
Range Since Jan. 1, 1937
Shares
5,000
160
6,875
7,400
17,500
3,700
1,000
Low
Philadelphia Stock Exchange
Jan. 23 to Jan. 29,
High
both inclusive, compiled from official sales lists
Friday
Jan
Last
Week's Range
for
Jan
70c
Jan
Sale
Week
2% June
3%
Jan
of Prices
Low
High
40
45o
1.20
Jan
Par
Stocks—
Jan
2
Jan
Jan
American
Jan
Jan
American Tel & Tel
65
2%
104%
7%
2%
Jan
Baldwin Locomotive
Jan
105
Stores
*
100
1
13c
10c
13c
600
10c
Jan
13c
Jan
8c
12c
17.000
8c
Jan
12c
Jan
Barber Co
25
Citizens Natl T & S Bk_20
Claude Neon Elec Prod..*
Consolidated Oil Corp
*
Consolidated Steel
*
com
Preferred
*
Creameries of America
Emsco Der & Equip Co..5
Exeter Oil Co A
.1
Farmers & Mer Nat'l BklOO
General Motors Corp.-.10
General Paint
44
44
44
38%
11%
16%
4%
20%
6%
18%
35%
65c
460
11
16
4%
20%
6%
18%
62% c
459
Jan
Jan
Budd Wheel Co...
Chrysler
Jan
17%'
5%
Jan
Jan
Jan
21
Jan
Elec Storage Battery-.100
Jan
General Motors
Jan
Gimbel Bros
38%
12%
16%
5%
20%
6%
18%
1,300
2,900
1,500
7,500
35%
10%
Jan
16
Jan
65c
3,600
Globe Grain & Mill Co..25
10
66%
17%
26%
10%
Goodyear Tire & Rubber.*
33
32%
33
500
900
100
3%
19
5%
18
Jan
*
Holly Development Co
Holly Oil Co
5
22%
1.20
1
Hudson Motors
1.50
22
Internat Cinema
1%
22%
1.00
1.50
21%
1%
Jan
Jan
60c
6%
19
*
Jan
Horn & Hardart (Phil)
com*
Jan
Horn &Hardart (NY)
com*
Jan
460
100
65
Jan
69
400
14
Jan
17%
18%
26%
Jan
Jan
-.100
Preferred
700
10
Jan
11%
Jan
Lehigh Valley
200
32%
Jan
34
Jan
1.25
13,700
21
Jan
85c
Jan
50
1.35
Jan
800
19%
1%
Jan
Jan
23%
Jan
Nat Power & Light
1.25
Jan
Pennroad Corp v t c
Pennsylvania RR
1.45
22
Jan
25
.1
50
4%
12%
4%
41%
169%
116%
*
1%
100
1%
Jan
13c
105,100
8c
Jan
13c
Jan
Penna Salt Mfg
50
Phila Elec of Pa $5 pref..*
45c
Jan
72% c
Jan
Phila Elec Pow pref
35c
40c
69,400
8,200
Jan
Phila Rapid Transit
4%
7%
Los Ang Investment Co. 10
11%
109%
4%
4%
7%
7%
500
468
2,100
300
27c
9%
108
4%
7%
Jan
Jan
Jan
42c
12%
Jan
7% preferred
25
50
50
110
Jan
Jan
5
Jan
Philadelphia Traction—50
Jan
7%
"~6%
13%
Phila & Read Coal & Iron. *
"U%
5
Mascot Oil Co
1
84% c
4%
90c
Jan
Salt Dome Oil Corp
4%
1,400
1,800
Jan
1
84% c
4%
80c
Menascb Mfg Co
3%
Jan
4%
Jan
Scott Paper new
*
Merchants Petroleum Co.l
45c
45c
45c
300
40c
Jan
50c
Jan
Sun Oil Co
*
Jan
70c
Jan
Tacony-Palmyra Bridge..*
Jan
12%
Jan
Tonopah-Bclmont Devel.l
Mt Diablo Oil Min & Dec.l
70c
70c
70c
500
12%
12%
12%
300
40c
Natl Funding
Nordon Corp.
5
33c
Occidental Pet Corp
Oceanic Oil Co.
1
72% c
1
1.15
30c
53,900
44,550
18c
Jan
40c
Jan
45c
Jan
77% c
90c
Jan
1.20
Jan
Union
18c
2,000
4,500
1,100
Jan
United Corp common
Olinda Land Co
1
,19c
18c
*
15%
31%
10%
14%
30%
10%
31%
10%
35
35
35
Preferred C
10
10
25
For footnotes see page
750
40
37%
30
293
lJan
40
100
39
122% 123%
12%
13%
10%
10%
I
Jan
123% FJan
14% . Jan
11% «Jan
1,391
548
119% 122%
19%
19%
42
43%
65
67%
21% 21%
137% 137%
39% 40
110
111%
342
,
124% t Jan
20%
Jan
44%
Jan
110%
50
583
69
2,149
25
[Jan
22%
Jan
138% 'iJan
40% [Jan
11
150
2%
3%
12%
4%
40%
12%
18%
3%
4%
13%
5
y
42%
112
52
794
4IJan
13%
Jan
19% [Jan
87
128
4
-t
Jan
1,946
4% [Jan
855
14%
Jan
5% [Jan
8,481
2,836
167% 170%
115% 116%
34% 35%
6%
7
11%
13%
2%
2%
13
14%
85
164%
Jan
170%
147
114%
Jan
117 M IJ an
272
Jan
35% »Jan
382
34%
5%
11%
2%
12%
Jan
60
4%
Jan
830
232
270
Jan
Jan
Jan
7
17%
41
75%
6%
17%
40%
74%
30%
7
19
41%
75%
2,966
346
67
60
he
31
9
7,164
1%
316
15
1,110
16
Jan
Ajan
13% [Jan
2%
Jan
14% " Jan
7%
fjan
Jan
20
Jan
40% I Jan
74%
Jan
30% FJan
45
fjan
he
Jan
1% LJan
76% J Jan
32% [Jan
s,6 "Jan
1%
Jan
Jan
19.491
Pacific Clay Products
Pacific Finance Corp
Pacific Gas & Elec Co
70c
12
1.20
52% c 77% c
90c
Jan
Jan
Reo Motor Car Co
90c
Jan
10%
Jan
72% c
11%
187%
17%
50
'
9c
108
755
435
11%
Mitten Bank Sec Corp. .25
60c
36c
40
Lehigh Coal & Navigation *
13c
11%
Jan
182% 185%
9%
10%
Jan
Jan
700
60c
108
42
10
com
10c
_
26%
»•
Kinner Airplane & Motor. 1
Lincoln Petroleum Corp. 1
Lockheed Aircraft Corp._l
Los Ang G&E6% pref 100
Los Ang Industries Inc
2
12%
10%
5
Corp
72% c
450
500
1.50
*
Jan
43
22%
22
High
1,123
Jan
Preferred
Hancock Oil A com..
Low
263-3
25%
37%
123
Curtis Pub Co common..*
Jan
66%
16%
25
43%
39%
12%
43%
460
Range Since Jan. 1, 1937
Shares
39
10
pref..100
Budd (E G) MfgCo
*
100
66%
16%
25%
10%
Gladding McBean & Co..*
Jade Oil Co.
25%
183%
10%
Bankers Securities pref- .50
12c
Bell Tel Co of Pa
California Bank.
Price
Jan
7
1
_
Preferred vtc
Sales
Jan
Jan
9%
40%
6%
16
18o
Jan
20c
12
Jan
16
Jan
30%
10%
Jan
32
Jan
100
Jan
Jan
100
35
Jan
10%
37%
Jan
Tonopah Mining
Traction
Preferred
United Gas Impt com
Preferred
Westmoreland Coal
—50
*
..*
*
*
*
5%
7%
45%
153*
112
5
7%
45%
15
16%
111% 112%
9%
9%
979
1,295
201
7,031
381
374
4%
6%
43%
14%
111%
9%
Jan
Jan
Jan
Jan
Jan
Jan
5% TJan
8% [Jan
46
Jan
17% cJan
114%
Jan
9%
Jan
Financial
Volume 144
H. S. EDWARDS & GO.
Dean Witter
f Pittsburgh Stock Exchange
New York Ourb Exchange (Associate)
MomWo
749
Chronicle
Co.
&
1
UNION BANK
PITTSBURGH, PA.
BLDG.,
Members: NewYork Stock Exchange, SanFrandsco Stock Exchange, Chicago Board ofTrade
A. T. & T. Tel. Pitb-391
Tel. Oourt-6800
NewYork Curb Exchange
BROADWAY, NEW YORK
120
Private Leased Wires
MUNICIPAL AND CORPORATION BONDS
San Francisco
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
Oakland
(AssoJ, SanFrandsco Curb Exchange, HonoluluStock Exchange
Seattle
Sacramento
Tacoma
Stockton
NewYork
Portland
Beverly Hills
Fresno
Honolulu
Los Angeles
Pasadena
Long Beach
Pittsburgh Stock Exchange
Jan. 23 to Jan. 29, both inclusive,
compiled from official sales lists
Sales
Friday
*
Last
.
Week's Range
Sale
Stocks—
Par
of Prices
High
Low
Price
Range Since Jan. 1, 1937
for
San
Francisco Stock
Jan. 23 to| Jan. 29, both
Week
High
Last
Sale
Arkansas Nat Gas Corp..*
Preferred
100
Armstrong Cork Co
Blaw-Knox Co
-
"
m
«•
*
420
118
18%
21%
100
A18 ?*
Jan
19
Jan
22
480
22
Jan
10%
100
Jan
10?*
Jan
36%
41%
1,410
£ 18
A10
4.31
Jan
10%
Jan
41%
Jan
1,300
3
1
151%
Jan
1%
54%
Jan
99
Jan
Calif Cotton Mills
Jan
California Packing Corp. *
Calif Water Serv pref. .100
1%
1
~Io8?*
108
*
Mesta Machine Co
5
14
60
Supply....
Natl Fireproofing com...*
10%
8%
255
9%
7%
Jan
Jan
11%
Jan
1,668
1,400
2%
61%
10%
8%
2,169
1%
Jan
Atlas Imp Diesel Eng Co .5
Bank of California N A.80
Jan
Jan
1083*
Jan
7%
Jan
1 7%
Jan
25%
6%
23%
201%
6
233*
200
202 3*
131
7%
73*
7%
885
0%
Jan
*
28%
283*
28%
1,554
27%
Jan
8%
29%
31%
30M
31%
1,251
30%
Jan
31%
Jan
9%
9}*
93*
370
7%
Jan
9%
Jan
40
101%
%
Jan
com
*
7% preferred100
Calif-Engels Mining Co_.l
com.
100
105
105
105
%
40
%
39%
43%
500
4,550
20
104
Jan
289
40
Jan
Clorox Chemical Co
10
45
45
45
168
43%
Jan
45
Jan
Jan
Cst Cos G & E 6 % 1st pf. 100
Cons Chem Indus "A"
*
104
104
105
50
102?*
Jan
105
Jan
37
38
38
Jan
25c
Jan
Jan
6%
Jan
Creameries of Amer Inc..*
40%
Jan
Crocker First Nat Bk._100
325
325
325
310
18?*
Jan
25%
Jan
112
111
112 3*
155
55
125%
13%
Jan
Jan
Crown Willamette pref
Crown Zellerbach v t c
23%
5,875
5
Jan
30
3,215
20
Jan
94
i.91
.25}*
95
88
90
Jan
95
117
24?*
Jan
1263*
Jan
*
37 %
6%
6%
180
63*
Jan
500
1%
Jan
A*
23*
Jan
3c
3c
6,000
2c
Jan
A1, 4c
Jan
7%
7%
4,610
6%
Jan
5
Jan
2
2
*
"7%
15
United Engine & Fdry
Vanadium Alloy Steel
*
Victor Brewing Co
1
*
6%
225
28
Jan
48%
120
47?*
Jan
49%
Jan
47
47
45
Jan
47
Jan
loo
Waverly Oil class A.
396
35
73*
A 15
,35
48%
*
15
33%
Preferred
14
"
«.
-
-
Westinghouse Air Brake.. *
50
35
1.00
6%
50%
52%
159% 164%
1,266
4%
J 1.00
Jan
3
Jan
6%
Jan
48%
147%
Jan
52%
104%
Jan
4%
Jan
513
105
Jan
Jan
250
4%
Jan
95c
1,400
95c
Jan
Jan
Jan
ITnlifiFAH*—
UllIlSiCU
*
4%
Jan
5%
*
Crown Zeller Corp pf "A"*
Preferred "B"
*
23 %
112
21?*
111%
■
111%
!
Di
Giorgio Fruit
com...
10
9%
9%
9%
New York Stock Exchange
Louis
Stock
M
Last
Stocks—
Par
Week's Range
Jan
Jan
23%
223*
23%
2,053
21%
Jan
23?*
Jan
Emsco Derrick & Equip..5
Fireman's Fund Insur..25
18
18
18
147
17%
Jan
18
Jan
92?*
923*
93
180
Jan
96?*
Jan
50
47?*
503*
92%
47%
Jan
55
Food Mach Corp com
10
Foster & Kleiser com. .2%
4?*
of Prices
Low
High
193*
20
270
37 3*
125
68 3*
373*
663*
39
10
com
General Paint Corp pref.
Common
38
38
.
*
*
Gladding, McBean <fe Co.*
68 3*
38
1,288
21
23
Price
33
33}*
Brown Shoe com
*
48?*
49
Burkart Mfg pref
*
32
203
32
Common
(new)
Central Brew
1
34 %
5
com
Century Electric Co___100
"80
Low
*
com
Emerson Electric pref..100
Griesedieck-West Br com.*
32H
Hamilt'n Brown Shoe com*
;
Huttig S & D com
15
14
,-.100
3%
Hyde Park Brew com...10
32
Jan
33
Jan
37
200
4
Jan
Internat
*
16
Key Co com
*
14
Knapp Monarch com
*
Laclede-ChrClay Prod com*
80
Jan
80
113
Jan
118
Jan
Jan
5
Jan
35
20
28}*
McQuay-Norrls com
24
100
Common
*
Rice-Stix Dry Gds com
...
"l3"*
Stix, Baer & Fuller
com.
com
125"
10
15
Jan
27}*
Jan
28%
Jan
.
40
Jan
256
*8
Jan
.10%
Jan
245
32
Jan
34
Jan
470
93 %
Jan
Jan
4%
50%
Jan
50
3H
17 %
48%
40
if
16
16
413?*
&25
14
"42"
Jan
L03
10
45
16%
13
13%
i3%
17%
112
Jan
126
51
Jan
Jan
18
fScullin Steel 6s
~92H
Jan
43%
Jan
34?*
Jan
30%
3%
Jan
353*
353*
35?*
347
3%
2,731
10
7%
73*
7%
1,070
153*
153*
16 3*
1,456
4?*
900
4%
44
43*
38%
30%
44?*
12,716
133*
133*
133*
550
1
113*
113*
11?*
1,792
100
107 3*
1073* 1093*
2?*
23*
95
2?*
4
585
40
14
10
10
Jan
13?*
Jan
9?*
107?*
Jan
12
Jan
Jan
109?*
Jan
Jan
Jan
Jan
Jan
780
22?*
22?*
Jan
23
Jan
Jan
Jan
Jan
143*
143*
45
4,127
25
123*
Jan
Jan
24
36
23 3*
40
23
383*
12?*
*
Jan
5
36
10
Jan
38?*
32?*
2?*
38
100
Jan
Jan
16%
4%
Jan
36?*
com
7%
Jan
Jan
Market St Ry pr
No Amer Inv
Jan
1?*
22?*
353*
123*
233*
Jan
7
2?*
22 3*
pref.. 100
Jan
3
13?*
3?*
600
24
Nat Automotive Fibres..*
Jan
19,048
5
43*
22%
2 3*
Jan
36
Jan
24?*
38?*
2,855
1,466
34?*
Jan
38?*
12
Jan
12?*
Jan
80
23?*
Jan
25
Jan
1,669
13?*
Jan
14?*
Jan
20
46
31
31
31
Jan
32
*
26
253*
26
1,457
24
Jan
26?*
Jan
*
11
9?*
113*
5,906
Jan
11?*
Jan
Pacific Amer Fisheries
5
20?*
203*
21
9?*
20?*
Jan
Jan
Pacific Can Co
*
163*
16
16 3*
1,045
16
Jan
22?*
17?*
25
34?*
34?*
37
2,105
34?*
31?*
Jan
38
Jan
Jan
18
Jan
14
Jan
"B"
Pacific G & E
com
30?*
Jan
Jan
Jan
25
32
32
32?*
25
*
28?*
28?*
49?*
293*
758
32?*
29?*
Jan
2,177
28?*
49?*
Jan
513*
Jan
53?*
Jan
*
(non-vot) com*
106%
1063* 106?*
83*
7?*
105
105?*
Jan
1,911
7?*
Jan
*
23 3*
3,014
22?*
Jan
Pac Tel & Tel com__._.100
1493*
1493* 151
104
149?*
Jan
152?*
Jan
100
149
147
145
Jan
*
81
80
Jan
150?*
82?*
Jan
100
105
105
Jan
105
6% preferred
Pac Pub Ser
Preferred
•_
6% preferred
Paraffine Co's Com
Preferred
Phillips Petroleum
PIg'n Whistle pref
3%
*
*
18?*
899*
Jan
Jan
66
Jan
10?*
10
113*
6,373
9
Jan
11%
Jan
31
1,529
Jan
1
1
31
110
Safeway Stores
27%
725
24
Jan
27%
Jan
4
60c
94
17}*
21}*
110}* no}*
54
9 54
125
125}*
12}*
12}*
41% 42}*
*19 %
60
300
4
250
11%
Jan
Jan
100
com
Preferred
Jan
12}*
6%
Jan
Southern Pacific Co—100
.Tan
So Pac Golden Gt "A"
Jan
16
Jan
33
90
94
Jan
115?*
Jan
Jan
190
283*
27?*
104?* 1043*
43?*
413*
13*
15%
29%
104?*
Jan
12%
4,833
12
914
25
%
12
Jan
27?*
44
Jan
150
Jan
106?*
43?*
Jan
50?*
Jan
1?*
Jan
19*
Jan
---*
"B"
915
%
%
200
%
Jan
1
45%
19%
%
44%
40%
Jan
46?*
Jan
20
4,834
2,897
43%
18
15
Jan
20
Jan
203*
20?*
104?*
219*
Jan
148
149
149
1,051
Jan
Tide Water Ass'd Oil com.*
6% preferred
100
16%
20 3*
1,516
105?* 106
16
163*
33,457
25?*
26 J*
490
Jan
25?*
Jan
Jan
Jan
Jan
269*
23?*
23?*
139*
1122}*
12}*
125%
22 3*
213*
22 3*
665
Jan
Jan
United Air Lines Trans. .5
22?*
377
Jan
Jan
Universal Consol Oil
12 3*
22?*
123*
22?*
39
13%
423*
21?*
22?*
13
2,490
11?*
340
105
340
330
$1,000
31
Jan
331*
Jan
Western Pipe &
Steel Co. 10
39?*
35?*
39?*
50.000
88
Jan
96
Jan
Yel Checker Cab Co "A" 50
613*
593*
62
Jan
3,186
Union Sugar Co com....25
& U T.100
107
17?*
Jan
10
Jan
Jan
Jan
26
Jan
16
Jan
Jan
Transamerica Corp
20%
105%
rf
Jan
Jan
Jan
Jan
*
Union Oil Co of Calif....25
51
Jan
Jan
875
Standard Oil Co of Calif..*
4IIO}*
Jan
36?*
13*
Super Mold Corp of Calif. 10
40
Jan
Jan
103
Jan
493*
Jan
95
115
400
13*
Jan
23?f
40
%
423*
%
45?*
4
Jan
42?*
1153*
423*
Jan
1%
70c
Jan
Jan
46 3*
Jan
Jan
110
Jan
27?*
Jan
Jan
90
12
27 %
13
Jan
Jan
42
110
115
42 3*
Jan
31
106
?*
104%
3
112%
423*
115
*
Jan
Jan
Jan
25
200
293*
109
100
Shell Union Oil
Jan
Jan
1,710
Preferred
Signal Oil & Gas Co "A".*
Soundview Pulp Co
5
25
11
Jan
Jan
*
25c
2,265 #19
100
55
24
100?*
17%
100
Preferred
S J L & Pwr 7% pr pf__100
Schles'ger & Sons, B F, com *
Jan
Jan
Jan
Jan
Jan
215
Jan
16?*
Jan
5
Jan
5?*
51
Jan
12}*
10}*
52%
Jan
87
14
352
Jan
4?*
570
25
1,873
Jan
51?*
475
20
10%
6%
15%
5
200
1,110
52?*
1,139
Jan
14
Jan
17?*
Jan
13
104
64
Roos Bros common
Jan
13
75?*
883*
23}*
17%
20
105
52?*
4?*
660
Jan
63
A14%
53
82%
Jan
173*
87%
Jan
40
100
45
149
Jan
63
120
11
5
23?*
8?*
24
88
49%
17%
Jan
Jan
12
25
52%
22?*
107
Jan
100
6%
Republic Petroleum
16
932
7%
1,906
Rainier Pulp & Pap com.. *
Ry Equip & Realty com..*
Jan
48
24
49%
Jan
18
50
54
Jan
5%% pref
Corp com
Jan
261
100
445
6% 1st pref
Pac Light'n
205
33
.1941
53?*
Jan
*
Wells Fargo Bk
For footnotes see page 750
23
Jan
40
80
Jan
Jan
Jan
Jan
Jan
Bonds—
City & Sub 5s c-d's
Jan
48?*
42
20
154
22
22?*
1,143
53%
413*
25
116}*
21%
*
Southw Bell Tel pref.__ 100
3
20
80
fk
100
com....
7%
35%
1,209
,160c
(94
25
*
Jan
Jan
14
110H
Scruggs-V-B D G 1st pf 100
Common
Jan
20
18
"m
St Louis Pub Serv pf "A". *
Common.
*
Scullin Steel pref
Securities Inv pref
J*
18
'Slf
Jan
25
.100
*
St L Bank Bldg Equip com*
St Louis Car com
10
9H
33}*
4}*
55
4}*
1,405
14
*26
_.*
Mo Portl Cement com..25
Nat Candy 2d pref
112
50
50
"l9%
20
com
Jan
37
48
Johnson-S-S Shoe com...*
com
4%
165
4%
7%
35}*
m
32?*
21
14%
18%
Jan
20
80
n%
AfcCommon
Wagner Electric
Jan
451
*50
A17
Hydraulic Pr Brick pref 100
Securities Inv
Jan
118
4
Hussmann-Ligonier pref..*
Laclede Steel
49
95
80
107
1
com
Shoe
Jan
28?*
"§5M
Ely <fe Walker D G com.25
.^Common
Jan
20
Dr Pepper com
Falstaff Brew
33%
4}*
4?*
7%
Chic & So Airlines pref._ 10
Mfg
Jan
34M
,
Jan
49
Occidental Ins Co
High
30}*
47}*
31}*
116
Coca-Cola Bottling com..l
Columbia Brew com
5
Elder
33?*
4%
19
223*
40
Jan
200
•
51%
*
Jan
Jan
41%
33*
Jan
38
Jan
22%
3%
68?*
Jan
8?*
5
10
Jan
Jan
18?*
10
Natomas Co
Range Since Jan. 1, 1937
Shares
7%
Pineapple
Corp Ltd
39
200
21
*
Jan
Jan
26?*
2,194
21
Jan
Jan
20
Jan
4,297
*
5?*
Jan
Jan
183*
26
73*
Jan
7
16 3*
243*
8
4
17%
30%
01%
30%
1,486
18
I Magnin & Co com
Week
*
com
930
25%
*
Oliver Utd Filters "A"
American Inv
310
4?*
20
25
Galland Merc Laundry
General Motors
4?*
1,135
*
"A" preferred
North Amer Oil Cons
for
Sale
Jan
Emporium Capwell Corp.*
Marchant Cal Mach com.5
Sales
Friday
11
27
Lyons-Magnus Inc "B"_
compiled from official sales lists
Jan
Jan
9?*
46
Magnavox Co Ltd
Jan. 23 to Jan. 29, both inclusive,
115
Jan
L A Gas & Elec pref
St. Louis Stock Exchange
Jan
Jan
Lockheed Aircraft
elephone Central 3350
x
Jan
109
22
LeTourneau, R G, Inc
1
Libby, McN & Libby com *
J3
115
42
Leslie-Calif Salt Co
ifca.315iNorthAFourthiSt.,|St.iLouis,iMo.iij
Jan
no
"B"
New York Curb (Associate)
Board
of
Trade
Jan
109%
2,355
Preferred
Exchange JO. Chicago
24?*
27
Langendorf Utd Bak "A".*
members
Jan
45
Hunt Bros "A" com
Mid'Western and Southern Securities
Jan
17%
23
Honolulu Oil
allf ,
Jan
112?*
45
Home F & M Ins Co
Business Established 1874
on
1,378
Jan
Jan
110
27
Hawaiian
Enquiries Invited
L20
6?*
325
M
45
Works
Hancock Oil Co
I. M. SIMON & CO.
Jan
Jan
*
preferred
Hale Bros Stores Inc..
LOUIS MARKETS
Jan
Jan
..100
$3
Eldorado Oil
Golden State Co Ltd
ST.
5
112
112
111%
35
1,858
25
Jan
1
Jan
12%
Jan
1
Jan
Jan
Jan
35
25>*
1%
40
Jan
f 3%
;_5
Jan
10
105?*
314
1,964
Jan
97
105
1,444
Jan
35
43%
Jan
494
105?*
1,620
141
Jan
%
473*
105
Jan
4,885
Caterpillar Tractor
473*
10c
"
Jan
5
Calamba Sugar com
Calaveras Cement Co
6%
7c
Jan
Jan
20
Bishop Oil Co
Byron Jackson Co
40%
23%
!
Jan
Jan
Jan
123*
*524
Pennroad Corp vtc
19%
194%
Jan
20
Jan
983*
29
Standard Steel Spring.
Jan
2,820
2,249
Jan
10?*
17%
Shamrock Oil & Gas
5%
25%
0%
23%
202%
97
A44%
K 17 %
i 30
Brewing Co
151
Jan
151
12
1443*
17 %
*15%
San Toy Mining Co
Jan
10c
,
15%
23%
50
25?*
6?*
High
Jan
3,838
151
243*
Low
14%
98 3*
Jan
100
St.
450
*
Claude Neon Eiec Prod..*
Jan
*
W'house Elec & Mfg
151
151
15
5%
39%
22%,
40
_
Plymouth Oil Co
14%
Jan
Jan
Jan
14%
10c
__*
Preferred
10
Price
6%
25c
Pittsburgh Brewing Co...*
Pittsburgh Steel Fdry
Range Since Jan. 1, 1937
for
"Week
YV coK
of Prices
Low
High Shares
47%
105%
98%
14%
2%
63%
12%
8%
Jan
'
Assoc Insur Fund Inc
_
58%
:
109
6,002
Jan
ft 91
'
Angol Calif Bank of S F.20
Jan
3%
6%
20%
Jan
]106 %
10
99
108}*
McKlnney Mfg Co..
Mountain Fuel
27
54%
53%
13%
m.
1%
13%
2%
Renner
5%
Jan
830
*
Pittsburgh Forging Co...l
Pittsburgh Plate Glass. .25
Pittsburgh Screw & Bolt. *
Jan
Alaska Packers' Assn.. 100
6%
18%
18%
10%
41%
_*
com
2%
Jan
3
6%
99
wIPreferred..
Jan
12,925
Jeannet Glass pref
Phoenix Oil
Jan
3
3%
Pittsburgh Brewing. 1
Lone Star Gas Co
23
10
2%
18
Follansbee Bros pref...100
com.
Jan
193
6%
*
Harb-Walker Refrac
26%
25%
Alaska Juneau Gold M.10
3
m.
10
Koppers Gas & C pref. .100
Jan
Week's Range
Jan
64
Par
3
+
Duquesne Brewing Co...5
Fort
10%
Jan
151
271
Stocks—■
~3%
'
m
Columbia Gas & Elec Co.*
Electric Products
Jan
10%
.62
24%
Calorizing pref
26
Carnegie Metals Co
1
Clark (D L) Candy Co...*
Devonian Oil
10%
Jan
7%
9%
60%
10
9%
—
63%
Jan
64
10
*
45
Sales
Friday
Low
Shares
Exchange
inclusive, compiled from official sales lists
312
Jan
Jan
340
Jan
Jan
Jan
Jan
5,251
34?*
Jan
39?*
Jan
690
59?*
Jan
64
Jan
750
Financial
2
Chronicle
■
•
Jan. 30. 1937
i
Sales
Friday
Last
Stocks (Concludes)—Par
STRASSBURGER & CO.
133
Curb
2.85
3.25
4.05
32%
34?*
31c
42c
5%c
•
Lake Mar on
4%c
6?*C
3?*C
*
51c
48c
4?*C
4%C
35c
30c
8?*c
6%c
Malrobic Mines
Direct Private Wire
Mandy Mines
...
Francisco Curb
San
Exchange
*
Oil Selections
Jan. 23 to Jan. 29, both inclusive, compiled from official sales lists
Oalsko Lake
Parkhill
Last
Week's Range
for
Week
of Prices
Low
High Shares
Sale
Stocks—
Par
Alaskft-Treadwell....
Price
59c
Alleghany Corp
American Pow & Light-American Tel A Tel
100
American Toll Bridge
183 %
82c
1
Anaconda Copper
60c
4
-25
-
4
78c
20
366
83c
High
Jan
4
Jan
Temlskamlng
Jan
16
Jan
14?*
182
Jan
78c
2,200
Jan
186%
1
22%
10%
Jan
24
Jan
Jan
17?*
17 J*
329
Jan
51%
8%
51 J*
32
8%
375
16%
51%
6%
11%
10%
17?*
51?*
9%
Jan
7%
11%
11%
11%
12%
7%
25
11%
Jan
7,156
9%
Jan
11?*
Bolsa-Chica A
10
7
7
10
115
115
Calif Art Tile A
B
Calif Associates-
93
53
18c
7
125
102
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
11%
13%
Jan
7%
Jan
Jan
Jan
116
19%
Jan
24?*
Jan
4.85
900
4.00
Jan
4.85
Jan
93
Jan
93%
Jan
Jan
50c
Jan
■:
50c
5
.
18c
4,330
*
Cardinal Gold
Central Eureka
72
Cities Service-
Curtiss-Wright Corp
Jan
67c
Jan
55o
65C
40c
Jan
650
Jan
4%
2%
5,079
24,184
4%
Jan
1
Fibreboard Prod pref—100
Genera] Electric
70o
Jan
5%
3?*
1.20
200
1.15
Jan
1.25
Great West El-Chem pref20
Hawaiian Sugar
.20
300
3.30
Jan
3.55
Honokaa
345
15%
Jan
17%
120%
8%o
Jan
5c
Jan
3%c
Jan
48c
Jan
3?*c
17 %c
4%c Jan
69o
Jan
Jan
5c
Jan
Jan
45o
Jan
Jan
76,200
52c 348.410
Jan
12o
Jan
30c
Jan
Jan 24?*c
Jan
3c
Jan
Jan
3.15
Jan
22c
5%c
4 05
Jan
6?*c
6%c
Jan
8?*c
Jan
Jan
9c
Jan
9%c
Jan 12?*o
2?*c
20c
Jan
4c
Jan
Jan
52c
Jan
Jan
61?*
Jan
18%
18%
25%
22%
106% 106?*
61?*
61%
23?*
22%
22?*
22%
50
18?*
22%
106?*
54%
22?*
Jan
Provincial and
Bid
Province of Alberta—
5s
1 1948
Jan
Oct.
1 1956
Prov of British Columbia—
4?*s
5s
..July
Oct
4?*S
Municipal Issues
1 1942
/62
/62
65
6a
Oct
64
6e
Sept
May
98
100
5s...
12 1949
1 1953
97
Bid
Provinoe of Ontario—
Ask
...June
4s
99%
Provinoe of Manitoba—
4?*s
Jan
15 1943
1 1959
1 1962
15 1965
Provinoe of Quebeo—
Aug
1 1941
92
96
4?*s
Mar
6s
June
16 1954
93
96
4s
Feb
1 1958
5s
Dec
2 1959
93
96
4%s
May
1 1961
4%s
Ask
112% 118%
117
118%
120% 122
107% 108?*
113
114?*
Prov of New Brunswick—
2 1950
111?* 112?*
108?* 110
112
112?*
Prov of Saskatchewan—
Apr
15 1960
113
115
5s
June
15 1943
85
90
Apr
4?*s
4?*S
15 1961
110
111%
5 ?*S
4MB
Nov
Oct
15 1946
84
86
1 1951
86
87?*
Province of Nova Scotia—
~72%
22%
106%
22%
16
46
45
1,840
40
50
465
113
Jan
Jan
Jan
80
18%
28%
106%
Wood,
Gundy
Jan
Jan
Jan
24
Jan
Jan
Jan
22%
10
46
Jan
46
14 Wall St.
Jan
1.05
1.36
29,450
80c
Jan
1.35
Jan
1.40
1.60
125
1.40
Jan
1.60
Jan
80
15%
Jan
16
1
6?*
6?*
1.45
1.40
1.60
6,040
International Tel A Tel¬
12?*
12%
13%
6
270
Co
&
New York
Inc.
Jan
Private mires to Toronto and Montreal
170
International Cinema...1
16
Bonds
Jan
64
22
119
117
Jan
1.40
15?*
1 1960
110?* 111%
Canadian
Jan
T.25
20
15 1952
Mar
5b
Jan
Jan
180
46
.Sept
4?*s
Jan
1
Idaho-Maryland
z
Jan
Jan
675
5
5
Sugar Co
Jan
42c
Jan
16?*
120
120?*
72%
72%
16 %
_
Holly Development
Holly Oil Co-_
z
35?*
Jan
Jan
3.55
23
-
4c
Jan
4.05
Jan
23c
Jan
3J*
3.30
Edward Dental Supply
Electric Bond & Share—-5
General Metals
75c
Jan
-.
Consolidated Oil
Crown Willamette 2d pf...
z
Jan
40c
2H
1
Columbia River Packers.
67c
6,379
2,500
1.20
-
Claude Neon Lights
Coen Co s A..
6,275
67c
4?*
Preferred-
74c
48c
64c
com..
69c
67c
1
z
Jan
32%
Jan
210
93
93
45c
Jan
24%
4.50
Cal-Ore Pow 6% pref--100
53
200
116
24
46o
Jan
No par value
Jan
560
625
754
3%c
27c
Jan
Jan
10
Bunker
Hill-Sullivan
♦
Jan
91c
11%
9
50
8c
Robb Montbray
Sudbury Mines
11
11
3
Bancamerica-Blair
3%c
Jan
11X
Aviation Corp
Baldwin Locomotive
9?*c
-1
70c
53
24
9%
17%
-
-1
Jan
51%
Atlas Corp
Preferred
3.30
7?*c
4
100
5%0
-1
-.1
2.75
3.00
11
5c
13,800
23?*c
4c
5?*C 166,597
3.15
3.60
20,585
7c
7 ?<C
47,250
7?*c
8?*0 134,400
9?*c 10%c 48,900
Jan
Jan
500 22?*c
230
25c
Jan
1.90
13
22c
22?*C
Pend Oreille
45c
23
5
Arkansas Natl Gas A
Z
Low
-.1
1
Porcupine Crown
Ritchie Gold
Range Since Jan. 1. 1937
1,100
14 J*
14?*
183
185
53
Anglo National Corp.
Argonaut Mining
c
Pawnee-Kirkland
Sales
Friday
—
184,350
4?*c 311,000
55c
26,300
5c 216,200
45c 257,500
Jan
10c
12c 317,920
23c
..$1
28,660
3,018
89,500
High
Low
Shares
8 ?*C
...1
Night Hawk
1
Nordon Corp---...... -5
Board of Trade—New York Curb Exchange
Range Since Jan. 1 1937
for
Week
118,400
3.00 20,150
13
1,500
42c
3.60
—1
Kirkland-Townalte
Range
25c
2.25
11
*
Hudson Bay
Exchange—Chicago
(Associate)
18c
...I
Home Oil
(Since 1880)
Francisco
21c
*
Grozelle-Kirkland
Members: New York Stock Exchange—San Francisco Stock
Exohange—San
Price
...
Foothills Oil
SAN FRANCISCO
of Prices
Low
High
*
East Crest Oil
MONTGOMERY STREET
Week's
Sale
5
1.10
12
Jan
6%
Jan
Jan
1.60
Jan
Jan
13%
Jan
1
59c
51c
610
5,700
51c
Jan
65c
Jan
1
4.50
4.35
4.65
3,533
4.35
Jan
4.75
Jan
Kiimer Airpl & Motor. .1
Kleiber Motors
10
60c
59c
72c
Jan
72c
Jan
23c
35c
68,400
1,100
45c
35c
22c
Jan
35c
Jan
ltale Petroleum
Preferred
_•
z
Railway Bonds
Bid
Ask
Bid
M J & M & M Oil
54c
.1
McBryde Sugar
z
9?*
Menasco Mfg Co
1
.........
48c
58c
97.400
9?*
9?*
280
4.10
4.25
660
80
43c
Jan
60c
8
Jan
Jan
10%
Jan
3.80
Jan
4.80
Jan
54?*
Jan
58%
Jan
Montgomery Ward
Mountain City Copper
Rights
55?*
54?*
55%
14?*
11%
15
11
Jan
15
2.50
421
1.80
Jan
2.55
24
19%
Jan
24?*
Jan
16%
24?*
16?*
495
North American Co
21?*
16%
2,013
13%
Jan
17?*
Jan
41
41
40
Jan
4?*s
5s
--Deo
4?*s
July
1 1946
103
1 1954
Sept
109?* 110?*
104?* 105?*
1 1960
103?*
Jan
Nash-Keivinator
98% 99
perpetual debentures.
6s
Sept 15 1942 /111?* 113
4?*s
Dee 15 1944
101% 102%
5s—
July
1 1944 114
115%
48
Jan
1.85
Ask
Canadian Pacific Ry—
Canadian Paciflo Ry—
25,850
Dominion Government Guaranteed Bonds
Bid
Oahu Sugar
Occidental Pete.
—20
75c
z
O'Connor-Moffatt
Pacific Ptld Cement
.
Riverside Cement A
*
......25
—25
So Pac Gold Gate 6%pf 100
Stearman Hammond Air__
19
Jan
21
Jan
Jan
17%
Jan
3.90
4.10
6,602
3.35
Jan
4.15
Jan
14?*
16
980
12?*
Jan
16
Jan
5?*
Jan
20
6
58
11%
129
11?*
m'imm
6
58
-
5
6%
Jan
54
Jan
58
Jan
11%
12%
12
812
8?*
17?*
9
Jan
18
230
3.25
Jan
5
Jan
18%
567
18
Jan
564
Jan
21%
32%
Jan
28
Jan
29%
44
28?*
29
670
35
35
100
35
2.20
2.40
1.75
365
Jan
z
Preferred
5
Warner Bros Pictures
5,241
1.90
Jan
2.40
47?*
75
46?*
Jan
47%
Jan
2.00
6,100
1.55
Jan
2.10
Jan
7?*
90
6%
Jan
8?*
34,635
1.25
Jan
2.75
77%
Jan
87%
2.50
20
2.50
Jan
2.50
Jan
7%
16%
6%
15%
3,000
1,553
6%
Jan
7?*
16%
17%
Jan
14%
7?*
16?*
15M
430
15
Jan
14%
Jan
Jan
Jan
1, 1936.
range for
year,
x
Ex-dlvldend.
y
Beaubarnois Pr Corp 5s '73
Bell Tel Co of Can 5e.l955
Brit Co) Power 5?*s._1960
5s
—Marl 1960
Burns & Co
5?*s-3?*s.l948
Calgary Power Co 5a..1960
•
-
1941
CanadaNorthPow 5s..1953
Canadian Inter Pap 6s '49
Canadian Lt A Pow 5sl949
Cedar Rapids M A P 5s '53
Consol Pap Corp 5%s_1961
Exchange—Mining Curb Section
Jan. 23 to Jan. 29, both inclusive, compiled from official sales lists
Last
1
Week's Range
for
Sale
of Prices
16c
Low
High
15%c
17c
Shares
18c
20c
5c
5c
4?*c
-5
5.75
5.75
6.75
780
Cobalt Contact
1
2?*c
2?*c
2?*c
Dalhousie Oil
♦
22,000
61,850
Coast
Copper
18c
2.65
2.45
2.85
Range Since Jan. 1,1937
6?*s.l945
Donnaconna Paper Co—
3 s 1956
•
Corporation
New York > HAnover 2-6363
NY 1-208
Low
High
Jan
20c
Jan
Jan
31o
Jan
Jan
6c
Jan
5.75
Jan
7.75
Jan
2c
Jan
1.30
Jan
3%o
2.85
Utility Bonds
Ask
/95
97?*
f56
95%
98%
Manitoba Power
57
Maple Leaf Milling—
113
114
105?* 106%
Bid
MacLaren-Que Pr 5%b '61
5?*s.l951
2?*s to '38—5?*S to '49
Massey-Harris Co 5S..1947
105
106
82
84
McColI Frontenac Oil 6s '49
Minn A Ont Paper 6s. 1945
97
98
Montreal Island Pr
5?*s '57
96%
103
Ask
97%
105
87?*
89
97
98
104% 105?*
72
/ 71
104% 105%
109?* 110?*
103?* 104
101?* 102?*
101?* 102%
Montreal L H A P ($50
100
101%
111?* 112%
/91?* 92%
Northwestern Pow 6s. 1960
92
94
Certificates of deposit.
Nova Scotia LAP 5s. 1958
92
94
105
95?*
87%
90%
88%
par
value) 3s
1939
Montreal Tramway 5s 1941
New Brunswick Pr 5s. 1937
.
.
50?*
/50
103% 104?*
95
96?*
m
Ottawa Traction 5?*s.l955
Ottawa Valley Pow 5%s '70
87
89
Power Corp of Can 4%s'59
5s
Deo 11957
Provincial Pap Ltd 5%s '47
101
—
102
102
103?* 104
Quebeo Power 6a
1968
Saguenay Power 4?*s.l966
Shawlnigan WAP 4%a '67
103?* 104?*
102% 103%
103?* 104%
103
104%
104?* 104?*
104
Smith H Pa Mills
4%s '51
103
Gt Lakes Pap Co 1st 5s '55
Int Pr A Pap of Nfld 6s '68
Lake St John Pr A Pap Co
95
/94
103?* 104%
Southern Can Pow 5e.l955
Steel of ICanada Ltd 6s '40
103
1951
1961
100?* 101%
Fraser Co 6s-..Jaa 1
1950
Gatineau Power 5s...1956
55,050 12?*c
18c
46,900
5c
24,800
----l
Churchill Mining
•
Montreal and Toronto
General Steelwares 6s. 1952
Week
Price
Dom Gas A Elec
East Kootenay Pow 7s 1942
Eastern Dairies 6s
1949
Sales
Friday
Central Manitoba..
109% 110%
100
100?*
SECURITIES
Municipal
•
Bid
Abitlbl P A Pap Otfs 5a '53
Alberta Pac Grain 6s.. 1946
Canadian VIckers Co 6a '47
l
1962
Industrial and Public
Canada Bread 6a__
Ex rights
t In default.
Par
1962
1
Bell System Tele.
Jan
2.50
30 Broad Street
Jan
250
8 Company In bankruptcy, receivership or reorganisation.
Stocks—
1
Jan
Jan
2.75
rCash sale—Not Included in
Brett-Trethewey
Jan
3s
Private voire connection between New York,
Jan
c
Toronto Stock
4s
Jan
87%
j^g Stock dividend of 100% paid Sept.
Listed,
Government
Jan
Cash sale,
e National Standard Co. split up its old no par
oapital stock for new capital stock of 810 par on a 2- or-1 basis.
•
126% 127%
Grand Trunk Paciflo Ry—
113% 114?*
118% 113%
116% 117?*
119
119%
118?* 119%
CANADIAN
Jan
15
Victor Equipment--
1 1946
Jan
1.80
25
z
July
Jan
27?*
/jf.SO
-
1970
6%s
Jan
Jan
75
28%
30
7?*
_
1969
Feb
5s..
Jan
5.00
8?*
86?*
-
United States Steel
Vica Co
5s
118% 114
116% 116%
Jan
595
8?*
16%
Jan
16%
29%
27?*
28%
United Corp...
1969
July
—Oct
Ask
Canadian Northern Ry—
Sept
1 1951
June 15 1955
1956
Feb
1957
July
Jan
21?*
30?*
27?*
2.25
5s
Bid
Ask
National Ry—
4?*s
4?*b._
4?*s
Jan
10?*
10?*
21%
60%
27%
~2~00
Texas Consol Oil
No par value,
35
■
Canadian
4%a
4.05
12
.........
Superior Ptld Cement A_.
*
Jan
14?*
25
46 %
South Calif Edison.....25
_
Jan
160
17?*
Preferred....
United States Pete.
77c
15?*
10%
Radio Corp (Del)—-----Radio-Kelth-Orpheum
5?*% pref
6% pref..
.44
20
100
_
Jan
15?*
-
Schumacher Wall Board.
43c
20
15%
100
Preferred
Packard Motors.
17,650
4.00
.20
Pacific Coast Aggregates.
Pacific Clay Products
30
77c
15?*
........
Olaa Sugar
47e
Jan
Jan
5?*S
5%B
♦
No par
value.
100
86?*
102
102
87%
103
105
United Grain Grow 5s. 1948
85
/ Flat price
86
103?*
104%
113
97
United Secura Ltd 5?*s '52
Wlnnlpge Elec 0s. Oct 2 '54
104
81
99
82
105%
members
Telephone
new
2-0980
HAnover
SPECIALIZING
CANADIAN
IN
york
Bell
security
System
UTILITY
*
dealers association
Teletype
AND
NY
1-393
Cable Address
STOCKS
INDUSTRIAL
Hartwal
BONDS
AND
<
ALDRED
52
BUILDING
WILLIAM
NEW
MONTREAL
PRIVATE
Volume
WIRES
STREET
ROYAL
YORK
CONNECT
BUILDING
BANK
TORONTO
OFFICES
144
751
Canadian Markets
LISTED
For Toronto Stock
AND
UNLISTED
Exchange—Mining Curb Section
tables, usually found in
Montreal Stock Exchange
and miscellaneous Canadian
Last
Week's
Sale
Stocks (Concluded)
Montreal Stock Exchange
1
Jan. 23 to Jan. 29, both inclusive, compiled from official
Last
Stocks—
Par
Week's Range
Sale
Range Since Jan. 1, 1937
of Prices
Price
17
Low
High
for
Price
Shares
Low
18
450
16
Jan
isx
Jan
25
94
1
93
Jan
94
Jan
28?*
6,636
23
1,150
SX
130
Jan
Jan
29
Jan
Jan
25?*
Jan
Jan
10
9?*
29 X
2,340
20
40
19
Jan
20
Jan
26
5
29
Jan
29
Jan
28
11
10
19?*
29
50
26?*
22?*
High
Jan
26
105?*
*
Low
127
10
22?*
~
100
A preferred
130
27?*
20
*
Rolland Paper pref
8t Lawrence Corp
Range Since Jan. 1. 1937
for
Shares
23
10
Preferred
High
Week
28X
Holland Paper voting trust
High
16
Low
130
Power Corp of Canada...*
Quebec Power
*
Range
of Prices
...100
Rolland Paper com.
94
0H% preferred
100
Agnew-Surpass Shoe.....*
Par
Regent Knitting
Sales
Friday
Acme Glove Works Ltd--*
Preferred.
sales lists
Sales
Friday
this section, see page 750.
29
30?*
Jan
105?* 105?*
9X
11?*
27 X
73
29?*
25
1,389
90
103?*
8?*
22,945
25
8,740
Jan
Jan
105
11X
Jan
Jan
29?*
Jan
Jan
Jan
12
Jan
72
Jan
73
110
Jan
110
Jan
St Lawrence Flour MillslOO
Preferred
100
5
*
140
140
25
140
Jan
140
6
65*
672
i4X
Jan
7
Jan
8t Lawrence Paper pref. 100
74 X
73
76
2,293
68
Jan
39
415*
55
23X
Jan
Jan
Shawlnlgan W A Power..*
30 X
30?*
31?*
4,590
29?*
Jan
53
55
Sherwln Williams of Can.*
26?*
717
24?*
Jan
Preferred
10X
..100
Ang-C T pf 7% Can reg.50
Associated
Breweries.
Paper A.*
Bawlf (N) Grain
•
Preferred
4?*
21?*
*
Silk
Mills
38?*
105*
10?*
60
153
53
Jan
12 5*
360
11
Jan
13
Jan
195*
4,011
17X
Jan
20?*
Jan
1,080
3H
Jan
5?*
Jan
Simon (H) A Sons
Southern Can Power
Jan
Steel Co of Canada
4X
160
21X
S7X
5
38
80
22
385*
*
Canada Cement....
*
'l5X
100
106 X
26X
348
1615*
159
10,138
10 X
115*
9X
115*
645*
110
15X
165*
2,835
1075*
722
18H
37 X
io x
1,186
1,341
2,374
63 X
Building Produots A
Preferred..
42?*
18 X
38
161"
...»
B
Brack
19
.100
Bell Telephone
100
Brazilian Tr, Lt A Pr
*
British Col Power Corp A. ♦
SX
107
10
12 X
..»
Bathurst Pow A
115
105*
110
106
8
Jan
Jan
38
Jan
161?*
Jan
Jan
22?*
Jan
Jan
39?*
11?*
Jan
—
26 X
100
127
Jan
26?*
Jan
Jan
130
Jan
15?*
15?*
15?*
40
13?*
Jan
16
Jan
»
16?*
16?*
16?*
1,190
14?*
Jan
17
Jan
81
83?*
793
80?*
Jan
75
80
122
74
Jan
100?* 101
231
99?*
Jan
130
*
Preferred
130
82?*
25
82
Jan
Jan
76?*
32?*
»
Saguenay Pow pref
101
Tooke Brothers
»
Preferred..
3
...100
Jan
11X
Jan
56 X
Jan
66
Jan
15X
Jan
9:16 X
Jan
Twin City
Jan
107X
Jan
17 X
Jan
19X
Jan
United Steel Corp
Vlau Biscuit
29X
3
Tuckett Tobacco pref.. 100
J104
25
73
130
85
Jan
80
Jan
Jan
Jan
Preferred
—
Jan
Jan
Alberta Pacific Grain A..*
Preferred
Jan
34?*
30
3?*
670
153
7
16
*
16
5
8
9?*
7
9?*
3
7
Jan
21
24
34?*
153
Jan
155?*
14
102?*
Jan
5
Jan
34?*
Jan
157
Jan
16
Jan
Jan
Jan
7X
Jan
9?*
Jan
125
5
Jan
7
Jan
21,535
Canada Forglngs class A. .*
Can North Power Corp...*
19
19
19
27
27
285*
360
27X
Jan
50
50
56
'50
Jan
50
Jan
Canadian Steamship
*
Canada Steamship pref.100
3?*
3X
35*
615
12 X
Jan
4
Jan
Wabasso Cotton
24
24
125
25
Jan
27
Jan
7
7
85*
801
64
Jan
10
Jan
Western Grocers Ltd
*
65
65
20
65
Jan
65
Jan
120
120
10
120
Jan
120
Jan
20
20
10
12
Jan
23
Jan
40
43
590
30
Jan
Can Wire A Cable cl A
70
Jan
*
Preferred
.100
*
C&naalan Bronze
Canadian Car A
60
150
60
Jan
60
Jan
Western Groc Ltd pref. 100
*
Class B
60
25
25
6
25
Jan
25
Jan
Windsor Hotel
58 X
Jan
61?*
Jan
1SX
Jan
21?*
31?*
f 26?*
Jan
Winnipeg Electrio pref.100
Winnipeg Electrio A
*
*
Foundry. *
Preferred
25
Canadian Celaneee
*
Preferred 7%
100
Rights
*
Canadian Cottons
58 X
59
20 X
19 X
215*
SOX
29X
25X
31
26
122 X
21
265*
270
8,216
4,027
1,205
128
Jan
122
122 5*
370
123
Jan
21
215*
212
21
Jan
100
71
71
28
28
295*
78
73
80
23
71
Candlan Foreign Invest..*
Can Hydro-Eleo pref.-.lOO
Canadian Ind Alcohol
24X
Jan
21?*
Jan
100
40
Jan
42
8?*
8
9?*
3,042
5?*
Jan
10?*
Jan
8?*
8
9?*
919
5?*
Jan
10
Jan
82?*
78
82?*
390
Jan
85
Jan
59
Jan
B
Woods Mfg pref
..100
Jan
Banks-
70
Jan
Canada
Jan
29?*
Jan
Canadlenne.
Jan
81?*
Jan
Commerce
100
Jan
8?*
Jan
Montreal
100
Jan
7X
Jan
Nova Sootla
hex
Jan
23X
Jan
Royal
26
*72^
78
Jan
Jan
165?*
105
1,650
125
Jan
pref
*
6X
6X
85*
13,115
»
6
6
75*
Canadian Locomotive ...»
23
20
235*
2,387
2,260
Canadian-Pacific Ry
Cockshutt Plow
26
15X
8,131
»145*
Jan
16
165*
14?*
Jan
17
58?*
57
118
58?*
Jan
154
154?*
58
143
Jan
154?*
Jan
204
205
219
183
Jan
211
Jan
236
236
240
312
217?*
Jan
240
Jan
100
332
330
332
16
314
Jan
330
Jan
100
225
224
225?*
347
201
Jan
225
Jan
154?*
Jan
16 X
15X
15X
16
*
50
100
.
Jan
Jan
Class B
I
I
6
Con Min A Smelt new...25
76 X
77
74?*
Jan
81?*
Crown Cork A Seal Co...*
21X
74 X
21
4,630
2,908
22
370
17X
Jan
22
Jan
Diet Corp Seagrams......
26X
25X
265*
800
25X
Jan
Jan
94
94
10
94
Jan
57
28?*
94?*
57?*
Preferred
Dominion Bridge
Dominion Coal pref
KA.
54
HANSON BROS
1,276
1,221
54
Jan
21
19?*
Jan
..100
115
116
46
110
Jan
115
Jan
Dominion Glass pref.-.lOO
Dominion Steel A Coal B 25
151
151
10
150
Jan
153
Jan
13X
15
10,248
13
Jan
14?*
Jan
79
795*
73
Jan
80
Jan
Jan
148
Jan
16
•
100
Dominion Glass
Dominion Textile
20 X
14 X
*
Preferred
148
100
Dryden Paper
...»
195*
15 X
145*
124
148
5
*
7
7
*
4X
45*
Electrolux Corp..
1
22 X
225*
Enamel A Heating Prod..*
English Electric A...
English EleotrlcB.......*
Foundation Co of Can...*
General Steel Wares
•
Goodyear T pf inc 1927 100
Gurd, Charles.
*
Preferred
27 X
17 X
"'iix
'~15X
Gypsum. Lime A Alabast.
Hamilton Bridge
Preferred
...»
6
Holt Renfrew pref
"l5%
100
Howard Smith Paper
»
Howard Smith Paper pf 100
Imperial Tobacco of Can.6
Preferred
Int Hydro-Eleo System A25
Int Nickel of Canada
International Power.
.
*
~~23~~
24
Jan
5X
Jan
8
33
Jan
37
..»
14
Jan
16?*
Jan
1,115
24 J*
Jan
28?*
SX
Jan
17?*
Jan
Jan
57
1,115
1
56
7X
95
Jan
12?*
Jan
Jan
95
Jan
15
165*
6,025
14 X
Jan
17?*
Jan
155*
17
1,531
12 X
Jan
17
Jan
80
11
15
155*
56
235*
102
6,527
115
6,564
I
36
63 X
13 J*
Jan
84
Jan
Jan
15?*
Jan
56
Jan
56
18X
Jan
100
Jan
23?*
102
Jan
Jan
Jan
145*
4,142
13 J*
Jan
14?*
Jan
120
7.50
Jan
7X
Jan
4,655
Jan
■35 X
16
385*
62 X
62 X
645*
8
100
16
20
4,691
34
Jan
9
Jan
38 X
15
62 X
5
Jan
64 X
Jan
12 X
Jan
90
Jan
98
Jan
Jan
Jan
115*
1,237
96 5*
19
61
635
15X
Jan
19
Jan
40
42
697
39
Jan
43?*
Jan
151
40
151
10
150
Jan
151
411
8
Jan
15
8?*
Jan
....»
"l3X
13X
»
sx
sx
13X
Massey-Harris
MoColl-Frontenao Oil
•
14
106
pref.100
Montreal L H A Pr Cons.*
14
95*
14
1,790
106
15
35
36
8,483
29
50
Montreal Telegraph
40
Montreal Tramways...100
60 X
605*
97
100
National Breweries
40
42
41X
415*
56
50
53 X
44
50
74?*
73X
76
Preferred
•
40 X
25
"55
National Steel Car Corp..
new
Noranda Mines Ltd
*
Nova Scotia Steel pref
Ogllvle Flour Mills
Preferred
Ontario Steel Products
4,886
29
35?*
Montreal Loan & Mtge. .25
13?*
105
9?*
Jan
Jan
14
Jan
Jan
108
Jan
34?*
Jan
36?*
Jan
28
Jan
29
Jan
10
58
Jan
60?*
Jan
63
91
Jan
100
95
Jan
7,491
Ottawa L Heat A Power 100
Preferred
100
100
Penmans
104
41?*
Jan
43
Jan
Week
Low
Price
57?*
Jan
Range Since Jan. 1, 1937
sx
9X
50X
54 X
53
105
Beauharnols Power Corp.*
6X
7X
6X
Brewers A Dlst of Vane.._*
8X
sx
3X
18?*
*
•
BC Packers Ltd
*
25?*
17?*
Calgary A Edmonton Ltd. *
Canada Malting Co Ltd..*
Can Nor Pow Ltd pref.100
"34"
"
Canada Vinegars Ltd
*
Can Dredge A Dook Ltd..*
19?*
...15
City Gas A Eleo Corp Ltd *
Claude Neon Gen Adv Ltd*
cum
Jan
70
15
Jan
18?*
Jan
1
95
Jan
99
Jan
15
125
85
104?*
20
61
Jan
105
Jan
Jan
20
Jan
Jan
63?*
17X
Jan
Jan
3.60
1,200
3.00
Jan
3.75
Jan
34
37
255
Jan
Jan
Jan
34
Jan
36?*
109?* 110
19
19?*
33
100
Jan
110?*
195
19
Jan
20
Jan
44?*
50
44
Jan
49?*
Jan
15
240
Jan
240
Jan
505
3
Jan
5
Jan
21*
Jan
243
4?*
50
19?*
Jan
2?*
870
1.85
Jan
251
13?*
Jan
16
Jan
59
Jan
65
Jan
55
55
63
50
8
1,343
11
461
64
Jan
19?*
10
11
3?*
Jan
Jan
8?*
Jan
10
Jan
11?*
Jan
1.25
Jan
1.80
Jan
6*4
325
70c
3,000
Commerlcal Alcohols Ltd *
3?*c
3?*c
3?*c
800
Consol Bakeries of Can. ..*
20?*
20?*
20?*
410
18
10?*
18?*
71,175
65
65
10?*
10?*
16
15?*
*
20
165
1.75
Dominion Stores Ltd-
104
18
14
M
•.
~
_
-
•»
*
20
Jan
17?*
25 X
19
65C
Dom Eng Works Ltd.....
104
21X
Jan
1.75
Jan
166
Jan
Jan
65c
Jan
Jan
4
Jan
2X
preferred
50
166
Jan
Catelli Food Products B 6%
79
10
84
2X
14X
13X
Catelli Food Prods Ltd...*
Jan
165
Jan
Jan
22 X
19X
-.100
Jan
Jan
9?*
1,241
6,395
13?*
*
73?*
Jan
Jan
Jan
2,615
44?*
Cndn Light & Power... 100
Cndn Marconi Co
1
43
25
8?*
4
4
1,015
275
26
Jan
25?*
240
3,496
Jan
JaD
7?*
6?*
7X
20
4?*
Consolidated Paper Corp.*
Jan
112
3X
"243"
Cum pref
Jan
Jan
18X
*
Canadian Vlckers Ltd
Jan
56
25
Cndn Int Inv Trust Ltd--*
Cndn Industries Ltd B
8?*
7
57
Jan
3.50
*
$3 cum pref
Brit Amer Oil Co Ltd
8
Jan
Jan
95
3,253
1,203
1,663
8
10X
41
788
95
High
Jan
41?*
6,992
50
Low
7
48,046
100
voting tr..*
Bathurst Pr A Paper ol B.*
Brewing Corp of Can
Shares
52 X
52
Asbestos Corp
52?*
10?*
High
8X
100
Jan
245
635*
Prefctfs of dep
2,335
93
100
6% cum pref
Jan
201
635*
for
of Prices
Co--*
100
41?*
25
100
Abitlbi Pow <fc Paper
40
275
185*
Par
Stocks—
35
265
185*
*
Week's Range
Sale
Jan
165
265
Sales
Last
Jan
Jan
20
*
inclusive, compiled from official sales lists
Friday
Jan
15
95
965*
Montreal Curb Market
Jan. 23 to Jan. 29, both
Jan
16,245
*36?*
416
11
Industrial Bonds
330 Bay St., Toronto
Jan
,
Public Utility and
»
Jan
18?*
.
Lake of the Woods
Ottawa Traction
Jan
; 75*
Lang (John A) & Co
Niagara Wire
22X
17 5*
56
115*
"l4?*
Lake of the Woods pref. 100
Montreal Cottons
670
27 5*
10 X
21
Sparks St., Ottawa
Jan
30
102
Preferred ..........100
Lindsay (C W)__
5
155*
£1
Industrial Acceptance...
Jan
56
100
Holllnger Gold Mines
2?*
80
16
1883
St., Montreal
Jan
445
15
95
100
56
Jan
36
56
255 St. James
Jan
6?*
340
26 X
14 X
ESTABLISHED
Jan
Jan
15X
»
Jan
2
8
7X
13?*
15
36
7X
148
675
155*
East Kootenay Power
Eastern Dairies
i
21?*
Canadian Government
INCORPORATED
Jan
Dom Tar A Chemical Ltd *
Dom Tar&Chem cm
Donnacona
Paper A
pi 100
115
80c
Jan
3?*
Jan
4
Jan
20?*
10?*
Jan
21
Jan
Jan
18?*
Jan
80
62
Jan
65
Jan
11
160
10
Jan
11?*
Jan
17
1,728
15?*
Jan
18?*
Jan
116
470
,
110
Jan
117
Jan
*
15?*
15?*
16?*
7,534
14?*
Jan
17
Jan
*
B
15?*
14?*
15?*
1,575
14
Jan
16?*
Jan
33
33
30
12
Jan
33
Jan
24
24
175
17?*
Jan
30
Jan
East Koot Pw 7 % cm pf 100
Eastn Dairies 7 % cm pf 100
*
115
Jan
40c
No par value.
24~~
if
4,
|
Financial
752
Chronicle
30,
7
Jan.
Canadian Markets —Listed and Unlisted
Curb
Montreal
\
Market
Sales
Friday
V
Last
•
Stocks (Concluded)
Week's Range
for
Sale
.
of Prices
Low
High
Price
Par
European Elec Corp Ltd. 10
10
10
10
Fairchild Aircraft Ltd
6
11
10
11%
*
27%
26%
28
Ford Motor Co of Can A.
_
Duncanson, White & Co.
Week
Range Since Jan. I, 1937
Shares
Low
High
STOCK BROKERS
250
10
Jan
10
Jan
4,270
3,824
9
Jan
13
Jan
22%
Jan
28
Jan
*
Voting trust ctfs.
2
2%
380
1.25
Jan
2%
30
343
31%
Jan
30%
4,369
30%
Jan
97
76
97
1,395
76
Jan
34%
34%
98%
Jan
31%
34%
32%
70c
Jan
Jan
GenSteelWares7% ompflOO
Hunter Valley Oil Co
Imperial Oil Ltd
*
Int Paints (Can) LtdA
70o
*
70c
500
21%
21%
10%
7,625
*
21%
10%
Inter Utll Corp class A
70c
21
21%
10%
20
33%
16%
Jan
36
Jan
120
4,530
1.65
Jan
2%
35%
35%
17%
2,584
2%
17%
17%
2
2
Jan
19
22%
22%
50
22%
Jan
22%
32%
35
2,825
37%
Jan
59
63
460
32%
52%
Jan
60
64%
Jan
McColl-F Oil 6% cm pf 100
Melchers Dist Ltd A
*
99%
*
4%
B
Mitchell A Co (Robt) Ltd *
Montreal Isld Power Co..*
99%
5
20
*
37
Price Bros & Co Ltd... 100
100
Power of Can
cum
pref. 100
106
Reliance Grain Co Ltd
Ltd
Jan
30
Jan
100
Jan
Jan
25
20
Jan
21,905
25
Jan
4,312
98
Jan
38
104
14
70
Jan
12%
Jan
1.40
Jan
20
Jan
41%
Jan
105%
Jan
13%
Jan
2,600
43
Jan
50
210
13
Jan
22
Jan
16
475
8
Jan
16
Jan
105
159
104
Jan
7%
25
1.00
85c
25
mimmm
1.00
1,125
2%
3
2%
19%
*
50
25
1.50
.85
25
Jan
Jan
Jan
Jan
Jan
106%
1.50
Jan
1.15
Jan
25
Jan
3,015
2%
Jan
3%
Jan
110
19%
Jan
19%
Jan
1,000
10,000
18% c
8%c
Jan
Jan
18% c
10% c
Jan
27,075
1.42
Jan
1.85
Jan
19%
Afton Mines Ltd
18%c 18% c
9%c 10% c
mm*mmrn
3%
British American Oil
*
25%
*
38
B
*
Building Products A
*
Burry Biscuit new
50c
Burt (F N)
Canada
25
Bread
9%c
*
1.50
1.42
1.64
1
3%c
24,600
3%c
Jan
4%c
Jan
7c
3%c
6%c
4%c
*
9c
48,400
4%c
Jan
9c
Jan
1.05
90c
1.08
55,700
85c
Jan
1.08
Jan
12c
12c
500
"~~50c
48c
51c
48c
Jan
53c
Jan
Arno Mines.
Arntfield Gold
1
Ashley Gold Mining Corp. 1
Beaufor Gold
__1
Big Missouri Mines Corp.l
60c
60c
69c
Bouscadillac Gold Mines. 1
62c
46c
62c
Brazil Gold A Diamond Ml
12c
10c
12c
Brownlee Mines
10c
10c
13c
(1936)
1
B R X Gold Mines Ltd. 50c
2.00
Cartler-M alartic G M Ltd 1
35c
4.20
1,050
16,300
9,475
8c
7c
8c
2.19
2.32
*
2.45
East Malartic
50%
6c
1.57
1.95
__1
Jan
30c
36c
4.30
2.65
1
Jan
13c
Jan
2.22
mm*
15c
Jan
30c
6%c
Jan
Jan
10c
*
mi'mm
9%c
9%C
1.85
1
*
Jan
27%
Consol Chibougamau
Dalnousie Oil Co
Dome Mines Ltd
Jan
62c
700
1,178
14,500
61,475
2.12
Clericy Consol Mines
Duparquet Mining Co
69c
Jan
10c
4.20
1
Jan
46c
28%
28
2.05
Central Patricia Gold
61c
Jan
10c
28%
*
Dredging Ltd b
Cndn Malartic Gold
21,550
7,087
49,975
6,400
161,500
Jan
10c
Jan
29
Jan
Jan
47 %c
Jan
Jan
4.50
Jan
Jan
9c
Jan
1.98
Jan
2.67
Jan
Jan
2.85
Jan
6%c
2.85
52,220
1.37
50%
6%c
150
47%
5%c
Jan
50%
Jan
Jan
7c
Jan
2.03
31,100
82,470
1.20
Jan
2.03
Jan
2.35
Jan
2.70
Jan
11
Jan
12%
Jan
1.15
Jan
1.50
Jan
18c
Jan
Eldorado Gold Mines Ltd 1
2.43
2.40
2.52
Falconbridge Nickel M__*
10%
10%
12%
Francoeur Gold Mines Ltd*
1.40
1.25
1.41
10,290
6,570
22,200
Graham-Bousquet Gold__l
28c
18c
28c
42,500
39c
500
36c
f 36c
41c
22,400
36c
Jan
46 c
Jan
3.65
3.35
4.00
48,995
2.75
Jan
4.00
..50
100
Canadian North Power
*
Canada Packers
67c
67c
400
34%
1,155
46% c 46% c
53 c
H43c
1.18
1.28
500
39c
"
Homestead Oil & Gas
1
Hudson Bay Min A Smelt *
33
33%
International Mining.._.l
J-M Consol G M Ltd
1
Kirkland Lake Gold
1
Lake Shore Mines
"51c
1.23
35%
Jan
Jan
46% c
Jan
43c
Jan
53c
Jan
6,650
1.14
820
36%
Jan
15c
Jan 26 %c
Jan
30c
Jan
6c
Jan
Jan
7.30
Jan
8.50
23,500
#6c
Macassa Mines
1
7.30
7.30
M clntyre-Porcupine
5
39%
McWatters Gold
*
7.90
""~7c
26c
•>
Jan
42%
1.19
Jan
3c
Jan
25c
Jan
6c
6c
5c
Jan
9.00
9.85
3.60
3.60
3.60
200
21c 22%c
24,900
21c
Jan
2.15
Jan
22c
1
2.39
2.35
2.50
8c
30c
Jan
8%c
Jan
Jan
4.05
Jan
Jan
2.51
8.85
8.50
8.85
8.05
Jan
8.85
4.15
1,350
6.20
Jan
6.70
Jan
6.40
6.55
500
4.15
Jan
4.15
__1
Read-Authier Mine Ltd__l
5.75
1
Quebec Gold Mining
Ritchie Gold
P75c
75c
5.60
5.75
1,100
3,450
17 %c
_i
8%c
6,500
Jan
2.90
Jan
Siscoe Gold Mines Ltd.._l
Sladen Mai
__i
6.20
6.00
6.40
2.33
2.10
2.50
70,300
Stadacona-Rouyn
1.55
1.30
94c
Sullivan Cons Mines Ltd.l
2.03
2.00
1.55 281,718
2.15
30,184
Sylvanite Gold
4.35
4.35
4.55
___i
Teck-Hughes G M Ltd
Thompson Cad
Towagamac
5.10
Jan
6.65
Jan
2.50
1.55
2.00
Jan
2.25
Jan
4.55
5.30
Jan
5.95
Jan
2.15
500
1.31
Jan
1.62
Jan
2.88
3~oo
*
2.95
375
2.88
Wayside Cons Gold...50c
Wright-Hargreaves
»
Jan
6c
7~95
•
6c
200
6%c
Jan
7c
8.10
1,335
7.60
Jan
8.20
Preferred
Last
Stocks—
6% preferred
Par
*
for
Sale
Abltibl
Week's Range
of Prices
Price
9
Low
m
100
52%
_*
5%
Alberta Grain pref
100
37%
5%
37 %
Batburst Power A
*
19
18 %
*
"18"
7%
17%
Alberta Grain
B
Beatty Brothers
Preferred..
Beauharnois
Bell Telephone
100
»
104
6 %
100
161
Blue Ribbon pref
50
Brantford Cordage pref..25
Brazilian
36
50
High
9%
54 %
6%
626
43 %
325
Consolidated Bakeries
*
Consolidated
......
42
4%
28
18
10
Coal pref....25
Dominion Steel & Coal B 25
Jan
57
Jan
Jan
6^
Jan
43 %
20 %
Jan
18
Jan
104
35
104
Jan
Jan
26%
Jan
23
14
Jan
19
50
126
Jan
135
130
135
Jan
17
20%
1,180
20%
Jan
21%
77%
206%
26%
1,630
15%
6,410
3%
140
16%
20%
74%
204
26%
20
Jan
12%
Jan
15
Jan
Jan
11
845
10%
Jan
11%
23
490
19
Jan
24
Jan
Jan
9%
36%
16%
Jan
8%
*
23%
23
*
27
26%
29%
*
7%
7%
104
T7~"
9%
28%
7%
6%
159
Jan
SVs
21%
Jan
14%
Jan
8
28%
2,730
8,629
22%
Jan
29%
23%
22%
Jan
28%
Jan
Jan
11
Jan
Jan
104
Jan
105
10
Jan
14%
17%
5,945
8
87
315
85
56
57
210
56
2%
32
15
16%
Hamilton Cottons pref .30
Hamilton Un Theatres..25
36
35
36
Hamilton Un Theat pref 100
"66
66
3
*
*
6%
6%
3%
"21%
14%
"63
35%
*
35
Lake of the Woods..
*
*
14
Jan
17%
Jan
125
30
Jan
35
Jan
120
com
18%
69
Jan
7
Jan
21%
1,585
20
Jan
22%
27
14
Jan
14
Jan
12,019
21
Jan
22
Jan
14%
Jan
14%
103%
1,075
13%
Jan
80
8,818
6,185
102%
62%
Jan
64%
35%
35%
18
2%
..100
Jan
34
Jan
36
Jan
215
15%
Jan
19%
Jan
5,120
1%
Jan
2%
Jan
30%
Jan
39
40
Jan
42
Jan
15%
Jan
19
Jan
550
40
10
18%
19
500
Jan
i
40
Jan
j
75
95
77
Jan
23%
24
620
23%
Jan
24%
Jan
22%
635
21
Jan
22
Jan
9%
11
12%
9
6%
9%
Jan
11
8%
Jan
12%
9%
58%
63%
8%
52%
13%
Jan
65
Jan
14%
140
99
Jan
235
5
Jan
100%
6%
83%
43%
Jan
74
9%
11
60
11
14
100
5
5
100
.
.
v
"44"
100
*
83%
43%
*
15
600
89
200
3
7
8
8
101
*
20%
3%
10
99% 100%
25%
100
*
183
1,445
20%
3%
100
Metals
5%
83%
44
1%
1%
*
;
14
100
6,070
1,025
3,440
1,650
1.791
8%
9
137% 137%
*
l
13%
183
.100
*
ISA
Jan1
22
Ja
n
Jan
20
Jan
50
2
Jan
6%
Jan
205
99%
Jan
Jan
86
44%
183
1%
9%
138
21%
3
10
8
4,575
26
85
8%
23%
Jan
101%
9%
26%
101
20
96
Jan
101
27%
33
28%
705
27
Jan
33
34
250
33
Jan
34%
22
Jan
15%
Jan
25%
16%
11%
11%
100
No par value.
Jan
65
1
Gas
Jan
Jan
25
3,500
*
1
8%
Jan
Jan
25%
Preferred
180
Jan
137
25%
Jan
72
10
1
Union
Jan
21%
100
Tip Top Tailors
161%
Jan
64%
37
*
Jan
26
Jan
104
Jan
Jan
34
100
10
Jan
Jan
Jan
Jan
"24"
8%
112
100%
112
100% 101
14
100
105
110
Jan
112
65
100%
Jan
101%
34
140
14
17
104% 107
15%
29
30
34
*
20
Jan
1,655
11%
Jan
16
435
99%
Jan
108
85
13%
Jan
15%
34
80%
15%
83
470
80
Jan
85%
25
76
75
78
271
73
Jan
79
.100
4
4
4
125
Jan
Jan
16%
Jan
11%
Tamblyns Lts
Jan
3%
Jan
5%
21%
14%
100
Jan
35
Jan
29%
4,570
22
106
25%
3
32
Jan
40
*
Groc A
Preferred
50
Jan
Jan
(John;
*
Sterling Coal
20
Jan
2%
2%
65%
14
2
Jan
Jan
57
20
17%
"2"
16%
89%
Jan
1,400
22%
62%
45
Jan
Jan
,
Jan
Jan
7
21
103
lou
75
Jan
Jan
67
14
22
*
Jan
37 %
10I
86
32
Jan
195
56%
2%
Standard Chemical....
*
Stee lot Canada
_.*
Jan
4%
Jan
8
15%
Simpsons B
Simpsons Ltd pref
Jan
•
31
25
104
Gypsum L. A A
Sons Ltd.
1,340
87
-.100
.
10%
*
..100
2.790
22
Fanny Farmer
Petroleum....
Jan
Jan
385
Famous Players
5
Jan
9,845
15%
29%
23%
com
50
25%
27%
15
15
*
Jan
21
*
Hinde & Dauch
48
13%
36
Harding Carpets
30
20
35%
Great Western Sad
Preferred
Jan
20%
14%
*
*
Jan
26
28%
21%
English Electric A
50
203
33
26%
8%
Preferred
81%
207
45
25%
»
General Steel Wares
Jan
4
28
Easy Washing
Goodyear Tire
74%
Jan
50
10%
22%
Preferred
16%
Jan
1,120
14%
2%
14%
15%
3%
15%
49%
.....
26 %
22
11,338
15%
3%
15%
20%
76%
204%
17%
385
♦
Frost
7%
260
17%
*
A
46%
8%
23
Eastern Steel Products
B
Jan
21%
31%
17
Dominion Stores
Saguenay Power pref. .100
Simpsons A
Jan
36
21%
130
Russell Motors pref...100
Jan
635
232
*
Jan
6
150
9
20%
12%
19
"l7"
100
Distillers-Seagrams
6%
9,920
Remington-Rand
25 %
"2VA
*
Porto Rico pref
Power Corp
High
Low
6%
655
1,045
..100
Crow's Nest
6
Root Petroleum
19%
8%
7
6%
160% 161%
Smelters..25
Gas
Cosmos
8%
7%
6%
Photo Engravers
20
180
*
*
Pressed
Shares
30,256
3,025
Jan
Cockshutt
Ford
Jan
Jan
25
Page-Hersey
PantepecOll
Week
Jan
44
Preferred
Range Since Jan. 1, 1937
73
8
28
Orange Crush
Sales
Friday
29
Jan
330
National Sewer Pipe
inclusive, compiled from official sales lists
62
Jan
970
100
Preferred
Toronto Stock Exchange
Jan. 23 to Jan. 29, both
Jan
19
5,400
6%
16%
28%
87%
9%
67
31%
6
58
107
55
21%
19%
103
105
45
*
Canadian Pacific Ry
Canadian Wineries
Dominion
Jan
29%
*
National Grocers.
Jan
6%
8
56
44
Canadian Locomotive
Canadian Oil
Consumers
Jan
86
155
30
*
Muirheads
Jan
7.90
175
Jan
45
B
A
Jan
3.15
27%
20%
Monarch Knit pref
Moore Corp common
Jan
1.32
35
♦
Preferred
Jan
1.30
1.32
5.60
1.65
8%
7%
Monarch Knit
Jan
28%
87%'
15
*
Cndn Industrial Alcohol A*
M oColl-Frontenac.
Jan
3.90
27%
1,595
25
B
Jan
1,260
5.95
2,290
1.85 109,145
Jan
16%
107
105
Jan
Jan
Jan
Loblaw
Jan
Jan
103
35
10%
18%
Laura Secord
Jan
1.90
Jan
25
58
540
Dredge
Lang Co.)
Jan
1.55
1
..1
Exploration .1
Ventures Ltd
1.02
3.60
102%
61%
15%
103
57%
15%
12
Jan
76c
10%
11%
Maple Leaf Milling
*
Maple Leaf Milling pf_100
52,000
Jan
11%
Massey-Harris
Preferred
29,775
17,800
44%
8
*
Cdn Canners 2nd pref.
Canadian Car
Jan
1.02
Jan
3,000
Jan
Jan
3.15
43
10%
19%
Jan
80c
535
8%
835
75c
2.90
Jan
785
9c
1.00
7
20%
5.85
3.00
200
19
Jan
1
<5*
7%
43%
19%
Jan
1
Jan
100
Jan
Shawkey
11%
66
57
8%
1st preferred new
75c
Sherritt-Gordon
39
10%
Jan
9
Canadian Cauners
5.00
7%c
25%
Jan
73
Jan
1
Jan
37
15
25
Lang A
Jan
4.10
6.50
Gold
22
310
67
Bakerlesj>refl00
3%
9,838
24
Jan
1
Pickle-Crow
21
Canadian
Kelvlnator
13%
Jan
Jan
295
86
Internatl Utilities B
Jan
Jan
64
7%
Internatl Utilities A
3.60
11%
Jan
14%
Canada Wire A Cable B._»
Internatl
8.50
24c
27 %
38
9
7%
2%
900
235
485
Intl Milling pref
Internatl Nickel
Jan
18,950
2,000
Premier Gold Mining
Pioneer Gold
High
Low
4,555
62
Imperial Tobacco
Jan
Jan
25%
1,1937
Week
60
Imperial Oil Ltd....
Jan
91c
1,400
22,025
1
7%c
106
Canada Steamships pf.100
Can Wire A Cable A
*
Hunts A
Jan
39
9.70
O'Brien Gold Mines Ltd__l
Pamour Porcupine M Ltd*
Jan
Jan
8c 122,600
500
26c
26c
6c
1.35
59
665
1.05
B4c
__l
2,400
Jan
350
40
39%
L95c
1
Parkhill Gold Mines Ltd
Perron Gold Mines Ltd
Jan
6%c
1
120c
fe_,6c
*
32%
46% c
18c
28 %c
Montague
Jan
48,182
1
Newbec Mines Ltd
85c
30c
Lebel- Oro Mines
Lee Gold Mines Ltd.
_
Jan
65,700
56%
25 %c
Jan
57c
57
56%
*15c 26%c
1
Lamaque Contact G M..*
Moffatt-Hall Mines._
99,450
39c
24%
37%
10%
63%
103
"~57X
15%
Preferred
Jan
Granada Gold Mines.....1
Greene Stabell Mines Ltd.i
Home Oil
*
23 %c Jan
39c
Jan
3%
20
9J4
100
pref
Canada Cement
Jan
2.14
43
*
A preferred
B
9
8%
3%
18
B C Power A
Canadian
.1
Aldermac Copper Corp
Alexandria Gold Mines
Bulolo Gold
8%
Preferred
Preferred
Mines—
Acme Gas & Oil Co Ltd..*
Range Since Jan.
for
Shares
Price
Brewing Corp. of Canada..
Jan
139
22
7%
Par
of Prices
Low
High
Brewers A Distillers new.5
Jan
50
mmmrnmrn.
*
.
_
| 1.40
Jan
105
106
United Distillers of Can.. *
Walker-Good A Worts pf
1100
5
15
United Securities Ltd. .100 m'j,
WalKervJIle Brewery
21%
Jan
Jan
14%
20
mmmmrnrn
_*
Southern Can P pref—100
Thrift Stores Ltd
*
5
100
Jan
Stocks (Continued)
Week's Range
Sale
Jan
48%
48%
*
B
1.40
20
14
*
Royalite Oil Co Ltd
Sarnia Bridge Co A
2
105% 106
14
*
Jan
4
2,060 ;
36%
41%
126% 139
138
6%% cum pref
Jan
12%
100
1.40
Mtl Refrig & Stor vot tr__*
Paton Mfg Co
29
100
mm*. m mm
99%
420
5
27
27%
60
720
99%
14%
13
Jan
Sales
Last
Jan
33%
_
WA. 3401-8
Exchange
Friday
Jan
22%
cm
Toronto Stock
Jan
*
Massey-Harris5%
Inc.
(Associate)
Jan
Jan
6%
80
*
pflOO
MacLaren Pow & Paper.
Curb
King Street West, Toronto.
Jan
Jan
20
1
15
Jan
19
550
20
35%
*
Inter Util Corp class B
6%
20
Intl Paints 5% cum pref-20
Int Petroleum Co Ltd
*
Loblaw Groceterias B
York
Jan
Jan
Exchange
Commodity Exchange,
New
Jan
30
*
.
2
*
Foreign Pow Sec Corp
Fraser Cos Ltd
Members Toronto Stock
Canadian
*82~~
16%
*
11
107
.100
*
16%
10%
"17%
17%
16%
2,405
3%
15%
11
107%
140
10%
19
30
4,950
106
16%
4
Jan
108
Jan
19
Volume
Financial
144
753
Chronicle
'
'
.
,
'
'
I
'
•
•
Canadian Markets —Listed and Unlisted
Toronto Stock
United Steel
Par
of Prices
Week
*
Walker (Hiram) com
Western Can Flour
*
,100
(Geo) common..*
New
18%
Jan
Jan
48%
Jan
Buffalo Ankerlte
Jan
20
Jan
Buffalo Canadian
Jan
12 H
Jan
Bunker Hill
*
...l
11%
90
Jan
Jan
18%
Jan
Calgary & Edmonton.
Calmont Oils
...l
Jan
Jan
106 H
10
Jan
4%
4%
Jan
Cariboo Gold—
10
Jan
75
31
Jan
44
Jan
Castle Trethewey
Central-Patricia
10
38
Jan
60
Jan
Central Porcupine
Jas) pref-100
6
95
Jan
6
Jan
Chemical Research
190
•
13c 16 %c
3.70
75c
95c
1.9$
2.10
1.60
♦
60
9%
6c
2.03
...i
Jan
43
9,1
12
3.25
1.61
...1
60
«*
11%
5%c
!
9%C
3.50
*
Canadlan-Malartic.
Shares
High
95c
40
100
5%c
16%c
*
Jan
105
Low
Price
*
Range Since
Week
9c
17%
30
for
of Prices
B R X Gold Mines
80
900
9
9X
Jan
Par
19X
11X
1,575
105X
Stocks (Concluded)
High
45 H
5
87
8
*
B
460
105
8H
*
Winnipeg Elec pref
Wood (Alex &
12
17%
17 X
100
preferred
Winnipeg Electric A
20
7X
28,975
2,425
2,185
9X
87
Western Can Flour pf.
Westons
47
19 X
46 %
19 H
♦
Preferred
7X
46 X
9X
Low
Shares
High
12
*
com
Low
Price
Week's Range
Sale
for
Sale
Sales
Last
Range Since Jan. 1 1937
Week's Range
Exchange—Mining Section
Friday
Sales
Last
Stocks (Concluded)
Toronto Stock
Exchange
Friday
1.64
41,200
4.40
4.20
4.40
32
31
36
29,505
48,800
1.55
1.46
High
Low
9c
4,700
11
2,441
5c
21,900
28,660 12 %c
2.60
48,570
42c
83,005
1.80
52,080
1.60
1,200
Jan
Jan lOHo
12
Jan
Jan
Jan
6%c
Jan
Jan
16He
Jan
Jan
Jan
3.70
Jan
95c
Jan
Jan
2.14
Jan
an
1.75
Jan
*
1.46
Jan
1.66
Jan
4.20
Jan
4.50
Jan
31c
Jan
43c
Jan
5%
Jan
1.44
Banks—
58
100
208
245 H
-
Commerce
-
Dominion
Imperial
100
6,425
1.31
7c
8c
33,475
34,475
6%C
Jan
8Hc
Jan
47c
41c
49c
16,150
24c
Jan
49c
Jan
3.30
3.30
3.50
1,300
3.30
Jan
3.60
Jan
1.90
1.90
2.05
8,250
1.80
Jan
2.14
Jan
2.25
2.20
2.30
48,560
14,450
6,407
19,100
253,800
355,820
1.85
Jan
2.65
Jan
60
Jan
Oommonweath Petroleum *
Jan
210
Jan
Conlagas
197
234
Jan
250
Jan
Conlaurum
23
235
Jan
251%
Jan
126
171
........
*
245
145H
239
150
231
Jan
239
Jan
Cons Chlbougamau
...i
Darkwater Mines Ltd.
332
236
248
236
100
338
30
312
Jan
339 H
226
Jan
Dome Mines.
Jan
Dominion Explorers.. ...1
...1
Dorval-Slscoe.
222 % 225
100
Royal
1.35
1.23
7c
245
100
Montreal.
Nova Scotia
1.20
1.29
*
57 H
183
57 X
59
205
200
60
100
Canada
1.22
*
Clerlcy Consolidated..
6 *
*
*
Chromium Mining
Zlmmerknit
200
80
Jan
m,
2.43
*
2.35
2.65
50%
9%c
-
49%
51
72c
54c
76c
1.60
2.05
100
152
155
36
145
Jan
155
Jan
Eldorado
Huron
Erie
100
72
73
22
72
Jan
75
Jan
Falconbrldge
11
11
15
11
Jan
12%
Jan
Federal-Klrkland.
National Trust
100
212
212
5
208
Jan
212
Jan
Jan
Jan
Glenora Gold
Jan
110
Jan
God's Lake
20%
Ontario Equitable Life
7
25
105
6X
104
Toronto General Trust. 100
14
5%
104
*
...
Jan. 23 to Jan. 29, both inclusive,
West's Range
Sale
Par
Stocks—
*
Blltmore Hats
Low
Price
14
13%
__*
"lOX
Canada Bud......
*
9%
Canada
*
Bruck Bilk
Malting
Canada Paving
9
2,040
37
510
1,230
,
14%
34
Jan
12
10
10
1%
Jan
7
Jan
500
18%
Jan
21
Jan
25
200
23
Jan
25
2%
15%
91
Corrugated Box pre!...100
7
20
2%
13%
~~2%
*
91
1.60
Jan
3%
Jan
250
12%
Jan
13%
Jan
89
Jan
92
Jan
10
25
1.75
Jan
15%
40
Jan
16
95
15%
15%
Jan
475
54%
Jan
715
16
Jan
16 X
54 X
*
Dominion Bridge
1%
15%
DeHavlland
*
54%
16%
56%
17
Dom Tar A Chemical
*
16
16
Hamilton
*
16%
15%
17
76
76
83
Bridge
Hamilton Bridge prel.. 100
60c
1.20
*
Honey Dew
12
Jan
3,705
1%
»
Dlsher Steel pref.
Jan
25
*
Crown Dominion Oil
37
2%
Jan
17
Jan
16%
Jan
57%
Jan
18%
Jan
900
12%
Jan
17
Jan
105
1%
63
Jan
85
Jan
60c
Jan
6,130
14
1%
Jan
14
Jan
*
*
12
Jan
Howard Smith.
21%
21%
20
18%
Jan
21%
Jan
Humberetone
*
32
70
32
Jan
Jan
755
16
Jan
32%
18%
150
90%
Jan
100
Jan
220
23
Jan
32
Jan
1,285
34
Jan
37%
Jan
840
52%
Jan
57%
Jan
725
2%
4%
Jan
3%
Jan
Jan
Jan
4%
7%
Jan
7
3%
118%
Jan
8%
Jan
Preferred
180
Int Metal lndust pre!.. 100
91
90%
32%
17%
94%
100
30
27
32
Montreal Lt Ht A Pow cons
36
35%
36%
National Steel Car
55 X
54
56
17
*
Int Metal lndust
Mercury Mills prel.
*
Ontario Silknit pref
2%
4X
4%
3%
4%
7
5
Preferred
7
100
*
3
100
Rogers Majestlo Corp Ltd.
Shawlnigan
*
Standard Paving
...»
118
Prairie Cities Oil
•
3
—*
North Star
16%
Robt Simpson pref
25
365
3
Jan
5
3%
118
Jan
118
8
8X
385
7
8%
31%
4,480
7%
Jan
880
29%
Jan
8%
30%
1,463
..100
Preferred..
50
54
120
*
*
2
2
110
43
Jan
Jan
Jan
33
Jan
6
Jan
Jan
8%
Jan
Jan
56
Jan
Jan
....
36
Common..
36
200
1%
33%
Jan
36
Jan
35
Stop & Shop
Super Petroleum ord
35
10
33%
Jan
36
Jan
5
1%
Jan
1%
Thayers common
21
100
19
Jan
630
37
Jan
40
Jan
40
no
Jan
118
Jan
Toronto Elevators.......*
38
37
Toronto Elevators pref. 100
United Fuel pref...
100
112
112
113
58
58
61
620
Walkervllle Brew
*
2%
Waterloo Mfg
*
2%
Jan
2%
38%
21
Preferred
1%
3%
2%
2%
3
425
3%
280
51%
2%
2%
21
Jan
|Jan
62%
3%
Jan
Jan
11 KING ST. W.
Jan
30c
Jan
Jan
•He
Jan
Jan
18c
Jan
35c
41c
35o
Jan
45c
Jan
16 %c
17c
3,700
12c
Jan 17 He
JaD
1.14
1.10
1.15
6c
4%C
7c
2.90
2.75
2.98
*
28c
27c
33c
Harker Gold..
1
27c
25c
31c
High wood Sarcee.....
*
30c
26c
35c
....
35c
1
—
1
—
...1
\
-
15%
Holilnger Cons.......
65c
63c
76c
63c
61c
65c
16c
650
43c
53c
94,700
1.99
1.95
2.03
Kirkland-Lake
1
1.21
1.20
1.29
11,750
64,150
1.00
90c
1.00
56%
56%
25c
14c
1.23
1.20
82c
82c
16c
Laguna Gold Mines
Lake Shore
...1
Lamaque Contact
Lapa Cadillac Gold Mines
Lava Cap
-
...1
Gold
1
29c
21c
Lee Gold Mines
...1
6 %C
5%c
Little Long Lac
*
8.10
8.00
Lebel Oro
Exchange—Mining Section
6.95
7.45
1.12
1.20
Arntfleld
1
1.05
90c
1.09
Range Since Jan. 1, 1937
Ashley Gold
1
Astorla-Rouyn.
1
15%c
*
1.50
Bagamao Rouyn
1
Bank field Cons Ltd
1
7 He
1.56
Aldermao.
.....
.
11
10
12
13 He 16 He
1.43
1.65
High
6Hc
8c
1.55
1.85
Base Metals............*
27c
260
29c
Beattie Gold Mines......*
1.48
1.40
1.49
Bldgooe Kirk
Big Missouri..
Bobjo Mines..
1.40
1.33
1.60
60c
60c
64c
25c
22o
25c
Bralorne Mines.
I
1
1
1
*
8.65
8.65
8.95
Jan
Jan
30c 754,817
7c
26,200
18%c
5%c
Jan
30o
Jan
Jan
7Ho
Jan
8.25
9.295
7.05
Jan
8.25
37c
Jan
iJan
Jan
40%
380
Jan
2%C
5
39%
McKenzle Red Lake.. ...1
1.85
1.82
1.92
1
15c
15c
18c
...1
23 %c
95c
22c
25c
90c
1.04
2.00
2.00
Molntyre Porcupine..
M CM lllan Gold
M c V lttle-Graham
♦
Mc Watte rs
...5
Mentor Explor
*
-
m
-
-
-
-
20%c
3.60
3.90
Mlnto Gold
*
25c
22c
28c
Model Oil
1
70c
65c
72c
...l
1.60
1.55
1.68
...1
72c
65c
75c
—1
7c
6c
5%c
5%C
Moneta-Porcupine
Morris-Kir kland.
...
.
—
Murphy Mines
Newbec Mines..
100
26c 151,800
21c
3.90
Merland Oil
Mining Corp....
23,892
23,900
23,100
68,535
38,500
7c 117,500
7c
39,600
2.03
Jan
Jan
Jan
1.78
Jan
15c
Jan 19Hc
Jan
17c
Jan
27c
Jan
85c
Jan
1.18
Jan
Jan
2.00
Jan
12c
Jan
26c
Jan
3.25
Jan
1.50
3.95
20c
Jan
28o
45c
Jan
72o
1.55
Jan
1.77
Jan
Jan
Jan
Jan
64c
Jan
75c
Jan
4.%c
Jan
8c
Jan
Jan
8%c
4C
-
Jan
Nlpisslng
*
Noranda
1.20
1.16
1.30
33,188
1.16
Jan
1.49
Jan
3.30
-^.1
New Golden Rose
3.10
3.30
6,500
2.68
Jan
3.30
Jan
9,387
73%
8%c
16,316 72 %c
Jan
12 %c 16 %c 190,255
Jan
79%
16%c
Jan
90c
Jan
8.75
Jan
13.25
Jan
74%
73%
77
Norgold Mines Ltd—
14c
Northern Canada Mining. *
76c
75c
76c
1
9.60
8.95
9.85
O'Brien Gold
♦
31,950
Jan
Jan
10c
10c
12c 203,700
6c
Jan
12o
Jan
1.16
86c
72c
Jan
1.28
Jan
3.65
3.60
1.28 770,523
3.85
7,776
Jan
4.00
42c
30 %c
30c
Jan
46c
1
1.11
1.08
46c 304,900
1.25 263,902
1.07
Jan
1.38
Jan
1
2.39
2.32
2.50
2.10
Jan
2.50
Jan
3%c
2%c
3%C
8.60
8.95
2 %c
8.00
Jan
8.80
Jan
8.95
Jan
6.50
6.35
6.65
6.00
Jan
6.75
Jan
1.60
1.55
1.75
21,525
40,510
32,205
5,890
39,672
1.55
Jan
1.82
Jan
.1
4.00
3.95
4.25
20,675
3.95
Jan
4.50
Jan
•
1.39
1.36
1.42
1.29
Jan
1.47
Jan
♦
1.25
1.22
1.33
1.22
Jan
1.55
Jan
1
75c
75c
85c
*
23c
18c
24c
1
5.80
5.60
5.80
29,820
2,000
3,800
4,980
5,681
*
1.22
Olga Oil A Gas New..
—.1
Omega Gold..
*
Pamo ur-Porcu pine—
.
.
.
—
—
—
*
Jan
1.90
Jan
2.49
Jan
3 %c
Jan
5Hc
Jan
620
9,765
1.60 211,990 90 %c
Jan
85 He
Jan
Jan
1.50
21o
Jan
80c
m
1.52
1.27
...1
27c
5.70
27 %c
5.70
5%c
75c 85%c
48,750
32c 776,700
6.00
5.55
6.05
2.25
...1
4.10
3.90
4.20
Exploration. 1
1.40
1.34
1.51
*
2.90
2.85
2.98
Waite Amulet
3.30
3.25
3.55
16,810
Wayside Consolidated-5Uo
♦
White Eagle
...
6%C
6c
52,100
4c
3%C
6%c
4%c
Jan
1.09
Jan
Toburn Gold
Jan
Towagamao
Jan
Ventures
Jan
Gold—
—.
Jan
Wiltsey-Coghlan
1.30
Jan
1.50
Jan
Wood-Cad Wao
1.33
Jan
1.70
Jan
Wright-Hargreaves
Ymir Yankee Girl
Jan
Jan
Jan
6.65
2.05
Texas-Canadian
8.95
Jan
3.60
Jan
5.95
Teck-Hughes
Jan
25c
80o
Jan
5.00
2.18
Jan
1.27
Jan
Jan
2.90
•
7.45
19c
65c
68c
*
Jan
Jan
Jan
Jan
16,431
196,880
8,300
67,664
44,965
182,870
2,465
20,800
27,635
28,548
154,166
41,124
24,125
4,470
26,066
22,486
1.12
70c
94o
*
6.50
Jan
Jan
1.03
*
1
*
No par value.
37c
36o
40c
2.00
2.00
2.17
4.40
4.20
4.50
24c
20c
24c
13c
13c
14c
...1
55c
50c
55c
»
8.00
7.85
8 05
_
_
42c
Jan
76c
80c
4c
Gcldflelds
Jan
Jan
4%C
Tashota
49Xc
2.40
2.40
•
—
Jan
Jan
2.16
2.49
....
Jan 45 Ho
2.15
2.25
2.10
Jan
60o
Jan
2.35
9Hc
33c
1.35
—1
Jan
Jan
Jan
Jan
3.16
4Ho
1.85
1.60
6.50
3%c
5%o
Jan
Jan
1.30
65o
Sudbury Basin
1
Sudbury Contact
Sullivan Consolidated. ...1
1
Sylvanlte Gold
...
Jan
Jan
1.18
97,300
1.20
1.30
1.20
23,650
36o
38c 43%c 127,950
2,839 43 %o
48% 49%
1.18
6.00
Jan
8c
5.85
2.90
Jan
Jan
Jan
Jan
68c
Jan
1.83
48o
6.10
57c
Jan 16Hc
Jan 16Hc
Jan
Jan
3.00
Stadacona-Rouyn
Jan
15o
5.00
1
South Tiblemont—..
Jan
85c
50c
—-
3Xc
Jan
Jan
...1
Bherritt-Gordon
3.60
70c
1.03
—.1
10Ho
Jan
94c
80o
Jan
Jan
7.90
Jan
Jan
44c
Jan
Jan
Jan
1.33
Jan
Jan
25e
Jan
25c
42c
1.50
1.12
30c
6%c
6Ho
26c
10,100
89c
25%c
39%
Jan
Jan
Jan
34c
20c
1.43
14c
May Spiers Gold Mines...
Jan
9Hc
9%o
59%
Jan
Southwest Petroleum.
85o
Jan
16o
St. Anthony Gold
1.13
Jan
56%
Jan
Sladen Malartlo
Week
7.45
1.00
10c
Sheep Creek
Sales
9Hc
Jan
12c
Slscoe Gold..
6c
Jan
90o
10c
Shawkey Gold..
Jan. 23 to Jan. 29, both inclusive, compiled from official sales lists
7Xc
1.35
ll%c
San Antonio
*
*
*
Jan
•
Manitoba A Eastern..
Royalite Oil..
Algoma Mining
Anglo Huronlan
Argosy Gold Mines
Jan
1.06
Jan
41%c
48%
3%c
Jan
2.25
4.85
...1
16,250
54,100
285,450
5,266
21,882
64,265
40,850
499,750
71,050
160,600
98,595
24,200
20,330
89,515
13,885
84,200
2,205
53c
Jan
Jan
Roche-Long Lao
4c
Jan
Jan
1.90
3.55
Preston (new)
Timmins
57c
Jan
73,283
169,400
44,050
4,960
34,625
140,565
30,400
80,900
1.23
54c
Jan
72c
4.15
...1
8c
87c
3.55
.
Reno Gold
4c
Jan
Jan
4.00
MacLeod-Cockshutt.
Chicago Board of Trade
1
15Ho
8.60
Bourlamaque
1
Jan
Jan
68o
Owen Sound
1
Jan
Jan
Red Lake-Gold Shore.
Alexandria Gold
Jan
35c
7.30
Canadian Commodity Exchange (Inc.)
Afton Gold
35o
Jan
5,700
North Bay
Aj&x Oil A Gas
Jan
15.945
Sarnia
14C
33c
68c
Read-Authier
20c 152,300
7c 10 He 227,100
Jan
Jan
7.85
Montreal Curb Market
15%c
Jan
50c
Kirkland Lake
15%c
3 44
7.30
Hamilton
*
Jan
Jan
7.60
...1
Winnipeg Grain Exchange
Aome Gas A Oil...
7c
Powell-Rouyn Gold...
TORONTO
Low
24,400
5,538
26c 393,000
1.32 105,630
57
Jan
*
*
Lowery Petroleum
Macassa Mines
Sudbury
Shares
16c
60c
1.25
Jan 19%o
43o
1
Intl Mining ctfs
45,000
Jan
Jan
16c
53c
Kirk Hudson Bay
Howey Gold
J M Consolidated
Ottawa
Price
15%
t
....
The Toronto Stock Exchange
Par
15
1.05
18,980
152,800 3%C
2.75
29,810
16c
9,900
15c
351,775
15o
66,250
13,320 13%c
55c
49,050
1
Homestead Oil
Noranda
Stocks—
Jan
7c
Montreal
of Prices
Low
High
Jan
l8%c
18c
Prospectors Airways..
Quebec Gold
Quemont Mining
Sale
23c
Jan
Pioneer Gold..—... ...1
MEMBERS
for
Jan
11c
70,270 23%o
Cobalt
Week's Range
lOo
23,900
62,350
27c
<
Toronto
Last
Jan
14,900
12%c 18%c 213,850
30c 173,590
20c
23c
Jan
13c
—
OFFICES
Friday
49c
40c
Premier Gold........
Toronto Stock
Jan
Jan
35c
Paymaster Consolidated.
Perron Gold
GRAIN
W Aver ley 7881
41c
49c
1.02
Peterson-Cobalt......
Jan
F. O'HEARN & CO.
BONDS
15c
10%c
Paulore Gold Mines.
STOCKS
Jan
Jan
Pickle Crow
4
Jan
Jan
Jan
1.49
30c
Jan
43c
40c
Hargal Oils...
Jan
Jan
Jan
54c
10c
13c
16 %c
Jan
Jan
87c
99c
Hard Rock
Jan
Jan
Jan
Jan
ll%c
Halorow-Swayse
Jan
7%
8%
2.69
24c
88 %c
*
Greene Stabell
Jan
59
19
'l9~~
-.1
Consolidated Press.
12
Jan
Jan
Jan
Jan
71,800
49,028
9,400
70,000
18c
Grull-Wlhksne
13%
2.05
1.42
24c 26 %c
44c
Gunnar Gold
56
76c
Jan
Jan
38c
1.25
93c
...1
Jan
Jan
1.20
54c 1,081410 20%c
1.15
70,760
48c
-.1
Graham-Bousquet
High
7
*
Canadian Marconi
Low
10
10%
36 H
37
*
Canada Vinegars
Canadian Wire Box A
56
10%
Shares
285
14%
56
100
Preferred
High
Jan
40C
Jan
11%C
Grandoro
Week
of Prices
15c
im
Granada Gold
Range Since Jan. 1, 1937
for
Jan
6,507
*
Goodflsh
Sales
Last
7c
37,260
Gold Bolt
compiled from official sales lists
Friday
Jan
Jan
2.50
Goldale
Exchange—Curb Section
2.95
51
11%
1.40
Golconda Lead....
Toronto Stock
Jan
Jan
2.40
26 %c
.1
Jan
2.35
10%
...1
—
Jan
1.47
48
10%
1
....
Jan
2.32
Francoeur Gold Mines Ltd.
7
155
Jan
1.23
2.42
Canada Permanent
A
10c
1.95
...
Eastern Mal&rtlo Gold M. l
Loan and Trust—
9c
1.20
36c49%C
34,800
48,30C
84,70(
19,896
28,006
310
5.70
Jan
35c
Jan 40 Ho
6.25
Jan
Jan
Jan
Jan
1.99
Jan
3.25
Jan
3.75
Jan
4.50
Jan
17e
Jan
5.35
Jan 24Xo
Jan
5.95
2.00
Jan
2.35
Jan
3.90
Jan
4.65
Jan
1.30
Jan
1.65
Jan
2.85
Jan
3.19
Jan
3.05
Jan
4.10
Jan 7%o
4%c
Jan
5c
3%C
5%c Jan 16 Ho
45c
Jan
57o
Jan
Jan
Jan
Jan
Jan
Jan
7.55
Jan
8.10
Jan
34c
Jan
49Ho
Jan
Financial
754
Quotations
Jan. 30,
New York Trust Companies
City Bonds
Par
Bid
Mar
Apr 11966
Apr 151972
120 % 122
122
123%
109% 111
108% 110%
June 11974.....—
122 % 124
Feb 151976
122% 124%
123% 125
124
125%
125% 126%
11977
Jan 151976.
108%
110
July 11975.
May 11957.
Nov 11958.
112
114%
048
115
117
May 1 & Nov 11957
a4s
May 1 risr
115
117
Mar
a4s
May 11077.
118
a4s
Oct
«4s
Ask
105%
108% 110%
11954.
11960.
Nev
03%S
a3%s
«3%s
a3%s
Bid
Ask
104
«3%s July 11975.
03%S May 11954.
Jan
Nov 151978
Mar
114% 116%
119%
119% 120%
11080.
119
a4%s Sept 11060.
«4%s Mar 11962.
a4%s Mar 11964.
120%
119% 121
120
7
Over-the-Counter Securities—Friday Jan. 29
on
New York
Chronicle
11981
121
June 11965........
July 11967
a4%s Dec 151971—
a4%s Dec 11979
122%
122%
123%
123%
125%
127%
11963..
124%
125%
125%
127%
Bid
All
Bid
Ask
Banoa Comm Itallana.100
105
115
Empire.
—10
Bk of New York A Tr..l00
504
509
Fulton
-100
255
267
...10
75
77
368
373
10
12
...10
18
7
15
16
100
143
148
Guaranty
Irving
Kings County.
Lawyers
-100
20
Bankers
Bank of Sloilly
Bronx County
Brooklyn
Central Hanover...... .20
Chemioal Bank A Trust. 10
141% 144%
19
1775
-100 1725
-.25
...20
.....20
Manufacturers
Preferred
72
74
Clinton Trust
50
95
100
Colonial Trust
25
17%
19%
Title Guarantee A TT--.20
Continental Btnk A Tr.10
Corn Exoh Bk A Tr
20
19%
21%
Underwriters
70%
71%
United States..
129%
32%
31%
25
New York
.—100
55
51
65%
63%
57
59
150
153
15%
14%
108
98
100 2035
2085
121%
Chicago Bank Stocks
New York State Bonds
Par
Bid
Bid
Bid
Ask
8a 1974..
62.50 less 1
88 1981
62.60 less
1
Canal & Highway—
5s Jan A Mar 1946 to *71
62.70
Highway Imp 4%a Sept '63
Canal Imp 4%a Jan 1964..
Can A Imp High 4%s 1965
135%
135%
133
World
War
Ask
Trust
100
Trust
61.90
332
337
430
450
Northern Trust Co
270
mm
m
33 1-3
840
880
m
B$d
128
128
114
Hartford Insurance Stocks
117%
Bid
Gen A ref 2d ser 3%a '65
Gen A ref 8d eer 3%s '76
108% 109%
104% 105%
104% 105%
Gen & ref 4th ser 3s.1976
Bayonne Bridge 4a series C
1939-53
JAJ 8
Inland Terminal 4%a ser D
99% 100%
Gen A ref 4s Mar 11975
1937-1941
George Washington Bridge
4%S ser B 1940-63.MAN
113%
4%s
ser
50.80
110
2.25%
113
Par
Feb
5s
Bid
Ask
Honolulu 5a
43.50
U S Panama 8s June 11961
119% 121
108% 110%
Govt of Puerto Rico—
101
1941
Hawaii 4%s Oot 1956.....
103
111
1952
5%S Aug
Ask
101%
108% 110%
100
4%s Oct
1959
4%s July 1952
58
April 1955
114
3.00
112
3.50
111% 113
112% 113%
U S conversion 3a 1946....
Conversion 3s 1947.....
'•:V\
Par
Home
6
50
33%
87%
23%
25
Ins Co of North Amer__10
72%
38
41
Knickerbocker
17%
13%
14%
Lincoln Fire
American of Newark.. -2%
12%
13%
American
83
Aetna Life
..25
American Equitable5
American Home
-.10
Re-Insurance. 10
35%
22
90
Importers A Exporters...5
6
6
6
...
JAJ
JAJ
MAN
88 1956 opt 1946
8%S 1955 opt 1945..MAN
4Sjl946 opt 1944
JAJ
103%
103%
103%
104%
111%
Bid
Ask
103%
103%
103%
105
Ask
102 % 102%
103% 104
MAN
MAN
4%S 1957 opt. 1937. .MAN
4%S 1958 opt 1938..MAN
1957 opt 1937
4s 1958 opt 1938
48
59%
62%
..25
60%
32%
8%
62%
34%
9%
oom.2%
Merch A Mfrs Fire New'kS
13
15
National Casualty..... 10
20%
22%
66
68
106
110
National Fire..........10
National Liberty
.....2
Boston
693
705
National Union Fire
105
101*16
105%
111%
Joint Stock Land
100
100
65
Burlington 5s
Bank
Bonds
..10
35
New Brunswick Fire....10
35%
28
29%
43
Connecticut Gen Life- -.10
37%
39
New Hampshire Fire
10
New Jersey..!
....20
32
34
4%
49
6%
Federal
46
.......
California 5s
100
f7 '
Chicago 5s
Dallas 5s
Louisville 5a
100
New York 5a
8
North Carolina 5a
102
88
........
90
...
Franklin Fire
99% 100%
64
96
Pacific Coast of Portland 6s
100
101
101
100
90
93
Pacific Coast of Los Ang 5s
Pae OOast of Salt Lake 5s..
First of New Orleans 6e
96
98
Pao Coast of San Fran Be
100
First Texas of Houston 5s.
98% 100
First Trust of Chicago 4%s
100
Fletcher 3s
100% 102
Fremont 6s
70
Greenbrier 6s......
100
St Louis 5s
m
Illinois Midwest 5s.......
83
m
m
99% 101
Iowa of
Kentucky of Lexington 5s.
La Fayette 6a
97
100
97
.....
.........
........
85
100
...
100
Atlanta
....
Denver
12
213
48%
22%
77%
90%
12%
16
Seaboard Surety
33
35
34%
35%
....
-.15
5
46%
20%
74%
87%
27%
Great Amer Indemnity ...1
Halifax Fire..
..10
22%
36
8
Republic (Dallas)
10
......
10
Security New Haven... 10
Southern Fire.........10
30
32
Springfield Fire A Mar..25
Stuyvesant
5
129
132
23%
Sun Life Assurance....100
875
925
38
Travelers.
529
539
29
9
100
_
82
31%
U S Fidelity A
26%
27%
74
76
US Fire
..4
54
56
72
74
U S Guarantee... .....10
61
64
35%
37%
29%
Guar g0..2
85
22
100
--
•
100
99
Union of Detroit 5s
Surety Guaranteed Mortgage Bonds and Debentures
100
Virginia-Carolina 5s..
99% 100%
Virginian 5s
Bid
Bid
Ask
Par
Ask
Bid
Ask
83
81
52%
48%
35
40
Lincoln..............100
5
8
45
North Carolina.......100
26
29
76
80
Pennsylvania
...100
12
18
Cont'l Inv Bd Corp 2-5s '53
Contl InvDeb Corp 2-6s'63
Potomac
100
42
46
55
..
..
10
76
80
100
3
8
Virginia....
Fremont
100
2
4
viiginifrOarclin* ......100
2-3s
46
1954
Series B 2-58
Potomac
Bond
Corp
58%
81
...1953
Potomac Cons Deb
1953
48%
50%
Potomac Deb Corp 2-6s '53
Potomac Franklin Deb Co
48%
50%
48%
50%
2-6s
1945
48
51
Interstate Deb Corp 2-5s'55
40
Mortgage Bond Co of Md
Corp—
43
52
Ino 2-5s
Federal I ntermediate Credit Bank Debentures
....
1953
82
2-68
(Central Funding series)
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 2-68.1953
—
1953
Potomac Maryland Deben¬
ture Corp 2-6s
1953
Potomac
/36%
_•
79
48%
-
-
50%
Realty
Realty
1%s
Feb 15
Marl6
Apr 15
May 16
FIC l%s—June 15
FIC 1%s
1937
1937
1937
1937
1937
July 15 1937 5.60%
Sept 15 1937 5.60%
Oot 15 1937 5.65%
FIC1%s—Nov 15 1937 5.70%
FIC l%s
Deo 16 1937 6.75%
Bond A Mortgage
deb 2-6s
1953
FI O 1 %s
5.45%
5.45%
5.50%
Par
Bell Telep of Pa pref..l00
Clncln A Sub Bell Telep.60
Par
Ask
Bid
35
37
Merchants Bank......100
100
63
68
National Bronx Bank...50
50
BenBonhurst
65
National Safety Bank. 12%
18%
Fifth Avenue
66%
49%
230
100 1005
First National of N Y..100 2435
Flatbush National.. ...100
37
Klngsboro National... 100
65
~--
57%
51%
236
—
2475
100
Bell Telep of Canada..100
Bank of Manhattan Co. 10
Bank of Yorktown_.66 2-3
City (National)
12%
Commercial National..100
42
Telephone and Telegraph Stocks
New York Bank Stocks
National..50
.13.65
50%
40
—
FICl%s
Preferred....
Chase
48%
FIC l%s
5.35%
5.40%
Bid
...
50%
Ask
Am Dlst Teleg (N J) com. *
Par
70%
48%
Atlantic
Debenture Corp 2-6s '53
Unified Deben Corp 5s '65
Bid
mmm
79
50%
Nat Bondholders part ctfs
Ask
mmm
(all
54%
79
1
58
%
6
1954
Issues) 2-5s
Empire Properties Corp...
Ban Antonio..........100
Series A 2-6s
55
Associated Mtge Cos Ino—
Debenture 2-68
1953
40
.100
Ask
Nat Union Mtge Corp—
1953
Arundel Bond Corp 2-5s '63
Arundel Deb Corp 2-6s '53
Bank Stocks
....100
F I C
9%
8%
Westchester Fire.....2.60
/20
First Carollnas
FIC l%s
FIC 1%S
218
-.10
Harmonla
30
10°
Bid
98%
23%
39%
11%
28%
13%
Seaboard Fire A Marine..5
Glens Falls Fire...... -.6
Hartford Fire....
100
Southern Minnesota 5s....
Southwest 6s
14
Des Moines
94%
21%
37%
10%
27%
...5
100
...
10
..5
Pro vldenoe-Washington. 10
Reinsurance Corp (N Y).2
Rossla..
100
Dallas
Phoenix
Preferred Accident
Hartford Steam Boiler -.10
111
109
/27
Tennessee Be
Joint Stock Land
Atlantic
136
St Paul Fire A Marine. .26
All series 2-6s
Bid
132
45
35
Allied Mtge Cos Ino—
Par
29
26
29
100
San Antonio 6s
Illinois of Montlcello
4%s.
Sioux City 4%s...
Phoenix 5s...
Potomac 5s
100
Greensboro 5«
...
80
102
137%
Pacific Fire
49
98
27%
134
27
Hanover Fire
mm
m
2.50
National.25
43
2d preferred
mmm
99% 101
Pennsylvania 5s
Northwestern
8
33
Great American
100
North River
51
60%
23%
...5
...
....
70
93
First of Fort Wayne 4%b__
First of Montgomery 5s...
2
12.50
17%
37%
44%
53%
26%
General Reinsurance Oorp5
Globe A Republic
Globe A Rutgers Fire. -.16
100
100
First Carollnas 5s
Northern
11%
145
Georgia Home
100
99
New York Fire.....
5%
124% 130
80 •
82%
12%
13%
92% 94%
—
«...
99
Ohio-Pennsylvania 5s..
Oregon-Washington 5s
...5
.
Fireman's Fd of San Fran25
100
Mississippi-Tennessee 5s..
Fire Assn of PhiladelphlalO
Firemen's of Newark.
100
Maryland-Virginia Be
—
m
m
100
Denver 5s
95
Lincoln 6s
m
mmm
m
Ask
97
Bid
As*
101
16
-.10
Fidelity A Dep of Md. ..20
Atlantic 5s
140
2
City of New York
Excess...
Atlanta 6s
10
20
Carolina
6
23%
New Amsterdam Cas
21%
28%
Continental Casualty.
101
9
72
Mereh Fire Assur
33
Eagle Fire
-2%
Employers Re-Insurance 10
Bid
4%
8%
70
31
Camden Fire
7
23%
8%
73%
19%
5%
86
..10
-2%
Ask
41%
6
Maryland Casualty .....1
Mass Bonding A Ins..12%
American Reserve
Baltimore Amer
39%
Home Fire Security.....10
Homestead Fire..
..10
Bankers A Shippers.. ..25
Bid
3s 1955 opt 1945
8s 1956 opt 1946
Bid
116
American Surety
Automobile
Federal Land Bank Bonds
Companies
Ask
48
Agricultural
113%
Bid
112
Aetna Fire
American Alllanoe—. ..10
43.75
4%s July 1958
5a July 1948
113% 115%
117% 119%
Hartford 35
114%
I nsurance
Bid
—
50.60 2 00%
Aetna Casualty A Surety 10
4s 1946
HARTFORD
A. T. T. Teletype
Tel. 5-0151
112
E
MAS
MAS
1942-1960
Members New York Stock Exchange
CENTRAL ROW
United States Insular Bonds
Phllllpplne Government—
Q VOTED
PUTNAM fit CO.
Ask
107
6
—MAS
1937-1941
112
106
MAS
1942-1960
Holland Tunnel
—
Bonds
Ask
Port of New York-
100
ex-33'3% stock dividend xl60% 164%
BOUGHT—SOLD
Port of New York Authority
Ask
Bid
100
Harris Trust A Savings. 100
First National
m
Continental Illinois Bank A
Bonus—
4%s April 1940 to 1949.
Highway Improvement—
4s Mar A Sept 1958 to '67
Canal Imp 4a JAJ'60 to '67
Barge O T 4s Jan '42 to '46
Barge C T 4%s Jan 11945
Par
Ask
American National Bank A
Ask
115
-
-
«.
20%
Penn Exchange........10
15
Peoples National.......50
76
Public National........25
52
54
Sterling Nat Bank A Tr.25
...12%
46
_
mmm
96
101
Mtn States Tel A Tel.. 100
151% 153%
New England Tel A TellOO
136
42
...
Bid
25
4 sk
28
N'west Bell Tel pf 6%% 100
Pao A Atl Telegraph
25
105% 106%
Peninsular Telephone 00m*
29%
30%
110% 112%
Preferred A
100
20
•
Rooh Telep 86.501st pf 100
112
So A Atl Telegraph
25
Sou New Engl Telep...100
23
116
For Footnote see
page
757.
S'western Bell Tel pref. 100
158
160%
124% 126
Wisconsin Telep 7% pf. 100
Int Ocean Telegraph...l00
mm
Par
New York Mutual Tel. 100
47
99% 102%
35
Trade Bank
17
Ask
51
65
44
48
25
Cuban Telep 7% prof.. 100
Emp A Bay State Tel..100
Franklin Telegraph
100
Gen Tel Allied Corp 36 pf
Bid
126% 127%
133
134%
159
161%
122% 123%
96
98%
113% 116
138
Volume
Financial
144
Quotations
755
Chronicle
Over-the-Counter Securities—Friday Jan. 29—Continued
on
RAILROAD BONDS.
Guaranteed Railroad Stoeks
BOUGHT
SOLD
.
QUOTED
.
Monthly
Earnings and Special Studies
on
3o$epb Walker $ Sons
M*mh*n Hiw York Sloth Extbanft
Dealers in
Members New York Security Dealers Association
41 Broad St., N. Y. - HAnover 2-2455 - Bell Syst. Teletype NY 1-62^
Tel. RE ctor
GUARANTEED
NEW YORK
e. sloane & co.
john
" X
/,
120 Broadway
Bulletin
Request
2-6600
STOCKS
Railroad
Bonds
Guaranteed Railroad Stocks
Asked
Bid
Central)
Albany A Susquehana (Delaware A Hudson)
Allegheny A Western (Buff Roch A Pitts)
Beech Creek (New York Central)
Boston A Albany (New York Central)
Boston A Providence (New Haven)
100
105
10.50
98
175
183
Boston A Albany
6.00
110
113
Boston A Maine
42
44
8.75
144
148
8.60
149
154
2.85
60
4.00
105
1st 4*8, April 1, 1943
3a, 1950
5.00
103*
Chicago Cleve Clnn A St Louis pref (N Y Central) 100
50
Cleveland A Pittsburgh (Pennsylvania)
6.00
Lackawanna RR of N J
Michigan Central (New
York Central)
Western)
Northern
Central
106
-
Choctaw A Memphis 1st 5s,
omm
92
Cleveland Terminal A Valley 1st 4s, 1995
53
47*
50
Georgia Southern A Florida 1st 5s, 1945
Goshen A Deokertown 1st 5*8, 1978
91
198
203
76
79
Hoboken Ferry 1st 5s,
65
68
97
100
4.00
103
Little Rock A Hot Springs
67
Macon Terminal 1st 5s,
74
Maryland A Pennsylvania 1st 4a, 1951
Meridian Terminal 1st 4s, 1955
44
42
1.50
3.00
84
107
33
172
79
—
81*
101*
99*
64
57
99
101
80
Minneapolis St Paul A Sault Ste Marie 2d 4s, 1949
Montgomery A Erie 1st 5s, 1956
—
88
7.00
82
178
7.00
188
191
6.82
105
109
6.00
148
3.00
.,.100
106
105*
1965
62
Hudson)
St Louis Bridge 1st pref (Terminal RR)
Second preferred
105
104*
Western 1st 4s, 1939
Long Island refunding mtge. 4s, 1949...
70
Preferred
-
103*
/31
106
4.50
Rensselaer A Saratoga (Delaware A
96
94
4.00
Preferred
73
101*
102
1955
Gulf 1st 5s, 1978
Northern RR of N J (Erie)
Pittsburgh Fort Wayne A Chicago (Pennsylvania) —100
99*
71*
98*
1946
Kanawha A West Virginia 1st 5s,
Kansas Oklahoma A
5.00
3.875
...50
103
95
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
63
61
101*
98*
1st 5s, 1965
51
950
(Pennsylvania)
93
91*
—
1952
Cincinnati Indianapolis A Western
90
4.00
—.50
Morris A Essex (Del Lack A
105*
104
Chateaugay Ore A Iron 1st ref 4s, 1942
98
10.00
New York Lackawanna A Western (D L A W)_. —100
93
62
50.00
-100
90*
89
...
5.50
(Del Lack A Western).. —100
87
88*
3.50
100
71*
85*
2.00
Central)
Georgia RR A Banking (L A N-A CL)
106*
68*
...
1942
Prior lien 4*8, 1944..
Convertible 5s, 1940-45
2.00
Better man stock
Delaware (Pennsylvania)
Fort Wayne A Jackson pref (N Y
103
Prior lien 4s,
102
-----
101
Buffalo Creek 1st ref 6a, 1961........
—100
Carolina CUnchfleld A Ohio (L A N-A C L) 4%.. -.100
Common 5% stamped
Canada Southern (New York Central)
'
...
Birmingham Terminal 1st 4s, 1957
2.00
...
75*
73*
6s, 1945
Augusta Union Station 1st 4s, 1953
6.00
Alabama A Vlcksburg (Illinois
75
73
1945
Akron Canton A Youngstown 5 *s,
Dividend
Par in Dollars
/
Asked
Bid
(Guarantor in Parentheala)
74
•
New York A Hoboken Ferry
6.00
148
10.00
254
91
95
—100
5.00
98
Vlcksburg Shreveport A Pacific (Illinois Central). —100
5.00
86
90
5.00
89
71
73
93
95
97
98*
96*
98
94
.....
Rock Island Frisco Terminal 4 *s, 1957
258
6.00
97*
97
Portland RR 1st 3*8, 1951
Consolidated 5s, 1945
77
United New Jersey RR A Canal (Pennsylvania).. —100
..100
Utlca Chenango A Susquehanna (DLAW)
general 5s, 1946
3*8, 1966..
Piedmont and Northern Ry. 1st mtge.
mm,
Tunnel RR St Louis (Terminal RR)
Valley (Delaware Lackawanna A Western)..
Preferred
St Clair Madison A St Louis 1st 4s,
mom.
50
3.50
49
53
89
67
69
Toronto Hamilton A
73
71*
96
94
113*
115
99*
Toledo Terminal RR 4*s, 1957
3.00
.
West Jersey A Sea Shore (Pennsylvania)
1951.
Shreveport Bridge A Terminal 1st 5s, 1955...—.
Somerset Ry 1st ref 4s, 1955
Southern Illinois A Missouri Bridge 1st 4s, 1951
...50
A Western)
Warren RR of N J (Del Lac
—
103
Buffalo 4*8, 1966——...—
67
Washington County Ry 1st 3*8,1954
.....
EQUIPMENT TRUST CERTIFICATES
NEW ORLEANS PUBLIC SERVICE
Quotations-Appraisals Upon Request
Inc.
7% CUMULATIVE PREFERRED
Stroud & Company Inc.
BmteU Brothers
Philadelphia, Pa.
New York
Private Wires to
EST.
members
n. y.
ONE WALL ST., N. Y.
exchange
Teletype N.Y. 1-1146
and n. y. curb
Railroad
Bid
Atlantlo Coast
Line 4*s.
61.50
Equipment Bonds
1.00
62.50
56
2.00
1.76
63.25
2.25
5s
63.25
2.50
3*s Deo. 1 1936-1944..
63.00
2.25
Boston A Maine
4*s
Bid
Ask
62.25
Baltimore A Ohio 4 *b
Missouri Pacific 4*8.
6s
4*s_.
Canadian
Pacific 4 Mb
62.70
2.00
62.70
National
6a
2.00
0.50
0.60
Jan A July
3.00
4.00
Pere
4.00
84
5s
87
87
63.50
2 60
68
63.50
2.50
5MB
63.50
2.50
61.50
1.00
61.60
1.00
Denver A R G West 4 *s..
Erie RR 5 He
68
non
1930-49
Marquette 4*8...
St Louis Southwestern 6s.
1.75
1.80
0.75
99*
1st 36
preferred A
36.60 preferred B
100
100
Consol Elec <fe>Gas $6 pref.
100
Consol Traction (N J) .100
101
Consumers Pow 35
63.00
2.25
2.00
62.30
1.75
62.30
1.75
pref..*
Utility Stocks
17
Mississippi Power 36 pref..
37 preferred
Mississippi P A L 30 pf—•
29
31
Miss Riv Pow
30
32
Mo Pub Serv 37 pref.
86
94*
96
15
7%
137
84*
24*
86*
25*
preferred
2.00
Derby Gas A El 37 pref..*
Essex-Hudson Gas
100
98* 100*
88
...
1.00
61.25
0.75
62.30
Ilinols Central 4Mb
1.76
6B
61.75
1.00
5MB
1.00
Internat Great Nor 4*8..
61.50
63.76
Long Island 4*8—
62.40
2.60
88
66*
104
104*
105* 106*
6*s
Federal Water Serv Corp—
75
62.00
1.00
4*8
62.00
1.00
36 cum preferred
55*
62.00
1.00
36 50 cum preferred
56*
0.50
37 cum preferred
68
60
Union Pacific 4*s
61.10
58
Virginian Ry 4*8
5s........
........
0.50
61.25
0.75
Foreign Lt A Pow units..*
Gas A Elec of Bergen_.100
61.25
0.75
57
Hamilton Gas Co v t o
122
*
Gas...100
*
*
87*
...
New Eng Pub Serv Co—
*
pref—100
Ohio Edison 36 pref—
♦
37 preferred
♦
Ohio Power 6% pref
100
Ohio Pub Serv 6% pf—100
7% preferred
..100
Okla G A E 7% pref...100
76
77
69
71
103* 105*
113* 115
97* 100*
108
109
113
114*
111
113
104
105*
109* 111
115
87*
118
89*
111
94*
92*
108* no
112
Hudson County
102*
Idaho Power 36 pref
0.75
08
100
101*
Illinois Pr A Lt 1st pref..*
66
68
1.75
32*
34
2.60
Gas—*
Interstate Power 37 pref..*
Jamaica Water Sup pref.60
Jer Cent P A L7% pf—100
Kan Gas A El 7% pref.100
Kings Co Ltg 7% pref.. 100
Long Island Ltg 6% pf.100
7% preferred
100
20
22
Western
Maryland 4*8...
6s
Western Pacific 5s......
62.10
62.10
63.75
63.75
,
1.76
2.75
2.75
preferred
100
Interstate Natural
Memphis Pr A Lt 37 pref
r
*
108*
109*
54
97
99"
113
75
8l"
77*
79
88*
90*
80*
77
89
7*
91
8*
Elec—
100
Sioux City G A E 37 pf-100
Sou Calif Edison pref B.25
102
7%
Rochester Gas A
104* 105*
South Jersey Gas A E1.100
193
Tenn Elec Pow
6% preferred O
195
103
100
757.
53
87
Queens Borough G A E—
6% preferred
-.100
Republic Natural Gas—1
95
100*
Wabash Ry 4*8
6s
5*8
For footnotes see page
52
58
61.10
Texas Pacific 4s
101
2.75
123
Philadelphia Co 36 pref—♦
Pub Serv of Colo 7 % pf 100
195
6*8
2.50
57
48
Paolflo Pow A Lt 7 % pf 100
Penn Pow A Lt 37 pref—.♦
79
1.50
63.75
54
46*
1U* 114
111*
63.10
Maine Central 6s
Minn St P A S3 M 4s
82
100
7% cum preferred...100
63*
61.20
63.10
5s
80
114* 116
19*
17*
6
7*
29
26
0.75
1.76
84
p!.»
6% pref .100
Nor States Pr 37
107* 110
61.20
4Mb
*
New Orl Pub Serv 37 pf..*
N Y Pow A Lt 36 cum pf.*
108* 112
62.25
...
5a
_
100
pref. 100
pref. 100
37 prior lien pref
90
86
58
61.50
68
Hocking Valley„68
cs
preferred
Nassau A Suff Ltg
Nebraska Pow 7%
Ask
72*! 76*
79*
New Eng G A E 5*%
97
100* 102
0.75
100
Bid
N E Pow Assn
95*
105 *,106*
2.00
62.50
r.
Newark Consol Gas
102
100
Continental Gas A El—
7%
6% pref.100
Mountain States Pr com.
114*
100
100
Dallas Pr A Lt 7% pref 100
Par
Ask
84
100
preferred
6.60% preferred
6%
61.25
5*8
Southern Ry 4*8......
Bid
Columbus Ry Pr A Lt—
62.50
58
1.00
Loulsv A Nash
1.80
2.00
62.75
_
Southern Pacific 4*8...
5s
61.50
preferred
6% pf 100
100
62.30
/98
/98*
/99
5*8
62.25
37
*
preferred
36 preferred
100
Cent Pr A Lt 7 % pre!. .100
61.50
4*8
68. J.
68
Great Northern 4Mb
2.00
62.00
62.30
...
St. Louis-San Fran 4s
62.50
6%
62 50
call Dec. 11930-50
68
4*8
1.75
Carolina Pr A Lt 37 pref..*
3.00
36.50 preferred..
Cent Maine Pow
Reading Co 4*8
84
1.00
3.00
2*8 series G
64.75
64.90
5a
1.00
0.75
2 00
2.00
4s series E due
1.00
Chicago RIA Pac 4*8—.
Assoo
*
$7 preferred
*
Atlantic City El 36 pref..*
BangorHydro-El 7 % pf 100
Birmingham Elec 37 pref-*
Buff Nlag A E pr pref.-.25
61.50
6a
63.75
6s
2.00
61.35
Pennsylvania RR 4*s
61.00
Chic Mllw A St Paul 4*s_.
2.00
pref.*
Gas A Elec orig pref *
41.25
61.00
1.25
62.40
63.75
6s
Chesapeake A Ohio 6 He..
6*a
3.00
3.00
Arkansas Pr A Lt $7
63.75
Northern Pacific 4*8
61.75
Alabama Power $7 pref—*
62.50
1.25
63.75
2.00
62.50
58
N Y N H A Hartf 4 *8
2.00
62.20
2.00
63.75
62.40
62.50
5s
Par
63.00
5s
61.70
4H«
3.00
63.00
6*s
New Orl Tex A Mex 4*8._
New York Central 4*8..
Cent RR New Jer 4*s_—.
Chicago A Nor West 4*s..
Public
Ask
63.75
N Y Chic A St. L4*s
Canadian
Tel. DIgby 4-2800
1908
stock exchange
6% pref 100
7% preferred
....100
Texas Pow A Lt 7% pf.100
Toledo Edison 7% pf A 100
United G A E(Conn)7 % pf
Utah Pow A Lt 37 pref..
