The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
>'
if.
\\ >>\{
,A,V 1] 193/
Thr
ontmtrfis
COPYRIGHTED IN 1937 BY WILLIAM B. DANA COMPANY,
NEW YORK.
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1S79, AT THE POST
OFFICE AT NEW YORK, NEWYORK,
NO. 3733.
NEW YORK, JANUARY 9,1937.
VOL. 144.
BROOKLYN TRUST
Chartered
CHASE
THE
COMPANY
NATIONAL BANK
1866
BOSTON
YORK
PHILADELPHIA
OF
CITY
NEW
YORK
v
1
NEW
President
THE
OF
Kidder, Peadody & Co.
George V. McLaughlin
The
chase is
tra-
ditionally a bankers* bank.
BROOKLYN
NEW YORK
For
Deposit
Corporation
many
years
it
has
Insurance
Federal
Member
UNDER THE ACT OF MARCH 3, 1879.
served
large number
a
of banks and bankers
as
New York
Wfells EuroBank
AND
MUNICIPAL
FRANCISCO
Member Federal Deposit Insurance
Corporation
BONDS
United States
Government
OVER $200,000,000
RESOURCES
Deposit Insurance Corporation
STATE
UnionlrustCo.
SAH
depository.
reserve
Member Federal
®
and
correspondent
and
COMMERCIAL BANKERS SINCE 1852
Securities
The
Hallgarten & Co.
FIRST
BOSTON
Brown Harriman & Co.
Incorporated
Established I8S0
CORPORATION
NEW YORK
NEW YORK
BOSTON
CHICAGO
PHILADELPHIA
AND OTHER
Telephone: BOwling Green 9-5000
Boston
SAN FRANCISCO
London
Chicago
63 Wall Street, New York
Philadelphia
Chicago
San Francisco
Representatives in other leading Cities
PRINCIPAL CITIES
throughout the United States
Wertheim & Co
120
State and
The
Broadway
New York
Amsterdam
London
Municipal Bonds
NewTorkTrust
Company
CARL M. LOEB & CO.
61
BROADWAY
Capital Funds
NEW YORK
.
.
Barr Brothers & Co.
INC.
$37,500,000
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 York
•
(5th Ave.)
•
BOSTON
.
Pittsburgh
*
•
Allentown
v
London
•
European Representative"s Office:
Easton
8 KING
Railroad
-
Public Utility
BONDS
WILLIAM STREET
LONDON. E. C 4
>
Correspondent
*
Edward B. Smith & Co., Inc.
Minneapolis
CHICAGO
R.W.Pressprich&Co.
Members New York Stock Exchange
St. Louis
Member of the Federal Reserve System,
the New York Clearing House Association
and
of the Federal Deposit Insurance Corporation
New York
Chicago
Philadelphia
/
San Francisco
1937
Jan. 9,
Chronicle
Financial
II
Leading Out-of-Town
Investment Bankers & Brokers
BIRMINGHAM
STATEMENT
CONDENSED
CONDITION
OF
DECEMBER 31,
1936
MARX & CO
Brown Brothers Harriman
&
BIRMINGHAM, ALABAMA
Co.
PRIVATE BANKERS
PHILADELPHIA
BOSTON
NEW YORK
MUNICIPAL
SOUTHERN
'
AND
CORPORATION BONDS
ASSETS
Cash
Hand
on
Due
and
Banks
from
$15,620,293.67
.
.
.
DETROIT
United States Government Securities
Valued
at
Call Loans
Cost
Time Deposits Due
Securities Called
Valued
Loans
and
at
Market whichever lower
or
Acceptances
and
Cost
Valued
Cost
.
.
.
MICHIGAN MUNICIPALS
7,255,084.09
and
632,969.83
.
.
.
CORPORATION BONDS
WATLING, LERCHEN & HAYES
1,105,426.23
.
Members
18,168,966.74
...
on
.
Detroit Stock Exchange
.
.
Acceptances
18,178,610.66
288,194.29
INVESTMENT
$90,354,215-08
Charles A. Parcel Is & Co.
$51,564,179-33
.
HOLDINGS
ANALYZED
LIABILITIES
.....
DETROIT
BLDG.,
56,981.59
L
.
.
334 BUHL
12,221,301.95
.
Deposits—Demand
New York Curb Assoc.
Chicago Stock Exch.
New York Stock Exch.
Stocks
Market whichever lower
or
Customers' Liability
.
...
........
and
Other Investments
Other Assets
.
Market whichever lower
Advances
at
16,826,386.03
.
Maturing Within 1 Year
or
or
.
.
Other Banks
Banks
from
Marketable Bonds
''
of
Members of Detroit Stock Exchange
6,025,812.42 $57,589,991.75
Deposits—time
PENOBSCOT BUILDING, DETROIT, MICH.
$19,090,121.49
Acceptances
Less Own Acceptances
Held
Portfolio
in
MIAMI
711,592.25
....
Accrued Interest, Expenses, etc.
Reserve
for
.
.
.
.
.
.
18,378,529.24
128,725.10
.
We
1,753,317-67
Contingencies
Capital
10,503,651.32
Florida
■
■
/
as
Private Bankers and
subject
to
Municipal Bonds
12,503,651.32
$90,354,21508
Licensed
our
account
own
$ 2,000,000.00
Surplus
bay and tell for
(CRraGAN,Mn,l£R &(lo.
INC.
Ingraham Bldg.
examination and regulation
MIAMI
-
MMI 18
Bell System Teletype
by the Superintendent of Banks of the State of New York and by the
Department of Banking of the Commonwealth of Pennsylvania.
NEWARK
New Jersey State
& Municipal Bonds
Newark Bank & Insurance Stocks
THE FIRST NATIONAL BANK
OF
THE
CITY
OF
J. S. RIPPEL & CO.
PALMIBEACH
Report
Condition
of
member
at
the
Close
of
Newark, N. J.
18 Clinton St.
NEW YORK
AND WEST PALM BEACH
Business December 31, 1936
federal deposit insurance corporation
Specializing in
^
RESOURCES
(
Loans and discounts
$ 70,538,121.49
United States securities
Other
bonds, stocks,
FLORIDA BONDS
235,596,464.24
securities, etc..
127,681,890.83f
.
Banking House
5,000,000.00
Cash and due from Federal Reserve Bank
$1 83,071,787.99
Exchanges
Palm Beach—West Palm Beach, Fla.
18,916,191.72
Due from banks
CARLBERG & COOK, INC.
Bell System Teletype:
W-Palm Beach No. 84
7,164,707.04
209,152,686.75
Customers' liability—Indorsed drafts sold and acceptances
ST.
guaranteed
LOUIS
49,654.96
$648,018,818.27
LIABILITIES
Capital
$10,000,000.00
100,000,000.00*f
6,960,885.37*
Surplus
Undivided Profits
Dividend payable January 2,
Deposits:
1937
St/x
Banks
.
.
8090UVC si
$152,916,478.97
Allother
Co. j
&
GA/NT LOUIS
2,500,000.00
373,302,036.87
526,218,515.84
Reserved for taxes and assessments....
Indorsed drafts sold and acceptances
2,289,762.10
.
guaranteed
Members St. Louis Stock Exchange
49,654.96
$648,018,818.27
Memorandum:
U. S. securities pledged to
deposits, and to qualify for fiduciary powers
*
secure
Missouri and Southwestern
trust
$ 3,263,827.55
f Because of market decline, $25,000,000 of Reserves
to
reduce
book
value
.
of
Other
stocks,
part of the market
bonds,
$15,000,000, representing
a
stated in that
like credit to Surplus.
item, with
used in 1933
were
securities,
recovery,
etc.
Stocks and Bonds
i
$5,000,000 transferred today from Undivided Profits to Surplus,
Today
has been rein¬
Smith, Moore & Co.
St. Louis
v
The First Boston
St. Louis Stock
Corp. Wire
a
Exchange
Volume
Financial
144
r
Chronicle
matter of record only and is under no circumstances to
This announcement appears as a
IX
be construed as an offering
solicitation off an offer to buy, any off such securities.^ The offering is made only by the prospectus, dated January 4,1937; the prospectus does not constitute an offering by any
Principal Underwriter in any stale in which such Principal Underwriter is not qualified to act as a dealer or broker.
off these securitiesffor sale,
or as an
offer to buy,
or as a
January 5,1937
New Issue
$10,000,000
Union Oil Company
of California
serutnebeD%z/l
Fifteen-Year 3
Due
January 1,1952
(With Certain Conversion Privileges)
Price 105^%
plus accrued interest from January lf 1937 to date of delivery
Copies off the prospectus may be obtainedffrom only such off the several Principal Underwriters
(as deffined in the Federal Securities Act off 1933, as amended) as are qualiffied to act as
dealers in securities in this State. The several Principal Underwriters are:
Dillon, Read & Co.
William R. Staats Co.
Pacific
Dean Witter & Co.
Blyth & Co., Inc.
Bancamerica-BIair Corporation
Company of California
Established ISM
H. Hentz & Co.
Members
Nsir
New
Now
Stock
York
Exchange
Ourb
York
Exchange
Cotton
York
Board
Chicago
Grain
Winnipeg
we
Exchange
other
as
Y.
Cotton
vice-president
Exchange Bldg.
LONDON
•
DETROIT
DALLAS
MIAMI
of
our corporation
NEW YORK
BOSTON
association
Mr. Herbert W. Bartling
Eshanget
Leading
with
N.
the
Exchange
New Orleans Cotton Exchange
And
announce
Trade
of
AMSTERDAM
PARIS
GENEVA
Geo. T.
lOO
Leach
West
Monroe
chicago
LAMBORN & CO.. INC.
99 Wall Street. N. Y. C
JANUARY
SUGAR
Export—Import—Futures
DIgby
-2727
1,
1937
&
Co.,
Street
inc.
Financial
Chronicle
Jan.
CURRENT
—Fuller,
N.ew
1937
9,
NOTICES
Rodney & Co.,
Exchange,
York
Stock
members
announce
that Stuart Hedden has been admitted
firm.
of
Fuller, Rodney & Co., having retired
as
general
a
Hedden
Mr.
in
partner
was
their
former partner
a
in 1933 to form the firm of Hedden &
Co., Inc., which firm has been active
date in reorganization work
and underwriting of securities.
During
this period Mr. Hedden was responsible
for the reorganization of McLellan Stores
and was Chairman of the reorganization
committee
of McCrory
Stores Corp.
Mr. Hedden is a graduate of the Harvard
since that
CONDENSED
STATEMENT
OF
CONDITION
DECEMBER 31,
Law School and for
1936
He left Cotton & Franklin to become the
★
of
head
ASSETS
Vault, and with Banks
♦$ 38,404,317.18
.
.
U. S. Government Bonds
Accrued Interest and Other Assets
819,914.26
.
3,462,129.58
Other Real Estate
tances
a
under
Accep¬
and Letters of Credit
.
.
business
1,356,856.38
48,250,349.52
Buckman, H. L.
Jeffries, B. A. G.
Thorndike and Leonard M. Wright are
Vice-Presidents. J. West Rulon Cooper
is
$150,794,634.75
Less:
J.
Mr.
Treasurer.
activities
in
Mr. Watson
$3,462,897.01
.
Amory
Childs
has
been
prominently identified with investment
Acceptances and
.
securities,
Broadway, New York.
Clifford
President.
Nixon,
LIABILITIES
.
investment
Paul Dudley Childs is Chairman of the
Board and William W. Watson, Jr., is
stated Net after Reserves.
Letters of Credit
of
with offices at 50
$167,767,834.73
Deposits
underwriters and wholesale
as
distributors
.
Total Assets
are
—Childs, Jeffries & Tliorndike, Inc.
(N. Y.), has been organized to conduct
1,877,142.50
Loans and Discounts
Assets
Co., Inc.,
formerly syndicate manager of J. &
W. Seligman & Co., comes to Fuller,
Rodney & Co. with Mr. Hedden as
syndicate manager.
13,412,672.60
.
Bank Premises
Liability
department
and
including
Stock of the Federal Reserve Bank
Customers'
business
new
firm of Kissel, Kinnicutt &
Norman Proctor Smith, who was
Vice-President of Hedden &
60,JL84,452.71
.
Other Bonds and Securities
the
of the old
Co.
Cash in
number of years
a
associated with Cotton & Franklin.
was
ner
Amount in
Boston
was
New
and
formerly
in West & Co., more
York.
senior part¬
recently having
a
been Executive Vice-President of HamPortfolio
2,086,459.83
1,376,437.18
Other Liabilities
Reserve for
& Co., Inc., in charge of their
Philadelphia office. Mr. Buckman^ was
formerly a partner in Pynchon & Co.
and Mr. Nixon was a partner in Jackson
Bros., Boesel & Co.
Mr. Childs, Mr.
mons
96,769.61
Interest, Taxes, etc.
.
309,129.01
.
Reserve for Preferred Stock Dividend
190,000.00
Preferred Stock Retirement Fund
390,000.00
Capital Stock
—
.
Preferred
500,000 ohares, Par $16
per
per
ELEVEN
.
Thorndike
are
also
........
Mr.
Hitchcock, who was born in
Aiken, S. C., on Feb. 11, 1900, was
graduated from Harvard in 1922. Dur¬
ing the World War he served with the
Lafayette Escadrille. He is a member
1,610,864.18
.
.
$167,767,834.73
CLEVELAND
CONVENIENT
Member Federal
Mr.
Inc., of Boston, specialists in chain store
merchandising securities.
CENTRAL NATIONAL BANK
OF
and
officers in Childs, Jeffries & Thorndike,
share.
share.
Surplus, and Undivided Profits
Total Liabilities
per
5,000,000.00
Capital Stock—Common
250,000 shares, Par $20
Jeffries
8,000,000.00
share, retirable at $24
OFFICES
of
the Sands Point, Meadow Brook,
Racquet and Tennis, Turf and Field and
Amateur Ski clubs.
Mr. Thomas, who
was
born in Fort Worth, Texas, on
Sept. 22, 1906, is a graduate of
Yale
University, class of 1928, and of the
Harvard
Deposit Insurance Corporation
Graduate
School
Administration in 1930.
man
Brothers in
of
He
Business
joined Leh¬
September, 1930.
He
Co.,
Schenley Distillers Corp. and Export
S. S. Corp.
During his college days
Mr. Thomas was managing editor of the
"Yale Daily News" and editor of the
is
a
director
"Harvard
of
The
Business
member of
Flintkote
Review."
the Chi
He
is
a
Psi and Scroll and
Key societies and of the Racquet and
Tennis, Deepdale Golf and The Hangar
Dividends
clubs.
—Thomas Hitchcock Jr. and
A.
The
Board
of
Directors
New York has declared
a
of
The
Chase
National
Bank
NEW YORK
of
the
City
capital stock of the Bank, payable February 1, 1937, to holders of record
close of business
of
dividend of 70<t per share on the 7,400,000 shares of the
at the
be closed
in
connection
with
the payment
of
firm.
Mr.
Hitchcock
Previously
OF
CHASE
THE
NATIONAL
CITY
OF
NEW
BANK
YORK
W. H. Moorhead
,
<
Vice President and Cashier
he
was
has
August
with
The
Bankers Co. and before that in business
for himself in
THE
as
in
investment
1932.
will not
this dividend.
Joseph
admitted
been with Lehman Brothers since
January 16, 1937.
The transfer books
been
Lehman Brothers.
Mr.
Hitchcock is internationally famous -as
a polo player.
Mr. Thomas is only 30
years old, one of the youngest men ever
to bejmade a partner in a major banking
partners
THE CHASE NATIONAL BANK OF THE CITY OF
have
Thomas
financing and developing
coal and oil properties.
He is a director
of the Electric Shovel Coal Corp. and
of the
Export S. S. Corp.
,—Robert
A.
Leisher
mitted to general
garten & Co.
lias"".been
ad¬
partnership'Jn Wein-
Volume
144
Chronicle
Financial
xx
current notices
-—John
bales
F. Bolger,
formerly Chicago
Manager for Hammons •& Co.,
Inc., has joined Banning & Co.
as
Vice-
Bank of America
President, J. Retz Ramser, President,
announced.
Others who have become
associated with
Banning & Co. include
National mad association
???1 E. Conrads, Rockford,
111.; J. R.
Aldendifer,
Springfield, 111.; W. F.
Porter Rockford,
111.; Walter E. Mur¬
ray, Madison, Wis.;
Ralph E. Dickson,
Kewanee, 111.; Chester P. White, Chi¬
cago; Edwin
P. Rose, Fair
view, 111.;
David James,
Chicago, and William W.
Andrews, Champaign, 111.
STATEWIDE
CALIFORNIA
A
Condensed Statement
BANK
of Condition December 31,1936
resources
Babcock, Rush ton
& Co., members
Stock, New York Curb, and
leading Chicago Exchanges, have opened
a branch office at
225 Broadway, New
York City, under the
management of
Frederick W.
Yardley, who has been
connected with the
company for many
years.
John U. Troy and E. Ward
Olney Jr. have become associated with
New York
Cash in Vault and in
Federal Reserve Bank
123.668.797.23
••••••$
80.502.914.32
Due from Banks
Securities of the United States
Government and Federal Agencies
Bonds
State, County and Municipal
.
•
•
466.407,933.35
•
.
98.265.616.43
Other Bonds and Securities
58.631.432.36
Stock in Federal Reserve Bank
2.505,000.00
....
the firm and will make their offices in
the
new
branch.
Other
offices
are
loans and Discounts
maintained at 50
Broadway, New York,
headquarters in Chicago and a branch
Bank Premises, Furniture, Fixtures and
in Des Moines, Iowa.
Other Real Estate Owned
532.076,965.74
Accrued Interest and Accounts Receivable
Safe Deposit
4.124.729.85
Vaults
34,759.618.21
5,592.407.61
Customers' Liability on Account of
—Otto Abraham, Jacob Bleibtreu and
Edwin F.
as
Letters of Credit,
Dodge will continue business
Endorsed Bills
Abraham & Co. and Alfred L. Stamm
Acceptances and
Other Resources
22,663,941.25
••*■•••••
1,137,844.21
and
George D. Rosenbaum will continue
business together with Samuel S.
Lerner,
TOTAL RESOURCES
$1,430,337,200.56
Harry Rosenbaum and Wm. I. Speigelberg, as A. L. Stamm & Co.
Both
firms will have
membership on the New
Exchange and other prin¬
cipal exchanges, and both will maintain
offices at 120
Broadway, New York.
York
^LIABILITIES
Stock
Capital
Reserves
20.924.112.28
.
.
.
.
.
.
.
.
*
3.115,065.23
....
23,221.264.42
.
Maker
or
..
•
on
Acceptances and Foreign Bills
DEPOSITS:
securities, with offices at
Rodney, & Co., 14 Wall St.
Gregory, Jr. will be a general
partner and Stephen V. Duffy a limited
Commercial
Fuller,
Savings
William H.
membership
Exchange.
50,000.000.00
$
.
34,100,000.00
Acceptor, Endorser
other
partner in the
•
Liability for Letters of Credit and as
general commission business in bonds
and
•
Undivided Profits
—Douglas G. Bonner has retired from
the firm of Fuller,
Rodney & Co. to form
the firm of Bonner &
Gregory to transact
a
•
Surplus
•
.
.
•
•
464.042.934.42
.
.
.
834.933.824.21
1.298,976.758.63
TOTAL LIABILITIES
$1,430,337,200.56
firm, which will have
the New York Stock
new
on
This statement includes the figures of the
London, England, bank'
ing office of Bank of America, N. T. & S. A., and does not include
the nine banking offices of the Bank of America (a California State
Bank) under the same management.
—William H.
Gardner, formerly gen¬
eral partner in Hoit, Rose & Troster
later Vice-President in charge of the
New York office of Butler, Huff &
Co.,
and more recently with Hall,
Cherry &
Wheeler, Buffalo, is now associated with
STATEWIDE
MIMIK
I
rcDMAi oifoirr
I
INSUSANCt CORP. I
475 Branches
Serving Ail California
J. Arthur Warner & Co. in
charge of their
institutional
department,
Joseph
J.
Kelly, formerly with Hoit, Rose &
Troster, has also become associated
with
the
firm
in
its
industrial
stock
trading department.
—Lazard
nounce
of
CHARTERED
the
a
1853
&
Co., Inc., an¬
that Randolph P. Compton has
been elected
tor
Freres
Vice-President and direc¬
company.
Mr.
United States Trust Company of New York
45-47
Compton
graduated from Princeton Univer¬
sity in 1915 and during the World
War served as Ensign in the U. S. Navy.
For many years he was a senior officer
wall
street
was
in the firm of W. R.
Compton & Co.,
and later in business for himself.
M. Rowles, for over 23
member of the bond department
of the Harris Trust & Savings Bank
and for the last eight years an Assistant
Vice-President, has joined Harris, Hall
&®Co. as Secretary and Treasurer.
Harris, Hall & Co. was formed a little
over a year ago to carry on the business
in corporation securities formerly con¬
ducted by the bank.
Capital,
.
•
$2,000,000,00
.
Surplus and Undivided Profits,
$28,510,823,51
January 1, 1937
This
Company acts as Executor, Administrator, Trustee, Guardian,
Committee, Court Depositary, and in all other recognized trust capacities.
—Duncan
years a
.
•
WILLIAM
M.
KINGSLEY, President
WILLIAMSON PELL, 1st Vice President
LLOYD A. WAUGH, Asst.
FREDERIC W. ROBBERT, V. Pres. & Comp.
HENRY G. DIEFENBACH, Asst.
THOMAS H. WILSON, Vice Pres. & Secy.
HENRY L. SMITHERS, Asst. Secretary
Comptroller
Comptroller
ALTON S. KEELER, Vice President
ELBERT B. KNOWLES, Asst. Secretary
BEN-. STRONG, Vice
ALBERT G. ATWELL, Asst. Secretary
President
ROBERT S. OSBORNE, Asst. Vice President
HENRY E. SCHAPER, Asst. Secretary
WILLIAM C. LEE, Asst. Vice President
HARRY M. MANSELL, Asst. Secretary
formerly a member f of the New York
Stock Exchange, and William T. Free¬
man, a member of the New York Curb
Exchange, formerly of Johnson,Tierney
& Freeman, have formed a partnership
to be known as Van Schaick &
Freeman,
with offices at 25 Broad St., New York.
IRVIN A. SPRAGUE, Asst
JAMES M.
GEORGE MERRITT, Asst. Vice President
ARTHUR H.
GEORGE F. LEE, Asst. Vice President
—L. Arnold Van Schaick, member of
the New York Curb
Exchange and
HENRY B. HENZE, Asst. Vice President
CARL O. SAYWARD, Asst. Vice Pres.
THOMAS J. MADDEN, Asst. Secretary
STUART L. HOLLISTER, Asst. Comptroller
Secretary
TRENARY, Asst. Secretary
H. IRVING
/
ERB, Asst. Secretary
PRATT, JR., Asst. Secretary
TRUSTEES
frank
william vincent astor
phelps
arthur
william
curtiss
m.
cornelius
james
george
dd forest
roland
l.
sloane
frank l.
polk
henry
bliss
williamson pell
hamilton
george
f.
francis
john
kingsley
n.
barklie
john
lyman
john j.
Wilson
Member Federal
p.
baker
t.
Deposit Insurance Corporation
lord
redmond
bradley
p.
plimpton
Financial
XII
Chronicle
Jan. 9, 1937
CURRENT/. NOTICES
CONDENSED
—Emil
STATEMENT
Grunberg has been admitted
general partner in H. Hentz & Co.
Mr. Grunberg has been with the firm
for 11 years, nine of which were spent
abroad as manager of the firm's Berlin
office and then its Amsterdam, Holland,
office.
Since returning from Europe,
Mr. Grunberg has been manager of the
firm's Foreign Department.
as a
FIRST
NATIONAL BANK
IN
At the Close
ST.
LOUIS
of Business, December 31, 1936
—Brown Harrimam & Co., Inc., an¬
the
opening f| of anAtlanta
nounce
office in the First National Bank Build¬
ing.
Robert F. Maddox Jr., formerly
of Dun &fBradstreet Agency's
office, has become associated
with
the investmentr^banking firm's
Atlanta office and Sidney T. Thomas
has joined the Washington office.
head
Atlanta
RESOURCES
United States Government
Securities
$76,180,638.70
Other Securities Guaranteed
by
U. S. Government
16,649,895. 02
Cash and Due from Other Banks
—Stanley L. Sherwood
80,195,695. 97
Total Cash and Government Securities
$173,026,229.69
Loans and Discounts
64,873,018.47
Other Bonds and Stocks
6,842,643.49
Stock in Federal Reserve Bank
Customers' Liability a/c Letters of
dissolved.
been
651,636.88
Co.
to
the
suc¬
Associated
manager,
Sherwood';
trader,
1,996,432.41
announces
&
by Sherwood & Merrifield, Inc., which
has
Mr.
Banking House, Improvements, Furniture
Other Real Estate Owned
Sherwood
ceed to the business formerly conducted
390,750.00
and Fixtures
of
formation
sales
with
Charles Thacher,
Van Auken, office
are >
Harold; K.
and Leonard
Hoag,
in
the
department.
Credit,
Acceptances, etc.
523,607.03
Accrued Interest Receivable
582,849.80
Overdrafts
34,747.27
Other Assets
3,029.60
$248,924,944.64
LIABILITIES
—Howard U. Brown,
formerlyfman¬
of the municipal bond department
of R. W. Pressprich & Co., and Harold
G.
Groll,
formerly associated
with
Adams, McEntee & Co., announce the
formation of the firm of Brown & Groll,
with offices at 160 Broadway, New York,
ager
to
Capital—Common
Surplus and Profits
$10,200,000.00
transact
a
general^municipal^bond
business.
7,499,949.73
Reserve for
Contingencies
Reserve for Taxes, Interest, etc.
425,000.00
—William S. Hernon, member
of the
Exchange,|and|New-
229,029.12
New York Stock
Unearned Discount
119,924.54
man
Liability a/c Letters of Credit, Acceptances, etc.
542,272.03
of Hernon, Pearsall& Co. to transactfa
1,945.01
general investment business, with offices
at
120 Broadway,
New York.
Mr.
Other Liabilities
Individual
$115,506,019.66
Deposits
Savings Deposits
Bank Deposits
0. Pearsall
announce
thejformation
32,084,948.77
Hernon
77,350,382.42
formerly associated with E. Naumberg
City of St. Louis and Other
and
Mr.
Pearsall
were
both
& Co.
Public Funds
I
4,965,473.36
Total Deposits
229,906,824.21
$248,924,944.64
-—John Niekerson &
Company, Inc.,
Broadway, New York, has issued a
treatise having to do with increasing use
of natural gas and the expansion and
development of a score of companies
interested in natural gas properties and
pipe lines. The author is Robert F.
Robertson, vice-president of the firm.
61
—The firm of William Morris &
Broadway
Member Federal
'
Locust
*
Olive
Deposit Insurance Corporation
Co.,
Stock, Ex¬
change, announce the admission * of
Jerome B. Lustig to general partnership.
members of
Carlos
the New 4York
Gardiner
has been
made
man¬
of their foreign ^department, and
the firm's trading and stockicustomers'
departments have been enlarged.
ager
—E. J. Coulon &
Co., 50 Broadway,
City, members of the New
Stock Exchange, have issued', a
New York
York
Cotton-
partial statistical description of stocks
listed on the^New York Stock and; Curb
Exchanges, as well as a discussion of4the
possible effects onKthe United States of
a Europeanjwar by Dr. Marcus Nadler.
Friendship—
—Announcement is "made of
Advertising—
the^ for¬
Sheriden,"Bogan & Co.,vwith
1616*Walnut Street, Phila¬
delphia. Officers of the new company
are
Charles|Sheriden, President; John
C.JBogan Jr. and Charles J.*McCue,
Vice-Presidents, andAWalter Roe, Sec¬
retary and Treasurer.
mation of
offices
A large part of the cotton business is done
through personal friendship—the same sort
of mutual faith which is necessary to every
business.
at
BUT—did you ever stop to think of the large
part played by consistent
publicity in devel¬
oping the initial introduction?
An advertisement in the "Chronicle"will
help ]
form new friendships among the people
constituting the "backbone" of the World's
you
Cotton
Industry.
—Touche* Niven
<M[Co./public
ac¬
countants, 80JMaiden Lane, New]}York,
announce
the admission to
Robert S.
Waugh,
partnership of
C. P, A.f(Mich.),
who has been associated with them'for
Mr. Waugh willfcontinue
the; Detroit office_[ as^resident
many years.
to
direct
partner.
Volume
Chronicle
Financial
144
CURRENT
XIII
NOTICES
—Adams
&
Peck
announce
that
Braman B. Adams II has been admitted
179th Semi-Annual
to
partnership in their firm, and that
Carroll Hart, formerly Assistant
Secretary of Central Hanover Bank &
Trust Co., has become associated with
them in the sales department.
John
—Edward H. Rakestraw and George
Betz Jr. have formed Rakestraw,
W.
Betz &
Co., with offices in the FidelityPhiladelphia Trust Building, Phila¬
delphia.
Both of the partners of the
new
firm
were
previously associated
Statement of Condition
of
THE BOATMEN'S NATIONAL BANK
OF ST. LOUIS
with MacMeekin & Co.
At the Close of Business
—Morgan, Howland & Co., members
New
York
Stock
Exchange,
have
changed their firm name to Henry
Morgan
&
Co.
The
partners
and
personnel remain unchanged and the
firm
42
will
continue
be
to
located
DECEMBER 31st, 1936
at
RESOURCES
Broadway, New York.
—Kuhn, Loeb & Co. announce that
have granted
joint power of
attorney to Robert F. Brown.
Mr.
they
Brown
has
been
associated
with
the
Cash and Due from Banks.
Bonds and
$19,534,583.30
_
Stocks, including:
U. S. Government Obligations
Other Securities
firm since January, 1932, prior to which
he was an official of United States
15,995,621.81
fully Guaranteed by U. S.
Government
1,017,938.99
Federal^Intermediate Credit Bank
Mortgage & Trust Co.
Debentures
—Distributors
Group, Inc., 63 Wall
Street, N. Y. City, has prepared a
chart showing market movement of rep¬
resentative leverage company and mu¬
tual fund
seven
common
years
stocks
over
the last
compared with the general
market.
mation of
the firm of Pollock & Co.,
Inc., with offices at 44 Beaver Street,
N. Y. City, to transact a general brok¬
erage business in foreign and domestic
Other Investment Bonds, etc
699,467.09
Stock Federal Reserve Bank...
106,500.00
Loans
Safe
14,032,845.05
Deposit Vaults, Fixtures, Real Estate, etc.
245,593.78
andJDiscounts
165.56
securities.
Morris
Pollock
Accrued Income Receivable
Co., Inc., an¬
Schoonover,
formerly Assistant Vice-President, has
Baker
—Amott,
elected
company,
&
William
that
nounces
G.
Vice-President
a
of
the
and G. Leslie Griffith has been
an
Assistant Vice-President.
174,918.09
13,490.01
$56,366,912.48
the
heads
(Net)
Other Resources
LIABILITIES
firm.
elected
3,516,260.88
;.
Overdrafts..
—Announcement is made of the for¬
been
1,029,527.92
State and Municipal Bonds
Capital Stock, Common.
$2,000,000.00
1,550,000.00
...
Surplus
Undivided Profits
349,433.50
Reserve for Contingencies
289,397.09
Reserve for Dividend
on
Common Stock, Pay¬
able January 1, 1937
—Monroe F. Hess, Franklin T.
Birdsail, members of New York Curb Ex¬
change, and Albert Wertheim, member
New York Stock Exchange, announce
the formation of Birdsall & Hess, with
offices at 39 Broadway, New York.
F. T. Sutton &
Co., 64 Wall St., New
York, have issued the current edition of
their "Facts and Comments," giving a
digest of security situations, market
trends and comment as developed by
their statistical department.
Trenton, N. J., branch
office in the Trenton Trust Building is
announced by Lord & Hackett, Inc.
The branch, which is under the man¬
agement of Edward E. Green, will
specialize in municipal bonds.
—Opening of
Reserve for Taxes,
25,000.00
Interest, etc
7,212,95
.....
Liabilities
Other
57,713.45
DEPOSITS:
U. S. Govt., City of St. Louis and
Other Secured Public Funds..$2,879,181.21
Temporary Public Fund
2,907,895.46
Demand
40,653,737.86
Time
5,647,340.96
52,088,155.49
$56,366,912.48
a
Member Federal
Deposit Insurance Corporation
—Coyler, Robinson & Co., 1180 Ray¬
Boulevard, Newark, N. J., are
distributing a summary of New Jersey
municipal bonds offered as of Jan. 1,
1937, with an added tabulation of one
to ten-year maturities.
mond
J.
—F
Young & Co., Inc.,
the Mozart Monae-Lesser is
Since 1865
announce
now
asso¬
ciated with them and will give attention
in
of
particular to financing, of companies
substantial
character
in
the
chain
store field. <
—Paul
J.
Feuchtwanger, member
Exchange, has been
admitted as a general partner in the
Curb Exchange firm of Bruce, Lohr &
New
York
—Dixon
Stock
Acknowledged Authority
on
Cotton World Over
the
Curb
Stuart.
York
The
&
Co., members of New
Exchange, announce that
Philip Spalding has been admitted to
partnership in the firm and that F.
Eugene Dixon has retired from the firm.
Commercial & Financial Chronicle
25 SPRUCE
STREET,
NEW YORK
s
Chronicle
Financial
XIV
Jan. 9, 1937
notices
current
C.
—Siebel
partner Harris,
Harris,
Burrows & Hicks, Chicago, and Herbert
D. Collyer of the same firm have made
application for membership in the Chi¬
cago Mercantile Exchange.
—Announcement is made by
directors
of
"FIRST
change in the
& Co., Inc.,
a
Edie
President of the
NATIONAL BANK
of
—Gearhart
and
CONDENSED
recapitalizations.
STATEMENT of
Russell
H.
withdrawn
has
Co.,
Peabody and Hamil¬
from the firm of Russell, Berg &
CONDITION
and Alfred H. B.
ton Heard have been
Covering all Offices and Foreign branches
as
Lichtenstein, 99 Wall
1937
Wilbur
A
company.
St., New York City, have prepared a
brief description of six convertible issues
resulting from recent reorganizations
BOSTON
1784
Lionel D.
Lionel D. Edie is
name to
new
&
officers
Edie-Davidson, Inc.,
of
and
admitted to part¬
I
nership.
of December 31, 1936
—Leventhal
& Co., 120 Broadway,
city, specialists in odd lot municipal
bonds, have issued a list of municipal
bonds yielding from 3.00% to 5.60%.
this
resources
Cash and Due from Banks...
$271,680,245.71
United States Government Securities
State and
134,415,929.35
Municipal Securities
—Amott, Baker & Co., 120 Broad¬
25,891,895.86
Collateral Demand Loans to Banks and Brokers
N. Y. City, have issued a statis¬
report on the Hotel WaldorfAstoria Corp., covering the first 10
way,
26,461,680.67
Loans, Discounts and Investments
tical
269,717,641.15
Banking Houses
13,525,600.34
Customers' Liability Account of Acceptances
11,211,597.52
Accrued Interest Receivable and Other Assets
months of 1936.
3,297,336.77
Total
—Billings, Olcott & Co. announce the
Knecht to general
partnership in their firm and the retire¬
ment of William A. Ramsey.
$756,201,927.37
admission of George F.
I
LIABILITIES
—Thomas Durham, Jr.
$27,812,500.00
Capital
Surplus and Profits
49,470,820.67
Reserves, including Interest, Taxes, Dividend, Unearned
Discount, and Contingencies
11,909,693.88
Acceptances Executed for Customers
Gardner
$77,283,320.67
and John W.
joined the sales depart¬
S. Hagarty & Co., Inc.,
have
11,666,453.87
Endorser
on
,
ment of D. M.
Acceptances and Foreign Bills Sold
it
announced.
was
1,242,186.82
—Leon
1,713,317.70
Items in Transit with Foreign Branches
connected
652,386,954.43
Deposits
Total
Abraham
with
been admitted to
$756,201,927.37
several years
& Co., has
general partnership in
for
Osterweil,
that firm.
—Bristol
&
Willett, 115 Broadway,
City, are distributing the
January issue of their ' 'Over-the-Counter
New
The
figures of Old Colony Trust Company, which is beneficially
by the stockholders of The First National Bank of Boston,
York
Review."
owned
are
not
included in the above
—Allen
statement.
Co.,
20
Broad St., New
of leading New York City bank-
mary
stocks
Member
&
have prepared a year-end sum¬
York,
.
of the Federal Deposit Insurance Corporation
—James
Talcott, Inc., has been
ap¬
pointed factor for The Burden Iron Co.,
Troy, N. Y., manufacturers of wrought
iron.
—Joseph Byrne,
formerly
with
the
Central Hanover Bank & Trust Co., is
now
associated with Mackay & Co.
—Robert C. Johnson and
Hart
are
now
Stephen M.
associated with the sales
department of Lobdell & Co.
—Robert DeF. Boomer and
Charles
H.
Mallory have become general part¬
ners in Reynolds, Fish & Co.
Greek Government
Forty-Year 6% Secured Sinking Fund Gold Bonds
Stabilization and Refugee Loan of 1928.
—Herbert J. Marx and F. A. Morgan
Easton have been admitted to partner¬
Coupons due February 1, 1937.
ship in Newborg & Co.
There have been remitted to the Fiscal Agents for the above Loan funds sufficient
of the interest, on the above mentioned issue, falling due on February
1, 1937. Such payment will be made in lawful currency of the United States of America,
on and after that date,
at the rate of $12. for each $30 coupon and $6. for each $15
for payment of 40%
presentation of the coupons at the office of either of the undersigned for
stamping of such payment thereon.
coupon,
the
—R. F. Gladwin & Co.
upon
Coupons
presented for payment must be accompanied by a Letter of
Transmittal,
which may be obtained from either of the undersigned.
After stamping, the
will be returned and should then be re-attached to the Bonds from which they
detached.
—Farr & Co.
form of
Speyer & Co.
The National City Bank
New York, January 8, 1937.
'
that
as
a
partner in the firm.
announce
L. Lueder has become
coupons
were
announce
John J. Laver has been admitted
a
that Eberhard
special partner
in the firm.
-
of
—Archibajd M. Richards and Philip
in Esta-
New York.
M. Sterns have become partners
brook & Co.
Fiscal Aeents for the Loan
*
—Samuel
G.
Adams
has
become
a
general partner in R. W. Pressprich &
Co.
—'TV
\ : !v';:
..
v
Volume
Chronicle
Financial
144
xv
Continental Illinois
national bank and
trust company
OF CHICAGO
Statement
of Conditionf December
31,
1936
RESOURCES
Cash and Due from Banks
United States Government
Direct and
$335,804,629.49
\
Obligations,
Fully Guaranteed
558,185,308.83
Other Bonds and Securities
52,074,399.88
Loans and Discounts
261,704,545.25
Stock in Federal Reserve Bank
Customers'
Liability
Other Banks'Liability
2,625,000.00
.
Acceptances
894,053.60
onBilljS Purchased
264,207.09
on
Income Accrued but Not Collected
Banking House
.
.
3,372,277.81
.
13,500,000.00
.
Real Estate Owned other than
Banking
House
4,088,591.95
$1,232,513,013.90
LIABILITIES
Deposits
.
.
.
.
$1,109,980,393.50
.
Acceptances
896,760.35
Other Banks' Bills Endorsed and Sold
Reserve
Reserve
264,207.09
forTaxes, Interest and Expenses
for
Stock
Reserve for
Dividend
on
4,536,350.99
Preferred
600,002.52
......
Contingencies
11,405,915.82
Income Collected but Not Earned
Preferred Stock
.
427,304.19
.
45,000,000.00
.
Common Stock
30,000,000.00
Surplus
15,000,000.00
Undivided Profits
14,402,079.44
....
$1,232,513,013.90
United States Government obligations and other securities carried
are
pledged
to secure
as
public and
trust
at
deposits and for other
#135,350,254.18
purposes
required or permitted by law.
Member Federal
Deposit Insurance Corporation
Financial
XVI
Chronicle
1937
9,
Jan.
THE
Continental Bank & Trust Co.
OF NEW YORK
BRO OKLYN TRUST
COMPANY
MAIN
30 BROAD
OFFICE:
NEW YORK
STREET
Branch Offices:
512 Seventh Avenue
345 Madison Avenue
Member of Federal Reserve System
Member of New York Clearing House Association
NEW YORK OFFICE:
MAIN OFFICE:
177
Montague Street
New York, N.
Brooklyn, N. Y.
Statement of Condition
Close of Business December 31,
Cash and Due from Banks
Call Loans to Brokers
$33,343,726.63
14,029,100.00
United States Government Bonds.
8,569,396.87
New York State, County and City
Bonds
13,658,893.14
Federal Reserve Bank Stock..
210,000.00
Other Marketable Securities
1,739,399.75
Other Bank Acceptances Purchased
1,106,876.97
Loans (Secured by Collateral)
7,708,365.78
Loans and Discounts
8,421.931.17
Bonds and Mortgages..
613,975.00
........
Business, December 31, 1936
RESOURCES
Hand and due from Federal
Reserve Bank and Other Banks
on
State and
.
Municipal Bonds
.
Furniture and Fixtures
.
.
Time Loans Secured by Collateral
$92,200,759.08
LIABILITIES
11,955,000.00
8,970,425.60_ $111,354,469.08
6,560,162.59
......
Bills Purchased
Bank
on
12,313,239.30
Bonds and
Mortgages
2,067,503.10
Building
6,076,474.56
Other Real Estate
Customers
.
Liability
on
.
1,461,794.94
.
Acceptances
Capital Stock
Surplus
$4,000,000.00
3,000,000.00
974,462.72
Reserves
1,494,678.47
Reserve for Dividend, Jan. 1, 1937
80,000.00
Deposits
80,138,030.48
Acceptances
Outstanding
$2,695,846.45
-
Less
Amount
249,136.32
2,446,710.13
66,877.28
Other Liabilities
$92,200,759.08
377,344.41
$140,238,349.23
FREDERICK H. HORNBY, President
FREDERICK E.
Capital
Surplus
HASLER,
Chairman Executive Committee
ALLEN
LIABILITIES
K. BREHM, First Vice-President
$8,200,000.00
4,200,000.00
Undivided Profits
1,344,576.12
Reserves
1,843,917.23
Deposits
124,458,494.63
Dividend payable January 2, 1937
164,000.00
Outstanding Acceptances
J. & W.
$140,238,349^3
the
FEDERAL
Oldest
BBSBRVB
Seligman & Co.
27,361.25
No. 54
As required by law. United States Government and State and
Municipal bonds carried at
$6,396,139.00 are pledged to secure public deposits and for other purposes.
of
in
Portfolio
■
One
...
Undivided Profits
27,361.25
Other Resources
MI1CBBB
2,210,157.55
225,963.70
Other assets
3,848,904.93
13,322,491.55
.
Call Loans and Bankers Acceptances
Demand Loans Secured by Collateral
Loans
169,900.00
Customers'Liability Under Acceptancee Outstanding
28,765,608.15
.
.......
Other Securities
193,072.52
Accrued Interest Receivable
$44,492,038.85
.
U. S. Government Securities
1936
RESOURCES
Y.
Summary of Statement
At the Close of
Cash
Member Federal Deposit Insurance Corporation
26 Broad Street
Trust
SYSTEM
Companies
AND
FEDERAL
in
the
DEPOSIT
United
INSURANCE
Wall
Street
NEW YORK
States
CORPORATION
London Correspondente
SELIGMAN
BROTHERS
A. G. Becker & Co.
Incorporated
THEIOMAHA
NATIONAL
Established 1898
BANK
Investment Securities
OMAHA, NEBRASKA
Loans and Discounts
-
Commercial Paper
D.c.mb.r 81.1936
RESOURCES
$13,191,295.62
-
Overdrafts........
Obligations...............................
State and Municipal Bonds..................................
Other Bonds and
Investments...............................
Banking House.......................
Furniture and
Fixtures.....
...
....................
.......................
on
8,406,409.59
Chicago
And Other Citiee
5,558,909.93
4,370,524.95
949,000.00
...................
Customers' Liability under Letters of Credit.................
Interest Earned but not Collected..
Cash
New York
2,313.05
U. S. Government
•'
1.00
19,400.00
81,370.09
Hand and Due from Federal Reserve Bank and Other
Correspondent Banks.....................................
$50,535,616.10
'
'OA°*AW
LIABILITIES
Common Stock......
Preferred Stock
....
.....
......
...
Undivided Profits....
Reserve for
$1,250,000.00
Members
304,763.67
104,898.99
146,603.96
...................................
Reserve for Dividends....
Reserve for Building Improvement under
Contract...........
Customers' Letters of Credit
...........
Deposits
not
Investment Securities
New York Stock Exchange
New York Curb Exchange
Taxes, Interest, etc..............................
Interest Collected but
&HARDEN
985,000.00
Contingencies...................................
Reserve for
BAKER, WEEKS
400,000.00
...........................................
Surplus
17,956,391.87
Earned...........................
36,163.46
85,260.00
52 WALL
STREET, NEW YORK
19,400.00
Graybar Building, New York
59,046.70
Commercial Trust Bldg., Philadelphia
Buhl Building, Detroit
47,144,479.32
-
Philadelphia Stock Exchange
Chicago Board of Trade
6 Lothbury, London, E. C. 2
$50,535,616.10
Member Federal Depoeit tneurance
Corporation
\
Bourse Building, Amsterdam
52, Avenue des Champs-Elysees, Paris
Volume
144
Chronicle
Financial
Manufacture r s
TRUST COMPANY
Condensed Statement
of Condition
as at
close of business
December 31, 1936
RESOURCES
$167,217,634.14
Cash and Due from Banks
238,457,288.10
U. S. Government Securities
State and
16,520,826.79
Municipal Bonds
Stock of Federal Reserve Bank
Other
....
197,870,517.65
Loans and Bills Purchased
Mortgages
Banking Houses
Other Real Estate
2,278,050.00
59,901,703.34
Securities
Equities
Customers' Liability for
Acceptances
.
25,969,482.42
14,468,700.00
4,788,703.47
18,335,614.54
2,755,356.36
Accrued Interest and Other Resources
$748,563,876.81
LIABILITIES
Preferred Stock
....
$10,000,000.00
Common Stock
32,935,000.00
Surplus and
Undivided Profits
.
41,778,571.72
.
Reserves
v *
.
$ 84,713,571.72
12,604,027.24
Common Stock Dividend
823,375.00
(Payable January 2, 1937)
Preferred Stock Dividend
250,000.00
(Payable January 15, 1937)
18,767,035.27
Outstanding Acceptances
Deposits
631,405,867.58
,
$748,563,876.81
HARVEY
D.
GIBSON,
President
Principal Office: 55 Broad Street, New York City
Member Federal Reserve
Member New York
Member Federal Deposit
Both Common and,
The
System
Clearing House Association
Insurance Corporation
Preferred shares have a par value of $20 each.
Preferred is convertible into and has a preference over
Common to the extent
of $50
per
the
share and accrued dividends.
Financial
XTllI
Chronicle
Jan.
1937
9,
WANTED
Chemical
CHRONICLES
0
bank
Jam
Feb.
TRUST COMPANY
165
1
6 1916
1916
Sept. 20 1919
Broadway, New York
Nov.
1
1919
Jan.
3
1920
Jan.
17
1920
Feb.
28
1920
Mar.
6
1920
Established 1824
CONDENSED STATEMENT OF CONDITION
At the close
of business, December
1936
31,
1 1920
May
Sept. 26 1920
ASSETS
Cash and Due from Banks
$191,023,879.37
Oct.
Obligations,
Fully Guaranteed.
and
1920
18
1920
7
1922
Jan.
6
1924
Jan.
9
1926
98,804,757.08
State and
Municipal Bonds
41,829,474.44
Other Bonds and Investments
48,265,443.38
Loans and Discounts
122,085,002.85
Banking Houses
LOO
—
Other Real Estate
Jan.
1927
8
1927
Jan.
7 1928
4,089,859.61
on
Acceptances
11,297,904.72
Other Assets
4,301,720.75
Jan*
LIABILITIES
10
1931
Jan.
$686,675,710.36
3
1931
$20,000,000.00
Capital Stock.
45,000,000.00
Surplus.
Undivided Profits.
Dividend
1
Jan.
6,309,964.57
Mortgages
Credits Granted
8,382,800.49
Will pay 25 cents per copy
$73,382,800.49
Payable Jan. 2, 1937.
900,000.00
Reserved: Taxes, Interest, etc..
WM.
8,761,330.70
25
B.
own
DANA
CO.,
Spruce Street,
Acceptances Outstanding $12,294,575.21
(less
1920
144,933,129.23
Acceptances, Call Loans
Eligible Paper
Direct and
Bankers'
6
Jan.
13,734,573.36
U. S. Government
16
Nov.
Dec.
Gold Bullion
New York
acceptances
held in portfolio)
756,034.14
11,538,541.07
Other Liabilities
2,092,019.44
Deposits (including Official and Certified
Checks Outstanding $16,451,125.51)
590,001,018.66
$686,675,710.36
Directory ol Stock
U. S. Government Obligations and other securities carried at
$5,167,218.75 in the foregoing statement are deposited to
secure
public funds and for other purposes required by law.
and Bond Houses
"Security Dealers of
Charter Member New York Clearing House Association
Member Federal Reserve System
North America"
Member Federal Deposit Insurance Corporation
Fublisksd fmi-mimmUy
|
A 1132 Page Book containing
11,000
over
listings
alphabetically
Cities
Street
(ommerceTrust (onrpaiiy^
Established
1865
with
Member
Statement
of Condition
CITY, MISSOURI
R ESOURCES
Officers
State, Municipal and Federal Land Bank Bonds
20,919,780.35
240,000.00
15,750,856.14
Other Bonds and Securities
maintained
31,763,983.86
3,184,898.02
41,717.16
319,496.34
4,590.51
...
Accrued Interest Receivable
Overdrafts
Other Resources
.
Total Resources
Docal and
of
business
and
olass
Conneotions.
Dong Distance Telephone
HERBERT D. SEIBERT & CO.
Incorporated
Publishers
Total Liabilities
25
9,735,122.43
41,717.16
....
of
Numbers.
$2,386,600.00
7,500,000.00
.165,999,243.55 $175,885,843.55
Liability Account Letters of Credit
Accrued Interest, Taxes and Expense
Other Liabilities
street
resident
Exchange memberships held.
...
6,000,000.00
2,200,000.00
1,535,122.43
Surplus
Undivided Profits
of
Correspondents.
LIABILITIES
Capital
with
securities handled.
Deposits:
Special Deposits
Other Deposits
names
9,795.99
$185,725,985.06
U. S. Government Deposits
and
Private Wire
36,910,636.49
Loans and Discounts
Bank Premises and Other Real Estate Owned
Ousomters' Liability Account Letters of Credit
Partners.
or
Branches
Stock
$75,547,004.92
37,943,861.77 $113,490,866.69
Stock of Federal Reserve Bank
as:
Department Heads.
Character
Close of Business December 31, 1936
Cash and Due from Banks
U. S. Government Securities
and
details
managers.
Federal Reserve System
at
full
arranged
States
Address.
address
KANSAS
by
56,307.06
6,994.86
$185,725,985.06
The above Statement is correct.
E. P. WHEAT, Cashier.
Member Federal Deposit Insurance Corporation.
SPRUCE STREET
NEW YORK CITY
Telephone—BEekman 3-1767
Volume
Financial
144,
YTT
Chronicle
NEW YORK
Statement
of Condition
of December
as
LIABILITIES
ASSETS
Cash
Deposits
Hand, and Due from Federal
on
Reserve Bank and Other Banks.
.
..
Call Loans and
$580,493,031.17
Official Checks...
.$243,105,064.90
United States Government Securities 220,596,310.53
Securities Guaranteed by U.S. Gov¬
ernment
1936
31,
.
Acceptances.
$595,667,133.84
15,174,102.67
.
9>77°>937-21
.
5,000,000.00
.
Reserve
Acceptances of Other
Banks.............
for
Dividend
Unearned In¬
Taxes,
come, etc..
S5»145.157-61
.
997,867.85
.
.
payable January
2, 1937
.
750,000.00
.
Other Loans and Discounts........
Stock in Federal Reserve Bank.....
State,
and
Municipal
3,150,000.00
Capital Stock
Surplus Fund.
4,839,716.93
Other Liabilities
7»135.843-27
9>923>874-2°
County
Se¬
curities
Other Securities
$50,000,000.00
55,000,000.00
....
Undivided Profits..
First
Mortgages
Bank Building
on
....
5,651,760.02
110,651,760.02
I0,4l0,98l.70
Real Estate
Reserve for
24,278,992.08
...............
Other Real Estate
Liability of Customers for Acceptances
Income, Accounts Receiv¬
Contingencies
6,000,000.00
L402,539.93
9,156,089.49
Accrued
able,
etc
2,559,407.08
...
$718,677,415.85
Securities with
pledged to
book value
a
of
$718,677,415.85
$30,025,501.61 in the above
deposits of public monies and for other
secure
Member Federal
purposes
statement are
required by law.
Deposit Insurance Corporation
Fulton Trust
Company
OF NEW YORK
MAIN
UPTOWN
OFFICE
OFFICE
149 Broadway
1002 Madison* Avenue
(Singer Building)
(between 77th and 78th Sta.)
Condensed Statement,
LIABILITIES •
RESOURCES
Cash in Vault
Cash on Deposit in Federal Reserve
Bank of New York...
5,690,231.12
Cash on Deposit in other Banks.. 1,765,818.59
U. S. Government Securities
Demand
Loans
Due
Depositors..
Dividend No. 129—2H% Payable
Reserved for Taxes, Expenses and
Accrued Interest Payable
Capital
Surplus..--
$271,689.78
$16,950,158.38
7,997,050.00
-
Secured by Col¬
lateral
♦Undivided Profits—
1,225,368.89
State and Municipal Bonds
$24,026,456.59
Jan. 2, 1937-
50,000.00
Contingencies
195,611.06
2,038.05
$2,000,000.00
2,000,000.00
903,330.78
-
4,903,330.78
5,565,800.00
Federal Reserve Bank of New York Stock
120,000.00
Other Securities.....
3,932,745.33
Time Loans Secured by Collateral..Loans and Bills Receivable....
Real Estate Bonds and Mortgages
Real Estate (Branch Office)
1,515,023.62
♦Net
195,473.75
.
512,620.00
income
Dec.
Dividends Paid
190,000.00
Other Real Estate
operating
ending
year
jor
81,
the
1986.
—.—--—
1298,681.69
800,000.00
25,000.00
Accrued Interest Receivable
To Undivided Profits
170,615.40
898,681.69
$29,177,436.48
$29,177,436.48
United States Government, State and Municipal Bonds are carried at cost or par value• whichever is the lower•
All other securities are carried at the lower of cost or market value.
Collateral loans
are
secured by marketable securities
having
a
market value in
excess
of the amount of such loans.
BOARD OF DIRECTORS
Lbwib Spencer Morris, Chairman of
Arthur J. Morris, President
Robert Goblet
Edward
John
D.
DbWitt
Peabodt
Stanley A.
Sweet
.
the Board
,
Warren Obuixshank
Bbrnon 8. Prentice
Franklin B. Lord
Edmund P. Rogers, Chairman of the Executive Comn..
Frederic F. deRham. Vice President A Trust Officer
Russell E. Bubkb
Henrt W. Bull
John A. Larkin
O'Donnbll Ibelin
Member Federal Reserve System and Federal Deposit Insurance
E. Townbbnd Irvin
Edward E. Loomib
Stephen O. Clark
Charles Scribner
Corporation
"
A A
Mellon
Jan.
Chronicle
Financial
TT
1937
9.
Bank
National
PITTSBU RG H
STATEMENT OF CONDITION AT THE CLOSE OF BUSINESS
DECEMBER
3IST,
NINETEEN
THIRTY-SIX
HUNDRED
LIABILITIES
RESOURCES
LOANS AND DISCOUNTS
36,192,681.75
$
.
united states obligations
.
.
.
.
.
.
.
7,500,000.00
$
.
.
.
Undivided profits
.
.
.
reserves
.
.
.
.
12,003,146.38
deposits
19,204,212.73
.
.
.
.
340,063,830.83
1,327,898.21
4,770,703.70
.
.
20,000,000.00
232,294,004.12
.
HOUSE, FURNITURE AND
FIXTURES
.
.
none
.
other bonds and investments
BANKING
Capital
Surplus
overdrafts
.
Cash and Due from banks
88,433,273.12
$380,894,875.42
$380,894,875.42
ECTOR?
WILSON S. ARBUTHNOT
BENJAMIN F. JONES, III
HARRY W, CROFT
JAMES H.
ARTHUR V. DAVIS
J.
WILLIAM
ALLEN W.
H.
DONNER
DAVID A.
REED
WILLIAM C. ROBINSON
LOCKHART
ALAN
MARSHALL LOCKHART
M.
SCAIFE
GEORGE E. SHAW
McELDOWNEY
CHILDS FRICK
PAUL MELLON
WILLIAM P. SNYDER, JR.
HOWARD HEINZ
RICHARD K.
WILLIAM G. WARDEN
ROY A.
WILLIAM
HUNT
L.
MELLON
HARRY S. WHERRETT
MELLON
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
J. P. MORGAN & CO.
NEW YORK
DREXEL & CO.
PHILADELPHIA
Cotton—
Condensed Statement of Condition December 31,1936
Friendship—
ASSETS
Cash
Hand and
on
on
Deposit in Banks
United States Government Securities
(Of these $1,400,000
$ 89,657,158.74
297,243,312.50
pledged)
State and Municipal Bonds and Bills
Stocks and Bonds, etc.
63,318,109.64
Loans and Bills Purchased
Advertising—
50,854,643.69
are
14,666,050.12
Accrued Interest and Accounts Receivable
1,758,868.52
Morgan GrenfeU & Co. Limited, Shares
5,500,000.00
Banking Premises
6,728,304.12
Liability of Customers on Letters
of Credit and Acceptances... .$20,763,467.85
Less
Prepayments.........
large
20,612,172.15
sonal
friendship—the
Deposits: Demand
necessary
to every business*
17,020,192.30
Accrued Interest and Accounts
you
by
$478,922,407.36
105,155.11
Payable
Acceptances Outstanding and
Letters of Credit Issued
1,000,000.00
Capital
consistent
Surplus and Partners' Balances
49,547,588.16
24.547,588.16
Total Liabilities..
$550,338,618.48
in
duction?
An
advertisement
form
the
new
Privat* Banktrt under Article IV of the Banking Law of the State of New
by the Department of Banking of the
Pennsylvania
Commonwealth of
''
will
York
in
the
help
you
friendships
among
people constituting the
"backbone"
publicity
of
the
Cotton Industry*
The foregoing statement Is exclusive of our interest in the assets and
liabilities of the firm of Morgan & Cie., Paris.
January 4,19J7
to
played
developing the Initial Intro*
"Chronicle"
$25,000,000.00
Private Bank
stop
20,763,467.85
Special Reserve Fund
at a
ever
think of the large part
$461,902,215.06
Time.
Authorised
same
of mutual faith which is
BUT—did
ai
cotton
$550,338,618.48
LIABILITIES
Licensed
the
of
part
business Is done through per¬
sort
151,295.70
Total Assets.
A
World's
Volume
Chronicle
Financial
144
rrrr*
Fidelity-P hiladelphia
Trust Company
Organized 1866
Statement
of Condition, December 31, 1936
RESOURCES
Cash
U.
on
Hand and in Banks
S. Government
$45,785,461.93
and Home
Securities
Owners'Loan Bonds
.........
State, County and Municipal Securities
Other Investment Securities
Loans
*f4
.
.
.
.
23,697,901.23
22,271,256.01
.**.*•»»•*».».*
.
.
♦
«
.
19,258,238.03
25,041,060.44
Real Estate Owned
6,151,458.18
Other Assets
3,458,991.95
$145,664,367.77
LIABILITIES
Capital Stock
Surplus
♦
♦
«»••••»»»»•••»#
•
.
•
.
.
Undivided Profits
Reserve for
$6,700,000.00
.............
15,000,000.00
......
1,918,674.64
.......
Contingencies
♦
Reserve for Interest and Taxes
•
♦
•
*
1,045,029.64
♦
•
•
701,051.01
Other Liabilities
227,081.77
Deposits
120,072,530.71
$145,664,367.77
United States Government obligations and other securities carried at $18,508,238.03 in
the above
statement are
pledged
and for fiduciary purposes as
to secure
Government, State and Municipal deposits
required by law, and
to secure Clearing
House exchanges.
HENRY G. BRENGLB
WILLIAM P. GEST
President
Chairman of the Board
J. CALVIN WALLACE
Treasurer
135 South Broad Street
6324 Woodland Avenue
325 Chestnut Street
MEMBER
OF
FEDERAL
DEPOSIT
INSURANCE
CORPORATION
Financial
XXII
Chronicle
Jan. 9, 1937
TOC
•
•
•
JL
liLi
•
•
•
PHILADELPHIA
NATIONAL BANK
Organized 1803
DECEMBER 31,
1936
RESOURCES
Cash and due from Banks-
$181,890,952.17
.
U. S. Government Securities
149,368,687.70
State, County and Municipal Securities.Other Securities
..
12,908,389.62
—
60,542,386.33
.
Loans and Discounts
Bank
81,236,952.63
.
.]
Buildings.
3,365.000.00
Accrued Interest Receivable
1,908,291.35
Customers
6,171,1175.99
Liability Account of Acceptances.
$497,391,835.79
LIABILITIES
Capital Stock
*
Surplus and Net Profits
Reserve for
22,506,935.80
Contingencies
4,720,590.22
Dividend Payable January 2, 1937.
875,000.00
.
Reserved for Taxes and Interest.
737,665.98
.......
Unearned Discount
Acceptances
$14,000,000.00
207,995.31
...
...
....
7,125,096.59
Acceptances Sold
48,429.00
Deposits
447,170,122.89
$497,391,835.79
MEMBER OF THE FEDERAL DEPOSIT INSURANCE CORPORATION
JOSEPH WAYNE, JR., President
421 Chestnut Street
32nd Street & Lancaster Are.
1416 Chestnut Street
Volume
xxni
Chronicle
Financial
144
Founded 1812
For
Insurances
on
Lives and Granting Annuities
Member
of Federal Reserve System
PHILADELPHIA
December 31, 1936
*
/ ■;
:
*
-v\ .v.'.' '
•;
■
;. ;'
.
•'
;.
,
RESOURCES
Cash and Due from Banks
.
$102,752,607.99
..
39,239,838.50
U. S. Government Securities
9,303,349.67
State, County and Municipal Securities
Other Investments
.
...
Call Loans to Brokers
Other Loans
.
32,140,776.39
.
.
.
.
Upon Collateral
9,823,000.00
38,765,808.37
.
Commercial Paper
...
Reserve Fund "Cash Balances in Trust
Accounts"
.
.
25,110,469.74
7,436,334.59
4,281,768.27
Real Estate
.
1,036,349.91
.
635,822.04
......
1,894,825.58
........
242,376.63
Miscellaneous Assets
Interest Accrued
.
.
Bank Buildings,Vaults
and Equipment
Customers' Acceptance Liability
$272,663,327.68
LIABILITIES
$8,400,000.00
Capital Stock
Surplus
.
.
...
.
.
.
.
.
.
.
.
•
•
•
•
12,000,000.00
2,584,548.65
Undivided Profits
Reserved for Contingencies
.
.
.
2,275,300.85
.
434,251.58
........
336,000.00
.......
Reserved for Taxes and Expenses
Dividend Payable January 2,
1937
85,389.54
Miscellaneous Liabilities
Letters of Credit and
Deposits
.
.
242,376.63
.......
246,305,460.43
Acceptances
$272,663,327.68
United States
Government obligations and other securities
carried at
$25,400^616.47 in the above statement are pledged to secure Government,
State and Municipal deposits for fiduciary purposes, as required by law.
The deposits
C.
S. W.
of this Company are insured by the Federal Deposit Insurance
in accordance with the Banking Act of 1935.
PACKARD, Chairman of the Board
Corporation,
C. S. NEWHALL, President
Financial
XXIV
Chronicle
Jan. 9, 1937
The First National
Bank
of Chicago
Statement of Condition December 31, 1936
.
ASSETS
Cash and Due from Banks,
United States
Unpledged,
.
.
.
.
.
To Secure Trust
.
.
9,468,032.31
.
Deposits,
Other Bonds and Securities
Loans and Discounts,
.
.
.
33,637,117.13
.
550,000.00
(Bank Building),
.
.
63,796,945.60
252,244,121.61
.
7,119,090.66
1,821,301.37
Earned, not Collected,
.
.
365,495,284.68
........
Estate,
Assets,
.
....
-
.
.
.
.
.
.
.
.
.
.
1,650,000.00
.
.
4,015,211.00
......
2,197,612.24
.
Customers' Liability Account of
Other
.
.
Federal Reserve Bank Stock,
Interest
$292,539,675.51
$321,840,135.24
.
.
Under Trust Act of Illinois,
Other Real
...
Obligations—Direct and fully Guaranteed,
Pledged—To Secure Public Deposits,
Real Estate
.
...
Acceptances,
.
...
.
.
400,735.09
$991,279,977.76
LIABILITIES
Capital Stock—Common,
...
.
.
.
.
Surplus Fund,
.
.
.
.
.
.
.
28,000,000.00
.
.
.
.
.
,.
.
2,891,556.94
.
.
.
.
690,679.40
.
.
.
.
.
450,000.00
.
.
.
.
.
2,228,815.84
.
.
.
.
.
4,311,523.73
.
.
Other Undivided Profits
Discount Collected but
not
Dividend Declared, but
Unpaid,
Reserve for Taxes, etc.,
.
Earned,
.
Liability Account of Acceptances,
Time
Deposits,
.
Demand Deposits,
.
.
.
.
$164,261,450.52
.
.
.
.
.
653,260,211.88
.
.
.
104,685,142.01
Deposits of Public Funds
Liabilities other than those above stated,
$30,000,000.00
.
.
.
922,206,804.41
500,597.44
$991,279,977.76
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
Volume
Financial
144
.
,
/v. •.
Chronicle
li
.
Mi'
Guaranty Trust Company
of New York
MAIN OFFICE
FIFTH AVE. OFFICE
MADISON AVE. OFFICE
140 Broadway
Fifth Ave. at 44th St.
Madison Ave. at 60th St.
BRUSSELS
PARIS
LONDON
LIVERPOOL
HAVRE
ANTWERP
Condensed Statement, December 31, 1936
RESOURCES
Cash
on
Hand, in Federal Reserve Bank, and due from
$
Banks and Bankers
Bullion Abroad and in Transit
590,105,249.40
54,432,761.77
U. S. Government Obligations
Public Securities
Stock of the Federal Reserve Bank
7,800,000.00
23,859,645.56
669,293,384.06
2,258,543.13
.
Other Securities
Loans and Bills Purchased
Items in Transit with Foreign
Credits Granted
on
660,220,262.99
13,202,854.00
Branches
39,514,874.97
13,277,131.39
Acceptances
Bank Buildings
477,774.59
2,322,209.70
Other Real Estate
Real Estate Bonds and Mortgages
Accrued Interest and Accounts Receivable
10,214,178.61
.......
$2,086,978,870.17
LIABILITIES
Capital
Surplus Fund
.
$ 90,000,000.00
170,000,000.00
9,356,562.00
Undivided Profits
$
Dividend Payable January 2, 1937
Miscellaneous Accounts Payable,
269,356,562.00
2,700,000.00
Accrued
Interest,
27,583,280.45
Taxes, etc
$ 47,501,324.36
Acceptances
Less:
Own Acceptances
held for Investment
7,986,449.39
39,514,874.97
Liability
as
Endorser
on
Acceptances and Foreign Bills
3,014,142.00
$1,709,643,127.39
35,166,883.36
Deposits
Outstanding Checks
1,744,810,010.75
$2,086,978,870.17
in the above Statement are pledged to qualify for
public monies as required by law, and for other purposes.
Securities carried at $11,416,048.30
fiduciary
powers,
to secure
(Member Federal Deposit Insurance Corporation)
xxn
Corn Exchange Bank Trust Company
ESTABLISHED
A Bank Statement that any Man
Condensed Statement
as
1853
or
Woman
can
Understand
of close of business December 31, 1936
Percentage
Due
To
Individuals, Firms, Corporations and Banks
this indebtedness
meet
have:
we
Cash in Vaults and Due from Banks
Checks
$327,058,765.91
.
$ 95,853,870.71
....
Other Banks
on
26.607%
40,793,917.63
U, S. Government Securities at
par
11.323%
131,618,750.00
36.534%
1,000,000.00
0.278%
6,372,000.00
....
1.769%
(Direct and fully guaranteed, including $11,450,000.
pledged to secure United States deposits and for other
purposes required by law)
Canadian Government Securities at par
State and
Municipal Bonds,
par or
whichever is the lower
(Including $10,000. pledged to
.
.
.
market value,
........
State deposits)
secure
Other Tax Exempt Bonds, par or market value,
whichever is the lower
Railroad Bonds, par or market value,
is the lower
.
Public
ever
.
.
Utility Bonds,
.
par or
.
.
.
and
2,250,000.00
0.625%
7,669,063.00
2.129%
whichever
.
.
...
.
market value,which¬
is the lower
Industrial
^ -y^ O-g.'\ 9r--i
i.
Other
Bonds,
value, whichever is the lower
par
.
or
.
.
4,059,920.00
.
:
1.127%
market
1,557,250.00
18,000 Shares of Federal Reserve Bank
9::;:;.:.:
of New York
0.432%
,'>CvS-
900,000.00
0.250%
649,740.00
0.180%
936,500.00
0.260%
2,499 Shares of Discount Corporation
of New York
9,990 Shares
.
.
.
of Corn
.
Exchange Safe Deposit
Company
.
Sundry Securities (Quoted Value $246,139.00)
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
...
.
.
.
.
.
Customers' Liability
.
on
Banking Houses Owned
.
.
Acceptances
.
Other Real Estate Owned
to
0.787%
9,021,853.62
2.505%
.
.
20,549,254.99
5.704%
.
.
.
1,870,906.04
0.519%
.
.
12,195,950.77
3.385%
2,411,568.60
0.669%
1,203,171.81
0.334%
101,320.27
0.028%
.
.
.
.
.
.
.
.
.
.
...
.
.
.
.
.
[
.
.
.
.
Meet Indebtedness
$360,261,824.44
.
s.
Contingencies, $765,021.04
73 Branches located in all
parts
100%
$ 33,203,058.53
Capital, $15,000,000*00; Surplus and Undivided Profits, $17,438,037.49
Reserve for
4.555%
.
.
This Leaves
16,410,523.63
2,836,262.37
.
Accrued Interest Receivable
Total
1.00
.
.
.....
Bills Discounted
Other Assets
.
.
Secured Time Loans
Mortgages
.
.
Secured Demand Loans
First
.
of the City of New York.
Member of the Federal Deposit Insurance
Corporation•
■v. V-V
'
Volume
Financial
144
xxvn
Chronicle
r
THE
AND
COMPANY
TRUST
MAIN
established
C O N D E N S E D
at
1908
S TAT E M E NT
the close of Business;
December 3lsfc, 1936
LIABILITIES
RESOURCES
Cash
and
due
Banks
.
from
.
.
Capital $5,775,000:00
.$50,088,140.69
Surplus
U. S. Government
Obligations
.
.
6,225,000100
$ 12,000,000.00
26,207,056.33
Undivided
State, Municipal and
Corporate Bonds 26,766,1 55.02
Loans and Discounts
Mortgages Owned
Customers'
YORK
NEW
76 WILLIAM STREET
OFFICE
of Condition
OF
Profits
2,782,561.25
$14,7 8 2,5 61.25
69/107,722.46
6,801.00
.
Dividend Payable
Jan. 2, 1937
Liability
.
123,750.00
.
.
"
.•
underAcceptances
Banking Houses
Other Real
Owned
.
.
.
1,074,6 15.o6
1,765,3 20.02
Estate
Unearned Discount
'
'
L11
5
172,087.70
Reserved for Interest,
Taxes and
241,395.79
.
..
•
.
.
1,897,646.27
.
.
1,271,876.97
.
Contingencies
.
Federal Reserve Bank
Stock
.
•
•
•
360,000.00
Accrued Interest
;
Receivable
584,424.1 7
Other Assets
279,685.75
TOTAL.
Acceptances
Outstanding
Other Liabilities
Deposits
NEW
YORK
FEDERAL
31
OFFICES
RESERVE
DEPOSIT
LOCATED
•
HOUSE
76,139.37
.
.158,15 7,254.73
•
TOTAL
CLEARING
FEDERAL
•
.
$176,481,316.29
MEMBER:
.
.
$176,481,316.29
ASSOCIATION
SYSTEM
INSURANCE
THROUGHOUT
CORPORATION
GREATER
NEW
YORK
Financial
xxvm
Jan. 9, 1937
Chronicle
SljAUUU*
ANo*
New York
First Honk
s
^I^^S-b
New York Clearing House
«i§gg f^spP*
*gt*
«-*?>
'$****
wyv
BANK
TRUST
and
Statement
YORK
of NEW
at
the Close of
COMPANY
Business
Dec. 31,1936
on
RESOURCES
Cash
on
hand, in Federal Reserve Bank, and due from
Banks and Bankers
$39,508,554.45
.
Exchanges for Clearing House and other Cash Items
22,066,945.14
.
United States Government Securities
59,311,998.30
Short Term Securities
6,824,172.80
Other Bonds and Stocks
13,615,666.25
.
Loans and Discounts
Real Estate
52,734,810.92
Mortgages
Banking Houses,
$61,575,499.59
2,308,604.21
7,657,613.82
etc
Customers'Liability for Acceptances
Accrued Interest and other Resources
3,026,177.21
.
615,187.74
............
/
$207,669,730.84
LIABILITIES
Capital
$6,000,000.00
Surplus
9,000,000.00
Undivided Profits
3,993,048.88
Dividend Payable Jan. 2, 1937
Deposits
.
.
$18,993,048.88
210,000.00
.
.
.
Certified and Official Checks
$166,289,530.^0
15,834,603.35
........
182,124,133.95
Annuity Fund
304,950.83
Acceptances
.
Foreign Bills sold with
Reserves,
etc.
.
our
endorsement
....
3,390,821.07
-
29,614.49
2,617,161.62
.
'
$207,669,730.84
BOARD
of TRUSTEES
EDWIN G. MERRILL
J. C. TRAPHAGEN
f-: Chairman
JOSEPH ANDREWS
President
ARTHUR W. MILBURN
NORMAN DODGE
Vice-President
Mergenthaler Linotype Company
The Borden Co.
JOSEPH H. CHOATE, JR.
JOHN FOSTER DULLES
LEWIS SPENCER MORRIS
Evarts, Cboate, Curtin & Leon
Sullivan & Cromwell
HENRY D. COOPER
EDWARD
Morris & McVeigh
HENRY PARISH
J. HANCY
New York
Cadwalader, Wickersham & Taft
Vice-President
LINCOLN CROMWELL
ROBERT C. HILL
PAUL TUCKERMAN
William Iselin & Co., Inc.
Consolidation Coat Co., Inc.
New York
WM. M. CRUIKSHANK
EUSTIS L. HOPKINS
ALLEN WARDWELL
William Cruikshank's Sons
Bliss, Pabyan & Co., Inc.
Davis, Polk, Wardwell, Gardiner & Reed
NORMAN H. DAVIS
L. F. KIESEWETTER
LUCIUS WILMERDING
New York
Vice-President
Gray & Wilmerding
CLEVELAND E. DODGE
JAMES B. MABON
WILLIAM D. WINTER
Phelps Dodge Corp.
Mahon & Company
Atlantic Mutual Insurance Co.
48 Wall Street
UPTOWN
OFFICE:
MADISON
•
New Tork
AVENUE
AT
63RD
STREET
Member of the Federal Deposit Insurance Corporation
^©©©QQQ©Q©@©QQQ©©©©©@QQQ©Q@Q<^©QQQQ©QQ@QQ(^©Q(Q@Q<^©QQQQQQQQQQQQ©Q©QQQQi
Volume
Financial
144
Chronicle
xxrx
NewVork Trust
Company
Member
of the Federal Reserve System, of the New York Clearing House Association and of the Federal Deposit Insurance
Corporation
BROADWAY
IOO
Fifth Ave. & 57th St.
40th St. & Madison Ave.
CONDENSED STATEMENT OF CONDITION
At the close of
business, December 31, 1936
LIABILITIES
ASSETS
Cash
Hand, and in Fed¬
on
Deposits
eral Reserve and Other
Banks
Outstanding
$64,918,687.35
......
.
t
37,955,946.10
.
168,374,895.24
.....
.
c
Other Bonds and Securities
28,799,181.88
':y':"
•
•>
374,559,933.06
20,538,283.63
.
Payable January
2, 1937
2,500,000.00
.
■
d
Dividend
Reconstruction Finance
Corporation Notes
i f i
Checks
United States Government
Securities
•'*.
and Cer-
Exchanges, Collections and
Other Cash Items
$354,021,649.43
.
625,000.00
.....
Federal Funds Purchased
12,000,000.00
.
Discounts and
Loans,
Bankers'
Acceptances
Accounts Payable and Other
123,122,757.93
.
Liabilities
Interest Receivable, Ac¬
counts
Receivable and
Other Assets
Acceptances and Letters of
2,208,966.49
....
Credit
.
.
.
.
.
Real Estate Bonds and
Mortgages
4,971,193.23
....
of Credit
Our Endorsement
Liability
Reserve for
8,142,596.60
.
.
.
.
.
Liability of Others on Ac¬
.
906,041.10
Contingencies
.
United States Government
deposited
6,928,634.84
12,500,000.00
25,000,000.00
Undivided
Profits
.
2,771,549.51
40,271,549.51
$444,555,745.32
$444,555,745.32
statement are
.
.
2,650,514.54
.
4,964.86
.
Surplus
4,964.86
.
Equities in Real Estate .
Banking Premises—Equity
and Leasehold
.
Capital
ceptances, etc., Sold with
Our Endorsement
8,329,049.46
Acceptances, etc., Sold with
for
Acceptances and Letters
Customers'
1,836,613.59
....
obligations and other securities carried at $32,371,380.84 in the above
to secure
public and trust deposits and for other purposes required by law.
Trustees
EDWARD E.
MALCOLM P. ALDRICH
New York
ARTHUR M.
HARRY P.
ANDERSON
/. P. Morgan & Company
MORTIMER N. BUCKNRR
Chairman
DAVISON
J. P. Morgan & Company
ROBERT A. LOVETT
Brown Brothers Harriman (IT Co.
RUSSELL H. DUNHAM
President, Hercules Powder Company
HOWARD W. MAXWELL
New York
of the Board
FISHER
SAMUEL H.
Litchfield, Conn.
HARRY T. PETERS
New York
JAMES C. COLGATE
James B. Colgate dT Company
ARTEMUS L.
GATES
President
Vice-President
FRANCIS B.
F.
Fdy. Co.
DAVIS, JR.
President, United States Rubber Co.
DEAN SAGE
Sage, Gray, Todd dT Sims
WILLIAM F. CUTLER
American Brake Shoe dT
LOOMIS
President, Lehigh Valley Railroad Co.
N.
HOFFSTOT
New York
B.
BREWSTER
JENNINGS
Socony-Vacuum Oil Co., Inc.
LOUIS
STEWART, SR.
New York
VANDERBILT WEBB
Milbank, Tweed, Hope & Webb
Financial
Chronicle
Jan. 9, 1937
United States Trust
Company
of New York
45 Wall
Street, New York
Chartered 1853
STATEMENT showing its condition as of the morning
LIABILITIES
RESOURCES
Cash
in
Banks
$40,093,061.72
Loans
and
Bond
...
—
2,610,823.51
Deposits.
27,090,000.00
Interest Accrued
5,222,906.70
Real Estate, 45 Wall Street
Other Real Estate..
on
79,321.31
Deposits—
Reserved for Taxes and
Expenses
1,618,113.72
Dividend Payable January 2,1937
2,000,000.00
300,000.00
Accrued Interest Receivable
77,606,506.01
Undivided Profits
Investments
Mortgages
26,000,000.00
Surplus
877,500.00
(as below)
Bonds and
$2,000,000.00
Capital Stock
34,196,685.52
Bills Purchased
Stock
of JANUARY 1, 1937
300,000.00
334,610.61
Total
Total
$110,114,764.55
$110,114,764.65
United States Government and other securities carried at $355,000 are pledged to secure public deposits
purposes required by law.
and for other
$30,510,823.51
Capital, Surplus and Undivided Profits
STOCK AND BOND INVESTMENTS
STATE
MUNICIPAL
$5,000,000
10,000,000
1,000,000
100
100
100
$5,000,000
10,000,000
1,000,000
1,600,000
400,000
100
100
1,600,000
500,000
250,000
400,000
100
100
100
500,000
250,000
400,000
1,000,000
300,000
200,000
500,000
>
500,000
500,000
500,000
400,000
100
100
100
100
100
100
100
100
1,000,000
800,000
200,000
500,000
500,000
500,000
500,000
400,000
500,000
500,000
200,000
500,000
100
100
100
100
500,000
500,000
200,000
500,000
3)4%
250,000
500,000
250,000
100
100
100
250,000
500,000
250,000
4%
500,000
100
500,000
840,000
100
1)4%
2)4, 2%, 2J4%
4%
Canada, Thirty Year Gold, due 1960
AND
BONDS:
State of New
York, due 1956-1959 (1% State Tax Credit Allowed)
City of New York, due 1980
3%
4%
....
RAILROAD
400,000
BONDS:
Atlantic Coast Line Railroad Co., First Consolidated Mortgage, due 1952..
Atlantic Coast Line Railroad Co., Ten Year Collateral Trust Notes, due 1945
4%
Kansas
4%
5%
City Terminal Railway Co., First Mortgage, due 1960
Louisville & Nashville Railroad Co., First and Refunding Mortgage, Series
"D", due 2003
New York Central Railroad Co., Ten Year Convertible Secured, due 1944
New York Central Railroad Co., Ten Year Secured Sinking Fund, due 1946.
Pennsylvania Company, Twenty-eight Year Secured, due 1963
Pennsylvania Railroad Co., General Mortgage, Series "E", due 1984
Reading Company, General and Refunding, Series "A" and "B", due 1997.
Southern Pacific Co., Ten Year Secured, due 1946
Union Pacific Railroad Co., First Lien and Refunding Mortgage, due 2003..
4%
6%
..
OTHER
PRICE
PAR VALUE
United States of America Treasury Notes, due 1940-1941
United States of America Treasury Bonds, due 1953-1960..
Dominion of
BOOK
VALUE
BOOK
/
GOVERNMENT BONDS:
2% %
4%
4J4 %
4H%
3%%
4%
v
BONDS:
American Telephone
due 1943
& Telegraph
Co.,
Fund Gold
Sinking
Debentures,
5)4%
Brooklyn-Manhattan Transit Corporation, Collateral Trust, due 1966
Monongahela West Penn Public Service Co., First Mortgage, due 1960
Ohio Edison Co., First Mortgage, due 1965
Pennsylvania Electric Co., First and Refunding Mortgage Gold, Series "H",
4)4%
43^ %
4%
...
!.„
due 1962
5%
Socony-Vacuum Oil Co., Incorporated, Fifteen Year Debenture, due 1950.
Corporation, Debenture, due 1951
Virginia Electric & Power Co., First and Refunding Mortgage, Series "A",
3)4 %
The Texas
I
due 1955.....
STOCK:
Federal Reserve Bank of New
York, 16,800 shares (50% Paid)
WILLIAM
M.
President
.......
-
FREDERIC W. ROBBERT.
BENJAMIN
.First
Vice-President
......Vice-President & Comptroller
Vice-President & Secretary
THOMAS H. WILSON
ALTON S. KEELER...
*
840,000
$27,090,000
$27,090,000
KINGSLEY...„
WILLIAMSON PELL
■
6%
'
.V
...Vice-President
«
STRONG
Vice-President
;
ROBERT S.
OSBORNE, Assistant Vice-President
WILLIAM C. LEE, Assistant Vice-President
HENRY B. HENZE, Assistant Vice-President
CARL O. SAYWARD, Assistant Vice-President
GEORGE MERRITT, Assistant Vice-President
GEORGE F. LEE, Assistant Vice-President
STUART L. HOLLISTER, Assistant Comptroller
LLOYD A. WAUGH, Assistant Comptroller
HENRY G. DIEFENBACH, Assistant Comptroller
HENRY L. SMITHERS, Assistant Secretary
ELBERT B. KNOWLES, Assistant Secretary
ALBERT
.
G. AT WELL, Assistant Secretary
HFNRY
F
SPH&PPR
ulnlZ
M
Sn
c..
a
f
,
.
tl
,
A"Ist<mt Secretary
IRVIN A. SPRAGUE, Assistant Secretary
JAMES M. TRENARY, Assistant Secretary
ARTHUR H. ERB, Assistant Secretary
THOMAS J. MADDEN, Assistant Secretary
i
H. IRVING PRATT, JR., Assistant Secretary
TRUSTEES
FRANK LYMAN
WILLIAM VINCENT ASTOR
JOHN J. PHELPS
JOHN SLOANE
BARKLIE HENRY
GEORGE de FOREST LORD
ARTHUR CURTISS JAMES
FRANK L. POLK
ROLAND L.
WILLIAM M.
WILLIAMSON PELL
HAMILTON HADLEY
GEORGE F. BAKER
FRANCIS T. P.
KINGSLEY
CORNELIUS N. BLISS
JOHN P. WILSON
MEMBER
FEDERAL DEPOSIT INSURANCE CORPORATION
REDMOND
PLIMPTON
L
Volume
Financial
m
THE
Chronicle
NATIONAL
NEW
OF
Head
Office
CITY
Condensed Statement
BANK
YORK
55 WALL STREET
•
-
of Condition
•
New York
of December 31, 1936
as
INCLUDING DOMESTIC AND FOREIGN BRANCHES
,
ASSETS
Cash and Due from Banks and Bankers
.......$
United States Government
State and
Obligations (Direct
Municipal Bonds, v.
or
463,258,611.11
Fully Guaranteed)
Other Bonds and Securities
526,917,830.63
105,201,096.07
122,800,453.08
.
Loans, Discounts and Bankers' Acceptances.
Customers'
588,348,845.92
23,662,028.73
Liability Account of Acceptances
Stock in Federal Reserve Bank
3,600,000.00
Ownership of International Banking Corporation
8,000,000.00
Bank Premises
52,636,931.59
Items in Transit with Branches.
4,729,858.26
!
Other Assets
5,644,141.90
Total
.$1,904,799,797.29
...
LIABILITIES
Deposits
Liability
OlllS
.
Acceptor, Endorser
as
•
.
.
4
4
4
4
*
4
4
.$1,713,840,229.36
....'.•
..
»
I
V
•
»
4
4
♦
Less: Own Acceptances
»
4
4
Maker
or
4
4
4
4
4
4
4
4
4
Acceptances and
on
4
4
4
ft
4
4
4
4
4
4
4
4
4
4
4
4
4
4
/ OjOll.Ol)
4.4
43,675,058.93
6,301,552.72
in Portfolio.
Reserves for:
Unearned Discount and Other Unearned Income
.
4,138,469.18
.
6,583,086.60
Interest, Taxes and Other Accrued Expenses
Dividend..
Capital.
Surplus.
..
3,100,000.00
,
..
.
.
.
.
i
.$77,500,000.00
42,500,000.00
13,462,953.22
Undivided Profits
Total
133,462,953.22
..$1,904,799,797.29
Figures of Foreign Branches
are as
of December 24, 1936.
United States Government Obligations and other
securities carried at
$75,281,291.82 in the foregoing statement are deposited to secure
public and trust deposits and for other purposes required by law.
(Member Federal Deposit Insurance Corporation)
CITY
BANK
TRUST
Head
Office
<
FARMERS
COMPANY
22 WILLIAM STREET
Condensed Statement
of Condition
as
•
New York
of December 31, 1936
ASSETS
Cash and Due from Banks.
United States Government
State and
.$
Obligations (Direct
or
Fully Guaranteed)
Municipal Bonds
......
Other Bonds and Securities
48,200,130.05
32,304,003.03
17,411,351.03
18,681,001.67
Loans and Advances.
7,708,244.57
Stock in Federal Reserve Bank
600,000.00
Bank Premises
4,427,972.25
Other Assets.
2,785,780.12
Total.
...
$132,118,482.72
LIABILITIES
$106,445,371.13
Deposits.......
Reserves.
2,237,917.21
........
Capital..
Surplus
10,000,000.00
Undivided Profits
.......
Total
10,000,000.00
3,435,194.38
$132,118,482.72
United States Government Obligations and other securities carried at
$1,516,091.66 in the foregoing statement are deposited with public
authorities for purposes required by law.
(Member Federal Deposit Insurance Corporation)
xxxi
Financial
YYYTT
Statement
Chronicle
Jan.
Condition December 31, 1936
of
Assets
Cash, Due from Banks and Bankers
Exchanges for Clearing House
.
.......
.
U. S. Government Securities
Demand Loans
.
.
Time Loans and Bills Discounted
State and
$225,816,844.48
.
.
.
59,575,789.07
.
.
448,876,817.60
76,987,807.26
.
.
175,958,645.81
.
.
Municipal Bonds
.
.
.
31,084,970.87
.
.
16,710,948.99
.
Stocks of Federal Reserve Bank and Bank for
International Settlements
.
.
...
.
.
.
2,280,000.00
Other Securities and Investments
Mortgages Owned
Banking Premises
Real Estate Formerly
Occupied
2,307,390.52
19,822,258.48
as Banking
Accrued Interest and Accounts Receivable
Premises
1,343,562.79
.
3,607,820.87
Customers'
8,361,325.12
Liability on Acceptances
Liability of Others on Acceptances, etc.,
Sold with Our Endorsement
6,438,611.05
.
$1,079,172,792.91
.Liabilities
Capital
.........
Surplus Fund
.
$25,000,000.00
50,000,000.00
Undivided Profits
Contingency Fund
Deposits
Outstanding and Certified Checks
910,920,321.14
42,700,840.17
.
Payable January,2, 1937.
I
I
]
]
.
.
953,621,161.31
—
^
.
.
Unearned Interest
Reserve for
8,200,000.00
.......
~
Dividend
$98,937,771.18
23,937,771.18
...
.
.
1,250,000.00
163,989.52
.
.
Taxes, Expenses and
Accrued Interest
Payable
Outstanding Acceptances
Less Amount in Portfolio
.
1,288,006.97
13,254,899.73
3,981,646.85
......
9,273,252.88
6,438,611.05
Acceptances, etc., Sold with Our Endorsement
,079,172,792.91
Assets carried
at
$2,950,347.20 have been deposited to qualify for the exercise of
fiduciary powers and for other purposes.
DIRECTORS
seward prosser, Chairman, Managing Committee
Henry J.
A. A. tllney, Chairman of the Board
Cochran, Vice Chairman ofthe Board
S. Sloan Colt, President
Stephen Birch
John I. Downey
Charles D. Hilles
Paul Moore
Cornelius N. Bliss
S. Parker Gilbert
Fred I. Kent
Daniel E. Pomeroy
William L.DeBost
James G. Harbord
GatesW.McGarrah
John J. Raskob
Charles L. Tiffany
Herbert L. Pratt
B. A. Tompkins
Bankers Trust Company
16 WALL STREET
FIFTH AVENUE
at
44th STREET
LONDON OFFICE:
Member
.
•
NEW YORK
57th STREET
at
26 OLD BROAD STREET
ofthe Federal Deposit Insurance Corporation
MADISON AVENUE
9,
Volume
Chronicle
Financial
144
NATIONAL
BANK
CITY OF NEW YORK
OF THE
Statement
XXXTTT
of Condition, December 31, 1936
RESOURCES
Cash
Due
and
from
Banks
............
$
669,417,960.32
U. S. Government Obligations, direct and fully
780,030,063.96
guaranteed
State
Municipal Securities
and
Other Bonds
and
Loans, Discounts
Banking Houses
and
.
772,031,008.07
.
.
.
.
.
.
.
.
.
.
37,434,504.12
,
.
...
.
181,721,324.76
.
Bankers' Acceptances
.
Other Real Estate
Mortgages
74,958,735.88
Securities
.
4,041,382.27
10,681,010.10
..........
........
Customers' Acceptance Liability
15,193,896.78
Other 7\.ssets
16,672,185.09
......
...........
$2,562,182,071.35
LIABILITIES
Capital Funds:
Common Stock
....
Surplus
.
.
.
.
.
.
Undivided Profits
.
.
*
.
.
.
.
.
.
,
.
.
*.
.
.
$100,270,000.00
.
.
100,270,000.00
.
.
.
26,464,246.95
$
Reserve
for
Contingencies
Reserve
for
Taxes, Interest,
Deposits
.
«
.
.
.
.
Acceptances Outstanding
Liability
as
Endorser
Other Liabilities
.
on
.
227,004,246.95
14,825,371.74
.
.
.
.
2,286,209,092.08
.
17^360,230.24
1,418,836.88
etc
«
.
.
.
.
.
.
...
.
Acceptances
.
and
.
.
.
.
.
...
.
Foreign Bills
.
8,174,215.76
7,190,077.70
.
$2,562,182,071.35
United States Government and other securities carried
public and
trust
deposits and for other
Member Federal
at
purposes as
$158,328,914.57
required
or
are
pledged
to secure
permitted by law.
Deposit Insurance Corporation
Chronicle
Financial
YTTTV
AAA! ▼
Jan. 9. 1937
i
Organized
as
N.
W.
Harris
HARRIS TRUST
&
1882
Co.
Incorporated
-
1907
BUILDING, CHICAGO
Statement of
Condition
December 31, 1936
Resources
Cash
on
hand, in Federal Reserve Bank,
and due from Banks and Bankers
U. S.
Government
Securities, at
Due five years or
par
longer
"
$
-
-
r
-
-
7,296,186.22
35,161,805.83
-
Due less than five years (set aside under Trust Companies Act
to
U. S.
10,461,556.98
protect Trust Department's Cash Balances)
Treasury bills at
State and
64,650,75§^6
and accrued interest:
-
Due less than five years
-
par
V
-
-
•/.
-
-
16,860,000.00
-
Municipal Securities, not exoeeding market value:
Due five years or longer
-
-
7,141,174.19
Due less than five years
-------
27,883,231.74
Other Bonds and
'
-
-
-
-
-
Investments, not exceeding market value:
Due five years or
longer
-
Due less than five years
-
Demand Loans
-
-
-
*
9,290,373.27
-
-
-
-
15,381,622.87
-
-
4,491,771.58
-
Time Loans and Bills Discounted
-
-
-
38,992,668.61
-
Illinois State and Municipal
Securities, not exceeding market value,
deposited under Trust Companies Act
-
Federal Reserve Bank Stock
Customers'
Liability
on
•
-
-
500,000.00
390,000.00
-
-
Acceptances and Letters of Credit
1,492,317.35
-
Total
$239,993,459.19
-
Liabilities
Capital
-
-----
Surplus
Undivided Profits
Reserve for
'S'rwv
$
6,000,000.00 V
7,000,000.00
-
2,974,919.15
-
Taxes, Interest, etc.
3,057,767.62
Acceptances and Letters of Credit
Trust
Time
1,492,317.35
Department's Cash Balances
Demand
Deposits
Deposits
10,148,345.18
-
-
$ 15,974,919.15
-
$184,828,473.08
-
-
24,491,636.81
Total
-
209,320,109.89
$239,993,459.19
DIRECTORS
ALBERT W. HARRIS
STANLEY G. HARRIS
GEORGE E. SCOTT
Chairman of the Board
Vice-President
President, American Steel Foundries
BOWMAN C. LINGLE
Vice-President
Sidley, McPherson, Austin & Burgess
HOWARD W. FENTON
President and Chairman of Executive
Committee
WILLIAM P. SIDLEY
HAROLD H. SWIFT
DAVID A. CRAWFORD
M. HADDON MAC LEAN
President, The Pullman Co.
Vice-President
FRANK R. ELLIOTT
JOHN McKINLAY
President,The Adams & Westlake Co.
FRANK McNAIR
JOHN P. WILSON
Wilson & Mcllvaine
Vice-President, Swift & Co.
WARD W. WILLITS
Vice-President
F. O. HALE
President, Illinois Bell Telephone Co.
ARTHUR B. HALL
Hall & Ellis
Vice-President
CHARLES H. MORSE
FRANK H, WOODS
Chrn. Addressograph-Multigraph
Fairbanks, Morse & Co.
Member of Federal
Deposit Insurance Corporation
Corp.
JANUARY 9, 1937
Vol.144
No, 3733
CONTENTS
Editorials
Financial Situation
The
page)
143
.
Urgent Gold Problem—By H. Parker Willis
-
._
159
Democracy and the New Deal
156
What Is in Store for
157
Spain ?
Comment and Review
New
Capital Flotations in the United States During
166
December and the Calendar Year
Book
Reviews—
Private
Long-Term Debt and Interest in the United
165
States
World Economic
Week
on
the
165
Survey—Fifth Year, 1935-36-.
148
149
153 & 228
European Stock Exchanges
Foreign Political and Economic Situation...
Foreign Exchange Rates
and
Comment
165
Course of the Bond Market
indications of Business Activity
174
.
Week
on
the New
York Stock Exchange
146
Week
on
the New
York Curb Exchange
224
News
President Roosevelt's Annual Message to Congress
160
President Roosevelt's Annual Budget Message.
162
Current Events and
187
Discussions
------
Bank and Trust Company Items
198
General Corporation and Investment News
269
307
308
Dry Goods Trade
State and
...
J.
Municipal Department
Stocks and Bonds
Prices in 1936 at the New York Stock Exchange
.....
201
Foreign Stock Exchange Quotations
268
Dividends Declared
228
...
268
Auction Sales
New York Stock Exchange—Stock
New
Quotations
York Stock Exchange—Bond Quotations
New York Curb
Exchange—Stock Quotations
New York Curb Exchange—Bond
Other
235
234 & 244
.....
Quotations..
250
253
Exchanges—Stock and Bond Quotations
256
Canadian Markets—Stock and Bond Quotations..
261
Over-the-Counter Securities—Stock & Bond Quotations. 264
Reports
Foreign Bank Statements.
Course of Bank Clearings...
Federal Reserve Bank Statements
General Corporation and
Investment News
...
Commodities
The Commercial Markets and the
Cotton
Breadstuff s
Published
Crops
...
......
,
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, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year, $9.75 for 6 months;.
South and Central America, Spain, Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain, Continental Europe
(except Spain), Asia, Australia and Africa, $20.00 per year, $11.50 for 6 months.
Transient display advertising matter, 45 cents
per agate line.
Contract and card rates on request.
Jan. 9, 1937
Chronicle
Financial
XXXVI
Bank of the Manhattan
Company
New York
1799
Chartered
Statement of Condition
as
of December 31, 1936
ASSETS
Cash and Due from Banks and Bankers
U. S. Government
$189,024,992.81
.......
80,486,815.93
Obligations, Direct and Fully Guaranteed
Other Public Securities
.
.
.
.
.
7,161,997.21
.
14,452,950.29
Other Securities
Demand Loans
Against Collateral
.
.
84,838,863.08
.
155,897,531.39
Loans and Discounts
Real Estate Mortgages
7.934.214.41
............
15,103,014.68
Banking Houses Owned
3,689,483.01
Other Real Estate Owned
Customers' Liability for Acceptances
Other Assets
(Less Anticipations)
9,340,267.63
.
2.607.946.42
.
$570,538,076.86
LIABILITIES
Capital
.
.
.
.
.
.
.
«
.
Surplus
.
.
.
.
.
.
.
.
.
Undivided Profits
.
.
.
.......
.$20,000,000.00
20,000,000.00
.
5,431,681.01 $ 45,431,681.01
.
RM
Reserve for
Contingencies
.
.
750,000.00
>
.
.
463,000,948.69
.
.
.
Dividend Payable January 2nd, 1937
Deposits
.
.
.
.
.
.
.
Certified and Cashier's Checks
Acceptances Outstanding
Other Liabilities, Reserve
2,213,307.69
.
.
45,151,359.93
10,193,682.87
.....
3,797,096.67
for Taxes, etc.
$570,538,076.86
On December
secure
31,1936 of the above assets $30,186,438.07
are
deposited to
public and trust deposits and for other purposes required by law.
Member Federal Reserve
Member Federal
System
Deposit Insurance Corporation
-DIRECTORSJ. Stewart Baker
F. W. Charske
Morgan J. O'Brien
Stephen Baker
Honorary Chairman
Chairman, Executive Committee,
Counsel to
Union
Chairman
O'Brien & Boardman
Pacific R. R. Co.
F. Abbot Goodhue
Conhoy, Hewitt,
George Stuart Patterson
President
Geo. H. McFadden & Bro.
Walter H. Bennett
Chairman, Emigrant Industrial
Savings Bank
William V. Griffin
President, Brady Security &
Realty Corporation
George McNeir
Bertram H. Borden
President, Borden Mills, Inc.
Chairman,
Mohawk
II. A. Caesar & Co.
President, The Spool Cotton
Company
James P. Warburg
Carpet Mills, Inc.
John C. Moore
Harry I. Caesar
Auguste Richard
Bronson Winthrop
President and Treasurer,
Winthrop, Stimson, Putnam &
Tiffany & Co.
Roberts
The Financial Situation
do not
ON address the the of the Union his annual
WEDNESDAY
President in
again
state
on
the
in
broadest
of
philosophy that
terms
has
expounded
governed
during the past four
years,
continue
his
dominate
to
be
once
his
primarily involve the amount of
The
the general
Administration
money
to
expended.
Budget
Unfortunately, it is highly probable that the fea¬
and presumably will
ture of the President's
policies during the next
tract most
^
budget
that will at¬
measure
general attention is the item in the esti¬
four years.
Yesterday he revised upward the esti¬
mated budget for the fiscal year 1938 labeled "sur¬
mated
of
plus,"
cost
the
year
during the fiscal
ing
June
30
application
end¬
such
principle
They Resent *
Describing what
next for
from
About the
real surprise in
either
assertion
"there
that
little
fault
with
the
grievances that develop can be adjusted
without leaving their jobs.
They resent the
prospect of prolonged idleness and the suf¬
any
astounding
his
was
work and who want industrial
peace
in Flint.
Thousands of these men feel that
want to
is
fering
found"
be
to
it
families,
Constitution
as
for
means
just
when
themselves
they
and
their
back
getting
are
their feet after the years of
depression."
That resentment should exist
on
it stands but that it should
all
among
supporters
able
hold
to
itself
strument
the
for
figure
but
budget for the
to twist
a
designed
ration
of
views
his
not
and
confusion
followers, who
own
directly employed in
Fisher
his^
among
thousands
were
of
others
of the plants
any
either idle
were
or
in
economic
difficulties
because
of
the
con¬
ditions existing in those plants.
Here is a resume of the official announce¬
ment
made
yesterday
morning.
At
the
to
seems
there
of the corporation who
have
given rise to consternation
subject
are
lose
to
doubtless
the
on
to
work
at
the
high
regularly paid them, or were
that privilege.
In addition
corpo¬
unable
were
that
about
delinea¬
This
by
re¬
72,500 employees of the
wages
Deal
New
by
occupying various plants operated
General Motors Corporation with the
sult that about
upon
strange pattern
managers.
tion
the
plain words pain¬
fully into
Body
between
plant
500
and
No.
600
£lant, resulting in
being unemployed.
appa¬
rently had been harboring
No.
the old-fashioned idea that
a
1
Flint,
at
strikers
balance, excluding
public
debt
retirements.
The careful student of pub¬
lic
finance
will, however,
find much
nore
ought
it
altered by the people
and
selves
edict
or
not
total
At
of
6,566
Fisher
the
persons
Body
them¬
him
to
"pack"
the
that it
Su¬
of
Motors
because
plant
still
Toledo
at
in
were
workers
of
who
strikes
trouble-makers
35
the
to
are
unable
72,429
by
to
late
should
the
inflammatory
hope lies.
once more
feel
and
nonsense
of the day that
plain disregard of the
Constitution
that
budget
much
light
of
short
relief
on
the
non
permit
yesterday
question,
precise
fails
as
and
expenditures
utterance,
for
the
so
since
fiscal
omitted and most of the other
it
to
throw
likewise falls
concrete
sequitur reasoning
Wednesday
hearken
unconstitutional
valid, is not altogether clear.
message
providing
vague,
the
remain
not¬
year,
them
higher this
are
year
than last.
Expenditures of the civil
departments and agencies
set down at
are
for
ure
something
$708,000,000. The fig¬
over
the
is
year
fiscal
current
estimated at
now
$650,000,000, and that for
the
fiscal
1938
period
at
$573,000,000. The general
public works
cost
ing the
year
1938.
cost
It
is to
ended June 30,
is
some
during the
year,
program
$451,000,000 dur¬
us
and
expected
to
$319,000,000
current
it
cost
fiscal
$124,-
000,000 during the fiscal
year
ended June 30, 1936.
National
for
the
defense
three
$981,000,000,
outlays
periods
are
$888,000-
$764,000,000,
re¬
spectively. The cost of vet¬
Supreme Court would
and
those for the
withstanding that most of
000 and
hope
"warning"
enactments to
The
the
"rebuked"
a
his
to
in
over
fiscal
current
express
It is in such wholesome reactions
resentment.
to
proceed
strikers
made show substantial
are
increases
plant
were
yesterday.
It is hardly strange in these circumstances
that the many thousands thrown out of work
by the wilfull action of a few small groups
additional justices, or
for
in
General
work
Court by providing
preme
for
interpreted
make it possible for
gress
in
to be
strikers
building
with 900 persons out of work.
Closings of
various other plants made
necessary during
the past few days by the situation in
plants
just listed and a few others where essentially
similar conditions exist brought the total of
by what amounts
are
200
transmission
"sit-down"
suggestion that Con¬
a
about
as
Chevrolet
by court
Whether the President's
words
Flint
at
building with 1,052 persons unem¬
a
result.
Only 65 "sit-down"
strikers at the Guide
Lamp plant at Ander¬
son, Ind., were in the plant, causing unem¬
ployment for 2,458 workers,
and
at
the
to Executive fiat.
as
2
ployed
be
to
impressive
definite and final estimates
Mich.,
in
were
inside the
if the Constitution is to be
changed
re¬
main in
expenditure items for which
were
which
called
effect
in
are
the
will
year
the fact that virtually all
as
provides,
by the courts
hoped
now
($1,537,123,000),
they come to light from day to day.
As of
yesterday morning less than 1,000 workers
the in¬
as
re¬
people not only in Flint but else¬
where is natural
enough in view of the facts
radically amended, not
by the people
later
quests for relief funds down
sensible
be
of
of the President that if he
to
mes¬
the
attention
bly will be the statement
is
point for those who
only
for
the Administration proba¬
leader of the opposition
says:
"This movement is not aimed at
any organ¬
ization.
It is a rallying
30
with
competing
figure
among
sponta¬
a
the leaders of which have been im¬
ported for the occasion, the recently chosen
period of twelve
a
months.
sage
June
be
to
appears
v
tators,
policies (excluding the cost
relief)
*
movement to rally sensible
people in
Flint, Mich., against the high-handedness of
a
small group of labor organizers and
agi¬
country to continue these
of
*
neous
the
of
taxpayers
$1,136,000,000.
some
this
thought it would cost
the
to
Sharply
tentatively indicated what
he
amounting
and
and
next,
-
of
meaning
conspicuous
estimates
year
1938
of
are
questions in doubt
erans'
pensions and benefits shows
amounting to somewhat
bonus
expenditures, of
out of the way
more
a
small reduction,
than $3,000,000, while
course,
are
scheduled to be
by the end of the current fiscal
year.
The agricultural
cost
adjustment program is estimated to
$482,000,000 during the fiscal year 1938, as
compared with $468,000,000 for the current period.
Some reduction for the current year as
last year
Court
compared with
resulted from the decision of the Supreme
invalidating the original Act under which the
'
*
.
-
'
.
•
.
.
#
majority of such expenditures were made, but
$296,000,000, compared with
to
$175,000,000
during the current year, and $28,000,000 for the 1936
period, while
count
for the old-age
reserves
to take
are
pension ac-
$540,000,000 during the 1938 fiscal
against $225,000,000 for the current year.
Add
a few other similar items, and we have
year
all these and
and
recovery and relief) for the 1938 fiscal year totaling
some $5,440,000,000, against $5,346,000,000 for the
current year and $4,037,000,000 for the period ending
June 30, 1936.
We
prepared to consider the "surplus"
now
are
figures
now
presented by the President,
eliminate the
The fact of the matter is that, if we
and
"surplus"
for each of the years under review ,of $89,000,000
for the fiscal year ended June 30, 1936, $1,231,000,000
for the current year, and $1,853,000,000 for 1938.
This year this "surplus" has already vanished under
an avalanche of outlays for recovery and relief, notbonus
public
expenditures,
outlays for
recovery
retirements
debt
and relief,
have
we
a
withstanding that receipts for the current year are
estimated
$5,828,000,000 against $4,116,000,000
at
for the year
ended June 30 last, an increase in revenue
The President is able to show
of $1,712,000,000.
the
"surplus" entered in the present table of partial
estimates
only by
reason
in revenues,
crease
of another estimated in-
which this time takes them to I
$7,294,000,000, against an estimate of $5,828,000,000
for the current year, or an
^
000,000.
There
two
are
The first is the
ultimately to be sought in the name of recov-
and relief.
ery
major uncertainties in the fiscal
laid out by the President.
program
amount
increase of nearly $1,500,-
The President now expresses the
"hope" that he will not feel it necessary to ask for
more
He
than
$1,537,000,000 additional on this account.
expressed
time made
a
similar hope last year, and at that
substantial reduction in these items,
a
largely contingent upon cooperation on the part of
business in
giving employment to individuals now on
He is still asking for supplementary
the relief rolls.
appropriations for the current fiscal year.
Outlays
on this account are running well ahead of the corresponding period in the previous year.
The President
declares that if there had been no drought last sumthese outlays for the current period would have
mer,
been about $125,000,000
will ask
less for this fiscal year than
Whether this year the President really
for the last.
only about $1,537,000,000, in addition to the
$316,000,000 already budgeted, must remain a matter
of conjecture for
that
any
the present, but it is obvious
be required for
drastic change in policy will
a
such reduction.
The second
of
volume
important uncertainty relates to the
estimated
receipts.
The
President
is
relaying largely upon increased 1936 profits reflecting
themselves in the income tax returns in March, and
_
V
though even such an outcome would leave much to
1
outlays (excluding the bonus, debt retirement
shown in the
..
$1,500,000 in revenues for the fiscal year 1938. All
this may work oht about as predicted, or it may not.
By most observers the results will probably at present
be considered conjectural. The best that can be
said is to express the hope that the final figures will
be about such as the President now hopes formal-
the
Social security costs are to
difference is not great.
rise
Jan- 9> 1937
Financial Chronicle
144
*
be desired.
It may be, and for that matter is, difficult to assign definite meaning to such generalizations as
those contained in the President's message on
Wednesday and in many other previous addresses of
his, but there is no corresponding difficulty in identifying specific and unfortunate results of this continuous preaching of doctrines so well calculated
to arouse feeling and encourage popular notions
wholly subversive and without basis of any kind
in rational thought. For this we need look no farther than the "sit-down" strike situation which
now threatens to pass from the endemic to the epidemic stage.1 To those who have not thought carefully about the matter it may seem a far cry from
such effervescent oratory as that of the President
on Wednesday and on numerous occasions during
the recent campaign to the situation now confronting the General Motors Corporation, or from the
crocodile tears for the past few years so frequently
shed over the "under-privileged" to the threatening
labor situation by which the whole country and the
much vaunted "new recovery" are faced. Yet we
venture the statement that dispassionate analysis
of the facts quickly demonstrates a close causal
relationship.
Eet If
noted at the very outset that the labor
difficulties of the present, as well as those of the
recent past and those that plainly threaten the future, are in no way related to low wages, long hours,
or unreasonable treatment of labor in any form,
Indeed, in most instances questions of wages, hours
or other sllch matters have entered these controversies (where they have really entered them at all)
onty as matters of secondary importance and interesf- Moreover the industries where the largest eoncessions have already been made to employees are
precisely the industries where most of the trouble
aow
I°un(I* Every one knows what the rubber tire
industry, whose labor troubles until recently held
center of the stage, pays very high wages and
ye9uires unusually short hours of work. The degree
in which wages have been increased, hours shortened
an(^ working conditions generally made more favora*^e 1° wage-earners in the steel industry during the
Pas^ decade is a matter of record generally known,
an^ particularly to those whose business re9uires familiarity with the operating costs of the
enterprises in this branch of business. The motor
jhdustry has always been recognized as a high-wage
wliere hours
labor are short even by
mer a
standards,
A Labor Dictatorship?
for the expected enlargement in receipts for the current fiscal
year.
Increases in receipts to date show no such
What then is the source of the trouble? For our
part, we do not understand how any one can doubt
that, what is now happening is the embodiment
upon
the
new
tax law enacted last year,
ratio of increase
over
corresponding months in the
of a campaign for a large measure of labor union
past fiscal year.
The increase so far has been about
dictatorship in industry, masquerading under the
banner of "collective bargaining" which the President and his associates have done so much to popu-'
larize. Let it be carefully observed that these indus-
15%.
41%.
a
very
The forecast for the full fiscal year is about
Apparently the President is depending upon
substantial increase in profits in 1937
over
those
for 1936 for his estimate of another increase of around
tries
now
the center of labor "controversy
are pre-
Financial
144
Volume
145
Chronicle
been
been unable to
but instead of
gain
a
little about which to
believe that Mr.
aided
by
bargain collectively.
dictatorial
for
a
principle, or even for a
can
in the nature of the
yield them nothing within reason that they do
case
not
position that
What reasonable man can for
already enjoy?
that the way
moment doubt
has been immensely
smoothed for Mr. Lewis and the others
by the New
politicians who have for years past been telling
Deal
that they were "underprivileged," and
wage-earners
pursued
reducing the
dangers he has often mentioned of social upheavals,
have inevitably had the effect of encouraging them.
it
of
or
place themselves in a position to
dictate the terms under which
to
wring from the public
they would work and
rewards that they did not
earn?
The recent labor
But the matter goes
deeper. Not only have wage-
been sedulously
taught that those who man¬
business
American
are
rapacious individuals
the public, the wage-earner
constantly exploiting
alike, but when employees displayed
and the investor
as
regard for the law of the land and the rights
little
of others
New Deal managers
as
stitution of the United
have for the Con¬
States, public officials of the
New Deal
persuasion have repeatedly shown them¬
callous to the fact as were members of Con¬
selves
as
gress
to the constitutional interpretations
of out¬
standing "liberals" on the Supreme Court bench. Let
the record in the State of
Pennsylvania, where coal
systematically and forcibly seized
mines have been
by individuals who own not a lump of coal in them,
and the attitude of the New Deal Governor of the
State of
Pennsylvania, bear witness.
officials
have
but
has
been
in
intervene
to
ing themselves in the plants of the
real
very
active
welkin
in
Washington
efforts
their
present automobile
the
of the land be observed while
of these
nature
negotiations proceed ?
(if nothing more)
Corporation or any of its
ring with denunciation
officials seized
Motors
so
much
erty of one employee?
as a square
foot of the prop¬
The ordinary strike may be,
is, wholly unwarranted and unjust, but
often
so-called "sit-down" strike violates laws and
prin¬
ciples that not even the most vehement and aggres¬
sive "liberal" of the
lenge openly.
day has yet ventured to chal¬
Yet who can say that it is not in
accord with the
consistently avowed general philos¬
ophy and the practices of the New Deal?
A Serious Matter
Here is
responsible for these and many other
ICC To the Rescue
IT IS fitting that of the Interstate Commerceto the
report special attention be called Com¬
annual
of the
words were spoken
concerning the effects of the so-called undistributed
profits tax upon the railroad companies of the coun¬
try.
The Commission in effect informs Congress
mission, delivered to Congress in the course
a
with
admirable
matter of the utmost seriousness.
impracticability, as
including reasonable
sinking fund requirements in railroad bond inden¬
tures, and, in general, of conservative rehabilitation
of the financial position of the transportation indus¬
It
points in particular to the
Basic
it exists, and of indiscriminate
antagonism against practically everything that ex¬
perience has shown to be wise and helpful. It is an
the
of rebellion against orderly procedure, against
type of
authority and responsibility so obvi¬
ously essential to effective organized effort in eco¬
All this has already appreciably
nomic endeavor.
reduced
the
capacity of mankind to produce and
distribute the material
so
good things of life which it
naturally and so ardently desires.
ceed
Should it pro¬
much farther a very serious reduction in the
economic welfare of the entire population would be
inevitable.
The
President at times
What the Commission says
try entrusted to its care.
of the railroads is of course
branches of
equally true of all other
business, even if perhaps of them all the
transportation industry is most in need of
hope that the
We
rehabilitation.
financial
counsel of the
will not go unheeded.
Commission
Federal Reserve Bank Statement
SEASONALfor changes now are the chiefbanking
influences in the weekly factors
making
statistics.
seems
to
have
Currency is showing its usual return
from circulation in the
an
post-holiday period, and the
circulating medium in use is causing
decline of the
increase of member bank
eral
balances with the Fed¬
banks, and a corresponding gain in
Reserve
excess reserves over
ended Wednesday
legal requirements.
In the week
night circulation fell $77,000,000,
which is somewhat less than
might have been antici¬
Most of the
bank
balances, and excess reserves were marked up $60,000,000 to an officially estimated level of $2,010,000,000. Even though money in circulation may not
pated on the basis of past experience.
sum
promptly was reflected in added member
nitely at stake. This is an age of disrespect for al¬
as
sound principles in railroad finance.
long as this tax is levied, of
years,
everything
proceed with its program of in¬
the Commission to
sistence upon
well as common sense
as
courage
resulting in making it impossible for
that the law is
dwindle
age
fundamentally
related disturbances of the times.
principles of the most fundamental sort are defi¬
most
underlying factors that are
situation,
doubt that they would have made the
had the General
a
General Motors
the
ought to bring into sharp relief
Corporation,
of them even suggested that the law
any
Can any one
and
difficulties, at the moment center¬
past week, in which some plain
earners
age
consistently
quite
not)
that, far from eliminating or
courses
promising them moral and even legislative support
in their efforts to
misguided
back to greater sanity and sound realism
life and its stark necessities he has (whether
aware
abstract
an
ought to say to stem the tide and lead
figure as the President, in
a
doing what he could and saying
groups
about
calling working men away from their well-paid work
to do battle
he
possibly now succeed, un¬
could
influential
so
Who can
Lewis, aggressive figure that he is,
associates
his
or
foothold because there was so
situation,
what
vaguely aware of the hazards of the
cisely those in which labor unionism has heretofore
to
the
degree
common
in pre-depression
it is evident that further reductions are
in
will continue to mount.
seems to be every reason for the further in¬
of reserve requirements, regarding which so
store, and excess reserves
There
crease
many
hints were given in Washington a month ago.
Gold still is moving
the Treasury
of
toward the United States, but
is managing a partial "sterilization"
additions, so far as their effect upon the credit
situation is concerned.
a
The credit summary reflects
$20,000,000 increase in the monetary gold stocks
for the
weekly period, making the aggregate $11,271,-
000,000.
Because
of
the
gold
sterilization
scheme,
changes of importance are to be expected in
no
the gold
146
Financial
certificate
holdings of the 12 Federal Keserve banks,
for the time
383,000
being.
Such certificates totaled $8,851,-
Jan 6, down $495,000 for the week.
on
But
Chronicle
not exceeded to date.
est
note total fell
The Federal Reserve
$36,450,000 to $4,242,336,000.
Total
deposits with the 12 banks increased $60,429,000 to
As
matter of
a
since November,
exports
October
"other cash" increased, and total reserves increased
$29,995,000 to $9,142,286,000.
Jan. 9,
1935,
1937
fact, the larg¬
those of
were
last, which amounted to $264,740,000.
Imports, which seasonally
November than in
just passed.
only 2% lower in
are
October, fell off 8% in November
Nevertheless, they aggregated
much
as
$196,423,000, 16% greater than November, 1935;
as
$7,136,913,000, member bank
imports have been larger than in the corresponding
ing
month of the
reserve deposits mov¬
$55,283,000 to $6,627,004,000, Treasury de¬
posits on general account advancing $1,458,000 to
up
less
years,
previous year every month
month.
one
for two
now
There resulted
favorable
a
$232,287,000,
foreign
bank
deposits increasing
$1,585,000 to $95,601,000 and non-member bank de¬
balance for the month of November of
posits advancing $2,103,000 to $182,021,000.
276,000 less than exports, while in November, 1935,
ratio
reserve
counts
now
improved to 80.2 from 80.2%.
by the System fell
are
likewise
a
reduction
Dis¬
further $2,336,000 and
a
$3,041,000.
mere
are
The
Industrial advances
continuing their slow decline, the latest
amounting to $440,000, making the
gate $24,328,000.
aggre¬
Holdings of bankers' bills
were
unchanged at $3,089,000, and United States Govern¬
ment
security
holdings also
were
motionless
In
when
imports
a
was
a
For
balance of
ex¬
there
months of
was
balance for the
adverse
an
nine
$32,507,000, it seemed highly probable the
would end with an excess of imports.
year
The
items
of export
contributing mainly to the
compared with both Octo¬
as
November, 1935,
unmanufactured
were
cotton, leaf tobacco, lumber, fruits and fish prod¬
JVIDEND declarations in the first week of the
have been highly favorable) although
year
was
$100,453,000.
ports of $49,012,000, although only a short time ago,
when
decrease in November
Corporate Dividend Declarations
less than
of 1936 there
the 11 months
ber last and
new
no
$52,-
were
only $169,385,000, there
were
favorable balance of
at
$2,430,227,000.
$29,343,000.
October, imports of $212,464,000
The value of these, commodities
ucts.
November
was more
than
exported in
$42,000,000 lower than in
naturally in smaller number than in the closing
November, 1935, out of a net decline in all exports
weeks
of
$44,072,000.
of
1,165,177 bales, valued at $75,062,000, exceeded
of
1936, when nearly all corporations with
profits for the
hastening to disburse them
year were
to stockholders before the
the tax
on
year-end in order to avoid
exports in October of that year by 429,742 bales,
Among the larger companies
surpluses.
which, like the gain in total exports in that month,
which took action this week
Corp., which declared
the Bancamerica-Blair
was
dend of
Feb.
the Transamerica
extra dividend payable in
an
Corp. stock in addition to the
regular semi-annual of 25c.
Jan. 30.
share, both payable
a
Commonwealth Edison Co. declared
$1.25
share
a
on
the
common
Household Finance
Corp. increased its
terly distribution
on
stocks from 75c. to
$1 with the declaration of
the class A and B
dend in that amount,
Oil Co. declared
Feb.
1,
as
ing quarters.
Stern &
the
new
5 for
1
a
payable April 15.
dividend of 25c.
compared with 20c.
quar¬
quar¬
common
a
divi¬
Barnsdall
share, to be paid
common; on
an
the old stock, which
were
was
split
being paid at the
quarterly.
month of the
than
in
year.
the
on
Oct. 30 last
on
corresponding
strike, which went
the Pacific Coast and
shortly thereafter spread to certain Atlantic and
Gulf
ports,
with
responsibility
for
an
important
part of the loss.
unfavorable
However, in spite of the apparently
comparisons noted, it should not be
overlooked that exports of
are
higher than
any
tioned in the above
It
should
likewise
November, 1935,
than
showing
a
$225,766,000' in November
month, other than the two
be
to
717,276 bales, worth $46,-
402,477,
exported.
were
Nearly all the major groups of commodity imports
were
in
only
a
smaller
quantities than in Oetober; with
few exceptions, however, all leading
modities
were
com¬
imported in larger amounts than in
November, 1935.
receipts
tively;
observed
that
$218,929,000 and $171,866,000,
were
November,
in
1935,
ported, but the comparisons
$210,810,000
little from
mean
respec¬
was
a
im¬
trade
since for the most part the gold im¬
rather
exports
exceptional in that,
the
ing
to
result
of
the
capital movement to this
Exports of gold
country.
no
more
than
were
again slight, amount¬
$127,000.
Silver
imports
dropped back to $4,451,000; the previous month they
$26,931,000, and
were
much
as
result of
a year ago,
imports of the metal
$60,065,000.
are
Inas¬
substantially the
purchases abroad by the Treasury Depart¬
ment,
month-to-month variations
reflect
only the changing moods of the Federal Gov¬
ernment
in
regard
to
its
in
the amounts
silver purchase policy.
Exports of silver of $411,000 in November
were on a
level similar to other recent months.
men¬
in
rather
seasonal decline, they actually rose
22% above the month preceding and totaled $269,838,000, the largest of any month since 1930, and
amounted
unex¬
The total shipped in
ago.
969,456; in October, 893,151 bales, valued at $58,-
The New York Stock Market
comparison, since March, 1931.
were
year
settlement of international balances but has been
The Department of
Commerce charges the maritime
into effect
November
a
Now,
sharp decline in
exports from October, 1936, and, not
pectedly, from
standpoint,
preceding
a
ported in these months has not been related to the
October, and exports for the first time in 17
smaller
cotton
was
Imports of gold of $75,962,000, while large, were
recently, dividends
were
November, 1936, there
considerably below the preceding two months, when
FOREIGN trade of the United States in seasonally
November
declined considerably more than
months
in
(formerly Spiegel-May
initial dividend of 25c. on
Foreign Trade in November
from
contrary to the usual seasonal movement.
was
share in two preced¬
a
Spiegel, Inc.
Co.), declared
rate of 75c.
a
divi¬
a
stock, payable
1, in comparison with only $1 in previous
ters.
In November, 1935, cotton exports
FOR the York market engaged in brisk upward
New week now ending, security prices in the
a
surge,
the
and
with
scores
movement
the best
of issues attaining best levels of
which started almost
two yars
ago
figures since early in the depression.
Financial
144
Volume
In the commodity markets the general trend
halting at first,
ing.
owing to such perturbing factors as the wave of
was
strikes in the automobile and other
years
The movement
uncertain and
was
but it attained
greater momentum in the final ses¬
Official efforts at mediation in
sions of the week.
the strike
supplied the impression that the un¬
soon
reasonable demands of the strikers
to
sensible
more
advance
key industries,
proportions, and
gains
were
after
of issues taken
group
better levels.
Steel, petroleum, airplane, food, metal
and other stocks all
one
time
participated in the advance at
another, and gains also appeared in most
or
Trading
utility and carrier stocks.
Stock
advance of
of the
Although hardly more than
quotations.
were
traded in the initial session
week, transactions in the last two full sessions
than
more
Start of the
ing
the New York
on
Exchange increased sharply, along with the
1,500,000 shares
were
and whirled to
up
Congressional session retarded the buy¬
and
uncertainty that marked stock trading during
much of the final weeks of 1936 also
new
Declines
began.
year
brief
session
last
stocks off 2 to 4
much
last
were
Saturday,
the
a
few leading
although advances were more
strikes increased,
indication for
every
as
the rule during the
with
Automobile industry
was
prevailed
The tone did not change
points.
Monday,
numerous.
and there
while of a bitter
a
Motor and steel stocks receded in these
struggle.
exchange markets revealed
-The foreign
as
new,
the official controls are operative
they prevent wide fluctuations.
Call loans
mained
on
Stock Exchange re¬
unchanged at 1%.
the New
On
the New York
York
Stock Exchange the sales
at
690,660
shares; on Monday they were 1,507,753 shares; on
Tuesday, 1,869,400 shares; on Wednesday, 1,921,010
shares; on Thursday, 3,055,970 shares; and on Fri¬
day, 3,217,010 shares.
On the New York Curb Ex¬
change the sales last Saturday were 209,310 shares;,
on
Monday, 354,195 shares; on Tuesday, 484,630
shares; on Wednesday, 670,060 shares; on Thursday,
1,022,810 shares, and on Friday, 993,400 shares.
the
half-day session on Saturday last were
initial
The
of the
session
stocks
found
Year
New
market for the
stock
subject to pressure, with
prices at the close lower as a consequence.
No great
encouragement was derived from Monday's session,
eral trend.
The
Grains and cotton showed
irregularity, but base metal quotations tended
upward.
3,000,000 shares in each instance.
occasion, but did not serve to change the gen¬
on
highs were attained for many
nothing
especially pronounced Thursday and yesterday, with
group
new
by some items.
upward, and
some
that basis the
The
resumed and extended.
was
be whittled
can
on
147
Chronicle
despite
fair recovery of previous losses in some
a
sections of the
gains
market, and irregularity continued to
A brisk rally occurred on Tuesday, and
prevail.
Uncertainty as to the
induced traders
in the ascendancy.
were
contents of the President's message
Wednesday to exercise caution, and the market
on
moved
in
indecisive
an
outnumbered any
gains
However,
manner.
Prices advanced
losses sustained.
sharply on Thursday as trading got under way, and
great strength and activity.
reflected
market
circumstances, but food, metal and other issues were
the
in
The trend improved generally on
Yesterday advancing prices were again the rule, and
started for
equities at the close showed substantial improvement
quiet demand.
Tuesday, for official moves then
were
The motor and
intervention in the strike situation.
steel stocks
staged
sharp
and other major
recovery,
With the
advanced.
also
groups
assembled
a
Congress
new
Wednesday to hear the first Presi¬
on
over
General Elec¬
Thursday of the previous week.
tric closed
yesterday at 55% against 5^% on Thurs¬
day of last week; Consolidated Edison Co. of
at
N. Y.
45% against 44%; Columbia Gas & Elec. at 19%
But there was
against 18%; Public Service of N. J. at 50% against
pronouncements that was
47%; J. I. Case Threshing Machine at 151 against
specific, and dealings for the day resulted in only
143; International Harvester at 105 against 105%;
dential message,
stocks marked time.
little in Mr. Roosevelt's
modest
When
changes of quotations in
trading
either direction.
resumed on Thursday morning,
was
prices of equities began a steady and protracted
Sears, Roebuck & Co. at 84% against 83%; Mont¬
Ward & Co. at 57 against 56%; Wool worth
gomery
at
63% against 63, and American Tel. & Tel. at 186%
Western Union closed yesterday at
advance, which carried levels of leading issues up
against 184%.
1 to 6
80% against 79% on Thursday of last week; Allied
Improvement in the strike
points for the day.
situation
and lessened
political tension occasioned
heavy buying of almost all groups of issues.
trial stocks and base metal issues led the
which
also
again
were
other
movement,
scale
in
Steel
months.
stocks
favorites, and motor issues also improved.
ties
Gains
classes of issues.
pronounced yesterday, with trading on
heaviest
the
in
took
Indus¬
were
Special¬
staged especially large advances, but utility and
carrier stocks
In
the
bond
market
du Pont de Nemours at
Cash
179% against 173; National
Register at 30% against 31;
ucts at
International
63% against 63%; National Dairy Prod¬
Nickel at
23% against 23%; National Biscuit at 32%
against 32; Texas Gulf Sulphur at 40% against
39%; Continental Can at 69 against 67%; Eastman
174% against 175; Standard Brands at
Kodak at
15% against 15%; Westinghouse Elec. & Mfg. at
joined the trend.
listed
234 ex-div. against 226%; E. I.
Chemical & Dye at
movements
diverse, but generally in favor of holders.
were
United
148% against 147%; Lorillard at 23% against 23;
United
States
at 37% against
Industrial Alcohol
States Government securities drifted lower during
38%; Canada Dry at 28% against 28%; Schenley
most
Distillers at
sessions, and finally improved slightly yester¬
day, after the budgetary message indicated that new
borrowing
in the ordinary capital market
dwindle to very
year.
small proportions in the next fiscal
High-grade corporate bonds were well main¬
Corporate bonds with some speculative in¬
showed large gains in the latter half of the
buyers.
week.
faulted
initial
There
was
bonds
gains
of
were
much
Latin
activity at all times in de¬
American
modified by
countries,
a wave
but
of profit-tak-
against
at
at
&
Steel
29%
at
29%
on
against
against
28%,
closed
75%;
and
79% against 78.
Auto
of last week;
117%; Bethle¬
Thursday
on
117%
76%
against
Tube at
Auburn
(
again advanced to higher levels
78
Steel
Inland
hem
stocks
United States Steel closed yesterday at
this week.
80%
43% against 43%, and National Dis-
28% against 28%.
The steel
might
tained, and new issues that were offered found ready
terest
stillers at
Republic
Youngstown
Steel
Sheet
In the motor group,
yesterday
at
31%
against
Thursday of last week; General Motors at
148
Financial
65% against 63%; Chrysler at 118% against 115%,
Hupp Motors at 2% against 2%. In the rubber
and
Goodyear Tire & Rubber closed yesterday at
group,
29% against*28%
States Rubber at
Thursday of last week; United
on
48% against 47%, and B. F. Good-
rich at 32 against
33%.
The railroad shares gained
ground and closed higher this week. Penn-
further
sylvania RR. closed yesterday at 41% against 46%
on Thursday of last
week; Atchison Topeka & Santa
Fe at
Chronicle
Jan. 9, 1937
to increase commitments early in the week at Lon-
don, Paris and Berlin, for further developments in
the Spanish civil
countries
Efforts
and the intervention of other
war
awaited with the greatest anxiety.
were
being made by Britain and France to
were
genuine neutrality in the conflict, and it was
secure
believed that these might well involve the future of
all of Europe. Small offerings of securities sufficed
to lower quotations in all the European markets dur-
74% against 72; New York Central at 43%
against 41%; Union Pacific at 127% against 127;
ing the first half of the week, owing to such circum-
Southern
prevail
Pacific
at
But
stances.
cheerful
more
a
attitude
began
to
47% against 44%; Southern
Railway at 26% against 25, and Northern Pacific at
in that session.
29% against 27%.
ered comfortable in Britain, even though much of
Oil of N. J. closed
Among the oil stocks, Standard
yesterday at 68% against 68%
Thursday of last week; Shell Union Oil at 29%
against 28%, and Atlantic Refining at 31% against
31%. In the copper group, Anaconda Copper closed
on
yesterday at 55% against 53%
Thursday of last
week; Kennecott Copper at 62% against 60%;
American Smelting & Refining at 97 against
93%,
and Phelps Dodge at 54% against
54%.
on
Trade and industrial indices remain rather favor-
able, despite the
the American
of strikes.
wave
duction for the week
Steel ingot pro-
ending today
Iron
& Steel
estimated by
was
Institute at 79.4%
of
capacity against 77.0% last week and 49.2% at this
Electric power production for the
time last year.
week ended Jan. 2
was
reported by the Edison Elec-
trie Institute at
Thursday, and improvement
on
the rule
was
The business position was consid-
the improvement is due to rearmament activities of
the British Government.
Year-end reviews
vorable in almost all respects
save
were
national political situation. In Paris the position
is clouded, both internally and internationally. Huge
budgetary deficits are ^continuing, and not much
faith is placed in the continual protestations of
French authorities that
the currency impends.
further devaluation of
no
The German Reich is suffer-
ing from acute shortage of breadstuffs and fats,
and the realization is spreading in the financial
kets that the economic position is
Dealings
very
the
on
London
quiet last Monday,
and much
as
none
mar-
too stable,
Stock Exchange
the
new account
were
opened
existed with regard to the
nervousness
2,069,266,000 kilowatt hours against
2,080,954,000 kilowatt hours for the preceding week,
European political problems. Gilt-edged issues
Owing to the need for calendar adjustments, no
was furnished with the production a
tion.
comparison
earlier.
year
Car loadings of
week to Jan. 2
were
587,953
cars,
American Railroads reports.
of
25,735
cars
.
cars over
the
over
As
freight for the
revenue
the Association of
This
was
an
increase
the preceding week and of 46,127
corresponding week
indicating the
course
marked fractionally lower, almost without
sues
Industrial stocks
of the commodity mar-
were
firm, with textile is-
uncertain. International issues
remained
irregular.
changes of
any consequence,
a
few
British
yesterday at 109%c.
May
corn at
Chicago closed
against 108%c. the close
as
on
Thursday of last week.
May oats at Chicago closed
yesterday at 52%s.
against 51%c. the close
as
on
Thursday of last week.
The spot
was
21.85c.
on
The spot price for rubber
against 21.10c. the close
as
Thursday of last week.
closed
closed
against 13.00c. the close
as
Thursday of last week.
yesterday
on
The price of domestic copper
yesterday at 12c., the close
Thursday of
on
last week.
In London the
at 21
3/16
price of bar silver closed yesterday
against 21 5/16 pence
pence per ounce as
per ounce on
Thursday of last week, and spot silver
in New York closed
45c. the close
In
the
transfers
as
on
on
yesterday at 45%c.
of
the
cable
4.67%c.
as
against
transfers
on
on
cable
yesterday at $4.91 5/16
Thursday of last week,
Paris
closed
against 4.67c. the close
owing to the general upward trend of rubber,
neglected.
were
creasing labor troubles in the United States.
also
q.
*
i*
*
gave
favor,
this
irregular
on
Brit-
There
little interest
was
cheerful
on
again
were
taken
Anglo-American trading favorites.
more
in
in
some
The tone
was
Thursday, with British funds im-
proved and most industrial stocks also somewhat
better. Oils shares advanced sharply in the cornmodity section, and gains also appeared in most
international issues.
yesterday,
issues.
despite
Advances again
some
were
the rule
liquidation of industrial
Gilt-edged issues
better, while
were
corn-
modity stocks soared.
an
un-
certain trend, owing to the international difficul-
ties.
The Spanish situation
ish offset to the good
was
news
considered
a
bear-
of the Anglo-Italian
marked
stock exchanges
no
tendency
drifted
much changed
equities
were
Rentes
lower, while French bank and indus-
trial equities also tended to decline.
.
was
a
agreement on the Mediterranean, and traders and
principal European financial centers,
week, largely because the tense international
on
investors remained undecided in their views.
the
situation made for caution.
Commodity issues
way.
while
stocks
in
concern
Thursday of
European Stock Markets
were
International issues
continued
was
Wednesday regarding the European political situation, and also some anxiety with respect to the in-
were
ENDENCIES
There
yesterday at
on
last week.
f
numerous
in renewed fa-
were
The Paris Bourse started the week with
foreign exchanges,
London closed
against $4.91 the close
*and
as
Thursday of last week.
matter
no
ish funds slowly receded and most industrial issues
price for cotton here in New York
yesterday at 13.01c.
but also
small losses. Commodity issues
vor,
Thursday of last week.
showed
while industrial stocks
base metal and other items.
on
were
marked sharply
funds
features
good
kets, the May option for wheat in Chicago closed
against 135%c. the close
were
lower. Activity increased on Tuesday, but the trend
yesterday at 132%c.
as
were
excep-
unusually strong, while commodity stocks
reflected
earlier.
a year
fa-
that of the inter-
again
in better
downward.
on
Tuesday,
receded.
International
Tendencies
as
were
not
rentes and French
International
securities
demand, however, with Suez Canal
the leader owing to the Anglo-Italian understand-
Volume
Financial
144
149
Chronicle
King George V and the Prince of Wales, as the two
new ships are to be named.
Construction also is
demand.
Rentes, bank stocks and industrial issues
progressing in England on a vast array of cruisers,
all participated in the gains.
International issues,
destroyers, submarines and other ships. The United
on the other
hand, shed a good part of the gains
States already plans to build two 35,000-ton battlerecorded the previous day.
The trend was generally' ships, and numerous vessels of other types also are
firm on Thursday, with business on the increase,
projected. The Japanese so far have given little inTension with regard to Spain was lessened, and good
dication of their intentions, although large increase
demand followed for rentes, bank stocks, industrial
of appropriations for the navy are significant. Ger-
ing.
The tone improved
with
French
of
issues
the Bourse, Wednesday,
on
almost
all
securities and international issues.
demand
Small declines
the rule
were
attributed
the
1 to 2
lative favorites
were
fractionally.
tinued in quiet
more
German commenta-
Specu-
points lower, while other
The soft tone was con-
on
Tuesday, with declines
pronounced.
Leading issues dropped
dealings
points, heavy industrial stocks being affected
day were insignificant.
changes
ported
modest improvement in the
a
apparent toward the close, and net changes
was
for the
were
Little business was done
neglected and unchanged.
Wednesday, but
issues
Fixed-interest
others.
than
more
tered
the Berlin Boerse
not have been correct.
issues declined
somewhat
on
selling to Netherlands holders,
which may or may
tone
in
trading session of the week, owing to
the international uncertainties.
on
were
improved.
in the initial
2 to 4
Rentes
yesterday, and most industrial and utility
issues also
tors
descriptions in
Further gains were regis-
the increase.
Thursday, with advances of 1 to 2 points
common.
Heavy industrial stocks made up a good
part of their previous losses, and other equities also
but fixed-income issues
improved,
lar
hibited under the Versailles treaty.
France is en-
gaged in speedy construction of important new units
f°r the fleet, and Italy also is adding hastily to her
navy. Russia wants fleets in the Baltic and Pacific
large enough to cope with any other single navy of
potential enemies. Despite these discouraging indications, it may be that an out-and-out naval race can
be avoided. Great Britain and the United States are
not likely to try to outbuild each other. Japan, Germany and Italy are the most aggressive of the Powers today, but in all three instances naval construction plans must be adjusted to the requirements of
difficult economic situations. But even after due
allowance is made for all favorable factors, it is
evident that the advent of 1937 witnesses the start
of sharp increases of naval strength.
The more important
on
The Berlin market was
motionless.
large ships that formerly were pro-
Anglo-Italian Accord
;
upward, with public participation re¬
were
on
many is building
were
dull and
quiet and irregu-
^
yesterday.
»
COME of the most outstanding problems of the
Mediterranean area were adjusted completely,
a^ appearances, by a new treaty signed in Rome,
las* Saturday, by British and Italian Government
officials. The text of the document was published
*as^ Sunday, and it is an exceedingly brief affair,
which hardly seems to justify the months of negotia¬
tions
preceding its acceptance.
pean
Naval Armaments
diplomatic circles it is believed that important
In almost all Euro-
TERMINATION of the end of 1936 and followed able, andofthis impression is bolstered by the redueWashington
London sections the understanding were not made availnaval treaties at the
was
rapidly by the start of construction on new battleships in England, and as fresh building also is to
take
place in the United States and Japan, it would
appear
that
reached.
the
first
a new
time
since
scrapped in 1936 under that accord generally
have been
retained, through invoking of the escalator
clause of the
the treaties
tion by
ban
when the Washington
1922,
Overage vessels that were due
treaty was signed.
to be
phase of naval rivalry has been
is possible for
Unrestricted building now
on
ancillary London pact.
were
Japan
tonnages
a
little
more
than a year ago, but the
construction of
new
of
new
To that extent
dead letters ever since denuncia-
battleships and
excess
vessels of other types remained
until the end of last year.
Official studies made in
tion several weeks ago of the British Embassy at
Addis Ababa to a Consulate-General.
The new
treaty merely affirms the status quo in the Mediterranean and states that territorial changes in that
area would be opposed by both signatories.
The
declaration as to the sovereignty over territory was
held generally to relate to Spain, and it was hailed
in England as indicative of a new attitude toward
that unfortunate country in Italy. But soon after
the terms were made available, authoritative British
reports indicated that large groups of Italian "tour-
ists" had been landed recently in Spain to help the
Whether this indicates official, or
rebels there.
merely unofficial variations as to the significance of
the treaty is difficult to ascertain.
In some dis-
Washington disclose that the British navy was the
patches it is suggested that the unpublished por-
largest as 1937 started, with 1,222,164 tons of modern
vessels and
calculated at 1,070,045 tons
tions of the agreement are more important than the
published sections.
That the new Anglo-Italian treaty is a highly im-
610,275 tons of overage warships,
portant document is sufficiently obvious, since it
756,978 tons of modern
the end of the animosities aroused 15 months
by the Italian expedition in Ethiopia. Even if
nothing more were accomplished, the accord nevertheless would have historic significance for that reason.
Both countries agree to respect each other's
661,658 tons of overage ships.
United States navy was
of modern
and
Japan
held to
and
was
possess
566,466 tons of old ships.
man
these
and other fleets are,
The
French, Italian, Ger-
of course, far smaller than
aggregations of fighting vessels.
,
British naval authorities made extensive preparations last year
for rapid construction of two new
35,000-ton battleships immediately after expiration
of the limitation accords.
Plates, machinery and
means
ago
rights and interests in the Mediterranean area,
under this pact, and mutual guaranties are given of
free entrance to and egress from the sea.
An
ex-
precision instruments were assembled at shipyards,
since there was nothing in the treaties to prevent
change of notes, appended to the treaty, concerned
the occupation bv Italian subjects of the Balearic
action, and on Jan. 1 keels were laid for the
Islands, and in this connection the Italian Govern-
such
150
Financial
ment gave assurance
change of sovereignty
no
utter futility of that organization was viewed with
London reports
intimate that
an
attempt soon will be made to obtain French adher-
the
and Paris there
was
belief that the pact
German
and
initial
an
marked
a
In London
tendency toward the
rift between the Italian
prompt modification of such views,
a
in
appear
ated.
started just before Christmas, but
was
A
genuine and general neutrality
so
far
it has not borne much fruit.
The
itself has reached
war
stage of desperation
a
that threatens international difficulties of all sorts,
Unlike most recent civil conflicts, the present one
a
French authorities made it known late
given
a
pledge for support
neighboring State of Czechoslovakia, in the
unprovoked attack
the Polish
to
assure
pleas-
The guarantee
try.
be-
are
of the Central Euro-
some
last week th&t Poland had
loan
threaten European peace with immediate danger.
delicacy of the Western European
ant offset to the
an
and French officials continued to view the problem
finally
and Balkan regions, and they provide
of the
But British
and leave the others to fight it out.
real effort to
increasing international amity
ginning to
event of
member asked whether
season one
the time had not arrived to evacuate all Spaniards
with apparent complacency, until the interventions
Diplomatic Agreements
of
problem.
for the holiday
of other countries became lately so flagrant as to
.
pean
Before the British Parliament adjourned
countries.
Governments, but the subsequent dis-
Spain forced
s
cratic countries that supplies and men were reach-
large Italian forces had been landed in
closure that
IGNS
well known
from Portugal, Russia, Germany, Italy and other
be extended by the League.
may
was
good idea of the real extent of
a
recognition of the Italian conquest of Ethiopia
soon
It
and amply reported in the free press of all demo-
ing both sides in Spain in tremendous quantities
agreement, for reports from that city suggest
that
truly remarkable tranquillity.
League of Nations circles in Ge-
pact.
obviously had
neva
entrusted to
was
the Non-intervention Committee of London, and the
and unmodified."
to the
The task of preserving neutrality
Italy is concerned," the
as
Spain shall in all circumstances remain intact
ence
Jan. 9, 1937
said, "the integrity of present territories
Italian note
of
that
"So far
intended.
was
Chronicle
was
a
upon
condition of
Government,
Equally significant
the latter
now
was a
coun-
French
a
being negoti-
disclosure in Bel-
is marked by intense cruelty and ever more
ful
retaliatory
have been
Wholesale
measures.
common on
disgrace-
executions
both sides, and indiscriminate
airplane bombings of civilian populations hardly
brighten
the picture.
Loyalists and rebels alike
have tended in recent weeks to halt
on
the high seas
ships suspected of carrying munitions to
their
oppo-
grade early this week that the long-standing animosi-
nents, and such incidents, which are piracy under
ties
international
between
buried in
ship.
a
Bulgaria
new
and Yugoslavia
are
be
to
pact of non-aggression and friend-
This agreement probably will be signed next
week, and the terms will be interesting,
countries
are
aligned
the two
as
opposite sides of the Fascist
on
and Democratic
alliances, although both have dicta-
torial
Belgrade dispatches suggest that
vast
regimes.
a
improvement has taken place lately in the rela-
tions between
Italy and Yugoslavia.
are
extend-
ing to the military sphere the spirit of collaboration
recently in other ways.
Paris reports of
Tuesday stated that Franco-British general
conversations
are
likely in the
to coordinate defenses
The
war.
near
law,
a
time in December, owing to the loyalist
a
German ship, the Palos, and retention
of part of the cargo in a loyalist port.
served
ultimatum
an
vessels,
over
and cargoes were
ternational feelings by spreading armed
European
en-
speech last Tuesday, in the
emphatically that the
accord did not represent any
alliance with Fascism,
tries,
nor even
against the Democratic
against Russia.
trawlers
Russian authorities have complained of seazure of
a
Foreign Minister Hachiro Arita de-
not directed
The Basque loyalists
future, in order
in the event of
of which he declared
was
the last week-end, and both ships
confiscated.
continued, the dangerous process of exacerbating in-
their ships by the rebels, but they served no ultiGreat Britain found it necessary to protest
mata.
high
and
and when it was disre-
and other ships on the seas to harry German vessels,
treaty with Germany against the Communist In-
course
The Reich
the Valencia Government
for release of the cargo,
the
a
on
garded, several Spanish ships were seized by German
to the rebels for
in
of "inci-
series
seizure of
countering further internal difficulties because of
ternationale.
a
staff
Japanese Government, meanwhile, is
fended the pact
causing
are
Fear of direct intervention by Germany pre-
vailed for
war
The British and French Governments
shown
dents."
coun-
The Soviet Govern-
last
and
seas,
halting of
an
a
merchantman
apology promptly
was
the
on
tendered,
Monday.
Even
more
disturbing and menacing than such
incidents is the aid steadily being extended to either
side by Fascist and Communist countries.
tatorial
plainly
regimes
in
Germany,
Italy
The dic-
and
Russia
in positions to prevent shipments of
are
men
ment, however, continued its frantic preparations
and materials, since no move can be made without
for
official
consent, expressed
common
knowledge that all three countries have
a
defensive war,
to train
of
year.
Berlin reports
Tuesday indicated that German fortifications
being erected rapidly
A decree
German
was
zone
issued
on
•
panis
are
the German-Polish frontier,
prohibiting air traffic
bordering
^
i
and the current intention is
150,000 air pilots this
over
the
Poland.
on
k C
W
*1
ivi
.
ar
NTERNATIONAL repercussions of the civil war
in
Spain
are
becoming
ever more numerous and
complex, and the danger that
other nations may
become embroiled in the
struggle is being enhanced
accordingly.
war
When the
started last July the
mitted
aid
of
all
authorities took
kinds
care
or
to
that
be
the
implied.
extended.
world
But- it is
per-
British
knew of
the
landing of German "tourists" at Spanish rebel ports,
and it
was
indicated last Monday that
10,0(>0 Italian
"tourists" had been landed late in December at
Cadiz to
join the rebels.
Russian communists
are
known to be assisting the loyalists in great numbers,
These activities
were
made the subject of joint corn-
muni cations to the countries directly concerned, by
the British and French Governments, just before
last Christmas, and it
was
intimated at the
same
impression seemed to prevail in official British and
time that other European problems had been studied
French circles that it would be
in the
a
short-lived conflict,
endeav^^ to achieve a general settlement.
Volume
Financial
144
To these
representations varying replies have been
received at London and Paris.
ment
appeared
eager
The Russian Govern¬
to adopt a policy of real neu¬
151
Chronicle
heavily
German and Italian battalions.
the
upon
Early this week the loyalists still
sive,
however,
several
and
trality, but the text of the reply from Moscow was
points held by the rebels
not
falling.
published.
The
German
Italian Govern¬
and
ments, after
obvious
handed
replies to Great Britain and France
last
their
Thursday.
extensive
and
In both
cases
collaboration,
the Fascist countries
the rebel forces
with
Francisco Franco
northwest upon
engaged in
vention, but the tenor of the notes leaves
drive.
to the
as
note
the
sincerity of the acceptance.
The German
suggested that the question plainly was
Non-intervention
abolished if direct
Germany, it
might
representations
as
to be made.
are
contended, had proposed from the
was
Span¬
loyalist and rebel armies be prohibited, and since
that
proposal
rejected the conclusion
was
in this
again
once
to
of
airplanes
intensified
was
both sides.
on
Chinese Affairs
well be
start that enrollment of other nationals in the
ish
for
began
pound the central portions of Madrid, and the use
Committee to handle, and it
intimated that the committee
was
one
The loyalists claimed
the shock troops
were
artillery
Insurgent
General
of
drive from the
a new
the capital.
that German Fascists
doubt
strategic
reported in danger of
were
By Thursday the situation appeared to be
turning again,
agreed "in principle" to the plea for real non-inter¬
some
the offen¬
were on
important
drawn
was
THERE is increasinginvolving the kidnapping in¬
evidence that the recent of
cident in
Generalissimo
China
Chiang Kai-shek and his subsequent
release will have
important bearing internation¬
an
Marshal Chang Hsueh-liang,
ally, in the Far East.
that Great Britain and France did not consider the
who made the Nationalist leader his
participation
days, and then surrendered, received a pardon after
Much
of
intervention.
loyalist forces in Spain, and the
raised whether
was
illegal
made in the note of the stream of Russia
was
volunteers to
tion
volunteers
not favor the
at this time would
ban
a
loyalist forces.
ques¬
The Reich agreed to
support genuine non-intervention aims, however, if
other nations
did likewise.
concerned
The Italian
note, couched in different terms, was much along
the
lines.
same
Specific reference
flow of volunteers
Whether the
tier.
the
across
made to the
was
Franco-Spanish fron¬
questions and reservations of the
German and Italian notes will advance the
remains to be seen,
problem
but meanwhile it is not to be for¬
a
prisoner for 10
10-year sentence of imprisonment
Easily discernible in these tactics
saving"
now
in Chinese
spite
the "face-
usual in the Far East.
measures
dispatch
Shanghai
suggest that
some
far-reaching changes
policy may result from the affair.
official denial that
an
imposed.
was
are
any
promises
were
De¬
made
by General Chiang in order to gain his freedom, it
is
suggested that certain "requirements" were stipu¬
lated
by Communist leaders and agreed to by the Na¬
tionalist
Punitive hostilities against the
regime.
Chinese Communist armies
quite possibly will
Shanghai/diplomatic circles believe, and it
cease,
may
also
gotten that the initial blinking at the facts by Brit¬
be that the
ish
and
reorganized and pro-Communist officials admitted.
the
present difficulties.
In
French
the United
has been made
ments of
Spain.
authorities contributed
States, meanwhile,
regarding
the
that
great pother
few relatively small ship¬
a
officially
against such shipments
a
a
airplanes to
The impression has been gained by
observers
of
These
materials and second-hand
war
greatly to
was
some
fostered indignation
largely for the
purpose
augmenting the existing neutrality legislation by
ban
exports of war materials to a nation
on
gaged in
civil
a
tion almost
creasing
There
and
it
tarian
immediately upon assembling, thus in¬
prerogatives
executive
the
is, of
States
en¬
Congress passed such legisla¬
war.
course, no
immensely.
changes may be effected in February, it is
hinted, and
with
is
difficult
Shanghai
are
to
weigh properly the humani¬
an
embargo
on
arms
against those hard-won prin¬
cases
ciples of free neutral trade which
Thursday to be
now
are
being
on
11-16%
on
A protest
cause.
Nations
at
was
Geneva,
lodged with
shipments of volunteers to the rebels.
extensive
airplane bombings
3^2%'
rebel
week
airplanes.
to be
this year,
were
said
fatalities
The rebels
planning
a
were
were
new
of
the
dropped in
are
located.
caused by the
reported early this
military "push" early
in the attempt to take Madrid, and they
to
be counting for this purpose rather
against ^@11-16%
call in
on
Friday of
on
London
on
Friday
market rate remains at
open
Bank of England Statement
THE statement for the week ended Jan. 6holdings,
shows a
further small loss of £88,000 in gold
which leaves the total at
with only
£200,818,172
by far offset by
circulation,
were
embassies
as
in Switzerland at 1J4%.
increased last
foreign
as
Money
At Paris the
was
Monday, when bombs
were
week.
capital, and apprehensions regarding such measures
Hundreds of civilian
against participants in
Wednesday,
Fighting between the loyalists and rebels in and
near
Madrid remains indecisive.
The rebels con¬
where
move
Friday of last week, and 9-16% for three
months bills,
against the German seizure of Spanish ships and the
section
the
IN bills
LONDON open market discount againstfor%%@
rates short
Friday
9-16%
%/4%i
the
on
Foreign Stock Markets
sympathy with its
their
concerned in the deten¬
the Sian rebellion.
was
tinued
were
Chiang Kai-shek at Sianfu. Whether
reported settlement will hold also is a question,
Spain continues its attempts to enlist international
Italian
punishment is to be meted out to
however, for Nationalist armies were rumored on
last
of
no
generals who
tion of General
Meanwhile, the loyalist government in
League
they would
ever,
bolstered by reports of Wednesday, to
the effect that
several
to render relations
Such intimations from
of high importance.
prove
the
sure
difficult than
more
danger whatever of the United
feelings that suggest
abandoned.
they would be
as
Japan
becoming involved in the Spanish struggle,
shipments in all
the
Nanking Nationalist Government will be
its
rose
£4,616,000.
Public depos¬
deposits fell
off
Of the latter amount, £40,350,074
was
bankers'
accounts.
As the gold loss
contraction of £4,704,000 in
reserves rose
£1,391,000,
£41,140,621.
from
a
£314,124,237 in comparison
a year ago.
The
while
accounts
other
and
proportion of
£790,547 from other
reserve
to
liabilities
31.70% from$53.10%, the low point of 1936,
reached the preceding week; a year ago the propor-
rose
to
Financial
152
tion
35.44%,
was
Loans
government securities
on
decreased £41,186,000 and loans on other
Of
£3,106,161.
£3,054,316
other securities,
decrease in
the
securities
from discounts and advances and
was
£51,845 from securities.
2% discount rate.
No change
Below
previous statement and comparison for pre¬
REICIISBANK'S COMPARATIVE STATEMENT
Changes
79,101,000
82,474,000
66,452,000
21,204,000
20,228,000
a28,191,000
4,607,000
5,224,000
5,671,000
+ 732,368,000 5,509,842,000 4,551,655,000 4,065,506,000
162,164,000
152,233,000
al60,678,000
*
6,112,000
5,250,000
145,689,000
84,157,000
74,378,000
+ 19,090,000
763,451,000
663,731,000
+ 684,000
523,892,000
695,416,000
658,619,000
a702,217,000
"
Jan. 9,
462,702,000
13,526,000
148,630,726
110,230,114
38,400,612
93,295,000
35,517,960
14,412,881
21,105,079
51,422,000
314,124,237
405,557,941
11,259,357
144,624,926
107,832,881
36,792,045
84,389,001
34,317,285
21,259,826
13,057,459
55,260,231
200,818,172
31.70%
2%
35.44%
2%
Jan.10,
Jan.11,
Bills of exch. & checks._
1935
Jan. 8,
1936
6,
1934
1933
Silver and other coin...
Notes on other Ger.bks.
Advances
Circulation
Public deposits
Other deposits
Bankers' accounts.
Other accounts.
_.
Govt. securities
Other securities
Disct. & advances-
Securities-Reserve notes & coin
Coin and bullion
Proportion of
385,606,525 373,195,976 358,683,150
12,788,078
11,905,542 19,269,513
145,004,068 154,514,678 146,664,227
108,522,167 117,482,670 112,920,507
36,571,901
37,032,008
33,743,720
88,096,413 91,177,057 109,967,390
19,796,033 22,173,504 30,695,371
9,041,211
8,307,784
12,902,917
10,754,822
17,792,454
13,865,720
67,190,990 78,500,286 36,860,955
192,797,515 191,696,262 120,544,105
195~6O6
+
Reserve in foreign curr.
1937
1934
Reichsmarks
+68,000
^
abroad
Of which depos.
Dec. 31,
Reichsmarks
Reichsmarks
Reichsmarks
Gold and bullion.
1936 Dec. 31, 1935
Dec. 31,
for Week
Assets—
BANK OF ENGLAND'S COMPARATIVE STATEMENT
statement
years f
show the different
we
items with comparisons for previous years:
Jan.
the
in
items
since the
ceding
We tabulate below the
with the changes
684,000 marks.
vestments
various
made in the
was
J*n- 9> 1937
Chronicle
-
Investments
Other assets
Liabilities—
+346,000,000 4,980,855,000 4,285,167,000 3,900,572,000
983,572,000
+272,369,000 1,012,439,000 1,031,792,000
378,271,000
301,997,000
a300,712,000
Notes in circulation...
Other daily matur.oblig.
Other liabilities
2
Propor'n of gold & for'n
*
1.4%
note circul'n
to
curr.
2.14%
2.04%
a
Validity of notes on other banks expired March 31,1936.
Figures of Dec. 15,
1936; latest available.
reserve
to liabilities
Bank rate
42.79%
23.11%
2%
45.17%
2%
2%
'
Discount Rates of Foreign
Central Banks
Bank of France Statement
THE Bank's report ofexpansion of as of Jan. 1
condition 2,035,000,000
shows
further large
THE National Bank of Greece7% to 6%. The
reduced its dis¬
Jan. 4 from
rate
count
on
francs in note circulation, which raised the total on
7% rate had been in effect since Oct. 13, 1933, at
which time it was lowered from 7J^%.
Present
that
rates at the
a
date
to
In the
89,341,731,470 francs.
period temporary advances to the State
same
1,900,-
rose
000,000 francs to 17,698,092,309 francs, the highest
figure reached since such advances
Other items which have increased since
in June last.
Dec.
25
were
credit balances abroad, up 9,000,000
francs; French commercial bills discounted, 863,000,-
shown in the table
are
CENTRAL BANKS
DISCOUNT RATES OF FOREIGN
authorized
were
leading centers
which follows:
Argentina.
Date
Rate
-
Batavia
...
vious
Rate
2
July
10 1935
4~
Hungary
4
July
1 1935
4H
India
..
Deo.
2 1936
2*
4
Aug. 28 1935
4«
3
Holland
1 1936
3X
Austria
Date
Established
Country
vious
Established
Effect
J an. 8
Effect
Jan. 8
Mar.
Pre¬
Rate in
Pre¬
Rate in
Country
Nov. 29 1935
3H
3K
francs, and creditor current accounts, 1,230,000,000
francs.
Bills
brought abroad decreased 7,000,000
francs, while gold holdings again showed
The
with
ratio at Jan.
reserve
1
was
no
change.
57,44% compared
59.28% the week previous and 71.08%
Below
ago.
show
we
a
a year
comparison of the different
Belgium
2
May 15 1935
2H
Ireland
3
June 30 1932
6
Aug. 15 1935
7
Italy
4H
May 18 1936
2M
Mar. 11 1935
Chile
4
Jan.
24 1935
Colombia..
francs; advances against securities, 62,000,000
Bulgaria-..
Canada
000
4
July
18 1933
3
Jan.
11936
5
Oct.
4
Oct.
5
Jugoslavia
Apr.
6 1936
3.65
4H
Java
June
21935
3H
6*
Feb.
1 1935
Lithuania..
5H
July
1 1936
3H
Morocco...
6H
May 28 1935
21 1935
6
Norway
4
Dec.
Czechoslo¬
vakia
Danzig
5
3.29
Japan
4X
.
5
6
-
til
5 1936
6
19 1936
3H
Poland
5
Oct.
25 1933
England...
2
June 30 1932
5
Dec.
13 1934
...
5
Sept. 25 1934
Rumania
4 H
Dec.
7 1934
6
...
4
Deo.
South Africa
3H
May 15 1933
4
2
Oct.
2H
5H
4H
2H
Portugal...
Estonia
Spain
5
July
10 1935
2K
1H
Dec.
1 1933
3
Nov. 25 1936
2
Denmark..
Finland
France
4 1934
15 1936
._
.....
_.
Greece
4
Sept. 30 1932
5
Sweden
6
Germany
Jan.
41937
7
Switzerland
5H
5H
items for several years:
New York Money
BANK OF FRANCE'S COMPARATIVE STATEMENT
Changes
for Week
Jan. 1, 1937
Francs
Francs
Gold holdings,...u
No change
Credit bals. abr'd..
+9,000,000
a
1936
Jan. 4, 1935
Francs
Francs
60,358,742,140 66,264,076,024 82,017,703,504
10,397,690
10,318,294
15,961,522
French commercial
bills discounted.,
b Bills bought abr'd
Adv. against securs.
Note circulation
Credit current accts
c
Jan. 3,
8,453,068,211 9,417,273,739 3,372,748,120
—7,000,000
1,318,811,522
952,960,280
1,444,724,402
+62,000,000 3,583,714,824 3,476,701,829 3,297,339,978
+2,035,000,000 89,341,731,470 82,313,187,635 83,587,898,675
+ 1,230,000,000 15,744,876,983 10,914,679,668 18,021,440,162
Includes bills
—1.84%
purchased in France,
57.44%
71.08%
80.72%
b Includes bills discounted abroad,
c
Rep¬
resenting drafts of Treasury on 10-billion-franc credit opened at Bank.
*
on
legislation enacted
on
reserve
having
ner,
revalued Sept. 26, 1936, in accordance with de¬
that date.
Immediately following devaluation,
Note—"Treasury bills discounted" appeared in blank in the statement of Sept. 25,
asfall of these bills had matured and have since been transferred to the account
"Temporary advances without interest to the State."
slight hardening
States
a money
market effect only in that man¬
The Tresury sold last Mon¬
for the time being.
day the usual two issues of discount bills.
the
of
0.199%, while those
50,000,000 of 71-day bills were at
Awards
an average
on
the issue of $50,000,000
were
at 0.316% average, both
bills due in 273
days
computed
annual bank discount basis.
on an
The
Treasury.
requirements will be raised again
on
10,000,000,000 francs of the Bank's gold was taken over by the French stabilization
fund, but it was announced a few days thereafter that 5,000,000,000 francs of the
gold had been returned to the Bank.
See notation to table "Gold Bullion in Euro¬
pean Banks" on a subsequent page of this issue.
a
Treasury bills and other short-term
obligations of the United
hints that
Gold holdings of the Bank were
valuation
variation other than
no
of returns
+ 1,900,000,000 17,698,092,309
hand to sight liab.
a
were
are
Temp. advs. with¬
out int. to State..
CONDITIONS in thethis week, and rates also
New York money market
unchanged
showed
+863,000,000
Propor'n of gold on
Market
Early
Treasury notes showed larger yields in
the market.
Bank of Germany Statement
maturities of
Bankers' bill rates
changed, and rates
THE Reichsbank statementgain the68,000quarter in
December shows
slight for of final marks of
a
merely carried
on
over
paper
fom last week.
the New York Stock
continued
were
commercial
un¬
also were
Call loans
on
Exchange held to 1% for all
bullion holdings, raising the total to 66,452,000 marks
transactions, and time loans remained available at
in
1%% for all maturities to six months.
comparison with 82,474,000 marks
The Bank's
reserve
was no more
than
a
year
ratio, which at the end of 1935
1936 and succeeded in reaching
low of
on
total
a new
DEALINGExchange from day toloan rates on the
in detail with call day, 1%
Stock
the
expanded 346,000,000 marks to
ruling quotation all through the week for both new
on
Dec. 23 it
was
outstanding of 4,980,855,000, the highest
point of the
year.
Among the other items in the
Bank's return, bills of exchange
and checks increased
was
loans and renewals.
still
at
a
reported
The market for time money
standstill,
this
week.
no
transactions
Rates
732,368,000 marks, other daily maturing obligations
!/€% for all maturities.
272,369,000
commercial paper
marks,
reserve
in
foreign
currency
195,000 marks, advances 19,090,000 marks and in-
Rates
1.6%.
Dec. 31;
Notes in circulation
a
New York Money
2.04%, declined regularly through¬
out the year
1.4%
ago.
when
the
market
continue
is
having been
nominal
at
The demand for prime
held fairly strong until Thursday
quieted
down
to
some
extent.
Volume
Financial
144
Rates are %% for
running from four to six months and
Chronicle
A renewal of interest in
Paper has been in good supply.
choice
names
1% for
names
THE market change thisbankers' acceptanceshave
for prime week. Few bills has
shown
no
out and the demand has
fallen off to some ex¬
change.
Officials quotations
Rates show
tent.
as
no
Federal Reserve Bank of New York
issued by the
and including 90 days are 34% bid
for bills up to
3-16% asked; four four months, 5-16% bid and
and
be expected at an early
disturbances
here or legislative measures in Washington will im¬
pede this renewal of interest. If foreign investments
in American securities should become retarded, the
condition will be due to the large volume of such
part of foreign investors may
hardly likely that strike
funds already
invested here.
There must be prac¬
of foreign money which
tical limits to the amount
the limit has been
Foreign
is likewise
York Reserve Bank
to 90
and 1% for
days, %% for 91- to 120-day. bills
The Federal Reserve Bank's
180-day b'lls.
121 to
holdings of acceptances remain
unchanged at $3,-
market rates for acceptances are
far as dealers are concerned, as they
Open
089,000.
nominal in
so
The nominal rates
continue to fix their own rates.
Asked
Bid
X
Prime eligible bills.
Asted
Bid
H
•i«
FOR
■
X
»i«
•18
X
Asted
Bid
30 Days
Days
90 Days-
M
Prime eligible bills
120 Days
—ISO Days—
—180 DayI
M
\s
3i«
Eligible member banks
Eligible non-member banks.......
...—.—.
...
........
...
...—.
......
.....
money
H % bid
H% bid
Federal Reserve Banks
Rates of the
THERE haverates ofno changes this week banks.
been the Federal Reserve in the
rediscount
The following
of
classes
various
the
for
is the schedule of rates now in effect
at the
paper
different
Reserve banks:
uneasy
weeks there has been a
funds to Amsterdam and
been noted that foreign investments in the
American countries, especially in Argentina
OF FEDERAL RESERVE
it
has
South
Date
Previous
Rate
Feb.
Boston
8 1934
New York
IX
Feb.
2 1934
Philadelphia..
2
Jan.
17 1935
Cleveland....
IX
Richmond....
2
May 11 1935
9 1935
May
Atlanta
2
Chicago
2
Jan.
14 1935
Jan.
.
2X
2
2X
2
2X
2
19 1935
Within
a
dent's power to
2
Jan.
3 1935
2
May 14 1935
2
2
May 10 1935
2
Dallas
2
May
8 1935
San Francisco.
2
Feb.
16 1934
can
measures
rates
2X
Exchange
STERLING exchange, of dullness in early January.
experiences period like all financial markets,
a
inclined to firmness in terms
of the dollar, due largely to a certain subsidence of
European interest in American securities caused by
fears induced by strikes on this side and by uncer¬
tainty as to what course Congress and the Adminis¬
tration may take with respect to financial and
monetary measures.
The range for sterling this week
has been between $4.89% and $4.9134 f°r bankers'
Currently the pound is
of between $4.9034
The range for cable transfers
sight bills, compared with a range
been
a
a
week.
between $4.90% and $4.91%, compared
range
of between $4.90 9-16 and $4.91 15-16
of the leading foreign
unchanged from recent weeks.
While bankers attribute the present dullness chiefly
to a lack of interest on the part of foreign investors
in American securities, the condition is regarded as
underlying position
exchanges is essentially
merely temporary and a
ness
week
or
two
reflection of the usual dull¬
early January. In another
sterling should seasonally become firm
which prevails in
in terms of the
dollar.
any
effect
been
they have
as
can
not be denied that
on
These
foreign
ex¬
anticipated for
foreign exchange rates
the conclusion of the
gold
tripartite money agreement of Sept. 25 and the
This steadiness has
from the cooperation of the im¬
exchange agreements of Oct. /13.
resulted, of
"new
Nevertheless it should
that fluctuations in
noted
be
course,
stabilization funds.
the rates under the
style gold standard" are greater than they were
automatic gold
standard familiar before
Doubtless the present arrangement
1914.
time, but bankers are far from
some
that these
will last
convinced
"gentlemen's agreements" are permanent.
They realize that it was officially
stated when the
agreements were adopted that each country is at liberty
to withdraw on 24 hours' notice if its domestic condi¬
tions
are
improved by the exchange agreements.
not
powerful exchange equalization funds have
The
undoubtedly eliminated speculative drives
against
but, however strong or active the equal¬
controls may be, they are powerless to over¬
any currency,
ization
come
depressing factors affecting the financial
the
situation of any country
tions of
unrest
such
as
that
francs,
guilders,
$2,000,000,000, that of Great
£360,000,000, that of France to 10,000,-
Britain to
000,000
arising from internal condi¬
now prevail in some con¬
The American exchange equali¬
tinental countries.
zation fund amounts to
week ago.
The
hardly have
bill before Jan. 21
not to expire.
are
have been much steadier since
for
with
country's monetary sys¬
Congress must act on the monetary
if the two authorizations
under the
has
devalue the dollar will be laid before
The drafting of these two powers into
apparently not be undertaken at this time.
tem will
2
Minneapolis..
Kansas City..
and $4.91% last
stabilization fund and the Presi¬
permanent additions to the
mense
St. Louis
Course of Sterling
real
through either London or New York.
few days recommendations for continuing
outlet except
It
2
However, the major
have increased.
Brazil,
months.
BANKS
Established
,Jan. 8
some
portion of nervous money anywhere has no
Rate in
Effect on
Federal Reserve Bank
For
capital.
heavy repatriation of Dutch
change
DISCOUNT RATES
Under
disturbed political and social conditions
on the Continent there are few havens besides London
and New York which hold out any attractions for
Congress.
Discount
seeking shelter and profit in London
presumably approaching its limit.
the United States
DELIVERY WITHIN THIRTY DAYS
short term
the present
and
market acceptances are as follows:
for open
or
reasonable to believe that
approached.
investment, and it is only
bill-buying rate of the New
is 34% for bills running from 1
The
asked.
either long
be domiciled here for
can
J4% asked; for five and six months, 24% bid and
5-16%
American securities on the
date and it is
less known.
Bankers' Acceptances
come
153
>
of
Holland
to
and that of Switzerland to
300,000,000
100,000,000
Swiss francs.
While* it
is true
.confined to the
that
gold movements
associated in the tripartite agreement,
ments
of
London
are
now
equalization funds of the countries
private
move¬
gold to this side from hoarded funds in
or
from
private purchases of gold in the
154
Financial
London open market are not affected.
$35
an
Undoubtedly the greater part of
realized by these gold sales find their
way:
ounce.
the dollars
into the American money market either for short
long term investment.
Since
year the
privately owned British gold which has been
total of
shipped to New York has reached approximately
$170,000,000.
The
position of the Bank of England shows
reserve
improvement and should further improve during the
next few weeks, as a seasonal
matter, due to two
factors—the return of circulation from the
holiday
expenditures and
reduction in
a
with the Bank of England.
for
Dec.
showed
30
bankers'
deposits
The Bank's statement
reserves
down
to
23.1%, the
lowest since
January, 1933.
reserves was
due to the customary year-end increase
in
bankers'
The reduction in the
deposits
with
the
Bank
of
England
are
ness
will continue to
and
responsible
urging
a
confident that domestic busi¬
advance
business
throughout the
interests
in
year
New capital issues in
Great Britain in 1936 amounted to
£217,200,000, the
Of this total all but £26,400,000
highest since 1930.
consisted of domestic issues, by far the largest
pro¬
portion being for home industry.
Lombard
Street
9-16%,
are
Money rates in
Two-months' bills
All the gold
was
offer in the London
on
open
taken for unknown destination.
Much of it is believed to have been shipped to New
York.
On Monday there was available £348,000, on
£301,000,
Wednesday
on
Thursday £150,000, and
on
At the Port of New York the
the week ended Jan. 6, as
£365,000,
on
gold movement for
reported by the Federal
Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK, DEC. 31-JAN. 6, INCLUSIVE
Imports
$12,148,000 from England
3,482,000 from India
London
None
On
Tuesday sterling
The
range
above
Wednesday.
approximately $579,000 of gold
Hongkong. ;
figures
are
for the
week
ended
On Thursday $11,651,100 of gold
received, of which $11,169,200
came
$4.91 9-16.
firm.
ers'
On
Thursday the undertone of sterling
$4.91@$4.9134 for bank¬
sight and $4.91 5-16 for cable
Friday
sterling
steady
was
in
a
transfers.
limited
$4.913^@$4.913^ for bankers' sight
$4.913-16@$4.91 5-16 for cable transfers. Clos¬
ing quotations
and
Friday
on
$4.91 5-16
for
sight bills finished
$4.9134 for demand
were
cable
transfers.
$4.91 3-16,
at
Commercial
60-day
bills at
$4.90 7-16, 90-day bills at $4.90
3-16, documents for
payment (60 days) at $4.90 7-16 and seven-day grain
bills at $4.90 11-16.
Cotton and grain for payment
closed at $4.91 3-16.
Continental and Other Foreign Exchange
THE French said to and monetary situation can
hardly be franc
show improvement.
While
francs
ruling relatively firm, with slight fluctua¬
are
tions in terms of the dollar, this fact is due entirely
to the operations of the exchange equalization fund.
Without
doubt
the
French
some
gold
and
hoarders, but the
equalization fund has
currency
received
sums
are
from
French
altogether inade¬
quate to meet the requirements of the French Treas¬
Confidence is still withheld in France.
ury.
of
trated
a
was
further
on
was
from England,
activity,
During
due
however
solely
to
high
a
holiday
■
;
widespread that the franc
The lack of confidence
few days ago
measures
may
was
be
illus¬
when the Government took
to encourage
capital and subscription to
the return of French
the
new
bonds.
The
Ministry of Finance prolonged the closing date for
subscription two weeks. The limit is now set at
Jan. 31 and
in
exports of the metal, but gold held
On
market.
The range was
There
no
firm. against the dollar.
was
The range was
$375,200 from India, and $106,700 from Belgium.
were
slightly firmer under¬
a
sight and 4.91 ^@$4.91% for cable transfers.
On
Wednesday the pound was steady.
Bankers' sight
was
$4.91 @ $4.9134; cable transfers, $4.91
@
further devalued.
No change
received at San Francisco from
nominal market.
$4.91^@$4.91 11-16 for bankers'
was
■expenditures.
Change in Gold Earmarked for Foreign Account
:r.5
very
$4.90J4@$4.913/g for bankers'
sight and $4.90 15-16@$4.9134 for cable transfers.
level
Note—We have been notified that
The
quiet, showing
was
The belief is
V';
a
The range was
tone.
$15,709,000 total
Net
35.00
the past few weeks French business has been at
Exports
79,000 from Russia
Year's close, in
received
Friday £478,000.
35.00
$4.89%@$4.91 1-16; cable trans¬
$4.90%@$4.91J^. On Monday exchange on
fers
are
19-32%, four19-32%, and six-months' bills are
are
market this week
Tuesday
pre-New
three-months' bills
months' bills
11-16%.
easing off.
are
35.00
$35.00
Bankers' sight was
are
wider interest in foreign loans to improve
Great Britain's export trade.
Wednesday, Jan. 6
Thursday,
Jan. 7
Friday,
Jan. 8
35.90
Referring to day-to-day rates sterling exchange on
was steady, practically unchanged from
and
London
$35.00
Saturday last
was
(annual window-dressing).
British authorities
(FEDERAL RESERVE BANK)
Saturday, Jan. 2
Monday, Jan. 4
Tuesday, Jan. 5
or
early last
Jan,. 9, 25^7
PRICE PAID FOR GOLD BY THE UNITED STATES
Such funds
attracted here by the fixed American gold
price of
are
Chronicle
subscriptions
foreign currencies
as
may
well
as
be made anonymously
in gold.
It would not
earmarked for
surprise market observers if at the end of the
On
tended subscription
foreign account decreased $297,100.
Friday $13,464,900 of gold was received of which
$11,782,800
came
from
metal
or
came
from
India.
England
There
were
no
and
$1,682,100
exports
find
of the
change in gold held earmarked for foreign
account.
a
further
Another
reflects the
dispatch from Paris early this week also
difficulty of the French Government in
securing funds.
Canadian
exchange during the week ranged be¬
tween a discount of 1-16% and a premium of
1-16%.
The following tables show the mean London'check
rate on Paris, the London open market
gold price,
and the price paid for gold by the United States:
Saturday, Jan. 2
Monday, Jan. 4
Tuesday, Jan. 5__
105.13
|
Wednesday, Jan. 6.
105.13
Jan. 7
105.14
Jan. 8___
141s. 8d.
141s.
5^d.
Wednesday, Jan. 6
Thursday,
Jan. 7
Friday,
Jan. 8
that
141s. 7d.
141s. 7d.
on
national de¬
increased from
3% to 4%,
26,000,000 francs of such bonds
running for two
in May,
years.
are outstanding,
The rate, which was 5%
had been reduced gradually to 3% in October.
The French
at
141s. 5J/£d.
has
apparently in order to offset the tendency not to
renew holdings of
maturing bonds.
It is estimated
105.15
LONDON OPEN MARKET GOLD PRICE
Saturday, Jan. 2
Monday, Jan. 4
Tuesday, Jan. 5
been
105.14
1
Thursday,
Friday,
105.15
i
The interest rate
fense bonds
all
MEAN LONDON CHECK RATE ON PARIS
ex¬
period the Finance Ministry should
prolongation necessary.
the end
budget for 1937, which
of December,
was
adopted
shows that the ordinary
budget is short by about 5,000,000,000 francs which
will be covered by
borrowing, and that the
extraor-
Volume
Financial Chronicle
144
25,000,000,000
With State
railway and post office deficits included, the total
excess of expenses over receipts is about 40,000,000,-
dinary budget
to' almost
amounts
francs, also to be met by borrowing.
German
impossible to
the requisite volume of foreign
secure
stood at 66,500,000 marks, while its
reserves
currency
marks and its
weakness
increasingly
grows
On December 31 the Reichsbank-'s total
currency.
foreign
situation
mark
The Reichsbank finds it virtually
unsatisfactory.
gold
ratio
only 5,700,000
Further
totaled
reserves
reserve
was
only 1.45%.
developed in the German registered
has
low of 18.40,
marks.
Last week they
and
Monday of this week the rate continued to
on
dropped to
a
attracted at this rate and the registered
was
mark closed that
day in New York at 18.65 cents,
exceptionally firm. Holland continues
a steady flow of repatriated funds from
foreign markets to Amsterdam. There is also a
heavy movement of funds to Switzerland.
The
Swiss National Bank statement on Dec. 31 showed
are
to
experience
an
increase in
gold holdings for the week of 26,000,000
stand at 2,709,000,000
figure of 95.19%.
Bankers'
at
sight
demand for Italian exchange has
result that the
the
to
Italian
steadily increasing
developed, with the
supplies of foreign exchange available
exchange authorities are increasing
Because of this improvement the Italian
Government as of Dec. 1 removed all restrictions
rapidly.
Italy still refrains from
capital movements.
new
on
Amsterdam finished on Friday
on
Thursday of last week;
and com¬
54.75, against 54.75 on
transfers
cable
exchange position has improved sharply
since devaluation of the lira on Oct. 5.
With the
a
The bank's
high
gold to total sight liabilities is at the
mercial- sight
parity
Swiss francs, which is 1,388,-
800,000 francs greater than a year ago.
ratio of
francs
rate back to the old dollar
of the bank now
Total gold holdings
Swiss francs.
off 15 points.
The Italian
markets of the
Holland
British pound.
neutral countries with the
Good
decline, reaching 18.27 on Tuesday in London.
demand
war
guilders
000 francs.
The
EXCHANGE on the countries neutral during due
is steady and inclined to firmness, the
largely to the close cooperation of the
closed
against 54.76,
54.76,
at
bills at 54.66,
at
hagen checks finished at 21.93,
against
21.94,
Copen¬
and cable transfers
21.92. Checks on
against 22.98 and 22.98.
for cable transfers,
at
Swiss
against 54.65.
22.97% for checks and at 22.98
and
21.91
Sweden closed at 25.33 and cable
transfers at 25.34,
against 25.31 and 25.32; while checks on Norway
at 24.68
and cable transfers at 24.69,
finished
Spanish pesetas are not
against 24.67 and 24.68.
quoted in New York.
»
publishing financial and economic statistics.
Belgian exchange is on the whole steady.
On
Wednesday the first gold shipment under the new
whereby direct shipments between central
system
banks of issue
tions
to
supplant private gold arbitrage opera¬
maintain
stability in exchange arrived in
New York from Antwerp.
It consisted of 61 cases of
gold bars estimated at $3,500,000 in value, and is
believed to have been shipped directly by the Na¬
tional Bank of Belgium.
have been sent here
THE South American foreign exchange situation
shows steady improvement.
A review by the
gold fund.
On Jan. 4 the Greek Bank rate was
reduced 1%
Union
published
are
Argentina, Brazil, Chile and Peru.
Argentine
paper
closed
pesos
32.75, against 32.75.
The unofficial or free market
The following
table shows the relation of the lead¬
milreis, official rates,
dollar:
The
unofficial
France
5.26
8.91
19.30
32.67
68.06
54.74
16.85
to 16.90
to 54.78
on
Paris closed
on
Friday
105.15, against 105.15 on Thursday of last week.
In New York
3-16,
sight bills
on
the French center finished
4.66%
against
on
Thursday of last
4.915-16, against 4.67.
Antwerp belgas closed at 16.87% for bankers' sight
bills and at 16.88% for cable transfers, against 16.85
cable transfers
bankers'
for
in
transfers,
Berlin marks
were
sight bills and 40.24 for cable
comparison
Italian lire closed at
with
40.24
and
40.24.
5.26% for bankers' sight bills
and at 5.26% for cable
5.26%.
at
Final quotations for
and 16.85.
40.24
transfers, against 5.26% and
Austrian schillings closed at 18.70, against
18.70; exchange on Czechoslovakia at 3.50%, against
Bucharest at 0.74, against 0.74; on Poland
18.95, against 18.95, and on Finland at 2.17,
3.50%;
at
25%, against 25%.
on
against 2.17.
Greek exchange closed at 0.90, against
0.90%.
EXCHANGE onfeatures of Eastern countriesthose
the Far importance from pre¬
sents no new
of
and Oct. 5, 1936.
The London check rate
week;
at
5.26H
5.26% to
parity as before devaluation of the European currencies
between Sept. 25
4.91
Chilean exchange is nomi¬
Peru is nominal
nally quoted at 5.19, against 5.19.
22.97% to 22.99
Holland (guilder)
New dollar
or
are
—*—
Switzerland (franc)
at
4.67%
6.63
16.95
Italy (lira)
at
4.66^ to
3.92
13.90
(franc)
Belgium (belga)
a
Week
Brazi¬
8.75, against 8.75.
free market in milreis is 5.95@
6.10, against 5.95@6.05.
Range
This
Parity a
Parity
Friday, official
30.20@30.40, against 30.50@30.60.
lian
Old Dollar
on
quotations, at 32.75 for bankers' sight bills, against
32.75 on Thursday of last week; cable transfers at
was
New Dollar
ago
economic advance
countries showing the greatest
close
ing European currencies to the United States
days
The South Ameri¬
Latin America occurred in 1936.
can
6%.
to
few
a
pointed out that continuous improvement in eco¬
nomic conditions throughout the greater part of
The metal is believed to
by Belgium in order to create a
American
Pan
These
weeks.
recent
firm, in sympathy with
allied
either
operations.
legally
or
currencies
are
generally
sterling, to which they are
through exchange control
It would seem that there is a
general
be further devalued,
comment as to the likeli¬
belief in Japan that the yen may
but official sources
offer
no
hood of such action.
promul¬
gated a new series of regulations to control dealings
in foreign exchange and prevent speculation in con¬
nection with imports, which are expected to increase
during the present year. The ordinance, which will
On
Friday the Japanese Finance Ministry
be effective until
July 31, applies chiefly to dealings
exceeding 300,000 yen (about $10,000).
Though the
action is believed to amount to virtual control of
foreign trade, bankers and business men in Tokyo
do not expect
will
be
that the depreciation in the currency
arrested
stabilize the yen.
by
the
Governments'
effort to
156
-
Financial
Closing quotations for
28.55,
against
28.26
checks yesterday
yen
Thursday
on
Hongkong .closed at 30.66@30%,
of last
Chronicle
sponsibility in the face of this
were
that the
week.
illustrative examples seems clearly to imply that some
against 30.70@
kind of
30; Manila at 50%, against 50%; Singapore at 57%,
against 57%; Bombay at 37.17, against 37.15, and
A second
against 37.15.
Gold Bullion in
'
'HE
to
European Banks
following table indicates the
amounts of gold
(converted into pounds sterling at par
exchange) in the principal European banks as of
bullion
of
respective dates of most recent statements, reported
to us by special cable yesterday
(Friday); comparisons
are
shown for the
corresponding dates in the previous
four years:
„
'
,
1937
Germanyb.
Spain
Italy.
Netherlands
Nat.Belg'm
Switzerland
Sweden
Denmark
.
1934
£
£
£
314,124,237
482,869,937
1,913,050
c87,323,000
a42,575,000
59,963,000
106,734,000
83,297,000
25,466,000
6,552,000
6,603,000
France
Norway
1935
£
England—
1936
.
—
200,818,172
530,112,608
3,116,200
90,204,000
42,575,000
53,098,000
98,777,000
46,825,000
22,376,000
6,555,000
6,602,000
1933
192,797,515
656,141,628
2,895,900
90,697,000
191,696,262
617,924,337
17,010,900
62,400,000
76,633,000
76,828,000
78,101,000
67,518.000
70,170,000
71,565,000
69,392,000
15,841,000
7,396,000
6,582,000
«
£
.
i20,544,105
662,079,332
38,239,850
90,339,000
63,053,000
86,054,000
74,171,000
88,962,000
11,443,000
7,399,000
8,015,000
90,453,000
14,431,000
7,397,000
6,573,000
housing
program
of tenant farming."
suggest "that
an
Total week.
1,217,420,224 1,101,058,980 1,245,878,043 1,244,565,499 1,250,299,287
Prev. week. 1,212,476,972 1,100,435,134 1,248,490,536
1,242,906,193 1,252,384.379
Amount held Oct. 29, 1935; latest figures available,
b Gold holdings of the
Bank of Germany are exclusive of gold held
abroad, the amount of which is now
reported as £1,409,650.
c Amount held Aug. 1, 1936; latest figures available.
Note—The par of exchange of the French franc cannot be
exactly
a
determined,
as
yet, since the legislation enacted Sept. 26, 1936 empowers the Government to fix
the franc's gold content somewhere between 43 and 49
milligrams.
However,
calculated on the basis on which the Bank of France has revalued its
gold holdings,
the parity between francs and pounds sterling is
approximately 165 francs to the
pound (the old parity was about 125 francs to the pound.)
It is on this new basis
that we have here converted the French Bank's gold
holdings from francs to pounds.
its
on
own
farm," but he
nevertheless thinks that "the Nation would be wise"
to offer such farmers
ing
shadows
a
continuance
a
ment Administration
aid will
chance to become
land which they
upon
or
or
doubtless be
extension
some
Those
who
had
of the
conservative
course
made known later.
clear intimation that amendments of the
a
statute
to be
are
"The
most
in his second
once
ferring to
the result and the symptom."
De¬
later time the immediate question of
relief, Mr. Roosevelt declares that "the broader task
of
preventing unemployment is
evolutionary policy.
tied
are
all
to
matter of
a
Fluctuations
other
wasteful
in
long-range
employment
fluctuations
in
mechanism of production and distribution."
which
more
he
speculation in securities
or
entailing "in the long
sees
losses than gains in the
reckless
a
unemploy¬
a
Congress.
only
inclusive
most
and the lack of economic balance of which
the
sure,
existing
expected.
far-reaching and the
ment is at
to all of us,
contains, to be
social
problem of all," however, "is that of unemployment
Administration than he has in his first will not find
message
A third
our
renders and practical improvement in its
operation."
A reference to the experience of other nations carries
much to encourage them in his annual
message to
The
Resettle¬
other form of Federal
example is the "intelligent development of
comments is
hoped that President Roosevelt
a more
self-support¬
Whether this fore¬
own.
the "wastes" upon which the President
Democracy and the New Deal
would follow
un-Ameri¬
Mr. Roosevelt does
farm family has the capacity
every
satisfactory living
earn a
is to continue.
example is "the prevalence of
security system, the broadening of the services it
"
Banks of—
Federal
a
type
can
not
"
but the fact
menace,
subject stands first in the list of Mr .Roosevelt's
30.75; Shanghai at 29 13-16@30, against 29 13-16®
Calcutta at 37.17,
Jan. 9, m7
community."
the
particularly
commodities,
run
.
.
.
underlying wealth of
Moreover, "as is
same
our
One of
now
well known
net loss to society comes from
overproduction and monopolistic underpro¬
few specific recommendations of legislation.
An ex¬
tension of life for a number of statutes which are
duction of natural and manufactured commodities.
about to expire by limitation,
three evil sisters who distill the troubles of
unsound
changes in the Neutral¬
ity Act to bring within its operation the civil
Spain, and
the only
an
by Congress is asked, and
a
an
early communication
recommendations
inauguration.
are
to be
promised, but other
postponed until after the
So much of, the remainder of the
however,
permeated
as
mes¬
discusses matters of domestic policy
with the
familiar
ideas
of
national
planning under Federal supervision and with Federal
support, while the criticisms and demands which
directed at the Federal
judiciary
are
are
nothing short
of revolutionary.
The planning
the general
some
idea
appears
aims of the
of the
inflation and disastrous deflation.
After reviewing
early.
and recalling
long series of enactments intended to
make the program
recovery program
effective, Mr. Roosevelt reminds
are
It is to the interest
of the Nation to have government
help private enter¬
prise to gain sound general price levels and to protect
those levels from wide perilous fluctuations."
comprehensive overhauling of the Execu¬
tive branch of the government is
sage,
in
are
subjects for which immediate consideration
looking to
is
war
appropriation to meet deficiencies
Overproduction, underproduction and speculation
How these results
least, is at
once
are
to be
intimated.
Mr.
Roosevelt concludes,
the belief that the broad
obtained, in part at
"Sober second
"confirms
thought,"
of
most
us
in
objectives of the National
Recovery Act
were sound."
The trouble with the
that "it tried to do too
much," but while
the statute has been "outlawed" the
problems "are
still with us."
If this means
Act
was
anything, it would
seem
clearly to
mean
that
a
new
statute, shorn of
features which made the former Act
unworkable but
with the same Federal control of
industrial and busi¬
ness methods and labor
relations as its
aim,
due
course
be looked for.
The conclusion is
may
in
strength¬
ened by the passage in the
message which immediately
"That decent conditions and
adequate
Congress that "it is not enough that the wheels turn"
follows.
but that
for labor and
"they must
carry us
greater satisfaction in life
Certain
for
for the
"far-reaching problems"
which
"deeper
in the direction of
average
man."
then instanced
democracy "must find solutions" if
purpose
attained.
are
pay
a
the
of democratic government" is to be
One of these is the
housing, not only in the slum
menace
areas
of
improper
of large cities but
in many smaller cities and "on tens of thousands
of
farms, in varying degrees, in
try."
There is
no
every part of the coun¬
direct reference to Federal re-
just return for agriculture
can
be s?cured
through parallel and simultaneous
is
a
impossibility.
proven
to obtain curbs
and
on
speculation
Experience
with
action by 48 States
It is equally impossible
monopoly, unfair trade practices
State action alone.
by
actualities
.
makes
it
clear
.
.
that
Federal laws
to
supplementing State laws are needed
help solve the problems which result from modern
invention applied in an industrialized
nation which
conducts its business with scant
regard to State lines."
Volume
Such
Financial
144
declarations, of
merely reassert the
course,
157
Chronicle
of such coercive devices
as
the Congressional session
Meantime the message has placed the
President's belief in the necessity of Federal planning,
goes
and his disbelief in the ability
President openly in opposition to the Federal courts,
of the States to do by
on.
themselves what he thinks is needed for
labor, agri-
and particularly to the Supreme Court, as now con-
culture, industry
any
of the
stituted, and consequently to the theory and practice
trade.
or
Whether
independent judiciary which the Constitution
Federal statutes which the Administration has pro-
of
moted in
aid
fairly be
said
embodies.
Taken in connection with its explicit
denial of ability in the States to deal satisfactorily
of
have
to
which will
whether the
or
doubtless be
the message has made the Constitution the outstanding issue before the country. With the Federal
judiciary censured and the Federal system of States
will be found
skeptical.
The
can
broadside attack
which the
makes
message
the Federal judiciary has no parallel in Ameri-
history.
Mr. Roosevelt
no-"vital need" of
se^s
What is needed is "an
amending the Constitution.
increasingly enlightened view with reference to it,"
and its
use
"as
instrument of progress
an
device for prevention
a
found,"
Mr.
legal forms and
actual
declares,
needs
of
t
"to
branch of the Federal
^
task,
he
is
by the people
successful.
confident,
democracy
asked
is
to^do not part the makingto call
its ask m courts democracy
do
We
non-
existent powers into
being, but
expect that conceded
we
or
powers
have
right to
a
those legitimately
implied shall be made effective instruments for the
common
not be
good.
The
process
of
our
democracy must
imperiled by the denial of essential
powers
of
free government.
There can be but one interpretation of this extraor-
dinary demand.
Instead of
an
independent Federal
judiciary, construing and applying the "supreme law
of the land" in accordance with recognized principles
of construction and in the
light of the best knowledge
and
judgment that, members of the courts can exercise,
the
primary construction is to be determined by the
Executive and
who
are
to
an
^
not, of
powers"
as
The
Powers that
to be assumed, but
course,
Congress to
well
are
say
what
Aside
of
to take their point of
instrument of
the
move
months ago, it is
pve
of the
progress," and the
statement
that
constitutional
indication of what
may
and doubtful
a
happen
judges do not bow before this
They cannot, of
rcmoved from
course,
un-
to that of
be arbitrarily
office, and impeachment is too slow
process
no
of Great
Cause
Britain>
every
France>
upon
the Spanish conflict,
longer possible for either of the
no
gpajn
to look with indifference upon the atti-
or
tude of either of the
0f ^
jiag
oth€rs? and for the continuance
international difficulties which it
and
war
produced each must bear
gponsibility.
some measure
of
Any agreement, accordingly, that
egf-g 0f ^-wo
or m0re
Gie
relations
future
other Powerg in
re-
pro-
of those Powers, or to regulate
between
to merit consideration.
The
Supreme Court, which is obviously the main point of
themsleves
with
or
region that the gpanigh
any
happens to touch, calls for examination,
war
and the
if the formal terms of the agreement appear,
more
for any reason,
to be something less than the whole
gtory.
Anglo-Italian accord which
Jan< 2
on
is
an
concluded at
was
illustration
in
point.
The
phraseology of the document is formal and the
parent
cause
scope
represented
as
"animated by
of peace
con-
and security, to the betterment of
as
them
and
that
all Mediterranean
the freedom
of
They accordingly "recogentry to, exit from and
through the Mediterranean is
to the
different
cerned, to
other."
are
in
no way
They further "dis-
desire to modify or, so far
see
vital interest
a
parts of the British Empire
Italy, and that these interests
claim any
re¬
Pow-
"resolved to respect the rights and in-
terests of those Powers."
both
desire to
a
increasingly, in the interests of the general
ers," and
nize
ap-
of its provisions general. The two Pow-
lations between
transit
precedented rebuke and attune their minds
the President.
with
grea^ powers to dissociate itself from the events
and to
the Federal
^
Soviet Russia to be scrutinized
or
inconsistent with each
if
goeg
% of the gituation
amendment does not appear to be "the vital need,"
no
in gpain
decisive victory for either
a
the message
gives
Spain?
irrespective of anything that might have been done
erg are
democracy will be assured.
from
war
p0SSi]3le bearing
tribute
Constitution which will follow when the courts have
success
^QT
are
been thus subordinated will enable the Constitution
an
the dyil
major diplomatic
"legitimately
those
as
"increasingly elightened view"
to be used "as
ag
^
The
implied," and the courts
view.
gid
Rome
it is for the Executive and
"conceded
1(mg
definitive under-
a
standing of what 1 the people' want.
are
What Is in Store for
immediate prospect of
overwhelmingly partisan Congress,
arrogate to themselves
do not exist
Ag
fesses to harmonize the conflicting political inter-
^
^
========
-
Italy, Germany
must move forward in
the judicial branch also
but
wonders what Mr. Roosevelt means
one
by the democracy for whose success he appeals. To
the average man the policies that are being pursued
or advocated savor much more of Federal centralization and Executive dictatorship than of anything
that has commonly borne the democratic name,
our
The legislative
government
and the Executive branch
this
as
P^PS^88^6
continue to meet the demands of
will
adapt
e
world.
the modern
m
and not
impugned,
"Means must be
judicial interpretation to the
our
present
democracy
of action."
Roosevelt
agricultural
and
industrial
trade,
various
questions regarding
are
upon
with
matters because so much business is now interstate,
suspect,
we
to
legisla-
new
an
a
"supplementary" character,
observers,
can
proposed will have
which
most
planning
"supplementary"
been
legislation of the States,
tion
Federal
centralized
they
are con-
quo as
regards
as
modified the status
national sovereignty of territory in the Mediterra-
mean,"
undertake "to respect each
and interests in
the said
area," and
others' rights
agree
"to
use
attack, could have its conservative opinion neutral-
their best endeavors to discourage any activities liable to impair the good relations which it is the ob-
ized by an
ject" of the accord "to consolidate."
enlargement of its membership, and
similar result could be
obtained,
over a
a
longer period,
by appointing "liberals" to fill vacancies caused by
deaths or resignations. We shall probably hear more
The document
concludes with the statement that "this declaration
is designed to further the ends of
peace and
directed against any other Power."
is not
158
Financial
There
ish
made
were
text of the
Ambassador
at Rome
Italian Foreign
be
public, in connection with the
agreement, two notes, one from the Brit-
regarded
the
Minister, which
other
are
an
the
apparently to
Foreign Minister
since the revolution in
its opposition in general to foreign financing, was
prepared to look with favor
anything
sit in the League Assembly. The way may thus have
been prepared for the resumption by Italy of its
participation in League proceedings.
The bearing of the accord
any ne-
ation is less clear.
of the Western Mediterranean would be altered,
territorial status
nor
would
mean
they engage in any such negotiations in
The
Italian
Foreign Minister, in his
that,
The mutual recognition of the
quo
far
as
.■
the Spanish situ-
upon
as
in the Mediterranean
seems
Great Britain and Italy
concerned, there is to be
no
division
Spanish territory in either Europe, Africa
ernment that the
Mediterranean
so
far
just quoted meant "that
Italy is concerned the integrity of present
as
territories
of
Spain shall in all circumstances
re-
main intact and unmodified."
accord,
Taking the formal agreement and the diplomatic
notes
together, the accord deals with only two sub-
jects.
It recognizes
of
use
equality of interest in the
an
Mediterranean
waters
by Italy and Great
Britain, and it undertakes to respect the present
rights and interests of the various Powers in the
Mediterranean
As neither Great Britain
area.
nor
Italy has
ever
dominant
rights in the navigation of the Mediter-
it is not at
ranean,
of
formally claimed exclusive
obvious why
once
rights should be formally agreed
an
or
pre-
equality
There
is
the
or
nothing in the
the other hand, that relates to foreign
on
aid for the warring Spanish factions, and it is at
that
f
islands.
to
are
alienation of
or
reply, confirmed the assumption of the British Gov-.
assurance
anti-
is unlikely that an Ethiopian delegate will again
gotiations with General Franco whereby the status
future."
as an
quated weapon, the accord has supplied it, and it
quo
the
Italian loan. If
upon an
needed to mark sanctions
was
asked
either before
Spain, engaged in
Jan. 9, mi
In the
was
previously given verbally,
assurance,
that the Italian Government "had not,
or
from
essential parts of the accord.
as
British note the Italian
to confirm
and
Chronicle
point that the situation has become most tense.
It will be recalled that
on
Christmas Day Great
Britain and France formally urged Germany and
Italy to end the movement of armed forces from
those countries to Spain.
replies, which
were
The German and Italian
not delivered until Thursday of
the present week, expressed surprise that the British
and French
Governments, which had been unwilling
hitherto to regard the movement of volunteers into
Spain
as
illegal, should have changed their attitude,
and the question
was
of such movement
raised whether the prevention
upon now.
The
explanation is to be found in events of the past
year
of aiding the Madrid Government. The German Gov-
and the circumstances under which the accord
ernment, however, expressed its readiness to cooper-
or
so
was
made, and perhaps in
some consequences
which
would not have the effect
now
ate in preventing either direct or indirect interven-
League observers at Geneva, at least, if not others,
tion in the Spanish fighting, but only
expect may follow.
that other Powers adopt the same attitude, that "the
There is
doubt
no
that
the British
Government
seriously alarmed by the possibility of
was
clash with
opian
the
-
solution
of any
Italy in the Mediterranean while the Ethi-
that all the participating Governments agree to an
in progress, and that recognition of
unconditional effective supervision of such prohibitions
as
should be agreed upon, the supervision to
changes to be made in the disposition of British
be "carried out
naval vessels in Mediterranean waters.
as
tory for Premier Mussolini.
knowledge that it
and not the Italian
basis
The
equality of interests which has
registered represents, accordingly,
a
of
was
It is
recog-
now
been
a
substantial vie-
a
matter of gen-
the Baldwin Government,
Premier, that sought to establish
common
preceded by months of negotiation in
Great Britain
It
the
was
appeared
was
and
ures
and
good
sense
going
vented the
on
ating, for it
was
of
the
itself in
Nothing but British frank-
to the next thing could have pre-
bging somewhat humili-
Great Britain that led the demand
Italy invaded Ethiopia, and ac-
League after the Emperor
Selassie had lost his throne and
Ethiopia
as
a
Haile
as an
in-
dependent State had ceased to exist.
What
is
a
to the
on
J an. 4
agreement, and
received
and
conjecture. League circles at Geneva
reported
some
as
assurances
of intervention that
The replies have done nothing to
ease
the tension.
In the interval between the Anglo-French diplomatic
ian
armed forces
tered Spain.
are
reliably reported to have
Italian accord
was
signed,
some
4,000 Italians
tered the country, and the British Foreign
confirmed the report that 6,000 had landed
22. There
the
en¬
On Jan. 1, the day before the Anglo-
seems to
en-
Office
on
Dec.
be good reason for believing that
French and Russian volunteers in
Spain
con¬
siderably outnumber the Germans and Italians.
It
would appear, therefore, that the Italian and Ger-
Governments
man
were
justified in asking whether,
if further intervention of this kind
is
a
difficult
one
were
Madrid.
stopped, the
The
question
for both Great Britain and France,
The political interest of Italy and Germany in the
outcome of the Spanish war has been clear from the
suspecting that Italy had
first, but what, in reality, is the interest of the
regarding
British recognition of the
a
British loan
Ethiopian conquest,
were
also
reported
as
believing that the Baldwin Government, in spite of
the forms
among
should be prohibited.
being appreciably cool
as
Financial circles at London
•
The Italian reply, which
general effect, included financial
effect would not be to aid
Italy gains by the accord in other respects
matter of
were
assistance
same
representation and the publication of the German
quiesced in continued acceptance of Ethiopia
member
to the
and Italian replies, thousands of German and Ital-
in recognizing mistakes and fail-
negotiations from
fer sanctions when
tors and propagandists.
was
which
that Government that worked
diligently for security.
It further suggested,
the maker of requests,
British Government that felt
danger, and it
ness
as
the spot."
on
the best solution, the ejection from Spain of all
non-Spanish participants, including political agita-
understanding regarding the
Mediterranean, and that the signature of the accord
was
other problems connected with in-
direct intervention be immediately undertaken," and
a
strength of the Italian air force caused radical
eral
condition
naval
war was
nition of
on
British and the French?
may,
The Anglo-Italian accord
indeed, represent the present opinion of the two
Governments that the territorial integrity of Spain
should be preserved, but
on
what ground
can a ces-
Financial
Volume 144
sation
of
military aid to General Franco be de¬
manded while
greater numbers of French, with the
acquiescence of the Blum Government and no remon¬
strance from Great
tively,
insurgents?
content to
side
one
for the Madrid Government and some
some
for the
Britain, continue to fight ac¬
see
the
Are Great Britain and France
fighting
go on
indefinitely until
the other is exhausted and the country
or
economically ruined, or is the Anglo-Italian accord
only
a cover
for
some new move
of intervention and
partitioning of Spanish territory?
some
few weeks may
bring
an answer
The next
to these questions.
159
Chronicle
apparent reason to suppose that the
There is every
long as it is true that the world at large regards
so
the
goods or investments that can be had for a dol¬
gold rep¬
lar better worth while than the amount of
by the metal in such a dollar of the new
resented
liability
As
up our
"excess
the part of our banks, we tend steadily
on
enlarge the credit danger of the possible future,
to
while at the
time
same
we
have nothing to offer by
of safeguard except the mythical "sterilization"
way
the futile suggestion that an increase of
or
ratios may
be ordered, with probably as lit¬
result
concrete
tle
By H. Pabkeb Willis
build
we
constantly growing deposit
reserves" and develop a
reserve
Urgent Gold Problem
As
weight and fineness.
policy,
The
gold stock will continue,
constant accretions to our
in
attained
was
as
that
way
during the past summer, We offer no national trade
things stand, the rank and file of the American
export outlet for surplus gold.
or
The
public have apparently settled down to a reasonable
gold situation is not, however, simply a do¬
degree of satisfaction, or at least toleration, of pres¬
mestic American
ent
ing currently of the "Downfall of the Gold Stand¬
monetary conditions in the United States.
The
of substantial intelligence, when
average man, even
asked what he thinks of the
situation, is apparently
ard,"
question. Professor Cassel, in writ¬
properly refers to that downfall as the
very
disposed to reply that gold is freely coming into the
States in 1933-4 (the
country, and that there is certainly nothing to worry
the Scandinavian
about.
better and
as
Apparently, he is of the opinion that, as long
the current stock of the
and
precious metal is large
increasing, with ljlttle serious disturbances of
foreign exchange quotations, there is no particular
why he should concern himself about the sit¬
reason
As to what is
uation.
habitually termed "stabiliza¬
tion," he has small interest one
Yet it remains true that the
the other.
way or
question of
our mon¬
restoration of the gold
or
to the purpose,
Presi¬
Koosevelt, in expressing to the London Eco¬
nomic
Conference, in 1933, his disinclination to go
ahead
on
an
international basis with the monetary
as
standard;
stallation of any new world
It is
or,
what is
attitude toward
our
gold, and our apparent determination to attract it,
hoard
it, and prevent others from using it, is the
we
reason
have any
actual
fact,
or
it,
use
the commercial
would be
our case
stands,
a very
the return by debtors of amounts
ensure
corresponding to the purchasing power which they
It is worth while to
had received.
the
recall, in view of
explicit recommendation then conveyed to the
Conference, that the United States has taken abso¬
weight of the United States and its
lutely
and
steps in advance since the date referred to,
no
that,
as
matters now stand, there is
whatever of any
tion
with the situation.
widely accepted in
is not
a
no
indica¬
early disposition to grapple
Apparently, the assumption is
our
government that the present
favorable moment for
dealing with the
mone¬
tary question, or, at least, that a very much more
favorable
future.
gress
one
is
likely to arrive in the not far distant
The President has determined to ask Con¬
for an extension of his powers to order
ther devaluation
of the
a
fur¬
dollar, and the arrival of
lead to some definite effort to
monetary adjustment.
of view which is
Internationally
way or
any
facts
a
prosperous
of economic
units of currency
gone
a
out interference.
there
was
gold hoard in existence,
amounting to some eleven billion dollars, stored in
our
and
newly-constructed vaults far in the interior,
steadily
increasing at
a
rate
considerably
greater than the world production of the metal.
barrier to
a
contention, it
was
not
Certainly, it would
gold standard in and
condition of business. The
history
are
directly opposed to
such absurd contention. Gold values and gold
nent and should be suffered to maintain itself with¬
have the greatest
a
Granting that
prevented the development and the main¬
present situation is indeed practically semi-perma¬
now
preservation of
or
gold standard and
be contended that the
tenance of
We
stage in economic
have been was found in maladjustment
inherent in the standard itself.
any
decision
past, to the effect that, in
truth in such
of values under the old
current discussion
circumstances, it is fair to ask whether the
pres¬
point
plain that whatever hindrance to recovery
there may
never
any
early
some
other, the adoption
ever
was
must be
practical step of expediency is evidently regarded in
In these
speaking,
"recovery," ought to be laid aside.
of itself
certainly possible, if not likely.
question from
gold standard upon any basis is
there
world
a
visible.
discussion for time time
the
might otherwise
bring about
which has held the center of the
some
an
gold situation is imperative. The pretense
conditions when such devaluation might become a
as
now
as
We cannot justify the
ent national attitude on this
about the
much
merely throwing
we are
offset to the various factors that
and would
If
of gold in
use
to assert the
generation,
un¬
for placing it at the disposal of those
As it
one.
stable standard of money.
a
definite plans for the
who do want to
better
why the various countries are
tremendous balance of trade into the scales
necessity of evolving a monetary unit
more
policy to take its place.
increasingly apparent that
negotiations then proposed, took occasion positively
which would be stable from generation to
be¬
the chief preventative of the in¬
as
able to re-establish
dent
much
very
policy
our
ing the principal obstacle in the way of any recovery
apparent inclination of Great Britain to continue
pound," is, to say the least, short-sighted.
He might
economist).
principal
the present indeterminate basis, with a "free
the United
adjective however is not that of
cogently speak of
more
etary standard is as urgent as ever, and that the
upon
taken by
result of the needless action
have
now,
the world
over,
under¬
complete reorganization and revision.
injustice
of relative
or
If
maladjustment in the old set
valuer, the time has
come
when
a
re¬
adjustment could be made with perhaps less diffi¬
culty than
ever
before.
For those who have reached the frame of mind in
which
they
are
ready to say, as
some
apparently are,
Financial
160
that there is inherently
something
wrong
about the
gold standard, and that the urgency of the moment
is of
nature which calls for the
a
tion of
complete substitu¬
other standard of currency,
some
the time is
fully ripe for a rejoinder to them which takes the
form of
a
question: What standard of currency
other standard of
with
some
is?
Certainly
are
Are they satisfied
they prepared to recommend?
value, and if
so
what is
of logical mind would be dis¬
none
Chronicle
sented
than
a
repre¬
temporary, designed to fill the difficult
as
in the present situation due to
gap
more
It has been steadily
temporary expedient.
of local monetary
a
breakdown
and banking standards. Professor
refusal to adopt any
tics and
indeed, to permit the use of the metal, either
or,
the
wide
He does not tell
is being worked out.
exactly what that basis is
or can
obstacle to bringing about a world¬
monetary adjustment.
said that gold today is not a
been often
It has
metal whose
private ownership or individual hoard¬
ing ad libitum can be endured by society. If that be
the case,
it is still more broadly true that hoarding
segregation of gold, without purpose, by a sov¬
or
The United
ereign State is even more intolerable.
to
basis for money
internationally, must be viewed as
or
primary
of the
a new
policy. Our gold-hoarding tac¬
declination to take any forward step
our
domestically
States
present as a transition period, in the course
is being, made in any authoritative way is
undoubtedly the attitude of the United States or its
Cassel, in the monograph already referred to, speaks
of which
One reason why no effort of the sort has
currency.
been ,or
posed to respond that the present "managed cur¬
rency" basis can be considered anything
9» 1937
conclusion about the future of its money, to
some
the
cease
it to the entire economic world to come
owes
implied threat that it may resort to further
devaluation, and to make clear its willingness to
be, but what we may be sure of is that such a process
accept the ordinary risks of normal business, both
of
for the
working out cannot be successfully conducted
present and for the future. No nation is bet¬
through private research and without the authorita¬
ter able to do so
tive attempt to
publicly recognized
by such
permanent substitute for the older standard of
country.
and
introduce
some
President Roosevelt in Annual
ment to Constitution but More Liberal
With
Cited
session of the
opening
delivered in person
on
his annual message to Congress at
a
joint session Of the Senate and House, in the Hall of Repre¬
sentatives.
Perhaps the particular portion of the Presi¬
dent's message to claim attention was that
he declared "it is worth
part in which
while to read and re-read the
our
preamble of the Constitution, and Article I thereof, which
the
confers
Far Reaching99
uMost
as
Further along in his message the President said "over¬
production, under-production and speculation are three evil
sisters who distill the troubles of unsound inflation and dis¬
"It is to the interest
deflation."
astrous
he added
from wide
perilous fluctuations."
government help private enterprise to
gain sound general price levels and to protect those elvels
The President stated in the early part of his message that
"ours was the task to prove that democracy could be made
to function in the
world of today as effectively as in the
simpler world of
hundred
purpose.
fault to be found with the Constitution of the United States
racy must find solutions if it is to
it stands
upon
The vital need" he went on to say "is
not an alteration of our fundamental law, but an increasingly
enlightened view with reference to it."
While the President made no specific reference to the
United Supreme Court and its decisions holding unconstitu¬
as
Even with
measures
he made the statement
far-reaching problems still with us for which democ¬
are
not
The President alluded to the fact that the National Indus¬
trial
Recovery Act had been outlawed, but added, "the prob¬
have not. They are still with us."
"Sober second
thought," he said, "confirms most of us in the belief that the
broad objectives of the NRA were sound.
We know now
lems
that its difficulties
arose
from the fact that it tried to do too
much."
While he observed that "decent conditions and
adequate
pay for labor, and just return for agriculture, can be secured
through parallel and simultaneous action by 48 States is a
proven impossibility ," the President contended that "experi¬
ence with actualities makes it clear that Federal laws supple¬
menting State laws are needed to help solve the problems.'
Immediate consideration was urged by the President by
Congress of:
consider itself successful.
habitations which
only fail to provide the physical benefits of modern civilization, but
breed disease and impair the health of future generations.
Another
farming.
them—with
can
some
.
most
of
financial assistance and with some advice and training,
•
national
problem is
which can eventually belong to them.
•
•
•
*••••
the development
system, the broadening of the services it renders
its
.
of tenant farmers—indeed
Many thousands
be made self-supporting on land
Another
in
.
example is the prevalence of an un-American type of tenant
...
that "means must be found to
adapt our legal forms and our
judicial interpretation to the actual present national needs
of the largest progressive democracy in the modern world."
He likewise said:
ago."
years
present recovery we are far from the goal of that deeper
our
There
a
For example, many millions of Americans still live in
today.
tional various "New Deal"
of the Nation"
"to have
the Congress of the
United States."
The President asserted that "during the
past year there has been a growing belief that there is little
legislative powers
Problem—
Act Urged for Immediate Consideration
Tuesday, Jan. 5 of the first'
75th Congress, President Roosevelt on Jan. 6
Following the
Judicial Interpretation of It—Holds to
Were Sound—Statute Outlawed But Problems
Us—Unemployment
Amendment of Neutrality
of action than would our own
Message to Congress Says Vital Need Is Not Amend¬
Belief that Objectives of NRA
Still
and, in fact, none would profit more
course
a
operation.
.
.
of our
social
security
and practical improvement
.
And, of course, the most far-reaching and the most inclusive problem of
all is that of unemployment and the
lack of economic balance.
.
.
The
.
immediate question of adequate relief for the needy unemployed who are
capable of performing useful work I shall discuss with the Congress during
the coming
From
Jan. 5
months.
Associated / Press
we
accounts
from
Washington,
quote:
An hour before the President's entrance, the two Houses convened In
the House chamber, first of all to
the
Presidential
embellished with
a
House
applause,
few touches of derision
Maine and Vermont
The
poll the Electoral College
Rollicking
election.
were
galleries
which
on
the result of
the
Democrats
greeted the announcement that
casting their votes for Alf M. Landon.
were
packed
President Garner, who was designated
with
distinguished guests.
Vice-
by the Constitution to preside at the
joint session, had led the Senate into the Chamber.
The Vice-President
.
First,
measures
extending the life of certain authorizations and powers
whichs, under present statutes, expire within a few weeks.
Second,
an
addition to the existing Neutrality Act to cover specific
sat beside
Mr.
arm
Speaker Bankhead.
Roosevelt walked into the Chamber promptly at 2 o'clock
of his son James.
applauded.
on
the
Senators, Congressmen and the galleries stood and
The President finished in exactly half an hour.
points raised by the unfortunate civil strife in Spain.
Third,
a
deficiency appropriation bill for which I shall submit estimates
this week.
Elsewhere in this issue
we
Text of President Roosevelt's Annual Message to
We
giving herewith in full the annual message of
President Roosevelt to Congress, delivered at a joint session
term of office.
of the Senate and House
tional practice,
the
are
address
is
The message
To the
made
on
Jan. 6.
elsewhere
in
Further reference to
these columns today.
follows:
Message to
a
new
our
will
occur
seems
Congress
While there is no change in the Presidency this year, change
in future years.
It is my belief that under this new constitu¬
the President should in every fourth year, in so far as
reasonable, review the existing state of our national affairs and
outline broad future
problems, leaving specific recommendations for future
At this time, however, circumstances of
national history a
Congress within
message
legislation to be made by the President about to be inaugurated.
Congress of the United States.
For the first time in
give the President's
in full.
'
a
President delivers his Annual
fortnight of the expiration of his
your immediate
certain
consideration of:
authorizations and powers
the moment compel
me to
ask
First, measures extending the life of
which, under present statutes, expire
Volume
within
to
and, third, a
problems which faced our Nation and which
It
More disturbing was
down.
the underprivileged
doubt
the fact that long neglect of the
had brought too many
adaptation of
successful
the
to
as
had broken
needs of
of our people to the verge of
our historic traditions to the
that the visible mechanism of economic life
not only
was
Ours
the task to prove that democracy
was
Sober second thought confirms
could be made to function
of working
theory^. The
times required the confident answer of performance to those whose in¬
stinctive faith in humanity made them want to believe that in the long
Ours was the task to do more than to argue a
years ago.
democracy would prove superior to more extreme
run
as a
of getting action when action was
process
sacrifices which those other forms of
The
the
many
understanding and by determination to cooperate,
helped to make democracy succeed by refusing to permit unnecessary dis¬
agreement to arise between two of our branches of government.
That
spirit of cooperation was able to solve difficulties of extraordinary mag¬
nitude and ramification with few important errors, and at a cost cheap
when measured by the immediate necessities and the eventual results.
I look forward to a continuance of that cooperation in the next four
and I, by mutual
I look forward also to a continuance of
years.
for each
tion—mutual respect
democracy which is working
need for play in
the basis of that coopera¬
in a
other's proper sphere of functioning
well, and a common-sense realization
of the
the joints of the machine.
activities shall be continued or
of the many new
determine which
abandoned, increased or
within the right of the Congress to
On that basis, it is
curtailed.
On that same basis, the
President alone has the responsibility for
I find that this task of executive
administration.
their
management has reached
comprehensive over¬
fully in
modernizing and improving the Exeuctive branch of the Govern¬
where our administrative machinery needs
the point
I shall,
hauling.
regard to
therefore, shortly address the Congress more
cooperation of the past four years between the
That
Congress and the
two-fold policy—first, economic
industry and
second, deliberate improvement in the personal security
recovery
through many kinds of assistance to agriculture,
banking;
and,
and opportunity
The recovery
a
series of
prevent a future similar crisis—you
removal of the
agricultural surpluses, insistence on collective bargaining, the
of sweat shops, child labor and unfair trade practices, and the
bank deposits, protection
of
threat
outlawing
beginnings of security for
Nor
But government in a
profits.
earn
exist solely, or even
not
whirring of ma¬
and woman in the
find work, that every factory run, that business as a
country be able to
is
the aged and the worker.
It is important, of course, that every man
chinery.
It
for the investor in securities, the
the recovery we sought merely a purposeless
was
whole
With that
and I joined in a
enactments—safe banking and sound currency, the guarantee of
view—to
in
It was to be
protected from the causes of previous disasters.
recovery
aim
of the great mass of our people.
we sought was not to be merely temporary.
democratic nation does not
primarily, for that purpose.
enough
that the wheels turn.
They must carry us in the
The deeper
purpose of democratic government is to assist as many of its citizens as
possible—especially those who need it most—to improve their conditions
of life, to retain all personal liberty which does not adversely affect their
neighbors, and to pursue the happiness which comes with security and an
opportunity for recreation and culture.
Even with our present recovery we are far from the goal of that deeper
purpose.
There are far-reaching problems still with us for which democ¬
racy must find solutions if it is to consider itself successful.
For example, many millions of Americans still live in habitations which
not only fail to provide the physical benefits of modern civilization but
satisfaction in life for the average man.
direction of a greater
breed disease and impair the
exists
not
health of future generations.
The menace
but in many
tens of thousands of farms, in varying
only in the slum areas of the very large cities,
smaller cities as well.
It exists on
degrees, in every part of the country.
|i Another example is the prevalence of an un-American type of tenant
farming.
earn a
I do not suggest that every farm family has the capacity to
satisfactory living on its own farm.
But many thousands of tenant
farmers—indeed most of them—with some financial assistance
some
advice and training, can be made self-supporting on
eventually belong to them.
States is
and with
land which can
The Nation would be wise to offer tham that
along as they do now, year after
with neither future security as tenants nor hope of ownership
their homes nor expectation of bettering the lot of their children,
i
-
..Another national
security system,
effect,
success
of
problem is the intelligent development of our social
the broadening of the services it renders, and practical
improvement in its operation.
In many nations where such laws are in
in meeting the expectations of the community has come
original statute.
and the most inclusive problem
of all is that of unemployment and the lack of economic balance of which
unemployment is at once the result and the symptom.
The immediate
question of adequate relief for the needy unemployed who are capable
of performing useful work, I shall dicsuss with the Congress during the
coming months.
The broader task of preventing unemployment Is a
matter of long-range evolutionary policy.
To that we must continue to
through frequent amendment of the
.
And, of course, the most far-reaching
best thought and effort.
We cannot assume that immediate
industrial and commercial activity which mitigates present
pressures
this time in placing the unemploy¬
filing cabinet of finished business.
justifies the National Government at
ment
problem in a
wasteful fluctuations
One of these wastes
is speculation.
In securities or commodities, the larger the volume of
speculation, the wider become the upward and downward swings and the
more certain the result that in the long run there will be more losses than
gains in the
underlying wealth of the community.
labor, and just return for
supplementing State laws are
problems which result from
the
nation
needed to help solve
modern invention applied in an indus¬
business with scant regard to State
conducts its
which
lines.
has been a growing belief that there is little
Constitution of the United States as it stands
During the past year there
fault to be found with the
alteration of our fundamental law, but
with reference to it.
Difficulties have
but rightly considered, it can be used as an
instrument of progress, and not as a device for prevention of action.
It is worth our while to read and re-read the preamble of the Constitution,
The vital need is not an
today.
an
increasingly enlightened view
grown
out of its interpretation;
the Congress
read again the debates
in the Constitutional Convention of 150 years ago.
From such reading,
I obtain the very definite thought that the members of that Convention
were fully aware that civilization would raise problems for the proposed
new Federal Government, which they themselves could not even surmise;
and Article I thereof which confers
the legislative power upon
It is also worth our while to
of the United States.
that a liberal inter¬
intent and expectation
and that it was their definite
would give to the Congress the same relative
national problems as they themselves gave to the Congress
pretation in the years to come
powers over new
over
their day.
the national problems of
In presenting to the
the operation of government
principles only, lest
rendering those provisions permanent
accommodated to times and
With
events."
understanding of our purposes,
better
a
the Constitution,
"to insert essential
should be clogged by
and unalterable which ought to be
Convention the first basic draft of
explained that it was the purpose
Edmund Randolph
recognition of our needs as a
and a more intelligent
Nation, it is not to be
assumed that there
and judicial action into closer
harmony.
Means must be found to adapt our legal forms and our judicial
interpretation to the actual present national needs of the largest pro¬
prolonged failure to bring legislative
will be
gressive democracy in the
modern world.
To go no
and women every¬
those which were
customary before modern invention and modern industry and modern
communications had come into being.
The World War, for all of its
tragedy, encouraged these demands, and stimulated action to fulfull
consideration of world problems.
thought leads to a
That
further back than the beginning of
this century, men
conditions of life very different from
where were seeking
V
seemed unable adequately to respond;
with the improvident assent of the masses of the people them¬
these new desires.
Many
national
and, often
governments
government were set up with
selves, new forms of
oligarchy taking the
has leapt forward, while
militarism has waned.
I have recently visited three of our sister republics in South America.
The very cordial receptions with which I was greeted were in tribute
to democracy.
To me the outstanding observation of that visit was'that
the masses of the peoples of all the Americas are convinced that the demo¬
cratic form of government can be made to succeed and do not wish to
substitute for it any other form of government.
They believe that democ¬
racies are best able to cope with the changing problems of modern civiliza¬
tion within themselves, and that democracies are best able to maintain
In oligarchies, militarism
place of democracy.
in those nations
peace among
which have retained democracy,
themselves.
Inter-American Conference,
The
operating on these
fundamental prin¬
in this Hemisphere. Existing
New instruments to maintain peace
and eliminate causes of war were adopted.
Wider protection of the
interests of the American Republics in the event of war outside the Western
Hemisphere was provided.
Respect for, and observance of, international
treaties and international law were strengthened.
Principles of liberal
trade policies, as effective aids to the maintenance of peace were reaffirmed.
The intellectual and cultural relationships among American Republics
ciples of democracy, did much to assure peace
peace
were
In
21
machinery
broadened
a
was
improved.
as a part
of the general peace program.
of war, the representatives of
atmosphere of complete confidence
world unhappily thinking in terms
nations
sat around a table, in an
sincerely discussing measures for
and understanding,
maintaining peace.
achievement directly affecting the lives
and security of the 250 million human beings who dwell in this Western
Hemisphere.
Here was an example which must have a wholesome effect
upon the rest of the world.
In a very real sense, the Conference in Buenos Aires sent forth a message
on behalf of all the democracies of the world to those
nations which live
otherwise.
Because such other governments are perhaps more spectacular,
Here
was a
great and a permanent
it was high time for
Because all of us
cope
as
democracy to assert itself.
of government can
they arise, it is patriotic as well
national needs with new
historic constitutional framework clearly intended
believe that our democratic form
adequately with modern problems as
logical for us to prove that we can meet new
laws consistent with an
to receive
give our
► ^Fluctuations in employment are tied to all other
in our mechanism of production and distribution.
and adequate pay for
impossibility.
proven
a
clear that Federal laws
chance instead of permitting them to go
year,
have not.
through parallel and simultaneous action by
It is equally impossible to obtain
curbs on monopoly, unfair trade practices and speculation by State action
alone.
There are those who, sincerely or insincerely, still cling to State
action as a theoretical hope.
But experience with actualities makes it
48
ment.
President has aimed at the fulfillment of a
The problems
agriculture, can be secured
trialized
these problems,
methods of attack with which we met
outlawed.
been
has
That decent conditions
government exact.
toman.
In
NRA
of
statute
They are still with us.
spiritual
unprecedented activities
under Federal leadership—to end abuses—to restore a large measure of
material prosperity—to give new faith to millions of our citizens who had
been traditionally taught to expect that democracy would provide con¬
tinuously wider opportunity and continuously greater security in a world
where science was continuously making material riches more available
you
broad
other.
and business controls on the
To meet it required
That challenge we met.
the one
on
forms of government
wisdom, without the
belief that the
most of us in the
We know now that
do too much. For
was unwise to expect the same agency to regulate the length
hours, minimum wages, child labor and collective bargaining
hand and the complicated questions of unfair trade practices
example, it
hundred
effectively as in the simpler world of a
have
to
objectives of the National Recovery Act were sound.
its difficulties arose from the fact that it tried to
of government itself.
in the world of today as
Nation
of the
the Interest
to
ginning of 1933.
democratic form
In that, lay a challenge to our
complex modern world.
deflation.
government help private
enterprise to gain sound general price levels and to protect those levels
from wide perilous fluctuations.
We know now that if early in 1931
government had taken the steps which were taken two and three years
later, the depression would never have reached the depths of the be¬
than appeared on the surface.
even
evil sisters
unsound inflation and disastrous
of
troubles
the
distill
It is
serious
to meet, were more
Government had the resources
National
our
and speculation are three
Overproduction, underproduction
who
only
net loss to society
underproduction of
manufactured commodities.
natural and
mates this week.
In March, 1933, the
from reckless
comes
points raised by the unfortunate
specific
all of us, the same
overproduction and monopolistic
And, as is now well known to
Neutrality Act
civil strife in Spain;
deficiency appropriation bill for which I shall submit esti¬
second, an addition to the existing
weeks;
few
a
cover
161
Chronicle
Financial
144
liberal and not narrow
The United States of America,
interpretation.
within itself, must continue
the task of
making democracy succeed.
In
that
task
the
Legislative
confident, continue to meet
to
or
the curbing of abuses,
the demands of democracy whether
the better balancing of our
at
Government will, I am
the extension of help to those who
they relate
need help,
interdependent economies.
Branch of the Government must move forward
the same time, provide better management for ad¬
So, too, the Executive
in this task, and,
Branch of our
ministrative action of all
kinds.
162
Financial
Chronicle
The Judicial Branch also is asked by the people to do its part in making
democracy successful.
into being,
powers
or
We
but
do
not
we
have
a
ask
the
courts
call
to
non-existent
right to expect that conceded powers
Your task and niine is not ending with the end of the depression.
people of the
good.
In that spirit of endeavor and service I greet the
at the
The process
The
States have made it clear that they expect us to
United
continue our active efforts in behalf of their peaceful advancement.
those legitimately implied shall be made effective instruments for the
common
Jan. 9, 1937
of our democracy must not be imperiled by the denial of
The White House,
essential powers of free government.
Seventy-fifth Congress
beginning of this auspicious New Year.
Jan.
•
ROOSEVELT
FRANKLIN D.
1937.
6,
/
Budget Message of President Roosevelt—Reports 1938 Budget Is in Balance—Esti'
mates Additional Expenditures of $1,537,123,000 for Relief—Calls upon Employers to Aid Government in
Keeping Costs Down by Giving Work to Those Receiving Federal Aid—Urges Cut in Relief Appropriations by Congress—Would
Continue Nuisance Taxes and 3-Cent Postage Rate—Expenditures for Fiscal
Year 1937 Estimated at $8,480,804,493 with Deficit for Year of $2,652,654,774—
Receipts in 1938 Estimated at $7,293,607,197 with Expenditures Estimated at
$6,157,999,254.
In
his
budget
message,
Congress
to
sent
(Jan. 8), President Roosevelt states that
tions have shown each year since
ment
the
over
a
marked improve¬
preceding year," and that the gains "make it
possible to reduce for the fiscal
of
1933
yesterday,
year
1938
Surplus and Public Debt
many
expenditures
the
Federal Government which the general
depression
necessary." According to the President "the 1938
budget is in balance, and except for debt reduction of
$401,515,000, it will remain in balance even if later on there
made
included additional expenditures of as much as
$1,537,123,000 for recovery and relief." In expressing the hope
that the appropriation to be
sought for additional relief for
608,000, after providing for
employer
potential employer will undertake during the
give employment to persons now receiving
Government help, the national budget can thereafter be
kept definitely in balance."
"Without such cooperation on
the part of employers" he
added, "the question of a balanced
budget for 1938 must of necessity remain an open one, for
debt retirement.
estimated
amount
change which
The Budget Message
To the Congress
Pursuant
good reason that this Government does not propose
next year, any more than
during the last four years, to allow
American families to starve,"
The President also pointed to the further
need, in
the balancing of the 1938
future fiscal
to
States
follows in full:
of law
provision
after
I propose shortly to submit to the
Congress a broad plan for placing the
branch of the Government on a sounder and more
responsible
basis of management.
The carrying out of such a plan will
undoubtedly
saving In expenditures; but it must be remembered that what
is generally known as overhead
represents only a small fraction of total
expenditures in any large business, Government
Expenditures
expansion
be planned with
must
of
Government
the purposes
careful
activities
available to defray
or
private.
should
be
the Executive.
unless
the
are
.
Of this cooperation I
am
confident.
during its present session the
Congress
legislation to
necessary
Civilian Conservation Corps as a
permanent
agency of the Government. In his recommendations he also
referred to the expenses of
emergencies agencies, stating that
"such of the emergency agencies and
corporations as may be
continued by Congress should have all of their
expenditure
requirements made subject to the same scrutiny that is
given by the Bureau of the Budget to the expenditure re¬
quirements of the regular departments and establishments,"
and he recommended that "a
provision to that effect be
included in any future legislation for the continuance of
any
such agency or corporation."
present indications, said the budget message, ex¬
penditures for the fiscal year of 1937 (exclusive of expendi¬
tures from
postal revenues) will amount to $8,480,804,000.
Exclusive of statutory debt retirement and
adjusted com¬
pensation payments, the total expenditures will amount to
an increase over comparable expenditures
$6,512,779,000,
of
estimated at
$709,714,000."
With
$5,828,150,719, the
the
receipts
for
1937
current estimates for the
and
a gross
deficit
Deducting public debt retirements, the
$2,248,129,000."
According to the Budget Message, "Treasury receipts in
the fiscal year 1938 are
expected to reach a total of $7,293,607,000, an increase of $1,465,456,000 over similar receipts
for 1937 and $3,177,650,000 over 1936.
This gain" it is
stated "is largely due to an increase in income
taxes as a
result of improved business conditions and the
operation of
net deficit will be
The
Message also
says
in part:
The expenditures for 1938
contemplated under this budget
postal revenues) will total
those from
86,157,999,000,
$2,323,000,000 less than
is
now
647,000 in 1937,
an increase of
amount
of
...
time
same
ment and
balanced
a
budget that will also include
objectives in mind.
Our first
on
wider
a
to
was
objectives
Business
of
prosperity.
be accomplished under
can
conditions
have
shown
each
provement over the preceding year.
increasing.
restore
a more
balanced
and by increasing the national income and
base
Our second
to
was
advantages of permanent value for the American people.
these
pro¬
By providing greater employ¬
purchasing power for the people, by stimulating
distributing it
new
outweighing all their
public debt.
of our productive capacity
use
are far
plans of the Federal Government for these four years have
economic life to the country.
successful
a
the
be reaping the full benefits of those programs and
soon
vision for reduction of the
The fiscal
combat
to
years
needed reforms have cost large sums of
gain
Both of
sound financial policy.
a
1933
since
year
marked im¬
a
Employment in private industry is
Industrial production, factory pay rolls and farm prices have
These gains make it possible to reduce for the fiscal year
expenditures
the
of
made necessary.
Federal
Although
Government
which
the
1938
general
many
depression
must continue to spend substantial sums
we
to
estimated for 1937.
$5,841,968,000,
$177,321,000.
$563,500,000
for
provide work for those whom industry has not yet absorbed, the 1938
budget is in balance, and, except for debt reduction of $401,515,000, it
penditures
expect,
or
approximately
General expenditures
compared with $5,664,The 1937 estimate, however,
as
completion
of
balance
of
if later
even
much
as
there
on
in
economic
the present rate, to be able to attain in 1939
with
full
In
a
ex¬
and relief.
conditions
We
continues
at
completely balanced budget,
meeting the statutory requirements for
provision for
duction.
included additional
are
$1,537,123,000 for recovery
as
if improvement
moreover,
A:''yV'", A''.
debt
re¬
~
carrying out this policy the American people
obtaining lasting
are
Economic protection of the aged and physically handicapped is
benefits.
being secured through the operations of the Social Security Act.
Ability
of the farmer to obtain
the
enactment
home
larger
a
has
owner
reasonable
a
rates
been
of
measure of
constant livelihood
more
of legislation
benefited
able
to
finance
its
are
that
through the financing
Investors
interest.
in
securities
The
purpose.
of mortgages
being
are
long-term
at
given
protection by the Securities and Exchange Act.
market for corporate securities
rights of labor
has been enhanced by
especially designed for
a
The
has been restored and industry has been
requirements
on
favorable
a
being materially advanced through
basis.
The
operation of the
National Labor Relations Act.
.
I
plan to submit at
a
later date
tional relief for the fiscal year
of
$1,537,123,000,
assumption
that
previously
industry
an
estimate of appropriation for addi¬
1938, which I hope will not exceed the amount
will
mentioned.
This
hope
cooperate in employing
is
based
men
on
and
the
women
from the relief rolls in larger numbers than during the last year.
of those in charge of industrial management,
Many
recognizing their obligation
to the
less.
Nation, have furnished
a
large
Today, while it is true that in
types of skilled workers
the
are
It is
of employment to
some sections
theTjob-
of the country certain
still seeking employment, it Is nevertheless
great majority
unskilled group.
measure
of those
now
a
receiving relief belong to the
conviction that if every employer or potential
employer will undertake during the next six months to give employment to
^persons
after
now
be
my
receiving Government help, the national budget
kept
definitely in
balance.
of employers the question of
part
a
Without such
balanced budget for
necessity remain an open one, for the very good
ment does not propose next year, any more than
reason
there¬
can
cooperation
1938
on
must
the
of
that this Govern¬
during the last four
years,
to allow American families t© starve.
To
continue
budget
a
the
gains we
are
making and to accomplish in the
1989
complete balance between receipts and expenditures, including
debt reduction, we must now lay the groundwork of
relief
expenditures
should
decline
with
our
future fiscal policy.
greater
re-employment,
the normal growth of the country naturally reflects itself in increased costs
(exclusive of
adjusted
pensation payments to veterans, so that the
comparable increase
$740,821,000.
We shall
costs.
While
Expenditures
for regular activities amount to
many
I
the last four
but the benefits obtained from them
money,
shall have at the
fact that
fiscal year 1937 (to quote the
message) "show
of $2,652,654,000.
the Revenue Act of 1936."
inaugurated during
programs
depression and to initiate
From
is
obligations
revenues,
specifically detailed herein
will remain in
establish the
an
1938, to¬
.
Among his recommendations the President askedThe^ontinuance by Congress of the so-called "nuisance" taxes
and
the 3-cent
postage rate. He also recommended that
contains
budget of the
the
The estimates have
steadily risen.
authorized
the cost.
The success of such a policy can be
through the full and friendly cooperation of the Congress and
assured only
1936
of the
analysis
PART
Tne
view to the national needs; and
a
necessity for such expansion has been definitely determined and funds
for
herewith
part thereof.
a
reasonable needs of the Government and I recommend appropriations for
result in some
enact
transmit
which is
message,
developed
I
for the fiscal year ending June 30,
Government
been formulated with two
effecting
budget, of laying "the ground work
policy" as to which he said:
executive
no
result of the Treasury policy in
or
the very
our
same
This does not take into
of the United Slates
gether with this
been
1937.
may occur as a
On this basis the
1938, will be about the
"inactive" future acquisitions of gold.
as
United
June 30,
on
the close of the fiscal year
at
account any
holding
public debt,
gross
as
next six months to
of
Excluding provision for debt
retirement, the surplus will amount to $1,537,123,000.
are
1938 will not exceed the estimated amount of
$1,537,123,000,
the President states that "it is
my conviction that if every
/
The surplus for the fiscal year 1938, as presented in this budget, is $1,135,-
"business condi¬
over
com¬
1937
of Government.
naturally cost
they
can
are
Many of the old functions and duties of Government
more as
the industrial and agricultural activities to which
related expand In volume.
The cost of
new
functions and duties
be substantially reduced only by curtailing the function
or
the duty.
I propose shortly to submit to the Congress a broad
plan for placing the
executive branch of the Government on a sounder and more
responsible
basis of management.
result
in
some
The carrying out of such a plan will undoubtedly
saving in expenditures; but it must be remembered that
Volume
what Is
Financial
144
generally known
total expenditures in any
the Revenue Act of 1936 have resulted in
large business, Government or private.
and
the
necessity for such expansion has been definitely determined and funds
are available to defray the cost.
In other words, if new legislation im¬
poses any substantial increase in expenditures either in the expansion of
existing or the creation of new activities, it becomes a matter of sound
policy simultaneously to provide new revenue sufficient to meet the addi¬
tional cost.
The success of such a policy can be assured only through the
full and friendly cooperation of the Congress and the Executive.
Of this
Expenditures must be planned with
cooperation I
view to the national needs;
a
activities should
expansion of government
no
be authorized unless
confident.
am
II
extend
the
that
the
internal
miscellaneous
law will expire next June and
of those
that
the
from
revenue
Since the Revenue Act of 1936 materially changes
the tax structure, the
such
existing
under
which,
taxes,
revenue
be exactly
not
Income taxes
It should be the definite policy of the Government to operate
receipts, and a continuation of the 3-cent
step toward the accomplishment
has met with
Conservation
of this purpose.
corps
a
It should be continued.
I intend
1937, to the end of the current fiscal year,
from March 31,
and I
the
of the
that Congress enact during its present session
legislation to establish the corps as a permanent agency
necessary
the
in
1938
pursuant to the direction of
budget,
Congress at its last session, estimates of appropriations for the administra¬
Such of the
emergency agencies and corporations as may be*continued by Congress
should have all of their expenditure requirements made subject to the same
scrutiny that is given by the Bureau of the Budget to the expenditure
requirements of the regular departments and establishments, and I recom¬
mend that a provision to that effect be included in any future legislation
tive expenses of certain emergency
agencies and corporations.
for the continuance of any such agency or
OP
YEARS
FISCAL
THE
corporation.
III
PART
REVIEW
AND
FOR
FISCAL PROGRAM
AND
1937,
of
and paid out
YEAR
1938.
1936
1936, amounted to $4,ago.
As a
Supreme Court decisions the Government lost about $457,000,000
115,956,615, about $295,000,000 less than estimated a year
in revenue from taxes
the Bituminous Coal
levied under the Agricultural Adjustment Act and
Had it not been for the invalidation of these
Act.
the total revenues received during the fiscal year
1936 would have
exceeded the revenue estimates of a year ago by $162,000,000.
of taxes on carriers and their
collection
employees,
estimated at
$33,000,000, has been deferred to the fiscal year 1937 because of pending
than last
The receipts from income taxes were about $7,500,000
less
Social
debt,
receipts,
$32,053,000
and
more,
realization
upon
assets,
$1,483,000 more.
Expenditures
The total expenditures for the
of expenditures
from
fiscal year ended June 30, 1936 (exclusive
postal revenues), amounted to $8,879,798,258,
as
compared with the estimate of $7,645,301,338 shown in the budget sub¬
a
year ago.
This latter amount did not, however, include $1,673,-
The expendi¬
493,000 for adjusted compensation payments to veterans.
tures for the year,
excluding these payments, were, therefore, about $439,-
000,000 less than the estimate.
total
The
the
for
expenditures
regular
departments
and
recovery
and
relief were
$2,776,796,469
For the operation and maintenance
establishments of the Government the
expenditures amounted to $3,276,872,306, as compared with estimates of
$3,482,208,151.
For statutory debt retirement there was expended $403,-
240,150, and for interest on the public debt $749,396,802, the amounts
budgeted for these items being $552,025,000 and $742,000,000, respectively.
Deficit and Public Debt
The gross
deficit for the fiscal year 1936 amounted to $4,763,841,642.
$403,240,150 for statutory debt retirement,
Excluding
there was a net
in the
The estimated net deficit as contained
deficit of $4,360,601,492.
budget submitted a year ago was $2,682,482,392, a difference of $1,678,As previously indicated the original estimate has
119,100.
to the extent
Adjustment
and
Bituminous
the additional expenditure of $1,673,493,000
sation Act.
causes,
been affected
of $457,000,000 as a result of the invalidation of taxes levied
Agricultural
the
under
Coal
Acts and by
deficit for the fiscal year
The increase in the gross public
was
debt during the year amounted to $5,-
general
June 30,
The gross public debt on
$33,778,543,494.
[Receipts
The income of the Federal Government
increase sharply over that
from
all
151,000.
on
for the general
$194,161,000
$93,321,000
tion
sources
of 1936.
during the fiscal year 1937
will
It is expected that the total revenue
will amount to $5,828,$1,712,194,000 over the actual
(exclusive of postal revenues)
This represents an increase of
receipts for the fiscal year
1936 and an increase of $173,933,000 over the
estimates contained in the
1937 budget
as
$8,480,804,000.
account
of the
the public
of interest on
public works program, $123,442,000
and decreases of
for
the
administration,
veterans'
$74,996,000 for the agri¬
$118,281,000 for the Civilian Conserva¬
Corps.
relief expenditures has been estimated
expenditure
$2,166,157,000, but there is included in the supplemental
items $650,000,000 from an
appropriation of $790,000,000 to be requested
of Congress for the purpose
of carrying the Works Progress Administra¬
This will increase
$2,816,157,000, an
increase of $39,361,000 over 1936.
The expenditures in the current fiscal
year will include, however, the sum of about $165,000,000 for assistance
given to individuals and communities directly or indirectly affected by
the widespread drought conditions prevailing during the past summer.
If this drought had not occurred, the net cost of recovery and relief for
the current fiscal year would have been about $125,000,000 below the
tion and related programs
the
estimated
from Feb. 1 to June 30, 1937.
expenditures for recovery and relief to
previous
year.^
Deficit and Public Debt
The current estimates for the fiscal year
1937 show a gross deficit of
Deducting public debt retirements, the net
$2,652,654,000.
deficit will
be $2,248,129,000.
.
The increase in the public
debt on account of the deficit, however,
will
only $1,348,000,000 since it
be
further
reduced
accounts and
a
by
net
of the public debt.
part
expenditures
of about $42,000,000 for trust
$100,000,000 for the retirement of national bank notes now
This will reduce the working balance
submitted a year ago.
from
on-June 30, 1937.
estimated at
$35,026,000,000, an increase over 1936 of $1,248,000,000.
The estimated debt at the end of the fiscal year is based on contemplated
$2,225,000,000
on
The gross public
June 30,
1936, to $1,183,000,000
debt at the end of the current fiscal year is
expenditures set out in this budget and does not
take into account any
policy In holding as
change which may occur as a result of the Treasury
"inactive" future acquisitions of gold.
,
FOR
1938
expenditures for relief
economic
conditions of the country.
The Revenue Act of 1936, which was designed
for the purpose of replacing revenue lost through the invalidation of pro¬
cessing taxes, of providing sufficient revenue to amortize the cost of the
adjusted compensation payments, and of equalizing tax burdens, gives
every indication of satisfactorily accomplishing those purposes.
I should
like, at this point, to emphasize the Importance of maintaining the pro¬
ductiveness of the present tax structure, so that we may properly provide
The
expected increase in revenue and decrease in
both reflect the general
improvement which has taken place in the
for the fulfillment of our fiscal program.
Under
legislation
•'
»•
enacted during the last session of Congress, which
for future appropriations aggregating more than
authorizations
$130,000,000 in the estimates of
Such authorizations are con¬
tained in the new Federal Highway Act, the Rivers and Harbors and the
Flood Control Acts, and the Rural Electrification Act.
There is also included $812,225,000 for Social Security grants and for
the Government's contribution to the old-age reserve account, more than
double the expenditures for these purposes in 1937, and there will be for
several years still further increases in these requirements.
It should be
pointed out that these expenditures will be offset to a large extent by the
increasing revenues under the Social Security Act.
No estimate of appropriation is presented for the needs of the Civilian
Conservation Corps, since its extension beyond March 31 of this year
is dependent on the action of Congress.
In furtherance of my recom¬
mendation for the enactment of legislation to continue it as a permanent
$1,500,000,000, there is Included about
appropriations contained in this budget.
agency
an
of the Government, there is included in the "supplemental items"
the expenditure requirements for the fiscal
amount sufficient to meet
year
1938 .f
Appropriations
The total
077,650,869, but this sum included an increase of the balance in the
fund of the Treasury of $840,164,664.
to
of increases of $371,192,000 on account
$85,603,000
1936 would have been about
$452,000,000 less than that originally estimated.
1936,
Act,
cultural adjustment program and
under the Adjusted Compen¬
If it had not been for the increase in the deficit due to these
the net
amount
for national defense and $221,914,000 for other purposes;
created
against an estimate of $2,869,068,187.
of
Security
FISCAL PROGRAM
produced $136,-
488,000 more than was anticipated; customs revenue, $33,621,000 more;
miscellaneous
will
$7,512,779,000, an increase
comparable expenditures for 1936 of $709,714,000.
year's estimate.
On the other hand, miscellaneous internal revenue taxes
mitted
revenues)
debt retirement and adjusted compensation pay¬
is anticipated that $900,000,000 of the
deficit will be financed from cash on hand.
The working balance will
Receipts
litigation.
postal
from
of statutory
be
Treasury receipts for the year ended June 30,
The
expenditures for the fiscal year 1937 (exclusive
ments, the total expenditures will amount to
1938
expenditures for the fiscal year 1937 and with the fiscal program for
taxes
expenditures
Exclusive
THE
by the Treasury in the fiscal year 1936, with the estimates of receipts and
FISCAL
reductions in interest
Finance Corporation.
Expenditures
cost for the
1936
This review concerns itself with the cash actually received
result of
showing any decrease is that of miscellaneous
The amount of the recovery and
included
$324,600,000.
produce additional revenue in the amount of
From present indications
at
Expenses of Emergency Agencies
are
1937, and it is expected that these taxes
payments made to the Treasury by the Reconstruction
Government.
There
Act of 1936 will amount to
employees will be $134,previous fiscal year.
Social Security Act will begin
The collection of taxes levied under the
This amount is made up
supplemental estimate of appropriation to carry the
strongly recommend
In addition, it is expected that the new tax on
in the last half of the fiscal year
over
Corps has demonstrated its usefulness and
general public approval.
shortly to submit
duties, $446,800,000,
and realization upon assets, $31,830,000, an
of $59,988,000;
522,000, including $33,000,000 deferred from the
Civilian Conservation Corps
Civilian
miscellaneous internal revenue,
$82,000,000 and that the tax on carriers and their
mail, the postal service
it carries other classes of mail at a consider¬
the postal service out of postal
1937 budget
$946,325,000 more
during that fiscal year
While the Government makes a profit on first-class
The
received from this source last year;
first-class mail other than for local delivery.
of the 3-oent postage rate for
is not self-supporting because
rate will be a necessary
expected to yield $2,372,900,000, or
receipts in the amount of $50,325,000, which is due to
for the postal service included in the
1938 budget are predicated upon the continuance
able loss.
are
The only item of revenue
Receipts
of appropriations
was
increase
will
The estimates
comparable with the individual items in the
revised in this message.
as
financing of the budget for 1938.
Postal
original 1937 budget will
individual Items of revenue as contained in the
I consider
equivalent is necessary for th6
its
or
$174,000,000.
approximately
July, and also to maintain the current rates
taxes
Acts,
unjust enrichment provided by the Revenue
to
Adjustment
additional income of
Coal
Bituminous
the
increase of $26,362,000.
by suitable legislation
would otherwise be reduced next June. *
which
taxes
take steps
Congress
Supreme Court
levied under tl^ Agricultural
but will produce
and
an
Temporary Miscellaneous Internal-Revenue Taxes
recommend
decisions invalidating the taxes
$2,274,968,000, an increase of $265,389,000; customs
RECOMMENDATIONS
I
and the enactment of
additional revenues from taxes
the loss in revenue due to the
which will not only make up
than
PART
•
improvement in business conditions
The general
overhead represents only a small fraction of
as
163
Chronicle
'
1
appropriations recommended in this budget aggregate
$6,839,-
District of Columbia and
appropriations already made and
prospective supplemental items for the fiscal year 1937, exclusive of require¬
ments for recovery and relief, total $6,261,000,000, an increase of $578,000,000 for 1938. This increase is due to additional appropriations amount¬
ing to $309,000,000 on account of the Social Security Act; $80,000,000
required under the general public works program and $189,000,000 on
account of departmental requirements, including the national defense.
The appropriations made and contemplated for recovery and relief for 1937
total $2,215,000,000, whereas it is hoped that corresponding appropriations
000,000, including those for the postal service,
probable supplemental items, while the
for 1938 will not exceed
$1,537,123,000.
164
Financial
The following table shows the distribution, on a functional basis, of the
expenditure figures
contained in
this
budget
and
with
them
compares
Chronicle
is accounted for
similar figures for previous years.
ACTUAL
ESTIMATED
AND
Jan. 9. 1937
in expenditures for regular activities as compared with 1937.
This increase
For increased requirements under the Social
follows:
as
Security Act, $436,337,000; for additional expenditures under the general
EXPENDITURES
FOR THE FISCAL YEARS
OF
THE
GOVERNMENT
1932-38
public works program,
the increased strength
(Classifications Include expenditures from both general and emergency funds)
*
$92,882,000; for the
1938
Retirement
1937
$132,519,000; for national defense to provide for
of the army as directed by Congress and to provide
for replacement of naval vessels in accordance with existing authorizations,
creased
Board
needs
of
funds for
necessary
and
other
rural
for
the
activities
electrication,
of the
$39,566,000,
Railroad
and for in¬
activities, $17,627,000.
Estimated—
Regular operating expenditures:
Surplus and Public Debt
Legislative, Judicial and civil establishments
$771,800,000
991,600,000
577,500,000
860,000,000
National defense
Veterans' pensions and benefits
Interest on the public debt
........
.
$859,000,000
964,900,000
1,144,700,000
835,000,000
The
debt
have
Total
$3,200,900,000 $3,803,600,000
908,300,000 1,146,700,000
Public works
surplus for the fiscal year
retirement,
Works relief (WPA and
$13,000,000
a200,000
CWA)....
Civilian Conservation Corps
Total
$106,700,000
1,400,500,000
368,000,000
b
Subscriptions to stock
Agricultural adjustment program
amount
Security
482,400,000
836,000,000
401,500,000
1,800,000
450,000,000
.
Debt retirement
-
-
Snpplftmfint.ftl It,finis
Grand total
.
be Increased
To
by
As
amount as at the close of the fiscal year 1937.
same
GENERAL SUMMARY OF THE
This
NATIONAL BUDGET
Estimated
Fiscal
General and Special Accounts
467,600,000
399,600,000
404,500,000
2,000,000
750,000,000
I. Receipts
1. Revenues:
Estimated
Year
Actual
Fiscal Year
Fiscal
Year
$
credit, deduct.
■
revenues
Total revenues
7,262,982,529 5,796,320,485 4,110,488,153
30,624,668
31,830,234
5,468,461
Total receipts
7,293,607,197 5,828,150,719 4,115,956,615
II.
Expenditures—
1. Legislative, Judicial and executive..
(
i
41,344,300
708,392,178
451,108,963
980,763,000
577,524,000
2. Civil departments and agencies
(In millions of dollars)
3. General public works program.
4. National defense
5. Veterans' pensions and benefits
Actual
1936
1935
1934
1933
$
$
$
6. Agricultural adjustment program...
7. Civilian Conservation Corps
$
Regular Operating Expenditures—
48~2~,400*666
295,974,000
540,000,000
Old-age
es¬
tablishments
781.1
597.7
572.5
.697.5
709.0
540.3
667.8
707.6
607.1
556.9
863.2
984.8
749.4
820.9
756.6
689.4
599.3
4,793.5
2,735.6
2,426.3
2,917.9
3,270.5
868.7
704.3
551.9
427.7
439.5
591.7
1,914.1
715.8
350.7
1,264.4
11.3
805.1
486.3
435.5
a
reserve account
9. Debt charges:
978.8
911.6
2,351.4
331.9
National defense
Veterans' pensions and benefits..
Interest on the public debt
Interest
860,000,000
835,000,000
749,396,801
401,515,000
404,525,000
403,240,150
52,946,900
44,185,625
48,203,100
316,030,913 2,166,157,100 2,776,796,468
450,000,000
750,000,000
Retirements..
10. Refunds
11. Recovery and relief, b
Total
41,390,550
39,812,725
649,538,698
572,580,751
318,590,000
124,428,970
887,881,080
764,439,126
580,771,465
674,092,867
563,500,000 1,673,492,531
467,610,000
542,605,751
368,000,000
486,281,193
174,637,500
28,445,292
225,000,000
Adjusted compensation payments.
1932
8. Social Security
$;'."
Legislative, Judicial and civil
$
2. Realization upon assets
"■■■V:
..V;
$
6,648,432,000 5,189,020,000 3,512,851,608
463,000,000
446,800,000
386,811,593
151,550,529
160,500,485
210,824,951
.
Miscellaneous
will not exceed $1,537,123,000.
b Funds for continuation of the Civilian Conservation
Corps are Included under
■
1936
'
Customs
appropriated by Congress for recovery and
As indicated in the message, it is hoped the amount
"Supplemental items."
1937
.
Internal revenue
amount
any
I
than this latter
Treasury policy in holding as "inactive" future acquisitions of gold.
a6,158,000,000 $8,480,800,000
.
relief for the fiscal year 1938.
cExcess of
more
1938
Miscellaneous
a
$1,537,123,000.
to
is
On this basis the estimated gross public debt, on June 30, 1938,
Less Revenues—
Social
budget,
Excluding provision
does not take into account any change which may occur as a result of the
$.13,200,000 $1,875,200,000
153,300,000
c419,900,000
17,200,000
51,500,000
482,400,000
467,600,000
.
Loans (net)
surplus will
the
1938 will not require expenditure of
will be about the
Direct relief
presented in this
as
previously stated, it is hoped the additional needs for relief during
the fiscal year
amount.
Unemployment Relief:
1938,
$1,135,608,000, after providing for debt retirement.
for
Public works
12.
Supplemental items
Total expenditures.
6,157,999,254 8,480,804,493 8,879,798,257
Unemployment Relief—
Direct relief
Work relief (WPA and
CWA)...
Civilian Conservation Corps
III.
Surplus
1,135,607,943
2,652,653*774 4,763,841*642
(Deficit)
IV.
Means of Financing Deficits—
1. Decrease in working balance
'
Total
2,342.4
2,360.9
1,852.8
350.7
175.2
80.5
788.6
874.4
404.0
156.8
826.5
110.7
627.0
2. Borrowings,
Loans (net)
Subscriptions to stock
Agricultural adjustment
69.3
542.6
743.0
521.4
221.6
d62.7
403.2
573" 6
359". 9
6.8
21.1
8.7
Net
Total
a
28.4
Miscellaneous
Grand
To
total
8,803.1
any
amount
relief for the fiscal year 1938.
win not exceed
6,854.4
412.6
b To
5,143.0
5,153.6
increased
by
appropriated by Congress for recovery and
As indicated in the message, it is hoped the amount
credits, deduct.
Corps
are
Treasury receipts in the fiscal
increase
an
of
year
The
first section
In income taxes
1938
are
7 ;7 7.
expected to reach
over
of the
similar
an
for
increase
a
The amount expected to be collected in 1938 from income taxes is
$3,365,-
gain of $992,400,000
will produce
revenue
over
$2,508,332,000,
is expected from this source of 1937.
taxes
the fiscal year 1937.
The tax
Miscellaneous
$233,364,000
or
on
552,000, respectively, will be derived in 1937, will produce no
1938, since under existing law these taxes expire during 1937.
full year
revenue
more
than
unjust enrichment and the
carriers and their employees, from which $82,000,000 and
$134,-
on
of tax collections under the
of $774,800,000 in
Social
1938, which
sum
"Not
total of
a
receipts
This gain is largely due to
revenue
1936,
OF
COLUMBIA
1937 District of Columbia Appropriation Act,
(Public, No. 762, 74th Congress), contains the
following provision:
result of improved business conditions and the
opera¬
tion of the Revenue Act of 1936.
as
DISTRICT
"
v
$1,465,456,000
1937 and $3,177,650,000 over 1936.
a
IV
PART
THE
Included under
d Excess of revenues, deduct.
,7 - 7Receipts
$7,293,607,000,
300,000,
appropriated by Congress for recovery and
As indicated In the message it is hoped the amount
$1,537,123,000.
V-'V
internal
amount
any
$1,537,123,000.
approved June 23,
J//.; v.':,.-
2,652,653,774 4,763,841,642
c There will be a further reduction In the working balance of
$100,000,000 for
the purpose of retiring National bank notes, thus affecting a reduction in the
public
deb*- of this amount.
"Supplemental Items."
Excess of
be
relief for the fiscal year 1938.
6,752.0
b Funds for continuation of the Civilian Conservation
c
of financing
means
Funds for continuation of the Civilian Conservation
Corps are Included under
will not exceed
be increased by
404,525,000
403,240,150
1,348,000,000 4,360,601,492
"Supplemental items."
461.6
Supplemental items
a
900,128,774
re¬
Increasing the public debt.c
353.0
program.
revenues
Social Security
Debt retirement
debt
290.3
76.7
466.0
Less
replacement
tirements
in
The first
Security Act will result in
is $450,200,000 greater than
exceed
to
$50,000 shall be available for expenditure,
under the
direction of the President, for making an independent study of the fiscal
relations
between
United
the
States
and
District
the
of
Columbia
and
enabling him to report to Congress at the beginning of the next regular
session what, in his judgment, is a fair and equitable amount to be
paid
by the United States
as an
annual contribution toward the expenses of the
of the District of Columbia; such
government
sum
shall be available for
personal services without regard to the civil service laws and the Classi¬
fication Act of
1923,
amended, and for such other expenditures
be necessary in connection with such study."
|lPursuant
as
to the above, I appointed a director and
of three members to conduct
and
conditions
an
an
as may
advisory committee
independent study of the various elements
affecting the fiscal relations
between
the
United
States
and the District of Columbia.
The
the anticipated revenue in 1937, when collections will be for
only six months.
It is believed that customs revenues will rise from
$446,800,000
supporting data and information collected from the Federal and District
present fiscal year to $463,000,000 in 1938,
governments in Washington and from 17 comparable American cities and
laneous receipts,
being estimated
a
during the
gain of $16,200,000.
Miscel¬
however, will decrease $8,950,000, the 1938 collections
at
$151,550,000,
as
From realization upon assets $30,625,000 will be
received, while in
1937 receipts from this source will amount to $31,830,000.
Expenditures
those from
lined
will total $6,157,999,000,
or
detailed
(exclusive of
I.
by the other.
of $563,500,000 for completion of
adjusted compendation payments to veterans, so that the
comparable increase over 1937 is
an amount
$740,821,000.
annual
for this purpose will not exceed $1,537,123,000.
ture for recovery and relief during 1938 would be
$860,000,000 for interest
an
increase
of $25,000,000
over
$963,-
Again I emphasize the
contribution which employeers can make to this
attainment.
The general expenditures include
debt,
or
the amount for the
the public
fiscal
and $401,515,000 for statutory debt retirements, a decrease of
$3,010,000.
Exclusive of the service on the public debt and the
payment of
adjusted compensation to veterans, there is a net increase of
$718,831,000
year,
the
as
out¬
report is reflected in the following three-point
relationships betw®
n
the two governments.
Appropriations therefor shall be included in the respective
departmental budgets.
National
The
Capital Outlays of Joint Interest
Capital
Planning Commission
(proposed in the report)
shall determine the extent of the respective Federal and District interests
in
capital outlays and improvements to be included in the District budget.
III.
Per Capita Governmental Costs
Pending the grant of broader powers of local control
affairs, the
average
on
present
the
specific intergovernmental services supplied either government
Thus the total expendi¬
$1,853,154,000.
003,000 less than the amount estimated for 1937.
with
Intergovernmental Contractual Services
II.
For recovery and relief there is included in the
expendi¬
tures for 1938 the amount of
$316,031,000, which, of course, is not the fuU
amount that will be required for relief
during that year.
As previousl>
indicated, it is our present hope that the additional amount to be
requested
recommendations
Contractual arrangements shall be established for the reimbursement of
647,000 in 1937,
contains
in
approximately
The 1937 estimate, however,
and
formula, which 1 recommend be carefully considered by the Congress with
a view to enacting such legislation at this session as
may be necessary to
the cost of
increase of $177,321,000.
findings
application of the basic principles and recommendations
and
$2,323,000,000 less than is now estimated for 1937.
General expenditures
for regular activities amount to $5,841,968,000, as
compared with $5,664,an
detailed
establish equitable fiscal
1938 contemplated under this budget
postal revenues)
contains
capital cities of 21 foreign countries.
The
compared with $160,500,000 during
1937.
The exenditures for
the
report
over purely local
of the District governmental costs per capita over the
excess
of those
Government:
in
comparable cities shall
Provided, however, that such
costs shall be assumed
ments due to unusual costs occasioned
I also recommend that,
which
carries
into
be assumed
excess
by the Federal
District
governmental
only after allowance has been made for reimburse¬
effect
by congressional enactments.
concurrently with enactment of any legislation
the
provisions
°f this continuing formula,
the
Volume
substantive
Financial
144
law
providing
for
annual
contributions
Federal
of
a
fixed
percentage of District appropriations be repealed and that the system of
annual Federal lump-sum
The
contributions be abandoned.
application of this
provide for
a
formula
to
1938
the
trict of Columbia
$2,533,357, made
up as
estimates
budget
follows:
$1,996,407
I. Intergovernmental contractual services
III. Capital outlays
.
which
revenue
will
will still be a deficit in the
account of the District of Columbia of about $9,800,000,
make
it
necessary,
Sources of additional
of
course,
to provide additional revenue.
indicated in the report.
revenue are
FRANKLIN
n.
5, 1937.
ROOSEVELT.
D.
'
'
The Course of the Bond Market
railroad bonds recorded gains and
slightly or remained firm. The Aaa
average advanced to a new high at 117.94.
United States
Governments declined fractionally and then rallied.
Speculative
other groups moved up
High-grade railroad bonds have been steady to fractionally
1984, rose % to 11; Union
116, up %.
Lower-grade railroad
bends have been higher.
Baltimore & Ohio 5s, 1995, ad¬
vanced % to 91; Delaware & Hudson 4s, 1943, at 93 were
higher.
4%s,
Pennsylvania
Pacific 4s, 1947, closed at
1%;
up
issues
been
have
at 90, up %.
substantial
5s, 1963, closed
Illinois Central jt.
Defaulted
gained 1% at 108%; United Light & Power
were
The
and
active,
many
gains have been recorded.
Strength in
Higher-grade utility issues have been firm.
medium-grade and speculative utilities has been a feature
Holding company debentures have been
of the bond market.
MOODY'S BOND PRICES
(Based
All
Govt.
at higher
issues closing
Several
The
prices.
preponderance of declines, but these have
a
in this class set in
2
but a reaction
issues continued,
South American
defaulted
during the Thursday session, when losses
suffered by the recent leaders.
issues of the State of Sao
Paulo, those of Soa Paulo City, and the adjusted El Salva¬
dor 8s, which advanced 2 to 5 points.
In the European list
1
of
and
Notable
points
exceptions
were
were
the
French bonds have been mixed and Polish issues fractionally
down, although Italians and Germans displayed more firm¬
ness.
Australians turned stronger, and the Japanese group
registered gains up to 3 points.
Moody's computed bond prices and bond yield averages
given in the following tables:
are
MOODY'S BOND
AVERAGES (REVISED)
YIELD
(Rased on Individual Closing Prices)
AU
Corp.*
120 Domestic Corporate
120 Domestic
1936
120
by Ratings
Corporate by Groups
Daily
Domes¬
120 Domestic
Corporate* by Groups.
A
Aa
Aaa
there
been
1941, extended its
recent gains to close at 120, up 4%.
The oils have been
strong; Shell Union Oil 3%s, 1951, at 101% were up %.
Securities representative of the non-ferrous metal industry
attracted interest, General Cable 5%s, 1947, advancing %
point to 106%. Crane Co. 3%s, 1951, exemplified the action
of the building supply group; at 102% they were up %.
Coal company obligations found many buyers, Consolida¬
tion Coal 5s, 1960, selling 2% higher at 67%.
During the first part of the week the upward trend in the
has been
tic
Averages
most
good advances have been recorded among the steels.
amusements are one of the few groups among which
(REVISED)
by Ratings
Domes¬
Bonds
week,
last
throughout the major portion of the list
soread
Average Yields)
120 Domestic Corporate *
120
V. s.
1936
Daily
on
this
firm
has
6%s, 1974, $t 94
New offerings this week were small.
tone in evidence among industrial bonds
1%.
up
moderate, while Radio-Keith-Orpheum 6s,
Moderate advances have been the rule in this week's bond
market.
1939, advanced 5% to 87%; New England Gas & Electric 5s,
1947, rose 4% to 82%; American Power & Light 6s, 2016,
closed at 104, up 2%; Southeastern Power & Light 6s, 2025,
week
$2,533,357
Total
After the application of the formula there
International Tel. & Tel. 4%s,
active and noticeably strong.
536,950
III. Excess per capita District ol Columbia governmental costs
general
would
Government to the Dis¬
net reimbursement by the Federal
165
Chronicle
Baa
91.97
RR.
P
U.
Indus.
80
For-
Aa
Aaa
tic Corp
Averages
Baa
A
RR
P.
U.
Indus.
3.35
eigru
5.43
8__ 112.71
106.36
117.94
113.89
104.48
8__
3.65
3.08
3.27
3.75
4.49
3.93
3.66
112.62
106.17
117.94
113.68
104.48
91.66
101.06
105.98
112.05
7__
3.66
3.08
3.28
3.75
4.51
3.94
3.67
3.36
...
7..
112.56
106.17
117.94
113.68
104.30
91.66
100.88
105.98
112.05
6—
3.66
3.08
3.28
3.76
4.51
3.95
3.67
3.36
...
6__
Jan.
100.70
105.98
112.05
5__
3.66
3.08
3.28
3.76
4.52
3.96
3.67
3.36
3.67
3.35
5..
112.64
4.. 112.74
2..
112.78
1.. Stock
91.51
106.17
112.25
Jan.
117.94
113.68
106.17
117.94
113.68
104.30
91.51
100.70
105.98
112.25
4..
3.66
105.98
117.72
113.68
104.30
91.35
100.70
105.79
112.05
2..
3.67
106.17
Clos ed
113.89
117.72
106.73
110.83
106.17
Low 1936 107.77
97.61
3.28
3.76
4.52
3.96
3.09
3.28
3.76
4.53
3.96
3.68
3.36
91.81
101.06
105.98
112.25
Low
1936
3.66
3.09
3.27
3.76
4.50
3.94
3.67
3.35
5.52
94.97
81.87
89.55
98.62
105.79
High 1936
4.14
3.42
3.63
4.30
5.20
4.65
4.08
3.68
6.31
4.07
3.38
3.59
4.24
5.08
4.56
4.04
3.62
6.26
4.70
3.78
4.22
4.80
6.01
4.72
5.07
4.33
6.28
1
Yr. Ago
Jan. 8 '36 107.94
3.08
104.30
l._ Stock
Exchan ge
High 1936 112.81
1
104.30
101.23
98.80
111.64
107.49
95.95
83.46
88.80
103.93
96.28
87.35
72.21
90.90
99.31
106.92
88.51
83.60
94.49
Clos ed
Exchan ge
Yr. Ago
Jan. 8 '36
2 Yrs.Ago
2 Yrs.Ago
Jan. 8 '35 105.94
Jan. 8 '35
computed from average yields on the basis of one "typical" bond (4% coupon, maturing in 30 years) and do not purport to show either the average
level or the average movement of actual price quotations.
They merely serve to Illustrate in a more comprehensive way the relative levels and the relative movement of
•eld »vemire« the 'etter being the truer picture of the bond market
•These prices are
BOOK REVIEWS
Long-term Debt and Interest in the United
States By Leonard Kuvin.
138 Pages.
New York:
National Industrial Conference Board, Inc.
$2.50
Private
of compiling all
available statistical data regarding long-term debt and
interest of private enterprises in this country since 1900,
including estimates where the data are incomplete; of
assembling similar data and estimates of "national wealth
and income, the value of investment in plant and equip¬
ment, capitalization,
operating revenue or income, net
value of production, and similar material" for the same
period as fully as possible, and of examining "the relation¬
ships between debt and wealth, production, capital values
and total capitalization, and between interest charges and
revenues."
For the purposes of the study, long-term debt
is debt intended to run for at least five years from the time
when it was contracted, the term including both bonded
find mortgage indebtedness.
The findings are different from those which the public,
accustomed to think of "instability, disturbance and mal¬
This
book
has
the
three-fold
purpose
economic system" as due to "the excessive
accumulation of long-term, fixed-interest-bearing debt by
A sum¬
productive enterprise would be likely to expect."
mary of the general findings concludes "that the business
system as a whole is not confronted with a debt structure
which is either unique in size or uneconomic in relation to
other elements of basic importance, such as capital values
and revenues", and that debt problems are found "only in
certain parts of the business system" such as agriculture,
non-farm real estate enterprise, and electric railways and
some steam railroads.
Public utilities as a whole present
"no specific debt problem," steam railroads as a whole
were "neither overcapitalized nor overburdened with debt,"
while in the manufacturing field as a whole*"there was
found to be practically no debt problem."
The foregoing conclusions are supported by a wealth of
statistical material presented in tables and charts.
Chapter
IV, the first of two chapters dealing with debt and related
economic values (business generally, non-farm real estate,
agriculture, steam railroads, public utilities) contains an
interesting summary of the dollar and price level theories
of Professor Irving Fisher and Mr. Bassett Jones.
A series
of appendices describes the methods of estimating debt and
interest under the various classifications.
While the book,
adjustment in
our
Virgil Jordan remarks in a Foreword, "makes
Mr.
as
clear
the great uncertainty inherent in estimates" in its field, it
also "indicates definitely that such data as may be regarded
as
reliable lend
no
support to the assumptions of the theory"
has been erected upon
of excessive debt accumulation "that
them."
______
World
Economic
Pages.
Survey,
Fifth
1935-36.
Year,
338
Geneva: League of Nations
annual economic survey pre¬
This latest instalment of the
pared by the Economic Intelligence Service of the League
of Nations covers the usual wide range of subjects and deals
particularly with the economic experiences of a number of
leading countries.
A quickened pace and wider spread of
general economic recovery is noted except in international
trade, where the progress is relatively slow in consequence
of the continued efforts of many countries to attain a con¬
siderable measure of economic self-sufficiency .
The various
chapters deal with the relation between increased produc¬
tion and national self-sufficiency, the widespread rise of
prices and increasing profits, the trend of con¬
sumption as shown in changes in national income, demand
for food, and increased consumption of durable goods, the
decline in unemployment and the general labor situation,
shifts in the distribution of world trade, tariff policies and
wholesale
bilateral
or
revenues
regional
and
agreements, the recovery in public
in public expenditures, various
increase
questions in money and banking, and the
in the
summer
In the field of international
conflicting conceptions.
One
import ' restrictions, export
tions
used
and
as
an
gold bloc crisis
of 1936.
trade the survey notes two
is
tendency for
exchange regula¬
"a strong
subsidies,
become centralized and be
instrument of national policy."
This tendency,
debt settlements to
perhaps strongest in Germany, appears in most European
countries, and is recognized as according with "the trend
of political development" and especially with the increased
centralization of State powers.
The other is the retention
many countries, and in some case the extension, of "the
system of individual trading across national frontiers, regu¬
by
only by tariffs, and leaving initiative almost entirely
traders."
Of this tendency the principal
illustration is found in the use of the most-favored-nation
lated
to
individual
principle to generalize tariff reductions.
"The series of
reciprocal trade treaties recently negotiated by the United
166
Financial
States," the
points out,
survey
"have resulted in reduc¬
tions of duties to the benefit not only of the United States
and the other contracting nations but also to other nations
whose governments afford most-favored-nation treatment
without
that
discrimination."
the
Attention
is
called
fact
the
to
expiration of the Ottawa treaties, in August of
The New Capital
the
New capital flotations in December, the closing month of
fourth largest during the year 1936.
Our compilations
grand total of $724,220,489 for the month,
revea
against
as
August,
recorded
for
November,
$465,770,933
for
$409,462,014
October,
for
September,
$297,257,639
for
July,
$733,906,648
for
which
goes
record
on
1936
and
the largest monthly grand total
as
the largest
of
after the stock market crash of
March accounted for
a
month
any
1929.
comprising the first quarter of the
since shortly
During the months
the grand total was $411,631,104.
The grand total of $724,-
220,489 for December comprised $625,912,335 of corporate
issues, $95,648,154 in the form of State and municipal se¬
curities, and $2,660,000 of issues falling under the head of
farm
loan
curities.
and
publicly-offered
are
for
; ;
agency
only $266,480,254.
In comparing the grand
December, 1936 with other recent
to 1928 to find
years,
we
larger closing month total.
a
December, 1936, $724,220,489,
deb.
3Ms, Dec. 1,
1966
(of which the
There
in this country
There
December
kind
one
shares
This
another.
or
in
Bangor & Aroostook RR.
No
Farm loan
refunding issue by
financing
Ahead of 1935,
of
1928.
are
We mention here that
December,
compilations,
our
always,
as
comprehensive and include the stock, bond and note
very
issues
in
obtain
we
of
fill the
course,
void,
a
1936 the
year
a
481,217
was
domestic—and
380,123 of
offerings
by
governmental
Owners' Loan
issues,
agencies
and
such
direct
public
the
Home
as
Corporation and the Federal Farm Mortgage
Corporation.
announced
issues
during December,
for
accounted
$109,337,000 for that
miscellaneous issues totaled
that public utility
note
we
$395,594,300,
group
corporate offerings
new
which
compares
in November.
$181,082,035
with
Industrial and
in December,
as
against $138,287,750 in November, while railroad financing
in
December
amounted
to
$49,236,000,
as
compared
to
$16,379,000 recorded for November.
The total corporate securities of all kinds
put out
December
was
as
during
already stated, $625,912,335, of which
$487,068,800 comprised long-term issues,
sisted
stock
of
short-term
flotations.
issues,
The
and
portion
$7,550,000
con¬
$131,293,535 represented
of
the
month's
corporate
flotations devoted to refunding operations was $407,706,562,
or
than
more
65% of
funding portion
the
total.
516,500,
In
was
October
or more
of the total.
or
In
more
funding portion
the total.
more
November
more
was
$175,460,330,
In
May it
the
re¬
64% of
was
$271,-
In September the
or
more
than
70%
refunding portion
or
more
$375,755,755,
was
In April it
than
or more
$267,385,450,
was
was
was
re¬
76% of
than 71%
or
more
or
than
more
$536,936,945,
90% of the total.
or
of that month's total.
refunding
that
was
month.
ran
In
December, 1935, the amount for
$100,617,350, or about 60% of the total for
Important refunding issues sold during De¬
cember
of 1936 were as follows:
$160,000,000 American
Telephone & Telegraph Co. 30-year deb. 3^s, Dec. 1, 1966;
1936—Grand
Total Far
That of 1934, and Largest
study the totals for the 12 months j
comprehensive idea of the reduced
years
under the
new
economic
by United States Government financing
discussed at considerable detail further
For the 12 months of the calendar
for refunding
new
purposes,
capital supplied.
leaving only $1,986,-
The year's grand total
$1,502,525,778 ahead of 1935,
largest
total
was
close to triple the
yearly
output
since
1930.
The
1936
grand
of
$6,254,861,340, of which $4,268,481,217 was for
refunding purposes, compares with $11,592,164,029 seven
years before in the calendar year 1929, of which onlv $1,409,397,511
comprised refunding.
In other words, as
against $1,986,380,124 of new capital supplies from private
sources in 1936, the amount back in 1929 was over
$10,000,000,000—in exact figures, $10,182,766,518.
The amount of
corporate issues both for new capital and refunding in 1936
footed up only $4,631,945,681, as against $10,026,361,129
in 1929.
While the total for 1936 ran higher than other
recent years, there is still a striking contrast between new
corporate financing in 1936 of only $4,631,945,681, compared
with over $10,000,000,000 seven years before.
That tells
the story of what has happened in the interval more elo¬
quently than extensive comment could do.
The record is
such a striking one that we present here a brief summary
showing the trend of the corporate issues year by year.
We give the figures so as to show the totals both for the
domestic issues alone and for
the
the comestic combined
with
foreign:
Hi
DOMESTIC_CORPORATE ISSUES
1936
193*5
1934
__
Calendar Years—
Bonds and notes
$4,026,041,600 $2,116,597,775
282,063,717
27,180,244
$455,293,100
3,198,450
31,402,899
$4,578,945,681
$2,267,428,765
$489,894,449
1932
1931
270,840,364
'
Commonstocks
Total
Calendar Years—
Bonds and notes
Common stocks.
_
_
.
Total-.
or
In February it was $181,about 93% of the total, while in January the
refunding portion was $200,972,556, or approximately 73%
140,575,
$2,660,000
grand total of $6,254,861,340, of which $4,268,-
Preferred stocks
$559,871,977,
In March it
$61,-
In July the
a
issues brought out in the United States
new
Preferred stocks
$224,583,078,
was
than
refunding portion
August the
82% of the total.
than
the
In
or
than 26% of the total.
87% of the total.
than
was
In June it
of the total.
total.
than 71% of the total.
refunding portion
639,147
the
$154,926,507,
offered during De¬
limited to
figure reported for the 12 months of 1934, and constitutes
the
Making further reference to the
as
along in this article.
reached
loan
stock up
conditions that have been thrust upon the country—to be
by corporations, by holding, investment and trading
farm
common
private financing of all kinds—for corporations,
companies, and by States and municipalities—foreign and
also
were
was
Year
Double
examine and
we
1936,
to
$1,173,156,904
38,280
5% pref. stock.
Since 1930
When
replaced, of
with
follows:
Joint Stock Land bank.
a
The Results for the Full
with $393,567,009 in December, 1930; with $650,524,414 in
and
as
cum. conv.
fixed investment trusts
new
December,
1929,
was
1946, plus cash payments advancing from $5 to $20.
cember.
The figure for
1931;
convertible feature of
a
Each share convertible into two shares of
must go back
December,
or
issue
volume
$144,995,133
•
description floated
any
conspicuous corporate offering made in
one
carrying warrants,
municipalities, &c.—in recent
with
is with¬
company
during the month of December.
but
was
foreign securities of
with $75,717,338 in December,
1932;
that of
was
Fund), priced at 102 to yield about 3.13%.
were no
for December, 1935, with $187,261,268 in December, 1934,
December,
,
largest corporate offering of the month
of the Pension
total for
1933; with $159,896,496 in
The
entirely
holding $20,000,000 of debentures to be sold to the Trustee
se¬
with $462,422,151
compares
to be used
$160,000,000 American Telephone & Telegraph Co. 30-year
Refunding operations continue to dominate and
$457,740,235 represented issues put out for refunding pur¬
poses, thus leaving the month's strictly new capital demand
:
refunding.
The
of
4% debs, due Dec. 1, 1946; and $26,-
proceeds from all of the above issues
to
governmental
of the December grand total of $724,220,489, no less than
at
the other $9,500,000
one
1st mtge. 3 Ms, Dec. 1, 1966, and
934,000 Ohio Edison Co. 1st mtge. 3%s, Jan. 1, 1972.
issues, while for January
new
Year 1936
offerings for the Oklahoma Gas & Electric Co.,
them being $35,000,000
it is found that
year
grand total of $767,420,683, Febru¬
showed $302,858,716 of
ary
two
June,
$419,917,149 for May, and with $1,002,702,811 in April,
during
World Peace Foundation, 8 West 40th Street, New York.
for
$338,778,702
1937
the present year, will necessitate a review by the United
Kingdom of its most important bilateral agreements with
foreign countries.
The survey, which is to be commended for reference as
well as for reading, is available in this country through the
Twelve Months of the Calendar
the year, reached a grand total which makes that month the
$380,934,452
Jan. 9,
Flotations in the United States During the Month of
December and for
a
Chronicle
.
123,650,746
1933
I
1
$227,244,700
15,222,555
137,383,069
$379,850,324
1930
1929
$619,860,300 $2,028,034,050 $3,430,572,660 $2,619,953,750
10,920,875
148,015,667
421,538,230
1,694,749,201
13,114,170
195,115,706
1,105,018,763
5,061,849,892
$643,895,345 $2,371,165,423 $4,957,129,653 $9,376,552,843
iDOMESTIC AND FOREIGN, INCLUDING CANADIAN
Calendar Years—
Bonds and notes
Preferred stocks
Commonstocks
Total
Calendar Years—
Bonds and notes
Preferred stocks
Commonstocks
Total
1936
1935
$4,064,041,600 $2,116,597,775
1934
1933
27,180,244
$456,493,100
3,198,450
31,402,899
$228,844,700
15,222,555
137,516,401
$4,631,945,681 $2,267,428,765
$491,094,449
$381,583,656
285,840,364
123,650,746
282,063,717
1932
1931
1930
1929
$619,860,300 $2,245,834,050 $3,904,998,160 $3,104,952,089
10,920,875
148,015,667
434,538,230
1,808,986,401
13,114,170
195,115,706
1,133,742,653
5,112,422,639
$643,895,345
$2,588,965,423 $5,473,279,043 $10026,361,129
Volume
The
Financial
144
Part
Investment trusts,
in
1929
Trading and
Played by Investment Trusts,
Holding Companies
were
contributed
trading and holding companies, which
greatly to swell the total of the new issues
so
in that year,
almost completely fallen out of the
picture, and this has been one of the factors in the grea
have
now
falling off which has occurred in the total of
new
financing
In the 12 months of 1936 their contribution to the total was
$12,925,000; in
in 1934
amounted to only $6,000,000;
they
1935
they accounted for $18,810,200; in 1933 they totaled
in 1931, $232,737,079 in 1930,
898
in
the
In
1929.
1932, $4,584,550
and only $1,200,000 in
only $1,088,566,
and
following
less than $2,223,730,-
no
show the yearly com¬
we
parisons back to 1925;
Long-term
Short-term
Bonds & Notes
Bonds & Notes
Calendar
Years—
1936
1935
1934
Grand Total
Stocks
$12,925,000
6,000,000
18,810,200
1,088,566
1,200,000
4,584,550
$11,925,000
$1,000,000
6,000,000
18,500,000
310,200
1,088,566
1933
1,200,000
4,084,550
112,987,079
1932
$500,000
1931
1930
78,750,000
41,000,000
1929
116,250,000
99,400,000
liOOO.OOO
1928
1927
81,000,000
1,600,000
4,500,000
1926
11,500,000
4,000,000
1925
3,000,000
232,737,079
2,106,480,898
689,670,670
2,323,730,898
790,670,670
89,406,978
174,906,978
71,100,000
15,070,000
55,600,000
12,070,000
However, the investment trusts, as previously explained
in
these columns,
trusts now,
nent in
have by
however,
1928 and
are
1929.
no
disappeared.
means
not of the type that was so
These
promi¬
They do not consist of large new
offered for public subscription in the way
capital issues
prior to 1930 and in the way always done by
common
and other corporations.
industrial
public
The
utility,
railroad,
practice
now
is to gather blocks of securities of one kind or
another
and
to
split
of
into small units.
up
over
participating interests in the same,
issue
the counter by
These units are then disposed
distributing
groups
$48,000,000 sold here
refunding operations exclusively.
The
Canadian Government loans of $116,000,000 sold here in
1935 were also used entirely for refunding purposes.
The
$60,000,000 shown for 1934 and 1933 likewise represented
refunding.
The refunding portion was $40,000,000 in 1932,
as against no more than $9,500,000 in 1931, $71,738,000 in
1930, $9,600,000 in 1929, $103,538,413 in 1938, $85,469,000
in 1927, $81,873,000 in 1926, and $201,397,000 in 1925.
Foreign corporate issues sold in this country during 1936
comprised four Canadian flotations for an aggregate of
and the Dominion of Canada loan of
during
prominent in emitting new securities and
so
or
syndicates.
167
Chronicle
1936
were
.
$53,000,000.
no
were
foreign
or
ISSUES PLACED IN UNITED STATES
PROVINCES AND MUNICIPALITIES)
GRAND SUMMARY OF FOREIGN
CANADA.
(INCLUDING
ITS
most
of
these
instances, however,
is
sales
information of the extent
no
forthcoming,
and
being sales
the
over
estimates regarding their
in magnitude the disposals of this
counter, it is impossible to make
Of
amount.
character
course,
the counter do not anywhere near approach
over
those in the old form and yet
they
hardly be treated
can
as
though trust participations of
place in compilations of new capital
entirely insignificant, even
this kind have
issues.
as
to
no
proper
At all events, however,
nothing definite is available
commonly termed.
In this state of things,
off.
the only
way
to indicate the
of these trusts is to enumerate the offerings made
month.
In the following table we show the
presence
from month to
offerings made in the 12 months of 1936:
$126,500,000
30,000,000
$126,500,000
53,000,000
$23,000,000
$156,500,000
$179,500,000
$116,000,000
61,200,000
61,600,000
40,000,000
14,500,000
126,566,000
22,032,717
257,652,913
163,564,500
204,693,300
221,147,000
248,225,445
79,941,679
125,265,000
50,000,000
138,998,000
263,429.000
$116,000,000
61,200,000
61,733,332
66,015,000
268,222,000
1,135,779,390
779,870,286
1,576,820,900
1,724,684,425
1,349,793,040
1,307,307,500
1,244,795,765
360,216,279
759,776,034
577,517,000
522,448,887
605.559,300
Calendar Years—
1935
-
TRUST OFFERINGS DURING THE YEAR 1936
January—
..."
y
-1''
None.
February—
400,000 shs. Century Shares Trust, offered by Brown Harriman &
Co., Inc., of Boston; marketed at $30 per share.
200,000 shs. Scottish-Plan Associates, offered by Underlying Indus¬
tries of North America at price on application.
March—
431,617 shs. Broad Street Investing Co.,
Sales Corp.; priced at market.
April to June—
National Fund,
at $1 per
offered
by
Broad
Street
1932
1931
1930
1929
July—
5,000,000 shs. Institutional Securities, Ltd., offered by Hare's, Ltd ;
priced at market.
August—
500,000 shs. Metropolitan Investments, Inc., offered by James D.
Campbell, Inc., Philadelphia; priced at market.
2,000,000 shs. New York Stocks, Inc., offered by Hugh W. Long &
Co., Inc.; priced at $12 per share.
September to December—
None.
The
Foreign Issues Placed in the United States
were
four
foreign government loans floated in this
country during the calendar year 1936.
These loans
aggre¬
gated $78,500,000 and represented refunding operations in
each case.
In addition there was a refunding loan of $48,000,000 for the Dominion of Canada, bringing all foreign
government loans to a total of $126,500,000.
Not a single foreign government issue was floated in the
United States during the year 1935, outside of two marketed
here by Canada, one for $76,000,000, in the form of 10-year
2V2% bonds due 1945, and the other for $40,000,000 in the
form of 3-year 2% notes. There having been no other foreign
government issues in 1935, the Canadian total of $116,000,000 constitutes the whole of the' foreign government
issues brought out in this country during 1935.
This figure
compares with
$60,000,000 in, 1934, with a like amount
in 1933, with $66,015,000 in 1932, with $50,422,000 in
1931, with $619,630,000 in 1930, with $130,062,000 in 1929,
with $689,172,750 in 1928, with $912,381,300 in
1927,
$623,916,000 in 1926, and $791,336,000 in 1925.
As already
stated, the four foreign government loans of $78,500,000'
.
1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
Large Domestic Corporate Issues During
Domestic
the year,
tioned,
corporate
the Year
offerings of exceptional size during
in addition to those for December,
were as
already men¬
follows:
January—$45,000,000 Republic Steel Corp. gen. mtge.
4Ms B, 1961,
Steel Co. 1st mtge. 3%s D, 1961, offered
and $40,000,000 Pennsylvania RR. Co.
3^sC, 1970. priced at 98M, to yield about 3.84%.
priced at par; $35,000,000 Inland
at 101M. yielding about 3.65%,
t
February—$55,000,000 The New York Edison Co. 1st lien and ref. mtge.
3 Ms D, 1965, floated at par, and $30,000,000 Duke Power Co. 3 M % bonds,
due 1967, placed privately with Duke University and the Duke Foundation.
March—$99,422,400 Great Northern Ry. Co. gen. mtge. conv. 4s,
1946, offered at par to stockholders at rate of $40
principal amount of bonds (one-half of series G and one-half of series H)
for each share of preferred stock held.
In addition, the company also of¬
fered to holders of its gen. mtge. 7% bonds the right to exchange their
bonds for such of the company's new gen. mtge. conv. 4s, July 1,
1946,
as may not be subscribed for by stockholders.
The issue was underwritten
by the Reconstruction Finance Corporation.
Other large corporate offer¬
series G and H, July 1,
ings of the month were:
Inc., offered by William H. Davis & Co., Inc., priced
share.
Sovereign Investors, Inc., offered by Sovereign Corp., priced at market.
There
$133,332
26,015,000
253,722,000
1,009,213,390
757,837,569
1,319,167,987
1,561,119,925
1,145,099,740
1,086,160,500
>
996,570,320
280,274,600
634,511,034
527,517,000
383,450,887
342,130,300
1933
gen. mtge.
NEW FIXED
$48,000,000
78,500.000
issues
Grand total_
It is to be noted,
however, that new trusts of this type have also been falling
Total
■
$23,000,000
Total foreign government
Canadian corporate issues
Other foreign corporate
the extent of the sales of these investment trusts, or
fixed trusts, as they are
Refunding
$48,000,000
78,500,000
New Capital
Calendar Year 1936—
Canada, its Provinces & municipalities
Other foreign government
1934
In
Vj
.
.
Canadian corporate issues sold
during 1935.
In 1934 there was a single flotation
amounting to $1,200,000.
In 1933 there were two small
issues aggregating $1,733,332.
There were no Canadian t
or
other foreign corporate offerings in 1932, and even in
1931 they were on a reduced scale, footing up only $217,800,000, against $516,149,390 in 1930; $649,808,286 in
1929; $887,648,150 in 1928; $812,303,125 in 1927, and <
$725,877,040 in 1926.
The aggregate borrowings, therefore,
in the United States on behalf of foreign countries, both
governmental and corporate, in the 12 months of 1936
amounted to $179,500,000, as against $116,000,000 in 1935;
$61,200,000 in 1934; $61,733,332 in 1933; $66,015,000 in
1932; $268,222,000 in 1931; $1,135,779,390 in 1930; $779,870,286 in 1929, and $1,576.,820,900 in 1928.
In 1927 the
foreign flotations aggregated $1,724,684,525, and this com¬
pares with $1,349,793,040 in 1926; $1,307,307,500 in 1925;
$1,244,795,765 in 1924, and $360,216,279 in 1923.
The
following table carries the yearly comparisons back to 1919:
There
here
$90,000,000 Pacific Gas & Electric Co. 1st &
ref.
about 3.60%; $75,000,000
1956, priced at
96, to yield about 4.28%, and $60,000,000 Shell Union Oil Corp. 3M%
debs, 1951. issued at 99, to yield about 3.59%.
mtge. 3Ms, H, 1961, issued at 102M, to yield
Eastern Gas & Fuel Associates 1st mtge. & coll.
trust 4s, A,
April—$110,000,000 Brooklyn-Manhattan Transit Corp. rapid transit
bonds, divided into offerings of $65,000,000 4M% series, due
priced at par, and $45,000,000 3% and 3M% serial bonds,
due May 1, 1937-51, priced to yield from 0.75% to 3.93%; $90,000,000
for the Youngstown Sheet & Tube Co., comprising $60,000,000 1st mtge.
4s. ser. C, due 1961, priced at 98M. to yield about 4.10%, and $30,000,000
conv. deb. 3Ms, 1951, offered at 102M, to yield about 3.29%; $70,000,000
Consolidated Edison Co. of New York, Inc., debs., $35,000,000 of which
mature in 10 years and carry a 3M% coupon rate, offering of which was
made 101, to yield about 3.10%, and a like amount due in 20 years, bearing
a 3M%
coupon rate, the subscription price thereof being 99M. to yield
about 3.53%, and $62,545,500 National Dairy Products Corp. deb. 3Ms,
due 1951, floated at 100M. yielding about 3.71%.
coll. trust
May 1, 1966,
May—-$85,000,000 Standard Oil Co. 25-year deb. 3s, due 1961, priced
98, to yield 3.11%; $55,000,000 Brooklyn Edison Co., Inc., consol.
1966, offered at 101M. to yield about 3.17%, and $25,000,000 Public Service Electric & Gas Co. 1st & ref. mtge. 3Ms, 1966,
placed privately with leading Eastern life insurance companies.
at
mtge. 3Ms, due
priced at par; $50,000,000
deb. 3Ms, 1951, sold at 98, to yield 3.67%,
4M% cum. conv. pref. stock,
June—$60,000,000 The Texas Corp. deb. 3 Ms,
Consolidated Oil Corp. conv.
$25,000,000 Commercial Credit Co.
publicly priced at $101M per share.
and
July—$35,000,000
Commercial
Investment Trust Corp. deb. 3Ms,
3.37%, and $34,000,000 the
July 1, 1966, sold at 102.83,
July 1, 1951, priced at 101M, to yield about
Narragansett Electric Co. 1st mtge. 3Ms, A,
to yield about 3.35%.
August—$100,000,000 General Motors Acceptance Corp. debs., com¬
prising $50,000,000 10-year 3% series, due Aug. 1, 1946, priced at 101M»
yielding about 2.83%, and $50,000,000 15-year 3M% series, due Aug. 1,
1951, priced at 101M, yielding about 3.12%; and $35,000,000 the Cin¬
cinnati Gas & Electric Co. 1st mtge. 3Ms, Aug. 1, 1966, sold at 102, to
yield about 3.15%.
September—$55,000,000 Bethlehem Steel Corp. cons. mtge. 3Ms, E,
1, 1966, priced at 98M. yielding about 3.83%; $38,000,000 Kansas
City Power & Light Co. 1st mtge. 3Ms, Sept. 1, 1966, placed privately;
Oct.
and
$28,000,000
Louisville
1st & ref. mtge. 3Ms,
yield about 3.35%.
Gas & Electric Co.
Sept. 1, 1966. sold at 102M, to
Financial
168
October—$150,000,000 American Telephone & Telegraph Co. deb.
3Xb, Oct. 1, 1961, priced at 101, yielding about 3.19%; $35,000,000
Pacific Gas & Electric Co. 1st <fc ref. mtge. 3 Ms, I, June 1, 1966, sold at
102M, to yield about 3.35%; and 150,000 shares Distillers Corp.- Seagrams,
Ltd. (Canada), 5% cum. pref. stock, marketed at 97, yielding about 5.15%.
Chronicle
or
issues
sold
during
4Mb, Dec. 1, 1945, convertible at any time into common stock
the parent Canadian company at prices ranging from $40 to
$60 per share.
2,000,000 Food Machinery Corp. 4)4% cum. conv. pref. stock, each
share being convertible into 2M shares of common stock
during the calendar years 1936, 1937, and 1938, and into two
shares of common after the calendar year 1938.
February—
10,000 shs. Thompson Products, Inc., $5 cum. conv. prior preference
stock.
Convertible into common stock at $20 per share.
Corporate Refunding Operations
1936
a
long list of corporate refunding
comprised
the
following:
& Gay Furniture Corp. (Mich.) common stock.
Each 100 shares accompanied by warrants entitling holder to
800,000 shs. Berkey
$40,-
Surchase additional shares at $2.25 per share at any time until
1, 1947.
an.
000,000 Pennsylvania RR. Co. gen. mtge. 3MS C, April 1,
32,000 shs. Holland Furnace Co. $5 cum. conv. pref. stock.
Convertible
into common stock at rate of 2M shares of common for each
share of preferred to March 31, 1937; thereafter, through
March 31, 1939, at rate of 2 shares of common for each share
of preferred; thereafter, through March 31, 1940, at rate of
1M shares of common for each share of preferred and from
April 1, 1940, through March 31, 1940, at rate of 1)4 shares
or common for each share of preferred.
1970, used entirely for refunding, and $45,000,000 Republic
Steel
Corp.
gen.
mtge.
4^s B,
Feb.
1,
1961, of which
$34,868,852 comprised refunding, both of which
were
offered
in January; $55,000,000 The New York Edison Co. 1st lien
& ref. mtge.
3J4s D, Oct. 1, 1965, and $30,000,000 Duke
Power Co. 3^% bonds due 1967, offered in February and
used entirely for refunding; $99,422,400
Great Northern
Ry. Co.
gen.
March—
150,000 shs. American Trust Co. 4% conv. pref. stock.
Convertible into
common stock at the option of the holder at the rate of one
common share for each 1 l-10th preferred shares.
62,500 shs. Detroit Gasket & Manufacturing Co. 6% cum. pref stock
with warrants.
Warrants give holders of preferred stock right
purchase M share of common stock for each share of preferred
owned at $21 a share up to March 1, 1943.
mtge. 4s, July 1, 1964 and $90,000,000 Pacific
Gas & Electric Co. 1st & ref. mtge. 3%s
offered in March, the entire proceeds of
H, Dec. 1, 1961,
both issues com¬
prising refunding.
There was also an offering of $60,344,000
the Virginian Ry. Co. 1st lien & ref. mtge. 3%s A, March 1,
1966, during March, all of which was used for refunding
purposes.
In April the conspicuous corporate refunding
flotations were $110,000,000 Brooklyn-Manhattan Transit
Corp. coll. trust 4^s and serial 3s and 3%s, and $62,545,500 National Dairy Products Corp. deb. 3^s, May 1,
1951, all of which comprised refunding.
An offering of
$85,000,000 Standard Oil Co. (N. J.) 25-year deb. 3s, June 1,
1961, all of which comprised refunding, was brought to
market in May.
The more important refunding issues sold during June
were $60,000,000 The Texas
Corp. deb. 33^s, 1951, used
entirely for refunding, and $50,000,000 Consolidated Oil
Corp. conv. deb. 3Hs, June 1, 1951, of which $40,000,000
was
indirectly used for refunding purposes.
Refunding
operations during October were featured by the offering
of $175,000,000 American Telephone & Telegraph Co. deb.
3J^s, Oct. 1, 1961, all of which was used for refunding pur¬
poses.
The more important refunding issues sold during
December have been mentioned in our analysis of the
financing done during the month.
Farm Loan Issues
Offerings of Farm Loan securities during the year 1936,
including direct public borrowings by governmental agencies
Warrants
Walker-Gooderham
or
December—The Important issues for this month have already been
our remarks above in analyzing tbe financing done during
conspicuous of
or
& Worts,. Ltd., and Hiram
Walker & Sons Distilleries, Inc., joing & several conv. deb.
referred to in
December.
The Important
Subscription Rights
January—
$8,000,000 Hiram
November—$48,000,000 Montana Power Co. 1st & ref. mtge. 3 Ms,
Dec. 1,1966, priced at 101, yielding about 3.69%; $33,000,000 Commercial
Investment Trust Corp. deb. 3s, November, 1946, placed privately; and
$27,000,000 the B. F. Goodrich Co. 1st mtge. 4Mb, Dec. 1, 1956.
The most
Jan. 9, 1937
Conspicuous Issues Floated in 1936 Carrying Convertible Feature9
$750,000 General Finance Corp. conv. deb. 5s, Feb. 1, 1946.
Each
$1,000 debenture convertible into common stock in amounts
ranging from 250 shares to 150 shares up to Feb. 1, 1944.
2,141,000 Gotham Silk Hosiery Co., Inc., 5% debs., March 15, 1946.
Each $1,000 debenture carries warrants to buy 25 shares of
common stock at $12 per share up to March 15, 1946.
99,422,400 Great Northern Ry. Co. gen. mtge. conv. 4s, series G and H,
July 1, 1946.
The bonds of series G are convertible into
preferred stock at $40 per share and the bonds of series H at
$75 per share.
20,000,000 Remington Rand, Inc., deb. 4Ms, March 1, 1956.
Each
$1,000 debenture carries warrants to purchase 15 shares of
common stock at prices ranging from $25 per share to $40
per share up to March 1, 1944.
2,000,000 Sharon Steel Corp. conv. deb. 4Ms, March 1, 1951.
Con¬
vertible into common stock at prices ranging from $40 per
share to $50 per share up to May 1, 1946.
40,000 shs. Sharon Steel Corp. $5 conv. pref. stock.
Convertible into
common stock at prices ranging from $35 per share to $50 per
share up to May 1,1951, taking the pref. stock at $100 per sh.
April—
148,000 shs. Atlantic Refining Co. 4% cum. conv. pref. stock.
Con¬
vertible into common stock at prices ranging from $36 to
$45 per share.
1
$62,545,500 National
1951.
Dairy Products Corp. 3M% debs., due May 1,
Each $100 debenture carries a warrant co purchase one
share of common stock up to
May 1, 1940, at prices ranging
from $25 to $28 per share.
30,000,000 The Youngstown Sheet & Tube Co. conv. 3)4% debs.,
due Feb. 1,1951.
Each $1,000 deb. convertible into common
stock at prices ranging from $66 2-3 to $100 up to Feb. 1,1950.
2Way—
25,000 shs. Bliss & Laughlin, Inc. (Del.) 5% cum. pref. stock; con¬
vertible into common stock on or before Jan. 2, 1942.
t
functioning along similar lines, amounted to $375,212,600,
as
against $1,137,070,700 in 1935; $721,711,100 in 1934;
$90,150,000 in 1933; $169,600,000 in 1932; $125,600,000 in
1931, and $86,500,000 in 1930.
There were no Farm Loan
offerings during 1929, but in 1928 a total of $63,850,000
was
marketed.
In 1927 the total was $179,625,000; in
1926 it was $131,325,000; in 1925, $188,225,000; in 1924
it was $179,106,000; in 1923, $392,505,000; in 1922, $386,415,000; in 1921, $121,940,000; in 1920 there were no Farm
Loan offerings, but in 1919 a total of $110,000,000 was
put out.
The offerings made during 1936 comprised seven
separate issues of Federal Intermediate Credit Bank's shortterm
debentures, totaling $94,400,000; two offerings of
Federal Land bank consolidated bonds aggregating $263,000,000, and 14 offerings of Joint Stock Land bank bonds
amounting to $17,812,600.
Corporate Issues Not Representing New Financing
Offerings of this type during the year 1936 amounted to
$102,766,874 as compared with $80,542,003 in 1935, with
$20,200,000 in 1934, $15,924,750 in 1933, and with $18,416,000 in 1932.
These figures are not included in our
totals of new financing because they do not represent applica¬
tions for capital by the companies whose securities were
offered.
The following table sets forth a monthly com¬
parison of offerings made during the past five years:
200,000 shs. The Glidden Co. 4)4% conv. pref. stock.
Convertible into
common stock on
basis ranging from one share to 7-10ths
share of common stock.
5,000 shs. Truax-Traer Coal Co.
into
,
stock
common
on
6% conv. pref. stock.
Convertible
ranging from 14 shares to 10
basis
shares up to March 15, 1940.
$5,000,000 United States Pipe & Foundry Co. 3M% conv. debs., due
May 1,1946.
Each debenture convertible into common stock
up to May 1,1946, at prices ranging from $42 to $52 per share.
June—
$50,000,000 Consolidated Oil Corp. conv. deb. 3Ms, 1951.
Convertible
into common stock at prices ranging from $25 to $35 per share.
25,000,000 Commercial Credit Co. 4M% cum. conv. pref. stock.
Each
share convertible into common stock at rate of one share
common
if converted
par
of
$68.40 par value of preferred stock
before June 30, 1941, and at rate of $74.10
stock for each
on
or
value of preferred stock if converted after June 30,1941.
July
■
150,000 shs. American Cities Power & Light Corp. class A stock,
optional dividend series of 1936.
Each share carries a warrant
to purchase on or before July 1, 1937, three shares of class B
stock of the company at $8M per share, or option to purchase
after July 1, 1937, and on or before July 1, 1941, one share
of common stock of the North American Co. at $35 per share
if exercised on or before July 1, 1939, and at $40 per share if
exercised thereafter and on or before July 1, 1941.
August—
125,000 shs. Federated
Stores,
Department
Inc.,
4M%
conv.
pref.
Convertible until the fifth day prior to redemption
stock at $40 on or before Oct. 1,1938, $50 there¬
after and on or before Oct. 1, 1940, $60 thereafter and on or
stock.
into
common
before
Oct.
1,
1942,
and
$70 thereafter and on
or
before
Oct. 1, 1944.
September
liO,000 shs. American Chain Co., Inc., 5%
conv.
pref. stock.
Con¬
1946, at
vertible into common stock on or before Sept. 15,
prices ranging from $66 2-3 to $80 per share.
October—
150,000 shs. Distillers Corp.-Seagrams, Ltd.
1936
January
February
1935
$2,746,795 $14,376,300
534,375
12,008,694
1,585,000
17,040,437
700,000
11,736,424
2,144,135
4,946,566
1,229,000
12,539,010
1,560,000
6,121,593
345,000
14,184,842
825,000
4,600,000 27,488,797
7,499,940
9,200,644
8,808,198
21,088,127
March
April
May
June
July
August
September
October.
November
December
Total
1934
1933
$100,000
5,400,000
(Canada) 5% cum. pref.
Each certificate carries a warrant to purchase an
equal number of common shares on or before Oct. 1, 1941, at
stock.
1932
$8,000,000
prices ranging from $28 to $32 per share.
November—
285,000 shs. Butler Brothers 5%
conv. pref. stock.
Each share con¬
vertible into common stock at rates ranging from 2 shares to
$4,212,000
1,200,660
407,000
3,780,000
8,566,500
900,000
8,000,000
1,350,000
1,658,000
1M shares.
100,000
6,966,000
December—
The conspicuous issues for this month have already been mentioned
in our remarks on the financing done during December
950,000
2,400,000
551,250'
$102,766,874 $80,542,003 $20,200,000 $15,924,750 $18,416,000
REVISED
January
February
March.
April...
The Convertible Feature
One feature of the old method of
financing continues to be
degree.
We allude to the tendency to
make bond issues and preferred stocks more attractive
by
according to the purchaser rights to acquire common stock,
In the following we
bring together the more conspicuous
issues floated
during each month of the present year con¬
taining convertible features of one kind or another, or
carrying subscription rights or warrants to subscribe for
or acquire new stock:
followed
to
some
May
June
July.
In the
GRAND TOTALS
$411,631,104
302,858,716
767,420,683
1,002,702,811
419,917,149
733,906,648
338,778,702
above
BY MONTHS
August
September
$297,257,639
409,462,014
465,770,933
380,934,452
724,220,489
....
October
November
December
Total.
5
».254,861,340
following we show in tabular form the Treasury
financing done during the entire year of 1936.
The results
show that the Government disposed of $9,225,886,300, of
which $5,773,029,100 went to take up existing issues and
$3,452,857,200 represented an addition to the public debt.
For December by itself, the disposals aggregated $1,458,756,950, of which $886,341,200 went to take up existing
issues and $572,415,750 represented new governmental debt*
Volume
Financial
144
UNITED STATES TREASURY
FINANCING DURING THE FIRST
169
Chronicle
FUNDS
USE OF
TWELVE
1936
MONTHS OF
Type of
Amount
Applied for
Due
Dated
Offered
Accepted
Accepted
Yield
Price
8 273
2 Jan
50,060,000
50,050,000
50,130.000
50,074,000
132,204,000
days
15 273 days
190,515,000
Jan.
16 Jan.
22 273
days
212,610,000
Jan.
23 Jan
29 273
days
170.307,000
9 Jan.
Jan.
Janua ry
13 Feb.
19 273 days
Feb.
20 Feb.
26 273
98,970,000
days
4 273 days
Mar.
2 Mar. 16 12-15 yrs
2 Mar. 16 5 years
6 Mar. 11 273 days
Mar. 12 Mar. 18 273 days
Mar. 19 Mar. 25 273
days
Mar. 26 Apr.
2 Apr.
273 days
Apr.
146,908,000
117.748,000
Apr. 30 May
223 days
273 days
93,918,000
216 days
days
187,941,000
125,607.000
14 May
209 days
140,735,000
273
161,330,000
131,565,000
148,465,000
May
273
days
14 May
May 21 May
202 days
May 21 May
273
May
days
May 27 June
5 years
May 28 June
195
May 28 June
June
4 June
273
4 June
273
June
days
days
188 days
days
June 11 June
181
days
June
11 June
273
days
June
18 June
174
days
June
18 June
273
days
duly
July
273 days
July
July
273 days
273 days
Aug. 13 Aug. 19 273 days
Aug. 20 Aug. 26 273 days
Augus
t
Sept.
Apr.
29.
Treasury bills.
Average
99.924 *0.100%
Average
Average
99.933 *0.089%
$200,242,000
$200,115,000
Treasury bills.
May 20
Treasury bills.
50,005,000
Average
99.910 *0.156%
May 27
Treasury bills.
60,050,000
99.863 *0.110%
May 27
Treasury bills.
50,060,000
Average
Average
99.902 *0.175%
Average
99.848 *0.200 %
$400,357,000
Total.
50,295,000
50.144.000
50,015,000
50,015,000
Average
Treasury bills
Average
99.826 ♦0.230%
June
17
Treasury bills
50,140,000
50,035,000
50,018,000
60,012,000
50,031,000
June 17
June 24
Treasury bills
50,018,000
Average
99.816 *0.242%
June 24
Treasury bills
50,050,000
50,008,000
50,040,000
Average
99.904 *0.191%
Average
99.912 *0.183%
Average
99.818 *0.240%
Oct.
Oct.
14 273 days
Oct.
15 Oct.
21 273 days
Oct.
22 Oct.
28 273 days
June 15
Average
Average
99.949 ♦0.067%
July
22
Treasury bills.
Average
99.946 *0.071%
July
29
Treasury bills.
Average
99.913 *0.115%
Average
99.830 *0.224%
Aug. 12
99.825
99.839
99.853
99.871
Average
Average
Average
50,113,000
50,145,000
50,083,000
50,000,000
Average
*0.230%
*0.213%
*0.194%
♦0.170%
Dec.
Dec.
Dec.
Dec,
9 273 days
Dec.
Dec.
15 13-17 yrs,
Dec.
Dec.
15 5 years
Dec.
Dec.
16
Dec.
Dec.
16 273 days
Dec.
Dec.
23
84 days
Dec.
Dec.
23 273 days
Dec.
Dec.
30
78 days
Dec.
Dec.
30 273 days
50,044,000
50,057,000
50,012,000
50,027,000
751,436,750
206,795,200
50,225,000
50,005,000
50,057,000
50,025,000
50,033,000
103,035,000
140,621,000
118,115,000
Treasury bills
Aug. 19
Treasury bills
Aug. 26
Treasury bills
Sept.
Average
99.887 ♦0.149%
Sept.
Average
99.901 *0.130%
Sept.
2.75%
100
Average
Average
Average
99.889 *0.146%
99.881 *0.156%
99.859 *0.186%
Dece mber to tal.
Sept.
Sept.
2.....
9.....
15
16
23
30
Treasury bills
Treasury bills
2% %
Treas. bonds
Treasury bills
Treasury bills
Treasury bills
Total.
7.
Oct.
Treasury bills.
14.
Treasury bills-
Average
99.877 *0.162%
Oct.
21.
Treasury bills.
Average
99.893 *0.141%
Oct.
28.
Treasury bills-
Average
99.906 *0.124%
Oct.
Total.
Average
99.909 *0.120%
4.
Treasury bills.
Nov. 10.
Treasury bills.
Average
Average
99.913 *0.115%
Nov. 18.
Treasury bills.
99.919 *0.106%
Nov. 25.
Treasury bills.
Average
99.923 *0.101%
Nov.
Average
99.936 *0.084%
Total.
Dec.
Treasury bills
2
j
Dec.
2
Treasury bills
Average
99.989 *0.040%
Dec.
9
Treasury bills
Average
Average
99.933 *0.088%
Dec.
9
99.989 *0.041%
Dec.
15
Treasury bills
Treas. bonds.
99.930 *0.092%
Average
100
100
15
1
Dec.
16
Treasury bills
1.25%
Dec.
16
Treasury bills
)4.% Treas. notes.
99.990 *0.038%
Dec.
23
Treasury bills
99.911 *0.117%
Dec.
23
Treasury bills
Average
99.982 *0.076%
Dec. 30
Treasury bills
Average
99.830 *0.225%
Dec.
30
Treasury bills
*99.976
0.109%
99.777
0.294%
$50,018,000
50,147,000
511,860,800
50,022,000
50,022,000
50,121,000
$762,190,800
50,045,000
50,133,000
50,060,000
50,159,000
50,045,000
50,133,000
$200,397,000
$50,113,000
50,145,000
50,083,000
50,000,000
$50,113,000
50,145,000
50,083,000
50,000,000
$200,341,000
50,044,000
50,057,000
50,012,000
50,027,000
751,436,750
206,795,200
50,225,000
50,005,000
50,057,000
50,025,000
50,033,000
50,040,000
50,101,000
50,000,000
50,047,000
469,965,250
$469,965,250
50,060,000
50,159,000
50,000,000
50,039,000
50,000,000
429,021,000
206,795,200
50,230,000
322,415,750
50,082,000
50,000,000
50,073,000
50,000,000
$886,341,200
$572,415,750
$3,452,857,200
$1,458,756,950
Total.
Grand
1,458,876,950
$200,219,000
$50,018,000
50,147,000
981,826,050
50,022,000
50,022,000
50,121,000
50.052,000
$9,225,886,300 $5,773,029,100
Dec.
2.50%
Average
Average
Average
50,040,000 Average
Gran d total
Total.
8ept.
200,341,000
138,444,000
128,097,000
106,205,000
131,707,000
4,951,668,000
206,795,200
163,961,000
90,715,000
105,207,000
5
Treasury bills
Aug.
200,397,000
Nove mber to tal.
Total.
$50,019,000
50,090,000
50,064,000
50,046,000
$200,341,000
Average
$250,114,000
$200,397,000
Average
Treasury bills.
$50,019,000
50,090,000
50,064,000
50,046,000
$1,232,156,050
Treasury bills.
15
$50,015,000
50,000,000
$200,219,000
8
July
$50,015,000
50,000,000
50,052,000
50,000,000
60,047,000
$250,114,000
July
50,045.000
50,133,000
50,060,000
50,159,000
159,737,000
$2,631,544,350 $1,225,041,700 $1,306,502,650
Treasury bills.
1
.99.855 *0.191%
50,018,000
50,147,000
981,826,050
50,022,000
50,022,000
50,121,000
147,017,000
137,136,000
136,273,000
.
Total
July
50,019,000
50,090,000
50,064,000
50,046,000
176,251,000
2X %
June 15
50,015,000
50,000,000
50.052,000
50,000,000
50,047,000
total
91 days
60,060,000
May 20
99.858 *0.188%
1,232,156,050
97 days
49,960,000
50,050,000
99.909 ♦0.151%
Average
Treasury bills
175,240.000
192,136,000
172,935,000
9
50,045,000
Average
13
Treasury bills
273 days
2 273 days
50,000,000
May
10
Oct.
2 104 days
50,071,000
50,111,000
99.905 *0.125%
10
5,641,583,500
104,697,000
132,397,000
141,680,000
Dec.
50,005,000
Treasury bills.
99.924 *0.123%
Average
June
Sept. 15 20-23 yrs
Dec.
Treasury bills.
50,045,000
June
140,137,000
Nov.
$50,024,000
50,102,000
Average
50,090,000
50,295.000
50,140,000
50,035.000
50,018,000
50,012,000
50,050,000
50,008,000
176,162,000
Nov.
$50,102,000
Treasury bills.
99.900 *0.184%
99.835 *0.218%
99.902 *0.187%
days
4 273 days
3 Nov. 10 273 days
$250,419,000
$50,024,000
6
May
6
May 13.......
503,958,500
days
29 Nov.
$250,419,000
Treasury bills.
Total.
May
Treasury bills
273
Nov. 12 Nov. 18 273 days
Nov. 19 Nov. 25 273 days
Treasury bills.
99.929 ♦0.093%
3
Septe mber to t&l.
Nov.
Treasury bills.
$903,653,550
$50,028,000
50,196,000
50,008,000
60,077,000
50,110,000
3
Oct.
Oct.
Treasury bills.
99.914 ♦0.113%
$50,028,000
50,196,000
50,008,000
50,077,000
50,110,000
June
273
Octob er
$2,100,326,950 $1,196,673,400
Total.
Treasury bills.
200,219,000
Sept.11 Sept. 16 273 days
Sept. 18 Sept. 23 273 days
Sept. 25 Sept. 30 273 days
Treasury bills
903,653,550
50,000,000
50.025,000
50,085,000
June
total.
Aug. 28 Sept.
Sept.
Sept.
Treasury bills
Mar. 25
996,553,400
1.375%
169,772,000
155,235,000
182,740,000
197,603,000
273 days
Aug. 12 273 days
Aug.
Mar. 18
50,000,000
50,025,000
50,085,000
1.
8.
15.
Apr. 22.
250,114,000
30 Aug.
July
Treasury bills
100
total
July
Mar. 11
Apr.
Average
$50,010,000
676,704,100
2.75 %
154,933,000
179,143,000
167,814,000
169,959,000
141,262,000
273 days
2%% Treas. bonds.
1H% Treas. notes.
Apr.
99.904 *0.126%
$205,000
100
2,841,455,900
146,415,000
134,960,000
152,610,000
113,830,000
133,883,000
116,172,000
135,202,000
146,116,000
273 days
July
2
9
16
23
July
July
July
Treasury bills
4
Mar. 16
Apr.
Average
2.531,544.350
June 25 July
Total.
1,626,937,850
total.
June
Treasury bills.
Mar. 16
$200,736,000
50,100,000
Treasury bills
400,357,000
15-18 yrs. 5,237,987,200
June
May 27
19
26.
50,050,000
50,130.000
50,074,000
$1,106,030,650
Treas. bonds. $1,626,937,850 11,024.865,700
503,958,500
1H % Treas. notes
50,295,000
60,090,000 [
50.090.000
Treasury bills
total
May
Treasury bills.
Mar.
60.024,000
50,102,000
50,005,000
50,111,000
50,000,000
50,005,000
50,050,000
50,060,000
94,599,000
Apr. 30 May
May
7 May
May
7 May
11
Feb.
*0.078%
*0.074%
250,419,000
total.
{April
Treasury bills.
Feb.
99.937 *0.084%
Average
6
$50,091,000
50,545,000
50,100,000
50,000,000
$50,010,000
1,223,502,850
Total.
$205,000
50,000,000
Treasury bills
*0.087%
Average
Average
50,028,000
50,196,000
50,008,000
50,077,000
50,110,000
150,991,000
9 Apr. 15 273 days
Apr. 16 Apr. 22 273 days
Apr. 23 Apr. 29 273 days
Apr.
29
*0.095%
99.928
99.934
99.941
99.944
Average
2,100,326,950
137,648,000
201,805,000
273 days
Jan-
$200,314,000
$50,296,000
60,545,000
Treasury bills
-
Feb.
50,010,000
109,838,000
2.75%
100
5,603,388.750 1,223,502,850
1.50%
100
676,704,100
3.402,542,800
99.921 *0.104%
50,000,000 Average
123,071,000
99.921 *0.104%
50,025,000 Average
129,255,000
99.911 ♦0.118%
50,085,000 Average
147,495,000
Marc h total.
22.
$50,060,000
$200,941,000
15
Jan.
Feb.
200,941,000
Mar.
Mar.
143,432,000
ary tola
27 Mar.
Feb.
Average
Average
days
Feb.
t Febru
99.929 *0.094%
99.926 *0.098%
Average
50,296,000
50,545,000
60,100,000
50,000,000
192,133,000
184,569,000
6 273 days
11 273
4 Feb.
Feb.
Average
200,314,000
total
30 Feb
Jan.
Average
'
Indebtedness
$200,314,000
Treasury bills
Jan.
Jan.
Refunding
$50,060,000
50,050,000
50,130,000
50,074,000
Treasury bills
8.-
Jan.
99.919 *0.107%
99.924 ♦0.100%
New
Total Amoun
Security
Doled
Amount
Dan
total
50,000,666
9,225,886,300
*
reflected in the extreme ease
which States and municipal
units were able to negotiate the sale of bonds, many bor¬
rowers
having been able to dispose of issues in 1936 at
even lower interest cost than was achieved in 1935.
The
aggregate par value of municipal issues brought out in the
year just ended was $1,117,878,059, as compared
with
This
was
and record low interest cost at
$1,220,150,097 in 1935.
United States Financing—Its
It remains for us to
States
Magnitude
show the exact extent to which United
financing has been conducted during the
discount basis.
months of the calendar year 1936.
study that we distinguish between
financing which represents distinctly new capital and rep¬
resents an increase, therefore, in the indebtedness of the
Government, and borrowing to provide for the taking up
and retiring of issues already outstanding, and which are
to be replaced by the new issues.
This is particularly true
with reference to the placing of United States Government
securities.
Treasury bills are all the time maturing, and
have to be replaced with other issues, while Treasury cer¬
tificates of indebtedness are another form of short-term
borrowing which has to be renewed periodically without
adding to the volume of the outstanding public indebtedness.
review, namely the 12
Municipal Financing in 1936
Although the volume of sales of long-term State and
municipal bonds in 1936 was less than the total recorded
in the previous calendar year, this was not the result of
any change in market conditions or investment demand for
tax-exempt securities.
In fact, the results of the financing
undertaken in the recent year suggests that conditions in
>1936 were even better than those which obtained in the
previous period.
Average rate on a bank
period under
It
is
important in
our
long as the Government was showing huge budget sur¬
pluses and the public indebtedness was, as a result of being
steadily and largely reduced, the matter was of little con¬
sequence, but now that there is a budget deficit of growing
So
proportions (as
ordinary expenditures
and
is important to know
a result both of the
of the extraordinary outlays) it
170
the
Financial
exact
obliged to
United
extent
run
into
States
to
which
new
the
Government
finds
itself
indebtedness.
Government issues appeared
in the usual
The month's financing
amounted to $1,458,876,950 and comprised five double
offerings of Treasury bills on a bank discount basis, an
offering of 2^% Treasury bonds at par, and an offering
1 H% Treasury notes also offered at par.
The details
in respect to these offerings are recorded further below.
In view of the magnitude and importance of United States
Government borrowings, we give below a summary of all
Treasury issues marketed during December and also those
sold during the 11 preceding months, furnishing full par¬
ticulars of the various issues and presenting a
complete
record in that respect for the entire calendar year 1936.
order
during the month of December.
New
Treasury Financing During the Month of
December, 1936
Mr.
Morgenthau on Nov. 26 announced a new offering
$100,000,000 or thereabouts of 104-day bills and 273-day
bills in the amount of $50,00,000 or thereabouts, respectively.
Both issues of Treasury bills were dated Dec. 2, the
104-day
bills maturing March 16, 1937, and the 273-day bills falling
due Sept. 1, 1937.
Applications for the 104-day Treasury bills totaled $138,444,000, of which $50,044,000 was accepted.
The average
price of Treasury bills of this series was 99.989, the average
rate was about 0.040% on a bank discount basis.
Subscriptions for the 273-day Treasury bills amounted to
$128,097,000, of which $150,057,000 was accepted.
The
average price of Treasury bills of this series was 99.933, the
average rate was about 0.088% on a bank discount basis.
Issued to refund maturing bills.
This financing provided
for the refunding of $50,101,000 of
maturing bills, leaving
$50,000,000 as new debt.
of
On
Dec.
3
Secretary of the Treasury Morgenthau an¬
offering of $100,000,000 or thereabouts of
97-day bills and 273-day bills in the amount of $50,000,000
or thereabouts,
respectively.
The two issues of Treasury
bills were dated Dec. 9, the 97-day bills
maturing March 16,
1937, and the 273-day Treasury bills coming due Sept. 8,
nounced
a
new
1937.
Tenders
for the 97-day bills totaled $106,205,000,
of
$50,012,000 was accepted.
The average price of
Treasury bills of this series was 99.989, the average rate
was about
0.041% on a bank discount basis.
Applications for the 273-day Treasury bills totaled $131,707,000, of which $50,027,000 was accepted.
The average
price of Treasury bills of this series was 99.930, the average
rate on a bank discount basis being 0.092% on a bank dis¬
count basis.
This financing provided for the refunding of
$50,039,000 of maturing securities, leaving $50,000,000 to
swell the general balance of the Treasury.
Secretary of the Treasury Morgenthau on Dec. 6 an¬
nounced the Government's Dec. 15 financing.
It involved
an
offering for cash of $700,000,000 or thereabouts of 13-17year 2^% Treasury bonds of 1949-53, with the right re¬
served to increase the offering by an amount sufficient to
accept all subscriptions for which Treasury notes of series
B-1936, maturing Dec. 15, 1936, or Treasury notes of series
C-1937, maturing Feb. 15, 1937, are tendered in payment
and
accepted.
The 23^% Treasury bonds were dated
Dec. 15, 1936, and will mature Dec. 15, 1953, but may be
redeemed at the option of the Treasury on and after Dec. 15,
1949.
In connection with the offering of Treasury bonds,
an issue of
134% Treasury notes of series C-1941 was offered,
the amount of this offering was limited to the total of Treas¬
ury notes of series B-1936 and of series C-1937 tendered and
accepted.
The rate of 134% was the lowest ever carried
on any note of a similar
maturity.
The cash subscriptions to the 234% bonds totaled
$4,951,668,000, of which $751,436,750 were allocated.
Of the
$786,651,900 of maturing notes ($357,921,200 of series
B-1936 and $428,730,000 of series C-1937), $758,007,900
were tendered in
exchange for the new bonds and allotted
in full; the tenders and allotments of the
maturing notes
which
Chronicle
price of Treasury bills of this series was 99.990, the average
on a bank discount basis being 0.038%.
\J
Tenders for the 273-day Treasury bills totaledj$90,715,000, of which $50,005,000 was accepted.
The average
price of Treasury bills of this series was 99.911, the average
rate on a bank discount basis being 0.117%.
This financing
provided for the refunding of $50,230,000 of maturing bills,
leaving $50,000,000 as an addition to the public debt.
On Dec. 17 Mr. Morgenthau announced another new
offering of $100,000,000 or thereabouts of 84-day bills and
273-day bills in the amount of $50,000,000 or thereabouts,
The two issues of Treasury bills were dated
respectively.
Dec. 23, the 84-day bills maturing March 17, 1937, and the
273-day bills coming due Sept. 22, 1937.
Tenders for the 84-day bills totaled $105,207,000, of
which $50,057,000 was accepted.
The average price of
Treasury bills of this issue was 99.982, the average rate on
a bank discount basis
being 0.076%.
Applications for the 273-day Treasury bills totaled $103,035,000, of which $50,025,000 was accepted.
The average
price of Treasury bills for the this series was 99.830, the
average rate on a bank discount basis being 0.225%.
Both
series of bills were issued to replace $50,082,000 of maturing
bills, leaving $50,000,000 as new debt. '
Mr. Morgenthau on Dec. 24 announced a further offering
of $100,000,000 or thereabouts of 78-day Treasury bills,
and 273-day Treasury bills in the amount of $50,000,000 or
thereabouts, respectively.
The two issues of Treasury bills
were
dated Dec. 30, the 78-day bills maturing March 18,
1937, and the 273-day bills coming due Sept. 29, 1937.
Tenders for the 78-day bills totaled $140,621,000, of
which $50,033,000 was accepted.
The average price of
Treasury bills for this series was 99.976, the average rate
on a bank discount basis being 0.109%.
Applications for the 273-day Treasury bills totaled $118,115,000, of which $50,040,000 was accepted.
The average
price of Treasury bills for this series was 99.777, the average
rate on a bank discount basis being 0.294%.
rate
,
Final Summary as to
following is a complete summary of the new financing,
corporate, State and city, foreign government, as well as
farm loans issued- during the month of December, and the
12 months, ended with
SUMMARY
OF
December:
CORPORATE,
AND
FOREIGN
GOVERNMENT,
FARM
LOAN
MUNICIPAL FINANCING
New Capital
Refunding
Total
$
Month of December—
S
$
Corporate—
Domestic—
Long-term bonds and notes
96,492,124
3,576,000
10,500,550
107,638,099
7,550,000
22,237,100
109,056,435
407,706,562
625,912,335
2,660466
48,274^481
27660466
47,373,673
95,648,154
266,480,254
Common stocks
390,576,676
3,975,000
11,736,550
1,418,336
218,205,773
Short-term
Preferred stocks
457,740,235
724,220,489
487,068,800
Canadian—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks.
Total corporate
Canadian Government
Other foreign government..
Farm Loan and Government agencies...
♦Municipal—States, cities, &c
Tlnlt.firl
States Possessions
Grand total
12 Months Ended Dec. 31—
Corporate—
Domestic—
818,456,877 3,144,814,723 3,963,271,600
23,032,500
39,737,500
62,770,000
89,967,284
180,873,080
270,840,364
262,493,638
19,570,079
282,063,717
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian—
8,000,000
Long-term bonds and notes
30,000,000
38,000,000
Short-term
Preferred stocks
15",bob'ooo
_.
15",000466
Common stocks
Other foreign—
Short-term
bond
'
Ordinary Financing
The
for the
new bonds totaled $551,212,700,
bringing the total
offering to $1,302,649,450, while $206,795,200 of the
maturities were exchanged for the new 114% notes.
The exchange subscriptions of the maturing December
notes for the new 234% bonds totaled $255,211,200, while
those of the maturing February notes amounted to $296,001,500.
In the case of the new 134% notes, $93,994,900
and $112,800,300 of the December and February
notes,
respectively, were tendered in exchange.
Out of the $751,436,750 of cash accepted to the bond
offering, the Treasury was required to use $400,377,000 to
refund eight issues of Treasury bills, which matured on
Dec. 15, and also pay off holders of $28,644,000 of the
maturing notes which were not exchanged for the new
bonds or notes, thus netting it $322,415,750 of "new
money"
as a result of the
financing.
Secretary of the Treasury Morgenthau on Dec. 10 an¬
nounced a new offering of $100,000,000 or thereabouts of
91-day bills and 273-day bills in the amount of $o0,000,Q00
or thereabouts,
respectively.
The two issues of Treasury
bills were dated Dec. l6, the 91-day bills maturing March
17,
1937, and the 273-day bills falling due Sept. 15, 1937.
Subscriptions for the 91-day Treasury bills totaled $163,961,000, of which $50,225,000 was accepted.
The average
Jan. 9, 1937
Common stocks
United States Possessions
1,216,950,299 3,414,995,382 4,631,945,681
48,000,000
48,000,000
78,500,000
78,500,000
21,900466 353,312,600 375,212,600
745,954,824
371,923,235 1,117,878,059
1,575,000
1,750,000
3,325,000
Grand total
1,986,380,123 4,268,481,217 6,254,861,340
Total corporate
Canadian Government.
Other foreign government
Farm Loan and Government agencies
...
♦Municipal—States, cities, &c
*
These figures do not
any agency
include funds obtained by States and municipalities from
of the Federal Government.
In the elaborate and comprehensive tables on the suc¬
ceeding pages we compare the foregoing figures for the four
years preceding, thus affording a five-year comparison.
We
also furnish a detailed analysis for the five years of all the
corporate offerings, showing separately the amounts for all
the different classes of corporations.
Following the full-page tables we give complete details
of the new capital flotations during December, including
every issue of any kind brought out in that month.
Full
details as to the separate issues for each of the preceding
months dating back to the beginning of our compilations in
March, 1921, can be found in the monthly articles for those
months, those articles now appearing usually on the first
or second Saturday of the month.
5
£
©
o
o
5.
2.
n
©
c
as
13
7,3 8.0 16,75 0 1,945,60 2,765, 25
28,4 25 13,0 0 17,952.71 10 ,0 0 159,8649
2,0 ,0 16,0 0 4 5.60
Refundi g
18,4560 16,74"57 35,210 47
%
Total
%
1932
$
Capit l
5,3780 75 ,0 1,50 , 0 2,765, 25
549,50 405,0 0
1933
$
Refundi g
405,6 6
1933
47,25910 18,30*6 12,70 18 187,26 8
Refundi g 9,380 3,0 ,0
YFEODMITAFCVRIHNSABECRG YFEDOIMFTASVCRHNASBRE
1935
167,354913 40, .0 12,50"6 13,567238 462, 15
Refundi g 84,97 0 3", 0 ,60 12,34 50
10,67350 40, .0 81.26*420 19,38 459 241, 629
I' UITOCSNNOGHRRPEEUFDPWAIE
MALUFFGNOOICVRREPDEMNILGNT, GFfotevrohadmragunnmicnpanfltldcetys.
New
Total
»ACORP TE,
45,109750 2,809,125 16,5 0 2,63.8
2,60",60 95,648154
625,9135
"
2*56 6 16,50 18
549,50
250, 0
15,30518
250, 0
15,60 518
15,30518
1,037,50
18,56* 6 42,93 0
3",06",0
289,650 1,327,150
23,072 0 1,360, 0 4,037,50
18,50 289,650 47,25910
8,038,0 1,360, 0 3,0 ,0
3,0 ,0
9,3 8,0
3",6 *6
12,3980
f,637",50
18,50 0 289,650 34,861 50
3.0 ,0
New
21,09.0 71,0 0 26,50. 7,10,0 1,0 ,0 250, 0 02,6 0*0",1,43,750 130.8,750
Total
Refundi g 71,6 *6 10, 0 3",974",0
1935
15,60 518
.
3, 0 , 0 10.67350
3, 0 , 0 15,643 50 83,4 350 10, 0 3,974,0
12,34 50
84,97 0
15,034 0
5,023,750 34,62038 21,09.0 83,4 350 27,582938 2,809*120 23,120 1,0 ,0 250, 0 2,0 ,0 6,1 7,50 167,354913
2.809,125 12,34 50 1.082,938 16,026
2.809*125
2,809,125 1,082*938 16.*26
1,723*756 18, 68 21,09.0 17,582*938 2,86*9125 19,380 1,0 ,0 250, 0 2,0 ,0 2,867,50 6,73 563
l'."50",6
7,5 0, 0 3,82 ,0 2,672,50 747, 07 9,174*6 31, 5084 1 ,3 250
747, 07
72,4*07",980 13,29 53 49,2360 395, 430 9,174*6 67,408 1,3250 3,249,0 1,0 0 87,95 80 625,91 35
1,746* 6 390,576 3,0 ,0
"97*5 6
3,975,0 3,82 ,0 862,0 0 3, 46*8 6 3 8,3 6
4,7 9,750 13,5486 2,04 10 359,42 96
23,791 0 34,59304 20,631'920 2,89*6 1,6*0 6 13,80 96.42,14 3,40,0
"175*6 6
3,57 ,0 1,8 0,5 0 747, 07 9,174*6 27,804 8 10,97416
747, 07
67,28 30 18,3 649 27,19 0 36,19804 9,174*6 48,610968 10,97416 2,89,0 1,6 *6 81,438.20 218.05,731
21,09 0 16,5 *6 3",126",0 1,0 ,0 250, 0 2,6 *6 1.43,750 45.109750
Capital
New
mrn— •■
457, 0235
358,6249
ACHNARDTE Capitl
26,48025 Sbtaotaeyinsed
724, 089
289,650 1,327,150
1,037,50
18.56* 6 3,540
Capit l 15,034 0
6,73 563 40,289*56 14,78 69 21,05912
487,068 7,50. 0 2,3710 109.56,43
Capit l
15,60 518 "549",50 15,36*518
549,50
Refundi g 8,038,0 1,360. 0
1934
130,8750 2,809125 19,85 0 14,607 38
Total
549,50
23,072 0 1.360. 0
Total
34,861 50 104,8*672 139,482
New
54*9~506
250, 0
New
3.5l4O *289,650 1.037,50
Capit l
15,30518
Capital
12,3980 18,30 6 17,2346 47,91 46
%
549,50
18,4560
4,265, 25 678,0 0 3,50 , 0 4,265, 25 *6 6* 6 f,35 *,0 10,3986251
4,265,25
1,0 ,0 5,378,0
Refundi g
10 ,0
42,93 0 3,0 ,0 289,650 1.037,50
Total
1934
14,*2506 3,76,61 18,5671
15,60 518 41*. 965 57,10 7
New
35 ,0 0 75 ,0 0
40 ,0 0
Total
15,0 0 2,45,60 1,0 .0
"
New
15,9 518
Capit l
4 5,60
16,0 0 4*56
f,60 ",0
549*56
20 ,0 0
Capital "678*6 13,50,0
549,50
549*50
"
2,0 ,0 15,0 0
%
4.71 ,2 5 15,0 0 3,123,60 3,50 , 0 5,265, 25 *6 *6 1,3*5 6 28,4 25
i,6 ~,6 "46 *6 6 *35 *6 6 16,75 0 4 *5",60 4~,265*,2
1,0 ,0 7,3 8,0 15,0 0
Refundi g 2,6 *6
16,50 18 14,250 45,217320 10 ,0 75,1738
15,9 518
20 ,0 0
s
1932
10,398625 13,0 0j1 ,87 24 10 ,0 0 124,68 349
New
Total
as
2,678*6 3,50 , 0 :—
%
Total
%
Total
2,809*125
39,08 0 392, 180 35,4*0", 3*.249*,0 1,0 *6 15, 0 487,06.80 6,40,0
„
_
1936
Refundi g 390,576 3,975,0 1,73650 1,4 8,3 6
407, 652
2,60",6 47.3 ,673
OF
SUM ARY Capit l
New
96,4214 3,57,0 10,5 50 17,63809
218,0573 48,27*481
term Sthorermt Pref red Com on term Stehromrt Pref red Com on term Stehorrmt Pref red Com on
Corpate— Domestic— Candi— Other Candian Other Loan
Grand
Total
Long
Long
Long
Farm
These
♦
*
4
United
Refundi g 15,2610
New
funds
DOECMBFR bonaonteds.s stock stock bnoaonteds.s stock stock foreign— bnooatnensdd.s stock stock corpate GovernmtGovfeornrmeigtnGaogavc_ienst.,d&Muntcpal—S,PoSsetaines to—al indcfliugduoerets
MONTH
-
n1936
.i>
14,708" 0 "3*56* 6
19,02 80 3 8,3 6 350, 0 6,519*750 407, 652
DOECMBFR NotBeso—ands utiles&ccopsotae,l,l,manufctres oi miaannudfuctsrtirgl —&buicldngs, —&hco—ltdrait_nrdugins,g,,Miscelanou NBootaensds utiles&cocpsotea,l,l,manufctres oi maiannufdcutsritgrl -&builcdngs, &hco_tlrdatirnduigns,g,,Miscelanou utiles&cocpsotae,l,l,manufctres oi maiannudfuctsrtirgl &buicldngs, - &hoctlr_datirdnuignsg,,,Miscelanou utiles&cocposetaer,l,l,manufct acesori maainnufdncutsrditrgl &buicldngs, &hcot_lrdtaridnuigns,gt,,Miscelanou securciotrpate
MONTH
term Railrods Public Iron, Equipment Maontdrs
Long
Total
Other
Oil
Land, Rub er
Ship ing Inv.
term Railrods Public Iron,Equipment Maontdrs
Short
Total
Other
Oil
Land, Rub er
Ship ng Inv.
Stocks— Railro ds Public
Equipment and
Shipng.
Iron, Mot rs Other Land, Rub er Inv.
Oil
Total
Total—
Railrods Equipment and
Total
Public Iron, Mot rs Other Land, Rub er Ship ng Inv.
Oil
405,84 0 214,05 10,92 87513, 4170
643,89534 6.015,0 169,0.6 849, 0 791,29,0 1,73028,4
4 5,60 3, 97,320
318,5372040, 0 92,50",0 87,0 429 538,0419
Capital 271,048 034,12 50 10,4752 9,716,850
325,61 25 26,015 0 7,10",0 762,496501,29,0 1,9248,75
Total
1932
Refundi g
134,79680 179,840
New
1933
13 ,3 2
Refundi g 14,8705 72,0 820 32,17 8
1,60 ",6
13 ,3 2
1934
491,04 9 50, 0 10, 0 721, 10 93,4593
174,93150 136,705
Refundi g
1,20 , 0
1,20 , 0
1933
1934
FYEIOVARS YEARS
2,06 58,050,39125123,650746 27,18024
SbSoftFarmGtueaoonihnyivcdegprddns-lmesayl.FTE1MDF3NOAHIV2RCR.
FGFLMAFOMOT1EIUDNVR3OENAEHRCING2PMDNRCGST.,
987",019 20365,10348,208,0
1,8635,80716,0 0 3,4026,31
403,569 8 150, 1580 54,9 733,48,0 1,4209,31
New
CITSUORNPHIEAED
4,63195,68148,0 078,50 0375,2160 1, 78 ,0593,25,0 6,25481,30
3,96271,0 62,70 270,8436 28,06371 38,0 0 15,bo",6o5
Total
Refunding 3,14 8 ,72339,7 50 180, 7308 19,570 9 30, 0, 0
Capital 81,45687 23,0250 89,6728426,49368 8,0 ,0 i5,"ob ~,6
SOUM AFRY
21,90 0745,9 824 1,57 ,0
GONRUEPFIW
3,4195,38248,0 078,50 035,1260371.923, 51,750, 0 4,268 1,27
1936
CORPATE,
$
1,26950.2
New
179,840
$
1935
$
Refundi g
138,49150
14,870.5 7,27,0 23,84 70 19,5740 12,0 .0 5",bo",0
90 ,0 0
23,610 16",50", 0
2,908, 0 4,0 ,0 40 ,0 0 18,50 0
5,9 ",10
73,678,20 2,147",78 30,17 0
175,0 0
250, 0
287,0310 70,9470 75.0, 0 6,758,0 16,0 0
196,73 0 1,2891,40 265,0 7,941",0 238,15 0 15,0 8,360, 0
6," 6",0 8,9 7, 50
123,896801,475,68 16,2456 2,41",0 189,65401 ,281506,392,0
4,bo ",0 7, 4 ,0
Capital 72,843 2081,765 32104,25 34 50,50b0",48,150 5,218,7501,968.0
$
750 2,387",49
"588',
525,0 0
"310",20 10,789650 34,601349
80 ,0 0 50 ,0 0
250, 0
58 ,750
32,05374920, 0 40 ,0 0 525,0 0 "bl2011,039650 491,04 9
0
249,3210 58,4 0
18,8
176,4850 109,85 0 8,26,0 19,0 ,0
137,905 0
312,83650
31,50 "58 ",750 2,387",49 "525",0 0 310.20 10,789650 34,601.349 72,4710 49,35 0 58 ,750 23,78",7491,0 ,0 40 ,0 0525,0 0 ~018,201,039,650 178,25.94
0
2,06 58, 0
6."O ",6 50, 39.125 34,8 05462 ,39485 "102,78 37, 62 48 5,075,0
51,065", 0 150,83 90 196,73 0 29,84 58 16,852",913280, 7 4816,57 0 8,360, 0 6,0 ,0 6,053,0
1,283751,946
2,6748,65
1,743 ,814
26,b"0 ,6 5,0 ,0 2, 45",0 6,0 ,0
6.0 ,6 39,2450 3 ",045"296 13,7620 182.90179".
28,0671", 81,498 3
8, 094252,485,0
60 ,0 0
75,08 902,0756 ,20 37,20 24,80 213,56 0 264,0 02,9480 27,0 0 1.0 ,0 239,50 0 4,0127.60 37,150 1,850, 02,0 ,0
1,294125 l2",75850~,8,632,85 "278 25,342 51 5,075,0
9.275.0 5 4,50 , 0 245,0 0 7, 50",60 62,7 0 3.82 ,0 47,8 763 14,29043 7,462,40 13,7 820 56,7049 43,5148 3 50 ,0 010 ,0 03,509,3 01 ,9250 164,57 63 567,904 81
24774506,817 51,95 1,23 236,01752 0,73450 152,98~36240, 19631,72 0 15,710 3",160",57 18,0 0 60 ,0 02,0 ,0 9,10 ,6 2, 87,50
Refundi g
3,1748 ,23
CHAARNCTDER Capital 248,6348517,85496314,5824 4,096,50 610.65341",23,9580371,260 1,4290 60,001,0 ,0 206,39430 826,4587 19,50 1,250, 0
1,98630.12
$
7, 50", 0 39,7 50 3,82 ,0 43, 0862 6,471,0 523,90 80, 49136 1 ,897385 3,509,3 6 45,"0 ,780 20,43159
0 6 2, 12,50 245,0 0
123,89601,20 1,64180, 76 2,4l"6 204,3 47106,281 506,392,0 4,0 ,0 36,41580 1,8635,807
28,39",750 69,3197 72,843 2083.50,8212,87.192 14. 1~.9375,97401 0,2937501,968,0 20,bo0",29,63750 403,569 8
~"l"0
$
1936
169,45 0
20, 0 5,0 ,0 8", 09.1254,730, 06,0 ,0
2,0 ,0 1,243,750 32,94386
New
32.17. 8 87,9045058,1047819,5740 12,0 0 36,895~,O6 166,5959", 20,86 478
16,750 7,0 ,0 3,54,15 "859",269105,9 0721,795,120 1,08,56 325,0 0 120.41,78 12,0 0 34,210 3.54,15 '"859",269106,7402 1,795,12090 ,0 0 1,08,56 325,0 0 160,7 .18
174,93150 63,9470 52,0. 0 5,98,0 15,0,0
$
Total
318,53 720
90,35,20 9,147, 83,54,15 "859",269136, 90721,795,120 1,08 ,560325,0 6 152,738956 9,045092,7314782,951 12,0 0 859,269143,069 721,795,12090 ,0 05,9 ,10 1,08,56 325,0 0 381,5365
7,2 7,0 40,3 470 19,5 740 12,0 0 5,175.0 5 51,96595",
New
Total
3,842,9 0 47,82 0 265,90672010 ,0 0 4,20 , 0 " 50. 0 "450",6 0
2,342~920 1,50 , 0
'
Refundi g 12,5380 56, 85 0 2,308, 0 3,50 , 0
4,752
Refundi g 1,743 814 39,2450 69,15 643 12,34 50
450, 0
2,70 , 0
3",62~0",60 2, 0 , 0 271,048 0 1 ,3250 8,2 50 1,70 . 0 66654. 01", 8,310,56 34,12 ,50 61,47625", 8, 61,20 2,168,750 1,20 , 0 1,50 , 0 20.192, 5 13, 25.0 274,35017 3,50 . 0 10,8 620 8,12 ",0 2,168.750 1,20 , 0 12,0 50 325,61 25
Refundi g 80,62750 32,5180 1.725,0
178,2510 82,9450
10 ,0 0
65,74 10 26,359 0 "bo ",0 50 ,0 0 40 ,0 0 is,bo",0 12,06 7,0 ,0 23,0 0
Capital
2,6748,6516,0 0 1,37"0 , 120,5 971,690 345,62
Capital 32,943861,294125 4,9510314,836 94
1935
92,6750 43,290 1,725,0 "bo ,60
Total
178,2594 405,1 0 82,978254 1,38647,30
Total
134,79680 38,50 0138,4 0
New
312,8650 50, 0 10, 0 316,0 0136,47569 825,91 79
New
325,0 0
1,80 , 0 259,603 3,50 , 0
Capital 12,0 0 10,7210
2,1 59,482
Capital 12,06 31,50 3,198,45031,40289
50,0 0
Total
160,7 18 63,90 0483,97 41,50,0 709,51 2
287,0310 68,25 0 3,198,45031,40289
"0~2,
376 0,6 606 405,84 0 49,825,0 146,290 10 ,0 0 4, 0 , 0 4,5~01 ,65 "450.65 8,310,56 214,0 5 0 8, 05",095 "163,0 20 2,168",756 1,20 .6 51,50 , 0 24,035 4 60,9520 540,268953,60 , 0 15,086,20 8,~17 ~5 2,168,750450, 0 1,20 , 0 12,01 ,50 643,89534
0
Capital
20,86478 60, 0 26.50,6 37,08 49 34,196527
New
325,0 0
Refundi g 9,327,0 125,41980
New
«
Capital 23,610 16,750 15,2 5 105,6 291
Total
1932
381,536 60, 0 96,"I5O",6 520,4780231,50,0 1,05371,69
1,60 , 0
138,49150 8,75320 15,2 5 137,8 069
Total
1,27,0 385,02 80 3,50 , 0
Total
796,05890 2,1534,96 39,40 32,8 40 13,7820 479,36197 312,048323,693,0 27,10 04,109,3012,950 41,82763 4,63195,681
523,90
528,645 1 2,01659,8 24,5127 20,73450 24,934 72 59,2684 1,72,0 15,710 3,509,30 85,96",350 3.41,95382
23,02.50 41,53759",7,819,43 7,462,40 13,2430 175,2134 26,17458 50 ,0 010 ,0 0 1,925",0 19,52183 367,4092 267,413 85123,68409 148,97 6811,5895013,2430 236,4750 52,78 951,971,0 1,5290 60 ,0 012,950 325,861283 1,26950,2
"175",
New
'
D3E1C. notes. notes. notes. Governm—t agcies-.&Ct;,Posein fiuncldse 3DE1C. Notes &c manufctrig * &hocld—ing, Notes— &c manufctrig - &hocld_ing, &c manufctrig —h&ocld_ing, &c manufctrig h&ocld_ing,
bDCTEMNODNHS orpate— omestic— otanendrmds term Presftockd CosmtocoknCandi— botaennrddms term Presftocrked Cosmtockon foreign— botaennrddms term Presftocrked Cosmtockon corpate GCovaenrnmdiat_nforeignGLooavantnd, Municpal—Stes,Staes Gtoraandl dfinguorets EMNODNTHS Btoaennrddms Railrods. utiles ccospoteal,,l,Emqaunuifpcmtreesnt anoid inadustrl -&buildcngs, Shipingtrtarudisntg,,Miscelanous Btoeanrdms Railroads utiles Eqmuainpufmtent aacesnorid indaustril &buildcngs, iscelanous Railroads utiles Equmainpufmtent aacesnordi indaustrl &buildcngs, Miscelanous Railroad—s utiles Equmaipnumftent aacensodri indaustril b&uildcngs, Miscelanous csoerpcuraitte
ccsootpeaelrl,,, Shipingttrraudsintg,, cscotopeaellr,,, Shipin_gttrraudsintg,, ccsootpeaellr,,, Shipingttrraudsintg,,
LongShort
LongShort
-
12
Other
LongShort
Total
These
Other
Total
*
Farm
*
United
Long
1
12
Public Iron, Motors Other Land,Rub er
Oil
Inv.
Short
Total
Public Iron, Motors Other Land,Rub er
Oil
Inv.
M
Stocks—
Total
Public Iron, Motors Other Land,Rub er
Oil
Inv.
Total—
Public Iron, Motors Other Land,Rub er
Oil
Inv.
Total
Volume
Financial
144
DETAILS OF NEW CAPITAL FLOTATIONS
DURING
DECEMBER, 1936
LONG-TERM
BONDS
AND
NOTES
(ISSUES MATURING LATER
THAN FIVE YEARS)
RAILROADS
$1,080,000
Chicago & Eastern Illinois Ry. equip, tr. 3Ms, O, May 1,
1937-Nov. 1, 1951.
New equipment.
Priced to yield 0.80%
to 4.00%.
Offered by Hallgarten & Co.; Lehman Bros., and
Graham, Parsons & Co.
3,100,000 Chicago Milwaukee St. Paul & Pacific RR.
3s.
New equipment.
Priced to yield 3.14%.
Co. equip, trust
Sold to North¬
western Mutual Life Insurance Co.
2,400,000 Chicago Rock Island & Pacific Ry. Co. equip, trust 3MS» R.
July 1, 1937-Jan. 1, 1947.
New equipment.
Priced to yield
from 0.80% to 3.70%.
Offered by Lehman Bros.; Hallgarten
& Co.; Graham, Parsons & Co. and A. G. Becker & Co., Inc.
13,900,000 Illinois Central RR. Co. equip, trust 4s, Q, Aug. 1, 1937Feb. 1, 1944.
Acquired from RFC.
Priced to yield from
0.50% to 3.00%.
Offered by Salomon Bros. & Hutzler and
Stroud & Co., Inc.
.
1,278,000 Kansas City Southern Rjy. equip, trust
New
equipment.
3s, F, Jan. 1,1938-43.
Pricedf to yield from 0.40% to 1.80%.
Co., Inc. and Blyth & Co., Inc.
7,250,000 Lake Erie & Western RR. Co. 1st M. 3s, Jan. 1, 1947.
Offered by Brown Harriman &
Extension
of
maturity.
Extension price,
98M.
Offered to
holders of company's 1st M. 5s, maturing Jan. 1, 1937.
Any
bonds taken up by Edward B. Smith & Co. at
173
Chronicle
26,834,000 Ohio Edison Co. 1st M. 3Ms, Jan. 1, 1972.
Refunding,
Price, 103; to yield 3.60%.
Offered by MorganStanley
& Co., Inc.; Bonbright & Co., Inc.; Brown Harriman & Co.,
Inc.; Edward B. Smith
Higginson Corp.; E. W.
Lee
and
& Co.;
Dillon
Corp.;
& Co..
Kuhn,
& Co.; The First Boston Corp.,
Clark & Co. and Stone & Webster
Blodget, Inc. Other underwriters were: Lazard Freres
Inc.; Blyth & Co., Inc.: Lehman Brothers; Eastman,
& Co.; Kidder, Peabody & Co.; Mellon Securities
Schoellkopf, Hutton & Pomeroy, Inc.; W. E. Hutton
Graham, Parsons & Co.; Spencer Trask & Co. and
Loeb & Cd.
35,000,000 Oklahoma Gasl& ElectricICo.
Refunding. Price, 102Ml to yield
1st M. 3Ms, Dec. 1,
3.60%.
1966.
9,500,000 Oklahoma Gas & Electric Co. debenture 4s, Dec. 1, 1946,
Refunding. Price, 100M; to yield 3.96%.
Both issues of Oklahoma Gas & Electric Co. were offered by
H. M. Byllesby & Co., Inc.; Schroder Rockefeller & Co., Inc.;
Bancamerica-Blair Corp.; W. O. Langley & Co.; A. C. Allyn
& Co., Inc.; The First Boston Corp.; Blyth & Co., Inc.: Bon¬
bright & Co., Inc.; Emanuel & Co.; Field, Glore & Co.: Halsey,
Stuart & Co., Inc.; Granbery, Safford & Co.; Kidder, Peabody
& Co.; Hemphill, Noyes & Co.; Harris, Hall & Co.
(Inc.);
A. G. Becker & Co.. Inc.; E. H. Rollins & Sons, Inc. and
Central Republic Co.
25,000,000 Pacific Telephone & Telegraph Co. ref. M. 3Ms, C, Dec. 1,
1966.
Refunding; general corporate purposes.
Price, 105; to
yield 2.99%. Offered by Morgan Stanley & Co., Inc.; Kuhn,
Loeb & Co.; Kidder, Peabody & Co.; Lee Higginson Corp.;
The First Boston Corp.; Brown Harriman & Co., Inc.; Edward
B. Smith & Co.; Blyth & Co., Inc.; Dean Witter & Co., and
Harris, Hall & Co. (Inc.).
unextended
par
and interest.
10,000,000 Long Island RR. Co. ref. M. 4s March 1, 1949.
capital purposes.
Price, 105M; to yield 3.44%.
Kuhn, Loeb & Co.
Refunding;
Offered by
$39,008,000
PUBLIC
UTILITIES
al60,000,000 American Telephone & Telegraph Co. 30-year debenture
3Ms, Dec. I, 1966.
Refunding.
Price, 102; to yield 3.13%.
Offered by Morgan Stanley & Co., Inc.; Kuhn, Loeb & Co.;
Kidder, Peabody & Co.; Lee Higginson Corp.; Brown Harriman
& Co., Inc., and Edward B. Smith & Co.
Other underwriters
were:
Blyth & Co., Inc.; Mellon Securities Corp.; Bonbright
& Co., Inc.; Lazard Freres & Co., Inc.; Clark, Dodge & Co.:
Dominick & Dominick; Goldman, Sachs & Co.; Harris, Hall
& Co. (Inc.); Hayden, Stone & Co.; W. E. Hutton & Co.;
Lehman Brothers; F. S. Moseley & Co.; J. & W. Sellgman
& Co.; White, Weld & Co.; Hornblower & Weeks; Jackson &
Curtis; Dean Witter & Co.; The, Securities Co. of Milwaukee,
Inc.; Bancamerica-Blair Corp.; Chas.
D. Barney & Co.;
Cassatt & Co., Inc.; E. W. Clark & Co.; Coffin & Burr, Inc.;
R. L. Day & Co.; Estabrook & Co.; Field, Glore & Co.;
Graham, Parsons & Co.; Hallgarten & Co.; Hayden, Miller
& Co.; Hemphill, Noyes & Co.; Kean, Taylor & Co.; Ladenburg, Thalmann & Co.; G. M.-P. Murphy & Co.; W. H.
Newbold's Son & Co.; Paine, Webber & Co.; R. W. Pressprich
& Co.; E. H. Rollins & Sons, Inc.; Salomon Bros. & Hutzler;
Schoellkopf, Hutton & Pomeroy, Inc.; Speyer & Co., N. Y.;
Stone & Webster and Bloaget, Inc.: Spencer Trask & Co.;
Tucker, Anthony & Co.; W. C. Langley & Co.; A. G. Becker
& Co.; Biddle, Whelen & Co.; Alex. Brown & Sons; Central
Republic Co.; Dick & Merle-Smith; Eastman, Dillon & Co.;
First of Michigan Corp.; Foster & Co., Inc.; Laurence M.
Marks & Co.; Otis & Co.; Arthur Perry & Co., Inc.; Riter
& Co.; L. F. Rothschild & Co.; Schroder Rockefeller & Co.,
Inc.; Shields & Co.; Singer, Deane & Scribner; Starkweather
& Co., Inc.; Washburn & Co., Inc.; Whiting, Weeks & Knowles,
Inc.; G. H. Walker & Co.; Green, Ellis & Anderson; Schwabacher & Co.; Stern Brothers & Co.; Wells-Dickey Co.; Yarnall
& Co.; Bacon, Whipple & Co.; Baker, Watts & Co.; Blair,
Bonner & Co.; Burr, Bennett & Co.; Robert Garrett & Sons;
J. J. B. Hilliard & Son; The Illinois Co. of Chicago; Mackubin.
Legg & Co.; Merrill, Turben & Co.; Moore, Leonard & Lynch;
Newton, Abbe & Co.; Lawrence Stern & Co., Inc.; Callaway,
Fish & Co.; Elkins, Morris & Co.; Equitable Securities Corp.;
Mitchum, Tully & Co.; Nichols, Terry & Dickinson, Inc.;
Smith, Moore & Co.; Stein Bros. & Boyce; Stroud & Co., Inc.;
Dillon, Read & Co.
1,000,000 Battle Creek Gas Co. 1st M. 3 Ms, C, Nov. 1, 1956. Refund¬
ing; other corporate purposes.
Placed privately at par. Sold
by G. L. Ohrstrom & Co., Inc. to four insurance companies.
16,000,000 Connecticut Light & Power Co. 1st & ref. M. 3Ms, G,
Dec. 1, 1966. Refunding. Price, 104; to yield 3.30%. Offered
by Putnam & Co.* Chas. W. Scran ton & Co.; Estabrook &
Co.* Kidder, Peabody & Co.; Brown Harriman & Co., Inc.;
The R. F. Griggs Co.; Coffin & Burr, Inc.; The First Boston
Corp.; Blyth & Co., Inc.; Stevenson, Gregory & Co.: Hincks
Bros. & Co., Inc. and Paine, Webber & Co.
23,000 000 Consolidated Gas Electric Light & Power Co. of Balti¬
more 1st ref. M. 3 Ms, N, Dec.
1, 1971. Refunding; improve¬
ments; other corporate purposes
Price, 104; to yield 3.30%.
Offered by Wlnte, Weld & Co.; The First Boston Corp.;
Minsch, Monell & Co., Inc.; Joseph W. Gross & Co.; Lee
Higginson Corp.; Brown Harriman & Co., Inc.; Bonbright &
Co., Inc.; Blyth & Co., Inc.; Jackson & Curtis; Spencer Trask
& Co. and Kidder, Peabody & Co.
12,000,000 Consumers Power Co. 1st M. 3Ms, Nov. 1, 1966.
Capital
expenditures.
Price, 102M; to yield 3.11%.
Offered by
Morgan Stanley & Co., Inc.; Bonbright & Co., Inc.; The First
Boston Corp.; Brown Harriman & Co., Inc. and E. W. Clark
& Co.
I
1,042,800 Edison Sault Electric Co. 1st M. 4Ms, A, Oct. 1, 1961.
Refunding, retire demand notes. Price, 101M; to yield 4.40%.
Offered by First of Michigan Corp. and Campbell, McCarty
& Co., Inc.
10,000,000 Florida Power Corp. 1st M. 4s, C, Dec. 1, 1966.
working capital. Price, 100* to yield 4.00%.
Refunding;
2,500,000 Florida Power Corp. debenture 5s, Dec. 1. 1966. Refunding;
working capital.
Price, 101: to yield 4.87%.
Both issues of Florida Power Corp. were offered by E. H.
Rollins & Sons, Inc.; The First Boston Corp.; Halsey, Stuart
& Co., Inc.
Blyth & Co., Inc.: Field, Glore & Co.; W. O.
Langley & Co.; A. O. Allyn & Co., Inc.: H. M. Byllesby &
Co., Inc.; Hemphill, Noyes & Co.; Starkweather & Co., Inc.;
Eastman, Dillon & Co.: Stroud & Co., Inc.; Otis & Co., Inc.
and B. B. Robinson & Co.
27,500,000 Houston Lighting & Power Co. 1st M. 3Ms, Dec. 1, 1966.
Refunding.
Price, 103; to y eld 3.34%.
Offered by Halsey,
Stuart & Co., Inc.; W. C. Langley & Co.; Edward B. Smith
& Co.; The First Boston Corp., J. & W. Seligman & Co.;
Brown Harriman & Co., Inc.; Bonbright & Co., Inc.; Lee
Higginson Corp.; Blyth & Co., Inc.; Coffin & Burr, Inc. and
Stone & Webster and Blodget, Inc.
5,745,000 Jamaica Water Supply Co. 1st M. 3Ms, A, Dec. 1, 1961.
Refunding.
Placed privately.
5,000,000 Kansas Electric Power Co. 1st M. 3 Ms, A, Dec. 1, 1966.
Refunding.
Price, 100; to yield 3.50%.
Offered by A. G.
Becker & Co., Inc.; Field, Glore & Co.; Halsey, Stuart &
Co., Inc.; Harris, Hall & Co. (Inc.); Brown Harriman & Co.,
Inc.; Bonbright & Co., Inc., and W. C. Langley & Co.
9,000,000 Missouri Power & Light Co.
1st M. 3Ms, Dec. 1, 1966.
Refunding; property additions.
Price, 102; to yield 3.63%.
Offered by The First Boston Corp.; Harris, Hall & Co.,
(Inc.): E. H. Rollins & Sons, Inc.; Brown Harriman & Co.,
Inc.; Blyth & Co., Inc.; Kidder, Peabody & Co.; Spencer
& Co.; Stone & Webster and Blodget, Inc.; Riter &
Co.; H. M. Byllesby & Co., Inc.; Coffin & Burr, Inc. and
Trask
Alex. Brown & Sons.
7,250,000 Pennsylvania State Water Corp. 1st coll. trust 4MS. Nov. 1,
1966.
Price, 103;
Refunding: reduce accounts payable.
to yield 4.08%.
Offered by W. C. Langley & Co.; Halsey,
Stuart & Co., Inc.; Chandler & Co., Inc.; A. C. Allyn & Co.,
Inc.; Hemphill, Noyes & Co.; Paine, Webber & Co.; H. M.
Payson & Co. and Cassatt & Co., Inc.
Other underwriters
were:
Schroder Rockefeller & Co., Inc.; J. & W. Seligman
& Co.; Stone & Webster and Blodget, Inc., and Hale, Waters
& Co., Inc.
1,400,000 Public Service Co. of New Hampshire 1st M.
Dec. 1, 1966.
Repay bank indebtedness.
Price,
yield 3.13%. Offered by Halsey, Stuart & Co., Inc.
15,000,000 Rochester Gas & Electric
General corporate purposes.
companies.
150,000 Southeastern
Corp. general M. 4s, F, 1960.
Placed privately with insurance
Illinois Gas Co.
General
corporate purposes.
Offered by Minnich, Bradley
3Ms, F,
101M; to
1st M. 5s, July
1, 1956.
Price, 97M; to yield 5.20%.
& Associates, Inc., Chicago.
392,921,800
OTHER
INDUSTRIAL AND
MANUFACTURING
$20,000,000 Armour & Co. of Delaware 1st M. 4s, O, Jan. 1, 1957.
Acquire three plants, refunding, working capital. Price, 98M;
to yield 4.11%.
Offered by Kuhn, Loeb & Co.; The First
Boston Corp.; Brown
Harriman & Co., Inc.; Edward B.
Smith & Co.; Blyth & Co., Inc. and Lee Higginson Corp. Other
underwriters were:
Goldman, Sachs & Co.; Field, Glore &
Co.; Hayden, Stone & Co.; Kidder, Peabody & Co.; Ladenburg, Thalmann & Co.; Lazard Freres & Co., Inc.; Lehman
Brothers; E. H. Rollins & Sons, Inc.; J. & W. Seligman &
Co.; Speyer & Co.; White, Weld & Co.; A. G. Becker & Co.,
Inc.; Estabrook & Co.; Hallgarten & Co.; F. S. Moseley & Co.;
Schroder, Rockefeller & Co., Inc.; Lawrence Stern & Co.,
Inc.; Stone & Webster and Blodget, Inc.; Dean Witter & Co.;
Blair, Bonner & Co.; Central Republic Co., and Illinois Co.
of Chicago.
300,000 Centlivre
Brewing Corp. conv.
class
Redeem
A
stocK,
1st M. 5s, Jan.
improvements.
Price,
f
1, 1952.
100; to yield
5.00%. Each $1,000 of bonds convertible into common stock
up to Dec. 31, 1941 at rates ranging from 286 shares to 200
shares. Offered by Central Securities Corp., Fort Wayne, Ind.
Newspapers, Inc. coll. trust 5% notes, Aug. 1,
1,
1942.
Acquire radio broadcasting station.
yield from 4.00% to 5.50%. Offered by Indianapolis
Bond &
Share
Corp.,
Indianapolis, and Albert McGann
Securities Co., Inc., South Bend, Ind.
375,000 Central
1937-Feb.
Priced to
5,000,000 Dow Chemical Co. debenture 3s, Dec. 1, 1951.' Replenish
working capital; general corporate purposes.
Price, 100; to
yield 3 00%. Offered by Edward B. Smith & Co.
500,000 Filtrol Co. of
for
California conv. deb. 5s, Dec. 1, 1946. Provide
dividend payment;
finance subsidiary company
develop¬
ment; working capital.
Price, 100; to yield 5.00%.
Each
$500 of debentures convertible into capital stock prior to
Dec. 1, 1941 at rates ranging from 44 shares to 36 shares.
Offered by Battson, Barnes & Lester, Inc., and Elworthy & Co.
1,250.000 Graton & Knight Co. 1st M. 4Ms, Dec. 1, 1951. Refunding.
Price, 99M; to yield 4.77%. Offered by Lee Higginson Corp.;
Brown Harriman & Co.,
Inc.; Paine, Webber & Co. and
Pickhardt & Ellis.
2,500,000 Mengel Co. 1st M conv. 4Ms, March 1, 1947.
Refunding;
working capital. Price, 100; to yield 4.50%. Convertible prior
to Feb. 28, 1942 into $1 par value common stock on the basis
of eight shares of common stock for each $100 face amount of
bonds, and thereafter to Feb. 28, 1947 on the basis of six
shares of common stock for each $100 face amount of bonds.
Offered
by James O. Willson &
St. Louis, Mo.
Co., and Metropolitan St.
Louis Co.,
340,000 Messenger Corp. (Auburn, Ind.) conv. deb. 4Ms, July 1,
1951.
Retire 8% preferred stock; acquire plant; working
capital. Price, 89M; to yield 5.54%. Convertible into common
stock from and after tne beginning of the second year after
date of issue to the beginning of the fifth year at rates ranging
from $8 to $12 per share.
Offered by Morrish & Hockett, Inc.
1.500,000 Poor & Co. debenture 4s, Oct. 1, 1946.
Refunding.
99M: to yield 4.06%.
Offered by Harris, Hall & Co.
Price,
(Inc.).
1,125,000 Seattle Times Co. debenture 4Ms Dec. 1, 1948. Refunding;
plant additions. Price, 100, to yield 4.25%. Offered by Blyth
& Co., Inc.; Wells-Dickey & Co. and Drumhelier, Ehrlichman
& White.
2,450,000 Thermoid Co. 1st lien coll. trust 5s Dec. 15, 1951. Refunding;
retire underlying mortgage; other corporate purposes.
Price,
100; to yield 5.00%.
Each $1,000 bond carries three nondetachable stock purchase warrants for 10 shares each of
common stock, exercisable as a whole only ac $8, $12 and $16
per share, respectively, on or before Dec. 15, 1941, or prior to
redemption of the bonds.
Offered by Van Alystne, Noel &
Co., Inc.; Fenner & Beane and Schluter & Co., Inc.
Other
underwriters were:
Emanuel & Co.; Griffith, Wegenseller &
Durst; James M. Johnston & Co.: C. T. Williams & Co., Inc.;
McGowan, Cassady & White, Inc.; Taussig, Day & Co.;
Banks, Huntley & Co.; Durr & Co., Inc., and Drumhelier,
Ehrlichman & White.
$35,340,000
LAND, BUILDINGS,
&C.
$350,000 Chevy Chase Club 1st M- 4M8, Jan. 1, 1957.
Refunding.
Price, 102; to yield 4.10%.
Offered by Folger, Nolan & Co.,
Inc.
700,000 Diocese of Trenton & St. Peter's Catholic Church of
New Brunswick, N. J. 1st M. 4% notes, Aug. )L, 1937-51.
Real estate mortgage.
Price, 100: to yield 4.00%.
Offered
by Metropolitan St. Louis Co., St. Louis, Mo.
150,000 House of the Good Shepherd of Omaha, Neb. 1st M. 4%
notes, Jan. 1, 1938-52.
Real estate mortgage. Price, 100M100; to yield 3.00%-4.00%.
Offered by Metropolitan St.
Louis Co.. St. Louis, Mo.
Financial
174
Chronicle
Jan.
1937
9,
300,000 Lutheran Charities Association of St. Louis, Mo. 1st M.
4%-4)i% notes, Jan. 1, 1938-49.
Real estate mortgage.
Price on application.
Offered by Eckhardt-Petersen & Co.,
Inc., St. Louis, Mo.
106,200 Chicago Venetian Blind Co. 18,000 shares common stock.
250,000 Purdde University (Trustees of) 1st M. house and gymna¬
sium, 3s, Dec. 1, 1938-49.
Real estate mortgage.
Priced to
yield 1.50% to 2.75%.
Offered by Oity Securities Corp.,
Indianapolis, Ind.
,
228,544 Clark Controller Co. 14,284 shares common stock. Capita'
expenditures; Price, 16. Offered by company to holders of its
common stock.
269,000 Sisters of Mercy of Fort Scott, Kansas, 1st & ref. 4s,
Nov. 1, 1937-51.
Real estate mortgage.* Price on application.
Offered by Dempsey-Tegeler & Co., St. Louis, Mo.
New
Bond
83,000 Cross Gear & Machine Co. 83,000 shares common stock.
Retire real estate encumbrance; working capital; expansion.
'
$3,249,000
/v
INVESTMENT
TRUSTS,
$1,000,000 Managed Estates,
1944.
:
& Seal Co. 106,717 shares common stock.
and completion of property of sub.
58.
Offered by company to holders of its common
stock. Underwritten by Paine, Webber & Co.; Hayden, Stone
& Co.; W. C. Langley & Co.; Hallgarten & Co.; Cassatt &
Co., Inc.; Estabrook & Co.; Stone & Webster and Blodget,
Inc.; Alex. Brown & Sons; Mackubin, Legg & Co.; Baker,
Watts & Co.; Mitchum, Tully & Co. and Putnam & Co.
HOLDING,
yield 4.63%.
porate purposes. Price, 10. Convertible on any dividend date
until Nov. 1, 1940 into common stock at rate of one share of
Offered by Griffin & Vose, Inc., Philadelphia.
'
12,000,000 Associates Investment Co. debenture 3s, Dec. 1, 1946.
Retire outstanding short-term notes; purchase receivables.
Price, 100; to yield 3.00%.
Offered by F. S. Moseley &
Co.; Field, Glore & Co.; Brown Harriman & Co., Inc.; Lee
Higginson Corp.; Hayden, Stone & Co. and Harris, Hall &
Co. (Inc.). Other underwriter was: Riter & Co.
600,000 Davidson-Boutell Co. debenture 5s, Dec. 1, 1946.
Retire
notes, bank loans and other liabilities.
Price, 100; to yield
5.00%.
Offered by Kalman & Co., Minneapolis, and Stern
Bros. & Co., Kansas City, Mo.
750,000 General Finance Corp. (Detroit) conv. deb. 5s, B, Dec. 1,
1951.
Working capital; expansion of business. Price, 101)4,
to yield 4.85%.
Convertible into common stock on or before
Dec. 1, 1942, or prior redemption date, at rates ranging from
160 shares to 100 shares for each $1,000 of debentures. Offered
by Jackson & Curtis; First of Michigan Corp. and Charles A.
Co.
Other underwriter
was:
Jackson
&
Curtis
Securities Corp.
1,500,000 North American Investment Corp. coll. trust 4s, Dec. 1,
1951.
Refunding.
Price, 100; to yield 4.00%.
Offered by
Blyth & Co., Inc.; Weeden & Co. and Schwabacher & Co.
$15,550,000
BONDS AND
AND
NOTES
INCLUDING
(ISSUES MATURING UP TO
FIVE
YEARS)
RAILROADS
$8,400,000 Western Pacific RR. Co. 254% trustees' certificates, Dec. 1,
1938.
Refunding; rehabilitation of properties. Price, 100; to
yield 2.75%. Offered by Lazard Freres & Co., Inc.; Blyth &
Co., Inc. and Brown Harriman & Co., Inc.
OTHER
preferred for one share of common.
Offered by Minnich,
Bradley & Associates, Inc., Chicago; Frank C. Masterson &
Co., N. Y.; Smart & Wagner, Inc., Louisville, Ky.; Neuwoehner, Gremp & Co., St. Louis; Harry L. Henry & Co.,
Baltimore; Denault & Co., San Francisco, and Newfield &
Price, 102; to
MISCELLANEOUS
SHORT-TERM
300,000 Cummins Distilleries Corp. 30,000 shares cum. conv. pref.
stock.
Retire 1st M. bonds, liquidate liabilities; other cor¬
&c.
$700,000 American Loan Co. debenture 5s, Nov. 1, 1946 and 1951*
Replace preferred stocks; other corporate purposes.
Pride.
100; to yield 5.00%. Offered by City Securities Corp., Indpls.
Parcells.&
INDUSTRIAL AND
MANUFACTURING
$650,000 G. R. Kinney Co.. Inc. secured 5)4% notes, Dec. 1, 1941.
Extension of maturity.
Extended at par.
Offered to holders
of company's secured 7)4% notes maturing Dec. 1, 1936.
500,000 Seattle Times Co. debenture 4)4s, A to E, Dec. 1, 1937-41.
Refunding; plant additions.
Priced to yield from 1.50% to
3.75%.
Offered by Blyth & Co., Inc.; Wells, Dickey & Co.
and Drumheller, Ehrlichman & White.
Co.. Los Angeles.
658,487 Duquesne Brewing Co. 52,679 shares common stock. New
building; additional equipment.
Price, 12)4.
Offered by
company to holders of its common stock.
debt
are
RAILROADS
$3,828,000 Bangor & Aroostook RR. 38,280 shares cumulative conv.
5% preferred stock. Redeem 7% preferred stock. Price, i00;
to yield 5.00%. Offered by company to holders of its preferred
and common stock. Each share convertible into two shares of
equipment.
stock up to July 1, 1941 on payment of $5; thereafter
July 1, 1946 on payment of $10, and thereafter on payment
$20.
Underwritten by Hornblower & Weeks; Brown Harri¬
man & Co.; Lee Higginson Corp. and Hayden, Stone & Co.
to
of
UTILITIES
$1,522,500 Missouri
Power & Light Co. 15,000 shares $6 cum. pref.
stock.
Retirement of debt; property additions.
Price, 101)4;
to yield 5.91%.
Offered by The First Boston Corp.; Harris,
Hall & Co., (Inc.); E. H. Rollins & Sons, Inc.; Brown Harriman
& Co., Inc.; Blyth & Co., Inc.; Kidder, Peabody & Co.; Spencer
Trask & Co.; Stone & Webster and Blodget, Inc.; Riter &
Co.; H. M. Byllesby & Co., Inc.; Coffin & Burr, Inc. and
Alex. Brown & Sons,
1,150,000 Public Service Co. of New Hampshire, 11,500 shares of $5
pref. stock.
Repay bank debt.
Price, 100; to yield 5.00%.
Offered by Arthur Perry & Co.; E. H. Rollins & Sons, Inc.;
and Tifft Bros.
of Illinois,
& Co.
current debt; other corporate purposes.
into
478,350 A.
common
stock
Hollander
&
on
Son,
holders of its common stock.
1,650,000 Lockheed Aircraft Corp. 150,000 shares common stock.
Working capital; additional plant facilities.
Price, market,
about 11.
Offered by company.
Underwritten by G. M.-P.
Murphy & Co.; C. Brashears & Co.; Hayden, Stone & Co.;
Blyth & Co., Inc. and Lawrence Stern & Co., Inc.
2,500,000 Minneapolis-Honeywell Regulator Co. 25,000 shares 4%
cum. conv. pref. stock.
Retire 6% cum. pref. stock; working
capital. Price, offered to holders of 6% pref. stock on basis of
1 l-20th share of 4% pref. stock for each share of 6% pref.
stock and to common stockholders at 100. Convertible at any
time into common stock at $120 per share on or before Dec. 1,
1941 and at $150 per share if converted after that date. Under¬
written by J. & W. Seligman & Co.
Moore Distillery Co. 83.151 shares common stock.
Price, 6.
Offered
by company to its common stockholders.
Underwritten by
Baker, Simonds & Co.; Alger Shelden;
Gerald H. Padgett;
Martin Smith & Co., Inc. and Atlantic Investment Co.
498,906 Tom
Reimburse treasury for new construction.
Ohio
278,302 Murray
Manufacturing
Motor
.
Truck
&
Coach
shares
common
150,000 National Electric Welding Machines Co. 150,000 shares
capital stock. General corporate purposes. Price, 1. Offered
by Walter W. Tait, Detroit.
72,500 National Pumps Corp. 7,250 shares preferred stock.
ditional capital. Price, 10.
Sold to Allen & Co., N. Y.
Manufacturing
Ad¬
225,000 Packer Corp. 15,000 shares common stock.
Discharge out¬
standing debts; working capital for a subsidiary; other corporate
purposes.
Price, 15.
Offered by company to holders of its
stock.
common
600,000 Peaslee-Gaulbert Corp. 6,000 shares 6% pref. stock. Retire
7% pref. stock; working capital.
Price, 100.
Offered by
Almstedt Brothers; Wakefield & Co.; Stein Bros. & Boyce;
O'Neal, Alden & Co.; Dunlap, Wakefield & Co.; Dering &
Co.; Granberry & Co. and Urban J. Alexander & Co., Inc.
6,399,461 Remington Arms Co., Inc. 3,764,389 shares common stock.
Retire Dank loans; repay notes; liquidate advances; other
corporate purposes.
Price, 1.70.
Offered by company to
holders of its common stock.
393,750 Solar Manufacturing Corp. 75,000 shares common stock*
Additional capital.
Price, 5)4.
Offered to Stemmler & Co.,
N. Y.
360,000 Standard Tube Co. 90,000 shares class B common stock.
Acquire machinery and equipment; pay bank loans; working
capital. Price, 4. Offered by company to holders of its class
B common stock. Underwritten by Allison & Co. and Charlton
M. Higbie & Co.
&
Western
Air,
Inc.
207,111
shares
Price, 12.
Under¬
written by Lehman Brothers; Chas. D. Barney & Co.; G. M.-P.
Murphy & Co.; Bancamerica-Blair Corp.: Dominick & Dominick; Hallgarten & Co.; Hayden, Stone & Co.; Kidder, Peabody & Co.; Wertheim & Co.; White, Weld & Co.; Dean
Witter & Co.; A. G. Becker & Co.; Cohu Brothers and Wells,
Dickey & Co.
-
Plant
9,000,000 Yellow
9,765
stock.
General
corporate
purposes.
Offered by company to holders of its common stock.
Parts Corp. 23,000 shares common
expansion; machinery, equipment and other
corporate purposes.
Price, 7)4.
Offered by Carlton M.
Higbie Corp. and Rawson Lizers & Co.
stock.
Co.
Discharge bank loans; working capital and other
corporate purposes.
Price, 28)4.
Offered oy company to
holders of its common stock.
Underwritten by Buckley
stock.
COPPER, &c.
MOTORS AND ACCESSORIES
$174,000 Hein-Werner
Inc. 26,575 shares common stock.
Price, 18. Offered by company to
1.010.331 Ry. G. LeTourneau, Inc. 224,502 shares common stock.
Expansion of business.
Price, 4>4.
Offered by company to
$747,707 Universal-Cyclops Steel Corp. 39,353 shares common stock.
Plant improvements; working capital.
Price, 19.
Offered by
A. G. Becker & Co,, Inc.;
Cassatt & Co., Inc. and Singer,
Deane & Scribner.
share for share basis.
375,000 Interstate Home Equipment Co., Inc. 50.000 shares common
stock.
Development and expansion of business.
Price, 7)4Offered by Brown Young & Co., Inc.
common
STEEL, COAL,
a
General corporate purposes.
holders of its common stock.
2.485.332 Transcontinental
$2,672,500
IRON,
Offered by Floyd D. Cerf & Co., Chic.
Price, 3)4-
10,000 shares 6% cjum.
Retire
Price, 10. Convertible
Offered by
Webber-Simpson & Co., Chicago.
100,000 Hemp
common
Shields & Co.
acquisitions;
Brothers and Ulman Brothers.
taken at par, while preferred
stocks of no par value and all classes of common stock are computed
at their offering prices.
PUBLIC
in
525,000 Gellman Manufacturing Co. (Rock Island, 111.) 150,000
shares common stock.
Plant expansion; new machinery and
STOCKS
stated par value
incurred
Offered by company to
$1,150,000
a
79,467 shares common stock.
Retire
working capital.
Price, 30.
holders of its common stock.
Stove Co.
2,384,010 Florence
.
Preferred stocks of
development
Price,
Inc. 10-year secured 5% bonds, Jan. 1,
Provide funds for investment purposes.
Cork
Further
v
TRADING,
Offered by Wm. M. Lee & Co., Detroit.
Price, 1.
6,189,586 Crown
930,000 Sisters of Notre Dame, Prov. of Cleveland 1st M. 3s, 3 54s
and 4s, 193S:51.
Real estate mortgage. Price, 100; to yield
Offered by Bitting, Jones & Co., Inc.,
3.00% to 4.00%.
St. Louis, Mo.
300,000 Sisters of St. Dominic (Racine, Wis.) ref. M. 3s. 3)4s and
4s, June 30, 1937-49.
Real estate mortgage.
Price, 100)4100; to yield 2.00% to 4.00%. Offered by B. O. Ziegler, West
Bend, Ind.
equipment; working capital.
Price, 5.90.
Offered by
& Goodwin, Inc. of Illinois and Laing, Mee & Co.l
Peoria, 111.
Co.
900,000
shares class B stock.
Additional working capital.
Price, 10.
Offered by company to holders of its class B and common
stock.
Any unsubscribed stock to be taken by General Motors
Corp. at $10 per share.
$9,174,000
60,000 Walway Co. 60,000 shares common stock. New plant.
1. Offered by Russell V. Alman & Co., Inc., Detroit.
Price,
180,000 Weisbaum Bros.-Brower Co. (Ohio) 30,000 shares capital
stock.
Reduce real estate mortgage; working capital.
Price,
6. Offered by A. W.Porter, Inc., N. Y.
630,000 Wentworth Manufacturing Co. 40,000 shares conv. pref.
stock.
Working capital. Price, 15)4. Convertible into com.
stock at rate of one share of common stock for each two
shares of preferred. Offered by Rawls & Co., Inc. and Haskell,
Scott & Jennings, Inc.
$31,150,848
OTHER
INDUSTRIAL
AND
OIL
MANUFACTURING
$375,000 Bardstown Distillery, Inc. 100,000 shares capital stock.
Expansion of plant; additional equipment; other corporate
purposes. Price, 354- Offered by F. S. Yantis & Co., Inc.
$1,000,000 Superior Oil Corp. 200,000 shares common stock.
Drill
wells; additional acreage; retire funded debt. Price, 5. Offered
by Fenner & Beane Corp. and Eugene J. Hynes & Co.
Brothers Co. 20,000 shares 6% conv. cum. pref.
working capital; improvements.
Price,
10,312,500 Transwestern Oil Co. 750,000 shares capital stock.
Ac¬
quisition of properties; working capital. Price, 13)4. Offered
by Riter & Co.; Reynolds & Co. and Vallance & Co.
500,000 Bartgis
stock.
Retire loans;
25.
Convertible on any dividend date into common stock on
basis of three shares of common for each share of preferred.
Offered
by Falvey, Waddell & Co., Inc.
75,000 Bartgis
Borth?rs Co. 10,000 shares common stock.
Retire
loans; working capital; improvements. Price, 7)4. Offered by
Falvey, Waddell & Co., Inc.
1,279,089 Black & Decker Manufacturing Co. 60,909 shares common
stock.
Retire 8%
pref. stock; other corporate purposes.
Price, 21. Offered by company to holders of its common stock.
Underwritten by:
Lehman Brothers; Alex. Brown & Sons;
Mackubin, Legg & Co.; Baker, Watts & Co.; Lehman Corp.;
Stone & Webster and Blodget, Inc. and Wellington & Co.
$11,312,500
i-
MISCELLANEOUS
$530,000 Automobile Banking Corp. (Del.) 20,000 shares $1.50 cum.
conv. pref. stock.
Working capital. Price, 26)4. Each share
convertible into class A common stock at rate of 2)4 shares to
Dec. 31, 1937, and 1)4 shares thereafter to Dec. 31, 1941.
Offered by Distributors Group, Inc.
105,000 Automobile Banking Corp. (Del.) 15,000 shares class A
common stock.
Working capital. Price, 7.
Offered by Dis¬
tributors Group, Inc.
Volume
bl88,100 Pollock's, Inc. 6,600 units consisting of one share of 6% pref.
stock (par $25) and two shares of common stock.
Expansion
and working capital. Price. 28^.
Offered by Hill, Thompson
& Co., Inc.
296,000 Automobile Banking Corp. (Del.) 11,840 sharesT$1.50 cum.
conv. pref. stock.
Replace 8% pref. stock. Price, 25. Offered
by company to holders of 8 % preferred stock.
200,000 Equitable Securities Co. 2,000 shares 6% conv. pref.
Purchase undeposited pref. stock; working capital.
/
share convertible at any time into 2 shares of common
Offered by City Securities Corp., Indianapolis, Ind.
stock.
,
Each
stock.
$72,407,980
ranging from $30 to $50 per share.' Offered by Hayden, Miller
& Co.; Otis & Co.; Merrill, Turben & Co., Inc.; Hawley,
Huller & Co.; Maynard H. Murch & Co.; Mitchell, Herrick
& Co.; Curtiss, House & Co.; Field, Richards & Shepard,
Inc.; McDonald-Coolidge & Co. and Will S. Halle & Co.
Offering made subject to right of holders of 16,644 shares of
6 )4 % Pref. stock to exchange such stock for the new preferred
on the basis of 2 new shares for 1 old share plus payment of
$3.50 cash, together with accrued dividends to the date fixed
for redemption of 6)4 % preferred stock.
3,200,000 Lerner Stores Corp. 32,000 shares 4)4% cum. pref. stock.
Retire 6H%
cum. pref. stock; reimburse working capital.
Price, 104. Offered by Cassatt & Co., Inc. Offering represents
such of the 4 )4 % cum. pref. stock as was not issued in exchange
for 6)4 % cum. pref. stock on a share for share basis, with the
difference between the public offering price and the redemption
by the company.
26,085,720 Montgomery
.
Ward & Co. 652,143 shares common
Corp. of California, 27,000 shares pref.
Retire series D, pref. stock; retire notes or
make advances to subsidiaries. Price, 101. Each share carries
warrant to purchase one share of common stock at $39 up to
Jan. 2, 1940.
Offered by Dean Witter & Co.; Wm. R. Staats
& Co.; Estabrook & Co.; Conrad, Bruce & Co.; Schwabacher
& Co.; Wm. Cavalier & Co.; Dulin & Co. and Elworthy & Co.
Pacific Finance Corp. of California, 8,000 shares pref.
stock 5% series.
Retire series D pref. stock.
Price, 100.
Offered to holders of series D pref. stock on basis of one share
of 5% pref. stock for each 10 shares of series D pref. stock,
plus payment of $5 cash for each 10 shares series D pref. stock
2,700,000 Pacific Finance
stock, 5% series.
800,000
exchanged.
so
35,183,160 Sears, Roebuck & Co. 488,655 shares capital stock. Working
capital to finance expansion of business. Price, 72. Offered by
company to holders of its capital stock.
Underwritten by
Goldman, Sachs & Co.; Lehman Brothers; A. G. Becker &
Co., Inc.; Brown Harriman & Co., Inc.; First Boston Corp.;
Edward B. Smith & Co.; Blyth & Co.; Inc.; Hemphill, Noyes
& Co.; Kidder, Peabody & Co.; Clark, Dodge & Co.; Hayden,
Stone & Co.; Jackson & Curtis; Kleinwort, Sons & Co., London,
Eng.; Lazard Freres & Co., Inc.; G. M.-P. Murphy & Co.;
J. & W. Seligman & Co.; Speyer & Co.; White, Weld & Co.;
Bancamerica-Blair Corp.; Harris. Hall & Co. (Inc.); W. E.
Hutton & Co.; Ladenburg. Thalmann & Co.; Lee Higginson
Corp. F. S. Moseley & Co.; Otis & Co.; Stein, Brennan & Co.;
Lawrence Stern & Co.; Wertheim & Co.; Dean Witter & Co.;
Arthur Perry & Co.; O. T. Falk & Co., Ltd., London Eng.;
R. de Lubersac & Cie, Paris, France; Singer & Friedlander,
Kuhn, Loeb & Co.
Ltd., London, Eng., and
TRADE—COMMERCIAL EPITOME
OF
STATE
THE
Friday Night, Jan. 8,
activity last week fell off just
Business
92.2
against a revised
and
75.9
the
for
reflect in a very
that the steel industry would
strikes, the "Iron Age"
from
interfered with greatly by the slack¬
the
industry as a result of the
placing the rate 79y2% of capacity,
previous
caused the
has
schedules
How¬
operating rate of the
marked way the labor disturbance.
brought about in the motor
unchanged
Car loadings,
to stills
petroleum runs
electric output and automotive activity
steel mills has not been
week.
Rearrangement of
it
mills considerable difficulty,
but the industry is being permitted to catch up
to consumers other than the motor makers.
explains,
on
and
surprising as it may seem, the
ever,
ness
period a year ago.
same
It was assumed
lower.
The
Commerce," were
figure of 92.3 for the previous week
production
coal
showed gains, while
were
slightly.
according to the "Journal of
index figures,
bituminous
1937.
deliveries
from
Demands
press
forward.
other major consumers of
enormously in the last week of the
electricity
in
watt hours for the week
Institute
old year.
Production of
States totaled 2,069,266,000 kilo¬
the United
ended Jan. 2 compared with 2,080,-
954,000 kilowatt hours in the
Electric
steel continue to
It is reported that steel mill bookings grew
reports.
department, dry
$5,900,000,000 business during
the 1935 volume and the third
consecutive yearly advance, according to the figures of the
National Retail Dry Goods Association.
Sales of the first
15 chain store systems and mail order companies for Decem¬
goods and variety stores did a
1936, an increase of 12% over
AND
ISSUES
GOVERNMENTAL AGENCY
Antonio,
Refunding.
Price, 101; to
Webster, Kennedy & Co., Inc.; G.
Mahan, Dittmar & Co.
1939.
ISSUES NOT
optional
yield 2.50%. Offered by
M.-P. Murphy & Co. and
REPRESENTING NEW FINANCING
$112,500 Bardstown Distillery,
Inc. 30,000
Price, 3K.
Offered by F. S. Yantis &
shares capital stock.
Co., Inc.
112,500 Bartgis Brothers Co. 10,000 shares common
7)4.
Offered by Falvey, Waddell & Co., Inc.
Price,
stock.
159,300 Chicago Venetian Blind Co. 27,000 shares common stock.
Offered by Bond & Goodwin, Inc. of Illinois and Laing, Mee
& Co.. Peoria, 111.
192,172 Hein-Werner
stock.
Motor
Price. 7)4.
Parts
Corp. 25,623 shares common
and
Offered by Carlton M. Higbie Corp.
Rawson Lizars & Co.
1,096,875 Interstate Home Equipment Co., Inc. 146,250 shares
mon stock.
Price, 7)4.
Offered by Brown Young &
Inc., N. Y.
com¬
Co.,
stock.
405,000 Lima Cord Sole & Heel Co. 60,000 shares common
Price, 6%.
Offered by A. H. Harrison & Co.
/
39,900 Pollock's, Inc. 1,400 units consisting of 1 share of 6%
stock (par $25) and 2 shares of common stock.
Price,
Offered by Hill, Thompson & Co., Inc.
pref.
28
stock.
52,500 Solar Manufacturing Corp. 10,000 shares common
Price, 5)4.
Offered by Stemmler & Co.
1,695,330 Standard Cap & Seal Corp. 56,511 shares conv. pref. stock.
Price, 30.
Convertible into common stock on a share for
share basis.
Offered by Riter & Co.; Hemphill, Noyes & Co.;
Eastman, Dillon & Co.; E. H. Rollins & Sons, Inc.; Mitchell,
Herrick & Co., Inc.; Otis & Co., Inc. and Schwabacher & Co.
2,112,528 Standard Cap & Seal Corp. 88,022 shares common stock.
Price, 24.
Offered by Riter & Co.; Hemphill, Noyes & Co.;
Eastman, Dillon & Co.; E. H. Rollins & Sons, Inc.; Mitchell,
Herrick & Co., Inc.; Otis & Co., Inc. and Schwabacher & Co.
1,497,300 Sterling Aluminum Products, Inc. 142,600 shares
stock.
Price, 10)4.
Offered by Russell Maguire & Co.
capita'
1,152,293 Universal-Cyclops Steel Corp. 60,647 shares common stock.
Price, 19.
Offered by A. G. Becker & Co., Inc.; Cassatt & Co.,
Inc. and Singer, Deane & Scribner.
180,000 Weisbaum Bros.-Brower Co. (Ohio) 30,000 shares capital
stock.
Price, 6.
Offered by A. W. Porter, Inc., N. Y.
$8,808,198
The remaining $20,1937, only to the Trustee
and certain of its subsi¬
diaries, without underwriting discounts or commissions, at 100%.
b The
common stock comprising part of this unit offering was acquired from
a
Of which
$140,000,000 were publicly
offered.
000,000 withheld for sale, on or before Feb. 1,
of Pension Funds established by the company
ah individual stockholder.
ture of 49
in
degrees below zero, was the
the
During
States.
the
coldest point recorded
blizzards prevailed in a
Wednesday's advices stated
week
number of the Western States.
that
banked mountain trails and high¬
howling blizzards
deep with snow in the West and brought reports of
one
dead, one injured and nearly 250 marooned in four
States.
Reports of another snowstorm in the Grand Canyon
area of Arizona caused rescuers to redouble efforts to reach
ways
nearly 200 persons snowbound in three camps.
,
During the
heavily in western Newr York, follow¬
ing a 56-mile gale, which caused extensive property damage,
especially at Buffalo.
In the eastern section, especially in
the New York City area, wintry gales have been absent.
Temperatures have been relatively mild, with one or two
days of rainy weather. Today in and around New York City
it has been clear and pleasant.
Today it was fair and cold
here, with temperatures ranging from 39 to 52 degrees.
The
forecast was for cloudy, with rain late tonight or Saturday,
warmer tonight and
colder Saturday night.
Overnight at
Boston it was 38 to 48 degrees; Baltimore, 44 to 48; Pitts¬
burgh, 52 to 58; Portland, Me., 34 to 36; Chicago, 32 to 38;
Cincinnati, 54 to 62; Cleveland, 48 to 60; Detroit, 38 to 46;
Charleston, 56 to 60; Milwaukee, 28 to 40; Savannah, 56 to
62; Dallas, 24 to 32; Kansas City, 10 to 14; Springfield,
Mo, 16 to 60; Oklahoma City, 6 to 16; Salt Lake City, 10
below to 14 above; Seattle, 20 to 30; Montreal, 30 to 34;
Winnipeg, 34 below to 16 below.
early week snow fell
preceding week, so the Edison
The Nation's
LOAN
$2,660,000 San Antonio Joint Stock Land Bank of San
Texas 5-year 3% farm loan bonds due Jan. 1, 1942,
stock.
dividend payments; working capital.
Offered by company to holders of its common stock.
Reimburse treasury for
Price, 40.
FARM
<
3,120,000 Halle Brothers Co. (Ohio) 60,000 shares conv. pref. stock.
Retire 6)4% pref. stock; working capital.
Price, 52.
Con¬
vertible into common stock up to April 30, 1947 at prices
price being paid in cash
175
Chronicle
Financial
144
Moody's Commodity Index Advances Moderately
Moody's Daily Index of Staple Commodity Prices ad¬
vanced moderately this week, closing at 208.3 this Friday,
as compared with 207.5 a week ago.
There were advances for cocoa, rubber, corn, hogs, silver,
cotton and wool, and a decline in wheat.
There were no net
changes in the prices of silk, hides, steel scrap, copper, lead,
ber showed a
gain of 17.23% over the same period last year.
coffee and sugar.
The movement of the Index
Car loadings
increased 25,735 cars last week to a total of
parisons, is as follows:
587,953 cars, which is equivalent to a gain of 4.6% over the
preceding week and 8^% over the corresponding period
last year.
Retail business for the first week of the new
ranged from 10% to 15% above the same period a
year ago.
In the wholesale division the gains were 18% to
22% over a year ago. Latest advices are that the heaviest
snowstorm in 20 years has occurred in Arizona.
Motorists,
turned back because of impassable highways, crowded Gal¬
year
(New Mexico) hotels.
Transcontinental planes were
grounded at Tucson. The cold belt widened, stretching from
the Pacific Coast to the Great Lakes, and extending south
to the Texas Panhandle.
Meachan, Ore., with a tempera¬
Fri.
Jan. 1
Sat.
Jan. 2
Mon.
Jan. 4
Tues.
Jan. 5
Wed.
Jan. 6--.
Jan. 8
Prices
lup
-
"Annalist"
Holiday- 2 weeks ago, Dec. 24
Holiday Month ago, Dec. 8
207.7 Year ago, Jan. 8
207.1 1936 High—Dec. 28_
Low—May 12
-207.1
7
208.6 1937 High—Jan.
Low—Jan.
5 & 6208.3
—
Thurs. Jan. 7Fri.
during the week, with
Weekly
Advanced
Index
0.8
of
Wholesale
Points
During
com¬
206.5
195.8
168.5
208.7
162.7
^-208.6
207.1
Commodity
Week Ended
Jan. 5
In
of
a
"Annalist" Weekly Index
Commodity Prices advanced 0.8 points, to
somewhat mixed week, the
Wholesale
176
137.9
Financial
5 from 137.1
Jan.
on
ment issued
Dec. 29, said an announce¬
on
and copper,
as were
eggs,
This
week in
and" beef,
but oats, pork, and veal, butter, potatoes,
and pig iron also advanced.
Loading of
cars.
by the "Annalist", which added:
The rise especially reflected higher prices for livestock
corn
Chronicle
sugar,
lower
were
was an
increase of 95,530 cars or 20.5% above the
1935 and
136,814
cars
"ANNALIST"
WEEKLY
INDEX
PRICES
OF
WHOLESALE
COMMODITY
(1913=100)
Due to
Dec. 26
Christmas
holiday, loading of
revenue
freight for the week of
decrease of 167,478 cars or 23% below the preceding
was a
below the preceding week,
cars
corresponding
•
corresponding
32.2% above the corresponding week
or
MisceUaneous freight loading totaled 224,875 cars a
THE
1937
9,
in 1934.
hides
cocoa,
Wheat, flour and rye, however,
rubber, cotton and tin.
Jan.
freight for the week ended Dec. 26 totaled 562,218
revenue
week in
1935,
but
an
increase of 53,767
76,487
and
cars
week.
decrease of 73,562
above
above the
cars
corresponding
the
week in 1934.
Jan. 5, 1937
Dec. 29, 1936
Jan.
7,
Loading
1936
of merchandise
less
than
carload
lot
freight totaled
cars, a
Farm
products
143.7
Food products
X142.5
133.1
131.7
131.5
*127.9
X127.7
116.4
166.1
167.3
122.5
111.4
111.8
111.8
111.7
97.9
98 2
Metals
Building
cars
170.8
123.1
Textile products
Fuels.
decrease of 31,225 cars below the preceding week, but
13,636
124.8
materials
Chemicals
Miscellaneous
91.8
93.7
137.1
81.0
Grain
129.0
81.4
the preceding week, but an increase of 6,382 cars above the corresponding
week in 1935, and 15,534 cars above the same week in 1934.
76.5
9,619
All
commodities
All commodities
*
old dol. basis.
on
Preliminary,
and
cars
grain
products
loading totaled
24,188
cars,
In
decrease of
a
below the preceding week, but an increase of 4,444 cars above the
corresponding week in 1935, and 6,247 cars above the
Revised.
x
above the corresponding week in 1935, and 13,511 cars above the
week in 1934.
Coal loading amounted to 123,956 cars, a decrease of 38,483 cars below
85.7
137.9
same
132,989
increase of
an
the western
districts alone,
week in 1934.
same
grain and grain products loading for the
week ended Dec. 26 totaled 15,110 cars, a decrease of 5,429 cars below the
preceding week this year, but an increase of 3,209
cars
above the
same
week in 1935.
Wholesale Commodity Prices Further Advanced During
Week Ended Jan. 2, According to National Fer¬
tilizer Association—New High Point Reached in
None of the group or sub-group indexes declined during the week, indicat¬
ing the broad nature of the upward movement.
The indexes representing
foods, farm products, textiles, metals, building materials, and
materials
recovery period.
were
at
1935.
cars,
a
decrease of 4,906
cars
It was, however, a decrease of 1,497 cars below the same week in
In
the western districts alone, loading of live stock for the week
ended Dec. 26 totaled 7,199 cars, a decrease of 3,897 cars below the pre¬
upward trend in wholesale commodity prices which
has been in progress since October continued
during the
week ended Jan. 2, according to the weekly index compiled
by the National Fertilizer Association.
Last week the index
registered 84.0% of the 1926-1928 average, a new high
point for the recovery period, as compared with 83.1% in
the preceding week.
A month ago it stood at 81.8% and
a
year ago at 78.5%.
The Association's announcement,
under date of Jan. 4, continued:
fertilizer
loading amounted to 9,861
below the preceding week, but an increase of 44 cars above the same week in
1934.
Recovery Period
The
the prices of
Live stock
the
Food prices
highest points yet reached in the entire
were
generally higher during the week with
ceding week this
1935.
but
year,
increase of 28 cars above the same week in
an
,
Forest
products loading
below the preceding week,
totaled 28,399 cars,
but
an
a
decrease of 7,332 cars
increase of 11,332 cars above the same
week in 1935, and 16,589 cars above the same week in 1934.
Ore loading amounted to 7,523 cars, a decrease of 1,678 cars below the
preceding week, but
in
1935, and 5,327
an increase of
cars
4,058
above the corresponding week
cars
above the corresponding week in 1934.
Coke loading amounted to 10,427 cars, a decrease of 773 cars below the
preceding week, but
and 4,616 cars
increase of 1,867
an
above the
above the
cars
same
week in 1935,
week in 1934.
same
-
All districts reported increases-in the number of
cars
loaded with revenue
freight, compared with the corresponding weeks in 1935 and 1934.
Loading of
revenue
and in 1930 follow:
freight in 1936 compared with two previous years
V
-VV
.
15 items included in this group moving upward and only four declining.
With the exception of oats and eggs all price changes in the farm product
1936
sharply.
With cotton, certain cotton goods, wool, burlap and silk
Four weeks in January
Five
weeks in
2,353,111
3.135.118
2,418,985
2,544,843
3,351,801
2,787,012
2,825,547
3,701,056
3.061.119
4,095,623
3,013,474
744,957
February
advancing in price the textile index registered the twelfth consecutive weekly
Four weeks in March
advance.
prices was responsible for the marked
Four weeks in
Reflecting higher prices for structural
Five weeks in May.
Four weeks In June
A rise in finished
steel
upturn in the metal price index.
steel, southern pine and oak flooring, the building material index advanced
3%
during the week.
which
more
Higher prices for cottonseed meal and tankage,
than offset
a
drop in the price of ground bone, resulted in
a
Advances
by 9: in the preceding week there
declines; in the second preceding week there
were
were
29 advances and
47
advances
and
WEEKLY
Per Cent
Latest
Week
Jan.
Total Index
Month
Year
Ago
Ago
Dec.
5,
1936
Jan. 4
1936
83.1
562,21S
466,688
36,063,307
Week of Dec.
31,504,134
30,845,960
5
Week of Dec. 12
738,747
729,696
Week of Dec. 19
Farm products
90.6
85.4
75.4
105.5
100.8
(Number of Cars)
84.7
83.0
71.6
69.8
69.4
62.9
'
107.7
102.2
80.3
79.5
78.2
80.1
79.7
Loaded
77.2
81.0
80.1
Miscellaneous commodities
Own Lines
Received from Connections
80.8
Weeks Ended—
Jan. 2
71.5
82.3
82.3
Textiles
76.9
75.9
74.8
69.7
7.1
Metals
93.2
91.9
89.1
Building Materials.
86.7
84.5
83.3
77.2
Dec.
26
Weeks Ended—
Jan. 4
Jan. 2
Dec* 26
Jan. 4
1936
1937
1936
1936
83.4
6.1
-
-
1937
1.3
Chemicals and drugs
93.6
93.6
96.5
95.0
0.3
Fertilizer materials
69.8
69.5
69.1
64.4
0.3
Fertilizers
75.9
75.9
74.7
72.9
0.3
Farm
92.7
92.7
92.6
92.4
84.0
83.1
81.8
78.5
-
machinery
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio RR-
16,417
28,096
21,141
12,460
15,262
12,332
3,314
2,027
12,542
36,057
3,994
18,512
56,466
5,489
6,766
22,055
4,452
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chicago Milw St Paul & Pac Ry
_.
Chicago & North Western Ry
100.0
All groups combined
Gulf Coast Lines
International Great Northern RR
Missouri Pacific RR.
New York Central Lines
Railroad
Credit
Corp.
to
Make $735,407 Liquidating
Distribution
on
Jan. 15
Buckland, President of the Railroad Credit Corpora¬
tion, announced on Jan. 4 that the Corporation on Jan. 15
will make its thirty-seventh liquidating distribution to par¬
ticipating carriers, amounting to $735,407, or 1% of the
contributed funds.
Of this amount, $393,388 will be paid
in cash and $342,019 credited on carriers' indebtedness to
the Corporation, Mr. Buc-kland said, adding:
will
$50,743,089.
bring
Of
the
this
total
total,
amount
distributed to
$24,769,855 will
69%
have been
New York Chicago & St Louis Ry
Norfolk & Western Ry
Pennsylvania RR-
J3. G.
and
on
77.9
8.2
This
45,724,079
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
76.0
110.1
LivestockFuels
744,353
713,865
536,292
614,860
major railroads to report for the week ended
Jan. 2, 1937 loaded a total of 277,382 ears of revenue freight
on their own lines,
compared with 264,235 cars in the pre¬
ceding week and 254,911 cars in the seven days ended Jan. 4,
1936.
A comparative table follows:
93.4
84.0
85.9
:
600,666
4,668,611
3,096,897
82.1
93.0
Grains
10.8
26,
1936
84.9
—
Cottons.—
17.3
Preced¬
ing Week
Dec.
109.2
Foods
Cottonseed oil
23.0
2,
1937
Fats and oils.
•
1930
3,470,797
4,380,615
3,550,076
3,653,575
4,586,357
3,575,454
3,683,338
4,608,697
3,840,292
2,183,081
2,920,192
2,461,895
2,340,460
3,026,021
2,504,974
2,351,015
The first 17
'
FGroup
2,169,146
2,927,453
2,408,319
2,302,101
2,887,975
2,465,735
2,224,872
3,098,001
2,628,482
3,565,051
2,504,477
638,518
616,650
3,072,864
2.501.950
3,147,988
2.229.951
551,485
580,202
548,478
425,404
weeks in October
Total
WHOLESALE COMMODITY PRICE INDEX
Compiled by The National Fertilizer Association (1926-1928=100)
25.3
„
Week of Dec. 26
19 declines.
Each Group
Bears to the
Four weeks in Juiy
Four weeks in September
Four weeks in November
registered last week by 38 price series included in the
were
index and declines
April
Five weeks in August
Five
slight rise in the index of fertilizer material prices.
18
1934
1935
upward, with the cotton, grain and livestock indexes advancing
group were
rather
of
the fund,
returned
in
Pere Marquette Ry
Pittsburgh & Lake Erie RR
Southern Pacific Lines
__
Wabash Ry
Total
x
1936
16,993
26,195
18,394
15,642
12,520
2,698
1,909
13,119
34,332
3,815
16,474
52,198
5,110
5,869
21,290
15,354
24,429
20,493
12,848
15,926
11,368
2,469
1,752
12,891
33,199
3,740
18,174
50,097
4,507
4,601
18,674
X8.032
4,549
4,389
7,306
13,128
5,241
12,970
6,289
6,990
6,886
9,253
1,438
1,749
7,922
34,177
9,103
3,530
35,828
4,565
5,256
6,116
16,270
4,145
12,108
7,611
8,647
6,046
6,465
8,185
11,026
1,314
1,993
6,897
41,582
10,598
4,148
38,948
5,759
6,116
x8,217
8,856
6,799
8,257
1,278
1,673
7,757
34,930
8,040
3,075
32,928
4,531
4,390
x5,929
7,051
277,382 264,235 254,911 166,535 192,283 155,402
Excludes cars
interchanged between S. P. Co.-Pacific Lines and Texas A.New
Orleans RR. Co.
:V
-
TOTAL LOADINGS AND RECEIPTS FROM
CONNECTIONS
(Number of Cars)
or
cash
Weeks Ended—
$25,973,234 in credits.
♦
-
Jan.
Revenue Freight Car Loadings in Week Ended Jan.
1937 Up 25,735 Cars
2,
Loadings of revenue freight for the week ending Jan. 2,
1937, totaled 587,953 chrs. This is an increase of 25,735 cars,
4.6%, from the preceding week, a gain of 46,127 cars, or
8.5%, over the total for the like week of 1936, and an in¬
crease of 90,679
cars, or 18.2%, over the total loadings for
the corresponding week of 1935.
For the week ending Dec.
26, loadings were 20.5% above those for the like week of
1935,
nd 32.2% over those for the corresponding week of
1934.
V'- ■
VThe Association of American Railroads in
reviewing the
week ended Ded. 26,
reported as follows:
.<
Chicago Rock Island & Pacific Ry.
Illinois Central System
St Louis-San Francisco Ry
Total
In
—
the
2, 1937
Dec. 26, 1936
Jan. 4, 1936
18,348
27,569
12,004
21,696
28,481
11,619
16,805
26,349
11,058
57,921
61,796
54,212
following table we undertake to show also the
loadings for separate roads and systems for the week ended
Dec. 26, 1936.
During this period a total of 123 roads
showed increases when compared with the same week last
year.
The mo3t important of these roads which showed
increases were the Pennsylvania System, the New York
Central Lines, the Baltimore & Ohio RR., the Atchison
Topeka & Santa Fe System, Southern Pacific RR. (Pacific
Lines), and the Illinois Central System.
Volume
Financial
144
REVENUE FREIGHT LOADED AND
RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED DECEMBER 26
Total Revenue
from Connections
1934
1935
1936
1935
1936
Eastern District—
392
A
Boston
Maine
Chicago Indianapolis & Louisv.
Central Indiana
501
1,300
1,381
6,376
1,130
1,516
6,082
1,033
199
162
9,946
2,488
7,657
1,665
21
Bangor A Aroostook
486
1,616
7,135
1,611
Arbor
Ann
13
15
59
52
1,036
Group B (Concluded)—
Georgia
Georgia A Florida
Nashville
Detroit A Mackinac
Detroit Toledo A Ironton
725
689
5,039
5,360
143
138
100
81
1,603
1,809
1,766
4,486
15,951
9,260
1,782
1,383
7,282
2,453
1,223
2,944
11,333
6,647
1,381
206
157
22
34
27.005
41,602
29,945
7,723
1,745
2,998
3,602
3,894
11,625
1,675
10,598
6,083
5,759
8,563
275
274
161
9,973
Grand Trunk Western
9,099
3,414
8,157
2,577
4,642
v
Lehigh A Hudson River
118
67
123
Lehigh A New England
Lehigh Valley
1,294
7,436
2,539
3,973
1,883
34,323
8.531
1,572
3,815
5,902
5,110
884
6,629
2,543
3,206
1,651
29,949
8,343
1,662
3,234
4,227
4,759
1,055
5,936
Pittsburgh A Shawmut
413
290
310
18
11
Pittsburgh Shawmut A North-.
343
207
265
204
145
Pittsburgh A West Virginia
981
935
652
1,425
1,070
Rutland
508
393
418
956
714
Maine Central
Monongahela...
Montour
b New York Central Lines
N. Y. N. H. A Hartford
New York Ontario & Western.
N. Y.
Chicago A St. Louis
Pittsburgh A Lake Erie
_
__
Pere Marquette
294
912
687
14,070
13,070
10,430
4,690
7,595
2,971
2,287
2,643
1,705
1,643
7,209
3,642
4,215
4,549
3,193
4,266
2,769
3,843
2,441
8,856
3,752
6,472
2,602
127,595
111,696
101,410
167,584
120,794
404
310
372
869
164
207
Nashville Chattanooga & St. L.
105
97
267
209
1,106
1,731
1,190
1,750
1,539
1,061
1,398
2,117
355
283
234
695
464
49,432
39,596
35,778
29,182
19,826
82,355
64,966
60,948
62,264
41,550
1,148
7,867
Tennessee Central*..
Total.
Grand total Southern District
Northwestern
Belt Ry. of
Chicago
Chicago
Chicago
Chicago
District—
501
390
463
12,520
1,937
15,642
3,032
10,247
1,592
9,468
1,397
13,527
3,530
12,233
2,639
2,062
11,026
3,244
8,185
3,160
835
454
312
127
Chicago
<fc North Western
Great Western
Milw. St. P. & PacificSt. P. Minn. & Omaha
Duluth Missabe A
Northern.
Duluth South Shore A Atlantic
122
377
321
369
250
4,217
3,232
8,786
5,049
310
176
182
196
131
7,497
6,821
6,413
3,020
1,898
468
Dodge Des Moines A South.
Great Northern
Lake
6,122
2,180
587
426
450
570
379
Ft.
Green Bay
2,288
6,364
Elgin Joliet A Eastern
A Western
360
1,136
3,399
7,134
_
178
1,267
4,137
Superior A Ishpemlng
6,380
253
85
79
1,160
1,720
2,371
3,784
1,342
1,773
1,900
_
Minneapolis A St. Louis
Minn. St. Paul A S. S. M
Northern Pacific
3,283
5,944
91
68
54
227
155
1,484
1,336
806
1,429
903
64,166
54,254
48,610
50,371
33,586
3,835
Spokane
'
454
77
87
205
1,590
2,170
Mobile & Ohio
640
1
Wheeling & Lake Erie
Total
412
872
5,589
1,827
26,195
2,742
Wabash
396
Mississippi Central
6,422
2,281
Detroit A Toledo Shore Line...
Erie
887
151
961
Macon Dublin A Savannah0...
3,665
6,877
2,122
7,502
6,724
1,504
4,101
315
Delaware Lackawanna A West-
1,395
184
1,231
15,510
14,791
760
893
Delaware A Hudson
400
295
4,702
7,256
Central Vermont
1935
1936
1934
1935
1,487
18,624
18,109
.
Gulf Mobile & Northern......
Illinois Central System
Louisville <fe
from Connections
Freight Loaded
Railroads
1
1936
Total Loads Received
Total Revenue
Total Loads Received
Freight Loaded
Railroads
177
Chronicle
International..
Spokane Portland & Seattle
Total.
•
Allegheny District—
Akron Canton A Youngstown..
19,444
1,235
18,465
16,270
1,053
2,311
11,264
1,434
Buffalo Creek A Gauley
Cambria A Indiana
197
164
171
6
3
Central Western District—
Atch. Top. <fc Santa Fe System.
Alton
1.144
978
8
7
Bingham &
Central RR. of New Jersey
5,134
1,125
4,428
4,037
12,057
8,025
77
10
40
57
53
312
Baltlmore A Ohio
Bessemer A Lake Erie
Cornwall-..
25
22
Cumberland A Pennsylvania
303
295
Ligonler Valley
Long Island
157
206
125
37
22
477
603
664
2,796
1,434
38,948
17,713
3,286
2,242
1,169
28,126
756
649
763
52,198
Penn-Reading Seashore Lines..
Pennsylvania System
43,107
9,653
7,366
41,153
9,023
3,876
12,133
13,482
Co
(Pittsburgh)
Reading
Union
11,630
1,051
89
67
57
1
0
2,946
West Virginia Northern
Western Maryland
2,344
2,341
6,257
4,569
118,434
Total
83,430
91,006
|
102,075
14,737
2,202
13,855
2,104
6,116
2,208
275
245
153
98
86
Burlington & Qulncy..
Chicago
Chicago
Chicago
Chicago
16,993
2,410
Garfield" 11"""
13,128
1,974
9,226
2,706
12,014
1,739
8,087
2,694
11,151
1,376
7,886
2,389
5,727
975
818
706
3,039
2,587
2,577
8,647
1,103
8,525
2,640
1,233
2,752
648
537
386
10
881
1,029
1,769
814
787
683
1,540
1,603
1,036
& Illinois Midland
Rock Island A Pacific-
& Eastern Illinois..
Colorado & Southern
Denver A Rio Grande Western.
Denver & Salt Lake
Fort Worth & Denver
City
Illinois Terminal
1,759
1,451
...
18,394
16,474
Norfolk A Western
Norfolk A Portsmouth Belt Line
16,051
12,214
744
Chesapeake A Ohio
559
71
329
204
39
81
27
12,145
9,980
System
5,377
3,505
5,979
a
in U.
P.
791
308
233
208
10,669
9,533
9,179
1,227
8,032
408
507
459
14
9
1,194
1,061
1,113
1,910
1,212
83,347
2,597
Western Pacific
1,272
72,693
66,207
52,780
36,518
3,689
1,022
2,666
Total
88
292
25
235
14,739
Union Pacific System
Utah
2,489
2,790
786
31,313
29,535
13,817
Total.
511
38,278
Virginian
12
496
Included
7,611
4,148
701
976
1,786
....
Southern Pacific (Pacific)
5,300
District—
14,635
11,409
5,963
1,825
75
North Western Pacific
Peoria A Pekln Union
Toledo Peoria A Western
Pocahontas
782
489
...II
I.
Nevada Northern
St. Joseph A Grand Island
70,257
2,019
9,430
Southwestern
District—
Alton A Southern
A—
Atlantic Coast Line
6,921
5,236
5,732
976
801
Charleston A Western Carolina
306
Durham A Southern
105
27
163
115
4,910
121
95
100
261
Fort Smith & Western
Group
140
Burlington-Rock Island
Southern District—
186
202
131
216
149
2,698
1,909
1.917
1,734
1,470
1,163
1,469
Norfolk
A
881
73
89
401
263
321
332
912
558
576
570
255
162
63
46
216
155
3,877
3,679
2,681
13,119
11,806
3,068
9,964
2,108
6,897
Southern System
Winston-Salem
Southbound
657
Kansas Oklahoma & Gulf
198
166
Kansas
35
68
69
506
707
984
860
Louisiana Arkansas A Texas
157
270
307
1,053
712
Litchfield A Madison
251
159
197
Missouri A Arkansas
12,856
4,887
12,113
2,148
2,705
536
5,080
3,531
4,318
14,916
9,963
Missouri-Kansas-Texas Lines..
124
Seaboard Air Line
952
88
35
6,781
16,396
Northern
Richmond Fred. A Potomac...
118
92
851
496
25,370
25,170
33,082
21,724
International-Great Northern..
City Southern
Louisiana A
Midland
Arkansas
...
Valley
Missouri
Pacific
Natchez & Southern
Total
•
241
425
897
452
Terminal RR. Assn. of St. Louis
446
394
Central
1,740
217
161
255
553
528
972
711
revised,
•
.
Previous figures.
a
Weatherford M.
freight
in
1936.
This
was
an
increase of
4,559,173^cars, or 14.5% above the number loaded in 1935,
an increase of 5,217,347 cars,
or 16.9% above 1934, and
6,843,255 cars, or 23.4% above 1933.
It also was an in¬
crease of 7,883,355 cars, or 28.0% above 1932, but a reduc¬
tion of 1,087,942 cars, or 2.9% under 1931.
g 4 4
Total loadings by commodities in 1936 compared with
Per Cent
1936
Live stock
Coal
479,074
-
—
-
-
Merchandise, L. C. L.
Miscellaneous
1,435
2,094
3,009
14,847
197
158
62
48
39
49
5
32
35
40,760
35,264
59,207
44,297.
A Albany RR., the C. C. O. A St. Louis RR
'wholesale
commodity prices advanced^.7%Jduring the week
made Jan. 7
by Commissioner Lubin. "The all commodity index rose to
84.7% of the 1926 average, the highest level reached since
ended Jan. 2, according to an announcement
June
$1930," Mr. Lubin said.
"Compared with the corres¬
ponding week of a month ago, wholesale commodity prices
are {up 2%, and compared with a year ago they are 4.7%
higher." The Commissioner added:
Sharp advances in farm product and metals and metal product prices
largely accounted for
the rise in the all commodity index.
The foods,
building materials, and miscellaneous commodity groups
textile product,
alsojaveraged higher.
Fuel and lighting materials was the only group to
register a decline. Hides and leather products, chemicals and drugs, and
1935
Increase
The index for the large group,
1,577,053
21.4
714,495
6.1
6,144,691
339,628
1,383,872
13.2
-
"All commodities other than farm prod¬
ucts," reflecting the trend in prices of nonagricultural commodities, rose
ago
and
Compared with the corresponding weeks of a month
the current index for this group is up 1.6% and 2.8%
a year ago,
respectively. The group of "All commodities other than farm products and
41.li
processed foods" advanced 0.2%.
21.3
above
month ago and 4.8%
Industrial commodity prices are 1.1%
above a year ago.
1,679,083
1,618,974
8,266,896
14,502,495
1,036,432
8,080,675
12,227,288
56.2
18.6
November, continued through the week ended Jan. 2 with an advance of
36,063,307
31,504,134
14.5
prices has been 5.8%.
2.3
a
The
movement in raw material
upward
prices, which
began early in
The cumulative gain over the two months period in raw material
1.6%.
Total
2,329
2,840
4,112
19,479
b Includes figures for the Boston
0.5% during the week.
1,803,307
758,427
6,955,051
Grain and grain products
-
2,952
housefurnishing goods remained unchanged at last week's level.
1935 follow:
-
104
3,892
RR.
reports for the year showed that 36,063,307 cars were loaded
Forest products
105
5,262
1,409
4,214
3,017
1,274
W. A N. W__
Total.
Not available.
Freight traffic for the railroads of the United States was
greater in 1936 than in any year since 1931, the Association
of American Railroads announced on Jan. 4.
Complete
Coke
49
5.918
1,611
4,894
3,419
1,663
223
378
Freight Traffic During 1936 Highest in Five Years
revenue
15
81
6,452
1,913
6,551
4,402
2,224
Wichita Falls A Southern
2,130
1,315
2,712
818
2,406
867
Note—Previous year's figures
171
251
Texas A Pacific
323
Florida East Coast
9
33
658
48,043
109
512
524
Atl. A W. P.—W. RR. of Ala-
Michigan
136
27
9,118
841
1,335
59
3,206
Atlanta Birmingham A Coast..
Central of Georgia
Columbus A Greenville
the
140
156
1,514
57
...
Quanah Acme A Pacific
St. Louis-San Francisco..
St. Louis Southwestern
Texas A New Orleans
Group B—
Alabama Tennessee A Northern
•Ore
136
1,207
912
211
83
245
Southern
Piedmont
with
112
1,468
226
311
Midland
801
32,923
Gainesville
and
161
1,314
1,993
1,139
1,909
1,022
2,750
1,198
731
Cllnchfleld
302
1,631
1,147
Gulf Coast Lines.
4,218
1,993
of a year ago.
They are 11.3% higher than the corresponding week
Average wholesale prices of semimanufactured articles rose
1.4% and are 4.1% above the coreesponding week of December.
Wholesale Commodity Prices Continued During Week
Ended
Jan.
2—Upward
Movement Started In
the
period Jan.
4,
1936, to Jan. 2,
modities have increased 12%.
November, According^to United States Department
been
of Labor
bringing the index to
Continuing the ^upward movement which began early in
November, the ^Bureau ofjLabor Statistics index number of
In
less
pronounced.
a
During
1937, partially manufactured com¬
Fluctuations in finished product prices have
An Increase
of
0.2%
occurred during the week
point 1 1 % above a month ago.
noting the foregoing, an-announcement by the United
Department of Labor also said:
States
Financial
178
The largest Increase—2.3%—was reg
The advance
and
Individual farm product items which averaged higher
3.0% in grains.
were
oats,
corn,
group to rise 0.3%.
Prices of pig
Agricultural implements, motor vehicles and
plumbing and heating fixtures remained unchanged.
Wholesale prices of cattle feed declined 2.7% during the week.
Crude
rubber advanced 1.9%; paper and pulp, 0.9%, and certain other miscel¬
laneous items such as plate glass mirrors and laundry soap also averaged'
for
cattle,
wheat,
rye,
lambs, live poultry, cotton,
hogs,
apples in the Chicago market, clover seed, flaxseeed, onions, white potatoes
Lower prices were
and wool.
reported for barley,
eggs,
lemons, oranges, and
The current farm porduct index—90.4—is 4.3% above a
sweet potatoes.
the
tin
tered by the farm products group.
due to increases of 5.2% in livestock and poultry prices
was
were
A
products
due to pronounced increases in prices of iron
0.9% to 89.9%
group rose
and steel bars, billets, track
Average wholesale prices of agricultural implements, motor
pig tin.
vehicles, and plumbing and heating fixtures were unchanged.
Wholesale food prices rose 0.6% during the
the
of
a
1.5%
products
lower.
1926
For
It remained at 77.5%
Prices of coal and coke were stationary.
the index for the housefurnishing goods
lighting materials group as a whole.
average.
third consecutive week
the
The subgroup of furnishings rose
tablecloths.
<
■
advance in prices of meats.
Cereal products advanced fractionally.
prices were reported for flour, canned beans, mutton, fresh
dressed
poultry
Chicago,
at
pepper, raw sugar,
cocoa
beans,
coffee,
citrus fruits, and sweet potatoes.
a
This week's food index—86.2—is 1.7%
month ago and 0.5% above a year ago.
Rising prices for lumber, sash, doors, structural steel, and shellac caused
the index for the building materials group to rise 0.6%
and turpentine were lower.
and chemical wood pulp
Average prices of crude rubber advanced 11%
Automobile tires and tubes remained
Cattle feed declined 2%.
7.7%.
rose
Prices of rosin
Brick, tile, and cement remained unchanged.
unchanged.
A
increase
minor
recorded
was
the
in
textile
products
group
due to
strengthening prices for cotton yarns, hosiery, silk, silk yarns, and serge.
Wholesale prices of print cloth, manila hemp, and raw
A sharp decrease in petroleum
jute declined.
products and slightly lower average prices
for coke caused the index for fuel and lighting materials to decline 0.4%.
Bituminous coal
advanced fractionally,
and anthracite remained steady.
at
101.1% of the 1926
production of electricity by the electric light and
industry of the United States for the week ended
Saturday, Jan. 2, was 2,069,266,000 kwh. according to the
Edison Electric Institute.
Percentage changes by Geo¬
The
graphic Regions are not available for the current week.
To correct for calendar conditions and to prevent the
weekly output statements from drifting away from the
corresponding weekly statements of previous years, the data
for the week ended Jan. 2, 1937 is considered to have no
comparable week for 1936. A similar condition obtained at
the close of 1930.
Compared with the week ended Jan. 4,
1936 the data for the current week indicates an increase of
The Institute's statement follows:
11.6%.
and
offset by a decrease In
was
of
furniture
office
were
un¬
No
slightly.
rose
changes were
The index for the housefurnishing goods
reported in prices of furnishings.
remained at 84.3.
group
The index of the
Oct.
3..
2,169.442 1,863,483 + 16.4
Oct.
10..
17..
Oct.
24..
Oct.
31--
2,168,487 1,867,127 --16.1
2,170,127 1,863,086 -16.5
2,166,656 1,895,817 --14.3
2,175,810 1,897,180 -14.7
Nov.
2,169,480 1,913,684 --13.4
2,169,715 1,938,560 +11.9
T.¬
Nov. 14..
Statistics includes 784 price series
Nov. 21..
weighted according to their relative importance in the country's markets
Nov. 28..
and is based
Bureau of Labor
the average for the year 1926 as
on
1934
1935
1936
Oct.
and mixed fertilizers
Chemicals
pharmaceuticals.
prices
in Millions of Kilowatt-Hours
P. C.
Ch'ge
An increase of
remained at 86.1.
changed at last week's level.
Wholesale
Weekly Data for Previous Years
(In Thousands of
KUowattr-Hours)
Week of-
0.9% In the subgroup of fertilizer materials
drugs
FOR RECENT WEEKS
DATA
It remained
other leather products were firm.
The chemicals and drugs group index
The following table shows index
modities for the past five weeks
Dec. 12.
numbers for the main groups of com¬
and for Jan. 4, 1936, Jan. 5, 1935, Jan. 6,
2,196,175 1,953,119 --12.4
2,133,511 1,876,684 --13.7
6..
Dec.
100.
Dec.
2,243,916
2,278,303
2,274,508
2,080,954
_
19..
Dec. 26-.
+ 13.9
1,969,662
1,983,431
2,002,005
1,847,264
+ 14.9
+ 13.6
+ 12.7
1933
1932
1931
1930
1929
1,659
1,657
1.668
1,677
1,646
1,619
1.506
1,508
1,528
1,653
1,656
1,647
1,652
1,628
1,623
1,655
1,600
1.671
1.672
1,676
1,711
1,724
1,729
1,747
1,741
1,728
1,713
1,722
1,672
1.747
1.748
1,770
1.819
1,806
1,799
1,824
1,816
1,798
1,794
1,818
1,718
1,806
1,841
1,860
1.617
1,638
Jan.
(1926=100.0)
2..
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
Dec.
1,676
1,691
1,705
1,684
1,743
1,767
1,788
1,650
2
26
19
12
5
4
5
6
7
1,644
1,657
1,539
1,510
1,519
1,563
1,554
1,415
1,565
1,524
1,597
Month
1936
1936
1936
1936
1936
1935
1934
1933
of—
84.7
84.1
83.7
83.4
83.0
80.9
77.9
71.0
61.9
Jan....
86.1
86.1
85.4
84.2
83.3
80.1
79.1
73.3
Housefurn. goods.
84.3
84.3
84.3
84.3
84.0
82.2
82.3
81.7
73.3
Nov
Miscellaneous... l
Raw materials.__L
74.9
74.5
74.4
74.1
74.1
67.5
70.9
75.9
61.4
Dec....
Total.
93,420,266
88.4
87.7
87.3
86.7
79.3
75.6
57.4
43.8
March
85.7
86.1
84.8
84.8
85.8
78.5
62.7
58.1
April...
Hides &1 eat h. prod 101.1
Textile products.
76.2
101.1
100.5
99.8
99.4
96.6
86.8
90.0
68.9
76.1
75.7
75.2
74.6
72.9
70.0
76.0
52.7
May
June...
77.5
77.5
77.5
77.6
75.5
74.1
74.3
68.1
July...
9,163,490
August.
Sept
9,275,973
9.262.845
Oct
9,670,229
Feb
Fuel & ltg. mat'ls.
77.2
Metals & met. prod
89.9
89.1
88.8
88.4
88.0
85.9
85.6
83.3
79.1
Building
90.2
89.7
89.2
88.7
88.4
85.2
84.6
85.5
70.7
72.0
84.9
84.4
*
84.3
83.1-
82.7
81.6
81.0
75.3
*
*
*
84.1
83.9
83.7
83.5
83.2
83.2
*
«
83.5
83.1
82.9
82.5
82.2
81.2
78.4
73.9
65.8
82.6
82.4
82.2
81.9
81.7
78.8
78.0
77.6
68.2
--13.9
--11.7
--12.9
--13.1
--16.7
--17.5
--14.8
--18.8
+ 15.3
1932
6,480.897
5,835,263
6,182,281
6,024,855
6,532,686
6,809,440
7,058,600
7,218,678
6,931,652
7,094,412
6,831,573
7,009,164
1931
7,011,736
6,494,091
6,771,684
6,294,302
6,219,554
6,130,077
6,112,175
6,310,667
6,317,733
6.633,865
6,507,804
6,638,424
7,435,782
6,678,915
7,370,687
7,184,514
7,180,210
7,070,729
7,288,576
7,166,086
7,099,421
7,331,380
6,971,644
7,288,025
*
than farm prod.
7,131,158
6,608,356
7,198,232
6,978,419
7,249,732
7,056,116
7,116,261
7,309,575
6,832,260
7,384,922
7,160,756
7,538.337
*
Seml-mftd. articles
Finished products.
All commod. other
.
1933
1934
Ch'ge
+11.6
materials
Chemicals & drugs
90.4
86.2
_
(THOUSANDS OF KWH.)
P.C.
1935
1936
7,762,513
7,048,495
7,500,566
7,382,224
7,544,845
7,404,174
7,796,665
8,078,451
7,795,422
8.388,495
8,197,215
8,521,201
...
1,619
2,069,266
..
8,664,110
8,025,886
8,375,493
8,336,990
8,532,355
8,640,147
Farm products
Foods
1,617
1,608
1,554
1,533
1,525
1,521
1,532
1,475
Jan.
1937
commodities
1,622
1,583
1,617
1.669
DATA FOR RECENT MONTHS
Jan.
All
1,619
1937—
1934, and Jan. 7, 1933:
Commodity Croups
Week
in
power
Wholesale prices of shoes, hides, skins, and
average.
Kwh.
Ended Jan 2, 1937
Slight advances in prices of chrome calf and sole leather did not affect
the index for the hides and leather products group as a whole.
2,069,266,000
Totals
Output
edible tallow and most vegetable oils. The dairy products
and fruits and vegetable subgroups declined due to lower prices for butter,
above
Electric
lard, oleo oil,
copra,
♦
Higher
port, veal,
of office furniture advanced
0.1%, due to higher prices for
prices
Wholesale
84.3.
remained at
group
products did not affect the index for
the petroleum
decline in
and
slightly.
week due primarily to
metal
and
fractionally
minor
the fuel
equipment, structural steel, wire, antimony, ingot copper, copper sheets,
and
metals
higher.
month ago and 14% above a year ago.
The idex for the metals and metal
Jan. 9. 1937
Chronicle
86.9
85.6
*
78.1
84.0
85,564,124 80,009,501 77,442.112 86,063,979
Note—The monthly figures shown above are based on reports covering approxi¬
mately 92% of the electric light and power industry and the weekly figures are
based on about 70%.
All commod. other
than farm prods.
and foods
♦
0.5%, it
Dec. 31.
on
The
increase of
lambs
and
wheat,
group—0.8—was due largely to
an
Higher prices were also reported for barley, rye,
the Eastern
in
a
month
prices
hogs and flaxseed were lower.
fertilizers
fats
caused
reached
and 12.8% above
ago
of
the
markets,
wholesale prices of
Average
index—88.4—is the highest
3.4% above
0.8%.
potatoes
and wool.
peanuts
apples, timothy hay,
Advancing
rise
added:
products
white
potatoes,
products
mixed
farm
live poultry.
eggs,
cotton,
farm
the
in
1.7% in livestock and) poultry prices, principally steers, hogs,
sweet
lemons,
announced by the Bureau of Labor
was
The Bureau
advance
and
oils,
index
sulphate,
chemicals
the
oats,
This week's
1930.
It
since June,
a year ago.
copper
for
oranges,
corn,
Wholesale
bone and
of foods advanced 0.7% during the week.
Fruits and
3.4%; cereal products, 1.6%, and dairy products, 0.3%.
Meats, on the other hand, were slightly lower.
Individual food items for
which higher prices were reported were butter, oatmeal,
flour, hominy
grits, raisins, fresh fruits and vegetables, bacon, cocoa, copra, oleomar¬
prices
garine, olio oil, peanut butter, pepper and soybean oil.
market,
and
in
price
cottonseed
level
during
week
the
cheese
were
dried apricots, mutton, fresh pork,
of
oil.
it is only 0.5%
Food articles that
the
San
Francisco
Santos coffee, cured fish, lard
Although the current food
month ago,
a
in
index is
1.5% above the
higher than in the corresponding
week of last year.
The
due
hides
to
other
leather
sharp advances in
leather
products,
products
prices
such
as
group
of hides,
luggage,
rose
0.6%.
The
increase
unchanged.
Rising prices for brick,
several
materials
tural
metal
group
steel
were
Continued
stated:
skins and leather.
harness,
gloves
belting
lumber,
construction
to
certain
items
increase 0.6%.
paint materials,
caused
the
index
for
re¬
window glass
the
decrease of
V?
.
etill far above that of
activity
was
in
non-residential
a
year ago.
Despite
a
small decrease
the aggregate value of all building
81% greater than in November, 1935.
This gain is accounted for by an increase of nearly 70% in new residential
construction and an advance of 25% in the value of permits issued for
additions, alterations, and repairs to existing structures.
new
construction,
permits issued during the month
For the first
for
10,000
with
in
months of
11
was
1936
the
aggregate value of permits issued
in cities with a population of
$1,219,157,000, an increase of 63% compared
the corresponding period of 1935.
All classes of construction shared
all
this
classes
or
over
of
building
amounts
construction
to
but the greatest improvement during the
gain,
year
has been
in
residential construction..
In noting the
building
Average prices for cement and struc¬
foregoing,
an announcement
by the United
States Department of Labor also said:
The percentage change from October to November in the number andl cost
of
of
buildings for which permits were issued for each of the different types
construction in 1,573 identical cities with a population of 2,500 or
over
is
indicated in the
following table:
in
-
rope,
Change from Oct. to Nov. 1936
prices of cotton goods, silk and rayon, knit
and higher prices for clothing, resulted in a 0.5%
The subgroup of woolen and worsted
Class of Construction
Number
Estimated Cost
New residential
—12.5
—10.3
New nonresidential
—22.7
—17.9
Additions, alterations and repairs
—29.7
—22.3
—25.1
—15.1
increase In the textile products group.
goods remained unchanged at last week's level.
increases
manufactures,
in
prices of
reinforcing bars, scrap steel
including antimony, pig lead, lead pipe, brass and
zinc sheets, solder and pig zinc caused the index
and non-ferrous metals,
copper
Secretary Perkins
+
steady.
advances
goods, burlap and
Pronounced
10%.
rV-+ :• ■;
Although falling below the October level, the November rate of building
Shoes and
and
a
■
was
mained
and
in November was character¬
ordinarily attends this season
of the year, it was 31% greater than in November, 1935,
Secretary of Labor Frances Perkins reported, Dec. 26.
Measured by the value of building permits issued, all classes
of building activity in November fell below the level of the
previous month.
The most abrupt decline—22%—was re¬
ported in the value of permits issued for additions, altera¬
tions, and repairs to existing structures, but new non-resi¬
dential construction showed a decrease of 18% and new resi¬
new
and
During
Ago
While building construction
dlrugs group to
rose
decreased
United
States
31% Above Year
in
ized by the contraction that
dential construction
ground
and
Drugs and pharmaceuticals remained unchanged.
vegetables
Construction
Reported
November
During the previous week ended Dec. 26, wholesale prices
advanced
is
Building
Not computed.
average
Total
Volume
Financial
144
percentage change compared with November, 1935, by class of
construction, is shown in the table below for 786 identical cities having a
population of 10,000 or over:
179
Chronicle
The
Exports, including reexports, amounted to $225,766,000 in
1936,
in
(goods entered for storage in bonded warehouses, plus
General imports
Change from Nov. *35 to Not. '36
Class of Construction
New residential
-j-84.3
amounted to $196,423,000 In November, 1936, compared
_
+ 10.8
_
Total
$212,464,000 in October, 1936, and $169,385,000 in November, 1935.
Imports for consumption (goods entering merchandising or consumption
—4.9
+24.5
+24.9
Additions, alterations and repairs
with
+69.6
--31.3
New nonresidential
arrival in the
goods entering merchandising channels immediately upon
United States)
Est. Cost
Number
November,
1936, and $269,838,000
compared with $264,740,000 in October,
November, 1935.
+31.0
withdrawals from bonded ware¬
channels immediately upon arrival, plus
houses for consumption)
amounted to $200,322,000 in November, 1936,
compared with $213,169,000 in October, 1936, and $162,828,000 in No¬
vember, 1935.
Compared
with
the
corresponding month of last year, an increase of
61.8% is shown in the number of family dwelling units provided in these
786 identical cities in November, 193C.
The cumulative gains made during the first 11 months of 1936 over
corresponding periodl of 1935
are
the
The net
balance
amounted to $29,343,000 In
of merchandise exports
November, 1936, compared with
a
net export balance of $52,276,000 in
October, 1936, and $100,453,000 in November, 1935.
The cumulative value of merchandise exports for the first 11 months
of 1936, amounting to $2,223,000,000, Increased 8%
indicated below:
amounting to$2,174,000,000, increased 17%
Change from First 11 Mos. in
1935 to First 11 Mos. in 1936
Class of Construction
Additions, alterations and repairs
.....
Total
+86.7
+25.7
+10.7
factured
articles.
+62.8
The
increase
in
imports
wide range of commodities,
a
The
due in large part to increased shipments of manu¬
exports was
purchases of
+113.5
+22.1
*
New nonresidential
and general imports,
comparable values
over the
The export surplus amounted to $49,000,000,
compared with $199,000,000 in the corresponding period of 1935.
rise in
Est. Cost
Number
N<»w residential —
in thefirst 11 months of 1935.
+38.5
particularly of crude materials,
+31.2
value.
was
due
was
mainly
to
larger
although the rise in prices,
responsible for
a
part of the increased
The increase in the quantity of imports was about 10%.
Compared with both October,
1936, and November of last year, the
decrease in the November exports was mainly due to smaller shipments of
The data collected
by the Bureau of Labor Statistics include, in addition
to private
construction, the number and value of buildings for which
contracts were awarded by Federal and State governments in the cities
included in the report.
For November, 1936, the value of these public
buildings amounted to $7,303,000; for October, 1936, to $7,876,000, and
for November, 1935, to $7,661,000.
Permits were issued during November for the following important build*
ing projects:
In Boston, Mass., for an office building to cost $850,000;
in Newburgh, N. Y., for a school building to cost $465,000; in New York
City—in the Borough of the Bronx for apartment houses to cost over
$2,200,000; in the Borough of Brooklyn for apartment houses to cost
$1,775,000; for factory buildings to cost nearly $900,000, and for store
and mercantile buildings to cost $470,000; in the Borough of Queens for
apartment houses to cost nearly $2,000,000; in Chicago, 111., for factory
buildings to cost nearly $300,000 and for store and mercantile buildings
to
cost $240,000; in Detroit, Mich.,
for factory buildings to cost over
$350,000 and for stores to cost nearly $400,000; in Columbus, Ohio, for
apartment houses to cost $780,000; in Milwaukee, Wis., for store buildings
to cost $285,000; in Washington, D. C.,
for apartment houses to cost
over $1,200,000; in Baltimore, Md., for factory buildings to cost $340,000;
in Louisville, Ky., for apartment houses to cost $560,000;
in Memphis,
Tenn., for an institutional building to cost nearly $400,000; in Albu¬
querque, N. Mex., for a school building to cost over $310,000; in Salt
Lake City, Utah, for store buildings to cost $275,000, and in Los Angeles,
Calif., for apartment houses to cost over $500,000.
A contract was awarded by the Low-Cost Housing Division of the Public
Works Administration for a housing project in Toledo, Ohio, to cost over
$1,840,000; for a project in Omaha, Neb., to cost over $1,800,000, and
for a project in Washington, D. C., to cost nearly $1,600,000.
A contract was awarded by the Procurement Division of the
Treasury
Department for a post office and Federal court house at Aberdeen, S. D.,
to cost more than $885,000.
ESTIMATED COST OF BUILDING CONSTRUCTION, TOGETHER WITH
THE NUMBER OF FAMILIES PROVIDED FOR IN NEW DWELLINGS,
IN 1,573
IDENTICAL CITIES IN NINE REGIONS OF THE UNITED
STATES. AS SHOWN BY PERMITS ISSUED, OCTOBER AND NOVEM¬
BER
unmanufactured
cotton, leaf tobacco, lumber, fruits and fish products.
Exports of unmanufactured cotton decreased from 620,244,000 pounds,
valued at $75,062,000 in November, 1935, to 378,815,000 pounds, valued
at
$46,969,000,
valued
at
and
Exports of fruits,
49,453,000
to
67,793,000 pounds,
tobacco from
unmanufactured
$23,322,000,
valued
pounds,
$20,324,000.
at
amounted to $13,791,000,
lumber and fish products
$3,649,000, and $1,652,000 in November,
1935, and to $4,580,000, $2,-
802,000 and $506,000, respectively in November, 1936.
Compared with October there
of
the
other leading
naval stores,
export
were also
declines in exports of
a
majority
commodities with the exception of meats,
petroleum products, and automobiles, and compared with
November, 1935, in all principal commodities except lard, naval stores,
coal, metals and manufactures, crude petroleum and machinery.
Exports
of automobiles, including parts and accessories, amounted to $21,218,000,
compared with
$15,766,000 in
October,
1936,
and
$21,885,000 in No¬
vember, 1935.
In the
clined
in
import trade, nine of the 11 major groups of commodities de¬
value compared with
October, 1936.
Included
commodities imported in smaller value were meat
among
leading
products, furs, tallow,
grain, fruits, coffee, tea, crude rubber, unmanufactured tobacco, burlap,
lumber, newsprint, crude petroleum, iron and steel, nickel, tin, sodium
nitrate, and art works.
October
Among imports to show an increase over
tables,
cane sugar,
and skins,
butter, vege¬
were
alcoholic spirits, wines, oil seeds, cotton (doth, hides
unmanufactured wool,
raw
silk, and copper.
With few exceptions, notably tallow, vegetable oils, coffee, tea,
and fertilizers, imports of all leading
burlap,
commodities were larger in value in
November than in the corresponding month of 1935.
Exports of gold
amounted to
compared with $117,000 in
$127,000,
Imports of gold amounted
October, 1936, and $242,000 in November, 1935.
to
$75,962,000, compared with $218,929,000 in October, 1936, and $210,-
810,000 in November, 1935.
Silver exports amounted to $411,000, com¬
pared with $268,000 in October, 1936, and $512,000 in November, 1935.
Silver
amounted
imports
to
$4,451,000 compared with
$26,931,000 in
October, 1936, and $60,065,000 in November, 1935.
*
MERCHANDISE TRADE BY MONTHS
1936
Exports,
Including
Re-exports. General Imports, and Balance of Trade
New Residential Buildings
No.
November
of
Estimated
Cities
Cost
Geographic Division
Nov. 1936
Familes Provided for in
New Dwellings
.
Oct. 1936
Nov. 1936
11 Months Ending Nov,
Increa*e(+y
Decreased—)
Exports and imports
1935
Oct. 1936
1985
1936
1936
136
$3,980,475
381
14,526,825
East North Central..
347
West North Central.
South Atlantic
135
12,078,756
3,884,534
8,350,313
1,487,806
3,348,620
1,160.028
10,350.731
East South Central.
175
70
.
West South Central-
111
66
Mountain
Pacific
152
...
Total
1,573
Percentage change.
.
$59,168,088
$3,955,342
18,156,796
12,113,440
3,129,358
6,551,625
6,753,088
3,852,199
1,486,790
10,934,789
$65,933,427
—10.3
.
728
738
3,563
2.141
1,012
2,456
4,176
894
1,953
1,760
1,263
446
1,191
361
490
2,860
Estimated
$14,758
$16,293
Imports
Excess of exports....
Nov. 1936
136
$2,238,352
8,844,744
7,851,001
1,416,107
3,990,693
986,246
1,530,607
381
East North Central.
.
347
West North Central.
135
South Atlantic
175
East South Central.
70
-
West South Central..
111
$1,397,880
6,477,508
7,710,040
2,432,617
4,960,560
1,823,804
3,658,559
66
1,427,881
837,378
152
Mountain....
3,188.736
9,023,344
...
Pacific
........
Percentage change. .
1,573
$31,474,367
1933
1934
1935
1936
1,000
1,000
1,000
Dollars
Exports, Including
Re-exports—
Dollars
Dollars
Dollars
Dollars
Dollars
Nov. 1936
$8,885,822
30,953,519
23,777,676
6,412,386
15,410,319
2,964,429
5,685,250
3,011,809
16,548,811
Oct. 1936
198,564
182,024
195,100
192,791
200,752
185,404
179,968
178,219
220,153
264,740
225,766
11 mos. ending Nov.. 2,240,220 1,479,402 1,482,355 1,062,146 2,059,405
2,223,480
May......—.......
—
August
September.
$8,076,247
33,558,731
25,484.332
7,336,161
16,248,143
8,312,278
8,765,502
3,232,246
January............
23.871.325
February.....
—16.1
November
December...
—
Department of Commerce
Dee. 31 issued its statement on the foreign
trade of the United States for November and the 11 months
ended with November, with comparison by months back to
1931.
The report is as follows;
In November United States foreign trade declined more than
with
exports
off
15%
and imports 8%, compared with
187,482
192,774
198.701
202,800
191,218
190,896
194,181
192,372
215,669
212,464
196.423
11 mos. ending Nov.. 1,936,862 1,225,687 1,316,041 1,522,797 1,860,517
12 mos. ended Dee... 2,090,635 1,322,774 1,449,659 1,655,055 2.047,486
2,174,468
rr.r-
April
....
September
October..........
November...
December.. ........
.
On
was
November
In comparison with the corresponding month
continued higher in value, while exports dropped con-
96,006
83,748
94,860
88,412
106,869
122,197
142,980
154,918
146,643
160,867
128,541
133,518
135,706
132,753
158,105
146.523
154,647
136,109
127,229
119,513
131,658
129,635
150,919
132,258
11 Months Ending Not.
1,000
1936
1,000
1935
1,000
1936
1,000
Dollars
,
Exports CU. S. mdse.)..
Imports for consumption
Increase (+)
Decrease^—)
1935
The principal factor contributing to the unusual decline
the maritime strike.
of 1935, imports
135,520
130,999
131,189
126,522
112,276
110,280
79,421
91,102
98,411
105,499
104.468
97,087
Exports and Imports
the average exports are about 6% lower in value In November and imports
about 2% lower.
183,148
174,946
210,202
185,706
179,694
173,455
174,460
166,679
170,384
168,708
149,480
153,773
Exports of United States Merchandise and Imports for Consumption
seasonally,
October.
120,589
101,515
108,015
105,217
114,203
119,790
144,109
181,473
160,119
193,069
184,256
192,638
166,832
152,491
177.356
170.600
170,533
156,754
176,631
169,030
161,647
189.357
169,385
186,968
.
August.......—.
on
150,022
153,972
154.876
135,095
131,899
114,148
106,830
108,699
132,037
153,090
138,834
131,614
General Imports—
May
The Bureau of Statistics of the
249,698
224,346
235,899
215,077
203,970
187,077
180,772
164,808
180,228
204,905
193,540
184,070
12 mos. ended Dee... 2,424,289 1,611,016 1,674,994 2.132,800 2,282.874
July—
Country's Foreign Trade in November—Imports and
Exports
172,220
162,762
190,938
179,427
160,197
170,519
161,672
171,984
191,313
206.413
194,712
170,654
176,223
163,007
185,026
164,151
165,459
170,244
173,230
172,126
198,803
221,296
269,838
223.469
June
♦
Washington
+313.951
1,000
June
at
49,012
1932
July
$38,321,690 $113,650,020 $133,884,965
—17.9
.
198,888
1,000
Msroh...
Total
29.343
1931
April......,--—-—
Repairs)
Estimated Cost
0<A. 1936
100,453
+164,075
1,000
Month or Period
October
New England
Middle Atlantic
Dollars
2,223,480
2,174,468
1,000
Excess of Imports
January
...
February...........
Total Construction
and
Cost
Dollars
2,059,405
1,860,517
1,000
2,860
(Including Alterations
Buildings
Dollars
225,766
196,423
1,000
2,159
—9.4
New Non-Residential
Cities
1,000
Dollars
269,838
169,385
Exports..
March
Geographic Division
1,000
Dollars
New England.......
Middle Atlantic.....
Dollars
Dollars
Dollars
267,258
162,828
223.321
200.322
2,022,149
2,189,994
2.180.767
1,859,145
1.000
Dollar#
+167.845
+821.622
Financial
180
Chronicle
district
Month
or
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
.
.
June
July
August
September
October.
....
.
November.
.
...
132,268
128,553
109,478
104,276
106,270
129,538
151,035
136,402
128,975
173,560
160,312
181,667
160,511
159,791
167,278
169,577
159,617
187,418
176,490
157,161
167,902
159,128
169,851
118,559
99,423
106,293
103,265
111,845
117,517
141,573
129,315
157,490
190,842
181,291
189,808
146,906
151,048
151,403
179,381
192,392
189,569
196,999
181,097
176,584
175,461
217,538
261,963
167,865
169,683
196,040
218,184
267,258
220,931
188,860
203,536
192,156
168,442
Third (Philadelphia)
195.689
223,231
Federal
mos.
mos.
,197,181 1,447,177 1,457,413 1,931,694 2,022,149 2,189,994
,377,982 1,576,151 1.647,220 2,100,135 2,243,081
ending Nov
12
ended Dec—
183,284
177,483
February
July...............
August
205,690
182,867
176,443
170,747
174,559
168,735
September
174,740
October............
171,589
March
April...—...—.....
May
..........
June.
.
.
November
152,802
December
149,516
92,718
84,164
91,893
88,107
109,141
123,931
141,018
152,714
147,599
79,934
93,375
102,933
104,662
105,295
95,898
126,193
186,377
166,070
149,470
127,170
123,176
112,611
112,509
168,482
152,246
175,485
128,976
125,047
153,396
141,247
147,467
135,067
124,010
117,262
149,893
149,288
125,269
134,311
129,804
130,584
199,798
188,530
193,629
196,583
200,089
189,590
194,296
166,756
155,313
173,096
180,381
168,683
189,806
162,828
179,760
137,975
Philadelphia (Third)
expansion
comparatively high level has been
during November and a
maintained since then when allowance is made for the usual
the Philadelphia Federal
Reserve Bank in its "Business Review" for Jan. 1, The Bank
also says
in part:
Holiday business in December has been quite active
be running considerably above those in
and dollar sales appeared to
of goods
by railroad freight have been relatively more active
the index has been rising almost steadily
usual during November
than
since spring.
yyWyManufacturing
syy+yS:®
.
-..
The market for factory products has been active and sales of finished
goods have increased further since the middle of last month, particularly
in the
and rubber products, and cigars.
of textile, leather
case
Current
218,384
213,169
sales continue to exceed the volume of a year ago by substantial margins.
200,322
The volume of unfilled orders shows
additional increases during the month
and is considerably larger than a year ago.
11
mos.
ending Nov.. 1,938,939 1,229,196 1,305,843 1,509,810 1,859,145 2,180,767
12
mos.
ended Dec... 2,088,455 1,325,093 1.433,013 1,636,003
Such recessions as are reported
by various lines of industry are principally seasonal in character.
Factory employment, payrolls and working time in this section showed
2,038,905
about the usual seasonal changes from October to November.
MONTHS
GOLD AND SILVER BY
com¬
Sales of new passenger automobiles in¬
November and continued larger than last year.
parable periods of recent years.
Deliveries
Consumption—
January
District
considerable
seasonal variations, it is stated by
creased very sharply during
Imports for
f
Philadelphia,
the
showed
District
Reserve
in
trade"
and
"Industries
October to November.
11
are
Retail and wholesale trade sales showed appreciable improvement from
*
t
coveredfin the following remarks
Cleveland, Chicago and San Francisco:
1,000
Dollars
245,727
220,660
231,081
210,061
199,225
182,797
177,025
161,494
177,382
201,390
190,339
180,801
February
December.......
1936
1,000
Merchandise—
April
May
1935
,
Dollars
Exports—U, S.
January
March
1934
1933
1932
1931
Period
Jan. 9, 1931
reflected partly wage increases
Exports, Imports, and Net Balance
In the case
decline of somewhat less than usual proportions
of wage disbursements a
during the first part of November.
The
general level of employment and payrolls has been well sustained at the
11 Months Ending Nov.
November
Increase (4-)
highest rate since 1930.
'
Decreased—)
Exports and Imports
Seventh
1936
1935
1936
1935
A
1,000
1,000
1,000
1,000
Dollars
1,000 "
Dollars
Dollars
Dollars
Dollars
Gold-—
+25,644
242
75,962
1,791
1,550,800
27,434
1,087,048
210*567
75,836
1,5*4*9",009
1,05*9,613
411
Imports.....—.......
127
210,810
Exports..
4,451
18,032
306,928
2,730
180,550
4,039
2*8*8",896
177*820
Excess ol exports.—
Excess of Imports
(Chicago) District
—463,752
high level of activity continues to prevail in Seventh
productions, as well as in the distribution
commodities, states the Federal Reserve Bank of Chicago
in its "Business Conditions Report" of Dec. 31.