Utioa Gas A El 7 % pf—100
Virginia Ry
100
99
28*
68*
29*
198
70*
76
77*
110
111*
110
111*
103
95*
81*
104*
168
175
93*
79*
I
'
t
'
*
Financial
756
Chronicle
Jan.
30,
7
f
Quotations on Over-the-Counter Securities—Friday Jan. 29-Continued
Securities of the
First Mortgage
&
CO.
75 FEDERAL ST., BOSTON
HANcock 8920
BROADWAY, NEW YORK
COrtlandt 7-1868
Direct Private
5)48-1048
El 6s '75
Aria Edison 1st 5s
1948
1st 6s series A
1945
Ark Missouri Pow 1st 0s *53
Associated Electric 5s. 1961
Assoc Gas & El Co 4 %s '68
Amer Wat Wks &
Bid
As*
Federated Utll 5)4a.._1957
Green Mountain Pow 6s '48
103%
104
90
92
Houston Lt & Pow 3)4s
95
97
Iowa Sou Utll 5)4s—1950
89
Kan
71
Kansas Elec Pow 3 )4s_1966
53
55%
Kan Pow & Lt 1st
Income deb
47
48
4%s—1978
1973
63
54
84
mm-M.
1
87)4
Conv deb 5s
1973
94
1973
fund Income 4s 1983
fund lno 4 %s..l983
51%
56
Sink fund lnoome 5s 1983
57
60
65
62
Sink fund lnc 4)4-6)48 86
56
Sink fund lnc 6-0S.-1986
Metrop Edison 4s ser G '65
Missouri Pow A Lt 3%s 66
3%s_1966
1938
101% 101%
Water Bonds
99
ioI"
Newport N A Ham 6s. 1944
New Engl Pow 3%s_.1901
105% 107%
101
102% 102%
105
4s
1965
»•
Northern N Y Utll 6s.1955
—
mm
—
Ohio Edison
■
60
El 6s 1968
103)4 104%
1972
101
3)48.1960
Okla Gas & Elec
Blackstone V G & E 4s '65
109
...
...1966
& Tel 3)4s C '66
series
Pacific Tel
I
68.1952
Parr Shoals Power
Cent Ark Pub Serv 5s 1948
Central G & E 5)4s—1946
1946
1st lien coll tr 6s
Cent Maine Pr 4s ser G '60
100
101%
85%
87%
105)4 10534
84)4
86)4
Central Public Utility-
with stkl952
Colorado Power 5s
1953
Conn Lt & Power 3 )4s 1956
Income 5 )48
12
no
106)4
104%
Pennsylvania Eleo 5s 1902
Penn Telep Corp 1st 4s '66
Peoples LAP 5)48... 1941
Public Serv of Colo 68.1961
Pub Serv of N H 3)48 D '00
Pub Utll Cons 6)48—1948
Ell 4s 1966
Sioux City Gas A
105" ~
82%
102% 102%
103
103%
Sou Calif Gas 1st 48...1965
103% 104%
101%
105% 106%
106% 107
102%
/100
105% 106%
104
106
106%
Ore-Wash Wat Serv 5s 1967
65
67
Utlca Gas A El Co 68.1957
71
73
Western Mass Co 3)4s 1946
103
Western Pub Serv 6)4s '60
95
103
103%
354S..1901
103
103%
Wise Mich Pow
Oumberl'd Co PAL 3%s'06
99
Federal Pub Serv 1st 6s *47
/66%
100"
Wisconsin Pub Ser
1901
105
99
103
105
Peoria
Water Works Co—
1st A ref 5s
1950
101
105
1st consol 4s
1948
100
101%
1st consol 5s
1948
101
Prior lien 5s
1948
Phlla 8uburb Wat 4s_.1965
Pinellas Water Co 5)4s *59
105
Pittsburgh Sub Wat 5s *58
81%
83%
Plaiufield Union Wat 5s *61
86
88
Richmond WW Co 5s. 1957
103)4
106
107)4
99)4 101
103
&
97
94
19E
98
100
101
103
St Joseph Wat 4s ser 19A*68
Scran ton Gas A Water Co
Consol Water of Utlca—
4)4s
102)4
Roch A L Ont Wat 5s. 1938
105)4
Roanoke W W 5s
100
100
1st mtge 4s
97
Penna Water Co 6a...1940
96%
Wisconsin G A El 3 )4s 1966
93
103""
101
101%
90%
1962
93)4
102
4)4s..l966
1st coll trust
102
5s.
104
89
93
100)|
Penna 8tate Water—
...
105
0% secured notes..1937
t_.«
101
104
109
103
126
Consumers Pow 3)48.1966
Ohio Valley Water 5s. 1954
Ohio Water Service 5s.1958
103%
125
1971
90
105%
102
5s.
t
(Bait.) 3%s
99
62
60
1958
Sinking fund 4)4s..l951
Tel Bond A Share 5s. .1958
6s series B
Newport Water Co 5s 1953
Ohio Cities Water 5)4s '53
Southn Nat Gas Pipe Line
Cons. G E L & P
New York Wat Serv 5s '61
1951
103% 104%
101%
105% 106
Sou Cities Utll 5s A
67
91
91)4
99 %
103
101
107% 107%
65
634s
103%
87
85
106
Consol E A G 6s A...1962
106
101% 103%
•mm**
10334 104%
106%
102
100% 101%
3%s series G
-.1966
1966
3$^s A. 1961
105
New Jersey Water 5s. 1950
New Rochelle Wat 5s B *51
101%
3)4s series F
Conn River Pr
105
Munde Water Works 5s '65
Pacifio Gas & Eleo Co
3)48
102
Morgan town Water 5s 1965
103
105%
-.1946
Debenture 4s
100)4 101)4
Monongahela Valley Water
6)48
1950
104
81
3)4s
Ask
Monmouth Consol W 5s '66
103%
10134 102%
102% 103%
Old Dom Pr 6s May 15 '51
'
Bid
Ask
Bid
G Corp.
a
-»
Participating 8s xto. 1940
Bellows Falls Hy
NEW YORK
Teletype: New York 1-1073
Tel. HAnover 2-0510
102% 102%
107% 107%
103% 104%
m
64)4
102)4 103%
Sink fund lnc 6)4-6)48 86
incorporated
EXCHANGE PLACE,
40
N. Y. State E A
60
%s._1983
Sink fund lnc 4-6S..1986
Sink fund lno 5
Swutr.BMNT&Ca
Narragansett Elec 3 )4s '66
53
Sink
Complete Statistical Information—Inquiries Invited
105% 105%
Montana Power
48
Sink
104%
101% 102%
51
48%
100% 100%
108% 109
Angeles G A E 4s 1970
Louisville Gas & El 3 )4s '06
Los
Mtn States Pow 1st 6s
105
Water Works Securities
—
103% 105
mmwm
1973
Conv deb 6%s
4 )4s '65
---
'
Conv deb 4%s
Tel. 2-3761
Specialists in —
90
"
Keystone Telep 6)48.1966
..1978
Conv deb 4s
City Pub Serv 38.1951
91
70
43%
44%
Income deb 4s
66
Ask
87
95
93
42)4
43)4
%s—1978
3)48—1978
Income deb
Inc.
Est. 1854
PORTLAND, MAINE
102)4 104
Assoc Gas & Eleo Corp—
Income deb 3
Co.,
(Maine)
Utility Bonds
Bid
Amer States P S
Electric
H. M. PAYSON & CO.
Telephone between New York and Boston
Teletype—N.Y. 1-1074
Bell System
Public
&
Consumers Water Co.
Membera New York Curb Exchange
150
Bonds of Subsidiaries
Works
Water
American
S. A. O'BRIEN
WANTED
OFFERINGS
Associated Gas & Electric System
105%
1950
103)4 105
101
103)4 105
102)4 104
Scran ton
mmm
103
1st A ref 6s A
1967
105
Shenango Val 4s
104%
Real Estate Securities
Spring Brook
Sedalla Water Co 5)48 *47
102%
102)4
ser
B 1961
South Bay Cons Wat 5s '60
6s series A
101
...
inquiries for copies of our compre¬
statistical reports on real estate issues.
103
Sou
Pittsburgh Wat 5s '55
5s series A
1960
5s series B
100% 102%
103%
We invite
hensive
1958
Water Serv 5s...1961
4)4a
105
—
1960
82
84
103
103
105)4
BAKER
150 Broadway,
2360
&, CO.
5s.
Bell System Tel.
NY 1-588
N.Y.
100)4 102
Terre Haute Water 5s B '56
102
1949
103
Texarkana Wat 1st 6s. 1958
104
series A.
102%
104
INCORPORATED
BArclay 7
Spgfleld City Wat 4s A1956
102
AMOTT,
109
102%
Indianapolis Water—
1st mtge 3 )48
104"'
Union Water Serv 5 )4s '51
Water Serv Cos lno 5s '42
101)4 103
W Va Water Serv 4s._1961
102% 104
101)4 102
Western N
99
5s.
Real Estate Bonds and Title Co. Mortgage Certificates
Bid
Alden 1st 6s
Jan 1 1941
/49
Broadmoor (The) 1st 6s '41
51)4
/53
B'way Barclay 1st 6S.1941
/39
68
stamped.
1948
Chanln Bldg lno 4s
1945
Chesebrough Bldg lfet 6s '48
Chrysler Bldg 1st 6s..1948
1st 6s
Apr 28 1940
(The) 1st 68...1941
Deb 6s 1952 Legended.
740
71
73)4
/52)4
/36
38"
14
2nd mtge 6s
Fuller Bldg deb 6s
81
5)4s unstamped
/53
London Terrace Apts 6s '40
Ludwlg Bauman—
1st 6s (Bklyn)
1942
IstS )4s (L I)
1936
102
99%
85
165 Bway Bldg 1st
Prudence Co
5)4s '51
106
Borland Shoe Stores
.1960
6s series A
.1949
104)4
103)4
52
Ask
16
Par
Kress (S
103
com
18
H) 6% pref
Miller (I) Sons com
.5
4%
6%% preferred
Ask
11%
12)4
18
22
100
x45
♦
14%
15%
Murphy (G C) $5 pref. 100
36
37
Neisner Bros pref
100
111
Reeves
(Daniel) pref.. 100
preferred
100
0% pf.100
6% pref ctfs
U S Stores preferred... 100
108
Sohiff Co
53
108
*
$2.50 conv pref
107%
Bohack
62
(H C) common..*
7% preferred
.100
53
55
Diamond Shoe pref....100
104
10
Flshman (M H) Stores...*
Preferred
100
22%
114)4
10%
55
•
mm
United Cigar Sts
/33%
Bid
*
24%
105
--
13%
16 %
13%
1534
7
12
/14
Katz Drug preferred...
Kobaoker Stores
72)4
64)4
104
108
*
20
21%
100
83
90
Par
Bid
...
7% preferred
59)4
55
/57
58)4
/30)4
/30)4
32)4
32)4
/39
4034
1st fee A l'hold
6)4s.l940
Sugar Stocks
Ask
Par
42%
44%
1
Savannah Sug Ref com
West Indies Sugar Corp._l
44
43
Eastern Sugar Assoo— ...1
Preferred
Bid
Ask
1%
3734
39
734
8,
Sherry Netherland Hotel
70
59
1st 5)4s..-May
15 1948
60 Park PI (Newark) 0s *37
49
616 Madison Av 1st 6 %s*38
84)4
61 Bway Bldg 1st
/57)4
70
Syracuse Hotel (Syracuse)
1st 6)4s
Oct 23 1940
6)4s 1950
Textile Bldg 1st 6s....1958
For
footnotes
see
page
55)4
757.
CURRENT
59)4
/72
*
Haytian Corp Amer..
/38
NOTICES
—Manufacturers Trust Co. is Fiscal Agent in the City of New York for
57)4
the State of Louisiana bonds.
-
.
Trinity Bldgs Corp—
/51)4
1st 6)4a
85
9834
61)4
97
..1939
Bldg 1st 4s 1941
Walbrldge Bldg (Buffalo)—
1st 0)4s
Oct 19 1938
/29J4
Westinghouse Bldg—
1st fee A leasehold 4s '48
/76
2 Park Ave
73)4
5s series C
105)4
Bid
*
100
7% preferred
Roxy Theatre—
94"
57
73)4
105
102
102'"
68)4
Savoy Plaza Corp—
Realty ext 1st 5)48.1945
0s
1945
/68
59
99)4
Chain Store Stocks
B/G Foods lno
/53)4
87"
66
92
100
102
103
104% 106
Middlesex Wat Co 5 )4s '57
Blckfords lno
62)4
5)4s double stpd...l961
29
1947
38
38
Realty Assoc Sec Corp—
5s Income
...1943
/43
78
1st 6s
1951
103 E 57th St 1st 0s... 1941
78)4
1950
104%
79
1 Park Avenue—
/27
Lincoln Bldg lno 6)48.1963
Loew's Theatre Realt Corp
19th A Walnut Sts (Phlla)
1st 6s
July 7 1939
Oliver Cromwell (The)—
1st 6s
Nov 15 1939
✓32)4
/36
/36)4
/60)4
/5 0
/5 9
/52
534s serlea Q
1400 Broadway
Lewis Morris Apt Bldg—
1st 6)48
Apr 16 1937
A reg'55
6)4s series F-l
56)4
...1951
106"
Kokomo W W Co 5s..1958
Par
6)4s series C-2
92
/53%
76)4
80)4
Lefcourt Manhattan Bldg
1st 4-5s extended to 1948
1957
I960
1st mtge 5)4s
45)4
N Y Title A Mtge Co—
88
/52
1944
1949
Graybar Bldg 5s
1946
Harrlman Bldg 1st 6s 1951
Hearst Brisbane Prop 6s '42
Hotel Lexington 1st 6s '43
Hotel St George 4s
1960
Kelth-Albee Bldg (New
Rochelle) 1st 6s
1936
77)4
/43%
90
1st 6s '43
1958
Oct 1 1941
1945
85)4
/12%
Fox Theatre A Off Bldglst 6)48
5 f deb 5s
6 34s series BK
Nov 1947
Bldg—
stamped... 1948
1st mtge 5s
N Y Athletic Club—
1946
N Y Eve Journal 6)48.1937
62d A Madison Off Bldg-
1st 6)48
103
104%
104%
Lexington Wat Co 6 )4s '40
Long Island Wat 5)48.1955
100
101
1st A gen 6s
45 %
1939
96
99
1st mtge 2s stmp
99)4
0)48 unstamped
1949
602 Park Ave 1st 6s.-.1941
0s
94
1947
Munson Bldg 1st 6 %s_1939
75
68
/5 4)4
Film Center Bldg
1948
5a serlea B
Interstate Water 6s A. 1940
Joplin W W Co 6s
95
Water Co—
Jamaica Water Sup 5 )4s '55
Metropol Playhouses lnc—
/73
60 Bway Bldg 1st 3s lno '46
600 Fifth Avenue—
40 Wall St Corp 0s
42 Bway 1st 6s
/35
6s
East Ambassador Hotels—
1st Aref6)48
1947
Eqult Off Bldg deb 5s 1952
37
Majestic Apts 1st 6s..1948
Metropolitan Chain Prop—
6s
Court A Remsen St Off Bid
Dorset
Ask
Metropolitan Corp (Can)—
B'way A 41st Street—
1st leasehold 634s_. 1944
Broadway Motors Bldg—
Bid
Ask
102
Y
65)4
—Everett
Sanderson
has joined the sales
department of Van Alstyne,
Noel & Co., Inc.
—G.
V.
Grace
&
Co.,
Inc., announce the removal of their offices to
11 Wall St.
'P
—Howard Kiser has joined the retail sales staff of Hlltz & Co., Inc.
Volume
Financial
144
Quotations
Merck &
Chronicle
757
Over-the-Counter Securities—Friday Jan. 29
on
Investing Companies
Co., Inc.
Par
Climax
Continued
Molybdenum Co.
Administered Fund
Affiliated Fund Ino
Bid
»
Ask
Bought—Sold—Quoted
12.76
27%
29%
1.29
1.42
12%
Amer General Equities Inc
Am Insurance Stock
Corp *
Assoc Stand Oil Shares..2
Amer. Dist. Tel. (N. J.) Com. & Pfd.
21.17
11.32
Amerex Holding Corp...*
Amer Business Shares...1
Amer A Continental Corp.
Interstate Natural Gas Co.
1.13
Bank
Bid
16.84
1.25
Keystone Cust Fd Ino B-3.
26.04
26.37
Major Shares Corp
Maryland Fund Ino
*
3%
oom._
10.39
1L36
Trust.. 1
6
4%
8%
5.44
Mass
Investors
1.78
29.62
31.43
17.79
19.44
4.95
48c
68c
Wide Securities.. 1
4.85
38.52
Voting trust certificates.
2.16
2.32
24%
N Y Bank Trust Shares...
5.10
No Amer Bond Trust ctfs
4%
64%
67%
No Amer Tr Shares 1953..
Series 1955...
3.76
23
4.70
Nation
27.78
29.87
Series 1956
Consol. Funds Corp cl A.
Continental Shares pref
10%
12%
Series 1958
18%
19%
Corporate Trust Shares..
3.11
Tel. BArclay 7-0700
48
36.02
Century Trust Shares.__»
Teletype NY 1-1493
1.92
46
1
Mutual Invest Fund
Central Nat Corp cl A
Class B
Bell System
2.18
16.50
York Security Dealers Association
Broadway, N. Y.
Ask
2.02
Invest Co of Amer
Established 1920
Members New
116
Par
Group Shares
13%
4
Broad St Invest Co Ino...
Bullock Fund Ltd
1
Canadian Inv Fund Ltd.l
Bristol & Willett
1'
Institutional Securities Ltd
Insurance Group Shares
oom. 10
Investors Fund O
5%
7%
Bankers Nat Invest Corp *
Baslo Industry Shares
*
British Type Invest A...1
■'
■
19.90
50
»
*
55
7
Series AA
10
2.96
2.88
—*
3.69
3.48
Northern
Securities
100
Pacific Southern Inv pref. *
Class A
...»
75
85
42
45
17
18
Accumulative series
Par
American Arch
Bid
*
Amer Box Board
Par
Ask
56
100
American Book
63
com
Merck & Co Inc
l V.
M.
«•
6%
•»
American Hard Rubber—
Hardware
110
26
34%
82
17%
18%
Andlan National
48
50
25%
27
Corp
*
Art Metal Construction. 10
Indust Serv cl A*
Beneficial Indus Loan pf_*
Bowman-Blltmore Hotels
1st preferred
6
5%
Norwich
Canadian Celanese com..*
Preferred
..100
120
»
»
17 preferred
100
Dentists' Supply Co of N Y
25
27%
42%
44
Remington Arms
12
14
Scovlll Mfg
...100
58%
Steel
11%
39%
22%
Graton A Knight com
*
Preferred..
9%
•
42
100
67
2%
43%
260
-
110
100
120
«
••
*
«.*•
'
Maofadden Publlca'n
oom *
Preferred
•
10%
7~.89
Trustee Standard OH Sh
1.86
2.01
Trusteed Amer Bank Shs B
1.00
1.54
1.67
1.75
2.35
2.54
Trusteed Industry Shares.
U 8 El Lt & Pr Shares A.,.
1.58
Building shares
-
7.26
20%
20%
3.27
3.37
1.21
1.29
_
1.84
1.06
1.16
Investing shares
1.78
1.93
Merchandise shares
22%
1.70
Food shares
-
1.47
1.60
Mining Shares
1.73
1.88
Petroleum
3
1.53
1.74
1.89
Investm't Banking Corps
1.93
2.09
Bancamerica-Blair Corp..
11%
12%
1.20
1.31
35
37
First Boston Corp
Schoelkopf, Hutton A
Pomeroy Ino com
46%
48
106
Guardian Inv Trust com.*
Preferred
39%
37%
—100 1105% 107%
t c 1
6
4%
1 %
1
23
Huron Holding Corp
25
1.15
28.60
32%
100
—
27
a
30%
Submarine Signal Company
5%
11%
5%
11%
29%
WJR The Goodwill Station
Woroester Salt
—.100
Young (J S) Co com—.100
7% preferred
..100
34%
25%
24
31%
61
67
100
114
126
—
ROBINSON, MILLER &, CO.
mm
INO.
h^vAT282 52 William
American Tobacco 48.1951
Am Wire Fabrics 7s.. 1942
Armour & Co 4s
YORK
Street, N.Y.
Ask
Bid
112
1957
Journal of Comm
100
98%
97%
Associates Invest 3s..1946
River Bridge 7s
103
1948
Kopper Co 4sser A... 1951
98
104
6%s 1937
Conv deb 6s
99%
Martin
1953
Chicago Stock Yds 5s. 1961
88%
,
91%
99% 101%
103
103%
(Glenn L)
1939
226% 233
1946
/69
71
N Y Shipbuilding 58—1946
97
101
Cudahy Pack conv 4s. 1950
1st 3%s...
1955
100% 102%
104% 105%
103% 103%
94
96
Deep Rock Oil 7s
/91%
Scovlll Mfg 5%s
Std Tex Prod 1st
1st
UNTERBERG & CO.
Ask
Kelsey Hayes Wheel Co—
Bear Mountain-Hudson
CLIMAX MOLYBDENUM COMPANY
•
Miscellaneous Bonds
Bid
NEW
conv
M
-
«
conv s
f 6s
6a
-»
.
i
Nat Radiator 5s
1940
1937
Reynolds Investing 5s 1948
93%
1945
Federal Farm Mtge Corp—
6%s as'42
l%s
Sept 1 1939 100.26 100.29 Struth Wells Titus 6%s '43
Haytlan Corp 8s
1938
Tide Wat Assoc Oil 3 %s '52
30
/28%
Home Owners' Loan Corp
Union Oil of Calif 3 %s 1952
l%s
Aug 15 1937 100.22 100.26
2s
f New York Security Dealers Association
..Aug
l%s_
Exchange, Inc.
15
June
1938
101.30
Wltherbee Sherman 6s '44
102.2
1 1939 100.27 100.30
106% 108%
25
/24
95
«
-
_
101
_
112% 112%
/36%
38%
Woodward Iron 6s... 1952 /122% 124
BOwllng Green 9-3565
Broadway, New York
Teletype N. Y. 1-1666
*
d
No par value,
a interchangeable,
b Basis price,
Coupon,
e Ex-rights.
/ Flat price,
selling on New York Curb Exchange,
Am. Writ. Paper, New
Eastern Footwear Corp.
United Cigar Stores Com.& Pref.
Electrol, Inc.
t Now listed
on New
skyscraper,
Security Dealers Assn.
ST., N. Y.
x
ex-dlvldend.
»
Now
York Stock Exchange.
NOTICES
—Population of the Field Building, Chicago's newest and largest office
Established 1919
1
Tel. HAnover 2-8780
Registered ooupon (serial)
Now selling ex coupons,
CURRENT
M. S. Wien fit Co.
Members of the New York
c
to. i When Issued,
x
t Quotations per 100 gold rouble bond equivalent to 77.4234 grams of pure gold.
Inquiries Invited
BROAD
7%
6%
1.45
26.60
Incorporated Investors..*
com v
Willys Overland Motors.. 1
6% preferred
10
STREET
25
23.40
RR Equipment shares..
Cont'l Roll A Steel Fdy
61
Wellington Fund
Steel shares
71
| Commodity
4%
2%
1%
21.36
Tobacco shares
Telephone HAnover 2-9030
ivr«mKpiro
3%
23%
Members New York Curb Exchange
E.
B
Voting trust otts
Un N Y Bank Trust C3„
Un N Y Tr Shs ser F
1.10
46
QUAW & FOLEY
C.
7.77
1.66
shares
Bought, Sold & Quoted
BROAD
8.07
K
B
SYLVANIA INDUSTRIAL CORP.
SO
3.24
Agricultural shares
Automobile Bhares
12%
68
-
2%
»
S7 1st preferred
100
Wllcox-Glbbe common..50
2%
2%
41%
16.14
3.30
D
21%
preferred..
Preferred
-
2%
100
Trustee Standard Invest C
6.00
7% preferred
100
West Va Pulp A Pap com.»
45
8% preferred
7.25
21%
42%
.
102%
21%
$3 cum preferred
*
White (8 8) Dental Mfg_20
White Rock Mid Spring—
42
2d
6.58
14.85
Welch Grape Juice com..5
8%
40
Lord A Taylor com
1st 6% preferred
Fundamental Tr Shares A.
8.22
8.22
Supervised Shares
44%
oonv
10
7%
Great Lakes 88 Co com..*
Great Northern Paper..26
Lawrence Port] Cement 100
27.14
24
20
41
com
West Dairies Ine
64
Corp
1
Lawyers Mortgage Co..20
»
45
...100
Klldun Mining
22
*
$3
8%
12%
41%
23%
-
41%
43
United Piece Dye Works.*
Preferred
100
Warren Northam—
4
105
20%
Trtco Products Corp
*
Tublze Chatillon oum pf.10
United Merch A Mfg com *
1%
2.85
D
Chemical shares
100
Taylor Milling Corp
Taylor Wharton Iron A
*--
87
*
25.71
B
4.50
O
5.65
General Investors Trust.
64
•
2.85
—II—IIII
B.
BB
5.35
1.19
119
4.30
44%
31.00
Group Securities-
64%
»
41%
28.77
4.70
1.10
117
Corp
*
Super Corp of Am Tr Shs A
11.55
157%
21%
44%
84
10
13.97
345
33
Cycle Corp..
Good Humor Corp
37.81
150
30
Gen Flreprooflng 87 pf.100
35.18
335
Douglas Shoe preferred. 100
Draper Corp..
...»
Golden
State Street Inv
Singer Manufacturing..100
Strom berg-Carlson Tel Mfg
Sylvanla Indus Corp
*
80%
Galr (Robert) Co oom
Preferred
Gen Fire Extinguisher
2.18
5.81
Standard Utilities Inc...*
2.03
Standard Screw
61%
%
3%
8%
29%
23.72
4.45
—_25c
53
119%
•
27%
8.75
Foundation Trust Shares A
Fundamental Investors Inc
5%
11.10
23.01
7.90
B
2%
50
4.23
Standard Am Trust Shares
12%
*
.5.40
Selected Income Shares.
Selected Industries conv pf
Spencer Trask Fund
*
5.30
52
77
shares
2.72
3.76
25
Dixon (Jos) Crucible—.100
American
6.72
4%
5.10
.
3.55
ser
24
51
50%
56%
108%
Flour Mills of America...*
17.26
52%
52%
22
Foundation Co. For shs__*
15.83
38%
112
A.
101
4%
75c
Selected Amer Shs new
Selected American Shares.
Selected Cumulative Shs..
33%
Eqult Inv Corp (Mass)..6
Equity Corp conv pref
1
Fidelity Fund Inc
...»
13
*
com
15.48
55c
10
C
26
11%
* 148
14.98
100
Deposited Bank Shs
43%
23
2
Representative Trust Shs
Republic Investors Fund. 6
Royalties Management
31%
117%
•36%
com 10
Fixed Trust Shares A
41%
*
*
98
20.77
Deposited Inaur Shs A
92
1
18.96
Dividend Shares
89
„»
new.
Blass B
D
5
Publication Corp com
Quarterly Ino Shares
Deposited Insur Sh ser B__
Diversified Trustee Shs B.
«•
105
100
1.09
3.77
7% preferred
100
Cumulative Trust Shares. *
«*
34
95
Pharmac&l
Pathe Film 7% pref
Petroleum Conversion
124
61
Dictaphone Corp
Preferred
-
-
100
Leather
Ohio Match Co
45
xSl %
100
Ohio
29
43
$1 oum preferred.....,*
Columbia Broadcasting A *
preferred.
New Haven Clock pf
Northwestern Yeast
53%
24
Climax Molybdenum....*
Columbia Baking com...*
...»
;
•
.98
Common B shares
20%
21%
49%
62%
110% 113%
9%
10%
*
Nat Paper A Type com...*
7%
51%
.*
Crowell Pub Co com
«•
3%
Plymouth Fund Ino A. 10c
8% preferred
35
97
100
Preferred
..100
Class B
114
Muskegon Piston Ring
National Casket
45%
36%
American Mfg 6% pref.100
American Republics com.*
Bur dines Inc com
1%
33
100
preferred
Preferred
43%
*
Amer Maize Products
Bankers
Ask
1%
1
com
*
3.77
Series ACC mod
Crum A Foreter Ins
Mock Judson A Voehrlnger
8% cum preferred... 100
American
Bid
Maytag warrants
66
2.96
Series AA mod
Industrial Stocks
persons,
135
at
South
La
Salle
which is an increase of 20%
St.,
now
over
the figure of
totals approximately
,
Teletype N Y 1-1397
6,000
a year ago, a survey
just made public by Robert Carpenter, manager of the building, reveals.
The survey also shows that during the noon hours of week days throughout
1936
ROBERT GAIR
PETROLEUM
over
CONVERSION
DENNISON
1-3%
A similar percentage increase is shown in
elevator traffic, which averaged 36,000
persons
carried, up
MFG.
year ago.
A
to the upper, or
LANCASTER & NORVIN GREENE
Incorporated
BROAD
preceding year's figures.
on week days during 1936, as against an average of 27,000 a
The present elevator traffic figure indicates that approximately
6,000 persons not located in the building use the forty elevators daily to go
PFD.
MIDWEST OIL
of 8,000 persons entered the building from La Salle, Adams
and down,
GENERAL ALLOYS
SO
the
the passenger
ALLENDALE CORP.
HAnover 2-0077
an average
and Clark Sts., on which the structure faces, which is an increase of 33
FEDERAL BAKE SHOPS
office, floors.
—Bryan, Penington & Colket, 48 Wall St., New York, have prepared
analysis of Distillders Corp .-Seagrams, Ltd.
an
STREET
Bell
Tele.
N. Y.
1-1786
—Kennedy, Hall & Co., 120 Broadway, New York, have prepared
on Dardelet-Threadlock Corp.
analysis
an
Financial
758
Chronicle
Bonds—
Quotations on Over-the-Counter Securities
J
-
Percent
.
81,000 University Club 6% debentures,
--$1 lot
1954—
81,000 University Club 6% debentures,
Friday Jan. 29—Concluded
1937
30,
Jan.
19^0
,
81 lot
By Crockett & Co., Boston:
V
Stocks
Shares
.
$ per Share
13%
'
,
25 Nasbawena Mills-.—----.
Ask
Co. preferred, par $100
—...
25 Merrimack Mfg. Co. preferred, par $100
10 Farr Alpaca Co., par $50
50 Converse Rubber Co. preferred, par $33
68 Rhode Island Public Service preferred, par $27.50.—
46
48
60 Converse Rubber Co.
43
46
Foreign Unlisted Dollar Bonds
Bid
1946
1946
1971
Colombia 7 % 1947
Colombia 7 % 1948
Anhalt 7b to
Antloquia 8%
Argentine 4 % s
Bank of
Bank of
Barranquilla 88*35-40-46-48
1945
Bavaria 6 %s to
22
32
99 % 100 %
24
/21
24
/21
Hungarian Discount A Ex¬
change Bank 7s
1936
Ilseder Steel 0a
1948
1945
Clt 7 % to
Bogota (Colombia} 6 %s *47
8s
1945
/32
/20%
Jugoslavia 5s Funding 1956
Jugoslavia 2d ser 5s...1956
Coupons—
Nov 1932 to May 1935
Nov 1935 to Nov 1936
/20%
/20%
22%
/13
/20
17
Koholyt 6%s
22
Land M Bk Warsaw 8s '41
Leipzig O'land Pr 0%a '40
Leipzig Trade Fair 7s 1953
Luneberg Power Light A
/20H
1948
Munlc Bk Hessen 7s to '45
/19%
/20%
/87
/19%
/19
Municipal Gas A Elec Corp
Recklinghausen 7a.. 1947
/18
/20%
21%
/n%
12
/12%
/12
/14%
12%
15%
BrandenburgElec6s--1953
Brazil funding 5 %. 1931-51
/19
83 %
/91
/20
/17
23
84%
Munich 7s to
6s
Brazil funding
sorlp
7a 1935
Bremen (Germany)
68.
1940
12 H
25"
1962
7%s
1963
Buenos
Aires scrip
BurmelsterA Wain
Ha *46
Call (Colombia) 7%~1947
Callao (Peru) 7%%~1944
Cauca Valley 7 Ha. * -1946
Ceara (Brazil) 8 %
1947
-
Chile Govt 6b assented
...
7s assented
1968
Chilean Nitrate 6a
1953
1949
6H8--1959
Dortmund Mun Utll 6s '48
Duesseldorf 7s to
1945
6s
Cundinamarca
1945
Duisburg 7 % to
East Prussian Pow 6s_1953
(Germ) 6 Ha '50
Electric Pr
1953
6 Ha
/68
vestment
36
R C Church Welfare 7s '46
/18H
18%
140
/20
23
Royal Dutch 4s
1945
Saarbruecken M Bk 6s '47
1957
1957
/40
/19
Salvador 7%
7s ctfs of dep
22
/19
/19H
/20
23%
88
/20
23
1967
1945
Frankfurt 7s to
French Govt 5%s—..1937
French Nat Mall SS 6s '52
Gelsenklrchen M In 68-1934
1937
6s
German Atl Cable 7s_ -1945
/32H
/19H
120
124
121
/70
/55
/25 H
German Building & Land-
-.1948
bank 6H%
Scrip
Santander
(Colom) 78.1948
08.1943
1951
Saxon State Mtge 6s. 1947
2d series 5s—
f27
/24%
5s
1936
/23H
2d series 5s
German scrip
German Dawes Coupons
State
17%
/10 H
/12%
11%
1954
/93
99
Gt Brit & Ireland 5 Ha '37
100
102
111
112
Guatemala 8s 1948
Hanover Harz
Water
13%
For footnotes see page
"259
249
685
674
1,720
1,670
416
700
824
1,490
1,720
1,670
416
690
819
1,480
740
803
362
31
2,110
75.00
1,710
1,710
1,730
1,660
1,640
1,710
410
401
686
678
....
Eaux Lyonnalse cap
Energle Electrique du Nord
Holi-
...
day
L'Alr Llquide
Lyon (P L M)
46
Nord Ry
.....
Rentes 4%,
Rentes
Saint Gobaln C A C
.......
Societe Francalse Ford
...
Societe Marseillaise
57
/53
/60
/18
/31
current
Handels-Gesellschaft
49
Berliner Kraft u. Licht (8%)
46
Commerz'und
Privat-Bank
A. G
4,890
4,910
2,299
1,475
120
172
1,670
,527
2,330
1,480
2,350
201
534
105
1,480
104
104
115
170
169
1,660
1,640
527
527
196
196
530
522
104
102
EXCHANGE
Jan.
Jan.
25
Jan.
Jan.
Jan.
28
27
26
29
■Per Cent of Par
39
39
128
166
39
39
39
129
130
130
167
168
169 7
169
112
113
113
113
114
118
130
119
120
119
116
116
116
117
117
147
126
148
147
126
126
147 ,7 149
126
126
107
108
107
107
107
Farbenlndustrle I G (7%)
168
148
168
149
152
17
118
18
188
221
176
202
169
169
171
107
173
147
148
148
149
153
152
151
151
17
18
18
18
118
119
119
18
18
18
120
18
116
Erdoel
Hamburg Elektrlzltaetswerke............151
17
86
88%
Hapag
/16
17%
Mannesmann Roehren
98
99%
Norddeutscher Lloyd..
98
99%
..........118
18
188
..220
.......
Relobsbank (8%)
....
Rhelnlsche Braunkohle (8%)
J86.55 91.15
101
100
Salzdetfurth (7% %)
Siemens A Halske (7%)..............
/19
/17%
/19H
175
200
current
119
187
188
! 189
221
220
221
176 i'
176
177
201
200
189
224
202
-
183
204
notices
—Following the dissolution of the firm of Webster, Kennedy & Co., Inc.,
of New York and Boston,
were
sold at auction on Wednesday
S per Share
—
.
-
— —
Renton
Jr., Vice-Presidents and E. Preston Brown, Treasurer.
—,—$1,100 lot
16%-%
11%
—
$25-..-
—
Per Cent
Bonds—
on__8% flat
int.
-3% flat
tax-ex..119% & int
Texas Electric Ry. 5s, Jan., 1947; coupon Jan. 1, 1931, & sub.
Commonwealth of Massachusetts 4s, Sept., 1956; reg. tax ex__19% &
Lake Shore Apartments, Inc., 6s, 1942; reg. (1, 81,000; 2 $100)
Commonwealth of Massachusetts 4s, Sept., 1954; reg.
—
$ per Share
Slocks
25 Jenkintown Bank & Trust Co., Pa., par $10-.'
15 Philadelphia National Bank, par $20
-■-•i:
...
— —
33 Farmers & Merchants National Bank, Bridgeton, N. J., par $100-.
2 Tradesmens National Bank & Trust Co., par $100
4 Real Estate Trust Co., par $50—
...
±:,
was
Kennedy & Co., Inc., five years
Vice-President and Director of the original
-
—
_
35
130
13%
225%
83
50
firm of
and previously was associated
with the National Shawmut Bank of Boston.
The entire personnel of the New
Inc.,
will
be associated with the
Co.,
York office of Webster, Kennedy &
company
new
which
will occupy the
quarters of the old firm at 40 Wall St.
Simultaneously, announcement is made of the formation of
Kennedy,
Officers of
W.
Frederick
Spence and Gordon B. Russell, Vice-Presidents.
The new
company will occupy the offices of Webster, Kennedy & Co., Inc., in
Boston at 75 Federal St., and will have associated with it the entire perSpence & Co., Inc., Boston, to deal in tax-exempt securities.
the
company
are
F. Brittain Kennedy,
President and Treasurer and
sonnell of the Boston office of the old firm.
—Announcement is made of the formation of the new firm of
Blauner &
Curb Exchanges.
Broadway,
is
a
is
a
are
Partners of the
new
firm, which will have offices
Jr.,
York
at 25
John J. Harris, Eugene Blauner, Seymour A. Blauner,
member of the New York Stock Exchange, Frank
Otis Post,
Harris,
Perry with memberships on the New York Stock and New
a
who
J. Perry, and James
member of the New York Curb Exchange.
Morton Lane
special partner.
Mr.
Harris has been connected with banking and financial
for a period of 25 years.
institutions
He has been prominently identified in
with several reorganizations of considerable size,
By Barnes & Lofland, Philadelphia:
30 Blauner's, Inc., preferred, no par
Mr. Webster
C. F. Childs & Co., Inc., for about ten years
—
--
C. L. Tripp,
Vice-President, James S. Abrams Jr., John B. Pearson and Harvey S.
first
ago,
.V:/',
and tax
Co., Inc., dealers in municipal
Prior to the organization of Webster,
'
announced
Raymond K. Webster, as President,
Other officers of the new company are Jerome
exempt bonds.
Stocks
96.00
4,910
Dlsconto-Gesellschaft.116
— _ — —
Shares
78.10
96.00
112
Geefuerel (0%)
461%
139 rights Webster & Atlas National Bank, Boston
12c
20 United States Trust Co., Boston, par $10—.....
.....
-----18%
20 Naumkeag Steam Cotton Co,, par $100
_
70%
60 Texas Electric Ry. common..:
8%-%
1 Boston Athenaeum, par $300—
400
100 Missouri Kansas Pipe Line Co. class B v. t. c., par $1____ —:
55c
1 Boston Athenaeum, par $300
—
.--400
10 Bigelow Kennard & Co., Inc., preferred, par $100--.--...
. — $5 lot
10 Saco Lowell Shops first preferred, par $100—
115
20 Briggs Realty Co. 7% preferred.
5
$5,000 Lawrence Ice Co. 7s, 1944; 810,000 Lyrn Commercial Realty Co. 6s,
1945; 100 Lynn Commercial Realty Co. common; $5,000 Dwight Bridge St.
Realty Co. 7s, 1954; 50 Dwight Bridge St. Realty Co. common; 165 Lynn
Realty Trust common, par $50; 154 Lynn Realty Trust preferred, par $50;
50 Fiberboard Co. common; 25 Springfield Central Realty Co.; 96 Stafford
Mills preferred; 19% Narragansett Mills common; 100 Commonwealth
$1,000
$3,000
$1,200
$1,000
77.75
95.75
DresdnerBank
757.
par
77.70
77.70
(4%)
147
Deutsche Reichsbahn (German Rys) pf 7% 126
Deutsche
12 Merchants National Bank, Boston, par $100
10 United Elastic Corp.
77.50
(6%)...... 128
166
(7%)
Deutsche Bank und
week:
Supplies class B—
30 Haverhill Gas Light,
74.50
77.50
Allgemelne Elektrizltaets-Gesellsohaft..... 39
By R. L. Day & Co., Boston:
Shares
75.10
73.70
/81
following securities
the
28
2,080
73.20
536
the formation of R. K. Webster &
The
31
74.30
BERLIN STOCK
Dessauer Gas
1947
to...1945
7s
355
358
364
2,120
74.80
23
Berliner
Vesten Elec Ry 7s
1,520
Closing prices of representative stocks as received by cable
each day of the past week:
43
Unterelbe Electric 68.1953
Wurtemberg
776
73.30
104
46
7% gold ruble
1943
United Steamship 08.1937
790
290
Union of Soviet Soc Repub
100
720
74.30
Wagon-Llts
1951
7s
807
1,490
732
74.70
...
1950
7s
Prov
820
1,490
75.00
73.70
78.00
78.30
96.50
4,900
Tubize Artificial Silk, pref
1947
Tucuman City
Tucuman
/19
97
i
193
4%s, 1932 A
4%%, 1932 B
Rentes 5%, 1920
Schneider A Cle
170
180
2,240
1,490
120
172
1,670
527
.....
1917
■r\
AUCTION SALES
of
750
804
358
29
2,115
75.20
75.25
74.10
78.30
78.75
97.00
4,910
,
1955
Tolima 7s
/40
1957
Haiti 6%
1953
Hansa SS 6s stamped-1939
6s unstamped
1939
Housing A Real Imp 7s *46
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7Hs'32
259
697
THE
/98
1956
1956
Toho Electric 7s
Wks
6%
17%
/55
Oct 1935 to Oct 1936- ,/38
/19%
Stettin Pub Util 7s... 1946
/62
Stlnnes 7s unstamped. 1936
/51%
Certificates 4s—1936
7s unstamped
1946 /61
/50%
Certificates 4s—1946
9
/16%
1960-1990
260
693
29%
Coupons—
Oct 1932 to April 1935
7
/6%
/8
Dec 1934 stamped
4s
852
Union d'Electricitle
Mtge Bk Jugoslavia
/25%
(Austria) 8s
858
Jan.
1940
7s
July to Deo 1935
June 1 '35 to Dec. 1 *36.
77
43
Slem A Halske deb 6s.2930 /260
Jan to June 1936
Dec 1 '34 stamped
29%
/38
/28
Apr 15 '35 to Oct 15 *36.
German Young Coupons
868
/5 5
Nov 1935 to Nov 1936
864
190
Societe Lyonnalse
48
/38
65
Comptolr Natlonale d'Escompte
Coty 8 A
Societe Generale Fonclere
46
Coupons—
Nov 1932 to May 1935
July to Dec 1934
Jan to June 1935
Graz
13%
/58
July to Dec 1933.
Jan to June 1934
July to Deo
37%
1956
1956
Serbian 5s
23
/22
German defaulted coupons
65
750
Royal Dutch
/28
/75%
/ 78
/16%
/28H
/21%
/19%
/21%
Sao Paulo (Brazil)
0%s
150"
/10%
/65
/60
Saxon Pub Works 78.1945
1,590
69
760
Rentes
/36
i-
1,550
66
760
Rentes 4%. 1918
/18
1948
Santa
Catharina
(Brazil)
8%
1947
Santa Fe 7s stamped. 1942
1,590
1,570
63
768
Rentes, Pepetual 3%
29
/27%
/19
8s ctfs of dep
1,171
1,590
Pechlney
f20
f 35
1948
348
27,100
349
l",18i
Citroen B
Pathe Capital
f 20
4s scrip
23
349
27,100
349
27,000
1,182
Cle Generale Transatlantlque
Orleans Ry 6%
/17H
/17%
1966| /32
7Ha
30
26
37
European Mortgage A In¬
7s
/28
/24
/34
60
635
353
...
Kuhlmann
71
1946
Westphalia 6s '33
Prov Bk Westphalia 6s '36
Rhine Westph Elec 7% *36
Rio de Janeiro 6%—1933
Rom Cath Church 6Ha '46
69
650
8,300
8,100
1,502
26,900
1,198
Pacific
Energie Electrique du Littoral..
(Ger¬
Church
1,533
660
Credit Lyonnalse
47
/19
many) 7s
1,525
640
Banque de l'Unlon Parlaienne..
Credit Commercial de France..
Panama 5% scrip...
Porto Alegre 7%—
Prov Bk
Banque de Paris et Dee Pays Bas
8,400
1,580
Courrieres
/31
/19%
Protestant
61
Francs
8,500
Cie Generale d'Electricitle
91
Oberpfals Elec 7%—1940
Oldenburg-Free State 7%
to
1945
/80
/58
/67
/58
/35
_
Jan. 29
Francs
Cle Distr. d'Electricitle
85
1908
Jan. 28
Francs
Canal de Suez cap
43
74
Jan. 27
Francs
8,400
Canadian
/31
/ 97
/31
-1946
Cordoba 7s stamped->1937
7s stamped
1957
Costa Rica funding 6% *61
Costa Rica Pac Ry 7 Ha '49
.
21%
93
1947
4s
Jan. 26
Francs
Bank of France..
90
87
North German Lloyd 6s '47
19%
Jan. 25
Francs
; ;•
\
/21H
16
21%
/5 %
/14
/14
/72
Colombia scrip issue of '33
Issue of 1934 4 %
6%s '38
17%
69
/20%
/16%
/14%
/l 8 %
City Savings Bank, Buda¬
pest, 7s
1945
1946-1947
1948-1949
Nat Central "Savings Bk of
Hungary 7Ha
1962
National Hungarian A Ind
Mtge 7%
1948
/24%
Quotations of representative stocks as received by cable
each day of the past week:
Jan. 23
(A A B)
(C A D)
/66
6s_1940 /U4
Caldas (Colombia) 7
27%
/19
Natl Bank Panama 6%%
/35
Brown Coal Ind Corp—
0%B
7%
Nassau Landbank
Hungarian Bank
British
Water
BOURSE
PARIS
THE
/ 38
Meridlonale Elec 7s.. 1957
7a
-
/20H
Mannheim A Palat 78.1941
78
——-—
/55
1943
(Republic) 8s. 1947
1958
1969
1940
Bolivia
-
$33
preferred, par $33
10 N. E. Power Assn. common, par $100—
50 Converse Rubber Co preferred, par
/50
Cons
Palatinate
Bavarian
Bid
Ask
/19
/27
76%
63
24%
36%
31%
36%
33
36
2 Nashua Mfg.
the past
and has been active in
the capacity of syndicate manager.
Mr.
Perry has been associated in the past with Blythe & Co., Inc.
and
The Messrs.
Blauner were formerly partners in the New York Stock Exchange firm of
Prentice, Blauner & Brady. Mr. Post has been with Post & Flagg for the
Frazier, Jelke & Co., and more recently with Watson & White.
past six years.
Volume
Financial
144
General
OF
REGISTRATION
The
UTILITY—INDUSTRIAL—MISCELLANEOUS
STATEMENTS
SECURITIES
759
Corporation and Investment News
RAILROAD—PUBLIC
FILING
Chronicle
UNDER
ACT
Securities
and Exchange Commission on Jan. 27
filing of 22 additional registration statements
(Nos. 2775-2796, inclusive) under the Securities Act.
The
total involved is $234,856,656.10, of which $222,143,024.76
RIGHTS-SCRIP
announced the
represents
new
No. of Issues
Type
15
Total
$131,143,024.76
85,000,000.00
6,000,000.00
2,120,201.34
10,583,430.00
Commercial and industrial
1
Foreign government
-
2
Investment trust
3
Voting trust certificates
Securities in reorganization
1
The
Specialists since 1917
issues.
McDonnell &ro.
Members
New York Stock Exchange
120
following issues for which releases have been published
included in the total:
are
Industrial
Rayon
New York Curb Exchange
Broadway, New York
Bell
Telephone REctor 2-7815-30
Teletype NY 1 1640
Corp.—247,625 shares
(no par) capital stock, of
151,625 shares are to be offered to stockholders, 6,500 shares are
outstanding, and 89,500 shares are under option.
(See details in V. 144,
p. 615). (Docket. No. 2-2782, Form A-2, Filed Jan. 9, 1937. included in
Release No. 1218).
Government of Dominion of Canada—-$30,000,000 of 7-year 2M%
bonds, due Jan. 15,1944, and $55,000,000 of 30-year 3% bonds due Jan. 15,
1967.
(Docket No. 2-2789, Filed Jan. 14, 1937, included in Release
No. 1222).
Electric Auto-Lite Co.—$10,000,000 of
4% debentures due Feb. 1,
1952, and an undertermined amount of $5 par value common stock for
conversion of the debentures.
(See details on subsequent page).
(Docket
No. 2-2791, Form A-2, Filed Jan.
14, 1937, included in Release No. 1223) •
which
Texas
Corp.—1,557,000 shares of $25
value capital stock, subscrip¬
subscription instalment receipts.
(See details
in V. 144. p.
625).
(Docket No. 2-2795, Form A-2, Filed Jan. 16, 1937,
included in Release No. 1226).
tion
warrants,
and
par
stock
Atlantic City Electric
Co.—$18,000,000 of general mortgage bonds,
SH% series, due 1964.
(See details in V. 144, p. 604).
(Docket No.
2-2796, Form A-2, Filed Jan. 16, 1937, included in Release No. 1225).
Other securities included in the total
are
as
follows:
Covered Wagon Co. (2-2775, Form A-2) of Mt. Clemens,
Mich., has
filed a registration statement
covering 30,000 shares ($20 par) $1.50 cumu¬
lative convertible preferred
stock, and 370,000 shares (no par) common stock
of which 75,000 snares are unissued and reserved
by the company for con¬
version of the preterred and the
remaining 295,000 shares are presently
outstanding.
The proceeds to be received by the company are to be used
to
discharge indebtedness and for working capital.
Cranberry & Co.
of N. Y. City, and Jackson & Curtis of Boston are the underwriters. Arthur
(5r.
Sherman
of Mt.
Clemens is President.
Filed Jan.
4,
1937.
Liberty Thrift Foundation, Inc. (2-2776, Form C-l) of N. Y. City,
,
has
filed
a
registration statement
covering
periodical
deposit and fully
faid investment certificates asinsurance, and 880 certificateswith fully paid.
,800 certificates HN without follows: 2,000 certificates M
HP insurance,
According
ing
to the registration statement, the aggregate amount of the offer¬
is $5,000,000.
Filed Jan. 5, 1937.
Underwriters Group. Imc. (2-2777, Form C-l) of N. Y. City, hasfiled
a
registration statement covering 10,000 trust certificates of Underwriters
Group investors Trust evidencing participating interests in producing oil
royalties and kindred properties.
According to the registration statement,
the aggregate amount of the
offering is $1,000,000.
Filed Jan. 5, 1937.
Bradford Oil Refining Co. (2-2778, Form
A-l) of Bradford, Pa., has
filed a registration statement
covering $350,000 of first mortgage 6%
sinking fund bonds, due Jan. 1, 1947, to be offered at par plus accrued
interest, and 422,953 shares ($1 par) capital stock.
The company will
offer 150,000 snares of the stock
being registered pro rata to stockholders
of record Jan. 20,
1937, at $1 a share, and any unsubscribed balance is to
be offered publicly through underwriters at $1.25 a share.
The company is
also granting to those stockholders who subscribe for the
shares, options
to purchase an additional 100,000 shares at
$1 a share on the basis of two
shares for eacn three shares subscribed for.
before Jan. 2, 1939, it is stated.
An
to the underwriters to
The options must be exercised
option will also be granted to the
purchase such of the 100,000 shares as are not taken
by the stockholders.
The remaining 172,953 shares are presently
outstanding, and, it is stated that these snares have also been optioned to
the underwriters.
The proceeds to be received by the company are to be
up
used for additions to
plant and equipment, and for working capital. Thomp¬
Taylor Co. of Pittsburgh, and Bioren & Co. of Philadelphia, are the
underwriters.
E. R. Dederer of Bradford is President.
Filed Jan. 6,
son &
1937.
Park &
Tilford, Inc. (2-2779, Form A-2) of N. Y. City, has filed
a
regis¬
tration statement covering 31,246 shares
($1 par) capital stock.
The stock
will be offered to stockholders of record Feb.
1, 1937, at $25 a share, at
the race of one share for each seven shares held.
Transferable
subscription
warrants expiring March
15, 1937, and exercisable only in amounts calling
for full shares are to be issued to stockholders.
Shares not taken by the
stockholders are to be taken up by David A. Schulte, Chairman of the *
board of directors, at $25 a share.
The proceeds are to be used to reduce
indebtedness and for working capital.
Gordon Stewart of N. Y. City,
is
President.
Filed Jan. 7, 1937.
Joliet Heating Corp. (2-2780, Form A-l) of Joliet,
111., has filed a
statement covering 30,000 shares ($5 par) 6% cumulative con¬
vertible preferred stock and 30,000 shares (no
par) common stock to be
reserved for conversion of the preferred. The preferred stock will be offfered
at par or at market.
The proceeds are to be used for the purchase and
enlargement of a building, for the purchase of equipment; for additional
inventories, and for working capital.
Bradley Ellner Co., Inc., of Chicago,
registration
is the underwriter.
Gold
E. J. Huber of Joliet is President.
Filed Jan. 8,1937.
Creek
Mining Co.—A. R. Bauman, et al.f voting trustees of
Mining Co. (2-2781, Form F-l) of Milwaukee, Wis., have
registration statement covering voting trust certificates for 125,000shares ($10 par) common stock of Gold Creek
Mining Co.
John A. Gebhardt, one of the trustees, has been selected as depositary.
Filed Jan. 8,
1937.
Gold
filed
Creek
a
International Match Realization Co., Ltd. (2-2783, Form
E-l) of
Hamilton, Bermuda, has filed a registration statement covering 192,426
having a par value of £1 each to be issued under
plan of liquidation in exchange for debentures of International Match
Corp.
The basis of exchange is as follows: one voting trust certificate
representing one capital share of the stock being registered for each $500
principal amount of 10-year 5% convertible gold debentures or 20-year 5%
sinking fund gold debentures of International Match Corp.
Filed Jan. 9,
shares of capital stock
1937.
The voting trust for capital shares of International Match Realization
Co., Ltd. (2-2784, Form F-l) in care of the Bank of Bermuda, Hamilton,
Bermuda, has filed a registration statement covering voting trust certifi¬
cates
for
192,419 capital shares of International Match Realization Co.,
Ltd., having a par value of £1 each.
Filed Jan. 9, 1937.
(The) Mar-Tex Oil Co. (2-2785, Form A-l)' of Houston, Texas, has filed
a registration statement
covering 200,000 shares ($1 par) class A common
stock to be offered to stockholders at $3 a share on the basis of two shares
for each three shares held.
Any of the shares not taken by stockholders
will be offered publicly.
ness,
The proceeds are to be used to discharge indebted¬
for the purchase of oil properties, and for working capital.
Henry B.
Md., is President.
Filed Jan. 9, 1937.
Thomas Jr., of Baltimore,
Calo Food
filed
a
Products, Inc. (2-2786, Form A-2) of Oakland, Calif., has
registration statement covering 125,000 shares ($1 par) common
stock, of which 100,000 shares
are outstanding and 25,000 shares are re¬
company's class B common stock.
The stock
presently outstanding is to be offered publicly through Russell Maguire
6 Co., Inc., of N. Y.
City, the underwriter.
H. C. Clayburgh of Oak¬
land is President.
Filed Jan. 12, 1937.
served for conversion of the
Rotating Valve Corp. (Michel L. De
Zutter voting trustee of Rotating
(2-2787, Form F-l) of N. Y. City, has filed a registration
covering voting trust certificates for 100,000 shares (no par)
stock of the Rotating Valve Corp.
Filed Jan. 13, 1937.
Valve Corp.)
statement
common
Martin-Parry Corp.— (2-2788, Form A-2) of York, Pa., hasfiled
istration
a reg¬
statement
covering* 50,000 shares (no par) capital stock to be
stockholders of record Feb. 10, 1937, at $9 a share.
Transferable warrants expiring March 2, 1937, will be issued to the stock¬
holders.
Shares not taken by stockholders are to be offered
by Sandsdown
Corp., of N. Y. City, the underwriter.
The proceeds are to be used to
discharge indebtedness to the Reconstruction Finance Corporation and other
indebtedness, and for working capital.
F. M. Small, of York, is President.
Filed Jan. lu, 1937.
offered
pro-rata
to
Securities Investment Co. of St. Louis—(2-2790, Form A-2) of St.
Louis, Mo., has filed a registration statement covering 12,500 shares
($100 par) 5% cumulative convertible preferred stock, and 20,834 shares
(no par) common stock including scrip for fractional shares.
The common
stock, including the scrip, is reserved for conversion of the preferred.
The
preferred stock is to be offered in exchange to holders of the company's
7 % preferred stock on the basis of one and one-tenth shares for each share
held.
Such of tne shares as are not issued under the
exchange will be offered
first to the company's stockholders at $100 a
share, and any shares still
remaining will be offered publicly by Francis Bro. & Co.; G. H. Walker &
Co., and Stix & Co., all of St. Louis, the underwriters.
The cash pro¬
ceeds to be received by the company are to be used for the
redemption of any
7% preferred stock not exchanged, and for working capital.
T. C. Tupper,
of St. Louis, is President.
Filed Jan. 14, 1937.
(The) Randall Co. (2-2792, Form A-2) of Cincinnati, O., has filed a
registration statement covering 100,000 shares (no par) class B stock, all
of which
are
presently outstanding.
Only 30,000 shares of the stock being
to be presently offered, it is stated, and the company will
of the proceeds.
Toby & Co., of N. Y. City, and First
Cleveland Corp. of Cleveland, O., are the underwriters.
Howard D. Ran¬
dall of Cincinnati, is President.
Filed Jan. 14, 1937.
registered
receive
are
none
Stratoplane Corp.(2-2793), Form A-l of N. Y. City, has filed
a
reg¬
istration statement covering 50,000 shares ($1
par) common stock to be
offered at par.
The proceeds are to be used for the purchase of an airplane
and equipment, for experiments, and for other
corporate
purposes.
T. Hamilton of Gadsden, Ala., is President.
Lac-Teck Gold Mines, Ltd.
filed
Frank
Filed Jan. 15, 1937.
(2-2794, Form A.l) of Toronto, Can., has
a registration statement covering
1,500,000 shares (no par) common
stock, of which 500,000 shares are presently outstanding.
The 1,000,000
shares to be offered by the company are under option to the
underwriter,
and the 500,000 shares of outstanding stock are to be
paid to the under¬
in
writer
consideration
for
acceptance
of
a
new
option
agreement,
it is
stated.
A. E. McKee of Toronto, is the underwriter.
The proceeds to
be received by the company are to be used for the development of
property,
for buildings and equipment, and for working capital.
Robert F. Hardy
of Toronto is President.
Filed Jan. 15, 1937.
Prospectuses
were filed for 15 issues under Rule 202 which
from registration certain classes of offerings not
exceeding $100,000.
The act of filing does not indicate
exempts
that
the
exemption is available or
finding to that effect.
these filings is given below:
that the Commission
A brief description of
has made any
Sixteen
N. Y.
to
One Extension Gold Mines, Inc. (File 3-3-37), 60 Wall
St.,
common stock ($1 par) at par.
George
City, offering 54,660 shares of
W. Hallock, Alleghany, Caiif., is President.
No underwriter is named.
Mount Baker Chromium Corp. (File 3-3-922), 1411 Fourth Ave.
Bldg.,
Seattle, Wash., offering 160,000 shares of class A common stock of 10 cents
par value and 240,000 shares of class B common stock of 10 cents par vaue
at 25 cents per share.
No underwriter is named.
Norseman Boat Corp. (File 3-3-923), Los Angeles, Calif., offering
13,600
shares of common stock ($5 par) at par.
Olaf Tellefsen, 7416-J-S S. Vermont
Ave., Los Angeles, Calif., is President.
No underwriter is named.
Consolidated Mines & Smelting Co. (File 3-3-924), Wenatchee,
Wash.,
offering 145,000 shares of capital stock of 1 cent par value, 30,000 shares
being offered at 50 cents, 60,000 shares at 60 cents and 55,000 shares at
70 cents.
O. F. Brown, Wenatchee .Wash., is President.
No underwriter
is named.
Cream City Bedding Co. (File 3-3-921), 3220 W. Fond du Lac Ave.,
Milwaukee, Wis., offering 90,000 shares of class A stock ($1 par) and 22,500
shares of class B stock (40 cents par) in units of 4 shares of class A and 1
share of class B at $4.40 per unit.
John E. Kunkel, 5921 W. Garfield Ave.,
Milwaukee, Wis. is President.
No underwriter is named.
Aladdin Mines Co.
(File 3-3-925), Elko, Elko County, Nev., offering
200,000 shares of capital stock of 10 cents par value at par.
John A.
McBride, Elko, Nev., is President.
No underwriter is named.
Fort Pitt Brewing Co. (File 3-3-926), Pittsburgh, Pa., offering 100,000
stock ($1 par) at par.
C. C. Reeder, 309 So. Linden Ave.,
Pittsburgh, Pa., is President.
No underwriter is named.
shares of commop
Elkhorn Mines, Inc. (File 3-3-927), Kohrs Block, Helena, Mont.,
offering 150,000 shares of capital stock of 20 cents par value at par.
C. L.
Hewitt, 615 No. Davis St., Helena, Mont., is President.
No underwriter
is named.
Perfex Radiator Co. (File 3-3-928), 415 West Oklahoma
Place," Mil¬
waukee, Wis., offering to persons resident within the State of Wisconsin,
1,500 shares of common stock of no par value at $44 per share.
Julius K.
Luthe, 1101 E. Circle Drive, Milwaukee, Wis., is President.
Dalton
Riley & Co., Inc., Milwaukee, Wis., named
Spring
shares
of
Brook
common
Boat
stock
Corp.
of
a
as
underwriter.
(File 3-3-929),
stated
Vickery, O., offering 650
$100 at their stated value.
No underwriter is named.
value of
D. Ray Babcock, Vickery, O., is President.
Iodine Pharmacal Co., Inc. (File 3-3-930), 511 Fifth
Ave., offering
20,000 shares of common stock ($1 par) at $2.50 per share.
Waiter P.
McClure, 2130 Broadway, New York, N. Y., is President.
No undeerwrieris
named.
Financial
760
Alton RR.
,
Corp. (File 3-3-935), 507 Spring-Arcade
Bldg., Los Angeles, Calif.
Offering 100,000 shares common stock ($1
par) at par.
R. E. Stultz, above address, is President.
No underwriter
Stultz Mining Process
R. E.
named.
is
'
-
File 3 3-936), 1630 West Point Road,
Spokane, Wash.
Offering 700,000 shares of common stock of 1 cent
par value at 10 cents per share. D.D. Morgan, address not stated, is its
Aurora Creek Gold Mining Co.
No
President.
Balentine
is
underwriter
The
Commission, at the request of the applicants, has
consented to the withdrawal of the following registration
filed under the Securities Act of
Politics,
stock A,
par)
Inc.
(File
preferred
16,417,007
3,906,398
777,710
—
13,965,913
2,295,324
def416,226
13,159,346
2,813,469
221,040
13,328,174
American
(File
Acc'ts
Inventories
Fixed assets.-—Real estate invest.
sub.
$165,541
taxes & expenses
246,208
470,304 Notes payable
294,158 Unclaimed dlvs. of
sub. company._
6,845
Depos. refundable
22,193 Minor. Int. In cap.
2-2755)—$u00.000
21,661
company..
trade¬
Capital surplus—
b
assets..
Gage County Electric Co.
(File
2-2533)—$215,000
of
5% 10first mortgage bonds, 1,100 shares ($100 par) 6% cumulative pre¬
ferred stock, and 1,30shares ($100 par) common stock.
Mills, Inc. (File 2-2718)—550 sharea (no par) common stock.
$1,549,204 $1,234,874
Total
American Business Shares
Statement
list, the Commission said:
does the act of filing with the
no case
in
list^of"registration statements
issue of Jan.
our
Air
Accts. receivable
Inventories
Adv.
1935
$22,120
f 61,915
166,521
1935
Dlvs.
15,000
------
2,742
2,056
payable
500
cap.
stk.,
local
bond cov'g ann'l
'
■
rental..
c
Net
$7 pref. stock.
Surplus
award
9,816
4,000
102,550
5,527
177,545
16,573
gl3,724
102,550
5,527
228,135
-----
5,500
Appropriated
579
501
Paid-in Surplus for
78,717
•Vi
76,830
3,597
_
mm
m
mm
'
,
19.977
the distribution account
rnrnmrnm'
leaseh'd
3,466
2,621
$467,721
$342,105
Balance, Dec. 31, 1936-
4,683
5,597
_
Total
Total
The subsidiary company, as defendant in a
$467,721
$342,105
suit arising from injuries
parachute accident, was held liable for damages and costs
aggregating $5,500.
Cash in that amount has been posted as security to
an indemnity bond, pending appeal of the award,
b After allowance for
depreciation of $41,688 in 1936 and $34,904 in 1935.
c Represented by
4,102 no par shares,
d Represented by 15,402 no par shares, before
deducting 900 shares in treasury (donated).
e After allowance for doubt¬
ful of $3,816 in 1936 and $3,500 in 1935.
f Includes notes,
g Includes
reserve for new catalogue costs of $7,724.
The comparative earnings statement for the years ended Sept. 30 was
published in V. 144, p. 602.
sustained in
a
Akron Canton &
December—
Gross from railway
Youngstown Ry.1936
1935
1934
Statement of
$179,415
64,874
41,122
$149,680
59,869
36,534
$125,803
45,155
27,667
Balance, Jan. 1,1936
1,986,442
651,495
383,048
1,721,879
579,556
286,761
1,594,629
574,045
322,599
Debit arising from reacquisitions of capital
and March
1935
1936
December—
1934
1933
37,773
.
$430,197
137,088
76,313
$381,096
109,624
95,879
6,529,137
1,714,587
905,801
5,259,594
932,758
429,547
4,888,350
981,067
661,908
4,497,665
1,110,202
661,538
$543,112
143,350
Gross from railway
.
Net from railway
.
a share paid Dec. 1, 1936, and
paid Sept. 1, June 1 and March 1.1936
Cash distributions of 3 cents
2 cents
a
share each
—V. 144, p. 95.
Liabilities—
Assets—
a
Investments—at cost
Cash
on
$6,249,171
156,391
26,048
114,641
deposit
Dividends
receivable
Due from brokers
Alabama Power
Co.—Earnings—
1936—Month—1935
1936—12 Mos.- -1935
$1,684,662
$1,518,253 $18,712,810 $16,794,482
653,396
8,506,560
7,516,683
773,699
Prov. for retire, reserve.
132,555
1,767,000
1,390,480
167,500
Int. & other fixed charges
407,137
4,805,635
4,863,934
395,733
Divs. on pref. stock
195,178
2,342,138
2,342,151
195,178
Due
$129,985
$1,291,^76
$681,232
115,183
Due to brokers
funds in distri¬
Undistributed
bution account
Undivided
revenue
Total
a
.$6,546,252
Value based
on
$10,515
6,765
Lord, Abbett & Co., Inc.
60,842
-
Capital stock (par 50c.)
Paid-in surplus
Period End. Dec. 31—
Oper. exps. and taxes,-
'
Accts. payable & accr'd taxes.
1
Furniture and fixtures
Subsidiary of Commonwealth & Southern Corp.
$152,550
$447,224
Balance Sheet Dec. 31, 1936
From Jan. 1—
Net after rents
$382,128
65,097
Equalization credits to the distribution account
$371,144
140,122
132,617
Net after rents
p.
65,097
$60,842
Balance Dec. 31, 1936
Appropriated for Distribution
Gross from railway
Net from railway
144,
$1,791
stock
Dec. 1, Sept. 1, June 1
1, 1936, included in distributions in proportion to
the amounts of undivided profits included therein (see below)
Amounts distributed to stockholders
Undivided profits
Alabama Great Southern R R.—Earnings—
Balance
110,004
$127,730
—V. 144, p. 269.
A
$17,726
-
capital stock)
Total...
From Jan. 1—
Gross from railway
Net from railway
Net after rents
31,1936
Distribution Account for Year Ended Dec.
[Portion of proceeds of subscriptions to capital stock credited to the
distribution account to equalize the distributable funds available at dates
of subscription thereto less comparable amounts paid out on reacquisitions.l
1933
$210,379
82,963
47,069
$3,030,086
-
-
Notations—All sales of capital stock were made to the sole distributor.
Lord, Abbett & Co., Inc., or its subsidiary.
The consideration received
by the corporation for stock sold represents the equivalent of the approxi¬
mate net asset value (with investments valued at current market quotations,
plus brokerage) of the stock as at the dates of subscription.
The consideration paid for capital stock reacquired represents the equiva¬
lent of the approximate liquidating value (with investments valued at
current market quotations, less brokerage) of the stock, as at the dates or
reacquisition, less liquidating fees charged against the liquidators, aggre¬
gating $27.71.
Credit (arising from subscriptions to
-Earnings-
2,264,738
854,035
483,150
__
Net from railway
Net after rents
-
profits
3,019,967
3,030,086
302,894
$6,546,252
Total
closing market quotations, $7,418,062.
Notation—Value of capital stock, computed on the basis of the above
balance sheet, with investments valued at closing market quotations, was
$1.25542 per share.—V. 143, p. 2512.
602.
American
Aladdin Mines
See list
1,385,057
$3,050,064
referred
& prepaid exps..
—V.
$1,665,007
over par value of capital stock of consideration paid for
capital stock reacquired (before deducting liquidating fees
to in notations
below), less $1,790 representing
accrued distributable funds per share available at dates of
reacquisition of such stock, paid out and charged against
,
'•«
Sundry def'd chgs.
Gross
Year Ended Dec. 31, 1936
Balance, Jan. 1,1936
Excess over par value of capital stock of consideration received
for subscriptions to capital stock, less $110,003 representing
accrued distributable funds per share at dates of subscription
to such stock paid in and credited to the distribution account-
de-
Improvements.
a
$302,894
1936
Excess
i
(
fixtures
velopm't costs.
—---—
$685,022
382,128
182,857
distributions
for
Statement of
1
Unamort.
$502,164
Total
Bldgs., mach'y,
equip., furn. &
product
1.200
—...
-
833
775
and directors
New
income
Total
Notes rec.—officer
b
56,259
4,300
Undivided profits, Jan. 1, 1936
State
taxes
d Common stock..
Mutual Ins.deposit
294,212
$563,923
—
-
Undivided profits, Dec. 31,
Res. for conting..
1,500
Deposit to cover
personal
injury
$269,711
Expenses
Federal capital stock tax
Stamp taxes on capital stock issued
$40,610
Notes payable
coll. to sec.
as
ground
a
Accounts payable.
31,1936
of securities (less $3,628 provision for
Net profits from sales
Federal taxes)
Accr'd accts., Fed.
payment for
merchandise
Dep.
1936
$83,470
Liabilities—
1936
$44,027
87,930
241,609
Cash
e
given
was
441.
p.
Associates, Inc. (& Subs.)—Bal. Sheet Sept. 30—
A.saefs—
,
16,
(Inc.)—Earnings—
of Income and Undivided Profits, Year Ended Dec.
Total
IfcThe last previous
$47,499.
Nov. 30 was
Income—Cash dividends.-
Commission give to any security
its approval or indicate that the Commission has passed on the merits of
the issue or that tne registration statement itself is correct.
In
appraisals of fixed assets:
b Net unrealized appreciation resulting from
stock and rights to subscribe for the stock.
In making available the above
$1,549,204 $1,234,874
Total
machinery and equipment, $105,761, and autos and trucks,
The comparative earnings statement for the years ended
given in V. 144, p. 602.
(File 2-2709)—228,742 shares ($1 par)
Westgate-Greenland Oil Co.
153,261
unrealized
Net
apprecla'n from
appraisals of fix.
of
Tips Glass Co. (File 2-2530)—$125,000 of 6% debentures due Oct. 15,
1941, and 87,312 share (no par) common stock.
54,886
238,680
135,460
150,419
322,153
153,261
Earned surplus...
2
287
1,355
21,817
421,385
135,760
170,020
289,677
Common stock.--
marks, formulae
and goodwill...
year
common
266
1,351
Preferred stock—
29,623
34,483
items
$161,749
16,623
$205,666
150,000
stock of sub
Prepaid and del'd
series A purchase money certificates.
Puritan
incl.
payroll,
pay.,
accrued
$150,282
332,922
731,998
271,009
6,845
hand
Accts. & notes rec.
1935
1936
Liabilities—
1935
1936
Assets—
Cash in banks and
on
Sheet
-Balance
Subs.)-
(&
Corp.
Beverage
30—
Nov
Co., Inc. (File 2-2637) $500,000
1938 to 1947, and $260,
1947.
Inc.
Association,
4,112,505
1,847,341
—V. 144, p. 95.
Leaseholds,
stock.
Houston Cotton Fxchange Building
Cemetery
$962,061
263,597
346,193
--
Net after rents
of first mortgage 4M % serial real estate bonds due
000 of second mortgage 4H% bonds due Feb. 1,
Oakmere
$1,054,042
199,976
9,505
$1,283,674
From Jan. 1—
Gross from railway
Net from railway...
preferred stock B, and 2,875shares (no
2,500 shares ($100 par)
common
285,333
386,187
193,210
Mtge. rec. held by
($100 par)
shares
2-2417)—1,000
No.
1933:
1933
1934
1935
1936
$1,609,147
555,240
Net from railway
Net after rents
Greenville,
Fall St.,
File 3-3-938). 313
Offering 60,000 shares of class A preferred stock ($1 par) and 15,000
shares of class B stock ($1 par) in units of 4 shares of class A and 1 share
of class B at $5 per unit.
E. Fridal, 145 Westfield St., Greenville, S. C.,
is President.
Tne offering is to be made through Carl O. Johnson Co.,
203 South Dearborn St., Chicago, 111.
S. C.
statements
Earnings—
December—
Gross from railway
named.
Works
Welding
Jan. 25, 1935 to
quarterly dividends of 25 cents per share were paid from
and including Oct. 24, 1936.—V. 143. 3457.
Market St., Wilmington, Del.
Certified Cream, Inc. (File 3-3-931), 900
Offering 80,000 shares of class A 6% cumulative preferred stock ($1 par)
and 20,000 shares of class B stock ($1 par) in units of 4 shares of class A
and 1 share of class B at $5 per unit.
Albert H. Meinke, 20152 Stoepel
Ave., Detroit, Mich., is President.
The offering is to be made through
Carl O. Johnson Co., 203 So. Dearborn St., Chicago, 111.
„
Jan. 30, 1937
Chronicle
Co.—Registers with SEC—
Eagle
Allied Kid Co.—To
Pay
25-Cdnt Dividend—
The directors have declared a dividend of 25 cents per
A and common shares, payable Feb. 1 to holders of record
share on the class
Jan. 25. A special
dividend of 12^ cents and a dividend of 12
cents per share (or a total of
25 cents per share) was paid on Nov. 2, last; a dividend of 30 cents was
paid on June 30, last, and dividends of 12J4 cents per share were distributed
on May 1, 1936 and each three months previously.
In addition an extra
dividend of 12H cents was paid on Feb
1,1936.—V. 143, p. 2989.
Fire
Insurance
1936
1935
$
.cscts
Bonds &
$
stocks...14,662,427 12,792,918
a
dividend of 25 cents per share on the com¬
stock, no par value, payable March 25 to holders of record March 1.
A^similar payment was made on Dec. 21, last and prior thereto regular
mon
-Balance
Sheet
collection
1936
Liabilities—
Unearned prems..
661,610
28,892
...
Interest accrued..
698,432
47,811
1935
$
3,157,196
734,678
adjustment
Reserve
for
735,031
taxes
and expenses
Cash on deposit &
954,691
in office
606,808
Res.
for
all
claims
Capital
Net surplus.
Total
$
3 ,062,562
Losses in process of
Prems. in course of
Alpha Portland Cement Co.—2ry-Cent Dividend—
The directors have declared
Co.-
Dec. 31—
given on first page of this department.
16,307,620 14,145,970
-V. 143, P. 1218.
Total
190,050
191,520
200,000
1 ,000,000
11 ,120,330
200,000
other
1,000,000
8,862,223
16,307,620 14,145,970
Volume
Financial
144
American
European Securities Co.—Annual Report—
We Invite Inquiries
A statement of income and analysis of surplus for the year
ended Dec. 31, 1936, a condensed balance sheet and a list
of
the
owned
of
as
that
in
Wisconsin Issues
Milwaukee and
date, showing market
given in the advertising pages of this issue.
Ernest B. Tracy, President, says in part:
securities
value,
761
Chronicle
are
wmwi & <m
The income during the year 1936, consisting of dividends received and
interest received or accrued, amounted to $576,215, an increase over 1935
of $158,981,
approximately 38%.
Phon* Daly 6392
Interest, general expenses, and taxes
,
MILWAUKEE, WIS.
Teletype Milw. 488
Eaid or accrued total $198,111, leaving a balance ofthe sale of securities of
$378,104, from which
alance there
deducted
net loss realized from
was
a
$3,259, determined
on
deducting the assumed debentures and $50 per share (preference in liquida¬
tion) of such preferred stock and accrued dividends thereon.
the basis of the cost of the certificates delivered.
The net surplus earnings for the year were $374,845.
Out of such current
earnings two dividends, one of $2 per share and one of $5 per share, were
paid on the preferred shares, which dividends covered the 14 months'
cumulative period ending Sept. 30,1933, and amounted to $350,000.
After
all charges, including the dividends paid, there remained $24,845 of current
net earnings for the year, which reduced the deficit in the surplus account
from $647,589 on Dec. 31, 1935, to $622,744 deficit in surplus account
Consolidated Income Statement for Year
Investment securities
carried
are
Interest received on intermediate
by
the directors.
Total
The actual
expenses
Interest
market quotations
593,352
debentures
on
-—
938,093
21,159
Taxes refunded to debentureholders and taxes paid at source—
the net gain and loss on security sales, a net gain of $32,643 would have
been reported and would have resulted in an increase in surplus earnings over
those shown of $35,902.
on
$2,096,334
-
Operating
of the securities, represented by certificates delivered against sales,
was used to determine gains and losses on securities sold, resulting in a net
loss of $3,259.
Had company used the average cost method to determine
cost
Based
246,631
10.844
2,552
....
,
credits..!
Miscellaneous income
the books of company at cost, thus
on
the policy previously adopted
$1,836,307
Income—Cash dividends on stocks.Interest earned on bonds
Dec.,31, 1936.
continuing
Ended Dec. 31, 1936
[Including American Securities Co.—wholly owned subsidiary]
Excess
of income over operating expenses (without giving
effect to results of security transactions or to certain ex-
penses
of Dec. 31, 1936, investment securities had
indicated value of $15,850,561 compared with $12,347,019 as of Dec.
31, 1935, an increase of $3,503,543, approximately 28%.
Using market
values of Dec. 31, 1936, as a basis of appraisal, investment securities cost
$543,730
referred to below), carried to surplus
an
Provision for reserve for net reduction in surplus of Fifty
Street Corp. (100% owned but not consolidated) during
an appraised indicated value of $6,936,369, equal to $19.57
share for the 354,500 shares of common stock outstanding, whereas using,
same basis, on Dec. 31,
1935, the appraised indicated value equaled
$9.43 per share for the 354,500 shares of common stock outstanding.
Taking into consideration the effect of issuing 20,500 shares of common
stock through the exercise of option warrants, which are outstanding, by
the payment of $12.50 per share, the number of shares of common stock
outstanding would be increased to 375,000 shares, and, under that condi¬
tion, the common stock at the end of the year would have had an indicated
value of $19.18 per share.
As of Dec. 31, 1936, the appraised indicated
net worth of company's assets,
taking into consideration current liabilities,
equaled $5,271.04 for each $1,000 par value of bonds outstanding and,
after allowing for the funded debt,
equaled $258.23 for each share of pre¬
ferred stock outstanding.
Unpaid cumulative dividends on the preferred
stock Dec. 31,1936, amounted to $19.50 per share, or a total of $975,000.
Note—In addition to the above there were clerical salaries, taxes, rent,
per
the
postage and net expenses incidental to the consolidation by which Ameri¬
can General Corp. was formed, amounting to $107,737, charged to "reserve
for
Gross inc.:
Consolidated Statement of Surplus, Year
Cash divs...
on
z$445,358
130,522
$300,762
115,763
$298,982
105,774
335
bonds
708
431
$576,215
151,150
$417,234
151,150
$405,187
151,150
9
142
74
15,285
28,143
6,830
28,072
4,925
$378,104
$229,079
$218,921
repurchased and held
$281,098
of America
on
accts. payable..
Expenses
Taxes paid and accrued.
4,842
$28,892,252
Surplus from undistributed profits and income:
Balance of net profit from sales of securities to Dec. 31, 1935.
Net profit on sales of securities for the year ended Dec. 31, 1936 (less
provision of $3,100 for Federal income taxes applicable to profits of
American Securities Corp.), computed on average cost basis incl.
net realization of
Oper. profit for
Net loss
on
sales
year..
of
se¬
curities
3,259
prof$6,901
Add:
1,026,114
995,288
Profil from the purch. &
retire.of co.'s own bds.
Excess of inc. over oper.
3,813,429
169,713
...
-
for the year ended Dec. 31,
exps.
1936, from statement of income and expenses, $543,730;
less ad¬
charge td surplus in respect of the Fifty Pine Street Corp. (100%
owned but not
$374,845
350,000
pref. stock
on
...
47,167
justments (net) applic. to operations of prior period, $12,399; net
10,172
Net profit
Divs.
$51,197 on foreign loans.
Balance of undistributed income to Dec. 31, 1935
,
616
*
—-—
—
-
150,000
3,894
Adjustments (net) applicable to period prior to Nov. 23, 1935
Balance
Total gross income...
on funded debt
Int.
Int.
533,726
values thereof ($1 and 10c. per sh. respectively)
Appropriation for additional reserve for contingencies
—
Cost of option warrants of Reliance Management Corp. purchased—
Expense of redemption of bonds of International Securities Trust Co.
in treasury, over par
$466,309
152,140
29,257
7,740
$29,585,330
Total
Excess of net cost of pref. and common stocks,
y$371,890
92,995
1,424
Other income
Ended Dec. 31, 1936
Capital surplus—Balance, Dec. 31, 1935
$28,941,676
Credit (after deducting certain expenses) arising from sale of invest¬
ment in securities of General Investment Corp. over the amount at
which such securities were recorded on the banks at Nov. 23, 1935
643,654
1933
31" 675
Interest
and other
accounting and other expenses
taxes, extraordinary legal,
contingencies."
Comparative Income Account Years Ended Dec. 31
1934
10.900
$3,973
Net, charged to surplus
of company had
1935
$14,873
1936
Less—Interest on first mortgage and other income from Fifty
Pine Street Corp.
$2,206,012 more than their indicated value.
After allowing for all known
liabilities and the preferred stock at its liquidating value, including unpaid
cumulative dividends, the net asset value applicable to the common stock
1936
Pine
$235,981 loss$776,367Joss$734,843
150,000
consol.), from statement of income and expenses,
527,357
$3,973)
$4,557,666
Total
Surplus
$24,845
647,589
Previous deficit
$85,981 def$776,367£def$734,843
733,570
sur42,797
sur777,641
Deduct:
Premium of 2% and exps. of redemption on
$2,354,500 principal
Co., Ltd. 5%
and redeemed
amount of United States & British International
Deficit:
$622,744
Includes
y
a
distribution
by
$647,589
General
$733,570
Electric Co.
of
debens. assumed by the corp. on Nov. 23, 1935,
sur$42,797
Radio
on
Corp. of
entered
on
Cost of investment securities held...$18,056,574 $18,072,040
$17,975,069
Appraised value of invest'tsecur. held 15,850,561
12*347,019
7,036,862
Excess of cost
over
appraised value $2,206,012
Debenture refinancing
Cash
1935
$
$
52,927
97,731
Invest, securities:
Stocks
Bonds.
b
16,404,170116,485,198
1,652,404 Al,586,841
Furniture andjflx706
on
bonds
Total
Preferred
45,023
18,199,328
46,463
18,172,13el
$
Special div. of 50c. per share on com. stock paid Dec. 23, 1936...
$2,975,354
615
615
3,023,000
50,475
General[reserve_—
600,000
Accrued^taxes
8,471
Deficit
622,744
3,023,000
50,475
600,000
6,125
647,589
Funded(debt
fund. debt.
Total
by
outstanding
option warrants entitling the holders to purchase at any time 20,500 shares
of common stock at a price of $12.50 per share.—V.
143, p, 3135.
The corporation has filed
a
registration statement under the Securities
Accounts, divs. and interest
receiv. (incl. $4,361 from
Fifty Pine Street Corp.)..
These
securities have
been sold, but the additional payment has not as yet been determined.
The consolidated balance sheet indicates that net assets (after deducting
debentures called for redemption Feb. 1, 1937), before deducting the face
remaining outstanding debentures, amounted to $51,538,259
or the equivalent of $3,932.41 per $1,000 principal amount of such remain¬
amount of the
ing assumed debentures of the corporation.
The net assets as of Dec. 31, 1936, on the same basis, after deducting
the remaining $13,106,000 of outstanding assumed debentures, amounted
to $38,432,259, which is
equivalent to approximately $184.06 per share of
preferred stock outstanding.
Net assets per share of outstanding common
stock as of Dec. 31, 1936, were equivalent to approximately $16.11 after
Accrued
44,397,449
dinary
and
57,385
receiv.
on
legal,
154,338
other
accounting
expenses
and
a2,056,004
other contingencies
under con¬
600,000
assumed by the
corporation, called for re¬
demption Feb. 1,1937, incl.
289,773
89,706
5% debs, of International 8ecurities Corp. of America,
5%
tract, of which $300,000 is
due subsequent to March 1,
1937
191,526
deben¬
for taxes, extraor¬
Reserve
Participation in intermediate
ft credits
Accounts
interest
tures outstanding
225,916
General market securities
Investment in Fifty Pine St.
debs,
4,906,500
premiums..
Corp., 100% owned
Deferred charges
«
Pref. stock ($1 par)
Common stock (10c.
par)
Capital surplus
Surplus
from
undistributed
b6,182,337
208,802
173,515
28,892,252
2,975,354
profits and income—.—
Total
$59,036,505
•
13,106,000
Unrealized appreciation (net)
$59,036,505
Total
'
Including provision of $1,010,000 for Federal normal income tax on
appreciation of general market securities.
If this apprecia¬
were realized, there might also be payable thereon an excess profits
tax and a surtax on undistributed profits, the amount of which is not
presently determinable,
b
Of General Market Securities owned, less
provision for Federal normal income tax of $1,010,000.
(If this apprecia¬
tion were realized, there might also be payable thereon an excess profits
tax and a surtax on undistributed profits, the amount of which is not
presently determinable).—V. 144, p. 95.
a
net unrealized
tion
Investment Corp. for $1,100,000 plus a part of the adjusted excess which
might be realized above the value placed on and referred to in the sale
of certain securities therein described.
$189,878
ties
353,355 Other
for
Corp.—Report for 1936—
Act of 1933, as amended, covering a proposed issue of $15,000,000
15-year
5% debentures. However, the filing of such registration statement should
not be regarded as a commitment that the registration will be completed
or made effective.
In July 1936, the corporation sold its investment in stocks of General
agreement
payable for securi¬
purchased, not received
accounts payable, ac¬
crued expenses and taxes..
Accounts
curities sold—not delivered
receivable
assumed
David M. Milton, President, says in part:
Corporation has redeemed or called for redemption four issues of funded
debt assumed by the corporation aggregating $7,322,500.
The remaining
funded debt consists of $13,106,000 5% debentures due
1947, originally
issued by International Securities Corp.
of America and assumed by
American Generai Corp.
The 5% debentures due 1948 originally issued
by United States & British International Co., Ltd., were redeemed on
May 1, 1936, the secured serial gold bonds of International Securities
Trust of America were redeemed on June 1, 1936, and the 5% debentures
originally issued by Second International Securities Corp. and Reliance
Management Corp. have been called for redemption on Feb. 1, 1937.
,
Liabilities—
$13,022,920
se¬
Accounts
18,199,328 18,172,136
b Represented by 354,500 shares of ho
par value,
c Represented
50,000 shares of no par $6 cum. stock,
d There are issued and
American General
A.$31,867,606
Total surplus. Dec. 31, 1936
Cash in banks
stock.
d Option twarrants
on
—
....
1935
$
5,000,000
5,000,000
CommonIstock. 10,139,510 10,139,510
Int.
turea
Acer. int.
c
45,588
111,626
431,964
867,680
(preliminary)
Consolidated Balance Sheet, Dec. 31, 1936
1936
Liabilities—
75,858
amount
Balance
Comparative Balance Sheet Dec. 31
1936
Assets—
expenses
Dividends on preferred stock
$5,725,021 $10,938,206
Stock dividends are not treated as income but are entered on the books of
the company by recording only the number of shares received and
making
no increase in the cost or book value of the securities
involved.
$3,731,000 principal amount
of Second International Securities Corp. 5% debentures
Premium of 4K % and expenses on $1,056,000 principal
of Reliance Management Corp. 5% debentures.-
Dec. 31 '36 Dec. 31 '35 Dec. 31 '34
,
assumed by
1935 and called for redemption
Premium of 2% and expenses on
the books of the company in accordance with Federal income tax
„
49,797
1, 1936
the corporation on Nov. 23,
on Feb. 1, 1937:
regulations.
„
May
Premium and expenses of redemption on 5% debens.
American common stock amounting to $13,781, which has been entered on
the books of the
company in accordance with Federal income tax regulations.
z Includes
$7,500 dividends received in securities, which have been
American Hide & Leather
Co.—Earnings—
i936
6 Months Ended Dec. 31—
Operating profit after repairs, depreciation and
serves for expenses other than income taxes
$134,368
20,155
Profit..
x
No provision has been made for any surtax
143, p. 3831.
on
$369,046
" 55,357
x$114,213
Reserved for income taxes
V.
$313,689
undistributed profits.—
American Public Service Co.—To Reduce Par
and Eliminate
1935
re¬
of Common
Deficit->-
See Central & South West Utilities Co. below.—V. 144,
p. 603.
Financial
762
Co.—Financial Statement Dec.31
American Re-Insurance
1936
1935
1936
Liabilities—
$
$
5,417,195
6,582,145
4,521,504
4,537,460
Cash
826,366
Mortgage loans—
144,280
102,336
853,798
137,130
100,363
Assets—
,
Bonds
Stocks
-
Real estate
1935
$
$
Workmen's com¬
pensation & lia¬
bility legal loss
l
reserve
2,990,869
-
2,694,247
losses and claims
Reinsur. recover'le
31,631
19,629
90 days due
925,653
1,043,142
68,304
364,500
295,716
bonds owned
250,000
Unearned premium
49,870
reserve-....
Commissions
pay.
lor taxes,
Res.
re¬
Res.
on
Voluntary
Surplus
13,421,895 10,479,699
$
'35
1
1
5,427,639
6,735,802
42,305
6,645,669
723,136
42,305
Mln. int. in subs.
7,191,024
1,966,924
Fund. dt. called
Com. stk. scrip.
value
surr.
olinsurance..
Cash
Mktable
Notes
secure
.
11•99Q
919
26!oi8!353
Inventories
9,344,679
23,549,214
341,888
alter res.
rec.,
648,635
Advances..
Insurance lund.
on
507,972
481,573
301,352
employees.
Cash
_
Accrued
Due Irom ollicers
&
19,086
38,825,331
Notes payable..
3,767,801
Acc'ts payable.
5,613,201
Fed.inc. tax, &c.
967,753
278,248
Dlvs.
712,986
payable..
Install, lund dt.
dep. lor
400,000
(current)
red. ol lunded
Capital surplus.
2,142,586
10,705,899
Res. lor Ins., &e.
Deferred credits
.......129,000,433 122,956,082
After depreciation and depletion,
a
1,089,072
185,429
7,345,343
8,482,705
1,685,872
205,730
4,659,668
Earned surplus.
223,747
19,415
2,102,149
debt
Deferred charges
Total
2,486,042
584,184
2,456,044
&c
129,000,433 122,956,082
Total
b Par $25.
Sept. 30 were published in our
The earnings for the 3 and 9 months ended
issue of Nov. 7, p. 2989.—V. 144, p. 603.
Shares of
Common Stock at $70
Act of 1933 covering 365,988 shares (no par) common stock.
The stock is
to be offered to stockholders of record Feb. 19, 1937, at $70 a share at the
of
share
one
warrants
for
each
five
Transferable subscription
held.
shares
expiring March 1, 1937 and exercisable only in amounts calling
for full shares
are
to be issued to stockholders.
and are to be, no
subscribed
issued.
been made of the proceeds to
According to the registration statement, "there are,
underwriters" and only the number of shares of common stock
and paid for upon exercise of the subscription warrants will be
.
The company states that no allocation nas
be received from the sale of the stock, but it is intended that part of
une
The balance of the proceeds are to
be used for extensions, improvements
and equipment, for investment in new or additional
plants, mines or other property, for additional working capital, and for
and additions to plant
stock,
Ann Arbor RR.-
48,752,855
$18,146,745
550,361
107,575
—
Divs. & int. received, &c
securities, &c
3,962,735
783,776
428,221
foreign income taxes & surtax on undistributed profits._.
Cost of sales
Net operating profit.. $1,425,017
Depreciation
339,454
Deprec., obsolesence and amort.
Depletion
—
—
Res. for social secur. tax
Res. for Fed. & State tax
Miscell. deductions
2,986,470
818,206
—$10,699,173
.■
stock (no par)..
$4.l7
Consolidated Balance Sheet
x
53,959,543
Prop. acct-.
ol
Sec.
adv.
assoc. cos.
res
on
19,438,903
46,986,011
4,841,320
18,835,381
Bonds
54,988,676
4,619,283
Accts. pay.,
hand.....
2,426,998
10,514,278
4,893,585
8,967,342
Adv. on ore, &c_
Govt, sec., &C-.
Notes
&
accts.
1,996,447
9,200,150
4,919,435
10,514,251
8,807,538
7,681,642
187,439
res.
tax,
&c.
(not
50,000,000
18,400,000
18,299,400
25,000,000
10,740,158
Due
to
not
Net
250,426
2,482,287
742,733
100,000
5,587,324
534,836
980,000
6,071,049
consol.
redempt.
acct
598,556
&c_.
Miscell. assets..
4,427,000
2,021,737
606,988
1,196,304
33,690
1,138,889
32,725
3~4~5~37i
...
630,227 Unclaim. div
5,891,512 Divs. payable.
1,882,976
290,674
_
Accrued int
Bank
cur
Miscel. liabilities
383,289
21,227
int
Reserve
175,842
16,317,675
acct
Profit & loss sur.
Total...
x
163,643,250 173,772,193
After depreciation, depletion, &c.
Total
y
3,920,000
251,343
States
23,073,969
.163,643,250 173,772,193
Represented by 1,829,940 no-par
Water Service
Co.
of Calif.—Name
Changed—
See Southern California Water Co. below.—V.
133,
p.
3462.
American Water Works & Electric Co., Inc.—Weekly
Output—
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended Jan. 23, 1937, totaled 50,441,000
an increase of 15.1% over the output of
watt-hours for the corresponding period of 1936.
kilowatt-hours^
43,821,000 kilo¬
Comparative table of weekly output of electric energy for the last five
years follows
lbKooo
42,007
117",600
$574,077 loss$420,757
243,288
97,315
97,315
$502,477
Nil
$5.15
291,945
97,315
$5.90
$7.39
-
95,553
7,082,271
3,087,844
5,017,840
6,866,461
Cash & debts rec..
3,002,158
Inventories
5,572,058
Mach. &stk. taken
287,628
360,368
Reserve for taxes.
173,550
135,000
2,925,000
3,000,000
90,490
Notes payable
92 936
Payroll.
y
in liquidation...
Prepaid accounts.
Net worth
12,095,899 11.730,707
3,475
125,135
1,975
132,361
15,575,013 15,316,565'
Total
15,575,013 15,316,565
depreciation of $6,821,088 in 1936 and $7,425,779 in
Represented by 97,315 shares, no par value.—V. 143, p. 99.
After
Armour & Co.
The directors
the
$
$
Liabilities—
Accounts payable.
assets
Total
1935
1936
1935
$
$
Plants and fixed
common
on
1935.
(111.)—Declares Common Dividend—
Jan.
22 declared a dividend of 15 cents per share on
stock, par $5, payable March 15 to holders
of record Feb. 25.
the present common stock. The last
the common shares was the $1 dividend paid
This will be the first dividend paid on
the old class A
on
on
common
stock in 1926.
R. H. Cabell, President, issued the following statement:
"This declaration of a dividend on the common was
warranted,
in
the opinion of the board, by our results for the last two years and thus
far in the current year and by the financial condition of the company.
"Needless to say, today's action by the board is an achievement toward
which the management and the board of directors have been working
diligently. We have had the support and cooperation of a great majority
of the stockholders, who two years ago approved a plan for reorganization
of the company's financial structure, and this reorganization was largely
responsible for the favorable action the board was able to take today."—
V. 144, p.96.
a dividend of 50 cents per share on the com¬
stock, no par value, payable March 1 to holders of record Feb. 8.
Previously regular quarterly dividends of 37Mcents per share were dis¬
tributed.
In addition, an extra dividend of $1 was paid on Dec. 19, last
and an extra dividend of 25 cents was paid on Dec. 2,1935.—V. 143, p. 3832.
The directors have declared
mon
Merged—
Light, Heat & Power Corp. has been merged into New York
State Electric & Gas Corp., one of the major operating units of the Asso¬
ciated Gas & Electric System.
Folkston Power Co. has been merged by
purchase with Georgia Power & Light Co., also a unit of the System.
This brings the total of companies merged, dissolved or otherwise elim¬
inated by the System since 1922 up to a total of 343.
Elmira
37,708
181,340
16,598,079
16,323,741
shares.—V. 143, p. 3618.
American
$1,468,283
661,828
177,000
Comparative Balance Sheet Nov. 30
Interest
Minority int. in
sub
$178,481
419,231
138,000
Associated Gas & Electric Co.—-Unit
loans, not
Unclaim.
220,246
9,978
Dividends
Unearn. treatm.
charges
ins.,
604,211
Armstrong Cork Co.—Larger Dividend—
in
Notes loans curr
Bond
2,985,896
$1,250,709
422,631
119,000
$719,524
profit for year
Shares capital stock
Earnings per share
assoc.
incl.
Accrued tax
assoc.
not incl. in con
Prep,
pay.
18,299,400
13,550,000
8,607,139
current)
Cash
after
50,000,000
18,400,000
2,382,287
Common stock
Notes
$
$
Pref. 7% stock.
y
concent,
Due from
Liabilities—
Pref. 6% stock.
;
rec.
54,244,763
to
& supplies
&
Ore
Aug. 31, '36 Dec. 31/35
'35
$
aft.
Metal stocks...
Mat.
Dec. 31,
29,232
_»—
-
preceding dividend paid
$
160,000
48,038
158,000
Res. for doubtful acc'ts.
607,186
Aug. 31,'36
3,307,260
732,421
374,659
48,249
Dec. 2 '33
Nov. 30 '36 Nov. 30 '35 Nov. 30 *34
.$17,729,489 $15,321,594 $10,419,647 $10,779,898
9,311,615
16,304,472
14,070,885
10,241,166
Years Ended—
Sales
y
Interest
Assets—
3,959,274
898,972
482,558
$235,183
38,683
11,137
$255,254
—V. 144, p. 96.
147,818
1,442,828
2,103,000
Expenses
Net income.
1933
1934
$328,651
62,145
18,990
From Jan. 1—
Gross from railway
x
Miscellaneous charges
Earns, per share on 1,829,940 shares common
1935
1936
Net after rents
$18,804,681
Total income
Fed.,
Co.—50-Cent Dividend,—
$352,658
97,659
66,776
Assess—
Ended Aug. 31, 1936 {Incl. Subs.).
$66,899,600
Cost of refining, &c
on
b Repre¬
-Earnings—
December—
1936
Profit before expenses
$975,575 $1,167,610
Total,...
Represented by $1 par value shares.—
no par
Gross from railway
Net from railway
x
Profit
685" 694
452,403
dividend of 50 cents per share on the com¬
value, payable March 15 to holders of record Feb. 9.
$2 was paid on Dec. 22, last; a dividend of 50 cents
dividend of $1 per share was paid on Nov. 16, last,
and a quarterly dividend of 50 cents per share was distributed on Sept. 14,
1936.
Prior to this latter date regular quarterly dividends of 25 cents per
share were distributed.—V. 143, p. 3990.
Y. City is President of the company.
Consolidated Earnings for 8 Months
Deficit.
"
other corporate purposes.
Gross income
Capital surplus—
The directors have declared a
such
Sroceeds will which will require, exclusive of accrued dividends, $19,320,000.
1,1937, be used for the redemption of the second preferred stock on
Simon Guggenheim of N.
69,795
242,882
609,086
527,833
Other liabilities—
Arlington Mills—Earnings—
The company on Jan. 26 filed with the Securities and Exchange Com¬
mission a registration statement (No. 2-2815, Form A-2) under the Securities
rate
9,473
392,008
16,801
•
missions &exps.
A special dividend of
in addition to a special
Share—
per
c
Anaconda Wire & Cable
Net from railway
Refining Co.—To Issue 365,988
22,660
sals., com¬
$629,187 in 1936 and $617,547 in 1935.
shares,
Net after rents
American Smelting &
Accr'd
142, p. 293.
mon
taxes,
wages,
V.
37,163
34,465
Accounts payable.
$975,575 $1,167,610
After depreciation of
sented by 36,357 no par
1935
$25,000
468,215
16,964
468,215
Deferred liabilities
Total
a
debt
$126,372
$25,000
Notes payable
450,061
4,966
35,674
450,061
Organization exps.
144,353
222,844
45,262,559
2,149,982
5,969,015
748,395
Funded
accts.
&
19,653
retirement
lor
c
62,460
42,925
3,972
lb",582
stock,
Common stock..
b Preferred
501
4,172
37,165
_
locations
1,932,400
46,322,550
31,209
1,931,900
57,000,725
28,784
b Common stock
165,642
53,806
1936
Liabilities—
1935
$541,414
25,638
Pats.& trade marks
series B
Goodwill & pats.
Invest., less res.
Cash
,469
Leases, contracts &
$
$
pref. stock,
70,324,945 6%
75,668,741
Property acct.
a
Dec. 31
Sept. 30 *36
Liabilities—
$54,382
$452,257
21,339
Prepaid expenses..
Dec. 31 *35
$
Sept. 30 '36
Assets—
85,952
142,219
6,568
Loans
-Consol. Balance Sheet-
Mill Co
131,980
1936
Assets—
Furn., fixt. &eq.
Cash
Mdse. inventory..
American Rolling
$171,017
93,419
fixed assets
Accts. receivable.
-V. 144. p. 603.
$157,838
81,109
128,057
Balance Sheet Aug. 31
a
Total
13,421,895 10,479,699
1933
$175,820
82,743
Net loss.
500,000
1,000,000
4,044,764
500,000
1934
$172,269
oper¬
ating costs
Gen. & admin. expenses_
on
1935
1936
31—
over
Depreciation
Loss
1,000,000
6,123,137
Inc.—Earnings—
$51,328
Years End. Aug.
Excess of sales
catas¬
trophe reserve._
Capital stock
Total
1936
935
1934
43,821,000 39,207,000 32,741,000
193^
1936
1935
47 122 000
*
*
American Yvette Co.,
833,525
1,190,142
77,593
insurance, &c__
lor premium
265,864
52,077
259,944
Accrued interest-_
1933
1932
28,997,000 25,179,000
1934
1933
Jan
2
*
*
Jan!
grillll^SjeS.'oOO 43,260,000 36,191,000 30,818,000 28,479,000
Jan. 16.
49,494,000 44,401,000 37,637,000 32,519,000 28,844,000
Jan. 23
...50,441,000 43,821,000 38,469,000 33,056,000 27,932,000
*
No comparable week (revision of previous report).—V. 144, p. 604.
Week Ended—
Dec. 26
other
lor
Reserve
Premiums not over
Jan. 30. 1937
Chronicle
on
Convertible Obligations
The directors have declared payable
Payable in Scrip—
the quarterly instalment of interest
Feb. 15, 1937 on its 5%, 5K%» 6J^% and 7% convertible obligations,
series A and on March 1, 1937 on its 6% convertible obligations, series A
on
This interest will be payable to holders of convertible obli¬
gations of record at the close of business Jan. 29, 1937.
This interest will be paid in the form of scrip due Feb. 15, 1942 with
respect to the 5%, 5^%, 6H% and 7% convertible obligations, series A
and due March 1, 1942 with respect to the 6% convertible obligations,
series A and series B.
In other respects, such scrip will contain provisions
substantially similar to the scrip recently issued with respect to interest on
such obligations.
Scrip certificates in denominations of $100 principal
amount and multiples will bear interest at the rate of 4%
per annum
payable semi-annually in cash out of available net income of the company.
Scrip certificates for amounts less than $100 will be non-interest bearing.
The scrip certificates due Feb. 15, 1942 and March 1, 1942 and the
scrip certificates which mature on Oct. 1, Nov. 1 and (or) Dec. 1, 1941,
interest bearing or non-interest bearing, may be consolidated and the
holders who desire to so consolidate may receive in exchange an equal
and series B.
principal amount of (a) consolidated scrip due June 15, 1944 which in
multiples of $100 principal amount will bear interest at the rate of 4% per
annum or (b) consolidated scrip due June 15, 1947 which in multiples of
$100 principal amount will bear interest at the rate of 4H% per annum.
Volume
Financial
144
With respect
to fractions
resulting from
763
Chronicle
such consolidation, nonUpon any
any
interest bearing scrip of the new series selected will be issued.
consolidation, accrued interest will be adjusted.
We ^maintain
a
Trading Market in:
Weekly Output Increases 17.2%—
For the week ended Jan. 22, Associated Gas & Electric System reports
net electric output of 90,931,590 units (kwh).
This is an increase of 13,-
365,651 units
17.2%
or
the comparable week of lastyear.
over
high established approximately
Associated
a
First S. F. 6^s February 1941
month ago.—V. 144, p. 604.
Corp1.—Removed from
Rayon
ARNOLD PRINT WORKS
all time
Production for the week under review is less than 1 % below the
TRADING
and
Listing
Registration—
Eastman, Dillon 8 Co.
The New York Curb Exchange has removed the common stock, no par.
from listing and registration.—Y. 144, p. 97.
Atchison Topeka & Santa Fe Ry.
MEMBERS NEW YORK STOCK EXCHANGE
System—Earnings—
A. T. & T. Teletype N. Y. 1-752
and Panhandle & Santa Fe Ry.1
Period Ended Dec. 31—
1936—Month—1935
1936—12 Mos —1935
Railway oper. revenues.$15,185,805 $11,802,555 $157,265504 $135,638637
Railway oper. expenses- 11,296,104
9,815,198 125,061,818 109,423,483
Railway tax accruals—
1,367,125
14,103,225
10,476,178
842,512
Other debits
68,575
Crl,949
Cr401,443
35,623
$1,146,794 $18,501,903 $15,703,352
13,259
13,230
13,285
New York
15 Broad Street
[Includes Atchison Topeka & Santa Fe Ry., Gulf Colorado & Santa Fe Ry.
Net ry. oper. income- $2,453,999
Average miles operated.
13,226
—V. 144, p. 444.
DEPARTMENT
Aurora Creek Gold Mining
See list
given
Co.—Registers with SEC—
first page of this department.
on
Baldwin Locomotive
Works—Bookings—
The dollar value of orders taken in December by the Baldwin Lcoomotive
Works and its subsidiary companies, including the Midvale Co. was an¬
nounced
on
Jan. 25
as
$11,183,894
as
compared with $1,650,577 for Dec.,
1935.
Atlanta
(Ga.)
Biltmore
Petitioned—
Hotel
Co.—Reorganization
' :'
7
■'
■
,•
The company has filed a petition in the U. S. District Court in Atlanta,
a voluntary reorganization under Section 77-B of the Bank¬
The petition lists assets of over $5,000,000 and liabilities of
Ga., seeking
ruptcy Act.
$3,500,000.
bookings brought the total for the consolidated group for the year
1936 to $46,900,726 as compared with $18,095,891 in 1935.
Consolidated shipments, including Midvale, in December aggregated
$2,311,590 as compared with $1,733,787 in December of last year.
Con¬
solidated shipments for the year 1936 were $23,018,533 as compared with
$20,829,720 for the year 1935.
On Dec. 31, 1936, consolidated unfilled orders, including Midvale,
amounted to $30,531,416 as compared with $6,689,081 on Jan. 1, 1936.
All figures are without intercompany eliminations.—V. 144, p. 272.
,
Under terms of
the bondholders'
protective committee and the stockholders, $1,000,000 of the present gold
7% serial bonds, in default as to interest and sinking fund since March 1,
1932, would be extended at a 3% interest rate over a period of 10 years,
during which time the company would have a repurchase privilege.
It is expected that the reorganization plan will settle pending litigation
by means of which the trustee was attempting to foreclose on the property.
The company is reported as having made substantial gains and to be plan¬
ning extensive renovations to its property contingent on the adoption of the
reorganization plan.
A settlement of back taxes due the City of Atlanta
has been recently effected to tne advantage of the company, it is said.—V
135, p. 2497.
an
agreement between the company,
Atlantic Coast Line
December—
Gross from railway.
1935
1934
$4,255,209
$3,278,730
1,041,412'
553,804
508,881
320,345
—.
From Jan. 1—
Gross from railway
Balentine Welding
See list given on
first
1933
$3,375,759
742,886
504,731
3,258,944
783,451
562,912
Works-—Registers with SEC—
of this department.
page
Baltimore & Ohio RR.—Earnings—
1935
1934
1933
$11,782,029 $10,525,891 $10,041,934
3,909,045
2,835,950
2,692,963
2,317,227
2,613,352
1,983,174
1,775,121
1,626,523
December—
1936
Gross from railway. —$14,686,817
Net from railwayNet after rents
-
From Jan. 1—
Gross from railway-
RR.—Earnings—-
1936
Net from railway
Net after rents.
Net from railway.
Net after rents
—V.
_
—
-
168,992,681 141,843,264 135,539,395 131,792,253
45,392,348
36,289,273
36,201,611
41,422,553
30,185,305
24,184,983
23,677,939
28,849,201
144, p. 605.
Bangor & Aroostook RR.—Earnings—
43,593,212
9,821,423
4,415,754
3626; V. 144, p. 98.
Net from railway
Net after rents
—V. 143, p.
These
39,032,882
6,969,207
2,578,763
...
39,520,950
8,623,415
4,289,557
37,908,943
8,781,313
4,299,811
Period Ended Dec. 31—
Gross oper. revenues
Tax
$5,985,120
3,987,773
559,237
$6,067,197
3,969,370
510,513
$115,639
3,597
$1,438,110
38,618
$1,578,314
48,476
$239,923
60,282
$119,236
61,112
$1,476,728
729,477
$1,635,790
762,038
$179,641
accruals
$479,282
318,686
44,967
$58,124
$747,251
$873,752
Atlantic Mutual Insurance Co.—1936 Dividends—
The company has declared the following dividends out of 1936 profits
A dividend of interest of
6% on outstanding certificates of profits, pay¬
able Feb. 1, 1937 to holders of record on Dec. 31, 1936.
A dividend of profits of 50% on net scrip participating premiums consid¬
ered earned during the year
i936, payable in certificates of profits
on
and
Operating income
Other income
Gross income-
Deductions
after March 1, 1937.
A dividend of profits of 15% on net cash participating premiums consid¬
ered earned during 1936, on monthly premium continuous and trip policies,
payable in cash
and after Feb. 15, 1937.
profits of 15% on net premiums of cash participating term
expiration or anniversary dates occur between March 1
and June 30,1937, payable in cash following the anniversary and expiration
Net income
on
whose
dates.
The
company also announced that the outstanding certificates of profits
of the issue of 1932 will be redeemed on Feb. 1, 1937, from which date they
will no longer participate in the dividends of interest.—V. 143, p. 2516.
Atlantic
Bear Mountain Hudson River Bridge
1936
1935
deprec.. Fed. taxes,&cx$7,347,900
Shares
Period Ended Dec. 31—
1933
$5,512,106
(par $25)-.
per share,
2,664,000
$2.59
-
Earnings
Preliminary figures.
Note—Provision of $3,100
2,664,902
$1.49
x
$6,556,377
has
been
made in
2,664,902
$2.07
2,665,234
$2.46
'
1936 for surtax
Earns, per
sh.
$136,363
$563,095
$542,536
$0.33
$0.29
$1.21
$1.17
465,032
shs.com .stock (no par)
—V. 143, p. 3992.
on
Bell Aircraft
on
_
$155,269
charges
Corp.—Earnings—
;
un¬
'
9 Mos. End.
,
distributed
profits.
Profit in the final quarter of 1936 was $1,186,600, compared with $2,090,000 reported for the final quarter of 1935. Profit per common share in the
final quarter of 1936 was 39 cents, as against a profit of 78 cents per common
share in the final quarter
of the preceding year.—Y. 143,
p.
1936—12 Mos.—1935
1936—3 Mos.—1935
Net profit after taxes and
stock
common
Period—
Gross sales (incl. only goods
Cost of goods sold
Sept. 30 '36
actually delivered)—
$168,254
158,050
3137.
$10,204
T
Atlas
Other
Plywood Co,—Initial Preferred Dividend—
The directors have declared an initial dividend of 20 cents per share on
the $1.25 preferred stock payable Feb. 1 to holders of record Jan. 15.—V.
144,
p.
'
445.
Atlas
Powder
Co.—Earnings—
Calendar Years—
1935
1936
1934
1933
Net income after deprec.
& Fed. income taxes.-x$l,430,080
Shs. com. stock (no par)
281,666
$1,161,170
$1,124,722
249,966
249,978
Earnings per share
$4.21
$2.81
$2.49
x After deducting surtaxes on undistributed profits.—V. 144,
Net profit for the period
Balance of earned deficit at beginning
Subs.)—Earnings—
1936
Net sales.
t
.
1935
1934
1933
$9,196,248 $10,331,730
7,955,908
9,879,046
$1,163,896
96,025
$1,240,340
111,372
$452,684
74,119
$325,600
45,094
Grossprofit—-$1,259,921
Expenses---.,2,211,637
Inventory mark-down._
Patterns, dies, jogs and
$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
Cost of sales
Balance--
Other operating income.
fixtures written down.
Taxes--
—
Loss from operationsOther income (int., disx
124,075
—
$5,339,596
5,033,996
$1,075,791
$2,352,709
$3,470,313
$1,927,702
discount, &c.)114,579
Extraordinary income-
91,309
108,600
104,663
64,996
$961,212
422,772
$2,261,400
190,963
443,644
$3,257,050
98,435
477,647
$1,862,706
57,354
592,501
$1,679,098
156,254
$2,896,007
198,155
$3,833,132
190,633
$2,512^561
$2,697,852
$3,642,499
223,442
$2,307,973
553,177
$3,865,941
$2,861,150
Loss
—
Other charges.
Depreciation.
—
y295,H4
— —
Loss
Minority interest (loss)
_
Net loss-—$1,522,844
Dividends (cash)-—
,
Deficit for year
-$1,522,844
------
$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 years, and proceeds
of sale of trade name and goodwill, y Includes, interest, amortization, etc.
of $168,784 and sales discounts, etc., of $66,080.—V. 144, p. 605.
$553,959
85,775
for traveling expenses
1,993
241,305
Inventories
a
Machinery, equipment, &c.
65,792
29,413
.
Deferred charges.—
4,200
.
----—
$8,058
5,843
$2,215
of period--
loss$5,843
def$5,843
—
r
—
Total.
„
$978,2391
—-
Accounts
payable
-
Accrued wages, taxes, &c—*
Prov. for est. Fed. income tax.
Common stock ($1 par)..
b Paid-in surplus_
Earned
surplus
Total
—
——
$85,309
10,721
4,200
170,000
699,793
2,215
$978,239
a
After reserve for depreciation of $3,374.
b Representing excess of
cash and other consideration received from sale of capital stock over par
value of stock, less expenses of $34,293 incurred in connection with the sale
of capital
stock.—Y. 144,
p.
606.
Bessemer & Lake Erie
RR.—Earnings—
1936
December—
Gross from railway
$1,007,340
409,466
1935
1934
1933
385,372
Net from railway
Net after rents.
$509,153
def2,695
4,518
$325,708
defl92,542
defl70,277
$363,651
def23,610
def42,024
15,467,348
7,873,782
6,838,320
9,828,096
3,327,072
2,984,691
8,304,765
1,494,470
1,307,203
6,742,869
1,934,003
1,703,552
From Jan. 1—
Gross from railwayNet from railway
z\ 4,588
406
loss$5,843
Liabilities—
,
Advs. to officers & employees
$8,288,264
7,124,368
—
loss$6,249
Balance Sheet Sept. 30, 1936
Assess—
Acc'ts receivable (customers).
Consolidated Income Account for Years Ended Nov. 30
$3,492
9,741
$12,258
Balanbe of earned surplus a,t end of period
241,218
$0.76
445.
July 10 '35 to
Dec. 31 '35
2,054
—
Profit beforeprov. for Federal income tax
Prov. for est. Fed. income tax (incl. est. amount
of surtax on undistributed profits—$2,400)-—
$709,334
p.
income—
Cash in banks and on hand---
Auburn Automobile Co. (&
April 1,
1937, $278,000 principal amount of first mortgage 7% 30 year sinking fund
gold bonds at 105% of the principal amount and accrued interest to the
redemption date. Holders of the bonds are asked to present them at Brown
Brothers, Harriman & Co., 59 Wall Street, for redemption.—-V. 140, p.
4390; V. 139, p. 1861.
Belding Heminway CoEarnings—
1934
$3,970,598
Co.—Bonds Called
The company gave notice on Jan. 29 that it will redeem by lot on
Refining Co. (& Subs.)—Earnings—
Years End. Dec. 31—
Net profit after interest,
-
,
—V. 144, p. 605.
A dividend of
policies,
1936—12 Mos.—1935
1936—Month—1935
.
-
$585,991
345,343
2,147
$238,501
1,422
Operating expenses
Net after rents
-
—V. 144, p. 98.
Bethlehem Steel Corp.—Preliminary Report—Bookings
Largest Since War Period—Fourth Quarter. Earnings Largest
Since Middle of 1930—
/
The corporation on Jan. 29 reported unfilled orders of $123,690,462 on
its books at the close of 1936, the largest volume by far since the World War
and also reported net income of $5,291,492 for the fourth quarter of 1936,
the best reported for any quarter since the second quarter of
1930.
Eugene G. Grace, President, pointed out that in preparing the report,
the facts had been disregarded that by a merger effected on Feb. 28, 1936,
the existence of some subsidiary corporations was terminated and that
after the merger the parent company was different from that before the
merger.
764
Financial Chronicle
Period Ended Dec. 31—
Total net oper. & other
inc.
(Corp, & subs.)
i before deducting int. &
1936—3
19c6—12 Mos.—1935
fos—1935
an
Fitchburg Maturity—
issue of $5,000,000 4% Fitchburg RR. bonds held by
by the B. & M. RR. at
for through!
charge to current op¬
erating expense
$11,139,402
Interest & other charges1,912,271
...
Balance
$9,227,131
Prov. for depl. & deprec.
other than
deprec.
..
provided for through
charge to current op¬
erating expense-.-—
Boston & Maine RR.-—Considers
Refunding of
1937
30,
the Commonwealth of Massachusetts for the past 50 years, was proposed
charges and deple. &
deprec. other than deprec. prov.
Jan.
3,935,639
$8,004,920 $36,468,304 $26,090,919
2,044,780
6,514,447 ! 7,217,767
$5,960,140 $29,953,857 $18,873,152
3,564,114
16,052,851
mitted in writing
by the B. & M. RR. to State Treasurer Hurley.
When
approved by the Treasurer, the plan then goes to the Attorney Geheral
and then to Governor Hurley, who in turn will Bubmit it to the Council.
Under the plan tentatively agreed upon, the new bonds would be retired
at the rate of $200,400 annually, for 12 years, with a final payment of
$2,600,000 on Aug. 1, 1949.
14,581,899
Net inc. for the period $5,291,492
$2,396,026 $13,901,006 $4,291,253
The net income for the fourth quarter of 1936, after deducting dividends
for that quarter on the Preferred stocks, was equal to $1.08 per share on
conference held at Governor Hurley's office^on
a
Jan. 23.
The present issue matures on Feb. 1.
The road is seeking^to
substitute an issue of its own general mortgage bonds to bear interests
the rate of 2)4%.
The plan was generally agreed upon by the conferees, with the rate and
terms to be determined after ia defniite plan and indenture have been sub¬
Will Pay
Off 4% Bonds of 1887—
The road has notified the Boston Stock
;
Exchange that the 4% bonds of
the
the road dated Feb. 1, 1887, will be paid off on presentation at the office
of the trustee, Boston Safe Deposit & Trust Co., on Feb. 1, 1937.
This is
the 4% improvement issue, aggregating $1,919,000, upon which a sinking
on
fund or over $4,500,000 has accumulated.
Of this issue $822,000 is in the
sinking fund, leaving but $1,097,000 outstanding in the hands of the public.
common stock outstanding.
The total earnings for the year 1936, after
deducting an amount equal to the aggregate of (a) three months' dividends
the 7% cumulative preferred stock of Bethlehem Steel Corp. (N. J.)
outstanding in the hands of the public at the date of the merger and (b) nine
months' dividends on both classes of the outstanding preferred stock of
Bethlehem Steel Corp. (Del.), were equal to $2.09 per share on the common
stock outstanding in the hands of the public at the end of the year.
E. G. Grace, President, states;
The expenses incident to the merger accrued prior to April 1, 1936, were
charged to surplus.
Of the cost of repairing the damage to properties
caused by floods in March, 1936 (approximately $1,350,000 to Dec. 31,
1936), $1,150,000 was charged to the reserve for contingencies provided in
years prior to 1936 and the remainder was charged to income account for
the third or fourth quarters of 1936.
'
'
:
The discount (amounting to $2,200,000) on the $55,000,000 of con¬
solidated mortgage 3 H% bonds, series E, of the corporation which were
issued and sold on Oct. 1, 1936, was set up as a deferred charge to be
amortized out of income over the term of the bonds. Of this amount $61,967
were charged to income for the fourth quarter
As stated in the annual
report for 1935, the discount on the consolidated mortgage bonds, series D,
sold in July, 1935, was charged to surplus in that year . In 1936 such part
of the last mentioned discount as was applicable to 1936 and subsequent
years (namely, $2,401,245), was also set up as a deferred charge to be
.
Earnings for December and Year to Date
1936—Month—1935
1936—12 Afos.—1935
Operating revenues—$4,472,694
$3,800,704 $46,518,159 $43,621,048
Period End. Dec. 31—
Net oper. revenues....-
1,481,210
982,196
1,381,750
1,025,316
10,514,546
4,853,187
101,880
164,909
1,128,932
1,152,236
$1,084,076
Deductions...........
659,900
$1,190,225
635,398
$5,982,118
7,636,301
$7,770,154
7,563,390
$554,827 df$l,654,183
$206,764
Netry.
oper. income...
Other income.
—.
Gross income deducts.
11,071,773
6.617,918
.
$424,176
Net income.
-V. 144, p. 272-445.
Boston Wharf Co.—Earnings—
.
amortized out of income
over the remainder of the term of the series D
bonds after Dec. 31, 1935, and said amount was accordingly credited to
The amount of such discount on the series D bonds charged to
income for 1936 was $100,801.
Gross sales and earnings for 1936 aggregated $287,107,706 as compared
with $192,543,458 for 1935.
The total amount of new business booked
Interest account
co.'s
1933
$665,102
$700,975
73,087
2,904
146,909
83,174
$709,507
76,574
6,995
131,898
84,073
$712,182
72,357
8,403
138,582
89,644
5,132
4,320
193,130
..
on
1934
$683,241
3,512
22,754
$639,769
76,120
6,075
165,061
82,106
.....
Profit
1935
$672,051
8,094
20,830
4,386
4,849
192,540
12,160
6,162
177,419
11,460
4,187
166,046
1936
$616,873
8,321
14,575
Years End. Dec. 31—
Rental account
Other income...
391
24,549
bonds
purchased and retired
22,140
......
surplus.
during the year amounted to $33,729,073 as compared with $210,033,718
for 1935.
The estimated value of orders on hand Dec. 31, 1936, was $123,690,462
as compared with $93,272,198 at the end of the previous quarter, and
$74,015,251 on Dec. 31,1935.
Steel production (ingots and castings) averaged 75% of capacity during
the fourth quarter as compared with 69.5% during the previous quarter
and 64% for the entire year as compared with 39.8% for the previous year.
Current steel production is approximately 82% of capacity.
The cash expenditures for additions and improvements to properties in
1936 amounted to $16,193,549.
The estimated cost to complete construc¬
tion authorized and in progress as of Dec. 31, 1936, was $38,000,000.
Cash and marketable securities, valued at the lower of cost or market,
as of Dec. 31, 1936, amounted to $36,890,906 (excluding $24,908,000 on
deposit with the trustee under the consolidated mortgage to provide for or
reimburse expenditures for construction or, if necessary, for additional
working capital) as compared with $31,819(219 on Dec. 31, 1935.
The directors declared a dividend of $1.75 per share on the 7% cumu¬
lative preferred stock, and of 25 cents per share on the 5% cumulative
preferred stock, payable in each case on April 1, to holders of ijecord March 5.
Total credits
Expense account
Advertising account
Taxes paid
Ins. prem. and int. acct.
Bad and doubtful accts.,
&c., charged off
Repairs and renewals—
Deprec. & obsolesc. fund
Net profit
Balance, surplus
shs.
$13,124
sinking fund 3M% bonds series E due Oct. 1,1966, in definitive form will be
ready for exchange for temporary bonds of that series at the corporate
department of its main office.—V. 143, p. 4145, 3834.
$3.57
a
$1.80
capital stock
$
3.69
Comparative Balance Sheet Dec. 31
'
Assets-—
Land.
x
...........
walls and equip- 3,673,263
Impts. under way.
12,096
539,934
rec.
of Mass. &
1935
1936
Liabilities—
1935
1936
$3,387,101 $3,385,169
Buildings, party
Capital stock—. $6,000,000 $6,000,000
1st mtge. bonds.. 1,863,000
1,883,000
Interest accrued..
18,830
18,630
Rents prepaid
10,957
11,688
.
3,812,387
28,956
521,245 Res. for State and
Federal taxes-—
Bds. of Com'w'lth
The Guaranty Trust Co. of New York has announced that on and after
Jan. 27,
1937, Bethlehem Steel Corp. consolidated mortgage 30 year
$41,503
$34,226
$3.22
def$12,175
Earns, per sh. on 60,000
Cash & accts.
Definitive Bonds Ready—
$107,825
$193,124
$214,226
$221,503
._—(2%)120,000 (3%)180,000(3%)180,000(3%)180,000
Dividends paid
24,000
42,000
Social security tax
mu¬
373,269
445.359
accrued-.—-.-.
150
Contingent fund..
nicipals in Mass.
90,900
Profit and loss sur.
12,067
297,668
N. Y. N. H. & H.
RR. stock-.-..
90,900
Tax antlcip. notes
Miscell. securities-
952
20,338
309,842
149,689
""952
Bigelow-Sanford Carpet Co.—-Dividend Doubled—
The directors have declared
mon
a
dividend of 50 cents per share on the com¬
value, payable March 1 to holders of record Feb. 10.
dividends of 25 cents per share previously distributed
In addition a special dividend of $2 per share was
paid on Dec. 3, last.
stock,
no par
This compared with
each three months.
Calendar Years—
1936
Net income after depreciation, int.,
Fed. inc. taxes & other deductions_x$l ,672,447
Shares common stock (no par)
313,609
Earnings
x
1934
1935
per share
Earnings
per
share
After dividends paid on
—V. 143, p. 3992.
x
1936
1935
Broad Street
on
$385,514
151,680
$2.54
5% preferred stock issued during the year.
$162,474 *
51,102
Operating profit
Dividends
x
$104,363
3,028
1933
$ 98,149
11,623
$101,020
24,983
$107,391
25,006
$109,773
30,403
...
Total Income
*
Ribbon
1934
$82,386
70,572 -
$76,037
71,149
$111,372
xlll,203
Excludes special dividend of $190,333 paid Dec.
Corp., Ltd.—Accumulated Dividend—
The directors have declared a dividend of 50 cents a share on account
of accumulations on the 6J^ % cum. pref. stock, par $50, payable Feb. 1
to holders of record Jan. 28.
Similar distributions weTe made in each of
the 20 preceding
quarters, prior to which regular quarterly disbursements
of 8H cents per snare were made.—V. 143, p. 2827.
18 (see table below).
31,1936
$1,054,954
Capital surplus, balance, Dec. 31,1935—
Accumulated deficit of income distribution acct. at Dec. 31,1935
transferred as authorized by the board of directors—
Balance...
—
.
Adjustment with respect to normal Federal Income tax provision
for prior year
—
Border
$79,369
76,339
-
Statement of Surplus Dec.
Blue
•Earnings—
$99,594
1,426
$162,474
—
with SEC—
1935
1936
stocks—
$3,060,369 in
department.
Investing Co., Inc.-
Calendar Years—
Gen. exps., int., taxes,&c
$667,583
164,384
x$3.94 "
Total-....-...$8,227,203 $8,284,968
Bradford Oil Refining Co .—Registers
Interest-——
Inc.—Earnings-
Years Ended Dec. 31—
Net profit after deprec., int.. Fed. income & excess
profits taxes, surtax on undistributed profits, &c.
Shares common stock (par $5)_
---$8,227,203 $8,284,968
x After deducting
depreciation and obsolescence fund of
1936 and $2,884,451 in 1935.—V. 143, p. 3307.
Cash divs.
Bliss & Laughlin,
—
See list given on first page of this
$416,260
$173,023
313,603
313,994
$4.82
$0.82
$0.05
undistributed profits.—Y. 143, p. 2991.
After deducting surtax on
Total---
City Mfg. Co.—Earnings-
Total
Excess of proceeds of capital stock sold over par value
thereof (after giving effect to allocations to the
——
Earnings for the Year Ended Sept. 26,1936
Net sales
Net profit after all charges
Earnings per share on 18,000 shs. capital stock (no par)
__
$1,606,643
55,527
$3.08
——
26,049
$1,028,905
349
$1,029,254
ordinary distribution account) less cost of issuance.$3,110,557
Deduct—
Balance Sheet Sept. 26, 1936
Assets—
Excess of cost of cap. stk. repurchased over par value
thereof (after giving effect to allocations to the
Liabilities—
Mills and real estate.
—.
Inventories.—
_
_
—
$317,184
152,980
Cash & accounts receivable
30,973
Capital stock
x$414,586
60,796
13,797
Reserves—process tax & ins-11,958
Accounts
payable
__
-----
Taxes payable---------
ordinary distribution account)
$359,153
.
Exps. in connection with registration of 431,617 shs.
cap. stk. under Securities Act of 1933, as amended)
9,785
$368,938
—$501,1371
Total
x
Total.
2,741,618
$501,137
Represented by 18,000 no par shares.—V. 144, p. 98.
Boss
Manufacturing Co.—Dividend Increased—
The directors have declared
dividend of $2 per share on the common
stock, par $100, payable Feb. 15 to holders of record Jan. 30,
This com¬
pares with dividends of $1.50 per share paid each three months from Feb. 15,
1935 to and including Nov. 16, last; $1 paid in each of the four quarters
of 1934; $1.75 per share distributed on Nov. 15, 1933, and 25 cents per
share paid in each of the five preceding quarters.
On May 15, and Feb. 15,
1932 dividends of $1 per share were paid.
In addition, an extra dividend
of $3 was disbursed on Dec. 24,1934 and one of $1.50 was paid on Dec. 22,
1933.—V. 142, p. 617.
•
a
Boston Consolidated Gas Co.—To Issue Notes—
The Massachusetts Department of Public Utilities has approved the
issuance by this company of promissory notes payable to Eastern Gas &
Fuel Associates to an amount not esceeding $10,900,000, to be dated
$3,770,872
Ordinary distribution account from Jan 1,1936:
Net income, as per statement.
...
Net amount allocated to this account in respect of
sales and repurchases of capital stock
...
Ordinary dividends
2,853
$3,773,726
Investment profit and loss and special distribution
account from Jan. 1, 1936:
Net profit on sales of investments
l
—
Special dividend
on
capital stock.
.
—
$197,424
190,333
7,092
•
Feb, 1,
1937, payable in not exceeding 20 years at an interest rate not
exceeding 4%
Proceeds of the notes are to be used to pay in part the out¬
standing $11,450,000 demand note of the company held by Eastern Gas &
Fuel Associates.—V. 143, p. 3834.
2,684
$114,056
111,203
capital stock..'.—
on
$111,372
$3,780,817
Note—The unrealized appreciation of investments on Dec. 31, 1936
$697,255 more than on Dec. 31, 1935, after adjusting the unrealized
appreciation on Dec. 31,1935 by the provision for taxes made at that date.
was
Volume
144
Financial
Balance Sheet Dec. 31
Assets—
1936
Invest, at cost...C$3,920,078
Cash in banks
1935
36,876
23,504
22,428
Common stock
a
Surplus
ties sold
34,899
831,490
3,780,817
.
_
1935
$22,428
$23,604
&c
taxes,
Receiv. for securi¬
1936
Dividend payable.
Reserve for exps.,
Special deposits for
dividends
Payment will
Liabilities—
b$1339,092
715,538
Chronicle
—
v
24,645
341,915
1,028,905
11,591
made
Shipley & Co.,
Founders Court, Lothbury, E.O.2, in the City of London, England, as
regards stock registered on the London register, at the office of Prudential
Trust Co., Limited, 455 St. Jonh
Street, in the City of Montreal, Canada, as
regards stock registered on the Canadian register, and at the office of Bank
of Montreal, 119 St. James
Street, West, in the City of Montreal, as regards
the bonds.—V. 144, p. 607.
32
Dlvs receivable
765
be
at
a
$4,670,710 $1,417,8931
Represented, by 166,298 shares
$4,670,710 $1,417,893
Total
$5 in 1936 and 68,883 no par shares
in 1935.
b The market value on Dec.
31,1935 of investments was $448,112
in excess of cost,
c
Investments, based on market quotations as at Dec. 31,
1936, were $5,169,945 or $1,249,867 in excess of cost, no deduction having
been made for liability, if any, with
respect to Federal excess profits tax
on the unrealized
appreciation of investments.—V. 144, p. 606.
Brooklyn-Manhattan
par
Transit
Corp.—Additional
as trustee for the
collateral
was
received
in
connection
with
the
additional
issue
of
$4,500,000 principal amount of rapid transit collateral trust bonds 43^ %
series due May 1, 1936.
The Brooklyn Trust Co., as custodian trustee under trust
indenture of
Brooklyn-Manhattan Transit Corp., dated May 1, 1936, securing rapid
transit
collateral trust bonds of the
corporation, has notified the New
York Stock Exchange that it has received as additional collateral to be held
by it under said trust indenture $175,000 face amount New York Rapid
Transit Corp. demand note No. R.T.D.N.
7, 5% dated Jan. 21,
payable to its
own order on
1937,
demand at Brooklyn Trust Co., making a total
$2,680,000, and in order to accomplish this it
of demand notes held by it of
was
necessary for the trustee to release
cash account,
leaving
Securities
a
balance
on
$175,000 cash from the deposited
hand of $181,250.
Released—
The Brooklyn Trust Co., as custodian trustee for the
Rapid Transit
collateral trust bonds of Brooklyn-Manhattan Transit
Corp., has notified
the New York Stock Exchange that, in accordance with the
request con¬
tained in a letter received from the
Brooklyn-Manhattan Transit Corp.,
dated Jan. 21, 1937, and pursuant to Section 2 of Article
6 of the trust
indenture, dated May 1, 1936, it has released from the indenture, for
sinking fund purposes, the following securities:
$29,000 New York Rapid Transit Corp., 1st & ref. mtge. 6% sinking
fund gold bonds series A, due
July 1, 1968 Nos. 2501-29 at $1,000
each, having July 1, 1937 and subsequent
coupons attached,
leaving $7,207,000 of such bonds on deposit with tne trustee.
$54,000 New York Rapid Transit Corp., temporary registered refunding
mortgage 6% sinking fund gold bonds, series B, due July 1, 1968
No. TRB 90, leaving $12,825,000 of such bonds on
deposit with
the trustee.—V. 144, p. 606.
Bunker Hill & Sullivan
Mining & Concentrating Co.
—$1 Dividend—
Burroughs Adding Machine Co.—To Pay Larqer Div.—
The directors have declared
a quarterly dividend of 20 cents
per share
the common stock, no par
value, payable March 5 to holders of record
Feb. 5.
Previously regular quarterly dividends of 15 cents
■on
per share were
In addition a special dividend of 60 cents was
paid on Dec. 5,
special dividend of 45 cents was paid on Dec. 5, 1935 and an extra
■distributed.
a
dividend of 25 cents per share was paid on Dec.
5, 1934.
$78,856
def45,463
def90,464
railway
Net after rents
1,140,220
def235,801
def714,244
1,053,675
def226,263
def790,269
1.039,090
def228,097
def815,522
144,
p. 99.
Canadian
National
Ry.—$35,500,000 Bonds Offered—
by the Minister of Finance
(1) $15,500,000 7-year 2H% bonds, due Feb. 1, 1944.
Issue price, 99.125
and accrued interest, yielding approximately 2.39% to
'•
■
''maturity.
•
<
"
■■
■
(2) $20,000,000 15-year 3% bonds, due Feb. 1, 1952 (callable on or after
Feb. 1, 1948).
Issue price, 99.50 and accrued interest,
yielding approximately 3.04% to maturity.
Payment is to be made in full against delivery of interim certificates on
or about Feb.
'1, 1937.
Bonds will be dated Feb. 1, 1937.
Principal and interest will be payable
in lawful money of Canada.
Interest will be payable, without charge,
semi-annually, on Feb. 1 and Aug. 1, at any branch in Canada of any char¬
■/.
~
,
a
director
tered bank.
The bonds will be a direct obligation of the Canadian National Ry.,
the capital stock of which is owned by the Dominion of Canada.
Payment
of principal and interest on these bonds will, under authority of the Parlia¬
ment of
Canada, by guaranteed unconditionally by the Government of the
Dominion of Canada.
Proceeds of this issue will be used exclusively for the payment of temporary
loans obtained by the company from the Government for the redemption of
funded debt which has matured or has been called.
Denominations: 2)4% bonds, $1,000; 3% bonds, $500 and $1,000.
Earnings of System for Week Ended Jan. 21
1QQ7
Gross earnings
—V. 144, p.
5% gold bonds, due 1955, will be paid
Canadian Pacific
Tnrran
$2,923,198
$372,154
Ry.—Earnings—
Earnings of System for Week Ended Jan. 21
1937
Gross
1936
$2,371,000
earings—
$2,168,000
ItiCfBdss
—V. 144, p. 607.
$203,000
■'.
Canton Co. of
Baltimore—Pays $7 Dividend—
The
company paid a dividend of $7 per share on its common stock,
value, on Nov. 2
last to holders or record Nov. 15.
This compares
with $6 paid on June 30 last; $7 on Dec. 27, 1935; $3 on June 28, 1935;
$2 on Dec. 31, 1934; $3 on June 30, 1934; $1 on Dec. 30, 1933, and $2
per share paid on June 30, 1933.—V. 139, p. 4122. ,■
Capital Administration Co., Ltd.—Earnings—
Income Account for Calendar Years
1936
Interest earned
Cash divs.
on
on
1934
1933
5% gold debs—>
$108,316
262,946
$140,104
227,856
$148,553
178,912
$405,090
66,430
Total income
Int.
1935
$38,196
366,894
stocks
$371,262
170,281
$367,960
170,850
$327,465
170,850
Amortization of discount
ment
1,273
14,649
7,818
7,818
38,160
(manage¬
company)
Taxes
36,577
15,992
32,175
30,910
11,307
23,773
on
on
13,105
27,672
.
Other expenses
disct.
and after Jan. 26, 1937:
The
Committee on Securities rules that the bonds be
quoted ex-interest 15%
on Jan. 26, 1937;
That the bonds shall continue to be dealt in "flat" and
to be a delivery in settlement of transactions made
beginning Jan. 26,1937,
&
Mfg. Co.—Preferred
Arrearages Paid—
Dividend
Rate
Changed—
A statement authorized by the
company follows:
"The stockholders voted at a
meeting held on Dec. 8, 1936, to change
the dividend rate on the $100 par preferred stock from
7% to 6%, effective
Jan. 1, 1937.
Over 95% of the preferred stockholders have agreed to
accept a $6 cash dividend and one share of common stock in full settlement
of accumulated dividends to Dec. 31, 1936.
"The common stock necessary for this settlement is to be
contributed
23,521
10,848
17,490
$110,243
$128,778
exp.
5% debs, called for
red. Mar. 9 1936
38,480
Balance, surplus
$219,970
Note—Profit
in 1935, and
on
a
$307,802
loss of $65,634 was reported in 1933.
Statement of Surplus Dec. 31, 1936
Surplus, Dec. 31,1935on redemption of $2,916,000 of 5% debs., series A—
-
Premium
Balance
b Income & Profit & Loss Acc .from Jan.
Net income, as per statement
Net profit on sale of securities—..
on
$481,677
7,300
1,800
undistrib. profits.
stockholders, over 95% of whom have agreed to make this
Any shares of common stock needed over and/ above the
probably be provided from the company's
$2,676,634
$219,970
Prov. for normal Federal income tax.
Prov. for surtax
$2,822,434
145,800
3 1936—
$9,100
1
amount of contributed stock will
472,577
$692,547
unissued stock.
Preferred dividends.
"The preferred stock cash dividend of $6
per share was paid on Dec. 31,
as part of the full settlement of accumulated dividends to
that date,
and the stock settlement is now in
process.
This dividend is the first
Class A dividends.
Class B dividends..
1936
$82,806
sale of securities amounted to $472,577 in 1936,
$88,557 in 1934, whereas
the July 1, 1936, and subsequent coupons.—V. 144, p. 606.
Butler
common
1
$3,295,352
607.
Unamort.
The New York Stock
Exchange having received notice that the interest
due July 1, 1933, to Jan. 1, 1936, inclusive, on the consolidated
mortgage
contribution.
.
Compensation
Bush Terminal Co.—Interest—
must carry
(Canada) to receive on behalf of the Canadian National
Ry. subscriptions for the following bonds:
and expenses on debs.
New Director—
Raymond G. Bower of the technical department was elected
increasing the board to 9 from 8.—Y. 143, p. 2668.
by
$86,328
10,589
def27,975
1,356,327
defl79,847
def660,070
From Jan. 1—
Gross from railway
—V.
1933
$102,417
7,445
def39,131
Net after rents
Net from
Earnings—
1934
1935
$105,829
def31,425
def55,825
no par
The directors have declared a dividend of
$1 per share on the common
stock, par $10, payable March 1 to holders of record Feb. 15.
Previously
regular quarterly dividends of 50 cents per share were distributed.
In
addition, an extra dividend of $1 was paid on Dec. 30, last; extras of 50 cents
paid on Dec. 1 and on Sept. 1, last, and an extra of 25 cents paid on June 1,
1936.—V. 143, p. 4146.
last;
Brown,
The Bank of Canada is authorized
Brooklyn Trust Co.,
rapid transit collateral trust
bonds has notified the New York Stock
Exchange that it has received, as
additional collateral to be held by it as Custodian Trustee under trust
indenture of Brooklyn-Manhattan Transit
Corp., dated as of May 1, 1936,
$4,500,000 principal amount general mortgage 5% sinking fund gold bonds
series A of Williainsburgh Power Plant
Corp., due July 1, 1968, and that
this
1936
Gross from railway.
Net from railway.
Col-
lateral—•
The
of Messrs.
office
Canadian National Lines in New England-
19,464
December—
Total
the
130,200
143,405
61,440
_
335,045
357,502
one
paid since that of March 30, 1932, when the regular quarterly preferred
stock dividend of $1.75 per share was
paid."—V, 144, p.. 446
(A. M.) Byers Co. (& Subs.)—Earnings—
3
x
Mos.
End.
Dec. 31—
1936
Profit—-
Other income
....
Total income
loss$30,883
reserve as required by charter:
Balance, Dec. 31, 1935
1934 1
loss$64,941
540
1,133
$111,833
22,728
Depreciation
134,624
loss$30,343
22,727
134,513
loss$63,808
22,727
133,765
Net loss
$45,519
$187,583
$220,300
.....
After expenses, taxes, &c.
Consolidated income account for 12 months ended Dec.
31, 1936,
follows:
Profit after expenses, taxes, &c.,
$396,821; other income, $41,907;
total
income,
$438,728; patent
amortization,
$90,909;
depreciation,
$536,548; net loss $188,729.—Y. 144, p. 606.
x
Calo Food
of
$2,775,140
balance includes capital surplus, net loss on sales of securities,
dividend distributions over net income and the reserve as re¬
quired by charter, from date of organization to Dec. 31, 1935.
b This account includes ail income and security profits and losses less
dividend distributions "rom Jan. 1, 1936.
Note—The unrealized appreciation of investments on Dec. 31, 1936,
after deduction of the normal Federal income tax thereon was $1,099,491
than on Dec. 31, 1935.
; .
This statement of sun)lus is presented in a form differing from that pre¬
viously used, because of the effect of the Revenue Act of 1936 on the divi¬
dend policy of the corporation.
more
„
$434,426
December—
Gross from
1936
railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V.
144,
p.
1934
1933
$126,670
46,266
103,157
$111,018
37,192
114,714
$90,564
def2,690
58,437
$98,541
35,821
1,292,050
320,825
1,132,262
222,843
838,052
1,046,514
13,509
657,824
1,186,843
384,775
838,090
87,655
949,124
99.
Steamship Lines, Ltd.-
1935
$54,215
2,595
8,590 Bk. loan due Sept.
30, 1938
28,785
57,494
1,865,000
exchange
d5,048,877 a5,858,946 Foreign
Invest, at cost
Receivable
for
contracts
se¬
curities sold.
Foreign
Holders of the 5% consolidated 1st mtge. debenture stock and of the
J5% consolidated first mortgage bonds are being no -ified that the company
wifl on Aug. 15, 1937 redeem the above issues at i
and accrued .interest.
Interest accrued &
divs. payable.
Due for securities
contracts
Unamortized disct.
5% gold debs. 1953
5% gold debs
Special deposit for
39,754
Pref.
c
50,477
33,399
cum.
a
$5,595,951 $6,425,605
b Class B stock—
Total...
The aggregate value of these investments
was
in
(no par) shares,
45,549
434,000
143,405
2,400
3,034,137
2,916,000
434,000
143,405
2,400
2,822,434
..$5,595,951 $6,425,605
based on market prices at
of cost by $1,269,776.
b Represented by 240,000
Shares $1 par value,
d Investments, based on market
excess
c
stock.,
Class A stock...
Surplus
Total
e50,477
23,292
purchased
and expenses on
Dec. 31
7,602
55,682
r,602
30,792
exchange
■To Redeem Bonds and
Debenture Stock—
1936
$43,241
Res. for expenses,
taxes, &c——.
dividends.
Canada
Liabilities—
i
Int. & dlvs. receiv.
-Earniiigs1935
1935
$364,139
Deposits in foreign
currencies
Cambria & Indiana RR.-
,
Balance Sheet Dec. 31
1936
Cash
department.
$3,034,137
216,231
42,765
Balance
This
a
Assets—
Products, Inc.—Registers with SEC—
See list given on first page of this
-
Provision for
excess
Patent amortization.
—
Reserve for year ended Dec. 31, 1936
1935
$101,961
9,872
Total
Financial
766
quotations as at Dec. 31, 1936, were $7,418,145, or $2,369,267 in excess
after deducting the normal Federal income tax on the unrealized
appreciation of investments in the amount of $429,000.
No deduction has
been made from the unrealized appreciation of investments for liabilities,
if any, with respect to Federal excess profits tax or surtax on undistributed
profits,
e Dividends payable only.—V. 144, p. 607.
of cost,
(J. W.) Carter Co.—Earnings—
Central Kansas Power
$1,943,596
1,518,728
Gross profit
Repairs.
a Depreciation
Taxes
$424,868
33,279
3,333
11,495
210,019
4,704
_
.
«*
Selling, general and administrative expenses
b Bad debts
Income--;
$162,038
34,288
v.
-—
Other income
Total income
Interest
$196,326
-
-
for the period
Net profit
dividend
Common
3,370
28,000
'
expense
Provision for Federal income tax
_-
$164,956
,
—
25,500
—..
Depreciation for the period to Aug. 31, 1936 has been provided for in
an amount which the company believes will be the maximum allowance
by the United States Bureau of Internal Revenue for income tax purposes.
b The company's policy with respect to bad debts has been to charge off
against the current year's income all accounts doubtful of collection, off¬
setting such charges by recoveries on bad debts previously charged off as
uncollectible.
A reserve for bad debts was established in 1935 in the
amount of $10,000 by an appropriation of surplus as a contingency reserve,
and has no bearing or effect as to profit and loss charges for bad debts.
a
Balance Sheet Aug.
Assets*"
Cash
on
"
":'
*
■
*"''
Liabilities—
'
Materials & supplies in transit.
Accts. receiv. (sundry debtors)
Deposits by employees & others
b Fixed assets
—
& int. accumulations
30,140
9,890 Athletic fund
Dividends
281,991
Deferred charges
23,925
25,500
Goding,
71
President).
surplus
170,000
169,780
Earned
surplus.--..---
446,777
$1,216,884
Total
$1,216,884
After reserve for discounts of $13,597 and reserve for doubtful accounts
a
of America- -Earnings—
Federal
all
after
income
Net
taxes
Earnings
charges
$1,484,894
After surtax
254,428
224,874
536,892 shs.
$0.52
$0.48
$0.42
V
production of the Catalin plastic, both cast and liquid, in 1936
compared with 3,500,000 pounds in 1935,
an increase of 15%.
During the year $107,575 was expended for additional equipment.
Total assets of the company at the close of 1936 were reported at $1 ,404,782.
Current assets of $548,841 compared with current liabilities
of $163,715.—V. 143, p. 3309.
amounted to 4,030,000 pounds
initial quarterly dividend of $1.25 per
share on the new 5% cumulative preferred stock, par $100, payable Feb. 25
to holders of record Feb. 15.
1936
1935
1934
1933
$54,118,004 $36,447,193 $23,769,320 $14,408,002
Calendar Years—
-
of sales,
pense,
ex-
oper.
>
&c., less misc.
-
—
-
(Cr.)
Interest earned
12,466,946
1,891,059
—
Interest paid
18,194,928
1,790,273
1,805,675
1,792,979
$11,393,700
$6,652,205
461,466
2,439
1,161,924
$3,768,717
514,301
84,273
547,554
$148,077
546,119
366,531
24,948
Depreciation-.-.Profit
28,004,715
40,833,245
income---.--
■--
Prov. for Federal taxes.
2,253,768
516,828
6,850
x2,054,085
______
South
&
Central
West Utilities
■To
Co.-
Reduce
Par
The Central
Utilities Co. and American Public Service
South West
&
subsidiaries of the
have filed declarations
Co., both of Chicago, and registered holding company
Middle West Corp., a registered holding company,
under the Public Utility Holding Company Act of
1935 covering issuance
of securities to reduce the par values of their outstanding common stocks.
Central & South West Utilities Co. (43-29) proposes to issue 3,372,736
and 2(MOO shares of 50-cent par value common stock in place of the pres¬
ently outstanding $1 par value common; and reducing the amount of the
capital represented by the common stock from $24,229,757.45 to $1,686,368.03, and the transferring the amount of the reduction from capital to
surplus.
American Public Service Co. (43-28), also a subsidiary of Central & South
Utilities Co. proposes to issue 96,434 shares of $80 par common
West
the outstanding $100 par value common stock; and reduc¬
ing the amount of the capital represented by the common stock, from
$9,644,708 to $7,714,720, and transferring the amount of the reduction
from capital to surplus.
v
Both declarants state the proposed changes in capital structure will
serve to absorb the deficits heretofore recorded on their books in and subse¬
stock in place of
,
quent to 1933 resulting from losses and capital adjustments of the declarants
their subsidiaries.
The proposals will be placed before stockholders
and
1937.—V. 144, p. 607.
vote on Feb. 5,
a
Central Maine Power
The
Manufacturers
Trust
Co.—Paying Agent—
Co.
is
York York Paying
New
company's $14,000,000 3J^% series H
Agent
for
bonds.—V. 143, p. 4147.
Products Corp.—Time Further Extended—
Certain-teed
notified the New York Stock Exchange that the time
7 % preferred stock for common stock and 6 % cumu¬
lative prior preference stock of the corporation, pursuant to the plan of
recapitalization dated May 27, 1936, has been extended to and including
Feb. 23, 1937.—V. 144, p. 447.
The company has
for the exchange of
Inc.—Registers with SEC—
Certified Cream,
of this department.
Charleston & Western Carolina
railway.
Net from railway
Net
p.
35,486
31,861
$139,130
32,751
30,750
$150,291
43,174
40,889
1,943,125
506,619
1,904,330
576,845
326,335
381,262
1,888,221
627,383
435,489
1—
after rents
144,
1933
$152,236
2,246,443
709,059
445,727
after rents
—V.
1934
$201,815
53,410
34,368
—
Gross from railway-.-..
Net from railway
Net
Ry. —Earnings—
1935
1936
Gross from
100.
'
r.
,
:
v
Cheney Brothers, South Manchester, Conn.—Amend¬
ments to Reorganization Plan—
The company has
Caterpillar Tractor—Initial Preferred Dividend—
The directors have declared an
Cost
3,060,752
774,161
.
of Common and Eliminate Deficit-—
From Jan.
Total
Net sales
2,192,693
December—
undistributed profits.
on
27,401,329
7,752,738
1,564,004
$2,426,211
683,756
,
—V. 144, p. 100.
$1,214,454
capital stock
x
29,022,116
8,774,323
$2,534,955
1934
incl.
-
share on
per
1935
x281,055
Net sales
186,768
29,514,458
8,051,786
See list given on first page
1936
$1,628,944
Calendar Years—
115,232
31,799,356
8,190,570
Net after rents
b After reserve for depreciation of $178,648.—V. 144, p. 607.
Catalin Corp.
178,164
$2,339,187
532,166
37,786
—-----
Gross from railway
Net from railway------
65
Paid-in
Total
1933
1394
1935
1936
48,837
Common stock ($1 par)
of $10,000.
dividend of $3
Jersey—Earnings—
$2,910,312
809,648
Gross from railway
Net from railwayNet after rents-
for
thereon
payable
Acct. payable (C. A.
18,609
Other assets
$200,000
64,294
91,558
Accrued liabilities
298,302
$15 per share on the common stock
24.
Dividends of $1 per share were
paid in each month of 1935 except July and August, and a
per share was paid on Dec. 1, 1934.—Y. 135, p. 1485.
December—
"
'
Co.—Pays $15 Dividend—
The company paid & dividend of
Dec. 29 to holders of record Dec.
on
.
>
Accts. payable (trade)
$37,928
\ 516,096
Accts. receivable (trade)
Inventories—
\
Notes payable to banks.-..--
hand and demand de¬
posits in banks
a
31, 1936
"
'
■
Central RR. of New
Saless, less returns, discounts and allowances
Cost of goods sold
V.
Sullivan, Columbia and Albany counties,
Orange, Greene, Putnam,
144, p. 274. ■
Earnings for Period Dec. 27, 1935 to Aug. 31, 1936
1937
Jan. 30,
Chronicle
filed amendments, dated Jan. 20, 1937, to the plan of
1, 1936.
These amendments are largely neces¬
proposed new financing from Reconstruc¬
tion Finance Corporation.
The court has not yet passed upon the original
plan, nor upon the amendments.
A hearing will be held before A. S.
Albrecht, special master, at 983 Main St., Hartford, Conn., Feb. 10, on the
reorganization, dated Oct.
sitated because of the terms of the
amendments.
The company calls attention of all parties in interest that under the plan
as amended there is no change in the cash payment alternatives which were
provided in the original plan.
Approximately 90% or over of all classes of creditors and stockholders
have already accepted the original plan.
It is not necessary to send another
acceptance to the plan as amended.
Upon confirmation of the plan as amended by the court security holders
will be advised the address to which securities
form upon
are to
be sent and be given a
which they may indicate their choice of the options provided
in the plan.
Net profit
Dividends paid
— ~
$5,949,307
3,764,480
$9,849,593
z3,764,480
$3,651,190
2,352,850
$302,717
235,306
Proposed Amendments Dated Jan. 20,1937
(1)
The loan from the RFC has been authorized by the RFC subject to
conditions upon the following principal terms;
The reorganized
company will issue $1,175,000 first mortgage 5% note.
The note will be
purchased by the RFC at 92.
Net proceeds will thus be $1,081,000.
The
reorganized company may pay off and satisfy the note in whole or in part
at any time for a period of three years after its date at 93, plus int., pro¬
vided, however, (a) that this right to repay at the rate of 93 may be ter¬
minated at any time if the RFC effects a sale of the note and pays the
reorganized company one-half of the excess, if any, of the sale price received
by the RFC over 93, and (b) that the right to repay at the rate of 93 may
in any event be terminated by the RFC at any time upon giving 90 days'
written notice in advance to the reorganized company.
As long as the
RFC is the holder of the note and there is no default in the payment of
interest thereon, the obligation of the reorganized company to pay interest
thereon shall be computed upon and be satisfied by payment of 5% per an¬
num of 93% of the unpaid principal, face amount of the note
except that in
the event of a sale of the note by the RFC interest shall be so payable only
to the semi-annual interest payment date next preceding the date of such sale.
The note shall provide for maturity of its principal in instalments as
follows: $100,000 one year from the date of the note, $150,000 two
years
from date of note, $150,000 three years from date of note, $175,000 four
years from date of note, $200,000 five years from date of note and $400,000
six years from date of note.
At the option of the RFC first mortgage bonds
may be required to be substituted for the above mentioned note.
(2) The loan from the RFC is to be secured.
A summary setting forth
the substance of some of its principal provisions follows:
(a) The loan will be secured by a first mortgage or mortgages on all real
estate, water rights, buildings, dwellings, fixtures, furniture (except office
fixtures and furniture), machinery and equipment, patents and trade marks
of the company (with certain minor exceptions);
(b) The new debentures provided for in the original plan and (or) the
agreement under which the same are issued shall contain provisions of the
general tenor of a so-called "standby agreement", permitting, however,
debenture holders to receive interest at 5% per annum, if earned after deduc¬
tion of principal and int. due the holder of the first mortgage note at the
time of payment of such int. on debentures, provided the
company is not
in default on the indebtedness evidenced by the note held by the RFC,
or on any other obligation given to corporation in connection with its loan;
(c) Until the first mortgage note has been paid in full, the company will
pay no dividend on its preferred or common stock without the prior consent
certain
$2,184,827
$1,298,340
$67,411
1,882,240
1,882,240
1,882,240
1,882,240*
y$5.07
$3.16
$1.94
$0.16
x No provision for Federal surtax on undistributed earnings is uncluded,
as all net profits have been distributed in dividends.
y After allowing for a full year's dividends.on the preferred stock out¬
standing at Dec. 31, 1936.
x Represents $2 per share in cash but does not include an extra dividend
of 50 cents per share which was payable either in cash or at the rate of
1-200th of a share of preferred for each common share held.
Likewise it
excludes an extra dividend of 6-200ths of a share of 5% preferred stock
which was to be paid on each common share on Dec. 24.
Surplus.
Sharesouts'd'g (nopar).
— —
$6,085,113
Earnings per share—__
Baiance Sheet Dec. 31
•:
1935
1936
2,309,929
Dash
1936
3,422,181
less reserves_
_
_
_
$
Accounts payable
9,918,242
11,576,037
16,670,371 12,178,762
1,759,960
340;359
&
expenses..
Notes payable
Res. for Fed. taxes
Patents, trademks.
and goodwill
1
cLand, buildings,
equipment, &c_ 18,845,241
201,970
Vliscell. props
.
2,582,147
383,934
500,000
Accrued payroll
Notes & accts. rec.
[inventories
1935
Liabilities—
$
$
Assets—
1,983,931
1,175,000
Pref. stk.(parflOO) 6,014,776
y Common stock
9,411~ 200
9,411,200
Capital surplus
13,733,577 13,733,577
Earned surplus
15,029,104 15,531,832
_
16,168,269
229,158
repaid insurance,
35,121
taxes, &c___
Total
x
n
—
After
—
_
—
-.49,638,669
35,314
41,951,928'
Total.. _____--49,638,669 41,951,928
for depreciation of $11,615,154 in 1936, and $10,720,856
Represented by 1,882,240 no par shares.—V. 143, p. 4147."
reserve
1935.
y
Central of Georgia Ry.1936
December—
$1,440,599
Net from railway_
256,233
Net after rents—
194,083
Gross from railway
■Earnings—
1935
$1,165,318
161,240
84,224
From Jan. 1—
1933
*$925,750
75,871
33,787
1
Gros from railway
Net from railway
Net after rents
1934
$1,079,347
150,768
27,785
—
_
15,932,358
2,639,863
1,239,804
14,473,738
2,249,148
1,039,510
13,353,151
2,012,254
675,683
12,132,343
1,775.493
636,011
—V. 144, p. 100.
Central Hudson Gas & Electric
The New
York
Public
consumers
on
Jan.
22
authorized
reduce electric rates which the company estimated would
$201,800 a year, effective Feb. 1.
the
save
Reductions will be made in the residential, commercial, general power and
brick yard power rates.
The
territory served includes the cities
of Beacon, Kingston, Poughkeepsie and Newburgh and many villages and towns in Dutchess, Ulster,
(3) the company will in no way permit its current assets to be
encumbered (except for factoring of accounts receivable) without the consent
of the holder of the first mortgage note;
company;
Corp.—Rates Lowered—
Service Commission
company to
of the holder of the note;
(d) (1) As long as the RFC is the holder of the first mortgage note, the
management of the company shall be and remain satisfactory to the RFC;
(2) a certain minimum of net working capital will be maintained by the
(e) The plan of reorganization, as amended, shall in all respects be satis¬
factory to the RFC and shall have been fully and finally confirmed by the
Court.
(3)
The group of holders of
common
stock of the debtor (mentioned in
the plan) has agreed, in addition to the commitment set forth, to purchase
at
par an
additional $100,000 of the
new
15-year 5% income debentures.
'
Financial
Volume 144
No rights to subscribe to the $100,000 of debentures will be issued, nor
any new common stock be issued in connection therewith.
767
Chronicle
Fixed & Miscell.
will
The present corporation will be continued in existence in possession of
all its assets, free of all claims of every nature, contingent or otherwise,
except those for which express provision is made in the plan as amended and
only to the extent of such provision.
All interests of stockholders (including
voting trust certificate holders) of the debtor shall also be terminated except
as provided in the amended
plan and all present outstanding stock will be
canceled.
The new securities will be issued and payments made by the
present corporation upon the terms provided in the plan as amended.
(5) The amount of new preferred stock to be received by each bondholder
Sursuant toshares to 122 shares. set forth in the original plan is increased
112}4 the alternative offer
'om
(6) Article V, Section 2, of the original plan is amended to read sub¬
stantially as follows:
Income debentures will be authorized in principal amount not exceeding
$630,000.
They shall be dated Jan. 1, 1937 and shall mature Jan. 1, 1952.
For the first three years following their date they will be entitled to interest,
if and to the extent earned after deducting principal payments due the holder
of the first mortgage note (or any other first mortgage obligation of the
company issued for the purpose of refinancing said note) in addition to usual
charges/ at the rate of 5% per annum payable annually, provided, however,
that for the fiscal year 1937 they will be entitled to interest only for the
period from the date of the first mortgage note and only to the extent that
interest is so earned during such period.
Thereafter they will be entitled
to fully cumulative interest at the rate of 5% per annum to maturity but
said interest shall be required to be paid prior to maturity only if and to the
extent earned after deducting principal payments due the holder of the
first mortgage note (or any other first mortgage obligation of the company
issued for the purpose of refinancing said note) in addition to usual charges.
No dividends shall be paid on the preferred or common stock of the company
as long as
any accumulations of interest on the debentures are unpaid.
The
debentures will be redeemable in whole or in part at any time at the principal
amount thereof plus interest accumulated and unpaid thereon to the date
of redemption.
The rights of debenture holders shall be subject to the
agreement provided for in agreement No. 2(b) above.
The debentures shall
contain appropriate provision permitting the refinancing of the first mortgage
indebtedness of the reorganized company upon such terms as the directors
of the reorganized company may determine.
(7) The first paragraph of Section 3 of Article V of the original plan is
amended to read as follows:
The preferred stock of the reorganized company will be authorized in
the amount of not more than 106,000 shares (no par) but with a stated
value of $10 per share.
It is not contemplated that preferred stock will be
issued except for the purposes of the plan as amended.
The new preferred
stock will be entitled to dividends in preference to the common stock at the
rate of 50 cents per share per annum.
Dividends shall be payable only when
and as declared by directors.
Dividends shall be cumulative to the extent
earned, after deducting principal payments due the holder of the first mort¬
(or any other first mortgage obligation of the company issued for
refinancing said note) in addition to usual charges, and not
paid for each of the fiscal years 1937, 1938 and 1939, provided, however,
gage note
said three year period, dividends shall be cumulative whether earned or not.
The stock will be redeemable in whole or in part at any time at $10 per
share
plus dividends, if any, accumulated and unpaid thereon.
(8) In view of the fact that the new preferred stock is to be without par
value, the dividend rate is changed from 5% per annum to 50 cents per share
per annum in
all
cases.
The
new common
stock will likewise be of
value and will be of such stated value, if any, as directors
no
par
of the reorganized
company may determine.
(9) It is contemplated that after final confirmation of the plan the action
by stockholders requisite to carrying out the plan will be taken by the voting
trustees for the preferred and common stock and thereafter the voting trust
shall be dissolved.
A digest of the original plan was given in
V. 143, p. 2671—V. 143, p. 4147.
Chesapeake-Camp Corp., Franklin, Va.—Bonds Offered
—Scott & Stringfellow, Richmond, Va., are offering at
100 and int. $1,400,000 1st mtge. 10-year 434% sinking
fund bonds.
Bonds are offered for sale only to residents
of and within the State of Virginia.
.
of the common stock of the Chesapeake-Camp Corp.
The principal of this issue is also unconditionally guaranteed through the
trustee severally by the above companies in proportion to their respective
owners
interests, viz.:
Albemarle Paper Mfg. Co., $125 of each $1,000 bond;
Camp Mfg. Co., $500 of each $1,000 bond; Chesapeake Corp., $375 of
each $1,000 bond.
Sinking Fund—Under indenture provisions a sinking fund is established
into which the corporation must pay by April 1 of each year, commencing
April 1, 1941, a sum equal to 15% of the net income (after providing for
State and Federal taxes) of the previous calendar year.
For this purpose
the corporation may deliver bonds to the trustee at their purchase price
(but not above 102) in lieu of cash.
Business—Corporation has been formed to build a plant near Franklin,
Va., at an estimated cost of $3,000,000, to manufacture sulphate pulp
and kraft board. All the stock has been subscribed for by Albemarle Paper
Mfg. Co., Camp Mfg. Co., and Chesapeake Corp., well-known, oldestablished business concerns. Camp Mfg. Co. is a large owner of timber
lands and operates one of its lumber mills near the site selected for the
new
plant, which is expected to use the waste wood from the existing mill. The
Chesapeake Corp. now operates a plant at West Point, Va., which manu¬
factures sulphate pulp.
This company and the Albemarle Paper Mfg. Co.
of Richmond own the Albemarle-Chesapeake Co.-, whose plant for the
manufacture of kraft board is adjacent to that of The Chesapeake Corp.
from which it buys its pulp.
Capitalization—Upon completion of the financing, capitalization will be
as
follows:
Authorized
1st mtge.
10-year 5H % bonds (this issue)
5% cumulative preferred stock
Common stock
Paid-in
—
surplus
.
____
$1,400,000
1,250,000
1,000,000
Outstanding
$1,400,000
1,250,000
600,000
200,000
The common stock has been purchased and before the issue of these
bonds it will be paid for in cash at $100 per share by the Albemarle Paper
Mfg. Co., Camp Mfg. Co. and The Chesapeake Corp. In addition, $200,000
of surplus will be paid into the company in cash.
The preferred stock has been subscribed for by these same companies
to be paid for presently or as the money is needed for construction of the
plant, but in any event not later than Dec. 31, 1937. It is anticipated that
part or ail of this preferred stock may be resold to the public carrying the
guarantee of the company so reselling it as to the payment of dividends and
its par value in event of liquidation of the Chesapeake-Camp Corp.
Earnings of Guarantors—The combined net indome of Camp Mfg. Co.
and The Chesapeake Corp. in 1935 and Albemarle Paper Mfg. Co. for the
fiscal year ended March 31, 1936, was $808,156, equal to over 13 times the
$59,500 interest on this issue of bonds or about 6.6 times interest and
preferred dividend requirements of the Chesapeake-Camp Corp. amounting
to $122,000.
The combined net income of the three guarantor companies
for the 3M years ended Sept. 30, 1936, has averaged over 12 times the
interest on this issue, or about six times interest and preferred dividend
requirements of the new company. In addition, the Albemarle-Chesapeake
Co., wholly owned by two "of the guarantors, has carried to surplus during
this period $532,576 not included in the above figures. This amount would
have been sufficient to have paid the entire interest and preferred dividend
requirements of Chespeake-Camp Corp. had its new securities been out¬
standing during this period.
Assets of the Guarantors—The net assets of these three companies (un¬
audited figures) as of Sept. 30, 1936, (including Chesapeake Corp. as of
Oct. 3, 1936, the end of its fiscal period) were as follows:
.
.
~
Totals
$2,175,992
2,747,140
2,154,897
4,207,770
2,824,764
$2,650,108
$6,558,419
$9,208,527
Chesapeake Corp.—Changes in Collateral—*
The Guaranty Trust Co. of New York, as trustee for the 10-year 5%
convertible collateral trust bonds, due Dec. 1, 1944, has notified the
New York Stock Exchange that during the period from Jan. 2, 1937 to
Jan. 20, 1937, both inclusive, bonds of said issue aggregating $89,000
principal amount
were converted, canceled and retired in accordance with
of the indenture dated Dec. 1, 1934, and as a result thereof
1,780 shares of Chesapeake & Ohio Ry. Co. common stock were withdrawn
from the collateral pledged with it, as trustee under said indenture.
The Guaranty Trust Co. of New York, as trustee for the 20-year 5%
convertible collateral trust bonds, due May 15, 1947, has notified the
New Jfork Stock Exchange that dining the period from Jan. 2, 1937 to
Jan. 20, 1937, both inclusive, bonds of said issue aggregating $198,000
principal amount were converted, canceled and retired in accordance with
the terms of the indenture dated May 15, 1927, and, as a result thereof,
4,503 shares of the Chesapeake & Ohio Ry. Co. common stock were with¬
drawn from the collateral pledged with it, as trustee under said indenture.—
V. 144, p. 447.
the terms
Chesapeake & Ohio Ry.—Proposes $4,000,000 Equip¬
ment Issue—
The company has applied to the
Interstate Commerce Commission for
authority to issue and sell $4,000,000 equipment trust certificates in con¬
nection with purchase of new equipment at a total estimated cost of $5,081,353.
No arrangements have been made as yet for the sale of the certificates.
The certificates would be dated March 1, 1937, and mature in 10 annual
instalments
between
V. 144, p. 608,
March
1,
1937,
and
March
1,
1947,
inclusive.—
Chicago Burlington & Quincy RR.—Equipment Trusts
Offered—Offering was made Jan. 26 of $7,080,000 2% series B
equipment trust certificates (non-callable) by Salomon Bros.
& Hutzler; Dick & Merle-Smith, and Stroud & Co., Inc.
The certificates
are due $472,000 each Dec. 1 from 1937 to
inclusive, and were priced to yield from 0.65% to 2.55%,
according to maturity.
They are to be issued under the
Philadelphia plan.
1951
The certificates
be guaranteed unconditionally as to principal and
are to
dividends by Chicago Burlington & Quincy RR. and are to be secured by
the foUowing equipment: 1,000 50-ton steel frame box cars, 250 55-ton
all-steel hopper cars; 10 type 4-8-4 steam locomotives; 150 40-ton steel
frame stock cars; 30 50-foot refrigerator cars; 250 50-ton steel frame auto¬
mobile cars; 1,500 50-ton composite gondola cars; 100 50-ton steel underframe flat cars, and 270 40-ton refrigerator cars.
The estimated cost of
this equipment is $8,861,300, of which the company is to contribute
$1,781,300 as advance rental, or 20% of the total cost of the equipment.
The certificates are legal investments, in the opinion of the bankers, for
savings banks in New York and Massachusetts.
The First National Bank of the City of New York is trustee.
Earnings for December and Year to*Date
December—
Gross from railway..
1935
1936
1934
?
1933
$8,920,988
2,746,027
1,578,475
$7,284,310
1,910,542
1,175,789
$6,330,189
$6,226,974
1,619,527
1,050,470
1,405,064
1,254,436
98,082,411
Net from railway
Net after rents
82,901,980
20,357,596
10,228,355
80,288,159
22,280,177
12,650,936
24,135,376
13,491,225
From Jan. 1—
Gross from railway.....
Net from railway26,839,408
Net after rents....
13,448,827
78,496,975
—V. 144, p. 274.
Chicago & Eastern Illinois Ry.—Earnings—
Dated Jan. 1, 1937
due Jan. 1, 1947. Interest payable J. & J. Denom.
$1,000, registerable as to principal.
Callable for the sinking fund on 60
days' notice on any July 1, commencing July 1, 1941, at the following
prices together with accrued interest to date of redemption: July 1, 1941,
through July 1, 1944, at 102%; July 1, 1945, at 101%; July 1, 1946, at
100%. Callable as a whole or in part other than for the sinking fund upon
60 days' notice on any int. date at 105 and int. if red. on or before Jan. 1,
1942, and if red. later than Jan. 1, 1942, at 1 % lower per year during each
year thereafter. First & Merchants National Bank, trustee, Richmond, Va.
Guarantee—The payment of interest on this issue of bonds is unconconditionally guaranteed through the trustee jointly and severally by the
Albemarle Paper Mfg. Co., the Camp Mfg. Co. and The Chesapeake Corp.,
Total
Net Worth
$1,656,381
1,460,630
669,866
Albemarle Paper Mfg. Co
Camp Mfg. Ck>
The Chesapeake Corp.
the purpose of
that for the fiscal year 1937 dividends shall be cumulative only to the extent
so earned for the period from the date of the first mortgage note.
After
Assets Less
Debts
$519,610
Net Current
Assets
(4)
December—
1936
1935
1934
1933
$1,654,766
$1,309,236
$1,124,433
$1,038,792
667,051
403,749
391,914
182,962
404,286
260,968
260,994
87,853
16,109,107
4,357,967
1,658,301
Gross froip railway
Net from railway—_
13,427,593
2,800,460
622,754
12,776,551
2,831,177
641,697
12,218,449
2,617,391
207,297
Net after rents
From Jan. 1—
Gross from railway
Net from railway......
Net after rents
—V.
144, p. 608.
"
,
,
Chicago Great Western RR.—Earnings—
Net
1934
1933
$1,197,052
377,404
169,430
$1,134,939
458,631
267,817
15,607,176
4,016,088
1,307,386
15,491,939
4,200,222
1,340,269
14,575,180
1—
Gross from railwayNet from railway. —
Net after rents....
-
—_
—Y.
1935
$1,416,299
677,118
478,171
665,352
365,063
after rents..
From Jan.
»
1936
$1,787,770
December—
Gross from railway..—
Net from railway——
144, p. 447.
18,817,001
5.599,582
2,197,924
" i ■
"
4,253,067
1,280,914
Chicago Havana & Western RR.—To Extend Bonds—
The Interstate Commerce Commission on Jan. 25, authorized the com¬
pany to
extend to April 2, 1952, the date of maturity of $2,500,000, of first
mortgage gold bonds, which matured Dec. 1,1926.
These bonds, two in number, aggregating $2,500,000, are dated Dec. 1,
1886, are in registered form, convertible into coupon bonds in the denom. or
$1,000, bear interest at the rate of 5% per annum, payable semi-annually
June 1 and Dec. 1, and matured Dec. 1, 1926.
The bonds were sold to
the Illinois Central and were pledged by it under an indenture dated
March 31, 1888, to the United States Trust Co. of New York, trustee, as
partial security for $15,000,000 of Illinois Central RR. 4% gold bonds of
1952, dated March 31, 1888, and payablb April 1, 1952.
on
Chicago Indianapolis & Louisville Ry,—Earnings1936
DecemberGross from
railway
From Jan.
1934
1933
$805,309
276,333
151,962
$618,864
161,505
488,726
$575,582
159,750
37,811
8,254,851
1,625,820
210,703
7,427,499
1,259,186
119,800
7.228,716
1,483,659
def21,083
1—
Gross from railway
Net from
1935
$985,349
301,644
135.559
10,403,998
Net from railway......
Net after rents—_
2,253,577
railway
500,440
Net after rents
—V. 144, p. 274.
Chicago Milwaukee St, Paul & Pacific RR.-—Budget—Federal Judge "Wilkerson in Chicago has approved a 1937 budget of
$8,071,691 for the road, of which $1,974,358 has already been appropriated
for initial payment for 1,000 gondola cars and 22 air dump cars.
The
balance of $6,097,333 will go for road and existing equipment.
The court
bas also approved the expenditure of $3,558,000 for payment of equipment
previously scheduled, of which $2,655,000 will be financed by equipment
trust notes, Series C.
Earnings for December and Year to Date
1936
December—
Gross from railway.....
Net from railway
$7,788,073
1,820,609
942,846
1934
$6,708,923
1,163,420
306,715
$6,257,169
1,042,256
279,904
92,446,697
16,030,1.80
4,723,983
87,859,792
18,204,245
6,539,054
85,495,220
20,898,379
.-8,597,319
1,482,104
Net after rents...
From Jan.
1935
$9,517,686
2,622,753
1—
1933
^
railway—..109,142,086
Net from railway
23,897,732
Net after rents...'
9,461,358
-—V. 144, p. 447.
Gross from
..
Chicago Mail Order Co,Extra Dividend—
The directors have declared an extra dividend of 12 Y%
cents per share
quarterly dividend of 37H cents per share on the
stock, par $5, both payable March 1 to holders of record Feb. 10.
in addition to the regular
common
Financial
768
of the last three quarters of 1936
1935.
In addition, an extra dividend
Dec. 26, last, Jan. 20, 1936 and on Jan. 21, 1935.
Similar extra dividends were paid in each
and in each of the four quarters of
.of 60 cents was paid on
The regular quarterly
,per
dividend was increased from 25 cents to 37 % cents
payment.—V. 144, p. 608.
share with the March 2, 1936
^
Chicago & North Western Ry.—Equipment Trust
Issue—
Federal Judge Barnes in Chicago has authorized the company to apply
to the Interstate Commerce Commission for authority to issue 10-year
2% % equipment trust certificates in amount of 75% of
of new equipment, the 25% balance to be paid in cash.
the $6,307,500 cost
,,
Earnings for December and Year to Date
1935
1934
1933
railway
$7,704,760
railway-1,447,246
$6,326,759
1,063,298
$5,485,379
1,065,028
841,442
643,292
$5,334,066
926,568
183,369
1936
December—
Gross from
Net from
Net after rents
From Jan.
Gross from
'
417,338
,
1—
railway.91,969,298
14,939,298
3,578,483
.
—V. 144, p. 447.
73,394,501
15,679,532
6,031,714
75,893,418
14,081,598
77,315,017
11,996,438
5,260,641
Net from railway
Net after rents..
5,202,104
'
v-
.V
l
Chicago Rapid Transit Co.—Moves to Reorganize—
The company, owner and operator of all the elevated railway lines in
Chicago and suburbs, filed a voluntary petition in Federal Court at Chicago
Jan. 22 for reorganization under Section 77-B of the amended bankruptcy
law.
The petition, filed by Bernard J. Fallon, President of the company,
was
assigned to Judge James H. Wilkerson, who has had the receivership
of the company under his jurisdiction since 1932.
Mr. Fallon listed assets
of the company in excess of $100,000,000, with bonded liabilities of $48,-
000,000 and a capital stock structure of $25,000,000 par value.
!
Judge Wilkerson on Jan. 27 named A. A. Sprague and Britton I. Budd,
receivers in the equity case, as temporary trustees and set Feb. 25 for hearing
on appointment of permanent trustees.—V. 143, p. 1554.
:
Chicago Rock Island & Pacific Ry, —Earnings—-:
'
-
'■
1936
December—
Gross from railway
Net from railway
..
—
Net after rents
From Jan. 1—
Gross from railway..
Net from railway
—
..
Net after rents
1935
1934
$6,497,130
1,411,319
793,867
$5,338,692
236,349
def212,973
$4,709,867
306,859
defl00,451
$4,695,615
596,489
86,185
1933
73,668,144
63,177,754
9,418,935
6,203,483
657,436 defl ,023,558
63,328,500
61,432,040
9,245,869
1,727,645
11,552,739
3,289,282
Earnings of System
31—
Period End. Dec.
*
Uncollect, ry. rev
216,183
88,894
Equipment rents
Joint facil. rents
Net ry. oper. income.
x
$5,672,665 $78,066,706 $67,116,854
5,353,923
67,401,773
59,830,490
4,160,000
215,000
5,611,294
1,079
187,410
128,012
$865,849 def$212,759
2,921,861
1,131,097
29,624
2,924,879
1,111,059
$1,000,681 def$939,198
Includes railroad retire
Act accruals
x
1936—12 Mos.—1935
1936—Month—1935
Railway oper. revenues. $6,898,016
Railway oper. expenses,
5,335,207
x Railway tax accruals..
391,883
.
.
.
1,220,400
113,458
Incl. accrual of Federal
Unemployment Insur.
'V-...,
1936.
33,426
419,722
1, 1936 includes in appropriate revenues account new
ICC classification.
■ v.^
;
effective Jan. 1,
*
Effective Jan.
Trustees'
22 authorized the com¬
pany to assume obligation and liability in respect of not exceeding $2,400,000
equipment trust certificates, series R, to be issued by the First National
Bank, Chicago, as trustee, and sold at 100.539 and accrued dividends in
connection with the procurement of certain equipment.
(See offering in
Y. 143, p. 4147.%—V. 144, p. 608.
Chicago St. Paul Minneapolis & Omaha Ry.- -Earnings
1936
Net from railway
Net after rents
—Y.
144,
1934
1933
$1,353,430
188,513
32,466
$1,208,044
59,514
def70,754
$1,101,229
214,778
76,015
18,328,050
3,053,115
427,646
Net after rents
From Jan. 1—
Gross from railway
1935
$1,509,823
170,774
def38,916
December—
Gross from railway
Net from railway
15,446,158
2,164,453
175,578
14,848,618
2,357,738
601,985
14,527,600
3,321,089
1,537,544
101.
p.
zation—
Interstate
Commerce
Commission
has submitted to stockholders
and creditors of the road
an approved plan of reorganization.
Acceptance
rejection of the plan must be returned to the commission by March 31.
—V. 143, p. 3836.
or
Chicago Yellow Cab Co., Inc.-—Earnings-—
Period Ended Dec. 31—
Net
income
after
1936—3 Mos.—1935
1936—12 Mos.—1935
taxes
and charges
Earns, per sh. on 300,000
shs. com. stk. (no par)
$172,698
>.57
$35,117
>.12
$600,963
$2.00
$185,424
$0.62
—V. 143, p. 2518.
Cincinnati
New Orleans & Texas Pacific
Net after rents.
railway
Net from railway
Net after rents
—V.
144,
1933
1935
$1,457,033
601,738
458,698
$1,146,314
407,343
248,499
$937,143
377,544
340,473
$828,645
296,100
210,492
16,704,683
6,646,608
4,936,368
13,547,653
4,835,797
3,583,309
12,272,002
4,435,154
3,257,307
11,622,730
4,572,587
3,354,223
1—
From Jan.
from
Ry.—Earns.
1934
1936
December—
Gross from railway
Net from railway
Gross
p.
101.
Cinema
Magazine, Inc .—Stock Offered—An issue of
200,000 shares of common stock ($1 par) was offered Jan. 25
share by Goodwin, Griswold & Co., Inc., Albany,
Y.; L. E. Wakelee & Co., New York, and Robert E.
Rew & Co., Inc., Nyack, N. Y.; Stock offered as a specula¬
tion.
V •A-j'; ::H:
;
at $2 a
N.
The stock being offered publicly is part of a total of 449,434 shares
registered with the Securities and Exchange Commission (total authorized
500,000 shs.), of which 139,034 shares have been outstanding, 25,400 are
reserved under options to underwriters (10,400 shs. at $2 per sh. and 15,000
shs. at $2.50 per sh.), and 85,000 are reserved for future options at $2.50
or more per share, to be granted officers and employees.
Transfer agent, United States Corporation Co., 15 Exchange Place,
Jersey City, N. J.
History and Business—Company was incorp. in New York May 21, 1936.
The purpose is to publish and distribute to the pubilc a quality magazine to
be known as "Cinema Arts," relating to the various phases of the motion
picture industry and to its personnel and allied interests.
Principal offices
are located at 250 Park Ave., New York.
The business done from date of its incorp., May 21, 1936, to date, aside
from general organization, has been the preparation and publication of
approximately 3,000 preview copies of the magazine and the distribution
thereof for the sampling in advance of the probable appeal to readers and
advertisers.
It is expected that
the first regular issue, comprising 50,000 copies, will
placed on sale on or about April 1, 1937, at 50 cents per
$5 per yearly subscription.
Purpose—The purpose of this offering is to finance publication of the
magazine "Cinema Arts."
It is estimated that the funds to be raised by
the issue will adequately finance the company over a period of one year
and provide a sufficient working capital to establish the publication upon
be published and
and at
a
City of Paris Dry Goods
sound basis.
E. A Tropp (Executive
Louis E. Wakelee AM. A.
Co —Preferred Dividends—
cumulative
date.
The company paid a dividend of $5.25 per share on the 7%
first preferred stock, par $100, on Jan. 18 to holders of
same
An annual dividend of $7 per share was paid on this issue on June 29,Uast,
record of
there being no dividend accumulations
The company also paid a dividend
at that time.
***
of $2 per share on account
of ac¬
7% cumulative second preferred stock, par $100, on
Jan. 18 to holders of record of same date.
An accumulation dividend
of $8 per share was paid on June 29, last.
Accumulations after the current
payment amount to $11 per share.
V. 142, p. 4017,
cumulations on the
City Stores Co.—Tenders—
The Chase National
v; .'.'
Bank of the City of New
V'
York, as trustee, is in¬
viting tenders for the sale to City Stores Co. of its 10-year 6% general
collateral convertible notes due Oct. 1, 1944, at a price not to exceed 105
and accrued interest;, in an amount sufficient to exhaust the sum of $331,905
now held by the trustee.
Tenders will be received at the principal trust
office of the bank, 11 Broad Street, New York, up to 12 noon on Feb. 13,
1937—V. 143, p. 3836.
Commercial Investment Trust Corp.
To ReduceStock—
notified the New York Stock Exchange of a proposed
225,000 shares 6%% first pref.
value $100.—V. 144, p. 608.
The company has
reduction in
stock, par
authorized capital stock by
Commonwealth Edison Co., Chicago—Plans to
Structure
Simplify
Approved—
special meeting held Jan. 23 approved
submitted to the meeting pursuant to resolutions
Stockholders of the company at a
each of the four proposals
adopted by the board of directors.
•
Shares represented at the meeting totaled 1,226,418, or 76% of the shares
outstanding.
Shares represented by proxy totaled 1,178,732 and shares
represented in person totaled 47,686.
The proposals as approved are described as follows:
(I) Amend the article < i incorporation (1) by changing each of its 2,000,000 authorized shares (par $100), both issued and unissued, into four shares
(par $25), or a total of 8,000,000 shares (par $25); (2) by increasing the
authorized shares as so changed from 8,000,000 shares (par $25) to 16,000,000 shares (par $25); and (3) by providing that of the unissued shares of
16,000,000 authorized shares all or any part of 8,680,000 shares may be
issued, without any pre-emptive rights of shareholders to subscribe for or
acquire such shares applying or attaching thereto, for the following purposes:
(а) In exchange for all or any part of the following shares of stock:
100,000 shares of 6% preferred stock (par $100), 63,576 shares of 7%
preferred stock (par $100), 131,359 shares of common stock (par $60),
and 538,548 shares of common stock (no par) and having a stated value
of $60 per share, all of Public Service Co. of Northern Illinois, and all
said shares being issued except 4,183 shares of 538,548 shares of common
stock, which 4,183 shares are issuable upon payment of subscriptions
therefor now outstanding;
46,828 shares of preferred stock (par $100), and 7,817 shares of junior
cumulative preferred stock (no par), all of Illinois Northern Utilities Co.,
and all said shares being issued and outstanding;
66,704 shares of 6%% cumulative preferred stock (par $100), and
65,756 shares of series B and C 6% cumulative preferred stock (par $100)
all of Western United Gas & Electric Co., and all said shares being issued
and outstanding;
(б) The conversion of debentures hereafter issued by the company con¬
,
(II) Approve and adopt a plan of reorganization under which the com¬
contemplates the acquisition of all issued shares, both preferred and
of said Public Service Co. of Northern Illinois, in exchange solely
for shares of the company (par $25), as follows:
(a) Said shares of the company will be issued in exchange for shares of
6% preferred stock and 7% preferred stock of Public Service Co. of North¬
ern Illinois
(all of said shares being redeemable at $120 per share) upon
terms of exchange, with respect to each of said classes of preferred stock,
fixed by the board of directors of the company on an equitable basis or
bases, at the time the offer of exchange is made to the share holders of said
Public Service Co. of Northern Illinois;
pany
common,
(b) Three of said shares of the company will be issued in exchange for
(whether with or without par value) of Public
Co. of Northern Illinois;
each share of common stock
Service
The aggregate number of shares
of the company to be issued in exchange
of Public Service Co. of
for all said shares, both preferred and common,
Northern Illinois not to exceed 2,731,000.
the company contemplates
of all outstanding preferred shares of
Western United Gas & Electric
Co., in exchange for shares of the company (par $25), as follows:
Said shares of the company will be issued by it (or be delivered by its
wholly-owned subsidiary, Commonwealth Subsidiary Corp.), in exchange
(a) for shares of preferred stock (dividend rate 6%) and junior cumulative
preferred stock (dividend rate $7) of Illinois Northern Utilities Co. (all of
said shares being redeemable at $110 per share), and (b) for shares of 6% %
cumulative preferred stock and series B and 0 6% cumulative preferred
stock of Western United Gas & Electric Co. (the 6% % cumulative preferred
stock being redeemable at $106.50 per share and the series B and O cumu¬
lative preferred stock being redeemable at $106 per share) upon terms of
exchange with respect to each of the classes of preferred stock, both of
Illinois Northern Utilities Co. and Western United Gas & Electric Co.,
fixed by the board of directors of the company on an equitable basis or
bases at the time the offer of exchange is made to the preferred shareholders
of Illinois Northern Utilities Co. and Western United Gas & Electric Co.;
The aggregate number of shares of the company to be issued by it (or be
(III)
Chicago South Shore & South Bend RR.—Reorgani¬
The
Directors—A. Griffith-Grey (Pres. & Treas.)
Vice-Pres.), Doris E. Packer, R. Vail Bontecou,
Guido (Sec. & Asst. Treas.).—V. 144, p. 447.
vertible into shares of the company.
Equipment Trust Certificates—-
The Interstate Commerce Commission on Jan.
Jan. 30, 1937
Chronicle
Approve and adopt a plan under which
the acquisition, directly or indirectly,
said Illinois Northern Utilities Co. and
delivered by Commonwealth Subsidiary
Corp.) in exchange for all preferred
shares of Illinois Northern Utilities Co. and Western
United Gas & Electric
Co. not to exceed 749,000.
(IV) (a) Authorize the issuance by the company of not to exceed $130,000,000 convertible debentures, convertible into shares of the company
(par $25) in the proportion of one share for each $25 principal amount of
convertible debentures, and the convertible debentures to be first offered
for subscription, at their principal amount and accrued interest, to all
holders of shares of the company pro rata according to their respective
holdings, the proceeds from the disposition of the convertible debentures,
whether on subscription or by sale, to be applied by the company (1) to
the purchase of such securities of Commonwealth Subsidiary Corp. as may
be issued by it in connection with the retirement or refunding of its out¬
standing debentures, and such securities of Public Service Co. of Nor. 111.,
said Illinois Northern Utilities Co. and said Western United Gas & Electric
Co. as may be issued by those companies in connection with the retirement
or refunding of certain of their funded debt and such
of their preferred
shares, if any, as shall not theretofore have been surrendered by the-holders
thereof in exchange for said shares of the company; and (2) if desired, to
the retirement or refunding of certain of the funded debt of the company,
or to the reimbursement of the treasury of the company for expenditures
made therefrom for investments heretofore or hereafter made in subsidiary
and affiliated companies;
(6) To authorize the execution and delivery by the company of an inden¬
will be issued;
(c) To authorize the issuance by the company, in lieu of a portion of the
$130,000,000 maximum amount of convertible debentures, or a number of
shares (par $25) equal to the number of shares the reservation of which
would have been required for the conversion of the unissued portion of
convertible debentures had such unissued portion thereof actually been
issued, and said shares, if so issued, to be first offered for subscription, at
par, to all holders of shares of the company pro rata according to their
respective holdings, the proceeds from the disposition of said shares, whether
on subscription or, as hereinafter stated, by sale, to be applied by the com¬
pany as stated in paragraph (a) of this item IV;
(d) To authorize the board of directors in the discretion of such board:
(1) To fix all the terms and conditions of the convertible debentures of
the indenture other than the rate of conversion of the convertible debentures
into shares of the company, which rate of conversion shall be as stated in
paragraph (a) of this item IV;
(2) To determine the exact principal amount of convertible debentures
to be issued, subject to maximum amount of $130,000,000, and the exact
number of shares of the company, if any, to be issued in lieu of a portion of
convertible debentures; and to determine the particular uses which shall be
ture under which the convertible debentures
Volume
Financial
144
made of the proceeds from the disposition of such
and shares of the company as shall be issued;
of convertible debentures
769
Chronicle
or estimated values on the above date.
Assuming the exercise on
Dec. 31, 1936 of the 425,276 warrants outstanding by the purchase of a
market
and characteristics and respective principal
be purchased as aforesaid by the company,
issued by Commonwealth Subsidiary Corp., Public Service Co. of Nor.
111., Illinois Northern Utilities Co. and Western United Gas & Electric Co.;
(4) To fix from time to time the date or dates upon which convertible
debentures and shares (if any be issued) of the company shall be offered for
subscription to the shareholders of the company, and to fix also the period
or periods during which such offering or offerings shall be in effect, the
record date or dates for the determination of shareholders entitled to sub¬
scribe for said ocnvertible debentures or said shares of the company, as
the case may be, and the terms and conditions of the payment of subscrip¬
tions;
(5) To provide for the sale of such of said convertible debentures and
such of said shares (if any be issued) of the company as shall not be sub¬
scribed for by the shareholders of the company pursuant to said offering
or offerings, and to fix the price or prices (not less than the principal amount
and accrued interest in the case or said convertible debentures and not less
like number of shares at $30 per share, the net asset value
than par in the case of
and said shares shall be
Transfer agent expense .
Discount Canad. funds-
(3) To
approve the kind
amounts of the securities, to
said shares) at which said convertible debentures
sold, the time or times of the sale or sales thereof,
and generally all of the terms and conditions of such sale or sales.
(See
also V. 143, p. 4148.)
./
James Simpson,
holders, said:'
The principal
recommended
to
Chairman,
his
in
remarks
.
-
stock¬
to
-A.
•'
•
-
advantages which we believe will result from the plans
you by your board of directors may be summarized as
The earnings do not
taken
include any profit from recoveries or capital gains
during the year.
The concentration in Commonwealth Edison Co. of the ownership
of certain securities, now publicly owned, of three important affiliated
utility companies;
(2) The protection of very large investments previously made in these
companies; and
(3) The assurance of the continuation of the benefits arising from many
inter-company operating arrangements;
(4) The retirement of the high interest bearing debt of Commonwealth
Subsidiary Corp.;
(5) The improvement of the over-all credit of the group of companies; and
(6) The possible refinancing of much of the remaining senior debt of the
group at lower charges.
Before any steps can be taken with regard to these financial plans, it will
be necessary to obtain the requisite approvals from the Illinois Commerce
Commission.
The plans are also subject to appropriate proceedings be¬
fore the Securities and Exchange Commission at Washington, D. C.
Some weeks will elapse, therefore, before the plans can be made operative.
In the meantime, ana until stockholders hear further from the company,
no action on their part is necessary.
In due course, information will be
sent you with respect to the stock certificates for the new $25 par value
stock and the proposed issue of rights.—V. 144, p. 608.
1934
1935
$127,172
*695,988
10,816
$529,170
16,221
2,625
$616,837
14,968
2,625
$76,334
3,882
1,225
6,000
3,328
4,806
8,000
4,228
3,464
10,000
3,547
5,211
1,022
"T,i74
Total income
$33,598
42,600
135
2,750
Rents
$144,822
361,400
110,615
$833,976
Dividends
$91,090
344.652
93,429
1,142
Salaries
18,100
Trustees' fees
Custodian
& bookkeep¬
ing services
Legal and auditing
30
Rent & office expense—
Exchange
Licenses
&
other
(& Subs.)—Earns.
(Preliminary)
Period End. Dec. 31—
Gross revenue
Oper.
exps.
& taxes
""367
"3",046
4,427
24,600
19,398
66,655
3,628
24,639
19,398
90,473
y2,709
$378,380
439,654
$441,104
324,618
$66,425
estate taxes
Prov. for retire,
reserve
Int. & other fixed chgs.
Divs. on pref. stock
$12,659,621 $11,265,069 $135354,886 $122182,637
6,403,634
5,492.881
70,663,518
61,344,451
1,123,702
918,914
11,848,198
10,378,804
3,238,683
3,556,122
39,493,359
41,052,582
749,774
749,751
8,997,136
8,996,899
Balance
$1,143,825
$409,898
$4,352,674
$547,399
-V. 143, p. 4149.
Compressed Industrial Gases, Inc.—Acquisition-—
The company, a producer of oxygen, acetylene and nitrogen, on Jan. 26,
announced the acquisition, as of Jan. 1, 1937, of Michigan Gases Inc. of
Grand Rapids, Mich.
The acquisition is to be consummated by exchange
of stock, 6,750 shares being involved. The newly acquired company will be
operated for the time being as a subsidiary, but is expected eventually to
be consolidated ito the parent company, as were recently all other of its
subsidiaries.
,
Sales of
Michigan Gases, Inc., in 1936 were approximately $181,000 and
profits $37,825.
After adjustments the indicated earnings would be
around $6 a share on the number of shares involved in the transaction.—
V.143,p.4150.
Net inc. from opers
Dividends
Analysis of Capital Gain Surplus as of Dec. 31, 1936
Insurance
Life
Co.—Financial
1
JLss&ts**"**
Balance Sheet Dec. 31
1936
Liabilities—
$104,944,936
8,584,118
32,644,246
25,051,669
Stocks
Mortgage loans
Real estate
Loans
on
Policy
233,805
10,183,397
Acer. int. receiv'le
51,441
Notes & accts. rec.
10,115
Real estate
195,719
Def'd real est. exp.
1,346
Investments
10,675,824
Res. for future payments on
claims.
6,632,060
2,226,678
4,701,512
All other assets
Contingency fund
All other liabilities
Capital stock
Surplus$208,417,564
Total
Total
$208,417,564
-V. 142, p. 1116.
Connecticut Ry. & Lighting
Co.—Delisting—
The Securities and Exchange Commission on Jan. 25 granted the ap¬
plication of the company to withdraw its no par common stock from listing
and registration on the New York Stock Exchange, effective at the close
of the trading session on Feb. 5, 1937.—V. 143, p. 2995.
Consolidated Edison Co. of New York,
8,954,897|
10,675,824
8,954,897
Total
American
Continental
Life
Insurance
Inc.—Security
Co.—Dividend
Increased—
The directors have declared a dividend of 37 H
cents per share on the
capital stock, payable Jan. 27 to holders of record Jan. 19.
Previously
regular quarterly dividends of 30 cents per share were distributed.
In
addition an extra dividend of 30 cents per share was paid a year ago.—V.
142, p. 457.
Continental Insurance Co.—Balance Sheet Dec. 31—
in
96,276,785 80,522,446
1,684,688
1,768,307
Unearned prems.
Loss In process of
2,624,591
289,695
2,968,842
Reserve for divs.
adjustment
course
Accr'd int., rents
Cash
2,291,385
234,273
3,949,282
$
19,276,020 20,008,454
3,184,337
2,000,000
3,109,034
1,657,155
Reserve for taxes
and expenses..
All other claims..
Capital
....104,436,414 88,173,881
Total
1935
$
Liabilities—
$
$
.
1936
1935
1936
Bonds & stocks.
Total
1,349,625
1,305,775
1,800,000
1,800,000
5,000,000
4,873,990
71,826,432 55,419,475
104,436,414 88,173,881
-V. 144, p.608.
Continental Public Service Co .—Stock Dividend—
The directors have declared a stock dividend of 5% on the no par class A
stock, payable in class A stock on Jan. 15 to holders of record Dec. 31.
A
similar payment was made on July 15 last; 10% on Jan. 15, 1936; 5% on
July 15 and on Jan. 15, 1935, and in January and June of 1934 and 1933.
—V. 141, p. 4163.
Continental Steel Corp. (&
Subs.)—Earnings—
Dec. 31, '36 Sept. 30,*36
3 Months Ended—
Net profit after int., deprec.
Earns, per share on 200,648
x
Act Suit Dismissed—•
& Federal taxes
shares of com. stock..
x$275,000
x$1.14
$71,842
$0.14
Estimated.-—V. 144. p. 609.
Copperweld Steel Co.—Dividend Increased—
Federal
Judge Francis G. Caffey dismissed on Jan. 27 the suit filed
by Norman C. Norman, stockholder of the company, for an injunction for¬
bidding the company to comply with provisions of the Social Security
Act. Judge Caffey, who listened to arguments in the case, had directed Mr.
Norman to amend his complaint, but the plaintiff did not comply with the
order.—V. 144, p. 447.
Electric
Gas
Consolidated
$1,244
13,346
4,396
102,377
7,760,153
940,195
133,187
.
Net surplus
1,153,350
1,321,849
2,500,000
1,583,153
3,000,000
6,064,282
$
217,345
12,287
8,427,603 Accrued expenses
1,250
15,165 Reserve lor taxes.
111,165
77,982 b Capital stock
8,191,394
215,117 Paid-in surplus
1,685 Capital gain surp. 2,201,683
Income surplus
150,224
policy
holders in 1937
Taxes payable in 1937
1935
$
$1,821
9,252,385
12,145,629
Policy holders deposits
pay. to
Liabilities—
Accounts payable.
b Represented by 273,401
(258,613 in 1935) shares of $1 par (after
deducting 10,300 shs. in treasury at cost of $166,536) issued or yet to be
issued in exchange for certain preferred stocks of the predecessor com¬
panies, plus shares isused on the exercise of 14,790 warrants.
Warrants
providing for the issuance of 425,276 shs. at $30 per share at any time prior
to Aug. 1, 1938 are issued, or to be issued to the preferred and common
stockholders of the predecessor companies.—V. 143, p. 3463.
of collection...
$171,396,914
reserves
23,632,344 Res. for divs.
company's policies
Cash
Int. & rents due & accrued--
$
Cash
Total
1936
1935
$
"
Assets—
Prem.
11'
234,774
-$2,201,683
Balance, Dec. 31, 1936
Real estate
Statement Dec. 31, 1936—
Bonds
$940,195
1,026,714
Balance, Pec. 31,1935
Net gain on securities sold
Recoveries on notes and accounts in excess of book value
Assets—
General
$786,151
769,113
Property and miscellaneous taxes,
y Capital stock tax only,
z It is
the practice of the trust to consider as income only those stock dividends
which appear to be subject to Federal income taxes and then only to the
extent of the amount per share charged to earned surplus by the respective
payor corporations.
x
Det
Connecticut
x276
8,612
1936—12 Mos.—1935
1930—Month—1935
488
1,242
exp_.
Cap. sck. & misc. taxes.
Mortgage interest
Deprec. on buildings
Real
"
11
...
(1)
Commonwealth & Southern Corp.
Oct. 17'33 to
Dec. 31, '33
Years Ended Dec. 311936
Period—
Interest
Other charges
follows:
would have been
Dec. 31 1935
$41.94 per share.
The corresponding net assec values as of
were $43.02 and $34.82 per share respectively.
Baltimore—Admitted to
Light & Power
Listing and Registration—
Co.
of
The directors have declared a
mon
sinking fund bonds, series N, 3M%, due Dec.
1, 1971.—V. 144, p. 274.
on
the
com¬
paid on Nov. 30, last, and in each of
the three preceding quarters, and dividends of 12^ cents per share were
paid in each of the four quarters of 1935.
Prior to 1935 no distributions
were made since Feb. 15, 1931 when a dividend of 50 cents was paid.
An
initital payment of like amount was made on Nov. 15, 1930.
In addition, an extra dividend of $1.30 was paid on Dec. 15, last.
See
also V.—143, P. 3463.
Cosmos
The New York Curb Exchange has admitted to listing and registration
the 1st refunding mortgage
dividend of 30 cents per share
stock, no par value, payable Feb. 28 to holders of record Feb. 15.
Dividends of 20 cents per share were
The
Imperial Mills, Ltd.—Larger Dividend—
directors
have
declared
a
dividend of 25 cents per share on the
stock, payable Feb. 15 to holders of record Jan. 30.
This
with 20 cents paid on Nov. 15, Aug. 15 and May 15, last; and
17H cents per share distributed on Feb. 15, 1936, Nov. 15, Aug. 15 and on
May 15, 1935, this latter being the initial payment on the common stock.
—V. 142, p. 2824.
no
par common
compares
Consolidated Mines & Smelting Co.-
-Registers with SEC
See list given on first page of this department.
Consolidation Coal Co.—Tenders—
The Baltimore National Bank, Baltimore, Md.,
will until Feb. 24 receive
25-year 5% sinking fund bonds, due
July 1, 1960 to absorb the sum of $172,523 at prices not exceeding the re¬
demption price.—VI 143, p. 2995.
bids
for the sale
to
Consumers
it
of sufficient
Power
Commonwealth & Southern Corp.
1936—Month—1935
1936—12 Mos- -1935
!,811,994 $33,051,899 $30,477,295
$3,169,049
1,215,524
16,582,825
14,643,271
Oper. exps. and taxes._
1,430,312
Prov. for retire, reserve
237,500
3,150,000
2,850,000
262,500
Int. & oth. fixed charges
445,205
4,283,422
4,990,614
343,019
350,629
4,208,001
4,207,954
Divs. on pref. stock
350,607
Period End. Dec. 31—
Gross
revenue
$782,609
Balance
-V.
144,
p.
$563,135 1 $4,827,650
These shares had a
Shareholders
1936 there were outstanding 273,401
net asset value of $60.50 per share based on
At the close of business Dec. 31,
lares.
$3,785,454
608.
Consolidated Investment Trust—Report to
O. Kelley Anderson, President, says in part:
Cream City
See list given on
Co.—Earnings—
A Subsidiary of
Covered Wagon Co .—Registers
See list given on first page
with SEC—
of this department.
Bedding Co.—Registers with SEC—
first page of this department.
Dallas Power & Light Co.—To Issue $16,000,000 Bonds
The company on Jan. 21 filed with the Securities and Exchange Com¬
mission a registration statement (No. 2-2801, Form A-2) under the Se¬
$16,000,000 of 1st mtge. 3H% bonds, series
According to the registration statement, the net proceeds from
will be applied as follows:
curities Act of 1933 covering
due 1967.
the sale of the bonds
$6,270,000 to redemption on July 1, 1937, of $6,000,000 of 1st mtge.
6% gold bonds, series A, due July 1, 1949.
$1,166,000 to redemption on July 1, 1937, of $1,100,000 1st mtge. 7^%
gold bonds, series B, due July 1, 1949.
,
$4,635,000 to redemption on July 1, 1937, of $4,500,000 1st mtge. 5%
gold bonds, series C, due July 1, 1952.
$1,020,000 to redemption on July 1, 1937, of $1,000,000 1st mtge. 5
gold bonds, series D, due Jan. 1, 1954.
$361,250 as int. from Jan. 1 to July 1,1937, on the bonds to be redeemed.
770
Financial
Chronicle
The balance of the proceeds will be added to working capital and will be
for extensions and improvements in accordance with the provisions
Domestic & Foreign
used
of the franchise from the City of Dallas.
No firm commitment to take the issue has yet been made, it is stated,
but the underwriters will include Lee Higginson Corp., The First Boston
Corp. and Coffin & Burr, Inc.
The price to the public, the names of other underwriters, the under¬
writing discounts or commissions, and the redemption provisions are to be
furnished by amendment to the registration statement.—V. 144, p. 609.
&
$30,561
24,424
on
dividends of 35 cents per share were paid on Sept. 1, June 1, and March 2,
1936.
Dec. 2 and Sept. 3, 1935; 20 cents paid on June 1 and March 1, 1935;
10
cents on Dec. 1 and Sept. 1, 1935; 5 cents per share distributed in each
10 cents paid on Dec. 1, Sept. 1 and June 1,
1932, and regular quarterly dividends of 35 cents per share previsouly each
three months.
Accruals on the pref. stock after the payment of the current
dividend will amount to $2 per share.—V. 143, p. 2834.
of the six preceding quarters;
307,133
1935, or cost if subsequently
June 30,
on
acquired
a
Miscellaneous credits
Total
a341,758
-
$396,743
1,052,439
-
-
$474,729
1,690,466
$655,696
-
-
$1,215,737
T
a dividend of 70 cents per share on account
the 7% cum. pref. stock, par $20, payable March 1 to
15.
A dividend of $1.35 was paid on Dec. 1, last
holders of record Feb.
$15,683
151,912
Increase in market value of securities over market
Balance, deficit, at Dec. 31--
The directors have declared
of accumulations
$21,182
2,386
3,112
—
Net profit
Profit on securities sold
a
Co.—Preferred Dividend—
1935
$36,703
2,935
3,208
------
General expenses
Interest paid on loans
Deficit June 30--.-
Deere
1936
Dividends and interest received
value
special dividend of three cents per share
the common stock, payable Jan. 27 to holders of record Jan. 25.
A
dividend of 10 cents per share was paid on the common stock on Jan. 6
last.—V. 144, p. 276.
-Earnings—
Investors Corp.
6 Months Ended Dec. 31—
Darling Stores Corp.—Special Dividend—
The directors have declared
on
Jan. 30, 1937
1936, on securities
Dec. 31,1936, of $128,659, decrease in reserve heretofore established to reduce book value of
investment to their aggregate quoted market value where available or in
the absence thereof to estimated values $145,744 and net unrealized ap¬
preciation on securities of $67,355.
Note—No charge has been made in the above statement for accrued
interest on the 20-year bH% debentures for the period from Aug. 1, 1931,
Consists of
a
excess
of reserve provided at June 30,
held at that date and sold during the period ending
to D6C.
31, 1936.
Balance Sheet Dec. 31
& Electric Corp.-
Derby Gas
■Withdraws
Note
Appli-
cation—
The
Cash
and
Securities
Exchange
Commission
Jan.
19
permitted the
corporation a registered holding company and a subsidiary of Utilities
Power & Light Corp. of Chicago, also a registered holding company, to
withdraw a declaration (43-25) under the Public Utility Holding Company
Act of 1935 covering the issuance of a $5,000,000 5% collateral judgment
note.
The note was to have been issued to Utilities Power & Light Corp.,
Ltd. of Canada, also a subsidiary of Utilities Power & Light Corp. of
Chicago.
Derby Gas & Electric Corp, in its application for withdrawal
(43-25), stated it has determined not to issue such a note.—V. 143, p. 4151.
De
on
Investments
Accts. rec.—due
a
1935
Accts. & bills
Accounts
trade
$5,655
crued
626
29,009
1,029
Res. for inc. taxes.
18,323
182
b Invest, bonds...
income.
Accrued
Stock
hand
on
225
-
600
900
2 70,500
270,500
32,840
30,683
130,189
71,717
8,150
Buildings-
equip,
Roadways & im¬
Duluth
y
Represented by 75,000
no par
Winnipeg & Pacific Ry.—Earnings—
$128,206
33,834
Gross from railway
Net from railway.
Net
1934
$106,761
9,592
12,497
defl41,978
$59,345
def4,783
3,663
912,727
1,072,851
23,065
defl,811
1933
$89,466
13,648
10,038
def5,365
1,370,288
266,340
after rents
From Jan.
1935
1936
December—
812,579
def63,184
71,442
1—
<
Gross from railway
Net from railway
def36,989
def43,050
1936,
$7.56
1,209
a
266
share.
1,404
2
company reports that the preliminary calculation of earnings for
subject to verification by independent public accountants, shows
share earned on its common stock.
Earnings for 1935 were $5.04
a
266
1,129
2
h Trucks & trac'rs
expenses.
The
1,000
906
g Furn. & fixtures,
(E. I.) Du Pont de Nemours & Co.—Earnings—
9,787
1,000
provements
Mfg.
Represented by 5,000 no par shares,
1,215,736
$1,953,254 $1,875,977
Total
shares.—V. 143, p. 2519.
Net after rents
d Plant and
Prepaid
$1,953,254 $1,875,977
2,490,000
25,000
75,000
—V. 144, p. 103.
Land
e
stock.
Deficit-
Total
1,825
29,000
74,281
be
delivered
c
32,840
28,600
89,895
29,000
__
to
f Common stock..
Deficit
inventory
Payment
in adv.
goods
Preferred stock
as
per
for
15,240
23,579
interest--
Common
25,000
75,000
655,696
$6 cum. pref. stk
y
$5,406
30,812
Accrued charges._
ac¬
537
485,000
20-yr. 5j^% debs.
due Aug. 1 1947 2,490,000
De Havilland Aire.
Aircr. Co., Ltd.,
&
1935
on
payable
pay.—sec.
payable,
Co., Ltd., Eng.
43,498
rec.
Loan, DeHavilland
England,
1936
Liabilities—
$38,169
23,122
$8,070
int.
loans
x
x
1936
Assets—
Accrued
17,198
1935
$16,176
pay.—due
purch. of sec.
by collateral
Sept. 30—
Cash
on
Loans
Ltd.—Balance Sheet
Havilland Aircraft of Canada,
Accts.
on
sale of securities
1936
$18,950
Liabilities—
,
$40,274
1,818,504
$96,534
1,856,720
deposit
on
1935
1936
Assets—
rights
To
Change Dividend Policy—
The company
$312,433
Total
a
After
reserve
b Market
$309,002
$312,433
Total
$309,002
for doubtful accounts of $1,098 in 1936 and $1,000 in 1935.
value
$18,990;. 1935, $24,025.
1936,
c
After depreciation of
$18,750 in 1936 and $16,186 in 1935.
d After depreciation of $16,295 in
1936 and $13,851 in 1935.
e After depreciation of $18,192.
f Represented
by 25,000 no-par shares class A stock and 5,000 no-par shares class B stock.
g After depreciation of $2,116 in 1936 and $1,814 in 1935.
h After reserve
for depreciation of $1,063.
earnings statement for the years ended Sept. 30 was
published in V. 144, p. 610.
The comparative
Delaware & Hudson RR.-
1934
1935
478,236
$1,883,145
178,550
134,839
3,163,583
—V. 144, p. 103.
23,176,469
2,794,545
2,118,875
22,866,511
2,354,230
1,361,885
25,359,955
4.757,475
22,178,122
1,896,410
1,016,991
'
Delaware Lackawanna & Western RR.—Earninqs—
1934
1935
1936
December—
1933
$4,461,900
1,158,160
811,726
Net from railway
Net after rents
$3,893,809
921,683
592,656
$3,564,325
651,941
242,765
$3,604,318
544,670
284,671
49,728,116
10,543,575
6,362,518
Gross from railway
44,708,394
44,592,530
9,085,739
4,504,180
43,339,279
8,562,152
3,480,300
Net from railway
Net after rents
7,739,895
3,587,608
Detroit & Mackinac
Ry.— -Earnings-
$69,681
19,358
12,488
$43,485
def2,798
def6,624
Net from railway-.
803,484
198,178
Net after rents
130,742
$37,973
77
$42,252
3,959
def23,34l
def 1,089
632,903
601,960
93,035
46,845
654,444
105,821
63,544
Net from railway
Net after rents
From Jan. 1—
Gross from railway
_
118,570
101,920
—V. 144, p. 103.
Detroit Toledo & Ironton
RR.—Earnings—
Net from railway
$741,317
459,401
$875,672
519,349
___■
1934
1935
1936
December—
Gross from railway
$540,076
273,608
1933
$395,555
178,033
372,328
335,354
185,886
130,943
7,851,226
4,000,878
2,791,754
after rents
8,102,706
4,463,944
5,837,776
2,832,748
4,042,660
1,610,447
3,257,259
1,953,028
1,076,319
1—
Gross from railway
Net from railway
after rents
Net
144, p. 103.
Diamond Match Co.—To
Pay 50-Cent Common Dividend
declared a dividend of 50 cents per share on the
1 to holders or record Feb. 15.
This compares with dividends of 25 cents paid on Dec. 1, last; 50 cents on
Sept. 1, last; 25 cents on June 1, 1396; 50 cents on March 2, 1936; 25 cents
on Dec. 2,1935; 50 cents on Sept. 3,1935; 25 cents on June 1,1935; 75 cents
on March
1, 1935, and 25 cents per share paid each three months pre¬
viously.
In addition, an extra dividend of 25 cents per share was dis¬
tributed on June 1, 1936 and an extra of 20 cents was paid on June 1, 1935.
The company announced that at the regular meeting of the board April 22,
next, following the annual meetiag it is proposed after action is taken on
the declaration of the dividends on the common stock to declare an extra
The directors on Jan. 28
common
stock, no par value, payable March
dividend, payable June 1, 1937, "as in the two preceding years 1935 and
1936, to stock of record May 15," the amount and nature of the extra divi¬
dend or dividends to be then announced, but it is expected that the extra
dividends to be declared and to be paid June 1 will be not less than the
extra dividends
'regular' quarterly dividends.
as
paid on June 1, 1936.—V, 143, p. 3627.
and has paid dividends on its common stock at
less
uniform
rate.
until
distribution
economic
It
a
has
business
or
Vice-President, has been elected a director of the
Raymond Smith have been ap¬
Eugene M. Matalene and J.
Assistant
trend.
to
maintain
this
a more
constant rate
advisable because of
These
distributions
a
or
of
marked shift
have
been
supple¬
mented, from time to time, by 'extra' dividends.
"The company has decided that there are important objections to this
policy and, further, that it is subject to some misunderstanding on the
part of the stockholders and the investing public.
"One objection, from the standpoint of the corporation management
has been that the board of directors,-in the interest of uniformity, has felt
somewhat constrained to maintain the uniform dividend rate at times when
the company's financial position or the current
economic conditions war¬
ranted
a change in the rate.
"Further, the stockholders
as
well
as
the investing
less
public have been
trend
current
ditions
on a common stock rise and fall with the
of the company and current business con¬
The earnings
permanently.
the fortunes
in
the management feels that
and
'extra'
dividend
has
the dividend distributions should
has had the further objection in that the
been
misinterpreted
in
some
quarters
as
a distribution of unexpected or immoderate earnings, whereas,
in fact the 'extra' dividend has been paid to make a total distribution, in
representing
combination with the uniform quarterly dividends, consistent with the
earnings of the company, and its general financial position.
"A further incentive to a change in the past practice at this time is con¬
tributed by the new undistributed profits tax now a part of the Federal
taxing system. Because of this new tax, it is highly important, in the view
of the company management, that the distribution for each calendar year
should bear a carefully considered relationship to the astimated earnings
for that year.
This situation requires, they believe, that the quarterly
dividends paid during the first three quarters of the year should be cal¬
culated in relation, not only to the earnings for the current quarter and the
company's immediate financial position, but also to the estimated available
distribution for the year as a whole.
Thus, they feel these dividends must
be of the nature of partial distribution for account of the total annual
distribution.
The dividend paid in the last quarter of the year will then be
adjusted to make up the difference between the total amount which the
directors will decide is available for distribution for the y3ar, and thd
of the three
sum
quarterly "interim' dividends.
"The dividend distributions in
the first three quarterly periods of each
be referred to respectively as the first, second
dividends, and'tlie distribution made for the
last quarter of the calendar year will be referred to as the 'year-end' divi¬
calendar year will hereafter
and third quarterly 'interim'
dend."—V. 143, p. 3314.
Eastern Massachusetts Street Ry.Period End.
Dec. 31—
oper.
expenses
Taxes.
Other income
Gross corp. income
on
rents,
-Earnings—
1936—12 Mos.—1935
30,819
$6,722,461
4,254,682
421,170
$6,388,551
4,238,341
350,629
$174,716
9,011
oper. revenues.
$182,276
8,433
$2,046,609
104,018
$1,799,581
110,053
funded
$183,727
$190,709
$2,150,627
$1,909,634
56,615
106,622
65,050
101,729
729,600
1,293,426
791,413
1,283,966
$20,490
$23,930
$578,899
368,349
$581,431
368,336
35,834
Railway
Railway
Int.
1936—Month—1935
debt,
&c___
Group, Inc.—New Director, cSee.—
Herbert R. Anderson, a
pointed
endeavored
change seemed
Deprec. and equalizat'n
Distributors
.company.
has followed the conventional practice in
Co.
country
so-called
1933
1934
1935
1936
December—
Gross from railway
—V.
regarded
"Heretofore the du Pont
this
reflect such changes in trend.
"The practice followed to date
—V. 144, p. 103.
From Jan.
to be
will, here¬
depending
at that time rather than declare what have
encouraged by this practice to expect this uniform rate to maintain more or
From Jan. 1—
Gross from railway
Net
conditions prevailing
the
oh
in
From Jan. 1—
Gross from railway
Net from railway
Net after rents
"E. I. du Pont de Nemours & Co., Inc., has decided to adopt a change
1933
$1,814,828
883,721
833,042
$1,908,566
174,539
78,006
$2,333,254
620,320
Gross from railway
Net from railway
Net after rents
Jan. 25:
in its policy of dividend declarations on its common stock.
It
after declare an individual or interim' dividend in each quarter
come
-Earnings-
1936
December—
will start a new dividend policy with its next payment in
by declaring "an individual or interim dividend in each quarter,
depending on the conditions prevailing at that time, rather than declare
what have come to be regarded as regular quarterly dividends."
The new
undistributed profits tax, now a part of the Federal taxing system, ac¬
counts in part for the change in policy, it was said.
In announcing the change the company issued the following statement
March
Vice-Presidents.—V.
142,
p.
950.
Net
inc.
before
pro v.
for retire, losses
—V.
144, p.
103.
$127,601 def$165,745
Volume
Financial
144
Eastern Utilities Associates (&
Period End. Dec. 31—
Retire,
Balance
$8,491,427
4,115,461
345,958
725,000
935,233
580,621
$1,780,455
$1,789,153
77,652
$181,065
accruals_
reserve
Taxes (&c. inc. taxes)...
Int. & amortization
342,755
725,000
1,048,266
526,734
77,652
39,605
$8,647,298
$762,653
373,451
30,039
60,416
a56,323
46,910
$195,512
4,224,086
'
Pref. div.—B.V.G. &E.Co
P. G. Co. of N. J.
30,338
30,757
$1,672,465
$1,641,138
Applicable to minority interest
Applicable to E. U. A
a Includes
credit adjustment of $28,105 for income tax as a result
refinancing by Blackstone Valley Gas & Electric Co.—V. 144, p. 103. •
Ebasco Services,
of
Inc.—Weekly Report—
the
week ended Jan. 21, 1937, the kilowatt-hour system input
operating companies which are subsidiaries of American Power &
For
of the
Light Co., Electric Power & Light Corp., and National Power & Light
Co., as compared with the corresponding week during 1936, was as follows:
——Increase
1937
Operating Subsidiaries of—
American Power & Light Co.....99,378,000
Electric Power & Light Corp
National Power & Light Co
—V.
144,
50,525,000
82,065,000
1936
96,347,000
41,212,000
78,521,000
%
3.1
22.6
4.5
Amount
3,031,000
9,313,000
3,544,000
612.
p.
Economy Grocery Stores Corp —Earnings—
6 Months Ended—
,
At
$8,961,129
85,700
$9,740,517
138,692
19361936
x
$0.71
$1.15
months
Nine
Inc.—Net Assets—
The company's report states that net assets as of Dec. 31, 1936, with
securities valued at market quotations, were $9,379,332, equal to $11.72
share
on
combined 400,000 shares of class A and 400,000 shares of common
stocks, both of $1 par value.
a
a
Electric
a
stock,
13,056,655
18,506,046
14,268,919'
of
$789,611
$1,096,439
$766,799
of
Excess
Elgin Joliet & Eastern Ry.—Earnings—
from
1933
1935
$1,369,880
420,918
293,012
$824,188
154,335
150,576
$733,490
100,744
106,898
19,119,317
6,000,389
railway
Net from railway
after rents
Net
1934
1936
$1,996,719
709,835
466,630
14,202,771
4,078,990
2,870,358
10,289,344
1,944,985
9,985,608
2,421,872
661,634
928,388
December—
de¬
leased
partment
inc.
over
28,313
4,080,304
after rents
—V. 144, p. 104.
Elkhorn Mines,
Elmira Light, Heat
Real
(2)
—
estate
$1,121,855
$793,386
195,613
145,988
in
used
department store
operations:
Net profit before in¬
come tax, but after
int. and expense on
debt
funded
which
(3) Real estate not used
in department store
operations:
Net profit before int.
and exp. on funded
15,081
& Power Corp.—Merged—
143,
p.
with
the
offering
of $2,000,000
a
mtge.
$969,412
28,500
121,858
90,210
$897,534
$1,255,811
$879,202
62,010
94,724
113,901
70,158
$574,173
$802,810
$1,141,910
$809,043
$636,184
expense,
less
other income
3998,
1st
30,037
$1,377,670
------
adm.
Gen.
60,201
$926,035
$636,184
debt
Emporium Capwell Co.—Further Data—
4%
Net
profit before in-
bonds,
$800,000 4% serial notes and 90,000 shares of cum. preference stock
(noted in our issue of Jan. 16, p. 450) a prospectus dated Jan. 7 affords
the following:
Purpose of Issue—The estimated proceeds to be received by the com¬
pany from the sale of the bonds, notes and preference stock will be $6,952,076, exclusive of interest and dividends accrued from-Jan. 1, 1937.
The proceeds will be used as follows:
(1) To redeem outstanding 15-year 5*4% convertible gold debenture
bonds of Emporium Capwell Corp. at 105 and accrued interest.
The
total amount necessary to redeem said bonds is $5,328,324 which includes
$5,009,000 principal, $250,450 premium, and $68,874 accrued interest
for the period Jan. 1, 1937 to April 1, 1937.
(2) To pay the principal amounts of certain (secured) promissory notes
The total amount necessary to redeem the promissory notes is $900,000,*
which includes a note for $400,000, dated Sept. 27, 1935 to Wells Fargo
Bank & Union Trust Co., a note for $200,000, dated Dec. 30, 1935, to
Wells Fargo Bank & Union Trust Co., and a note for $300,000, dated
Oct. 31, 1935, to American Trust Co.
(3) To provide additional working capital in the approximate amount
of $723,750, in connection with which the company contemplates expendi¬
tures of approximately $646,000 for further modernization of its depart¬
ment store in San Francisco.
No portion of the consideration to be received for the preference stock
is to be credited to an account other than capital except such amount as
dividends accrued at the date of sale, which amount will be
account to be applied as a credit
share being equal
allocated by the company to a suspense
against dividends declared; the amount so credited per
to the dividends accrued per share at date of sale.
•
$862,407
48,546
(net)
profit of depart¬
ment stores
before
of this department.
See Associated Gas & Electric Co., above.—V.
may represent
$739,911
53,475
$636,184
Other income
Total
connection
26,887
$1,048,943
72,911
Net
Inc.—Registers with SEC—
See list given on first page
In
47,495
$755,101
107,305
will continue
Gross from railway
Net from railway
•
34,509
$590,858
45,325
such income
From Jan. 1—
Net
pro¬
exps.
to
value
no par
payable March 1 to holders of record Feb. 5. A dividend of $2.61 *4 was
paid on Dec. 17, last, and $1.50 per share was paid on Dec. 1, last, and in
each of the five preceding quarters, prior to which the last previous divi¬
dends 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 current dividend will amount
to $12.3734 Per share.—V. 143, p. 3839.
Gross
sold and
applic. to own
$619,171
dividend of $1.50 per share on account
the $6 optional cum. conv. pref.
concurrencly with the issue of the bonds, notes
preference stock offered, to deposit with the trustee under the indenture
Prov. for Federal income
tax
a
Net profit
-
a Interest and expense on funded debt which
is to be refunded.
Note—Dividends on 7% cumulative preferred stock have not
convertible gold debenture bonds of Emporium
Capwell Corp. the amount necessary to redeem all of the bonds outstand¬
ing and to pay all proper charges and expenses of the trustee in connection
therewith, and thereupon to secure the release and discharge of the inden¬
securing the 15-year 5*4%
Further, as above stated, the company proposes, out of the pro¬
ceeds of the securities, to pay the aforesaid promissory notes.
ture.
prior to that date. From that time the profit
includes the operations of a department store in Oak¬
carried on by the company
and loss statement
land, Calif., as well as real estate
conducted by other subsidiaries
operations, which theretofore had been
of the company's parent, Emporium
Capwell Corp.
The business and assets of these subsidiaries were acquired
by the company as of Oct. 31, 1934.
No amount has been included in the provision for the 9 months ended
Oct. 31, 1936, for undistributed profits' taxes as such taxes, if any, are
dependent on the profits and dividends for the fiscal year which will not
end until Jan. 31, 1937.
Parent Company—The Emporium Capwell Corp. (Del.), the company's
parent corporation is, by reason of its ownership of all of the issued and
outstanding common stock
and of 100 shares of the 7% cumulative pref.
entitled to exercise 95.05% of the voting power of
company's stock.
Principal Underwriters—The name of each principal underwriter of the
bonds, serial notes dnd cumulative preference stock, and the amounts of
bonds, serial notes, and cumulative preference stock, respectively under¬
written by each of them, are as follows:
stock of the company,
the
No.
45,000
23,400
9,000
4,050
70,000
28,000
3,150
3^%
40,000
40,000
16,000
16,000
16,000
1,800
1,800
1,800
2%
2%
2%
$2,000,000
$800,000
90,000
100%
Angeles
Emporium," and on Dec. 4, 1936, to "The Emporium Capwell Co."
The company owns and operates two general department stores in San
Francisco and Oakland, Calif., under the respective names of "The Em¬
Bissinger & Co., San Francisco—
ofShs.
Pref. Stk. Percentage
$400,000
208,000
80,000
36,000
Bennett,
A
Notes
4% Bonds
Fran
$1,000,000
Schwabacher & Co., San Fran—
520,000
Brush, Slocumb & Co., San Fran.
200,000
Pacific Co. of Calif., Los Angles.90,000
Giffith, Wagenseller & Durst, Los
Name—Address—
Dean Witter & Co., San
History and Business—The Emporium Capwell Co.
was incorp. in
California, July 8, 1897, under the name of "The Emporium & Golden
Rule Bazaar," the name being successively changed in
1901 to "The
porium" and "The H. C. Capwell Co." and two public food markets in
San Francisco and Oakland known respectively as "The Crystal Palace
Public Market" and "The Capwell Central Market," and is also engaged
in the business of leasing and developing business real estate owned by it
and located in San Francisco and Oakland.
"The Emporium" and "The H. C. Capwell Co." are both general depart¬
ment stores offering for sale at retail a full line of merchandise, each of
such stores being the largest with respect to net sales, of the department
stores in the respective cities in which they are located.
Certain depart¬
ments in both stores, for example, the housewares, the fur and the radio
departments in the San Francisco store, and the housewares, the millinery
and the radio departments in the Oakland store, are leased to others who,
with one exception in the Oakland store, operate the same under the
respective stores' names and all of which pay rentals computed principally
on a percentage of sales.
,
The company does not operate directly the public food markets, but
leases space in the same to concessionaries who engage in the business of
selling various food products under their own names and the respective
names by which the two markets are known.
been
deducted on this schedule.
To Nov. 1, 1934, the profit and loss statement includes only the opera¬
tions of the department store in San Francisco which was the only business
The company proposes,
and
Oct. 1, 1936.
$11,067,092 $13,846,267 $19,602,485 $15,035,718.
ments.
Cost of goods
Shareholdings Corp.—Accumulated Dividend—
on
9 Mos. End.
1936
1935
(1) Department stores:
Net sales, own depart¬
rated
The directors have declared
Earnings for Company
10,447,920
market value of $9,254,571.—V. 143, p. 3998.
of accumulations
5,919,437
of departments
sales
share on,
Securities carried in balance sheet as of Dec. 31, 1936 at book value
$4,893,014 had
14,523,223
11,593,232
Eliminating
Years Ended Jan. 31
1934
exps.
equal to $10
7,086,909
6,492.088
7,187,423
7,915,859
31, 1936»
15.16% over the corresponding period in 1935.
Fiscal
.
On Dec. 31, 1935 net assets were $8,003,704,
combined class A and common stocks.
y
Condensed Statement of
meeting of directors, Eugene F. Kinkead, was elected to the
143, p. 4152.
Electric Power Associates,
31.
19,135,654
17,325,617
12,972,179
12,260,854
13,248,743
operated by concessionaires.
The combined sales for the nine months' period ending Oct.
represent an increase of
Corp.—New Director—
Oct.
ending
$7,753,273
9,665,520
9,070,887
$20,872,501
$26,411,561
25,918,487
24,077,125
18,195,479
16,742,990
18,013,882
19,602,485
15,035,718
$28,625,775
28,801,174
26,396,505
20,059,088
18,752,943
20,436,167
22,439,082
17,512,669
recent
a
Board.—V.
a
193524
Co.
of Both Stores The Emporium
Both Stores
Jan. 31-
1930
1931-..
x
Earns./per share on 120,000 shares capitalsstock
(no par)
—V. 143, p. 4152.
Eisler Electric
Dec. 28,'36
Jan. 2,'37
Sales
Net income after taxes and depreciation
includes various parcels of busi¬
property in San Francisco and Oakland, Calif.
Through a stock interest of the company's parent in, and contract of the
company with,
Associated Merchandising Corp., New York City, the
company has buying offices in many of the principal markets of the world.
Recent Developments—As of Oct. 31,
1934, Emporium Capwell Co.
acquired all the assets, goodwill and business of certain other subsidiaries
of its parent company, Emporium Capwell Corp. (Del.), namely, H. C.
Capwell Co., Twentieth & Broadway Realty Co., the Telegraph Avenue
Realty Co., Eighth & Market Realty Co., Capwell Central Market and
Crystal Palace Public Market, all California corporations.
Of these
subsidiaries, H. C. Capwell Co., Crystal Palace Public Market and the
Capwell Central Market, as well as Taft & Pennoyer Co. (Calif.), have
maintained their corporate existence but are non-operative.
Prior to the acquisition of the assets, goodwill and business of these
companies, the company had operated only the department store in San
Francisco known as "The Emporium."
Pursuant to this acquisition,
however, the company became the owner and operator of H. C. Capwell
Co. store in Oakland, Capwell Central Market in Oakland, Crystal Palace
Public Market in San Francisco, and the real estate referred to.
The net sales of The Emporium and H. C. Capwell Co. store over the
past several years have been as follows:
Sales of
All Depart¬
Sales of
Sales of
y Sales of
ments of
All Depart¬
All Owned
All Depart¬
ments of
H. C. Capwell
ments of
Departments
Years Ending
ness
1936—12 Mos.~ 1935
$770,191
357,760
31,535
60,416
93,147
46,265
Operation
Maintenance
The real estate owned by the company
Subs.)—Earnings—
1936—Month—1935
Gross earnings
771
Chronicle
Richards
&
Hill,
50«
26%
10%
4*4%
Los
Angeles
40,000
Wm. Cavalier & Co., San Fran—
Capitalization (Giving Effect to Present Financing
Authorized
Outstanding
Promissory notes (secured), due at various dates,
$2,150,000
less current instalments
$3,400,000
Funded Debt and
4% 1st mortgage bonds, 1952
4% serial notes (1938-1942)
7% cumulative pref. stock (par $100)
a Cumulative
preference stock
Common stock (par $100)
Common stock (no par)
a
and
2,000,000
800,000
b2,603 shs.
2,000,000
800,000
2,603 shs.
90,000 shs.
150,000 shs.
None
48,000 shs.
b650,000 shs. c412,853 shs.
(presently to be issued) 90,000 shares
cumulative preference stock, series A, 4)4%, par $50.
To be issued in series, first series
designated
b Represents reclassification effected by amendment of articles
tion on Dec. 4, 1936.
The 7% cumulative pref. stock and
of incorpora¬
the common
stock (no par) are not represented in this offering,
c Represents reclassifi¬
cation effected by amendment of articles of incorporation on Dec. 4, 1936,
and now held by parent
corporation, Emporium Capwell Corp.
772
Financial Chronicle
First
Mortgage 4% Bonds—Dated Jan. 1, 1937; due Jan. 1, 1952, Wells
Fargo Bank & Union Trust Co., trustee.
Interest payable J. & J. Denom.
in the
capital stock of General Reinsurance Corp. at their underlying net
the report, were equivalent to $9,668 on each
$1,000 assumed debenture outstanding.
The net assets on the asme basis,
after deducting $3,350 000 of outstanding assumed debentures, were equiva¬
lent to $107.76 per shar9 on the $3 convertible preferred stock outstanding,
and, after deduction of preference in liquidation and accrued dividends
on the preferred, net assets per share of outsstanding common were about
$3 12
The asset figures for Dec. 31, 1935, were $7,647 per $1,000 debenture,
$81 17 per preferred share and $1.58 per common share.
Tne report gives miscellaneous information not included in previous
reports covering payments to brokerage and law firms in which directors
are partners, the income and expenses of Analytical Research Bureau, Inc.,
which furnishes investment service, and other matters.
SI,000 registerable as to principal.
Both principal and interest payable in
lawful money of the United States of America, at principal office of the
asset amounts as stated in
trustee in San Francisco, Calif.
i*~ 'Indenture provides that beginning with and on Dec. 31* 1942, and con¬
tinuing annually thereafter up to and incl. Dec. 31, 1950, company shall
make annual sinking fund payments to the trustee in the sum of SI00,000
each year; provided that in any year such sum shall be reduced in the
pro¬
portion which the principal amount of all bonds which shall, before the end
of such year, have been redeemed from funds received by the trustee
upon
,
release of any properties from the lien of the indenture shall bear to the
total principal amount of bonds issued under the indenture.
The maxi¬
mum redemption premium through the sinking fund shall not be more
than
than 2f$%..
v;. > ■
1 ■''
'■■■.,•
/'
j'
Serial
Notes—Dated
Jan.
1,
1937,
maturing as follows:
S150.000
annually each Jan. 1, 1938 to Jan. 1, 1941, and 1200,000 Jan. 1, 1942.
Interest payable (J. & J.) at American Trust Co., San Francisco, trustee.
Both principal and interest payable in lawful money of the United States
of America which at the time of payment is legal tender for public and
private debts.
Denom. $1,000.
Cumulative Preference Stock, Series A—Total authorized 150,000 shares
(par $50) issuable in two or more series; the first of which series, is desig¬
nated as "cumulative preference stock, series A, 4\$% and" consists of
90,000 shares.
The remaining 60,000 shares may be issued as directors
may determine.
«
The holders of the cumulative preference stock, series A, 4Yt%
subject
to the prior rights of the holders of the 7% cumulative preferred
stock,
shall be entitled to preferential dividends, at rate of not to exceed
4Y%%
per annum, payable (Q.-J.) before any dividends shall be declared or paid,
or set apart for payment, on any of the shares of common
stock, and shall
be cumulative from Jan. 1, 1937.
Series A 4H% pref., in whole or in
part, shall,be redeemable at option of company on any dividend date at
105 plus dividend.
In dissolution or winding up, whether voluntary or
involuntary, holders shall be entitled, subject to prior rights of holders
of cumulative preferred stock, to par and accrued dividends.
Income Account Years Ended Dec. 31
1936
Assets—
Interest
$749,406 Notes payable to banks
3,363,246 Accounts payable (trade)...
3,918,326 Taxes (other than inc. taxes)
43,867 Federal Income taxes (est.)..
6,438,366 Pay roll and bonuses payable
6,155,269
or accrued
268,855 Instalments
on
long
term
debt (current)..
1,000,001 Accrued interest
434,451 Other current accts. payable
*
._
(net)
Inventories
Other assets
Fixed assets
(net)
..
Real estate not used (net)
Leaseholds
(net)
going
Purchased
value
and
goodwill.
Deferred charges
Funded debt
...
Other long term debt
Indebtedness to parent corp.
Reserves for employees bene¬
fits and
Deferred
miscellaneous
income
.
7% preferred stock
Common
stock
Paid-in surplus
Earned surplus
Total..
-V.
$22,371,788
144,
p.
Total
J.
expenses
and taxes paid at source
Excess
of income over
1
.nn
,
$166,432 loss$86,033
24,398
64,798
for the Year Ended Dec. 31, 1936
$14,631,080
$782,038
vC-; 'n
'/;n
by the Equity Corp. (incl. $6,250
applicable to 1936)
..
73,969
45,893
80,529
8,059,000
56,358
3,017,627
53,042
$723,480
1,503
Capital surplus balance, Dec. 31, 1935
Excess of liquidating div. received
from Gen. Amer. Sec. Corp. (dissolved) over book cost (incl. incidental exps.) of invest't therein.
Less
Fee of Analytical
Research
Bureau,
Inc.,
receivable from
Gen. Amer. Life Ins. Co. uncollected to date, and guaranteed
160,714
21,250
v
over oper.
■■k'-y-::
,
$760,788
for the year ended
Dec. 31, 1936, from statement of inc. & exps..
Net profit on sales of securities for tne year ended
Dec. 31, 1936, computed on average cost
basis incl. net realization of $61,237 on foreign
Excess of inc.
$4,569
90,602
204,228
2,531
(without giving effect to nonand results of security
transactions)
Non-oper. exps. charged to cap. surp.
Statement of Surplus
$423,702
/
exps.
oper. exps.
$700,000
1,702,921
406,077
103,093
210
167,500
....
oper.
$3,445
913
1.329
241,204
—
1934
$417,847
1,717
$1,134,714
Total income
Operating
Interest on debentures
Taxes refunded to debentureholders
V
exps.
723,480
'
1,582,026
loans
40,166
70,476
260,300
4,800,000
2,080,883
713,781
$3,066,293
Less
Non-oper. exps. for the year
$1,503
ended Dec. 31, 1936—
Provision for Fed. normal income
f
291,750
tax—1936
293.253
2,773,040
$17,404,120
$22,371,788
Excess of net cost of pref. & common stocks, re¬
450.
purchased and held in treasury, over par values
thereof ($1 and 10c. per share respectively)
Adjustments (net) applic. to oper. of prior years.
Dividends on preferred stock
Special dividend on common stock (25c. per sh.)
paid Dec. 23, 1936—
Engineers Public Service Co. (& Subs.)-—Earnings—
Period Ended Dec. 3141936—Month—1935
Gross earnings
$4,389,782
$3,974,827
Operation
on
on
Miscellaneous income
Liabilities—
Cash
bonds
loan to subs
Interest earned
'
'
1935
$1,125,790
750
782
7,391
Income—Cash dividends
Balance Sheet, Oct, 31, 1936
Accounts receivable
Jan. 30, 1937
substantial hoidings in tne common stocK of American General Corp. and
.1..
1,820,283
295,387
405,232
Maintenance
Taxes
1,722,331
230,703
225,754
1936—12 Mos.—1935
$48,721,361 $45,085,532
19,912,927
1 8,703,436
2,927,009
2,624,221
a5,657,659
a4,882,174
$209,348
5,796
1,438,134
,
1,239,160
-
Balance, representing capital surplus, Dec. 31, 1936
2,892,438
$14,511,682
...
Consolidated Balance Sheet Dec. 31
Balance.
sources.
$1,868,878
34,733
$1,796,036 $20,223,764 $18,875,700
52,211
b582,250
b626,640
Int. and amortization..
$1,903,611
654,276
$1,848,248 $20,806,015 $19,502,340
672,206
8,035,118
8,406,836
Inc. from other
1
Cash in banks and
Balance
$7,399,136
2,664,767
1,268,112
Balance..
2,676,685
6,856
$2,669,828
$3,466,256
amount of the
d Balance.
Cum. preferred divs. of certain subs, not earned.
Income Statement
Advance
$477,731
of Engineers Public Service
$1,058,368
Co.,
Earnings from subsidiary
cos.,
1936
Liabilities—
63,105
87,672
61,597
_
87 924
$2,819,350
162,247
225,673
(net) at which in Amer. Gen. Corp. pref. &
stocks
Balance of earns, of parent and subs, applicable
to Engineers P. S. Co. stocks, before allowing
$3,420,887
$2,657,103
1,051,236
Balance applicable to stocks of Engineers P. S.
Co., after allowing for loss, as above
$2,946,392
$1,605,867
$2,323,537
$2,323,537
Erie
reserve
ing
straightline method and
is less than
for
a depreciation reserve would be if based on
d Applicable to Engineers Public Service
Co., before allow¬
cumulative preferred dividends of certain
subsidiary
companies.—V. 144, p. 278.
Equity Corp.—Report Shows Asset Value Nearly Doubles
The annual report for 1936 shows net assets of $3.12
per share of common
on Dec. 31, 1936, as compared with
$1.58 per share on
stock
Dec. 31, 1935
$32,388,113, before deducting the face amount of
assumed debentures, which figure may be
compared with $25,620,586 on
were
Doc. 31( 1935.
The report shows
the simplified capital structure of the
group
the
investments of the Equity Corp., in addition to
$15 347 027
and general market securities at market
quotations, consisting of
of the common stock of American General Corp., an investing com¬
principal
in
cash
50%
pany, and 36% of the capital stock of General Reinsurance
Corp
►*The balance sheet indicates that net assets on the basis of
marketable
securities
held
computintr
at
market
quotations
and
the
corporation's
8,494,712
3,438,321
269,468
495,689
14,511,682
3,949,624
1,352,311
274,365
495,988
14,631,245
1936
1935
1934
railway
Net from railway
Net after rents
1933
$6,203,936
1,681,037
1,102,687
$5,589,387
1,393,654
790,097
$5,589,626
85,005,111
26,122,560
16,338,790
75,094,588
75,064,122
20,301,174
20,752,750
12,960,726 .12,699,832
72,086,316
20,473,784
From Jan. 1—
.
—V. 144, p. 278.
Ewa Plantation
the resulting
such straight-
unearned
Total net assets
..
$7,694,549
2,523,607
1.271,121
Gross from
construction purposes.
line method,
owned.
[Including Chicago & Erie RR.]
c Equal to
11.0% (1935, 11.2%) of gross earnings.
These amounts have
been appropriated to provide a reserve against which
property retirements
will be charged as they occur.
The amounts so appropriated are less than
the depreciation deductions claimed or to be claimed on
Federal income
a
3,350,000
,
RR.—Earnings—
Net from railway
Net after rents
(1935, $221,995) normal Federal income taxes and
$4,925 Federal surtax on undistributed profits for 1936.
b Income from
investments, also $60,000 (1935, none) interest on funds for
on
3,350,000
16,269
69,791
V.'/f^::]y
December—
Gross from railway
miscellaneous
based
489,501
-.$31,830,558 $24,711,633
—v. 143, p. 4153.
Includes $708,280
are
sec.
Total
474,495
which
carried herein, over book cost
Capital surplus
ity interests.
Such amounts are not a claim
against Engineers P. S. Co. or its other sub. cos.
47,963
76,623
69,791
1,026,235
com.
Common stock (10 cents par)
such cos. not earned within the year, less minor¬
returns
are
Unrealized apprec. (net) of gen. market
Preferred stock ($1 par)
Allowing for loss in investment in common stocks of
subs., measured by cum. divs. on pref. stks, of
Pref. div. requirements of Engineers P. S. Co
:
98,038
34,571
Reserve for taxes and contingencies
Debs, assumed by the corp.—Amer., British &
Continental Corp. 5% gold debs, due Feb. 1,
1953
Fluctuation res've—representing excess of amounts
44,542
$3,646,561
...
V
••
Other accounts payable and accrued expenses
Accrued interest on debentures outstanding
$2,669,828
deducted above:
Total-.--.-...
75,726
228,000
102,216
74,175
84,453
..$31,830,558 $24,711,633
Accts. pay. for securities purchased—not received-
1935
$3,451,240
Expenses, taxes and interest
'
Liability against stock contract
-
for loss, as below..
...
stock purchase contract-
Total
Engineers Public
Interest.....
Preferred dividends, declared
Revenue from miscellaneous investments
note)
424,227
8,320,402
1,866,760
1,755,640
Deferred charges
Including
Undistributed Earnings of Subsidiary Companies Applicable to
Engineers
Public Service Co.
t 12 Months Ended—
Balance of earns, applicable to
Service Co., as above
on
74,047
11,111,724
1,755,607
65,134
Other assets
_
1935
$626,809
43,176
488,738
13,986,573
-
Real Estate Equities, Inc., capital stock & advs.
Note receivable (sec. by coll. which, in opinion of
the officers, has a value of not less than the
Amount applicable to minority interests..
tax
—
Gen. Amer. Life Insurance Co., capital stock—
General Alliance Corp., capital stock
General Reinsurance Corp., capital stock
!,451,240
on
Comparative
Pref. stocks, at market quotations
Common stock
$6,030,863
2,239,202
1,114,975
15,015
preferred stocks, declared
Cum. pref. dividends earned but not declared
a
1935
$874,240
38,394
73,358
14,472,788
—
Gen. market securities, at market quotations
Invest'ts in secur. of sub. and (or) associated cos.
American General Corp.—
$1,249,335
$1,176,041 $12,770,896 $11,095,503
Appropriations for retirement reserve
5,371,760
5,064,639
t
hand
Accounts and dividends receivaole
.
Balance
Dividends
on
Accts. receivable for securities sold—not delivered-
Balance
1,228,426
759,477
12,523,148
;VV-
Co.—Pays 60-Cent Dividend
The company paid a dividend of 60 cents per share on its
capital stock,
par $20, on Dec. 17 to holders of record Dec. 7.
This compares with $1
paid on Nov. 14 and on Aug. 15 last; 60 cents paid on May 15 and Feb .15,
1936; $2 paid on Nov. 15, 1935; $1.20 paid on Aug. 15, 1935; 60 cents per
share distributed in each of the six
preceding quarters; $10 paid on Dec. 20,
1933; 60 cents on Nov. 15 and Aug. 15, 1933; $1 on June 15, 1933, and
60 cents paid on May 15 and Feb. 15, 1933.—V.
143, p. 2365.
I
Fairbanks, Morse & Co.—Extra Dividend—•
The directors have declared an extra dividend of 25 cents
per share and
quarterly dividend of 25 cents per share on the common stock, no par
value, both payable March 1 to holders of record Feb. 12.
An extra of
50 cents was paid on Dec. 21, last, and an extra of 25 cents in addition to
a
a
quarterly dividend of like amount was paid on Sept. 21, last, these latter
being the first disbursements to be made on the common stock since June 30,
1931, when a dividend of 40 cents was paid.—V. 143, p. 3629.
Fairchild Aviation
Corp.—Export Unit Shows Large Gains
During 1936 the export business of the various companies in the Fairchild Aviation group increased almost 600% over
1935, according to the
Volume
Financial
144
Chronicle
statement issued Jan. 28 by Fairchild Aviation,
unit of Fairchild Aviation
Inc., wholly owned export
Corp.
Bookings and deliveries during 1935
amounted to $180,000 against $1,015,000 booked in 1936.
Unfilled orders
as of Jan. 15, 1937 totaled $515,000.
Sherman M. Fairchild, President stated that airplanes made up about
35% of the 1936 export volume, engines 15%, and cameras and navigation
instruments the balance.
Fairchild exports during 1936 went to 28 foreign
nations.—V. 144, p. 278.
-Balance Sheet—
Fidelity & Casualty Co. of N. Y.
Dec. 31 '36
$
Dec. 31 '35
$
Dec. 31 '36 Dec. 31 '35
A ss&tS"****
$
I/i d
$
Bonds &
stocks__.39,646,991 33,132,892 Unearned prems.. 11,505,392 10,701,210
Real estate
192,358
196,335 Res've for claims.. 18,027,532 16,859,560
Prem. in
course
of
collection
Cash
2,871,386
190,391
2,346,361
177,835
All other assets.._
Total
Res.
all
for
Fort Worth & Denver
December—
1,000,000
2,250,000
13,438,386
900,000
2,250,000
8,512,577
Net surplus
Total
Net
income
x
-Bal. Sheet Dec. 31
1935
1936
1935
$
$
Liabilities—
Unearned prems..
stocks.76,120,632 62,835,318
1,654,688
1,738,307
Real estate-
Loss
Prem. In course of
in
14,792,093 15,613,447
of
process
2,651,396
1,500,000
adjustment
1,621,817
Reserve for divs..
2,037,058
rents
152,210
168,553
3,710,763
2,515,958
Capital
83,260,112 69,295,195
Federal taxes, &c
Shares
Earnings
z
Dec. 31 '36
Dec. 31 '35
Unearned
stocks—$4,376,104 $3,826,470
7,500
7,500
120,307
339,263
15,264
439,920
322,593
50,000
1,000,000
for
all
$5,149,719 $4,511,090
1228.
...
capital
3,007,899
Total
$5,149,719 $4,511,090
Fitz Simmons & Connell Dredge & Dock
Co.—Regular
Dividend Doubled—
the
quarterly dividend of 25 cents per share
a
stock, no par value, payable March 1 to holders of record
This compares with an extra dividend of 12H cents and a regular
quarterly dividend of 12 M cents per share distributed in each of the six
V. 143, p. 2837.
preceding quarters.
•on
common
Feb. 18.
1936
From Jan.
1934
$772,088.
124,916
39,875
306,330
283,604
1933
$676,835
119,697
65,543
$654,458
150,922
89,782
7,609,612
1,467.324
225,476
6,693,545
1,154,608
defl34,911
1—
Gross from railway.
8,614,508
2,098,654
877,796
Net from railway..
Net after rents
—V.
1935
$937,287
Net after rents
144, p.
7,728,266
1,034,058
def222,593
v
104.
Operating
Operation
Subs.)—Earnings—
12 Months Ended Dec. 31—
xl936
Operating revenue—Electric
Operating expenses
1935
$2,873,908
1,110,267
214,893
201,956
Prov. for retires., renewals & replace, of fixed cap..
236,425
$2,554,280
910,258
120,988
262,154
37,396
202,862
$1,110,367
53,652
...
Maintenance
$1,020,622
51,434
Federal income taxes
Other taxes
•
;
\
__
Operating income
i
Other income
Gross income
Interest
$1,164,019
607,833
55,527
47,965
C'rl ,096
;
$453,790
222,125
funded debt
on
$1,072,056
$375,117
222,125
$231,665
...
Interest on unfunded debt
Amortiz. of debt discount & expense
Interest charged to construction
_
preferred stock
on
_
p.
451.
Follansbee Brothers
11,
has been
Foresight Foundation, Inc.—Earnings—
$12,535
4,193
1,107
income fund
360
6,938
operations.
15, 1936..
$10,537
6,984
Balance to earned surplus
$3,553
Liabilities—
General Fund,—
Class A capital stock ($1 par).
•Cash
Securities, at cost (net)
$3,231
a386,233
Miscell. assets, at cost
Accrued income
550
2,640
268
Securities, at cost
131,076
19,748
Unrealized appreciation
631
Accrued income
After
$544,3781
reserve
Class B capital stock ($1 par).
Earned surplus
Capital surplus—
Paid-in surplus
$69,840
38,190
7,944
203,783
70,507
General Fund—
Fund, Series A—
Gash
a
$38,854
1,797
$13,307
*
$1,197
$40,652
$13,307
—V. 143, p. 4155.
Garment
Center
Capitol,
Inc.—Reorganization
Con¬
firmed—
of reorganization.—V.
137,
General Motors
p.
4195.
Corp.—Employees Savings Distribution—
President Alfred P. Sloan Jr., on Jan. 25 made the following statement:
It is customary at this time of the year, to distribute the proceeds of the
corporation's Employees Savings and Investment Plan, one class of which
terminates each year. This is the class of 1931.
There will be distributed to General Motors employees, a total of about
$10,700,000.
Of this, $4,200,000 represents an amount paid into the Plan
by the employees themselves.
The balance, $6,500,000, represents the
contribution made by the corporation.
Each participant who paid $100 into the Plan throughout
1931, now
receives $256.
Part of the disbursement will be made in cash and part in
,
General Motors common stock.
There are four more classes of the Savings and Investment Plan
yet to
Thirteen classes have already been completed.
Since the inauguration of this Plan of organized saving, a total of
ap¬
proximately $242,500,000 has been paid out to the corporation's employees.
Of this, $103,000,000 represented the
corporation's contribution, and
$139,506,000 was paid in by the employees. With the 1935 class> the plan
was discontinued in view of the Social
Security Act.
Having in view the present situation, with a large majority of the cor¬
poration's employees out of work, through no fault of their own, every
effort is being made to distribute the fund from the current
maturing
class at the earliest possible moment, to assist them over the
emergency.
Group Insurance Benefits to Continue—
Acting to protect the group life insurance benefits of thousands of-its
employees who are idle because of strikes, the company on Jan. 27 an¬
nounced that all coverage of such employees would be continued in force
through payments advanced by the corporation.
Strikers and non-strikers alike will be protected by the
corporation's
move.
Announcement of this plan was made by William S. Knudsen, Executive
Vice-President. For employees who desire to continue their insurance after
returning to work, arrangements will be made for repayment of amounts
advanced, it was said.
Group life insurance, carried
the
by 219,974 General Motors employees in
98% of
United States and Canada, totals $554,314,000.
More than
the eligible employees are participating.—V. 144, p. 613.
General
a
Printing Ink Corp.—May Increase Stock—
A special meeting of stockholders will be held on March 3 to vote
upon
proposed increase in the common stock to perm t a four-forgone split-up.
Stockholders of record Feb. 8 will be entitled to vote.
The number of authorized common shares would be increased to 1,600,000
from 400,000.
At present there are outstanding 185,409 shares,
of which 1,419 are in the company's treasury, leaving 183,990 shares in
shares
public.—V. 143,
p.
4000.
—Second Week of Jan.
1937
1936
Gross
earnings
—V. 144, p. 613.
$22,500
$17,350
Jan. 1 to Jan. 14
1937
1936
$45,250
$34,950
,
Home
Insurance
Co.
(Columbus,
Ga.)—
The directors have declared an extra dividend of 10 cents per share'in
addition to the regular semi-annual dividend of 50 cents per share on the
capital stock, par $10,
both payable Feb. 1 to holders of record Jan. 26.
Aug. 1, last.—V. 143, p. 757.
for depreciation
Reserve for taxes
2,389
Income
Basic
Fund, Series A—
value, 12,602 units out¬
standing
/
[A Subsidiary of Commonwealth & Southern Corp.]
1936—Month—1935
1936—12 Mos.—1935
$2,470,353
$2,162,314 $26,499,086 $23,698,271
Oper. exps. & taxes
1,250,824
1,163,272
13,467,080
11,469,734
_
Prov. for retire, res've._
$544,378
p
3675
143,
200,000
530,978
p.
245,245
125,000
521,606
245,870
1,723,750
6,257,463
2,949,819
6,280,971
2,950,458
$243,304
Balance
—V.
$106,564
$2,100,972
$1,572,106
1,425,000
4155.
Georgia Southern & Florida Ry.—Earnings—
December—
1936
Gross from railway
Net from railway
Net
after rents
From
151,725
Total
of $194,186.—V.l 42,
Georgia Power Co.—Earnings—
Period End. Dec. 31—
Gross revenue.
Int. & other fixed chgs._
Divs. on pref. stock....
Balance Sheet Dec. 31, 1936
Assets—
Total-
$1,197
$6,530
income—Net
$17,835
......
Operating expenses
Income
17,334
$4,732
1,797
122
Similar payments were made on
Gross income
Taxes
Dividend paid June
19,046
$222,179
159,519
32,018
Extra Dividend—
Interest.
on
1,305
122
Net income
Georgia
Year Ended. Dec. 31, 1936
Receipts: Dividends..
Administration fee
$254,292
163,981
32,287
1,722
Co.—Meeting Further Adjourned—
adjourned stockholders meeting scheduled for Jan.
-further adjourned to Feb. 23.—V. 144, p. 451.
Income Account for the
1936—12 Mos.—1935
$19,469
14,353
2,612
Georgia & Florida RR.—Earnings—
yy
The
Net income from
$24,245
14,965
2,701
revenues
the hands of the
__
Preliminary.—V. 144,
x
$3.01
$152,992
Cr704
263
Balance of income....
Balance
x784,664
$1.75
Co.—Earnings—
Retirement accruals
608,600
40,815
47,965
Miscellaneous deductions from income
Dividends
796,371
1936—Month—1935
Maintenance
-
Florida Power Corp. (&
;
mature.
Florida East Coast Ry.—Earnings—
December—
Gross from railway.
Net from railway..
796,371
$1.78
796,371
$2.43
Federal Judge Francis G. Caffey confirmed on Jan. 23 the modified
plan
y .■
The directors have declared
*
y
Galveston Electric
other
claims
Net surplus
143, P.
50,000
1,000,000
2,373,242
expenses
Cash
Total
56,100
Res've for taxes &
Res.
office
—V.
(par $10)...
share
per
Period End. Dec. 31—
132,374
59,900
adjustment
315,177
11,018
deposit &
on
$899,374
*
Losses in process of
Prems. in course of
in
$911,612
1933
$2,578,840
After provision for this company's share of the losses
of
Cuban-American Manganese Corp.,
amounting to
$191,185.
z Before
deduction
of
$64,910
losses
of Cuban-American
Manganese Corp.—V. 143, p. 4154.
Dec. 31 '36 Dec. 31 '35
prems..
1934
$1,477,089
out¬
No par value,
its
subsidiary,
Non-oper.
-Balance Sheet—
1935
1
....83,260,112 69,295,195
Liabilities—
Real estate
Cash
stock
com.
1936
Taxes.
Total
First American Fire Insurance Co.
collection
$0.91
y$2,007,989 z$l ,492,108
Net oper. revenues—
Int. & rents accr'd
x$1.08
$51,103
100,000
$0.51
[Formerly Freeport Texas Co.]
—V. 144, p. 612.
Bonds &
1934
$91,133
100,000
After dividend requirements on 21,949 shares (par $10) of 6% cumu¬
convertible preferred stock.
The preferred stock was issued in
Years Ended Dec. 31—
USToti income diftor doproc
2,701,255
1,178,040
972,175
1,057,000
1,600,000
1,600,000
3,464,825
3,750,000
57,994,448 43,680,628
expenses
Other claims.
Net surplus
Assets—
1936
Freeport Sulphur Co. (& Subs.)—Earnings—
Res. for taxes and
accrued
1935
$118,885
103,051
after
depreciation, Fed¬
&c
Shares common stock outstanding
Earnings per share
standing
1936
Total
278.
p.
Sylvester, Richard P. Cromwell, Hugh Cabot, Jr.,
Fidelity-Phenix Fire Insurance Co.
_
5,633,368
2,274,161
1,567,283
March, 1936.—V. 143, p. 3466.
Ralph B. Williams.
Officers—Albert L. Sylvester, President; Richard P. Cromwell, VicePresident; Hugh Cabot, Jr., Vice-President; Ralph B. Williams, Treasurer,
-and Ralph G. Boyd, Clerk.—V. 144, p. 612.
■Cash
5,650,343
1,965,217
1,239,355
eral income taxes,
47,853,372 40,725,089
and
and
5,470,993
1,586,298
1,180,639
lative
Directors—Albert L.
collection
$527,615
231,166
171,784
6 Months Ended Dec. 31—•
Fidelity Fund, Inc.—Personnel—
Interest
1933
$413,307
77,796
22,985
(Peter) Fox Brewing Co.—Earnings—
At the annual meeting of the stockholders and at the subsequent meeting
of the directors, the following directors and officers were elected:
Bonds and
1934
$519,071
240,340
334,405
6,078,225
2,003,914
1,211,572
From Jan. 1—
Gross from railway
144,
1935
$583,479
231,697
172,879
'
Net from railway
Net after rents
—V.
department.—V. 143, p. 3998.
City Ry.—Earnings—
1936
Gross from railway
Net from railway
Net after rents...
,1.601.742
1228.
p.
Brewing Co.—Registers with SEC—
See list given on first page of this
other
Capital
47,853,372 40,725,089
143,
1,632,061
expenses
liabilities
office
-V.
4,668,853
202,811
deposit &
on
in
i
773
Res. for taxes and
4,860,636
191,610
Interest accrued-.
Fort Pitt
Jan.
—V.
after rents
144, p.
1934
....
$180,447
70,007
67,975
2,301,547
352,433
137,524
1,937,659
252,563
104,514
1,841,007
185,452
115,243
1933
$141,259
59,174
$130,943
38,207
50,748
62,548
1—
Gross from railway
Net from railway—,___
Net
1935
$219,395
62,668
72,630
105.
_____
,
.
•
•
1,634,447
192,199
38,440
Financial
774
German Credit & Investment Corp.—50-Cent Dividend
have declared a dividend of 50 cents per certificate on the
The directors
.
25% allotment certificates payable Jan. 27 to holders of record Jan. 25. A
dividend of 40 cents was paid on Aug. 1, last, and one of 25 cents per share
was disbursed on Dec. 3, 1935.
This latter was the first distribution made
since Aug. 1, 1931.—V. 143, p. 2369.
Co.—Registers with SEC—
Gold Creek Mining
first page of this department.
See list given on
Granby Consolidated Mining,
Smelting & Power Co.,
e
Represented by 1,500,000 shares of
of $1,125,000 (75 cents per
general meeting of shareholders will be held on Feb. 11
to vote on a proposed issue of $750,000 of 5-year convertible 5% debenture,
date three days following the effective date of Securities and Exchange
Commission registration statement covering the debentures.
The stockholders will also be asked at meeting to vote on an increase
in the capital stock by the creation of 100,000 ordinary shares of $5 each.
—V. 144, p. 105.
x>
Grand Union Co.—25-Cent
$3.87y2 per share.—V.
Grand Trunk Western
Gross from
railway.
Net from railway
620,575
Net after rents
From Jan. 1—
335,717
Gross from railway.
5,651,134
...
Net after rents
2,670,053
...
105.
—V. 144, p.
23,892,910
...
_.
Net from railway
Net from railway!
$1,130,298
108,195
$1,994,980
578,466
433,987
$1,310,564
158,005
78,003
def 114,884
20,998,460
4,336,050
2,607,233
17,158,392
2,291,274
392,467
14,958,766
1,234,043
def954,401
Div.—
declared an extra dividend of 25 cents per share in
addition to a regular quarterly dividend of like amount on the common
stock, no par value, both payable Feb. 15 to holders of record Feb. 3.
A
similar extra was paid on Dec. 15 last, and an extra dividend of 50 cents
per share was paid on Feb. 15,1936 and on Nov. 15,1935.—V. 143, p. 3632.
■
beneficial interest.
Administrative salaries & expenses.
Excess of disbursem'ts over
Balance Jan. 1
Balance
4,062
$51,569
77,319
$2 *,287
Balance Sheet Dec.
$18,288
95,608
$25,751
$464
25,751
Dec. 31.
$754,062
750,000
22,351
$750,000
750,000
51,569
$1,899,080
1,875,000
24,544
receipts
$77,320
1936
$10,082
property sold. _
Amt. rec'd from liquida'n
of Leonard Iron M.Co.
Total income
—
1934
Sundry charges—net—
Depletion
Deprec. on bldgs. & eq_
Prov. for Fed. inc. tax..