"Certain
phases recorded some curtailment in 'November that was
seasonal in nature," the Bank said, "and retail trade was
District industrial
affected
Silver—'
Exports.!
60,065
Imports
Excess of exports
—15,302
—126,379
*
59*554
Excess of Imports
by the fewer number of trading days than either a
a year previous.
However, several major indus¬
tries have expanded operations further, and industrial em¬
ployment and payrolls in November were the heaviest for
the month since 1929."
The following is also from the
month
or
Bank's report:
Silver
Gold
1933
1936
1935
1934
1933
Month or Period
1934
1935
1936
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
to some extent retarded
Dollars
14
4,715
363
338
1,551
859
21,521
28,123
51
46
23,637
209
734
44
540
2,315
269
665
37
62
51
193
1,425
1,780
6,586
49
5
235
166
77
343
114
59
695
14,556
22,255
2,173
102
32
2,572
7,015
3,321
2,281
1,638
2,404
1,789
1,741
1,424
1,162
1,248
1,661
3,128
1,593
2,885
1,717
1,547
2,009
1,472
204
260
268
512
411
January
February
March
April..........
May
June
July
...
16,741
22,925
4,380
85,375
August
81,473
September......
November......
58,282
34,046
2,957
310
242
December
10,815
140
170
October
86
42
76
117
464
127
1,698
590
1,014
15,538
16,551
18,032
18,801
with
buying of rails and railroad equipment featuring the demand.
mos.
end. Nov 355,837
52,619
12
mos.
end. Dec 366,652
52,759
27,434
1,791
1,960
duction of steel and of malleable castings declined during November, but
new
535
to
203
orders booked rose substantially.
ship much greater than average volumes in the month, and some factories
operating above theoretical capacity, although there was
were
138
recession in shipments from the preceding month.
143
and the movement of building
accordance with seasonal
In
groups
2,730
June..
........
August
September
October
November
mos.
12
mos.
were
a
seasonal
Building construction
smaller in November, follow¬
...
trend, sales in reporting wholesale trade
declined during November from the preceding month, but volumes
heavier than
period than
a
declined
a year
ago.
Because of fewer trading days in the current
month earlier or in November last year, department store
in
month-to-month
the
comparison
and
were
only
12%
above
April
May..........
11
materials
ing the normal trend for the period.
sales
1,947 149,755
January........ 128,479
30,397 452,622 122,817
February
March
14,948 237,380 13,543
December
Furniture manufacturers continued
197
Imports—
July
Pro¬
141
237
769
18,451
19,041
253
by strikes in industries furnishing fabricating
The steel industry is now operating at close to practical capacity,
materials.
were
11
1
earlier and approximated the year-ago volume, although their manufacture
was
Exports—
'
Output of automobiles was sharply higher in November than a month
...
...
6,769
1,785
1,136
1,497
1,085
1,545
1,696
2,174
1,687
54,785
35,362
70,291
52,460
51,781
3,585
13,010
121,199
92,249
148,670
140,065
230,538
16,287
46,085
156,805
315,424
210,810
190,180
end, Nov 191,510 1094421 1550800
end. Dec 193,197 1186671
45,981
7,002
7,795
28,106
169,957
277,851
16,074
67,524
171,866
218,929
75,962
1087048
1740979
1,763
855
1,693
1,520
5,275
15,472
5,386
11,602
3,494
4,106
4,083
4,977
3,593
2,128
1,823
1,955
4,435
5,431
2,458
21,926
20,831
14,425
15,011
8,711
19,085
16,351
20,842
11,002
13,501
10,444
30,230
30,820
45,689
48,898
60,065
58,483
17,536
8,115
4,490
4,989
23,981
6,574
16,637
8,363
26,931
4,451
47,603
55,248 94,014 306,928 180,550
60,225 102,725 354,531
at End of i.936 at
Years, According to S. H.
Logan, of Canadian Bank of Commerce
"The year 1936 closed with industrial production in Canada
at the highest level in six years and, also, with improvement
over a broader field than had previously been witnessed in
that period," S. H. Logan, General Manager of the Canadian
Bank of Commerce, Toronto, announced on Jan. 6.
"New
records of production were established in the newsprint and
non-ferrous metallurgical industries, as well as in some lines
of textiles, while the lumber cut increased by about 15% to
the highest point since 1930, mainly as a result of the largest
overseas demand for British Columbia wood ever known,"
Industrial
Canadian
Production
Highest Level in Six
.November, 1935; daily average sales, however, increased over Octo¬
ber and totaled 18% above a year ago. There was a contrary-to-seasonal
decline during November in the retail shoe trade, but the dollar volume sold
remained
creasing
greater
as
than in
1935.
The retail furniture trade, though de¬
is usual from a month earlier, continued to show a substantial
gain over the corresponding month last year.
Fourth (Cleveland) District
its "Monthly Business Review" dated Dec. 31 the
Federal Reserve Bank of Cleveland observed that, "at the
close of 1936, business continued at a very good rate in
In
nearly all trade and industrial lines, but while operations
generally were at the highest level of the recovery movement,
developments in the labor situation in December were
seriously disturbing to at least one major industry." The
Bank further stated:
H-Ia
the Fourth (Cleveland) District, gains in many lines in 1936 exceeded
the national average.
past years,
were
Agricultural conditions, while below the average of
better than in many sections and the relatively higher
prices produced a greater gain in gross income in this section
average
increase reported for the country.
the closing months
than the
Employment indexes in Ohio in
of the year were above the average of 1926 and the
#
Mr. Logan
said.
He continued:
Industrial activity declined in
December, as is usual in the closing part
In a few branches of industry, leather footwear,
scale recorded
a
few months ago, and the volume
their way for execution in future
months.
in
of new orders which came
.y-
ment store sales were up
and
fpreliminary reports
increase
V
Reserve
Districts
We give below excerpts from the monthly reports on busi¬
ness of the various Federal Reserve banks.
The Reserve
These gains
on
December sales indicate that the month's
approximated that figure.
In dollar volume, retail trade exceeded
greater amount than department store sales
sold
than since
and more automobiles were
1929.
Twelfth
The
on
Depart¬
14% in the first 11 months compared with 1935
the past five years. Furniture store sales increased over 1935 by a
(San Francisco)
District
Federal Reserve Bank of San Francisco announced
Dec. 28 that business recovery, which continued in other
parts of the United States, "was checked in November in
the Twelfth District as a result of the maritime strike. The
direct effects of the cessation of water-borne commerce were
producers whose agricultural and indus¬
normally marketed by water," said the
the principal products shipped by water
cotton, beans, dried and canned fruits,
and flour. Continuing, the Bank also said:
principally by
products are
Bank, which gave
as
wheat, barley,
felt
Summary' of Business Conditions in Various Federal
and a greater number of hours worked.
purchasing power were reflected in various fields of retail trade.
any of
for example,
the recession was quite marked, but was not so great as to wipe out all of the
general advance made in the autumn. Moreover, activity in most factories
and mills during last month was much greater than in the same period of
1936.
One pleasing feature of the year-end industrial record was the
continued operation of the heavy industries on the comparatively high
of the year.
improvement over 1935 was exceeded by the gain in payrolls which resulted
from wage increases
trial
lumber
Volume
Financial
144
Industries which depend upon cargo shipments for
tured products and industrial raw materials were cut off or
received by rail
The shortage of raw materials and loss of markets
tion in industrial and
reduced
contributed to a reduc¬
After allowance for customary
building operations.
in the three Pacific Coast States
seasonal influences, industrial employment
was
between mid-October and mid-
by 1% and payrolls by 2%
November.
Shrinkage in income of workers directly involved in maritime commerce,
industrial em¬
together with the small curtailment in payrolls received by
ployees and
reduction in receipts from the sale of agricultural products,
a
had relatively
apparently
factor
nant
industries reporting gains were
steam railroad repair
shops and furniture.
In the non-durable goods group, seasonal declines in
the men's and women's clothing industries, boots and shoes, and canning
were factors contributing to the decline in employment in this group.
The
index of employment in the durable goods group in November
(90.4) is
above the level of any month since May, 1930, and indicates the employment
of 904 workers in November, 1936, for every 1,000 workers employed in
the
index-base period
(1923-25 equals 100).
In the non-durable goods
group,
the November index (103.2) 6tandB 3.2% above the 1923-25 base
period' and indicates the employment of 1,032 workers in November, 1936,
for every 1.000 workers employed during the years 1923-25.
store sales
effect
retail purchases.
on
Department
Bank's
5%.
in retail purchases in this district
by the customary seasonal amount and this
increased
seasonally
little
adjusted
index
retail
of
furniture
There was, however, a smaller expansion
electrical machinery,
shops,
industries surveyed showed a net
October to November. The gains
non-manufacturing
16
of more than 49,000 workers from
gain
and
than in other parts of the country.
combined
The
sales increased
store
machine
and
goods
durable
important
Other
group.
foundries
at increased cost.
November in these industries followed for
part the usual seasonal pattern.
Retail trade establishments added
losses
the most
in
in
employment
business, while
approximately 49,000 additional workers to handle increased
wholesale trade firms added more than 11,000 workers to
Report
Lumber Movement Week Ended
1936, and for 52 Weeks of the Year
of
26,
Dec.
ventories.
week
holiday
the
during
industry
been a month of notably
December has, however,
heavy bookings, the first three weeks showing the
reported
shipments not only
Production and
ing two years.
Lumber Manufac¬
National
The
strike.
maritime
the
turers Association further
have
restriction caused
shown seasonal decline but the continued
by
heaviest
business of any^weeks of 1936 or of the preced¬
new
reported:
3% below
for the year
were 2% below output, and orders
3% above, according to weekly reports
to the Association from regional associations covering important hardwood
and softwood mills.
Reported production in the 52 weeks of 1936 was 26%
above 1935 ; shipments were 23% above, and new orders 26% above ship¬
National, production reported
reported
and
ments
orders
of
during the 52 weeks of 1936 was
booked
business
new
the
during
last year
shipments
year;
the
209,710,000
All softwood
feet
ship¬
293,009,000 feet.
business,
new
Southern cypress reported orders above produc¬
regions but
All but West Coast, California
shipments above produc¬
tion.
All reporting softwood regions but West Coast and cypress showed
orders above
corresponding week of 1935; all but West Coast reported
shipments above, and all reported production above last year's week.
Lumber orders reported for the week ended Dec. 26, 1936, by 475 soft¬
wood mills totaled 207,960,000 feet, or 61% above the production of the
tion
26, 1936.
during the week ended' Dec.
redwood,
mills.
same
feet,
Shipments
reported
as
Identical
week's
Last
feet, and
a
production
the same week
for
Production was
above production.
17%
or
Northern hemlock reported
and
cypress
Mill
150,921,000
128,917,000 feet.
mills
was
126.845,000
it was 109,677,000 feet; shipments were, respectively,
and
140,556,000 feet, and orders received, 204,846,000
feet
in
185,245,000
Increase
D»
companies.
and
Employment
Payrolls
in
Evidence Since February Continued During Novem-
It- * ber, Secretary of Labor Perkins Reports
Employment
manufacturing and
combined
the
in
non-
manufacturing industries surveyed by the Bureau of Labor
Statistics,
States Department of Labor,
United
by Secretary
a
this
year,"
workers
were
Miss
Perkins
returned
to
each month since February
said.
"Approximately 58,000
employment
in
industries between October and November,
rolls in November
She continued:
with November,
Comparisons
these combined
and weekly pay¬
nearly $5,000,000 greater than in the
were
preceding month."
"The November
succession of employment in¬
shown
which have been
creases
Perkins.
Frances
Labor
of
gain continues the unbroken
of
showed
expansion in November, it was announced on Dec. 22
further
1935, show a gain of more than 1,100,000
nearly $50,500,000 in weekly
covered by the Bureau of Labor
Statistics, these industries employing more' than one-half of the population
workers
wage
at
over
the
year
disbursements
work.
in
increase of
and
an
the
industries
•
manufacturing industries.
regarding employment conditions in the
non-manufacturing industries of the
United States is from an announcement issued by the De¬
The
following
levels
gains
since
While
employment between October and November
in
November,
factory
November,
or
by
partment of Labor:
employment
increased
approximately
9,000
Payrolls
1.5%.
rose
gain of 0.1%.
particularly significant, as employ¬
These gains are
in only three of the preced¬
from October to November
increased
has
ment
payrolls have increased in only two instances.
The
November, 1936, employment index (96.6) is above the level of any month
since March, 1930, and stands 8.9% above the index of November, 1936
17
ing
and
years
The November payroll
(88.7).
(90.1) is the maximum recorded in
index
1930, and is 19.3% above November, 1935 (75.5).
a continuation of the revised series of indexes
which were released on Nov. 20 by the United States Bureau of Labor
Statistics and which have been adjusted to Census totals through
1933.
any
month since June,
The
foregoing indexes
The
totals
revised
are
through
only
stands
series,
of
series
published
previously
Census
the
indexes
which had been
adjusted to
1931, and which has now been superseded by
at 92.4 for factory employment in November,
basis is 87.9 for November, 1936.
which gains in employment were reported
November, the most important gain (14.7%) was in
1936, and the payroll index on the old
the
industries in
54
October and
between
the automobile industry
industries in
Other
and
goods
due to increased1 production on new models.
gains were reported over the month
was
substantial
which
(8.0%), lighting equipment (7.1%), woolen and
Hardware
were:
(6.3%), iron and steel forgings (6.1%),
Industries of major im¬
(6.9%), wirework
meat packing (5.4%).
smaller gains were noted
and
slaughtering
electrical machinery
goods (1.9%), furniture
(1.5%),
book and job printing
(1.4%), and steam and hot-water heating apparatus (1.0%).
The machine
tool
industry, which is a barometer of orders placed for power-driven
metal-cutting machinery, added more workers in November, the increase
of 1.4% continuing the gains which have been reported successively each
month, with but one exception, since October, 1934.
The November em¬
ployment index in this industry (127.8) is the highest level recorded in
which
portance
in
(3.3%),
cigars and cigarettes (2.6%), cotton
foundries andi machine shops
(1.4%),
any
were
since June, 1930.
month
The
largest
seasonal
from October to November were
preserving industry showed a
employment
in
declines
canning
The
character.
in
and
fertilizer, £f.0%; tin cans and other
tinware, 6.6% ; boots and shoes, 5.5% ; ice cream, 5.2% ; beverages, 4.1%;
agricultural implements, 3.8%, and radios and phonographs, 3.6%.
The
declines of 10.4% in employment in cane sugar refining, 5.9% in ship¬
44.0%; millinery, 15.6% ;
of
decline
building, and 5.2% in sawmills were due in part to the maritime strike,
while
labor disturbances in certain localities accounted for part of the
decrease
steel
Employment in the blast furnace,
showed a very slight decline (0.3%).
6.1% in the glass industry.
of
works and rolling mills industry
3.0% greater than in the preceding month.
for this industry (107.6) is, with the
exception of the immediately preceding month, the highest level recorded
Payrolls
The
in
November
for
November
were
of
indexes
supplied
returns
The
industries.
average,
1924.
employment
factory
representative
by
base
Reports
in
used
1923-25, taken
variation.
index
employment
month since April,
any
facturing establishments
computing
100.
as
were
and payrolls are computed from
establishments in 89 manufacturing
received
The
general
indexes
these
is the three-year
They have not been adjusted' for seasonal
in November, 1936, from 23,853 manu¬
employing 3,956,536 workers, whose weekly earn¬
ings during the pay period ending nearest
$90,861,908.
in the Bureau's
payrolls from October to
Nov. 15
were
following tabulation shows the percentages of change
indexes
of
November in each of
only 0.1 of 1% from October to
workers, this slight gain is note¬
employment
factory
the
yearsj 1919
18
and
to 1936, inclusive:
November during the preceding
17 years with the exception of 1919 and 1922.
Fifty-four of the 89 manu¬
facturing industries surveyed showed gains in employment over the month
interval and a like number showed gains in payrolls.
Although the gains
were widely
distributed among the durable and non-durable goods indus¬
tries, employment in the durable goods group as a whole rose 1.7%, while
the non-durable goods group showed a decline of 1.4%.
increase to be reported in
1919
1920
..
In¬
De¬
In¬
Year
Payrolls
Employment
)
has declined from October to November in 14
preceding 17 years for which information is available.
Factory pay¬
rolls also rose in November, the gain of 1.5%, or approximately $2,500,000,
of the
Industries
Factory employment in November showed a contra seasonal
1929.
worthy because employment
being the only
and
manufacturing
The
in several of
the
industrial groups surveyed raised
the November aggregates to the
highest level of the recovery.
Factory employment in November was
above the maximum of any month since March, 1930.
The further gain
in
employment in wholesale trade over the month interval raised the
November, 1936, level above that of any month since December, 1930.
Similarly, in the important group of retail general merchandising estab¬
lishments, which includes department, variety and general merchandising
stores and mail order houses, employment was above all preceding November
The
•
Many establishments reported decreased
....
Industrial
in
were
'
: .i '/••■
payrolls during the Nov. 15 pay
period due to Election Day and the observance of Armistice Day.
A
slightly offsetting influence to these payroll decreases, however, was the
wage-rate increases that were reported between October andi November.
Approximately 92,000 employees in the total of over 5,600,000 workers
covered by the Bureau's November survey received wage-rate increases over
the month interval, the major portion of these increases being reported in
insurance
and
and
I
decreases
slight
from telephone and telegraph, power and light,
reports received
interval
feet.
and
month,
preceding
the
in
than
November
in
shown
worsted
and
feet
,
industries reporting declines, seasonal re¬
cessions were shown in quarrying, laundries, dyeing and cleaning, hotels,
and private building construction.
Metal mines reported fewer employees
Among
year ago
147.725.000
and brokerage offices.
Among the non-manufacturing
Reports
457 identical softwood
of
were
also reported in
bus operation and mainte¬
petroleum producing, electric railroad and motor
nance,
26,
Mills, 583 ; production, 210,937,000 feet;
preceding week were:
ments,
their payrolls.
increased numbers of
and small gains in employment were
Manufactv/ring
1936, 557 mills are estimated to have
produced 140,925,000 feet of hardwoods and softwoods combined; shipped
163,934,000 feet; booked orders of 219,094,000 feet.
Revised figures for
reported
mines
coal
bituminous
weeks).
(52
During the week ended Dec.
and
Anthracite
workers in November
ended
Dec. 26, 1936, stood at 40% of the 1929 weekly average of
production and 47% of 1929 shipments. The year-end weeks
are always marked by shut-downs for mill repairs and in¬
lumber
The
domi¬
goods
pronounced gain of 14.7% in the automobile industry was a
in raising
the level of employment in the durable
The
their supplies of raw
Supplies such as steel and certain manufac¬
materials were also affected.
181
Chronicle
crease crease
Year
crease crease
6.0
Year
0.9
1921..
1921
1922
1923
1924
1925
1926
1927
._
__
1.8
..
-
-
*
..
-
-
_.
•
-
t
..
--
1931..
,
_
_
3.5
1922..
1.2
.
._
1930-.
'
1932..
1.2
1923..
.4
1933._
4.0
1934..
2.3
1925..
1.7
1935..
.7
2.2
1936..
.1
--
1927-.
3.0
1929..
1.2
1930-.
6.6
1931..
5.4
2.0
1932..
4.0
1.6
1933..
6.5
0.0
1934-.
3.2
1935..
3.5
1936..
4.2
1926..
--
De¬
crease crease
7.5
M
-
1924..
.3
Year
1928..
4.4
'
.1
ln
De¬
crease crease
1920..
3:7
1929._
1919:.
3.9
1928..
1.1
..
In-
De¬
-
-
0.0
--
•
^
^
7.3
2.4
1.0
1.5
182
Financial
Chronicle
Jan. 9, 1937
INDEX NUMBERS OF EMPLOYMENT AND PAYROLLS
IN MANUFAC¬
TURING INDUSTRIES ADJUSTED TO CENSUS TOTALS FOR 1933
Non-Manufacturing Industries
The
(3-year average 1923-1925—100.0)
16
ment
non-manufacturing industries surveyed, with indexes of employ¬
payrolls for November, 1936, were available, and percentage
from October, 1936, and November, 1935, are shown below.
The
and
changes
Employment
Payrolls
12-month
Manufacturing Industries
x
Nov.
1936
All Industries.
Oct.
Nov.
1936
the
1935
x
Not.
Oct.
1936
1936
earlier
1935
96.6
96.5
88.7
90.1
88.8
88.9
80.1
87.8
85.0
104.7
97.9
92.9
93.7
82.9
97.8
97.6
83.8
94.2
92.1
100, in computing
or
for the non-manufacturing industries.
is not available from the Bureau's records:
Information
for
PAYROLL TOTALS IN NONMANUINDUSTRIES IN NOVEMBER 1936 AND COMPARISON
WITH OCTOBER 1936 AND NOVEMBER 1935
69.6
103.2
the index base,
as
numbers
years
INDEXES OF EMPLOYMENT AND
75.5
90.4
for 1929 is used
average
index
Nov.
69.1
PACTURING
Durable goods
Non-durable goods...
(Average 1929=100)
Durable Goods
Iron and steel and their
products,
not Including machinery
Blast furnaces, steel
works, and
rolling mills
Employment
Industry
P. C.
Payrolls
Change From
P. C. Change From
107.6
91.3
101.8
74.7
78.5
70.7
88.6
86.6
65.9
Nov.
Oct.
Nov.
Nov.
Oct.
Nov.
66.3
54.6
47.9
49.6
33.3
1936a
1936
1935
1936a
1936
1935
104.8
Index
85.8
83.0
80.3
82.6
78.3
69.3
64.4
60.7
55.4
57.9
51.8
45.4
73.4
Plumbers' supplies
Steam <fc hot-water
heating ap¬
paratus and steam fittings
107.9
80.6
65.7
Cast-iron pipe
Cutlery (not Incl. silver and
plated cutlery) & edge tools.
Forgings, Iron and steel...
Hardware
68.0
64.3
83.6
73.1
64.2
General
86.0
85.6
85.5
64.2
66.0
58.0
Index
Other than general mer¬
Trade—Wholesale
89.7
+0.9
+ 5.8
89.9
+ 1.4
+ 6.3
70.1
+2.6
108.8
+4.7
+ 7.1
•91.3
+4.7
+ 11.3
+0.4
+ 6.1
65.7
+ 2.0
+ 10.2
Retail
merchandising.
chandising
85.0
73.0
+ 2.0
+ 9.1
+ 10.6
Public Utilities-
73.7
73.0
61.2
65.6
65.5
47.4
114.5
117.0
102.1
102.8
108.8
80.1
73.8
74.9
55.3
65.9
68.5
41.4
95.9
102.7
93.6
92.1
97.2
87.9
Electric-railroad
73.3
+0.3
+ 3.2
69.9
+3.3
93.5
89.7
77.1
97.5
94.1
75.3
Mining—Anthracite
51.5
+ 10.4
—17.1
+41.9
164.0
154.3
131.8
160.7
146.3
119.8
Bituminous coal
82.4
+3.2
+ 1.6
40.3
Wlrework
+ 8.3
80.3
+ 1.4
+22.5
Metalliferous.
62.8
—2.2
+ 19.4
54.7
portation equipment
Agricultural implements
Cash registers,
adding machines
calculating machines
Electrical machinery, apparatus
+ 1.9
+ 38.2
111.2
109.5
96.5
105.2
102.5
83.0
—3.6
+ 12.7
43.7
—5.5
+36.2
95.3
113.3
97.6
101.1
116.6
Quarrying and nonmetalllc
Crude petroleum producing
52.6
91.7
73.8
+ 0.3
+ 1.2
59.9
+ 0.7
+4.7
—1.1
+3.7
b69.7
+0.2
+ 7.6
+ 11.7
Stoves
work
Tin
cans and
other tinware
Tools (not
Including edge tools,
machine tools, files, & saws)
& machine-shop
prods.
Machine robls
motor-
+ 9.6
116.5
93.2
Hotels (year round)
Laundries
84.5
87.0
—0.7
+ 7.0
74.5
—1.1
99.6
85.6
96.6
92.7
73.7
Dyeing and cleaning
Brokerage
81.1
—6.3
+ 6.3
60.0
—9.9
+8.4
c
+ 1.4
c
+2.1
+ 20.3
c
—0.1
+ 14.1
+ 1.2
c
+ 1.9
+ 5.2
—2.1
+ 32.7
c
—0.2
+ 61.2
97.0
111.8
95.6
105.2
107.0
80.3
99.1
93.0
90.2
126.1
105.9
124.4
122.4
94.8
218.3
224.4
169.3
177.9
171.9
73.3
65.5
67.4
66.3
115.2
134.4
128.9
101.6
109.0
95.4
509.9
421.3
389.8
372.0
315.3
110.0
117.1
120.3
101.5
104.5
61.3
39.2
62.7
62.8
34.3
39.5
24.5
28.2
27.0
13.7
96.7
102.7
84.1
96.7
103.2
60.4
53.7
65.8
63.9
63.4
61.6
65.5
63.5
60.2
53.1
66.0
64.0
and Payrolls in
Reported
Above
October
Department of Labor
59.3
60.6
52.2
109.9
108.3
99.0
101.6
99.7
Aluminum manufactures
119.4
117.2
101.7
115.3
110.6
112.9
111.3
101.2
103.9
102.9
83.5
120.5
117.7
106.7
121.9
116.1
101.7
99.7
101.9
89.7
77.2
84.1
97.4
90.9
79.7
92.8
82.8
71.0
73.8
71.8
71.3
71.5
68.4
59.0
recording devices
Jewelry
Lighting equipment
Silverware and plated ware
Smelting & refining—copper,
—
lead and zinc...
82.3
Lumber
Furniture
£UIDkg_r. millwork..".rrilHII
79.1
76.4
70.1
67.8
154.3
143.3
155.0
154.4
69.2
62.5
60.4
63.5
76.2
77.6
76.9
58.7
,
decreases
were
-
Glass
The
current
53.4
53.4
46.8
49.2
49.8
52.4
48.5
42.2
47.1
38.3
2.3%
67.2
69.1
61.4
61.2
62.5
48.7
months
49.5
49.6
40.5
41.2
41.3
29.3
64.3
65.5
52.0
63.1
62.0
41.1
97.3
103.6
100.3
99.1
103.0
44.3
35.3
34.6
38.1
24.2
Pottery...
77.0
77.1
73.2
67.2
66.1
56.7
and other
104.8
104.3
of
100.1
87.2
88.5
97.1
95.8
86.6
85.1
81.3
November,
94.7
93.4
85.5
90.2
89.8
68.0
advanced
97.6
89.0
88.0
86.5
103.7
101.6
98.1
116.8
114.8
119.5
82.7
83.3
85.6
Knit goods
121.0
121.3
80.1
81.5
Silk and rayon
goods
Woolen and worsted
83.9
99.8
97.7
62.6
117.7
124.2
124.2
120.0
85.1
63.5
67.0
67.0
Boots and shoes
60.4
72.1
84.7
91.5
82.1
142.7
103.2
119.1
90.4
89.6
87.9
88.2
90.5
81.5
142.8
138.3
122.0
125.2
117.6
110.2
56.6
46.2
31.1
38.3
28.3
123.5
114.9
116.4
115.9
105.7
88.9
92.8
86.5
67.5
74.0
64.4
67.4
55.7
92.9
84.2
58.5
98.3
97.2
99.6
100.8
99.0
113.8
124.2
107.8
108.1
111.5
95.0
Baking
132.9
132.6
125.9
120.3
119.0
108.2
Beverages
182.9
198.9
168.1
164.8
191.3
82.0
82.7
80.1
65.0
65.1
110.5
197.3
113.9
94.4
179.2
91.9
Confectionery
91.3
91.0
86.6
84.6
86.3
75.0
Flour
74.6
76.8
77.5
70.7
72.9
69.3
Ice cream...
62.3
65.8
60.0
56.3
57.8
51.8
Butter
Canning and preserving
Slaughtering and meat packing
Sugar, beet
Sugar refining, cane
190.7
96.3
59.4
and snuff.
—
their
and
as
84.3
99.6
88.7
78.7
280.5
201.9
234.4
76.0
58.6
61.4
57.8
3.2%,
64.5
63.2
55.0
54.7
50.8
same
Job
62.1
60.9
54.1
53.9
98.7
96.5
105.5
100.1
108.7
108.0
95.9
111.7
110.7
107.5
104.8
101.9
91.1
95.6
94.3
88.1
87.6
84.8
76.2
Newspapers and periodicals...
Chemicals and allied products and
I
petroleum refining
105.5
104.8
101.3
102.0
100.6
120.3
114.5
114.5
114.4
101.5
Other than petroleum
refining.
119.2
total
Cottonseed—oil, cake &
Druggists' preparations
Explosives
...
—
Fertilizers..
120.2
113.8
112.9
113.9
116.4
127.3
124.7
108.2
82.5
84.5
84.3
104.4
104.4
112.7
112.6
100.8
95.4
93.2
84.1
98.3
96.2
76.9
72.8
63.1
69.7
59.3
124.8
128.6
122.3
116.3
119.6
106.6
Rayon and allied products..
Soap
363.5
307.6
277.8
Rubber boots and shoes
Rubber goods, other than
361.5
350.0
294.3
102.3
107.1
101.9
101.6
105.3
96.4
119.9
...
Petroleum refining
Rubber products..
120.6
117.4
119.4
115.9
105.1
99.5
97.9
86.2
100.7
96.8
78.4
70.1
66.2
64.8
53.4
shoes, tires and inner tubes..
Rubber tires and inner tubes..
90.6
132.9
89.0
122.9
130.5
128.1
105.5
75.3
98.8
93.8
73.1
November 1936 indexes
preliminary, subject to revision
In
of
female
Total
of
which
1.2%
workers
wage
to Sex
designated
in
the
the
number
employed
during
of
sex
of
male
November
payments to males increased! 2.4%,
1.5%.
workers increased
Total
wage
payments to
paid female workers
female
hours
workers
male
workers
increased
2.0%
increased
during the
combined, in all reporting industries, the
1.9%.
Total hours worked by male and
increased
1.7% and 0.8 of 1%, re¬
increased
during
November
the
manufacturing
for
male
group
and
Hours
and
0.6
worked
female
of
in
1,988
of industries,
female
prises the total hours worked
were
establishments
workers,
increased
separately,
1% for female workers.
2.072 establishments
reported
andi in these enter¬
2.1% greater than in October.
workers
combined,
reporting man-hours for male
1.7% for male workers and
In
the r.on-manufacturing group, 1,502
enterprises reported an increase
1.5% in total man-hours worked by male and female workers combined.
of
Within
of
this classification of industries, 1,357 concerns showed
1.7% in the total man-hours worked by male and an increase
the
v,
total
number
of
man-hours
Average actual hours worked
the
135.1
enterprises
increases
female
wages
77.2
79.1
boots,
payrolls
spectively.
76.5
70.0
Paints and varnishes
of
workers
106.0
103.5
paid
October.
male and
female
100.4
129.9
102.6
105.9
meal
and Wages Paid, According
industrial
showed
number
total
number
man-hours
130.0
Chemicals
of
period.
For
91.5
119.3
the
wages
while
86.8
106.0
index
period.
Changes in Man-Hours During November in Comparison with, October
50.1
99.4
4,084
forces
compared' with
56.5
64.0
while the
1936,
same
The non-manufacturing classification of
industry, representing 1,835 re¬
porting enterprises, showed increases of 1.0% in the number of male and
1.9% in the number of female workers employed
during November as
267.7
56.6
during the
Within the
manufacturing classification of industrial enterprises, 2,249
reporting establishments, the number of male and female workers increased
1.3% and 1.4%, respectively.
Total wage payments to male workers
increased 2.2%,
while total wages paid to female employees increased
1.4% during November as compared with October.
91.8
56.6
in
total
75.9
65.4
73.0
to
compared with October.
while
271.7
104.0
from
1.5%
96.8
67.1
in November,
wage
working
68.0
104.9
in both the number employed and total
in industrial activity within the
growth
Changes in Employment
277.6
57.1
of
Reports
Chewing and smoking tobacco
Cigars and cigarettes
Paper and printing
Boxes, paper
Paper and pulp
Printing and publishing—Book &
and
increases during November were received from 103
These increases affected the arnings of 45,259, or
7.5% of the 602,331 employees reported during the month.
66.1
Tobacco manufactures
employment
Wage Increases During November, 1936
90.8
87.8
Leather
Food and kindred
products
84.7
to
60.4
Reports
72.8
163.3
in
For nine consecutive
reporting enterprises.
76.2
79.3
124.7
Shirts and collars
66.1
107.3
101.5
47.8
Millinery
93.5
118.3
108.0
158.5
Leather and Its manufactures...
1935,
from
92.6
60.9
1.3%
with November, 1935, the
November, 1936, indexes showed
11.7% in employment and 20.9% in total wage payments.
of employment for all
reporting industries rose from 75.8 in
89.5
99.5
68.0
>
106.4
Corsets and allied garments.
Men's furnishings
78.5
98.1
80.7
116.1
goods..
Wearing apparel
Cothlng, men's
Clothing, women's
net
74.7
Dyeing and finishing textiles
Hats, fur-felt
wares
indicate
of
changes.
contrasted
The index
99.5
...
the changes
year
increases
contra-seasonal
Continuing, Mr. Swanish also stated:
98.8
products
and rugs
this
payments
As
Goods
Fabrics
1% and 1.8% in the number employed andi total
payrolls represent
of
increases
Non-Durable
Textiles and their
of
State.
89.8
43.4
in
wage
0.7
October-November
38.0
products
Marble, granite, slate
of
paid, respectively.
wages
49.7
Sawmills
Stone, clay and glass products...
Brick, tile and terra cotta
Cement
noted:
1923-1935, inclusive, the records of the Division
Statistics and Research show that the
average October-November changes
of
50.1
86.9
Swanish
For the 13-year period,
127.3
67.6
Mr.
58.5
155.7
88.3
and enameled ware..
and allied products
In¬
Illinois
by
October and wage payments gained
2.3%, it was announced
on Dec. 26
by Peter T. Swanish, Chief of the Division of
Statistics and Research of the Illinois
Department of Labor.
62.6
79.5
Stamped
Illinois
According to a statistical summary of data from 4,904
manufacturing and non-manufacturing establishments in
Illinois, employment during November increased 1.3% over
89.8
Brass, bronze
& copper products
watches and time-
Employment
dustries
52.6
63.3
November
77.5
60.8
metals & their prods.
c
91.3
62.0
computed
b Cash payments only value of board, room, and tips cannot be
Data not available for 1929 base.
101.9
101.8
I*
c
Preliminary,
a
55.3
133.1
40.5
Steam railroad
Building construction
68.8
127.8
126.2
Shipbuilding
Insurance
90.9
74.0
Railroad repair
shops
Electric railroad
x
+ 10.1
111.1
-
& steam railroad.
Cotton goods
Cotton small
+8.9
—1.0
107.9
531.8
Carpets
—1.9
118.8
113.3
-
Aircraft
r
81.6
91.8
119.2
139.0
parts
and parts
Transportation equipment
&
+5.6
+ 6.6
Qnfvi Pfifl—
210.5
Radios and
phonographs
Textile machinery and
Clocks
—r-0.2
—0.6
Qvi V IbCo
116.8
Foundry
Nonferrous
&
bus operation and malnt.
and
water wheels
Automobiles
Cars, electric
Locomotives
73.7
93.4
manufactured gas
102.9
and supplies
Engines, turbines, tractors
Typewriters
Telephone and telegraph..
Electric light and power &
3,574
0.7 of
In
1%
the
enterprises
reporting
from the average of
worked
in
an
increase
of
2.2% in
by female workers,
November
man-hours
by
were
41.6 hours in
457,179
41.9,
or
wage
an
earners
in
increase
of
October.
manufacturing enterprises, the average hours were 42.2 as com¬
pared with 41.8 in October, or 1.0% greater.
In the non-manufacturing
Financial
144
Volume
classification,
the
November
40.8,
was
Bureau of
Index
number
average
of
hours
0.5 of 1% less than in
or
worked
week during
per
October.
Agricultural Economics Reports Farm Price
at Mid-December at Highest Point for 1936
prices received by farmers for their products
6 points in the month ended Dec. 15,
the Bureau of Agricultural Economics reported Dec. 30 in
its mid-December review of farm prices.
The index is 16
The index of
stands at 126, a gain of
points above mid-December, 1935.
An announcement by
the U. S. Department of Agriculture bearing on the Bureau's
review also had the following to say:
Led by sharp
Wheat prices
received by
the month.
Rye and potato prices each ad¬
and tobacco, the prices
up-turns in grains
products rose substantially during
farmers for many of their
jumped 8 cents a bushel.
Tobacco was up 5 cents a
vanced about 8 cents a bushel.
Hogs gained 35 cents a 100
three-tenths of a cent a pound.
There
declined
were
some
about 4
pound, cotton
pounds.
general up-turn.
The price of rice
Citrus fruits, poultry and egg prices
exceptions to the
cents
bushel.
a
declined somewhat as is usual at
were as
in the price indexes during the
animals, up 4; cotton and
2; dairy products, up 1; fruit, down 4; truck crops, down 5;
cottonseed, up
follows:
Grain, up 7 points; meat,
and chicken and eggs, down
8 points.
the Bureau reported that prices
As to the other side of the story,
paid
by farmers for all commodities bought did not change as a whole during
the month.
The index of feed prices advanced 4 points, standing at 137.
purchases this winter.
little change.
The index of prices of all commodities bought by farmers stands at 127, about
6 points higher than it was a year ago in December.
With an increase of 6 points in prices received by farmers and no apparent
rise in the index of prices which they paid during the month, the ratio of
prices received to prices paid jumped to 99 or virtually back to the pre-war
parity.
A year ago this price ratio was only 90.
Feed represents one of
the expensive items of farmer
Prices of items other than
feed are estimated to have shown
♦
December Flour Output
Totaled 5,082,878 Barrels
Inc., in presenting its summary
General Mills,
of flour-
milling activities for all flour mills in the principal flourmilling centers of the United States reported that during the
month of December 1936, flour output totaled 5,082,878
barrels.
This was an increase from the 4,745,928 barrels
produced in the corresponding month of 1935. Cumulative
production for the six months ended Dec. 31,1936, amounted
to
33,857,143 barrels.
This compares with 32,724,243
barrels produced in the like period a year ago.
The corpora¬
tion's summary further disclosed:
PRODUCTION OF FLOUR (NUMBER
OF BARRELS)
recent months.
Northwest.
6 Mos. End. Dec. 31
of December
1936
1935
1936
1935
Southwest
Lake. Central and Southern..
Pacific Coast
1,062,208
2,130,700
1,691,771
198,199
1,159,193
1,559,856
1,627,787
399,092
7,403,495
13,163,185
10,904,706
2,385,757
8,483,943
11,142,733
10,681,089
2,416,478
5,082,878
—
4,745,928
33,857,143
32,724.243
In setting its
suggested by the Federal agency, the Commission argued
that the 15-year low in stocks afforded incontrovertible proof
that the Bureau was far too low in its monthly estimates of
probable demand for the various oil-producging States. Other
States—Oklahoma and Kansas—followed the same reasoning
and set December allowables above those recommended by
the Bureau.
section of the American
Grand
total
for
all
today."
;
Corporation Commission
The Oklahoma
by the Commission which went
last month.
Products—Major Units Fail to Meet
Prices Posted by Continental—
Nation's Petroleum Stocks Gain for First Time
Since June—Extension of Connally Act Urged by
Boost
Bar
in
Crude
Group—Crude Oil Production Slumps Again
and Barnsdall Oil put their
previously announced 17-cent increase in crude oil prices into
Although both Continental Oil
effect
on
Jan. 4
as
scheduled, major companies neither met
the advance nor gave any
indication of what course of action
they would follow in regard to the
General unofficial comment
indicated that the major
com¬
panies probably would put an increase into effect shortly.
The markup, it was rumored, would not meet the Continental
advance in full.
An increase of around 10 cents a barrel in
the areas east of the Rocky Mountains was indicated.
Those believing that a general boost will be posted by the
larger companies point to the fact that producers have kept
output in line with demand, production costs are rising, it
was stressed, and some
aid to producers seems definitely
needed.
Opponents of an increase contend that the seasonal
slump in demand makes a markup unwise, adding that
general labor uncertainty also adds to the murky outlook.
Although Continental in announcing the increase stressed
the point that competition for pipe line connections was
strenuous, general consensus in the trade was that the com¬
pany would not have "gone out on a limb" in posting the
17-cent advance unless it was pretty sure that the majors
would follow, at least in part.
The longer that the big com¬
panies delay in meeting the boost is to the benefit of Conti¬
nental which logically would gain added pipe line connections
of producers seeking the higher prices it pays.
Total crude oil stocks in the United States halted the
down trend ruling since last June and which had carried
stocks off to the lowest point since 1921.
The halt came in
the week ended Dec. 12 when stocks of domestic and foreign
crude in the United States rose 52,000 barrels to 287,909,000
barrels.
Foreign oil holdings rose 193,000 barrels, which
more than offset a dip of 141,000 barrels in domestic stocks.
In the following week, both domestic and foreign stocks
gained, the 275,000 barrel increase lifting total holdings to
288,184,000 barrels.
The steady decline in holdings strengthened the hands of
the Texas Railroad Commission in fighting against the
order
7:^
production for the United States
dipped 11,850 barrels during the week ended Jan. 2, totaling
3,121,400 barrels, according to the American Petroleum
Institute. The total compared with estimated market demand
for December of 2,930,300 barrels set by the Bureau of
Mines, and actual production in the like 1936 period of
Daily average crude oil
2,802,750 barrels.
Sharp declines in Oklahoma,
although all three held above the
California and Kansas—
levels recommended by the
Bureau—offset gains in other States to establish a net decline
for the period.
Texas showed the heaviest gain in produc¬
tion, with total output east of the Rocky Mountains showing
a
net decline of 5,550 barrels.
The 6,300 barrel dip in
11,850 barrels.
California made the net loss
There
were no
crude oil price changes.
Prices of
Typical Crudes per
(All gravities where A.
Barrel at Wells
P. I. degrees are not shown)
52.57 Eldorado, Ark., 40
51.10
1.15 Rusk, Texas, 40 and over
1.15
1.42 DaretCreek,.
...............
.97
nilnols
1.28 Central Field, Mich
—.—. 1.32
Western Kentucky
1.28 Sunburst, Mont..
—...... 1.15
Mld-Cont't, Okla., 40 and above— 1.18 Huntington, Calif., 30 and over
1.22
Winkler, Texas.
.85 Kettleman Hills, 39 and over..
1.40
Smackover, Ark,, 24 and over
.75-.80 Petrolla. Canada
— 2.13
Bradford, Pa
Lima (Ohio OH Co.)
REFINED
—
-
......
...
PRODUCTS—DIESEL OIL PRICES
ING OIL PRICES
Boston, Baltimore,
ADVANCED—HEAT¬
LIFTED—GASOLINE STOCKS IN RECORD
GAIN
Standard Oil Co. of New Jersey on
Jan. 7 advanced stand¬
barrel to $1.85 at New York,
Charleston and Philadelphia,
effective
New London and Portland, Maine were
advanced 20 cents to $1.95.
The 15-cent increase at New
day.
the following
Orleans and Baton Rouge
lifted prices to $1.65.
Other com¬
panies met the increase.
Further price improvement in the heating and fuel oil field
was noted during the week.
General advances in tank car
and 4 heating oils at all ocean terminals
to Boston were posted on Jan. 4
by Sinclair Refining, Tide Water and Richfield to meet
increases announced in
he previous week by Standard of
prices of No. 2, 3
from Charleston,
markup.
an
above the Bureau estimates
■■■
ard Diesel fuel oil 20 cents a
Petroleum and Its
signed
fixing the State's daily average oil allowable at 573,100
barrels, same as the estimate of market demand for the State
fixed by the Bureau of Mines.
The new quota is 6,100 bar¬
rels above the December estimate of the Bureau but 22,250
barrels lower than the December figure of 595,350 barrels set
mills
reporting
.
Bar Association
joined in the move to extend the Connally "hot-oil" Act and
the Interstate Oil Compact legislation, approving a resolu¬
tion to this effect at Columbus, Ohio, on Jan. 5.
"The con¬
stitutionality of these acts has not been questioned and
experience has demonstrated they have been effective aids
in the conservation of oil and gas in the oil producing States,"
the
committee
report
stated.
"Both measures were
adopted with little or no opposition, and it is believed that a
similar general unamity of well informed opinion exists in
JUMP—REFINERY OPERATIONS
P
.
#
The mineral law
Corning, Pa
Month
United States Bureau of Mines in
allowable far above the levels
recommendations of the
their favor
this season.
By groups of commodities the changes
month
183
Chronicle
S. C.,
Jersey.
Sinclair Refining on Jan.
the tank
terminals
car
on
7 announced a ^t-cent boost
in
price of kerosene and No. 1 fuel oil at all ocean
the Atlantic Seaboard and Gulf Coast, effective
On Jan. 6, Atlantic Refining advanced tank
prices of furnace oils }/£ cent a gallon throughout
Pennsylvania and Delaware, following similar boosts in New
York, New Jersey and New England.
Broadening demand brought a
cent a gallon increase in
the price of cylinder stocks used in steam lubrication and for
filtering bright stocks and neutral oils used in blending lubri¬
cating oils on Jan. 6 by all major units.
The Associated
Gasoline Retail Dealers of Allegheny County on Jan. 1
initiated a 1-cent advance in "pump" prices of gasoline in
Pittsburgh to .19H cents, taxes included.
Gasoline stocks, reflecting the twin influences of seasonal
slackening in consumption and sharply higher refinery oper¬
ations, showed the broadest 7-day expansion in 12 months
in the week ended Jan. 2, according to the American Petro¬
leum Institute report.
Holdings of finished and unfinished
gasoline rose 1,788,000 barrels to 62,661,000 barrels on Jan. 2.
Refinery holdings gained 1,323,000 barrels with bulk ter¬
minals dipping 103,000 barrels.
Unfinished gasoline stocks
jumped 568,000 barrels.
Mounting 75,000 barrels to 3,030,000 barrels, daily average
runs of crude oil to stills neared the all-time record set last
immediately.
wagon
September of 3,095,000 barrels.
Refineries were run at
79.1% of capacity, an increase from 76.8% a week earlier.
Output of cracked gasoline gained 25,000 barrels to 705,000
barrels daily.
Inventories of gas and fuel oils were off
559,000 barrels to 106,330,000 barrels.
184
Financial
Chronicle
Representative price changes follow:
at
Jan. 1—Pittsburgh gaoline
prices were lifted 1 cent to 19 # cents
the "pump," taxes included.
gallon
a
Jan. 9, 1937
CRUDE RUNS TO STILLS AND STOCKS OF
FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED
JAN.. 2, 1937
(Figures in thousands of barrels of 42 gallons each)
Jan. 4—Sinclair
Refining, Tide Water and Richfield posted increase of
# cent a gallon in tank-car prices of Nos. 2, 3 and 4
heating oils at ocean
terminals along the Atlantic Coastline.
Jan. 6—A # cent a gallon increase in the
price of cylinder stocks and
neutral
oils
was
Daily Refining
Capacity
on
Jan.
Chicago
J.05
Colonial Beacon..$.07#
Gull.i.-..........
Tide Water Oil Co
.07#
Richfield Oil(Cal.) .0734
Warner-Qulnlan.. .0734
New
.0734
.07
Los Ang.,
Gull ports
Shell Eastern
.07
Orleans.
Tulsa.......
California 24 plus D
$1.151
N. Y. (Bayonne)—
27 plus
$.04
j Chicago,
M G 1
I
as
$.107
$.02#-.02#
Brooklyn
Cincinnati
.$
New Orleans
Detroit
72.5
3,248
1,563
2,224
116
39
211
92.5
6,837
321
1,833
275
San Francisco
St. Louis—
x
a
Angeles
..
11,850 Barrels
daily
1937,
was
ports
.195
194
.175
the
Institute
estimates
This
that
was
the
week
and
ended
receipts in'bond
Jan.
2
466
59.1
9,568
2",283
1,158
73,773
3,553
89.9
2,809
79.1
34,196
1,882
18,407
"S ,/
,
...
•
unrep'd
536
6,540 104,068
401
221
3,954
3,954
3,030
36,078
19,272
2,955
34,755
19,375
7,311 106,330
6,743 106,889
z2,742
3,954
3,954
31,640
19,347
6,097 103,759
Estimated Bureau of Mines basis,
865
771
2,262
z
December 1935 dally average.
at
statement follows:
COKE
(IN NET TONS)
Week Ended
Dec.
principal
Bitum. coal:
Calendar Year to Date
for the week ended Dec.
26, as against
'
ipl***
I
companies owning 89.9% of the 3,954,000daily potentital refining capacity of the United
States
indicate that the
industry as a whole ran to stills, on a Bureau of Mines
basis, 3,030,000 barrels of crude oil
daily during the week, and that all
companies had in storage at
refineries, bulk terminals, in transit and in
pipe lines as of the end of the
week, 62,661,000 barrels of finished and
unfinished gasoline and
106,330,000 barrels of gas and fuel
oil.ifcl*
jVj
Cracked gasoline production
by companies owning 95.9% of the potential
charging capacity of all cracking units indicates that the
industry as a
whole, on a Bureau of Mines basis, produced an
average of 705,000 barrels
daily during the week.
Dec.
1936 d
c
28,
1935
1936
1935
1929
e
a
Tot. for per'd
Daily
Dec. 19,
26,
1936
491,000 barrels,
daily average of 188,714
receipts of California oil at Atlantic and Gulf Coast
ports
none
1935.
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
totaled
a
6,893 barrels daily for the four weeks ended
Jan. 2.
Reports received from refining
barrel
746
92.6
to Dec. 26, 1936, a total of
424,638,000 tons of bituminous coal and 50,346,000 net tons
of Pennsylvania anthracite were
produced.
This compares
with 364,340,000 tons of soft coal and
50,297,000 tons of
hard coal produced in the same
period of 1935. The Bureau's
weeks ended Jan. 2.
for the week ended Jan. 2 and
89
789
produced during November,
During the calendar year
decline of
a
barrels for the week ended
Dec. 26 and 144,250 barrels
daily for the four
were no
106
852
|
use
daily average of 70,143 barrels,
compared with
There
70
999
week in 1935 amounted to 865,000 tons.
The Bureau reported that a total of
41,588,000 tons of
soft coal and 4,090,000 tons of hard coal were mined
during
the month of November.
This compares with 33,404,000
tons of bituminous coal and
3,160,000 tons of anthracite
production for the week ended
3,121,400 barrels.
for
201
60.0
day.
The total production of bituminous coal is estimated
7,795,000 net tons. This is in comparison with 6,883,000
corresponding week of 1935.
Anthracite production in the week ended Dec. 26 is esti¬
mated at 842,000 net tons.
Production during the Christ¬
in Week Ended Jan, 2
Petroleum
Imports of petroleum for domestic
States
347
63.9
36
,:
tons in the
11,850 barrels from the output of the
previous week.
The
figure remained above the 2,930,300 barrels
calculated by the United States
Department of the Interior
to be the total of the
restrictions imposed by
thelvarious
oil-producing States during December. Daily average
pro¬
duction for the four weeks ended Jan.
2, 1937, is estimated
at 3,129,950 barrels.
The daily average
output for the week
ended Jan. 4, 1936, totaled
2,802,750 barrels.
Further
details, as reported by the Institute, follow:
United
900
46
61.9
at
current week's
a
80.4
90.0
60
'
mas
average gross crude oil
Jan. 2,
131
72
97
80
States Bureau of Mines in its
weekly coal
report stated that production of coal in the week ended
Dec. 26 declined sharply because of the Christmas Holi¬
Daily Average Crude Oil Output Again Declines—Off
American
96.4
3,184
1,783
6,585
1,899
The United
Not including 2% city sales
tax.
The
163
474
Production of Coal Declined Sharply During Christmas
.18
.20
.18
169
•
xJan. 2 '36.
.175
.19
Jacksonville
69.0
657
Dec. 26 '36
.23
.17
Philadelphia
Pittsburgh
Houston...
265
97.0
Jan, 2 '37.
$.201
.185
Los
84.8
xEst.tot.U.S
I
.21
175
384
Week
Denver
176
94.3
9,375
.95
Cleveland
Buffalo
644
5,543
71.2
48.5
Est.
1.05
.
107
Chicago
245
852
104
431
W&M
Minneapolis
998
3,358
94.8
96.2
160
-.03#
17
Newark
Boston
1,024
5,470
146
1,297
710
Reported
I Tulsa M G I.$.02#-.02#
$.195
8,767
453
Rocky Mtn.
California...
Gasoline, Service Station, Tax Included
zNew York
4,386
330
S.03#
Phila., Bunker C...
Gas Oil, F.O.B.
Refinery or Terminal
Oil
91.0
U.S.B. of M.
New Orleans C
$1.00-1.25
1.85
Fuel
Distil.
732
Fuel Oil. F.O.B.
Refinery or Terminal
N. Y. (Bayonne)—
Bunker C
Diesel 28-30 D
&C.
557
457
No. La.-Ark.
.06#
.05#
-.0034
.08
612 100.0
Terms., Nap'tha
Inland Texas
-.0534
Kerosene, 41«48 Water White, Tank Car, F.O.B.
Refinery
New York
j North Texas.$.03#-,03# , New Orleans.
(Bayonne)
$.05
1 Los Angeles.. .0334-.05
J Tulsa
03
fineries
154
La. Gulf
.06#-.06#
ex.
At Re¬
ated
and
Texas Gulf..
U. S. Gasoline (Above 6.)
Octane), Tank Car Lots, F.O.B. Refinery
Texas
Oper¬
age
C.
P.
Gas
C.
475
Mo
a 20-cent boost in standard
Diesel fuel oil prices to $1.85 at New
York, Boston, Baltimore, Charleston
Philadelphia.
A similar increase at New London and
Portland, Me.,
set a new price of
$1.95.
New Orleans and Baton
Rouge prices were lifted
15 cents to $1.65, all
changes effective Jan. 8.
New York—
Total
612
.
Appalachian.
Ind., 111., Ky
Okla., Kan.,
and
Standard Oil N. J.$.06#
Socony-Vacuum.. .07
P.
Unfin'd
in
Daily
Aver¬
Rate
East Coast.
the Atlantic
Stocks
of
Reporting
tial
7—Standard of New Jersey posted
New York-
Unfinished Oasoline
Finished
Poten¬
Jan. 6—Atlantic
Refining lifted tank-wagon prices of furnace oils # cent
throughout Pennsylvania and Delaware.
Jan. 7—Sinclair
Refining advanced kerosene and No. 1 heating oil prices
# cent a gallon in tank car lots at all ocean
terminals
Stocks of Finished and
to Stills
District
posted.
Seaboard and Gulf Coast.
Crude Runs
aver..
Pa. anthra.: b
7,795,000 10374,000 6,883,000 d424638000 364,340,000 528,960,000
1,559,000 1,729,000 1,377,000
1,403,000
1,202,000
1,737,000
Tot. for per'd
Daily aver J.
Beehive coke:
842,000 1,039,000
865,000
168,400
173,000
173,200
50,346,000
167,500
50,297,000
d,
Tot. for per'd
Not yet
64,000
26,600
f1,725,600
available
10,667
5,320
5,695
'
899,900
Daily
estimated
73,094,000
243,200
167,400
2,970
aver..
-
.
6.351,400
20,962
Includes lignite, coal made into coke, local
sales, and colliery fuel,
b Includes
Sullivan County, washery and dredge
coal, local sales, colliery fuel, and coal shipped
by truck from authorized operations,
c Subject to revision,
d Revised,
e AdJusted to make comparable the number of working days in the three
a
f Ao»
years,
cumulation through Dec.
ESTIMATED
19 and corresponding periods in other years.
MONTHLY
AND
WEEKLY
STATES, IN NOVEMBER (IN
(The current estimates
are
subject to revision
State
sources
or
are
on
of final
DAILY AVERAGE CRUDE OIL
PRODUCTION
PRODUCTION OF COAL,
THOUSANDS OF NET TONS)
BY
based on railroad carloadings and river shipments and
receipt
of monthly tonnage reports from
annual returns
district and
from the operators.)
Monthly Production
Week Ended
(Figures In Barrels)
State
B. of M.
Dept. of
4 Weeks
(Dec.)
Oklahoma..
.......
Kansas................
567,000
155,900
165,850
Dec.
26,
1936
595,600
176,150
Ended
Jan. 2,
Jan. 4,
1937
1936
591,250
172,000
462,800
137,300
167,350
95,550
447,100
179,850
60,450
64,150
62,950
64,250
59,350
56,700
25,400
160,050
49,250
438,700
111,450
167,400
32,900
167,050
33,050
1,145,200
North Louisiana
90,250
167,000
89,200
170,500
Total Texas.
445,900
179,850
171,300
445,900
179,000
169,750
1,224 350
1,211,850
1,211,100
80,850
161,350
Coastal Louisiana
Alaska.
204,800
Arkansas...
Eastern
Alabama-....
......
Arkansas and Oklahoma.
Colorado
•
Georgia and No. Carolina
Illinois......
110,600
29,300
40,200
_
....
.....y
Mexico............
80,700
159,650
79,950
161,000
242,200
240,350
240,950
Total east of California.
.......
Total United States
28,350
119,350
28,000
1,068,300
/
43,250
125,650
168,900
29,500
106,350
18,100
28,150
115,300
27,700
46,200
18,000
3,700
3,750
3,900
86,250
85,950
27,400
45,000
14,300
4,500
3,650
86,200
45,700
37,450
12,550
Indiana
2,539,100
2,544,650
2,540,350
2,131,550
553,400
582,300
588,600
589,630
671,200
3,121,400
3,133,250
3,129,950
2,802,750
Note—The figures Indicated above do not include
any estimate of any oil which
might have been surreptitiously produced.
1,034
736
431
7
435
785
248
332
94
1936
r
1936
r
2
724
214
1936
r
2
2
250
262
252
92
82
80
161
173
154
4
5
4
1
1
1
1
5,026
5,087
4,182
1,180
1,159
1,209
1,226
1,652
1,406
331
395
458
410
278
348
70
72
75
67
648
Montana.
...ii..
North and South Dakota
Ohio
Penn. bituminous—
Eastern a.
166
152
154
850
957
934
870
787
717
206
184
185
205
146
147
29
30
31
48
10
12
12
14
362
.
143
2,998
39
New Mexico.
598
3,960
126
Western
Maryland
Michigan
641
3,780
824
Kentucky—Eastern.....
.
1,064
363
300
Kansas and Missouri
352
362
97
86
81
81
156
163
154
39
37
39
34
276
330
296
93
74
45
51
2,215
2,298
1,774
500
522
560
526
3,536
3,515
2,762 I 2,416
6,832
7,230
444
75
..
.
..........
384
1,116
1,200
369
66
387
Utah..
J
5,009 J
490
Western b
Tennessee
Virginia.
Washington
29
:
-
109
2,443
2,587
2,447
119
118
118
71
17
18
18
447
102
94
100
71
914
.
237
276
283
266
18
175
Pennsylvania anthractie.
Grand total.
J
57
41
38
33
6,668
1,817
2,066
1,985
1,912
1,886
577
633
654
599
628
564
146
144
161
134
5
3
5
1
1
1
1
41,588
e_.
182
8,993
2,636
614
Northern d
Wyoming
Other Western States
184
8,150
2,590
West Virginia—
Southern c
Total bituminous
2,376,900
2,930,300
r
6
58,800
112,250
27,600
44,400
17,250
78,300
1936
9
Nov. 14 Nov. 21 Nov. 28
1,680
....
_
26,800
1935
8
Texas
Total Louisiana.
California
579,900
67,450
8outhwest Texas
Coastal Texas
.....
2,
1937
32,900
West Texas
New
Ended
Jan.
63,650
East Central Texas.....
East Texas....
Michigan
Wyoming
Montana...
Colorado.
Week
Iowa...-...:
Panhandle Texas
North Texas
West Central Texas
1936
Nov. 7
Average
Week Ended
Nov.
Oct.
1936r
Actual Production
Int. Cal¬
culations
Nov.
43,284
9,586
10,035
10,246
841
800
1,220
9,755
1,004
10,427
10,835
11,466
10,759
4,090
4,253
33,404
3,160
45,678
47,537
36,564
Represents that portion of the State not included in Western Pennsylvania,
comparable with records for 1935, and cover production of Western
Pennsylvania, as defined by the N. R. A. Sub-Divisional Code Authority,
con¬
a
b Figures are
cludes mines
on
the N. & W., C. & O., Vrginian, K. & M., B. C. & G., and
on
the
Volume
Financial
144
Including the
Includes Ari¬
Mason and Clay counties,
d Rest of State,
Grant, Mineral, and Trucker counties,
e
B. & O. in Kanawha,
Panhandle District and
Idaho,
California,
zona,
Nevada, and Oregon,
r
185
Chronicle
Revised.
recent weeks.
automobile companies whose plants are
troubles.
A boatload of glass from Belgium is
piling up in heavy volume during
Shortage of glass may affect
otherwise free from labor
Reported at $9,530,000,000
1936—Increase of $4,000,000,000 in Four Years
Income
Gross
for
Farmers
of
Farmers' gross income
been raised by more than
from agricultural production has
$4,000,000,000 during the last four
the Bureau of Agricultural Economics, U. S. Depart¬
ment
of Agriculture,
announced Jan. 4.
The Bureau
estimates the gross income at $9,530,000,000 for 1936,
compared with $8,508,000,000 for 1935, with $7,276,000,000
in 1934, and $5,337,000,000 in 1932.
Gross income dropped
more than a half from 1930 through 1932, the Bureau said,
but has recovered more than 80% of this loss.
"A prospec¬
tive increase of 10 % in national income for 1937 is expected
to be accompanied by further recovery in farm income," the
years,
indicated.
Bureau
expected within a few days to relieve the situation at the Chrysler plants.
probably will be shut down by the end of the
All General Motors plants
'
affected by the automotive situa¬
smaller part of steel production in that
Pittsburgh ingot output has, in fact, increased one
district has been least
The Pittsburgh
steel for motor cars forms a
tion,
as
area
than elsewhere.
Chicago plants are averaging 77 %, only a
The Youngstown area
is the only one
declined eight points to
'
73%.
the steel mills considerable
of rolling schedules, there is
apprehension that operating rates on the average will
Although the automotive situation is causing
difficulty because of sudden rearrangement
at the moment
be reduced
no
materially.
The settlement of the strikes
and Production of Slab Zinc During
Continue Above a Year Ago
to
Jan.
on
1935.
of slab zinc was produced during
1936.
This was the highest total reached since
1929, when 631,601 tons were produced.
Shipments during
1936 totaled 563,273 tons, this amount also being the largest
tonnage shipped since 1929, when 602,601 tons of slab zinc
were shipped.
The Institute's statement follows:
the year
SLAB ZINC
...■
STATISTICS (ALL
A'
i (Tons of 2,000
Shipped
During
During
End of
Period
Period
Period
Retorts
Average
(a)
Shipped Operating Retorts
End of
During
for
Period
Export
Period
lost production.
forward.
locomotive builders are taking more
last week of the old year, and some
companies have had to go
back to war
have been added to the
heavy 1936
for like totals.
years
railroad
New
orders
equipment
The Chicago
business.
1000 freight cars
North Western has ordered
&
and will buy eight locomotives; the Duluth,
Missabe & Northern has bought 1000 ore cars; the Western Pacific has
23
and
passenger
ordered
11
coaches
Western five;
Delaware, Lackawanna &
locomotives and the
the Illinois
Central will buy 3200 freight cars
and the Nashville, Chat¬
500.
into effect as of Jan. 1 at all
Age" composite price to $20.25.
The scrap composite has also advanced to $17.92 because of a 50c. increase
at Philadelphia.
Elsewhere scrap markets are strong, reflecting a di¬
minished supply of scrap because of automotive shutdowns.
Pig iron
Pig iron price advances of 50c. a ton went
major producing points, raising the "Iron
sales have been stimulated by the
of coke
Production
recent price increase.
totaled 3,095,145 gross tons
pig iron in December
November.
The daily rate in December,
at 99,843 tons, was 1.6% above the 98,246 tons in November.
There
was a gain of six furnaces, 170 having been in blast on Jan. 1 against 164
on Dec. 1.
The year's output was 30,598,905 tons, a gain of 45.5% over
compared with 2,947,365 tons in
GRADES)—1929-1936
Pounds)
Stoct at
Produced,
followed by renewed
outlets for steel continue to press
steel, the
agricultural equipment industry starts the new year most favorably, tin
plate production continues at 95% of capacity with no signs of abatement,
and there was heavy coverage at the year-end in structural shapes and
plates for building projects.
Steel mill bookings grew enormously in the
tanooga & St. Louis
A total of 524,271 tons
will undoubtedly be
automotive plants for steel to make up for
Railroad shops and car and
figures released by the American Zinc
5, 47,050 short tons of slab zinc were
produced during the month of December, 1936.
This com¬
pares with 45,742 tons produced during the month of
November, 1936, andjwith 40,550 tons in the corresponding
month of 1935.
Shipments rose from 57,107 tons in No¬
vember to 59,821 tons in December.
This latter figure also
compares with 42,058 tons shipped during December, 1935.
Inventories on Dec. 31 stood at 44,756 short tons, comparing
with 57,527 tons on Nov. 30 and 83,758 tons on Dec. 31,
According
Institute
gained two points to 79% and
half point below last week.
seriously affected, production having
The Cleveland-Lorain district has
95%.
All other major consuming
December
point to
and the Wheeling district is also up a
point up to 79% of capacity
the
end to the
under way should bring an
week unless mediation efforts now
strikes before that time.
pressure from
Shipments
whose orders have been
deliveries to miscellaneous consumers
catch up on
Unfilled
Orders
End of
She 21,007,802 tons
produced in 1935.
THE
Period
"IRON AGE" COMPOSITE
PRICES
Finished Steel
1929
Total for year.
Monthly aver.
631,601
52,633
602,601
50,217
75,430
57,999
6,352
68,491
Total for year.
Monthly aver.
504,463
42,039
436,275
36,356
143,618
31,240
41
47,769
26,651
19,875
196
23,099
18,273
300,738
25,062
314,614
26,210
129,842
213,531
17,794
218,517
18,210
124,856
324,705
27,059
344,001
28,667
105,560
239
366,933
30,578
352,663
29,389
35,455
34,877
41,205
38,455
35,627
29,353
32,306
38,824
42,351
47,063
48,172
41,971
1934..
Monthly aver.
21,023
18,560
8,478
27,190
23,653
15,978
1932
14
1931
1933
Total for year.
Monthly aver.
20
Monthly aver.
1930
1929
1928
1934
Total for year.
2.015c.
1.977c.
2.037c.
2.273c.
2.317c.
2.286c.
28*887
12
February
March
April
34,572
34,637
May
June
35,120
35,547
36,221
36,716
37.469
40,463
July
August
September
October
November
December
Total for year.
35,951
0
33
0
3
23
0
0
0
0
0
0
°{
32,658
33,210
35,196
33,719
32,389
33,836
33,884
32,942
34,870
34,777
36,650
38,329
*34,298
32,230
33,157
32,535
32,450
30,387
31,230
31,244
30,482
32,445
32,934
33,868
35,126
♦33,896
25,993
25,816
20,000
22,435
35,878
26,967
36,939
39,238
47,080
47,367
59,456
,51,183
Jan. 4, 1937, $20.25 a
One week ago
One month ago
......
One year ago
Gross Ton
$19.73
19.73
18.84
1935
1934
1933
1932
1931
1930
1927
January
41,917
46,468
79,207
0
February
36,228
39,918
75,517
0
March
42,483
38,159
79,841
38,205
*34,291
38,004
*33,726
0
37,922
*33,849
0
41,400
*36,657
0
41,048
*36,919
0
40,700
*36,934
0
41,308
*37,350
0
41,308
*37,418
0
40,672
*36,843
°I 41,733
*38,052
0
43,103
*38,607
0
42,965
i *38,461
'":.;
42,311
43,252
April
80,782
May
44,905
43,977
81,710
June
44,947
41,654
85,003
July....
45,553
41,891
88,665
46,085
43,614
August..
86,194
September....
42,283
51,847
76,630
October.
46,297
54,035
68,892
November
45,742
57,107
57,527
December
47,050
59,821
44,756
Total for yr.
43,689
Equivalent retorts computed on 24-hour
cluded in total shipments.
Note—These statistics Include all
35,872
♦34,358
34,334
*32,456
36,189
*34,516
37,778
*35,749
37,888
*36,296
38,176
♦36,972
38,135
*36,734
38,358
*37,006
38,326
*36,897
39,157
*37,893
40,125
*38,588
.42,219
40,642
78,626
56,829
41,638
35,968
basis,
a
One month ago
One year ago
Apr. 18
Feb.
2
1.945c.
Deo. 29
2.018c.
Dec.
2.273c.
Oct.
2.217c.
3
9
July
29
17
Nov.
1
2.212c.
of basic Iron at Valley
irons at Chicago,
Buffalo,
Valley, and
iron at Cincinnati.
on average
furnace and foundry
Southern
Low
Aug. 11
May 14
$18.73
Nov. 24
Nov. 5
May
1
Dec. 5
Jan.
5
Jan.
6
Jan.
7
May 14
Nov. 27
Jan.
4
17.83
27
16.90
Jan.
13.56
Jan.
13.56
Deo.
6
14.79
Dec.
15
15.90
Deo. 16
3
18.21
Deo.
17
17.04
July
24
17.54
Nov.
1934
1932
44,458
1930
1931
1929
65,173
1928...
1927
54,064
1
75,891
*38,538
Export shipments are In¬
the
Dec.
2
Dec.
9
Dec.
16
Dec. 23
Production
Only
Slightly
Affected
by
Auto¬
Dec. 30
production, which stands at 79^%,
last week.
The "Age" further reported:
steel mill
The General Motors
parts suppliers,
Corp. has issued hold-up orders to
but these are giving the steel industry an
Dec.
Dec.
Mar.
Aug.
Jan.
Jan.
Feb.
Jan.
Dec.
Jan.
Mar. 16
55.8% June 22
60.0% June 30
Mar. 23
53.7% July
Mar. 30
62.0% July
13
July
20
July
27
Mar.
Apr.
Apr.
Apr.
Feb. 10
unchanged
heavy
melting
steel
Philadelphia
Low
21
10
13
8
12
6
18
29
31
11
$12.67
10.33
9.50
6.75
6.43
8.50
11.25
14.08
13.08
13.08
6
Jan.
13
Jan.
20
Jan.
27
Feb.
3
Apr.
May
May
May
May
Feb.
17
51.7%
June
steel mills and
Feb.
24
June
opportunity to
Mar.
52.9%
53.5%
2
9
6
64.5%
13
67.9%
20.....70.4%
27
71.2%
4
70.1%
11
69.1%
18
69.4%
25
67.9%
1
68.2%
8
June 15
1936—
1936—
1936—
56.4%
55.7%
54.6%
49.5%
46.7%
49.2%
49.4%
49.9%
49.4%
50.0%
52.0%
Jan.
Age" in its issue of Jan. 7 stated that the strikes
in automotive plants have thus far had a minor effect on
The "Iron
1
American
1936—
motive Strikes
No.
and Chicago.
nounced that
1935—
corrections and adjustments reported at
on
quotations at Pittsburgh,
June 9
Apr. 23
Sept. 25
Jan. 3
July 5
Dec. 29
Dec, 9
Dec\ 3
July 2
Nov. 22
Iron and Steel Institute on Jan. 4 an¬
telegraphic reports which it had received indi¬
cated that the operating rate of steel companies having 98%
of the steel capacity of the industry will be 79.4% of capa¬
city for the week beginning Jan. 4 compared with|77.0%
one week ago 76.6% one month ago, and 49.2% one year
ago.
Weekly indicated rates of steel operations since Dec. 2,
1935, follow:
The
60,513
Based
High
1933
^
from
1.926c.
Philadelphia,
$17.75
13.42
13.00
12.25
8.50
11.33
15.00
17.58
16.50
15.25
1936
27,090
year-end.
Steel
Gross Ton
...$17.75
16.17
........
13.33
Jan. 4, 1937, $17.92 a
One week ago..
1935
28,370
0
563,273
46,939
524,271
Monthly aver.
*
Jan.
1.867c.
Steel Scrap
1936
1
Jan.
2.008c.
High
1929
32,341
5
Based
$19.73
18.84
17.90
16.90
14.81
15.90
18.21
18.71
18.59
19.71
1936
1928
59
465,659
38,805
431,412
Monthly aver.
117,685
116,276
111,806
108,680
107,625
112,909
115,723
112,446
106,316
95,969
85,266
83,758
2.124c.
Pig Iron
1935
January
2.402c.
1927
148
2.084c.
Apr. 24
Oct.
3
Oct.
4
Jan. 13
Jan.
7
Apr. 2
Dec. 11
Jan.
4
2.199c.
1933
Mar. 10
8
Dec. 28
Oct.
1
2.330c.
2.130c.
1936
1935
3
1932
Total for year.
Low
High
170
35,135
33.468
36,735
35,329
Monthly aver.
sheets and hot
These products represent
85% of the United States output.
rolled strips.
16
1931
Total for year.
One year ago
beams, tank plates,
wire, rails, black pipe,
2.274c.
2.197c.
2.130c.
One week ago.......
One month ago
1930
Based on steel bars,
Jan. 4, 1937, 2.330c. a Lb.
18,585
529
Aug.
6
3
Aug. 10
Aug. 17
Aug. 24
Aug. 31
Sept. 7
Sept. 14
69.5% Sept. 21
70.0% Sept. 28
70.2%
Oct.
5.
74.0%
Oct.
12.
67.2%
69.0%
70.9%
71.5%
71.4%
70.0%
72.2%
72.5%
71.5%
Oct.
19.
Oct.
26.
Nov.
2.
Nov.
9.
Nov. 16.
Nov. 23.
Nov. 30.
Dec.
7.
Dec. 14.
68.2%
72.5%
74.4%
Dec. 21
75.4%
Jan.4..
Dec. 28
1937-
186
Financial
Chronicle
"Steel" of Cleveland, in its summary of the iron and steel
markets, on Jan. 4 stated:
v
71.73% for the preceding
;
Steelworks operations last week snapped back to 79%,
regaining practi¬
cally all the loss Christmas week.
Because of pressure for
delivery the
Industry operated through New Year's day.
Probably no December in recent years, certainly not since World War
days, has
seen such pressure on
mills and such consistently high operating
rate
as in the closing days of 1936.
Last week's operating rate showed the
following sharp recoveries:
burgh, 10 points to 77%; Chicago, 13 points to 77; eastern
Pitts¬
Pennsylvania,
4M to 52; Youngstown, 10 to 78; Wheeling, 4 to 92;
Cleveland, 9 to 77;
Buffalo, 37 to 84; Detroit, 8 to 100.
Birmingham and St. Louis were
unchanged, and Cincinnati lost 4 points to 92%.
Jan.
Pig iron also made
ber,
1935,
mated
54.24% for
the
and
in
the
MONTHLY PRODUCTION OP OPEN HEARTH AND BESSEMER STEEL
INGOTS—JANUARY. 1935, TO DECEMBER, 1936
(Reported by companies which In 1935 made 98.03% of the open hearth and
100%
of the Bessemer Ingot production)
Calculated
Monthly
Production
54,312,279 tons.
Calculated
1936
being 31,078,000 gross tons, compared with 21,040,483 tons in
However, pig iron in 1936 fell slightly below the total of
31,441,488
1935.
and
represented the largest tonnage for any
history of the industry.
The previous
record, established in December, 1928, was 4,018,208 tons.
December
Cross
Tons
January
Number
Daily
heavy gain, total production with December esti¬
a
quarter,
fourth quarter of 1935.
Production in December totaled 4,431,645 tons,
against
4,337,412 tons in November, and 3,073,405 tons in Decem¬
With December estimated, steel ingot
production in 1936 totaled about
47,876,000 gross tons, compared with 33,417,985 tons in 1935.
This is
the largest output since 1929, with
1937
9,
tions in that quarter averaged 77.77% of capacity,
against
*Per Cent of
Capacity
<
of
Working
Days
Production
(Cross Tons)
.............
3,045,946
51.40
2,964,418
3,342,619
54.03
112,813
118,577
25
March...................
58.58
128,562
26
.....
9,352,983
54.64
119,910
78
69.09
70.91
69.83
151,625
155,625
153,263
26
26
Jline........ ........ mmmrnm
3,942,254
4,046,253
3,984,845
Second quarter........
11,973,352
69.94
153,504
employed than those producing light
First six months.......
21,326,335
62.29
136,707
The only unfavorable factor is the labor
situation in the automotive
Automobile ouput last week dropped to 71,800 from
79,019 in
the week preceding.
In the third week of December 121,038 cars were
built.
July.....................
3,922,731
4,195,130
68.74
150.874
26
August
73.52
4,161,108
72.92
161,351
160,043
26
September
tons in 1930.
The industry is now firmly on the
higher price basis announced several
weeks ago for first quarter
delivery.
Heavy backlogs in practically all
products assure steady production near the current rate for at least
February
First quarter
several
weeks.
fast
as
Needs of
it is
consumers
delivered,
Mill books
as
appear to be sufficient to absorb
tonnage
as
stocks have not been built up.
May..
better balanced than for several years,
buying of heavy
having been greater than for some
are
April........
steel products in the past few months
time.
mills
Rail tonnages
that
had
on
been
books
less
are
actively
...
27
26
781;
unusually large, giving occupation to
156
products.
Industry.
Third quarter...........
past week 2,350 tons
a
a
were
government
71.73
157,423
78
33,605,304
65.44
143,612
234
October...
awarded for a New York
4,545,001
4,337,412
76.70
168,333
27
November.... ..i..........
79.05
December-...
4,431,645
77.66
173,496
170,448
1% 26
Fourth quarter..........
for 1935.
Further structural buying is indicated
by heavy
inquiry, the Chicago district alone having about 35,000 tons
pending.
The
tons for
12,278,969
Nine months............
Shape awards increased about 5,000 tons over the
preceding week to
32,486 tons.
This compares with a weekly
average of 21,765 tons for 1936
and 17,081 tons
26
13,314,058
77.77
170,693
78
Total.
46,919,362
68.52
150,383
312
2,870,161
2,774,271
2,865,292
106,302
115,595
27
52.22
49.78
110,204
26
8,509,724
49.92
110,516
77
45.88
101,562
97,543
26
44.06
40.81
90,347
25
............
-... ........
25
subway job and 2,260
hangar.
Advance of 50 cents per ton on pig iron, effective Jan.
1, first announced
week ago by
Pittsburgh makers, has become general, putting the
............
%
pig
iron level $1.50 above that
prevailing up to the latter part of November.
However,
as buying has been
unusually heavy and some producers have
beyond first quarter production the new price will not be
generally
until April.
Abolition of the freight surcharge Jan. 1 will
partially offset this latest advance, especially on
longer hauls.
Japan is
sold
applicable
said
to
be
in
the
market
for
100,000 tons,
principally foundry grades,
following its
recent pin-chase of about 40,000 tons.
River transportation interests contributed
something like 7,500 tons of
plates in purchase of 44 steel barges for
coal, oil and sand
handling.
buying has
been
practically
completed,
but
more
car
1935
January.........i........
February
First quarter
April....................
May.
Rail
South
by
an
most
expected inquiry from
27
Second quarter..........
in
are
a sale by Japan
This is the first time Japan has
America, which has been taking
needs from the United States^
The scrap market is dominated
-
24
of its railway
a
7,532,927
43.62
96,576
78
First six months........
purchases
Of interest to steel rail producers is the
announcement of
Of 5,187 tons of rails to
Bahia, Brazil.
48.02
2,640,602
2,633,661
2,258,664
...................P
June
early prospect.
sold rails in
__
March...................
16,042,651
46.75
103,501
155
39.40
26
July.....................
2,267,827
August-._................
2,915,930
48.78
^September.
2,825,004
51.04
87,224
107,997
113,000
8,008.761
46.38
102,676
78
24,051,412
46.63
103,225
233
27
Third
Catasauqua,
quarter
27
25
Pa., melter for about 50,000 tons of No. 1
machinery cast to be used in
making cast iron segments for lining the Midtown tunnel in New York.
Nine months...........
"Steel's" composite for
scrap is unchanged this week at $17.58 after five
October...................
3,142,759
52.58
successive weeks of increases from
$16.
November
3,150,409
3,073,405
54.73
55.53
116,398
121,170
122,936
9,366,573
54.24
120,084
78
33,417,985
48.54
107,453
311
Giving effect
is
$55.80,
to price increases of Jan. 1 "Steel's" finished steel
composite
compared with $53.90 through December.
The iron and steel
December
Fourth quarter..........
composite is $36.48, compared with $35.33 the
preceding week.
Total—
Steel ingot production
staged its
the Christmas
anticipated recovery from
holiday curtailment, the output for the week
ended Jan. 4, being
placed at 79% of capacity according to
the "Wall Street Journal" of Jan.
6, compared with 68%
in the previous
week, and
81%
two
weeks
"Journal" further showed:
The
ago.
U. S. Steel is estimated at
approximately 68%, against 56% in the week
before and 70% two weeks
ago.
Leading independents are credited with
88%, compared with 78% in the preceding week, and
89% two weeks ago.
The following table gives a
comparison of the percentage of production
with the
nearest corresponding week of
previous years, together with the
approximate changes, in points, from the week
immediately preceding:
•
as
26
25
Calculated for each year
on annual capacities, as of Dec. 31 of the
preceding year
Dec. 31, 1935, Open-hearth and Bessemer
Ingots 68,475,509 gross tons,
1934, Open-hearth and Bessemer Ingots, 68,849.717 gross tons.
follows:
Dec. 81,
Domestic
Copper 12c., Valley—London Easier
Labor
on
Disturbances Here
"Metal and Mineral Markets" in its issue of Jan. 7 states
that feature in non-ferrous metals in the week that ended
Jan. 6 was the advance in domestic
copper to 12c., Valley;
on the last
day of 1936. Since that day, however, a feeling
of uncertainly has been
apparent in the trade, owing chiefly
to the labor difficulties that
Industry
1937—
79
1936
48
1935
41K
1934
31
1933-
15
+ 11
U. S. Steel
68
+
2H
+
1
+
+
2J4 •
m
22
+
6
43
2H
1
86
59^
84
1928-
.
.
.
1927...
.
.
...
.
+
67
75
Steel
+
62
1930
1929
14
3
+
+
1H
+
2
82
+
—
1
2H
16
+ 3
+
2
7
32
+
6
2
58
1
82
3
64
5
68
■
„■„
+
+
70
5
+ 10
54
46
28
22
88
1
3
33
—
36
36
1932.
+ 12
41
—
Independents
+
2
+
during December
H
4
Output in 1936 40% Above 1935
increases in the industry's
producing capacity as population
advanced.
Production in the fourth quarter totaled
13,314,058 gross
tons, against 12,278,969 tons in the preceding
quarter and
9,366,573 tons in the fourth quarter of 1935.
Output for the last quarter
the largest for any three
months' period since the third
quarter of 1929 and repre¬
sented the highest
fourth-quarter total in history.
Opera¬
was
were on a
substantial scale.
3
+
according to the American Iron and Steel Institute.
This
represented the fourth consecutive year of improvement,
and the third largest total in the
history of the industry.
The 1936 output was exceeded
only in 1928 and 1929.
The industry operated at an average of
68.52% of capacity
during 1936, against 48.54% of capacity in 1935.
The
ratio of output to capacity was the best since
1929, but was
only the twelfth best in the past 20 years, because of steady
the country
the domestic zinc
industry were favorable, showing total
stocks at the end of the month of
44,756 tons, of which
38,982 tons consisted of the ordinary grades.
Shipments of
all major non-ferrous metals to consumers
The publication further stated:
1
Steel ingot production last year totaled
46,919,362 gross
tons, 40% more than the 33,417,985 tons produced in 1935,
of
now beset the motor
industry.
London prices showed general
unsettlement, also because of
the labor situation in this
country.
December statistics of
Copper
The advance in the London market for
copper on Dec. 31 to the equiv¬
alent of about 12c. per pound caused
producers here to raise the price three-
eighths of
a
cent on sales for the day of
the business placed on Dec.
31
was
only 4,683 tons.
Virtually all of
booked
on the 12c.
Valley basis.
The
higher price prevailed throughout the week, with a fair
inquiry for the metal,
notwithstanding the nervousness over London prices and the certain know¬
ledge that
production is
being increased.
From
December shipments of copper to domestic
ing
more
indications
present
consumers
were
the
large, involv¬
than 70,000 tons.
Domestic sales of copper for the last week totaled
9,047 tons.
S&les for
of December amounted to 117,715
tons, of which *6tal 2,951
December shipment, 855 tons for
January! 1,080 tons
the month
tons were sold for
for February
,
71,162 tons for March, and 41,667 tons for AprilJforward.
The Navy Department
on
Jan.
6 contacted producers
tons of copper,
dir^tly
for 200
to be delivered "free from the restrictions of "the WalshHealy Act."
One lot of 100 tons was offered under these terms for im¬
mediate delivery and another lot of 100 tons will be
made available when
wanted
as
soon
as
the
Navy contacts with
delivery at the point desired
-..-v.
Buying of lead
was
on an
;;
on
Lead
a
a
producer able to handle the
economic basis.
■
■
■
v;;
A
reduced scale during the holiday week, about
3,600 tons changing hands, compared with 5,000 tons in the previous week.
Though the London market
revise
the
quotations,
and
was
the
unsettled, there
undertone
was
remained
no
firm.
move
here
to
Consumption
Volume
continues at
Financial
144
a
satisfactory level, and producers expect shipments to con¬
In December to amount to at least
sumers
ore
and bullion, on Dec. 1 amounted to 260,192
month previous and 313,869 on Dec. 1, 1935.
a
k
Zinc
.
United
the works of smelters and refiners in the
States, including lead in
with near-by business booked on
reduction in stocks
Zinc statistics for December were favorable, showing a
The total
tons.
on
hand at the end of the year was reduced
44,756 tons, including all grades, against 57,527 tons a month previous
The Week with the Federal Reserve Banks
daily average volume of Federal Reserve bank credit
outstanding during the week ended Jan. 6, as reported by the
Federal Reserve banks, was $2,481,000,000 a decrease of
$37,000,000 compared with the preceding week and an
increase of $1,000,000 compared with the corresponding
week in 1936. After noting these facts, the Board of Gover¬
The
of the Federal Reserve System
nors
On
Jan.
decrease
6
of
decreases
total
as
follows:
$2,464,000,000,
$77,000,000 in money in circulation and $5,000,000 in non-
member deposits and other Federal
Reserve accounts and an increase of
$20,000,000 in monetary gold stock, offset in part by increases of
were
estimated
to
a
agreement for continuance of
new
Details of the plans will be
signed.
moderately active
Price changes were unimportant.
bills
Govern¬
Relatively small changes were reported in the System's holdings of
against 9,358 tons in November,
United States deliveries of tin in
5,345 tons in November.
Tin, 99%, was quoted nominally as follows:
Dec. 31st, 51.025c.;
Holiday; Jan. 2d, 51.025c.; 4th, 50.625c.; 5th, 50.325c.; 6th,
■
../V"1
' ■:
1935.
10,458 tons in December,
and
Chinese
Jan.
1st,
5o.375c.
,,,
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks themselves,
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
of
returns
the entire
the Federal
body of reporting member banks of
for the week ended with , the
Reserve System
close of business Dec. 30:
The condition statement of weekly
oh
Dec. 30 shows
a
reporting member banks in 101
decrease of $10,000,000 in total
ments, an increase of $24,000,000 in time
deposits, and decreases of
000,000 in deposits credited to domestic banks and
Loans
The statement in full for the week ended Jan. 6,
in
com¬
parison with the preceding week and with the corresponding
date last year, will be found on pages 232 and 233.
Changes in the amount of Reserve bank credit outstand¬
ing and in related items during the week and the year ended
Jan. 6, 1937, were as follows:
(+)
Increase
6. 1937
Jan.
(not
(—)
1936
$
—2,000,000
—2,000,000
3,000,000
2,430,000,000
U. 8. Government securities
8,
Jan.
—2,000,000
3,000,000
Bills bought
advances
or Decrease
Since
1936
Dec. 30.
vs
s
-
Bills discounted
—17,000,000
2,464,000,000
+1,127,000,000
—77,000,000
+55,000,000
+690,000,000
6,627,000,000
2,627,000,000
+28,000,000
—422,000,000
539,000,000
Member bank reserve balances
—12,000,000
+20,000,000
+1,000,000
6,473,000,000
__
—20,000,000
11,271,000,000
2,531,000,000
Treasury currency
—5,000,000
+21,000,000
+55,000,000
+882,000,000
Treasury cash and deposits with Fed¬
eral Reserve banks
Non-member deposits and other Fed¬
eral Reserve accounts..
Banks
Member
in
New
York
City
and
deposits-adjusted increased $35,000,000 in the
the
Richmond
000,000 at all reporting member banks.
A summary of the principal assets and liabilities of the
reporting member banks, together with changes for the week
and the year ended Dec. 30, 1936, follows:
V.
./
.
Dec. 30, 1936
Assets—
S
22,931,000,000
.
Loans and investments—total
New York City
1937
1936
S
Assets—
Loans and investments—total..
$
8,749
966
1,004
76
Outside New York City
securities
to
S
76
7,900
2,122
909
58
1
50
on
securities
to
2,118
1,880
708
Accepts, and com'l paper bought
151
Loans on real estate
130
28
1,529
Loans to banks
__
.
guaranteed
+1,000,000
—11,000,000
+20,000,000
—12,000,000
+13,000,000
—49,000,000
—10,000,000
+889,000,000
+ 773,000,000
—2,000,000
+22,000,000
+112,000,000
+211,000,000
5,163,000,000
+2,000,000
—4,000,000
—41,000,000
+566,000,000
by
Other securities
24
433,000,000
Balances with domestic banks
2,345,000,000
Liabilities—
735
139
145
175
129
127
38
42
1,556
1,121
142
150
15
14
15
14
14
5
6
6
411
405
258
16
3,597
3,579
3,315
1,124
1,126
450
451
387
94
95
89
Other securities—
1,056
1,063
1,031
269
269
239
Reserve with F. R. Bank......
2,469
2,467
2,431
539
569
534
+64,000,000
+37,000,000
•
15,571,000,000
5,067,000,000
702,000,000
Demand deposits—adjusted
Time deposits
'.
United States Govt, deposits
Inter-bank deposits:
Domestic banks
6,009,000,000
427,000,000
23.000,000
Foreign banks
Borrowings
U. S. Govt, direct obligations..
—74,000,000
+ 5,000,000
Cash in vault
1
46
1
696
(except banks)
U. S. Govt, direct obligations
fully
—5,000,000
351,000,000
1,156,000,000
66,000,000
4,290,000,000
9,241,000,000
1,238,000,000
3,263,000,000
Loans on real estate
United States Government
s
+67,000,000
+59,000,000
others
Accepts, and com'l paper bought-
Obligations
1936
+8,000,000
+9,000,000
2,037,000,000
Outside New York City
Reserve with Fed. Reserve banks.
others
Other loans
$
8,
Jan.
;
In New York City..
on
6, Dec. 30,
1937
1936
S
8,679
Loans to brokers and dealers:
Jan.
S
S
—10,000,000 +2,036,000,000
1,047,000,000
242,000,000
In New York City
Loans
Other loans
Chicago
8,
1936
(+) or Decrease (—)
Since
Dec. 23, 1936
Dec. 31, 1935
Loans to brokers and dealers:
Loans to banks
(in Millions ol Dollars)
Dec. 30, Jan.
Cleveland dis¬
and declined $17,000,000
district, $14,000,000 in the New York district, $12,000,000 in the Boston district, $11,000,000 in the San Francisco district
and $3,000,000 at all reporting member banks.
Time deposits increased
$9,000,000 in the New York district, $7,000,000 in the San Francisco dis¬
trict, $6,000,000 in the Chicago district and $24,000,000 at all reporting
member banks.
Deposits credited to domestic banks declined $46,000,000
in the New York district, $27,000,000 in the Chicago district and $68,trict, and $15,000,000 in the Philadelphia district,
in
(except banks)
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
6,
declined
$27,000,000 in the
reporting member banks.
Increase
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:
Jan.
States Government
Holdings of "other securities" increased
$2,000,000.
.
-
$8,000,000,
banks) declined $5,000,000.
Chicago—Brokers' Loans
1
City increased
York increased $9,000,000,
obligations fully guaranteed by the United
Demand
—8,000,000
+1,000,000
—1,000,000
4,000,000
Total Reserve bank credit
Loans
$68,-
$41,000,000 in balances
and
Holdings
of acceptances and commercial paper bought increased $5,000,000, real
estate loans increased $1,000,000, and loans to banks declined $12,000,000.
"Other loans" increased $13,000,000 in the Cleveland district, $7,000,000
in the Philadelphia district and $13,000,000 at all reporting member banks.
Holdings of United States Government direct obligations declined $62,000,000 in the New York district and $49,000,000 at all reporting member
banks, and increased $9,000,000 in the Cleveland district.
Holdings of
loans on securities to others (except
New York district and $22,000,000 at all
24,000,000
Monetary gold stock..
Money in circulation
brokers and dealers in New York
to
loans to brokers and dealers outside New
including
$21,000,000 commitm'ts—Jan. 6)
Other Reserve bank credit
<
leading
loans and invest¬
with domestic banks.
ment securities.
of
November and
at the end of
ing December amounted to 10,617 tons,
cities
discounted, purchased bills, industrial advances and United States
Returns
including the Eastern and Arnhem
23,787 long tons, against 23,148 tons
15,318 tons a year ago.
Total deliveries dur¬
visible supply of tin,
at the end of 1936 was
carry-overs,
$2,010,000,000 in excess of
be approximately
legal requirements.
Industrial
Committee at Brussels, on Jan. 5,
tin control until the end of 1941 was
announced later. The tin market was
during the week, with a fair tonnage sold on Jan. 5.
meeting of the International Tin
a
Member bank reserve balances on
deposits with Federal Reserve banks.
6
$55,000,-
Treasury cash and
000 in member bank reserve balances and $28,000,000 in
Jan.
a
This decrease corresponds with
$20,000,000 for the week.
of
proceeds
amounted to
credit
bank
reserve
made a new high
December amounted to 6,930 tons, against
the unchanged basis of 5.45c., St. Louis.
of 12,771
At
The world's
the year
continues at a healthy rate, and, with the supply situation growing stronger,
only the London market appears to stand in the way of higher prices.
Sales
The movement of zinc into consumption since the beginning of
for the week were less than 3,000 tons,
Shipments to consumers
59,821 tons.
Tin
Sales in the East by
St. Joseph Lead were reported at a premium.
tons, against 269,950 tons
83,758 tons a year ago.
basis of the American
Smelting & Refining Co., and at 5.85c., St. Louis.
Total lead stocks at
and
for the movement, totaling
50,000 tons.
Prices held at 6c., New York, the contract settling
187
Chronicle
—3,000,000 +1,684,000,000
+24,000,000
+156,000,000
+1,000,000
—68,000,000
+4,000,000
—6,000,000
+659,000,000
—16,000,000
+22,000,000
1,083
Obligations fully guaranteed by
United States Government...
58
Cash in vault
Balances with domestic banks..
Other assets—net
56
36
38
37
82
90
77
190
192
190
489
496
463
73
77
77
6,367
602
6,448
621
5,704
544
1,583
454
72
1,409
418
98
66
Liabilities—
Demand
Time
deposits—adjusted
deposits
United States Govt, deposits...
204
203
197
1,551
456
72
2,432
2,380
2,314
614
608
*' 538
379
390
398
5
5
+4
22
....
,
Inter-bank deposits:
Domestic banks
Foreign banks
—
Borrowings
Other liabilities
329
353
310
24
34
27
Capital account
1,464
1,451
1,460
238
238
224
'
Italy and Germany Reply to Franco-British Proposals
Regarding Permitting "Volunteers" to Fight in
Spanish Civil War—Will Agree to Plan, if^Other
Nations Do Likewise
Jan. 7 replied to joint proposals by
"volunteers" should
no longer be permitted to join the armies in the Spanish
civil war.
The Italian note, which was handed to the rep¬
resentatives of both France and Great Britain, said that
Italy was willing to forbid Italians enlisting in Spain, pro¬
vided that other nations would agree to similar action with
regard to their own nationals.
A reply of like character
Italy and Germany
on
Great Britain and France that foreign
188
Financial
also sent by Germany to the Franco-British
These joint suggestions were prompted
was
by
tion of incidents arising from
the
a
proposals.
multiplica¬
Chronicle
Funds Remitted for Payment of 25% of Jan. 1 Coupons
on
Three External Loans of State of San Paulo
that threatened to
war
(Brazil)
embroil other nations in the conflict.
Spanish government
vessels recently seized a German ship'which, it was
charged,
was transporting war materials destined for the
insurgent
forces.
The ship was later released, but the
cargo was
retained.
In retaliation, a German cruiser
captured two
small Spanish vessels.
German ships have also detained
Soviet Russian vessels, provoking formal protests from the
Soviet government.
Rebel troops this week intensified their siege of Madrid,
which has been under fire for more than two months.
The Mexican government on Jan. 3 assured the United
/
States that no American airplanes or war materials
originat¬
ing here would be allowed to be reshipped to either side in
the Spanish civil war.
This statement, by the Mexican
Foreign Office, was volunteered because of a report that
American planes were to have been sent to the
Spanish
loyalists from a Mexican port.
A Berlin dispatch of Jan. 6 to the New York "Times"
discussed the German reply to the Franco-British proposals
regarding volunteers as follows-J
Stripped of its diplomatic language, the answer seems to amount
Germany and Italy refuse to take any action of their own in the
to this:
matter
of volunteers and put up to Britain the initiative of
getting out of Spain
not
only the Russian and French military volunteers but also Bolshevist
agents and German Communist emigres, whose presence in Spain rankles
•the
Germans
most,
as
condition
a
for
German
and
Italian
•from Spain.
withdrawal
/
Britain is held here to be the only power capable of
taking such an initia¬
because she is the least involved in Spain, and
tive
pending the British
decision Germany and Italy return the hot
Spanish iron to the non-inter¬
vention committee to hold while keeping their own hands free.
Inasmuch
the
of
as
there
German-Italian
situation
thousand practical difficulties to the realization
are a
plan,
just where it
was
the
two
answers
would
seem
to
leave
the
before the French and British memoranda of
Speyer & Co.,
From the German and Italian standpoints this is held to be just as
well,
the
the
support recently sent to him Generalissimo Francisco Franco will
new
two
countries
have
finally
convinced
themselves
that
with
special agent for the State of San Paulo
as
(United States of Brazil)
and
15-year 8% external loan of 1921,
Speyer & Co. and J. Henry Schroder Banking Corp., as
special agents for the State of San Paulo 25-year 8% exter¬
nal loan of 1925 and 40-year 6% external dollar loan of
1928, announced Jan. 4 that pursuant to the terms of Decree
No. 23829 of the Chief of the Provisional Government of the
United
States
of
Brazil,
them sufficient to pay
1937,
in full
funds
have been
deposited
with
25% of the face amount of the Jan. 1,
of the above loans.
coupons
ment is
Acceptance of this pay¬
optional, but if accepted by bondholders it is to be
payment of the respective coupons.
City of Porto Alegre (Brazil) Makes Available 22J^%
of Jan. 1 Coupons on llA% External Loan of 1925
Ladenburg, Thalman & Co., as special agent, is notifying
of City of Porto Alegre (United States of Brazil)
40-year 7%% sinking fund gold bonds, external loan of
1925, that funds have been deposited with them on behalf
holders
of the
City of Porto Alegre, sufficient to make
a payment in
America, of 22%%
due Jan. 1, 1937, amount¬
ing to $8.43% for each $37.50 coupon and $4.21% for each
$18.75 coupon.
Pursuant to the decree of the Chief of the
lawful currency of the United States of
of the face amount of the coupons
Provisional Government of the United States of Brazil, such
if
payment,
accepted
full payment of
by the holders, must be accepted in
such coupons and of the claims for interest
represented thereby,
according
to the notice,
issued under
date of Jan. 5.
Dec. 27.
because
Jan. 9, 1937
No present provision, the notice states, has been made for
the coupons maturing Jan. 1, 1932, to Jan.
1,1934, inclusive,
but they should be retained for future adjustment
win in the end, especially since he has placed himself in the hands of German
and Italian officers who are
now
supposedly directing the offensive against
Madrid.
Market
The capital's fall is again expected here almost
are
warnings from German
German hopes
war,
are
correspondents
daily, and though there
that this
will
not
decide the
rising again.
Value
of
Bonds
The
Jan. 1, was issued
Speyer & Co. and the National City Bank of New York,
fiscal agents for the Greek Government 40-year 6%
stabilization and refugee loan of 1928, announced Jan. 7
that in accordance with the agreement between the Greek
Government and the League Loans Committee (London),
referred to in the communique published Aug. 22, 1936,
they have received funds sufficient to pay 40% of the
interest due Feb. 1, 1937, on the above bonds.
Such
payment will be made on or after that date at the offices
of the fiscal agents against the stamping of the coupons.
The communique of Aug. 22 was referred to in our issue
of that date, page 1156.
as
As of Jan.
123,462
par
1,
on
Republic 5% bonds of 1925 have
been notified that, under the terms of the amortization
plan,
50,482 of the bonds have been drawn for redemption on
Jan. 15, at their face value of $50 each at the office of the
Banca
Commerciale
Italiana
Agency in New York, 62-64
also reported that Coupon 24 of
William St.
the
The agency
will be payable at the
issue
$1.25
a
same
time at the rate of
coupon.
r
1937 there
were
Bonds
of
Argentine 6% Sanitary Works
Loan, Due 1961, to Be Purchased for Sinking Fund
J.
P.
York,
Nation
1961,
Morgan & Co.
as
and the National City Bank, New
fiscal agents for the Government of the Argentine
external
announce
sinking fund 6% sanitary works loan, due
that upon receipt of funds from the Argentine
Government, together with unexpended moneys now in the
sinking fund, a sum of $273,326, will be available for the
purchase of these bonds for the sinking fund.
invited
at
a
flat price,
below par,
up to
Feb.
If
the .tenders accepted are not sufficient to exhaust the avail¬
able moneys,
may
additional purchases upon tender, below par,
a
total
Jan. 1, 1937
Dec. 1,1936
Market
Aver.
Market
Aver.
Value
Price
Value
Price
%
United States Government
Financial
Chemical..
Building
Electrical equipment manufacturing..
Food
Rubber and tires
Amusements
Land and realty
Machinery and metals
Mining (excluding iron)
Petroleum
Paper and publishing
Retail merchandising
Railway and equipment
Steel, iron and coke
(operating)
Gas and electric (holding)
Communication (cable, tel. & radio)..
Miscellaneous utilities
Business and office equipment
Shipping services
Shipbuilding and operating...
Leather and boots
Tobacco
U. S. companies operating abroad....
Foreign companies (incl. Cuba & Can.)
Miscellaneous businesses
26,086,922,401
2,255,854,198
10,313,938
182,098,423
100,131,276
37,496,604
12,267,540
258,243,707
159,375,421
80,306,868
14,420,978
51,551,447
161,777,276
429,294,591
73,682,373
19,083,892
9,240,840,865
596,839,671
9,662,966
2,442,666,211
188,084,581
721,872,820
406,422,885
22,000,000
24,556,731
17,741,570
4,710,300
46,455,887
207,809,624
1,185,099,982
6,008,750
45,053,593,776
are
1, 1937.
on
On Dec. 1, 1936 there were 1,408 bond issues
aggregating
$45,025,928,137 listed on the Exchange, with a total market
value of $43,679,640,206.
In the following table, listed bonds are classified
by
governmental and industrial groups with the aggregate mar¬
ket value and average price for each:
All listed bonds
Tenders
Exchange
Jan. 7:
1,409 bond issues aggregating $46,280,-
Gas and electric
$273,326 of
on
value listed on the New York Stock Exchange, with
Textile
♦
Stock
market value of $45,053,593,776.
Autos and accessories
The holders of Chinese
York
the New York Stock
by the Exchange
Foreign Government
50,482 of Chinese Republic 5% Bonds of 1925 Drawn for
Redemption Jan. 15 at Face Value of $50 Each
New
on
following announcement showing the total market
value of listed bonds
Greece Transfers Funds for Payment of
40% of Feb. 1
Interest on 6% Stabilization and Refugee Loan
of 1928
Listed
Exchange Jan. 1, 1937 Above Dec. 1, 1936
%
107.71 24,766,550,317 108.12
68.43
2,230,936,816 67.54
105.90
10,518,554 107.99
104.58
104.94
98.61
105.50
104.00
104.63
100.12
57.94
103.87
74.74
100.96
99.08
96.21
85.86
104.54
69.01
106.47
95.33
108.08
77.85
110.00
181,275,789
100,348,854
39,652,462
17,045,826
261,980,946
150,924,862
79,424,036
13,810,159
54,155,442
162,793,834
424,208,034
74,054,559
19,403,112
9,135,043,635
526,501,485
10,218,293
2,379,589,413
188,960,110
77.04
129.55
67.09
70.42
109.25
105.08
121.42
104.67
105.93
99.88
55.49
104.51
75.07
99.24
99.46
96.67
84.86
105.57
72.97
106.55
95.49
888,034,671 108.58
408,179,686 78.19
22,250,000 111.25
73.25
105.14
104.14
101.11
25,144.218
75.00
17.366,180 75.41
4,838,439 104.98
46,423,438 129.46
241,775,757 71.33
1,192,043,779 70.77
6,187,600 112.50
97.35 43,679,640,206
97.01
The
following table compiled by us, gives a two-year
comparison of the total market value and the total average
price of bonds listed on the Exchange:
be made up to May 3, 1937.
Market
1935—
Jan.
1
Feb.
Sinking Fund
1
Bank, New York, acting for the fiscal
agents, is inviting tenders for the sale to it of Government
of the Argentine Nation external sinking fund 5%%
gold
Market
Average
Price
Value
Price
$
'
$
1936—
90.73
Feb.
91.30
Mar. 1
89.49
Apr. 1
May 1
May 1
40,659,643,442
41,064,263,510
41,111,937,232
40,360,681,526
40,147,199,897
90.69
June
1
June
1
39,617,835,876
90.62
July
1.
July
1
Mar. 1
The Chase National
Average
Value
Tenders of Argentine External 5J^ % Gold Bonds, Issue
of Feb. 1, 1928,
Invited to Exhaust $189,465 in
Apr.
1
39,864,332,759
91.29
91.62
1
Aug. 1
bonds, issue of Feb. 1, 1928, due Aug. 1,1962, at prices below
par, in an amount sufficient to exhaust the sum of $189,465
Aug. 1
39,457.462,834
91.71
Sept. 1
Sept. 1
39.061,593,570
90.54
Oct.
Oct.
Nov. 1
Nov. 1
38,374,693,665
38,170,537,291
38,464,704,863
89.93
in
90.24
Dec.
the
fore 12
of
sinking fund.
noon
Such tenders should be presented be¬
Feb. 2, 1937, at the corporate trust
department
the bank, 11
Broad
Street.
Dec.
1
1
91 08
1936—
Jan
1
91.85
1
%
93.59
40,347,862,478
40,624,571,422
41,807,142,328
41,524,856,027
39,648,252.468
41,618,750,056
41,685,172,818
42,235,760,556
43,305,464,747
43,179,898,054
43,679,640,206
94.44
94.47
93.90
93.83
94.24
,
94.78
95.39
95.79
95.92
97.01
1937—
Jan.
39,398,759,628
1
%
1
45,053,593,776
97.35
Volume
New
Financial
144
York
Stock
Reports
Outstanding
$1,051,425,161—Increase
Nov. 30 and $112,983,509 Over
Exchange
Brokers' Loans Dec. 31 at
of
$67,420,459
Dec.
over
189
Chronicle
other collateral; thus
only on listed share collateral from those on
those
these ratios
usually
exceed the true relationship between borrowings on
all listed shares and their market values.
of Dec. 1, 1936, the Stock Exchange member total
borrowings on collateral amounted to $984,004,702.
The ratio of these member total borrowings to the market
value of all listed stocks, on that date, was therefore 1.64%.
As
31, 1935
Outstanding brokers' loans on the New York Stock Ex¬
change increased during December to $1,051,425,161 at
the close of 1936, the second time since June 30, 1934, that
the loans have exceeded the $1,000,000,000 mark; the pre¬
vious occasion was on April 30, 1936, when the loans totaled
net
with the aggregate market value and average price for
$1,063,950,736.
The
brokers'
$67,420,459 in
New York
Stock Exchange member total net
borrowings on collateral,
Dec. 31,
contracted for and carried in New York, as of the close of business,
1936, aggregated $1,051,425,161.
Net borrowings on collateral from New York banks
or trust companies
..$729,136,542
(2) Net borrowings on collateral from private bankers,
brokers, foreign bank agencies or others in the City
of New York
39,302,800
(1)
$282,260,819
Combined total of time and demand borrowings
$282,985,819
$1,051,425,161
for the borrowings included in items
The scope of the
$51,901,350
(1) and (2) above
above compilation is exactly the same as in the loan
report issued by the Exchange a month ago.
Below
we
furnish
Building
Electrical equipment manufacturing..
Foods
...
Rubber and
tires
Machinery and metals
Mining (excluding iron)
Petroleum
publishing
Paper and
Retail merchandising
Railways and equipment
Steel, iron and coke
Textiles
radio).
Aviation
Shipping services
Ship operating and building
Jan.
:
28
Mar. 30
824,958,161
815,858,439
773,123,266
804,565,448
792,541,031
471,670,031
474,390,298
419,599,448
June 30
31
399,477,668
362,955,569
335,809,469
406,656,137
547.258,152
Aug. 31-.
Sept. 30
31
Oct.
249,062,000
242,544,500
220,124,500
294,644,900
320,871,000
334,199,000
349,335,300
372,553.800
418,266,300
456,612,100
439,457,000
391,183,500
509,920,548
Apr. 30
May 31
July
NOV. 30
Dec. 31...
808,589,298
768,934,748
772,031,468
781,221,869
792,421,569
846,113,137
938,441,652
1936—
Feb. 29
Mar. 31
Apr. 30
May 29
372,679.515
313.642,415
275,827,415
282,985,819
581,490,326
31
571,304,492
591.906.169
598,851,729
July
48.32
61.05
38 55
49.92
give below
a
84.45
30.18
2,471,860,510
2,414,133,127
41.25
6,293,706,813
33.01
11.73
41.07
544,494,556 32.23
3,337,685,836 50.25
5,602,338,454 48.30
2,863,868,226 65.36
312,169,214 29.32
2,456,921,698 35.22
1,897,642,658 19.53
4,219,271,710 112.43
251,330,656 24.71
360,432,747 17.11
45.16
12.69
44.02 60,019,557,197
44.26
36.97
two-year compilation
value and the average price
57.91
51.24
465,265,996
58,785,380
29.21
59,878,127,946
stocks
45.51
39.51
26,587,341
54.905,379
142,687,852
247,638,630
1,874,559,551
35,019,710
899,642,905
1,379,283,968
1,418,402,553
Foreign companies (lncl. Cuba & Can.)
81.42
491,548,312
919,538,493
U. S. companies operating abroad
18.13
24.94
38.48
70.42
36.71
29.09
36.09
of the total market
on the Exchange:
of stocks listed
Aug. 31
Sept. 30
661,285,603
708,177,287
768,439,342
Oct. 31
Nov. 30
Dec. 31
Market
974,928,018
Average
Market
Value
Price
Value
Price
$50,164,547,052
51,201,637,902
51,667,867,515
47,774,402,524
49,998,732,557
50,912,398,322
54,066,925,315
54,532,083,004
55,105,218,329
58,507,236,527
60,019,557,197
$37.98
59,878,127,946
44.02
1
Feb.
1935—
Mar.
1
25.29
Apr.
24.70
May
1
1
23.73
June
1
25.77
July
$35,933,882,614
32,991.035,003
32,180,041,075
30,936,100,491
$25.99
33,548,348,437
26.50
Aug.
1
34,548,762,904
36,227,609,618
38,913,092,273
39,800,738,378
Oct.
1
40,479,304,580
Nov.
1
43,002,018,069
32.90
Dec.
1
44,950,590,351
34.34
46,954,581,555
Average
38.61
35.62
Jan.
1
Feb.
1
Mar.
1
Apr.
May
1
1
June
1
July
1
Aug.
1
Sept.
984,004,702
1,051,425,161
243,792,915
375,107,915
410,810,915
407,052,915
396,076,915
381,878,415
688,842,821
559,186,924
June 30
924,704,335
924,320,544
996,894,018
1,063,950,736
969,997,839
988,543,241
967,381,407
973,784,584
971.531,244
324,504,713
292,695,852
600,199,622
631,624,692
753,101,103
31
Jan.
Tobacco
listed
79.60
27.42
",1
31
Feb.
$880,263,155
675,896,161
573,313,939
552,998,766
1935—
Leather and boots
Total Loans
$263,962,869
87.49
47.64
5,148,975,202
1,555,557,744
6,650,614,575
849,364,596
2,185,044,352
3,495,155,915
483,660,497
949,403,087
28.54
474,445,099 30.33
13.16
65,985,669
2,518,855,333 41.62
2,490,950,508 42 36
6,756,318,186 35.79
32.60
546,936,631
3,008,904,049 45.20
5,559,798,295 47 93
2,936,075,572 65.41
321,331,108 29 72
2,439,529,338 34.92
19.34
1,878,965,233
4,166,283,372 111.01
236,354,198 23.14
18.05
380,558,115
506,775,057 46.49
11.38
23,793,548
17 17
52,002,532
146,720,364 25 57
247,023,357 38.22
68 09
1,812,475,921
39.04
37,246,455
Amusements
Land and realty
We
Time Loans
$616,300,286
Demand Loans
Dec. 31
Price
43.86
Farm machinery
All
two-year compilation of the figures:
a
1934—
Value
983,585,006
Chemicals
Garments
Total face amount of "Government securities" pledged as collateral
Aver.
Price
$
Financial
Miscellaneous businesses
$768,439,342
Market
4,783,505,679
1,538,036,881
6,502.233,633
907,673.955
2,310,498,517
3,418,662,301
488,662,988
and accessories
Autos
Business and office equipment
725,000
Aver.
Value
Communications (cable, tel. &
Miscellaneous utilities
Time
Demand
1,1936
Market
Gas and electric (operating)
Gas and electric (holding)
The detailed tabulation follows:
December
Jtmuary 1, 1937
loans outstanding on Dec. 31, 1936, were
of those outstanding at the end of the
excess
previous month of $984,004,702; as compared with a year
ago, the latest figure represents an increase of $112,983,509.
During December, demand loans increased above both
Nov. 30 and Dec. 31, 1935, while time loans rose above a
month ago but were below a year ago.
Demand loans on
Dec. 31, 1936, were reported by the Stock Exchange at
$768,439,342, against $708,177,287 Nov. 30 and $547,258,152 Dec. 31, 1935; time loans at the latest date amounted
to $282,985,819, as compared with $275,827,415 and $391,183,500, respectively, a month and a year ago.
The report for Dec. 31, 1936, as made available by the
Stock Exchange on Jan. 5, follows:
industrial
each:
table listed stocks are classified by leading
In the following
groups
27.78
Sept.
1
1
1
29.76
Oct.
1
30.44
Nov.
1
30.97
Dec.
1
38.85
35.74
37.35
38.00
40.30
40.56
40.88
43.36
44.26
1937—
Jan.
1
1936—
1
Jan.
Member
Trading on New York Stock and New York
Exchanges During Week Ended Dec. 12—
Curb
Data of SEC
Rules Governing Securities of Issuers Emerging
from
An increase
or
Reorganized in Insolvency Proceedings Amended
by SEC—Temporary Exemption Extended
An
amendment
Rule
to
AN11
under
Securities Ex¬
the
change Act of 1934 has been adopted by the Securities and
Exchange Commission making it clear that listed securities
of issuers which have recently emerged from insolvency
proceedings, previously exempted from registration under
Rule AN8(b) (2) until the close of business Dec. 31, 1936,
will continue to be exempted thereafter in accordance with
the provisions of Rule AN11.
The amendment became ef¬
fective at the close
Rules AN12
and
vided by these rules.
Jan.
Dec. 31 that it has amended
on
Securities Exchange
Act
31, 1937 certain exemptions
pro¬
AN13 under
1934 to extend to
of
the
The extension is available for securi¬
for which applications on
ties
Dec. 31.
of business
The SEC also announced
Form 22 have been filed
on
before Dec. 31, 1936, the Commission explained. Form 22
is the form for issuers reorganized in insolvency proceedings
or
which
or
have
succeeded
to
a
person
in
insolvency
pro¬
ceedings.
♦
stocks
Value
of
Listed
odd-lot dealers, in relation to total
made known by the Securities and Exchange
Commission yesterday (Jan. 8).
During the same week,
however, the percentage of trading by members of the New
York Curb Exchange for their own account to total trans¬
actions was below the previous week ended Dec. 5.
During the week ended Dec. 12, according to the SEC,
the total round-lot volume of trading for the account of
members of the Stock Exchange was 5,280,472 shares,
which was 20.67% of total transactions on the Exchange of
12,773,040 shares.
In the preceding week ended Dec. 5
the Stock Exchange members' transactions of 5,336,579
shares was 19.88% of total trading of 13,426,880 shares.
On the Curb Exchange, member trading for their own
account during the week ended Dec.
12 was 1,404,624
shares, or 17.87% of total trading of 3,931,371 shares;
this compares with a percentage during the previous week
of 18.15%, member trading during that week having
amounted to 1,218,190 shares and total volume to 3,355 918
trading,
on
New
York
Stock
Exchange Jan. 1, $59,878,127,946, Compared with
$60,019,557,197 Dec. 1—Classification of Listed
Stocks
The New York Stock
as
Exchange announced
on
Jan. 5 that
of Jan. 1, 1937, there were 1,212 stock issues aggregating
1,360,349,902 shares listed
on
the Exchange with
a
total
market value of $59,878,127,946.
This compares with 1,202
stock issues, aggregating 1,356,122,270 shares listed on the
Exchange Dec. 1, 1936, with a total market value of $60,019,557,197, and with 1,185 stock issues aggregating 1,317,847,662 shares, with a total market value of $46,945,581,555
on Jan. 1, 1936.
In its announcement of Jan. 5 the Stock
Exchange said:
As of Jan. 1,
1937, New York Stock Exchange member total net borrow¬
ings on collateral amounted to $1,051,425,161.
total
was
borrowings to
The ratio of these member
the market value of all listed stocks,
therefore 1.76%.
was
shares.
■
Stocks
during the week ended Dec. 12 in trading in
the New York Stock Exchange for the account
of all members, except
The
Market
on
on
this date,
Member borrowings are not broken down to separate
data issued
by the SEC is in the series of current
being published weekly in accordance with its
program embodied in its report to Congress last June on
the "Feasibility and Advisability of the Complete Segre¬
gation of the Functions of Broker and Dealer."
The figures
for the week ended Dec. 5 were given in the "Chronicle"
of Jan. 2, page 31.
The Commission, in making available
the data for the week ended Dec. 12, said:
figures
The figures given for total round-lot
York
Stock
volume in the table for the New
Exchange and the New York Curb Exchange represent the
volume of all round-lot sales
of stock effected on those exchanges as dis¬
tinguished from the volume reported by the ticker.
volume for the week
12,773,040 shares,
ticker.
the
On
same
the
week,
ended
was
New
Dec.
11.7%
York
12
larger
Curb
3,931,371 shares,
on
The total round-lot
the New York
Stock Exchange,
than the volume reported
Exchange
total
round-lot
exceeded by 9.7%
on
volume
the
in
the ticker volume
(exclusive of rights and warrants).
The data published today
York
Stock
are
based
upon
reports filed with the New
Exchange and the New York Curb
spective members.
Exchange by their
These reports are classified as follows:
re¬
''
190
Financial
New
York
New
York
Stock
Curb
Exchange
1,077
106
estimate the
865
Reports showing transactions:
as
specialists *
Other than as specialists:
Initiated on floor..
352
Initiated off floor...
♦
On
the
New
York
408
loss
233
396
502
•
Curb Exchange perform the functions of the New York Stock Exchange odd-lot
dealer, as well as those of the specialists.
I
The number of reports in the various classifications may total more
than the number of reports received because, at times, a single report may
carry entries in more than one classification.
YORK
if
STOCK
EXCHANGE—TRANSACTIONS
FOR ACCOUNT OF MEMBERS *
IN
ALL
STOCKS
(SHARES)
Week
Totalivolume of round-lot sales effected
transactions
of
members
on the
except
554,062
653,680
—.
Total.........................................
4.73
1,207,742
of
specialists In stocks In which
registered—Bought..................................
—
—
Total...—.........................................
Total
1,053,220
1,040,430
TotaL———————————————————
5,280,472
omission
undistributed
on
statements
income
statement
is
profits
separately
incurred by
the
should
accuraely
or
In this event, no
should be
thereof
indicating
be shown
from other
company,
therein
the
Federal
in
the profit and
income
taxes
and
that fact should be indicated.
Offering by Underwriting Syndicate of Common Stock
of National
City Bank of Cleveland
An underwriting group
consisting of Brown Harriman &
Co., Inc.; Hay den, Miller & Co.; Merrill, Turben & Co.;
Curtiss, House & Co.; Otis & Co.; The First Cleveland
Corp.; Mitchell, Herrick & Co.; Hawley, Huller & Co.;
Maynard H. Murch & Co., and Kuhn, Loeb & Co., offered
Jan. 4 at $33
share 149,084 shares of
a
common
stock,
value of $20 per share, of the National City Bank of
Cleveland, Cleveland, Ohio.
The National City Bank of
par
obtained in
was
bank
1865 and
the
present name of the
adopted at that time.
Since its inception in
1845, the bank has continuously served Cleveland and its
surrounding territory, without merger or consolidation.
Reference to the revision by the bank of its capital structure,
providing for the issuance of the additional common stock,
was made in our issues of Dec. 26, page 4095, and Nov. 21,
page 3254.
The capital funds of the bank, as of Dec. 31,
1936, were announced as follows:
was
Undivided profits-———————————
2,677,410
Total capital funds
20.67
$7,500,000.00
3,000,000.00
——
886,012.23
——
——————
$11,386,012.23
Such total
capital funds, it is explained, are equivalent
share of the 375,000 shares of common stock
outstanding.
During 1936, the bank had a net operating
income (exclusive of profits realized from the sale of se¬
curities and recoveries on charged-off assets, and before
charges for losses and doubtful assets written off) of $967,001,
which compares with $912,555 in 1935 and $594,581 in
Transactions for account of odd-lot dealers in stocks in which
to $30.36 per
Pk registered:
1. in round lots—Bought......
.....
258,400
282,500
.
Total.
540,900
In odd lots (including odd-lot transactions of specialists):
Bought———————————
Sold
Total.
1,476,690
1,432,749
1934.
STOCKS
Week Ended Dec. 12,1936
Total for
Week
Total volume of round-lot sales effected on the Exchange....
Per
Cenfjt
3,931,371
transactions of members, except transactions of
specialists In stocks in which registered:
I. Initiated on the floor—Bought.......................
Total
reported
2,909,439
CURB
EXCHANGE—TRANSACTIONS IN ALL
FOR ACCOUNT OF MEMBERS ♦ (SHARES)
YORK
financial
the
Capital stock consisting of 375,000 shares, par value $20 per share,
all common stock—————————————————————
Surplus-————.————————...—-—...—
2,603,062
.........
NEW
the
but
8.19
2,093,650
round-lot transactions of members, except transactions
of odd-lot dealers In stocks in which roistered—Bought.
Sold—.—.........
2.
to
undistributed profits.
maximum amount involved.
such tax
laws
7.75
1,979,080
Sold.
Sold
footnote
on
be made
Cleveland is the oldest bank in Cleveland.
It was originally
incorporated under Ohio laws on May 17, 1845, as City
Bank of Cleveland, a charter under the national banking
095,780
083,300
Total.........................................
transactions
a
of
Sold
2. Initiated off the floor—Bought
Per
Cent
Exchange— 12,773,040
transactions
specialists and odd-lot dealers In stocks In which registered:
1. Initiated on the floor—Bought
Round-lot
need
surtax
or
no
on
Total for
Round-lot
this tax
Curb
Exchange the round-lot transactions of specialists
"In stocks in which registered" are not strictly comparable with data similarly
designated for the New York Stock Exchange, since specialists on the New York
NEW
by
approximate
122
......
...............
Reports showing no transactions
for
The
restricting dividend payments, to determine
liability for surtax
provision
explained
Number of reports received
1937
9,
Jan.
contract provisions
Exchange
190
Chronicle
resources
of
institution
the
on
Dec.
31
are
$159,850,191, of which amount cash and due
from banks represented $47,716,585; holdings of United
States
Government
obligations, $50,734,203; other se¬
curities, $20,861,695, and loans and discounts, $33,995,421.
The deposits of the bank increased during 1936 to $142,839,183 from $122,269,858 on Dec. 31, 1935, and $109,223,181 at the end of 1934.
as
Round-lot
<
Sold..
»
165,740
134,330
...
Current Joint Statement of
Drexel & Co.
Total.
300,070
2. Initiated off the floor—Bought.
Sold
3.82
149,339
3.54
278,329
Round-lot transactions of specialists in stocks in which regis¬
tered—Bought......
Sold
Total
,
...
403,135
423,090
——————— .........
............
-
—
826,225
-
Total round-lot transactions for accounts of all members:
Sold———
-
-
Total———————.————..——.——.————..-
1,404.624
Total
The
403,667
"members" includes all
term
exchange members,
their firms and their
partners, including special partners.
of
Percentage
a
members'
transactions
total
to
Exchange
In
transactions.
calculating these percentages the total of members' transactions is compared with
twice the total Exchange volume for the reason that the total of members' transac¬
tions Includes both purchases and sales, while the total Exchange volume includes
only sales.
>
»
^
Financial
Data
in
.
.
Statements
Registration
Required to Be Listed
as
Should
Separate Item
The Securities and Exchange Commission made
Jan.
5
letter
a
sent
public
on
by its Chief Accountant, Carman G.
Blough, in answer to a number of inquiries with respect to
the treatment of Federal income and excess profits taxes and
surtax on undistributed profits in financial data included
in registration statements filed with the Commission under
the
Securities Act
1934, or
follows:
the
Recently
Utility
requested
you
Federal income and
in financial
of 1933,
data
excess
included
Act
The
letter
opinion with respect to the treatment of
profits taxes and surtax on undistributed profits
my
registration statements filed with this Com¬
mission.
In my
opinion, provision should be made in the profit and loss or income
statement for each of these taxes,
whether the period covered by such
statements is
a
of
substantially
necessity,
this
fact
financial
full year or only a part
should
be
statements
on
indicated
factors
and
thereof.
the
If such provision is based,
certainty of
footnotes
should
which is in doubt,
be appended to the
explaining such qualification.
It may, however, be impracticable, if not
impossible, because of uncer¬
tainty with respect to th^ registrant's dividend! policy or the status of
earlier dates.
as
at
Holdings of United
the
close
of
1936
States Government
reported at $297,243,313 against $302,496,809 Sept. 30, $324,631,496 June 30,
and $317,406,918 Dec. 31,
1935, while holdings (Dec. 31,
1936) of State and municipal bonds and bills are shown
to be $63,318,110, in comparison with
$35,635,920, $19,162,674
and
are
$25,330,933 at the earlier periods.
deposits at the end of 1936,
Total
$478,922,407, exceed
Sept. 30 the deposits
$444,210,561; on June 30, $476,141,343, and on
Dec. 31,1935, $472,756,877.
The Dec. 31,1936, deposits were
made up of $461,902,215 of demand deposits and
$17,020,192
of time deposits.
Capital of the two firms remained un¬
changed at $25,000,000; surplus and partners' balances in¬
creased to $24,547,588 from $24,164,809 Sept. 30,
$23,232,854
June 30, and $22,312,991 at the end of 1935.
those of the three earlier dates.
On
Dr.
Anderson, of Chase National Bank of New York,
P;
Urges Establishment of New Gold Pars for Devalued
Currencies—Tells Chicago Group Dollar Devaluation and Increasing Gold Production Cause Danger
the Securities Exchange Act of
Holding Company
in
hand and
amounted to
■
Include Federal Taxes, SEC Accountant Advises—
Surtaxes
on
deposit in banks is shown at $89,657,159 compared with
$80,042,878, $100,564,333 and $105,581,282, respectively, at
the
165,728
♦
(June 30), and $537,-
the latest statement—for Dec. 31—-cash
securities
237,039
Sold
On the earlier dates assets of the two firms totaled
on
17.87
Odd-lot transactions of specialists in stocks in which registered:
Bought.——————————
$550,338,"
a
$508,887,196 (Sept. 30), $541,073,954
943,911 (Dec. 31, 1935).
In
718,214
686,410
Bought..............................................
Morgan & Co. and
joint statement of condition issued Jan. 4,
Morgan & Co., New York, and Drexel &
Co., Philadelphia, at the end of 1936 amounted to $550,338,618, an increase when compared with Sept 30, the date
of the last previous statement, the half-year, and the end
of 1935.
10.51
P.
of J. P.
resources
Total.
J.
of Dec* 31—Resources of
Compare with $508,887,196 Sept. 30
According to
128,990
-
618
as
F
i
of "Ominous" Rise in
Commodity Prices
Definite gold pars must be fixed for newly devalued cur¬
rencies and for the pound sterling before real
monetary
stabilization can be attained, Dr. Benjamin M. Anderson
Jr., Ph.D. Economist of the Chase National Bank of New
York, said on Jan. 6 at a luncheon of the Chicago Associa¬
tion of Commerce.
"ominous
Dr. Anderson warned that there is
possibility" of
a
an
great rise in commodity prices as
of dollar devaluation and rising gold production.
urged raising of the Federal Reserve requirements to
the legal limit, higher interest rates, reopening of trade
lines, restoring the basis of international credit for debtor
a
result
He
Volume
Financial
144
countries, and fixing of
definite gold parities for cur¬
new
rencies.
the
Treasury's plans to "sterilize" gold imports, Dr. Ander¬
said that this will have no -effect on the money market
except to increase commercial bank deposits.
He termed
the project only a "temporary palliative."
In commenting on methods designed to achieve stabiliza¬
tion, Dr. Anderson said:
We shall have to get rid of the theory that it is necessary to have exces¬
the expansion of credit.
we are
going to have any adequate control over
Exceedingly low interest rates and
of excess reserves are absolutely incompatible.
rates
are
constant inducement to
a
credit is
expansion of debt.
an
firm control
a
Exceedingly low interest
expand credit and every expansion of
We must be willing to submit ourselves
and to the discipline of reserve shortages for banks that overex-
pand.
People who borrow must expect,
upon to pay,
as a
matter of course, to be called
and must conduct their affairs so that they can pay.
Bor¬
rowing should be for purposes that will bring back money borrowed with
Loans made on any other basis
profit within the period of the loan.
a
And periods of active business and good profits should
unsound loans.
are
and
and
will
The great
credit.
will
This
and having weakened our sense of moral
obligation in connection with the
maintenance of the fixed par of our currency,
and having set a precedent of
the next time of business reaction to do it again—with the
in
pressure
renewed creation of
of the kind of
considering,"
the bank, "that the
says
primary commodities for the further depreciation of their
currencies.
It strengthens immeasurably the hope that the
is
world
tionships,
and
activity.
It
practicable working balance has been reached between
a
that
this
places
lays
the
ground
within
prosperity
we face
today.
the
all
if
passed,
the
and
problem
is
now
to
get
put
instead
the
within
other
possible
every
of
worker
being
economic
into
burden
a
and
system,
job
a
where
it.
to
from
it, business itself will assuredly
he
Free
fresh
from
On
the
other
the equilibrium
hand,
understanding and cooperation.
York
New
The Redistribution
earning
Meanwhile, Germany, Italy and
short of gold.
debtor countries are desperately
to reopen
This does
give these countries gold or that our Government
gold to the governments of other countries.
to make it
It
means,
rather,
trade lines and restore the basis of international credit
possible for the debtor countries to work and sell goods abroad,
part
of the gold they need and reestablishing a basis of credit
which will enable them to borrow
a
part of the gold they need, and, in
particular, to attract, for a time at least, a disproportionate share of the
A general rise in commodity prices, shared by the
newly mined gold.
whole world, with
trade lines among the various countries open, and with
great increase in world production, is a far safer thing than a violent
a
boom in
will
maintain
not
the fears of those who are opposed to any tariff reductions ought to be very
Tariff reductions are politically much easier to
bring about
with rising prices than they are with falling prices.
In this
connection,
I may add that one of the factors which has con¬
tributed most to the rise in the value of gold which has undoubtedly taken
Clearing House Association Requires Mem¬
Minimum Fee of $1.50 for Receiving
goods in adequate volume.
If goods also can move freely in making international payments, this pres¬
is taken off
six years two great
as
Gold has had suddenly thrown
gold.
upon
it in the last
burdens, both of which have enhanced its value: One,
indicated, the enormously increased burden of making international pay¬
the part of governments and people for gold because of
on
reduced
at
We shall lower the value of gold in the world as we lower tariffs and as
stabilize currencies, and
production enormously throughout the world
and
tend
will
this
to
prevent runaways
in
we
we
commodity prices.
It
It will tend to
and
thus
classes
tend
of
and
to
prevent
the great discrepancies in
development
industries, which so surely cut under
a
prices
were
attempt
to
banks
local
have
enough
numerous
made
was
different
business revival.
the
minimum
charge is fixed
made
service
charges
was
stated;
for handling security
by
to
warrant
a
About
fee.
a
year
ago
an
a
Clearing House members to adopt
rule such
as
promulgated today, but it failed to enlist sufficient interest and support
adoption.
secure
tion
customers' accounts
This
deposits.
made
House,
the
although
after Feb. 1, it would
charge of $1.50
on
expenses
illegal payment of interest
spur
which
Reserve
in connec¬
demand
on
prompted1 today's action
the information
to Federal
reference
no
minimum
The
as
believed to be the
is
Clearing
tiie
House
ruled that,
absorption by member banks of out of pocket
with
by
v
y
Last month the Federal Reserve Board
construe
Board
given
at
the
Clearing
regulations.
securities receipts
deliveries by the
or
Clearing House banks does not apply to individual customers, and to make
would require
an
amendment to the amendment
just adopted by the Association.
The amendment
adopted Jan. 5 reads
as
Amendment
will
of different
of prosperity in
dealers in New York City with securi¬
but the matter has been wholly one within their discretion,
practice they have applied charges usually only where the transac¬
in
tions
Article XI
Amend
to
bring all classes of commodities into the rise
goods and the uneven
constitution
its
In the New York "Sun" of Jan. 6 it
$1.
do these two things,
operate to make the rising prices of commodities widespread throughout
the world.
or
collection
shall increase commodity
as
amendment to
an
transactions,
this will tend to raise commodity prices ex¬
On the other hand,
pressed in the new units.
for
attached
it apply to such customers
confidence in paper moneys.
we
of
adoption
drafts from brokers
ments, and the other, a thing I have referred to before, the greatly increased
desire
the
be discretionary.
to
ties
Since gold alone had to bear the burden
of international payments, there was a gold shortage and gold rose in value.
Brokers to
and
correspondent bank's own account, when the charge
Under regulations adopted by the
Clearing House Committee on the same day, the minimum
charge is to be $1.50 for each transaction; for receiving
is
place in the last six years has been the inability of debtor countries to send
sure
without
for the
was
out
itself
v
requiring members to impose charges for receiving or deliv¬
ering securities for domestic banks, trust companies, brokers
and dealers, &c., except in cases where the transaction is
Heretofore
Incidentally, the political effect of some rise in commodity prices upon
wholesome.
6
Jan.
single country.
a
no
The New York Clearing House Association announced on
of which I speak are concentrated in certain coun¬
excesses
not mean that we are to
we are
under
purpose,
and the desire of all
everyone
Delivering Securities—Dealers
Pay $1 for Drafts
of Gold and Foreign Trade Policy
tries, very especially the United States.
that
from
equilibrium
of
bers to Charge
There is the further great problem of a redistribution of the world's gold.
is to lend
the whole
help
interference
disturbance
or
other
emer¬
producers to do business.
period of reaction.
many
The
balanced system;
a
will
accomplish this
impulse than the unsatisfied wants of
the
of
from emergency
away
policies back to the regular self-supporting activities of
full
toward
members
There is an immense task to be
performed in reeducating the American public in financial fundamentals,
if we are to hold any kind of control or any kind of discipline in the next
These great
gains
further
for
reach,
society recognize the conditions and abide by them.
has
gency
Following its
costs and prices, incomes andi debts, and other economic rela¬
many
economic
warfare."
currency
conditions, the bank says:
It is evident that
good
a
with
finished
review of
greater excess reserves and the renewed creation
even
problem
apply not only in the United States but even more in some
also worth
"It is
debasement in a great crisis, we shall face tremendous political
currency
if not absorbed by rises in industrial prices and costs,
creating business for everyone.
price recovery lifts pressure within the countries producing
without
danger is, of course, that, having shaken our old standards
all
well.
as
countries abroad.
situation
easy
gold
the circle,
around
flow
to
and
materials during the 12
raw
probably be able to sell more; but the resulting increase in
will
also
of
purchasing power,
be periods in which debts are paid off and during which stock issues are
increased lightheartedly under the lure of cheap
other
and
around 25%, and this is a world rise, in terms of
Farmers and other producers of raw
materials will have the first benefit, for they will receive higher prices,
substituted for maturing bond issues rather than periods in which
debt is
products
farm
has averaged
currencies
again to the discipline of firm money markets in periods of active demand for
money
in
advance
The
months
son
sively low interest rates if
promise for 1937."
opments of 1936, and one holding great
It goes on to say:
Referring to the recent tripartite agreement between the
United States, France and Great Britain as a commendable
but intermediate step toward stabilization, and discussing
191
Chronicle
be
of the
Constitution
7"
"Section
designated
follows:
as
Adopted Jan. 5, 1937
and to
by adding thereto
read
as
a
new
section
follows:
No member of this Association (nor any non-member clearing through
Section 7.
member), its affiliate or subsidiary, shall receive or deliver for a Domestic Bank,
Trust Co., Savings Bank, Private Bank or Banker, Mortgage Co., Building &
Loan Association (their affiliates or subsidiaries) or Dealers or Brokers, any security
a
without making a charge for receiving and delivering the same in accordance with
rates fixed by the
Clearing House Committee, except that if the member handling
the transaction is advised that said transaction is for the correspondent Bank's
National City Bank of New York Views 1937 as Opening
with
Great
Expectations—Rise in Staple Com¬
modity Prices One of Most Important Developments
1936—Problem Now
Is to "Get Away from
Emergency Policies"
of
Commenting
on
general business conditions, the National
(including Domestic Bank, Trust Co., Savings Bank, Private Bank or Banker)
own account, the charge shall be discretionary.
The Clearing House Committee Is hereby authorized and empowered to fix
minimum charges to be imposed under this Section, to interpret its provisions, and
to make such exceptions, rules and regulations as it may deem necessary.
section
The
after be
said Article
of
XI
now
designated
"Section
7" shall here¬
designated "Section 8."
City Bank of New York says that "the year 1936 has closed
The following are the regulations adopted:
with business at the highest level since the depression be¬
Regulations Adopted
and 1937 opens with great expectations." "There are
few industries in this country, and few sections of the
world," continues the bank in its January "Monthly Let¬
ter," "in which conditions have not shown pronounced im¬
provement."
From the bank's comments we also quote:
Employment and
payrolls are substantially greater, and the earnings
of both agriculture and the industries are better.
Property values of all
kinds I have advanced.
The work of improving and adding to productive
equipment has begun to go forward again, stimulated both by better tradie
and growing confidence.
Although the amount of new capital raised and
bank credit used by business continues very low, the year has seen a fair
increase
in
Moreover,
ments
totals.
both
new
which caused and prolonged
conditions
the depression
required to adapt business
are
the Clearing House Committee Pursuant
Article XI of the Constitution
to
and
On
after
non-member
receive
or
(their
fined,
the
deliver
bank
private
or
affiliates
any
same
Feb.
1937,
1,
no
member
of
this
Association
(nor any
clearing through a member), its affiliate or subsidiary,
for
a
domestic
bank,
trust
company,
savings
shall
bank,
banker, mortgage company, building and loan association
or
subsidiaries)
or
dealers
or
brokers,
as
hereinafter de¬
charge for receiving and delivering
following schedule of minimum charges,
security without making a
in
accordance with
the
except as hereinafter specifically permitted.
1.
For
receiving
or
delivering securities:
For each transaction under any of the classifications described below, the minimum
shall be $1.50 for each security, plus any aotual expense such as postage and in¬
surance.
these evidences of recovery supply proof that the maladjust¬
that the changes
by
Section 7 of
gan,
being made.
The
so
progress
are
that it
being
overcome,
can go
and
aheadi under
has been
of the past year
(a) For receiving from any source securities against receipt or payment. Including
purchases, with or without transfer, and delivering direct to customer or depositing
into safekeeping.
(b) For receiving from any source or withdrawing from
for the purpose of transfer or exchange for other securities.
safekeeping securities
only in enlarging the volume of business, but in improving economic
conditions so that further gains can be achieved.
(c) For receiving from any source or withdrawing from safekeeping and delivering
securities against receipt or payment, including sales, and collecting, crediting or
that "unquestionably the rise in staple
(d) For receiving from any source or withdrawing from safekeeping warrants or
rights, and selling or delivering against receipt or payment said warrants or rights
where the amount involved exceeds $10.
not
The bank states
commodity prices has been one of the most important devel¬
remitting payment.
Financial
192
"(e) For receiving from any source or withdrawing from safekeeping scrip for
depositing Into safekeeping, with
without purchase of additional scrip, where the amount involved exceeds $10.
(f) For receiving from any source or withdrawing from safekeeping warrants or
rights, making subscription and delivering or depositing into safekeeping new
securities, with or without purchase of additional rights.
(g) For receiving drafts from correspondent banks located outside New York City
with securities attached to be collected, even though the correspondent banks may
have made advances either directly or indirectly against such drafts.
(A draft
which is handled as one item, even though more than one issue is attached, shall be
considered as one security when computing the fee.)
combination into new securities, and delivering or
or
>
Jan. 9. 1937
Chronicle
System)
vaults of member banks of the Federal Reserve
was
$6,465,632,968, as against $6,350,995,090 on Oct. 31, 1936,
and $5,846,463,198 on Nov. 30, 1935, and comparing with
$5,698,214,612 on Oct. 31, 1920.
Just before the outbreak
of the World War, that is, on June 30, 1914, the total was
The following is the full statement:
only $3,459,434,174.
©
©
o
o ©
©
§88888
©
Under
Note:
(b)
paragraphs
©
©"
l>
rH
rH
(f) the charge shall be based on the
and
©
©
rl
CN
CO
t>
00 ©
b^ © cn
oo" b-T b^ co* ©" op*
received.
securities
new
CO*
CN
It
the
is
Heading
so-called
H<
ToTTo"
©
!
o
1
minimum
which
draft
even
shall
charge
handled
is
though deposited against immediate
as
be paid by depositor.
(A
though more than one issue is
be $1,
item,
one
for receiving
charge
to
even
event
The
4.
keeping,
the
or
rH
©
OS
rl
CN
Cr
h£*
©
©
Hj, b-
©
rH
00
©" CO*
©
CO* H<* ©"
oosoftNwmo
CO rH H* rH in in 00 CN
OS
©
exchange, shall be
or
CO
rH
S* ©* 00* CN*
H
CO
CO
CO
•
©
co
o
H*
OS CN
fr
H^ © Hi_
rH*
of this Association
bank's
own
r-" oo*
H<
.
CO
CO
fllll
account,
51
CO
H^
m* co*
OO
CO
©
S
H
rH
through
clearing
oo
m
eo
©
rH
00
©
rH
Hjl
00
CN
b-
CM
CD
HI
in
(N
bCO
cn
CD
©
H<
CO
CO
H
cn
©^
cn
CO
©* ©* CO* CO*
eo"
©
O
©
©
CO
©
o
©
-
CO
in
in
©
co
««*
©
©
oo
in
©
oo
H*
s
©
CN
N
N CN CN
iji_
H<
ntT eo"
©
IN
CO (» « CN
©_
in* co* co* rH* in* os"
-f
N
oo
co
H<
00
rH
n
H<
H<
H<
co
H
©
CD
rg"5''
CO
'
M
©
©
©
CO
©
CO
fr
©
CN
OS
CN
S
©
CO
©
©
to
H
©
00
OS
CN
CN
©
CO
CN
N
OS
CO
©
©
00
CO
rH
00
©
CN
OO
©
OO
00
©" CN* CN* ©*
rH*
rH
©
CO
rH
N
Hi
that
is
■Hi
co
CO
'
o
oo
•
cHit
rH* cn*
hi
co
rH
OS
»
oo
«
cn
°i
:
hi
os*
©
CO
or
the
foregoing
located
in
©
©
Si 3
*
i
co
or
at
Mr. Morgenthau said there would be
earmarking of funds to be used to purchase gold.
definite
ml
Whether
next
which has
Just
as
come
38
Treasury.
15.
Mr.
has been issuing $50,000,000
making a $300,000,000 maturity around March
Morgenthau revealed that another group of bills would soon be
accumulated to mature
near
June 15.
Both the March and June dates
are
Reference to the
our
HP
cn
co
©
o
s
os
n o
©_ ©_ rH ©
00
rH
h
00
N rH
© cn
©^ ©
j,,.
©
00
CO
©
CO
rH
OO
©
CN
CN* ©*
CN
,
CN
CN
©
Hji" QCO
*•
CN
rl
n
O
M
CN
©
©
HT
O
OS*
ss
©
J
00
CN
cn
©
©
fr
00
©
CN
©
N
co
©
hi
n
CO
CO
©
rH* rH* O* t-T
rH
CO*
CO
©
©
00
^
HI
CO
©
©
OO
CN
©
OS
rH
CO
©
hi
©
00
cn
©
ON
CN rH
©
Hi
tcn
h<
cr
©
cn
t»
©
00
©
©
CN
©
CN
©
rH
©* ■*"
cn*
CN
OS
rH
CN
Tjt
oo
©
•H<
OS
"Hi
©
i-
©
00
00
S
rH
'rH*
©
Hi_
©
cj
CN
©
rH
HI*
-
co
rH
-H
cn
XI
©
-
©
Hi
©
rH
©" Hji* rH*
©
©
00
eo
©
CO
CN
©
jo
HI*
©* CN*
©
rH*
H(i
CO
rH
H»i
CO
Cr
^i
«Ji
s]
®
o
!
©
43
~
:! 8Ǥ
a s
E10 S
«
©
hi_
hi
00
00 ©
cn
©* ©* N.* N.*
3^
g
||
&
A
-g -g
^ h
S
^
©
t-
©
os
©
CN
h<
co
b-
o
©
i
i
i
i
i
i
i
i
i
i
i
i
i
t
i
©
©
eo
cn
Oi
O
rH
i
OS
«H
»
i
©
eo
h<
©
b0> 00
h
h
iH
rH
«H
>
o
%
o
h
2 h o h h oh
qj
co oo 00 00 co
|s|ss g
§ O ^ O
§
ft b h
o
Revised figures.
Does not Include gold other than that
©
cd
©
♦»
a
cn
OS
CN
CO
co
*
©
co
00
o* ©" ©*
t-T
©
a
•H
©
hi
©
co
2 CN O 00 CN O rl
t- rH
00_ ©^ CN ©^ 00
rH* ©" ©* 00 ©* rH*
cn
b■
co
10
g H< © © « ©_ rH
eo
©
8°.
00
under gold,
are not
held by the Treasury.
Included In the total, since the gold or silver held as
standard silver dollars, and silver bullion, respectively.
This total includes credits with the Treasurer of the United States payable In
(1) the Gold Certificate Fund-Board of Governors, Federal
System, in the amount of $5,983,375,937, and (2) the redemption fund for
certificates in
Reserve
Federal Reserve notes In the amount of
d Includes
$11,405,406.
$1,800,000,000 Exchange Stabilization Fund.
Includes $60,800,000 lawful money deposited as a reserve for Postal Savings
deposits.
f The amount of gold and silver certificates
and Treasury notes of 1890 should be
deducted from this amount before combining with total money held in the Treasury
to arrive at the total amount of money in
g Includes
regular financing periods for the Treasury.
where in
©
N
©* 00*
©
-
e
in the last six weeks, the Treasury
extra for bills each week,
os
C-
©^ -}<_
00*
2 m cs
gold
bill offerings would be increased to $100,000,000
the working balance and, second, the amount of gold
to the
rH
t—
definite allocation
week, the Secretary said, would be decided at that time on the basis
of first, the size of
00
©
©_ eo_ © oo ©^
rH* Hji* cn* 00* cn
security against gold and sliver certificates and Treasury notes of 1890 Is Included
balance will be high
no
working balance."
the weekly
©
rH
hi
eo
c
for gold within the
©
OS
os* co"
/->
b These amounts
"There may be times," he said, "when the working
There will be
©
CN
©
the
neighborhood of $1,370,000,000, was sufficient.
and other times when it will be low.
O
©
o
c-
co cn
,
'
Eh
no
CN
©
r( rH CN
£0 Tjt CN
He pointed
©
O
©
©* ©*
Hf
cn
eo
o
©
OS
paper
present the Treasury working balance, which stands in
I
cn
co
HI
00
°i
! OS* H<*
©
tft
in
i
1
the
Treasury Department this week returned to its ordi¬
nary offering of Treasury bills in amount of $50,000,000,
the same amount of current maturities.
During the past
six weeks the Treasury has offered weekly issues of $100,000,000, or thereabouts, thereby increasing its cash balance
by over $300,000,000.
One half of these weekly issues were
regular nine-month bills, while the remainder were offered
to become due. on or about March 15, the regular quarterly
financing date.
It is intimated that the Treasury may
resume the offering of the larger issue in April.
In Wash¬
ington advices, Jan. 7, to the New York "Herald-Tribune"
of Jan. 8, it was stated:
press conference
I
I
a
©*
non-negotiable
securities in banking custom or practice.
I
•
'
cn
or
II
I
CN
©
m
rH
Canada.
and all other negotiable
I
CO
the Purview of This Schedule
of
co
©
©
the United States, its dependencies,
agencies
o
CN
The
that
©
rH* ©*
©
Larger Offering May be Resumed in April
out
00
rl
I
©
s?
Treasury Resumes Offering of Treasury Bills in Amount
of Maturities—Reduces Current Issue to $50,000,000
From $100,000,000 Offered in
Last Six Weeks—
allocation
rH
H
©
co
2 o ©
2? «5 i-
a
©
tr
rH
©" O* rH*
3
stilus
I
•
-
At
©
©
i
rH*
interim certificates, trust receipts, bankers' receipts, either
commonly known as
©
W
•2
■h
Definition of "Security"
permanent,
©
oo_ n m oo
CN* N* CO* ©
CO
"security" shall be interpreted to mean stocks, bonds, rights,
or
©
cn*
§1|S|
temporary
CN
eo" ©*©©*© t>T
:"
rH
rH
CO
rH
rH
is
cn
©
©
Hfi © rH
©
associations, domiciled within
scrip, warrants,
cn
OS
Hi
©
©* rH* rH* ©* b»* ©*
cn
"8S
Canada.
The term
©
hji
CN
H
CO
dependencies,
©
CO
C-
n
■C
of Accounts Coming Within
States, its
CN
©
00
00
CN
l
I
1
(a) National banks, State banks, trust companies, savings banks, private
banks, bankers and dealers and brokers, mortgage companies and building
United
rH
CO
•s
CO
or
cn
rH
CO
co
rH
co
HI
co
(d) As manager or agent of syndicate or Joint account in which it has an interest.
branches,
©
eo
JC-* ©*
Hjl
N
^ H N
h»* hH* ©
CN
N
(e) As a lending or borrowing banking institution receiving or delivering securities,
relating to its own loans or Investments, or to loans for the account of customers.
(b) Affiliates,
©
—
rH
CN
\r.
(b) As Transfer Agent, Registrar, Escrow Agent, Depository under Agreements
Reorganization,
Protective Committees, Corporate Consolidations, Capital
Readjustments, or other similar corporate Agency capacity.
(c) As a buyer or seller of securities or exchange drafts with securities attached
for its own account or affiliate, receiving or delivering securities relating to its own
investments as a dealer legally authorized to engage in the securities business.
loan
-
O
W
oo
OS
3 3
or
or
©
rH
rH
©* Hi" CO* CO* OS* t»* rH* CO*
CN
of the following capacities:
and
©
©
CN
©
co
rH
00
c-
(a) As Executor, Administrator, Guardian or Trustee (personal or corporate)
acting under a Deed or Trust, Mortgage, Indenture or other form of Trust Agree¬
ment or in the anticipation of the execution of the same.
Definition
CO
cn
cn
CO*
OS
(nor any non-member clearing through
■
H*
©
co
in
rH
HI* CO*
discretionary.
CO
CO
cn
os
HJ. CO b- eo
00
b-
any
a
b-
©* ©" ©" rH*
CO* 00* OS* ©" CO*
(N*
shall be held to apply to the receiving or
member of this Association (nor any nonmember, its affiliate or subsidiary, acting in
contained
herein
©
©" ©* ©" Mi"
CM
rh* cn* in* in*
rH
os
delivering of securities by
©* ©"
HI
rH*
cn
cn
H
00
M
OS
©
H<
©
©_ iJJ. CN
©
CO
00
CO
H
CN
OS
S* rH* H<" rH* 00* m* H< CO*
Hi*
CO
©
delivering securities
Exceptions
any
rH
rH
Hji
N
rH
H
CD
CO* H<* 00* ©* rH*
rH
O
through its subsidiary or affiliate.
member
rH
Hti
©
member) shall avoid these charges by rendering the service herein covered
Nothing
H< CO
CN
inS*fHOJHNH
OS
be discretionary.
charge shall
for
No member
5.
Q -H ©
©
OO
©
'
a
CO
Hti
CO
©" 1-*
direct to customer from safe¬
receiving securities directly from the customer for safekeeping,
charge
without transfer
©
m
cn
O
b-
A transaction handled
for a correspondent bank acting in any fiduciary capacity shall not be
deemed to be for the correspondent bank's own account.
whieh
in
©
or
that said transaction is for the correspondent
is advised
©
H<
ci ti
OOCN©©CNO©©
r-T ©"
delivering securities for a correspondent
bank's
(including domestic bank, trust company, savings bank, private
bank or banker) account shall be made, unless the Clearing House member
(or any non-member clearing through a member) handling the transaction
The
"hi r-'
h
©
lO
attached, shall be considered as one security when computing the fee.)
3.
«
t>
dealers or brokers in New York City with
drafts from
receiving
the
'
oo
w
©
credit,
©
b; cn
*t
OS
attached to be collected,
securities
O O OS Hi
enumerated under
handling.
For
2.
the services
for
safekeeping accounts, also regardless of department or
of
out
deliveries
or
charge
the
be made on all transactions whether they be
collections or brokerage transactions, or receipts into
shall
clearances,
affiliate
that
intention
above
1
CN
money
the United States.
held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
offering of Treasury bills is made else¬
today.
issue of
h The money In circulation
Includes any
paper currency
held outside the con-
tlnental limits of the United States.
Note—There Is maintained in the Treasury—(1) as a reserve for United States
notes and
Stock of Money in the
The
Country
Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by
Federal Reserve banks and agents.
The figures this time
are for Nov. 30,
1936, and show that the money in circu¬
lation at that date (including, of course, what is held in bank
Treasury notes of 1890—$156,039,431 in gold bullion; (11) as security for
Treasury notes of 1890—an equal dollar amount In standard silver dollars (these
notes
are
being canceled and retired on receipt); (111) as security for outstanding
sliver certificates—sliver in bullion and standard silver dollars of a monetary value
equal to the face amount of such silver certificates; and (iv) as security for gold
certificates—gold bullion of a value at the legal standard equal to the face amount of
such gold certificates.
Federal Reserve notes are obligations of the United States
and a first lien on all the assets of the Issuing Federal Reserve Bank.
notes are secured by the deposit
Federal Reserve
with Federal Reserve agents of a like amount of
gold certificates or of gold certificates and such discounted or purchased paper as is
eligible under the terms of the Federal Reserve Act, or, until March 3, 1937, of
direct obligations of the United States if so authorized by a majority vote of the
Board of Governors of the Federal Reserve System. Federal Reserve banks must
Volume
maintain
Financial
144
a reserve
Reserve
in
notes
including the redemption fund
the United States, against Federal
as herein used includes
in gold certificates of at least 40%,
which must be deposited with the Treasurer of
actual
circulation.
series
to
this
announced
Dawes
G.
Jan.
on
7
that
the $1,156,000 claim of the
Reconstruction Finance Corporation incident to the "Dawes
loan" of R. F. C. to the Central Republic Bank & Trust
Co., of Chicago, according to advices by the United Press
from that city on Jan. 7, which went on to say:
will
Inc.,
pay
Dawes Bros, held 11,516 shares of the hank's stock on
stock
July 1,1933.
the 3,000
among
suit.
; ;•••:;* *;
r
whom Federal Judge James
stockholders
•V;-
;5-.. ;
..
for a long time and only
waited for Judge Wilkerson's decree to
to make the settlement.
be signed
■
/R/y.,-":
♦
y
New
liability
Dawes said he had determined to settle his
Associates of Mr.
Offering of $50,000,000,
or
Thereabouts, of 273-
Day Treasury Bills—To be Dated Jan. 13,
1937
offering of 273-day Treasury bills in
amount of $50,000,000, or thereabouts, were invited on Jan.
Tenders to
new
a
by Henry Morgenthau Jr., Secretary of the Treasury.
during the past six weeks has been offering
weekly issues of bills to the amount of $100,000,000, or
$50,000,000 in excess of current maturities; this change of
policy the present week is noted elsewhere in this issue of
the "Chronicle."
The tenders to the Treasury bills an¬
nounced this week will be received at the Federal Reserve
7
the branches thereof, up to 2 p. m., Eastern
Monday, Jan. 11.
Tenders will not be
or
Standard
Time,
received at the Treasury Department, Washington.
The Treasury bills, which will be sold on a discount
basis
highest bidders, will be dated Jan. 13, 1937, and will
mature on Oct. 13, 1937.
On the maturity date the face
amount of the bills will be payable without interest.
There
is a maturity of Treasury bills on Jan. 13 in amount of
$50,000,000.
In inviting the tenders to the new offering
on Jan. 7, Secretary Morgenthau said:
to the
The bills will be issued in bearer form only,
ations
of
No
tender
for
an
$1,000.
the basis of 100, with not more
$1,000 will be considered.
Each
The price offered must be expressed
than three decimal places, e. g„ 99.125.
Fractions must not be used.
be accepted without cash deposit from
Tenders will
and trust companies and from responsible and
incorprated banks
recognized dealers in invest¬
Tenders from others must be accompanied by a deposit
ment securities.
of 10% of the face amount
bank
or
Jan. 11, 1937,
branches thereof up
closing hour will be opened and public announcement of
to the
able prices will follow as soon as
reject
the accept¬
possible thereafter, probably on the follow¬
The Secretary of the Treasury expressly reserves the right
ing morning.
amount
any or
all tenders or parts of tenders, and to allot less than the
Those
rejection thereof.
the price offered for Treasury bills alloted must be made at
applied for, and his action in any such respect shall be final.
submitting tenders will be advised of the acceptance or
Payment at
the Federeal Reserve banks in cash or other immediately
available funds
of
issue
The Treasury bills will be exempt, as to
principal and interest, and any
be exempt, from all
(Attention is invited to
gain from the sale or other disposition thereof will also
taxation,
except
estate
Treasury Decision 4550,
and inheritance
taxes.
ruling that Treasury bills are not exempt from
bills shall be allowed as a deduction, or otherwise
poses of any tax now or
hereafter imposed by the United States or
ant of
on
same
announced
was
turity of similar securities on Jan. 15 in amount
$30,000,000.
•
Treasury
Silver
of about
Statement Showing Receipts of Gold and
by Mints and Assay Offices and Silver
to United States Under Nationaliza¬
Transferred
tion Order
Treasury Department did not issue on Jan. 4 its
weekly statement, covering the week ended Dec. 31, showing
the receipts of gold by mints and assay offices; the receipts
of newly-mined silver by mints and assay offices under the
Executive Proclamation of Dec. 21, 1933; and the amount
of silver transferred to the United States under the Execu¬
The
Aug. 9, 1934, nationalizing the metal.
Treasury may discontinue the is¬
of this weekly statement.
tive Proclamation of
It
is intimated that the
suance
Roosevelt Appeals to 19
President
State Governors to
Urge Ratification By Their Legislatures of
Amendment
Labor
President Roosevelt it
addressed
the
To
was
Child
Constitution
made known yesterday (Jan. 8)
and Governor-elects of 19
Governors
Legislatures meet this year, asking that they
bring before those bodies the matter of including in their
legislative programs ratification of the Child Labor Amend¬
ment to the Federal Constitution.
It is stated that 24
States whose
States have already ratified, but 12 additional States are
required to act to include the Child Labor Amendment
among the Constitutional Amendments.
In addressing the
heads of the 19 States President Roosevelt said:
"I
am
sure
you
Treasury Department
Circular No. 418, as amended, and this notice
to Offering of $100,000,000 of
Two Series of Treasury Bills Dated Jan. 6—$50,055,-
$236,305,000
000
Tendered
Accepted for 71-Day Bills and $50,125,000 for
Bills
273-Day
$236,305,000 were received and $100,180,accepted to the offering of $100,000,000, or thereabouts,
of two series of Treasury bills dated Jan. 6, 1937, Henry
Morgenthau Jr., Secretary of the Treasury, announced
Jan. 4.
The tenders were received at the Federal Reserve
bankis and the branches thereof up to 2 p. m., Eastern
Standard Time, that day (Jan. 4).
Reference to the offering
was made in our issue of Jan. 2, page 35.
The bills, as noted, were offered in two series, each in
amount of $50,000,000, or thereabouts.
One series was
71-day bills, maturing March 18, 1937, and the other
273-day bills, maturing Oct. 6, 1937.
Details of the bids to
the two issues were made available, as follows, on Jan. 4 by
Tenders totaling
000
Secretary Morgenthau:
encouraging de¬
general agreement that has been
labor should be permanently abolished.
Outstanding
reached
that
child
gains were made under the NRA codes which have
many
through
establishments
been maintained in
of employers.
the voluntary co-operation
"However, it is clearly indicated that child
unstandardized types of work, is increasing.
wide minimum standards are necessary
labor, especially in low paid
I am convinced that nation¬
and that a way should be found
promptly to crystalize in legal safeguards public
opinion in behalf of the
elimination of child labor.
child labor amendment
place it in the
Constitution is the obvious way to early achievement of our objective?
I
hope that you will feel that this can be made one of the major items in the
not agree with me that ratification of the
by the remaining twelve States whose action is necessary to
legislative program of your State this year."
Roosevelt
President
71-Day Treasury Bills, Maturing March 18, 1937
this series,
which was for $50,000,000,
amount applied for was
The accepted bids
or
thereabouts, the total
$105,265,000, of which $50,055,000 was accepted.
ranged in price from 99.980, equivalent to a rate of about
0.101% per annum, to 99.955, equivalent to a rate
accepted.
of about 0.228% per
Only part of the amount bid for at the
The average price of Treasury bills of this
bank discount basis.
price was
Suggests
Rail-Labor
Conference
Iron Out Pension Snags
Railway labor and management have been requested by
Roosevelt to make a joint recommendation to
President
Congress on retirement legislation for employees, corre¬
spondence made public by the White House on Jan. 4 showed.
Mr. Roosevelt, it was revealed, suggested the conferences
between the Railway Labor Executives Association and the
Association of American Railways scheduled to begin about
Jan. 15.
In letters to J. J.
Pelley, and George M. Harrison, Presiand labor groups, the
cents, respectively, of the management
President said, "the taxes under the
Carrier and Carrier
Employee Tax Act (the Railroad Retirement Act of 1935)
expire on Feb. 28 next and further consideration of this whole
subject by Congress will be necessary early in the next
session.
In order that Congress might have the benefit of
joint recommendations,
matters."
I suggest a conference on these
I
The President's letter was dated Dec.
28.
On Dec. 29 and
respectively, Mr. Pelley and Mr. Harrison replied
that arrangements for the conferences were under way.
President Roosevelt's letter mentioned that "the railroads
Dec. 30
their employees have shown great aptitude in the
cooperative solution of their problems. I sincerely hope that
the retirement annuity problem can be resolved in the same
manner.
The
Railroad Retirement Board has
collected a wealth of information bearing on the problems. I
and
^
.
annum, on a
will agree with me that one of the most
velopments of the past few years is the
to
prescribe the terms of the Treasury bills and govern conditions of their
latter
approxi¬
Jan. 7 by the Federal
System, the books to the offering
offered
was
recognized, for the pur¬
issue.
For
lA% consolidated debentures
day following an oversubscription, it
by Charles R. Dunn, New York, fiscal
agent for the banks.
The debentures, which are the joint
and several obligations of the 12 banks, were priced at a
premium over par value.
They are dated Jan. 15, 1937,
and will mature in three and six months.
There is a ma¬
closed the
were
its possessions.
.
$50,125,000 was accepted.
No loss from the sale or other disposition of the Treasury
the gift tax.)
*
1
Intermediate Credit Bank
"Do you
Jan. 13, 1937.
on
6, 1937
$50,000,000, or thereabouts, the total
trust company.
Immediately after the closing hour for receipt tenders on
all tenders received at the Federal Reserve banks or
to
tenders
incorporated
of Treasury bills applied for, unless the
accompanied by an express guaranty of payment by an
are
new
mating $26,000,000
has
less than
amount
tender must be in multiples of
on
(maturity
yyyyy-yy "yyy
for
Oversubscribed
and in amounts or denomin¬
$1,000, $10,000, $100,000, $500,000, and $1,000,000
value).
was
$26,000,000 of 13^}% Consolidated Debentures Offered
by
Federal
Intermediate
Credit Banks—Issue
The Treasury
banks,
which
accepted bids ranged in price from
99.776, equivalent to a rate of about 0.295% per annum, to 99.745, equiaalent to a rate of about 0.336% per annum, on a bank discount basis.
The
average price of Treasury bills of this series to be issued is 99.760 and the
average rate is about 0.316% per annum on a bank discount basis.
A
H.
Wilkerson has held liable to repay the $14,000,000 defaulted on the orig¬
inal loan of $80,000,000, reportedly are determined to fight the R. F. C.'s
Others
about 0.199% per
Except for two bids totaling $25,000, the
The
valued at $100 a share.
was
series,
applied for was $131,040,000, of which
amount
Charles
and the average rate is
273-Day Treasury Bills, Maturing Oct.
For
Bros., Inc., Will Pay Claim of Reconstruction
Finance Corporation
;
.
Bros.,
99.961
bank discount basis.
a
Federal
Dawes
General
be issued is
on
annum
certificates"
"Gold
credits with the Treasurer of the United States payable in gold certificates.
Reserve bank notes and National bank notes are in process of retirement.
Dawes
193
Chronicle
.
am
.
.
requesting the board to render whatever aid it can to the
conferees."
194
Financial
.
Seventy-fifth Congress Convenes—Joint Session Hears
Chronicle
Jan. 9, 1937
ference of administration and
Congressional leaders on Jan. 7
authority for all the functions until June 30,1939.
President Roosevelt's Annual Message and Receives
will extend
Budget Proposals—Representative Bankhead Elect¬
Speaker—Representative
Rayburn
Majority
These advices added:
ed
Senator Glass said he introduced two of the
House Leader and Senator Robinson Senate Lead¬
Robert F. Wagner
er—2,500 Bills Offered in House
that the bills would be referred to the
The
Seventy-fifth
Congress convened
the
Robinson
of Arkansas
as
leader of the
Senate, while the Republicans elected Representative Snell
of New York as their leader in the House.
Organization of
committees
The
expected to require about 10 days.
was
Senate and House met in joint session
count
electoral
the
to hear
vote and
Jan. 6 to
on
President Roosevelt's
annual message to
The
8.
Congress, which he delivered in person.
budget message was also submitted on
President's
Jan.
Both messages
columns
today.
where
civil
to elsewhere
referred
are
in
these
One of the first concerns of the new Con¬
gress was the revision of existing neutrality legislation to in¬
clude a ban on shipment of arms and munitions to a country
a
f
is in progress as well as to other bellig¬
'
"
war
nations.
erent
\
■
A
Washington dispatch of Jan. 5 to the New York "Sun,"
in describing the organization of the
House, said:
After
Clerk
answered
the
Chairman
for
Trimble
roll
of
call,
the
another
had
announced
Representative
Democratic
term
417
members—a
Doughton of
nominated
caucus,
Speaker.
as
that
The
North
quorum—had
Carolina,
Representative
Representative
Bankhead
Mr.
Republicans proposed Representative
Progressives andl Farmer-Laborites
Schneider,
Wisconsin
ernment
A--'.'.'5.■'v"-V?"
joint neutrality resolution prohibiting trade in arms
contending factions in the
Spanish civil war was rushed through the House and Senate
on Jan. 6, and was signed by President Roosevelt
yester¬
day (Jan. 8).
The Senate vote was 81 to 0 and the House
vote was 406 to 1.
The single dissenting vote was cast by
Representative John T. Bernard, newly elected FarmerLaborite of Minnesota.
Passage of the resolution was too
late to halt the first licensed shipment of munitions bound
for a Spanish port, for a cargo of more than $2,000,000
worth of supplies destined for the Madrid Government left
New York on Jan. 6 on the Spanish steamer Mar CantaA
and munitions with either of the
brico.
The new neutrality resolution, which
only three hours debate, reads as follows:
Be it resolved, by the
According to special advices, Jan. 5, from Washington to
proval
ing of each house on that day was the overwhelming number
Democratic members, who constitute the largest party
majority in the Nation's history.
In part, these advices
allegiance, the count stood
as
Senate—Democrats 76,
Republicans 16, Farmer-Laborites 2, Pro¬
1 and Independent 1.
House—Democrats 332, Republicans 89,
Progressives 8, Farmer-Laborites 5 and vacancies 1.
The
so-called
"third
Farmer-Laborite
party"
group
was
No. 2163 of
Licenses
and
meetings in both houses
in session less than
roll
the
calls
and
also
hour.
an
to
the
were
Minnesota
comparatively brief.
The House,
that
the
13
fact
that
it
The Senate
was
due to longer time required for
be
must
completely reorganized at
beginning of each Congress, continued in session for
hours
2
and
20
minutes.
Some 2,500 bills were introduced in the House.
Before the two houses adjourned this afternoon, each notified the
other,
is the custom, that it was in session and
ready for business, and the
.
as
two
constituted
him that
the
joint committee to wait
a
Congress
new
was
.
organized and ready to receive his com¬
munications.
Congress was referred to as fol¬
lows in a dispatch from its Washington
correspondent, Tur¬
ner Catledge, Jan. 4, to
the "Times."
Except
for
Roosevelt's
be
must
"emergency"
new
matters of
many
legislation,
importance would
second
taken
inauguration
several
on
did
not
expect
temporary
20.
Soon
Acts
and
after
that
Mr.
time, action
authorities
that
expire
public control
ployment of
maximum hours,
over
and
women
the
hundreds
other
of
Black-Connery 30-hour week
of
Labor
will
and
other
labor
bills
to
measure
organized
minimum wages, child labor,
conditions.
.
.
be
introduced
the
em¬
at
the
opening
is
the
sponsored by the American Federation
workers.
Senator
Black has
said
that
he
reintroduce it and push
it to the limit of his ability.
The preliminaries of
organizing the new Congress were dispensed with
today with unusual speed.
The race between Mr. Rayburn and Representa¬
tive John J. O'Connor of New York for the
majority leadership of the
House, the main point of interest in the day's caucuses and conferences,
was
easily decided.
After
Mr.
a
few
O'Connor
nominating speeches,
did
not
command
home city of New York,
in which
support
the Democratic
of
it
was
the
clearly
O'Connor
with the
he
accepted
the verdict gracefully
shown
that
and prepared to continue
duties of Chairman of the powerful Rules
Committee, the position
occupied in the last Congress.
After
counting the electoral votes
on
Jan.
6, the
new
Congress formally
proclaimed the re-election of President Roosevelt and Vice President Garner
by
523
votes
to
issued
under
8.
States
or
of any
export,
to
Extend
Devaluation
Also
Acts
to
A bill
Act
Extend
Life of
Fund
and
Gold
By Senator Glass—
R
F
C
providing for the extension of the life of the Recon¬
struction Finance Corporation, the
$2,000,000,000 stabiliza¬
tion fund, the Gold Devaluation act and the Government's
authority to issue currency against Federal Reserve credit
was
introduced yesterday (Jan. 8)
by Senator Glass, of
Virginia. In United Press accounts from Washington it was
stated that the legislation which was
agreed upon at a con-
for
the
Spain shall,
cause
to
exportation
of
to all future
as
implements
or
of this resolution shaU
be exported either directly or
of
from
war
its possessions, shall be fined not
more
the
United
than $10,000 or
When in the judgment of the President the conditions described in this
resolution shall have ceased to exist, he shall proclaim such
fact,
and the
provisions thereof shall thereupon cease to apply. |
Remarks by President Roosevelt regarding the desira¬
bility of broadening the neutrality laws were contained in
the "Chronicle" of Jan. 2, pages 36 and 37.
Passage of
the new resolution was noted as follows in a
Washington
dispatch of Jan. 6 to the New York "Herald Tribune":
Although Congress lost its
race
against time to stop
the sailing from
New York of the Spanish freighter Mar Cantabrico with
eight American
airplanes, 32 rolling kitchens and
more than $2,000,000 worth of food,
clothing and other supplies below her hatches for the Loyalist-controlled
port of Valencia, official Washington breathed easier tonight.
delay
Presidential
in
approval
until Friday was unimportant,
Democrat, of Nevada, Chairman of
according to Senator Key Pittman,
the Foreign Relations Committee, who said:
"By Friday
we
will have stopped everything except the export of a little
junk."
And Senator Pittman's words
Richard
of
Dinely,
from the State
and
to
arms
"There
of San
a
licence
Spain.
be
can
concerned.
argument about the vote
no
the resolution," Mr.
on
"It appears to wash out the business
We had
a
so
far as we
tough fight to land the business for American
products and the business
are
borne out by the acknowledgment
Department for export of $4,500,000 worth of airplanes
Dinely said tonight.
are
were
Francisco, who yesterday obtained
probably will
now
go
to our competitors, who
the Japanese."
While
both
civil
as
well
houses
driven
were
a
today apparently under the spur of
hole in the neutrality act and apply it to
international warfare, members steadily voiced resentment
as
to the rush tactics.
which
The
It was a similar procedure last year,
they contended,
plainly responsible for the "hole" in the present neutrality act.
today virtually served notice that the explosive subject of
was
debates
neutrality is in for
It
was
resolution
man,
crat,
this
a
real airing before the present law expires on May 1.
that
resentment
adopted today of
brought about the
elimination
from
the
elaborate "preamble" which Senator Pitt-
an
with the assistance of Representative Sam D.
McReynolds, Demo¬
of Tennessee, Chairman of the House Foreign Affairs
Committee,
had included in presenting the proposal to their
respective houses.
Preamble Reluctantly
In
proposal to embargo
and
define
'./A'.;"'-
Scrapped
paragraphs of "whereas," used
seven
as
shipments to Spain, effort
arms
:
>
justification for the simple
was made to
declare
a
sweeping foreign policy for the Nation in the light of the
developing Spanish situation and its relation to world peace.
The "preamble" went out in the Senate at the instance of Senator Arthur
H. Vandenburg,
in the House
Republican, of Michigan, and was scrapped reluctantly
by Representative McReynolds when he found the Senate
had acted and
he
perforce,
must
Shipment of the first
Stabilization
Introduced
to
war
of the provisions
or
ammunition,
arms,
any of
to
unless the whole subject were to be
Measures
existing law
implements of
imprisoned not more than five years, or both.
delegation from his
voted, with the result that
caucus
or
violation
attempt
or
full
Mr. Rayburn won, 184 to 127, with a few scattered votes for other members
who were not candidates.
Mr.
April 10, 1936.
"emergency," working to plug
•
Arms,
those numerated in the President's Proclamation
are
heretofore
indirectly,
that
be considered finally until after
Jan.
on
leaders
automatically, including the lending power of the Reconstruction Finance
Corporation and the life of the $2,000,000,000 stabilization fund.
'Speaker Bankhead today practically endorsed the stand taken by Senator
Robinson, Saturday, to the effect that something must be done at this
Congress, even if it must be an amendment of the Constitution, to establish
Among
export,
The
The program of the new
of
transship¬
exportation thereunder, ipso facto be deemed to be canceled.
.
the President and inform
upon
or possessions
of either of the opposing forces in Spain.
or for use
ammunition,
arms,
large because of Progressive
so
Wisconsin
in
successes
Representatives under these party designations named Representative Gerald
Boileau, Progressive of Wisconsin, as floor leader.
The
Spain
Whoever in
declared their party
obtaining in Spain it shall, from and after the ap¬
be unlawful to export arms, ammunition, or
resolution
by this resolution,
-
gressives
and
this
of
ammunition, or implements of war, the exportation of which is prohibited
of
follows:
Senate and House of Representatives of the United
the United States, to Spain or to any other foreign country for
'
the New York "Times," the striking thing about the conven¬
After all members had
adopted after
States of America in Congress assembled, that during the existence of the
state of civil strife now
ment to
added:
was
implements of war from any place in the United States,
Progressive.
formally elected.
was
He added
Banking and Currency Committee
Congress Passes Joint Neutrality Resolution to Prevent
Arms Shipments to Spain—Sole
Dissenting Vote
Cast by Representative Bernard—Passage too Late
to Halt Sailing of First Cargo for
Spanish Gov-
new
Bankhead
Snell of New York, the minority leader.
nominated
behalf of Senator
5, and the
Speaker. At party caucuses on Jan. 4 the Democrats choose
Representative Rayburn of Texas as majority leader of the
House and Senator
measures on
was unavoidably away.
for prompt consideration.
Jan.
on
House immediately began the work of organizing with
election of Representative Bankhead of Alabama as
new
(D., N. Y.), who
ernment
was
described
take the Senate form of the resoluton
delayed.
cargo
destined for the Spanish Gov¬
follows in the New York "Times"
as
of Jan. 7:
The fact that
thelGoast
cutters and patrol
boats
as
Guard
well
as
was
ready to marshal
a
small fleet of
airplanes to stop the Mar Cantabrico
thought at first to be the resultjof an order from "Washington in the
expectation that Congress would pass an arms embargo resolution before
was
the vessel had gone beyond the three-mile
limit, but officials denied such
an order had been issued.
Bight crated airplanes
were
quantity of soup kitchens,
on
the deck of the
clothing,
materials were beneath her decks.
gas
masks
Spanish vessel and
and
other
war
The ship was cleared by the
a
defense
United
Volume
States
cargo
Financial
144
Government
Mexico, where,she will
Vera Cruz,
for
complete her
Under
Fliers Seek to Hold Ship
whistle Federal
Judge Grover M. Moscowitz of the First District Court in Brooklyn signed
a writ of attachment sought by Bert Acosta and Gordon K. Berry, two
American fliers now returning from Spain, libeling the cargo on the ship
Only two minutes before the freighter blew her sailing
$1200 back pay and "damages."
The steamer took part of the
aircraft,
recently licensed shipment of
I
other supplies.
and
engines
$2,770,000
Licenses were granted to
Robert
City for shipment of
sign a
writ against the foreign government but signed one against any property
aboard the vessels consigned to Indalecio Prieto, Loyalist Air Minister,
Cuse, President of the Vimalert Co., Ltd., of Jersey
the cargo to the
as
an
A Washington
Judge Moscowitz declined to
Loyalists in Spain.
V '
individual.
of
New
Boston
States
.
Must
York
Pay State Tax on
Court
Supreme
society, or
syndicalism."
Against
profits arising from the sale of a New
York Stock Exchange seat.
The decision, written by Chief
Justice Hughes, rejected an argument by C. Handasyde
Whitney, a Boston broker, that because he had no real
business location in New York he was not taxable.
The
Court held that the State was entitled to collect $280 on a
on
profit of $108,000, which Mr. Whitney made in 1929 when
he sold his interest in a seat owned by Elwell & Whitney,
his Boston firm.
Chief Justice Hughes, in holding that
against Mr. Whitney's
past Supreme Court decisions were
membership
the New York Stock Exchange so links it to the situs of the Exchange
to localize it at that place and hence to bring it within the taxing power
in
as
think
dominant
the
that
attribute
of
the relator's
New
York.
The
of
opinion was summarized as follows
in
a
Washington
Exchange membership, each
original member became entitled to a "right" to one-fourth of a new
membership.
It was of this right that Mr. Whitney disposed.
Mr. Whitney had pointed out that his firm had always been domiciled
virtue of an increase in the
1929, by
,
^Massachusetts; he argued that it had never done business in New York.
While the firm advertised as Stock Exchange members and accepted
orders from customers at their Boston establishment, none of that busi¬
ness was conducted by the partners on the floor of the Exchange.
Their
orders were telegraphed to Exchange members in New York.
The firm
did $150,000 worth of businss on the Exchange in 1929, the Court was told.
the membership cannot be
under the law.
Hughes remarked in his opinion upon the
Emphasizing his words as he read, he
Justice
Chief
the statute.
under
the addresses,
of
reside and transact their
latitude allowed'
commented:
lawful the subjects and
however reasonable and timely the discussion, all those
of the meeting would be subject to imprisonment as felons
of the meeting, however
assisting in the conduct
if the meeting were held by the Communist party.
Meeting Declared Lawful
Chief Justice said, was
de Jonge, the
Mr.
deprived by the indictment of
the meeting was orderly and lawful
either Criminal syndicalism or sabotage.
that
advocate
sole offense," Mr.
"His
of
conduct
Hughes added, was that he
lawful,
meeting,
a
and was not called to
had "assisted" in the
under the auspices of the Com¬
but held
munist party.
with the elemental
discussions.
The rights of free speech,
free press and peaceful assembly may, he
said, he abused by press or assembly in order to incite to violence and
The conclusions expressed
in the Hughes opinion dealt
piivilege of peaceable meetings for lawful
crime.
through their Legislatures, may
"The people,
protect themselves against
constitutional justi¬
legislative intervention can find!
But the
abuse.
that
The rights themselves must not
be curtailed.
The greater the importance of safeguarding the community
from incitements to the overthrow of our institutions by force and vio¬
fication
only
by dealing with the abuse.
the constitu¬
assembly in order to main¬
that govern¬
ment may be responsive to the will of the people and that changes, if
desired, may be obtained by peaceful means.
Therein lies the security of
the Republic, the very foundation of constitutional government.
the
the
tain
the need to preserve inviolate
imperative is
more
tional rights
of free speech, free press and free
opportunity for
free political discussion, to the end
Peaceable Assembly
"It
these
from
follows
"that,
discussion
the
Chief
Justice
continued,
Federal Constitution, peaceable assembly for
be made a crime.
The holding of meetings for
the
consistently with
lawful
Held No Crime
considerations,"
cannot
political action cannot be proscribed.
Those who assist in the
of such meetings cannot be branded as criminals on that score.
peaceable
conduct
The
peaceable assembly are to be
which the meeting is held, but
to the relations of the speakers, but whether their
question, if the rights of free speech and
preserved, is not as to the auspices under
to
its
not as
purpose;
stitution
the bounds
transcend
utterances
of the freedom of
speech which the Con¬
protects."
+,
said to have a business
situs in New York because he and his co-partners
conducting the meeting could
political question, those assisting in
sort of a
be found guilty
dispatch of Jan. 4 to the New York "Times":
In
who
organization, or
advocates the doctrine of criminal
of this law
scope
lence,
arguments, said:
penalties are imposed upon anyone
assemblage, or persons, or any
and the wide definitions under it of "criminal
syndicalism" attracted the close attention of the court when the case was
argued on Dec. 9.
Maurice E. Tarshis, State Attorney General, conceded
that if the Communist party had called a meeting to discuss almost any
The
showing
The United States Supreme Court on Jan. 4 unanimously
decided that non-residents of New York must pay an income
We
severe
which teaches or
any group
any
Exchange Seat
Rules
Broker
tax to that State
Oregon law
in conducting any
However Innocuous the object
Profits from Sale of New York Stock
—United
the
"assists
tenor
Non-Residents
New York "Times"
dispatch of Jan. 4 to the
follows:
further described the case as
before sailing to Spain.
to collect more than
195
Chronicle
that
"He contends
business in Massachusetts," said the Hughes
consideration to
the nature and incidents of the membership.
When we speak of a 'business
situs' of intangible property in the taxing States, we are indulging in a
metaphor.
We express the idea of localization by virtue of the attributes
of the intangible right in relation to the conduct of affairs at a particular
think
"We
that
the
"The right may grow out
of the actual transactions of a
localized business
because the exercise of
the right is fixed exclusively or dominantly at that place.
In the latter
case the localization for the purpose of transacting business may constitute
a business situs quite as clearly as the conduct of the business itself.
"The Exchange is a market place.
The privilege which inheres in the
membership is the right to conduct transactions at that market place.
That privilege of conducting the business of the buying and selling of
securities on the floor of the Exchange is the dominant feature of the
right may be identified with a particular place
the
can
be
exercised
It is a privilege which
of that right is not altered
localizes it at the Exchange.
nowhere else.
The nature
"Wherever the owner may reside
orders
on
If he prefers to have his customer's
still they must execute these
trade upon its floor.
executed
orders
he must go to the Exchange to exercise
other
through
the Exchange under its
of AAA Floor
Stock Taxes
Court on Jan. 4 refused to review a
by Continental Mills, Inc. of Philadelphia, attacking the
constitutionality of legislation preventing the recovery of
The U. S. Supreme
suit
stock
floor
taxes
paid under the Agricultural Adjustment
Act, unless it is proved that the assessment was not passed
on to consumers.
The company sought to recover $3,160
paid
on
its stock of cotton yarn on hand Aug. 1, 1933, but the
petition on the ground that the
Court of Claims dismissed the
required
had
proof
not
furnished. United Press
commented on the Supreme
been
Washington advices of Jan. 4
Court's ruling, as follows:
Court's review of the case but chal¬
lenged claims of the company that the case
visions of the 1936 law which
involved validity of the pro¬
provided that those suing to recover processing
show they have not passed them on to
taxes must first
by the failure to exercise it.
his privilege to
Court Denies Review of Suit
The Government consented to the
membership or 'seat.'
"Its very nature
Supreme
Attacking Law to Prevent Recovery
to give adequate
argument fails
place.
or
United States
opinion.
the producer or the
consumer.
The law
pending for tax
the claim was filed to the
provided for the filing of new claims in suits
and
a
wait of 18 months from the date
members,
recovery
rules."
date of bringing a suit.
The Continental company's suit was
brought in the Court of Claims which
upheld the law and rejected the suit.
Sustains Right of Peace¬
Oregon
Conviction of
Ground No Crime Was Committed
United States Supreme Court
ful
Assembly—Reverses
Communist
in
on
Law
Assisting at Meeting
Supreme
Method
peaceable assembly is as fundamental as the
constitutional guarantees of freedom of speech and freedom
The right of
of the press,
4
Jan.
in
a
the United States Supreme Court declared on
unanimous opinion written by Chief Justice
Hughes, which invalidated the conviction and seven-year jail
sentence of Dirk de Jonge, Oregon Communist, who had
Oregon criminal syndicalism
conviction of the defendant
merely for assisting in the conduct of a Communist meeting
which, it was contended, was both orderly and lawful, and
at which neither criminal syndicalism nor unlawful conduct
had been proved.
The Oregon Supreme Court had upheld
the conviction on the ground that the Communist party,
under whose auspices the meeting was held, advocated crimi¬
nal syndicalism.
To this contention the United States Su¬
been accused
of violating the
The decision opposed the
law.
Court replied:
preme
The
holding of meetings for
Those
scribed.
branded
who
criminals
as
While the
States
the privileges of our
and
violence
in
of
assembly
that
on
are
in
peaceable political action cannot be pro¬
conduct of such meetings cannot be
the
score.
entitled
to
place
changes
in
an
government,
none
sustaining such a curtailment of
as
Court—Decision Viewed as Forecasting
Enacting Valid Prohibition of Child
of
Labor
The Ashurst-Sumners
Act, prohibiting the interstate trans¬
portation of convict-made goods into any State where their
receipt or sale violates a State law, was unanimously upheld
on Jan. 4 by the United States Supreme Court, in a decision
which was interpreted by New Deal advocates as pointing
toward the possible prohibition of child labor and the fixing
of minimum wages and work hours without resorting to a
constitutional amendment.
The decision, which was written
by Chief Justice Hughes, said that regardless whether the
articles themselves were useful and harmless, Congress had
the right to protect
States from traffic which they had con¬
stitutionally forbidden in their internal commerce.
Labor
spokesmen later predicted that products of child labor could
likewise be outlawed from interstate commerce into those
States forbidding internal traffic in such
was
goods.
The Act
brought into question by the Kentucky Whip & Collar
a manufacturer of horse collars and harness at the
Eddyville, Ky., State penitentiary. It sought to compel the
Illinois Central RR. Co. to accept 25 shipments that did not
Co.,
from the abuse of
attempted substiution of force
of peaceful political action in order' to effect
protect themselves
institutions through
of our decisions go to the
the right of free speech and
the Oregon statute demands in the present application.
revolutionary
length
he
assist
Inter-State Shipment of Prison-Made
Unanimously Upheld by United States
Banning
Goods
the Act.
According to Washington advices,
4, to the New York "Journal of Commerce" it was con¬
tended by the manufacturer that Congress was without con-
comply with
Jan.
Financial
196
stitutional authority to prohibit the movement in interstate
commerce
labor and
that the
and harmless articles made by
of useful
such
contention
commerce
advices
same
inadmissible
is
without power to exclude
because they were
was
interstate
From the
not labeled.
"The
Congress
from
articles
convict
that
the
Act
of
invalid
is
Congress
merely because the horse collars and harness which petitioner manufactures
and sells
"The
motor
hibited
and
in
and
subjects
they
will
"On
the
the
which
bidden,
is
general
has
of
the
Act,
their
punish
'because
it
by
transportation
of
of
pro¬
who
one
commerce'
interstate
harmful result
its
those whose
principle,
used
the ground
andl
of
the
Congress
constitutional
into
authority
Bills
in
Boston
Co.,
has
for¬
were
that
"It
is
the
relief
afford ample relief at law
The
a
its
found
the Constitution
fact
made
that
State
the
As
goods
Section
its
had
it
itself.
granted
not
power
on
or
to
assumption
any
The Congress has exercised
limitation other than that which
no
The
that
aid
to
the enforcement
convict-
convict-made
goods
to
be
labeled
required
as
by
2.
follows the
as
is
"The
the
constitutionally be exerted by restriction
or
harmful
if it
to
the Congress
consequences,
regulate interstate
used
to
The
commerce
so
may,
prohibition in order to prevent
fit, put forth its
sees
a
of
being
government,
court,"
participating
in
the
contended that the legislation
arguments
essential
was
as
to
"friend
a
help States
the
of
A
Act
said
that
that
the
sale
New
York
States
30
such
of
also
had
enacted
products
legislation.
regulatory
detrimental
was
labor.
to
urged the court to uphold the
defence
seme
"The
the
of
contended1
It
Minnesota
and
prohibit the sale within their
borders of prison-made goods brought in from outside, was
referred to in these columns March 7, 1936, page 1568.
The
in
by Congress of the Ashurst-Sumners Act
issue of July
our
20, 1935,
page
was
noted
365.
"This law
that
Supreme Court Holds Panama RR.
mentality of Government Therefore
This
Income
of
to
was
commercial
a
maintained
by the
(railroad)
"Even if
company
we
are
not governmental instrumen¬
accept that conclusion—which, in view
of their use for the personnel
of the railroad and canal, we are far from
doing—it would not alter the fact that the railroad itself, in connection
with the
canal, is a Federal instrumentality."
Later in the opinion,
he
said:
railroad
company
being immune from
results that fixed salaries and
ployees in their capacity
as
taxation,
it
necessarily
compensation paid to its officers and
such
are
em¬
likewise immune."
Justice Sutherland pointed out that during the trial the State
questioned
whether Mr.
as
Rogers
was
really general counsel
part of his regular law practice.
was
asked in the
State
as
such, or did this work
However, when counsel for the State
Supreme Court if he wished the
case
settled
on
that point he said he wanted a decision on the merits.
Justice
really
Sutherland
the
was sent
general
dismissed
counsel
but
the suggestion that
"an
independent
Rogers
was
The
not
case
Unemployment Compensation Act Up¬
held by State Supreme Court—Chief Justice
Rugg
Dismisses Action to Enjoin Payment of
Payroll
Taxes—Also
Rules
Provisions
of
Federal
Social
Security Act Not Coercive
The constitutionality of the Massachusetts
unemployment
compensation law
Court
in
a
upheld by the Massachusetts Supreme
20-page decision on Dec. 30, written by Chief
was
or
in
branches
some
of
trade
"Relief of the
without resources of their
are
own
.
.
.
burden
the
puts
.
exempted from
its operation.
not
are
upon
It is
not
full
a
thoroughly
weal
arising from
unemployment of
large
Unemployment inflicts want
upon
This law affords
the Commonwealth
of
attention
the
forward
put
General
after
to demand relief
seemed
Court
deliberation
to
given
was
the
is
the
here
law
was
enacted in
the exercise
prerogative
undertaken
never
laws
the
in
define
to
interests
the
the
of
its
of
police
be
easily
cannot
public
the
The nature
power.
stated
with
limitations.
exactness.
It includes
health,
the
the
public
general welfare.
in
is
measure
opinion
our
not
sound.
It
...
cannot
unwilling
upon
the
employers
established
principles of ],&w.
support the apprehension
to
us
argument
assumes
unsocial
that
bodies
rules
of
labor
organizations
contrary
to
The terms of this section do not
upon
of
which this argument
men
will
be
actuated
appear to
is founded.
The
by highly selfish
trial."
decision
The
which
said,
a
desire to wreck the law rather than
decisions
of
the
California
New
and
give it
York
a
courts
Discussing the argument
in November that the unemployment law should not be enforced
Security Act of Congress
was
unconstitutional, the court
"that question appears to be open.
are
as
under
the
be
will
tax
cited
the Social
inquire
that
with
"supported the conclusions here reached."
"There
not
motives
limitations
to the
sweep
decision
upheld
as
upon
of
an
the
imposition of
excise
of this legislation because
the
Supreme
Court
of
taxes.
we
are
the United
We
need
of opinion
States
this
excise."
Strike Threatens to Halt Entire Automotive
Industry—
Walkout Spreads Through General Motors Plants
as
Union Leaders Reiterate Demands—Sponsored
by
C. I. O., Workers' Representatives Insist on
Bargaining with Corporation Itself—A. J. Sloan
Refuses to Deal with "Labor Dictators"
A strike wliicli threatened to tie up
industry spread rapidly this week
mittee for Industrial
the entire automotive
leaders of the Com¬
Organization, headed by John L. Lewis,
as
intensified their unionization drive among motor employees.
The strike, it is said, has already closed 21 of the 69 plants
General Motors Corp., employing more than 50,000
and union leaders predicted' that all General Motors
plants would soon be closed with more than 200,000 persons
oc
the
men,
of
The primary issue in the controversy is the right
United
the
Automobile Workers of America, sponsored
by the >C. I. 0., to represent all motor employees in collective
bargaining.
Strike leaders have presented other demands,
including proposals for a shorter work week and higher pay,
but
the
principal point of controversy is the "open shop"
bargaining. Alfred P. Sloan Jr.,
and the agency for collective
President of General Motors
Mr.
contractor."
back to the lower courts for further appropriate proceedings
Massachusetts
com¬
rightly be determined that the unemployment compensation law takes the
affected.
"The
15,
was
property of the plaintiffs without due process of law.
"It is argued that Section 19 of the law will have the effect of imposing
enterprise.
that the dairy, hotels and other enterprises built and
talities," he wrote.
inevitable
fertile field for discontent.
a
the public morals and
safety,
because
Justice
Sutherland, in holding otherwise, said there was no question
that the railroad was one of the auxiliaries designed to aid
in operation of the canal.
From the "Times" dispatch we
quote:
"It is suggested
Federal
employing, eight
of slumps in business
causes
common
solution
enact
presented
In an opinion by Justice Sutherland, the United States
Supreme Coutt on Jan. 4 unanimously held that the Panama
RR. Co. is an instrumentality of the Government, and
hence the salary of its General Counsel, Richard Reid
Rogers,
cannot be made subject to any State income tax.
It is
explained in a Washington dispatch to the New York
"Times" that Mr. Rogers, who recently acted as his own
lawyer before the Court, argued that New York State's
efforts to tax his $15,000 annual salary for 1927, 1928 and
1929 were illegal, as the State could not
levy upon income
from a Federal agency.
The State had contended that
RR.
The
has
court
right
Instru¬
an
Counsel Is Not Subject to State Income Tax
Panama
The
It offers
legislative
and
S.
the
the
Massachusetts^,
in concerns
compensation law
and welfare of
The
fair
U.
to
of
deciding, Dec.
against that hazard.
good
regulartory
passage
similar
in
"The contention that the unemployment compensation law is invalid as a
The decision of the United States Supreme Court, handed
March 2, 1936, upholding the Hawes-Cooper Act, em¬
or
no
assailed.
measure.
down
powering States to control
be
employees not
the
to
legislation.
of
barring the sale of convict-made goods.
brief filed by the American Federation of Labor in support
decision
the
conditions," the decision declared.
people is beyond question.
workmen.
many
enforce
their laws
concerns,
convincingly explained.
or
harm
subject.
impede the carrying out of the State policy."
Social
employers that they cannot at all times keep at work
numbers .of
by
The
2.
Federal
and
The statutes commonly
Alabama"
of
those
duty of government.
unemployment
established
power
to prevent that commerce from
as
hundred
court Nov.
Treasurer
of taxes.
Act,
as
to
appears
employers and
the fault
"The
pertinent point," the Chief Justice said of the law, "is that where
the subject of commerce is one as to which the power of the State
may
the
arbitrarily fixed the number of employees
provisions
present industrial
manifestly
Supreme Court's conclusions:
"The
several
the
throughout the State.
before
follow
to
District
Security
because it
the Act's
quota of employees.
Associated Press accounts further indicated
affected
H.
brought
persons.
under
provided in Section 1 of the Act, the Congress could require
as
Social
Alabama
under
"unable
Middle
the
physical needs of the unemployed who
of
also
concerns
State
the
which
actions
say:
George
and
to the aggrieved taxpayer."
itself
for
"Unemployment
rule in order
its
could prohibit the interstate transportation
containing:
Court
unconstitutional
ing
own
ground for constitutional objection.
no
found
court
the
nine
Congress has formulated its
bills
presented
collection
against the
equity
District
rule.
own
adopted
affords
laws
Congress
packages
a
in
The
He added:
It has not acted
which is subject to
policy and established
The
exercise
of the States.
powers
power
in
of valid
sought to
not
enlarged by virtue of State action.
power
plenary
is
has
the police
usurp
of
Congress
attempted
specific
Co.
general rule in this Commonwealth that there is
He added that in this legislation Congress had not
delegate its authority to the States.
Brothers
Security Board be restrained from collecting from the petitioning
declared:
States to recognize the fundamental interests of free labor."
to
the
these
of
bills
request
a
Howes
brought by
petitions
the
on
citing
decision,
Chief Justice Hughes said that Congress "is as free as the
Dismissal
and
the
were
concerns,
ruling.
Arguments
by
brought
equity
bills
and
were
Court, the Boston "Herald" had the following to
preme
court's
in internal commerce."
that provisions
not
coercive, and that the unem¬
ployment compensation under its terms was constitutional.
In its further report of the conclusions of thp State Su¬
similar
forbid,
to
for the State Court to consider,
open
the Federal Act
interstate
prevent
that the ques¬
constitutionality of the Federal Social Security Act
articles the traffic
may
State
a
the decision asserted
account said that
tion of
Ellis
to bring
that it came within the Legislature's "right
public health, the pub¬
safety, the public morals and the general welfare." The
same
their
machines against
According to the Boston "Herald,"
State Social Security Act constitutional
to enact laws in the interests of the
was
transportation
in themselves useful
are
'gross misuse
a
said.
jurisdictions.'
from being
State
Theft
but
commerce,
property rights of
same
the
subject
the
are
Vehicle
stolen
into other
transportation
in
of
properly
may
of
taken
are
which
Motor
have been
Congress
defeat
its
vehicles,
National
the
proper
knows
and harmless articles," the decision
useful
are
the court held the
on
1937
Jan. 9
Justice Arthur P. Rugg.
lic
quote:
we
Chronicle
Corp., declared in a statement
"Will a labor organization
run the plants of General Motors
Corp. or will the manage¬
ment continue to do so?"
Homer Martin, President of the
United Automobile Workers of America, replied on Jan. 5
that a "general stoppage of General Motors is under way."
President Roosevelt on Jan. 6 conferred with Secretary of
on
Jan. 4 that the real issue was,
Labor
Perkins and with
other officials to discuss
whether
Federal: intervention would halt the walkout.
Spreading of strikes through General Motors plants was
referred to in the "Chronicle" of Jan. 2, page 45.
On Dec. 23
Mr. Lewis rejected a suggestion that complaining union
workers address themselves to the operating managers
of the
Volume
Financial
144
corporation units in their several localities.
That sugges¬
tion was made by W. S. Knudsen, General Motors Vice-
would
President, but Mr. Lewis declared that union leaders
insist
bargaining with the corporation itself and not with
on
various
its
eight-point
and
more
A
the United Automobile
Jan. 3 formulated an
including the closed shop, shorter hours,
Officials
plants.
Workers who met
dispatch of Jan. 3 to the "Wall Street Journal"
outlined the situation brought about by recent strikes in the
Flint
follows:
as
Strikes
the
during
weeks
nine
last
parts, and automobile
$4,000,000 in wages.
glass,
in
assembly plants have cost workmen more than
Extension
wculd
There
have
last
put
losses
down,
go
loss
strikes
plants
Motors
General
in
Motors assembly plants
General
all
If
and indirectly through curtail¬
directly
eight major strikes in glass and parts plants since
of which three are still on.
These strikes have
October,
of work
out
men
Strikes
of
for from
than
$500,000.
more
amount
same
strikes.
These
around
put
20,000
out of
men
Likewise, Chrysler workers whose operations were
all
losses.
direct
production in smaller parts plants resulting indirectly
would boost these ascertainable totals sharply.
which
strikes
the
employees because of the Kelsey-Hayes
There has been an undetermined
lost by Ford
was
are
curtailed
of
amount
from
have
plants
to 32 working days at a total cost in wages
one
Sloan, in his statement on Jan. 4, declared that the
Mr.
United States Supreme Court
by
in
May, last year,
declared unconstitutional by the
was
Court.
"Contemplating" Resignation as Chair|man of SEC Late Next Summer
Landis
M.
J.
.
_
^
Following a conference with President Roosevelt, James
Landis, Chairman of the Securities and Exchange Com¬
mission, announced on Jan. 4 that he has been "contemplat¬
ing" resigning from the Commission sometime late this
summer, but the "matter of my remaining with the Govern¬
ment service is still an indefinite thing."
Mr. Landis' pres¬
ent term is scheduled to expire at the end of June.
His
announcement, which follows, was in answer to reports that
M.
'<
by the Midland Steel strike, have lost around $300,000 and about
curtailed
the
Motors
General
in
directly
validated
^ George L. Carter, Vice-President of the Carter Coal Co.,
died in Washington, D. C., on Dec. 30, at the age of 79
years.
A suit brought by James /Walter Carter, his son,
President and stockholder of the Carter Coal Co. was one of
the first actions brought to enjoin collection of the tax
imposed under the Guffey Coal Conservation Act, which
average
Around 20,000 Idle
wcrk
♦
George L. Carter of Carter Coal Co. Which
Contested
Guffey
Coal
Conservation Act Inof
Death
for
assuming an
lost,
Wages
women
members, but not as
the 'workers in the various plants.
U. S. Supreme
periods of from two to 56
of $5 a day for both
workers, have aggregated more than $2,900,000.
days.
and
men
of
wave
payrolls
in
27,000
than
more
working
the
sharply.
operations would soon exceed a million dollars a day.
been
of
week
of
week
of suppliers'
ment
the
this
these
raise
should
ing to recognize the
r
pay.
industry
The company was also said to be will¬
union as the bargaining agent for its
the "sole" bargaining authority for all
pending the parleys.
of
at Flint, Mich., on
program
197
Chronicle
depended on whether workers in General Motors would
have to have a union card to hold a job, "or whether your
issue
he would retire soon:
I
Government service some time
contemplated leaving the
have
dent and the matter of my
late
problem with the Presi¬
service is still an
I talked over my personal
in the coming summer.
staying with the Government
indefinite thing.
job will depend in the future, as it has in the past, upon
Mr. Sloan in his statement con¬
individual merit."
your
tinued, in part:
In
the
other
if
pay
you
privilege of working,
to a private
anything,
smoke
the
you
real
a
Motors position
That
is.
Here it is:
General Motors will not recognize any union as the sole bargaining agency fo-
1.
union
or
General Motors will continue to recognize
of collective bargaining the representatives of its workers, whether
for the purpose
non-union.
ciency of the worker—not
the membership or non-membership
on
This means
organization whatsoever.
for the right to work.
one
General Motors will continue to pay the highest
3.
it has in the past,
Justifiable wages in the future,
It believes in high wages.
and Just as it is doing at present.
It is Justly proud of its record in that respect.
4. General Motors standard work-week will Continue to
Time and
be 40 hours.
half will be paid for over-time.
Labor Board
These rules are recognized as fair and Just to all workers
tion against any worker on
In the earlier
and permit no discrimina¬
account of any organization membership.
for you
I
dues;
want
be
not
union.
a
to
need
Have
any
join
Tribune" of Jan. 7:
most frankly, that-this
no
fear that
any
union
is positively not so.
Do
any labor dictator will
or
No General Motors worker
plants of General Motors Corp.
organization to get a job or to keep a job.
President
Martin,
America,
of
Automobile
the
of
Workers
Jan. 5 sent to Mr. Sloan and Mr. Knudsen an
on
ultimatum
the
demands
announced on
with discriminating in
against union members.
The letter said, in
containing
eight
Jan. 3 and charging the corporation
various
ways
part:
uniform
serving
Jgndamental issues, for which there must be a national policy fixed
corporation, are the following:
1. National
conference
between
responsible
your
Corp. and
Workers
on
the
following points
a
as
basis
3.
4.
of all
Abolition
Motors
agreement
of America.
piecework systems of
pay
and the adoption of straight
over
the
Establishment
of
a
work
Assistant
America,
minimum
rate
of
pay
commensurate
with
an
based
of
as
the
upon
sole
its employees,
is the only
who has held the title and office of Secretary to
the
Appointed Head of United States Secret
W. H. Moran, Retiring After
Years' Service—J. E. Murphy Named Assistant
F. J. Wilson
54
Announcement
made
was
on
Dec. 31 by Secretary of the
of Frank J. Wil¬
Treasury Morgenthau of the appointment
Service, succeeding
William H. Moran, who has retired after 54 years' service.
The Secretary also made known on Dec. 31 that Joseph E.
Murphy has been appointed Assistant Chief of the Service.
The following regarding the new heads of the Secret Serv¬
ice is from Washington advices, Dec. 31, to the New York
as
Chief of the United States Secret
of Jan. 1:
succeeds
Wilson
Mr.
r
Chief
after
Moran
advancing
through the various
grades to the post of special agent in charge of the Cleveland division.
Mr. Wilson was born May 19, 1886, at Buffalo, N. Y.
His first govern¬
ment
service
ment
of Justice in
sioner.
On
was
as
Aug.
an
investigator and as a representative of the Depart¬
Buffalo in the capacity
1920,
30,
he
was
of Deputy Fair Price Commis¬
appointed
a
special
agent
in
the
Intelligence Unit.
when
Wilson
he
has
been
acting
transferred
was
Murphy,
who
from
Cleveland.
Pacific
was
.
secret
service since Sept.
8,
.
29, 1878, at Columbus, Ohio, entered
recalled to Washington from
After having been
secret service in 1899.
Coast, he
chief of the
born Nov.
was
the
sent to South America to arrange for President
visit.
Roosevelt's
bargaining
agency
between
the
General
—Will
to
time
between
employees
of
General
Motors
Corp.
and
Speed
and
shall be mutually agreed
upon
by the
manage¬
the union committee in all General Motors plants.
to meet the union
vacate the
General Motors officials agreed
leaders if the "sit-down" strikers would
plants they now occupy. This was announced by
after a conference with James F. Dewey,
Knudson
Federal
The
the
conciliator.
It was also revealed that the company
willing, if a conference were arranged and the strikers
would leave the
plants, those plants would not be operated
as
Assistant Attorney General
Head of Anti-Trust Division
Jan. 20 to Engage in Private
resignation of John Dickinson as Assistant Attorney
General
of production
Post
Practice of Law
procedure for the adjusting of any or all disputes that may arise
time
Leave
of Justice Department
Motors
for the establishment of joint tribunals and joint
At conferences on Jan. 6,
was
Messrs.
the titles of
Roosevelt.
President under Mr.
John Dickinson Resigns as
length of service.
management.
Mr.
Mclntyre, in deference to Colonel Howe, accepted
Secretaries and salaries of $9,500.
Colonel Howe
now
salary of
Reinstatement of all employees who have been unjustly discharged.
Corp. and
ment
carries an annual
Roosevelt's first Administration,
Mr.
of
outset
the President
to
living.
Seniority,
8.
the
individual up to
Reorganization of the international union, United Automobile Workers
from
Secretary
the
day and work week.
7.
rules
of
At
McHenry Lowe,
secretariat.
the
office
Early and
Mr.
basic
6.
of
of
head
late
House
the White
of
Early, who moved into the offices of Louis
occupied by Mr.
Mr.
Thirty-hour week and six-hour work day and time and one-half for all
worked
American standard of
5.
General
its place.
in
hourly rate
time
of
between the
represented by the international
national
for
and its employees, as
Corp.
union, United Automobile Workers
2.
heads
chosen representatives of international union, United Automobile
America.
Such conference to discuss and bargain collectively
of
General Motors
Officer
title
been
Recently he was given the title of
Staff and! the office formerly
Secretary to the President.
as
"Times"
The
by
accompanying his father on the Latin American tour with the
of a lieutenant-colonel in the Marine Corps, James has
Since
and
son
Mr.
Assistant
as
Service—Succeeds
to you
say
the
years
else.
or
misled.
dominate
four
unless you
other words, you will be without a job, therefore you must sign
pay
up.
had better join
you
to Work in any automobile plant when the union wins,
In
pay.
who have served during the past
Secretaries to the President, will
be elevated to the rank of full Secretaries.
The changes
were announced by Mr. Early.
The following is from Wash¬
ington advices, Jan. 6, appearing in the New York "Herald
and Marvin H. Mclntyre,
$10,000.
portion of bis statement Mr. Sloan said:
being told
are
it was announced at
Also on July 1 Stephen Early
the White House on Jan. 6.
The
You are being told
that to bargain collectively you must be a member of a labor organization.
You are being told that the automotive industry is to be run as a closed
shop.
You are being told that if you do not join now it will be impossible
You
of the President, will become
son
July 1 Secretary to the President,
Administrative
by the Automobile
appointed by the President of the United States in March, 1934.
Seniority rights will be observed under the rules laid down
5.
eldest
James Roosevelt,
^
depend on the ability and effi¬
in any labor
that you do not have to pay tribute to any
Work in General Motors plants will continue to
2.
Secretary
Presidential
Become
to
July 1—Stephen Early and M. H. Mclntyre, As¬
sistants, to Be Elevated to Full Secretaryships with
Equal Rank to President's Son
on
of this message to you.
its workers, to the exclusion of all others.
a
simply
are
objective.
to know what General
entitled
are
purpose
They
situation.
underlying
the
the real
cover
Roosevelt
James
of labor dictators for
will you have the right to work as you may
or
with
do
to
to
screen
Now,
as
group
Wages, working conditions, honest collective bargaining, have little,
desire.
is
will
words,
in
charge
of the Anti-Trust Division
of the De¬
partment of Justice, effective Jan. 20, was made known on
Dec. 24 when a letter of President Roosevelt accepting the
resignation was promulgated. In a letter to Attorney Gen¬
eral Homer S. Cummings, Mr. Dickinson asked that he be
relieved of his duties on Jan. 20 so that he might return to
the private practice
he
would
ever
of
He intimated, however, that
government service when¬
of law.
be willing to return to
his services wTere commanded.
the
Anti-Trust
Division
of
the
Prior to becoming head
Justice
Department,
in
Financial
198
Chronicle
Jan.
19*7
9,
July, 1935, Mr. Dickinson had been for more than two years
Assistant Secretary of Commerce.
The following is the letter of President Roosevelt accept¬
ing the resignation:
the
resignation with deep regret.
Both as
and as Assistant Attorney General in
charge of the Anti-Trust Division of the Department of Justice, you have
lowing: John S. Jemison, Jr., Morris R. Brownell, Jr., and
John H. Fetherston as Assistant Cashiers.
Dear
I
John;
Assistant
accept
of
Secretary
your
Commerce
In your work in connection
given distinguished service to the Government.
preparation of the Reciprocal Trade Agreements Act and in your
the
with
the Government before the Supreme Court of the
Bituminous Coal Conservation Act case, your defense
arguments in behalf of
United
States
the
recent
of
other
the
in
been of the highest
have
You
practice of
fortunate
value.
heartfelt
at
and
work
has
questions,
for
your
in
success
you as
the
private
hope, as you indicate in your letter of
will
time the Government
one of its members.
future
some
enough to have
wishes
good
profession, and I
that
resignation,
constitutional
most
my
your
Commission
Communications
the
of
important
involving
cases
order
accounting
following officers: RosserJJ. Smith from Assistant ViceRichard H.
Leslie and Laurence Sinclair from Assistant Cashiers to
Assistant Vice-Presidents; and the appointment of the fol¬
President to Vice-President, Lester R. Mahoney,
again
be
Very sincerely yours,
FRANKLIN
D.
ROOSEVELT.
Spring Savings Conference of Savings Division of A.B.A.
to
Be Held in New York City March 11-12
Total
resources
of the Guaranty Trust Co. of New York
Dec. 31, 1936, according to a statement of condition pub¬
lished Jan. 5, were $2,086,978,870, the largest in the bank's
on
history, and compared with $1,847,433,862 on Dec. 31,1935,
and $1,953,014,382 at the time of the latet published state¬
ment, Sept. 30, 1936.
The company's deposits also reached
a
new
high total of $1,744,810,011, as compared with
$1,513,931,163 a year ago, an increase of $230,878,848.
Capital and surplus remained unchanged at $90,000,000 and
$170,000,000, respectively, and undivided profits were
$9,356,562, showing a gain of $1,958,150 for the year. The
statement shows United States Government obligations of
$590,105,249, as compared with $474,466,017 a year ago and
$750,329,192 on Sept. 30, 1936.
spring savings conference sponsored by the
Savings Division of the American Bankers Association will
be
annual
held
Waldorf-Astoria, New York City, March 11
March 11 there will be a banquet,
at the
and 12.
The evening of
with
outstanding
an
bankers
to
speaker
interested in
ference day luncheon
will present
ers
a
on
the
subject of importance
Each con¬
savings business.
meetings will be held at which speak¬
topics of popular interest to bankers.
The conference sessions will be devoted to discussions of
what
securities may
be used for the investment of savings
The Dec. 31 statement of
*
♦
■■
.
The
the National City Bank of New
of the bank on
$1,904,799,797, which compares with $1,969,-
York, New York City, shows that resources
that date totaled
852,055
posits
on
at
June 30 and $1,880,679,850 Dec. 31, 1935.
De¬
tlie end of 1936 amounted to $1,713,840,229 as
against $1,730,019,147 at the half-year and $1,652,366,244 a
According to the statement, the principal assets
at the close of 1936 were:
Cash and due from banks and
year ago.
$463,258,611 against $482,847,279 and $527,491,424,
bankers,
funds, the rebuilding and fiscal reorganization of the rail¬
respectively, June 30 and Dec. 31, 1935; United States Gov¬
ernment obligations, $526,917,831 against $622,644,698 and
roads, personal loan departments, how to capitalize the thrift
$510,764,688; State and municipal bonds, $105,201,096 against
influence under the social
of interest
security program and the future
an auxiliary meeting
will also be
There
rates.
of managers of
school savings banking.
Delegates will be in attendance representing the banks of
New
the
Jones,
England
Savings
and Middle
Executive
Noble R.
St. Louis,
The Chairman
States.
Atlantic
First National Bank,
Mo., is President of the Savings Division.
of the Conference Committee is Andrew Mills
Savings Institution, New York City.
The Chairman of the Banquet Committee is Carl Spencer,
President National Association of Mutual Savings Banks
Dock
Dry
President Home Savings Bank, Boston, Mass.
States included in the conference area are Connecticut,
and
Varyland, Massa¬
chusetts, New Hampshire, New Jersey, New York, Pennsyl¬
vania, Rhode Island, Vermont, Virginia and West Virginia.
Delaware,
District of
$551,930,592 and $547,223,821. Undivided profits of the bank
at the year-end were reported at $13,462,953;
undivided
profits on June 30 totaled $10,805,482, and on Dec. 31, $10,644,279.
Capital of the bank on Dec. 31, 1936, was $77,500,000 and surplus $42,500,000.
of the State of New York and
Savings Banks Association
President
Jr., President
$101,487,261 and $94,211,140; other bonds and securities,
$122,800,453 against $106,256,881 and $85,575,318, and loans,
discounts
and bankers'
acceptances, $588,348,846 against
Maine,
Columbia,
4
Deposits of the City Bank Farmers Trust Co., New York,
affiliate of the National City Bank of New York, totaled
$106,445,371
Dec. 31, 1936, according to the bank's state¬
as of that
date.
This compares with
on
conditions
of
ment
June 30 and $87,526,709 on Dec. 31,
the latest date were $3,435,194,
the June 30 figure of $3,044,172 and the
deposits of $82,218,413
1935.
increase over
an
on
Undivided profits at
1935 year-end figure of
$2,805,961, which capital and surplus
$10,000,000 each. Total resources at
shown at $132,118,483 compared with
remained unchanged at
ITEMS
ABOUT
on
BANKS,
TRUST
COMPANIES,
&c.
completed Jan. 7 for the sale of a seat
the New York Curb Exchange at $34,000, unchanged from
Arrangements
were
the last previous
transaction.
F. Shelton Farr purchased a membership in
Coffee and Sugar Exchange from the estate
the New York
of Arthur H.
drop of $50 from the last sale
Lamborn for $3,400, Jan. 7, a
made
was
sold
Jan.
7
to
Kenneth
G.
Judson,
for another,
for
$11,500, unchanged from previous transaction.
Montreal Curb Exchange, Jan. 7, announced the sale of a
membership for $19,500, off $500 from the last previous sale,
made in August, 1936.
*
Eugene Van Rensselaer Thayer, former President of the
Chase National Bank of New York, and a partner of Herrick, Berg & Co., New York stock brokers, died of pneumonia
on
Jan. 2 in
years
old.
St. Luke's Hospital, in Chicago.
He was 55
Mr. Thayer, who lived in New York, was also
his death a director of many corporations.
He was
elected President of the Chase National in September, 1917,
at
assuming office
on Jan. 1, 1918.
He resigned on April 6,
Following his graduation from Harvard College in
1904, Mr. Thayer formed a brokerage firm in Boston.
He
1921.
withdrew
of the
640,081 June 30 and $36,275,953 at the end of 1935; holdings
of United States Government obligations totaled $32,304,003
from
1936
at the close of
this
field
Merchants National
in
1912
Bank
and
became
of Boston,
for Dec. 31,
that
date
■
of
$2,083,326,000 on June 30,
Total resources
given in the statement at $2,562,182,000, contrasting
with $2,356,357,000 on June 30 and $2,350,549,000 a year ago;
cash in the bank's vaults and on deposit with the Federal
Reserve bank and other banks, $669,418,000 against $602,890,000 and $855,638,000 on the respective dates; investments
in United States Goverment securities, $780,030,000 com¬
pare with $735,987,000 and $561,505,000; loans and discounts,
at $772,031,000, contrast with $649,449,000 and $638,002,000.
Capital funds of the bank on Dec. 31, 1936, in comparison
$2,286,209,000 compared
1936, and $2,075,121,000
with
June
30,
1936,
Surplus
Undivided
profits
Called for retirement
z
and
In his annual report to shareholders at the
meeting to be
held Jan. 12, James H. Perkins, Chairman of the Board of
Directors of The National City Bank, of New
York, will
announce
earnings for the year of $2.24 per share of stock
including earnings of City Bank Farmers Trust Co.
The
earning figure for the bank and trust company for the last
quarter was equivalent to 67 cents.
1
Following the meeting of the Board of Directors of the
?anA^t°
F. Abbot
Manhattan Co., New York, held Dec. 31,
Goodhue, President, announced the promotion of
are
shown in the
1936
1935
$50,000,000
100,270,000
50,000,000
21,897,000
June 30 1936 Dec. 31
z$3,694,000
100.270,000
100,270,000
22,657,000
of Aug. 1, 1936.
♦
The annual statement of the Chemical Bank & Trust Co.,
31, 1936, shows deposits of $590,001,000,
gain of $62,825,000 compared with Dec. 31,1935, and $113,-
The Chem¬
$5,000,000 from undivided profits to sur¬
plus.
Besides paying its regular dividend of $3,600,000, it
added $3,494,499 to undivided profits, indicating net earn¬
ings of $3.55 per share for 1936 compared with $2.69 per
share for 1935, being an increase of 32%.
The Chemical
Bank & Trust Co. has an uninterrupted dividend record
since 1827, and now enters upon its 114tli year.
503,000 increase compared with Dec. 31, 1934.
ical
Co.
—
as
later assuming
a
Corp.,
1935,
None
New York, as of Dec.
Share
31,
$100,270,000
100,270,000
26,464,000
Central Trust Co. of Illinois, Chicago ;
&
Dec.
Dec. 31
stock
Common stock
old
Bond
and
Preferred
Mr. Thayer was at
various times Chairman of the Executive Committee of the
States Guarantee
Dec. 31, 1935.
following table:
Presidency of the Chase National.
United
with
on
were
President
President of the
Vice-President of the
National Bank of New York
the .Chase
1936, was made on Jan. 4, showing deposits on
(including certified and cashier's checks)
of
the
Foreign
against $32,896,840 and $39,771,668 on
the earlier dates.
The statement
membership of Edgar B. Stern
were
$106,879,740 and $111,390,182, respectively, June 30 and
Dec. 31, 1935.
Cash on hand and due from banks at the
latest date amounted to $48,200,130 compared with $30,-
Dec. 18.
on
New York Cotton Exchange
<■■■
the close of 1936
transferred
■:
The financial statement of
Co.. New
an
1934.
Harriman
&
$90,354,215, the highest figure,
since the firm began publishing its statements in
This compares
months
Brown Brothers
York, private bankers, as of Dec. 31, 1936, shows
increase in total assets to
it is said,
♦
ago
and
with total assets of $87,460,863 three
$74,119,082
a
year
ago.
Capital and sur-
Volume
Financial
144
plus at the end of 1936 stood at $12,503,651 as against $12,001,413 on Sept. 30 and $11,167,837 on Dec. 31, 1935. Total
deposits of $57,589,991 at the. year-end compared with $59,528,203 three months ago and $43,733,519 at the end of the
preceding
Loans and advances continued to expand,
year.
reaching $18,168,966 on Dec. 31 from $17,899,795 on Sept. 30
and $12,336,196 on Dec. 31, 1935.
Other asset items in the
witli the figures for
year-end statement compare as follows
three months ago and a year ago:
Cash, $15,620,293, in comparison with
respectively;
coet
United
market),
or
loans
and
$7,665,585;
and
marketable
liability
$16,528,878
against
and
(valued
lower
at
of
$12,943,101 ; call
$7,255,084 against $5,677,917 and
banks,
bonds
compared
stocks
with
and
(valued
$12,012,526
$18,178,610
acceptances,
on
securities
Government
other
of
$12,221,301
market),
tomers'
States
$16,826,380
acceptances
$10,334,741,
and
in
of
lower
at
and1
coet
$9,824,592
contrast
;
or
cus¬
$13,406,519
to
$15,836,777.
The
year-end
statement
of
condition
Manufacturers
of
Trust
Co., New York City, shows deposits of $631,405,868,
which compares with $632,742,084 shown on Sept. 30.
Re¬
sources
are
given in the latest report at $748,563,877,
whereas the
figure three months ago was $742,372,513.
Cash and due from banks is listed at $167„217,634 against
$151,332,678 at the end of the third quarter, and United
States Government securities at $238,457,288, which com¬
pares with $242,050,070 three months ago.
Preferred stock
and common stock remain unchanged at $10,000,000•• and
$32,935,000, respectively, but surplus and undivided profits
increased
$6,645,635 during the quarter to $41,778,572
Dec. 31.
Of the increase, $5,000,000 represents the amount
added to undivided profits at the end of the year, while
$3,645,635 is the amount added after dividends of $1,073,375
for the quarter, which indicates
$2,719,010.
Reserves
earnings for the quarter of
reported at $12,604,027.
With the
on Nov. 1, Manufactur¬
operates 61 offices in Greater New York.
are
two branch offices that were added
Trust Co.
ers
now
1
The
Dec.
31
Bank & Trust
Co.
ting $92,200,759
on
New
of
condition
of
statement
York
that date,
of
shows
the
Continental
resources
as compared
aggrega¬
with $74,594,727
at the end of
1935, while deposits stood at $80,138,030 against
$61,916,380.
Capital and surplus were unchanged at $7,000,000, with undivided profits up during the year from
$791,210 to $974,462 and reserves off slightly from $1,538,136 to $1,494, 678.
Reflecting the increased demand for com¬
mercial
accomodations,
loans
and discounts
of the
Conti¬
nental
expanded from $5,602,811 at the end of 1935 to $8,421,931 on Dec. 31, last, while loans secured by collateral
from $6,506,402 to $7,708,365.
Call loans to brokers
1936, according to the statement, amounted to
$14,029,100 as compared with $12,392,390. The items of cash
and due from banks rose from $24,721,137 to $33,343,726.
were
up
at the end of
Holdings both of United States Government bonds and
New
State, county and city bonds increased during
Other marketable securities, in contrast,, declined
from $2,081,980 to $1,739,399.
the year.
■'
,
with
$209,678 in 1935. After payment of $200,000 dividends,
of $93,681 was added to undivided profits whereas
in 1935 the sum of $10,321 was taken from undivided profits
sum
to make up dividend payments aggregating $220,000.
Capi,
tal, surplus and undivided profits, at the end of 1936, totalled
$4,903,330 as compared with $4,807,720 at the end of 1935.
Total
resources
of the company, which is engaged exclu¬
sively in personal trust and banking business, amounted to
$29,177,436 at the year-end, an increase from $27,058,322
on Dec. 31, 1935.
Cash items, U. S. Government securities
and demand loans secured by collateral, together, aggregated
$16,950,158
as compared with $16,390,592 a year ago.
Hold¬
ings of State and municipal bonds advanced from $5,411,300
to
$5,565,800 and of other securities from $2,364,910 to
$3,932,745.
Deposits
pared with
were
as
$24,026,456
as
com¬
$22,023,308.
I#,;
The
reported
statement
:'i
♦
of
condition
as
of
the Brooklyn Trust Co.,
1936, made public Jan. 4,
showed total deposits of $124,458,494 against $119,240,808
on
Sept. 30 last and $113,289,797 a year ago.
Surplus of
$4,200,000 was shown against $4,050,000 three months ago
Brooklyn,
N. Y.,
of
Dec. 31,
and
$4,000,000 a year ago.
Undivided profits were reported
at $1,344,576 in comparison with $1,423,632 on Sept. 30, the
decrease reflecting the declaration of a semi-annual dividend
of $164,000 during the quarter.
Increases in cash holdings
total
and
ment
loans,
security
Total cash
shown.
Federal
the
and
decrease in
a
holdings,
on
Reserve
against $39,336,674
as
hand
Bank
on
United
compared
with
States
New
York)
Govern¬
Sept. 30,
and due from banks
of
was
were
(including
$44,492,038
Sept. 30 and $41,310,811 at the end
of 1935,
and government security holdings were $28,765,608
against $31,435,585 three months ago and $23,950,983 a year
Total loans of $39,798,827 compared with $37,227,104
30 and $36,411,844 a year ago.
Total resources
were $140,238,349, contrasting with $135,163,206 on Sept. 30
and $129,409,416 a year ago.
ago.
on
Sept.
Trust
new
statement
of condition
York,
of Sterling National
Bank &
Dec. 31, 1936, establishing a
peak for that institution both as to total resources and
Co.,
New
as
of
as
the
1935.
Sept. 30 and $23,254,148 on Dec. 31,
on
and $20,223,463, respectively, on the earlier dates.
Cash and due
from banks amounts to $8,945,558,
against $7,573,864 in
September and $5,896,661 a year ago.
Holdings of U. S.
Government securities, which were down in September to
$2,978,985, advanced to $7,216,356 at which level they were
above the total of $6,487,589 reported a year ago.
Invest¬
ments in State, municipal and corporate securities stand
at $3,799,450 as compared with $2,874,172 on Sept. 30, 1936
and $4,063,087 on Dec. 31, 1935.
Loans and discounts, at
$11,008,600, were below the $14,814,515 reported at the end
of the third quarter but well above the $6,400,587 reported
Deposits at $27,822,335 compare with $25,111,119
a
year ago.
,
Effective Jan. 2,
four banks in Wyoming County, N. Y.,
deposits of approximately $4,200,000, were con¬
solidated into a new organization under the title of the
total
with
volved
the
were
Co.
Trust
The institutions in¬
& Trust Co.
County Bank
Wyoming
Wyoming of Warsaw;
of
the
National
Bank of Wyoming, Wyoming, and the North Java Banking
Co., North Java. The two last named banks will be operated
Wyoming County National Bank of Warsaw; the
branches of the Wyoming County Bank
as
& Trust Co.
In¬
New York State Banking Depart¬
cident to the merger, the
Dec. 31
approved an increase in the capital stock
County from $100,000, consist¬
ing of 1,000 shares of the par value of $100 each, to $650,000,
consisting of 30,000 shares of common stock of the par value
of $10 each ($300,000), and 17,500 shares of preferred stock
of the par value of $20 a share ($350,000).
The consoli¬
ment
on
of the Trust Co. of Wyoming
is
bank
dated
of
member
a
Federal
the
Reserve System.
former President of the Wyoming
County National Bank, heads the new organization.
Wolcott
J.
Humphrey,
4
Savings Bank Asso¬
President of the
Northampton Institution for Savings, Northampton, Mass.,
at the annual meeting of the trustees on Dec. 30, according
to a dispatch by the Associated Press on that date, which
Edward T. Heaphy, Secretary of the
of
ciation
Massachusetts,
elected
was
added:
He
Assistant
the
late
came
succeeds
He
assistant.
to
Treasurer
Edwin
this
of the
F.
bank
Stratton,
1921
in
to
from
whom
he
Pittsfield,
served
had
as
where he was
City Savings Bank.
—♦—
The First National Bank of
v
Jersey City, N. J., reported
total
resources on)Dec. 31, 1936 of $59,156,646,
compared
$55,711,632^at the close of 1935, and deposits at the
latest date of $55,449,532, as against $52,276,414 a year ago.
with
$15,049,872|and total loans and discounts increased
The capital remains the
same,
$2,225,000, but surplus and undivided profits and
reserves amounted to $1,370,440 on Dec. 31, 1936 compared
with $1,114,950 at the^end of December, 1935.
with
from $6,458,526 to $11,490,601.
♦
National
Mellon
The
Bank
of
(Pittsburgh,
in its
31 shows
Pa.,
statement of condition at the close of business Dec.
of $380,894,875
(as compared with total
$354,192,684 at the close of business June 30),
of which $88,433,273 represents cash and due from banks
(against $79,771,003 on June 30) ; $232,294,004, United
States obligations (as compared with $214,001,199); $36,192,682, loans and discounts against $34,942,230, and $19,204,213, other bonds and investments (as compared with
$20,579,541 on June 30). Deposits are shown in the current
statement as $340,063,831, against $314475,127 on June 30.
Capitla remains the same at $7,500,000, but surplus has in¬
creased to $20,000,000
from $15,500,000, while undivided
profits have decreased to $1,327,898, from $2,943,151 on the
total
resources
of
resources
earlier date/
Mellon
is
The institution was established in 1869.
R. K.
President.