Prov. for undis .earns .tax
Net profit applicable to
minority interest-
$2,008,764
$1,695,971
$1,231,504
26,258
25,454
76,404
4,657
43,514
8,879
2,061,156
175,483
64,285
155,251
25,716
978,346
5,784
yll7,023
5,496
1,104,810
5,481
195,427
$1,781,094
157,134
61,119
149,139
4,583
798,198
6,123
44,227
Net profit
on class A stock._
$709,928
$533,771
$1,283,216
$557,986
750,000
143,202
68,205
153,667
9,626
558,170
66,068
$1,165,072
$216,229
1,373
$282,902
$192,015 sur$282,902
capital stock taxes,
y Includes additional provision for in¬
for prior years of $1,396 in 1936 and $3,689 in 1935.
Note—The profit for 1933 is stated without deduction for loss realized
Includes
provision for anticipated
been deducted from the
capital surplus created at the acquisition of such leases, or at March 1,
1913.
The profit for 1934 is stated without deductions for loss of $2,120,267
realized upon surrender of leasehold, which amount has been deducted
from the capital surplus credited as at the acquisition of such lease.
Consolidated Balance Sheet Dec. 31 (Trustees and Proprietary Companies—
surrender of leasehold, $1,639,614, and
$22,391, which amounts have
abandonments,
Great Northern
Iron Ore Properties, St.
1936
$
1936
$
Liabilities—
4,616,591
192,952
7,323
b Active fee lands
leaseholds..26,590,620 27,695,431
17,773
17,773
74,195
c Bldgs. & equip't.
69,482
98,198
Stockpiled ore
98,198
Prepaid cap. stock
15,273
tax
634
expenses.
$490,375
$293,430
$223,886
22,127
1,181
distribution
....
Sundry accts. pay.
Real est. & royalty
taxes accrued...
Capital stock tax.
Acer unemp ins tax
Fed.
&
taxes
$
32,725,7711
stock
Notes
1935
.of
$11,668
payable
$11,275
425,000
595,000
264,209
163,890
150,552
for
depreciation$l,065,400
285,640
$984,974
409,313
511,891
less
380,681
Accts. pay. for pur¬
153,693
153,693
chase exps., &c_
Accrued taxes
783,473
692,178
Reserve
1,983,194
1,849,744
Timber properties.
Marketable
secure.
Customers' notes &
accts. receivable
Inventories.
_
money
x
Misc.notes & accts.
borrowed
for
tingencies, &c_.
327,843
Capital stock... 2,491,113
46,537
23,565
26,522
*
1,485,483
301,504
2,491,113
178,917
995,107
27,681
23,111
21,911
247,638
Unearned surplus.
Profit and loss....
40,689
165,625
con¬
73,429
& misc. notes &
accts. receivable
life insurance.
bonds
..
on
deposit, &c
17,798
200,038
1
1
25,587
Deferred charges..
29,913
$4,889,0931
$5,169,206
$5,169,206 $4,889,093
Total
x Company has outstanding 64,000 shares of class A cum. com. stock and
54,000 shares o, class B com. stock; both of no par value.—V. 143, p. 4155.
Green Bay
Directors
and Dividends—
& Western RR. Co.—Interest
payment of 1%, or $10, on
marking resumption of payment.
Last pre¬
Jan. 28 declared an interest
on
B income debentures,
class
vious payment was 1% in
Directors also declared
1931.
2 ^ %, or $25 on the class
A income debentures
the common stock, all payable Feb. 23 to holders of
See also V. 143, p. 3143 for dividend record.—V. 144, p.
and $2.50 on
10.
Feb.
record
106.
Corp.—25-Cent Dividend—
Oil
have declared a
directors
dividend of 25 cents per share on the
stock, par $25, payable April 1 to holders
A stock dividend of 100% was paid on Dec. 21,
common
of record March 15.
last.
special cash dividend of 50 cents per share in addition to a regular
quarterly dividend of 25 cents per share was paid on the common stock
on Dec. 10, last.—V. 143, p. 3633.
A
Hammond Clock Co.—Initial Preferred Dividend—
declared an initial dividend of 50 cents per share on
preferred stock, payable Feb. 15 to holders of record Feb. 1. This
dividend is for the period Dec. 15, 1936 to Feb. 15, 1937, inclusive.—V,
The directors have
143,
174,033
30,547
1,369
148,829
44,253
194,666
125,766
972,925
481,653
938,400
p.
4001.
Harmonia Fire Insurance Co.—Dividend Increased—
The directors have declared a dividend of 65 cents per share on the
capital stock, par $10, payable Feb. 1 to holders of record Jan. 26. Two
semi-annual dividends of 60 cents per share were distributed in 1936 and
addition, an extra dividend 50 cents per share were paid 1 and on Feb. 1,
f reviously regular dividends ofof 10 cents was paid on Aug. each six months,
n
1935.—V. 142, p. 787.
Hart-Carter Co.
(& Subs.)- -Earnings—•
Royalties
Total
Selling, general & admin¬
istration, &c., expense
Other deductions
Provision for U. S. and
1934
23,425
Other income
1935
S 427,158
48,197
21,062
$132,325
44,037
15,765
1933
$48,161
44,534
13,588
$688,961
sales
received
Gross profits on
1936
$619,233
46,303
Years End. Nov. 30—
$496,417
$192,126
$106,283
285,684
213,326
21,363
217,950
13,750
229,018
3,265
51,606
36,382
$351,672
x762,810
Canadian income taxes
270
~
—
Net profit
Preferred dividends
$225,345
x$3.50 per share ($344,494) paid out of consolidated paid-in surplus
$4.25 per share ($418,314) paid out of consolidated earned surplus.
Balance Sheet Nov. 30
and
779,709
482,171
interest
938,400
value.
Capital surplus
25,242,495 26,344,965
State cap.
Total
1936
Assets—
State inc.
(est.)
surplus_..f3,422,628
loss$39,574 loss$126,000
mm
3,485,230
a
Plant &
31,427,096 32,725,771
anticipated abandonments of $17,273 in 1936 and
$17,616 in 1935.
b After depletion of $30,624,765 to end of 1936 and $29,519,954 to end of 1935.
c After depreciation of $30,431 to end of 1936
and $24,950 to end of 1935.
d In capital stock and surplus of North Star
Iron Co. represented by 609 shares of stock (9.39 %) not owned by trustees.
equipt.
.
Pats., trade marks
Prepayments
$822,434
594,293
12,204
972,358
174,525
210,859
64,500
436,542
b Receivables
Bonds.
investments
Inventories
_
Liabilities—
1935
$720,184
559,623
25,645
857,932
Cash
Other
31,427,096
$98,280
1936
subsidiaries
Cash
16,548
d Minority
Earned
a
Capital
Land, bldgs., mach.
and equip., &c.,
166,931
18,173
2,995
Deferred royalties.
e
Total
1936
Assets—
Liabilities—
1935
Unclaimed divs. &
and
Non-mineral l'ds
1935
$
139,907
Royalties
4,497,687
Royalties receiv'le
131,824
Sundry accts. rec.
5,602
deposit
Prepaid
Paul)
1935
Cash on hand and
a
$98,280
64,000
Consolidated Balance Sheet Oct. 31
come taxes
Assets—
$287,886
64,000
the 6%
750,000
beneficial interest
on
$357,430
112,000
Gulf
2,586
1,875,000
Net profit
upon
$602,376
Divs.
The
95
12,698
Distributions on ctfs. of
x
27,169
10,000
393
min. int.
Loss applic. to
1Q33
186,198
74,456
174,292
1,062
Royalty & real est. tax
Inspec. & care of prop's.
Gen. & admin, expenses.
Deficit
3~8~,666
4,062
x
15,198
86,000
Crl,298
Total.
1935
$2,464,450
25,196
perma¬
(affil. cos)
_
on
of
Goodwill
938,400
25,751
938,400
Amount received on sur¬
Profit
119,953
30,000
53,828
103,000
Consolidated Income Statement (Trustees and Proprietary Companies—Great
Northern Iron Ore Properties—St. Paul)—Year Ended Dec. 31
7,827
3,049
17,398
28,000
57,344
—
dis.
Invest, (affil. cos.)
25,287
Interest, rentals, &c
10,000
20,357
16,202
Sundry deducts. (net)_.
Prov. for est. Fed. tax..
Liberty
$973,769
$970,039
paid by proprietary companies of $48,000.
,453,574
$883,963
199,611
345,123
Accounts receivable
Surplus
render of leases (net)
220,146
462,191
nent assets
$5,888
value—based on stock of proprietary
companies originally acquired, less amount de¬
ducted for Leaonard Iron Mining Co. liquidated
—represented by 1,500,000 shares of beneficial
interest authorized and outstanding
Net royalty income
$1,151,360
172,187
494,704
Officers, employees
Stated capital
!
$1,155,580
169,233
554,539
19,22/
market
in sees, to
values
$970,039
Liabilities—
1936
48,723
Cash surrender val.
Sundry payables
After deducting amounts
$1,106,857
land, «&c
on
$836,592
47,371
1,401,114
Addit. prov. for conting.
Int. on gold notes...—
Loss
$1,132,R
1933
$1,429,542
Total income
$31,639
938,400
$973,769
capital stock of cos. held by trustees._
1935
$35,369
938,400
Total
x
1934T
1935
28,428
receivable
Assets-
Total
Corp. (& Subs.)—Earnings—
1936
Depreciation
Sell., gen. & admin, exps.
Red. in book value of
31
Cash on deposit—
Par value of
61,923,891
20,378,667
11,810,227
31—
$750,000
$750,000
$1,899,080
,
70,752,877
22,142,697
14,101,650
144, p. 613.
Years End. Oct.
1934
1935
1936
Distrib. of ctfs. of
81,187,022
31,125,808
23,491,275
Balance, surplus
Iron Ore Properties—Annual Report—
and Disbursements Year Ended Dec. 31
Great Northern
x
after rents.
Greif Bros. Cooperage
The directors have
Receipts
89,625,105
j_
32,744,383
J. 23,559,571
after rents.
1—
From Jan.
Gross from railway
Red.
received from proprietary cos..
Amount received from liquidation of
Leonard Iron Mining Co
1933
$4,427,173
1,156,262
830,037
mfg. exp. & depletion.
Dredge & Dock Co.—25-Cent Extra
Divs
1934
$5,092,411
1,509,574
1,204,308
Other income
1933
1934
.
Great Lakes
1935
$5,356,870
1,465,101
1,529,934
Net from railway
Net
Ry.—Earnings
1936
$6,415,104
1,883,502
1,261,515
.
Mfg. profit after deduct,
material
used, labor,
1935
$2,351,179
...
..
$0.86
RR.- -Earnings—
1936
December—
143,500
133,000
$1.50
December—
Gross from railway
$102,072
143,500
$0.71
$128,174
143, p. 2999.
Great Northern
—V.
1934
1935
1936
$199,345
after charges and est. taxes.
Shares common stock (no par)
Earnings per share
—V. 143, p. 3317.
■;
Preferred Dividend—
declared a dividend of 25 cents per share on account of
the $3 cum. con v. pref. stock, no par value, payable
March 1 to holders of record Feb. 10.
A similar payment was made on
Dec. 1, Sept. 1 and June 1, last, while dividends of 37H cents per share had
been distributed in each of the five preceding quarters and prior to then
regular quarterly dividends of 75 cents per share were paid.
Accumulations after the payment of the current dividend will amount to
The directors have
Net
Varnish Corp. (& Subs.)—Earnings-
Grand Rapids
Years Ended Dec. 31—
f A distribution
share) made by the trustees on Jan. 4, 1937,
143, p. 3843.
accumulations on
An extraordinary
Net profit
beneficial interest,
1937
reflected in the foregoing balance sheet.—V.
has not been
Bonds and Stocks—«
Ltd.—To Increase
Jan. 30,
Chronicle
183,377
87,474
45,000
461,013
1936
$699,500
1935
$699,500
1,500,500
1,101,473
241,180
17,422
43,481
24,747
Res. for royalties
19,500
e Pref. stk. in treas Dr360,089
Dr360,089
c
Preferred stock..
1,600,500
Paid-in surplus...
756,978
Earned surplus...
197,537
Accounts payable.
45,194
Accrued inc. taxes
64,669
Other accruals
35,959
d Common stock..
Less allowance for
Total...
a
$3,287,7131
Total
$2,940,248 $3,287,713
$1,232,327 in 1936 and $1,128,362 in
for bad debts of $40,000.
c Represented by 139,900
$2,940,248
After reserve for depreciation of
1935.
b After
reserve
Volume 144
no
shares,
par
at cost.—V.
Financial
d Represented by 300,100 no par shares,
143,
e
Chronicle
41,473 shares
Hewitt
Rubber
2211.
p.
775
Corp.—Stockholders
Split-Up and Sale of 52,000 Shares—
Years Ended—
Net profit
Net of sub.
Loss
Nov. 30 '36 Nov. 30 '35 Nov. 30 '34 Nov. 30
'33
$188,110 loss$728,326 loss$250,235
Cr85,715
Cr60,067
Dr433,419
$235,560
Cr z248,845
cos
on
capital assets,
&c., written off
Recovery
on
46,667
_
&c
$701,381
2,603,668
...
...
Total surplus........
loss
after
$3,305,050
$2,180,862 def$668,259df $2,238,667
422,806
1,091,065
3,329,732
$1,091,065
$422,806
$2,603,668
manufacturing, marketing, administrative
of equipment,
Restored to surplus upon authority of board of di¬
rectors, Nov. 25, 1935.
z Dividends received on investments in capital
stock of subsidiary and affiliated companies and adjustment of reserve
against investments in respect of net operating profits of these companies
for the year (this amount being substantially equal to the parent company's
proportion of the net profits of subsidiary and affiliated companies for the
deducting,
expenses and interest on loans and provisions for depreciation
accounts,
y
year).
>•
.•
Gdwill,
1936
1935
&c._
b
$1
$1
243,814
2,550,204
1,716,814
Accts. & bills rec.. 3,950,637
Cash
338,478
Prep. ins. prem.&c
115,844
cCo.'scap.stk.held
243,884
2,068,248
1,544,722
3,733,822
423,291
148,363
a
...
Mach., furniture
and fixtures
Inventories
Investments
in treas. (at par)
do
Secur.
&
cash
for
31,952
68,385
459,006
275,821
3,305,049
Capital surplus. 1,786,213
2,603,668
1,786,213
transit-
Accrued taxes, sal¬
aries, &c
Unapprop.
67,470
in
chases and sales
Prof,
on
(net)
After depreciation of $951,506 in 1936 and $933,194 in 1935.
b Com¬
mon stock authorized and issued,
150,000 shares of $20 each,
c 5,805
shares at par, 1,775 shares at cost in 1936.
d Arising from reduction in
1935 of stated value of capital stock, less reduction of goodwill to record
value.—V. 142, p. 786.
Provision for bad
Interest paid
78,139
1,927,159
73,231
8,167
$2,214,074
1,753,483
55,473
7,350
62,347
61,911
62,491
84,841
43.301
115
debts.
74,581
$2,561,383
1,812,213
65,400
16,789
62,047
xl04,790
Expenses & local taxes..
77,310
"$2,509,391
11,424
$519,535
4,074,508
E>r65
$279,290
3,994,789
1,002
$4,761,026
340,031
$4,593,977
225,782
$4,275,082
200,574
$4,420,995
170,566
$4,368,195
167,246
$2.21
$3.11
$4,074,508
'167,265
$1.66
and
Prov. for Fed. inc. taxes
Loss on sale of securities.
employees.
140", 081
Net income for year..
$595,955
4,420,995
Serv. div. to
Previous surplus.
Credits to surplus
$5,016,950
553,108
Dividends paid (net)
on pur.
of treas.
stock
.
Prem.
7,034
per
share.
$3.50
Includes surtax.
Assets—
y
1935
Cash
509,622
....
Note & accts. rec
Inventories
$
68,770
98,801
58,500
45,416
.
.
mission, &C--.-
652,816
5,000,000
750,000
347,948
178,383
Accts. payable.
Acer, wages, com¬
534,490
2,164,121
2,929,735
36,395
137,399
58,500
1,539
2,548,916
3,833,512
Marketable securs.
1935
$
Cap. stk. (par $25) 5,000,000
4,181,277 Notes payable
1,500,000
.
x
1936
Liabilities—
Real est., bldgs.
and equipment
4,128,088
Stocks of affll. cos.
1936—12 Mos.—1935
'
$
56,112
Accr'd taxes, local
and Federal..
256,066
204,249
4,456,808
4,420,995
Dr752,450 Dr735,850
..
Surplus
Treasury stock
$7,491
23
$5,800
$105,944
$93,546
income—Net
42
62
98
accruals
$7,514
2,916
$5,842
2,916
239
211
$106,007
35,000
2,944
$93,645
35,000
2,765
ing statement regarding the company's business in the first quarter of its
1937 fiscal year, ended Dec. 31, 1936:
$4,359
$2,714
$68,062
$55,880
year were
...
Interest charges
Net income
Earnings for the 9 Months Ended Oct. 31, 1936
sales, less returns
partments' sales)
and
allowances
Gross
sales, less tret urns and allowances
partments'sales)
(incl.
of leased
x
11,291,623
10,043,4541
y After reserve for
V. 144, p. 614.
depreciation of $897,564 in 1936 and $835,517 in 1935.—
(R.) Hoe & Co., Inc.—Orders—Outlook—
Fred L.
McCarty, President of the
(excl. of leased de¬
$11,734,262
8,045,269
$900,000 in
excess
87,440
<.
Total
$3,776,433
mainte¬
Balance
Other income
$151,050
36,704
$187,754
4,009
•
Other deductions
Net operating profit
$183,744
33,207
Provision for Federal income taxes
Net profit for the period.
$150,537
Includes depreciation and amortization amounting to $71,404.
Note—No provision has been made for Federal surtax on undistributed
profits.
Balancf Sheet Oct. 31, 1936
Assets—
t
Liabilities—
$400,151
Due from subscribers & under¬
common
stock
_
800,000
_.
Sundry accounts receivable...
109,484
a Advances
(net)
15,068
Inventories....3,499,482
Other current assets
38,033
Investment in pref. stock of
Hamilton Commercial Corp.
50,000
b Fixed assets
698,605
Deferred charges
Miscellaneous assets
150,105
13,698
Notes payable to banks
Accounts payable (trade).
$300,000
819,218
18,591
Dqe to lessees
Holly Sugar Corp.—To Issue $6,000,000 Bonds—
The corporation on Jan. 21 filed with the
service
work
41,881
tractual obligations
cum,
Securities and Exchange Com¬
a
Act
registration statement (No. 2-2805, Form A-2) under the Se¬
of 1933 covering $6,000,000 of first mortgage bonds, due
serially on April 1 of each year from 1938 to 1947.
The bonds are to be
issued as follows: $500,000 of 1H% bonds, series of 1938: $500,000 of 2%
bonds, series of 1939; $500,000 of 2M% bonds, series of 1940; $500,000 or
3M % bonds, series of 1941; $500,000 or s%% bonds, series of 1942, and $3,500,000 of 4% bonds, series of 1947.
' /.
According to the registration statement, $4,038,720 of the net proceeds
from the sale of the bonds is to be applied to the redemption on April 1,
1937, of $3,846,400 first mortgage 6% sinking fund gold bonds, series A,
due April 1, 1943.
The balance of the proceeds is to be used to reduce
bank indebtedness and for working capital.
The funds to be received by
the company from the redemption or retirement of bonds held in the treasury
are to be included in the amount to be used to reduce the bank indebtedness
it is stated.
The bonds are redeemable at the option of the company after 30 days'
at their principal amount and accrued interest plus premiums as
notice
The price to the public, the names of other underwriters, and the underwirting discounts or commissions are to be furnished by amendment to the
registration statement.
on
major appliances sold
Reserve for losses under con¬
6%
mission
22,188
6,428
160,025
96,534
Due to Chanlan Corp.
for
sales and unfilled orders is to some extent
placement of orders for heavy machinery
during the depression years, while in the meantime, improvement in the
type of equipment offered has aggravated the obsolescence of existing plant
and thereby contributed to the heavy current volume of replacement
orders.—V. 143, p. 4156.
2,250,000
1,175,000
884,762
credits, &C--^--_..-..
Accruals & other current liab.
Reserve
our
the result of generally restricted
Bonds of series of 1938, no premium; bonds of series of 1939,
premium of H %; bonds of series of 1940, premium of }4 %; bonds of series
of 1941, premium of %%; bonds of series of 1942, premium of 1%; bonds
of series of 1947; if red. on or before April 1, 1938, 5%; thereafter and incl.
April 1, 1940, 4%; thereafter and incl. April 1, 1942, 3%; thereafter and
incl. April 1, 1944, 2%; thereafter and incl. April 1, 1946, 1%, and there¬
after without premium.
(
Central Republic Co. of Chicago, 111., will be one of the underwriters,
Due to customers for refunds,
c
for the first quarter of this fiscal
quarter a year ago and $1,300,000
"Prospects for the balance of 1937, on the basis of orders received, far
our recent expectations.
The company is enjoying a record volume
products, including large newspaper, magazine,
multi-color, rotogravure ana offset presses.
"A gratifying volume of orders has also been received in other lines,
including plate making machinery, reels, electric automatic tension devices
and Full Speed Pasters.
The business of the saw division and of the London
company continue to be satisfactory.
curities
Cash......
same
3,625,383
...
Total income
of the
Jan. 26 issued the follow¬
of sales for all of its major
"The current increase in
$3,688,993
...
Selling, general and administrative expenses (incl.
nance and repairs, depreciation, taxes, and rent)
company on
exceed
de¬
$12,621,635
Cost of goods sold
Gross profit from sales
Income from leased departments
11,291,623 10,043,454
Total
After reserve for bad debts of $296,294 in 1936 and $265,686 in 1935.
"The company's total domestic orders
Department Stores, Inc,— Earnings—
Gross
Total
in excess of the first quarter of 1929.
Total domestic and foreign unfilled
orders on Dec. 31, 1936, were $1,700,000 above those for the same date
the year before.
—V. 143, p. 4156.
writers for
$376,576
4,368,195
16,255
$564,035
358,718
23,979
87,790
Balance
x
63,751
$567,883
355,217
22,873
83,847
Net oper. revenues
x
84,045
$50,009
36,344
1,895
6,968
Taxes
Hearn
44,349
$48,910
33,813
1,482
6,123
Maintenance..
res.
54,254
77,884
Prepaid expenses.
Empl'8* notes rec.
-Earnings—
1936—Month—1935
Operating revenues
Operation
Retire,
1933
$2,051,887
$3,124,944
2,125,476
84,204
12,391
Total income
$9,188,034 $8,395,303
Total
a
Non-oper.
1934
$2,441,602
Balance Sheet Dec. 31
$9,188,034 $8,395,303
I
1935
852
income.
x
Period End. Dec. 31—
under
$2,377,827
63,878
30,574
Haverhill Gas Light Co,
statement
sale of securities
1936
Total
registration
Int., rentals and miscell.
Earnings
employees
of
35,221
a
Hibbard, Spencer, Bartlett & Co.—Earnings—
purchase
stock..
file
to
Surplus, Dec. 31
$4,456,808
Shs.cap.stk.out(par $25)
169,902
18,826
common
shortly
Years End. Dec. 31—
1936
Gross profit on sales
$2,983,182
Cash discounts on pur¬
earned
surplus
116,100
67,164
53,757
.
escrow
Due fr.
Capital stock...$3,000,000 $3,000,000
Notes pay. to bks.
600,000
500,000
Accounts payable.
61,216
105,814
Llab. for goods in
d
116,100
at cost
Sundry accounts.
1935
1936
Liabilities—
tr.-names,
expects
Deprec. on bldgs.
equipment.
Balance Sheet Nov. 30
Assets—
stock.
common
company
there will be outstanding
yl ,500,000
Surplus...
Previous surplus
new
of its outstanding bonds and debentures.
Following the offering, the
capitalization of the company will consist solely of common stock of which
168,188 shares.—Y. 144, p. 454.
407,037
not now re¬
quired
x
the
tne Securities Act or 1933, after the effectiveness of which it is
anticipated
that the underwriting group will offer the new common stock publicly.
Out of the proceeds of this offering the company proposes to redeem all
170,310
Res. for cont.
doubtful
standing.
The stockholders also approved the sale to an underwriting
group headed by F. Eberstadt & Co., Inc., New York, and including
Carlton M. Higbie Corp. and Alison & Co., Detroit, of 52,000 shares of
The
prior years.
Red. of reserves pro v. in
prior yrs. for liquidat¬
ing losses, bad debts,
Net
1,555,012
......
Jan. 28 the stockholders took steps to authorize the issuance of two shares
of common stock, par $5 each, for each share of the par value of $10 now out¬
ad vs. writ¬
ten off in
2-for-l
Thomas Robins Jr., President, announced that at a special meeting held
Hart, Schaffner & Marx—Earnings—
x
Approve
,
convertible preferred
stock ($50 par)...
Common stock ($5 par)
Surplus
follows:
it is stated.
Earnings for 6 Months Ended Sept. 30, 1936
Total.
In
.-$5,774,628|
connection
with
Total.
— .
—
$5,774,628
contracts
relating to purchase of refrigerators,
depreciation of $200,723.
c In connection with fi¬
nancing of sale of major appliances.—V. 144, p. 614.
a
b After
for
reserve
Hecker Products
and Federal income taxes, but before
provision for surtax on undistributed profits—
;
Earnings per share on 500,000 shares common stock (no par)-.
—V. 144, p. 107.
Earnings for 3 Months Ended Dec. 31, 1936
The
*
x$479,223
shares common stock (no par).
$0.27
x
approximately 6 cents per share, included
in dividends received from The Best Foods, Inc., arose from adjustments
relating to Federal income tax matters for the calendar year 1936, which
involved the reduction of depreciation to amounts allowed by the U. S.
Treasury Department. A comparison with earnings for the December quar¬
ter of 1935 is not available.—V. 143, p. 2841.
on 1,794,402
Of this amount $106,500 or
direstors
have declared
a
dividend of 50 cents per share on the
stock, no par value, payable March 1 to holders of record Feb. 8.
with 25 cents paid on Dec. 15 last; 40 cents paid on Oct, 1,
last, and 25 cents paid on April 1,1936, this latter being the first payment
common
profit after depreciation and normal Federal
income taxes but before surtax on undistributed profits
Earnings per share
$1,369,348
$2.56
Holophane Co., Inc.—Dividend Doubled—
Corp.—Earnings—
[ Formerly Gold Dust Corp.]
Consolidated net
Net profit after charges
This compares
made
on
the
common
stock since April 1,
dend of 25 cents was paid.
as
1932, when a semi-annual divi¬
A like payment was made on Oct. 1, 1931,
1, 1931, and 50 cents on Oct. 1 and
against 40 cents paid on April
April 1, 1930.
6 Months Ended Dec. 31—
and charges
Earnings per share on common stock—
—V. 143, p. 3149.
Net earnings after taxes
1936
—_
—-
$144,362
$1.30
1935
$55,566
$0.37
Financial
776
intends to pay an amount equivalent to such net
of the cost of a new plant proposed to be erected in
Co., New York—Assets Gain—
Home Insurance
$26,552,338 in assets during 1936 to a total of $139,759,200.
an all-time record high in the history of the 84-year-old company, featured
the Dec. 31, 1936 statement made public Jan. 27 by President Wilfred
Kurth.
The previous peak fugure for assets was $128,914,080, at the end
Ad increase of
of 1929.
Reserve for unearned
premiums has been increased about $8,000,000 to a
record peak.
New high marks also were
total of $44,874,929, also a new
by net surplus of $64,598,858, a gain of $12,048,994 over 1935,
surplus as regards policyholders, at $84,098,858, a rise of $15,048,994;
set
and
specializing in fire, automobile, marine and allied lines of
insurance, is the leading factor in a group of insurance companies known as
The company,
the Home Fleet.
14,500,000
Capital stock
14,500,000
Res. for unearn.
U.S.Gov., State,
county & mu¬
44,874,930
6,427,749
37,002,162
4,468,844
1,857,665
685,992
Res. for taxes..
2,500,000
7,686,885 Res. for conting.
5,000,000
'2,000,000
2,000,000
52,549,865
premiums
3,055,350
3,760,456
Res. for losses-.
Res.
Other bonds and
90,404,887
113,875,077
stocks
$
$
Prems. in course
6,256,949
of collection..
209,306
256,779
1,066,307
for
unpaid
»reinsurance
__
admitted
Other
assets
113,206.862
139,759,201
Total
139,759,201 113,206,862
Total
—V. 144, p. 454.
(N. Y.)—Initial Div. on New Pref.
Horn & Hardart Co.
quarterly dividend of $1.25 on the new $5
Directors have declared a
Realization of previous write-down
U. S. Govt, securities
March 1 to holders of record Feb. 9.—V.
144, p. 281.
preference
stockholders and (or) the exchange underwriting agreement, making the
total amount applied for 697,389 shares.
See also Y. 144, p. 454.
to participating
$2,135,579
98,203
26,355
29,166
18,199
20,420
$2,432,437
1,193,382
332,857
284,934
247,020
235,364
Interest and amortiz
$482
$138,876
def$75,370
$192,828
$28,240
Taxes
Net income
1,081,495
304,558
350,000
215,928
258,966
—V. 143, p. 4157.
20,591
10,594 V*
67,566
149,896
2,211
654,293
123,763
68,793
26,167
Cr7,242
exps., incl. prov.
for
experimental equipm't.
Loss on disposal or capital assets (net)
Prov. for loss on equip, scrapped, &c.
Cost of license agreement and invest,
in connection therewith charged off
$1,340,121
1935
1936
Operating expenses and taxes
$608,012
$1,086,281
1,006,000
600,000
-
xl ,008,000
764,190
606,500
$2.23
$1.00
$1.79
provision has been made for Federal surtax on undistributed
end of period
$7,695,130
4,696,063
$2,968,961
257,627
606,500
income.
Includes dividend of $0.42 per share (or a
x
total of $252,000) paid Jan. 2
1936.
Consolidated Balance Sheet
3,000,000
1,400,000
Acer,
1,800,000
2,394,441
3,080,000
(less reserve)
974,418
857,321
Int. receiv..
11,251
2,890
(at cost)
Commercial
paper
104,662
$2,999,067
286,835
Other
curr.
Dividend
Reserves
1,729,207
123,908
6,693,031
6,814,091
cont.,
c
Goodwill,
patent
rights, Ac
Unexp. ins. prems.,
336,872
dlsc't.
quantity
838,790
111,118
177,857
payrolls and
Prov. tor custom's'
Cust. note & accts.
rec.
358,065
141,816
special compen.
Accr'd taxes (est.)
U. S. Govt. sec.
Acer.
429,073
dry accr. oblig'ns
time deposit
a
$
Accts.. pay & sun¬
3,370,837
of deposit &
Ctfs.
$
Liabilities—
1,695,082
Dec. 31 '35
Oct. 31 '36
Dec. 31 '35
s
Assm—•
Cash
b Fixed assets
x$7,785,866
4,816,904
-
5,275
188,100
Provision for Federal income tax
Note—No
Cr2
113,499
6,506
101,300
12,611
218,000
Provision for doubtful accounts
Net profit
543,533
950
Provision for contingencies
Other assets
12 Months Ended Dec. 31—
601
$1 ,975,297
Depreciation
Experimental
Inventories
Hudson & Manhattan RR.—Earningi
Gross operating revenue
59,141
$2,444,698
income
Oct. 31 '36
1936—12 Mos.—1935
$226,991
109,482
29,246
18,148
23,108
18,763
Retirement accruals
57,231
22,372
Dr3,695
$1,537,841
648,201
Total
Co.—Earnings1936—Month—1935
Maintenance
96,393
27,091
Cash discount earned
Shares outstanding
Profit per share. _
authorized the listing of 95,715 shares
par) on official notification that the shares have been
Operating revenues
Operation
70,537
-v-sr
of
(net)T
Interest earned
The New York Stock Exchange has
issued in accordance wich the exchange offer
Houston Electric
Dr890
Dividends
Household Finance Corp.—Listing—
Period End. Dec. 31—
$1,824,425
204,187
Adjustment of tax accruals (net)
exchanged for the old $7
The dividend is payable
cumulative preferred stock, par $100, which was
cumulative preferred on a share-for-share basis.
of common stock (no
Oct. 31 '36
$1,448,535
write-off of
64,598,858
Net surplus
649,558
Accrued interest
10 Mos.End.
Dec. 31 '35
$2,079,881
40,840
Profit (exclusive of following items) _.
Profit on sale of U. S. Govt. sec. (net)
Year End.
Dec. 31 '34
Period—
1935
Liabilities—
,'$
of the full subscription
date, and the remaining
140th day after the record date.
Consolidated Earnings
(Company and Subsidiaries)
Year End.
1936
11,153,404
14,591,106
nicipal bonds.
payable in two equal instalments, viz., 33 1-3%
price at or before the 80th day after the record
33 1-3% at or before the
Dec. 31
1935
$
Assets—
proceeds to defray part
the Township of Paines-
ville, Lake County, Ohio, and of the equipment for such plant.
The com¬
pany has not yet completed plans for the plant, but it is estimated that^the
plant and equipment therefor will cost from $8,000,000 to $10,000,000. 3 -H
To the extent that payment in full for any of the 151,625 additional
shares of capital stock is not made at the time of subscription, instalment
subscription receipts will be issued upon payment of at least one-third
of the full subscription price.
The balance of the subscription price is
,
Sheet
Balance
1936
Cash
Jan. 30, 1937
Chronicle
llabils.
6,922
tor
gen'l
inalnt. ot
43,546
plants, &c
Capital stock...
8,086,666
2,360,793
Earned surplus... 6,175,972
Capital surplus...
2
114,985
7,110
252,000
payable-
64,795
8,086,666
2,360,793
5,888,183
prep'd expenses,
Operating income
Non-operating income
-—_
taxes,
Gross
$3,226,588
int.
on
adj. bonds at 5%
Deficit
——
$3,285,903
3,674,346
income.
Income charges, inc.
3,774,127
$447,757
$488,223
a
17,581,663
Hudson River Day
to
Interest
Ideal Cement Co.—New Directors—
the
Adolph Coors have been elected directors of
company.—Y. 143, p. 4002.
Incorporated Investors—Earnings—
Years Ended Dec. 31L-
Depreciation & depletion
1,184,840
896,992
4,819,168
3,593,403.
504,705
410,234
1,765,651
1,555,234
Products
company
with
plants
in
Valparaiso,
Ind.,
manufactures
per¬
magnets, including steel and nickel aluminum and cobalt steel,
and its chrome and tungsten steel magnets are marketed nationally through
manent
the company's
trade names "Volta" and "Hyflux."
products are sold to many different lines of industry,
facturers of radio speakers, amplifyers, public address
The company's
including manu¬
systems,
micro¬
phones, automatic electric switches for refigerators, oil burners, air-con¬
ditioning and ventilating equipment and other automatically operated
equipment, including batteryless telephones and magnetos and various
other types of meters, telephone receivers and electric measuring instru¬
ments.
The company's products are also used in grain mill separators and
in coin vending and merchandising machines.
Net earnings after ail charges including provision for Federal income taxes
for the nine months ended Sept. 30, 1936 were $117,399 as against net
of $116,428 for all of 1935 and net of $41,598 in 1934.
Capitalization up until Sept. of 1936 consisted of 500 shares of common,
which was changed to 50,000 shares on Dec. 12.
On Dec. 17 a 100%
stock dividend was declared, resulting in the present capitalization of
$9,417,818.
1,440,000
$6.54
x Excluding profits
of Joseph T. Ryerson & Son, Inc., for December,
1935, quarter only,
y Including profits of Milcor Steel Co. for second hair
Netprofit
Shs. cap. stk. (no par).
Earnings per share
Balance sheet as of
Sept. 30 last showed total assets of $611,704, of which
$453,426 were current.
Included in the management are A. D. Plamondon Jr. (Pres.), Chicago;
H. R. Curran (V.-Pres.), Evanston, and M. Lowenstine of Valparaiso,
Ind.
The latter two officers are also officials of Central Steel & Wire Co.
of Chicago.
A substantial interest is owned by Simonds Saw & Steel Go.
C. R. Pafenbach, director of sales of this company,
and director of Indiana Steel Products.—V. 144,
and M. Lowenstine.
is
also
page
Vice-President
455.
'
Industrial Rayon
Corp.—Listing—
authorized the listing of 151,625 shares
stock (no par), upon official notice of issuance pursuant to sale
making the total amount applied for 847,625 shares,
instalment subscription receipts for 151,625 shares of capital stock on
The New York Stock Exchange has
of capital
to
stockholders,
and
official
notice
of issuance.
At a special meeting held on Jan. 25, directors approved
151,625 shares of capital stock to stockholders at $30 per
basis of one new share for each four shares outstanding.
The company expects to enter
the offering of
share, on the
into an underwriting agreement prior to
Jan. 29, on which date it is expected that the registration statement under
the Securities Act of 1933, as amended, will become effective.
This under¬
writing agreement will provide for the sale to underwriters of any of the
151,625 shares not subscribed for or purchased by holders of subscription
certificates to be issued by the company.
The companv intends to add all of the net proceeds resulting from the
sale of the 151,625 shares to its general funds.
From its general funds it
_
$3,867,625
1,499,000
$2.58
$2,749,309 $12,888,647
1,440,000
1,499,000
$1.91
$8.59
v,:'7:/
Larger Dividend—
The directors have declared a
dividend of $1 per share on the common,
stock, no par value, payable March 1 to holders of record Feb, 15.
Pre¬
viously regular quarterly dividends of 75 cents per share were distributed.
In addition, a special dividend of $1.50 was paid on Dec. 17, last, and an
extra dividend of 25 cents was paid on Dec. 2 and on Sept. 3, 1935.—V.
143, p. 3469.
Interlake Iron
Corp.-—To Issue $10,000,000 Debentures
—Modif ication in Capital Structure Proposed—
The company proposes to sell a maximum of $10,000,000 debentures and
also has proposed certain modifications in its capital structure.
Both
propositions will be voted upon by stockholders Feb. 11.
In a circular letter addressed to stockholders, C. D. Caldwell, Pres. says:
v
Corporation has outstanding the following
first mortgage bonds) excl.
of those held in its treasury):
1st mtge. gold bonds, series A
(5>£ %), due Nov. 1, 1945
mtge. gold bonds, series B (5%). due May 1,1951
1st
$8,729,900
Together
*
*$4,600,400'
4,129,500'
Issued under the former name of the
corporation, By-Products Coke
Corp.
subject to redemption on any interest date on at least
The next interest date is May 1 and the redemption prices
103 for the series A bonds, and 102 for the series B bonds.
The directors believe that such bonds can be refunded at a saving of
interest and on terms otherwise advantageous to the corporation and its
Such bonds
are
25 days notice.
on
that date
are
proposes that
the necessary steps to effect the refunding
thereof be promptly
taken.
preliminary step in preparing for such refunding the directors
propose certain modifications in the capital structure.
At present the
corporation has outstanding 2,000,000 shares of common stock (no par)
and the amount of the capital represented thereby as shown on its books is
$52,169,504. In view of changes in business conditions during the past few
years and of the proposed issue of convertible debentures, it is deemed
advisable to reduce the amount of capital of the corporation by approxi¬
mately $8,169,000, or such other amount as the stockholders may approve,
and to apply all or part of any surplus that may result from the reduction
of capital which the stockholders shall approve in reducing the book values
of certain assets of the corporation, particularly its investment through
stock ownership in iron ore mining properties, such reduction in capital
to be made without reducing the number of shares of stock of the cor¬
As
100,000 shares.
373,084
373,084
tributed profits
Brewer & Co., Chicago,
The
Subs.)—Earnings—
Fed. income taxes, &c_.
Federal surtax on undis¬
1936
$2,069,183
Co.—Stock Offered—F.
A.
and Kalman & Co., St. Paul, and
Minneapolis on Jan. 25 offered 49,000 shares ($1 par)
common stock at $8.75 per share.
Steel
17,581,663 17,421,574
Total
S. Government securities amounted to
yl936—3 Mos.—xl935
yl936—12 Mos.—xl935
$6,333,378
$4,553,785 $21,628,987 $16,400,205
403,124
497,250
1,782,437
1,833,750
only.
1935
x Net income af^er expenses and taxes
$1,451,818
x Exclusive of $7,115,482
($2,076,415 in 1935) net gain realized on sales
of securities, less provision for taxes applicable thereto, which was credited
to paid-in surplus account.—V. 143, p. 3844.
Indiana
Inland Steel Co. (&
Period End. Dec. 31—
Net after expenses
Line Co.—Trustee—
for $613,475 Hudson River Day
Line second mortgage 6% 20-year income bonds, dated Aug. 1, 1936.
The Continental Bank & Trust Co. of New York has been appointed
transfer agent for the company's preferred and common stock, no par
value.—V. 144, p. 614.
Charles Boettcher 2d and
The indicated market value of U.
$3,098,528 at Dec. 31. 1935, and $1,821,672 at Oct. 31, 1936.
b After
for depreciation of $4,088,989 at Dec. 31, 1935, and $4,562,433
at Oct. 31, 1936.
c Represented by 606,500 no par shares.—V. 144, p. 615.
pending audit by independent account¬
The Manufacturers Trust Co. is trustee
17,421,5741
reserves
x Subject to adjustment when effect of reduced fares from joint service
with Pennsylvania RR. between New York and Newark is determined.
Note—1936 figures subject
ants.—V. 143, p. 4157.
43,315
69,984
&c
Total
a
poration
outstanding or otherwise
affecting the relative interests of ita
stockholders.
of the amount of the proposed reductions in such book
values, the amounts of unamortized bond discount and expense in con¬
nection with the issue and sale in 1925,1927 and 1931 of the above-mentioned
bonds now outstanding and the premuims on the redemption of such bonds
(which discount, expense and premiums must be written off on the proposed
redemption of such bonds), the amount of certain development expense to
be written off and the amount of the accumulated operating deficit toDee. 31, 1936, is approximately $9,400,000, a part of which will be provided
from existing capital surplus.
In order to effect the refunding of such outstanding bonds, it is proposed
that the corporation issue and sell not exceeding $10,000,000, of its con¬
vertible debentures, which shall in the first instance be offered for sub¬
scription to the stockholders pro rata according to their holdings of stock,.
The aggregate
Volume
Financial
144
the offering to stockholders to be underwritten.
Any part of the proceeds
of sale of such debentures that shall not be
required to retire outstanding
bonds will be applied to the extent available to reimburse the corporation's
treasury for moneys applied to the redemption of $2,176,200, of Zenith
Furnace Co. 1st mtge. 63^ % gold bonds, which were called for redemption
on
Jan. 1, 1937.
The directors believe that the proposed
carry
the proposals into effect.—
v
Interborough Rapid Transit Co.—December Earnings—
Thomas E. Murray, Jr., receiver, in his monthly report states:
Traffic—The Subway Division during the month of December carried
73,574,285 passengers, a decrease of 345,193, or .47%, as compared with
December, 1935.
Two of the lines on this division, namely, the Pelham
Bay Park and Queens lines, showed increased traffic over the corresponding
month of last year.
The Manhattan Division
during December carried 18,553,594 passen¬
with December, 1935.
division which carried
than in the corresponding month of last year, recording
gers, a decrease of 218,189, or 1.16%, as compared
The Ninth Avenue Line was the only line on this
more
passengers
gain of 4.98%.
a
The number of passengers carried on the entire system
was
92,127,879,
loss of 563,382,
a
Subway
Period End. Dec. 31—
Gross oper. revenue
or
777
debs., series due 1942; $220,000 of 5% debs., series due 1943; $220,000 of
5% debs., series due 1944; $220,000 of 5% debs., series due 1945; $220,000
of 5% debs., series due 1946; $220,000 or 5% debs., series due 1947.
According to the registration statement, the net proceeds from the sale
of the bonds and debentures will be applied to the
following purposes:
To redemption of
company's first mortgage 5% bonds, series "due 1957,
reduction of capital and refunding
of outstanding bonds will be in the best interests of the stockholders and
recommend that the stockholders take the necessary action in order that the
board may be in position promptly to
V. 143, p. 4158.
Chronicle
during December
.61%, as compared with Dec., 1935.
Division
_105%, and interest from Dec. 31, 1936.
To redemption of $2,300,000 of company's 1st
mtge.
due 1959, at 104%, and accrued interest from March
gold bonds
5J
1, 1__..
Municipal Light Co.
1st mtge. 6% gold bonds, due serially from Nov.
1, 1937, to Nov. 1.A940,
at 100%, plus ^ of 1% for each
year or fraction thereof from May 1/1937,
To redemption on May 1, 1937, of $71,000 Clarion
to the respective maturities.
To redemption on April 1, 1937, of $61,000
Emmetsburg Municipal
Electric Light & Power Co. 1st mtge. 6% gold bonds, due serially from
Oct. 1, 1937, to Oct. 1, 1940, at 100%, plus
of 1% for each year or
fraction thereof from April 1, 1937, to the respective maturities.
To redemption on May 1, 1937, of $908,500 of
company's 6% gold
debentures, series due 1960, at 104%.
■
$1,050,000 will be deposited with the Bank of Manhattan as trustee and
shall be held as part of the mortgage and pledged
property.
The balance of the proceeds is to be used for other
corporate purposes.
The bonds are redeemable at the option of the
company as a whole or in
part after 30 days' notice at their principal amount and accrued interest to
the date of redemption plus a premium of
7% if redeemed on or before
Jan. 31, 1939, and thereafter the premium will be decreased
by
of 1%
for each two
Operations
1936—Month—1935
at
are
1936—6 Mos.—1935
Operating expenses—«,—
$4,094,563
2,190,246
$4,082,072 $21,427,867 $21,448,077
2,241,347
12,557,404
12,920,350
Net oper. revenue
Taxes
$1,904,317
173,164
$1,840,724
158,546
$8,870,462
926,631
$8,527,726
844,784
$1,731,153
218,707
$1,682,177
218,707
$7,943,831
1,312,245
$1,463,469
$6,631,586
$6,370,695
No premium will be paid if the bonds
-
$1,512,445
years or fraction thereof.
redeemed after Jan. 31, 1965.
Each of the 10 series of debentures will be redeemable at
option of com¬
pany as a whole or in part at any time prior to maturity after at least 30
Income from oper.___
Current rent deductions.
Balance
$7,682,941
1,312,245
Used for purch. of assets
of enterprise
5,096
CY24.644
138,165
Cr20,356
Balance—City & co_. $1,507,348
Payable to City under
$1,488,114
$6,493,420
$6,391,052
days' notice at 105% together with interest.
.;v
A. C. Allyn & Co., Inc. of Chicago, and Bonbright & Co., Inc. of N. Y.
City-, are to be included among the pricnipal underwriters, it is stated.
The price to the public, the names of other
underwriters, and the under¬
writing discounts or commissions are to be furnished by amendment to the
registration statement.—Y. 144, p. 282.
(John) Irving Shoe Corp.—Earnings—
5.8 times.
No provision has been made for the Federal tax
Italo Petroleum
Gross inc. from oper_.
....
$1,507,348
871,818
$1,488,114
867,440
$6,493,420
5,225,705
$6,391,052
5,204,642
$635,530
4,762
$620,673
Dr2,211
$1,267,715
12,572
$1,186,409
$640,293
charges
$618,462
$1,280,287
$1,203,048
Net inc. from oper...
Non-oper. income
Balance
Manhattan
Period End. Dec. 31—
Gross oper. revenue
Operating expenses
Rental
of
Division
$124,361
16,638
1936—6 Mos.—1935
$5,677,090
5,110,449
$566,640
$106,591
$6,013,238
$733,827
5,279,411
oper.
lines:
$4,961
3,877
3,459
6,579
Other rent items
$4,913
3,822
3,413
6,553
$18'877
$112,598
bonds, due Jan.
1, 1966, to exhaust the
accrued interest.—V. 144, p. 282.
sum
of $1,677,837
110 and
appointed co-trustee to act with Brooklyn Trust Co. under the
trust agreements dated Nov.
1, 1927, and Jan. 15, 1931, respectively,
under which the 20-year 5% debs, due 1947 and the 10-year 5% conv. debs,
due 1941 were issued, in the place of Edward Ward McMahon, deceased.—
143, p. 3002.
International Match
Realization
Co., Ltd.—Registers
with SEC—
See list given on
The
Paper
Co.—Loan Plan Announced—
company,
25
Chase
made
a
an
National
agreement
Bank of New York to
International Shoe Co.—New Directors—
At
the
annual
stockholders'
meeting held Jan.
Samuel Brown and
They succeed
the late S. M. Tipton and the late C. Reese.—V. 144, p. 282.
James Lee Johnson
were
Interstate Home
Equipment Co., Inc.—Earnings—
Dec.
Net sales
Net income after all charges
Earns, per share on 412,500 shares outstanding—
—V. 144, p. 615; V.
143,
26,
elected to the board of directors.
12 Months Ended—
p.
26
'36
$2,896,903
581,599
$1.41
Oct.
31
'36
$2,690,565
528,575
$1.28
4158.
Iodine Pharmacal Co.,
of
capital
owned
stock
of
subsidiary
wholly
69,000
597,958
948,857
389,300
366,692
...
(par $1)
Earned surplus
Capital surplus
Total
$2,661,295
1402.
Jamaica Public Service Ltd.
expenses
sources
$875,424
529,670
$40,451
& taxes._
Inc. from other
(& Subs.)—Earnings—
1936—Month—1935
$85,516
$85,279
45,065
46,464
Gross earnings
Oper.
j
Total
$2,661,295
143, p.
Period Ended Dec. 31—
$345,753
1936—12 Mos.—1935
$38,814 1
254
.
Balance
•
$859,397
508,822:
$350,574
491
$40,705
8.527
Balance
—V. 143, p.
$38,814
8,631
$346,245
103,779
$350,574
102,936
$32,178
Interest & amortization.
$30,183
$242,466
$247,638
3845.
Jefferson
Standard
Life
Insurance
Co.—Dividend
Increased—
subsidiary
of International Paper & Power Co., on
with First National Bank of Boston and
borrow $2,200,000.
Of this total,
$1,000,000 was to be advanced by International Paper Co. to its subsidiary,
South rn Kraft Corp., to enable that company to buy from Continental
Paper & Bag Corp., another subsidiary, the Marinette and York Haven
mills and the Bastrop and Mobile bag plants.
The balance of $1,200,000
to be borrowed before Feb. 1, 1937, will be used to assist in financing re¬
demption of the $800,000 of 5 ^ % bonds of Tonawanda Paper Co. (assumed
by International Paper Co.) and to reduce the debt to the parent company
(International Paper & Power Co.) by $400,000.
International Paper &
Power Co. agreed to use the $400,000 for acquisition of the bond of the
LaSalle Paper Corp.
The notes given for the borrowings will mature $550,000 each Feb. 1,
1938 to 1941, with int. at 2)4% for the first maturity, 3% for the second,
3M% for the third and 4% for the final maturity.—V. 144, p. 108.
Nov.
17,507
223,500
payable, secured
Notes pay., secured by pledge
The directors have declared a dividend of $10 per share on the
capital
stock, par $5, payable Feb. 1 to holders of record Jan. 25. Previously semi¬
annual dividends of $5 per share were distributed.—V. 141, p. 755.
first page of this department.
International
payable
Common stock (par $1)
Net oper. revenues—
International Match Corp.—Co-trustee—
By an order of the N. Y. Supreme Court on Jan. 20, 1937, Ralph P.
V.
Notes
$48,481
taxes, royalties and
interest
Pref. stock
$621,229
at
was
Liabilities—
Accrued
$4,675
50,793
24,355
Deposits
1,125
Investments
260,184
Properties, mach. & equip._ a2,307,166
Prepaid & deferred charges..
12,996
-V.
$453,516
of the year
Accounts payable
Accts. receiv., less allowances
Inventories
Tenders—
was
undistributed
Balance Sheet Sept. 30, 1936
Assets—
Cash
23,238
The Guaranty Trust Co. of New York will until 4 p.m. April 1 receive
bids for the sale to it of sufficient first and refunding mortgage 5% gold
Buell
on
Corp.—Report—
company's net income for the first nine months
20,666
39,405
$113,123
$87,890
$29,287
20,877
39,294
$18.701
$105,483
$29,724
23,226
Balance of net operat¬
revenue
stock
$196,249 after all charges, incl. depletion and depreciation.
For the entire
year of 1935 the net income after all charges was $155,040, and for the last
10 months of 1934 (during which the company was operated under the
present management) the net income was $37,827.
The bank loan, which
aggregated $437,900 as of Dec. 31, 1935, was reduced to $292,500 as of
Sept. 30, 1936.
-
jointly
Queensboro Line
Lexington Ave. Line..
Qhite Plains Road Line
ing
The
Operations
1936—Month—1935
$1,008,793
$1,036,237
884,431
929,645
Net oper. revenue
common
corporate income.—Y. 144, p. 456.
contract No. 3
Fixed
!
The management estimates that earnings available for the
will total $1.29 per share, based on the net income of $191,408,
reported
for the 11 months ended Dec. 31, 1936.
On the basis of these figures, pre¬
ferred dividend requirements during the 11 months
period were earned
Johns-Manville
a registration statement
(No. 2-2814, Form A-2) under the Securities Act of 1933 covering 100,000
shares (no par) common stock and subscription warrants
evidencing rights
to subscribe to the
100,000 shares of
See list given on first page of this department.
common
stock.
According to the registration statement, holders of record at the close
on Feb. 19, 1937 of the 750,000
outstanding shares of common
stock of the company are to be offered rights pro rata and without charge
to subscribe on or before March 11, 1937 to the 100,000 shares of common
stock covered by the registration statement.
For each share of outstanding
common stock held, the company is to grant the
right to subscribe to twofifteenths of a share of common stock.
The subscription price will be
furnished in an amendment to the registration statement.
Any unsubscribed stock is to be sold to underwriters at a price to be
supplied by amendment to the registration statement.
Such underwriters
of business
will be named in amendment to the registration statement.
The registration statement states that it is contemplated that
$3,500,000
of the proceeds from the sale of the stock will serve to restore to the working
capital of the company and its subsidiaries amounts spent during 1936 for
manufacturing, mining and operating facilities.
In addition, approxi¬
mately $3,420,000 of the proceeds will be used for manufacturing, mining
and operating facilities authorized prior to Jan. 1, 1937.
The company
also expects to use a part of the proceeds of the issue to increase its
capital
stock investment in Johns-Manville Credit Corp. by
approximately $1,200,000, to be used by Johns-Manville Credit Corp, for, working capital and
other general corporate purposes.—V. 144, p. 615.
Joliet Heating
Inc.—Registers with SEC—
Corp.—Files with SEC—
The corporation on Jan. 28 filed with the SEC
Corp.—Registers with SEC—
See list given on first page of this department.
Jonas &
Naumberg Co.—Initial Dividend—
The directors have declared
Iowa Public Service
Co.—Proposes to Issue $16,400,000
Bonds and Debentures—
The
subsidiary of Penn Western Gas & Electric Co., a
registered holding company, has filed a declaration (43-27) under the
Public Utility Holding Company Act of 1935 and a registration statement
under the Securities Act of 1933 (File No. 2-2807, Form A-2, Filed Jan. 12,
1937) covering proposed security issues for refunding purposes.
The statements cover $14,200,000 first mortgage 3^% bonds, series of
1967, and $2,200,000 of serial debentures due on Feb. 1 of each year from
company,
a
1938 to 1947.
The eight largest communities given electric service by the company are
Waterloo, Charles City, Hampton, Cherokee, Le Mars, Carroll, Storm
Lake and Eagle Grove, all in Iowa.
It also manufactures, transports, dis¬
tributes, and sells manufactured gas at retail in Waterloo, Hampton,
Waverly, Ida Grove and Sheldon, Iowa, and purchases natural gas at
wholesale from the Northern Natural Gas Co. and sells it to seven small
municipalities in Iowa having a total population of about 15,000.
The debentures are to be issued as follows: $220,000 of 3% debs., series
due 1938; $220,000 of 3% debs., series due 1939; $220,000 of 3% debs.,
series due 1940; $220,000 of 3% debs., series due 1941; $220,000 of 3%
the
common
an initial dividend of 15 cents per share on
stock, payable Feb. 1 to holders of record Jan. 28 —Y. 142,
p. 958.
Jones &
Laughlin Steel Corp.—Accumulated Dividend—
The directors have declared
a dividend of $1.75
per share on account of
7% cumul. pref. stock, par $100, payable April 10 to
A dividend of $2 was paid on Dec. 23, last
and one of $1.75 was paid on Dec. 15, last, this latter being the first divi¬
dend paid on the pref. stock since Oct. 2, 1933, when a payment fo 25 cents
per share was made.
Dividends of 25 cents per share were also paid on
July 1 and April 1, 1933; 75 cents per share was distributed on Jan. 2, 1933
and on Oct. 1, 1932; $1 per share was paid on
July 1, 1932, and regular
quarterly dividends of $1.75 per share were distributed each three months
previously.—V. 143, p. 4158.
accumul
ons on
the
holders of record March 26.
Kansas
pany
City Southern Ry.—Assumption of Dock Com¬
Bonds—
The Interstate
Commerce Commission
on
Jan.
16 authorized the
com¬
obligation and liability as guarantor in respect of $2,020,000
of first mortgage bonds of the Port Arthur Canal & Dock Co.
pany to assume
Financial
778
All the capital stock of the Dock company is owned, except directors'
qualifying shares, by the Kansas City road, which operates the properties
under a lease from the Texarkana & Fort Smith Ry.
The Dock company has outstanding $2,500,000 of first mortgage bonds,
$2,000,000 of series A and $500,000 of series B.
These bonds bear interest
at the rate of 6% par annum and are guaranteed as to principal and interest
by the Kansas City.
The Dock company has elected to redeem its out¬
standing first mortgage bonds on Feb. 1, 1937, after which they will be
surrendered to the trustee for cancellation and the mortgage securing them
will be satisfied and discharged of record.
The Dock company will execute a new closed first mortgage to the Bank¬
ers Trust Co., as trustee, to be dated Feb. 1, 1937, which will provide for
a total issue thereunder of $2,020,000
of 4H% bonds in refundment of
part of the present first mortgage bonds.
The new bonds will be dated
Feb. 1, 1937 and will mature Feb. 1, 1953.
The applicant seeks authority
to assume obligation and liability in respect of the proposed new bonds by
endorsing upon each bond its guaranty of the prompt payment, when due,
of the principal thereof and the interest thereon.
The proposed bonds are
to be acquired by the Bankers Trust Co., trustee under the applicant's
first mortgage dated April 2, 1900, through the application of $2,020,000
of funds now in the hands of the trustee, which will thereafter hold the bonds
as security in lieu of the present deposited cash.
Of the further amount
required by the Dock company to redeem its outstanding bonds, $480,000
is or will be available from deposited cash held by the trustee of its present
first mortgage and the remaining $125,000 and incidental expenses will be
advanced to it by the Kansas City.—V. 143, p. 615.
(S. H.) Kress & Co. (& Subs.)—EarningsConsolidated Income Account for Calendar Years
1936
1935
$14,749,123 $13,175,763
14,180,828
Net
profit
Interest charges-.
Miscellaneous charges (net)
Depreciation and amortization
12,764,226
$568,295
74,714
*82,330
235,253
Cost of sales and operating expenses
$411,537
243,380
y49,000
i -.
Provision for Federal income taxes
80,997
64,021
235
operated
$86,767,531
Sales
Cost of mdse. sold, oper.
for surtax
Prov.
10,089
9,397
11,244
J3.929.319
1,862,385
$4,810,481
1,061,949
$4,130,550
1,028,758
$5,852,395
12,274,009
$5,791,704
11,851,151
$5,872,431
9,185,470
$5,159,308
26,621,069
;
Net income.
Other income
profit
Previous surplus
$18,126,405 $17,642,855 $15,057,900 $31,780,377
1,759,334
1,164.286
4,115,695
2,352,163
Total surplus
Divs.
stock
on com.
956,454
100,000
208,181
7,155
Interest
Net
58,617,241
1,302,622
$4,210,706
1,641,689
sale of props
on
1,921,297
935,647
un¬
on
distributed income—
Loss
68,334,901
1,434,254
1,073,240
71,682,778
expenses and rent
78,918,774
Deprec. & amortization.
2,097,713
Federal normal taxes—
1,225,000
Stock div. paid in special
344,707
1,165,012
226,230
xl ,495,854
deduction
com. cap.
stk. acct. ($17 per
20,039,379
sh.)
$12,274,009 $11,851,151
Total surplus...... ..$13,007,860
Shs. common stock out¬
$9,185,469
1,176,829
1,165,903
$4.75
$4.23
1,175,913
$4.63
y2,351,826
$2.31
standing (no par)
Earns, per sh. on com
x
1,170,915
276.500
1,176,121
587,956
414,893
pref. 6% cum. stock. _
on 6% special pref.
Divs.
Miscell.
Amt. transf. to
Calendar Years—
1935
1934
1933
234
232
230
$78,479,130 $75,662,274 $65,018,110
1936
Stores
(G. R.) Kinney Co., Inc. (& Subs.)—Preliminary Report
Net sales
Jan. 30, 1937
Chronicle
Write-downs in building and equipment accounts for obsolescence and
eliminations and
provision for additional depreciation applicable to prior
years, y Issued or reserved for exchange of old stock, excluding 5,748 shares
held in company's treasury. The common stock was split 2-for-l in May,
1936.
profit for period
(fc
x$126,998
$23,139
March, 1936, flood loss of $32,477.
y Includes $27,000surtax
Consolidated Surplus Account for 12 Months Ended Dec. 31, 1936
Capital surplus as at Dec. 31, 1935
$2,486,683
Operating deficit as at June 30, 1936, charged thereto per reso¬
lution of common stockholders meeting held Dec. 10, 1936-438,256
Consolidated Balance Sheet Dec. 31
Net
Includes
x
9,583,211
bldgs—29,619,963 29,381,217
1
1
Inventories
.13,126,768 13,630,115
Sundry debtors...
179,014
67,420
improvements.. 10,118,352
June
8,943
30, 1936-
on gold notes purchased for sinking fund during
6 months ended Dec. 31, 1936
Dividend declared of $1 per share on pref. stock, payable in
Premiums
Land &
ad vs.
&
466,919
3,144,242
7,269,609
Cash
25,070
692,503
25,070
600,652
U. S. Govt, securs.
$64,409
Deferred charges..
dep. in escrow..
31, 1936
Cash
1936
$552,998
144,324
168,363
3,567,856
Prepaid exp., &c—
206,705
193,384
Otherlnv.,less res.
Cash surr. value,
50,000
50,000
life insurance—
125,942
Merchandise
Fixed
assets,
Notes pay
Accts.
98,896
Res.
1,491,660
banks $600,000
trade 1,044,430
231,546
for
Fed.
$250,000
1,162,863
118,787
140,000
50,479
140,000
450,900
755",000
2,523,950
1,535,260
Capital surplus— 2,048,427
Earned surplus—
64,409
scrip, div
Total
Eroceeds in October, of collateral which was auctionedwith to the highest
of the sale 1936. Debentures on deposit off the American
idders
1,535,320
Total
$1,000 debenture and represents the debenture holders' share of the net
a Of the 7H% notes due Dec. 1, 1936, $598,100 had been deposited with
by Dec. 31, 1936 for extension to Dec. 1, 1941 at 5J^%, of which
$147,200 were purchased and held by company; in addition, there were
$41,800 unheard from as to extension against which a cash deposit of like
amount was made by company with trustee.
Represented by 153,526 shs. of no par value in 1936 and 153,532 no par
shs. in
1935.
y
Represented by 50,479 no par shares.
Cumulative
divs. unpaid on pref. stock since March 1, 1931, less $1 paid in 5% scrip
on Dec. 28, 1936.—V. 144, p. 109.
x
protective committees have for the most part already received this dis¬
by way of a credit on account of the purchase price paid by
Kreutoll Realization Co. Ltd., for collateral purchased by it at the fore¬
tribution
closure sale.
The second distribution will be at the rate of $4.20 on account of each
$1,000 debenture and is being paid out of general funds held by the trustee.
With respect to deposited debentures, this distribution will be made to
Kreutoll Realization Co. Ltd.
debenture
and
_
Selling,
general expenses
Net profit from
Other income.
$614,830
$649,640
$703,969
sales.
adminis.
and
1934
1935
1936
Years End. Dec. 31—
Gross profit from
362,530
324,545
309,486
299,044
19,142
x$325,096
18,128
x$305,344
18,040
$288,496
17,703
$360,581
xl08,987
36,048
__
dividends received from the American
& Toll Co. for the account of holders of unde-
represents
Eosited debentures were allowed. themselves file individual claims in the
who did not
ankruptcy which
1933
$587,540
x$341,438
sales__
t
will be at the rate of $23.13 on account of each
The third distribution
$1,000
bankruptcy of Kreuger
Earning s-
-
Distributions Aggregating
$8,738,401 $8,533,417
2,523,950
trustee
(D. Emil) Klein Co., Inc.-
Co .—Three
The Marine Midland Trust Co. of New York, trustee for the
2,047,497
$8 pref. stock—
Com. stk. outst.
$8,738,401 $8,533,417
—
Toll
&
Kreuger
$221.22 to Be Made Feb. 1—
5% secured
sinking fund gold debentures, has announced that it will make three dis¬
tributions on Feb. 1, 1937, to holders of debentures.
The first distribution will be at the rate of $193.89 on account of each
y
x
2,480,051
189,980) and 5,748 shs. common (1935, 2.874 shs.)—V. 144, p. 616.
49,000
Gold notes outst.
a
—73,535,205 70,373,765
Total
a Represented by 2,357,574 shares, no par, in
1936 (1,178,787 in 1935),
including treasury stock,
b After depreciation of $6,916,976 in 1936, and
$6,249,842 in 1935. c After depreciation of $3,180,402 in 1936, and $2,728,851 in 1935.
d Treasury stock at cost: 190,681 shs. of special pref. (1935.
in¬
taxes
Real estate mtges.
5%
deprec.& amort. 1,471,435
Tr.-mks. & g'dwill 2,480,051
,
pay.,
Acer. & misc. liab.
come
less
$
Liabilities—
$483,207
3,706,946
Accts.rec., less res.
1935
$
1935
1936
—73,535,205 70,373,765'
Total..
Preliminary Consolidated Balance Sheet Dec. 31
Assets—•
1,891,986
1,557,228
Surplus
13,007,860 12,274,010
d Treasury stock Dr2025,377Dr2,016,574
514,968
4,110,851
9,013,213
(current)
55,000
expenses,
&C.
landlords.
50,479
5% scrip due Dec. 28, 1938
Earned surplus as at Dec.
Mtge. payable
Accrued
to
U. S. Govt, securs.
3,167
$
pref.
9,119,761
8,530,368
a Common
stock.48,511,253 48,511,253
Accounts payable. 1,514,997
322,481
Fed. tax reserve.. 1,514,725
1,140,000
Goodwill, &c
Loans
special
stock
Leasehold & other
c
Capital surplus as at Dec. 31, 1936
$2,048,427
Earned surplus—Net profit for year ended Dec. 31,1936
126,998
Deduct—Net profit for 6 months ended June 30, 1936, incl.
in above-mentioned application of operating deficit as at
6%
6,157,259
6,182,548
1935
$
Liabilities—
§
$
& fixtures
b Furn.
1936
1935.
1936
$343,224
54,257
40,250
$323,384
$306,199
58,856
34,688
Payment of this dividend on other debentures will be made either through
American protective committees or directly by the trustee in bank¬
the
ruptcy.
Marine
Midland
Trust
has
previously
distributed
$67.50
per
$1,000
debenture, and further distributions are expected from both the American
and Swedish bankruptcies of Kreuger & Toll Co.
Trustee Submits Report to Debenture Holders—
Gross income
Charges against incomeFederal income taxes.
Prov.
for surtax
distributed
Net
on
__
52,414
37,651
un¬
Co.
a
of
Midland
Co.
Trust
of New
York
has submitted
to
the
5% secured sinking fund gold debentures of Kreuger & Toll
report of its major activities since July 1, 1936, the date of its last
general report to debenture holders.
3,192
profits
Foreclosure
$212,353
24,885
114,469
29,120
91,800
$212,654
39,357
81,492
$56,842
$109,363
$112,399
91,575
91,775
Sale—Securities
held
as
collateral
for
the
debentures
were
sold at public auction in latter part of Oct., 1936.
There was active competitive bidding on most
$91,805
91,575
_
$233,319
18,149
Preferred dividends
$248,717
137,362
profit for year...
Common dividends—_
Marine
The
holders
92,395
$1.82
of the small blocks of
Rumanian Monopolies Institute bonds, on certain blocks of Latvian bonds,
and on the entire issue of Hungarian Land Reform Mortgage bonds.
The
successful bids for the different collaterals were as follows:
Balance, surplus.
Shs.
stk.
com.
out.
_—
(no
par)
Earnings
per
1934.
y
$2.16
$2.33
$2.12
share
After depreciation of
x
1,918 in 1936; $10,127 in 1935, and $10,131 in
_....
Includes $53,163 flood damage to tobacco in warehouse.
Balance Sheet Dec. 31
Liabilities—
1935
1936
Assets—
x
equip.,
ments
y
better¬
$59,858
$69,131
19,770
&impts._
37,270
Reserve
book value-
Goodwill,
for
Reserve for taxes.
Surplus.
brands,
1
201,701
440,135
992,888
— .—.—
100,000
48,092
1,235,245
44,450
1,198,821
85,000
appurtenant rights)—
Court
1,136,817
trademarks, &c.
Cash
Notes
♦
surr.
16,049
22,578
19,081
value of
life Insur.
policy
15,120
x
—$1,775,293 $1,830,527
Total
....$1,775,293 $1,830,527
y Repre¬
$110,193 in 1936 and $100,275 in 1935.
by 91,575 shares no par stock.—V. 143, p. 4005.
After depreciation of
sented
Ltd. acquired all of the collateral except the
and Fr. Fes. 4,000,000 of the Rumanian
their rights to receive distributions from the collateral for the debentures.
Of the total sales price, $633,944 was paid in cash by this company, $39,778
11,796
was
Total
bonds
sale.
7,190
Prepaid ins.,
int.,
tax., rent & duty
Realization Co.,
Government
mately 95% of the outstanding debentures had been deposited prior to the
These committees had assigned to Kreutoll Realization Co., Ltd.
Bal. unpaid on sale
of unlisted sees.
paid in cash by others, and the balance of $8,744,318.75 was paid by
presentation
of the
debentures
in
with the two American pro¬
thereon, proportionately, of a charge
deposited
tective committees and the stamping
that amount.
by the New York Supreme Court on Nov. 12,
from time to time,
1936, when final delivery and payment was made. The final
report of the referee appointed in these proceedings was confirmed by the
court on Jan. 18, 1937.
The sale was confirmed
1936 and the securities were delivered against payment
Kresge Department Stores, Inc.—Plan Voted—
The
company's
recapitalization
was
meeting held Jan. 25.—V. 144, p. 616.
or
Btds
Monopolies Institute bonds.
This company was formed under the joint
plan of readjustment adopted and declared operative by the two American
protective committees for the secured debentures, headed by Grayson
M.-P. Murphy and Bainbridge Colby, respectively, with which approxi¬
15,976
1,228
■
Bid
$8505,200.60$9418,041.10
Total
Kreutoll
German
ceptances receiv.
Amt. of
Successful
145,930
& trade ac¬
Loans receivable..
Cash
Principal or Min. (" UpFace
set") Prices
Amount
Fixed by the
Kingdom of Rumania Monopolies Institute 7M % bonds due 1971. _F.Fr.74,605,000 $590,871.60 $613,771.60
Kingdom of Rumania 4% consol.
loan bonds, due 1968
£380,690
133,241.50
133,241.50
Republic of Latvia 6% bonds due 1964 $5,886,5002,060,275.002,235,000.00
German
Govt.
International
5K%
loan bonds due 1965S.Kr.55,000
4,812.50
5,028.00
Kingdom of Serbs, Croats and Slo¬
venes
(Yugoslavia)
Monopolies
loan 6bonds, due 1958
.$22,000,000 2,860,000.00 2,860,000.00
Hungarian Land Reform Mtge. 53^%
bonds, due 1979 series A and B
$23,800,0002,856,000.003,571,000.00
393,295
Inventories
$342,000
160,256
1
Accts. rec., trade.
$231,700
160,256
con¬
tingencies
Securities owned—
1935
1986
7% cum. pref. stk.
Common stock.
Mach.& fixtures,
Collateral {with coupon and other
approved by
stockholders
until Dec. 10,
at
a
Volume
Financial
144
Concerning the Collaterals—No collections were made, on account of
interest or sinking fund on the securities included in the collateral during the
short period between the date of the trustee's last general report to de¬
benture holders and the date of the sale of the securities, except that the
balance remaining due, on the settlement of coupons of the Hungarian
Land Reform Mortgage 5}4% bonds held by the trustee, was collected
in full in pengoe.
Pengoe have been liquidated since the date of the trustee's last
general
report, through sales for foreign exchange and payment of bills in Hungary,
to produce approximately $277,000.
•
The trustee concluded the settlement with N. V. Financieele Maat-
schappij Kreuger & Toll (Dutch Kreuger & Toll) and received $46,085 in
full settlement of its claim against the latter.
As a result of the settlement of intercompany claims the claim previously
filed against th%collateral by Irving Trust Co. as trustee in bankruptcy for
International Match Corp. was formally withdrawn.
American Bankruptcy Matters—The trustee has continued to give active
attention to various matters in both bankruptcies of Kreuger & Toll Co.
In the American bankruptcy, it has been represented by counsel at all
hearings before the bankruptcy referee at which matters affecting the
interest of secured debenture holders have been discussed.
The trustee understands that in the Swedish bankruptcy of the company
participating debentures and on the so-called
American certificates for the participating debentures have
been sub¬
ordinated, both as to principal and interest, to the claims of other creditors
(including the holders of secured debentures) and that no dividends will be
paid in that bankruptcy on the participating debentures or the American
certificates in view of the insufficiency of assets to pay the other creditors in
full.
In the American bankruptcy, at the request of the undersigned, the
bankruptcy trustee has objected to the allowance of any claims based on the
participating debentures and the American certificates as claims not
provable in bankruptcy, and, in the alternative, has asked that, as in the
Swedish bankruptcy, these claims be subordinated to the claims of the
other creditors.
A brief has been filed by counsel for the trustee, and
determination of the matter by the referee is pending.
The allowance of the trustee's deficiency claim in this bankruptcy has
claims
the
on
Chronicle
Lac-Teck Gold Mines, Ltd.—Registers with SEC—•
See list given on first page of this department.
Lee & Cady—20-Cent Extra Dividend—
The directors have declared an extra dividend of 20 cents per share in
addition to the regular quarterly dividend of 30 cents per share on the capital
stock, par $10, both payable Feb. 5 to holders of record Jan. 25.
Similar
payments were made on Feb. 5, 1936.
See V. 138, p. 4467, for detailed
record of dividend
was not fixed at the
In order to enable secured debenture holders to receive
The amount of the claim
time of allowance.
payment of the dividend announced above it was necessary to arrive, at
least tentatively, at an agreement as to the aggregate amount of the claim.
The trustee has agreed with the bankruptcy trustee and other parties in
interest, and the bankruptcy court has ordered, that the deficiency claim
should be tentatively fixed at $771 with respect to each $1,000 debenture
and at $385.50 with respect to each $500 debenture.
The dividend men¬
tioned above is computed on the basis of these amounts.
The trustee understands that the American bankruptcy estate held as of
Dec. 17, 1936 approximately $2,900,000 in cash, including the funds to be
paid out as the first dividend aggregating about $1,200,000. According to
the referee's report to the Court, the aggregate amount of claims allowed
for purposes of the first dividend is $41,080,498 (which includes the de¬
ficiency claim in respect of secured debentures in the tentative amount of
$36,593,588) and the aggregate amount of claims subject to further deter¬
mination of the Court is $41,652,178.
Of the latter amount, $41,433,925
represents the claims in respect of participating debentures and American
certificates.
December—
few weeks.
General Funds—As of Jan.
20, 1937 the trustee held the following cash
reserved
assets, exclusive of funds held for payment of coupons and funds
for the Feb. 1, 1937 and previous distributions on debentures:
On deposit with the trustee
On deposit with Hungarian
Hungary
(including $3,758.03 in transit)
$767,856.77
Commercial Bank of Pest,
Pengoe 523,347.38
._
—V. 144, p. 109.
La
France
Industries—Independent Bondholders'
Support of Bondholders—
Pro¬
tective Committee Seeks
The holders of La
France Textile
Industries 1st mtge.
1942, are in receipt of a letter from the independent
6%
bonds, due
bondholders committee
(William K. Barclay Jr., Chairman) asking their support to bring about
terms in the reorganization of the company faborable to the bondholders.
The letter says:
"This independent committee is oposed to all of the three plans of reor¬
ganization as originally filed in that in each instance the bondholder will
be called upon to release values securing his bonds prior to, and only in the
hope of, performance on the part of the various sponsors of their respective
obligations under their plans.
It is also to be noted that in neither the
majority nor the minority stockholders' plan is it proposed that the stock
of the wholly owned subsidiary 'La France Textiles, Ltd.' should be pledged
as collateral for your bonds, although such a provision is to be found in the
third plan.
"The three plans now being considered have all been sponsored from the
standpoint of the common stockholders.
It will be the endeavor of this
independent committee to negotiate amendments to any of the plans now
under consideration which would make them fair from the bondholder's
point of view, or failing in this, to present (and an appropriate court order
would be necessary in this respect) a bondholders' plan."—Y. 144, p. 456.
railway
railway.
From Jan.
144, p.
Assets—
Cash
on
1936
$105,199
$338,718
1,440,140
Mdse. inventories.
Due from
1,361,359
336,439
348,945
officers,
Accrued
1,566,897
489,682
187,533
_
on
y
11,153
investment-_
852
46,500
1,870
97,980
568,530
531,646
Deferred charges..
18,630
15,205
8,994
374,000
155,000
notes
December—
Gross from
1936
railway
From
Jan.
10,896
18,053
24,799
18,204
relief
1,572
Deferred income..
•
1,156
6,007
(par $100)
'
1934
1933
84,721
$279,307
64,975
53,290
$262,468
37,671
83,472
$216,311
35,101
75,854
3,962,591
1,028,977
807,313
3,432,533
838,933
822,797
3,455,844
789,086
761,746
3,000,725
1—
Gross from
railway
Net from railway.
_____
Net after rents._
700,618
702,257
Lehigh Valley RR.—Earnings—
December—
1936
Gross from
railway
railway.
1935
1934
1933
$4,724,119
1,677,076
677,368
$3,718,040
1,012,381
750,611
$3,315,814
888,248
742,265
$3,179,851
541,548
291,062
Gross from
49,156,379
Net from
13,908,733
40,621,926
8,654,514
4,982,747 "
39,866,526
8,944,722
5,338,991
38,177,450
7,945,383
4,107,569
Net from
Net after rents
From Jan. 1—
railway
railway.
Net after rents
8,700,958
—V. 144, p. 109.
Liberty Thrift Foundation, Inc.—Registers with SEC—
See list given on
first page of this department.
Lindsay Light & Chemical Co.—Earnings—
Years End. Dec. 31—
after
inc.
Net
1936
1935
1934
1933
deprec.,
Federal taxes, &c
$26,458
Earns, per sh. on 60,000
shares common stock.
$51,957
$0.18
.
$44,674
$33,182
$0.50
$0.31
$0.63
V. 143,p. 3003.
Loblaw
Groceterias, Ltd.—Earnings—
Weeks Ended—
—4
Period—
Jan. 9,'37
Sales
Net
—32
Weeks Ended—
Jaw. 11,'36
$1,687,555
Jaw. 9,'37
$1,425,454 $11,228,631
Jaw. 11,'36
$9,747,230
profit after charges
110,726
and income taxes
—V. 144, p. 109.
92,793
550,566
Lone Star Gas
479,074
7
,
Corp.—Bonds Called—
The company has
of May 1,1937, at
called $1,000,000 of its 5% sinking fund gold bonds
102)^ and interest to date of redemption. This will be
in addition to bonds called under the sinking "D" fund amounting to
$700,000.—V. 143, p. 3471.
*
as
Lunkenheimer
Co.—Earnings—
Calendar Years—
1936
profit after deprec.,
Federal inc. taxes, &c.
Earns, per sh. on 200,000
shs. com. stk. (no par)
1935
1934
1933
Net
x
After
deducting
x$568,560
$216,487
$73,458
y$36,951
.
$2.67
surtax
on
$0.91
undistributed
$0.19
profits,
y
$0.01
Before
Federal
taxes.
To
Pay 37%-Cent Dividend—
The directors have declared
a dividend of 37 >4 cents per share on the
value, payable Feb. 15 to holders of record Feb. 5.
with 62Yi cents paid on Dec. 15, last; 25 cents paid on
Nov. 4, Aug. 5 and May 15, last and 12M cents per share distributed each
three months previously.
In addition, an extra dividend of 10 cents per
share was paid on Dec. 26, 1935.—V. 143, p. 3848.
common
This
stock,
no par
compares
McGraw-Hill
Publishing Co.—58,200 Shares Sold—
Co., Inc., has completed the distribution, at
the market, of 58,200 shares of common stock, of which
32,000 shares were offered on behalf of the company and the
balance on behalf of others.
These shares are part of the
600,000 shares previously outstanding, all of which are
listed on the New York Stock Exchange.
F. Ebferstadt &
Since
Dec.
31,
1935, the company announces, it has retired all of its
which aggregated approximately $1,300,000 as of that
bank indebtedness,
date, and it now has no short term liabilities other than current operating
accounts.
As of Dec. 31, 1936, it had over $1,500,000 of cash on hand.
15, 1937, a cash dividend of 12}4 cents a share was paid on the
stock, this being the first dividend paid since Oct., 1931.
on Jan. 28, announced that consolidated net earnings
for 1936, after all charges including reserve for Federal taxes, totaled
$954,660, equivalent to $1.59 per share on 600,000 shares of common stock
presently outstanding.
This compares with $609,691, equivalent to $1.01
per share earned in 1935 on the same number of shares.
Prospects for
the current year are excellent, according to the company.—V. 144, p. 616.
On Jan.
common
The
company,
Mclntyre Porcupine Mines, Ltd.—Earnings—
Period End. Dec. 31—
Gross income
Costs & developm't exp.
1936—3 Mos —1935
$2,107,326
$2,172,915
1,016,360
998,122
1936—9 Mos.—1935
$6,367,750
$6,365,825
2,993,769
2,904,198
$1,090,966
172,911
$1,174,793
184,340
$3,373,981
520,454
75,898
91,868
221,951
260,018
Net profit
Earns, per sh. on 798,000
$842,157
$898,585
$2,631,576
$2,639,161
stk. (par $5).
$1.06
$1.13
$3.30
$3.31
Balance
Depreciation
$3,461,627
562,448
Com. stk. (par $25)
—V. 143, P. 2685.
Mack
C.
Trucks, Inc.—New Chairman, &c.—
Fink,
formerly Vice-President
has been elected President and
Chairman of the Board, to succeed the late Charles Hayden.
fill the vacancy created by the death of
Maine Central
215,000
220,000
1,250,000
873,950
1,250,000
801,559
Period Ended Dec. 31—
1936—Month—1935
$1,182,306
Net oper. revenues
451,095
295,577
57,946
Net ry. oper.
income—
Other income
Gross income
Deductions
Net income
—V. 144, p. 110.
Mr. Hayden.—V. 143,
p.
3636.
RR.—Earnings—
Operating revenues
'
Total
$2,545,706 $2,708,116
xAfter reserve for doubtful accounts of $25,000.
y After reserve for
depreciation of $535,638 in 1936 and $561,368 in 1(935.
The comparative earnings statement for the years ended Dec. 31 were
published in V. 144, p. 616.
.$2,545,706 $2,708,116
1935
$325,612
74,456
Clarkson Potter of Hayden, Stone & Co. has been elected a director to
State inc. taxes-
Employees'
Surplus
Total
1,443,351
460,608
181,337
109.
Net from railway
Net after rents
E.
7% cum. pref. stk.
Inventory of small
tools
14,835
gold
fund
Land, bldgs.,ma¬
chinery & equip.
298
Res. for Fed'l and
rec.
Investments
1,447,588
421,718
151,689
Lehigh & New England RR.—Earnings—
shs. cap.
Accrued int., pay¬
roll and comm..
serial
$11,664
4,821
amd
employees
5H %
11,339
int.
officers
1935
$12,324
Accounts payable.
Due
employees and
others
1936
Liabilities—
Notes and accts.
receivable
1,493,250
479,942
192,796
1933
1935
hand and
in banks
x
$115,542
25,196
5,472
,
railway.
Net after rents..
—V.
<
1934
$119,046
39,212
19,853
1935
1—
Gross from railway
Net from
Taxes
Landis Machine Co.—Condensed Balance Sheet Dec. 31—
789.
$123,462
32,577
8,356
$135,688
46,982
22,939
Net after rents
gress has now been made
estate of Kreuger & Toll
two of these suits within a
p.
1936
Gross from
Net from
Sioedish Bankruptcy Matters—The trustee is advised
that sufficient pro¬
in the administration of the Swedish bankruptcy
Co. to permit the payment of a first dividend
at an early date.
The assets in that estate, according to a report of the
American bankruptcy trustee for the period ending Sept. 30, 1936, consist
of approximately SW. Kr. 75,000,000 in cash (of which approximately
one-tenth is made up of balances in disputed joint accounts claimed by
others) and other assets stated to have a substantial value which, however,
could not be accurately estimated at that time.
According to announce¬
ments of counsel for the American bankruptcy trustee, reported in the
press, the first dividend from the Swedish bankruptcy estate is expected
to be at least 15% on all claims allowed in that bankruptcy, including the
deficiency claims of holders of secured debentures. At the same time it was
announced that in order to equalize dividends from the American and
Swedish estates the liquidators expect to ask that the amount which creditors
have received as a dividend from the American estate be deducted from the
dividend payable on the claims of such creditors from the Swedish estate.
Following the foreclosure sale of the collateral, the trustee and counsel
have been in negotiation first with one of the Swedish liquidators who came
to New York and subsequently with the liquidators in Stockholm on a
number of questions which must be disposed of before the amount of the
deficiency claim on the secured debentures can be fixed.
Considerable
progress has been made but the exact amount of the deficiency claims has
not yet been established.
It may be conservatively estimated, however,
that in the aggregate the deficiency claim of the secured debenture holders
will represent considerably in excess of half of all the ranking claims in the
Swedish bankruptcy.
The amount of the claim in kronor will, of course,
depend upon the rate of exchange used to convert the company's obligations
to secured debenture holders into Swedish currency. As previously reported,
there are several suits now pending in Sweden to test this question and it is
expected that the Supreme Court of Sweden will hand down its decision in
payments.—V. 142,
Lehigh & Hudson River Ry.—Earnings—
company's
previously been reported.
779
1936—12 Mos—1935
$1,003,894 $12,222,116 $11,430,506
309,332
2,970,403
3,023,607
175,296
1,467,937
1,809,732
54,640
486,699
510,831
$353,523
171,832
$229,936
192,292
$1,954,636
2,037,251
$2,320,563
2,186,022
$181,691
$ 37,644
def$82,615
$134,541
780
Financial
Chronicle
Madison Square Garden Corp.—Dividend Increased—
Jan. 30, 1937
Note—Unrealized appreciation of securities (or excess of quoted market
over cost) amounted to $15,698,515 on Dec. 31, 1935 and
$31,574,182 on
Dec. 31, 1936, an increase of $15,875,667 during the year.
The amount of
The directors have declared a dividend of 20 cents per share on the com.
stock, no par value, payable Feb. 26 to holders of record Feb. 15.
Pre¬
viously quarterly dividends of 15 cents per share were distributed.
In
addition, an extra dividend of 10 cents was paid on May 29, 1936.—V.
144, p. 616.
unrealized appreciation shown below as of Dec. 31, 1935, $13,591,515, is
of an allowance for taxes then estimated at $2,107,000.
Provisions for taxes on unrealized appreciation have been discontinued by
after deduction
,
the trust since June 20, 1936.
A
Manhattan Shirt Co.—25-Cent Dividend—
i
The directors have declared
stock,
par
Manufacturers
Summary Statement of Net Assets Dec; 31
1
dividend of 25 cents per share on the com¬
of record Feb. 10.
A like
a
$25, payable March 1 to holders
payment was made on Dec. 1, last and compares
per share paid each three months from March
Sept. 1, 1936 and on March 1, 1932.—V. 144, p.
mon
with dividends of 15 cents
1, 1934 to and including
*
616.
* Based
;/
on
-$128,107,247 $78,171,412
4,437,839
3,253,374
$28t87
$24.03
—
market quotations.
:YYY-Y.^Y^.YY^/Y/'/'
Balance Sheet Dec. 31
Assets
;
.
;
:
,
.
3
1936 ;
Securities, at cost
Cash in banks-
(The) Mar-Tex Oil Co.—Registers with SEC—
1935.
$96,533,065 $64,579,897
31,574,182
13,591,515
— -----
Net assets
Shares outstanding-.
*
Net assets per share
Casualty Insurance Co.—E,xtra Div.—
The directors have declared an extra dividend of 10 cents
per share in
addition to the regular quarterly dividend of 40 cents per share on the
capi¬
tal stock, par $10, both payable Feb. 15 to holders of record Feb.
1. Similar
payments were made on Nov. 15 and Aug. 15, last.—V. 143, p. 2848.
1936
Balance of principal as above
Unrealized appreciation of securities
1935
y$90,020,566z$61,375,944
—
8,711,086
-
4,309,516
Accounts receivable for sale of securities
15,270
Interest and dividends receivable
See list given on first page of this department.—V.
143, p. 3472.
6,020
-
'
Total
], Martin-Parry Corp.—Registers with SEC—
Liabilities—
See list given on first page of this department.—V.
143, p. 3323.
Assets—
1935
1936
$
Liabilities—
Cash in banks and
1935
$
$
3,526,890
2,864,099
gtd. obligations. 6,709,716
8,935,751
7,242,424
8,762,849
Exps. and taxes.
747,734
575,557
474,492
466,414
Reunsir.unauth.
64,320
783,390
38,518
733,539
5,855,775
Real estate deprec.
Assets held under
386,159
377,174
S.
Govt,
Unearned prems 11,035,621
and
Other bds. (amort.)
Stocks
values)
claims,
adj. & unadj. 14,245,768
Commissions—
921,001
(market or
appraised value) 7,757,306
Premiums in
course
mtge.
4,521,418
agreements
Partial
3,452,468
payments
received on unis¬
real
on
estate
1,005,162
475,000
Collateral loans.-from
530,505
Reserve for
divs.
488,945
69,400
1,272,893
204,736
2,000,000
2,799,143
Surplus--
623,155
57,080
2,204
accum.
pref. stk
Voluntary reserveCapital stock
other
5,476.241
on
204,736
1,400,000
936,733
companies)
Interest accrued._
2,797,233
4,563,646
Other admitted as¬
sets J
Total
38,664,113 36,489,152
Total
38,664,113 36,489,152
Officers Shifted—To Recapitalize—
Silliman Evans, President of the company, was on Jan. 26 elected Chair¬
of the board of directors, and Edward J. Bond, Senior
Vice-President,
elected President.
Mr. Evans, as Chairman, continues as the chief
executive officer of the company under amendments to the by-laws
adopted
man
was
at the annual
board
meeting of stockholders.
Mr. Bond
was
elected also to the
of directors.
The
stockholders
approved
other
amendments
permitting
the
man¬
agement to proceed with arrangements for simplifying the capital structure
of the company.
The 999,800 series A and 1,000,000 series B first converti¬
ble preferred shares outstanding will be reclassified into 174,982 shares of
single class A preferred stock.
Pursuant to the authorization, the directors called for retirement on
April 1 the outstanding 15,320 shares of series A and 133,399 shares of series
B junior convertible preferred stock, at $2 a share aDd accrued dividends.—
V. 143, p. 4160.
a new
Bonds &
Dec. 31,'36 Dec. 31,''35
Losses in process of
on course
Ik of collection....
Interest accrued-.
.Cash
122,802
10,264
137,295
10,919
346,063
190,103
adjustment
in off ice
40,237
for
21,700
27,000
25,000
1,000,000
2,050,360
all
25,000
1,000,000
1,472,831
Net surplus
Total
$3,488,019 $2,910,251
$3,488,019 $2,910,251
—V. 143, p. 1237.
Massachusetts
Bonding
Again Increased—
&
Insurance
Co.—Dividend
:
'
The directors have declared a dividend of 87 M cents per share on the
capital stock, payable Feb. 5 to holders of record Jan. 28.
This compares
with 75 cents paid on Nov. 5, last; 62H cents paid on Aug. 5, last, and
50 cents per share paid on May 5 and Feb. 5, 1936, this latter being the
first dividend paid since April 15, 1932, when a dividend of 50 cents per
share
was
also distributed.—V.
143,
Massachusetts Investors
;
C
Calendar Years—
of
stock
divs.
Int.
on
88,455
14,605
;
bonds
on
bank
1935
1934
$4,550,569 x$2,260,154
1933
$1,188,767
$931,952
dis-
trib. in lieu of cash
Interest
Trust—Earnings—
1936
Divs. from securities
Sale
2685.
p.
69,777
32,407
3,233
T,946
1,490
deposits—
Total
73,229
$4,655,119
a232,756
77,157
116,506
96,930
$2,333,383
zl30,905
52,837
45,050
50,895
$1,261,777
y75,707
41,044
5,865
39,044
$966,306
y57,978
38,408
4,862
33,307
tribution in divs
$4,131,770
Add.
Net
amount
in¬
$2,053,695
$1,100,117
$831,751
Trustees
compensation-
Yv
Transfer agent, &c
Provision for taxes
Other expenses
Balance avail, for dis¬
cluded
as
in
price of shares
repurchased—
the
sold
or
accrued divs.
221,550
261,859
55,518
$4,353,320
4,311,521
$2,315,554
2,334,148
$1,155,635
1,143,271
$41,799
Dividends paid
def$18,594
$12,364
Balance
*
27,103
$858,854
832,347
$26,507
Includes
$2,996 proceeds from sale of Mission Corp. stock received as
Standard Oil Co. (New Jersey) stock and $15,270 proceeds from
Sale of General Motors Corp. common stock received as dividend on E. I.
x
.dividend
du
Pont
on
de Nemours
&
Co.
period,
z Includes expenses
gross income for period.
Note—Net income
or
losses
on
as
common
of
stock,
$4,167
y
assumed
6% of gross income for
by trustees,
a 5%
of
above is exclusive of realized and unrealized gains
securities,
V
!v.
—
Statement of Principal-—Year Ended Dec. 31, 1936
Balance of principal Dec. 31,1935
---$64,579,898
principal:
Receipts for shares sold ($34,365,571) less cost of shares pur¬
chased and retired ($2,574,378), on account of principal-- 31,791,193
Credits to
Net income for the year
and unrealized gains or
($4,131,770), exclusive of realized
losses on securities, plus $221,550
(net) included as accrued dividends in the price of shares
or repurchased
sold
Realized net profit from sales of securities
Charges to principal: Distributions to shareholders.
Stamp taxes
on new
4,353,319
4,649,660
_Dr8.838,049
Dr2,956
;--
shares
$98,737,672 $65,700,730
Note—No provision has been made above for Federal
on realized and unrealized profits as it is
.
securities at cost)
-
(on the basis of carrying
-
taxes on
contemplated by the
liability for either normal tax or surtax
under the Revenue Act of 1936 because of qualifying as a "mutual invest¬
ment company" as defined in the Act.—V. 144, p. 617.
Mead Corp .—Collateral Deposited—
; 1
The City Bank Farmers Trust Co., as trustee under first
mortgage trust
indenture, dated as of May 1, 1930, has notified the New York Stock
Exchange that there were deposited with it as additional collateral, to be
held under the m.,
age, the following securities: 18,000 shares no par value
common stock o. Chilhowee Co.; 17,500 shares no
par value common stock
and 12,000 shares $100 par value preferred stock of Harriman
Co.; 10,001
shares no par value common stock and 2,928 shares $100 par value
preferred
stock of Southern Extract Co. (Del.); 7 shares $100 par value common
stock of Southern Extract Co. (Tenn.), and 17,500 shares no
par value
common stock and 10,000 shares $100 par value first
preferred stock of
Sylva Paperboard Co.
:
Stock Purchase Warrants—
Holders
of
the
purchase warrants issued under stock purchase
warrant agreement dated as of May 1, 1930, are
being notified that, in
accordance with the terms and provisions of the said
agreement, following
the issue of certain additional shares of common stock of the
corporation,
adjustment was made by the City Bank Farmers Trust Co., as trustee
under the said agreement, as of Dec. 1, 1936, in the purchase
prices set
forth in said agreement and the number of shares of stock
purchaseable
under the outstanding warrants, as follows:
an
(1) On exercise of the right to purchase evidenced by the warrants at
time between Dec. 1, 1936 and May 1, 1937 (both dates inclusive),
warrant shall be entitled to purchase 1.034802 shares of
any
the holder of the
stock for each share of such common stock the
is
payable
right to purchase
by the warrant on its face; and the purchase price
the exercise of such warrant shall be $38.65473 per share of
evidenced
on
stock purchased; or, to express it in another
way, the warrantholder, in exercising the right evidenced by his warrant, upon payment of
$40 with respect to each share of common stock the right to purchase which
is evidenced by the warrant on its face will be entitled to receive
1.034802
common
common
stock.
(2) On exercise of the right to purchase evidenced by the warrants at
time between May 2, 1937 and May 1, 1940 (both dates inclusive),
the holder of the warrants shall be entitled to purchase 1.0391417 shares
of common stock for each share of such common stock the right to
purchase
which is evidenced by the warrant on its face; and the
purchase price pay¬
able on the exercise of such warrant shall be $48.11662
per share of common
stock purchased; or, to express it in another way, the
warrantholder, in
exercising the right evidenced by his warrant, upon payment of $50 with
respect to each share of common stock the right to purchase which is evi¬
denced by the warrant on its face will be entitled to receive
1.0391417
shares of common stock.—V. 143, p. 3472.
any
Melchers
Distilleries, Ltd.—Plan Approved—
,
The stockholders
on Jan. *2 voted
approval of proposed capital reorgan¬
plan.
On June 27, 1936 a special general
meeting of the shareholders was held
to consider a compromise or arrangement between the
company and its
shareholders regarding settlement of the arrears in dividends of class A
ization
shares and rearrangement of the present capital
set-up.
At that meeting there appeared to be three or four
groups
who held divergent views on certain features of the
of shareholders
compromise as then
proposed.
The consequence was that the compromise or arrangement in
the form as proposed was not consented to by the
required
it
majority, but
was
suggested that
the various groups of shareholders should consult
view of arriving at a plan which would
give satis¬
faction to all parties concerned.
with
another with
one
a
Following negotiations,
a
compromise
which is considered to be satisfactory
has now been approved.
to
arrangement was drawn up
all the shareholdesr and which
or
The plan approved by the stockholders provides as follows:
(1) The share capital shall be first reduced by the cancellation of $2,527,048 representing the difference between the amount of $4,377,048,
being the
value of the consideration received by the company for
150,000 shares
(no par) capital stock, divided into 100,000 class A shares and 50,000
class B shares, and the amount of $1,850,000,
being the actual value of such
consideration.
^
(2)
The share capital shall be furhter reduced by $350,000 by the re¬
payment of that sum, out of the capital, to the holders of the class A shares.
(3) The present lOO.OOO class A shares (no par) shall be converted into
100,000 6% cumulative participating preferred shares (par $10), and the
shall be converted into 50.000 com¬
shares (no par).
(4) The capital stock shall thereafter be increased by the creation of
25,000 additional 6% cumulative participating preferred shares (par $10)
and of 12,500 common shares (no
par), so that thereafter the capital stock
shall consist of 125,000 6%
cumulative participating preferred shares
and 62,500 common shares.
(5) Company shall pay, out of its capital, to the holders of class A shares,
a sum of $3.50
per share, of which $3 shall be payable not later than the
15th day following the record date, and 50 cents on July 2, 1937.
(6) Company shall issue to the holders of class A shares new preferred
shares on the basis of 1 \i new preferred shares for each class A share out¬
standing.
■
(7) Company shall also issue to holders of class B shares new common
present 50,000 class B shares (no par)
mon
shares
on
the basis of 1
y±
new common shares for each class B share out¬
standing.
-
The new preferred will be entitled to 60 cents a year, cumulative dividends
and 30 cents non-cumulative, after which preferred and common shares will
receive dividends at equal rate in further dividend disbursements.
The
common
stockholders will elect four of the
unless dividends
membres
p.
of the
board,
3637.
Corp.—Sales—
1937
'
1936
1935
1934
$2,894,849
16
—V. 144, p. 285.
seven
preferred fall in arrears.—V. 143,
on
Melville Shoe
Jan.
$96,533,065
Y';;■'•'vrY'
'.Yv
stock
4 Weeks Ended—
Balance of principal Dec. 31, 1936
income
income and
shares of
other
claims
Capital
Total
35,484
Res.for taxes & exp
Res.
deposit &
on
Total
which
Liabilities—
Dec. 31,'36 Dec. 31,'35
Unearned prems.. $350,721
$ 349,936
stocks---$3,008,889 $2,571,933
Premiums
64,579,898
877,942
28,890
214,000
798,520
1,352,088
54,000
x
Represented by 4,437,839 (3,253,374 in 1935) shs. par $1. v Amount¬
ing to $121,594,748 at market quotations, including $532,529" dividends
declared on stocks selling ex-dividend receivable after Dec.
31, 1936.
z Securities
at market quotations, $76,730,217, plus $344,242 dividends
declared on stocks selling ex-dividend receivable after Dec.
31, 1935,
and less $2,107,000 allowance for estimated taxes on unrealized
apprecia¬
tion, amount to $74,967,459.
common
Maryland Insurance Co.—Comparative Balance Sheet—
Assets—
-
trustees that this trust will not incur
sued pref. stock-
1,163,909
Reinsured losses
due
14,736,627
898,230
treaty & special
of collection (net) 4,577,379
Real estate..---.. 3,383,498
1st
.'v
.
96,533,065
Distribution payable Jan. 20
Accounts payable for purchase of securities
Reserve for Federal inc. & capital stock taxes
10,161,687
Unpaid
Unamortized bonds
(market
curities at cost
Reserved for.
offices
U.
■
Balance of principal on the basis of carrying se¬
x
Maryland Casualty Co.—Financial Statement Dec. 31—
1936
$98,737,672 $65,700,730
—
$2,131,902
$1,748,419
$1,325,240
•
--
Volume
Financial
144
The directors have declared an extra dividend of 10 cents per share in
addition to the regular semi-annual dividend of 75 pcents per share on the
common
143,
1237.
P.
Mesta Machine
Midland Mutual Life Insurance Co.—Extra Dividend—
The directors have declared an extra dividend of $2.50 per share in ad¬
dition to the regular quarterly dividend of like amount on the common
Similar distri¬
stock, both payable Feb. 1 to holders of record Jan. 25.
butions were made on Feb. 1, 1936.—V. 142, p. 791.
Midland Properties, Inc.- •Balance Sheet Dec.31—
Assets—
x
1936
deposit
on
$2,381
Rentals received in
equipment, &c_. 1,408,860
Goodwill
1
l
Tenants'
on
11,464
9,901
515,000
Fr
1936
expenses
Administrative expenses
Interest on debentures..
$7,862,878
225,266
$7,630,665
7,503,553
128,196
rf sales
Selling
$7,637,611
7,442,792
134,399
136,641
62,940
4,375
3,496
137,279
;
59,110
Other interest (principally on bank loans).
of debt discount
936
3,191
564
Amortization
2% normal tax at
source
(net)
60
$147,094
7,621
$202,164
3,684
Other income.
$198,480
Portion of net loss of Miller & Hart, Inc. (Rhode
Island) applicable to stock owned
(J. S.) Mitchell & Co., Ltd.—Dividend Doubled—
was
paid on March 1,1936, and on Match 1,1935, this latter being the first
dividend paid since Nov. 9,1931, when $1 per share was also distributed.
Calendar Years—
Gross profit
Expenses
Purch.
hand
10,725
Receivables
Inventories
997,441
10,825
515,236
Investments
ment,
Debt
taxes
(excl.
cessing tax)
12,865
524,967
,
Due
trucks
discount,
1,439,488
names
&
$150,199
date
26,713
20,902
Profit
quis.,
adj
sale of invest
on
Total surplus
June
$18,178
275,000
29,213
$44,505
21,611
$10,990
22,172
$8,647 "
351,557'
$22,894
320,724
8,000
def$ll,182
331,616
"
$351,618
$320,771
39
48
74,070
4,567
57,765
$360,204
549
306
23
$382,811
$359,349
$351,557
$2.96
$1.57
$1.53
Cash
rec__
$160,598
334,944
281,480
Canadian Nat. Ry.
Dom. Govt, bonds
surr.
72,750
value
life insur. policy
51,019
356,058
2,589
Unexp. Ins. prems.
Total
$128,520 Accounts payable313,750 Dividends payable
258,640 x Acer, liabilities.
Mortgage payable
99,000 Preferred stock
y Common stock.
Surplus
46,747
368,490
2,800
_
Roberts
Cumul.,
Nil
1935
$210,313
4,867
12,900
30,000
278,100
340,445
382,811
$161,557
5,296
8,700
40,000
302,600
340,445
359,349
210,747
940,600
1,049,000
1,366,702 zl,366,702
a447,340
447,340
806,560
806,560
409,524
798,505
$737,092
79,908
13,684
From Jan.
1934
$649,473
defl5,203
def62,743
$661,918
56,282
16,883
10,847,701
8,850,693
1,120,348
72,131
8,544,827
1,110,734
def30,048
8,161,996
1,333,320
177,587
2,484,166
1,262,706
Net after rents.
144,
111.
p.
Morristown Securities
1936
1934
1935
$537,337
.12,593
def22,375
$604,771
60,225
54,949
8,955,364
1,839,922
7,606,769
843,388
725,722
Net after rents
$639,104
99,528
39,861
101,621
7,514,180
690,779
40,723
7,673,398
926,113
281,705
.
1—
Gross from railway
Net from railway
Net after rents
;
1936
$153,581
24,833
10,000
Expenses
Reserve for taxes, &c
Net profit....
Dividends on $5 cumulative preferred stock
$118,749
83,870
1935
$127,486
22,742
'5,000
common
—
_
stock
43,714
-
-
;
Deficit
$99,744
83,870
21,857
$8,836
_
Dividend,
$5,982
Balance Sheet Dec. 31
Assets—
1936
Deps. with banks.
$111,426
x Invest, owned by
the corp. (at cost) 3,061,503
1933
$703,365
128,314
42,849
Corp.—Earnings—
Calendar Years—
Interest and dividends received
Earnings for December and Year to Date
December—
1933
1—
Gross from railway
Net from railway
—V.
1935
1936
Gross from railway
Net from railway.
Net after rents
$3,552,705 $3,032,564
Total..
Exchange Commission has granted the application
of the company to withdraw from listing and registration 252,735 shares
issued and 5,191 unissued shares of capital stock ($100 par), on the New
York Stock Exchange, effective at the close of the trading session on Feb. 1,
1937.
Trading in this issue Avas previously suspended by the New York
Stock Exchange.
Gross from railway
Net from railway
Represented by 15,000 shares
$1,012,540
269,983
164,931
December—
conv.,
Deficit..
...$3,552,705 $3,032,5641
y
Mobile & Ohio RR.—Earnings—
23,857
45,804
Capital surplus...
2,
$1,259,437 $1,217,947
Total
and
Common stock...
ac¬
$1,259,437 $1,217,947
x Including provision for income tax.
(no par).—V. 142, p. 962.
Minneapolis & St. Louis RR.-— To Delist Stock.—
Total
Liabilities—
1935
$71,822
1936
$5 cum. pref. stock
(par $25)
$419,350
3,064,810 y Common stock..
87,429
Divs. pay. Jan. 2.
63,792
Reserve for taxes
9,219
Surplus...
2,593,138
.
....$3,172,929 $3,136,6331
1935
$419,350
87,429
63,792
5,425
2,660,637
$3,172,929 $3,136,633
Total
Value $3,059,928 ($2,622,106 in 1935)
at market prices except for an
at cost,
Represented by 87,429 no par shares.—V. 143, p. 3474.
x
investment in the corporation's preferred stock which is.carried
y
Murray Ohio Manufacturing Co.—Earnings—
144, p. 111.
Earnings for 10 Months Ended Oct. 31, 1936
Manufacturing profit.
Selling, general, administrative and delivery expense.
Maintenance and repairs.....
Depreciation
Taxes (other than income taxes)
-
Minneapolis St. Paul & Sault Ste. Marie Ry.—Earnings
[Excluding Wisconsin Central Ry.]
Period Ended Dec. 31—
1930—Month—1935
1936—12 Mos.—1935
Total revenues
$948,322 $14,109,840 $13,358,635
$1,045,802
Net railway revenues
46,931
1,990,688
1,871,190
83,406
Net after rents
JDr28,011
395,923
825,382
JDr26,595
Other income—Net Dr
on
$320,724
1936
Liabilities—
1935
The Securities and
Int.
337
3,827
1936
Fixed assets
14~494
x After
reserve for
doubtful receivables, &c. of $5,797 in 1936 and
$5,976 in 1935.
y After reserve for depreciation of $1,487,629 in 1936 and
$1,391,421 in 1935. z Represented by 43,234 no par shares,
a Represented by 89,468 no par shares.
Note—The company had made no provision for (1) Federal income and
excess-profits taxes for the year ended Oct. 31, 1935 which may be assessed
for that year as the result of the disallowance of Federal processing taxes
claimed on its tax return but not paid, and (2) the tax, if any, on "unjust
enrichment" levied by the 1936 Revenue Act.—V. 142, p. 464.
—V.
$44,892
21,245
15,000
Comparative Balance Sheet Dec. 31
pro¬
pref. stock
210,747
From Jan.
$3,318
7,671
3,085
Net surplus
Earns, per sh. on 15,000
shs. com. stk. (no par)
$19,545
Processing tax
z
1928
Total.
$34,757
9,748
$390,556
832
Adj. prev. years inc. tax
Auj. real est. dimolished
j
ndry perm, account
Prem. on pref. stk. ret'd
Cash
Funded debt
tr.
good¬
of
1935
ing tax.
will, at cash cost
at
$37,192
7,700
$29,329
359,349
1,878
Surplus
Previous surplus
of
Iowa,
Inc., for process¬
1,519,012
in
process of amort
Trade-marks,
$171,210
167,892
$64,610
20,281
15,000
Net income
Common dividends.___
Oake
automo¬
and
1936
Due to officer
Land, bldgs.,ma¬
chinery & equip¬
biles
1933
$207,858
173,101
Acer, wages, int. &
Prepaid insurance,
taxes, &c
y
1934
$223,967
186,775
$57,737
6,873
Preferred dividends
Accts. & bills
drafts out¬
standing
$86,104
228,754 Bank loans
423,399 Accounts payable.
$59,799
298,266
1935
1936
$261,169
203,432
_
bonds.
Liabilities—
1935
$540,669def$1770,199
$250,916
The directors have declared a dividend of $2 per share on the common
stock, payable March 1 to holders of record Feb. 16. A dividend of $1
Balance Sheet Oct. 31
1936
on
$428,525
457.
p.
$139,473
10,287
Cr20.632
$188,135
Assets—
$2,690,216
1,670,670
351,363
Inc. after fixed chgs__
144,
1936—12 Mos.—1935
$2,505,400 $31,307,598 $27,422,353
1,709,017
22,661,701
21,516,647
355,241
4,252,243
4,227,615
1936—Month—1935
Operating revenues
Operating expenses
Fixed charges
Inventories
Cash in banks &
yield from 0.875% to1
Certificates mature $250,000 each Feb. 15, from Feb. 15,1938 to Feb, 15,
1952, inclusive.
Principal and semi-annual dividends (Feb. 15 and Aug.15)
payable in the City of New York.
Issued under the Philadelphia Plan.
Trustee Chemical Bank & Trust Co., New York City.
Issuance subject
to approval by the Interstate Commerce Commission.
These certificates are to be guaranteed unconditionally as to principal
and dividends by Missouri-Kansas-Texas RR.
The estimated cost of this
equipment is $4,700,000 of which the Missouri-Kansas-Texas RR. is tn
contribute as advance rental 20% of the total cost of the equipment.
Assets—
Net loss.
x
RR.—Equipment Trusts Offered
Stillman & Co. and Clark, Dodge & Co. on
$3,750,000 2J/£% equipment trust cer¬
1935
$7,822,035
191,370
sales..
\
an
Co
850,168
183,747
32,807
offered
28
Balance
Other income
;
959,753
206,096
59,775
51,122
tificates (non-callable) at
prices to
2.95%, according to maturity.
20,017
Inc.—Earnings—
0ht, returns, hauling, &c
Jan.
—V.
x After reserve for
depreciation of $500,530 in 1936 and $461,344 in 1935.
Capitalized value of equipment acquired by cancellation of lease, $61,936;
operating deficit at Dec. 31, 1936, $58,932; balance (as above), $3,005.
Note—Accumulated dividends on preferred stock not declared or paid
at Dec. 31, 1936, amounted to 100% of the par value of the outstanding
preferred stock.—V. 142, p. 791.
Sales
1,053,285
207,005
...
No value
y
Miller & Hart,
$72,447
16,103
8,928
111.
p.
—Evans,
920,000
$1,436,012 $1,457,798
Years Ended Oct. 31—
1933
$74,187
15,340
8,669
Earnings of System
payable—
Total
1934
$79,148
8,092
2,042
Missouri-Kansas-Texas
Period End. Dec. 31—
400
400
due Oct. 1, 1932
494,000
8% preferred stock
($100 par)
920,000
Com. stk. (150,000
shs., no par)— No value
Surplus
y3,005
$1,436,012 $1,457,798
144,
1935
1,178,415
300,516
103,365
_
Net after rents
—V.
Earnings—
1936
$124,013
39,121
23,779
...
From Jan. 1—
Gross from railway
Net from railway..
deposits
leases
Mtges.
paid taxes.
N
railway..__*.
Net from railway.
16,500
advance—....
1,441,046
Unexp,
insurance
premiums & pre¬
_
1935
$2,108
$6,850 Accounts payable.
Land, buildings,
Total
1936
Liabilities—
1935
$15,688
Missouri Illinois RR.
December—
Gross from
Net after rents
Co.—Unfilled Orders—
The company announced that unfilled orders at the end of 1936 totaled
approximately $18,000,000, compared with less than $10,000,000 at the
close of the previous year, and about $10,500,000 last July.
As a result of large orders for new steel mill equipment and replacements,
the Mesta Machine plant is, working at full capacity, three shifts a day and
seven days a week.
Since ast March the company has completed an ex¬
pansion program which has increased ts manufacturing capacity about 20 %.
The rising rate of steel operations in 1936, according to the company, has
brought a corresponding gain in replacement roll business, resulting from
the heavy wear on existing steel mill machinery.—V. 143, p. 4160.
Cash
distributed on Aug. 1, 1931.
Since this latter date the company paid'
eight dividends of $1 per share each.
Accruals after the current dividend
amount to $19.25 per share.—V. 143, p. 2526.
25.
stock, par $12.50, both payable Feb. 1 to holders of record Jan.
Like payments were made on Aug. 1, last. Extra dividends of 25 cents per
share were paid on Aug. 1 and Feb. 1, 1935. The regular semi-annual divi¬
dend was raised from 50 cents to 75 cents per share with the Feb. 1, 1936,
payment.—V.
781
Chronicle
was
Merchants Fire Assurance Co.—-Extra Dividend!-r—
funded debt—Dr
Net deficit
1,650
480,821
55,413
459,578
359,833
5,597,943
651,685
5,398,043
$509,068
$543,004
$5,561,852
$5,224,346
V. 144, p. Ill, 285.
The directors have declared
a
Co.—Accumulated Dividend
dividend of $1.75 per share on account of
$7 cum. pref. stock, par $100, payable Feb. 1 to
holders of record, Jan. 25.
A like payment was made on Nov. 2 and on
Aug. 1, last.
Dividends of $2 were paid on May 1 and Feb. 1, 1936 and
on Nov. 1, 1935.
The last regular quarterly dividend of $1.75 per share
__
3,500
Operating profit
Other
$552,827
190,614
412
2,001
4,720
;
Rent
$351,579
.....
deductions
24,327
2,676
Other income
Net income before provision for Federal income tax..
$329,928
39,000
Provision for Federal income tax
Minnesota Valley Canning
accumulations on the
...
Net income..
Dividends paid.
Earnings
per
share
.....
...
on
...
......
97,658 shs. capital stock (no par)
...
$290,928
57.518
$2.98
Note—No provision has been made for Federal surtax on undistributed
profits.
782
Financial
Chronicle
Balance Sheet Oct. 31. 1936
Assets—
Cash
Intangible assets
$118,602
562,711
443,985
37,907
51,000
714,422
250,000
Deferred charges
26,302
Inventories
Other assets
Land
b
Bldgs., mach'y, equlpt., &c.
c
Notes payable
Accts.
$14,000
payable for purchases,
expenses, &c.
Accts. payable to officers
Accrd. payroll & compensat'n.
246,959
2,097
44,603
Accrued taxes
Accrued
72,323
commissions,
insur¬
ance, &c
6,307
16,324
Customers' deposits
Notes payable for money bor¬
...
rowed from banks
d Capital stock
Capital surplus
56,000
488,290
467,375
790,650
_
_
Earned surplus
Total
$2,204,930
Total
Rudolph C. Dick, Treasurer, says in part:
The operations of the corporation for the fiscal year ended Nov. 30,1936,
have been on a more favorable basis than the company has experienced for
several years. Net sales for the year were $6,722,508 a marked
over 1935 sales and the highest since 1930.
A dividend of $1 per share was paid to shareholders on Jan. 9, 1937,
amounting to $49,259.
The balance of the net profit was added to surplus.
Shortly after May 1 of last year a definite program of improvement in
plant equipment and in methods of operations was undertaken.
On Oct. 1,1936, company established its own selling organization in order
to more closely contact its customers and facilitate the merchandising of
this mill's products.
Production Years Ended Nov. 30
$2,204,930
After reserve for doubtful &c., of $18,500.
b Before reserve for depre¬
ciation of $222,776 and reserve for die obsolescence of
$25,000.
c Portion
notes
payable for money borrowed from banks due
d Represented by 97,658 no par shares.—V.
144, p. 618.
Dec.
31,
1936.
1936
directors
have
declared
an
extra
dividend
of 25
per share
on the capital
stock, par $10, both payable March 15 to holders of record Feb. 25.
A
special dividend of $1.25 in addition to the regular
quarterly dividend was
paid on Dec. 15 last; extra dividends of 25 cents per share were paid in
each of the five preceding
quarters, and on Dec. 15, 1934, and an extra
dividend of 75 cents was distributed on Dec.
29, 1933.—V. 143, p. 3153.
Corp.—Registers with SEC—
Comparative Balance Sheet Nov. 30
Assets—
const$4,513,284 $4,758,708
Cash...
277,484
Treas. stock
10 Mos.End.
Period—
a
Dec. 31 *36
Feb. 29 '36
Feb. 28 '35
$393,118
27,341
$276,752
33,303
1,647
$241,246
55,386
2,242
Provision for franchise and other taxes
$420,460
29,508
x46,394
$311,702
27,187
32,715
$298,875
23,439
45,519
Net income (without
giving effect to
results of securities transactions).
$344,557
$251,800
$229,916
Cash dividends
Interest
bonds
on
Other income
Total
income
,
Expenses
Includes $12,945 Federal
surtax on undistributed profits.'
net profits from sales of securities
(computed on
the basis of average cost) after
deducting Federal and State taxes applicable
thereto, has been credited to capital surplus account in the amount of
x
Notes—(a) Realized
$1 >Ulo ,279.
(b) Aggregate unrealized appreciation (net after taxes,
sheet) in value of securities owned as compared with cost:
As at Dec. 31, 1936
As at Feb. 29, 1936-
as
per
balance
.....
Increase
$297,904
payable if appreciation
were
no
deduction has
been
undistributed profits which
realized.
made
for
might be
_
540,000
$3,928,801
Deividends declared from surplus income-
$832,223
135,000
Balance, Dec. 31, 1936..
$697,223
Balance Sheet
Dec. 31
-
-
-
—
*36
Cash in banks
Rec. for
secur.
Feb. 29 '36
sold
Dec. 31 '36
payable
for sec. pur.
$45,000
but not received
137,573
43,139
39,105
37,948
1
Feb. 29 '36
352,605
Pay.
Reserve for taxes.
$135,000
...
Furn. & fixtures-.
par $10 both payable Feb. 1 to holders of record Jan. 22.
An extra of
25 cents in addition to the 50 cent semi-annual dividend was paid on
Aug. 1, last. A semi-annual dividend of 75 cents was paid on Feb. 1, 1936,
and prior thereto regular dividends of 50 cents per share were distributed
In addition extra dividends of 15 cents were paid on
each six months.
Aug. 1 and Feb. 1, 1935.—V. 143, p. 931.
New
Jersey Insurance Co.—Special Dividend—
The directors have declared a special dividend of 50 cents per share in
addition to the regular semi-annual dividend of $1 per share on the capital
p.
793.
New
Jersey & New York RR.
December—
1936
Gross from railway
$9,750,131 $8,928,188
Represented by 180,000
x
National
no par
226,502
350,000
Capital stock
4,500,000
Capital surplus... 3,928,801
Surplus income...
697,223
4,500,000
3,455,522
487,666
x
Total
9,750,131 $8,928,188
shares.—V. 143, p
3474.
Funding Corp.—Earnings—
9 Mos.End. 12 Mos.End.
Sept. 30, '36 Dec. 31, '35
~~
revenues.
1,641
13,028
$82,440
7,397
$75,614
48,547
3,309
$75,043
Provision for Federal taxes.
Net profit for the period.
$23,758
$13,352
Rebates
Net revenue.
Operating
expenses.
59.138
2,553
of
California, March 25, 1936
as a wholly owned subsidiary of
Funding Corp.
Active operations did not begin until Oct. 1,
Sept. 30, 1936, there was no operating
income, therefore the above statement of National Funding Corp. for the
year 1935 is comparable with the consolidated statement for the nine
months ended Sept. 30, 1936.
National
1936.
Assets—
828,269
defl92,843
def436,831
939,121
def71,066
def334,357
1936
after rents...
From
Jan.
Net
after
1933
1934
$168,808
58,021
20,257
2,347,922
43,536
$168,644
63,335
29,899
2,195.949
541,171
81,609
1,949,879
369,603
def 182,615
1—
2,780,119
948,279
406,102
rents
144,
-Earnings—
1935
$193,066
60,497
20,903
$252,866
87,322
Gross from railway
Net from railway
629,033
194,512
113.
p.
New York Athletic
Club—Earnings—
Years Ended Nov. 30—
1936
Net available for int.
on
1935
$1,709,952
Gross revenue
$1,772,992
1st mtge. bonds after de¬
ducting operating expenses and taxes
109,648
113,850
Interest on the $4,602,000 1st mtge. is payable at rate of 2% per annum
following reorganization in Federal Court under Section 77-B in December,
1935.—V. 142, p. 133.
New York
Casualty Co. of N. Y.—New Secretary—
Henry Hall was elected Secretary of the company at directors'
annual meeting held Jan. 26.
He succeeds S. C. Hemstreet who wished to
be relieved of his duties as Secretary because of ill health.—V. 142, p. 4185.
New York Central RR.—To Issue
$55,000,000 Bonds—
March 30, to consider
$55,000,000 of bonds and to authorize the directors
to make such bonds convertible into capital stock of the company, the
amount and the terms and provisions of such bonds to be determined later
by the board, subject to stockholders' authorizations.
Such convertible
bonds, if authorized and issued, would be offered to the stockholders for
subscriptions.
The purpose of the proposed financing is to put the company in a position
to call for redemption its outstanding issues of 10-year 6% convertible
secured bonds, due May 10, 1944, as soon as possible after May 10.
Up
to and including May 10, these outstanding convertible bonds are callable
at 105, thereafter to and including May 10, 1940, at 102.
The conversion
price at which the outstanding convertible bonds are convertible into capital
over
stock of the company also changes on May 11, 1937.
Prior to that date
the conversion price is $40 a share or at the rate of 25 shares of stock per
on
and after that date, the conversion price is $50
a
share
or at the rate of 20 shares of stock to $1,000 of bonds, and in each instance
with adjustments for accrued interest.
Such rights of conversion in case
the outstanding convertible bonds are called for redemption continues to
and
includes
the
redemption date.—V.
144,
Plant, property and equipment
Deferred charges....
Common cl. A stock (par $ 10).
Common cl. B stock (par $10).
Earned surplus
After
$978,8701
reserve
for
Total
$562,461
6,339
6,969
. 32,947
21,203
276,810
55,690
16,451
$978,870
depreciation and amortization
of $1.352.—V.
144,
P. 458,
National
Union
Fire
I
nsurance
Co.—Extra
&
Larger
Dividend—
The directors have declared an extra dividend of $1
per share in addition
a dividend of $1.50
per share on the capital stock, par $20, both payable
Feb. 8 to holders of record Jan. 26.
Previously semi-annual dividends of
to
$1 per share were distributed. In addition an extra dividend of $1 was paid
Aug. 10 and Feb. 10, 1936 and on Aug. 12, 1935. An extra dividend of
50 cents per share was paid on Feb. 11, 1935.—V. 143, p. 1239.
on
December—
1936
Gross from
p.
459.
RR.—Earnings
1935
1934
1933
$3,961,699
1,565,978
975,802
railway
railway
Net after rents
$30,589 Accounts payable, trade
891,553 Accrued liabilities
a22,572 Other current liabilities.
34,156 Deferred income, unearned int.
Other liabilities....
Total
New York Chicago & St. Louis
Net from
Liabilities—
T
Receivables
a
765,617
defl59,715
def421,856
From date of incorporation to
Consolidated Balance Sheet Sept. 30, 1936
Cash
.74,167
def9,661
def24,848
New Orleans & Northeastern RR.Gross from railway
Net from railway
$1,000 bond, and
Note—National Seaboard Corp. was incorporated under the laws of the
State
66,528
def21,020
def41,968
63,390
A special meeting of stockholders has been called for
Period—
Gross
1933
1934
20,168
def35,880
785,849
def79,620
def346,184
railway
the issue of not
Total
Earnings—
1935
68,464
defl5,l79
def54,400
Net from railway
Net after rents
Charles
1
Divs. receiv. «fc int.
accrued
Liabilities—
Divs.
.-$8,761,897 $7,793,739
811,554
1,053,361
but not delivered
New Brunswick Fire Insurance Co.—Extra Dividend—
—V.
$487,666
344,557
-
ended Nov. 30 was published in
The directors have declared an extra dividend of 35 cents per share in
addition to semi-annual dividend of 50 cents per share on the capital stock,
Net
111,234
Net income for the ten months ended Dec.
31, 1936
Assets—
The comparative earnings for the years
December—
1,124,513
the basis of specific costs in accordance with Federal
Balance, Dec. 31, 1936
Surplips Income—
Balance, Feb. 29, 1936-
at cost
...$8,166,061 $7,721,598
Total
—V. 143, p. 4161.
$3,455,522
tax regulations)
Special dividend declared from security profits for the period-.
Securities owned—
1,793,768
1935.
Net after rents
(com¬
on
105,998
2,228,621
V. 144, p. 619.
Net from
March 1, 1931 to Feb. 29, 1936 and taxes
applicable to securNet profit from sales of securities
during the ten months ended
Dec. 31, 1936 (computed on the basis of
average costs)
Provision for Federal and State taxes
applicable thereto
puted
Federal taxes
88,728
for depreciation of $4,238,166 in 1936 and $4,160,026 in
reserve
Gross from railway
Capital Surplus—
Balance, Feb. 29, 1936 (after deducting $1,569,769 representing
net losses from sales of securities for the five
years from
_
Res. for State and
Profit and loss
From Jan. 1—
Statement of Surplus for the 10 Months Ended Dec.
31, 1936
ity profits)
.$5,000,000 $5,000,000
750,000
675,000
Accounts payable177,830
156,442
Notes payable
$8,166,061 $7,721,598
After
1935
1936
Capital stock
stock, par $20, both payable Feb. 20 to holders of record Feb. 2.—V. 142,
$2,068,703
1,770,798
_
In respect of unrealized
appreciation,
the excess profits tax or surtax on
expenses.
Total
Years Ended
692,548
41,740
35,041
1,838,609
41,741
17,000
2,258,346
230,509
(cost)
Inventories
Prepaid
266,223
827,696
Accts. receivable..
Liabilities—
1935
1936
Real est. &
a
Corp.—Earnings—
.
1932
1933
1934
cents
See list given on first page of this
department.
National Bond & Share
1935
...$6,722,508 $5,717,286 $4,386,189 $3,811,826 $4,184,758
Investments
_
1932
8,683,659 12,378,676 10,221,100 11,382,328
15,367,074 21,614,043 16,363,318 18,240,630
Sales Year Ended Nov. 30
Sales
in addition to the regular
quarterly dividend of like amount
Mount Baker Chromium
1933
1934
1935
Production (lbs.).16,791,411
Production (yds.)26,925,653
1936
Monsanto Chemical Co.—Extra Dividend—
The
increase
While operations for the first few months of the year were unsatisfactory
from a profit standpoint, the balance of the year was progressively better
and ended with a net profit after all charges of $434,853.
a
of
1937
30,
Naumkeag Steam Cotton Co., Salem, Mass.—Report—
Liabilities—
hand & demand deps.
on
Accounts receivable (trade).
a
Jan.
$2,990,947
1,028,952
677,144
$2,610,776
717,436
444,467
$2,459,179
732,294
409,712
41,712,951
15,075,778
9,137,723
34,235,450
11,128,265
6,759,546
33,143,864
10,451,608
5,509,427
30,647,506
9,912,548
5,216,887
From Jan. 1—
Gross from railway.____
Net from railway
Net after rents
—V. 144,p. 459.
New York Fire Insurance Co.—Extra
&-Larger Dividend
The directors have declared
an extra dividend of five cents per share in
quarterly dividend of 20 cents per share on the common stock,
par $5, both payable Jan. 30 to holders of record Jan. 25.
Previously regular quarterly dividends of 15 cents per share were dis¬
tributed.
In addition an extra dividend of 10 cents was paid on Oct. 30,
last; extra dividends of five cents were paid on July 30 and April 30, 1936,
and a special dividend of 15 cents per share was paid on Oct. 31, 1935.
—V. 143, p. 2529.
addition to
a
New York New Haven & Hartford
Period End. Dec. 31—
Operating revenues
Net
rev.
from ry. oper_.
Net ry. oper. income.
Net after charges
__
RR.—Earnings—
1936—12 Mos.—1935
$6,317,370 $78,867,149 $71,091,337
1,618,614
20,452,370
18,676,914
591,701
8,036,300
8,179,548
def297,071 df3,580,044 df3,560,469
1936—Month—1935
$7,420,254
2,283,936
1,196,769
511.821
Volume
Financial
144
for Filing Plan Extended to June
Time
The company has obtained an extension
must file its plan of reorganization.
Trustees Would
which it
can
ing undeposited bonds, either
promptly, the letter says.
Pay Interest—
&
bonds
gold bonds of 1954, and $48,000 int. due Dec. 1, 1935, on New Haven
Northampton 4% 50-year refunding consolidated mortgage gold
144, p. 459.
Ry.- -Earnings-
New York Ontario & Western
$663,236
194,091
54,001
Net after rents
8,705,934
2,122,090
8,590,059
2,200,305
$823,727
223,254
213,580
3,451,959
1,011,325
333,216
Gross from railway
Net from railway.
152,011
Net after rents
1,040,638
1,360,560
9,644,523
?«6£5,844
9,389,831
2,301,790
1,708,812
1,252,077
Dec.
Stocks, Inc.—Interim Report—
operations of the corporation for the period from the
business July 14, 1936 to Dec. 31, 1936 has been submitted
New York
.
,
,
representative of the entire industry.
j}
Dividends—The fiscal year has been determined by the board of directors
to close on May 31 for two principal reasons; First, comparatively few divi¬
dends are paid in the month of May by the corporations the securities of
which are held in the portfolio.
Since qualification as a mutual investment
company requires not less than 90% of net income to be distributed to
stockholders within the fiscal year, it was believed that a more accurate
predetermination of the full year's income could be made during that month
than at any other time of the year.
Second, the services of accounting
firms are in great demand at the January-July periods and it is believed
that economies can be effected by employing the services of accountants in
the preparation of certified reports between the rush seasons of the year.
The present policy of the directors is to declare dividends in the month of
November substantially equivalent to the net income then in hand derived
from dividends and interest, and to declare dividends in the month of May
amounting substantially to all of the remaining annual net income derived
from dividends, interest and realized profits.
The November period in the year of 1936, coming so soon after the cor¬
poration began business, made it impracticable to have the initial dividend
paid in accordance with this schedule.
.
The board of directors declared interim dividends payable on Jan. 15
to holders of record Dec. 31, 1936, on certain series of special stock (see
V. 144, p. 286).
,
Financial
c
Income
Per Share
Series—
Net Asset
Premiums in
25,213,546 21,657,054
Share
Per Share
$14.3056
13.0858
11.0570
12.3481
.0337
.0747
.0315
.0206
.0732
.0200
11.2553
Building Supply Series
Business Equipment Series
Chemical Industry Series
Electrical Equipment Series
Food Industry Series
.1360
.1532
.1614
.1850
.3263
.0251
.0268
12.3549
13.2073
11.8045
13.4875
11.2519
Government Bonds Series
,0264
.1051
.0090
.0195
11.1430
11.3596
.1931
.2977
.0239
.0313
.0293
13.3970
13.3721
1774
.1411
.1291
.0290
.0300
Bank Stock Series
,
Insurance Stock Series
Machinery Industry Series
Merchandising Series
Metals
—
Series!
Oil Industry Series
Public Utility Series
Railroad Series
.0297
.0240
.0405
•
14.8845
13.8156
10.2346
11.0266
.1035
.0274
16.1070
.1140
.0278
13.6184
.2436
.0342
10.5541
applicable to each share, (b) the expenses charged against
(c) the net asset value of a share of each series of special
.0641
.0363
Railroad Equipment Series
Steel Industry Series.
Tobacco Industry Series
a
The income
each share, and
as at the close of business
stock
Dec. 31,1936.
Balance Sheet as at Dec.
A-SCCtS1
$197,581
stock—For secur. purch.
6,734,239
apprec,—contra
347,176
Net unrealized
Dividends
30,523
52,734
114,865
receivable
Accts. receivable for sec. sold.
rec.
for special stk. sold
special stock redeemed.
Dividends payable
Capital stock (par
Paid-in
surplus
Earned
Applicable to common stock:
1,000
Cash in bank
_
For
a
surplus
Net unrealized appreciation of
_____
on
983,827
75,212
934,895
59,309
_
deposit &
68,252
591,485
6,206,224
10,904
stock—Authorized,
and
outstanding,
1,000 shs. (par $1)
1,000
$7,478,117
shares represent the net shares that will be outstanding
after giving effect to the issuance of special stock for "accounts receivable
for special stock sold" and the redemption of special stock by liquidating
the account "for special stock redeemed."—Y. 144, p. 286.
a
These 591,485
New York
Telephone Co.—New Director—
Adrian Van Sinderen was appointed a director
New York
Jan. 27.—V
144, p. 619.
Westchester & Boston Ry.—Hearing Set—
bonds have approved
Holders of more than $3,000,000 of first mortgage
of reorganization for the company filed by a committee headed by
Irving A. Sartorius in the Federal Court in New Haven on Jan. 4, Mr.
Sartorius reported at a meeting of the bondholders in the Guaranty Trust
Co. office at 35 Nassau St., Jan. 25.
A total of $5,000,000 of the bonds
must be voted in favor of the plan to give it standing in the court, it was
explained.
The Court held a hearing Jan. 29 on the legality of the filing of the plan.—
V. 144, p. 619.
the plan
New
Bond
York
Deposit
Susquehanna
&
Western
In letter dated Jan. 21 to
400,000
400,000
•
claims
2,000,000 2,000,000
18,750,866 14,785,113
Netsurplus
-27,373,194 23,544,526
Total
27,373,194 23,544,526
Total.
-V. 143, p. 1240.
Nipissing Mines Co.,
The
directors
Ltd.—2B-Cent Dividend—
have declared
a
dividend of 25 cents per share on
stock, par $5, payable Feb. 20 to
common
the
holders of record Feb. 5.
A
1936. Dividends
on Aug. 15, 1934,
this latter being the first distribution made since April 20, 1931, when a
regular quarterly dividend of 7H cents was paid.—V. 143, p. 437.
similar payment was made on Aug. 20 and on Jan. 20,
of 12)^ cents per share were paid on May 15, 1935 and
Norfolk Southern RR.—Receivers'
Proposed Abandonment
Jan 12 denied the application
abandon the part of a branch line of rail¬
road extending from Pungo to Munden (excluding Pungo), approximately
10.2 miles, all in Princess Anne County, Va.
The Interstate Commerce Commission on
of the receivers for authority to
Earnings for December and Year to Date
1934
1935
1936
December—
1933
$319,503
92,334
63,557
10,508
$322,130
46,158
9,648
4,414,689
841,801
4,618,921
898,611
4,763,117
1,139,986
4,385,592
803,155
302,538
325,428
489,653
303,231
$302,642
33,471
$353,315
91,059
Gross from railway
Net from railway.
Net after rents.
74,066
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
—Y. 144, p.
619.
Ry.—To Pay Larger Dividend—
Norfolk & Western
The directors on Jan. 26
share on the
holders of record Feb. 27.
declared a dividend of $2.50 per
stock, par $100, payable March 19 to
common
Previously, regular quarterly dividends of $2 per share were distributed.
In addition, an extra dividend of $5 was paid on Dec. 19, last, and extra
dividends of $2 per share were distributed on March 19, 1936, March 19,
1935, March 19, 1934, Dec. 19, 1931 and on Dec. 19, 1930.—V. 143,
p.4163.
Norseman Boat
See list given on
Corp.—Registers with SEC—
first page of this department.
Northern Alabama Ry.railway
Net from railway-.—.,..
Net after rents.
From
Jan.
1935
1934
1933
$48,082
17,863
14,363
$45,994
25,665
24,620
$46,284
18,177
19,649
725,138
312,523
555,995
187,063
20,979
543,739
191,171
41,761
530,818
204,704
8,708
1—
Gross from railway.____
Net from railway.
132,359
after rents
Net
—V.
Earnings—
$75,242
35,273
•' 33,317
1936
December—
Gross from
114.
144, p.
Northern Insurance
Co. of N. Y.—Extra Dividend—
an extra dividend of $1 per share in addi¬
semi-annual dividend of $1.50 per share on the common
stock, par $12.50 payable Jan. 15 to holders of record Jan. 9.
Extra
dividends of 50 cents per share were paid on July 30 and Jan. 27, 1936
and on July 29, and Jan. 28 1935.—V. 143, p. 281.
The directors have declared
tion to the regular
Northern States Power Co.
(Minn.)—Underwriters—
amendment with the Securities and Exchange
filed under the Public Utility Act in connection
with the issuance and sale of $75,000,000 SH% first and refunding mortgage
bonds and 275,000 shares of $5 preferred stock, naming the underwriters
of the two proposed issues of securities.
The names of the underwriters and the amounts to be underwritten
The company has filed an
Commission to its declaration
3 H % Bonds
$8,049,000
Bancamerica-Blair
First Boston Corp
5,490,000
Schroeder, Rockefeller & Co., Inc
Edward B. Smith & Co_
5,307,000
H. M. Byllesby &
Co., Inc
W. C. Langley & Co
A. C. Allyn & Co., Inc
8,049,000
5,122,000
5,122,000
3,293,000
Brown, Harriman & Co., Inc.Blyth & Co
holders of the 5% first mortgage bonds, due
5,307,000
2,780,000
2,415,000
_
Lehman Bros
2,415,000
Bonbright & Co
Goldman, Sachs & Co
Hayden, Stone & Co
Granbery, S afford & Co
Ladenburg, Thalmann & Co
Kidder, Peabody & Co
Lee, Higginson Corp
Harris, Hall & Co., Inc
2,049,000
2,049,000
1,829,000
1,462,000
1,316,000
1,316,000
Spencer Trask & Co
Glore, Forgan & Co
J. & W. Seligman & Co.
Hemphill, Noyes & Co
A. G. Becker & Co., Inc
F. S. Moseley & Co
Wells-Dickey Co
Kalman & Co
Stern Bros. &Co
Piper, Jaffray & Hopwood
Thrall, West & Co
—V. 144, p.
issue
new
The
Scotia
series
1,316,000
1,097,000
1,097,000
1,097,000
1,097,000
1,097,000
841,000
841,000
951,000
732,000
549,000
549,000
366,000
20,100
19,430
19,430
29,510
18,780
18,780
12,070
10,200
8,850
8,850
7,510
7,510
6,710
5,830
4,840
4,840
4,840
4,030
4,030
4,030
4,030
4,030
3,090
3,090
3,490
2,680
2,010
2,010
1,340
Light & Power Co., Ltd.—Bonds Offered—
$7,000,000 4%, 20-year first mortgage
of
sinking fund bonds was placed on the
week by
_u
Pfd. Stk.
29,510
619.
Nova Scotia
A
1, 1937, and the 4H% second mortgage bonds, due Feb. 1, 1937,
Denney, President, states that, although a considerable number of
bonds has already been deposited under the plan of extension, "the number
of holders not yet heard from is so substantial that only prompt action
on their part can keep the company from all the consequences of a default."
"Suits have been brought by certain individual bondholders," the letter
continues, "seeking judgment for the principal amount of first mortgage
refunding 50-year bonds, due Jan. 1, 1937. The company considers that
both the bondholders and the company should receive the protection of
Article X of the mortgage, which provides in substance that no proceeding
at law or in equity shall be prosecuted by any bondholders except after
C. E.
556,371
336,000
other
all
Capital
RR.—Prompt
Urged—
Jan.
for
Emanuel & Co
issued
Total--
353,580
Res .for taxes & exp
828,433
1,165,444
5,467,042
574,395
of
Shares
Capital
$7,478,1171
$
5,294,352
admustment
Res.
in office
31,'36 Dec. 31/35
Dec.
Unearned prems..
558
347,176
securities—contra
i
-Comparative Balance Sheet
$252,519
Capital applicable to com. stk.:
Total
308,659
follow:
Liabilities applicable to special
Invest, in securities, at cost..
Accts.
31,1936
Liabilities—
■
Cash in bank
343,186
Losses in process
course
of collection
Value Per
h Expenses
$.3015
.6953
.2869
.0738
Agricultural Industry Series
Alcohol and Distillery Series
Automobile Industry Series
Aviation Industry Series
356,977
56,493
•
^
shares of its special stock with the
in Washington and such registration
Despite the short period of business
operations, net assets of the corporation on Dec. 31,1936 totaled $7,155,788.
The special stock of New York Stocks, Inc., has been so created by charter
and accompanying resolutions that the shares of stock of each series are
redeemable in cash or are convertible into the shares of any other series on
demand of the shareholder.
Thus the investor and his own investment
adviser may control the general nature of his investments and may alter
from time to time the emphasis placed upon specific industries.
Instead
of purchasing a single common stock, the investor takes the more conserva¬
tive course of choosing a selected and supervised group of promising stocks
Corporation registered 2,000,000
Securities and Exchange Commission
became effective on July 14, 1936.
a
3,332,695
751,572
Liabilities—
$
4
report on the
to stockholders.
3,606.660
857,666
31,-36 Dec. 31,'35
$
Bonds & stocks
Cash
inception of
60,158
3,527,612
999,358
Niagara Fire Insurance Co.
Interest accrued.
—V. 144, p. 113.
A
42,180
From Jan. 1—
A. sscts
Gross from railway
Net from railway
$301,740
77,452
defl4,880
Net after rents
1933
$273,387
$287,444
130,276
47,747
$322,824
101,485
_
1934
1935
1936
December—
Gross from railway
Net from railway.
—V. 144, p. 619.
$709,235
236,057
$839,897
353,627
298,228
suit or
in
Earnings for December and Year to Date
Net after rents.
1933
1934
1935
1936
December—
Gross from railway
Net from railway
and
extension will not be aban¬
substantially all the remain¬
otherwise, are not deposited
be given that the plan of
doned before the final deposit date, March 1, if
No assurance
a
fold bonds of 1954; Harlem River-Port Nov. 1, 4% first mortgage 50-year
$300,000 int. due Chester 1936, on New York New
iaven & Hartford,
of 1956—V.
made for action by the trustee
request by a majority of the bondholders
failure of the trustee to act."
1—
until June 1 of time in
petition filed in Federal Court at New Haven, Jan. 22,
recommends the payment of $398,000 overdue interest. The total includes
$50,000 semi-annual interest on Naugatuck RR. 4% first mortgage 50-year
The trustees in
783
Chronicle
Canadian market last
Royal Securities Corp., at 99 to yield 4.07%.
purpose"of the issue, which is subject to approval by the Nova
Public
A
and
Utilities Board, is to redeem the outstanding $4,519,000
B first mortgage bonds of the company and $10,000 6%
bonds of the Chester Light & Power Co., and to refund
$1,819,200 first mortgage bonds of the Avon River Power Co., of which
$919,200 5H % series A, B and C were redeemed on Jan. 2 last and $900,000
5% series D are to be called for redemption on July 1 next; also to fund in
part the cost of acquiring and constructing extensions and additions to the
property of the company and its wholly owned subsidiaries.—V. 142, p. 4030.
first mortgage
784
Financial
Nunn-Bush Shoe Co.—Stock Split
The
3-for-l—Initial Div.—
on Oct. 15, last, split its common stock issuing three
$2.50 par stock for each old no par share outstanding.
The
•directors declared a dividend of 25 cents per share on the new
stock, payable
company
shares of
new
15.—V7 144,
Jan. 30 to holders of record Jan.
Ohio Edison
287.
p.
Co.—Earnings—
[A Subsidiary of Commonwealth & Southern Corp.]
Period End. Dec. 31—
1936—Month—1935
Gross revenue
$1,727,245
792,425
Oper. exps. & taxes
Prov. for retire. res've__
125,000
261,459
155,576
Int. & other fixed chgs._
Divs. on pref. stock
Balance
1936—12 Mos.-
-1935
$1,524,545 $17,785,487 $15,942,175
486,969
8,588,476
7,090,473
100,000
1,500,000
1,350,000
457,214
3,511,429
4,049,650
155,573
1,866,923
1,866,882
$392,783
$324,788
$2,318,658
$1,585,169
-V. 144, p. 460.
Oldetyme Distillers Corp. (& Subs.)—Earnings—
Earnings for the 9 Months Ended Sept. 30, 1936
Sales, less freight, cartage, allowance and discounts
Cost of goods sold-—
$8,787,752
6,967,224
Gross profit
$1,820,528
Other operating income
r
.
109,634
—
'
^
,
1
.
I
•
.
1
mm in.!
Total operating income
Selling, general and administrative
expenses
Provision for doubtful accounts
Net operating income
Discount
on
Total income
-
-
—
$234,291
101,765
24,000
—
Estimated provision for Federal income taxes
'
Net profit
Earnings
a
per
$108,526
$0.22
share on 496,100 shares capital stock ($1 par)
Exclusive of surtax
on
Note—As the result of
r
$199,217
35,074
purchases and interest income
Other deductions
a
.1 I.
$1,930,163
1,708,446
22,500
undistributed profits.
agreement with Canadian Industrial Alcohol
an
Co., Ltd., the above stated profit for the nine months ended Sept. 30,
1936, was increased to $325,356 by an adjustment of $216,831 representing
the price reduction (less estimated provision of $41,250 for Federal income
taxes thereon) on whiskey which had been sold by Oldetyme Distillers Corp.
and its subsidiaries during the nine months ended Sept. 30, 1936.
Pro Forma Consolidated Balance Sheet Sept.
Assets—
$345,649
Notes & accts.
a
Notes
30, 1936x
Liabilities—
Cash
rec.(less res.)—
receivable,
Inventories
a
1,476,171
58,527
4,597,310
a
Notes payable to bank
$1,696,173
Notes & accept, to others.-.
680,983
b Accounts payable
554,434
45,010
Miscellaneous accruals
Res. tor Fed. inc. taxes on 1936
Land, buildings, machinery &
equipment, (net)
Income
Miscell. assets (less reserves)-
966,235
26,923
Accrued taxes
Brands and trade-marks
172,957
Mortgage payable
Goodwill
1
Deterred charges
65,250
24,292
7,500
Res. tor losses & revaluation of
assets
96,169
tillers
acquired
&
trom Dis¬
Corp. of
Brewers
America & Its subsidiaries—
450,000
18,411
Reserve tor contingencies
Notes payable
550,000
748,600
3,254,510
Dr355,220
—
Capital stock ($1 par)
Capital surplus
Deficit trom operations
Total
Total
$7,739,945
$7,739,946
x After
giving effect as at that date to: (1) The issuance on Nov. 16,
1936, to Canadian Industrial Alcohol Co., Ltd., of 62,500 shares of the
capital stock of Oldetyme Distillers Corp. in adjustment of the price of
certain whiskey purchased from the former corporation and in cancellation
of a certain note of $1,310,000 representing the unpaid portion of the
original purchase price of the said whiskey; the crediting of the par value
($62,500) of the said shares to capital stock account; the reduction of the
inventory value of the unsold portion of said whiskey as at Sept. 30, 1936,
by $785,484; the crediting of $187,500 to capital surplus; the crediting
against deficit from operations of $274,516 representing the portion of
the aforementioned price adjustment applicable to whiskey sold prior to
Sept. 30, 1936; and the debiting to deficit from operations and crediting to
reserve for Federal income taxes of $41,250, representing the estimated
amount of additional Federal income taxes (exclusive of surtax, if any, on
undistributed profits) resulting from the aforesaid credit of $274,516.
(2) The acquisition from Distillers & Brewers Corp. of America and sub¬
sidiaries of certain assets and the assumption of certain liabilities of said
corporations, consummated pursuant to contract dated Nov. 3, 1936, and
the issuance in payment therefor of 190,000 shares of capital stock of
Oldetyme Distillers Corp. (par value $190,000) and $550,000 of two-year
negotiable notes.
a Secured
by warehouse receipts for whiskey,
b $11,720 secured by
warehouse
receipts.—V. 144,
p,
620.
Ontario Manufacturing
Co.—Larger Dividend—
a dividend of 40 cents per share on the com¬
value, payable April 1 to holders of record March 20.
This compares with dividends of 25 cents per share paid on Nov. 30, Oct. 20,
Sept. 30, last and each three months previously.—V. 143, p. 1890.
stock,
Jan. 30, 1937
000,000 at any one time outstanding.
The remaining authorized bonds
be issued as series A bonds or as bonds of one or more other series,
subject to the restrictions to be set forth in such mortgage.
may
Sinking Fund—Annual sinking fund, payable on or before Dec. 5, 1937,
and Dec. 5 in each year thereafter to and inch Dec. 5, 1960, at the com¬
pany's option, either in cash or in series A bonds at the principal amount
thereof, or partly in cash and partly in series A bonds at such price (any
bonds in addition to the bonds hereby offered, if issued as series A bonds
and whether or not first sold and reacquired by the company, being appli¬
cable to such sinking fund payments), of an amount equal to (a) $300,000
on Dec. 5, 1937, and increasing yearly thereafter to a maximum of $474,000
on Dec. 5,
1960 (such annual payments aggregating 62)4% of the prin¬
cipal amount of the series A bonds offered hereby), plus (b), if any series A
bonds in addition to those offered hereby shall be subsequently issued,
annual amounts, in respect of each such additional issue, which to and
including Dec. 5, 1960, shall aggregate 62)4% of the principal amount of
such additional bonds theretofore issued, all as to be provided in the
mortgage, series A bonds will be redeemable for the sinking fund on not
less than 30 days' published notice, on Jan. 15, 1938, and thereafter on
Jan. 15 in each year, at their principal amount and accrued interest plus a
premium of 2]4 % of such principal amount if called for such redemption
on or before Jan. 15, 1939, or, if called for such
redemption thereafter and
on or before Jan.
15, 1961, plus a premium less than such premium of
2)4% by M of 1% of such principal amount for each two years and six
months or part thereof which shall have elapsed between July 15, 1939,
and any subsequent date fixed for such redemption.
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.
Application
of
Proceeds—The
no par
Otis Steel Co.—Bonds
Offered—Offering was made Jan. 26
$15,000,000 first mtge.
sinking fund 4)/£% bonds,
series A, at 98 and accrued interest by a banking group
beaded by A. G. Becker & Co., Inc.; Bancamerica-Blair
Corp.; Hallgarten & Co.; Otis & Co., and including H. M.
Byllesby & Co., Inc.; Central Republic Co.; Hemphill,
Noyes & Co.; Ladenburg, Thalmann & Co.; Paine, Webber
& Co.; E. H. Robins & Sons, Inc., and Lawrence Stern
& Co., Inc.
1
V
■of
15,
1937;
due Jan.
15,
1962.
Interest
payable
J.
&
J.
Company will agree to reimburse to owners of the bonds resident in States
of Conn., Maryland, Mass., Ohio and Penn. not exceeding specified amounts
of certain taxes in such States which may be paid with
respect to the
bonds, but only upon application in the manner to be specified in the
Coupon bonds in interchangeable denom. of $500 and $1,000
registerable as to principal only.
Principal and interest to be payable in
New York City or, at holder's option, in Cleveland, Ohio, in such coin or
currency of the United States of America as at the time of payment is
legal tender for public and private debts.
National City Bank, Cleve¬
land, trustee.
Series A bonds red., other than for the sinking fund, at
option of company, in whole at any time or in part (selected by lot) from
time on any int. date, on at least 45 days' published notice, at their prin¬
cipal amount and accrued interest plus a premium of 5% of such prin¬
cipal amount if called for such redemption on or before July 15, 1939, or,
if called for such redemption thereafter and on or before July 15, 1961,
plus a premium less than such premium of 5% by H of 1 % of such principal
amount for each two years and six months or
part thereof which shall have
elapsed between July 15, 1939, and any subsequent date fixed for such
redemption, and without premium if called for such redemption after
July 15, 1961.
All redeemed series A bonds and all such bonds delivered
mortgage.
to the trustee for the
sinking fund
are
to be canceled by the trustee.
The series A bonds will be the initial issue of bonds of the
company
under its first mortgage to be dated as of Jan. 15,
1937, which will provide
for the issue of bonds limited to the aggregate
principal amount of
proceeds
($14,154,650)
$10,989,912 to be deposited in trust for the purpose of redeeming
on or about March 18, 1937, at 101)4, $10,827,500 first mortgage 15-year
6% sinking fund gold bonds, series A, due March 1, 1941 (accrued int.
to be paid by the company out of treasury funds):
(2) $2,914,000 (est.) to be used for additions and improvements at the
company's "Riverside plant."
(3)
The
remainder,
to
increase
working capital
available for
general
corporate purposes.
History and Business—Company was incorp. Jan. 3, 1912 in Ohio.
Company is engaged in manufacturing and selling the following products:
Coke oven by-products, steel plates, hot rolled strip, hot rolled sheets,
cold rolled strip, cold rolled sheets, blanks'sheared or punched from flat
rolled steel, and steel castings.
Company manufactures by-product coke
for consumption in its own blast furnaces, pig iron primarily for consumption
in its own open-hearth furances, and steel ingots and slabs for use only
in the manufacture of finished products of the company.
The principal finsihed products of the company are sold to producers
of automobiles,
automotive parts and accessories, barrels, boilers, farm
implements, locomotives, railway cars, machinery parts, bed tubing and
metal furniture, metal window sash, refrigerators, stoves, tanks, washing
machines and a few other manufactured acticles.
While the company's
active customers include manufacturers in the fields above named, the
company's products In recent years have been sold principally to large manu¬
facturers or automobiles or important parts thereof.
During 1936 approxi¬
mately one-half of the company's total dollar sales were made to five such
manufacturers.
The Midland Steel Products Co., which manufactures
automotive parts, has in recent years been the largest single purchaser of
the company's products, about 25% of the
company's total dollar sales
in 1936 and an average of approximately 26% or such sales for the past
three years having been made to that manufacturer.
Properties—Plants of the
company are known as the "Riverside plant"
the "Lakeside plant," both of which are located at Cleveland, Ohio,
of 430,000
gross tons of pig iron and 872,000 gross tons of steal ingots and steel for
castings, and are equipped with facilities capable of converting said ingots
and steel into various semi-finished and finished steel products.
The "Riverside plant," situated on approximately 325 acres of land along
the westerly bank of the Cuyahoga River, south or Clark Avenue, include
the following units:
100 coke ovens with an estimated annual capacity
of 320,000 gross tons of coke, a coke by-products plant, two blast furnaces
with an estimated annual capacity of 430,000 gross tons of pig iron, eight
open-hearth furnaces with an estimated annual capacity of 672,000 gross
tons of steel ingots, a 40-in. reversing blooming mill, a 72-in. continuous
hot strip mhl, a 30-in. continuous hot strip mill, six hot hand sheet mills,
a 72-in. continuous cold
strip mill, a sheet finishing department, a cold
strip department including 11 cold mills ranging from 14-in. to 30-ln.
wide, a department for the first opeation in blanking of flat rolled steel,
and two power plants for the generation of the steam used in the
opera¬
tion of the plant and the electric power consumed in a part of the plant,
electric power being purchased for the 72-in. mills and for certain small
units.
The "Riverside plant" has loading and unloading facilities acces¬
and
and which together nave an estimated combined annual capacity
sible to lake boats.
The "Lakeside
plant," situated on approximately 24 acres of land
between Lakeside Avenue and Lake Erie, east of East 26th St., includes
following units: Five basic open-hearth furnaces with an- estimated
the
annual capacity of 156,000 gross tons of steel ingots, an 152-in. plate mill
an 112-in. plate mill, an open-hearth steel foundry with three
acid
and
open-hearth furnaces having
an est mated annual capacity of 38,000 gross
castings, a foundry with an electric furnace having an
capacity of 6,000 gross tons of steel for castings, and a
power plant for the generation of the steam used in the operation of the
plant and the electric power consumed in a part of the plant, power for
the electric furnace being purchased.
Funded Debt—After giving effect to the Issue of the series A bonds now
offered, and upon retirement of its present funded debt, company will
have $15,000,000 of funded debt outstanding represented by the series A
tons
of steel
for
Additional series A
$25,-
bonds
or
bonds
of
one
or
more
other series
be issued under the new first mortgage, so long as the aggregate prin¬
cipal amount of bonds of all series at any one time outstanding under the
new first mortgage shall not exceed $25,000,000.
may
Stock
Capitalization
as
of Sept. 30, 1936
Authorized
x
7%
cum.
prior
preference
($100 par)
Jan.
net
(1)
Bonds.
Oslo Light Works—Bonds Called—
White, Weld & Co., as fiscal agent, is calling for redemption on March
1, 1937, $87,000 principal amount of Oslo Light Works (Oslo Lysverker),
formerly Oslo Gas & Electricity Works, 5% external sinking fund gold
bonds due March 1, 1963, at par and accrued interest.
Called bonds will
be paid on that date at the offices of the fiscal agent, 40 Wall St., New
York.—V. 143, p. 932.
Dated
estimated
exclusive of accrued interest will be applied as follows:
estimated annual
The directors have declared
mon
Chronicle
Common stock ((no par)
Outstanding
stock
247,339 shs.
1,000,000 shs.
yll5,038.3275 shs.
841,002 shs.
x Accumulated
unpaid dividends on the preference stock on Sept. 30,
1936, amounted to $36.75 per share or a total of $4,227,660, and unpaid
sinking fund accumulations on such stock amounted to $920,000, the
last annual sinking fund payment date prior to Sept. 30, 1936, having
been Dec. 31, 1935.
Such accumulated unpaid dividends to Jan. 1, 1937,
amounted to $38.50 per share then outstanding (as to shares then out¬
standing see below under "plan of recapitalization) and the unpaid sinking
fund accumulations
on
said date amounted to $1,155,400.
Includes shares represented by fractional share warrants amounting
aggregate to 32.3275 shares with a par value of $3,232.75, issued
in connection with the exchange of preference stock for preferred stock
formerly (but not now) issued and outstanding.
Plan of Recapitalization—Since Sept. 30, 1936, a recapitalization has
occurred pursuant to a plan of recapitalizatiion declared operative as of
Dec. 14, 1936.
In connection therewith, (a) amended articles of incorpora¬
tion were adopted and filed, increasing the authorized number of snares
of common stock to 1,500,000 (no par), reducing the authorized number of
shares of 7% cumulative prior preference stock (par $100) to 115,300, and
authorizing 147,584 shares of convertible first preferred stock (no par),
and (b) the holders of the preference stock were offered in exchange for
each share of such stock 1.28 shares of first pref. stock and one-half a
share of common stock.
The period within which the preference stock
may be surrendered for exchange has been extended to the close of business
Jan. 30, 1937.
As at Dec. 31, 1936, there had been surrendered or were on deposit for
exchange pursuant to such plan an aggregate of 100,256 shares of preference
stock, in respect of which there had been issued an aggregate of 128,327.68
shares of first preferred stock and 50,128 shares of common stock, incl. as
issued 409.84 shares of first pref. stock and 166 shares of common stock
called for by fractional share scrip certificates outstanding and 18,033.92
shares of first pref. stock and 7,044.5 shares of common stock issuable in
exchange for 14,089 shares of preference stock on deposit for exchange on
said date.
At said date 19,256.32 shares of first pref. stock and 7,522
shares of common stock were reserved for exchange of shares of preference
stock not surrendered for exchange at said date, and an additional 590,336
shares of common stock had been reserved for the purpose of satisfying
the conversion privilege accorded to holders of the first preferred stock.
y
in the
Volume
Dividends
plan
Financial
144
issuable pursuant to such
$5.50 per share
at the date of issuance of
periods from March 15 to
Such dividends on the 128,327.68 shares
Consolidated Earnings for the 10
the shares of first pref. stock
on
cumulative from March 15, 1936, at the rate of
are
per annum, and have been declared payable
such stock for the three quarterly dividend
Dec. 15, 1936 ($4,125 per share).
of first jpref. stock issued or issuable as
of Dec. 31, 1936,
amounted to
Dividends on shares of first pref. stock issuable otherwise than
pursuant to such plan are cumulative at said rate from the first day of the
quarterly period in which issued.
By action of the board of directors and
of the shareholders of the company there is allocated to each share of
common stock and first pref. stock issued pursuant to such plan, $5 and
$75 of stated capital, respectively.
The first pref. stock is redeemable at
$105 per share plus, dividends.
In connection with such plan, depositaries appointed by the company
Issued, until Dec. 15, 1936, certificates of deposit to evidence the deposit
of shares of preference stock for exchange.
There were issued certificates
of deposit evidencing an aggregate of 87,744 such shares, of which, at
Dec. 31, 1936, certificates representing an aggregate of 12,638 shares
remained outstanding.
.
Earnings for Stated Periods
'
$529,351.
$7,870,960
1933
loss
s&Igs
1934
/
1
disc'fcs
Sept. 30,'36.
1935
.
•.
Operating and selling expenses
Gross profit.
and administrative
Balance,
Other
allowances$13,297,955 $16,779,944 $22,747,570
Cost of goods sold and
operating expenses in;
,
$20,384,909
.
.
,
clud'g maintenance &
12,052,753
864,950
Taxes
than
(other
455,635
448,823
Depreciation
558.536
462,613'"
profit
447,378
634,454
687,7221
Prov. for doubtful accts.
,
41,414
8,218
19,071
20,673
loss$608,857
8,670
$1,549,094
9,745
$3,571,668
5,487
$2,175,162
86,005
charged off
Other income
$1,558,839
$3,577,155
$2,261,166
649,650
733,943
503,550
65,414
6,380
65,414
58,041
49,060
7,790
160,821
25,665
145,772
27,731
41,348
54,744
loss$600,186
Total income.—
Prov. for inventory, &c.
160,000
adjustments
Interest
649,650
funded debt
on
'
Amortiz. of debt disc. &
65,414
expense
Other debt expense...-Other interest
Other deductions
Prov. for
1,646
5,818
Fed. inc.
profits
esc.
$607,774
---
57,087
income
Deductions from income
$664,861
'
-
...
226,185
*
60,500
Provision for Federal income tax
Net
$378,176
income
Equivalent to (on shares outstanding at close of period)
$1.77 per sh.
a No provision has been made for Federal surtax on undistributed profits.
Consolidated Balance Sheet Oct. 31, 1936
Liabilities—
Assets—
$350,662
1,164,212
Merchandise inventory..
2,611,085
Advances for merchandise
150,843
Investments
29,521
Other assets
35,630
b Real estate—Land Abldgs..
845,572
Notes
1
Tintex goodwill & trademarks. 2,000,000
Deferred charges.
60,742
c
Cash
-
Accts. & notes receivable
Fixtures, mach'y & equipm't—
-.—.-$7,248,170
Total
expenses-..
Balance
43,199
,
-
Total income
a
341,498
—
w-_---.$1,296,480
888,213
payable
Accounts
Accrued
payable
63,968
66,393
charges
Res've for Fed. income taxes.-
218,722
3,480,763
1,272,405
Dr38,775
Capital stock ($1 par)
Capital surplus
Earned surplus
Capital stock purchased
Cr57,343
Adjust, of royalties (Cr.)
Selling, gen. and adm,
and accts.
16,343,667
« 763,572
in¬
taxes)
come
17,198,521
865,316
13,342,034
866,424
498,871
repairs
expenses..
debts
bad
for
$992,472
— — -
General
ftovision
a
returns and
5,384,796
1,493,691
Cost of goods sold
.
Gross
Months Ended Oct. 31, 1936
Gross sales
9 Mos. End.
Years Ended Dec. 31'
785
Chronicle
& undistributed
460,000
395,000
103,000
taxes
...$7,248,170
c Pur¬
Total
for depreciation of $157,922.
chased by subsidiary company, 5,500 shares, at cost.
a
b After
After reserves,
reserves
Agreement Permits Payment of Dividends—
Loan
entered into an agreement with the Commercial Na¬
National Bank; Manufacturers Trust Co.
18, 1936, permitting the company to pay
two quarterly dividends of 50 cents each on the common stock, it was
revealed Jan. 27 in a report filed with the Securities and Exchange Com¬
mission and made public by the New York Stock Exchange.
The company obtained from the banks loans aggregating $3,800,000 on
4% notes.
The original agreement stipulated that the company was not
The
company
tional Bank & Trust Co.; Chase
and David A. Schulte on Nov.
to pay any
This
dividends unless by consent of the creditors.
common
18, 1936, and on Dec. 21, 1936, a dividend
paid to common stockholders, the first payment since
July 14, 1930.
The next dividend, according to the agreement, may be
paid up to May 20, 1937.
consent was obtained on Nov.
of
50
cents
was
President Stewart Dies—
of this company and Park & Tilford Import
Corp., died suddenly on Jan. 27, after a brief illness.
He was 51 years old.
Gordon Stewart, President
$2,228,664
$560,891
def$l,509,528
Net profit
$1,081,090
-V. 144, p. 620.
Registers Stock with SEC—
Overseas Securities Co., Inc.—Net Assets—
The company reports for the year ended Dec. 31, 1936, net assets based
on market quotations, before deducting outstanding debentures, amounted
to $3,344,238, equivalent to $3,212.52 per $1,000 of debentures, as com¬
pared with $2,230.44 per debenture on Dec. 31, 1935.
After deducting
outstanding debentures at par, the net assets per share of outstanding capital
stock were equivalent to $15.65, as compared with $8.68 on Dec. 31,1935.
In calculating the above net assets, no deduction was made, in respect of
unrealized appreciation, for any Federal taxes or any directors' and man¬
agers' compensation, wh ch m ght be payable if the appreciation in the
value of securities over cost were realized.
Investment securities costing $3,012,932 were carried in balance sheet
at market quotations as of Dec. 31,1936, at $3,346,236.—V. 144, p. 620.
See list given on
Parker Rust-Proof Co.
1936
Co.—Rights to Subscribe—
$952,819
$691,067
429,498
143,166
118,049
from an order
the manner in
shall be made available to bondholders and
which subscription certificates
Circuit Court of Appeals for the Ninth Circuit; and that, therefore, de¬
benture subscription certificates and stock subscription certificates shall
not be delivered to holders
due 1940, shall continue to be made
144,
p.
Inc.—Comparative Consol. Balance Sheet—
Dec. 31 '36
rec.
Inventories
510,327
1,703,261
2,543,800
3,689,619
June 30 '36
Liabilities—
$
Cash
2,400,230
3,481,061
$
Notes pay. to bksAccts.
pay.
250,000
and
accr'd liabilities.
Expense ad vs. to &
accts. of officers
615,046
167,831
Prov. for Fed. tax.
744,015
173,195
Notes pay. to bks.
&
57,674
8,746,806
50,614
8,933,623
employees
Investments
4,362,632
wk.
4,320,986
278,183
521,594
equipment
►
202,809
507,989
in
progress
Land
60,885
amortlza'n.
64,445
1
1
142,531
133,924
Goodwill
Prepd. & def. chgs.
4% cum. copv.pref.
stk. (par $100). 2,380,400
a
20,426,2541
The directors have declared
1936
In
(repre¬
July,
Total
218,800
.10,666,170 10,666,170
8,289,487
7,910,021
22,286,742 20,426,254
Preferred Dividend—
an
New
York
initial quarterly dividend of 31K cents
Feb. 1 to
Inc.—Listing—Rights, etc.—
Stock
Exchange has authorized
the listing of 31,246
additional shares of capital stock (par $1), upon official notice of issuance
and sale to stockholders and (or) David A. Schulte, as underwriter, making
the totai amount applied for 249,968 shares.
The directors on Jan. 4, 1937 authorized the issuance and sale of
31,246
shares of capital stock to holders of record as of Feb. 1, 1937, at $25 per
share at the rate of one share for each seven shares held, subject, however,
prior registration of such shares under the Securities Act of 1933, as
Subscriptions are exercisable prior to close of business March 15,
stockholders prior to that time are to be
issued and sold to David A. Schulte upon his payment therefor at the rate
to
amended.
and shares not purchased by the
of $25 per share net to the corporation.
The net proceeds after deducting estimated
expenses will amount to
approximately $779,150.
Of such estimated net proceeds, $500,000 is to
be applied to reduce the corporation's current notes payable.
The re¬
mainder of the net proceeds will be used for general business purposes.
23,728
107,930
76,223
$15,042
25,192
$46,459
22,544
$38,147
93,971
$156,089
79,082
$10,150
Charges to income
Net
loss
income
prof$23,915
Fed.
(before
taxes)
Includes depletion
$55,825 prof$77,007
and depreciation of $24,181 for the 3 months
ended
the 3 months ended Dec. 31, 1935; $84,674 for
31, 1936 and $77,244 for the 12 months ended
31, 1935.—V. 143, p. 2856.
Dec. 31, 1936; $22,043 for
the 12 months ended Dec.
Pennsylvania RR.-— To Offer Stockholders $52,670,700
334% Convertible Bonds—Proceeds to Be Used for Completion
of Electrification Extension—M. W. Clement, President,
made the following announcement Jan. 27:
The directors have
authorized completion of the electrification of its lines
for both passenger and freight service east of Harrisburg, Pa.
of this forward step is to promote better service to the public
The purpose
and increase
efficiency and economy in operation.
The results of the present electrifica¬
tion have been so satisfactory to the company and the public that, in order
to secure the full measure of benefit, the directors have decided to complete
lines in the new
30,
of $4,038,784 Dec. 31 and $3,898,106
b Represented by 476,062 no par shares.—V. 144, p. 620.
Park & Tilford,
19,385
Gross income
a
$69,783 prof$79,866
(incl. divs.
from allied co.'s)
Issued
Eer share on the 5% preferred 144, p. 116. par $25, payable
olders of record Jan. 26.—V. class A stock,
The
$4,344 prof$22,730
Miscell. inc.
$3,068,337
2,988,470
senting 2, 188 shs.
June
After reserve for depreciation
Pearson Co.—Initial
844,720
$3,467,347
3,537,129
electrification program on its eastern lines, as announced by the
Pennsylvania RR. in the fall of 1928.
The four-track main line is now electrified between New York, Trenton,
Philadelphia, Wilmington, Baltimore and Washington, as are also the com¬
mutation lines around Philadelphia and New York.
The chief parts of
to
Surplus
June 30.
1,013,501
1936—12 Mos.—1935
the original
Cash subscriptions
rec'd from stock¬
1936)
22,286,742
17,279
146,774
14,406
153,402
b Common stock.
Total
300,000
on
instal. notes rec.
holders
Pats. & tradem'ks,
less
Unearned dlsc't
Reserves
aBldgs., mach'y &
Construc'n
1936—3 Mos.—1935
$1,009,157
$867,450
Oper. exps. and taxes.-
Dec.
[Including Domestic Subsidiary Companies]
Dec. 31 '36 June 30 '36
Assets-
(Adjusted)
cljustccfy
Period End. Dec. 31—
Gross earnings
a
Paraffine Cos.,
Notes & accts.
Bituminous Coal Corp. lease]
without specification as at present.—V.
620.
2856.
Pennsylvania Coal & Coke Corp.—Earnings—
operated by virtue of Clearfield
of the bonds nor the bonds stamped until further
order of the Court:
The Committee on Securities rescinds the ruling of the Committee dated
Jan. 7, and directs that until further notice transactions in Pan American
Petroleum Co., 1st mtge. 15-year convertible 6% sinking fund gold bonds,
96,135
$4.11
_
.
[Including income from allied companies
Jan. 22, 1937, in the
creditors of the debtor and its subsidiary, were filed on
$403,958
$5.78
Earnings per share
$2.51 :
$6.64
x After deducting surtax on undistributed profits.—Y. 143, p
...
of pan American Petroleum Co., dated Aug. 20, 1936, and
made by said District Court dated Dec. 23, 1936, directing
1933
1934
1935
Net profit after deprec..
Fed. inc. taxes, <xc
x$l,082,146
Shares common stock
Pan American Petroleum
(& Subs.)—Earnings—
Calendar Years—
,
Referring to the ruling of the Committee on Securities of the New York
Stock Exchange, dated Jan. 7, 1937, that beginning Jan. 25, transactions
in 1st mtge. 15-year convertible 6% sinking fund gold bonds, due 1940, may
be made "plain" and "stamped;"
Notice having been received that petitions for leave to appeal from the
order of the U. S. District Court, Southern District of California, Central
Division, dated Dec. 23, 1936, confirming the plan of reorganization of
Richfield Oil Co. of Calif, including (as part thereof) a plan of reorganization
288.
first page of this department.—Y. 144, p.
Parker Pen Co.—50-Cent Dividend—
The directors have declared a dividend of 50 cents per share on the
common stock, par $10, payable March 1 to holders of record Feb. 15.
A
similar payment was made on Dec. 23, last, and compares with dividend
of 40 cents paid on Dec. 1, last.
On Sept, 1, last, a quarterly dividend of
25 cents per share and an extra dividend of 15 cents per share were dis¬
tributed.—V. 143, p. 4163.
:
electrification are the main line from Paoli, just west of
Philadelphia, through Lancaster to Harrisburg, Pa.; the low-grade freight
Morrisville, Pa., near Trenton, N. J., via Columbia to Enola
Yard, near Harrisburg, Pa.; the freight line from Columbia, Pa., following
the Susquehanna River to Perryville, Md., and the freight line from Mon¬
mouth Junction to South Amboy, N. J., with the necessary yards, connect¬
ing branches and equipment.
It will require about 18 months to complete the new work, during the
line from
of which upwards of 10,000 men will be employed directly on the
project and a like number in the industries furnishing materials.
The funds required for electrification and other capital expenditures will
be provided through an offer to the stockholders at par of $52,670,700 of
15-year 3\i% convertible debenture bonds, convertible at the option of
the holders into capital stock of the company at par ($50 per share). Stock¬
holders recorded on the company's books at the close of business Feb. 6,
1937, will be entitled to subscribe for the new bonds on the basis of 8%
of the par value of their holdings, which is equal to $4. a bond for each share
of stock being held.
The debenture bonds will be issued in denominations
of $100, $500 and $1,000.
The entire issue has been written by Kuhn,
Loeb & Co., so that any portion of the issue not subscribed to by the stock¬
holders will be purchased by the bankers.
The large freight and passenger yards at Harrisburg, Enola and South
Amboy will be electrified to permit the movement of electrically-operated
trains in and out of the yards and stations at these points.
Additional yard
electrification will also be installed at Philadelphia and Perryville.
Complete electrification of the lines to Harrisburg will not only effect
substantial operating improvements and economies, but will also enable
the Pennsylvania R R. to realize abetter return on its entire investment'
progress
in electric service.
It will also produce greater flexibility of train movement
and more comfortable operation.
The new work will involve the electrification of 315 miles of line and 773
miles
of
track.
Upon
its
completion,
the
Pennsylvania R R.
System
786
Financial
will have 2,677 miles of electrified trackage, or
41% of the total electrically
operated standard railroad track in the entire United States.
Sale of
Cleveland & Pittsburgh Stock—
The Interstate Commerce Commission on Jan. 18
modified its order
of Oct. 21, 1924 so as to permit the sale at
par of 150,000 shares of 4%
special guaranteed betterment capital stock, of the par value of
$7,500,000,
of the Cleveland & Pittsburgh RR., the
proceeds to be applied to maturing
indebtedness, sinking-fund requirements, and additions and betterments.
The report of the Commission
says:
"The applicant states that the stock has been released from
pledge and
is
available for sale, the bonds for which it was
pledged having been re¬
deemed on May 1, 1936.
It represents that during the calendar year 1937
it will have maturities
exceeding $23,000,000 and sinking-fund requirements
of approximately $8,000,000, that additions and
equipment,
about
included
in
the
$12,000,000, and that
1936
budget,
work
new
betterments to its road and
will require expenditures of
of the same
nature will require
further funds.
It states that its current income and
earnings will not be
sufficient to meet these requirements and that it is
desirable, therefore, to
sell the stock in order to provide a part of the funds
needed during 1937 for
capital purposes.
in connection with the sale of the stock the applicant will enter
into an
agreement with the Pennsylvania Co., whereby the latter will
agree that
it will not, without the consent and
approval of the applicant, sell, pledge,
repledge, or otherwise dispose of the stock, and the applicant will agree not
to give such consent and approval until it shall first
authorization therefor.
The proposed agreement will
the Pennsylvania Co. will, upon demand of the
shares of stock to it at any time at a
have obtained our
also provide that
applicant,
price not exceeding par
resell
these
Earnings of System
1936—Month—1935
1936—12 Mos.—1935
Railway oper. revenues_$40,476,543 $32,114,281 $442441,319
$368601,518
Railway oper. expenses. 29,060,454
23,789,355 315,177,564 263,915,643
Railway tax accruals
1,454,300
1,365,406
26,991,587
25,342,870
Unemploym't insurance.
192,593
2,011,748
RR. Reitrement Act
652,178
5,829,557
Uncollect, ry. revenues.
14,160
150,321
Equipment rents
132,557
434,029
5,875,532
7,055,879
Joint facility rents212,062
325,461
2,579,902
1,897,107
Earnings
December—
Gross from railway
Net from railway
of
$6,185,870 $83,975,429 $70,239,698
Company
1936
1933
__
-
Securities
Corp.
will
be
principal
underwriter.—V.
2857.
129.
Penn Traffic Co.—Pays Extra Dividend—
and
regular
technical
advisor.
Potrero Sugar Co.
Assets—
(& Subs.)—Bal. Sheet Oct. 31-
1936
1935
receivable.._
135,728
Advs. to Colonos.
34,046
5,002
$48,680 Bank loans......
1,281 Bills payable
114,475 Accts. payable and
accrued accts...
33,990
4,732 Unpresented bond
$190,314
receivable-
$54,782
3,078
interest coupons
Cash
._
Accts.
sem
sold
rum
Alcohol
acct.
on
5,672
4,253
revenues.....
Net oper. revenue
Net ry. oper. income
Other income._________
Total income.
$880,366
4,224
$678,834
.
_
Fixed charges
24,526
1,190
1,435
notes
105
630
1,770
11,778
1,055
8,019
Accrued int. other
than bonds....
2,395
2,089
Mat'd int. coupons
Interest
accr.
on
6,615
15,155
1,190
1,435
mortgage bonds
Discount on pref.
28,554
30,479
94,901
194,565
71,182
185,305
Drug store invent.
Spec. dep. for bond
interest coupons
Materials and sup¬
on
Growing
hand &
--
cane
Co.'s bonds & stks.
Investments
z50
~3~814
.....
xLand, bldgs.,
chinery, <fcc
1,981
ma¬
3,416,512
80,496
charges.
3,489,235
62,756
Net income.
stock repurch..
1st mtge. 7% sink,
fund gold bonds
y
Pref. stock
y
Common stock
Capital surplus
Deficit..
Total
2,153
1,930
890,000
222,545
950,000
215,450
1,067,200
1,885,169
391,488
1,159,495
1,885,414
368,465
$4,061,919 $4,030,520
After
reserve for depreciation of
$1,008,272 in 1936 and $894,802 in
Shares of $5 par value,
z Company's own common stock,
50
shares, at less than cost.
The comparative earnings statement for the
years ended Oct. 31 was
published in V. 144, p. 621.
x
1935.
y
Ltd.—Reorganization Plan-—
A special general meeting of the shareholders of the
company (both pre¬
ferred and common) will be held at the office of the
company, 65 St. Anne
1937, for the purpose of considering and
$377,745
$2,758,004
$1,633,298
—V. 144, p. 461.
(a)
Sanctioning and confirming a by-law providing for a reduction of
its authorized capital from $60,000,000 to $30,000,000 and
proposing a
compromise or arrangement between the company and its shareholders;
(b) Sanctioning and confirming a by-law to authorize the directors to
borrow money upon the credit of the
company up to an amount not ex¬
ceeding in the aggregate $25,000,000 (of which, however, only $15,000,000
are
56,165,835
67,790
3,340,041
$5,194,916
16,061
285,028
$607,903
_;
_
11,227
30,551
if deemed advisable—
1936—Month—1935
1936—12 Mos.—1935
$3,192,828
$2,681,057 $32,459,080 $28,478,082
1,014,812
852,031
8,943,119
7,340,795
685,622
646,214
5,578,349
4,828,197
194,743
32,620
587,485
366,719
268,238
_
1935
$207,028
11,678
10,278
19,461
St., Quebec, Can., on March 1,
Deductions.
income
1936
payable
of buyers.
Price Brothers & Co.,
Marquette Ry.—Earnings—
Period End. Dec. 31—
Operating
6%
hand for
Rum in process
People's Bridge Corp.—Trustee—
The Manufacturers Trust Co. is trustee for
company's $300,000 first
collateral lien sinking fund 5% bonds due
Aug. 1, 1946.—V. 144, p. 288.
Pere
Liabilities—
Total..-.-..-$4,061,919 $4,030,5201
paid
an extra dividend of 7H cents per share in addition
-annual dividend of like amount on the common
stock,
par $2.50, on Jan. 25 to holders of record Jan. 14.
Dividends of 1)4 cents
per share were paid on Feb. 1 of 1936 and 1935 and dividends of 5
cents
per share distributed on Aug. 1,1936,1935 and 1934.—V.
142, p. 135.
a
4013.
Corporation has agency contracts with 38 distributors in the United
States and 14 in 12 foreign countries.
Its plant is located in Kansas City,
Mo.
During the three active years of its existence, company has manu¬
factured 138 airplanes, which have been shipped to almost
every State in
the union, to Canada, Mexico and many foreign countries.
Deferred
The company
p.
Corporation was organized in Delaware June 4, 1934, with authoriza¬
tion to design, develop, manufacture and seU aircraft of various
types,
including motors, parts, instruments and accessories.
In August 1934, the
business was chartered in Missouri, where the business has been
operated
since that time.
On Jan. 1, 1937 it was decided to revise the
capital struc¬
ture of the Delaware company
transferring to it the going business of the
Missouri business, and thus provide a corporate framework which would
permit an increase of the working capital.
Capitalization upon completion of this financing will consist of an
authorized issue of 500,000 shares ($1 par) common
stock, of which 150,000
shares will be outstanding.
The company has no funded debt and no
royalty, license or contingent obligations.
E. E. Porterfield Jr. is president and director.
Roger Q. Williams is
plies
The company nas filed a registration statement with
the Securities and
Exchange Commission under the Securities Act seeking to issue $2,238,000
of 3H% 1st mtge. bonds, series A, due 1967.
to
Southern Ry. above.—V. 143,
Aircraft
Corp., Kansas City, Mo.—Stock
Offered—Public offering was made Jan. 29 of 75,000 shares
($1 par) common stock by Underwriters & Distributors,
Inc., of New York.
Offering was made by means of a
prospectus at $1.30 per share.
in transit.
Pennsylvania Water Co.—Files With SEC—
p.
Kansas City
Porterfield
Due for alcohol and
1934
.441,425,189 367,812,186 343,668,699 324,715,814
.127,337,488 104,712,002
94,882,591
97,947,467
84,180,592
70,394,641
61,317,016
61,976,859
—V. 144,p. 116.
Mellon
Port Arthur Canal & Dock Co.—Bonds—
See
_
Gross from railway
Net from railway
The
—V. 144, p. 463.
Due from officers.
Only
1935
.$40,401,711 $32,041,436 $26,911,060 $25,060,089
11,434,105
8,339,375
6,701,592
5,862,202
8,797,941
6,206,565
4,815,818
3,680,625
Net after rents
From Jan. 1—
Net after rents.
Pittsburgh Steel Co.—Options—
Bills
$8,772,399
Jan. 30, 1937
The directors have approved the granting of two options, each on 5,845
shares at $12.50 a share, for one and two
years, respectfully, to Henry A.
Roemer, President.
The issuance of the options is subject to the
approval of stockholders.
director
[Excludes L. I. RR. and B. & E. RR.]
Period End. Dec. 31—
Net ry. oper. income.
Chronicle
94,452
3,467,166
Perfex Radiator Co
.—Registers with SEC—
be
to
presently issued) and for that purpose to create and issue first
an aggregate principal amount not exceeding $25,000,000,
therefor;
(c) Sanctioning and confirming a by-law to authorize the directors to
borrow money upon the credit of the
company up to an additional amount
not exceeding in the aggregate $4,268,300 and for that
purpose to create
and issue second mortgage 4 % convertible debentures of an
aggregate prin¬
cipal amount not exceeding $4,268,300, and to grant security therefor.
mortgage bonds of
and to grant security
'
•
See list given on first page of this department.
Summary of Plan of Reorganization
The company was placed in
Phillips Petroleum Co.—To Pay 50-Cent Dividend—
The directors
the
5.
Jan.
on
stock,
common
Feb.
This
no
28 declared
a dividend of 50 cents
per share on
value, payable March 1 to holders of record
with a dividend of $1 paid on Dec. 1 last and
par
compares
dividends of 25 cents per share in addition to
regular quarterly dividend
of 25 cents paid on Sept.
1, June 1, and Feb. 29, 1936, and on Nov. 30,
extra
1935.—V. 143, p. 3159.
Gross
from
1936
railway..
Net from railway....
Net after rents
From Jan.
Gross
from
after
1935
1934
1933
$2,053,240
299,139
defl5,817
$1,437,846
165,986
238,828
$1,075,126
92,285
318,563
$1,124,835
100,463
163,011
22,204,490
4,998,882
4,895,227
16,822,332
3,164,148
3,762,399
15,236,943
2,376,342
3,304,833
14,582,837
2,610,128
2,906,119
1—
railway..
Net from railway....
Net
...
._
..
rents
—V. 144,p. 621.
Pittsburgh & Shawmut RR.- -—Earnings—
December—
Gross from railway
Net from railway.
1936
136
Gross from railway
Net from railway
Net after rents
—V.
144,
_
_
.
$47,023
13,789
7,358
$50,789
def8,894
def5,887
$58,857
7,036
12,889
577,692
11,561
17,701
Net after rents.
From Jan. 1—
1935
$74,828
23,957
22,189
564,389
13,553
39,039
642,980
48,978
94,516
670,421
109,995
126,743
1934
1933
117.
p.
interest
was in arrears from Feb.
1, 1932, and the trustee under that trust
deed, after having declared the bonds to be due and
payable in respect of
principal, premium and interest, advertised the properties of the company
for sale by public auction to be held on Feb. 3, 1937,
The trustee in
Pittsburgh & Lake Erie RR.—Earnings—•
December—
bankruptcy on April 10,1933. The trustee in
bankruptcy is Gordon W. Scott, O.A., of Montreal.
Under the trust deed bearing formal date as of Feb.
1, 1923, securing the
first mortgage bonds of the
company, there remained outstanding at date
of bankruptcy $11,061,000 first
mortgage bonds, in respect of which the
bankruptcy, under the authority of the Bankruptcy Court,
with moneys borrowed for that purpose,
paid to the trustee for the bond¬
holders the amount of the principal,
premium and interest of the bonds
and other incidental amounts in order to
prevent that sale.
The lender of
such borrowed moneys has meanwhile been secured in effect
by the rights
formerly held by the trustee for the bondholders.
In order to release the
company from bankruptcy, it will be necessary to
provide for the repayment of the amounts which were borrowed by the
trustee in bankruptcy to make the
payments above mentioned, the other
expenses and the compensation of the trustee in
bankruptcy and the unse¬
cured claims against the bankrupt
company.
The present authorized capital stock of the
company consists of 100,000
shares (par $100) of 6H% cumulative sinking fund
preferred stock, of
which 62,843 shares are outstanding, and 500,000 shares of common stock
(par $100), of which 426,832 shares are outstanding.
The proposed reorganization of the
company contemplates the following:
Preliminary Reduction of Capital—Preparatory to their conversion into
new common shares, the shares of the common stock are
to be reduced from
$100 par to $40 par.
This involves a reduction of the authorized capital
from $60,000,000 to $30,000,000.
New Preferred and Common Shares—It
the share
capital of the company
so
is then proposed to reorganize
that, upon completion of the reorgan¬
ization—
Pittsburgh Shawmut & Northern RR.—Earnings
December—
Gross from railway
1936
p.
1933
$65,131
3,813
def3,598
$80,233
12,835
4,441
$81,362
def2,885
def7,666
1,084,850
182,213
68,207
From Jan. 1—
Gross from railway
Net from railway..
Net after rents
144,
1934
$108,830
35,092
18,226
Net from railway
Net after rents
—V.
1935
898,683
67,988
defl2,920
921,045
36,424
def57,694
989,451
169,031
90,624
117.
Pittsburgh & West Virginia Ry.—Earnings—t
December—
1936
Gross from railway.
Net from
...
railway
Net after rents
From Jan. 1—
Gross from railway.
Net from railway
Net after rents
_
—V. 144, p.
_
_
117.
_
...
_
...
1935
$347,829
97,907
106,171
3,856,902
1,164,660
1,265,310
3,001,241
960,962
1,033,185
1934
$283,015
103,582
109,946
1933
$204,373
46,350
52,974
'
$179,980
52,231
48,429
2,720,145
717,100
835,969
2,530,253
816,984
904,838
(a)
the
holder of each
of the presently existing preferred shares will
one
5H% redeemable preferred share (cumulative
1939) (par $100) and 1% fully paid non-assessable shares
(no par) common stock;
(b) the holder of each of the presently existing common shares (par
$100) so reduced to a par value of $40 each will hold instead thereof one
common share (no par).
New First Mortgage Bonds—It is proposed to authorize the creation and
issue of $25,000,000 new first mortgage bonds.
Undertakings satisfactory
to the company have been obtained from a
group of responsible English
and Canadian purchasers to purchase $15,000,000 of these
bonds, con¬
stituting all of the bonds proposed to be presently issued.
The principal
characteristics of these bonds will be the following:
(a) The initial issue of $15,000,000 will be dated as of March 1, 1937,
will mature as to $500,000 in two years, as to
$500,000 in three years, as to
$500,000 in four years, as to $750,000 in five years, as to $750,000 in six
years and as to $12,000,000 in 20 years, will bear interest at such rates as
may be fixed by the directors according to date of maturity and will be
payable both as to principal and interest in lawful money of Canada, except
such part as the directors may decide to make payable in
sterling.
(b) All the authorized bonds will be equally secured by a trust deed
constituting a first fixed and specific hypothec, mortgage, pledge and charge.
hold
from
instead
Jan.
1,
thereof
Financial
144
Volume
all or any of the company's real and im¬
properties and rights, present and future, as the direc¬
tors may determine, including its timber limits and licenses to cut timber,
and by a first floating charge on all or any of the other assets of the com¬
pany, both present and future, and its undertaking, as the director may
787
Chronicle
Balance Sheet Dec.
cession and transfer of and upon
movable and movable
$7,797
a404,648
545
Cash
Securities, at cost
Miscell. tangible assets.
...
determine.
The trust deed will include a covenant that no dividends will be de¬
clared or paid, nor will debentures or preferred stock be retired by call or
purchase when the working capital of the company is less than $5,000,000
or would be reduced
below that amount by such declaration, payment,
(c)
call
or
purchase.
t
Tney Will bear such rates of interest, be entitled to such sinking fund,
and will be subject to such other terms and
conditions as the directors may determine.
New Second Mortgage Convertible Debentures—It is also proposed to create
and issue $4,268,300 second mortgage 4% convertible debentures, to be
offered in the first instance to the company's common shareholders, and
(d)
31, 1936
Liabilities—
Assets—
Total..
$412,990
Total
satisfactory to it from
responsible
23, 1937, will be
15, 1937, at
the basis of $10 of
shareholders, at $98
for each $100 debenture, with interest accrued on such principal amount
to the date of payment at 4% from March 1, 1937, such right of subscrip¬
tion to be exercisable only if $100 of such debentures or multiples thereof
The company's common shareholders of record Jan.
accorded the transferable right, exercisable on or before March
5 p. m., to subscribe and pay for such debentures on
such debentures for each common share held by such
are
subscribed
The principal
for.
will be the following:
characteristics of these debentures
(a) They will be dated as of March 1, 1937, will mature on March 1,
1957, will bear interest at the rate of 4% per annum, and will be payable in
lawful money of Canada at the principal office of Royal Bank of Canada
at Montreal, Quebec, and Toronto.
They will all be equally secured by a trust
specific hypothec, mortgage, pledge
all or any of the properties
(b)
fixed
and
deed constituting a second
and charge, cession and
and rights which are to be
subject to the fixed and specific hypothec, mortgage, pledge and charge,
session and transfer securing the said first mortgage bonds and by a second
floating charge on all or any of the other assets of the company, both present
transfer of and upon
undertaking, as the directors may determine.
The trust deed will include a covenant that no dividends will be
or paid, nor will debentures or preferred shares be retired by call
purchase when the working capital of the company is less than $5,000,000
would be reduced below that amount by such declaration, payment, call
and future, and its
(c)
After
The
reserve
asset
net
for
value
Quarterly Income Shares, Inc.—Income
1936 quarter.
The gain represented an increase of $322,228, from $468,595
to $790,823 for the quarter just ended.
12 months period ended Jan. 15, 1937
$1,997,620 as against $1,517,125 for the 12 months ended
for the quarter ended Jan. 15, 1936
Gross dividend income for the full
amounts
Jan.
to
15, 1936.
a
the
gain of $5,500,433 exclusive of distributions totalling
during the 12 month period.
Liquidating valde per
They will be redeemable in whole but not in part on any interest
date on and after March 1, 1942, at par and int. upon 60 days' notice.
(e)
Purpose of Bond and Debenture Issues—It is proposed that the proceeds
new first mortgage bonds and the new second mortgage convertible
of the
thereof, will be used for
debentures, or moneys borrowed in anticipation
of the following purposes, namely, the repayment of the moneys
by the trustee in bankruptcy for the purpose of paying off the for¬
mer first mortgage bonds and all costs, charges or expenses incidental thereto,
or any other borrowings made for the purposes of the company; the pay¬
ment of the claims of the unsecured creditors of the bankrupt company,
any or all
borrowed
of the expenses, liabilities and compensation of the
bankruptcy, and for such other purposes as may be requisite to
the payment
trustee
in
release
the company from bankruptcy or obtain to it the restoration of its proper¬
ties and to enable the company to carry on its business, the whole as the
board of directors in its discretion may deem advisable.—V. 144, p. 621.
Procter & Gamble
quarter
was
(The) Randall Co.—Registers with SEC—
See list given on first page
1936—6 Afos.—1935
Net profit after interest,
i
deprec. & Fed. taxes__x$6,730,202
Shs.
$4,278,858x$13,359,766
$7,883,363
stk. outstand¬
com.
6,325,087
6,325,087
6,325,087
Earnings per share
$0.64
$2.03
$1.17
x Before provision for Federal surtax on undistributed earnings.
6,325,087
$1.02
ing no par
From Jan.
Progress Laundry Co.—Extra
Dividend—
dividend of five cents per share in
quarterly dividend of 15 cents per share on the
value, both payable March 1 to holders of record
The directors have declared an extra
the regular
addition
to
common
stock, no par
Feb. 20.
paid on Dec. 23, last; an extra of 15
dividend of five cents was paid on
quarterly dividend was raised
share.—V. 144, p. 463.
A special dividend of 15 cents was
cents on Nov. 2, last; and an extra
Aug. 1, last, at which latter time the regular
from 10 cents to 15 cents per
Co.—Annual Report—
Public Investing
the calendar year 1936 shows that the net operating
This compares with $7,365 in 1935 and $6,478 in
1934.
These figures do not take account in any year of profits and losses
on sales of securities which should properly be considered capital trans¬
The report covering
income
was
$10,441.
actions.
The
net
asset
value of the capital stock on
Dec. 31, 1936, was $6.68
$2.80 on Dec. 31, 1934.
per share, as against $4.94 on Dec. 31, 1935, and
In October, a voting trust for the capital stock
established, and the
was
management recommended to the stockholders the exchange of their shares
for voting trust certificates.
As of Jan. 20, 1937, 35,625 shares, or 58%
of the total outstanding 61,483
shares of capital stock,
had been so ex¬
changed by over 800 stockholders.
Income Account Year Ended Dec. 31, 1936
Receipts: Interest, $2,072; dividends, $15,140; gross
Operating expenses, $5,972; taxes, $799; total-
$17,212
6,772
income--
$10,441
6,148
Net operating
Dividend
income.
paid June 15, 1936.-
$4,292
Balance to earned surplus
Reserve for
Depreciation and Contingencies
$481,682
Balance, Jan. 1,1936
199,182
13
Transferred to capital surplus
Fractional scrip written off.
$282,487
Balance, Dec. 31, 1936.
Capital Surplus Account
*
•
Transferred from reserve for depreciation
on
2,892
199,182
and contingencies
'
■
Losses
:r
$218,429
Balance, Jan. 1, 1936Miscellaneous inventory adjustments.
•••
•
$420,504
97,581
securities sold (net)
Balance, Dec. 31, 1936-.
;
$322,922
l
income (above)
$24,067
4,292
$28,359
Adjustments in tax reserve accounts
Balance, Dec. 31, 1936
—
1,775
$26,584
144, p.464,
1933
1934
.
$4,587,078
1,696,598
$4,370,977
1,169,913
1,429,014
1,261,041
1,083,651
59,291,758
18,773,553
13,944,785
51,359,908
15,607,763
12,562,360
53,078,431
16,193,277
12,856,973
;
1—
—
.._
Net after rents
.--
$4,148,467
1,258,211
1,096,936
49,464,052
16,315,524
13,577,068
—V. 143. p. 4166.
(C. A.) Reed Co.—Accumulated
Dividend—
dividend of 50 cents per share on account
cumulative preferred class A stock, no par value,
The directors have declared a
of accumulations on the $2
payable Feb. 1 to holders of record Jan. 25.
A like payment was made on
Nov. 1, last, this latter being the first dividend paid since Feb. 1, 1935,
when a regular quarterly dividend of like amount was distributed.—V.
144, p. 464.
Called—
Republic Steel Corp.—Bonds
A total of $371,000 general mortgage
convertible 4H% bonds,
series A,
have been called for redemption on March 1 at 105 and
Payment will be made at the Chemical Bank & Trust Co., New
due Sept. 1, 1950,
interest.
York City.
,
convertible for each $1,000 principal amount thereof
stock, without par value if presented for con¬
version as provided in the general mortgage on or before the close of
business on Feb. 15, 1937, for said purpose.
Upon such conversion an
adjustment in cash will be made in accordance with the provisions of the
general mortgage on account of the interest accrued on such bonds to the
date of conversion.—V. 144, p. 464.
The above bonds are
into 45 shares of common
Oil
Co.
of
Calif.—Confirmation of Plan Ap
pealed—-Petition for appeal and assignment of errors has
been filed in Federal Court, San Francisco, from the-order of
Judge James in Federal District Court in Los Angeles,
confirming the reorganization plan.
Appellants are Keeler
& Co., South Basin Oil Co., A. S. Johnson Drilling Co. and
Camp Oil Co.
by R.
W.
dillar and
Wm. C.
McDuffie
,
Millar, Secretary of the reorganization committee for
Richfield Oil Co. of California and Pan American Petroleum Co., in com¬
menting upon the application filed with the Circuit Court of Appeals by
objectors to the pian of reorganization, in which they petitioned for per¬
mission to appeal from the order of Judge James confirming the plan,
pointed out that objectors at this stage of the reorganization
prepared to accept responsibility for any business consequences of
actions, and should, in fairness to other creditors, announce any alternative
they may have for the solution of the long-drawn out Richfield situation.
Mr. Millar also said:
"The plan of reorganization, which is the cul¬
mination of six years of exhaustive hearing, during which every important
Richard
W.
should be
their
phase of the matter was examined thoroughly, in addition, after
the hearings, the Sabbath Congressional Committee went on
approving the plan.
"Of over 11,000 persons affected by this
of minority interests have, in the exercise of
attending
record as
reorganization, four owners
their legal rights, elected to
appeal from the confirmation of the plan, which already has been accepted
by holders of more than 75% of the Richfield and Pan American bonds and
claims.
These objectors to the plan represent less than 2H% of the total
bonds and claims against Richfield and Pan American.
"If the right to appeal is granted these objectors, it is obvious that delay
and further expense will result.
The stock underwriting agreement, by
which a minimum of $5,500,000 of much needed new capital is assured,
may be terminated by the underwriters on Feb. 15, 1937.
"We assume that these objectors are prepared to accept full responsibility
for any business donsequences of their action, including the possible loss of
the essential new capital.
"Also, we suggest that these minority interests owe it to the other bond¬
holders and creditors to state what, if any, alternative they have to offer
for the solution of the companies complicated problems should their actions
result in the collapse of the present plan."
Concerning the application for permission to appeal, Wm. C. McDuffie,
reorganization trustee for Richfield and Pan American, said, "It is entirely
within the discretion of the Circuit Court of Appeals whether or not per¬
mission will be granted to prosecute this appeal.
I am obviously unable to
say whether or not the Circuit Court would grant or deny this appeal, or
whether they would grant it on conditions.
"If permission should be granted for the appeal, there still remains the
question of what the Court's decision on the appeal would be.
Unless
permission is granted to appeal, it appears that the status of the reor¬
ganization plan will remain unchanged.
"If there were any definite assurance that a greater recovery to creditors
and claimants would ensue from this appeal, such action would deserve
merit.
If, on the other hand, an appeal should result in the withdrawal of
the existing offer without substituting therefor a better offer the destruction
of creditors' present possibilities of recovery would be most regrettable.
"It has been the receiver's constant hope that the properties could be
sold or reorganized as a complete unit in order that the goodwill and going
concern value would not be lost to creditors.
Federal Judge William P.
James has quite clearly stated that the properties cannot continue to be
operated by the Court. If the present offer is upset and no other offer is
made in the immediate future, the only alternative would be to sell the
properties piecemeal with resultant destruction of values which the creditors
I sincerely hope that this will not be the
should be able to realize upon.
case."
Defeat of Reorganization Plan
Earned Surplus Account
Balance, Jan. 1, 1936.
Balance of net operating
$5,613,844
1,701,508
.—
Gross from railway.
Net from railway
Statements
has announced another advance of approximately 5% in
The price increase follows an advance of about 4% in ivory
and camay brands on Dec. 12
similar advances last September, and an
advance or about 4% on laundry soaps made in November.—V. 144, p. 463.
1935
1936
December—
Soap Prices Advanced—
The company
soap prices.
of this department.—V.
Reading Co.- -Earnings—
Richfield
-Earnings—
(& Subs.)-
Co.
1936—3 Mos—1935
Period End. Dec. 31—
$3,747,736 paid out
share at the end of
$18.87 as compared with $15.83 on Jan. 15, 1936, an
increase of 28.7% after adjustment for distributions of $1.50 per share
made during the period.—V. 143, p. 3855.
the
Net after rents
shares.
15,
gain of $7,267,447 (66%) over Jan. 15, 1936.
On a per share basis
same period
unrealized appreciation increased from $4.32 to
$7.52 per share.
At the close of the last quarter net assets were $45,898,970 as compared
with the net assets of $40,398,536 at the end of the same quarter in 1936, a
1937,
over
or
pin-chase, and the trust deed will also include a provision precluding
enforcement of the security during the two years next after March 1, 1937,
unless the first mortgage bond security has become enforceable.
(d) They will be convertible at any time up to and including March 1,
1947, into common shares (no par) on the basis of one common share for
each $30 of debentures, the company paying to the debenture holders so
converting interest accrued to the date of such conversion and then re¬
maining unpaid.
Provision will be made for corresponding adjustments
in the event of subsequent subdivision or consolidation of such common
totalling $18,282,576 as at Jan.
The fund had unrealized appreciation
Gross from railwayNet from railway
or
Up—
In a preliminary report for the quarter ended Jan. 15, 1937, Ross Beason,
President, states that cash dividend income increased 68% over the same
declared
or
$412,990
—
depreciation of $282,487.
per share, based upon appraisal of securities at
closing sales or bid prices on Dec. 31, 1936, was $6.68, as compared with
$4.94 on Dec. 31, 1935, and $2.80 on Dec. 31, 1934—V. 143, p. 2383.
a
be redeemable at such prices,
the company has obtained undertakings
underwriters to underwrite this issue.
$61,483
322,922
26,584
2,000
Capital stock ($1 par)..
Capital surplus
'-.
Earned surplus^
Reserves for taxes
Detrimental to Creditors—
would be detrimental to the creditors
and the Pan American Petroleum Corp., according
to an affidavit filed in San Francisco by counsel for the Sabath Congressional
Committee, appointed to investigate bondholders reorganizations.
The
Committee expressed its belief that the granting of an appeal would have the
same effect as would a reversal of the decree as it would result in failure of
the plan.
Defeat of the reorganization plan
of the Richfield Oil Co.
788
Financial
Chronicle
Jan.
These opinions were given in an affidavit filed Jan. 25
by B. P. Calhoun,
counsel for the Committee, with the U.S. Circuit Court of
Appeals in reply
to a petition for leave to appeal from the order
confirming the plan of re¬
Period—
Dcc.31,1936
Gross sales less discounts, returns &
organization.
Mr. Calhoun,
Cost of goods sold
allowances
as attorney for the Select Committee of the House of Rep¬
investigate bondholders reorganizations, said in part:
"The evidence on the hearing confirmed the representations of the
Committee that the plan is not only equitable and fair, but affords the
greatest opportunity to creditors of the two bankrupt corporations to
obtain a substantial recovery of their just debt.
"The only alternative to the adoption of the present
plan would be to
liquidate the companies.
There would be a good deal of doubt as to the
final amount which might be realized under liquidation.
Creditors would
not receive cash anywhere near equal to the amount of the value of the
security that they would receive under the proposed plan.
The testimony
also showed with certainty that one of the
great needs of Richfield and Pan
American was additional capital.
As the new capital proposed to be
furnished by the plan of reorganization depends upon underwriting commit¬
ments, it is certain that the present plan will fail if an appeal is allowed,
even though the decree be affirmed."
In the affidavit Mr. Calhoun pointed out that the Select
Committee,
for which he is counsel, has no interest financially or otherwise in either
Pan American or Richfield Oil companies, or in the
proceedings other than
resentatives
as
—3 Mos.—
$851,015
609,941
.t<
.
to
Gross profit on sales
10,654-
Net profit from operationsMiscellaneous income net-.--
»_
.
,
$410,035
16,707
on 1st mtge. note payable to
'A A
Federal Reserye Bank
4J59
Other interest, A
C'rl
Interest on bank loan
I'V.
22
Amort, of exps. in connection with 1st
$189,173
14,060
$426,742
$156,742
Interest
$203,234
!
16,545-
16,500
16
22
173
128
451
427
59,000
20,000
$152,434
$350,707
$166,133
-
mtge. loan..
Est. prov. for Federal income tax
counsel for the Committee to see that the interests of all creditors of the
,
:
$151,660
5,082
Total income.
$1,685,495
1,191,414
$737,281
$494,081
273,805
237,974
2,879 "■V
3,031
A 50,564
63,903
930
Research develop. & patent exp
two
bankrupt corporations be protected to the fullest extent possible.
At the same time, the Richfield reorganization committee filed its answer
to the petition for leave to appeal.
This said in part:
"The petition here presented precipitates a situation not involved in the
usual petition for leave to appeal from an order in a proceeding in bank¬
ruptcy.
In this case the mere granting of leave to appeal would have the
same consequences and would as effectively serve the
purpose of petitioners
to destroy the plan of reorganization as would a reversal of the order of the
court confirming the plan.
It seems anomalous but it is nevertheless true,
that a delay of only a week or so may prevent the successful fruition of six
years of effort to effect a reorganization.
;
"Each day of delay in consummating the plan involves the risk of loss
to an overwhelming majority of the creditors of the debtor."
$2,646,784
1,909,503
$241,074
77,830
Selling, general & admin: expense
Provision for doubtful accounts
1937
30,
-Years Ended Dec. 311936
1935
Comparative Balance Sheet Dec. 31
Assets—
1936
X1935
Liabilities—
Cash in banks and
on
hand...
$152,653
y Accounts receiv.
228,517
Inventories.
629,038
Prep'd & def. assets
10,259
z Fixed assets
1,002,2 17
_
$86,397
133,250
377,288
..-
_
Patents
16,867
705,713
2
1936
•
Accounts payableBank loans pay
xl935
$156,666
$72,918
50,000
90,457
eral Income tax.
53~464
65,269
Accrued liabilities.
Reserve
for
Fed¬
20,000
Instal.on 1st mtge.
2
6% notes
125,000
pay..
1st mtge.
.
6% note
payable to Fed¬
eral Res.
Bank-
150,000
275,000
b Common stock..
2,000
815,063
Surplus
568,230
2,000
364,671
531,463
Reserve for relining
Rights to Subscribe Ruling—
furnaces, &c
Referring to the ruling of the Committee on Securities of the New York
Stock Exchange, dated Jan. 7, 1937, that beginning Jan. 25, transactions in
Richfield Oil Co. of Calif., 1st mtge. & coll. trust gold bonds, series
A,
6%
convertible, due 1944, may be made "plain" and "stamped;"
Notice having been received that petitions for leave to appeal from the
District Court, Southern District of California, Central
Division, dated Dec. 23, 1936, confirming the plan of reorganization, and
from an order made by said District Court dated Dec. 23,
1936, directing
the manner in which subscription certificates shall be made available to
order of the U. S.
bondholders and creditors of the debtor and its subsidiary, were filed on
Jan. 22,1937, in the Circuit Court of Appeals for the Ninth
Circuit; and
that, therefore, debenture subscription certificates and stock subscription
certificates
shall
be delivered
not
to
holders of the
bonds
nor
the
Total...
Committee
Securities
on
rescinds
Rutland
the
ruling of the Committee,
7, 1937, and directs that until further notice transactions in
Richfield Oil Co. of Calif., 1st mtge. & coll. trust gold bonds, series
A, 6%
convertible, due 1944, shall continue to be made without specification as at
present.—Y. 144, p. 622.
Fredericksburg
December—
Gross from railway
& Potomac
1936
1935
RR-
1934
-Earnings
1933
$843,337
307,418
151,364
$623,077
168,281
91,051
$577,219
172,167
132,196
$482,978
51,689
defl0,858
Gross from railway
7,638,029
Net from railway
Net after rents.
6,507,415
1,099,900
375,857
6,128,701
1,116,333
443,987
5,885,276
1,883,634
846,383
Net from railway
Net after
rents
From Jan.
—V.
144,
Roan
1—
1,232,740
393,220
118.
p.
RR.—Earnings—
December—
Gross from
From Jan.
144,
£733,500
193,5
£446,500
367,000
249,500
£366,500
£197,000
£122,987
22,000
37,500
22,500
37,500
£307,000
£137.000
redemption
Reserve for depreciation
Profit, subject to taxation.
-V. 143, p. 3331.
p.
Rotating Valve Corp .—Registers with SEC—
See list given on first page of this department.
3,386,806
360,552
286,750
465.
/AA'v
A
'-AAV:>
Pay Interest—
mingham RR.
Earnings of System
1936—Month—1935
1936—12 Mos.—1935
$4,412,312
$3,588,170 $50,182,968 $42,425,021
3,568,908
3,223,332
41,170,782
37,906,702
a555,201
223,913
a5,116,888
1,261,049
44,750
19,027
153,071
297,232
revenue
Operating expenses
Net ry. oper. income
Other income
Total incomeDeductions.
$510,450
5,791
Bal. avail, for int., &c.
a
$242,939
6,715
$5,269,959
72,789
$1,558,281
81,935
$504,658
...
$236,225
$5,197,170
$1,476,347
After charges of $100,767 for
December, 1936, and $981,015 for period
31, 1936, for accruals for Federal Railroad Retirement Act
of
1935, and Federal and State Unemployment Acts.
Other expenses for the period Jan. 1 to Dec.
31, 1935, included credit of
$363,123 for reversal of 1934 accruals under Railroad Retirement Act of
1934.—V. 144, p. 465.
AA
.
•
j.
Royal Dutch Co.—Gold Clause Upheld in Shell Bonds—
Hague Appeal Court Reverses Lower Bench—
According to
3,248,406
176,729
defl3,810
The trustee has filed petition in Federal
Court, St. Louis, seeking au¬
pay semi-annual interest due March 1, 1937, on both the general
mortgage 4% and income 5% bonds of the Kansas City Memphis & Bir¬
Jan. 1 to Dec.
£62,561
3,213,265
85,386
defl38,481
99,504
thority to
22,926
37,500
on
$247,897
1,690
20,388
3,465,869
324,128
344,516
Est. surp. over working expends..
Prov. for deb. stock int. & premium
1934
£467,503
16,179
8,699
Louis-San Francisco Ry.—Petition to
Operating
Oper. exps., incl. London and mine
administtative charges
1933
$249,222
Net after rents
St.
1934
$248,296
4,401
defl2,850
1—
Gross from railway
Net from railway
—V.
1935
$308,253
65,465
defl2,090
/
1936
v;v
,
■
1936
railway
Net from railway
Net after rents
Period End. Dec. 31—
Antelope Copper Mines, Ltd,—Earningt
3 Months Ended Dec. 31—
Gross revenue
$2,022,685 $1,319,518
held in treasury at a cost of $374 ($2,132) in
1935).—V. 144, p. 622.
dated Jan.
Richmond
Total
bonds
stamped until further order of the Court:
The
$2,022,685 $1,319,5181
Prepared on the basis of adjusting the balance sheet to give effect to
acquisition of the assets and assumption of the liabilities of its subsidiary.
Rustless Iron Corp. of America, in accordance with a
plan of liquidation
and agreement effective as of Jan. 1, 1936.
y After reserve for doubtful
accounts of $6,838 in 1936 and $4,078 in 1935.
z After reserve for depre¬
ciation of $380,720 in 1936 and $507,526 in 1935.
a Represented by 815,359
(732,707 in 1935) no-par shares after deducting 78 (900 in 1935) shares
x
St. Louis Southwestern Ry.—Protest Plan—
Counsel for holders of the first terminal and
unifying mortgage 5s of 1952
written to the Interstate Commerce Commission
protesting the
have
treatment accorded this issue under the
proposed
The treatment proposed "seems
dispatches from The Hague, Jan. 11, the Amsterdam
Stock Brokers Association won another point in its suit
against the Royal
Dutch Co. in connection with its 4% dollar loan in 1930 when the Court ol
Appeal at The Hague on Jan. 11 confirmed a lower court's judgment up¬
holding the gold clause. The dispatches add:
plan of reorganization.
decidedly unfair" to the holders of these
asserted, "inasmuch as the security only receives 25% of
second mortgage fixed income
bonds, whereas approximately 32% of the
It remains to be seen whether the Royal Dutch Co. will
give notice of
appeal and whether it will restrict itself to paying on a gold basis merely the
20 bonds held by the stock brokers' association for the purposes of this suit.
Placing the security on an income basis is protested because, it is asserted,
in every year except 1932
earnings of the road have been sufficient to cover
interest on this mortgage.—V. 144, p. 290.
press
bonds, it
mortgage consists of this
The New York "Times" commenting on the foregoing
says:
In Feb., 1934, a lower court at The Hague ruled that the
Royal Dutch
Co. must meet its payments under the gold clause but that the Batavia
Petroleum Co. was exempt.
The contention of the former was that the payment of
gold coin was
impossible because of the United States' legislation in May, 1933, ab¬
rogating the gold clause. Holders in The Netherlands, however, maintained
that they were not bound by the American legislation enacted.
They took
the matter to court when the Royal Dutch Co. tendered
only the equivalent
of the present American currency in payment of interest.
In May, 1936, The Netherlands High
Council,
or
Supreme Court, passed
judgment in the
case, upholding the gold clause. The case was referred back
to the lower court at The Hague for further action in
judgment.
Dutch
The decision caused
Shell
bonds.
at
that
time
an
The chief consideration in this
case was that, whereas the
Royal Dutch
definitely stipulated obligation to pay in Amsterdam, the
was under no such
obligation, the latter loan being
payable only in the United States.—Y. 144, p. 290.
Co.
was
under
Rustless
St. Regis Paper
a
&
Steel
Corp.—Plans $1,200,000 Issue
of Preferred Stock—To Change Par of Common—
The company plans to raise $1,200,000 by the issuance of
50,000 shares
(no par) convertible preferred stock according to C. E. Tuttle, President.
The funds will be used to provide for additional
working capital, and to
pay off the corporation's indebtedness of $275,000 to the Federal Reserve
provisions of each series at the time of issue.
No definite plans have yet
been made for the sale of the new preferred, but it is understood the board
is considering an offering of 25,000 shares which would be convertible
over a
period of years at conversion prices to be determined
by directors.
It is
expected that these shares will be sold to underwriters for distribution to
the public.
At the same time, it was announced that the
company is considering an
amendment to its charter which would change its
no-par common into
par without
Years End. Dec. 31—
Net profit after deprec.,
taxes, &c._
Earns, per shl on 167,715
shs. (no par) com. stk.
x
will be considered at
Feb. 5.
The New
decreasing the number of shares. The amendment
special meeting of the stockholders scheduled for
or
a
York Curb Exchange has approved the
application of the
corporation to list 893,607 shares of common stock ($1
par), in substitution
for an equivalent number of shares of common
stock, no par, listed at
present.
Vice-President.—V. 142, p. 3362, 634.
After
1936
1935
1934
x$245,752
$101,549
$1.45
$0.54
deducting surtax
on
1933
$27,468 Ioss$236,326
$0.10
undistributed profits.—V.
Nil
143, p. 3647.
Savannah Sugar Refining Corp.—Initial Dividend—
The directors have declared an initial
quarterly dividend of 50 cents per
on the new capital stock,
par $100, payable Feb. 1 to holders of record
Jan. 15.
A special dividend of 50 cents was
paid on this issue on Dec. 23
share
last.
common
stock
was
split
quarterly dividend of $1.50 per share
1936.—V. 143, p. 4167.
on a
was
4-for-l basis
paid
on
Oct. 31 last; a
31,
on the old stock on Oct.
Scott Paper Co .—-New Director—
William M. Carney, Compt., was elected a director
Jan. 28 succeeding
Harry Lieberk, who resigned—Y. 144, p. 622.
Scotten Dillon Co.—50-Cent Dividend—•
The
directors
have
declared
a
dividend
of
50
cents
per
share
on
the
common
stock, par $10, payable Feb. 15 to holders of record Feb. 5.
A
like payment was made on Nov. 14 and Aug.
15, last, and compares with 36
cents paid on May 15, last; 50
gents on Feb. 16, last; 30 cents per share in
each of the tnree preceding quarters; 50 cents on Feb.
15, 1935; 30 cents per
share paid on Nov. 15, Aug. 15 and May
15, 1934; 40 cents on Feb. 15,
1934, and 30 cents per share in each quarter of 1933. In addition an extra
dividend o 30 cents per share was paid on Feb.
15, 1933.—V. 143, p. 2536.
Scullin Steel Co.—New Director—
$1
increasing
a
Savage Arms Corp. (& Subs.)—Earnings—
Bank of Richmond.
It is proposed to issue the new preferred in series and to
grant to directors
authority to fix the dividend rate, conversion prices, and certain other
Co.—Merger—Vice-President—
E. R. Gay has been elected
The old
Iron
collateral."
Directors have decided to merge the Harrisville
Paper Co. and Oswego
Board Co. into St. Regis Paper Co.
conformity with the
11-point rise in Royal
Batavia Petroleum Co.
was
William A.
Titus, Jr., and A. L. Laudati have been elected directors,
to succeed F. O. Watts and the other to fill a
vacancy.
holders of Scullin first mortgage bonds have filed
in Federal
District Court at St. Louis joint objections to
one
Several
cently
V.
plan of reorganization re¬
by the company.
Petition alleges the plan unjustly
against the first mortgage in favor of junior obligations.—
submitted
discriminates
144,
p.
622.
Volume
Financial
144
Seaboard
Air
Line
■Receivers'
Ry.
Trust
Equipment
Certificates Placed Privately—
The Interstate Commerce Commission
on
Jan. 22 authorized the com-
Sany3H% equipment-trust certificates/series FF, not be issued $2,500,00
to assume obligation and liability in respect of to exceeding by the
trustee, and sold at 97.72% of par
connection with the procurement of certain
Guaranty Trust Co. of New York,
and
accrued
dividends
in
as
'
150 banks and invest¬
equipment.
The receivers sent invitations to approximately
bid for the purchase of (1) $2,500,000 of
the certificates, to bear dividends at the rate of 33^% Per annum, and to
mature in 20 equal semi-annual instalments, and (2) $2,670,000 of the
certificates, to bear dividends at the rate of 4% Per annum, and to mature
in 30 equal semi-annual instalments.
No bid having been received, the
receivers entered into negotiations with the Prudential Insurance Co. of
America, which has agreed to purchase $2,500,000 of 33^% certificates,
maturing in 20 equal semi-annual instalment^, at 97.72% of par and
accrued dividends.
The receivers are of the opinion that this price is
reasonable and offers favorable terms in financing the acquisition of the
equipment.
This proposal has been accepted by the receivers subject to
our approval.
On this basis the average annual cost of the proceeds will
be approximately 4%.
firms requesting them to
ment
Earnings for December and Year to Date
.
1936
1935
1934
$3,111,671
283,736
172,774
$2,963,610
483,153
244,108
$2,786,321
569,360
337,931
railway.__ 1.38,346,055
6,525,446
33,930,118
4,536,094
1,501,943
33,861,442
5,046,710
1,631,913
31,549,557
5,739,485
2,622,093
Net after rents
From Jan. 1—
Gross
from
Net from railway
Net after rents
—V.
144, p.
2,920,583
119, 291.
Federal income tax, and Federal capital stock tax, amounted to $999,298,
of which the Federal income tax accounts for $766,000.
Company was
not subject to surtax on undistributed
profits during the 1936 fiscal year
reason that the company's fiscal year began prior to Jan. 2, 1936.
Operations for 1937—The market for automatic household refrigerators
has
responded
buoyantly to general economic recovery.
Indications
point toward continued activity in general business during 1937 and it
seems reasonable to assume that refrigeration sales will continue to share
for the
in the improved business conditions.
Practically the entire line of Servel Electrolux refrigerators has been
redesigned for 1937.
Production of new models was started in October,
thereby providing for shipment in substantial volume during November
and subsequent months.
This early introduction of new models, as in
the preceding year, should provide an effective stimulus for sales during
the winter months.
The
1937
Seaboard Commercial
Newly
developed
efficient.
increased.
The 1937 Servel Electrolux line includes refrigerators of sizes designed
to appeal to buyers in all income brackets including those interested in
replacing automatic refrigerators which have given years of service.
Investment
profit..—Y. 143, p.
St.
of
Co.
$87,667
4014.
$4,047,402
$2,794,128
2,793,680
627,640
2,162,071
579,114
2,050,678
507,680
1,888,798
421,293
$5,405,118
$2,989,801
$1,489,044
54,386
6,373
6,929
$484,036
12,740
$5,459,504
$2,996,174
75,384
39,088
$1,495,973
82,975
27,942
$496,776
84,168
21,989
538,747
service expenses.
Admin. & general exps..
Net profit on oper
Interest
75,384
57,790
Fed. capital stock tax..
Prov. for proportion of
major tool costs appl.
to future production.
250,000
_
2266,000
x635,000
12,014
57,960
34,627
71.495
2,565
150,871
766,000
395,500
60,000
Net prof, for period_.b$4,240,355 y$2,lll,517
dividends
48,524
48,524
757,126
222,678
Shs.com .stk.out. (par $1)
1,781,426
1,781,426
Earnings per share
$2.35
$1.16
y$521,518
Extraordinary deduct'ns
Provision
See list given on first page of this
department.—V. 144, p. 291.
for
doubtful
&c
accounts,
Loss
Selected
Industries, Inc.—Earnings—
Prof,
on
1936
1935
1934
1933
$1,765,480
$1,762,735
tory overhead
Prov. for Federal taxes.
3,188
28,750
$2,385,093
$1,768,668
11,953
84,986
182,557
7,646
43,307
$1,791,485
$1,586,156
9,898
81,108
169,937
10,555
90,855
159,695
35,061
38",885
$1,438,220
1,774,912
$1,495,481
2,010,872
$1,286,166
2,211,940
income..
Total income
Salaries
General expense
Service fee
12,764
101,204
237,331
71,217
62,889
...
Interest
Taxes
Net income
$1,899,687
Divs. $5.50 prior stock.
2,517,886
$1.50 convert, stock..
846,081
Statement of
Surplus, Dec. 31, 1936
$20,607,681
27,568
Surplus, Dec. 31, 1935
Arising from retirement of common stock
275,000
b Income and profit and loss account from Jan. 1, 1936:
Net income, as per statement
$1,899,687
Net profit on sale of securities
$4,157,777
surtax
Assets—
Notes,
trade
$299,000
984,944
3,548,714
Inventories
809,077
2,827,945
Provision
75,336
expenses.
395,500
12,131
90,755
234,809
66,018
1,507,670
Def'd cred. to inc.
1st mtge. 5%
unrealized
Other
of investments
on
Dec.
31,
presented in a form differing from that pre¬
viously used, because of the effect of the Revenue Act of 1936 on the
dividend policy of the corporation.
Balance Sheet Dec. 31
1936
1935
1936
Liabilities—
$
$
1,463,943
1,758,838
currencies.
.....
Int. & divs. receiv.
Receivable for
4,539
179,700
27,495
303,559
e731,162
83,016
Bank
Dec.
31, 1937.. 2,000,000
2,884,440
Total
due
43,638
261,733
Foreign
493,057
725,776
dividends
contracts
Invests, at
Sever sky
17,473
cost..a37,071,793 35,600,331
Aircraft Corp.—Options —Director—
Robert
C.
a contract from the
army amounting to $1,700,000.
Hardy of Miller, Owen, Otis & Bailey has been elected a
Sisto, who resigned.—V. 143, p. 2694.
director succeeding J. A.
17,470
taxes, &c
b $5.50 cum. prior
stock
454,787
173,325
9,475,000
Clay Co.-—Accumulated Dividend—
Sherman
of
preferred stock, par $100, payable Dec. 26
This payment which was the first made
since June 30, 1930 will clear up all accruals on the preferred stockjto
Dec. 31, 1933.—V. 140, p. 326.
The directors have declared a dividend of $24.50 per share on account
accumulations
9,475,000
c Cum. conv. stk. 2,121,585
2,121,585
d Common stock. 2,093,334
2,120,902
Surplus
23,029,747 20,607,681
Treasury stock.Drf3,425,694
to
holders
on
a
or
Investments owned
market at that date.
Total....
39,256,670 38,695,205
March 31, 1931 are carried at the lower of cost
Subsequent purchases are carried at cost. Invest¬
on
based on market quotations as at Dec. 31, 1936, were $53,050,097,
$15,978,304 in excess of the amount shown, after deducting the normal
on the unrealized appreciation of investments in the
amount of $1,895,000.
No deduction has been made from the unrealized
appreciation of investments for liabilities, if any, with respect to Federal
excess profits tax or surtax on undistributed profits.
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 and 200,000 shares
for option at $15 per share total 1,780,595 shares.
©Includes interest
accrued,
f Represented by 23,944 units allotment certificates and 13,306
shares $5.50 cumulative prior stock.—V. 144, p. 622.
the 7% prior
of record
Dec.
Soundview Pulp
The directors
Total...r..._.39,256,670 38,695,205
22.
Co.—Initial Preferred Dividend—
have declared
Simmons
Hardware
.
of Servel Electrolux gas
the right for a period of years to sell Servel Electrolux gas and
refrigerators.
The dollar sales of gas and kerosene refrigerators
kerosene
through
Division increased quite substantially over the sales for the
previous year.
Taxes—The
Federal
excise
tax
5% based on the manufacturers'
refrigerators is paid by the company
of
selling price of household mechanical
a
$100, payable Feb. 25 to
(& Subs.)—Earns•
3 Mos. End. Year Ended
>■
May 31, '35 May 31, '36
5 Mos. End.
Oct. 31,'36
Sales, less returns, allowances and
$1,675,701
Depreciation
Taxes (other than income taxes)
Management
and service
contract
Rents and royalties
Provision for doubtful accounts
Other general expenses
Other income
Other charges
Provisions for
Federal
and
3,016,762
$1,626,854
1,318,652
5,318
21,951
2,441
25,248
$753,332
557,142
9,123
1,941
11,792
1,500
28,733
9,913
1,453
8,776
114,939
25,253
19,351
3,519
50,451
19,825
9,015
loss$22,197
5,450
2,253
Operating expenses
Maintenance and repairs
$3,770,095
5,804,442
$354,693
324,997
4,911
Gross profit
$7,431,296
1,321,008
discounts
b Cost of goods sold
fees
and kerosene
refrigerators increased 33% over sales of the preceding fiscal year.
Sales
of kerosene refrigerators have continued to expand and this product con¬
tributes an increasingly important volume to the company's business.
Electric commercial and air conditioning equipment sales increased
over the sales of the previous year.
This division, which is now known
as the "Electric Refrigeration and Air Conditioning Division," has main¬
tained the company's position in this field.
Satisfactory progress has been made in developing the markets in
certain Central and South American countries in which the company has
the Export
& Paint Corp.
Period—
Federal income tax
Inc.—Annual Report—
initial quarterly dividend of $1.50 per
on
ments,
Servel,
an
the 6% cumulative preferred stock, par
holders of record Feb. 15.—V. 143, p. 4015.
share
or
Operations—Net dollar sales
$1 par value.—V. 143, p. 4167.
awarded tinder
exchange
contracts
*
exchange
4,086,140
2,180,954
Drl2,635
The corporation has announced that the first of a series of options on its
stock, ranging from $4 to $9 a share on 340,000 shares, has been exercised
by J. A. Sisto & Co., underwriters.
The price paid was $4 a share for
30,000 shares. The remaining options range from $5 to $9 a share on 310,000
shares.
Proceeds, amounting to $120,000, will be used by the corporation
for development of a new design.
At present, production is under way on 85 pursuit airplanes, recently
Reserved for exps.,
Special deposits for
4,086,140
5,615,660
Dr 12,635
17,634,749 12,986,945
17,634,749 12,986,945 Total
b Represented by shares of
3,365,061
loan
Bank loans secured
sec.
sold
Foreign
493,057
130,414
Due for sec. purch.
Deposits in foreign
1935
$
$
Dividends payable
627,241
250,000
1936,
This statement of surplus is
Assets—
reserves
Treasury stock...
after deduction of the normal Federal income tax thereon was $7,128,709
more than on Dec. 31,
1935.
Cash
273,609
910,067
Earned surplus...
1, 1936.
m
warranty
Capital surplus
includes all income and security profits
appreciation
for
service
This balance includes capital surplus, net loss on sales of securities and
excess of dividend distributions over net income, from date of organization
Note—The
262,692
Res. for conting..
a
account
232,500
766,000
Pref. divs. payable
Patents, &c._
$23,029,746
b This
em¬
income taxes
2,394,498
Total
Dec. 31, 1935.
1,794,061
366,731
534,564
Federal
41,980
53,329
60,637
Res.
to
693,200
gold
bonds, due 1948 1,507,670
164,167
Prepaid
Dividends—$5.50
prior
stock
(incl.
arrears)
$2,517,886
$1.50 conv. stock (account of arrears)
846,081
3,363,967
for
1
receivables
$5,758,464
for
ployees' bonus..
Prov.
Deposits & sundry
3,858,777
$
$
693,200
b Common stock.. 1,794,061
Accounts payable.
878,649
Accruals
622,775
pref. stock
7%
ac¬
rec'able.
counts
Liabilities—
$
3,753,684
5,500,930
ac¬
ceptances &
1935
1936
1935
$
Cash
4,000
and losses less divididend distributions from Jan.
Nil
$0.26
3,912,024
9,053,091
Plant & property.
$295,000
profits
1,761,426
1,766,426
Consolidated Balance Sheet Oct. 31
undistributed
on
df$493,399
Extraordinary deductions as follows:
Provision made April 30, 1934,
and used in liquidation of inventories of obsolete and discontinued products,
$500,000; provision for future warranty service, $100,000, and provisions
for cost of collecting instalment accounts, $35,000.
y Charges for depre¬
ciation for 1936 amounted to $394,847; 1935, $340,641; 1934, $271,153,
and 1933, $303,604.
z Provision for services on discontinued lines and
for contingencies,
a Dividends for 1933 and 1934.
b Company was not
subject to surtax on undistributed profits for fiscal year ended Oct. 31, 1936.
1936
for
y
a97,048
Common dividends
$20,635,249
Provision
66,977
3,295
x
a
Prov. for normal Federal income tax..
'
17,667
Preferred
15,192
$1,564,216
14,958
6,981
syndicate partic
Miscellaneous
on sale of cap. assets
Idle plant expenses
Provision for excess fac¬
$2,369,900
Calendar Years—
Interest and dividends..
1933
$5,730,987
Advertising, selling and
Louis—Registers
with SEC—
1934
1935
1936
$8,826,438
Total profit
1935
1936
x$210,455
Oct. 31 (Incl. Sub. Cos.)
Income Account for Years Ended
Gross profit on sales
Corp.-—Earnings—
After deducting surtax on undistributed
Securities
gas and kerosene refrigerators are charac¬
'
refrigerating units are more economical and more
In the large models ice-making capacity has been substantially
Servel Electrolux
terized by marked improvement in appearance.
Other income
Years Ended Dec. 31—
Net profit after reserves, Fed. income taxes, &c._
x
and is reflected in selling prices.
This tax amounted to $1,153,835 during
the fiscal year ended Oct. 31, 1936.
Other taxes paid or accrued including
1933
$3,982,938
1,041,120
288,074
December—
Gross from railway
Net from railway
789
Chronicle
$90,241
$90,521
15,809
2,875
64
29,182
25,464
State in¬
taxes
500
17,035
15,739
loss$19,500
come
$76,923
$87,716
Inter-company sales eliminated,
b As physical inventories were not
as at Feb. 28,1935,and Oct. 31, 1936, the cost of goods sold was
on the basis of average gross profits earned in preceding periods.
The percentage used for the three months ended May 31, 1935, was the
average for the six months beginning Dec. 1,1934, and ended May 31,1935.
a
available
determined
790
Financial
Consolidated. Balance Sheet
Assets—
Oct. 31,'36 May 31,'36
Liabilities—
Cash In banks and
Notes
hand
on
$46,952
Receivables—, 1,631,511
a
8,637
1,643,940
8,494
1,608,038
163,687
114,557
160,687
143,194
bMach., autos, fix¬
atures, patents..
Deferred
44,797
80,981
charges.
Total
$350,000
522,569
34,971
9,790
22,447
52,060
1,767,219
754,127
41,500
1,767,185
754,127
57,423
employees
Reserve
Other investments
$400,000
571,756
Accrued taxes
Invest, in Simmons
^Warehouse Co..
to
Accounts payableDue to official and
Due from officials
and employees.
Invent, of merch.
Oct. 31*36 May 31/36
payable
banks
$41,922
1,452,166
for
Fed.
& State inc. tax
Capital stock
d Capital surplus
c
.
Earned surplus.
41,985
66,575
$3,735,064 $3,523,062
7.808
145,139
Total
$3,735,064 $3,523,062
After
reserve for bad debts, cash discounts and allowances of
$99,254
31, 1936 and $78,000 at May 31, 1936.
b Less depreciation,
c Represented
by 444,602 no par shares at Oct. 31, 1936 and 444,596
no par shares at May 31, 1936.
d Excess of asset value of subsidiaries
(consolidated) at date of acquisition over the cost of securities of these
subsidiaries.—V. 144, p. 465.
a
Oct.
at
Simplicity Pattern Co.—Files with SEC—
The company has filed registration statement with the
Securities and
Exchange Commission covering 500,000 shares of common stock ($1 par)
of which 100,000 are to be offered for the account of the company.
Allison & Co. and Charles G. Gushing are to be underwriters or 150,000
shares, covering the 100,000 shares to be offered by the company and 50,000
offered by Joseph Shapiro, present owner of the remaining
400,000 shares registered.
Mr. Shapiro, according to the statement,
plans to offer 17,000 additional shares to employees of the company under
options and has also optioned 153,000 additional shares to the under¬
writers.
He further has agreed to deliver 30,000 shares from his holdings
to A. Charles Swartz as compensation for services in connection with the
financing.
The offering price of the shares to be sold publicly is $8 each.
Company plans to use the proceeds received by it of 100,000 shares for
additional working capital and general corporate purposes.
shares to be
Sixteen to One Extension Gold
Mines, Inc.—Registers
with SEC—
See list given on first page of this department.
Soss
Mfg. Co.-
9 Mos. End.
-
1935
Sept. 30 *36
Gross sales,
returns &
-Calendar Years1934
$716,195
521,411
Cost of goods sold
Gross profit
Sell., gen. & adm exps.
Deprec., not charged to
cost of goods sold
Taxes (other than income
!
taxes) not charged to
cost of goods sold
Bad debts (actual losses)
$885,867
659,204
$666,274
538,755
$453,751
354,441
$194,784
70,806
$226,663
90,099
$127,518
65,959
$99,310
37,263
537
660
733
656
income
Inc.taxes pd.
Net
386
$60,195
2,818
$61,000
4,016
4
payable
income-
$124,446
3,347
$121,985
8,808
xl6,976
$127,793
7,672
19,019
$63,014
11,343
6,835
$65,016
32,799
5,987
$96,200
deduc'ns.
or
630
10,971
$118,623
3,361
Total income
Misc.
486
4,817
$101,102
$44,835
profits.
Balance Sheet Sept. 30, 1936
Liabilities—-
Cash,
on demand
Cash,
on hand
$166,966
225
Accts. receivable, trade
Inventories
a
79,328
114,397
152,190
3,018
b Fixed assets
Deferred charges
Officers' life ins. (at cost)
a
Accounts payable
Accrued liabilities
reserve
for
$38,735
17,007
20,396
Capital stock ($1 par)
195,000
Paid-in surplus.
18,293
235,196
Earned
$524,6271
After
(trade)
Reserve for Federal taxes
surplus..
8,502
Total
Total.
doubtful accounts
depreciation of $141,259—V. 144,
p.
of $1,696.
$524,627
b After
reserve
623.
The proposal will provide for increasing the $1 par common stock to 500,000
The preferred will remain unchanged.
Directors at a special meeting declared a $4 dividend on the preferred
shares.
stock, of which $2 is for the semi annual period ending Sept. 30, 1936,
and $2 for the period ending March 31, 1937.
Both dividends are payable
Jan. 25 to holders of record on Jan. 22.
The directors further declared a dividend of 30 cents to the
common
stockholders,
not payable in cash but in property by delivering to each
share of common stock, three shares of South Shore Oil &
Development Co. capital stock wtih a par value of 10 cents.
The South Shore corporation was
organized by South Coast Corp., for
the purpose of exploitation of oil and mineral properties and real estate.
one
stock dividends
effect
a
distribution to South
Coast
common
stock¬
holders of all the outstanding stock of the South Shore Oil & Development
Co.—V.
131, p. 1728.
Southern
California
Water
Company had at Oct. 31, 1936, $3,400,000 of first mortgage 4H%
bonds, series A, due Oct. 1, 1960, authorized and issued in temporary form
and deposited with Bank of America National Trust & Savings
& Co.
Dated Oct. 1, 1936; due Oct. 1, 1960.
Principal and (A. & O.) interest
payable at office of Bank of America National Trust & Savings Association,
Los Angeles, Calif., in lawful money of the United States of America.
Red., in whole or in part, at election of company, at any time, to and
incl. Oct. 1, 1938, at 106%; thereafter to and incl. Oct. 1, 1942, at 104%;
thereafter to and incl. Oct. 1, 1947, at 103%; thereafter to and incl. Oct.
1, 1952, at 102%; thereafter to and incl. Oct. 1, 1956, at 101%; and there¬
after until maturity at the principal amount thereof, in each case, together
with accrued interest thereon, to date fixed for redemption.
Coupon
bonds in the denoms. of $1,000 and $500, registerable as to principal only.
Upon proper and timely application as provided in the indenture, the
company will reimburse resident owners of bonds for personal property
taxes collected by the States of Penn., Conn., or Calif, at a rate not ex¬
ceeding five mills on each dollar of the principal amount of bonds held,
and for Mass. income tax not exceeding 6% of the annual interest on such
bonds.
Company covenants in the indenture that it will not declare any
dividends on its capital stock which will reduce the ratio of current assets
to current liabilities below 1 \i times.
Underwriters—The several underwriters and the respective amounts so
underwritten by them are:
Chandler & Co., Philadelphia
G. L. Ohrstrom & Co., Inc., New York
Swart, Brent & Co., Inc., New York
Burr & Co., Inc., New York
Stifel, Nicolaus & Co., Inc., ChicagoDulin & Co., Los Angeles.
Bond & Goodwin, Inc., New York
Boenning & Co., Philadelphia
.
Association,
All
trustee.
of said temporary bonds of series A, excepting $51,000
exchanged for a like principal amount of the company's
first mortgage 4H% bonds, series of 1960, being the bonds subject hereof.
Said bonds of the series of 1960 in the principal amount of $3,349,000 will
then be delivered to J. B. Whitworth and F. Donald Fenhagen, trustees of
American States Public Service Co., in exchange for a like principal amount
of promissory notes of registrant.
$51,000 or series A bonds, in the form
of one temporary typewritten bond, were on Dec. 24, 1936, delivered to
the trustees of American States Public Service Co. in exchange for a like
amount of promissory notes of the company.
The temporary bond for
$51,000 will be exchanged for a like principal amount of bonds of the series
as
thereof will
be
of 1960.
History and Business—Incorporated in California, Dec. 31, 1929.
The
general character of the business is the production, transmission, distribu¬
tion and sale of water in a number of communities in California, and the
sale and distribution of electricity in the Bear Valley District in the San
Bernardino Mountains in San Bernardino County, Calif.
Company also
operates a small ice plant at Barstow, Calif.
For the most part, the systems operated by the company are not physically
connected, being largely dependent upon local sources of supply.
During the 12 months ending Oct. 31, 1936, the company derived ap¬
proximately 95% of its revenye from the sale of water, 3% from the sale of
electricity and 2 % from the sale of ice.
Such revenues included the revenues
of Bear Valley Utility Co. for the whole of such 12-month period.
Ameri¬
can States Public Service Co. is undergoing reorganization under the pro¬
visions of Section 77-B of the Federal Bankruptcy Act.
Upon consumma¬
tion of the reorganization of American States Public Service Co., and
pursuant to plan of reorganization of that company dated June 1, 1935, as
modified under date of July 15, 1936, and as approved by the Federal Dis¬
trict Court on Sept. 28, 1936, the trust estate of American States Public
Service Co. will be transferred to a new company to be known as American
States Utilities Corp., of which J. B. Whitworth is Chairman, and of which
F.
Donald Fenhagen is President.
The registrant has made application
Railroad Commission of California for authority to issue and sell
for cash to its parent company 1,750 shares of common stock (par
$175,000).
The proceeds of this asle in total will then be applied as part
liquidation of registrant's open account to its parent company which
the
at
par
amounted to $207,217 at Oct. 31, 1936.
Debt and
Capitalization—The following is
a
brief resume of the authorized,
issued and outstanding capitalization or the company, as of Oct.
Unsecured promissory notes payable to order of
American States Public Service Co.:
25-year 6% note dated May 1,
25-year 6% note dated May 1,
8% demand note dated June 1,
6% demand note dated May 9,
Authorized
1934
1934
1934
31, 1936:
Outstanding
$2,400,000
$2,400,000
603,728
10,000
36,724
1936
Unsecured promissory notes executed by Bear
Valley Utility Co., payable to order of
American States Public Service Co., and
assumed by company:
8% demand note dated June 1, 1934----..
8% demand note dated June 1, 1934
6% demand note dated May 9, 1936
603,728
10,000
36,724
190,500
80,000
28,047
190,500
80,000
28,047
$3,349,000
Total
Unsecured 8 % demand promissory note of com¬
pany
payable to the order of American
States Public Service Co
$3,349,000
51,000
51,000
$3,400,000
100,000 shs.
Total
$3,400,000
13,733'shs.
The company represents that
concurrently with the delivery by it of the
$3,400,000 first mortgage 4bonds, subject hereof, all of the foregoing
promissory notes will be surrendered to it for cancellation and will be
c&nc6l6d
Company had at Oct. 31, 1936, $3,400,000 of first mortgage 4H% bonds,
A, due Oct. 1, 1960, authorized and issued in temporary form and
deposited with Bank of American National Trust & Savings Association,
series
trustee.
All of the temporary bonds of series A excepting $51,000 will
be exchanged prior to delivery for a like
principal amount of series of 1960
bonds, which will then be delivered to J. B. Whitworth and F. Donald
Fenhagen, trustees of American States Public Service Co., in exchange for
a like principal amount of indebtedness.
$51,000 of series A bonds in the
form of one temporary typewritten bond were on Dec. 24, 1936, delivered
to the trustees of American States Public Service Co. in
exchange for a
like amount of indebtedness.
This temporary bond will be exchanged for
a like
principal amount of series of 1960 bonds.
as
Earnings Statement for Stated Periods
[American States Water Service Co. of Calif., name changed
18, 1936, to Southern California Water Co.]
Co.—Bonds
Offered—-A
banking syndicate headed by Chandler & Co., Inc., on
Jan. 26 making public offering of $3,400,000 1st mtge.
43^%
bonds, series of 1960, at 1033^ and int.
Other members of
the offering group are:
G. L. Ohrstrom & Co., Inc.; Swart,
Brent & Co., Inc.; Burr & Co., Inc.; Stifel, Nicolaus & Co.,
Inc.; Dulin & Co.; Bond & Goodwin, Inc., and Boenning
company.
Common stock ($100 par)
South Coast Corp.—To Increase Stock—Dividends—
The
Upon receipt of the proceeds the trustees will distribute $3,030,160 (in
or exchange) to the holders of $7,575,400 of first lien
% bonds of American States Public Service Co.
The remainder of the
proceeds, namely, $392,280, will be applied by the trustees in connection
with the settlement of other obligations of American States Public Service
Co. and (or) expenses incurred in and about the reorganization of that
partial settlement
for
A special meeting of stockholders has been called for Feb. 9 to increase
the authorized capital stock to 530,000 shares from 205,000 shares, of
which 30,000 are preferred (par $100) and 175,000 are common (par $1).
holder of
When the trustees receive the proceeds, the same will be disbursed by
them in the manner provided for in a plan of reorganization of American
States Public Service Co. as modified, and as approved by the Federal
District Court for the District of Maryland.
$26,229
Cash dividends paid14,752
x This is the maximum normal tax on the
earnings to Sept. 30, 1936, but
is exclusive of any 1936 surtax on undistributed
Assets—
District Court having jurisdiction in the bankruptcy pro¬
ceedings.
to
•
Net oper. profit
Misc. other income
of the Federal
and held by J. B. Whitworth and F. Donald Fenhagen, as trustees.
1933
less disc'ts,
allowances.
Jan. 30, 1937
Purpose—Nolpart of thelproceeds to be realized from the sale of the
securities will be received by the company.
The bonds will be issued by
registrant in connection with the satisfaction of a like principal amount of
its promissory notes.
Said securities will be sold by the trustees for the
bankrupt estate of American States Public Service Co. pursuant to order
Control and Stock Ownership—All of the outstanding shares are registered
in the name of American States Public Service Co. and are deposited with
Earnings—
Period-
Chronicle
Years Ended Dec.
10 Mos.End
Oct
Operating
Operating
-
expenses
Net revenue
Total income
Int. on debt to parent co.
Other interest
Int. charged to construe
on
Dec.
1Q34
1Q33
$956,671
608,025
$1,014,155
650,495
$1,016,612
662,550
$1,039,082
659,863
$348,645
1,671
revenues
Other income
Loss
on
31
$363,660
2,724
$354,062
2,802
$379,219
4,574
$350,317
166,277
2,491
$366,385
185,103
1,802
$356,864
123,560
2,378
Cr3,103
$383,794
2,538
2,526
C'rl,674
41,908
sale of cap. assets
Federal income taxes.._(est.)25,800
Balance
$155,748
17,409
40,352
$162,069
$193,677
x
$338,495
x By reason of
joining in a consolidated return with its parent and af*
filiated companies, company incurred no Federal income tax
expense fo*"
1933 —V. 144, p. 466.
Southern Fire Insurance Co. of N. Y.—Extra Dividend
The directors have declared an extra dividend of 20 cents
per share in
a semi-annual dividend of 50 cents
per share on the capital
stock, par $10, both payable March 1 to holders of record Feb. 15. Extra
dividends of 10 cents per share in addition to the regular 50 cents semi¬
addition to
annual distribution
were
paid
on
Sept. 1, last and
on
March
1, 1936.—
V. 142, p. 310.
Southern
lb-Cent
Berkshire
Power
&
Electric
Co.—Pays
Dividend—
$650,000
625,000
625,000
The company paid a dividend of 75 cents per share on its common
stock,
par $25, on Dec. 26 to holders of record Dec. 17.
This compares ^rith
50 cents paid on Sept. 30, last; 25 cents on June 30, last; 50 cents on March
400,000
400,000
250,000
250,000
200,000
31, 1936; 75 cents on Dec. 31, 1935; 50 cents on Sept. 30, 1935; 25 cents on
June 29, 1935; 50 cents on March 30, 1935; $1 per share on Dec. 31, 1934:
50 cents on Sept. 29, 1934; 75 cents on June 29, and March 31, 1934; 90
cents on Dec. 29, 1933; 50 cents on Sept. 29, 1933, and 75 cents
per share
paid on June 30 and March 31, 1933.—V. 139, p. 4137.
Volume
Financial
144
Balance Sheet Dec. 31
Southern,Ry.- -Earnings—
From Jan.
Gross
from
.
.
$7,284,175
2,374,025
1,791,771
$6,434,076
2.474,462
2,030.602
96,274,498
28,857,797
19,298,273
Net from railway
Net after rents
1934
$8,747,495
2,867,494
1,739,794
_
1935
82,885,097
21,935,122
14,290,530
78,183,701
20,063,257
12,665,358
1—
railway.
-
Net from railway
Net after rents
—Third Week of Jan.
76,148,103
22,442,694
15,015,944
1 to Jan. 21
Jan.
1937
1936
1937
1936
$2,565,272
$2,258,017
$7,489,788
$6,621,421
Period—
Gross earnings (est.)—V. 144, p. 623.
Co.—Securities—
Gas
Exchange Commission has approved
Securities and
Middle West Corp. under the Public Utility
acquisition by
Act of $19,550 5% first lien
income bonds, series B, 195^ shares of 6% non-cumulative preferred stock,
and 977 H shares of common stock to be issued by Southern United Gas
Co. in accordance with a plan of reorganization.—V. 143, p. 3012.
1933
Before Federal income taxes.—Y. 143, p. 2068.
The company has notified the New
York Stock Exchange of a proposed
from no par to $1 per share.—V. 144, p. 624.
(A. E.) Staley Mfg. Co.—Larger Common Dividend—
Dec. 8 declared a dividend of $3 per share on the common
on
$100, payable Dec. 23 to holders of record Dec. 12.
This com-
Sares 1, 1931, and July July 1, last; an initialon Feb. 28, 1935; $3 paiddis¬
with $2 paid on 1, 1930 and $5 paid dividend of $6 per share on
on
Jan.
In
addition,
p. 3012.
a
423,986
Earned surplus
1, 1930.
100% stock dividend was paid on Feb. 19, 1934.—V. 143,
Standard Gas & Electric
Co.—Weekly Output—
Electric output for the public utility operating companies in the Standard
Electric Co. system, excluding Louisville Gas & Electric Co., for
which data is not available due to flood conditions, for the ..week ended
1937, totaled 100,382,998 kilowatt hours, an increase of 15.8%
compared with the corresponding week last year.—V. 144, p. 624.
Jan. 23,
insurance
cos...
6,295
insur.
group life
4,000
4,750
bLand, bldgs., ma¬
1,047,623
chinery, &c
1,084,387
American Felt Co.
.$2,435,190 $2,676,625
Total
a
318,750
85,000
stock..
common
Gross profit
Sept. 30 1936
_—
an
2,866,835
$371,006
90,912
102,761
general expenses
$177,333
Net income, before income'taxes
Provision for Federal and State income taxes
Superior Oil Co., Los Angeles—Files SEC Registration—
registration statement with the Securities and
Commission covering not more than 46,000 shares of capital
($25 par) and stock subscription warrants covering the shares of
common stock.
According to the statement, subscription warrants are to
be issued to certain stockholders as of record on a date 10 days after the
effective date of the registration statement.
Each of such stockholders
will be given warrants entitling them to purhcase for cash at par a specified
number of shares of stock determined at the rate of 0.312 shares for each
share held as of the record date.
No warrants will be issued in respect of
shares of the company's stock which were issued in conversion of shares of
The company has filed a
Net income
Oil
are
Co.,
a
predecessor
company.
Proceeds are to be used for addition a
to be no underwriters.
purposes.—V. 143,p. 2385.
Supersilk Hosiery Mills, Ltd.—Pref. Div. Changed—
At a recent special meeting of shareholders approval was given a by-law
changing the present 7% preferred stock to 5% preferred and funding of
arrears of preferred dividends, amounting to $17.50 per share, through the
issuance of arrears certificates.
The arrangement has received court
approval, and it is the intention of the company to pay the 5%
if at all possible.—V. 143^pt 4169.
23,233
■Earnings—
Supervised Shares, Inc.3 Months Ended Dec.
$165,517
66,126
$1.85
Inventories
$170,970
18,340
Treasury stock (3,715 shares
at cost)
Blood-Brothers Machine Co.
76,281
...
Property, plant & equipment
67,841
9,199
903.348
7,718
$2,293,721 •
reserve
$178,246
11,154
Accrued
Oct. 1.
Local and sundry taxes
b
725
expenses
Capital stock
945,128
11,943
1,068,684
in surplus
Earned surplus
Total.
.$2,293,721
b Represented by 93,303
Gross from railway
$149,038
6,303
1935
1934
$130,397
def6,753
def40,974
$110,798
def2l,011
def66,058
$144,520
25,572
def8,237
1,613,638
def7,512
def446,201
1,503,989
def65,542
def507,611
1,649,401
187,285
def242,796
1,711,804
378,267
12,675
Earned
on
comparable
subscriptions)
surplus
1936
profit from operations, before
depreciation
$516,162
Discounts on purchases, int. earned,
dividends received, profit on sales
of securities, &c
24,196
and
$540,358
61,930
Property taxes
on
sales, Fed. taxes, &c
$26,967
$18,787
Net income
Earnings per share on 93,800 shares
capital stock
Statement of
$12,469
to Jan.
1, 1936
was
Paid-in Surplus, 3 Months Ended Dec. 31 1936
$5,684,992
1, 1936
Balance, Oct.
Excess of consideration received for capital stock sold over par
comparable excess of cost of capital stock
reacquired) after incl. $7,372 thereof in distribution as des¬
value thereof (less a
1,093,030
—
$6,778,022
Balance Sheet Dec. 31
1935
1936
1935
$437,734
Securities at
Cash
$191,903
Cash
on
cost.zl0,435,676
473,805
dep.
$454,636
61,117
19,585
$211,488
60,784
scrip
6,916,230
162,486
Deferred carges...
accrued taxes
tributors,
9,530
44,800
6,211
44,621
1,092
$213,065
93,800
$2.27
$
27,030
97,593
28,266
91,631
Paid-in surplusnet
9,530
750,714
6.778,022
572,696
6,377,840
profits
from sales of sec.
subseq.
to
Dec.
12,469
31, 1935
$22,385
$2.32
1935
Liab. in respect of
scrip outstand'g
Capital stock
98,257
11,761
18,300
$217,859
yl69,210
14,975
2,211
Inc_.
Distribution pay_.
Undis.
121,721
10,208
48,526
$
Due to Mass. Dis¬
of
....
Dividends receiv..
,
Accounts payable &
Due to brokers...
lor
reacquisltion
16,902
1936
Liabilities—
$
1934
x
168,642
xl4,871
77,055
466,662
Balance, Dec. 31, 1936
of
market
$0.24
value
of
secur.
3,289,604
over cost
14,903
y26,967
....10,970,022
7,124,430
Earned surplus...
Includes payroll taxes,
y Excluding dividends of $65,289 paid during
the six months ended Dec. 31, 1936 from capital surplus.
Earned Surplus Account Dec. 31, 1936—Balance, Dec. 31, 1935, $50,084;
x
adjustment of provisions for prior years' taxes, $844; net income for the
six months ended June 30,1936, $118,998; total, $169,927.
Dividends paid
during the six months ended June 30,1936, $70,350.
Write-down of invest¬
ments as of July 1, 1936 to amounts at market quotations at June 30, 1936:
American Felt Co., common stock, $233,750; Jones & Laughlin Steel Corp.,
preferred stock $13,077; deficit, $147,250; transferred to capital surplus as
of July 1, 1936, $147,250; balance, July 1, 1936, nil; net income for the
six months ended Dec. 31, 1936, $98,860; dividends paid during the six
months ended
Dec. 31, 1936 from earned surplus, $98,860; balance,
Dec. 31, 1936, nil.
Capital Surplus Account Dec. 31, 1936—Amount arising from reduction
of the stated value of capital stock, as of July 1, 1936, $606,500; deficit in
earned surplus as of July 1, 1936, $147,250; dividends paid during the six
months ended Dec. 31, 1936 from capital surplus,
$65,289; balance,
Dec. 31, 1936, $393,960.
$87,296
391,835
charged to paid-in surplus as explained in previous reports.
Excess
Dividends paid
Dec. 31, 1935
1936
Undistributed net profits, Dec. 31, 1936:
Notation—Net loss from sales of securities prior
selling and general
State franchise and
N. Y. City taxes
Discounts
$14,903
$479,131
first page of this department.
Total income
553
$107,218
88,430
31
cribed above
Gross
expenses
Dec.
1,990
$118,598
91,631
Undistributed net profits, Jan. 1 to Sept. 30,
(S.) Stroock & Co., Inc.—Earnings—
Depreciation.
Administrative,
Cr7,373
$164,347
149,444
profit from sales of securities, Oct. 1 to Dec. 31, 1936
Net
Stratoplane Corp.—Registers with SEC—
Calendar Years—
$107,772
Statement of Net Profit from Sales of Securities Subsequent to
3 Months Ended Dec. 31, 1936
—V. 144, p. 120.
See list given on
$120,588
in
Distribution to stockholders.
1933
From Jan. 1—
Gross from railway
Net from railway
Net after rents
$105,738
2,033
Total
def35,409
Net from railway
Net after rents
$116,819
3,769
Special distribution Dec. 23, 1936, 63c. a share
Rapid Transit Ry.—Earnings1936
$118,045
12,306
stock
amounts
14,811
shares.—V. 144, p. 624.
December—
(less
reacq.
received
for depreciation of $956,867.
Staten Island
incl.
distributable funds
22,099
Paid
12,439
consideration paid for capital
29,509
11,420
Federal income taxes
Sundry
(3,304 shares at cost)
Sundry investments
Total
Miscell. accounts payable...
Accrued liabilities
$129,258
$152,630
4,344
Expenses.
State income taxes
_
Other current accounts
& def. charges.
Trade creditors
$111,110
7,033
5,900
Liabilities—
$525,883
242,813
455,884
4,753
receivable
accts.
$123,110
6,148
$165,070
Stock dividends.
Earned surplus
Balance Sheet, Sept,. 30, 1936
Assets—
1934
1935
1936
31—
Note—No provision has been made for Federal surtax on undistributed
profits.
Cash
dividend
$156,974
_
.
Dividends paid
Earns, per share on 89,588 shares capital stock (no par)
par
shares 5H%
share.
The
Exchange
$200,566
35,049
no
Exchange Commission,
amendment filed with the Securities and
offering is scheduled for Feb. 2.
Ericson, Nichols & Robins, Inc., and
Edgerton, Riley & Walter will underwrite 10,000 shares each and Russel
Maguire & Co., Inc., will underwrite 7,900 shares.
The shares are part
of an original issue of 50,000 shares which were not taken up by stock¬
holders.
Proceeds from the sale of the 27,900 shares will be used to pay
bank loans of the corporation's subsidiary, Sunray Oil Co. and to provide
funds for expenses in connection with drilling oil wells and the erection of
a cracking unit.—V. 143, p. 3336.
$3,237,842
Net operating profit
Miscellaneous income
After
SEC
of this department.
working capital and other corporate
-
Depreciation
Selling, administrative and
a
b After allowance
c Represented
1936 and $729,968 in 1935.
(R. E.) Stultz Mining Process Corp.—Registers with
See list given on first page
There
Gross sales, less discounts, returns and allowances
Cost of sales
exps.
$2,435,190 $2,676,625
Total
Represented by 6,200 shares in treasury at cost,
by 100,000 no par shares.—V. 143, p. 4016.
Spring Co.—Earnings—
Income Statement Jan. 1 to
Prepaid
Dr28,375
Advs. to empl. on
Limited
Standard Steel
a
~50~084
-
393,960
Dr28,375
stock
Gas &
Customers'
208
Capital surplus—
a Treasury stock..
6,699
6,200
payable
Deferred income..
Deps. with mutual
an.
tributed
48,416
Draft
7,606
deferred charges
$2,606,500
61,720
7,676
152,270
2,844
Prepaid insur. and
In
increase in authorized class B common stock from 250,000 to 500,000 shares
par
Inventories
1935
1936
Capital stock...$2,000,000
Prov. for taxes
the company discloses that it will offer to the public 27,900
cumulative convertible preferred stock, ($50 par) at $50 a
of this department.
Square D Co.—To Increase Stock—
The directors
Acer. int. recelv..
c
336,553
Sunray Oil Corp.—Offering Price—
Spring Brook Boat Corp.—Registers with SEC—
See list given on first page
stock,
receivable.
Accts.
„,
$46,219 loss$148,977 loss$164,456
x$225,491
taxes.
1934
1935
1936
6 Mos. End. Dec. 31—
Net profit after chgs. &
and change
Market securities.
Liabilities—
$340,091
$311,989
323,475
220,763
2,843
425,689
for depreciation of $782,854 in
Sparks-Withington Co. (& Subs.)—Earnings—
x
Cash
policies
United
Southern
The
$5,936,025
1,818,927
1,408,294
1935
1936
Assets—
1933
1936
December—
Gross from railway..
791
Chronicle
10,970,022
Total
x
Including $85,832
7,124,430
Total
($96,540 in 1935)
aside for treasury stock in
y Excluding realized
Market value.—V. 144, p. 292.
set
accordance with the laws of the State of Delaware,
or
unrealized profit or losses on securities,
z
Susquehanna Capital Corp.—Securities Offered—Publics
offering of $250,000 4% debentures due 196(5 and 12,500
shares common stock ($1 par) in the form of units consisting
of $500 debentures and 25 shares common stock, was made
Jan. 28
by Robert E. Johnston and J. S. Judge & Co., Inc.
priced at $572.50.
Each unit is
Net proceeds from the sale will be used primarily for investing in securi¬
ties and commodities, for which purpose the company was recently formed.
The prospectus states that "trading, as opposed to fixed investment, will
characterize the corporation's fundamental policy."
f
Financial
792
The debentures are callable at 105 on any Int. date upon 30 days notice.
Otherwise, there is no provision for their conversion, exchange, or amoritimaturity.
It is provided that no dividends shall be paid
or set apart for the capital stock unless there shall have been accumulated
and be available an earned surplus equal to the amount necessary to pay
interest for a period of two years on all debentures issued and outstanding.
The company has entered into an agreement with Robert E. Johnston,
promoter and principal underwriter, who will act as investment counsel
and supervise the investment and reinvestment of the company's funds.
—V. 143, p. 2227.
zation prior to
Tacony-Palmyra Bridge Co.
......
Oper. and maintenance.
Depreciation
Admin. & gen'l
—
1935
1934
1933
$537,083
41,810
52,000
62,634
35,047
$511,965
43,537
48,000
60,799
35,369
$509,737
49,326
42,000
59,387
35,857
—
expenses
189", 987
191",590
194.788
1,163
22,010
1,050
15,967
14",180
34,288
Taxes.
27,217
Financing costs
Interest—....
Other expenses
141,946
624
.
Fed'l income tax accrued
Res. for conting. & taxes
Profit before other inci.
Profit
sale
on
of
......
30,882
$189,444
Net profit....
—
...
$189,444
125,075
.
—
Surplus Jan. 1
of
$132,430
$115,651
1,707
9,028
6,713
$134,137
106,887
$124,680
105,659
$120,910
*93.387
$114,197
com
pany's bonds retired..
Transfer
-Earnings-
1936
$598,935
46,024
66,000
62,511
Years Ended Dec. 31—
Tolls
....
for
reserve
25,406'
contingencies & taxes
Profit on retir. of 7M%I
cum. pref. stock
-
'
-r
■
•
•
—.—
--—.
.
2,600
Total surplus
Less res. for conting., &c.
7 % preferred dividends.
$342,524
137130
------
$241,025
6,000
28,951
$230,338
6,000
37,500
cum. conv. pref. stk.
Class A divdends
35.621
45,000
45",666
45",000
Common dividends.;
Div. on 7 H % cum. pref.
36,000
36,000
36,000
$214,297
6,000
22,500
5%
...
As
36,000
Cr 1,050
Surplus Dec. 31-.—x
45",000
$212,773
adjusted.—V. 143,
p.
$125,074
Cr862
$106,887
held in investm't acct.
s
!
$105,658
2697.
1936
Net from railway.
Net after rents—
144.
1933
$190,897
38,406
22,312
$172,847
40,949
22,512
$154,835
37,426
17,129
2,514,191
729,842
471,851
From Jan. 1—
Gross from railway....
—V.
1934
1935
$217,733
72,894
49,260
Net after rents
2,250,885
2,106,812
551,815
335,407
1,923,154
491,480
625,608
410,331
266,299
466.
p.
Tennessee Electric Power
Co.—Earnings—
[A Subsidiary of Commonwealth & Southern Corp.]
Period End. Dec. 31—
Gross revenue
1936—Month—1935
1936—12 Mos.—1935
$1,320,304
$1,198,670 $14,972,954 $13,409,823
709,534
8,708,779
7,421,319
789,154
Prov. for retire, res've..
105,000
1,260,000
105,000
1,260,000
Int. & other fixed chgs.
216,199
2,703,783
2,672,483
225,950
Divs. on pref. stock....
129,110
1,550,865
1,550,880
129,002
Oper. exps. & taxes
_
Balance
$71,196
$38,826
$749,525
$505,140
-Y. 143, p. 3485, 4170.
Texas
Corp.—Doubles Common Dividend■—
The directors
on Jan. 28 declared a dividend of 50 cents per share on the
stock, par $25, payable April 1 to holders of record Feb. 15.
Previously regular quarterly dividends of 25 cents per share were dis¬
tributed.
In addition, an extra dividend of 25 cents was paid on Dec. 21,
last and on Oct. 1, last.—Y. 144, p. 625.
common
Texas Pacific Coal & Oil Co.—10-Cent Dividend—
The directors have declared
a
dividend of 10 cents per share on the com¬
stock, par $10, payable March 1 to holders of record Feb. 8. A divi¬
dend of 25 cents was paid on Aug. 1, last, this latter being the first dividend
paid by the company since Dec. 31, 1929, when a regular quarterly stock
dividend of 2M% was distributed.—V. 143, p. 2697.
mon
Texas & Pacific
Operating
1936—Month—1935
$2,587,818
revenues
1936—12 Mos .—1935
$2,107,940 $28,086,677 $23,467,636
8,614,225
5,278,459
1,109,879
7,477,080
5,080,987
476,357
$609,622
10,568
340,580
11,700
$6,388,338
84,743
4,027,922
11,700
$5,557,344
67,912
4,095,454
11,700
,929
Contingent charges.