♦
Girard
The
ment
Trust
of condition
Co.
as
of
of Philadelphia,
Dec. 31,
shows
Pa., in
its state¬
deposits
of $121,-
776,798 compared with $106,3S6,732 on Sept. 30.
The com¬
pany's total resources on Dec. 31 are given at $139,216,206,
contrasting with $123,799,056 on the earlier date, of which
the
chief items
853,905;
are:
United
$41,014,638;
Cash
reserves
and due from
banks,
Government securities, $53,(including stocks of office build¬
States
other securities
ings), $25,524,380, and loans, $11,611,603.
The bank's capi¬
surplus remain the same at $4,000,000 and $9,000,000,
respectively, but undivided profits account has increased
from $1,982,820 on Sept. 30 to $2,186,208.
Effingham B.
Morris is Chairman of the Board of Directors, and Albert
tal and
A. Jackson,
President.
♦
In
National
sources
of
ou
condition as of Dec. 31, the Phila¬
Bank, Philadelphia, Pa., shows total re¬
its statement of
delphia
♦
The
$3,021,962 as compared with $2,680,687 on Sept.
Total resources of
bank are reported as $31,745,303, as compared with
ported
30, last, and $2,504,917 on Dec. 31, 1935.
Government securities amounted to $19,538,890 in contrast
♦——
Fulton Trust Co. of New York reports net operating income
for the year ending Dec. 31, 1936 of $293,681 as compared
the
plished through transfers from reserves and undivided prof¬
its.
Total capital funds of the bank at the year-end are re¬
of
York
Sur¬
deposits, discloses an addition to surplus of $500,000.
plus at the year-end stood at $1,500,000, the same figure as
the bank's capital.
The addition to surplus was accom¬
$29,289,234
$19,216,321
199
Chronicle
$497,391,836, which compares with $499,792,701
Cash on hand and due from banks on Dec. 31
to
$181,890,952,
down
from
$191,756,574
on
Sept. 30.
amounted
200
Financial
Sept. 30.
The bank's holdings of United States Government
securities increased from
,
$142,111,561
on
the earlier date to
$149,368,688 on Dee. 31, but loans and discounts fell from
$84,662,712 to $81,236,953 at the year's end.
Capital stock
remains unchanged at $14,000,000. whereas surplus and net
profits have risen from $22,182,527 to $22,506,936.
Deposits
at the earlier date were $450,375,056, contrasting with $447,170,123 Sept. 30.
The Philadelphia National Bank was or¬
ganized in 1803.
In
condition
its
♦—
.
.
of Dec. 31 the Fidelity-Phila¬
Philadelphia shows total assets of
report
as
delphia Trust Co. of
$145,664,368 (as compared with total assets of $145,582,836
on
Sept. 30), of which the following are the chief items:
Cash on hand and in banks, $45,785,462; loans, $25,041,060;
State, county and municipal securities, $23,697,901; other
investment securities, $22,271,256, and United States Govern¬
ment securities and Home
Owners' Loan bonds, $19,258,238.
$120,072,531 (having risen from $119,on
Sept.
30), while undivided profits
are
at
$1,918,675 (against $1,675,596). The institution, which was
organized in 1866, is capitalized at $6,700,000, and has a
surplus fund of $15,000,000.
William P. Gest is Chairman
Deposits
899,290
now
are
of the Board of
Directors, and Henry G. Brengle, President.
-—♦
The
statement
of
condition
the
of
First
National
Bank
of
Philadelphia, Pa., as of Dec. 31 shows total assets of
$100,649,487 (as compared with total assets of $99,794,503
on June 30), of which the following are the
principal items:
'Cash and due from banks,
$26,242,954; United States Gov¬
securities, $28,275,861; time loans and discounted
paper, $21,589,906, and demand loans, $10,682,170.
On the
debit side of the statement, total deposits are shown at $90,106,089 as compared with $89,660,114 on June 30.
Capital
and surplus remained the same at $3,111,000 and
$4,000,000,
ernment
respectively, but
undivided
profits
have increased to
$1,117,893 from $967,488 on the earlier date. The institution
was established in 1863.
Livingston E. Jones is President.
♦
In its condition statement
as
of Dec.
June 30), of which the chief items are:
Reserve
Bank
and
Cash
due from banks,
bank's condition
I
securities,
$9,719,236,
and
demand
hand, in
$22,984,832;
loans,
$8,558,284.
divided profits are given at $1,949,478 as against
$1,826,667
on the earlier date.
Capital and surplus account remain
unchanged at $3,040,000 and $5,000,000, respectively.
D. Swift is President of the institution.
Archie
approximately 77% liquid. During 1936 the capital
was readjusted by increasing the common stock
from $1,200,000 to $1,500,000 by4means of a 25% stock
dividend.
At the same time, the preferred stock was de¬
structure
creased from $1,500,000 to $1,200,000.
Surplus and reserves
including a dividend of
4% on the common stock ($60,000) payable during 1937,
out of earnings of 1936.
•Deposits of the Pennsylvania Co. for Insurances on Lives
& Granting Annuities,
Philadelphia, according to its state¬
ment of condition as of Dec. 31, total $246,305,460, this com¬
paring with $248,128,710 on Sept. 30, while total resources
are $272,663,328 as against
$276,080,469, of which the prin¬
,
are:
Cash
on
hand and due from banks, $102,-
752,608; United States Government securities, $39,239,839;
other loans upon collateral, $38,765,808; other
investments,
$32,140,776, and commercial paper, $25,110,470. On the debit
side of the statement, capital stock and surplus remain un¬
changed at $8,400,000 and $12,000,000, respectively, but un¬
divided profits have increased from $2,271,242 on Sept. 30
to $2,584,549.
C. S. W. Packard is Chairman of the Board,
and
C.
of Dec. 31, 1936, were $1,056,000
as
*
$386,912,784,
compare
The principal
statement
items
United
are:
up
on
the earlier date.
the assets in the
present
States Government securities,
$176,-
315,730; loans and investments, $134,438,910j and cash on
hand and in bank, $70,074,363.
On the liabilities side of
the report, capital is shown at $1,500,000, the same as at
June 30; surplus at $75,000,000,
up from $72,500,000, and
undivided profits at $818,784, down from $2,605,953.
Clar¬
ence Stanley was elected President of the Union Trust
Co.
Dec. 31.
tion since
for
more
is only
He had been First Vice-President of the institu¬
June, 1035, and had been acting
than
39
a
years
year
old,
and
was
a
half.
The
as
chief executive
President, who
born in Pittsfield, Mass.
new
»
Reference is made in the front part of our issue
today,
the head "Current Events and
Discussions," to the
under
of
$1,364,755,265 on June 30), of which $335,804,629 represents
cash and due from banks (against $466,063,788 on June 30);
represents United States Government obliga¬
and fully guaranteed (against $610,963,512),
$558,185,309
tions,
direct
and
$261,704,545 loans and discounts (against $191,410,847).
deposits are shown
$1,109,980,394 as compared with $1,245,402,870 on June 30.
Capital continues the same at $75,000,000, but surplus ac¬
count and undivided profits have increased from $12,500,000
and $10,255,873, respectively, on June 30, to $15,000,000 and
$14,402,079, respectively, on Dec. 31. J. R. Leavell is Presi¬
On the debit side of the statement, total
at
dent of the institution.
4
Regarding the
affairs of the defunct
Shawnee National
Bank, Shawnee, Okla., a dispatch from that place by the
Associated Press on Dec. 18 had the following to say:
Another
ol' the
(Dec.
dividend,
$65,000,
totaling
Shawnee National
Bank,
authorized
was
Ben
for
depositors
Johnson, receiver, said Friday
18).
Mr.
to 56
5%
defunct
said
Johnson
2/3%,
dividendi will
the
bring total payments to depositors
approximately $1,212,500.
or
*—
It
learned
is
from
St.
the
•
/;
Louis
"Globe-Democrat"
of
Dec. 25 that controlling interest in the Mercantile Bank of
Hammond, Ind., has been purchased by A. G. Elam, Presi¬
of the First National Bank of East St. Louis, 111.,
according to an announcement on Dec. 24 by Alex. Berger,
former President of the acquired bank.
The paper from
which we quote added :
dent
said,
bank,
will
which
has
deposits,
in
remain
as
a
'capitalization
according to
President
of
Mr.
the
$120,000,
of
Berger.
First
has
Bank
than
more
Mr. Elam,
National
Mr.
of
Berger
East
St.
Louis, but will be Chairman of the Board of the Mercantile Bank.
That
additional dividend of 5% is to be paid creditors
& Koontz National Bank of Natchez, Miss.,
an
of the Britton
which closed
its
reported in
Natchez dispatch
a
doors
during the 1933 bank holiday, was
on Dec. 22 appearing in the
Memphis "Appeal," which went
So
far
when
of
the
the
bank
the
bank
has
first
paid
went
on
to say:
on
in
55%,
a
addition
restricted
back
withdrawal
to
the
5% allowed
basis.
Payment
5% to depositors will be made early in January.
♦
Deposits and total resources of Wells Fargo Bank & Union
of San Francisco, reached new high levels, as
Trust Co.,
shown in its statement of condition
of Dec.
as
31,
1936.
Deposits totaled $250,707,800, an increase of $26,202,000 or
12% above those a year ago. Total resources of $274,884,171
showed a 10.5% increase over the $248,562,106 resources of
a year ago.
The statement also reflects increases in cash
and in Government bonds andjloans and discounts, this figure
being $46,193,500, 15% higher than those of June 30 and
slightly above Dec. 31, 1935.
Undivided profits increased
by $61,940 during the year to $3,510,746, a gain of 1.8%
from a year ago.
During the past six years, since Dec. 31,
1930, Wells Fargo Bank's deposits |have I increased from
$139,000,000 to $250,700,000
and
its
resources
from
$167,000,000 to $274,800,000.
♦
with $392,411,328
making
Co.
31, reports total assets of $1,232,513,014 (as compared with
Bank of
reports deposits of $275,627,786, up from deposits of $272,667,575 at the close of business June 30; total resources, at
& Trust
Chicago, Chicago, 111., in its statement of condition as of Dec.
S, Newhall, President.
The Union Trust Co. of Pittsburgh, Pittsburgh, Pa., in its
statement of condition as at the close of business Dec. 31,
on
National Bank
Illinois
Continental
The
$2,000,000
of Dec.
31, the Corn Ex¬
change National Bank & Trust Co. of Philadelphia shows
deposits of $110,884,672 (as against $104,618,245 on Sept. 30)
and total resources of $128,317,978 (as compared with
$121,498,611 on the earlier date).
The principal items making
up the assets in the present statement are :
Cash and due
from banks, $33,157,394; United States Government securi¬
ties, $26,742,594; bills discounted, $19,562,612; demand loans,
$11,412,273, and other securities, $11,289,986.
The institu¬
tion is capitalized at $4,550,000, with surplus and undivided
profits of $8,769,695, the latter comparing with $8,919,321 on
Sept. 30.
Paul Thompson is President.
cipal items
Hibernia National Bank,
bank is
The
«
as
of I the
statement
compared with $38,700,000 Dec. 31, 1935—a gain of more
than 30%.
Loans during the same period experienced a gain
rising from $8,000,000Ato $11,300,000.
Cash and
holdings ofyU. S. Government securities increased during the
year from $31,500,000. to $39,700,000; thus, it is stated, the
on
On the liabilities side of the statement deposits are shown
at $59,019,233 as against $56,668,606 on June
30, and un¬
In its statement of condition
annual
The
of Dec. 31 is also noted in the item.
as
New Orleans, La., shows total deposits of $51,300,000, as
time loans and discounts, $19,341,808; United States Govern¬
ment
underwriting syndicate of common stock of
City Bank of Cleveland, Cleveland, Ohio. The
an
the National
31, the Central-Penn
National Bank of Philadelphia, Pa., reports total resources
of $70,830,925 (as against total resources of
$68,375,648 on
Federal
offering by
Jan. 9, 1937
of 40%,
Joseph Wayne Jr. is President.
"v-//
Chronicle
America
National
has completed the best year
L. M.
Giannini
announced
\
Trust
/;v\-
.v-
&
Savings Association
in its 32-year history, President
Jan.
on
1.
Resources increased
during the year to a total of $1,430,300,000 on Dec. 31, while
total deposits showed an increase of $143,700,000, a gain of
12.4% for the year.
Earnings also continued to improve,
totaling $22,522,000 for the year.
During this period
$3,000,000 was paid in dividends, $4,090,000 was allocated
to reserves for depreciation and amortization, and $6,274,000
to reserves for contingencies, prior year's taxes, &c., and
$4,156,000 was added to surplus and undivided profits./
Earnings for 1936, it is said, represent an increase of 38.5%
over
the amount earned in 1935, which was $16,276,000. V
Transamerica Corporation, which owns 99.65% of the bank's
stock, received the bulk of the dividends paid.
Commenting
on the bank's statement, President Giannini said:
One
of
the
expansion of
than
features
loans
$81,067,000.
plished
for
significant
all classes of
the
through
purpose
A
the
bring
year's operations
about
a
net
has been
increase
of
substantial portion of this increase has been
instalment loans
of
of
to
based
on
character and
building small homes, purchasing
an
more
accom¬
monthly income
automobiles,
labor-
Volume
saving
equipment
addition,
facilities
294
the
and
44
has
personal
other
for
expansion
rounded
for
year
com¬
through
organization
communities.
Of
(California),
$29,540,000 and
nine
branches
these
the
operated
are
by
total
State bank, with
associated
of over $8,600,000 net after all charges.
figures are, it is added, subject to audit.
expanded its State-wide
its
out
All the above
At Dec. 31, 1936,
total deposits of all Transamerica's domestic banks are re¬
ported as $1,439,037,000 as compared with $1,260,623,000 on
Dec. 31,1935, an increase of $178,414,000, or 14.15%.
Trans¬
america Corp.'s insurance companies, Occidental Life and
In
purposes.
demand
the
in
further
has
America
branches, bringing the total number to 475 branches
new
America
of
of
and
marked
the year
during
Bank
home
a
of
California
resources
the
been
The Bank
the addition of
in
for
has
there
mercial credits.
201
Chronicle
Financial
144
Pacific
earnings for the year of more than $930,000.
National
The
claring
an
extra dividend payable in Bancamerica-Blair
Corp. stock in addition to the regular semi-annual dividend
of
earned
increased
was
which time
dividends
Jan.
to
to 20c.
share last July,
a
extra dividend of 5c. a share was
an
San
Francisco
reporting
advices,
in
at
this,
Both
went
value,
Bancamerica-Blair
Corp.
period ending Dec. 31,
stock
in
in
stock,
1936,
Transamerica
of
disbursed
on
of 463,092.46 shares
approximately 40c.
This
outstanding.
$2,948,000
1936;
in cash and $4,688,811.15
share,
a
share
a
compares
in January,
Jan.
on
4,
John M.
Corp., said
The
Board
of
Directors
a
dividends
to
from
time
dividend
extra
which
1933,
ownership,
decided
time,
Corp.,
provides
control,
that
the
favorable
earnings
the
of
continuance of the corporation's policy to pay extra
disbursement
Bancamerica-Blair
of
Transamerica
:
corporation justified
and
the
interest
Mr. Grant stated
earned
corporation
stock
under the Banking Act
divest
must
securities
in,
current
surplus should be made in
security company,"
that
and that the
conditions warrant,
as
from
"a
itself
of
its
companies.
that during the year
1936 Bancamerica-
Blair Corp. paid dividends aggregating $1.75 a share.
Divi¬
dends hereafter received by Transamerica Corp. stockholders
their Bancamerica-Blair
on
ditional
income
from
Corp. shares will constitute ad¬
their
Transamerica
in
investment
Corp. stock.
He also said that fractional receipts will be
issued for fractional shares and that arrangements will be
made for
chase
the completion of whole
of fractional
charges.
of
taxes
the
the
receipts at actual market price free of
over
1936. or
$20,319,000,
with
net of about $1.05
a
or
$11,450,000 for the
87c.
year
a
share,
1934,
an
share
a
for
the
as
year
is
of
show
appreciation in
an
approximately
cated
$7,700,000.
it
reserves,
is
and
an
and
1936 AT THE
largely to small losses for
period and substantial recoveries
on
account of bad and
The Bank of Toronto
capitalized at $6,000,000, with rest fund of $9,000,000.
♦—v.:""-;--."..
profit, with the amount brought forward, £583,645, makes a
The supi of £250,000 has been appropri¬
ated to the reduction of the premises account, the cablegram
stated.
unallo¬
increase for
year
total of £2,478,006.
of carrying values
surplus
stated, will show
PRICES IN
The tables
excess
fiscal
1936 of Barclays Bank, Ltd. (head
office London), as reported by cablegram from London to
the New York representative's office on Jan. 4, amounted
to £1,894,361 as compared with £1,783,784 in 1935.
The 1936
increase for the two-year
Paid-in
the
increase of $20,935,570 in
.
period of 113% : also that the portfolio of marketable securi¬
ties will
covering
an
Net profit for the year
compared
1935
shows
doubtful debts previously written off.
Corp., consolidated companies, and
subsidiaries, after payment or provision for
$5,000,000, will approximate $24,400,000 for
year
30,
reflect better business but is due
shares and for the pur¬
Mr. Grant also reported that the consolidated net
controlled
Canada,
Ont.,
1936,
profit of Transamerica
all
bank's 19 direct branches.
eighty-first annual statement of the Bank of Toronto,
ended
liquid
assets, which total $92,435,472 and are equal to 77.37% of
all liabilities to the public.
This compares with 64.45% at
the end of the preceding fiscal year.
Total resources stand
at $135,907,303 as against $126,918,925 last year, and total
deposits at $110,045,103, up from $101,265,480 last year, an
increase of $8,779,623.
Profits for the year under review
amount to $1,141,810 (as compared with $806,391 at the close
of the preceding year) after deducting all expenses, accrued
interest on
deposits, and making provision for bad and
doubtful debts.
After deducting usual depreciation on bank
premises at $100,000, and regular dividends totaling $600,000
(being at the rate of 10% per annum) there remains a
balance of $441,810, which, when added to $843,656, the bal¬
ance to credit of profit and loss brought forward from the
previous fiscal year, makes a profit and loss balance of
$1,285,375. The increase of mor ethan $335,000 reported in
profits for the year under review, the bank states, does not
Board of Directors
Grant, President of the
$123,343,148.92.
deposit increase of $51,589,407.58 is shown, which
Toronto,
and $2,954,000
January, 1934.
In announcing the action taken by the
Resources
ago.
year
$9,231,882.58, including the in¬
$1,122,247.12 to
Nov.
with $5,788,000
1935,
of
A
The
the capital
on
a
of
includes the deposits of the
of
total of $9,319,735.75 for the six months'
a
or
Corp.
January,
$10,125
namely,
$11,071,362.84 over
$750,000 in capital which took effect during the
mid-year.
An interesting feature, indicative of the growth
and expansion of the institution, is the comparison of de¬
posits shown in its last statement with that of Dec. 31,
crease
1929.
market
present
will amount to $4,630,924.60
■""
ac¬
During the past year capital structure has also shown an
increase
say:
The disbursement
of
paid.
Ore.,
Bank of Portland,
during that period increased $12,438,439.67 to
payable Jan. 30,1937, to stockholders of record
are
15.
from 15c.
of
increase
an
Bancamerica-Blair Corp. stock for each 50 shares owned of
Transamerica Corp. stock.
The regular semi-annual divi¬
dend
States National
cording to its published statement as of Dec. 31,1936, shows
substantial growth, deposits standing at $113,912,986.26,
the ratio of one share of
surplus, is payable in
■:='
United
a
The extra dividend, which will be paid out
share.
a
records in operating results dur¬
new
ing the year.
Directors of Transamerica Corp., at San Francisco, Jan. 4,
a dividend disbursement of $9,319,735.75 by
de¬
authorized
of 20c.
operating
other
Co., and
Insurance
Fire
subsidiaries, attained
Dividend rates remain unchanged at 10% on the "A"
shares and 14%
the
011
the "B" and "C" shares.
NEW YORK STOCK EXCHANGE
the
following pages show the lowest and highest prices at the New York Stock Exchange
of Railroad, Industrial and Miscellaneous bonds and stocks and also of Government and State securities,
on
for each month of the past year.
The tables are all compiled from actual sales.
Under a resolution of the
Governing Committee of the Stock Exchange, prices of all interest-paying bonds since Jan. 1 1909 have
been on a new basis.
The buyer now pays accrued interest in addition to the stated price or quotation.
Previous to 1909 the quotations were "flat"—that is, the price included all accrued interest.
Income bonds
and bonds upon which interest is in default are still dealt in "flat."
COURSE
OF
PRICES
OF
RAILROAD
AND
MISCELLANEOUS BONDS
June
July
August
March
January
February
May
April
High Low High Low
High Loiv High Lotv High Low High Low High Low High
BONDS
Low
November
October
December
September
High Low High Low High Low Hihg
Low
RAILROAD AND INDUSTRIAL C0MPA NIES
Abitlbl Pow & Paper 1st 5s. 1953
Adams Express col tr g 4s__1948
Col! trust 4s of 1907
1947
10-year deb 4^s..__
4012 4384 4314 49
10058
98i4 1003g 100
100
9934 10078
97
1952
53
55
Ala Gt Sou 1st 5s.
1943 109
110
A
1st cons 4s series B
1943
Albany Perf Wrap Paper 6s. 1948
6s assented..
1948
Albany & Susq 1st guar 3J^s '46
Alleghany Corp coll tr 5s... 1944
Coll &
conv
5s.
1949
Coll &
conv
5s.
1950
58
Stamped
1950
Allegh & West 1st g guar 4s.1998
Allegh Val gen guar 4s
1942
Allied Stores Corp deb 4 ^s. 1950
5512
110
9912 100S4 100
125
Alpine-Montan Steel 7s
1955 9138 94
Amer Beet Sugar 6s ext to.. 1940 102
104
103
Amer Ice
s
deb 5s..2030
f deb 5s
1953
66i2
7878
70
79
5^s__1949 11212 11514
Amer Int'l Corp conv 5^8.. 1949 1013s 10434
Amer Roll Mill conv deb 4^£s '45 121
130i2
Amer Tel & Tel coll tr 5s
1946 108
110i8
11334
35-year s f deb 5s
1960 112
20-year s f 5J^s
1943 113i8 II4I4
Convertible 4s
.1936 100
1003s
Amer I G Chem
conv
Conv deb
Debenture 5s
♦
No
par
value.
5712
110
5812
110
10314 10484 10438 10514 105
53
70
6478 7312 69
55
70
6978 67i2 76
101
10214 102
104l4 10234
93
8712 95
97i2
9U2
78
89i4 887S 9512 857g
81
75
72
4834 75
49l2
36i2 54
47l2 60
90
96
97
98l2 9812
109
110
108&8 HO
10918
Allis-Chalmers Mfg deb 5s_.1937 118i2 125
Am & Foreign Pow
4258
45*2
97
9912
97
9934
6312
67
1946
Adriatic Elec Co extl 7s
ser
44i8 4812 4234 48is
100
101
9912 102
9934 10078
9934101
94
77i2
104
83i2
102
7434
74
7778
73
117i2
105
13458
10912
11378
115
100
119
113
103U
107i2
11218
113U
9978
...1939 114
11912 116i8
1965 11212 11334 N 1234 114l2
1047s
119
10712
112
11314
11034 111
105
106
73
69
72i2
69
111
10312 10414
10412 103ig 10418 10312 104
92i8 9512
895S 9434
89i4 95
95
85*2 89*4
82i4 8912
82*4 88
9138
66
63
68
70*s
80
IOOI4 100
1021210234 10U2 102i2
71
743S
8H4 70i2 77i2
78
7U4l 7512 6978 73
112
116
1145s llll2113l2
10578 105*4 10638 105l2 106
117
12812 11358 126i8 112
107l2 10934 108
109*2
110
11334 112
113i2 11258 114
11434 112*2113*2 11234 1135s
103
46U
100
5234
10038
110*s 11058
100*2 10158
130
113
111
IO6I4 106*4 10712 106*4 10638 106i2 107U
77
68
72l2 72
72*2 69
7278
70
70
72
6858 6858 63*2 71
16714
76
139lo 129
15334 148
94*s 94*8 9412 96*2 98
100*4 10238 100i8 lOOU
74
71*4 80
69l4
7934
74
66
71
697s 7512
112
114
11034
1117s 114
105
106
105
10678 105U
110l2 H512 IO8I2H5I4 113
107i2
1081s 10914 108i8 109
169
987g
82
76
7678
69
64Vi
71
80~
66i2
15U2166i2 164
194
18534 203l2 195
9412
97l2
92
97
92
93i2
92l2
6834
7434
74
7834
73l2
71
219
78
9314
76
114
117*2 109i2113i8 10934 Ull2 HUs 11334 11034 113U 11214116
x
109
77
76
83i2
75
805«
8038 85*4
8278 86i2 86
87i2
1105s11178 110*2 112*s 109i2 Ill's 10734 111
105U 10578 10518 10534 10518 1063s 105
106*2
106
136
11678 115
11912 II8I4130l2 124l2 146
13758
lOOU 1055s 109U 105" 1061
11034 11D4
11078 112
II2I4 113i2 112i2113i2 11158 113
113
114
11334 112
1123s 11314 111*2 112*4
11234 11334 1133s 114l2 113*2 114
74
11458 1123s 11334 112*2114*4 11258 1133a 112i2113i2 11178 113
Cash sale.
114
109
SO
80
104
102
104
10434 104l2 IO434
10234 10334 1033410378 10314 104
99
10134 100U 1023s
98i2 100
9912 10U2
96i2 99
9312 98
95
89
9878 973g 9912 95U 983s
9318 96
93l2
9234 95
85
85
83
87
885S
9312 9U2 98
88U
93i2
6SI4 8684
50
6612
64*4 70l4 66*4 7338 63i4 70i2
60*2 67i2 63
65i2
102i2 101
10212 102U 10314
10212 101
100l2 101*2 101*2101*2 102
110
11212 IIH4 1IH2 11058 111
1105811112 111*8 11212 1118411178
10134 100i2 1017s
100I4 100
1005s 100
IOII4 100
100U 101*2 99
112
r
113i8 11278 1127S 113
10714 10758108
77
6534
80
112
} Companies reported in receivership.
6978
110
42" 53" 42
50
5634
9834 100*4
IOOI4
110i2 1091411012 109*4 110*4
101
9934IOH2
100i2 101i2 99i2 10138
13258
14312 127
13634 124
13418 128
97
97
95
905s 90&8
9318 96i4
115
125
59
65
50
4834 5914
503s 5834 5138 6534 64*2 7078 66U 8U2 7514 8534
101
102
103
10178 104
10U2 103
102is 10358 103i210534
9834 100*2 100
101
100
103
10314 102
10212 ion210314 102
10334 103i2104i2
97
100
10U210U2 IOU2 102
10234 102
70
70
77
a7334 7334
7212
70'4 74
69i8 75
66*4 79l2 7934 80
43
Ex-dividends.
y
Ex-rights.
111121147s llli2114l2 112
115l2 112i2115*2
110i7 11034
1105s 111
IIII4 112
11078 112
202
Financial
Chronicle
Jan. 9, 1937
1936—Continued
January
BONDS
March
June
February
December
October
November
April
May
July
August
September
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
Low
Am Type Founders 6s
Sf debs2H-5s
ctfs__1940
90%
99
96% 101%
90
94l2 100
96
9712
11034 117
10984 118
116l2 13U2
180
161
1950
1071211612
1975
106% 103
110
108
111
107
110
109
106% 106
110
109i2 11034 109i2 11012 10984 1U12
11884 107U 116% 107l2 11514 1021732110
102332l02l2 102 102', 6
42
49
47
43
4134 4538 33% 4212 32l2 37
4234 5158
38*2 37
35'8 37i2 36
4U2 48% 42% 46% 40
36
37
44% 34% 41% 3218 34
36'2 3714 3678 43
4212 5058
99l2 103% 101% 104% 10312 10434 102
10434 10514 105*8 106*2 10534 106*2
104% 10234 10434 104l2 105
26
24
3038 25
27
24
32
28%
2312 27
2712 2714 3412 30
'3034 32
29
32
29
27
26l2 2714
3314 30
29
31
30*2 28
71*2 S178 79*4 8412 76
75
67
70
8134
77
7334 71% 73*2
7034 72
71*2 67*8 70
96
97*4 100
10038 101*4 101*4 100
103
101*4 101
10212 103
102*4 103
102*2 103
104
104l2 103% 10434 103*2 105*4 10438 105
104*4 105
104*8 10458 10334 104*4 103*2 104*2 104% 105%
9434 9734 96*2 97»8 97
98
97
98
98
98
99
98*4 9634 98*8 97
9878
97*4 99
105
10612 105
106*4 105*4 106*2 10534 106*2 106*4 10678 105
106
10678 105
10458 1063s 105*4106*2
11038 112*4 1117811412 112*2 11512 11278 11434 11338 115*4 114
115*2 11334 1153s 113*4 115
114*2 116*4
10412 106*4 106*2 10834 112*2 113*4 110
111
109*2 111*4 109*2.111
10978 111
10934 11034 110% 111%
110
10478 10734 107
109*2 11312 10858 111
1095s 11138 109*8 111
110*2 112
109*4 112
109*4 HI
109
107
106l2 10678 109
107
107
107
107
107*2 10812 108*2 10834 10834 109*2 110
10934 110*4
105
10734 107*2 10878 107
108
109
110
10678 107*2 107
108*2 108
108*2 10958 109
110*8 109
138
12612 153
156
110
11078 110
136*2 173
Amer Wat Wks & Elec—
Deb g 6s ser A
5s ser A int rets
97
11034 1093411058
1944 110
Am Writ Pap 1st 6s
Certificates or deposit
1947
Anaconda Cop Min 4H8----1950
Anglo-Chil Nitrate
s
f deb 7s_'45
Certificates of deposit
Sinking fund income debsl967
Ann Arbor 1st g 4s
July 1995
Ark & Mem Ry Bdge & Ter 5s '64
Armour & Co 1st 4}^s
1939
Armour & Co (Del) 1st 4s___1955
Armstrong Cork 4s
1950
Atch Top & S F gen gold 4s.1995
Adjustment g 4s
July 1995
Stamped^..... ...July 1995
Cony g 4s of 1909........1955
Conv g 4s of 1905
1955
Conv g 48 of 1910
1960
Conv deb 4J^8
1948
42
102l2 102% 10578
111
110% 114
Rock Mtn Div 1st 4s ser A.1965 105*4 10534 10534 107
106
Trans-Cont Short L 1st 4s '58 110*2 111
11U2 112*2 112
109" lTll2
11134
111*4 111
107*4 106*8 10658
11234
11234 112
—1940
Bait & Ohio 1st g 4s
104
1948 10212106
Refund & gen 5s ser A...1995
75
84
83
92
111
100*4
104
104
80
88
7958 85*4
110*4 113*4 108*2 11158
90
98
90*4 97*4
10134 103*4
102*2 105
100*2 105
97*8
9334
98
......2000
74*4
84
81*2
90
78*4
8634
Convertible 4j^s
..I960
Ref & gen M 5s series F..1996
6134
70*2
8078
69%
763S
74
84
6978
8134
90
79
87
Ref 5s series D
Bangor & Aroostook 1st 5s. 1943 113«4ll378
Con ref 4s_.......
1951 10378 107*2
Stamped.............—.. 109*4 112l2
120
Batavian Pete guar deb 4J^s '42 109
Battle Creek & Stur 1st gu 3s '89
68*4 75
Beech Creek 1st gu 4s—...1936 101
101*4
2d guar gold 5s
...1936 101*2 101*2
Beech Creek ext 1st 3J^s...l951
98*4 98*4
Bell Tel of Pa 1st & ref 5S..1948 119
120*2
104
10434 106*2 104l2 10678 10478 106
1948 108*4 10934 109
1995 84i2 94
92*4
PLE&WVaSye ref g 4s 1941 100*4 103*2 102
Southwestern Div 1st 5S..1950
10134
99l2 103
88
Tol & Cin Div 1st & ref 4s A '59
92*4 91%
1st gold 5s_.
Ref & gen 6s series C
114
107
115
113*4 11412
108*2 10838 109
113*2 118
112*8 117
101l2ll078
747s 73
7458
101*4 101*4 10058 100«4
101*2101*2
"72*4
99
99
107
106
11034 1117s 11058
107*4 106
10658 10658
113*2 111*8 113
IIU2
Cal-Ariz 1st & ref 4
ser A '62 112
11234 112
112*2 111*2 112*4 110*2 111*8 111
Atlanta Knox & Nor 1st g 5s 1946 118
118
118
118*2
Atlanta & Char A L 4>jj8 ser A'44 10338 10378 104
105
105
105*2 10578 10634 10434
1st 30-year 5s ser B
1944 105*4 10638 10534 109*2 108
110
107
10958 10538
Atl Coast Line 1st g 4s July 1952
98
9658 100*4 96*2 100
9978 9578 98*4 95%
Gen unified 4J^s ser A
1964 83
88*2 8278 8734
76
8212
85*8 77*2
Louisv & Nashv coll g 4s.1952
81*2 85*2 8234 88*2 86*2 89*4 8438 87
83*2
98
10-year coll trust 5s
1945 96*4 9834 98
9978
9978 96
99*4 95*2
Atlantic & Danv 1st g 4s... 1948
40*4 4934 47*8 57*2 49*8 54*4 45
50*4 45
2d 4s
1948
3312 42
39*4 47*4
43
39*2 4518 40*8 45
61
Atl Gulf & W I SS L coll tr 5s '59
65
64% 68*2
6758 70
6758 69
6758
Atlantic Refg deb gold 5s..1937 10534 10678 105*4 106
105*4 10538 1047s 105*4 10478
Auburn Auto conv deb 4Jis '39 100
105
10034 10912 104
113
93
111*2 80
Austin & N W 1st 5s
1941 100*2 102*2 10212 104
104
10434 104*8 104*2 104
Baldwin Loco Wks 1st s f 5s 1940 10434 105*2 10512 107*4 105
107
10334 105*4 103
58 assented
106
106*8 10538 1053S 106
114
102*8 10438
9478 96*2
78*8 83*2
66
74U
78*4 83*2
11334 114
10758 108*4
112
116*4
103*4106
7212 7458
100*2 100*2
....
11234 11234 113l2
61*2
55
74*8
74
107*2 106*8 107
6934 79
69*2 79
105*4 10638
27% 30*4
73% 77
103% 103%
104% 105
98*4 100
10534 107
113*2 115*4
109*2 112
109%111%
42%
7434
104%
104%
10034
107%
117%
111%
112%
10934
110
108
111%
10634
11334
11334
120*4 120%
107
10534
10834 109
97
80
8558
98
79*4 83%
115*2
1075s 109*2
112
11358
115
75
106
27*2 3984 35
72
7134 76*4
103% 104% 104
104*4 105
103%
99% 100% 98%
106% 107% 10634
11334 116% 115%
10934 111% 110*4
110% 112
110*4
110
110
10934110
105%
109% 110% 10934 11034 105
10558 10734 10758 107% 106*4106*4 106*4 106% 106*2 10734 106%
111
111
112
111*2 110*4 111*2 110&8 111*2 1105S 11134 110%
10 684 107*8 107% 1073s 107
106
106
107
106
107% 10634
113
114
113
113
114
113
113
114
114
11378 114
112
113
11158 11258 111*2 112
111*4 111% 111% 113
11234
107
110
106*2 107% 107*2 107*2 109% HO
110%H0% 110
111*4 11034 111*2 111% 112
113
111*8 111*4 110
11234 113% 113% 11434
97
96
96
98
97*2 99*2 99*4 102*2 102
104% 102
105% 104% 106*4
77
79*2
79*4 86
85*4 87
8634 9434 92% 9634 93% 96*2 96*2 99%
86
91
8434 87
90*2 63
92*4 96*2 95
97% 9534 98% 97
985s
96
98
98*4
99*4 9834 100
102% 104% 10334 106% 10434 107%
99% 103
49
5278
5038 58
56*2 60
58% 63% 60*4 65
59% 62% 595g 6384
49*2
45
48*8 47*4 5434
46*4
5134
73
71
72*2 70
7934 7234
105*4 104*4 10478 104
104*4 10334
72
81
70
81
75
9578
10412 10378 10434 103*2 10434 104*2
103
105
104
105
106
105*2
105
10334 10334 10334 105
105
104*4
105*4 108
105*2 107*4 10534 10738 10634
83% 8684
80*4 84
84% 90
88*4
10978 113*2 112
114*8 111*8 11238 111*4
9478 9634
96
9034 9512
99
100
1013410334 102l2 10378 10278 104*4 102%
1013s 104
103*4 10412 103
105
10434
95% 98
94*2 96
95*2 98
96*2
79
83*2 83*4 857s 8334 8884 8734
71*8 75
6634 72
72*4 7934 76*4
al07
56
61*2
49 7
54*4
53
75
74
103% 103*4
80
77%
10434 105*8
105*2 106
10434 103%
107*2 107%
90*2
89%
112*4 112
100
99*2
104
10334
106
105%
98*2 95%
90
89
80
58
53%
58
53
55*2
5234
56*2
77
82
82
83
87
87
84%
103*2 102% 103% 10234 103
102% 103
86*2 85% 88*2 88% 93% 83% 93
106
105*4 105*4 105% 106
10534 106%
106*4 105
106*4
105
103% 104% 106% 1085s 109
10534
108*2 107% 109*4 108% 109% 108% 109%
93% 90*4 9534 90% 92%
8S34 93
114
113% 115% 114%116
103% 100
105
99*2 103
11434 116
99% 102*4
104% 104*4 105% 1035g 105% 103*4 105%
105
106% 10484 106
106% 10434 108
100
92%
97
100
97*4
99%
99
100
79*4
89
89% 95
92% 88*2 92%
75
78*2 84% 77% 82
81%
81%
84
83*8 86
89
8884 87% 90*4
92% 89*2 95*4 8834 92% 88
92*2
114
115*4 116*2
115
114%115
115% 116% 115%116
114*4115%
108*8 109*4 1083s 109*2 168*2 109*2 108
109% 109
109% 109% 110%
109*2 109
IIU2II234 1107s 113*8 11234 113*4 112%115
114
115
114*8117
113% 114%
al07
75
74*4
7434
7434
77%
^76%
77%
75
75
75*2
77%
....
10078 10078
120
121
120
121
120" 121% 120*8 121*4 120*2 121*4 12058 121*2 120 121*4 120% 122
120% I2I84 120% 121%
12034 122
1263s 12678 129*2 12634 128
126*4 128*8 12738129
128*4 129*2 128
129
128*4 129
12834 130*4 129
12984 12834 131% 130*8 131%
32%
24
3212 32% 28
3258 27
28*2 23*8 26*8
24% 24*2 25
26
25% 27
26% 26% 27
26% 26% 23*4 26%
Debenture 6)^8
29*4 29*2 29l2 30
2534 295g 2584 27
22*4 25
22*4 247s 2334 24% 24*4 2584 2534 26*4
26
25*4 26
26% 2134 26
Debenture 6s......
..1955
28% 29
28l2 29
2412 285S 2414 25*2 20*2 24*8
215g 24
23
24*8
2384 26
25% 26
2534 26
2584 26% 2I84 25%
32
Berlin Elec Elev. 1st 6^8—-1956
28
3212 3238 33
24
32l2 27
28*8 23
23*2 23
26
2334 24*8 24
25% 25% 25% 26% 25*2 2584 23
24«4
Beth Steel 4Mb series D
1960 10438 106
105*4 106
105% 106*4 1025s 106
10338 106
104% 106
106
1035s 105*2 105
104*4 105*2 104% 105*4 104% 106*4 105
106%
Cons mtge 3%s ser E
1966
98% 9934
Big Sandy 1st 4s
110
110
1944 IO934 10934
110*8 110*8
111*4 111*4
43
43
43
Bing & Bing deb6^s
1950
43
Boston & Maine 1st 5s A C.1967
79*4 88
8512 93*2 82
73
877s 78*2 8534 71*2 80*2
80*4
76
7334 7958 75
79*2
84% 87% 8234 8634 82*2 85%
1st Mtge 5s ser 11
1955 80 ,/ 88
8678 94
80
82*2 9034 79
8534 73
813s
74*4
74*2 8034 75*2 80*2 7634 88
85*4 88% 83% 87*4 83% 86%
75
1st gold 4^8 ser J J
83%
86
1961
77
73
8134 8984
81*2 68
75*2
69*4 75
70
72
83
75*2 70*4 74%
8034 83% 7734 82
77% 81*4
23
Boston & N Y Air Line 1st 4s '55
30
27
24
27
31*4
22
23l2 3084 23
24*2 20
20
25
20*4 23
24*4 23
19% 22% 20*2 29
22% 25
Botany Consol Mills 6 Ms..1934 22*2 2538 21*2 26*2 21*2 24*4 18*2 23
19,
20*2
19*4 23l2
26
18*4 21*2 18*2 20
1734 28
30% 26% 43
33% 43%
21
25
Certificates of deposit
24
21l2 26*2 21
17*2 2U2 I884 22
2038 17*2 20*4
18
19
17% 2734 25% 29*2 26*8 43
33*4 43%
1960 125
1st & ref 5s series C
Berlin City Elec Co 6^8
1951
1959
32
Bowman-Biltmore Hotels 7s 1934
7
Stmp as to pay't of $435 pi red
Bklyn City RR 1st 5s
1941 88
Brooklyn Edison gen 5s....1949 107
Gen mtge 5s series E
..1952 10534
Bklyn & Man Tr sec s f 6s..1968 106*2
6s series A
1949 104*4
...
43^8
14%
18
9534 100*4
106
20
20
9938 100*8
107
105*2 10634
105
10634 10412106
10558106% 1056s 106*8
103*4 104
10334 104*8
25
25
99
100
10518 1055g
104*8 10478
1057,6106
10384 10378
98*2
9934
1st 5s stamped
...—1941
Bklyn Un El 1st g 5s
1950
Bklyn Un Gas 1st ext g 5s..1945
1st lien & ref 6s A
deb
Brown Shoe
1947
5s
1950
1st lien & ref 5s
ser
B
1957
f deb 3^8...1950
Brunswick & West 1st gu 4s 1938
s
Buffalo Gen Elec 4J^s ser B-1981
69
78
78
85
75
81
86
85
81*2 80*4 80*2 79
79*4
92
95
91
92
95*4 9538
109
112
115
111*2 114*4 113
11038 115
111*4 II284 11234 114*2
11934 122
11934 12034 1197s 121*8 120*2 121*4 12078 121*4 120*2 121
126
124*2125
127*4 127
12738 127*2 128*4 12734 128*4
105
10578 105
10534 104
105
105*2 104
10412 105
104l2 105
108
109
109*2 108
109
108*8 109
109*2 110
10978 108% HO
105*4 10638 105% 10634 10534 10634 105*2 106*4 105
106
10534 10634
Hoi's lTo"34
103
109
110*2 10834 1093s 10834 109l2
103
103
Buff Roch & Pittsb gen g 5s 1937 104*8 10478 104*4 10434 104*2 10434
Consolidated 4H«
7534 8414
1951 65*4 77
7638 8212
Burl Ced Rap & Nor 1st 5s_. 1934
28
26
2U2 29
30*8 25
Certificates of deposit
Bush Term 1st 4s
Consol
...1952
5s
1955
Bush Term Bldge stpd 1st 5s '60
By-Prod Coke 1st 5H» A...1945
Calif Gas & El unif & ref 5s.1937
Calif Pack
conv
deb 5s
1940
Camaguey Sugar 7s ctfs
1942
Canada Sou cons guar 5s A. 1962
Canadian Nat gold 4>£s
1957
Guaranteed gold 5s. July 1969
80
103
28
25
29
85*2
89
90
61
22*2
8058
57
25
25
89*8
89*8
6678
68*2
62
667s
62l2 67
10134
98*2 95
97*8 100
107
107*8 107
107*8 10634 107*8
104*8 105l2 104
104*4 105
10478
14
16
1634
1412 1734
118
1113s 11434 115
116*2 116
10834 11U2 111*8 112
110*4 1123s
11334 11634 11534 11678 115*2 1167s
58*2
92%
61
65
Guaranteed gold 5s_.Oct 1969 115
118
117*2 118*2 117*2 1187S
Guaranteed gold 5s
1970 115*2 11734 11734 118*2 11738 11838
Guar gold 4 ^s..June 15 1955 11234 116
11558 117
115*2 1167s
Guar gold 4^s..........l956 110*4 11338 113*4 114*4 11238 114*4
Guar gold 4^s
1951 110*2 113*2 113*8 114
11258 11378
Can Northern deb 6J^s
1946 122*8 125*2 124*4 125*2 12434 126*2
Canadian Pac 4% coup deb stk
91
8738 90*2 90*2 9412
93*4
105
Coll trust 4 J^s
103
1946 10234 10434 104
104l2
103
4938
5034
50
52
103*4 10334
109" 109*2
108*2 109*2
104*4 104*2 103
104*4 103*8 103*2
74
76
81*2 73*4 7734
79*2
20
19*2 24
20*8 20 ; 2U2
20
20
18*4 21
86
85*8 89
85*8
86*4
54
55
*62*4 56*4 59*2
60
65
56
56*2 60
61*4
95
99*8 95
97*4 9878
9878
106
106% 10578 106*8 105*2 105%
105
103*4 104*8 104
105*2 104
125g 17*4 1334 16
13*2 15
117*8 11834 115*8 117
113*2 11534
11078 111% 111*4 112*2 1123g 114*8
115
11634 116*2 117*2 117*8 H878
117*8 118*8 118
119*2 11878 120%
117
118
118
119*4 11878 12034
116
117
115*8 116
11634 118»4
11234 11334 11358 115
114*2 11658
112*2 113*2 113
114*2 114% 116*8
125
126*8 125*2 12634 126*2 12758
9058 93*4 9034 92*2
92*8 96
10234 104
10234 104*4 10334 105*4
114*4 11534 11458 116*4 115*4 116
106
107*2 106*2 107*2 107*2 108*4
5% equip trust ctf......1944 113*8 11434 114*4 115
114*4 115
Coll trust gold 58
1954 105*8 10734 106*4 10734 106*8 108
Collateral trust 43£s
10212 104
1960 10034 103
102l2 104*4 102
Carolina Cent 1st
103
54
100*4 100
100% 100
10078 101*2 101*4 102%
102
102*2
77
78*2 76*2 77*2
91
91
91% 92
11234 114
112*4 113%
120*2 12078 120
121*4
128
128*2 128% 129%
104*2 105*2 104% 105*2
10838 108*2 108*4 108%
106
106% 10534 106
103*4 103*4
109*2 110*4
103*2 10334 162% 103*2
78
8234
82% 87*4
20
19
21
20*2
g 4s 1949
1st 5s...1946
Middle Ga & Atl div 5s
Mobile Div 1st gold 5s
23
18
18
80*2
8534
55*2
55%
60%
93
9734
59*2
105% 105%
104
104%
13*2 1634
113*4 11634
113% 114i2
11734118%
119%12034
11934 121
11734 118*2
115*2 116*2
115
116
128
129
95
9734
92
95
20
1947
22*2
23
15
18*2
1558
155S
1946
24
25
28
28
24
24
20
20
20
20
20
93
99*2101
93
94
114%115% 113" il5*4
121% 122% 12134 12234
129%131% 131% 13134
105
106% 104% 10534
108% 109% 108%110
105% 106% 105% 106*2
1035S 103% 103% 103*2
109
109
109
10834 109*8 108%110
109%
10234 103% 103% 103% 103*4 103% 102% 102%
89
95
87*4 92
88% 93% 8884 92%
18%
22%
22%
2184
84
95
97
94
97
102% 103%
116
116%
107*2 108%
10412 105%
'26"
15
94*2 97
102*4 103%
115*2 116*4
107% 108*2
103%105
56*2 60
106*4 106%
110*4 11134
105% 107
91% 94%
38*2 42
71%
21
"65% 73"
54%
5984
114
116
1163s
10734 109*2 109
109%
10412 105*2 104% 106
66
66
69*2
70
106% 106*4 105*2 106%
110*2 111% 10934110%
105*4 106% 104*4 106
89
91
92
9134
34% 35% 33% 36
78*2
80
32%
17%
20%
29
28%
18%
18%
28%
23
?3
16*2
78*4
81
2934
33%
17
22
17%
2334
2184
2734
21
22%
1934
26
180%
95*2 103% 101*4 107%
IO884 IO884
107%108
104*8 105*8 103%105
15%
23%
133
105
115
127*4 128% 127% 128%
96*4 97*4
96% 99*2
103
104% 101% 1043s
115% 116% 115
116%
16*8
108
61
118% 118%120
114% 115%
119
117*2 11834 118
119
120
119%121
119
120*4 120% 121
117*4117% 117% 118%
11434 116% 115
116%
29*4
2834
77*2
52
113*2 115
20*2
15
89
70*2
116
77
34*2
20"
27
26%
99% 101% 100's 10234
10334 104
103% 10358
105
105% 104% 105%
32% 42%
21% 32
17*4
2834
21%
22%
88
31
20'
22
20
22% 22
23% 25
Central Foundry 1st M 6s. .1941
General mtge 5s
1941
Cent Hud Gas & Elec 3Ms.. 1965 10538
10634 106
107*4 106*2 107*4 106*2 107*4 106*2 10738 107*4 10734
108
107% 108
107*4 108
107% 108
Cent 111 E & G Est 5s
1951
99l2 10212 10034 103*2 100
10238 10034 102l2 102
10378 103*8 104
103*2 104% 103*2 104*2 104% 104% 104
•
No par value.
t Companies reported in receivership.
r Cash sale.
x Ex-dividends.
y Ex-rights.
94
11218 113*8 113
114*4
120
121
12034 122
130%130% 131
131%
104% 10434 10434 105
108% 109*4 109%109%
105% 106
105%106
103% 103%
20
2734 22
29%
19
30
2734 23
86
86
82% 84
55*4 64% 62% 70
64% 70%
50
59% 60% 54% 59*4
55%
95
97
98
101
95*4 98
105% 105*4 10434 104% 104% 10434
105
104
10334 104% 104
104%
13
19
14% 18%
14% 23%
116
117
116% 117*4 116*2 117*4
114% 116*8 114
116% 112%115
119
118*8 119*8 118*4 119% 117
119%121% 119%122
118% 120%
120*4 120% 121
121% 118% 119%
118
120
116
119% 118
II884
116
117% 114%117% 114
115%
115%116% 114% 117% 113
115%
126% 128*4 126%128% 127*4 128%
17
82
10434 106
103*4 105%
114% 11534 115%116%
107% 10834 107%108%
103*2 103*8 104*4 10334 105*4 104*4 105*8 10334 105
24
IOOS4 101%
102*4103% 103*2 104% 103% 104% 103*2104*4
102*4103
102% 103% 10234 105
104% 10534
82
77
83
80% 85
8234 80
81%
50
5434 50
51
55
Caro Clinch & Ohio 1st 5s..1938 10734 108*4 10734 10834 107*4 108*4 10634 10758 10634 108 ~ 107*2 108""
106% 10734 106% 107 ~ 106% 106%
1st & con 6s, series A
109
1952 10878 109*2 109*8 110
10834 110
110*8 110
110*2 109*8 110
111
110
109% 111*2 110
11034
Car & Gen Corp deb 5s ww 1950
102*4 107*4 10358 107*2 105*2 108
105
108
106*2 106% 108*2 107
73
87Carthage & Adiron 1st gu 4s '81
86*2 90"
87* 90* 86*2 87
84*2 86
85*4 88%
81*2 87
88*4 93
33
Central Branch Un Pac 1st 4s '48
29
35
35
30
32
'36*4 32
27
28
27
30
32
39
3034 33
Central Dist Tel 1st 5s
1943 108
108*4 106*8 1085S 10534 106*4 105*4 1053S 105',6105*4
Cent of Ga Ry 1st g 5s.Nov 1945
56
52
56
66
66
6412 63
68
65
67
62*4 63
66
70
73
65% 66
6734
32
Consol gold 5s
36 78
32
32
1945
26*2
3634 26
33*4 25
28
24
27
23
27*2 26*2 28% 27
32%
Ref & gen 5>£s series B..1959
14
175S 20
1634 19
16*2 18
1658
12*4 13*4
12*4 14
11% 1412
1334 15
1434 18*2
Ref & gen 5s series C
16
19
1959
14
17*2 20
18
12
16*2
1658
13%
12*2 1434
13
12% 1334
14*4
14% 18%
Chatt Div pur money g 4s 1951
2378 2412 2412 29
27*2 27*2 23
26*2 2438 2438
21
25
25%
82
Macon & No div
con
101
103732l03732
92
81*8
985s 100*4 100
05'j21057,6
103781047,6
10478 105*4
1966
3^s cons mtge
1966
Bklyn Q Co & S gu g 5s stpd 1941
Conv
15
7*2 15
9158 9178 96*4
108% 106% 107*4
105% 10638
108
10734 106*2 10734
105*2 10334 106
165
156
Volume
144
Financial
Chronicle
203
1936—Continued
June
March
May
February
April
High Low High Low High Low High Low High Low High
January
BONDS
Low
Cent New Engl 1st gu 4s..1961
Central of N J gen gold 5s__1987
General 4s
1987
71U 69
77i2
103% 10114 103
89is 89l4 92
Central Pacific 1st ref gu 4s 1949
103%10578 10514 108
Through Short Lt 1st gu 4s '54 102 104
10314 10612
Guar gold 5s
I960
89
97% 95
9978
Cent RR & Bkg of Ga coll g 5s'37
67
81 <8 8112 85
Central Steel 1st s f 8s
1941 121*4 12278 12178 12612
Certaln-teed Prod 5^8 A..1948
9612 100
97l8 9914
Champ Pap & Fib deb 4^8.1950 102l8 104
10334 106
Chesap Corp conv 5s__May 15 '47 115l8 132
130l8 137
10-year conv 5s
.1944 1101212012 118
120*8
Ches & Ohio 1st cons g 5s..1939
111% 112
llll2n2l4
Gen gold 4H»
1992 118l2120»4 12012 123i8
Ref & impt 4H8 ser A....1993
11078 112l2 11178 113l8
Ref & impt 4H8 ser B
1995 111
113
112l2 112
Ref & impt mtge 3V£s D..1996
Ref & impt mtge 3^s E..1996
Craig Valley 1st g 5s
1940 10834 111
110
110
43*2
98
87
December
November
October
September
August
High Low High Low High Low High Low High Low High
July
Low
55
63
60
67
5778 64*4 57.
57*s 48*s 54
635s 69
8634 8934
10058
86*4 98
100*2 102*2 97
101l2 10278 1007s 103
81
84
83
91
86*2
9312 9134 93% 893S 9184 8834 91*4
107
110
109*8 110*8 10978 11038 10978 110*4
10758 10958 10658110
107
108
108
108
108
105
10634 107*2
106% 106
10634 107
98*2100*2 10038 102*4 100*8 102
9458 9838 9514 9934 9758 100
80
87
83
82
80
84
88
80
84*4
82*4
86% 79
125*2 126
1251s 126% 125
126% 123*4 124S 123*4 125*2 125*2 127
9412 91*8 9338 897S 95
9212 977g 927S 96*4 90
9534 99
105
105*2 106
105*2 106
105»4 105*8 106
10534 105
10512 105
157
147*4 15578
136*4 135
12414 130*2 129
12414 132
12514 135
116
115
11934 118*2 13878 12934 137*2
113*4 117
120l2 II2I4 119
110*2 11158 110*4 111*8 110*4 1113s 10978 110*8
11134 11234 110% 112
123
124*4
126*2 123*8 126
12284 12414 12278 124% 12414 126*8 125
110*4 110*8
11138 112*2 111
11134 11034 11138 110*2111
112iS 113
1113411312 1103s 11234 1105|61109i6 1093'32H0932
99*8 100*4
99*2 100*4
110*4 110*4
Potts Creek Branch 1st 4s 1946
Rich & Alleg Div 1st
110
4s '89 112i8112l2 11234 11278 114
2d cons gold 4s
1989 108% 109
10918 109l8
Warm Spg Val 1st g 5s_..1941 110
110
110
Chic & Atl RR ref g 3s
41
1949
50
114
con
109*4 109*4
11734
1131211512 115l2116l2
Chic Gas Lt & C 1st gu g 58-1937
Chic Gt Western 1st 4s
1959
Chic Indlanap & Lou ref g 6s '47
Refunding, gold 5s B
1947
Refunding 4s, series C...1947
1st & gen 58, ser A
1966
1st & gen 6s, ser B
May 1966
Chic Indiana & Sou 50-yr4s 1956
Chic Lake Sh & East 1st 4^s '69
Chic Milw & St P gen 4s A..1989
Gen g 3H8 ser B
May 1989
General 4H8 series C....1989
May 1989
May 1989
Chic Mil St P & Pac 5s A...1975
Conv adj 5s
2000
Chic & No West genl g 3^8-1987
General 4s.
1987
Stamped 4s
1987
Gen 4J$s stpd Fed inc tax 1987
Genl 5s stpd Fed inc tax.. 1987
4 J^s stamped
1987
15-year secured g 6
1936
1st & ref g 5s
May 2027
1st & ref 4
stmp.JMay 2037
1st & ref 4Hs ser C__May 2037
Conv 4.% a ser A
.-.1949
Chicago Rys 1st 5s stpd
Feb 1 1936
25% part paid. 1927
9514
9378
16
Chicago & Erie 1st gold 5s. .1982
Gen 4Hs ser E
Gen 4%s ser F
91
95
97
94
94l2 91
15
14
17
18%
1734
23
20%
14
14
14
19
18
16*2
1534 18l2
21%
117
116i« II6I4 116
11734 1163s 118
118is 117*8 120
105
105% IO434 10514 104% 105
10412 105
104*4 105
31*4
26% 3534 3478 39%
33l2 3778 27% 3434 28
41
45
40
46
47
49
28I4 45
45% 48
44
29
48
44
45
4534 48l4 4084 4634 41
41
42
43
44
42
45
4378
28% 43
46%
20
18
23
28
15% 27
25%
25*2
2318 2784
16
27
22
24
29
28
25*2
19l2 2512 22
100
9234 9834 98
9934 102% 9934 100S4
9958 101%
lllSslllSg
111% 111% 1113S 11134
"50" 5534 50
~46% "57h 57
65%
55*s
55% 59
43
50
47
53
54
473s
5012 58l2
47% 60% 5934 68
"5284 ~59~% 55
59*2
5878 62
54
59
4784 60l2 60% 68
585s 6218 53% 60
54
61
60
4912 63l2 62
695g
62% 56i2 6034
25
195a 2378 22
17*2 21
2U2 2434
17% 2334
6
8
734
9%
6*4
778
778
95s
7l8
878
43
34*s 37*2
3814 46
433g 4758 41
48l2 37
49
38*2 41
4U2 5312 50
51%
54t4
5414 39
39*2 40
4U2 52
49% 5412
49i8 5414 42% 42%
44
56
53% 56
5014 555s
44
42
43
51
5712 5412 5734
44*2
5012 57
56
42l2 52«4 55
53
4734 583s 555s 61%
43l2 46*2
53% 58*4 43
17
27
2134 26l2 23
1912
223s 2512 17% 2338
16
25
2014 25
22% 25% 23
16U 23i2
18*2
20
25
16
16*2 18*2
2112 255s 22
2514
2312
H84 1658 133S 17
11*4 13
13l2 1612 10l2 1418
82
21
19%
17%
73
80
96
1934
Certificates of deposit
Secured 4Hs series A....1952
Certificates of deposit
4234
40
40
16
1912
183s
1512
16l2
18i2
17%
2U2
20
15
Ctfs of deposit
Refunding, gold, 4s.
36
39
Chic R I & Pac Ry gen 4s...1988
74%
39i2
20
17%
Conv g 4H»
I960
7l2 1U2
Chic St L & N O gold 5s....1951 105
105
Gold 3Hs-..
1951
Memphis Div 1st 4s
1951
978
77
7334
38
37M
4134
32%
3U4
16*4
19l2
15
15
18
1334
18
2078
1518
16*4
46%
43l2
20%
19%
2212
20*4
1178
1712
9
11
7%
92
94
9312
90
9212
9512
79
84
8378
106*4108l2 106
10778 10534 IO6I4
1st 5s series B
1963 10714 108
106l2 10712 10578 106i2
Guaranteed gold 5s
1944 10734 109
10534 108
1065s 10812
Guaranteed 4s
1944 106i8 IO8I4 106
107l2 105l2 1065S
1st mtge. 4s ser D
1963 1083411012 109%112
10858 112
First mtge 3%s series E..1963
8312
90
8934
74
88
Income guar 5s
1960
Chic Union Sta 1st 4Hs, A.1963
61
75i8
87%
76i2
Guaranteed
Chic & W Ind
3Hs
cons
15
108
106% 108
Chic Terre H & So'east 1st 5s '60
70
76
4284
7658
40
38
1812
1634
18I2
1712
10
71*2
32*8
313s
15*4
14*4
15*2
14l8
7
95
43
"4334
21
22*2
100
"52*2
47*4
53
55*4
95
36
45*2
4534
25*4
25
101*2
68*2
52*2
61*2
61*s
57
633s
19*2
223s
7
8*2
34
33*2
35*8
3734
40
35
3934
40*s
42*4
41
36
39
38
38
38
37
383s
41
45*s
38*2
43
38*2
40*2
36*4
38
39*2
40*2
40*2
39
42*4
41
46
21*2
42
4478
18*2
4812
21
19
18
20
18*4
213s
20*4
40*8
4234
18*2
18*2
118*2
20*4
13*4
18*2
203s
11
12*4
733s
74*s
44
20
1478 112
74
75*4
35*8
33
17
16*2
18
16*2
33
75*4
35*2
33*2
19*4
17
1934
18
32*2
16*8
15*s
1734
1584
8
110
75
32
31
15*4
1378
18*8
16
76*2
3534
33*4
18
1578
20*4
17*8
984
8*4 10
111*4 110*2 111
20*2
3284
36
32
35
15
16*2
17*2
15*4
19
15*2
1634
14*4
110*2 111
8878 91
9134 94*8
86*2 89*2
91
94
89*s 92
8934 9178
7934 84
80*4
78*2 7638 79*8 77
105
105*4
105'1S106% 10514105»,6
105«32106 105HJ210521J2 z105 105»32
10712 10814 10738 10734 106*4 107*8 105*2 10578 10578 107
10638 107*2 105*8106*2
105i2 10638 1055s 106*2 105*2106
108% 1103s 10834 111*2 110*2 11138 110*8 11112 110*8 111
107*4 109
10734108*4
90
92
8978
897g
74l2
95
89
82
75
90*4
923s
1951
50-yr 4s 1952
99l2 103
1st & ref 5Hs series A....1962 107
1st & ref mtge 4H8
1962
102% 104l2 103i2 10534 102
10734 106% 107l2 107
106
108
116
9978 100*2 100*8 102*2 101*8 102*2
9978 100*2 100*8 102*4 101*8 1021?
111*4 111*4
no" ri~o"~
111
117
117
118%
11338
11138
5634
60 "
108*4 108*2
112*8 11212
11478 114U
114
112*4
117
116*4
99
99
31*4 25*2
111
118*2 118*2 119
115*4 115*4 115*4
11138 11U2 111*2
59
5434 61*2
54*2 58*4 "56*2
109
108
109
109
10934
108*8
11134 112*4 112*8
113*8 11234 113*4
113*4 115*8 114*8
11512 11434 116*2
113
113
114
112*8 114
114
115*2
118*4 118
11834
115*8 117
95
98
99
96
97
98
97
98*2
98*8
98*s
2984 2634 37*4
21*4 21
20*s
2378 22*8 25*8 23*2
18*4 21*4 20*2 23*8
21*4 30
23*2 27*2 2534 35
1534 19*2
124
122
122*2 122
122l2 124
124l2
12058 122*4 121*4 121*4 121
103*8 103*8 10278 10278 102*410258
104*4 103*2 104
1043s 10434 104
39
44*2 4134 49*4
34*2 38*2 37*2 4334
3334 39
40
3978 4U2
43*2 3934 3934 38*2 43*2 "4112 "43*2 41l2 42
39
41
43
40
41
37
37
43
43
427g
38"" 33*2 3778
40
38
38
40
40
42*4 3978 41*2 "35"
20
1978 26
22*4 25*8
19*4 2278
19*2 24*4
19*2 23*2
23*2
19
20
24
25*2
19*4 2284 20
233s
24*4 20*4 26*2 23
102
102
101
103*2 103*2104*4 10412 105*2 105*8 106
102*4 101
111*4 112*2
11058 110*8
54*2 58
67*2 64*8 58*2 65
59*4 62*4
"51*2 54% 49*2 58
52
53
56
46
56*2 52*8 56
47*2 47*8 47*2 50*2 52
60
64
67
54
59*4
6634
63*2 66*8
573s
5412 585s 57
59%
5934 67
64*4 66*2 63*2 668s
53*2 56*2 5278 58*2 57
61
64
67*4
67*2 66*2 68*2
59*2 58*2 61
55*2 57*2 57
19
21*2 20*2 23*2 213g 2934 24*8 28
253s 33*2
18*2 21*8
8
7*8
978
678
734
7*4
8*8
7*2
878
10%
634
778
17*8
834
9978 100*8
110*4 110*4
110
111*4
110*2 110*2
128s
110
109*8110*8 109*8 110*8 109*2 11038 IO884 10934
128*8
124*4 125*2 1243s 126
12434 12734 127
10978 110*2
52
55*8
»53%
53*2 50
1083s 10738 1083S 10734 108*4
112*4 11158 112*4 11134 112*8
1133s 112*8 113*8 112*2 11338
114
111*8 112*8 11134 113*2
11538 116*8 114*4 11578
117
1534 19
1412 18
120*2 121
10478 105
3034
9278
107*2
105*8 106*4 105*8 106*4 105*8 107*2 107
149
156
176
140*4 158
15584 151*2 176
13134 136*2 13334 155*8 139*2 155*4 127
14184
117*8 116
11558118*4 116
113*8 113*8
11634 11634
110
5138 50
"48% 53" 5U2 55l2 49% 5378 50
Chic Burl & 0 —HI Div 3^s 1949
104l2106i8 105% 10734 106
108*8 107*4
10778 105i2 107% 106
Illinois Division 4s
1949 IO8I4 10978 109i2112
110
110
113
11138 11034 112*2 11134
General 4s
1958 10784 10912 10984 112l2 11138 11314 IIUS 11234 11158 11358 11134
1st & ref 4^8 ser B......1977
10658 109
11278 1107sll25s 112
11184 11378 111
108% 112
1st & ref 5s series A
1971 112
115
116
116
11734 11534
Chi & East 111 1st con 6s....1934
Chic & E 111 (new co) gen 58.1951
Certificates of deposit..
110
53
58
55
6534
59*2 51*2 5534
92l2 97*2 86*2 93*4 82*2 90
71
83
88
8178
81*2 84
84*4
11034 112
111*8 112*2 III84II2I2
110*4 111
105*2 10734 108*2 109
108*2 109*2 108*2109
104
101
102
10138 104
10138 1027fi 102
9078 95
94*4 95
8434 85*2 85*2 917B
125
125*2 127
125*2 125*2 125*2 125*8 126
91
91
9438
95*2 89»8 937g
52
89
83
46
47*2
4034
41
39*2
40*2
47
45
45*2
49*8
48*2
37
40
4378
43*2
40*8
42*4
4U2
48
48*2
42
45
49
4678
51
49
4212
4ll2
45
51
2034
20*2
20*2
12*4
25*2
2434
49*2
24*2
29*2
2378
527s
28
23
29
22
27
23*4
1434
29
18*8
2258
1334
75*4
3434
3434
16*2
14i2
1738
1534
834
76*2
41
40
20*2
18*2
21*4
1834
1U2
76
79
38*2
19*8
17*8
41i2
40
23
20
23*8
20*4
9*8
11*2
38*2
111
9378
93*4
82*2
2434
16
44
4634
38*2
18*2
1634
111*8
96
98
87
105" 106
96*8
9638
86*8
1059
5478
40
"46"
39*4
4li2
42
45
48*2
4334
45
4458
50
47*4
4478
47*4
48*4
52
49
56*2
34*4
27*4
26%
25*8
2578
16*4
14
17*2
79*4
35*4
35*4
16*4
82is
40
38
20
79*2
36
82*2
4Us
3634
39
15
18
17*4
15*4
17
20
173s
18*4
1584
18*2
20*4
19*4
884
1034
15*8
8
10
34*4
34
20%
113*8 113*8 113*8 113%
94% 95
98
96*4 99
96% 98
98
96*2 101
97*4 100*2
88*2 87*2 89
8884 86
106
10478 105*o
106*4 10634 10578 106*2 106*4
11034 111*8 111*8 112*4 11158
108
109
IO8S4 108
108*8
106*2
106
106
104
10334 105*2 103*8105*2 104
105% 102*4 10378 103 103*4 103
102*4 104*4
107% 106
106*2 105*332106*2 1055s 10526
103*2
IO684
1127s
111*8
108
107*2
107
10534
164I4
105*2 IO684
11134 11284
10978 111*4
108
109%
108*4
105*2
107% 106
1075s 1067s 108
10678 107
106*8 106*2 105" 105*3
106*8 107
85
81
9434
86% 80i2 8684
87*4 87
84*8 82i2 86*4
79*2 8278
92*4 95*4
82i2 855s 78% 835s
7734 82
79i2 83*4
Chili Copper Co deb 5a
102
1947 10012 103
102*2 101*8 10212 101*4 102*2 101* 101%
10238 102*4 102
102i2 10134 1023S 1015s 1023s 1015S 103*8 102
103*4 102*8 103
Choctaw Okla & Gulf cons 5s '52
35
38
37
39
38*2 38
4658 47
35*8 36
Cin Gas & El 1st m 4s A....1968 10338 106
10378 105i8 10178 104l2 103
104*2 1035s 10484 10134 103*4 100*8 102*4 166*8 10034 100* 100*4
5Hs series C
Chllds Co deb 5s
1962 107
....
1943
73
1st mtge 3Hs
1966
Cin Ham & Dayton 2d 4^8.1937 103
IO3841047s
103
Cin Union Terml 1st 4^s A.2020 110
1st M 5s series B
.2020 108
1st mtge g 5s series C....1957 112
103
IIOI4 109&8 110
10878 110
112l2 112is 113
83
106*8
106*8 106*2 106
10634 IO684 107*8108*2 1073410734 108*8 108*8 108*4 108*4
1072532l08 167*2107*5^
1095s 110l2 1077s 108
107*3j610853j 107*2107*3,6
109% 108*s 109
11 1%112.84 110*2 11134
109*8 HO
IO884109*2 108*2109*2
10*4 111*4 110*4 11078 10978 110*2 10978110*8 109*4 110
107
108*2 108*4 110
10634 107*2 106*2 107*8 107
1067s 1073s 106
108
83
85
85
1943
Ref & imp 4Hs series E..1977
1939
Cin Wab & M Div 1st 4s__1991
St Louis Div 1st coll tr 4s.1990
104
102
104*4 104*2 105
1017s 103*2 102
103*4
118*2 119
10434 10434
100
101*2
925s 94*s
7834 9012 8884 9438 8758 915s 88
88*s 95
9178
105
10678 10558 10558
106*s 106*8 1065s 1065s 10578 1057s
97
99
"99" 10012 98 100
9312 97
9734 9878 96% 98*4
96
9938 101
9912 99% 104% 102
10314 100*4 10134 99*2 101
104
Springf & Coll Div 1st 48.1940
White Wat Val Div 1st 4s.1940
94i2
100
10058 10058
Clev Cin Chic & St L gen 48.1993
102
9634 IOOI4 100% 104
100*4 10234
10412 100&S 103
General 5s series B
116
1993 llll8 113
116
117
118
11612 116
Ref & impt 6s. series C...1941 103l2 105
105
105
10358 10414 104" 104*4 105*2 105i2
Ref & impt 5s series D...1963
89
98
96
96
100
9578 101l2
96i8 100
9884
Cairo Div 1st gold 4s
100
102% 102% 102*4 102*4 101*2 101*2
111
1st mtge guar 3^s ser D.1971
Clearfield Bit Coal 1st 4s ..1940
Clearfield & Mah 4s
103
10178 102
Cin Indianap St L & G 1st 4s '36
Cin Leb & N 1st con gu 4s..1942
9638
118
103*4 102*8 10434 104
105
104*8 106
104*2 107
116*2 116*8
105*4 10534 10584 16584 1057s
10234 103*4 101*2 103*4 101*2 10384
96
95*4 987s
98*2 9534 9834
105*8 10578 105*2 106
IO584 106
10078 10178 100*8 102*4 10134 102%
102*4 103
10278 10484 103*4 103*2
119
118
104b 105*4 105*4 105*4 10412 105*2
101
102l2 1013410334
103*4 101
93
95
93*8 953s 9434 98
1057s 10578 10578 106
997S 101*4 lol" 102*"
98*2 9978
100
101*4 101*4 103
97*2 100
119
105
105*2 105*2
104
100*8 100*8 105*4 105*4 103*4 103*4
101% 101%
Cleve-Cliffs Iron 1st M 4%s.l950 10158 104i8 10312 10634 106
107
105*8 107*4 105*2 107
10434 107
104*4 107
IO534 10634 10534 106*4 106*2 10738 107*8 107*2 107*4 107%
Cleve Elec Ilium 3%a
110*2 112*8 111% 112%
11038 111
1965 10858 1091? 10834 11012 10858 1103s 1085s 11034 110*8 IIU4 1095s 11034 110
110*4 111
110*2 11038 111
Cleve & Pitts 4Hs ser B
111*4 111*4 112l2112i2
1942
4
H8
ser
A
1977
112*4 11234
1948
General 4H» ser A
General & ref mtge
111*4 113
111% 1111?
..1942
3H8 series C
110*8 110*8
99*4
99*4 106
106
105*2105*2
4H 8 B 1981
113
Cleve Short Line 1st 4HS..1961 10534 10834 108% 109
Clev Un Term 1st s f 5^s A.1972 105l2 10718 106l2 110
10934 11018 108*4 110*2
109
110
109l2 11034
1st s f series B_
1973 1005s 104
103l2 106
10558 10678 106
107*2
95
1st 8 f guar 4Hs ser C
1977
9834 97
9978 9938 1017s 101*4 102*2
Cool Rive Ry 1st guar 4s...1945
72 I
Colon Oil conv deb 6s
1938
6578 70
7'2h 7U2 7434 73l2 80*s
103
103
Colorado Fuel & I gen s f 5s.1943
100*8 103
1045s
9812 10134 100
5s income mortgage..... 1970
Colo Indus 1st coll tr 5s
1934
Colo & Sou gen M 4H® ser A 1980
Columbia G & E deb 5s May 1952
Debenture 5s
Debenture
5s
Apr 15 1952
Jan
15 1961
Col & Hock Val 1st ext g 48.1948
Columbus Ry Pow & Lt 4s. 1965
4812
5934
56i2 54l2
73
71%
99
102i8 101
9978 10178 IOII4
9884 101
9984
110
11078 112
Debenture
1949 11 lis
3Hs_.
6212
1T2I4
111*2111%
111
112*4 111
111
112
85l2
65
7078
80
103
6678
85*s
105
76
112
80" "79" 7934
78*2 8334 "so"
104l2 106
104*8 105
104*8 105
81
86*4
71
87*2
75*2
81
IIO84 11034 1IO84 11034
110*2.111*4 110*o 110*8 1093°
10*7 "
t Companies reported In receivership.
r
Cash sale.
109
r
Ex-dlvidends.
y
Ex-rights.
106%
89*2
114%
113
112*4
105*2
10784
9478
75
81*8
78*4 74
7784
105*4 104*4 10584 103% 105%
10534 104% 10584
105*2 105
105
104l2 105»4 104
105*4
112
167*4 10*8*2 I6734
109*4
11284 11234 113*8 113*8
103*2 1047B
104ig 104*8 105*2
ioUi 105""
104l2 105
110*2 110*2 110*2 110*2110*2 106
107*4 1075s 108
106
107*4 108
107
112
110®
104
IO8I4 IO8I4 108*4 109
105l2 1063S
112
113%
11078
108*2
1047s
84*2 100
67
72
72l2 71
74i2 71*8
7634
76*4 74*2 78*4
103*8 105
IO384 105*2 104*4 105*2 104*2 105
104l2 105*4 104*4
10534 104l2 105*2 104 105*8 104 105*8 104 10534 104*8
104
105
102*8 104*2 104*4 105*8 104*8 105*8 104*2 105*8 104
112
112
112
1123s
112
112
112*2
111*2
109*4
105
108 " 106*2 IO784
82*4 85*2 83*8 92*2
103
104*4 104*4
10712 10812
10612 107% 10618
86
112
112*2
110*8
107*4
104i2
i0534
1951
Stamped guaranteed
No par value.
110*2 111*2
78
103*2 105
1117s 111
Conn 8c Pasumpslc Riva 1st 4s'43
Conn Ry & Lt 1st & ref g 4 H> *31
*
108*8 109*2 110*4 111
111*2 112*2
110*2 111
11078 111*2 111*2 112
107
110
11034 IO834 110*2 IO934 112
1107B 112
111*4 110*2 112
106*4 108*4 106*4 108*2 106*8 109
109*4
10634 108*8 107*2 109*s 107
1.0138 102*2 102
102*2 102*4 IO384 102*2 104
103*4 104*4 1037s 105
107*2 107*8
Columbus & Tot 1st ext 4s. 1955
Com'l Invest Tr deb 5
6934 63*s 70*s
72
7678 67
7434
103
102*2 104
10214 104
102l2 104
102i2 1023s 104
1015s 104l2 102
102
10334
112
111*2 111*2
68«4
8058
113
108*4 105*8 106*4 107
107
107
107*4 107
109*4
Il0%l"l"0"*8
10734 107
10734
i67i"2
107%
204
Financial
Chronicle
Jan. 9, 1937
1936—Continued
March
October
November
December
June
January
February
April
May
July
September
August
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
BONDS
Low
Consol Hydro Elec Works of
Upper Wuertemburg 7s..1956
30
30
29
2934
28i2
29i2
28
28
2212
23
2534
2338
22%
2312
2234
Consol Edison (N Y) deb 5^s '45 10412 106
104
106
10334 104i2 1039i610378 10313321035s
Debenture
1951 108
10912 107
10678 10534 107
106% 10734 IO684 10712 10688 10714 106
10812 107i8 108
Debenture gold 5s
104
105
1957 105
105»4 10468 106
I032732l0438 103l21032732 103'|6105i2 10278 103
Debenture 3^s
.......1946
1041410478
I64I410514 loBig
V
Debenture
Consol Oil
33^ s
conv
103i210434 10438 1053s 105
1956
1951
_
deb
3}^s
Consol Ry non-conv deb 48.1954
20
32
2878
32
25i2
27
21
25%
20%
2U2
deb 4s J & J
1955
20i8
30l2
25
2514
21
21
20
21
24
29
.....1956
20
30l2
3612
36l2
25"
26
25"
~25%
20
21
20i2
3158
3012
3U2
3734
3234
39
37i8
3278
3834
35%
35%
21
22
2038
20l2
2012
2Q34
21
21
23
2334
2384
23%
108
22U
2314
1065a 1071*
106" 106% 1063s 107% IO584 107%
106% 10512 106i2 IO6I4 10738 106i2 10734
10358 103U 106i2
9914100i2 100
25i2 24
27i2 2438 26i4 2538 36
106
22%
22
21
2012
21%
2II4
24l2
2112
25
3784
3184
20
2034
20U
1958
1955
2834
30i2
31
Non-conv deb 4s A & O
2234
105l21068.J 105i210714 107
Non
conv
Non-conv deb 4s
Consol Coal 1st & ref 5s.._.1950
Certificates of deposit..
3158
3134
29
20i2
2334
2612
2434
"2434 "2684 ~24%
251$
2514
"251"8
26
35
3384
37
51
51
46
58
Sinking fund 5s.
1960
57
62
51% 42l2 49i2 4312 4678 4678 5212 50
48i4 6534 61% 65l2
Consum Gas Ch 1st gu g 5s.1936 10234 10278 10258 10278 102i2 10258 1023s 102l2 10214 103
99i2 9912
10134 10214
Consumers Pow Co 3J%s
109
109
109
10984 108
1965 107
10834 107l2 IO8I4 10734 108% 108i8 110
10914 108
10718 IO8I4 108
10838 109U 10884 10912 108
1st 1 & unif mtge 3J^s_.__1965 10414 10558 10434 10714 104
106
IO6I4 108
106i2 108
10578 107
10514 1063s 10514 106i8 10534 107
105&S 105
10684 104
105l2 105
1st mtge 3^8.....
105
106
10558 10634 106i2 108% 107
1083$
1043s 105
..1970
10378 105
104
105
Container Corp 1st 6s.
104
105
104
103
105
104l2 105
104l2 1033410434 1037s 10434 10414 105
1946 10414 105
10378 105
10412 104
10378 105
not
15-yr deb g 5s with warr_.1943 101
Copenhagen Tel 5s_.Feb 15 1954
Crane Co s f deb 3J^s_
1951
Crown Cork & Seal
s
f 4s... 1950
103% 106
Crown
Willamette Pap 6s. .1951 105i2 106i8
Crown-Zellerbach deb 6s .1940 102
10278
Cuba Nor Ry 1st 5J^s
..1942 55l2 6578
_
Cuba RR 1st 50-yr 5s g_.__.1952
1st lien & ref 7^8 ser A..1936
Certificates of deposit.
1st lien 8 f 6s ser B
1936
Certificates of deposit.
10212 101%102i2 10134 102
100
100i8
100i8 101
993s IOOI4
1651410534 105 10534 106" 106% 16513 foe" 105 106 105" 106% IO534 106% 1057s 10684 10512 106i2
105
106
105
1063s 10312 105
105
105% 1063s 104
104l2 105
105U 106
10578 104
10538 104
10234 102
10234
1031s 103i8 10234 103i8
10258 103
10278 10314 102l2 10314 10212 10234 102
56
60
56
59%
58% 543S 56i2 54i8 575S 5312 575g
64i2 56l4 6U4 55i2 6078 55l2 58
54
57
58
56% 56
53l2 58
5534 59
61%
5U2 54
54is 58is
6018 53
58l4 52
59
59
66
70
643s 6884
64i8 59
6212 667s
5934 66
62i2 6684 55i8 6212 5818 63
10034 10314 102
10238 10034100
100
102
100% 10012 101i8 101
103% 10178 10278 101
100
98
97i2 100
96
4914
61
7512
467$
70%
6034
64l2
56
60
633S
6178
62
63%
10314 10134102i2 102
101
62
68
99%101
997s 101
61%
64%
60%
62
60%
62
59
67%
10134 102%,
100
100%
99% 103
106% 107
10334 105
J0134 102%
100% 100%
101
10284
106
106i2
10412106
10is4 10234
56
62
58
66%
60
64%
58
66
65%
69%
74%
71
72
70
7534
71
74
70%
73
62%
71% 71%
Cumberland T & T 1st gen 5s '37 10334 104l2 10358 104
100% 100% 99% 100%
10318 10358 102% 103% 102% 10234 102% 102% 10134 102% 101% 101% 10I" ioi% 100% 101
107
Dayton Pow & Light 3^8.-1960
105% 106% 106
106% 1065g 105
10638 104% 106% 105% 106
106% 107% 106% 107% 106% 107% IO684 108% 106%108%
Dela & Hudson 1st ref 4s
1943
83
8334 8838 87% 91
88% 90%
87% 9134
8134 85
78% 83% 82is 90i4 8312 89
8634 8234 845S 80% 83% 78% 82%
102
Gold 5^8....
102
101%
.1937 98
1013S 10134 100
9914 10214 101
101% 101% 10134 101
IOOI4
100% 101% 9984 101% 101
10U2 100% 101% 100
Del Pow & Light 1st 4J^s__1971 IO6I4 10634 105i2 IO6I4 105l2 106
105
1st & tef 4Ji8-,._%_..^,.w--1969 10334 105
103U 104
10314 105l2 10238
1st Mtge 4J^8
1969 10434 106
105l2 110
105%
Denver G & E 1st & ref 5s..1951 1063$ 108
108
1051*
108% 106%
10*7%
Stamped as to Pa tax..
10634 10714 10634 10712 107
108% 10534
Den & Rio Grande 1st cons 4s'36
30
35
3378 38
34ig 38
31%
Consol gold 4^s
1936
3U2
Den & Rio Gr W gen 5s Aug 1955
Assented (subject to plan).
Ref & impt 5s ser B._Aug 1973
1318
13
23
3458
177s
17%
287S
Des Moines & Ft D 4s ctfs..l935
34i2
16i2
38i2
19
35
38
18
15
18
16
2014
203g
27%
484
31
27l2
578
7
31%
6%
31%
14%
1334
24%
4%
14
Gen & ref mtge 4s ser F..1965 1085s 10912 109
Gen & ref mtge 33^ s ser G 1966
Det & Mackinac 1st lien g 4s 1995
First 4s assented
Second
11058 10984 11078 110
50i2
5012
35
50
16%
24%
19%
30%
26%
4
5%
458
68
Des Plaines Val 1st gu 4^s. 1947
66
71
68
67% 67% 68
Detroit Edison Co 5s ser C..1962 10812 110
109ig 10958 109
10912 108% 109
Gen & ref 4J^s series D...1961 113
114i8 114
115% 114% 116
114%116
Gen & ref 5s series E
1952 10812 llOU 108% 1097g 108i2 1093g 10884 110
;
1434
25%
3%
17%
15
2934
4
25
3%
68
108% 109%
115% 116
10834 110
11134
111% 111
108% 109
10726108% 107% 1087
10834109
11534 II684 115% 116% 115% 116% 116% 11634 116% 117
108% 109% 108% 10834 108
10834 108% 10834 108% 109
110
11134 110
111% 110
111% 11034 112% 110% 112
46
Second 4s assented.
1995
157g
Dul & Iron Range 1st 5s...1937 IO6I4 107
Convertible
7214
2U4
Penn coll trust g 4s
107
106l2 110
107l2 10714 108
130
130
131
3234 3258 33
32">s 325g 33
111
111
con g
.1953
4s series B..1953
1953
4s series D
74i2
75
74
Ref & impt 5s series 1927.1967
70
Ref & impt 5s ser 1930.... 1975
6958
Erie & Jersey 1st s f 6s
1955 117i8
Genesee Rlv RR 1st s f 6s_ 1957 1167s
N Y & Erie 3rd Mtge 4J^s 1938
First
4s_":___..
107
10578 106
Fed Lt & Trac 1st lien 5s
International
4258
48
45%
101%
100
series.. 1942
99
99
50%
101
1942 977s 102
1942 10134 103
100
8
f 5s stamped
s
f 6s
stpd
f 7s
con
g 5s.
1954
95
98
1946
30-year deb 6s series B
Fla Cent & Pen
61
65
1943
521s
Florida East Coast 1st 4}£s.l959
1st & ref 5s series A
1974
Certificates of deposit
Fonda Johnst &Glov 4Hs_.1952
107
54
63
102
10134
102%
10258 104
98
100%
60% 70
54% 57
56% 63
8
11%
9%
11
8
Ids
7
10%
678
11
-
5l"
59"
57
58
55%
59
8
(Amended) 2-4s cl'm filed »982
4
912
678
5
678
558
55g
4%
9%
5%
4%
3l2
5
5%
6%
5%
5%
4
4%
3%
4%
35g
Certificates of deposit..
Fort St U D 1st g 4^8.
1941
Ft Worth & D City 1st 5 ^s.1961 10514 10514 105
106
108
Collateral trust 6s
10534 104
108
142
89
88%
94%
83%
107
107
107
105% 10434 10534 105
107
110
107
107
111%
i07%10*7%
105
105% 104% 106
107%
88%
8834
90%
90
90%
88% 92%
92%
105
1063g 105% 105% 105% 105%
941
90% 95% 89% 92% 90% 93
93
92% 90
95% 913S 94% 90
88%
833g
88%
86
92
94
85
89% 88% 89%
10634 106% 106%
88
111
173
111
110
111% 110
109% 110
110
83
11734 117
118% 118
111
89%
90%
9334
89%
94
89%
91
94
91
90
91
90
92
90
87
84% 88
84% 88%
84% 87%
8534
84% 89% 86% 91% 84% 88%
117
118%119
116% 118% 118% 118% 118%119
118
118
117% 117%118
118% 117% 118% 117
111
112% 112% 112% 112% 11338 113%
10
9%
105% 105
1067s 107
105% 105
66%
66%
60"
"61%
62
61%
4%
334
4%
3%
4%
87%
873s
94%
4%
ser
62
105
103
101%
103%
103
10334 102% 103%
104% 103% 104
104
102% 103% 102% 104
101% 101%
75
77
80
76%
87%
65
65
61
65
72%
72%. 80
17
12
11% 1634
13
12%
68
69
76
74%
78%
78
81%
15
18%
14%
1734
15%
15
18%
4%
4%
5%
4
19
8%
9%
4%
3%
60
105% 104
10334 103% 1043S 104
103% 102
102% 102% 10234 102%
101%
103% 10234
103% 101% 10334 102
5
3%
484
4%
3%
107
106% 106% 107
106% 105% 10534 10522 10522 105^105% 105
107
105% 105% 105% 106
108
1083s 107
110% 107
108
10934 107% 109% 107% 108% 107%107% 107% 107%
106% 108
67
78% 83
62% 78
138
78
84
82
79
84
79
85
75
86
120% 122
80
84% 86
122% 118% 140%
81% 79
4
3%
5
95"
97%
3%
4%
105
109
107
3512
57i8
5278
57%
56
61
58
7514
87
5534
86%
90%
87
87
88%
90
87%
88%
57
57
57%
60
62
63
63
65
.1956
Galv Hous & Hend 53^s
1938
Gelsenkirchen Mining 6s...1934
Gen Am Investors 5s
10
105
Framerican Ind & Dvd 7 ^s. 1942 106
Francisco Sugar 1st s f 7^8.1942
Certificates of deposit
s
109% 111
67% 70
66% 74* 65~
101% 10234 102% 103
10234
101
102
103
102% 102% 102
1005s 102% 101
102% 103
103% 103
101
101
10078 101% 99% 99% 100% 100% 101% 101%
101
103
102% 102
100% 102
10134 103
103
10134 102% 102% 103
102
103% 103
103% 103
1025g 103% IO284 104
104
103
104
103%
99% 99% 100% 102
99% 100% 99
100% 98
10338 102% 103% 102%
77
70
65
68
7234 8434 83% 83% 75
67% 71
79
7534
u
54% 56
54% 54% 54% 54% 54
56
59
61
58% 59
60
58
60
57 ?; 66%
60% 59
66
61% 64
5934 62
8
8
8
8%
9%
834
11%
11%
8
9
9%
7%
9%
7
9%
8%
784
7%
1034
7% 10%
8%
87g
7%
884
7%
54
Proof of claim filed
Gen Cable 1st
108
114
114
114%
112% 11234 112% 11234 11234 113% 114
103% 104% 103% 10434
108% 108% 108
107
107% 107
106% 107
105% 104%
103% 10534 102% 104% 10234 105% 104
85
82
86% 8434
85% 84
88%
86% 82
106%106% 106% 106% 106% 106% 106% 106% 106
84% 85% 85
85% 87% 81% 8534 81% 85
86
83% 86
85
85»4 82% 8434
87% 85
76
86
81% 84% 75
76% 817s
72% 79% 72% 77% 77% 80 "
77%
7634 7934
76%
75% 81% 7134 79% 72
77%
119
117
11734 118% 117
118% 118
119
117% 118% 117%
1175s 117% 117% 11734 119
118% 119% 118
103
103
104% 104%
98
1st lien
s
108
113% 114
113% 114% 114% 115% 11434115%
109% 114
107% 107% 107% 107%107%
106% 107% 106% 106% 107
135
135
135% 136% 13634 138% 136% 138%
107
108%110
106
10578 106
102
101% 10414
84i2 83% 89%
106
106% 106%
87i4 86% 89%
86i2 86% 89%
84i2 85% 88
77
86
7814
78i4
76% 8534
11734 1175s 118%
1942
1st lien
Fiat deb
110
107
107
106
109
108% 109
1045s 105% 10658 108
10212
Fairbanks Morse deb 4s....1956
5s
40
.1947
Ernesto Breda Co 1st M 7s. .1954
;
al09% 109%
109% 11034 109%111
10934110i8 110
U058 10934 111
107% 107% 107
1073s 10758 107% 107% 107% 108
107%
132
138
130% 130%
28% 32% 2734 285g 2434 25%
275g 3258 2734 29
11158 112
III34 1113J 112% 112% 112% 113
137% 155
1951 10578
con g 4s series A.
conv
t 33
105% 105" 105% 104% 104% 104% 10434 103%104
1063s 1055s 10534 105% 10534 105% 105% 105
103% 103% 103% 103%
68
65
69
67
82
81
60% 69% 65% 70
83%
86% 81
84%
57i2 6612 60
75% 85% 80% 83
10734 107% 108
107%108% 107
109%
109% 109
108% 108
107% 107% 107% 108% 108
16
21
18% 20
37
16% 21%
25
33
41%
16i2 20
16l2 23l2
4034 47%
19% 20% 20% 29% 24% 27
20
16% 2134 18% 20% 19
49
2078 1634 21
20% 20% 29% 25
39% 40
2834 24% 3134 30
4%s ser A. .1951
4%s
1946
1965 10034
.Erie & Pitts gen gu 3J4s B..1940 105i2
Gen guar 33^s series C
1940 10578
Erie 1st con g prior 4s
1996 99%
1st cons gen lien gold 4s._ 1996
77%
Gen
33
116% 116% 116% 11734 117%117%
115%117
deb
stamped
50-year
50-year
35
114% 114% 116
67
El Paso&SW 1st & ref 5s__1965 10134 10258
58
50
50
40
45%
106
104l2
111
45%
45
35
1578
114
:Det River Tun 1st 4tfs
1145S 11534 11634 114
11334 116
1961 1125s 1131s 1135s 11414 11434 116
Donner Steel 1st & ref 7s AA '42 104U 105
1037S 10434 103% 1035g 103 lO^ 102%103'3Z
104i2 105
Dul So Shore & Atl g 5s
1937 52l2
Duquesne Light 1st 33^s
1965
Eastern Cuba Sug s f 7^8.-1937
125s
Certificates of deposit..
East Ry Minn No Div 1st 4s. 1948 10412
East T Va & Ga 1st 5s
1956 10384
Ed El 111 Bkn 1st cons g 4s..1939 107
Ed El 111 (N Y) 1st cons 5s__1995 128i4
El Pow Corp (Germany) 6}£sl950
32i2
1st sinking fund 6J^s
1953 32l2
Elgin Joliet & East 1st g 5s.1941 110
46
50
50
50
45
1995
11584116%
116% 117
109
109% 108% 109%
11034 112% 110% 112%
108% 109
108% 109%
35
...1995
gold 4s
El Paso Nat Gas
105%
10534106% 106% 106% 10634 107% 104%104% 105
101
102
102
102% 10134 102%
101% 10234 101% 102
105
105% 105
105% 105
105%
105% 105%
107" 10734 107 107%
107
10734 10734 108
105% 107
107
107%108
10734 106% 107
106% 106% 107% 108
30
32% 30
34% 32% 36
29% 34% 30% 3434
30% 33% 30
34% 33% 36% 2934 33% 31% 35%
13% 17%
16% 20
16% 19%
16% 19%
1334 17%
16%
15% 1834
13% 16% 1334 17% 16% 19% 15% 1834
27% 32%
27% 25% 29% 27% 32% 25% 30
28% 25
4
4
5
534
634
7%
8%
4%
7%
5%
9%
106% 105% 105% 105%106% 10534 10634
102%103
104
100% 104
100%103
105
105
105
105% 105%
105% 105
106% 1073s IO684 107% 105% 106%
108
106% 107
10734 106% 107
106% 106%
31% 3334 30
31% 33
36
32%
33% 31% 33
3634 31% 33% 32
15%
18
20
1434 17
15% 17%
81
52
87
91%
94%
"94f8 Yd"
"96"
97"
83
9434
98
104% 103" 104" 162" 103% 101% 102% 102* 10234 l6l34 102% 102% 103"" 102" 162"
10134 103
102% 104% 102
103% 103
101
10434 105% 105
10434 103% 105% 10434 105% 104% 105% 104% 105
106
105% 106% 105% 106% 10434 105% 104%105% 105% 106
34
33
32
34
34% 3434 34% 34% 35
40
3258 34
32% 29
33% 33
42%
36% 36% 37%
40% 41%
37% 40
31
34% 34% 34% 36% 36% 36% 37% 37% 41
3234 31
32% 30
32% 33
33% 33% 34% 34
40% 41% 40% 41
33
31
32
33% 33% 34% 34% 35
30% 33
42%
313g 32
32% 34
36% 36% 36% 37%
37% 41 . 41% 43% 40
A. .1952 10134 103
f 5 Ms A
1947
Gen Elec
(Germany) 20-yr 7s '45
Sinking fund deb 6Hs.._1940
Sinking fund deb 6s
.1948
Gen'l Motors Acceptance Corp—
10-year debentures 3s
1946
15-year debentures 334s--1951
104
Certificates of deposit
Ctfs of deposit stamped
Ga & Ala 1st
cons
5s
Georgia Caro & Nor 6s
19
1934
26i4
1934
Oct 1945
1812
2414
20
18%
24%
2034
32
16
1634
29%
12
12%
13
1334
30
12%
13
106""
Gotham Silk Hos deb 6s___ 1936 100
IOOI4 100
w
No
par
value.
104
105% 103% 105% I6334 105 ~
100
102% 100% 101
100s32
l03%
_
„
_
99
69%
88
71"
"so""
100
77
104%
_
m
99
70
1946
Gould Coupler 1st s f 6s
1940 '56
71%
Gouv & Oswegatch 1st gu 5sl942 100
100
Gr R & I ext 1st guar g 4348.1941 IO8I4 IO8I4
*
16
14%
35
35
108% 108
105% 105
.1956
Goodyear Tire & Rub 1st 5s 1957 104%
w
105
90%
89
1025S 103
103% 102% 103
94%
9134
96%
95
98%
100
70
85%
I()4~ 105%
-
t Companies reported in receivership.
109%110
r
"
Cash sale.
108
-
74%
•
-
-
92%
~89%
104
Ex-dividends.
2378
31%
32%
28%
3334
35
35
32%
103"
29%
122
~
~
103% 105
~
103% 105
"
"
101% 108
"
105
107%
104% 104%
111% 111% 111
111%
182%
104
109
Ex-rights.
104
103
114% 128% 124% 143% 145
104
y
105
98% 100%
-
108
2;
23
26
36
34%
99% 103
104% 105% 104% 105%
9934
98
99%
9834
98
104% 104% 104
110" 1Y0"
29% 29% 40%
46
35% 34
27
27
33%
108% 108% 108% 108
108% 107% 108% 107%107%
105
106
105% 104% 10534 10434 106
105% 105
100
101%
17
36
20
25%
13%
"34%
S f deb 58
103% 103
26
18l2
22
103% 102%103
103% 103% 10334 103
10334 102
103% 103
102% 103% 103
84
77
98
76
84% 79
86
88% 93
89%
82% 88%
86% 90
26
23% 26% 23% 31
23% 26
25% 30% 2234 28
30% 32%
23
26
2634
2334 26%
25% 30
22% 28
Good Hope Stl & Ir sec 7s__1945
33" 34% "36" 34""
35% 34
3238 35
3258 35% 34% 35
Goodrich (B F) Co 1st 6348.1947 1077s 108i2 107% 108% 108
10734 108% 107% 108% 108
108% 10734 108
Conv deb 6s
1945 104
105
104
105% 104% 105% 10434 105% 10434 105% 105
105% 105
1st mtge 43is...:..
10434 104
103% 104% 103%104%
Gen Pub Serv deb 534s
103
104
1939 103
Gen Steel Cast 5 34s with war '49
92
8978 95
General Theatres Equip 6s. 1940
19
2658 22
109% 110% 111
'"
Volume
205
Chronicle
Financial
144
1936—Continued
December
November
October
September
June
July
August
March
May
April
February
Low
High Low High Low High Low High Low High Low High
High Low High Low High Low High Low High Low High
January
BONDS
Low
Grand Trunk Ry s f 6a
1936 103
Gt Cons EI Pow
(Japan) 7s.1944
102% 10234 1015s 102% 101% 1015S 10034 101% 100% 10034
1033s 1025s 103
90
*93% Yeiji
90i4
95
95
94
92
9338
90%
93%
83
99% 100%
92%
93
8884
95%
94
97
70
7l2
__
Greenbrier Ry 1st gu 4s
1940
Gulf Mob & Nor 1st 5 Ms ser B '50
1st m 5s ser C
1950
Gulf & Ship Is 1st ref & ter 5s
*9*5* " *94*
90l2
'52
69
Gulf States Steel deb 5^s_.1942 1021s 104
96%
9734
9334
9058
70
70
72
1021s 104i2 103
1952 10734 108U 108l2 108l2 109
45
39
46
37
6s (April 1936 coupon on). 1939
"3534 3*5*34
36i2
Harpen Mining 6s with war.1949 37U 3714 36
118l2 11734 11914
Hocking Val 1st con 4Ms
1999 116
Hoe (R) & Co 1st mtge
64%
1944 44l2 5914 56
86
89
Housatonic RR con 5s
1937
64i2 89
103* 10*4*"
109% 110
35
103
f 5^s
1940
f 5s A...1962
Hudson Co Gas 1st g 5s
1949
Hudson & Manh 1st & ref 5s '57
I6i"
103%
9
10%
1957
Adjustment income 5s
110
46
*35*
36
114
31%
118% 1*2*2* "
56%
56
61%
83
121
87%
31%
12158
6038
54%
57
74%
74
83
83
104
105
104
31% 31%
120% 122%
58
70%
58%
74
77
69
74
104
104
10534 105
10712 10534 10734 10534 10634 106% 108
87%
Collateral trust gold 4s..1952
80
85
84
89
1955
Purchased lines 3Ms....1952
Collateral trust gold 4s..1953
Refunding 5s
1955
8178
88
85i2
69i8
76
757s
91i4
8534
Refunding 4s
54
a31% a31%
121* 123% 122% 124%
gold 3 Ms
1951 102i8 102i2
Extended 1st gold 3 Ms—1951 102U 10214 1017s 1017s
111% 113% 112% 114% 11334 115%
72%
75%
11%
St Louis div & term g 3s..1951
...1951
Springfield div 1st g 3)^8-1951
Western Lines 1st gold 4s 1951
Illinois Cen & Chic St L & N O
1963
8738
893s
81%
89%
86
83%
*81%
85%
81%
85%
88
82
89%
82
89
82%
86%
84%
84
6834
77
98*4
7514
75
8412
8078
82
8912
88
88i2
88i2
87
88
7134
8178
8534
*95*
8734
9134
*9*7*"
78
87
86%
82
83%
76%
81'
90%
89
9
11%
88
90%
89
8078
9234
83%
95
96%
96%
8034
89
96%
85%
80%
84%
82
77% 80%
77% 84
1963 6734 76i2 75% 88
10634 10734 10658 108
1073s 108
1940 10658 10812 107%108
26
28%
323g 33i8 3258 33% 28% 325s
Ilseder Steel Corp mtge 6s..1948
Ind Bloom'g'n & W 1st ext 4s '40
101% 101%
101%
10078 10158 101
Ind 111 & Iowa gold 4s..
1950 99i2 100i8
33
35
35% 45
3434 3934 *34% *38**
Indianap & Louisv 1st gu 4s 1956 2134 3634
103% 106% 103% 10334 103% 1033s
Ind Union gen & ref 5s ser A '65 10534 10612
108* 1*0*8* * 10634 10634 10634 10634 10634 10634
108
General & ref 5s series B.1965 108
1st ref 4^s series C
B..1986
10%
12%
*98% *9*9%
84
8834
90%
9934101% 102
78
81
42
1943
3§~
*3*9* *
42
37%
37%
38%
34
a42
41
a42
38
38
33
36
33
w
1961 102
Plain
102
1961
Kings Co Elec L & P 1st g 5s.'37 10614 106%
160
Purchase money 6s
1997 155
Kings Co Elev RR 1st g 4s..1949 10314 IO684
Kings Co Ltg 1st & ref 5s
1954 1127s 11334
42
96%
96%
94%
*99*
*9*9**
81
86%
83
83
80
84
8884
8934
87%
91
96%
97
105% 103% 105% 103% 104% 103% 10434
80
84%
...1954 119
1st & ref 6Hs
conv
Kresge Foundation
105
a40
36
30
*27*
*2*8*"
95% 92
104% 102
105
Kreuger & Toll cl A 5s ctfs. 1959
Laclede Gas Light ext 5s
Col & re45Hs ser G
Col & ref 5)^s ser D
Coll trust 68
ser
A
Coll trust 6s
ser
13
935s
40
41
1*0*2%
*96% 9*7 ~
22
26
9234
93%
113
110
110
113%
99% 100
98% 99
10234 102% 103
1033s 102
100
106
106% 106% 106% 105% 105% 105%
156
157
156
157
155
157
156%
107% 104%
105% 1073s 1073g 108% 104
115%
11334 11334 11458 11434
106
121* 1*2*1**
102
100% 100%
77
109
315s
77
102%
Lake Erie & West 1st 5s
10134
2nd gold 5s
1941 10014101
9978 102l2 101%
Lake Shore & M Sou g 3>£s_1997
2714 24%
Lautaro Nitrate Co 6s
1954 21
1937 102
No
par value.
121
106
106%
*99% 10*0* *
102
100
107
109
104% 10834 105%
36&s
33% 41
112
33%
2734
103
87
87%
87%
84
88%
91%
88%
88%
9034
95
94%
9634
9#
97
9734
103
99
76%
108
96
81%
108
96
10134 102%
87%
88
89
91
9734
97%
10034 10034
9834 100
99
100% 100% 10034
103
47%
103
45
105
50%
10434 10434 106% 107%
44
49
38% 42
34
103
99
66
66
7134
10334 104%
94%
93
98
104
102
98
104
102
1*0*8%
39%
703s
76
64%
6734
Cash sale.
98%
46%
93
92%
95
92
93
92
94
92
95%
95%
98%
99
100
50%
98% 100%
53%
34%
34%
3634
37
6I84
7134
35%
72%
74
69%
9 884 102
94%
100%
9434
35
98%
79%
73%
7934
98%
6684
99%
74
863s
90%
84%
9134
77%
85
71%
79%
7834
82
76%
82%
71%
77%
2%
3%
3%
96% 99%
98%
102% 104% 103%
106% 107
106%
53% 62% 58%
51% 58% 55
110
110% 109%
88% 91% 89%
94
9834 96
108%
108% 109
103
105% 103%
35%
32%
4%
234
3%
2%
3%
9934 98% 100% 98% 101
104
105% 104
105
105%
108
107% 107% 107% 108
55% 60
55% 62%
63
59% 51% 55%
51% 59
109%
91
91% 90% 9*134
94%
9834
99% 97
95% 99
109
108% 109% 109% 109%
103% 103% 10434 103% 104%
42
44
32%
2834
33
25%
97
115%116
120* 120"
101
65%
68
67%
118
118
101% 101
104
24%
97
25%
70%
74%
70%
68%
68%
y Ex-rights.
25
97% 9934
104% 102% 104%
115
114%115
115%
100% 101% 100% 10134
105
109
10734 108
108
108
103%
10*3*34 103*
160
163
107%108
103
"
162% 162%
108% IO8S4
115% 115% 115%115%
118
119
118% 119
100
100%
99% 99%
111% 11334 110
112%
68%
69%
35%
34%
24
100
44% 46
101%
99% 101% 101% 102% 100
72%
72
72%
70%
101%
104%
10434
3534
32%
104%
103%
40
30
103
70%
73
72%
40
35%
*321*2 "33""
9934101
103% 101%102% 102
104% 103
102% 101%102% 100»4 102% 102
Ex-dividends.
44
*35% *35%
25
30
93
94% 95
96% 95
96% 9434
10334 103% 104
10334 104%
102% 103% 103
114%
113% 114
111%113% 113% 114% 113
101
101% 1005s 101% 99% 102
101% 101%
101
101
105% 1053s
102% 101
106
107
107% 107%
106% 106%
104% 105
104% 104% 104% 104% 103% 103%
160
15934 163
160% 160% 160% 15934 162
106
10634 106% 10634 10534 10634 105% 108
75
74
7534
33%
31% 33%
65% 85%
73% 67% 74
102% 101% 103
98%
9784 9934
97%
93% 97
103
10234 102
7334
32
68%
30
69
75
35%
98% 100%
36%
36%
88%
42
98% 100%
6634 71%
6684 70%
63%
79%
33
101
9434
69%
35%
101
34
88
93
96%
93% 98
99% 100% 101% 101% 101%
93
97% 97% 100% 98s4 100%
43
100
31
7434
33
100
92%
46%
44%
52%
46
95
93%
96%
92% 94
92% 96
97% 10034
98% 101%
10034 102
99% 102
98% 10Q
91
95%
35%
30
53%
4684
95
45%
38%
38%
73%
43
29
95%
49%
61%
35
*3*2* "
9*7*34 *93% 9*6%
94%
149
173
170
160% 155% 168% 158
3338 3734
36% 40
31% 35%
35% 38
11
13
11
13%
12%
12% 14% 11
42
*32*
*95*
155
112
11334 110
109%112
106% 10834 107%112% 111
36
37
38%
42% 40% 42%
41% 42%
42% 48
45% 48%
104% 102
10234 102
x
9334
9234
5734
9434
50%
42
65
101% 100% 101%
66
68
7034
103
102% 103% 103
104% 102
IO284 102
104% 10134 10234 102
r
95%
95%
63%
9534
54
50%
52
70
67% 67%
70%
101% 100%
1023s 103% 102% 10284 10134 102% 101% 10334 161" ioi~" 101
104
104
104
104
104
104%
10334 104% 104%104%
103
105
103% 104% 103% 10434 103% 10*4*34 IO384
103% 105
10358 105% 104
103
23
3534
32%
27% 26% 3034 28% 30% 30
27% 237s 26% 22% 26
J Companies reported in receivership.
102% 102
86%
32%
*
102*
87
87%
85%
40
105%U05%
106
160% 161
161
10534 105% 106%
115%116% 115%116
115%
122
11934 11934 119% 120%
100
102% 100
1939 IOU4 1023s 101% 102% 101% 102%
74% 80% 70% 77%
1953 72i2 8O84
70
78
80%
1960 715s 8012 75
80
87
77
80%
..1942 7414
80
Lehigh C &Nav con s f4H« A'54
Cons s f 43^s ser C
1954
97
105
102
44
3*3*"
115
1959
.1942
83
96
10534 106
10634 105% 10834 105% 10834 1063410634 105% 105%
104% 10*5*" 105%105%
10334 104
102% 103
108
106
10634 105% 106% I64341*0*5*34 104% 107% 107
103% 102% 103%
106
120
111
1945 108
32i4 35
4s
75%
100% 100%
105
105
101% 102% 102%
42
46% 44
103
103%
*33*
1035s 1035s
7^8.1936 102l2 10278 102
5s uniform ctfs of dep
86
91
91%
89% 9334 90% 95% 8834 9234 87
79% 83% 8234 89% 88
84
83
87%
77
84
82% 86%
8534
88% 85% 90% 84
75% 78%
107
108
107
10734 106% 107% 106% 10734
10734 107% 107% 107
106%108
4J^s unguaranteed
Kinney (G R) Co
81%
94%
35
a40
3t% 37%
39
30
32
30
*291*2 3*0*14 29
(par S925)
96
94% 96% 93
Keith (B F) Corp 1st & ref 6s.'46 92i2
9634 93
Kendall Co5^s with warr.1948 102U 1033s 102% 104% 103% 104% 103
110
114% 114
1075s 1083s 110
Kentucky Cent g 4s
1987 107
97%
97
97% 98
96% 98
Kentucky & Ind Term 4>£s.l961 89
101
98
101
103% 103%
101
Stamped
1961 98
w
109
105% 10684 106%106% 107% 108
1978 10278 10312 102'316103l4 102'732 l0234
1981 1023s 10278
94
9*5*
94
95
92
92
95
94% 95%
93
9434
9434
8912 92i2 9238 94
9234 93%
91
93
92% 9334 9134 93
90% 9234
9134 93s8
903s 92%
875s 90
Certificates of deposit
48
58
50
54%
48% 49% 49
57% 48% 52
5434 60%
10-year 6% notes
1932 6134 6512 597s 63
46
52%
50
54
59
45% 46% 4934 5034 45% 47
53% 56
60i2 5634 5634
Certificates of deposit
97
93
96
93% 95%
94&s 95
90
92% 94% 93
923s
91U 94% 9134 93%
10-year conv 7% notes—1932
91
92% 93
92
94
92% 94
91
93% 92% 96%
94%
89% 92
8734 90
Certificates of deposit
92% 9434 90% 93
9334 95
9034 9334
9238 96
9234 97% 92% 963s
86i2 97
Interlake Iron 1st 5s B
1951
9634 99% 9834 100
9834 9934
99% 100%
99
100l2 99% 10234 1015s 102% 99% 102
Int Agric Corp 1st 5s stpd..l942
134
150
122
14734 160%
133% 137
140% 126% 134
14134 124
Internat Cement 4s
1945 1153s 11934 118% 132
34
37% 35
3734
40
44
37% 34
38
35% 41% 36
40i2 393s 47% 40
Int & Great Nor 1st 6s A..1952
9
10%
13
9% 11
10% 11%
9% 12
934 13%
1434
11% 14
14is
Adjustment M 6s series A.1952 IOI4
35% 32% 35%
38
35% 33
36
39
3834 33% 36% 33
46% 38
4234 34
1st 5s series B
1956
35
34
33% 35
36% 34% 35% 33
39
3734 34
3658 45
38% 41
1st 5s series C
1956 36
44
51
39
59%
59%
4634
50% 57% 3634 63% 40% 43%
5412 4958 59
Internat Hydro Elec deb 6s. 1944 45
72
75% 72
74%
70% 75
68% 74% 69% 74
6514 7U2 69% 79% 7234 78
Int. Mer Mar 1st coll tr s f 6s.'41
96
101
99% 100%
96%
93% 90% 955s 94
IntPaplst&refconv5s,A&B.'47 9212 9834 9434 98% 91% 96% 91
80
85
92% 89% 92%
85%
86% 80% 845s
75% 80% 75% 82
Ref s f 6s ser A
1955
757s 853s 82
85
87% 85% 88
86
90
86% 88
85% 87
82
8734
81% 86% 86
Int Rys Cent Am 1st 5s B..1972 80
94
97
92
95
96% 100
9834 9934
93% 95
95% 9334 96
1st col tr 6% notes.
88l2 93% 91
...1941
93%
87
89
89
86% 91% 8934 93% 92
87% 93
83% 93%
1st 1 & ref 6Ms
1947 8118 85U 84
74
8134 68
7534
79% 8234
81%
73% 84% 75
875s 843s 9134
80% 8734
Int Tel & Tel deb g 4Ms
1952 75
88
93% 80% 88%
89
91
91% 93%
96%
88% 9334
97%
Conv deb 4Mb
1939 86i2 98i4 95% 99%
85
7734 87% 73% 80%
83% 87%
79% 89% 80
86% 92
91l2 89% 95
Deb 5s
1955 79
1003s 1003s 100% 100%
Investors Equity deb 5s B..1948 100l2 101
100%
Without warrants
100i2 1005s 100% 100% 100
2
2
2
2%
3%
2%
3
2%
234
3%
2%
334
Iowa Central ref gold 4s
U8
358
1951
92
94
93% 96
95% 96%
92% 94
96% 92% 96
8934 95% 92
James Frankl & Clear 1st 4s.'59
8434 8978
10234 103%
Jones & Laughlin Steel 4Mb '61
105
105
104
106% 106% 105% 105% 10434 106%
104% 105%
10314 104
Kanawha & Mich 1st gu4s.l990 102
47
57
51% 5634
54
4534 48%
*40% 48% 42% 45
45% 57% 45
K C Ft S & M Ry ref g 4s
1936 40U 46
50
41
52%
53%
45% 40% 42% 4234 46% 44% 52
43% 50
Certificates of deposit
3714 4334 43
110» 11034
11019 112
111
113
113% 111% 113% 111
11234 111% 113
Kansas City P & L 4 Ms
1961 11212 11334 113
86
85% 87% 86% 88%
85% 86%
81% 83% 81
78% 84%
8134 85
Kan City South 1st g 3s
1950 74i2 81
93
96
84
87
88% 92% 89% 96
8334 90%
67
77
7538 87%
Ref and improv 5s..April 1950
82% 88%
108
10834 108% 109
107% 109% 107% 109% 107% 10834 108% 109
10SU 107% 109
Kansas City Term 1st 4s
1960 107
102% 106% 10258 105% 104% 105% 104% 105% 104% 105
105% 1055s 105% 106
Kansas Gas & El 1st 4Mb
1980 1045s 10534
w w
109
27
29
31% 31% 30% 30% 29% 30
126
123
125% 125
122% 12234 123% 121%124
77
82
90% 95%
80% 86
,83% 91
7934
72
81
70
78
68
70
7234 77
102% 102% 102% 102% 102% 1*0*2% 102% 102%
102%
102% 10*3* * 10234 102% 102% 102% 101% 102% 102
101% 102% 10134 102% 101% 10234
10158 102% 101% 103
54
49% 5534
61% 5034 57%
47% 55%
4434 48
122
123% 123% 123% 124%
122% 122% 123% 123% 124
77
81
84
82%
8034 84
81% 85
72% 84%
30
35
33
33
36
35
38
3534
29% 38
1st M s f 4^8 series B
Ctfs
90
10234102%
1st mtge s f g 4Mb A
Ctfs
90
83
83
82
104
70%
Interboro R T 1st & ref 5s_.1966
stpd (par $645)
stpd (par $925)
69
103% 10434 103% 104% 104% 105% 104% 107
Inland Steel 3Ms series D..1961
w w
108%
122*
10034 10034
100% 101
92% 9534
Illinois Steel deb 4)^8.
Karstadt Rudolph 6s
120
109% 109% 11034
10734 107%108% 10734 108% 10734 108% IO734 10 884 108
109
111
109
110% 110%
108% 108% 109
104
105
105
10*5*
105% 10*5% 105% 105% 106% 106%
10634 10634
102% 103% 103% 103%
89% 89%
92
94
92
95
94%
91% 93%
86% 89% 90
79% 87%
79% 82%
92
96
93
95
94%
90% 9534 92
84% 89%
88% 91
82% 8534
87%
84
84
87% 88%
8734 8684 89% 86
7734 82% 81
78% 79%
8684 89%
87% 90% 86% 89%
8334 89
7584 82% 81% 8334
75% 78%
84
90%
90
78
78
Joint 1st 5s series A
109
69
75
75
75%
13%
IO984
107
795«
94
95
96
90
9434 95% 94% 97% 99% 100
9734
993s
10012
100%
101
100% 10034 100
101% 100
102i8 102% 1015s 102% 100
73
79%
69
71% 75%
73%
40-year 4Ms
Aug 1 1966 643s 70i2 69% 84% 72% 795s 68% 78%
105
105
104% 105% 10634 10634
104
104
104% 104% 10434 10434
Cairo Bridge gold 4s
1950 10314 103%
92
94
9234 93%
87
9134 93
88%
91% 91%
Litchfield div 1st gold 3s-1951
99
98
97% 98% *98* *9*8% 98
9634 98%
Louv div & terml g 3 Ms.. 1953 "911*2
flY" 9534 97% 97
81
81
80
8034
81
82
83
8384
77
80
83% 85
Omaha Div 1st gold 3s
1951 7258 77
Ctfs
11434 114% 115% 115% 116
116% 119
115% 116% 116% 118
105% 104% 106% 104% 10634 10634 109% 107
10734 106
103% 103% 105% 104% 105% 105
119% 118% 124% 117% 12034 115
12234 117
1083s 10634 108% 107% 108% 107% 10934 107%
70
99
46%
1st
ser
80
*3*5""
Illinois Central 1st gold 4s. 1951 1053s 1053s 10934 112
3Ms
90%
90%
114% 113% 115
116
1153s 114
110
109% 112
79
79
82% 82% 82
103% 103
103% 102% 103% 102
10334 10334 10234 10234
103
103
10414 104
105% 104% 104% 104* 10*4% 10358 104
102% 102% 103%
102
101% 102% 101% 102% 102
102% 10134 103
1007s 10234
40
42
42
45
43% 4134 433S 42% 46%
39% 43
48%
38l2 43
122
122
122
122%
1215s 123
121% 123
1195s 121
12014 12138 1215s 123
74% 79%
78% 79%
85
7834 84
88% 833S 86%
89l4
8034 86i2 85
32
29% 33
26% 30%
36
30% 3234 30
32% 38
3934
3234 39
Illinois Bell Telep 3 Ms ser B '70 104
Ref & impt M
9534
94%
78
108% 110% 1073s 10738 107%107% 107% 107% 108% 108% 107%109
4938
,
Houston & Tex C 1st 5s int gu'37 105
Houston Belt & Term 5s
'37 104
Gold 3Ms
90
99
10334 106% 104%106
106
104
106% 104
31
s
9234
75%
75%
75%
75%
104%
Hansas SS L 6s Oct '33 coup '39
s
96%
90%
1946
Hackensack Water 1st 4s
Hudson Coal 1st
98
94
1966
C
10-year deb 4j»^s
Houston Oil
*95*
9134
77%
72
947s
90
94
96%
11
1034 11%
12%
108% 108% 108% 108%
108% 109
108% 109
"99% 1*0*1% 161" 103~ 102% 103% 103% 105% 103% 106 102% 105
96% 102
99
101%
99%101 "
99% 102
96% 101
92
93% 96% 94% 98%
9434
934 11
1073s 1073S
9%
1065s 107
*9*8%
jo
"98*12
885S
9
11%
77%
8H2
69
ser
9
14
11
""""
"90"
Stamped
Gulf States Util 4s
143s
IDs
95
87
60
60
70
1238
99
95%
97
9634
94
83
86
86%
81%
82% 8934
90%
10058
101% 100«32l00«32 100
1133s
11038 112% 11134 1135s 113% 114
1st & refund 4Ms series A 1961 107i2 10938 108% 110% 1093s 113
110% 113
111
110
114
116
115% 111%115% 112% 115% 113
General gold 5 Ms ser B..1952 107i2 11U2 110i2 11412 111
109% 109
106% 108% 10634 109% 108
General 5s series C
1973 10334 10634 105is 110
106% 112% 106% 109
101
101
105
IOIS4 10018 1035S 10234 104% 103%
104
102% 100
General 4M8 series D
1976 967s 101% 100
99% 10338 101% 103% 103
General 4Ms series E
100% 10234 99% 101
997s 105
1977 96% 1003s 9938 104
111%119% 112% 12034 117
110
115
109% 112
Gen mtge 4s series G
110% 115
1946
103% 106% 10534
Gen mtge 4s series H
9934100% 100% 100% 100% 105
99% 101%
1946
1 >5% 107% 105
1073s 104% 1063s 106% 107
Units(equal amts of G & H)'46
83
89
91
91
1st & gen sink fd 6 Ms
1950 8534 89i2 88
Gt Nor gen 7s C B & Q coll A1936 102l2 10278 102i8 10234 10158 102% 101
Green Bay & West deb ctfs A
Debenture certificates B
99
96%
95
99
90
Grays Pt Term 1st gu g 5s_.1947
4434
99
45%
IOOS4
72
74%
69
73%
63%
69%
72
74
69
72%
63%
69%
71
73
70
73
65
100% 100% 100% 101% 101
10434 10434 105
10534
104% 105% 10434 106
29
32% 29% 34%
29% 3134 30
33%
104% 105%
104%105
103% 104% 103% 10434
70
103%
10534 106
106
33%
3234
107%
39
38%
104% 105%
10334 105%
206
Financial
Chronicle
Jan. 9, 1937
1936—Continued
January
BONDS
March
February
June
April
May
July
August
October
September
November
Deceritber
High Low High Low High Low High Low High Low High Low High Low High Low High Low
High Low High Low High
Low
Lehigh & New Eng RR 4s A. 1965 105
Lehigh & N Y 1st gu g 4s...1945
57
Leh Val Coal Co 1st & ref s 15s_*44 97
1st & ret
,
,
s
f 5s
1954
1st & ref 5s
1st & ref
10512 10434 105l2
71
74
80%
100
9978 101%
68
64l2 72
7284
...1964
.....
64
f 5s
6658
75
69
1974
64
6778
65
98
98%
99
100
8234
95
Leh V (N Y) 1st gu g 4Ms..l940
Lehigh Val (Pa) gen con 4s.2003
8134
95
33%
4558
62i4
61%
99%
9434
9414
44is
4834
50i8
68
Sec 6% gold notes
1938
Leh Val Harbor Term 1st 5s. 1954
58l2
64
7058
s
General consol 4Ms
2003
34
49%
94%
9284
44%
48%
Gen
2003
40
69
55
5s
con
96
9578
Leh V Ter Ry 1st gu g 5s
1941 10434 10578 103l2 105
105
Lexington & East 1st gu 5s. 1965 115
117
117% 117
118%
Liggett & Myers Tob 7s__..1944 133% 135
135
136% 135i8
5s
Little Miami gen 4s
Loew's Inc deb
ser
s
ser
A
f 6s
Lombard Elec 7s
<.-1951 I2I84 123l2 122%
1962 108
108
Deb
s
1941
f 3M»
10434 10434 10484 10478 10518
66
70
67
7212 75
9738 98
97i2 98
9738
66
70
6978
60
65l4 69
64
60
66i2 60
6012
54l2
64
58
61
67i2 60
58
9978
9938 100
9938 9934
9812
94
96%
96*4
9434 9038 9278
93
93
97
90 84
9412
9378
41
53%
50%
41l2 45l2 4312
5778
46% 56
45i8 4934 48
54
6384
50i8 62i8
5034 55
106
107
105
IO584 10638 106
11834 11834 119i8 118 1205g 1201s
135
136
131
137
135i8 13178
78i4
97%
68I4
12558 122
98
12478 12312 126
108
111
96%
1952
Long Dock Co 3%s
Long Island gen g 4s
4514
52
98
1949
Lorillard (P) Co 7s
110
52%
105
60%
106
54
96i4
5978
105
106
105
10512 104i8 105%
103is 101% 103%
1005S 1003S IOII2 10034 10158 101% 102
9958 10212 100% 10212 10184 102% 101% 102%
13314 13178 13314 131
13278 13112 13212
121
11978 121
121
122
120
122
1944 131
5s
1951
118
Louisiana & Ark 1st 5s ser A_'69
84
Louisv Gas & El 1st & ref 5s.'52 11134 113
Lo & Jef f Bridge Co gu g 4s_ 1945
88
10712 107i2
Louisv & Nash gold 5s
Unified gold 4s
1937 104i2 104i2
1940 108
10834
1st & ref 5Ms ser A
2003 10412 106
1st & ref 5s
2003
B
1st & ref 4Ms ser C
Gold 5s
107i8 10938
2003 103i2 108
1941
1st & ref 4s series D
10784 10734
2003
1st & ref
95
91
93%
9018
1955
Lower Austria Hydr Elec 6Ms '44
72
77
73% 77
72% 77%
9912 100U
7234 77%
9978 100
103% 10412
10278 10334
6734 7312
7212 79
8318 9018
10834 109%
125
125
125i2 125
128i2
13512 13434 13512 13478 135l2
127
124l2 126
125U126
124
134
96
9758
96%
98
58%
59%
74%
71
7434
97%
63
105%
103
105%
101%103
10134 102
101
102%
131% 133
121% 122%
102"
10558 106% 106% 107% 1073s 108% 108% 10734
85
86
88
83% 86
875g 88
87%
86
91%
112
~90% "95% "93%
108% 109% 108% 112% 112
88
96% a96
96
98
112
94
96%
9558
92%
112% 111%113
111%
116% 117
99
116% 116% 115
93
IO314 10518
1023s 103l2
66I4 7212
71
77l2
79
8578
109
109l2
12878 130i8
124
135
136
12578 12678
9734
99%
9838
66
73
65
106
106
99%
74%
10518 105% 1043s 104% 103% 103% 103%
103%
101%
10358
103
101% 102% 103% 104% 103
101*4 10134 IOI84 102% 10134 102%
101% 10234 102% 103% 103% 10434
133
131% 13234 132
131% 132
120% 121% 120% 122% 121
122
99
102
66
65% 68
105% 105% 106
106
98%
99%
100% 101%
645S 69
69
104
103% 104
10434 10458 105%
102
10134 102
105% 104% 105%
104%104%
105% 105%
101% 1011%
105% 107%
131% 132% 132% 1325s 132% 134
12158 122% 122% 123% 123
123%
104% 104%
106
10634
10138 IOI84
105% 107%
133% 135%
124% 125
96
94% 9834 97% 98% 9738 99% 97% 100
99%
973a 99
111% 111% 110% 112% 11010 11034 110
110%
109
110
109% 109% 109% 1093S 110
111% 10984lll58 111
112*4
103
103
103%
103% 102% 10238
1013s 1015s
10734 108% 108% 109% 10834 109% 10834 109% 16§7a 109% 109% 110
10258 103% 102" 103
101% 10234
111
108% 109% 10834 109% 10934110% 109%111
111% 111
11134
107% 108% IO784 108% 107% 108% 107% 10834 107% 108%
107% 109
104
104% 103% 10334 103% 103%
103% 102
1043s 101% 10234 101% 102% 101% 10258 102
10234 10234 104% 102% 104%
96% 97»4
96% 98%
108
107% 107% 108%109%
109% 10934 10934 10934
111
111%
88
8684 88%
9034 92%
88% 91
92% 9384 93% 945s 93% 9558 94% 90%
114
114
113%114
113% 11384 113% 113%
95
94" 98% 97% 993g 99% 100% 99 100
97
94% 93
95%
99% 100%
112% 11134112% 11234 11358 113
112% 112
112% 112
114% 113% 11438 1143s 114%
98
92% 98% 98
96% 98
94*4 9638
93
90
92% 92% 91
90
1173s 118% 119
Sinking fund deb 5s
1951
McKesson & Robbins 5 Ms. 1950 10234
103% 103% 104% 103% 104
Maine Central RR 4s A
1945
Gen mtge 4Ms ser A
1960
Manati Sugar 1st
123
96%
McCrory Stores Corp deb 5 Ms '41
Proof of claim filed by owner-
99% 100%
77% 78%
9358 95%
11134 112
112
III84II2
111% 112
107% 10878 10758 10758 108i2 108% 107% 109
108% 108%
104l2 107
10412 104l2 104
104% 10364 104% 103% 103%
10784 109% 108i2 109% 10784 109% 10758 108% 107% 108%
10458 10512 104
105% 10334 104% 103% 10334 103% 103%
109
110% 110l2 IIH2 110
11034 109%111
109% 111
107% 10912 107% 1105S 107
108% 107% 109% 107
10934
106i2 107
106% 107
10488 106%
104%105
111%111%
Southern Ry jt Monon 4s. 1952
90%
74
99%
80%
91
94
95
112% 11134 112
101% 102%
Paducah & Mem Div 4s
1946 105
St Louis Div 2d gold 3s___1980
81
Mobile & Montg 1st g 4Ms_'45
Atl Knox & Cin Div 4s
124
10584
94
99is
110
2003
3^8 series C
122
132l2 13434 13314 135
124
125
124l2 122% 125
122% 121% 124i2
133
105
92
.
105
102% 102
1949 IO2I4 10234 101
1937
Guar ref g 4s...
ser
46
48l2
1950 10412 105i8 105
105
1938 10418-10434 10434 105
Unified gold 4s
20-year deben 5s
125
10512 10558
103% 104% 10234 103% 102«32l03
1946
A
123
105i8 10478 10512 10514 10512 1051210512 105
10514
70
683S 7534
7534 82
89
95
8U2 887s
9978 10012 98i2 98i2
97l2
9858 98BS
"64" Yo"
69
68
74
81
7212
7034 74
62l2 5512 6H2 61% 6314 6312 69
69i8 76
64
63
6H2 53l4 6012 60
6812 69
7434
9912 9812 9884 98i2 9834 9834 99
9834 9938
90
9712 O012 101
9538
100*8 104
102l2 104
93
9178 9734 97U 9912 99is 1013s 101
103
47
68
66
70
61&8 66
50i4
7258
75%
553j
5038 66
6934 71% 70i8 7778
75% 81%
59
84
6684 8034
5638 73
89
7734 86
106
107
10518 1057s 10534 107
10712 10778 109
s f 7Ms._.1942
Certificates of deposit
Stpd Oct 31 coup on
1942
23
33%
34
22
33
34
41%
41%
23
23
36
40
Flat stamped modified
Certificates of deposit
21
34
34
3334
33%
67%
71%
65%
64%
68
62
50
50%
49
103% 103% 104
103
104
103% 10438 103% 105
104% 106&8 105% 100%
10338104% 103% 104% 104
104% 104% 104% IO384 104%
100
100% 100% 102% 102
103% 102% 104% 103
104%
78
78
86
82
80%
78% 83% 82
85
80
80
44
41
53
47
49
67
52%
583a 85% 76
98%
46
52
52%
43% 41
48% 66% 59% 84% 76
97%
103% 104
99% 100
76
41
20
103
49
Manhat Ry (N Y) con g 4s_.1990
Certificates of deposit
2nd
4s
2013
Manila El RR & L 1st & coll 5s.'53
Manila RR Sou Lines 1st 4s. 1939
1st extd 4s
1959
Mfrs Tr Co ctf of part in AI
Namm & Son 1st s f 6s
1943
Marion Steam Shovel s f 6s. 1947
33
44
40
43%
41
36
33
44
40
43
40%
60
59
65%
62%
58%
56%
60%
56
59
58%
54%
56%
5358
58
59%
54%
41
41
38
38
34%
36
35
35
35
38%
39
91
91
82%
82
825g
*82%
94
89%
965s
95%
96
7358
73%
80%
87
80
80
38
69
655g
60
63
94%
80
63%
65
100"
99% 100
80
82%
67%
36%
36
99%
37%
33
37%
67
74
82%
32%
37%
38
94%
98
38
35
36%
63%
42%
61
ManGB&NWlst partg3Ms'41
3558
98
100
86%
72%
15
18%
14
15
13
3%
3%
29%
Bay City Air Line 4s...1940 102%103
Jack Lans & Sag g 3M8--1951
1st gold, 3M*
1952 i0434 106"
1939
Ref 8c ext 5s, ser A
1962
Minn St P 8c SS Mcons 4s stpd'38
1st consol 5s
1938
59
61
90
"
62
64
60
63
56% 62
110% 108% 109% 108% 109
102
100% 101% 100% 103
14% 13
14%
12% 14
1%
1%
29%
28%
92
93%
105% 106% 107% 108%
28%
103% 103% 103% 1043s
94
94
90
93%
109
108% 109
109%
103
1053a 103% 10538
88
91
85% 87%
101%104
103%104
101% 104% 103%104%
108
102
12
109
108% 109% 109% 1095s 109
109% 108% 109% 1083a 109% 108% 110
102% 101% 103
102% 10334 102% 104% 103% 105% 105
1063a 103% 104%
12
13
11
12
13
14
113a
14
15
14
17*8
11% 14
1%
1%
3
1*8
3
2%
3
3%
23%
24
25
25
26%
91
91
107
107% 1073a 108
103%104% 104% 106
106% 107% 106% 109% 108
105
1055s 106
1063s 105%
92
92
93%
90% 97%
103% 104% 104% 10558 105
105% 103*8,105
1035s
104%105% 104% 106
104% 105% 104% 105% 104%
85
86
86%
93%
91
90
92
91
81
79
81
80%
81
81
88%
85%
90
81
88%
82%
85
80%
88%
82%
88%
80%
82
81%
32
373g
32%
39
33
35
32
36
39
38
35
70
70
35%
30
79
79
85
40%
87
41
85%
423g
83
35
73
75
438a
70
70
13%
5%
3%
38
11%
4%
13%
7%
59%
10%
4%
5
395g
35
"5
"884
1%
3%
63g
9
384
3%
46%
284
2%
41%
6
73a
4%
2%
94%
8'
80
6
5%
2%
5
4
3
5%
36
41%
35%
6
"5% "5%
2%
2%
35%
88
5
6
4%
3
35s
234
33%
4%
3%
38%
35%
43%
40%
45
39%
32
36
20
31%
24
28
25-year gold 5M»
1st ref 5M* ser B
1949
I884
30
27
305g
30
25
28
22%
20
1978
81s4
88%
87%
93
26%
87%
92
91
93%
89
92%
1st Chic Term
f 4s
1941
83
A
1959
49%
89%
77%
42
47
41
43
84
87%
78%
36%
86%
70
69
62%
68
86%
69%
60%
88
72
86
5%
23g
2%
65s
4
2%
36%
10%
4%
34%
353a
32%
35
4158
30%
33%
44%
3%
36%
33%
41
45
41
44
40
43
29
33
30
29%
28
31%
29%
33%
31%
30
27%
33%
313g
91
91%
91%
92%
90
94
90%
32%
31%
92
43%
93%
47
96
453a
93
85
88
76%
80
50%
96%
91%
79
9%
4
1975
1977
3284
29
36
40
44
76
86L
73%
85
59%
49%
52%
65
71%
61%
64
43%
55
43
53%
45
30
33%
2738
34
30
33%
16%
35%
33%
35%
28%
26%
32
16%
13
34%
31
28
34%
31%
Certificates of deposit
Conv gold 5 Ms
32
1949
27%
7%
1980
27%
I..
ser
38
41%
40
44
93
91
94%
80%
87%
82%
89
935g
84%
67%
715a
75%
70
76%
73
80
73
80%
76%
62%
333g
57%
71
64%
95%
88%
70%
79
70
30%
37%
33%
375a
57
30%
31%
'16% "l2"
30
32
26%
10%
32%
14%
15
11
33%
27
34
30
32
27
32%
27%
26%
29
33%
27%
34
28
32
27
32%
10%
26%
27%
26%
275g
31%
28%
30%
29%
9%
30%
32
35%
28
29
31%
31
27
30
29
9
10%
7%
29
33%
27%
34
30
273a
32%
34%
32%
93%
27%
34%
31%
34
27
32*4
30
35%
33%
29
27
.1981
39
90
12%
29%
30
Certificates of deposit
37%
29%
30
123s
34S4
38%
90%
81%
72%
5738
31%
29%
13%
31%
29%
31%
30
10%
70
49%
36
27
29%
92%
64%
65
10%
2784
41%
70
32
66
33
61
40%
70
32
39%
26%
26%
88%
32%
305a
40%
2734
27%
88%
76%
66%
69%
673s
32
Missouri Pac 3d 7s, ext at 4% * 38
Mobile 8c Ohio—
32
34%
27
1st 8c ref 5s
32
42
27%
Certificates of deposit.....
1st 8c ref gold 5s ser G...1978
1st 8c ref gold 5s ser H
Certificates of deposit
36
30
30
29
82
85
86
87%
88
92
93%
7%
3
12%
30
92
32
31%
14%
333g
31%
33%
31%
11%
33
31%
33*8
31%
92%
33%
43%
33%
29%
92%
32
2%
30
36
11%
30%
14%
14
16
73%
76%
60%
373g
37%
15%
37%
33
38
37
36%
373g
36%
33
30%
30%
39%
17%
43%
42
33%
38
37
43
30%
30%
30
9%
30%
36%
303a
11%
37%
36%
35
36
"li" "12*58
33%
36
38
30%
39%
125s
37*8
37%
67
43
40%
14
43
41%
43%
41%
37%
35
32%
38
37
30%
36
36
36%
92%
95
97%
98%
99% 100
85%
75%
78
12%
6
"34% 39"
33
28
45%
343g
4%
3%
5%
4
34%
25%
37%
28%
373a
32
42
30*4
31%
943a
96%
50%
26
91%
a96%
47
47%
94%
90%
93%
84%
72%
75%
72
74%
67%
38%
37%
83
77
81
64
75%
41%
39%
45%
43%
66%
38%
39%
43%
15
41%
40%
41%
17%
46
43%
45%
42
44
llSg 14%
41% 46
39% 43%
41% 46
40% 43%
99% 100
"16% ~14~"
84%
93
13%
38%
37%
38%
39%
92
59%
6%
3%
2%
83
F
108% 108% 108% 108% 109%
107
107
106% 107
1075a
95% 91% 93% 89% 91%
105
104% 105% 104*4105%
104% 1048s 105% 1045a 105
87%
39
ser
"24% 2*5%
103% 1043g 103% 103% 104% 104% 104%104% 104% 104% 104% 104% 1055a 1055s
45
35
4s
3
26%
91%
83%
45%
1st 8c ref 5s
74%
40
52
General
"36% 37""
88
95
35%
1978
36
49%
3934
Cum adj 5s, ser A
1967
Missouri Pac RR 1st 5s, A..1965
Certificates of deposit
37
100
74
23%
..1962
74%
36%
66%
86
38
Prior lien 4s, ser B
Prior lien 4M» ser D
80
56%
34%
96
85
50%
48%
30%
44%
cons 5s guar as to int. 1938
1st 8c ref 6s, ser A
1946
ser
60%
56
36
96
99% 100
52%
35
8584
74%
39
Mo-Ill RR 1st 5s
56
57
36
48
37%
33%
43%
Missouri Kan 8c Tex 1st 4s.. 1990
Mo-Kan-Tex RR 5s, A
1962
61%
54
70%
60%
43%
39%
46%
s
58
36
35%
35»
45%
42%
50%
1st
64%
60
41%
100
96
97
99% 98
98
97
98% 96
97
98
98% 95% 98
975s 97% 98
97
97%
85
81% 86%
90
80% 833g
90% 97
95
78% 82% 82
95% 98%
98
98
96% 98
99%
102% 101% 102% 100% 101% 100
101
102
102
100% 102
100% 102
101% 102% 102% 102% 102% 102%
105
102% 104% 102% 104% 103% 104% 104% 1053s 103% 105% 104% 105% 105% 106
105% 106% 1055s 106%
Ref & impt 4 Ms ser C
1979
98%102% 104
105% 104% 106
Midland of N J 1st ext 5s..1940
6758 90
87% 95
88% 94%
Mil El Ry 8c Lt 1st 5s, B
1961 IO284 104% 103%104% 102
10438
1st mtge 5s
105
1971 103% 104% 104
102
104%
Milw 8c Nor RR—
1st extended 4M»~
62%
3
Mlag Mill Machy 1st s f 7s. .1956
Michigan Central-Detroit &
Con ext 4M«
1939
Mil Spar 8c N W 1st guar 48.1947
Milw 8c State Line 1st gu 3M» *41
Minn 8c St Louis 5s ctfs
1934
1st 8c refund, gold, 4s
1949
59%
34%
Market St Ry 1st 7s, ser A..1940 100
102
102
101% 103
Mead Corp 6s with warr.__.1945 102
104% 102% 103% 103%
Merldionale Elec 1st 7s
1957
46% 5084
47% 54
54%
Metro Edison 1st 4Ms ser D.1968 108
109% 108% 109% 109
Metro Wat Serv & Drain
100% 102
5M« *50 100% 102
100%
Met-West Side Elev (Chic) 4s *38
Mex Inter 1st con g 4s asstd-1977
4s (Sept 1914 coupon
on)1977
*82"
83
67%
99%
79%
92
100
80
63
73
42
15%
43%
42%
14
38%
3784
38%
97
87%
74%
77%
72%
4434
40
17*8
445s
41%
44
41%
383s
37%
38%
37%
43%
39%
12%
43%
42
43%
42%
10%
38%
39%
38%
14
44
38
42
99
99%
99% 100
10
37
41%
44%
25
20
Montgom Div. 1st gold 5s.1947
20
14% 21% 22
21% 20
177a 19
23
15% 20% 17% 25
38
26% 205s 30% 31
48
32% 35% 33
Ref 8c impt 4 Ms
9
1977
125g 11% 14%
11% 13% 1P% 12%
10% 12
10% 12
10% 14% 13% 17%
17% 23% 2158 20% 205s 2484 24% 32%
Sec 5% notes
-.1938
9% 1458
13% 15%
11% 13%
9% 12%
11% 12%
118a 12% 1158 15% 14% 17%
17% 23% 23
25
27% 22
248s 32
Moh 8c Ma) 1st gu gold 4s..1991
0^1
85% 90% 90% 96
92% 953g 01
89
89% 91
91
91
92% 91
92%
92% 95% 94% 96% 95
98%
90% 98%
Monongahela Ry 1st m 4s A. 1960 1053a 106% 106% 1078a 107% 109
106% 108% 106% 109% 109%111
111
109% 110% 109% 110% 110
110% 111
110% 111% 111
111%
Monongahela West Penn P S—
First mtge
4Ms
.......1960
6s debentures
1965
Montana Cent 1st guar 6s. 1937 104*8 105% 105
1st guar, gold. 5s
1937 103% 10384 103%
Montana Pow 1st 5s, ser A.1943 10634 1075s 106%
Deb 5s series A
1962
100
9784 101
Montecatini M 8c A deb g 7s. 1937
66% 76
67%
105%
104
107%
102%
76
Montreal Tram 1st 8c ref A 5s '41 102% 103% 102% 104%
Gen 8c ref
s
f 5s
ser
A..
1955
80
87
Gen 8c ref
s
f 5s
ser
B
1955
86%
8684
Gen 8c ref
s
Gen 8c ref
s
f 4Ms ser C...1955
f 5s series D..1955
Morris 8c Co 1st
•
a
f 4M«_____1939 104
No par value.
8578
85%
82%
104% 1053s
104% 1043s
106% 107%
101%103
78% 81
104% 104%
865s 865s
88
103%
104%
106%
100%
84%
100%
85%
105%
104%
107%
102%
103% 105
1045a 104% 1048a
104% 103
104% 103
106% 107% 107
108% 106%
100
104
101%104% 102%
88
845a 86% 84% 97
94%
103% 101% 102% 101% 103% 102%
86
83% 84
85%
83
104
83%
104% 104% 104% 104% 105% 105
t Companies reported in receivership.
103
104%
1033a
107%
103%
94%
102% 103
85%
88
83%
80
r
Cash sale.
108
108
107% 108% 107
108% 107
108% 107% 108%
104% 102% 103% 102*8 1025s
103
102
102%
107% 105% 105% 105
105%
104% 104% 104% 164
104%
96
93
99% 98% 9984
102% 103
102% 103% 103% 1033a 103% 104%
85% 85% 86% 86% 86% 86%
86% 86% "85% 85%
86
105% 104% 104*4 104% 105
x
106% 107% 107%
107% 108% 108
103% 104% 1038a
103
103% 1025a
106% 107% 105%
102% 104% 102*4
93
90% 95
81
84
105% 104
1045a 104%
103% 102%
107% 106%
103
101%
90
97
Ex-dlvidends.
y
86%
104% 105% 104% 105
Ex-rights.
86%
103" 104
86%
86%
103" 103" 103*
103%
Volume
Financial
144
207
Chronicle
1936—Continued
November
December
October
June
March
July
May
August
September
April
February
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
January
BONDS
Low
Morris & Essex 1st ref 3H«--2000
93
94
92*2 9378
9134 93
9234 95
92*2 94
9078 94*2 93*8 94*2 93*2 9434
97
97
98
96*2 977s
96*8 9738 9678 99*2
985S
9884
95i2 97i2 97*4 98*2 97
87
87
89
887S
93*2
87*4 883S
87*2 9084 90
8734 91
8884 92
86i2 92i8
Mutual Fuel Gas 1st gu g 5s 1947 10914 10958 110*2 llllg 112
114
116*8 116*4 116*4 116*4 116*8 116*2 11634 11634
114*8 116
11234 113
Mutual Union Teleg 5s
1941 108l2 109l2
10978 10978
110*2110*2
10934 110*8
Namm (A I) & Sons—See Mfrs Tr
92
92
97
Nash Chatt St L 1st 4s
1978
91*8 91*2 91
86
91
90*4 91
87
91
9038 885S 90
8984
9238 87
Nashv F1 & Shef 1st gu 5s._1937 103
1043410484
103*4 103*4
103% 10314 103*4 1037s 1043s 10438 1047g 10434 10434
Nassau Elec RR 1st g 4s stpd '51
67" 65*4 67
65*2 6~678 66*s 69
69l2 "64"
5734 68
73*2 65
73*2 68
6478 6958 68
Nat Acme 1st s f 6s
1942 102
IO384 104*4 104
104*4 103*2 104*4
1025S 103
10334 103*8 103*4 103*8 103l2 103*4 103*2 103*8 104
Nat Dairy Prod deb 5J^s
1948 103i8 10414 103i8 103l2 103*8 10334 10278 103*2 102**16 103*8 102»,6l02»j2
Deb 3^s with warrants..1951
IOIS4 103l2 103*8 10478
106*810734 106*8 1083g
Nat Distillers Prod deb 4^8 '45 103
103*2 10434 104*21057S 10538 106
105
IO334 105
103*4 105
10434 103
10378 105
10438 104
Nat Ry of Mex prior 1 4K«
90
92
1955
90
9584
Constr mtge 4 ^s ser B...1955
84
88
Constr mtge 5s ser A
'
1914 coupon on
1957
July 1914 coupon on
1957
off
coupon
Ass't cash war&scr ret No.4
on
4%
4*8
4l2
25g
258
378
•
April 1914
378
678
4i2
558
Ass't cash war&scr ret No.5
April 1914
on
New England RR cons 5s
1945
Cons guar 4s
1945
ser
B
ser
1st & ref 58 series B
23s
3
338
238
384
25g
234
27g
4*4
23g
358
3
3*2
3
3*4
238
37g
2%
3
234
4
3*2
5
5*4
3*2
4
358
4
4*4
434
33S
33g
3*2
4
33S
4*2
4
5
438
4578
73
76"
70l2
124
1954
1956
1956
1954
65
61
68
68
71
69
70
7684
77
72
*77% 81% "74" 795 74
83*8
7558 81
60
60
5684 61*2 60
65
677g
5834 517S
63*2
65
64i2
6884
68
69*2 63
70*2 7734 6312 70
126
125*8 127*8
12634 12534 127
124*4 125*2 1243s 126*2 125*8 126 " 125*4 126
12212 12312 12138 123*2 1223s 124*4 123*2125
123
123*2 1245s
123*4 12358 12234124
122*8 12258 1223s 123
120*4 1215s 120
12U2 120*4 1205g 121*4 12258 122*8 12234 122
,
60
6784
88*2
94*2
94%
93
89
106"
80*2
101
102
102
101*4
10634 107*2 106*8 107*2 107
10784 105*8 106*2 1053s 106*2 106*4 107*4 106*4 107*4 106*2108*4 10634 108
92
93
94
89
80
86*4 90
927g 917g 9434
86
88*2 92
83*2 86*4
8534
8534 80
108
81
88i2
30
37%
93
74
96l4
85
95i2
873s
9278
2978
33
3558
38i2
61
68
77
57
57
5858
63
64
59*2
93*2
9358
90*2
2878
9678
93
34*2
63*2
96*4
973s
97
99
98*2 100
965g
98*2
9212
355g
40*4
977g
92l2
96
93*2
93*4
9258
88
30*2
3784
30*8
92*2
36
8834
2934
42
35
97
34
97
93
9158
33
33
37*8
3634
92
99*4
94*2
323s
35
38*4
36
30
32l2
3634
36
42
35
37*4
365g
40
37*2
3412
38
37*2
33
3814
37*4
33
36*2
32l2
41
325s
34
3378
39
37
3558
38i2
35
3884
35
43
35
38
36*2
41*2
39
109
33%
75
78
80
80
1998
sink fund 1946
4)^8 series A.2013
Ref & lmpt 5s series C...2018
New York Cent & Hud 3^8-1997
30-year deben 4s 1912
1942
Ref & Impt
4J^s series A.2013
3^s '98
Cent coll gold 3>£s_1998
Lake Shore, coll gold
43^8 series C
gold notes
..1978
1938
1935
3-year 6%
Deposit receipts for 6s. 1935
N Y Connect'g RR 1st
89
8684
9638
91
Serial 5%
1951
notes......
N Y Edison 1st & ref
1st lien & ref 5s ser
42
98
9934
95*4
98*4 100
95
973g
97
3538
40%
40
39*4
99*4
48
98
35
44
100*8
4938
44
47
46
55
46
54*2
47
51*2
4958
47
47
46
54*2
43*2
53
42*2
49*4
57*8
50
53
935g
3458
393s
41*4
41*4
413g
3878
3734
405g
40
4634
44*4
43*2
40
43*8
42
50*2
42
4058
1938
9878 101
98s4 100*8
38
"47*2 "5084
9534 100
893s
96
5U2
50
44
48
57
48*4
94
95*2
94*4
95
"77"
~66%
58
8O84 875s 80*2 86*2
91
9478 88*4 94
10634
1037a 10534 105
7934
85
80*2
86
88
92*2
88*4
93*2
5284
48
9234
94*2
935g
95*2
92*2
94l2
95
96*4
95*2
85*8
92*4
89*4
88*4
98
97
9234
9878
91*4
9678
943s
99 -
927g
95*2
92*2
^99*8
48
111
9784
96*2
49
45
113
94
995s 101*2
9912 100*2
99*4 100*4
111
10834 116
1023s 105
IOI84 103»4
93
95*4
995s IOU2
102i2 105
IO784 108*2
93
95*4
9678 99
95*2 975s
96*2 95*8 97
102*4 103
1025s 103
103
101
107
10434 1017s 105
9134 9478 915g 94*4
96'
100% 100 100*2 98*2 100*2
90
95*2
193
109
106
108
107
1083s 108
106
107
108*2 107*2 108*4 107*2 10784 1073s 108*4 107*2 108
107*2
109
IO884 IO884
108*8 108*8 10678 10678 1067s 107*2 107*2 108*8 108*8 108*8 107*2108*8 108*8108*8 108*2108*2 109
72
59
63
65
61
66
66
6234 65*2 "62*2 7234 64
6878
73
6158 65*8 61
66*8 71
"7384 715s 7758 68
58
75
69
64*4 66*2 52
5384 57
57*2 64*4 59*8 62*4 56*8 75
v£3
71
60*4
64*4
6758 72*2 65
65i2 65
10678 107*8 10634 IO6S4 10534 1067S 10558 10730 10478 105*4
109% 1088s 109*8 10784 1083s 107*4 108
9234
107
6^8 A '41 109
B
1944 104l2 10578 104*4 1045s 10378 104*4
1st lien & ref mtge 5s ser C '51
1st lien & ref
1st lien & ref
705s 83%
9784 104
1953
N Y Dock 1st gold 4s
95
98*2 100
110
11584 111*8 119
4)4 b A *53 107% 109
1st guar 5s series B
82
98*2100
N Y Chic & St L 1st g 4s...1987 101% 103% 10278 10434 1033s 10334 1033s 103*2 103*4 103*2 103*4 103*2 103*8 1035s 103*410358 102*2 10234 1025g
103
96
Ref gold 5^8 series A
102*2 103
102*4 10534 103
91*2 9534
95*4 101 100
9484
91*8 9784 93*2 9578 92
1974 82
3-year 6s gold notes
79
79*8 84
9834 100
98*2 9978
114*2 11838
113*4 117
11558 118*2 114*8 124
iii7811434 11158 115
116*2 110*2 115l2 11038 113
100
102*8 10058103*2
99*2 102
95*2 987g 98*2100
95*2 9778
95*4 97*2
9978 95*4 99
10234 105*4
9734 9834 98*4100*4 99»4 10134 10138 103
92% 96
92*4 9158 95*4 92*4 96
86*2 9038 90
85
90
867S
86*4 87*2
88*2 82
8334 86*2 81
74% 87
93
89 *■ 94i2
99*4102*4
98*2101
9638 9534 9734 9712 101*4
91
9234 9478
9484
9578 89
9212 88
80% 9378
101
10334
101
102*4 101*2 1027g 10U210234 102
98
100
100*8 1025s 1005s 1025g 100*2 102
IOIS4 100
98*4 10158 100
106
105
106
10734 107*4 10778
104% 10534 105*4 106*2 10634 107*2 107
100
10314 102l2 10434 10484 106*2 104*2 105*2 105
83
8678
863s 9038 8934 9238 9134 95*4 93*2 96*4 9212 95
86*4 8784
8034 888a 82
8684
85*4 90
,7438 87
96
96
95
97
96
953s 98
94
9738
97*8 96*4 99
92
97*4
90
93
973g
93l2 96*2
97%
95*2 98
1944 109
Consol 4s series A
„
4*4
4*4
3*8
334
3*8
4*4
284
3
23S
3
258
258
27g
3*2
234
234
35g
3*2
358
4*4
43s
5*8
638
106
107
1073S
10634 106
107*4 106*2107*8 106
106*2107
105
106*2 107*2 106*2107
10634 10534 10634 1033s 106*2 104
66
69
65
62
62
66
66*4 68
66*4 66
66*4 66
72
61*8 61*8
66*8
77*4
70*2 70*2 66
121
122
122
12158 122*2122*2 122*2 122*2 1225g 123*4 122*4 123*2 12234 12284
121
120*4 12014 121
4*4
52
2478
3284
N Y Central RR conv 6s
Ref
6
4*8
Certificates of deposit
Mich
5
234
47s
43S
Npt & Cin Bdge gen gu 4>£s '45
Ref & impt
3*4
6
80*8
4J^s series D
5^8 series A
s sec
4
50*8
1955
1st 58 series C
10-year
3*4
434
Certificates of deposit
1st
4
*
5*8
A. 1935
ser
1st 5s series B
1st
278
3*8
4*4
A.. 1953
ser
New Orl Tex & Mex 5s
3*2
258
4734
A.1952
New Orl Pub Serv 1st 5s A..1^52
New Orl Term 1st 4s
258
684
6658
3
258
6*4
~58~
64
107*8
106*4 10758 106*2107*2 106
106
105*2 1065g
104*2 10534 105
5*4
1986 100
100
IOU4 10U2
106
1960 105*2 107
1075s
80
75
83l4
*8%
4>^s
4^s
60
66*2
1029
384
New Orl Great Northern 5s. 1983
N O & Northeast
63
1017s 10234 102*4
fil8
1961 1195s 122
N J June RR guar 1st 4s
N J Pow & Lt 1st
97*4 98
965g 98
10234 10234 102i8 102*8
4l2
New Engl T & T 30-yr 5s_ —1952 122
4^8
278
6834
478
on
Naugatuck RR 1st gold 4s_1954
Newark Cons Gas cons g 5s_1948
1st gold
334
97*2
4
314
434
1965 105*2 107
f 4s
m s
234
2*4
66
234
3*8
off__1951
coupon
Ass't cash war&scr ret No.4
Nat Steel 1st coll
412
96
IO284 103
off..1977
coupon
Nat RR of Mex prior 1 4^8-1926
Ass't cash war&scr ret No.4 on
4s
384
234
4i2
Guar 4s Apr 14 coup on__1977
4s
25g
25g
3l2
111*8 111*8 111*2111*2
3
25g
4l2
92*2
258
3
1957
July 1914
Jan
95
97*2 953g 97*2
96*4
99*2 101*2 100*4 101*2
93*4 9478
93*4 947s
96*4
119
11638 11634 117*8 118*2 118
945g
99*4 10134
104% 107
104*4 105*8 104
10414
102
3M s series D 1965
3^8 series E 1966
10284 102
10278 10238 103
1025s 103*2 1027g 105*8 1045s IO584
10278 103*8 10278105
1045s 1057b
N Y & Erie—See Erie RR
125*2
124i2 125
1245s 125*2 12384 125*2 124
114
115*2 115*8 11684 115*4 116*2
98
99*2
96*2 100*8
97*2 100
103*2 103*2
102
104
102*4 1035s 10358 1035s
97
1003s 99«4 iooa4 "99% 100*2 97*s 9934
94l2 98%
105
108
103
106*4
106*2 105
104% 104*8 107*2 103
101
102*2 102i2 101
100l2 101
105*2 105*2
10412105 "
104l2 105
1058s 1053s 10558 105%
N Y Gas El Lt H & Pow Co 5s '48 12234 125
Purch money coll tr g 4s. 1949 113*2 114*4 114
115
N Y & Greenw L gtd g 5s
1946 92i2 955s
9478 98
N Y & Harlem gold
3^s_..2000
N Y Lack & West 4s A.....1973
43^8 series B
1973
5H« '42
N Y L E & W Dock & impt 5s '43
N Y L E & W Coal & RR
N Y & Long Branch gen 4s. 1941
12634 125*212684 126*4
124l2 125*4 124*8 125*2 12484 126*2 124*2 1255s 125
116*8
115*211634 115*2117
115i2 117
100
100
100
100*4 9934 101*8 100
106
106
106*4 107
163*410378 10212
100*8 10138 10188103
1078s 1075s 1088s 109*2 111
10634 107
115
11438 1155g 114
115*8116
95*4 9934 99*2100
95*4 99*2
106
104i2 1045s 106
98*8 99*2 "98" 100*2
9784 99
105
106
10434105*2 1055s 10634
101
101
126814
1175s
101
104*4
111
103
103*8 103
105
105
105
106*8
1053410534
106%106*2 1075s 1075g 10758 10778 lOT*108*2
103
1033s 103
N Y & New Eng (Bost) 4s.. 1939 100%100%
293s
32%
36
39
30
36
36
37
29%
35%
363s
38*4
Non-convertible deb 4s..1955
29i2
3634
35*4
Non-convertible deb 4s_.l956
30
3678
35
Convertible
deb
3j^s
1956
28«4
358s
34
3784
3784
3778
Cohvertible
deb
6s
1948
3214
41
37
41
35
43
505s
4634
51*4
26*2
40*4
99*4
42l2
N Y N H & H
4s_.1947
non-con*
Non-convertible
3)4 a
1947
3)4■- *954
Non-convertible deb
Collateral
trust
6s......1940
16%
23l2
21
4)4* series 1927.1967
31
40«4
3678
Harl Rlv & Pt Chest 1st 4s '54
89
423s
97l2
50l2
97*8
4978
3578
43
43
Debenture 4s
1st & ref
1957
N Y Ont & Western 1st g 4s. 1992
General 4s
..1955
N Y Prov & Bos gen 4s
1942
N Y & Putnam 1st con gu g 4s'98
N Y & Queens E L & P 3 >£8.1965
N Y Rys Corp inc 6s
Jan 1965
6s assented.
1965
Prior lien 6s series A
Assented
Prior lien 6s
...
1965
...
stamped
1965
6684
49*2
32*2
33*2
30*2
35
3434
35
29*s
305s
27*2
31
36
29*8
31*2
3534
30*2
3412
38*2
47
2234
28
29*2
30
39
29*8
305s
30*2
32*8
32*4
30*2
3534
44l2
20
35*2
19
17«4
33*4 37*2 2984
101
98*s 100*2 100
47*2 53*2 435s 49*2
39*2 47*4 38
44*s
54
84i4
803s
89*4
45
80
75
83
General
63
72
46
67
gold 5s
1940
Terminal 1st gold 5s
101
101
100
.1943 100
N Y Tel 1st & gen s f 43^8-1939 IIO84 llia4 11058 111*8
N Y Trap Rock 1st s f 6s
81
86
1946
87S4 93
6s stamped
85
78
81
75
77
75
78
67
58
61
1017s 102
11634
111*2 1103s 111
26*2
29
25*4
26
29
25
29*2
3778
I684
31*2
40*8
28*2
3O84
37
1834
3234
99
19*4
30*2
1584
2984
9334
28
31
96
845g
93*2
17*2
35*8
1584
28*2
92
42
45
42
36
40
36
71
76
72
70
"55"
55"
57
101*8 10138 101*2
110*2 111
110*4
88
80
80
81
87*2
16*4
89*4
80
86
80*%
19
13*4
16*2
13
85*2
96
87
95
4)4a serl'46
Niagara Falls Pow 3)4 s
1966
15
19l2
1784
22i2
16*2
20
N Y West & Bost 1st
107
IO684 108
1093s 110
10834
1063s 107«s 106*8
1063s 107*4 106
88
86
28
31*4
33*2
33*2
25
93
84
313s
26*2
27*4
28
88
1946
33
27
25*4
27*8
26*2
75
64
2984
26
26*2
2784
26
2684
1958
N Y Susq & West 1st ref g 5s '37
2nd gold 4>^s
1937
26*8
27
25*4
28
90
N Y & Rich Gas 1st ref 6s..1951 10712 108% 107*2 10712 107*2 107*2 10734 10734
111
N Y Steam 1st 6s ser A
1947 10818 110i2 108*4 10958 110
109*2 110*4
1st mortgage 5s
10634 106
107*8 1065s 1067s 106*2 107
1951 106
1st mortgage 5s
107
1956 106
IO684 106
106*8 10678 106*2 107
28*34
24
27
29
25
103
103
1033s 1033s
93
88
89
86*4 883s
89*2
86*8
9312 89
10678 106*2
105*4 10638 1045s 1065s 1047s 1053s 105
39
48
41
38&S 45
48*4
447S
"318s 3834 37*2 47
39
48
47*8
37*2 47
41*2 48*4 38*4 45
31*8 38%
102
103*4 103
103l2 104*8 1045s 104*4 10434 105
9984 101
104
103
104*4 104*4 1045s 105
102*4 103*4 102
99% 102
827a
26
24*4
2478
26*4
26*s
26*2
26*4
26*4
27*4
27*2
25
29
27
23*4
2634
353s
27
31*2
3984
27*2
27*8
26*2
29*4
27
29*2
255s 28*4
29*2 32*4
37*2 39i2
16*2 18®4
29
31*2
44*2
36
42
8478
395g
40*8
32*2
3878
34*2
103
104
102*2 104
103*4 105*4 1037s 105
58 series C
1969 1013s 1058s 102*2 105*2 1035s 106*2
Nor Cent gen & ref 5s A...1974 120
12114
Gen & ref 43^8 ser A
115
1974 112*2 113
1125s 1125s 115
Northern Ohio 1st gu g 5s..1945 65*2 66
69
67*2 70
70*2
Stmpd as to sale of Apr 1 Oct 1
1933 & Apr 1 '34 coupons..
65
65
70
70
725s 73
Nor Ohio Tr & Lt gen 6s...l947 107*4 108*41 107*73210784
*
ser
A '57 102*4 1047fi
No par value.
t Companies reported in receivership.
r
33
32
32
32
37
2934
31
35
32
35
32
3884
3812
3078
35*8
33*4
35
29
34
30*2
29*2
34l2
3934
29*s
33*4
32*2
37*2
3784
35
38
47
45
50
44
48
1784
21*2
37*2
91*2
19*2
34*4
88*4
48*8
4434
19*4
34*4
8884
31
23
18
21
33*4
87*8
37*2
90
49*2
445g
91
43
53*s 46
53*4
38
403s
4634
41*4 3678 43
103*8103*8 103*8 103*8 103*s 103*8
95
~93% 94 ~ "93"
90*2 947S 92
8734 86*8 90*8 8934 91
106*2107
10678 107*2 107*8 10734 107*810878 109
107
1063sl07
57
49*2 61
5038 43
53*2 493s 52*2 4778 50*2 47*4 54
5084
106
107
106*8 10634
106*8 107
10584 10478 105
1053s 106
105*4
104*a
107*4 IO68410734 10534 107*2 107*2 107*2 10738 1075s 107*8 1075s 106
108
109
108i2 106*2
1097g IO884 109*4 IO88410934 108*4109*4 108
106
107
107
10534 107*2 IO684107*2 IO684 107*2 1063s
107*2 106
107*2 106
1065s 106
106*8 106
107*4 107*8 107*4 106*2107*4 106*8
87
93
87
91
79
92*4 85
82*s
91*2 8884 918g 87
81
90
83
83
84
70
85
77
87
82l2
85*2 86
63
66
73
67
70
62i2 70
645s
57*2 57
71*2 63
104
104
101*2
101*2 10358 103*210384 10334 104
110
169*4
1113s 110% ITO"78 110*8 11078 110
110*2 109*2110*8 109
94
81
74
85
80
84
80
81
90*4 88
83*4
9U2
91*2 90*4 99
82
957s
817g 83*4 8384 88*2 86*2 90*4 90
1284 15
1212 1458
13*4 17*2
16*2 12*8 145g
12*4 13*2
13*4
105*2 10534 1057g 1067s 106*2107*2 107*4 1087a 108
IO684 106*2107*2 107*2108
1073s 1063s 107
1063s
107*2l078s 107
4634
"
102*2104
107
17*4
163g
69
Cash sale.
70
72i2
64
74
73
76%
72*2
70
69
75
75
75
76
76
t Ex-dividends.
y
Ex-rights.
96
48
43*2
94*4
1095s
61*2
106
107
108«4
107*2
IO684
96*2
93*2
707s
110*4
95
99
18
10984
107
105*2 109*2
1584 25
15*2 2384
54S4 66
I2H4 124
105*4
IO57;
103
1047g
1203s
76
70
39
47*2
623s
27*2
4634
12734
120
70
41
1035s 106*2
104*4 106*2 104*2106*2 104
106*2
127
115
41
102»4103*2 10278 1035s
122
125*2 107
15*8 17*8
19
18*2 143s 16*2
56
6234 60*4 623s 55
1205g 120*2121*4 12078 122*8
105
1063s 105® 105*3 105
105*4106*2
107*4 105 106
105
10478
103*2 1048s 104
1057g 103*4 104*2 104*4 1047s
10334 10584 103*2 105
10334 105
103*4l043s 104
103*2104
104*2 105*4 10384 105*4 103*41055s 1045s 105*2 104*2
1037s 105
105
104
105*2 105*4 107
106
107
106*2 105
105*2106*4 106
115
.
39*2
43
4978
nil's
534s series B._Aug 15 1963 103*2106
33
27*2
273s
32
Norfolk & South 1st g 5s...1941
51
63*2 62*2 62*2 60
62i2 62*2 63*4
6258
55*4 61*2 60
65l2
56*2 60
Nor & West Ry 1st con 4&..1996 115
118
119&8 12084 120*8 122
11934 H884 121
118*8 121
118
11878
1177s 11658 118
Poca C & C joint 4s
107*2 106*8 107*8 106*4 107
1941 106*2 107*2 106*2 107*2 106*2 107*2 10634 107*2 107
1057g 10634 1053s
North Amer Co deb 5s
1961 10384 10684 1037s 10584 1045s 106
104i2 10584 104*2 106*2 105*4 10678 105*41067g 105*210678 105*4
Deb
33
34
27
Niag Lock & Ont P 1st & ref5s'55 107*4 108
107*4 10734 106*2 107*2 106*2 107*8 106*2 107*4 10584
103
Niagara Shares deb 53^8
10284 101*2 10258 101*2 103*2 102
102*2 104
103*8 104
102*2 101
99*8 102*4 101
1950 96>4 99iS
Norddeutsche Lloyd 20-year
96
93*2 9312
sinking fund 6s
1947
90*2 92i2 905s 96*2 93
88I4 90
50
New 4-6%
1947
53*2 57*4 50*8 66*4 49*s 50*2 49
48is 57l2
137
124
Nord Ry extl s f gold 634s.. 1950 146
142
13978 120
131*2 123*8 133
155
113*2 121
146'4 135
14834 138
120*4 130
13
Norf & Sou 1st & ref 5s A..1961
17
14
20
137s 18
12*2 15*2
1584
17*8 16*4 187S
I684 197fi
18*4 2234 1634 1978
13
Certificates of deposit..
15
18
19
12*4 13*2
18
123s 15*2
14*2 14
153s 1484 18
21*8 16
15i2 19
No Amer Edison deb 5s
3534
34
29*4
31
90
91
3U2
2984
84
79
85
88
82
87*2
Financial
208
Jan. 9, 1937
Chronicle
1936—Continued
December
November
October
August
September
March
June
July
February
May
April
Low
High Low High
High Low High Low
High Low High Low High Low High Low High Low High Low High Low High
January
BONDS
Low
Nor Pac prior lien ft 4s
1997
Gen Hen ft, 3s......Jan 2047
10484
74%
..2047 93
Ref & Impt 68, series B...2047 107
Ref & imp 5s, series C...2047 100
Ref & Imp 5s, series D
2047 9934
No Ry of Gal guar gold 5s..l938 108
Nor States Pow (Minn) 5s A. 1941 105%
Ref&hnpt4HsA
1st & ref 6s series B
...1941 106
Ref mtge 4^8 series B
1073s 10678 111
77*2 82
78%
98% 98% 102%
10934 109%111%
103% 107
103
103
107%
103
108
108
108
105
10534
106
109% 112%
81% 85%
100*2 103%
109%111%
106
10778
105% 108
108
108% 110% 109% IIO-34 109*2 11034
80
81%
78% 83% 79% 8178
1027s 100% 101% 10034 10334
110
111% 110% 111% 110% 112
106
106%108%
109% 105% 107
105
109
106% 108
105% 107
100
107
1961
5s
1964
Northwestern Telegraph 4J^s'44
10434 104
105% 104%
107*2 105%
10778
109
10434 1037S
105
104%
10578
107
108*2 108
38
10434
105%
107%
108%
103
105% 10434 106
104% 106
105% 106
104% 105
107
105% 106% 10534 106% 106
109
108
108% 108% 108% 108
1037g 105
10934
107%107%
104% 105% 103%104%
105
105% 104% 105
106
106% 105% 107
108
108% 108
108%
102% 100
102% 101
24% 3034 24
33
10934 10934 10934
10478 106% 105%
106
112
113% 112%
113
112%
113
11238 113
10134 100
102
101% 100
36
31% 35%
10934 10934
106% 1057S 106% 105% 106%
113% 112% 113% 112% 113%
113
113% 112
111%112
3034
2934
107
101%104
27
33%
100% 103%
26% 33
108
106
108%
112% 113
112
11234
111
110% 112
106
112
101%
103% 103% 10334 103% 103% 1027S 103
Old Ben Coal 1st g 6s
...1944
1478 1478
112
11434 113%114% 114% 115% 11334 116%
Ontario Power N F 1st 5s___1943 111*4 112i2 113l2114i2 112% 114% 112
114
113% 11234 114 11334 11434 114
110
112
113
113%114
11434 11434 112% 114
Ontario Transmission 5s
1945 113*2 11334 113l2 114
113% 113%114
113%115
U3%113% 111%114
Ore RR & Nav con g
110
112
112% 11034 11134 111% 112% 112
113% 112%113%
113% 11134 112% 111
11134 110% 112
4s._,.._ 1946 109
111*2 110l2 112
122
119
120
121
Ore Short L 1st cons g 5s
119% 120% 119% 120% 120
120% 119% 121
12018 118
119% 118% 11978 119% 121
1946 118*8 120% 119
120
121
120
12034 12178 121%123%
1st con 5s
119
12134 120%121
11914 121
121% 123% 120*2122
121% 120
121%
1946 119*8 120
guaranteed
108% 110
103% 104%
103%104%
105*2 10534
108
108%
101% 101% 101% 10178 101%101% 101
1936 10134 10134
1937 102
102*4 10214 10318 103
Gen, gold 5s
82%
107
101
9934 10134 100% 102
10134 10234 100% 103
33
3934
28% 30% 25%
38% 36% 35
10934
Ohio Edison 1st mtge 4s.... 1965
105% 105*2 104%
Ohio Pub Service 7^8 A
112%
113% 112% 113
1946 112i8 113% 11214 11314 113% 113% 113
1st & ref 7s, ser B
112
112
112% 111
112% 112
1947 11212 H334 11212 11314 111
Norweg-Hydro El Nit 5H»--1957 100% 10134
Og & L Ch 1st gu g 4s
1948
34
3912
Ohio Connecting Ry 1st 4s. 1943
Ohio Riv RR 1st ft 5s
110% 112
108% 11034 IO884 110% 107%112
8034 83
82
105% 103% 106
113
111% 112%
108% 110
110
109
79% 80*2 79% 82% 80% 82%
80%
100% 102% 101% 103% 101% 103% 102
11034 112
111% 11278 112
110%11134 11078 112
108
109% 108
109% 10834
105*2 10734 106% 108
108% 10934 10734 109
107%
106% 107% 106% 108
78»4
108
104% 10534 104%
106
105% 106% 105
10434
10634 107% 10478
108% 109
10734
Ref mtge
108
10834 110
100% 103
105
108
10778 106
Oregon-Wash RR & Nav 4s. 1961 105
107
106% 108% 106% 1073^ 10634 107% 106% 107% 106% 107% 106% 107% 106%
Oslo Gas & El Wks extl 5s. 1963 10138 103
100% 102
100% 10178
99*2
101
102
103
98*2 100% 100% 102
102l2 103
102% 10334 102
101
Otis Steel 1st m 6s ser A
10234 102%
102%104
102% 10234 102*8 10234 102% 10234 101% 10234 100% 102
1941 101
103*4 IOH2 103
61
67
61
64
63
65
6134 65
69%
Pacific Coast Co 1st 5s.....1946
63
66
65iS 73
6078 65
62% 65
55
69*2
114
116
112% 114
113%113%
120% 121%
122% 123%
10734 106% 107% 106*2 10734
102%
101% 100
10034 100
10234 100% 102% 100% 102%
69
74
72% 7234 78%
1002' 10034
102
103
Pac G & E gen & ref 5s ser A 1942 104*s 10478 1033s 10434 103
10078 10134 100% 101
104
101% 102*2 101% 102
10234 103% 102% 103
1st & ref 48 series G
1964 106*2 108*s 107
IO8I4 10634 108% 106% 10734 10634 109% 108% 10978 10834 110% 10934110% 10934 H078 109% 110% 109%111
106
107
107
1st & ref mtge
106% 108% 106% 108%
10534 106% 106
3^s H
1961
109%111"
101%102
101% 102
101% 102
10034 10178 100% 101% 100% 101% 100
100% 100% 101
9934 101
100
102
98
2d extended gold, 5s
101
100
100
102
100% 100
101
100% 101
98l4 101
1938
93
96*2
101
Pacific Tel & Tel 1st 5s
101%
103% 104% 10234 10334 102% 10278 102
10278 101% 102% 101%102
1937 10378 10438 10312 104
Ref mtge 5a, series A
1952 108% 110*8 108'1610834 10734 108% 1077,610778
Ref mtge 3^8 series B...1966
102% 103% 103% 104% 103% 10378 103% 104%
102% 103
Pac RR of Mo 1st ext g 4s...1938
Paducah & 111 1st
s
f
4*^s
1955
Pan Am Pet Co(of CaDconv 6s'40
Certificates of deposit.......
105
—
52
51
61*2
5978
108
105
54%
50
53
49l2
52%
4678
48iS
54
49
51
47
50%
45%
49%
49
10378 10434 104
105
46%
47
49*8
39
45%
45%
43%
10434 105%
108
108% 108%
108
50
10134 102% 10i34 102% 102% 102%
101
10134 102
102*2
100*8 101
100% 101
100% 101
100*8 100%
43*2
4834
37%
50»4
49%
36%
39%
37
34
3878
35%
41%
4134
108
3934
47
46
5678
39%
4634
45%
56%
Paramount-Broadway Corp
1st mtge
s
fg3s loan ctfs. 1955
Param't Pict Inc 6s deb
8
Paris-Orleans RR extl
f 5s '68
s
f__1955
Park-Lexington 6*^s ctfs...1953
Parmelee Trans deb 6s
1944
Paterson & Passaic G & E 5s '49
Paulista Ry 1st & ref 7s
1942
Penn Co col tr
3^s,
ser
A..1937
Gu 33^s, coll tr ctfs B
1941
Guar g
tr ctfs ser C__ 1942
56
57
58
6034 60%
5934 55% 5934 55
57*2 55 ,57% 56
61%
85
90
91
85
89% 98% 97%
88
92
9634
90% 87
9178 83
9038 85% 91%
11634 120% 102% 115% 102% 119% 101
126% 112% 122
140*2151*8 13314 141l2 129
138% 12334 130% 112
38
37
37%
36
38
42
38
36% 38
40% 38
33% 39
32% 35% 32% 38
34
41
68
60
62
72
71% 707s
6534 7234 67% 73
6H2 68
49*8 71
62% 72
66*2 63% 68
120
122
122
12178 122%
12178 122
119*s 119*8 11934 122
121% 121%
122% 121%122
60
70
70
68
69
70
70
73
76% 78% 82
79% 79% 79%
73% 73% 76
69
69
102
101
102%
102
101% 101%
101%
10234 10234
105" 105
106
106
106
105%
i0434 10434 106" 106
105%
56*2
—
60
4*^8.1960
Penn-Dixie Cement 6s A
PaO&Det 1st & ref 4)^
1941
105
105
104
104
104
104% 104*2 104
106
106% 106% 106% 107% 107
10534 106% 103% 106% 106
10278
10234 10438 102
105% 10334 105% 10334 105
103*2 102
105
105% 105%
95
91
94
97
97
95% 97
9514 99
9034 95
90% 98
97*2
104%
104% 106
107% 103% 105% 10434 105% 10478 106
106*4 105% 106% 106
8
97
A. 1977 104
1981
1981 106*4=107
Penn RR con ft 4s
..1943 110*2 111*2
Con gold 4s
1948 111*8 112*2
Sterling stmpd dollars bds. 111*2 112
Consol 43^s_.
1960 118*4 119%
General 43^8, series A
1965 109 111
General 5s, series B..._
1968 115*2 118%
15-year secured 63^s_.
1936 9978 100%
40-yr secured g 5s__
1964 1057s 1067s
Deb g 4Hs
..—1970 99*2 102%
4J^s series B
....
Penna P & L 1st
56%
86%
—
1963 101% 103*«
Penn Glass Sand 1st M
5978
97i8
—.
Gu, g, 3J^s, tr ctfs, ser D. 1944 104
104
Guar 4s, series B..#.
1952 102*4 105
28-year 4s
56
4^s
10412 106
10178 103
107
11H2
11H8
11134
11914
ii038
11218
11212
112
121
118
11938
11314
106
107%
11134 112%
11234 114
112
113%
119%121
111%114
118
120%
106
107
106
10634
111
11134 110*2 112%
112% 113% 11234 11334
113% 113% 113
113%
120
121% 120
122%
114
11034 112% 112
118% 120% 118% 120
105*532 106 105% 1059i6 1042%2105%
102% 10434
101% 104
10134 104% 10134 103
10134 102%
108
110
Gen 434s series D
108%111% 107% 109
1981 105*2 107*4 106% 109%
10878 107% 109*2
108%111% 107
4%s series E
1984 105% 107% 106% 110
Peoples G & Coke 1st con 6s'43 115% 116% 116% 117% 117% 11734 117% 11734 117%120
11034 110% 112
10934 111% 110
Refunding gold 5s
1947 106% 109
109 110
87
88% 86
8734
Peoria & East 1st cons 4s.
1940
76
90
89
92
91% 87
11
12
Income 4s
1990
9
15
12% 17
13% 10
14% 10
Peoria & Pekin Un 1st 534 s. 1974 108*4 108*2 108% 108% 108% 11134 109% 109%
101% 10334 102" 104%
Pere Marquette 1st 5s ser A. 1956
101% 104
98% 103% 101% 104
95% 93% 95%
1st 4s, series B
95% 94
1956 89
95% 94
95% 93
98*2
9734 95
1st 434 s series C
96% 97% 94
1980 89
97% 96
98
111
113
111% 112% 112
11234
Phlla Bait & W 1st ft, 4s
1943 111% 112% 111% 112%
12178 122% 12184 123
122% 122%
Gen 5s, series B.
1974 121% 123
120 124
1967 108
109
1971 107
434 s
Conv deb 6s
108% 108%
108
Phlla &ReadC&Irefsf 5s 1973
1949
44%
26%
Con guar g 434s, ser C....1942
Con guar ft 4s, series D
1945
Con guar g 334s, series E.1949
Con gu g 4s series F
1953
111
112% 111
112% 111
112%
114% 115%
114% 114%115
103%
100%
108%
108%
119
111%
87
1034
110
103%
94%
10434 103
102% 101%
10978 10834
10978 10835
114% 114% 11434 114%115%
122% 121% 123
113
120
30% 33%
107% 109
—
109
1970 11578 117%
Gen
434 s series C
1977 107
Pitts Va & Char Ry 1st gu 4s '43
Pitts & West Va 1st 434s...1958
1st
m
1st
m
434s series B
434s, series C
1959
1960
104% 104
10234 101%
10934 108%
109% 108%
121
120%
117
85
75
8434
74
85
8378
8334
8334
105
9734100
99% 100% 100
101%
11134 112% 111
112% 112% 113
123
124
117
118
112% 114%
106
107
106*2 107% 105% 107%
105%
10378 106% 104
37
1534
42%
21
3078
32%
39%
17%
30%
106*2 108% 108
a78
a85
105
107%
105%
9834 100
105
104
104%
122
12?84
10578 106% 106
106% 105% 106%
114% 115%
114% 11534 115% 116*
11534 116%
11434 115
114% 115% 115% 116%
122
121%123
124% 123%126
44%
25
31%
109
104% 106
10534 108
104% 107%
10378 106
10038 10134 100% 101% 101
103% 101% 103%
108
109% 108
109% 108%111
110%111%
108
110
109*2 108% 109% 109%111
111%
120% 121% 121
121% 121% 121% 121% 12178
113*2 115*2 114% 11534 114% 116% 11578 117
99
97% 99
94% 9734 96% 98% 97
16
15% 18% 15
18%
16%
1434 18
112% 112% 112%112% 112% 112%
105
106% 105
10534 105
10634 105
106%
99
99
100
100
100
99% 100
101%
102
10134 103% 10134 103
104% 10234 10434
11234 113% 112% 113% 113
11334 113
113%
129
123% 124% 128% 128% 130
130% 129
117
117
116% 117% 117
117%117% 117
114%115
114% 114-% 114%115
114% 116%
10578 107
106%107% 106% 107% 105% 107%
107% 108% 106% 107% 106% 107% 105% 107
103
103
10434 103% 105
104% 106
105%
5078 44
44% 51% 46% 49% 47
48%
22
31% 27% 2934 24% 2978 21% 26%
23
18
25
23
2734 31% 23% 29
108
106% 107% 107% 10878 106
10534 108
82
111% 11178 111%112
111*4 111% 111
113
113% 112% 11234 112
112% 112
111%
111
109
112
112
118% 117%117% 11834 11834
118% 118 118% 118% 118%
118
119
1113411134 113% 113%
114
120
120%121% 120
120% 120% 120% 121
119% 120
119%121% 119
121% 119% 120%
119
11934 119% 121% 119% 12078 119
12078
108
10834 108% 109% 108% 109
107% 108%
120*2 120*2 121
114% 111% 114% 114% 11478
115
119% 118%121
117% 117% 119% 11834 120
109
108 109% 108% 110
73
85
81
80
81
82
82%
ill" l"lY% 111% 112% 11134 112 112" 112%
11234 112% 113% 11234112% 11278 11278 113% 113%
113
112
113%113% 11334 H334
113% 113% 113
112%
110
110% 11034 11034 110% 110% 110% 11034 110% 110% 110% 112% 113
113%
166" 106""
106% 106%
10534 10534
111
—....
108% 108%
11534 119
118
Conftuarft434s, series J.. 1964 118% 118% H8
General 5s series A
82
106% 107%
107% 107%
107%107%
107% 108%
111
111% 112% 111% 11334 113%115%
112% 11134 113
122
121
12034 119
119%120
119%121% 119
123%
102%
109*2
109%
120
120
120%
11234 111% 112% 112% 11334
88*2 86*2 89% 89*4 9534
11% 1478 14
1334
19%
110% 110% 112
111%111%
105
10378 105
10434 105%
96% 97% 97% 99
97%
108% 106% 10778 106% 10778 10534 107%
105
10678 10334 10634 10334 105*2
47
41
55
48
37% 42%
25
2934 20
26% 20
2134
26% 30% 28% 32
2534 31
30% 32%
106% 10834 106% 107
10634 108
106% 108
85
85
a72% 72*8
70
70
-.--
General M 5s series B—1975 116
105%
113% 111
113% 11434 114
11334 114% 112
121% 12234 121%
112% 113% 111*2
118% 11978 118%
112
105
111% 112% 111%112 111%112
113% 113% 113% 113% 113% 114
112% 11334 11334
Con guar g 4s, series G
1957
Con guar g 4s, series H
1960
Con guar ft 4348, series I..1963
97
10778 106% 107% 10534 107
106% 108% 104 106%
54
43% 52% 46% 54
32% 24
32% 26% 31%
Philippine Ry 1st 30-yr s f 4s *37 27
34
PlilsburyFl Mills 20-yr 6s... 1943 107% 108%
Pirelli Co (Italy) conv 7s
1952 70
70
P C C & St L gu g 4J4s, ser A '40 111% 1127s
Con guar ft 434s, ser B
1942 111
11234
105%
106% 107% 107
124
122% 12234 123
Gen ft 43^ s series C
115%117% 116*2 117
1977 113
114% 113% 114% 11434 11534
4348 series D.__.........1981 110
112
112% 114% 11334 115% 112% 113 ~ 112*4 115% 114 115% 113% 115%
106
104% 10578 105
105% 10578 105% 106
Phlla Co ser 5s series A__
.1967 103% 105% 105
1057s 10434 106
1st & ref 4s
104%
84
87
80
102%
106% 106% 106%
107% 107% 107%
107
107
107% 107%
106%106% 106% 10634 106% 107%
105
104% 107
103% 10434 104
104% 105%
94
94
97
99
97% 100
104% 105% 104% 105% 103% 104
108is 108i8
106
Gen mtge3%s series "C"-1970
Phlla Elec Co 1st
107%
65*2 71
70% 73
100
101%
99% 9734101
103
11634 102% 112% 100
39
3634 39
36% 39%
77
74%
72% 76*2 72
122%123
123%123%
66
92%
8378
88
85
90*2
86%
88%
87%
89%
91%
82
88
90
85
88
87
8834
91%
83
89
82%
827S
8934
84%
88*2
86%
89
92%
115
122%123
115
123" 126"
125
121% 122% 125
119% 12134 121%122
1197812078 119% 122
119
11934 122
11934122%
120% U978 121
10834 107%108% 107
10778
107% 108% 108
110
109% 109% 110
88% 92% 9134 93
86
92
91% 92%
86%
121
120% 120%
91
92%
115
124% 124%
124%124%
122
124%
122% 12334
106% 107%
92*2
92%
96
95%
96
95
96*2
95
96
95%
9278
96
9373
95
94*2
95%
92%
95%
93
95%
93
95%
93
95
112%
123%
105%
105%
70%
112%
123%
Pittsb Youngs & Ashtabula—
1st gen 4s series A
1st gen 5s, series B
Port Arth Can & Dock 6s A. 1953
1st
m
6s
ser
1953
B
Port Gen Elec 1st 434s...
58 extended to 1950..
Porto Rican Am Tob
110
1948
...1962
conv
Postal Tel Cable coll 5s
Potomac Elec Pow 1st M
89i2
88%
98%
7934
88
87
97
93%
8034
71
72i2 79l2 73
107% 107% 107% 10734 107%
78
77% 81%
6s '42
6434 82
1953
35% 41% 36% 41% 3334
1960
33^8'66
80
90%
82
8534
1957
14%
20
19%
21%
Providence Term 1st 4s
1956
79
79
5s..1933
conv
Debentures 5s
1951
Pub Serv El & G 1st & ref 4s '71 107% 109
Pure Oil 15-yr 43*8 w w
1950 110% 119%
43^8 without warrants
1950
....
s f deb 5S..1948 10034 103
Radio-Keith-Orph pr pd ctfs for
Purity Bakeries
deb 6s &
(65% pd). 158
158
Debenture g 6s
1941
75% 82
Read Co Jersey Cent coll 4s. 1951
96% 99%
com
107*2 109%
11534 121%
102% 102%
97
stk
75%
9834
Gen & ref 434 8 ser A
..1997 106% 108% 107
Gen & ref 4^8 ser B
1997 106% 107% 107
Rem-Rand deb 5*4s w W...1947 104% 109
108%
Without! warrants.
106
10834 108
....
Deb 43*8 ww
93%
1956
102%
84*2
96
*
s
f 5s
No par value.
120
102
103
104*2 103*2 105%
103% 103
99*2 102% 101
10234 104% 103% 105*8
101% 10234103
100% 101
70
79% 73% 78%
73% 6634 73%
73% 70% 73% 71*2 73% 73
75% 67
106% 106*2 106
10434 107% 1047S 105*2 105% 106% 106% 106%
106%
108
77
72
78% 82%
82
79%
72% 80
72% 77
7534 79
7734 75% 77
40%
27% 3378 3034 39% 37
35% 28% 31% 29% 3134
28% 31
39% 28
104% 104%
96
98
94% 108*8 117% 122%
88% 94
87% 91% 90% 100
88% 91%
89
96*2
96%
93*2
98%
98
94
100
97
100
100
105
106
105
106
73
75
106
106% 106
10534
10534
74%
106%
78
81
79% 82
3734 4034 38%' 44%
104% 105% 105 106%
91
99
92% 92
96% "99"
18
12% 14
12% 1534 16
13
11
11
1034
1034 1034
16% 18
10% 10%
89% 89% 83% 83%
92%
7878 87%
92% 92%
105*8 107% 102"i532ib"7% 1029,6103*8 102** 102%
10334 107
122% 110% 117% 112%115% 11234117% 11334 11934 ll4% 123
119%131% 113% 129% 11234 120
112% 116% 113
10434 103% 104% 104% 104% 104% 10434 104*4 105% 104% 106
102% 103% 10278 103*2 103*2 104% 104%105% 104
98
100
99
98
98% 101
91% 100% 92
100%
93% 95% 94*2 98% 9534 98% 96% 99
91% 94%
12%
92%
200
275%
—
122
73
78
63
93% 93
69
69
76
68
75% 8378 84
71% 63
114% 120%
78
71% 76*2 63
102
101*2 103% 10234 10434 10234 104%
100% 9934100% 99% 100% 99% 100% 99% 100% 99% 100% 99«4100% 100
107
1057s 107% 10534 10734 107% 108
10634 10734 10634 108
10678 108%
106% 108
106% 10784 106
108% 10634 108
108
107% 107
107% 106
107% 107% 108
10678 10734
107% 10634 107*2 107
10678 107% 106% 107% 106% 10634 106
107
113% 109% 112%
11378 104 10934 104%1041732 104*ie106ii6
104
104
113% 104% 10934
..._
107
110
107%
no"
10734 109% 107% 109
106
10934 106% 108
Rens & Saratoga 20-yr 6s..1941
Republic I & S
111% 111% 111% 111%
120
119%119%
7734
Providence Secur deb 4s
Pressed Steel Car
110
t Companies reported in receivership.
106% 10778 106% 108%
112
1940 105% 106% 105% 105% 104'516105%
r
Cash sale.
x
Ex-dividends.
y
Ex-rlghts.
112
Volume
209
Chronicle
Financial
144
1936—Continued
December
November
October
March
June
September
May
April
July
August
February
Low High
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
January
BONDS
Low
Rep Steel Corp 4^8 ser A__1950 10284 11678 114i2 126
109
114
115
113*4 108
1233s 10784 120
Gen mtge 4*^8 ser B
1961
9638 99*2
96*4 9778 96% 98
99*2 100*4 97*4 100*4
Gen mtge 4*^8 series C—-1956
106
95%
124% 117
119% 115
114% .113
116*4 115
9834 100% 98
98% 100
97*2 97% 99
121% 119
99%
Purch money 1st 5)^8 conv '54 108
108
109
108
109
109
109
10734 109
106% 108% 106*2 108*4 107% 109
1063s 109*2 106
109l2 108
107*2 109
Revere Cop & Brass 4^s__.1956
104
103
106%
103
104*4 103% 104*2 104% 105*4 104% 105*8 105
10478 103
104i2 103*4 104*8 103
107*2 10778 1025s 105
Rheinelbe Union s f 7s
1946
30
30
33
28*2 30
27*4 30
31% 31% 32% 31% 3234 31*4 32% 3134 32%
33*8 34
33*4 2934 33*4
30*2
Rhine-Ruhr Wat Serv 6s
1953
Rhine-Westphalia El Pow 7s '50
Direct mtge g 6s
Con m 6s of 1928
Con
m
1952
1953
68 of 1930
(w w)...1955
Richfield Oil of Calif 6s
1944
Certificates of deposit
Rlchm'd Ter Ry 1st gu 5s..1952
Rima Steel 1st s f 7s
1955
Rio Grande Jet 1st guar g 5s '39
Rio Grande West 1st g 4s..1939
1st cons & coll tr 4s ser A. 1949
Roch Gas & El 4^8 ser D...1977
5
J^8 series C
1948
_
Gen mtge 5s ser E
1962
R 1 Ark & La 1st
4^s
1934
Royal Dutch 4s with warr.1945
Ruhr Chemical 6s
..1948
Rutland-Canadn 1st guar 5s '49
Rutland RR 1st cons g 4^s 1941
28*2 2834 285s 2834
3234 33
3278 34
32l2 3334 3258 33*8
32i2 33
325g 3284
32l2 3234 325s 3234
43% 49
40*2 453s
42% 4734 39
44*2
107
106*2 10784 107
52ig 52% 47*8 48
90
94l2
"86" 90"
79*2 88
47
54
37*8 48
11234 11284
105*4 1055s 10558 1055s
108*4 109
108*2 109
13
19
18*4 21*4
114
126
117*2 126
32*8 35
"3334 42
3778 43
34
42*2
40
42*4
Saguenay Pow Ltd 1st M 4% 8 66
St Jos & G Isl 1st g 4s
1947 107*4 107*2 IO784 108
St Jos Ry L H & P 1st 5s...1937 103*2 104*4 10418 105
St Law & Adir 1st g 5s
89
89
1996 8734 8734
2d gold 6s
87
87
1996
80
87
St LI Mt&Sou—R&G div 4s.'33 67*2 76*8
72*4 81
Certificates of deposit
74
78
71
7378
St L Peo & N W 1st 5s
1948
St L R Mtn & P 1st 5s stpd.1955
St L-San Francisco pr 1 4s A 1950
Certificates of deposit
Prior lien 5s
1950
B
ser
Certificates of deposit
38*4
4878
75
82
1534
22
I4i2
17*4
20
23
15
Cons mtge 4J^s ser A
1978
Ctfs of deposit stamped
St Louis Southw 1st g 4s
1989
2d g 4s inc bd ctfs..Nov 1989
1st term & unify 5s
1952
Gen & ref 5s
20
1434
13*4
76*2
2034
1834
84
50
64
39*4
5158
1990
A
28*8 38*2
St Paul City Ry Cable 5s_.1937 10034 102*8
Guaranteed 5s
1937 101*2 102*8
ser
St Paul & Duluth 1st cons 4s '68
St P E Gr Trunk 1st gu 4 ^8-1947
St P & K C Sh L 1st 43^s...l941
St Paul Min & Man 5s
"21"
17*2
3278
31*2
31*2
31*2
38
37
104*8
41*8
2I84 23*8 2134 23
2234 23*2
2884 2534 27
24
28*2 24
24*2 24
25%
33
28*2 29*2
23
28
28
29
23% 24% 24*4 25%
33*8
23
24
29
2378 23*2 24%
24%
33*2 28
24
24% 2334 2534
33*8 28*4 29*2 23*8 28
38
40
42*2 39*4 45*2 38*4 40*4 37
4334
37
45
41*8 3534 39
36*2 43*4
4212 38
104
104
103
104
104
103% 104
103%
105
35
35
50
50
41*8
90
943s
"9l"
85*2
82
855s
46
51
42
9l"
9"l*2
82%
46*4
107*2 109
107*2 108
1634 1934
16*4 19
153
157
14478 159
1946
Stamped (July*33 coupon).
Guar
s
f 63^8 ser B
1946
Stamped
029*8
1634 20
152*2 153
38
27
3334
35
411*
2734
33
109
10934 108*2 109*8
10434 105*8 104*4 10478
91
92
85
85
82
82
83
83
74
77
74*4
75
76
76*2
1st &
cons
6s
76*2
7934
84*4
85*2
84
18
86
24*4
84
26
2334
18*2
21*2
16
21*4
16
18*2
21*2
1734
25
23
23*2
2034
20*4
20*2
16*2
16*2
23
1934
185s
20*4
17*2
20%
1734
17*2
22
20
19
1634
27*2
24*2
2212
20*4
15
26*2
23*2
20*2
19*4
15
8758
91
88
903s
87
Series B ctfs of dep
21
20*4
28
2134
22*8
17*8
20*8
20
24
18
2134
17
19
~3l"
27
112
59*2
56*2
59*2
64
64
Convertible deb 4>^s
Shell Pipe Line
s
26
28*4
27%
27%
41%
41*4
4534
40
28*4
28*2
28
2734
27%
27%
27%
2734
22%
24%
26%
22
26
2734
2784 27%
40*4 45%
4334 39% 45
10234 102% 103%
55
61
55%
27%
2734
22%
22%
273g
25*2
43
53
52
65%
43
52%
2734
4334
92
92
80
84
80
84*2
8234
87%
81
52
65%
10234103*2
6~0" 56*2 57
90
91% 91%
8234 79% 82
3934
44*2
40
49%
46%
52
42
49
4534
39
102
55
1734
22%
108% 107
108
21
24
22%
25%
25
24%
32%
24
32
26
20%
85*4
27*4
22%
18*2
25%
20
22
19*8
82
80
30%
3534
66
1878
15
27*4
29%
35*2
37
33%
33%
8234
80
85
82%
83*2
83*4
26
30%
30
32%
28*4
26*4
25%
2234
2434
22%
3034
3034
31
30%
26%
2334
29
31%
30*2
32%
30
29%
28
31
2334
27%
3034
23
27
29
27%
27%
19
18*4
$2*4
2134
25
28
23
27%
25%
22%
2334
18*4
20%
20
27
25
25
22%
1634
18%
16*4
18%
17
26%
25%
114% 114*4
114% 114% 114
58*4
60
55
57
34
36
64
47
60*8
45
51%
26
4334
25%
30
56*2
28
54
30*8
30%
52%
28
50%
2534
30*^
50
"60*4 ¥2*2
16
19
1934
1934
20
19
21
16*8
193s
1978
16*8
65s
6*4
7*2
10*2
9*4
7*2
12*2
11*4
10
9
97s
13*2
1178
21*4
5*4
20
24*8
4*2
73g
478
52
50
60
51
119
119
119
16*2
18
16*4
678
85s
1538
12%
119% 120*4
13%
13% 13%
13
12% 13%
13*4 13%
13*4
""3*4 "4%
12%
3*4
5%
12*2
3%
6%
12%
3%
584
5*4
7%
6%
13*4
334
"l6"
11*4
"l¥
11
734
9*2
20
5*8
5*2
534
45s
7*2
7*4
634
938
834
17
434
6*8
16*4
4
7
13
5
7*8
6%
1534
3%
8%
7*4
16*2
5
5
334
4*2
67s
4*2
104
103*2 103
103532103*2 103*321033,6
6
13%
4
634
"ie"
28
26
118
"i¥*4 11434
1234
s
15
13%
13
13%
29*8
33
35*2
33%
3134
118
118%
18% 1734
25*2
2534
28%
19%
23%
84%
35%
31%
34%
3134
31
28%
100
72%
65%
27
30
19%
24%
103% 105
101% 101%
1063410734
12234123%
101% 103%
112% 112%
10934110*4
115
115*4 115% 114
40
44
39% 39%
42
44%
47*2 39
40
44
44
41% 45
44*4 44
46% 40*8 44%
37% 48% 41
44
120% 120*2 122%
119*4 12034 120% 120
22
25
20
23
23*2 34
20
114% 114
114
35
3934
32%
48
21
19%
13%
20%
25%
7%
634
7*2
8%
10%
9*2
13%
11%
8%
8*4
10
7%
1034
9%
3%
17%
5
1734
4%
24
7
3%
5%
12
11*4
14%
1334
29%
9
8%
6%
10%
10*4
13*4
8
14
13
17
16
27
11%
11
16%
14
16*4
12%
4%
4
6:
6
8%
6%
5%
634
5%
4%
5%
5
9*4
7%
8
6%
9%
8
8*4
684
15%
1534
4%
30
3%
"3% "4%
4
11%
5
6%
11%
1034
21%
6*4
6%
12%
24%
7%
7%
24
734
34
12%
12%
13
19*4
18
16
21%
15*4
27%
10*2
10%
20%
36
15%
14*2
i"o¥
105% 107% 10734 108% 10734 108% 108
1935
f 7s
80*8
87*2
89*2
9478
8734
9234
8784
1st
94*8
98
9558
90*2
98
8834
96*2
93%
98*4
76*2
88
86
93
87*2
92*8
77
8734
86*8
91
87*2
86
9134
91*2
87
76*4
8684
9078
87%
86%
86*4
91%
91
9034
4>$s (Oregon Lines) A. 1977
434s
..1968
Gold 434s with warr May 1 '69
Gold 4>4s
1981
10-year secured 3%s
1946
1950 10634 112
San Fran Term 1st 4s
107
10834 108*4 110
10834
106%
gu 5s'37 106% 10658
4s..1937
993s 103*4 10212 105*4 103*2 10658 103*2
102
101*4
9212 97*2 94i2 101*2 98
58
68
53
61
57*2 65*4
56%
Devel & gen 4s series A.. 1956
74
85
75*4 81*2
72%
Devel & gen 6s
68*2 78*2
1956
81*4 85*4
Devel & gen 634 s series A. 1956
7834 88
75*2
71*2 8234
97
90
Mem Div 1st gold 5s
85
91
9634 96*8 98*2
1996
87
8838
83*2 83*4 89*4 86
St Louis Div 1st gold 4s_.1951 78
South Pac of Cal 1st
con
So Pac Coast 1st guar g
Sou Pac RR 1st ref gu 4s...1955
Southern Ry 1st con 5s
1994
East Tenn reorg lien 5s..1938
Mob & Ohio col tr gold 4s 1938
97*4 100
57*2
65
101*2 102*4 102
64
76*2 65
Southw Bell Tel 334s ser B..1964 104*2 105*2 105*8 107*2 106
1st & ref 5s
108% 109
11034 11034115
102*4 102%
65
74*2
107*2 10534
8984
93*2
92%
96%
87*2
8634
98*4
97
92%
91%
89%
89*2
92%
90
86
91%
89
9134
90
94
98%
92%
93*4
96%
8934
9734 9634 9734
85%
84% 85
10334 103% 103%
54% 5534 58%
97%
9734
87
98%
89%
83
60
70
68
98% 101% 99*2101*4
81
82*2 87*2 80
102% 102% 102% 102%
64
51% 59%
72% 64
99*4
87%
110*4
23%
23%
62
60
62
99*4
98% 100*4
23%
23% 23% 24% 23% 2334 23
69
69
71
7134
68% 69%
60*2 77
101*4 102% 101*4 10234
100% 102
9934101
23%
100% 005*8 00534 004% 106*4 10434 105% 105*4 10634 105% 106%
127
124
127
126% 126% 128%128% 129*2129%
107
106% 108
108% 107% 108*s 10734 10834 107% 108%
108
105% 107%
106% 105% 106% 105% 106% 10534 106*4 10534 107
95
9734
92%
93%
97%
95
98*4
97%
9534
99%
91%
94%
93%
9534
94%
95
98
9834 100%
93*2
93*2
96
9534
9534
95%
98%
93
99%
97%
99%
9934
95%
95
98
99%
93*2
96
95*4
93
92*2
93% 93% 95%
93
92*o
95%
94% 93% 95% 93
97% 97*2
98*2 9934 99% 102% 100*4
97% 99
114
10734 109% 107%
107%111
117% 109% 112% 111*4 118
112% 115
112*8 113% 109
105
105
104% 105
106% 105% 105%
104% 104%
105*4 105
10034 10034
101% 101%
106
105
106
106
106
107% 106s4 108*2 107%
105*4 104% 10534 105
104% 106% 105
111
112
107
102% 10334 10234 104
110% 108% 111% 109
104
102% 106*2 106% 10S
79
68*4
77% 84
8234
7734
56% 6IS4 61
6334
66*2 76% 75% 78*2 76*2 7834
72
78
98
98
101
83
84%
95
92
78%
96%
96% 101%
80*2
90% 95*2
95
99
96
100
7634 82% 82% 88*2
99% 10434 01
104% 101
86% 98*4
85*2
96
98
99
98%
95% 96
9934 9934 9984 101% 102% 103% 105% 10334 104*2 105
85
84
87
99
87%
101% 100
88*4
85% 92
91% 94% 94% 9734 97% 100
103
102% 102% 102% 102% 102% 102% 102% 103
103% 104% 104*8 104% 104*2
83
62% 68% 67
74*2
85% 91%
68*2
71% 83
88% 85% 88
89% 90% 90%
109
10634 106% 107% 107% 108
108% 108
109%
107% 108% 107% 108
10734 108*4 108
.91%
91%
91%
91%
95
102%
109%
108%
112
8IS4
101*4
104%
105
103
10434
93*2
110%
1954 10478 1053S
S'western Gas & El 4s
ser
D.1960
Spokane Internat 1st g 5s. 1955
Staley (A E) Mfg 1st M 4s...1946
1434
26*2
27
34
23
27*2
Standard Oil of N J deb 3s. 1961
Stevens Hotel 1st 6s
19*2 27
81*2 92
Sunbury & Lewston 1st 4s. 1936 10034 IOO84
ser
A.. 1945
Studebaker Corp conv deb 6s '45
Swift & Co 1st
m
3M8-.
26*4 24i2 28*4
86*2 110*2 101*2 117
24*8
103%
19
25% 18% 20*2
18% 20% 20
18% 20
104*4 105*2 10434 106
104% 105% 105
105% 105
98% 99% 98% 100% 99%
22
21% 22% 20
21%
28%
93
102
94*2 102
9134 11634 92% 99
99% 113% 110%
16%
105
1950 105*2 10734 106*4 10634 105*8 107
23%
106
106*4 105
105*4 106*2
165*4
104% 103% 105
104% 106*2 105*2 106*4
37%
28%
27% 35% 30
32% 39
105% 105*2 106% 106*4 107*4 106
107*4
100%
99% 100*4
122% 114% 128
106% 105% 106% 10534 106% 106% 107
Symington-Gould Corp—
1st M conv income (w w).1956
Without warrants
conv
or
B
deb 5s
334s
1947
No par value
74l2
86*4
1944 10258 10434 104*8 105
96
98*2 95*2 98% 96
97%
125
123*2 123% 124*4 124% 125
10334 105
10334 104% 103
104%
9734 99*4
98% 101%
99% 101
110% 111% 111%111% 110
110
117
116
118% 118% 117
117
108*2 109% 10838 109*4 10834109%
103*2 105
102%103% 102% 10234 102332102%
103*8 105
104% 107
IOI22
105
99*2 100*2
102*4 10234 10234 103*2 10234 103*2 104% 104% 105
t Companies reported in receivership
r
Cash sale.
x
Ex-dividends
105
y Ex-rights.
127
106*4 107
112
119
105*2106%
156% 148*4 170
114
116% 113% 12634
105
97% 104% 102
104% 104
124
125
124% 126*4 125*4 125% 125*4 125%
10334 104% 10434 105
104% 105
104% 10434
99
98
97*2 101
102*2 97*2 100%
102%
109*2109% 109% 10934 109% 109% 10934 109%
116% 117
118*4119% 119*2 121
118*4119%
109
110% 101*4 H034 110% 112
111*8 111%
98
99%
10634 106*4 107*2 106*8 107*4 107
1025 101*o 101% 1009
103
103
101%102*4 102
1951
Texas & N Orleans cons 5s. 1943
99*2 10034 100% 102
116
136
1956
92
98
9334100%
9458 9738
85*2 98
Tenn C I & RR gen 5s
121% 122% 122%
120*2 120*8 12034 120*2 12134 121
1951 120
105
104
105
Tenn Cop & Ch deb 6s B...1944 10378 105
10334 104*4 103
103% 104*2
95
94
99*2
9634 99%
Tenn El Pow 1st & ref 6S..1947
9578 102
96% 98*2
9934
Ter Assn of St L 1st g 434 s. 1939 110*4 111
110*2 11034 11058 1107S 11034 11034 110% 111*4
118
117
1st con gold 5s
116*4 116
118*2 118*4 118% 118
118%
1894-1944 116
Gen ref s f gold 4s
107*2 109
1953 105*2 107*2 106*2 109*4 109*8 111*2 107*4 110
94
102*4 98*2 101*2
99% 101*4 100*2 10334
Texark & St Smith 1st 534s A '50
87*2 95
Tenn Cent 1st 6s A
*
25
13
13
3*4
10534
2534
5%
105% 107*4
1951
34
120
13
9
17*2
4*2
4*2
50
23%
10412 105*4 103*2 105
103*2 104% 104% 104% 104% 105*8 104% 105% 104*4 105%
101% 102% 101% 101%
103*8 1033s 102% 103% 102% 103% 102% 102% 101% 103
107
106
107
106
106
107
107*4 106
107*2 106*4 107
107%
106*4 106
119
124% 11934 123*4 119% 121% 120*4 121% 120% 122% 121% 122% 12134 123*4
103
99
98% 99%
101% 10234 101
100*2 102
9734 99
100% 99% 101
109
11058 110% 111*4 110%111
111% 112%
11034 111% 110% 11134 111*4112
112
Gold
Corp
5034
10734 108% 108*4 10834
17% 20%
17% 22
81
20*2
24*2
21
623g
17
978
So Pac Co Cent Pac coll 4s. 1949
Debenture
44
81%
27*4
25*2
28%
2734
25
94*4 96*8
94*2 97*4 96*2 97% 96%
8134 84
84*2 87*2 84*4 88*2 85*4 88
81*8 86
81% 83
82%
86
80
86
77
86
95
80
90
5934 61*2 60*2 69*2 77
Deb s f 6H s
45*4 51*4
47% 52
50% 54% 53*4
46*8 46*2
1951 423s 43*4 43*8 47
Sierra & S F Power 1st 5s..1949 lll78 11278 111*2 112*2 111
112*2 1107s 111*4 110*332111*,6 1107,6ll034 110*4
Silesia Elec Cor s f 634 s
1946 2958 30*4 29*2 30*4 28*2 31*2 2434 28
56
86
90
77
59
7934
79*2
Sllesian-Am Corp col tr 7s..1941
75
90
8534 88
7934 8734
97
97
9834 9634 9834
975s 9878 9658 98*4
9878
Skelly Oil deb 4s
1951 101*4 102
96%
Deb s f 5 34s
100'*i6l0138
1939
104*4 105% 104%
103% 105
Socony-Vacuum Oil deb 334 s '50 10458 1053a 10434 105*2 1043s 106*4 103% 105
101
10034 100% 100% 100%
102*8 1015a 10134 101*2 101*2 101
So & North Ala con gu g 5s. 1936 102
124
12434 125
116*4 116*4
Gen cons gu 5s
1963 11458 1145s
Southern Bell T & T 1st s f 5s '41 10684 108
10658 107*4 l0634 107*2 107
107% 107*4 108% 107*2 107% ,107*4
106
105% 105% 105% 105*4
10534 106% 105
104*2 105*2 105
Southern Colo Pow 1st 6s A. 1947 102*2 105
Siemens & Halske
Texas
58"
90
122% 122%
108% 108% 107
24*4
2434
15-year deb 3J^s
1951
Shlnyetsu El Pow 1st 6>$s.l952
/
2I84
2734
2784
104
1029,6103*8 102932102*932
f deb 5s..1952 103*2 104i2 103
f deb 5s..1947 10238 10334 1023s 1027a 1021,61023s 1012932l02',6
s
Shell Union Oil
22%
60*2
66
64
4*8
19
62
66
678
6*2
9%
1935
28%
31
25
89*4
62
Sharon Steel Hoop 1st 5^ s. 1948 103
108% 109
1678
90*8
66*4
64
4
26
30
24%
25%
16
28
2634 23*2
1834
25*4 29*4 22
16*4
19*4 22*2 22
96
94
97%
88*2 90*4
9734 94
9434 97
90*4 95*4
8934192
69
69
70
75
66
61
68
71
67
72
71%
61% 64*2
6334 70*8
63*8 68
58*8 63
57
52
51
59
52
5578 51% 57% 52*4 60% 59*2 62% 60
68%
63% 6034 68*2 63
4978 5534
55*2
55
33
49*4 '53
36*4 35% 39*2 35*4 44*2 42% 47*4 44% 48*2 46*2 55% 48
35*2 41*8 34
40*2
325S 40*4
102
102
101
101% 102
100% 100% 100*4 100*4
101*4 101
10134 102
102*8 102*8 10134 102
10134 10134 101%10134 101
10134 101«4 101% 10134 101%10134
1003410034 100*2100%
1017s 102
105
105
107% 107%
105*8 105% 107" 107 "
1834
17*2
8334
6278
60*8
Seaboard All Fla 6s A ctfs..1935
8534
2234
20
86
58
17
37%
19
60*8
1933
33*4
31*4
22*2
5
1945
4s
28
34*2
83
5*4
A
ser
2634
28%
26%
27
23*2 23*a
27*2
34% 27% 2334
35% 30
38*2
35*2 38*2 3284 36% 29
102% 103% 103*4 104% 104*4 105% 103% 10534
111% 111% 112% 112%
1085s 108&8 109*2 HO
10934110% 110*4 110*4 110% 110%
103
104
101% 102%
10334 103% 10334 103% 10334 103*4103% 103
10234 l"03"34 102% 103
86
86
87
87
85*4 89
100
~78~ 78"
100
101
90
90
100%
79% 80
77% 80
87*4 8334 87% 79% 85
"74*2 79
78% ¥l
78% 81% 80% 86*2 85
83
85%
79
79
84% 83
77%
80*4 86
84*8 86
74*2 77*2 77
7734 79
35
37
40
45*2
44% 39% 43*8 40
42*2 35% 38*8 34% 37
35% 41% 40
28*2
30
21
10834 109
Certificates of deposit
21%
27*4
18
1959
Atlanta & Birm 1st
17%
45
37s
Certificates of deposit
44
39
21
83s
Refunding 4s
42
47*2
..1949
Adjustment 5s......
44*4
45
16
1950
Ctfs of deposit stamped
41
51*2
86
2334
1734
Certificates of deposit
81%
2634
25%
104% 106%
24%
2434
2734
28
29
2734
24%
27*2
27*2
92
79
25
24%
29*8
33
Scioto V & N E 1st guar 4s. 1989 H4i2 11412 11558117*8 117*8117*8
20
Seaboard Air L Ry 1st g 4s. 1950
20
20
19*8 203g 19
Stamped
92
81%
10834 10834 108% 109
107*4 105*2 10634 105*2 10634 10412 107
Mont Ext 1st gold 4s
1033s 1035s
104*4 10434 1033s 104
1937 103*4 104
Pac Ext sterling guar 4s. 1940 104*4 1053s 106
106
106
106*4 105*2 106*2
St Paul Un Dep 1st & ref 5s. 1972 11778 120
118*2 11958 119*8 12112 121
122*4
S A & A P 1st guar g 4s
96
96*2
95*8 99*8 9534 98*2
9878
1943 89
San Antonio Pub S 6s ser A. 1952 108
109*2 1087s 110*4 10858 110*4 10834 110
S «n Diego Cons Gas & El 4s .1965
Schulo Co guar s f 6^s
¥2"
80
2334
113*4113*4
1943 105
S Fe Presc & Phoen 1st 5s..1942
80*4
42*4
76*2
39*2
4634
81*2
19*2
26" "27"
26*2
26
135
98*4 100
98*8 9934
108% 111
108*4 107*2 109
102
104% 103% 104
105*2 107
103% 106
107
107
104*2105%
210
Financial
Chronicle
1937
Jan.
1936—Concluded
■
January
BONDS
Low
February
High Low
March
High. Low
Texas & Pacific 1st gold 5s.2000 11712 11834 118% 122% 122
Genl & ref 5s series B
1977
98
100%
Genl & ref 5s series C
1979
97
100l4
94
9514
Toho Elec Power 1st 7s
Tokyo
Elec
Light
Co
1955
High Low
May
124% 122%124
June
High Low
High Low
July
October
December
August
September
November
High Low High Low High Low High Low High Low High
High Low
122% 126% 122% 125% 122
124% 122% 12478 124% 126% 12434 126
104
105
104% 106%
105
104%106
106%
105
106
105% 107
1087s 109% 1087s 109
66
6734 70
68% 70% 68% 71%
68% 71»4 70% 7234
6834
65% 70
7178 73%
36
39
32
4078
36% 39
37% 40% 38
38% 3234 36% 34% 36% 35
40%
102% 10258 103% 10234 10334 102% 10234 10234 103
102%103
10234 10378 10234 10234 102% 10234
92
91% 96
93% 95
9234
91% 93%
99%
99%
97
9978
99%
Tex Pac-Mo Pac Ter 5)4 a er A '64 105l2 106%
106%
Third Avenue 1st ref 4s....1960
68
5734 7134
Adj lnc 5s tax ex N Y
1960
22l2 3712 33
Third Ave RR 1st gold 5s... 1937 10034 102
102
Genl & ref 5s series D....1980
April
104
104%
104
10734
71%
4234
101
104
102
101
104
101
103% 102
103% 104% 103% 104%
105% 103% 105
103% 101% 10538 104
10538 10334 105% 103% 105
101% 104% 101% 103% 100% 105% 104
105% 10334 105% 10478 105%
108
109% 108
108%109
10878 109%
108% 109
109% 108% 109
1953
11712
6)4 a '43
9014
Tri-Continental Corp 5s
conv
Trumbull Steel 1st
s
f 6s
1940 10218
Tyrol Hydro Elec Pow 1st 7)4 a'55
Guar
sec
s
f 7s
1952
Uilgawa Elec Pow
f 7s
s
1945
8418
85l2
9434
Union El L & P (Mo) g m 5s. 1957 105
78
89
78
79
79% 8234
77% 80
78% 79%
10234 104% 103
10534 107% 10534 107
104% 10334 106
100
97
100% 101
101% 99% 100% 100% 100%
100%
105
105
105
10434 105% 104
104% 105% 10434 105%
122
120% 121
121% 121%
121%121%
128" 128 130 127% 130 125 126% 115" 121% 118 125 116%120
94
96
97
98%
98
99%
9434 9978
97% 9834 97% 9834 99
103
10134 102% 101% 10178 100Z9J2101932
88i8
89% 90
89
91
88
89% 91
89% 8534 94% 8734 94%
85i2
90
80
90
827S 8578
84
84
79
79
90%
85% 87%
98i2
8934 96% 93% 95%
9934
93% 96% 95
96% 95
92% 95
10638 105
106% 104% 106% 105
104%107
106% 106% 107% 104% 107
Union Elec L & P (111) lst5^s'54 105i2 10714 106
107
10584 107%
Union El Ry (Chic) 1st 5s..1945
1714 21
18
19
197s 20%
Union Oil Cal 6s series A
1942 11914 121
121
122
120% 122
12-yr 4s conv deb
1947 118
123
12U2 120
117
122
Union Pac 1st & Id gt g 4s. 1947 11178 113i8
11134 114
1st & refunding 4s
Gold 4)4 s
106
106% 105% 10634
18
18%
121
117% 112
114
113%
109% 108%
104
10234
1st & ref 58..
2008 116
40-year gold 4s
35-year 3)4 s debs
1968 1027g 10434
117% 117% 110% 113
United Biscuit of Am deb 5s '50
10684 10934 107% 108
10784 108% 107%
United Drug Co (Del) 5s...1953
98
10034
99% IOI84 100% 103%
98%
United N J RR & Can gen 4s '44 111
11214
s
f
6)4a ser C.....
1951
6)4s series A.
—1947
Pipe & Rad deb 6S..1936
.
S f deb
Univ
Unterelbe Pwr & Lt 6s
1953
Utah Lt & Trac 1st & ref 5s. 1944
Utah Pow & Lt 1st 5s
1944
Utilities Pow & Lt deb
5^8.1947
Deb 5s with warrants
1959
34%
Ref & gen
1980
6s
...1955
debentures
27
28
28
30
29%
28%
29
49%
29
2934
29%
29
30
47%
9978
122
122
120% 122% 119% 122% 119% 123"
100
99% 9978 99% 100
102%
98
90
90%
99
90
91%
95
98
90%
88%
88%
847S
90
90
9434
106%
106% 106
107% 106
10634 104
105% 105%106
20
22
23
22% 25
121% 121% 121% 121
118
103
117% 10334
116
115% 11634 115%
1087s 108% 109% 109%
122
108
116%
110
112
1127s 113%
100%
101%
166" 102%
1077s 107% 108%
102
103%
103
114% 114% 114%
38
34% 37
133
138
150%
107% 1063s 107%
72
31
31
29%
29%
28
29
27%
27%
28
2834
33
29
30
30%
28%
4U2
35%
41%
34%
39
29%
39
27
29i2
32i2
27%
35%
3734
40%
37
27
28
26
98%
98%
72%
68%
9378
96% 99
98% 100%
70
72%
29%
29%
29%
30%
30
2934
29%
29%
30%
30
29%
2934
29%
30
23%
30%
2934
23
29%
29%
29%
26
"95%
64
7084
33%
33%
34
42%
32% 33
97
99%
97% 100
66
72%
60
67
61
32i2
99l2
9734 IOD4
963s
69
97%
68
64
91%
65% 68%
90
92%
106% 106%
"72"
73"
80
80
60
6434
65
72
89
89
3014
3412
31
"34% 38"
30
3434
"34"
36%
3038
31
29
33
31
32%
32%
33%
32%
35%
3234
29i2
~70"
71
30
30
26%
9734 99% 99% 101% 102
104"% i0234 10334 102% 10334 101% 104"% 102% 104"% 103 104%
9934101% 101% 104% IO384 10434 103% 10434 10334 105% 102% 105% 103% 105% 103%105%
72
72% 72
73% 72% 78
6938 76% 67% 75% 67% 70% 66% 70% 66% 71%
68
68
65
6884
64
69% 68% 75
6634 74
72% 64% 6734 63
69%
67%
90
8S
8534 90
86% 8884 86
923g 92
967s 9234 96% 92
92% 98%
9434
108
108
111
111
11034 11034
234
3%
2%
3
3%
3%
258
3
2%
3%
284
3%
334
384
14
15
13% 20%
1334 16%
1534
13% 17
13% 19
18%
14% 2334 21% 32
31% 42%
106% 107% IO634IO8S4 107% 109% 10734 109% IO784 10834 108% 109
110
108% 109
108-% 109% 109
58
62
60
65
61% 65%
60
72
60
6934 65
6134 67
66%
....
3%
100
4%
100
85
91
86
89%
109"32ll0%
102% 102%
101
91%
103%
95%
8234
80%
80%
70
77
65%
71%
"66%
94%
37
95
95%
95%
2634
26%
35%
27
34%
"27"
34%
30%
32%
31
32%
27
"3058 35"
27
88%
97%
9434
110
98
75
69%
96
2934
76%
76%
74%
67%
66
66
66
98%
97%
97%
28
30%
28
35%
26
34
"27"
3034
2534
27
34%
26
28
32%
30%
34
31%
89
97
37%
43%
6238
110% 110% 11278 112% 112%
9734100
99% 100
100%
108%
28%
25
25
25
74%
70%
74
103" 104%
96%
9784
i0234
103%
78%
68%
98
39%
34%
26%
27
26
75
66%
9634
"32%
3534
~31%
3234
3434
32%
31
33
30%
30%
80
78%
68
71%
69
80
7134
99
99
99
99
99
99
78%
68%
97%
3634
33%
37%
3534
34%
42%
32%
4178
33
37
36%
35
3884
40%
37
32%
34%
40%
35
36
3534
34%
40
37%
"33%
40%
34
39
"31%
35%
34%
40%
30
33%
35
35
30
95%
28%
65
69
97%
46%
7334
65%
65
9734
36%
7234
72%
95%
34%
65%
69
79
79
80%
28%
26%
24%
29%
26
27
25%
26
28%
27%
30%
27
96%
93%
33
95
93%
96
95
98%
38
90%
2834
6I84
92
32%
61%
30%
33%
28
31
28
653S
6238
69
59%
61%
58
56%
61%
58
26%
~70% "71%
32
90
36
99
106
34%
31
32
99%
104
25%
29
3678
110
"96%
105% 104%105% 105% 106% 106% 1067S 106-% 109
101
1023s 10134 102% 102
102% 102% 103% 102% 103
103% 104%
102% 104
86% 9034 90
92% 91% 94
9234 93% 93% 95
94% 96
95% 97
77
78% 78% 78% 82
84% 84% 85
102% 102%
93%
31
88% 92
10334 104%
10384 104%
80
33%
108
104% 104% 104% 104% 10434 105%
10034 10034
29
Certificates of deposit
Walker (Hiram) G&W4>*s.l945
Walworth Co 1st 4s
1955
30
32%
29
4^s series C..1978
Certificates of deposit
27
33
28
Ref & gen 5s series D
30
33
28i2
Ctfs of deposit
29
33i8
Det & Ch Ext 1 st g 58
..1976
99
110% 112% 110% 112
101% 10334 102% 104
33
—
Ref & gen 5s B
114%
109%
103%
11978 120
IOO84 10034
33
4%
5
16% 20
Va Elec & Pow 4s A
1955 106i2 108
IO684 10784 106% 108
65
Va iron Coal & Coke 1st g 5s '49
70
65
66
6934 70
Va Midi general 5s
1936 100i8 100i8 100% 100% 100% 100%
104
105
Va & Southwest 1st gu 5s..2003
104% 104%
89" 86% 92% 87
1 st consol 5s..
..1958 ~8l"
91%
Vlrgnlan Ry 50-yr 5s ser A. 1962 11034 IIU2 110% 111% 110% 110%
104i2 103% 10438 10234 1027g
1st mtge 4)4 s ser B. ......1962 104
1st & ref 3%s A
.1966
9812 10178 IOI84 104% 1013s 103%
Wabash RR 1st g 5s
1939
2d gold, 5s
1939 8434 9314 91% 96% 93% 9534
6738 6738
1st lien 50-yr g term 4s... 1954
Wabash Ry ref & gen 5)4 8 A 1975
116
122
99% 100
95
97
95% 97% 97%
90
90% 92% 93% 90%
94% 987g 96
98% 97%
105% 106% 105% 106% 10534
106% 106% 107% 107
105% 10634 105
107% 104
18
19
18
18
20
20% 22
120
12134 120% 122% 120% 12034 120% 122% 121
118% 115
11834 114
115% 118% 116
11534 115
113
11434 114
115% 114%116
113% 115
II434
IO884 10934 108
109% 108% 10938 108% 109% 108%
102% 10234
33
Vanadium Corp of Am conv 5s'41 87
93
90
9534
Vandalia consol gold 4S....1955 107l2 108
10784 10734
Consol 4s series B
1957 107l2 107l2
Veta Cruz 8c P asstg 1st 4)4 s '34
384
4i8
3%
6%
Vertientes Sugar 7s ctfs... 1942 11
15
17
177s
1941
Des Moines Div 1st g 4s..1939
Omaha Div 1st g 3)4 8
1941
Tol & Chicago div 1st g 4s 1941
31%
105%
12034
121%121%
120
111
111% 112% 11034 112% 110
110
10978 111
105
1007 100" 1001
102% 103% 103
100% 105
99
99% 99% 10078
99
99% 100
1073s 108
107% 1077g 107% 10734 107% 107% 107%
108% 107% 108% 107% 108
101
102
99
101
101
100% 102
102
101% 102
1027s 101% 103% 101%
113
113
112% 112% 112% 113
113% 113% 113% 113% 114%
29
31
34
34
33
30% 31
30% 28% 33
34
32% 3334 3238
131
110
109% 120% 120
117% 132% 120% 137% 130
108% 109% 108
106% 107
107% 105
106% 105% 107
10634 107
106% 107% 10678107% 1067s
112
..1971
106
119
78% 80% 79
82% 80
8134 7734 81% 71
77%
105% 106% 105% 106% 106% 107% 106
lt)8% 107 108%
10034 102
101% 102
101% 103
101% 102% 102
10278
106
106
105
105
105
10534 106% 107
10678 1067s
100% 100%
109
103% 10478 102% 104% 10134 104
United Rys St L 1st g 4s
1934
25
3558
32% 34S4 33
U S Pipe & Fdry conv deb 3 )4s'46
U S Rub 1st & ref 5s ser A. 1947
10312 10~5~18 10434 106
105
United Steamship 15-year 6s '37
10214 10214 100% IOO84
United Steel Works 6^ a A. 1951
33
3312 33
33% 29
18
119
34-year 3)4s deb
118
18
111
11234 114% 113
2008 107l2 1095s 109% 10984 108% 111% 108
1967 10584 108l2 105% 107% 103% 106% 103
1970
Sec
36% 39
3634 39%
102%
102% 102% 101
Ltd
1st m 6s $ series.June 15 1953
79
7912 85l2
8634
Tol & Ohio Cent 3^8
1960
9918 10134 101% 104
Tol St L & West 50-yr g 4s..1950
9614 9834
9734100%
Toronto Ham & Buf 1st 4s. 1946 IOII4 102
102% 103
Trenton Gas & Elec 1st 5s. 1949
120%
Traux-Traer Coal
125
128% 127% 1307s
105% 1067S 105% IO684
106% 107
106% 108
10634 10734 107% 108%
109
10834 110
109%
6684 71
70% 72%
33% 36%
32% 36% 3484 40% "34% 40% 36% 40%
31
25
25
32
33
27% 33
3334 36
35% 36
108
106% 10834 105
10334 106% IO434 107" 104" 106% 104
106% 106" 108% 105% 10934 10634 11034 108% lTl"% 107% 110%
84
78% 72
77% 83%
73% 77%
79
71% 76% 73% 76% 73
84
80
78
87
76% 79% 76
86%
82% 80
87
92
82
84
9114
90% 96%
81% 82
90
88
92
95
98
82% 83% 83
88
90
90
93
93
98
3434
"27"
.