719,934
563,296
46,326
$661,407
10,261
330,517
11,700
Total income
Miscell. deductions.
Fixed charges
$246,774
$2,263,973
$1,382,278
Net income
—V. 143, P. 4170.
Thermoid Co.—Stock Dividend—
Directors have declared
a stock dividend of two shares of common stock
each share of the company's new $3 convertible preferred stock, payable
Feb. 10, to holders of record Feb. 3.
Holders of scrip certiicates represent¬
on
ing fractional shares of the preferred stock will be entitled to one share of
common stock in respect of each one third share of preferred represented
by such scrip certificates.
See also V. 143, p. 4017.—V. 144, p. 293.
Railway System—Earnings—
[Railway and Bus Operations]
Period End. Dec. 31—
Operating
Operating
Taxes..
revenues.....
expenses.....
_i...
Operating income.
Non-oper. income
...
Gross income
Deductions
Net
-V.
income
144,
p.
1936—Month-—1935
$1,188,254
$1,156,795
862,184
858,891
116,882
112,142
$6,782,756
4,991,999
674,027
$6,563,600
4,927,264
644,432
$209,188
30,872
$185,761
40,086
$1,116,730
216,327
$991,904
229,059
$240,060
224,829
$225,847
227,212
$1,333,057
1,368.103
$1,220,963
1,369,325
$15,231
def$l ,365
1936—6 Mos.—1935
def$35,046 def$148,362
122.
Tide Water Associated Oil Co.—Stock Called—
The company on Jan. 28 formally notified holders of
its 6% cumulative
preferred stock, $100 par value, that it will redeem on April 1, 1937, all
of the shares of this stock outstanding on that date, at $106.50, being 105%
of the par amount thereof, puis accrued and unpaid dividends to the re¬
demption date.
Payment will be made upon presentation of the shares at the offices of
the company, 17 Battery Place, New York, on or after the redemption date.
In a letter addressed to the holders of the 6 % preferred stock, the
company
emphasized the fact that notwithstanding this call for redemption the
holders of 6% preferred stock nevertheless at any time prior to 3 o'clock
of the afternoon of Feb. 8, 1937 may, subject to allotment,
exchange the
shares of 6% preferred stock owned by them, receiving in exchange an
equivalent number of shares of the new $4.50 cumulative convertible
preferred stock without par value plus $2 in cash for each and every share
exchanged.
The company, according to the letter, has been advised by counsel
that.
In their opinion, holders of the 6% preferred stock
exchanging their shares
Sursuant to purposes (except, inthereby realize anyan amount not inFederal
this offer will not the case of gain, gain or loss for
tax
icome
of $2 per share) .—V. 144, p. 625.
Toklan Royalty Corp.—To Acquire Certain Assets of
Imperial Royalties Co.—
Toldan Royalty Corp. will be incorporated in Delaware, with an author¬
ized capital structure consisting of 812,892 shares of series A common stock,
and 100,000 shares of series B common stock, both
derives its name from the States in which it will own
without par value. It
properties and operate:
Texas, Oklahoma, Kansas, Louisiana, Arkansas and New Mexico.
There will be entered into between the trustees of Imperial Royalties Op.,
a, trust estate, and Toklan Royalty Corp., a contract providing, under
certain conditions, for the conveyance to the corporation of the scheduled
assets of the trust estate, at their appraised liquidation •value.
The con¬
tractual right of the corporation to acquire these assets will be conditioned
upon the acceptance, by those holding not less than 66 2-3% of presently
outstanding trust shares, (giving effect to the respective participative
rights of the several classes of trust shares), of the provisions of this plan by
availing themselves of the right of subscription to series A common cor¬
porate shares prior to the primary closing date. The contract will further
provide that. In the event such option is exercised, revenues shall accrue to
and operating expenses be borne by the corporation from the effective date
to the final closing date.
Series A Common Corporate Shares—Series A common corporate shares
will be available for issue only to trust shareholders, in ratable proportion
to their registered holdings of trust shares, the consideration for the issuance
of which will be the assignment to the corporation of the determined pro¬
portion of the value of transferred assets allocatable to each trust share
held. Under this provision there will be received by each consenting trust
shareholder series A common corporate shares on the following basis:
To the holder of each common or $1 par preferred trust share, l-15th
share of series A common corporate stock;
■
To the holder of each class A preferred or class A common share, one
share of series A common corporate stock;
in consideration of which such consenting shareholder will waive cash
.
.
.
participation in the proceeds of the transfer of scheduled assets, by assign¬
ing to the corporation liquidating disbursements upon trust shares held of
4.78c. per common or $1 par preferred share held, and 71.73, per class A
common or class A preferred share held. These amounts represent a ratable
apportionment to each share of the appraised value of assets to be trans¬
Series A common corporate shares will be issued with full voting power,
fully paid and non-assessable, and will be convertible, at the option of the
holder, into series B shares, on the basis of one series B share for each 20
series A shares surrendered.
Series B Common Corporate Shares—Each series B common corporate
share will represent the equivalent of 20 series A common corporate shares,
and will participate proportionately in dividends, voting rights and owner¬
ship of corporate assets. The issuance and sale of series B common corporate
shares will be initially authorized in an amount equivalent to l-20th of the
number of series A common corporate shares which shall remain unsub¬
scribed by holders of trust shares on the basis above set forth, as of the
primary closing date.,
Holders of series A common corporate shares will have a ratable pre¬
ferential right of subscription to series B common corporate shares above
provided to be issued, at a price per share of $14.35, being the ratable
equivalent of the basis of value at which series A common corporate shares
are to be issued.
In the event the minimum issue above fixed is not sub¬
scribed prior to primary closing date series B common corporate shares will
be sold to other than series A common corporate shareholders, in such
amount and at such price, not less than that above provided, as in the dis¬
cretion of the directors, may be necessary to provide the remaining funds
required for the purchase of scheduled assets.
C)f the total authorized issue of series B common corporate shares a right of
purchase covering 9,355 shares will be accorded, under term option, to
Curtis F. Bryan, P. L. Sisk, and Chas. R. Bostick, and, in their discretion,
to the employees of Toklan Royalty Corp.
The price provided to be paid
under this agreement will be that at which series B common corporate;
shares are available for purchase by subscribers to series A common cor¬
porate shares, $14.35 per share.
The acceptance of subscription to corporate shares, of either series, will
be conditioned upon:
(a) The filing of a registration statement, with the Securities and Ex¬
change Commission, in respect to the issuance and sale of said corporate
stock, and its becoming effective.
(b) Subscription to series A common corporate shares prior to primary
closing date by those holding not less than 66 2-3 % of presently outstanding
shares.
trust
Transfer of scheduled assets to the corporation.
Upon completion of the
732,126
469,261
192,146
-
Net ry. oper. income—
Other income-
Third Avenue
V. 144, p. 627.
(c)
Ry.—Earnings—
Period End. Dec. 31—
Net from railway.
Toledo Peoria & Western RR .—Bonds Authorized—■
19 authorized the com¬
issue not exceeding $1,600,000 of first mortgage, series B, 4%
bonds, to be sold at 99.5 of par and accrued int., and the proceeds used to
redeem $1,485,000 of first mortgage series A bonds outstanding and to
reimburse the treasury, in part, for capital expenditures heretofore made.—
The Interstate Commerce Commission on Jan.
pany to
ferred.
Tennessee Central Ry.— Earnings—
December—
Gross from railway
Net from railway.
1937
30,
Ian.
Chronicle
excess
program the corporation will be in position to
exercise its option to acquire the scheduled assets of the trust estate by
tendering to the trustees the cash consideration therefor, less that propor¬
tion thereof which shall have been assigned to the corporation as considera¬
tion for the issuance of series A common corporate shares.
The net amount
of cash
so
paid will be that realized from the sale of series B corporate shares.
The completion of this program would then be followed by the distribu¬
tion in cash of shareholders who had elected not to avail themselves of the
right to subscribe to series A common corporate shares of an amount
equivalent to their ratable proportion of the appraised liquidation value
of the assets transferred,
subsequently, by
a
distribution to all trust share¬
transferred, and.
holders of the proceeds of a liquidation of assets not
thereafter, by a dissolution of the trust estate.
Imperial Royalties Co.
Imperial Royalties Co. is a trust estate, organized Dec. 1, 1920, for
expire Dec. 1,1940.
term of 20 years, which term will
The District Court of Tulsa
County, Okla., in
an
a
order entered Nov. 8,
1935, found with respect to the relative rights of shareholders of Imperial
Royalties Co. to share in capital distributions, as follows:
"That there exists in the capital structure of said trust estate a deficit
in excess of $4,000,000, and that during the existence of such capital deficit,
in any amount, cash disbursements made to shareholders constitute and
are distributions of capital; that such distributions of
capital should, under
the terms of said declaration of trust, amended declarations of trust and
amendments thereto, be paid to the holders of each share of $1 par pref.
and common in equal proportions, and to the holders of each share of class A
common and class A pref. in equal
proportions; that the holder of each share
of class A pref. or class A common should be
paid an amount equal to 15
tlmesthat paid the holder of each share of $1 pref. or common.
That the preference as to $1 par pref. and class A
pref. shares, for
which provision is made in said declaration of
trust, amended declarations
of trust and amendments thereto, are and were intended to be effective as
to and only as to distributions
payable from surplus created by net earnings
•
of the trust estate."
and decreed:
"It is therefore ordered, adjudged and decreed by this Court that the
trustees of Imperial Royalties Oo. be and they are
hereby instructed and
directed to pay out of the funds of said trust estate to shareholders at such
tune, or times, as the trustees in their discretion deem proper and ad¬
visable and in the best interests of the trust estate and its shareholders
distributions of capital as follows:
"(a) To the holders of each share of $1 par pref. and each share of common
an equal amount.
"(b) To the holders of each share of class A pref. and each share of class A
common an
"(c)
equal amount.
To the holders of each share of class A pref. or class A common an
equal to 15 times that paid to the holders of each share of $1 par
amount
pref.
or common.
While this ruling was directed, primarily, to disbursements such
been made in partial return of capital, its terms would
as
have
apply with equal
force to distributions in final liquidation.
There are shares of the trust estate issued and presently
as
follows:
outstanding
Preferred ($1 par)—
Common (no par)
Class A pref. (no par) 260,000 ratably equiv. in ratio of 15 to 1 to
Class A com. (no par) 91,459 ratably equiv. in ratio of 15 to 1 to
_
Total
...
........
.............
5,110,716
1,804,052
3,900,000
1,371,885
12,186,653
The above plan has been evolved by the trustees of Imperial
Royalties
a substantial
Oo. for the purpose of giving effect to the expressed desire of
Volume
Financial
144
proportion of the beneficial Interest shareholders of the trust estate for the
perpetuation of Its business beyond the term fixed by the provisions
declaration of trust, through reorganization In corporate form,
of the
The offering proposed to be made to shareholders will be submitted
h
and when the registration statement to be filed with the 8BO.
become final and with such revisions as shall be requisite thereto.
Trans-Lux Daylight Picture Screen
The directors have declared
stock,
a
$1, payable March
par
as
shall have
Corp.—10c. Div.—
capital
This com-
dividend of 10 cents per share on the
1
to holders of record Feb. 13.
ended Dec. 31,1936 of $453,408,
compared with $299,395 for the calendar year 1935.
Net profit for the
year amounted to $94,714, against $49,282 in 1935.
Profit realized on
securities sold for the year 1936 amounted to $204,050, compared with
$24,793 for the year 1935.—V. 144, p. 122.
The report shows gross profit for the year
Tyrol Hydro-Electric Power Co.—Interest—
The interest due Feb. 1, 1937, on the 7% guaranteed secured mortgage
sinking fund gold bonds, due 1952, will be paid on that date.—V. 143,
p. 2698.
Sares with10 cents per share distributed on Sept. 1Dec. 21 last and 1936;
a special dividend of five cents paid on and March 2, diviends of
Sggt. 3 and March 1, 1935, and on Aug. 31 and Feb. 15, 1934.—V. 143, p.
Tri-Continental
1936
$514,802
1,489,386
283,567
3,187
$624,127
1,234,952
198,984
39,308
$668,944
1,041,100
183,214
34,763
$3,186,063
524,125
$2,290,943
389,474
$2,097,371
358,828
$1,928,021
350,217
213,509
135,609
12,389
373,820
75,627
379,345
55,785
371,021
61,309
23,925
Divs. (exc. stock divs.)Fees for-invest, service
Miscellaneous income.-Total income
Expenses
Prior year's expenses un¬
der accrued
Int.
on
5% gold debs—
Taxes
Discount
debentures-
on
Cost of issuance of
15,411
Net income
$2,312,820
1,364,226
1,214,659
dividends
Common dividends
was
United Gas
Corp.—Preferred Dividend—
a
dividend of $1.75 per share on the $7 cum.
non-voting preferred stock, no par value, payable March
and
prior thereto regular quarterly
distributed.—V. 143, p. 4171.
$458,814
x The service fees, being payments by others, for the reorganization's
investment services, in practical effect are a credit against expenses of
Balance, deficit
1 to holders of
$1.75
dividends
per
share
were
$261,340
$125,119
$266,065
that the net expense of operating Tri-Oontinental Corp.
$24,070 in 1936, $105,907 in 1935, $159,844 in 1934 and $167,004 in
operation
directors
$1,106,138
1,564,752
$1,303,412
1,564.752
$1,439,633
1,564,752
Foundry Co.—50-Cent Dividend
have declared a dividend of 50 cents per share on the
stock, par $5, payable Feb. 16 to holders of record Feb. 6.
A
special dividend of $1.50 was paid on Dec. 22, last, and compares with
50 cents per share paid on Nov. 17 and on Aug. 18, last, 37^ cents paid
on May 19 and Feb. 14, 1936, and 25 cents paid on Nov. 8 and Aug. 9,
1935, on this new class of stock.
On May 10, 1935, the company paid a
dividend of 37 H cents per share on the old no-par common stock which was
subsequently split two-for-one. Prior to May 10, 1935, regular quarterly
dividends of 25 cents per share were distributed.
In addition a Christmas
bonus of 50 cents per share was paid on Dec. 24, 1935 and 1934.—V. 143,
p. 3860.
The
common
The directors have declared
com.
stock & debs
Preferred
Group, Inc.—Registers with SEC—
United Engineering &
1933
1934
1935
$215,779
2,455,037
500,055
15,192
x
x
Underwriters
See list given on first page of this department.
Corp.—Earnings—
Calendar Years—
Interest received
793
Chronicle
so
United Gas
Improvement Co.—New Director—
William H. Taylor, President of the Philadelphia Electric Co.,
a director of this
company succeeding Fred M. Kirby,
elected
has been
who re¬
cently resigned.
1933.
Statement
Weekly Output—
of Surplus Dec. 31, 1936
a$32,803,313
5,389
Surplus, Dec. 31, 1935
Transfer from
reserve
for contingencies
Jan. 16, '37 Jan. 25, '36
94,044,999
95,871,231
86,365,908
$32,808,702
Total
1,417,766
retired
.
stated value of pref. stock
Excess of cost over stated value of pref. stock
Excess
•
Jan. 23, *37
Week Ended—
Electric output of system (kwh.)
—V. 144, p. 627.
of redemption price
over
7,649,959
redeemed
$23,740,977
Balance
b Income & Profit & Loss Account from Jan.
Net income (as above)
-
Net profit on sale of securities
Prov. for normal Fed. inc. tax
1, 1936—
$2,312,820
$2,506,315
2,387,376
$4,700,196
$1,364,226
1,214,659
Preferred dividends
Shoe
Machinery Corp.—Special Dividend—
The directors have declared a special dividend of $2.50 per
common
$118,938
Common dividends
Corp.—Options Extended—
corporation has notified the New York Curb Exchange that the
expiration date of the options granted to certain officers and directors to
purchase 25,400 shares of the unissued common stock of the company at
$1 per share, has been extended from Dec. 31, 1936 to Dec. 31, 1937.
—V. 143, p. 3014.
United
101,938
17,000
Prov. for surtax on undistrib. profs.
United Profit-Sharing
The
2,121,311
2,578,885
stock, par $25, payable Feb. 13 to holders of record
share on the
Feb. 2.
The
regular quarterly dividend of 62cents per share was paid on Jan. 5,
last.
A special dividend of $2 was paid on Jan. 6, 1936 and on Jan. 5,
1935.
An extra dividend of $2.50 was paid on Jan. 5, 1933; extra dividends
of $1 per share were distributed in each year from 1925 to and including
1931.—V. 142, p. 3873.
United
States
Casualty
Co.
—
Financial
Statement
$25,862,288
a This balance includes capital surplus, net loss on sales of securities and
excess of dividend distributions over net income, from date of organization
to Dec. 31, 1935.
b This account includes all income and security profits
Bonds.x.—
Reserve for—
and losses less dividend distributions from Jan. 1, 1936.
Stocks
prem_$2,145,325 $1,916,061
Undeter. claims 3,430,944
3,772,890
Accr'd commis's
242,687
238,419
All other liabils.
301,915
175,857
Contingencies
408,737
834,958
Capital
1,000,000
1,000,000
Surplus
2,000,000
700,000
Total surplus
Note—The unrealized appreciation of investments on Dec. 31, 1936, after
deduction of the normal Federal income tax thereon was $11,576,946 more
on Dec. 31, 1935.
Note—This statement of surplus is presented in a form differing from that
previously used, because of the effect of the Revenue Act of 1936 on the
dividend policy of the corporation.
(
than
Balance Sheet Dec. 31
®
Cash
4,244,533
2,243,300
currencies
Dividends
8,033
32,849
$
528,956
2,197,400
31,012
against cash
Due for
Int. & divs. & fees
1,275,100
80,993
1,922,446
Spec, deps.for divs
Foreign
exchange
355,613
498,521
Bank
purch.
due
loan
24,759
for expenses,
5%
conv.
412,837
2,460,000
276,996
2,460,000
taxes, &c
debs
2,291,600
Inv. eq. 5% debsa
$6
cum.
6,519,800
3,837,500
2,429,318
2,429,318
-25,862,288 32,803,313
eDrl31,313
pf. stk—
b Common
stock-
Surplus
Treasury stock
47,683,827 50,749,122'
Total
a
47,683,827 50,749,122
Total
Represented by 153,500 (260,792 in 1935)
b Repre¬
(no par) shares,
by 2,429,318 shares of no par value. There are reserved unissued a
total of 1,486,624 shares as follows.
For the conversion of convertible
debentures 196,800 shares on or before Jan. 1, 1953 at $12.50 per share, for
the exercise of warrants or options to subscribe to common stock, 1,230,544
shares at any time at $18.46 per share, 59,280 shares on or before March 1,
sented
1939 at $24 per share,
c Investments, based on market quotations as at
Dec. 31, 1936, were $56,878,592 or $14,551,459 in excess of cost, after
deducting the normal Federal income tax on the unrealized appreciation of
investments in the amount of $2,165,000.
No deduction has been made
from the unrealized appreciation of investments for liabilities, if any, with
respect to Federal excess profits tax or surtax on undistributed profits,
d Includes preferred stock called for redemption,
e Represented by 1,200
shares $6 cumulative preferred stock.—V. 144, p. 627.
Truax-Traer Coal.—25-Cent Dividend—
declared a dividend of 25 cents per share on the
common stock, payable March 10 to holders of record Feb. 26.
A similar
payment was made on Dec. 1 last, this latter being the first dividend paid
on the common shares since
Feb. 1, 1931, when a quarterly distribution
of 40 cents per share was made.—V. 144, p. 122.
The directos have
Twin City Rapid
Transit Co. (& Subs.)—Earnings—
1936
1933
$8,489,413
1,457,322
83,237
$8,076,532
1,185,322
96,630
$1,744,150
1,272,075
$1,540,559
1,298,835
$1,281,953
1,231,517
$649,487
210,000
Other income
1934
$8,636,907
1,666,050
78,100
$1,849,874
1,200,387
Net after taxes
1935
$9,262,349
1,798,282
51,592
Calendar Years—
$9,529,609 $8,638,191
and $461,175
in 1936 and $677,200 in 1935 at market values.—
University Building, Denver, Colo.—Bonds
An
issue
of
$275,000
1st
mtge.
Interest, &c
Net
income
Preferred
dividends
-
Earns per sh. on
shs. com. stk.
—V. 143, p.
220,000
(no par)
$472,075
$241,724
$50,436
$1.19
$0.14
$439,487
hold estates on which they stand, at
Trusteed Industry Shares,
Inc.—Asset Value—
of Dec. 31, 1936, of $3,533,088, or
$1,552 per share on 2,276,000 shares outstanding on that date, compared
with $2,451,143, or $1,466 per share, on Sept. 30, 1936 on 1,671,940 shares
outstanding, and $1,415,099, or $1,344 per share, on 1,052,500 shares
outstanding on Dec. 31, 1935.
bonds
the intersection of 16th and Champa
guirements on this loan leases earnings for the 12 months ending Aug. 31,
the basis of existing prior to the final maturity in 1946 are $24,052.
in
31, 1937, available for bond charges, are
$60,000.
The lowest earnings available for
estimated at approximately
bond interest and principal
during the past depression were reported at $38,310 for the year ended
Aug. 31, 1934.
Since acquisition by Colorado Seminary (University of Denver) in 1923,
the building has twice refunded its indebtedness at lower interest rates
and has reduced the amount outstanding from $705,000 to $275,000.
United
States
Steel
Corp.—Preferred Dividend—
The directors on Jan. 26 declared a dividend of
$1.75 per share on account
the 7% cumulative preferred stock, par $100, payable
Feb. 27 to holders of record Jan. 30. This compares with $7 paid on Dec. 24,
last; $3.75 paid on Nov. 28, $1 per share paid on Aug. 29, last, and dividends
of 50 cents per share distributed each three months from Feb. 27, 1933, to
and incl. May 29, 1936. Arrearages after the current-payment will amount
to $9.25 per share.
of accumulations on
1936 Best Year Since 1930—
Myron C. Taylor, Chairman of the Board, announced that operations
for the fourth quarter of last year averaged 66.2% of capacity for finished
products, this being the highest rate reached in any quarter of 1936.
For
the entire year the finished-product output equaled 59.4% of capacity,
the highest annual rate of operations reached since 1930, when it was 65.6%.
The operating ratio fell to 38.0% for 1931 and to a low point of 18.3%
for 1932, whence it recovered each year to 38.8% for 1935.
Mr. Taylor added that operations now were at about 75% of rated
capacity, based on production of finished products for sale, and that the
growing volume of incoming business, which was evident at the close of the
third quarter of 1936, continued increasingly during the fourth quarter and
since then.
shipped to domestic customers during the
of last year averaged about the same as in the preceding nine
months, but were slightly below the average for the corresponding period
in 1935.
Prices on export sales showed an upward tendency.
In November domestic prices were advanced moderately, effective for
the first quarter of 1937, in certain lines of steel products, he said, and
these should offset in part increased production costs arising from higher
last quarter
wage
Nil
4017
The company reports net assets as
Offered—
and 4%
Sts., Denver, Colo.
The total authorized amount of bonds is $300,000 as
compared to a net property valuation of $1,149,895.
The amount of bonds
presently outstanding is $275,000.
Net profit before depreciation and bond charges for the fiscal year ended
Aug. 31, 1936, was $45,720.
Average annual interest and principal re-
taxes.
$2.00
leasehold 3%, 3%%,
recently offered by Brown, Schlessman, Owen &
Prices received for products
Total income
$9,529,609 $8,638,191
Total
in 1936 and $3,499,092 in 1935 at amortized
Co., Denver.
Dated Oct. 1, 1936; due serially.
These bonds represent a first (closed)
mortgage against the 12-story University Building, Annexes and the lease¬
contracts-.-
Res.
145,912
500,904
144, p. 468.
was
Sept. 30, 1938—10,000,000
Foreign
exchange
24,759
contracts
189,146
716,296
Consists of $3,904,072
values
V.
Bank loans secured
328,532
d720,625
sec.
„
Reinsur¬
Bureau
Total
x
d720,625
Due for secs.loaned
Invest, at cost-—c42,327,133 47,292,441
Rec. for sees. sold.
54,970
301,638
rec., &c
ance
payable
& interest accr'd
-----
Dep. with Workm.
1935
Unearned
1935
$
Liabilities—
Deposit in foreign
$4,365,247 $4,176,292
1,613,200
2,015,250
1,009,143
Mortgage loans..- 1,009,143
Prems. receivable. 1,128,779
1,059,642
133,098
Accts. receivable105,747
Comp.
1936
Liabilities—
1935
1936
Assets—
Cash.1936
1935
1936
J
Dec. 31—
rates, advancing costs of materials used in operations and heavier
On Nov. 15 an increase was made in wage rates which averaged 10%
for all employees except the higher
all employees approximated 9%.
salaried group.
The average increase for
Year's Payroll $338,865,662
The total payroll for 1936 was $338,865,662, compared with $251,576,808 for 1935, a gain of 34.7%, while the number of employees rose from
194,820 to 222,372, an increase of 41.1%.
The average number of hours
worked by each employee in a month was 172.4 for 1936, against 147.2 in
1935, a rise of 17.1%.
794
Financial
Chronicle
Average hourly earnings was 74 cents last year and 73 cents in 1935.
The average for December was 77.8 cents, but the wage increase of Nov. 15
was reflected only slightly in the average for the entire year.
Expenditures in 1936 for additions and betterments, and to pay maturing
subsidiary company bonds and other capital obligations, approximated
$70,000,000.
The unexpended balance of authorizations for new installa¬
tions aggregates $157,000,000 now, but this will be spread over several
Stocks
Office
Total earnings
1936
Charges & allow, for deprec., deplet. & obsol.
on
on
U. S. Steel bonds
Total inc. from oper._
7,548,856
1,222,346
6,323,146
Special inc. receipts and
adj. of various accts__
cPropr. of overhd. exp
Net profit
3,363
10,639,244
Surplus-..-
Cash
Profit
Nil
1935
i'
i
<jj
Total earnings
113,678,582
Charges & allow, for dea
prec.,
Int.
on
on
47,222,178
44,121,259
Net profit
4,904,981
13,450
51.951,791
8.354,854 df13953,952 df30368,298
50,525,684
©50,439,354
1,146,708 df21667,780 df36501,122
7,205,622
7,205,622
7,205,620
Surplus.
86,330 df6,058,914 df28873,402 df43,706,744
Earn, per sh. on common
$2.90
Nil
Nil
Nil
a After
all expenses incident to operations,
including ordinary repairs
and maintenance, reserves for contingencies, and for all
state, local and
Federal taxes,
b Net balances of sundry receipts and charges including
net profits from disposal of sundry
property assets and securities, and
adjustments of various accounts,
c Proportions of overhead
expenses of
the Lake Superior Iron Ore properties,
d Proportion of interest on railroad
recapture payments refunded, less reserve for account of adjustments in
connection with employees' stock subscription plan,
including net balance
of sundry receipts and charges account adjustments of various accounts.
©Includes regular 7% regular, payment and 7% arrearages paid Dec.
24,
1936.
f Represents \%% preferred dividend payable Feb. 27, 1937.
Utah-Apex Mining Co. (& Subs.)—Earningssmelter
1936
$234,441
$193,013
m
194",100
6,193
See y
7,492
.
Net loss before deple'n
Without
.
Inv. In min'g cos._
Cash
Securities
z$69,230
for
Balance
lease & option.
1935
Sundry
deposits..
Due from smelters
Accts. & notes
Mat'ls
&
20,194
2,427
rec.
34,562
26,792
11,473
24,678
x
prof.$356
$79,838
y
Includes marketing
Aug. 31
''v
Liabilities—
1936
1935
185,508
24,039
Surplus
65,982
$6,249,781
Total
end of year
reserve,
ended Dec. 31, 1936, and in accordance with a
resolution of the directors (under previous authorization by the stock¬
holders), at a meeting held on Dec. 23, 1936, the corporation instituted a
change in policy whereby the surplus account balances as of the com¬
mencement of business Jan. 1, 1936, were appropriated as an investment
reserve; commencing as of Jan. 1, 1936, profits and losses from transactions
involving the sale, exchange, and write-down of investments, as to securi¬
ties acquired prior to April 2, 1935, have been or are to be carried to such
investment reserve; all other results of operations, including profits and
losses from transactions involving the sale, exchange, and write-down of
investments, as to securities acquired subsequently to April 2, 1935, have
been or are to be carried to "surplus since Jan. 1, 1936."
year
Balance Sheet Dec. 31
1936
Assets—
Cash in banks
Acer,
1935
$
income
rec.
Liabilities—
11,070
Accounts
863
Invest.—at cost. 16,240,781
Deferred
18,653,053
1,646
2,534
charges.
42,862
5,091
Invest,
y
Capital stock
16,456,308 18,712,271
Total.
14,595
9,719*262
5,504,398
2,824,413
...16,456,308 18,712,271
Market value at
Dec. 31, 1936, $5,020,998 ($3,484,168 in 1935) of
$965,822 pledged as collateral to notes payable,
y Convertible
preferred stock of $7 par value in 1936 and without par value in 1935
(div. cumulative at $1.50 per share per annum redeemable at and in liquida¬
tion entitled to $30 per share), authorized, 699,081 shares; issued ana out¬
standing, 673,381 shares; common stock, of $5 par in 1936 and without
par in 1935—authorized, 5,000,000 shares (of which 699,081 shares are
of convertible
conversion
preferred stock;)
issued,
2.000,919
warrants
outstanding granting the holders thereof the right to purchase
1,000,000 shares of common stock on or before Feb. 1, 1944, at $17.50
share.—V. 143, p. 3486.
per
Valspar Corp. (& Subs.)—Earnings—
$1,863,816
53,790
Manufacturing profit
Selling and administrative
$1,810,025
1,537,621
expense
Profit from operations
Other income
$272,404
68,122
Total income
Interest
Provision for United States and Canadian income taxes
Net p ofit for period
Consolidated Balance Sheet, Oct. 31,1933
Assets—
a
;
■
:
v
Liabilities—
$346,532
.
Notes & accts. receivable-..
subsidiary
5,716
1,061,915
985,664
co.
(not consoli¬
dated) as valued.
Sundry assets
4,000
37,673
,
Total
$2,771,843 $2,854,794
$156,712
-
Inventories..
45,418
1,281
b Property account
a
1,103,748
sub. company
_
_
Accounts payable (trade)
Accrued interest
115,796
Surplus Account Year Ended Dec. 31, 1936
Paid-in
surplus, after deducting dividends paid therefrom of
$307,052 and including $84,300 representing the excess of
assigned value over cost of priority stock retired
$2,320,535
Earned surplus, since Jan. 1, 1932:
Balance, Jan. 1, 1936-$423,531
Net income for year ended Dec. 31,1936
563,944
Net profit on sale of securities
i
413,838
Reserve for reorganization exps
Res. for U. S. & Can. inc. taxes V
of Con-Ferro Paint
«fc
Varnish Co..
& Co.
3-year
notes
of
of
499,600
Detroit
50,000
675,900
1st mtge. 6% serial gold bonds
of Detroit Cold
Storage &
Terminal Co
$6 div.
cum.
conv.
127,500
pref. stock
$5 par)
152,330
Common stock ($1 par)
Capital surplus
Operating deficit
Total..
given in V. 144, p. 629.
Detroit
....
cum. inc. debs, of
Valspar Corp.....
$3,077,848
was
1,133,300
6%
757,314
statement
6,723
3-year 6% notes of Valentine
5-year 6%
$1,401,314
—644,000
Surplus, Dec. 31, 1936
S4,263
1,224
32,586
Note
...
priority stock.
98,382
.....
Graphite Co
2-year 6% notes
Graphite Co.
......
$220,074
.
Accrued wages, commissions «fe
other expenses
250,000
_
Utility Equities Corp .—Surplus Account—
Total.
$340,527
144,693
2,188
36,933
Miscellaneous other charges
Deferred charges
603
12,304
6,249,781
9,719,262
74,488
which
Goodwill of
A[comparative Income
649,000
474
Earned surplus
Marketable securities
3,505
$2,771,843 $2,854,794
on
taxes
Capital surplus
Cash
-V. 141, p. 4028.
Dividends paid
«fe
reserve
$
400,000
payable
Acer. Int.
1935]
$
Notes payable—_
Other receivers—
x
1936
$
44,751
204,514
9,367
Investment in capital stock of
mine
"
Investment
24,039
160,510
58,293
3,950
19,696
supplies
Prepaid insurance.
$5,504,398
2,824,413
Depreciation of buildings, machinery and equipment
51,150
14,173
47,956
10,328
31,856
in suspense
80,598
52,915
_
as
-
Consolidated Earnings for the 11 Months Ended Oct. 31, 1936
$2,465,232 $2,381,625 Capital stock.....$2,641,000 $2,641,000
stock
$2,641,000
71,747
70,623 Accounts payable
and
30,774
accruals...
44,470
40,821
29,244
40,425 Accounts payable
gold...
(appropriated
Gross profit on sales
depletion.
Sheet
Calif, props, under
Unrefined
$582,187
11,776
25,025
8,250
34,886
z$94,527"
provision
1936
Fixed assets
—
$24,693
$8,328,811
2,079,030
Note—During the
$17,667
-T.
21,568
7,741
33,624
Consolidated
at
24,890
$440,079
265,124
19,135
Before provision for depletion and income taxes,
z
loss$76,000
222",176
$432,928
332,310
11,479
9,974
80,232
y379,066
Taxes and insurance
Assets—
m'
4,387
-
$354,964
Depreciation
expenses,
mm
$5,896
132",917
Maintenance of prop's-General expenses
x
mi **
of
exps__
$74,488
including 1,000.000 shares deposited under escrow agreement for
holders of option warrants; net outstanding, 1,000,919 shares; and
option
Unrefined gold produced
Int., disc. & misc. rcts__
Mining & milling
MarketingMines, general
Exploration
17,429
Investment reserve, as of beginning of year
on sales of investments, net
reserved for
1933
securities
Total income
5,380
41,139
30,199
shares,
$215,854
liquidation
on
1934
ore
charges
and expenses
Profit
1935
3,945
30,048
31,924
sold
Loss
x
after
on sec.
Total.....
Years End. Aug. 31—
$802,185
158,674
14,804
Capital surplus balance, beginning of year
investment reserve)
Surplus, appropriated as investment reserve
New Director—
Myron C. Taylor, Chairman of the board, announced on Jan. 26 that
George A. Sloan had been elected a member of the board of directors of
the corporation for the term expiring in April, 1937.
The announcement
followed a meeting of the Board.—V. 144, p. 628.
Income from sales of
$231,660
140,903
14,298
4,138
--—-
Analysis of Capital Surplus and Investment Reserve Year Ended Dec. 31, 1936
43,195,117
13,314,634 df8,902,900 df25203,844
4,946,330
5,037,602
5,150,693
13,450
13,450
13.761
adj. of various accts-_ bDrl27,607
b511,132
b92,115 dl,335,411
Propr. of overhd. exp. Drl298,500 Dr7,719,279 Dr7,805,943 Dr7,468,238
Preferred dividends
$81,809
110,054
13,762
Net income—
$
56,808,360
Total inc. from oper._
$134,740
9,360
13,885
5,083
expenses
Net loss
17,991,273
Special inc. receipts and
c
(g
35,218,360
U. S. Steel bonds
$50,373
751,581
231
....
t
60,536,812
bonds of subs
Int.
1933
$42,078
189,583
1933
56,870,222
deplet. & obsol-
Net income
1934
$28,431
53,378
sale of secur.
Regist. & transfer exps.
Other
Nil
1934
on
Total income-
Income Account for Years Ended Dec. 31
1936
dividends
Taxes
3,525,012 dfl2035,818 df9,746,850
Nil
1935
$23,968
47,323
63,449
Interest
df6,555,255
14,345,861
$1.65
1936 J
Interest
5,326,4171ossl0234413 loss7945,445
1,801,405
1,801,405
1,801,405
-
$8,259,339 $8,108,045
Total
Utility & Industrial Corp.—Earnings—
Calendar Years—
M10.393
b542,549
b92,115
d627,230
*-Dr1,539,278 Dr2,192,907 Dr2,017,420
Earn, per sh. on common
$8,259,339 $8,108,045
Income—
df6,877,528 df5,283,090
1,252,730
1,268,802
3,363
3,363
20,650,780
f6,304,919
Preferred dividends
14,294
1
quotations or management's estimated fair values as
Securities purchased subsequent to that date are carried
at cost.
Total investments priced at market quotations at Dec. 31, 1936
amounted to $11,336,666 in 1936 and $10,139,253 in 1935.
b Represented
by 92,000 shares of $5.50 dividend priority stock and 567,549 shares of
common stock, both of no par value.
Of the unissued authorized common
stock, 276,000 shares are reserved for conversion of the proority stock
and 330,000 shares are reserved for the exercise of warrants at $20 per
share at any time, without limit, except that the time may be limited
upon notice under certain circumstances as provided in the warrants. Total
authorized common stock, 1,320,000 shared,
c Before provision for ac¬
cumulated undeclared dividends of $414,000 on the priority stock.—V. 144,
p. 629.
10,820,174
df8,133,621
15,050
1
ac¬
equipment-
at market
of Dec. 31, 1931.
1933
$
5,537,084
3,761,716
12,869,579
20,540,387
bonds for subs
14,821,658
21,772,405
1,228,655
3,3 63
Net income
Int.
Int.
1934
20,418,435
and
395,946
7,598,323
Securities owned at Dec. 31,1931 and still on hand at Dec. 31,1936 are
a
Up
1935
36,594,063
rec.
Total
Consolidated Income Account (Co. and Subs.)
a
$13,941
b Capital stock— 5,167,549
Surplus
c3,077,849
priced
Shipments of finished steel products last year amounted to 10,825,132
tons, compared with 7,371,299 in 1935,'
Shipments in the fourth quarter
were 2,957,425 tons, against 2,030,076 a year before and
2,836,357 in the
third quarter of 1936.
3 Mos. End. Dec. 31—
197,889
7,509,414
crued bond Int.-
Espenditures for additions and betterments in 1936 were almost en¬
tirely for the rehabilitation of productive facilities necessary through
the substitution of modernized equipment and facilities in replacements of
worn-out or obsolete units. The original investment in sucn units has been
written off against depreciation, and
amortization has
been
provided
from earnings and surplus, or will be so written off when these old facilities
cease to operate when the new equpiment is installed.
Net working assets of the corporation and its subsidiaries,
excluding
dividends declared and unpaid, were $391,421,435 at the close of
1936, the
largest in five years.
A year before they were $389,194,778 and at the end
of 1931, $450,432,522.
$1,609
5,850
5,284,549
2,816,037
Prov. for taxes
Bonds
Accts.
1935 1
$99,479 Accounts payable-
$536,986
Investments—
a
1936
Liabilities—
1935
1936
Assets—~
Cash
years.
Shipments
Jan. 30, 1937
Balance Sheet Dec. 31
a
p.
After
469.
$3,911,045
reser
es o
$82,567.
b After
Total..
reserves
233,202
716,843
Dr120,884
...$3,911,044
for depreciation.—V. 144,
Volume
Financial
144
Wayne Knitting Mills—Earnings—
Virginia Iron, Coal & Coke Co.—Earnings—
Operating
Operating
Net
$388,362
404,293
operating loss
Other income
Total
revenue..
Bond interest, &c
$4,948
7,978
$96,522
122,506
$3,029
31,236
$25,984
134,933
Before inventory and other
x
1,410,658
$19,952
57,355
■„
$37,402
122,498
$85,096
annual adjustments of $20,543 which bring
x$108,949
$28,207
$18,963
Net loss
Net sales after deduction of returns, discounts
$1,390,705
$1,266,295
1,362,817
$10,334
29,297
expenses
$396,006
400,955
$15,931
26,265
revenues
the net loss to $88,404.—V. 143, p. 2700.
($76,684)
Commerce
Commission
$95,007
Net operating profit
on
on common
preferred stock
approximately
1935
1934
1933
$1,633,947
974,404
939,123
$1,424,915
832,605
694,326
$1,265,512
$1,146,367
606,877
589,448
17,640,017
9,774,892
_,
15,783,550
,8605,452
7,240,264
14,443,351
From Jan. 1—
Gross from railway
713,016
627,211
a
Customer's accts. receivable
Other
and
receible
accounts
7,398
780,256
salesmen's advances.
9,068,959
....
7,741,477
6,772.558
—V. 144, p. 629.
-
$2,251,427
After
a
Net.from railway
Net after rents
A equipm't.
Total
reserve
for
16,871
payable Jan. 1, 1937
6% cum. preferred stock ($50
par).
2,988
17,791 Conimon stock ($5 par)
Capital surplus
997,169
4,083 Earned surplus
1
Inventories
Goodwill, trade-mks. & pat'ts
$46,656
84,052
--$131,565 Accounts payable
310,174 Accrued expenses
Dividends on preferred stock
Del. maintenance unamortized
13,433,773
6,913,268
6,116.664
1936
Liabilities—
b Property, plant
1936
undistributed profits.
Balance Sheet Nov. 20,
Assets—
Cash in banks and on hand...
Unabsorbed premium deposits
Earnings for December and Year to Date
Net after rents
68,000
stock
Prepaid expenses
Gross from railway
Net from railway.
5,500
$107,961
37,11b
Net income
15 issued a certificate
Jan.
termini, northeasterly, along Clear Fork and Toney Fork,
6.7 miles, all in Wyoming County, W. Va.
^ «i«* Am
December—
1^,453
Note—No mention was made of surtax on
on
$380,197
285,189
——
Miscellaneous earnings (net)
Provision for Federal income tax
Dividends
Interstate
$2,741,949
2,361,752
sold--
Gross profit
Selling, general and administrative expenses
Dividends
authorizing the company to construct and operate an extension of its line
of railroad (1) from the end of its Morri branch at Morri in a general west¬
erly direction along Laurel Fork and Clear Fork to a connection with its
Guyandot River branch at Simon, approximately 23.4 miles; and (2) from
a connection with the above-described line at a point midway between its
and allowances
-
Cost of merchandise produced and
Virginian Ry.—Construction—
The
Nov. 30, 1936
Earnings for the 11 Months Ended
1936—12 Mos.—.1936
1936—3 Mos —1935
Period End. Dec. 31—
795
Chronicle
674,850
750,000
373,115
305,882
$2,251,427
Total
bad debts of $5,500 and cash
discounts of $5,000.
b]After reserve for depreciation of $549,073.
jVofe—Recognition is given in the above balance sheet to
the authoriza¬
tion of 200,000 shares of common stock of a par value of $5 each as author¬
ized by the articles of reorganization and to the issuance of 150,000 shares
value of $5 each (atotalpar value"of$750,000) in
the 34,000 shares of common stock of a par value of $25
each!(a total par value of $850,000) held by the shareholders, and the credit
to capital surplus of the difference in the total par value issued and out¬
standing, namely, $100,000, all of which is in accordance with the resolu¬
tions adopted by the board of directors Nov. 5, 1936, and approved by the
common shareholders Nov. 20, 1936.—V. 144, p. 629.
of common stock of a par
Wabash Ry.—Abandonment—
The
Commerce
Interstate
full exchange for
Commission
Jan.
on
16 issued
certificate
a
permitting abandonment by the company and its receivers of part of the
Bement branch line, extending from Stewardson to Effingham, approxi¬
mately 13 miles, all in Shelby and Effingham counties, 111.
Earnings for December and Year to Date
December—
Net
1934
1935
1936
Gross from railway
Net from railway
$4,513,609
1,578,499
1,078,390
46,428,262
12.094,150
6,147.522
41,492,890
10,246,337
5,213,900
after rents
«'
Wayne Pump Co. (&
1933
$3,100,338 A$2,901,623
760,283
906,202
431,477 a !
512,012
$3,748,135
1,118,594
841,079
*
2,417,371
al57,698
Selling & adminis. exps.
Prov. for depreciation._
From Jan. 1 —
Gross from railway
Net from railway
38,235,813
9,712,332
4,355,273
36,207,016
8,629,647
2,745,490
Subs.)—Earnings—
1936
sales._ $4,108,324
1933
1934
1935
Years Ended Nov. 30—
Gross profit from
a
$841,802
$1,234,523
1,046,013
161,128
$2,367,635
1,556,828
147,131
828,238
180,067
$27,382 loss$166,503
79,634
129,572
157,659
$663,676
154,634
$1,690,914
Net after rents.
$818,310
$107,016
loss$36,931
75,423
69,654
57,548
145,445
$1,615,491
$748,655
41,897
17,080
49,242
78,308
$1,533,255
Other income credits
—V. 144. p. 123.
Walgreen Co.—Application Approved—
The Chicago Stock Exchange has approved the application of the company
to list
Inc. charges (other
bond interest)
than
35,000 additional shares of common stock, no par value.—V. 144,
p. 629.
Div.
^
Waltham
Watch
on
pref. stock of
Wayne Co
Int. on deb. bonds
Federal and foreign in¬
Co.—1937
Preferred Dividends—
The directors declared
out of 1936 earnings a year's dividends on the
6% cumulative preferred stock, par $100.
These dividends
payable in four instalments of $1.50 per share each as follows:
Payable
Feb. 5, April 2, July 2 and Oct. 2 to holders of record Jan. 27, March 20,
June 19 and Sept. 18, respectively.—V. 142, p. 4359.
taxes
Net profit.
are
Ward Baking Corp. (&
deprec., Fed.
taxes & other
Earns, per sh.
shares class
1935
1934
charges.x$l,838.936
on
$587,951
'
*>
$1,015,826
82,975
A
1933
$397,431
on
Nil
Nil
stock
d144,788
1936.
<Consolidate
Nil
undistributed profits.—V. 143, p. 3861.
1936
Assets-—
$996,082
Cash
Warner Bros. Pictures, Inc.
Nov. 28 '36
$
Assets—
d
$
Pref. stock...
Nov. 30
a
35
$
5,670,885
19,006,723
5,670,885
19,006,723
136,254,901 137,598,032 Mtge. A fd. debt 75,809,191
4,276,065
3,292,776
3,541,220 Notes payable..
leasehold,
&c.
&
83,362,330
1,474,975
b Com. stock...
eq.,
Cash
Accts.
notes
receivable
1,911,495
17,509,051
Inventories
1,505,619
14,101,555
ios
Mtges.
1,532,334
1,229,301
429,641
Ac...
Investment
102,369
1,460,782
1,789,398
el,316,725
941,338
8,227,483
189,425
cos...
7,647,121
1,583,251
216,643
4,566,720
981,822
1,645,423
1,540,000
Deferred income
Goodwill
__
rec.
c
680,161
9,522
(non-curr.)_
Investments.---
Cash
to
amt.
deposited-
dl07,651
1,314,994
1,241,003
1
1
Patents
chgs.
Def.
A
pre¬
101,814
109,860
paid expenses..
Royalties
pay..
Conting.
reserve
pay.
24,255
144,788
Pump Co
stock of
Wayne Co
5% conv deb bonds
970,200
905,400
832,500
Res. for unrealized
net curr.
for
13,267
9,364
assets.
unearned
charges,
finance
177,724
36,675
289,658
1,961,005
coll'n exps., Ac.
208,458
1,225,182
457,543
Com. capital stock
463,622
555,525
733,973
56,650,505
13,361,459
($1 par)
383,761
264,921
c
18,864
apprec.of foreign
Capital surplus
Earned surplus—
Propor. appllca.
to minor, int.
$128,268
456,419
Pref. cap.
Res.
film
service, Ac...
1935
1936
856,695
$222,231
Wayne
of
stock
be
_r—
Plant property..
f2,885,021
1,067,552
1,211,368
1,264,866
371,849
Capital surplus. 56,774,519
Deficit...
8,328,487
Deferred charges
2,054,778
1,058,366
t Nov. 30
e
Liabilities—
1935
$826,906 Accts. payable...
1,153 Accrued accounts.
1,224,225 Divs. pay. on pref.
capital stock of
795,841
Wayne Co
Divs. pay. Jan. 2,
36,122
1937,
on
com.
18,051
Serial bonds, Ac.,
Adv.
1,881,205
993,323
8,244,979
8,548,944
1,728,865
Accts. receivable
b Inventories
Instalm't contracts
e
accr'ls
Fed. tax reserve
and
advances
and
current
Depos. to secure
contr.,
sundry
recelva-
ble., Ac
pay.
Dueaffil.
Rights & scenar¬
>
Liabilities—
a
R'iest., bldgs.,
Accts.
Nov. 28 '36
$
Notes receivable..
-Consol. Balance Sheet-
Nov. 30 *35
of
$1,180,491
$496,526 def$38,982 def$319,657
a Including
charge of $21,574 for property abandoned,
b Net deficit
subsequent to Dec. 1, 1933 (effective date of reorganization), c Interest on
convertible debenture bonds; payable on or before Feb. 1, 1935, $44,225;
payable when completely earned or at maturity of bonds, $44,225. d Has
been taken up in the accounts as of Nov. 30, 1936, though not declared
until Dec. 1,
stock
$0.56
After surtaxes
—
com.
on
.
$496,526 defb$38,982 def$319,657
Total surp. for year..
income
(no par)
x
Subs.)—Jturnings—
1936
Divs.
30,000
107,282
c88,450
124,579
231,235
$1,325,279
come
company's
Years End. Dec. 31—
Net profit after interest,
$49,468 def$182,376
1,638,034
Remit, fr. for¬
eign
cos
$6,223,766 $4,352,770
Total
$6,223,766 $4,352,770
Total
$113,194 in 1936 and $55,632 in 1935. b After reserves
$57,659 in 1936 and $70,000 in 1935. c At cost less
d On Feb. 1, 1936 as a sinking fund for the 5% convertible
debenture bonds,
e After reserves for depreciation of $1,146,257 in 1936
a
After reserves of
for obsolescence, &c., of
reserves,
Total
173,510,488 170,353,0401
Total
173,510,488 170,353,040
a Represented by 103,107 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, purchase money and contractual obligations and mortgage instal¬
ments maturing within one year.
The earnings statement for the 13 weeks ended Nov. 28 was published in
V. 144, p. 629.
and
$lr154,031 in 1935.
Pro
Forma
f Pursuant to an order of the U.S. District Court for the Southern District
of New York, in the reorganization proceeding under Section 77-B of the
National Bankruptcy Act, Alexander Weinstein and Frank R. Galgano,
trustees of the company will sell at public sale at U. S. District Court
House, New York, on Feb. 5 at 12 o'clock noon, the company's chain of
gasoline service and filling stations.
Included in this property are 86
leaseholds and 105 fee properties used for the purpose of conducting gaso¬
line filling and service stations;
11 leaseholds used for the purpose of
maintaining tank stations for petroleum product; nine leaseholds and two
fee properties used, respectively, for miscellaneous purposes such as storage
space and garages for cars, bulk plants for petroleum product and stores,
(all the foregoing with such equipment and improvements thereon as may
be owned by the sellers and are included in the terms of sale), and seven fee
properties and two leaseholds wholly unimproved.
The Cities Service Co., principal stockholder and creditor, filed an appeal
Jan. 25 in the U. S. Circuit Court of Appeals from the order of Federal
Judge Hulbert directing the sale at public auction of company's service
stations on Feb. 5 for not less than $4,181,000.
This appeal will probably
postpone the sale date.—V. 144, p. 629.
Westchester Service Corp.—Deposit Date Extended—
an order of the United States District Court for the Southern Dis¬
of New York, the time within which bondholders must prove the
By
trict
claim on account of the first mortgage
bonds owned, has been extended to
Jan. 30, 1937.
York Trust Co., 100 Broadway, New
York, together with the letter of transmittal.—V. 144, p. 629.
►
Bonds must be delivered to New
Liabilities—
Assets—
$822,707 Accounts payable
1,612,678 Accrued accounts
b Inventories
1,058,366 Div. pay. Jan. 2,1937, on com.
stock of Wayne Pump Co...
Instalment contracts receiv'le
(non current)
382,869 Res. for unrealized apprec. of
foreign net current assets
c Investments
9,522
Cash
a
Warner-Quinlan Co.—Sale—
Consolidated Balance Sheet at the Commencement of Business
1, 1936 Adjusted to Give Effect to Certain Transactions
Consummated on Dec. 1, 1936
Dec.
Accounts receivable
d Plant property
Patents
—
Def. chgs. A prepd. expenses..
1,314,994
1
109,860
Reserve
for
unearned
Earned surplus
$5,310,999
Total
a
After
$57,659.
Total
856,695
144,788
9,364
finance
chgs., coll'n exps., Ac
Common stock ($1 par).
Capital surplus
$233,729
177,724
289,658
1,961,005
1,638,034
$5,310,999
of $113,194.
b After reserves for obsolescence, &c. of
At cost less reserves,
d After reserves for depreciation of
reserves
c
$1,146,257.
Notes—The above balance
sheet has been adjusted to give effect to
1, 1936, as follows: (a) The receipt of
aggregating $750,890, from the sale, with recourse, of instalment
contracts receivable, which funds, together with other cash, were applied
to the retirement of the preferred capital stock of Wayne Co. at $50 per
share plus accrued dividends, aggregating $924,264.
(b) The declaration
of a dividend aggregating $144,788 and payable Jan. 2, 1937, on the com.
capital stock of Wayne Pump Co.—V. 143, p. 4019.
transactions consummated on Dec.
cash,
Western Tablet & Stationery
The
Corp.—Div. Increased—
have declared a dividend of 50 cents per share on the
stock, payable Feb. 15 to holders of record Feb. 5.
Previously
directors
common
regular quarterly dividends of 25 cents per share were distributed.
In
addition, an extra dividend of 50 cents was paid on Jan. 2, last.—V. 144,
p. 630.
796
Financial
Chronicle
Western Grocer Co.—Earnings—
6 Mos. Ended Dec. 31—
Net sales
Cost of goods sold
(M.JJ.) Whittall Associates, Ltd.1936
on
$168,002
102,625
$2.61
bank loans
Depreciation
$1,074,414
818,477
37,800
10,465
39,670
$301,618
Income tax
Interest
$7,064,897
5,990,483
$1,292,026
870,214
66,500
10,720
42,974
and warehouse expense
1935
$8,254,717
6,962,691
.
Gross profit
Selling, administration
V; 102,860
Net profit
Shares common stock outstanding
Earnings
per
share
-
.......
Cash
$347,434
569,720
3,067,230
1,301,293
15,461
56,457
Accts. receivable, less reserve.
Inventories
-
Fixed assets
Investments & mlscell. assets.
Deferred charges
Trade marks and goodwill
1
Total
$717,526
700,000
160,891
66,500
942,600
2,100,000
299,988
393,688
Dr23,597
Accrued taxes, &c
Income tax provision
stock
Common stock
Capital surplus
Undivided profits....
Stock In treasury
$5,357,595
1
Aug. 31
'
■
Cash
$6,945
Accounts receivable
Merchandise
Other assets
c
338.745
inventories-----
1,460,777
20,814
d3,085,376
-
Operating plants
.
Closed plants
Patents--
c
d301,819
1
Deferred charges
63,274
b Notes payable
(secured)
Mtge. note payable (current)
payable
Federal, city & State taxes.-.
$486,646
78,000
440,529
80,353
Accrued accounts..
79,313
a RFC
mortgage note payable
321,500
b Note payable
(non-current)
80,500
e Trustees'
preferred certlfs— 1,935,210
f Common certificates of trust.
2,058,239
Deficit
282,537
a
Accounts
-
$5,277,7531
Total
$5,277,753
Reconstruction Finance Corporation mortgage loan is
payable $30,000
before Jan. 15, 1937; $48,000 on or before June
1, 1937; $48,000 on
or before June 1,
1938; $64,000 on or before June 1, 1939, with added
payments on account of principal on Oct. 1, 1936, and annually thereafter
until payment in full, each in the amount, if
any, by which a sum equal to
40% of net earnings before depreciation for the preceding fiscal year,
exceeds the aggregate fixed amounts required on account of
principal
during such fiscal years, the balance on or before June 1,1940.
At Aug. 31,
1936, the initial payment of $30,000 originally due June 1, 1936, but
extended to Jan. 15,1937, was in technical default, due to failure to
comply
with certain conditions contained in the extension
agreement.
These con¬
ditions had been complied with prior to the
preparation of this balance
—
a
,
,
Accounts payable
Notes payable
Preferred
Assets—
Total..
Liabilities—
-Balance Sheet
1936—
'
$1.31
Consolidated Balance Sheet Dec.
31.J1936
Assets—
Jan. 30, 1937
;
Total.
$5,357,595
on or
-V. 143, p. 4020.
b RFC
Western Maryland
Period End. Dec. 31—
Operating revenues
Net operating revenue.Net ry. oper. income—.
Other income
Gross income
Fixed
Net
;■
$524,317
261,112
charges
income
t
$451,601
266,597
$263,205
a
$4,866,486
3,156,373
$185,004
-—Jan.
Gross earnings (est.)
$363,125
Cash
on
$331,485
1935
$666,437
Liabilities—
$258,499
4,085,080
22,700
$6 pref. stk. and
1936
1935
$31,602
12,400
$37,377
4,200
1,631,000
Acer. int.
on
debs.
Accrued taxes
15-yr.
5A% gold
debs., due Feb. 1
Unit ctfs. repres'g
250shs.of corp.'s
70
participating)
1,341,200
100,000
330,000
Capital surplus
surplus— 2,175,172
Deficit
1,523,730
..
__
b $6 pref. cum. stk.
26,049
850
35,158
2,100
c
c
Common stock._
$3,845,644 $4,403,607
The trustees in
1,725,100
100,000
330,000
2,115,491
1,539,561
notice to holders of voting trust certificates for common
stock of the reorganized company at the rate of one share of new
each 10 shares of old stock represented by their voting trust
for
certificates upon payment of $15 per new share, as provided in the plan of
reorganization, must deposit their voting trust certificates with Chase
National Bank, 11 Broad St., New York, on or before Jan. 25, 1937.
By further order of the court dated Jan. 25, this time has been extended
to Feb. 15.
In order not to lose their rights, holders of voting trust cer¬
tificates should deposit their certificates at once.
By so depositing, they
do not obligate themselves to subscribe for new stock but
merely preserve
their right to subscribe, which they may sell or use to subscribe.—V.
144,
630.
P.
Total
$3,845,644 $4,403,607
At Dec. 31, 1936 the indicated market value of
securities exceeded cost
by the amount of $371,888, while at Dec. 31, 1935 the indicated market
value was $432,441, less than cost,
b
a
The order of the court dated Dec. 17,1936, provides that holders of
voting
trust certificates for common stock, in order to
preserve their rights to sub¬
scribe within 60 days from the date of the consummation of the plan for
common
(6% cumul. and
91
Deferred taxes
,
stock state:
stock
Prior
debentures
1504.
p.
$609,339
1944—authorlz'd 1,379,000
pref.
stock
$331,083
aSecurs. (at cost). 3,467,769
Acer. int. & divs._
19,802
Total
$1,002,657
Jan. 14
1936
to
Investing Corp.—Balance Sheet Dec. 31
1936
deposit--
250shs.com.stk.
(at cost)
Unamort. disct. on
payable secured by assigned accounts receivable and in¬
payable $12,000 on or before June 1, 1937; $12,000 on or
1939, with added pay¬
ments on account of principal on Oct. 31, 1936, and
annually thereafter
until payment in full, each in the amount, if any, by which a sum
equal
to 10% of net earnings before depreciation for the
preceding fiscal year,
exceeds the aggregate fixed amounts required on account of
principal during
such fiscal year, the balance on or before June 1, 1940.
c Values
for property, plant and equipment are book values and do
not purport to represent present sale values, replacement or
reproduction
cost.
No provision for depreciation has been made on the books since
Nov. 15, 1934, at which date the trust was in receivership.
d After allowance for depreciation.
©Represented by certificates of
$10 par.
f Represented by 100,000 certificates of no par value.—V. 140
before June 1, 1938; $16,000 on or before June 1,
Wickwire Spencer Steel Co.—Time Extended—
Western Reserve
Assets—
1
1937
.
—V. 144, p. 630.
$4,189,775
3,187,118
$1,710,113
—Second Week of Jan.—
1937
1936
Period—
note
ventories is
Ry.—Earnings—
1936—Month—1935
1936—12 Mos.—1935
$1,490,263
$1,279,984 $16,298,271 $14,791,403
595,026
491,342
5,834,224
4,585,984
509,214
442,673
4,784,216
4,107,677
15,103
8,928
82,270
82,098
a
c
Represented by 20,000 no-par shares,
Represented by 60,000
no-par shares.
The earnings statement for the years ended Dec.
V. 144, p. 630.
31
was
published in
Westinghouse Electric & Mfg. Co.—To Pay $1 Dividend
The directors
Jan. 27 declared dividends of
$1 per share on the com¬
mon and 7% preferred stocks
(both of $50 par value), both payable Feb. 26
to holders of record Feb. 8.
A dividend of $2
share
paid on the
was paid on Nov. 30 and on
Aug. 31
last; 75 cents per share was paid on May 29, and on Feb.
29, 1936, and
dividends of 50 cents per share were
distributed on Nov. 30 and Aug. 30,
1935.
on
was
This latter payment marked the
resumption of dividend disburse¬
stock, no dividends having been paid since April 30,
1932, when 25 cents per share was paid.
A dividend of $2 per share was
paid on the preferred stock on Dec. 21,
last, and a regular quarterly dividend of 87 A cents
per share was distri¬
buted on Nov. 30, last.
The preferred stock shares
equally with the
common after dividends of
$3.50 per share have been paid on the latter
shares.—V. 144, p. 296.
West Virginia
1936
Total earns, from oper._
Other income
Total income
Interest paid-
invests, sold, &c
Deprec. and depletion.
Prov. for Federal inc. tax
Reversal of portion of
on
_
1935
1934
$4,155,773
286,053
$2,962,106
321,552
$2,380,577
480.224
$1,906,154
465,156
$4,441,825
22,069
87,860
2,148,267
278,796
$3,283,658
$2,860,802
6,666
150,000
1,984,616
55,000
$2, 371,310
8,568
144,405
139,481
7,146
222,321
y2,105,893
126,614
1933
♦
marketable
securities
CV329.422
0535,441
$2,234,256
926,116
361,104
Net income
Preferred dividends
Common dividends
$1,357,124
926,879
363,403
Surplus
Earn, per sh.on
y
common
$947,035
$1.45
$664,520
934,085
365,522
$78,855
928,267
366,640
$66,842 def$635,087df$l ,216,052
$0.47
Nil
Nil
.
Depreciation only.
1936
$
and
$
3,633,559
Mlscell. stocks and
1,970,715
2,238,881
361,174
Prov.
for
Special
56,437,488 49,854,532'
971,034
232,866
639,687
230,125
361,271
97,800
225,806
90,632
reserves
res..
25,000
124,717
Earned surplus.6,255,322
Common & pref.
treas. stocks.Drl,573,931
117~5U
5,333,287
Drl,725,926
Total
56,437,488 49,854,532
After reserve for depreciation of
$27,359,898 in 1936 and $25,646,508
in 1935.
y Represented by 946,322 shares of no par value
including treas¬
ury stock,
z Includes $5,000,000 cash in banks and on
hand for construc¬
tion expenditures,
a $1,000,000 payable Oct.
x
15, 1937.—V. 142, p. 804.
Weymouth Light & Power Co.-^-Pays 63-Cent Dividend
The
company paid a dividend of 63 cents per share on the common
Jan. 29 to holders of record Jan. 21.
This compares with 50 cents
paid on Oct. 31 last; 62 cents on April 30
last; 63 cents on Jan. 31, 1936;
75 cents on Oct. 31, 1935; 62 cents on
July 31, 1935; 75 cents on April 30,
1935; 63 cents on Jan. 31, 1935; $1 per share paid on Oct.
31, 1934; 75 cents
on July 31,
1934; 62 cents on April 30, 1934; 63 cents on Jan.
31, 1934;
75 cents on Oct. 31 and July 31,
1933; 62 cents on April 29, 1933. and 63
stock
on
cents per
share paid
$984,121
1,648.667
on
(& Sub.)—Earnings--'
1936
_
$7,191,716
4,217,628
$3,333,028
27,978
$2,974,088
29,732
$3,361,006
919,167
$3,003,821
895,932
$2,441,839
1,187,969
94,324
24,000
$2,107,889
1,351,976
76,117
21,625
$1,135,546
Net oper. rev. (before
approp. for retire, res've)
income
1935
$7,839,671
4,506,643
taxes
Other
$658,171
Net oper. rev. & other Income (before
approp.
Appropriation for retirement
Gross
income
reserve
.
-
Interest charges (net)
Amort, of debt discount and expense
Otherfacomedeductions......
...
Net Income
—V. 143, p. 3488.
Calendar Years—
1936
Oper. revs., sales of radio
advertising
$1,328,796
Operating expenses
282,033
Selling and admin. exps_
350,718
Maintenance and repairs
7,480
Depreciation
41,938
Jan. 31, 1933.—V. 143, p. 939.
1935
1934
1933
$994,132
236,334
281,679
6,949
21,437
$771,142
199,502
221,703
12,864
$551,014
185,635
188,871
7,014
7,029
9,057
Amortization of leasehold
improvements
(other than
come taxes)
889
8,894
14,061
60,664
for
3,177
19,281
Taxes
6,661
47,690
notes and accounts
Int.
marketable
on
on securs.
Cr216
6,285
19,178
$552,016
10,340
5,045
$381,524
2,980
$274,894
2,475
6,777
14,517
$114,411
sees.
6,987
sold
-
profit
1,383
-
1,508
782
$568,784
4,233
$393,000
9,399
$299,447
$126,552
1,431
650
160
on
capital assetsInterest—miscellaneous.
Prov.
for
Fed'l
taxes
•
"5",837
109
>
126
65
18,045
income
111,162
57,888
41,087
$453,389
108,482
$325,602
514,573
~~ $256,802
$561,871
$840,176
$659,173
.$450,871
292,500
ML
11,063
146,400
©600,000
144,600
48~500
$108,200
$514,573
$402,370
$3.49
$2.50
Stock dividend paid in Sept., 1935,
1200%.
$1.97
$0.82
-
Net prof it
Prev. earned surplus
Total
Writmg
down
claims
against closed banks--
Dividends—cash
Stock
Capital
—
------
•
applied to
payment of stock div_
402,371
$107,631
343,240
surp.
Balance earned surp--
Earnings
per
sh.
on
(par $5)
CV25.488
$269,372
130,-
000 shs. capital stock
a
175
6,128
and
other income
Losses on securities sold-
Losses
3,357
6,480
19,036
Cr285
Miscell. other income
Operating
5,447
6,480
33,318
doubtful
Operating profit.-.Dividends...
Profits
1,588
;
in-
$
Federal
318,307
Deferred charges to
future operation
Total....
Accts. pay.—trade
Pref. dlv. payable.
Capital surplus
1,759,028
z7,828,124
1935
16,324,100
y Common
stock..28,619,310 28,619,310
Notes pay.—banka5,000,000
Contingency
bonds and market
Cash
1936
Liabilities—
$
Preferred stock...16,324,100
income tax
4,474,632
prices
Wisconsin Public Service Corp*
Provision
1935
notes
receivable
'
$207,449
12 Months Ended Nov. 30—
Operating revenues
Operating expenses, maintenance & all
Rents.
xProp. & plant...32,855,363 32,128,442
Patents
54,000
54,000
Mlscell. investm't. 2,887,016
3,030,514
Wood advances...
276,071
262,784
Inventories.
5,530,446
5,791,194
Loans to employees
411,633
426,135
Accts.
$237,558
123.
Royalties
Consolidated Balance Sheet Oct. 31
Assets—
Net Deficit
-V. 144, p.
WJR, the Goodwill Station, Detroit—Earnings-
prov. charged against
inc. in prior yrs. for
on
Other income—Net Dr..
Int. on funded debt—Dr
for retirement reserve)
Pulp & Paper Co. (& Subs.)—Earnings—
Years End. Oct. 31—
losses
Net railway revenues
Net after rents
Ry.—Earnings—
1936—Month—1935
1936—12 Mos.—1935
$900,956
$769,301 $12,442,110 $10,370,144
141,892
136,073
3,716,214
2,417,790
Drl8,065
Dr7,830
653,521
1,610,008
*
86,587
40,493
918,734
412,521
132,905
159,125
1,675,395
1,889,667
Dec. 21, and $1
ments on the common
Loss
revenues
on
per
stock
common
Wisconsin Central
Period Ended Dec. 31— '
Total
<
7
Volume
144
Financial
Chronicle
Balance Sheet Dec. 31
Assets—
1936
1935
$337,180
$221,571
295,632
206,500
Liabilities—
Cashfon hand and
z
Marketable sees.,
Taxes,
Notes receivable.,
xAccts. receivable
Accrued Int. ree'le
382
99,310
847
725
8,628
3,500
Income taxes
111,162
57,888
650,000
269,372
Earned surplus...
life Insurance
policies
Claims agst. closed
650,000
view of the practical
108,200
upon
equip.
&
9,461
10,786
295,813
8,869
tective Committee is discussed
in detail and the
analysis goes further Into
the current and future
business prospects of the
company.
The value of all
outstanding bonds is computed on the basis of data contained in the
Com¬
mittee's report and an estimate is also
included of such
—J. B.
&
fixtures
285,007
9,817
projected real estate rise through the current
$855,3491
$1,060,269
Total
$1,060,269
$855,349
After
x
reserve for doubtful notes and accounts of
$4,510 in 1936 and
$5,698 in 1935.
y After reserve for depreciation of $05,862 in 1936 and
$111,189 in 1935.
z Aggregate quoted market value of
$309,309 in 1936
and $208,855 in 1935.—V. 144,
p. 631.
Will & Baumer Candle Co.—Doubled Dividend—
The directors
common
stock,
have
declared
a
dividend
of 20
cents
share
per
the
on
value, payable Feb. 15 to holders of record Feb. 10.
of 10 cents per share were dis¬
tributed.
In addition, an extra dividend of five cents was
paid on May 15,
1935. and on Feb. 15. 1935—V. 140, p. 2722.
no par
Previously regular quarterly dividends
York Ice
Machinery Corp.—Earnings—
Years End. Sept. 30—
Net income
Int.
1936
1935
$962,681
322,110
59,352
3,556
6% 1st mtge. bds
Int. on debentures
on
Int. on unsec. 3% notes.
Provision for deprec',...
$165,587
1933
$19,183
324,930
65,552
1,897
442,168
x$16,014
326,633
74,724
Nil
amount of
Nil
$130,439
retired.
Nil
bonds and debentures
on
1935
$
Cash
1936
$
734,860
Liabilities—
766,261
Cash held by dis¬
counters of notes
24,838
38,205
161,280
x Notes & accts.rec
3,990,649
Accrued Interest-_
24,155
162,975
3,795,231
30,435
Deposit for pay. on
1st mtge.bd.int.
Cost of uncomplet¬
ed contracts
106,839
Mlscell. assets
379,923
Inventories
2,751,223
Investments
661,714
y Property
7,382,101
Deferred charges..
119,910
61,222
467,386
2,698,682
664,800
7,565,175
49,688
cost
to
1935
$
Accounts payable.
Accrued accounts.
Est.
$
554,162
343,027
555,581
244,387
com¬
plete contracts..
Reserves
135,237
210,877
121,541
108,545
250,158
226,266
Funded debt
6,364,500
6,554,200
7% pref. stock
5,447,800
5,447,800
z Common
stock..
807,405
807,405
Surplus
2,424,360
2,255,699
Pref. treasury stk. DrllOJOO Drll0,700
Deferred
—Childs, Jeffries & Thorndike, Inc. (New York) announces
the forma¬
a Trading
Department under the management of Arthur M. Billard
and the association with
him of Oscar W. Johnston and
Henry F. Schroeder.
The company will maintain a
private wire to Adams, Dunne & Co.,
Chicago
and private
telephones to Childs, Jeffries &
Thorndike, Inc. (Massa¬
tion of
chusetts), Boston, and to Sheridan, Bogan Co.,
Philadelphia.
—Homer & Co., Inc., 40
Exchange Place, New York, has prepared for
distribution its quarterly review of the
high grade railroad bond market,
which contains
a
review
of the course of the market for
highest grade railroad
bonds during the year
1936, a summary of recent trends of this
market, a
discussion of current market influences and
credits..
Total
—North American Securities
Co., general distributor for Commonwealth
a mutual investment fund of San
offices
Youngstown Sheet & Tube Co. (& Subs.)
1936
1935
Earnings—
1934
1933
Net
$1,597,521 x$2,665,119 x$8.342,901
$0.64
Nil
14 Wall St., New York, under the
management of Frank J.
Other offices will be opened
shortly in Chicago and Boston. Com¬
monwealth Investment Co.
directors
have
declared
was
established in 1932.
S. Waldo Coleman is
President.
statistical studies of Central States
Edison, Inc.
wealth
common
stock, Common¬
Gas
Corp. common V. T. G., Prudential Investors
Inc., General
Public Service Corp. and Adams
Express Co., covering the period 1930-36,
inclusive, copies of which are available to dealers on
request.
—Lancaster & Norvin Greene,
Inc., 30 Broad St., New York City,have
analyses or "thumbnail" sketches on the
following securities:
prepared
General Alloys Co., class A
7% cumulative preferred ($10 par), Midwest
Oil common, Dennison
Mfg. class A. participating common ($10
par) and
Robert Gair income 6s of 1972.
-+-J. Arthur Warner &
Co., 120 Broadway, New York, are
distributing a
booklet which contains
analyses of five companies and which lists bid and
—In their
industrial, bank, insurance,
finance, investment trust and mining and oil securities.
weekly Bond Review distributed
J. S. Bache & Co., 42
ment
listing
a
to clients and branch
Broadway, New York City, have attached
group of defaulted roads which
seem
the generally improved trend of railroad
earnings.
a
offices,
supple¬
interesting in view of
—Walter O. Berran has become associated with
Babcock, Rushton & Co.,
members of the New York Stock
Exchange, and will make his offices at the
firm's branch office, 225 Broadway.
Mr. Berran was formerly associated
with Schoellkopf, Hutton &
Pomeroy, Inc.
Nil
—A "decided and rather consistent
betterment" in the earnings of most
New York City banks
during the last four
Youngstown Steel Door Co.—Dividend Doubled—
The
Francisco, has opened
at
Killie.
16,337,490 16,300,060
x After deducting reserve for doubtful
notes and accounts of
$120,807
in 1936 and $190,606 in 1935.
y After deducting reserves for depreciation
of $6,556,910 in 1936 and $6,236,819 in
1935.
z Represented
by 161,481
shares of no par value.—V. 143, p. 449.
profit
after
int.,
deprec., deplet., Fed'l
taxes, &c_>$10,564,501
Earns, per sh. on com—
$7.03
x Loss—V. 144,
p. 631.
detailed review of the fluctua¬
asked prices of various
railroad, public utility,
16,337,490 16,300,0601
Calendar Years—
a
tions of specific issues.
real estate, personal
Total
dividend of 50 cents per share on the
common stock, payable March
15 to holders of record March 1.
This
compares with regular quarterly dividends of 25 cents per share
previously
distributed.
In addition an extra dividend of $1
per share was paid on
Dec. 15, last.—V. 143, p. 3654.
a
CURRENT
years is noted in a five-year
comparative study of 24 New York City banks and trust
companies issued
by Clinton Gilbert & Co., 120 Broadway.
—Blythe & Co., Inc., 14 Wall St., New York City,' are
distributing a
year-end analysis of 24 New York City bank and trust
company stocks
and
a
circular containing a table
showing the earning
power of New York
City banks by quarters.
NOTICES
—A decline in bond prices to a
point where average yields will be from
to
—The National Security Traders Association will hold its
fourth annual
convention
from
September
8th
to
September
11th,
1937,
at
Atlantic
City under the auspices of the Investment Traders Association of Philadephia.
^[Elaborate preparations have been
successful convention
made designed to make this the most
held by the Association,
including the creation
ever
of a National
offices
Security Traders 1937 Convention Corporation with executive
123 South Broad Street, Philadelphia, Pa.
at
Officers of the corporation will be: president, William K. Hartzell
of Kidder,
Peabody, & Co.; vice-president, Harry L. Heffelfinger of Samuel K.
Phillips & Co., secretary, Harold M.
Shaw of Cadbury,
Ellis & Haines;
and treasurer, Herbert V. B. Gallager of Yarnall & Co.
vention itself. Herbert H. Blizzard of Herbert H. Blizzard &
executive director and
with Mr. Blizzard
as
as one
of the New
Jersey resident
Co., will
trustees.
New Jersey resident trustees will be R. Victor
of Stroud & Co., and Benjamin H.
serve
Serving
Mosley,
Lowry of Laird & Co.
The board of governors will be made up of
Henry B. Warner of E.
Rollins & Sons, R. Victor Mosley of Stroud &
Butcher &
H.
Co., Floyd E. Justice of
Sherrerd, Eugene Arnold of Brown, Harriman & Co., and J. F.
Hillman of Boenning & Co.
So
far
three
committee
chairmen
have been announced. Thomas F.
O'Rourke of Stroud & Co., and J. K. Ruckdeschel of Stroud &
Co., have
agreed
as
the chairman of the committee
Lowry of Laird & Co.,
as
on
registrations and Benjamin H.
chairman of the committee
on
1% higher than they
are
today, is
of a study issued today by Jackson &
firm.
a logical possibility in the
opinion
Curtis, New York Stock Exchange
—Fenner & Beane, members of the New York Stock
Exchange and other
jeading stock and commodity exchanges, have prepared a folder
firm's commodity margin requirements as of January, 1937.
—Carr, Henry & Doyle have opened
a
—John B.
Dunbar & Co.,
hotel reservations.
Other committees will be formed to handle national
Uason, golf, fishing,
The
new
giving the
department to deal in bank
Insurance stocks.
This new department is under
John R. Williams, formerly with
Butler, Huff & Co.
the
and
management
208 S. La Salle St., Chicago,
announce
removal of their offices to the Field
Howard Butcher, Jr., president of the Philadelphia Stock
Exchange and
partner of Butcher & Sherrerd, will serve as honorary president of the con¬
as
Building, 135 So, La Salle St.
telephone number will be Randolph 6600.
on
of
the
Jan. 30
—B. W. Pizzini & Co., 52
on
Broadway, New York, have issued a circular
Wheeling & Lake Erie Ry. Co. with particular reference to the cumulative
convertible 5 M % preferred stock.
—Rhoades
&
Co., members New York Stock Exchange, announce the
Denny Pierce as co-manager of their uptown
association with them of H.
office at 1 East 57th St.
—Herbert M!. May has withdrawn from the firm of
H. D. Knox & Co.,
and has opened offices at 11 Broadway, where he will
continue to deal in
general market issues.
v
.
—Burr &
summary
Co., Inc., 57 William St., New York City, has prepared a
and comparison of the 1935 and 1936 sales of 25 leading chain
store companies.
sailing, fashion show, ladies entertainment, transportation, police, program,
publicity and press, baseball, finance, horse racing, field day, tennis, danc¬
circulars
ing,
Brownhoist Co.
banquets,
bathing,
distinguished
communications, emergency,
—F. P.
Ristine & Co.
guests,
reception,
decorations,
lost and found.
announce
Philip Lynch and
Mr. Lynch, who is
a
member of the New York Curb Exchange, will be located in the New
York
office and Mr. McLarney will be with the Philadelphia office of the firm.
At the same time announcement is made that William B.
Eagleson has
general partnership in the firm, but will continue to be
associated with its Philadelphia office.
F. P. Ristine & Co. hold memberships in the New York Stock
Exchange,
New York Curb Exchange and Philadelphia Stock
Exchange.
—Belzer A; Co., Land Title Building, Philadelphia, have
prepared an
analysis containing comparative data on Philadelphia banks, also quotations
on guaranteed railroad, public utility and industrial securities.
—Hoit, Rose & Troster, 74 Trinity Place, New York, have issued special
on
United Merchants & Manufacturers, Inc.' and
Industrial
—Peter P.
the admission of G.
Edward F. McLarney as general partners in the firm.
withdrawn from
a
—Distributors Group, Inc., 63 Wall
St., New York City, has prepared
Comparative Balance Sheet Sept. 30
1936
Assets—
value, based upon
year.
Investment Co.,
455,157
loss$72,216 loss$815,365 loss$840,501
$3.10
Including discount in the
1934
$741,277
324,930
62,482
3,557
422,525
412.076
Profit for year...
Earns, per sh. on pref...
x
possible effect
Hanauer & Co., 29
Broadway, New York City,are distributing
an
analysis of the status of the Jersey
Mortgage & Title Guaranty Co. of
Elizabeth, N. J.
Material recently published by the Bondholders' Pro¬
Prepaid expenses.
Total
its
11,098
bank, at estim'd
realizable value,
furn.
workings of the Act and discusses
security values.
14,689
Land, buildings,
broadcasting and
studio
dealing with new
Federal laws and their effects
upon security prices.
This pamphlet was
them by Messrs. Weil, Gotshal &
Manges, attorneys, and
while it does not go into
great legal detail, it gives a very comprehensive
prepared for
Capital stock (par
$5)
Cash surrender val.
y
$35,759
Provision for Fed'l
673
107,355
1935
$21,108
other than
Income taxes.,.
at cost.,.
of
1936
Accounts payable-
in banks
797
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distributing a pamphlet entitled "The RobinsonPatman Act, a National
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a
Financial
798
1
Jan. 30, 1937
Chronicle
he
Commercial Markets
and the Crops
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
PETROLEUM—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
one
Friday Night, Jan. 29, 1937
Coffee—On the 23d inst. futures
closed 10 to 11 point
with sales of 53 lots. New Rio
contracts closed 7 to 10 points off, with sales of 21 contracts,
while the old Rio contract closed 3 points higher, with sales of
5 lots.
Rio futures, were 200 reis up to unchanged, with
January at 19.200 milreis and March at 18.475.
The Rio
spot quotation was unchanged at 19.000. The open market
dollar rate held at 16.160 milreis to the dollar, with the Bank
of Brazil still quoting 16.180 milreis to the dollar.
Havre
futures were 1.75 to .75 francs lower.
On the 25th inst.
futures closed 8 to 5 points lower for Santos contracts, with
sales of 106 lots.
New Rio was 12 to 10 points down, with
sales of 66 lots.
The old contract was not traded.
The
lower for Santos contracts,
prolonged dulness of the actual market was given as one
of the recent drop in options, while the coffee trade
attributed much of the declines to sellling by outside in¬
terests.
Rio futures closed unchanged to 100 reis lower,
with January at 19.200 milreis and March at 18.375.
The
Rio spot quotation held at 19.000. The open market dollar
rate was unchanged at 16.160 milreis to the dollar, with the
Bank of Brazil still quoting 16.180 milreis.
Havre futures
futures were 2.00 to .25 francs lower.
On the 26th inst.
futures closed 8 to 11 points higher for Santos contracts,
with sales of 51 lots.
New Rio contracts closed 16 to 14
points up, with sales of 35 lots.
Old Rio contracts closed
4 points higher, with sales of 10 lots.
Rio futures were un¬
changed to 150 reis off at 19.200 for January and 18.225 for
March.
The Rio spot quotation was steady at 19.000.
The open market dollar rate was unchanged at 16.160 milreis
to the dollar, while the Bank of Brazil still quotes 16.180.
Havre futures were 3.50 to 3.25 francs lower.
On the 27th
inst. futures closed 11 to 13 points higher for Santos con¬
tracts, with sales of 126 contracts.
New Rio contracts
closed 16 to 13 points better, with sales of 34 contracts.
Old Rio contracts closed 10 points up, with sales of 8 lots.
Rio futures opened 50 to 100 reis higher at 19.250 in January
and 18.325 in March.
These two months closed at 18.750
and 18.050, respectively.
The Rio spot quotation was
unchanged at 19.000.
The open market dollar rate held
at 16.160 milreis to the dollar, while the Bank of Brazil
still quoted 16.180 milreis to the dollar.,
Havre futures were
cause
6.00
to
3.75 francs higher.
closed 14 to 11 points higher for
with sales of 116 lots.
The new Rio
contract closed 7 to 5 points up, with sales of 36 lots.
The
old Rio contract closed 1 point up, with sales of 9 lots.
Rio
futures closed 275 to 250 reis higher at 19.025 milreis in
On the 28th inst. futures
the Santos contract,
18.300 in April. The rio spot quotation
was 200 reis up at 19.200.
The open market dollar rate
held at 16.160 milreis to the dollar and the Bank of Brazil
quoted 16.180. Havre futures were .0 to 1.50 francs higher.
Today futures closed 8 to 6 points up for the Santos contract,
with sales of 166 contracts.
The new Rio contract closed
15 to 7 points up, with sales of 38 contracts.
The old Rio
contract closed 3 points down, with sales of 10 contracts.
Rio de Janeiro futures were 175 to 250 reis higher, while
the Santos C contract added 250 to 500 reis to the 1,000
reis gained yesterday.
Cost and freight offers were 25
points higher.
Havre was unchanged to
franc higher.
Rio coffee prices closed as follows:
February
and
December..
March
7.741 July. _
7.55 (September
C._
7.631
Santos coffee prices closed as follows:
...7.69
7.72
May
March
May
July
10.68'
December
10.74 September
.10.74
.10.77
....10.75
closed 12 to 2 points up.
Transactions totaled 6,486 tons. London, reflecting the Fri¬
day break here, came in Is. 3d. lower on the outside and Is.
to Is. 9d. lower on the Terminal Cocoa Market, with sales
of 1,160 tone. There was nothing unusual about the trading
in the domestic market, it being more or less routine. Al¬
though a trade interest reported that an estimate of 235,000
tons had been published in London Friday for the Gold Coast
major crop, the advice had not been received by the Cocoa
Exchange. Local closing: Jan., 11.88; May, 12.01; Sept.,
12.15; Oct., 12.06. On the 25th inst. futures closed 19 to
13 points lower. Transactions totaled 6,834 tons. London
came in Is. to 9d. higher on the outside and Is. 1 J^d. to 103^d.
higher on the Terminal Cocoa Market, with sales of 2,230
tons. Local closing: March, 11.79; May, 11.86; Sept., 11.99;
Oct., 11.93; Dec., 11.91. On the 26th inst. futures closed 66 to
70 points down. In one of the most spectacular sessions in
many a day cocoa prices experienced a severe setback of 98
points, this level being within 2 points under the allowed
100-point limit of fluctuations permitted any one day. At
this point there was heavy short covering and trade buying,
which brought about a substantial recovery of approximately
Cocoa—On the 23d inst. futures
points in some options. In spite of the precipitate break,
of the widest ever recorded for cocoa, members of the
trade were considerably encouraged by reports of a tre¬
mendous business in actuals. It was estimated that leading
manufacturers bought approximately 200,000 bags of cocoas,
chiefly West African, with one of the largest covering up to
100,000 bags of Accra for shipment at somewhat over 11
cents.
Transactions in futures totaled 22,137 tons, which
was a record-breaking figure.
Local closing: March, 11.13;
30
COMMERCIAL EPITOME
May, 11.17; Sept., 11.30; Oct., 11.24; Dec., 11.25. On the
27th inst. futures closed 5 to 11 points up.
Trading was
quieter after the spectacular declines of the previous
Transactions in this session totaled 6,995 tons. Lon¬
8d. to 193^d. higher for futures, with sales of 1,800
tons. Local closing: Jan., 11.37; May, 11.28; July, 11.39;
Aug., 11.41; Oct., 11.35; Dec., 11.35.
On the 28th inst. futures closed 18 to 21 points up.
Trans¬
actions totaled 580 lots, or 7,772 tons.
Owing to marked
much
days.
don
was
strength in the London market, local cocoa prices opened
with gains of 30 to 20 points.
What liquidation or profit
taking developed appeared to be fairly well taken.
London
in Is stronger on
came
the outside and ls3d to
Is 73^d
Market, with 1,950 tons
Mar., 11.36; May, 11.47;
July, 11.58; Sept., 11.60; Dec., 11.55. Today futures
closed 20 to 23 points down.
Transactions totaled 351
contracts.
Cocoa prices dropped sharply in a thin market.
Prices in the early afternoon were some 40 points lower,
with May selling at 11.13c.
Stocks, after a prolonged de¬
cline, are slowly building up again.
Imports of cocoa are
running ahead of the movement last January.
Local Clos¬
ing:
Mar., 11.14; May, 11.24; July, 11.36; Sept., 11.39;
stronger on the Terminal Cocoa
of futures traded.
Local closing:
Oct., 11.35; Dec., 11.32.
Sugar—On the 23d inst. futures closed 3 to 4 points down#
gain of the previous day. Volume
This setback erased all the
of
trading
was
but 77 lots.
the smallest in a month, transactions totaling
was heavy because an operator who
The market
Friday, showed no interest at
Neither did refiners show any in¬
clination to take sugar at better than their last price of 3.75c.
In the market for raws the parcel of Puerto Ricos available
for New York only, were still on offer at 3.80c., and while
the asking price on offerings otherwise was held at 3.85c., a
bid of 3.80c. doubtless would have brought out a fair line
of sugar, so it was stated.
The world sugar contract market
was also very quiet, with sales of only 9,000 tons.
Prices
for this No. 4 contract closed Yzc. to 2H>c. lower.
London
was
%d. to l^d. lower.
On the 25th inst. futures closed
had bought raws at 3.80c. on
that
price
on
Saturday.
Transactions were 57 lots,
accounted for in
large measure by the absence of many in the trade who were
attending the convention at Chicago. However, there was
really no incentive for action on either side of the market.
unchanged to 2 points higher.
the lowest since Oct. 23.
There
is
still much
The dulness was
uncertainty about the processing tax
suggested by Secretary Wallace.
In the market for raws
trading was extremely quiet. One seller who had been asking
3.85c. last week and later sought a bid of 3.82c. yesterday,
was offering openly the same quantity, 2,000 tons of Philip¬
pines for February-March shipment at 3.80c.
The world
contract market closed unchanged to 2 points higher in 1937
positions. Trading was the lightest since this new contract
inaugurated. Sales totaled but 8,150 tons. On the 26th
inst. futures closed 1 point lower to 3 points higher. Transac¬
tions totaled 286 lots. At one time prices showed a maximum
was
gain of 2 to 3 points.
There was no aggressive buying in
evidence and nothing in the news to serve as an incentive.
In the market for raws there was no buying interest shown
on
the part of refiners at better than 3.75c.
Asking prices
held at 3.85c., the one offer of the previous day, a lot
were
of 2,000 tons of
Philippines for February-March shipment at
3.80c., having been withdrawn with the advance in options.
The world contract market closed with gains of 4 to 5 points.
On this advance the volume of business expanded sharply,
registering 562 lots, or 28,100 tons. The strength
displayed in this market was attributed largely to a rumor
that an international sugar conference will be called in April.
Both the actual and terme markets in London were higher.
On the 27th inst. futures closed 1 point up to 5 points down.
Transactions totaled 416 lots, or 20,800 tons.
Heavy selling
in the July and September positions by a leading trade house
was largely responsible for the declines.
There was some
support on the scale down by a Wall Street house with the
leading Cuban producing connection. In the market for raws
one seller who had been holding a lot of 2,000 tons of Philip¬
pines for April-May shipment at 3.85c., prompted by the
break in futures, solicited a bid of 3.77c, without success.
However, this seller turned down a bid of 3.75c. The world
sugar contract market closed with net gains of 1 to 2c.
The
highs of the session were 3 to 4 points up from previous close,
transactions were 455 lots, or 22,750 tons.
total sales
Volume
144
Financial
On the 28th inst. futures closed 3 to 4
points lower. This
break in the market was attributed to reports that the
Government
preparing
bill for introduction into Con¬
gress which carries a request for a cent per pound excise tax
on sugar.
This was the second day of a fair sized break.
Transactions totaled 549 lots. However, that the amount
of the tax, if there is one, will reach lc.
per pound, there was
considerable doubt. Many in the trade think that it will not
go above 34c. In the market for raws a moderate amount of
sugar went to refiners at 2.5c. c. and f. for Cubas and 3.75c.
was
a
delivered for duty frees yesterday, but the details were not
There were further sellers at that price. The
world sugar contract closed 34 to 1 point
up. Transactions
confirmed.
totaled 276 lots.
based
on
Early prices showed gains of 234 points
reports of
an
international conference scheduled
for April.
Today futures closed 5 to 3 points down. Further
heavy liquidation caused a sharp loss in the U. S. sugar
contract, with prices touching new lows. News of settlement
of the maritime strike on the Pacific Coast caused fears of
release cargoes of Hawaiian and Philippines sugar
long tied
up.
The world
the
break in
or
No. 4 contract
the U.
offerings increased
S.
was
contract.
but little influenced by
the market for raws
In
at
3.75c., with buyers bidding 3.70c.
were unchanged to
Id. lower, while raws
were unchanged. The world contract market closed
134 to
214 points down, with sales of 120 contracts.
London futures
Prices
were as
follows:
2.741 December
2.70
March
2.79
September
2.75
2.741
(May
any special
Hog prices on Saturday were steady with top
price nominally quoted at $10.50 at Chicago.
Export clear¬
ance of lard from the Port of New York on
Saturday were
light and totaled 33,600 pounds destined for London. Liver¬
pool was unchanged to 9d. lower.
On the 25th inst. futures
closed unchanged to 7 points lower.
Heaviness was due to
liquidation for long speculative account, influenced by
heavier hog receipts and slow cash demand.
Chicago hog
prices closed 10c. lower owing to the fairly heavy marketings.
The Western run totaled 101,400
head, against 86,400 for
the same day last year.
The top price for the day was
feature.
$10.40, with the bulk of sales at from $10.00
to
$10.40.
Liverpool prices were unchanged to 3d. higher.
There were
no export clearances of lard from the Port of New York.
On the 26th inst. futures closed 5 to 7 points
higher. On
trade buying and substantial short
covering prices
showed
maximum gains of 7
to
15 points.
Western
some
hog^marketings were slightly above expectations and totaled
81,200 head against 61,400 for the same day a year ago.
Prices at Chicago at the close were 10 to 15c.
lower, the top
price registering $10.30, with the bulk of transactions
ranging from $10.10 to $10.25.
Export clearances of lard
the
Port of New York yesterday
(Tuesday) totaled
pounds destined for Rotterdam.
Liverpool lard
prices were unchanged to 3d. higher, with the market quiet.
On the 27th inst. futures closed 12 to 20 points down. Trad¬
ing was light notwithstanding the wide fluctuations. Traders
are "not inclined to give
appreciable support to the market
with heavy stocks of lard almost
constantly on the increase.
Hogs were 15 to 20c. lower, with the top price $10.30
and major portion of sales ranging from $10 to $10.15.
Total receipts of hogs for the Western run were 70,000
head,
against 72,100 for the same day a year ago.
Export clear¬
ances of lard today
(Wednesday) were 11,250 pounds, des¬
tined for Antwerp.
Liverpool lard futures were irregular,
6d. lower to 3d. higher.
22,500
inst.
futures closed
General
liquidation influenced
markets
and
indications
that
17 to 25 points lower.
by weakness in the grain
the
Government
is
out
to
larger crops caused prices to sell off rather pre¬
cipitately, the market closing at the lows of the day. Hog
prices "at Chicago were 15 to 20c lower, with the top price
registeringl$10.05, the major portion of sales ranging from
$9.75 to $9.95. The Western run of hogs totaled 68,200 head.
Liverpool lard .futures were weak, prices closing 6d. lower for
the spot position and Is. 3d. to Is. lower on the future
posi¬
tions. No export clearances were reported..
Today futures
closed 10 to 5 joints down. The heaviness of this market
was
ascribed to an increased run of
hogs and poor spot
encourage
demand for lard.
DAILY CLOSING PRICES OP LARD
fSat.
January
March
May
July——
13.35
13.40
13.65
13.90
Mon.
13.35
13.40
13.62
13.82
PUTURES1N"CHICAG'O""
Tuts.
13.40
13.47
13.70
13.90
Wed.
13.27
13 30
13.47
Thurs.
13.10
13.10
13.30
13.00
13.02
13.20
13.72
13.50
13.40
Fri.
Pork—Mess, $31.37 "pePbarrel; family, $32.37 nominal,
per barrel; fat backs, $26.25 to $28.25 per barrel.
Beef:
Steady.
Mess, nominal; packer,'nominal; family, $17.00
to $18.00 per barrel,, nominal; extra India
mess, nominal.
Cut meats:
Pickled hams—Picnic, loose, c.a.f. 4 to 6
lbs.,
1334c., 6 to 8 lbs., 13^c., 8 to 10 lbs., 1334c.
Skinned,
loose, c.a.f.—14 to 16Jbs., 2134c., 18 to 20 lbs., 1934c.,
22 to 24 lbs., 1834c.
Bellies, clear, f.o.b., New York—
6 to 8 lbs., 19Jio., 8 to 10 lbs., 19)4c., 10 to 12
lbs., 19%c.
Bellies, clear, dry salted—boxed, N. Y.:
16 to 18 lbs.,
l7Jio., 18 to 20 lbs., 17J£o., 20 to 25 lbs., 17%c., 25 to 30
lbs., 1734c.
Butter: j Creamery, firsts to higher than extra
and premium marks: *310.Ato 43q*
Cheese:
State, held,
Mixed colors, checks to special
Oils—Linseed oil cake and meal markets
are
reported
as
extremely slow.
No bidding reported, with nominal price
on cake now around $31 and on meal around
$42 per ton.
Quotations:
China Wood:
Tanks, Jan.-Feb., 14c., M-J
for'd 13.4c., drms., spot 1434c.
Cocoanut: Manila, tanks,
Spot, 934c., F-M, 934c., June for'd 9c., Coast, Apr., for'd
834c.
Corn:
Crude, tanks, outside, 10%c.
Olive:
De¬
natured, Nearby, Spanish, $1.65; Shipment, $1.50 to $1.55.
Soy Bean: Tanks, Mills, futures 10 to 1034c., C. L. drms.,
11c., L. C. L., 11.5c.
Edible:
76 degrees, 15%c.
Lard:
Prime, 15c., Extra strained winter, 14c.
Cod:
Crude,
Japanese, nominal.
Norwegian yellow, nominal; filtered;
48c.
Turpentine: 44c to 51c. Rosins: $10.15 to $13.85.
Cottonseed Oil, sales, including switches, 160 contracts.
Crude, S. E., 10c.
Price closed as follows:
February.
11.35®
..11.33@11.35
11.35@
11.33@
March
April
May
June
July
August
September
11.35®
11.39®
11.35®
11.33@11.36
Rubber—On the 23d inst. futures closed unchanged to
6 points lower. Trading was
light and prices ruled within an
extremely narrow range. Outside prices were quoted un¬
changed on a spot basis of 20%c. for standard sheets, but
again were merely nominal quotations. London and Singa¬
markets were without striking feature, with small price
changes. Local closing: Jan., 20.57; March, 20.65; May,
20.60; July, 20.55; Sept., 20.50; Dec., 20.44. Transactions
totaled 7,460 tons.
Lard—On the 23d inst. futures closed 2
points down on
all deliveries.
Trading was light and without
On the 28th
799
1936, 21c. to 2234c.
Eggs:
packs: 19c. to 2434c.
pore
July
from
Chronicle
On the 25th inst. futures closed 48 to 55
points higher. Transactions totaled 2,930 tons. The mar¬
ket's strength was ascribed largely to short
covering in antici¬
pation of to-day's (Tuesday) meeting of the International
Rubber Regulation Committee.
Outside prices were ad¬
vanced to a spot basis of 2134c. to 2134c. for standard
sheets, but again were largely nominal.
Local closing:
Jan., 21.05; March, 21.15; May, 21.12; July, 21.05; Aug.,
21.03; Oct., 21.00; Dec., 20.95. On the 26th inst. futures
closed 18 to 25 points up.
Transactions were 2,720 tons.
The International Rubber Regulation Committee
yester¬
day (Tuesday) fixed the rubber export quota for the third
quarter of 1937 at 85% of basic tonnages. The quota for
the first quarter had been previously fixed at
75% and for
the second quarter at 80%. It had been
generally believed
that in view of the current scarcity of spot rubber, which is
now aggravated
by lack of freight space from the Far East,
that the quota for the second
quarter would be raised at
least 5 to 10% more than it was. A substantial increase in
the quota had been widely expected, both here and in Lon¬
don. Anyway, the market reflected yesterday in its
sharp
upward action how it regarded the increase in quota by the
committee. Local closing: Jan., 21.30; March, 21.40; May,
21.35; July, 21.35; Sept., 21.20; Oct., 21.18. On the 27th.
inst. futures closed 28 to 32 points lower.
The market's
severe break was attributed
largely to advices from Batavia
that the Dutch East Indies Government is
trying to facili¬
tate immediate larger exports of crude rubber
by issuing
licenses for second quarter shipments to individual estates
ahead
of
time.
Transactions
in
the
local futures
market
totaled 1,760 tons.
Outside prices were quoted at the close
at 2134c. for standard sheets in nearby
positions. London
closed easy,
with prices 3-16d. to Md. lower. Local closing:
March, 21.08; May, 21.03; July, 20.96; Sept., 20.92; Dec.,
20.85.
On the 28th inst. futures closed unchanged to 8
points
higher. Transactions totaled 1,900 tons. The outside market
continued very quiet, with prices quoted on a spot basis of
2134c. for standard sheets, with some dealers quoting a
somewhat higher price. Prices were largely nominal. London
closed unchanged to 34d. higher, while Singapore showed
small losses. Local closing: Feb., 21.06; Mar., 21.11;
May,
21.08; July, 21.04; Sept., 20.97; Oct., 20.93; Dec., 20.87.
To-day futures closed 3 points up to 2 points down. Trans¬
actions totaled 289 contracts. Trading was light, with
prices
fluctuating within a very narrow-range. Local closing: Mar.,
21.12; May, 21.11; July, 21.03; Sept. 20.95.
Hides—On the 23d. inst. futures closed 2 points up to 5
points off.
Transactions totaled 760,000 pounds. Stocks of
in warehouses licensed by the exchange
remained unchanged at 741,956 hides. No reports of business
done in either the domestic or Argentine spot hide markets.
Local closing:
March, 15.11; June, 15.41; Sept., 15.66;
Dec., 15.86. On the 25th inst. futures closed 3 to 7 points
higher.
Transactions totaled 1,320,000 pounds.
Stocks of
certificated hides in warehouses licensed by the Exchange
remained unchanged at 741,956 hides.
No reports of sales
received from the domestic or Argentine spot markets. Local
closing: March, 15.14- June, 15.47; Sept., 15.72.
On the
26th inst. futures closed 20 to 22 points down.
Trading was
fairly active, with transactions totaling 5,800,000 pounds.
Stocks of certificated hides in warehouses licensed by the
Exchange remained unchanged at 741,956 hides.
No
transactions reported in domestic or Argentine spot markets.
Local closing:
March, 14.93; June, 15.26; Sept., 15.50;
Dec., 15.73. On the 27th inst. futures closed unchanged to
4 points down.
Transactions totaled 3,960,000 pounds.
Stocks Jof certificated hides in warehouses licensed by the
exchange remained unchanged at 741,956 hides. No business
done in the local spot hide market. Argentine spot
markets,
reported 9,000 hides with frigorifico steers, January take-off,
certificated hides
Financial
800
of 16J^c. a
March, 14.89; June, 15.24; Sept.,
selling at 1 (5He., as against the last previous sale
Local closing:
pound.
15.50; Dec., 15.73.
\
On the 28th inst. futures closed 11 to 14 points up. Trans¬
pounds. Stocks of certificated hides
the exchange ramained unchanged
at 741,956 hides. No business was reported in the domestic
or Argentine spot-markets. Local closing: Mar., 15.03; June,
15.35; Sept., 15.64; Dec., 15.87. To-day futures closed 20
to 21 points up. Transactions totaled 78 contracts. Local
closing: June, 15.55; Sept., 15.85.
actions totaled 2,240,000
in warehouses licensed by
Freights—Up-river
Plate is now nominally
virtually unchanged from the week-end. Plate to
St. Lawrence, it seems, remains at 30s. and to the North
Ocean
26s. 6d.,
Atlantic at 29s.
Scrap metal—Atlantic range, March, Japan, 29s,
Gulf, 28s., North Atlantic operation, 27s.
Recently,
Charters included:
Steamer to Japan,
unnamed, 28s., Gulf 27s., North Atlantic to Japan, prompt. Recent scrap
—Boston-Portland to Genoa, 5%, $5.75, scrap iron, gross terms, option
loading, $6; Feb. 15-March 10. Grain—Montreal, May, to United
Kingdom-Continent, basis 2s. 6d. Grain booked—This included five loads
York, second half February, to Copenhagen, 15c.
Trip across—
Prompt redelivery United-Kingdom-Continent, $2.
two ports
New
commodities coal is feeling the
effects of the flood catastrophe. Demands on Pennsylvania
coal have forced up the going market price 25c. to 50c. in
Coal—Like
most
other
of the standstill in West Virginia marketings
Independent of all that, prices rule quite
firm, wiih an unmistakable uptrend. In the local Indiana
market screenings have been advanced 25c. the ton. In the
New York market domestic demand has dropped off some¬
what as a result of warmer weather, while industrial buyers
are
active and interested. Bituminous dumpings at New
York on Monday were near 575 cars.
consequence
across
the Ohio.
Copper—There has been quite a contrast in the action
of the copper markets the past week and the sessions that
prevailed here and abroad during the preceding weeks. Both
foreign and domestic markets have been dull and without
special feature, with European price levels ruling around
pound, c.i.f., European ports, and
the 13c. level, delivered to Con¬
sales so far for the month have
been around 52,000 tons. The Navy Department has come
into the market again for 2,700,000 pounds of copper for
distribution around several Navy yards, bids to be opened
on February 3. The Navy Department recently awarded the
construction of three more ships in the 1936 naval program,
and these ships will require a considerable amount of copper.
The General Motors strike is playing its part in the present
comparative dulness of the domestic copper situation.
12.60c.
to
12.65c.
per
the American price around
necticut Valley. Domestic
Tin—Dull
*■':
market.
A
and
factor
easy
conditions
contributing
to
have prevailed in this
these conditions is the
handicapped state of tin plate makers, who have been greatly
hampered by the floods. The Navy Department was in the
market Wednesday for 40,000 to 250,000 pounds of tin,
with a wide option of bids allowed, either deliveries Mare
Island, or f.a.s. New York, or delivered any port in the
United States. This was awarded to the Newhall company
at 50.148c., net, Mare Island. One hundred and five tons of
Straits tin was placed in Commodity Exchange warehouse,
making a total of 1,070 tons. Tin afloat to the United States
is 7,828 tons. Tin arrivals so far this month have been:
Atlantic ports, 7,036 tons; Pacific ports, 55 tons.
t:-
Lead—Business has been slow the past week, producers
reporting they
were
not selling their production.
However,
expected to prevail until books are op¬
Naturally no waiting
lists are being compiled, and the principal purchasing is of
carload lots.
Prices are firm at 6 to 6.05c. per pound, New
York, and 5.85c., East St. Louis.
The St. Joseph Lead
Co. continues to get a premium of $1 per ton on New York
delivery.
A factor regarded as contributing to the present
dulness is the flood catastrophie.
The automobile strike
is also having its effect.
slow conditions
are
ened for March delivery next week.
Zinc—Trading in this market has been very quiet, there
being no developments in the way of news or outside occur¬
rences to serve as an incentive to
buy or sell.
The price
holds fast to 6c. per pound, Ealst St. Louis and New York,
6.30c.
Sales last week were around 3,000 tons, and it is
this week.
zones and
in some cases operations have been suspended.
It is re¬
ported that generally light steel production, including gal¬
vanized sheets, has been hit harder by the floods than
very likely that sales will be just as low or lower
Some of the galvanizers have plants in the food
heavy steel.
for
building construction which has been placed on mill
Frabricated structural steel lettings for the week
books.
the largest weekly total in more than
Of this, 28,000 tons is for electrification of the
Pennsylvania Railroad line from Paoli to Harrisburgh, Pa.
Notwithstanding the adverse factors above referred to, it is
predicted by the "Iron Age" that steel production will very
likely be back to normal by next week.
totaled 58,500 tons,
two years.
relatively quiet conditions prevailing,
hopeful. Some of the New
York pig iron sellers see evidences of an increasing con¬
sumption of pig iron. Thus customers are ordering shipments
made faster than provided for in contracts originally and in
some cases additional tonnages are being taken.
In certain
quarters of the trade the feeling prevails that by the middle of
February or the early part of March there will be a marked
change in the attitude of consumers and that buying will be
on a
substantial scale. As far as prices are concerned, no
important change is expected until demand gets under way
in a substantial manner. The mild winter weather has slowed
Pig Iron—In spite of
sentiment in the trade is most
down
but the
is the most lively in several
Shipments of ferro-alloys to steel plants are being
briskly, as would be expected with record operations
the
demand for coke for heating purposes,
demand for
years.
made
in the steel
metallurgical
industry.
uses
;
■
opinion prevails among some wool leaders here
that the rise in all types of domestic wool which has taken
place during the past three months has about reached its
peak, and any idea of the domestic clip being contracted for
around the Boston basis is regarded unfavorably. In two or
three months from now some of the early wools will become
Wool—The
available, and the rates that prevail today for spot
wool
hardly be an indication of the basic price of shorn wool
eight to twelve weeks hence, so observers say. After two
years of heavy consumption, according to authoritative
sources, the probabilities seem against the use of domestic
wool in 1937 coming up to the average of the preceding two
years, and contracting for wool at the highest rate for several
years would be regarded as an unusually hazardous under¬
taking. It is regarded as not unlikely that contractors for the
new clip will be less desirous of securing wool on the high
levels named by wool growers, especially in view of the heavy
holdings of foreign wools by manufacturers.
could
Silk—On the 25th inst. futures closed
Transactions
down.
totaled 2,540 bales.
unchanged to 4c.
Japanese cables
Yokohama showing gains of 4 to 13 yen, while
lower to 11 yen higher. Grade D was 2%
yen lower at Yokohama and unchanged at Kobe, the price
being 910 yen at both centers. Only 300 bales of actual silk
changed hands, while transactions in futures totaled 4,050
were
stronger,
Kobe
was
4 yen
bales for both markets.
Local closing: Jan.,
1.99; March,
1.97H; May, 1.97^; July, 1.97; Aug., 1.96^. On the 26th
inst. futures closed 2c. to 3c. lower.
Transactions totaled
4,370 bales.
Liquidation was largely responsible for the
declines, this liquidation in turn being influenced by weak
cables from Japan.
Grade D at Yokohama was 10 yen
lower, with the price at 900 yen; at Kobe it was 15 yen lower,
with the price at 895 yen. Bourse quotations at Yokohama
were 25 to 32 yen lower and at Kobe 25 to 30 yen lower.
Cash sales'450 bales, and transactions in futures totaled
10,800 bales for both centers. Local closing: March, 1.94M;
1.943^;
July, 1.94^; Sept., 1.93. On the 27th inst.
l^c.to 43^c. down. Transactions totaled
5,120 bales. Grade D at Yokohama dropped 123^ yen to
the price of 8873^ yen. Grade D at Kobe fell 5 yen to the
price of 890 yen. Bourse quotations at Yokohama were
1 yen to 9 yen higher, while at Kobe they were 4 yen higher
to 5 yen lower.
Sales of actual silk at both centers totaled
825 bales, while transactions in futures totaled 11,850 bales.
Local closing: Feb., 1.92^; March, 1.92H; April, 1.92^;
May, 1.923^; July, 1.93; Sept., 1.88.
On the 28th inst. futures closed 23^ to 4c. up. Sales totaled
4,410 bales. The strength displayed was attributed largely
to speculative buying, with shorts covering in the near de¬
liveries. At Yokohama Grade D was 23^ yen lower at the
May,
futures
closed
price of 885 yen. At Kobe Grade D was 5 yen lower at the
price of 885 yen. Bourse quotations at Yokohama were un¬
changed to 8 yen lower, while at Kobe they were 6 yen
higher to 2 yen lower. Sales of actual silk we^e 700 bales, while
transactions in futures for both centers totaled 5,350 bales.
Feb., 1.95; Mar. 1.95; May, 1.96; July, 1.95K;
Sept., 1.92. To-day prices closed 1 to 13^c. up. Transactions
totaled 252 contracts. Prices sold off as much as 23^c. for
Local closing:
options in the early trading, but these losses were sub¬
sequently wiped out ana the market closed firm. Local clos¬
ing: Feb., 1.96; Apr., 1.97; May, 1.97; July, 1.963^; Sept.,
1.92H.
/
/•;,
some
expected, the floods had quite a marked
effect on the steel industry at certain centers, particularly
in the Ohio Valley.
The consequence was a sharp reduction
of the steel ingot output at mid-week to 75% of capacity,
against 77.9% at the start of the week and about 82% a
week ago, according to the "Iron Age" in its current sum¬
mary.
Wheeling and Cincinnati districts are hardest hit
by flood waters.
It is stated that even if mills in the flooded
areas are able to operate, railroad shipments would be im¬
possible until the existing confusion is ended.
The automo¬
bile strike still continues an overshadowing influence, and
sentiment is not very hopeful of an immediate settlement.
This, of course, is playing its part in the reduction of steel
output.
However, these adverse factors are countered to a
considerable extent by a large tonnage of heavy products
Steel—As
Jan. 30,
Chronicle
was
COTTON
Friday Night, Jan. 29, 1937
The
Movement of the
Crop,
as
indicated by
our
tele¬
from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 61,831
bales, against 82,643 bales last week and 61,240 bales the
previous week, making the total receipts since Aug. 1, 1936,
5,262,486 bales, against 5,734,773 bales for the same period
of 1935-36, showing a decrease since Aug. 1, 1936, of 472,287
grams
bales.
Volume
Financial
144
hand.
In view,
however, of the numerous inquiries we are receiving regarding the matter, we will
say that for the month of December the exports to the Dominion the present season
have been 45,482 bales.
In the corresponding month of the preceding season the
exports were 43,708 bales.
For the five months ended Dec. 31, 1936, there were
145,808 bales exported, as against 100,359 bales for the five months of 1935.
districts
Receipts at—
Sat.
Total
Fri.
Thurs.
Wed.
Tues.
Mon.
303
568
3,601
13,423
8,092
5',321
8,489
10 ",275
2", 119
5",218
820
Galveston
79
694
818
409
1,953
90
33,375
2,910
1,005
Houston.
4,337
1,020
699
Corpus Christi.
2 ,929
2,108
2,061
'
1 ,901
983
290
290
_
New Orleans
Mobile
350
350
Pensacola, &c
"13
Savannah
185
225
258
"377
604
82
"22
"~7
Charleston
Lake Charles
166
731
2
68
3
145
38
453
In addition to above exports,
1,436
Baltimore
7,948
shipboard, not
On
Shiphpaid Not Cleared for—
Ger¬
Other
Leaving
France
Foreign
Stock
Coast¬
many
wise
Great
Total
61,831
8,655
9,175
5,388
16,062
14,603
Galveston
total receipts, the
The
telegrams tonight also
our
Jan. 29, at—
Britain
Totals this week.
always very slow in coming to
are
give us the following amounts of cotton on
cleared, at the ports named:
159
63
139
"iio
1,436
Norfolk
the Canadian border
on
8
8
....
"17
22
Wilmington.
801
Chronicle
following table shows the week's
total since Aug. 1, 1936 and the stocks tonight, compared
with last year:
Orleans..
Savannah
62,900
37,171
7,781
9,800
7,062
12,158
6,800
1,859
7,306
3",932
Houston
New
3", 154
32,952
19,743
6,036
19,119
21,820
8,250
7,965 109,896
56,610
18,181
70,410
6,451
6,000
1,380
700
4,265
48,172
31,510
300
"166
Charleston
Mobile
640,505
441,215
612,503
155,927
45,213
96,186
33,420
127,549
88.600
1~744
3,000
300
100
8,830
Norfolk
Other ports
Stock
1935-36
1936-37
Receipts to
Jan. 29
This
Texas
This
Since Auq
Week
Galveston
Since Auq
1, 1936
Week
1,1935
22,001 1,371,144
37
43,840
30,905 1,506,155
471
257,713
31,162
25", 157 1,444,399
339,623
4,767
136,570
3,655
284,560
1,556
13,423 1,567.559
City
8",092
Houston
1936
1937
749,622
11,773
643,659
46,679
23,716
580,729
156,083
19,291
3.812
729,005
50
489,387
50,803
26,332
644,013
105,016
6,045
2,378
156,227
"604
1,177,446
281.123
13,137
1,560,420
192,718
86,827
3,607
110.124
"731
146",910
"489
196",602
45",313
44",336
8
24
596
109
55,446
19,028
29,578
15,749
21,226
33,420
23,291
23,258
33,959
""538
"¥,645
441
15",298
3,353
1,075
1,625
Corpus Christi
290
Beaumont
33", 375
New Orleans
Mobile
Pensacola,
2,910
&c
350
Jacksonville
Savannah
193,105
Brunswick
Charleston
Lake
Charles..__
Wilmington
159
Norfolk
453
53,891
18,492
28,168
1,436
22,064
Newport
News..
New York
Boston
Baltimore
195
Philadelphia
Totals
61,831 5,262,486
86,523 5,734,774 2,329,930 2,559,778
In order that
comparison may be made with other years,
give below the totals at leading ports for six seasons:
we
'
1936-37
Receipts atGalveston
1934-35
1931-32
1932-33
1,091
890
1,465
1,034
596
99
648
453
109
.373
602
3,444
1,402
763
2,084
"943
"2",741
12,595
19", 923
17,931
61,831
Savannah
489
159
Mobile......
30,905
25,157
4,767
1,556
731
Orleans.
86,523
44,884
100,030
182,110
223,645
22,001
13,418
11,841
12,993
1,234
~
Wilmington
_
.
Norfolk
32,354
66,385
46,831
9,150
36,988
23,951
19,942
3,179
720
Brunswick
Charleston
N'port
1933-34
13,423
87,092
33,375
2,910
604
Houston
New
1935-36
68,736
54,656
50,449
20,613
8,060
968
"
"2",024
692
484
News.
All others
Total this wk_
Since Aug, 1__ 5,262,486 5,734,773 3,469,079 5,926,239 6.687,139 7,556,198
The
exports for the week ending this evening reach a
135,990 bales, of which 41,462 were to Great
of
total
Britain, 21,908 to France, 14,514 to Germany, 9,538 to
Italy, 32,642 to Japan, 1,692 to China, and 14,234 to other
destinations.
In the corresponding week last year total
exports were 73,025 bales.
For the season to date aggre¬
gate exports have been 3,386,021 bales, against 3,968,843
bales in the same period of the previous season.
Below are
the exports for the week.
Week Ended
WUIl.
&V,
Exported to—
JLtfOf
Great
Exports from—
Ger¬
Britain
Galveston
29*665
11,790
Houston
Italy
7,965
1,706
4,253
Japan
2,035
6",401
21,532
China
1,692
10,560
909
Orleans
Lake Charles
350
200
295
4*820
Mobile
Pensacola,
many
6,427
1,158
Corpus Christi..
New
France
6,578
&c_.
Other
3,547
2,449
1,447
4,228
2,563
l",6l2
5,922
"590
299
Norfolk
100
889
l",329
Total
Total
49,776
15,873
2,706
56,537
2,858
1,429
----
21,908
14,514
9,538
32,642
1,692
14,234 135,990
1936
21,336
1935
34,497
2,150
16,444
5,776
4,547
3,038
10,481
21,035
13,171
4,000
Total
15,690 73,025
21,081 100,721
From
500
Exported to—
Auq. 1,1936 to
Jan. 29, 1937
Great
Exports from—
Britain
Galveston...
Houston
Corpus Christi*
Beaumont
New Orleans..
Lake Charles..
Mobile.
Jacksonville-..
Pensacola, &c.
Savannah
Charleston
Wilmington...
Norfolk
Gulf port
Ger-
France
132,936 154,265
131,722 102,813
50,970 44,785
913
9,290
231,935 205,859
9,128 19,445
62,784 26,265
1,419
39,754
1,494
40,116
1,791
52,622
1,200
354
2,805
482
2,170
New York..
133
"""222
Boston
Baltimore...
Philadelphia
Los Angeles
4
__
...
Francisco.
Total
Total
1935-36.
Total
1934-35.
*
.
Speculation
in
cotton
for
future
many
Italy
Japan
China
Other
Total
119,378' 68,626 438,800 15,962 145,901 1075,868
78,188' 57,432
8,640
2,366
96,184'
214,265
8,045
65,430
1,206 107,842
355
693,468
23,579 201,804
50
53~757 102" 980
3,359!
129
40,302
1,258
8,269
28,523
30,538
40,153
4,751
5" 845
14,415
13,889
2*850
2~225
"
655
12,619
"580 113,008 804,303
"
372
7,362
18,000
2,516
46,476
157,354
2,677
79,597
80,834
113,291
"¥377,
2~222
60
166
1,200
11,758
2,878
1,584
391
3,063
~192
1,466
1,147
1,788
1,397
5,038
71,886
18,722
955
100
"54
283
4,528
21560
3,831
1,552
50
487;
58,407
15,464
100
4,755
2,460
1,169
772,989 563,714
460,699203,440
933,603 524,968
496,070 259,980
542,429 219,7411092,619 25,580629,9033968,843
246,370268,502 1107,754 58.4431448.4492885,568
922,413
18,203444,5633386,021
Includes exports from Brownsville.
NOTE—Exports to Canada—It has never been our practice to Include in the
above table reports of cotton shipments to Canada, the reason
being that virtually
all the cotton destined to the Dominion comes overland and It is
impossible to give
returns concerning the same from week to week, while
reports from the customs
7,480 177,412 2,152,518
2,431 118,785 2,440,993
1,575 92,722 2,666,653
delivery
was
fairly
active, with price trend irregular.
Prices, after a time, got
through the theoretical ceiling of 12 %c. and advanced con¬
siderably beyond this level,
The
main
consideration
uncertainty
is
but the gains
were
not held.
government loan-cotton is the
of the trade just now, and until this
coming liquidation
of
removed
traders
are
inclined
to
operate
cautiously.
W On the 23d inst. prices closed 2 points
up to 3 points
lower than expected, and as a
result there was considerable selling, particularly from for¬
eign sources, including Bombay.
As offerings became
lighter, the market firmed up on local trade buying of near
positions.
Japanese interests were credited with selling
March and buying May. Traders generally were anticipating
an announcement
over the week-end on the terms of the
Government loan sale. According to earlier reports the cotton
to be disposed of will be sold from Feb. 1 to April 1, inclusive.
The impression still prevails that as long as this Government
loaD cotton hangs over the market, it will serve as an effective
restraint and discouragement to new outside buying, not to
speak of the speculative element, the belief being general that
prices can hardly break through the 12^-cent level. This has
been demonstrated more than once as the market approached
off.
Liverpool cables
were
within
a few points of this level.
Southern spot markets were
unchanged to 2 points higher, middling quotations ranging
from 12.33 cents to 13.32c.
Average price of middling at
the 10
designated spot markets was 12.82c.
prices closed 1 point up to 5 points off.
Trading was comparatively quiet and without particular
feature, prices still ruling within a narrow range. An item of
interest over the week-end was a report issued by the Com¬
On the 25th inst.
modity Credit Corporation outlining the location and grade
differentials under which the corporation proposes to release
a quantity of the cotton held under the 12-cent loan.
The
report proved technical in nature, and as the grades of
cotton in the loan were not disclosed, the average trader was
puzzled
over
the probable market influence of the sale.
The
trade was that the prices indicated
by the differentials seemed higher than those prevailing in the
open market and that the chances were consequently against
any large quantities of the loan cotton being repossessed by
farmers.
There was nothing in the news or the situation
generally to encourage outside interest. Uncertainties over
the loan cotton sale left the market as much perplexed as it
was
before the differentials were published.
General spot
demand was inactive, the general tendency being to await
further developments.
Southern spot markets as officially
reported were 9 points lower to 4 points higher. Average
price of middling at the 10 designated spot markets was
12.82c.
'
On the 26th inst. prices closed 7 to 11 points up.
As a
result of the more optimistic view taken of the prospective
offering of loan cotton by the Government, the market
developed surprising strength and activity, prices breaking
through the theoretical ceiling of 12J^c. Trading was the
broadest and most active since the turn of the year. Prices
at one time during the session shot up 12 to 20 points. Com¬
mission houses and foreign interests were conspicuous on the
buying side. Subsequently, part of the advance was lost
under active profit taking. However, substantial gains were
shown at the close, and the important and encouraging
development was the fact that prices broke through the
resistant 12^-cent level. A vast amount of liquidation and
profit-taking appeared to be well taken by the market. Con¬
siderable importance was attached to reports from Washing¬
ton that Secretary Wallace had pointed out in a radio ad¬
dress the advisability of farmers producing abundantly in
cooperation with the New Deal in its efforts to bring about
an ever-normal granary.
Southern spot markets as officially
reported, were 3 to 11 points higher, except Memphis, which
declined 15 points. Average price of middling cotton at the
10 designated spot markets was 12.88c.
On the 27th inst. prices closed 12 to 16 points up.
The
flood situation is now coming to the fore as a factor in cotton.
Fears for the Mississippi section featured the cotton market
in today's (Wednesday's) session. The possibility of damage
to cotton in storage, especially at Memphis, were about
600,000 bales are being held, served as a marked stimulus
consensus
of opinion in the
.
41,462
Total
San
Total 1937.
Total 1936
Total 1935
Financial
802
to buying by the trade and commission houses.
Numerous
private reports were received from Memphis, where a general
embargo was declared against movement of cotton in or
out of compresses owing to the fact that labor had been
withdrawn to work on the levees. Some reports were serious,
and others reassuring.
Reports from Washington would
indicate that the Government has decided to evacuate, if
the population in all low-lying ground for 50 miles
on each side of the Mississippi River between Cairo and
New Orleans. This would seem to indicate that the Govern¬
ment is anticipating serious developments along the Missis¬
sippi. Sentiment of the trade is generally bullish, this being
based somewhat on flood damage to cotton in storage and
severe handicaps to the cotton movement.
Southern spot
markets, as officially reported, were 14 to 17 points higher.
Average price of middling at the 10 designated spot markets
necessary,
13.03c.
was
8 points
higher. The market reached new high levels for the season
in today's (Thursday's), session, values advancing 12 to 13
points early on continued active buying.
At this level
heavy realizing sales were met, which resulted in a drop of
5 to 10 points from the highs of the day, the market closing
On
28th
the
inst.
prices
unchanged
closed
to
the buying
side in the early trading was the foreign element, com¬
mission houses and the trade.
Reports from the flood area
Conspicuous
at around the lows of the day.
on
The Mississippi
River, at Memphis, however, continued to rise, and while
private reports from that city declared that cotton men
were
not
particularly concerned over the possibility of
actual damage to cotton, insurance companies endeavored
to move cotton stocks from
warehouses near the river
disquieting
less
were
This
front.
Wednesday.
than
left the situation still in doubt, and spot mer¬
the
chants who have been accustomed to draw supplies from
Memphis district were unable to say when shipments would
be possible.
The average price of middling at the 10 desig¬
nated spot markets was 13.06c., 3 points up.
Today prices closed unchanged to 9 points down.
Futures
were barely steady at the opening, with declines of 5 to 8
points on weaker Liverpool cables and more favorable ad¬
vices concerning the flood situation.
Some heavy trade
took place in March and May, but this
was
well offset by a large amount of profit-taking and
some increased hedge selling from the South.
Far Eastern
houses were selling aggressively in May and July.
Nothing
of a startling nature is expected of the market until traders
purchasing again
have
some
clear idea of how the government plans to liqui¬
date its loan-cotton is going to turn out.
continue
ditions
especially
as
to
the
favor
concerns
upward
consumption
Fundamental con¬
side of prices,
increased
and
export
demand.
The official
quotation for middling upland cotton in the
New York market each day for the past week has been:
Sat.
Mon.
12.97
12.98
Jan. 23 to Jan. 29—
Middling upland
Futures—The
lowest and
have been
highest,
Wed. Thurs.
13.22
13.30
Tues.
13.07
New York for the past week
Fri.
13.29
closing prices
follows:
at
as
as
afloat
figures
Monday,
Tuesday,
Wednesday,
Thursday,
Friday,
Jan. 23
Jan. 25
Jan. 26
Jan. 27
Jan. 28
Jan. 29
Feb.(1937)
is
12.45ft
12.38ft
this week's returns,
are
brought down to Thursday evening. To make
show the complete figures for tonight (Friday) we
are
the total
Friday
from the United States, for
'V,;':1;--:
only.
1934
1935
1936
1937
29—
906,000
bales.
852,000
631,000
120,000
110,000
815,000
-----
972,000
'209,000
273,000
19,000
741.000
283,000
214,000
25,000
15,000
15,000
76,000
§97.000 1,003,000
306,000
581,000
172,000
301,000
o^'nnR
nl'RRR
§7,000
97,000
37,000
130,000
18.000
..R'QRQ
7,000
10,000
556,000
672,000
654,000 1,152,000
stocks
-----1,528,000 1,413,000
India cotton afloat for Europe--130,000
149,000
American cotton afloat for Europe 300,000
223,000
Egypt, Brazil,&c.,afl't for Europe 119,000
119,000
Stock in Alexandria, Egypt.
408,000
329,000
Stock in Bombay, India
930,000
§27,000
1,551,000 2,155,000
192,000
141,000
220,006
379,000
Stock at
Liverpool
—
Stock at Manchester
Total Great Britain
Stock at Bremen
Stock at Havre
Stock at Rotterdam
H'RRR
§§'999
Stock at Barcelona
Stock at Genoa
—
Mestre
Stock at Venice and
Stock at Trieste
Total Continental
stocks------
U-RRR
5,000
Total European
-—2,329,930
Stock in U. S. ports
Stock in U. S. Ulterior towns
20,513
1.767,312 2.027,706
9,664
20,779
—7,811,515 7,590,027
7,482,351 9,837,231
stock----------bales.
Manchester stock
Havre stock
324,000
339,000
-
stock
American afloat for Europe
„
223,000
475,000
a260,000
220,000
51,000
53,000
260,000
146,000
-----92,000 1,066,000
95,000
221,000
198,000
57,000
59,000
161,000
239,000
30,000
300,000
Bremen stock
_
379,000
—2,329,930 2,559,778 2,759,375 3,671,746
2,046,413 2,249.736 1.767,312 2,027,706
20,172
20,513
9,664
20,779
U. S.
ports stock
Interior stock
U. S. exports today
U. S.
5,565,351 7,693,231
5,524,515 5,918,027
Total American
East Indian, Brazil, &c.—
Liverpool stock
stock
—
—
Havre stock
stock
——
Indian afloat for Europe
——
Egypt, Brazil, &c., afloat—-—
-
Stock in Bombay, India
Total visible supply
}41,000
121.000
427,000
894,000
1.672.000 1,917.000 2.144,000
5,918,027 5,565,351 7,693,231
7,482.351 9,837,231
7.07d.
6.29d.
7,811.515 7,590,027
7.34d.
6.14d.
Egypt, good Sakel. Liverpool
Broach, fine, Liverpool
—
Peruvian Tanguis, g'd fair, L'pool
------
311.000
636.000
329,000
527.000
Total East India, &c
—2,287,000
Total American.--—---——-5,524,515
Middling uplands, Liverpool
Middling uplands, New York—-
------
126.000
119,000
408,000
930,000
in Alexandria, Egypt
44,000
31,000
53,000
26,000
77'(MR
102,000
45,000
61,000
16,000
119,000
149,000
119,000
Stock
431,000
555,000
307,000
513,000
61,000
48,000
34,000
44,000
130,000
—
Bremen stock
Other Continental
follows:
•• i •;
.
Liverpool
Manchester
_
of American and other descriptions are as
"
Other Continental
894,000
2,559,778 2,759,375 3,671,746
20,172
Total visible supply
..
427,000
§36.000
2,046,413 2,249,736
today
Of the above, totals
121,000
126,000
311,000
— .-
TJ. S. exports
97,000
82,000
13.29c
11.30d.
9.94d.
5.39d.
5.99d.
9.09d.
-
0 9.36d.
4.84d.
6.03d.
———
——-
C.P.OomraJSr o. 1 staple,s'flne.Liv
5.96d.
a l4~000 added
toj Liver pool stock.
j
Continental imports for past week
1180c.
12.55c.
9.28d.
11.60c.
^
<5 i2
have been 130,000 bales.
The above figures for 1936 show a decrease from last
week of 85,082 bales, a gain of
221,488 over 1935, an
increase of 329,164 bales over 1934, and a decrease of
2,025,716 bales from 1933.
Interior
the
the
Towns
movement—that
the
is,
for
receipts for the week and since Aug. 1, the shipments
the week and the stocks tonight, and the same items for
the
in
corresponding period of the previous year—is set out
12.37-12.48
Range.,
p Closing. 12.37ft
telegraph, is as follows.
add the item of exports
Jan
made up by
Foreign stocks as well
and consequently all foreign
Supply of Cotton tonight, as
The Visible
cable and
At
Saturday,
Ian• 30> 1937
Chronicle
12.61ft
12.69ft
detail below:
12.67ft
March—
Range.. 12.43-12.48 12.43-12.48 12.49-12.68 12.61-12.72 12.75-12.85 12.71-12.79
12.78-12.79
12.80
12.72
12.57
Closing. 12.47-12.48 12.48
Movement to Jan. 29,
April—
12.40ft
_
12.49ft
12.41n
12.64n
12.70ft
Receipts
12.69ft
Season
Week
May—
Range.. 12.27-12.33 12.29-12.35 12.36-12.52 12.45-12.56 12.57-12.68 12.54-12.61
12.55-12.56 12.60-12.61 12.60-12.61
12.34-12.35 12.41
12.33 —
Closing
12.34ft
12.27ft
12.49ft
12.53ft
12.52ft
474
Selma
Range..
Closing. 12.26n
425
Montgomery.
June—
Ala., Birming'm
Eufaula—-—
345
22
Ark., Blythville
July—
Range.. 12.15-12.19 12.15-12.20 12.21-12.38 12.31-12.44 12.42-12.55 12.37-12.45
12.19 —
12.26-12.27 12.42-12.44 12.45-12.47 12.44
12.18 —
Closing
Forest City—
684
Helena
Hope
Aug.—
-
Closing. 12.03ft
12.12«
12.04tt
12.28ft
12.30ft
12
27ft
Little Rock—
651
88
Newport
Sept.—
107
31
Jonesboro
Range..
Pine Bluff-
11.89ft
11.90ft
Closing
11.98ft
12.14ft
12.15ft
12.10«
1,410
Walnut Ridge
Range.