106% 10678
106
120
Without warrants
al06i210612
119
1st sinking fd 6s series A. 1945 106
108i2118i2
1939
86
93
92%
Warner-Qulnlan deb 6s....1939
30
4478
40
Warren Bros Co deb 6s
4U2
59
52%
98%
4634
59
55
53
58
53%
52%
77
78
79
Warner Bros Pict deb 6s..
1941
68
gu
109i2 110
10514 106
Wash Term 1st
6638 61
63% 61% 69
81
83
79% 81
8034 8034
97
99
9834 100
99% 100
9934 10038 99% 101
106
107%
108% 108% 108% 108% 108% 108%
109% 109%
111
111%112
111% 111
111% 110% 111
110% 112
122% 123% 122% 124
124% 124% 121% 12384 124% 124%
120% 122% 119
122% 120% 12234 121% 12234 122% 123
106% 106% 10534 106
I05»32l05% 105*32105%2
108
108
108
108% 108
108% 108% 108% 108
110
10478 1057*
4134
Deposit receipts
Warren RRlst refgu3J^s ..2000
Wash Cent Ry 1st g 4s....1948
3)4s
1st dunr 40-vr 4s
~94% 97"
1945 10558 107
1945 10912 10912
Wash Water Pow 1st ref 5s. 1939 HOI2II2
Westchester Ltg 5s stpd gu. 1950 12134 12358
ser E.1963 119i2 12114
West Penn Pow 1st 5s
IO6I4 10612
1st mtge 4s series H
1961
1st mtge
61%
60%
82
West Maryland 1st gold 4s.. 1952
1st and ref
96U
1977 106
5J^s A...
98l4
108
98
100
99341015s
108% 107% 109
103%
107% 108% 108% 110
39
44
35% 38%
37
38
42% 34
106% 10678 106
106%
104% 107
106% 108
102% 10284 101% 102%
10484106% 105%106%
105% 107% 106
107%
32% 3284 28% 32%
107
West N Y & Penn 1st gold 5sl937 10358 10414 103% 104% 103
General gold 4s
...1943 106
37
Western Pac RR 1st 5s A...1946
3534
Assented.
West Union Teleg coll tr 5sl938 106
Fund & real est
108i2
4318
4284
IO684
106
4)4s gold. 1950 103
1936 IO284 103I4
15-year gold 6)^8..
1951 10384 106
IO6I4
30-year 5s
1960 104
Westphalia Un El Pow 6s..1953 32l2 353S
85
West Shore 1st 4s guar
9U2
...2361
81
8634
Registered.
...2361
Gold 5s
Wheel & L E 4s series D
Wh & L E RR 1st
con
4)4
s ser
104
90%
96
8534 92
104% 105
92
86%
105
116" iff"
111
99
1966
B
White Sew Mach deb 6s
5534
51%
69
7734
72
73
72
77%
71%
81%
80
80%
98
100
100
100%
166"
99%
99% 101%
108% 108% 108% 108% 10834 10834 109% 109% 109% 109% 110%
110% 110%
112%
110% 110% 110
110% 10934110% 110
109%
11034 109% 110
124
125
12434 125
123% 124
12478 125% 12534 12634 12578
121%123
123
121% 122% 122
1227S 122
123% 122
122%
108
109
109% 109
107% 108
9934100% 998410034 99% 100% 100%102
10738 108% 107
108% 106
10734 106% 107%
102% 103% 1023s 10234 102
102% 101-% 102%
109
10934 109
10934 109% 110
109% 110%
34
36
34% 40% 32% 36
33% 36
34
39% 32% 35
33% 36
32% 35%
105
106
105
105% 107
105% 105
105%
10634 10734 107
10734 10634 108
105
108%
100% 101% 100% 100% 100
101% 102
100%
105% 106
105% 106
10534 106% 105% 106%
109
106% 108
106% 107% 107
107
108%
25% 28% 22% 25% 22% 25
24
25
89
96
93% 88% 92% 90% 92% 90% 92%
85% 88
90%
84% 87% 85
87% 85% 86%
101% 10178 100% IOI84
1953 102%102% 102% 102% 102i32102%
94
90
97
97
100
1940
98%
99
99%
g 4s..1949 10712 IO884 10834 109%
Wheeling Steel 4)4* A
1st & ref
1966 104
99%
42
101% 10234
107% 108
10134 10178
10934110%
34% 36%
34
35%
105% 106
107% 10878
101%
99
21
2734
20
101
9934 100%
99% 100% 100
19%
18%
101
84
83%
IO3"
110%
112%
109»4
126%
123
108
109
107% 109% 108% 109% 109% 109%
107% 108% 107% 108% 108
109% 108% 109%
102
103
10234105
107% 108% 1077g 108%
101% 101% 10034 101
110% 111% 11034111
35% 3834 36% 397s
10334
10734
100%
U034
105% 104%106%
108% 106% 107%
100%
9978 100%
111
lll
111
33% 36% 33% 38
39% 33% 36%
3234 37%
104% 105% 104% 105
104% 104% 104
104%
10734 109% 107% 109
107% 111% 111% 112%
35
38-34
36
105%106% 10534 107
106% 107% 106% 1077s
108
109
108
10778 109
10884 108% 109%
2434 26% 25% 26% 26
26% 2578 26%
91% 94% 9384 95% 95% 97% 963s 100
86
91
8884 89% 92
93% 9334 96
105
107% 107%
105% 105%
112
ni% 1T2" 11134 112% 111" 111% 111% ffi"% 111% 111% 111% 112% 112% 114
10134
99% 101% 100
10138 99% 101% 101
101% 101% 102
101% 102
1013s 10234
99
100%
59
.
99%
1966
3J^s series I
98
9534
100% 102
102
103
106% 107%
10778 109%
2134 257g
97% 100
93
9534
112% 113%
101% 10284
102% 10338 103% 104%
Wlckw Spencer St Corp 1st 7s '35
22%
Ctfs of dep Chas Nat Bk
26
23%
30%
2684
31
22%
20%
25%
24%
30%
28%
3078
29%
3134
30%
40
Wlckw Spencer St Co 7s ctfs '35
19
21% 25% 23% 3034 2634 31% 20% 27%
18% 2234
21% 18% 26% 24
40
30% 27% 30% 29% 3134 30
60
45
67
63
61
Wilk & East 1st guar g 5s..1942
62%
65% 55
50% 5434 53% 57% 56% 66% 6334 66% 64
66% 62
68% 61% 67
107
107
Willmar 8c S F 1st g 5s
10634 1073s 106% 106% 107
107
107% 107
107% 107
1938
106% 107
107% 107% 105% 105% 105% 10578 10534 10534
101
Wilson & Co 4s series A
100
102
9934 102
IOI84 100% 102
1955
99% 102
100% 10134 10034 101% 101
102
102
10178 104
10334 102% 104%
110
110
Winston-Salem S B 1st 4s..1960 107
107% 108
109% 109% 109%110
110% 110
110
110
112
112
111% 109
109% 110% 112
112% 112
Wiscon Cent 1st gen g 4s
19% 22% 18% 19%
15% 25%
16% 1834
16% 21% 18% 20
1949
28
1734 21%
21% 25
24% 29
33% 25% 29%
18
Certificates of deposit
16
15% 25%
20% 17% 18
15% 18
<
18
21% 17
17
19
19
23
22
27
2578 30% 26% 27
9
11% 14
Sup & Dul div 1st 4s
1936
15%
10% 11%
9% 11
9% 12
938 H84 10% 13%
19
13% 16% 1578 19% 18% 24
23%
12
9
9
9
Certificates of deposit
10
14%
9%
10
IO84 11
12' 12
19
20
1478 16%
16% 21
Wcfr & Conn East Ry 4>$8..1943
21
21
25
25
Youngst Sheet & Tube 1st 5s '78 104% 105% 10484 IO684 105% 106% 105% 105% 1051,32l05% 10429321061*36
1st mtge s f 5s series B
1970 104
105% 10434 10634 105% 106% 106% 106% 106% 107
106%2l06»i3 105*6 1065 1057
1057
Convertible deb 3)4*
1951
10534 118%
1st mtge s f 4s series C
*
No par value.
117%133% 125% 13484 126% 140 " i28% 140
103
98%101% 101
102% 104
102% 103% 102% 106
1961
t Companies reported in receivership
r
Cash sale
x
Ex-dividends.
y
Ex-rights.
"
35
40%
40%
59%
62
35%
105% 10534
102% 104%
112% 115
2834
26%
21%
35
32%
25%
20
23
25%
25%
127% 134%
10384 104%
Volume
211
Chronicle
Financial
144
SECURITIES AT N. Y. STOCK EXCHANGE IN 1936.
DEALINGS IN FOREIGN GOVERNMENT
December
November
October
June
September
August
July
March
May
April
February
Low
High Low
Low
High Low High Low High Low High Low High Low High
High Low High Low High Low High
January
BONDS
Low
AUrlc Mtg Bank
Feb
s
1947
f 6s
1 coupon on
17%
18%
1948
Akershus
(Dept) 5s
1963
Antioquia (Dept) col 7s A 1945
External
f 7s
s
f 7s
8
Extl
G
19*s
9934
834
784
10%
8
10
10%
7*8
10
87g
884
8&s
884
87s
1957
(City) extl loan 5s '58
Argentine Govt Pub Wks 6s '60 .97*8
98
Argentine 6s of June 1925..1959
Antwerp
99
1957
98
99%
.1958
9734
987g
Extl I f 6s of May 1924...1960
97%
97%
987g
S f g 6s series A..
Extl
f 6s series B
s
Extl
f 6s (State Ry)
s
1960
20%
18%
18U
20
1838
20
18i2
99% 10034
9
11%
884 11%
99% 100%
8%
978
9
9%
9%
9
10%
9
9%
9*8
9*8
99%
8%
10
8%
8%
95%
9834
99
99
99
99%
100%
100%
99
99
100%
99% 100
9914100
99%
9878 1003g
99*4 1003s
97%
97%
97*s
99
98
f 6s of Oct 1925
s
18%
978
934
978
9834
99
10038
993s 100%
9912 100i8
9914100
99
99
100%
99% 100%
99% 100%
99% 100
987g
1778
1778
8%
10
8%
10
9%
9%
9
8
834
8
958
938
958
10034
9914100
9938 10038
734
834
8%
9578
11%
1114
834
9
878
97
98
99% 100%
99% 100
19
9912
9
98
99
97*s
100%
97%
9834
97*8
96%
100
9878
99
99%
987s 100%
99
99
99%
100%
9778
9458 96% 963s 99%
105
106
Australia 5s
July 15 1955 1043s 1057s 104% 10578 105
106
10478
Extl 5s of 1927
June 1957 104% 106
104*s 105*8 105
100
Extl s f 43^8 of 1928
1956 98% 9934 9834 10038 9934 1007g
94
93&s 97
9634
Austrian (Govt) s f 7s
1957 92% 94% 93
28
31*8
26%
Bavaria (Free State) 6^s_.1945
31*8 32
3134 32
1053s 10934 10634
105%110
107% 110
Belg (Klngd)25 yrext 6>$s._ 1949
1962
External
s
f 6s
1955
External
s
f 7s
1955
Stabilization
7s
loan
1956
Bergen, City of (Norway) 5s 1960
Berlin
(Germany)
External
6^8
1950
f 6s
s
1958
Bogota (City) extl s f 8s...1945
Bolivia (Rep
10534 108% 10ia4 109*8
116
118% 111%117%
105% 109%
107% 109
100% 100% 100&S 10178
28% 28*s 28% 28*8
27
27% 2738 27%
18
13
20%
21%
7
...1969
73g
.1941
27%
1957
22%
30
f 6^8 of 1927
1957
Cent Ry 30 year 7s
.....1935
.
9
734
35%
7s.
sec
23%
28%
27*8
23%
23%
15
1734
13%
10%
1334
834
934
2378
7%
21*8
2984
27
1952
21*8
30%
27
2938
27
8*s
3378
277s
28
287g
Bremen (State) external 7s. 1935
31%
32%
3134
26*8
32%
Brisbane (City)
95
97%
96%
32%
99%
External
f 7s
s
Brazil (U S of) extl 8s
Extl s f 6H» of 1926
Extl
8
s
f 5s
95
1958
1950 102
Sinking fund gold 5s
20 year s f 6s
Budapest
7%
31*s
27%
29
27
87g
29
267g
31
24
2378
25*8
32
23%
2438
15
f 6s
s
34%
353a
31
98
95%
97%
97% 99%
96% 100%
96
98%
77% 79
6034 64%
75% 80
98
I960
93
93
95
95%
1960
C 3
92%
9378
92*s
95
70
75
7334
7778
55
60%
5778
6138
71
74
61%
Stamped (Sept 1 1933 coup)
External
38%
55%
ser
f
6>^s
1961
34%
313s
83S
9%
712
87s
9%
9
712
9
83s
83s
903s
100% IOU4
1003s 10158
1001s
IO8I4
108U
10238
90
101%
10938
109
10314
18
98%
1027g
1025s
10234
102
10178 1027S
1017s 1025s
103
102
1013410212
1021410234
1021410234
10134 102l2
1093411012
109i2 110
101%10314
100
97
98
27
28
35%
3278
3734
3378
35
34
37i2
35U
42i2
39i8
205s
2834
3434
20i2
28
31i2
3134
355s
2834
28U
283s
31
2034
20i2
2034
2012
28
31i4
3534
3434
273g
20
29
2014
29
27
2778
27U
31
30i2
3012
34U
3258
25i8
2034
2434
26i2
20i2
25%
20
29
25i2
33
99%
97%
98%
303s
31i2
973s
9778
99%
98i2
29i8
97U
30 s8
25
29
26
98
9912
99
1001s
975g
99i2
98
97i2
98i4
97i2
98'4
82
83
8214
83
83
6638
6934
68I4
6978
67
68*8
77
77
82
82
84
85
85
62%
64%
62
62
68I4
82is
67's
71
69
70i2
69i"2 YoY
60
65
64
6512
67
65
6034
61
595s
65
65
67i2
6812
66
67
65
103%
104% 102
10378 10212 103l2 103
104% 102% 103%
1037s 102i2 103i2 103
105
1043S105U 104% 1057s 104 10534
28i2
83i2
67
5178
41
41
4178
30
32*8 2534 2834
2734 30
30
101
102%
IOD4 100% 102
995s 100i2 100
101
101%
98U 98i4 985s 9934 99*8 101
100%101
9934101
98i2100
98's 100
100
85
88% 91
82i2 8312
7*8
76% 80% 80% 86%
6734 70i8 70"
28
9934
97i2
82
60i2
5934
readjust 4%s 4%s..l976
102
28%
30
2434
99
65%
102
3038
3414
78
64% '59%
18
9612
31%
25i2
253s
31
6012
59%
18
9'4
914
98i2
634
6*s
973s
61
22
9
6*8
612
78
59
9i8
10
918
63
6138
2178
217g
1558
7%
7%
3278
263s
76%
5834
22
918
9i2
934
90
97
90
9834
938
10
100l2102i2 10158 102i2
1003s 10214 10H2102i2
101% 102i2
10038 102
10H2 102i2
10038 102
100% 102% 10134 103
1003s 10212 10H2 1025s
100i2 10214 10H210238
100*8 10014 101% 102%
1015s 1025s
1003s 102
10H2 1025s
9934 102
109
111%
11078 110
108*8 110% 10978 lllis
1015s 10314 10258 10358
100
98
108
60%
97
98
94
9
25l2
2U8
2034 2384
25
25
2438 25
24i8 20
107U 110l2 10712 110U
105i8 IO8I4 105*8 108
10714 1051s 1057s
104% 1O012 105
106% 104i8 100
114i2 113% 1155S 1141211034 114i2110l2
115
11834 110% H578 112
105J1 106*8 10514 105M 104's 1059
1003s 107
"99" ioYu
98
99% 102
100
10078 97i2 100
10H2
9834 101
100%102
247g
25U 20
24U 25i8 25
24
243g 25% 2412 20
1934 213g 22
24U
24
25
23
2334 24i2 24U 24i2 2414 245g 20
19
24%
23%
107% 10778 105
103
10514 109
98i4
9734
97
57%
Stamped
9i4
9
101*8 103i2 102
99
100
9914 1003s 10058102
98i4 100
9934
99
100
9934 10058 10034102i8 100i2 10234 102
98U 9978
96% 98% 98% 9934
103i2 104i2 10334 10414 10334 10434 104
102% 10384 102l2 104
10134 10334 102% 104
95
63^s '55
Buenos Aires (Prov) extl s f 6s '61
Extl
19
934
758
96%
34*8
6s June coupon on
s
3438
6%
6%
IOOI4
19
25%
25
15
1178
(City of)—
Buenos Aires (City) extl
Extl s f 6s ser C 2
Extl
97
104
734
30%
9978
100
8i2
97
99%
8i2
9934 10078 IOOI4 101% 10034 101i2 10038 IOII4
100% 10H2
100&8 102
9934 10078 lOOU 101
1017g 1003810H2
100% 101% 101
9934101
108
108% 10634 10778 107
10834
1053s IOD4 10518 104
113% 11134 11334 11212117
107
10778
108% 10738 108
108% 109% 108
102% 1023s 1003s 102
1434
113s
8% -16%
of) extl 8s....1947
9%
934
External
101% 109% 103
109
11684 110
98
8%
2U8
99*s
934
934
914
9%
8i2
938
1012
9%
9%
9%
9%
914
10%
812
914
9*8
938
914 1038
9U 10
8
9
7*8
83s
9
83S
8is
8I4
9
778
8
7*8
7H
9
8%
838
8
8
9
7*8
8%
8%
8i8
90i2 9878
9978 100i2 9978 100i2 9878 lOOU
9934 10034 100% loiu 100*8 101*8 10H2 10138
100i8 10138 100*8 10134 100% 101%
9934101
I00i8 101i8 10034 10 1% 1003s 10U2
99*s 101
10078 10134 10038 101%
9934 10034 lOOU 101
10
9912 IOOI4
95
(May '27) 1961
Pub Wks Extl 5^s
21%
20
8l2
9
99i4 100
Pub Wks extl 6s
20i8
2012
8i2
9934 10034 100% 000% 0001210134
9934 10034 10038101U 1003810134
101l2
99*s 100i2 99i2100i2 100
106i2 10534 107i2 iO0i210734 107% 10978
10578 105
105i2 106i2 10534 10734 1O034 10734 1073s 10934
1057g
10214 10178 10358
101
9934 1013g 10034 101*8 101
94
9012
90i4 9318 97
96% 903s 94l2 93
24
29
2212 2412 2312 2512 24% 25%
28
Extl 6s San Wks (Feb'27). 1961
20U
99%
9%
9i2
98i8
1034
10l2
934
20
2034
2034 21%
20% 2H2
9834 100
9% 10U
978
9%
1978
19*8
20%
20%
1918
21
9i2
99% 100
9%
2038
I9i8
1938
98i2
938
1958
1778
9812 10038
978 1058
99l2 IOOI4
99
96
99
1959
Extl
9%
20*8
20%
100%
1078
10%
10%
97%
97*8
97%
97*s
7% 10
10
8%
10
85S
97% 10138
recelpts.-1957
99%
10
9
8%
1957
1st series
f 7s 3d series
s
19%
1945
f 78 series D
2d series trust
21
19% 21
98*s 100
1945
B
s
Extl
Extl 7s
19%
21%
1945
ser
Extl
ser
21
98
-
6s April coupon on
High
9812
98iS
72
72%
74%
7934
80
85
67*34
67
75
73%
7534
743s
813g
6734
6534
66I4
6778
675s
74%
74
75%
7534
8034
7734
78
83%
86%
s
f 43^2 s
61%
4% 8 doll bond
4^ 4%__.
59
Readjustment
Bulgaria (Kingd) 8 f 7s
July coupon off
7>^8 May
coupon
yr
67i2
6778
713s
6812
7178
67U
58%
637s
63i2
66
645s
6578
63 iS
6514
63i2
69*8
6534
6834
61
653s
72%
7534
71%
73%
73
813s
43
39i2
45l2
45U
4714
46i2
48U
47i2
49
475g
5012
50%
58%
56
58%
58%
67
17U
163s
17i2
16%
1834
19
18%
19
1714
20
173s
19%
17%
1784
20%
20
25%
23%
13
1534
14%
15*8
14
16
1334
15%
1414
13
off
1578
1478
1678
14
15*8
15%
16
11%
14i2
13
10%
Canada, Dom of 30
62
58
39%
Extl
68
105*8 108
4s..
112
114
I4i2
1634
1334
15i2
14
15
17i2
15l2
16
1534
IOI4
10i2
97g
1034 1278
1034 12%
1087s 108*8110
109i2 llli8 10834 H2I4 IO8I4 10934 1093s 111*8 10978 111%
1083s 108
10634 108% 107
107*8 1083s 107% 109
11478 1143s 115% 114% 1153s
115
114i2116i4 114
115
114
112% 113% 112l2 11314 11212 11438 1133411434 114
111%115
100% 100%
4^8.
1412
15
71
«.*»«•
«««*•
9934 10034
looSg ioi%
99
98is
45
45
44
44
43
43
38%
38%
38i8
9%
11%
10%
36
10%
317s
10
37*8
10%
337s
12
35%
34%
32
35*s
337s
36
27%
34
29%
33%
1027s 102* 104% 102% 10*3%
10034 100% 1015g 10034 101%
10U2 100
44
44
46% 50
48
4478 46
iolij. lb"3*78 102"
101
100
36
38
30U
3258
323g
36is
313s
40
42i2
40
42
35%
40
33%
3684
33
36t8
3214
385s
2914
35i2
3434
36ig
35
36%
29%
3234
25%
325g
34
3234
36
31
35%
29
25
29
39's
15l2
1534
36%
393S
27%
28%
36%
26%
32
14%
1434
14*8
14*s
1638
15
16%
15%
21%
20%
145s
14*8
14*8
145s
163fi
15%
19%
163s
15
20
163g
15%
19%
163g
15%
19%
145s
13%
13%
1638
15%
19%
1334
13%
17
137g
13%
17
13%
13%
1334
13%
17
14
13%
13
12*s
16%
475S
49
51%
31
98%
1035s
353s
32i2
99
100
38
9
977s
102"
3278
28%
98%
10214
9914100
29
9778
161"
995s
39i8
9834
98
12%
10038 lOHi
9878
38%
9i2
96%
38
33%
35%
33
33%
32
34*8
27
32
29
32*s
27i8
307s
27i2
2978
2912
283s
3H2
3 Us
34
37
33%
36
28%
3334
28
3414
29
3178
32
36l2
38
37i8
1438
15
1434
1412
15
15U
14
1434
14i2
1434
36i8
1434
1434
15i8
14
14%
15
1434
14*8
14l2
1434
15i8
14%
147«
1412
14%
14%
15i2
14
14%
14i2
14I2
1478
14*s
1434
1534
14i2
1378
1378
1334
15i2
1484
1434
1478
13i8
1278
127g
14*s
1434
1434
1514
15U
15*8
14%
15
147g
1434
1434
137g
14i2
14
1534
14%
15
13
1314
13'4
127s
1358
1234
13%
12*8
13i8
1314
13U
1234
13*8
1234
13%
1314
1334
1234
13%
135g
1234
1134
13%
50
51%
125s
46*8
1534
15*8
1434
14%
15%
14%
15%
14
15%
14
15%
14%
15
14%
1334
15%
1538
14
15%
14
15%
14
14
14%
15
14%
14%
15%
14
15%
15%
36
1434
14*8
14*8
14*8
1484
1334
14%
15
14
Farm loan 6s series A
3234
14%
14%
15%
14
15*8
15%
14%
14%
1434
14*8
13&8
12%
12%
IIS4
14
External
s
External
s
1334
f 6s
f 6s
16
143s
12%
12%
12%
13%
12%
133s
13%
12%
13%
13%
12%
133s
12
Chile Mtge Bk 6>£s June 30
13%
12%
12%
1338
14%
12*8
12*8
1238
123s
11%
12%
1134
43
45
42%
46
...1951
Coupon No. 3S
Cologne (City) Ger 6^s
1950
Colombia(Repof)6sof'280ct '61
April 1, 1935 coupon on..
July 1, 1935 coupon on..
Colombia Mtge Bk 6j^s
1947
14i2
147s
1412
14U
14%
1434
143s
14%
1434
143s
1412
147s
143s
1434
1434
1414
14i2
1212
1212
12i2
1438
1514
15i8
27U
273s
20
2514
25i2
17
18i2
20
27&s
22%
22i8
1734
44*8
1338
13%
133s
52
1278
12%
12%
5Q34
13%
13%
13
13
12
51%
125s
127S
12
1278
1284
13i8
1318
13is
13i8
13is
1312
1258
1258
1134
12%
517s
1U2
12
1134
12ii
12
1214
12
41
45
4018
50
50 U
50i2
515s
1212
5312
42
11%
5s
1534
42
473s
13i8
13U
1234
125s
1278
12
12*s
125s
17
27^8
2334
2734
23i2
2434
20
20
1918
21
203g
2012
22U
2334
24
26
24%
24%
23%
24%
21
23%
25%
2514
21%
2D4
2434
2434
1934
19
2314
22l2
24is
22
203s
225g
21
2212
24
22
203s
2234
1912
1934
19
19i2
19i2
203s
1934
20
20
20
22%
21%
21
19i2
2034
21
2184
1934
22
20
2078
21%
22
20%
9838
20
21%
20%
20%
22%
22%
20*8
20%
31%
24i8
2334
2334
18i2
23U
19&8
2034
2034
22*s
19
23U
23*8
19i2
2OI4
2018
I8I4
18i2
18i2
96i2
9312
24
20
223s
22i2
21%
20*8
22%
97
99
93
95%
98% 100%
95% 98%
98%
97%
99%
94%
70i8
89
89%
87
92
24
28%
23
25
1946
17%
1834
18i2
20
19i2
19%
1934
1912
1947
17%
1834
20
19i2
19%
2018
18ia
195s
Copenhagen (City) ext 5s..1952
Gold 43^8..
1953
Cordoba (City) extl s f 7s... 1957
92%
18i2
957s
18&S
1834
20
94
98%
96
99%
96i8
98i2
97
98
88%
03i4
52'8
9034
8884
94
92
97
93i2
9514
9258
94
63%
54
54
54
54
51
5534
45%
5012
403s
52
45
64i8
59
57
59
58
60
56
56
56
6418
56 i4
75
79's
73
7778
735s
80i2
7578
79i2
72
7558
23%
23%
46i4
65%
49i2
65i2
44i8
70
59
31%
51
70
20%
20%
S f 7sof 1926
Sf 7s of 1927
Stamped....
Extl sf 7s..
Stamped..
Nov 15 1937
....
Cordoba (Prov) Argen 7s
Costa Rica (Republic)—
1942
7s Nov 1, 1932 coupon on.
7s May 1, 1936 coupon on
Cuba Rep of 5s of 1904
Extl 5s of 1914
ser
1951
1951
1944
...1949
A
External
4>£s
yrsf5Hs
1949
30
1953
Public works 5j^s June 30 '45
Cundinamarca extl s f 6)^s '59
Czechoslovak (Rep) extl 8s 1951
Sinking fund 8s series B
1952
Denmark(Kingd)20 yr extl 6s'42
Extl gold 5^ s
1955
External gold 4)^s
1962
Deutsche Bk Am part ctf 6s '32
Stamped ext to Sept 1 1935
Dominic Rep Cust Admr 5>£s'42
1st ser 53^s of 1926
1940
2d series s f 53^s
...1940
Dresden (City) extl 7s
35
23
42l2
30&S
47
28%
9934101
9934
9934100
9984
94i2
IOOS4 100
37% 52% 43i2
1134
10
13U
92
95
100
100i2 102i2 102&S
100i2 10218 102i2
104&S 1O012 104%
100% 10212 100%
93l2 9578 93U
Certificates of deposit
1912
1912
98i4
20
20U
20
97
99i2
9434
2018
9778 100
9414 96
9234
95i2
987s
9278
8U2
78
81is
83i2
1912
25
3134
81i2
2884
2678
2734
26
29
2834 31i4
103% 102% 103
100
101
100% 1043fi 101
100
101
993410T
9978 101
9934 103
10112 102
101
100
100
100
100% 9934100% 99
9978101
10034 100i8 100i2
100i2 100
9978 IOOI4 100
100
97%
96
96% 95*8 96% 96
96iS 96l2
96
96
96i2 96i4 9612
94U 96i2 9534 96%
9534 95
101%
102% 102% 103% 100
102
10H2 102% 102
10014 100i8 10034 100% 10 Us IOOI4 IOII4 101
10034 100
55
61%
60%
5978 55
4918 55i2 52
50
5758
47i2 6012 43U 51
46i2 5378
54i8 45% 5014
10
11
107s 11U
10*8 13
1278
101
93% 99% 94
953s 100
90
99
93i2 95i2
105% 10312 105l2 103&S 10512 9884 104i2 98i2 100
101
99% 97
96
993s 9934 95
89
98
100
9714 94
9834 104i2
105i2 103i2 105i2 10384 105'%
10438 105% 104% 105% IO484 105%
105%106
10534 10434 10534 105U 10584 1053s 106
10434 1003s 105
106
IOII4 IO2I4 100% IOI84 lOOUlOlig 100% 101% 10034 102%
100S4 IOII4 100i2 10U2 10034 102
102i8 100% 102
i
100
98% 99% 98% 9934 98% 100%
98
985g 997s
9878
9914
96
99
9714 983s 97
98
34i2
9978
44
48
47i8
48t4
67
70
08U
70
32
44%
68i2
31
3434
345s
66
7078
71
41
4214
42l4
48
48
47%
47%
44
46
44
6934
66i2
78%
72%
75
73
73
78
73%
72%
78
6712
74i2
737g
74%
65i2
76
72
74
7034
72%
76
72
74
71
73%
733s
2534
2584
23%
25
69
70
68
96
97
96*8
66
67
64
67i2
6118
6838
66
68%
66
67
6412
625s
6512
65l4
64
65
65
73
727S
78
26
6114
24i2
62
26
25
2H2
23
24
24
2218
26
29%
29%
62
69s4
603s
69
65
67i2
66
697s
66%
68%
64
68%
2034
2958
6334
6334
64is
58
55
70i2
96
96
96
95
96
96%
95
91
93
94U
94U 9714
93
94%
1083s IO6I4 IO8I4 105l2108l2 106U 108*8 106% 109
105% 107i8 105l2 106i2 106
101
102
101
104
ioo38 10214 1002 i0034
103
102
103U 102
23% 2478
21% 23%
18
2214
18is 2114 20i2 22
2234 2658
2212 2458
163
160
165
162% 140
151
177
16612 160
170
149i2 177
182i2 171
16278
161% 140
1623s 164l2 158
17012 158i2 165
170% 17H2 151
165i2 172
73^s unstamped
1 7534
170
182
190
177% 144
167
177
17012 182
180% 182% 17612 18234 17618 178
181
External 7s of 1924 stpd..l949 177
160
175
174%
176i8 170
182i2 16612177l2 166
1743s 1745s 171
1743s 175U 17534 177i2 174i2 175
7s unstamped.....
German Govt International—
25
27
28%
26
2658 2934
225s 2678 25U
2584 28i2
2412 273s 223s
27% 29l8 2784 29
35 yr 5H» stamped....... 1965
28
24% 27%
24
2512 26
24
20U 25i2 24
26i4 20
2512 29
26% 283s 27% 28i2
95
93
96%
—..1967 93
108
10834 107
Finland (Rep of) extl 6s
1945 107
External s f 6Ms
1956 1023s 10434 10212 104
2038 27
20
27
Frankfort (City of) s f 6H» 1953
17034 183
176
French Rep extl 7>£s stpd__1941 172
17178 182% 170i2 172
Estonia (Rep of) 7s
5^s unstamped
*
No
par value.
1965
t Companies reported in receivership.
98% 100%
67
68
30i2
105%
100% 101%
3978
67
6358
105%
105
7H4
67
413s
100
38
67
297s
99% 106
67
67%
52
68%
553s
37
63
62
105%
101
101%
975s 98
102% 103%
69
63
30U
27%
2484
105
4012
63
6178
91% 100
67i4
63
29
9884
38'8
44%
43
1945
El Salvador (Rep) Customs 8s '48
29
50
1934
r
Cash sale.
x
Ex-dividends.
y Ex-rights.
66%
96
105
24
70
96%
107% 105% 107% 106
24%
122% 145
116%141
44%
7634
70
98
107%
24
23% 24% 20
127
130%
125%137
118% 123% 117%122
135
150% 130
123
138
140
125%131
122% 123% 123% 123«4
25
26%
2434
2634
24
25
2334
2434
19%
18%
23%
22
212
;
Financial Chronicle
Jan. 9, 1937
DEALINGS IN FOREIGN GOVERNMENT
SECURITIES AT NEW YORK STOCK
EXCHANGE IN 1936—Concluded.
January
March
February
April
June
May
July
August
September
October
November
December
High Low High Low High Low High Low
High Low High Low High Low High Low
High Low High Low High Low High
German Rep 7s stamped... 1949
37%
36% 39
3384 3784 3134 353s 39% 33% 30
33% 3134 33% 33% 36
7s unstamped
31% 3434 30
.......1949
31
33% 30% 33% 26
32% 34
32i2 338s 30
33
32% 28
25% 2834 25
28
Germ Prov & Communal Bks—
27% 29% 28% 30
28% 29
26% 29% 26% 28
23% 26
(Cons Agrlc Loan) 63*s._„1958
39
45l2 35% 40l2 32
37% 34
38% 27% 35% 27% 34% 34
Graz (Municipality) 8s
37% 3534 40% 39
1954
41% 30% 36% 27% 30
25
29
Only unmatured coups on
99
106
101% 102
105
106
104
104
Gt Brit & Ire (UK) 20 yr 5>*s '37
10534 10712 10684 108
106% 107% 10434 106
10484 106%
4% fund optional 1960 £.1990 114i2 11784 117
118% all5all7 all5%all634 all5% 117
Greek Govt s f sec 7s
1964
30
30
28l2 33 I8 34
34
34% 34%
34% 34%
7s part paid
32
35
30
25i2 29l2 26% 3184 3084 3084 3134 35
3284
36
36
37% 36
3334 36
30
33
Secured 6s...
......1968
26
32% 32% 3234 35
27l2 27l2 29*8 28% 28% 28% 2834
29% 3134 28% 32% 27% 28
27
6s part paid
2734 28% 28% 28% 29% 27% 30
1968
23% 25% 2358 2858 25% 28
"25% 28 "
26
26% 27
28
26
27
Haiti (Rep of) customs 6s. ..1952
25% 26% 21% 27% 25% 27% 2434 2734 26
93% 9558 9458 96
29%
94% 97
94% 96
94% 96% 95% 98% 98
99
9734 99
Hamburg (State) 6s
98% 99% 98% 99% 98% 100
1946
"99" 100""
263s 26l2 26i2 26% 223g 26% 23% 24% 20
20%
19% 2234 20% 22
22% 24
24
Heidelberg (Ger) ext 7)*s
2334 24
24
1950
24% 2334 24% 1934 25
24% 24% 2438 24
22
24% 19
16% 18
17% 17%
Helsingfors (City) ext 6}*s 1960 10412 1055S 106
17% 18
15% 1634
1534 18%
110
108% 106
105% 106% 105
106
105% 106% 104
105% 10434 105% 10434 10538 10434 106%
Hungarian Munic Ln 7J*8-1945
10434105% 105% 105%
Unmat'd coups attached
2734 30
25% 2738 23
25% 20
17
23%
21
17% 1934 19
19
2034 19
7s unmatured coupons on 1946
22
20% 23
24
3214 32% 27
27
22% 24% 20% 2284
23
25% 22
24% 20
20% 20
20% 19
20% 18% 20% 20% 22
Hung Land Mtg Inst 7^8--1961
22
24% 23% 24% 21
22%
2534 2534
17% 18
S f 7^s series B
20% 20% 20% 20% 20
20% 22% 25
23
23
1961
21
2234
24% 26
1634 20
19% 19% 18% 19%
Hungary (King of) s f 7>*s—1944 38
23
41
22% 25
23% 23% 21
3878 42% 38% 44
41
45
41
42% 41% 45% 44
50
Irish Free State 5s
42% 45% 45% 51% 4838 4934 49% 5034 48
1960 11312115
115
48%
115
115
115
113% 113% 112% 114
112% 114
112% 112%
Italy (Kingdof) extl 7s
113
113% 113%
1951
11434 113% 113% 113% 113%
6O84 65% 61
7058 66% 75
68% 75
74
87
69% 76%
84
Italian Cred Consort 7s A.. 1937
87% 73"
84% 78
84
82% 81
80
8234 81% 85%
8312 86
95
91«4 92
97
92
92% 92% 92
90
110
97
98
Extl sec s f-7s ser B
93
96%
95% 98
1947
97
97
5384 5678 53
59% 59% 67%
63
68% 62% 72
67% 83
8234 83
Italian Pub Util extl 7s
70% 75
78
7534 80
81
1952
79
81
62
*74% 80 "
51% 5484
57
54% 64%
57% 63%
59
64
77
64%
70% 75% 64
66
Japanese Gov ext s f 6^8—1954 98
71%
69% 66% 71
100
67% 70% 63% 70
93
99
93% 97%
91% 96
99
95% 98% 94
97
Extl s f 53^8
9934 99
100% 9934 100% 98% 100
99
1965
100% 95% 100
8584 89% 82% 873s 79% 85
78
81% 81% 84%
80% 84% 8234 85
82% 85
Jugoslavia (State Mtge Bk)
84% 8634 8334 84% 84% 86% 79% 85
78 unmatured coupons onl957
25
30% 27% 29
29
20% 31
32% 30% 32% 32
32% 30% 32% 29% 30% 27% 30
Leipzig (Germany) s f 7s...1947 31
28
35
28
30
2634 29
3138 31
30
31% 30
2734 29% 24
25
23
23% 23
Lower Austria (Prov) sec
23% 22% 25
25% 26% 25
25% 2534 25% 24
7^s '50
25%
Unmatured coupons on
10034 101
98
98
99% 99%
Medellin (Munic) extl
95% 95% alOO alOO
6^ s. 1954
7% 10%
9
9%
10%
834
9%
8%
9%
9%
9%
Mexican Irrigation 43* s
9% 10
10%
9%
9% 10
1943
934 10%
9% 17%
534
7
6
6%
7%
6%
5%
5%
4%
4%
534
6%
Mexico(U S of) ext 5s of '99 £ *45
5%
5%
4%
5
5%
6%
534
7%
1034 1034
Q
0
Assenting 5s of 1899
1945
9% 11
10% 12% 1038 11%
938 10%
8
734
8%
8%
8%
9%
7%
9
Assenting 5s large.
7%
9
8% 10
8% 1084
9% 10
1058 12%
11% 11%
7%
734
8%
8%
834
Assenting 5s small
9
9%
8% 1034
4s of 1904
9
9
5
.....1954
5
4
734 1034
4
5
5
Assenting 4s of 1904
5
1954
4%
4%
6%
5%
6
6%
7%
5
6%
5
5%
4%
4%
534
5%
6%
534
6%
Assenting 4s of 1910 large
5%
6
6
9
4%
534
5%
6%
434
5
6i8
784
6%
5
7%
5%
6%
5%
4%
4%
5%
6%
434
534
5%
6
Assenting 4s of 1910 small
4%
6%
5%
634
6%
884
4%
5%
4%
7%
5%
7%
4%
5%
4%
4%
5
4%
5%
6
Treas 6s
5%
4%
4%
5%
4%
5%
5%
6%
5%
8%
of'13July'24coup. l'ge
7
684
634
9%
634
7%
634
6%
7%
8
7%
7%
Small
7%
7%
734
734
8
6%
784
10%
9% 12%
9
6%
734
6%
6
6%
7%
6%
"5% "534
8
6
6%
Milan (City, Italy) extl
6
6
6%
52
8% 1134
684
7%
9% 12%
6J*s 1952
56% 50
59% 56% 62%
57% 63
59% 64
61% 77
76
73
Minas Geraes (State
67
64% 73
67
70
70
66
69
64
of)—
70%
6>*s Sept coupon off
1958
18
15% 19%
17
19%
1838 19%
18%
16% 1734 17% 17% 17% 18
17% 18% 16% 18% 16% IS
63*8 Sept coupon off
21
26
17% 23
1959
18
14% 19
18
19%
17
19%
16% 18%
18
17% 17% 17% 1734 18
1834
15% 17% 16% 18
Nontevideo (City of) g 7s...1952 47
17% 22% 20% 26
53
5034 52% 49% 53
50
51%
51% 51%
Extl s f g 6s series A
59% 62% 61
65
63% 62
43
65% 67
1959
47% 47% 48% 47
48% 46% 47% 4738 47%
New So Wales
55% 57
58% 60
60% 61% 64% 64%
(State) ext 5s 1957 101% 103
101% 103
100% 10234 100% 102% 101% 103% 10258 103% 103
10434 103% 105% 10334 105
104
External s f 5s..
104% 104% 105% 104% 105%
Apr 1958 10138 103
101
103
101
101% 103
102% 101% 103% 1023s 10334 10234 104
103% 105
103% 10434 104% 105
Norway (Kingd of) ext s f 6s '43 106% 10738 106
104% 105% 104% 105%
1073s 106
107% 106
107% 104% 107
10638 107% 105% 10634 105
107
External s f 6s
104% 106% 104% 106% 106
110
106
110
1944 10638 10738 106
107% 105%107
106
106% 108
107
106
10734 106% 107% 105
107% 106
107% 104% 106% 106
External s f 6s
108% 108
109%
1952 102
105% 100% 10338 100% 10034 99'5|6100%2
101
102
External s f 4>*s
1956
99% 101% 10034 102% 101% 102%
40 yearsf5j*s
10034 101% 100% 101%
% 102
102% 103% 102% 103%
1965 102% 10358 101
102% 100% 10138 10093210034 99z932l00n32
External 4j*s sink fund__1965
100
101% 100% 101%
96% 97
96% 97% 97
97% 96% 100
External 5s
...Mar 1963 10238 104% 10238 104% 100% 103
100% 102
100% 101% 101% 102%
101
102% 101
10184 100
102
I6ri02 Io5% 101%
Municipal Bank extl s f 58 '70 102% 10238 102% 102% 102% 10234 102%
102% 102% 102% 102% 10234 104" 104
103% 103%
102% 102% 102% 102%
Nuremburg (City) extl 6s...1952 26 '■/ 27
26% 26% 2234 26% 23% 2434
18% 20
18% 23
20% 23% "21% 24~"
23
Oriental Develop Co g 6s...1953
24% "24"
24% 24
24%
1834 24
82% 86% 81
8634 79% 83% 7884 80%
78% 82
78% 81% 78% 81
8034 83
Extl deb 53* s
82% 8334 81% 83
81
83
72% 8O84
1958
74
7938 82% 77% 82
78% 72% 74% 72% 7634
73% 75% 73% 7634 76% 76%
77
80
Oslo (City) 30 yr s f 6s
75
77
7534 79
69% 75
104
1955 102
103
102% 10338 102
102% 102% 102% 1023* 10134 102% 101% 10134 100'3
101% 100% 100% 993° 1009 99% 100
43* s ext'l sinking fund..1955
98% 99%
96% 9734 9634 97% 97% 98% 97% 9934
Panama (Rep) ext s f 53*s_._ 1953 104
106
104
105
105
104% 104
106
104% 105% 104
105% 104
105% 105
105% 105% 105% 105
Extl s f 5s ser A
106% 105% 106
67
1658410*6*"
May 15 1963
7838
80% 89
81
8234 90%
87%
76% 82
71% 73% 70
68
70%
70% 68% 72
81
78
80
66% 75
Stamped
58
82%
71
80% 70% 80
81
67% 77
6234 74% 61% 67% 62
64
60
62
59% 6734 65% 67
62
72% 67% 75%
Pernambuco, State, ext 7s. 1947
September coupon off
15
1258 17%
14
1738 1438 1634
15%
14% 15%
14% 15% 1434 1534 15% 16%
Peru (Rep) ext s f sec 7s
14% 16% 15
1634 15% 19%
18% 25%
1959
1538 18%
1634 17%
16% 19
16% 18%
1434 16%
13% 16%
14% 15%
13% 1434
14% 15% 1434 15% 14% 1734
Natl Loan extl s f 6s
15% 23%
1960
12% 16%
14% 16%
12% 15%
11% 13%
10
1034 12%
12
12% 11
11% 12
Natl Loan extl s f 6s
11% 12% 1134 13% 12% 14%
13% 20%
12
1961
13
16%
14% 16
11
1538
11% 13%
10
12%
12%
11
12
11% 12
Poland (Rep of) gold 6s
11% 12% 1134 13% 12% 14%
13% 20%
1940
77
81
74
77% 80
65
7834
37
76% 61% 71
69
48
53% 49% 52%
51% 64% 50% 6134 57
Stabilization loan s f 7s. 1947 106% 111% 102
59% 53
58%
109
104
82
79
91
44
107%
IO534
88
56
62% 61% 71
65
Extl s f gold 8s
71% 88
71
77
75
72% 70
1950
90
92% 96
93
77
88% 92
72
85
40
91%
75
42% 53
44% 51% 51% 66
Porto Alegre (City of) s f 8s 1961
49
59
63% 55
60% 50
BONDS
Low
.....
mm--
... m
;•
June
16
22
coupon off
17% 18% 18% 20
17
18% 1934
19%
17% 20
19
20%
17% 19% 17% 19% 18
21
28
20% 23% 23
73*8 July coupon off
15
17
1966
18
19%
1934
1838
1634 18
17
1638 19%
18
16% 17%
16% 17% 16% 1734 16% 18% 1834 21%
Prague (Greater City) 73*s *52 100
1934 2534
101% 100
100
100% 9934101% 100
9934100% 9934100
9934 9934 9934100
96
Prussia (Free St) ext s f
9734 9238 96
90% 97
9934100
63* s '51 27% 29% 27% 28% 23% 28
18
22
23% 2434
20
22
21% 22% 22
24% 23% 24% 24
S f gold 6s
19
24% 23% 24%
24%
1952
27% 28% 2738 27% 23% 27
23% 2434 18
22% 20
2284 20% 2234 22
24% 23% 24% 24
19
Queensland (State of) extl 7s '41 109
24% 23% 24%
111
2384
111
110% 111
11034 112
112% 110
111% 111% 112% 111
112% 112
11234 112% 113% 11238 113% 11234 113% 111% 113%
External s f 6s
110
110
1947 109
111
109
111
110% 109
109% 110
109%111
11019 111% 111
112% 111%113% 11134 113% 113
114
113
Rhine-Main Danube 7s A. .1950
114
28
36% 38
333s 34
34
27% 29% 27% 27% 2434 25% 2434 2534
26% 26% 28% 28% 28% 2834 2884 28% 26% 27%
Rio de Janeiro (City) s f 8s. 1946
April coupon off
15
21
19%
coupon off..1953
14
1938
Rio Grande do Sul
(State of)
88 April coupon off
1946
6s June coupon off
1968
16%
16
63*s August
7s May coupon off
7s June coupon off
Rome (City of) extl
1966
1967
63*s___1952
Rotterdam (City) extl
s
coupon
54%
115
2334
San Paulo (State) ext
1953
26%
27
18
19
14%
16
20
24
23%
25%
22
15%
17%
19%
17
21
19
16%
18%
19%
61%
5734
15%
1934
1834
60%
17%
1734
5434
117%122% 120
27
17%
1934
6534
122%
23
16%
14%
67
62
115
114
20%
22%
15%
18%
18%
115
27
24
16%
21
18%
16%
18%
15%
18%
16%
17%
1334
25%
23
24
2334
17%
1934
15%
20%
65%
115
16%
15%
26
63
110
'27%
25%
28%
25
19
23
26%
25%
21%
21%
22%
1834
16
17%
14%
19%
17%
1984
1S%
2434
23%
16%
14%
16%
15
1934
18
28
27
30%
24
261
24%
24% 27%
15% 17%
16?4 1734
16% 17%
17% 19
17% 19
18% 19%
19
17% 18
17% 18% 17% 19%
78% 773« 811
68
79%
7034 75
114
111% 112
111
113% 111% 113%
26%
27
17
2134
19
24
21%
19%
23%
1734
20%
20
24
24%
24
70%
74%
21%
19%
67%
68% 71%
112% 120
7234
25%
27
27
28%
26%
28%
26
20
30
27
27
26%
25%
24%
25%
2534
29
25%
26
24%
25%
24%
26%
18%
16%
17%
18
17%
18%
1738
21
20
14%
25
1734
16%
17%
16
1784
I784
23%
21%
21%
17%
18%
16%
19
19%
2534
30
29%
20%
17%
31%
22%
1834
2934
31
22%
29%
22%
19%
34%
32
2634
33
38
29
23%
35%
29%
17
18
16%
17
24
23
27%
88
90%
87
88
90
88
95
24
26%
143s
18%
17
19
17%
19%
16%
15%
1734
15
29%
27
25
28%
23
25%
23%
24
16%
25%
23%
21
2634
26%
21%
20%
22
20
19%
17
17
19%
18%
18
16%
15%
17
17
16
87%
87
86
89
67
67
75
89%
88
71
19%
16%
15%
86%
23%
19%
20%
90%
19%
18%
15%
85%
22
1538
25%
21%
14
21%
19%
15%
87%
25%
1968
27%
23%
2134
18%
89%
64%
65
65
18%
17%
9038
61
57
61%
57
58
33%
3234
33
26
26
3234
32%
325S
32%
32%
3234
32%
69%
32%
57
3234
31%
60%
2734
28%
28%
27%
28
28
28
27%
26
26
2634
27
2784
28%
27
33%
28%
23%
22%
37%
25%
23
25%
24%
24
25
23%
43%
25%
24%
28%
27%
43%
5534
45
53
33
33%
22%
35%
36%
27%
27%
40
40
1957
f 8s 1936
1950
Secured s f 7s
.1940
Santa Fe (Prov Arg
Rep) 7s 1942
813S
~57%
Stamped
Saxon Pub Wks (Ger'y) 7s. 1945
Gen ref guar
63*s...
1951
Saxon State Mtge Inst 7s
1945
S f gold 63*s._
Dec 1946
35
8s Nov 1 1935
coupon
1962
7s Nov 1 1935 coupon on 1962
Silesia (Prov) extl s f 7s..1958
Silesian Landowners Assn 6s'47
23%
23%
29
70
50
29%
23
21
19%
19%
17%
15
90%
85%
32%
28
33%
32%
29%
32%
32%
32%
32%
Serbs, Croats & Slov(King)8s'62
(City) 15 yr 6s
Styria (Prov) extl 7s
31%
18
17%
1956
88 July coupon off
78 Sept coupon off
6s July coupon off
27
28
26%
16%
22%
s
Solssons
17%
15%
17%
18%
26%
24%
18%
16%
20%
18%
coupon off
February
20%
17%
(City) (Brazil) 8s '52
May coupon off
3*8 May coupon off.
July
15
23%
17%
19%
19%
5958
19
15%
1959
off
Saarbruecken (City) 6s
San Paulo
1434
f 6s 1964 112
Rumania 7s
August
14
20%
17%
25%
25%
27%
25%
27
27
24
26%
72
66%
75
6634
70
51%
50
51
33
166
166
158
1936 164%165
2634
16%
89%
64%
65%
28%
26
28
27%
30%
24%
24%
59%
165% 163
18%
18
25
27%
2634
28
26
25%
24%
26%
2534
25
23%
26%
25%
70
56%
63
33
57%
26%
40%
163
37%
160
40
162
25%
33%
150
33%
165
1946
coupon off
23
1934
1734
19%
17%
89%
26
25%
26
38
35
21
18%
164% 164% 163
44
40%
165
40
40
155%165
123% 140
28
28
27
28
23% 2734
23% 2634
48% 51%
3434 35%
125%133
23%
26%
22%
25
47%
33%
34%
53
92
92
92% 93% 92
92% 91
91%
92% 93
93
93
92% 95% 94% 94% 92% 92% 90% 90% 90% 90%
Sydney (City) s f g 53*s
1955 100% 103% 100% 101% 100% 102
102
10034 102
104% 103% 104% 104
105
105% 104
103% 105% 104% 105% 103% 106% 104
Taiwan Elec Pow
105%
81% 8258 78% 83
53*s
1971
74
74% 81
7334 7534
78%
73% 76% 74% 7934
78% 79%
78% 80% 7634 793S 75% 77% 68
Tokyo (City) loan of 1912 5s'52 73% 75% 73% 76% 70
75%
73
68% 69
69% 70%
71
72%
72% 76%
74
75% 76% 73% 74
75
External s f 533s guar
68% 68%
79% 82
1961
7738 8234 7534 79%
73% 76
74% 77
74% 77
75% 79
77% 79% 78% 7834 76
76
70
Tolima (Dept) extl 7s
79%
78%
75%
1947
9% 11%
10% 11% 10% 11% 10% 11
11
10%
Trondjhem (City) 1st ext 5s '57 100
10138 10038 101% 10034 101% 101% 102
101
102
101% 102
101% 102% 100
101% 9934101% 100
101% 100% 101% 100% 102
Uruguay (Rep) extl 8s
1946
39% 49% 4534 4738 45% 48%
45% 47% 44
45% 46
51% 5034 58% 54% 55
53
58
5634 53% 59
External s f 6s
5934
5934 71
i960
3758 50
44% 47% 45% 48% 45
46% 43% 45% 45% 51
50% 5934
52% 56%
Extl sf 6s
53% 56
59
53% 59%
57% 60
70%
.May 11964 37% 50
44% 47% 45% 48%
44% 46% 43
45%
45% 51
50
58
53
53
5634
55% 54
Venetian Prov Mtge Bk 7s. 1952
59% 57% 60
59% 70%
55
53% 55
61%
72
74
62% 62%
73
73
73
73
73
73
Vienna (City) extl 6s
1952
Unmat
coupons
attached
Warsaw (City of) extl s f
g 7s'58
Yokohama (City) extl 6s... 1961
*
No'
par value.
9238
6934
93%
71%
92%
66%
94%
70%
85
87
83%
89
92%
6634
81%
t Companies reported in
receivership.
94%
93
93%
9034
33%
96
93%
96
95
68
90%
62%
91%
56%
89%
55%
91%
69
5734
35
8034
79
83
43%
53%
78%
83
80
83
3534
8234
44
78
45%
84%
84%
84
86%
r
Cash sale
x
Ex-dividends.
y
Ex-rights.
97
91%
45%
81%
94%
52%
84%
92
9034
48%
51
81%
8334
86%
44%
72%
89%
50
81%
•
^g• 3 j-j
"
woL
5.
5 O^ c
3
._«
Q£,
£ sr C
N< i—1 OC
^
woL
gnisolC hgiH gni epO gnisolC hgiH gni epO .gnisolC woL hgiHgni epO gnisolC hgiHgni epO gnisolC woL .hgiH gni epO gnisolC woL hgiH gnisolC woL gni epO gnisolC woL hgiHgni epO —yaM gnisolC gni epO
—lirpA
—tsugA .gniepO —yluJ —enuJ
—rebotcO —.woL
—rebmcD
—rebmvoN
—rebmtpS
.
f
woL hgiH
woL hgiH
hgiH
gni epO gnisolC _ woL gni epO gnisolC gni epO
—gnisolC —hcraM
—yraubeF
.
—
-—'
911
61. 21 6.121 82.121 81. 21 61. 21 61. 21
911
2.91 72.81 6.91 3 03.81
—
03.81 72.81 1 .91 3.91
—
4
711
4.81 81.71 4.81 12.71
32.71 02.71 03.71 03.71 62.71 91.71 3.81 52.71 72.71 12.71 8.81 2 .71 02.71 42.71 *1.71
801 801
12.51 • 71.51 9.61 7.61
7.61 01.41 7.61 1 .41
8.41 13. 1 71.41 411
1.801 02.701 8.801 72.701
82.701 52.701 1 .801 1.801
13. 1 92.31 21.41 5.41 5.41 41.31 5.41 41.31 1 .31 13.21 03. 1 1.31
311
—yraunJ
—,
—
.
2.91 6.81 4.91 8.81
82.901 71.901 61.01 21.01 1 .01 21.801 21.01 21.801 21.801 01.801 91.801 51.801 51.801 1 .801 92.801 91.801 91.801 02.801
.
801
'91.6 1 .51 13.61 1 .51 01.51 3.51 81.51 7.51
25-7491 yrusaerT
.sH
3
801
701
61.701 8.801'81.701 52.701 71.701 71.701 91.701 03.601 82.701 03.601 82.601 2.601 5.601 5.601 42.501 71.601 52.501
54-3491 ,»HyrusaerT
111 111
52. 1 3.31 13.21 13.21 02. 1 01.301 62. 1 82. 1 02. 1 5.31 01.21 32. 1 7.21 42. 1 41.21 31.21 2.1 1 51.21 4.1 1 6.1 1 61. 1
45-4 91 yrusaerT
,s4
*
61.41 7.41 02.41 61.41 21.41 82. 1 31.41 82. 1 61.21 1 .21 42. 1 1 .21 8.21 8.21 01.21 71.21 61.21 51. 1 61.21 51. 1 61. 1 3.1 1 71. 1 8.1 1 01. 1 01. 1 61. 1 51. 1 01. 1 92.01 91. 1 92.01 4.1 1 03.01 31. 1 13.01 92.01 81.01 2.1 1 02.01 71.01 5.901 91.01 8.901 21.901 901 32.901 4.901
65-6491 yrusaerT
8.01 6.01 3.1 1 13.01
,ssV
74-3491 yrusaerT
02.601 82.501 02.601 41.601 31.601 03.401 91.601 03.401 92.401 82.401 6.501 82.401 13.401 52.401 61.501 41.501 01.501 51.401 01.501 51.401 71.401 71.401 2 .401 7.401 9.401 5.401 91.401 81.401 02.401 8.401 03.401 9.401 21.401 81.401 1.401
601
81.701 7.801 4.801 3.801 3.601 7.801 4.601 7.601 7.601 1.601 3.601 82.501 01.601 2.601
1.401 51.301 1 .401 51.301
84-6491 yrusaerT
01.801 7.801 41.801 8.801
9.801 3.801 61.801 21.801
31.801 21.801 72.801 72.801 12.801 61.801 62.801 82.801 91.801 51.801 2 .801 51.801 91.801 61.801 61.801 51.801 91.701 61.801 02.701 52.701 2 .701 2.801 82.701
62.801 02.801 1.901 92.801
901
72.801 71.801 3.901 13.801 03.801 92.601 92.601 03.601 82.601 7.701 92.601 92.601 42. 01 8.701 03.601 03.601 3.601 03.601 4.601 5.601 02.501 9.601 03.501
601
01.801 03.701 71.801 03.701
13.701 13.701 6.801 5.801
42.801 9.801 91.901 41.901 51.901 92.801 32.901 92.801 92.801 92.801 3.901 1.901
8.801 4.801 21.801 4.801
13.801 82.801 5.901 82.801 13.801 52.801 8.901 52.801 32.801 2.801 52.801 2.801 9.801 51.801
03.501 1 .601 6.601
6.601 81.501 31.601 12.501
02.501 61.501 2.601 71.501 71.501 72.401 32.501 72.401 82.401 92.301 13. 01
601 601
41.801 72.701 41.801 2.801 9.801 81.601 71.801 81.601 81.601 41.601 2 .601 41.601 51.601 01.601 2 .601 91.601 2 .601 2 .601 03.501 12.501 3.601 62.501 13.501 72.501 6.601 3.601
2.601 71.501 51.601 71.501
91.501 9.501 52.501 21.501 21.501 03.401 81.501 1.501 92.401 72.301 03.401 72.301 03. 01 91.301 01.401
901
72.801
801
501
401
34-0491 yrusaerT
34-1491 yrusaerT
94-6491 .ssVyrusaerT
801
3
31.301 81.201 31.301 03.201
301
2.201 2.301 31.201
-
41.201 1.101 42. 01 4.101
71. 01 51. 01 13.101 32.101
3.101
101
01. 01 4.101
2 .101 61. 01 5.201 13.101
01. 01 01. 01 1.201 1 .101
1 .101 32.0 1 51. 01 3.101
51. 01 42.0 1 51. 01
retfa
74-5491,sHyrusaerT
.«
2
ro
erom
45-1 91 .sH yrusaerT
—
—
.—
sd23
fo
a
95-6591 .sH yrusaerT
=
--
§:
601
03.501 81.501 13.501 82.501 12.501 41.401 71.401 81.401 61.401 82.401 32.401 32.401 32.401 41.501 92.401 92.401 9.401 92.401 01.401 4.401 32.301 61.401 6.401 3.401 3.401 21.401 01.401 9.401 6.401 02.401 8.401 6.401 2.401 51.401 2.401
: : :<
].tniop
35-94 1H2yrusaerT
.»
3
6.401 72.301 1 .401 72.301
52.301 72. 01 52.301 72. 01 72. 01 02. 01 2.301 2 .201
4691 .sH .proC .eytM mraF
lared F
31.501 62.401 31.501 03.401 2.501 31.301 4.501 51.301 41.301 1 ,301 72.301 81.301 02.301 31.301 5.401 82.301 03. 01 6.301 03. 01 8.301 6.301 42. 01 1 .301 42. 01 62. 01 03.201 8.301 8.301 4.301 2 .201 41.301 52. 01 03.201 52. 01 01.301 72. 01 72. 01 8.201 6.301 21.201 9.201 4.101 21.201 5.101 8.101 62.0 1 02.101 7.101 94 91 ,s3 .proC .eytM mraF lared F
12.501 31.501 12.501 51.501 41.501 1.401 81.501 1.401 6.401 1.401 01.401 2.401 3.401 2.401 51.401 21.401 31.401 62.301 31.401 82.301 72.301 41.301 72.301 41.301 61.301 51.301 401 92.301 72.301 71.301 1.401 02.301 32.301 41.301 62.301 41.301 21.301 03.201 81.301 -301 13.201 92.101 1.301 92.101
301
41.401 92.301 41.401 7.401 4.401 42. 01 6.401 42. 01 32. 01 91.201 82. 01 72. 01 02. 01 02. 01 7.301
501
02.101 4.201 82.101 74-2491 ,s3 .proC .eytM mraF lared F
301 301
61.201 61.201 91.201 9.201 02. 01 9.201 5.201 3.201 61.201 1 .201 01.201 6.201 71.201 8.201 21.201 201 61.201 8.201 7.201 01. 01 01.201 01. 01 41. 01 71.0 1 41. 01 81.0 1 81.0 1 51.0 1 2 .0 1 71.0 1
21.401 2.501 42.401 62.401 5.301 03.401 7.301 8.301 8.301 02.301 31.301 21.301 5.301 92.301 12.301 12.301 82. 01 12.301 82. 01 03.201 21.201 1.301 71.201 71.201 01.201 13.201 92. 01 82. 01 51.201 7.301 61.201 12. 01 71.201 1.301 81.201 12. 01 201 03.201 3.201
2
74-2491
.sH .proC .eytM mraF
201
72.0 1 2.201 72.0 1
101
101
101
02.101 02.101 7.101 9.101 2.101 02.101 71. 01 91. 01 8.101 92.101 01. 01 51. 01 51. 01 92.101 71. 01 91. 01 82.101 101
101
12.9 2.101 2 .9
32.9 61.9 4.0 1 12.9
9491 ,sH .proC naoL
101
71.201 5.301 13.201 2.301 52.101 5.301 52.101 12.101 81. 01 92. 01 2 .101 82.101 81. 01 7.201 2.201 2.201 81. 01 2.201 02.101 2 .101 2 .101 7.101 7.101 4.101 32.101 81. 01 81. 01 4.101 52.101 9.101 41. 01 41. 01 92.101 61. 01 91. 01 03.0 1 82.101 101
101
02.9 1.101 2 .9
2 .9 71.9 62.9 02.9
4 -2491
2.301 71.201 9.301 2.301
301
201
5.301 02.101 01.301 02.101
12.101 91. 01 13.101 42.101 62.101 61. 01 5.201
201
1.201 81. 01 1.201 81. 01
71.0 1 31. 01
101
2591 ,s3 .proC naoL
lared F
srenwO emoH
2
'srenwO emoH
2
.sH .proC naoL
SEITRUCES
eno
15-8491 .sH yrusaerT
—
TNEMRVOG
tnesrpe ROF
2
mm
-
tniop
2
—
2.101 52.0 1 8.101 3.101
lamiced
06-5 91 ,s%2yrusaerT
2
5.101 03.0 1 9.101 5.101
=
snoita uQ
64- 491,sHyrusaerT
•
101
yrusaerT
3
02.601 1.601 72.601 61.601 81.601 21.401 91.601 61.401 61.401 9.401 02.401 31.401 41.401 7.401 91.401 21.401 9.401 32.301 1 .401 72.301 42.301 01.301 72.301 32.301 42.301 41.301 42.301 51.301 31.301 3.301 62.301 8.301 8.301 42. 01 21.301 52. 01 32. 01 3.201 1.301 5.201 3.201 7.101 7.201 1 .101 01. 01 13.0 1 91. 01 13.0 1
1.301 71. 01 6.301 91. 01
.egnahcxE
1491 .sH
301
42.101 31.201 03.101 92.101 32.101 8.201 62.101 32.101 7.101 13.101 7.101
kcotS
25-94 1 ,s8yyrusaerT
02.401 91.301 02.401 31.401 51.401 71.201 91.401 91.21 91.201 51.201 2 .201 52. 01 91.201 61.301 21.301 1 .301 31.201 31.301 41.201 41.201 82.101 71.201 1.201 2.201 52.101 7.201 1.201 3.201 32.101 21.301 72.101 92.101 32.101 5.201 52.101 52.101 101 201 1.101 03.0 1 6.0 1 3.101 8.0 1 1 .0 1 001 2 .0 1 1.0 1
1 .401 1 .401 71.401 51.401 81.401 81.201 81.401 81.201 71.201 71.201 72. 01 12. 01 2 .201 2 .201 72. 01 52. 01 4.201 52. 01 6.201 5.201 02.101 8.201 52.101 42.101 2 .101 2.201 1.201
kroY
3
401
SECIRP
weN FO
3
42.301 41.401 1.401
62.901 71.901 51.01 41.01 41.01 8.801 41.01 9.801 9.801 6.801 61.801 9.801 01.801 2.801 12.801 9.801 7.801 2 .701 1 .801 2 .701 32.701 21.701 72.701 71.701 91.701 81.701 801 02.701 02.701 7.701 03.701 9.701 01.701 9.701 02.701 9.201 01.701 91.601 61.701 91.601 71.601 12.501 02.601 12.501 52.501 21.501 7.601 61.501
201
eht
,ssy
901
2 .801 71.801 71.901 61.901 91.901 72.801 52.901 92.801 13.801 82.801 3.901 2.901 13.801 13.801 1 .901 4.901 4.901 52.801 5.901 72.801 72.801 91.801 62.801 82.801 62.801 01.901 13.801 1.901 32.801 4.901 32.801 82.801 62.801 6.901 13.801 13.801 2 .801 21.901 52.801 52.801 7.801 62.801 8.801 01.801 5.801 82.801 81.801
301
ta
31
1.901 62.801 9.901 62.801
4.901 72.801 5.901 82.801
,s3
901
8.901 1.91
1.901 1.901 31.901 6.901
edam
,s3
401 401
21.501 32.401 61.501 7.501 01.501 5.501 61.501 01.501 9.501 52.401 02.501 92.401 03.401 91.401 2.501 91.401 51.401 62.401 3.401 5.301 3.401 5.301 9.301 92. 01 61.301 1.301
52.701 91.701 61.801 8.801
morf FO
selas
3
51.301 32. 01 32.301 82. 01 72. 01 02. 01 41.301 "130
2.601 1 .501 3.601 41.501
delipmoCf ESRUOC
5 -1591 yrusaerT
03.01 4.901 03.01 4.901 4.901 03.801 8.901 6.901 5.901 2.901 21.901 9.901 2.901 21.801 4.901 72.801 31.801 1.801 71.801 1 .801 21.801 21.801 71.801 41.801 41.801 1.801 02.801 1.801 2.801 2.801 21.801 3.801 7.801 91.701 01.801 191.701 51.701 02.601 61.701 01.601 42.601 71.601 6.701 71.601
401
801
3
,s%
'srenwO emoH
EHT
RAEY
6391
214
Financial
,
Chronicle
1937
/an.
COURSE OF PRICES OF RAILROAD AND MISCELLANEOUS STOCKS.
1936
January
STOCKS
Low
February
High Low
Preferred
Low
HI% llY%
Acme Steel Co
Adams Express
*
Preferred
10%
1238
100 10038 10012
Adams-Millis
*
Addressograph-Multigraph ..10
3378
2218
Advance-Rumely
*
*1%
*
738
Air Reduction Inc
35%
25
2 n2
8%
* 168l2 194
Affiliated Products
:
New
*
Air-Way Elec Appl Corp—.._*
Alabama & Vicksburg Ry Co 100
Alaska Juneau Gold Mln__.__10
Albany & Susquehanna RR_100
J Alleghany Corp
*
Pref series A $30 warrants.100
Pref series A $40 warrants.100
Pref scries A $30 ex-warr_.100
$2.50 prior conv pref
Alleghany Steel
*
Alleghany & W Ry 6% gtd..l00
Allied Chemical & Dye
*
Preferred
312
"llh "Hh ~15% "less
14%
157g
195
25%
25i8
2912
29%
2014
20U
2634
27l2
3012
44l2
37%
39
4578
36
40i2
27
35l2
39%
3212
38i8
30
172"
206
70
74%
*
3538
41is
40
*
20*2
2378
Leather
3%
3778
5%
47l2
39%
75
87
50
New
5
2434
26%
25%
32%
24%
2 734
2%
2%
2%
21%
25%
2%
2%
2%
29%
37%
2%
1778
19
*21%
2318
2514
278
2458
214
26
258
2278
2734
234
58i4
6178
593g
70i2
68
358
414
378
5ig
2%
4%
72
81-%
177
212
1678
24
15i8
28
27%
438
1934
278
43
34
39
3412
9
338
2318
13
15
13i2
7i8
73%
69i2
5012
40i2
278
33g
2534
2414
24
2038
73%
434
3%
78%
4%
98
98
13%
14%
95
1434
145S
2%
912
7412
4534
24
438
48
4%
43
4134
34% 41%
37% 4334
31% *3538
*
*
American Brake Shoe & Fdy
Preferred
conv
pref
52
5734
10
43
47%
65
68
*
100
42i2 50%
12534 13212
100
American Can
i
25 11978 13412
Preferred
100 165
American Car & Foundry
*
Preferred
166%
3238
35%
100
62
66%
*
31
4058
American Chain
Preferred
100
conv preferred
11434 1231*
*
88
9134
897g
95
92
9512
89%
91%
8758
34
34
34
34
33U
13
1334
10
34
12%
9
11%
American
20
27
30%
3138
27%
32%
1914
2478
201?
2478
858
22i8
2012
2478
I6I4
89i2
112
23%
1934
3038
10
lll8
27%
17%
90%
2%
2358
94%
3%
92
95
89
90
Comm'l
Alcohol
6% 1st preferred
100
American Encaustic Tiling
New
*
8i2
American-European Securities*
American Express Co
!
100
2l2
33g
38
1412
3i2
10i2
934
13
1212
1458
11%
7
2934
4114
35
43
33l2
40i2
30
*
1214
1738
14
17%
1312
1838
12
*
26
3714
30
3 634
36
25
10
Amer-Hawaiian Steamship
13
14l2
14
18%
I8I4
153g
838
534
36%
American Hide & Leather
1
6% preferred
50
American Home Products
1
American Ice
9i8
534
8I4
46
3914
38l2
37
7%
7
958
_
39
43%
37
41
39
43g
3i8
22i8
17i2
1078
734
1234
2914
3512
77
2334
19
24
*
10%
1278
334
20i8
113S
*
2834
28
84
29?8
8434
*
2512
7314
2678
Preferred
25
95%
2778
_*
IOI4
15
12
11%
12l8
11%
107g
*
100
Voting trust certificates
American Metal
*
preferred
100
American News, N Y Corp
American Power & Light
5%
2738
130
3534
132
* *35%
3334
127
3812
1234
36%
35%
133
24%
9H2
2%
334
13i8
*
858
1034
$6 preferred
*
4478
55i8
43
39%
1134
56i4
$5 preferred
*
3712
46
36%
47
Amer Rad & Stand Sanitary
*
Preferred
..100
2212
IH2
9~%
4034
1812
36i4
1738
778
4134
4138
4i8
21%
6i2
30
1234
27
15i4
534
3612
38
58%
52%
60
54%
44
58%
40
51
40
34
37
35%
218~ 245"
42 %
5438
51%
22%
237s
3
4%
53%
21%
2%
25%
3%
53
24%
2%
45
93
99
12
51%
27%
13-%
82
59%
26%
3
5434
106% 110
222.
233
26%
11%
79%
5234
23%
2%
62
New
3314
133g
2318
32
24
66
82
70i2
2612
1412
21*4
26%
21
10
13
10
3734
27
3 57g
12912 124
4212 38
129
35
2758
39
834
4712
39
1312
9
13%
918
60i2
5212
48
607g
4834
40
5278
4134
*
2038
2614
*
2538
23
31
26
23
27
18
2578
27% 30
2634 3078 2534 33%
American Smelting & Refining *
5634 6434
61% 6978
67i4 9H2 *70% 87%
Preferred
100 136l2 144
147
14134 147
15234 142I2 14512
2nd preferred
100 104
10534 104
10558 105
108
105
107%
American Snuff
25
6978 73i2 65
7238
57i2 66
5712 63
Preferred
100 13338 14118 13934 143
138i2 140i2 136% 13812
American Steel Foundries
*
2334 2814 27
3338
2738 32i2 2012 31
Preferred
100 10734 11112 109
115
111
117
11412 113
American Stores
*
3378 36
33l2 353S
2934 3378 27l2 31
American Sugar Refiding
52
100
58i2 535g 57i2
5H2 61ig
48% 56i8
Preferred
100 129
14178 138
14178 130
14034 131% 133%
American Sumatra Tobacco
*
2358 2638 *23
2538
20% 26l4
22% 25%
American Telep & Teleg
100 15534 16258 161% 178
160
17512 14912 171
American Tobacco...
...25
96i2 100S4 9434 10212
87
96i2 89
9234
Class B
25
104
98i4 10212 96
90
88i2 98
94i2
Preferred
100 137
142
14012 136
*143 150
140
146%
t American Type Founders
*
7
8i2
6%
734
5l2
738
434
6i2
100
preferred
*
*
American Woolen
*
Preferred
100
t Amer Writing Paper Co Inc.-l
$6 preferred
*
Amer Zinc Lead &
Smelting...1
Preferred
25
$5 prior pref
30
35
29
2II4
2414
21%
9284 100
9i8 1138
70i2
178
10
6%
62i8
Us
7%
458
96
958
62
3234
24%
24%
2012
99
96
lll2
7034
60
9l2
1
2
H4
7%
5i2
978
7%
634
434
3H2
24i8
101
1138
6734
178
87g
734
7312
25
Anaconda
Copper
90
105
111
50
Anaconda Wire & Cable
*
Anchor
44
"28~
53
35
50
65
55
3V" ~29% "36*14 "3234 36*38
*
2nd preferred
Associated Oil
Note
40
37
15l2 21
10434 111
20
11% 13
108
*
21%
100
99
101
98
25
43
49
49
buperior figures denote 32ds of
3934 37% 39%
110% 11034 111%
226?4 243% 222
34
20% ,16%
13%
80 34
15%
883S
58%
573g
68%
14%
8534
6534
26
24
31
29
2%
58%
55
26l2
2978
19% 25%
10134 104i2
734 10i2
5434 6434
78
lU
4ig
7
378
52
478
1812
26i2
71iS
14434
10534
26
478
36
96% 106%
60% 76
41% 457g
52%
49
55
50%
37
41%
3734
60
43%
40
70%
49%
69
71
69%
7D4
70
72
69
70%
47
51%
51
59
58%
64%
60
62%
91%
92
102
29
99
71%
68
87%
813s
34%
2834
34
4%
5%
3134 35
94% 107%
73
89
39%
6934
61%
44%
4%
534
39%
98% 105
83
88%
36
4134
73
65
68
62
20%
2234
91%
28%
99%
25
96
5
334
4%
1334
12
334
13
102
9973 105% 102
634
32
7%
35%
13%
15%
28%
30,34
16
21
7%
33%
14%
30%
18%
""9% "l2~lg
27
29
32
14%
12
14
16%
29%
31%
27
30
26%
32%
25%
3234
29
15%
35%
26
29%
26%
30%
96%
9978
96% 100
97
99%
378
434
28
32
27
99%
95%
99
97
4%
4
4%
14%
13
14%
101
3%
13
4%
14%
8%
6%
7%
65S
43%
33%
14%
37%
16%
27
32
19%
2034
6%
39%
47
3
21
35%
14%
29%
1878
5%
18
37%
21%
35%
39%
2%
17%
39
41%
32%
40%
38%
47%
3
3%
20% *19%
10%
11%
2134
78
73
22%
11%
25%
22%
13
11
122
125
29l2
26% 28%
52
56ig
56%
133 78 137
13634 139%
2218 2334
22% 24
50
12%
5%
35
3434
678
13%
a
100
5H8
point; viz.;
100
45%
50
100
10312 10312 106
48% 40i2 46i8 30
105,5=105,532.
a
4%
7%
13%
13
44
5158
45
18%
17
19%
36%
20%
36
4234
20%
578
16%
36%
17%
4%
6%
17%
4%
37%
48%
31%
46%
77g
36%
4834
3%
6%
2%
2%
2%
17%
1178
2078
12%
16%
11%
1834
1034
27%
14
33%
47%
2%
18%
13%
32%
31
3,4
39%
34
84
93
89%
21%
25%
21
10%
11%
10%
45%
2%
17%
334
12%
28%
86%
24%
12%
45
12%
3534
95
94%
25%
11%
21%
10%
50
50
25
26%
3534
25
32%
33%
98
100
101
102% 100% 103%
146
143
148
104
41i8
103
41
105
24%
12
7%
56%
20%
46
20
6%
39%
51%
3%
21%
15%
64
145
147
13
12
24
26%
140
1538
26%
Deferred delivery.
40
r Casb sale.
119
40%
16%
6%
3734
47%
2%
17
13%
21%
1034
24%
12%
21%
11%
48
118
*63
1034
77%
64«%
22%
162
13%
145
15%
111
39%
115
42
140
13%
146
17%
8%
60%
17%
4234
4334 41
122% 115
99
62
634
52
22%
50%
19%
7%
4134
51%
3
19%
14%
48%
120%
23%
12%
53%
122
66%
12%
8234
6934
26%
164
33% *36
31
36
2234 25%
37% 45%
90% 98%
146% 150%
106
107%
63
106% 108% 106
10834
7%
8%
9%
8%
6038 65% 5234 61%
34
%
%
1%
6
5%
6%
778
334
3%
4%
4%
4%
50
50% 50% 50% 53
27% 26
26% 26
27%
40% 36% 41% 38% 4034
40%
13%
143
11
115
"38"
8%
12
68%
9%
6734
1%
7%
112
38
6
137
145
13934 140
41% 4534
4134 59
12734 130
129% 145%
25% 27%
26% 29
53 % 56%
54% 58%
139
141
137
13934
23% 24% 24
26%
172
18034 177 190%
98
9978
97% 100
97% 100
99
99% 102%
10234 99% *10234
23%
1134
27
107
60
3534
175
7%
43%
63
64%
60% 62% 60
143
142% 144
143% 140
44 78
36% 34% 44% 41
122
127
12734 *130
126% 130
25% 28
26% 28
24-% 2734
52% 55%
52% 63% 5334 63%
139
145
14034 137% 140 M 140
23
22% 25% 23% 26
24%
166
176% 172
1797S
173% 170
14958 166l2 16234 17034
89
93
98%
91% 98
93
89i4 9434
9934
9834
142
144
143
14414 141
478
5i2
958 1158
8% 11%
8%
20
25l2
19l2 2278
21% 24% 22%
102
10478 104
107% 103%
734
93g
8%
9%
8%
55
62
6534
70% 6034
34
1
84
1
'%
43a
434
4%
6%
4%
358
414
334
4%
3%
99% 104%
34
10%
30%
6%
74
78%
113% 12034
34
26%
5%
23%
110
60%
100
12%
28%
634
29%
113% 105
141
123%
174
29
28
48
3834 50
30% 28% 33% 30% 34% 22% 40
54%
132
134
128
128
130
127%129
133%
*46
54
"50" 55% 56% 61% 64% 64% 60" 69"
40% 44
11% 14%
10
1134 14
11% 13%
1134
10% 1238
11% 13%
12%
58
797g 87% 75% 82%
6078
69%
69% 78% 73% 87
7334 823.J
67
73% 68% 74%
60% 6934 63
5H2 *48
60%
71% 63
70*4
22
19
24
21% 2334 21% 23% 21% 24
2012 19
21% 23%
163
165
157
16434 16234 164
160% 161% 165
165%165% 159% 160
28i4 2534 28% 2334 28% 26% 28% 27% 29% 29
3234
31% 37
102
100
110
105%111
112% 108
36
38-% 36
39% 37
3934
35% 38%
21% 273g 23% 28% 23% 25% 22% 26% *23% 2834
2H2 20% 22
27
27
45
31
38
2784 31
29% 25% 29
34% 33
41%
94
79% 9334
103
793g 75% 82% 75% 89% 80
89% 79% 8534
145
149
147
148
149
149
143% 146% 143
144%148% 147%152
106
106
108
108i2 106% 108
108% 106% 107% 107^ 108
106% 106%
27
26l2
3212 *24 ~
30ig 3934 3034 35i8
38i8 44i2 37
3912
2014 2538 18i2 2238
109
107i2 109i2 97
10U HI4
10i8 14
3U
438
68%
70%
1038
25%
5%
934
2538
112
2958
59
34
29
23
7%
1934
84
138% 133%138
136
126% 133% 131% 136% 136% 137% 134
1373.1140
126% 122% 127
122% 128% 122% 130% 110
126% 135% 125% 137% 118
165
167
163
164% 166
166% 169% 16578 167
166% 166%
16234 165
46% 45% 51% 49% 5478
32% 40% 39
3438 37
463i 54% 513s
84
84
90
8234 86%
90%
67% 85%
65% 70%
87% 92% 90%
45
44
60%
5834 64%
52% 49% 59% 55
5034
6034 69% 65
125
125
125
12934 125
135% 125% 125%
127%130
21
120
323g
90
2%
4478
60
61
65
62
64%
142
143
13834 14312 140
22
2934 28% 31% 27
110
30
58
4138
11%
27%
334
2134
1034
28ig
7538
2438
1214
235%
29
83
17g
3%
3034
54%
110
68
145%
64
134
24%
28%
57%
136% 141
23% 25
52%
180
92
190%
99
94% 10034
14534 147%
15%
18
24
24% 2734
2734 2434 26%
104%106
100
100% 106
103
8
11
7%
S%
9% 1034
5334 59%
5734 68
62% 69%
1
%
1%
1
1%
1%
6
8%
5%
838
6%
8%
4
5
434
5%
4%
7%
.
78
2634
38%
75%
18%
34
38
36
50
48
47%
80%
19%
55%
47%
78%
5434
36
117% 124
41
78
36
46
40
39
38
42
4412
60% 56
77%
70% 66
86%
16
24l2 22l2 2634
18% 20
17% 19
1734 20%
21%
21
10978 107U 11012
99
100% 99
100% 99% 103% 10634 108% 101
107%
Andes Copper Mining Co
13
1212 15
11
9
9
11
14i2
13%
13% 11
11% 27%
12%
A P W Paper Co
*
3i8
538
458
514
3
37g
47g
3%
3%
3%
3%
3%
3%
4%
3%
4%
Archer-Daniels-Midland
*
45
50
41l2 4584
39
43
"37" 39"" 37% 42% 4034 45
3934 4314 37
43% 39
41% 39% 41
Preferred
100 120l2 122
12012 12H2 120
121
118
118
120
120
119
120
120
120
120i8 120
11834 119
118%120
Armour (Del) preferred
.100 10514110i2 10634 109i8 107
107
108
108
IIOI4 107
IO8I4 106
107% 108% 108
109% 108
110% 107%108%
Armour of Illinois
5
484
738
6i8
678
5l2
6l2
434
6
434
514
4%
5
4%
4%
5%
5%
5%
5%
5%
6
$6 conv preferred
*
66U 84
83
7934 83i2 77
71
70
77
73i2 70% 75
70% 73% 72
78% 77
81%
78% 81
Preferred
100 109
125
118
118
115
115
115
115
108 arllO
107
108
109
110
111
107% 107% 104
Armstrong Cork Co
*
475g 52% 47U 51i8
5084 62% "481*2 62*14 47l2 55l2 51
57
5634 50
47% 51% 4978 52% 51% 5734
Arnold Constable Corp
5
7%
884
884 1358
12
13
1034 15
1238
10% 12% 1034 13%
12% 14%
9i2 12i2 10
13% 14%
Artloom Corp
*
8% 11
10U 22i8
15
14
I6I4 2114
2H2 15
I6I4
12% 15% 13% 16%
16%
1478 17%
15% 17%
7% preferred
100
95
95
105
108
108
106
105
107
108
10514
100% 107
104%104%
Associated Dry Goods
._._1
13i2 15l2 "14" Ye"
1514 1734 "l258 "1784
133g
17i8 "l6" Y8_"
17% 18%
18% 22
16% 19%
19% 21%
1st preferred...
.......100 10612 109
106
10834 108
105
105
106
10912 107l2 10934 103i2 10878 103
107% 105% 108
109% 108%112
Cap Corp
Preferred
37%
267g
12%
50
57
46
109
224% 237
29
4%
41
18.50
Preferred
163.i
128U 130
4H2
2234 25
19
20U 24ig
1834 2414
157
160
163
161% 161% 159
161
165
161
25
2988 327s 31iS 34
28l8 3214 26% 31% 2534
*
94
8938 9312
113% 108
11612 9738 10958 101
American Seating Co
American Shipbuilding
Amer Water Wks & Elec
92
56%
49%
40-%
99%
61%
43%
7%
40
314
18i2
934
434
"13% "15%
5
58%
44%
49
9
784
34i2
1434
30i2
1634
658
3812
81%
4
44
44%
4334
9i8
1212
73%
4%
103
44
45
77%
92
2 73a
American Rolling Mill
American Safety Razor
86%
334
4
5%
61%
40
84
87%
90
334
93
127
37i2
7l2
4434
41l2
414
2058
6%
37%
3%
17%
9%
3
.100
Amer International Corp
American Locomotive
Amer Machine & Foundry
Amer Machine & Metals
9%
29i8
1512
7i8
40l4
634
*
Preferred
78
102
36-2
3
7%
60%
45
175
*
preferred A
Preferred ($6)
36% *33
2%
53
40%
23
29
*
2nd
conv
94
2%
1
American & Foreign Power
Preferred
33
111
Am Coal Co of Alleg Co (N J) .25
American Colortype
10
Amer Crystal Sugar Co
28%
5%
.100
American Chicle
24%
52
44
78
66%
44%
28%
434
57%
56%
4%
46%
45%
4
50
15%
27%
37„
3%
40
106
94% 108%
14%
14%
33
91
82% 9238
125i2
98%116% 8712 102
56% 63%
50
57
50
5314 5934
5H2
4212 4678 44% 51% 42% 5512 4218 46
66% 72
68I4 71
68
6812 70
7012
40
46i4 5034
4612 5078
4934 4212 46I4
128% 132
121
128l4 131
130i2 12412 125
124
13012
11534 126tf 118i2 130l4 119ig I27i2 12412 13II4
163
165
163
165
16334 165% 163
16412
33
3238 41
30
40i8
38% 3OI4 36
63
63% 73%
58
7U8
5758 68
6678
38% 4412 41
4712
46% 5834 4512 51&s
120
12212 120l2 125
125
124% 127
127i8
62%
1534
17%
40%
11
84
46%
70%
15%
35
26%
1334
78%
102
68
67%
14%
178
74&s
9%
102
3%
3534
23%
24%
257g
878
73%
3%
17%
24
24
26
23l2
634
6934
40l2
21%
3i8
914
38
79%
3%
5%
3134
50
Preferred
1st
22%
25
1
6% preferred
Amerada Corp
Amer Agric Chem (Del)
American Bank Note
6%
18
2212
74ig
48
2812
478
4%
45%
"
283g
43i2
20%
..1
2178
438
47%
2334
Alpha Portland Cement
15
101
72%
All^s-Chalmers Mfg Co
Preferred
28
2678
103
634
15%
13%
4%
39%
21
16
22
38%
24
19
22
38%
1938
27
36
31
36
34% 45%
39%
26% 32%
36% 30i2 3212 2914 31l2
103
103% 103%
208
*197%222%
17912199
19434 207
2l2 ;v 384
26%
1434 25%
1434 2534
176
12%
11%
178
4
2078
12025321203532
2458 267S
784
7%
838
13%
1214
195
338
3034
17084 161
69%
1234
66
1034
1314
25
69
100
15
28%
2712
27%
*
5% preferred
13i2
12%
12%
12i2
157"
62%
1334
63
113s
91
"234 ~ ~4~% '"3% "4%
98
64%
12%
6334
1018
95
91
23i2
7%
69i2
Allied Stores Corp.
Amalgamated
2
71%
12i8 1378
1112 1334
9% 1358
10038 100%
3312 3534 25% 3412 25
2812
22% 28
2578 2734
2234 2638
2t2
4
3l8
4
234
3%
7%
8
734
9
734
8
182l2 193l2 180l2 191
1857g 191
58
617g
278
3%
278
534
334
6i8
100 120% 124
.*
2334 2734
Allied Mills Co Inc
5%
December
October
November
June
July
September
August
May
High Low High Low High Low High Low High Low High Low High Low High Low High
April
High
Par $ per share $ per share $ per share $
per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share
*
45
42
61
4978 46% 47
61
63
64
70
48i2 4434 50
64% 66
45i2 49i2 50
52i2 50% 56% 53
100 112% 114% 112i2118
112
114
115
115
113% 110% 111%
llli2113i2 112
111% 111%
11134 114
25
68
68i8 70
60
68I4 7434 68
59
7H2
61
66% 64
61%
Abraham & Straus
5H%
March
High Low
45
103
87
89%
21% 18
2034
105% 105% 108
29%
43
28
3%
7
5
6%
3934 43% 40
44%
119% 119% 119
119%
108% 110
107% 110%
5%
78%
110
6
82%
112
54%
5%
79%
126
7%
83%
128
61
61% 57
18% *14% 16%
18
14% 16%
106
106
9934100
19% 27% 20
26%
11.0
110
95
103%
118
122
114% 117
14
15%
43%
48%
215
Chronicle
Financial
144
Volume
1936—Continued
December
November
October
September
June
July
August
May
April
Low
High Low High Low
High Low High Low High Low High Low High
High Low High Low
High Low
High Low
Low
March
February
January
STOCKS
High
$ per share $ per share $ per share
$ per share $ per share $ per share $ per share $ per share $ per share
Par $ per share $ per share $ per share
71% 79% 67*2 7434
77% 84%
73
87
76
88%
78% 85
68*2 74i2 68i2 79%
865s
72
80*2 67
59
7258 7734
7434
Atch Topeka & S Fe Ry Co..100
102
106% £100% 104
103
102*2 107
105*2 100
102
10634 103*8 106% 102
9978 103
9034 100
3234
30 38
12
13
Atl Gulf & West Ind S S Lines.*
100
977s 104
29
5% non-cum preferred
100
Atlantic Coast Line RR Co__100
15l2
995s 104*8
10334
33
2158
31*4
22l2
263g
23*2
15*2
11
14
11
19*2
15
_
.
20%
Rights..
14l2
18
16
18%
10
10
13*2
25
27*8
3138
30
34
30*4
345s
2734
.
4% conv pref series A
100
%
16
i
Atlas Powder
Preferred
_
_
*
I8I4
*
40'8
Austin, Nichols & Co
*
8%
41%
458
*
414
27
4438
10%
40l2
634
5l2
100
3734
43%
100
16%
22%
1878
Prior A
*
Corp of Del
Baldwin
73
78*2
73
72% 84
56
57
60
67% 63% 70*2 65*2 69*4 68
57% 62*4
64
68
583a 66
73
128*4 130
127
124% 131
125
121
124% 121
123% 121
12434 121
126*4 12438 125*2 122
125*2 124
121i2 119
15*4 17%
14% 18%
15
19
16% 19%
16% 18%
14
1534 18%
17%
17*2 20
1758 25
25
30% 2278 28*4
31% 35% 27*2 34
2734 3434 26% 31*2 26**4 37*2 29% 34% 29% 30% 31% 36%
54*4
30*2 5134
42
50% 46
6%
8*4
6%
8%
6
6
6%
7*8
7%
6%
5%
6%
638
7*8
5%
6*2
6'%
9*8
8
734
9*8
9%
43
45% 36
33
43
34
37*2 41% 38
34% 32
34
43
3434 3578
29% 35% 30
43
45
38*2 43*4
5%
7*4
4%
6%
5
5%
5
5*2 V 5
5
6%
5*8
6*8
5%
5*8
57s
434
75S
57s
734
558
05g
8*8 11%
4*2
8
3*2
6*4
3 % 3*2
3*4
3%
3
3
2%
3%
3
5
334
3%
4i2
6
478
678
9%
6*2
3%
6*2
3*4
5%
2%
3%
3
2%
3%
2%
3%
3
278
3*4
3%
334
94%
57
74.
69% 92% 85
51% 58
38
41
34*4 45% 38*8 53
30*4 42
29*2 45
5378
41*4 54l2 42
87
94%
68
91
51
58
57*2 73
3334 43% 40*2 51
40*2 40*2
16
19
20'% 2384 23*2 26% 21% 26% 21% 23% 20*4 23
17*4 22
17% 19%
1578 2258
1834 23
1778 24*4
35
40
41% 33% 37% 32% 37*4
24*4 32*2 30% 36% 36
21
21% 26% 24*4 27*4
30*2
2358 34*4 2534 2178
58
48
59
*
100 £112 115i2 115
Atlas Tack Corp
Auburn Automobile..
Aviation
23
26%
12
100
Preferred
Atlantic Refining.
41
49
40
• 46*2
32*8 43% 39% 44%
33% 28% 34
31*4 2184 27
19
29*2 25*2 31*2 27
23% 20
19% 25
42
53*2 46*4 54% 39% 49
24
45%
29% 29
24% 31
14l2 2U2
17% 23l2
16
30% 33% 29% 32%
27
31%
27
27
28%
29%
27*8 30*4
26% 29% 28% 31%
35*8
114
118%
112% £112 113% 113%118
112% 113% 109
112*4 114
1113s 11234 112% 115
27
3534
10i8
Locomotive Works
3
(The)
Assented
Preferred
Pref assented
Baltimore & Ohio RR..
2512
4% non-cum prefcrred_...100
11058 110*2 1105g 110*932llO,932
110i2 109
Bamberger (L) & Co pref
100 109
42
41% 4334 43
42
46
43*2 42% 44
44
48
4178 4514 4453 49%
Bangor & Aroostook RR Co..50
113
114
117% 11234 118
112% 115
116% 115*2 117*9 114*8 116*2 .112*4 115*4
7% preferred
100 114
44*o
43%
10
Barker Bros
5
Bayuk
82%
14%
*
Preferred
63i2
..100
Barnsdall Oil Co
....
Cigars Inc
84*2
16*4
06*4
88l2
1778
70
2034
84*2
88*2
1838
7438
1578
15
15%
15
16
14
17*4
15
19
90*2
95
18%
90
94
90
94%
94
96%
17
15%
18%
16%
18%
1934
1358
9434
1778
70
15
1738
15
1712
1314
*
94
102
16
16*2 £20
17%
6634
*
1st preferred
Beatrice Creamery.
"...
$5 preferred
w
*
Beech Creek RR Co
50
Beech-Nut Packing Co
20
Beldlng-Heminway Co
*
w
35
3534
35
8834
7% preferred
39
41
94
93%
97"
93
99
13%
13%
8834
89%
83
8334
84%
85%
14%
86*s
13%
83%
26*4
20*4
29
21%
26%
25*4
27
30%
20%
28%
21%
20%
53*2
56*2
54%
57
22%
56%
22*2
54
21%
54%
14%
84
32%
25*4
51
14%
86%
30%
23%
62
58
04%
28*4
2438
20*8
51
5478
51
23
57*4
5978
56
133%
56%
4934
4938
5458
51*4
23*8 2205s
203s
5212
17*4
18*2
113*2 113*2 120*4
39*2 36*2 4434
112
30
*
15*4
17*8
20
20*2
19*2
100 10934
Preferred
20*4
2158
16*2
*
L__
Bloomingdale Bros
110
113
111
Blumenthal & Co preferred.100
90
92
92
99
2078
26*2
2238
26*8
22
26*4
583s
96
59*2
96
56*2
63*8
*
52
94
55*4
937s
*
3938
45
40
42
.15
255s
2778
2734
30*4
94*4
39*2
265s
98*2
41
2934
64
7034
70
80*2
77
8
2*2
1538
3*s
18*2
178
13*2
6478
6258
Bon Ami (The) class A
Class B..
Borden Co (The).
10
Borg-Warner Corp
1578
1658
51*2
5478
53
60*4
57
Bristol-Myers Co
Brunswick-Balke-Collendar
44*2
40*4
638
39
46
9934
78
79*8
20*2
20*8
2384
19%
47
49%
44
50
44
98%
4134
2834
92
85%
39
42
39
2734
30*2
30
7534
6%
1%
14%
73*2
77%
73%
7*4
6*2
48%
54
44%
48
40
26
65*4
82*4
6
2*2
17%
68*2
6*4
1%
13%
43*4
62*2
44*2
53
69
51*4
9134
9%
80*s
6
77*4
46
51
4234
4212
9734
46*2
99*2
45
50*2
7*2
37
8%
39%
45*8
48%
7%
10*8
38*2
4538
44
42
4778
43
12*4
51*2
48*2
9*4
43*2
50*4
5234
53
45
7%
934
39*2 *42%
4534 49%
45
10
5
..100
7% preferred new
100
Budd (E G) Manufacturing
*
7% preferred
..100
Bucyrus-Erie Co
Conv preferred
7% preferred
85
2*4
11*4
1038
12*4
91
94
94
3*4
2*4
3
123s
15
1134
96
9*8
100
3*8
538
13%
153s
3*2
2*8
15%
478
33a
1334
12
2%
*
*
...»
*
*
100
11*2
2284
*
255S
% Bush Terminal Co....
*
7% debenture
100
Bush Term gtd pref ctfs dep.100
Butler Brothers
10
212
8*4
Burns Bros class A
—
...
Preferred
Burroughs Adding Mach
30
5
5% conv preferred
Butte Copper & Zinc
._*
Butterick Co
*
Byers (AM) Co
100
Preferred
13s
133g
29
178
78
1*2
758
9*2
28*2
10*2
13*2
19*2
17
21*8
20*4
26*2
I84
1*8
878
31*8
334
26
29%
2034
1
84
7*8
27*4
5*4
2*8
12
31*8
9
25
30*2
25%
14
19
10
4*2
12*2
19
2478
14*8
8%
17%
23
13*2
27*2
4*2
12*4
18*2
1
243s
16*2
24*4
66
7178
57
I684
56*4
23%
37%
1%
34%
778
3338
87s
3538
16
57
4*8
23
1
14*2
16*2
54
57*2
36*8
V
7*4
31*8
13*4
55
30
25
1078
Cannon Mills
i*
3934
1278
43*2
13
17
1212
38*2
16*4
4584
48*2
47*2
87
95
3%
2%
Preferred 5%
100
Central Aguirre Associates
*
Central Foundry Co
1
Central RR of New Jersey—100
Century Ribbon Mills
*
Certain-Teed Products
7% Preferred.
6% prior preferred
116
127
126
64
32*4
63*4
285s
26
71
67
58
2778
Chesapeake & Ohio Ry Co
53%
1%
24
21%
22%
60
69
40*8
86*2
9%
7
2%
2
5%
2%
15
17%
15%
434
18
2
16%
56
59%
5S%
63*4
59%
64%
52%
48%
56%
50*8
56%
47
503g
46%
8%
55%
46%
50
43*2
42%
41%
4538
7
8
49%
7%
1%
14%
44%
7*4
39
6%
61*4
7%
6
33
3934
39
38*4 40% 37
53% 57% 50% 5412
58*4 55% 57*4
101% 102*4
106
102% 106
102
102
104
104% 103
49% 53% 46*8 50%
51
49*2 57
48
49% 48
47
50
46*4 4734
45
48
51
47% 4534 51
18*2 22%
17% 21%
14% 19%
11% 17%
9% 12%
16
18
16% 2134
18%
11% 15% 15% 17% 16
40%
53%
37%
50%
42%
52%
19%
122
13%
115
110
107% 115
11
13
15%
12% 14%
115% 85
107*2114*4 103
2%
1%
13%
101
108
110
108%111
14
11*8
94
101%
12%
11%
47
44%
%
10%
50
47%
11%
58%
9%
51*2
23
28
31%
28*2
33%
30
34%
31%
29%
26%
28%
5*8
26%
30%
29%
34%
29%
4%
6*4
14%
17%
12*4 .16*4
16% 19
1
1%
9%
%
1*4
%
9%
9%
14%
97% 104
10
25
27
6%
15%
25
4%
11*4
4*2
5%
4%
12%
15%
12%
16
19%
15
21%
16%
25%
27%
6*2
14%
20
5
14%
16%
5%
18
20*2
4%
4%
5%
4%
5%
3%
4%
3%
18%
5934
16%
54%
19%
59*2
29
17
22%
19%
22%
21%
54%
69%
64
69*2
67*8
30%
43%
2534
35*2
22
30*4
3434
30%
25*2
32%
1%
934
3834
153s
5734
1478
1
13S
%
1*8
14
40*4
14%
55*2
10*8
30%
10%
11%
33%
13
8%
30*8
10%
55%
11
13%
41
37
42%
1734
13%
49*2
48
16%
52%
96
100*2
30%
30%
39%
1%
12%
37
15
38%
8*2
31%
12%
55*2
12%
38*2
31%
1
10%
36
15*4
55*2
13%
40
57%
39%
56%
13%
42
13
14%
13%
17*4
50%
50
52
15%
50%
25%
30%
%
"11*8 "l2%
37*2
1234
39
13%
49
50
50
95*2
97*2
100*2
99*2
95%
97*2 10034
26%
28
98
42*8
70*2
51
58*2
3784
68*2
5734
3*4
6*4
2*8
4i2
12%
68
2134
31*2
71*4
25*8
30*2
19
29%
21*4
25%
23
26*4
22%
62
69
56
64%
54
61*4
59
68%
65
26*2 ,28%
28
9*2
7*8
104
41
74i2
61
3
558
point; viz.:
49%
1478
85
101
140
35*4
5384
834
107
5658
19*4
93*2
136
26%
35
6*2
98%
49%
1234
85*2
104*4 102
34
39
50
8
103%
58
19%
99*2
103
1934 x21
49*8
39
65
45
63
71
6478
60
27s
5*8
63*4
5284
1*4
2
4
3
105'5—105*532.
68
58%
2
4%
43
11
59%
35%
29%
28%
30*4
76*2
32
36%
7*2
36
41
8
7%
104*4
10134 103*4 102
19% 20%
19% 21
59%
47% 53*4 53
63
66
65% 73
1%
*57%
58
1%
1%
3*4
3%
a Deferred
10%
12*i
35%
16%
60
12%
46%
17
51*2
32*2
13%
11*4
41%
27%
31
29%
2533
82%
33%
37%
1*4
41
1%
38
10
11%
10
34
36%
15*8
18%
24%
80*2
27*2
29%
88*2
29%
42
48%
293s
32%
19%
31%
26*a
25*8
5*8
16%
3238
4*4
33%
21*2
24%
538
6%
50*8
12%
52
16
52
81%
42%
29%
38%
138
35
1%
12%
39%
32%
44%
3
12%
34%
16%
38%
12%
32%
17*2
20%
16%
2038
19%
30%
57
11%
45*2
15*4
75
58*2
57
58
12
14%
13
14%
12%
"15"
49%
1534
54%
53*2
16%
68%
17%
60
17%
14%
16%
51%
52%
47*2
53
49
52
76*4
1*4
2*8
28
30*2
28%
30%
74%-78%
30% 33
78*2
£79
86
33% 28*8
28
*
28%
46%
8
60
1*2
delivery.
3%
38
7*4
46
7*2
42
7%
105
"50%
54%
52%
46
42
83s
9%
107% 107*f
55*4
5234
2%
16*2
36
66%
100
103% 101% 103% 102% 103%
6%
7%
7%
8*8
8%
152
165
137%155
170
132
140
127% 137%
135
87
85
£91
90%
86%
27% 26% 30% 26*8 28%
110
32
27%
75%
33%
82
32
8538
75
81
29%
29
34%
33%
8%
48
38% 44%
10%
9% 12
108% 108*2108%
62% 74
64
15% 12% 16%
7%
37%
9*8
6%
100
100
101
102
102
51% 56
52% 5534 51% 56%
9
11%
8*4 12
12*4 14%
88
87
99
102% 86% 90%
3
1%
22%
13%
2938
4*8
33%
8%
33%
31%
16%
3238
534
31%
83a
18
106
"97%
54%
1
25%
84
99
99*2 99% £100
97% 97% 97% 99
102
100% 102
101% 100% 102
100% 101
7*2
7*4
8
7%
8%
6%
8*8
7%
159% 155%
146
17412 148
158% 171
186
130%
135
138
143
139*2 130% 134
142
80*2
71
77% 72% 81%
76% 72
78%
24% 28% 25% 28*4 25*4
22% 28
25%
79
47*4
59
12%
55*4
30%
105*2 102
22*4
142
33*4
22*4
57
104
136
8%
65
50
85s
142
1
7412
5284
27S
27%
75% £89%
34%
30*2
47
1*2
45
25%
11
26*4
30
934
3738
47%
95%
43
37%
29*2
64
30
85s
118
92
31%
16%
2
24%
34%
18%
29%
31%
26%
24%
713s
30*4
133
27*4
Note—Superior figure® denote 32ds of a
23%
72
11%
33*2
29%
9%
139%
75%
73*8
24*4 21%
135
29*4
25
HI Ry Co.-100
...
100
32*2
13*4
56*2
2538
*
Chesapeake Corp
1*8
838
"9534100"78 99"
28*8
5434
100
...—-*
—5
Checker Cab
57%
52%
50%
8%
9*s
40*2
10%
II84
26*4
26%
6*4
7
634
7%
8%
734
9*4
8*8
934
8%
156%
154
139% 17234 14484 162
92i2 110*2 105*2 11834 117
Champion Pap & Fib 4% pf.100
Common—'—
33
123s
16
£37%
41
18*2 15
48% 48*2
105l2 105
100 103
4784 5534 4958 054%
*
143s 1638
133s 1034
1
89*2 80*2 90*2
100 81
Preferred
Cerro de Pasco Copper
51%
48%
45%
7%
47*2
3*4
9%
784
19*4
......
178
90
91
100
7% preferred
56*4
110*4 109% 109*
12*8
26*2
26*4
6834
25*4
96
Canadian Pacific Ry Co
100
22*2
61*4
2*2
20
73
Campbell Wyant & Can Fdy..*
Canada Dry Ginger Ale
5
Canada Southern Ry Co
100
7% Preferred..
28%
14%
434
6*4
658
25*4
5
Caterpillar Tractor.
...»
Celanese Corp of America.-.._*
84
25
16
66
6
Case (J I) Co.
16%
21*2
58
Ry.100
100
1
100
22
358
~33%
Stamped
3%
2234
74
1
Carriers & General Corp
83s
64
1
*
*
Carolina Clinchf & Ohio
3%
14
23*4
25s
4
33s
11*8
1978
Callahan Zinc-Lead
Capital Admin Co Ltd class A..1
Preferred class A
10
83%
30%
8338
38
2
33s
1434
33*4
578
16
2U2
12
3*2
178
Byron-Jackson Co
California Packing
Calumet & Hecla Cons Corp
55s
18*8
2384
9
12*8
28*4
2834
14%
83%
18
50%
7%
1
paid rights
Bullard Co
1%
15%
2
16%
36
15*4
12*4
105
103% 111
114
101
1st paid rights
Bulova Watch
56*8
28%
108% 110
Rights
Budd Wheel
1%
14*8
55%
1*8
2%
12% £14% j/12 %
1%
6
46*4
107s
28%
21%
13
17% "l9%
17*8 16% 19% 17% 19%
32*2 38%
29*2 25% 27*2 25% 31
111% 110% 111% 111*4 111*4 111*4 111%
120
110% 120
89
85
90
93% 95
85
26
3538
31
26*2 30%
29% 27% 31*4 27
45*4 50
41
45*2 43*4 47*4
48
46% 42
91
96
97
91
96*4 95
86% 92
89%
41
42% 47
43*2
40
41% 40% 42
42%
27*4 28% 26% 30*8
30
31% 29% 32% 28
83% 90*4
72% 79*2 74% 81% 78*2 84%
80%
7
9
7%
9%
7
7%
8%
8*4
8%
50%
47*2
42%
41*2
28*4
35
5*2
110%
111%113
80"
17%
1678
46*4
83*4
14%
15%
23%
17*2
24
20
2:102 10334 101
102%
104
101% 104
98*4 10214 101
15
4434 4988 47% 51%
53
51*2
44*2 47
32
56*2 50
O3*2 56*2
51
51%
51
53
54%
57
59*2 150
63*2 6558 61*2 645s 57*2 62
8% 11
8% 10
9
8%
9*8
117s
8*2 ll7s
10*4 13
878 105s
10% 12%
10
11*4
10*8 1234
9*4 13*8
1058 13*4
1158 14*4
878 12*2
17
15
16% 17%
18%
16
13% 16%
1878
1334 18*8
17*8 20*8
17*8 19*2
121
120
123
109
121
104
109
109
106*2110
102*4 110*2 109*2 113*2 100
98*8
..*
*
Brown Shoe, Inc
46
4*2
33*2
*
*
*
$6 preferred series A
Brooklyn Union Gas
51
41
Bklyn 8c Queens Transit Corp.*
$6 preferred.
*
Bklyn-Manhattan Transit
5178
14*2
16%
20%
19
80~
25%
56
9*2
23s
48
*
5
Briggs & Stratton
10234 112
13*2
68
76% 71
77%
76
46% 58*8 54*8 6S*4 66% 72% 68
55
18% 20
18% 19%
18*4 19%
18
18*4 19%
19%
16*2 18*4
1734
123% 125*4 122%135% 126*4 130*4
122% £119 125
117*4 107%117% 117
53% 65*2
48%
49% 61
32
39% 36% 39% 37% 46% 46
36
29*4 32*4 28% 34*2
138
2*2
15%
40
Rights
Briggs Manufacturing
t Chicago & East
6% preferred
17*4
20
2334
593s
97*2 100*2
58*2
1*2
__*
Bridgeport Brass Co.
Co
14%
18*4
10*4
11
338
1878
734
50
*
t Botany Consol Mills A
t Celotex
35
83*2
11*2
3*8
1784
100
Boston & Maine RR Co
-
38
1434 1934
16*2 1934
1838 20
19*2 21
110*2 111*4 zlll 113
85
90*4
93*4 99
Boeing Airplane Co
..5
Bohn Aluminum & Brass Corp_5
....
112
*
Rights
Class B
16*2
17%
116
33*2
48
35*2
49%
53*2
16%
110
120
110
47*2
6334
1778
4534
16*8
5934
1678
5778
19
5634
33
97* IO3"
59*2
131*2 131
42
41
42%
92
14%
85*4
30%
22%
21*4
20
23
38
95
13%
2238
5158
88
Bethlehem Steel Corp (Del)...*
Black & Decker Mfg Co
39%
96
14*2
92%
14
3134
1578
87
5% preferred
20
7% preferred
100
Bigelow Sanford Carpet Inc
*
38
92%
26
1334
87
126
100 120*4 132l2
19%
91*2
14*2
88
14%
87
2434
23%
*
17
18%
37
23
I3i8
90%
1634
87*4
1334
86*4
13*8
88*8
8512
21%
5
*
Bethlehem Steel Corp
Second
*162
%
%
29*4 i29% £38%
28% 243s 278a
25
26%
24%
22%
17*2 20% 20*8 25*4
119
131
120
130
97*4 106% 100% 123
18
20% 19*4 28*4
17% 18% 17% 19%
37
89
16*4
48
Corp
Beneficial Indus Loan Corp
Best & Co
Blaw-Knox Co
44%
109% 110*8
109%114
88*2
15*2
8834
36*2
85
87*2
1458
88
Belgian Nat Rys part pref
Bendix Aviation
39
46*4
45
46*2
17% 20*4
18% 22%
17*8 20
17% 18*4
17% 19
112
111%115
111*4 111
112% 114% 111
111*4 114
113
110
110%113
110*2 110
111
113
111*8 112
112
114
100 11H2 11414
24
28% 24*2 2634
22
23*2 24% 21% 23% 20*2 24*8 22*t 24*2
24%
20*8 23
20*8 2378
19*2 26
18*4 20*4
18
20l2
25
109
109*2 111% 110% 111% 110*4 111*5
108
108*2 108
108
107% 108
100 107
101
103*4
101
102% 102% 104
101
100
104% 100
104% 105
New
Preferred
15%
7434
17%
69*2
76*2
66*2
44%
%
Rights.
Barber Co Inc.
4.8%
116% 110% 112% 111*8 113
39%
35
43%
10*8
11%
66"
74""
13% 17%
9
11*4 10*2
135
146
119
136
99% 120
64
70
62% 72%
57*2 67*2 64*2 71
104
106
107%111
105% 107
102% 103% 102% 103% 102% 104
19
26%
19
20
24% 37
32% 38%
22% 22
19% 20
43
51
60
51
56
48
52% 62
62
59
52% 36
82
90
99
88% 100
86
78% 84% 83
72*2 85*4 79
77*2
70% 77% 60% £71*8
64% 69% 65% 68*2 67
59% 69%
2
2
3%
2*8
1*2
2%
1%
2
1*2
1%
1%
2
5
5*8
8*8
6%
4*2
534
4*4
5%
3%
4%
3%
4*2
9
90
•<"' r Cash sale.
11*4
102
216
Financial
Chronicle
Jan. 9,
1937
1936—Continued
January
STOCKS
Low
February
High Low
March
April
June
July
May
August
September
October
High Low
High Low High Low High Low High Low High Low High Low
High
High Low
November
7*4
7
t Chic Milw St Paul & Pac
*
Preferred
100
Chic Rock
& Pacific
7% preferred
6% preferred.
Chicago Yellow Cab
Chlckasha
Cotton
163g
...100
100
*
4*2
5%
4
4%
3%
31%
2%
5*4
4%
12%
1934
934
11%
16
56
52
'
10*4
20*2
54%
6*4
7%
6
7*8
.
634
283«
30*4
28%
25*2
9%
28*2
11%
35
31
25*2
9*2
29*2
85*2
94%
91%
15*4
1638
72%
83%
1134
31%
99*2
19%
91%101%
I6S4
19
86*2
79
82
80
45
45
45
7%
46%
5
100
90
53
100 124
84
Class A
5658
Colgate-Palmolive-Peet Co
Preferred
*
18%
100
104l2
45*4
100 107*4
Collins & Aikman
*
Preferred
6*4
3234
48
21*2
19*8
29*2
2634
22%
25*4
20*4
16
12*2
18*2
9%
3%
2434
9%
17
6%
47*2
36*4
3434
24%
4534
25%
30
31%
37%
23
34
32
36
24
*
94
108
Columbia Pictures Corp vtc._*
41
26
3:45*2
51*4
16*2
16
5H%
conv
14
*
100
44
10
preferred
49*4
11134 113
.100 110
4conv preferred
Comm'l Investment Trust
114
36
25
15
6*2
20
434
34
50"
7*4
363S
4§"
32
27
3412
3078
34
35
233s
678
29io
22 "
7
9%
434
5%
5
4%
5*2
4%
-
9*4
3338
3834
33*2
97
24*4
5*2
24l2
3134
3234
30*2
85
91
85
93
48%
52
50%
5734
24*2
23
86
90
94l2
64
5278
111
61
115*4 111
100
60
56*2
13l2
100
95
99
99
63*8 7258
6478
123*2
116% 115
57*4
1478
48
56*4
14*4
102*8
53
55*2
.112
111
110%
2834 26*4
6%
5%
27
538
51
62*2
5834 z69
126*2 127
115
11978 12534
57*4 56*4 57
15*2 15*8 18*2
104*4 104
104*2
5834
55*4 65*4
11 2
11212 111
110% 110%11034
30
28*4 24
8*2
778
9
38*8 32i8 36
34S4 35
3978
30
2912 24
127
30*2
■
Preferred
new
*
101
102% 102% 10484 105
7
10*4
8% 11%
100
6%
*
34
158
19%
23*4
Consolidation
1
%
1%
Coal (Del) vtc.25
5% pref v t c
Container Corp
100
..20
Continental Baking class A.._*
.
.
.
.
2O84
103g
16%
1234
*
1%
100
67*4
70
20
73*2
2*2
7784
87*4
18
20
41*2
2*4
44%
3*4
3334
38
64
69
Class B
Preferred
Continental Can
...
21
18*4
16%
2%
70*4
77%
1%
234
77
.
7634
82%
18*4
4134
234
35%
23%
20%
24%
18
22
46
40
45
35*2
2%
29%
4212
20
55%
25 2:68*2
Preferred
100 162
Coty Inc
*
38%
2%
33%
6412
60
3*8
4
73S8
165
6
6234
68%
37%
162
78*2
165
5%
6%
70%
64*8
77%
162% 166
4
1978
19
12*4
I684
1458
13
178
1%
7638 x75
77*4
74*2
5%
6%
36%
18*4
36*2
238
28l2
19*4
3934
2%
33
17*2 2203s
3834 41*4
238
25g
28*8 3134
29
36
30
33
27
64
56
6O84
7838
59
60*2
60*2
6638
3*2
70%
7734
L68%
4*4
6%
72
165
7%
75*2
162
4*2
5*8
8212
165
1758
39
2*4
29
2158
40*2
212
3378
35*2
69
3838
22*8
413g
33g
2138
3734
258
2212
40*4
2*4
29*8
3238
2934
30*2
6434
6358
34
30
67
65*2
33*4
3478
67*4
7134
79*2
158
162*2164
5
4
3638
283s
6312
47%
4*4
20*8
70% 65
16234 160
5*2
434
5*2
36*4
25*2
36*2
31*2
36*8
2734
36*2
3434
58
623s
4534
477g
58
72
47
2:51*4
100
37
37%
37
37*4
35
37
35
Crosley Radio
*
17
Crown Cork & Seal...
1834
15%
43%
I884
54%
165g
*
48
53%
46%
21%
53%
1934
49%
45*2
47%
46*2
47
46*8
46%
46%
conv
2
284
16*8
1534
1284
1%
69*2
67*2
*
...
preferred
w
35
35*4
3538
24%
27*4
6334
47%
5134
55*4
4634
2312
52*2
45*4
w
Without warrants
*
3
Crucible Steel of America.-.100
Preferred
*104% 105 10434 10434 102
104%
884 10*8
9*8 10%
7%
934
3834 35% 41
35% 3934 28
40
*
100
Cuban-American Sugar Co
Preferred
Curtiss Wright Corp
6312
40*2
203«
101
834
2%
18*2
13%
97*2
41%
2134
8%
9212 88
44%, 38%
1938
23%
102% zl02 104
Cutler-Hammer, Inc
1
4
1
1
Class A
Rights
Cushman's Sons 7% pref
8% preferred
10*2
1438
83
90
64
70*2
48%
9*4
8%
100
_*
*
Davega Stores Corp
5
Dayton Pr & Lt 4^% pref..100
Co
43*4
8%
L13
2
14
15
6*8
*
108
2*2
11
10
Cudahy Packing
50
Curtis Publishing Co
(The)...*
&
L10
1%
100
Preferred
10%
35
...100 103
Cuba Co (The)
Cuba RR preferred
Deere
21
38
434
4*2
133g
6%
105
2
11%
11%
93
115
2%
14%
14*4
102
95% 107%
1%
2%
10*8
14*2
9%
12%
93
98
7*4
8*2
33*8
28
LOO
107
1*2
l7s
10*2
10*8
13*2
113g
97*2
3834
19*4
95
3834 40*2 38
40
35*2
18% 22%
18
18*2 24%
99*2 102% 10034 104
: L01*2l
6
45*8
46*4
36
9*4
5
7%
*5*2
1334
98
36
1678
3738 2:3 63S
17
1834
51
65
60
65
60
59
74
60
43
52
36*8
45
40
42
383.1
42
40
51
60%
4658
54l2
8*2
50
55*2
54
60*4
143a
59
63*2
1638
65
14*8
65*2
17*4
69
8134
68
79
71
84
29*2
30*3
2412
47*4
20*4
634
285S
2978
26*8
48
20*2
29
30
23*2
45*2
23*4
49*2
21*4
60
9*8
52
68
65*2
75*4
70%
87
72%
89%
73
82
29
31
29
30
29
a:29%
29*2
19%
3634
14%
5*4
29%
24%
805s
2934
743s
2934
25*4
2134
37*4
24*8
42*4
38*2
30*8
23*2
4238
22%
100
Del Lackawanna &
Western..50
Denver Rio Gr & West
3634
1534
438
Delaware & Hudson
pref..100
Edison
.100
Det Hills & Southw RR
Co..100
Detroit & Mackinac
.100
Ry
1758
834
12884 139
60
7
10
22
25
22
26
41%
16%
52
42
23%
18
49%
2I84
9
8
9%
136% 153
7%
140
149*2 135
60
Preferred
100
17
Devoe & Reynolds class
42
A.....*
1st
preferred.........
.100 117
Note—Seuprior figures denote 32ds
433«
a
50%
7
9
4
point; viz.:
6
438
15
15
15
49
58
51*2
105's=105*532.
21
22
37*4
155g
15
21%
17*4
15*2 1734
6
8*4
538
6*4
684
5*4
147% 1
142
144
148
140*8 139
65
18
2138
17
21%
17
49*2 47*2 57*2 50*2 57*4
119% 11534118
116% 11634
of
99*210978
60
27
Deisel-Wem-Gilb Corp (The) .10
93*4 107*4
48
8
a
2038
16
20*4
65
65
13
13
4984
52%
Deferred delivery.
r
23
417s
17*2
6
148
58*4
70
6*2
19
6
15134 145
18*4
634
150
65
4*4
13*2
52*2
484
1778
56*4
1584
3*4
6734
1134
3312
17*4
163g
1334
17
1478
76!%
85
77
88
95
90
5*4
4
36-%
3434
69*2
69
87
5*4
12734
20*4
334
73*2
15*2
38*2
21*8
19*2
1934
80*2
90*2
""4*2 "~5%
16*2 18
16*4 19
43*8 483g 42% 4778
10634 10784 106
108*2
7*4
9%
8*2
93g
1234 143g 13% 17*4
21
2234
38%
25%
355%
44
3*8
39
25*4
2778
25
61
66s4
61
20*4
*40*4
2%
73
98
66*3
49*4
643t
16*4
3
37
228s
4434
3*4
44%
3034
6412
72%
3634
29*4
82*4
140
3778
1188411884
3534 36l2
34
23
91*2
71%
88
58*4
493g
50
5412
47*4
44
30
111
103
126
120
129
74
50*2
74
18*s
1178
17
51
55
51*2
56
69*2
82i2
80
49
55*9
41
50
7434
1634
83
77
197g
16
8334
19*4
82
107
108*4
82l2101
S9% 101*2 908g 10834
29*2 3034 3:29
323S 2958 31%
23b 32*4 30*2 33*2 2712 32
4534 5434 44*2 51*4 42
>48
19
22"8
1734 203s I684 19*4
6
7*4
534
634
5%
8*s
145
14984 139
148*4 14384148*4
4%
14
Cash sale.
~
1153s
8584
90
4*2
39
65
60
74*2
114
18*4
4*4
75
133s
36%
1834
54*i 3-52*8
4678 4484
65
9*4
I3334
51*2
57%
8*2
7%
11
87*i
62
934
68*4
79
70
60
3*4
8434
60%
834
80
16
373S
63
76
112
9134
124*4 136
3478
48*2
84
25
36*2 39
36*2 3S*2 3578 38*2 38
40*2 38
40
3 87s
19*2
213g
1934 21%
20*4 22% 20
225% 18*2 20%
103
110
1043i 104
108*2110*4 109
110*2 109*4 113*4 104% 114
53s
7*4
6*2
7*4
638
7*8
6%
634
6*8
634
63g
73S
147s 19*4 18*8 20'%
18*2 2058 18*4 1978 1778 21%
19% 21%
*8
316
102*4 104*4
658
53s
65s
16*4
143s 163s
*8
*4
*
Detroit
81
36
80
Z89*2
115
3~o" "2434
12038128
29
90
18*4
116*2 112
30"
36*4
35%
1534
12%
12%
35
33g
6*4
109
105*4 109
109
108*4 108*4 108
109
108
110
108*4109
75s
8*2
734
984
8*2
11
934
85s 11%
1338
12*i 1834
16
19%
31
49
37*2 34
38*2 35
47*2 56*8 49*4 5634 47
64*8 48*2 5534
107
1065s 107*2 102
106*4 120
123
1197s 124% 120
115*2122
121
125
1*2
I84
1%
i34
138
1%
1*4
134
13g
134
1*2
3*8
2%
33g
11
1488
11*8 1334 11
9
12*4
11*2
10*2 13*» 11*2 19*4
13
20
10
11
9
9*4
9*2 1134
10*2
ll*i
9*4 1034
9*4 13*4
11*2 14
92
97
92
20
Preferred
109
54*4
3212
70*4
17%
21%
225«
4138
212
32*4
26*2
6558
46
105
75*8
«...
.
6978 7434 66%
161
159*2 160l2 160*21637s 165
170
434
6*4
5*4
6
5*2
73g
5*2
73s
41
43
41l4 4634 4li2 50*2
Rights
Crown Williamette 1st
pref...* 102
Crown Zellerbach v t c
*
-
8*2
32
51
51
50*2 50*2
63*2 7438 67
77*4
126*2 127
125*2128*4
12334 134
12ll2127l2
57
58
5684 57
16*8 19*8
17*8 21*4
104
10438 102l2104l2
58
6634
58
633s
136
35%
26*8
46
—
13%
36
106
106*8 10534106*8 106
105*8 105*8 105*2106
10578 1057S
7*8
878
6*2
8*4
7*2
6*2
7*4
6
7*2
7*4 1234
9*2 12
38
%
*2
*2
*2
58
*2
5g
%
1%
78
138
212
234
378
258
3%
314
4*4
3%
358
278
6%
6l2
9*4
14
17
16
1358 16
17*8
17
19
20*4
26
16*8 27
37%
18*2 2078 20
19*4
22%
19*2 21%
1934 23
19*2 233g 19*2 2234
13
18*4
15% 17*2
1578
163s 1938
1734 3038 27% 353s 26*4 32%
1%
2
23s
134
2*s
178
23g
2*8
3
2%
4
3 •
384
77
74*4 86*4 86
90
9384
10212 9778 108
10478 109. 101*2108
79*4 75*8 8O84 67*2 72*4
6934 7234
70
753g 6834 75*2 6334 70
46
*
$2.25
7%
38
34
25
...
7% preferred.
Cream of Wheat ctfs
Preferred..
106
38
"32
*
Corn Exch Bank Trust Co
Corn Products
Refining
Crane Co
....
23%
34
Rights
Continental Diamond Fibre
5
Continental Insurance
2.50
Continental Motors
1
Continental Oil of Delaware.
Continental Steel Corp
.....
105*2 105% 105%
7
834
10*4
1
1%
%
3*2
4%
20% 20%
26% 17
24*8
19%
12% 1734
234
1%
2%
69
77
7234
83
73
8234
2%
7%
634
27
28*4
3278 39% 39*2 48
2378
28*8 32
26*8
21l2 2734
19
2534
27
32
31
2734 34
35
29*2 32
24l2 30*4
28*2 2934 28*2 32
30
32
3212 31
26*2 26*2
122
136*2 120*4 127*4 120
131
116
128
116
123
37
3
37
42
37*8 4178 36*4 43*4 3178 37*2
4484 46*2 45*2 48
45
4778 42
4658 39*2 43*4
20
23*4 19
21
2158 19
17*8 20
16% 1834
107
105*4 107*8 105
104
10834 103
105
102
017
99
103
99
103
99
101*4 92
100
96
101
70*4 8058
77*2 8478
68*8 72*2 71
773S 64
7478
26
100*410638 10434 11734 11212118
115
119*4
55
64%
5934 63%
60*8 64% 63% 73%
70*2 8234
76*2 8034
67*2 76*2 74% 8134
7778 83
79*2 8478
1105s 112% 11258 11358 113% 11534 112% 114
115
111*2113
HO84 116*2 11434123
120*8 116*2122*4
$4.25 conv pref ser of 1935
*
97
99%
9934 10134 101% 103% 101
107% 10312 110*2 107*8 114*2 11278 122
115% 120*2 11634 12258 12134 126*2
Commercial Solvents
*
2038 22%
20*4 24% 2034 2334 17
22%
163s 1838
14*2 163s
1534 17*8
14U 17
1512 1634
15*4 173g
Commonwealth & Southern
*
3
3
2%
458
5%
3%
2%
3%
238
3
4
3*4
3*8
378
3*8
278
334
3*2
358
4*4
Preferred
*
69
62
82
60
74*4
68*4
59*4 70
60
70
69
71
67
76
72
7878
71
66*2 74
78*2
Conde Nast Publications
*
9
10
834
12*4
9% 12
7
7*2
934
7
7*2
8*4
8%
7*8
8
8*4
7%
834
784 13*2
Congoleum-Nairn Inc
...»
41*2 44*2 38% 43%
35*2 42% 35% 42
34
33
35
36*2 3258 35*4 3212 3578 3078 36
33*4 37*4
Congress Cigar
*
16
18% 19*4
18
19*2
1934 2534
17
18
22%
18
20
18
18*2 19
18*8
19*4 20
18*4 22*4
Connecticut Ry & Lighting.100
13
1734 20
1534 19
1734
10
12
14
11% 16
12
11
14
1478
12*2
4% preferred
100
25
29
28*4 33*2
23% 2834 20
25
19
21
24
15
2834
2038 26
20*2 15
17*4
15*2 21
Consolidated Cigar.
11
*
10
9*4
133«
1284
12%
8*2 11%
8
8
8*4
9
938 1178
9*4
934
978 107s
10% 15*2
Preferred
L
100
67
78
75
78
74*2 77
69
75
68
75
72
68*4 71
6534 69
71
7412 79
82
74%
Prior preferred
(6H)
100
78
72% 78*2
85
73*4 77%
7634 8334
76
80
78
82
78
81 '
80
77*8 80
90
8234 83
Prior pref ex-warrants
.100
85
85
73*2 76
75
76
76
76
80
80
83
90
Consol Film Industry
6
1
5*2
6*2
5%
7*8
6%
4%
6*4
412
558
"434 "538
4*2
5
458
53s
4*8
538
4*4
5*4
Preferred
*
18
18*8 20*8
19*2
1734 19% 15%
18%
15*2 183s
16*2 18*2 1638 18
17
16*4 18
19*2
1738 1938
Consol Edison Co of NY Inc..*
305g 36*4
32% 38% 32% 3634 27% 35%
28*s 3338 3158 373S 35*8 4334 40*2 44% 41
4434 42*4 48%
$5 preferred
* 102
107
104*2 107
10434 108*2 104
106
.05
109
1063s *106 108% 106
106*2 10784 105*2108
106
108*2
Consol Laundries
4%
Corp
5
538
434
4%
6*8
5%
3%
5*4
5
6
4*4
478
458
5*8
5%
534
534
77s
7*4
8%
Consolidated Oil Corp
*
11%
14
14%
13*4 15
15*4
11% 14%
1184 13*4
12*2 13%
1178 13*8
11*2 13*2
12*8 1334 13*8 1438
8% preferred
100 llllo IIII9
J Consolidated Textile
50
9%
32
*
Cons RR of Cuba
pref
65*2
98
*
Convertible preferred
24%
200
50
"53"
104
110
6*2
30
24
112% 114% 112% 115
„
1138
3938
98
50"
54
126*212634 126
118
114*4 121
2834
2934
3478 29
23
2884
30
26*4
24l2 23
134
117
111*2 124
126l2 120*4 132l2
40
34
31
34
32
40*4
36%
48*2
4534 48
42l2 45
42l2 46
19
21%
1638 1934
2338
18*8 2034
102
99
106
103*2107*4
101l2 101
34
44%
1634
24l2
478
25
1534
434
634
24
33
118*4 105*2
39
31%
48
2:45*4
20% 16%
96% 101% 99
50*4
15
18%
94% 100
84% 9034
47*2 52%
85
6%
3H2
35*2
50"
2334
4*4
98
44
47
97
90*2
8034
100
IOI84 109
36
5%
17% 23%
60*2 2:65*4
110*8 111
11034 111*4 111*4111*4 111
10834 108*2 110
111
109
111
109*211M4
38% 35
37*2 36*2 4078 38*2 47*2 40*4 4434
387s
3338 38*2 33
35
41*4
87
87
87
87
87
87
88
8834 8834 89
90
108
48
100
Columbia Gas & Electric
6% pref series A
5% preferred
Commercial Credit
109"
87
..100
2*4
19%
6U4
200
35*2
8%
2%
634
5*2
97
86*2
38
48
2934
53
59*2 70*2
631?
62
48
65*2 48
60
"5l" 55" "52" 55
126*2 126
127% 127
127*4 12534 12584 125*2 127
128
129
12612 127
91
85
97*4
89*2 9534
84*4 91*2
85
98*2 122*4
9934
97*2 102
56*4 57%
56*2
5634 57*2 56*2 57
57
57
56*2 5734
57*2
5734
18*8 20%
20*2
17*4 19%
15%
13
1834
13
15*8
13*4 16*8
1458
105*2 1045„ 106*2 102l2a:104l2 103% 105
10238 10412 Zl02l210334 10378 104*4
42
4384 51%
49%
48*2 39*2 51
55*2
40*2 4512
4212 4734 44
112
108%111
109% 111*4 108%112
110
111
109*2112
109*2 HO
15
134
6*9
1612
57*2
17S
538
5*4
97
97
44*4
49
*
678
6
7*«
97
50
31%
pref
6*8
35*2
48
100
Carbon
434
19%
60
2%
50
7
97
New.
conv
18
30
50
45g
100
98
8212
36*8
86*2
8*4
preferred
478
1634
57
20
30%
538
82
*
2d preferred
8
82
t Colorado Fuel & Iron
Colorado & Southern
734
8
1834
5734
212
634
2
26*2 31% 25*2 27*2 25%
29
28*2 325s 26% 30
25*4
20
2534
23
2058 25
1738
I8I4 21% 1834 2034 20% 23%
;
8
9
734
9%
9
8*4 10*2
714
9%
1038
9% 14%
12% 1434
36
31i4 35
3634 33
36
32
28% 29
50
4334 50
43% 51
10934 12458 108% 121% 111*4 124*2 12ll8 13058 123*4
92l2114
13834 115*4 126%
17
17*8 18*4
1678 1734 1678 18*4 17*4 1834
18
17% 23
1734 20%
78
85
82*2 8634 82*4 85*4 81*2 8578 8534 8934
79
81
85
89
27
2434
83
*
212
934
21%
6034
134
.
16%
55%
4%
4%
32
90
Preferred called
Colonial Beacon Oil Co
Preferred
5
.
18%
59
2*8
4*2
3%
2312
50
-
*
Preferred
5
4%
82
84
8212
-
1738
54
2
84*2 a:79%
45*4
pref..* 107*4 108*2 109
11034 107%109% 107%
41*8 4558
41
4034 45%
46
35
50
14
45%
1%
378
7%
30%
9134
1678
45*2
7
434
6*8
634
*
26
2334 27
36*2
100 156*2 156*2 188
188
734
157s
51*4
134
1478
634
32
5
3i8
234
3%
9%
46%
2
25
31*4 34%
91% 103%
16% 1934
80
8
20%
10
16
100
Coca-Cola Co (The)
$2.75
7
33
6%
8
334
3%
5*2
3134
26%
24
11%
7
Special gtd 4%.
Cluett, Peabody & Co
Columbian
3*2
3*4
634
2i8
26%
1*2
12%
4034
1%
2*2
534
25
*
ser
434
1*2
3034
25
Clev Graph Bronze Corp (The) 1
Cleveland & Pitts 7% gtd
50
1st
54
23
__5
Clev Elec Ilium $4.50
42
21% z26%
100
Clark Equipment..
C C C & St Louis Ry Co
Preferred
55%
26
*
City Investing
City Stores
19%
10%
17%
2%
83S
10
29%
2
4%
8%
3%
$ per share $ per share $ per share $ per share $
per share
15s
2
1%
2i2
178
2i8
134
2%
2%
134
6«j
838
7*2 12
934 1238
9
11*4
V34 14%
6%
8*8
8*4 10i2
738
9
738
7%
934
30i2 28
2934 28% 30*4 28% 3338 31
33% 30% 33%
17S
1*2
134
1*2
l7s
1%
2
2is
134
1%
2%
4
3*4
334
338
438
334
4
3%
4%
6*4
3
234
3
27s
338
338
3
4
3
334
9%
7*2
838
778 1012
878 125s
12
9% 11
1%
514
28i8
1%
3%
234
High
1
per share
2%
8I4
584
984
2978
1%
334
3l2
2538
1*2
3%
234
2*4
2%
7*4
12%
2*4
5*8
4%
7%
6%
11
30%
1*2
2%
1934
10
Chrysler Corp
City Ice & Fuel
2
3
8
25
Childs Co.
Chile Copper
Preferred
2%
9*4
16%
51%
25«
2%
4%
7*2
26*2
mmmm
4
2*2
51*2
158
4*8
358
100
Oil
27%
5
*
Isl
mmmm'
43«
*
Preferred
11
31
3
100
Chicago Pneumatic Tool
10
28*2
2%
3*8
734
Chicago & North Western RylOO
Preferred
12
313«
28*4
134
share $
1
December
High Low
2
^ §
1
Par $ per share % per share $
per share $ per share $ per share
$ per
2
238
1*2
2%
134
2
2%
1*4
1%
1*2
138
4
758
638
6
8%
21
52*8
55
7
15*4
53*2
9*4
8%
11%
18
16
21
60*2
59
63
Volume
144
Financial
Chronicle
217
1936—Continued
January
High
STOCKS
Low
Diamond Match
H
March
yh Low
June
April
May
High Low High Low High Low High
warrants
Dixie-Vortex Co
1912
--III*
41%
884
5058
5238
4684
6OI4
43i2
1018
834
437g
734
67
117g
75l2
48i4
1034
5414
1178
7584
6638
747S
5412
713g
Rights
Mfg Corp class A
II*
Class B
*
Duluth S S
&-Atlantic.-IIIIlOO
Preferred.
ioo
-
29
3134
15%
1734
1
1S4
1*8
6%
14i2
3
2912
I6I4
H4
2i8
31
30
1734
16
1%
912
1
_*
712
I8I4
6
15%
51U
8is
5218
6H8
8i2
5878
37
78
30is
36
3078
3312
187S
138
13
18
13
1%
2
Eitingon Schild
Electric Auto-Lite
(The)
Preferred
*
5
_3
Amer shs..
Electric Power & Light
$7 preferred
$6 preferred
*
278
734
I684
50
IOO
1
preferred
1018
41
5078
5038
4938
36
47
455g
60
5514
5312
1%
485g
37g
21a
Erie RR Co
7%
45%
48
55
II*
66
12i2
8
lll2
11U
15
lll2
66
64
71l2
63
56
68
68
75
69
56
64
59
70
7412
558
III4
1678
23
15l2
1434
68
69
12
34
1478
4078
534
638
1312
7%
1758
2734
19
578
13U
21
"l3%
16i2
12
13
14
38i2
8I4
534
18ig
4634
29
3678
714
414
15
533g
2978
33l2
534
378
15*2
4934
lll2
13%
43
4914
4012
30%
37*2
34%
22*8
33%
39*4
243,
32
26%
3778
22%
40
28%
30%
3834
25%
1934
84
60
.....__100
Federal Motor Truck
Federal Screw Works........I*
7978
73s
414
Federal Water Service A
*
Federated Department Stores.*
2i2
2012
100
Filene's Sons
*
Preferred
42
20U
100 110
434
234
514
33s
10 Z2478
Preferred series A
First National Stores
Fllntkote Co
(The)..
93
95%
19*4
4518
2212
4334
49i2
4212
47l2
22
25
25
25
112
285S
——I*
Stock purchase warrants...*
Florsheim Shoe class A
_.*
t Follansbee Bros.---------
Machinery Corp
*
.__10
4yi% conv pref
Foster-Wheeler Corp..
20*4
19
20%
19%
25
20*2
23%
4078
5238
10
4i8
37i2
27
..—..* 111
285s
5i2
2912
4078
37U
4234
3178
31l4
3884
9i8
25i2
85s
42
117
31
111
119
127
35
38
32i2
64
75
28%
35
7414
32ig
7712
3558
3012
Free port
Sulphur Co
10
100 127i2 130
Fuller Co prior pref
*
2nd preferred
;
*
Gabriel Co (The) class A-—--.*
Rights..
Gamewell Co (The)
I
5834
103.S
5534
78*2
70
626
r5*°
76"
39l2
25
39*4
20*2
40*2
25*4
1
2
128
4738
59%
59i2
35
48
514
278
8l2
42
5%
234
934
43%
Transport Corp.
46
12
97
_
_
.5
47i8
10
General Baking Co
Preferred
22
5
*
General Bronze.-__._General Cable
Class A
9U
*
584
100
General Cigar Inc
*
Preferred (7)
12%
141
5
*
7% preferred
17
7012
55i2
100 141
General Electric
*
General Foods
.—*
Gen Gas~& Electric class A---.*
Conv preferred series A
_*
(7)
(8)
*
_*
36i8
3384
78
14
19
19i2
General Italian Edison
...»
Gen Time Instruments Corp..*
Gillette Safety Razor
*
285g
26
H84
47i2
6
...
—
1 l7g
10
76
6734
40*4
46
45
47*2
44%
50*2
44%
21
2334
23
25
23%
78
1%
3334
30
7g
1
84
1%
7g
1%
7%
%
1%
684
2
834
143„
137g
15%
5
13%
115
115
62
*
115
1
115
5*2
16*4
8
93S
9*8
16
53*2
65i2
62
5538
60*8
7%
15
115
178
8%
1634
118
2
7%
14%
12%
77%
51
36*4
1%
2%
8*4
16%
120
118
1843.J 171
182%
130% 132% 132% 136%
170
112
115% 113
116
1634
7%
8%
87S
8% 12%
7%
8*2
178
18134 16934 179
169% 1777g 171
163% 163*4 163% 160
163% 160% 164
39%
37% 3934 3734 40*2 33% 3878
13
12*4 15% 13% 157g
12% 14%
47
4534 43
42% 47*2 39% 4478
113
112
113
111*4 112% 112%115
14%
127g 15
12% 14%
11% 13%
54%
58
7*2
5*8
14*2
76*4
68
74
44
47%
5
6
14
19%
18%
257a
77%
89*4
86
94%
6S
6%
16%
82
83*4
78*2
39%
87%
45%
5%
44
6*2
47*8
34
78
34
1*4
2%
234
2%
2234
378
3%
26%
56
60
2334
54%
55
56
1
1%
6*4
29*4
59*2
13*8
27*4
5i2
25g
11*2
13
13%
28*2
25
6*2
234
778
3*4
534
2%
11*4
14l2
12%
15%
48
1378
5184
48
15
23*8
143g
317g
7*4
3
5334
51
59
1578
30%
634
3*4
14
1434
28*4
3134
5*4
2%
12%
z56%
6
3
14
62*2
15*4
5%
258
13
61%
13%
1434
12%
33%
1334
287g
30
33
28
6*4
334
16%
7034
5%
7
4%
14%
24%
4*2
3%
19%
63
6734
63
3
1484
32%
584
4%
25
7134
210*4
61*2
2784
101%
79%
123
9%
6
5%
45%
11278
26
IOI4
4478
34
684
28
83g
29
132
68
125
36i4
70i2
3434
6*4
131
%
32
3478
3038
3214
30*8
66
70
64
68
128
6
734
32%
83g
31
378
32%
30
7%
4
30
5*4
4034
1634
._*
86i2
634
6712
75
5214
6i4
58
71
58
3H2
458
44
315s
5
18%
14i2
173g
14
I6I4
13
16
63s
4i2
11%
32%
333s
3934
36
3934
37
69
83s
8OI4
71a
7412
18%
165s
89% x86%
8
8i4
78i2
7584
88
26*8
25
43%
63
64
65
70
71
95
71%
25
307S 23% 27
2634
23% 27
119
122
120
121
120
120
118*2 122
663s 56*2 63*2 58
63% 57% 6134 5934 65
43
36
45
38i2 32
35
38% 35% 40
63a
4%
6
478
5*2
534
5*2
7%
7*4
14
1178
1234
1634
61
64
65
63
65
15
13
15%
14
17*4
105% 105% 105% 105%
10%
101
11%
103
55
59
2338
26%
12
15
147
149
7%
8i
126
40%
120
46
125
9734
70
27
25%
43*4
4778
90
74
78
2934
26
117
28*4
11034115
64"
70
66
76
73
78
36%
42
38
46
41*2
4784
534
16
678
5%
1978
*8
17%
100
6*4
*4
20
101
4%
%
6%
25%
28%
103
316
105
1734 1778
12*4 14
107g 13% 12% 14%
15*4 1784
102% 103% 103% 103% 10234104
71*4
5784 64% 63
70*4 76
2334 27%
14% 17% 16% 20
1487g 155
149%152
7
8%
784
9*2
16%
145
8%
I8S4
148
1134
15
28
60%
17%
1634 21% 19% 23% 21
41*4 39% 50*4 46
51% 46
111
116
118% 113% 121
12834 117
52*2 5534 51% 54% 51% 54
49
145
443g
150
48
147
150
150
150
126
51%
150%152
4078
278
45%
39%
2%
42
51
58
71
2%
5934
70
55
65
47
62%
63%
77
69
70
68
71
50
60
75
81
75
80
72
80
60%
6234
38%
2
65%
60% 64% 60% 62%
120
12014 118
118%120
117 zll9%
118%120
118% 123
60
71
6478
60% 68*2 6534 72%
6378 70
6584 70*4
120l8 11934 122
120%122
120% 12234 121
12234 120% 121%
29
3338
32*4 30
37
36% 4178
39% 47%
44% 53*2
812
6*2
734
8
6%
7%
8%
7% 10*4
834 107fi
49
45i2 4914 49% 53
52% 55
57
52% 57% 55
108
10712 107
110
110
106% 108% 106%110
xl06% 109
538
3i2
4*8
334
5%
4
4%
5%
4*8
478
484
34
46
39l2 33% 38
32% 39
38% 4734 41% 47%
118
115% 115*2
113
113
108% 115
3
2is
2%
2%
2
234
2%
234
2*4
234
2%
116
6878
119%
46*2
834
57%
49%
4134
48%
41%
53%
44
3%
3%
50%
38%
2%
55
417g
3
4
-4%
4
42
48%
4184
115
2%
26i2
30%
37*2
28*2
32
27
32%
2984
3534
3384
36
3434
34%
39%
33%
46
4434
5034
3334
50%
3312
40
37
42
34%
45
50
45
51
49
18%
18%
17
39%
48
24%
39
54
2234
2578
2178
2734
3678
33
36
33%
36*2
16
30%
137s
14%
15
1478
75
15*4
80*2
16%
14
8484
70
7734
74*2
16*4
79*2
25*2
35*4
14%
76»4
1734
155$
17*4
83
lli8
778
69i8
8712
10i2
83%
15%
8178
84
7i2
6934
11*4
82i2
16*8
13%
z74
10%
13%
12%
82
94
93
15%
102% 101
18%
112
105
19
109
a
Deferred delivery.
r
Cash sale.
6134 63
59% 62*4
120
117%120
117%120
74% 6834 77
63% 70%
121% 120
123% 120% 123
5034 47
52% 50
59%
10*4
834 10*4
9% 1534
62
60% 70
6478 72
107% 108*4 107
35i2
44i2
185s
105*5—105**32.
115
108
108
84
point; via.;
26
30%
6*8
35%
58
*
a
32%
678
45%
89
86%
115
64
9
103a 12
IO84 12i2
ID4
8i2
934
10
884 10,7
9% 12
1178
1007g 10112 103
103i8 10H2 104% 102l2 104
101
103
101
101*4 103% 100
55
63
57
53i2 60
43
4214 5284
49i2 47% 50*4 47% 56% 54% 59%
1%
178
'is
158
32
24
3H2 3434 303a 3434 24
327g
2634 22% 2578 21
26*4 222% 25%
12
11
1438
12i8 133s IO84 13*8
135g
11
11
12is
12%
1278
IIS4 12%
143
145
150
143
150
148
141% 145
150
145
150
14934 147
150% 150
9
II84
978 1138
lll2
784 1038
758
8*2
7%
734
8%
834
734
9*4
10
1138 1414
1188
1558
884 135s
9is 10i2
10
11*2
1078 1378
12*4 15*4
26i2 3212 22
3012 26% 3384
3034
22
23
22i2 26
25
327g 32
39%
95
73
87i2 93
74
92l2 85
9278
83
90
81*2
92
106% 104% 112%
58i2 545a 57% 5614 58
545a 57l2 53 78 57
5634 59% 5678 59*2
52% 56%
140
143
142
140
143
140
14358 14412 145l2 141
14578 145
150
14634 146
373s 413g 34l2 41is
395s 385a 4178
35ig 3778 37% 39% 37% 44% 43% 48%
36
333s 3534 33% 3534 35i8 39i2 37l2 39i8 38% 43*8 37% 4178 37% 39%
278
214
3
2is
43g
134
2
2
258
178
2i8
2
2%
2%
2%
27
29
26
34
48
25
29
34
25U 30i8 28*4 37
49
39
45
50
27l2 30
35
35
40
42
50
5178
50
30
38
30
26l2 40
30
50
55
51
51
17
30%
34*4
4%
5*2
4%
8*2
39
42
40
46
42*2 48%
107
110% 10834113% 110*4120
33% 37
34% 4278 38*4 45%
43%
1138
86
3178
40
101
185a
90,
30
332
2884 32i2
27l2 31
130
131%:rl35 119
75
53%
63s
41
28*2
295g
6684
14*2
27
478
Note—Superior figures denote 32ds of
10
71
148*216734 155" 167*4 154*4 165
160% 174
zl29 130*8 129*4 1297S 129% 130% 130
132
113
115
113
114
115
112% 11334 113
63j
48
57%
11%
82*4
34l2
33
38
36
36l2 32
38
32% 40
1091211112 1095s 110
109
107
109*4 109*2 107*2108*2 106
108%
35i2 24% 3778 25
2934 25*2 29*2 25*2 3038 29*4 3534 3234 3578
120
105
12484 108
108
98
106
113
108
114
9534 101*2 101
110
"64"
100
-
534
52
10
697g
43*4 48*2
41
4412 38
40% 43*2 4134 43% 40
44*2 40
42% 40% 44*2 4334 4934 40
40*2
2314 2412
2412 25U 25% 34
3434 40%
111
1137g iii" 113
zllO 112
110*2112*4 11034 111% 110% 111% 110% 110*4
2514 3134 27% 29l2 26% 30*4 27*4 2978 25% 29*4 27% 29% 29
31% 31*4 3434
32% 36*4
103
104l2 IO284 1043a 10378 105*4 10478 105*2 103% 105% 104
105
104*4105
xl033410534 10334105*4
40
46
40% 4578 45
48*4 4434 48
4834 45
46*2 48*4 45% 5234 51% 58% 4834 5678
33
3734 30% 37*4 33% 3778 35% 3878 3534 42%
39
47i8 45%
5984 6412 6058
7012 "63"
65%
Preferred
100 117l2 120l2 118
118
120i2 117i2 120
General Motors Corp
10
6378 5938 57l2 61% 58% 68% 58*4
Preferred (5)
118
1193g 118% 11978 11834 120
II884
General Outdoor Adv A
*
27
33
28
185s 32
2638 29%
Common
*
718
884
584
8is
7is
658
758
General Printing Ink
*
38
44
44i2 50
4014 41
44i2
Preferred* 105
108
107
106
107
107l2 106
General Public Service
*
3%
68s
4l2
55S
3i2
4i2
63s
General Railway Signal
x41
*
39i2 4812 4538 50
46i2 3212
Preferred
100 106
118
110
111
117
118i2 11412
General Realty & Util Corp__l
2
3
278
334
234
3l2
37g
Preferred
•
36
43
3512 4014
4212 37
2784
General Refractories.
*
34
37
36i2 4212 3314
33l2 43
General Steel Castings pref
42
52
58
*
48l2 47
60%
32i2
Gen Theatres Equipment Corp *
...
13s
14*2
57
10%
38
612
334
10%
*
Rights
General Asphalt
1%
47S
13*8
558
1434
11534
52
5884
80%
9%
3
Investors..
Preferred
Conv preferred-..
115
54*4
9*4
$6 pref...
Gar Wood Industries Inc
General Mills...
1312
4078
6858
13
578
'32
33i2
conv
2912
6i8
37%
Fourth National Investors.--.1
Franklin Simon preferred--.100
conv preferred
14*2
58
1*4
478
40
39
2812
100
7% conv preferred-.
Rights..
33
32
3034
20
40
33%
3934
28%
'
*
Florence Stove Co
8*4
56*2
278
19*4
40S4
56*2
9*2
7938
145
149
149
14234 I6D4 140
13778 155
149
149
152
160
160*8 160
205
193
173% 180% 200
200*4 190*4
315s 37l2 3514 4H2 3212 397g
35% 4078 3634 4178 39
44
4734
59
50% 44*4 5078
45% 56*4 51
5434
2378
1912 237g 2038 2478
1834 25
19*8 21»4
215s 243g 2334 26% 23% 27% 24% 26% 2278 25% 23
1934 22
91
92
94
90
9212 97
90i4 94
94l2 93*2 95
95
94
93*2 9834
97
93
99%
95
9634 99
97%
43
70
92
41
48
6618 73
38
41
4012 50
40
46
37
40
41
55
53
82
38% 43
73*8
87
94
85is
6978 101
76
76
7H2 75
85
88
79
89
85
87
91
105
86% 90
104% 123% 107
9
83a 1134
10i8 12U
9
812 115s
834
934
8
9
8*2 10
934
9%
884
9;
834
934
8*4
3
55s
3
434
53s
478
57g
514
3%
3*2
4*2
3*4
378
378
4%
4%
3%
334
4%
3%
4*2
4%
3
43S
234
4i2
378
234
334
3
234
33s
334
5%
4*8
4
438
5%
4
5%
4*4
478
6
4%
22
23
2H2 2512 22'8 25U
26
20i2 22
26
30*2 3034 3734 34
37% 37
3834 37
39% 3834 46*4 41
106*4 115% 105
11078 112
IIII4 112
285s 33i8 29iz 32
100 10168 1037g 10012 10434 10234 104
*
4514 4814 44
4634 40i2 45
Firestone Tire & Rubber
American
;
3114
15
37U
64'4
2078
122i2 142
Smeltingl.100
2.50
24i2
1414
155g
133s
of New York
16
684
13
47
43^ % preferred
Fidelity Phenix Fire Ins Co
1534
1512
1H2
—_.*
Mining &
78
11
7
17
3434
Preferred
7034
514
16l2
26i4
68
-1100
I._*
Preferred
7% preferred
$6 preferred
3478
41
2334
116
110
x11278 114 112
112% 113
115% 110
115% 112% 114
1378 16%
1434 1314 1538 13*2 15*4
12
1134 14%
113
12% 14
1334 11
14% 112
75
7014 7034 84
74
76
82*2
74
65
75
7434 80%
72% 70
76
78
88
75
80
84
89i2
74
72
80
79% 8234
7434 85
75*8
90
97
95
78i8 81
83
85
84
88
92
92
80
81
82% 80
658
534
6%
6
578
634
534
6%
7%
6%
9*4
8% 10*4
9% 1078
13l2 12
137g
12*4 1534 15% 15*4 16% 18% 15% 18
14% 17*2 13% 16%
19
26
2038 187S 21
2334 29% 28% 23
29% 34% 2634 31% 25*2 30%
1334 12*2
12*8 16*2 1534 20% 19% 25*4 23
14%
29
22
26
21*4 25*4
14l2
2«4
F a J ardo Sug Co of Puerto
Rico20
Federal Light & Traction
15
Gimbel Bros
32%
39
114
68
43a
100
67
62l2 65
126i8 12558 126
53
1384
32i2
5i8
278
1134
7% preferred
65
58
25
Preferred
687g
*125% 128 125
I.I*
Fairbanks Morse & Co
'Preferred A
78
6078
5
Fairbanks Co
A
7i2
50
ioo
658
5414
7
Evans Products Co..-..
Gannett Co Inc
$ per share $ per share $ per share $ per share
161
172
174
185
168
168*s 180
152
160
157
161
161
16312 164
36l8 z3034 37
3084 3312 3134 333g 32*4 3638 3338 35
34%
6
8%
534
834
734
7*4 10*4
7%
8%
9*8
12*4
107S
44
3084 43ig
32i8 3678 3438 3778 335s 4234 36*4 40*4
39%
113
llli8 112
11H2113
11134 114
llHs 113
111*8 113*2 111
10
1678
1458
IOI4 1338 1214
14%
123g 147e
13*2 15*4
12%
7%
584
67g
578
6l2
578
6*4
5*4
6
5*4
6*4
5%
534
163s
1234 1534
13i8 16ig
14
145g 1634 15*4 173-j
14*8 17
1578
53
66
6914
54l2 7114 66*4 7412 74
85
7lis 80
71% 7834
50
66
645g 4614 6058
6734 78
68
60% 687g
66
7434
73*4
46
53
5012 4478 47% 43% 47
4238 4578
45*4 49
45*4 49
U8
e8
1
s8
1
58
5g
%
34
'8
58
% 1 1
27g
1%
258
112
214
1*2
2
112
134
2*2
1*2
134
2%
51
14%
2412
IIlOO
Exchange Buffet Corp
Preferred
56%
6212
60%
6
Eureka Vacuum Cleaner
General
10%
11%
165s
H84
—..100
Pittsburgh RR Co
Gen Amer
2%
5
£
2nd preferred
6%
1
14
6U2
914
5518
1312 1514
78
58
34
13g
134
H4
138
5
5
638
514
137a 14
1384 I4I4
115
114
115t4 114
13534 14538 14012 151
129
130
12912 12934
11334 11434 XIIH4 115
114
*
1st preferred
Food
1%
384
63
62i8 65%
69
127% 134
12534 131
"*
preferred
Equitable Office Building
Federal
8
Il00
$5.50 preferred
Erie &
III4
52%
1%
Engineers Public Service
cum
638
734
1214
II.3
new
111
1738
634
.50
Preferred-
conv
114
295s
714
3834
1334
%
Endicott-Johnson
$6
914
4038 38
113% 111
3314
i
4458
738
*
El Paso Natural Gas Co
2812
73a
1678
3284
29l2
5284
♦
Preferred
3138
133s
6%
II*
Electric Storage
Battery...
t Elk Horn Coal Corp
$5
36%
100 110*4
Electric Boat
Elec & Musical Ind
28%
77s
5434
8is
5S
18
22
Eastern Rolling Mills
Co(The)_5
7*4
9%
8I4
97S
81a
984
6I4
9
6I4
7
Eastman Kodak Co of N J
* 156l2
163% 156i2 161% 15612 I68I4 156
170l2 158i2 166
Preferred
100 158
165
160
164
163
166
162
165
164i4 162
Eaton
Manufacturing Co.---.4
19*2
4034
52s8
21
14
78
114
158
214
612
8%
514
7is
14
1512 16
165g
Preferred.--""ioo 115 11512 11434 115i2 115% 115% 115 1151a
Dupont de Nem (E I) & Col..20 138
14714 140i4 15014 141l2 150% 133
153
6% non-voting deb
100 12978 132
129
133
13238 131
12914 13318
Duquesne Light 1st pref
100 114
115
11434 11534 112
115i2 11434 11514
Durham Hosiery Mills
pref__100 24
25
20
24
18
21
23
25
Dunhill International Inc
Duplan Silk
Pref
October
November
December
vAugust
September
High Low High Low High Low High Low High Low High
*
Class A
Dome Mines, Ltd
--IIIIIII*
Dominion Stores, Ltd
Douglas Aircraft Co Inc
IIII*
Dresser
July
Low
Par $ per share $ per share $ per share
$ per share % per share $ per share $ per share $ per share
*
37% 40i2 37i2 40i2 37
3984 34
35
3784
3378 37
33
36i2
33*2 36
35*4
125 38
39
39
39
42
39
41
4134
3812 3914 3912 4H2 41
43
4284 z40
*
29% 34% 28i2 3238 25% 30
19
26
I8I4 2812
20i2 233a 2038 23*8 21*2 26*8
100
\
Participating 6% pref
Distill Corp-Seagrams Ltd
5% pref with
February
Low
110
89
10978
4
5
47
57
117
3%
41%
5434
63*2
2834
37%
16*4
8084
2084
108%
108
4%
48*2
zll6 116
~2% "3%
3%
41
15%
42%
57%
69*2
3078
44%
I784
81
35*2
51%
4934
26%
478
48%
55*2
69*2
26%
71
37
15
41%
17%
88
83
88
19%
27%
21
26*4
84%
92
86*2
90%
36
89
3184
Jan. 9, 1937
Chronicle
Financial
218
1936—Continued
December
Low
t
114% 110
110% 105% 108% 10534 10634
107
113
i0434
'64
7
3%
...1
Brewing Co
-
*
Gold Dust certificates
.*
Preferred
Gold & Stock Telegraph
19%
5%
-
21%
332
4%
4%
8%
16%
100
4%
9%
7%
834
6%
15%
18%
1334
21%
-
...
-
-
-
-
17%,
20%
1734
92
91
9734
91
98%
85
26%
9034
30%
23%
31%
97
90
97%
2534
24%
31%
95%
93
9934
-
-
*
-
-
-
«
-
-
_
-
-
-
9
11%
10
11%
10
12%
77
Preferred
94%
84
90%
83
93
Motors
Granby Cons M S & P new.. .100
2%
Grand Union Co trust ctfs ...1
*
3%
9%
334
10%
334
6%
4%
534
19%
31%
23%
19%
23%
347g
31
34%
4%
18%
30%
*
901,
327o
31
33
30%
Grant
(W T)
28%
32
29
31S4
30
*
16
18%
16
20%
18
33%
20%
.
Great Nor Iron Ore Prop—
Great Northern Ry pref— .100
Rights
*
Great Western Sugar
Preferred
Green Bay & Western RR Co 100
Green (H L) Co...
...1
Greene Cananea Copper
.100
Greyhound Corp (The)
—
.5
Preferred
34%
33%
—
134
26%
9%
Preferred
30%
*
Hackensack
28%
100 105
7% 1st preferred
8%
90%
2%
17%
99
94
27%
23%
90
26%
94%
21%
94
23%
92
11%
884
3%
3%
434
4%
11
3%
3
4%
_
11%
5%
207g
337g
3
3%
Hayes Body
Hazel-Atlas Co
"9"
478
8%
1412
4%
634
13%
4%
434
6%
7%
14% *13%
6%
5
6
5%
7%
6%
7%
6%
6%
7%
247«
237s
29%
35%
15%
2158 25% 2178 2478
10512IIH2 110% 11478
74
79%
2214 2538 23% 2534
25
102l4 97% 104
95U 94
2312
2134
2534
111
138
134
338
414
338
3%
*1%
338
1634
2834
16a8
2638
28%
3134
17%
40%
29%
3334
17
1734 il634
43% i.3478
3
94%
2
86% "8O84 85%
23% 28% 25% 30% 27% 29%
96% 106
103% 113% 11138116%
*100 105%
"77"
79" "77%
2
"8% YY% "9% YO~78
10%
14%
11%
9234
3
312
334
1834
28
90
92
96%
93
17
18%
3%
1778
27
33
31
4312
2012
4334
41%
20
47
22%
39%
42%
41%
1978
39%
You "878 "9%
91i4
23g
1%
92%
3%
25
29%
33%
16
19%
3934
44
m
27«
2%
35
34
12%
12%
4234
34%
43
3134
108
3%
38%
18%
16
3334
1%
50%
45
115
2%
3%
2%
...»
3%
2%
27g
35
39
35
3734
35
35
15%
46%
1934
13%
39%
18%
15%
49%
1334
37%
39
42
35
10984 117
107
40%
112
55
48
118
42
35
114%
30
31%
31
31%
31
32%
3134
33%
33
34
35
36
35
36
35
36
35
36
8%
21%
734
17%
11%
14
36%
8%
21%
35
6
734
14%
*
7%
19
114% 114
119
114
934
2034
118
*104% 105 103
105%
34% 41%
36% 41%
30% 38
100 120
123
122% 124%
1
12
12% 16%
13% 12% 14
100 105
115
105
109
104% 107
7
9
434
5%
8%
534
125
..25 120
122% 128% 125%133
104
105
*
-
preferred
9012
3
19% *16
35% 26%
16
-
111
.100 110
6% preferred
10
3%
2%
*
Hat Corp class A
8%
95
2<r>s
3%
37g
18%
29
95
92
95
9%
10
Hanna (M A) $5 preferred..
Harbison Walker Refrac
7
....
25
Preferred
4i8
1258
lie" 118"
20%
88%
25
Water
Preferred A
Hall Printing
Hamilton Watch
5U
8%
14%
....
19
91%
....
-
....
21
85%
32
-
100
Gulf States Steel
-
....
18
383g
17
96
234
.
8%
14%
112
18
117
9%
15
112
109
17
26l2
195s
28
24l2
3334
39
39
20
41%
38U
32%
2/33% 43%
21*
3
2
2%
2%
3
1V,
32% 35% 32% 37% 35% 37
347g *3134 39
136
137
136
145% *143% 145%
13734 137% 140% 138% 143% 144
50% 5134
55
55
50% 50%
2434 26%
24
27
2484
2634 22
24% 2734 25% 28% 22
66
95
65% 70
81
91
75
81
88
67%
78% 65
52
66
5034 5834
62
4834 6034
6884 78%
65% 80%
7034
35%
31
100
Gulf Mob & Nor RR
9%
32%
*
Guantanamo Sugar
7
2%
93%
27g
89%
2%
3%
3%
4%
384
3%
92%
278
378
438
21%
33%
18
111
116
118
120
132
118% 120%
124% 117
137% 12478 132
160
160
163
163
156% 157% 157
163% 163% 163%
28
33
2934
2934 35% 25% 32% 2584 30'%
3534 31% 34%
*
97
108
98
90
105
87
84
87
104
89%
105% 102
135
100 128
131
129
128% 130% 128% 130
133% 130
131% 131
*
76
71% 72%
75% 77% 73
75% 79
76% 7778
77% 80
.
Preferred
Hershey
Chocolate
__
Hollander (A) & Son
*
Holly Sugar Corp
7% preferred
Homestake
19%
100
-
—
.100 500
Mining
25
28
•
m
540
108
520
37
31% 30% 35% *30% 35% 32
111
112
110
110
1097g 108%111
490
470
485
520
474% 499
544
*
41
42
42%
44%
40
2634
31
41%
2734
44%
*
31%
28
33
23
42%
30%
Household Finance part pref.50
*
Common stock new
65%
71
71%
74%
7234
74%
74
75
Houdaille-Hershey class A.
Class B.
Houston Oil of Tex
Howe Sound
6%
-.25
t c
v
1034
15
Co
12%
5534
578
1534
17
4834
Hudson & Manhattan RR.. .100
Preferred
4
.100
*
Hudson Motor Car
10%
52%
5778
52
5
578
4%
14
17%
11%
15%
18%
2%
2%
19%
22%
2134
3%
287g
38
37
45
.100
58
A__ 1000
12
1
12%
56%
734
49
3978
23% 25%
7434 75%
5484 *56%
778
9%
8
4934
3%
5438
4%
8%
13
1934
13%
3%
9%
ser
Rayon Corp
116
111
119
12212125
150U 163
|27
3134
10812 11518
130
13284
54%
3%
9%
14%
4
9%
17%
2%
118
18%
43%
37%
115
118
117
120
34
64
65%
12% .12%
9%
12%
62
63
65%
61
15
17
11%
16%
11
6
7
13%
28%
31%
29
31%
28%
3178
5%
2784
Inspiration Cons Copper..
Insuranshares Ctfs Inc
117
...1
*
Intern at Agricultural
9%
2
*
International Harvester
;
*
7% preferred
Int Hydro-Elec series A
-.25
*
Internat Mercantile Marine
Internat Nickel of Can
Preferred
44%
49%
125% 129
*
4
5%
Class B
*
2%
3%
Class C
*
1%
2%
Preferred
.100
Internat Printing Ink
Preferred
Internat Rys of Cent Amer.
23%
*
37%
*
Salt
International Shoe
31%
4234
334
*
Certificates
128
137
3
19%
26%
47%
1834
*
*
6%
5%
27%
28%
50
3%
21
111
8%
6%
277g
49%
36%
29%
53%
108
110%
5%
4%
31%
25%
51%
3534
27%
53%
7%
5%
Intertype Corp
21
56
61
15%
12%
19%
14%
83
88
83
16%
27%
18%
17
29
18%
14%
88%
21%
29%
82
1
Preferred
18
64
1634
12%
*
Island Creek Coal
23
57%
18%
13%
88%
19%
27%
Interstate Department Stores.*
Preferred
19
67
15
♦
23%
13
100
7% preferred
International Tel & Tel
91
111%
9% 1334
90
934
11%
938
97%
10%
6
5%
11%
234
10%
6%
14%
3%
5%
12%
278
57g
15%
3%
934
11%
93
11%
284
9%
3%
6%
15%
4%
14%
5%
94?s
3
11%
3'%
3
33s
28
29% 25
169% 16578 177
47% 46% 48%
82% 90%
89% 79% 87%
150% 154% 153% 156
160
278
2%
3%
3%
4%
4%
5%
4%
6
6%
T
4134
76
7534
56
70%
10U
51l2
4i8
12U
18i8
2i8
63
69
49%
3%
11%
52%
1534
1778
25U
47
23%
44%
67
66
16
11
15
31
29
135
132
8%
4884
3i8
9
155s
2
20i2
.....
Preferred
7nrpf
9%
2984
12%
27%
117
75
68
1
1151* 123
3134
160
41
131
116
102
47
127
163s
104
125% *104 121
10434 10134 105
52% 48% 5
135%
127% 128
18%
109
16%
106
17%
109
5%
6%
7
103
10734 99% 104%
13% 14% 1234 143g
121
121
125% 128
160
160
158%165
6%
34
38
35% 41
138
135%150
127%129% 128 130
129
121%123
Kansas City P & L 1st pref serB* 118
119
81%
90%
80%
89
78%
Kalamazoo Stnvi* Hn
120
120
120
13
1534
15
24
18
2534
17
19%
24%
2334
35%
27
120
30
39
17
19
1734
1934
18
...5
Kayser (J) & Co
Keith-Albee-Orpheum pref. .100
Kelsey-Hayes Wheel conv cl A.l
2734
2934
29
29
80
85
85
18%
21%
32% *27%
88
91%
23
28%
24%
19%
23%
21%
33%
90%
277g
24%
17%
19%
21
*
88
125
125
120
71
79
71
98%
125
118% 122
79
85
123
84%
*75
68%
10
16%
2
41%
2734
75%
65%
9
884
50%
3%
418
5334
4%
13%
19
2%
51%
334
1034
18
178
430
29% 25% 29%
54
54% 49
73%
69% 68
19% 1634 20
9
10%
12% 10% 14
34
3878
33% (31% 36
131
137
134% 126% 132
130
135
127
134% 134%
114
11284115%
110% 117
1178
12% *10% 11% 10
5
5%
5%
584
534
15% (13% 16% 12% 14
3%
4
3%
'384
334
.11% 14%
13% ill 84 13
3
3%
4
3%
3%
29% (27% 3334
27% (25
173
173% 166 *174% 164
5634 54% 5634 |5434 58%
i8434 93
*74% 85
85
15334 14984152%
158% 150
378
5%
3%
4%
378
123
881
130
5%
2%
1%
(48%
6
5
62%
59%
132
884
3%
2%
55%
40%
130
8%
384
2%
54
7
63
131
15
6%
3%
69%
38% 42%
109% 110%
7
11%
5
6% 10%
39% 49% 48% 60%
25
27
26% 30
48%
47% 48% 47
23% 3134
1834 25
61
75% 72% 8534
13%
11% 13% 12
2984
23% 26% 24
107
98% IOI84 100
19
20
20% 19
26% 28% 27
30%
I2IS4122%
122%126
85
88
85% 88
113
131
12134 117
122% 12434 122 123%
,37
110
5%
112
734
684
426
1434
Note—Superior figures denote 32ds of
a
point; viz.;
90
22%.
20%
187g
88%
75%
79%
77
81%
78%
39%
89
43%
102
86% 102
40
43% 40
2734
20%
24%
25%
19%
18%
105,5=105,532.
117
113
450
43
42% 42
31% 27% 30%
*74
78
76
6934 66% *70%
9% lO'g
10%
54% 53% 63
334
5%
4%
11% 14%
12%
21%
19% 22%
178
2%
2%
28% 2534
54
.49%
68% .68%
18% i.16%
102
119
112% 120
92% 106
122% 124% 12134123% 12278 126
407
42%
24%
75%
28%
76
65% *68%
10
13%
55
4%
11%
18%
1%
21%
44%
22%
26%
44
4934
70
72% *68
1434
12%
18%
15%
41%
37%
450
41%
14%
12%
36%
65
5
13%
2O84
234
25%
48%
72%
16%
14
39%
132
136
140
*129 136
140
120
11334 122 " 113
13
24%
11% 16%
5
5%
5%
5»4
12
14% 10% 13%
334
4%
5%
4%
(12% 14% 1384 18%
414
5%
3%
5%
(31% 4134 38% 47%
170% 190% 186% 194
92% 101% 97% 105%
*150%156% 154%159
4
5
434 10%
5%
6%
5%
7%
13% 18%
60% 66% 5934 64%
131
136
133% 133%
,12% 21% 15% 23%
*5% 10% 10% 14%
■f
2%
484
4%
8%
98%
£66
97% 88
48
:'4134 4834 44
108
111
110% 111%
9% 11%
8%
934
8
9%
7%
9%
57
55% 61% 51
25
28%
28% 30
47% 50% *47% 49%
30
3234
2734 35
85
92%
8334 93
12
14% 11% 12%
3534
27% 37% 31
103
105
2284
31%
121
12134
86
93%
129%144
124% 126%
19%
28%
125% 121
4684 45,
117% 116
103
105
|1834 20
I2684
31
120% 12134
83% 90
140% 152
123
126%
150
129
126" 133""
44
50
50%
45% 45
117
118
118
117
120
118%118%
118%118% 116% 116% 118% 118% 119
23
18
18% 20% 18% 23%
20
23% 21% 2434 20% 23% 19
2184 19% 22
40
44% 39% 45% 40% 46%
48% 40% 47
32% 39% 35% 43% 42
38% 29% 34
36% 2884 35
2334 24% 24% 26% 25% 29% 29
2034 18% 22% 217g 2284 21% 24
25
25
27
25
27
27% 25% 29% 23% 27%
2778
2784 24% 26
28%
30%
2884
109
110
102
110
96
100
102
85
91
91
90
91% 90% 94% 93% 94% 95
19% 2334
2484 20% 26
27% 20
22% 20
2434 2I84 26% 21% 24% 21% 24% 21
18
18% 22% 17% 21%
1978 21»4 19% 21% 18% 22
21% 18% 23%
24% 18% 1934
19
23»4 203* 231* 2034 22%
19% 21>4 19% 21%
18% 207b 19
22%
24%
19% 21
118% 121
Kaufmann Dept Stores—$12.50
Conv class B
115%
120% 119
42%
30%
145
83
.100
.
23%
171% 160
52%
*47% 53
78
87l2 *75
153%159i8 154
3%
27S
4
5
4%
584
|2234 2684
162
"
62
440
1
100
City Southern Ry. -100
885s 10218 102
10%
878 12U
5i2
5%
6U
12i2 1412 13%
3%
314
4U
95g 1178
10%
3
2^8
f
-4%
13%
73
434
113
Jones & Laughlin Steel pref. 100
2
10
40%
28%
5434
113
IAD
8%
430
5%
58% 68% 68
77% 69
73%, 67
♦
107
94% 111
125%, 93
11178 129
.100 122
125% 12134 126% 12434 126% 122
1
430
4918 515s 50% 54%
12778 129U 1293412934
5i2
684 *5%
6%
2%
3%
I278
3i2
17*
25*
178
2%
£33% 445s 37% 45
37% 40%
438
41
110
107
109
110
110
107
110
109i2 111
111%
7
6%
734
634
534
8%
8%
8I4
5%
6%
4
5
5
534
5i2
7
534
6%
6%
6%
30
367g
33% 41% ,J38% 463s 40% 46
2834 33
23
25% 24% 257* mj2534 29% 27% 28%
2534 23
49
52
49%
47% 49% 48% 49% 48®4 49% 48
15
16
15
19U 16% 17%
15%/ 17% 15
I884
63
57
50 1 58
6734 60
53% 57% 62% 55
12% 13%
13% 15%
12% 14%
1234 15I4
12% 17%
21
22
2478
10% 12'%
12% 1534 15
10% 13%.
84
84
88
87% 87% 96% 96% 10H2 96% 98%
21%
19% 2034 19% 2184 19% 20%
18% 2284 19
27
29
26% 28% 27
27% 24% 2634 24% 26%
*
Jewel Tea Inc..
160
127
.
5%
60%
Silver
Kelvinator Co
32
130
4534 5134
48% 54% 46% 52% 43% 50% 43% 47%
125% 127% 127% 129% 127
128% 127% 128% 126%129
4
4%
5%
6%
5%
334
5%
7%
634
6%
3
4
2%
2%
3
27g
2%
2%
384
3%
2
2
2
3
2%
1%
1%
2%
3%
234
29
29% 27% 34
36% 28% 34% 20% 31% 22
37
44
38
38
41
39% 38% 40
39% 44
.100 108% 11034 108
Preferred.
Preferred
164
126
126 1131
2978
76%
34% 25% 29% 25%
114
115
125% 126
108% 135% 106
56% 6584 65% 6984
6884 88% 76%
154
148% 153% 150
153% 159% 156%
3%
5%
3%
5%
234
3%
5%
8
578
5%
734
4%
4%
5%
*
.100
Int Paper & Power class A.
Kansas
27%
H384 131
40
1334 $12%
1134 410
30% *2758
26
41
33
34
39
36
40
Prior preferred
2734 38
Internat Business Machines..* 176% 18484 173
175
185
160
184
185% 162
*
International Cement
35% 41% 4034 46% 41% 4934 43% 49% 44
Wll
160
116
125
_
Interlake Iron
125% 12034 147
98% 106
104% 114% 105
114%
11
6%
634
11%
7%
13%
7
6%
77fi
7%
778
7%
16% 187g
16% 1778
14% 17%
4
2%
4%
37g
47«
5%
11
12% 15%
12% 1434
14%
334
5%
484
4%
534
57g
t Interboro Rap Tran vtc. .100
*
Intercontinental Rubber.
f'hln
31%
111% 115% 112
26
23%
31
18%
77«
..20
-Tnllff* Xr
164
27%
4H2
2818
3534 4,3212
65% tf6384
42
70
*
Johns-Manville
52%
21%
43%
52%
21%
37%
132
162
420
441
100
International
130
3978
22U
7434
30
26%
15%
6%
414
20
1%
6034
41
4834
18%
15%
8%
*
4%
31
61
6% preferred
Inland Steel
International
43
47%
5%
67
10%
15%
3%
2134
27
4%
In gersoll-Rand
9%
5234
13%
1%
1834
*
Indian Refining
75
19%
2%
3
475
41
24'%
1138
534
15%
445
40
..10
Leased line stock
stock ctfs
44
63
70
6734
72
73% 68
61% 64% 5878 6234 63
110
108
102 4108
112% 107
112
10378 114
117l2 108
40l2 35% 3978 3634 3884 37% 4078 39% 443s 40% 4934
114
124
112
109% 116
10884:11284 108% 111«4 110% 115
333g 22% 27%
2078
1878 22% 21
24% 24% 3384 27
J1I6
,516
42%
3234 40% 39
36% 3234 37%
3734 32
3134 3684 34U 37l2 35
112
115
115
114
112% 112% 112%
111
112
11H2 114
114% II384 11384
22%
74%
4134
667fi
6% preferred series A
Industrial
117fi
33
..10
Illinois Central
sec
10
16%
2%
22%
36%
Hupp Motor Car Corp
RR
24%
34
338
113
115%118
117% 113
114% 116%117% 112
115% 118% 117% 119
30% 36% 35% 4478
35% 41% 3234 43% 30% 35% 32% 38% 35
*
108
112% 109
10
5
9
12
9
12% 14% 13
9% 12%
9% 10%
10%
1038
*
preferred
conv
....
*
Conv preferred
Holland Furnace
$5
1934 *25%
3434
29
20
102
103
101
102% 104% 102
101% 105
102
105% 102
103% 100
34
32% 34% 3234 3634 36% 42% 4034 4734 4634 4934
41% 33% 37
125
126
125
126
126
127%128
126
126
123
125
126
is" 17"
16
14% 155S
13% 15% 14%
1434 15%
14% 16%
13% 16
107
104% 109
110
105i2112
10478108% 105
106
107% 108
104%110
5
6'
578
7%
5%
6%
6
5i8
6i8
8
5%
6%
5%
4%
102
102
110
105%
104% 102
115
125
115
128
107i2110
108%119
*
Hercules Powder
6%
5%
478
38% 42%
3484 37i8 35
37% 3478 36% 35% 41
*34
36
139
146
145
145% 145% 147% 143
14458147U 1451214912 144
65
62% 62%
51i2 53U 456
5612 5934 5934 57
39% 33% 37%
35% "34"
33% 32
2912 *29
,251a 2978 i28
78
81
92
*75
75
73
87% 76
t7178 80
|79
80
62
63%
57
53% 58% 54% 65
647g j.56
62
"1434 17%
15% 17%
2
3%
434
2
334
178
278
2%
2%
2%
2l4
15s
I84
2%
35
29
36
30
33% 63% 48% 66
29% 33% 30
30
27
i24
13
14
11% 1334
17%
14
1458 1634 ft 15
1734 13
16% |1434 16
55
54% 49
53% 62% '49
4618 49l2 |47
.45% 49
39% 48
54
61%
54
63
1/45
51% 48
58% *42
(53
60
<4234 54
35% 47
129
129%
118
122
127
128% 128%129
112
117
129% 118
112i2118
7%
8
5% 11
33
34% 33% 34%
32
£32% 3378 32% 34% 34
3334 3234 3484 33
36
37
36% 3534 36%
34
33
36
37
(36
36% (36
36i8 36
15%
10
1084 14% 13
11% |10% 1184
9% 1178
734
97g
778
9
21
22
2634 30%
17
14
1734 21% #20% 22%
15
18%
14% 1934
25 131% 141
Hercules Motors
378
14%
96%
2%
4%
4%
2138
22%
46%
104
100
7% preferred
3%
48
*
Helme (G W)
234
333o
*
*
Granite City Steel
23%
98%
207g
87
4
1234
....
^...
17%
2134
-
preferred series....
20%
-
1734
Graham-Paige
Conv
17%
-
-
78
*
$7 2d preferred
S5 preferred
Gotham Silk Hosiery
634
7
13%
*
Goodyear Tire & Rubber..
4%
934
19%
-
5%
7%
6%
8%
21%
116
116
*
7% preferred
10%
11534 115% 11534 115%
-100
Goodrich (B F)
7%
834
18%
55
10634
516
'16
_
(Adolf)
Goebel
52i2
1
.100 w-i »o
7% prior preferred
Gobel
High
$ per share $ per share $ per share 8 per share $ per share
Par $ per share $ per share $ per share $ per share $ per share $ per sha e $ per share
40% 4434 37% 46
*
4278 41
44'8 42% 47
4112 4684 41
48
£ 48% 3984 46
00
55%
48% 50%
45% 51% 44% 55
56
5284 5478
53% 54%
5284 5484 5284 64% 53
Glldden Co (The)
Rights.
November
October
September
June
July
August
March
May
April
February
Low
High Low High Low High Low High Low High Low
High Low High Low High Low High Low High Low High
January
STOCKS
26
a
Deferred delivery.
r
Cash sale.
Volume
Financial
144
219
Chronicle
1936—Continued
91*2
91
93%
96
97
34%
3834
37%
39%
38%
45
43%
48%
4684
4934
48%
59%
55%
63%
56
6238
74
77%
1834
1934
1734
2238
22%
19%
24%
20%
24%
18%
2034
18%
2612
28
253s
26%
25
2 834
27
36%
34%
4
534
30
43
38
35
43
3734 41%
20% 23%
22% 24
23% 25% 23% 25
110% 103% 105% 103% 105
100 106% 109% 105
6
5
4%
6%
678
1
578
534
4%
80
81
75
81%
7478 75
100
30i2
414
3534
27%
434
36
24
378
27
414
26%
5%
21%
29
4%
19%
29%
19%
25%
3%
21
46%
7%
60%
207S
21%
New
73
97
89
97%
95%
92%
*
..IIIIIII*
5%
67s
25
26%
22%
4%
2134
73«
4%
7
36%
*
..
20%
2134
18%
5
lio
7% preferred.
Kresge Dept Stores
8% preferred
Kress (S H) & Co.
5
80
70
70
6978
z73
72
66
77%
70
68%
74
6878
Kroger Grocery &
Bakinglllll*
26%
28
25%
27
23%
100
22%
33%
24%
33%
25
51
2334
19i2
2178
20%
21%
24%
23%
2534
21
24
21
2634
25
32
24
30
24
29
26
32
26
29%
34
35
32
37i2
35i2
44
49
41
47
45
49
1958
21%
19i8
2134
1578
50i4
21
1634
19%
1634
19%
9i8
12U
IOI4
1438
il34
11
17%
13%
1634
9
11%
13%
10%
43%
18%
1134
47%
21%
18%
12
14
12
12%
15%
15%
17%
16
18%
18
19i2
183s
22i2
21%
13%
28
27%
30
28
4034
36%
45%
47%
37%
47%
40
41
34%
23%
22
2634
22%
25%
19%
23
9%
8%
9%
1534
25
&
16
13%
16%
12%
1634
20
1734
23
2178
94% 102%
8% 13
2%
278
118
115
124%,
106%108% 109
143s
11%
9% 14%
8% 10%
4
3
2%
3%
238
234
13
13
16%
15%
11%
1334
50
95
94
983S
100%
97% 99%
*
50
*
Corp (The)
9%
90
13
147fi
12%
50%
9%
58%
56%
Life Savers Corp
28
31%
115
25 107
1034
87«
27% 29%
106%114
27%
11%
9%
..5
1038
29
157s
14i8
3878
433s
4958
57
10%
283S
7
8
25
27
Z2538
106% 1003s 102%
9734 10734 100% 104
1637g 165
163%165
97
*
III*
338
25
40%
100 109%
Lorillard (P) Co
Preferred
9678
617s
...
5% preferred
89
42%
__*
Loose-Wiles Biscuit Co..
278
12i2
1278
10034
10734 116% 10634 116
163
163
162% 165
19
20
21%
22% 21% 23%
20% 2184
Lima Locomotive Works.-IIIII*
26% 35%
25% 32
30%. 37%
31% 39%
Link Belt Co
39
47
37% 4538
41% 48% 47% 507s
...*
Liquid Carbonic
35% 44%
III* 37% 41% 36% 39% 37% 41
43
48
Loew's, Inc...
477s
46% 51%
53%
50% 54%
III
*
Preferred
I. IIIII* 105% 108% 104% 106% 104% 107% 107% 107%
2
3
Loft, Inc
234
3%
3%
3%
2%
2%
-IIIIIII*
25
IllioO
Lone Star Cement
Corp
Long Bell Lumber A
10i8
2ig
7%
63%
Preferred
97%
9
48%
14
50%
Class B
95
12%
13%
47%
Lily Tulip Cup Corp
14i8
19'
3978
12
Corp
__*
Llbbey-Owens-Ford Glass.II."*
Llbby McNeill & Libby
I*
Fink Products Corp..5
Lerner Stores
Liggett & Myers Tobacco
12i8
15%
16
15%
100
Preferred.
8I4
10%
834
137s
18%
13%
Lehigh Portland Cement
4% conv preferred
Lehigh Valley RR Co
Lehigh Valley Coal
8
153s
IIIIIIII5
Lee Rubber & Tire
Lehman
9
5%
45
4%
42%
109%
26%
478
83S
734
434
41
44%
40% 43%
11034 11034 111% 1127s
22
257fi
23% 21% 23%
5%
44
1534
978
4634
142
13
151
17%
Manhattan
7%
100
8%
_*
153s
10%
13
17%
8%
gtd.IlOO
55
57%
50
100
20
22%
1934
10
8%
54%
23%
10
15
12
1038
109
L62
162
1934
14%
23
18
25
18%
21%
17%
1978
2%
4%
5%
4%
684
938
1034
3%
9%
1%
77s
978
93s
1038
1%
1%
3%
21%
1%
2%
Preferred
100
7
10
Prior preferred
100
1834
26
2d preferred
100
2%
41%
43%
11%
13%
Marlin-Rockwell Corp (Del) ..1
Marshall Field & Co
Martin Parry Corp
*
116014
2078
7% preferred
May Dept Stores
Maytag Co (The)...
Preferred with warrants
$6
1st
ex-warrants
preferred
1st preferred called
McCall Corp
McCrory Stores A
New Common
Class B
*
6% preferred
6% conv pref
IIlOO
Co.II*
Mclntyre Porcupine Mines
McKeesport Tin Plate
conv
&
6%
34%
133
49%
44
48%
52%
48%
57
11%
14%
51
55%
13%
65%
14%
12%
50
11
13%
11%
16
12%
2
15
13
17
14%
30%
25
7
1034
10
13
11
12%
14%
36%
14%
18
15
46
12%
35%
35%
15%
13%
14%
10%
30%
234
44%
1478
4%
5034
19%
18%
35%
35
37%
33
41
38
15%
18%
I884
15
17%
20%
15%
18
19%
16%
19%
14%
18
18
20%
19%
16%
22
4%
3
334
3%
4%
3%
11%
11
1234
22%
234
41%
3034
4
47%
20
41
44
14
19%
10%
14%
6%
2834
1634
8%
30%
19%
3%
4%
3%
9
834
2%
1%
10
1%
9%
3%
z9%
2
26
22%
3%
2%
9%
3734
12%
100
973s
*
1234
97%
I.IIII
Melville Shoe Corp.
Men gel Co
55%
1
Preferred
100
Merch & Miners Transp Co
Mesta Machine Co.
5
Miami Copper
5
Mid-Continental Petroleum. .10
Midland Steel Products...
*
preferred
14
13%
108
12
1578
11234 111
New
III*
21%
2334
2%
42%
14%
26%
3%
43
1634
20
2134
1734
40%
92
95%
16
95
62%
56
66
66%
74
66%
8%
5634
10%
7
64
60
6834
51
31%
40%
32
32
35%
35%
37%
37
4484
42%
678
50
x45%
8%
49%
42%
8%
217g
3678
534
8%
7%
1934
22
19
21%
2338
2134
10%
9%
121
110
112
200
95
97
190
90%
90
195
8%
10%
18%
223« zl7%
33
678
50
35%
43
12%
834
18%
33%
23
35% 47%
125
116% 131% 124% 131
88
94
92%
9184 94
180
195
19534 190
32
11
11%
11
11%
1%
2
1%
1%
1%
1%
1%
2%
8%
8
8
7
834
8%
22%
2%
26
3%
22%
27
28
43
47
50
z47%
29%
234
4934
13
35%
46
13%
16%
9%
3434
14%
1534
10%
1434
19%
17%
2%
28
3
2%
2%
45%
38
2034
23%
12%
21%
3%
4%
3%
14%
2484
5%
"l4" "1684
4
10
9%
2
3%
23
37
23
45
11%
2%
16%
3
10%
31%
44
3
48
20%
9%
3634
5%
47
56%
50
19%
7%
25%
9
423s
1938
4%
18%
46%
79
69
70
8
58%
36
50%
53
9%
60%
36
36
7%
4834 5I84
834
934
18% 21%
33% 40%
40%
128% 119% 12884
95
97% 97%
10
2O84
98% 100
98
100
98
100
98% 101
40% 46
19
23%
21% 21% 23% 22
1834 20%
20
44%
39% 43
39% 4138 40
40% 43% 41% 43
90
102
92% 101
85
96% 87% 94
93% 103
10% 1434
9% 11%
9% 10%
9% 10%
884 10%
44
43
49%
45% 42% 45
42% 4434 43% 45
14
16%
15% 2138
15%
13% 15% 14
1234 15
103
107
103
100
104
102% 101
102% 102% 104
14
16% 2438
14
153s 17%
1534
17%
13% 1534
115
122
111
114
111
103% 104% 104% IO884 106
83
90%
79
82% 83% 91
77% 81
77
81
9% 113s
9% 1138
8% 10%
9% 10%
734
9%
80% 95% 88% 100
8434
54% 63% 62% 7434 74
39
36
38
42%
37% 45
36
36
35% 37
59% 64% 56% 62% 57% 65
47
52% 5134 63
9
10%
1034 13%
9
8%
9%
10%
8% 1034
20% 2334 20% 23% 2138 2434 24% 2938 27% 30%
47
42% 4584
44
33
43% 48% 42
43% 40
123
119
125
122
123% 118
115
125
126% 120
103
104
101
102% 107
z98
98
104% 106% 109
98
100
100
41
7%
5534
2234
103s
42
109
108
107% 109
104%
2234
z95
z84
98
90% 95% 91%100%
z65
75
66
72
70% 87
66% 73%
110
115%126
10834 117
10834 1097s 108% 1097s 106% 108% 106% 108% 106% 109% 107%107% 108
100
884
8%
10%
938
1238
8
66%
76%
60
%
2%
1%
3
3
1%
3%
278
384
5
2
338
438
2
4%
3%
26%
20%
634
23%
17%
7%
1834
2%
4%
21%
20%
834
24%
3
5%
23%
Minn St Paul & S S Marie...100
Preferred
100
1%
3%
234
534
17%
6%
24%
2234
7%
9%
7%
2034
2534
3%
4
19%
3%
7»4
277s
638
7%
4
24%
27%
22
Leased line certificates...100
Mission Corp
*
RR_.II*
75
64
«4
1%
2%
2%
234
1«4
4%
378
5%
5
6%
234
3%
25%
23%
100
14%
8%
22%
100
23«
384
%
1
9
24%
384
18%
2%
9%
26%
3%
6%
z283s
7%
10%
72
%
%
1%
2
60%
%
1%
3
3%
234
3
3%
3
%
38
»4
8%
61%
%
6%
57%
66
64%
12%
737s
%
.*
65
8%
66%
%
134
3%
3%
6%
8%
6%
8%
57%
58%
67%
®4
1%
63%
%
134
1%
1%
2%
2%
3
3%
3
334
3%
%
17%
18%
7%
8%
26% 2134
2%
234
434
5%
z21%
25
94% 94%
1634
8
23%
2%
4%
22%
9%
30%
284
24%
99%
21%
9%
32%
2%
234
5%
6%
19% 2234
97
100%
19%
8%
27%
%
19
8%
27
2
6
20%
9%
30%
234
7%
66
9
73%
%
1%
3%
6%
79
10%
95
38%
58%
24%
4134
92%
14%
46%
20
108%
2834
9734
87%
12
107%
43
64
11
2734
38%
I684
120
3034
4638
123%
104
105
102
108
110
120
119
120
9%
884
113g
94
80%
78
1%
3%
1%
1%
3
3
4
4%
5%
4%
6
21%
24
8
29%
3%
6%
21%
69
%
138
3%
7%
101%'
4434
2234
38%
83%
12%
44%
16%
16%
99% 112
1.100
7% preferred series A
J Missouri Pacific RR Co
68%
74%
9%
63%
3734
5034
41%
..__*
t Minneapolis & St Louis.
22%
18% 1934
42
47%
39% 44
42%
46%
45%
111
11434 103% 111% 104
11034 106
100% 112
10
10
1134
11%
8% llSg
11%
834
9%
8%
9%
46
423s 41
41% 44%
407s 45
41% 43%
42% 44%
13
14%
15%
12% 14
1278 1484
11% 14%
11% 13%
105
105
108
101
103% 103
101%101%
100
14
1438 19
1534
1334 1534
18% "l3% "l5"
1334 15%
103
105
105
107
103% 108
106%
99% 104% 100
103
...»
6% preferred series A
24
62%
738
Reg Co...* 142
Preferred
9
9
5
5
13%
12% 13%
117
115% 115
55
IOO 110%
Milwaukee Elec Ry & Lt pref 100
4% conv pref series B
Minn-Moline Power Imple
3%
6%
8%
734
18
57
51
57
3
4%
18
17%
2%
48%
3%
35
21%
538
984
43
49a8
118% 107
40
114
»
Missouri-Kansas-Texas
9
2%
17%
18%
3%
8%
134
8%
46%
62
15%
10%
47%
38
95
5
preferred.
Minneap-Honeywell
46%
1534
110
.1
Robbins
Mead Corp.
Preferred
1st
42%
11%
7%
21
834
37%
42%
513s
1338
134%
42%
15
3234
108
*
preferred
conv
8%
30
5
McLellan Stores
i
3%
934
7
12%
5
McGraw-Hill Publishing
$3
87S
25
11
34%
37
33
42%
32%
45%
19%
100
new
McGraw Electric Co...
McKesson
3
13%
33
37
8
7%
8%
9%
8%
12
7
8
8
8%
8%
9%
6%
38%
3534
36% 34%
33% 37% 34
27% 34%
29% 30% 29%
31% 36% 32% 357s
163
160
161
161
161
160% 161% 163
161
159
160% 158
155
159
159
160
158
158
158% 160
157%159
100 153% 158
60
69
60
64%
62% 70
5234 56% 52% 59% 5634 60
46% 50%
4334 50
4734 53% 4634 51%
43% 48% 48% 54
.10
16
16
18% 1334 16%
17%
15% 17%
15% 1634
17
15% 16%
17% 2034
18% 21%
15% 16%
13% 19% 16
1634 20%
*
46
46
48%
47% 43% 4634
47% 46
52
54
49
49% 46% 47%
50% 47
50%
*
49% 55
49% 53
, 49
53% 49
44
44
46
46
46% 44
49
50
48
48
45% 46
50
45
50
48% 50
48% 50
50% 50
* z49
108
110% 108% 110% 108% 109%
108
109% 167% 109
108
109
110
107
106
1083s 110
107% 111
109% 110% 10834 110
* 103
110
110%
34% 33% 36% 34% 36% 34% 37
32% 31% 3434 33
31%
30% 31S4
29% 3178
29% 30
29% 31% 31
29% 32% 29
*
*
13% 16%
11% 2/1334
12% 1334
12% 14% 13% 14%
1784 20% 193s 23% 18% 2IS4
1534 17% 1634 19
14% I684
12% 13%
12% 15%
1
II*
I*
I
Mathieson Alkali Works
$3 preferred
4%
1134
10
38
21%
Maracaibo Oil Exploration
1
Marine Midland
5
Market Street Ry Co
111100
Shirt
8%
47
17%
24%
28%
44%
17% 20%
1434 17
16% 1834
z36% 43%
155%172
17% 20%
2%
3%
16
18%
38
108%
107% 104
109% 103% 10634 102%105% 103
10612 109i2 107i2 11034 103
160
160
166
167
167
170%
16534 166
169
1651s 168
164 165
22% 20% 22
1934 21% 21
19% 2034
19% 20%
19% 20%
1978 2034
63% 58% 63%
38% 47% 43
38%
2934 34% 32
28
27% 33
3012
2614 2934
49
54
44
51% 55
48%
48% 50
36
45% 42% 46
37
40
37
40
40
43% 4038 4434 4338 46%
43%
41
38% 41% 40
34
3634
3212 36% 34
55
5634 65% 6134 67%
53
59%
59% 57% 62%
45
4734
43% 4978 48% 5378
106
107
106
108
106% 106%107% 105% 106
10734 1063s 107i2 107% 1087s 107
2
2%
3
2
2%
3%
2%
2%
2%
2
2%
2
2%
212
258
5434 59% 55% 60% 52% 61%
5%
7%
4%
534
4%
5%
4%
4%
5%
5%
5
4%
5%
5%
5i8
6%
43%
41
41
41
44
z3834 41
40% 43% 40
42
43
42% 40
41
42
110
109
111
110
113
110% 109% 110
111
112
110
111
107
108
109%111
23%
22% 24
2234 2434 22
22% 23% 2284 24% 21% 2434 22% 23%
2U2 2278
141
14334
14334 140
143% 146
142% 145
143
146
143%145
143
147% 142% 147
39
35
27% z35
40% 30
27
34% 27% 40
31
41
3134 41
1412 5H2
28
30%
25% 28% 2434 26%
26
30
27% 29%
20
22% 28
2214
21% 23
94
102%
87
94% 100% 89% 95%
92% 89% 9634
62
68*4
67% 76% 7334 93
32%
28% 26% 3034 28% 31% 2734 30% 28
2234 2578 2234 2534 22% 29% 26
101
14
42
z48
21%
21%
148%180
113
113% 119% 115%160
10334 103
9712
17% 20%
20%
18% 22
13% 18% 17
9% 14
93s 10%
3
334
2
2%
3%
2%
3%
2%
2i2
3%
2I8
238
16
18%
15% 19
11% 1334 12% 17%
10
11
9% 12
108
12334 118% 122%
100
111% 109%112% 112
109i2 103% 110
92
102
1734 20
19% 2134
15% 21%
15% 16%
15% 16%
14% 1634
1438 1538
55
63%
58% 62
58% 65
60% 55% 60%
5H2 59U 54
42i8 52
71
67
80% 70% 7834
72%
57
66
64% 70% 6534 71
5H8 58i2
9% 1034
9
9% 13
8% 10%
884
9%
10%
7
734
9%
I 9
26% 28% 26% 28%
25% 27
2634 2834 25% 26% 25% 27
2612 29
103
103% 108
105% 10434 107
108
10834 102% 106
109% 101
106
108
100
7% preferred
Mandpl Bros
t Manhattan Ry Co 7%
Modified 5% gtd
12%
95
96
22%
145
149
Z146 150
144%151
14
13% 1434
15%
13% 16%
Louisville Gas & Elec A....I. *
20% 22%
21% 2234
20% 2338 20% 23%
63
Louisville & Nashville R~R___ioO
65
68
77%
74%
73%
57% 74%
Ludlum Steel
223s y32%
2634 33%
j
24% 2934 28% 35
Conv preferred...
129
155%
147% 144% 16434 136
163% 141
I__*
1
Rights.
%
1%
%
IIII.
35
36% 35.
36
38%
38
42
MacAndrews & Forbes
35% 37
38% 40% 35
40% 41
39% 41
IIIIlO 39
130
130%
130
128%130
128
128% 128% 130
130% 1283g 130
6% preferred
100 127% 127%
28
Mack Truck Inc
37
*
31% 36%.
28% 3034 2834 35% 31% 37% 35% 38% z37%
273s 31% 28% 3634
42
48
45% 41% 48% z45% 49% 47
Macy (R H) Co Inc.
40% 47% 4038 4334
45% 493s
45% 48%
I.IIII* 45
10%
1034 12
Madison Square Garden v t c._*
10% 1234
10
934 12
12%
11% 14%
12% 13%
8% 10%
Z834 10%
44
47% 47%
49
37
41
36
39% 43% 43
4134
Magma Copper....
37% 41
34% 38% 3684 42
...10
2
1%
2%
2%
1%
234
1%
2%
334
37«
3%
1%
2%
1%
t Manati Sugar..'...
2%
1%
234
24%
10
joo
pref..100
„
t Louisiana Oil 6tf%
45
45
1938
4334
20%
46%
23%
36%
21%
37
223s
22
7%
74
25
43
*
5%
.7
223s
ioo
I
5.
6
20%
25%
2834
....._*
Preferred
Lambert Co (The)
Lane Bryant
4%
20
29%
39%
..j
70
75%
*
Laclede Gas
4
46
61
32
46
42% 50% 45
30%
35%
31% 3512 31
26% 28% 27% 32% 2734 30%
2112 2414 23% 26% 26% 28% 26%. 28
9934100%
10134 106% 102% 103% *101 103% 101%101% 101% 102
102l2 105
10% 15
6
6
734 18%
6%
8%
734
8%
5%
6%
514
6i8
135
120
110
93
93
93
130% 130
89
90
101% 109
80
80
6
78
37„
3534
77%
73
*
New
Lehn
5 per share $ per share $ per share 8 per share $ per share
104
107
106
107
100
107
100
101
97
101
90%
Ill*
Keystone Steel & Wire
8% preferred
Kresge (S S) Co
High Low
5 per share
$ per share
December
November
October
September
High Low High Low High Low High Low High
August
July
High Low
Low
.■
par $ per share $ per share $ per share $ per share
90
Kendall Co part pref series A._*
91%
87
89% 91%
9134
87% 90
Kennecott Copper
33% 41%
35% 39
*
32% 39
28% 33%
Kimberly-Clark
Kinney (G R)
June
May
April
High Low High
High Low
High Low
Low
March
February
January
STOCKS
5
19
734
27
2%
23
1%
8%
6%
3338
25%
3%
784
25%
2%
29%
6%
7%
23%
28%
234
3%
734
33%
99%
67%
89%
97
93%
98
97
99
5%
28% z27%
9384 101% 96%
3534
39%
37%
41%
38%
427g
3 684
45%
37%
44%
41%
45%
41%
48
43%
47%
46%
50%
48%
5834
57%
68
53%
130
2"
44
56
55%
5934
50
53
453g
50
45
46%
46
48
46%
47
4238
45
41%
45%
71
67%
71
68
70%
67%
69%
1%
66
68%
64
68
65
67
67
46
6984
42
64
46%
6784
45
63%
45%
66%
44%
60%
Conv preferred
Mohawk Carpet Mills
Monsanto Chemical Co
6884
64%
69
1
1%
100
3%
7%
6%
20
20%
24%
22%
10
103
79
9034 10284
1%
Rights
Montgomery Ward & Co
Rights
94%
21%
87%
234
3
1
6%
5%
24%
97% 100
22%
93%
534
21%
5%
24
3
...
Morrell (J) & Co
Mother Lode Coalition
Motor Products
When issued
Motor Wheel
HI*
$7 conv preferred
Munsingwear
17«
1
59%
3184 z29®4
1
2884
15%
133s
13%
*
»
74
84
21
26%
*
5
56
63%
18%
15%
15%
17% z22%
1484 17%
13% 1734
74% 81
2384 27%
Note—Superior figures denote 32ds of a point; viz.:
1%
1%
33
1%
3778
283s
187S
147g
22%
1784
1534
13%
1478
177ft
11%
75
80
72
24%
28
25
1
178
1
3678
207s
29
33%
20
3134
19%
39%
20*4
36%
18
15%
11%
1538
H84
12%
13
12%
13%
79
70
76
73
2784
25
26%
25%
15
77%
27
1%
1%
%
1%
1%
1%
1%
41%
22%
37
40%
38%
4084
38%
43%
21%
20%
22%
22%
24
42%
27
33%
19%
39%
23%
19%
89%
32%
16%
21%
29%
26%
3084
28%
87
22%
89%
88
96%
90
95%
93
3934
101%
33%
96%
30
32
30
3234
30
31%
30%
%
1%
2
60
34
._*
Mullins Mfg Corp class A..7.50
Class B
84
*
70%
2%
105,5=105'532.
a
Deferred delivery.
19
76
26%
r Cash sale.
36
21%
29
42
24%
38%
99
3684
220
Financial
Chronicle
Jan. 9,
1937
1936—Continued
March
June
October
November
February
December
April
May
July
September
August
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
January
STOCKS
Low
Par $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share
$ per
72
68
74
65% 79% 67
44% 48
4934 67
47% 51
70% 79
71%
Murphy Co (G C)
5% preferred
Murray Corp of America
Myers (F E) & Bros
100
-.10
17%
1934
17%
21%
19
*
43
47
46%
47%
47
*
17%
22%
1
10
13%
12%
15%
17%
2384
14%
13%
21%
100
19%
25
18%
22%
14%
1334
...10
33%
Nash Motors Co
Nash Chatt & St Louis
National Acme
National Aviation Corp
I6I4
28%
17%
15%
14
2284
51%
21%
26%
16%
20%
45
50
16%
21
21
30%
1434
45%
16%
20%
12%
16%
13
9%
14%
102% 102% 102% 104
17
20% "17%
16%
14-% 19%
49
47% 4934 47% 49% 49
18%
16% 17%
15% 17% 15
21
24
2134 27% 24
25
14
1634 £16
14%
13% 15%
934 1434
11%
1134
9% 11%
5
11
r3,6
15%
9%
Rights
National Biscuit
7% preferred
100 153
Nat Bond & Investment Co
5% preferred series A_.
3884 32% 35%
33% 35% 31% 36% 3234 3538 34
3634
161
160
16214 160
160
158
160
161% 158
15934 160
*
100
National Cash Register..-*
National Dairy Products Corp.*
7% preferred class A
7% preferred class B
t National Dept Stores
21%
21%
24%
*
2%
New
7% 1st preferred
29%
28%
2834
-100
*
Nat'l Enameling & Stamping..*
National Lead
100 204
New.
23%
30
25% 30
21%
2484
2234 25% 21
112% 108% H284 109
109
111
107%111
10784
3%
234
3%
234
3%
10
10% 15%
34
39
36
3784 40%
3034 28% 31%
30% 33% 27%
30
33
33% 32
2934
34%
230
280
305
260
219% 294
23%
100 108% 110
100 107%108
Nat'l Distillers Products..
21%
111
22%
21%
28%
j/24
100
-
165
165
165
16434 168
13734 140
138
141
140
243g
110
26%
111%
109% 108
111
110
112
21
54
1634
16
28%
"I934
58
33
61
59
62%
58
6IS4
16%
31%
16%
1178
1978
31%
1934
47%
18%
16%
18%
42%
15%
37
37
17%
41%
19%
15%
16
18
17% 16% 18%
1634
14
14% 12
1384 11% 1434
12%
9
32% 35
31% 33% 30% 3278 2834 33% 31% 35% 31% 34%
157
157
158
160% 156
157% 155
161%164
155% 160
164%
30% 3784
100
107%
22
27
23% 26% 24% 26% 2434 29
27% 32% 29
33%
26
28%
2534 28% 24% 28
24% 26% 25% 2678
22% 2478
110
112
110
112
10934 112
10734 112
108% 112
109%111
110
110% 109
110% 109% 110% 107% 10978 107% 10834 107
10834
10S4
14
12%
12%
15%
14
15%
15%
18
16%
18%
17%
24%
18%
21%
3234
37%
28%
30%
30%
32
25% 28%
30% £31
26
28%
27%
30%
30%
32
28
3178
32%
33%
31%
29
28%
28%
28
34%
31%
29%
28%
30
29%
28%
29
33%
26%
26%
28%
27%
28% £2738
29%
27
2978
2834
36%
33%
305
258
270
31%
142
30%
165
165
167
167
167%
140% 142
142
143
143
144
158
140~
14%
155
140"
143
165
140
142% 142
2nd preferred.
100
National Steel
25
National Supply of Delaware_25
Preferred
100
National Tea Co
*
-
Natomas Co.
*
Neisner Bros
*
Newberry Co (J J)
7% preferred
5% pref series A
t New Orl Tex & Mexico
Newport Industries Inc
*
100
100
100
1
N Y Air Brake
*
N Y Central
._.*
...
N Y Chicago & St Louis..:
100
Preferred series A
100
N Y Dock
100
5% preferred
100
147
54
50
50 125
100
Conv preferred
100
N Y Ontario & Western
N Y Railways preferred
100
*
Preferred stamped
NY Shipbuilding
1
7% preferred.
125
1
1%
90
90
4%
8%
5%
2%
£2%
12%
5%
12
14%
71%
100
68
NY Steam 6% preferred
*
89
95
7% 1st preferred
t Norfolk Southern
* 100
107
-.100
Norfolk & Western--.
100 106
North American
*
6% preferred
North American Aviation
North American Edison pref
50
53%
6%
..1
98
24%
51%
27%
52%
50
*
2
50
23
Ohio Oil Co (The)
Oliver Farm Equipment
*
*
Omnibus Corp (The) v t c
Preferred A
*
100
Oppenheim Collins & Co
*
Otis Elevator
*
6% preferred
100
Otis Steel
*
Prior preferred
conv
100
1st pref.
*
,
9o
1%
97%
97
4
5
3
4%
3
3%
10%
3%
30
52%
2%
2734
47
10
5
1
1%
3%
"3% "334
95
334
138
1
1%
1
99%
3%
99%
4%
96
1%
95
50
12%
7%
11%
9
8%
10%
938
9
11%
9%
4%
2%
434
4%
5
4%
534
434
2%
334
3%
3%
6%
3%
6%
3%
4%
3%
5
3%
434
3%
4
3%
7%
414
2%
8
7
5%
3%
4%
3%
3
3
3
9% 12%
58% 67
96% 100
11%
13%
82
100
109%
1%
28534
111%
35%
11%
14%
1134
4%
13%
65
83
3634
55%
3%
28%
5134
29%
26
53
14
16%
14%
7%
15
8%
6%
*
3034
50%
35%
55%
16%
2nd preferred
*
Pacific Finance Corp (Calif)-.10
Pacific Gas & Electric
25
Lighting Corp..-
Pacific Mills
13
17%
3
5%
15%
71%
94%
105
2%
235
10734
28%
55%
,1034
102%
9%
101
34%
9%
61
6%
14%
68%
57
4%
52
31%
16%
48%
24%
12%
42%
17%
50
48%
8%
9%
57
86
83% 87
93% 100
97%
1%
1%
1%
220
23334 225
107% 108% 105
23% 2934 23%
54% 56
54%
7% 10%
734
102
105% 102
6
6% 12%
97% 98% 99%
25% 35% 26%
11%
234
10
334
1134
59
61
5734
6734
92
91% 98
96%
104% 103% 10634 106
108% 108%
1%
1%
1%
1%
1%
1%
255
260
300
275
237% 233
108
378
4%
1178
80
99
79
£98
100
99
104
108% 102%
2
1%
270
284
1%
284
107% 108% 108% 109% 109%
109%112
109%
27% 25% 30% 2834 35% 30%
30% 3378 3034
56
56
55% 59
55% 58
5634
55% 56% 55
8
8!
734
8%
7%
9
9%
7%
8%
7%
105
10134 105% 10334106% 100 105% 101% 104% 102%
7%
99%
30%
55
51
53
3%
27%
15%
49%
2%
22%
12%
3%
23
14%
54%
49
48%
149% 163% 137%164
15%
17%
9
14%
5%
17%
7
16%
11%
15%
5%
8%
36%
27%
5134
2%
31%
53
278
13% 1134
83% 79
100% 99
103
104
2
1%
310% 283%
110
115
34
29%
56% 5434
8%
8%
104% 102
102
102
10034 10034 100% 100%
2434 28% 26% 29% 26% 3178
50
53
52% 51
52% 52
53
2%
2%
278
2%
2%
2%
3%
19
22%
23
24% 26%
14%
12% 13%
12% ~13% 12% 14%
43
42
46
38% 45% 39
50%
17
20%
18% 20%
18% 20%
18% 20
112
108
112% 10934113
111% 109% 109%
10% 12%
1078 13%
11% 13% 12% 14%
25
28% 27% 30%
2634 28% 2678 33%
135
135
135% 130
132%136
13234135
16
1878
12% 16% 1478 16%
16% 19
92
70
83
82
114
105
90%
116%
23%
50%
2%
22%
12%
40%
50
50
137
148
29%
51
53
50
13
3734
56%
17%
34
7%
49
100 118
19
126% 125
130
125
144
147
144
15%
Pacific Western Oil
*
13%
14%
14%
18
146%
14%
Packard Motor Car
*
6%
8%
20%
7%
13
10
-
Pan-American Petrol & Trans.5
17
Panhandle Prod & Refg
1%
18%
78%
34
28
90
88
9%
78%
11%
17%
4%
11%
9%
8634
1234
19%
75%
8734
10%
1234
2634
5%
*
8% preferred
100
*
-
preferred.
2',6 2916
13% 15%
13
52
53
52
56
144
161
155
135
146
5578
8
14%
534
11
214
17%
6%
13%
10%
1334
334
8%
7%
5%
734
4%
6%
3%
16
2%
18
14
3%
33%
97%
29
2%
85
100
4%
18%
5%
4%
5
11% 1378
83
67% 83
104
95% 100
108% 108
109%
1%
1%
2%
13%
308% 261
111% 111
284
111%
29% 33%
54% 56
11%
1034 14%
103% 102% 103%
33%
56
103
102
103
39%
25%
28%
53
52
54
25%
32
13%
15
4%
3%
4
27% 3178
14% 18
44% 50% 44
59%
18
21%
18% 20%
109% 109% 107
110%
13
19%
1384 18%
32
3934 35% 3884
126
131
130% 135
15% 17%
15% 1878
111% 12034 116
120%
79
83%
139
62
65
154
151
70
65
68
16234 15234160%
5
32
6%,
1434
14%
1534
18
5%
5%
10%
18%
878
12%
9
11%
10%
1634
7%
12
16%
7%
13%
8
1834
17
28%
21%
5%
7%
5%
10%
9
22%
26%
23
39%
8%
19
21%
17%
38
40
39% 3234 36% 3534 39% 38% 41
35% 38-% 36% 39% 34
39%
52
51
54%
54% 48
57%
5234 50% 5834 52
51% 54% 51% 55
48% 53%
18
14% 1734
14% 15% 114% 19
16% 1934 17% 19%
1878 2278 23
28% 25% 37%
130
126
124
129
12034 127% 121
140
150
125% 124
125% 119
130% 142
136% 146
148
149
150
150
49
150
152
150
147
150
149%152
150% 150
151% 150
150%
•C12
16%
1134 15
12% 14
13%
1234 1478 14
15%
14% 15% 15
18% 17% 1878
10
10
12%
8% 12
12
9% 11
11%
11%
10% 1184
1134 13%
13% 11% £13%
16
13
14% 14%
13%
13% 13% 13% 1334
12% 13
12% 1334 12% 14
12% 14%
2
2
2
3%
2%
4%
2%
3%
2%
3%
2%
2%
2%
2%
2%
234
3%
40
50
52
61
60
42% 74% 62
55
65% 55% 61
64% 50
62% 53
64%
9534
67
71
73
82
78
8834
74% 71% 76%
82
77
82
76% 84%
80% 77
103
104
108
104
106
106% 103% 109
Rights
10%
25%
52%
234
34
100 140
Pacific Telep &TelegCo
Preferred
53
150
102
1034
5%
4%
114
142% 152%
9%
33%
47%
17
7%
31%
50%
15%
2%
1%
3
100
149
1%
1%
"3% "4% ""3% "6%
534
96
51
3%
9%
4%
*
19% 22
1034 15
24% 32%
20
2978
30
36%
35
4434
37
149
39
52
47%
153
148% 152
1784 23%
10% 11%
£13% 18%
234
378
56% 67»4
73
79%
108
109%
128
Paramount Pictures Inc
6% 1st preferred....
6% 2d preferred
1
100
10
-
Park & Tilford Inc
1
Park Utah Cons Mines
Parke Davis & Co
12
Parker-Rust Proof Co
1
9%
70%
9%
23%
4%
10%
5%
20
4%
44
77%
11%
7%
60%
8%
27%
23
5%
47%
41
45
3%
4034
23
*
26%
24
6%
8%
1034
1%
10
11%
14%
--2.50
Parmelee Transportation
*
Pathe Film Corp
Patino Mines & Ent Cons
Peerless Corp
3
*
*
4%
7%
12%
1%
8%
6%
8%
17%
7%
14%
2%
1%
7%
9
17%
2%
7%
11%
13%
15%
2%
2
3%
9%
72
10%
28
434
234
734
6134
8%
20
9%
73%
10%
2 534
4
834
18
3
44
26%
41%
23%
7%
9%
5%
6%
7
10%
1%
734
59
12%
2%
6%
10%
2
I
.
8
70%
934
65
23
22
3%
44
26%
7%
7%
11%
234
834
234
41%
23%
5%
7%
10%
2%
I
7%
75%
65%
10%
8%
8%
73%
9%
8%
73
9%
26
13%
98
1278
28%
3%
25%
384
24%
4234
25%
41%
2634
3%
43
278
41%
43
23%
35
2434
28%
4%
7%
11%
7
9
13%
2%
2%
3
7%
5%
7%
I
11
12%
2%
2%
6%
8%
12
234
1234 17% 16% 2278 20% 25
174
94% 126
121% 16334 143
12% 16% 15% 20% 18% 2234
2534 31% 3078 35% 3234 37%
2%
1
3%
4%
3%
478
41% 4538 4334 46
43% 45%
27% 3134 26% 32% 25% 2834
6
6
634
7%
534
7
734
978
7%
!
8% 11%
11%
2
Rights
14%
*
Penney (J C) Co
Pennsylvania Coal & Coke
*
10
Penn Dixie Cement
__*
7% preferred series A
Penn Glass Sand Corp v t c
$7 conv preferred
100
Pennsylvania RR Co
Peoples Drug Stores Inc
68%
70%
5
4%
2834
71
68
73
64%
70%
67
79
6%
71
77%
69
75
72%
6%
6
46
5%
37
6%
7%
44%
48%
31
Peoria & Eastern Ry Co
*
.100
—100
100
Preferred
100
Pet Milk
*
Petroleum Corp
Pfeiffer Brewing Co
5
31
36%
32%
35
39
30
32
3I84
30%
36%
43
28%
37%
*
25
114% 113
114% 110
111% 11034
48
43% 49% 40% 46
38
4
6%
5%
7%
5%
6%
5%
29
35
3234 3534 29% 35% 25%
80
88
64% 82
76
88
72%
56
67
71 '
64% 7234 67
62%
16
17%
17% 21
21
20% 24
133s 17% 15% 17% 16% 18
1284
16
1734
16% 1834
17% 19%
15%
25% 33% 32% 38
34
39%
30%
40%
Note—Superior figures denote 32ds of
80
4
6%
33
5%
7
36
6
34
71%
8534
4
6%
37%
18%
62%
84%
3%
5%
34
17%
60
69%
9134
4%
7
38%
2734
86
3%
6
35%
20%
135
31%
111
Prior preferred
.....
43
72
69%
79%
3%
17
100 113
Pere Marquette Ry
9
70
*
_.50
Peoples Gas Light & Coke.__ 100
Phelps Dodge
37%
534
67%
*
called
Preferred
6
10%
4
6
4%
70%
78%
5%
a
point; viz.:
10515=1051532.
61
63%
9134 £89
4
4%
6
7%
42
35%
25% 20%
13%
17%
2%
3
2
Pennick & Ford
Preferred
1%
97
3
107
14634 140
*
...
1st preferred
conv
1%
1%
114
25 128
4%
1%
100
-
Paraffine Co Inc..
1%
98
3%
8%
98
~26%
1
17% 15% 17%
14%
~12% "l3%
47
33% 31% 36% 37
43% 49%
21% 19% 24%
18
21% 25%
24% 17% 2034
2078
107
110% 10934 115% 113
115
112
112
107
110
110
110
8
9
10%
8% 10%
9% 14
13% 10
11%
10% H.%
25
24% 27% 25% 3234 2834 3134 24% 32
28% £25% 27%
123
128
132
128% 131% 130% 133
136
133% 134
134% 132
18
13
15% 17% 16
20%
2084
20% 13% 1534
13% 15%
87
91% 8934 95%
95
89% 94% 87
72% 76
76% 80
Owens-Illinois Glass Co
Rights
Pacific Amer Fisheries Inc
Pacific
1
98
1%
13%
24%
1834
Pacific Coast Co
•
73%
2
97
*
Outlet Co
Preferred
5%
14%
7%
5%
5%
15%
99
100
-
2%
97
2%
2%
2%
I84
227% 22434 233
228%
10734 10634 108
107%
30% 25% 30% £25%
55
5234 5534
53%
8%
7%
8%
7%
101% 98
10134
99%
5
4%
5% 12%
99
4%
Northwestern Telegraph
Norwalk Tire & Rubber
65
93%
*
-
Northern Pacific
Preferred
26%
138
1%
95%
4%
11%
6%
3%
3%
12%
104
50
North German Lloyd:
Northern Central...
$5.50
134
100 210
Preferred
61%
12%
934 12%
9% 11%
10% 12%
9% 10%
11
9% 11%
10% 13% 11% 1234
11% 12% 1134 1234 1034 12%
12%
I
1%
134
3
1
1%
1%
2%
1%
1%
1%
1%
1
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
%
%
%
%
1
%
1%
%
%
%
%
%
%
%
%
%
%
%
%
'8
78
67% 75
67% 73%
64% 70% 57% 70% 58
64%
6I84 68% 5834 67% 62% 6734 66% 72% 70% 75% 71
7634
69% 78
19% 2734 27% 32
2884 38% 30% 40
57
31% 4034 3734 47% 44% 60
57% 69% 55% 62
7078 66% 75% 66% 71%
74% 8734 82% 93
112
119
118
83% 100% 90% 108
124
122% 120
120
93% 105% 102%114
133
126% 116
127% 125
8
9% 11% 10% 11%
8% 10
9% 10%
8%
9
8%
8%
9%
7%
8%
8%
9%
8% 10%
938 12%
10% 11%
11% 13% 1134 12%
12
11% 12% 11% 12% 1034 12%
10% 1134
10% 11
10% 11% 10% 11% 1034 12
lis4 13%
12%
36% 38% 34% 38%
38% 34% 38
60
35% 38% 32
5134 50% 53% 50
35% 38% 3534 4534 46
53% 53
55% 5984
41
49
54% 59% 53% 56
4934 54
43% 44% 45
54% 54
5978 57
57
53% 50
5734 57
61% 60% 64%
6134
111
113% 111
11034 111%
113% 110% 113
106
108
104% 105
106
108
108
109
107
109
108
110
107
108
10% 10% 10% 15%
30
34
30
30
34
13% 43
30
27
35
14% 15
28
35
14
22%
9
13
9%
13% 11% 1334
11% 1334
9% 10%
40
9% 1034
9% 1438 13% 1534 14% 16% 14% 17% 15% 28% 28
34
32% 3534 35% 41%
43
3434 39
46
51%
35% 42
39% 39
48% 55
53% 64% 65
71% 6912 82
7334 83
2734 34% 3334 40% 32% 38% 31% 42% 31
40
3634 33% 38% 34% 41% 39
44% 4234 46% 44
49% 41% 4634
45%
1734 28% 27% 35% 27
29
41
34%
20% 30
46
21% 30
37
45
28% 33
3634 32
41% 53
43% 53% 39
53
59
47
36% 57
53% 63
63% 47
95
85
95
61% 58% 70% 67% 80
78
75
74% 8IS4 81
85%
8434
5
4
5
6%
5%
6%
6%
6%
9
3%
4%
13
3%
3%
4%
3%
4%
4%
5%
4%
3%
5%
4% 15
13% 16% 14% 17%
10% 15%
11
15
13% 1634
10% 14
10% 12
10% 13% 11
1278
1234 15% 13% 29% 20% 27
119
128
127
135
132
127%131
137
134
138
135
137
12934 135
127%134% X130 139
130
150
130
134
12734136
%
10% non-cum pref
{NY Investors, Inc
t N Y N H & Hartford
146
142
10%
N Y & Harlem RR Co
*
N Y Lackawanna & Western 100
36%
16678 165% 171
160
Nat Malleable & Steel Cast Co.*
National Power & Light
*
Nat Rys of Mexico 1st pref—100
share
75
104% 106
106% 108
21% 19% 2234
16% 20
15%
164%165
139% 142
143
22%
23%
24%
112
27
100 165
Preferred B
24%
109
112
10
Preferred A
105% 105%
19% 21%
5234 60
102% 103
3%
64%
112%
64%
61
64
61%
93
22
20
9834
4%
8%
6O84
22%
98
4178
91%
4%
6%
38%
434
7%
14
3*
16%
334
38
4
5
7
8%
61
64
93% 111%
438
584
7
878
58
70
63
74
19%
2178
19%
24%
135
3534 2834 31% 30% 33% 31% 3734 35% 39
38% 40% 38% 45
39% 44% 3884 41%
41% 39
53
4034 38% 40
54
39% 44
43% 49% 44
4678 45
59% 49% 58
111
115
115
111% 111
116
110
114
116% 11634 114
113% 115
113% 114% 114% 112% 11634
45
41
51
48
46% 38
58
4034 45
55
48
52% 4834 56%
56% 52
52%
5
5
6
6
534
434
434
4%
I
4%
7%
6%
4%
578
6%
434
5%
33
33
25% 35
4434 40
37% 35
46% 40
4534 40% 46% 38% 41% 33
39%
78
86
87
81
72% 78
110
83
108
10234 96% 104% 98% 104% 104
10234 112
59
74
68
80
88
82
6534 64
87
7234 82
8234 90
84% 89
77% 85
23
21
22
22% 20% 22
22% 22% 2534
24% 26% 26
23% 25
26% 25% 31
13
16% 12% 14
12% 1384
1478
13% 14% £13% 14% 13% 1578
14% 16%
1434 18%
14
18
17%
10% 15%
10% 14
11% 13%
10% 12% 10% 1134
1078 12
1034 12%
32
40% 31% 35
39
35% 32
36% 40
38% 3978 38% 4678 46% 5534 51% 5684
a Deferred
delivery.
rCash sale.
Volume
221
Chronicle
Financial
144
1936—Continued
December
November
October
June
March
July
August
September
May
February
April
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
January
STOCKS
Low
Philadelphia Co 6%
Par $ per share $ ;per share $ per share $ per share $ per share $ per share $ per share $ per share
51
47
54%
50% 54% 53
48% 46% 48% 46% 47% 48
50
45i2 49% 46% 48
pref
$6 preferred
*
$ Phlla Rapid Transit
7% preferred
50
50
Phlla & Reading Coal & Iron..*
Philip Morris & Co Ltd Inc
10
81is
3%
90%
8%
2i2
6634
118®
3%
73
12i2
78%
83
534
89
93
4%
9%
278
68%
6%
13%
3%
74%
1234
83%
415S
15%
83%
45%
8%
97*
85%
90
6
12
10%
2%
66
86%
8%
1678
3%
7384
11
87%
91
1034
7
87%
89%
8%
92%
6%
7%
12%
___*
_
Preferred
100
Phillips Petroleum...
*
14%
38% 3:4438
12%
9%
I84
85%
78%
12%
81%
49%
9%
77%
9
68
38%
43%
39%
14%
85
88
41%
784
80
£40%
49
8%
7
7%
95
5
96%
5%
51%
95%
4%
1%
Preferred
100
Pierce Oil Corp
884
72
25
8% preferred
Pierce Petroleum
100
*
......
Pill8bury Flour Mills
25
Pirelli Co of Italy A
75
75
78
8
100
934
100
36i2
9%
178
238
37% X3558
65
55%
115s 10%
39% 38
_.*
100
Pitts Terminal Coal
6% preferred.
Pittsburgh United
15%
2%
25
100
Pittsburgh & West Virginia.100
Pitts You & Asht Ry 7% pref. 100
Pittston Co (The)
*
Plymouth Oil
5
Pond Creek Pocahontas
36%
61
12
40%
178% 176%
113g
"16"
"11%
49
73l2
64
7234
16%
134
18%
4%
18%
6%
67
86
21
21
514
66%
2778
26
32
1%
1178
3%
15%
278
13%
9l8
3
7
634
9%
81
80
15
2%
36%
9%
1%
33%
72
75
83
81
43"34
41%
41%
4434
38%
43%
40%
%
46%
14%
2%
31
70
75
13%
11
35
7%
5%
7%
82
80
11
12%
2
9%
1%
6%
70
10%
134
12%
2%
33%
30%
33%
8%
39%
37
2
134
30%
32
8
40
35%
11%
9%
1%
30
61
11
7%
10
38%
38
8%
7%
40%
7%
38%
180
180
180
10%
2%
98%
12%
10%
6%
70
160
al61
11
42%
9
42
11%
2
32%
62%
8%
2
2%
89
93%
10%
6%
72
11
,S16
Poor & Co class B
*
*
Class B
*
$ Postal Teleg & Cable pref
j Pressed Steel Car
58%
12
15%
4%
1%
*
100
New
23%
95s
3%
1178
5%
36
Procter & Gamble...
9%
47
"7% "9%
63
19%
178
18
85%
2%
16
5%
76%
28%
8
884
86%
35%
2%
13%
2334
234
1534
26%
62
76
68
*
384
15%
15
1934
7%
2%
10%
378
26%
3%
12%
45g
32%
958
2%
9%
3%
26%
19%
934
3%
1134
47fi
32%
100 130«4 136%
155
100 149
.
Pure Oil Co
113%
* 112
*
3678 44
___*
7% preferred A
50
Preferred B
conv
*
receipts
1st
21%
130
100 1027„ 115
6% preferred receipts
8% pref receipts plan B
8% pref receipts plan A
Purity Bakeries
*
Quaker State Oil Refg Corp. .10
Radio Corp of America
*
B
1658
100 115
8% conv pref
6% preferred
44% 47%
48
122% 11834 122%
4834 40
44%
103% 106% 104
106%
118
11978 114% 118%
134% 136% 130
133%
154
156
148%154
112% 113
112% 113%
4334 48% 41
48%
19% 21% 21
24%
123
128
126% 133%
108
110% 11034 1171*
120
4834
.._* 10458 106%
100 117
11958
...
Public Serv El & Gas $5 pref
Pullman Co
Preferred
455s
42%
8%
108
1458
17%
14%
15%
12%
5434
83%
14%
56
97
1134
54%
1334
56
88%
95%
9%
8%
2
61
1%
30
2%
31
2%
31
51% 57% 49
185%185% 187
57%
187
10%
934
Tl% "*8% Ti%
11%
76%
72
13%
2%
12
2
18%
2%
27%
49%
30
31
52%
1034
58
14%
53
65
186
13
1134
13%
11%
23%
94%
3
89%
96
94% 110
3
4%
21
18
17%
75
88
82%
91
90
19%
7%
97%
3534
33
36%
35
38%
2%
17%
2
91%
74%
83%
28
41%
29
36
32
36
134
13%
2234
134
14%
23%
16%
7
2%
1%
2%
13%
16%
13%
1434
22%
24
20
23
13%
5%
19%
14
16%
7%
2%
18
10
334
28%
1%
1%
32
5%
1%
634
6%
2%
8%
2%
3
24%
20
1%
1%
2
6%
2%
7%
2%
22%
132
129% 131% 131
14
15%
11% 14
11%
55%
91
13%
2
2%
56%
100
98%
10%
16
17
16
20
2234
21%
22%
20
17%
24%
14%
5%
1%
18%
16%
20s4
19%
23%
21%
23%
7
5%
2%
1®4
7%
234
8%
5%
1%
7%
6
2
11
3%
24%
28%
7%
234
26
6%
2%
8%
3%
30%
4%
40%
3%
28%
45
47
48%
47% 44
120
118
120
117
120%
43% 49% 44% 47% 44% 47%
106%
107% 113
107% 109% 105
121% 130
122% 123% 117%119%
139
144% 137% 138% 136%139%
164
157
164
164
158% 160%
113
113
113
113
11234 113%
45
52% 50% 57% 55% 62%
16
17% 21%
19%
16% 18
106
108
106% 109
105%109
43%
118
95%
97%
12%
12%
15%
25
85%
5% prior preferred
25
23
Preferred with warrants
95%
96
13%
15%
~io% "12%
ioe"
Republic Steel Corp
Conv preferred
*
100
100
5
Revere Copper & Brass
Class A
Preferred
5% % preferred...
Reynolds Metals Co
96
478
86
578
22
90%
95
97
89
95
18%
17
18%
17
20% £17%
16%
19%
11%
17%
1034
19%
17%
13%
10%
70
75
70%
10%
105
106
47%
49
42
43
44
10%
10
13%
12
80
81
76
80
75
76%
2%
70
74i2
65%
2
15%
16%
15%
2%
17
17
18%
17
1934
1734
21%
18%
17%
22%
23%
80%
20%
88
24%
78
84%
2%
76%
81
1%
2
2
2034
17
12%
14
14
3%
1%
14
45%
*39
2334
91%
20
23%
19%
22%
19%
89
87
9334
92
99
46%
1%
2%
15
89
24
22%
243s
2234
9934
24%
92
23
22%
24%
22%
110
2634
15%
2%
18
22%
20% 2/1838
9334 86
22% 21
18%
110
6%
21%
110
8%
26%
99
89%
14%
31%
114
5
114
8%
109
5
109
6%
16%
26%
17%
79
98
77
83%
78%
93
78%
1434
33
2534
83%
13%
27
90
97
10
26%
90
102%
10%
19%
79%
7
32%
7%
36
43
35%
47%
46
50
6%
33
2
90
87
19%
89%
22%
21%
22%
20%
17%
103
102
100
108% 102
5%
4%
4%
5%
18% 20%
17% 22% 20%
83
89
82% 96% 95
84
89% 8I84 94% 94
11
11
1234
14%
13%
24% 30% 30
33% 32%
92
112
110
109% 115
5
6%
7%
2%
77
91%
19%
23%
33
31
34
27%
32%
115
117
115% 115% 113
100 115
27
39% 38% 50
28% 30%
1
preferred
...
New
24%
105
24
22% 2634
107
108% 110
30
111
Class A
10
Rhine Westphalia El Power
*
Ruberoid Co (The) cap stock.*
Rutland RR preferred
St Joseph Lead
100
$ St Louis-San Francisco
100
10
..100
$ St Louis Southwestern...100
100
;
58%
55%
60
65
64
12
1034
Ritter Dental Mfg
Roan Antelope Copper Mines.Royal Dutch Co N Y Shares
Preferred
55%
_
_*
1278
19%
30%
27%
32
36
4838
55%
35%
53%
98
105
8
9
23%
1%
2%
27%
3
5%
778
12%
21%
104
8%
26
2%
58%
65%
13%
29%
38%
57
117%
10%
2934
3%
6%
26% 22% 27% 24
107
109% 107% 109
108
80
10%
75
38%
34
3734
44%
49%
40
45
48
49%
47%
50
44%
12%
47
44%
15%
11%
45
1434
78
7%
32%
35%
10%
22
33
1234
22%
35%
Preferred 5
100 109
113
110
Preferred
(7)
100 111
113
112% 114
Schulte Retail Stores
1
8% preferred
Scott Paper
*
5
100
12% 16%
45% 51%
9778 100%
3%
378
1534 1934
53% 63%
.....
*
$ Seaboard Air Line
*
%
100
2%
33%
334
59%
14
112
4534
15%
52
97%
3%
99%
4%
17
20%
62
6934
1
2%
134
4%
33%
5%
38
6%
62
65%
Rights
Preferred
Seaboard Oil Co of Del
*
Seagrave Corp (The)..
Sears, Roebuck & Co..
*
*
1
1
...
.......
Shattuck (FG)
Sharon Steel Corp
$5
conv
preferred
Sharp & Dohme
1
__*
*
25
31
20%
20%
87%
22%
24%
25
92
22%
18
23
21%
23
87%
2%
81
*
*
Sheaffer (W A) Pen Co
*
4%
86
90%
110% 107
101% 102% 107
109%
99% 103
5
5
6%
5%
6%
5%
5%
4%
23
24% 29%
22% 24% 2234 26% 22% 26
112
128
115
112% 108
114% 121
117%124
100
99% 101% 97% 103
97% 104%
97% 104
22
30%
16%
15% 20
19% 24%
28% 3934
56% 63
44
51% 59%
62% 79%
43% 53
119
26%
119
130
129
138
126
110
130
98
£126 132
92
96
24% 27% 25% 27% 25% 29% 25% 28%
111
115
113
115
111% 109
110% 111
55%
43%
49%
48
54
53%
50%
53%
2634
66%
28%
50
25%
5284
28%
56
54
56
55
56%
63
64
60
64
60
61
60
62
59%
60%
59
60
55%
58%
1134
27%
1234
35
29%
37%
32%
25
28%
25
29
26
39
37%
40%
40%
44%
45
79%
81%
6%
25%
2%
4%
1034
77%
86%
84%
9034
85%
5%
6%
24%
2%
5%
24
6%
26%
2%
82% 100
6%
8
28% 36%
134
2%
4%
5%
4234
35
3784
5234 56
97
109%
7%
9%
26
2938
234
3%
5
63s
12%
34
28
29
38%
56%.
3534
38%
56%
25
13%
28
36%
533s
30
26
30
30
34%
56
58
57%
60%
29%
55%
33%
5934
60
65
64%
64%
65%
10%
10
65%
12%
28%
2534
28
25
27%
23%
47%
46
55
54%
65
61
34
57%
61
36%
57%
13%
75
78
7434
534
97%
8
6
23
2838
22%
3
2
2%
3%
4%
9%
1%
3%
10
12
8
534
11%
6%
25
5%
23%
2
8%
22
2
13%
13%
2
13%
8%
81%
6%
25
2%
7%
30%
96% 112
6
7%
27
75%
£105 109
6%
9%
34%
43%
40
50%
1%
2
3%
30"
34%
30%
34%
30%
32"
30%
9
14
11
13%
4%
10%
5%
11%
11
15
10%
18
33
28
31%
26
28
25
37
28
32
4%
10%
24%
33
9
2%
5
14%
22
334
19
1%
3%
367S
7
65%
110
112
110
110
112
111
110
£lll
114% 111% 112% 111% 113
110%
11
13% 16%
11%
12%
11% 15%
45% 52
3834
38% 47% 3884 46%
99% IOI84
99% 100%
99%
99% 10034
3%
4%
1%
2%
1%
2%
3%
16% 18%
1134 17%
734 14%
758)
60 /
67% 76
67% 75
60% 69
2
1%
1%
1
1
1%
%
%
%
1%
2
2
2
3
234
3%
2%
36% 43% 32% 39% 31
35% 3034
4
4
5%
6%
4%
4%
5%
62
74
60% 67%
70%
69% 64
378
67%
4%
73
15%
11%
2034
2534
18%
13%
4
4%
4
68
72%
20%
67
17%
12%
23%
18%
4%
3%
71
63
22%
17%
13%
21%
15%
13%
15%
3138
27
32
4%
2%
3%
70%
22%
1634
30%
61%
1734
65
22%
13%
22%
27
32%
27%
29%
28%
30%
29%
41%
38%
49%
41
13%
28%
46%
99;
3%
5%
4%
5%
2%
4%
134
1
2%
34
31
4%
76%
3%
72%
%
2
1
2%
36%
4%
84
%
2%
30%
4
79%
1
2%
34%
%
2%
30%
1%
3%
1
2%
5%
5
6%
3034
5%
85%
84
89%
86%
22
14%
25%
96%
7%
89
57
57
60
56
58
32
31%
33
31
32%
94
434
43%
3138
97%
96%
634
83s
7%
6
47%
50%
45
49
47
49%
47
34
3034
32
30%
32%
45
30%
33%
30%
634
51%
31%
50%
30%
7%
634
8
5%
6%
108
110
110
114
111
109
113
111% 109% 111% 108
111% 109
111
113
111
114
112% 110% 112% 110% 112
111%113% 111
113%
12%
12% 14%
11% 13
17%
15% 17%
12% 14% 13
14% 17%
44% 37% 40% 38% 47% 43% 51% 48% 52% 48% 55% 42
54%
99
100
101% 99
100%
98% 99
98% 100%
97% 99% 93
98%
2
2
134
1%
2
1%
1%
1%
1%
134
234
2%
2%
9
17
10%
9% 11
17% 20%
9% 14% 13% 20
19%
10%
68
88
65% 59% 62% 60% 62% 61% 62% 61% 66
65% 75
2%
3%
63% £67
20% 24%
13% 14%
21% 25%
49
*
Conv pref series A_.
100
89
3%
25%
33%
1%
3%
35%
7%
98%
1
1%
2%
5%
32%
36%
7%
6%
95% 101%
1%
4%
33%
2%
8%
44
6%
82%
99%
12
$5 conv preferred
Servel Inc
8%
93
2%
Rights
Second National Investors
79%
21
100
(6)
100
7%
96
18
4
Preferred
Savage Arms Corp
Schenley Distillers Corp...
534% preferred
19%
18%
12%
5
51%
1
Reynolds (R J) Tobacco cl B..10
99%
34
72%
97%
29%
13%
104
100
*
97
19
49%
82
89
99%
17%
1134
10
2%
17%
21%
97%
15%
16%
10%
48
80
8
7%
2%
10
19% 24% 23% 28%
19% 24% 23% 28%
73%
58% 70% 64
46
51% 54% 52% 56
118% 119% 116% 118% 115% 118%
45% 48% 44% 50% 46% 50%
106
108
106
107%
105%109
118% 124
120% 122% 118 122%
136%
136% 139% 136% 139% 136
152
154%
150% 155
112% 113
113% 113% 112% 113%
60
69%
58% 65% 56% 61
17% 21%
1634 19%
17% 20%
111
105% 109% 108
106% 111%
40%
19%
5%
8%
2%
11%
3%
2734
22
29%
11%
334
19%
19%
12
88
2078
2%
19%
20%
24%
22%
26%
61%
52%
48
41
2%
17%
3%
2
9%
2%
20%
4%
10
12%
92
9834
92% 90% 94
16% 13% 15%
13% 16%
33
36
.10
3434 28% 33
120
100 113
113% 115 IllO
114%
Conv prior pref series A
*94
2
16%
21%
2158
6%
53
3834
41
12%
80
2334
94
2434
100
5
334
38
7%
2%
11%
13
46
39
71%
25
Rensselaer & Saratoga
934
47%
4034
43
15%
110
1978
$6 preferred
Reo Motor Car
2
12
44%
*
1
6
33%
47%
4734
4434
40
86
Remington-Rand Inc..
2%
16%
23
74%
8%
35%
50%
49%
45%
14%
80
3
22%
12
334
22
100
12
42
2%
15%
*
1st preferred
Reliable Stores Corp....
9%
38
70
100
Rels (Robt C) & Co
1%
1334
934 11%
11% 1234
934 1334
11% 1234
55% 652J32 55233255'316 5534 552732
92
93% 10134 10434 108% 10434 108%
10434
96% 104
68% 73% 69% 75% £74% 7934 77% 80
5%
5%
634
5%
6
5%
7%
7%
30
31
31
35
34% 31% 34
38%
42
3884 41% 38% 45%
38% 44% 39
16%
14
30%
132
44%
43
3734
1634
978
48%
22%
4%
117
39%
39
40
5
9%
33
3%
25
167
21
8%
2%
96
3%
2
14%
41%
37
50
Real Silk Hosiery
Preferred
7%
3
3%
3%
112
111% 104% 112% 105
3584 39% 32% 38%
31% 36
2%
27%
15%
534
38
39
.50
2%
19
1%
14%
40% 46%
40% 43
41% 47%
118
119%
11734 119% *118 119
42
39
39
45%
46%
43%
104
107
£106%107% 106
107%
12234 120
12134
113% 118% 118
128
136% 135
137%
133% 132
146
154% 157
149% 149% 153
113
114
113% 113% 112% 113%
39% 45% 40% 4734 45% 48%
17% 20%
16% 19%
17% 23%
105
107
103% 13334 103
107%
92
118
91% 9634 94% 97
131% 131
13%
29
11%
75%
2
75
2%
77
12%
16
8
68%
8%
64
186
80%
1%
68
2
14
3%
30%
54
18%
10%
14%
7%
39
16%
1st preferred..............50
Reading Co
78
75%
8
8%
32
47
2d preferred
*
Preferred
52%
11%
15
6%
7%
29%
40%
41%
7%
8%
£29%
31
42% 4284
Reynolds Spring Co
15
87%
80
6
14
2%
72
14
16%
8%
1%
75
16
5
2878
35%
$ Radio-Keith-Orpheum Corp.*
Safeway Stores
2
29%
"10% "l2% "10% "l2%
8
1%
1534
6%
116% 116
*
Raybestos-Manhattan.
conv
12%
87
1
12
16
2
111
97%
...*
pref
2%
78
45%
13
67
9%
128
107
12
69%
16
87%
10%
62%
1%
16
134
6%
634
45%
49
121
*
54
6
4834
1134
11%
17%
1734
57%
100 119
5% preferred
Pub Serv Corp of N J
share
100%
8%
15%
83
8% ""7%
£73
77
50
6% preferred...
7% preferred
8% preferred
2%
82%
per
52
98
43%
7%
73%
7%
5
2d pref
$5 preferred
13
83%
46%
77
1
1st pref
conv
11%
2%
73%
-
161
167
934
3%
100
7% preferred
conv
2
76%
6%
12%
2%
91
52%
181
160
180
155
8%
134
55
£179 178
72
3
*
Porto Rican-Amer Tob cl A
5)4%
12%
178
33%
5434
9%
3634
155
1
100
•
Conv preferred
$3.50
80
9%
81%
5%
9%
99% 100%
5%
9
9% 14%
*
Preferred
5%
176
884
102%
2
100
Pittsburgh Screw & Bolt
Pittsburgh Steel Co
5%
1%
2%
Pitts Ft Wayne & Chic pref. 100
Common
84
17
1%
35
50
Pittsburgh Coal (of Pa)
6% preferred.
978
share $ per share
53%
62% 52
per
84%
10%
10%
%
5
63
96%
5%
10%
10
11%
1%
1%
81% 10134
9% 11%
9% 12
2
88%
Rights
Phoenix Hosiery
51%
98
I per share $
72
9%
81%
234
72
Rights
Phillips-Jones Corp
98
10
11%
2%
87%
2
13%
91%
6%
3
13%
3%
71
25%
15%
20%
26%
22%
92
92%
65%
7
8%
3%
3%
3%
27%
26%
4%
81%
29%
14%
17%
23
26%
16%
23%
18%
29%
93
94%
94%
98
7%
58
6%
56%
41
35%
7%
58%
39%
67
71
68
3%
81%
78
24
25%
24%
14%
15%
25
92%
7%
6%
6%
56%
32%
3%
4
79
29
4%
85%
31%
4%
86%
7%
122
5
92
27% 30%
17% 19%
15% 18%
25% 32% 28% 32%
97% 102
100% 104%
7% 10%
9% 11%
57% 59% 58% 64
35% 45
40% 4338
43% 43%
& Trading-£2
44% 46
38% 39% 40
47% 48
17
15
18
*
15%
19%
18%
16% 19%
1434 17%
18
16% 17%
19%
17% 19%
18% 24% 22% 27%
24% 28
25% 28%
117
113
115% 120
124
preferred
100 110% 116% 112
11534 113% 119% 118% 120% 119
120% 123% H20 124% 121
126% 124% 127% 102
125%
11
Silver King Coalition Mines...5
14%
11% 13% *11% 12%
984 12%
9% 11%
9% 10%
8% 10%
11
9% 10
9% 10%
934 10%
10% 13%
14%
Simmons Co
*
1934 24% 2234 25% 2334 32%
24% 3234 23% 28%
44
27% 30% 28% 36% 34% 38% 37% 41
41
48
48%
40% 46%
5
5
5
Simms Petroleum
'
10
5%
634
538
4%
£3 %
4
4%
5%
5%
4%
4
5%
4%
5%
4%
3%
3%
4%
4%
£3%
4
Shell
Transport
Shell
Union Oil
Conv
Note—Superior figures denote 32ds of
a
point; viz.:
105,5=1051532.
a
Deferred delivery.
r
Cash sale.
222
Financial
Chronicle
Jan. 9, 1937
1936—Continued
November
December
October
March
June
September
February
July
August
April
May
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
January
STOCKS
Low
Par $ per share $ per share $ per share $ per shaft $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share
36
473g
37U
285g 28U 36i2 34
25
2318 27«4 2434 31% 24
19i2 26%
30i4
215g 2512 2 U2 2478 23i2 305g 263g 2958 26
Skelly Oil Co,
Preferred.
100 116
Slos8~Sheffield Steel & Iron. 100
Preferred
100
_
119i2 115
11678 112
124
1231® 132
121
126
122
L23ig 12434 12712 122
54
5834 67
6012
1223s 120
58
62
59
70
61%
6934
67
75
60
68
58U
6912
55
6578
71
6834
76i4
71
77
73
95
85
90i2
47l2
79
85
78
Smith (A O) Corp
Snider Packing
975g 125U
1267g 117i2120i2 120l2 127
54
82
85
62
78
70i2 85
92
91
98
108U 118l2
10212 100i2lll
85i2 105
56
48
5634 46
50l2 42 U 57
4734 45
4212
2278 21
2334 215g 2434 2338 30i2
2U2 253g 21
1314 14U
13l2 17lg
1538 17i2
15U 17U
13U 1434
112
112
113
112
112U
112ig 110l21123g zlll 112
5
4
43g
5
55g
43g
5i8
434
43g
5i2
3034 2958 3234 3034 347g
27h 35i2 287g 35i2 29
151
L55
152
155
150
155
152
154
15312 150
32l2 3058 3212 2912 3U2 28U 303g
3038 32i2 30
39
4338 41ig 45U 42o8 477g 3938 45i2 39ig 4434
24
2134 24
2134 2534 21
21U 26U
1958 23
54U
38l2 4812 4158 50i2 47
37ig 42i4 385g 42
85i4
42
72
72
65
60
71
4214
65i8
10 58
40i4 47i2 40i2 51
22
2214 255g
*
2212 255g
2334
2334 28l2
2314 2634 2212 2734 2378 25
13
14
15l4 17
I6I4
I27g I47g
Socony Vacuum Oil Co Inc
15
15ig
1212 13i2
14i8 1634
12l2 1314
112
111
112
114
Solvay Am Inv Corp 5^% pf_100 111%111% llli4112i8 110
11U2 111% 111% IIU4II2
South Amer Gold & Platinum. 1
5
4
438
37g
7%
6%
6i2
718
458
458
558
5i2
South Porto Rico Sugar
263g 29i2
* 26% 33% 30i2 3278 Z3034 3434 26
3258
26U 293s 26i2 28
159
160
156
153
15314
..100 150
15378 152i2 155i2 15412 160
15834 15834 153
8% preferred
Southern California Edison..25
25
3212
2834 25l8 27i8 25i8 27% 25
2634 26
29lg 28
25i8 2812
Southern Pacific Co..
100
31
31U 3512 3134 413S
2934 387S
28>4 34ig
2312 30%
37i2 27% 38i8
Southern Ry Co..
16
153g 21U
1234 18%
100
143g 2058
13i8
165g
1434 17
1938
1378 1618
Preferred.
100
19
2238
19U 30
1934 3278 25% 31%
2U2 277g 2512 30l4 27ig 4U2
54
59
53
56
53
57
55
Mobile & Ohio ctfs
46
52
49
100
44
44
52i2 54
34
547g
46»4
4858 37% 4238 38
41i2
9
9
9U 11
9
10
1078
9U 11U
912 117g
93g
Spalding (A G) & Bros
8i2
684 1012
8I4
1134
83s
834
778
938
8I4 1078
7i2
*
74
82
1st preferred
66
63 U 70
78
79i2 7312 78
69
73
6558 70i2 687g 78i2 75
100 6434 71
63i4 70
6834
6634 7334 65
112
106
111
105
105
107U 11434 104
105
Spang Chalfant & Co pref._100 105
10678 111
106i2 llOU 106U110
109
109% 101% 107
10634 109
10312 107
9
7
758
7U
8
734
734 J1*
834
9ig
77g
Sparks Withington
75g
*
7U
684
67g
8ig
93g
~_934
534
878
6i8
6U
7%
9%
18
27
9
10
8
8
12%
173g 24U 23
22i2 263g 2112 2684
Spear & Co
1.
958
7i2
9i8
734 15i2 13
678 11
834 11%
7% preferred
{...100 82
82
85
85
$5.50 preferred
83
80
92i2
84i2 8412 90
795g' 83
*
7358 80
32
Spencer Kellogg & Sons
3U2 32S4 3U2 33U "32i"2 36U 3238 3512
* 3312 3634
30*4 3278 3034 33
32i4 35%
3034 33
2934 31i2 30
32l2 35
Sperry Corp (The) vtc
1578 2134
16i2 1938
18i8 207g
1812 23i2 20 ig 24ig 20i2 2212 20 U 2214 20U 23i2 2034 24
I6l4 2378
1958 22i2
1
1912 2278
34
19
32U 37
28i2 33U
14
3034 28
Spicer Mfg Co
*
2312 2214 2978 2514 28i2 27
I8I4 23U
1958 213g
1338 17l4
1534
14% 2412
Conv preferred A
53
50
48
sou 5U2 49U 5U2 50i2 5212 50l2 52
_* 44
46i2
4512 4734
£49*4 5134 51
47% 5334 4634 51% 48i2 50
84 U
103
98
68
114l2
84i4
82U 89U
94ig 113
Spiegel-May-Stern Co
* 64
63
71i2 67l4 7U2
8534 77
70i4
65i2 7212
70i2 6434 7734 66
107
100
10958 108
101
10834 1063410738 108
108U
preferred stock
100 101% 10358 100
1023a 10312 10634 106l2 IO8I4 108i2109
100% 99
102l2 101
Square D Co
*
3534 34U 3912 3 634 4334 39i2 43U
2134 313g 22U 25U 24i2 2734 24U 2814 265g 287S 28
15
15
18
16
Standard Brands
*
15
18U
157g
163g
16U
157g x!5
147g 16ig xl5
14% 167g
15U I6I4
1512 18
1538 1678
1584 173s
125
128
128
Preferred
* 12078 12714 12414 129
127
126
121U125
123
127
124U 1287g 125
12438 128i2 123U 12834 124i2127
125l2 123
Standard Comm Tobacco.....1
10
123g IO84 123g
10
95g 1U2 10
10U
9U lli2
9i2 1214
103g
125g
9i2 11
1012 1314
11% 13% 1058 1334 10
8
7
734
63s
65g
7U
8U
9»4
834
6i8
7l2
758
t Standard Gas & Electric
*
5%
5i2
714
834
6i4
978
8%
8%
7U
7%
6i8
24
$4 preferred
243g 21
18U 22U 1912 277g
*
1234 163g
934 1434
10i2 1414
16ig 193g 16U 193s 19
1218 17%
912 17l4
I2i2 1512
54
46
62
$6 preferred
5034 46
49&S 49
*
25
31
56U 50
2634 3414 30U 37U 37U 50i2 43
27i4 3534
3612
3512 2484 33
53
60
$7 prior preferred
44
55
56U 72U
6334 5634 64
* 27
477g 547g 54
39%
30i8 3978 3314 3834 2634 373s 273s 38i2 3434 44i8
Standard Investing Corp..
2
3
3
3
2U
234
238
234
234
33s
33g
234
3U
3l2
314
27g
33g
*
35s
278
238
334
358
3%
234
...
...
"
,
Standard Oil Export pref
Stand Oil of California
100 1121211312
*
3978 44%
25
3234 3834
10
28l4 29
25
5lis 60l4
* 2934 32
..10
65
6714
*
3i4
4i8
Stand Oil of Indiana
Stand Oil of Kansas
Stand Oil of New Jersey
Starrett Co (The L S)
Sterling Products Inc
Sterling Sec Corp class A
Preferred.
*
Conv 1st preferred
..50
Stewart Warner Corp
Stone & Webster
5
J Studebaker Corp
1
Sun Oil
*
*
Preferred
*
1
100
Sutherland Paper Co
Sweets Co of America
50
Swift & Co
25
10
Internat Ltd
Symington
1234
1714
14%
9i8
72
2034
*
*
46
3578
38
36
395g
35
3838
35U
42
38
3434
34
3712
36
38
3612
3534
37U
38
33
37U
38ig
40 lg
33iS
40 U
40U
45i4
425g
445g
48U
29
30
25
29
25
3934
2978
67%
39i2
3658
353g
33
25
25
25
25
25
26
25
25
26
27
27
3034
2912
3012
29
31
5634
615g
5714
6U4
5734
653g
6D4
6434
60U
635g
60 U
687g
645g
70U
6434
703g
30
2434
273g
2578
273g
26
28i2
28
3478
33i2
383g
40
34
66
69 U
67i2
7034
69i2
74
74
73
7334
78h
70
37U
7384
23g
234
23g
8i8
70U
27g
117g
4084
77U
35l2
71%
334
10%
50%
24i2
21U
35U
7U2
1234
278
12i2
3i2
133g
49ig
52
48
19
2078
1978
18
197g
18
5034
2134
197g
58i4
6134
59%
70
30
3334
28
31%
5578
2534
65
67
6684
7134
66
3i2
10i2
12
9ig
234
87fi
334
11
4914
50%
19
2134
1938
1934
16%
15%
1458
978
120
33l2
3%
412
23
28 !8
1212
25i8
8i2
2358
3258
9
6%
25
3578
1%
578
234
49
133g
2212
4%
51
83
*
Co
Class A
37%
3934
11
18%
8i8
1117o 1121, Tin97o1123a
1121, 113
4358
36%
4678
40%
1034
33
113
4758
36i2
89
27
3
112
435g
4912
50
100 118
Superheater Co (The)
Superior Oil
Superior Steel
Swift
958
1123. 1131,
7
:
50
49
173s
1914
18i2
117g
49i2
1712
1734
19i2
17U
12%
10
1458
1058
84
91
76
86
78
120
122
120
124
120
53g
1458
27i2
958
24l2
3534
234
11»4
35l2
478
1134
2534
8%
22%
31%
1&8
784
2778 z38%
4012
684
1458
4
29%
2434
57g
934
914
243g
7%
15i2
v
*4
185g
1034
20ig
1214
77
79i2
10l4
3i2
1134
4934
1958
21U
1734
2134
1214
18
14ig
13
3l2
•
-
mm
1034
2078
17U
17U
2512
155g
24
31
4i8
1038
1418
2978
255g
7i2
8%
2278
21
31%
29
23g
2
138
10%
6%
95a
7
----
97g
814
147g
143g
19U
187g
__5
__5
Texas Gulf Producing Co
Texas Gulf Sulphur
25
*
*
Texas Pacific Coal & Oil
30i2
14%
mm mm.
mm
mm
15
8i4
838
87g
8 V
7i2
838
934
884
35%
10
Old..
33
3838
100
Texas & Pacific
100
85g
1014
5%
7%
8%
9%
39i8
31%
39%
36i4
9i4
1134
3834
15%
14%
1375
337g
11%
1214
38
36
3412
13
958
1234
9i2
95s
371
36
4138
31%
38
44
34
3914
35
4034
60
62
60
61
59
61
*
10
111
1
1
25
*
Preferred
100
100
Tidewater Oil
*
Timken-Detroit Axle Co
*
6%
1278
934
58
12
14
14
161
14i4
1578
111
10
12
*
Transcont'l & West Air Inc
778
3934
52
10
Timken Roller Bearing
Transamerica Corp
36i2
III4
103g
31
35is
958
914
7h
67g
734
7
73g
85g
65g
778
678
7*8
7U
67g
8U
37i8
3934
363s
3838
37U
4734
77g
17U
20%
14
13%
15%
8%
7U
778
87g
7%
1038
9%
.5
36i4
3678
12
10l2
34i2
1012
9t4
35
11
958
3858
35U
39
12U
934
14*8
38U
117g
4434
13
1378
10U
934
11U
97g
10&8
39
45
4U2
49
40
47
40
435g
3812
48%
3734
34
385g
34
37i2
345g
3934
4534
4278
4414
487g
40
3534
4112
395g
47i2
38i4
36%
43%
6038
6OI4
884
61
61
62i4
61
6U2
61
62U
62
63U
62
62ig
63
103g
10
115g
89
92
90
89 k: 90
11
9
;
92l2
8i2
534
25
11%
9i2
25i2
514
26i4
32
778
97g
9512
9&S
6I4
2512
978
31
6ig
85g
9
9l2
90
10
6
26i2
8i2
7
2334
9U
277g
5i2
9l2
1034
90
89i2
93g
85g
IOI4
55g
714
5i2
6i2
3034
29U
3078
307g
27i2
9i8
2678
6I4
5i8
85g
6
2884
934
7U
34
97g
85
8U
1034
10l2
16
11%
8934
9i2
89
95
92
834
6i2
8
6U
31U
105g
34
32i2
12
75g
39
12%
57g
7%
41%
1234
95g
914
10U
3234
634
3134
177g
26i2
3U2
15o
O
*
7i8
*
93
Truax-Traer Coal
*
Truscon Steel Co
10
478
7i2
22%
102
99
1053g 102
'
14
10%
39
*
Transue & Williams Steel Fg__*
63
100
11
10
135g
11U
II84 11
30
3238 28U 32i8 25
28U 315s 29
678
53g
5U
57g
6U
6%
7%
6ig
5U
5i2
32
28
2958 36
31% 37%
29i2 28
29i2 28i2 33
27i2
1534
16U 19
18U 1934 19U 215g 19
2134
163g 1734
15ig
103
105
105U 104
10412 105&S 104% 105%
102t2 105
105ig 104U105
55
50
51
55
543g 48
5478 547g 50
22
21
20 38
19
27U 22
17i2
2l5g 24ig 22
237g
16i8
2778
63
663g
6384 6934 6684 74i2 70% 74
58i4 6684 615g 6534 63
13
133g 1518
14ig
1458 18lg
13U 1334
143g
16% 177&
127g 14
18
21&8
173g 20
17U 1638 163g 19i2
22i4
17% 20%
18i2 22U
10 I8
Rights
Tri-Continental Corp..
Preferred.
14%
12%
1000
40
85g
5
39ig
117fi
103g
13
55U
87g
4184
60
29
9%
934
48U
7U
37%
12U
'
34
13%
25
8i2
10i2
758
34i2
10312
5
3534
12i2
105g
5038
61
9
9%
36i2
46
38l4
95
26
40
42
29
26
34
27
29
32i4 38
15
15
17
17% 1878
1758 19i8
15i2 18%
103i2 105
10334 106% 104
10534 10312 105
10414
60
55
58
60
55
55
5912
58i2 5834
15%
1458 1634
1734
14i2 1738
14% 17%
1558
67i2 7212 66% 7034 56
6934
5734 64i2 5912
11
14
12i2 1434
13% 14i2
1134 127g
12i2
19
16
1858
1712 2758
2H2
16% 2514
18ig
29
10
6% preferred
3312
3378
6012
1058 1258
1214 1414
110
110
10334 110
10
12%
834 1078
7
9
912
7%
28% 29 I8
27i2 29
1034 1214
IOI4 III4
28
2758 2934
3212
538
Tidewater Associated Oil
8
1000
37i2
Thompson (J R)
Thompson Products
Thompson- Starrett
67g
6i2
353g
71s
67g
6i2
1375
28
100
3514
9
*
......100
32
33 78
*
Thermoid Co
814
1438
Conv pref
Third Avenue Ry Co
Third National Investors
77g
6I4
15l8
Thatcher Mfg
The Fair Co
634
19
6
333g .3734
Texas Pacific Land Trust ctfs.l
2%
Q
**
14
10% 15
1038 13
107g 12i2
15U
15U 17U 145g 167g 15% 22%
1078 1334
1212 15
III4
75g
834
938
734
9U 1038
75s 107g
9i2 11
8ig 10U
912 11
9ig 10
834 10
102
105
103
107
105
110
108
105
107i8 102
10978 109
10838 109
10234106
102i21097g
108%
15%
called
1095« 1113«
Twentieth Cent Fox Film Corp *
Preferred
*
Twin City Rapid Transit
Preferred
...
53
5%
7
5%
81
27
8l2
107g
87g
25%
33%
31%
27
10
39%
1214
71%
81
*
Underwood-Elliott-Fisher
*
434
85
86
99
* 133
......
5
35% 41
978 1214
7034 83
77g
6%
89% Z9284
100
Ulen & Co
133
6
89
7%
9314
13134 133
67g
lOU
3238
7%
23
313s
9l2
68%
4%
86
*
4612
50i2 z46%
715g
76
75
2318
253
5234
45%
5U8
40%
87
80
8658
76
25
Union Pacific RR Co
100 108i2 123
Preferred
100
Union Tank Car...
i
United Aircraft Corp.
*
94'
25
3134
834
76
67
347«
IOI4
7278
7%
95%
4i2
8334
5i8
8884
t c__5
514
714
22i2
6i2
173g
Preferred
*
100 113
117
*
68
731
*
225s
25ig
*
67g
Preferred
United Electric Coal
33 38
377g
357g
39i4
36i2
3978
15
1258
153g
135S
16U
683s
72i4
9U2
83
9534
90
983g
27g
745g
84
4i2
8434
79
3U
773s
934
45g
9
69*4
27g
7434
3U
334
85i2
1
94
96
94
97
24%
313s
2i2
2058
28*4
2758
17%
28%
2458
178
145g
31
3214
20%
178
15U
21
15i2
1734
16
18ig
1638
1934
233g
22
2884
16%
24
2212
20
22
19
23l4
27
2012
25i2
2558
28
*
14
24%
115
7134
77
70%
79U
273g
634
4234
2918
24
2978
7i2
455g
14ig
10
15
16
18
17%
93
93
94
94
*
4i2
5%
79
70%
165g 1912
110i2113
11078
100
10%
91
96
...»
2
5
100
15
Note—Superior figures denote 32ds of
a
1278
1534
*
8
4738
1558
2458
101
5%
,
40%
1034
20
96
14i2
255g
102
20
15
96
98%
35g
16%
19
95%
3%
1534
4i2
point; viz.:
9%
7214
25U
2714
115
77
2714
2634
114
283S
115
765g 82i4
2414 X2634
112i2115
765g
2414
77g
55g
6i2
6
40'4
1138
20%
4434
43
46
133g
12
13lg
44ig
12i2
2334
22
26i4
24U
7
83i2
29U
8«4
4834
14i2
283g
99
714
47g
73s
....
538
16
* 109
Preferred
634
«...
7312
25
26l2
115i2 115% 115
25i2
115
287g
9%
4638
16%
3434
3434
IOOI4 IOOI4 105
10034 10212
4
514
638
4&S
5ig
33
337g 35i2 3218 3518
38i4
47g
70
85
77
7512 69i2 7834 77U 80 i8
15
1714
143g 16i2
145g 1578
165s
1534 18
113
112
112
109'8 110
10912 IIII4 111
11314
8
7
12l2
6%
9i2
6i2
7i2
7>s
105g
19
13
18
13i2 153g
14i2 16*8
15l2 19
99
96
96
95
97
94
96
97l2 95
3
412
3
334
334
2%
27g
23g
2U
10
17
18i2
11
10&8 16
1234 1534
1434
7514
85g
35g
16U
100
45g
875s
84
4
85
9%
28
3734
47
17%
109
4%
102%
2i2
79
100
*
7134
2434
43
United Gas Improvt Co
Preferred
U S Distributing Corp
Preferred
10U
127i2 Z12534I2734 1257a 1263a 1262 126ig
3
9
he "is
59
38i2 4U2 3934 44h
59
48U
4214 45
47U 4912 48
70
3934 423g 39
'64
34
93
100
7758 853g 8318 9278
96U 10138 99
89t4 97i2
94l2 99
105U 100
104%
21
22»g
2134 24
25h 23% 26%
217g 24
2034 23
2034 22l2 2U2 237g 23
124
147
Z130 143
122
13212 123i213834 137i214934 135U 1407g 136
120i2 128
133
95U 9634 9534100
96i2 997g
99U 97l2 98U 97% 99
9634 983g 9412 983g 97
24
2414 25
25»4 25U 28i2 25i2 28
26U 28U 2734 30
27i2 29i2 2578 27»4
23
21i8 245g 2218 25
277g 24U 2634
26U 22
27U 25% 2934
215g 28i2 24
9734
6%
__1
Paperboard Co
8OS4
36
315g
*
United Eng & Foundry
United Fruit
U S & Foreign Secur Corp
4U
8434
3234
834
2458
11334 115
United-Carr Fastener Corp
United Corp
United Durg Inc
United Dyewood
97
80U
3134
13 U
18U
17
26
35
"33"
2I84 26
26i2 2778 2684 28
27i2 3212 31U
111
11478 115
113UH5
114i2 113
87U 84U 89U
88i2 9512 88
1 8012
32
31
293g 3334 30
3218
)28
7
t 714
884
8*8
7U
8U
6U
46U 487g 45U 4778 4538 4678 42U
1334 15i2 137g 157g
14i8 15l2 14U
26
25
2912 22i2 26U 22
19U
102
102l2105
10212 103
10412 101
63s
5U
534
434
6ig
6i2
53g
367g 42
41i8 48 U 46U 50 I8 467g
75
81 s8
79i2 85ig 7334 82
78U
16
15U 16U
15U 16i2
1734
14ig
112
111
1097g 1121m 11084 1113. 111
11
958 107g
9i2 105g
1018 13
17
17l2 187g 16i2 18
I884
1734
94i2 9612 95t2 99
96l2 99
98U
2
258
23g
25g
3ig
.3l2
2i2
1234 15i2 1234 1434
1384 21U 175g
37U
3358
"26%
16i2
2034
15i2
17&8
1378
7a
*
United Carbon
Preferred
98
8212
9i2
28i2
Rights
United Amer Bosch Corp.
United Biscuit of America
16i2
43g
14U
92i2
33g
11%
34%
42%
13%
31ig
1034
94
1478
1134
385s
4734
26ig
7h
83g
243g
13
8%
I03g
32U
403g
1412
29
6
9
20l2
25l4
9U
1034
3358
4U2
8U
23
6i8
8
7U
984
3034
38U
73g
28
57S
7ig
8
273g
9018
22%
5
v
47i2
8838
28% 26
28i2 207S 2738
121% 134% 129i2 138% 117
13434
Rights.
United Air Lines Trans
8
23
25
%
Union Oil Co of California
57g
7i2
12512 132% 126
13134 133
Rights.
Union Carbide & Carbon
5
6%
10U
28%
36%
12ig
Rights
Union Bag & Paper
United
mm
Y934
2434
Without warrants
Tennessee Corp
Texas Corp (The)
7% preferred
m
124
1
Telautograph Corp
Preferred
mm m m
1834
123g
Symington-Gould Corp
7% preferred
mrntmrn
76
107g
3
1138
49
13
137g 157g 137g
13U 15
11U 1334
70
77
83
7634 83
7634 84
767g 80
79l2 82
122
123
123
L23
125
122
120
12012125
11934 121
Zll8l2l21 121
40 U 365g
60
33
48U 47
3412 373g ^36
277g 32i2 2712 373g 34U 37
4
4
4
434
334
434
45g
4U
4i8
5%
434
37g
4i2
384
5ig
17
257g 237g 283g 27
163g 1858
1214
10i8 117g
97g 147g
1334 1758
425g
37l2 323g 36
3234 3778 36
3234 35
287g 27i2 2834 2634 36
33U 35
13
13
8
1234 13
13i2
73g
87g
834
8I4
13%
814 10l2 10U 13U
22
2078 2U2 20 58 22ig 2058 22ig
2134 2278 217g 2378 2234 263s 2334 25%
33
3058 29U 317g
30ig 3U2 30*8 3334 30 U 31U 30 U 32i2 31i2 33U 31
2
3U
2U
134
2U
25g
178
13s
2h
15g
178
82i2
20%
28%
1%
3312
1134
50l4
203g
10
49
135g
38
4
912
834
8712
122
27g
9
48
2258
19i8
1458
15%
3
Z72i4
105,5=105,532.
.
a
Deferred delivery.
r
22
Cash sale.
22
165g
22
15o
O
A
34%
29% 31%
115
113i2 114
9634 84% 8978
35ig 29% 34
778
6%
7%
46U 43
46%
16i2 13% 15%
23l2 17»4 23%
103
7U
Z10034 102
67g
5034
46
87
80%
8%
50%
857g
16*8 ,14% 15%
11234 110% 111%
133g
11% 13%
19i2
16% 18%
97
100
9934
358
234
4
18
2384
23%
Volume
1936—Concluded
January
STOCKS
Low
February
High Low
223
Chronicle
Financial
144
s
December
November
October
June
September
July
August
May
April
Low
High Low High
Low
High Low High Low High Low High
High Low High Low High Low High
March
High Low
$ per share
$ per share $ per share $ per share $ per share $ per share
share $ per share $ per share $ per share
34*2
30
35*2 30
29
3178
24*4 28*8 2634 28*4 26*2 30*2 29*2 3134
2478 2784
3438 2558 34
125*4 118*212358
104*2 97I4IO212 99*4 112*4 109
90
100
9658102i2 98
10958 85*4 104*2 80i2 92%
20
96% 9658 110%
164*2 167
163*2167
164*4 16534 168
161
162
1 6478 161*4166
164*2 164
160
163|
100 164
167% 167% 169% 161*2 167*2 161*2 166
1734 20% 1658 19*J
13
16*4 1358 16*2 1478 1778 1534 19*8
11*8 1378
10
12*2 11*8 123s
1034
1278
9% 14U
8% 10%
5
56
62*4 55*8 59
58
49
54i2 51
51*2 51
Par $ ;per share $ per share $ per
U S Freight
7% preferred
5H%
cony
39%
29
3378
preferred
28*8
95
85
U S Hoffman Machinery
'
33
*
U S Gypsum Co
50
*
U S Leather
*
Class A
v
v
t c
t c.
4U4
812
133s
*
Prior preferred vtc
20
1st preferred
4438
9%
18%
39
43%
8*8
16
978
18
71
8314 7834 83
2U2 3478 3338 38*4
20% 2U2 21532 213I«
*
U S Pipe & Foundry
_*
59
884
638
82
85
II84
82*2
33
3838
V31*2
1534
3634
16*2
848<i
38*2
44%
5338
9*4
17b8
42*8
8*4
11*4
82*4
32
16"
*
8% 1st preferred
1638
47
100
U S Smelt Ref & Mining.
Preferred
50
68i2
100
U S Steel
8778
50
463s
100 115%
7% preferred
I
U S Tobacco
* 139
Preferred
100
United Stores A
"5%
*
70
Preferred..
Universal Leaf Tobacco
65
*
100 155
Preferred----.
50
Universal Pictures 1st pref--100
t Universal Pipe & Radiator
1%
1
Preferred
3%
112
3712
20*4
2834
1
*
Preferred
.100
Vanadium Corp of Amer
Van Raalte Co
*
5
100 112
42
5
7% 1st preferred
Vlck Chemical Co
2034
17
534
15
100
Utilities Power & Light cl A
Vadsco Sales Corp
4
238
50
2412
1*4
4012
6% preferred
*
100
100
100
100
| Wabash Ry Co
i_100
Preferred A
..100
Preferred B
100
Waldorf System..
*
Walgreen Co
*
...
6^% preferred
...100
| Walworth Co
*
Walker(H) Gooder & W Ltd...*
Preferred
*
Ward Baking class A
Class B
*
*
7% preferred
100
Warner Bros Pictures
conv
5
preferred
*
t Warner-Quinlan
*
Warren Bros
*
Conv preferred
Foundry & Pipe......*
Preferred
2914
2334
7
1
87S
*
234
46%
82%
1%
Wesson Oil & Snowdrift-
403s
conv
*
80
*
preferred
91*4
100
West Penn Power pref
7%
6% preferred
Western Maryland Ry Co
2nd preferred
96
100
7% preferred
6% preferred
90
100 116*2
100 11134
878
-100
1634
100
Western Pacific RR Corp
Preferred
100
Western Union Telegraph
100
100
Westinghouse Air Brake
Westinghouse El & Mfg
7% 1st preferred
*
50
50
Weston Elec Instrument
*
Class A
*
*
Westvaco Chlorine Prod
5%
preferred
Wheeling & Lake Erie
30
conv
13s
13*2
6*2
43s
1*4
3484
16*4
32*8
178
38
25
35b8
17*2
1*4
6*2
2*4
24*2
8*s
283s
11*4
245s
8*4
2838
IO84
2
35*2
78
234
2
42*4
823g
373s
1*2
39
36
1934
17*2
37*2.
3384
112
113
5*2
45*8
834
82
713s
158
97
1534
5*4
1*4
32i2
17*2
3434
138
35*2
1934
3878
113
43*8
42i2
45
72
75
1034
8334
93
14*2
1634
19*2
6*2
29
934
21
63s
96
23*4
85
335s
81
7878
1*4
458
5*2
43s
1
1*2
92
96
95
658
1*4
3634
80*2
105*2
70
70
100
*
5*4
378
24*2
45s
11
1478
1434
4*2
21*4
16
53s
24*2
3*2
9*4
4
10*4
3*2
4*2
21
884
87
83
85*2
8134
52
5578
23*2
7% preferred A
6% preferred B
Wright Aeronautical Corp
Wrigley (Wm) Jr...
Yale & Towne Mfg Co
57
2734
63*4
52*4
2584
47
5234
62%
71
51*2
64*8
5638
34*8
74i2
62
71*2
49
Worthington Pump & Mach.100
77
7834
77
79
7538
78
61
29*8
65*2
56*4
69*2
365s
447s
14%
14*8 18*2
834 16*4
83*2 108*2 100*8 120*4 110*2
34*2
45
Young (L A) Spring & Wire...*
443s
Youngstown Sheet & Tube
4I84
48*2
47*2
36*2
Rights
113
..100 105
* 11*8 14*2
734
46*2
47
111
135s
7*2
49*2
54*4
116
19
8%
Note—Superior figures denote 32ds of a point; viz.:
46
48
113
16*8
7*2
17
558
36*2
104
160
160
164%
101
105
101*2 105
84
5*8
4*2
35
434
33*2
6*2
44
6%
6%
44%
44*8
5*2
39
8*2
5834
112% 114%
114
11234 114*4 112%114
7
7% 13»4
9*4
4ig
9*4
458
5*8
5*8
33
35
41%
23*4 36*4 26
23*2 17*2 21
128
128
130
128
131*2 12784 130*4 127*8 128*2 128
75
82
74
84
70
71
70
73
725g 74*8
128
128
130
122
120
12934 12934 126
122*2 120
2%
33s
23s
3
234
3*4
2*2
3*4
2*4
27g
7*2 10*4
634
8*8
758
8%
7*4
93s
684
8*8
5
5
784
6*2
5
6*2
7
5*2
738
5*2
16
143s
3234
34*8
118
115
7%
7*4
878
3878
1834
37
18
19*4
24i2
2334
4
185g
4*s
71
86
87
1134
53*2
13*2
56
1234
34
%
97g
8
2114
26
2934
24
734
26
355g
116
3U2
3*4
16
18
17% 19
16*2 18
38*2 37*2 39%
34i2 37*8 36
116%
115*2117*2 114
11418 116
10% 12%
734 11%
73s
8*2
83s
445g
43*2 4934 45% 49*2
4134 40
19
20
19*4 1934
18»4 19
19
41
52
47
47%
3434 50
37
6
6*4
7%
7%
5*2
7*8
6*4
100% 105
105
100*2 100
1005s 98
16% 18%
14*4 18*4
13*8 15*8
14*8
18
16
33*2
116
63*8
56
84
60
1*8
13g
83s
958
23*4
27*4
2734
32i8
26
7*4
2234
63
1*2
10*4
62
1*4
8%
66
66
1*4
2*4
11%
9*2
69
2
12»4
8B8
25»4
31*2
30
35%
30
38%
6*2
27*2
2434
31%
35*8
27
31*4
33%
39*4
30%
33%
37%
39%
7%
8%
7%
9*2
1*4
39*4
234
45%
134
2%
52%
80
82
6*8
1
138
108
109*2 106
1*4
138
1*8
105
99*4 103
110
109% 103
42
80*4 8334
98% 100%
101
102
99
104
107
9434100
1225g 120
70
70
80
75
year
89
24
28*2
88
2434
1434
478
20*2
434
8*2
106
99
27
2134
2834
28*2
90
84
88*2
953g
96
21%
2378
15*2
4
193s
21
29*2
8978
24*4
153g
27
8634
19*2
23*4
203g
14
15
14
14
384
17*2
1334
3%
1784
3*2
738
4*4
23*4
100
105
99
23
33s
1834
4
22*2
334
35*4
*120
90
91
91
90
90
120
113
120
113
113
30
10538 103
33%
31%
20%
14%
25%
16*4
3*2
5*4
4*4
18*2
2938
26*2
5*4
33*4
32*4
34%
104*2 102% 104
2234
1534
24
15*2
17%
684
4-%
29
39%
*99% 104
28%
43
23*2
15*4
5
36*4
2684
16%
6%
41%
5%
1878
4
4%
3
3%
3*8
3*8
3*2
3*4
4*8
334
4*4
5*4
334
3%
5*4
8
8
8*2
9*4
8%
778
8%
8
734
884
8*4
658
9*4
734
75s
934
76»4 8134 76*2 79%
73
78
82%
75*2 7934 77
70
77
74*4 74*2 78*2
85*2 71*2 8234 74
61% 69%
60% 71
48*4 5434 5134 54% 5278 55*2 53*8 56*4 53% 63%
53*8 4434 5084 47*4 503s
28
30% 35*2 31*4 36%
36*4
3258 2778 32
3H2 28
2584 27*2 25
35*2 23*8 3434 2434 2884
73
81
73% 85*4
76*2 84*2 76*2 86%
63
7878
7334 71
6634 63
56
7278 56*8 69
75
71
77
64
72% 80*2
62
8034
68*2 65*2 72
5218 65
53*2 56*4
48
64*2 4934 5878
66
130% 114
130%
135% 117
79
14034 119
78
89
99*2 96
9434 88
65
88*2 70*8 90
106
77
70
78*2 71
63
6634 7134
66*4 6434 67
703s
66*4 7058 63*4 69
775s 67*2 X7734 66
46
44
51
50*2
34
3938 42i2 403s 42*2 41*4 45
373g 35*2 42
37*8
42*4 333s 41*2 34
16*4 23*4
I884 20%
18
17*2 2234
1878 2034
2178
17
19
17*4 2134
17*4 1834
16
1978
20*8
159
*127%163%
132
145
144*2 155*2 151
145
137*4 145
123
13234 128
121*2 12034 138
121*2 113
2%
5%
48*4 51% 42% 49%
47% 5134
46*2 51*2
42*4 50*8 45*8 48
42% 49*4
47*2 49*4
49% 465s 55
7934 8734 7634 82%
84%
79*8 8734
60
68
5834 73*4 73*8 83*2 78
54
47*2 61*2 48*2 6178
115
121
111% 121%
116
117*4 121*2 116%117
118*4 122
112
1153s 11578 118*4 114
110
115
114
42% 32% 4134
16
2078 26*8 2484 395s 32% 3778 3434 40*4 37% 41% 38
2278
15
1978
1938
7%
8%
7%
8*2
7*2
9%
6*2
8
6*2
7*2
534
734
57s
634
6*8
7
578
85S
2438
16
105,5=1051532.
a
/ Cash sale.
Deferred delivery.
for Greater Activity This
Ordinarily Looked For
and next year in the exchange
have ordinarily inclined to feel or believe"
Jan. 2 by Charles G. Dawes, Chairman
of the City National Bank & Trust Co. of Chicago, at a
breakfast held in the Merchandise Mart by officers of Mar¬
shall Field & Co.
Mr.. Dawes was thus quoted by Howard
on
Tribune", these advices also
reporting Mr. Dawes in part as follows:
He
men.
were
warned that their
contained
a new
note of warning for business
mis judgments during periods
of prosperity
usually greater than in times of adversity.
"In
attempting to determine future trends," he said, "I have been prompt¬
ed merely by
cisions.
facts
the natural desire as a business man to make the right de¬
I have had no preconceived theories.
and viewed them
in
In the current recovery
I have sought merely the
the light of a knowledge of human
nature."
the revival of consumer demand for the products
of the heavy industries is even more
pronounced than during the recovery
periods following the depressions of 1873 and 1893. Gen. Dawes said,
cause
much
in the last six years prices of
as
than in the past
further
buying restarted.
be¬
goods were not permitted to drop as
in the previous depressions,
Wood, in the Chicago "Daily
160
10234 111
160
156
4*8
Gen. Dawes' latest forecast
Looks
Year and Next Than is
predicted
88%
102
100
3*4
1584
558
284
8*4
was
83
1%
34
42*4 39*2 4278 38*2 4234 38*4 41%
83
80% 81%
80*4 8134 79*2 83*2 81
104
106
102
106
102*4 105
*102% 107
80
43g
activity this
92
18
1*2
100
1438
17*2
"Greater
85
114*4 112
112
734
75
*
*
of goods than we
86*2
85
1*8
90
27*4
15*2
5
Dawes
88
84l2
31
85
70
20*2
14*8
;*
G.
102
82
112
99
33
3658
3634
37*8 33
107*2
109*4 101
10178 102
23*8 28*4
1838 27
18*2 2134
Conv preferred
Charles
884
94
164
84
6*4
99
243s
85*2
19*2
1414
1
81*2
53s
343s
2834
205s
69
60
93
*
6I2
834
93
80
4*4
25*4
89
60
23*2
1
164
89
92% 97% 94% 98
120
119
123
124
122%
124*2 120
11334 U634
11234 116
112%116
115*2 114*4 116
8%
984
834 10*4
11%
93g 11*4
1038 10
19
19
22*4
17*4 20*2 17
1778 23*4
19
2
2%
2%
2%
2
1%
2*4
2*8
2*2
2*2
534
6*4
7%
5%
534
7*4
5*2
73g
5*8
96% 7534 91
84*8 90*2 8534 92*8 86% 9534 88
98
100
793s
140
5*8
21*8
6*4
102*2
9434
31
25
72*2
15434
94*8
84*4
71*2
1*4
3234
7934
100*2 95*8 10034 101
99*2 98
105*2 10978 106*2 10834 107
110
100*2 108
99*2 102l2 101
99*2
94i2 98*2 97*4 101
87
91*2 98*2 91*2 95
90*2 94
95
12 ll2 121*4
122i2 120
*119 121
118*4 120*4 119
119
121
119*2 121
120
114*4
113
113*2 115
114*4 113*8 115
112
114*4
114*2 116
112*2 115
114
9*s
8*4 10
8*2
958
8*8
9*s
8*8 107s
9*4
1158
978 12*8
10%
15
17*2 18*2 17*4
20
15*2
1634 1734
15
17*4
1984
1878 17*2 2034
94
10234
90
100
100
*
*
1*4
1%
37
80
10334
19*4
493s
9934
92%
74
73% 79%'
139%147
132
138%
160*4 167
14*2
43*2
22*2
79
85
3458
60
10
6*8
738
83
1538
483g
101
3*2
4%
3*2
4*8
334
438
3*2
4*2
2
134
2%
2%
178
25g
134
2*4
2*8
57
42
47
5484 47
5484
40
48
35
30
43
22
24% 23*2 30%
2534 2l78 253g
2434 23
1634 2178 20
43%
41
43
43*2 48*2 43*8 49% 39
4U2 45
3734 45
116
115
112
113*2 115*2 113
113*4 114
113*4 116
11058 113
4134 46
44*2 46
46*2 44*4 4634
4384 48*4 43*4 47*2 44
23*4
2
40
50
$6 preferred
21
15
'
103*2
55*4 63%
90
96
58*8
934
12*4
9*8
634
1234
91
89
78*2 71*8 7734 75
156
165
161*2 161
105
108
107*4 .101
13ft
*2
1
75
82
65
Zonlte Products Corp
77
14*2
412
1%
61
Wilson & Co
5)4% preferred
91
56
4T34"
534
6*4
14*4
4*2
2
2
2
2*4
3
23s
2
2*2
2*2
3*8
278
4
2*s
3
5*2
7
534
678
5*4
63s
8*8
7
53s
978
684
8*2
5*4
7*2
91
7758 88*2 8234 9178
72*2 823S
82*8 9438 73
727s 79*8 7534 95
42
*50%
47% *41% 4638 44
4578
44l2 42
403s
37*2 44*4 3734 43*2 39
47ss
41*2 48*8 3434 45*2 36
3434 3984 38
138
147
153*2 138*2 150% 1413414934
144*2 140
11934 117% 143% 132
12134 101*8 1225s 10212 11878 109
94% 113% 112l2 1227s 111
148
160
146*4155
148
149% 156
134
150
132
136
150*8 142*8 148*2
133
134
137
145*2 134i2138
123i2 140*2 132*2 140
25*4 28% 2334 27%
2838 26*4 29%
23
2258 25% 225g 28*2 25*2 27*4 24
25*2
2234 31
26*2 31%
3234
30*s 3334 28
37
38
36
38
37*8 38*2 37*2 37*2 35*2 38
37*2 38*2 37*2 38
37*2 3734
3734 38*2 37*2 39
37*2 38*4
36*4 39
23% *26*4 23 • 25%
24*8 26%
24*4 30*2 24*8 27
1934 32
1934 21
258* 21*4 2234
23
23*2 263s 21
2484 27*4
23*2
34%
33% 35*4 3134 3434 32
32% 35*8
Wilcox Oil & Gas
Zenith Radio Corp
36
97
88*2
72*2
13*2
80
35
50
7% preferred
3878
815g
8212
7o
34*2
50
Yellow Truck & Coach cl B
34
83
87
40
*
Woolworth (F W)
35*4
73*4
7238
2*8
34
White Rock Min Spr tr ctfs
White Sewing Machine
30
7738
7934
72
105
113
113
100
White Motor
10*4
33
70*8
7234
1*2
100
Preferred
9
28
77
160
42i2
81*2
100
conv preferred
Wheeling Steel Corp
1058
3212
70
1
1&8
1458
48,
19
2284
1%
100
Preferred
858
2738
74
70
83
Wells Fargo & Co
$4
48*2
9578
75
66
575s 65*2
155
156*2 153
92
101*2 100
100
West Penn Electric Co A
553s
.
*
Webster Eisenlohr
5378
49*8
5
5
4*4
5*4
5*2
6*8
5
5*8
7*2
684
83s
8*4
5%
32
3558
3634 32
32
41*2 4834 33*2 4578 33*4 37*2
36i4 34*4 46
133
133*4 133*4 13338
133
105
126*2 125
11478 117
11334 113*211438
114l2 113
112
109*2112*2 112
111
113*2 109
110% 114
4
4
6
4*2
4
4*8
6
4%
5
6*2
6*2
65s
1
678
17
19
19
14
21
19*8
21*4 25
30*2
24% 27% 28
125
125*4 12578 126
12134 126
120
il958 121" 11978 123
*114%116% 118
71
74l2
74
70*2 77*2
79*2
80
85
75
83
76
81
705s 86
130
137
135
135
137*2 125
130
135
135
135
258
3
2*2
234
212
3
25g
334
3*4
4*4
"3*2 "~4%
"23g ""4"
6
638
8*8
73g
75s
6*2
578
9*8
5
7*2 10%
7*2
958
778
458
458
43s
4*8
5*4
5*4
5*4
5*4
6*2
734
5*2
6*2
414
5%
13*2 16*8
13*4 15
1258 1412
13
12*2 15*8
12*8
15
157s
9i8
1384
31
30
3478 3238 34*4
3184
33
31*8 34*2 30
32
3434 32*2 3334
116
117
116*211734
116*8 117
115*4 117
1163s 117
116*4 117
116U118
6
778
6*2
73s
6*4
75s
6*8
9*4
8
978
7*8 10
5i2
8
34*4
27*2 2958 28
2734 31*4
28
3234
26*8 30
31% 3414 31*2 34*2
18
1778 18*s
18*8
1834
1734 18*2 18
18
18*4 19
18*4 19
1834
1784 24
11
11*2 20%
13
14*2 n
14
14
15*2
165s
1078
18
3
4i8
3
23s
334
2*8 /} 2%
2*8
2*2
3
278
3*2
23s
35s
62
79
71*2 7834
'60*2
59
61*2 57
5934 64*4
60*4 65
473s 70
934 123g
9*2 1078
9*4 103s
9*4 123s
1034 13*2
934 13i8 12*4 145g
44
47*2 47*2 4978 55
53*4
52
55*8
50
54% 52*2 5778
84
1
*2
1*2
2
238 "1% ~T%
1*8
2*8
278
284
Us
2%
734
8
778
934
8*8
9*4
7*2 10*4
684
10*4
6*8
8*4
45s
778
2214
2134 2414 21
18*4 • 21*2
18
1934 2534
2558
1578 2H2 1734 22*2
24
23i2 2534 25*8 287s
2734 22
27*2 21
24
28*2 25
28% 26
5
Waukesha Motor Co
58
5038
418
*
100
Virginia Ry Co pref
Vulcan Detinning
7% preferred
49*2
39*2
104
<181*2
100
100
Preferred
90*8
92
72
100
7% prior preferredVirginia El & Pow 6% pref
Virginia Iron Coal & Coke
98
91
10i8
3U2
785g
8%
68*4
6784
Viclts Shrevep & Pac Ry Co_.100
5% non cum preferred
Virginia-Carolina Chemical
92
84
558
84*2
83
91
7558
72*4 86
71
71
70
73
72*2 71
72
74
71*4
74*8
72
695s 7934
693s 73*8
58*2 6434 6684 68*4 64*2 71*4
6158
120
131
140
139*2 150*2 145%
135*2 14034
133*4
118
127*4 124*8 129*2
135
138
140
144
140
140
139*2 139*2 134
141
133*8 140*2 140
163
160
164
164
164
166*2168
16212 162l2 *162 167
6
7
638
6
678
5*2
7*8 *"578 "7
53s
6!
5*4
578
5*2
45
1078
84
638
7212
54*8
16*4
39
538
1212
~43% 36"
38%
1034
4278
2658
7558
88
7
23
27%
21*8 26
30*2 36*2
33l2 *30% 36%
111
113*4 114
II3I4 *110% 113%
45
43*4 453s 40
42% 46
938
31*2
734
2%
46%
21%
34*4
412
4238
658
14*2
83
37*8
6434
758 107S
1278
10%
2638 34%
185S 3038
18i2 2134
19%
63*4 8034
57*2 79
58l4 56% 6334
92
85
85*s 953s
96% 84l2 95
75
73
7438
71*4 75*8
7314 73
55
7238
60*4 6778
503s 495s 65
121*4 13234
119
130
127*2 132
121
131
138
142
140
13534 143
14334
16034 160*4 162*4 163*2 162*4 163
5
7*4
6
63S
758
7%
~6%
75
7934 6884 78*s
72is 7534 80
60
63
57®8 62*8
69i4 60% 66
153
1 5734 153*4 156*2
159*4 15412 158
89*4 115
75*2 92
80
6234 78
1*4
2*s
3*4
178
2%
3
3
3~5%
478
11*8
3734
634
13*4
32*2
10
83*2
12
27
"l3 ~ "n" "12%
"31*4
10%
37
31*2
658
"is
'16
U S Realty & Improvement
U S Rubber
Warren
8
13*2
84
39*2
7
1278
38*4
73s
13*8
84*2
33*2
39
6*2
Rights
$3.85
*2
64
Rights
U S Industrial Alcohol
thus curtailing sales more severely
and building up a greater accumulated demand when the
224
Financial
Program of Monetary Control Urged by President
Parkinson of New York State Chamber of Cora¬
ls L
merce to Safeguard
Recovery—Regards as Wise
Treasury Action to Aid Money Market Through
^
Gold
"Sterilization,"
but
Terms
Move
Merely
Palliative
"Underlying forces of recovery"
W. Aldrieli
a
described by Winthrop
are
baying been "sufficiently strong during the
series of handicaps, which, under
other and less favorable
circumstances, might easily have
as
1936 to
year
checked
the
overcome a
upward
business."
course of
is made by Mr. Aldrich in
This observation
statement issued at the begin¬
ning of the new year and made public on Jan. 4.
Making
the statement in his capacity as President of
the Chamber
of Commerce of
the
is also Chairman
a
State of New
York, Mr. Aldrich, who
of the Board of the
Chase National Bank
of New
York, adds that "industrial activity forged vigor¬
ously ahead notwithstanding currency difficulties abroad
and increasing political
tension, and at home the calamitous
spring floods, the withering effects of the drought, infla¬
tionary fears aroused by the payment of the soldiers' bonus,
and the uncertainties of a national election
campaign."
He
likewise said that "in the three fields of
production, distribu¬
tion and employment substantial
progress was made."
Stating that "the continued expansion of bank credit, as
well as the further growth of the material
base upon which
future expansion can develop,
brought to the fore the neces¬
sity of the control of the existing tendencies towards infla¬
tion."
Mr. Aldrich went
to say:
on
This
problem, already apparent in the substantial price increases
during
the fourth quarter of 1936 in a number of
categories of raw materials and
semi-finished
goods,
business
government
cised
too
and
and
unless
well
may
monetary
easily degenerate into
The
action
taken
be
of
one
leaders in
the
1937.
controls
are
most
Unless
invoked
important
confronting
great prudence
in
time,
is
recovery
exer¬
can
all
short-lived boom.
a
of the
I
the
on
the
money
situation.
believe that
involve the
1.
The
adequate
an
program
of monetary control must ultimately
following:
balancing of the Federal budget, which would bring
an end to deficit
extension of bank credit.
An increase in member bank reserve
requirements to the full extent now per¬
financing through the
2.
mitted by law.
_
3. The discontinuance of the purchase of silver
by the Treasury; and
The management of the tripartite agreement between
4.
England, France and
the United States in such manner as to set the
stage for the restoration of the regu¬
latory function of the international gold standard at as early a date as
possible, so
that equilibrium may be restored between
prices, interest rates and foreign exchange
rates in the different countries of the world.
what
It
would
is
States
If
we
in
to
but
can
1936
as
will
passes
hold
position
to
see
fulfilled
into history,
the
The
the
gains
and
advance
of
all the
grateful
the
still
for
mistakes
further
on
great
promises
nations,
made
progress
have made,
we
avoid
to
trading
on
Wednesday
the heavy
was
were generally
stronger and there was considerable buying
interest manifested in the oil stocks and
mining and metal
issues.
The market
quite active throughout the day
climbing to approximately 670,000
shares against 485,000 on
Tuesday.
The strength in the public
utility issues was the outstand¬
ing feature of the trading on Thursday.
The dealings in this
group dominated the market and many popular trading
favorites worked into new
high ground before the close.
Oil stocks were also active and shared in the
general advance,
was
the volume of transfers
though the gains
less conspicuous than in the utilities.
were
The demand for industrial specialties was
was considerable
buying at increased
fairly heavy and
prices in the min¬
ing and metals group.
The outstanding gains of the day
were Aluminum Co. of
America, 5 points to 160; Western
Auto Supply A, 4 points to
78; American Hard Rubber,
334 points to 24; Commonwealth Edison, 434 points to 125,
and New Jersey Zinc, 234 points to
8234The trend of the market again
pointed upward on Friday
and numerous gains ranging from 2 to 4 or more
points were
recorded among the speculative favorites.
Specialties were
in demand and mining and metal issues attracted considerable
attention on the buying side,
Bunker Hill-Sullivan was one
of the strong stocks and surged forward 4
points to 112, and
smaller advances were registered in other
parts of the group.
In the specialties list Pepperell
Manufacturing Co. was the
outstanding favorite as it climbed upward 734 points to
14734As compared with the closing prices on Thursday
of last week, the range was
generally to higher levels, Alumi¬
there
Co. of America closing last
night at 161 against 153 on
Thursday a week ago, American Gas & Electric at 43%
against 3934> American Light & Traction at 2334 against
2134, Associated Gas & Electric A at 5 against 4, Atlas Corp.
at 1734 against 17, Consolidated Gas of Baltimore at
8934
against 8734, Electric Bond & Share at 2634 against 2234,
Fairchild Aviation at 7 against
634, Ford of Canada A at
2434 against 2234, Hudson Bay Mining & Smelting at 3334
against 3234, International Petroleum at 3534 against 3434,
New Jersey Zinc at 83 against
82, New York Telephone pref.
(634) at 118 against 115, Niagara Hudson Power at 1734
against 1634, and Pioneer Gold Mines of B. C. at 634 against
534.
"
./
■
TRANSACTIONS
in
AT
THE
NEW
YORK
CURB
EXCHANGE
which
Stocks
fortify them
of
the
the
recent
road
to
Week Ended
the United
during
by additional
past,
sound
we
Jan. 8. 1937
1936.
will
economic
Saturday
Bonds (Par Value)
upon
these
which Mr.
columns
Dec.
Aldrich comments
21,
page
4081, and
of
Shares)
Foreign
Domestic
209,310
354,195
484,630
Foreign
Oovernm't
Corporate
.
$843,000
2,029,000
3,033,000
2,967,000
3,342,000
3,354,000
$50,000
122,000
305,000
121,000
135,000
99,000
3,734,405 $15,568,000
Monday
Tuesday
Wednesday
$832,000
670,060
Thursday
Treasury action
referred
the market
as
demand for Electric Bond & Share which
surged forward into
new high ground at 24 at its
top for the day.
Public utilities
only the most venture¬
recovery.
was
the side of the advance
(Number
that
be
to
reason
safeguards
a
1937
year
however,
say,
most
on
The feature of the
attempt to predict.
safe
has
economic
be
the
extent
to be held out
appear
some
trading favorites
9.
1937
closed.
DAILY
To
Jan.
num
by
Treasury a few days ago to neutralize the
market of the continuing imports of gold
through the
sale of Treasury bills was wise, and should be
effective to the extent that
it is used, but it is
merely a palliative and does not reach the fundamentals
effect
Chronicle
1,022,810
Friday
993,400
Total
Jan. 2, page 35.
Sales at
Tola
$44,000
$937,000
2,197,000
3,421,000
3,186,000
3,512,000
46,000
83,000
98,000
35,000
97,000
3,£50,000
$403,000 $16,803,000
Week Ended Jan. 8
Calendar
Year
New York Curb
THE
Curb
market
CURB
stocks
were
EXCHANGE
inclined
to
move
Exchange
downward
during the early part of the week, but a moderate upward
trend gradually developed and
many of the popular trading
issues scored substantial gains.
Public utilities were weak on
Monday due to the continued seriousness of the strike
situation, but there was considerable improvement apparent
as the week progressed.
Oil shares improved and mining
and metal stocks moved slowly upward.
Industrial spe¬
cialties were weak for a brief period on
Tuesday, but gradually
advanced to higher levels.
The volume of business also
showed
substantial increase
a
Transactions
resumed
This
on
was
on
the week progressed.
the Curb market were quiet as
trading was
as
Saturday following the New Year's Day holiday.
due in part to the unfavorable labor situation in the
automobile
industry and to renewed anxiety regarding the
foreign situations, particularly the recent developments in
the Spanish Revolution.
Scattered through the list were a
few stocks that closed on the side of the
advance, but the
tendency, on the whole, was toward lower levels.
Public utilities were moderately firm on
Monday, though
many of the active shares among the oils, mining and in¬
dustrial stocks
were
inclined to
of transfers also declined,
to
354,000 shares which
hour sessions.
was
move
downward.
some
The
in
demand and the industrial stocks,
volume of
1
1935
3,734,405
4,114,291
134,843,049
75,783,794
$15,568,000
832,000
403,000
$36,328,000
$790,556,000
19,202,000
$1,141,044,000
398,000
279,000
13,292,000
13,169,000
$16,803,000
Domestic
Foreign government..
Foreign corporate
Total.
$37,005,000
$823,050,000
$1,172,064,000
17,851,000
Course of Bank Clearings
Bank
with
a
clearings this week will show
year ago.
an
increase
Preliminary figures compiled by
telegraphic advices from the chief cities of
upon
indicate that for the week ended
compared
us,
based
the country,
today (Saturday, Jan. 9),
bank exchanges for all cities of the United States from which
it is
possible to obtain weekly returns will be 18.7% above
those for the
corresponding week last year.
Our preliminary
at $6,981,738,329,
against $5,883,452,375 for
At this center there is a gain for
ended Friday of 17.0%.
Our comparative sum¬
total stands
the
same
the week
mary
week in 1936.
for the week follows:
Clearings—Returns by Telegraph
Week Ended Jan. 9
Per
1937
1936
$3,430 809,700
294 155,483
373 000,000
228 572,000
89 102,111
82 600,000
127 695,000
136 632,046
99 101,031
79 231,935
64 094,363
29 ,921,000
$2,931,895,875
221,645,283
299,000,000
184,000,000
77,479,932
+ 17.0
69,100,000
110,784,000
81,314,709
69,580,480
58,656,130
47,695,286
33,471,000
+ 19.5
—10.6
cities, five daysT.
cities, five days......
$5,034,914,669
783,200,605
$4,184,622,695
629,992,625
+24.3
Total all cities, five days.
$5,818,115,274
1,163,623,055
$4,814,615,320
1,068,837,055
+ 20.8
$6,981,738,329
$5,883,452,375
+ 18.7
New York
Chicago
Philadelphia...
Boston
Kansas City...
St. Louis
San
Francisco.
Pittsburgh
Detroit
Cleveland
Baltimore
iNew Orleans...
which
depressed on, Monday, again moved higher.
The
dealings improved also, the transfers for the day
reaching approximately 485,000 shares against 354,000 on
the preceding day.
As the day advanced some of the early
gains were canceled but therb was a goodly number of the
were
1936
Bonds
of the recent two
gains among the utilities included Empire
pref., 53^ points to 693^; Indianapolis Power
pref., 3 points to 105 and Columbia Gas &
Electric cv pref. (5), 234 points to 9334.
Among the declines
were many prominent
trading favorites including Aluminium
Ltd., 3 points to 103; Americanj Cyanamid B,lJ/£ points.
Renewed activity and advancing
prices were the outstand¬
ing characteristics of the market on Tuesday.
Public
were
1936
The volume
Gas & Fuel 6%
& Light 6XA%
utilities
Stocks—No. of shares.
the total for the day dwindling
less than
1937
Twelve
Other
All
cities, one day
Total all cities for week.
.
Cent
+ 32.7
+ 24.7
+ 24.2
+ 15.0
+ 15.3
+ 68.0
+ 42.4
+ 35.1
+ 34.4
+ 20.3
+8.9
Volume
Financial
144
r*
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them today, inasmuch, as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all
cases
present further below,
trict
the
December and the 12 months of 1936 and 1935 follow:
'
1936
Stocks, number of shares.
we are
week
48,600,177
we
furnish
a summary
1935
1936
1935
381,635,752
496,046,869
45,589,317
Bonds
Railroad & misc. bonds..
$282,033,000 $260,871,000 $2,899,372,000 $2,287,488,000
State, foreign, &c., bonds
50,468,000
378,026,000
358,615,000
33,094,000
U. S. Government bonds.
23,378,000
318,887,000
673,944,000
20.464,000
Total
bonds
The
$355,879,000 $314,429,000 $3,576,874,000 $3,339,458,000
volume
of
transactions in share properties on the
New York Stock Exchange for the 12 months of the years
1933 to 1936 is indicated in the following:
1936
1935
1934
1933
No. Shares
No. Shares
No. Shares
No. Shares
Month of January
67,201,745
60,884,392
61,016,648
19,409,132
14,404,525
54,565,349
15,850,057
29.900,904
179,102,686
49,663,714
141,296,205
58,129,049
39,609,638
20,613,670
21,428,647
22,408,575
30,439,671
22,336,422
29,845,282
25,335,680
16,800,155
52,896,596
104,213,954
125,619,530
February
March
First quarter
April.
May
June
Second
81,651,855
75,184,668
71,981,117
282,730,080
124,848,382
213.277,322
340,859,129
34,793,159
26,563,970
30,872,559
29,427,720
August
by Federal Reserve
September
districts:
18,718,292
19,314,200
20,096,557
56,829,952
260,754,540
quarter-
Six months
July
following
12 Months
Mon'h of December
13.0%.
In the
transactions on
The results for
Description
able to give final and complete
previous—the week ended Jan. 2.
For that week there was an increase of
1.2%, the aggregate
of clearings for the whole
country having amounted to
$6,756,438,385, against $6,410,432,753 in the same week
in 1936.
Outside of this city there was an increase of 12.0%,
the bank clearings at this center
having recorded a gain of
1.2%.
We group the cities according to the Federal Re¬
serve districts in which
they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals
register a gain of 0.7%, but in the
Boston Reserve District the totals show a loss of 5.8% and
in the Philadelphia Reserve District of
In the
0.2%.
Cleveland Reserve District the totals record an expansion
of 30.0%, in the Richmond Reserve District of 47.5%,
and in the Atlanta Reserve District of
22.2%.
The Chicago
Reserve District has managed to enlarge its totals by 17.4%,
the St. Louis Reserve District by
17.1%, and the Minne¬
apolis Reserve District by 25.2%.
In the Kansas City
Reserve District the increase is 3.7%, in the Dallas Reserve
District 15.2%, and in the San Francisco Reserve Dis¬
for
225
Our usual monthly detailed statement of
the New York Stock Exchange is appended.
has to be estimated.
In the elaborate detailed
statement, however, which we
results
Chronicle
Third quarter..
42,925,480
34,726,590
21,113,076
16,690,972
12,635,870
120,271,243
42,456,772
43,333,974
92,229,688
107,079,790
50,439,918
206,061,989
352,984,228
231,928.172
263,717,240
546,921,118
October.
43,995,282
50,467.182
48,600,177
46,658,488
57,459,775
45,589,317
15,659,921
20,870,861
23,588,612
39,372,212
November
SUMMARY
quarter.
143,062,641
149,707,580
60,119,394
107,895,334
Twelve months.
496,046,869
381,635,752
323,836,634
654,816,452
OF BANS CLEARINGS
Nine months
Inc.or
Week Ended Jan.
1937
Federal Reserve Dists.
1st
Boston
12 cities
2nd
New
York. 12
Philadelphia 9
Dec.
1935
1934
$
%
$
$
291,271,418
"
309,136,476
—5.8
253,796,363
4,068,431,476
+0.7
3,629,304,637
3,163,814,198
350,985,551
December
33,646,666
34,876,456
229,787,564
4,098,422,852
"
3rd
1936
$
2, 1937
273,009,847
402,526,553
403,485,512
—0.2
Cleveland.. 5
"
346,683,860
266,748,100
Richmond .6
"
167,860,687
113,802,865
+30.0
+47.5
229,742,564
6th
109,359,989
90,692,390
6th
Atlanta
10
'•
174,100,822
122.395.493
/ 108,724,445
7th
Chicago
18
"
572,042,136
8th
St.
+22.2
487,157,597 + 17.4
128,325,704 + 17.1
80,217,169 +25.2
Fourth
4th
.
Louis..
142,447,001
177,319,938
399,552,977
281,781,917
116,470,915
97,869,396
74,817,176
The
following compilation
68,216,133
4
••
150,278,057
Minneapolis 7
10th Kansas CitylO
"
100,453,943
5
"
62,254,091
+3.7
+ 15.2
105,871,137
11th Dallas
45,673,878
"
252,952,681
223,916,896 + 13.0
190.113.494
164,576,996
6,756,438,385
+ 5.4
2,495,063,263 +12.0
5,628,084,174
4,792,174,418
2,116,292,027
covers
the clearings by months
since Jan. 1, 1936 and 1935:
40,392,658
12th San Fran.. 11
1,732,018,572
9th
"
137,591,285
132,740,680
54,023,277
CLEARINGS
MONTHLY
95,988,936
Clearings, Total All
Clearings Outside New York
Month
Total
Outside N. Y. City
Canada
2,794,328,555
32 cities
312,778,319
6,410,432,753
336,126,388
-6.9
369,251,028
275,854,593
1936
aggregate of clearings being $34,048,088,475, and the 1935
aggregate $26,365,189,409.
In the New York Reserve Dis¬
trict
the
totals
show
an
improvement
of
31.5%,
in the
Boston Reserve District of 18.3%, and in the Philadelphia
Reserve District of 21.2%.
In the Cleveland Reserve
District the totals are larger by 38.7%, in the Richmond
Reserve
District
by 29.2%, and in the Atlanta Reserve
The Chicago Reserve District has to
gain of 29.8%, the St. Louis Reserve District
of 26.2%, and the Minneapolis Reserve District of 24.2%.
The Kansas City Reserve District records an increase of
17.9%, the Dallas Reserve District of 23.2%, and the
San Francisco Reserve District of 20.4%.
District by 26.7%.
its credit
1935
28,819,651,771 26,345,866,222
1st qu. 80,347,505,147
$
%
9,324,830,816 + 15.4
7,937,486,169 + 18.4
9,314,558,772 + 11.1
+ 9.4 10,348,016,547
72,666,665,661 + 10.6 30,506,638,972 26,576,875,757 + 14.8
+ 8.9 10,746.681,952
April.. 26,950,103,002 24,747,965,537
May.. 24,666,269,906 24,906,974,535 —1.0 10,213,356,560
June.. 28,472,351,148 24,313,879,567 + 17.1 11,146,917,549
9,282,765,357 + 15.8
+4.9
9,733,457,076
9,311,838,284 + 19.7
2d qu- 80,088,724,056 73,968,819,639
+8.3 32,106,956,061 28,328,060,717 + 13.3
6
160436229,203 146635485,300
+ 9.4 62,613,595,033 54,904,936,474 + 14.0
July.. 27,172,984,681 26,157,298,201
Aug... 23,449,365,321 24,253,579,163
9,885,839,779 + 18.6
9,503,102,940 + 12.3
9,238,501,757 + 19.0
2d qu. 76,901,059,402 73,293,945,275
+ 4.9 33,387,388,527 28,627,444,476 + 16.6
9
+ 7.9 96,000,983,560 83,532,380,950 + 14.9
mos.
+ 3.9 11,724,678,194
—3.3 10,670,677,473
Sept.. 26,278,709,400 22,883,067,911 + 14.8 10,992,032,860
a
December
Inc.or
December
December
1936
1935
Dec.
1934
Oct
+ 8.2 12,467,486,981 10,784,298,434 + 15.6
28,501,956,933 26,337,745,767
Nov
26,936,473,946 24,406,978,057 + 10.4 11,240,533,044 10,353,496,848
+ 8.6
Dec... 34,048,088,475 26,365,189,409 + 29.1 13,566,006,947 10,818,159,213 +25.4
..
Reserve Dists.
$
$
%
+ 18.3
$
89,486,519,354 77.109,913.233 + 16.1 37,274,026,972 31,955,954,495 + 16.6
326823807,959 297039 343,808 + 10.0 133275010,532 115488335,445 + 15.4
The
2nd
NewYork__13
3rd
Philadelphlal2
4th
Cleveland. .14
5th
"
6th
Richmond .8
Atlanta
16
"
767,357,136
605,873,416
522,116,446
429,378,767
7th
Chicago
25
"
2,565,916,831
1,976,116,026
1,618,216,797
1,240,170,680
484,351,933
412,098,307
+24.2
365,905,158
319,904,792
1,401,415,675
1,185,031,134
"
21,139,552,789
16,070,708,177
"
1,959,409,261
"
1,604,867,162
679,782,813
+31.5
1,616,128,789 +21.2
1,156,691,170 +38.7
526,161,165 + 29.2
8th
St.
5
M
725,878,033
+ 26.7
+29.8
575,201,868 +26.2
9th
Minneapolis 13
"
508,646,818
409,407,968
12
course
$
Boston
Louis..
qu
mos
1933
1st
14 cities
237337288,605 219929430,575
mos.
4th
December
Federal
$
1936
$
%
Jan... 27,549,083,462 25,531,356,085
+ 7.9 10,762,247,637
Feb... 23,978,769,914 20,789,443,354 + 15.3
9,396,374,788
Mar..
We also furnish today a summary of the clearings for the
month of December.
For that month there was an increase
for the entire body of clearing houses of 29.1%, the 1936
1935
$
109 cities
1,018,402,047
919,061,823
14,993,281,068
13,772,716,075
1,393,712,352
1,143,737,054
941,601,825
786,404,584
469,337,853
of bank
clearings at leading cities of the country
for the month of December and since Jan. 1 in each of the
last four years is shown
in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES IN DECEMBER
392,259,863
-December
Jan.
1 to Dec. 31-
1936
1935
1934
1933
1936
1935
1934
1933
$
omitted)
$
$
$
$
$
$
$
New York.
..20,482 15,547 14,552 13,379 193,549 181,551 161,507 157,414
810
Chicago
13,195
1,613
1,246
15,728
11,194
1,040
9,612
Boston
875
796
9,843
11,863
10,646
1,021
1,203
9,405
Philadelphia
18,745
16,909
14,515
1,881
1,550
1,335
12,424
1,086
442
St. Louis
360
262
302
4,498
3,941
3,452
2,897
718
496
415
354
Pittsburgh
6,664
5,246
4,465
3,795
San Francisco
433
733
610
509
7,230
6,469
5,475
4,685
259
Baltimore
340
192
233
3,349
2,911
2,640
2,044
233
Cincinnati
193
159
295
2,881
2,466
2,124
1,815
Kansas City
387
312
255
449
4,769
4,348
3,619
2,864
334
455
216
265
Cleveland......
4,265
3,417
2,979
2,531
256
233
211
321
Minneapolis
3,337
3,045
2,704
2,518
142
New Orleans
174
99
934
115
1,706
1,434
1,251
435
Detroit
559
237
338
5,351
4,623
3,575
1,941
130
87
916
Louisville
168
108
1,603
1,395
1,189
Omaha
147
136
106
97
997
1,647
1,503
1,375
..
10th Kansas City 14
11th Dallas
10
*•
"
516,006,934
418,744,364
12th San Fran..20
"
1,308,138,536
1,086,104,114
871,116,487
739,021,218
+ 17.9
+23.2
+20.4
600,477,351
502,772,497
330,887,512
328,583,646
926,956,501
776,249,525
..
—
._
Total
164 cities
34,048,088,475
26,365,189,409
13,566,006,947
Outside N. Y. City
10,818,159,213
+29.1
+25.4
23,665,246,843
21,023,337,613
9,113,393,259
7,644,084,261
.
—
Canada
32 cities
1,762,872,845
1,515,942,099
+ 16.3
..
1,474 978,978
1,157,814 113
._
..
We append another table showing the clearings by Federal
Reserve districts for the 12 months for four years:
..
...
...
..
12 Months
12 Months
Inc.or
12 Months
12 Months
Providence
1936
1935
Dec.
1934
1933
Milwaukee
102
77
62
52
1,027
829
695
562
Buffalo
170
132
112
103
1,693
128
102
92
76
Denver
147
121
100
83
1,290
1,481
1,342
1,034
1,050
1,206
St. Paul
1,473
1,171
1,264
88
63
52
43
862
724
597
490
1,697
1,558
1,288
828
760
600
'
•. ■ ■
Federal
Reserve
'
Dists
14 cities
$
$
58
44
38
32
539
460
411
379
$
$
%
+ 11.7 11,349,934,224 10,827,634,845
+6.6 166,294,861,072 161,832,904,230
+ 10.9 15,163,257,683 13,041,677,348
+23.6 10,311,541,484
8,735,434,280
Richmond
196
153
138
127
Memphis
113
83
73
62
162
138
112
88
1,863
1,036
1,727
1,460
1,184
985
80
65
56
50
756
648
549
460
56
45
36
591
558
445
421
1st
Boston
2nd
New York.. 13
"
3rd
Phlladelphlal2
"
19,557,171,186
17,631,127,894
4th
Cleveland.. 14
"
14,983,604,920
12,119,967,349
6th
Richmond.
8
"
6,657,307,249
5,815,926,338
+ 14.5
5,193,382,429
4,124,091,288
Seattle
6th
Atlanta
16
"
5,335,677,790
+ 17.6
5,475,162,878
4,204,971,152
7th
Chicago
24
"
7,448,235,421
24,982,809,666
20,891,647,701
17,404,549,334
13,661,877,933
8th
St.
5
"
7,167,378,684
6,189,041,291
+ 19.6
+16.0
Salt Lake City..
Hartford
5,422,573,564
9th
Minneapolis 13
"
5,248,725,829
4,767,297,866
+ 10.1
4,160,160,815
3,650,851,008
760
4,457,710,424
Louis..
13,816,068,829
12,369,774,982
199,469,932,684 187,056,729,985
10th Kansas City 14
10
'*
8,148,325,808
+ 12.6
6,931,394,176
5,459,341,208
11th Dallas
"
5,203,378,692
4,235,969 205
+22.8
3,727,272,991
"
13,113,443,810
11,477,857,599
+ 14.3
9,925,187,182
8,254 163,516
Total..
862
31,280 24,176 21,811 19,373 300,050 274,111 241,532 224,805
2,768
2,189
1,854
1,650
26,774
22,928
19,827
16,547
3,101,842,486
12th San Fran..20
Indianapolis
9,175,750,989
Other cities
Total all
34,048 26,365 23,665 21,023 326,824 297,039 261,359 241,352
10,818
9,113
7,644 133,275 116,488
99,852
83,938
Outside New York. 13,556
Total
164 cities 326,823,807,959 297,039,343,808
Outside N. Y. City
+10.0 261,359,277,832 241,352,499,718
133,275,010,532 115,488,335,445 +15.4 99,852,482,609 83,938,505,968
We
for each
Canada
32 cities
19,203,324,704
16,927,457,721
+13.4
15,963,488,513
14,720,600,99
two
add
our detailed statement showing the figures
city separately for December and since Jan. 1 for
years, and for the week ended Jan. 2 for four years:
now
Financial
226
CLEARINGS FOR
Chronicle
DECEMBER, 12 MONTHS 1936,
Month of December
Jan. 9, 1937
FOR WEEK ENDING JAN. 2
Week Ended Jan. 2
12 Months Ended Dec. 31
Clearings atInc.
1936
1935
Inc.
or
Dec.
1936
1935
%
District
Flrst Federal Reser ve
—
Mass.—Boston
Fall
River
—
Holyoke--——
Lowell
New Bedford—-----
Springfield
Worcester.
-—
Conn.—Hartford
_
New Haven—.
Waterbury
-—
I.—Providence
Total (14 cities)
Second Federal Res
43,612,700
+33.9
3,356,721
+23.5
1,185,031,134
+ 18.3
District
erve
55,562,958
14,964,160
5,950,100
•New
34,568,128
5,379,316
4,322,502
170,066,147
132,000,000
Buffalo---.—
2,897,497
2,819,405
£ Elmira
—
Jamestown
3,777,590
2,526,206
New York
20,482,081,528 15,547,030,196
37,186,317
31,518,946
R Rochester
19,150,349
Syracuse------15,803,591
Westchester County
al5,330,850
al3,414,405
Conn.—Stamford
19,223,733
12,159,643
N. J.—Montclair
2,011,888
1,946,545
Newark ii
109,436,020
87,169,483
Northern New Jersey
233,028,088
194,979,944
4,496,400
Oranges
3,863,588
—
_
------
Total (13 cities)
21,139,552,789 16,070,708,177
Third Federal Rese
rve
Pa.—Altoona
-—
Chester.
—
Harrisburg
-
Lancaster
—
Lebanon
Norristown
Philadelphia
Reading—
Scranton
-
—
Wilkes-Barre
York
—
N. J.—Trenton
Total (12 cities)----
Federal
Fourth
Ohio—Canton
Re
+21.2
serve
1,066,261
544,797
1,545,232
718,364,318
13,115,095
10,396,160
___
1,604,867,162
639,660
2,597,118
218,628,249
680,621
+4.9
+4.3
"367", 419 —1"0~.3
"319",289
+36.8
606,964
2,915,231
648,633
3,483,386
479,183
1,958,161
197,000,000
530,207
"
*236*333
887,020
3,337,338
2,340,991
10,873,039
4,702,531
2,147,680
13,954,647
4,362,628
+9.0
1,609,218
—22.1
+7.8
11,035,363
4,455,369
484,025
2,940,826
1,459,564
11,169,844
3,845,641
13,184",660
11,394",600
+ 15.7
9",783",500
9,201",600
523,804
520,405
+0.7
525,781
482,181
291,271,418
309,136,476
—5.8
253,796,363
229,787,564
—16.6
+8.8
6,364,447
1,376,291
27,900,000
—27.3
643,103
9,340,898
1,735,094
25,190,436
529,132
508,892
—4.2
—6.1
6,498,334
7,795,000
+12.9
1,132,894
1,437,018
+ 14.9
35.700.000
32,800,000
+13.8
549,013
755,142
+4.3
991,842
640,649
+6.6 3,962,109,830 3,915,369,490
+14.5
7,932,707
8,653,247
+ 11.7
3,721,669
4,080,409
+ 10.8
a2,207,188
a2,383,728
+35.7
3,861,925
3,274,245
+2.8
*500,000
496,521
+ 10.6
22.026.001
19,579,601
—0.2
53,398,637
73,550,154
+9.7
+6.6
4,098,422,852 4,068,431,476
—21.2
+54.8
513,880
+1.2 3,511,792,147 3,060,155,846
—8.3
6,697,570
8,049,027
—8.8
3,352,249
3,669,149
—7.4
al, 818,574
a946,220
+17.9
2,966,407
2,729,236
r 254,000
+0.7
280,000
+12.5
18,503,551
18,721,175
—27.4
34,580,123
47,266,182
+0.7 3,629,304,637 3,163,814,198
1,889,657
b
+34.6
+30.3
+31.1
+21.4
+27.9
+ 17.2
+26.5
b
+22.0
v,
+ 13.0
+13.9
+25.4
+ 14.9
+ 12.4
+10.9
+8.6
509,128
a*500,000
289,554
407,277
+25.0
a449,305
283,476
+ 11.3
+2.1
237,781
309,135
1,243",779
1,352,524
—8.0
1,022",104
658"452
388,000,000
—1.0
261,000,000
1,214,530
+68.5
338,000,000
1,728,831
2,755,617
1,255,606
1,340,173
4,186,000
403,485,512
—0.2
350,985,551
273,009,847
66,912,697
206,265,400
+ 15.8
+ 16.9
+6.4
384,000,000
1,703,334
2,669,944
*1,200,000
1,551,814
9,359,000
19,557,171,186
17,631,127,894
+ 10.9
402,526,553
104,127,193
79,667,144
139,392,653
9,759,217
5,747,133
15,572,834
6,663,998,000
70,539,825
98,259,160
84,348,282
2,466,319,282
3,417,055,094
526,282,600
22,995,266
10,391,357
63,838,909
112,909,268
7,462,826
4,812,491
12,007,318
5,245,717,899
62,760,856
83,065,901
+23.4
+16.8
+24.8
+16.1
+ 15.0
+28.7
+24.8
+23.5
+30.8
+ 19.4
+29.7
+27.0
+ 12.4
+ 18.3
+38.7
14,983,604,920
12,119,967,349
+23.2
+ 12.2
1,293,310
3,564,884
1,451,158
1,577,183
5,555,700
459,439
b
+31.7
—25.1
—17.3
—1.6
384,996
b
2,609,334
1,575,306
994,094
4,264,000
—Cleveland
+23.6
8,159,895
232,631,577 +26.9
+36.4
333,817,304
47,811,300 +51.7
+40.9
1,922,761
+33.9
990,954
+43.0
6,110,862
+27.7
10,717,946
503,470 +111.8
+22.5
444,717
1,110,904 +39.1
496,403,979 +44.7
+54.1
8,512,198
+37.6
7,553,303
1,156,691,170
2,880,749,980
4,265,016,596
610,964,300
26,440,218
13,370,667
b
b
b
62,356,800
105,534,728
12,424,000
51,013,976
87,105,560
10,838,800
+22.2
+21.2
+ 14.6
46,422,506
61,693,604
9,625,400
40,495,864
50,851,466
1,729,732
1.326,810
+30.4
l",l*7l",961
846.985
b
b
b
b
7,033,400
b
164,638,600
116,462,954
+41.4
110",829",093
78,092,223
+23.6
346,683,860
266,748,100
+30.0
229,742,564
177,319,938
313,582
3,026,000
53,558,747
192,344
2,639,000
30,703,463
+63.0
+ 14.7
112,089
2,160,000
29,368,915
1,061,998
99,505
2,062,000
26,361,743
61,192v599
48,"07"o",696
Frederick
D. C.—Washington-_
Total (8 cities)
Sixth Federal Reser
Term.—Knoxvllle
•
910,472
+82.5
13,052,000
153,354,178
4,386,201
7,067,195
259,177,984
1,234,271
86,978,864
14,735,052
131,899,000
1,862,526,213
59,768,969
93,460,031
3,349,477,081
17,510,681
1,127,930,222
8,081,893
121,797,000
1,697,211,599
50,503,403
76,797,514
2,910,636,583
15,841,503
935,056,843
+82.3
+8.3
+27.9
+34.3
+40.2
+31.4
+25.6
+25.9
+ 15.1
+ 10.5
+20.6
25,512",573
18,005", 324
+41.7
15,464",379
13,115",793
679,782,813
Columbia.
526,161,165
+29.2
6,657,307,249
5,815,926,338
+ 14.5
167,860,687
113,802,865
+47.5
109,359,989
90,692,390
+37.3
174,993,016
809,122,151
2,601,500,000
146,583,478
696,558,308
+19.4
+ 16.2
+ 18.0
4,781,882
18,739,140
70,300,000
-42.1
1,363,216
12,108,801
50,300,000
788,392
2,277,311
9,871,647
40,800,000
1,626^049
3,166,043
12,745,238
55,300,000
1,144,401
+51.0
2,204,500,000
1,432,297
19,522,000
813,747
16,829,000
+ 76.0
"783",181
"623",828
+ 16.0
16,068,000
16,599,000
19",264",559
16,lVi",812
19.1
15,532",297
12",216",908
2,009,261
1,388,099
+44.7
1,409,894
1,126,667
District
—
Columbus
■
Fla.—Jacksonville
Tampa
Ala.—Birmingham.
_
_
_
Jackson.
Meridian......
Orleans.
—
(16 cities)
Seventh Federal Re
Mich.—Ann Arbor
Detroit
Flint
Grand Rapids
Jackson
Lansing
Ind.—Fort Wayne
Gary
Indianapolis
South Bend..
-
+9.7
+ 18.3
+21.7
1,318,190
1,212,358
+74.3
+8.7
84,13+595
61,050",376
+37.8
982,653
214,300,000
7,086,045
4,266,097
5,527,331
77,746,720
6,823,930
95,400,079
7,360,540
4,178,364
4,710,000
7,292,557
1,332,422
824,875
173,672,789
5,356,238
2,992,583
4,134,348
61,759,159
5,405,769
72,429,468
5,842,104
3,563,355
3,805,000
5,104,637
1,093,589
536,492
+28.9
+26.2
+32.3
+42.6
+33.7
+25.9
+26.2
+31.7
+26.0
+9.8
62,232,159
38,782,680
48,363,664
754,015,099
61,854,935
923,110,943
73,453,660
45,139,541
55,199,615
31,282,701
42,029,408
625,438,971
51,064,057
815,852,246
63,579,802
42,798,557
45,316,000
60,643,289
+ 12.7
+24.0
+ 15
+20.6
+21.1
+ 13
--47.0
-27.1
+
1,154,521
—
Wis .—Madison
Milwaukee
Oshkosh
Iowa—Cedar Rapids._
Des Moines--.._____
Bloomington...
Chicago
Decatur
Peoria..
Rockford
Springfield-Total (24 cities)
142,355,557
+23.8
+42.9
+21.8
+53.8
+22.0
75,426,976
16,359,271
7,997,180
1,706,496,246
6,599,830
1,434,458,217
+15.5
+5.5
+9.0
+24.4
+ 18.8
+21.2
+ 19.0
767,357,136
—v-
Montgomery.
Miss.—Hattiesburg_
13,274,138
63,920,979
270,500,000
Ga.—Atlanta
"
+12.0
Atlanta—
18,219,392
82,415,995
Nashville
Sioux City
III.—Aurora—.
+8.2
—6.5
1,661,238
14,615,000
196,119,247
5,891,976
9,904,796
340,492,356
1,550,537
109,547,663
S. C.—Charleston—
Terre Haute.
663,262
2,102,561
268,833,347
657,908
District— Richmond-
...
Md.—Baltimore
'
District
10,087,242
295,280,079
455,473,014
72,535,500
2,709,137
1,327,350
8,736,855
13,686,122
Richmond
Total
+31.5 199,469,932,684 187,056,729,985
1,616,128,789
Fifth Federal Reser
Va.—Norfolk
La.—New
444,645,930
473,466,159
59,204,340
52,448,301
+28.8
1,473,020,558
1,692,936,195
+2.8
30,320,938
34,500,601
+49.5
27,587,285
28,786,134
+31.7 193,548,797,427 181,551,008,363
+18.0
394,483,743
344,539,535
+21.2
190,041,844
212,275,449
+14.3
al69,992,869
al53,437,091
+58.1
193,376,084
152,490,015
+3.4
20,698,762
20,138,878
+25.5
915,488,913
1,012,825,607
+19.5
1,783.679,320
1,780,762,955
+16.4
46,639,457
42,499,876
+24.4
1,959,409,261
W. Va.—Huntington..
Vicksburg-
+47.0
+5.9
—
Mobile--
+ 11.7
105,298,950
66,605,540
21,461,140
27,810,394
18,745,000,000
66,850,995
128,329,487
57,734,005
78,250,662
219,439,000
Greenburg—
Pittsburgh
Ky.—Lexington-
—
12,369,774,982
+20.9
Franklin
Macon.
13,816,068,829
14,710,771
92,462,196
53,097,047
18,674,008
24,748,832
16,909,000,000
61,553,786
114,341,292
49,877,120
—
Augusta
+6.0
+ 18.2
+19.0
+17.2
+ 17.7
19,484,745
Youngstown
1934
1935
District— Philadelphia
Pa.—Beaver County—
-—
539,411,600
30,761,044
557,685,210
173,213,155
66,381,000
460,180,200
26,132,997
16,627,049
Lorain
Total (14 cities)
"329",753
23,763,964
a*24,430,800
Hamilton
Va.—Wheeling.
+35.1
+ 1.6
+9.2
+ 11.7
+33.1
16,956,076
36,876,825
161,541,023
94,883,369
591,262,441
204,753,776
79,021,000
+21.9
Columbus..
W.
+ 11.5
+ 1.9
+26.2
+22.1
+48.1
+1.1
+32.4
717,412
2,206,$16
251,483,228
686,086
+2l".I
Cleveland
Mansfield
+ 12.0
+7.5
+22.2
+ 11.4
+1.8
+4.2
1,237,283
8,396,238
4,844,507
1,603,718
2,092,673
1,550,000,000
4,870,831
11,676,919
4,168,785
6,210,878
19,137,300
—
or
Dec.
%
31,042,930
90,994,065
10,645,822,754
33,694,079
18,240,019
16,693,967
33,761,752
144,648,095
71,284,759
2,303,861
a*2,200,000
1,498,517
10,153,865
6,522,753
2,090,426
2,743,256
1,881,000,000
6,230,844
13,679,758
5,275,091
7,650,990
20,259,900
Cincinnati
1936
York
50,817,916
Bingbainton
;
33,358,822
111,233,922
11,862,695,393
34,310,953
19,002,585
4,144,005
N. Y.—Albany
Bethlehem
+25.0
+41.9
58,376,100
R.
1937
%
+17.8
2,678,046
8,029,152
1,021,330,113
3,028,375
1,606,757
1,659,474
3,210,509
13,108,403
6,933,666
N. H.—Manchester—.
Dec.
Boston—
3,348,106
11,395,622
1,202,920,774
3,391,951
1,790,794
1,691,800
4,053,237
16,003,041
10,266,124
56,182,531
19,810.791
8,040,800
1,401,415,675
Maine—Bangor
Portland-
Inc.
or
605,873,416
+26.7
7,448,235,421
6,335,677,790
+ 17.6
174,100,822
142,447,001
+22.2
122,395,493
10^,724,445
District
Chicago—
2,751,051
434,773,694
4,464,859
10,440,663
1,837,605
5,465,779
4,260,521
11,731,217
63,339,000
5,953,443
20,324,376
4,098,389
76,797,856
1,754,337
4,233,063
36,205,181
26,215,143
4,523,166,839
47,149,901
108,254,084
19,111,730
60,635,640
41,287,155
113,007,665
723,918,000
48,356,968
212,171,732
39,882,444
829,442,858
—0.8
631,663
149,628,286
596,700
120,963,626
+ 5.9
+23.7
510,378
88,650,923
949,115
57,337,864
+19
+36.9
+ 18.0
+20.9
+23.8
19,679,447
45,107,313
384,830,631
147,043,590
15,591,957
18,068,214
13,194,988,368
32,452,925
147,301,420
42,856,307
51,127,370
+20.5
+ 13.0
+18.7
+33.5
+23.2
+19.2
+33.1
+52.6
+31.8
+23.5
serve
1,858,563
558,764,290
5,574,954
16,968,457
2,187,250
8,166,905
5,491,666
16,051,301
88,003,000
7,213,611
25,740,751
5,167,459
101,596,972
2,243,704
5,216,670
43,076,421
16,042,126
2,079,629
2,521,779
1,613,215,864
4,890,326
21,361,758
6,053,188
6,430,187
2,565,916,831
—32.4
+28.5
—25.0
-62.5
+28.9
-36.8
147,972,857
-38.9
862,322,000
66,192,046
250,391,013
48,220,039
-21.2
+26.6
+26
+32.3
+27.9
+23.2
3,146,721
13,871,660
3,772,153
4,927,401
1,976,116,026
+29.8
1,245,883,253
26,012,721
5,350,618,257
57,307,816
149,606,124
22,621,591
73,964,783
55,515,438
-19.0
+49.4
+19.0
+20.0
+65.6
+72.6
+29.5
+55.4
+54.0
+60.5
+30.5
13,366,556
1,255,793
1,461,455
49,388,000
1,026,855,063
22,975,542
54,376,634
434,776,451
174,556,808
20,814,535
22,266,886
15,727,768,035
43,189,616
224,850,173
56,479,149
63,156,089
24,982,809,666
13,773,311
20,891,647,701
+ 18.3
113,328
153,633
—26.2
36,312,306
34,735,028
+4.6
128,076
23,913,636
142,020
23,912,543
21.5
38.2
3,79+805
2",487",306
+52.4
1 1,872",027
1,403*648
22.0
1~,625~547
1,458" 867
l",000*239
"662,603
34.5
1,048,261
901,188
+1+4
+16.3
727,988
562,094
17",514,666
16,269*000
+7~7
13~,b"65",666
13",474",000
1,877,157
5,943,187
1,050,930
5,928,935
+ 78.6
+0.2
672,819
4,445,061
626,918
4,448,981
19,935,415
18",299",195
+8.9
14,"43b",510
11,412" 537
f.053'867
1,117^513
—5.7
"645",158
"256", 169
8,704,954
3,019,242
8,715,911
3,032,741
—0.4
6,626,965
2,366,290
5,630,618
1,940,084
96+790
348,794,078
951,007
778+92
229,367,558
751,048
+23.9
+16.5
"42+336
~359",687
259,787,317
-26.6
537,667
4,304,298
3,199,002
-34.6
1,067,593
1,186,986
959,174
1,280,411
+ 11.3
2,396,311
537,960
—7.3
856,028
178,868,759
391,708
^
2,323,350
454,837
778,945
572,042,136
487,157,597
+ 17.4
399,552,977
281,781,917
!
+ 18.4
30.9
+ 16.7
+ 19.6
—0.1
:
"
Volume
Financial
144
227
Chronicle
CLEARINGS—(Concluded).
Month of December
12 Months Ended Dec. 31
Week Ended Jan. 2
Clearings atInc.
Inc.
or
1936
Dec.
1936
1935
8
$
%
$
*
442,176.748
+22.7
+29.7
+26.2
360,232,998
129,512,905
83,269,737
192,228
1,994,000
+35.4
725,878,033
Total (5 cities)
575,201,868
rve
■
1937
1936
Dec.
1935
%
$
$
%
$
+ 14.1
3,940,653,793
+68.5
+34.0
4,497,830,362
1,602,574,835
1,036,239,585
3,396,902
27,337,000
167,970,784
112,735,505
323,996
2,671,000
Quincy
1,395,116,493
+25.1
+28.3
+22.5
7,167,378,684.
6,189,041,291
+24.5
+25.1
+63.4
+26.0
+ 13.8
+ 17.3
+23.1
+9.7
+36.1
+20.8
+ 18.2
155,717,562
3,336,540,864
16,707,777
1,289,777,170
108,322,047
136,061,636
3,044,735,370
—0.9
150.278,057
128,325,704
+17.1
116,470,915
97,869,396
+14.4
+9.6
+32.3
+ 10.1
+15.1
+2.0
+ 13.7
+8.0
+35.2
+23.0
+3.9
2,591,711
66,339,742
2,137,828
52,484,458
+21.2
+26.4
2,250,643
48,021,182
2,050,068
43,908,039
25,964,756
20,448",063
+2+0
19",945",007
18",448",796
1,632,906
1,808,346
—9.7
1,426,983
1,306,706
409,407,968
+24.2
5,248,725,829
4,767,297,866
513,651
586,782
12,855,230
147,343,565
18,277,215
10,619,93L
18,152,112
2,330,844
448,846,501
15,508,101
42,803,091
3,194,838
147,222,624
2,862,002
+ 12.1
458,023
+30.5
449,625
+ 19.7
10,740,431
+8.7
135,555,962
5,979,744 +205.7
9,285,140 + 14.4
+42.1
12,770,401
2,048,002 + 13.8
387,181,988 + 15.9
13,491,505 + 14.9
+25.8
34,032,085
+7.3
2,976,870
120,757,948 +21.9
3,293,494 —13.1
5,780,849
6,574,057
146,074,547
1,646,788,878
153,774,148
111,380,296
164,494,117
24,038,676
4,768,638,228
162,350,690
435,631,190
33,601,462
1,480,896,087
35,727,764
5,105,867
+ 13.2
5,423,947
+21.2
120,181,318
+21.5
1,503,195,104
+9.6
68,975,947 +122.9
—1.0
112,525,134
144,325,076
+ 14.0
20,873,521
+ 15.2
4,348,112,547
+9.7
152,587,831
+6.4
342,644,169
+27.1
29,863,143
+12.5
1,264,029,832
+ 17.2
30,482,372
+17.2
Total (14 cities)
871,116,487
739,021,218
Falls.
Total (13 cities)
rve
Neb.-
Omaha
Kan.—Kansas City..
Topeka
Wichita
Mo.—Joplin
Kansas City
St. Joseph...
Okla.—Tulsa...
Colo.—Colo. Springs..
Denver
Eleventh Federal R
eserve
Galveston
Houston
Port Arthur
Wichita Falls
La.—Shreveport
Total (10 cities)
Twelfth Federal Re
19,475,929
40,310,614
16,371,328
162,007,926
40,372,635
113,607,489
5,203,378,692
30,505,738
1,727,459,279
484,631,000
49,189,433
62.414.637
10,488,000
1,471,756,115
+23.2
District —San
Francl
+21.6
+ 15.3
+3.5
+31.2
+32.7
+1.9
+43.9
102,176
104,160
—15.4
—9.8
30,345,768
2,750,013
29,847,716
1,76+590
1,936,998
3,521,606
95,270,715
86,447
104,808
2,481,459
86,838
81,082
+0.6
76,093
b
1,658,772
22,542,043
—9.1
2",946", 160
2",345",331
2,660,299
+ 32.4
2,467,439
1,808,582
2,976,614
91,347,105
2,947,352
+4.3
+1.0
70,148,268
2,692,624
63,669,074
2,878,274
"474,614
"450",064
+5.3
460",291
568",264
~594,797
—4.5
"748",476
"505,471
137,591,285
,
+ +7
2,003,573
24,236,386
132,740,680
+ 3.7
105,871,137
95,988,936
"
"505", 296
~
+ 12.6
—4.2
1,533,855
882,078
+73.9
1,037,039
720,628
+ 11.3
+22.0
+20.4
48",69+998
41,82+174
+ 16.4
35",945",685
31,347",999
a642,130
3,055,457
a542,773
2,634,130
+ 18.3
+16.0
2,149,870
1,919,570
4,235,969,205
+22.8
62,254,091
54,023,277
+15.2
45,673,878
40,392,658
24,251,057
1,459,645,969
436,953,000
35,724,785
+25.8
+ 18.3
+10.9
+37.7
+ 10.8
+16.5
+ 15.1
+ 11.0
+ 16.6
+26.1
+26.5
+ 18.4
+17.8
+25.5
+24.1
+ 18.9
+ 11.8
+19.2
32,696",000
29,3~69"354
+11*3
23","291",930
21,033*228
9,648,000
903,928
8,726,000
797,802
+10.6
+ 13.3
8,294,000
583,086
5,886,000
557,807
27,478,153
22",43+577
+22~.5
20,355,380
18,*338",179
16,18+016
13,84+517
+16.9
11,303",490
11,017^793
+ 13.0
+ 19.0
+27.3
—0.2
b
b
SCO
1,308,138,536
1,086,104,114
+20.4
13,113,443,810
San Jose..
68,216,133
+42.6
Total (20 cities)
San Francisco
Santa Barbara
74,817,176
2,209,000
Stockton.......
Riverside
+25.2
4",195",461
6,468,834,882
115,331,953
59,914,224
81,993,166
Pasadena...
80,217,169
2,411,000
755,931,770
165,762,278
72,663,623
225,071,465
205,623,861
38,648,581
181,250,449
42.570.638
7,230,151,709
137,438,473
74,188,822
107,312,60'.*
Modesto....
100,453,943
4",130^284
137,446,600
4,487,694
80,215,734
18,299,468
9,171,828
23,137,628
19,707,385
3,467,000
18.902,713
3,998,846
732,740,948
12,667,932
7,442,709
10,525,409
Berkeley
Long Beach
1,815",282
+20.4
+23.4
+18.9
+22.3
+31.1
+24.3
+38.3
+30.7
+30.4
+ 15.1
+7.6
+26.8
+ 11.1
+20.0
+ 10.5
+4.5
+ 18.1
Ariz.—Phoeniz
2,405,563
—24.3
5,381,724
837,000
112,345,289
3,422,328
64,529,963
13,234,984
7,018,378
17,737,142
17,120,418
3,222,000
14,902,440
3,600,720
610,313,936
11,459,338
7,120,881
8,910,980
Calif.—Bakersfield
+13.2
3,321,000
6,642,419
995,000
Portland
2",54+582
386^656
5~,364",895
3,676,818
Ore.—Eugene
300*586
~
6~,459",781
4,657,346
Utah—Ogden
Salt Lake City
30+020
2,513,000
+23.0
+ 17.0
+20.8
+26.7
Idaho—Boise
+84.2
+19.0
418,744,364
Yakima
+2.3
"297",382
2,883^215
+ 10.1
65,584,047
41,325,384
1,969,290,258
169,198,993
290,521,612
109,293,000
1,420,404,459
+ 18.5
+ 19.3
2,180,419
138,301,356
40,688,000
Spokane
"493~5l6
"
—1.0
62,830,872
45,982,307
2,401,917,089
203,789,582
328,269,895
130,036,000
1,808,758,478
+28.5
2,681,877
161,797,000
49,153,000
Seattle—
"466*778
"504",877
"536",742
+14.7
8,148,325,808
4,933,740
3,679,845
196,588,474
17,156,635
29,483,713
12,357,000
138,486,425
1,510,207
3,767,972
10,780.353
serve
Wash.—Bellingham...
33,833,788
39,249,071
9,175,750.989
516.006,934
Worth
Ft.
87,003,766
Distric t—Dallas—
6,339,516
El Paso
32,110,882
,
+ 17.9
4,362,279
234,611,559
20,864,806
34,001,239
12,787,000
181,684,732
2,004,001
3,840,771
15,511,031
—
Dallas
al0,067,000
9,109,791
12,630,486
District— Kansas City-
Texas—Austin
Beaumont
b
+ 16.0
508,646,818
Great
Lewlstown
b
297,000
137,094,873
3,258,238
Dak.-
Sioux I
23,961,580
15,399,335
b
410,000
Pueblo
S.
Mont.—]
$
65,600,000
18,983,100
12,989,296
76,700,000
+20.5
—17.5
Minot.
b
+10.7
+24.6
+37.1
434,000
13,016,978
276.723
Paul......
b
83,900,000
27,678,831
16,312,873
District— Minneapolis—
15,792,475
320,800,188
1,663,985
128,280,079
9,422,703
a902,000
946.722
3,038,338
8,774,399
3,063,840
3,570,388
Dak.—Fargo
1934
523,000
T,171,034,947
94,138,505
a9,865,000
8,013,276
29,719,141
64,355,618
27,497,608
37,779,284
138,492,287
2,839,708
St.
92,900,000
34,487,718
22,367,339
+ 14.9
828,308,249
2,646,756
22,316,000
12,685,896
256,464,836
1,121,663
101,843,869
8,283,034
a791,000
768,995
2,769,028
6,444,907
2,535,827
3,020,325
13,134,301
335,287
N.
Inc. or
Dec.
District- -St. Louis—
erve
Mo.—St. Louis.
1935
or
40,385,430
56,332,426
8,999,466
1,278,957,000
36,385,824
648,247,800
131,488,045
57,459,968
190,145,384
174,486,406
30,786,473
146,110,341
35,809.430
+23.8
+30.9
3,43+893
3,529",922
—2.8
2",932",088
2",588",392
3,377,756
3,345,094
+1.0
2,607,053
2,584,285
153",839",294
136,40+292
2,534,163
1,405,028
1,520,147
+ 12.8
116",545",856
98",696*555
2,130,910
+140,240
2,125,491
—15.9
+39.8
1,653,453
990,382
1,556,776
1,688,771
1,063,755
1,122,231
252,952,681
223,916,896
+13.0
190,113,494
164,576,996
—18.8
11,477,857,599
+ 14.3
Grand total (164 cities) 34,048,088,475 26,365,189,409
+29.1 326,823.807,959 297,039,343,808
+10.0
6,756,438.385 6,410,432,753
+ 5.4 5,628,084,174 4,792,174,418
Outside New York.
+25.4 133,275,010,532 115,488,335,445
+ 15.4
2,794,328,555 2,495,063,263
+ 12.0 2,116,292,027 1,732,018,572
13,566,006.947 10,818,159,213
CANADIAN CLEARINGS FOR
DECEMBER, 12 MONTHS 1936,
Month of December
AND FOR WEEK ENDING DEC. 31
Week Ended Dec. 31
12 Months Ended Dec. 31
Clearings at—
Inc.
Inc.
or
1936
Dec.
1936
1935
$
Canada—
1935
S
%
$
$
Toronto
622,322,242
Montreal
526,513,041
Winnipeg
200,986,444
92,415,721
97,255,751
23,982,811
10,953,410
22,882,595
26,964,613
8,151,323
8.263,559
13,301,259
18,911,685
20,352,322
1,567,982
2,288,000
6,803,596
3,086,936
4,424,817
3.439,843
3,004,576
1,023,987
2,859,976
2,726,462
5,134,613
15,305,253
1,642,838
3,706,626
2,524,566
3,136,002
2,336,463
4,603,533
Vancouver
Ottawa.
Quebec
Halifax
Hamilton
Calgary,
St. John
Victoria
London..
Edmonton
Regina
Brandon....
Lethb ridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Sudbury
Total (32 cities).
a
1,762,872,845
Not included in totals,
514,601,337
409,463,364
232,411,701
71,652,290
90,111,372
19,221,593
9,688,776
18,449,796
27,516,794
7,346,210
7,083,640
12,802,645
17,248,091
17,267,544
1,297,984
2,381,228
6,692,788
2,625,972
4,041,313
2,844,533
2,523,025
1,199,244
2,925,585
2,643,595
4,837,890
11,326,617
1,422,657
3,406,979
2,459,363
2,467,941
2,254,230
3,726,002
1,515,942,099
b No clearings available.
+20.9
+28.6
+35.1
+ 15.5
+8.8
+2.7
+27.1
+3.6
+23.6
6,465,263,740
5,386,188,857
2,925,627,890
953,566,363
1,132,979,501
222,901,251
119,545,817
236,482,873
306,317.532
90,730,398
87,484,888
145,222,921
197,022,176
218,683,822
16,404,775
24,005,892
77,033,723
31,587,919
45,356,164
37,944,014
32,166,195
12,367,706
32,347,673
29,959,137
54,834,963
142,249,058
17,814,604
37,250,484
28,025,968
25,865,402
23,764,497
46,338,501
+ 16.3
19,203,324,704
—13.5
+29.0
+7.9
+24.8
+ 13.1
+24.0
—2.0
+ 11.0
+ 16.7
+3.9
+9.6
+ 17.9
+20.8
—3.9
—1.7
+ 17.6
+9.5
+20.9
+ 19.1
—14.6
—2.2
+3.1
+6.1
* Estimated.
5,720,065,081
4,582,416,573
2,622,557,766
781,264,535
1,076,864,472
207,012,322
112,710,682
197,844,548
292,584,549
84,059,113
79,007,806
134,707,964
199,411,079
191,995,407
15,020,604
23,963,851
74,956,724
27,283,900
41,207,595
30,651,099
27,463,691
12,995,361
31,325,062
28,659,155
50,410,984
115,902,542
18,437,203
35,753,000
26,779,593
22,192,630
23,057,600
38,895,230
16,927,457,721
Inc. or
or
Dec.
%
+13.0
+17.5
+ 11.6
+22.1
+5.2
+7.7
+6.1
+ 19.5
+4.7
+7.9
+ 10.7
+7.8
—1.2
+ 13.9
+9.2
+0.2
+2.8
+ 15.8
+ 10.1
+23.8
+ 17.1
—4.8
+3.3
+4.5
+8.8
+22.7
—3.4
+4.2
+4.7
+16.5
+3.0
+ 19.1
+13.4
1937
1936
$
3
111,143,128
93,513,041
36,515,667
16,452,668
15,122,615
4,301,028
1,801,571
3,869,128
4,238,565
1,531,854
1,484,939
2,256,039
3,378,069
4,158,047
268,247
373,267
1,176,159
483,656
726,165
553,721
594,679
187,852
498,535
515,607
943,122
3,660,744
297,368
624,079
425,574
483,734
308,761
890,690
312,778,319
106,215,406
84,157,751
41,157,169
17,340,483
45,956,585
Dec.
%
+4.6
+ 11.1
—11.3
—5.1
—67.1
4,053,549
+6.1
1,877,158
3,567,751
5,205,130
1,455,481
1,179,835
3,099,039
3,778,764
3,322,187
254,867
385,167
—4.0
+8.4
—18.8
+5.2
+25.9
—27.2
—10.6
+25.2
+5.2
—3.1
1,407,555 —16.4
561,072 1—13.8
912,112
546,835
550,476
261,039
676,354
585,351
1,160,642
3,257,852
317,185
660,548
548,667
476,030
358,986
—20.4
+1.3
+8.0
—28.0
—26.3
—11.9
—18.7
—12.4
—6.2
—5.5
—22.4
+ 1.6
1934
1935
S
$
102,745,187
84,607,995
33,826,681
13,803,728
4,048,656
4,012,492
2,083,767
3,294,707
4,170,145
1,421,773
1,409,764
2,666,451
3,367,360
2,893,822
359,350
303,246
1,056,976
588,543
1,059,305
514,073
486,254
196,558
564,319
525,035
1,017,550
1,728,482
146,182,626
121,658,518
41,183,821
15,074,634
4,216,745
3,766,204
1,779,243
3,762,491
4,521,586
1,672,354
1,533,577
3,383,561
3,900,687
4,228,871
342,592
388,394
1,403,065
563,499
1,102,567
564,584
536,395
154,746
741,879
500,916
1,067,404
1,934,737
319,088
590,929
515,636
550,000
—14.0
+6.1
665,986
336,126,388
—6.9
,369,251,028
256,803
560,592
706,003
443,693
839,362
M
'
432,220
586,111
560,645
275,854,593
Financial
228
Chronicle
Jan. 9, 1937
CONSOLIDATION
We
purchase from Brokers and Investment
Firms
on
Dec. 29—The National Bank of Cortland, N. Y
—-—
Second National Bank & Trust Co. of Cortland, N. Y__
Consolidated today under the provisions of the Act of Nov. 7,
1918, as amended, under the charter of The National Bank
drafts, with securities attached, drawn
their
of Cortland, Charter No.
foreign correspondents and clients.
55
BROAD
Amount
Dec. 29—The Citizens National Bank of Bowling Green, Bowling
STREET, NEW YORK
COMMON CAPITAL STOCK INCREASED
Member New York Clearing House Association
Dec. 29—The First National Bank of Linden, Linden, Ala.
Pursuant to the
-S
...
10,000
Bank, Arlington Heights, 111..
Capital
$50,000
CHARTER
Dec. 28—Arlington Heights Nat.
RATES
•
requirements of Section 522 of the Tariff
1922, the Federal Reserve Bank is
From
$40,000 to $50,000; amount of increase
SKS-
Act of
$50,000
From $250,000 to $200,000; amount of reduction.
Green, Ky.
Member Federal Deposit Insurance Corporation
EXCHANGE
REDUCED
CAPITAL STOCK
COMMON
AND FOREIGN DEPARTMENT:
Member Federal Reserve System
FOREIGN
2272, and under the corporate title
of "First National Bank of Cortland," with common capital
stock of $510,000 and surplus of $300,000.
The consolida¬
tion became effective at the close of business this date.
■
MANUFACTURERS TRUST COMPANY
PRINCIPAL OFFICE
350,000
200,000
now
certifying
ISSUED
■
Capital stock consists of $50,000, all common stock.
Presi¬
dent, H. H. Franzen; Cashier, Arthur H. Franzen.
Primary
organization.
IN CAPITAL
CHANGES
STOCK AS REPORTED BY NATIONAL BANKS
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
FOREIGN
record for the week just passed:
a
Retirement
EXCHANGE
RATES
CERTIFIED
BY
Increase In
Pref. Stock
Com. by Div.
Capital
No. of Shs.
Par Value
We
No. of Shs.
Par Value
After
Changes
Name and Location
Date of
give below
Change
Outstanding
RESERVE
FEDERAL
TREASURY UNDER TARIFF ACT OF
JAN. 2,
1937 TO JAN. 8,
5 .000 shs.
P
of
of
160 shs.
P
$10,000
C
of
500 shs.
P
$25,000
C
$10,000
$60,000
$26,000
100,000
11- 2-36 The Farmers National Bank of
500 shs.
500 shs.
11-24-36 The
1930
1937, INCLUSIVE
Home
National
Bank
Jan, 2
Jan. 4
Europe—'
,186950*
Austria, schilling.
.168475
Belgium, belga
.012875*
Bulgaria, lev
Czechoslakia, korun#,. .035014
.219176
Denmark, krone.
England, pound ste % 4 .909375
.021631
Finland, markka
France, frano
.046690
Germany, relchsmark .402314
.008987*
Greece, drachma
.547496
Holland, guilder
.197875*
Hungary, pengo
.052611
Italy, lira
.246662
Norway, krone
Poland, zloty.
.189150
i
.044506*
Portugal, escudo
.007341*
Rumania, leu
Spain, peseta..
.073166*
Sweden, krona
.253112
....
_
...
Jan. 6
Jan. 5
Jan. 8
Jan. 7
.186757*
.186828*
.186814*
.168859
.168907
.168632
.168621
.168628
.012875*
.012875*
.012875*
.012875*
.012875*
.035015
.035012
.219141
.219437
.219331
.219225
P—Preferred stock.
L915333
1.912375
t.910708
(.912333
.021587
.021618
.021600
.021600
.021600
.046690
.046749
.046722
.046698
.046717
.402257
.402289
.008978*
.008982*
.008992*
.008989*
.008991*
.547510
.547421
.547507
.547496
.547507
.197750*
.197750*
.197750*
.197750*
.197750*
.052610
.246786
.402264
.402278
125,000
$24,000
$3,000
C
26,000
C—Common stock.
.219281
.909208
.402311
P
.035000
.035012
.035012
$75,000
C
30 shs.
$3,000
Neb
,186814*
.186842*
P
$25,000
20 shs.
11- 5-36 The Farmers National Bank of
Salina, Kan.
11-24-36 First National Bank in Exeter,
$
$
.052611
.052612
.052610
.052610
.246650
.246987
.246881
.246737
.189200
.189133
.189225
.189200
.189266
.044491*
.044504*
.044510*
.044525*
.044508*
.007235*
.007235*
.007275*
.007275*
.007291*
.070357*
.071916*
.072928*
.072000*
.071500*
.233091
.253412
.253304
.253154
.253235
.229785
.229839
.229823
.229778
.023020*
.023020*
.023020*
DIVIDENDS
Dividends
first
grouped in two separate tables.
In tbe
bring together all the dividends announced the
we
are
Then
current week.
show
the
we
follow with
second table in which
a
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.
we
.229764
.023060*
Switzerland, frano
.229770
Yugoslavia, dinar
.023050*
.023010*
The dividends announced this week
are:
Per
Aaia—
Name of
China—
Chefoo (yuan)
dol'r
.296333
.296500
.296500
.296500
Hankow(yuan) dol'r
Shanghai (yuan) dol
.296500
.296666
.296666
.296666
.296666
.296083
.296250
.296250
.296250
.296250
.296250
Tientsin (yuan) dol'r
Hongkong, dollar..
.296500
.296666
.296666
.296666
.296666
.296666
.305875
.306166
.306333
.306333
.306333
.305541
India, rupee
Japan, yen
Singapore (S. S.) dol'r
.371387
.371375
.282450
.283520
.284898
.284819
.284283
.284546
.575750
.575562
.576437
.576250
.575875
.576125
.371264
.371266
.371806
.296500
.296500
.371584
.296666
Australasia—
Australia, pound
3 915267*3.912187* 3.915416*3.913281* 3.912656*3.913333*
New Zealand, pound. 3 941160*3.939017* 3.943928*3.940803* 3.940133*3.942053*
Africa—
South
Africa, pound.
North
4.858046*4.854375* 4.861250* 4.857321* 4.854821*4.858035*
_
America—
Canada, dollar......
Cuba, peso
.999975
1.000012
1.000168
1.000144
.999166
.999166
.999166
.999166
.999166
.999166'
Mexico, peso
.277500
.277500
.277500
.277500
.277500
.277500
.997519
.997477
.997636
.997617
.997656
.997597
.327350*
.327350*
.327616*
.327533*
.327416*
.327466*
.086955*
.087088*
.087088*
.087088*
.087088*
.087105*
...
Newfoundland,
dollar
1.000156
1.000228
Soutlf America—
Argentina, peso.
Brazil (official) mllreis
i
(Free) milreis
Chile, peso
Colombia,
Uruguay,
*
.059625
.059687
.059925
.059875
.059812
.051725*
.051725*
.051750*
.051725*
.051725*
.573900*
.573800*
.573900*
.573900*
.573900*
.573900*
.800000*
peso....
.059522
.051750*
.800000*
.800000*
.788000*
.787500*
.786666*
peso
FINANCIAL MARKET—PER
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
Gold,
per oz__
p.
Jan. 4
21%d.
21%d.
fineoz,141s. 7d.
141s. 7d.
Consols, 2%%- Holiday
84 11-16
Jan. 5
Jan. 7
Jan. 6
21 3-J.6d,.
141s.5%d. 1418.5 %d. 141s. 7d.
84 9-16
Jan.
215-16d.
84 7-16
8f
21 3-16d.
141s. 7d.
84 %
84 9-16
,
British 3%%
War Loan... Holiday
105%
105 %
105%
105%
105%
116 %
116%
116%
116
116
■British 4%
1960-90
Holiday
The
price of silver
States
Bar
on
the
same
N.Y.(for.) Closed
per
ounce
(in cents) in the United
days has been:
45
45
45
45%
45%
50.01
50.01
50.01
50.01
50.01
77.57
U.S.Treasury. 50.01
77.57
77.57
77.57
77.57
U. S. Treasury
(newly mined)
77.57
The following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
BRANCHES AUTHORIZED
American Cities Power & Light class A (quar.)
Albany County, N. Y.
The Post Office address of the branch will be
Delaware Ave., Delmar, Albany County, N. Y.
Certificate No. 1307A.
$2&000
,
Jan.
Jan.
15 Jan.
15 Jan.
Feb.
1 Jan.
Associated Dry Goods Corp., 6%
K
40c
Jan.
25 Jan.
1 Jan.
1 Jan.
1 Jan.
15
Feb.
1 Jan.
15
25c
Feb.
Feb.
Feb.
Jan.
7
11
14a
16
15
15 Jan.
2
34 %c
Feb.
1 Jan.
15
$3%
$1 %
Jan.
2 Dec. 26
1 Jan. 20
h$3
1st pref
Associated Telephone, preferred (quar.)
Athol Mfg. Co., 7% pref. (semi-ann.)Atlas Powder Co. preferred (quar.)
Baltimore American Insurance (s.-a.)
Feb.
10c
Bangor Hydro-Electric-Co. (quar.)
Barnsdall Oil Co. (quar.)
15 Feb.
Feb.
15 Feb.
1
25c
Feb.
1 Jan.
11
25c
— -
Feb.
5c
Extra
Feb.
1 Jan.
14
1
45c
Jan.
30 Jan.
15
87 %c
Jan.
30 Jan.
15
Borland
$1%
Jan.
25 Jan.
15
62 %c
50c
Jan.
21 Jan.
15
Jan.
21 Jan.
$1.13
$1
Jan.
14 Jan.
7
Jan.
22 Jan.
15
50c
25c
75c
Jan.
22 Jan.
15
Jan.
20 Jan.
Feb.
15 Jan.
11
30
75c
Mar.
1 Feb.
5
Beneficial Industrial Loan
Preferred A (quar.)
Shoe Stores,
Beverly Gas & Electric Co. (quarterly)
Biltmore Hats, Ltd. (semi-ann.)
Extra.-
Blauners,
Inc
(quar.)
Opt. stk. div. of 1-32 sh. of com. or cash.
Bon Ami Co. class A (quar.)
Class B (increased)
$1
62 %c
Bower Roller Bearing Co. (quarterly)
Brandon Corp. 7% preferred
50c
h$ 7
$2%
$1%
Broadway & Newport Bridge Co
5% preferred (quarterly)
Brockton Gas Light (quarterly)
Burry Biscuits, 6% preferred (quar.)
Calamba Sugar Estates (quar.)
Celotex Corp. 5% preferred
10c
75c
40c
$1%
15
Jan.
30 Jan. 18
Jan. 30 Jan. 18
Mar. 25 Mar.
1
Jan.
2 Dec. 26
Feb.
1 Dec. 31
Feb.
1 Dec. 31
Jan. 15 Jan.
7
Jan.
2 Dec. 23
Apr.
1 Mar. 15
Feb.
1 Jan. 18
Central Franklin Process Co—
Jan.
2 Dec.
$1%
7% 1st and 2nd preferred (quar.)
Central Power & Light 7 % preferred
1 Jan.
$1.31% Feb.
1 Jan.
$1,125 Feb.
6% preferred
Mar.
1 Feb.
Century Ribbon Mills, pref. (quar.)
$1%
Cerro ue Passo Copper Corp
Feb.
1 Jan.
$1
Chase National Bank (semi-ann.)
1 Jan.
70c Feb.
Coca-Cola Bottling (St. Louis) (quar.)
50c Jan. 20 Jan.
Columbia Gas & Electric Corp—
Feb. 15 Jan.
$1%
6% preferred series A (quarterly)
$1% Feb. 15 Jan.
5% cumul. preferred (quarterly)
Feb. 15 Jan.
$1%
5% cumul. conv. preference (quar.)
Feb.
Commonwealth Edison Co
1 Jan.
$1%
Concord Electric Co. (quarterly)
70c Jan. 15 Jan.
$1% Jan. 15 Jan.
6% preferred (quarterly)
Consolidated Funds Corp., $3 prior pref.(s.-a. )
2 Dec.
$1% Jan.
Jan.
15c
2 Dec.
30c. prior preferred (semi-ann.)
Jan.
Consolidated Water Power & Paper
2 Dec,
Si
Continental Service (quar.)
7%c Jan. 27 Jan.
Mar.
Cook Paint & Varnish Co. (quar.)
15c
1 Feb.
Mar.
Preferred (quar.)
1 Feb.
$.1
Coon (W. B.) Co
15c Feb.
1 Jan.
1 Jan.
$1% Feb.
7% preferred (quarterly)
Corn Exchange Bank & Trust (quar.)——
Feb.
75c
1 Jan.
Cresson Consol. Gold Mining & Milling (qu.)
Feb. 15 Jan.
2c
Crown Cork International Corp. class A (quar.)25c
April 1 Mar.
Crown Cork & Seal Co., Inc., common (quar.)-50c Mar.
6 Feb.
Mar. 15 Feb.
$2% cumul. preferred (quarterly)----Davis Coal & Coke Co. (irregular)
Jan.
2 Dec.
Delaware Rayon, 7% non-cum. pref. (quar.)
2 Dec.
n% Jan.
-
__
__
—
—
_
VOLUNTARY LIQUIDATION ;■
Effective, Dec. 19, 1936.
Liquidating Agent, H. J. Sauer,
Paynesville, Minn.
Succeeded by The First State Bank in
Paynesville, Minn.
15
50c
American Reserve Insurance (semi-annual)
Extra
15
15
1 Jan.
20c
25c
_ _
Opt. stk. div. of 1-32 sh. of cl. B stk. or cash.
American Equitable Assurance, (quar.)
American Home Products Corp. (monthly)
American Machine & Foundry Co
1 Jan.
30 Jan.
Feb.
75c
-—
—
Dec. 24—The National Commercial Bank & Trust Co. of Albany, N. Y.
Location of branch, Delaware Ave., Delmar, Town of Bethlehem,
—
___
NATIONAL BANKS
Dec. 28—First National-Bank in Paynesville, Paynesville, Minn.
Feb.
Jan.
50c
25c
20c
—
American Alliance Insurance Co. (quar.)
Extra
Blue Ridge Corp. $3 pref. (quar.)
21 5-16d.
Jan.
50c
Amerada Corp. (quarterly)
Amerex Holding/Corp
Holders
Dec. 31 Dec 29
2 Dec. 18
k
75c
$i
Aloe (A. S.) Co., 7% preferred (quar.)—
Altorfer Bros, preferred (quar.) —
Preferred
Mon.,
Jan. 2
Silver,
12 %c
(irregular)
When
Payable of Record
Extra
CABLE
The
as
Advance Corp.
Share
Company
optional dividend
Interest div. of $1% in cash, or at holder's
option one share of stock in ratio to each
$12% worth of cash dividend.
Best & Co. (quarterly)
Nominal rates* firm rates not available.
ENGLISH
$200,000 B
C $300,000
$25,000
Salina, Kan..
Unit
1,000 shs.
$50,000
$250, 000 "A"
O'Fallon, 111.
Noon Buying Rate for Cable Trans/erg in New York
Value in United States Money
Country and Monetary
Bank
Brockton, Mass__.._.
12-12-36 The First National Bank
Metropolis, 111
12-1-36 The First National
BANKS TO
12
15
15
20
18
16
10
20
20
20
15
7
7
24
24
31
12
20
20
16
16
22
30
10a
19
26
28
31
Volume
Financial
144
Share
Dictaphone Corp
Preferred (quar.)
Dividend Shares, Inc. (quarterly)
Domestic Finance Corp., $2 pref. (quar.).
Eagle Lock Co. (quarterly)
Early & Daniel, 7% pref. (quarterly)
Ely & Walker Dry Goods (quar.)
Employer Group Assoc. (quar.)_.
Eureka Pipe Line Co. (quarterly).
i?eci0raii/6ci
u©pt*
stores, 4M %
2
3c
50c
25c
m
25c
$1
$1.06
pri
Felin, (John JT) & Co. (semi-ann.)
Preferred (quarterly).
Fifth Ave. Coach Co. (initial)
Firemens Fund, Inc. (quarterly)
First Management Foundation—
Beneficial interest shares (quarterly)
$1*4
Name of
Payable of Record
Mar.
Mar.
1 Feb.
1 Feb.
1 Jan.
13
13
15
Feb.
Feb.
1 Jan. 20
Jan.
2 Dec. 23
Jan. 10 Dec. 31
Mar.
1 Feb. 19
Jan. 30 Jan. 16
Feb.
1 Jan. 15
7
Jan. 15 Jan.
Feb.
1 Jan. 20
Jan. 30 Jan. 20
Jan. 15 Jan. 11
Jan. 15 Jan. 11
50c
Jan.
$1
Jan.
2 Dec.
15 Jan.
15
5
Share
Company
25c
15c
Root Petroleum Co. (quarterly)
—
Rose's 5, 10 & 25c. Stores (quar.)———
Royal Dutch Petroleum Co. (interim)
Solvay American Investors, 5*4% pref. (quar.)
Southern Fire Insurance (s.-a.)
Southern Franklin Process Co., 7% pref.
Spartan Mills Corp. (semi-ann.)
Spiegel, Inc., new.
Preferred
...
Extra
Preferred
Halle Bros.
Haverhill Electric Co. (quarterly)
Homestake Mining (monthly)
Extra
(quar.)..
-—
Jan.
7
Feb.
Jan.
15
ni%
Feb.
Dec.
Jan.
16
Dec. 21
Jan.
Jan.
United States & International Securities,
Jan.
Jan.
Jan.
Feb.
Jan.
Jan.
7
Jan.
16
Jan.
Jan.
Jan.
16
§2
-
Series S4.
Keystone Public Service Co., $2.80 pref. (qu.)_.
Keystone Steel & Wire
25c
20c
25c
M
$1.17
37*4c
37i&
25c
$1*4
$1.09
33c
36c
30c
7.4c
$2.05
$7.15
70c
15c
im
50c
SIM
SIM
90c
$2
U7&
Feb.
Apr.
1 Dec. 26
7
13 Jan.
2 Dec. 26
Dec. 31 Dec. 14
Jan. 25 Jan. 16
Jan.
Jan.
Jan.
2
15 Jan.
1 Jan.
1 Jan.
15
15
Feb.
Feb.
1 Jan.
22
1 Jan.
22
7
Jan.
30 Jan. 20
Mar. 31 Mar. 20
June 30 June 21
Dec. 31 Dec. 31
30 Jan. 20
Jan. 30 Jan. 20
1 Jan. 11
Feb.
1 Jan. 16
Feb.
Feb. 15 Feb.
1
Feb. 15 Feb.
1
1 Jan. 14
Feb.
Feb.
1 Jan. 15
Jan. 15 Dec. 31
Jan.
Feb.
60c
75c
75c
1 Jan.
Feb.
Feb.
Jan.
1 Jan.
1 Jan.
Jan.
15 Jan.
15 Jan.
16
16
20
7
S3M
25c
Feb.
Feb.
1 Jan.
1 Jan.
7
21
15
37*4c
Feb.
1 Jan.
15
$^c
Jan.
Feb.
30 Jan.
11
1 Jan.
25c
Jan.
Jan.
Jan.
15
15
15
15
SIM
SIM
30c
75c
75c
(quar.)
Extra
1st preferred (quar.)
SIM
2d preferred (quar.)
Pacific Finance Co., 5% pref. (initial)
Pacific Public Service, 1st pref
SIM
Feb.
Feb;
(resumed)
-
6% preferred (quar.)
7% preferred (quar.)
Raymond Concrete Pile (quarterly)
Preferred (quarterly)
Rhode Island Public Service Co., class A (quar.)
Preferred (quarterly)
Rice-Stix Dry Goods C
;o. common
Rochester American Insurance Co. (quar.)
Rockland Light & Power (quarterly)
Feb.
Feb.
Potomac Edison Co., 7% pref. (quar.)
Extra..
Jan.
Jan.
32 Mc
6% preferred (quarterly)
Pennsylvania Gas Co
Perfection Petroleum Co.,
>ref. (quar.)...
Phoenix Finance Corp., 8
(quar.)
8% preferred (quarterly)
8% preferred (quarterly)
8% preferred (quarterly)
Pittsburgh Bessemer & Lake'Erie RR. (s.-a.)-—
Pittsburgh Cincinnati Chicago & St. Louis RR—
6% preferred (quarterly)
Public Service of Northern Illinois
30
Jan. 30
Jan. 30
Feb. 10
Jan. 28
Jan.
Pan American Airways Corp. (quar.).
Penman's Ltd. (quarterly)
Per
Share
Air
29
15
18
18
Jan.
Jan.
25
Jan. 18
28 Jan. 18
28 Jan. 18
28 Jan. 18
1 Jan. 15
1 Jan. 15
1 Jan. 20
15 Feb.
5
Feb.
Jan.
14
1
10
10
10
10
Jan.
Apr.
July
Oct.
Jan.
5~
Dec. 30
Mar. 31
June 30
Sept. 30
Jan.
Dec. 31
1 Mar. 15
Apr.
Jan. 20 Jan.
9
Jan.
2 Dec. 24
Feb.
Feb.
Feb.
1 Jan.
Feb.
Feb.
1 Jan.
1 Jan.
Feb.
Feb.
Feb.
1 Jan.
Feb.
Feb.
1 Jan.
Jan.
Jan.
Feb.
(J. D.) Mfg. (quar.)
Reduction Co., Inc.
1 Jan.
1 Jan.
1 Jan.
1 Jan.
1 Jan.
15 Jan.
15 Jan.
1 Jan.
20
20
15
15
15
21
21
15
15
15
7
7
15
Jan.
15
Jan.
Jan.
19
25
Jan.
22
Jan.
22
Jan.
15
Jan.
Feb.
Dec. 31
Dec. 31
Jan. 15
June 15
Jan.
Jan.
20
20
Dec. 15
Feb.
15
Jan.
15
14
19
18
Dec.
Dec.
Feb.
15c
When
Feb.
15c
Feb.
Feb.
15c
Feb.
$1**
$1*4
Albany & Susquehanna RR. Oo. (special).
Jan.
Jan.
3%
15c
Extra
Alabama Great Southern RR., Preferred
Alaska Juneau Gold Mining (quar.)
Extra
Holders
Payable of Record
25c
25c
(quarterly)
Jan.
Jan.
1 Jan. 15
15 Dec. 31
15 Dec. 31
15 Dec. 31
17 J an.
1 Jan.
6
9
9
1 Jan.
9 Dec. 23
Allied Stores Corp. (initial)
Stock div. at the rate of l-100th a sh. of 5% pf
All-Penn Oil & Gas Co. (quar.)
Feb.
1 Jan.
11
50c
Allied Chemical & Die Corp. (quar.)
Allied Mills, Inc
Jan.
20c
Jan.
15 Jan.
20 Jan.
20 Jan.
2
9
Jan.
~""i5c"
10c
Aluminum Industries, Inc. (quar.)
12*4c
Amalgamated Sugar 5% pref. (quar.)
American Asphalt Roof common (quar.)
$2
American Can Co. (quar.)
$1
American Chain Co., Inc 5% pref. (quar.)
$1*4
•30c
American Light & Traction (quarterly)
25c
Special..
co r- £ 0
6% preferred (quarterly)
30c
American Rolling Mill Co. (quar.)
Preferred (quarterly)
$1*4
50c
American Shipbuilding (quar.)
75c
American Smelting & Refining (quar.)
American Telp. & Teleg. (quar.)
$2*4
75c
Amoskeag Co., common
Preferred (semi-ann.)
$2*4
30%
Anglo-American Corp. of South Africa ordinary3%
6% cum. pref. (semi-annual)
50c
Arlington Mills (quarterly)
Armour & Co. (111.), 7% preferred
h$31*4
50c
Arnold Constable Corp
35c
Asbestos Mfg. preferred (quar.)
Associated Dry Goods Corp. 6% 1st pref
h% 1*4
$1*4
6% first preferred (quar.)
Associated Telephone Co., Ltd. (quar.)
31*4c
Atchisod Topeka & Santa Fe, pref. (s.-a.)
$2*4
...
Atlantic Refining Co., pref. (quar.)
SI
Baldwin Co. .preferred A (quarterly)
$1*4
lc
Bandini Petroleum Co. (monthly)
70c
Bardine's, Inc., $2.80 pref. (quar.)—
$1*4
Bayuk Cigar Co. pref. (quar.)
SI *4
Beatty Bros., Ltd., 1st preferred (quar.)—
Bell Telephone of Canada (quar.)
$1*4
Bell Telep. of Penna., preferred (quar.)
25c
Black & Decker Mfg. Oo. (resumed)
Brazilian Traction Lt. & Pr. Co., Ltd. (ord.)
r40c
...
$1§4
Brewers & Distillers of Vancouver
Brewing Corp. of Canada $3 pref. (quar.).—.
S3 preferred—
British-American Tobacco Co., Ltd. (final)
Ordinary (interim)
;
British Columbia Power, class A (quar.)
Brooklyn-Manhattan Transit (quar.)
Preferred (quar )
Brooklyn Teleg. & Messenger Co. (quar.)
Bruck Silk Mills (interim)
Buffalo Niagara & Eastern Corp., 1st pref. (qu.)
Calgary Power Co., Ltd., pref. (quar.)
37*|c
h37*4c
8d.
lOd.
40c
SI
$1*4
$1*4
10c
$1*4
$1*4
Calhoun Mills.
9
15 Jan. 11
15 Dec. 31
Feb.
1
Feb. 15 Jan. 31
Feb. 15 Jan. 25
Jan.
Jan.
Mar. 15 Mar.
5
Feb.
1 Jan.
Feb.
1 Jan.
Feb.
1 Jan.
Jan. 15 Dec.
Jan. 15 Jan.
1 Jan.
Feb.
Feb. 27 Jan.
15
15
15
Jan.
Jan.
15 Dec.
4 Dec.
July
2 June
Jan.
30 Dec.
30 Dec.
Jan.
15
1
15
29
15
26
19
31
31
16 Jan.
15 Jan.
21 Jan.
1 Jan.
Feb.
20
Jan. 15 Jan.
Jan, 15 Jan.
1 Jan.
Feb.
2
2
15
Jan.
4
Jan.
Jan.
5
11
1 Dec. 31
5
1 Jan.
15 Dec. 31
Jan. 20 Dec. 31
Jan. 14 Dec. 31
Jan. 15 Dec. 31
Feb.
1 Jan. 15
Feb.
Feb.
Jan.
Jan.
15 Dec. 23
15 Dec. 19
4
15 Jan.
Jan. 30 Dec. 26
Feb.
1 Dec. 29
Jan. 15 Dec. 31
Jan. 15 Dec. 31
Jan. 18 Dec. 22
Jan. 18 Dec. 22
Jan.
Jan.
Jan. 15 Dec.
Jan. 15 Jan.
Jan. 15 Jan.
Mar.
1 Feb.
Jan. 15 Dec.
Feb.
1 Jan.
Feb.
1 Jan.
Feb. 22
Jan. 15 Dec.
Jan. 15 Dec.
31
2
2
20
28
15
15
-...---
Calif .-Oregon Power Co., 6% pref,
7% preferred
...
California Packing Oo
California Packing Corp
h$ 3
h$ 3*4
37*4c
50c
31
31
Feb. 20 Feb.
5
Jan. 25 Jan.
9
Optional payment of 2-200ths a sh. of new $50
par 5% cumul. preferred or in cash.
7% cumul. pref. (quar.)
Canada Southern Ry. (semi-ann.)
25 Dec. 31
15 Dec. 31
1 Dec. 28
1 Jan. 20
25c
1 Jan. 20
75c
Feb.
1 Jan. 20
$1*4
$1*4 Jan. 15 Dec. 31
Jan. 30 Dec. 31
r$154 Jan. 15 Dec. 31
Jan. 20 Jan.
9
SI
Jan. 20 Jan.
9
$1*4
Feb.
1 Dec. 31
20c
$1.31*4 Jan. 15 Dec. 31
$1,125 Jan. 15 Dec. 31
Feb.
1 J an. 25
$1
Jan. 15 Dec. 31
25c
37*4c Dec. 31 Dec. 19
Canadian Bronze Co., Ltd., common
Common (interim)
Canadian Fairbanks Morse Ltd. pref. (quar.)..
Canadian Industries, Ltd.. A & B
7% preferred (quarterly)
....
Carolina Clinchfield & Ohio Ry. (quar.)
Stamped certificates (quar.)
Central Hudson Gas & Electric Corp..
Central Power Co., 7% preferred
6% preferred
Central Railway Signal class A
Central Republic.
Chain Stores Products Corp., pref. (quar.)
Chesapeake & Ohio Ry Extra—
(payable in new prer. ser. A stock)
Cincinnati Northern RR. Co. (s.-a.)
Cincinnati Postal Terminal & Realty Co., 6*4%
....
...
Preferred (quarterly)
Cleveland Cincinnati Chicago & St. Louis
Preferred (quarterly)
....
........
.....
duett, Peabody & Oo. (increased)..
Columbia Pictures Corp. (semi-annual)
......
30c
Jan.
154%
$1*4
Canada Northern Pow.Corp., Ltd., com. (quar.)
Preferred (quarterly)
1
Feb. 15
Jan.
1
Jan. 22
Jan. 15
Feb.
Feb.
Dec.
Mar.
Feb.
Dec.
Dec.
Mar.
Affiliated Fund, Inc. (new) (quarterly)
15 Jan.
1 Jan.
1 Jan.
1 Mar
5
15
Mar.
Mar.
July
Name of Company
Adams
Feb.
Outlet Co.
Feb.
Feb.
15
15
Jan.
Feb.
give the dividends announced in previous weeks
list does not include dividends an¬
being given in the preceding table.
we
31 Nov. 30
2 Dec. 22
15 Jan.
5
Jan. 15 Jan.
5
Jan. 15 Jan
Jan.
2 Dec. 15
1 Jan. 15
Feb.
7
Jan. 13 Jan.
1 Jan. 15
Feb.
Jan. 25 Jan. 15
1 Jan. 15
Feb.
Feb.
1 Jan. 14
Feb.
1 Jan. 15
Feb.
1 Jan. 15
Jan.
Apr.
and not yet paid.
The
nounced this week, these
31 Nov. 30
31 Nov. 30
31 Nov. 30
31 Nov. 30
Feb.
Jan.
Feb.
...
31 Nov. 30
31 Nov. 30
31 Nov. 30
Jan.
Jan.
Wentworth Mfg. Co. (extra)—.
West Jersey & Seashore RR. Co. (s.-a.)
West Penn Electric 7% preferred (quar.)
Below
Jan.
Jan.
Extra
15
Feb. 25
Feb.
Outboard Marine & Mfg. C
Pneumatic Scale
Dec.
Dec.
Dec.
Dec.
Jan.
—
(quarterly)
_
Walgreen Co. (quar.)
Weill (Raphael) & Co
6% preferred (quar.)
Weyerhauser Timber Co
Wilson & Co. (quar.)
Preferred (quar.)
Woolson Spice Co. (quarterly)
6% preferred (quarterly)
Yellow & Checker Cab Co., class A
15
Feb. 15
Dec. 28
Jan. 15
Feb.
Feb.
pref—
Jan.
Jan.
—
Shoe Co
common
Feb.
Mar.
Jan.
10c
Northern Illinois Finance Corp..
Convertible preferred
(quarterly)
Northern RR. of New Hampshire (quar.)
Northwest Engineering Co
-
Dec. 31
Dec. 31
Jan. 16
Jan.
Jan.
Neisner Bros., Inc., preferred (quar.)
New Bedford Gas & Eaison Light (quar.)
Nunn-Bush
Feb.
Jan.
25c
25c
*
Dec.
68c
25c
37$
Newberry (J. J.) Realty Co., 6*4 % pref. A (qu.)
6% preferred (quarterly)
New York Merchandise (quar.)
North Boston Lighting Properties (quar.)
6% preferred (quarterly)
—
North Carolina RR. Co., 7% guaranteed (s.-a.
30
30
Mar. 31
Mar. 31
Jan. 15
Jan. 15
Dec. 31
Jan.
Apr.
Apr.
h$2
$1.45
—
Extra.
National Automotive Fibres class A
National City Bank (semi-ann.)
National Liberty Insurance (semi-ann.)
Extra
National Tea Co. preferred (quar.)
20
20
18
18
Jan.
Feb.
Feb.
Dec.
Dec.
Dec.
Dec.
75c
Loew's, Inc., $6*4 cumul pref. (quar.)
Lone Star Gas, 6*4% preferred (quar.)
Loose-Wiles Biscuit Co. (quar.)
Preferred (quar.)
Loraine Telephone Co., 6% pref. (quar.)
Lowell Electric Light Co.,
(quarterly)
Lycoming Mfg. Co., 8% preferred (quar.)
Lynn Gas & Electric Co. (quarterly)
Macy (R. H.) & Co. (extra)
Marconi's Wireless Telegraph Co.—
7% cumul. partic., preferred shares (bearer).
Massachusetts Power & Light $2 pref. (quar.)
Maytag Co., $6 1st preferred (quar.)
$3 preferred (quar.)___^
Melville Shoe Corp. common (quar.)
2d preferred (quar.)
Metal & Thermit Co. (additional dividend)
7% preferred (quarterly)..
7% preferred (quarterly)
Metropolitan Advertising Co., (resumed)
Moore (Tom) Distillery (quar.)..
Jan.
8
7
15
Feb.
Feb.
—
■
70c
80c
Lehigh Portland Cement (quar.)...
Jan.
Jan.
Feb.
Layton Oil Co., Inc., 8.4% pref. (monthly)
Locke Steel Chain Co. (quar.).
Extra
Jan.
Feb.
35c
Lawrence Gas & Electric Co
Lazarus (F. & R.) (increased)
Lee Rubber & Tire Corp
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
16
20
Jan.
Feb.
Feb.
Feb.
Feb.
50c
2c
Tung-Sol Lamp Works, pref. (quar.)
Union Bag & Paper
United States & Foreign Securities, pref. (qu.)—
20c
40c
75c
Jan.
Feb.
Jan.
12
Jan.
7
Feb.
Jan.
Feb.
Mar.
Mar.
Jan.
40c
Semi-annual
Trustee Standard Investment Shares O
Series D
•
12
Jan.
50c
.
25c
40c
Springfield Gas Light (quar.)
Standard Car & Seal, new
Preferred (quar.)..—
Stetson (J. B.) Co. (resumed)
Toburn Gold Mine, Ltd
Transamerica Corp. (stock dividend)
Payable in 1-50 sh. of Bancamerica-Blair stk.
Jan.
87&°
Holder*
When
Payable of Rec0™
May
...——
Jan.
20c
Horders, Inc. (quarterly)
Special
Hormel (Geo. A.) & Co. (quarterly)
Preferred A (quarterly)
Household Finance Corp. common (quar.)
Participating preference (quar.)
Illinois Northern Utilities, 6% pref. (quar.)
$7 preferred junior (quarterly)
Interallied Investing Corp., A (s.-a.)_
International Bronze Powders (quar.)
6% preferred (quarterly)..International Cigar Machinery Co
Jantzen Knitting Mills (quar.)
Preferred (quar.)
Jones (J. Edw.) Royalty Trust—
Series E participating certificates ($100)
Series F participating certificates
Series G participating certificates
100)
Series H participating certificates
100)
Series I participating certificates
$100)
Series J participating certificates
500)
Series K participating certificates
100)——
Series L participating certificates
$100)
Johnson Publishers Co., 8% preferred
Johnson, Stephens & Shinkle Shoe Co. (resumed)
Keystone Custodian Fund, series B3
20c
25c
—
Jan.
(quar.)
Co., $2.40 preferred (initial)
$1M
(qu.)-
68c
30c
Frost Steel & Wire Ltd., 7% preferred
Globe Discount Corp. (Ga.), 7% pref. (quar.)—
Great American Insurance Co. (quar.)
Extra
Green (H. L.) Co. (quar.)
60c
20c
6c
Fitchburg Gas & Electric Light (quar.)
Froedtert Grain & Malt, pref. (quar.)
Sli.
Extra
4c
Extra
....
Per
Holders
When
Per
Name of Company
229
Chronicle
Jan.
Feb.
Feb.
Feb.
$2
Jan,
$6
Jan.
$154
Jan.
$5
Jan.
$1*4
Jan.
75c
/2*4%
11 Dec. 15d
31 Jan. 21
15 Jan.
4
30 Jan. 21
30 Jan. 21
Feb.
1 Jan. 21
9
Feb. 23 Feb.
Columbus Ry., Power & Light Co.—
6*4% preferred B (quar.)
$1.62
Feb.
I Jan.
15
230
Financial
Per
When
Share
Commercial Discount Co. (Los Angeles) (qu.)-8% preferred (quar.)
17^c
Jan.
10 Jan.
1
$2
Jan.
10 Jan.
1
734c
$1)4
Jan.
15 Dec. 31
$134
Jan.
3734c
Feb.
Feb.
1 Jan.
15
1 Jan.
15
Feb.
1
15
Connecticut River Power 6% pref. (quar.)
Consolidated Car Heating Co., Inc. (quar.)
Consol. Chemical Industries, Inc., A & B__
Class A & B (extra)
;
_ -
1234c
$154
$154
$134
.
Consolidated Cigar Corp. prior pref. (quar.)
7% preferred (quar.)
Consolidated Edison Co., preferred (quar.)
Consolidated Oil Corp., com. (quar.)
Consolidated Royalty Oil (quar.)
Consolidated Traction Co (N. J.) (s.-a.)
Continental Insurance Co. (s.-a.)
Year-end (special).
-■
"
Feb.
1 Dec. 80
Feb.
15 Jan.
30
10c
Jan.
11 Jan.
2
Jan.
15 Jan.
5
62)4c
15
Jan.
Jan.
15
15 Dec. 31
11 Dec. 31
Jan.
11
Jan.
20 Jan
$154
$134
$3)4
Jan.
13 Jan.
Jan.
15 Dec.
31
Feb.
1 Jan.
23
20c
...
Dec. 31
4
4
Jan.
15 Jan.
5
Jan.
Jan.
15
20 Jan.
5
20 Jan.
5
3c
Jan.
15 Jan,
Jan.
15 Dec.
4
15
Jan.
14 Dec. 29
Jan.
15 Dec. 26
Jan.
15 Dec. 26
25c
...
Jan.
20 Jan.
5
10
2 Dec.
1
Jan.
Jan.
Jan.
(
11 Dec. 26
20 Dec. 31
Apr. 20 Mar. 31
Jan.
15 Dec. 31
Feb.
15 Feb.
4
Feb.
15 Feb.
1
Jan.
Jan.
8
25 Jan.
15 Dec. 31
Jan.
20 Jan.
Jan.
20 Jan.
$154
$154
3754c
$154
5
5
Feb.
1 Jan.
$154
$154
Feb.
1 Jan.
Feb.
1 Jan.
6
25c
Jan.
25 Jan.
11
$154
$154
$154
$1
$354
Jan.
Jan.
1 Feb. 15
15 Dec. 28
15 Dec. 11
Feb.
1 Jan.
16
Feb.
15 Jan.
31
1 Jan.
20
Feb.
Jan.
15 Dec. 31
Jan.
15 Dec. 31
15 Dec. 31
15 Dec. 31
Jan.
15 Dec. 31
15 Dec. 31
Jan.
6
$6 preferred (quar.)
Massachusetts Utilities Assoc. pref. (quar.)
May Department Stores (extra)
McCall Carp., common (quar.)
McCrory Stores, preferred (quar.)
McGraw-Hill Publishing Co. (resumed)
—
McLellan Stores Co., pref. (quar.)..------Mercantile-Commerce Bk. & Tr. Co. (St. Louis)
Quarterly
Merchants Refrigerating Co. of N. Y. 7% pref-Michigan Bakeries, Inc. (special)
Prior preferred (quar.)
$7 preferred (quar.)
Michigan Public Service, 7 % preferred
6% preferred.
Mill Creek & Mine Hill Nav. & RR. (s.-a.)
Milwaukee Electric Ry. & Light Co., pref
Minneapolis Honeywell Regulator 4% new conv.
preferred B (quarterly)
Mohawk Liqueur Corp. (quar.)
—
15 Dec. 31
4
15 Jan.
Jan.
15 Jan.
4
Jan.
Feb.
15 Jan.
10 Feb.
4
4
May 11 May
Aug. 10 July 27
Dec. 28 Dec. 21
Montgomery (H. A.) Co. (quar.)
Quarterly
Montgomery Ward Co. (quarterly)
Special
Montreal Light. Heat & Power Consol. (quar.)..
Montreal Tramways (quar.)
Morris, (Philip) & Co., Ltd., Inc
Mutual System, Inc., common (quar.)
Preferred (quar.)
National Bond & Share Corp
National Cash Register
National Distillers Products Corp. (quar.)
80c
Feb.
1 Jan.
Apr
Apr
1
-
-
1
-
-
$154
Feb.
1 Jan.
$154
$254
Extra
Fibreboard Products, Inc., 6% pref.; (quar.)
Fidelity-Phenix Fire Insurance Co. (s.-a.)
Year-end (special)
50c
_________
20
--
16
80c
11 Dec. 31
Jan.
50c
Preferred (quar.)
First National Corp. (Portland, Ore.) class A—
First Security Corp. of Ogden(Utah), ser A (s-a)
Fishman (M. H.), Inc. Preferred
(quar.)
11
Jan.
$1
[remans Fund Insurance (quarterly)
Jan.
20c
Firestone Tire & Rubber
Jan.
15 Jan.
20 Jan.
$154
h25c
50c
Dec. 31
5
5
1 Feb. 15
Mar.
Jan. 15 Dec. 26
Jan.
1
15 June
15 Dec. 31
25c
Jan.
15 Dec. 31
$1,125
$154
$154
Jan.
15 Dec. 31
50c
Jan.
75c
Feb.
$154
Machinery Corp. (quar.)
Preferred (quar.)
Gardner Electric Light Co
General Cigar Co., Inc., preferred (quar.)
Preferred (quar.)
General Mills, Inc. (quar.)
$4
$154
$154
June
Feb.
1 Jan.
15
25 Jan.
18
Apr.
1 Mar. 20
Feb.
1 Jan. 23
15 Dec. 31
1 Dec. 31
1 Dec. 31
1 Jan. 15
Jan.
Feb.
Feb.
Feb.
Feb.
25c
14 Jan.
4
Feb.
$i
7)4c
1634c
1 Jan.
Jan.
1 Jan.
15
Mar.
15
Jan.
1 Feb. 19
15 Dec. 24
Jan.
15 Dec. 24
Feb.
1 Jan.
Mar. 31 Mar.
June 30 June
Jan. 15 Dec.
11
Jan.
15
15
22
15 Dec. 22
38c
Jan.
31 Dec. 31
$2)4
Jan.
15 J an,
75c
5c
50c
25c
25c
Jan.
15 Jan.
4
15 Nov. 30
15 Dec. 31
50c
Feb.
25c
Jan.
Feb.
1 Jan.
Feb.
Feb.
1 Dec.
25c
50c
$2.90
—
Jan.
Jan.
Jan.
Jan.
5
15 Dec. 31
15 Dec. 30
1 Jan. 15
15 Dec. 31
18
28
1 Dec. 30
(quar.)
& Ferry Co—
1234c
Jan.
15 Dec. 31
$3
50c
Feb.
Feb.
10 Jan.
Jan.
Jan.
15 Dec.
15 Jan.
1 Jan.
31
20
50c
11
Otis Co
$35
Jan.
20 Jan.
Jan.
10 Dec.
10
Pacific American Fisheries, Inc__
25c
Jan.
15 Jan.
$1
50c
Feb.
Jan.
20
1
15 Dec. 31
1
Feb.
1
May 22
19
1 Jan.
9
2
Jan.
15 Jan.
1 Jan.
2
15
1 Jan.
15
25c
Feb.
Feb.
Jan.
$154
Feb.
$154
h$l 54
15 Dec. 31
1
63c
Jan.
15 Dec. 31
h$254
/i$l
$154
Jan.
22 Dec- 29
1 Jan. 12
25c
Jan.
$154
$1.30
$154
$2 54
1254c
$1.45
$154
$154
6854c
ft$154
$154
75c
Jan.
Feb.
Feb.
Jan.
Jan.
Jan.
1 Jan.
12
15 Dec. 31
15 Dec. 31
25 Jan.
9
15 Dec. 31
15 Dec. 31
Jan.
15 Jan.
Jan.
21
Jan.
20 Jan.
Jan.
15 Dec. 31
1 Jan. 15
Feb.
—
5
—
7
Feb.
1 Jan.
8
Feb.
Feb.
Jan.
15 Feb.
8
1
Mar. 15 Mar.
60c
Jan.
15c
Feb.
154%
Feb.
75c
Feb.
$1
$1
Feb.
/i50c
Jan.
Feb.
15 Jan.
5
5
10
Jan.
9
15 Feb.
15 Jan.
4
1
25
15 Jan. 25
15 Jan. 25
10 Dec. 31
15 Dec. 31
lc
Jan.
$2
Feb.
1 Jan.
1.5
$154
Feb.
1 Jan.
15
h50c
Jan.
15 Jan.
5
50c
75c
Feb.
Jan.
1 Jan. 12
15 Dec. 31
£o
Jan.
15 Dec. 31
2c
Feb.
1
50c
Feb.
1 Jan.
3.15c
Feb.
$1
Jan.
50c
Jan.
e5%
6254c
$154
Apr.
Jan.
Jan.
$154
6254c
Feb.
$2
Apr.
h8754c
fc8154c
Jan.
40c
4
Jan.
25 Jan.
9
15 Jan.
h7 5c
20
15 Jan.
Jan.
15
1
Jan.
8754c
8754c
15
1 Jan.
Jan.
3JL
if
$134
—
National Lead Co. Class B (quarterly)
National Power & Light Co.. $6 pref. (quar.)
Nevada-California Electric preferred
New Brunswick Telep. Co., Ltd.
New Jersey & Hudson River Ry.
1 Jan.
16
June
$254
00
Feb.
Feb.
Jan.
Jan.
Mar
Jan.
20 Jan.
Feb.
7i20c
National Fuel Gas Co
15 Dec.
20 Jan.
30
15
Jan. 12 Dec. 30
Jan. 15 Dec. 31
Jan. 20 Dec. 30
Jan. 20 Dec. 31
Jan. 20 Dec. 31
1 Jan. 25
Feb.
Feb. 10 Jan. 26
Jan. 15 Dec. 31
Feb.
$154
.....
Extra
15 Dec. 31
Jan.
6% preferred (semi-ann.)
New Jersey Zinc Co. (quar.)
New York Telephone 6 >4 % pref. (quar.)
Norfolk & Washington Steamboat Co
—
Norfolk & Western Ry. Co., Dref. (quar.)_.
North American Edison Co preferred (quar.)—
North River Insurance (special)
Northern Central Ry. Co
Northern Securities Co
Northern States Power of Del., 7% pref. (quar.)
6% preferred (quarterly)
Noyes (Chas. F.) Co. 6% preferred
----Old Dominion Co., irregular dividend
Oneida, Ltd. (extra)
75c
75c
75c
General Shoe Corp. A (2-months period)
Series B...
Jan.
15 Dec. 31
4
Jan.
Montana Power Co. $6 pref. (quar.)
3
50c
Jan.
Jan.
—
Jan.
Jan.
Jan.
Jan.
(quar.)
10c
...
$1.10
$2
$1)4
$3
10c
-
Kaufmann Dept. Stores, Inc.—
—
Jan.
Mar.
9 Dec. 19
20 Dec. 31
15 Dec. 31
2 Dec.
Ely & Walker Dry Goods (extra)
1st preferred (semi-annual)
2d preferred (semi-ann.)
Equitable Investment Corp., capital stock
Capital stock
Capital stock
Capital stock
Fair (The) preferred (quar.)
Farmers & Traders Lite Insurance (quar.)
Semi-annual
10c
15 Jan.
Jan.
El Paso Electric (Texas), $6 pref.
(quar.)
...
$1J4
50c
Massachusetts Investors Trust (quar.)
Electric Household Utilities
El Paso Electric (Del.), 7% pref. (quar.)
$6 preferred B (quarterly)
Institutional Securities Insurance—
Group shares (initial)
Insurance Co. of N. A. (semi-ann.)
Extra
International Business Machine
International Harvester (quar.).
International Milling 5% preferred (quar.)..
Internat. Nickel Co. of Canada, Ltd., pref. (qu.)
21 Jan. 14
10 Dec. 31
10 Dec. 31
Jan.
Massachusetts Lighting Cos $8 pref.
$2
Guardian Depositors Corp. (liquidating)
Halle Bros. Co. 6 >4 % preferred
Harbison-Walker Refractories Co., pref. (quar.)
Harrisburg Gas, 7% pref. (quar.)...
Hartford Electric Light Co. (quar.).
Hat Corp. of America 6 >4 % preferred
6)4% preferred (quar.)
Hawaiian Commercial Sugar
Hawaii Consol. Ry. 7% preferred
Hawaiian Sugar Co..
Hecker Products Corp., vot. trust ctfs
Hercules Powder Co", preferred.
Hershey Chocolate Corp. (quar.)
Preferred (quar.)
Preferred (participating dividend)
Holeproof Hosiery Co., b 2-3% preferred......
Holly Development Co. (quar.)
Holly Sugar Corp. (increased)
Preferred (quar.)
Home Dairy Co., Inc. (class A)
Horn & Hardart Co. (N. Y.) (quar.)
Household Finance Corp., A & B (quar.)
Par tic. preferred (quarterly)
Howey Gold Mines
Humberstone Shoe Co. (quar.)
15 Dec. 31
Jan.
;
9
15c
Extra
Jan.
Jan,
15 Dec. 31
8
50c
Interstate Hosiery Mills (quar.)
Intertype Corp. first preferred
Iowa Electric Light & Power Co. 7% pref. A
6)4% preferred B
6% preferred O
Julian & Kokenge Co. (increased) (s.-a.)
!i
Jan.
15 Jan.
50c
.
15
Sept. 1 Aug. 15
Decl'37 Nov. 15
Jan.
Jan.
15 Dec.
$154
Georgia RR. & Banking Co. (quar.)
Gillette Safety Razor pref., (quar.)
Gimbel Bros., $6 pref. (quar.)
Godman (H. C.) Shoe Co. 2d preferred..
Goodyear Tire & Rubber (Canada) (quar.)
Gordon & Belyea 6% 1st preferred
Gotham Silk Hosiery Co., Inc., 7% pref,
7% preferred (quarterly)...
Gray Telep. Pay Station (quar.)
Great Lakes Power. A
preferred (quar.)
Great Western Sugar (special)
Guarantee Co. of No. Am. (Montreal, Que.)
6
1 May
(quar.)
Jan.
Quarterly
Dominion Textile Co. (quarterly)
Dow Drug Co. (quar.)
Duplan Silk Corp. (semi-ann.)
Freeport Texas Co., preferred (quar.)..
Gardner-Denver Co. (quar.)..
Mar.
June
15
50c
Preferred (quarterly)
50c
Freeport Sulphur Co. preferred (quar.)
15
Extra
Manufacturers Trust Co. pref
Mar gay Oil Corp
Jan.
Dome Mines (quar.)
Preferred (quar.)
1 Feb.
m
25c
-
15 Jan.
15 Jan.
6
Jan.
$3)4
$4
(E. I.) deb (quarterly)
Duquesne Light Co., 5% 1st pref. (quar.)
Economical-Cunningham Drug Stores
6% preferred (quarterly)
Edison Electric Illuminating Co. of Boston
Electric Bond & Share Co. $6 pref. (quar.)
$5 preferred (quar.)
31 Jan. 11
31 Jan. 11
15 Dec. 26
Feb.
1 Jan. 20
Feb.
1 Jan. 20
134%
1 34%
$154
3754c
6234c
du Pont de Nemours
1 Jan.
Jan.
25c
7% gtd. preferred (semi-annual)
(Ky.)—
15 Dec. 31
Jan.
$1
h$l
$1
$1
Class A (quarterly)
Dodge Manufacturing Co
Feb.
50c
25c
7% preferred (quar.)
6% preferred (quar.)
5% preferred (quar.)_.
MacAndrews & Forbes, Inc. (quar.)
25c
Dixie-Vortex Co. (quar.)
Jan.
Jan.
Jan.
Louisville Gas & Electric Co.
Jan.
15c
Louisiana & Missouri River RR.—
12.4c
Detroit Gasket & Mfg. Co. (quar.)..
Detroit River Tunnel Co. (semi-ann.)
Diamond State Telep., pref. (quar.)
Holders
$1)4
$1)4
$134
$134
25c
—
3734c
$134
Cumulative Trust Shares
Cunningham Drug Stores (quar.)
6% preferred B (quarterly)
Cypress Abbey
Darby Petroleum Corp. (semi-ann.)
Dayton & Michigan RR.. 8% pref. (quar.)
Dayton Rubber Mfg. Co. "A"
Detroit Edison Co. capital stock (quar.)
15 Jan.
25 Jan.
Jan.
20c
75c
(quarterly)
General Stockyards
Preferred (quar.)..
Le Tourneau, Inc. (quar.)
25c
Feb.
5c
When
Payable of Record
50c
25c
Extra
15
$2
80c
Cudahy Packing Co. (quar.)
Food
15
Mar.
20c
Corn Products Refining Co. (quar.)
Preferred (quar.)
F
Feb.
Kellogg Switchboard & Supply Co
Preferred (quar.)_.
-Kentucky Utilities, 6% pref. (quar.)
Klein (D. Emil) Co. preferred (quar.)
Kroger Grocery & Baking Co., 7% pref. (quar.)
Lane Bryant, Inc., 7% pref. (quar.)
Lerner Stores Corp. (quar.)
15 Dec. 31
Jan.
1 Feb.
~
Extra
1
Share
Name of Company
Quarterly
Quarterly
Quarterly.
Lexington Teleph Co., 6)4% pref. (quar.)
Lincoln Stores, Inc. (special)
Lincoln Telep. Securities, cl. A & B (quar.)
6% preferred (quarterly)
Link Belt Co. (quar.)
Little Long Lac Gold Mines, Ltd
Little Schuylkill Navigation EE. & Coal Co
Lord & Taylor 2dpreferred (quarterly)
Los Angeles Gas & Electric Corp—
6% preferred (quarterly)
Cosmos Imperial Mills, 5% pref. (quar.)
Orowell Publishing Co. 7% pref. (semi-ann.)—
Crown Cork & Seal, Ltd. (quarterly)
Crown Drug Co
Crum & Porster Co.
Per
Payable of Record
Mar.
Jan. 9, 1937
Holders
Name of Company
Community State Corp. (semi-annual)
Chronicle
Feb.
Jan.
Jan.
Jan.
1
Dec. 31
15
Dec. 31
Hlxtrdf
Pacific Gas & Electric (increased)
Pacific Lighting Corp., (increased)
Telephone 7% preferred
(quarterly)
Penmans, Ltd. (quarterly)
Penna. Power Co., $6.60 pref. (mo.)
—
$6.60 preferred (monthly)
Philadelphia Co., common (quar.)—
Philadelphia Electric Co. $5 pref. (quar.)
Philadelphia & Trenton RR. (quar.)
Phillips-Jones Corp. preferred (quar.)
Phoenix Finance Corp.. preferred (quarterly; —
Piedmont & Northern Ry. Co. (quarterly)
Plymouth Cordage Co. (quar.)
6% non-cum. preferred (quar.)
Premier Gold Mining Co. (quax.)
pf. (qu.)
—
Jan.
Feb.
$134
$1)4
Jan.
25c
Jan.
$1
3734c
$1.75
75c
55c
55c
25c
$134
$234
$134
5
Jan.
13
2
15 Jan. 12
15 Dec. 31
15 Jan. 20
15 Dec. 31
15 Dec. 31
5
15 Jan.
15 Dec. 31
1 Feb. 10
5
15 Feb.
Feb. 15 Feb.
5.
1 Jan. 20
Feb.
Jan.
Mar.
Feb.
Mar.
Jan.
Feb.
Jan.
Feb.
1 Feb.
20
25 Dec. 31
1 Jan.
9
11 Dec. 31
1 Jan.
20
60c
Jan.
10 Dec. 31
75c
$134
Jan.
11 Dec. 31
20 Dec. 31
20 Dec. 31
2
15 Jan.
25 Dec. 31
$134
134 %
134%
3c
$2
$134
Procter & Gamble, 8% pref. (quar.)
Prudential Investors, preferred (quarterly)
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
15 Dec. 31
15 Dec. 18
15 Dec. 18
15 Dec. 31
15 Dec. 24
15 Dec. 31
30c
—
—
—
Railway & Light Securities Co., pref. (quar.)—
Railway Equipment & Realty Co
—
Reading Co. (quar.)
—
Reynolds Metals Co..—
534% cum. conv.preferred (quar.)
Rich Ice Cream Co. (quar.)
Quarterly
Richmond Insurance Co. of N. Y. (increased)
Rickel (H. W.) & Co. (semi-ann.)
one
14 shs. held or--'
Extra.
Rochester-Cap Corp. (increased)
Russeks Fifth Ave. (extra)
St. Croii Paper Co. (quar.)
Saguenej Power Co., pref. (guar.)
Feb.
1 Jan.
$134
Feb.
1 Jan.
50c
$134
$134
Quarterly Income Shares
-
——
2
Jan. 30 Jan.
Jan. 15 Dec. 21
Feb. 27 Feb.
1
Feb.
1 Jan. 15
30c
Public Service Corp. (N. J.), 6% pref. (mo.)
Puget Sound Power & Light ,$5 pref
(Quaker Oats Co. preferred (quax.)
15 Dec. 19
5
15 Jan.
2
1 Jan.
1
July 15 July
Jan. 28 Jan. 11
25c
10c
Premier Shares, Inc. (increased
2d preferred (quar.)—
Retail St >res Corp—Opt. div. of
20 Dec. 31
20 Dec. 31
20 Dec. 31
15 Jan.
2
h60c
lc
Extra
15 Dec. 31
15 Dec. 31
1 Mar. 15
1
15 Fet.
1. Mar. 15
$1)4
$1
Extra
Portland Gas Light, $6 pref. (quar.)
Power Corp. of Canada, Ltd., 6% cum.
Extra
$2
75c
6% pref.(quar.)_
---Pacific Telephone & Telegraph pref. (quar.)-—
Packer Corp. (quar.)
Paraffine Co.. Inc. preferred (quar.)
—
Parker Rust Proof Co., common (quar.)
—
Peninsular
$1
20c
18
Feb. 19 Jan.
1 Feb.
Mar.
50c
15
26
Apr. 25 Mar. 31
14
50c
Feb.
11 Jan.
50c
Jan.
14 Dec. 24
sh. for each
90c
Feb.
$134
—-—
Jan.
1 Jan.
5
Dec. 21a
30c
May
15c
Feb.
Jan.
8c
*
Feb.
30c
—
Jan.
Dec. 24
7c
35c
$2
50c
Jan.
Dec. 24
11
Jan.
5
Jan.
lan.
Jan.
Jan.
Feb.
Jan.
5
5
15
Jan.
Volume
Financial
144
When
Per
Name of
Jan.
Schuylkill Valley Navigation & RR. (s.-a.)
Scott Paper Co., common one for one
Security Storage (quar.)
Seeman Bros., Inc., com. (quar.)
Extra
Dec. 31
Jan.
Jan.
4
6
15
15
United States Hoffman Macb. Co., pref.
Apr.
15
Feb.
Jan.
20c
15
20
Feb.
Jan.
15c
Jan.
Dec. 28
25c
Jan.
$7
Jan.
Dec. 31
Preferred
Smith Howard Paper Mills, pref. (quar.)
Sheaffer (W. A.) Pen Co., $8 pref. (quar.)
15
Preferred (quarterly)
Jan.
Jan.
Mar.
Feb.
15
5
15
June
May
15
Feb.
Jan.
14
Feb.
1 Jan.
1 Jan.
26
Dec. 31
Jan.
Dec. 31
Quarterly
Universal Leaf Tobacco Co.. Inc.. (quar.)
Jan.
Jan.
2
Jan.
Jan.
2
ilH
Feb.
Feb.
Feb.
Jan.
10
20
Feb.
12Hc
37Hc
37 He
12Hc
343/8c
Jan.
20
Jan.
Dec. 20
Apr.
Mar. 20
Dec. 20
Feb.
Jan.
30
Dec.
19
Jan.
Dec. 31
Jan.
Jan.
5
Feb.
Jan.
15
Jan.
Jan.
15
50c
._
Jan.
Dec. 31
Feb.
Jan.
Dec.
Jan.
Feb.
Jan.
Jan.
7
Jan.
Jan.
1
h$'2
Jan.
Jan.
1
12 He
13c
Jan.
Jan.
Jan.
5
S1H
Feb.
Dec.
20c
Apr.
July
20c
Dec. 31
17
Feb.
Jan.
Feb.
July
Feb.
Jan.
Guaranty Trust Co
Manufacturers Trust Co.
Cent. Hanover Bk. & Tr.
Corn Exch. Bank Tr. Co.
First National Bank
Irving Trust Co
Continental Bk. & Tr.Co
Chase National Bank
Bankers Trust Co
Title Guar. & Trust Co..
Marlne Midland Tr. Co.
New York Trust Co
Com'l Nat. Bk. & Tr.Co.
Public N. B. & Tr. Co__
Jan.
11
Jan.
20
Feb.
*
As per official reports:
The
Dec.
f Payable in common stock,
g Payable in scrip,
dividends.
/ Payable in preferred stock.
31
Mar.
Feb.
15
Feb.
40c
SI fi
Jan.
Jan.
15
are
following
a
are
INSTITUTIONS
a
Less depositary expenses.
w
New
York
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
Condition of the Federal Reserve Bank
City
The
NEW YORK CLEARING HOUSE
SATURDAY, JAN. 2, 1937
Net
following shows the condition of the Federal Reserve
New York at the close of business Jan. 6, 1937,
in
comparison with the previous week and the
.
Deposits,
Average
Average
Jan.
836,531,800 10,066,837,000
612,792,000
IN
25,431 700
355,000
1,370,000
52,393,000
25,839,000
1,431,000
46,749,000
HOUSE
WITH
THE
NATIONAL
AND
Loans,
Disc,
BANKS—AVERAGE
STATE
Res.
Other Cash,
and
3,469,087,000 3,409,003,000 3,299,760,000
1,632,000
1,435,000
1,303,000
Redemption fund—F. R. notes
Other cash
70,319,000
t__
Notes
OF
Dep.,
Dep. Other
Banks and
Gross
Trust Cos.
Deposits
Elsewhere
Secured
U.
by
Govt, obligations,
fully guaranteed
S.
direct and (or)
567,000
Other bills discounted
Manhattan—
Sterling National...
Trade Bank of N. Y.
3,785,000
1,100,000
6,026,000
1,738,000
7,747,000
130,269,000
356,035,000
158,939,000
493,164,000
160,667,000
652,260,000
645,243,000
734,383,000
660,854,000
655,383,000
747,653,000
84,000
84,000
265,000
10,433,000
174,802,000
10,134,000
9,878,000
7,734,000
194,671,000
10,866,000
31,255,000
9,556,000
121,041,000
10,781,000
28,663,000
securities:
notes
bills
....
Total U. S. Government securities.
_
Total bills and securities.
Due from foreign banks
Federal Reserve notes of other banks...
Uncollected Items
Bank premises
All other assets
55,252,000
185,967,000
4,406,894,000 4,375,014,000 4,284,233,000
Liabilities—
$
$
S
$
$
3,014,000
131,686,000
359,907,000
United States government
Treasury
1,608,000
2,177,000
1,577,000
Industrial advances.
Treasury
2,410,000
604,000
1,010,000
1,100,000
5,917,000
Total bills discounted
Bills bought In open market
903,645,000
F. R. notes In aotual circulation
26,331,700
22,036.000
4,470,154
99,800
7,451,800
3,110,000
802,000
6,125,000
1,835,000
301,497
2,516,947
322,108
33,151,500
27,733,000
6,642,833
4,955,000
120,000
620,000
525,000
5,670,000
915,529,000
791,420,000
Deposits—Member bank reserve acc't.. 2,952,954,000 2,902,122,000 2,761,892,000
116,354,000
34,783,000
114,818,000
U. S. Treasurer—General account
Grace National
64,882,000
Bills discounted:
Total assets.
FIGURES
64,583,000
3,540,709,000 3,475,021,000 3,366,274,000
Total reserves
1936
Y. and
N.
Including
Investments Bank
CLOSING
DEC. 31,
1937 Dec. 30, 1936 Jan. 8, 1936
Assets—
United States Treasury x
591,000
3,105,000
6,
Gold certificates on hand and due from
26",448",666
June 30,
CLEARING
corresponding
Time
Demand
Deposits,
BUSINESS FOR THE WEEK ENDED THURSDAY,
of
York
Bank of
publishes regularly each week
which
The
the figures for the week ended Dec. 31:
NOT
20
r
York City
number of banks and trust companies
not members of the New York Clearing House.
of
Mar
ulated
9
Feb.
Jan.
S1H
York "Times"
New
20
Transfer books not closed for this dividend.
1936; State, Sept. 30, 1936; trust
companies, Sept. 30. 1936.
e As of Aug. 1, 1936.
/As of Sept. 30, 1936.
Includes deposits In foreign branches as follows: (a) S246,071,000; (6) $89,293,000;
(c) S110,636,000; (d) $46,415,000.
returns
20
Feb.
Payable in stock.
$13,750,000
31,298,000
179,704,000
28,506,000
35,006,000
91,656,000
47,885,000
23,206,000
3,500,000
National,
6
Jan
Apr.
a
S11.191 300
522,480,000
Jan.
Feb.
Mar.
Bonds
Totals
5
Jan.
Feb.
e
$139,725,000
387,542,000
r53,577, 400 al,415,723,000
480,955,000
52,738, 100
178,070, 700 61,545,482,000
483,859,000
35,132, 900
64,217, 500
748,616,000
16,866, 400
256,889,000
489,850,000
90,750, 600
511,832,000
59,220, 500
64,118,000
3,911, 600
/121.233 300 c2,063,712,000
500,000
51,502,000
3,440 600
dS3S,872,000
69,954 500
25,000,000
10,000,000
16,483,000
2,702 200
8,494 300
91,842,000
5,000,000
311,666,000
23,129 200
12,500,000
79,234,000
7,873 900
7,000,000
88,935,000
5,775,000
8,595 ,100
Fifth Avenue Bank
18
Jan.
20
$
National City Bank
Chemical Bk. <fc Tr. Co..
15 Dec.
Jan. 30 Dec. 31
4-30-37 3-31-37
7-30-37 6-30-37
10-30-37 9-30-37
1-30-38 12-31-37
Jan.
5
Feb.
Feb.
30
Undivided
$6,000,000
20,000,000
c77,500,000
20,000,000
90,000,000
42,935,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
/100,270,000
Bank of Manhattan Co..
15 Dec. 20
15 Dec. 20
Jan.
Jan.
(quar.)_.
(quar.) —
Wright Hargreaves Mines, Special interim div.
Wrigley (Wm.) Jr. Co. (monthly)
Feb.
Profits
Bank of N. Y. & Tr. Co.
19
2 Sept. 18
15
1 Jan.
15
1 Jan.
Feb.
Wisconsin Telep. Co., 7% preferred,
May 20
Aug. 20
ENDED
Members
2 June
Oct.
date last year:
Clearing House
11
26
(quar.)
Sept.
htl'i
Surplus arid
10
2 Dec.
7% preferred (quarterly)
Jan.
The weekly statement issued by the New
Clearing House is given in full below:
*
20 Oct.
~
Jan.
Oct.
Westvaco Chlorine Products 5% pref.
Mar.
IWJune
-
Weekly Return of the New
Clearing House
Capital
11
10
15
90c
16
20 Jan.
Jan.
Quarterly
Quarterly
West Penn Power Co., 6% pref.
Oct.
15c
_
Feb.
Apr. 20 Apr.
July 20 July
Monthly
Monthly
20c
-
OF THE
—
Quarterly
7
7
Feb.
(quar.)
Upper Michigan Power & Light Co.—
6% preferred (quar.)
Virginian Railway Preferred (quarterly)
Vulcan Detinnlng Co.
Preferred (quarterly) —
Preferred (quarterly)
Preferred (quarterly)
Preferred (quarterly)
Waltham Watch, prior preferred (quar.)
Prior preferred (quar.).
Prior preferred (quar.
Warren Foundry & Pipe Corp. (quar.).
Washington Gas Light Co. (quar.).
Western Grocers, Ltd. (quar.)
Preferred (quarterly)
Western Union Telegraph Co
Westinghouse Air Brake (quar.)...
15
Feb.
y
WEEK
30
Jan.
Stetson (J. B.) Co. (resumed)
THE
15
June
Jan.
Feb.
21
1 Jan.
1
He
Jan.
MEMBERS
15 Dec. 31
15 Dec. 31
Dec.
37 He
Jan.
FOR
Jan.
Mar.
United Stockyards Corp. pref erred
Universal Insurance (Newark, N. J.)
20c
OF
87 He
Dec.
Dec. 31
Jan.
5
1H%
preferred, (qu.)
Southern New England Telephone (quar.)
$1%
75c
Spicer Mfg. Corp. preferred (quar.)
Spiegel May Stern Co.. preferred (quar.)
$1 Vt.
Standard-Coosa-Thatcher Co., 7% pref. (quar.)
SI H
Standard Oil of Ohio Preferred (quar.)
Stanley Works 5% preferred (quar.)
3lHc
75c
State Street Investment (quar.)
Steel Co. of Canada (quar.)
r43Hc
Extra
r$2
43 He
Preferred (quar.)
ASSOCIATION
685ii
Feb.
Apr.
July
Dec. 31
cum.
STATEMENT
12 Dec. 30
Jan.
Jan.
Jan.
Southern Canada Power (quar.)
Preferred
Superheater Co. (quarterly)
Supervised Shares, Inc. (quar.)
Tacony-Palmyra Brid 5% preferred (quar.)
Tamblyn (,G.) Ltd. (initial, quarterly)
Quarterly
Quarterly
Telautograph Corp. (quar.)
Thatcher Mfg. Co. preferred (quar.)
TImken-Detroit Axle Co. Preferred (quar.)
Preferred (quar.)
Preferred (quar.)
Tubize Chatillon Corp., 7% pref
Tuckett Tobacco Co., pref. (quar.)
United Biscuit Co. of America (quar.)
Pref erred (quarterly)
Jan.
50c
Realty &
JW
37
.
Jan.
15 Jan. 30
15 Dec. 21
10 Dec. 21
S2H
Development Co., common
(quarterly)
Preferred (quarterly)
Jan.
Skelly Oil Co., 6% preferred (quar.)
South Calif. Gas, 6% pref. A (quar.)
6% preferred (quar.)
South Pittsburgh Water Co., 7% pref. (quar.)-.
6% preferred (quar.)
5% preferred
Southern Calif. Edison (special)
Quarterly
Original preferred (quar.)
Original preferred (special)
Series O 5H% preferred (quar.)
15 Dec.
Feb.
Jan.
Preferred
50c
Simms Petroleum Co. (liquidating)
6%
U. S. Sugar Corp.—
Stock dividend of M share Clewlston
Dec. 31
Jan.
(quar.)
United States Smelting, Refining & Mining
Preferred (quar.)
—
Dec. 31
31
Jan.
75c
Jan.
Jan.
Jan.
May
_
h75c
Feb.
50c
Sharp & Dohme, Inc., pref. A (quar.)
Sbawinigan Water & Power Co. (quar.)..
Silver King Coalition Mines Co.
Simon (H.) & Sons, Ltd. (resumed)
20c
(quar.)
Ltd
United Fruit Co. (quar.)
United New Jersey RR. & Canal Co. (quar.)—
United States Fire Insurance (special)
87 He
Extra
United Bond & Share Ltd.
United Corp.,
Holders
Payable of Record
Share
Name of Company
Feb.
62$
_
Jan.
Jan.
7 4
%IH
Dec. 31
Jan.
San Diego Consol. Gas & Elec. Oo. pref. (qu.)._
When
Per
Holders
Payable of Record
Share
Company
231
Chronicle
Foreign bank
Other deposits
104,251,000
34,284,000
95,171,000
308,335,000
12,755,000
170,991,000
3,218,909,000 3,135,828,000 3,253,973,000
Total deposits.
Brooklyn—
Peoples' National...
TRUST COMPANIES—AVERAGE
Res.
Loans,
Disc,
and
N.
Cash
Dep.,
Dep. Other
Y. and
Banks and
Gross
Trust Cos.
163,178,000
51,169,000
51,474,000
7,744,000
9,260,000
1,515,000
...
...
All other liabilities
Manhattan—
Federation
Fiduciary
Fulton
Lawyers
United States
$
$
$
$
62,834,300 *11,381,700
201,898
9,621,372
12,699,342 *2,364,993
21,210,200 *5,659,300
32,578,500 *8,647,400
67,620,943 20,765,204
119,307,000
51,051,000
50,825,000
7,744,000
12,414,100
1,520,629
1,582,860
712,300
8,415,700
17,971,798
8,849,000
1,064,000
4,406,894,000 4,375,014,000 4,284,233,000
Total liabilities.
Empire
191,223,000
50,590,000
50,825,000
7,744,000
8,849,000
14,426,000
Deposits
Elsewhere
Invest.
Deferred availability Items
Capital paid in
Surplus (Section 7)...
Surplus (Section 13b)
Reserve for contingencies
FIGURES
$
3,044,900
2,161,863
578" 100
79,920,200
11,515,414
13,274,998
23,678,200
39,917,900
76,642,111
Ratio
of total
F. R. note
reserves
to
deposit and
vances
85.9%
85.8%
83.2%
8,450,000
liabilities combined
to make Industrial
Commitments
8,632,000
9,907,000
ad¬
t "Other cash" does not Include Federal Reserve notes or a
bank's Own Federal
Reserve bank notes.
Brooklyn—
Brooklyn
Kings County
87,677,000
35,018,052
3,954,000
2,820,017
39,8^7,000
11,512,636
67,000 123,050,000
44,080,235
x
These are certificates given by the United States Treasury tor the gold taken
over
from the Reserve banks when the dollar was on Jan. 31, 1934, devalued from
100 cents to
♦
Includes
amount with
Federal
Reserve
as
follows:
Empire
clary $7S2,133. Fulton, $5,375,300. Lawyers $7,753,700.
),793,100, Fidu-
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 the
Gold Reserve Act
of 1934.
232
Financial
Chronicle
Jan. 9, my
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 7
Wednesday.
The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the
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
on
following) gives details regarding transactions in Federal Reserve
notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System
upon the
returns for the latest week appear in our department
of "Current Events and Discussions"
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF
BUSINESS JAN.
Three ciphers
(000) omitted
Jan.
6,
Dec. 30,
1937
ASSETS
Gold ctfs.
on
$
hand and due from U. S. Treas.x
Dec. 23,
1936
1936
$
Dec. 16,
$
$
8,851,383
12,533
278,370
8,851,878
12,741
247,672
8,851,876
12,741
9,142,286
Dee.
Dec.
9,
1936
1936
2,
Nov. 25,
1936
1936
I
%
8,811,021
199,574
8.809.324
11,986
247,464
9,112,291
9,064.191
9,098,510
9,068,774
2,191
4,521
850
856
7.029
1,853
5,856
1,828
3,994
2,005
3,041
6,377
8,882
7,684
3,089
24,328
3,089
24,768
3,088
24,999
Treasury notes
Treasury bills
490,643
1,340,963
598,621
490,643
1,340,963
598,621
489,576
1,347,163
593,488
Total U. S. Government securities
2,430,227
2,430,227
2,430,227
Other cash *
Total reserves
18,
Nov.
1936
$
8,853,624
12,133
232,753
Redemption fund (Federal Reserve notes)——
Nov.
6 1937
10,
1936
$
$
Jan.
8,
1936
$
8,730,839
12,585
258,858
8,726,337
246.857
8,768,838
11,407
247,458
9,068,785
9,027,703
4,351
1,987
5,999
3,089
25,313
3,088
25,493
489,576
1,347,163
693,488
2,430,227
11,853
7,552,873
17,170
243,801
303,647
9,002,282
8,981,991
7,873,690
4,211
1,854
3,345
4,128
2,738
2,358
1,900
6,338
6,065
5,245
6,866
5,381
3,087
25,696
3,086
25.980
3,086
26,037
3,086
26,281
4,565
32,014
408,326
1,417,283
604,618
381,326
1,449,163
381,326
1,449,163
599,738
599,738
379,960
1,443,363
606,904
379,960
1,443,363
606,904
215,678
1,641,603
572,958
2,430,227
2,430,227
2,430,227
2,430,227
2.430,227
2,430,239
11,407
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.
_
•
Other securities
Foreign loans
3,023
181
on
gold
—J
Total bills and securities
2,460,685
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
......
2,463,461
2,467,196
......
2,466.313
——-
2,464,807
2,465.348
2,465,358
2,464,595
2,466,460
2,472,471
....-
*""220
"""226
34,381
660,987
46,146
37,727
29,225
760,266
—220
"""220
"""221
""221
""221
"""220
"""665
26,646
895,842
48,082
39,468
26,074
582,369
48,078
46,200
23,823
48,082
41,253
23,834
747,244
48,082
40,147
651,945
48,066
43,285
25,464
615,194
48,066
23,289
573,938
48,067
40,988
499,777
47,740
42,673
26,926
718,925
48,066
41,725
12,382,432
12,454,798
12,390,915
12,575,081
12,236,522
12,301,473
12,224,679
12,302,740
12,134.953
10,962,933
Federal Reserve notes in actual circulation
4,242,336
4,278,786
4,350,488
4,268,972
4,232,669
4,202,799
4.169,201
4,134,270
4,142,981
3,655,764
Deposits—Member banks'
6,627,004
232,287
6,571,721
6,674,157
172,826
6,730,989
6,775,236
6,850,652
6,824,565
5,745,146
93,081
109,628
6.794,650
79,079
60,779
65,198
163,415
59,405
152,320
53,955
165,803
162,525
52,702
143,893
Bank premises
All other assets
Total assets
30,508
38,082
LIABILITIES
reserve account
95,601
Total
Reserve for contingencies
All other liabilities
Total liabilities
7.013,861
7,073,565
7,052,683
7,096,589
7.080,209
739,938
672,619
130,624
578,938
650,064
130,275
34,251
21,917
27,088
34,248
16.486
879,317
130,390
145,501
27,088
34,246
16,002
14,906
623,656
130,247
145,501
27,088
34,290
14,487
12,382,432
—.J.—
7,076,484
657,442
131,704
145,854
27,190
36,248
4,745
Surplus (Section 7)
Surplus (Section 13-B)
179,918
6,607,490
250,560
74,383
181,428
7,136,913
deposits
Deferred availability items..
Capital paid in
94,016
182,021
United States Treasurer—General account..
Foreign banks
Other deposits
12,454,798
12,390,915
12,575,081
12,236,522
12,301,473
12,224,679
230,829
130,833
145,501
27,088
145,501
130,283
145,501
145,501
27,088
27,088
34,249
35,111
34,251
54,589
460,828
48,804
142,440
34,881
229,765
7,097,732
7,070,398
6,470,620
720,127
130,224
145,501
27,088
34,295
13,503
570.910
497,233
12,302,740
12,134,953
50,485
•
-
130,219
145,501
27,088
34,291
13,585
130,515
145,501
26,334
33,906
3,059
10,962,933
Ratio of total reserves to
deposits and Federal
Reserve note liabilities combined
Commitments
80.3%
79.8%
80.2%
80.4%
80.3%
80.3%
80.1%
80.1%
77.8%
20.959
21,064
21,371
21,491
21,544
22,040
22,138
f 22,436
27,284
2,615
Maturity Distribution of Bills and
Short-term Securities—
1-16 days bills discounted
16-30 days bills discounted
81-60 days bills discounted
80.2%
21,040
to make Industrial advances.--
4,737
7,757
6,297
4,668
5.082
4,832
4,054
5,130
3,028
18
189
230
495
272
542
479
511
161
176
246
268
311
504
386
860
203
251
Over 90 days bills
discounted
171
143
61-90[days bills discounted
302
421
564
148
145
144
317
209
1,858
27
14
6
339
347
520
528
43
9
156
265
3,041
Total bills discounted
5,377
8,882
7,684
5,999
6,338
6.065
5,245
6,866
5,381
194
1,615
'
1-15 days bills bought In
open market.—
16-30 days bills bought In
open market.......
1,944
1,950
134
163
220
141
656
315
63
513
584
545
1,895
99
158
204
1,151
31-60,days bills bought
233
250
412
326
158
587
204
116
227
597
2,014
2,582
548
235
435
471
2,620
2,592
2,514
2,252
3,089
3,089
3,088
3,089
3,088
3,087
3,086
3,086
3,086
4,656
925
1,167
1,212
938
928
1,022
1,017
991
852
1,582
409
260
270
647
647
407
334
348
433
382
544
669
565
468
522
668
819
780
880
1,100
21,350
669
734
853
805
962
713
797
721
788
22,003
22,218
22,407
22,591
22,637
23,097
23,121
23,395
28,376
24,328
24,768
24,999
25,313
25,493
25,696
25.980
26,037
26,281
32,014
3,240
23,499
54,426
63,548
2,285,514
11,011
12,940
29,281
99,674
16,011
121,372
81-60 days U. S. Government securities
61-90 days U. S. Government securities
Over 90 days U. S. Government securities—.
12,940
23,809
58,015
79,000
2,256,462
2,292,917
43,749
137,175
2,133,618
26,739
151,028
2,101,807
2,073,061
49,968
139,372
32,521
143,297
2,065,069
42,362
44,586
156,053
43,749
2,143,477
29,675
27,605
71,643
64,189
2,282,662
44,586
135,042
28,951
148,587
2,197,247
Total U. S. Government
securities.........
2,430,227
2,430,227
2,430,227
2,430,227
2,430.227
2,430,227
2,430,227
2,430,227
2,430,227
2,430,239
527
In open market.——
61-90„.days bills bought In open market
Over 90 days bills bought In
open market
Tota. bills bought In
open market
1-15 days Industrial advances
16-30,days industrial advances
...
81-60„daya Industrial advances
61-90„daya industrial advances
Over„90 days industrial advances............
Tota llndustrlal advances
l-15Idays U. S. Government
16-30-,days U. S. Government
securities
securities
•
51,985
61,374
3,240
50,855
'
29,281
886
104,069
1-15 days other securities
16-30 days other securities
81-60 days other securities
61-90 days other securities
Over 90 days other securities..
181
Total other securities
181
Federal Reserve Notes—
Issued to Federal Reserve Bank
by F. R. Agent
Held by Federal Reserve Bank
4,609,64C
367,304
Total collateral
*
"Other cash" does not Include Federal
These
are
eents on Jan.
4,576,604
307,632
4,538,151
305.48?
4,278,786
4,350,488
4,268.972
4,232,661
4,616,838
4,616,838
7,397
95,000
4,535,83?
6,14c
95,00(
4,492,33?
4,686,16S
Collateral Held by Aoent as
Security for
Notes Issued to Bant—
Gold ctfs. on hand and due from U. S. Treas—
By eligible paper
United States Government securities
4,646,501
296,013
4,497,991
359,203
4,582,83?
2,331
101,00(
In'actual circulation
4,637,989
4,242,33f
.........
4,716,474
4,719,235
4,636,981
4,586,62?I
4,636
95,000
Reserve notes,
*
4.29C
90,00( )
4,473,196
303,99f
4,466,51:
332,24:
4,443,261
300.28C
4,021,577
365,813
4,202,791)
4,169,201
4,134,27()
4,142,981
3,655,764
4,464,83?
295,20(
^
^
4,69,5
4,437,83?
4,39.>
88,Q0< )
85,006 )
4,437,83?I
3,53'1
84,001 )
4,395,83?
5,14'r
93,00( )
3,934,843
3,427
152,000
4,557,53:J
4,530,23: I
4,525,37 2
4,493,98, 5
4,090,270
t Revised figure.
certificates given by the United States Treasury for the gold taken over from the Reserve banks when
51, 1934, these certificates being worth less to the
the provisions of the Gold Reserve
Actjof 1934.
extent of the
the dollar
was
devalued from
difference, the difference Itself having been appropriated
as
100 cents to 59.06
profits by the Treasury under
•
Volume
Financial
144
Chronicle
233
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
Three Ciphers (000) Omitted
Federal Reserve Bank of—
Gold
Total
Boston
New York
Phila.
RESOURCES
9
9
9
S
certificates
hand
on
from United States
and
Cleveland Richmond
9
Total reserves
8,851,383
12,533
278,370
570,168 3,469,087
1,418
1,303
22,671
70,319
529,021
132
931
533
26,366
21,943
9,142,286
Redemption fund—Fed. Res. notes..
594,257 3,540,709
555,519
666,194
643,320
283,880
9
St.
BUSINESS
Louis Minneap. Kan. City
$
9
JAN. 6. 1937
San Fran.
Dallas
9
9
9
251,882
1,560
17,779
171,681
909
658
190
1,468
19,228
227,470 1,659,716
802
2,629
15,407
32,703
8,322
13,977
6,731
22,924
303,641
245,506 1,693,221
271,221
181,012
261,223
187,710
642,073
Bills discounted:
Secured by U. S. Govt, obligations,
direct and (or) fully guaranteed..
246,588
180,789
617,681
2,191
662
1,010
295
160
20
1
3
850
22
567
27
28
13
45
35
46
7
30
9
3,041
684
1,577
322
28
173
65
35
47
10
30
9
61
3,089
225
1,100
317
294
121
108
385
86
61
87
87
218
Other bills discounted
Total bills discounted
Bills bought in open market
Industrial advances
U. S. Government securities:
,
40
21
24,328
Treasury notes
Treasury bills
...
Total U. 8. Govt, securities
2,773
5,917
4,624
1,184
2,602
395
1,429
423
1,055
779
1,319
1,828
490.643
Bonds
35,468
131,686
39,324
50,519
26,936
22,196
359,907
160,667
107,475
47,978
138,071
73,617
60,664
61,637
32,864
27,081
17,247
47,138
21,043
19,173
96,936
43,274
23,430
64,037
28,587
^25,560
1,340,963
598,621
55,805
152,519
68,086
69,857
31,184
52,401
23,392
43,299
118,341
52,828
2,430,227
175,678
652,260
194,777
250,227
133,417
109,941
276,410
116,054
85,428
126,601
94,966
214,468
.....
2,460,685
179,360
660,854
200,040
251,733
136,313
110,509
278,259
116,610
86,554
127,497
96,381
216,575
17
84
21
20
10
8
26
4
3
6
6
15
34,381
315
2,390
2,280
3,039
25,145
2,237
1,561
1,570
1,493
1,270
2,154
35,672
3,285
1,759
25,228
1,261
37,727
10,134
9,878
3,543
57,549
2,810
1,253
13,904
46,146
2,113
62,809
6,368
4,348
2,785
29,450
Tmm
70,973
3,057
1,083
55,401
4,952
4,867
624
660,987
10,433
174,802
4,085
...
Total bills and securities..
1,420
2,954
31,691
3,449
2,763
850,259 4,406,894
821,£83
993,585
506,313
388,005 2,062,228
424,030
285,489
431,596
312,630
899,520
4,242,336
358,059
903,645
308,051
416,332
205,441
186,883
959,177
182,174
135,737
161,685
91,497
333,655
6,627,004
232,287
374,449 2,952,954
116,354
11,980
34,783
7,087
3,530
114,818
403,043
7,439
8,907
1,918
433,671
28,019
8,811
13,048
220,025
153,081
3,697
929,096
11,110
180
7,708
2,778
9,312
479,990
7,177
6,609
1,263
114,866
5,105
2,299
5,278
217,201
4,409
2,778
4,015
184,796
4,084
2,873
8,289
163,832
3,352
397,046 3,218,909
421,307
483,549
231,171
164,145
974,777
200,042
127,548
224,208
183,630
510,581
163,178
51,169
51,474
7,744
9,260
1,515
59,315
12,211
54,955
4,718
4,869
24,510
4,277
5,616
83,861
12,514
21,504
31,404
3,783
4,655
12,894
2.943
35,806
3,116
26,606
3,825
3,851
3,422
1,522
754
545
1,690
1,416
7,999
1,194
1,003
2,097
3,613
1,142
3,000
62,115
12,741
14,323
1,007
3,120
31,523
10,159
9,645
1,696
2,037
312
398
215
130
980
233
151
234
131
224
850,259 4,406,894
821,883
993,585
506,313
388,005 2,062,228
424,030
285,489
431,596
312,630
899.520
225
1,221
2,302
1,308
71
314
489
3,960
Due from foreign banks
220
Fed. Res. notes of other banks
Uncollected Items..
Bank premises
Total
Chicago
CLOSE OF
due
Treasury
Other cash ♦
All other
Atlanta
9
9
AT
resources
.....
resources
12,382,432
2,447
78,363
4,710
3,564
LIABILITIES
F. R. notes In actual circulation.....
Deposits:
Member bank
reserve account
U. 8. Treasurer—General account.
Foreign bank
95,601
Other deposits
182,021
7,136,913
Deferred availability Items
657.442
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
131,704
145,854
27,190
36,248
4,745
Reserve for contingencies
All other liabilities
...
Total liabilities
12,382,432
to
make
16,805
71,275
9,387
9,826
2,874
1,570
222
13,362
4,325
3,977
931
1,262
1,828
Industrial
advances
•
33,308
*
Total deposits
Commitments
3,367
4,214
3,565
21,040
"Other cash" does not Include Federal
2,002
8,850
288
10
Reserve notes.
FEDERAL RESERVE NOTE STATEMENT
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Total
Issued to F. R. Bank by F. R. Agent
Boston
Nets York
Phila.
i
Federal Reserve notes:
$
9
9
Cleveland Richmond
9
4,609,640
367,304
384,333 1,017,286
26,274
113,641
328,432
20.381
447,554
31,222
224,419
4,242,336
358,059
308,051
416,332
Atlanta
Chicago
9
9
9
9
9
Dallas
San Fran.
%
9
%
In actual circulation
903,645
214,400 1,002,783
27,517
43,606
194,015
11,841
141,362
5,625
171,198
9,513
101,093
9,596
382,765
49,110
205,441
156,883
959,177
182,174
135,737
161,685
91,497
333,655
A
176,000 1,010,000
171,632
128,000
170,000
103,500
389,000
18,978
Collateral held by Agent as security
for notes Issued to banks:
on
Louis Minneap. Kan. City
r
Held by Federal Reserve Bank
Gold certificates
St.
hand and due
from United States Treasury
4,582,838
2,331
101,000
U. S. Government securities
Total collateral
406,000 1,025,706
662
1,123
4,686,169
Eligible paper
406,662 1,026,829
332,000
452,000
219,000
295
160
332,295
452,000
20
8
3
20
6,000
45,000
30,000
15,000
5,000
225,160
221,020
201,640
143,003
175,020
i|oio,ooo
40
103,500
389,040
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 prineipa
Items of the resources and liabilities of the reporting member banks in 101
leading cities from which weekly returns are obtained,
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System uvon the figures for the latest week
appears in our department of "Current Events and Discussions,
Immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
The statement beginning with Nov. 6, 1935, oovers reporting bancs
in
also been revised farther
101 leading cities, as it did prior to the banking holiday In 1933, Instead of 91 oitlee, and has
so as to show additional Items.
The amount of "Loans to banks" was Included heretofore partly In "Loans on securities—to others" and
partly
In "Other loans." The item "Demand deposits—adjusted" represents the total amount of demand
deposits standing to the credit of individuals, partnerships, corporations,
associations, States, counties, municipalities, dco., minus the amount of oash Items reported as on hand or in process of collection.
The method of computing the Item "Net
demand deposits," furthermore, has been changed in two respects in accordance with provisions of the
Banking Act of 1935:
First, It Includes United States Government
deposits, against which reserves must now be carried, while previously these deposits required no reserves, and, second, amounts due from banks are now deducted from
gross demand
deposits, rather than solely from amounts due to banks, as was required under the old law.
These changes make the figures of "Net demand deposits" not
oomparable with those shewn prior to Aug. 23,1935.
The Item "Time deposits" differs In that It formerly Included a relatively small amount of time deposits of other
banks,
which are now Included In "Inter-bank deposits."
The item "Due to banks" shown heretofore Included only demand balances of domestic banks.
The Item "Borrowings"
represents funds received, on bills payable and rediscounts, from the Federal Reserve banks and from other sources.
Figures are shown also for "Capital account," "Other
assets—net," and "Other liabilities."
By "Other assets—net" Is meant the aggregate of all assets not otherwise specified, less oash Items reported as on hand or in process
of collection which have been deducted from demand deposits.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING
CITIES, BY DISTRICTS. ON DEC
Federal Reserve District—
Total
30
1936 (In Millions of Dollars
Boston
New York
PhUa.
9
S
9
%
1,194
9,653
1,197
1,937
663
598
3,153
1,047
14
1,014
9
..4—
1
242
31
78
20
15
4
6
52
6
3
banks)
Acceptances and com'l paper bought.
2,037
143
839
146
221
73
53
209
72
351
50
155
23
6
10
5
33
10
Loans on real estate.
1,156
87
241
62
180
26
26
72
44
39
2
3
1
1
9
6
1,713
3,818
191
239
119
176
567
144
123
344
940
295
210
1,644
238
177
ASSETS
1
%
Loans and Investments—total
22,931
Cleveland Richmond
Atlanta
Chicago
9
9
9
St.
Louis Minneap. Kan. City
9
s
9
693
9
409
Dallas
San Fran.
9
$
521
2.202
4
3
20
29
47
44
11
23
2
6
19
24
369
151
159
401
275
197
712
711
Loans to brokers and dealers:
In New York
City
...
Outside New York City..
Loans on securities to others
5
4
(except
__
Loans to banks
161
23'
66
2
Other loans
4,290
307
U. 8. Government direct obligations..
391
Obligations fully guar, by U. S. Govt.
9,241
1,238
18
500
94
55
56
37
164
62
12
48
39
153
Other securities..
3,263
151
1,256
306
278
79
"84
398
111
48
141
53
358
Reserve with Federal Reserve Bank.
Cash In vault
5,163
274
2,567
265
332
132
756
135
64
147
105
290
433
117
84
18
40
21
12
Balance with domestio banks
2,345
139
189
181
236
153
130
1,378
90
570
90
107
43
39
15,571
5,067
1,010
7,001
838
1,150
424
334
280
1,017
265
701
195
177
702
11
72
62
31
40
320
382
237
229
Other assets—net
...
96
2
1
75
13
6
14
11
22
411
129
96
263
179
239
111
?
24
18
23
29
234
2,318
421
281
490
380
924
843
179
123
145
121
1,021
111
12
3
19
40
68
832
286
125
410
216
290
LIABILITIES
Demand deposits—adjusted.....
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestio banks
Foreign banks
Borrowings
...
6,009
Capital account
23
233
235
2,447
8
.
392
427
.....
Other liabilities
...
mmlmm
-
-
22
4
wmm> m
m
—
902
35
367
235
1,584
226
m m
1
6
"31
8
42
9
5
3
7
'""352
94
86
354
87
55
91
79
319
1
1
339
13
1
---......
26
3,549
1
•
Jan. 9, 1937
234
Stock and Bond Sales—New York Stock
DAILY, WEEKLY
Exchange
YEARLY
AND
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash
and deferred delivery sales are disregarded in the day's range, unless they are the only transactions
in computing the range for the year.
No
of the day.
account is taken of such sales
United States Government Securities
York Stock Exchange
Below
furnish
we
a
on
the New
Transactions at the New York Stock
daily record of the transactions in
Treasury, Home Owners' Loan and Federal Farm Mortgage
Number of
Shares
Week Ended
Jan. 8.
week:
Quotations after decimal point represent one or more 32ds
of a point.
Railroad
Stocks,
Corporation bonds on the New York Stock Exchange during
the current
Exchange,
Daily, Weekly and Yearly
1937
United
Total
States
State,
Bond
Miscell. Municipal A
and
For'n Bonds
Bonds
Sales
Bonds
$108,000
$6,023,000
776,000
12,748,000
15,206,000
15,002,000
21,753,000
(High
| Low.
Treasury
4^8, 1947-52
M
(Close
Total sales in
$1,000 units...
Jan. 4
M
—
—
M
—
—
M
■
M M. M
-
Jan. 6
Jan. 7
Jan. 8
121.11
Jan. 2
121.4
121.9
121.7
121.4
121.9
121.11
121.4
121.9
8,262,000
Thursday
1,869,400
1,921,010
3,055,970
3,217,010
10,112,000
10,339,000
17,862,000
17,251,000
3,710,000
3,987,000
3,873,000
2,919,000
2,114,000
2,801,000
22,166,000
12,261,803
$68,610,000
$17,734,000
$6,554,000
$92,898,000
Monday
Tuesday...
Wednesday
121.6
109.24
109.21
109.17
109.14
lLow.
109.25
109.23
109.18
109.13
109.13
109.10
(Close
in $1,000 units...
109.26
109.23
109.18
109.14
109.14
972,000
109.10
4
20
17
16
26
6
(High
115.20
115.20
115.19
115.10
115.8
115.8
115.20
115.20
115.14
115.10
115.8
115.7
115.20
115.20
115.15
115.10
115.8
115.8
Calender year
Week Ended Jan. 8
Sales at
109.12
3 Low.
(Close
4s, 1944-54
Total sales in
5
$1,000 units...
(High
-JLow.
(Close
3J*B. 1946-56
"
—
Mi
«.
..
2
M
M
M
M
'
'MM..
M
MM
M
93
114.4
114.6
114.4
114.6
114.9
M
M
M
—
M
—
110.10
110.17
110.13
110.12
110.4
(close
110.18
110.16
110.15
110.10
$1,000 units...
4
5
8
3
(High
106.20
106.20
106.17
106.18
106.20
x Low.
106.16
106.15
106.14
106.20
106.20
106.20
106.16
106.17
106.20
106.23
$1,000 units...
6
35
30
43
6
17
$1,000 units...
(High
110.8
-
——
—
M
— M
M
■
M
—
—
107.24
107.24
107.24
107.26
107.24
107.24
107.24
107.24
107.24
107.24
1
3
5
107.28
107.27
107.20
107.18
107.14
the
107.22
107.20
107.13
107.12
107.20
107.13
107.12
4
2
/ 50
108.23
108.22
108.24
108.23
108.22
/108.24
108.23
108.22
108.24
10
20
Iciose
of representative
the New York Stock Exchange
compiled by Dow, Jones & Co.:
as
Bonds
Stocks
— — M
mm
mm
M
M
—
—
—
M
-
—
—
30
20
20
Total
10
First
Second
10
Indus¬
Rail¬
Utili¬
70
Indus¬
Grade
Grade
Utili¬
108.14
108.14
trials
roads
ties
Stocks
trials
Rails
Rails
-
108.15
Date
182.95
55.31
36.52
65.70
107.85
113.71
95.03
106.31
7—
181.77
54.66
36.40
65.23
107.75
113.74
94.51
106.35
105.59
Jan. 6__
178.92
53.84
35.42
64.10
107.88
113.74
94.49
106.39
105.63
108.20
Jan.
108.24
\108.20
108.16
108.17
108.18
.MM
—
-
-
M
—
108.24
108.20
108.17
108.17
108.20
Jan. S.¬
179.07
53.63
34.96
63.94
107.78
113.73
94.54
106.34
105.60
8
29
66
40
Jan. 4__
177.72
53.15
34.70
63.43
107.85
113.60
94.44
106.28
105.54
108.15
108.12 nos.ii
108.13
108.18
Jan. 2__
178.52
53.28
34.66
63.63
107.88
113.39
94.50
106.23
105.50
108.10
108.7
108.13
108.12
108.13
108.12
108.11
108.13
108.18
M
M.
-
..
-MM.
35
13
10
85
108.22
108.24
108.22
108.19
108.12
108.15
108.22
108.24
108.18
108.15
108.12
108.11
108.22
108.24
108.22
108.15
108.12
108.12
(Close
M.
M
M
M
30
$1,000 units...
1
1
3
32
1
109.25
109.24
109.21
109.17
109.14
jLow.
109.22
109.19
109.13
109.13
quoted
are
109.10
Treasury Bills—Friday, Jan. 8
for discount at purchase.
109.12
109.25
United States
Rates
78
(High
8Kb. 1944-46
Bid
(Close
109.25
109.22
109.19
109.15
109.13
7
17
51
30
28
47
Jan.
13 1937
(High
104.22
104.20
-j Low.
104.20
104.16
104.20
104.24
Jan.
104.17
104.14
104.11
104.15
104.18
Jan.
27 1937.
104.19
104.19
104.19
104.14
104.17
104.24
*eb.
3 1937.
Total sales in $1,000 units...
10
67
69
114
53
303
Feb.
10 1937.
(High
106.16
106.16
106.10
106.8
106.2
106.2
Feb.
17 1937.
-{Low.
(Close
106.15
106.15
106.6
106.4
106.2
106.2
Feb. 24 1937.
106.16
106.16
106.6
106.4
106.2
106.2
Mar.
2
21
2J*s, 1945-47
$1,000 units..
Low.
--MM
M—M
Total sales in $1,000 units...
3 1937.
4
Mar. 10 1937.
104.9
104.8
104.11
104.15
Mar. 16 1937.
104.6
104.5
104.10
104.10
104.9
104.8
104.10
104.15
Mar. 17 1937.
Mar. 24 1937.
79
660
Mar. 31 1937.
38
50
103.15
103.8
103.6
103.10
103.15
103.10
103.6
103.4
103.9
103.9
103.11
103.7
103.6
103.10
103.14
(High
103.3
103.2
103
102.30
103.1
103.6
jLow.
2Kb, 1951-54
103
102.31
102.27
102.27
102.31
103
103.3
102.31
103
102.30
103
103.6
May 19 1937.
M
-MMM
$1,000 units..
Iciose
—
•.MMM.
I Close
2J*s, 1956-1959
-
95
MM-
21
42
23
,
614
$1,000 units...
27
35
17
46
77
June 30 1937.
July
101.17
101.19
101.15
101.12
101.15
101.15
101.13
101.10
101.9
101.11
101.14
101.11
101.12
101.13
79
496
157
74
109
'.MMM
105.26
105.28
105.27
105.26
105.25
105.27
105.26
105.25
105.27
1
10
10
1937.
1937.
1937.
Aug. 25 1937.
Sept.
1 1937.
0.34%
0.38%
0.38%
0.38%
Sept.
8 1937.
Sept. 15 1937.
Sept. 22 1937.
Sept. 29 1937.
0.40%
0.40%
6 1937.
0.40%
Oct.
101.17
13
1937.
101.14
101.17
5 1937.
12 1937.
1937.
14
21
28
Aug.
4
Aug. 11
Aug. 18
101.17
{Low.
(Close
28 1937.
0.32%
0.32%
0.32%
0.32%
0.34%
0.34%
0.34%
1937.
July
July
0.22%
0.22%
0.22%
0.25%
0.25%
0.25%
21 1937.
7 1937.
July
210
(High
14 1937.
0.30%
0.30%
0.30%
0.30%
June 23 1937.
0.22%
7 1937.
Apr.
Apr.
Apr.
Apr.
May
May
M
9 1937.
June 16 1937.
0.22%
0.22%
26
0.25%
0.30%
2 1937.
June
0.22%
104.9
-MMM
(High
| Low.
1
10
June
0.20%
0.20%
0.20%
0.20%
0.22%
0.22%
0.22%
104.7
104.11
(High
2Kb. 1948-51
17
May 26 1937.
0.20%
0.20%
0.20%
20 1937.
104.19
(Close
2 Kb. 1949-1953
Total sales in $1,000 units
Federal Farm Mortgage
(High
j( Low.
8Kb. 1944-64
Total sales in $1,000 units...
Federal Farm Mortgage
(High
| Low.
8s, 1944-49
(Close
106.3
105.30
106.3
MMM
MM
3
—
— M
-MM-
105.14
105.13
105.11
105.13
105.13
105.12
105.11
105.10
105.11
105.12
105.12
105.11
105.11
105.13
3
55
105.20
i Low.
105.21
105.20
(Close
105.23
105.20
$1,000 units...
Federal Farm Mortgage
(High
2Kb. 1942-47
| Low.
7
1
Total sales in
(Close
$1,000 units..
20
52
MM —
MMM
—
105.19
—
105.16
105.19
105.16
MM
M
M
—
M
MM MM
105.19
3a, series A, 1944-52
more
or
M
—
-MM-
89
3
M
-
—
MM
MM
-
MM
'
M
104.10
104.10
104.10
26
■
MM
MM
M
M
M
M
MMM
M
—
M —
M
—
-
.
mm
—
MMM
—
M
M
MMM
Bid
Rate
15 1941...
1 K%
Deo.
15 1939.
June
104.8
104.7
104.8
104.7
104.8
2
-MM-
Deo.
15 1941...
June
15 1940...
Deo.
15 1940...
1K%
1K%
1K%
1K%
1K%
1K%
Mar. 15 1940.—
104.7
m%
Mar. 15 1939...
1
(High
105
105.3
105.l"
104.30
104.31
105.2
-jLow.