11
74
Ga., Albany
Oct.—
Range.. 11.75-11.79 11.73-11.76 11.75-11.91 11.88-12.00 12.00-12.10 11.90-11.97
11.93
12.00 —
11.73 —
11.84-11.85 12.00 —
Closing. 11.78n
Athens
2,580
Atlanta
7,698
2,448
Augusta
Nov.—
Columbus
11.84ft
11.99ft
11.99ft
11.91ft
Range— 11.75-11.78 11.73-11.76 11.75-11.90 11.87-11.97 11.96-12.07 11.83-11.92
11.88
11.97 —
11.73 —
11.84-11.85 11.97 —
11.78 —
Closing
333
Rome
11.73ft
11.78«
Closing
Dec.—
200
Macon
Range..
105
La., Shreveport
35
Miss.Clarksdale
819
.
74
Columbus
Jan. (1938)
Range— 11.74-11.74 11.72-11.72 11.75-11.85 11.88-11.93 11.95-11.98 11.84-11.92
11.87ft
11.96ft
11.73ft
11.84-11.85 11.96ft
11.76ft
Closing
Greenwood
__
1,427
144
Jackson
.
7
Natchez
n
Nominal.
Vicksburg
for week
ending
Range for future prices at New York
Jan. 29, 1937, and since trading began on each option:
67
Yazoo City-
35
Mo., St. Louis.
N.C.,Gr'nsboro
7,500
227
63,598
8,625
43,181
53,456
166,618
31,634
58,379
53,765
18,833
172,892
27,351
123,364
43,320
13,255
28,390
249,417
163,013
12,625
36.888
20,678
99,223
150,816
37,686
250,253
58,450
15,694
38,293
51,211
212,318
7,711
Ship¬
Stocks
ments
Towns
Range..
Closing
1937
29
47,985
37
10.042
1,176 60,048
1,735 63,763
83,855
11,729
1,977 20,393
380
14,790
83
10,592
4,735 102,267
912
14.043
3,328 59,721
572
15,456
180
18,807
645 30,207
8,641 226,449
4,174 118,871
100 36,800
1,026 39,410
225 32,037
618
19,706
6,340 27,516
256 33,285
14,388 50,836
1,721 20,419
284
2,534
658
9,295
1,562 12,358
1,701
7.428
47
4,037
1,241
31, 1936
Season
Week
1
19
302
52
739
106
295
238
337
2,076
659
1,119
57,775
14,942
78,067
84,130
107,158
26,655
36,085
30,360
9,616
152,722
29,958
104,708
794
33,979
7
24,100
65,657
248,103
158,580
29,739
49,944
14,691
71,202
109,644
39,644
163,910
52,990
8,722
29,383
37,563
121.597
4,341
67
5,925
1,502
1,000
904
45
29
464
152
1,220
92
28
867
3
5,027
123
Ship¬
Stocks
ments
Receipts
Jan.
Week
Movement to Jan.
Jan.
Week
31
38,112
36 11,694
277 70,647
657 65,947
2,250 94,413
749 20,584
948
18,460
378 19.861
155
1,287
3,493 106,463
1,272 19,490
4,068 63,995
967 18,219
206 17,758
704 67,234
5,760 190,646
4,037 142,927
600 25,150
1,195 44,330
472
1~029
2,014
2
3,716
349
194
1,514
694
26,229
27,984
32,177
26,727
50,226
25,216
3,493
10,128
21,249
4,927
295
302
3,710
Oklahoma—
Option for—
26 12.48 Jan.
23 12.85 Jan.
Feb.
April 1937—
May 1937— 12.27 Jan.
June
1937._
July
1937- 12.15 Jan.
23 12.68 Jan.
23 12.55 Jan.
Aug. 1937—
July
10 1936
10 1936
28 1937
11.52
19371937..
Dec.
1937- 11.73 Jan.
Jan.
1938
—
Nov.
11.05 Nov.
11.93
11.72 Jan.
Jan.
25 12.07 Jan.
28 11.56 Dec.
25 11.98
28 11.72
Jan.
9 1936 12.78
Nov. 12 jl936 12.68 Jan.
10.48 June
1 1936 12.78 July
28 11.415 Nov. 121936 12.55 Jan,
11.50'Aug. 29 1936 12.55 July
11773 Jan'~25 i2db Jan~~28
Oct.
Jan.
28 11.51
Sept. 1937—
Nov
Option
9.94 Feb. 25 1936 12.76 July
26
28 11.52 Nov. 12 1936 12.85 Jan.
10.20 Mar. 27 1936 12.78 July
9.76
1937—
1937- 12.87 Jan.
Mar. 1937- 12.43 Jan.
Jan,
Range Since Beginning of
Range for Week
Jan.
10 1936
28 1937
10
28
27
4 1936 11.92 Jan. 22
12 1936 12.10 Jan. 28
19.1937 11.93 Jan. 19
17 1936 12.13 Dec. 28
25 1937 11.98 Jan. 28
1936
1937
1936
1937
1937
1937
1936
1937
15 towns *
S.C., Greenville
Tenn.,Memphis
Texas, Abilene
Austin
Brenham
Dallas
Paris
Robstown—
San Antonio.
Texarkana
_-
Waco
Total, 56 towns
*
616 |171,014
2.429 95,033
143,695
5,114 83,149
4,733
36,491 2,065,545 40,057 632,785
43
101
38,086
4,235
4
951
99
15.889
4
6
2,169
5,984
568
76,878
9,843
1,013
59
911
6,283
68,764
5
425
13,697
"27
494
266
8,610
38
588
34,550
8,788
29
109
3,306
77,209
356.598 15,465 176,025
9,087
105,813
5,023 59,226
2,903
31,488 1,534,042 39.247 686,227
642
655
2,813
51,696
229
139
3,093
17,887
97
60
4,380
11,439
535
46,436
1,293 12,816
219
13,654
33,062
"li
1,644
10,518
3
782
"54
4,852
240
772 13,098
23,944
20 11,327
543
78,194
70,7715,030,858115,0292046413
70,1154,270,446105,7672249736
Includes the combined totals of 15 towns In Oklahoma.
Volume
Financial
144
New York
The
quotations
Chronicle
Quotations for 32 Years
for
CCC
middling upland at New York
on
Loan
803
Issues
Terms
Cotton—The
Jan. 29 for each of the past 32
years have been as follows:
nounced
1937
Release
for
Commodity
11- and
of
Credit
12-Cent
Corporation
an¬
tials
13.29c.
1929
11.85c.
12.55c.
1928
1927
11.70c.
1926
6.25c.
1925
1924
1923
1922
1936
1935
1934
1933
1932
.
6.75c.
10.40c.
16.65c.
1931
1930
—
...
...
--20.05c.
17.95c.
-.13.65c.
20.80c.
1921
—
-39.50c.
1912
--26.70c.
1911
—
1917
--33.35c.
1916
..28.00c.
1915
--16.95c.
1914
...
Market and Sales
--17.30c.
1909
1908
—
-
8.50c.
1907
12.85c.
14.55c.
1906
.
-_.14.90c.
-
-.11.95c.
...
9.65c.
...
-
—
...
-.13.15c.
-
1910
31.50c.
-.23.95c.
—
1913
—
1920
1919
1918
—
--14.75c.
9.85c.
-_-
-
--.11.75c.
-
-.-11.00c.
-
11.50c.
,
New York
at
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the
reader,
also add columns
glance how the market for spot and futures
which show at a
closed on same days.
we
and
differen¬
showing the differential applicable to the average mid¬
dling
in. price of the designated spot markets to be used in
determining the release price of loan cotton beginning
Feb. 1, 1937, and schedules of grade and staple differences
showing the differences applicable to the various grades and
staples in filing claims, have been mailed to all cotton ex¬
changes, the cotton shippers' associations, the cooperative
associations, the Reconstruction Finance Corporation loan
agencies
and
Reference
to
warehouses where the cotton is stored.
made in these columns of Jan. 9, page 302,
the
was
announcement issued
on Jan.
2 by the CCC stating
Corporation and the RFC would, beginning Feb. 1
and continuing until April 1, 1937, release a "reasonable
amount" of the 3,000,000 bales of cotton held against 11c.
an
that the
^
\
Futures
Market
Spot Market
Closed
Jan. 23 that schedules of locations
on
SALES
Closed
Contr'ct
Spot
Total
and
12c. loans
The announcement of the CCC of Jan. 23
said:
Saturday
Monday
Tuesday
WednesdayThursday
Friday
_
_
Steady,
Steady,
Steady,
Steady,
Steady,
Steady,
unchanged- Steady
Steady
Barely steady.
Very steady
Steady
Steady
1 pt. adv
9 pts. adv..
15 pts. adv_
8 pts. adv__
2 pts. dec—
200
200
"350
"350
"700
"700
250
_
250
The inclusion of grades below low middling and the distribution of these
schedules by CCO in no way modifies the press release of Jan. 2, 1937, or
change the forms which are to be used to obtain the release of the cotton,
both of which include the stipulation that for grade and staple claims no
will
Total week.
Since Aug. 1
1,500
54,147
1,500
72*900 127,047
Overland Movement for the Week and Since Aug. 1—
We give below a statement
showing the overland movement
Aug. 1, as made up from telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
for the week and since
1936-37
_
OA
nifn-29—
Sh\Vped—
V»
7,428
Mounds, &c
850
Via Rock Island
Via Louisville
105
Since
Aug. 1
Week
4,927
1,320
cotton be considered as below low
middling in grade and
3,811
12,496
121,535
48,509
385
8,607
109,242
404,832
Virginia points
Via other routes, &c
4,436
10,000
109,492
3,476
6.648
116,546
391,520
Total gross overland
Deduct Shipments—
22,819
840,177
22,834
693,110
1,436
411
12,144
22,064
7,549
272,382
10,703
15,356
5,578
151,041
13,855
301,995
11.388
8,964
538,182
11,446
requested to permit examination of them by those interested.
The release and claim forms are being printed and wiU be available at
the loan agencies of the RFC not later than Feb. 1,1937.
The
Census report
Crop of 1936 Prior to Jan. 16—
issued on Jan. 23, compiled from the
individual returns of the ginners, shows 11,956,808 running
bales of cotton (counting round as half bales and excluding
521,135
Overland
to N.
275
Inland, &c., from South
Total to be deducted
Leaving total
net overland
Including movement by rail
274
week
last year,
exhibits
a
gain
season
date
to
over a year
Takings
Receipts at ports to Jan. 29
Net overland to Jan. 29
61,831
8,964
Southern consumption to Jan. 29-130,000
the
ago
of
Southern
Week
Aug. 1
86,523
11,446
100,000
5,734,773
521,135
2,605,000
9,145,668
862,358
takings
consumption to Jan. 1
197,969
*35,652
8,860,908
1,125,398
1,056,143
613,955
Arkansas
10,600", 261
11,064,169
1,147.862
29,860
709,188
Week—
Bales
Since Aug. 1—
100,583 1934
142,509 1933
260,816 1932
Bales
7,018,539
9,933,723
10.573,003
-
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for middling cotton at
Southern and other principal cotton markets for each
day
of the week:
Saturday Monday
Galveston
12.52
Tuesday
12.52
12.59
on-
Wed'day Thursday
12.73
12.76
Georgia
Louisiana
Mississippi
Missouri
New Mexico
104,042
North Carolina-
562,237
288,138
768,001
420,592
2,808,644
28,944
12,331
.
Tennessee
Virginia
*
.
12.76
13.30
12.98
13.00
13.04
13.15
13.30
12.67
12.68
13.00
13.27
13.18
13.42
13.35
13.35
Norfolk
13.15
13.15
12.77
13.27
13.23
12.92
Savannah
13.42
13.40
Montgomery
Augusta
12.75
12.75
12.87
13.00
13.10
13.32
13.33
Memphis..
12.70
12.70
Houston
12.57
12.62
12.57
12.60
12.63
12.72
13.57
12.70
12.77
12.87
12.80
13.05
13.63
12.80
12.82
12.80
12.33
12.34
12.41
12.55
12.60
12.60
12.33
12.34
12.41
12.55
12.60
12.60
Little Rock
Dallas
Fort Worth
•
•
12.85
13.42
12.55
New Orleans Contract Market—The
leading contracts in the New Orleans
the past week have been
bales of the crop of 1936 ginned prior to Aug. 1 which was
counted in the supply for the season of 1935-36, compared with 94,346 and 99,787
bales of the crops of 1935 and 1934.
The statistics in this report include 280,669 round bales for 1936; 280,917
Included in the above are 14,686 bales of
American-Egyptian for 1936:16,284 for 1935; and 12,163 for 1934.
The statistics for 1936 in this report are subject to revision when checked
against the individual returns of the ginners being transmitted by mail.
The revised total of cotton ginned this season prior to Dec. 13 is 11,703,234
bales.
Monday,
Jan. 23
as
13.33
13.65
12.80
12.82
closing quotations
EXPORTS—UNITED
Cotton consumed during the month of December, 1936, amounted to
692,921 bales.
Cotton on hand in consuming establishments on Dec. 31,
2,001,378 bales, and in public storages and at compresses 7,788,326
bales.
The number of active consuming cotton spindles for the month was
24,090,204.
The total imports for the month of December, 1936, were
15,909 bales and the exports of domestic cotton, excluding linters, were
593.860 bales.
WORLD
Jan. 25
Tuesday,
Jan. 26
commercial cotton, exclusive of linters, grown
from various sources, was 26,641,000 bales, counting
bales and foreign in bales of 478 pounds lint, while
the consumption of cotton (exclusive of linters in the United States) for
the year ending July 31, 1936, was 27,631,000 bales. The total number of
spinning cotton spindles, both active and idle, Is about 152,000,000.
In 1935, as compiled
American in running
Weather Reports by Telegraph—Reports to us by tele¬
graph this evening indicate that weather conditions in the
Cotton Belt are very favorable for a good crop, cotton fields
are being broken about as usual with plenty of moisture! in
the ground.
Rain
Friday,
Abilene
Jan. 27
Jan. 28
Jan. 29
—
12.31
12.38-12.39 12.53
12.57-12.58 12.56-12.57
12.14
—
12.16
12.25
12.71
June
12.41
September
11.83-11.84 11.97
11.97-11.i
11.90-11.91
November
5
0.12
Houston
Port Arthur..—
San Antonio
-----
120161203a ll.93o-.95a
Steady.
Quiet.
Barely stdy Very stdy.
Quiet.
Steady.
Steady.
Steady.
5
4
4
4
Thermometer
Low
Mean
37
63
10
35
26
46
16
37
36
65
32
49
64
66
64
68
66
72
64
42
54
58
78
dry
——
......
66
0.20
0.09
2
0.97
0.37
1.32
20
26
24
30
24
38
26
12
18
42
46
44
49
45
55
20
48
39
47
55
Louisiana—New Orleans—.
Shreveport
-------
3
3
0.17
0.02
0.64
1.26
0.50
1.61
Mississippi—Meridian........
4
2.46
80
29
40
3
2.68
80
30
Oklahoma—Oklahoma City.
Arkansas—Fort Smith.
Little Rock
—
Tone—
Steady.
3
-
Palestine......—......
12.40-12.41 12.43
August
Steady.
69
60
66
58
74
-
Del Rio
El Paso
Bid. 12.02
High
Corpus Christi.3
2
12.27
Steady.
—
-----—
Dallas
April
May
Steady.
...
Brownsville
12.73
—
2
---------
Austin.
Thursday,
12.50-12.51 12.66
December. 118061182a 117961181a 11.88
Rainfall
Inches
1.42
dry
0.37
dry
1.68
Days
Wednesday,
.
117361175a 11.73
STATISTICS
The world's production of
Texas—Galveston...
124061241a 12.44
Spot
Options
AND
STATES
cotton market for
follows:
March
—
IMPORTS
STOCKS,
CONSUMPTION.
Amarillo
Saturday,
October
32,507
13,785
Includes 41,130
Friday
New Orleans
Mobile
July
934,308
99,851
843,418
238,865
24,214
970,810
472,297
1,118,941
224,091
83,452
632,801
323,086
678,638
393,577
2,292,074
was
Closing Quotations for Middling Cotton
February
1,028,261
124,993
830,375
213,561
26,503
1,041,245
540,648
1,222,324
179,895
67,104
568,658
541,569
726,767
312,229
2,790,569
26,290
7,200
for 1935, and 191,824 for 1934.
Movement into sight in previous years:
1935—Feb. 1
1934—Feb. 2
1933—Feb. 3
*9,376,715
1,260,837
402,551
27,443
1,073,719
741,837
1,854,972
299,476
Florida
South Carolina
1934
*10,248,191
1,133,229
169,815
Alabama
Arizona
162,317
33,294
1935
*11,956,808
All other States
156.537
.
for
United States.
Texas
Decrease.
Week Ended
Jan. 29
Running Bales—{.Counting Round as Half
Bales and Excluding Linters)
Oklahoma
mill
igt
Total in sight Jan. 29
*
1935-36
Since
5,262,486
538,182
3,345,000
-
200,795
*44,258
over
1937, and comparative statistics to the corresponding date in 1936 and 1935.
California
1936-37
—
Since
Week
Aug. 1
In Sight and Spinners'
GINNING
COTTON
1936
17,047 bales.
of
ON
Number of bales of cotton ginned from the growth of 1936 prior to Jan. 16,
Canada.
to
and that for the
aggregate net overland
Excess
in full:
State
The foregoing shows the week's net overland movement
this year has been 8,964 bales,
against 11,446 bales for
the
linters) ginned from the crop of 1936 prior, to Jan. 16, com¬
pared with 10,248,191 bales from the crop of 1935 and
9,376,715 bales from the crop of 1934. Below is the report
REPORT
Y., Boston, &c—
Between interior towns
*
280
12 cent loan
as less than % jn. staple.
Since the supply of these schedules is limited, the information is being
made available in this manner and those receiving the schedules have been
171,975
Via
no
cotton will be considered
Cotton Ginned from
1935-36
Since
Aug. 1
212,495
week
St. Louis
Via
The schedules which are being sent out have been approved by the
Bureau of Agricultural Economics of the Department of Agriculture.
The
schedule of grade and staple differences is based on the differences as of
Jan. 4, 1937, and shows all grades, including grades below low middling.
Vicksburg
2
2
1
,
65
*
45
27
36
63
60
Financial
804
Ram
Rainfall
Inches
Days
Alabama—Mobile
Thermometer
Low
Mean
High
5
0.78
77
Birmingham
Montgomery
4
4
1.80
0.85
Florida—Jacksonville
4
1
4.00
0.01
Pensacola
5
Tampa
4
4
*
.
►
—
Miami
Georgia—Savannah
46
61
78
40
80
44
44
70
63
76
0.53
74
46
60
0.31
84
58
71
1.45
82
43
62
0.89
76
36
56
'
Atlanta
4
Augusta
4
1.76
78
36
3
1.42
78
38
42
34
32
Receipts and Shipments—We now re¬
cable of the movements of cotton at Alexan¬
The following are the receipts and shipments
past week and for the corresponding week of the
Alexandria
ceive
weekly
dria, Egypt.
the
for
a
previous two
57
Macon
show an
bales during the week, and since Aug. 1
increase of 247,000 bales.
59
62
82
82
of 41,000
1937
Jan. 30.
Chronicle
58
'
South
Carolina—Charleston—
4
2.80
78
3
North Carolina—Ahseville
0.15
Charlotte---—-
4
2.04
70
74
Raleigh.-..
3
Wilmington
Tennessee—Memphis
Chattanooga
5
2
4
3.34
2.66
1.74
2.14
76
78
54
78
4
3.00
68
Nashville
53
28
Receipts (cantars)—
58
37
59
48
55
This
New Orleans..
Above
zero
of gauge.
Memphis
Above
zero
of gauge.
Above
zero
of gauge.
zero
of gauge.
zero
of
23.2
42.4
-
Receipts
from
14.4
44.6
gauge.
17".O6O
To America
115,078
374,886
21,765
Aug.
5,000
92,337
409,154
15",5oo
86,033
78,615
397,480
20,232
1
Aug.
14",000
21,624
1
14,000 660,945 20,000 582.360
26,000 636,437
Total exports
5.8
15.8
10.6
5.4
19.5
Note—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Jan.
27, were
270,000 cantars and the foreign shipments 26,000 bales.
Market—Otir report received by cable to¬
Manchester
following table
Plantations—The
the
To Continent & India—
Since
Week
137,830
Feet
53.5
Above
.Above
Nashville
Shreveport
Vicksburg
TJvfirponl
To Manchester, &c
This
Since
Week
1
Aug.
9,000 124,708
To
Jan. 31.1936
This
Since
Week
Exports {bales)—
has also been received by tele¬
graph, showing the height of rivers at the points named at
8 a. m. on the dates given:
170,000
130,000
270,000
This week
The following statement
Jan. 29. 1937
"Feet
1934-35
Jan. 27
i
,
52
1935-36
1936-37
Alexandria, Egypt,
60
34
38
20
40
.
years:
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
night from Manchester states that the market in both yarns
and cloths is firm.
Demand for both home trade and foreign
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
markets is
Week
Stocks at Interior Towns
Receipts at Ports
1935
1934
1935
1936
1934
1935
1936
f
d.
405,164232,0592,179,563 2,220,751 1,829,198 483,163 493,570325,648
1,882,223 471,919 404,498254,957
s.
d.
s.
d.
d.
d.
Cotton
Middl'g
to Finest
32s Cop
Twist
Middl'g
Upl'ds
to Finest
834 Lbs. Shirt¬
ings, Common
Cotton
Upl'ds
s.
d.
d.
d.
s.
Oct.—
30.. 385,111 372,149 201,9322,266,371 2,253,100
6.96
10
@11H
9
6
@10 0
6.47
@11 0
6.81
10
@11H
9
6
@10 0
6.45
10
@11H 10 0
@10 2
6.47
10H@12
@10 4
10
6
11
30
10 2
10J*@12
23
Nov.
259,641 363,686 148,5012, 301,784
8H Lbs. Shirt¬
ings, Common
32s Cop
Twist
1934
Oct.
23- 378,683
1935
1936
Receipts fromPlantations
Ended
1936
We give prices today below and leave those
good.
@12
10 5
Nov.—
@10 7
6.92
251,440 271,993 133,5252, 373,757
,287,554 1,922,254 295,054 398,140188,532
,316,783 1,963,293 305,198 359,714175,466
,321,538 1,983,174 282,311 276,748153,406
13
11
6.71
10 0
@10 2
6.77
,350,425 1,973,968 240,994 251,319110,549
20
11
@12H 10 6
@12>* 10 2
@110
27- 217,563 222,432 119,7552, 397,188
@10 4
676
10 J4@12
10
@10
2
6.77
27
11
@12 H 10 6
@11 0
6.72
10H@12
10 3
@10 5
6.59
10 3
10H®12
10H@11H 10 2
@10 5
6.67
@10 4
6.50
@10 2
6.38
7.10
10H@nH 10 0
10^@11J* 10 0
10«@11« 9 6
10
@MH
10
@11H
6-
13- 264,096 330,485 134,42712, 342,886
20-
6
Dec.
4..
211,898 258,950 104,0142, 366,6172
11.. 133,018 177,455 109,9452, 327,9532
18.. 143,595 188,143 105,0292, 290,467
24.. 119,319 158,812 84,5502, 253,715
31- 117,505 99,705 62,3712, 250,247
,358,279
,369,180
,371,801
,911,138
,361,505
1,960,556 181,327 266,804
1,934,215 94,354 188,356
1,915,166 106,109 190,764
90,602
83,604
85,980
Dec.—
2,188.745 82,567 169,268
1,883,029 112,749 78,953
80,522
18
34,262
24
11H@12^ 10 6
@11 0
6.81
11H@12H 10 6
@10 3
6.93
10 4
Uh@l2H
11M@12H 10
@10 6
6.88
4
4
@10 6
@10 6
7.01
10
4
11-—
31
1937
Jan.
8-
152229-
1936
1935
96,101
61,240
98,804
92,756
82,643 103,103
61,831 86,523
1936
1937
1,851,022
1,825,437
1,801,024
1,767,312
I
1936
1937
1935
55,4622,180,501 2,337,209
65,9082,142,612 2,311,287
52,4732,090,671 2,285,388
44.8842,046,4132 ,249,736
74,508
66,834
23,455
40,323
Jan.
77,204
28,060
15
17,573
50.871
11,172
22
seasons
from all
sources
obtainable; also the takings
sight for the like period:
are
Cotton
Takings,
from which statistics
amounts
or
out of
gone
1935-36
1936-37
Week
Season
Week
Season
7,896.597
7,708,149
4,899",258
156",537
Bombay receipts to Jan. 28
Other India shipm'ts to Jan .28
Alexandria receipts to Jan. 27
Other supply to Jan. 27-*b—
123,000
10,000
54,000
14,000
Total supply
4,295,259
11,064,169
1,380,000
Visible supply Aug. 1
American in sight to Jan. 29—
162,317 10,600,261
79,000 1,003,000
368,000
47,000
1,319,600
26,000
378,000
1,492,200
298,000
253,000
13.000
8,254,134 19,511,627
8,035,466 17,839,120
7,811,515
„
7,590.027
Deduct—
Visible supply Jan. 29-
Of which American
Of which other
*
a
7,811,515
442,619 11,700,112
275,619 8,630,912
167,000 3,069,200
Total takings to Jan. 29.a
6 44
—
—
9
4
@96
11X@12X
12
®12J4
12ii@lSl4
@96
6
7.16
9
6
@10 0
@10 0
95
Shipping
News—As shown
on
a
6.07
@96
6.13
@96
6.17
4
@96
6.14
9
9U@11X
7.34
@97
9 4
7.20
9
9 4
7.11
9 4
7,590,027
445,439 10,249,093
335,439 7,469,493
2,779,600
110,000
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 3,345,000 bales in 1936-37 and 2,605,000 bales in 1935-36—
takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 8,355,112 bales in 1936-37 and 7,644,093 bales in
1935-36, of which 5,285,912 bales and 4,864,493 bales American.
the
previous page,
exports of cotton from the United States the past week have
135,990 bales.
The shipments in detail, as made
reached
up
from mail and telegraphic reports, are as follows:
GALVESTON—To Japan—Jan. 26—Katsuragi Maru, 9,036—
Jan. 27—Siljestad, 12,496
To China—Jan. 26—Katsuragi Maru, 1,692
To Ghent—Jan. 21—Wisconsin, 544—Jan. 22—Gand, 799—
Jan. 23—Leerdam, 390
To Havre—Jan. 21—Wisconsin, 3,701—Jan. 22—Gand, 2,063
To Dunkirk—Jan. 21—Wisconsin, 613—Jan. 22—Gand, 50—
To Liverpool—Jan. 22—West Cohas, 5,125
—-To Manchester—Jan. 22—West Cohas, 1,453
To Antwerp—Jan. 22—Gand, 50
—
To Bremen—Jan.
22—Lubeck, 3,544—Jan. 25—Sapinero,
978
Jan. 27—Karpfanger, 3,389
To Hamburg—Jan.
54—Lubeck, 54
To Rotterdam—Jan. 25—Leerdam, 1,384
To Genoa—Jan. 25—Monrosa, 2,035
To Buena Ventura—Jan. 25—Monrosa, 30
—
■
Week and Season
Visible supply Jan. 22
6.41
@10 0
19 36
19 37
UH@12H
8
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
@10 2
1935
26,355
23,351
30,702
29
World's Supply and
1
To
Cartagena—July 22—Velma Lykes, 350
27—Waban, 219—Jan.
HOUSTON—To
Antwerp—Jan.
Leerdam, 150
7,911
54
1,384
2,035
.
30
369
1,427
1,158
621
172
Japan—Jan.
6,304
26—Tsuyama,
4,256---Jan.
To Reval—Jan. 22—Leerdam, 4
To Bremen—Jan. 25—Karpfanger,
25—Siljestad,
10,560
4
801—Jan. 26—Sapinero,
1.354
553
b Estimated.
1.733
5,764
663
5,125
1,453
50
350
To Ghent—Jan. 27—Waban, 836—Jan. 22—Leerdam, 591—
To Havre—Jan. 27—Waban, 1,158
—
To Rotterdam—Jan. 27—Waban, 449—Jan. 22—Leerdam,
To
_
22—
-—-—
-
Bales
_
21.532
1,692
Hamburg—Jan. 25—Karpfanger, 352
352
To Gdynia—Jan. 26—Sapinero, 28
—
28
LAKE CHARLES—To Ghent—Jan. 22—Nemoho, 1,563
1,563
To Antwerp—Jan. 22—Nemoho, 50
—
50
To Havre—Jan. 22—Nemoho, 295
295
To Rotterdam—Jan. 22—Nemoho, 950
—
950
NORFOLK—To Havre—Jan. 29—Schodoch, 617
617
To Bordeaux—Jan. 29—Schodoch, 712
712
To Liverpool—Jan. 29—Manchester, 30
—
30
To Manchester—Jan. 29—Manchester, 70
70
NEW
ORLEANS—To
Liverpool—Jan.
22—Darian, 6,679—
Jan. 23—Foristan, 19,028
25,707
To Hull—Jan. 23—Nardo, 521
521
To Manchester—Jan. 22—Darian, 3,437
3,437
To Bremen—Jan. 22—Lubeck, 1,229; Bochum, 908
2,137
To Hamburg—Jan. 22—Lubeck, 1,092: Bochum, 1,024—_—
2,116
To Japan—Jan. 22—Patrick Henry, 200
200
To Val Paraiso—Jan. 26—Cefalu, 400
400
To Havana—Jan. 26—Cefalu, 150
Jan. 23—Santo Marta,
To
India Cotton
Movement from All Ports—The
receipts
of Indian cotton at Bombay and the shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as follows:
1936-37
1935-36
1934-35
Jan. 28
Since
Receipts—
Week
Bombay
Since
Since
Week
Aug. 1
123,000 1,380,000
Aug. 1
Week
79.00C
1,003,000
81,000
For the Week
Aug. 1
937,000
Since August 1
Exports
Great
from—
Conti-
Jap'ndt
ment
China
11~,666
24,000
6,000
i
BritainJ
53,000
Great
Total
Conti-
Britain
nent
Bombay—
1936-37
1935-36
1934-35
—
—
4,000
4,000
—
31,000
35,000
39,000
59,000
23,000
33,000
21,000
Other Indla1936-37—
1935-36
—
1934-35-.
4,000
6,000
10,000
123,000
17,000
30,000
13,000
47,000
130,000
13,000
65,000
Total all—
1936-37
1935-36
1934-35
.
—
—
8,000
6,000
21,000 41,000
19,000
31,000
24,000
45,000
86,000
53,000
72,000
146,000
163,000
86,000
According to the foregoing, Bombay
44,000
Japan &
| China
Total
135,OOo'
686,000
844,000
To
151.000
423,000
607,000
150,000| 569,000
740,000
To Gdynia—Jan. 20—Uddeholm, 604
To Susak—Jan. 21—Alberta, 250
255.0001
238,000
249,000
378,000
368,000
314,000
390,000
389,000
399,000
Trieste—Jan.
21—Alberta,
1,450
—
To Oporto—Jan. 21—City of Omaha, 363
To Gothenburg—Jan. 20—Uddeholm, 150
To
Buena
Ventura—Jan.
16—Tivives,
200
—
To Antwerp—Jan. 22—Winnepeg, 300
To
Havre—Jan.
22—Winnepeg,
1,344—Jan.
200
300
8,459
To Dunkirk—Jan. 22—Winnepeg, 250—Jan.
23—West Har
1,734
shaw, 1,484
To Marseilles—Jan. 22—Arsa, 1,597
300
1,838
3,113
1,450
604
250
363
150
23—West
Harshaw, 7,115
686,000 1,222,000
975,000
423,000
569,000 1,054,000
appears to show an
compared with last year in the week's receipts of
bales.
Exports from all India ports record a loss
150
To Genoa—Jan. 21—City of Omaha, 900—Jan. 22—Arsa, 938
To Venice—Jan. 21—City of Omaha, 1,000; Alberta, 2,113—
-
1
—
increase
|
-
„
To Ghent—Jan. 23—West Harshaw, 1,361
To Rotterdam—Jan. 23—West Harshaw, 300
PENSACOLA, &c.—To Liverpool—Jan. 27—Bellingham, 160
To Manchester—Jan. 27—Bellingham, 139
—
To Bremen—Jan. 27—Arizpa, 590
—
,—
1,597
1,361
300
160
139
590
Volume
Financial
144
Bales
MOBILE—To Liverpool—Jan. 20—Topa Topa, 1,864—Jan. 15—
Director. 1,360
To Manchester—Jan. 20—Topa Topa, 916—Jan. 15—Director.
680To Genoa—Jan. 16—Monteilo, 1,102
CORPUS CHRISTI—To Ghent—Jan. 22—Waban, 1,109
To Havre—Jan. 22—Waban, 909
To Rotterdam—Jan. 22—Waban, 95
To Gdynia—Jan. 21—Southland, 243
To Japan—Jan. 21—Siljestad, 350
Total
Wheat showed
3.224
243
350
Liverpool—By cable from Liverpool, we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Jan. 15
Jan. 22
Jan.29
75,000
823,000
307,000
83,000
50,000
211,000
117,000
59,000
822,000
315,000
52,000
34,000
200,000
95,000
52,000
852,000
339,000
111,000
48,000
168,000
90,000
Jan. 8
Forwarded
66,000
811,000
291,000
—
Total stocks
Of which American-..
Total imports
Of which American
79,000
28,000
241,000
132,000
Amount afloat
Of which American
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
The tone of the
each
Spot
Wednesday
Tuesday
Monday
Saturday
Friday
Thursday
A fair
A fair
Market,
A fair
business
Quiet.
Moderate
business
business
Moderate
doing.
12:15
demand.
doing.
doing.
demand.
P. M.
7.17d.
7.12d.
7.16d.
Mld.Upl'ds
7.34d.
7.38d.
7,23d.
Quiet,
Market
opened
the probability of larger crops with a consequent decline
in prices—still continued in the form of heavy liquidation on
both sides of the Atlantic, the result of which was a maximum
on
break of 2Mc. a
carried wheat to
4
changed
P. M.
1
to stdy.,
3
dec.
pt.
pts.
Prices of futures at
Sat.
Jan. 23
2 to
6
8
to
pts. 4 to 6 pts. 8 to 11 pts. 1 to
5
pts.
decline.
advance.
advance.
advance.
dec.
Very st'y:
Steady,
Very stdy., Very stdy.,
Quiet but
un¬
Liverpool for each day are given below.
Fri.
Thurs.
Wed.
Tues.
Mon.
to
Close Noon Close Noon Close Noon Close Noon Close Noon Close
Jan. 29
d.
New Contract
January (1937)-.
6.94
6.90
6.91
6.95
6.91
6.88
6.88
6.93
d.
d.
7.09
7.12
7.07
7.11
7.09
7.04
7.08
7.13
7.15
6.95
7.01
7.11
6.93
6.96
d.
7.14
7.04
6.99
7.09
6.98
6.99
March
d.
d.
d.
d.
d.
d.
d.
May.
6.88
6.85
6.85
6.90
6.93
July
6.81
6.78
6.78
6.83
6.86
6.86
6.92
7.01
7.02
6.96
7.01
October
6.50
6.48
6.48
6.52
6.54
6.53
6.58
6.66
6.67
6.60
6.62
6.45
(1938)__
6.43
6.44
December
January
6.42
—
—
—
6.49
-
*
—
•
-
6.53
....
6.52
6.48
—
..
6.61
6.56
6.60
6.55
Friday Night, Jan. 29, 1937.
continued
very
mill offices reporting conditions
light in this area, with
discouraging.
With declin¬
ing grain markets on top of the bearish statement of Secre¬
Agriculture Wallace, consumers feel justified in
holding aloof from the market.
In addition, the unusually
tary
mild
of
winter
experienced
here
has
cut
into
the
sale
of
10c.
per
barrel for the spring and winter
This firmness
the
was
23d
inst.
prices closed
A to 5/8'c. up.
attributed to bullish advices that purchases
Canadian wheat were made and 6,000 tons
Argentine wheat were purchased.
Added to this were
rumors that Germany had made additional import purchases
of wheat.
However, these latter rumors were unconfirmed.
The low total of wheat stocks in this country is attracting
more and more attention, and is bringing into clearer view
the relative deficiency of world supplies of wheat.
An official
estimate was given out that commercial and farm stocks of
wheat in the United States now total but 209,082,000 bushels,
of 9,000 tons of
of
the smallest in
concern
as
to
three
what
seasons.
effect
At this time there is much
the floods will have
on
wheat
stocks and
prospective crops. On the 25th inst. prices closed
A to %c. higher.
There were two outstanding factors
responsible for the firmness of this day's market in wheat:
the serious flood reports from the Ohio Valley and the sur¬
prising firmness of Argentine asking prices for wheat. As a
result prices scored a maximum advance of lLsC. a bushel.
It was pointed out that in recent years the winter wheat
crop of Ohio has alone amounted to about 10% of the total
for the country.
A decrease of 2,153,000 bushels in the
United States wheat visible supply total last week also came
in for much attention, contrasting as it does, with a decrease
of only 867,000 a year ago.
An interesting development was
the rise of A to lL£c. in the Liverpool market today (Mon¬
day) despite an increase of 8,300,000 bushels in stocks of
wheat afloat for importing countries, the largest increase
since 1933. A cold wave in the Northwest, West and South¬
west also served as an influence in the upward movement
of prices.
On the 26th inst. prices closed %g. lower to Aohigher. An address on the radio by Secretary of Agriculture
Wallace, indicating the likelihood of substantial declines in
values of farm products this year because of the increased
production—had a decidedly depressing effect on prices and
sentiment.
The reaction resulted in a loss of the early gains
of a cent a bushel.
He said that with ordinary weather, the
large domestic winter wheat acreage means a tumbling of
wheat prices next July and August.
In the early part of the
day the market received quite a stimulus from the report of
a decrease of almost 5,000,000 bushels in United States com¬
mercial mill stocks of wheat, making total domestic wheat
supplies 407,662,000 bushels, against 460,336,000
other coun¬
bushels against
estimated that Argentina's wheat shipments to
total
would
week
this
7,715,000
7,G9o,000 bushels last week and but 651,000 bushels in the
There was a sharp break
corresponding week of last year.
Winnipeg, where the Canadian Government
wheat board was reported as steadily letting go of holdings.
prices at
Meanwhile,
in
situation
moisture
the
Canada
the
and
wheat area was said to have improved,
and there is very little doubt but what Secretary Wallace's
suggestions will be carried out in a substantial way.
A
American
spring
large spring wheat production is expected this year to aug¬
ment what
wheat
at
present seems likely to an abundant winter
closed with an
The Liverpool market
night loss of 2 to 2%c.
crop.
over¬
Today prices closed 2/j to D/ic. higher.
Indications that
1,000,000 bushels of Canadian wheat had been taken for
export
helped lift wheat prices during this session.
May
grain already on hand, was
wheat in Chicago, representing
gains early today in wheat values here. 'Cables stated that
England had reentered the market for Argentine wheat,
jrealizing that the amount unsold will not be substantial
'after
European continental countries have filled their re¬
Open interest
in
wheat
was
105,081,000
quirements.
bushels.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK
.
■
DAILY
Man.
Sat.
147
No. 2 red
PRICES
CLOSING
OF
a year ago.
Season's High and
May
137%
July
121%
September
117%
DAILY
CLOSING
147%
Tues.
Low
Dec. 28, 1936 May
PRICES
OF
WHEAT
Sat.
Wed.
and
Tues.
146%
CHICAGO
Fri.
126%
110%
107%
127%
110%
107%
When
Made
Sept. 2. 1936
Oct.
2, 1936
Jan. 28, 1937
IN
Wed.
121% 119%
118% 116%
107% 105%
122
118%
107%
Fri.
144%
Thurs.
FUTURES
Mon.
121%
117
106%
October
IN
105%
96%
107%
Dec. 28, 1936 July
Dec. 31, 1936 September
May
July
Thurs.
145%
128% 128% 126%
113% 113
111
109% 109% 108
Season's
When Made
Wed.
FUTURES
Mon.
128%
112%
107
May
July
September
Tues.
147
WHEAT
Sat.
bakery patents.
Wheat—On
received that Ger¬
of
It is too early to judge how the floods
will affect flour sales.
Flour prices in this area suffered a
break
was
had purchased 4,000 tons of Canadian wheat, with
final estimates indicating that today's export takings of
wheat from Canada totaled 400,000 bushels. Bullish weather
reports from ice-smothered fields in large sections of the
Middle West apparently received scant attention.
Chances
of extensive spoilage of wheat supplies from the floods
apparently had little effect.
On the 28th inst. prices closed V2 to %c. lower.
The
heaviness displayed during this session was due largely to
increasing big shipments of wheat from Argentina, which
influenced Chicago prices to fall off lc. a bushel to a new
low price for the season for September contracts.
It was
many
bakery products.
recent
For instance word
had little effect.
purchased against sales of July, a new crop month.
This
tended
to
wi(|en the spread between the two futures,
Abrupt upturns of Liverpool quotations led to material
BREADSTUFFS
Flour—Demand
preceding five months.
Rallies took place at
There were also severe breaks
What bullish news there was
times, but they failed to hold.
Liverpool.
in wheat values at
in
Steady,
Market,
bushel in this day's trading.
The decline
11c. below the season's high, touched in
December, and wiped out one-third of the 33-cent upturn
scored in the
tries
Steady,
Firm,
Steady, un¬
Steady,
Steady, un¬
2 to 3 pts. changed to 3 to 4 pts. changed to 5 to 9 pts. 4 to 6 pts.
decline.
advance.
1 pt. adv.
2 pts. dec.
advance.
decline.
Futures.
slight rally from the lows of the day as the
On the 27th inst. prices closed 1% to 2Me.
The effects of Secretary Wallace's recent statement
a
market closed.
lower.
1.596
1.102
1,109
909
95
-135,990
—
805
Chronicle
WINNIPEG
Thurs.
Fri.
117%
114%
105
119%
115%
105%
Corn—On the 23d inst. prices closed Ac. to ^c. up. It
rarely that price movements parallel each other as wheat
and corn did Saturday. There was nothing outstanding in
the news outside of flood reports which were coming in for a
great deal of attention, the view being held that the damage
is far-reaching and that serious effects will be witnessed m
most all markets.
On the 25th inst. prices closed Ac. off to
%g. up. This grain was relatively quiet, though the under¬
tone was firm.
Flood conditions together with cold weather
are calculated to have a serious effect on rural offerings and
stocks, developments of course favoring the upward side.
On the 26th inst. prices closed unchanged to Ac. up.
This
grain was influenced by the persistent cold weather and the
scarcity of arrivals at primary centers. Had it not been for
the adverse influence of Secretary Wallace's bearish state¬
ment, it was felt all grains would be working higher as a
is
result of the floods and cold
weather.
On the 27th inst.
prices closed Ac. to 2c. lower. This grain also fell under the
influence of Secretary Wallace's statement, and failed to
evidence any appreciable support throughout the session in
spite of the flood news.
On the 28th inst. prices closed 1% to 2c. down.
The prin¬
cipal factor depressing corn was the fear of imports on a
large scale as soon as the maritime strike is settled, which
is
It is very likely that
expected to be very shortlv now.
large supplies of corn will be shipped in from Argentina.
Indications that the government is in favor of more abun¬
dant
crops
fluence.
the coming season
were
not without their in¬
Re¬
Today prices closed unchanged to lc. down.
ports of a virtual settlement of the maritime strike led to
increased selling pressure on corn.
Open interest in corn
was
37,871,000 bushels.
DAILY
No. 2 yellow
CLOSING PRICES OF CORN IN NEW YORK
Sat. Mon.
Tues.
Wed. Thurs.
125%
126%
126% 125%
124%
Fri.
123%
806
Financial
DAILY
CLOSING PRICES
OF
CORN
FUTURES
CHICAGO
IN
"
May
July
May (new)
July (new)
September (new)
Sat.
106
Mon.
Tues.
106 % 107%
101%
—108%
104%
100 %
.
Season's High and
May
110
July
105%
May (new)--.113%
July (new)
108%
Sept. (new)
104%
When Made
Jan. 14, 1937
Jan. 14, 1937
Jan. 14, 1937
Jan. 14, 1937
Jan. 14, 1937
102
100%
104%
100
Wed.
Thurs.
106 %
101
108%
102%
100%
104%
Fri.
104%
09%
107
104 %
98%
106%
103% 101% 100%
100
98 %
Season's Low and
May
July
May (new)
July (new)
Sept. (new)—
06%
08%
When Made
85%
July 29, 1936
Oct.
1, 1936
Nov. 2, 1936
Nov. 2,1936
Jan. 29, 1937
85
89 %
86%
95%
Oats—On the 23d inst.
prices closed unchanged to
Trading was light, with the undertone steady. On
the 25th inst. prices closed y to .1 hsc.
up.
With the serious
floods and cold wave, a stronger demand
developed for feed
grains, and from indications it would seem as though this
demand may increase substantially.
On the 26th inst. prices
closed Y§c. off to yc. higher.
There was very little of
interest in this market, trading being light and fluctuations
very narrow.
On the 27th inst. prices closed y to l^c
higher.
down.
corn
This grain fell under the
wheat and
declines, Secretary Wallace's bearish
apparently having a far-reaching effect.
the 28th
natural
this
declines
in
inst.
grain
other
prevailing.
ness
as
prices closed y2 to
should
grains
off
ease
and
of this market
was
a
%c. down.
in
view
the many
Today prices closed *4
which have resulted in
of
bearish
It
the
was
All the statements below regarding the movement of grain
-—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
of the last three years:
sharp
V2c. up.
The firm¬
attributed indirectly to the floods,
quickened demand for feed grains,
DAILY CLOSING PRICES
OF
Sat.
No. 2 white
Corn
Wheat
Oats
OATS
OF
OATS
Sat.
May
July
September
Mon.
49%
Season's High and
May
July
September
41%
42%
Jan.
Jan.
45%
Jan.
Season's
Thurs.
63
\ 62%
IN
Thurs.
49%
43%
41%
Low
and
Fri.
Chicago
Minneapolis..
224,000
205,000
572,000
39,000
Duluth
Milwaukee.—
30,000
15,000
106,000
39,000
15,000
Peoria
Kansas City—
Omaha
4,000
14,000:
146,000
296,000
544,000
311,000
197,000
338,000
27,000
553,000
125,000
21,000
110,000
12,000
127,000
St. Joseph—
Wichita
82,000
25,000
2,000
29,000
227,000
30,000
Indianapolis—
St. Louis
271,000!
133",000
15,000
Toledo
Detroit-
Sioux
1,013,000
54,000
.....
City
Buffalo
48%
43%
40%
When
Fri.
49%
43%
41
55%
52%
52,000
Made
1936
DAILY
1934
PRICES
OF
119%
112
103%
Made
New York
Philadelphia
May
July
92%
New Orleans *
91%
89
75%
Total wk' 1937
Since Jan 1,'37
Week 1936-.Since Jan.1'36
*
Closing quotations
88%
on
71
88%
107%
103%
108
103%
105%
100%
104
99%
105%
100%
82%
72%
81%
71%
80%
70
79%
68%
80%
69%
follows:
__123%
44,000
6,000
190,000
65,000
8,000
17,000
35,000
286,000
42,000
155,000
102,000
shown in the
are
52,000
annexed
Ml 4
Barley <
Wheat
Corn
Flour
Oats
Rye
Bushels
Bushels
Barrels
Bushels
Bushels
New York
401,000
Philadelphia
Bushels
34,013
32,000
"3",000
"T.OOO
St. John West
548",000
Halifax
331,000
22,000
41,000
3,000
1,312,000
2,097,000
100,013
98,930
16,000
New Orleans
Total week 1937—
Same week 1936
~8~, odd
1,000
5,000
8,000
48,000
The destination of these exports for the week and since
July 1, 1936, is
below:
as
Flour
Wheat
Corn
Exports for Week
and Since
Week
Since
Week
Since
Week
Since
July 1 to—
Jan. 23
July 1,
Jan. 23,
July 1,
Jan. 23,
1937
1936
1937
1936
1937
July 1,
1936
Barrels
Bushels
Bushels
47,950,000
32,911,000
Bushels
Bushels
Barrels
Knited
Kingdom
48,597
3,416
10,500
37,500
.
Continent
So. & Cent. Amerr
West Indies
Brit.No.Am. Cols.
Total 1937
100,013
98,930
Total 1936.
1,486,437
446,924
384,000
751,000
/
854,000
452,000
5,000
272,000
3,167,044
2,130,776
"Y066
16,000
1,000
1,000
13,000
85,683
Other countries---
The
2,093",000
1,312,000
2,097,000
83,242,000
53,937,000
2,000
47.000
visible
supply of grain, comprising the stocks in
principal points of accumulation at lake and
seaboard ports Saturday, Jan. 23, were as follows:
granary
at
GRAIN STOCKS
Wheat
Oats
Rye
Bushels
Barley
Bushels
Bushels
Bushels
Boston..
490,000
New York
44,000
Baltimore*
New Orleans
2,000
Galveston
Fort Worth
400,000
55,000
69,000
32,000
32,000
23,000
277,000
1,000
269,000
1.000
10,000
12,000
15,000
34,000
77.000
1,040,000
240,000
275,000
217,000
2,817,000
756,000
692,000
...
Wichita
2,000
St. Joseph
Kansas City
141,000
424,000
383,000
55,000
936,000
1,276,000
216,000
908,000
1,631,000
260,000
1,169,000
775,000
9,000
166,000
6,000
—
6,526,000
5,451,000
—
4,000
5,551,000
2.095,000
—
-
—
Sioux City
St. Louis
—.
11,059,000
3,289,000
357,000
2,641,000
a
afloat
Rye, No. 2, f.o.b. bond N. Y._121%
Barley, New York—
47% lbs. malting
.-.106%
Chicago, cash..
100-145
Minneaplis
Duluth b
—.
Detroit
afloat
5,000
1,683,000
142,000
184,000
1937— 50,378,000 13,891,000 31,220,000
1937— 52,531,000 13,587,000 32,476,00Q
25, 1936— 65,737,000
6,818,000 40,905,000
Baltimore—Also has 178,000 bushels Argentine
has 56,000 bushels Argentine corn In bond,
94,000 bushels of feed wheat.
corn
22,000
113,000
8,000
6,097,000
1,251,000
135,000
83,000
283,000 12,602,000
24,000
3,699,000
Total Jan. 23,
Total Jan. 16,
*
"6,566
5,000
On Canal
Also
116,000
1,192,000
Buffalo—
Total Jan.
4,000
2,000
-i.
Omaha
62%
"T.ooo
37i"666
28,000
Hutchinson
"
)7.85 Rye flour patents...-—6.10<
6.60
>7.45 Seminola.bbl., Nos.l-3-11.35<
>6.85 Oats, good.
>6.25 Corn flour
>6.75 Barley goods—
6.601 >6.90
Coarse
4.75
6.30 < >6.60
Fancy pearl,Nos.2,4&7 5.75 @6.25
1,000
afloat
Philadelphia
Milwaukee
No. 2 white
Corn
Bushels
United States—
'•
Hard winter patents
Hard winter clears
8,000
2,000
3,000
583,000
2,688,000
Saturday, Jan. 23, 1937,
Exports from—
Chicago
Oats, New York—
FLOUR
Spring oats, high protein_7.55<
Spring patents
7.15 <
Clears, first spring
6.55<
Soft winter straights
6.0O<
Hard winter straights
6.40<
"if,600
"i",66o
293",660
Indianapolis
GRAIN
Corn, New York—
No. 2 yellow, all rail
4,000
8,000
24,000
statement:
Peoria
Wheat, New York—
No. 2 red, c.i.f., domestic.
146%
Manitoba No. 1, f.o.b. N.Y.132%
228,000
3,000
19,000
The exports from the several seaboard ports for the week
ended
89%
OF BARLEY FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
were as
Barley
Receipts do not Include grain passing through New Orleans for foreign ports
through bills of lading.
"
80%
70%
Rye
"36",660
Galveston
When Made
Aug. 11, 1936
Oct.
3,1936
Jan. 28,1937
-
DAILY CLOSING PRICES
36,000
3,000
72,000
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
Sat. Mon. Tues.
Wed. Thurs. Fri.
May
84
84
84
84
84
84
May
July
Oats
227,000
FUTURES IN WINNIPEG
Mon.
Tues.
Wed. Thurs. Fri.
104%
101%
-
27,000
13,000
22,000
-
Baltimore
RYE
Sat.
Corn
1,686,000
51%
Season's Low and
Dec. 28, 19361 May
Dec. 28, 1936 July...
Dec. 29, 1936)September
DAILY CLOSING PRICES OF
Wheat
4,795,000
51%
RYE
I
9,118.00042,399,000
marketings and stocks.
on
91%
May
JulySeptember
32,443,000
bbls.mibs. bush. 60 lbs. bush. 56 lbs. bush .32 lbs. bush.56lbs. bushAZlbs.
160,000
40,000
75,000
2,000
279,000
999,000
54%
51%
FUTURES IN CHICAGO
Mon. Tues.
Wed. Thurs. Fri.
109% 111
109% 108% 110%
99% 101
102
99%
99% 100
-
Flour
Receipts at—
1,023,000
2,475,000
53 %
Sat.
108
Season's High and When
1,152,000
1,367,000
542,000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Jan. 23, 1937, follow:
302,000
888,000
54
an
-
221,000
421,000
105,000
1,000
49,667,00011,321,000 60,806,000
91,993,00015,096,000 57,455,000
33l",660
wheat
CLOSING
10,689,000155,430,000 97,369,000
9,410,000248,300,000 83,331,000
9,162,000143,485,000 122,092,000
1935
548,000
and corn, but more particularly by the
early settlement of the maritime strike,
which will very likely mean larger
supplies from the Argen¬
tine and perhaps Australia.
Today prices closed 134 to %c.
up.
This firmness was attributed to a better spot demand
May
July
September
988,000
17,000
41,000
to
and to the effect of the floods
1,737,000
1,352,000
1,782,000
22",066
On the 28th inst. prices closed 34 to %c. down.
The heavi¬
of rye, of course, was influenced somewhat by the
of
3,096,000
3,729,000
Halifax
ness
declines in
33,000
994,000
StrJohn West
trying
Europe.
Rye futures in Chicago
jumped at one stage 234c. a bushel.
The Winnipeg rye
market was spectacular in its action,
shooting upwards 7c.
from Saturday's low point, and
closing at the top permissible
limit.
On the 26th inst. prices closed 134c.
up to
J4c.
decline.
The decline was in the distant September
option,
the selling of this option
apparently being due to the bearish
statement of Secretary Wallace who
predicted or implied
that lower prices would prevail as a result of
large domestic
acreage for the new crops.
On the 27th inst. prices closed
1J4 to 234c. down. The weakness of this grain exceeded all
the others, and was influenced to a
large extent by the severe
weakness of Winnipeg rye.
4
prospects
1,000
23,000
2,095,000
Boston
1, 1936
23. 1937
Scandinavia had made substantial purchases of Canadian
rye
was inquiring for more.
It was stated that Holland and
Latvia were not offering rye and that Argentina was
sales
91,000
Since Aug. 1—
and
rye
47,000
34,000;
243,000
303,000!
Oct.
Jan.
Rye—On the 23d inst. prices closed 34 to 134c. up.
The
firmness of rye was the most pronounced of all the
grains,
and was attributed
largely to firmer spot markets, the
upward tendency of the other grains having their influence
also.
On the 25th inst. prices closed 134 to
J4c. higher.
The strength displayed in this market was due to word that
cancel
32",066
66",000
108,000
July 29, 1936
54%
52%
345,000
"3",660
69,000!
2,000
21,000!
40%
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
54%
51%
12,000
7,000
13,000
2,389,000
399,000
334,000
345,000
Same wk.1936
203,000
368,000
13,000
8,000
240,000
248,000:
48",666
37%
40%
14, 1937 May
14, 1937 July
14, 1937 September
May
July
Total wk.1937
Same wk.1935
11,000
75,000
29,000
62%
CHICAGO
Wed.
50%
44%
42%
Barley
YORK
Wed.
Tues.
50%
44 %
When Made
54%
48
NEW
64%
FUTURES
44
-
IN
Tues.
64%
Rge
bbls.lOGlbs. bush. 60 lbs. bush. 56 lbs. bush. 32Ibs.bushMlbs. bushA8lbs.
to
Mon.
63%
DAILY CLOSING PRICES
to
Flour
Receipts at—
influences
especially oats.
&
fan. 30, 1937
and followed in the
statement
On
influence
same
Chronicle
1,285,000
150,000
9,000
1,342,000
579,000
6,000
224,000
1,476,000
4,OOT,066
4,710.000
1,396,000
385,000
807,000
189,000
4,388,000 13,241.000
4,647,000 13,887.000
8,387.000 15,377,000
In bond,
a
Chicago—
b Duluth—Wheat
Includes
Volume
Financial
144
Included above:
Barley—Buffalo, 499,000 bushels;
Buffalo afloat, 364,000; Duluth, 2,626,000; Duluth afloat, 672,000; Milwaukee
afloat, 1,047,000; Chicago afloat, 360,000; total, 5,468,000 bushels, against 21,000
bushels In 1936.
Wheat—New York, 7,456,000 bushels; New York afloat, 202,000;
Philadelphia, 5,000; Buffalo, 3,981,000; Buffalo afloat. 3,369,000; Duluth, 3,153,000;
Erie, 100,000; Albany, 3,043,000; Chicago, 257,000; Canal, 1,924,000; total, 23,495,000 bushels, against 29,696,000 bushels in 1936.
Note—Bonded
grain
Wheat
Oats
Bushels
Bushels
Rye
Bushels
Corn
Bushels
Canadian—
Barley
Bushels
9,292,000
32,365,000
1,735,000
2,751,000
862,000
210,000
2,796,000
1,464,000
41,657,000
43,234,000
Total Jan. 25, 1936. .120,956,000
3,486,000
4,878,000
1,072,000
1,086,000
3,438,000
4,260,000
4,154,000
3,922,000
Ft. William & Pt. Arthur
Other Canadian
Total Jan. 23,
Total Jan.
1937.
1937-
16,
.
.
807
THE
DRY GOODS TRADE
New York, Friday
The
advent of
area
stimulated
tail
trade
For
the
somewhat
a
country
as
50,378,000 13,891,000 31,220,000
3,486,000
Canadian...
4,388,000 13,241,000
1,072,000 4,260.000
13,891,000 34,706,000
13,587,000 37,354,000
6,818,000 46,674,000
5,460,000 17,501,000
5,733,000 18,041,000
41,657,000
Total Jan. 23,
1937.
1937-
16,
Total Jan. 25.
.
.
92,035,000
95,765,000
1936. .188.124,000
a
paralyzed trade in
a
many
number of States,
shipment of wheat and
corn, as
early to fully appraise the damage caused by the floods,
can
erable
be little doubt that the
ended Jan. 22, and since July 1, 1936, and July
shown in the
following:
for the week
1, 1935,
are
power
being.
The prolonged labor difficulties in the
retail business.
on
Trading in the wholesale dry goods markets remained
moderately active,
goods
was
as
a
received.
good amount of orders
With business activity in
tically nil, although
Week
Since
Since
Week
Since
Since
July 1
July 1
Jan. 22
July 1
Bushels
1937
Bushels
1935
1937
July 1
1936
Bushels
Bushels
Bushels
1936
Bushels
I
3,162,000 130,350,000
976,000 44,472,000
7,695,000
Australia
3,741,000
India.......
528,000
Oth. countr's
704,000
Argentina...
...
52,609,000
43,495,000
7,520,000
15,400,000
91,985,000
32,722,000
53,613,000
54,184,000
256,000
1935
2,000
2,000
408",666 13,906,000 5,346,000
9,158,000 235,763,000 182,666,000
20,585,000
290",660 14,187",660 31,20*3",000
16,806,000293,846,000253,345,000
Total
9,856,000263,858,000219,217,000
Weather
general
Report for the Week Ended Jan. 27—The
summary
of
the
weather
bulletin
issued
by
the
Department of Agriculture, indicating the influence of the
weather for the week ended Jan. 27, follows:
For the second time since Jan. 1 a severe freeze occurred In Pacific
Coast States, which was especially damaging to citrus fruits and truck in
In the citrus districts some of the minimum tem¬
southern. California.
peratures and durations below 28 degrees were as follows:
Corona 21
degrees, duration 10 hours; Arlington 21 degrees, 8 hours; Biverside 20
degrees, 11 hours; High Grove 19 degrees, 11 hours, with the high ground
as cold as the low areas, total crop loss reported in unheated
groves with
some'damage where heated; Azuza 21 degrees, duration 16 hours; Whittier
20 degrees, 14 hours, with total crop loss In unheated groves, and only
5,000 out of 73,000 acres protected.
It is too early for reliable estimates of
total damage from the two freezes, but It has been
extremely heavy. There
was also additional damage to winter-truck
crops, especially in the Imperial
Valley.
kin contrast to this the continued abnormally warm weather in the
Southeastern States has advanced all vegetation to a
decidedly precarious
position, being in many cases fully a month ahead of normal.
In Florida
temperatures were comparable to the normal for May.
As a result of the
warmth, early fruit trees have begun to bloom as far north as southern
South Carolina.
Peaches in Georgia, especially, are now dangerously
advanced
°
k Seasonal farm work was practically at a standstill in most sections of
the country, except in the near Southwest.
The continued cold and snow
In the Northwestern States have been extremely hard on livestock, with
additional losses reported.
Small Grains—The ground is covered with snow or ice over most of
the Winter Wheat Belt though in the upper Mississippi
Valley there is
an unfavorable ice layer beneath the snow which continues
to give appre¬
hension as to possibile smothering.
In the immediate Ohio Valley sections
many wheat fields Are under water, which is also unfavorable.
There is
a heavy snow cover in the wheat area of the Pacific
Northwest, ranging in
Washington mostly from 10 to 18 inches.
In fact, there is heavy snow
practically everywhere west of the Great Plains,
South
and>long^theJ?acific coast.
except in the extreme
no
actual cancellations
reflecting the desire of retailers to
once
have
the waters
resumed.
subsided,
Wholesalers'
somewhat affected by
assure
and
sec¬
a
were prac¬
uneasiness
over
volume, with prices
Business in silks
on many
was
received,
were
immediate delivery
normal
commitments,
business
of
while
is
course
the influence of the
floods and the protracted labor troubles,
again
ran
into fair
items continuing their advance.
fairly active.
Although the fluctua¬
silk quotations, due to political developments in
tions in
raw
Japan,
caused
some
remained steady.
irregularity in prices,
Trading in
the undertone
rayon yarns was
marked by
continued heavy call for all classes of yarns, and the
again exceeded production by
be
Early in the week temperatures rose decidedly in the Gulf States and
most central sections, with plus changes of as much as 44
degrees reported
locally.
In more western sections, however, and in the Atlantic States
they dropped.
The lowest temperatures over the northern Plains ranged
from 6 degrees to 30 degrees below zero.
The cold area moved eastward
and temperatures dropped decidedly in the Mississippi and Missouri
Valleys and portions of the northern Great Plains, but by the middle of
the week they were higher along the Atlantic coast and in most far western
sections, while decidedly colder wheather iwas reported in most interior
States, with a minimum of —38 degrees at Bismarck, N. Dak., on the
morning of Jan. 22.
By Sunday morning temperatures had risen still further in most central
and western sections, and locally in the Gulf States, and had fallen some¬
what along the Atlantic coast and in the St.
Lawrenjce Valley. By Monday
morning much warmer weather was reported along the Atlantic coast and
in the St. Lawrence Valley, with plus changes of 4 degrees to 22 degrees
reported locally in the Ohio Valley, Tennessee, and the Lake region; colder
weather prevailed in the upper Mississippi and Missouri Valleys and in
portions of the far West.
Temperatures during the week were very similar to those for the pre¬
ceding two weeks, with contrasts between the East and the West even
greater than previously.
The weekly means ranged from 8 degrees to
more than 20 degrees above normal in the Eastern
States, and from 12
degrees to 30 degrees below normal in more western sections.
This is one
of the greatest temperature contrasts of record for a weekly period.
As
heretofore, the dividing line between cold and abnormally warm weather
extended through the Central Valley States.
The range in the minima for the week was equally great.
In the South¬
eastern States the lowerst temperatures reached were in the 60's, while in
the Northwest they ranged from 20 degrees to nearly 40 degrees below
zero.
The line of freezing, as shown on the chart, occupies almost exactly
the same position as for each of the preceding two weeks, with freezing
weather not reported south of Washington, D. O., southwestern
Virginia,
central Tennessee, and central Louisiana.
The subzero line extended to
central portions of Illinois and Missouri and northern Kansas.
Some
unusually low temperatures occurred in southern California and southern
Arizona, Phoenix reporting 22 degrees and San Diego 30 degrees, with
ome
interior California stations having 20 degrees or lower.
Precipitation for the week was abnormally heavy practically everywhere
from the Mississippi Valley eastward, with unprecedented falls in Ohio
and central Mississippi Valley districts.
Little Bock, Ark., had 10 inches
for the week, and Memphis, Tenn., 10.2 inches.
In the Ohio Valley the
weekly totals ranged from 4.4 inches at Parkersburg, W. Va., to more
than nine inches at Louisville, Ky.
For the three weeks ended Jan. 26 a large area in the Ohio and central
Mississippi Valleys, including most of Kentucky and western Tennessee,
had from 12 to more than 16 inches of rainfall.
It is interesting to note
that the heaviest falls occurred in the immediate Ohio
Valley from the
West Virginia line southwestward to the Ohio-Mississippi
junction, and
thence southward over western Arkansas and western Tennessee.
All
previous rainfall records were broken in this area.
The outstanding features of the week's weather were the unprecedented
floods in the Ohio Valley, severely damaging freezes in the south Pacific
area, and abnormal warmth in the more eastern States.
some
spring
Corn
Jan. 22
Exports
on
many
having been brought to
area
complete standstill, shipments to these districts
Wheat
of consid¬
automotive and allied industries also continued to exert its
tions of the flood-stricken
i
buying
portions of the populace has been severely crippled
for the time
furnished by
Broomhall to the New York Produce Exchange,
Black Sea...
While it
sections.
is too
retarding influence
The world's
North Amer.
re¬
satisfactory showing.
whole, however, business suffered
more
severely from the devastating floods in
which virtually
the local
buying of winter apparel, and
consumer
made
Night, Jan. 29,1937.
seasonal temperatures in
more
there
5,649,000
Summary—
American..
Total Jan.
Chronicle
not
a
large margin.
demand
Books will
opened next Monday for April business, and it is generally
believed that
ment
producers will have to continue their allot¬
The demand by mills is expected to remain
system.
heavy, inasmuch
tions
will have
supply
situation
as many
to
retailers in the flood-stricken
replenish destroyed stocks.
has
become
even
more
sec¬
The tight
pronounced,
floods have made it impossible for one of the
as
plants of the
largest viscose producer to ship its production, and, more¬
over,
operations of this plant
to the fact that many
workers
were
severely curtailed owing
were
prevented by floods from
reaching their working place.
Domestic
Cotton
Goods—Trading in the gray cloth
slow pace.
Print cloths and narrow
sheetings were in moderate demand, but sales in other goods
were negligible.
Prices held strong at first, partly in sym¬
pathy with higher raw cotton quotations.
Later in the week,
however, some second-hand offerings made their appearance
at a level slightly below mills' quotations, and some sales
were made at the lower prices, although their total remained
small.
An improved demand is looked for as and when the
flow of finished goods will receive an impetus through the
necessity of replenishing stocks of merchandise in the floodstricken areas.
Business in fine goods was somewhat more
active, with lawns, organdies and polins moving in fair vol¬
ume.
Prices remained unchanged.
Closing prices in print
cloths were as follows: 39-inch. 80's, 10% to 9%c.; 39-inch
72-76's, 10%c.; 39-inch 68-72's, 8% to 8%c.; 38%-inch
64-60's, 8% to 7%c.; 38%-inch 60-48's, 6% to 6He.
markets continued at
a
Woolen Goods—Trading in men's wear fabrics was only
moderately active, although mills, with their large backlog
of unfilled orders, and with substantial army contracts on
suitings having just been awarded, continued very busy.
A considerable amount of inquiries for fall goods came into
the market, but no sales were as yet reported, as mills de¬
layed their formal openings.
Overcoatings, on the other
hand, continued to move in good volume.
Clothing manu¬
facturers were fairly active on orders for spring merchandise,
although reports from retail clothing centers indicated but
little improvement in the slow movement of goods.
Business
in women's wear continued active, with worsted suitings,
fleeces and sport materials leading in demand, and with the
supply in these lines becoming rather scant. Deliveries by
garment manufacturers of spring goods were heavy, but the
sale of winter apparel in distributive channels again left
much to be desired.
Foreign Dry Goods—Trading in linens continued to make
satisfactory showing. Spinners displayed some resistance
higher raw material quotations, but when in need to cover
against requirements, conceded the advanced prices.
Cam¬
brics and sheers were in good demand and dress linens and
household items also moved in good volume.
Business in
burlap continued dull and the amount of orders on spot and
afloat goods was negligible.
The outlook for the immediate
future, however, took on a more promising aspect, as reports
were received that practically the entire supply of old bags
was used in the flood districts and that more bags will be
needed to hold back the rising rivers,
Domestically light¬
weights were quoted at 3.80c., heavies at 5.40c.
a
to
808
Financial
Chronicle
Jan. 30.
1937
6,000 Board of Education of Central School District No. 6 of the Towns
of Truxton, Solon, Preble, Cuyler and Homer, Cortland
County,
N. Y., school building bonds, maturing 1963-64.
*4
63,000 Town of Waverly, Franklin County, N. Y., water supply bonds,
maturing 1937-65.
15,000 County of Hawaii, Territory of Hawaii, public improvement
serial bonds, maturing 1945.
11,000 Village of Homedale, Owyhee County, Idaho, waterworks bonds,
series
1935, maturing 1937-55.
24,000 The Village of Algonquin, McHenry County, 111., combined water¬
works and sewerage revenue bonds, maturing 1937-58.
45,000 Village of Bradley, Kankakee County, 111., combined waterworks
and sewerage revenue bonds, maturing 1937-60.
28,300 Town of Chatham, Sangamon County, 111., community building
bonds, maturing 1937-54.
33,000 Village of McLean, 111., waterworks (revenue) bonds, maturing
Specialists in
Illinois & Missouri
Bonds
.
STIFEL, NICOLAUS & CO., Inc
105 W. Adams St.
DIRECT
314 N. Broadway
CHICAGO
WIRE
ST. LOUIS
RECONSTRUCTION
Tenders
Invited
on
FINANCE
1939-58.
23,003 Village of Stoningtoa 111., water revenue bonds, maturing 1938-58.
29,000 City of North Vernon, Ind., sewage disposal works and plant
revenue bonds, maturing
1938-59.
"
ir:
3,000 Town of Burgin, County of Mercer, Ky., waterworks revenue bonds
maturing 1937-50.
CORPORATION
$4,201,140
Municipal Bonds—Sealed
opened immediately after noon on Feb. 10 'by
Mulligan, Treasurer, at the offices of the above
Corporation, 1825 H Street, N. W., Washington, D. C.,
for the purchase of 66 issues of 4% municipal
bonds, aggre¬
gating $4,201,140, taken over from the holdings of the Public
Works Administration.
The issues are briefly described
bids will be
H.
as
WE OFFER
A.
SUBJECT
TO PRIOR
SALE
$50,000 MIAMI BEACH 4%% Bonds
Due
1947-48
Price—3.00 Basis
Thomas M. Cook & Company
follows:
Harvey Building
$67,000 County of Craighead, Ark., Jonesboro courthouse bonds, maturing
1939-60.
WEST
PALM
BEACH, FLORIDA
6,700 County of Craighead, Ark., Lake City courthouse bonds, maturing
1939-59.
18,000 Detroit, Chicot County, Ark., waterworks revenue bonds, ma¬
turing 1937-50.
15,000 Board of Directors of St. Francis Levee District, West Memphis,
Ark., levee bonds, maturing 1961-62.
35,000 Arroyo Grande grammar school district of San Luis Obispo County,
Calif., school bonds, maturing 1938-55.
123,000 Act of 1927 municipal improvement district No. 1 of the City of
Torrance, Calif., waterworks bonds, maturing 1941-55.
536,000 Greensboro, N. C., sanitary sewer improvement bonds (one bid
to cover both issues), $368,000 dated Nov.
1, 1935, maturing
1937-65, $169,000 dated Nov. 1, 1936, maturing 1941-66.
35,000 Town of Southern Pines, N. C., water and sewer bonds, maturing
News Items
Connecticut—Large Reforms in State Government Urged—
dispatch from Hartford on Jan. 25 had the
following to say in regard to legislation proposed at this
A United Press
session
a
1937-55.
sweeping
Governor's
24,600 St. John School District No. 3 of Rolette County, N. Dak„ school
construction bonds, maturing 1937-53.
30,000 Village of Seville, Ohio, waterworks bonds, maturing 1937-66.
20,000 Village of Waterville, Ohio, first mortgage waterworks revenue
bonds, maturing 1938-61.
40,000 Board of Education of the Town of Copan, Okla., school building
and repair bonds of 1934, maturing 1937-52.
20,000 Fox Consolidated School District No. 74, Carter County, Okla.,
school building bonds of 1934, maturing 1937-50.
33,000 Board of Education of the Town of Ochelata, Okla., school build¬
ing bonds of 1934, maturing 1937-53.
23,200 Board of Education, Town of Texhoma, Okla., building bonds of
1934, maturing 1937-52.
12,000 School District of the Township of Stonycreek, Pa., improvement
bonds of 1936, maturing 1937-60.
538,000 County of Georgetown toll bridge revenue bonds, maturing 1940-60.
38,000 School District No. 7, Laurens, S. C., school bonds, maturing
election, of
High School
District of Clarendon County,
S.
C.,
school bonds, maturing 1937-55.
24,000 Sioux Falls,
1957-59.
r
S.
Dak.,
sewage
disposal
bonds,
1933,
maturing
56,000 Fayette County, Tenn., school bonds of 1935, maturing 1938-58.
64,000 Benavides Independent School District, Duval County, Texas,
schoolhouse bonds, series 1934, maturing 1937-60.
470,000 Liberty County, Texas, road bonds, series G, maturing 1937-55.
22,000 City of Marion, Guadalupe County, Texas, waterworks system
revenue bonds, series 1935, maturing 1940-61.
41,000 Richmond, Texas, waterworks system revenue bonds, series 1934,
maturing 1937-49.
13,440 Wills Point Independent School District, County of Van Zandt,
Texas, schoolhouse bonds (one bid to cover both issues), $12,000
series A, maturing 1937-60; $1,440 series B, maturing 1937-60.
5,000 Sanitary District No. 3 of Henrico, Henrico County, Va., water¬
works bonds, maturing 1959.
9,000 Town of Brewster, Okanogan County, Wash., 1935 waterworks
revenue bonds, maturing 1937-50.
5,900 Town of Naches, Yakima County, Wash., Naches irrigation system
revenue bonds, maturing 1939-53.
41,000 Town of New Cumberland, Hancock County, W. Va., waterworks
revenue bonds, maturing 1938-61.
3,000 State Board of Charities and Reform of the State of Wyoming,
revenue bonds, maturing 1937-39.
200,000 Arlington County, Va., sewer bonds, maturing 1961-63.
80,000 City of Murray, Calloway County, Ky., sewer revenue bonds,
maturing 1937-59.
18,000 Town of New Haven, Nelson County, Ky., waterworks revenue
bonds, maturing 1938-60.
22,000 Town of Taylorsville, County of Spencer, Ky., waterworks revenue
bonds, maturing 1938-60.
9,500 Houma, Terrebonne Parish, La., serial garbage incinerator bonds,
maturing 1937-43.
52,000 School District No. 1 of the Parish of Lafourche, La., School
District No. 1 bonds, maturing 1937-63.
I 18.000 Shreveport, La., general improvement bonds of 1934, maturing
1943-44.
8,000 Parish of Tensas, La., improvement bonds, maturing 1937-44.
37,000 City of Standish, Arenac County, Mich., bonds (one bid to cover
both issues), $12,000 waterworks bonds, maturing 1937-57; $25,000
waterworks mortgage bonds, maturing 1938-62.
22,000 the City of Galena, Stone County, Mo., waterworks bonds,
maturing 1939-56.
27,000 City of Kennett, Dunklin County, Mo., sewage disposal plant
bonds, maturing 1943-50.
26,000 Consolidated District No. 1 of Pemiscot County, Mo., bonds;
maturing 1937-55.
18,000 Consolidated School District No. 3 of Wayne County, Mo., bonds,
maturing 1937-54.
280,000 Bayonne, N. J., school bonds, maturing 1938-66.
7,000 Borough of Florham Park, N. J., water improvement bonds,
maturing 1937-50.
618,000 Perth Amboy, N. J., sewage disposal bonds, maturing 1937-64.
33,000 Town of Hagerman, Chaves County, N. M., water system bonds,
maturing 1937-54.
17,500 Hatch Municipal School District No. 11, Dona Ana County,
N. M.. school district bonds, maturing 1939-60.
9,000 Hope Municipal School District No. 8, Eddy County, N. M.,
school district bonds, maturing 1938-52.
5,000 Central School District No. 7 of the Towns of Jay, Keene, Chester¬
field and Wilmington, in Essex County, Black Brook in Clinton
County, and Franklin in Franklin County, N. Y., school bonds
of 1934, maturing 1953.
18,000 Union Free School District No. 1 of the Town
jThompson,
Sullivan County, N. Y., school buildingbonds, maturing 1931-63.
,
,,
,
.
_
_
^
^
^
reform of the
term
a
from
Commission recommended
State
two
to
to
Governor Cross
Government;, including increase of the
four
years
Comptroller, Treasurer,
and
appointment, instead of
Secretary of State and Attorney
General.
In addition, the Commission recommended:
(1)
Establishment of
a permanent legislative
activity.
Establishment of an executive budget.
Adoption of a merit system.
A system of centralized pure
Establishment of a Governor's cabinet.
council
to
study, make
research and plans for legislative
(2)
(3)
(4)
(5)
(6)
Strengthening of the Governor's
powers to remove executive officers
from office.
(7)
Making of adequate independent
least once annually.
The recommendations of the
of the
General
audits of all
Commission, created
Assembly, will be transmitted to the
State
accounts
at
1935 session
Legislature now in
at the
session.
Commission to Administer Proposed State Bonds—Governor
1937-55.
27,000 Summerton
governmental*reforms:
on
The State Reorganization
Cross has recommended the creation of
a special commission
by the State of approximately $27,500,000 bonds if authorized by the assembly.
Those nomi¬
nated are:
State Treasurer John S. Addis; Bank Commis¬
sioner Walter Perry; Newton C. Brainard of Hartford;
George H. Woods of Bridgeport, President of the Mutual
Savings Bank Association of Connecticut and President of
the Peoples Savings Bank of Bridgeport, and the Governor.
administer
to
issue
State Income Tax Bill Introduced—A State income tax bill
calling for levies ranging from 2 to 5% was introduced on
Jan. 26 in the Senate, according to an Associated Press dis¬
patch from Hartford on that date.
The measure is said to
have been offered by Senator William M. Curtis, of Bridgewater, who stated it was sponsored by the Connecticut
Grange.
He said the tax was based "on ability to pay"
and it would bring the State about $4,000,000
annually.
The measure, similar to one backed by the Grange two
years ago, proposes a 2% tax on incomes of $10,000 to $20,000, 4% on incomes of $20,000 to $30,000, and 5% on all
incomes of more than $30,000.
The bill did not specify
how the
revenue
would be used.
Kentucky—Governor Signs All Measures Passed at Special
Legislative Session—All Acts of the special session of the
1936 Legislature that ended its labors on Jan. 16 were
ap¬
proved by Governor A. B. Chandler on Jan. 18.
The
following are the major bills and resolutions signed by the
Governor, as they were summarized in an Associated Press
dispatch from Frankfort on the 18th:
An Act repealing the 1934
law merging the office of jailer with that of
Sheriff.
A
bill
permitting Kentucky to enter into tobacco production control
compacts with other tobacco-growing States.
A bill enabling Louisville to borrow Federal funds to construct a law
school building.
.
The Rural Electrification Act.
A bill to enable the City of Lexington, and other second class
cities, to
purchase water plants already in operation.
An Act banning the commercial use of prison-made goods.
An Act permitting manufacturers and retailers to enter into price-fixing
agreements.
An unemployment compensation Act.
An Act appropriating $75,000 for expenses of the special session.
An Act repealing the "omnibus" bill taxing soft drinks, ice cream, candy,
chewing gum, nuts and cosmetics.
Three bills exempting trolley buses from the motor bus laws.
A bill compensating tobacco wholesalers for affixing revenue stamps to
manufactured tobacco product.
A bill strengthening the powers of the Department of Revenue in
collecting
.
"
omitted and delinquent taxes.
An Act permitting fiscal courts
money
of counties to expend at their discretion
given them from collections under the old sales tax law.
>
Volume
A bill
Financial
144
permitting second-class cities to maintain junior
colleges.
An Act exempting building and loan associations from the income tax law.
bill appropriating $30,000 for additional operating expenses of the
penal and charitable institutions.
An Act authorizing the refunding of taxes paid by
invalidated 1930 graduated sales tax law.
merchants under the
Dealer
Louisiana—Governor
Outlines
Advantages
of State to
Industrialists—Declaring that "industry is safe
from further taxation in Louisiana," Governor Richard W.
Leche in an address at the University Club in New York
New
men
INCORPORATED
Union Trust Bids.
One Well Street
135 S.LeSelieSL
CLEVELAND
NEW YORK
CHICAGO
and bankers pledged his
administration to industries
seeking to expand in the State. The Governor described in
glowing terms the advantages of investment in a State
which is today, he said, "an invitation to business."
Markets
MERICKA & CO.
WM. J.
York
Jan. 25 before 50 business
on
BONDS
MUNICIPAL
A
State's
809
Chronicle
wholeharted cooperation of his
Limit Urged at Realty Meeting—
limitation of taxation in this State
to 1 % % of the assessed valuation of property in any year,
instead of continuing with the present tax and debt limita¬
tions as now applicable to the City of New York and the
counties within the city, and the present limit of 2% on
assessed values, were adopted at the Metropolitan Realty
Conference at the Hotel Commodore in N. Y. City on Jan. 27.
New
York State—Tax
Resolutions calling for the
sponsored by the real estate boards of
City and Weschester County and other organizations.
The conference
N. Y.
ARIZONA
BOARD
OF
UNIVERSITY
OF
ARIZONA
Chatman & Cutler of Chicago.
proved by
California
Osborn stressed that the bankers' agreement
with the city is
and the tax rate would then be likely to advance
DONNELLAN
considerably.
requested the funds, according
Calff.
Teletype-S F 396
Telephone Exbrook 7067
CALIFORNIA
CALIFORNIA
(State
of)—BOND SALE—The $25,000 2H% State
awarded to the State
Park bonds offered on Jan. 28—v. 144 p. 311—were
Department of Finance for the account of the School Land Fund, at par.
Dated Jan. 2, 1929.
Due Jan. 2, 1957.
There were no other bids.
CALIFORNIA
advices.
news
& CO.
San Francisco,
111 Sutter St.
Legislature Votes $100,000 Fund for Flood Aid—The State
on Jan. 27 moved swiftly to aid its flood-stricken sister States
along the Ohio River.
The Legislature, laying aside all
other legislation, pushed through a measure appropriating
$100,000 for financing a relief expedition of trucks, men and
medical supplies to the flooded areas only 25 minutes after
Gov. Herbert H. Lehman had
Municipals
due to
expire at the end of the year and that the protection that the real estate
owners had, due to the limitation on the tax on realty, would be removed
Albhny
THE
was
This action was taken following addresses by William Church Osborn,
of the Citizens' Budget Commission and George W. Pratt of
Corning, N. Y., who both advocated a measure to be introduced in the
Legislature providing for a tax "ceiling" amendment to the Constitution.
Both speakers pointed out that real estate is too heavily burdened at present.
to
OF
O. Tucson), Ariz.—BONDS OFFERED TO INVESTORS—A block
$478,000 4% building and improvement bonds, part of an issue of
$669,000 recently disposed of by the Reconstruction Finance Corporation,
is being offered to investors by the Baun, Bernheimer Go. of Kansas City,
Mo., at prices to yield from 3 % to 3.30 %, according to maturities. Coupon
bonds in denomination of $1,000 each.
Dated Feb. 1, 1935.
Principal
and semi-annual interest (Feb. 1 and Aug. 1) payable at the Treasurer of
the University, at Tucson, or at the Chase National Bank, in New York.
Due serially on Feb. 1 from 1944 to 1963.
The bonds are direct obligations
of the Board of Regents; they are secured by a first closed lien upon all
gross revenues of tne
University derived from tuitions and other basic
fees and income which the Board covenants to fix, maintain and charge
in amounts sufficient to service the bonds.
Legality of the bonds is ap¬
(P.
of
Chairman
Mr.
REGENTS
(State of)—TO CALL $21,500,000 4% WARRANTS
SOUGHT—Because it has been learned that
—LOWER INTEREST RATE
registered warrants now being issued can be sold at public
auction "over the counter" at as low as 0?T5%, Charles G. Johnson, State
California
OFFERINGS
WANTED
Treasurer, has been ordered to call for redemption during
State
of California registered warrants,
approximating
Arkansas—Illinois—Missouri—Oklahoma
Francis, Bro. & Co.
1877
ESTABLISHED
Investment
ST.
February 88,000
$21,500,000
in
much higher interest rate of 4%.
According to a press report from the city, the first call, which will retire
47,275 warrants with a value of $12,500,000, will be published on Feb. 10
and will include warrants registered from Feb. 4, 1936, to April 15, 1936.
The second batch of warrants, totaling $42,000, with a value of approxi¬
mately $9,000,000, will be retired Feb. 25, and will include all warrants
registered from April 16, 1936, to and incl. July 14, 1936.
The State Treasurer announced that registered warrants now outstand¬
ing total in value $41,318,685 and that the State will dispose of about
$6,000,000 more at the low over-the-counter rate.
value, heretofore issued at the
MUNICIPAL BONDS
Securities
TULSA
LOUIS
CALIFORNIA (State
of)—WARRANTS
OFFERING—S'ale of'a block of
$2,000,000 warrants is scheduled for Feb. 10.
MOBILE COUNTY,
General
due
fund
1941
ALABAMA
4^%
to
CALIFORNIA (State
composed
price to yield 3.25 to 4.30%
McALISTER, SMITH & PATE, Inc.
67
mature
Telephone WHitehall 4-6765
GREENVILLE,
Bond
(P. O. Bakersfield), Calif.—BOND OFFERING—
County Clerk F. E. Smith will receive bids until 11 a. m. Feb. 1 for the
purchase of $63,000 5% bonds of Lost Hills School District. Denom. $1,000.
Proposals and Negotiations
ALABAMA
1 from 1938 to
DOTH AN,
have passed
1947, inclusive.
Ala.—BONDS
AUTHORIZED—The City Commissioners
ordinance authorizing the issuance of $37,000 street and
an
sidewalk refunding bonds.
SCHOOL
COUNTY
SCHOOL
DISTRICTS
(P. O. Los
Calif.—BOND ELECTION—It is reported that an election
the issuance of $195,000 in Ana¬
heim Elementary School District bonds.
BONDS VOTED—At the election held on Jan. 12, the voters are said
to have approved the issuance of the $75,000 in Indio School District
bonds by a count of 154 to 17.
ANGELES
Angeles),!
will be held on Feb. 9 in order to vote on
(P. O. Los Angeles), Calif.—BONDS
Jan. 19 the voters approved
in not to exceed 5% South Whittier School Dis¬
trict bonds by a wide margin.
These bonds will probably be offered for
sale shortly, according to report.
LOS
ANGELES
MILL
COUNTY
(P. O. Birmingham), Ala.—WARRANT
reported in connection with the sale of the
$260,000 refunding warrants to King, Mohr & Co. of Mobile, as 3s, at
99.61, a basis of about 3.07%, noted in these columns recently—V. 144,
p. 643—that the First National Bank, the Merchants National Bank,
both of Mobile, and the Trust Co. of Georgia, of Atlanta, were in joint
account with the said company in the purchase of these warrants.
Dated
Feb. 1, 1937.
Due from 1940 to 1951.
SALE DETAILS—It is now
TUSCALOOSA,
COUNTY
the issuance of $35,000
rate of interest.
JEFFERSON
Tulare County, Calif.—BONDS
approval to a proposition to issue
building bonds.
DISTRICT,
VOTED—It is stated that at an election held on
COUNTY
(P. O. Dothan), Ala.—BOND REFUNDING
BILL SIGNED—Governor Bibb Graves has signed a bill authorizing the
county to refund about $130,000 outstanding school bonds at a reduced
HOUSTON
LINDSAY
VOTED—The voters recently gave their
$60,000 junior high school
LOS
CITY, Ala.—BOND SALE—Local investors purchased
par the issue of $39,600 5% street improvement bonds which were
offered on Jan. 5—V. 144, p. 134.
Dated Jan. 1, 1937 and due serially on
ALEXANDER
at
Jan.
COUNTY
KERN
CHARLESTON, S. C.
S. C.
Warrants are dated Feb. 2, 1937, and will
1H % plus a premium of $430.Aug. 17, 1937.
NEW YORK
BROAD STREET
of)—WARRANT SALE—The $3,000,000 regis
fund bonds offered on Jan. 29 were awarded to a syndicate
of the American Trust Co., the Bankamerica Co., the Anglo
California National Bank, all of San Francisco, and the Capitol Bank of
Sacramento on a 1K % interest basis, plus a premium of $390.
A syndicate
including Blyth & Co., Schwabacker & Co., Stone & Youngberg, Kaiser
& Co., Donnellan & Co., and Lamont & Co., all of San Francisco, bid
tered general
bond
1966
Ala.—BOND
OFFERING—H.
M.
McLeod,
City
Clerk, will receive bids until 9 a. m. Feb. 2 for the purchase of $20,000
4% coupon refunding improvement bonds, series 52-A.
Denom. $1,000.
Dated Feb. 1, 1937.
Principal and semi-annual interest payable at the
Chemical Bank & Trust Co. of New York.
Due on Feb. 1 as follows:
$2,000, 1940 to 1943, and $3,000, 1944 to 1947.
VALLEY
SCHOOL
DISTRICT, Marin County. Calif.—
the district will decide on Feb. 9 on the
BOND ELECTION—The voters of
question of issuing $30,000 school
addition construction bonds.
Calif.—BOND SALE
Mission
Bank of
Salinas, as 2%s at a price of 100.13, as noted here in December—V. 143,
p. 3874—are in the denominations of $500 and $1,000, and mature on Dec. 1
as follows:
$500, 1937 to 1946, and $1,000, 1947 to 1958, giving a basis
MONTEREY
COUNTY
(P.
O.
Salinas).
DETAILS—C. F. Joy, County Clerk, reports tnat the $12,000
Union School District bonds purchased by the Salinas National
of about 2.73%.
RED BLUFF, Calif.—BOND SALE DETAILS—It is now reported by
City Clerk that the $15,000 2H% semi-arm. fire apparatus bonds
purchased by the City Water Department, as noted in these columns
recently—V. 144, p. 484—are due in 1942, and were sold for a premium
of $4.67, equal to 100.03.
the
COUNTY RECLAMATION DISTRICT NO. 833
Sacramento)» Calif.—BOND ELECTION—An election will be
the proposed issuance of
$702,500 in bonds to take over the water rights and ditches of the SutterSACRAMENTO
ARKANSAS
BONDS
Largest Retail Distributors
O.
(P.
held
on
Jan. 30, according to report, to vote on
Butte Canal Co.
SAN DIEGO COUNTY
(P. O. San Diego), Calif .—BONDS OFFERED
INVESTMENT—The $500,000 issue of 2% coupon County
FOR
Special
sold on Jan. 18 to Dean Witter & Co.
644—is now being offered to investors at
prices to yield 1.60% on 1941 maturities, 1.75% on 1942 maturities and
1.90% on 1943 maturities.
Denom. $1,000.
Dated Oct. 1, 1936. Prin¬
cipal and semi-anual interest (April and Oct. 1) payable at the County
Treasurer's office.
Due $180,000 Oct. 1, 1941; $260,000 Oct, 1, 1942;
and $60,000 Oct. 1, 1943.
District refunding bonds which was
WALTON, SULLIVAN & CO.
LITTLE
ROCK, ARK.
ARKANSAS
COUNTY DRAINAGE DISTRICT NO. 17 P. O.
Osceola) Ark .—REPORT OF PROGRESS OF REFINANCING—It is stated
by Charles D. Frierson, attorney, that arrangements have been completed
to refinance $3,705,000 bonded indebtedness of the above district at 52 Yx
cents on the dollar.
The proceeds of the Reconstruction Finance Corpora¬
tion loan will be supplemented by funds received from delinquent tax col¬
lections and other sources, it is reported.
The loan will be equivalent to
45% of the outstanding debt.
This district is said to be one or the largest
MISSISSIPPI
of its kind in the South.
San
of
Francisco—V.
SAN DIEGO,
144,
p.
Calif.—BOND ELECTION—At the general election to be
April 27 the voters will pass on a proposed bond issue of $250,000
library building and a $3,009,000 bond issue for purchase of
Hodges Reservoir.
held
for
on
a
new
SAN
FRANCISCO
(City and County),
Calif.—BOND ELECTION
POSTPONED—It is now stated by J. S. Dunnigan,
Clerk of the Board of
Supervisors, that the election to submit to the voters the proposed charter
amendment providing for the issuance of revenue bonds up to $50,000,000.
to finance the purchase of the municipal distributing plant to dispose of
810
Hetch
Financial
Hetchy
power,
previously—V. 144,
SIERRA
p.
Chronicle
Jan. 30, 1937
has been postponed from March 2, as noted here
644—to March 9, due to technical proceedings.
COUNTY
(P.
O.
Downieville),
Calif.—BOND
OFFER¬
ING DETAILS—In connection with the offering scheduled for
on Feb.
1, of the $12,000 issue of not to exceed
11
a.
FLORIDA
m.
5% Allegheny School
bonds, noted in these columns recently—V. 144, p. 484—it is
stated by P. H. Turner, County Clerk, that the bonds are dated March
1,
1937.
Denom. $1,000."
Due $1,000 from March 1, 1938 to 1949, incl.
Prin. and int. (M. & S.) payable at the County Treasurer's office.
A
certified check for 10% of the bid, payable to the Chairman of the
Board
of Supervisors, is required
-4 w
BONDS
District
Clyde C. Pierce Corporation
Barnett National Bank
JACKSONVILLE
Branch Office:
TAFT SCHOOL
DISTRICT, Kern County, Calif.—BONDS VOTED
First National Bank Building
—The voters of the district have given their approval to a bond
issue of
$50,000 for construction of a swimming pool.
TULARE, Calif.—BOND ELECTION—At
election
an
be
to
held
Building
...
FLORIDA
-
TAMPA
T. S. Pierce,Resident Manager
on
Feb. 24, a proposal to issue $228,700 electric system bonds will be
submitted
to^the voters.
^
Florida
TULARE COUNTY SCHOOL DISTRICTS
(P. O.
BOND
10
a.
Visalia), Calif.—
OFFERING—Gladys Stewart, County Clerk, will receive bids until
Feb. 6 for the purchase of the following school district bonds:
Municipals
m.
.OOTTS^^indsETy trnifiedr^ScSool
DistrictT bonds;
Denom. $1,000.
30,000 5% Woodlake Union High School District bonds.
Denom. $1,000.
Dated Feb. 6, 1937.
30,000 Orosi Union High School District bonds.
Certified check for 5% must accompany bids.
/■
WOODLAKE HIGH SCHOOL
LEEDY. WHEELER & CO.
Jacksonville, Fla,
Bell
DISTRICT, Tulare Cbunty, Calif.—
BONDS VOTED—A proposed bond issue of $30,000 for construction of
high school building was approved by the^voters at
a recent
election.
Orlando
System
10
Teletype
Jacksonville
No.
96
a
*«
FLORIDA
Rocky Mountain Municipals
ARIZONA—COLORADO—IDAHO—MONI ANA
NEW MEXICO
—
WYOMING
fc
presents serious difficulties and up to this time no scheme had been evolved
which satisfied both parties.
The present plan appears workable and
DONALD F. BROWN & COMPANY
'~
DENVER
Telephone:
Keystone 2395
—
Teletype:
Dnvr 580j
COLORADO
COLORADO
SPRINGS, Colo.—BOND SALE—'The $200,000 general
refunding bonds offered on Jan. 25—V. 144, p. 644—were
awarded to a syndicate represented by Oswald F. Benwail of
Denver on a
bid of 100.08976 for l^s, a basis of about
1.60%.
There were 10 bids
received, Halsey, Stuart & Co. of Chicago offering 100.03 for
ifia and
Brown, Schlessman, Owen & Co. of Denver 100.28 for 1
^s.
Dated
March 1,1937.
Due yearly on March 1 as follows: $25,000, 1938:
$50,000.
1939; $25,000, 1940; $35.000,1941 and 1942, and $30,000, 1943.
*
At the same time the city purchased $100,000
bonds, which, together
with the above $209,000, comprised an authorized issue of
$300,000.
These bonds mature $25,000 on March 1 in
1944,1945,1946 and 1947.
JOther bids for the $200,000 offering were:
obligation
t
J.
K.
t
4.
4.
Mullen Investment Co.,
~
int•rate
price bi*
Denver, and Harris
Trust & Savings Bank, Chicago
Edward B. Smith & Co., New York
15^%
l%%
2%
Brown Harriman &
100.238
100.345
Co., New York
Bosworth, Chanute., Loughridge & Co., Denver, and
A. G. Becker & Go., Chicago
2%
Sullivan & Co., Denver, and Peters, Writer & Chris-
100 34
100.117
tensen. Inc., Denver
2%
Colorado Springs Clearing House
2%
Sidlo, Simons, Roberts & Co., Denver, and Phelps,
Fenn & Co., New York
100 02
100.000
2>£%
LOGAN
COUNTY SCHOOL DISTRICT
MESA COUNTY SCHOOL DISTRICT NO. 1
(P. O. Grand Juneis stated by C. Van Duen, District
Secretary, that the $75,000 2 H% school refunding bonds contracted for
by Peters, Writer & Ohristensen, of Denver, subject to the election held
on Jan.
12, as noted here early in December—V. 143, p. 3668—were
approved by the voters.
CONNECTICUT
on
Commission,
George H.
Bank (Association, and of
the Bridgeport People's Savings ,Bank.
The bonds will miture serially in
from 1 to 20 years and of the .entire
proceeds, it is proposed to use $15,000,000 to fund the State's temporary debt and
$10,000,090 <to finance
con-
struction of new institutions.
The bond3 .will be issued only as funds are
immediately required.
With regard to the floating jdebti it is pointed out
that this is being carried at a
relatively small interest jcost and for that
reason it is not expected ;that
the.debt will be refinanced .through the sale
of bonds unless ^market conditions
^re jOxtremely favorable for such a step.
MILFORD, Conn.—CONTEST TAX STATUS OF $255,000
BONDS—A suit to prevent the town from
levying ad valorem
provide for the payment of principal and interest on an issue of
sewerage system construction bond3 has been filed
;by Jame3 E.
SEWER
taxes
to
$255,000
member of the Board of
English,
Assessors, according to a recent issue of the New
Haven "Register." _The purpose of the
suit, according to the complain¬
ant, is to compel the Board of Sewer Commissioners to restore to
the town's
general fund3 $23,203.55, representing interest and bond
principal payments
to date, and to legalize the
^contention that .the bonds are payable solely
a tax on the
property benefiting from Ithe jsewer system.
fromlthe ^ewer
Hearing
from
in the action is expected to be held at the
.February term of the
Court.
Should the Court decree ithat the Jbondslare
Superior
^payable from specific
,this will permit a ^reduction In the (town's 1937 tax rate, ac¬
cording to Mr. English'SjCounsel.
The bonds jmature at the rate of $17,000
year.
FLORIDA
CITRUS "COUNTY (P. O. Inverness), Fla.—BOND TENDERS
IN¬
VITED—It is stated by F. E. Marlow, Chairman of the Board of
County
Commissioners, that he will on March 1, at 10 a.' m., open and consider
sealed offerings of road and bridge refunding
bonds, dated Nov. 1 1933.
The amount of bonds to be purchased will be
determined by the above
Chair man :and offerings must be firm for at least 10
days to be considered.
GABLES, Fla.—BOND IREFUNDING PLAN
APPROVED—
Jan. 15 the freeholders voted 566 to 179 in favor
4ebt refunding plan which has been approved by 90%
of the bondholders.
Proceedings will be started soon to validate the re¬
on
funding bonds.
CORAL GABLES,"Fla.—COMMENT ON
REFUNDING PLAN—The
following comn3nt on the proposed 'plan Ifor 'refinancing the city's debt is
made byiA. B. Morrison.&
Co., Congress Bldg., Miami:
«<On Jan. 25, 1937, jthe Freeholders of Coral Gables vote on
a
plan which possesses several unique features.
known, has been.one^of
refunding
This
be received
$16,000 in 1946.
5,000 6% town hall and jail bonds.
Denom. $500.
Dated Oct. 1,1935.
Due on Oct. 1 as follows: $500, 1940 to
1944; $1,500, 1945, and
$1,000 in 1946.
The Board reserves the right to reject
any and all bids and to readvertise
the bonds or any portion thereof.
FLORIDA (State of)—R. E. CRLMMER & CO. NAMED FISCAL
AGENT TO REFUND VARIOUS LOCAL DEBTS—R. E. Orumrner &
Co.
of
Onicago, Miami and Orlando, Florida, announced Jan. 25 that
they
have bean appointed fiscal agent to refund the entire
outstanding indebted¬
ness of Onarlocte
County, Fla., bonds, the Monroe
bonds) and Leesourg, Fla., bonds (except revenue secured bonds).
In addition, the firm announced chat
refunding bonds of Sc. Lucie Inlet
District and Martin-St. Lucie Counties Improvement District
(now known
Sc. Lucie Inlet District and Port
Authority in Martin and St. Lucie
Counties, Fla.) are ready for exchange for the original securities.
Co-incident with the R. E. Orum nar & Co.
announcement, the Board of
County Commissioners of Monroe County, Fla., have announced that
they will accept bids for an issue of road and bridge refunding bonds dated
July 1, 1936, on Feb. 10, in an amount to be determined by the Com¬
as
missioners.
The
Winter Haven
Refunding Agency also announced that the City of
resume exchanges of securities under the terms
the general refunding program under which
refunding
authorized in April of 1933.
Co-incident with these announcements, R. E. Crummer & Co. have
prepared a special letter relative to the entire Florida bond situation.
During the past 30 months R. E. Crummer & Co. and associates have
completed readjustment of debt structures of more than 100 separate de¬
faulted taxing units with an aggregate debt of about
$80,000,000.
As a
result, anaual debt service tax responsibility of about 450,000
Winter Haven, Fla., will
and conditions of
bonds
were
in
districts effected have beea stabilized and lowered.
In addition,
cooperating creditors have had their bonds restored to a
the
more
people living
than 10,000
current interest
situation,
cheimostJtroublesome.dn]the whole
as
is
well
State of Florida.
position and
a
greatly increased market value.
More than
$7,000,000 has been distributed as interest payments, and the various
units have retired about $4,000,000 of bonds.
The Crummer letter also calls attention to the success with which other
readjustment programs in Florida are being carried thru in Miami, St.
Petersburg, Clearwater, Bradenton and Broward County.
These units
add approximately $75,000,000 to the total of defaulted Florida debt which
has
been
or
soon
should
be retsored
to
a
sound
position.
Vero
Beach,
Leesburg, Monroe County Board of Public Instruction and Panama City
have within the past 30 days definitely authorized
settlements, and R. E.
Crummer & Co. predict that "many more will be announced ana
completed
next
Attention
CORAL
bids will
W. Bea Adams, Town Olerk, for the purchase of
aggregating $23,000, divided as follows:
$18,000 6% town hall and jail bonds.
Denom. $1,000.
Dated July 21,
1936.
Due on July 21 as follows: $1,000. 1944 and
1945, and
during the
At the special election
of the $11,200,000
Fla.—BOND OFFERING—Sealed
Jan. 30 by
County, Fla., Board of
establishment of which is provided for in (the .bond
legislation.
This body,
which will handle the issuance and sale of the
bonds, will consist of Governor
Edward Cross, State Treasurer John S. Addis, State
.Banking Commissioner
Walter Perry, Newton O. Brainerd, President of
Oa3e, Lockwood & Brainerd
and Vice-President of the (Dime jSavings
jBank, Hartford, and
a
noon
two issues of bonds
Public Instruction bonds, Vero Beach,
Fla., bonds (except revenue secured
^CONNECTICUT (State of) •COMMISSION TO ADMINISTER PROPOSED BOND ISSUES—T
-The proposed issue ,of $25,000,000 State
bonds,
authority for which is contained in bills already introduced in both branches
of the Legislature, will be administered
;by a State Bonding
tax revenues,
CREST VIEW,
100.067
91
tion), Colo.—BINDS VOTED—It
President of the jOonnecticut jSaving3
feasible, giving the city an opportunity to develop to the utmost, and
offering to thejbondhoider the opportunity of realizing the maximum on
his security. .?•
LJPhe Plan contemplates a 50% reduction in principal to all creditors
with an interest rate b3ginning at 2j^% and ending at
5%.
The bonds
rim for 30 years, callable at any interest date at par.
The plan possesses,
however, three uniiue features not incorporated, so far as we know, in any
other refunding program in the State.
It provides, first, for the issuance of
tax participation" certificates to each creditor; the amount of these tax
participation certificates plu3 the principal amount of the refunding bonds
which na will receive equalling the total amount of the
principal and interest
owing him by the city.
These tax participation certificates are not obliga¬
tions of the city, but payable solely from surplus debt revenue.
Second,
the plan
pro vid33 a fixed mdlage for debt service.
This miilage is calculated
to provide a surplus over debt requirements, which will be
applied annually
pro rata to th3 oay.nent of tax participation certificates.
Tnird, the plan
contains an agree nant on the part of the city that for the first 10
years
it will provide certain fixed amounts annually from delinquent tax assets
which sum are to be used for tne purpose of retiring
refunding bonds.
The three features mentioned offer decided advantages to each
party.
The fixed miilage re noved fro n the city the feat of a
confiscatory debt levy.
Toe tax participation certificates provide the bondholder with a medium
whereby as the city grows and increases in population and wealth, he can
obtain the maximum possible from his investment.
The provision that the
city snail realize certain amounts from delinquent tax assets, makes the
officials responsible for aggressive tax collection methods.
Present indications point to an overwhelming endorsement of the
plan by
the Freenolders.
We are also advised chat a great
majority of the bond¬
holders are in favor of it.
It will be interesting to see how a refunding
plan, set up along the lins3 indicated, will work out in future years.
Cer¬
tainly it offers interesting possibilities.
until
NO.
(P. O. Sterling),
Colo.—BOND SALE—Coughlin-McCabe & Co. of Denver have
purchased
and are now offering to investors at prices to
yield from 1.50% to 3.10%,
an issue of $6,000 4%
refunding bonds.
Denom. $500.
Dated April 1,
1937.
Principal and semi-annual interest (April 1 and Oct, 1) payable at
the County Treasurer's office.
Due $1,000 on April 1 in 1938,
1942, 1943,
1944, 1945 and 1946.
Woods,
Severalldifferent schemes of refunding have been formulated, none of which,
however, has b33n acceptable to both parties.
The difficulty has been
largely occasioned by the fact that there is a vast surplusage of vacant
property which patentially passessas possibilities.
Its utilization, however,
12 months."
was
also called to the more
satisfactory situation now existing
in the municipal affairs of Orlando, Date
County and other Florida taxing
units.
Certain other taxing units, including Fort Pierce, Hardee County
and various road districts, Inverness, various Polk
County road districts,
St.
Lucie County and various road and school districts
Port District
are now
of
and
Fort
making efforts^to adjust their public debt, the
Pierce
terms
which, R. E. Crummer & Co. declare, "suggest unreasonable and un¬
necessary concessions from the creditors.
According to the firm, it rep¬
the largest single consolidated group of bonds
outstanding against
the majority or the units involved and does not believe that the
proposals
resents
are
entitled
MIAMI,
to
serious consideration.
Fla.—BOND
EXCHANGE AGENT—The Marine Midland
been appointed by the city and B. J. Van
Ingen & Co., Inc., its fiscal agent, to act as agent in connection with the
exchange of $2,442,000 principal amount of outstanding unrefunded bonds
of the city for bonds maturing Jan.
1, 1964.
Trust Co.
of New York has
MIAMI BEACH, Fla.—BONDS VOTED—At the
special election held on
Jan. 26—V. 143, p. 4189—the voters approved the issuance of the
$2,313,000 municipal improvement bonds, the proceeds of which will be
used for
nine construction projects.
Volume
Financial
144
Fla.—BOND TENDERS
of County Commis¬
sioners, announces his offer to purchase road and bridge refunding bonds,
dated July 1, 1936, on Feb. 10, at 8 p. m.
The amount of bonds of this
issue to be purchased will be determined by the chairman and offerings
must be firm for at least 10 days in order to be considered.
The chairman
COUNTY
MONROE
INVITED—Carl
Key
O.
(P.
West),
Chairman of the Board
Bervaldi,
shall have the right to reject any or
all offerings.!
.
BRIDGE COMMISSION (P. O. Key West), Fla.—MATVRITY—It is stated by B. M.
Duncan, General Manager, that the $3,600,000 highway bonds to be
purchased by the Public Works Administration, as noted in these columns
recently—V. 144, p. 644—are due on Sept. 1 as follows: $70,000, 1940 to
1942; $80,000, 1943 to 1945; $90,000, 1946 to 1948; $100,000, 1949 to 1951;
$120,000, 1952 to 1956; $140,000, 1957 to 1959; $160,000, 1960 lo 1964;
$180,000, 1965 and 1966, and $200,000 in 1967 and 1968.
WALTON SPECIAL TAX SCHOOL DISTRICT NO. 13 (P. O. Point
Washington), Fla.—BOND ELECTION—An election is to be held on
Feb. 9 at whicn a proposal to issue $20,000 school bonds will be voted upon.
WEST PALM BEACH, Fla.—SUPREME COURT APPROVES BOND
REFUNDING PROGRAM— The validation of the city's refunding bonds has
been approved by the Florida Supreme Court and city officials have begun
preparations to carry through the final stage of the debt settlement operation
before the end of February, according to report.
Printing of the bonds
will start at once. Refunding bonds will be exchanged for outstanding bonds
and judgment and funding bonds will be issued in settlement of floating
ir^oT^rfctjUiqf^bVERSEAS
ROAD AND TOLL
indebtedness, coming under the adjustment
Although the refunding plan was approved
811
Chronicle
plan.
in its entirety, the Supreme
be taxed to retire proposed funding
bonds and certificates of indebtedness, because they will constitute new
obligations and homesteads are exempt from such taxation.
Court ruled that homesteads cannot
GEORGIA
AUGUSTA, Ga.—BOND ELECTION NOT SCHEDULED—It, is stated
by the City Clerk that nothing definite has been done as yet in regard to the
calling of an election to vote on the issuance of $750,000 in bonds to be used
on Public Works Administration projects.
debt in excess of $1,400,000.
of $3,000,000 par value have been
with consequent termination of
cable to such debt and the retirement of floating
Tax
anticipation warrants in excess
redeemed out of recent tax collections,
interest accrual on such obligations.
_
31, 1936
for
approximately
0.4% of the bonds of the constituent districts exchangeable under the
refunding program which the Chicago Park District declared effective as
"The gross funded debt of the Chicago Park District at Dec?
includes $378,595 of bonds authorized but not yet issued in exchange
bonds of superseded park districts.
This sum represents
of April 21,
1936.
COMMUNITY
HILL
CAMPBELL
SCHOOL DISTRICT
$25,000 school bonds has been
HIGH
NO. 162, III.—BOND SALE—An issue of
sold to A. G. Edwards & Sons of St. Louis.
authorized at
The bonds were
12 election.
the Dec.
PALATINE, 111—BONDS SOLD—M. B.
Vick & Co. of Chicago pur¬
5% coupon or registered refunding
1, 1937.
Denom. $1,000. Due
Callable prior to maturity.
Interest payable J. & J.
chased last November an issue of $60,000
bonds at a price of par.
Dated Jan.
Jan.
1, 1957.
INDIANA
Ind.—BOND ISSUE DETAILS—The $28,000 4% water
works revenue bonds sold to K. J. Brown & Co. of Muncie, in April 1936,
as reported in these columns at that time, bear date of Feb. 15, 1936 and
are payable as to
both principal and interest (J. & J.) at the Lincoln
National Bank & Trust Co., Fort Wayne.
Due $1,000 annually from 1938
ASHLEY,
to
f
1965, inclusive.
Ind.—BOND OFFERING—The Sec¬
of the School City will receive bids until 2 p.m. Feb. 13 for the pur¬
BATESVILLE SCHOOL CITY,
retary
chase of
$26,950 bonds.
FREMONT, Ind.—BOND SALE—An issue of $35,000 4% water works
revenue bonds has been sold to K. J. Brown & Co. of Muncie.
Dated
Oct. 1, 1936.
Denom. $500.
Due Oct. 1 as follows: $500, 1940 to 1946,
incl.; $1,000, 1947 to 1953, incli; $1,500, 1954 to 1959, incl.; $2,000, 1960
to 1963, incl.; $2,500 from 1964 to 1966, inclusive.
HAMMOND, Ind.—WARRANT SALE—The $325,000 4 % tax anticipa¬
offered on Jan. 19—V. 144, p. 485—were awareded
Calumet State Bank of Hammond and John G. Phrommer of Ham¬
mond, each taking half of the issue.
tion time warrants
to the
IDAHO
INDEPENDENT SCHOOL DISTRICT NO.
1, CLASS A (P. O. Montpelier), Idaho—BOND SALE DETAILS— It
is now reported by the District Clerk that the $88,000 4% semi-annual
school bonds purchased by the State, as noted here recently—Y. 144, p.
644—were sold at par, and mature $4,000 from 1937 to 1948, and $5,000,
BEAR LAKE COUNTY
1949 to 1956.
COUNTY INDEPENDENT SCHOOL DISTRICT
Idaho Falls), Idaho—BOND SALE—The $85,000 school
BONNEVILLE
NO.
1
(P.
O.
bonds offered on Jan. 11—V. 144, p.
& Co. of Boise.
135—were awarded to Sudler,
Due on Jan. 1 as follows:
Dated Jan. 1, 1937.
Wegener
$4,000,
1953 to 1957.
1938 to 1952. and $5,000,
INDEPENDENT SCHOOL DISTRICT,
CLASS A, NO. 4 (P. O. Bonnera Ferry), Idaho—BONDS VOTED—
It is stated by the Clerk of the Board of Education that at the election held
on Jan. 19 the voters approved the issuance of $40,000 in not to exceed 4%
COUNTY
BOUNDARY
school bonds by a wide margin.
LATAH
(P. O. Deary),
Idaho—BOND SALE—A $75,000 issue of coupon refunding bonds was
offered for sale on Jan. 25 and was awarded to the First Trust & Savings
Bank of Moscow, as 4s, paying a premium of $75.00, equal to 100.10, a
basis of about 3.99%.
Dated Feb. 1, 1937.
Due as follows: $3,000,1939
to
1945; $4,000, 1946 to 1951,
in 1956 and
1957
are
and $5,000, 1952 to 1957.
subject to redemption at any
Bonds maturing
time on or after one
from the date of the bonds.
BOND CALL—Fred Gertje, District Secretary, states that J. M. Davis,
District Treasurer, is calling for redemption on Feb. 15, on which date in¬
terest shall cease, the following highway bonds:
Nos. 29 to 50 of 5H% series A bonds, dated July 1, 1919.
Denom. $1,000.
Payable at the Chase National Bank, New York City.
Nos. 5 to 10 of 6% series B bonds, dated May 1, 1922.
Denom. $1,000.
Due $1,000 from May 1, 1937 to 1942, incl.
Payable at the Atlantic
year
National
Bank.
C bonds, dated March 1, 1925.
Denom. $500.
March 1, 1937 to 1945, incl.
Payable at the Chase
National Bank, New York City.
Nos. 1 to 40 of 6% series D bonds, dated May 1, 1926.
Denom. $500.
Due $2,000 from May 1, 1937 to 1946, incl.
Payable at the Chase
National Bank, New York City.
All of said bonds are redeemable in 10 years.
Holders are to present same
for redemption at the District Treasurer's office. Deary, or at the First
Nos. 7 to 60 of 5^% series
Due $3,000 from
Trust
& Savings Bank,
Moscow.
WHITEBIRD HIGHWAY
DISTRICT (P. O. Whitebird),
Idaho—
$21,500 issue of coupon highway bonds offered for
sale on Jan. 23—Y. 144, p. 484—was purchased by a local investor, as
4Hs, according to the Secretary of the Board of Commissioners.
Dated
Jan. 1, 1937.
Due in from 2 to 18 years after date of issue.
BOND SALE—The
WISCONSIN
Bought—Sold—Quoted
tflcfontem ^
.cirftl%
MUNICIPAL BOND DEALERS
135 So. La Salle
buildings.
Senate bill No.
33, which increases the
poration from one-third to one-half of the
House bill No. 80, which provides that
the rate of interest on Barrett
comtproller and that the city shall
levies sufficient for payment of the certificates and interest due
law bonds shall
provide
be fixed by the city
the following year.
INDIANAPOLIS,
St., Chicago
State 0540
Teletype CGO. 437
(P.
O.
St.
Elmo),
$650,000 tem¬
to a group
Trust Co.;
Merchants
Indianapolis, at 1% interest, at par plus a premium
Only one bid was submitted.
of $6.50.
INDIANAPOLIS,
Ind.—BOND SALE—The $95,000 hospital bonds
144, p. 645—were awarded to A. S. Huyck & Co.
offered on Jan. 27—V.
of $502, equal to 100.528, a basis
Due $lO,000 each six months from
$5,000 Jan. 1, 1943. The City Securities
high, offering a premium of $283 for 2s.
of Chicago as 2s, at par plus a premium
of about 1.85%.
Dated Jan. 25,1937.
July 1, 1938 to July 1, 1942, and
Corp. of Indianapolis was second
Other bids were as follows:
Int. Rate
Premium
2)4%
$537.00
503 00
2)4 %
Jackson-Ewert, Inc.,
176.00
2J4 %
Indianapolis
McNurlen & Huncilman, Inc., Indianapolis
Robinson & Co., Inc., and Channer Securities
Co,,
both of Chicago
JEFFERSON SCHOOL TOWNSHIP (P. O. Hagerstown), Ind.—
BOND OFFERING—The Superintendent of Schools will receive bids until
Feb. 10, for the purchase of an issue
2 p. m.
MARION,
receive bids
Denom.
of $22,400 school bonds.
Ind.—WARRANT OFFERING—The City
Clerk wil
until 10 a. m. Feb. 1, for the purchase of $40,000 warrants.
$1,000.
MARION COUNTY (P. O. Indianapolis), Ind.—WARRANT SALE
—The $650,000 warrants offered on Jan. 20 were awarded to a group of
Indianapolis institutions composed of the Union Trust Co.; Fletcher Trust
Co.; Indiana Trust Co.; Indiana National Bank;
and the Merchants National Bank, as follows:
$350,000 general fund warrants
of $16.60.
American National Bank
sold as % % interest, at par plus a premium
sold as K% interest, at par plus
dated Feb. 1, 1937 and mature June 15, 1937.
Campbell & Co. of Indianapolis, bidding on the $300,000 issue only, named
an
interest rate of % %.
MUNCIE, Ind.—WARRANT SALE—A total of $113,000
purposes warrants were sold on Jan. 22 to Jackson-Ewert, Inc. of
polis, as follows:
$80,000 general fund at 1% interest, at par plus $11 premium.
23,000 sinking fund at 1 H % interest, at par plus $3 premium.
10,000 park fund at 1)4% interest.
an
various
Indiana¬
Shelbyville), Ind.—NOTE OFFERING—
SHELBY COUNTY (P. O.
will receive bids until 10 a. m. Feb. 2 for the purchase
issue of $40,000 notes.
Denom. $2,000.
111.—BONDS SOLD—An
4% road bonds was sold last November to the WhitePhillips Corp. of Davenport, at par plus a premium of $310, including $60
for expenses.
The bonds, according to^L. E.|Johnston,|Town..Clerk, have
not been issuedfas yet.j
DISTRICT, III.—PLANS REPURCHASE OF
the district will receive sealed tenders on
Jan. 28 for resale to the sinking fund of series A, B, C and D refunding
bonds in the amount of $3,880,000.
If no offers of bonds for sale at a price
of par are made, the district then proposes to issue a call for redemption
on March 1, 1937 of $3,880,000 of its series B bonds.
Extent of the im¬
provement in the district's financial structure during the final quarter of
1936 is illustrated in the following comparative statistics issued by Robert
J. Dunham, President of the district:
PARK
Polk-Peterson Corporation
Des Moines
BONDS—It is announced that
Increase (+)
Decrease (—)
Compared with
Sept. 30, 1936
Municipals
Iowa
issue of $25,000
CHICAGO
LOAN—The
National Bank, all of
of
ILLINOIS
TOWNSHIP
Ind.—TEMPORARY
loan offered on Jan. 25—V. 144, p. 645—was awarded
composed of the Union Turst Co.; Fletcher Trust Co.; Indiana
American National Bank,
Indiana National Bank and the
The County Auditor
AVENA
borrowing power of school cor¬
total school levy.
All of the warrants are
IOWA
MICHIGAN
INDIANA
school
300.000 county welfare fund warrants
a premium of $16.60.
Municipal Bonds of
ILLINOIS
of—BAN SOUGHT ON ISSUANCE OF ROAD
has been introduced into the Indiana Legisla¬
prohibiting county commissioners from issuing county and highway
improvement bonds until after Sept. 1, 1941, effective Sept. 1, 1937.
Other measures introduced include:
Senate bill No. 30, which removes authority of city councils In certain
cities (Elkhart, Terre Haute, Hammand, East Chicago) to approve the
action of school board in issuance of bonds for construction or repair of
porary
HIGHWAY DISTRICT NO. 3
COUNTY
State
INDIANA,
BONDS—House bill No. 93
ture,
Building
DES MOINES
Ottumwa
Waterloo
Cedar
Rapid*
A.
Sioux City
Davenport
Iowa City
Sioux Fall*, S. D.
T. A T. Teletype: DESM 31
IOWA
or
Dec. 31, 1936
$113,029,894
8,587,928
104,441,966
1,635,786
106.077,752
Accrued interest on bonds
Funded debt liability
proceeds applicable
Net funded debt liability
Floating debt*.,
Total debt (exclusive of warrants)
♦Tax warrants outstanding—
In hands of public
Tax
In district's
funds
Total warrants
—_
*
Similar debt of superseded districts.
"Examination of the aobve figures reveals
"Particularly significant is
as a
—1,733,408
—1,437,989
—3,171,397
2,809,973
3,464,082
6,274,055
—3,024,715
—50,506
—3,075,221
that the district succeeded in
total debt $6,246,618 during the period," said Mr. Dunham.
the substantial reduction in net funded indebted¬
result of an increase of over $5,000,000 to sinking funds applic-
reducing its
ness
—2,326,777
105,716,527
1,541,405
107,257,932
Sinking funds
Net funded debt
+$305
+5,004,264
—5,003,959
+1,033,774
--3,970,185
361,225
Gross funded debt
ANKENY, Iowa—BOND SALE—A $9,000 issue of water works bonds
was offered for sale on Jan. 27 and was awarded to the White-Phillips Co.
2^s, paying a premium of $160, equal to
Canfield, Town Clerk.
of Davenport as
ing to O. R.
CEDAR FALLS,
101.77, accord¬
Iowa—BOND SALE—The city has sold an Issue of
$25,000 3)4% refunding bonds to the Polk-Peterson
Due yearly on Dec. 1 from 1937 to 1948.
Corp. of Des Moines.
DAVENPORT. Iowa—PRICE PAID—Vieth, Duncan,
#
Worley & Wood
paid a price of par for the $65,000 2)4% fire, street
sewer bonds sold to them, as reported in a recent issue—V. 144, p.
Dated Nov. 1,1936 and due serially from 1941 to 1945 incl.
of Davenport
and
645.
Iowa—MATURITY—It is now reported by the City
$200,000 fire funding bonds purchased by the Polk100.625, noted in these columns
recently—V. 144, p. 485—are due on Dec. 1 as follows: $10,000, 1938
$15,000,1939 to 1950, and $10,000 in 1951, giving a basis of about 2.42%.
DES MOINES,
Treasurer that the
Peterson Corp.
DODGE. Iowa—BONDS NOT SOLD—The $231,000 issue"of
plant bonds offered on Jan. 25—V. 144, p. 485—was not sold.
FORT
sewage
of Des Moines, as 2Ms at
812
Financial
Chronicle
It is stated by D. J. Ooughlan, City Clerk, that the City Council adjourned
until Jan. 29 for final action.
IOWA
(State
INCOME
of)—MUNICIPAL
BONDS
SUBJECT
TO
COUNTY (P. O. Paintsvilla), Ky.—BOND VALIDITY
UPHELD—The Court of Appeals is reported to have upheld the validity
of $56,000 in refunding bonds.
STATE
LEVY—Interest
TAX
bonds and securities is taxable
as
received from
tax
exempt municipal
income under the Iowa State income tax
LOUISVILLE,
Ky .—BOND
QUOTATIONS
NOT
MATERIALLY
CHANGED—According to informed sources, the quotations for the bonds
of the above city, one of the largest inundated by the Ohio River flood,
have not changed materially in the past week.
It is said that there have
been practically no offerings of these bonds in the New York market recently
and it is the opinion of dealers that any transactions would probably be
made at considerably below previous levels.
There are few bonds of the
c;'ty showing on dealers' lists, but the spread between the offering and bid
prices has widened.
The city has a high credit rating, according to mu¬
nicipal bond dealers.
law, the Iowa Supreme Court ruled Jan. 19, in Henry O. and Elizabeth
Hale (appellants) vs. The State Board of Assessment and Review.
The Court, in affirming a similar opinion of the Webster
County District
Court, declared that the tax exemption laws regarding municipal bonds
apply only to exemption from the general property tax.
The Hales, in making out their 1936 income tax
report, reported that all
their income was derived from municipal tax exempt bonds.
The State
Board of Assessment and Review refiguring their return
computed the net
income of the Hales to be $30,064 and assessed an income tax of
$1,384.
The Supreme Court found that the Hales' capital investment in tax
exempt
municipal securities amounted to three-quarters of a million dollars.
MIDDLESBORO,
in bonds, before such bonds can
$2,500 grading
were
awarded
3}4a at
as
a
$10 premium.
MARS, Iowa—BOND OFFERING—Eunice M. Honnold, Secretary
Commissioners, will receive bids until 8p.m. Feb. 3
for the purchase of $8,000 park bonds.
$5,848.70 5% street improvement bonds.
Public Works Administration.
-Due serially on May 1 from 1937
LIVINGSTON PARISH
(P.
O. Springville),
La.—BOND AND
CERTIFICATES OFFERED—H. L. Pearce Jr., Secretary of the Parish
School Board, will receive bids until 11 a. m. Feb. 12, for the purchase of
the following bonds and certificates:
to 1946.
2,000.00 improvement fund bonds, to bear interest at rate fixed by the
bidding. Due $500 yearly on May 1 from 1938 to 1941.
MUSCATINE COUNTY (P. O. Muscatine), Iowa—BOND OFFERING
F. Snyder. County Auditor, will receive bids until Feb. 1 for the
purchase of an issue of $18,000 funding bonds.
*
$70,000 Parish school bonds, to bear interest at no more than 4%. Denom.
$1,000.
Dated Nov. 1, 1936.
Due serially on Nov. 1 from 1937
to 1946.
Certified check for $1,500, payable to the Treasurer of
the Parish School Board, required.
75,000 certificates of indebtedness of the Parish School Board, to bear
interest at no more than 5%.
Denom. $500.
Dated March 1,
1936.
Due serially on March 1 from 1937 to 1961.
Certified
check for $1,500, required.
—B.
NEWTON INDEPENDENT SCHOOL DISTRICT
Iowa—BOND SALE POSTPONED—It is stated
(P.
O.
Newton)
by Lela Bishop, District
Secretary, that the sale of the $80,000 refunding bonds, which had been
scheduled for Feb. 4, as noted here recently—V. 144, p. 485—has been
postponed. Due from 1940 to 1949 incl.
SHELBY COUNTY (P. O.
Harlan), Iowa—MATURITY—In
LOUISIANA (State of)—SYNDICATE BOOKS
CLOSED—Blyth &
Co., Inc., heading the banking group which offered $12,000,000 State of
Highway bonds last Thursday, announced that the syndicate
books were closed on the same day.
connec¬
tion with the sale of the $30,000 funding bonds as
2s, at 100.456, and the
»
Louisiana
$30,000 secondary road certificates as 134s, at par, to the Carleton D.
Beh Co. of Des Moines, as noted here recently—V.
144, p. 645—it is stated
by,the County Treasurer that the bonds mature $3,000 from May 1, 1938
toil947, giving a basis of about 1.92%, while the certificates mature on
Dec. 1, 1938.
BONDS CALLED—It is announced by L. P. Abernathy, Chairman of the
State Highway Commission, that the following State Highway bonds ag¬
gregating $5,500,000, are being called for redemption:
On March 30:
TAMA INDEPENDENT SCHOOL DISTRICT. Iowa—BOND ELEC¬
TION—An election is scheduled for Feb. 10 at which a
proposed bond issue
of $55,000 for construction of a high school will be voted upon.
WAUKON
SCHOOL
DISTRICT
SALE CONTEMPLATED—We
are
(P.
O.
Waukon),
$1,500,000 series H, numbered 1501 to 3000.
1,500,000 series H, numbered 3001 to 4500.
1,500,000 series H, numbered 6001 to 7500.
Denom. $1,000.
Dated Sept. 30, 1932.
Iowa—BOND
by the voters
on
$500,000 series I, numbered
501 to 1000.
500,000 series I, numbered 1001 to 1500.
Denom. $1,000.
Dated Oct. 15, 1932.
Nov. 16,
WESTFIELD CONSOLIDATED SCHOOL DISTRICT (P. O. Westfield), Iowa—BOND SALE DETAILS—The $24,000 3% coupon school
building bonds awarded on Jan. 21 to Jackley & Co. of Des Moines at a
price equal to 101.083—V. 144, p. 646—will be issued in the denomination
of $500 each and will be dated Feb. 1, 1937.
Interest payable June 1 and
Dec.
1.
Due
as
follows:
and $2,000, 1955 and
trict is about 2.89 %.
$1,000,
1956.
1939
ORLEANS
KANSAS
BURRTON, Kan.—BOND SALE DETAILS—It is reported by the
City Clerk that the $30,025 3\i% semi-annual sewer bonds said to have
been sold, as noted here—V. 144, p. 646—were purchased at par by the
Small-Milburn Co. of Wichita.
Due from Aug. 1, 1938 to 1947, incl.
CLIFTON. Kan.—BOND OFFERING CONTEMPLATED—It is stated
sale in the
HORACE, Kan.—BOND OFFERING—Lloyd Waldron, City Clerk, will
a. m. Feb. 1 for the purchase of $4,200 5% waterworks
improvement bonds. Denom. $210. Dated Dec. 1, 1936. Interest payable
Feb. 1 and Aug. 1. Due $210 yearly on Feb. 1 from 1938 to 1956; and $210
Aug. 1,1956. Certified check for 2% of amount of bonds, required.
(P.
O.
Oskaloosa),
yearly on Feb. 1 from 1939 to 1948, incl.
of bid, required.
it is
Certified check for 2% of amount
COUNTY
LEONARDVILLE, Kan.—DETAILS OF BOND SALE—The Farmers
& Merchants state Bank of Leonardville paid a price of 99.10 for the $16,000
234 % coupon waterworks improvement bonds purchased by it on Jan. 18—
v. 144, p. 647.
Denom. $500.
Dated Feb. 1, 1937.
Interest payable
Feb. 1 and Aug. 1.
Due each six months beginning Feb. 1,1938.
OSKALOOSA, Kan.—BOND SALE—The $4,500 issue of 234% coupon
semi-annual refunding bonds offered for sale on Jan. 26—V. 144, p. 646—
now
stated that the issue had been contested and
the matter only a short time ago.
It has been
on
report, to offer $50,000 bonds in the
$75,000.
.
Kan.—BONDS
AUTHORIZED—[The
City
Council
is
said to have authorized recently the issuance of dike construction bonds.
The project is estimated to cost about $95,000.
KENTUCKY
ALLEN COUNTY (Pi O. Scottsville), Ky.—BOND SALE DETAILS—
It is now stated by the Clerk of the County Court that the $80,000 3H%
funding bonds purchased by local investors, as noted here
144, p. 646—were sold at par and mature in from one to
was
1954 to 1957.
6%,
Denom. $500.
Dated Feb. 1, 1937.
Due on Feb. 1
$500, 1938 to 1947, and $1,000, 1948 to 1957.
Prin. and int.
payable F. & A.
as
follows:
payable at
the office of the school
must accompany
board.
A
certified
check
for
2)4%
the bid.
MAINE
AUGUSTA, Me.—BOND SALE—An issue of $35,000 2^% school en¬
largement bonds has beenjmld to the National Shawmut Bank of Boston
at a price of 101.
MARYLAND
issue of
COUNTY
(P. O. Towson), Md.—BOND SALE—The
$300,000 Metropolitan District bonds offered on Jan. 25—V. 144,
E. 486—wasof Baltimore, jointly, as 2J4s at aNew York99.309, a basis of
& Co.
awarded to Phelps, Fenn & Co. of price of and W. W. Lanaan
about
as
20 years.
compromise
a
decided, according
future, instead of the original
ADDITIONAL BOND OFFERING—Mr. Pittman also states that he
will receive sealed bids at the same time for the
purchase of a $15,000 issue
of School District No. 110 bonds.
Interest rate is not to exceed
BALTIMORE
SALINA, Kan.—BOND SALE—The City has sold an issue of $39,000
2% coupon refunding bonds to the Lathrop-Hawk-Herrick Co. of Wichita
at a price of 101.73.
Denom. $1,000.
Dated Jan. 1, 1937.
Interest
payable Jan. 1 and July 1. Due one-tenth yearly for 10 years.
recently—V.
near
TANGIPAHOA PARISH SCHOOL DISTRICTS (P. O. Amite),
La.—BOND OFFERING DETAILS—It is now reported by O. O. PittSecretary of the Parish School Board, that the $125,000 not to exceed
6% semi-ann. School District No. 102 bonds scheduled for sale at 10 a. m.
on Feb. 9, as noted here
recently—V. 144, p. 647—are due on Feb. 1 as
follows:
$3,000, 1938 and 1939; $4,000, 1940 and 1941; $5,000, 1942 to
1945; $6,000, 1946 to 1949; $7,000, 1950; $8,000, 1951 to 1953. and $9,000.
purchased by Estes, Payne & Co. of Topeka, at a discount of $190.00,
Dated Feb. 1, 1937.