105
105
104.29
104.28
104.30
104.30
105
105.1
105.1
104.30
104.30
105
Total sales in $1,000 units...
(High
2^8, series B, 1939-49. J Low.
103.2
103
103
102.31
103
Asked
102.30
102.28
102.27
102.30
103.2
103
103
103
102.31
100.8
100.10
June
15 1939
...
101.1
101.3
Sept. 15 1938...
100.22
100.24
Feb.
101.6
101.8
June 15 1938
101.2
101.4
Apr.
1 1938...
15 1937.
Bid
102.23
102.25
2K%
2Vs%
2K%
103.8
103.10
102.14
102.16
101.7
Mar. 15 1938.
3%
3%
101.5
101.7
Sept. 15 1937.—
3 K%
101.20
103.17
103.19
101
101.2
103.5
103.7
102.8
102.10
101.22
101.5
„
.
6
Total sales in $1,000 units...
Home Owners' Loan
2Kb, 1942-44
(High
1 Low.
(Close
Total sales in $1,000 units...
above
table
1
—
-
40
122
10
102.31
18
M
-
-mm-
76
38
21
109
102.31
102.31
102.31
102.30
102.30
102.28
102.26
102.29
102.29
102.30
102.31
102.31
102.29
102.29
28
129
30
FOOTNOTES
186
102.31
53
MMM
M
117
50
•
only sales of
Transactions in registered bonds were:
coupon
107.18 to 107.18
Treasury
3%s,
3^s,
1940-1943
1
1946-1949
Treasury 2^s,
1955-1960
104.16 to
Deferred delivery
n
New stock,
r
Cash sale.
x
Ex-dlvidend
108.21 to 10
1
NEW
YORK
$ Companies reported in receivership
a
includes
FOR
Bid and asked prices; no sales on this day.
\v
Ex-rights
Asked
2 K%
102.30
ICloBe
Mar. 15 1941...
Rate
Maturity
103
103.2
Home Owners' Loan
32ds of
Int.
Int.
Maturity
105.16
MM
-
'
-MMM
a
61
MMM'
11
-
IClose
Home Owners' Loan
Figures after decimal point represent one
point.
105.12
105.17
105.23
3s. 1942-47
Indebtedness, &c.—Friday, Jan. 8
105.17
(High
Mortgage
Quotations for United States Treasury Certificates of
....
105.17
Total sales in $1,000 units...
Treasury
Asked
Bid
Asked
109.10
$1,000 units...
2^8, 1955-60
bonds.
105.73
Jan. 8__
1
108.21
| Low.
Note—The
40
Bonds
ties
108.14
15
108.19
$1,000 units.
(High
8Kb. 1941
-
Total
66
108.14
108.13
■"
$1,000 units..
(High
1 Low
—
10
14
108.16
11
M
10
108.24 1 108.22
2
M
Iciose
Total sales in
on
Averages
averages
107.11
(High
| Low.
Total sales in
Bond
107.11
107.22
(Close
Total sales in
and
daily closing
stocks and bonds listed
107.12
107.28
107.28
$1,000 units..
8Hb, 1946-49
are
20
1 Low.
3^8, 1941-43
Total sales in
$3,339,458,000
107.26
2
Below
107.26
107.30
(High
Total sales in
$3,576,974,000
Stock
4
107.30
—
$1,000 units.
Total sales in
$92,898,000 $115,895,000
378,026,000
110.9
12
(ciose
Total sales In
2,287,488,000
110.9
110.9
iLow-
3^8, 1940-43
8Hs, 1940-52
2,899,372,000
17,734,000
6,554,000
no's"
110.9
107.30
(High
-jLow.
(Close
3s, 1946-48
Total sales in
381,635,752
$673,944,000
Railroad and industrial
106.22
(Close
Total sales in
496,046,869
$318,887,000
358,615,000
106.24
106.18
3s, 1951-55
Total sales in
18,199,980
$5,383,000
10,445,000
100.067,000
State and foreign
Total
J
110.15
(High
Total sales in
12,261,803
$68,610,000
|
g
no". 16
3^8, 1943-47
Total sales in
1935
1936
1936
1937
MM
no", is
$1,000 units...
Total sales in
Stock
Bonds
114.6
114.4
York
Exchange
Government
103
62
1
114.9
114.9
New
Stocks—No. of shares.
]Low.
Total sales In
6
790,000
1
(High
Federal Farm
1,107,000
121.6
1
18
mm
Total
109.26
33^8, 1943-45—
Total sales
$1,131,000
121.6
Jan. 5
■
mm
$4,784,000
Friday
Daily Record of U. S. Bond Prices
690,660
1,507,753
Saturday
STOCK
PAGES
Proctor
Abbott,
Members New York Stock
Paine
&
Exchange and other leading exchanges
Commission orders executed in
Stocks, Bonds, Commodities for institutions and individuals
New York
Volume
LOW
Chicago
•
AND
Boston
•
Buffalo
•
Montreal
•
•
Toronto
Cleveland
•
Jan
HIGH
SALE
PRICES—PER
NOT PER
SHARE,
Jan
$ per share
69
*60
Jan
4
$ per share
*60
65
*63%
.
*63%
15%
25%
*35%
.
5
CENT
*60
64
*63%
69
64
6334
15%
15%
15%
15
26%
26%
26%
*26%
*34
3%
*63%
26%
34%
26%
*33%
3%
3%
33g
3%
78
77
787g
79%
79%
7§34
4
4
4
4%
3%
3%
*68
*68
1434
1434
14%
4
*100
104
1434
1434
4
4%
104
*60
26%
36
*100
15
147g
1
STOCKS
Sales
16%
3%
3%
80
78%
4%
4%
104
15%
8 per share
*100
zl4%
*60
69
*64
66
16%
16%
*27%
*34%
3%
17%
27
4%
*100
104
28
4%
4%
43%
45%
43%
*4234
4
4%
44
44%
4334
*42
47
*43
47
43
43
42%
4234
43%
42%
38
37%
37
*
225
225
17%
101
85
78%
36s4
37%
*
111
367g
102
83%
40%
44%
44%
43%
37%
111
230% 230%
3034 307g
45%
45%
44
37
*107
230
1,200
316%
837g
08434
8434
83%
83%
84
76
77
83%
7734
30%
30%
5%
31
76%
*29%
5
47g
*33
35
104
*80
83
83
39
39
66
*66
69
70%
141%
139
77%
79
*30
30%
*5
5%
*34
37
36
11,500
*172% 173
58%
59%
*67
71
*67
69
69
70
74
*98%
118
118%
173
173
172
172
172
56
58
50%
58
59
98%
96%
96%
116% 116%
4134
*29
-
•
35
60
110
*102
110
*29
35
*29
35
30%
97
7%
*1734
7%
77g
59%
20%
4834
20%
*47%
59%
2134
6134
22%
734
60%
22%
49
49%
49%
8%
61%
23%
4934
18%
6%
*3734
634
38%
18%
6%
6%
18
18
6%
6%
40
38%
4734
♦38i4
4734
2%
*18%
47
38%
47%
234
19
18
14%
45%
13%
14
47%
2%
*17%
13%
43
44
44
116
116
2%
14
44%
118
300
118
24
2334
117g
50%
117g
51
2%
23%
1134
51%
18%
116%
24%
1134
51%
24%
1134
51%
18%
4734
234
18%
14%
4434
116%
24%
117g
52%
*117
125
*117
125
*117
125
*65
68
*65
68
*65
68
117g
12%
12
81%
79
68
67%
25%
2534
247g
182
*164
170
8
60
300
27
27
51
51
51
18%
19
38
7%
38%
47%
234
47%
4734
2%
17%
147g
2%
17%
15%
47%
14%
4478
117
24%
11%
52%
*120
117
125
80%
81
84
68
2578
68%
25%
71%
257g
14
164
33%
337g
33%
3384
34
32
34
23%
*44
4434
44
45
43
3334
23%
4334
34
23%
9334
9134
93%
92%
93%
23%
4234
93%
23%
4334
9334
*105
107
*64
*143%
60%
150
*105% 107
65%
:
—
-
-
m
61
111% 111%
*25
150
26
64
145
59%
64%
*146
*106% 107
6384 64
145
60%
112
112
26
26
54%
54%
54%
55%
*139
140
*137% 140
*23%
24
185
18534
95
95%
97
98
*146
147
167g
17%
*23%
24%
18334 18412
95
9434
96%
*146
97
146%
16%
150
167g
145% 145%
59% 61%
*146
23%
140
23%
150
23%
113g
52%
*120
*65
14
64
145
53%
54%
*120
125
65
66
*140
2334
183
148
150
148
59,500
20
31,200
1,500
3,300
1,070
12,300
300
300
100
143
2334
94%
95
9634
97
96
147
147
143
184%
17%
143
142% 143
23% 24
184% 186%
94% 95%
97
17%
""300
15% 209,100
85%
3,300
7134
9,200
96
98
*2334
24%
18534 187
96
95%
97%
147% 147%
1734
17%
98
148% 148%
17%
18%
20,000
190
25%
934
64%
1%
*7
6%
26
103
934
65
25%
103
97g
9%
64
64
1%
1%
1%
7%
7
634
6%
7%
67g
*80
*41
25%
103
46%
53
54%
v*84
897g
46%
53%
8934
18%
18%
18
18
*106
107
107
ft 33
34
33%
*5%
417g
97g
26%
103
10%
35
25%
103
10
2034
103
10%
64%
1%
67g
6534
1%
1%
1%
67g
634
7
6%
67g
6%
634
*80
*80
*41
52%
*84%
*106
25%
102
*43
53%
897g
18%
107
*33%
*5%
417g
6534
67%
*80
47"
*43
46"
54
52%
53%
90
90
90%
18%
18%
18%
107
34%
*106
*31%
*5%
42%
26%
27%
103% 103%
10%
10%
107
33%
66%
■
1%
68%
1%
*67g
634
*82%
7
44%
53%
90%
I8S4
45
106
33%
*5%
7%
~
32,100
2684
27%
10334 105
1034
10%
68%
69%
1%
1%
7
7%
*7%
7%
*82%
Mar
Mar
50
3H4 Nov 14
39% Deo
Amerada Corp
Am
No par
Agrlc Chem (Del)..No par
American Bank Note
10
50
65
Am Brake Shoe A Fdy.No par
40
Preferred
conv
American
Preferred
100
Amer Chaln&CabCoIncNo par
5% pref
100
Chlole
No par
(Alleg Co)..25
Amer Colortype Co
Am Comm'l Alcohol
w42
*119
For footnotes see page
234.
...10
Corp..20
American Crystal Sugar
10
6% 1st pref
100
Amer Encaustlo Tiling new__l
Amer European Sees...No par
Amer Express Co
Amer A For'n Power
100
preferred
No par
Amer Hawaiian SS Co
10
Amer Hide A Leather
1
6% conv pref..
60
Ice
1
No par
6% non-cum pref
Amer Internat Corp
100
Nov 20
55% Apr 15
73
Nov 20
9334
9334
19%
19
19%
2,400
,107
107
50
34
35
1,300
80
Deo
67% Feb
47% Nov
Nov
70
110
Jan
149%
162i4May 29
137% July 17
174
Dec 31
15134
Jan
168
Apr 30
67% Apr 27
60% Dec 30
100
Dec 31
10
Mar
30
70% Dec 28
141
Deo
Dec 28
3
78% Dec 15
Nov 23
87%May 11
113% Oct 26
3534 Dec 30
16% Dec 17
35% Nov 20
32
Aug 29
101
Sept 12
8% Dec 30
25% Mar
Oot
May
337b
Deo
65
Deo
8
Jan
33%
60
Feb
96
30
Mar
Deo
12084 Dec 15
31
111
Jan
Nov 16
27
7% July 10
20*2 July
1614
Jan
Apr
3*2 Apr
89
934 Jan
175
1
9
8
30
2
2
Oct
48g Oot 30
31 ig
Oct 29
37
Jan
14% Feb 17
175
Oct
16% Sept 24
34% Aug
9% Deo
3534 Nov
Feb
19%
Aug
9234
% May
3?g
Deo
Apr
9%
Deo
0%
72
284
Deo
Deo
9% Aug
984 Mar 23
2
Mar
60% Dec 12
14
Mar
42
37g Mar
17
22% Deo 14
50% Dec 14
21% July 20
8% Mar 6
12
Jan 27
/29%
l7g
14%
46
61% Nov 18
2
2% Sept 24
2% Mar
22% Mar
June
2
5% Jan 14
24
Jan 14
Mar
Aug
Aug
38% Aug
15%
Oct
8%
Apr
3
Oct
28
Oct
40
Apr
38% Nov
47g Jan
Oct
Oct
07g Nov
Nov
3784
Feb
No par
9% Apr 30
15% Nov 12
4% Mar
11% Nov
American Locomotive.-No par
23% Apr 28
48% Dec 17
9
Mar
122% Nov 30
29% Jan 14
32
Mar
2734 Nov
75% Deo
100
66
Amer Maob A Fdy Co..No par
Amer Mach A Metals..No par
21
Amer Metal Co Ltd
27
Apr 28
9
Apr 28
Apr 30
118
Dec 24
Preferred
No par
6% conv 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
Amer Safety
25
Razor new. 18.50
43
Preferred
Stores
7
Jan
9
5712 Mar
20%
IO784
24%
48%
Apr
Apr
6
7
30
4
29
30
100
Preferred
129
Jan
6
Am Sumatra Tobacco. .No par
Amer Telep
1
American
Tobacco
100
Common class B
25
25
Woolen
Preferred
Jan
Dec
20% Mar 21
149% Apr 30
87
130% Nov
30% Nov
9% Nov
10% Mar
49% Aug
Jan
2
3
4
4
134% Mar
9
1584 Mar
Mar 13
Nov
103
8% Mar
10% Mar
4Ds Aug
25%
Deo
Sept
159
32% Nov
Oct 21
28»4 Nov 18
45% Dec 23
Nov 10
4% Mar
20
Mar
31% Apr
2l7g
Deo
26%
64%
Jan
Deo
May
152«4 Mar 11
121
Feb
144
108%May 28
73% Jan 22
145% Dec 7
64
Dec 30
101%
Dec
117% Aug
63
Jan
76
125
Feb
Mar
June
143
12
July
25% Nov
Feb
113
Deo
Jan 29
32%
Dec
43
Jan
63% Aug 29
60%
Deo
145% Nov
36
6
Sept 23
26% Jan 28
190% Nov 27
145
102% Feb
6
Feb
6
104
100
Preferred
Am Type Founders ine
1st preferred
18
133% Jan
100
Jan
Jan
39«4
Deo 14
104
No par
33% Nov
12% Deo
32% Deo
% Mar
37
100
Preferred
Apr
13% Mar
165% Aug
100
Amer Steel Foundries..No par
72
z24
74% Sept
..25
0% cum
Snuff
Preferred
4%
Nov 30
27%
1834 Apr 30
157
Jan 7
100
Shipbuilding Co-No par
Amer Smelting A Refg.No par
18% Mar
o47g Nov 7
134
July 16
87% Sept
Feb 20
2384 July
Feb 13
14% July 28
36% Feb 20
31
15
69
z35% Jan 3
7% Feb 20
100
Amer
2d preferred
10
Apr 30
253g Jan 2
5634 Jan 7
13612 Jan 3
American Seating Co..No par
American
May
88% Mar 13
136
Jan 2
150
Mar 17
10
87g June 30
18
35
Jan 11
2784
Oct 30
88
Jan
70% Feb
140% May
277g Nov
987g Mar
72% Apr
160% Nov
104% NOV
124
Deo
18%
7434 Mar
129% Jan
107
Nov
141
Nov
Dec 14
100
No par
No par
100
1
Preferred
20
May 13
19% Apr
9234 Jan
7% Sept
5234 Sept
34May
28
3
25
25
19
4% Apr 30
3% July 3
10934 Sept
11% Feb
70»4 Feb
2
10
2
1
1
9
Mar
7% Mar
48
Mar
47g Mar
35% Mar
6
% Mar
Jan 10
2% Mar
Feb
7*4 Mar
38% Deo
22'4 Deo
94% Nov
IO84 Sept
6884 Nov
2
3
Mar
31
Mar
2% Deo
1184 Deo
57g Deo
49
Aug
Mar
30
Deo
Apr
37
Dec
Preferred
9334
48% Jan
41%June
13% Jan
42%
Deo 12
100
89
Jan
110
No par
125% Mar 29
Mar
25
Can
No par
Amer Zinc Lead A Smelt
1
300
Nov
43
124
JAm Writing Paper
89,400
1,800
Deo
9
75% Oct
377g Oct
2284 Nov
21
3
Jan
100
pref
American Car A Fdy
Preferred
American
6
Jan
July 17
Dec 21
Apr 28
May 2
2,600
23,800
200
57g
5%
5%
57g
534
5%
5%
41
43
43
42%
42%
42%
417g
45%
3,700
10
119% *119
119% *119
119% 119%
119% *119
119%
119% ♦119
109
109
109
108
800
10734 108
108% 108% 108% 109
108% 108%
8
7
784
7%
734
7%
7%
7%
8%
8%
8%
8% 187,300
82
84
86
82
86
*81
8534
817g
8334
85%
8134
86%
2,800
*124
126
126
126
*126
126
*124% 130
100
134% *124
*124% 130
61
61% 61%
61% 61%
61%
62%
6034 62%
63%
60%
62%
7,600
16
15%
1534
15?g
15% 1534
15%
15%
15%
15% Xl5
15%
3,200
W*5%
75
49
36
13,500
2,500
55%
24%
1
6 % com preferred
American
47
Dec
14
Am Water Wka A Eleo.No par
5434
22%
3% Mar
/49
June
12
10,500
47
33%
20% Nov 13
90
Nov 24
7
Jan
Jan 31
3
39,000
1,200
5478
106
34
Aug 14
6%
69
Deo 30
Preferred
*102
23
684 Deo
4,300
600
Sept
34% Nov 12
Amer Sugar Refining
500
173"
81
American
7,300
3,300
8,100
Mar
19%May 31
4
Oct 28
1,400
600
Deo
125
35% Jan 21
American
5334
32
new 1
Amer Home Products
12,600
11,300
33%
Jan
6%
No par
1,700
12%
Apr
21
No par
100
Amalgam Leath Cos Ino
2,000
12
Deo
7
Aug 8
Nov 17
Mar
Alpha Portland Cem
2%
9,700
1,100
20,400
Jan
Apr
preferred..
Allls-Chalmers Mfg
4834
25
187
1»4 Mar
245
Jan 20
117
Apr
186
Deo
Deo
7
13
4634
*20%
Deo
Deo
Jan
Apr 30
Apr 30
800
Oct
13%
Nov
Deo
157
25
14,300
Sept
2%
111% Dec
No par
15%
74
14%
14%
8
No par
18
173
Apr
Sept
%
74
14%
Feb
$6
400
6% Sept
104% Mar
2
98
21,000
7%
37% Nov
24% Deo
20% Deo
8% Feb
2% Mar
54% Nov 19
5
12
41
Jan
Deo
3%
40% Oct
6*2 Apr 30
2934 Jan 2
2,500
2,600
9,500
2
June
8
4% Mar
117g
»4 Mar
2
Apr 28
267g July 7
12i2 Jan
No par
51%
19%
Mar
28
Oct
74% Nov
60% Nov 17
60
Nov 10
Preferred
48
15
No par
5%
June
4% Mar
share
62% Nov
61% Nov 18
2d preferred
1434
84
847g 85
71
7134
71%
2534 26%
257g
26%
170
164% 164% *164
34
3478
34%
33%
34
34
3334
33%
25%
23%
23%
2334
42
44%
42% 43%
97
96%
9384
96%
150
Allied Stores Corp
51
per
110
5% Nov 19
15,100
24%
6734
Allied Chemical A Dye.No par
Allied Mills Co Ino....No par
7434 Feb 10
195
92",600
24%
12%
125
27
No par
Allegheny Steel Co
Alleg A West Ry 6% gtd_.100
Jan
17% Sept 24
Mar 25
13
Pref A without warr
100
2 HI % prior conv pref.No par
Apr
9
Mar 25
share $
32
86% Nov 10
6% Apr 1
103
Nov 18
2
Jan
9
15
116
2
6134
2734
2,200
95
1784
18
300
105% 106% *105% 105%
65
66%
66%
66%
*143% 145% *143% 145%
64
63%
6434
617g 6334
113
113
113
113% 114
2534
2534
25% 2534
25%
55
55%
55%
5434 55%
184
167g
2%
1,200
65
95
147%
48
29,300
145
183
147
7
*38%
934
15
106% 106%
6134
112
112
*112%
2534
2534 2534
55
55%
55%
140
4534
11634 11634
24%
1134
53%
67%
164
684
17%
1434
4534
34
150
19
19
684
37%
23%
*146
19
6%
37%
47%
*2%
17%
2334
92%
834
60%
25%
34
33%
87g
62%
51%
*23%
34%
*156
300
25%
*33%
34%
9%
145g
50
25
34
8%
6034
934
14
23%
67%
1234
170
*156
8%
1234
*164
9%
13%
62
67%
68%
25%
*164
*156
12%
81
68
934
13%
80
12%
807g
9%
13%
180
No par
per
110
Feb
5
3584 Feb 14
37% Oct 13
21% Jan 8
22% Jan 21
zl% Jan 14
7% Jan 2
58
Apr 28
Pref A with $30 warr
100
Pref A with $40 warr.... 100
Am Coal of N J
35
97
*94%
*156
700
______
30
29%
97
300
11934 120%
*102% 103%
800
5,600
97
30
*156
7534
30%
29%
300
96
75
300
9,800
30
30
93g
96
6,400
*94%
29%
99
13
61%
97
30%
987g
8%
60%
10
$
1
118
15'4 Nov
July 17
Aug 5
212 Apr 28
1238 Jan 2
12*4 Jan 2
560
30
30
13
141% 141%
119% 1207g
4,200
6,100
14%
27
8%
20
3,700
T,9O6
14
26%
13
71
14
14%
27%
8%
40
27
14%
2634
*12%
12,500
1,400
3,400
86
14
14%
27
8%
11034
26%
14%
27
*94
367g
600
71%
*29
35
500
3,700
137g
267g
1434
27%
98
71
800
13%
26%
1434
13
6I84
*102% 110
*29
"2,200
5%
*170% 173% *170% 174
95% 95%
95% 96
7234
72% 73%
73% 75%
*117
117% 118
11934 *117
11934
27
*94
7078
72
*100
85%
39%
141% 141% *139% 141%
118% 1187g 118% 11984
74%
110
*68
71
140%
*9734
7%
58%
40
140
72%
*117% 119%
*156
84%
140
*96
99
234
22,400
70%
5978
2,800
32
70
172
1,500
1,200
2,700
80%
71
39%
6,200
79%
39%
84
434
4938
47%
48%
47%
383g
32
107% 1107g
3
Apr 28
178
34,800
Albany A Susque RR Co.. 100
^Allegheny Corp
No par
147g
787g
10334 108%
83
83%
39% 40
84
No par
Mar 31
9% Apr 30
177«June 9
91
31
5%
*35%
Adams Millis
59
Ala & Vioksburg RR Co..100
Alaska Juneau Gold Min___10
104
7,500
19,100
5%
3634
..No par
Affiliated Products Ino.No par
Air Reduction Ino new.No par
Air Way El Appliance..No
par
3134
17%
8434
115% 116
117
*9534
5
34% 3434
1027g 104%
66
*73
78%
31
25
Express
3,200
1634
84%
31%
1634
Acme Steel Co
Adams
42
3,900
7,800
4%
♦
Highest
110% Aug
Highest
Lowest
$ per share
70
Nov 12
$ per share
3%
600
111
Z232~
232
17%
37%
*
111
17
39
8%
457g
37%
17
6934
*12%
48
31
307g
4%
4834
47%
*46%
46%
4%
4934
48%
16%
67
*29
*
46%
31
*68%
117
37
226% 22734
*66
*139
45
4%
4534
31%
1634
3034
16%
837g
101
5
39%
45%
44%
44%
43%
3634
43%
111
5
31
*81
42%
4%
4534
4334
4
*29%
31%
16%
*34
*43
*225% 225%
31%
*83%
77%
*29%
*47g
44
4
Par
80%
14%
147g
100
Year 1935
100-Share Lots
Lowest
Abraham A Straus....No par
Preferred
100
35,100
Range 'or Previous
Range for Year 1936
On Basis of
STOCK
Shares
*170
4
YORK
235
EXCHANGE
Address Multlgr Corp
Advance Rumely
35%
79%
4%
80%
,
69
65
3534
3%
the
Week
Jan. 8
$ per share
6334
16%
78
^
69
34
26%
3534
*34
36
*60
Friday
1
Jan. 7
$ per share
$ per share
69
Thursday
Jan. 6
15
15%
Wednesaay
Tuesday
Monday
2
Norfolk, Va.
Richmond, Va.
•
New York Stock Record—Continued—Page 2
144
NEW
Saturday
Indianapolis
•
25
44
2
78
Deo 10
$5 prior pref
25
24
May 18
50
Dec 15
Anaconda Copper Mining..60
Anaconda W A Cable..No par
28
Jan 20
35
Jan
Jan
8
55% Nov
89% Dec 31
2684 Mar
Anchor
15% Jan 2
97
May 13
111
9
43
Cap
No par
$6.50 conv pref erred. No par
Andes Copper Mining
20
A P W Paper Co
No par
9
3
June
7
Archer Daniels Midl'd.No par
37
1
Apr 30
50
7% preferred..
100
Armour&Co(Del)pf 7% gtdlOO
118
May 11
122
Armour of Illinois new
$6 conv pref
Preferred
5
No par
100
Armstrong Cork Co
No par
Constable Corp
5
Arnold
July
105% Jan
3
4%June 10
2
Aug 18
47% Feb 24
66% Jan
104
7% Jan
9
6
5
Jan 30
Nov
5
Nov 28
8
16%
107g
96%
3%
1%
7
36
Jan 13
Sept
Oct
Mar
June
117
Jan
Jan
84
Jan 28
Aug
97
Apr
3% Apr
65it May
128
Deo 19
85
110% Jan 20
7% Jan 25
62% Mar 23
18% Nov 17
Jan
25% July
4
Mar
17%
109
Jan
Apr
12%
Deo
4
Deo
52
Aug
122% July
109
6%
70%
110
50%
9%
Deo
Jan
Jan
Jan
Deo
Deo
New York Stock Record—Continued—Page 3
236
LOW
AND
HIGH
SALE PRICES—PER SHARE,
STOCKS
Sales
NOT PER CENT
Ranoe for Year 1936
.
On Basis of
NEW YORK STOCK
Saturday
Tuesday
Monday
«
Jan. 2
$ per share
15%
♦95
15l2
15*8
2058
♦109
1558
16i2
*95
*95
100
98
153j
15*4
100
*100
120
43
31*2
30l8
115
25
43l2
3084
31iS
43
431
3158
3158
317
112
112
*111
116
*111
116
*73
76
*72
74
*72
130
*
*7
*36
67s
130
*113
130
16i8
16
16
16
30
7*2
38*2
30
30
30
3038
30
41
*32
*37
40
6,200
Artloom Corp
Preferred
6,600
165s
Associated Dry Goods
100
22*2
99*2 100
14,300
102*2 103
475s
46*4
124
Mar
100
Dec
8
3584 Mar
60
Dec
90 84
Jan
2
107
Oct 14
6658 Mar
216(5 Apr 24
11
Apr 22
13i2 Apr 24
2658June 4
49
Deo 10
19*2 Apr
92*8 Deo
3714 Jan
Preferred
100
Preferred
100
Atlantic Refining
73
*36
100
17*?.
4,600
Atlas Taok Corp
3034
7*4
3138
3134
73s
1,900
1,500
Auburn
73S
*38
4034
48
No
Prior
No par
No par
A
7
7*8
73s
7*s
738
43,800
Avla'n Corp of Del(The)new_3
8
83s
8*2
8*2
884
23,800
Baldwin Loco Works—No par
758
714
7i2
*88
90
*89
21*8
*33l2
*40ls
2138
35
41
758
7*4
90
89
89
2058
21i8
2084
2114
3338
3418
3414
34l2
41
4H2
42
43
*86
89
7*2
7*2
734
89*2
89*2
8934
400
89
89*2
89*2
89*2
800
2078
345s
2134
21*2
223«
26,100
34*4
36
43
*43
Assented
10.300
89*2
90
43
35*4
*42
4,100
600
43*4
I
.,
Preferred
100
Pref assented
Baltimore & Ohio
100
Preferred
100
Bangor & Aroostook
60
Preferred
3578 3734
36i2 37
2584 26
*26i2 2678
11812
118i2 118i2 *114
27
2638
26i2 2738
18
18
18
1778
*112
115
*24l2
*101
*4012
18
13i8
18
112
25
25*2
*108
*10834 112
13
1318
13l8
112
13*4
30*2
87,200
183s
19*4
19
1938
2,700
*112*s 115
26*s
25*2
26*4
10
25*2
102
*10912 112
25
25-84
25l2
2238
2258
2334
*69i2
61l2
61
61
61
61
2338
*61
74U
7534
73
74iS
7378
76*s
1914
1914
19U
*88
34
3434
36*4
14,600
43*2
43*4
4334
5,100
8934
44*2
2734
88
89
89
89*4
43l2
44
89*4
43*2
44
2734
27*4
2758
73*2
7434
277S
75
4234
2738
43*2
27&s
76
773s
77
17
*48
49
48
2038 21
2058
2II4
*11034 11H2
I2l2
*97
984
5U4
3578
32U
*738
1258
103
978
5H2
3578
3314
712
*48*4
*4712
20
12U
64
*32
5058
102
20'
48*2
48*s
2034
20*s
*110
12
*9712 103
9&8
9
5314
658
21
110U 112
167s
54
48i8
*43
49
48
2OI4
1738
51*4
48*s
634
*47
12*4
*98
3512
51
102
638
65s
*33
5134
*25i8
1384
2934
538
2778
14
2934
5%
658
2734
28is
86
86i2
2734
85l2
6
tBotany Cons Mills class A.50
Ds July 16
Bridgeport Brass Co
No par
Briggs Manufacturing.No par
yl2*8July 2
43U Apr 30
17
173s
9,600
55*2
5434
55*4
14,600
49
49
50
43
43*2
43*2
400
634
7*4
3,500
36*2
515s
36*2
517«
101*2
3,100
Bklyn Manh Transit..-No par
40U Jan
2
600
$6 preferred series A .No par
9784 Feb
4
44i2May
11^
17
634
6*2
35
51*2
51*2
101*2 101*2
101
500
400
No
Brooklyn & Queens Tr.No par
Preferred
No par
49*4
5034
51
5134
49
50
50
50
50
2134
2134
2234
2134
2238
13,900
Bruns-Balke-Collender.No par
2138
14,900
Bucyrus-Erie Co
12*2
100
2078
20l2
113
113
1234
12l2
*98
100
10
52
51
35*2
3634
32
3234
7*4
984
513s
738
7*8
21*2
207s
*111
113
13
13*2
1334
98
97*s
10*4
5278
3834
97*8
300
10*8
105g
13,000
51&8
38
33*8
7*2
73S
27
27
27
*25*4
26
24*4
25*8
13*2
1334
1334
29*4
29*2
13&8
29*2
6
6*8
534
28*2
2778
2778
86
87
86
86*2
100
978
51*8
3678
32*2
27
29*2
113
1258
*26
578
700
98
27
135s
2078
*111
2,400
33*s
7*2
*27
27,400
54
6,000
395s
6,500
3334
7*2
13,800
2,000
Brooklyn Union Gas
5
7% preferred new
100
Budd (E G) Mfg
7%
No par
preferred
100
Budd Wheel
..No par
No par
Bulova Watch
Bullard Co
No par
Burroughs Add Mach..No par
JBush Terminal
No par
Debentures
30
100
2538
26*4
550
Bush Term
1334
2934
14
4,300
Butler Bros
2934
57g
2834
578
6*8
2,800
42,200
5% conv preferred
Butte Copper & Zlno
28*s
29*4
14,100
Byers Co (A M)
87*2
534
2778
87*2
No par
No par
Brown Shoe Co
87
87**2
700
30*2
Bldg
100
30
5
No
Preferred
par
100
27
27*2
27
27
27
27
27*2
2778
1,400
4434
46*2
46
4638
46
46*2
46*2
7,200
2i2
1534
17
16*2
17*8
1578
16*2
238
157s
1634
2*2
17,400
17*2 120,200
Callahan Zinc-Lead
15U
45*4
23s
1658
3284
28l4
1458
3314
28i2
1478
3214
2712
14l2
323
281
147
32*2
277s
1434
33*4
30*4
33l2
3338
3334
3358
Campbell W & C Fdy..No
3038
29
30*8
33*2
2858
29*4
35,800
Canada Dry Ginger Ale
1434
15
1558
15*8
15*2
65,500
Canadian Pacific
61
61
61
60*4
61*4
500
16
16*4
1,400
*52
53*2
30
*60
6H2
*60
*15i8
5214
*101i2
*103i2
738
15i2
15
5214
15
""
*61
61*2
61
15
*15
15*2
*138
*52*4
141
125
125i2 *122
8758 88
86I4 87
2634 271
27l8 2758
108
385s
108
39
80i2
3678
812
878
3712
3712
*80
36
"11"
Tl"
*10314 108i2
71
71
99
*104
110
73
138
*106
107
3884
39i8
80
80
3578
3634
83S
884
37i2
2218
37i2
23i2
III4
*11
....
99
*10334 110
738
141i2
2*2
238
3338
2912
14l2
52U
*10H2
—
25g
108l2 109
7114 72i4
7*s
143
*122
73g
145
125*2
85*2 86*2
267« 273s
10678 10678
3834 39
79*2 80
36*2 3678
8*2
9*2
37*2 38
22*4 2384
105s 11
109
707s
2*2
15*2
*15*4
16*2
15*2
*52*4 53*2 *52
53*2
*102*4
*10034
*10418 110
*103*2 110
7
7*4
7*8
758
146
1465s
145*2 151
*122
125
125*2 *122
87
88
867s
86*2
27
26b8 27*8
2734
108
106*2 106*2 108
39
38*4 39*s
38*4
-
-
-
-
*10034
*103
7*2
88*2
28*2
5,800
20,700
*107*2 108
38
82*2
38
38*2
2358
39
39*4
2278
23*4
39*2
225s
11*4
11
109
72
72
»
8778
37*4
109
-
27
80*2
*11
-
3,000
37
11*4
10978
72*2
-
150*4 152*8
125*2
80*2
1058
-
*122
3684
958
23
..
8,100
36*2
9*4
95g
100
105
758
80
9*4
2,800
82*4
36*2
9*4
10978 1097S *109
725s
7378
73*4
3878
82*2
37*8
958
4058
23
11*4
109*2
74
Byron Jackson Co
California Packing
No par
No par
5,000
310
par
5
25
Cannon Mills
No par
Capital Admin class A
Preferred A
10
6%
110
Preferred
100
1484 Mar
90
Jan
28U
18
30
25
13
6
4
24
Jan
70*2
Deo
334 Mar
87g
234
Deo
i2 June
17*8 Nov
553s Oct
303{j
42
5
May
13s Apr
36*2 Mar
Oct
6
Dec
8*2 Apr
24i2 Feb
23*s Jan
14
May
55
Oct
Deo
5*2
38
Deo
Deo
4684 Aug
100
90
Jan
Oct 20
43
Marl
71*2 Aug
53
Mar
6334 Aug
338 July
4*4 Mar
14
9
Mar
5
3*4 Mar
23
6
7
8*4 Mar
13*4 Mar
1
5*4
9
1634 Nov 25
3314 Nov 28
658 Mar 20
29is Dec 31
88i2 Dec 31
3384 Oct 22
4834 Dec 28
Nov 25
Mar
2*2 Mar
384 May
Mar 23
33i2 Deo
3134Nov
3
10
Apr
Apr
Mar
1*8 Mar
113s Mar
32
Mar
30*2 Aug
*4 July
2
16l2Nov
5
2i2 Mar
40U Apr
2
7*2 Mar
8*8 Sept
863 Oct
37
103s Apr 30
1078 Jan 20
Apr 30
1234May
6884 Nov 18
18i2 Feb 24
30
4534 Jan
53
Nov
4
*100
Oct
8
32*2
82*4
3084 Dec 29
16
11*2
878
Aug
Deo
Deo
Sept 25
6
Feb 19
June
43s Mar
Feb
934 Nov
97*2 Deo
143s Nov
1484 Nov
24i2 Nov
28
3*8
10*2
22*2
Nov
Jan
Jan
Jan
3*2 Nov
205$ Jan
66
Deo
"42*2 "Feb
1*8
Jan
684
Oct
333s Nov
1758 Deo
1384 Jan
40*4
Oct
14
Nov
48
Nov
Feb
88
Aug
IO384 Dec 24
984 Feb 19
634May 22
92i2 Jan 6
85
Mar
95
July
7
Dec
4584 Mar
83*2 Apr
36*2 Jan
19*2 Apr
186
June 22
7
143
July 16
5484 Jan 16
21«4May 22
*91
Nov
6
32U Jan
6
110
1
4
Apr 28
57
Feb 21
6i2 Apr 29
97i2May 2
4784 Jan 21
12
Nov 28
108*2 Oct
74
8*8
Deo
111*4 Nov
126*2 Nov
60
358s
Nov
Jan
Deo 14
3978 Deo 31
86
Sept 26
3712 Dec 31
9ig Dec 14
6
35
July
4784 July
2734 Nov
6
May
100
Dec
Mar
Jan
65s Nov
Deo
21
Jan
64
Nov
2378 Aug
38
58 Jan
253s Jan
27*2 Sept
Nov 18
1578May
Apr 30
Cerro de Pasco Copper.No par
Dec
2184 Dec 24
2
2
19
Central Violeta Sugar Co... 19
Century Ribbon Mills..No par
Oct
2284
57*2 Nov
Jan
22*2 Dec
597s Jan
115i2Sept 16
No par
4,700
24i2
15*8 Mar
34
6*8 Mar
395s July
57
Deo 21
100
33*2 Sept
Sept
1484 Nov
117*2 Mar
95
90
8
106
preferred
Feb
11*8 Mar
79
Sept
117s Mar
28*4 Mar
115
100
7% preferred
JCelotex Co
72
6558 Jan 15
Jan
Caterpillar Tractor
No par
Oelanese Corp of Amer.No par
20*8 Nov
6
Jan
Deo
May
Oct
30
116
lis"
Oct 30
8
2
Jan
Nov
1484
1
34i8 Oct
91
15*2 Nov
88
Nov
595s Dec 10
35i2 Dec 31
2*2 Jan
8*4 Jan
Dec
Deo
-33-
22i8 Deo 30
Apr 27
87
100
Deo
25
Carolina Clinch & Ohio Ry.100
Central Aguirre Assoc.-No par
Central Foundry Co
1
Central RR of New Jersey. 100
10,700
Jan
Nov 10
83s Apr 30
11*2 Jan 10
2084 Apr 28
Stamped
..100
Carriers & General Corp
1
Case (J I) Co
—100
3,100
95,800
3,400
800
9*8 Jan
85
116
"l7"
106
Sept 21
8'sMay 19
87s Jan 2
107i2Sept
"Jan
51i2Mar 5
58U Sept 22
Dec 29
45
1
Calumet & Hecla Cons Cop. .6
Preferred certificates
400
33
4
13*8 Deo 21
293s Dec 21
258 Jan 2
1612 Apr 29
54isJune 15
22
Apr 30
30*4 Apr 30
4534
238
4*2 Jan
14i8 Apr 29
28
21
Jan 17
pfotfs.100
28
238
Dec 22
10
gu
45l2
212
15*4
*
par
47
41
Briggs & Stratton
Bristol-Myers Co
Feb
25*4
OOUNov
lli2 Jan
612NOV
1878 Feb
6478Mar
69
Apr
50i2 July
12U Mar
Apr 27
Boston & Maine
1,700
Sept
49i2 Aug
95s Mar
165s June
47
Jan 21
6
Borg-Warner
2,200
49l2
277s
283
86
64
6,600
9*s
4
20*2
33
13*2
2938
10
100
Corp
78*4
18
Mar
Mar
Mar
323s Aug 10
2
4
Mar
378s Dec 5
6318 Mat 7
100U Apr 13
12
.884
Dec
June
14
Jan
40
57a Mar
10734
Deo
120
June 30
255s Jan
49
113
39
3U
32
65s
65*2 Dec 31
*3412 Deo 31
2478 Dec 31
38i2Novl2
29
15
49*4
3534
*26*s
*25*4
No par
No par
Class B
Borden Co (The).
49
934
•7*8
28
Bon Ami class A
5
48*s
21*4
2034
51*2
35*s
*714
*26
Bohn Aluminum & Brass
545s
1
35
51
*100U 102
9*2
52
280
15,100
Boeing Airplane Co
43
4378
634
87«
250
89*2
100
6
49
32
51
Blumenthal & Co pref
42
5234
49
43
Bloomingdale Brothers.No par
4134
4*4
173«
8
8
11
30
20
7*2 Apr
7i2
9*8
36i8
106*4
6U
Feb
135*2Nov 18
8
14*2July
18UMay
77U July
1678 Apr
40's Dec
80i8June
20
41
85S
2834 Dec
Blaw-Knox Co
98
4134
35s
Black & Decker Mfg Co No par
U2
7734 Deo 30
20
3
32*2
41
23
Jan
*92
93*2
3434
5314
48i4
43
5,900
32*2
83
35
173
72
1,200
93*2
858
Jan
1,000
3212
4
48
126*4 1275s
997s
34
Deo 29
5
7
46»4 Apr 30
33
Dec 16
16*4 Mar
16i8 Apr 28
107*2 July 8
*9312
3334
Dec 15
6
5% preferred
20
7% preferred
100
Blgelow-Sanf Carp Inc.No par
*31
Jan
25*4 Oct
Beth Steel new (Del)...No par
No par
63
89*sMay
2,500
30,100
36i2 May
234 July
323s Oct
68,000
2538
Jan
Jan 24
Mar 18
Deo 2
Jan 18
77
95
358
112
June
195s
Oct
14
20
7538
24*4
*30*2
Dec 2
Dec 15
Deo 15
Nov 6
Oct 7
Feb 28
July 2
Deo
512 May
2158 Jan 20
19
33
17
6l2
6:
634
35
35
*35
3658
51
51l2
5012 50l2
102U 10214 *101l2 102U
765s
*93l2
3378
52l2
48U
44
75
*31
834
5
1,400
34
358
83
Aviation
6234
34
9
358
1738
Belgian Nat Rys part pref
Mar
19*2
45i2
Jan 15
283s Nov 12
July 30
4278 Oct 20
Deo 22
61*2
34*4
243ft
858
Feb
13
62*2
2338
*312
1634
51*2
*48i8
85
May
105
8
20
62*4
33&s
8i2
Beech-Nut Packing Co
2
Belding Heminway Co.No par
15
115
Feb 28
Jan
Mar
28U Dec 24
22*4 Nov 10
6
1684 June 26
110 May 8
14i8 Jan
18
Jan
4
131
Aug 18
63
3414
24I8
Sept
IO684
Feb 14
Mar 6
38i2 Dec 14
283s Nov 20
13U Jan 6
82*4 Jan 10
35
Bendix
Nov
115
Nov 30
118
243s Nov
100
Beneficial Indus Loan..No par
Best & Co
No par
23l2
334
1758
Dec 29
par
100
26
8,100
33l2
8934
1st
17,600
24i8
*43k
2678
7214
*8l2
358
39
....50
------
34
2678
74
No par
23*2
67
44
Bayuk Cigars Ino
2738
65
90
6
23*4
65*2
88
Barnsdall Oil Co
26*2
65*2
26i2
72i2
100
23*2
64
44
10
No par
6H% convpreferred
273S
64
34
Barber Co Ino
Barker Brothers
23*4
23
34i2
23s July 8'
29*2 Apr 30
3334 July 8
1578 Apr 30
21
Apr 30
100 xl0934 Nov 24
23*
19
1938
193s
/
126l2 *126 1 128
29*2June 30
3
Apr 9
2i2July 9
No
5,200
~48*2
978
9478
9478
275s
41i4
49i2
5
Beech Creek RR Co
200
13*2
126
2634
*43
........
13*2
*833S
65
4334
75i2
26i4
111
111
Apr
17*2 Deo
1978 Dec
18
30*8
54U
10i8
46*2
784
1184
638June 30
110
41*2
126
90
4334
26I4
74l2
8l2
*3l2
135s
*41
2658June
400
2,000
*101*8 102*2
64l2
3334
65i2
*9312
33&8
4114
112
13*2
*833s
2638
74l2
1938 19*2
12578 12578
41*2
*109
13i8
2238
2358
33
9978
34U
42
102
Jan
preferred
Beatrice Creamery
35 pref w w
*112*s 115
*41
25
33U
2234
*30i2
150
297S
41
2578
126
1,800
30
25S4
IOIS4
2238
*65
44,900
26*2
119*2
38*2
29*4
115
22U
1912
19l2
*12634 127
66i2 67
34
3414
2384 2434
*3038 33
*9312 9978
3384 3414
42U 4212
403s
26
*118
30
*8338
*8358
2638
119
181
*8338
2638
"2514
3884
2638
*112
10134 10134
4012 40i2
*8358
38
119
18
112
115
25
25
25i2
10H2 *10114 10134
4138
4U2 *41
*10834 112
1318
*112
37l2 3938
3778
26
2584 2638
*118
118l2 120
26i8 27l2
2712
28
131
7
*85
Oct
Jan 17
914
784
Mar
June 26
684
91
Mar
6
14
par
8?s
*89
3
2012
§284
678
7i2
778
19
10
10
Nov 18
9U
90
31*2 Oct
5484 Nov
35is Apr
118i2 Deo
84
684
9*2
Oct 30
2
Automobile...No par
Austin N4«hols
-
Sept 17
Oct 30
8812 Aug
100 xll2
16*8
3934
109
No par
A
Preferred
210
16
7*4
*375s
40
25
4% eonv pref ser
Atlas Powder
30*2
30
Nov
112
24,400
132
48
90
2
323«
132
Oct
I884 Nov
109
Sept
Apr
Jan
3134
300
97s
7i2 Mar
8078 Apr
Feb 21
Atl G & W I SS Lines..No par
200
3«4 Mar
70
Dec 31
200
74
22is Feb 27
May 13
277s Nov 19
108
98
1,200
116
Jan 20
125s Apr 30
69
Atlantlo Coast Line RR—100
72*4
3
8i8 Jan
95
Highest
\ per share $ per share
95
1,000
*113
$ per share
Lowest
>.100
100
6% 1st preferred
7% 2d preferred
16
7i8
1
13,300
74
$ per share
par
100
2684
42*2
116
Year 1935
Highest
Atoh Topeka & Santa Fe..l00
500
*107*2 114
74
747«
No
26*2
*41*4
130*4 130*4
734
Par
Shares
91s
.7
7l2
738
7U
714
Lowest
Week
32*s
3134
116
8
44*2
*72*2
16
9*4
*88
*113
16*4
130
16*4
*2838
99*2
114
*42
75
♦
22
73*2
7484
10134 1023s
47
46*s
*25Bs 266s
26
*41
*95
22
*100
7012
43
*40
*100
7114
IOI84 10134
44U 45l2
7058
*101*4 10238 *10078 102
4434 45U
4434 45*s
26
*26
26*4 *25
15*2
100
21*4
*97*2
.
$ per share
155s
*95
98
120
69i2
7078
♦4084
31*4
*15i8
*95
Jan
7
.
Range for Previous
100-8ftara Lots
EXCHANGE
the
Friday
$ per share
21U
*100
120
70
16i8
100
2012
2118
Jan
$ per share
$ per share
107
*95
100
21l8 21*8
*96*2 100
Thursday
Jan. 6
Jan. 4
$ per share
Wednesday
Jan. 9, 1937
2
Nov 10
16*s Nov
55
22*4
34
Nov
Feb
Mar
21*4 Nov
6284 Nov
29
May
62i~2
Aug
6*8 July
96*4 Mar
385g Jan
128s Jan
109*2 Jan
6588 Dec
35s Mar,
153g Deo
'
17
16i2 173s
1638
1 1658 17*8
71
7178
7178
71*2
685s 71
110*2 *110
*10934 H0l2 *110
110*2
*35i2 3612
35l2 35l2
3534 3534
*34
45
45
*33
*3778 50
*8534 86l2
8584 86 • *85*4 86
665s 67i4
667s 67
66i2 67
3
3
3
*25s
*2i2
♦23s
7
778
2s8
14
*7i2
*31
2i2
14I4
9
3138
678
2i2
1358
*7l2
31
7l2
7*2
8
2i2
23s
23s
1334
*7*2
3034
14*8
14
884
31
2i8
2
218
5
484
3i2
5
2i8
478
3i2
*11*2
358
1134
1184
24
2414
23
11S4
2334
62
61*2
62
*61l2
214
678
6i2
*2434
2U
7i8
65s
26
2
834
30 84
17
16*4
167sl
1658
17*2
17*2^
69
68
70
6778
70*4
6934
110*2 110*2 *10834 110*2 *10834 110*4
38
357S 36
3634
38*4
38*4
41
41
*40
41
41
45*8
85
86
86
85
*85*8
86*2
3
3
8*2
8*4
2*2
85S
8,300
25s
234
6,900
15*4
1478
15*4
17,600
834
*7*2
884
31*8
23s
10,300
884
31
2
478
358
3*2
334
1184
23*2
11*2
23*4
62
6134
2*4
12*8
24*4
6134
238
75s
678
6*2
67s
7*2
658
25i2
25i2
25*2
25*2
*25*2
3
8
2*2
14*8
*7*2
31*2
5
678
For footnotes see page 234.
*2&s
14*8
*7*2
3084
7
200
1,000
6658
2*8
238
778
2,700
234
8*4
14
6I4
214
20
23s
234
75g
238
2i4
734
35s
2,130
6678
66*2
478
3*2
*115s
23*4
61*2
23g
7*2
67
59,300
2*8
:
2
5*4
5*8
334
1134
2438
26
61*2
2*4
73s
6*2
25*2
31*2
2*4
67
31
2*4
68*4
11,300
400
1,000
578
5*2
578
44,000
4
334
4
12,800
1258
12*4
1212
5,100
2578
62*2
23g
784
7*8
2534
2638
62
62*4
15,400
1,400
23s
2*2
3,800
75s
678
25*2
734
11,000
738
25*2
9,400
26*2
600
Certain-Teed Products
......
1
6% prior pref
100
ChampPap & Fib Co 6% pf 100
Common
Checker
....No par
Cab
5
Chesapeake Corp
...No
Chesapeake & Ohio
8>4June
67*2 Sept
101
19*4 Mar 24
72*2 Deo 31
Mar 13
19
Aug
2214 Jan
par
59
Jan
25
51
111
Deo 28
3884 Deo 15
69*s Apr 17
Jan
2
100
Nov
4
48s Mar
36
1*4 Apr 28
7784 Nov 4
3*4 Jan 13
8*8 Deo 10
25s Feb 5
...100
4
145s Dec 31
15s
tChlo Ind & Louisv pref...100
Chicago Mall Order Co
5
tChlo Mil St P A Pao—No par
6
12
1
JChlo & East 111 Ry Co
100
6% preferred
100
Chicago Great Western... 100
Preferred
Preferred
100
Chicago A North Western. 100
Preferred
—100
Chloago Pneumat Tool.No par
Conv preferred
No par
tChlo Rook Isl A Pacific...100
7% preferred
6% preferred
Chicago Yellow Cab
100
100
No par
18sMay 19
278 Jan
Jan
4
2
May 12
258s May 13
li2 Apr 30
27g Apr 27
2*2 Apr 29
684 May 1
12*2 Apr 30
4034May 4
li2 Apr 23
3i2 Apr 24
3*4 Apr 28
19«4 Jan
2
337s
278
57a
478
125s
2478
65*i
Jan 31
7g June
5s
Feb
Feb
21
Deo
61*4 Nov
53*4 Deo
218 Jan
3*4 Deo
2*4 Jan
SSg Deo
Mar
9
Deo
Nov 13
19*8 June
*35
Nov
Feb 11
Feb 11
*4 Mar
3
Jan
Feb 21
Oct 19
Deo 31
Deo
1
3
Feb
8
8
Jan 11
8
July 15
325s
Mar
37*8 Mar
1
Apr
Oct
7
84 Mar
18g June
35s July
45g Mar
84 July
lSg Mar
4*4 Jan
55s Jan
105s Jan
205s Deo
5484 Dec
25g Jan
4*4 Deo
1*4 July
9*4 July
4
Jan
1984
Deo
20
Mar
Volume
AND
Saturday
Jan
Jan
$ per share
20i2
12O8
*46
61
2114
127S
21
21
1278
13
51
47
Week
$ per share
$ per share
$ per share
Shares
20h
1278
47k
*47
2138
21
13k
*4734
131
48
19
187s
19is
19
19k
86I2
85i2
85i2
85k
85k
*51
mmrnm
10
IOI4
34
958
34i8
*97
36
mmmm
32i2
—
*82
78
79
*126
127
*85
91
*47
7984
78*4
7834
12678
1227S 124
*56
57
*51
*51
10
93
3358
*97k
33
34
mmmm
*97
mmmm
■
85k
85
*112
358
3538
*89
91
mmL,'—
8OS4
2084
20*8
*89
91
*47k
10
35
97,400
3.800
119k
118
19
195g
86
86
*51
m
600
....
"2",400
10
10
3434
3,600
35k
*97k
113
36k
91
mmmm
"loO
113
*111
2,200
3684
36
Copper Co
Jan
3
Jan
8
51
Chrysler
Corp
5
City Ice & Fuel
No par
Preferred
100
City Investing Co
City Stores
100
5
Clark
Equipment
No par
C C C & St Louis Ry Co pf 100
Clev El Ilium Co pref. .No par
Clev Graph Bronze Co (The).l
1788Sept 19
85is Jan 21
16k Jan 2
7278 Jan 2
Nov
50
4
7
2334 Jan 21
4«4 Jan
Feb 10
90
Dec 22
13834 Nov 12
Nov 17
23
8934 Nov 17
4
Nov
50
131a Nov 17
46ig Mar 24
Oct 31
98
4
4712 Oct 10
82
Feb 26
Mar 30
56
58i4
56k
58k
*11234 11478 *11234 11384 *11234 11384
*20
2984 *20i8 2984 *20k 2934
45
46
4578
4478
4512
4514
21
21
21
21k 21k
*20i8
■
25
25
25l2
27
*23
*1934
177s
*6914
*135s
3634
*1712
*165s
111
*18
19l2
1712
*78i4
91
19i2
4412
*1634
18
19k
84
91
*90
5k
17k
435g
53s
177s
4434
16i2
*10
h
87S
36
2084
29
3
103
*98
103
67iS
6734
66I2
*203s
21
21
40
4012
40
667s
205s
3978
6712
2078
103
40
234
42i2
2638
64i4
6378
6734
51
67
68ia
m — — —
Cluett Peabody & Co ..No par
48
Apr 28
80
Mar
87
Oct
48
June
48
June
20
July
110
Aug
126
May
Nov 16
72i2 Nov
93
Deo
533s
585g
Deo
32,200
Colgato-Palmollve-Peet No par
13
June 30
2114 Dec 14
Apr
16ig June
21
Deo
100
Aug 14
106i2 Feb 28
*56k
57k
21k
58
58U
595g
200
59k
59«4]
112k 112k
2158
46
22
2434
26
Preferred
preferred
6%
100
6i8
47i2
*3534
26U
119
3538
*43l2
44
1914
1878
10678 106
98
67&s
*1634
7534
*5478
98
19
100
100
19k Jan
2
36k Feb 20
3778Mar 11
16
Jan
2
36
120k 120k
900
Columbian Carbon v 10 No par
94
Jan
7
136i2 Aug 11
7
Jan
Col Plot Corp v t 0
No par
31
May 20
2:4512 Jan 22
40U
Dec
No par
39k Dec 19
51U Jan 23
Jan
2
90*2 Jan
119k 120k
35k 36k
43
1912
43
1934
19k
1067s 1067g
*93
68k
*114
*1634
98
69
120
76
117
6,400
3534
38
43k
43k
700
1934
19k
10778 108
79,000
Columbia Gas <fc EIeo_.No par
900
6% preferred series A...100
140
5%
98
98
68k
69k
9,100
*11358 120
7634
75k
7,700
200
117
117
45,800
19
5
100
*90
*5
53s
1678
16k
44
4484
44
L02i2 1041_
6678 6778
2012
3912
15k
2,300
39k
14,800
Congoleum-Nairn Inc..No par
Congress Cigar
No par
30
Connecticut Ry & Ltg pf-.lOO
39k
20
19k
39
*1784
18k
18k
18k
2,000
94
110
*91k
110
*90
5k
1758
18
45
46k
75
76k
56k
55
17i2
17
1738
52
53
52
107
19U
19i2
658
■
19k
*107
19
684
6k
107k
684
19k
19k
1958
107
80
80
*4812
8234
80
80
80
80
4978
49
49
*49
50
8234
1784
*165s
1085s 108&S
105
2978
281s
42i2
178s
8
IO6I4
2978
28is
43
1784
8l4
82k
4218
17k
8
177s
108k 109
Crosley Radio Corp..-No par
Crown Cork & Seal
No par
56k
$2.25 conv pref w w_.No par
47
900
111
50
*1538
125s
122
82
50
50
84
84k
18
17k
108
IO8I4
107
17k
8
183s
18k
18'k
8
17k
47
8
11
11
35
*23
61
*60
63
61
61
61
3312
*32l2
*3912
265s
93k
34
40
2678
93k
33
33k
32
32
*11
6958
7014
507S
607s
36
36
*1
•
*212
*7i8
lU
258
712
16
16
11
69k
*4984
3512
49
11
70
51
170ig 17314
134
134
*11214 114
lll2
11«4
175ig 1751s
*159
1623s
33U
34
1214
39U
13
3912
112
112
1214
514
12l2
5U
1
18s
16,200
78s
7k
*2i8
714
*1514
15k
mmmm
169
172k
135
135
114
155s
174
163
16
17234
1234
39i2
113
1238
5k
113
12U
5i8
9912 Mar 13
Jan 15
IOI2 Jan
59
Sept
107
Deo 14
52
Jan
7
27
Jan
2
1912 Apr 28
3684 Jan 20
147g Apr 30
48g Jan 4
128 May 12
4
Apr 29
13
June 12
42
Jan 10
5
37ia Oct 28
18k Apr 30
30k Oct
No par
No par
40
19
Dec 28
Oct
7
Dominion Stores Ltd..No par
19,200
Douglas Alrcr Co Inc..No par
41i| Jan 2
7ia Apr 28
505s Jan 6
29
Class A
Dome Mines Ltd
ilk
ilk
7138
715s
7384
53
53
53
53
800
Dresser(SR)Mfg conv ANo par
39k
39
39k
3,300
Convertible class B..No par
lk
2k
1
13s
3k
2,700
7,100
Duluth S 8 & Atlantic
2k
73«
7k
1,100
Dunhlll International..
♦15k
*118
200
16
15
174
1458
174
*159
13
34k
1284
401
40k
113
113
12k
5k
— mmm
15
17434
163
*114
70
40,800
900
*159
33k
13k
55s
800
1478
1458
1384
4138
1234
-
12" 200
17334 17484
35k
II384
«...
407g
114
12k
5k
114
1378
5k
100
1
No par
Duplan Silk
Feb
1051s Nov
li2 Mar
6I2 Mar
63s
12U
Deo
IOOI2 Dec
lolls
8U
Deo
Deo
72ig
Jan
212
38 Aug
Dec
18s Nov
Jan
6
6k Jan 10
kMay 20
li8 Jan 6
47g July 10
13ig Aug 27
8
73s Mar
6
50k Dec 2
3778 Nov 18
Eleo Auto-Lite
Preferred
Electric
4
(The)
5
100
Boat
Eleo & Mus Ind Am shares.
3
..
28ig Jan 6
684 Apr 28
30»4 Apr 27
110k Jan 23
10
Apr 30
5
Dec 29
20ig
Deo
447g
Deo
99U Nov
84
60
Oct
148k
Oct
4i8 Mar
234 Nov
Deo
Deo
7838 July
165
May
758
Deo
9
9
9
2312 Mar
487g Nov
Nov 12
7412 Mar
312 Mar
100
1918 Dec 14
6634 Oct
14
Mar
38
Deo
105U
Deo
2i8
Deo
353s Sept
9H2 Nov
58I4N0V
493g Nov
110
1
5
Dec 14
47ig Apr
4
1
Jan
Deo
4
5
Jan
14k Mar
9
5ig July
38s Dec
129
Deo 14
Jan
40k
193g
Deo
Deo
9k
Deo
14
Deo
8I2 May
8O84 May
4412 Jan 14
37
Dec
24U Apr 13
15
Mar
47ia Jan
248g Nov
89ig Mar
105U June
114
Dec
4
9k Mar 11
4
Mar
2
6k Mar
Nov
June
75
Nov
Mar
47
Deo
10k
Deo
73
Mar
70ig Jan 27
8884 Dec 28
61
16
1978 Nov 19
IO8I4 Dec 19
10834 Deo 31
328s Nov 6
33igNov 4
5484 Oct 13
23ig Feb 20
93g Feb 7
6
June
Feb 17
153
117g Oct 24
213g Jan 31
63
Deo 15
40ia Jan 25
43
Aug 6
345s Jan 2
95ig Deo 4
25
Jan 15
884 Oct 13
I8I4 Jan 17
116
Deo 23
Dec 21
123g Dec 17
185
Aug
166
Jan
19
28
Sept
24ig
Deo
187g Deo
23k Mar
43ig
Mar
19ig
Jan
Feb
5
Deo
65
Mar
130
Deo
2
Aug
11
lig
5ig Oct
3512 Aug
Jan
6
Jan
19
Deo
508g
Jan
Jan
Jan
41
343g
33
Deo
3812 Deo
Jan
4458 Deo
125g Jan
26k
Mar 13
3418
Nov
41i2 May
684 May
17ig Mar
588s
13ig Mar
32
638 Mar
k June
U June
2
June
1284 May
103
Mar
865s Mar
1267g Feb
116
Nov
146ij Nov
Oot
115
Aug
8
Jan
IIOI2
Jan
172k Nov
141
Jan
164
193s June
Nov
Deo
Feb
165g Jan
3U Mar
7*4 Feb 21
1
18g Deo
8U Deo
19
Aug
3>4 Mar
104
47ia Nov
173g Feb
Deo
Nov
17ia Deo
132
404 Nov 16
167g Nov 16
115
6884 Nov
1
6HaJune 4
128g Deo 11
82k Oct 6
.51
Deo 9
36k Deo 7
1>4 Jan 15
120
2284 Mar
Nov 16
407s Dec
3
45g Deo
12i4 Deo
z95
Jan 21
1361a Deo 16
14,400
Jan
397s Mar
7
100
7
357s Jan
II84 Sept
Feb
No par
69
69'4
129
Co
Jan
Jan
35
6% non-voting deb—...100
Eltlngon Sohild
Deo
Deo
Deo
46U
6234
4I84 Mar
18484 Nov 21
Eaton Manufacturing
Deo
Jan
15k Mar
Feb
July 24
2318
1178
l7g
287g Mar
Apr 30
152
% Apr
Feb 11
133
Duquesne Light 1st pref...100 xl Ilk June 12
Eastern Rolling Mills
5
5k July
156
Apr 28
Eastman Kodak (N J) .No par
412 Mar
Mar 20
114
18,200
110
Aug 10
Dec
22
4
100
"MOO
29,400
2,700
5
Co.20
Du P de Nemours (EI) <fc
6% cum preferred
163
34k
14k
4138
100
Preferred
Preferred
----
171k 17434 175k 1797s
*133k 135
*133k
712 Jan
22i8 Feb
3434 Nov
46
90
400
16
243s Mar
9
6,600
*15k
87k Jan 13
2178 Dec
36i8May 17
43U Jan 6
75S Apr 27
93
48k
113s
73s
Nov 18
6
39
♦114
335s
1278
40k
4
4784
mmmm
*159
3384
7
35i2May 26
21
*118
114
145s
Corp-Seagr's Ltd No par
lk
*135
173
7
38
738
*118
170
Jan
40
30
109
20
21k
*2
314 May
14U May
167s Feb
Nov 18
125
483s
*
4
IkSept 28
Sept 26
9
5% pref with warrants..100
Co—...No par
Dixie-Vortex
38k
51
*H4
2k
28
21
ilk
3512
7k
15k
Participating preferred—.25
70k
48
*1H8
6912
51
4
Apr 30
2lk
40
51
234.
400
Devoe & Reynolds
Distil
1
Jan 27
48
*2084
*2
For footnotes see page
1,300
39k
700
3584
Corp. 10
100
Delaware Lack & Western..50
Denv & Rio Gr West pref—100
Detroit Edison..—
..100
Det & Mackinac Ry Co...100
328s
400
51
Preferred
Diesel-Wemmer-Gllb
Delaware <& Hudson
6284
9334
35k
No par
20
Deere & Co
32
27k
ilk
Corp
5
4)4 % pf.100
Dayton Pow & Lt
39k
63k
93k
7038
Davega Stores
39k
26k
"4778
No par
Ino. _-No par
8%
32k
*60k
93
21k
preferred
Cutler-Hammer
5% non-cum pref en ed.. 100
A—No par
Diamond Match
No par
26>4
*1078
6934
112k
♦112k 114
143s
ilk
1384
173k
*173k 175
*159
1623g *159
3234
3234 33
1278
13k
12k
3884
3884 39
*112k
*112k 113
12
12
123s
5k
5k
5k
660
400
7% pref. .100
6234
93
lk
169i8 170l2
13458 13484
12
26
26k
"4784
*118
Ilk
24k
26i8
9314
48
16k
310
Ilk
25
39l2
25g
7k
300
27k
9384
*184
*16
1,800
3978
*1
*118
*118
1,400
1,100
11,200
10,400
39k
41
3534
8
10,400
1
A
Cushman's Sons
Deo
7kMay
4
1
Curtlss-Wright
Class
44
102
1678June
No par
Preferred
7
46k July 22
6k
32
61
4784
8
146k 146k *146k 148k
*144
11
"4978
109k 111
30
30k
45k
*22
*
290
44k
12
40
18
108
29
25
2OS4
303s
17k
108
29
*21
2084
177s
108k
110k
50
1,400
2,900
28k
4534
*11
40
290
82
84k
1178
413s
497s
1U2
^
50
25
2114
1,400
73,600
38,000
83
*21
•
7
50
4312
*39l2
2638
Curtis Pub Co (The)
20k
1558 Mar 16
43k Jan
50
No par
Packing
Cudahy
1
6312 Jan
Preferred
5,400
July
10
100
Sugar
Cuban-American
3,400
*80k
4378
1758
*93k
21k
65g
1958
No par
100
(The)
Cuba RR 6% pref...
197s
1077s 108
19&S
Jan
9
9
358s Nov 18
95k Apr 29
100
Preferred
Cuba Co
40k
82
*11
2634
634
40k
19k
50
12
40
108
310
124
124
81
25
9412
18,800
82
12
26i2
*93U
*2012
127g
*4812
*21
61
650
82
♦144
*3112
*3912
4,300
12k
1934
65g
19k
600
27g
16k
40 k
107
6l2
Crucible Steel ol America. .100
13
125
par
7,500
16k
27g
pf.No
23,600
12278
122
No par
Pref ex-warrants
Cr W'mette Pap 1st
Crown Zellerbach v t o.No par
16
19
2978
28k
8k
27«
403s
19
2812
145
Oct 26
Mar 27
400
30
8
4
35
1,800
123
158
41
8,300
27g
1
25
7884
18k
Dec
No par
56k
55
2i8 Apr 30
28i8June 6
..No par
26
18k
6
2
3
21
30
30
914 Deo
82kJune 18
170
Dec 23
100
Preferred
55
53k
Feb
Mar
6358 Aug 22
Aug 20
25
Corn Products Refining
25k
76k
18k
74
80
4478 Dec 31
46
Apr 8
6912 Oct 19
76
54k
58k Sept
11U Nov
82
65k Apr 30
2534
4678
2112 Nov
Oct
25
Continental Oil of Del
Cream of Wheat ctfs
*105
Feb
Nov'
Nov
Corn Exch Bank Trust Co..20
Coty Ino
4634
Deo
4584 Nov
72i2
Continental Steel Corp.No par
Crane Co
105
145
300
1
5
Motors
1,800
29
8k
147
7,700
Continental
$1.50
7,000
147
*144
7038
Continental Can Inc
12,500
30
17k
67k Jan
50
285S
4234
42l2
17i2
100
Preferred
35'k
30
29
lk Jan
3584
*122
19i8
1778
8,800
29,600
2,300
3,310
1734
53
108
81
No par
Class B
48k
1043s 107
104l2 105i2
2934 2984
*28
82k
17
82l2
8212
*16i2
17k
108i2 10812
I8S4
600
278
45k
28k
65k
52k
17i8
5H2
156,100
6k
48k
111
Oot
11
Mar
69
1038 Jan
357g
*108
71
27
Nov 12
Continental Bak class A No par
Continental Insurance
4634
4612
*105
29k Jan
57g Mar
Nov 14
24,600
June 18
2
6,600
*55
Nov
3778 Dec 31
74k
55
Jan
3
94
26i4 Mar
25k
7412
Oct
235g
95
1584May 14
47
25U
105
Mar
12kJune 18
40k
634
Aug
62
5% preferred v t c
100
Container Corp of America.20
40
6k
Oct
72
7
^Consolidated Textile.-No par
40
6k
68
Nov
Consol Coal Co (Del) v t C..25
3534
6i8
48
Jan
56i4 Feb
977g July
I6I2 Oct
84 Mar
3912
Dec
85
5,570
6,300
39k
171
83
Mar
5
3sMay
Oct
1534
Mar
31
7
16,200
17kJune
35k Apr
69k
9012 Deo
9
30,700
6334 Dec
171
Deo
3512 Mar
158 Jan 16
20
69k
Deo
24
1234 Nov 25
Continental Diamond Fibre. .5
68
4978
50
4
5k Sept 23
Consol RR of Cuba pref.-.100
Jan
Deo
17i2 Deo
IOD4 Nov
4812 Dec
33s Mar
3312 Jan 3
1934 Dec 14
106'8June 30
101
1,400
*170
2534 Mar
6
No par
Preferred
3
Jan
13,500
68
8
378 Apr 28
21
234
Feb 17
15i2 Dec 17
44i2 Jan
lli2 Apr 30
102
69
27fi
82
5
No par
preferred
Consol Laundries Corp
Consol Oil Corp
1,300
512 Feb 17
No par
No par
Preferred
Consol Ed Co of N Y__No par
$5
2458 Feb 21
7ig Feb 13
2018 Feb 13
483s Oct 30
109
July 14
95s Nov 30
1714 Dec 31
1
Consol Film Industries
21
*170
2584
1,900
12,000
preferred
100
pref ex-warrants._100
68
6434
75U
34,400
6584June 24
72k Jan 27
73i2 Feb 13
4k Sept 28
15k Apr 30
27k Apr 30
21
4478
2758
25
Prior
3
June
8
100
Preferred
Aug 28
15
Nov 18
136
2
Jan
16
No par
V
65s Mar
Nov 21
91«4 Nov 17
9
Jan 10
6884
6434
3578
5",900
6,700
10334 10334
No par
Consolidated Cigar
128
67k
20k
2034
4014
3534
19
104
No par
Prior
"
5k
5k
17k
4578
preferred series
$6
7
14kJune 26
2U Apr 30
59k Apr 28
7
July 3
307gAug 7
No par
Conde Nast Pub Inc
9
Jan
97
Solvents..No par
Commonw'lth & Sou
Jan
2318 July 28
10834 Oct 5
103
Aug 24
8478 Sept 30
65
$4.25 conv pf ser '35.No par
Commercial
73
138,000
4,100
Jan
2
6
44
14
378
4
100k July
10
4M% conv pref
100
Comm'l Invest Trust.-No par
723s
2734
6
Credit.
Mar
80 84
147«
45
4734
Commercial
Dec 29
14
100
723«
334
64k
17is
*106i4 IO678
67S
658
104
preferred
18k
70
1678
$2.75 conv pref
19k
3?s
92
*91k
357s
2534
19k
200
190
48
19
100
84
51
19
21
100
4% 1st preferred
4% 2d preferred
68i2
120
123
123
123
*121
♦116k 123
*11812 123
234
278
284
234
27S
278
234
1512
16
16
16
167s
173s
165s
13
1234
13k
1234
1312
1278
1314
124
*122
126
126
126
126k 12184 124
3958 403
3938 3978
3912 3978
z39k 3984
1878
2212 Deo
Feb
Colorado & Southern
44k
27k
47
Feb
710
410
2678
111
IO84
2378
26k
26k
6414
47
Deo
Deo 15
97g Nov
Jan
26k
4318
2678
111
109
684
26
18k
6
*54k
48
Deo
6984 Mar
23
84
3534
5478
47
28k Sept 17
116i2 NOV 16
26k
18
47
46k
Colo Fuel & Iron Corp .No par
8I4
25
18k
6k
10934 10934
Oct 29
50
23k
80
4778
5478
56l2
47
47
30
Dee
Mat'
9
25
"s'ooo
4784
1734
75
*1O012 10934
1784
1714
53
517s
6
No par
5
22k
*23
*20k
4678
80
25
76
3
Jan
Preferred
6684 Nov
26
18
3534
26l4
107k Jan
107U
47
64k
6k
30'
No par
100
Collins & Alkman
Colonial Beacon Oil
80
6
36
110
26
18
46
6I4
493s
9,000
39k Apr
Jan
101
457g
27
-
Deo
Nov 17
234
6858
5234
68
278
*170
*170
4812 Deo
8
134
284
278
43k
68k
64i2
6858
*170
40k
64
2634
64
43
68
207s
234
42k
2658
278
43
2634
278
4438
2634
234
103k
Dec
275s July
Jan 31
107k
107k 107k 107
10714
10738 107
106i2 106i2 107
11
10k
1058
10k
93g
10k
914
958
17k
17
167g
1678
16
17k
I684
17
17
1634
16k
106
♦10434 106
*105
*10434 106
*10434 106
*10434 106
106
10
10
10
95g
10k
10k
103s
1058
1084
1
1
1
k
k
1
78
k
78
1
10
97s
938
95g
934
9i8
87g
9U
83s
834
39
40k
38
38k 40 84
35
36
40i4
35k 38k
37s8
2134
215g
21k 2184
2034 207s
2058 2034
2034
35k
32k
32k
325s
30
32U 33
317g
3184 33
29i2
4
438
4
378
378
378
4
334
338
334
318
102
12U May
80
Jan 15
110
128
128
»106l2 108i2
9i2
*914
*10434
6ig Nov
275g Deo
89
Aug
*20 k
4534
*90
110
Oct
37
Apr
314
555s Jan 16
91k
*90
Oct
Oct
84
86k
7.400
883s
*7912
18k
*78k
12
6984 Sept
35
124
124
112k 11234
113
111
17i2
84
*8078 110
5
5i8
1658
17
4334 443S
17
44
10658 10658
98
9778
66k 6858
Nov
937g Deo
247g May
100
May
100
753s
7514
7534
73k
7484
73k 7558
*115
117
*115
120
*112k 117
*11314 120
18k
183s
19
18k
187S
1858
18i8
183s
35g
312
384
338
35g
33s
312
312
71
70
70
6934 7078
*687s
6934
7034
1458
14l4
1438
1334
143s
1358
135s
14i2
37k
37
37i2 3734
3634 3734
37k 377s
20
*18
*18
*18k
20U
20
*1712 20
18
*1718
84
*78i4
9012 90i2
*8078 110
5U
514
17
43k
19k
26
Cocar-Cola Co (The)..-No par
Class A
No par
57
35
35
43k
1834
57i2
119
35
43
llli8 11H8
68
*11118 120
76
76i8
18l8
338
120
3478
Deo
Feb
Mar
100
123
2034
2434
*2H2
18i8
1834
106i2 106i2
9778
9778
65i2
6618
98
*117
*21k
27
42
*10578 10612
67
25
3434
4278
1838
*92
27
*24
117i2 117i2 *117
*119i2 121
35i2 35i2
*42
25
9
9
215g
21k
'*10384 104k *10384 104k
57
2012
570
3ig Mar
31
Oct 13
Dec
90
48
'
57
25
11134 Dec 12
7
107k Jan
33
July
gtd.50
50
Special
*47k
6
9
30U Jan
1434 Dec
25
10
.
Clev «fc Pitts RR Co 7%
91
*89
Chile
Highest
share $ per share
Sept
3184 Deo
per
1,400
89
*127k 128
12212 123
57
86
Chllds Co
7
25
Chlckasha Cotton Oil
5,000
30
$ per share
No par
2,000
21k
13k
49
2138
Highest
$ per share
123k 123k
57k
*5634
8684
128
128
123
*5634
13 k
49
Lowest
Lowest
Par
Year 1935
100-Share Lots
77U Dec 22
129
July 28
81
127
123
57
3534
*50
20k 20k
♦10384 104i2' 10334 10334 *103k 104k
2012
112
114
127
126
*12212 124
*56
35
3512
*47
mmmm
10
33k
*97
'mmmm
*82
325s
*112
3512
mmmm
*9k
*97
36
*47
10
*112
m mm m
♦llli8
*51
133s
49
2lk
116k 119k
19
19k
11158 114k
19
86
*51
the
Friday
Jan. 8
On Basis of
i
Range for Previous
Range for Year 1936
STOCKS
NEW YORK STOCK
EXCHANGE
Jan. 7
Thursday
$ per share
11034 112i2
112i4 115
CENT
Jan. 6
5
.
NOT PER
SHARE,
Tuesday
Jan. 4
13 ig
13
SALE PRICES—PER
Monday
2
$ per share
2H4 21l2
*45
HIGH
Sales
for
LOW
237
New York Stock Record—Continued—Page 4
144
107
Jan
37g Mar|
55s Sept'
305g
July
Oct
88g Nov
3884 Oct
11312 Sept
1484 Deo
88g
Feb
I
New York Stock Record—Continued—Page 5
238
LOW
AND
HIGH
SALE
PRICES—PER
SHARE, NOT PER CENT
Jan. 9, 1937
Sales
STOCKS
Range for Year 1930
for
NEW YORK STOCK
On Basis of 100-Share Lots
the
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Jan. 2
Jan. 4
Jan. 5
Jan. 6
Jan. 7
Jan. 8
Week
* per share
24
2314
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
89i2
*82%
4378
Ug
5%
*2034
*50%
♦112
23%
2378
23%
90
90%
89
*82%
4334
83%
84
84
84%
4378
44
43
u4
5l2
27
5%
20l2
*56%
1%
5%
27%
57%
42%
1%
534
4234
u4
90l2
84
5978
113
1584
7U2
*112
1534
50%
15%
73
73
2384
89
1%
1%
6%
27%
5%
27%
57%
56%
*112
113
1558
73
27
24%
89%
*112
113
15%
15%
70%
24%
89%
85%
43%
1%
6%
2834
90
85%
42%
138
57g
28%
57%
57%
113
*112
15%
1634
73
73
24%
25%
92%
86%
25
2534
89%
91%
43
43
74
57%
82%
*77
81%
*77
73%
81%
*78
82
*81
90
*81
8884
*81
8934
*82
9
9%
14ig
26'4
*217g
*1212
28i2
14
14%
26?8
8934
9%
1478
27%
2412
1314
28%
*22
13
13
1284
28%
28%
638
53g
5%
6%
28%
5%
358
35g r
35s
3%
23%
9
23
9
9%
1378
14
26%
26%
22
23
26%
*23
2278
69
69
66
66
*200
215
*195
210
59
60
59
25%
2558
*195
60%
26%
14%
2678
57%
57%
Electric Power & LIght.No par
$7 preferred
No par
93,900
5,500
$0
2,000
3,700
7,200
13,700
22,200
} Elk Horn Coal Corp.No par
6% part preferred
17%
400
74%
75
*79
9%
14%
27%
Endlcott-Johnson
$5
1,700
22%
100
11
100
100
10
3,800
5,200
3,200
Exchange Buffet Corp.No
3%
22%
6734
3%
334
3%
378
1,000
Fairbanks Co
61%
60%
28%
2734
24
1378
31%
First preferred
Second preferred
3,600
400
22
23
68
67
68
3,500
207
*195
61
61
28%
63
2734
79
*74
79
*73
79
72
72
*69
75
*70
75
100
*107
110
*100
110
*100
110
*100
110
*100
110
*100
110
834
8%
8%
834
834
834
9
834
9%
9
934
5%
5%
578
6%
6%
634
4%
484
4%
5
4114
*40%
4%
407g
5%
4%
6
4%
534
4%
534
43g
49
43
3234
33%
42
41
106% 105%
49% 50
41
42%
41%
41%
42
106
106
33i2
7
48
49
49
41%
*47%
42%
48
34
34
*34
35
*34
35
34
7%
50%
51%
1122
7
50
122
48%
16l2
*76
27
*110
112
70
*76
*109
5
*26i2
105
26%
*104
*16
16i2
1234
1284
*10414 10712
73
7212
17
12%
105
1634
150
12
145
110%
110
*70%
45
45
27
27
105
*104
1234
71%
17%
150
11
55
3958
234
59
48%
46%
4%
48%
434
16
80
*62
80
75
*68
74
*6U4
62l4
61
61
62%
61%
6234
11834 119% *118% 119%
6334
61%
6278
6334
121% 121%
12078 121
60%
119
*11812 119
57
14l2
45
56
867g
8812
578
634
434
4%
46%
67%
*44%
66%
85
88
4%
30%
30%
31%
39%
39
39
*
*105
117
~31~
116l2 *112
10U2 10178
1U2
II84
31%
31%
*93
*93
42
*
62%
230
6,100
500
5,100
16,800
20
119
120
*51%
11%
86
22%
87
87%
87
4434
45
45%
55%
6%
56
56
56
56
6%
31%
67g
111
31%
6%
6
7%
7
112
32
80
80
80
28%
29
115%
96
115
115
101% 10134
11%
*93
11%
96
*110
101% 102%
11%
11%
96
*93%
6%
7%
7%
*438
21%
41%
42%
47
47%
1934
40%
20%
41%
40%
41%
42
42
42
140%
142
142
62%
*52
62%
34%.
3434
*73%
14%
35%
4
54%
4%
55%,
54%
55
55
139
*52
4%
3%
8%
3
3%
3
8%
8%
4%
8%
*4%
478
300
115
102
12%
96
3%
97g
10%
47%
4678
19%
20
43
1934
4234
4034
*142
*52
143
142
61
*52
56
*12%
13
13
13
13
13
51%
51%
55%
57
*34%
*34%
36
80
*51%
53
51%
51%
51%
57
57
56
57
56
51%
58%
34
34
4
'
3534
37%
*34%
14
14
14
13%
29
28% *2834 29%
*105% 106
105% 105% 105%
*100
103
*100
102% 103
51
51
50%
51%
51%
129
*128% 130
*128% 130
*16%
16%
16%
16%
1634
*107
108% *107
108% *107
28%
234.
1
-
1
15
37%
3534
*73%
14%
4
143s
143s
29%
29%
105%
103
51%
129
1634
37%
78
15%
4%
35
1434
29%
106
130
434
22%
43
142
*142
61
*52
37
36%
78
73
15%
4%
58%
4%
56%
*13
14
53
58-%
*34%
34%
1438
*2834
36%
*73
15
4
No par
No par
Conv pref series A
20
30,100
2,300
19,000
1,100
3,900
3,100
170
27,600
43,000
preferred
No par
par
No par
145
4,200
50
61
38%
73%
16%
4%
30
62,100
19,900
par
No par
1
No par
No par
No par
500
36
34%
14%
*2834
15%
7,800
130
140
101% 101%
5134
52%
130
130
16%
16%
17
1634
16%
17%
108% *107% 108% *104% 106% *103% 106%
100
2,000
40
1,100
110
Hackensack
3
123
0
77
118
Jan 27
18% Jan
584 Jan
2
3
Feb 17
72
105
Jan 17
110
17
Dec
1
June 20
038 Feb
57
5
Dec 31
Jan
Sept
Feb
Oct
Mar
116
Jan
Feb
Jan
120
Nov
10
Mar
21
Deo
3
Aug
1758
Feb
6U Dec
425a Nov
478 Dec 15
1434
1034
Jan
89
Dec
14
Apr
12
Mar
9
0
27ig Nov 18
193g Oct
90
Deo
Dec
33ig Dec
61
Nov
13&8 Jan 21
Sept 11
74
Jan
2
2
June 30
1% July
0
318 Apr 30
16
Apr 29
2412 Aug 4
2812 Jan 16
22
*23%
Feb
Us Apr
118
Oct 16
3512 Dec 15
86I2N0V 24
3178 Apr 16
116i2 Dec 28
10578 Dec 12
14&8 Dec
9012 July 18
412 Feb 19
11% Mar 20
03s Jan 15
*2558 Nov
9
104
712 Mar
2ia Apr
Apr
1>4 June
514 Mar
3518 Deo
347g May
4214 Deo 31
14912 Aug 14
05
Oot 17
397b Nov 18
95
Jan 23
17% Nov
484 Deo
119
Jan
95
Feb
1
Feb
37
9
Aug 4
1512 Dec 11
No par
14
Jan
2
32
1
12
Jan 20
100
104
Nov 24
Nov 18
Dec 28
1
18UNov 24
115
Jan
9
-
Dec
Deo
234 May
43U May
Jan
IU2
34U
3312
30a4
30
Jan
35
4
Mar
8
6
Apr
12
125i2Novl7
10512 Mar 18
55
May
34
50
6
Aug
13512 Dec
140
Deo
28% Dec
Jan
3
16
21
Apr
255s Nov
6
3
Jan
Mar
33
Jan
5
914 Mar
958 Mar
205s Jan
10
Jan
Deo
412 Oct
135g Nov
20
25
June 22
10% Deo
85
2U Mar
143gMay
18ig Mar
2U4
Dec 15
Jan
223g Oct 17
403g Oct 14
Dec 21
3478 Dec 16
June 10
Jan
92
62% Nov 30
63
Jan
1412 Deo
207g
20
30
30%
Jan
Dec
2984 Jan
353g Nov
38U Sept
44
66
July
105
1584 Mar
70
Apr
25
100
484
Dec
6212 Oct
120
4912 Deo
Dec 31
3012 Jan
283g Jan
ilOO 1104
93
10U Feb 17
Feb 10
21% July
87
1912 Aug
Aug
70i2 Jan
2% Mar
Nov 19
55U Jan 14
7lg Feb 28
6I4 Nov
116
Jan 24
Feb
Hat Corp of America cl A
Deo
44i8 NOV 10
135sJune 25
70
Aug 21
684 Jan
Oot
Nov
3184 Dec 18
7
Mar
100
41*
4114
318
3918
Mar
Dec 29
4
Preferred
109
'4 Apr
4812 Dec 15
July
24
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrac.No par
593g Nov
9312 Jan
Ug Mar
155s Mar
71
30is July
par
No par
1512 Aug
18
Aug
18
Apr
72ig Oct
*12012 Dec
205s Mar
zl07% Jan
19
Preferred
preferred
30
1984 Mar
Printing
6H%
9
123ig Nov 28
59i2 Dec 17
1534 Deo 28
38
312 Apr 28
321* Apr 28
2
Apr 28
26%May 25
33U Apr 30
3212 Apr 30
Nov
Nov
145i2 Oot
4078 Nov
377b July
U2 Aug
2
Aug 24
18ig Nov
70
Jan
12712
20i2
5
Oct
03g Nov
0414 July
914 Jan
Water
Hamilton Watch Co
1
Aug
108g Nov
4012 Nov
Deo
7% preferred class A
Hall
71
Oct
100
No
Mobile A Northern.. 100
Preferred
100
Gulf States Steel
Dec
43s Feb
537s Jan
5012 Mar 9
Apr 28
05
May 21
1434 Dec 21
15s July 7
1
Greene Cananea Copper
100
Greyhound Corp (The).No par
34%
34%
106
Nov 10
6
34
106
Dec 30
44
Jan
100
35
700
55
136
Preferred
3,200
30
3412 Apr 30
333s Feb 18
7g Jan 2
No par *100
Dec 17
No par
8I2 Apr 28
.100
77
Jan
0
Green (H L) Co Inc
5934
30
152
7
58%
Dec 30
Jan 21
6
60
14%
Mar
37s Jan
No par
No par
140
Mar
92
Gulf
30
4
Jan
Deo
Jan
800
Jan
19
17
56
1
4812 Dec
*133g Oct
Mar
Oct 15
100
1078 Deo
10018 Sept
514 Mar
31
53%
115
2
3214 Jan
53
6% Mar
8484 Jan
325g Mar
73s Mar
28
2
53
13U Deo
2
Jan
400
Oct 24
Deo
53g Nov
Mar
584 Jan
16
14%
Nov 17
Nov
55
7
1184 Jan 11
Gt Nor Iron Ore Prop. No par
14
4
305g Nov
125
47ig Deo
2
Great Northern pref..
100
Great Western Sugar. .No par
Guantanamo Sugar
Preferred
20
155
21
Dec
Deo
Nov
4*4 Mar
7g May
5
27
30
18
Deo
70
Mar
Oct
84
Green Bay A West RR Co. 100
13,500
Jan 23
70
3712 Dec 24
52i4Sept 18
50
Grand Union Co tr ctfs
41
3
Jan
No par
Gr'by Con M S A P 2dstpd..6
10,700
19,800
8%May 20
97
42U Apr 30
IO84 Apr 28
15
Nov 17
10512 Aug
1778N0V
14% Nov
10412 Apr
No par
Graham-Paige Motors
46%
5312 Feb 29
73gAug
30
111
30U Apr
17U Mar
1121s June
0
Goodyear Tire A Rubb.No
20%
43%
3112 Apr 30
384 Jan 0
97g Mar
0O3g Mar
7012 Jan
Gobel (Adolf)
Goebel Brewing Co
Gold A Stock Tel Co
Conv pref series
Granite City Steel
Grant (W T)
Dec 12
30
303g Deo
03g Jan
7984 Deo
11
preferred
1,600
4
Apr 14
78
4
Deo
Deo
Aug
Jan
1584
59%
No par
preferred..
1,200
4,800
1,400
3558 Feb
Nov 13 zl35
Nov
Feb
3
Castings pf. .No
5
Feb 17
473s Jan 17
1514 Dec 21
Deo
Deo 23
4538 Dec 31
23iaJulyl6
lli2May 11
Aug
4514
25%
1027S
6878
2U Mar
20U
Oct 30
No par
$0 preferred
General Refractories
23%
43%
19
2
Oct
No par
Gen Public Service
Preferred
1184 Mar
48i2 Dec 31
1
100
25
42 38 Dec 30
6684 Dec 14
3414 Dec 30
77
Gen Railway Signal
No par
Gen Realty A Utilities
1
2d preferred
6858 Nov 30
81
No par
$5 preferred
Gotham Silk Hose
1
3
General Printing Ink..No par
$7
30% Dec
10534 Nov 10
3
10
Common
Goodrich Co (B F)
$5 preferred
Mar
Jan
No par
conv
10»8
284 Mar
1318 May
84ia Apr
443s Nov
Jan
Gen Outdoor Adv A
$0
9
9
4984 Nov 10
19
No par
Glldden Co (The)
40% Nov
1153s Nov
14
preferred
10,600
1,200
12,800
8,000
3i8 Aug
19ia Jan 3
58
July 29
No par
100
Preferred
Brothers
8ia Deo
412 Jan
Feb
2
No par
No par
General Motors Corp
Gimbel
July
78
Oct 15
9784 Oct
108
334 Mar
Dec 30
0
No par
$7 pref class A
$8 pref class A
General Mills
710
*105% 106
103
103
101% 101%
51
51%
51%
51%
*129
15%
700
0
140
No par
33,400
2,200
May
100
Gen'l Gas A Elec A
58
106
*127
40%
3334
81%
29%
115%
102%
3%
4684
*40%
7%
112
1134
42
478
22%
4334
87
4578
95
42%
15
334
56
13
sSffSsa
3234
8034
29%
20%
55
15
see page
*116
19%
14%
*3%
*51%
*12%
For foot notes
6%
41%
4134
80
*34%
57g
7
42
*73%
1434
334
*33%
56%
47%
80
37%
56%
86%
23%
95
6912 June 20
6% preferred
100
Gillette Safety Razor..No par
Conv preferred...
No par
37,100
Aug
Apr
54
0O58 Dec 31
Gen Theat Equip Corp.No par
"17%
72
123% Nov 30
12U Mar 4
3
July
215s Nov
x85
127
03
Mar
Deo
Jan
120
Aug
Deo
125
Apr
Apr
12834 Nov 27
Gen Time Instru Corp .No par
16%
85%
23%
*86%
45%
June 20
15
39% Deo
40
2
preferred
Gen Steel
Dec 29
Dec
48
3
100
677g
6D2 Dec 31
2734 Deo 18
Aug
Nov
10 H2 Deo 15
92
Mar
0
2
General Foods
$0
Dec
70% Jan
400
20%
43
60
115
49
100
General Electric
S5
Jan
210% Dec 30
Deo
Deo
3% Deo
Mar
No par
13,600
47%
42
290
Class A
4
17
Dec
Jan
0
% Mar
9
21*
7
No par
No par
,
Mar
7134 Dec 24
24i8 Apr 30
9584 July
100
141
3178
*46
47%
65,300
9,300
55,900
32
5
7% cum preferred
General Cigar Inc
7%
45
25i2Mar2l
3?s Aug 29
No par
40
43
22%
Baking
$8 preferred
31%
*39%
478
22%
22%
43%
General
6
6
85
23
42
*73%
3534
10
No par
Dec 19
Apr 30
*247g Jan 2
IOOI2 Feb 20
40
Apr 30
30*2 Sept 25
No par
Preferred
84
43%
*22
34%
*33
3%
Gen Amer Investors
Gen Am Trans Corp
48
5
20
22
*34%
*1384
7%
112
31%
33%
81
79%
2878
2978
114% 115%
3
434
6%
$6 pf__ No par
3
4734
67%
*105%
8034
industries Inc
9,400
5,000
85,000
6,800
3,000
1,300
5%
22%
28%
96
487S
44%
100% 101%
11%
11%
96
4%
4534
87
117
109
5%
86%
23%
87%
4534
534
*108
61%
5%
16%
conv
Gar Wood
Cable
72
41
Gannet Co
General
47g
31%
Gabriel Co (The) cl A..No par
Gamewell Co (The)
No par
8,000
2,400
60%
*37
100
27%
58%
75
86%
32%
10
Preferred
Fuller (G A) prior pref.No par
$0 2d preferred
No par
26%
5734
*64%
67
Freeport Sulphur Co
Bronze
5
66%
8534
Francisco Sugar Co
No par
F'k'n Simon A Co Inc 7%pfl00
General
*69
109
10
No par
27,200
75
16
16%
34
■
1,300
4,000
preferred... 100
conv
Preferred
1134
80
*105%
34
■'
130
4\i%
No par
Foster-Wheeler
11%
62
3%
23
145
*52
110
60
4%
3
43%
47U
20%1
42%
42%
*105%
16%
16%
*86
86%
2134
2134
277g
100%
11%
87
67%
80
*112
116
100
41%
434
2934
28%
20
60
38
80%
47
58
39
2734
43g
58%
30
84
80%
43
6,400
3,000
60
46
66%
83%
8U2
*2li4
*108
4% !
4%
45
434
28%
6&s
108
4%
69%
8034
96%
3%
634
4i2
108
4%
57%
47
2778
3
108
108
57
39
21
*114
69
105% 105% *105%
15%
16%
16%
86
86%
86%
20%
2078
2O84
88
87
*86%
4334
44%
43%
55%
55%
55%
534
578
5%
634
634
634
15%
3234
69
68%
83%
29%
4Us
117
70
4%
43%
4%
30%
~31%
1434
5634
87
*
14%
*67%
70
57g
634
1434
70
44
56
50
*61%
6178
61%
62%
3,000
119% 119%
370
119% 120
64%
6634
65%
66% 287,800
121% 121% *119% 11934
2,000
56
56
59
59
1,800
15
14%
14%
1434
6,900
72
100
*67%
71% *6834
5634
1334
107% 107%
4%
4%
414
4414
56%
14
57
*85i2
20U
*8658
56
*67%
*107l2 108
*6334
*68%
56
13%
70
15%
6178
120% 120%
56
*55%
120U 1205s
*39
119
60%
6278
30
10,200
10
*45
86
$ ood Machinery Corp new..10
2,400
*50
4U
3,100
52%
74
70
8,800
Florshelm Shoe class A.No par
t Follansbee Bros.
No par
16
150
..100
Florence Stove Co
26
*146
38
200
160
Aug 10
105
50
400
12o'
3
Jan
25
3
100
First National Stores..No par
Flintkote Co (The)
No par
19,800
105
150
738 Jan 9
Apr 28
21% Jan 2
20*2 Jan 9
Preferred series A
2,100
16
11%
1178
27%
2778
58%
58%
11834 11834
51
50%
097g Mar 30
4M% preferred
600
26
13%
1378
104% 104%
74%
75%
17%
18%
100
6,400
105
16%
13%
*146
80
44
5%
37
Firestone Tire A Rubber... 10
27
127g
104% 104%
73%
74%
18
17%
11%
2784
*45
414
5
100
Fidel Phen Fire Ins N Y
105
105
*50
57
27%
2784
*10934 115
46%
484
26%
75
*67
27%
71
80
14l8
80
71
*45
57
80
73
*50
6158
83
84
Federal Water Serv A..No par
Federated Dept Stores-No par
534 Mar 257
_
Federal Motor Truck..No par
Federal Screw Works..No par
700
13,500
2%June
812 Apr 29
3484 Jan
12212 Jan
315s Feb 24
I884 Apr 30
No par
2,100
150% 150% *150% 154
*150% 154
*150% 154
*150% 154
54
5234
5278
53% 54%
5378
53%
55%
54%
55%
39%
3934
39% 39%
39%
3978
39%
40%
40%
40%
3
234
234
234
3
2%
234
278
3%
3%
*38
59
58
58
59
61
66% *55
*60
62
*150i2 154
*5558
157g
73
28
28i4
27%
27% 2778
2678
60
58
60
60l2 60i2
59% 60
58%
*120
120
12312 *120
12234 *115
*117% 11934
50
50
4934
50
49%
50%
50%
50%
53%
15%
109% 110
150
27i2
39%
258
487g
128
46
*145
12
125
46%
125
16%
27
16%
11
*121
7%
52%
72%
4%
*145
12%
<
47
*77
157g
1578
12%
12%
1234
105
105% *104% 107
73
70% 71%
7234
17
17%
17%
1778
1534
12%
7%
52%
125
1578
105
*104
16
35
5434
124
4378
124
27
478
*34
7%
'*121
110
73
*434
*26%
27
145
12
12l2
27%
44
105
70%
16%
*70%
105
1578
1738
*145
44%
478
478
27
2634
120% 121
4384 44
124%
1534
16%
*76% 83
2678
27%
34
7
*122
80
111% *109
41%
5
*102
*76
73
120%
4438
125
15%
27%
73
70l4
4U2
*41
4378
17%
7%
4934
49
'
125
83
2634
7%
49%
*120
44
125
15%
83
27
7%
48%
*114% 125
43
4412
pi 4384
125
*123
*123
14
7%
48%
42
106
4234
4284
4234
33%
3378
34%
34%
105% 105% *105% 10534
50
50%
49%
50%
42%
43%
42%
43%
49
49
49%
49%
35
7
L*4834
106
5
42%
50
*48
478
417g
42
105% 105%
42%
43%
33%
33%
105% 105%
50
*49%
105
43
33%
105% 105%
50
48%
50
41
40%
105
43
*3234
*105i2
41l4
40%
105
43
Apr
conv preferred
Federal Mln & Smelt Co
12,400
5,800
1,000
105
May
2
100
Preferred
18"900
678
438
4314
3412
15
25
Preferred
684
105
1012
8
8% Mar 19
Federal Light & Traction...15
*73
1912
13ia
1478
40i8
1578 Aug 10
10
*98
14
4078 Jan
15,200
101
Nov
Mar
Mar
7
lb~966
*97
65
Mar
2
28
105
Nov
65i2 Nov
7ia Deo
3
Jan
Dec
60
Feb
43s Jan
6334
*98
7
5
Sept
8I4 Nov
Mar
12
101
627g
27%
28%
103
8
29
Jan
Aug
23 % July
100
Fajardo Sug Co of Pr Rico.20
*98
00
134
5
Preferred
0%
18% Sept
3412 Oct
15*2
412
7%
8i2
0»4
Oct
Jan
6
Fairbanks Morse & Co-No par
205%
3
June 30
1078 Dec 11
Dec
178 Aug
Jan
par
Vacuum Cleaner
Evans Products Co
450
67
*195
Eureka
1134 Jan
78
Mar
Erie
5%
2278
14
9,000
5%
22
8434 Oct 13
15%
29%
7
Apr 30
Apr 29
6884 Nov
Us Mar
14i2
5%
207
6234
12534
July 22
10i8 Deo 14
89i2June 30
13%
30%
*195
7
110
97
5% Apr
31»4
Mar
% Apr
0
5%
21%
67%
67
%
0i4 Deo 11
2914 Dec 21
Feb
Mar
39
4
13
3%
6
71% Aug
3458 Deo
Mar
2i2
7
1% Feb
Mar
Jan
29%
3%
6514 Jan
share
per
1% Mar
3
Jan
5%
30
2578 Deo 17
9414 Deo 9
8758 Dec 14
09
Highest
per share $
55
13
5
*23%
13%
share
48
103
4U8
45i2 Jan 14
110
per
$5X preferred
No par
$0 preferred
No par
Equitable Office Bldg_.Ato par
103
4314
3312
No par
preferred
29%
5%
24
03g Jan 2
3234 Jan 2
29% Jan 2
393# Deo 18
*2 Jan 2
1% Jan 4
2234 Nov 4
53% July 25
Aug 18
712 Jan 3
60
100
$
share
1
Corp
23
27%
*23%
per
Lowest
7,700
""266
103
105
conv
$
Year 1935
Highest
9%
83
*97
85S
3
5% preferred
Engineers Public Serv
"3",700
81
82%
50
El Paso Nat Gas Co
113
17
No par
preferred
Elec Storage Battery ..No par
2834
1234
2834
210
69%
2734
2734
14
9%
14%
6
28%
Par
26%
22%
12%
24%
3%
21%
66%
9
8%
28
*112
17%
74%
*77
♦81
1%
:
534
847S
8934
914
1414
26U
♦77
87
43%
1%
6
28%
113
1634
85
1%
Lowest
Range for Previous
Mar
0% Apr
63
Jan
lOOig Sept
16
99'4
5i2
81
Mar
Jan
Feb
Feb
Deo
Dec
Nov
Dec
Deo
Oct
1412 Nov
112
Deo
105
Nov
303g Deo
121
1418
Deo
Deo
11312 Dec
Volume
LOW
HIGH
AND
SALE PRICES—PER
NOT PER
SHARE,
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
Jan. 2
Jan. 4
Jan. 5
Jan. 6
Jan. 7
Jan. 8
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
6
5%
5%
6
*99% 102
5%
6%
101% 101%
13%
13%
13%
13%
*110
125
*110
*164
167
*165% 167
125
*110
125
13%
34%
33%
33%
33%
157%
*148% 158
*148% 150%
130%
*129
*129%
65
*6334
*63
*63
65
65%
65%
*63%
*63% 65% *6314
*110
114
*110
114
*108
112% *109
112% *109
112% *110
49
49
49%
*48%
49%
49%
4934
*48% 49% *48% 49%
118
116
118
120
120
118% 119%
*120% 121% 120
120%
24
2334
23
23
23%
23%
23% 2334
23%
23% 23%
42
42
42
42
42%
43%
42%
42%
42%
42%
42%
112% 112% *113
*113%
*113%
113% 113% *112% 113%
........
—
-
*407
425
42
*41%
24%
24%
40%
24%
77%
67%
2334
*76%
68%
77%
77%
68%
67%
12%
13
63
64%
*4%
*11%
12%
6234
4%
*11%
18%
2%
2234
484
12%
18%
2%
18%
2%
23
23%
*46%
47
71
135
136
*135
-
-
23%
22%
5%
*5%
*70%
73%
13%
66%
12%
13%
12%
13%
12%
14
60,500
65
64%
67%
67
68%
13,200
4,200
1,900
15,800
18,900
II,700
Howe Sound Co
4
4%
4%
*12
1258
18%
*11%
18%
2%
23%
*46%
6934
69%
13
5
13
37%
11%
5%
45%
5%
46%
5%
5%
45%
45%
47%
*186
191
6%
6%
16%
62%
17%
16%
62%
63%
11%
6
92
*45
*110%
*8%
7%
52%
*26%
49%
31%
*86
11%
32%
105
*19%
28%
*12084
*84
18
91%
45
45
6%
-
—
9
*110%
*8%
7%
7%
6%
*111
31%
48%
32%
90
90
91%
5134
26%
52%
26%
49%
49
49%
31%
32
*87
88
12
II84
32%
32%
105
*104% 105
*84
20
88"
148% 149
*124% 126
123
126
*44
46
21
20
44
*43
*29%
31
30
25%
19%
2014
17i2
*104
17i2
2I84 22
*104% 107
1634
21%
*104
87%
125
124
125%
870
46
*45
45%
1,300
117%
25
25
*104
110
19%
16%
21%
20%
18
22%
105
107
117% 117% *116
21
21%
21%
44
*33%
25%
*104
20
17%
21%
*106
44%
44%
34%
25%
29%
110
20%
1784
22%
108
61%
19%
1914
18%
19%
1734
18%
17%
18
44
42
42
50
2912
*10%
*120
*43
22?8
12
25U
39%
18%
1834
*14l2
15%
*38%
*43
18
3934
160
*10
11
130
130
45
4434
*27%
29%
300
25%
22%
25%
1,000
*104% 110
20%
1784
21
18%
"4"800
6,300
31,200
106"
61%
106
62%
190
39,800
1734
18%
15,800
42%
42%
900
5%
5%
500
50%
180
50
2884
29
29%
12%
12% *11%
129%
129% *121
46%
2
*43
46
6,500
...No par
Jewel Tea Inc
No par
Johns-Manvllle
100
Preferred
Jones & Laugh Steel pref—100
Kalamazoo
10
Stove Co
Kan City P &
Kansas City
Preferred
L pf ser B No par
Southern.... 100
100
10
Stores...No par
Kresge (S S) Co
Kreege Dept.
Preferred
200
Kress (S H) &
6,800
22%
22%
25%
2634
170
39%
230
—100
Co new_.No par
Kroger Groc & Bak
No par
Laclede Gas Lt Co St Louis 100
10% Apr 30
Oct 16
70% June
90
Aug
9% Mar
24% Oot
10
Nov
36
107
22>4 Apr
24% Aug 14
Apr 29
58% Jan 18
88 May 7
38% Mar
117% Mar
50
Apr
99% Nov
126% Deo
93
Nov
39% July 15
Nov 24
121
50% Deo
Apr
20
Apr
1
6
2
116% Mar
384 Mar
120%
Deo
116
Jan
2
19% Jan
2
13
Jan 27
80
Jan
33% Feb 25
110
Nov 18
7
2
2478 Jan 2
25% Mar 20
28% Jan
19% Dec 22
17% Dec 22
14% Jan 2
107
Feb 28
87
28% Jan
17%June
5
3
46% Deo 12
7% Jan 8
Apr 28
20% Apr 28
16%
118
*18
18%
3
17%
118
18%
56%
70
2634
108% *105
107
' *167
*21%
978
2%
17
120
3
17%
120
18%
18%
18%
57%
58
58%
900
71%
18%
57%
71%
4,200
3,900
2,200
1,200
10%
10%
IO84
*57%
57%
57%
57%
68%
71%
70%
9%
10%
10%
73
171
21%
171
16%
122
17
123
74%
20,200
10%
10%
9,800
27
27
73
108% 109
10734 109%
900
400
4,100
6
Corp——No par
Llbbey Ownes Ford Gl.No par
Libby McNeill & Libby No par
Life Savers Corp
—.6
Liggett & Myers Tobacco—25
Series B
26
100
Preferred
123% Nov 20
Jan
2
2I84N0VIO
38%May
4
2
05
12
47% Jan
7
25
May 19
7
Marl6
May
97
Oct 28
170% Dec 23
23% Feb 5
2
03% Nov 30
July
3
65
par
104%
6034
54%
55
5412
54%
55
55
55
55
44
44%
43%
44
43%
44%
44%
4634
67%
66%
67%
10834
IO884 *106
20,500
2%
59
7%
3,400
8,500
12,900
43%
100
109
23%
143
58%
7%
43%
*108
2338
143
109
23%
143
1,300
30
7,500
240
2934
29
29%
530
27%
2734
91
90%
2,100
2,900
3084
29%
28
91%
31
35
132
*34
""loo
44%
46
5334
53%
54
14%
14%
No par
2
par
35%
3%
z38%
Long Bell Lumber A ...No par
Loose-Wiles Biscuit
5,900
8,400
1,800
30
par
25
.——100
107
10
..100
7% preferred
t Louisiana Oil preferred—100
140
Louisville Gas & El A—No par
5% preferred
Lorillard (P) Co
Louisville & Nashville..... 100
Ludlum Steel
.......1
MacAndrews & Forbes..—10
35%
*131%
45%
14%
13,700
Link Belt Co
Liquid Carbonic.——No
Loew's Inc....
—.—No
Preferred
—.No
Loft Inc
—.—No
Lone Star Cement Corp No
3
Apr 21
Feb 28
Apr 23
Jan 2
Jan 2
Oct 15
May 19
21% Apr 28
May
8% Mar
10% Mar
Aug
14% Deo
17% Jan
9
1087$ July 17
3% Feb 11
6178 Deo 1
8% Mar 24
45
Mar
07% Mar
10% Oct
Jan
11%
3% Aug
1584 Nov
9584 Nov
17% Jan
Jan 17
Sept
1
26% Jan 27
Oct
21% Mar
6% Sept
49%
21
29% Nov
Mar
94% Apr
93«4 Apr
151%
15%
13%
17%
24%
31%
Jan
Oct
Mar
Mar
Mar
Feb
102
Feb
1
Mar
2278 Mar
1% Mar
Apr
33
107% Nov
10% Nov
120
122
Aug
Aug
167% May
28% Nov
27% Nov
43
Oct
37% Deo
55% Nov
IO884 Oct
2% Oct
367S Nov
4% Deo
41% July
112
Deo
20% Nov
18% Mar
Apr xl49% Deo
3
151
Jan 30
124
13
Jan
3
15
Deo
May
4
51%May 25
7
102% Oct 19
4% June
20
10% Mar
23
Aug
34
Mar
64
Deo
Sept
67% Jan
22% July
33
2
8
Oct 16
127% Jan 9
27% Jan 30
No par
t o.No par
40% Apr 30
Madison Sq Gard v
Deo
46% Dec 4
67% Dec 31
113
5
1% Mar
5% May
Dec
6% preferred
No par
Mack Trucks Ind_— No par
Macy (R H) Co Inc
Jan 16
Apr 29
43
5934
54%
43%
115
19
32%June
5984
54%
43%
Nov 17
2578 Jan
par
59
55
44
66%
13
31% Jan 29
160
par
60
80% Nov 10
116% Jan 15
Lily Tulip Cup Corp—.No par
Lima Locomot Works—No par
58%
7%
5
Oct
Nov 17
97% Mar 13
200
5458
(The)—-No par
Lehn & Fink Prod Corp
Lerner Stores
1,600
3,000
2,200
4,200
60
For footnotes see page 234.
Lehman Corp
Oct 19
1
6034
43%
45% Nov 10
Nov 10
6
22
2%
Jan
Oct
178
2%
Jan
Feb
60%
60
66
66%
65%
6434
65
64% 65
108% *106
106% 106% *106
107
*105
*106i4 107
2%
2%
2%
2%
2%
2%
2%
*212
234
59
57%
59
58%
57%
56
57%
5714
5714
7
6%
6%
634
6%
634
6%
6%
684
43% *42%
*41%
*41% 43%
*41
*41% 43%
4312
109
107% 107% *108
109i2 109i2 107% 107% *107%
23
23
22%
23%
2234
23
23
2234 23%
14234
142
142%
*142
14334
143
143
143i8 *142
29
28%
28%
28%
28%
2838 28%
28U 28U
27
27%
26%
25
25% 26
2534
25i8
25%
91
90%
92%
91
90
*90
9184
90i4
90%
29%
30%
2934
30%
29%
30
29% 2978
30i2
35
*3334
35
*33%
35
*3334
*3334
*3384 35
132
132
132
*131%
*131%
*13H2
43
43%
43%
43 •
4234 43%
4334
*44
44l2
5334
54%
51%
51
52%
52% 52%
52l2
533S
14%
14%
14%
14%
14%
14%
14%
14U
14%
27% Deo
9
4
22
60%
Mar
28%
19
60%
22
32* Aug
46
18% Nov 17
I884 Dec 16
6
July
22
22
22
Oot
22% May
19% Mar
9% Apr 29
89 May 11
173% 173% *173% 175% *174
22
8
12
2
2%
16%
July 15
Jan
6% Nov
80
21%
22
234
122%
Deo
Deo
27% Nov
180
2%
16%
1984 Mar
Nov
6%
41
50% July 13
2634 Feb 6
2
2%
122
Oct
Mar
337g Jan 31
8% Jan
2%
1834
June 10
15% Apr 30
234
17
32
94% Apr 30
10,100
122%
2%
23
28
4% conv preferred
100
Lehigh Valley RR
60
Lehigh Valley Coal——No par
Preferred
60
19%
18%
21
Mar
19% June 30
20% Apr 27
Lehigh Portland Cement—.25
18%
17
Nov 30
32% Nov 18
220
1834
*122
61
4,300
18%
28
2634
2684
26%
*27% 27%
2678
108
*106
107
*105
108
107% *106
107
107%
107
106% 107%
107
2134
41%
163
18%
107%
171
4034
162
17%
18%
*18%
41%
165
30% Deo
10
Jan
Lee
41
13% Mar
84
May
16,800
*160
Mar
28% Nov
18% Jan
96
July
2
1934
40%
3% Mar
10% Aug
42
19
160
31% Nov
Deo 21
19%
40
Oct
Jan
Nov 13
18%
160
Oct
90%
Mar
6
18% Nov 13
12
18%
Deo
30
34
51
15%
39%
20% Nov
Jan
135
*14%
160
7% Feb
1584
4% Apr 29
74% Feb 26
15% July 29
7% Jan 2
18%
22
36% Aug 31
Lane Bryant
3884
14% Deo
6% Mar
24% Oct
Lambert Co
*154
Oct 28
63% Nov
7
4
18% Jan 7
3%May 11
30
Dec 31
48% Aug 8
36% Nov 17
200
39%
Aug
9
9,700
160
37
6
15%
3834
Jan
120% Apr
Dec
20
*150
Mar
126% Dec
15%
18
Jan
49
152
19%
18%
110
16% Sept
133
20
17
1
Sept
Jan
121% Feb 6
75%May 27
1934
17
2
93% Nov 14
126
113
19%
17
25
Oct 30
31% Nov 12
19%
15%
18%
20% Deo
Oct
20%
*14%
Jan
9% May
377s Nov 18
20
15%
Jan
5
Deo
18%
*14%
4%
Oct
14
40
15%
Oot
1%
78
23
*14%
Deo
2
20
20
12
28
39%
(The)——No par
No par
Rubber & Tire
5
2878 Deo
42% Deo
110
5% Mar
878 May
22%
2584
19%
Deo
19% Feb 17
39
100
9
Nov
6
3% Deo
2% Dee
11% Sept 21
24%
5% preferred
18
130
49% Nov
23
*38
Oot
56% Deo
37
26%
47% Deo
Nov 25
17
20
200
22% Jan
12378 July
1% Mar
% July
%May
4% Mar
21% Jan
98% Jan
6%
93
23% Dec 29
.—..No par
Deo
484 Aug
8
June
Kayser (J) & Co
Preferred
154
36% May
Kaufmann Dept
Store6.S12.50
5
Kelth-Albee-Orpheum pf__100
Kelsey Hayes Wheel conv cl A1
Class B
1
Kelvlnator Corp....—No par
Kendall Co pt pf ser A .No par
Kennecott Copper
No par
Keystone Steel & W Co No par
Kimberly-Clark...
No par
Kinney Co
No par
Jan
1% Mar
178 June
Deo
22%
24%
67%
984
4334
Jan
1
135
July
24
56%
22
*44
2
15
1
65% Nov
10
39
70
172
4538
29
*11%
*121
Jan
par\
Island Creek Coal..
190% Deo
42% Mar
22%
60
*21
22%
12
51
82
..No
Jan
Jan
34% Mar
53% Feb 21
*36%
68i2
*168
4434
45
29%
130
51
5%
100
Preferred
Jan
4284
June
Nov 17
30
8
*23%
*58i8
27%
1134
51
5%
50
Intertype Corp
Jan
5
35
Oct
39%
278
10784 108
29
*121
584
preferred
100
Inter Telep & Teleg
No par
Interstate Dept Stores.No par
7%
3
Apr 29
23
1734
*2612
*43
51
43
15
23
278
*107
29%
12
130
584
47
100
23
18%
978
28%
50
*42
18%
44%
5,400
2,000
22
9
39%
'
2%
984
50
5%
21
23%
22%
10534 106
62%
60%
18%
17%
42
42%
"
18%
163s
*16%
118% 119
18%
18is
29%
5%
44%
29%
25%
25%
*104% 110
20%
17%
100
*116%
2Y34
70
7
3
2234
23
*38
*150
*10%
44%
*23
18
29
29%
13034 *126
50
2,900
46
60%
*49%
'"400
123
3084
578
87
155
46
62
*5%
4878
87
152
124
61
*42
87"
151
*124% 12534 *124% 12534
3% Jan
No par
Shoe
Preferred
*12034
46
45
61%
6
20
2,000
1,000
123
45
60%
44
•2834
8,500
126
61
*538
20%
29
20%
*28%
20%
*12084
6012
*42
*105% 108
150
44%
17
34%
34%
*105% 108
94,400
126
44%
22
13%
36%
1284
13%
420
4884 Nov
Sept
11% Oct
10% Oct
61% Nov
No par
International Salt
26
Feb 21
112
19% Jan 9
23
Apr 28
100
5,200
149
123% 123%
No par
International
126
*29%
106
95
20% Apr 30
Jan
13% Deo
149%
8% Dec 11
98% Dec 18
Apr 27
Cent Am.. 100
28
30
11
12
Deo 3
1478 Dec 11
May 22
International Silver..
150
30
1934
38%
94
1% May
4% Mar
2% July
Deo
Deo
Mar
Dec
23% Dec 11
37
1,400
126
45
25%
37%
600
125% Feb 6
3% Apr 30
2% Jan 6
1% Jan 9
107
Internat Rys of
23% Sept
18% Dec 31
-100
Preferred
Oct
7% Deo
884 Mar
66% Nov 18
130
Nov 20
Ink Corp..No par
Preferred
93%
87
100
Preferred
Certificates
36
150
No par
Class C
Int Printing
250
93%
87"
No par
250
34%
2834
100
Pow cl A ..No par
Class B
8
8%
Mar
4
105% Deo 31
160
Apr 3
10% Dec 7
8
2% Apr 30
4% Jan 2
13% Dec 21
43%May 8
Preferred
Inter Pap &
56% Jan
148% Jan 23
Internat Mining Corp.
8
93%
87
par1
100
51
*6%
Nov
2% Feb
194
Sys cl A...—25
Preferred
51
7%
49
29
Internat Harvester....No
51
26%
*28%
21
110
200
49
20
300
8
26%
12%
34%
30,800
17,700
20
*7%
8
300
111
111
26%
20%
Int Business Machlnes.No par
Int Nickel of Canada. .No par
5,200
4,100
July
24% Dec 30
Apr 28
160
26,800
18%
49
20
100
Int Mercantile Marine.No par
48%
34%
33
..No par
9,300
80,700
26%
*104% 108
Prior
7%
27
*12034
20%
20%
*49
12%
34%
Agricul
preferred
Internat
7%
18
Nov
130
108
578
18%
5%
7%
No par
Int Hydro-El
63%
121
2% Jan 2
9% July 1
2% July 10
22% July 10
No par
Deo
Jan
109
Rubber
Iron
15
5% Deo
36% Oct
46% Mar
Feb 14
Dec 19
Nov
t Interboro Rap Trvt C..100
Interlake
Apr
Mar
6
147
18% Jan 11
27,800
63%
15
40
10% Dec 29
Intercont'l
Oct
Jan
22% Deo
38% Deo
69% Deo
17%
37g
84 Apr
9% Mar
7% Jan 18
10%
51%
12
10,500
500
160
6
Oct 27
9%
150
117
*117
25
87%
104% 10584
*159
5
10%
48%
92
28%
*11684
*203s
4384
20
105
700
188
188
*26%
48%
33%
33%
32%
105
12,500
*49
12%
11%
28%
28% 28%
*12034
*120341
45
110
*26%
1934
87
126
*49
1934
20
20
28%
12%
32%
7
6%
52%
18%
111% 111% *111
8
*7%
8%
7
7
*6%
....
8%
5%
49%
5%
6% Jan
1
5% Jan
1384 Deo
2% Mar
23%May
60% Mar
140
Inspiration Cons Copper...20
Nov
60% Dee
15% Nov 10
41% Nov 12
122
Insuranshares Ctfs Inc
7
Jan
Feb
6% Mar
6% Mar
4% Mar
7
6
88% July
Nov
Oct 19
20
Aug 24
125
100
No par
7%
18
62%
62%
700
3,300
4,200
62,400
44,000
12
63%
*133% 135% *133% 135»4 *133% 135
18
I884
18
17%
17%
17%
12
12%
12
11%
12%
11%
6
6%
6
6%
6%
5%
93
93% 95%
90%
92%
90%
45
*44
45
*44% 4434
*44%
62%
8%
7%
51%
27
48%
34
9
7%
28
52%
6%
64,900
5%
9%
18%
27%
5%
534
18%
7%
7%
16%
117%
5
May 12
4% Jan 2
25%May 21
106 May 12
No par
Inland Steel
73
Jan
1% Mar
22% Nov 6
3% Feb 19
29% Oct 17
54% Sept 2
73% Oct 4
6
11
6% preferred
117
17% Feb
Jan
58
100
July
31% Deo
2«4
5% Jan 23
June
30
100
Deo
42
42
Dec 31
65
2
100
495
49
Nov 16
1378 Deo 14
7
4
lines
Feb
*70% Nov 12
Jan
RR Sec ctfs series A
22% Deo
3078 Mar
0% Mar
338
44% Feb 20
33
Mar 4
18% Apr 30
Ingersoll Rand
800
~3"300
19% Dec
78
Jan
11
6% Mar
42% Dec 31
115
Oct 6
544
Feb 8
13%May
10
30% Deo
Deo 16
33% Oct 30
1
July
118
6% Mar
2
Jan
48% Jan 21
3%June 10
8% Apr 27
10
6% pref series A
Jan
104
5
Jan
8I84
73% Apr
4934 Dec 31
100
Illinois Central
Leased
...
Doc 22
No par
5%
7
Hupp Motor Car Corp
IW>
119
Feb 17
No par
Industrial Rayon
II84
160
45
91%
47%
124
100
Preferred
Hudson Motor Car
Indian Refining
*136
104%
92
45
93
June 13
6% Jan
1,600
17%
160
12%
11%
11%
6%
92%
Deo
5
4,600
5%
104
133% 135%
17
17%
17%
44
*2414
62%
63
Oot
131
39%June 5
22% July 2
65% Jan 14
64%June 4
13%
17%
104%
103
16%
63%
11%
5%
12
127% 128i2
*104
16%
6%
17
9%
7%
16%
150i2 150i2
126
9%
6%
132% 132%
*132% 135%
18
*158% 160
9%
90
Feb
407
39%
25%
*158% 160
9%
9%
104% 105%
105%
-
188
188
188
188
189
189
900
48%
5%
16%
5%
46%
5
50
134% 135
-
12
11%
5%
11%
-
5%
5%
17%
42
*157% 160
Mar
108
13%
25
23%
5%
5
188% 189
71
9
38%
117%
16%
43
*638
116
5%
5%
«.
5%
5
8%
*136
23%
23%
11%
11%
43
105
....
25%
48
134% 135
136
116% 117
24%
5%
24
48%
13
*134
2%
2%
24%
37%
17%
5%
9%
15%
13%
37%
280
16%
17%
160
50
16
38
115%
*5%
5
16%
105%
70
*15%
5%
5
17%
9
15
*136
23%
5
105
*68%
13
135
115
17%
*157
2%
15
38%
135
11%
1134
70
12%
13
38
5%
4%
12
15%
*14%
25
19%
*68%
15%
48%
6934
1284
20
4%
23%
*44%
2%
23%
48%
2%
23
5%
14%
19%
2%
4%
4%
12%
18%
2%
23%
*46%
18%
18%
June
30% Deo
122
100
Manhattan
Hudson &
June
162
Jan
Jan 13
Houston Oil of Tex v t c new 25
64
65%
115
*5%
11%
11%
79
69%
2584
141
Jan
11
Dec 30
Common stock new..No par
*78
69%
25%
Jan
142%
Apr 17
Household Fin partlo pref..50
I,300
80
69
*136
22%
10,400
1,800
78%
25%
79%
26
77%
24%
....
127
Oct 14
80
No par
67%
12%
136
115
117
117
26%
Class B
77%
*68
*136
--
"l"206
Jan 27
Deo 29
41
19% Jan 13
6
No par
7% preferred
100
Homestake Mining
100
Houdallle-Hershey cl A.No par
24%
37%
37%
37%
*134
50%
*40%
Nov
150
Holly Sugar Corp
20
—
Deo
22
135
108
preferred...No par
conv
120
Jan 23
Hollander & Sons (A)
7,600
425
*410
40%
$5
210
2,600
23%
43
No par
67%
15
13%
1434
1234
37
40%
40%
No par
preferred.....No par
24
70
15%
13%
15%
*13%
40
425
*410
425
*403
41
1,200
49
Jan
14% May
141
126
77%
*67%
4%
12
18%
2%
23%
46%
*68
425
40%
12%
65
40
*68
*405
425
40%
Conv
85
Aug 13
58% Sept 24
102
Sept 16
30% Jan 2
84
100
Holland Furnace
6
6
105
8
25% Apr 30
No par
preferred
cum
Herehey Chocolate
117
........
*407
$7
Oot
6%
1% Mar
Mar
21% Jan
133
160% July
No par
Hercules Powder..
20
115
>
Motors
Hercules
1,000
160
130%
6434
........
-
25
100
Preferred
2,300
Highest
$ per share $ per share
I per share
9
Mar 5
share
per
4% Apr 30
99% Deo 24
12% Aug 17
117 May 14
2
25
Helme (G W)
140
165% 166
35
35%
$
Hecker Prod Corp v 10.No par
200
124
124
*165% 166
34%
34%
33%
33% 34
33%
154
153% 158%
150% 150% *152
*129%
129% 129% *129%
166
166
Hayes Body Corp
Hazel-Atlas Glass Co
17,400
14%
13%
120
120
125
*110
*165% 167
400
102
102
102
Par
Lowest
Highest
Lowest
11,500
6%
6%
6%
6%
*100% 102
13%
zl3%
13%
6%
6%
102
Year 1935
100-Share Lots
On Basis of
YORK STOCK
NEW
Range for Previous
Range for Year 1936
STOCKS
Sales
CENT
for
*100% 101%
13%
13%
239
New York Stock Record—Continued—Page 6
144
8% Jan
2
30% Oct
35
Feb 19
12% Mar
26
42
Jan 21
37% Nov
40
Feb
Feb
130
May
134% Nov 23
49% Oct 30
65% Nov 12
16% Dec 12
113
18% June
30%
30% Apri
57
5%
Janl
Deo
Nov
11% Deo
240
LOW
New York Stock
AND
HIGH
SALE PRICES—PER
Saturday
Monday
Jan. 2
Jan. 4
$ per share
54
$ per share
55
7
7
27
27
7
6%
27
*14%
16
*15
16
*30
37%
14%
24%
*30%
37%
14%
2378
434
434
14%
24
434
10%
*13%
10%
*2%
*1084
*36%
39
*19%
1878
10
9%
10%
*2%
17
1414
2514
26
25l2
26
20%
20
20
11%
11
39%
63%
39
63%
64
39
14
14%
48
*44
50
36
*44
14%
43
50
35%
18%
18%
18%
14%
43
*——
*106% 109%
36
*100
14%
43
*39%
*106% 110
102
*35
18%
18%
*100
102
41
41
24%
2384
24
2334
39
39%
38
87%
87%
91%
91%
13%
46%
12%
13%
45
453j
1234
45%
17%
17%
17%
*108
26%
96
96
*108
26
26%
26
26%
*.
*
96
~83%
*81
82%
11%
1134
106% 109
109% 114%
*39
*39
40
59%
I684
12%
113
40
40
59%
19%
59%
18%
29%
38%
30%
39%
29%
38%
17%
30%
3934
122
12%
59%
1634
59%
29%
39*4
84
*81%
11%
*115
121
121
*102
105%
102
103
*103
*115
120
120
120
*119
11%
11%
11
12%
94
94
93
94%
30
30%
38%
30%
38%
38%
*118% 121
105% 105%
130
*120% 130
12%
11% 12
12
121
93%
*89
92
*134
*3%
2
*134
2
*184
*3%
3%
*5
5%
5%
5%
*338
*5%
28%
88%
*184
334
5%
2
4
5
6
7
3
6%
24%
3%
3%
7%
28
28
28%
6%
2434
28
2934
6%
24%
7%
25
3
3
3%
7
7%
3%
7
25%
7
7%
29
7%
2534
3%
31%
30%
31
3034
30%
30%
98%
56%
25,6
43%
66%
134
98
98
97
97
97
56%
218
.
| *42%
„*65
1%
5438
55
2
54%
*65%
1%
55%
2%6
43%
42%
43%
66%
65
134
*6434
1%
34%
1%
134
35
35
34
34%
34
35%
2I84
*33%
22%
2138
32%
21%
34
33%
21%
32%
21%
33%
98
98
96
96%
96
96
*27
29%
29
2734 2734 *27
73% 73% *71% 73% *71%
73
*10638 108
*10638 107% 107% 107%
17
17
18
17% 17%
17%
*60
61% *60
61% *60
61%
16%
16%
16%
16%
16%
16%
*40
41
40
*38% 40
38%
19
18% 19
18%
18%
18%
14
14%
13%
13%
1334
1334
3184 32
31% 32%
31% 32
*165
*162%
*162%
----
33
33
32
32%
32
32%
*100% 102% *100
102%
101
102%
30
30% 31%
30%
29% 30
23% 23%
2338 23%
23% 23%
*108% 11184 *109% 111% *110
111%
*107
107%
19%
19
28%
*29|(
*34%
*165%
*143
28
18%
283s
32
*29
3134
*29
32*
3434
34%
*165%
34%
150
*56%
11%
*1%
108
28%
107% 107%
18%
18%
28
28%
*67
*126
10%
12
*144
57%
11%
134
%
70
34%
*165%
11%
1%
70
69%
132
10%
12%
56
55
*67
59
*56
107
*15"
35%
*75
40%
42%
19
36%
83
41
*
96
97
38
39
40
18%
1334
18%
13%
31%
13%
31%
31%
166
166
34
134
34%
*165%
34%
12%
1%
1234
1%
*34
70
%
71
67
67%
126
126
10%
34%
*146
3434
*134
%
7084
12
*53
55
*53
*56
57
*56
67
§12%
i*53
57% 4*56
*75%
40
107
107
*107
108
108
*15
19
19
20
A 24
3734
81
81
81
40%
43%
84%
1034
22%
41%
42%
83%
41
83
85
11%
11
11
22%
22%
22%
23%
*128% 130
*12834 132
1%
134
134 1%
5%
5%
5%
5%
16% 16%
1634
16%
5
*4%
5%
5%
*4%
4%
438
4%
12
12% 1234
1234
70% 71
*67% 73%
*97
100% 100
100%
110
2
2%
269
*261
108
27%
37%
36% A 36
8034 ^80%
4134 i 41%
44% £ 44%
80%
4234
45%
5%
16%
5%
4%
1234
*6734
100
109
2%
2%
*261
....
see page
234.
100
2,000
Miami Copper—
150
100
400
22,300
200
300
70
13,500
100
210
6,400
14,300
31
6,000'
"30
3,300
130,300
1%
%
34
1,100
1,300
73
6,900
67
2,300
125
300
11%
10%
12%
55
55
*56
*107
5634
109
25%
28%
37
39
80
82
42%
43%
1,600
4,400
200
44%
46%
86
11
88%
1034
89
11
86%
1034
88
11
11
520
23%
23
23
22%
22%
22
534
173s
5%
4%
13
7334
100
L09
2%
265
534
1634
5%
17%
16%
5
5
5
*4%
4%
12% 13%
70% 70%
*97% 100
5%
*4%
12%
*70%
100
22%
50
1%
2
5%
1034
6%
18%
5%
5%
7,300
14,100
25,400
4,300
13
4%
12%
4%
1334
7334
72
72
6
17%
5%
4%
LOO
9934100
109
109
*108% 109% *108% 109%
238
234
2%
2%
2%
234
265
265
269
269
11234 11284
31% 32%
56%
57%
13%
1334
103% 103%
2734 2834
52% 52%
3%
3%
*28
18
55
750
131% 132
2
266% 270
112% 114
32%
32%
56%
56%
1334
14%
104% 104%
28% 2934
51%
52%
3%
3%
300
15,600
180
150
140
7,700
600
40
54,100
1,400
77,700
400
35,800
170
12,500
29
29
29
18%
58%
18%
56%
18% 104,100
57%
10,300
30
Feb
7
Mar
68
6
Nov 28
National Tea Co
Natomas Co
Nelsner Bros
Newport Industries
N Y Air Brake
New York Central
Preferred.....
N Y & Harlem
417g Dec
60
71
60
2ls Nov 30
4312 Oct 19
65% May
1% May
33% Dee
Apr 30
Jan
7
4478May 4
102i8 July 3
14
Apr 30
Jan
2
15
Aug 12
20%May 4
12iz Apr 30
912 Apr 30
2884 Oct
6
Jan
9
30% Dec 21
Oct
6
263sJune 30
Feb 25
27
Nov 23
Dec ~
108
2414 Nov 18
333s Mar
434 Mar
30
Jan
11
Apr
377s Apr 14
14
Mar
158% Deo
13% Mar
127g Mar
Sept
a; 106
Sept
li2 Mar
108
6H2 Dec 14
1478 Feb 17
Jan
162% May
jan
140% July
478 Mar
14% Aug
1% Nov
Mar
Dec 14
30
Mar
6
Jan
2
Conv preferred
100
N Y Ontario & Western
100
N Y Railways
No
pref
3
Apr 24
—100
788 Apr 28
4
July 9
2i2 Jan 7
912 Apr 27
57 May 21
N Y Steam 56 pref
57 1st preferred
No par
83
No par
t Norfolk Southern
Norfolk <fe Western
100
93i2 Apr 23
li8 Aug 27
par
Shlpbldg Corp part stk_.l
100
210
.100
Mar 17
105
No par
50
1
Jan
2
May 12
2318 Apr 30
5234 Feb 6
658 Jan
6
No Amer Edison pref—No par
Northern Paclflo
100
Jan
2
237g July
7
Northwestern
98
3
Feb 11
li2 Feb 11
133
z8% Mar
60
21% June
Nov 24
64I4N0V
9
110
Apr 14
40
Dec 14
83
Dec 14
495s Oct 13
Jan
3% July
4% Mar
61% Deo
18% Mar
12% Mar
~ll%
Deo
107S Deo
36% Nov
2934 Dec
Mar
19
Deo
97g Mar
39
Deo
2
0%
107g
Dec
Nov 30
29UNOV 30
150
Oct
5
214 Feb 5
6% Deo 22
I8I4 Dec 22
7l2 Feb 24
63g Feb 24
155s Mar 13
99
Sept 16
6
Mar
4
Mar
112
Mar
%May
278 Oct
5% Oct
258 Mar
% Mar
6% Mar
51
Oct
Nov 16
69
June
109% Aug 12
27g Jan 14
79
May
31012 Oct 30
158
104
84 Aug
139
1%
8%
10%
0%
3*4
16%
87
Deo
Juno
Deo
Jan
Aug
Nov
Deo
Jan
Jan
92% July
102% Deo
2% Deo
Mar
218
Deo
2
99
Jan
108
June
35i2 July 27
9
Mar
28
Nov
115
59
Oct
June
9
1414 Deo 31
106i2July 21
36»4 Feb 20
Aug 28
12% Aug 25
32
Nov 30
18
Dec 31
Oliver Farm Eq new...No par
24i8 Jan
59i2 Dec 16
6
Jan
11%
13% Deo
41*4 Oct
15
2
19
43%
Jan
5318 Oct 5
95
Sept 29
50
6
7%
84 Nov
8334 Nov
207g Aug
77% Aug
Nov 23
43
Telegraph...50
Jan
% July
% Mar
40% Mar
12UNov 10
13U Jan 24
Norwalk Tire & Rubb—No par
Preferred
50
Ohio Oil Co
No par
Aug 18
Aug
458 Jan
34% Nov
32% July
1215s
9
100
108
May
7
100
23% Deo
22% Deo
113% Nov
21
4
No par
No par
363s Nov
150
Dec
1
21*8 Nov
Feb
684
78
100
Deo
22U Apr
14H2 Mar
4% Mar
7518 Nov
74i8 Jan 6
77* July 10
10%June 18
3284 Apr 29
41
Apr 15
104i2 Apr 7
10% Feb 4
9
Apr 30
32i2 Jan 8
2784 Jan 2
17»4 Jan 2
361s Jan 2
3i8 July 7
10%May 16
Deo
Nov
Nov
3612 Nov 30
Nov 10
2
15%
1584
8184
26%
47% Oct
19% Jan
27% Jan
145s Deo
14% Deo
23% May
147
Jan
Adjust 4% pref
June
13734 Jan 21
1
North Amerloan Co
Preferred—
North Amer Aviation
Sept
13U Mar
_
Deo 15
119
preferred
62
Feb
Dec 31
171
Dec 19
7% Mar
9% Aug
Nov 18
Aug
Deo
14 Apr
31*4 Deo
Nov 18
3934
101i2
3634
79%
Oct 29
50
7%
943g Nov
4078 Deo
2
t N Y Investors Ino...No par
{NYNHA Hartford
100
N Y
Feb
1978 Jan
No par
.No par
..No par
Nov
21*4 Mar
25
N Y Chic & St Louis Co...100
Preferred series A
100
New York Dock
65
Jan
4% Deo
6
21
54
3
23
Jan
1
155
July
Jan
May
28
Apr
May
2,3i6 Dec 21
5934 Feb 7
70
21
Mar
Dec 28
Deo 23
16is Jan 2
11
Apr 30
43
1
Nov
258 Deo
4
July
4% Deo
17»4 Deo
63s Nov
16% Deo
li2 Mar
10«4 Mar
784 Feb 11
33i2 Dec 23
103
68
July
25
100
100
86
134
Preferred
No par
900
4
Mar
Mar
1U
10%
2%
578
Deo
75g Nov
34 Apr
1
95s Feb 21
333s Oct 16
Sept 15
79
31
7
514 Feb 10
6i2 Feb 8
2978 Dec 31
284 Jan 2
1684June 10
512 Jan 6
14i2 Jan 2
2
Dec 31
234 Feb
5
Jan
37g Mar
958May 11
78 Jan 8
i2 Jan 10
57U Apr 29
100
t New Orl Tex & Mex
55,800
212 Aug
94
Apr 28
2d preferred
National Steel Corp
National Supply of Del
Oct
Dec 23
10
Preferred B
100
Nat Mall & St Cast's Co No par
National Power <fe Lt...No par
Nat Rys of Mex lit4% pf_100
33% Deo
123s Mar 23
255s June 11
Newberry Co (J J)
6% pref series A...
44
1%
Nov 12
120
112
140
11
134
112
Dec 24
480
-
4434
86%
1%
8
Dec 22
6i2 Jan 6
5714 Jan 17
13s July 14
107
10
Apr
150
Apr
119
100
100
6O84
22
58
265
Deo 29
A
Dec
20% Dec
247t sept
116% Oct
Feb 21
Apr 30
Apr 30
National Lead
Mar
20% Mar
Nov 17
110
21
Preferred
—
65
Jan
,
4258 Deo
684 Oct
100
7% pref class A
7% pref class B
Dec
11558 Deo
1434 Dec
912 Mar
814 Mar
60% Mar
153
No par
Jan
Mar
1084 Deo
24>g Jan
2ig Mar
100
Nat Dairy Prod
50
Deo
153g
1634 Dec 31
Nat Bond & Invest Co.No par
5% pref ser A
100
Nat Cash Register
No par
8,600
22,200
10834 10834
19%
1934
29
28%
1
10
7% cum pref
3,300
24
107% Deo 31
t Nat Depart Stores..-No par
31,900
100
No par
40
65% Nov
8% NOV
10734 Oct 19
Nat Aviation Corp
National Biscuit
Deo
Apr
Nov
97%
100
Nashv Chat & St Louis
National Acme
310
7,300
4,700
Deo
131
3
2234 Mar
621* Nov
217g Feb 19
4712 Oct 22
19i2 Dec 17
1558 Mar
3884 Jan
164i2 Dec 18
37»4 Dec
107i2 Deo
325gNov 30
28U July
11234Mar
No par
19*4
45% Sept
Jan
May
9712 Dec
6
i"i«
4112
6OI2
84
2838
Nash Motors Co
Mar
Nov
41
Nat Distil Prod
No par
Nat Enam «fe Stamplng.No par
500
37,200
35% June
9
Oct
Oct 19
RightsMorrel (J) & Co
Morris & Essex
Murphy Co (G C)
No par
5% preferred
100
Murray Corp of America..100
Myers F & E Bros
No par
Mar
Oct
Dec 18
45
3% Jan 3
1978 Aug 24
May 19
3584 Jan 7
5
June
11
Nov 30
9
Conv preferred
100
Mohawk Carpet Mills
20
Monsanto Chemical Co
10
Mont Ward & Co Inc..No par
4,100
130
91
100
50
Nov 17
307tNov 5
485s Sept 10
13112 Mar 30
100
No par
103
3
No par
Mother Lode Coalltlon.No par
Motor Products Corp. .No par
Oct
Jan
217U Apr 30
218$ Jan 9
No par
100
Preferred series A
Nov 18
122
May 13
Nov
54
55
714
3334
90ig
578
38%
8ig
8512
Nov 18
1
30
20
Jan
Jan
28
3
2
Dec
67*4 Nov
Jan
33
108% Dec 30
2834 Dec 14
100
£ Missouri Paclflo
Jan
1
3112 Jan
405s Jan
584 Jan
No par
Motor Wheel
14
3
Deo
32%
84i2
Jan 24
55U Jan 31
Minn St Paul & S S Marle.100
200
Preferred.
Mulllns Mfg Co class B
1
Preferred.
No par
Munsingwear Ino
No par
146% 146%
57
56%
Jan
Apr 29
11
33% Nov
Nov 18
4938
118i2
1434
4914
213s
Deo
295
Minn Moline Pow Impl No par
31
10%
No par
8% cum 1st pref
100
Minn-Honeywell Regu.No par
4% conv pref ser B
100
63,300
1,200
23%
66%
Midland Steel Prod
3,900
-
Apr 30
512
Deo
4514 Dec
14U Nov
June
23»4 Mar
3578 Mar
2
1284 Jan
5
10
120
m
*95
Merch & Mln Trans Co .No par
Mesta Machine Co
5
Mid-Continent Petrol
30%
125
No par
90,300
111% 111%
72
100
15,000
6,100
35%
Dec 22
Mar
034 Mar
4
24U Dec 22
12
107
m.
7
678May 22
2,500
18%
Oct
Dec
10
2334 Deo
37g Deo
Mar
20
6
Feb 28
46
6
June 16
No par
220
1
Nov 18
37
Mengel Co (The)
1
7% preferred
100
7% pref ctfs of dep_.--.100
3,910
212 Oct
384 Mar
23i2Nov 12
10112 Dec 12
Melville Shoe
500
13%
*1S4
1
10,100
6IS4
9
500
101
35%
*165%
No par
Mo-Kan-Texas RR
.
Feb 24
June 19
No par
40,400
7,900
3,900
*112% 114
*11234 114
*112% 114
*112% 114
30% 31
3038
3034
30% 31%
30% 31%
*55
5534 *55%
56
5534
55% 5534
56%
1334 14%
13%
13%
13%
13%
13%
1334
*102% 105
103
103
*102% 105
102% 102%
27% 2784
27% 27%
27% 27%
27% 28%
*52%
*52%
52% 52%
52% 52%
3%
*3%
3%
3%
3%
3%
3%
3%
*28
29
29% *28
*28
29
*28
29%
17%
17%
17%
17%
17% 17%
1734
18%
54% 55%
53%
54%
54% 55%
54%
55%
For footnotes
1034
12%
55%
5634
129% 129% *12984 131% *12934 131%
134
no
269
35%
80%
40%
1%
84
72%
127
19
36%
13%
66
55
57%
56
*123
10% *10%
12
55
37%
150
55%
1234
107
*15~
35%
*165%
$3 conv preferred
Stores
McLellan
2
40i2Nov
5
23%
34%
97%
2834
18%
61%
*29
McKesson & Robblns
7,300
72%
Jan
2%May
6
134
36%
107
101
Co
3,400
39% 40%
19%
18%
19%
14%
14%
1434
3I84
31% 3234
167% *165% 167%
33
33%
32%
33%
33
102% 102% *101
102
2934 30%
29% 30%
23% 2334
23% 24
111% 111%
11134 11134
108% 108%
108% 108%
18% 19%
19% 1934
28% 283S
28% 29
*29
*29
31%
3034
%
70
*165
33
Elec
7% preferred
4% leased line otfa
Mission Corp.
40
18%
McGraw
66%
36%
103
Feb
Apr
38 June
50% Apr 8
110i2 Oct 30
110
12,400
1,500
57% 52,200
2%6 316,500
45
2,400
23%
34%
*95%
2834
72%
55
*1034
2%
35
144
1*82%
110
23%
33%
55
40%
43%
110
2234
Nov 20
6% conv preferred
Mead Corp
$6 pref series A
9734
1%
44
16
34%
*65
35%
6534
134
36%
144
70
5534
23,6
44%
*64%
1%
55
1238
96%
55%
2%
151
11%
184
h
98
44%
54
11%
1«4
97%
*28% 29
72% 72%
*71%
72%
107
107
*106% 107
17%
18
17%
1834
*60
61
61%
61%
.16%
16%
16%
17%
43i2 Dec 30
55
38i8
8312
8%
3784
1112
48,800
1
21i2 Feb 28
3%
8%
31
29
13i8 Apr 30
No par
27%
3%
784
33%
96
*27
No par
McGraw-Hill Pub Co.-No par
1,100
29
22%
33%
22
Maytag Co
Mar
Oct
Sept
1912 Nov
3
May
97s Deo
17g Deo
30
Mar
5U
423s Nov 17
Mclntyre Porcupine Mines..5
McKeesport Tin Plate.No par
~7~606
10
Mar 17
27i2 Apr 27
43%May 4
9,400
1,300
16,500
2,500
7,400
13% Mar
6*2 Apr 28
7%
28
66%
134
35%
32%
*95%
300
Feb
Dec 31
No par
No par
Preferred ex-warr'ts.No par
Prior preferred
No par
May
12U Deo
66is
Nov 30
70
10
Apr
Apr
No par
No par
1
Jan
3
Martin-Parry Corp
Masonite Corp
Preferred
214 May
29
712 Deo 8
56% Nov 23
25i8Nov 19
12
3784 Deo
Jan 10
Aug 7
3is Mar 19
23
Nov 30
lli8 Jan 22
Jan
4
Nov
45
share
per
Feb
Marshall Field & Co
5,200
108
2
100
29
130
120% 122
11%
12%
88%
90%
1%
1%
384
4%
534
6%
..100
preferred
Marlin-Rockwell
92
41
7%
2534
3%
734
3334
54%
100
No par
120
26
..100
.
McCrory Stores Corp new—1
6% conv preferred
100
40
*44
*144
70%
*67
67
67%
67%
126
126
*123% 126
10%
1034
10%
1034
12
11%
12%
1134
*55
♦
3434
7
2i16
57
34
71
18%
584
28%
7%
Market Street Ry
Preferred
18
57%
23U
2484
084
1234
1278 Deo 29
1,700
14,200
3,200
44
44
150
55%
34
....
108
1%
334
28%
97%
54%
54%
1»16
65%
2
2%
42%
88%
25%
3%
7%
3%
7%
30%
7
7%
31
*97
12
17%May
214 Jan 3
8i2 Apr 30
li8 Jan
6% July 27
I884 Jan 10
214 July 7
41 May 5
25
Maracaibo Oil Exploration.. 1
Marine Midland Corp (Del)-5
1858
35i2 Dec
Manhattan Shirt
6,900
100
:
Deo 28
MoCall Corp
108
120% 120%
1134
31%
Deo
June 30
30
120
|108
94
31
9
7
50
*106% 108
121
107
4
25%
*
:
32
100
30% 1 31%
39% 40%
105%
2
6%
1478
63
Nov
1&S Jan
7U Jan
Highest
share
per
Mathleson Alkali Wks.No par
May Department Stores...10
10,200
14,200
44%
67
No par
2d
1412
share
per
i
100
Bros
Prior preferred...
1,500
4,600
1,300
4,200
34%
19%
121
5
29
65
4134
63
5
34i2 Jan
t Manhattan Ry 7% guar.100
Modified 5% guar
100
20
1,700
20U
IH2
33%
34%
18%
19%
19
18%
19%
100% 100% *100
104
*100
104
*40% 42
42
*40%
*40% 42
2334 24
24
24%
24%
24%
38% 39%
3834
39%
39%
39%
92
90
90
92
90%
9084
9284
13
1258 13
12%
13%
1234
13%
45%
45% 46
46% 47
47
46%
18
18%
18%
18%
1834
19
18%
112% *108
*108
111% *108
111%
26
2534 26
L2 6
27
27
2734
*
95%
95% fe 95%
96
96
96
83%
83% 8384 r,84
85
*83% 85
1234
1234
13% £513%
13%
13%
13%
114
114% 120
124
5120% 125
125%
193to ,M,o
117% 117% £124
124
40
*40
41
40
40
*40
40
5934
59%
59%
59
59% 59%
5934
18
19%
19%
18%
19%
19% 20%
*3%
2434
50
share
per
Year 1935
Lowest
100
Preferred
Mandel
5
Range for Previous
Highest
10
50
4134
23%
3834
*184
*260
34%
50
*43%
50
a
240
584
IH4
6284
40U
48
106% 108
35
15,000
37
104
39%
1784
35
1H8
214
20
20
6378
1414
*
50
"2",000
7,500
4,000
5
*4l2
*4812
40
18%
*100
41
*2334
3938
87%
*4438
17%
*
36%
534
*40
109% 109% *106% 109
35%
4134
*108
14%
48
5
SOU
2014
11*8
6384
6214
3912
*62%
14i8
14%
*43
50
*41
13
*514
63%
3934
63
37
49
1034
62%
62
37l2
*37
5%
4834
11%
39%
1078
2l4
*1634
5%
62%
62
2%
20
4834
1984
10
39
14%
11
5l8
11%
*214
*1684
2%
*6134
40
*39%
5
11%
10
62
121
14
17%
3734
*37
534
48
19%
14
5%
2%
17%
38
*5%
48
1384
Magma Copper
t Manatl Sugar
830
36
26
1034
234
15U
3,000
14%
5
17
*37
62
400
*30
5%
1034
40
2738
15U
15
36
00
978
27
2812
4,600
15
25%
Par
7i2
*30
1334
2434
Shares
56
16
5
1978
29%
7
Lowest
5512
714
36
60
....
678
27%
7%
share
per
55%
*15
24
49
$
55%
*30
1438
38%
534
$ per share
55
15%
14%
19
48
55
36%
10%
234
*36%
*5%
584
50%
1934
*5%
*49
$ per share
7%
5
*17
Range for Year 1936
On Basis of 100-<S7»ar« Lots
1937
9,
EXCHANGE
Week
28
24
103s
*2%
2%,
20
15%
STOCKS
NEW YORK STOCK
Jan. 7
28
*30
Jan.
the
Thursday
Jan. 6
7
658
27
27%
7
Sales
Wednesday
5
$ per share
55
54%
54
53
Record—Continued—Page
C,
for
Tuesday
Jan
SHARE. NOT PER
57
Mar 24
41* Mar
0
35% Mar
2
Mar
57
Jan
13% Mar
357g Jan
1% July
*20
Mar
9% Mar
16% Oct
55
Deo
73g Dec
102
25%
62%
2%
32%
14%
27%
Nov
Dec
Deo
Jan
Jan
Deo
Deo
ar
Volume
LOW
AND
New York Stock Record—Continued—Page 8
144
HIGH
SALE
PRICES—PER
STOCKS
Sales
NOT PER CENT
SHARE,
Monday
Tuesday
Wednesday
Jan, 2
Jan. 4
Jan. 5
Jan .6
$ per share
9 per share
9 per share
18%
18%
18%
*100%
*14%
36%
*134
17
*
*78"
*67
18%
20%
*11%
*25%
22%
32%
*35%
51%
41%
share
9 per share
9 per share
....
_
70
70
*115
156
*
70
*115"
.......
*152
21
21%
21%
12
12
11%
25%
*21%
32%
36
51%
25%
22%
32%
35
22%
32%
35%
51%
5134
40
152
149
149
40
152
....
*
75
*115"
*41
75
149
148% 149
22% 23
149
149
*147
*
_
_
„
150
.
...
22%
22%
12%
26%
149
26%
11
*16%
17%
16%
16
16
17
17
*17
3
3
16%
3%
11%
17%
*3
3
3
3
*61
64
3%
62%
*76%
23%
78%
21%
*34
166
170
22
2138
22%
35
9%
14%
6%
9%
6%
10%
14%
*62
63
62
99
97%
538
73s
9%
62
98
97%
14%
3%
3%
5%
15
3%
3%
97
5%
7%
7%
*62%
67%
64
22
24
40
4038
*50%
54%
2234
39%
50%
5%
64
23%
40%
50%
*113
50
114
116%
7%
7%
64
50%
5%
48%
*4
38%
34
*80
89
*86%
*20%
90
25
17%
18
17%
11%
11%
74
70
*85
17%
3%
3%
*31%
*2%
26%
*18
2684
834
♦2%
1*10%
26%
50
52
89
*83
86
*90
93%
♦90
92%
24%
17%
*24%
25
54%
*52%
*98
100%
6%
12
2%
75%
13%
87%
17%
17%
11%
54%
53
100%
6%
13
24%
6%
12
2%
2%
11%
11%
5434
54%
53
*52%
*98% 100%
6%
6%
12
2%
12%
2%
3%
9
70
*68
71
70
70
17
17
17%
17%
3%
29
3%
*28%
16%
33s
29%
29%
30
56
53
3%
3%
53
17%
173s
17%
75%
73
73
13%
13%
13%
28%
28%
105
3%
3%
*26
30
33s
33
2%
3%
107% 108%
33
*2%
3%
28%
33s
3%
29%
105%
*31%
2%
25%
2%
*68%
17
3%
*29%
17%
17%
73%
17%
73%
13%
73%
13%
27%
104% 104%
3%
3%
26%
26%
33s
108
3%
109
33%
2%
*31%
*23s
33%
26%
22%
20%
8%
2%
26%
*18%
26%
22%
27%
2%
27%
104
*3%
*26
3%
11
10%
11%
26%
26
26%
25%
26%
25%
26
26
9
9
8%
2%
2%
2%
26%
8%
8%
2%
2%
17%
14
28%
104
4
29
3%
109% 110%
31%
31%
*2%
2%
25%
26%
8%
2%
11%
27%
*18%
30%
*72%
13%
27%
10%
*193s
17%
3%
52
11
22%
26%
22%
26%
72
52
11
26
9
52%
*50
26%
*22%
27%
8%
2%
11%
27%
52%
26%
23
78
8
37%
*40
47%
*42
*100
78
7%
35
37%
78
*75
83
3%
20,500
11%
2,900
14,000
1,100
100%
200
10
110
51%
52%
24,700
8%
8%
300
30
3%
6,800
27.600
29%
900
52
17%
73%
17%
*72
13%
14
28
28%
20
2,000
200
25,000
3,800
500
104% 107
4
*3%
*26
500
20
30
3%
3%
5,900
110
112
430
*32
35
40
2%
26%
2%
26%
*20
27%
9%
2%
12%
600
—
26%
12
8,300
20.900
1,300
80
12,400
7% preferred
Phillips Petroleum
Hosiery
100
-
67
69
Mar 13
*48
49
46%
46%
100
12%
12%
43%
12%
43%
*12%
*43%
12%
12%
800
*75
85
*75
80
*75
80
*75
80
80
80
*3
3%
81
*79
81
100
100
5
27%
*108
5%
28
111%
99
99
99
99
39
39%
78%
37%
39%
77%
77
3
*24
19%
3
27
20
12%
*2%
*20
19%
3%
27
20%
3
*21
19%
3
27
20
3%
*21
19%
22%
82%
3%
200
22% 23
81
81%
*100% 117
*100% 105
5%
5
5%
5%
5%
5%
5%
6%
28% 29%
27%
28% 29%
27%
28%
27%
111% 111% 111%
110% 110% *108
111% 111
99%
99
99
99
99% 100%
99%
99%
39
39
39%
39%
39%
39% 39%
38%
79
79
79
77
79%
79%
79%
79%
132
132
132
*129
132
132
*128% 132
94%
*93
94% *93
94% *93%
93%
95%
22
80%
*100
22%
22
22%
81
81
81
105
*100
104
128% 128%
*92% 95%
27
27%
26% 2634
27%
26% 27%
26%
112
*108
*110% 112
*106% 113
*106% 112
30
29% 29%
29% 29%
29% 29%
*29%
56
57%
56%
56%
66% 67%
56%
56%
27%
112
30
57%
273a
112
30%
58
67
*56
67
*56
67
*56
67
*56
67
*56
67
12
*11%
11%
*1138
12
*11%
12
*11%
12%
*11%
1238
For footnotes see page 234.
10
700
27
19%
23%
83%
10
Pierce Petroleum
A
Pillsbury Flour Mills
Preferred
June 30
28U Apr 29
Feb 19
Mar
4
Apr 27
Jan
0 par
25
100
No par
100
1
t Postal Tel A Cable 7% pf 100
Pressed Steel Car Co Ino
1
678 Jan 28
45
Dec
Oct 19
591# Nov 12
11684June 9
68
Oct 24
7ia Feb 19
461# Aug 10
112
Nov 18
Dec 31
Deo
May
Feb
57% Apr
2% Mar
1% Nov
July
8434 Sept
6% Aug
3
Mar
Mar
17% Mar
30
Feb
108%
Oct
1784 Mar
2% Feb
9% Mar
16% Mar
13
Mar
5i2 Aug
30% Nov
32%
39%
116%
43%
4
Dee
Apr
Mar
Aug
Nov
34% Nov
6434 Deo
54
Deo
11
66% Dec 22
545s Aug 19
12% Mar
19%
28%
25% Jan
4512 Jan
.
102i2 Oct 19
8118 Jan
314 Jan
8is Jan
li2July
66
Nov
12
Mar 13
1678 Mar 13
35s Jan 13
Mar 13
7*4 Apr 29
68 May 29
10184 July 24
16
Nov 12
88
Mar
July 13
112 Jan
27% Deo 29
49% Dec 22
7i8June
35i2 Apr 28
712 Apr 30
2312 Dec 21
49
June 20
258 Oct 30
Dec 31
Jan 6
Aug 26
Deo 31
77
Deo 24
13% Dec 30
29
2
2
2
684May 21
17% Oct 23
418 Jan
1U Jan
Feb
38% Mar
1% July
3% July
1% Mar
35% Mar
5% Mar
53% Apr
13% Mar
Deo
Dec
Deo
45% July
85% Nov
4% Nov
10
4%
Nov
Jan
x68% Deo
14%
Deo
85
Deo
40
Deo
Mar
10%
50
July
78% Nov
2% July
% July
31
Apr
65% Aug
7
Mar
26% June
5% Mar
8
1%
38
Deo
Nov
Deo
Nov
76% Jan
12% Aug
44% Aug
10
Dee
65
Oct
Dec 31
Dec 31
4% Dec 14
30% Dec 9
9% Apr 11
112% Nov 6
41% Apr
Jan
Jan
3%
37U
62%
18%
110
Jan
l^May
21
Feb 21
18U Dec 31
Jan
23
Oct
14
3
115s Deo
334 Feb
4
6
27% Dec 30
26% Mar
22% Mar
Mar
2% Nov
10% Apr
1% Mar
24% Apr
6% June
1
16% Deo
3% Sept
1
Mar
62
Nov
25
Nov
2% Aug
6% Mar
13
6% Mar
12% Nov
5% Nov
Deo
3
2958 Deo 12
11% Dec 15
384 Dec 16
13% Deo 3
1% Mar
% Feb
438 June
2% Nov
16% Jan
28% Dec 23
28% Dec 31
73% Deo 18
11584 Dec 29
122% Feb 26
60% Nov 30
113
July 15
130
July 14
No par
100
100
100
Pub Ser El & Gas pf $5-No par
Apr 29
10312 Feb 21
1131s Apr 3
128
Apr 4
39
56
Apr 14
164
112
Jan
7
114
No par
Pure Oil (The)
No par
16
100
100
103
2
Aug 21
3678 Jan
Dec 31
144% July 14
146
Pullman Ino
July 14
Apr 1
39% Dec 30
24% Mar 20
May
1
91%May
4
13334 Apr 17
117% Mar 27
9%May
9
20% Nov 16
$3.50 conv 1st pref.-No par
681a Apr 28
423g
115
Jan
Jan
20% Mai
62% Feb
73
53% July
121
Nov
46% Nov
104% Deo
Mar
117
85% Mar
132
Deo
Deo
100
Mar
148
Deo
99
Jan
113
July
29% Oct
5% Mar
52%
Jan
17
Deo
49% Mar
119% Dec
65
103
19% Oct 27
No par
16i8 Oct 2
984May 12
8312 Jan 2
8% conv preferred
6% preferred
No par
Purity Bakeries
Quaker State Oil Ref Corp—10
Radio Corp of Amer—.No par
Preferred B
t Radlo-Kelth-Orph
.No par
Raybestos Manhattan-No par
Reading
50
1st preferred
50
—
2d preferred.—.
Real Silk Hosiery
Preferred
Co
preferred..
Rels (Robt) A
.-60
5
100
No par
100
Remington-Rand.—
1
Preferred with warrants.-25
20
Rensselaer A Sar RR Co..-100
38,100
Reo Motor Car
97,200
Republic Steel Corp—.No par
—5
6% conv preferred-
100
6% conv prior pref ser A.100
Revere Copper A Brass
5
Class A
10
Preferred
100
5M% preferred
100
2,600
Reynolds Metals Co..-No par
200
5H% conv pref
100
Reynolds Spring new
1
Reynolds (R J) Tob class B.10
10,700
Feb
34 July
18
101# Mar 24
1784 Oct 27
1,300
2,800
Deo
8%
81
6712 Oct 23
40%May 12
16,100
50
Apr
43g
64%
6
5% pf (ser of Feb 1 '29) .100
Pub Serv Corp of N J ..No par
1st
420
6
Feb 21
73
1121a Nov 30
60
No par
Reliable Stores Corp.No par
1,600
12,700
1,300
14% Sept
21% Nov
19i8 Mar
68i8 Jan
"3" 100
500
Deo
Sept
101% Sept
12
lOisJune 30
14
No par
preferred
preferred
preferred
Nov
80%
19% May
100
25
No par
1st pref-.
Deo
13% Oct
7% Mar
12
conv
Occ
Deo
I8I4 Dec 31
1% Apr 24
1178 Jan 6
20 May 18
5% conv 2d pref
Procter A Gamble
20
Deo
123sJune
100
Class B
1%
15
84
100
Preferred
Apr
Oct
71#
8%
8
Pittsburgh A West Va
100
Pittston Co (The)
No par
Plymouth Oil Co
.5
6%
%
14
21
4%
70
Plttsb Screw A Bolt.--No par
Pittsburgh Steel Co
7% cum pref
Pitts Term Coal Corp
6% preferred
Pittsburgh United
May
2% Mar
Apr
62% Dec 30
Pirelli[Co of Italy "Am shares"
Pittsburgh Coal of Pa
Nov
9% Aug
11
Nov
142% Deo
1178 Apr
171# Nov
3«4 Dec 30
100
Corp pref
6%
7%
8%
49%
12%
5I4 Jan 23
4714 Mar 10
321# Nov "
100
Preferred
Pierce Oil
400
--
49
Dec 30
2284 Dec 30
37i2 Deo 17
38is Jan
5i2July
No par
5
$5 preferred—
*48
117
*10%
No par
Phoenix
600
*41%
*79
"*56
50
Porto Rio-Am Tob cl A .No par
*43%
*48
50
600
49%
*101
95%
No par
preferred
1,000
46%
12%
19%
22%
*92%
35
preferred
7%
4,100
138% *135
138%
""loo
159% *157% 160
100
113% *113
113%
69%
68% 69% 11,700
22
22%
22% 166,600
340
111%
110% 111%
99
100
101%
1,100
20
20% 27,000
20%
18
18
18
1,400
11%
11%
11% 95,200
103
100
103
*103%
78
78%
3,500
77%
77%
8
8%
8% 20,900
8%
35
36
35%
36%
1,900
*42
100
43%
43% 43%
-
174
818 Aug 19
17i2 Jan 13
2% July 7
40%May 4
23
Apr 28
80
28% Jan
6
10% Nov 17
383s Nov 14
3512 Jan
3
5084 Oct
3
3
39
Jan
7
50
37
Jan
4
47
978 Jan 2
65i8 Oct 13
178 Apr 28
8%
4
June
Feb
Mar
17%
Deo
Oct
13% Deo
35% Mar
92
Deo
1% Mar
6
Oct
July 15
2
Deo
Nov 30
1684 Jan 30
16% Mar
29% Mar
36
Apr
30% Deo
43% Jan
43% Nov
Apr
38
3% Apr
20% Apr
11
Aug
72
Nov
33
DM
Dec
9
4% Dec
9
1
Mar
3
Oot
2
8
Mar
18
Nov
7
June
100
12%May
31
16
24% Nov 17
7
Aug 21
17ia Aug 21
81
Deo 23
25
Deo
Nov 18
7
Apr 15
114
78%May
104% Oct
10
4
Apr 20
24i4June
90
9
Apr 28
92
Deo 30
10
Rhine Westphalia El A Pow„
884 Nov 23
105
2084 Deo
90% Nov
9918 Sept 2
4is July 8
1678 Apr 30
77
May 4
22i2May 25
Apr 25
25
July 3
60
Apr 29
5878 Sept 16
Class A
14% Jan 17
108%June18
Jan
5
'
27
26% 26%
*106% 113
ft 30% 30%
56% 56%
34%
*6
t Phila Rapid Tran Co
Poor A Co class B
*48
45
Corp of Am
5
Pfelffer Brewing Co ...No par
Phelps-Dodge Corp
25
Philadelphia Co 6% pref—.50
3%
12%
27%
*2%
3
Apr 28
Pond Creek Pocahon..No par
15,000
*43
•
Petroleum
27%
9%
*9
26%
22%
27
Dec
38
Preferred
6% Mai
Aug
People's-G LAC (Chic)—.100
Prior preferred
% June
8
110
Pet Milk
111% Jan
6% July
3% Mar
10% Jan
71%
100
Preferred
600
29%
16
July..
23ia Deo 30
135s Oct
2058 Jan
414 Apr
741# Apr
97i2 Feb
Deo 30
30
15%
*50
152
66
2784Julyl7
50
15%
72%
17%
8
2
4
7
3
par
Phillip Morris A Co Ltd
10
Phillips Jones Corp.—-JVo par
16%
3%
Dee
25
.No par
-
7,500
*68
Jan
123
17
77
*85
21
Jan
74
Phlla A Read C AI
46%
12%
*41
Corp v 10 No
Pennsylvania
Peoples Drug Stores.
Deo
Mar
3 >8 June 23
4i2 Jan 2
28% Jan 2
7,900
49%
*21
*128% 132
8%
Penn G1 Sand
31%
June
100
Preferred series A
Deo
13% Mar
12
418 Jan 2
6%June 20
No par
Deo
53g
19
10i8May 20
li8 Jan 2
60
Aug 17
Penney (J C)
No par
Penn Coal A Coke Corp
10
Penn-Dixie Cement
No par
10
70
Parmelee Transporta'n. No par
Pathe Film Corp
No par
Penlck A Ford
17% Nov
3% Deo
Deo 31
Patlno Mines A EnterprNo Par
Peerless Corp
3
2%
78%
45%
*19%
21%
78%
77%
8%
2.50
Nov
Mar
7% Aug 22
June
Deo
115% Mar
129
5884 July 22
47U Deo 10
1134 Apr 30
18*2 Jan
395s Nov 10
41
July 20
Deo
153
14%May 15
59
No par
Mar
July
17% Sept
3
4434 Dec 11
10
320
.
30% Jan 11
100
Parker Rust Proof Co
Aug
1
1
1st preferred
Parke Davis & Co
14
2978 Deo
2d preferred
1
Mar
3
67
Park Utah C M
80
414 Jan
Ino par
1
1
114% Mar
8
8% conv preferred
Paraffine Co Ino
Ino
65
Mar
3% Apr
Pan-Amer Petrol A Transp..5
Panhandle Prod A Ref.No par
Park-Tilford
38
Dec
Jan
100
92
Deo
6% Jan
1214 Aug
18s Jan
Paramount Pictures Ino
125
15
Dec 12
Nov
11% Nov
26% Deo
Jan
32ia Deo
30
20% Deo
107
4% Mar
2284 Jan
106
22
140
par
Apr
2
Jan
No par
11%
8
118
1,510
*48
19%
22%
27% 28%
*110% 112%
103
77%
Corp..No
Packard Motor Car
Jan
484 Apr
July
100
preferred...
Pac Western Oil
3% July
75
3% Jan
8i< July
100
6%
*42
27
v
35%
77%
8%
35%
..No par
Pacific Telep A Teleg
12%
6%
12%
2%
44
*24
5%
8%
35
*18%
22%
5
77%
8%
'
*11%
*100
*100
m
No par
No par
90
*40%
42%
47%
46%
12%
*3
77%
8%
13
10
1st preferred
2d preferred
July 22
1641# Mar
31
*134
139
*135
139
137% *133
159
159%
*155% 159
*157% 159
*113
113
113
*111% 113
113% *113
*111% 113
67% 68%
68%
68%
68%
66% 69
68% 69%
21
20% 21
21%
21%
19% 20%
20% 21%
109
109
110
108
111% 111% 110
110% 110
99
100
*99
100
100
*98% 100
*98% 100
19
20%
18% 18%
19%
18%
19%
18%
18%
17%
*17% 18%
*17%
17%
17%
17%
17% *17%
11
11
11%
11%
10%
10%
11%
10% 11%
*100
5
Pacific Coast
114
Jan 13
800
*134
2
Jan
8,200
*155
Jan
July 22
16
18%
27
26
26
26% 7 26%
27% ^26
*25% 26 7 26
f 26
*69
71
*68
71
70%
70% / *69
71%
71
70%
70%
56
56
55%
57%
56%
55%
57% 58%
56%
55%
55%
*115% 118% 118% 118% 118% 118% *116% 118% *117
118% *117
118%
50
47% 48%
49%
50%
49%
47% 48%
48%
50%
48% 49
109
109
*107% 110
108% 108% 109% 109%
*108% 1093s 108% 109
*120
122% 11934 11934 *120% 123
*121% 123
120% 120% *121% 123
159
128
Nov 25
56
56
140
114
26
70
100
100
26%
*154
100
7
No par
100
L*70
*134
Jan
2518 Apr 28
64% Jan
600
79%
14%
110
Dec 29
100
100
25
100
7
July
2
7
83ia Deo 16
IOC
86
18%
11%
70
2084 Mar
12034 NOV
79
Paolflo Amer Fisheries Ino
6%
136
2
47
Preferred
9
June 12
2
No par
Owens-Illinois Glass Co
Feb 24
Jan
1st pref..No par
conv
Outlet Co
Mar 30
Nov
Highest
I per share $ per share
Nov 17
12% July
123
Pere Marquette
91
*98% 100%
5%
6%
12%
12%
2%
2%
*8
100
Peoria A Eastern
91
*24%
54
51%
95.50
No par
500
*78
54%
*85
—.100
preferred
24% Apr 27
25i8
1151a
195s
39%
300
5%
38
54%
87%
51%
6,800
*5
37%
53
14%
87%
54
53%
63
14%
400
>
10
54%
14%
1,700
20,300
114
53
14
*8%
107% 108
34
11%
14
105% 105%
110
11%
*113
54
78%
87%
51%
87
18%
79
*85
36
17%
78
9
*33s
87
79
50%
*22
35
76
17
30
5%
90
*8%
13%
27%
53%
90
*72
18%
77
*5
*78
35
49%
*53
52%
114
*4%
*32%
25
5%
*113
36
9
3%
2812
13%
13%
28% 28%
107% 108%
3%
3%
*108
50%
5%
50%
*68%
1638
56
*22
4%
114
8
29%
*53
17%
49%
*113
49%
70
17%
338
*2884
*73
114
52
51%
9%
23
50%
54
*9
23
41%
54%
87%
50%
67
50%
11%
*85
7%
67
40%
11%
13%
5%
8%
50%
55
15
5%
67
40%
113s
*13
8
67
50%
54
75
5%
8%
67%
22%
17%
75%
7%
67%
6
5%
7%
40
*24%
17%
2%
5%
4%
63%
50%
25
2%
99
40%
89
2%
63%
98
22%
90
6%
63
98%
9%
50%
♦113
5%
*12
63
6%
15%
39%
89
*98
4%
63
97%
6%
9%
14%
4%
63%
97%
22%
*24%
6%
15
22%
*80
13%
4%
10
40%
54%
*33%
6%
*12
9%
14%
23
34
*97% 100%
63s
6%
10%
15%
4%
39%
52
54%
*52
27
22%
48%
*4
4%
43
63
65
*49%
114
*34
4%
6%
9%
43%
26%
98%
*62%
7,900
1,000
28
6%
10%
15%
6
6%
9,000
43%
27%
26
15
8%
43%
27%
6%
4%
43%
43%
*14%
3%
5%
4%
25%
24%
5
4%
25
26
70
300
98%
32%
43%
43%
25%
9%
23%
32%
43s
1,400
25,800
1,000
20,600
1,900
4,100
2,300
14,500
4,700
18,300
1,400
4,800
22%
33
43%
25%
43%
177
23%
33
4%
300
25% 185,000
180
8,100
22%
4%
43%
130
27,400
63,800
79
25%
34
4%
4%
•78
233s
4%
43s
43%
180
*61
34
34%
4%
175
63%
79%
25%
210
3%
64%
22%
*34%
4%
6%
*76%
24%
740
149
25
*61%
Prior
Pacific Mills
11%
25%
175% 175%
Preferred
Otis Steel
3,600
26%
76
No par
2,900
10%
61
Otis Elevator
52%
25%
24%
2
43%
25%
10%
76
2
52%
22%
10%
60
630
1,300
7
Jan
Jan
42
10%
60%
*75% 78%
24% 25%
170% 178%
22
23%
33% 34%
19,300
151% 152
10%
24%
400
July
8
7,200
103s
63
... ...
17
107
37%
23
78%
*76%
23% 24%
170% 173%
20
$ per share
par
A
36%
10%
*58
100
$ per share
100
Preferred
Pacific Finance Corp (Cal).lO
Pacific Gas A Electric
26
Paolflo Ltg Corp
..No par
22%
3%
.
OmnibusCorp (The) v 10No
2,600
10%
3%
40
31,300
.....
Lowest
Highest
Oppenheim Coll A Co„No par
31
*22
23%
3
6,600
13
10%
18
500
Par
27%
23%
31%
23
*16%
6,800
.......
152
152
Year 1935
of 100-Share Lots
Lowest
Shares
75
♦lis"
*115
152""
151% 151% *150
152% *150
21
23
21%
2138 21%
21%
11% 13%
12%
12%
12%
12%
26
27
25% 27
26%
26%
2134 23%
23% 23% *22%
23%
31
31
31
30% 32%
30%
36
35% 35%
35%
36% 37%
52
52
*51% 51%
51%
52%
40
39
40%
39%
41%
393s
152
152
151% 151% *151
151%
153%
28%
75
On Basis
EXCHANGE
Week
8
15
41%
*150% 154
149
per
Jan
7
19
18%
18%
19%
18%
19%
18%
19%
*100% 110% *100%
*100% 114% *100% 114% *100%
15
15
14%
14% *14% 15%
14%
14%
14%
14%
36
36%
39
38
36%
35% 37
37%
38%
37%
38%
135
135
135
135% 135% *135% 140
*135% 140
*135% 140
17
18
16%
17
16%
16% 17%
16%
17%
17%
17%
*
*
118
*115
H8
118
*115
118
118
*115% 117%
81
*78
80
80
80% "80% 80%
*78"
80
*78
*78%
....
*115
*152
9
Jan
the
Friday
Thursday
Range for Previous
Range for Year 1936
NEW YORK STOCK
Saturday
241
8% Mar 25
29% Dec 15
128
Dec 17
1
3934 Deo 31
79% Dec 31
138
98
34
Oct
1
98% June
2% Mar
9
Mar
110
5%
Mar
Deo
2084 Nov
28% Mar
97
78%
5%
95% Nov
13
75
Oct
Apr
Apr
Apr
16
Nov
Deo
37% Nov
115
Nov
32
Deo
Nov 23
Feb
5
"l7%
101
Apr
June
113% Deo
60% Nov 17
43% Mar
58% Nov
65% Feb 10
13% Jan 9
55% Apr
11% Dec
67
117
Jan 13
36% Nov 18
Nov
13% Mar
New York Stock Record—Continued—Page 9
242
LOW
AND
SALE PRICES—PER
HIGH
SHARE, NOT PER CENT
Jan. 9, 1937
Sales
STOCKS
Range for Year 1936
for
NEW YORK STOCK
On Basis of IQO-Share Lots
the
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Jan. 2
Jan. 4
Jan. 5
Jan. 6
Jan. 7
Jan. 8
Week
$ per share
$ per share
$ per share
$ per share
$ per share
*23
24i2
*23%
24%
*23
24%
24%
24%
*74
76
*76
78
*75
78
72
73
*113
122
117
117
120
120
8
8
8%
47%
3
*8
47%
3%
46
47%"
3
3%
6%
6%
13%
*28%
42%
14%
34
42%
98
83
8%
98
6%
1334
28%
4134
98%
*110
10934 110
*111% 113
14%
1434
43%
44%
9434 9434
2
2%
*17
17%
83% 84
45%
3
6%
13%
*28%
8
47%
3%
638
1334
28%
42
99
11934 120
6%
14%
44
95%
2%
17%
84%
2%
2
2%
2
8%
4234
8
8
41%
*7
8%
41%
7%
81
81%
81%
>S,6
%
82
'S16
"28%
16
7%
83
41%
%
1%
28%
16%
_28~
1534
7%
6378
62
3%
3%
97%
2%
46%
*97
85%
*101
*49%
2834
1678
*112
4%
34%
155
51%
2878
17
112%
4%
35
155
2984
43%
24%
44%
25%
50
5078
*53%
56%
10
*978
*73
74%
*102% 104
734
734
1
7%
84%
1%6
,
43
7%
82%
7%
84%
1%
1
30%
31
30%
102
10%
*60%
40%
2834
40%
2984
44%
3%
45%
45%
3%
47
29%
*97
105
105
111% *101
105
1338
13%
45
47
3%
46%
99
2934
16%
3134
10%
11%
62
61%
41
40%
29%
2934
102% 103
3%
46%,
90
88
40%
3%
99
11034 *109
*102
10%
61
102% 10234
13%
1334
4434
45%
*97
99%
102
10%
62
24%
2434
75%
121%
8%
74
121
8
47% 48
3%
4
7%
734
13%
13%
31%
31%
42% 44
98%
99%
*110% 11234
*111% 112
14%
15%
43% 44%
96%
97%
2%
2%
*17%
1834
82
83
2
2%
7%
42%
7%
83%
1%
8%
43
8%
8434
Shares
600
2,500
1,100
600
9,900
27,100
34,400
610
40
*86
95
*86
95
*86
36
*3434
20%
35%
21%
29%
51%
112
3434
21%
28% 29
a:49% 49%
10934110
21%
29
4834
110
*21
95
334
47
99
105
104
99%
104%
110%
111
111%
*22
95
35
35
21%
2934
21%
30%
22
2984
51%
49
49
110% 11134
29%
49%
24
*86
35%
21%
112
113
*49
111
100
10
t St Louis-San Francis00.. 100
1st preferred
100
J St Louis Southwestern.
100
2934
16%
31%
30%
16%
31%
*102
103
10%
63%
11%
63%
41%
29%
41%
9Q
102% 103
13%
1334
46%
48%
334
3%
45
4634
100
100
104
106
111% 11134
21%
24
23
*86
95
*86
35%
35
35
30%
21%
3034
*4834
114
:
35
3
7534 Deo 31
Jan
7434 Apr 28
538June
22
July
1% Jan
2% Jan
7% Jan
18
Jan 24
27
July 29
96
Dec 18
60
1,000
12,500
2,300
2,700
300
290
54,000
8,200
19,200
2,900
7% preferred
100
Savage Arms Corp
No par
Schenley Distillers Corp... .5
5H% preferred...
100
Schulte Retail Stores
10
Deo
2534
Deo
37
Oct 24
49% Nov 18
99
114
Nov
9
$5 conv pref
41%
15%
42
1534
*124% 127%
*1078
11%
9
9
26
*10684 109% *10634
*39
41%
41%
15%
15%
15%
126
126
10%
834
126
11
10%
9
9%
26%
26
26%
26%
*56
58
57%
58
*6584
67
67
6734
57%
67%
*3%
3%
43%
44
3%
43%
3%
4438
47%
48
48%
47
*29%
32%
69%
*29%
6734
3134
68%
34%
34%
71%
34%
72%
17%
I684
28%
13%
74%
34%
71%
17%
3%
4334
47%
*29%
68%
34%
72%
17%
16%
28%
13%
17%
-
28%
13%
*74%
*124
54
434
39
2984
1334
76
125
54
5
39
32%
*11%
25%
*31%
32
19
19
14%
14%
8
32%
13
25%
8
124
69
72%
17%
17
28%
13%
74%
75
125
x55
124
65
55%
434
'37%
*32%
*11%
25%
31%
1834
14%
4%
4%
38
38%
34
33%
*11%
13
6
Jan
Mar
56% Nov
I84 Apr
4% Nov
20% Jan
93
Deo 28
10134 Mar
7
l%May 26
4% Feb
7
7
8
Apr
Dec 29
55
Jan
2% Dec 30
2
Apr 23
30% Aug 22
3% July 24
59% Jan 21
Dec 31
101% Nov 12
5
Dec
1% May
92
15% Jan
No par
11% Jan
20% Jan
31%Nov 16
1984 Nov 17
89
Dec 18
47
9%
*108
884
*22
834
35
43%
14
14
*83%
4%
86
*93
98
67
67
4%
56
56%
57"
434
39%
33%
434
38%
4%
38%
33
33
*33
*12%
13
4%
39
1250 *1200
47
47
38%
3834
*63%
65%
12
12
*92%
10%
*6%
6%
53%
53
8%
40%
8%
8%
40%
4034
14
14%
14
12%
12%
12%
8
1350 *1150
47
3834
48
8%
5% Mar
500
910
220
100
eo5
1350 *1125 1350
49
*36%
*63%
*11%
39%
*37
65%
*64
98
92%
92%
10%
10%
10S4
65%
12%
12%
7
*6%
12
12%
12%
12%
25
25
32
32
25%
6%
3334
2034
26
634
6%
6%
32
33%
2034 21%
105% 105%
22
22%
20% 21
105% 105%
22%
71%
7034
7134
17%
16%
20
18%
17%
19%
2%
21%
2%
2%
,
21
20%
48
9%
9%
9%
109% *108
109%
884
8%
834
8%
7
634
3334
21%
105% 105%
22%
71%
16%
23
19
19%
2%
20
9%
108
884
71%
17
2%
20%
9%
108
834
11%
91S4
10%
6%
21
9%
884
23
22
22
22
22
23
34%
35
35%
35
35%
35
43
43
4334
44
43%
1384
86%
14
4334
14%
86%
43%
14%
For footnotes
86%
4%
97%
66
see page
14
1438
13%
85
85%
85%
4%
96%
64%
234.
4%
4%
4%
*86
110
4,700
50,300
42,300
4,600
10,800
1,700
40,600
19,733
43,300
600
2,100
6,700
1,300
53,400
33,800
1,500
80
1,000
18,900
3,000
16,900
6,000
8%
700
37,700
41
37,200
35,200
8,700
14%
12%
52,700
36,100
*1150 1350
48
48%
38%
*37%
*64
700
a.
.
1,400
500
Conv preferred
100
102
Dec 23
Nov
19% Jan 3
97% Dec 24
127%
14%
48%
634
47%
132
April
64
Sept 29
65% Jan 2
85
Nov 27
118% Deo
Silver King Coalition Mines.5
Simmons Co
No par
884 July
7
19% Jan
2
Slmms Petroleum
z3%June
5
10
Skelly OH Co
..25
Preferred
100
Sloss-Sheff Steel & Iron... 100
7% preferred
...100
9
Jan 25
Oct 19
11%
1134
12
900
91
92
100
1034
10%
6%
11%
634
500
12%
12%
27%
7%
1,400
6%
21%
9%
27
7
34
20% 21%
105% 106
23%
24%
73
72%
16%
17
20%
21%
21
934
108% *108
834
23%
35%
44%
14%
86%
97
97%
98
4%
97%
98
66
65%
65%
65
65
5%
34
21%
15,300
1,900
23,900
3,700
12,900
4,300
18,100
5,100
35,300
48,500
49,800
9%
7,100
19,400
108%
100
1
834
834
23%
23%
700
35
3534
44%
9,300
15
15%
3,000
8684
87
44%
5
5%
97% 100%
66
65%
2,600
1,500
340
12,700
5,300
2,600
3% Mar
63% Mar
8% Feb
Mar
6
Jan 15
434
Oct
Dec 31
6%
Jan
1
60
Jan
13
Mar
24
Mar
Nov
2534 Nov
584 Nov
50
July
34%
Deo
16% Deo
111
Nov
19% Apr
20%
1834
Deo
Jan
20% Deo
116% Deo
65% Deo
70% Nov
Smith (A O) Corp
10
Snider Packing Corp...No par
40% June 30
72
Jan 31
4638 Nov
68% Deo
21
30% Dec 23
15% Apr
30
Socony Vacuum Oil Co Ino 15
Solvay Am Invt Tr pref... 100
12%May 20
South Am Gold <fe Platinum. 1
So Porto Rico
Mar
1
17% Nov
114
July
4
3% July 29
Apr 27
...100
1 referred...
Sept
150
25
25
100
Southern Railway
100
5
1
7% Feb 29
35% Aug 28
26
Southern Pacific Co
Jan
160
Feb 20
Mar 26
32% July 28
47% Oct 13
23% Jan
1234 Apr 27
1 AH
19
Jan 21
26% Dec 15
54% Dec 17
&"6hlo stkVr'ctfslOO
34
Jan
59
PrAfpTTOri
MobUe
110
No par
Sugar
routhern Calif Edison.
Spalding (A G) & Bros-No par
1st preferred
100
Spang Chalfant «fe Co Ino pf 100
Sparks Withlngton
No par
Spear & Co
1
$5.50 preferred
No par
Spencer Kellogg & Sons No par
S perry Corp (The) vtc
1
Spicer Mfg Co
No par
Conv preferred A
No par
Spiegel-May-Stern Co.No par
684 July
63%June 12
Oct
7
11% Nov 17
82
101% Mar 18
584 Apr 30
6% Jan
Oct 15
11434 Nov 24
984 Mar
27
Oct
No par
prior pref....No par
$7 cum prior pref
No par
Stand Investing Corp..No par
Standard Oil of Calif
No par
Standard Oil of Indiana
Standard Oil of Kansas
152
Deo
27
Nov
1234 Mar
25%
16%
5% July
July
21%
Deo
July
33«4
Deo
5
Mar
42
Apr
69% Apr
Oct
4
63
Mar 13
99
Mar
Nov 19
114% Dec
121
4
109% Nov 12'
4334 Nov 10
129
Nov
101*4 July
"l2%
18% Nov
9% July 29
5% Apr 30
9% Jan 3
2484 Apr 28
26®4 Apr 30
Feb 24
1384 Mar 17
978 Feb 17
122%
2%
27% Dec 18
1%
134
62
434
Dec 14
72% Dec 14
Sept
June
Mar
Mar
Mar
Mar
Mar
6
2
Feb 26
3«4 Jan 17
78 July
35
Aug 21
47% Feb
48% Dec 30
27*4 Mar
23
Mar
31
20
Oct
25
Deo
Deo
8%
7% Mar
8% Mar
33% Feb
43% Mar
3284 Jan
834 Nov
70% Nov
107
8%
5384 Mar 20
10
Jan
7
3% June
37
25
Deo
15
24% Aug
120% Jan 10
cum
Feb
10% Mar
3% Mar
Jan 22
No par
1
$6
132
Oot
28% May
5
13% Jan
14% Apr 19
Prefei red
Jan
92% Oct 24
21«4 Apr 27
t Stand Gas & El Co. ..No par
20
Nov
1534 May
112
6
44
No par
Preferred
Jan
31
No par
Stand Comm Tobacco
107%
3634 Jan 25
Standard Brands
100'
10% Aug
73%June 10
2934May 1
15% Apr 30
6H% preferred
Square D Co
2
Mar 27
Dec 15
36% May
18%
15%
Deo
Oct
48
Nov
84
Oot
105% Nov
19%
130
Jan
Apr
12% Deo
9% Aug
11% Aug
26% Deo
2878
Deo
2% Nov
4078 Deo
33% Deo
32
Feb
Standard Oil of New Jersey .25
Starrett Co (The) L S._No par
2484May
9
Sterling Products Ino...... 10
65
7
Stewart-Warner
5
16% Apr 30
24% Apr 16
6% Mar
18%
Stukely Bros & Co Inc
1
14% Jan
2
9% Jan
6
30% Dec 30
1578 Oct 13
2% Mar
2% Apr
15% Deo
IOS4 Nov
Stone & Webster...
No par
X Etudebaker Corp (The)...l
Sun OH
55% Jan
.......No par
70
100
118
par
27
Preferred
....
Superheater Co (The).-No
Superior Oil
l
3
Superior Steel
...100
Sutherland Paper Co..
10
Sweets Co of Amer (The)...60
23
Swift <k Co
25
Swift Internat Ltd
No par
Symington-Gould Corp ww_.l
Without warrants
Jan
70% Dec 30
Texas Pacific Coal <fc Oil... 10
91
Mar 12
2
125
Nov 25
60
Dec 17
'
Jan
Jan
8
3
6% Jan 4
20% Apr 28
28% Apr 28
Nov
2
634May 14
5% Apr 27
28% Jan 6
6
33
12% Mar
5834 Jan
Jan 11
Jan
9% July
15
35*4 Mar
4034 Oct
78% Nov
Dec 18
12% Nov 24
Telautograph Corp..
..5
Tennessee Corp
5
Texas Corp (The)
25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur...No par
Nov 23
Jan
6
684 Mar
42%
3778
13%
26%
35%
Deo
Oct
Nov
Nov
Jan
203s Deo
121
pref
No par
The Fair
No par
Preferred
100
Thermoid Co
1
Third Avenue
100
Thompson (J R).
..25
Thompson Prods Inc..No par
Thompson-Starrett Co.No par
$3.50 cum pref
No par
Mar 25
884June 16
85
Oct
9
8%May 23
3% Jan
2
.....100
8% Jan 3
24% Jan 2
4% Jan 21
26
Apr 30
1484 Jan 6
100% Jan 3
Timken Detroit Axle.......10
Timken Roller Bearlng.No par
12% Jan 6
66
Apr 27
Transamerica
11
Tidewater Assoc OH
Preferred
10
Corp
No par
Transcont & West'n Air Ino. 5
Rights
Tri-Contlnental Corp..No par
6% preferred
...No par
Truax Traer Coal
No par
Truscon Steel
10
20th Cen Fox Film
CorpNo
par
No par
Twin City Rap Trans..No par
Preferred
Ulen & Co
100
No par
Under Elliott Fisher Co No par
Union Bag & Pap
2
1% Deo 16
Transue & Williams St'l No par
Preferred
Apr 30
14% Jan
Corp No par]
10%May 19
7% Jan 3
93
Jan
6
4% Jan
6
7% Apr 30
22%June 1
31% Apr 27
834May 20
65% Jan 22
2% June 30
74%June 29
38%May 21
Jan'
5
Mar
Oct
20
3% Mar
18
15
30
32% Dec
Sept
Deo 30
55% Deo 31
878 Deo 7
4484 Nov 13
6% Sept
4
Mar
16% Mar
2884 Apr
3% Jan
8% Jan
1050
14
Apr
13% May
May
50
16
Nov 17
110
Feb 28
5% Apr
61% Jan
12% Mar 5
9% Feb 18
\2% Mar
13% Nov 18
3234 July 31
5% Jan
1338 Mar
8% Mar 23
3934 Feb 25
2134 Dec 30
17
2
June
1% Mar
Apr
7% Mar
106% Mar
3
84
27 78 Deo
8
4% Mar
28% Mar
74% Nov 12
18% Nov 23
27% Apr 4
2% Dec 31
22% Dec 17
12
Feb
4
110
Oct
8
9% Nov 25
Dec 10
38% Nov 17
4784 Nov 16
17% Dec
109
Dec
4
7
8% Jan 20
102% Dec 21
70
68
Nov
Deo
77
Nov
121
Mar
30% Deo
3% Deo
1234 Aug
25
9
De
Sept
22®4 Deo
33% Deo
Deo 11
Jan
478 Mar
7% Mar
5% Mar
178 Mar
69
Apr
Oct
3% Mar
Aug
24% Oct
3%
13
2% June
18
9%
Mar
1% June
5384 Mar
29
May
Jan
884 Deo
30% Deo
3634
9%
Feb
Oct
12% May
Dec 1075
63% Oct 24
28
52% Deo
32% NOV
17
7% Jan
59
1%
Api
17%
15% Feb 29
6
143g Mar 6
9% June 30
Old
100 1000
Feb 18
July 15 1375
Texas & Pacific Ry Co
49
28
100
Jan 2
July 21
Thatcher Mfg.. ......No par
487gNovl8
33% Apr 27
conv
ill
15
15% Dec 17
938 Jan 8
13
60% Mar
115% Jan
30
Texas Paoific Land Trust...1
$3.60
-
92
12%
27%
7%
35%
21
21%
105% 105%
2284 24
71%
72%
17
16%
19% 20%
*22%
34%
'
48%
38%
........
12%
26%
6%
3334
*108
100
2,800
26,000
13%
5434
8%
12%
Deo
Mar
9
28% Dec 31
26%
8
12%
1484 Apr 30
29,500
12,600
13
Deo
7% Mar
40% Nov
29% Dec
434 "V 5
4034 42%
33
33%
13
14%
25%
26%
5
17
Dec 31
7,000
41%
33%
70
Nov 12
11% Dec 11
4% Nov
Apr
7% Mar
64
60%
8%
4034
14%
40%
14%
1234
12%
5234
12%
4%
59%
— -
8%
41%
14%
1234
8%
12%
14%
*8%
12%
26
64%
59
'mm
12%
14%
*11%
25%
6%
*95
14%
77
■m,
54
11%
2%
5634
14
77
*124
8%
1234
13%
19
76%
*124
5334
1334
20
2034
9
9%
109% *108
23
*124
8%
1234
53%
8%
11%
70%
17%
3478
4378
77
75%
124
15
40
73%
2%
*2038
76
29%
13%
76%
32%
13%
11%
23%
17%
30%
13%
20%
8%
39%
22
20%
2%
29%
13%
15%
33%
14%
10%
17%
72%
18%
18%
15%
31%
20
93%
19%
72%
1534
31%
14%
32
92
72
72%
18%
1534
15
10%
6%
23
72%
18%
16%
72%
1734
16%
32%
11
6%
72%
1734
18
16%
29%
1334
20%
95
*30% 34
20% 21
105% 105%
72%
19%
*93%
10%
7
37
32
65%
12%
26%
6%
37
19%
14%
38%
*6%
36
32
*63%
*1138
*11%
26%
36
19
*37
12%
35
32
8%
3 884
46%
37%
*63%
*11%
35
19%
14%
*8%
12%
1300 *1050
34%
31%
52%
47
69
19
19%
14% V 14%
31%
8%
12%
*1100
34
40
32% Dec 10
104% Deo 17
July
Mar
31
Dec
3
3678 Deo
47s Jan
697s Nov
l'%6 Dec 23
61%May 13
7
Oct
45
7,300
26
54
14
48
278
30% Apr
119
13
8%
11%
12%
5834
68%
334
45%
2084 Mar
7% Nov 18
Nov
1% Deo
% Aug
8% Dec 30
44
91
% June
Sheaffer (W A) Pen Co.No par
Shell Union Oil
..No par
110
26
53
39
11%
9%
27%
Oct
200
30,900
12,200
15,800
12,400
3,500
6,300
Jan
22
l'i6 Dec 30
234May 26
...No par
23% Nov
46
109
1
No par
Mar
434 Jan
1,300
2534
12%
12
126
164%
43% Jan
21,100
109% 109% *10634 108% *10634 108%
42% 42%
4284
43%
4234 43%
15%
15%
15%
1534
1534
15%
126
126% *126
126
127
127%
11
1034
11%
11%
11%
11%
9%
934
9%
10%
10%
10%
29
2634 2734
27% 2834
29%
60
63
57%
63
63
5984
70
70
6734
7084
72%
7134
3%
384
334
334
334
334
44% 45%
44% 45%
44% 44%
47% 4734
46%
47%
46% 47
33
*29% 33
33
*29%
*29%
69
68% 69
68% 69
68%
Mar
I 0 par
50
*11%
55
3834
13%
15%
12
31% Dec
Conv preferred ser A.No par
3034
25%
1178
8%
42%
Jan
600
22%
25%
31%
25%
54
8%
109%'
Nov
55% Nov 18
'
*10634 110
Jan
3
14
114% Mar 11
17% Nov 18
June
1
Sharpe & Dohme
2
Vpr
Apr
8
11
1
Shattuck (F G)
Sharon Steel Corp
% June
6
•1
37% July 15
110% Sept 22
88
3,100
10,100
Deo
Dec 29
20% Feb
Rights
Second Nat'l Investors
10% Mar
Oct 13
6
2
Servel Inc
200
102
Apr
4
100
Deo
Nov
3
7%June
Preferred
33
82
53% Jan
% Jan
Seagrave Corp
No par
Sears, Roebuck <fe Co..No par
share
20% Deo
Dec 30
100
Seaboard Oil Co of Del-No par
5% Mar
21% Feb
Highest
per
10% Feb 19
60% Dec 29
3% Mar 4
No par
t Seaboard Air Line...No par
Scott Paper Co.
12,200
19,700
Aug
$ per share
113% June
114% June
13% Deo
1
Preferred
119
634 Dec 31
100
108
Mario
15
100
100
130
share
19% Feb
..
Preferred
per
32
No par
95
*35
23
$
5% preferred
6% preferred
51%
51% 51%
50
50%
51
50%
52
51%
2,900
28%
28% 29
28%
28%
29
28% 29
28%
3,300
16%
16% 17%
17
16%
17%
17%
1634
17% 104,600
*111
112% *111
112
112
112%
*111
100
112% *111
112%
438
4%
438
4%
4%
4%
4%
4%
4%
434
12,800
34
34%
34% 3634
3534
3634
36%
37%
3734
18,900
36%
*152
159% *152
159% *152
159% *152
10
159% *152
159%
29% 29%
29% 29%
29% 29%
30
29% 30%
30%
10,500
42% 43%
43% 45%
44%
45%
45% 46%
46% 48
46,900
24
24%
24% 25%
26
24% 25%
27
25%
25%
40,900
50
49%
50%
4934 51
51%
52%
51%
51%
5234
15,500
*53% 55% *54
55%
55%
58
55%
400
57%
56%
*5634
10
9%
9%
9%
10
934
*934
10%
9%
10%
2,700
74
,74
72% 73
73
73
73%
73%
73
250
73%
104
*102% 104
104
*102% 104
104
110
104% *102% 105
8
734
7%
7%
7%
8%
8%
8%
8%
19,100
8%
24
Rutland RR 7% pref
St Joseph Lead
share
Safeway Stores
28%
16%
*21
No par
per
560
50
24
RJtter Dental Mfg
Roan Antelope Copper Mines
Ruber'dCo (The) capbtkAo par
$
Year 1935
Lowest
Highest
7,000
47,200
1% 504,100
•
Par
Preferred........
16%
30%
8
42
15%
*20%
111
4234
7%
82%
102
1434
4438
97%
2%
1834
83%
2%
7%
42
15%
21%
21%
29%
8%
28%
16%
*19%
*51
2
9834
per share
.
29%
35%
82
2%
7%
102% 102%
13%
14%
46
86
85%
111% *108
83%
2
l'ifi
28
14%
*97
100
18
*82
83
40%
45
45%
47
97%
2%
18
28%
10%
*60%
3%
13%
44%
3%
1434
44%
"28%
29
62
45%
2784
112
*14%
43%
97%
2%
*17%
43%
28%
102
41% 41%
27% 28%
102% 102%
102%
13%
112
*14
1534
16
42%
28%
103
14%
45%
42%
112
98
"28%
28%
29% 3084
29% 2934
*10178 103% *101% 102
1078
10%
10%
10%
*62
112
111% 111%
8%
4234
7%
42%
7%
42
98%
111% 113
2%
8
28%
13%
98
111% 111%
112
*111% 112
14%
1438 14%
4438
43% 44%
96
96%
97%
2
2%
2%
17% *18
18%
84%
83% 84%
2
3%
738
42
97%
111%
11134
47
3
13%
28%
32
42
97%
46
638
13%
4ia4
8
$
2484 2434
*73%
75
II984 120
*784
8>
46s4 47%
3%
3%
73g
734
13%
13%
29% 29%
41% 42%
Lowest
Range for Previous
Deo
28% Deo
44% Deo
61
12%
100
Nov
Oct
Oct
10% Deo
5
Jan
8% Nov
2684 Nov
5
28
Deo
Deo
1578
104%
13%
72%
Deo
Nov
14
Deo
Deo
Nov
15% Nov
16
8%
97%
678
8%
2478
33%
12%
73
Deo
Nov
Nov
May
Nov
Deo
Deo
Nov
Deo
5% Nov
87% Deo
50% Jan
Volume
New York Stock Record-Concluded—Page 10
144
AND
SALE PRICES—PER
HIGH
M onday
Tuesday
Jan. 2
Jan. 4
Jan. 5
$ per share
$ per share
$ per share
102i2 10334
2512
26
12678 12678
98
98%
*2534
27
27%
21%
*25
*29l4
28i2
2238
28%
31
101% 102
25%
257g
126% 127
98% 98%
2634
27%
27% 277g
21
21%
26%
26%
26%
29
29
29%
29%
*113% 115
*113% 115
128
*98%
27
Jan. 8
Week
Shares
102% 103%
26
25%
127% 128%
101% 102%
26
129
99%
2878
103% 104
98%
2534
98%
28%
2884
28%
28%
21
28
20%
2834
21%
21%
25
25
26
26
29%
115
29%
2934
2934
29
27%
29%
Par
11,800
Union Carbide <fc Carb.No par
Union Oil California
25
Union Pacific..—.
100
29%
30%
23
13,500
6,500
1,200
8,600
45,800
46,100
27%
800
United Amer Bosch
No par
United Biscuit
No pai
26%
127% 130
20%
27%
98%
800
2934
115
115
*84
85
83
83
81%
81%
8134
82
8134
*29%
31%
30
30
30
30
3034
31
31%
678
44%
14%
2978
6%
43%
30
684
7%
4478
14%
7%
44%
4478
45%
14%
7%
45%
14%
14%
19
19
14%
20
*43%
14%
18%
19
*99U 102
7%
7%
47%
82%
47%
82%
15
151s1
*11034 111%
7
7%
18%
*94
*278
18%
98
378
18%
19
31
31%
122% 122%
*166
167
3034
30
123
123
167
17
6%
13%
13%
13%
89
89
62%
13%
93%
62%
60%
17%
17%
17
62
18%
45%
46%
44%
45%
94%
96
93
94%
84
84
83%
84%
75
*73%
75
757*
75
139% 140
81%
30%
167
55%
7%
81
81
17
5578
3734
38%
3734
6%
13%
6%
6%
13%
93%
6234
13%
93%
18%
61%
17%
44%
92%
8378
115
115
60
83
83
83
1,600
81
15%
112
8%
7%
19%
1,200
7% 105,000
9,000
31%
81
82%
3,100
15%
15%' 58,900'
20
31
31
31%
"17%
5578
38
37%
38%
678
12378 126
167
17%
55%
55%
7
14%
15%
17
*55
37%
678
9434
95
62
93%
6234
15%
95%
63
65
64%
17%
1778
17%
19%
18%
132
*166
169
7
100
7%
102
17%
634
100
169
7
102
4
378
4%
1%
178
1%
1%
4678
4734
4734
94
9434
95
95%
95%
84
83%
83%
83%
86
85%
*75%
76%
80
75%
78%
800
75%
8034 135,100
75
7578
143
75
7678
143%'
79%
142% 143
143% 144
100
40
40
*40
*114
116
*114
116
42%
*114
4%
1%
2
*84
42%
*85
*85
7%
734
5534
113
73s
54%
*113
8%
58%
113%
100
60
8%
58%
28%
3934
*42%
4
103% *100
*43
8%
60%
113% 113%
12%
11%
170
53
50
3I84
4038
41,200
4334
100
1,700
—
5% non-cum pref
Va-Carolina Chem
129
200
17%
6778
1%
*10%
1034
1%
10%
*33
36
*66
*36
36%
8%
50
*81
*98
105
*42
7%
96
96
96
17%
18
17
17%
6778
67%
67%
67%
67%
678
9678
17%
67%
1%
1%
1%
1%
1%
1%
10%
10%
10%
10%
10%
10%
35
34%
34%
*32
35
*31
36%
35%
35%
36%
37
3634
3734
38
36
36%
36%
37
37
37
37
8
8
*8
8%
1%
8
8
1%
*1%
*1%
50%
51%
*80%
178
50
51
50%
82%
9884
81
81
81
82
98
98
98%
9834
104% 105
105
106
115
115
9
9
*16%
1778
*1634
2%
234
234
7%
78%
7%
778
77% 79%
49%
50%
145% 147
*148% 153
26% 26%
37
*35%
23% 23%
34
*3334
7978
146
153
26
*35%
*35%
24
24
24
3378
50%
145
*151
37
33%
878
3378
49
145
9%
18%
27g
46%
7%
8,700
1%
67%
1%
1034
7,000
9,700
11
10%
400
600
3434
38%
*31
37%
39%
7,600
3734
8%
37
38
2,300
8%
34
100
884
9,200
178
190
*81
1%
51%
83%
101
1%
50
83%
101
50%
146% 148%
*152% 153
36%
243s
24%
2434
2584
3478
278
8
51
83%
101
3
8%
50
5,100
400
4,500
37%
34%
26
34%
*70
90
*70
*113
120
38
39
41
41
340
4,200
1,700
79%
80
8134
8134
82%
8234
82
82
62
62%
62%
63
63
63%
35%
6178
35%
62%
36
36%
36
38%
37%
38%
85%
34%
34%
81
81
79
77%
77%
49%
20 78
129
49%
2134
129%
*114% 120
73%
49%
20%
129
82
78%
*116
83
78%
120
73%
73
73%
51%
51
51%
20%
129%
20%
128
2134
128%
81%
83
82%
*76
77
78
*117
120
118
73%
*49
2138
128
5%
478
10%
9%
8434
79%
118
83%
78%
120
75
75%
76
*74%
51
51
51
51%
23%
2134
129
21%
129
24%
129%
..
5% preferred
30
14,800
100
50
129
4,300
1,700
13,300
8,200
1,920
White Motor
White Rk Min
Spr ctf..No par
No par
No par
White Sewing Maoh
Conv preferred
$6 preferred
100
10
43%
77
4334
77%
43%
43%
7578
76%
42%
75%
33
7%
3334
7%
33
7%
33%
7%
43
77%
110
33%
33 78
7%
734
For footnotes see page 234.
4384
76
4334
7634
44
77
*100
110
*104
34
34
34
7%
7%
7%
4584
7934
110
35%
8%
78
Feb 25
76
1,300
51%
1,800
25% 153,900
Yellow Truck A Couch cl B..1
129
660
Preferred
100
45
45%
79
8078
*104% 110
35%
778
3584
8%
2,100
11,700
Young Spring A Wire. .No par
Youngstown S A T
No par
5,900
5H% preferred
100
Zenith Radio Corp....No par
Zonite Products Corp
1
11,700
Dec
Jan
Feb
3% Apr
124% Apr
7334 July
50% Nov
119% Nov
14034 May
165
Aug
7%
Jan
Oct
Dec 11
30% Dec 31
49% Nov 5
116
Aug 8
48% July 21
80
Aug 20
Sept
2
8% Dec 12
6884 Dec 12
114%May 16
1334 Dec 15
41% Dec 15
133% Feb zl59% Deo
Nov
29
73
Aug
Mar
4% Aug
2
Nov
% Mar
19% Apr
56% Nov
21% Jan
11% Apr
Feb
33
Nov
91
Feb
114
Nov
34
May
63
Dec
63
Deo
68
Dec
70
Aug
11%
2% Mar
17% June
72%
Jan
2
June
15
Feb
44%
478
37
112%
Deo
Deo
Deo
Deo
7% Nov
33
Nov
83
May
131% Aug 26
86
Feb 19
137%June 10
4% Feb 5
10% Mar 3
734 Mar
Nov
6
6
39% Dec 16
118
Jan 16
63% Mar
Deo
Feb
Apr
117%
1% M.tr
5%
1
4% Deo
978 Nov
109%
1
May
4% Mar
26% June
114
Jan
1% Feb
3% Nov
33%
120
Deo
Deo
Apr
6% Nov
9
7% Nov 17
105
Nov 19
18% Dec 14
69
Dec 16
27g
1234
38%
37%
Feb 29
8
Dec 8
Dec 28
Dec
39% Dec 22
11% Feb 6
85
June 23
8334 Dec 18
Sept 9
110
Apr 21
102
Sept 10
107
Mar
11
1% Feb
28% Jan
2% Mar
5
3
Dec
47
Deo
10*8
Deo
52
Deo
14% Mar
% Mar
2% Mar
Deo
1%
Deo
6%
778 Mar
17
Jan
Aug
20% Aug
32
Sept
25% Dec
4
Mar
30% Deo
7% Nov
85
Apr
90
Feb
Jan
3
Nov
1
30%
Jan
72
Jan
34
Mar
397g Mar
55% Nov
84% Oct
Deo
91%
99% Nov
36
Mar
6
6
124% Sept 18
104%
Jan
120%
11634 Dec 10
95
Jan
114*4
8% Apr 27
12% Feb 21
23% Sept 11
5% Mar
10%
Deo
7% Mar
19»4
Deo
Jan
7?8 Jan
77% Nov
3584 Deo
116% Jan
11134 Jan
15
Apr 30
178 Nov
6
5% Aug 26
72%May 4
Jan 14
160
7
Feb
7
1% July
2% Feb
Nov
6
20% Mar
Dec 30
Oct 17
32% M;ir
Mar
Nov
Deo
Dec
3%
98*4 Nov
90
Feb
3384 Jan 25
10
Mar
33%
Deo
39
29
Jan
38%
Deo
32
Jan
3
July 29
35% Oct
16*4 Mar
126
Deo
25% Nov
6
Oct 23
July
1
3978 Dec 31
8
3
109% Feb 19
28% Nov 12
17% Nov 17
1334 July
7
3% Apr 28
16
Apr 28
2»4 Jan
7
6%June 19
June 20
634 Nov 17
43
Nov 17
5% Mar 30
11
Jan 14
35% Sept
"32%
46%
102% Nov
19% Deo
24% Jan
4*4 Deo
Jan
678 Mar
12% Oct
1% Mar
6
Jan
1
Mar
378 Apr
Nov
20% Deo
3% Deo
9% Nov
Jan 15
58
Apr
Nov 18
51
Jan
65% June
11% Mar
25% Mar
20
Apr
35% Mar
73% Mar
17% Apr
2% June
31% May
25% Nov
4
8684 Deo 17
8034 Oct 23
6
140% Sept 16
Aug 21
79
Feb 10
33% Apr 28
51
Nov 17
3
Jan
14% Mar
71
3634 Deo 17
Jan
8a4 Jan
18
87
62% Jan
63
18
92
Oct 16
Nov 17
18% Feb
70
97g
96%
x5078
153%
Feb
91
21% July
84
4
July 21 *120
47
Wright Aeronautical...No par
Wrigley (Wm) Jr (Del) .No par
Yale A Towne Mfg Co
25
Aug 7
Apr 24
234 Jan 13
100
800
410
Deo
91%
78
52% Dec 30
100
79
126
Jan
48
24% Mar
73% Nov
Aug 21
Preferred A_.
100
17%
Apr
May 26
Preferred B
W) Co
Rights
*10634 110% *106% 110% *100
9
4434 Apr 23
23% Apr 30
56
Apr 30
Woolworth (F
Worthington P A M
Deo
9% Mar
Mar
1
99
Preferred
Deo
11%
51
83
34
Wheeling Steel Corp...No par
Sept
22%
Mar
3
46
9
2% Oct 28
57
73
Nov 28
33%June 30
5M% conv preferred—100
5
6278
82
..
.No par
10
82
........
Wilson A Co Inc
5
938
*76
Westvaco Chlor Prod..No par
Wilcox Oil A Gas
484
9%
80
63
35%
No par
Class A
20,700
47g
87g
79%
35
Weston Eleo instrum't.No par
84,900
45%
4%
*7778
6234
50
44%
5%
978
44%
978
preferred
6%
4%
5
1st
100
16%
46%
9
Preferred
27
42%
4%
8%
*77%
62%
100
100
Western Pacific
6%
41%
6%
4%
9
preferred.,.
16%
16%
4234
2d
25
25
6%
*4%
834
Western Maryland
1,100
29,200
1,100
10,700
16
4034
6% preferred
—100
100
100
100
—100
105
24
6%
pref
103
2378
15%
6%
15S4
*117% 120
*7278
75
'
4134
23%
15%
6%
24%
5%
6%June
Wheeling A L Erie Ry Co.. 100
90
120
23%
Apr 30
19% Apr 28
2
37%
25%
*113
*15%
21
Jan
26,000
89
103% *10234 103
2434
24% 2578
24%
16%
16%
16%
16%
6
6%
6%
6%
44
42%
43% 4434
1578 Jan
Feb 20
28
120
103
4% Jan
87
6% preferred
West Penn Power
Deo
Nov
Nov 10
96
100
Preferred
770
Jan
14*4 Mar
14934
Nov
7
240
Nov
9% Sept
119%
52
91»4 Jan
200
87
165
16% Sept
53
July 10
20
2% Apr 29
47% Jan
West Penn El class A ..No par
Wells Fargo &
Oct
Oct
39% Deo
3%
20%
4934 Nov 18
%June 18
No par
Convertible pref.—So par
Warren Fdy & Pipe...-No par
Waukesha Motor Co
Webster Eisenlohr—.No par
Preferred
....100
18% Nov
7% Mar
July 30
884 Nov 17
10?8 Jan
No par
Warren Bros
Jan
92% May
3% Mar
144
26% Apr 17
1778 Apr 17
$3.85 conv pref—No par
t Warner Quintan
4% Mar
6278 Jan
27% Mar
12% Dec 11
9% Apr 30
44
Apr 29
5
Warner Bros Pictures
Mar
73% Mar
9
3
600
27%
*70
103
Dec 17
3434 Jan 13
*110
103
Apr 30
5% Jan
94% Jan 6
123% Jan 7
22%June 8
35% Oct 22
1934 June 29
3l84Nov28
89
103
30
114
Westinghouse El A Mfg....50
120
103
-100
Preferred
11
7978 Deo 17
19
Westingh'se Air Brake.No par
*70
105
No par
Class B
4%June 29
9% Jan
500
16,100
80
*110
105
No par
Preferred
Ward Baking class A ...No par
2
10,300
90
38%
6H% preferred
t Walworth Co
Jan
24,700
120
38
No par
100
No par
Walk(H)Good & W Ltd No par
Walgreen Co..
5
Co
1
Wesson Oil A Snowdrift No par
Conv preferred....-No par
153
*70
38
No par
Aug 8
Aug 31
2% Aug 21
5078
50%
*110
39
100
Preferred B
Waldorf System
6
14734 149%
90
38%
100
Preferred A
28% Aug
.
Western Union Telegraph
120
38%
—100
t Wabash
4% Jan
23,500
11,600
153
75% Apr
84
8178
80%
*70
38
Preferred
-
*110
,
800
67%
8%
34%
3,300
1%
734
34%
120
67%
37
34
1,100
74,400
88,900
29%
3734
24%
30
800
1734
28
37
10,000
17%
287g
3734
26
3,000
98
278
49%
«.
97%
79% -8078
50%
146
7
-
9678
17%
234
778
7934
*152% 153
26%
34
7%
44%
60
900
105% 106
105% 106
95
96
9584
96%
121% 121% *121%
115
115
115% 115%
9%
9%
9%
934
*17%
18%
17%
18%
96
121%
78%
49%
26%
105
95
8%
151
105
120
78%
49%
26%
100
96
778
151
*81
99
121
77%
48%
145%
5034
83%
96
8%
145
1%
99
121
115% 115%
44%
*81
1%
51
51
105
734
*81
*81,
*81
1%
96
*95
96
9534
121
12184 I2I84 zl21
*114
116
*113% 116
87g
878
878
878
*16
*16
1778
1778
278
2%
2%
234
734
45
36%
8%
*81
*1%
*30
Sept
70
129
17
84
6
120
129
17%
68%
1%
May
100
129
100%
72
100
130
6% preferred
Va El & Pow $6
No par
July
15434 Nov 28
6% Mar 18
9
Vulcan Detinnlng
*129
17%
June
14
May
100
100 *114% Jan 16
130
*94
30
Nov 28
103«4 Nov 10
115
9
5% preferred
Virginia Ry Co pref
*129
99%
Jan
3% Jan
1
July
Apr 27
130
*94
100
Oct
5
168
Oct
Apr 30
Mar 24
76
76
76
76
*7034
76
75% *71
7584
*70%
*70%
*70%
*123
*123
135
135
*122% 135
*122% 135
*122% 135
*122% 135
3%
338
338
3%
3%
3%
3%
3%
3%
3%
3%
3%
9
9%
984
978
9%
938
984
934
10%
10%
9%
9%
*6
8%
784
734
734
*5%
8%
7%
8%
*7%
8%
*7%
1678
17
16%
16%
16%
16%
16%
16%
16%
16% *16%
*16%
38
38
38
38
38
37%
*37% 3778
37%
38%
38%
38%
115
118
*115
*115% 118
11434 115%
114% 115
115%
*11434 118
1134
1134
11%
11%
11%
1234
12%
11%
13%
11%
1134
11%
47
47
47% 47%
47%
47%
47%
47% 4734
47%
*47% 48
19%
19%
19% *19% 1978
*19%
1934
1978
19%
*19%
19%
*18%
*94
Apr 27
160
4
110
7%
7
109
34
7%
3
46% Jan 21
100
pref—No par
34
7
68% Jan
115% Jan
Virginia Iron Coal & Coke. 100
70
34
7%
72% July 30
580
34
7
Jan
21,900
35
7%
7% Apr 30
29,066
5734
*30
7%
8
8%
8%
6O84
37
42
Jan
59%
8%
59
37
45
71
113% 113% *113% 114%
11
*11
12«4
12%
8%
69%
58%
113% 1
%
%
12%
8
37
4434
Pac Ry Co oomlOO
Vicks Shr
*90%
*34%
4434
7% 1st pref
*86
3778
45
Aug 17
16% Apr 30
2834 Jan 16
100 xllO% Feb 17
40
Apr 30
5
Vick Chemical Co
"60%
50% Nov
4% Oct
10
Vanadium Corp of Am.No par
Van Raalte Co Inc
C
*90%
*36%
*41
Preferred
Dec
35% Mar
Aug 18
31% Aug 28
60
No par
100
*86
11
*41
125% Nov 28
49
pref. 100
1
Vadsco Sales
7%
10% Nov
153
Utilities Pow & Light A
96
Jan
+—100
Universal Picture^ 1st
3% July
Feb
5
Preferred
Mar
5
No par
100
....
Preferred
13*4 Deo
20% Deo
4% Mar
143
United Stores class A..No par
U S Tobacco
8*4 June
65
169% Feb 18
131
94
11
*129
100
100
24% Deo
784 Nov
45*4 Nov
May
165
11%
130
50
Preferred
17% Oct
1% Feb
2O84 Mar
87S Jan
160
Mar 23
—
*1078
*129
24% June
80%May
2334 Nov 28
39% Jan 2
101
Preferred
Nov
Nov
Apr 29
Jan 23
47
U S Steel Corp
Jan
Aug
78
Nov
Nov
16% Jan
100
50
118
Jan
96
5
..No par
preferred
U S Smelting Ref & Min
Oct
46
65% Mar
% June
100
_
21% Jan
1st
111
5
20
92
-
Nov 19
preferred v 10
100
U S Pipe & Foundry
20
U S Realty & Impt— .No par
90
8%
87
20% Nov 18
62% Nov 18
69
Apr 2
978 Jan 27
1838 Jan 28
104
Sept 21
6378 Dec 30
19% Dec 11
49% Nov 30
U S Rubber
26%
Deo
Deo
Nov
Nov
No par
Prior
13*4
20
15
U S Freight
No par
No par
20% May
30%
4% Mar
10
Class A v t c
Mar
Jan
26% July
Feb 17
100
U S Hoffman Mach Corp—5
7
Deo
90% July
110
Preferred
*86%
"
8
102
4,600
*43%
8% Dec
4% Mar
76*4 Nov
24
111%
5034 Nov 25
1
40,600
4334
2
57% Apr 29
2
29%
June
6734May
4%
30%
16% Feb 4
29% Aug 10
105
No par
—
9
35% Nov 21
9% Feb 17
4878Aug 4
No par
103%
39% 4034
40%
115% *114
115% *114
115%
44
•
Jan 11
9634Nov
Preferred class A
1%
29%
29%
40%
117
Universal Leaf Tob
4%
*48
25% Sept 26
37% Nov 16
33% Nov 19
500
2
49%
7
3238 Feb 18
31% Feb
200
4%
1%
49%
53
9,800
June 10
82% Mar
79% Mar
20% Oct
978 Mar
9% Mar
87% Mar
Jan
*89
*85%
*85
*50
115% *114
42%
*84
103% *101
378
178
40%
28%
*100
4
378
1%
40
29%
*42%
100
40
28%
55
3,800
6%
29
48%
113
3,200
167
49%
2978
48
42%
6,600
Feb
9
Jan
U S Leather v t c
11,900
Jan
14*4
8
2
20
100
44
28% Feb 7
14934 Aug 12
1938 Jan
91
7% preferred
105% Nov 18
100
HigTiest
share $ per share
113% July
100
U S Gypsum
per
7
Jan
No par
Corp
$
14% Nov 14
Apr 30
£0
5H% conv pref
U S Industrial Alcohol-No par
42,000
41,300
2
13
200
600
66% Jan
109
5,500
13,900
July 10
June 18
t United Paperboard new—10
U & & Foreign Secur
No par
4,200
15%
95%
67%
9
United Gas Improve—-No par
Preferred
No par
7
4578
75
7738
No par
38%
94
143
4
1 32%
United Eng & Fdy
United Fruit
55%
1834
4878
97
8534
49%
28%
52
*42
3,300
132% 132% *120
*167
378
*48%
90
167
6
638 Apr 30
40% Apr 29
IOS4 Apr 27
United Eleottlo Coal..-No par
4,000
2,400
1834
20
22% Jan
Jan
560
20
9
Jan 15
Pi eferred
3%
Oct
Jan 21
15
U S Distrlb
3%
123% 123%
68
93
200
*96%
3%
2
16% Apr 27
24% Mar 18
111
.-5
10
7
2
2
Apr 30
Jan
Jan
Jan
Jan
13
Lowest
$ per share
share
71% Jan 3
2034 Aug 26
108%
90%
22%
20%
Year 1936
Lots
Highest
100
400
96%
per
100
United-Carr Fast Corp-No par
United Corp
No par
Preferred
No par
2,700
1878
98
132% *129
132% *120
132
132% *131
169
16734 16734 *161% 16734 *161% I6784
7
7
7%
714
684
7%
7%
88
*75
*75
*75
*75
*75
8578
87%
8734
8478
84%
84%
83
83
83
83
83
83%
*81
83
83%
83%
*83%
*79%
*161% 164
*161% 164
*160% 16478 *160% 164% *161% 164% *161% 164
*120
400
$
No par
Preferred
25,800
18
*167
5
Corp—5
United Carbon
8%
30%
634
14%
1,700
*112% 114%
96%
17%
Un Air Lines Transp
United Dyewood Corp
Preferred
"4",000
18
*3
United Aircraft Corp
United Drug Inc
7%
4778
18%
Union Tank Car......No par
1,200
7%
47%
8
100
Preferred
6,400
*99% 101
46%
*74%
75%
143
7%
123% 123%
*53%
*90
15
112
3%
1878
3084
*167
17%
56
117
*99% 101
7%
7%
46% 47
47
19
17
38
7%
18
167
6%
19
47
*2%
1834
122
37%
7734
3%
17
*5478
141
*2%
122
6%
14%
*18%
*99% 101
\
*166
3878
75
*115
1478
15
1478 15%
*112
111% 112
11434
6%
678'
634
7%
17
17% 17%
17%
97
97
*94% 98 I
6%
7578
678
44
1434
15
111% 111%
6%
7
17%
18%
*9414 98
3%
*2%
18
18%
30%
31
*54%
140
7
4438
14%
143s
*18%
19%
*99% 101
7%
778
*46% 4678
80% 81
*38
*89
634
4334
14%
14%
18%
18%
*99% 101
7%
7%
47
47%
80%
81%
17%
55%
17%
678
44
115
On Basis of 100--S7»ar«
Lowest
$ per share
Jan. 7
Range for Previous
Range for Year 1936
STOCKS
EXCHANGE
$ per share
$ per share
25%
Friday
NEW YORK STOCK
the
NOT PER CENT
Thursday
Jan. 6
.
101% 102%
25%
26
126% 127%
98% 99
26% 27
27%
28
20% 21%
26
SHARE,
Wednesday
Sales
for
LOW
Saturday
243
23% Dec 28
83% Jan
163% Dec 14
2% Dec
79
61
Nov
Nov
61% Nov
68
Dec
82*4
Apr
35% Nov
9%
Deo
5% Deo 18
42% July
41>4 Jan
105
Jan
11% Jan 28
534 July 7
55
Apr
6
87*4 Oct 10
122
Aug
18
Mar
13
Mar
7
38% Apr
42% Nov 17
1% May
2% June
9*8 Jan
4
96
53%
4678
105
Nov
Deo
Deo
Deo
14% Nov
7%
Dee
Complete
Bond
Brokerage Service
RICHARD WHITNEY & CO.
Members New
York Stock
Members
York Curb Eochange
New
BROAD STREET,
15
Exchange
NEW YORK
BOwllng-Orun MCOO
TWX, N. Y. 1-1791
A. T. & T. Tol.typ.
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
244
On Jan.
1, 1909 the Exchange method of quoting bonds
teas
changed and prices
are note
Jan. 9, m?
"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
the regular weekly range are shown In a footnote In the week In which they ocour. No account is taken of such sales in computing the range for the yeat.
Week's
Friday
BONDS
N.
U.
S.
Range
BONDS
Friday's
for Year
N. Y. STOCK EXCHANGE
Price
Government
3a.
May 15 1944-1949
3s
Jan
A
O
121.6
O
J
D
109.10 109.10
115.8
115.7
IVI
S
D
J
M
121.4
Asked
No.
121.11
22
115.3
109.26
89
105.24110.16
115.20
266
111
116.9
7
109
114.21
114.9
110.8
110.18
36
S
106.23 106.14
106.24
D
107.26 107.24
107.30
31
J
D
107.11 107.11
107.28
147
IVI
Low
High
114.4
110.9
1936
J
137
High
121.28
106.17111.3
102.20106.20
102.29108.7
107.19109
108
109.23
S
108.14 108.14
108.24
48
J
D
154
103.24109.3
D
108.20 108.16
108.18 108.7
108.24
J
108.15
173
103.19108.17
F
A
108.12 108.11
108.24
116
108.5
A
O
109.10 109.10
109.25
180
105.12110.15
IVI
s
616
S
104.24 104.11
106.2
106.2
104.24
M
106.16
55
M
S
104.15 104.5
104.15
853
103.14 103.4
103.15
J
D
M
J
S
D
2Ha
Mar
1 1942-1947 IVI
Home Owners' Mtge Corp—
103.6
102.27
101.17 101.9
100
109.25
104.20
1949 F
External 5s of 1914 ser A
External loan 4 Ms
Czechoslovakia (Rep of) 8s
1951
1952
104.8
104.16
29
100.15104.14
102.20106
104.28
105.3
313
102.31 102.27
103.2
431
99.16103.10
102.29 102.26
102.31
290
1942
..1955
External g 4Mb-.:
Apr 15 1962
Deutsche Bk Am part ctf 6s... 1932
{♦Stamped extd to Sept 1 1935— M S
Dominican Rep Cust Ad 5Ms.. 1942 M S
1st ser 5Ms of 1926
2d series sink fund 5 Ms
.1940 A
100.17105.2
& Municipals—
.
A
26 M
27 M
27M
O
26 M
27 M
9
17 M
2
17 M
1963 M N
"98M
98 M
98 M
1940 A O
♦Dresden (City) external 7s... 1945 MN
J
15M
15M
20 M
102
17
♦External
s f
7s series B
1945 J
J
♦External
s f
7s series C
1946 J
J
18M
20
a
f 7s series D
1945 J
J
17
20 M
s
f 7s 1st series
50
sec s f
13M
13 M
17 M
♦External
51
♦External
sec s
16M
16M
99 54
102 M
1957 A
O
7s 2d series. 1957 A
O
13M
13M
f 7s 3d series. 1957 A
O
14
Antwerp (City) external 5s
External
s f
External
s
Extl
s
102M
101M
102 M
f 6s series A.....1957 M S
10154
External 6s series B
1958|J
f 6s of May 1926
D
1960 M N
s f 6s (State Ry)
1960 M S
Sanitary Works
,1961 F A
Extl 6s pub wks May 1927—1961 M N
Public Works extl 5)4 s
1962 F A
Australia 30-year 5s
J
1955 J
...
17
14
98 M
O
6s of Oct 1925.. .1959 A
101M
102M
102 M
101M
101M
101 54
101M
102 M
20
102
102 M
83
External
102
10154
Extl 6s
102
102
External 5s of 1927
External g 4 Ms of 1928
Austrian (Govt) sf.7s
—.1957 M S
1956 MN
1957 J
J
72
External 30-year
s
F
16
70
149
M S
s f 5s
...1955 J
J
D
1960 M S
♦Berlin (Germany) s f 6Ms
1950
♦External sinking fund 6s
1958
♦Brazil (U S of) external 8s
1941
♦External s f 6 Ms of 1926
1957
♦External a f 6M8 of 1927—1957
101M
102 M
102 M
102 %
♦Sink fund secured 6s
41
130
102M
102 M
102 M
86
110M
10954
102M
100M
89
102
100
1G1M
99M
91
7]
91
40
s
99
16a ser C-2
O
D
J
D
53 M
A
O
43 M
A
O
43 M
43 X
o
External s f 6s ser C-3
1960
♦Buenos Aires (Prov) extl 6s
1961 M S
♦6s stamped
1961 M S
♦6Ms stamped
...1961 F A
Extl
s f 4MS-4M8
Refunding s f 4 M 8-4 Ma
Extl re-adj 4Ms-4Ms~
Extl s f 4Ms-4Ms
3% external s f 3 bonds
Bulgaria (Kingdom of)
102 M
41M
102M
102M
J
S
J
A O
♦Farm Loan 6s ser A Apr 15 1938 A O
♦Chile (Rep)—Extl s f 7s
1942 MN
♦External sinking fund 6s... 1960 A O
♦Extl sinking fund 6s...Feb 1961 F A
♦Ry ref extl s f 6s
Jan 1961
♦Extl sinking fund 6s..Sept 1961
♦External sinking fund 6s
1962
♦External sinking fund 6s...1963
♦Chile Mtge Bank 6Ms
1957
♦Sink fund 654s of 1926
1961
♦Guar
8
f 6s..