Due $500
semi-annual
bonds
_
equal to 95.77, a basis of about 3.40%.
from Feb. 1, 1938 to 1946, incl.
WINFIELD,
on
that on the old issues.
to
Kan.—BOND OFFER¬
(P. O. Leavenworth), Kan.—BOND
SALE DETAILS—It is reported by T. J. Cahiil, County Clerk, that the
$25,000 bridge bonds purchased by Estes, Payne & Co. of Topeka, as
noted in these columns in December—V. 143, p. 3670—were purchased as
134s, at par, and mature from 1938 to 1942.
was
Interest
man,
ING—W. I. Ferrell, County Clerk, will receive bids until 10 a. m. Feb. 1,
for the purchase of $20,000 2% county poor relief bonds.
Denom. $1,000.
Dated Feb. 1, 1937.
Interest payable Feb. 1 and Aug. 1.
Due $2,000
LEAVENWORTH
same as
reached
$25,000 county road impt. bonds, Ozawkie-Valley Falls Road.
Due
$2,500 annually on Jan. 1 from 1939 to 1958, inclusive.
8,000 public work relief bonds.
Due Jan. 1 as follows:
$500 from 1938
to 1941, inc. and $1,000 from 1942 to 1947, inclusive.
Each issue is dated Jan. 1, 1937.
COUNTY
Rouge.
DISTRICT
SIMPSON SCHOOL DISTRICT (P. O.
Simpson), La .—BOND SALE
CONTEMPLATED—In connection with the $75,000 school construction
bonds approved by the voters on June 9, 1936, as noted here at that
time,
COUNTY
(P. O. Oskaloosa), Kan.—BOND SALE—
The $33,000 2% bonds offered on Jan. 22 were awarded to the Columbian
Securities Corp. of Topeka, at par plus a premium of $45.54, equal to
100.138, a basis of about 1.98%.
The sale consisted of:
JEFFERSON
LEVEE
MARTIN PARISH (P. O. St. Martinville), La.—BOND SALE
DETAILS—It is now reported by the Secretary of the Police Jury that the
$100,000 court house bonds purchased by Sutherlin & Scranton of New
Orleans as 3Ms, noted in these columns in December—V. 143,
p. 4038—
were sold at par and mature on Dec. 1 as follows:
$3,000, 1938 and 1939;
$4,000, 1940 to 1944; $5,000, 1945 to 1948; $6,000, 1949 to 1952; $7,000,
1953 and 1954, and $8,000 in 1955 and 1956.
receive bids until 10
JEFFERSON
Oct. 15, 1937.
Oct. 15, 1938.
ST.
a
near
on
RICHLAND PARISH (P. O.
Rayville), La.—BOND REFUNDING
SCHEDULED—The above parish will begin shortly the operation of re¬
more than $500,000 in road bonds.
Ambrose M. Smith of the
A. M. Smith-Wood Co. of New Orleans, announced the exchange of the
old bonds for the refunding bonds will begin early in
February at the
Rayville State Bank.
The average maturity of the old bonds would be
about seven years against an average of 15 years for the
refunding securities.
A decline in the assessments of parish made the
refunding necessary, in the
opinion of the police jury.
The coupons of the new bonds, it is said, will
be the
a $9,500 issue of 3% water works extension bonds,
Public Works Administration project, will be offered for
future. Due in a period of 19 years.
on
funding
by the City Clerk that
to be used on
Sept. 30, 1937.
Sept. 30, 1938.
Sept. 30, 1940.
on
(P. O. New Orleans), La.—BOND
OFFERING POSTPONED—Charles J. Donner, Secretary of the Board of
Levee Commissioners, informs us that because of possible unfavorable
effect of comment in the newspapers throughout the country
regarding
the floods, "although unrelated to local conditions,"
the sale of the
$3,784,000 refunding bonds scheduled for Jan. 28.—V. 144, p. 486—was
postponed.
.
BELLEVILLE, Kan.—BOND SALE DETAILS—It is reported by the
City Clerk that the $35,000 recreation center bonds purchased jointly by
Republic Mutual Fire Insurance Co., and the First National Bank,
here recently—V. 144, p. 646—were sold as
234s at par and mature $3,500 from 1938 to 1947, incl.
on
Due
Due
City, or at the State Treasurer's office in Baton
to cease on dates called.
1946; $1,500, 1947 to 1954;
The average annualiinterest cost to the dis¬
both of Belleville, as noted
on
Holders are to present the above bonds for redemption at the Manu¬
facturers Trust Co. of New York, the State's fiscal agency in New York
to
the
Due
Due
Due
On April 15:
informed by B. K. Orr, Superintendent
of Schools, that the $28,000 school bonds approved
will be offered for sale about June 1.
QUINCEY SEWER DISTRICT NO. 1 (P. O. De Quincey), La.—
JACKSON, La.—BONDS SOLD— It is stated by the Mayor that $30,000
4% semi-annual water system bonds have been purchased at par > by the
the City
m.
QUESTIONED—1The
through the issuance of $40,000
be floated.
BONDS OFFERED TO PUBLIC—A $57,000 issue of 5% % refudning bonds
is being offered by the Ernest M. Loeb Co., Inc., of New Orleans, for general
subscription.
Denom. $1,000.
Dated Oct. 1, 1936.
Due on Oct. 1 as
follows: $3,000. 1958 to 1961; $4,000, 1962 to 1964; $3,000, 1965; $1,000,
1966: $3,000, 1967; $4,000, 1968; $5,000, 1969; $3,000, 1971; $1,000, 1973;
$6,000, 1974, and $7,000 in 1975.
Prin. and int. (A. & O.) payable at the
Chase National Bank, New York.
Legal approval by Charles & Trauernicht of St. Louis, Mo.
(These bonds are said to be part of a total issue of
$114,000.)
Vvv,^
of the Board of Park
LEON, Iowa—BOND OFFERING—On Jan. 29 at 7:30 p.
Council will offer for sale the following two issues of bonds:
VALIDITY
LOUISIANA
DE
KEOTA, Iowa—BOND SALE— The $27,335.19 bonds offered on Jan. 25
—V. 144, p. 645—were awarded to the Oarleton D. Beh Co. of Des Moines.
The $19,335.19 special assessment street improvement bonds were awarded
on a bid of $10 over par for 5s.
The general bonds, $5,500 improvement
LE
Ky .—DEBT
Court of Appeals recently held that the above city must prove the validity
of the indebtedness which it seeks to refund
JOHNSON COUNTY (P. O. Iowa City), Iowa—BONDS OFFERED—
Bids were received until 10 a. m. on Jan. 29
by W. E. Smith, County
Treasurer, for the purchase of an $11,000 issue of not to exceed 4% semi¬
annual funding bonds.
Dated Jan. 1, 1937.
Due on May 1 as follows:
$1,000 in 1946 and 1946, and $9,000 in 1947,
The approving opinion of
Chapman & Cutler of Chicago will be furnished.
fund and
Jan. 30, 1937
JOHNSON
2.54%.
Dated Feb. 1, 1937.
Denom. $1,000.
Due Feb.
1
$10,000, 1940; $15,000, 1941; $10,000, 1942; $15,000, 1943;
1944; $15,000, 1945; $10,000, 1946; $15,000, 1947; $10,000,1948;
1949; $10,000, 1950; $15,000, 1951; $10,000, 1952; $15,000, 1953;
1954; $15,000, 1955; $10,000, 1956; $15,000, 1957; $10,000, 1958;
1959; $10,000, 1960; $15,000, 1961; $10,000 in 1962 and $15,000
follows:
$10,000,
$15,000,
$10,000,
$15,000,
in 1963.
Other bids
Bidder—
were
as
follows:
Int. Rate
Rate Bid
Mackubin,
Legg & Co., Mercantile Trust Co.,
Strother, Brogden & Co., Baker, Watts & Co. and
Stein Bros. & Boyce
Alex. Brown & Sons
Halsey, Stuart & Co., Inc
2%%
2% %
2%%
•
101.419
100.77
100.66
;
Volume
Financial
144
TAUNTON, Mass.—NOTE OFFERING—Lewis A. Hodges, City Treas¬
PThe bonds
are being reoffered by the bankers, as follows: The 1940 to
1952 Maturities are being offered at prices to yield from 1.50 to 2.45%,
according to maturity.
The 1953-1956 maturities are priced at 100 and
the 1957-1963 maturities at 99
The bonds are interest|exempt from all
present Federal Income taxes and tax free in Maryland.
.
f" PRiNCfe~"£EORGE%
Upper*Marlboro)7*MX=
COUNTY (P.IO.
BOND SALE—The $50,000 2% coupon school building bonds offered on
Jan. 25—Y. 144, p. 647—were awarded to the First National Bank of
Southern Maryland, of Upper Marlboro, at,a price of 100.50, a basis of
about 1.83%.
Dated Feb. 1,1937, and due Feb. 1 as^follows: $10,000 from
1938 to 1942, incl.
!
j
WICOMICOJCOUNTY (P. O. Salisbury), Md.—BONDJOFFERING—
Sealed bids addressed to the Clerk of the Board of County Commissioners
will be received until 3 p. m. on Feb. 2 for the purchase or $140,000 not to
exceed4% interest
coupon,
school construction bonds.
J. & J.
on
A certified check for 5%
Feb. 2 for the purchaseiat
issued by virtue and in pursuance of an order of the
the validity of which order has been approved by
Municipal Council,
Storey, Thorndike,
Palmer & Dodge of Boston.
The legal papers incident to this issue will
be filed with the above mentioned bank, where they may be inspected.
Notes will be delivered on or about Wednesday, Feb. 3, 1937, at the First
National Bank of Boston, 17 Court Btreet Office, Boston, Mass., for
Boston funds, and are payable in Boston at maturity.
Upon written re¬
quest to the City Treasurer, arrangements
of these notes in New York City.
as
Jan. 1 from 1952 to 1955, incl.
Interest payable
of the amount bid, payable to the order
of the County Treasurer, must accompany each proposal.
The approving
opinion of Carroll E. Bounds of Salisbury, and or Niles, Barton, Morrow &
$35,000 annually
urer, will receive sealed bids until 3 p. m. on
discount of $200,000 revenue anticipation notes of 1937.
Dated Feb. 3,
1937.
Denoms. $25,000, $10,000 and $5,000.
Due Nov. 17, 1937.
Bids will also be considered by telephone or telegraph.
These notes will
be engraved under the supervision of the First National Bank of Boston.
This bank will guarantee the signatures and will certify that the notes are
to principal only, series B public
Dated Jan. 1, 1937.
Denom. $1,000.
Due
registerable
813
Chronicle
will be made for the payment
Tax Collections
1936
1935
$1,439,552.79
$1,540,249.79
153,431.84
Year—
Levy—
Uncollected Jan. 26, 1937-—
330,698.94
Totai uncollected taxes prior to 1935, $25,570.50.
—
»
Yost of Baltimore will be furnished the successful bidder.
We
MASSACHUSETTS
Buy for Our Own Account
MUNICIPALS
MICHIGAN
ARLINGTON, Mass.—NOTE SALE—The issue of $400,000 notes of¬
on Jan. 25 was awarded to the Second National Bank of Boston, at
a premium of $3.25.
Due Nov. 5, 1937.
Other
fered
0.40% discount, plus
bids
were as
follows:
0.416%
—-—0.53%
incl. and $6,000 from 1958 to 1967 incl.
Other bids were
Day & Co. and Estabrook & Co., jointly
Tyler & Co., Inc.-..
19345
as
follows;
-
First National Bank of Boston
Brown Harriman & Co., Inc
Hornblower & Weeks,-—-
MICHIGAN
Rate Bid
V.
101.41
101.299
101.113
at
2%%
3%
100.89
100.389
-
-
ESSEX COUNTY (P. O. Salem). Mass.—NOTE SALE—The $950,000
described below, which were offered on Jan. 26, were awarded to the
Cape Ann National Bank of Gloucester:
notes
$700,000 tax anticipation temporary loan notes, dated Jan. 26, 1937 and
payable Nov. 5, 1937, on a 0.429% discount basis.
250,000 tuberculosis hospital maintenance loan notes, dated Jan. 26, 1937
and payable Jan. 26, 1938, on a 0.48% discount basis.
The Day Trust Co. of Boston was second high on both issues, bidding
0.433% on the larger loan and 0.493% on the smaller loan.
144, p. 487—will be sold to the Public Works Administration as 4s,
price of par.
a
BIG
RAPIDS, Mich.—BOND OFFERING—Barney Lasser, City Clerk,
sealed bids until 3 p. m. on Feb. 8 (to be opened at 1 p. m. on
Feb. 9) for the purchase of $55,000 3H% water revenue bonds.
Dated
Feb. 1, 1937.
Denoms. to suit purchaser.
Due Feb. 1 as follows: $1,500,
1938 to 1942 incl.; $2,500 from 1943 to 1947 inc.; $3,000,1948 to 1952 incl.;
will receive
$3,500 from 1953 to 1956 inql. and $6,000 in 1957.
The City Commission
the right to purchase $10,000 of the longer dated bonds, at the
bid price, for sinking fund purposes.
A certified check for 2% must accom¬
reserves
pany each proposal.
DETROIT, Mich.—OFFERINGS WAN TED—Edward M. Lane, Secre;
announces that the Board of Trustees of the Public School Teachers'
tary,
Retirement
IPSWICH, Mass.—NOTE SALE—R. L. Day & Co. of Boston have
an issue of $25,000 notes at 0.47% discount.
Dated Jan. 1, 1937
1,1937.
purchased
LEOMINSTER, Mass.—NOTE SALE—The $500,000
revenue
antici¬
pation notes offered
on Jan. 26—V. 144, p. 647—were awarded to the Mer¬
chants National Bank of Boston on a 0.41% discount basis.
Washburn
& Co. of Boston bid 0.43 %.
Dated Jan. 26,1937.
Due $100,000 Oct. 20.
1937, $200,000 Nov. 3, 1937, and $200,000 Nov. 22, 1937.
Other bids were as follows:
Faxon, Gade & Co
.
-
—
E. H. Rollins & Sons
-
(plus $1.50 premium)
-
0.51%
0.56%
0.58%
0.60%
MARION, Mass.—BOND SALE—The $145,000 coupon schoolhouse
bonds offered on Jan. 25—V. 144, p. 647—were awarded to the National
Bank of Wareham on a bid of 101.025 for l^s, a basis of about. 1.61%.
Whiting, Weeks & Knowles of Boston bid 100.90 for l^s.
Dated Jan. 15,
1937.
Due $10,000 yearly on Jan. 15 from 1938 to 1951, and $5,000,
15,
yield
of lip to
on
each offering.
GLADSTONE, Mich .—DEFEAT MLNICIPAL PLANT PROPOSAL—
proposal to issue $105,000 mortgage bonds to finance the construction of
municipal electric plant was defeated by a count of 426 to 147 at an
A
a
election held Jan. 19.
HARRISON, Mich.—BOND SALE—An. issue of $10,000 school building
Bank of Harrison.
Discount
-
-
First National Bank of Boston
to the fund
Sealed offerings will be received at the Secretary's
Feb. 2, and must remain firm until 10 a. m. the
following
day. Tenders to state the rate of interest, maturity date, dollar value and the
noon on
bonds has been sold to the Harrison State Savings
Bidder—
Whiting, Weeks & Knowles
Fund of Detroit invites offers for sale
$100,000 of city bonds.
office until
and due July
T. Tel. DET347
BARODA TOWNSHIP SCHOOL DISTRICT NO. 2 (P. O. Baroda),
Mich.—BOND SALE—The $22,000 school bonds offered on Jan. 16—
2%%
2H%
2%%
—
—
A. T.
Telephone CHerry 6828
Int. Bate
Bidder—
R. L.
1952.
I RON WOOD,
Mich.—BOND EXCHANGE PROGRESS—'The city hag
exchanged $298,000 refunding bonds of the total of $413,000 involved in
a plan of refunding approved last August by the State Public Debt Com¬
mission.
Aug.
1,
The
new
bonds bear
5% interest, dated Aug. 1, 1936 and mature
1951.
LAWTON, Mich.—BOND SALE—The $10,850 coupon, rdgisterable as
principal, sanitary sewer system special assessment bonds offered on
Ernest Coykendahl of Lawton
bidders.
Dated Jan. 15, 1937.
Due $2,170 yearly on Jan. 15 from 1938 to 1942.
to
Jan. 21—V. 144, p. 314—were awarded to
on a bid of par for 4s.
There were no other
TOWNSHIP SCHOOL DISTRICT NO. 6 (P. O. Michigan
Mich.—BOND OFFERING—Gladys F. Seward, District Secre¬
sealed bids until 2 p. m. on Jan. 30 for the purchase of
$28,000 not to exceed 4% interest refunding bonds.
Dated Feb. 1, 1937.
Due $2,000 annually on April 1 from 1941 to 1954 incl.
Principal and in¬
terest (A. & O.) payable at the Detroit Trust Co., Detroit.
A certified
check for $500, payable to the order of the district Treasurer, must accom¬
pany each proposal.
The approving opinion of Miller, Canfield, Paddock
LEONI
MEDFORD, Mass.—TEMPORARY LOAN—The First National Bank of
Boston has purchased an issue of $500,000 notes at 0.584% discount.
Due
Nov. 5, 1937.
MERRIMAC, Mass.—TEMPORARY LOAN—The First National Bank
of Boston has purchased an issue of $6,000 notes at
Sept. 23,1937.
0.61% discount.
Due
•
Center),
tary, will receive
& Stone of Detroit will be furnished
NEWBURYPORT, Mass.—NOTE OFFERING—Charles E. Houghton,
City Treasurer, will receive bids until 12:15 p. m. Feb. 1 for the purchase
at
DETROIT
0.465%
CAMBRIDGE, Mass.—BOND SALE—The issue of $200,000 coupon
sewer construction bonds offered on Jan. 29 was awarded to Burr & Co.,
Inc. of Boston, as 2%s, at a price of 100.545, a basis of about 2.46%.
Dated Feb. 1, 1937 and due Feb. 1 as follows; $7,000 from 1938 to 1957
Jan.
Cray, McFawn & Company
Discount
Bidder—
R. L. Day & Co
First National Bank of Boston,Merchants National Bank of Boston
discount of $300,000 revenue anticipation temporary loan notes, maturing
Nov. 5, 1937.
These notes will be payable at The Merchants National Bank of Boston
or at the Central Hanover Bank & Trust Co. of New York at the
option of
the holder, issued in such reasonable denominations as the purchaser may
desire and will be delivered at The Merchants National Bank of Boston
for Boston funds.
The Merchants National Bank of Boston will certify that the notes are
issued under the authority of an order of the City Council of Newburyport,
the*successful bidder.
ONAWAY (CITY OF)
AND ALLIS TOWNSHIP FRACTIONAL
SCHOOL DISTRICT NO. 2, Mich.—BOND OFFERING—Em est N.
Burt, District Secretary, will receive sealed bids until 1.30 p. m. on Jan. 29
the purchase of $14,000 4%% school bonds.
Dated Jan. 1, 1937.
1 as follows: $500, 1938 to 1948 incl.; $600, 1949 to 1954 incl.
for
Due Jan.
and $700 from 1955 to 1961 incl.
Bonds maturing in 1949
will be redeemable on 60 days' notice on or after Jan. 1,
interest date, at a price of 101, by
check for 5 % of the amount of the
and thereafter
1949, on any
lot, at the district's option.
A certified
bid must accompany each proposal.
MONROE COUNTY (P. O. Monroe), Mich.—SEEKS BOND TENDERS
the
—Sealed tenders for sale to the sinking fund, at not more than par and
incident to the issue will be filed with The Merchants National Bank of
Boston where they may be inspected.
interest, of county highway improvement refunding bonds dated May 15,
1932 and May 1, 1933, will be received by F. E. Gillespie, Clerk of the
Board of County Road Commissioners, until 11 a. m. on Feb. 23.
Offers
should be made in writing and fully describe the bonds offered.
legality of which has been approved by Storey, Thorndike, Palmer &
Dodge of Boston and that the signatures thereon are genuine. Legal papers
Financial Statement
Uncollected
1932—
1936---
-
—
-
-
-
-
-
-
Tax Levy
—$559,717.30
455,972.97
516,337.60
564,487.63
587,047.10
Jan. 25, *37
$154.66
235.75
248.00
80,788.56
169,732.04
Bonded debt, $711,274.91; 1936 assessed valuation, $12,729,760; Tax
1936, $45.40; Population, 14,815; Tax titles Jan. 1, 1937, $100,149.52;
loan outstanding against tax titles, $40,000.
rate
NEWTON, Mass.—NOTE OFFERING—Francis Newhall, City Trea¬
will receive bids until noon Feb. 1 for the purchase at discount of
$500,000 revenue anticipation temporary loan notes, payable Nov. 10
1937 at Boston of New York, at purchaser's option.
Notes made in reasonable amounts to suit purchasers, will be dated and
delivery made on next day after award at the office of the purchaser in
Boston.
New York delivery of notes will be one day later than Boston
delivery.
All Notes in Anticipation of Revenue of the City of Newton have the
following certificate, viz;—
"The Old Colony Trust Co. of Boston, Mass., hereby guarantees the
genuineness of the signatures hereon, and certifies that this is a note issued
by virtue and in pursuance of an order of the Board of Aldermen of the
City of Newton, the validity of which order has been approved by Messrs.
Ropes, Gray, Boyden & Perkins, of Boston, Mass."
surer,
NORFOLK COUNTY (P. O. Dedham), Mass.—NOTE OFFERING—
Ralph D. Pettingell, County Treasurer, will receive sealed bids until
11 a. m. on Feb. 9 for the purchase at discount of $400,000 tax anticipation
notes of the current year. Denoms. $25,000, $10,000 and $5,000.
Notes will be dated Feb. 9, 1937, and payable Nov. 10, 1937, at the
First National Bank of Boston, in Boston, or at the Central Hanover
Bank & Trust Co., in New York City.
Delivery will be made on or about
Wednesday, Feb. 10, 1937, at The First National Bank of Boston, 17
Court St. Office for Boston funds.
Said notes will be authenticated as to
genuineness and validity by The First National Bank of Boston, under
advice of Ropes, Gray, Boyden & Perkins, Boston, and ali legal papers
incident to this issue will be filed with said bank, where they may be
inspected.
PINCONNING, Mich.—BONDS SOLD—W. O. Olift & Son of Bay City
purchased a block of $30,000 water revenue bonds, being part of the
$50,000 for which all bids were rejected on Nov. 2.
have
issue of
RIVER ROUGE SCHOOL DISTRICT, Mich.—BOND OFFERING—
Board of Education, will receive sealed bids
Feb. 3 for the purchase of $70,000 not to exceed 4% interest
J. L. Schroer, Secretary of the
until 8 p. m on
coupon
school bonds.
Dated Nov. 2, 1936.
Denom. $1,000.
Due
$14,000 on Nov. 2 from 1937 to 1941 incl.
Principal and interest (M. & N.)
payable at the Manufacturers' National Bank, Detroit.
A certified check
for 2%, payable to the order of the District Treasurer, must accompany
each i roposal.
The district will furnish printed bonds and the legal opinion
of Claude H. Stevens of Berry & Stevens, of Detroit.
(The above issue was
originally offered for sale on Jan. 7.)
SPRING
LAKE, Mich.—BOND OFFERING—Anson
G.
Mulder,
Village Clerk, will receive sealed bids until 7:30 p. m. on Feb. 1 for the pur¬
chase of $40,000 not to exceed 4% interest coupon bonds, divided as follows:
$22,000 village hall bonds.
Dated Dec. 15, 1936.
Denom. $1,000.
Due
$1,000 annually from 1938 to 1959, incl.
Interest payable J. & D.
15.
The Public Works Administration has agreed to make a loan
of the same amount.
18,000 sewage disposal plant bonds.
Dated Dec. 31, 1936.
Denoms.
$2,000 ana $1,000.
Due as follows: $1,000 from 1937 to 1950,
incl., and $2,000 in 1951 and 1952.
Int. payable J. & J.
Both principal and semi-annual interest are payable
A certified check for 2% must accompany each proposal.
in Spring Lake.
WAYNE COUNTY (P. O. Detroit), Mich.—PWA TO PURCHASE
BONDS—The $802,000 4% garbage disposal system revenue bonds for
which no bids were received on Jan. 25—V. 144, p. 648—will be purchased
by the Public Works Administration.
from 1940 to 1949,
Dated Jan. 1, 1937 and due serially
inclusive.
WHITEWATER TOWNSHIP FRACTIONAL SCHOOL DISTRICT
1 (P. O. Williamsburg), Mich—BOND TENDERS SOUGHT—
NO.
J. N. Ragan, District Secretary, will receive sealed offers until 3 p. m. on
Feb. 15 for the sale to the district of $36,500 refunding bonds issued under
date of Feb. 1,1934.
The amount of bodds to be purchased will be deter¬
mined by the sum available for the purpose.
Offers to be made in writing
and to include price at which the bonds will be sold.
Financial
814
Jan. 30, 1937
Chronicle
check for $500, payable to the Village, required.
The village will furnish
the executed bonds and the approving legal opinion of Junell, Driscoll,
Northwestern
AGRICULTURAL HIGH SCHOOL DISTRICTJUNIOR COLLEGE DISTRICT (P. O. Moorhead), Minn.—NOTES
SOLD—It is stated by E. M. West, President, that $55,000 3^% semi-ann.
school notes have been purchased by Wiggins & Walton, of Jackson. Dated
Dec. 1, 1936.
Due in from one to 25 years. Legality approved by Charles
& Trauernicht, of St. Louis.
(A loan in like amount has been approved by
the Public Works Administration.)
SUNFLOWER
Minnesota, North and South Dakota, Montana,
Oregon, Washington
WELLS-DICKEY COMPANY
Teletype—Mpls287
Telephone—Minneapolis Atlantic 4201
Minneapolis.
Fletcher, Dorsey & Barker of
Municipals
Offerings Wanted*
LOUISIANA & MISSISSIPPI
MINNESOTA
MUNICIPALS
Minn.—CERTIFICATES SOLD—'The various issues of
certificates of indebtedness aggregating $42,700, offered for sale on Jan. 18—
Y. 144, p. 487—were awarded to local investors, according to the Village
Clerk.
Dated Jan. 18, 1937.
Due on Dec. 31, 1937.
BIWABIK,
Bond
election will be held
on
March
13 in order to vote
$250,000 in not to exceed 6% unemployment relief bonds,
not more than
Bell Teletype
ORLEANS, LA.
Raymond 5409
N. 0> 182
maturing in
20 years.
FILLMORE
COUNTY
COMMON
SCHOOL
DISTRICT
NO.
INDEPENDENT
SCHOOL
DISTRICT
NO.
Houston), Minn.—BONDS DEFEATED—At the election held
15
(P. O.
Jan. 18
on
—V.
144, p. 488—the voters defeated the issuance of $40,000 in school
bonds, according to the Clerk of the Board of Education.
HUTCHINSON SCHOOL DISTRICT (P. O. Hutchinson), Minn.—
are informed by the District Clerk that sealed bids
BOND OFFERING—We
will be received until Feb. 10 for the
purchase of $175,000 3% semi-annual
Due as follows: $9,000, 1940 to 1944, and $10,000,
1945 to 1957, all inclusive.
These bonds were approved by the voters at the election held on Jan. 19
by a vote of 894 to 148.
school building bonds.
KITZVILLE, Minn.—BOND ELECTION—A proposal to issue $20,000
system bonds will be voted upon at an election scheduled for Feb. 15.
sewer
MINNEAPOLIS, Minn.—FINANCIAL STATEMENT—'The following
official information is furnished in connection with the offering scheduled
for Feb. 2, of the two issues of coupon or registered bonds aggregating
$825,000, described in
our
issue of Jan. 23—V. 144, p.
Bonde~d~Indebtedness
^
as
of Jan.
652^_>><_ii<i>iiBi>i__<^^
L 1937
(Does not include bonds offered for sale but
Other general obligation bonds
HARRISON COUNTY (P. O.
Gulfport), Miss.—BONDS NOT SOLD—
The County Supervisors recently rejected bids for two issues of bonds,
aggregating $309,000.
HINDS
COUNTY
AGRICULTURAL HIGH
SCHOOL-JUNIOR
COLLEGE DISTRICT (P. O. Jackson) Miss.—NOTE SALE—A syndi¬
composed of Lewis & Thomas, of Memphis, the Deposit-Guaranty
& Trust Co., the Capital National Bank, and the Jackson State
Bank, all of Jackson, is said to have purchased $46,000 3%
semi-ann. notes.
Denom. $1,000.
Dated July 1, 1936. Due $1,000 from
cate
Bank
National
1961.
1937 to 1940, and $2,000, 1941 to
COUNTY (P. O. Columbia), Miss.—BOND OFFERING—
T. H. Barnes, Clerk of the Board of Supervisors, will receive bids until
1 p. m. Feb. 1 for the purchase of $34,000 refunding bonds, to bear interest
at rate determined upon at time of sale. Due over a period of 10 years.
MARION
MISSISSIPPI, State of—BOND OFFERING CONTEMPLATED—It
reportedfthat the State Bond Commission plans to offer in the near
$1,500,000 of highway bonds and will also determine shortly the
total of bonds to be called for redemption on April 1, when surplus gasoline
tax revenuejwillJbe>vailable.
The Commission has sold $10,600,000 under
thell936 authorization for a $42,000,000 highway construction program.
The State Highway Commission is said to have requested the State Bond
CommissionJtoioffer $1,500,000 in bonds at its next sale.
is
future
OKTIBBEHA COUNTY SUPERVISORS DISTRICT NO. 5 (P. O.
Starkville) Miss.—BOND SALE DETAILS—'The $10,000 4^% semi-ann.
not'issued)"
Funded debt after payment of bonds due Jan. 1, 1937:
School bonds...
$18,705,173.72
Public relief bonds
7,950,000.00
Water works bonds
3,047,000.00
Local improvement bonds—Assessed locally
Assessed at large
MISSISSIPPI
130
(P. O. Granger), Minn.—BOND SALE—The $4,000 issue of school bonds
on Jan. 9—V. 144, p. 314—was purchased by the Granger
State Bank of Granger as 2Ms, according to the District Clerk.
Due
from Dec. 15, 1937 to 1951.
offered for sale
HOUSTON
NEW
thai
the issuance of
on
NATIONAL BANK
WHITNEY
—_
DULUTH, Minn .—BOND ELECTION—The City Attorney states
an
Department
refunding bonds purchased by Saunders & Thomas, of Memphis, as noted
in these columns|in December—V. 143, p. 3671—were sold as 4s at par,
and mature $500 annually over a 20-year period adcording to the Clerk
of the Chancery
5,623,013.26
1,778,786.74
29,681,441.28
Court.
$66,785,415.00
Self-supporting debt—Water works bonds.
Sinking fund
$5,447,395.01
Less amt. for water bonds.
329,910.11
BONDS
MISSOURI
Deductions to determine net city debt burden:
$3,047,000.00
County & Town Issues
Markets in all State,
5,117,484.90
8,164,484.90
Net city debt burden
Additional deductions per Minnesota laws:
Assessed portion of local improvem't bonds.
$58,620,930.10
SCHERCK, RICHTER COMPANY
$5,623,013.26
"
■LANDRETHJBUILDING, ST.|LOUIS. MO.
Miscell. outstanding bonds..$8,730,823.12
Less sinking fund reserve
605,088.44
9,335,911.56
MISSOURI
14,958,924.82
Net indebtedness per Minnesota law
Permissible legal indebtedness—10% of valuation
determination
$43,662,005.28
for debt
Legal margin for add'l issues per Minnesota law
Over-lapping debt—Hennepine County only—
Debt outstand'g Jan. 1,1937 (less sink, fd.) $2,073,163.34
Resultant addition to city debt burden (approx. 32%)
Add'l bonds required to complete the Minneapolis-St. Paul
sewage project by Dec.. 1937 (approximately)
Casn BalanCb from Prior
other
than
poor
relief,
$54,114,888.20
10,452,882.92
1,907,310.27
1,925,000.00
Year—*Operating income of 1935 for city
exceeded
expenditures
by
purposes,
$245,885.51,
and
the
unencumbered cash balance at the close of 1935 for all funds exceeded the
corresponding balance at the close of 1934 by $1,160,188.26.
as of the close of 1936 is not now available.
Corresponding
information
Cash Balance, Jan.
1, 1937—
$8,818,855.00
8,625,600.00
Floating Debt—The floating debt of the city consists of current bills and
payrolls and of a bond anticipation loan of $57,645.00, payable April 1,
Surplus city cash in Minneapolis banks and in city treasury..
Collateral coverage at that date was
1937.
Not included above.
Tax Collection—The general tax on property in the city for city purposes
payable in 1936
was
$19,093,324.38.
During the
year
1936 the city received
from such levy $16,444,451.73 and from levies for prior years $2,943,040.64,
total for the year
of $19,387,492.37 or $294,167.99 more than the amount
levied for payment during the year.
The corresponding general property tax for the preceding year was
$20,487,951.37, and tax receipts by the city amounted to $18,781,463.58,
resulting in a shortage of $1,706,487.79.
Tax delinquency as of Jan. 1, 1937— definite information not available
at the present time.
a
MINNESOTA, State of—BOND BILL INTRODUCED—A bill is said
18, providing for the Issuance
$17,000,000 in State relief bonds, to be issued as follows: $6,250,000 a
year for two years, beginning July i, for direct relief, work relief and un¬
employment relief.
Also, $2,000,000 would be made available at once for
the aid of farmers in drought areas and $2,500,000 for the fiscal year to
match Federal grants for public works.
It is reported that another bill was introduced in the House, to provide
relief up to July 1, calling for a sum of $2,000,000.
to have been introduced in the House on Jan.
r^CAPE GIRARDEAU, Mo.—BOND SALE—The $55,000 issue of park
bondsJoffered for sale on Jan. 25—V. 144, p. 648—was awarded to Baum,
Bernheimer & Co. of Kansas City, and associates, as 2%8, paying apremium
of $710, equal to 101.29, according to the City Attorney.
Dated March 1,
1937.
Due serially in from two to 12 years.
JOPLIN, Mo.—BOND ELECTION POSTPONED—It is stated by the
City Clerk that the election scheduled for Feb. 2 to vote on $50,000 bonds,
144, p. 649—has been postponed to
Feb. 16.
The issues are as follows:
$45,000 fire equipment, and $5,000
noted in these columns recently—V.
police radio system bonds.
made a joint purchase on Jan. 26 of $760,000 various purpose bonds as
234s., at 100.102, a bisis of about 2.74%.
Due on Feb. 1 as follows:
$25,000, 1939 to 1958: $15,000, 1959 to 1962; $20,000, 1963 to 1968 and
$10,000, 1939 to 1975.
LADUE-DEER
of
an
issue of $90,000 3% bridge construction bonds.
POLK
COUNTY
INDEPENDENT
SCHOOL
DISTRICT
NO.
3
(P. O. East Grand Forks), Minn.—BOND OFFERING—It is stated by
A. E. Allen, District Clerk, that he will receive sealed and oral bids at
7.30 p. m. on Feb. 16, for the purchase of a $15,000 issue of school bonds.
Interest rate is not to exceed 4J^%, payable F. & A.
Denom. $1,000.
Dated Feb. 1,1937.
Due on Feb. 1 as follows: $1,000 in 1940, and $2,000,
1942 to 1947.
Payable at any suitable bank or trust company designated
by the purchaser.
The approving opinion of Junell, Driscoll, Fletcher,
Dorsey & Barker, of Minneapolis, will be furnished.
A certified check for
$500, payable to the District, must accompany the bid.
ROCHESTER, Minn.—MATURITY—It is now reported by the City
Clerk that the $10,000 3% semi-ann. permanent improvement, revolving
fund bonds purchased by the Sinking Fund Commissioners, at a price of
103.32,
as
noted here recently—V. 144, p. 648—-are due $1,000 on July 1,
1937, and $1,000 Jan. and July 1 from 1938 to Jan. 1,1942, giving a
about 1.74%.
basis of
RUTHTON, Minn.—BOND OFFERING—N. R. Madsen, Village Re¬
corder, will receive bids until 7 p. m. Feb. 5 for the purchase of $11,000
water boDds.
An oral auction will follow opening of the sealed bids.
Bonds
are to bear interest at rate not exceeding 3H%.
Denom. $500.
Dated
Feb. 1, 1937.
Principal and semi-annual interest payable at any suitable
bank or trust company designated by the purchaser.
Due yearly on Feb. 1
as follows: $500, 1939 to 1954, and $1,000, 1955, 1956 and 1957.
Certified
SANITARY
CREEK
DISTRICT
SEWER
(P.
O.
Ladue), Mo.—BOND SALE DETAILS—We are now informed that the
$275,000 direct obligation sewer system bonds purchased by Blyth & Co.
of New York; Stix & Co., and Stifel, Nocilaus & Co., both of St. Louis,
jointly, as 23^8, at 100.39, as noted here recently—V. 144, p. 315—are coup¬
on bonds, dated Feb. 1, 1937.
Denom. $1,000.
Due from Feb. 1, 1939 to
1957 incl., without option.
Prin. and int. F. & A. payable at the Mississippi
Valley Trust Co., St. Louis.
Legality to be approved by Charles & Trauer¬
nicht of St. Louis.
ST.
CHARLES
BONDS
SCHOOL
VOTED—At
DISTRICT
election
the
(P.
held on Jan.
O.
Charles), Mo.—
St.
23—V.
144, p. 488—the
approved the issuance of $130,000 in school building and improve¬
ment bonds.
It is said that the bonds are to be issued in conjunction with
a Public Works Administration grant of $106,000.
/
voters
WAYLAND TOWNSHIP
of
POLK COUNTY (P.O.Crookston), Minn.—BOND OFFERING—Henry
J. Welte, County Auditor, will receive bids until Feb. 17 for the purchase
♦
KANSAS CITY, Mo.—BOND SALE— We are informed that Graham,
Parsons & Co. of New York, and Stranahan, Harris & Co., Inc., of Toledo,
(P.
Prairie Hill) Mo.—BOND SALE—
Clerk, that $10,000 2H% semi-ann.
3t
Valley Trust Co. of
O.
It is stated by W. A. Colley, Township
road bonds have been purchased by the Mississippi
St. Louis. Dated Oct. 1, 1936.
MONTANA
FERGUS
COUNTY
SCHOOL
DISTRICT
NO.
27
(P.
O.
Grass
Range), Mont.—BOND OFFERING—H. W. Mackey, Clerk of the Board
will receive bids until 8 p. m. Feb. 24 for the purchase of
$4,000 bonds on eitherjan amortization or serial basis. The bonds, whether
amortization or serial|bonds, will be dated Jan. 1, 1937, will bear interest
at a rate not to exceed 6%, payable semi-annually on Jan. 1 and July 1,
and will be redeemable on any interest payment date, beginning five years
after date of issue. Certified check for $250, required.
of Trustees,
LINCOLN COUNTY SCHOOL DISTRICT NO. 4 (P. O. Libby)
Mont.—BONDS DEFEATED—It is stated by the District Clerk that at
the election held on Dec. 19 the voters failed to give the required majority
to
a
proposal to issue $40,000 in school building bonds.
NEBRASKA
ALLIANCE
SCHOOL
DISTRICT
(P.
O.
Alliance)
Neb.—BOND
EXCHANGE—It is stated by H. R. Partridge, Superintendent of Schools,
refunding bonds will be exchanged for the original bonds now
outstanding, with the individual holders.
that $40,000
DODGE, Neb.—BOND ELECTION—The city will hold an election on
Feb. 5 to vote on the question of issuing $20,000 auditorium construction
bonds.
GENEVA, Neb.—BOND SALE—We are informed by the City Clerk
coupon fire apparatus bonds have been purchased at par
Geneva State Bank, of Geneva.
Denom. $1,000, one for $500.
that $3,500 3%
by the
Dated
Nov.
1,
Interest payable
Due
M. & N.
1936.
on
Nov.
1,
1956, optional
on
Nov. 1,
1941.
Volume
Financial
144
NEBRASKA
Newark, recently purchased $450,000 4H% general and water refunding
bonds, issued under Chapter 77, P. L. of 1935, as amended, with the
'cash basis" clause, which makes mandatory the future operations of the
municipality on a cash basis. The bonds are part of a total authorization of
$2,400,000, the balance having been exchanged for indebtedness originally
outstanding.
Principal and Interest (M. & N.) payable at the Irving
Trust Co., New York City, or at the Peoples Bank, Hawthorne. The bonds
are payable from unlimited ad valorem taxes to be levied on all the Borough's
taxable property. Legality approved by Hawkins, Delafield & Longfellow
of New York City.
BONDS
MUNICIPAL
OMAHA, DOUGLAS COUNTY, LINCOLN
AND
OTHER
NEBRASKA ISSUES
The National company
OF
A. T. & T. Teletype OMA 81
NEBRASKA
J
NEBRASKA, State of—MUNICIPAL BOND ISSUANCE BILL IN¬
TRODUCED—A dispatch from Lincoln to the "Wall Street Journal" of
26 had the following to say in regard to a proposed change in municipal
bond issuance and retirement:
/
"A bill has been introduced into the Nebraska legislature revamping in a
Jan
.
large
measure the present system
of issuing and retiring municipal bonds.
The Act if passed would not apply to cities operating under home rule
charters.
The bill provides that all bonds hereafter issued by the govern¬
ing bodies of municipalities shall be serial and optional at
any
time after
five years from the date of issue, and must be amortized over a period of
25 years.
Bonds must be sold solely upon the basis of the rate or interest
paid without premium for not less than
par
and for not more than 101."
GENEVA, Neb.—BONDS SOLD—The Geneva State Bank purchased
in 1936 an issue of $3,500 water bonds.
MILLARD, Neb.—BONDS SOLD—A $7,000 issue of refunding bonds is
reported to have been purchased recently by the Farmers State Bank of
Millard.
NORTH RIVER IRRIGATION DISTRICT (P. O. Oshkosh) Neb.—
DETAILS—In connection with the sale of the $192,277
refunding bonds to the State, noted in these columns in December—V.
143, p. 4041—it is stated by the District Secretary that the bonds were sold
as 2 Ms at par, and mature serially for 20 years, beginning in
1940, optional
BOND SALE
after five years.
RICHARDSON
Falls
COUNTY
DISTRICT NO.
DRAINAGE
6
(P.
O.
City) Neb.—BONDS SOLD—It is reported by the Attorney for the
District that $13,000 drainage bonds have been sold to the First National
Bank, of Falls City, as 3.70s. (A loan of $23,000 for drainage purposes has
been approved by the Public Works Administration.)
NEVADA
awarded
488, mature
on
as
Jan. 12 to the First National Bank of Reno—V. 144, p.
follows:
$35,000 street improvement bonds, sold at a price of 100.317, are due
$2,000 on Jan. 1, 1938, and $3,000 each Jan. 1 from 1939 to 1949,
inclusive.
25,000 water system bonds, sold at 100.31, are due Jan. 1 as follows:
$1,000 in 1938, and $3,000 from 1939 to 1946, inclusive.
NEW
HAMPSHIRE
CONCORD, N. H.—NOTE SALE—The $300,000 revenue anticipation
temporary loan notes offered on Jan. 28—V. 144, p. 649—were awarded to
Ballou, Adams & Whittemore of Boston on a .679% discount basis.
Notes
are dated Feb. 1, 1937, and payable $100,000 Dec. 2,
1937, $100,000 Dec.
7, 1937, and $100,000 Dec. 10, 1937.
The National Shawmut Banklof
Boston bid .77% discount.
f*
CONWAY, N. H.—BOND SALE—Mansfield & Co. of Hartford recently
purchased an Issue of $22,000 2 H% village fire district waterworks improve¬
bonds, dated Jan. 15, 1937 and due $2,000 annually on Jan. 15 from
1938 to 1948 incl.
Principal and interest (J. & J. 15) payable at the First
National Bank of Boston. Legality approved by Storey, Thorndike, Palmer
ment
&!Dodge of Boston.
Statement of
Indebtedness
Water bonds
General bonds—Term serial.
Temporary bonds
Nop. 30, '36
$2,272,000.00
1,687,000.00
*142,000.00
Less sinking fund.
$4,101,000.00
240,162.55
193562
*
$3,860,837.45
paid from surplus moneys in the
To be refunded by this issue or to be
sinking fund.
Indebtedness of Morrislon School District
Oct. 31, *36
School bonds...
Tax Rate
/
Real
Personal
Total
$18,050,386
18,091.628
17,825,553
17,638,307
16,986,116
16,451,551
_
1936..
$1,733,600
1,694,950
1,414,200
1,364,900
1,291,320
1,371,565
$19,783,986
19,786,578
19,239,753
19,003,207
18,277,436
17,823,116
Population, 1930 Federal
193
15,197.
census,
Total
Cash ColVns
Current
Levy
$984,798.17
1032,029.51
792,609.35
835,950.14
859,827.55
884,164.78
1933
*
During Levy
Year
$666,248.78
619,746.29
488,108.99
542,572.84
579,335.33
*584,967.20
Delinquent
Close of
Delinquent
Levy Year
Nov. 30,'36
$307,191.18
$1,307.67
396,o37.67
9,100.08
294,657.45
49,561.87
282,641.46
87,624.82
259,387.92
147,465.79
%
68
60
62
65
67
66
—
......
Nov. 30. 1936.
Delinquent Tax Title Lien Collections
Toi.
Delinq.
Collections ft
of Jan. 1
$339,660.11
420,785.92
588,577.63
599,674.01
623,531.91
553,890.07
as
1933
1934...
Total Tax
During Year\
$225,499.11'
227,023.10
279,026.29
258,631.40
272,046.43
*234,878.94
%
66
54
47
43
44
42
Cash
Title Liens
Cash
Taxes
Year—
*
{per $100)
$4.98
5.25
4.09
4.37
4.69
4.96
Current Tax Collections
Year—
*
|i$998,000.00
;
Assessed Valuation and Tax Rates
Year—
1935.
ELKO, Nev.—BOND SALE DETAILS—'The $60,000 3% bonds which
were
119933264524
*
MORRISTOWN, N. J .—FINANCIAL STATE tENT—The following
is given in connection with the award on Jan. 12 of $125,000 improvement
funding bonds of 1936 to Adams & Mueller of Newark, as 2%s, at ajprica
of 100.03, a basis of about 2.24%—V. 144. p. 489:
OMAHA
First National Bank BIdg-
815
Chronicle
Collections
Jan. 1 During Year
$36,989.94
$11,264.30
31,138.74
4,955.09
30,436.16
1,553.63
32,261.93
3,889.53
31,391.45
18,183.79
91,572.06
*20,793.51
as of
Nov. 30, 1936.
PATERSON, N. J.—DETAILS OF BONDED DEBT—A detailed account
of the city's entire bonded debt outstanding as of Dec. 31, 1936, has been
prepared for distribution by Stephen P. Radics, City Comptrollert
The
loans are classified as to purpose of issue, interest rate and the amount of
principal due in each year.
A record of water bonds (obligations of the
Passaic Valley Water Commission) is also given.
According to the sum¬
mary, the amount of bonds outstanding on Dec. 31 last aggregated $32,812,014.28, consisting of $26,790,614.28 of general obligations and a school
debt of $6,021,400.
The general debt is made up of $14,278,000 water;
$5,015,586.37 improvement; $378,750 emergency relief;
$5,548,277.91
designated various, and $1,570,000 of term bonds.
*
H. L.
PRINCETON, N. J .—BOND OFFERING—Edgar C. Warren, Borough
Clerk, will receive sealed bids until Feb. 16 for the purchase of $750,000
sewer bonds of 1937. Dated March 1, 1937. Denom. $1,000.
Due Dec. las
follows:
$25,000, 1937; $30,000 from 1938 to 1957 incl. and $25,000 from
1958 to 1962 incl.
Bidder to name an interest rate of not more than 5%,
expressed in a multiple of K of 1%. A certified check for 2% is required.
Legality to be approved by Hawkins, Delafield & Longfellow of New York
City.
Alle||& Company
New Jersey
Afctupipal Bonds
TelephouKR^Iror 2-7333
A. T. & T.
Tta$e
RARITAN
N. Y. 1-528
following
Rippel &
refunding
—V. 144,
New York
100 Broadway
MUNICIPAL BONDS
New Jersey
and General Market Issues
WILLIAM STREET, N. Y.
A. T. A.
T.I N. Y
1-730
Telephon
:
Financial Statement
(As officially reported Dec. 15, 1936. and revised to give effect to com¬
pletion of recent refunding.)
Assessed valuation, 1936
$11,741,677.00
Gross debt
2,467,931.80
Less water debt
$314,000.00
B. J. Van Ingen & Co. Inc.
•7
TOWNSHIP, N. J.—FINANCIAL STATEMENT—'The
S.
Co. of Newark and associates of $560,000 4M% funding and
bonds at prices to yield from 2% to 4.50%, according to maturity
p. 489:
is given in connection with the recent public offering by J.
John 4-63S4
Newark Tel.: Market 3-3124
—
Floating debt.
None
;
-
Net debt
-
————
Population, 1930 census.
Present (estimated)
—
2,153.931.80
_
10,025
_■
15,000
The above statement does not include the debt of the Township of Raritan
School District of $417,600 nor the debt of any other political sub-division
having power to levy taxes on the property within the township.
$25,000 City of Paterson, N. J.
*
INCORPORATED
Raymond Blvd., Newark
MArket 3-1718
New York Wire:
A
T
REctor 3-3056
&
T.
NWRtC
Teletype
34
NEW
BERGEN
COUNTY
Board
of
(P.
O.
J.—PLANS
BOND
passed on first reading recently an
ordinance providing for the issuance of $400,000 in general improvement
bonds.
CAMDEN, N. J.—BONDS CALLED—Clay W. Reesman, City Clerk,
that several series of A)4.% interest tax refunding bonds, in
announces
accordance with the city's option, have been called for payment at par and
accrued interest to the date of redemption, and will be redeemed upon
presentation at the First Camden National Bank & Trust Co., Camden.
The call involves the following bonds, the call date being given in each
instance:
.
On March 1, 1937:
Series A bonds of $1,000 each, dated Sept. 1, 1934,
and numbered as follows:
1-18 , 21-38, 41-63
66-87
91-112, 116-138,
,
,
141-167, 171-177, 179-197, all incl. Principal amount called is $179,000.
On March 15, 1937: Series B bonds of $1,000 each, dated Sept. 15, 1934,
1-19, 21-39, 41-58 61-83 86-109, 111-132, 136162,166-193, all incl. Principal amount called is $181,000.
On March 30, 1937:
Series C refunding bonds of $1,000 each, dated
Sept. 30, 1934, and numbered as follows: 1 to 194 incl., involving a prin¬
cipal amount of $194,000.
,
,
HAWTHORNE, N.,J.—BOND SALE—A syndicate composed of B. J.
Van Ingen & Co., Inc.; Schlater, Noyes & Gardner,
Inc.; H. L. Allen &
Co., all of New York; C. A. Preim & Co. and C. P. Dunning & Co., both of
174,825.34
315,689.79
28.58
53.24
Tax title liens outstanding,
Dec. 15, 1936, $712,435.56.
Cash receipts
from all sources from Jan. 1 to Dec. 15, 1936 amount to $630,537.77.
The township officials, the bankers report, advise that there have not
been any outright defaults in principal, that in some instances the principal
proximately 33 1-3%.
N.
Freeholders
and numbered as follows:
Outstand'g
Outstand'g
Dec. 15, '36 Dec. 15, *36
$116,640.40
18.37%
138,483.14
22.64
with the consent of the bondholder and
that there has not been any default in interest payments. Moreover, they
advise that the percentage of assessed valuation to a fair value is ap¬
JERSEY
Hackensack),
Collected
41.20%
43.01
45.54
46.76
To Dec. 15.
of bonds falling due was extended
SALE—The
Per Cent
Levy
of Levy
$634,617.09 $261,929.56
1934
611,634.15
263,113.53
1935----- 611,581.47
278,544.05
1936
592,931.34 *277,499.38
Colyer, Robinson $ Company
Per Cent.
Amount
in Year
Total
Year—
6s, due October, 1945-47
To Yield 3.40%
1180
Tax Collections
Collected
Through this financing, all floating.debt, all State
full.
and county taxes and all school taxes to date have been paid in
SADDLE RIVER, N. J .—BOND SALE—The Township Committee has
an issue of $133,000 4% funding bonds to J. S. Rippel & Co. of Newark.
sold
SEA GIRT, N. J.—BOND SALE—The Issue of $75,000 coupon or
registered sewage improvement bonds offered on Jan. 25—V. 144, p. 489
—was awarded to B. J. Van Ingen & Co. of New York on a bid of $75,637.50, equal to 100.85, for 3Ms, a basis of about 3.63%.
The First Na¬
tional Bank of Spring Lake bid par for 4s.
Dated March 1, 1937.
Due
$5,000 yearly on March 1 from 1938 to 1952, inclusive.
SOUTH
ORANGE
AND
MAPLEWOOD
SCHOOL
DISTRICT
(P, O. South Orange), N. J .—BOND OFFERING—Margaret M. Pryor,
District Clerk, will receive sealed bids at the Columbia High School, Maplewood, P. O. address South Orange, until 8 p. m. on Feb. 8 for the purchase
of $80,000 2H, 2H, 2M, 3, 3M, 3H. 3%, 4.4M or 4^% coupon or reg¬
istered school bonds.
Dated Jan. 1, 1937.
Denom. $1,000.
Due $5,000
annually on Jan. 1 from 1939 to 1954 incl.
Prin. and int. J. & J. payable at
the Guaranty Trust Co., N. Y. City.
A certified check for 2 % must accom-
£any each proposal. City.
Legality to be approved by Hawkins, Delafield &
ongfellow of N. Y.
UNION COUNTY (P. O. Elizabeth), N. J.—PROPOSED BOND
OFFERING—Arthur N. Pierson,
County Treasurer, reports that an
offering will be made the latter part of February of $500,000 refunding
816
Financial
Chronicle
Jan. 30, 1937
bonds, the proceeds to be applied to the payment of bond principal maturing
& Co. of New York on a 1.10% Interest basis, plus a
Dated Feb. 15, 1937 and due Feb. 15, 1938.
from*1948 to 1959 incl.
m
in the present year.
The new bonds will be dated March 1,1937.
Denom.
$1,000.
Due as follows:
$20,000 from 1938 to 1947 incl., and $25,000
National
Principal and interest (M. & S.) payable at the
Legality to be approved by Reed.
Bank of Elizabeth.
State
Hoyt & Washburn of New York City.
WOODBRIDGE TOWNSHIP. N. J.—FINANCIAL STATEMENT—
1935—
Pursuant to the recent public offering by J. S. Rlppel & Co. of Newark
and associates of $1,384,000 4H% funding and general refunding bonds on
a
yield basis of from 2% to 4.50%—V. 144, p. 489.
The bankers released
the following data bearing on the township's debt status:
Financial Statement
Officially Reported Dec. 31, 1936
as
Assessed valuation 1936
Total debt
Less: Sinking funds..
Net debt
$20,163,694
5l919|400
-
Population:
67,000
....
5,851:900
-
1920 census, 13,423; 1930 census, 25,266;
present estimated
population, 27,500.
The above statement does not include the debt of the school district, in
the amount of $1,223,000, nor the debt of any other political subdivision
having
power to
levy taxes on the property within the township.
■
Year—
1932...
1933
1934......
Cash Collections
Tax LevyM
During Year
..$1,189,094.77
1,158,782.60
1,352,332.48
1,209,865.42
1936—.— 1,397,100.40
$627,061.97
453,717.36
677,404.82
572,148.82
758,139.20
-
Outstanding
Dec. 31.1936
%
52.73
39.15
50.09
47.29
54.27
>
$34,060.^8
80!498.86
$74,461.22
-1,862,522.92
taxes..........
Delinquent taxes
Tax title liens..—
Assessments
Assessment liens
Total taxes and assessments collected
1936 levy
....
......
....
...
....
■
......
Surplus
No floating debt.
State and county taxes paid in full.
paid to Dec. 31, 1936.
NEW
2.1
6.95
11.84
17.03
45.73
160,102.50
205,979.90
638,961.20
Total uncollected taxes prior to 1932
Tax title liens outstanding Dec. 31, 1936
Cash Receipts 1936—Current
$758,139.20
382,682.46
270,827.55
72,712.18
48,813.92
1,533,175.31
1,397,100.40
136,074.91
School district
of $40,000 coupon,
imposed under the provisions of Article 2 of the Tax Law, for the refund of
which the city is liable.
A certified check for $395, payable to the order
of the city, must accompany each proposal.
The approving opinion of
Clay, Dillon & Vandewater^oi New York City will be furnished the success¬
valuationlof the real property of Baid city subject to taxa¬
tion as it appearsion the last preceding city assessment roll is $38,867,•
280.00 and the totalfcontract debt of said city, including the issue now offerred isJI1,323,770.59. Deducting $408,570.00 water debt, the net debt is
$915,200.59. There is no overlapping indebtedness.
city (1930 census) was 23,122.
Total amount of taxesjlevied for the preceding three fiscal years: 1933 for
use:
City, $593,332.59; school, $260,060.96.
1934 for 1935 use:
City. $607,807.84: school, $281,459.24.
1935 for 1936 use: City, $474,998.85; school, $320,214.83.
Amount of such taxes uncollected at the end of each of said fiscal years:
,
City, $96,432.44; school, $31,763.18. 1935: City, $98,416.76; school,
$33,059.66. 1936: City, $52,595.91; Bchool, $20,791.89.
Amount of such taxes uncollected as of Jan. 20, 1937:
1934: City, $49,429.82; school, $10,792.56.
1935: City, $59,976.22; school, $15,935.05.
1936: City, $52,595.91; school, $20,791.89.
..
Taxes levied in 1936 for the fiscal year beginning Jan. 1, 1937, amount
to:
City, $550,074.06; school, $315,047.05, of which, city $453,766.53,
school $2,199.42 has been collected.
Said city taxes became delinquent
Oct. 9, 1936, and said school taxes become delinquent Feb. 2, 1937.
1937 school taxes are not due until Jan. 2, 1937.
1934:
_
MENTZ, MONTEZUMA, BRUTUS, CONQUEST,
fully registerable,
general
obligation,
unlimited tax, public works bonds.
Bidders are to name rate of interest,
in a multiple of H% or 1-10%, but not to exceed 6%.
Denom. $1,000.
Dated Feb. 1, 1937.
Principal and semi-annual interest (Feb. 1 and
this issue should
mail their
bids at
least 24 hours earlier than usual, because under the winter schedule mail
leaving New York one afternoon is not delivered at Piseco until late the
next evening.
CHERRY VALLEY, N. Y.—BOND SALE—The $13,500 water system
improvement bonds offered on Jan. 25—V. 144, p. 490—were awarded to
the Otsego County National Bank of Cherry Valley on a bid of par for 2 Ms.
Roosevelt & Weigold of New York bid 100.32 for 3 Ms.
Dated Feb. 1,1937.
Due on Aug. 1 as follows: $1,000 1939 to 1951, and $500 in 1952.
COHOES, N. Y.—FINANCIAL STATUS IMPROVED—An improve¬
ment in the
city's financial condition is reflected in the report of operations
during the past calendar year.
Bills unpaid at the close of 1936 totaled
only $3,025.36, compared with $117,235.89 at the end of 1935.
The city
completed the year with no temporary notes outstanding, as against a
debt of $55,000 of that nature a year previously.
CORTLANDT (P. O. Peekskill), N. Y.—BOND OFFERING—S. Allen
Mead, Town Clerk, will receive sealed bids until 2.30 p. m. on Feb. 2 for
the purchase of $22,000 not to exceed 6% interest coupon or registered
Crompond Water District bonds.
Dated Feb. 1, 1937.
Denom. $1,000.
Due $1,000 annually on Feb. 1 from 1938 to 1959 incl.
Bidder to name a
single interest rate on the bonds, expressed in a multiple of M or l-10th
of 1 %.
Principal and interest (F. & A.) payable at the Westchester County
National Bank, Peekskill, with New York exchange.
Although general
obligations of the Town, the bonds are payable primarily from taxes to be
levied on all of the district's taxable property.
If not paid from that
source, all of the Town's taxable property will be subject to the levy of
unlimited ad valorem taxes to pay the bonds.
A certified check for $450,
payable to the order of the Town, must accompany each proposal.
The
approving opinion of Clay, Dillon & Vandewater of New York City will be
furnished the successful bidder.
EVANS UNION FREE SCHOOL DISTRICT NO. 13 (P. O. Angola),
N. Y.—BOND OFFERING—C. A. Morley, District Clerk, will receive
sealed bids until 11 a. m. on Feb. 4 for the purchase of $20,000 not to
exceed 5% interest coupon or registered school bonds.
Dated Feb. 1,
1937.
Denom. $1,000.
Due $1,000 each May 1 from 1938 to 1957 incl.
Bidder to name a single interest rate on all of the bonds, expressed in a
multiple of M or 1-10 of 1%.
Principal and interest (M. & N.) payable
at the Evans National Bank, Angola, with New York exchange.
The
bonds are general obligations of the district, payable from unlimited taxes.
A certified check for $400, payable to the order of Arthur Carbeck, District
Treasurer, must accompany each proposal.
The approving opi nion of Clay,
Dillon & Vandewater of New York City will be furnished the successful
CATO, AURELIUS
AND THROOP CENTRAL SCHOOL DIST. NO. 1 (P. O. Port Byron),
N. Y.—BOND OFFERING—Arthur A. Bates, District Clerk, will receive
sealed bids until 2 p. m. on Feb. 1 for the purchase of $300,000 not to
exceed 5% interest coupon or registered school Donds.
Dated Feb. 1,1937.
1935-. 1936-—
Aug. 1) payable in New York exchange at the Hamilton County National
Bank, in Wells.
Due $4,000 yearly on Feb. 1 from 1938 to 1947, incl.
Certified check for $800, payable to the town, required.
Approving opinion
of Clay, Dillon & Vandewater of New York will be furnished by the town.
MAIL SCHEDULE—Bidders for
The population of said
Tax Data
YORK
ARIETTA (P. O. Piseco), N. Y.—BOND OFFERING—-Lloyd Courtney,
par
gistered tax refund bonds.
Dated Jan. 1, 1937.
One bond for $697.34,
others $1,000 each. Due Jan. 1 as follows: $2,697.34 in 1939: $2,000 from
1940 to 1946 incl. and $3,000|in 1947.f«Bidder to name a single interest rate
on all of the bonds, expressed in a multiple of M or l-10th of 1 %.
Principal
and interest (J. & J.) payable at the OityTreasurer's office. The bondsare
direct general obligationslof the city, payable from unlimited taxes.
Pro¬
ceeds of the sale wul be used tojcreate a fund to refund certain taxes illegally
1934
Town Clerk, will receive bids until 2 p. m. Feb. 4, for the purchase at not
less than
LOCKPORT, N. Y.-BONDIOFFERING-K. M. Noble, City Treasurer,
will receive sealed bldstuntil|3 p. m. (Eastern Standard Time) on Feb. 1
for the purchasetof $19,697.34 not to exceed 3% interest coupon or re¬
ful bidder.
The assessed
Tax Collections
■
.
■
premium of $19.50.
LAWRENCE (P. O. North Lawrence), N. Y.—BOND OFFERING—
Robert E. Driscoll, Town Supervisor, will receive bids until 2. p. m. Jan.
29 for the purchasejjat not less than par of $10,000 4% coupon refunding
bonds.
Denom. $1,000.
Dated Feb. 1, 1937.
Interest payable Feb. I
and Aug. 1.
Due $1,000 on Feb. 1 in 1938 and 1939, and $2,000 on Feb.
1 in 1940, 1941, 1942 and 1943.
Denom. $1,000.
Due Feb. 1 as follows: $8,000, 1940 to 1942, incl.;
$9,000,1943 to 1946, incl.; $10,000,1947 to 1950, incl.; $11,000 from 1951
incl., and $12,000 from 1955 to 1967, incl.
Bidder to name a
single interest rate on the issue, expressed in a multiple of H or 1-10th of
1%.
Principal and interest (F. & A.) payable at the National Bank of
Port Byron, with New York exchange.
The bonds are general obligations
of the district, payable from unlimited taxes.
A certified check for $6,000,
payable to the order of Earl W. Blake, District Treasurer, must accompany
each proposal.
The legal opinion of Clay, Dillon & Vandewater of New
York will be furnished the successful bidder.
to 1954,
NASSAU COUNTY (P. O. Mineola),
N. Y.—FINANCIAL STATE¬
connection with the award on Jan. 21
$3,500,000 2M% and 3% bonds to Lehman Bros, of New York and
associates.—V. 144, p. 650:
Trends V
(As of Jan. 2, 1937)
V
1936
1937
MENT—The following is given in
of
Total bonded debt
("including this issue)
—$50,169,000 *$53,669,000
bonds-—6,637,275
6,637,275
Less—Deductible items applicable to
47,031,725
Resulting net bonded debt-—----------------- 43,531,725
Taxable assessed valuation of real estate, including special franchises
—
—
833,555,904
Operating budget
—
6,862,129
Cash basis reserve—
———
^ 500,000
Debt service
4,277,345
Gross budget----—
Tax rate per $1,000—""* Indudes county police
7,121,6/3
————
4,526,838
t?i
*11.43
*11.85
district tax, armory, supreme court tax.
Debt Statement (As of Jan. 2, 1937)
w
fm
840,766,917
Funded Debt—
Total funded debt,
-$53,669,000
Including this issue—--------——
Spedal assessment debt
—
Total unfunded debt-——--,
Gross debt
_
5,416,500
——
—
59,085,500
Deductions—-Water debt-—
—————
Sinking fund (except water)--——------—
Proceeds of refunding bonds on hand and held for payment of
outstanding bonds-—— — — —
Proceeds of this issue of Emergency Relief bonds to retire
relief notes
—:
—-
—-
Proceeds of this issue of public works bonds to retire
isfiued for WPA materials and supplies--.--—
Cash on hand and held for payment of 1935-36 school tax
Total deductions
—
Financial Statement
Y
■
-
—
-----
—
notes
Net bonded debt...
Floating debt...
.
_
nnn
53,850,000
—
Total unfunded debt----
—
---
-
1936-—
———
—
—
—
-
Bondsof
W,
—-- —■
Sinking Funds
as
—
285,000.00
City, State and County Taxes)
Uncollected at
Uncollected as of
End of Fiscal Year Dec. 1, 1936
$29,612.49
$4,924.94
23,690.44
11,970.60
(Unexpired)
24,691.66
The city is governed by a special charter, being Chapter 63 of the Laws
of 1902, and acts amendatory thereof and supplemental thereto.
Population of the city according to the Federal census of 1930, 12,462.
The foregoing statement of bonded debt does not include the debt of
upon any or all
any other subdivision having the power to levy taxes
of the property subject to the taxing power of the city.
The
city
owns
its Own water supply system
——————————
Tax Collection Report
ended Dec. 31, 1936.
JAMESTOWN, N. Y.—CERTIFICATE SALE—The $500,000 certifi¬
Ingen
—
$4,865,275
272,000
1,57*5",517
$6,712,792
(State, County and Town Taxes)
Jan. 1—
1934
1935
1936
Total ad valorem or gen. property tax $17,484,230 $12,334,548 $13,765,867
3,989,075
2,918,304
2,626,901
Uncollected at end or tax or fiscal year
Uncollected
latest
available date,
903,097
1,467,830
2,626,901
Jan. 2, 1937
—— —
Uncollected at approximately same
2,082,975
2,904,423
date last yearFiscal Years Beginning
Fiscal Years
Tax Collection Report (School Taxes)
1934-35
Total school tax levy
Uncollected at end of tax or
fiscal year. Uncollected latest available date, Jan. 2, 1937
Uncollected at approximately same date last year.Bond Principal
—
— -
1,208,461
To Be Paid by
Total
Due
—
1937————
1938
1939—
1941-
$7,402,664
1,713,121
1,184,927
1,794,394
690,297
Maturing (Incl. Maturities this Issue Due Next Five Years)
Years—
1940
1935-36
$7,087,362
Beginning July 1—
and after providing for
cates of indebtedness offered on Jan. 28 were awarded to B. J. Van
Total-—-
,
the payment of principal and interest of all water bonds and all operating
expenses of the water department as of the first day of Dec.ember 1936,
there was a surplus in the water fund of approximately $23,000 not incl.
water rents for the quarter
.—
—-
this municipality (specifjr)————.
IAll other sinking fund assets (taxes)-——
162*677.74
Levy
$659,904.19
535,199.19
514,221.09
_—- - -- --
$5,416,500
of Jan. 2,1937
-
this" municipality-
Other obligations of
bonds in the amount of $60,000 will be paid
Tax Collection Record (Incl.
Year—
1,566,500
^
$740,291.27
—
Of the above, total debt,
with proceeds of this issue.
1934-
77,000.00
------
350,000
50,820
$8,038,095
————
obligations:
Emergency relief notes (due Jan.-June, 1937)——$1,216,500
Public works notes, WPA materials and supplies
(due Feb.-June, 1937)
350,000
$12,402,119.00
1,025,291.27
Water supply bonds, included in above total_$208,000.00
Bonds other than water bonds maturing in
1937, provision for payment of which has
made in budget
1,000,000
unfunded debt-:«——
$51,047,405
Unfunded Debtr—
Tax anticipation obligations:
1935-36 school tax notes (due Jan.-June, 1937)—$1,200,000
1936 county tax notes (due Jan.-June, 1937)---—- 2,650,000
Deductions-
been
1,500,000
Net Funded and
Bond anticipation
Assessed valuation of taxable real estateTotal bonded debt (including this issue).
5,137,275
notes
bidder.
FULTON, N. Y.—FINANCIAL STATEMENT—'The following is
given in connection with the Feb. 3 offering of $60,000 refunding bonds,
described in a previous issue:
.-.a'nnn
.-
————-—
-
$11,000
6,765,000
3,427,000
3,297,000
——
2,860,000
——-
3,088,000
Sinking or
Other Funds
$11,000
5,900,000
850,000
450,000
Tax
Levy
$865,000
2,577,000
2,847,000
2,860,000
3,088,000
Volume
Financial
144
Population, Federal Census: 1910, 89,930:1920, 126,120; 1930, 303,053*
when are tax payments due: School tax, October and April; County tax*
January and July.
Penalties—1% per month, effective 10th of the following months.
Are tax sales held annually?
Yes.
,
Is any principal or interest past due?
If
explain.
so,
$31,567.50 in bonds
1.
Yes.
and coupons
not
presented for
Fiscal year, Jan.
payment.
NEW YORK, N. Y.—$50,000,000 NOTES REDEEMED FROM PRO¬
CEEDS OF RECENT SALE—The National
City Bank of New York on
Jan. 22 delivered to the City of New York
checks for $50,251,301.37
representing the proceeds due the city on the new issue
of 3 % corporate
stock due Jan. 1, 1977, sold to the bank and its associates on Jan. 12.
These checks are in addition to the $1,000,000 posted with the city by the
Soup at theat which the city had sola long-term bonds.
berest cost
time of the sale. The group's bid represented the lowest
Thomas J. Oonnellan, an officer of the National City Bank, tendered
the checks to Comptroller Frank J. Taylor at his office in the Municipal
Building.
The funds were used to meet the $50,000,000 6% corporate
stock notes which matured Jan. 25, for the payment of which the recent
financing was undertaken.
The proceeds of these notes, which were
originally offered in January 1932, were expended to provide for the follow¬
ing purposes:
$38,150,000 for rapid transit; $7,000,000 for water supply,
and $4,850,000 for dock purposes.
The operation completes the refinancing of the $100,000,000 6% corporate
stock notes which were sold at the low point of the depression in 1932.
The new $50,000,000 corporate stock does not increase the funded debt
of the
an
city and, by replacing a 6% obligation with a 3% issue, will
annual saving to tne city estimated at more than $1,500,000.
ROMULUS AND LODI CENTRAL SCHOOL DISTRICT
NO. 1 (P. O. Ovid), N. Y.—BOND SALE—The issue of $200,000 coupon
or registered school bonds offered on Jan.
29—V. 144, p. 491—was awarded
to A. O. Allyn & Co., Inc., and E. H. Rollins & Sons, Inc., both of New
York, jointly, as 2.70s at a price of 100.18, a basis of about 2.68%.
Dated
1, 1936, and due June 1 as follows:
$8,000, 1939 to 1941 incl.;
$10,000, 1942 to 1948 incl.; $11,000, in 1949 and 1950, and $12,000 from
Other bids
were as
follows:
Bidder—
Manufacturers & Traders Trust Co
Bancamerica-Blair Co...
PELHAM MANOR, N.
registered refunding bonds
int. Rate
....
Y.—BOND SALE—The
offered
on
Jan.
Rate Bid
2H%
2H%
25—V.
100.29
100.162
$17,000 coupon or
144, p. 491—were
awarded
jo Adolph Lewisohn of New York on a bid of par for 2 Hs. Dated
Feb. 1, 1937.
Due $1,000 yearly on Feb. 1 from 1938 to 1954, incl.
PLEASANTVILLE, N. Y.—BOND SALE—The $5,000 coupon, re-
isterable, general obligation, unlimited tax, public works bonds offered on
26—V. 144, p. 650—were awarded to the National Bank of Mt.
Pleasant, Pleasantville on a bid ot 100.50 for 2Ms, a basis of about' 2.08%
Dated Feb.,1,1937. Due $1,000 yearly on Seb. 1 from 1938 to 1942.
5an.
PORT BYRON, N. Y.—BOND OFFERING—Walter L. Kerns,
Village
Clerk, will receive sealed bids until 2 p. m. on Feb. 15 for the purchase
$55,600 not to exceed 5% interest coupon or registered water bonds.
Dated Feb. 1. 1937.
Denom. $1,800, $1,600 and $1,200.
Due Feb. 1
as follows:
$1,200 from 1940 to 1958 incl.; $1,800 from 1959 to 1975 incl.,
and $1,600 in 1976.
Bidder to name a single interest rate on all of the
bonds, expressed in a multiple of 34 or 1-10 of 1%.
Principal and interest
(F. & A J payable at the National Bank of Port Byron.
The financing
will permit creation of a
system of water works in the village, and the
bonds will constitute valid and legally binding obligations of the village,
all of the taxable
property of which will be sub ject to the levy of unlimited
ad valorem taxes in order to pay both principal and interest.
A certified
check for $1,100, payable to the order or the village, must accompany each
proposal.
or
PORT
JERVIS, N. Y.—NEW ISSUE OFFERING—Bancamerica-Blair
Corporation and Goldman, Sachs & Co. are offering at prices to yield from
1.00 to 3.10%, according to maturity, $100,000 3.10% bonds, due Feb. 1,
1938 to 1962. incl.
The bonds, issued for refunding and relief purposes, will
constitute, in the opinion of counsel, valid and legal obligations of the city,
payable from ad valorem taxes.
Assessed valuation, as officially reported
*Jan. 14, 1937, amounts to $11,167,895 and total bonded debt,
including
the new relief issues, is $1,451,000.
The bonds, in the opinion of the
bankers, are legal investments for savings banks and trust funds in New
York State.
above
Authority for 1936, as compared with a gain of 7H% for 1935 over
previous year.
This result of all operations of the bi-State Agency
makes
a
continuation through 1936 of the upward trend which began in the
Net income was 32.3% higher than the previous year.
latter part of 1934.
The statement is said to be the best ever issued by the Port
Authority.
Traffic using interstate bridge and tunnel facilities exceeded 20,000,000
for the first time, an increase of 1,312,792 or 6.9 % over 1935.
Income from
all sources totaled $13,104,010.30, an increase of $1,128,825.66, or
9.4%
1935 which was the highest previous year.
IfeThe net income after deducting operating expense, interest, and other
charges was $4,426,611.21, and exceeded 1935 by $1,080,468.37, or 32.3%.
While gross income shows a gain of $1,128,825.66, the total
operating
expenses increased only $126,889.22, which accounts in a large measure for
the very large increase in percentage gain in net income.
over
PUTNAM AND TICONDEROGA CENTRAL SCHOOL DISTRICT
NO. 1 (P. O. Putnam), N. Y.—BOND SALE—The $25,000 coupon or
registered auditorium-gymnasium bonds offered on Jan. 27—V. 144, p.
650—were awarded to J. & W. Seligman & Co. Of New York on a bid of
100.139 for 334s, a basis of about 3.23%.
Dated Jan. 1, 1937.
Due on
Jan. 1 as follows: $1,000, 1938 to 1944; and $1,500, 1945 to 1956.
ROXBURY FIRE DISTRICT (P. O. Roxbury), N. Y.—BOND SALE—
The $4,500 coupon, registrable, bonds offered on Jan. 23—V. 144, p. 491—
were awarded to a local investor as
3s, at par, plus a premium or $22.50,
equal to 100.50, a basis of about 2.89%.
yearly on Feb. 1 from 1938 to 1946.
Dated Feb. 1, 1937.
Due $500
SCHENECTADY, N. Y.—HAS NEW CITY MANAGER—Charles
A.
Harrell has become city manager of the
above community, having recently
resigned a similar post in the Binghamton city administration. Mr. Harrell
has for many years been actively engaged in the management of municipal
affairs, having been successively city manager of Portsmouth, Ohio, and
assistant city manager of Cincinnati, prior to acceptance of his appoint¬
ment in Binghamton on Jan. 1, 1932.
SCHUYLER COUNTY (P. O. Watkins Glen), N. Y.—BOND OFFER¬
ING—O. Earle Hager, County Treasurer, will receive sealed bids until
2 p. m. on Feb. 15 for the purchase of $100,000 not to exceed 6% interest
coupon or registered bonds, divided as follows.
$80,000 emergency relief bonds.
Due $8,000 annually on Jan
15 from
1938 to 1947 incl.
20,000 county road bonds.
Due $2,000 annuallj on Jan. 15 from 1938
to 1947, incl.
Each issue is dated Jan. 15, 1937.
Denom. $1,000.
Bidder to name
a single interest rate on all of the bonds, expressed in a multiple of 34 or
1-10 of 1%.
Principal and interest (J. & J. 15) payable at the Glen
National Bank, Watkins Glen.
The bonds are payable from unlimited ad
valorem taxes to be levied on all of the county's taxable property.
A
certified check for $2,000, payable to the order of the County Treasurer,
must accompany each proposal.
The approving opinion of Reed, Hoyt &
Washburn of New York City will be furnished the successful bidder.
SIDNEY, N. Y.—CERTIFICATE SALE—The issue of $1,500 certificates
of indebtedness offered
on
Jan.
15—V.
144,
p.
491—was sold to O.
Mabey of Sidney, as 4Ms, at a price of par. Dated Feb. 1,
$300 annually on Feb. 1 from 1938 to 1942 incl.
TRIBOROUGH
BRIDGE
AUTHORITY,
N.
G.
1937 and due
Y.—REFINANCING
BILL SIGNED—Governor Herbert H. Lehman has signed the Farrell bill
for the refinancing of the Triborough and Whitestone Bridge projects in
New York
City, and joining them under the Triborough Bridge Authority,
of which Robert Moses is chief executive officer.
The refinancing involves
total of $53,000,000, including a loan of $35,000,000 will be repaid to the
a
Reconstruction
Finance
Construction,
and
$18,000,000 for construction
and the Bronx.
Mr.
of the proposed bridge between Whitestone, Queens
Moses requested the measure.
Y.—BOND
N.
OFFERING—'Thomas
L.
Gurran, Village Clerk, will receive bids until 3
p. m. Feb. 10 for the pur¬
than par of $5,000 coupon, fully registerable, general
obligation, unlimited tax, street paving bonds. Bidders are to name rate of
chase
at
not
less
Interest, in
a multiple of
34%. or 1-10th%, but not to exceed 6%. Denom.
$500. Dated Jan. 1, 1937. Principal and semi-annual interest (Jan. 1 and
July 1) payable at the Peoples Bank of Haverstraw, in New York exchange.
Due $500 yearly on Jan. 1 from 1938 to 1947, incl.
Certified check for
$100, payable to the^Village, required. Approving opinion of Clay, Dillon
& Vandewater of New York will be furnished
by the village.
WEST
SENECA (Ebenezer), N. Y.—BOND SALE—The $14,372.59
coupon or registered bonds offered on Jan. 25—V. 144, p. 651—were
awarded to the Manufacturers & Traders Trust Co. of Buffalo, as 4Ms, at
a price of
100.299, a basis of about 4.20%.
The sale consisted of:
$10,522.59 Water District No. 2 bondtf.
Due Feb. 1 as follows:
$522.59
in 1938; $500 from 1939 to 1946, incl. and $600 from 1947 to
1956, inclusive.
3,850.00 highway bonds.
Due $770 annually on'April 1 from 1938 to
1942, inclusive.
Ejach issue is dated Feb.
1937.
NORTH
BEAUFORT COUNTY
CAROLINA
N. C.—BOND ISSU¬
are informed by N. Henry Moors,
County Clerk, that the County Commissioners have decided not to issue
the $190,000 school bonds at this time as another plan is being worked out.
(P. O. Washington),
ANCE NOT CONTEMPLATED—We
BUNCOMBE COUNTY (P. O. Asheville), N. C.—REFUNDING
PLANS OF 30 DISTRICTS MADE AVAILABLE—For the first time since
were taken to improve the debt situation of the above county and Its
steps
various districts, Kirchofer & Arnold, Inc. of Raleigh, has prepared for
general distribution to banks and investors summaries of the refunding
plans of 30 of these districts in Buncombe County.
The data have been
assembled only after a considerable amount of work and should prove of
value to all those interested in the fiscal affairs of the county and its sub¬
divisions.
The summaries, which are prepared especially for ready reference pur¬
include those of Barnardsville Public School District, Beaver Dam
Beech Special Tax School District, Biltmore
Special School Tax District, Black Mountain Special School Tax District,
Caney Valley Sanitary Sewer District, East Biltmore Sanitary Sewer Dis¬
trict, Emma Special School District, Fairview Township Special School
Taxing District, Fairview Sanitary Sewer District, Flat Creek Special School
Taxing District, French Broad Consolidated School District, Grace Special
School Tax District, Haw Creek Special School Tax District, Hazel Ward
Water & Watershed District, Johnson Special School Tax District, Oak
Hill Jupiter Special School Taxing District, Oakley Special School Tax
District, Reems Creek Township Special School Tax District, Sand Hill
Consolidated Public School District, Sandy Mush Special School Taxing
District, Skyland Sanitary Sewer District, South Buncombe Water and
Watershed District. Swannanoa Water and Sewer District, Swannanoa
Consolidated School District, Valley Springs Special School Taxing Dis
trict, Weaverville Public School District, West Buncombe Special School
Tax District, Woodfin Sanitary Water & Sewer District, Woodfin Special
po
poses,
Wi
Fater and Sewer District,
School Tax District.
CLINTON, N. C.—NOTE SALE—A $20,000 issue of revenue notes is
reported to have been purchased by the First-Citizens Bank & Trust Co.
of Clinton.
Due in three months.
CONCORD, N. C.—NOTE SALE—A $21,000 issue of public improve¬
ment, bond anticipation notes was offered for sale on Jan. 26 and was
purchased by the Cabarrus Bank & Trust Co. of Concord, at 6%, plus a
premium of $610.25. Dated Jan. 7,1937. Due on July 7, 1937.
KINSTON, N. C.—BONDS VOTED—At the election held on Jan. 7—
approved the issuance of $125,000 in power
a count of 355 to 106.
It is stated that the bonds will be
V. 143, p. 4044—-the voters
plant bonds by
sold in about 90 days.
RANDOLPH COUNTY
(P. O. Asheboro), N. C.—NOTE SALE—A
$50,000 issue of revenue anticipation notes was offered for sale on Jan. 26
and was awarded to the Cabarrus Bank & Trust Co. of Concord, at 6%,
plus a premium of $876.00, according to the Secretary of the Local Govern¬
ment Commission.
Dated Jan. 28, 1937.
Payable on May 28, 1937, in
Asheboro.
WAYNE
PORT OF NEW YORK AUTHORITY—INCREASE REPORTED IN
RECEIPTS—An increase of 9.4% in gross income is announced by the
the
817
HAVERSTRAW,
effect
OVID,
1951 to 1957 incl.
Chronicle
WEST
Specific Information
COUNTY
(P. O. Goldboro), N. C.—BOND OFFERING—
received until 11 a. m. on Feb. 9 by W. E. Easterling,
Secretary of the Local Government Commission, at his office in Raleigh,
for the purchase of a $200,000 issue of coupon refunding bonds.
Interest
rate is not to exceed 6%, payaole J. & D.
Rate to be stated in multiples
of M of 1%.
Denom. $1,000.
Dated Dec. 1, 1936.
Due on June 1 as
follows: $20,000. 1941; $5,000, 1942; $10,000, 1943 and $15,000, 1945 to
1955.
No bid may name more than two rates for the bonds and each bid
must specify the amount of bonds of each rate.
Principal and interest
payable in legal tender in New York City.
Delivery on or about Feb. 23,
at the place of purchaser's choice.
Bonds are registerable as to principal
only.
The lowest net interest cost to the county will determine the award
of the bonds.
No bid of less than par and accrued interest will be enter¬
tained.
The approving opinion of Masslicb & Mitchell of New York will
be furnished.
A certified check for $4,000, payable to the State Treasurer,
must accompany the bid.
Sealed bids will be
NORTH
DAKOTA
BOWDON, N. Dak.—BOND SALE—The $2,500 issue of improvement
bonds offered for sale on Jan. 23—V. 144, p. 492—was purchased by the
First National Bank of Fessenden, as 5s, according to the Village Clerk.
No other bid was received.
WELLS
COUNTY
(P.
O.
Fessenden),
N.
Dak.—AMOUNT
OF
OFFERING—The amount of certificates ot indebtedness to be offered on
Feb. 3—V. 144, p. 651—is $25,000.
The County Commissioners have
authorized the issuance of $50,000 certificates, but only half will be offered
on that date.
Otto G. Krueger, County Auditor, will receive bids until
3 p. m. Due in either 1 or 2 years. Sale
Certified check for 2% of amount of bid,
will not be made at less than par.
required.
OHIO
CINCINNATI,
Ohio—BOND
QUOTATIONS
NOT
MATERIALLY
CHANGED—According to informed sources, the quotations for the bonds
of the above city, one of the largest inundated by the Ohio River flood,
have not changed materially in the past week.
It is said that there have
been practically no offerings of these bonds in the New York market recently
and it is the opinion of dealers that any transactions would probably be
made at a discount of considerable proportions below previous levels.
There are few bonds of the city showing on dealers' lists, but the spread
between the offering and bid prices has widened.
The city is understood
to enjoy a high credit standard.
COAL GROVE, Ohio—BOND SALE—The $5,600 coupon fire house
construction bonds offered on Jan. 19—V. 144. p. 318—were awarded to
Middendorf & Co. of Cincinnati, as 4Ms, at par plus a premium of $10,
equal to 100.17, a basis of about 4.71%.
Dated Dec. 1, 1936 and due
$800 annually on Sept. 1 from 1938 to 1944, incl. The First National Bank
of Ironton bid par and accrued interest, and Bliss Bowman & Co. of Toledo
offered to pay a premium of $9.52 for 5s.
HOPEDALE SCHOOL DISTRICT, Ohio—BOND OFFERING CAN¬
CELED—The offering announced for Feb. 5 of $15,000 3
school bonds
Corrections in the notice will be made and a new date
set for the sale of the issue.
has been canceled.
LEIPSIC, Ohio—BOND OFFERING CANCELED—Pending definite
from Washington of a Federal grant toward the cost of the
project, the village has decided to defer sale of the issue of $20,000 4%
water works extension mortgage bonds, bids on which were scheduled to be
received on Jan. 30.—V. 144, p. 492.
assurance
MARIETTA, Ohio—BOND SALE—'The $35,000 public building bonds
144, p. 318—have been sold to Paine,
Co. of Chicago, as 2Ms, at par plus a premium of $412.65,
equal to 101.179.
recently offered by the city—V.
Webber &
818
Financial
Chronicle
•
Jan. 30, 1937
OHIO
CITY OF PHILADELPHIA BONDS
MINGO JUNCTION, Ohio—BOND OFFERING—JohnlValuska,
City
Auditor, will receive bids until noon Feb. 13 for the purchase of $6,400 4%
judgment funding bonds.
Denom. $100.
Dated Jan. 1, 1937.
Interest
payable Jan. 1 and July 1.
Due $1,600 on Jan. 1 in 1939, 1940, 1941 and
1942.
Certified check for $500, payable to the city, required.
1, 1986/1956 © 107.50 to net 2.75%
$100,000 3 K% July
50,000 4M% Sept. 16, 1975/1945 © 111.45 to net 2.75%
50,000 iX% Dec.
25,000 4M% Oct.
MORRAL, Ohio—BOND SALE—The issue of $38,000 School District
building bonds offered on Jan. 23—V. 144, p. 318—was awarded to the
Cleveland as 3s at par plus a premium of $219.26,
equal to 100.57, a basis of about 2.93%.
Dated March 1, 1937 and due
$1,000 each six months from April 1, 1938 to Oct. 1, 1956, inclusive.
16, 1980/1950 © 115.36 to net 2.90%
26, 1981/1951 © 120.70 to net 3.00%
First Cleveland Corp. of
P OHIO
CITY,
YARNALL & CO.
A. T. & T. Teletype—Phila. 22
Ohio—BONDS SOLD
TO PWA—The Public Works
Administration has purchased an issue of $25,000 4% electric system
revenue bonds.
Dated Nov. 1, 1936.
Denom. $1,000.
Due Nov. 1
as follows: $1,000 in 1939 and $2,000 from 1940 to
1951, inclusive.
P* WAYNE RURAL SCHOOL DISTRICT (P. O. Wooster, R. r".
NO. 2), Ohio—BOND SALE—An issue of $25,000 school bonds has bean
sold to the State Teachers' Retirement System of Columbus.
P WELLSVILLE, Ohio—BOND SALE—The Teachers Retirement Fund,
Columbus, has purchased an issue of $58,300 3% coupon water system
improvement bonds at par plus accrued interest to date of delivery.
The
City Auditor reported as or Jan. 19 that delivery of the bonds would be
made in a short time. They are dated Oct. 1,1936 and mature serially from
1939 to 1951 inch' Interest payable A. & O. One bond for $2,300; four of
$4,000 each, and eight for $5,000.
Philadelphia
Walnut Street
1528
PENNSYLVANIA
1937.
Interest payable semi-annually.
Due yearly as follows:
$30,000, 1938, 1939 and 1940; $20,000, 1941, 1942 and 1943.
Certified
check for $5,000 required.
March 1,
issued free of any or
under any present
United States,
except income, succession or inheritance taxes, which taxes the district
will assume and pay.
Purchaser to pay for the printing of the bonds
and the legal opinion.
The district will pay the cost of the approval of the
issue by the Department of Internal Affairs of Pennsylvania.
The bonds will be registerable as to principal only,
all taxes now or hereafter levied or assessed against them
future law of the Commonwealth of Pennsylvania or the
or
~
$33,000
Creek County, Oklahoma Funding 6%
BRADDOCK, Pa.—BOND SALE—The issue of $170,000 bonds offered
/
due June 11,
1944 ©
Jan. 26—V. 144, p. 493—was awarded to Chandler & Co., Inc., of
Philadelphia, as 2Ms at a price of 100.139, a basis of about 2.49%.
Dated
Feb. 1, 1937 and due Feb. 1 as follows: $5,000 in 1943 and 1945; $10j000
from 1947 to 1953, incl., and $15,000 from 1954 to 1959, incl.
Other bids
on
3.00 basis
were as
R. J. EDWARDS, Inc.
Established
follows:
Rate Bid
Int. Rate
Bidder—
E. H. Rollins & Sons and Singer, Deane & Scribner,
Inc
2%%
1892
101.81
-
OKLAHOMA CITY,
Halsey, Stuart & Co., Inc., and S. K. Cunningham
OKLAHOMA
AT&T OK CY 19
&
Long Distance 158
-
►TChanaier
DEWEY SCHOOL DISTRICT (P. O. Dewey), Okla.—PRICE PAID
that the $13,500 school bonds purchased
by R. J. Edwards, Inc., of Oklahoma City, as 3s, as noted here recently—
—V. 144, p. 651—were sold for a premium of $2.15, equal to 100.017, a
basis of about 2.997%.
Due from 1940 to 1952 incl.
—It is stated by the District Clerk
GRAND RIVER DAM AUTHORITY (P. O. Oklahoma City), Okla.
—BILL TO CREATE AUTHORITY PASSED—A bill has been passed by
the Legislature and forwarded to Governor E. W. Marland for his signature,
creating the above authority and permitting the issuance of a total of $8.000,000 in bonds, according to report.
The area of the new authority is
to include Adair,
Cherokee, Craig, Delaware, Mayes, Muskogee,
Nowata, Ottawa, Tulsa, Wagoner, Sequoyah, Mcintosh, Creek and
Okmulgee counties.
It is hoped to obtain Federal cooperation on this
project.
said
HASKELL, Okla.—BOND OFFERING—W. H. James, Town
will receive sealed bids until 8 p. m. on Jan. 29 for the purchase of
water works bonds.
Due $1,000 each year from 1941 to 1952 incl.
accompany
A certified check for 2%
OKLAHOMA,
State
Clerk,
$12,000
Bidder
of the bid must
each proposal.
ULED—We
-
of—BOND
AUTHORIZATION
NOT SCHED¬
informed by C. B. Sebring, Assistant State Treasurer,
that no action whatsoever has been taken toward authorizing a proposed
$40,000,000 issue of bonds to finance highway construction, and he goes on
to state that favorable action will not be taken, according to his belief.
are
POTEAU, Okla.—BOND OFFERING CONTEMPLATED—Perry G.
Bolger, City Clerk, states that the $50,000 water works bonds offered for
success on Nov. 2, as noted in these columns at that time, will
again be offered for sale, in the near future.
sale without
TEXOLA SCHOOL DISTRICT (P. O. Texola), Okla.—BOND SALE
DETAILS—It is reported by the District Clerk that the $10,500 school
bonds purchased by the Taylor-Stuart Co. of Oklahoma, as noted here
recently—V. 144,
p.
651—were sold
at par.
as
Due from 1937 to
1946, inclusive.
OREGON
CAPITOL HIGHWAY WATER DISTRICT (P. O.
PURCHASER—It is
Portland) Ore.—
reported by the Treasurer of the Board of Com¬
missioners that the $16,000 4% semi-ann. improvement bonds sold on
Jan. 12, at a price of i00.667, as noted in these columns—V. 144, p. 493—
were purchased by the Baker, Fordyce Co. of Portland.
Due from 1942
now
to 1949 incl.
COOS COUNTY SCHOOL DISTRICT NO. 8 (P. O.
Coquille), Ore.
bids will be received until 7.30 p. m. on
Feb. 2, by the District Clerk, for hte purchase of a $22,500 issue of 4%
school bonds.
Denom. $500.
Dated March 1, 1937.
Due as follows:
—BOND OFFERING—Sealed
$4,500 in 1941, and $9,000 in 1942 and 1943.
Prin. and int. (M. & S.)
payable at the County Treasurer's office, or at the fiscal agency.
These
bonds were approved by the voters at an election held on Dec. 29.
A
certified check for $1,000 must accompany the bid.
CURRY COUNTY SCHOOL DISTRICT NO. 17 (P. O. Brookings),
Ore.—BOND OFFERING—Sealed bids will be received until 10 a. m. on
Feb. 5, by Laura M. Wood, District Clerk, for the purchase of a $5,500
issue of coupon school bonds.
Interest rate is not to exceed 5%, payable
M. & S.
Denom. $500.
Dated March 1, 1937.
Due $500 from March 1,
1942 to 1952, incl.
Prin. and int. payable at the County Treasurer's
office, or at the fiscal agency of the State in New York.
A certified check
for $110, payable to the district, is required.
It
the
i,s said that if no satisfactory bids are received on the date of. offering
school board may sell the bonds to the Public Works Administration.
'
FOREST GROVE, Ore.— WARRANTS SOLD—A $32,000 issue of
% light revenue warrants is reported to have been purchased recently
by the First National Bank of Forest Grove.
3
WASHINGTON
COUNTY
SCHOOL
DISTRICT
NO.
48
(P.
O.
Beaver ton), Ore.—BOND ELECTION—At an election to be held on Feb. 1
a
proposal to issue $38,500 school building bonds will be voted upon.
PENNSYLVANIA
ALTOONA
SCHOOL
Pa.—BOND OFFERING—W. N.
Decker, District Secretary, will receive bids until 7:30 p. m. Feb. 8 for the
DISTRICT,
purchase of $150,000 coupon bonds.
Bidders are to name rate of interest,
making choice from 2%, 2H %. 2M %, 2% %, 3 %, 3 X % or 3H %.
Dated
•---._X3V%
Granbery, Safford & Co
OKLAHOMA
to name the rate of interest.
100.41
101.776
101.18
100.89
-X-2^%
—
Bancamerica-Blair Corp. and Glover & MacGregor_ -3 %
Brown Harriman & Co
3%
CREEK COUNTY SCHOOL DISTRICT NO. 59 (P. O. Sapulpa),
Okla.—BOND OFFERING—D. B. Hellard, District Clerk, will receive
bids at the County Superintendent's office until 10 a. m. Feb. 1 for the
purchase at not less than par of $5,500 bonds.
Certified check for 2% of
amount of bid required.
Bidders are to name rate of interest.
$
Co___
re-offering of
& Co., Inc. of Philadelphia, are making public
rom 2.10% to
J>170,000 2H%2.44%, according to maturity. Dated Feb. 1,1937 to yield
water works impt. and funding bonds at prices and due
serially from 1943 to 1959 incl.
The bonds, the bankers report, are tax
exempt in Pennsylvania and exempt from all present Federal income taxes.
CLARKS GREEN SCHOOL DISTRICT, Pa.—BONDS NOT SOLD—
$1,400 4% bonds offered on Jan. 25—V. 144, p. 493—were not sold.
premium of $17.50 for the bonds, but the bid was
The
A local resident offered a
not
accepted.
DALE, Pa.—BOND ISSUE DETAILS—The $10,000 operating expense
bonds sold to the State Teachers Retirement Fund, as mentioned in a
previous issue—V. 144, p. 318,bear interest at 4M%, are in denoms. of
$1,000 and mature serially from 1937 to 1946 incl. The borough received a
aterest par plus a premium of $122.50 for the issue, equal to 101.22.
Erice of payable M. & S.
SCHOOL
DISTRICT
(P. O. Ellwood City, M. R. 7).
offered on Jan. 18
319—were awarded to Singer, Deane & Scribner of Pittsburgh
at par plus a premium of $303.03, equal to i05.0505, a basis of about 3-53%.
Dated Sept. 1,1936. Due $500 yearly beginning in 1945; redeemable on and
after Sept. 1, 1950.
ELLPORT
Psl.—BOND SALE—The $6,000 4% coupon school bonds
—V. 144, p.
ERIE COUNTY (P. O. Erie), Pa.—NOTE OFFERING—Harvey M.
Willis, County Controller, will receive sealed bids until 11 a. m. on Feb. 5
March 3.1937 and due in 5 months.
for the purchase of $300,000 notes dated
TOWNSHIP
LINCOLN
Route
1,
SCHOOL
DISTRICT
O.
(P.
Elizabeth,
SALE—The issue of $23,000 coupon
Jan. 25—V. 144, p. 493—was awarded to Singer,
Deane & Scribner, Inc., of Pittsburgh, the only bidder, as 4s at par and
accrued interest.
Dated Jan. 1, 1937 and due $1,000 annually on Jan. 1
from 1941 to 1963, inclusive.
Box 59),
offered
school bonds
Pa.—BOND
on
LUZERNE COUNTY CENTRAL POOR
Barre),
Pa.—BOND
OFFERING—George
DISTRICT (P. O.
K.
Brown,
Wilkes-
Secretary of the
Feb. 15 for the
Board of Directors, will receive sealed bids until 1:30 p. m. on
JPurchasebonds. Dated March 1, 1937.interest coupon improvement and
of $400,000 not to exceed 3%
unding
Denom. $1,000.
Due $50,000
annually on Sept. 1 from 1938 ot 1945 incl. Bidder to name a single interest
rate on all of the bonds, expressed in a multiple of H of 1%.
Interest
payable M. & S. A certified check for 2% of the bonds bid for, payable to
the order of the District Treasurer, must accompany each proposal. Bonds
will be issued subject to approval as to legality of Townsend, Elliott &
Munson of Philadelphia.
MIDDLE SMITHFIELD TOWNSHIP SCHOOL DISTRICT (P. O.
Frutchey), Pa .—BOND OFFERING—T. B. Courtright, Secretary of the
Directors, will receive bids until 8 p. m. Feb. 10 for the purchase
at not less than par of $20,000 coupon, registerable, school bonds, which are
to bear interest at 2%, 2H%, 2>$%, 2H%, 3%, 3>£%, or 3>$%, as
determined by the bidding. Denom. $1,000, $500 and $100. Dated Nov. 1,
1936. Interest payable May 1 and Nov. 1. Due $1,000 yearly on Nov. 1
Board of
from 1937 to 1956, incl.
NORTHUMBERLAND
OFFERING—Charles
COUNTY
Kline,
(P. O. Sunbury), Pa .—BOND
County Controller, will receive bids until
2 p. m. Feb. 2 for the purchase of $275,000 coupon funding and refunding
bonds.
Bidders
are to name rate
of interest, making choice from 1 %. 1 \i %,
l^%,l^%,2%,2M%,2H%,25£%and3%.
Denom. $1,000.
Interest
payable Feb. 15 and Aug. 15.
Due as follows: $10,000, 1938; $15,000,
1939, 1940 and 1941; $20,000, 1942, and $25,000, 1943 to 1950, incl.
Cer¬
tified check for 2% required.
PENNSYLVANIA
following is
a
(State ot)—LOCAL ISSUES APPROVED—'The
record of bond issues which have been approved by the De¬
partment of Internal Affairs, Bureau of Municipal Affairs.
The informa¬
tion includes the name of the municipality, amount and purpose of issue and
date
approved:
Date
Municipality and Purpose—
Canonsburg Borough, Washington County—Curb¬
ing, grading, paving and repaving streets and high¬
ways; construction of storm water and sanitary
sewers; construction of shelter house in Town Park.
Pottstown Borough, Montgomery County—Street,
sewer and other borough improvements, including
the installation of a police and fire signal call
system
Jefferson
Township
School
District,
Allegheny
County—Acquiring land and constructing a public
school building thereon
Susquehanna Township School District, Dauphin
County—Construction and equipment of altera¬
tions and additions to three school buildings
Shamokin Borough School District, Northumberland
County—Refunding bonded indebtedness
Approved
Amount
Jan.
18
$60,000
Jan.
18
50,000
Jan.
18
50,000
Jan. 21
28,000
Jan. 21
58,000
Volume
Financial
144
PENNSYLVANIA
(Stat©
BONDS OUTSIDE DEBT
LIMIT PROPOSED—Under the terms of a bill introduced in the Legis¬
lature by Ellwood J. Turner and now being considered by the House
Municipal Corporations Committee, third class cities and first and second
class townships would be given power to issue bonds outside the debt
limit for sewer systems.
Bonds issued under authority of the bill would
be retired with revenues from a rental fee
charged for use of the sewers.
of)—SEWER
PHILADELPHIA SCHOOL DISTRICT,
Pa .—BOND SALE—The
$3,000,000 1H% registered school bonds offered on Jan. 27—V. 144, p. 494
awarded to the Loan Tax Fund of the district at par plus a premium
of $100, equal to 100.003.
Dated Feb. 1, 1937.
Due Feb. 1, 1967; re¬
deemable on any interest payment date.
Chronicle
15 at 8 p. m.
the Board of Aldermen will offer for sale the following bonds:
$12,000 municipal auditorium bonds. Denom. $500. Dated Feb. 1,1937*
,
_
to the
Plymouth National Bank of Plymouth bear 4% Interest.
RADNOR TOWNSHIP (P. O. Wayne), Pa .—BOND OFFERING—
Sealed bids will be received by L. W. Hummel, Township Secretary, until
7:30 p. m. on Feb. 23 for the purchase of $100,000 1^, 2, or 2)4% coupon,
registerable as to principal only, sewer bonds.
Dated March 15, 1937.
Denom. $1,000.
Due $25,000 on March 15 in 1942, 1947, 1952 and 1957.
Bidder to name a single interest rate on the issue.
The bonds will be
direct and general obligations of the township.
A certified check for
$2,000, payable to the order of the Township Treasurer, must accompany
each proposal.
The bonds will be issued subject to the approval or the
Pennsylvania Department of Internal Affairs, and the favorable legal
opinion of Lutz, Ervin, Reeser & Fronefield of Media, and Morgan, Lewis
& Bockius of Philadelphia.
Legal opinions of counsel will be furnished
the successful bidder.
Bonds will be ready for deliver .about March 15.
I*
TROY, Pa.—BOND SALE—The $28,000 3% registered bonds offered
Jan. 28—V. 144, p. 494—were awarded to the First National Bank of
Troy, the only bidder, at par.
Dated Dec. 31, 1936.
Due on Dec. 31
as follows:
$1,300, 1937; $1,400, 1938 and 1939; $1,500, 1940 and 1941;
$1,600, 1942 and 1943; $1,700, 1944 and 1945; $1,800, 1946 and 1947;
$1,900,1948; $2,000,1949,1950 and 1951; $2,100,1952, and $700.1953.
on
Due serially from 1938 to 1957.
10,000 paving bonds.
from
1939
to
Denom. $500.
1956.
Dated Feb. 1, 1936.
Due serially
TENNESSEE
—were
PLAINS TOWNSHIP SCHOOL DISTRICT (P. O. Plains), Pa.—
BOND SALE DETAILS—The $25,000 school bonds sold last October
819
/
MOBRIDGE, S. Dak.—BOND OFFERING—On Feb.
BENTON COUNTY (P. O. Camden) Tenn.—WARRANTS SOLD—
T
It is reported that $65,000 warrants were
purchased
Estes & Co. of Nashville.
recently by W. N.
DYERSBURG, Tenn.—BONDS OFFERED FOR INVESTMENT—'The
„
First National Bank of Memphis is offering to investors an issue of $98,000
4Vi% and 4)4 % funding bonds at prices to yield from 2% to 4%, according
to maturity.
Denom. $1,000.
Dated Feb. 1, 1937.
Principal and semi¬
annual interest (June 1 and Dec. 1) payable at the office of the City Re¬
corder.
Due on Dec. 1 as follows: $5,000, 1937; $6,000, 1938 and 1940;
$8,000, 1942; $9,000, 1944; $10,000, 1945; $17,000, 1946; $19,000, 1947,
and $18,000, 1950.
The bonds maturing from 1937 to 1942 bear interest
at AH % and the balance of the issue at 4H %.
KNOXVILLE, Tenn.—SEEKS BOND TENDERS—Otters for purchase
,
by the Sinking Fund Board of up to $25,000 refunding bonds, dated Jan. 1,
1933, and due Jan. 1,1958, will be received at the office of R. Rex Wallace,
Director of Finance, until 10 a. m. on Feb. 10.
Sealed tenders to be
accompanied by a certified check for 1 % of the face amount of the bonds
offered to the city.
Tenders may be conditioned upon purchase by the
city of all or none of the securities offered, and shall state the time and
place for delivery of the bonds, interest rate and numbers of bonds proposed
for re-sale.
The city prefers that delivery be made at the Hamilton Na¬
tional Bank, Knoxville.
LOUDON COUNTY (P. O. Loudon), Tenn .—BONDS OFFERED
TO INVESTORS—The First National Bank of Memphis is offering to in¬
vestors a new issue of
$387,000 4}4% refunding bonds.
Denom. $1,000.
Principal and semi-annual interest (June 1 and Dec. 1)
National Oity Bank,
New York.
Due
yearly; on
Dec. 1 as follows: $10,000. 1939 to 1945; $15,000, 1946 to 1957;
$20,000,
1958; $25,000, 1959 to 1962, and $17,000, 1963.
The bonds are .offered
at prices to yield from 3% on the earliest maturity to 4.10% on the 1963
maturity.
•
Dated Dec. 1,1936.
payable
MARKETS APPRAISALS INFORMATION NORTH CAROLINA STATE
AND MUNICIPAL BONDS ALL SOUTHERN STATE AND MUNICIPALS
at
the
MEMPHIS, Tenn.—BONDS AUTHORIZED BY LEGISLATURE—We
informed by D. O. Miller, Oity Olerk, that Ohapter 4, Private Acts of
Tennessee, 1937, authorizes the city to issue $1,000,000 in motor vehicle
transportation bonds, but no election has been called on this matter and
are
KIRCHOFER
& ARNOLD
INCORPORATED
RALEIGH, N. O,
T.
A
SOUTH
T. TELETYPE
RLGH
80
CAROLINA
CHESTER, S. C.—CERTIFICATE SALE—It is reported that $49,000
paving certificates were purchased on Jan. 19 by the Peoples National
Bank of Rock Hill, as 2Hs, paying a premium of $146.70,
equal to 100.299,
a basis of about 2.44%.
Denom. $500. Dated Nov. 15,1936. Due on Nov.
15 as follows: $4,00u, 1937, and $5,000, 1938 to 1946 incl. Prin. and int.
payable at the City Treasurer's office. Legal approval by Clay, Dillon &
Vandewater, of New York.
BONDS OFFERED FOR SUBSCRIPTION—The successful bidder is said
to have offered the above bonds for general investment at prices to yield
from 1.50% to 3.00%, according to maturity.
GREENWOOD COUNTY (P. O. Greenwood), S. C.—BOND SALE—
The $110,000 issue of coupon highway improvement bonds offered for sale
Jan. 26—V. 144, p. 494—was awarded jointly to the Peoples National
Bank of Rock Hill and Herman P. Hamilton & Co. of Chester as 3s, paying
on
premium of $1,631, equal to 101.482, a basis of about 2.80%.
Jan. 1, 1937,
Due from Jan. 1, 1938 to 1952, inclusive.
a
"TEe
other bids received
Bidder—
were
as
Dated
he cannot state when such election will be called.
interest thereon.
1. Interest rate shall not exceed 6%.
2. Shall be sold for not less than par and accrued interest.
3.. Shall mature not more than 40 years from their date.
4. Shall be sold at
public or private sale by order of the Board of Commis¬
sioners of the City or Memphis.
5. May be registered as to principal only.
6. Unlimited tax levy required and revenue pledged to retire principa
and interest when same become due.
7. Not taxable in Tennessee.
8. Prior to issuance an election of the people must be held to determine
whether said bonds shall be issued.
9. The date of said election shall be fixed by the Board of Commissioners
of the City of Memphis.
10. The city has no option of payment prior to maturity.
Notes—The existing transportation system is privately owned.
The city of Memphis has not previously engaged in the transportation
business.
follows:
Rate
Premium
3%
$594.00
Johnson, Lane, Space & Co
3%
Robinson-Humphreys Co. and G. H.Crawford & Co.,Inc.3%
Frost, Read & Co., the Trust Co. of Georgia and J. H.
363.00
292.50
'
Equitable Securities Corp. and Thos. L. Lewis & Co
Hilsman & Co
3%
,
R. S. Dickson & Co
3%
C. W. Haynes & Co., Inc., Lewis & Hall and the County
Bank, Greenwood
3%
Bank of Greenwood
3X%
„
...
....
277.50
81.95
37.50
297.00
McCORMICK COUNTY (P. O. McCormlck), S. C.—BOND OFFER¬
ING—It is reported that sealed bids will be received until Feb 6, by the
Clerk of the Board of County Commissioners, for the purchase of $20,000
road refunding bonds.
MARLBORO COUNTY (P. O. Bennettsville), S. C.—BOND OFFER¬
ING—Sealed bids will be received until noon on Feb. 10, by L. Tom
Parker, County Supervisor, for the purchase of a $450,000 issue of coupon
highway bonds.
Interest rate is not to exceed 4X%, payable J. & J.
Bidders to name a single rate of interest for all the bonds, in multiples of
X of 1 %. Denom. $1,000. Dated Jan. 1, 1937. Due $45,000 from Jan. 1,
1946 to 1955, incl.
The bonds may be registered as to principal only and
said to be general obligations of the county, payable from an unlimited
tax.
They are secured not only by an unlimited tax, but also by a so-called
reimbursement agreement between the county and the State Highway
Commission, the bonds being issued for the construction of State highways.
Thepurchaser will be furnished with the approving opinion of Reed, Hoyt
& Washburn, of New York.
A certified check for 2%, payable to the
county, must accompany the bid.
are
ORANGEBURG,
S.
C.—P URCHASERS—City Clerk and Treasurer
L. F. Theiling informs us that the First National Bank, the Bank of Cope
and the Southern National Bank, all of Orangeburg, were the purchasers
of the $100,000 3% revenue bonds sold by the city on Jan. 22—Y. 144,
S. 652.&The three banks paid a premium of $600 for the bonds. McAllister,
mith
Pate of Greenville submitted the only other bid, $100,270.
SOUTH
CAROLINA
(State of)—$3,029,000 CERTIFICATES OF
INDEBTEDNESS NOW OFFERED—A block of $3,029,000 2%% certifi¬
cates
of indebtedness,
due serially Oct. 1, 1945-54, is being offered by
Halsey, Stuart & Co., Inc., New York. The certificates are priced to yield
2.25 to 2.60% and are part of an issue of $4,200,000 issued for highway
purposes.
In opinion of counsel, they constitute valid, direct, general and
unconditional obligations of the State for the payment of which its full
faith, credit and taxing powers are pledged without constitutional limits
upon the rate of property taxes which may be levied by the State.
In the
bankers opinion, the certificates qualify for savings banks and trust funds
in New York and certain other States.
The system would be a competitor
of the existing system.
The Board of Commissioners of the Oity of Memphis shall fix such rates,
tolls and rentals to be charged by said motor vehicle transportation system
as will furnish sufficient revenue to pay all operating expenses of the motor
vehicle transportation system
of the same and the principal
does not impair the general
and all necessary repairs and fixed charges
and interest of the bonds authorized.
This
bond obligation of the city.
MILAN, Tenn.—BOND SALE—The city has sold an issue of $50,000
high school building bonds at a price of 96.
Due serially.
MONTGOMERY
COUNTY
SALE—An issue of $37,500 2H%
(P.
O.
Clarksville),
Tenn.—BOND
refunding bonds has been sold to O. H.
of 100.26.
Little & Co. of Jackson, at a price
ROANE COUNTY (P.
O. Rockwood), Tenn.—BOND BILL SIGNED
funding bonds,
passed recently by the Legislature, as noted here—V. 144, p. 653—was
signed by the Governor on Jan. 19, according to report.
—The bill validating the issuance of the $245,000 in county
TEXAS
ANAHUAC INDEPENDENT SCHOOL DISTRICT (P. O. Anahuac),
Tex.—BOND SALE—The $110,000 issue of school bonds offered for sale
Jan. 26—V. 144, p. 653—was purchased by Neuhaus & Co. of Houston,
according to the President of the School Board
Dated June 1, 1936.
Due from June 1, 1937 to 1940 inclusive.
on
BROWNSVILLE, Texas-DEBT REFUNDING PROGRAM DRAFTED
—This city has entered into a contract with H. O. Burt & Co. of Houston
which gives that concern a limited time to refund $1,600,000 of city obliga¬
tions, the company to receive commissions, totaling about $12,500, if 80%
of the outstanding issues are secured, according to report.
The figure of $1,600,000 represents about $1,100,000 of five bonds and
about $500,000 of 6% warrants, issued prior to 1929, Under the refunding
plan, the entire amount will draw 3% for five years, 4% for the next five
years, and 5% for the succeeding five years.
The average maturities will
be 22 years.
The commission arrangement
with the bond
concern
DAKOTA
BERESFORD, S. Dak.—PRE-ELECTION SALE—It is stated by
W. F. Smith, City Auditor, that a $30,000 issue of refunding bonds has
been sold, subject to an election to be held in March.
calls for H ot 1%
for the first $500,000, X of 1 % for $500,000, and 1 % for $600,000.
The city's outstanding bond and warrant obligations total about $2,300,-
000, of which about $700,000 was refunded some time ago on a lower interest
basis.
FALLS COUNTY ROAD DISTRICT NO. 9
(P. O. Marlin), Tex.—
BOND REFUNDING CONTRACTED—The County Commissioners' Court
has made a contract with the Brown-Crummer Co. of Dallas for the re¬
funding of between $133,000 and $143,000 outstanding bonds of the district.
JEFFERSON COUNTY (P. O. Beaumont),
SOUTH
It is essential that the
bonds be voted before any proceedings are taken relative to the sale.
The following is the substance of the above-mentioned Chapter 4:
Authorizes the City of Memphis, Tennessee to issue its general liability
seri al coupon bonds to an amount not exceeding $1,000,000, for the
purpose
of acquiring by purchase a motor vehicle transportation system for said
city, to provide the maimer and method in which the said bonds shall be
issued and disposed of, and the manner in which the proceeds of said bonds
shall be paid out, and to provide for the payment of said bonds and the
Tex.—BONDS OFFERED
FOR INVESTMENT—The $500,000 2X% and 3% coupon road bonds
sold to the Brown-Crummer Co. of Dallas—Y. 144, p. 653—are now being
offered to investors at prices to yield from .75% to about 2.98%, according
maturity.
Dated Feb. 15, 1937.
Principal and semi-annual interest
(Feb. 15 and Aug. 15) payable at the Chase National Bank, in New York,
at the State Treasurer's office in Austin.
Bonds in the amount of
to
or
DAY COUNTY (P. O. Webster), S. Dak.—BOND ISSUANCE CON¬
TEMPLATED—The County Commissioners are said to have decided re¬
cently to issue $110,000 in refunding bonds to take up outstanding 6%
warrants, which are being discounted when cashed.
(This report corrects the notice given under "Day County, Neb." in a
recent issue.—V. 144, p. 649.)
EGAN
INDEPENDENT CONSOLIDATED SCHOOL DISTRICT
NO. 1 (P. O. Egan) S. Dak.—BOND OFFERING—Sealed bids will be
received until 2 p. m. on Jan. 28, by Ohas. F. Pagel, District Clerk, for the
purchase of an Issue of $120,000 4H% refunding bonds.
Dated Feb. 1,
1937. Due on Feb. 1 as follows: $3,000,1939 to 1941; $5,000,1942 to 1947;
$6,000, 1948 to 1952; $8,000, 1953; $10,000, 1954, and $11.000., 1955 to
1957; subject to redemption on any interest date commencing Feb. 1, 1947.
The district reserves the right to deliver the bonds in instalments from time
to time as the refunded bonds are surrendered for payment.
|This report supplements the offering notice given here previously—V.
$128,000, bearing interest at 2X%, will mature $16,000 yearly on Feb. 15
remainder of the issue, bearing interest at 3%, will
yearly on Feb. 15 as follows: $16,000,1946 and 1947, and $17,000,
from 1938 to 1945: the
mature
1948 to 1967.
PORT ARTHUR INDEPENDENT SCHOOL
Port Arthur), Texas—BOND OFFERING—Sealed
DISTRICT (P. O.
bids will be received
until 4:30 p. m. on Feb. 9 by L. B. Abbey, Business Manager of the Board
of Education, for the purchase of an issue of $130,000 3% semi-annual re¬
funding bonds.
Due on May 1 as follows: $7,000, 1938: $9,000, 1939 and
1940; $7,000,1941; $8,000,1942; $5,000,1943; $15,000,1944; $20,000,1945;
$33,000, 1946, and $17,000 in 1947.
Purchaser will assume all work and
of preparing all necessary papers, the printing of properly litho¬
graphed bonds, secure legal opinion, &c.
Funds to be deposited in the
Merchants National Bank, Port Arthur.
A certified check for 1% of the
bid is required.
(This report supplements the offering notice given in these columns
recently—V. 144, p. 653).
expense
Financial Chronicle
820
WHARTON, Texas—BOND OFFERING—Sealed bids will be received
until Feb. 8, by S. A. Hamilton, Oity Secretary, for the purchase of an
$85,000 issue of street improvement bonds.
Bidders to name the rate of
interest.
Dated Feb. 10, 1937.
Due serially in from one to 10 years.
MANITOWOC,
Jan. 30, 1337
U.
of
or
The bonds are general obligations of the city.
l-10th -of 1 %.
Successful bidder to furnish at own expense the legal opinion and the
OFFERINGS WANTED
UTAH—IDAHO -NEVADA—MONTANA-
City
Wis.—BONDliOFFERlNG—ArthurYH. Zander,
Olerk, will receive sealed bids until 4 p. m. on Feb. 15 for the purchase
of $120,000 not to exceed 3 )4 % interest city hall addition and police station
bonds.
Dated Jan. 1, 1937.
Denom. $1,000.
Due $6,000 annually on
Jan. 1 from 1938 to' 1957, incl.
Rate of interest to be expressed in a multiple
bonds.
order
Interest payable J. & J.
A certified check for 2%, payable to the
of the City Treasurer , must accompany each proposal.
-WYOMING
OCONOMOWOC SCHOOL DISTRICT (P. O. Oconomowoc), Wis.—
MUNICIPALS
DETAILS
ON BOND REFINANCING—In connection with the report
given in these columns recently, that $80,000 of 6% school building bonds
were to be refinanced on Feb. 1—V. 144, p. 654—we are now informed that
the bonds will be refinanced at a 2% interest rate by the Harris Trust &
Savings Bank of Chicago.
Due $8,000 annually from 1938 to 1947, incl.
FIRST SECURITY TRUST CO.
SALT LAKE CITY
Phone
ROCK COUNTY (P. O. Janesville), Wis.—BONDS REJECTED—At
Bell Teletype: SL K-372
Wasatch 3221
a
meeting of the Board of Supervisors on Jan. 20 a proposal to issue $200,000
highway building febnds was defeated.
,
in
UTAH
SOUTH OGDEN, Utah—BONDS SOLD—It is reported that the
$30,000 sanitary sewer bonds approved by the voters on Nov. 30. as noted
in these colums in December, nave been sold.
<
Canadian Municipals
Information and
$200,000
BRAWLEY, CATHERS & CO.
COMMONWEALTH OF VIRGINIA Ref. 2i/4s
Due
Markets
25
KING
ST.
ELGIN <438
TORONTO
WEST,
July 1, 1957-60 @ 1.85%-1.95%
F. W. CRAIGIE & COMPANY
CANADA
Richmond, Va.
BRANTFORD, Ont.—BOND OFFERING—E. A. Danby, City Treas¬
urer, will receive sealed bids until noon on Jan. 30 for the.purchase of the
following:
Phone 3-9137
/
A. T. T. Tel. Rich. Va. 83
$165,000 3)4 % bonds, issued under By-law No. 2569, to mature serially in
10 years.
VIRGINIA
50,000 3)4% bonds, issued under By-law No. 2570A, to mature serially
HERNDON, Va .—BONDS NOT SOLD—It is stated by Guy B. McGlincy, Town Clerk, that the $50,000 not to exceed 4% semi-annual sewer
bonds offered on Jan. 25—V. 144, p. 495—were not sold, as all the bids
received were rejected.
BONDS REOFFERED—The said Town Clerk states that he will receive
sealed bids until Feb. 1 for the purchase of the above bonds.
report on any change in the particulars of the issue.
He does not
in 20 years.
All of the bonds will be dated Dec. 31, 1936, and Issued in denoms. to
Payment for bonds to be made in Brantford funds and
purchaser will be required to pay accrued interest to date of delivery, which
must be not later than Marcn 31, 1937.
Tenders will be opened at 2 p. m.
on Jan, 30 and the sale ratified at a meeting of the City Council on Feb.l
The city, it is said, has never defaulted on payment of either bond principal
or interest charges.
suit purchaser.
MIDDLEBURG, Va.—BONDS SOLD—The $22,000
coupon semi-annual
on Jan. 15, the award of which was postponed
20, as noted in these columns—V. 144, p. 653—were sold to D. T.
Moore & Co. of New York as 3 Ms, paying a premium of $152.03, equal to
100.69, a basis of about 3.20%.
Dated Sept. 1, 1936.
Due from Sept. 1,
1938 to 1969.
sewer
bonds offered for sale
to Jan.
SOUTH BOSTON SCHOOL DISTRICT (P. O. South
—BOND OFFERING NOT SCHEDULED—It is
Boston), Va.
reported by F. L. McKin-
Clerk of the Board of Education, that no definite plans nave been made
as yet for the issuance of the $50,000 school bonds approved by the Gen¬
eral Assembly, as noted here recently—V. 144, p. 654.
ney,
NORTHWESTERN MUNICIPALS
Washington
—
Oregon
—
Idaho
—
Montana
SEATTLE
Teletype—SPO 176
(Dominion
of)—$35,500,000
CANADIAN
NATIONAL
National
Jan.
Rys.
28.
The
bonds will be offered throughout Canada on Thursday,
proceeds will reimburse the Government for advances
made within the past year to the railway company for redemption of funded
debt which matured or was called for payment prior to maturity.
Sub¬
scriptions to the offering will be received by banks and recognized bond
dealers in Canada.
The offering will consist of $15,500,000 2)4% bonds,
due Feb. 1, 1944, and pricedat99.125, toyield2.39%, and$20,000,0003s,
due Feb. 1, 1952, and priced at 99.50 and interest, to yield 3.04%.
The
2)4s will be non-callable, while the 3s will be redeemable at par on or after
Feb. 1, 1948.
Subscriptions will be closed to 6ither series or both, with
or without notice, at the discretion of the Minister of Finance.
Included
among the higher interest debt which the railway redeemed with the Domin¬
ion's assistance were the $24,220,000 6% Grand Trunk Ry. Co. bonds which
matured in New York on Sept. 1,1936.
GRANBY, Que.—BOND OFFERING—Sealed bids addressed to A.
Montfils, Secretary-Treasurer, will be received until 5 p. in. on Jan. 30 for
Ferris & Hardgrove
SPOKANE
CANADA
RAILWAY OFFERING—Charles Dunning, Minister of Finance, has an¬
that an issue of $35,500,000 Dominion-guaranteed Canadian
nounced
the
purchase of $15,000 3H% or 4% bonds, dated Jan. 1, 1937, and due
serially in 10 years.
Denoms. $1,000 and $500 and payable at Granby.
PORTLAND
MONTREAL, Que.—BOND OFFERING—Lactance Roberge, Assistant
office of the Executive
a. m. on Feb. 2 for the purchase of $6,500,000 bonds, dated Feb. 1, 1937, and maturing annually over a period of 15
years from date of issue.
The bonds due in the first five years will bear
2)4% interest: the succeeding five maturities will bear 3% interest, while
3H % interest will be made on the final series of five years.
Principal and
interest (F. & A.) payable in lawful money of Canada at the head office of
Director of Finance, will receive sealed bids at the
Teletype—SEAT 191 Teletype—PTLD ORB 160
Committee in Montreal until 11
WASHINGTON
CLARKSTON, Wash.—BOND OFFERING—'Sealed bids will be re¬
ceived until 8 p. m. on Feb. 8, by H. Elliott, City Clerk, for the purchase
of a $14,000 issue of street bonds.
Interest rate is not to exceed 3%,
payable semi-annually.
Due in 20 annual instalments, optional after
10 years.
A certified check for 5% must accompany the bid.
COLFAX, Wash.—BONDS VOTED—The voters recently approved
proposal to issue $30,000 sewage disposal plant bonds.
a
FERRY COUNTY SCHOOL DISTRICT NO. 308 (P. O. Republic),
Wash.—BOND OFFERING—Sealed bids will be received until 2 p. m.
on
Feb. 6, by W. R. Hall, County Treasurer, for the purchase of a $16,500
Interest rate is not to exceed 6%, payable F. & A.
However, the tender must indicate separate quotation for each category.
% of the par value of the issue, payable to the order
city, must accompany each proposal.
Legal opinion of Charles
Laurendeau, K.C., will be furnished by the city.
Any other legal opinion
to be paid for by the successful bidder.
A certified check for 1
of the
issue of school bonds.
Dated Feb. 15, 1937.
Due on Feb. 15 as follows:
$300, 1939 and 1940:
$500, 1941; $700, 1942 and 1943, and $1,000, 1944 to 1957.
Prin. and
Int. payable at the office of the County Treasurer, at the State Treasurer's
office or at the fiscal agency of the State in New York Oity.
A certified
check for 5% of the bid is required.
SEATTLE, Wash.—BOND CALL—II. L. Collier, City Treasurer, is
reported to be calling for payment from Jan. 21 to Feb. 3, various local
improvement district bonds.
SEATTLE,
Wash.—ELECTION
SCHEDULED
ON
$12,000,000
PLAN—The $12,000,000 refinancing and
project for the city's transportation system will go to the
people for a final decision.
This was assured on Jan. 21, when the City
Council, after defeating emergency ordinances carrying out the plan without
a
referendum, adopted by unanimous vote a resolution directing the
County Election Board to place the proposition on the ballot at the general
election on March 9.
The Council is said to have also passed three ordi¬
nances
putting the project into effect, but containing a provision that
the legislation does not become effective unless it is approved by a majority
TROLLEY
REFINANCING
modernization
of the voters at the said election.
.
VANCOUVER,
bonds offered
Wash.—BOND
Jan.
on
18—V.
144,
SALE—$14,000 park improvement
p. 142—were awarded to the City
Z)4s.
of Vancouver for the Cemetery Investment fund on a bid of par for
There were no other bids received.
YAKIMA COUNTY SCHOOL DISTRICT NO. 121 (P. O. Yakima),
Wash.—O. D. Stephens, County Treasurer, will receive bids until 10 a. m.
Feb. 13, for the purchase of $48,000 school building bonds of School
District No. 121.
Interest rate is not to exceed 6%.
Denom, $100 and
multiples not to exceed $500.
Dated Jan. 1, 1937.
Principal and semi¬
annual interest (Jan. 1 and July 1) payable at the County Treasure's
office.
Certified check for 5%, required.
Bank of Montreal, the National Canadian Bank, the Provincial Bank
the
of Canada, the Royal Bank of Canada, in Montreal, or at any branch of the
above-mentioned banks in the City of Montreal, at holder's option.
No
bid will be considered unless it is made for the full amount or the issue.
MONTREAL CATHOLIC SCHOOL COMMISSION (P. O. Montreal),
8ue.—BOND the School Commission, will be received until 2:30General
hairman of OFFERING—Sealed bids addressed to Victor Dore,
p..m.
Feb. 8 for the purchase of $4,550,000 non-callabe 3H% coupon,
regisprincipal only, refunding bonds, dated Feb. 15, 1937, ana to
$2,000,000. Feb. 15, 1944; $1,000,000, Feb. 15, 1947,
and $1,550,000 on Feb. 15,
1949.
Proceeds will be used to redeem a
bond issue of the same amount maturing Feb. 15, 1937.
Both principal
and semi-annual interest (F. & A. 15) will be payable in legal tender of
Canada at the principal office of La Banque Canadienne Nationale, in
Montreal or Quebec (City), or at the principal office of the Bank of Mont¬
real in the City of Toronto, at holder's option.
Denom. $1,000 and $500.
A certified check for 1% of the amount of the loan, payable to the order
of the School Commission,
must accompany each proposal.
Accrued
interest to be paid by the purchaser.
Delivery of interim bonds and
payment for same in Canadian currency to be made at the principal office
of La Banque Canadienne Nationale, Montreal, on Feb. 15, 1937.
on
terable
as
to
mature as follows:
OTTAWA,
Ont.—SCHOOL
BOARD
SELLS BOND
ISSUE—'The
Separate School Board has awarded an issue of $300,000 3)4% bonds, due
syndicate headed by Griffis, Fairclough & Norsworthy of
Toronto, at a price of 93, a basis of about 3.89%.
in 30 years, to a
REPENTIGNY, Que.—BOND OFFERING—Sealed bids will be re
ceived by J. A. Thouin, Secretary-Treasurer, Until Feb. 9 for the purchase
of
$24,000 bonds, dated Jan. 1, 1937, and due serially from 1938 to 1952
For the first 10 years the bonds will bear 3M% interest, in the
years the rate will be 4%.
incl.
succeeding 10
SALABERRY de VALLEYFIELD,
Que.—BOND SALE—The Banque
bonds at
Dated Nov. 1, 1936 and due serially in from 1 to 15
were as follows:
Canadienne Nationale has purchased an issue of $50,000 3)4%
price of 100.40.
years.
Other bids
a
Rate Bid
Bidder—
L. G. Beaubien & Co., Ltd--
WISCONSIN
BRIAR HILL SANITARY DISTRICT (P. O. Madison),
WU.—
BOND OFFERING—Gordon E. Dawson, Secretary of the Board of Com¬
missioners, will receive bids until 2 p. m. on Feb. 8, for the purchase of a
$15,000 issue of sewer and water bonds. Interest rate is not to exceed 4%,
payable A. & O.
Rate to be in multiples of M of 1% and must be the same
for all of the bonds.
Denom. $500.
Dated Feb. 15, 1937.
Due $1,500
from April 15, 1938 to 1947, incl.
The' bonds will be in coupon form,
subject to registration.
Bids may be made subject to approving com¬
mercial
opinion, the cost of which is to be paid by the purchaser.
A
2% of the face value of the bonds must accompany
certified check for
the bid.
CHIPPEWA FALLS, Wis.—BOND OFFERING—Lee Millard, City
Clerk, will receive bids until 2 p. m., Feb. 10 for the purchase of an issue
of $65,000 coupon vocational school bonds.
Bidders are to name rate of
interest, not to exceed 2%%.
Dated Feb. 1, 1937.
Interest payable
annually on Feb. 1.
Purchaser to furnish legal opinion at his own expense.
100.14
Ernest Savard Ltd
—
—
Credit Anglo-Francais Ltd
Bruno Jeannotte Ltd
Dominion Securities Corp_.
—---
McLeod, Young, Weir & Co.————
*
99.67
99.55
—
—
98.67
98.277
*101.46
Bid not accompanied by marked cheque according to report.
SOREL, Que.—BOND OFFERING—Sealed bids addressed to A. O.
Cartier, Clerk, will be received until 8 p. m. on Feb. 8 for the purchase of
$25,000 4% bonds, dated March 1, 1937, and due serially from 1938 to
1952 incl., and $15,700 4% bonds, due annually from 1938 to 1952 incl.
V1CTORIAVILLE,
Que.—BOND
SALE—'The issue of $21,500 4%
offered on Jan. 23—V. 144, p. 654—was awarded to Rene T.
Leclerc, Inc. of Montreal, at a price of 100.465, a basis of about 3.94%.
Dated Jan. 1, 1937 and due serially in from 1 to 20 years.
bonds
YARMOUTH, N. S.—BOND SALE—The Bank of Montreal has
chased
an
issue of $120,000 3)4 %
basis of about 3.43 %.
25-year bonds at
a
pur¬
price of 101.18,
a
@FedFRASER