28 M
27 M
356
51M
41
345
22
41
242
21M
3
3
7
95
41H
104M
95
104M
10154 105 K
3
8
101
4
101
101M
100
Italy (Kingdom of) extl 7S
65
85 54
86M
2
77 M
80
190
78M
81
91
80
7
81M
81
83
20
60
60
60
5
23M
23M
2454
24
24
25
"~81M
"35""
28M
27
31
22M
21M
20M
35
2654
26 M
30M
22M
20 M
110M
114M
101H
103 M
14
6
69
30
40
29
51
7
35
6
28M
5
27
31
11
25)4
13
23M
105 M 112
111M 110
96 M 101
9954 104
32M 00
29
42M
25M
36 M
36
26M
14
39 M
21M
660
13 54
20 M
483
13)4
557
1354
13 H
19 M
20
19 H
257
20
2354
24
24
M 8
13
25
9
25 M
20
Italian Cred Consortium 7s A—1937 M
s f 7s
1947 F
(Province of)—
7Ms June 1 1935 coup on....1950 J
62
23
99 M
9754
97
97
28M
27
6
47
31 j
17M
70M 100
3454
9954 105)4
99
92
100
485
10
19
37)4
101M
98
103 M
68M
90
106
89
105M
13
104 M 106 M
93
100M 102 M
93 H 109M
181
♦44
37
48H
78
74M
79
25
66M
78M
79
72
79
49
78M
73
78M
13
78
78
23
23
23
1
61M
61 )4
21M
67 M
72
6
41H
70M
98
3
93
98
102
105
109
5
18
27
98
107 M
18
106 M
18
122
122
119M
al26
107 M
20
122
H9M
al26
7
30M
122M 183
2
116M 172 M
3
125)4 190
122M 182 M
22M
19 M
29M
123M
3
20 M
22M
235
19M
2954
18M
27M
24M
20 M
29M
24M
12
18)4
29
61
26
3954
16
23M
34
3
2
24M
25
25
45 M
33
33
33
30
35
2954
27 M
2954
46
2554
3154
96
M
96 M
99
68
93)4 100
15m
15M
105 M
25
25
....
15M
105M
5
19 M
15M
104
26 M
24 M
110
2454
25
17
30
21M
25 >4
13
18M
21H
21H
21H
1
17 M
32)4
2554
2454
50M
12
1654
26
38
51M
24
24
49
50
19
♦113
85 M
*87 M "151
*98 M
~83
"9
112)4 115
87 M
6054
83M 100
83
80M
74M
71M
97)4
7554
42
9754
98 M
92
83 M
83
8454
97
2954
30 M
25
35
23 M
22)4
31H
53
83
51M 77
91M 100)4
78
89 M
14
104M
95M 101
8m
D
9M
9
J
7)4
4
11
9
""71
854
13M
J
A
O
"71M
M
S
27M
7M
24
7M
2
754
7
D
J
134
106
7 54
♦10M
10
J
.-.-1954 J
17
10M
14
J
8M
11M
HM
1154
11
1945 Q
♦Assenting 4s of 1904
1954
♦Assenting 4s of 1910 large......
♦Assenting 4s of 1910 small
♦{Treas 6s of '13 assent(large) '33
♦{Small
Milan (City, Italy) extl 6MS-..1952
Minas Geraes (State)—
♦Sec extl s f 6Ms.
...1958
♦Sec extl s f 6 Ms
1959
♦Montevideo (City) 7s....... 1952
9
854
754
7)4
954
9M
207
9
512
67
4
93
4M
13
13)4
1254
7054
73M
119
27
3054
54
13
8
17
17)4
7M
1054
12M
12)4
1054
6M
9
854
4}$
6M
«54
8M
12M
1254
50
77
15M
M S
27)4
30
33
14M
26
26
J
D
66 M
67
19
47
67
........1959 MN
♦6s aeries A
New So Wales
♦90
D
♦Medellln (Colombia) 6 Ms
1954 J D
♦Mexican Irrig assenting 4 Ms.. 1943 MN
61M
61M
1
43
64M
104M
104M
10654
104M
104M
10754
109
10
104M
104M
(State) extl 5s.. 1957
External s f 5s
Apr 1958
107
1943
Norway 20-year extl 6s...
20-year external 6s......... 1944
S
101
108
101
8
104M
10254
External a f 4Ma..
1965 A O
Municipal Bank extl 8 f 5s... 1970 J D
♦Nuremburg (City) extl 6s.... 1952 F A
10154
101
External sink fund 5s
External sink fund 4 Ms
...
1963 M
1956 M
108
M S
Oriental Devel guar 6s
..... 1953
Extl deb 5Ms.............. 1958 MN
Oslo (City) s f 4 Ma
1955 A O
20
24
20
24
192
13 %
m
20
24
391
14
J
D
17
17
20
164
12M
J
D
17,
17 54
17
20M
76
12M
19?
17
17
17H
20
125
12
17
18M
17M
20
137
12
17
"Nat Loan extl s f 6a 1st ser.. 1960 J
16
15M
18M
11M
16)4
♦Nat Loan extl s f 6s 2d ser.. 1961
51
54
40 M
53 M
♦17
22
19H
2754
81
*20
105 m
Lower Austria
20 M
S
29M
al05M al05M
101M
1Q1M
♦97 M
♦103 M
69 54
58M
61M
105M
105M
105 M
105M
105
105
105 M
100 M
100 M
101M
100 M
100
100M
23 M
99M
98M
A
♦Leipzig (Germany)
20 54
M
25
23){
17M 22)
92 M 100)
88 M
98)
O
20 M
250
S
S
"
F „
M N
S
O
22
D
A
Panama (Rep) extl5Ms—. — 1953 J D
♦Extl sf 5s ser A
1963 MN
...
♦Stamped......
Pernambuco (State of)—
♦78 Sept coupon off.
♦Peru (Rep of) external 7s
♦Poland (Rep of) gold 6s
♦Stabilization loan 8 f 7s
♦External sink fund g 8s
I
M
J
MN
........1961 A
For footnotes see page 249.
1951 J
External sec s f ser B
1947
Italian Public Utility extl 7s...1952
Japanese Govt 30-yr s f 6MS—1954
Extl sinking fund 5 Ms
1965
Jugoslavia State Mtge Bank—
♦7s with all unmat coup..
1957
♦4s of 1904
1
86 M
20 M
M
23)
1960 MN
f 5s
♦Assenting 5s of 1899
♦Assenting 5s large
♦Assenting 5s small
13
85
J
♦Guar 816s
..1962 MN
♦Chilean Cons Munlc 7s......I960 M 8
♦Chinese (Hukuang Ry) 6s
1951 J D
♦Cologne (City) Germany 5 Ms.1950
19
100
101
J
M
110M
101 h 10954
109
11854
97 M 102 M
27 M
22 M
27M
101M
114M
10054
102M
50 M
A
46M
10254
102M
105 M
105
32
19
19 M
46
114M
100 54
102 M
F
al9
41
109 M
J
5
41
110
J
99M
215
1960 A O
10-year 2 Ms
Aug 15 1945
25-year 3Ms.
—1961
♦Carlsbad (City) sf 8s
.1954
♦Cent Agric Bank (Ger) 7s
1950
♦Farm Loan s f 6s. .July 15 1960
♦Farm Loan s f 6s...Oct 15 1960
21
58 M
47
1952 MN
5s
66
116
100
78 M
j""i
6
105 M
2654
100M
78M
1984
19M
51M
109
20 54
s
♦Mexico (US) extl 5s of 1899 £.1945 Q
S
1977 M
99
105M
.1976 F A
1976 A O
1975
♦Sink fund 7s July coup off.. 1967 J
J
♦Sink fund 7 Ms May coup off 1968 MN
Canada (Domof) 30-yr4s
102 54
O
1960
108M
105M
H5M
al9
A
J
Sinking fund gold 6s
20-year s f 6s
1950 J D
Budapest (City of)—
♦6s July 11935 coupon on... 1962
D
Buenos Aires (City) 6 Ms B-2..1955
J
External
23
108 M
105 M
11554
A
O
♦Hamburg (State) 6s
1946 A O
♦Heidelberg (German) extl 7 Ms '50 J J
Helsingfors (City) ext 6Ms—..I960 A O
Hungarian Com Municipal Loan—
♦7Ms unmatured coup on
1945 J
J
♦7s unmatured coupon on
1946 J
J
♦Hungarian Land M Inst 7MS-1961 MN
SinklDg fund 7 Ms ser B
1961 M N
♦Hungary (Kingdom of) 7Ms—1944 F A
42
10154
109 M
109 M
1968 F
Haiti (Republic) s f 6s ser A....1952 A
49
102 M
1952 J D
.....1957 M S
...1958 F A
♦7s (Central Ry)
Brisbane (City) s f 5s
31)
17
46
102 M
110M
109M
A
.1955 J
f 7s
Bergen (Norway) ext
1945
1949
19
22
19
123M
♦7s unstamped.....
1949
German Prov & Communal Bks
♦(Cons Agrlc Loan) 6 Ms
1958 J D
♦Greek Government s f ser 7s. .1964 M N
21
102
D
Irish Free State extl
♦Bavaria (Free State) 6Ms
Belgium 25-yr extl 6)43
Externals! 6s
296
26
27M
27 M
100
98 M
97M
D
♦5Ms unstamped.
1965
♦German Rep extl 7s stamped. 1949 AO
-
-
33 M
119M
1941
^..1949 J
1949
German Govt International—
♦5 Ms of 1930 stamped
1965 J
99
♦External
7Ms unstamped
External 7s stamped
7s unstamped.
33
♦External
1958 J D
Argentine Govt Pub Wks 6s__.1960 A O
Argentine 6s of June 1925:
1959 J D
31
J
1948
♦Frankfort (City of) s f 6 Ms—1953 M N
French Republic 7 Ms stamped. 1941 J D
11
1945 J
Akerehus (Dept) Ext 5s
♦Antloquia (Dept) coll 7s A
O
Estonia (Republic of) 7s
J
1967
Finland (Republic) ext 6s.....1945 M S
Agricultural Mtge Bank (Colombia)
♦Sink fund 6s Feb coupon on.1947 F
♦Sink furd 6s Apr coup on
.1948 A
High
324
99.17103.5
105
♦El Salvador 8s ctfs of dep
Foreign Govt.
A
1949
Sinking fund 8s ser B
Denmark 20-year extl 6s
External gold 5M8...
s
1 1944-1952 IVI N
1 1939-1949 F A
1942-1944
1947 F A
...1952 J D
25-year gold 4Mb
1953 MN
J
Cordoba (Prov) Argentina 7s..1942 J
Costa Rica (Republic of)—
♦7s Nov i, 1936 coupon on..1951
Cuba (Republic) 5s of 1904
1944 M S
100.24101.15
101.20105.21
Low'
33
♦Sinking fund 7s of 1927
100.23103.13
100.26105.13
No.
31
Copenhagen (City) 5s.
100.30103.2
24
High,
31M
23M
512
100
1936
Asked
31M
1946 M N
♦Sinking fund 78 of 1926
928
202
A
23 M
795
105.17
Bid
O
103.6
105.30
for Year
Price
(Republic of)
♦6s Apr 1 1935 coup on..Oct 1961 A
♦6s July 1 1935 coup on -Jan 1961 J
♦Colombia Mtge Bank 6Ms—1947 A
101.19
105.23
Range
Friday's
Low
♦Public wks 5 Ms—June 30 1945
105.12 105.10
104.7
Colombia
104.18
101.7
Range or
Sale
Foreign Govt. & Mun. (Concl.)
Sinking fund 5Ms...Jan 15 1953
105.16 105.16
105.25
if
Week Ended Jan. 8
100.31106.27
J
S
IVI N
15 1942-1947 J
May
&
A
Federal Farm Mortgage Corp—
8Mb
Mar 15 1944-1964 M
-2Kb series B._Aug
2Mb series G
Bid
Low
Treasury 4)4B_._Oct 15 1947-1952
Treasury 3Ms...Oct 15 1943-1945
Treasury 4s
Dec 15 1944-1954
Treasury 3^s__„Mar 15 1946-1956
Treasury 3MB—-June 15 1943-1947
Treasury 3s.—...Sept 15 1951-1955
June 15 1946-1948
Treasury 3s
Treasury 3 M a. _-June 15 1940-1943
Treasury 3MB__.Mar 15 1941-1943
Treasury 3 ^s..-June 15 1946-1949
Treasury 3 Ms
Dec 15 1949-1952
Treasury 3Ha..
Aug 16 1941
Treasury 3Mb—Apr 15 1944-1946
Treasury 2)4s—Mar 15 1955-1960
Treasury 2Sept 15 1945-1947
Treasury 2^8...Sept 15 1948-1951
Treasury 2 54 s
1951-1954
Treasury 2548—.Sept 15 1956-1959
Treasury 2Ms
Deo 15 1949-1953
3s series A
Last
Range or
Sale
STOCK EXCHANGE
Week Ended Jan. 8
Week's
-.^1 Friday I
Last
Y.
outside of
*102)4
18M
7654
75M
75M
9954
99M
10554
8254
747354
17
25
11
102
80
104)4
101M
42
95
"1854 "~2
78M
7554
99M
10554
8254
7454
100)4 105M
101
10554
104)4 110
104M 109M
100
104k[
99 M 10354
96M 101)4
102)4 104
18 M
27
13
72M
8
69 M
8654
82 H
10
4
96)4 100
104
106M
4
67
15
58
81
95
1251
13H
25)4
26M
25)4
28
22
22
19M
1954
19M
19M
147
23M
21M 1130
910
21M
1940
58
58
60
1947
77
76M
77
1950
58M
67M
60M
71
40
1947 M
S
1959 M S
D
.
10
90M
23 M
20H
10
2054
18
37
23
44
80 M
111)4
96
Volume
Week's
Friday
BONDS
Y. STOCK
N.
Week Euded Jan. 8
Range or
Range
Friday's
for Year
Bid
Price
High
No.
31)4
Low
Foreign Govt. &Munlc. (Concl.)
N.
D
1968
1962
6XS-1951
J
28
Prague (Greater City) 7Xb
M N
95
♦Prussia (Free State) extl
♦External a f 6b
M S
♦7Xs July coupon off
28
29)4
418
High
Low
26)4
29
47
16
94
95
16
90)4 101 X
18
29)4
-.1962 A
O
A
O
112)4
112
17)4
18)4
112)4
A
113
113
113-
Queensland (State) extl«f 7s.. 1941
26-year external 6s
...1947 F
*16)4
"l8X
16)4
1960 M 8
♦Rhlne-MalD-Danube 7a A
"~17
25)4
18
18
109
28)4
113)4
1
109
114
24)4
27
38
1983 F
♦6 Ha Aug coupon off
O
A
O
29)4
675
30)4
34)4
132
24
33)4
24)4
49
26
27)4
A
31
33)4
27
26
1946 A
off...
30)4
28)4
♦8a April coupon off....
D
1966 M
N
28
1967 J
♦7s May coupon off...
♦7s June coupon off....
D
28
1952 A O
Rotterdam (City) extl 6b
1964 MN
Roumanla (Kingdom of) Monopolies
♦7s August coupon off
1959 F A
Rome (City) extl 6 Xs
♦Saarbruecken (City) 6b...... 1953 J
J
26)4
28
14
24
124
14)4
24)4
99
15
24
76
54)4
28)4
21)4
C21
1952
off..1957
198
22)4
28)4
25
2
30
34
M N
33
27
26)4
17 H
30
30
M N
44
94
14)4
9
37)4
♦External 7b Sept coupon off 1956
31
28 %
32)4
♦External 6s July coupon off. 1968
28
28
30
57
95
96
81
22
22
2
95)4
-.1940
7s
1945
1946
♦Sinking fund g 6 Ha
*17
25
25)4
38
35)4
22)4
16)4
15)4
73
38
29)4
27)4
14
95
35
-32)4
81)4
25)4
32)4
24
25)4
28)4
132
23
24
28)4
28)4
♦Slleslan landowners Assn 6s.
.
1947 F
29
159
22)4
29)4
29
33
75
F
A
F
A
53)4
33)4
52)4
*30
A
23
33
51)4
Styrla (Province of)—
♦7s Feb coupon off
..1946
1956
1971
1952
External s f 554s guar
1961
Trondhjem (City) IstSXs
1957
♦Uruguay (Republic) extl 8S..1946
Sydney (City) s f 5)48
Taiwan Elec Pow s t 5X»
Tokyo City 5s loan of 19,2
J
J
M
S
O
A
104)4
76)4
68)4
75)4
M N
F
♦External a f 6b
1964 M N
Venetian Prov Mtge Bank 7s.. 1952 A O
104)4
76)4
68)4
76)4
101)4
104)4
73)4
68)4
72)4
100)4
2
11
conv
1952
1958
1961
Warsaw (City) external 7s
Yokohama (City) extl 6a
70
100
69)4
Refund A gen
1st
gold 5s
July 1948 A
.1995 J
6s series A
July 1948 A
1995 J
Ref A gen 6s series C
PLEA W V& 8ys ref 4s
1948
4s
39)4
37)4
37)4
42
71
70)4
70)4
74
93
86)4
46)4
46
49
80)4
77)4
80)4
72)4
D
84
91)4
93)4
610
...
Pangor ref Aroostook 1st 5s...
Con A 4b
106
106
3
97
D
105
105
3
97
104)4
A
O
79
D
♦114)4
♦Albany Perfor Wrap Pap 6b.. 1948
♦6s with warr assented
1948
A
O
Alb A Susq 1st guar
A
O
F
A
1949 J
D
1950 A
O
1946
Ala Ot Sou 1st cons A 5s
48 series B
3 Vis
Alleghany Corp coll tr 5s...
5s
5s
♦5s stamped
1946
1944
.1950
1998
1942
Allegh & West 1st gu 4s
D
*103)4
109)4
"79)4 "'I
101)4 102)4
"~3
80
109
109)4
109)4
63
114
103)4 109
*78
M
55
80
100)4
106)4
96)4
95
96)4
104)4
87)4 102)4
78
99)4
226
88)4
85)4
89
66)4
64)4
*102)4
100)4
ioi"
48)4
30)4
174
103)4
*112)4
100)4
17
90
98
73)4
103)4
108)4 112X
14
8
94
93)4
94
M
S
83
80)4
83)4
746
87
87)4
5
American Ice
1953 J
f deb 6s
Amer I G Chem conv 5 Ha
1949
D
M N
Corp conv 5)48.. 1949 J
J
109"
109
68
106)4
108)4
105)4
106 H
3
13
90)4
98X
83)4
66
87)4
107)4 117)4
101H 106)4
66)4
Telep & Teleg—
20-year slDklng fund 6)48
1943
MN
J
Convertible debenture 4)4b.. 1939 J
debentures
debentures
♦Am Type Founders conv
1961 A O
1966 J D
J
deb. 1950 J
111)4
112
113
102)4
58
113
111)4
112)4
102)4
34
102)4
102)4
102)4
102)4
181
169
181
111)4 115
109)4 119)4
.1960
77)4
75)4
91)4
89)4
.1975 MN
Deb g 6s series A
Anaconda Cop Min s f deb
110
110)4
72
71)4
106)4
109)4
J
71)4
70)4
4)4s i960 A O
106 H
106)4
t*Am Writing Paper 1st g 6s__1947 J
♦Certificates ot deposit
320
71
......1967 J
J
1995 Q J
Ark A Mem Bridge A Term 58.1964 M 8
Armour A Co (111) 1st 4)4a
1939 J D
1st M b (4a ser B (Del)
1955 F A
J
Armstrong Cork deb 4s
.1950 J
Atch Top A 8 Fe—Gen g 4s
1996 A O
Adjustment gold 4s
1995 Nov
Stamped 4a.
.......1995 M N
4s.
Conv gold 4s of 1909
Conv 4a of 1905
J
I960 J
1948 J
1965 J
Rocky Mtn DIv 1st 4b
37
36)4
72)4
72
Trans-Con Short L 1st 4a... 1958 J
Cal-Arlz 1st A ref 4)4s A
1962 Ml
104
107)4
99)4 *100
107
107)4
115)4
115)4
110)4
116
110)4
110)4
111)4
112
*
D
D
37)4
72)4
104)4
104)4
103)4
103)4
99 H
D
1955
.....1955 J
Conv g 4s Issue of 1010
Cor* deb 4)48
.....
100)4 106 x
.1951
110)4
110)4
113)4
114
J
120)4
O
130 x
J
120)4
130)4
O
O
Cons mtge
1st M 5s series II
25
119
122
131
30
125
131x
"20)4
99)4
21)4
20)4
87)4
O
82
F
A
J
J
MN
36)4
100)4
105)4
M N
103)4
M N
1950
F
168
27
29
37)4
F
A
Brurs A West 1st gu g 4s
1938
Buffalo Gen Elec 4)4s ser B
1981
Buff Roch A Pitts gen g 5s
1937
Consol 4)4s
1957
it*Burl C R A Nor 1st A coll 5s 1934
S
57
107)4 180
17
97
44
32)4
19
102
107)4
111)4
32)4
79
79
99)4 107)4
107"
33
X
99)4
109 x 1u)4
98 x
71x
93 x
94
37
73
51
68
89 x
68
19x
17 h
31)4
43)4
43)4
37
33)4
100)4
105)4
100
105
104
103)4
*78)4
147
71
88
102
161
80
101X
105)4
100x 104)4
69
45
121)4
131)4
105)4
108)4
122)4
14
1
85
75
93)4
115
131)4
17 x
8
81
95x
115)4
119)4 122)4
124 x 131x
104
106)4
109
106
2
109
10
108
106)4
14
105
106 x
103
103 x
109)4
103)4
109)4
110
109)4
♦
"92"
..1952
Cal G A E Corp unlf A ref
Cal Pack conv deb 5s
5s__.1937
A
cons gu
5
19
161
20
119
2
10
5s A
37 X
J
Guaranteed gold
Guaranteed gold
5s
5s
June 15 1955 J
Guaranteed gold 4 )4s
1956 F
Guar
gold
4Xs
J
O
A
113*
""4
8
113
113
12*
30
17
87)4
80 x
90
74""
75
20
48)4
77x
61)4
102)4
63)4
30
60
67
102)4
16
103)4
1
103x
107 x
104)4
35)4
104)4
13
103 x
105 x
59
119)4
13
42)4
9)4
111x 120
116
37
108)4 116)4
118)4
16
113)4 h9j4
121
29
39
115)4
118)4
"120 H 120)4
*120)4
118
D
'116)4
116)4
116)4
115)4
116
17
"128)4
127)4
128)4
24
99)4
98)4
99)4
218
Coll trust 4)4s
stk perpet
1946
TpUphpnp HAnevir 2-7900
—
1st A cons g 6a ser A.Dec 15
25
J
115
115)4
20
109)4
105)4
72)4
105)4
110)4
109)4
105)4
39
105 x
27
ioox 106
72)4
1
105)4
5
105 x 108
110)4
3
108 x 111
D
J
J
J
D
J
109)4
105)4
72)4
105)4
D
1952
Carriers A Gen Corp deb 5s w w 1950 MN
Cart A Ad 1st gu g 4s
1981 J D
1948 J
4s....1961
4s
D
105)4
1987 J
—1987 J
O
106
105
Frigate Wires to Chicago,
Indianapolis and St. Louis
49 x
109x
70
2
102 X 108 X
"33)4
92
10
73
94 x
36
37
20
27
42
81
81
1
62
81
34 H
41
23
36)4
21X
20)4
22)4
33
11x
22
21)4
29)4
20
22)4
228
12
21x
29)4
29)4
5
21
29
24
27
6
20
24
19)4
22)4
27
15
30
30
7
20
172
192
79
133
107
109
4
"22"
104
32
-
*
*108)4
*108)4
103)4
J
64)4
63
J
87)4
85)4
J
75)4
75
NEW YORK
NY 1-011
19
101 x 106
113x 116 x
91)4
"§7"
New York Curb Exchange
A. T. 0k T. T.l.typ.
99 x
103)4
1938 J
Caro Clinch A O 1st 5a.
—
87 x
102)4
J
1960
f*Car Cent 1st guar g 4a—...1949
Mombors
122 x 129
S
Vilas A Hickey
—
110x 117 x
M
1944
Dec 1 1954 J
trust gold 58
Collateral trust 4 )4s
....
122
J
23
28 H
180)4
95 x 1071
105 x 108)
109
104)4
64)4
99 x 105)
30
52
43x
88
41
82 x 103 x
76)4
20
71
Railroad, Public Utility and Industrial Bonds
49 WALL STREET
115
115x 121)4
112)4 120
110x 117)4
J
BOND BROKERS
York Stock exchange
14
92 x 102 X
J
Canadian Pac Ry 4% deb
For footnotes see page 249.
New
"~5
A
f*Cert New Engl lBt gu
Central N J gen g 5s
8
121)4
118)4
Guaranteed gold 4)4s._8ept 1951 M S
J
Canadian Northern deb 6)4s
1946 J
Cent 111 Eleo A Gas 1st 5s—..1951 A
J
107)4 "~4
110)4
19
115)4
1957 J
July 1969 J
Oct 1909 A
1970 F
6s..—.1941 M S
Gen mortgage 5s..
-.1941 M S
Cent Hud G A E 1st A ref 3 ){s.l965 M 8
Cent Illinois Light 3)4s
1960 F A
111
111 X
95
10
29)4
119
102)4
Central Foundry mtge
110)4
*107)4
65)4
29
103)4
75
63)4
J
j^Central of Ga lstg 5e..Nov 1945 F A
♦Consol gold 6s
1945 M N
♦Ref A gen 5)4s series B
1959 A O
♦Ref A gen 5s series C
1959 A O
♦Chatt Dlv pur money g 4s_. 1951 J D
J
♦Mac A Nor Dlv 1st g5s
1946 J
J
♦Mid Ga A Atl Dlv pur m 5s. 1947 J
J
♦Mobile Dlv 1st g 5s
1940 J
J
93
*
O
1942 A O
1962 A O
Canadian Nat guar 4)4s
102x 104 x
92
27
29
M N
.1940 J
♦Camaguey Sugar 7s ctfs
Canada Sou
108 x 111
103
90"
*24)4
♦Cent Branch U P 1st g 4s
J
110)4
O
29
"81
D
A
93
110)4
♦108
M N
J
♦Consol 5s
1955 J
♦Bush Term Bldgs 5s gu tax ex_1960 A O
By-Prod Coke 1st 5)4s A
1945 M N
General
29
102 X 106
82)4
J
M
32 x
30
106
108)4
A
J
21)4
20 x
87)4
♦
D
1957 M N
f deb 3Xs
1
87
113)4
1947 M N
1950 J
a
112
83)4
85)4
79)4
O
J
1st 5s stamped
194] J
Bklyn Union El let g 5s
1950 F A
Bklyn Un Gas 1st cons g 53-...1945 M N
5s
393
22x
23
99
29
A
...
...1941
Bklyn Edison cons mtge 3XS..1966
Bklyn MaDhat Transit 4Xs_..1966
Bklyn Qu Co A Sub con gtd 58.1941
146
8
34
"87"
A
8
106)4
105)4
112
D
1955 M N
1961
^♦Boston ANY Air Line 1st 4s 1955
If ♦Botany Cons Mills 6)4s
.1934
♦Certificates of deposit
106)4
o
1st g 4)43 series JJ
"I
*19
J
4967 M S
.
84x
113)4 116 X
103)4 110x
120)4
20
D..1960
1966
1944
95 x
"l2
99)4
A
M 4)4s ser
95
74
*104
1955
cons
74)4
01)4
134
109)4 118
77 x
68)4
98)4 100x
20)4
19)4
Beth Steel
99 x 108
100
88
334
77)4
D
♦Debenture 6s
91
15
*
1948
B
11
*104"
♦Berlin City Elec Co deb 6 )4B—1951
♦Deb sinking fund 6)4s
1959
Coll
352
♦Anglo Chilean Nitrate—
S f income deb
67
41
*115)4
D
95)4
107)4
97)4
91)4
77)4
91)4
.1943
O
75
108)4 116
84)4 105
104)4
89)4
1900
cons
5s eaulp trust ctfs
Amer Water Works & Electric—
g
104
106)4
102 X 109)4
70
ioi)4
99
118)4 219
M
1955
2030
f*Ann Arbor 1st
102
3 )4s—1943
Bell Telep of Pa 6s series
f*Busb Terminal 1st 4s
101
161
8
O
♦Alplne-Montan Steel 7s
Am & Foreign Pow deb 6a
i
100)4
.1951
4s stamped
Guaranteed gold 5s
3)4
102
♦Certificates of deposit
82
100
o
Allled^Stores Corp deb 4 X*- - - -1950
Allls Chalmers Mfg conv deb 4s 1945 MN
53
*105)4
66
A
80
75
A
Allegh Val gen guar g 4s
3Xs
D
62
105
F
Am
91)4
121)4
97
Battle Creek A Stur 1st gu 3s. .1989 J
1951 A
Beech Creek ext 1st g 3)4 a
Brown Shoe
85
40)4
8
1952 A
1943 J
1943 J
10-year deb 4Xa
Am Internal
123
115
1st lien A ref 6a aeries A
1947 J
Adriatic Elec Co extl 7s.
8
89 %
91
116
J
113
103
107)4
103x 106)4
67
91)4
Brooklyn City RR 1st 5s
97
71)4
89
33)4
D
M
87
61
102)4 106 x
70
108)4
.1996
4)4a
Belvidere Delaware
1
108)4
108)4
D
2000
Boston A Maine 1st 6e A C
A
F
J
7
99)
100 X 106 x
O
Debenture gold
Coil trust 4s of 1907
conv
O
.1941 M N
Ref A gen 5s series D
Conv
83)4
*106)4
*105)4
.1940
5s assented
82)4
63)4
*91)4
8
*107)4
70 X
INDUSTRIAL
Adams Express coll tr g
conv
102
1941
83
99)4 102)4
19
70
*73
M N
♦klAbltlbl Pow A Paper 1b; 5s. 1953 J
Coll A
29
102
1st lien A ref 5s series B
♦Coll A
83)4
102
.1940 M N
70
COMPANIES
cons
26
83)4
3Xs ser E
Big Sandy 1st 4a
Vienna (City of)—
6s Nov coupon on
76
81X 98)
95)4 107)
65
40)4
33)4 58
60)4
53 H
4)4s....1939
deb
88)4
3
68 X
68)4
95)4 106)
4
1937
68
1
32
68
68
95)4
90)4
100)4 106)4
40
68
A
1960 M N
f 6s.
92
92
64
117
126
105)4
53
High
118
120)
103)4 110)
105)4 114)
59)4
60
Low
9
"~5
105)4
♦Berlin Elec El A Undergr 0 )4s 1956
Silesia (Prov of) extl 7s
111)4
114)4
105)4
99)4
98)4
83
1st A ref 6s series C
on...1962 M N
on...1962 M N
1958 J D
♦7s Nov 1 1936 coupon
1st
98
53
Southwest Dlv lat 8X-5s... 1950 J
Serbs Croats & Slovenes (Kingdom)
AND
98)4
.1959
Ref A gen M 5s ser F
f 7s
99)4
98)4
105)4
83
Bait A Ohio 1st g 4s
81)4
122)4
110
112)4
35
RAILROAD
.Oct 1952 MN
Baldwin Loco Works 1st 5s
74)4
25 H
a21
D
iVo.
31)4
135
35
s
1964 J
10-yr coll tr 5n
May 1 1945 MN
J
1948 J
Atl A Dan 1st g 4s....
1948
2d 4s
16
40
♦External
105 X
14
40
♦8s Nov 1 1935 coupon
114)4
1944 J
1936
Asked
High
111)4
114)4
104)4
Tol A C1d Dlv 1st ret 4s A.. .1959
§♦88 July coupon off
1936
♦External 8s July coupon off .1950
b
J
Auburn Auto
Sao Paulo (City of Brazil)—
Secured
cons
General unified 4)4s A
L & N coll gold 4s
Atlantic Refining deb 5s
30
26)4
73)4
72)4
*105)4
for Year
A
*119
111 H
4s July 1952 M 8
1st 30-year 6s series B
Atl Coast Line 1st
Austin A N W 1st gu g 5s
1946
♦6b June coupon off........1968 J
♦8axon State Mtge Inet
J
28
15
Rio Grande do Sul (State of)—
♦Extl 6X» May coupon
San Paulo (State of)—
D
1944 J
Atl Gulf A W 198 coll tr 5s
Rio de Janeiro (City of)—
♦8b May coupon off
1946 J
Atl & Charl A L 1st 4 )4s A
28
16
Range
Friday's
Bid
Low
Atl Knox A Nor 1st g 5s
..1961
♦8a June coupon off
Range or
Last
Price
Week Ended Jan. 8
Porto Alegre (City of)—
Week's
Friday
Sale
Y. STOCK EXCHANGE
1936
Asked
A
*»■«
BONDS
Last
Sale
EXCHANGE
♦8s April coupon
245
New York Bond Record—Continued—Page 2
144
77x
93 x
New York Bond Record—Continued—Page 3
246
Jan. 9, 1937
Week's
Friday
BONDS
N.
Hennett 'Bros. &
cM embers
Y.
STOCK
Johnson
2 IVI N
c^ew Yerk Curb 6xchange
A
104%
105
104
104%
6
104
104%
62
2
15
1 J
J
8 A
O
*112%
5 F
A
*113%
Col A H V 1st ext g 4s
Col & Tol 1st ext 4s
5 M N
Columbus Ry Pow A Lt 4s
DIgby 4-5200
*5\(. Y. 1-761
135 So.
Connections
J
F
A
5 A
C
106%
<J
107%
13
-
-
-
34
....
-
....
108%
107
106%
106%
35%
35%
35%
I
~
108%
M
106%
3 A
Cgo. 543
•*
m
105%
*104%
*109%
*107%
J
1936
Low
High
105%
99
99% 105%
98% 106%
112!
110% 113«
110
mi'm.
'
108%
104%
.v.—
J
1 J
1
La Salle St.
Randolph 7711
'Bell System Teletype
J
C
for Year
123
105
15
Jan
Chicago, III.
Private Wire
No.
High
104%
O
Apr
3 A
1View York, "H.Y.
Asked
A
Debenture 5s
1 J
One Wall Street
Bonds Sold
Friday's
Bid
Debenture 5s
%AILROAD 'BONDS
Range
Range or
Sale
Price
Low
f "Kew York Stock Exchange
(
Last
Inter st1rPeiod
EXCHANGE
Week Ended Jan. 8
*108
-4*
-
-
107% 109)
103% 105%
104% 105
105% 110%
105% 108
....
-
59
106%
107%
44
104% 107)
103% 107)
♦Consolidated Hydro-Elec Works
3 J
BONDS
N.
Y.
Last
STOCK EXCHANGE
Week Ended
Range
Sale
Jan. 8
Bid
A
Low
Cent Pac 1st ref gu g 4s
.1949 F
4s.. 1954 A
112 H
Through Short L 1st gu
Guaranteed g 5s
1960 F A
Cent RR & Bkg of Ga coll 5s.. 1937 IVI N
Central Steel 1st g s f 8s
1941 M N
Certaln-teed Prod 5%s A
1948 M
Champion Pap & Fibre deb 4%sl950 M S
Chesap Corp conv 5s
1947 IVI N
1944 J
10-year conv coll 5s
Ches & Ohio 1st con g 5a
D
or
112
108 %
"104"
103 %
94
High
112%
108%
05
35
95
1
125%
93%
95
154
30
133
137
94%
108
151
'154""
125%
6
137
49
4
1939 IVI N
1992 IVI S
108%
108 %
109
127
127
128%
16
Ref & impt mtge 3%s ser D..1996 IVI N
Ref & lmpt M 3%s ser E—1996 F A
102%
102 %
102%
66
102%
102%
183
General gold4%s
Craig Valley 1st 5s
con g
4s
1989
1941 IVI
S
O
58%
56%
49
58%
J
109%
109%
109%
33
1949 J
J
1958 IVI
s
112%
115%
112%
General 4s
112%
116%
42
1st & ref 4%s ser B
1st & ref 5s ser A
1977 F
A
*1)14%
1971
F
A
12
A
O
118%
*99%
118%
{{♦Chicago & East 111 1st 6s. .1934
{♦C & E 111 Ry (new Co) gen Ss.1951 IW N
♦Certificates of deposit
Chicago & Erie 1st gold 5s
1937 J
58%
34
*99%
102%
J
M S
{♦Chicago Great West 1st 4s__1959
{♦Chic Ind & Loulsv ref 6s
1947
♦Refunding g 5s ser B.
1947
♦Refunding 4s ser C
1947
J
J
J
1966 IVI N
1966 J
1956 J
J
Chic L S & East 1st 4%s
1969 J
J
B—May 1 1989
J
{♦Chic & No West
J
J
J
49%
37
43
41
38
10
26
142
22%
64
26%
*106
*110%
53 H
111%
62%
91
66%
68%
56%
68%
44
68%
13
68%
99
37%
35
124%
102% 105%
26%
49%
49
28%
29
48%
28%
46%
28
15%
29
16%
92% 106
110% 112%
62
'68%
111%
2
46%
48
45
48
90
1987 M N
52
49
52
95
35%
48%
54%
49%
49%
36
36
54%
50%
54
33
37
56
1987 M N
1987 M N
;
♦1st ref g 5s
May 1 2037 J
♦1st & ref 4%s stpd.May 1 2037 J
♦1st & ref 4%s ser C.May 1 2037 J
♦Conv* 4% s series A._
54%
51
38
57%
56
61%
197
17
32
34%: 240
16
34%
34%
32%
34
16
34
10%
18%
35%
D
34
D
34
18%
16%
I
107
18% 1300
*81%
42
70
40
42%
42
42
82%
488
32
46%
1
31
43%
O
"22%
19%
22%
564
15
23
19H
18
M~S
238
13%
15%
14%
20
20
19%
22%
175
22%
.1934 A
Ch St L & New Orleans 5s
33%
10%
42
33%
♦Certificates of deposit
♦Certificates of deposit
♦Conv g 4 %s
6
40;
35%
D
§ {♦Chicago Railways 1st 5s stpd
Aug 1 1933 25% part pd
{♦Chic R I & P Ry gen 4s
1988
{♦Refunding gold 4s
j 143
"60% "109
55%
1949 MN
♦Certificates of deposit
{♦Secured 4%s series A
55%
*37
"59%
1936 IVI N
{♦Secured g 6%s
1952
20
1960 M N
1951 J
Gold
June 15 1951 J
g 4s
1951 J
Chic T H & So East 1st 5s.__.1960 J
3%s
Memphis Div 1st
Dec 1 1960 M
D
18%
10%
113%
*94%
*97%
98%
U%
113%
D
D
D
72
87%
J
Stamped as to Penna tax
{♦Den & R G 1st cons g 4s
94%
J
Guaranteed 4s
1st mtge 4s series D
1st mtge 3%s series E
3 Ha guaranteed
Chic & West Indiana con
1944 J
105%
105%
105%
1963 J
112%
112%
113
17
1963 J
111%
101%
111%
41
108%
107%
105%
108%
33
99% 108%
105%
42
92%
93%
56
102% 105%
73
95%
1951 M
108%
4s.*.. 1952 J
1st & ref M 4^8 ser D
Chllds Co deb 5s
1962 M
1943 A
105%
O
{♦Choc Okla & Gulf cons 5s_—1952 IVI N
Cincinnati Gas & Elec 3%a
1966 F A
93
*
104%
■
108%
5
65
38
104%
104%
Cin H & D 2d gold 4%s
J
1937 J
Cln Leb & Nor 1st con gu 4s...1942 M N
Cin Un Term 1st gu 5s ser C..1957 IVI N
*108%
108%
110%
"57
110%
*105%
Oieve Cln Chi & St L gen 4s... 1993
General 5s ser B
1993
Ref A impt 6s ser C
1941
Ref & impt 5s ser D
1963
Ref & lmpt 4 Ha ser E
1977
Cairo Div 1st gold 4s
1939
Cln Wabash & M Div 1st 4s. 1991 J
St L Div 1st coll tr g 4s
1990 M
Spr & Col Div 1st g 4s
1940 M
W W Val Div 1st g 4s
1940 J
D
107%
106%
*119
J
...
1st
1st
s
s
f 5s series B guar..
f 4 %s series C
151
1
64
104%
9
J
*103
111%
111%
*113
34
*110
1977
115%
112%
110%
112
110%
105%
107
105
1*112%
106
•
For footnotes see page 249.
90%!
76%
90%
75
|
115%
112%
111%
105%
I67"
»
m
~
20%
20%
23
32%
A
115%
A
O
110%
1965 A
O
115%
110%
110%
108%
S
*46
111
S
J
109%
D
J
4s__
D
-■
«.
«.
..
-
-
♦1st 4s assented
mmmm
45
35
35
15%
40
cons g
*102
106
J
109%
110
16
S
45%
47
40
61
64
72%
O
M N
5
7
104% 108
116%
107%
3
103% 115%
106% 108
128% 138%
110
114%
103% 104%
116%
107%
J
*138%
N
*114
114%
J
D
104
104
J
D
171
159%
O
-
-
•»«-<
*110%
*108%
j
J
*107
J
J
J
J
J
106%
J
91%
A
A
O
92%
92%
.1954 F
1956 J
»
49
137% 173
101% 111%
100%
105%
105%
99%
77%
105
70
74%
28
75
110
107%
107%
107%
94
106%
91%
91%
92%
91%
3
70
92
69%
91%
92%
87%
85
87
249
118%
117%
114%
119
8
119
7
116% 119
116% 119%
4
111
113%
103
104%
65%
16
104%
104%
9
103
103
103
1
*110
103
6
103%
102%
103
14
82
6
D
1946 J
J
82
{♦Fla Cent & Penin 5s
....1943 J
{♦Florida East Coast 1st 4%s..l959 J
J
*78
«•
W
84%
-
S
15
87
19%
18
19%
17%
95
60%
62%
w—
«
19
♦Certificates of deposit...
6
■
19
42%
74
101% 105%
98
103%
99
101%
97% 103%
101% 104%
101%
102%
102%
1954 J
94
114%
64%
104%
65
74
95%
95%
117%
*103
s
D
182
....
85%
s
1974 M
41
106%
91%
—
201
S
1942 IVI
91
«*-««'■*
86%
S
1942 M
M
87%
D
1942 IVI
♦1st <fc ref 5s series A
34
....
16%
91
A
1942 IVI
f g 7s
27
....
'
105%
«...
Ref A lmpt 5s of 1930
A O
Erie A Jersey 1st s f 6s
J
J
Genessee River 1st s f 6s... .1957 J
J
N Y & Erie RR ext 1st 4s..
.1947 IVI N
3d mtge 4%s
.1938 IVI S
1st lies s f 5s
stamped
1st lien 6s
stamped
30-year deb 6s series B
....
*107
.1951 F
Fairbanks Morse deb 4s
Federal Light A Tr 1st 5s
5s International series
1
104%
171%
«'■»
impt 5s of 1927
56%
7%
515
104
87%
76
81%
19
48
7
18%
....
8
11
1952
owner.
M N
*7%
9%
1982
{ {♦Proof of claim filed by owner M N
♦Certificates of deposit
1941 J
4
•
*,
«. -
-
*3%
3%
3%
4%
*107
J
1
4
m
4m
—
105
-
Framerican Ind Dev 20-yr 7%s 1942 J
J
{♦Francisco Sug 1st s f 7%s...l942 IVI N
♦Certificates of deposit
Collateral trust 6s
1956 IVI N
85%
83
85%
120
97%
97%
97%
7
107%
D
F
A
102%
102%
102%
106%
105%
106%
39%
1940 J
D
39%
39%
39%
104%
~
..
105
104%
103%
J
113
A
Gen Steel Cast 5%s with warr. 1949 J
J
105% 114%
105% 113
100% 112%
{♦Ga & Ala Ry 1st cons 5s
1945 J
{{♦Ga Caro A Nor 1st ext 6s..1934 J
♦Good Hope Steel A Ir sec 7s. .1945 A
J
rnummmm.*.
J
51
O
95
105%
110% 112
98% 108
Goodrich (B
conv deb 6s...1945 J
D
1956 J
D
Goodyear Tire & Rub 1st 5s...1957
IVI N
Gotham Silk Hosiery deb 5s w W1946 IVI S
Gouv A Oswegatchie 1st 5s
1942 J D
Gr R A I ext lstgu g 4%s
J
1941 J
83
76%
28
J
1951 F
140%
81
1
J
J
.1939 J
6%
110%
35% 138
98
*122%
J
15-year 3%s deb
Gen Pub Serv deb 5%s
6%
107
106
6
79
O
J
108
—
♦20-year s f deb 6s
1948 IVI N
Gen Motors Accept Corp deb 3sl946 F A
F)
86%
45
J
IVI
Series C3%s
Fort St U D Co 1st g 4%s
107
109%
12%
47%
108
J
Erie RR 1st cons
g 4s prior
1st consol gen lien
g 4s
Penn coll trust gold 4s
2-4s
62%
107
108
108
A
Fonda Johns & Glov
4%s
{{♦Proof of claim filed by
112% 117%
103%
44
J
J
5s
Ernesto Breda 7s
5
117%
60
45
5s stamped
Erie A Pitts g gu
3%s ser B__
4%s
112%
108% 109%
45% 50%
65
M
El Paso & S W 1st 5s
1st mtge
108%
45
117%
deposit
cons
110%
J
Elgin Joilet & East 1st g 5s...
El Paso Nat Gas
4%s ser A
Conv deb 4%s
s
108
48
J
East T Va A Ga Div 1st 5s...
Ed El III
Bklyn 1st cons 4s
Ed Elec (N
Fiat deb
4
39
109%
*35
East Ry Minn Nor Div 1st 4s..1948 A
Y) 1st
117
*35
♦2d 4s assented
of
71
113
111
85
9%
66
10
....
110%
*50
3%
*50
♦Second gold 4s
♦Certificates
38%
13%
13
32
g
29%
378
176
M
110
20
6%
66%
116%
G.
105
20%
32%
ser
100% 105
106% 108%
105% 108%
38
29%
18
6%
3%s
91%
18%
30%
Gen & ref 5s ser E
Gen A ref M 4s ser F
Gen A ref mtge
78%
98
102%
104% 107%
20%
6%
106"
94%
81%
8
79
104% 108%
20
~
105%
59%
361
32%
Gas & El of Berg Co cons g 5s.. 1949
Gen Amer Investors deb 5s A..1952
Gen Cable 1st s f 5%s A
1947
♦Gen Elec (Germany) 7s Jan 15 1945
81
1
J
105%
105%
107%
112%
112%
76%
1
O
Galv Hous A Hend 1st 5%s A..1938 A
92%
4
37
104%
101%
108%
111%
2
....
36%
96
100%
14
«w
37
113
109
*105%
1961
Coal River Ry 1st gu 4s
1945
Colo Fuel & Ir Co gen s f 5s__. 1943
♦5 Income mtge
1970
Colo A South 4%s ser A...... 1980 IVI N
98%
106%
93% 102%
111% 113
110% 110%
100%
*109%
A
1973
78%
105
93%
101
♦Ref A lmpt 5s ser
B___Apr 1978 A
(Amended) 1st
96% 107
111% 119
103% 105%
89
103%
71%
99% 104%
105%
J
76%
71%
15
697
{♦Des M & Ft Dodge 4s ctfs..
J
{♦Des Plains Val 1st gu 4%s.
IVI
Detroit Edison Co 4%s ser D..1961 F
♦Sinking fund deb 6%s
*113
1981
1972
105
*104%
J
F
1977 F
110
71%
108
107%
J
104
105%
107%
111%
107%
O
1950 A
42
102%
103%
1948 MN
Gen 4%s ser A
Gen & ref mtge 4%s ser B...
Cleve Short Line lstgu 4 %s__.
Cleve Union Term gu 5%s.-..
105%
104%
*105%
Series C 3 Ha guar
Series D 3%s guar..
21
....
106%
S
1942 A
1942 J
107%
106
102
N
Series B 3Ha guar
Series A 4 Ha guar
108% 113
106%
4
103
108%
104
97
98%
106%
J
Cleve-Cliffs Iron 1st mtge 4%s. 1950 M N
Cleve Elec Ilium 1st M 3%s... 1965 J
J
Cleve & Pgh gen gu 4%s ser B. 1942 A O
103% 104%
106
|
105%
102%
J
J
47
100
D
J
106% 109%
35
108%
1st mtge guar 3Ha series D..1971 IVI N
Clearfield & Mah 1st gu 4s
J
1943 J
105% 108%
108% 112%
107
111%
73
....
106%
33%
■
Chicago Union Station—
46%
80
102%
O
89
74
106%
106%
36%
O
99
83%
74
101
69%
A
A
61
2
J
A
99
71%
106%
IVI N
95
49%
49%
66
14
F
{♦Consol gold 4%s
{♦Den & R G West gen 5s. Aug
♦Assented (sub] to plan)..
Ref &
113%
14
72%
101%
*104%
.1951 IVI N
Series B
Gen conv 4s series D
11%
105
63
106%
J
N
20%
7
1
40
71
91%
100%
105%
101
J
IVI
f 5s...
„
J
J
s
....
93
N
Conv 4s series A
318
~18
1st mortgage 4 %s
Den Gas A El 1st & ref
IVI
23%
87%
99
S
20
11%
113%
J
♦Dul Sou Shore & Atl
g 5s
Duquesne Light 1st M 3%s._
{♦East Cuba Sug 15-yr s f 7%s
12% 3198
♦Gen 5s stpd Fed lnc tax
Del Power A Light 1st
4%s...
1st & ref 4%s
102
99% 103
103% 107
103% 106%
101% 103%
53% 66%
64
*65
IVI N
33%
69
♦4%s stamped
»
Detroit Term & Tunnel 4%s__1961 IVI N
Dul & Iron Range 1st 5s
A
O
36% 1887
"53 "I
Del A Hudson 1st <fe ref 4s
Gold 5%s_
14
102
J
68
69%
10
♦Stpd 4s non-p Fed lnc tax 1987 M N
♦Gen 4%s stpd Fed lnc tax.. 1987 M N
«.«»«.
-
105
70
70
-
108
103% 108%
60%
63
O
104
96
106
-
107
61%
*65
J
A
47%
49%
17%
68
100% 103%
105%
*
♦Certificates of deposit
Cumb T & T 1st & gen 5s
Dayton Pow & Lt 1st & ref 3 %s
68
31%
15
103%
102
13
D
65%
58%
12
103
106%
64
-
47%
69
11
106
D
43
36H
104%
27
106
J
J
30%
33%
66%
110%
100
60
J
20
42%
110%
102%
S
J
23
27
102%
D
♦Certificates of deposit..
{♦1st lien & ref 6s ser B.....1936
1J
♦Detroit & Mac 1st lien
O
4
Cuba RR 1st 5s g
{♦1st ref 7%s series A
35
20%
107%
108%
*100
M N
J
36
19%
2
102%
A
IVI
3 %s._ 1987 M N
gen g
5s...
"2
876
D
F
155%
A
♦General 4s
lnc gu
102%
37%
25%
14
14
D
U
112%
61%
104% 109%
108% 113%
107% 116%
106% 114
112
118%
82
102%
104%
102%
U
20
25
35%
107%
f deb 3%s
47
38
109%
107%
107%
J M N
s
38
192
107%
Copenhagen Telep Ss.Feb 15
99% 106%
37
D
30
22%
106% 109%
68%
IVI N
Container Corp 1st 6s
15-year deb 5s with warr
.
39
224
65
j IVI N
Crane Co
23
107%
107%
35%
67%
110%
128%
41
116
44%
J
ser
377
22%
25%
J
♦Gen 4%s series C__May 1 1989
♦Gen 4%s series E.-May 1 1989
♦Gen 4% s series F
May 1 1989
{♦Chic Milw St P & Pac 5s A.. 1975
♦Conv adj 5s
Jan 1 2000
*709
47%
D
♦Chic M & St P gen 4s ser A.. 1989
38%
104
42%
J
♦1st & gen 5s series A
♦1st & gen 6s series B.May
Chic Ind & Sou 50-year 4s
104
42
J
J
49%
44 H
13
36%
35%
35%
1982 IVI N
Ch G L & Coke 1st gu g 5s
115%
J
1st mtge 3%s
176
110
119
Illinois Division 4s
3%s
115%
110%
108%
118%
*115%
119
Chic & Alton RR ref g 3s
1949 A
Chic Burl & Q—111 Div 3 %s.__1949 J
♦Gen g
100
*111%
*110%
*111%
1989
2d consol gold 4s.
Warm Spring V 1st g 5s
89 %
99% 102%
99% 102%
108% 111%
110
111%
112% 119
108% 115%
102 %
May 1940
Potts Creek Branch 1st 4s.-.1946
R & A Div 1st
14
121% 127
102% 107%
O
3 J
104
95
38
J
) J
109%
89
67
107%
*"94"
102
80
38
J
3 A
High
103% 112%
D
3 J
Low
25
104%
107%
5 J
1936
No.
107
D
1 J
Range
for Year
Asked
D
J
Friday's
Price
*17
J
I J
Week's
Friday
96%
104
103%
95%
*41%
50
101% 104%
101
106%
29
42%
30
41%
30%
43%
4
40
40
2
40
4
105
80
104
105%
103%
90
103% 104%
1
102
97%
76
76
98%
12
40%
20
46
-
51
-
6
105
104
101%
104%
104%
105%
10
30
105
105%
105
105%
32
104
106
101
101%
208
100
101%
104%
103%
*103%
*111
105
88
105
er
103%
98
36
106
108
100
I
104%
108
111%
Volume
Friday
Week's
Last
Range or
Friday's
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 8
Sale
Price
A
D
Grays Point Term 1st gu 5s—1947
Gt Cons El Pow (Japan) 7s
1944
1st Agensf 6%s..
....I960
Great Northern 4%s series A..1961
General 5%s series B
....1952
1936
GQ0Q
NO.
BROKERS
*99
A
91
J
85
91
86
FOR
2
116%
116
116%
118%
115%
109%
108%
121%
109%
260
118
116 %
J
115
114%
J
109 %
109
107%
118%
108%
J
1085*
J
121%
J
109
Feb
♦Debentures ctfs B...
Feb
Greenbrier Ry 1st gu 4s
.1940 MN
Gull Mob & Nor 1st 5%s B—1950 A O
1st mtge 5s series C
...1950
Gull & 811st rel A ter 5s Feb 1952
*65
"l3%
12
65
22
D.H. SlLBERBERG & Co.
36
84
Members New York Stock Exchange
63
75
13%
500
106
104%
l06~"
100
101%
65
99%
62
105%
12
104%
*107%
104%
27
124~"
126%
87%
C
.1966
105
Hackensack Water 1st 4s
.1952
10-year deb 4%s
1946
Houston Oil sink fund 5%s A..1940 MN
Hudson Coal 1st s 16s ser A...1962 J D
Hudson Co Gas 1st g 5s
1949 M N
Hudson A Manhat 1st 5s ser A.1957 F A
♦Adjustment Income 5s.Feb 1957
M
104 M
♦Harpen Mining 6s_.
1949
Hocking Val 1st cons g 4%s
1999
♦Hoe (R) A Co 1st mtge
1944
{♦Housatonlo Ry cons g 5s
1937 MN
H & T C 1st g 5s lnt guar
J
1937 J
J
Houston Belt A Term 1st 5s... 1937 J
A
O
99%
Friday
105
SIM
84
82
80
*102%
101%
103
102%
54
50%
*123%
"mi
80%
34%
32%
109%
107
O
,1951 M
S
107
82
Leh Val N Y 1st gu g 4%s
36
54%
68
124
116
104
110%
105% 112
107%
12
107%
10
*92%
101% 106%
102% 106%
87% 89%
79% 05
92%
"94%
*24
94 M
92%
Purchased lines 3 Mb
Collateral trust gold 4s
1952 J
88 %
86%
87%
94%
89%
89%
34
47
68%
103%
104%
32
90
1955 MN
Aug
1966 F
1
Cairo Bridge gold 4s
1950 J
Litchfield Dlv 1st gold 3s.. .1951
Louisv Dlv A Term g 3 %8__ .1953
Omaha Dlv 1st gold 3s.
.1951
A
g
79 M
D
101%
*100%
100%
A
{Interboro Rap Tran 1st 5s._ .1966 J
♦Certificates of deposit.
-
§♦10-year 6s...
i932 A O
♦Certificates of deposit..
{♦10-year conv 7% notes... .1932 MS
♦Certificates of deposit.
...
89
48
91%
1951 M N
101%
Corp 5s stamped 1942
M N
Internat Cement conv deb 4s
1945 M N
146""
{♦Int-Grt Nor 1st 6s ser A
1952 J
J
♦Adjustment 6s ser A..July 1952 A O
36%
12%
90%
86
99% 107%
6
21%
46
89
101%
*101
105
105%
108
95%
60%
91%
8
90
97
87%
96%
93
13
34
36%
34%
79%
36
74
72
74
92%
Debenture 6s
1955 F A
{♦Iowa Central Ry 1st A ref 4s.l951 M S
Laughlln Steel 4%s A.. 1961 M S
Kan A M 1st gu
O
g 4s.......... 1990
o
{{♦K C Ft S A M Ry ref g 4s. 1936
102%
101
92%
25
42
95
2
18
308
446
79%
3%
251
3
99%
105%
105
*108
"63%
101%
105%
111%
80
24
73
109%
94%
79
99%
101
109%
103%
6
*40
34
25
97
Stamped..
1961 J
Plain
1961 J
96%
*102%
*115%
101%
*106%
109%
1961 J
Purchase money 6s
1948 M S
,
J
1961 J
1937 A
O
1997 A
Kings County Elev 1st g 4s
1949
Kings Co Lighting 1st 6s
1954
First and ref 6%s
1954
Kinney (G R) & Co 7 % % notes 1936
Kresge Foundation coll tr 4s.. 1945
{♦Kreuger A Toll secured 5s
98
O
*102%
*162%
F
A
108%
J
J
*115%
*119%
J
J
J
D
J
J
Maine Central RR 4s ser A.
1945 J
Gen mtge 4%s ser A.
—1960 J
{ {♦Manatl Sugar 1st s f 7 %s—.1942 A
25
98%
2
D
O
♦Certificates of deposit
{♦Manhat Ry (N Y)
4s_1990 A O
cons g
♦Certificates of deposit
♦Second 4s
1939
....1959 MN
s
1943 J D
1947 A O
f 6s
J
J
J
J
f 5s
f 5s..
.........
1964 F
101%
108%
109%
1
"i
164%
108%
gu.1938
J
36%
.1938
J
J
J
Secured 6% gold notes
1938 J
J
Leh Val Harbor Term gu 5s
1954 F
A
For footnotes see page 249.
96%
110<
983
166%
47
114%
15
108% 114%
106
34
104%
104%
37
103% 1063
102% 1043
99% 1043
105
81
111%
96%
111% 114
86
88
93
60
18
76
87
87
100%
99
23
86%
90
22
55%
42
82'
102
14
3%
107%
89%
104%
104%
503
71%
51
48 J
68
303
91
99
102%
105%
109%
61
10
6
11
8%
84%
37
95% 100
78% 99%
11
100
29
1063
1103
100% 1063
9
105
14
60H
100
98%
89%
74
87%
"2
18
103
102
108
11
1%
23%
18%
3%
3
29%
102% 105%
90
90
5
105
22
105
18
104%
98%
67%
101%
101%
108
10
94.
1093
1073
973
1053
106
90
"~5
"71%
87
8
60%
41%
46
39
95
86
32
97%
MS
J
65
65
95
95"
32
88
49%
59%
J
D
J
79
J
22
37
104%
104
101%
108%
39%
38%
si#
63%
63%
66
70
37%
S
190
67%
100%
100%
99%
152
21
211
29%
105
20
98
104%
30
98
"92% *~~2
104%
1949 MN
..1980 A O
♦1st & ref g 5s series H
♦Certificates of deposit......
♦1st A ref 58 series I......—1981 FA
32
17
40
41%
43
30
29
30
27
28%
27
28%
93%
14
46%
42%
62
39
313
94
93%
57
6s debentures.............1965
Mont Cent 1st guar 6s.......1937
78
78
2
60
75%
77
11
75
1
54%
53%
Montana Power 1st 5s A.....1943
75
3
98
Montecatlni Mln A Agrio deb 7s *37
100
105%
22
82%
60 H
85
67
72
20
69%
49%
75%
71%
45%
14
120
"l7%
532
62%
30%
27%
26%
10%
27
46
26%
27%
26%
7%
43%
45%
27%
26%
46
95
96%
83%
70%
74
71%
75%
"17%
69
42%
170
16%
42%
46
497
A A
42
44
51
45%
42%
45%
43
13
42%
14%
45%
42
43
15
46
243
27
32
27
1
82
45%
"14%
45%
"45%
49
Deb 5s series A....
83
36
76
96
♦Montgomery Div 1st g 58—1947 F A
♦Ref A lmpt 4%s
1977 M S
♦Secured 5% notes.
1938 M S
Mohawk A Malone 1st gu g 4s. 1991 M S
Monongahela Ry 1st M 4s ser A *60 M N
Monongahela West Penn Pub Serv
1st mtge 4%s
—...I960
....
83
92
48
43%
1st guar gold 5s.
1
1937
.1962
42%
42
100
43%
100
178
10
652
167
97
47%
30%
49%
36
143
36
31
36
77
97
97
91%
79
83
74%
45%
43%
17%
44
14%
43%
46
.
43%
100
1
97
36
111%
5
"49" "13
♦95%
48%
♦Certificates of deposit
♦Mo Pao 3d 7s ext at 4% July 1938 MN
{♦Mobile A Ohio gen gold 4s. ..1938 M S
97
105
32
41
32%
25%
37%
23%
18%
81%
*42
1977 M
1
'loo
38
41%
......
99%
92%
99%
37%
71%
m"s
14
36%
28%
45%
A
J
5
7%
5
♦3%
J
J
"26
1%
2%
J
J
13
21
MN
J
65
5%
4%
O
♦1st A ref 5s series F—
65
100%
*106%
11%
A
ser
♦Certificates of deposit
■—
♦General 4s...
.....1975
116%
*103
105%
101% 1043
6
97%
98%
*55
1965 F
{♦Mo Pao 1st A ref 5s
*21
1
108
76%
103%
24
111
77
*80
Prior Hen 4%s series D.
1978 J
♦Cum adjust 5s ser A
Jan 1967 A
*60
A
90
104%
""5%
.1949
—1978
1941
{♦Mo-Ill RR 1st 5s series A..—1959
Mo Kan A Tex 1st gold 4s....1990
Mo-K-T RR pr lien 5s ser A—.1962
40-year 4s series B
1962
116
*64
1974, F A
107%
S
F
119
s
107% 110
107% 111%
125
11
*109
"45%
M
J
M
M
Q
66%
66%
8
101% 105%
3
86
66%
66%
1st A ret
107% 112%
1
40
*105%
*95%
"95"
Coll A ref 5%s series C
1953 F
Coll & ref 4%a series D
1960 F
Coll tr 6s series A_......... 1942 F
1st A ret
21
"25""
D
J
35
1945 M S
Lehigh A N Y 1st gu g 4s
Lehigh Val Coal 1st A ref s f 5s. 1944 F A
Is & ref s f 5s.....
1954 F A
100
111%
95%
40
*104%
14
D
99%
O
55
50
109
S
J
N
...
166""
99
37
83%
83%
105%
M S
♦Certificates of deposit
♦Conv gold 5%s
"104%
97%
98%
102%
J
M N
J
J
A O
91
a f 4%s A.... 1954
Cons sink fund 4%s ser C
1954
Lehigh A New Eng RR 4s A... 1965 A
105%
103%
104%
81%
D
41
Lehigh C A Nav
135%
118
84
2
3
45%
37%
131
65
1977 M
110%
J
98
77
8%
44%
♦Lautaro Nitrate Co Ltd 6s... 1954 J
♦Certificates of deposit
—
103%
40
{♦Man G B A N W 1st 3%S—1941 J
109%
101
95%
30%
*92%
*82%
M N
45%
J
55
1953 M
110%
D
87
J""D
Uniform ctfs of deposit-.... . 1959
Laclede Gas Light ref & ext 5s. 1939 A
♦Lake Erie A West 1st g 5s
1937 J
2d gold 6s................. 1941 J
Lake Sh A Mich So g 3%s
1997 J
104%
"81%
51
2013
Manila Eleo RR A Lt s f 5s
Manila RR (South Lines) 4s
1st ext 4s
105%
86
25-year 5%s
1st ref 5 Ma series B
1st Chicago Term s f 4s
19
103%
100
1942 F
97%
111%
*115%
99%
114%
*90%
D
♦Certificates of deposit...
♦1st A ref 5s series G
1978 MN
Coll tr 6s series B._
111%
95%
A
McCrory Stores Corp 8 f deb 5s 1951 M N
McKesson A Robbins deb 5 %s. 1950 M N
1st
*107
4%s unguaranteed
Kings County El L A P 5s
103%
106%
102%
99% 107%
98
135
108%
♦Lower Austria Hydro El 6%s_1944 F
M St P A SS M con g 4s lnt
1st cons 5s..————
40
*30
35
44
*35
w w
106
12
103%
J
1960
Kansas Gas & Electric 4%s... 1980 J D
♦Karstadt (Rudolph) 1st 6s... 1943 MN
♦Ctfs w w stmp (par $645)— 1943
63%
60%
93%
97%
109%
101
101%
101%
109%
cons 5s gu as to int.....1938
1st A ref 6s series A— ......1946
"46
62%
59%
108
105%
108%
103%
Mlag Mill Mach 1st s f 78—.1956
Michigan Central Detroit A Bay
City Air Line 4s—
1940
Jack Lans A Sug 3%S—
1951
1st gold 3%s—
1952
Ref A lmpt 4%a series C
1979
Mid of N J 1st ext 5s
1940
Milw El Ry A Lt 1st 5s B
1961
1st Mtge 5s-—
.1971
{{♦MliwANolstext4%s(1880)1934
1st ext 4%s...............1939
Con ext 4%s_.—
—1939
{♦Mil Spar A N W 1st gu 48—1947
{♦Milw A State Line 1st 3%S—1941
{♦Minn A St Louis 5s ctfs
1934
♦1st A refunding gold 4s..—1949
♦Ref A ext 50-yr 5s ser A.
1962
30
100%
73%
88
99%
1987 J
106
2003 A
1980 M
1945 M S
South Ry joint Monon 4s— .1952 J
102
i04_"
71
111
1946 F
3
111
96
161% "79
109%
St Louis Dlv 2d gold 3s
Mob A Montg 1st g 4%s
121% 127
108
...2003 A
2003 A
137
126
101%
112
2003 A
130%
131
38
23
109%
1st A ref 3%s series E
Paducah A Mem Dlv 4s
115
2
49
108
*103%
1937 M N
1st A ret 5s series B
1st A ref 4%s series C
1st A ref 4s series D
10
98
*106
98
J
10
High
81% 103%
33% 75%
34
81%
40
90%
103% 1G9%
22
45%
74%
104% 106
103% 105%
69%
124%
1940 J
Low
136
124%
99%
112%
101%
109%
♦4s (Sept 1914 coupon)
315
103
100%
*134
♦Mex Internat 1st 4s asstd....1977 M
36
75
J
Kendall Co 5%s.
Kentucky Central gold 4s*.
Kentucky A Ind Term 4%s
161%
1944
Metrop Ed 1st 4%s ser D
1968 M
Metrop Wat Sew A D 5%S—.19501A O
{{♦Met West Side El (Chic) 4S.1938 F A
182
82%
3%
94%
S
81
79
60%
stmp (par $925).. 1943
♦Ctfs wltn warr (par $925).. 1943
Keith (B F) Corp 1st 6s
1946 M
S
Market St Ry 7s ser A
April 1940 Q J
Mead Corp 1st 6s with warr..1945 M N
123
87%
o
♦Ctfs
99%
82%
129%
1936
No.
*108
—1951
Louisville A Nashville 5s
Unified gold 4s
Marlon Steam Shovel
"26
70
o
.
102
33
73
D
Jones A
Kansas City Term 1st 4s....
1949 M
Mfrs Tr Co ctfs of partlo in
AI Namm A Son 1st 6s...
102
82%
100%
103% 108
89% 98
87%
95:
46% 65%
44%
36
103
102% 105%
4
36
M N
F A
J J
J
J
108%
88
12
98%
92%
50%
51
J
101
105
48
145% 2146
37%
34%
101
24
128
3
J
102%
"~2
95
101%
109
for Year
-I
67%
5
1956 J
♦Certificates of deposit- — - Kan City Sou 1st
1950
gold 3s
Ref A impt 48....
.Apr 1950
95%
90%
106% 108%
71%
41
1956 J
James Frank A Clear 1st 4s... 1959 J
46
107
♦1st
lnt Telep A Teleg deb g
Conv deb 4%s
100
40
♦1st 5s series B
Internet Hydro El deb 6s
1944 A O
lnt Merc Marine s f 6s
1941 A O
Internat Paper 5s ser A & B...1947 J
J
Ref s f 6s series A
1955 M S
lnt Rys Cent Amer 1st 5s B...1972 M N
1941
1947
4%s—1952
1939
91%
97%
107%
*88
lnt Agrlc
1st coll trust 6% g notes
1st lien A ref 6%s_.
97
100% 101
87
100%
lOi"
126
Louisiana A Ark 1st 5s ser A
1969 J
Louis A Jeff Bdge Co gu 5 4s...1945 M
84%
107%
*105%
105%
107%
107%
95%
94%
93%
93%
48
50%
.
5s series C
75
82
Guar ref gold 4a
Lorillard (P) Co deb 7s
5s—
105%
64% 86
103% 108
105
41
Ind Union Ry 5s series B.
.1965 J
Ref A Imp mtge 3 Mb ser B. .1986 M
Inland Steel 3%s series D
.1951 F A
g
15
A
Long Dock Co 3%s ext to..—1950 A O
Long Island gen gold 4s
—1938 J D
Unified gold 4s
1949 M S
20-year p m deb 5s.
—.1937 M N
89%
90%
107
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
Interlake Iron 1st 5s B
"90%
1951 F
96
91% 103
72% 88
101%
135%
75%
Atl Knoxv A Cin Div 4s..—1955 M N
90
85%
.1940 A
..
90
81%
69%
87
*97%
.1963
.
86
*87
3%s_. .1951
4Mb series C
Illinois Steel deb 4Mb
80
*109
90 H
Western Lines 1st g 4s
.1951 F
Ill Cent and Chic St L & N O
Joint 1st ref 5s series A
.1963
1st A ref
78
*96
St Louis Dlv A Term g 3s.. .1951
1951
Gold3%s
Springfield Dlv 1st
89 M
104%
64
1944 A O
4%s
Little Miami gen 4s series A
1962 MN
Loews Inc s f deb 3 Mb
...1946 F A
Lombard Eleo 7s ser A........1952 J D
145
110
129""
cons
4s
5s
94%
Refunding 5s
High
103%
69%
75%
82%
129%
135%
125%
82%
1941 A O
1965 A O
Liggett A Myers Tobacco 7s
"~3
103%
2003 M N
General
14
1955 M N
40-year 4%s
Asked
102%
66%
73%
80%
102%
68%
cons g
Range
A
109
J
1940
2003 M N
2003 M N
Lehigh Val (Pa)
58
161%
83%
34%
Bid
Price
General cons 5s
Leh Val Term Ry 1st gu g 5s
Lex A East 1st 50-yr 5s gu
7
.1952 A O
.1953 MN
Friday's
Low
Refunding 4a
J
Range or
Sole
109
*110%
1951 A
Week's
Last
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 8
29
126 %
Illinois Bell Telep 3%s ser B... 1970 A
Illinois Central 1st gold 4s... ,1951 J
1st gold 3 Mb
.1951 J
Extended 1st gold 3 Mb
1st gold 3s sterling
Collateral trust gold 4s
A. T. A T. Tele. N. Y. 1-1598
*87%
99
ser
NEW YORK
St.
~14
101M
1961
Gull States Util 4s
4%s
Wall
Telephone Whitehall 4-2900
*87%
1
DEALERS
AND
33
*108%
Stamped
s
BANKS
313
J
1976
General 4%s series E
..1977
General mtge 4s series G
1946
Gen mtge 4s series H
1946
♦Green Bay A West deb ctla A
General 4%s series D__
BONDS
IN
10
J
1973
General 5s series C
Range
for Year
Asked
High
Bid
Low
Gull States Steel
247
New York Bond Record—Continued—Page 4
144
26
14%
9
9%
48
32%
32
98%
97%
111%
16
13
85%
105% 111%
107%
109%
107%
108%
109%
61
106% 1083
108
77
107
102
102
102
12
102
102
108?
102% 1053
102
104%
106
108%
97% 104%
66%
99%
New York Bond
248
Friday
BONDS
N.
Y.
STOCK
Last
EXCHANGE
Week Ended
Range
Sale
Jan. 8
or
Bid
Gen A ref
b
f 6s series A....-1955
Gen A ref
s
f 4%s series C.-1955
Gen A ref b f 5s series D....1955
Morris A Co 1st s f 4 >$8
Morris A Essex 1st gu 3%s
2000
Constr M 5s series A
"96%
101%
94%
93
119
85
45
Ref & lmpt 4 %s series A
Ref A lmpt 6s series B
178
3
119
1978 F
1937 F
Nassau Elec gu g 4s Btpd
1951 J
J
Nat Dairy Prod deb
62%
IVI N
105 %
1967 J
1957 J
1957 J
Z
J
s
f 4s
5s
"6
6%
107
127
125%
124% 124%
*104%
107%
94%
82%
99%
99%
99%
44%
48%
♦45%
48%
47%
"166%
First A ref 5s sertes B
1955 J
New Orleans Term 1st gu 4s—1953 J
100
99%
lnc 5s. .1935 A
"51%
1954 A
1956
"51%
♦1st 4%s series D
1956
♦1st 6%s sertes A
1954
49%
53%
♦Certificates of deposit
1945 J
N Y Cent RR conv 6b
1944 MN
Consol 4s series A
A
10-year 3%s sec s f
1946
2013
2013
N Y Cent A Hud River M 3%s_1997
4 Ha series A
A
A
J
111%
105%
103%
95%
101%
104%
Debenture 4s
1942 J
Ref A lmpt
2013 A
"95%
1998 F
97%
4%s ser A
Lake Shore coll gold 3%s
Mich Cent coll gold 3%s
1998 F
N Y Chic A St L 1st g 4s
97
1937 A
.1974 A
Refunding 6 %s series A
Oct 1 1938
N Y Connect 1st gu 4%s A
A
O
94
99%
N Y Dock 1st gold 4s
Serial 5% notes
N Y Edison 3 %s ser D__
104%
103%
1938
69%
2000 IVI N
1973 MN
A
♦Non-conv debenture 4s
1956 M N
♦Conv debenture 3%s
♦Conv debenture 6s
1956 J
J
1948 J
J
♦Collateral trust 6s
1940 A
O
♦Debenture 4s.
1957 IVI N
♦1st A ref 4 Ha ser of 1927—1967
D
♦Harlem R A Pt Ches 1st 4s. 1954 M N
N Y O A W ref g 4s
General 4s
June 1992 M S
1955 J
D
{♦N Y Providence A Boston 41.1942 A O
N Y A Putnam 1st con gu 4s... 1993 A O
N Y Queens El Lt A Pow 3%s_1965 M N
{♦N Y Rys Corp lnc 6s——Jan 1965 Apr
Prior Hen 6a series A stamped 1958
J
N. Y. A Rlchm Gas 1st 6s
N Y Steam 6s series A
mortgage 5s...
-.1951 IVI N
.1956 MN
♦N Y Susq A West 1st ref 58—1937
J
95%
120
1937 F A
gold 6s—.......1940 F A
Terminal 1st gold 5s.
1943 IVI N
N Y Talep 1st A gen ■ 14%s—1939 MN
D
N Y Trap Rock 1st 6s
1946
stamped
g 6s...1941 M N
N A W Ry 1st cons g 4s
1996 O
A
North Amer Co deb 6s
1961
F
A
A
1957 M
Aug 15 1963 F
S
A
Nov 15 1969 M N
North Cent gen A ref 5s......1974 M
1974 IVI
S
S
105
97%
104%
108%
78
98
31
100
95%
125
98
34
21
35
99%
109
129
67
109
3
4
69%
35
65
13
75
96
90
108%
96*
99
86%
97%
101% 104%
82
107
70%
88
96
100%
105% 109
106% 109
69
77%
62
75
101% 105%
122% 126%
113% 117%
100%
92% 101%
102
102%
109%
*106%
103%
*42
a 42
39%
a 50%
94% 104%
103
111
103
109
100%
104%
105%
100%
25%
41
"42%
38%
39%
15
38%
2
41%
40%
37%
42
28%
47%
95%
109%
*105%
24
37
38%
24
24%
24%
38%
42
57
25
41
12
39
46%
50%
371
65
26%
45%
28%
48%
23%
26%
35%
16%
300
95
95%
20
77
79
93%
109
81
36
41%
99%
94%
47
32%
109%
59
57%
105
105%
103
"28
23
71
25
107
107
2
7
106%
106%
106%
6
106
106
106
2
91%
90%
92%
90
"69%
91
68%
106%
109%
103%
103
69%
106%
109%
93%
97%
19%
109%
107%
103%
104
104
106
106%
109%
*90
19%
109
28
96%
16%
109
*106%
82%
104% 109%
31%
61%
104%
64
45
46
73
6
100
104
43
418
60
"38
20
388
27
95
80
99
12% 22%
105% 109%
105% 108
96% 104
105% 155
12% 25
162
*126%
*118%
23%
73
6
1
06
122
50
115
124
106
15
105%
106%
105%
121%
105%
104%
105%
105%
17
15
68
103% 107
102% 105
103% 106%
101%
120
.
'122%
110
35
102%
102%
"21
39
Pacific Coast Co 1st g 5s
Pacific Gas A El 4s series G
105%
*104%
II2"
112
112
100
103%
107
104% 107%
107% 109
107
20
all4
1
102
101%
102
76%
110%
107%
102%
1964
113%
118
122
2
107%
102%
115
109
119
105
123%
108%
123
106%
102%
110
6
41
123
110%
107%
S
1938
...1938
4
22
U1H
42
1st M
s
f g 3s loan ctfs
99% 102%
93
102%
100% 104%
102% 105%
10
Paramount Pictures deb 6s
Paris-Orleans RR ext 5%s
1944
100%
100%
39%
1968
Pat A Passaic G A E cons 5s..1949
s
f 7s
1941
74%
100%
101%
39%
2
100%
100
39%
73%
F
A
D
1944 J
D
1952 M N
1963 F A
Penn-DIxle Cement 1st 6s A...1941 M S
Penn Glass Sand 1st M 4 %s
1900 J
Pa Ohio A Det 1st A ref 4 %s A. 1977 A
100
4%s series B._
J
1981 J
Pennsylvania PAL 1st 4%S—1981 A O
Pennsylvania RR cons g 4s
1943 M N
Consol gold 4s
1948 M N
1970 A
1960 F
General 4%s series A
General 5s series B
O
101%
151%
2
1965 J
.114%
.122%
1968 J
Debenture g 4%s
General 4%s series D
1970 A
106
1981 A
1984 J
Jill
Jill
4%s series E
Peop Gas L A C 1st cons 6s
Refunding gold 5s
1947 M S
1940 A
cons
1943 A
4s
O
♦Income 4s
April 1990 Apr
Peoria A Pekln Un 1st 5%s
1974 F A
Pere Marquette 1st ser A 5s... 1956 J
J
1st 4s series B
J
1950 J
1st g 4 %s series C
Phlla Bait A Wash 1st g 4s
General 5s series B
1980 M
S
1943 M N
...1974 F
General g 4%s series C
General 4 %s series D
A
1977 J
D
1967 MN
1971 F
Phlla A Reading C A I ref 5S..1973 J
Conv deb 0s
1949 M
104% 1079
105% 107)
110
102% 108%
106%
101% 107%
100
90% 100
104% 105%
103% 107%
J
46%
S
23%
105%
105%
102%
45%
23%
18%
106
85%
O
1949 F
A
D
1963 F
1970 J
D
1975 A
O
1977 J
Pitts Va A Char 1st 4s guar
4%s
A
1964 M N
4%s
107
127%
112% 120%
20
70
J
D
99
9
19%
108% 112%
98% 106%
89
1
104%
111
2
150
113%
130%
113
118
129
121%
116%
106%
105%
103%
47%
24%
"~3
66
21
89
101%
110
110%
103% 107%
109
103
108%
37
55
155
15%
32%
400
28
107
105
20
107
18
34
18
85%
1
105% 109
70
85
111
112%
111
114
111
.
113%
110
113%
105% 100%
.....
96
76
29
.....
107
121%
106% 117
36
111
111
109
114%
108% 115
115% 120
118
123%
123%
107%
125
115% 124%
116
123%
106% 110
109% 110
73
90%
*110%
96
111%
111%
96
O
94
94
75
96
1960 A
O
92%
93%
74
95%
1948 J
D
1902 F
A
*112%
*123%
1974 J
D
*123
.1977 J
D
1st gen 5s series C
1st 4%s series D
Port Arthur Can A Dk 6s A...1953 F A
1st mtge 0s series B
1953 F A
Port Gen Elec 1st 4%s ser C..1960 M S
1st 5s 1935 extended to 1950
J
"82"
{♦Postal Teleg A Cable coll 5s .1953
Potomac Elec Pow 1st M
42%
3%s 1966
Pressed Steel Car deb 5s
f deb 5s
106
1951
{♦Providence Sec guar deb 4s_.1957 M
{♦Providence Term 1st 4s
.1956 M
Pure Oil Co s f 4%s w w
1950 J
4%8 without warrants
1950 J
97%
N
20
S
86
J
126
J
104%
99%
1948 J
J
(65% pd)._. J
110
112%
119% 123%
*115
105%
*105%
74%
72%
J
Porto Rlcan Am Tob conv 6s__1942
a
13
40
115%
123%
108
,.1958 A
Pitts Y A Ash 1st 4s ser A
1st gen 5s series B
Purity Bakeries
*66
461
"87
106
*112
1943 MN
ser A... 1958 J
1st M 4%s series B
1st M 4%s series C
109
115%
99%
105%
105%
115%
130
*115
*124%
*124%
122%
123% 123%
100% 103%
118% 126
76
103%
113%
*114%
1957 M N
I960 F A
General M 5s series A
General mtge 5s series B.
General 4%s series C.
10
*105%
1953 J
Series G 4s guar
4
146
101
*111%
*113%
*113%
*113%
1942 M N
Series H cons guar 4s
Series I cons 4%s
Pitts A W Va 1st
105% H106
110%j 111
110
111%
121%
121%
116% 117%
98%
98%
17%
19%
*112% 115
1945 MN
Series E 3%s guar gold..
Series F 4s guar gold
cons guar
27
O
1942 A
105% 107%
110% 115%
111% 116%
111% 116%
71
121%jil23
105
107%
108% 108%
105%
115%
116% iill6%
102%
103%
125% J1126
114% 11115%
99%
102%
113%
128%
*117%
1021
104
104%
*108%
105%
116
106
A
1940 A
Series C 4%s guar
Series D 4s guar
Series J
103%
113%
128%
105%
102%
Philippine Ry 1st s f 4s.
J
.1937 J
Plllsbury Flour Mills 20-yr 0S..1943 A O
Pirelli Co (Italy) conv 7s
1952 M N
Pitta C C A St L 4 %s A
Series B 4%s guar
105"
D
1967 J
"l9"
J
1981 J
Phlla Co sec 6s series A
Phlla Elec Co 1st A ref 4%s
1st A ref 4s
117"
87
60
101
*116%]|
A
42
32%
77
49%
119% 123%
106%
107%
107%
*112
103%
73
83
90
99%
4s sterl stpd dollar May 1.1948 M N
Gen mtge 3%s ser C._
Consol sinking fund 4%s
69%
65
102
104
105%
108%
61%
34%
100
5
10
*105%
D
O
36%
33
122%
*101%
,106% 106%
*106%
107%
*108%
106% 106%
105
96
74
*75
1942 J
28-year 4s
99
122%
1942
Penn Co gu 3%s coll tr A—...1937 M S
Guar 3%s coll trust ser B
Guar 3%s trust ctfs C
Guar 3%s trust ctfs D
Guar 4s ser E trust ctfs
57%
74
1953
Parmelee Trans deb 6s
"45
"44
54%
S*
1955
{♦Park-Lexington 0%s ctfs
105%
"58"
104%
78%
3
*107
1955
55
106% 111
105% 108%
54
104%
II♦Pan-Am Pet Co (Cal) conv 6s '40
♦Certificates of deposit
Paramount Broadway Corp—
100% 104
59
107%
102%
102%
102
98% 103%
37
Pacific Tel A Tel 1st 5s
1937
Ref mtge 3%s series B
.1966
Paducah A 111 1st s f g 4%s—1955
103%
111% 110%
23
113%
121%
1946
113%
101
115
0114
107%
24
39%
109% 109%
104% 108%
112
114
J
107
99% 104
110% 113%
101%
113%
121%
J
*39
106%
112
S
1st A ref mtge 3%s ser H...1961
Pac RR of Mo 1st ext g 4s
♦2d exte d -d gold 5s
99
33
*100%
J
Ore-Wash RR A Nav 4s
1961 J
Oslo Gas A EI Wks extl 5s
1963 M
Otis Steel 1st mtge 0s ser A...1941 M
for deb 6s A com stk
D
(♦Debenture gold 6s
99% 110
107% 108
28
D
106
103
105%
74%
106
106%
80% *82
40
§43%
105% 1106
|97% j 97%
120
120
#85% *86
120
127%T
104% 105 *
99 J
77% 100
80
7
9
428
15
32
1
6
391
127
100
13
120
63
{ ♦ Radlo-Keith-Orph pt pd ctfs
For footnotes see page 249.
104% 112%
74%
85%
22
103%
103%
105%
108%
109% 111%
80
~16
27%
105%
105%
96%
93%
18
23
69
106
105% 108%
106% 111
105% 107%
106
107%
75
23%
73
50%
49%
103%
95
115
25%
121%
105%
105%
47%
63%
27%
46%
84% 101
46%
44%
39%
106%
106%
*106%
108%
100%
39%
*95
""94%
106
62
64
46%
41%
107
109%
38%
113
100
*109
Gen mtge
102% 105%
6
1
107
5
105
74%
87
25%
♦Certificates of deposit
89
74%
523
41
39%
1946
j
{♦N Y Weatch A B 1st ser 14%sl946
Niagara FaUs Power 3%s
1966 M S
Nlag Lock A O Pow lst5s A.—1955 A O
Niagara Share (Mo) deb 5%s—1950 IVI N
Nord Ry ext Blnk fund6%s—.1950 A O
A
|{*Norfolk South 1st A ref 5s—1961
ros% 124
80% 102%
104%
94%
67%
63%
111
122
102%
98%
llH
Oregon RR A Nav com g 4s... 1946 J
Ore Short Line 1st cons g 6s... 1946 J
Guar stpd cons 5s
1946
♦PauUsta Ry 1st ref
109
237
*96
4%s_
General
Gen A ref 4%s series A
104
102
103
*100%
A—1951 IVI N
....1947 IVI N
mortgage 6s
32%
120
102%
*108%
1955 J
ser
111%
105%
53
48
1
530
*107
103%
1941 M
♦Non-conv debenture 4s
30
148
*102
(♦N Y A N Eng (Bost Term) 4s 1939 A O
t*N Y N H A H n-c deb 4s
1947 M
♦Non-conv debenture 3 %s_. 1947 M
♦Non-conv debenture 3%s._1954 A
Deb 5 %s series B
Deb 6s series C
37
75
109%
109%
33
J
Peoria A Eastern 1st
1946 IVI N
5s
N" Y A Long Branch gen 4s
No Am Edison deb 6s
"32
125%
116%
1973 IVI N
|J♦Norfolk A South 1st
52
49%
125%
116%
4)^3 series B
6s
49%
125%
N Y L E A W Dock A lmpt 63.1943 J
2d gold
78
105%
105%
NT Y L E A W Coal A RR 5%s.l942 M N
1st
52
100%
80% 100%
24%
49%
55
32%
47
49%
54%
33%
28
105
N Y A Harlem gold 3%s
1st
47%
104%
D
ser
89
105"
A
N Y Lack A West 4s
88% 101%
105%
1949 F
gu g
85
36
1965
Purchase money gold 4s
L
95
52
97
N Y A Erie—See Erie RR.
N Y Greenwood
75
62
E....1966
N Y Gas El Lt H A Pow g 6s..1948 J
105% 108%
4
62
94%
100%
103%
108%
94%
96%
102
135
113
109%
83%
77%
100%
100%
109
1951
"24
102%
112"
100
109
1953
ser
107%
96%
83%
Northwestern Teleg 4%s ext—1944 J
J
Norweg Hydro-El Nit 5%S—1957 MN
1st A ref 7s series B._
1947
Ohio River RR gen g 5s
1937
Ontario Power N F 1st g—
1943
Ontario Transmission 1st 5a—1945 M N
127%
100
112
108
105%
106%
119% 124%
61%
93
1953
1st guar 6s series B
3%s
5
54
96
102%
103%
1978 M S
Ref 4%s series C
58
124%
1961 A
1964 MN
1943 M S
103% 107%
61%
77%
122
93
111%
103%
103%
105%
1941 A
Ohio Connecting Ry 1st 4s
6%
45%
25
56
"103%
1938 A
—1941 A
Ohio Edison 1st mtge 4s
1905 MN
Ohio Indiana A West 5s..Apr 11938 Q J
Ohio Public Service 7 %s A— —1946
120% 123%
127%
93
48
106
108%
4%
"4%
76
73
111%
82%
"109%
6%
2%
2%
88
09
109
1948 J
6%
High
64
65
81%
Of A L Cham 1st gu g 4s
""4%
77%
52
113
1998 F
Ref A lmpt 5s series C
1st Hen A ref
124
♦
N A C Bdge gen guar 4%s
3-year 6s
38
5
Low
105
82
105%
1H%
2047
Ref mtge 4%s ser B
Ref mtge 6s
No.
81%
83%
111
111%
2047
A
ser
1936
High
3
3%
5
"96%
1983 J
NO A NE 1st refA lmpt 4%s A.1952 J
New Orl Pub Serv let 6s ser A.1952 A
Ref A lmpt
107%
80
♦122%
♦73%
A
New Orl Great Nor 5b A
♦Certflcates of deposit.
♦1st 6s series C
219
J
1961 IVI N
♦1st 5s series B
5%
77
J
D
n-c
2%
6%
63
t
106%
80
D
{♦New England RR guar 6s—1945 J
♦Consol guar 4s
1945 J
{|»N O Tex A Mex
2%
2%
*3
4
N J Junction RR guar 1st 4s._.1986 F
N J Pow A Light 1st 4%s
1960 A
2%
2%
2%
2%
'~93
♦3
New England Tel A Tel 5b A—1952 J
1st g4Hs series B
5%
5%
O
1948 J
101% 108%
103
106%
112
6
Nor States Pow 6s
1st A ref 6s ser B
73%
2%
2%
4%
O
1965 J D
1954 IVI N
4s
g
cons
30
♦2%
4%
*2%
♦2%
5%
J
♦4s April 1914 coupon on.-.1951 A
♦4s April 1914 coupon off.„1951 A
♦Assent warr A rets No 4 on '61
Nat Steel 1st coll
106%
57%
♦2%
J
Nat RR of Mex prior lien 4%s—
♦Assert warr A rets No. 4 on.1926 J
{♦Naugatuck RR 1st
27
94
98
102% 104%
*3
J
♦Assent warr A rots No 4 on '57
♦4b April 1914 coupon on...1977 AO
♦4s April 1914 coupon off... 1977 A O
♦Assent warr A rets No 6 on *77
Newark Consol Gas
63
106%
105%
1957
♦4%s Jan 1914 coup on
♦4%s July 1914 coup on
♦4%s July 1914 ooup off
86
1
107
62
107
11
97%
102%
102%
....
M N
3%s w W..1951
Nat Distillers Prod deb 4%s.—1945
Nat Ry of Mex pr lien 4%s
96
-
A
Range
for Year
Asked
dk
*81%
2047
2047
Ref & lmpt 6s series C
Ref & lmpt 5s series D
Nor Ry of Calif guar g 5s
*111**
A
Nash Flo A S 1st gu g 6s
Bid
81%
*81%
April 1 1935 lncl coupons__1946
North Pacific prior lien 4s
1997
Gen lien ry A Id g 3s Jan
2047
Namm (A I) A Son—See Mfrs Tr
Nash Chatt A St L 4s ser A
Range or
Friday's
Sale
Price
♦Oct 1935 and sub coupons.. 1945
♦Stpd as to sale of April 1 '33 to
84
100%
94 %
Last
EXCHANGE
Low
86%
82%
~95%
96%
101%
1955 M N
1937
9,
Week's
{Northern Ohio Ry 1st guar 5s—
♦April 1 1934 &sub coupons-1946
1939
Constr M 4%s series B
1955 M N
Mutual Fuel Gas let gu g 6s.-_1947 M N
Mut Un Tel gtd 6b ext at 5%~ 1941 MN
STOCK
No
84
♦IIIII
*1111
*H HI
Y.
Week Ended Jan. 8
104
♦
1955
N.
1936
High
104
BONDS
for Year
Asked
dk
Low
1941
Gen A ref b f 5s series B
Jan.
5
Friday
Range
Friday's
Price
Montreal Tram 1st A ref 6a
Record—Continued—Page
Week's
1941 J
D
*100
120
116
79% 106^
60%
80%
104% 108
64%
82%
27%
44%
104% 106%
91
9
78%
99
21%
92%
110% 131%
102% 106
91% 103
168
63
275%
122
Volume
Range
BONDS
Friday's
Sale
Price
for Year
N. Y. STOCK EXCHANGE
Sale
1936
Week Ended Jan. 8
Price
Bid
A
Asked
Low
O
Reading Co Jersey Cent coll 48.1951
Gen A ref 4Ha series A--—,1997
s f
High
103
1045*
J
J
M
S
1105*
109H
1115*
64
134"
127"
134 H
236
100
123
3
108
M S
A
99H
99H
M N
109 %
109H
110
99 H
985*
1055*
100
139
106
30
J
J
J
*
1953 J
J
*15"
106
102 H
♦Cons mtge 6s of 1928
1953 F
♦Cone M 6s of 1930 with warr '56 A
22
20
2
*
1937 J
J
215*
1944
Rlchm Term Ry lot gu 6s
♦Rlma Steel 1st s f 7s...
Toronto Ham A Buff 1st g
4s.. 1946
♦Guar
sec s
38
"3
335*
Uljlgawa Elec Power s f 7s
128
37
655*
66
134
35 H
65 5*
1075*
Gen mtge 5s series E
1962
|{*R I Ark & Louis 1st 4Ha...1934
Rufr-Canadlan 1st gu g 4s
Rutland RR 1st con 4 Ha
1949
1941
Saguenay Power Ltd 1st m4Hsl966
St Jos Ry Lt Ht & Pr 1st
St Lawr A Adlr 1st g 5a
2d gold 6s
91H
90
83 H
76 H
94 5*
90
50 5*
122
37 H
54
485*
*121
215*
19H
*20
"32 H
J
30
33
J
5s...1937
1996
1996
61
1125* 12254
107
*108 H
M
30
104 H
1035*
J
112H
1125*
MN
101H
A
1947 J
St Joe A Grand Island 1st 4s
35
82
1948 A
♦Ruhr Chemical a f 6s
57
*90
M
100H
J
J
*1035*
A
O
"21 k
109
13
2554
23H
35
24
43
245*
45
28
1945
42 54
84
84
85
109
100 H
1015*
80
1005* 100 H
101
1015*
81
1075*
1075*
3
103
1J35*
114H
80
98
1035*
1
111
1145*
365*
14
25
156 H
107
48
108
{♦St Lr-San Fran pr Hen 4s A.-.1950 J
36
1944 M
35H
33
1950
y
j
♦Certificates of deposit
29
32
295*
61H
685*
Vanadium Corp of Am conv
29
275*
MN
99H
99
J
695*
69H
70 H
J
64
62 H
645*
32
J
53 H
51
54
67
58
...
..1937
1940
1972
J
1943
58
975*
1941
1939
*1015*
1065*
1065*
1
1235*
124
4
102
103
60
1125*
D
112H
103
395*
-
— —
♦2d gold 5s
...
A
1989
4S..1950
1950
Oct 1949
1959
*395*
395*
—
—
—
A
O
46
7
34
325*
115*
115*
18H
♦Debenture
s
s
f 7s
f 6 Ha
17H
77
89
99
425*
265*
39
38
39
8
26
39
42
216
27
425*
385*
405*
37 H
38 H
11
25
375*
375*
41
101
26
405*
35
39
13
39 H
415*
37 H
37 H
"40 H
1980
A
O
415*
121
Walker (Hiram) GAW deb
2
108 H
40
835*
46
97
97
34 H
8
6s debentures
99
53
515*
44
28
59
73
72
73 H
15
41H
84
73 H
70
74
50
415*
835*
77
83
195*
140
Washington Cent lat gold 4s__1948
*102 H
m"s
385*
36
205*
385*
A
O
14
125*
145*
84
1945
1945
A
13H
13H
1
110H
*1105*
*1085*
126 H
1225*
108 H
Warner Bros Pict deb 6s
35
.1939
{♦Warner-Quinland Co deb 6S.1939
♦Warner Bros Co deb 6s
37
J
1941
♦Deposit receipts..
71
Wash Term 1st gu 3Hs
1st 40-year guar 4s
Wash Water Power s f 5s
113
1125*
113
19
1015*
101
102
163
83
J
102H
O
106 5*
South A North Ala RR gu
South Bell Tel A Tel 1st
f 6s. 1941 J
J
1947 J
J
J
50 5*
21
Socony-Vacuum Oil 3 Ha
21 5*
68
O
1015*
1065*
945* 1015*
80
89 5*
595* 1035*
42 H
7254
*98H
1951 J
I960 A
6s..1963 A
Bkelly Oil deb 4s
6
845*
105H U5
1939
"51
215*
5
23
13
56
90
1025*
81
965* 10254
107 H
88
1035* 10654
1145* 12954
*125
107 H
108" "13
1065* 1085*
105H
107H
J
1st A ref 5 Ha series A
1961
1966
1952
1977
West N Y A Pa 1st g 5s
1937
1943
)
1946
3
1st mtge 3H8 series I
--
1105*
1105*
1095*
126 H
Southern Colo Power 6s A
So Pac coll 4s (Cent Pac
1st 4Hb (Oregon LlneB)
Gold 4 Ha
Gold 4Hs
Gold 4 Ha
coll). 1949
A...1977
1968
1969
1981
10-year secured 35*8
1946
M
M
S
s
M N
MN
J
San Fran Term 1st 4s......I960 A
So Pac of Cal 1st
D
1055*
6
102 H 10754
"98H
98H
99
72
100
995*
945*
100
206
87 H 100 54
So Pac RR 1st ref guar
1st 4s stamped
965*
138
76 H
965*
233
151
765*
J
955*
1015*
1015*
102 H
193
107H
107H
1095*
42
6S..1937 MN
J
1937 J
J
1955 J
1955
J
5s
1994
4s
103 H
*1035*
1085*
*
St Louis Dlv 1st g 4s
East Tenn reor Hen g 5s
ilik
ink
O
80 5*
o
100 5*
78 5*
98 H
1956
1996
1951
1938
Devel A gen 6 Ha
Mem Dlv 1st g 5s
o
1025*
1015*
J
J
Staley (A E) Mfg 1st M 4s
Standard Oil N J deb 3s
100k
213
10154
99 5*
108^
"55
1125*
132
805*
101
.
1
97
142
1031
3
92 H 112
84
63
Gen gold 4s
{♦Western Pao 1st 5s ser A
♦5s assented
93
1095*
1065*
37
78
103
17
97 5*
1045*
33
1
14
57 H
1095*
23
104 H
1065*
33
10354 10654
93
«
37
48
145*
4
6
106 H
148
107
1065*
107
13
....
1095* 112
121H 1265*
119
1235*
1075* 110
1075* 1095*
965* 1065*
109
106
nok"
37 H
39 H
55
1115*
32 5*
32 H
44
425*
395*
71
104
104
104 H
11
104
107
55
103
1125*
22
1035* 107 H
104
1095*
365*
1960
♦Westphalia Un El Power 6s.. 1953
West Shore 1st 4s guar
2361
Registered
2361
Wheeling A L E Ry 4s ser D..1966
3
[
95
106 H
106 H
1949
i
"1125*
1125*
1125*
L
1025*
1025*
103
r
r
1115*
1115*
1065*
30-year 5s
RR 1st consol 4s
995* 1045*
106
IIOH
395*
39
1946
106 H
101H
102
136
122
White Sew Mach deb 6s
106
1115*
107 H
1085*
108 H
109
41
20 H
22
4
975*
100
7
85
100
945*
95
74
81
96
1
104
205*
100
39
1075*
9354 102
10
126
215*
33 H
107 H
107 H 114
99
1025*
r
♦Ctfs for col A ref conv 7s Ail935
r
1942
>
)
1943
112H
106 H
li7H
107
37
105
1st gu g 6s
170
13
136
121
125
28
1947
1045*
1055*
97
6s..1951
Chem deb 6s B
1944
O
1944
*1255*
126
11354 1265*
7454 105
120
1265*
1045*
103
1947
101H
102 H
48
1095*
1185*
1095*
118H
3
109 H 1115*
8
116
1105*
1075*
1115*
7
105 H 112
1075*
25
105
105 H
81
106H
126 H
106H
2
1055*
1065*
107H
106
63
107
121
615*
-----
1960
103
51
1
----
1035*
115
1035*
Wilson A Co 1st M 4s series A. 1955
115
22
1
345*
♦Certificates of deposit
J
{♦Wor A Conn East 1st 4 Ha..1943
Youngstown Sheet A Tube—
Conv deb 3 Ha
1951
1st mtge s f 4s ser C
1961
33H
35 H
108
325*
{♦Wis Cent 50-yr 1st gen 4s... 1949
31
325*
255*
19
i
170
1956
35
*1055*
13
24
245*
14
24
24
*10
1
H
1
130
126
131
135
1
104 H
104
105
14/
1055* 140
98 H 105
1075*
1956
157
365*
365*
615*
355*
615*
1938
Wllk A East
1045*
90
104 H
35H
36
*1045*
♦Studebaker Corp conv deb 6s. 1945
Swift A Co 1st M 35*s
1950
*104H
.1940 MN
{♦Wlckwlre Spencer St't 1st 7s. 1935
♦Ctf dep Chase Nat Bank
|*Sup A Dul dlv A term 1st 4s '36
I ♦Certificates of deposit-.
104 5*
1065*
Ilk"
16
1095*
106
Funding A real est g 4Ha—.1950
25-year gold 5s
1951
Winston-Salem S B 1st 4s
1055*
27
1045*
106
1
109
r
85
105
102 H
92
2
1095*
r
Will A S F 1st gold 5S
1045*
1095*
----
1225*
1085*
1938
Western Union coll trust 5s
68 H 101
71H 104
102
1946
1961
1065* 118
1045*
105
J
M S
Mobile A Ohio coll tr 4s
1938 M S
D
S'western BeHTel 3Haser B...1964 J
S'weetern Gas A Elec 4s ser D..1960 MN
J
{♦Spokane Internat 1st g 6s.-.1955 J
96
955*
955*
975* 10254
105 H
1956
1956
Southern Ry 1st cons g
Devel A gen 4s series A
Devel A gen 6s
----
1055* 1105*
109H 1125*
103H 1065*
103H
1075*
1075*
9954
77
96
O
con gu g
So Pac Coast 1st gu g 4s
80H
945*
945*
965*
96 5*
4
1065*
r
1005*
94 H 103
---
Wheeling Steel 4Ha series A...1966
s
78
98
71
86
81
J
1st mtge 4s ser H
9
3154
68 H
j
West Penn Power 1st 5s Ber E.1963
Western Maryland 1st 4s
87
70
995*
>
1955
*77 H
A
1035* 1115*
865*
975*
995*
545*
Warren RR 1st ref gu g 3 Ha..2000
A
36
107 H
327
F
405*
25
855*
215*
F
26
5
"107k
20
1946
1941
36 H
101
1955
215*
Slleslan-Am Corp coll tr 7s
24 H
4j*al945
Walworth Co 1st M 4s
118
♦Silesia Eleo Corp 6 Ha
85
1005* 1035*
72
825*
60
209
50 5*
-
1
Westchester Ltg 6s stpd gtd.__1950
♦ISlemens A Halske
—
—
17
1935 F
Shlnyetsu El Pow 1st 6H»
—
—
-
68
18H
17H
1951 M N
1951 M S
1952 J D
J
1935 J
1951 M S
— —
1045*
975*
715*
345*
125*
1933
{♦Seaboard All Fla 6s A ctfs.. 1935
—
84 5*
19
121
34 H
—
98 H
67 5*
975*
♦Certificates of deposit
3
425*
—
——
975*
395*
20H
Shell Union Oil deb 3Ha..
1035* 109
425*
1978
♦Ref A gen 6s series D
41
42 5*
33 H
1945 M S
deb 4 Ha
1125*
1005*
81
69 H
♦Certificates of deposit
41
O
MN
|*Atl & Blrm 1st g 4s
conv
72 '
58
104
41H
1976
♦Ref A gen 4 Ha series C
—
—
40
— —
83
17
♦Series B certificates
42 j*
"715*
♦Certificates of deposit
-----
—
*78
1941
1941
{♦Wabash Ry ref A gen 5 Ha A-1975
♦Ref A gen 6s series B
86
*102
Toledo A Chic Dlv g 4s
3
1105*
965*
*85
Omaha Dlv 1st g 3 Ha
—
40
1946
6s series A
3
79
1st Hen g term 4s
J
♦Certificates of deposit
Sharon Steel
100
—
1035*
97H
Des Moines Dlv 1st g 4s
♦Certificates of deposit
cons
100
—
1075*
Det A Chic Ext 1st 6s
♦Stamped
♦1st A
1065* 110
2
— —
103 H
53
J
♦Stamped
^Refunding 4s
13
655*
115
6H
"n"
109 H
655*
2H
-
106 H
22
1946 J
♦Adjustment 5s
-
94
103 H
25 5*
1035*
*114
I {♦Seaboard Air Line 1st g
|*Gold 4b stamped
M—
38 H
1075*
1035*
101H
23
255*
1035*
*110
Scioto V & N E 1st gu 4s
-
83
55*
-----
*112
"166
---
----
35
1095*
98 H
106H 111
107H 1105*
76
-----
4
*25*
"37"
1939
1954
1965
f 6Hs series B
100
1939
1
Santa Fe Pres & Phen 1st 5S..1942 M S
s
76
85 J*
1966
15
San Antonio Pub Serv 1st 6S..1952 J
M N
San
♦Guar
78
60
*1135*
♦Certificates of deposit
{♦Schulco Co guar 6Hs
64
Virginian Ry 35*a aeries A
34
108
335*
A
J
Diego Consol G & E 4s
*113H
5
1958
108
D
J
{♦St Paul & K C Sh L gu 4H8-1941 F
S A A At Pass 1st gu g 4s
152
245
"58
{Wabash RR 1st gold 5s
St Paul Minn & Man 5s......1943 J
St Paul Un Dep 6s guar
33 H
117
104 H
106
J
St Paul & Duluth 1st con g 4s__1968 J
{Pacific ext gu 4s (large)
1955
1957
1st cons 5s
1937 J
Mont ext 1st gold 4s
985*
100
58.1941
4s series A
|*Vera Cruz A P 1st gu 4H«—1934
|*July coupon off
♦Vertlentes Sugar 7s ctfs
1942
Virginia El A Pow 4s ser A
1955
Va Iron Coal A Coke 1st g 5S..1949
Va A Southwest 1st gu 4s
2003
25
100
cons g
Cons s f 4s series B
{St 1 SW 1st 4s bond ctfs
1989
♦2d g 4s lnc bond ctfs...Nov 1989
♦1st terminal & unifying 5S..1952
♦Gen & ref g 6s ser A
1990
61 Paul City Cable cons 5s
1937
{♦St Paul E Gr Trk 1st 4 Ha—1947
33
96 5* 104H
97 5* 1055*
67
58
268
—
—-
69
60
.1959
437
265*
23
-
30
1055*
106
7
-----
io§k
"1045*
38
150 H
103 H 107 H
33 H
23H
'
*
.1947
VandaUa
M S
Guaranteed 5s..
*20
106 H 109 5*
61
24
23
23
♦Sink fund deb 6 Ha ser A... .1947
Utah Lt A Trac 1st A ref 6s... .1944
118
102k
99
25
♦Con M 4 Ha series A
1978
♦Ctfs of deposit stamped...
J
106 H
1065*
{Util Power A Light 5 Ha
30
32
♦Certificates of deposit
♦Prior Hen 6s series B
"I56H
148
86
49
31
33
114H
355*
.1944
163
"35H
114 H
J
Utah Power A Light 1st 5a
230
33H
35
J
J
"l03 H
1953 M
United Drug Co (Del) 5s
U N J RR A Can gen 4s
8754
13
335*
305*
345*
1
123
101H
71
83 H
122H
103
1005*
67H
48
119
O
,1970 A
34-year 3 Ha deb.
♦Un Steel Works Corp 6 Ha A.. .1951
.1951
♦Sec s f 6 Ha series C
45
48
28
1971 M N
35-year 3Hs debenture
United Biscuit of Am deb 5s.. 1950 A O
Debenture 5a
J
25
175*
26
504
1115* 1165*
107 H 111*
1015* 105 5*
92
mi
11
27
101
104
34
116
U S Rubber 1st A ref 5s ser A.. .1947
78
1035*
1155*
104 H 107 H
2
63
1125*
85
6
10
215*
121H
1085*
121
99 H
84 5*
905*
1095*
114H
107 H
83 H
—
935*
116
21
33
♦Certificates of deposit
{♦St L Peor & N W 1st gu 6s... 1948 J
St L Rocky Mt & P 5s stpd-.-1955 J
79
109 H
114
1125*
101 5*
1035*
72
98
1
106 5i
106
20
215*
"104"
June 2008
102 H 10554
86
1025*
84 H
905*
106
June 2008
1st Hen A ref 5s
46
St Louis Iron Mt A Southern—
♦IRlv A G Dlv 1st g 4s ...1933 M N
90 H
6
"Il4"
1st lien A ref 4s
Ununited Rys St L 1st g 4s__. .1934
U S Pipe A Fdy conv deb 3 Ha.. .1946
1
130
115
"90"
88
conv
"38
*100 5*
ioik 107"
120H 122
1055*
------
——————
1947 M N
deb
J
Union Pac RR 1st A Id gr4s... .1947 J
12-year 4s
315*
345*
104H
50
"~9
----
905*
{|*Unlon Elev Ry (Chic) 5s... 1945
{♦Rio Grande June 1st gu 5s...1939 J
*"~2
121H
90
Union Oil of Calif 6s series A.. 1942
*55
♦Rio Grande West 1st gold 4s__1939 J
♦1st con A coll trust 4s A
1949 A
Roch G & E 4 Ha series D
1977 M
965* 103
*1025*
Union Elec Lt A Pr (Mo) 5s__. 1957
Un E L A P (111) 1st g 5Hs A.. 1954
102
99 H
1
33 5*
66
103 H
9
107 H
121
A
1952 F
f 7a__
102
*1105*
M N
86 H
108 H
71
775*
108 H
102 H
755*
102 H
107 H
♦Tyrol Hydro-Elec Pow 7Ha.. 1955
22
103H
43
100H 103)*
7
101
*122 H
34
625*
103 H
735*
22 H
S
285*
21H
625*
J
575*
121
108
J
Trl-Cont Corp 5s conv deb A_. 1953 J
Truax-Traer Coal conv 6H8-— 1943 M N
65
1955 F
97
395*
D
J
1949 M
Trenton G A El 1st g 5s
65H
1952
High
ow
68 H
101
775*
1942 M S
Tol W V A Ohio 4s ser C
M N
O
1936
1
No.
High
67 5*
101
D
1953
1st 6s dollar series
D
Tol A Ohio Cent ref A Imp 35*0 1960
1950 A O
Tol St L A W 1st 4s
MN
|{*Rlchfleld Oil of Calif 6s
♦Certificates of deposit
for Year
Tokyo Elec Light Co. Ltd—
34
335*
Asked
A
38 5*
675*
395*
O
22 H
22
3
20
A
995*
106>|
J
♦AdJ lnc 68 tax-ex N Y-.Jan 1960 A
275*
21H
22
♦Rhlne-Weetphalla El Pr 7s.-.1950 MN
♦Direct mtge 6s
1952 M N
111
985*
21
♦Rhine-Ruhr Water series 6s
135
95 H 1005*
335*
105H
112
106
24
MN
F
Third Ave RR 1st g 5s
112
M N
1960 J
Third Ave Ry 1st ref 4s
1055* 108
106
1135*
30
1946 J
7s J
96H 1045*:
1055* 108 H
60
108H
Bonds Sold
Friday's
Bid
Low
High
Low
107 H
107 H
108
108
J
Gen A ref 4 Ha series B
1997
Remington Rand deb 45*s w w.1956
Rensselaer A Saratoga 6s gu...l94l
Republic Steel Corp 4 Ha aer A. 1950
GeD mtge 4 Ha series B
1961
Purch money 1st M conv 5 Ha '64
Gen mtge 45*s series C
1956
Revere Cop A Br 1st mtge 4 5*a. 1956
104
No.
Range
Range or
Last
Range or
Last
Week Ended Jan. 8
Week's
Friday
Week'»
Friday
BONDS
N. Y. STOCK EXCHANGE
♦Rhelnelbe Union
249
New York Bond Record—Concluded—Page 6
144
Staten Island Ry 1st 4 Ha
Symington-Gould
conv
lnc
w w
Without warrants
Tenr Cent 1st 6s A or B
Tenn Coal Iron A RR gen
Tenn Cop A
1045*
81H 128
Term Assn of St L 1st g 4H8..1939
1944
1st cons gold 5s
1953
Gen refund s f g 4s
Texarkana A Ft S gu 5Ha A.. 1950
Texas Corp deb
1951
3 Ha
105 H
1943
2000
Tex A N O con gold 6s..
Texas A Pac 1st gold 5s
1977
Gen A ref 5s series B
105 5*
Gen A ref 5s series C..
1979
106 5*
Gen A ref 6s series D
1980, J
108
Tex Pac Mo Pac Ter 5Ha
A..1964IM Si
109H
127H
8
108H
62
109H
2
10254
121
87 H 109
10154
106
99 H 107
117 H
98
and not lnoluded In the yearly
No sales.
r
94
Cash sales transacted during the ourrent week
105
Tennessee Corp deb 6s ser
Tenn Elec Pow 1st 6s ser A
e
range;
13054
10654
97
108
97
Cash sale only transaction during current week,
transaction
during current week,
n
Deferred delivery sale only
t Accrued Interest payable
( Companies reported as being In bankruptcy, receivership, or
Section 77 of the Bankruptcy Act, or securities assumed by such
♦
Friday's bid and asked price.
reorganized under
companies.
No Bales transacted during ourrent week.
♦ Bonda
selling flat.
s
Deferred deUvery sales transacted during the current week and not
10854
105 H 110
a
Under-the-rule sale only transaction during
$ Negotiability Impaired by maturity,
at exchange rate of $4.8484.
current week.
In the yearly range:
International Cement 4s 1945,
Jan. 5 at 150.
Included
250
New York Curb Exchange—Weekly and Yearly Record
NOTICE—Cash and deferred delivery sales
regular weekly range are shown In
a
are
disregarded in the week's range, unless they
footnote in the week in which they occur.
In the following extensive list we furnish
a
/«•
1937
the only transactions of the week, and when selling outside of the
are
No account is taken of such sales in computing the range for the year.
complete record of the transactions
on the New York Curb Exchange for the
Saturday last (Jan. 2, 1937) and ending the present Friday (Jan. 9, 1937).
It is compiled entirely
from the daily reports of the Curb
Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
week
beginning
on
Friday
Sales
Last
Par
Week's
Sale
STOCKS
of Prices
Low
High
Price
Acme Wire vto oom._.20
46 %
*
Conv preferred
Warrants.
"26"
4%
31%
--*
1 %
_
Alabama Gt Southern—50
Ala Power $7 pre!
$6 preferred-
"84"
*
*
-
Allen Industries
74 %
24%
1
com
Alles A Fisher Inc com.-.*
Alliance Invest
17
19
20
Low
40
May
49%
180
99
June
113%
Jan
2,400
2%
9%
Aug
Dec
600
28%
31%
13>6
72%
1%
1,300
3,600
74%
125
20
$3
conv
pref
83
Nov
2
Dec
6%
Deo
"37%
Z41
46
7%
4%
2
Nov
24
400
15
June
25
Nov
22
22
200
21
Jan
Feb
Brown Forman Distillery.
161
4,750
87
Jan
161
Dec
109
Jan
125%
Dec
18%
Sept
Mar
9%
117%
123
31%
3
2%
200
16
100
Sept
Burco Ino
123%
35%
Sept
4%
Jan
"43%
11%
Dec
77%
1%
Jan
100
33%
Jan
100
%
Jan
%
%
100
5%
40
Oct
Feb
Apr
Deo
Jan
27
Jan
Jan
40% x41
44% 46
6%
7%
600
1,100
41
ll",300
3%
20%
48%
Jan
47%
Sept
May
Jan
29%
39
111
21,000
112%
11%
34%
24
25
100
375
2,600
1,050
450
Jan
Jan
9
38%
40%
Feb
133
Sept
5
Feb
Canadian Marconi..
1
25%
Oct
Capital City Products
Aug
July
33%
Apr
47%
Jan
114%
108
7%
Jan
30%
36%
22%
Jan
39%
43%
Mar
Oct
46
19%
Jan
6,900
17%
Jan
500
25%
Feb
30%
28%
25%
30%
250
14
Jan
46
5%
6%
36
"1%
Arcturus Radio Tube
1
Arkansas Nat Gas com...*
8%
•
8%
10%
.10
Arkansas P A L $7 pref
Art Metal Works
5
"14%
6%
5%
36
108% 110%
1%
1%
7%
8%
7%
8%
9%
10%
3,700
1,700
300
220
3,800
16,700
66,900
6,100
*
Ashland Oil A Ref Co
1
Associated Eleo Industries
5
35
2
1%
4%
13
12%
£1
.......1
14%
12%
7
5
*
38%
732
V
2
Option warrants
10%
11%
48
47
48
17%
51%
Warrants
16%
50%
17%
51%
3%
3%
21%
2%
7%
1
6
*
Automatic-Voting Maoh_*
Axton-Fisher Tobacco—
Class A common
10
:
Babcock & Wilcox Co
132
8
3%
19
21%
2%
3%
7%
7%
7
1
Feb
Oct
Feb
Jan
4
Jan
Jan
8%
8%
Dec
3%
7%
Jan
.*
Cent Maine Pow
7% pf 100
Cent Ohio Steel Prod
1
Cent P & L 7 % pref
100
Cent A South West Util_.l
Cent States Elec com
1
Feb
3%
6% pref without
7% preferred
Conv preferred
100
Conv pref opser '29.. 100
7%
Nov
Aug
600
Jan
1
8
2,800
50
23,300
1,800
10,900
3,800
32,100
23
Jan
Jan
'
12
Jan
3i6
Sept
316 May
26%
Jan
88
Aug
Apr
8% June
28
June
11%
May
50
Nov
4%
34%
932
%
%
62%
98
Chief Consol
Mining
1
500
7%
July
Dec
3,200
6%
Oct
Feb
Nov
Dec
16%
Jan
2%
4%
18%
39%
128
2%
3%
18%
40
136%
420
39%
900
70
3%
4%
5,200
5,800
18%
500
Baumann (L) A Co com..*
92"
100
92"
""16
5%
6%
1,600
121%
123"
170
Dec
Jan
J
3%
61
Aug
,.*
*
"122%
Cleveland Elec Ilium
Deo
Jan
158
Jan
124% May
3%
*
11
Berkey A Gay Furniture. 1
2%
Purchase warrants
Bickfords Inc com
1%
2%
1%
July
2%
15,900
1%
8,000
14%
14%
300
13
37
*
..*
37
100
18%
3%
20
3,400
5,900
13%
19%
40
June
Jan
27
Feb
*
44
46%
400
*
"37"
36%
37%
1,000
*
10%
9%
50%
15%
10%
350
5
53
15%
220
34
150
%
%
6%
500
12%
%
53
15%
*
6
Bearing....6
28
2%
100
2%
31
"7%
7
29%
2%
32%
8
20%
18%
21
34%
34%
34%
600
1,900
July
May
3
Apr
Jan
Aug
20% May
2,600
%
500
2%
Aug
2,700
9,900
%
Sept
9%
Jan
25
34
Oct
Dec
Nov
Nov
Mar
Feb
90
Deo
17,100
25,500
1,175
1%
Apr
Nov
4%
3%
31%
Deo
>&
31%
Jan
66
Aug
20
Jan
44
Feb
■"1
600
75
27
Jan
20
76
113
54%
27%
1%
79%
150
900
38
100
24
Aug
Jan
Dec
Feb
Nov
350
34%
Jan
122,800
6.600
3
Jan
Jan
41%
3% May
58
40
40
75
50
42%
68
68
100
43
12%
14
4,500
11
7,500
7%
Deo
Oct
Dec
40
Dec
8%
18%
Dec
Nov
3
Aug
86%
7%
66
Nov
Feb
June
6%
Feb
June
63
June
Jan
75
Dec
67%
Dec
May
Jan
Apr
Jan
Oct
10%
Oct
Feb
8%
46%
10%
8%
100
Nov
10% Nov
47%
11
800
May
52%
1,700
16%
Feb
7%
Dec
Y.I66
Aug
Sept
May
3%
Jan
Aug
Sept
11%
Dee
93,600
3%
Deo
""!"% "2
6
98%
7%
10%
4%
10%
3%
4%
3%
Aug
300
Oct
11,100
4,700
Oct
4%
3%
Sept
Nov
19%
Deo
May
8,500
12,325
74,200
com.
83%
%
Dec
Jan
73
Deo
Jan
116%
10%
July
Dec
34
118% 125
Warrants
2,300
Deo
45
Jan
97
Jan
119
Deo
%
38,100
Distrib.l
Community P & L $6 pref *
New v t c ext to 1946
Conn Gas A Coke $3 pref.*
Consolidated Aircraft
Consol Biscuit Co
16%
Apr
June
2%
Oct
275
13
Jan
62%
Deo
200
28
Sept
33%
1%
59%
31%
1%
1%
61%
31%
1
300
700
1%
Jan
16
17
800
11%
Jan
15%
17
700
16
Deo
"22% "22% "23% "9",200
9%
%
8%
89%
9%
9
%
8%
88
1 %
46% May
14% July
100
9
89%
100
26,800
700
%
'"80%
"80% "§1% """375
'115
114
Consol Royalty Oil
.10
Cont G & E 7 % prior pf 100
Continental Oil of Mex___l
2%
Cont Roll A Steel Fdry
*
Continental Secur Corp. .5
Cook Paint A Varn com.
17%
11%
19%
*
2%
98%
1%
17%
11%
19%
3%
19
16%
49
Feb
Oct
Mar
Nov
Deo
Apr
24%
Nov
9%
94%
Nov
Dec
3% June
84
Jan
112
8%
%
600
100
Consol Min A Smelt Ltd..5
Consol Retail Stores
preferred
Apr
Nov
l",906
67
$4
Deo
Mar
%
90%
8% preferred
Jan
Nov
Jan
4
5%
58
34%
%
5%
57%
62
5% pref A
Feb
Jan
72%
124%
Jan
2,100
60
4%
56
Dec
Oct
■
1%
3%
48%
96%
Consol G E L P Bait com.*
31
42%
24%
65%
Jan
18
4%
2%
25
Conv 5% preferred. .100
Columbia Oil A Gas
1
Deo
58%
1%
20
Colt's Patent Fire Arms.25
Columbia Gas A Eleo—
63
12
42%
Deo
%
4%
warr.
42
Feb
125
88
18%
£1
pref
..1
Consol Cigar warrants—
Consol Copper Mines
6
4%
Nov
3%
1%
16%
Oct
Bohack (H C) Co
13%
Community Water Serv__l
Compo Shoe Mach vto
I
Oct
2%
Apr
43% June
14% July
*68"
Dec
%
53 opt conv pref.
Blumenthal (S) A Co
Botany Consol Mills Co..*
19%
3%
1%
Oct
21
75
31%
35%
1
5%
Community Pub Service 25
Oct
coin
79%
4%
59%
Oct
July
*
3%
6
1%
com
18%
3%
Feb
89
Dec
88
19
5% Income stock A
Commonwealths
Apr
"loo
6
4%
4%
19%
Dec
19%
Apr
800
19
53
"47%
Columbia Pictures
2
Jan
17
19
27%
1%
Commonwealth Edison 100
Commonwealth <fc Southern
121
102
14%
17%
18
Wx
58
City Auto Stamping
*
City A Suburban Homes. 10
Claude Neon Lights Inc.
Clayton A Lambert Mfg.
conv
Jan
Jan
Sept
Oct
Dec
142
6
100
Jan
16%
55
May
Dec
Dec
116%
Aug
Sept
58
Preferred BB
6%
9
29%
105
Colon Development.—1 sh
July
Aug
May
100
250
""160
Deo
Dec
99%
300
Mar
Feb
Nov
7%
101%
110% 110%
10%
10%
39% 40
Oct
16%
Nov
3%
19
7%
7%
21%
Jan
4,600
Apr
Nov
68
9%
8%
Oct
30%
4%
Dec
Deo
Nov
22
Cleveland Tractor com...*
Oct
Nov
"23%
Cllnchfleld Coal Corp.. 100
Club Alum Utensil Co
»
Cockshutt Plow Co com..*
Dec
341
402
15
Feb
4%
4%
95
Aug
7%
17
May
sr4% May
Jan
55%
Apr
Apr
16
500
Dec
133
75
1,600
Den
Apr
10
15%
Cities Serv P A L $7
pref.*
$6 preferred
*
Jan
Deo
Nov
July
23%
5%
__*
Preferred B
Mar
102
5%
17%
11
8%
36%
Jan
Feb
Dec
15%
52
12%
4%
27
5,300
2,900
3%
__1
Preferred
Feb
Nov
86
Jan
Feb
Mar
5%
Cities Service com
Dec
97%
2%
May
7 % May
Oct
Aug
22
15%
100
Nov
Nov
65
.....
Cherry-Burrell Corp..
*
Chesebrough Mfg......25
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach...*
13%
Feb
*
Oct
Jan
Deo
12%
11%
2%
10
Charls Corporation
10%
75%
Aug
Oct
July
July
Deo
Deo
68
47
Centrifugal Pipe
100
1
19
"l9"
2%
24%
Dec
Nov
Deo
82
40
100
Deo
17%
15%
29%
40
9%
100
warr
Colorado Fuel A Iron
40
1
32%
Oct
Oct
1%
Jan
Jan
Mar
16%
Jan
2% May
18%
Jan
20
10
1st preferred
*
Cent Hud G A E com....*
Aug
Jan
400
52
11%
5
Dec
900
32%
33%
102% 102%
14
5%
Corp of America
$7 div preferred
Oct
104%
%
92
60
Jan
Dec
Atlanta Blrm Cst RR pf 100
Atlanta Gas Lt 6% pref 100
Atlantic Coast Fisheries..*
Atlantic Coast Line Co..60
Jan
9%
600
50%
Products
Chllds Co pref
"""%
*
Associates Investment Co *
38
6%
J16
Arsoo Laundries of Amer.*
32%
35
Oct
5%
15,300
96
30%
38
11,100
3
24,100
5% 101,000
39%
9,300
24,400
3%
33%
96
32%
""600
%
2%
1
2%
"96"
44
97
100
*
112
June
1%
*
Jan
10%
92,400
*
Mar
83
13%
6%
Jan
3
Casco
5% Nov
5%
Deo
7% June
Jan
5%
Mar
Nov
32%
7% 1st partlc pref...100
Celluloid Corp 00m
15
63%
6%
July
Dec
100
37%
»
*
57%
2%
Apr
2%
120
100
15
15
"2%
24%
10%
14%
1,600
7%
6%
*
Castle (A M) & Co
Catailn Corp of Amer
June
._*
Class B
Celanese
4
18
76
Carnation Co com
Carolina P A L $7 pref
$6 preferred
Carrier Corporation
Jan
Jan
24,900
73%
150
29%
*
Oct
300
Angostura Wupperman__l
Apex Elec Mfg Co com
*
Appalachian El Pow pref.*
Convertible class A
Feb
Jan
4%
25c
Carman A Co—
Feb
1%
May
6
_.*
Jan
82
95
non-voting
Carlb Syndicate
Jan
Sept
Dec
12
32
47%
29
*
Jan
800
52%
4%
3
Nov
4,300
»
7
6%
1%
2%
1% May
I
7
B
500
%
4% Nov
75
Feb
19
%
Canadian Indus Alcohol A*
7
59,000
1%
Nov
%
4
Calamba Sugar Estate..20
Canada Cement Co com..*
Canadian Car A Fdy pfd 25
Canadian Hydro Eleo—
6% preferred.......100
Jan
52%
4%
5%
6%
1%
Feb
3%
14,700
44
2%
Feb
Dec
5%
*
Am dep rets A ord sh_£l
Am dep rets B ord shs.£l
Amer dep rets pref shs £1
Mar
Nov
38%
8,700
36%
91%
10%
4%
Deo
200
4
37
%
102
Feb
300
Deo
For footnotes see page 255.
.vi
4
36%
Oot
107% June
Jan
»i«
2%
preferred
100
Brazilian Tr Lt A Pow...*
Bridgeport Gas Light Co.*
*'•!
26%
Jan
61%
July
10%
2d
4
103
%
37%
8%
7% 1st preferred
Apr
100
1,925
Mar
2%
*
23%
1,700
1%
10%
com
25%
112"
Oot
Dec
com *
Bourjols Inc
Jan
10%
"i«
36%
100
Bower Roller
50
Nov
2%
96%
Bowman-BUtmore
Dec
Jan
2%
10%
American Seal-Kap com..2
100
23
39 %
4%
8%
45
..25
Aug
July
100
Jan
Apr
Borne Scrymser Co
4,500
9%
Mar
Dec
35
7% 1st preferred
10%
46%
47
24%
25%
106% 106%
100% 112
31
Mar
21%
com
Deo
12%
47
Oct
Dec
%
1,000
pref
Dec
24%
6%
13%
2%
7%
""lOo
W) & Co
Blue Ridge Corp
28
100
55
conv
May
Nov
400
38
$2.60
Jan
7%
9%
7
53
Bliss (E
28
4,850
1,200
1%
38
Conv pref
Jan
7
33
1
*
com
3%
1%
"38"
com
13%
Oct
Deo
Feb
23%
28%
6%% pf-100
Benson A Hedges com
*
51
33%
32%
2
26" ""800
Bell Tel of Pa
25
38%
13
Jan
Mar
Jan
27
1
Bell Tel of Canada
38%
44
13%
$3 convertible pref—, .*
Warrants
Dec
28
*u
Amer Pneum Service com *
Amer Potash & Chemical-*
Bellanca Aircraft
100
600
34%
100
7% 1st pref
Dec
1
28
Barlum Stainless Steel... 1
Barlow & Seelig Mfg A...5
Deo
Mar
4
21%
*
June
Cable Elec Prod vtc
Cables A Wireless Ltd—
25"
Baldwin Locomotive warr.
26%
Burma Corp Am dep rots.
Burry Biscuit Corp..l2%o
23%
Automatic Products
30
Jan
Jan
"25"
Atlas Plywood Corp..
Austin Silver Mines
Jan
Feb
20
preferred
Mar
21%
9
65
1%
54%
6%
26%
16%
'"'266
Feb
Nov
Jan
10%
33%
25
Atlas Corp common
150
13%
27%
4%
25
c common
Apr
20
*
V t
7%
400
25
$2.60 preferred
1
Amer Hard Rubber com.60
Amer Invest (111) com
*
-
200
Dec
8
20%
111
Common
60
63
3%
Preferred..
$5 preferred
Jan
8
116
American General Corp 10c
$2 preferred
1
Class A
29
32%
50
10%
Co
*
Buckeye Pipe Line
50
Buff Nlag A East Pr pref25
Deo
Dec
2%
"5% Ti~666
Amer deposit rets
Assoc Gas A Eleo—
500
_*
$5 1st preferred
Bunker Hill A Sullivan..10
16%
35%
com
Class A pref
Jan
87
"4%
Common class A
100
Dec
13%
700
34%
Preferred
Feb
Jan
28%
32%
*
6% pref
Brown Fence A Wire com.l
125
6,300
'""5%
Anchor Post Fence
Feb
Jan
45
400
25%
Feb
9%
1,850
"34%
Preferred
8%
37
Bruce (E L)
1,600
31%
Amer Foreign Pow warr
Amer Fork A Hoe Co com*
American Thread pref
Aug
4%
2%
Jan
Amer Dlst Tel N J pref 100
Amer Equities Co com
1
Superpower Corp
1st preferred
Am dep rets ord bearer £1
Am dep I'cts ord reg_.£l
Oct
Feb
Jan
Amer Cyanamid class A. 10
Class B n-v
10
Am
108
Jan
Amer Tobacco—
%
86%
26
com
British
Nov
2%
13,
J16
1
Amer Mfg Co
Aug
Mar
62
25
Amer Maracalbo Co
Amer Meter Co
"23% "23%
400
29
21
1,300
30
30
Registered
200
*
6% preferred
Mar
2
Am Cities Pow A Lt—
Amer Laundry Mach
Amer Lt & Tr com
30
Am dep rets ord reg
British Col Pow cl A
1%
3%
8
—*
*
6%
10%
1,000
10c
com
3%
10%
6%
121
Amer Gas A Eleo
""655
High
Jan
British Celanese Ltd—
3
lOo
"2% "2%
7
_*
29%
122
100
19%
55%
4%
3%
9%
30%
4,300
Coupon.*
76
American Beverage com_.l
warr
British Amer Oil
84%
6% preferred
100
American Airlines Inc...10
Class B
Mar
Jan
Low
18%
*
Apr
103
*
Class A
4%
Feb
Range for Year 1936
Shares
7%
58%
Brlllo Mfg Co com
Class A
Feb
117%
Clas A with
Dec
Feb
146
S3 preferred
$5.60 prior pref
24%
35
17%
100
19
115% 116%
17%
17%
Common class B
7% preferred
58
115%
17%
American CapitalClass A com
Oct
170
161
American Book Co
19
Oct
High
1
'*2%
*
Class A
Oct
Low
18%
*
Corp class B
Dec
25
Price
100
21%
.100
com
Brill
_.*
Preferred
Brown Co
Aluminum Goods Mfg
♦
Aluminum Industries com *
Aluminum Ltd
Bridgeport Machine
100
*
common
Nov
Mar
2
*
6% preference
Par
1,100
84
22
Aluminum Co
Week
*1«
37%
67%
25
com
for
of Prices
74%
24%
81%
71%
23
*
Allied Products cl A
5%
2% June
Allied Internat Investment
Common
Week's Range
Sale
Nov
26
Apr
800
4,000
Last
High
175
4%
Sales
STOCKS
(Continued)
Shares
3%
4%
3%
*
com
5%
15%
_*
com
5
5%
Agfa Ansoo Corp com
1
Alnsworth Mfg new com .5
Air Investors
45% 46%
110% 111
Friday
Range for Year 1936
for
Week
15
Adams Mlllls 7% 1st pf 100
Aero Supply Mfg cl A
*
Class B
Range
9
115
600
40
63% June
3%
90
3
1,000
475
88
1%
17%
11%
19%
400
Jan
2
99
2,800
May
May
Jan
% May
Deo
Dec
116
Mar
81
Deo
11% Nov
Deo
122%
Jan
3%
101% June
2
Feb
Sept
19%
Deo
50
11%
6%
Jan
12
Deo
800
16%
Oct
21%
Deo
60
Oot
62
Nov
Volume
Week's Range
Last
{Continued)
Sale
Par
Price
Cord Corp.
6
$3 prior preference
Dec
Jan
34
300
32
64J*
Dec
52 34
500
52 5*
Dec
13 X
12 X
145*
Jan
125*
m
4%
2,900
,700
654
45*
35*
Aug
6%
1
65*
Deo
Dec
8
Mar
1
3?*
3354
45*
100
Preferred
34 X
45*
385*
37
*
155*
1
X
5*
..5
Crowley, Milner ACo
1
"25*
Crown Drug Co oom.__26c
Preferred
25
"1%
Crystal Oil Ref
"25*
25*
Cuneo Press
6 5*%
■
fr rred
Curtis Mfg Co of Mo
Darby Petroleum
Jan
75*
Oct
June
385*
Dec
Gray Telep Pay Station. 10
21
May
145*
Jan
2H
Jan
Jan
165*
July
Feb
Non-vot
com
Feb
7% 1st preferred
Aug
25*
Oct
Gt Northern Paper
Jan
16 5*
Dec
Greenfield Tap & Die
""600
37 5*
Feb
BIX
Dec
Grocery Sts Prod com..25c
10,000
2,100
Dec
Sept
May
32 J*
Dec
Dec
185*
Deo
725*
55*
805*
1,600
15*
175
25 5*
Mar
Dec
500
185*
Dec
Dec
73
Oct
Oct
65*
81
Oct
135*
135*
*58~"
85*
525*
29
29
100
15
May
305*
Oct
105*
900
10
Dec
125*
Jan
185* July
215* June
1,500
8%
Jan
195*
Aug
1,400
3,300
7X
345*
Aug
105*
Apr
57
Dec
~ir~
"760
100
Dec
12 5*
Deo
105*
Oct
Nov
108
Nov
33
*
Draper Corp
*
955*
10
315*
140
955*
155*
Aug
415*
1425*
Nov
Dec
900
140
135
Dow Chemical
75
33
9554
1945*
Apr
30
65 5*
Jan
97
Dec
Jan
700
150
72
70
100
*
85*
10
235*
65*
205*
*
75*
65*
6,900
27,800
75*
725*
6,900
4
1,500
725*
695*
62
45*% prior preferred.100
6% preferred
100
61
63
245*
55*
255*
Malleable Iron.25
"e"
75
665*
1,900
2?*
*
15*
"33X
80
*
Jan
83
Mar
Imperial OH (Can) coup..*
Dec
42 5*
Dec
Jan
155*
Dec
Sept
155* June
23J*
Mar
Dec
Oct
Oct
105
25
92?*
Jan
102
Dec
800
2?*
Sept
7%
preferred
..100
Ind'po-ls P A L 6 5* % pflOO
105*
10
l
85*
105
6%
preferred
100
65*% preferred
100
7% preferred
100
8% preferred
100
Empire Power Part Stk..*
Emsco Derrick A Equip..5
Equity
95*
Apr
12
Mar
OX
Apr
185*
Jan
95*
835*
135*
July
400
Corp
com
10c
Eureka Pipe Line
295*
Feb
19 5*
Apr
Nov
635*
Julv
43
Jan
70
Dec
175
44
Jan
66
July
550
435*
Jan
70
Dec
76
250
47
Jan
755*
Dec
30
30
50
21
Jan
32
Dec
175*
""25*
475
71
175*
25*
500
15
Jan
22
Nov
25*
17,700
15*
385*
July
July
35*
47 5*
1
5*
22
215*
215*
3
185*
1,500
1,400
■t«
5*
Jan
Aug
X
Feb
Feb
Interstate Power $7 pref.*
Investors Royalty
1
215*
Dec
235*
105*
Jan
Iron Fireman
25
195*
716
245*
Jan
Irving Air Chute
1
175*
16
♦
J
125*
*305*
39
135*
300
305*
385*
315*
405*
3,200
15*
115*
Nov
235* June
285*
Jan
365*
425*
Sept
Nov
Dec
235*
Sept
5*
1,000
5*
Jan
15*
Feb
815*
60
74J*
July
89
Feb
1135* 1135*
105*
115*
20
Dec
117
Jan
5*
5*
81
400
105*
725*
74
63
605*
75*
75*
Ford Motor of Can cl A..*
Class B
245*
225*
265*
26
745*
635*
5,400
400
111
45*
46
Apr
May
125*
79
35*
25*
105*
(Peter) Brew Co
6
Franklin Rayon Corp coml
95*
Nov
Oct
Kansas G A E
285*
Feb
225* June
Feb
35*
105*
95*
900
300
95*
145*
Sept
45*
Feb
115*
Deo
Kimberly-Clark 6% pf.100
KJngsbury Breweries
1
Kingston Products
1
Kirby Petroleum
1
Dec
115*
Dec
Klrkld Lake G M Co Ltd.l
Klein (D Emil)
Knott Corp common
1,000
19
35*
900
205*
3,300
1,500
Jan
16
2
Mar
56
15*
com
15*
56
15*
50
40
965*
5*
925*
84
825*
32
6% pflOO
»
*
General Telephone com.20
53 convertible pref
'"2I5*
100
For footnotes see page
400
"265*
101
71
30
67
500
1
1,300
255.
~
21
22
515*
200
205*
4,300
185*
100
102
'i«
300
51
*
General Tire A Rubber...5
6% preferred A
15*
J32
965*
84
15*
130
Apr
Jan
5*
June
Jan
1005*
935*
Jan
25*
200
'is
3,800
10,200
13?*
85*
705*
X May
Feb
315*
Dec
265*
Dec
Dec
Dec
1?*
H
Oct
29
300
5*
Mar
5*
35*
30
5*
35*
1?*
800
15*
114?* 114?*
10
1115*
21?*
1,700
Nov
Jan
Jan
17
Mar
Feb
Feb
Aug
W
Deo
935*
Aug
Aug
97?*
105
8?*
Aug
Deo
Dec
Oct
1?*
Mar
Jan
OH
Mar
Dec
2?*
75*
25*
6?*
2?*
7?*
65*
55*
15*
6?*
1?*
800
Jan
1145*
10
July
255*
Dec
106
19?*
Dec
1065*
Deo
Jan
3?*
Mar
July
8?*
Deo
Jan
BX
15*
13,500
4
11,000
2?*
3,200
Dec
716 May
1
Dec
185*
1?*
Jan
24
Mar
135*
155*
1,000
3?i
20
Mar
1065*
107"
""566
965*
Apr
"~215*
125*
12?*
300
19
215*
1,300
765*
77
575*
6?*
4,100
Lakey Foundry A Mach..l
120
Lane Bryant 7% pref. .100
Feb
Sept
%
Sept
Deo
285*
Feb
2,650
Deo
*>?* May
14
745*
51
65*
16?*
Dec
21
Dec
1075*
12?*
Dec
Mar
Jan
x25
June
Jan
78
Mar
Jan
625*
Nov
Sept
8?*
Mar
70
Mar
11
Aug
100
Oot
Langendorf United Bak
Class A
800
15*
Nov
155*
45*
100
11?*
July
25
11%
17,500
8,200
6?*
5*
Jan
15*
Jan
2
Feb
1075*
Feb
1135*
Dec
Jan
17?*
Dec
Mar
75*
Nov
*
1
Deo
Lefcourt Realty com
Preferred
Jao
Lehigh Coal A Nav
*
Nov
52 5*
Mar
205*
Dec
Lion Oil
Jan
Lit Brothers com
Refining
3?*
*
3?*
18
*
Leonard Oil Develop
25
Lerner Stores 6 5* % pref 100
245*
102
5*
225*
14?*
50
30
30
6
Jan
Apr
500
1,150
2,000
1,300
100
57
Jan
Aug
Mar
Jan
6?*
125*
135*
335*
30
""57?*
47
85
Dec
2,300
1,200
1
Nov
94
19
7?*
Oct
25*
250
Jan
Lackawanna RR N J.. 100
70
Nov
May
75*
Apr
37
5*
90?* 1005*
Feb
Feb
86
7?*
1005*
Feb
27?*
76
10
1
Nov
May
Sept
9H
5
70
100
Sept
Jan
13
6,400
5*
200
190
1065*
Jan
Feb
Feb
316
Jan
255*
175*
1
*
Jan
45*
25*
Jan
885*
89
935*
96?*
985* 100
95
1
com.
Lake Shore Mines Ltd
preferred..
Warrants
Kobacker Stores Ino
Jan
5*
*n
200
*
Koppers Co 6% pref
Kress (S H) A Co pref
Kreuger Brewing
Sept
185*
125*
19
•1#
885*
7% pref.100
Nov
25*
Deo
14
Ken-Rad Tube A Lamp A *
32
t c
V t 0 preferred A
10
16?*
10
3?*
Feb
100
Jan
Jan
4
5*
145*
*
Oct
95*
350
25*
800
2,300
Jan
Feb
July
14?*
5*
645*
6,900
2,700
49,700
1,300
Jan
Sept
Feb
Nov
Jan *103
64
145*
*
May
135*
*
Julian A Kokenge com
*
Kansas City Pub Service—
75* May
19
July
185*
195*
2.60
405*
19
20
Naumburg
Jones A Laughlln Steel. 100
1,500
Gen Gas A Eleotrio—
Gen Rayon Co A stock..
65*% preferred.....100
6% preferred
100
7% preferred
100
3,600
14
3
5*
1
65*
345*
21?*
Jersey Central Pow A Lt—
v
Aug
3?< May
13
75*
245*
27
Froedtert Grain A Malt—
35*
5*
5*
Common
Ford Motor of France—
Fox
1
Mfg v t O..10
Jeannette Glass Co
Jonas A
100
65*
345*
28
Jan
185*
Gen Pub Serv 56 pref
165*
19
Apr
Sept
5
Dec
May
X
6?*
Jacobs (F L) Co
reg..£l
Gen Outdoor Adv
300
345*
Jan
Fire Association (Phila).lO
First National Stores—
56
100
*
Dec
Am dep rets ord reg_.£l
Gen Fireprooflng com
*
Apr
Fet
Jan
100
1
17
_.*
39?*
385*
75*
7,100
Interstate Hos Mills
245*
15
Dec
9,900
8
145*
45*
Fiat Am
56 preferred
Gen Investment
...
Jan
Conv preferred
32?*
33?*
36
65*
Deo
135*
Common
Dec
Dec
Nov
'16
600
American dep rets 100 fes
%
165*
16
235*
235*
*
365*
Feb
116
23
Florida P A L 57 pref
Ford Motor Co Ltd—
Apr
Dec
5?i
1?*
Italian Superpower A
Warrants
100
7
'16
Nov
preferred
2,200
T660
716
105*
1
34
"l~8~
315*
"16"
25*
1
B
Jan
Corp....
Dec
Sept
warrants
45*
7% 1st preferred
15*
New warrants
Class
1,500
1
245*
Old
85*
dep rets
Fidelio Brewery
500
2,700
2?*
Feb
8
Fedders Mfg Co com
»
Ferro Enamel Corp oom_. *
265*
2?*
3?*
215*
84
34
35*
195*
25*
'«
♦
65*
*
General Alloys Co
Gen Electric Co Ltd—
*
Class A
8
Metallurgical
Oct
33?*
6% preferred
100
Internatl Safety Razor B *
Internat'l Utility—
7
Fansteel
1?*
12,000
1,900
750
Jan
Jan
685*
235*
215*
75*
1
65*
65*
700
7?*
International Vitamin
916
Aug
Oct
i~950
355*
International Products
l
Am dep rets ord
"17 X
International Petroleum
725*
76
1
56
45^
Jan
70
70
5*
Fanny Farmer Candy
Fisk Rubber
Jan
42
__i
Brewing
335*
*
305*
675*
100
Falrchlld Aviation
Falstaff
50
Intl Metal Indus A
68
68
3
Dec
15*
255*
'~2X
A stk purch warr
50
Mar
65*
9
"72?*
Holding A In v..*
Internal Hydro-Eleo—
Pref $3.50 series
Jan
100
15*
1,800
37
"72 k "74 k"
Registered
"n~~
Evans Wallower Lead..!.*
preferred.
Internal
Jan
57
4?*
45*
800
5*
Feb
15
39
35*
15*
1
....
10
European Electric Corp—
Option warrants
7%
V t 0 common
7%
Deo
Nov
3?*
industrial Finance—
400
565*
'
68
*
preferred
..100
Insurance Co of N Amer. 10
International Cigar Mach
Deo
""loo
39
565*
4?*
4?*
175*
60
Ex-cell-O Air A Tool
Indian Ter Ilium Oil—
'155* "155*
15
Feb
Feb
Mar
Oct
_.l
Empire District El 6%.100
Empire Gas A Fuel Co—
145*
48
Class B
Elgin Nat Watch Co
245*
24?*
Apr
June
Julv
175*
Dec
14
885*
*
Dec
10
Jan
pref ww
Deo
34
745*
conv
11
34
5,000
56
Dec
Jan
34
85
Electrographic Corp com.l
Sept
69
44?*
9?*
x79
Elec Shovel Coal 54 pref..*
695*
46
845*
95*
Jan
Feb
Jan
*
99
Sept
Feb
preferred
May
60
10
56
May
Jan
Oct
10
Non-voting class A..
5
Nov
1,200
Mar
88
Jan
May
625*
32
31
Mar
Julv
800
300
445*
8?*
27
3,000
7?*
31
79
65*
95*
Jan
43?*
7?*
Feb
55*
Apr
Jan
2?*
31
Apr
65*
30
6
43?*
85*
Apr
"135*
Feb
Britain and Ireland..£1
Indiana Pipe Line
10
Indiana Service 6% pref 100
25*
165*
i
Feb
12,200
645*
Shareholding—
25*
405*
H
"I~66o
2,900
Common
Sept
95* Aug
135* June
145*
775*
1,100
Deo
22
26 5* 339,300
85*
80
14
715*
105*
Dec
34?*
21
215*
Option warrants
Jan
June
67
14
74
Jan
22?*
215*
265*
Electric
455*
Registered
*
2
8,900
Imperial Tob of Can
Imperial Tobacco of Great
preferred.
2,900
Dec
19?*
195*
135*
415*
115*
135*
Dec
110
Imperial
22
115*
12
40
Dec
9H
805*
80
Apr
1085*
10,100
Chem Industries
Amer deposits rets
£1
Feb
Jan
225*
29?*
20
335*
815*
325*
775*
Jan
Dec
Aug
925
100
Jan
81
8
Dec
Feb
3
/
Mar
Jan
75
395*
41?*
1095* 109?*
ino—
Common
55
■
x39X
»
115*
Jan
*
June
14?* May
♦
Humble Oil & Ref
600
65*
85*
19
385*
52?*
May
com
Dec
Dec
200
15*
Eleo P A L 2d pref A
Jan
405*
175*
205*
125*
Feb
13
575*
23
Elec Power Assoo
Class A
66
21
85
45*
Nov
39
300
4,100
54
345*
2",800
Dec
145*
20?*
6% preferred
100
niuminating Shares cl A.
800
""35* ""§5* '"35*
28
39?*
Jan
1,700
2,100
1,000
Elec Bond A Share com..5
Dec
Dec
13?*
Dec
69
10?*
37
105*
Jan
Dec
July
145*
1100
5% preferred
Dec
10?*
37
•
Horn A Hard art
19?*
"8
*
235*
36
Nov
36?*
7,000
Edison Bros Stores com..*
Elsler Electric Corp
1
Deo
19
July
Oct
400
2,850
815*
225*
1%
105*
52
815*
20
145*
Jan
105*
6
Jan
65*
Mar
Deo
14
565*
575*
72
225*
1%
10
Hllnois P A L $6 pref
65*
300
1,500
10
(CE) Cool A.
Huylers of Delaware
Jan
6H
9,500
1,100
Dec
775*
115*
14?*
17
19?*
15?*
185*
25
w w
25*
Oct
27?*
25c
Chemical
Nov
Apr
Hygrade Food Prod..
Hygrade Sylvania Corp..*
Oct
♦
Easy Washing Mach "B"_*
Economy Grocery Stores.*
35*
5,800
*
65*
2%
145*
BX
465*
575*
56 preferred series B
*
17
2
Preferred
Hey den
145*
195*
Co
Apt
25?*
725*
1
3
Harvard Brewing Co
1
Hat Corp of Am cl B com 1
Hazeltine Corp
Heller
8?*
Oct
Dec
22
55*
57 preferred series A
*
Aug
25
Jan
695*
55*
200
55*
465*
East Gas A Fuel Assoc—
450
2,500
69
Jan
75*
6?*
24
July
6
9
235*
Dec
920
Mar
15*
Nov
15
1,000
Sept
Aug
97
Sept
69
6
Oct
Apr
95*
15*
6
5*
100
195*
111
*
885*
15*
Jan
85
Jan
24
Hecla Mining Co
Helena Rubenstein
Dec
Dec
81
14?*
Feb
59
54
175*
July
Feb
15*
1?*
June
66
Deo
Jan
H
195*
5*
25
2,000
30
Feb
5%
7% pref stamped
ioo
7% pref unstamped.. 100
Hydro Electric Securities.*
39
1065*
315*
"35* "35*
100
Corp.ll ""35*
105*
76
Hud Bay Min & Smelt.._♦
Douglas (W L) Shoe Co—
7% preferred
100
Apr
16
OH July
IX June
5
Holt (H) & Co cl A
Hormel (Geo A) & Co
55
Julv
3,300
36,100
245*
Haloid Co
Sept
45* June
108
Dominion TarAChem com *
9?*
4?*
1516
625*
124
350
2,200
1,300
Hartford Electric Light.25
Hartman Tobacco Co
*
May
Mar
50
38?*
145*
Hollinger Consol G M
Holophane Co com.....
27 X
Nov
1105*
*
Deo
Nov
8
"12"
$6 preferred
315*
38J*
46
1,600
*41
27?* Dec
4?* Sept
16?* May
25* July
Gypsum Lime & Alabast.*
Hall Lamp Co
*
Hires
385*
375*
385*
*
*
Nov
Apr
127
38
57?*
155*
£1
100
25
*
02%
Apr
23 X
Jan
Feb
1305*
130
116
Gulf Oil Corp of Penna.25
Gulf States Utll $5.50 pf_»
22
95*
Jan
Mar
330
113
Apr
175*
185*
135*
85*
58
105*
32?*
Dec
109
Deo
Aug
July
X
15*
Jan
17
'S16
185*
215*
Feb
3,600
1
Dec
50
Jan
Guardian Investors
105*
60
10
8?*
45*
100
3,200
600
4?*
Mar
*9
1,500
10,700
13?*
22?*
350
127
Oct
June
145*
5*
275*
3%
12?*
205*
115
*
stock
X
105
37
Great Atl & Pao Tea—
3X
200
Feb
265*
3?*
3?*
225*
65*
Oct
Oct
104
5?*
335*
6?*
50
25
Nov
Mfg Co—
1,900
6,800
175*
29
Corp
25*
185*
13
765*
Dominion Steel A Coal B 25
Eastern States
3,900
27
Distillers Co Ltd—
Eastern
Jan
*
155*
Diamond Shoe Corp com
Distilled Liquors Corp..
Common
H
100
Grand Rapids Varnish
Feb
Nov
175*
*
Eagle Plcher Lead
200
V t c agreement extended
Grand National Films Ino 1
15*
80
•
6% pref ww
20
Detroit Gray Iron Fdy_._5
Detroit Paper Prod
1
Durham Hosiery class B
Dttval Texas Suplhur
5*
41
*
preferred
Feb
5
Detroit Gasket A Mfg coml
Duke Power Co..
5*
31?*
♦
Class B
$7
16
800
55*
preferred
325*
Apr
Sept
IX
5*
705*
7%
6,200
Jan
36
155*
55*
DublHer Condenser
Nov
8
♦
205*
725*
Driver Harris Co
Feb
455*
*
31
Derby Oil A Ref Corp com*
634% pref
185*
Jan
S3 preferred
June
Dennison Mfg 7% pref.100
Amer deposit rets
Doehler Die Casting
Dominion Bridge Co
Dec
24
Gorham
15
"lBX
Detroit Steel Products
13
550
Gorham incolA
195*
35
Dejay Stores
Preferred
4,700
Deo
31
"20 X
Dayton Rubber Mfg oom_»
Class A
13?*
445*
33
39
5*
100
18
17
Sept
July
13?*
41?*
285*
405*
*
Goldfield Consol Mines.. 1
115*
5*
16
6
com
47 5*
40
135*
445*
Jan
9
5
Cusl Mexican Mining._60c
Aug
Deo
*
Jan
200
1065* 107
100
745*
115*
Glen Alden Coal
Dec
15,800
"49k "sok
*
om
20
Deo
Apr
Apr
*
15
195*
•
tc».
100
955*
Gilbert (A C) com
Preferred
45*
•
10
Apr
5
175
10
"16"
955*
79 5*
68?*
93?*
95
*
*
$5 preferred
High
Low
Shares
High
Low
Price
Dec
45*
385*
135*
45*
235*
25*
135*
45*
235*
com
Jan
25*
2
Crown Cork Internet A__*
Cuban Tobacco
Jan
4,600
10
10
♦
Crown Cent Petroleum
com
Nov
15*
9,200
18,600
375*
155*
X
355*
145*
Croft Brewing Co
Week
Georgia Power $6 pref
115* May
Crocker Wheeler Eleo
Creole Petroleum
Feb
103
65*
39,800
3,100
£1
Courtaulds Ltd
8
Jan
65
200
93
July
4H
900
0%
90
93
50 preferred A
Cosden OH com
for
of Prices
Godchaux S mars class A.*
50
52 5*
Reynolds—
Common
Week's Range
Sale
Par
Jan
95*
4,700
64?*
Last
High
Low
Shares
32
615*
Copper Range Co
$3 preferred A...
30
31
*
*
*
*
Cooper Bessemer com
Range for Year 1936
STOCKS
(Continued)
Range for Year 1936
for
Week
of Prices
Low
High
Sales
Friday
Sales
Friday
STOCKS
Corroon &
251
New York Curb Exchange—Continued—Page 2
144
115*
1
17?*
95*
'S16
165*
6
4?*
18
17?*
65*
16,200
500
7?*
3
125*
Jan
Dec
Jan
Oct
New York Curb
252
Friday
stocks
Week's Range
of Prices
Low
High
Week
Price
5
.
14 %
14%
10%
Lockheed Aircraft.......1
Lone Star Gas Corp
_.*
13 H
9%
UX
10X
12 %
12X
Long Island Ltg—
Common
5%
7% preferred
6% pref class B
Loudon Packing
100
100
90
"6%
*
Louisiana Land A Explor.l
Louisiana PAL Co—
$5
conv
Mapes
preferred
Marconi
170
79%
225
64
Jan
55%
Feb
4%
11%
Dec
Nov
Dec
87
Dec
Aug
27%
Feb
9%
22%
Jan
Mar
19%
64%
Dec
Dec
4;
Feb
1,100
1,800
82
17%
~3X "looo
9X
20%
11,800
*
II"" "moo
10%
31X
33X
preferred
"ex
~7~~ "moo
44
44
44
6
"m
ex
Mesabl Iron Co..
Met Edison 56 pref
Mexloo-Ohlo Oil
Nov
Sept
Gas & OH
Steel Tube..2.50
Sugar Co
*
conv
pref
3%
2%
2%
15%
IX
4X
8,100
3
4,900
ex
IX
9%
*
5%
1,100
300
IX
200
*
22%
23
*
71
72
50
4
300
41
3X
43
115% 116
2.60
13%
14%
100% 102
113% 118
Moh A Hud Pow 1st pref. *
2d preferred
*
Molybdenum Corp
...1
Monroe Loan Society A..*
Montana-Dakota Utll.. 10
9%
10
3%
4
150~ 154"
*
Montreal Lt Ht & Pow...*
34%
Moody Investors pref
*
Moore Corp Ltd com....*
Preferred A
300
37
36%
38%
Nat Bond & Share
"""600
"2%
"3"
4,700
!§""
'""300
17%
18%
3,100
65
65
3%
3%
3X
2X
%
1%
8%
%
2%
9%
34%
90%
8%
12%
100
8H
34
87
"ux
8%
11%
5t6
4%
~27X
ftj
X
3%
27%
"moo
9%
125
1%
1%
10%
2%
2%
1,700
23,900
38X
32""
38%
"2466
*
Nebraska Pow 7% pref. 100
17
100
"22X
100
88%
New Mex A Ariz Land
4%
14%
16%
1%
19%
88%
4%
15%
83
4X
130
"""466
118"
25% July
74% May
5%
Jan
3% June
%
Jan
Jan
100
preferred
Pierce Governor
1
Pitts Bessemer
<fe~L
*
5
Plough Inc
Potrero
Sugar com
Powdrell A Alexander—.5
Premier Gold Mining
Prentice-Hall Inc..
1
Producers
Royalty
Oct
Deo
%
6%
Feb
Deo
Dec
$6
„-*
preferred
6%
7%
1st preferred
17
X
$7 prior pref
$6 preferred
-*
*
Common
6% preferred
22
5%
ex
5%
6%
28,700
4%
Dec
12%
Jan
8
8%
3,200
7%
Jan
36 %
Apr
7%
Jan
66% May
10%
Jan
July
127%
17%
3%
11
Dec
Feb
2
Feb
3%
113%
Jan
Aug
$5 preferred
*
$6 preferred
_.*
Pyle-National Co
5
Pyrene Manufacturing..10
Quaker Oats com
*
X
Jan
Mar
Jan
Oct
41
Dec
115
Apr
12%
July
19
May
18%
Feb
Oct
4%
24%
96%
4%
Deo
2%
Jan
Apr
2,300
74%
Jan
Aug
Jan
Jan
138%
23%
92%
6%
135
Feb
6% preferred
Quebec Power Co
Nov
Dec
Mar
Feb
Dec
Class
A
Class
B
13
103
96%
6% May
14%
Apr
112
4%
Common
—.5
3
3
5,500
1
10 x
.........1
preferred..
._.*
5X
3%
63
11%
7,000
5%
15,400
69
1,600I
Jan
Sept
Oot
Jan
10,600
19%
Dec
Oct
140
3%
20%
e%
12%
30
102
37%
4%
Nov
Deo
41
July
33%
100
Jan
%
8,100
Aug
»,«
x
300
Aug
1%
14%
200
8%
Apr
16%
Apr
Sept
11%
12%
108
Jan
105%
Oct
111
Oct
,
12%
103
13
T.555
103
50
8% May
98
38%
45
7%
%
1
Nov
Jan
21
Dec
125
July
7%
28%
2%
3%
Mar
64%
67
Jan
71%
36
14
Jan
45
Oct
86%
86%
48
Apr
Apr
85
Dec
81
Dec
Sept
37
.48
111
Apr
119
100% 101
92
Jan
101
103
98
Jan
110
31
363
103%
1% June
90%
86
90%
475
50
46%
50%
2,700
'"T% ""§"%
121
121
149% 150
23%
25%
22%
23%
Jan
92%
22
Jan
50
Jan
5%
70
115
June
141
24%
41%
29%
45%
2,200
1,800
1,600
(Daniel)
4
com
10%
11%
34
33
34
Deo
Jan
24
Nov
Rice Stlx Dry Goods.....*
Richmond Rad com
1
Feb
Feb
24%
Dec
Feb
46
Jan
21
20
Oot
Dec
June
34%
Nov
July
9%
Nov
*i«
Jan
1%
5%
2%
2%
2,100
11%
11%
12%
700
5%
5%
5%
1,500
900
4%
Jan
1%
Jan
6% May
3% July
104%
113
2%
1
13%
6%
2%
13
2%
13%
18
pref......20
18
"""%
Royallte OH Co.........*
Royal Typewriter
*
Russeks Fifth Ave
3
7% June
6%
*
.*
,
Jan
100
Corp—
Rossia International
2%
1,100
5
conv
5%
25
%
5%
Root Petroleum Co...
Dec
Jan
7%
Roosevelt Field Inc
5%
Aug
Sept
23^
%
Rogers-Majestic A
66%
Jan
a
625
6% pref class D
100
RochesterTel6% % lstpf 100
Apr
X
7%
"'"%
1
Feb
Feb
Jan
Deo
24
100
11%
75%
Jan
Deo
Dec
17
1,000
5%
Dec
Deo
Nov
162
300
32
Feb
Jan
200
32
Sept
July
Jan
900
X
716
22%
9%
137%
Oot
14%
400
1%
*
Dec
Aug
Nov
Jan
60
1,200
%
X
5%
Rochester G A E
July
Jan
50%
'""loo
1%
29
Feb
15%
52%
3%
11%
7%
14
45%
6%
Jan
Apr
Nov
Nov
33%
*
Aug
Apr
Sept
May
Feb
Oct
Sept
34%
50c
Red Bank Oil Co
11%
Nov
Feb
67
*
$3 conv preferred
Raytheon Mfg v t 0
$1.20
800
11%
29%
100
1
46
300
103%
10
Reybarn Co Inc....
Reynolds Investing
46
Aug
42
96
Raymond Concrete Pile—
*
2%
Dec
Sept
9%
14
*
*
Nov
8
%
*
Rath Packing Co
*
700
2%
2,000
4%
%
—*
Relter-Foster Oil
6,100
Dec
3,000
28%
33%
%
22%
Reeves
14
16
4%
Rainbow Luminous Prod—
Reed Roller Bit Co.
2%
400
June
May
Ry & Light Secur com
*
Ry & Utll Invest cl A—.1
Jan
3,200
1
Jan
11%
4
4
Dec
Jan
38,400
100
100
July
Nov
105
17%
X
2%
98%
17%
1%
16%
3%
,27
25%
40
16%
5is
4,300
"34% "34% """166
*
Jan
"""210
370
28%
1%
125
10%
100
36
52%
92%
Puget Sound P A L—
4%
107%
1,350
3,000
300
"8,300
20
100
16%
Apr
13%
69
92
Jan
Apr
....60
10
6%
69%
1%
14
For footnotes see
page 255.
June
6% prior lien pref-.-100
7% prior Hen pref...100
Pub Utll Secur $7 pt pf...*
7% Aug
9% June
•i« July
Apr
Feb
Dec
Sept
7%
Pub Serv of Nor 111 com..*
100
118
7%
40
24%
2%
""19% "23%
100
100
1st preferred
43
115
85
Jan
16%
Pub Service of Okla—
Jan
500
9%
Jan
Sept
Public Service of Indiana—
Dec
Mar
4,600
4%
4,200
18
36
Pub Serv Co of Colo—
Aug
11
11%
18%
'""165
—*
Gas
23
8%
17%
33% June
9% June
41
116%
100
1
Prudentia 1 Investors.....*
9%
13%
Apr
9,700
to
Propper McCallum Hos'y *
Prosperity Co class B
*
Providence
92
Apr
*
Feb
Dec
Nov
12
3%
I
Pressed Metals of Amer..*
Dec
Jan
Apr
112%
25
1
*
66
Apr
31%
3%
1
—100
6% 1st pref
Jan
Dec
99%
149%
34
1 I1
1 11
I1 1I
1 cot
Power Corp of Can com..*
Pratt A Lambert Co
30%
74
140
6%
179
May
Erie .50
59
Jan
670
114%
104%
6
iP
Pitney-Bowes Postage
23
4%
111%
1%
2%
9%
36%
Jan
8X
*
com
23
250
52""
Nor Amer Lt A Pow—
Sept
88%
4%
5
Electric..
7%
200
44%
2%
10%
Common
1%
Sept
Nov
Nov
Nov
Jan
55
400
""13% "13%
Jan
1,025
10
pref ser A
Pie Bakeries Inc com—.
conv
Feb
Aug
113
Niagara Share—
Nlpisslng Mines
Mar
Dec
Jan
200
115
5%
44%
87
16%
15%
8%
77
100
34
115
6%
43
UX
16%
*
29%
X
2%
.
47
Dec
136
33
115
Common
6%
30
Niagara Hudson Power—
Nlles-Bement-Pond.
Dec
112
Jan
15%
106%
114%
89%
147%
67
40g
z31
Dec
75
89%
10%
29%
Feb
June
162
170
106%
66%
July
68^1
170
92%
8%
25%
51%
Jan
5%
170
88%
Oct
Aug
June
17%
103
"18%
Oct
100
60
19
Dec
Feb
35
300
91
46
10
Apr
108
May
109% 111%
1
25
4
20
100
16%
16%
110% 113
Pittsburgh A Lake Erie.50
Jan
17% Dec
45% June
23
New York Transit Co
5
N Y Water Serv6% pref 100
Class B common
12
30%
Jan
Phoenix Securities—
Dec
Apr
22%
600
Jan
26,800
Pittsburgh Forglngs
8%
1%
83
Apr
9% 115,400
200
5
5
Oct
3%
55%
14%
9
"""266
32%
45%
3%
111%
Philadelphia Co com—..*
Pines Winterfront
Aug
Feb
June
1,450
41%
34
Phillips Packing Co
Apr
"7",300
100
Oct
10%
6%
8%
158'
20
44%
4%
147%
Phila Elec Co $5 pref
*
Phlla El Pow 8% pref—.25
Jan
May
5% May
110
100
Pioneer Gold Mines Ltd..1
Nov
77
69%
6
35%
Feb
700
200
800
6
89%
Feb
May
10
1,600
24%
30%
49
1%
Jan
42% May
300
4%
5
126% 135
6
*
15
Jan
Feb
2
80
104
Class A opt warr
Class B opt warr
160
23%
11%
31%
900
Shipbuilding Corp—
Common
Jan
17
22"
N Y Pr & Lt 7% pref.. 100
56 preferred.
*
Telep 6% % pref.. 100
30%
*
Dec
111%
21%
N Y & Honduras Rosarlo 10
N Y Merchandise Co
*
1
Dec
5
123
1
Founders shares
N Y Steam Corp com."
6%
3%
Jan
2X
Newmont Mining Corp. 10
New Process Co com
*
N Y Auction Co com
*
*
*
50
Pittsburgh Plate Glass..25
2
"lex
preferred
5
20%
Sept
Dec
275
8%
4
*
Pa Pr A Lt $7 pref
12% May
27%
9%
10%
29%
26%
Pleasant Valley Wine Co.l
1,700
4%
Jan
*
Apr
May
Jan
300
400
84
59%
8%
Pennroad Corp vtc
1
Penn Cent L & P $5 pref—*
Nov
Dec
Aug
8,200
6,600
2,400
32%
28%
8%
23%
43%
1
45
%
950
9%
Jan
4%
Peninsular Telep com....*
Preferred
—100
150
1%
400
June
*
Jan
65%
"90"
5%
29%
26%
104%
85
8%
"9
300
2,600
*
June
700
12.60
New Bradford Oil
5
New England T A T Co 100
New Haven Clock Co
*
New Jersey Zinc
25
Aug
4,600
Corp_..l
Nev Calif Eleo com
July
7,100
Transit
...»
3%
14%
13%
1%
34""
Nat Union Radio
common
118
200
13~"
National Tea 5% % pref. 10
NelsnerBros 7% pref-_100
Nelson (Herman) Corp
5
Neptune Meter class A
*
Neetle-Le Mur Co cl A
*
109%
Aug
32%
18
Conv part preferred...*
National Steel Car Ltd...*
Nebel (Oscar) Co com
Jan
Jan
May
's'ooo
2%
1
National Sugar Refining..*
15%
July
34
44%
25
*
"43%
"69%
17%
Dec
9%
84
*
1,600
Dec
32%
31%
28%
104% 106%
8%
*
Pepperell Mfg Co
28%
77%
8%
30
1
Refining Co
81
4,100
34
Nat Leather common
10
Nat Mfg A Stores com...*
Nat Service common
13
41%
138
National Gypsum cl A...5
National Investors com..1
Nat Rubber Mach
*
Pa Water A Power Co
Nov
3,000
41%
6%
9
"32%
Pacific P A L 7% pref. 100
Pacific Public Service
*
Feb
116
225
6%
44%
*
National Oil Products
4
National P & L 56 pref...*
5%
Dec
Nov
1,100
7%
43%
14%
33%
*
Feb
6%
2%
92
Jan
6
Nov
June
12
Overseas
preferred
Penn Salt Mfg Co
Jan
142
6%
4%
com._l
55.50 preferred
Warrants
Dec
Jan
""360
6%
9%
26%
5%
1
Nov
Feb
22
Sept
1% May
Dec
800
109%
Oldetyme Distillers
$2.80 preferred
Pa Gas & Elec class A
Apr
Nov
5%" Oct
3%
Dec
43%
Deo
13
Corp..*
new
Jan
July
1,100
7%
..1
National Fuel Gas.
19
39%
3%
Jan
775
110%
114%
Jan
850
28
Nachman-Springfilled
Nat Bellas Hess com
Dec
109
3,775
8,500
Jan
Feb
2,800
149
Moore (Tom) Distillery..1
Mtge Bk of Col Am shs
Mountain Producers
10
*
Nat Auto Fibre Avtc...*
National Baking Co com.l
8%
""""60
100
Mountain Sts Tel & Tel 100
Mueller Brass Co com
1
July
Jan
10,900
475
104%
13%
Penn Mex Fuel Co
8*
47%
109%
110
31%
Pender (D) Grocery A
Class B
Jan
101%
12%
1st preferred
Jan
Dec
May
70
30%
5%
$1.30
9%
39
104%
30
1,000
13%
Pacific Tin spec stock
June
112
31%
Pacific Ltg $6 pref
97"
no*
110
50
Securities
Apr
Apr
108
5
00m
preferred
Mar
Dec
Mar
91%
3%
3%
pref..100
Montgomery Ward A
2%
3,600
Mock, Jud., Voehrlnger Co
Natl Container
100
250
63
83
112
Perfect Circle Co
Mining Corp of Can
*
Minnesota Mining & Mfg.*
Minn P A L 7% pref—.100
Common
500
9%
Mid-West Abrasive com50c
Pow
Feb
4%
3%
4%
18%
1%
8%
1,900
1*
Midland Steel Products—
$2 non-cum div shs
Mid vale Co
100
$6
*
t c
26%
101%
50
10
7X
*
33!
50
35%
10
15'
500
425
Patchogue-Ply mouthMllls *
Feb
Deo
Oct
3
"l",666
107% 110
109% 110%
49«
Jan
45
110
393
Jan
Jan
35
Deo
%
65
2i;
98!
33%
26%
7%
42%
650
7",920
43%
25
800
15X
IX
7%
Ohio Oil 6% pref
'"26% "28%
Dec
Dec
Jan
45
10
14,800
103
35
Parker Pen Co
102
1
"27"
Engineering..*
Ohio Power 6% pref... 100
Ohio P S 7% 1st pref—10
$3
77%
25
39%
Deo
9is
5X
"""70
60
Novadel-Agene Corp
*
Ohio Brass Co cl B com...*
Ohio Edison $6 pref
»
Ollstocks Ltd
36
38%
40i
May
4V
cl A..100
High
Dec
Jan
5,800
107
1%
*
4
Northwest
"98"
Apr
100
SK
4!H
71
"98"
98
10%
716
5X
2%
2%
15%
1%
com
North Penn RR Co
'16
Deo
X
68
Nor Sts Pow
%
Page-Hersey Tubes Ltd..*
Pan Amer Airways
10
Pantepec Oil of Venez
1
Paramount Motors Corp.l
Jan
"l3~966
e\%
100
8%
32%
""700
35 X
.._*
Preferred
56
Apr
~8X
9I6
5%
Bumper Corp__l
Middle States Petrol—
Class A v t c
Noma
Apr
Sept
200
107
100
5%% 1st preferred.—25
"ex
67
1
Metal Texrlle Corp com..*
Part preferred
*
preferred
Pacific G A E 6% 1st pf.25
x
Warrants
N Y
47%
105
"ex
7%
Dec
Nov
8%
100
100
6%% A preferred... 100
N Y
13%
43%
900
35
49%
16
Nor N Y Utll 7% 1st pf 100
Northern Pipe Line.....10
Nov
.
125
"e%
Dec
21
55
31%
*
Participating preferred.*
Merrltt Chapman A Scott ♦
Corp
8%
700
.•
Merchants & Mfg cl A...1
Miss River
700
1,400
8X
18%
9%
19%
Sept
Mar
2%
2,000
,/>
Feb
102
.....
*
Mercantile Stores com
Midland Oil
9X
~3%
Memphis Nat Gas com..5
7%
74%
19%
50
19
Nehl
4
May
Oct
8%
400
3:
Oklahoma Nat Gas com. 15
82
16X
v
15% May
Dec
Apr
9%
Low
36%
49%
Nor European Oil 00m._
Nor Ind Pub Ser 6% pf.100
4%
4X
8%
16%
Class B
July
Oct
Jan
5%
"
Range for Year 1936
Shares
35
34%
7%
*
Michigan
Michigan
Michigan
Michigan
96
84
35%
6% Prior preferred...50
100
39
4X
Marlon Steam Shovel
Mead Johnson & Co
Jan
Sept
July
7
36%
High
No Am Utility Securities.*
Nor Cent Texas Oil
6
1%
39
Masonlte Corp com
Mass Utll Assoc v t C....1
McCord Rad & Mfg B
Mc Williams Dredging
Apr
Low
com
800
7%
*
Mar
Class B
IX
_4%
1
14%
Jan
94
•
Dec
900
9X
.
11%
Price
North Amer Rayon cl A..*
19,700
17
common
Nov
ex
InternatlMfg
Massey-Harrls
Week
IX
*
Master Electric Co
for
of Prices
14%
Marine.. *
May Hosiery Mills pref
Week's Range
Sale
Par
15%
Jan
90
19
National
9%
Last
High
12% Nov
6% May
3%
72%
*
National
4,200
11,600
8,400
8,400
Amer dep rights
Margay Oil Corp
7%
Low
1937
Sales
stocks
(Continued!
Shares
6
o
1%
1
Consol
Range for Year 1936
13%
14
$6 preferred
*
Lucky Tiger Comblnat'n 10
Lynch Corp common
5
Majestic Radio A Tel—1
Mangel Stores
5%
89%
76%
Jan. 9,
Friday
for
Sale
Par
Locke Steel Chain.
Sales
Last
(Continued)
Exchange—Continued—Page 3
%
300
1,800
32%
13%
Ryan Consol Petrol......*
Safety Car Heat A Lt—100
5%
115%
13%
6%
Mar
%
Nov
113
8%
Sept
Oot
4%
Feb
Jan
19%
23
800
si«
Jan
1%
60%
98%
39%
13%
4%
92
33%
400
13%
20,400
5,800
5%
115%
300
75
26% June
38%
Jan
8
3%
1%
70
Mar
Jan
Jan
Apr
Deo
106
Jan
12
4%
Mar
4%
14%
32%
114
Jan
Mar
Apr
3%
200
90
.*
Rustless Iron A Steel....*
2
Apr
Sept
Sept
7
Apr
Apr
Mar
Deo
Oot
Nov
Dec
Apr
Volume
Wf:
'riday
Sales
Last
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Mines..1
3*
3*
9)4
83*
St Lawrence Corp Ltd...*
'934
5
preferred.......100
St Regis Paper com
7%
900
34
100
2k
115
...»
39
*
Schlff Co common
1
Schulte Real Estate
50
393*
1
5134
75
Manufacturlng.25
454
3
214
Segal Lock & H'ware
1
Selberling Rubber oom...»
Selby Shoe Co
3
63*
734
•
4,000
714
2 3*
9,100
Apr
Oot
41
Ocl
......1
85
Sept
6
Dec
Jan
49
Nov
4k
Mar
Jan
7
Dec
Nov
40
Mar
2)4
6,800
Jan
43*
Jan
98 34
Jan
99
94 3*
97
350
96
96
$5.60 prior stock
25
Allotment certificates...
81
97
400
78
Feb
Oct
lk
..£1
Mar
Feb
500
34
400
7k
Apr
Jan
34
5)4
3)4
Oct
18
19
29 3*
33 3*
117
1
14
Seton Leather
»
10 5*
10
Seversky Aircraft Corp.__l
Shattuck Denn Mining.. .5
534
4
com
Dec
14
mi
Sentry Safety Control
"l6
138
136 34 13854
3,450
7,400
2,500
1,150
111 34
11134 113
2514
24)4
50
110
July
100
16
June
im
32 3*
Shawlnlgan Wat & Pow..»
Sherwln-Williams com..25
6% cum pref ser AAA 100
Sherwin-Williams of Can.*
253*
15
Apr
634
Feb
July
203*
283*
May
14534
4)4
18H
lie
Sept
Dec
Nov
Apr
Apr
253*
Nov
Line stamped
25
)4
716
k
1,100
k
Aug
Deo
Conv pref
Oct
35
*
Amer
dep rec ord reg_.£l
Sioux City G <fc E 7% pflOO
63*
30
370
365
*
29 34
434
234
434
234
434
234
2,400
5,100
173*
1534
1734
65
60
65
83*
1134
1634
634
53*
33*
83*
113*
7,600
2,300
1,700
27)4
.1
Class A
83*
1
Tung-Sol Lamp Works
80c dlv pref...
*
*
Twin Coach Co
1834
734
53*
734% pref.-.25
2
5% preferred.
Unexcelled Mfg Co.....10
"1734
73*
53*
43*
Mar
39
Dec
Sept
13
Feb
1734
Dec
Jan
Deo
12,700
2,200
7
Nov
643*
143*
10
Dec
16 34
1134
Apr
183*
2334
25
25
534 % pref series C
41)4
28)4
273*
2854
Southern Colo Pow cl A.25
5)4
..100
Southern N E Telep.._100
Southern Pipe Line
10
Oct
Oct
7
Oct
23*
5
Dec
2,000
July
Jan
Aug
Aug
5
3414
163*
334
2
Mar
Oct
Feb
Southland Royalty Co
5
South Penn Oil
...25
934
9
455*
44
534
43*
1634
1534
25
Standard Oil (Ohio) com 25
1,600
1
Common class B
*
Preferred
623*
57
203*
1954
37
1
5
15534
714
23*
113*
Aug
Feb
Feb
Mar
353*
17)4
11
300
Feb
Feb
Jan
Dec
10 34
Sept
383*
434
13*
Deo
Jan
Feb
Dec
July
Dec
July
Jan
Apr
July
215*
2,800
1
Starrett (The) Corp
1
Steel Co of Can Ltd......*
)4
50
9 3*
6334
2334
1434
40
Oct
1st preferred
*
Sterling Brewers Inc
Sterling Ino
Stetson (J B) Co com
Stlnnes (Hugo) Corp
50
20
1
..1
*
5
6)4
4H
21)4
Swiss Am Elec pref
100
Syracuse Ltg 6% pref.. 100
Taggart Corp common..
434
6)4
4)4
20 k
4k
3k
Sept
300
153*
Jan
Oot
Nov
5
Sept
253*
Jan
Jan
5k
Nov
18
Feb
30
2k
26)4
1,100
1)4
15k
19k
2%
Jan
434
2934
203*
434
4
600
20,600
200
Feb
Dec
June
5
Apr
Sept
2434
1334
53*
534
7734
634
314
July
17 k
Jan
4k
66
4,400
634
Mar
m
-
1334
Tobacco and Allied Stocks *
k June
Jan
Dec
12
69
65
Oct
2k
Mar
63*
Ana
Mar
Oct
2134
Feb
5k
Jan
of Prices
Low
High
2,600
31,600
334
*
r33k
*
32k
120
Memphis Nat Gas com..5
"*634
Mercantile Stores com...*
Range for Year 1936
A..*
West. Cartridge 6% pf.100
Western Grocery Co
20
Western Maryland Ry—
Western Auto Supply
73*
13*
42
Dec
1,600
3034
200
793*
Feb
2,000
3334
121
5 34
Aug
200
203*
UOO
403*
8934
,
4~,666
Jan
Feb
1
6434
"250
si6
34
5J*
11,400
34
Metal Textile Corp com..*
*
For footnotes see page 255,
1434
15
8
15*
63*
73*
21
113*
pref—*
&Co
5
600
Jan
40
Wil-low Cafeterias Ino
903*
3*
Nov
Sept
93*
93*
13*
1
Y~
8
46
1
Wilson Products
Nov
Jan
334
Feb
Sept
Aug
May
373*
Nov
934
Dec
Jar
834
134
26
23*
34
May
3
Aug
Jan
Jan
33*
73*
18
Jan
Dec
13*
Feb
7
Dec
134
45*
63*
Feb
Mar
Mar
Jan
27
June
Feb
24
July
Nov
Jan
163*
32
Jan
43*
Dec
72
23*
77H
Jan
&
18^
May
534
234
634
Jan
Jan
Aug
Feb
Nov
Oct
Nov
Jan
Jan
3
Feb
Sept
33*
Dec
Jan
3334
July
Jan
234
July
8
1k
Aug
3
9534
600
143*
Dec
35
300
53*
June
1034
Deo
Feb
Sept
Due
Mar
300
3634
12
2834
""166
Mar
Oct
1,000
9,500
3,600
1,400
June
1,000
79
8
700
4,800
19
Jan
Dec
103*
1834
434
Sept
373*
Jan
Jan
Jan
31
300
903*
434
50
4,000
Apr
1534
Jan
734 May
934 May
64
Mar
234 June
11234
31
15
9k
May
883*
534
Dec
10
500
83*
Dec
163*
13*
100
1
Apr
834
4634
300
Aug
153*
500
30
July
46
153*
200
15
Dec
63*
Deo
May
Dec
10
Sept
734
3
173*
Feb
Apr
July
Feb
Feb
Dec
Nov
Dec
B—*
6
6
6
700
3
Oct
4
7% pref—100
Wolverine Portl Cement-10
Wolverine Tube com
2
95
95
95
20
80
Feb
97
Jan
7
Jan
Dec
14
Nov
11
Mar
Woodley Petroleum
1
Woolworth (F W) Ltd—
Amer dep rets
53*
53*
6
4,400
1334
1334
14
83*
83*
9
9,400
1,100
(new)...5
734
Wright-Hargreaves Ltd..*
Youngatown Steel Door—*
653*
5
234
Yukon Gold Co
2334
734
65
234
2334
714
6734
234
300
27,000
2,700
2,200
334
12
534
Jan
2134
Dec
Oct
73*
3634 Sept
134 June
*2234
934
73
434
Oct
Deo
Feb
Dec
Feb
BON DS—
Abbott's Dairy 6s
1942
104
104
108
104
10834
10434
10434
973*
9234
10634
1063*
105
5,000
104
Apr
107
Feb
10234
96J*
Jan
1083*
Deo
Deo
Alabama Power Co—
1946
—1951
...1956
1968
1st & ref 5s
105
10434
993*
Aluminium Ltd deb 5s 1948
Am El Pow Corp
434*-.
5s
"10734
2008
called
Am Pow & Lt deb 6s._2016
Apr
Amer Seating 6s stp...
"i04"
434s—1947
933* 142,000
1063*
58,000
10634
15,000
35
2,000
1073* 105,000
2,000
10534 106
250,000
10134 105
104
10,000
10434
107
10734
105
Feb
Mar
10334
1003*
9434
Oct
84
10834
Mar
107
Nov
793* May
10534 Dec
Feb
10334
Jan
1334
106
Jan
106
Deo
9234
1023*
Aug
Jan
"ios"
Deo
Mar
Nov
1063*
10334 June
Jan
10534
103
June
105
102
May
1073*
9,000
104 k
Dec
107
108
6,000
10634
11334
10134
Dec
10834
108
14
Feb
2024
1193*
1193* 1193*
Dec
Ark-Louisiana Gas 4s 1951
10234
102
10234
48,000
Feb
Arkansas Pr A Lt 5s__ 1956
10434
10434 1043*
55,000
4,000
98
Oct
373*
31,000
16,000
Oct
10834
10334 10334
10434 10734
73*
Debenture 6s
Feb
96
10434 10434
Am Roll Mill deb 5s—1948
1946
Appalachian El Pr 5s. 1956
Appalachian Pow 6s. 1941
1053*
993*
3,000
26,000
21,000
72,000
35
deb 6s '67
Amer G & El deb 5s...2028
Dec
102
Jan
Feb
33*
7
Sept
Dec
903*
*
134
Aug
4 34
10034
71
4
*
*
Conv preferred
Wl?son-Jonee Co
103*
65
Feb
96
Apr
*
Amer Radiator
Jan
May
81
..*
Jan
Dec
Dec
13*
70
66
1063*
Nov
Sept
33*
34
2934
933*
4734
105
Jan
634 June
1063*
Apr
834
323*
Warrants
5734
243*
100
1967
834
3*
""63* "734
6434
20
24
73*
113*
Nov
4334
125
Apr
May
534
27
Participating preferred.*
634% A preferred... 100
95
203*
20
*
Williams Oil-O-Mat Ht„*
1st & ref
High
Low
'"634 "634
Merrltt Chapman & Scott *
2
2,200
3,950
3,900
10,100
7% 1st preferred....100
1st & ref 6s
634
42
63*
100
Merchants & Mfg cl A...1
134
95
22
Aluminum Co s f deb 5s '52
McWllllams Dredging
Feb
Aug
14
03
534
834
1st & ref 5s
Week
Shares
234
134
70
3
934
783*
1st & ref 5s
'Sales
for
Deo
Jan
46
434
134
1
Williams (RC)
shown correctly:
Range
4234
Apr
8,200
1,275
13*
Western Air Express
Dec
66
100
Sept
Jan
1034
Nov
July
1,600
3734
96
2634
1414
Aug
1134
334
Nov
104
1134
503*
1634
334 May
May
2634
Feb
300
Deo
11
94 34
334 May
733* May
1
1
5
93*
275
Nov
Jan
8,300
Wentworth Mfg Co
Wayne Pump common
Wellington Oil Co
Dec
81
234
53*
102
3634
Sept
1,800
Dec. 31 Week's
Mead Johnson & Co
434
234
West Va Coal & Coke
following appeared incorrectly in last
Sale
7434
23*
Winnipeg Electlc cl
10
Thurs
Par
2
23*
West Texas Utll $6
434 Mar
634 May
3234 Mar
634 July
Jan
June
257
43* May
Wise Pr & Lt
14
5,800
24,200
200
1
Walker Mining Co
Oot
47
week's (Jan. 2) issue and so are here
Last
534
2
Oot
123*
93*
Am dep rets ord reg._.£l
Am dep rots def reg...£l
STOCKS
334
2
1123*
46
33*
Jan
Sept
154
83
700
Westmoreland Coal Co...*
Tobacco Securities Trust
Correction—The
1
2
Western Tab & Sta
Oot
Sept
400
*
Class B
Jan
193*
434
334
10
13*
73*
Apr
May
1003*
5k
60
Deo
634
200
873*
*
Dec
383*
66
*
Tishman Realty & Const.*
716
6
134
*
Mar
57 34
7334
6634
1
123*
87
*
Dec
40
1,000
5,100
9,400
4,600
2,600
Jan
19
75
Waco Aircraft Co
Nov
125
234
Nov
43
375
"""366
102
Vogt Manufacturing..
1534
400
2234
July
373*
3,900
2234
13*
Wagner Baking vtc
Westmoreland Co
100
300
1103* 112
634
Dec
Z49
"¥,700
43*
4
2034
Nov
Jan
5734
134
534
1234
Apr
Dec
45
11,200
1,000
106
3734
7734
*
1,200
5,800
6k
4k
25 k
""366
57
1
Tobacco Prod Exports
Jan
102
100
...1
3k
"25)4 ~263*
98
Tenn El Pow 7% 1st pf.100
,SI6
33*
434
6634
"l5"
Waitt & Bond class A
"1234 "iik
43*
8
Wahl (The) Co common.
1334
213*
Tilo Roofing Ino
10
Nov
1334
1
Thew Shovel Coal Co
100
Venezuela Mex Oil Co
Nov
13
1
693*
7I6
134
534
1
Class B
Nov
2034
Technicolor Inc common.*
6634
734
4,400
3
preferred
Utll Pow & Lt common
155*
734
47
Taylor Distilling Co
2
Oct
3,000
7434
._*
Priority stock
43
1934
Tastyeast Ino class A
Texas P & L 7% pref
Texon Oil & Land Co
Nov
150
934
23*
203*
Utility & Ind Corp com..6
June
453*
Tampa Eleotrlc Co com..*
Teck-Hughes Mines
Utility Equities Corp
May
1934
534 % pf-50
5
534
6
47
106
1
334
pf 100
29
6,300
Ilk
68
Jan
23* May
Utlca Gas & Elec 7%
125
25)4
1
Dec
75
2034
1083*
1234
3134
8
Utah Radio Prod
200
..*
1
60
Jan
Dec
700
1134
11
2)4
pref
Mar
59
1,200
92
6
.
Utah Apex Mining Co
6
Utah Pow & Lt $7 pref...*
Conv
934
Jan
Jan
Apr
_
7k
Dec
Dec
23*
6,300
903*
234
716
Va Pub Serv 7% pref.. 100
Nov
Dec
Mar
Aug
July
July
53*
293*
63*
Universal Products
Venezuelan Petrol
July
Dec
Dec
Dec
1
'26k
8
934
8
39 k
9)4
*
Sunray Oil
Universal Insurance
10
Stutz Motor Car
Sunshine Mining Co... 10c
Swan Finch Oil Corp
.15
Universal Consol Oil
*
10
38
11
*
Sunray Drug Co
*
t c
United Wall Paper
Jan
13 k
Stroock (S) & Co
Sullivan Machinery
v
United Verde Exten_._50c
234
1634
3134
234
*
Dec
105
100
.
913*
*
$7 conv 1st pref
k
3k
,
Stein (A) & Co common..*
2d preferred
1st pref with warr
United Stores
1534
163*
Jan
k
103*
123
234
9434
85*
34
2034
Apr
Jan
1
60
Oct
4,600
28,800
7k
'4"205
1,375
7% preferred
34
716
234
933*
Oct
2k May
2k
Apr
1,800
18
813*
June
"IOS
4234
10734
514
534
693*
26>4
25
200
23
Jan
1834
Apr
Apr
Deo
Jan
Feb
Wholesale
Phosphate <fc Acid Wks20
Jan
255k
Vs
'134
89
15
4,800
18
Jan
63*
23*
1334
July
Jan
413*
19)4
28",200
120
23
Feb
Jan
12 k
6
13*
4
554
933*
U S Rubber Reclaiming..*
254
k
600
69 k
July
Oct
Jan
Oct
Dec
300
6
413*
Dec
3)4
6
5)4
67
50
25
May
97
r
52 34
8
234
60
4,000
373*
5%
5 5*
6634
4,000
13,200
234
•
10
Preferred
United Shipyards com B..1
44
650
12
Mar
1034
Feb
Apr
71,900
"l34
Jan
2,700
203*
*
Sterchl Bros Stores
Am deo rets ord reg
United Profit Sharing
Univernal Pictures com
534
1734
623*
37
8
6
Jan
29
100
34
22
Apr
10
93
6634
Dec
June
Jan
)4
k
814
100
634% Pref
"914
6k
3234
1
1,700
1134
pref *
10
Standard Sliver Lead
United G & E 7% pref. 100
United Lt & Pow com A..*
*
U S Lines pref
*
U S Playing Card
10
U S Radiator Corp com..*
7% preferred
100
3k
110
10
38 3*
34
....
8,400
934
113* 127,400
5.600
1183* 12134
37,700
234
33*
93
U S Foil Co class B
100
Standard Oil (Neh)
Standard Products Co
33*
U S and Int'l Securities..*
54
54
9)4
*
Standard P&L
121
non-voting .*
U S Stores Corp com
»
6% preferred
1st $7 pref
13*
Apr
Class B
1,400
2,100
3,500
2,000
Mar
12
8
1134
1
Preferred
400
46
36 5*
2,100
U S Dairy Prod class A—
So'west Pa Pipe Line....50
934
223*
United Shoe Mach com. .25
200
2)4
934
Aug
73*
United Molasses Co—
400
6
2)4
Common
United Gas Corp com
134
13*
United Corp warrants....
United Elastic Corp
*
44
6
38
193*
*
$3 cum & part pref....*
Nov
Oct
Oct
9434
73*
3534
215*
Warrants
United Chemicals com
United Milk Products
9834
Jan
Dec
173*
United Aircraft Transport
1034
1034
100
41)4
2854
27)4
53*
»
Spanish & Gen Corp—
Am dep rets ord bear_.£l
Am dep rets ord reg
£1
Spencer Chain Stores
•
Square D class A pref
*
Stahl-Meyer Inc com
*»
Standard Brewing Co
»
Standard Dredging Co-
1734
663*
7% preferred
Southern Union Gas
1634
Oct
534
434
10
600
43*
*
Feb
Feb
Dec
4,100
60
8
Dec
Jan
Feb
Jan
May
100
Union Gas of Canada
60
July
lk
Fe»
6
Union Traction Co
1034
Jan
19
1,200
2", 600
.8
Jan
1%
814
9434
663*
7k
16 k
6% original preferred.25
6% preferred B
Mesabir Iron Co
183*
500
United N J RR & Canal 100
2934
Deo
8
*
Southern Calif Edison—
Met Edison $6 pref
»,« June
34
Oct
2134
Tublze Chatlllon Corp_..l
*
96 )4
50
"lll4 ~~2
7% preferred
Apr
Feb
3,600
$6 conv 1st pref
3k
.....
Typewriter v t c com
Sonotone Corp
Talcott (J) Ino
134
Common class B
Aug
328
600
100
100
Smith (Howd) Paper Mills*
conv
j 134
Sept
Smith (L C) & Corona
534%
Dec
113
1,100
$3 preferred
6)4
53*
40
833*
427
83% Sept
Simpsons Ltd 634 % pfd 100
Singer Mfg Co
....100
Singer Mfg Co Ltd—
Standard
316
Oct
Slmmons-Boardman Pub—
Standard Oil (Ky)
316
13*
Option warrants
Shreveport El Dorado Pipe
Conv preferred.
Standard Invest $534
107
Mar
Union Stock Yards
Oot
Selfrldge Prov Stores—
Amer dep reo
Nov
107
*
Trunz Pork Stores
Ulen & Co
354
334
354
54
Triplex Safety Glass CoAm dep rets for ord reg..
Selected Industries Ino—
Common
Jan
10
16
Tri-Contlnental warrants..
Dec
Jan
Apr
2
5134
11134 11134
1
Common
Feb
lk
High
Low
323*
10234
Trans Lux Plot Screen—
52
29)4
50
30
30
6k
Range for Year 1936
for
Week
Shares
350
51
51
7% preferred A
100
Tonopah Belmont Devel.l
Tonopah Mining of Nev._i
Jan
214
41)4
lk
.*
Deo
Dec
Apr
42
1,300
118 3*
71
of Prices
High
Low
Toledo Edison 6% pref. 100
Aug
30
750
Price
*
Todd Shipyards
Jan
May
»,«
2,000
25
434
54
154
26
800
75
38)4
54
5134
Scranton-Sprlng BrookWater Serv $6 pref
♦
Securities Corp general
»
Seeman Bros Ino
Sept
60
'"*334 "V4 "l'ioo
3 14
...5
Savoy Oil Co...
Corp
Feb
Dec
Jan
May
55
100
Par
7k
10 k
Nov
Aug
3)4
34,900
»
Sanford Mills com....
Scoville
[115
*16
9)4
9)4
Sale
(Concluded)
High
Lon
Shares
Week's Range
Last
STOCKS
Range for Year 1936
STOCKS
Par
Sales
Friday
(Continued)
St Anthony Gold
253
New York Curb Exchange—Continued—Page 4
144
Mar
Feb
Oct
Jan
Nov
Feb
121
Dec
1023*
Deo
Feb
1043*
Sept
New York Curb
254
Friday
BONDS
Last
(.Continued)
Week's Range
Week
Low
Associated Elec 4%s..l953
Associated Gas A El Co—
Conv deb 5%s
High
Range for Year 1936
Low
64%
67% 197,000
55%
81M
78%
82
77
1938
77
35%
42%
28%
27%
37,000
High
69
mu)
Georgia Power ref 6s..1967
Georgia Pow A Lt 5s.. 1978
Jan
80%
July
Mar
74%
Oct
62%
60 H
56
56
Mar
61
Oct
Gobel
64 M
61
65% 170,000
30
Jan
66
Oct
64 M
61
29
Mar
65%
Oct
69
161,000
67
69
7,000
100% 100%
28,000
87
88%
33,000
Gt Nor Pow 5s stpd
Oct
"*87
104%
104% 105%
6s with warrants... 1938
164
164
6s stamped w W..1938
165
30,000
Baldwin Locom Works—
1938
123
.1960
1998
98%
86
Broad River Pow 68..1954
1956
Canada Northern Pr 5s '63
Canadian Pac Ry 6s..1942
83,000
Jan
91%
Mar
Guardian Investors 5s_ 1948
100% May
105%
Nov
Apr
79
Apr
73%
Apr
Apr
75
4mb series H
1981
Cent Ohio Lt A Pr 5s. 1950
Cent Power 6s ser D..1957
103%
Cent Pow & Lt 1st 6a. 1956
Cent States Elec 5s
1948
97%
71%
72%
Cent States PAL 6%s *63
75
Nov
100
81%
100%
103%
82
83
102%
103
79%
79%
1949
Commerz A Prlvat 5Ms '37
95%
68%
69%
105%
*104%
107%
Sept
Idaho Power 5s
Jan
98%
Nov
Jan
90
Illinois Central RR 6s. 1937
III Northern Util 5s... 1957
Jan
103%
Apr
109
Jan
Aug
98%
111%
Jan
Jan
105%
114%
Nov
104
Dec
107%
Mar
18,000
Feb
Dec
111 Pow A L 1st 6s
ser
Sf deb 5%s
May 1957
Indiana Electric Corp—
6s series A
1947
6%s series B
..1951
Jan
Jan
Jan
935
5s
Jan
96
Apr
62% May
65
1963
Indianapolis Gas 5s A. 1952
Ind'polis P L 5s ser A. 1957
Intercontinents Pow 6s '48
Jan
61
1950
1st Hen A ref 5s
June
1,000
110% 110%
110% 110%
1965
103%
103
89%
1960
103%
85%
90%
100% 101
9,000
3,000
40,000
37,000
13,000
196,000
10,000
99
6%s series C
1955
Apr
Dec
7s series E
*130
1QQQ
99%
Deo
International Salt 5s.. 1951
International Seo 5s..1947
Jan
111%
Apr
Apr
104
86%
Jan
93
Jan
69
Nov
68%
97%
Nov
Jan
Mar
65%
Jan
66%
34
Jan
Feb
110%
A
110%
110%
M
110
Ju
105%
103%
102%
ser A. .1943
Conv deb 6Ms w w.1943
45
96%
1958
125
Dec
86%
June
97%
32%
'94%
98
45
105
80%
80%
65%
113
98
97
*78%
108%
*105%
103%
*107
1952
Delaware EI Pow 6Ms. 1969
Denver Gas A Elec 5s. 1949
108%
101% 102%
106% 106%
Derby Gas A Elec 5s__1946
Det City Gas 6s ser A. 1947
105%
105% 106
June
Jan
Ji
108
Nov
A
105
Feb
86%
128%
Mar
Dec
Oct
Sept
Dec
Dec
112% May
Jan
125
11,000
33,000
101%
48
636,000
Nov
Nov
Jan
95
Aug
104
Apr
102% June
83% Apr
'3^666
'
105
July
July
Dec
Debenture 6s
.1952
Interstate Public Service—
68 series D
1956
4%s series F
1968
Iowa-Neb LAP 5s... 1957
5s series B
Jacksonville Gas 5s
2~o66
110
Jan
108
13%
Certificates of deposit.
Deb 7b
Aug 1 1952
12%
4
Certificates of deposit.
94%
109
Elec Power A Light 6s_2030
Elmlra Wat Lt A RR 5s '56
EI Paso Elec 6s A
1950
96
Stamped
Jersey Central Pow A Lt—
5e series B
1947
4%s series C
1961
Kansas Gas A Eleo 6e_2022
Kansas Power 5s
1947
Kentucky Utilities Co—
1st mtge 6s ser H..1961
6%s aeries D
5%s series F
1948
...1955
6s series I
1969
Kimberly-Clark 5s
1943
Lake Sup Dist Pow3%sl966
Lehigh Pow Secur 6s..2026
Lexington Utilities 5s. 1952
Libby MoN A Llbby 5s '42
Long IsDnd Ltg 6s... 1945
Loulslan
a
Pow A Lt 6s '57
Manitoba Power 5%s_ 1951
Mansfield Min A Smelt—
McCallum Hosiery 6%s '41
MoCord Rad A Mfg 6s '43
Memphis P A L 5s A..1948
Metropolitan Ed 4s E. 1971
Feb
"(j'OOO
Middle States Pet
103%
Aug
32,000
39,000
107%
106%
Mar
Midland Valley 5s
1943
Mllw Gas Light 4%s..l967
July
Empire Dist EI 5s
1952
Empire Oil A Ref 5%s. 1942
Ercole Marelll Elec Mfg-—
103
93
63
~i~666
28,000
54,000
4%
Jan
4% May
%
Jan
%
Jan
101%
Jan
Minn PAL
4%s
91
108%
74
1978
Miss Pow A Lt 5s
5%s
Jan
Munson SS
1944
6%s otfB..1937
June
Jan
108
June
31
Nov
Nevada-Calif Eleo 5s_1968
New Amsterdam Gas 5s '48
10,000
30*666
76%
104""
*101% 102%
103% 104
28
Jan
Deb 5s series B
Jan
Jan
2030
Nat Pub Serv 5e ctfs. 1978
97%
Oct
4%s.l981
6s series A
105
*94
99%
8,000
95
31,000
102
Feb
July
102%
July
91
Jan
38,000
102% 102%
105% 105%
95%
96%
31,000
99%
161"
"32",000
~2~,666
77
79%
56,000
78
82%
55,000
8,000
105%
105
106
13
13
74
18,000
13%
62,000
78,000
70
74%
80
80
7,000
74
77
11,000
107% 107%
101%
4,000
101% 102
74%
72
32,000
75% 188,000
69%
67%
69%
65,000
91%
91
92
14,000
86%
86%
86%
35,000
37,000
103%
103% 104%
103% 104
105% 105%
105% 105%
66
69%
72
72
56%
55
58%
55%
54
4,000
1,000
6,000
10,000
2,000
48,000
55%
10.000
103% 105%
16,000
105%
105% 105%
38,000
120% 121
2,000
103%
103% 103%
5,000
99%
24,000
99%
98%
*107
102""
98%
104
111%
107%
101% 102%
98%
97%
104
104%
101% 101%
110% 111%
103% 103%
i04%
103% 104%
105
*104
106
105% 106
105%
105% .105%
99
98
99
*20
107
99%
94
105%
105%
95%
98%
103% 104
105% 107%
99%
99%
94
92%
105% 105%
102
102%
105% 106
95%
94%
97%
98%
105% 105%
107% 107%
81
~6~, 000
42,000
9,000
7,000
26,000
1,000
6,000
14",000
40,000
2,000
26
*40
102% 102%
103%
Jan
June
Doc
32%
100%
Jan
Dec
103% May
107%
July
Jan
103%
100
97%
56%
Jan
82
58
Jan
81%
107
Mar
109%
82%
Oct
Feb
Jan
102%
106
Jan
109
101%
Feb
Sept
Dec
Feb
Jan
106%
99
Jan
106%
Dec
Nov
Dec
95
Jan
104%
86
Jan
99%
96
Jan
104
Jan
100
Oct
Dec
86%
Jan
105%
97%
Sept
Sept
Nov
108%
Apr
Jan
101%
Feb
91
104% May
108% Dec
65
Jan
63
Jan
69
Sept
104%
4%
Jan
Jan
3,000
14,000
6,000
4,000
15,000
65,000
76,000
11,000
5,000
81
29,000
11,000
Oct
111%
Feb
84%
Oct
84
96%
106%
17
Oct
Jan
Oct
Feb
50
Jan
83
July
Feb
85%
July
63%
Feb
85%
July
107
Jan
109%
Feb
98%
Aug
103%
Dec
69%
Aug
59
81%
78
104%
88
Feb
Aug
79%
Jan
Apr
Apr
93
Nov
87%
106%
Oct
Jan
July
103
Dec
103
Dec
106%
Feb
101%
Jan
107
Dec
106
Jan
44
Jan
75
65
May
90
Feb
Jan
71
June
39%
47% May
June
61
Jan
103%
Apr
106
Mar
103%
116%
100%
Jan
106%
122%
103%
Mar
Feb
Sept
July
90
Jan
Apr
Dec
Oct
Feb
100%
108%
95%
Feb
103
90
Apr
99%
104%
Apr
100%
Jan
Dec
101%
Dec
108%
Feb
112% June
101
103%
102
Nov
105
Aug
Sept
Sept
Aug
103%
Jan
106
102%
Feb
104%
105
Apr
107%
Mar
103%
76%
Jan
106%
May
Jan
94%
Oct
98%
Dec
27
Aug
June
62
Mar
June
58
2,000
31,000
16,000
108
54
24
100
78%
43%
106%
2,000
20,000
81
100
13%
107
102
105%
106%
95%
100%
Aug
Feb
Feb
Jan
Dec
104%
95%
50%
Jan
103
Oct
101
Feb
106
Nov
103%
91%
Feb
108%
78
102J
98)
Jan
Jan
May
Oct
103
Jan
96
Sept
107%
Aug
Sept
Jan
103%
Mar
106%
Oct
83% May
Mar
89)
95%
Oct
Sept
102%
105
Jan
106%
57%
Jan
93%
Jan
Oct
100
107% May
109% June
82%
Oct
12%
14%
61,000
2,000
105% 107
102% 104%
37,000
92%
95% 124,000
51
60.000
47%
6% July
102% May
101% May
16
106
Nov
Feb
97
Apr
107
Aug
85%
Apr
97
July
82%
Jan
77
Deo
107
Dec
112
125
May
2,000
117%
Jan
110
120%
18
4,000
125
107%
2022
N E Gas A El Assn 5s. 1947
104
98
76%
Neisner Bros Realty 6s *48
July
Nassau A Suffolk Ltg 5s '45
Nat Pow A Lt 6s A...2026
Jan
Nebraska Power
105% 105%
*29%
91%
93%
96
99%
Montana Dakota Utilities
Dec
69
93%
12,000
103% 104% 156,000
77%
Mississippi Riv Fuel 6s '44
Nov
106
78%
Miss River Pow 1st 5s. 1951
Missouri Pub Serv 5s. 1947
Jan
40%
105%
....
1957
Mar
15,000
..1953
1956
Mississippi Pow 6s....1955
99%
102%
98%
80%
64%
Finland Residential Mtge
Banks 6s-5s stpd__.1961
6%s '45
32,000
81
7s without warrants. 1941
109
T~66O
113
103% 103%
103
103%
92%
93%
1942
May
105% Apr
~
10%
13% 115,000
9%
12%
33,000
3%
4%
17,000
3%
3% 21,000
101% 102
5,000
93%
94% 156,000
108% 109
13,000
96
93%
291,000
*109
1942
1,000
110% 110%
1957
Isarco Hydro Eleo 78.1952
Isotta Fraschinl 7s
1942
Italian Superpower 6s. 1963
105%
18,000
*104% 105%
4%s._1958
Iowa Pub Serv 5s
6s
Aug 1 1962
101
..1961
Iowa Pow A Lt
Lone Star Gas 6s
98
108%
106%
May
Nov
Ji
*102% 103%
1940
Cuban Telephone
7Ms 1941
Cuban Tobacco 5s
1944
Dallas Pow A Lt 6s A. 1949
Deo
85% June
103% July
101
1,000
1,000
Dec
113%
113%
113%
108%
D
May
125
Aug
June
83%
101%
104%
1957
109
106
4,000
9,000
*107%
1952
Dec
67
132
109% 109%
125
1st A ooll 6s
"96%
1957
78 series F
Connecticut Light A Power
7ftaerles A
1951
Consol Gas (Bait City)—
102%
International Power Sec—
Apr
104%
104%
102
5,000
4,000
97%
1957
Indiana Service 5s
May
883
823
102% 103
8,000
75%
79% 359,000
75% 80
158,000
52
104
Indiana A Mich Elec 5s '65
99«
"
105% 106%
105%
22,000
80
101% 101%
106
1953
5s series C
94
100%
109%
101%
110% 110%
108
4,000
80%
79%
101%
25,000
3,000
Jan
May
21%
102
78%
A *63
1st A ref 6%s ser B.1954
1st A ref 5s ser C
1956
Indiana Gen Serv 5s..1948
Indiana Hydro-EIec 5s *58
109% 110
5,000
102% 102%
1,000
80%
81%
11,000
100% 100%
9,000
103% 104%
35,000
82
77%
115,000
79
83
719,000
102% 103
41,000
106
First Bohemian Glass 7s '57
Florida Power A Lt 5s_i954
June
Mar
106%
105% 106%
Firestone Cot Mills 5s. 1948
Firestone Tire A Rub 5s *42
Deo
72
25
Feb
106
106
5mb '54
27,000
105%
89%
108
106%
Erie Lighting 5s_.
1967
Farmers Nat Mtge 7s. 1963
Federal Water Serv
99
26
124%
145%
116
1981
Dixie Gulf Gas 6Ms—1937
Eastern Gas A Fuel 4s 1956
Edison El Ul(Bost)3Ms '65
Oct
Jan
1947
Dec
Jan
Jan
Oct
Feb
Deo
61%
July
102
76
101
Jan
76 %
102
80
July
110%
104
80
64
44
107%
100%
1949
108
Oct
6%s with warrants. 1943
104
23,000
63,000
32,000
33,000
13,000
90%
22,000
97% 207,000
72%
84,000
72% 152,000
75%
57,000
105% 20,000
105%
3,000
Sept
105%
Nov
Jan
Houston Gulf Gas 6a..1943
1949
Sept
91%
Jan
Dec
6s series B
Mar
104%
56%
108%
Mar
Apr
111% 111%
1960
Detroit Internat Bridge—
98%
*20
1938
Hygrade Food 6s A
103
Jan
105
124
Deo
Apr
Aug
26,000
117
Dec
85
"3",000
Oct
Apr
Mar
111%
58 1st series B
6%s
Mar
90
3,000
11,000
74
Jan
109%
1957
68 series O
A St Ry
Deo
Feb
38%
105
70
104
Hall Print 6s stpd
1947
Hamburg Elec 7s
1935
Hamburg El Underground
May
93
79
*109% 111
105
116
102%
99% 100
52
1st M 5s series A... 1953
1st M 5s series B
1954
1st 4Mb series C
1956
Cont'l Gas A El 5s
Crucible Steel 5s
*73%
114%
Commonwealth Edison—
Gen mtge 4%s""Il954
Consol Gas Util Co.—
Nov
Interstate Power 5s
Cities Serv PAL 5Mb. 1952
58
Nov
i3"666
103% 104%
103% 104%
102% 103
103% 103%
74
105%
Chic Jet Ry & Union Stock
Yards 6s
.1940
Chio Pneu Tools SMb.1942
Community P S 6s
Nov
1977
91
Nov
105%
Apr
82,000
14,000
25
*17
100% 100%
102% 104
89%
105%
104%
90
1964
Com'wealth Subsld 5Ms '48
Community Pr A Lt 6s *57
173
175
166
166%
77%
106
104
103%
3%s series H
Nov
38,000
105%
34,000
112%
15,000
*105
104
1st 4mb series D
1st M 4s series F
70
100%
Mar
79
97
26,000
87
87%
104% 105
106% 106%
88%
91
59% 1 60
Hackensack Water 5s. 1938
22,000
1,000
103%
105
1968
16,000
114
112
1st A ref 4Mb ser F.1967
6Ms
97%
113
112
5s series G
Conv deb 5s
1950
Cities Service Gas 5m« '42
Cities
Service
Gas
Pipe
Line 6s
1943
145
103
113%
.1956
Chic Rys 6s ctfs
.1927
Cincinnati St Ry 5Ms A '62
6s series B
1955
Cities Service 5s
1966
Jan
34
88
134
23,000
14,000
98
105
Cent Ariz Lt A Pr 5s. 1960
Central 111 Publio Service—
Midland Ry 4mb A1956
1950
95%
17,000
116%
114% 115%
122% 123
*123% 125
85%
98% 101
107% 107%
*105% 107
100
1939
Chio DIst Elec Gen 4%s '70
6s series B
1961
Chicago & Illinois
87%
Mar
86%
"88~~
(Adolf) 4%s_..1941
33
15,000
166
53,000
151% 155% 25,000
151% 155% 126,000
*96%
Birmingham Elec 4mb 1968
Birmingham Gas 5s
1959
5%s ex-warrants
Glen Alden Coal 4s... 1965
78
165
*141
Binghamton L H & P 5s *46
5s series E
Oct
High
May
29
88
*
Low
86
12,000
137.000
104% 105
87%
Range for Year 1936
8
94%
Heller (W E) 4s w w—1946
114%
1st M 5s series B...1957
Carolina Pr & Lt 5s... 1956
Cedar Rapids M A P5s.'63
61
High
93%
87%
..1953
75
162
155M
154M
Bell Telep of Canada—
1st M 5s series A... 1955
Buffalo Gen Elec 5s
Gen A ref 5s
Mar
Gesfurel 6s
68 series A
6s without warrants 1938
Bethlehem Steel 6s
Low
..94%
104%
Grocery Store Prod 6s. 1946
Guantanamo A West 6s '58
1950
5s series C
Week
Grand Trunk West 4s. 1950
5%s A '65
Atlanta Gas Lt 4%s._1956
8mb series A
Gen Wat Wks A El 58.1943
1,000
62% 39,000
61
285,000
Assoc T & T deb
I
Oct
1977
6s stamped x w
for
of Prices
Price
1968
Conv deb 5%s
Assoc Rayon 5a
Week's Range
Sale
1949
Debenture 5s
Sales
Last
1960
Conv deb 4mb
Conv deb 5s,
6mb
BONDS
(Continued)
*
67 %
5 Ms registered—1938
Conv deo 4%s C...1948
Jan. 9, 1937
5
Friday
for
of Prices
Sale
Price
Exchange—Continued—Page
Sales
110
18,000
146,000
29,000
125%
86%
109%
107% 108%
96%
120% 121
105% May
102
Jan
120%
79%
79%
78%
82% 152,000
82%
80,000
64% May
78%
83% 126,000
78%
110
Jan
64% May
Dec
Deo
Oot
Nov
Feb
Feb
Conv deb 5s
1948
Conv deb 6s...
1960
83%
101%
64%
Apr
79%
Feb
New Eng Pow Assn 5s_ 1948
100% 101% 159,000
85
Jan
102
101% 102
100,000
88%
Jan
101%
102%
Mar
92%
23,000
74%
88
23,000
1,000
69
Jan
92
97
May
105
105
July
110%
Debenture
5%s
1954
100%
100
100%
177",000
90%
Apr
6s ex-warr stamped. 1944
101%
101
107%
26,000
Gatlneau Power 1st 5s. 1956
Deb gold 6s. June 151941
88%
Jan
103%
103
103%
100% 100%
100
100%
100
100%
64,000
15,000
10,000
7,000
92%
83%
Jan
N Y Central Elec
Jan
New York Penn A Ohio—
82
Jan
96
104"
104
July
May
95
1,000
79,000
98
96%
79
Dec
Jan
Gary Electric
A Gas—
Deb.6s series
B
1941
General Bronze 6s
1940
General Pub Serv 5s. .1953
Gen Pub Util
6Mb A. 1956
100%
General Rayon 6s A.. 1948
Gen Vending
Corp 6s. 1937
Certificates of deposit
*68
*23
*23
New Orleans Pub Serv—
5s stamped
104
96%
70%
30
1942
Income 6s series A.. 1949
Ext
5%s '50
4%s stamped._195C
92%
87%
91
87%
103
103
*108% 109%
Jan
95%
Deo
Nov
Oct
Mar
Jan
28
22% June
26%
20
June
For footnotes see page 255.
3HK
/
r
Volume
Last
Week's Range
for
Sale
of Prices
Low
High
BONDS
1936
Range for Year
Week
Price
N Y PAL Corp 1st
1902
N Y A Westch'r Ltg 4s 2004
1954
Debenture 5s
Nippon El Pow 04s--1953
No Amer Lt A Pow—
1054 1064
102 4 103 4
1064 1064
1024 1034
1034
*1124 113
864
864
98
954
66
1084
Jan
1054
58,000
16,000
1,000
Feb
Jan
Apr
97
Mar
72
Oct
Mar
108
Jan
90 4
53
1004
Feb
Dec
90
2*666
1074 1074
Oct
July
113
7,000
674
No Indiana O A E 08.1952
104
~
98
674
.1950
54s.-1948
54s series A
Nor Cont'l Utll
Price
1074
2,000
1034
1064
44s *67
448-1980
1054 106
6s series C
..I960
5s series D
1909
1054
44« series E...
1970
64s... 1940
1034 1044
1034 1034
N'westera Elec 6u stmpl945
1044
11,000
35,000
24,000
2,000
4,000
13,000
85,000
16,000
1054 1054
1044
1044 105
No States Pow
89
89
Ogden Gas 5s
1946
1114
Ohio Edison 1st «s
1900
1054
874
1044 105
1094 1114
1054 1054
Ohio Power 1st lis B..1952
1054
1054 1054
1044
1034 1044
N'western Power 0s A. 1900
1044
N'westera Pub Serv 6e 1957
44» "er D.1950
15,000
17,000
11,000
106
1024
1024
0s series C
.....1954
1024
1004
June
Texas Gas Utll 6s
Oct
Texas Power A Lt 5s._ 1956
Nov
Jan
1034 1034
*1014 102
994 100
"994
105
1034 105
954
944
954
448—1951
1940
Okla Power A Water 5s '48
Oswego Falls 0s.
1941
1941
«er
A. 1948
Pacific Pow A Ltg 5S..1955
Palmer Corp 0s
Electric
1938
44s. 1977
1971
4s F
Mar
Deb
..I960
1959
Penn Pub Serv 0s C..1947
May
July
103
Dec
107
Dec
1074
Jan
7,000
1034 June
1014
Deo
974 Nov
107
Feb
105
Feb
1084
83,000
99
Oct
48,000
80
Apr
2,000
9,000
994
1044
944
Nov
"894
1054
1024
Deo
139.666
Mar
404
Deo
1044
Apr
Jan
1004
1154
Dec
90
July
29
1044
1044
Jan
Dec
Dec
9,000
984
Jan
29
*20
1064 1074
23
Dec
34
Mar
28", 000
Apr
108
Mar
103
103
944
80,000
Jan
954
48
52 4 151,000
374
July
844
1054
Aug
110
105
Mar
1074 May
1074 Sept
1174 Dec
1074
Deo
1954
5s series B
1967
448
1957
1064
Apr
108
Aug
United Lt A Pow 6s
Mar
80
Mar
1024 Mar
1164 May
944 Feb
1054 1054
1054
1044 105
166"
106
106
*106
1064
1104 1104
*4*666
1064 1064
1,000
1014
Oct
104
May
100
Jan
1054
.Dec
1044
974
Apr
1074
Apr
Jan
103
Dec
1975
048
648
1974
1959
Un Lt A Rys (Del) 64s '52
United Lt A Rys (Me)—
994
1979
264
284
Phila Electric Co 5s..I960
1104
1104
Phil Sub Co G A E
44 *67
Pledm't Hydro-El 04s *60
Pittsburgh Coal 0s
1949
Pittsburgh Steel 0s.
1948
974
106
674
1104 1104
1094 111
97
974
106
106
62 4
694
1064 107
Portland Gas A Coke 5s *40
1054 107
214
*19
784
814
Potomac Edison 5s E. 1950
106
_.
Elec 0s..1953
34,000
89,000
21,000
31,000
4,000
15,000
92,000
2,000
15,000
40*666
24,000
1084 109
...1901
Potrero Sug 7s etpd—1947
Power Corp(Can>44» B '59
44s series F
107
2,000
17,000
76
80
*1004 1014
1014 1014
25
*204
1949
Electric 06.-1954
1054
68
1014
Mar
984
1004
Mar
Feb
1044
1104
1044
Jan
Dec
Oct
1004 June
1064 Nov
1084 July
107
Aug
1144
Jan
W84 June
864
6
1104
1084
804
1054
414
105
Jan
Dec
94
106
"954
Jan
914
1144
70
Jan
92
June
80
Jan
97
July
4,000
100)
Jan
954 151,000
81!
Jan
964
1014
754
904
924
Jan
Jan
1154
Oct
904
July
Jan
Mar
1034
July
1064
1144
85
884
102
1024
1014
101
1944
1937
Valvoline OH 7s
100
10.000
1044
63", 000
103
102
1st ref 5s series B ..I960
102
1004 102
1940
6s
*1024
1014
1074
Mar
Jan
105
May
West Newspaper Un
West Texas Utll 5s A. 1957
Deo
494
Dec
974
99
754
Feb
1054
Dec
112
Dec
99
764
May
Wlso-Mlnn Lt A Pow 5s '44
1054 106
1900
724
105
1054
1054
1074 1074
102
1014 102
Yadkin Rlv Pow 5s._.1941
1064
1064 1064
York Rys Co 5a
1004
994 1004
1937
Jan
Dec
Nov
1074
June
Wise Pow A Lt 4s
107
(1084
3,000
7,000
80,000
40,000
17,000
13,000
4,000
59,000
1,000
64,000
06
Mar
Jan
Sept
984
106" "3", 000
1054 1054
1124 1144
6s '44
54s '55
Wheeling Eleo Co 5s.. 1941
1054
1064
Deo
101 4
Jan
Aug
Apr
1074
96J
20}
West United G A E
Dec
Jan
104
*1064
West Penn Traction 5s '60
Oct
1004 May
1044
40
444 150,000
13,000
1014 1014
5,000
1074 1074
43
2030
West Penn Elec 5s
Jan
102
Sept
1074
1004
81,000
24,000
984 100
100
Jan
1054 Apr
964
Jan
1004 May
954
Jan
Waldorf-Astoria Corp—
1954
Jan
1004 May
June
105
100
54 s '57
54s A. 1940
Vamma Water Pow
Va Public Serv
86,000
7,000
31,000
10,000
*1044 106
1094
*107
1952
June
884 289,000
944
37,000
884
dI 1956
72
324
334
1024
44s
Apr
Jan
Jan
Dec
24
1973
Utlca Gas A Elec 5a
15,000
1044
1134
454
234
Dec
6s series A
114
i~66o
Feb
24
Utah Pow A Lt 6s A..2022
Wash Ry A Elec 4s..1951
Wash Water Power Os.1960
Aug
*20
854
914
"
24
1952
Ward Baking 0s..—1937
Wash Gas Light 5s...1958
Jan
*—-
874
2,000
1054
105
*1064 1064
1164 1164
694
674
6s series A
7s with warrants
984
Phlla Elec Pow 54s_.1972
Phlla Rapid Transit Os 1902
40,000
35,000
6,000
*1064
1949
United Eleo N J 4s
Nov
121 4
17',000
6s series A
103
Jan
Jan
Union Eleo Lt A Power—
Jan
Apr
284
Prussian
June
934
934
Dec
994
Power Securities 0s
74 4
104
1054
*112
1024 103
United Industrial 64s 1941
1st s t 6s
1945
98
__1981
Pomeranian
Feb
90
106
934
United El Serv 7s ex-w 1950
114
117
{104
106
1024 1024
44s series B
1908
Peoples Gas L A Coke—
Peoples Lt A Pr 5s
Feb
494
6s 3d stamped
Jan
119
117
Penn Water A Pow 5s. 1940
4s series B
Jan
98
Jan
Jan
Jan
Feb
1004
764
Dec
8,000
7,000
1184 119
1014 102
1954
5s series D
1024
994
Jan
1064
1064
1104
1094
774 May
414
Jan
51,000
2,000
65,000
39
39
89
23,000
47,000
84
105
1054
1064
8-4,606
974
69
664
1054 106
'l054
1902
5s series E
54s series B
~i",o66
Apr
54s *62
Twin City Rap Tr
Feb
Penn Ohio Edison—
0s series A x-w
Dec
1944
107
2,000
87
894 120,000
1,000
1024 1024
105
32,000
1054
119
1024
_____1979
gg
Penn
104
109
804
834
(Leonard) 748-1946
Apr
105
106*666
1014 102
1054 107
102
Pacific Ltg A Pow 5s.. 1942
Penn Cent LAP
Deo
954
1945
Toledo Edison 5s
Pacific Gas A El Co—
1st 0s series B
48
Apr
Apr
Apr
Oct
Tide Water Power 6s..1979
Mar
1,000
1034
Pacific Coast Power 6s *40
Pacifio Invest 5s
Mar
*1074 1084
Thermold Co 0s stpd.1937
1074
1034
Deo
604
Dec
.2022
06
Tlets
46
Aug
45
974
Tenn Public Service 5« 1970
Oct
107
Dec
43
104
67
111
45
3,000
54
24,000
106
Nov
05
"3",000
109
64s..1953
105
Dec
454
Syracuse Ltg 548—1954
5s series B
.—1957
Tern! Hydro-El
Dec
48
1044 1054
*1044 1054
Texas Elec Service 6s. 1960
894
Oct
444
45
*52
454
Nov
106
29 4
54
*52
444
Sept
112
1,000
105
1950
6s conv debs
7-4% stamped.....1936
2d stamped 4s—1940
7-4% stamped
1946
2d stamped 4s
1946
Super Power of 111 44® '68
1st 44s
1970
1044
1044
Jan
High
Low
S
44 4 356,000
40 4
434
1064
Aug
Mar
61
Week
'Hugo) Corp—
Jan
19,000
1034 1054
105
1940
Okla Nat Gas
1054
109
1901
0s series A
5S..1950
Range for Year 1936
for
Range
of Prices
High
Ldw
Ulen Co—
109
...1953
6s series D
54s series E
^tlnnes
Jan
98
Ohio Public Service Co—
Okla Gas A Elec 5e
Starrett Corp Ino
Tennessee Elec Pow 5s 1956
Northern Indiana P S—
1st A ref
Salt
High
76,000
60,000,
100
N Y State E A Q
Week's
Last
(Concluded)
Low
%
Sales
Friday
Sales
Friday
BONDS
(Continued)
1st 54s
255
New York Curb Exchange—Concluded—Page 6
144
974
Dec
774
1074
Sept
1074
1074
Nov
1024
Nov
109
Sept
1044
Nov
Oct
Jan
i5~6oo
Publlo Service of N J—
144
6% perpetual certificates
Dec
8,000
1324
Jan
3,000
7,000
1454
1084
Jan
1124
1034
1014
Nov
Jan
1074
Pub Serv of Nor Illinois—
1104 HI
1950
1st A ref 5s
...1900
105
1054
44 s aeries D__
1978
44« series E
1980
1st A ref 44s ser F.1981
44s series I
1900
*103
103
1034
1034
1034
105
1054
5s series C
103
106
Sept
Oct
Dec
Jan
1054
Sept
49,000
8,000
102
Jan
1044
July
Baden 7s
1034
Apr
106
July
16,000
1064
Sept
974 264,000
914
884
1st A ref 44b ser D. 1950
934
904
934
Feb
Jan
104
1908
91
38,000
126,000
104
4,000
894
Feb
1004
105
1054
11,000
1044 1044
103
Jan
1,000
74
Jan
23
1,000
25
May
*17
24
1064 107
San Antonio P S 5s B..1958
"7,000
18
72,000
1064 107
18
22,000
174
*1324
Sauda Falls 5s
*1084 110
234
234
1955
Saxon Pub Wks 6s... 1937
103
"1044
40
1024 1034
1024 1024
104
1044
104
44b series B
1908
1st 44» series D...1970
12
Deo
Jan
264
264
Deo
May
0s series A
854
Dec
88
574
Jan
88
Dec
74 May
18
23
101
1024
1953
04s
174 136,000
834
Deo
Mar
2,000
2,000
17,000
Dec
23
Dec
34
Jan
954
Jan
102
July
Jan
1014
Deo
60
23
224
894
25
1024
*984 101
1947
Hanover (Prov)
Jan
64s-.1949
648.1958
Lima (City) Peru
Maranhao 7s
Sept
17
174
*17
*17
73
Apr
18
Dec
Dec
23
21
May
284
284
324
Feb
7,000
18
23
194 May
264
174
174
18
914
40,000
29
10,000
33,000
45,000
23 4
23 4
-194
214
244
194
914
18
..1958
MedelUn 7s series E..1951
Mendoza 4s stamped—1951
Dec
17
1939
Aug
3,000
63
*
1952
Hanover (City) 7s
Jan
24
1955
Jan
25
...1952
54s
554
154
16
1951
Prov Banks 6s B
Feb
874
*85
1947
Secured 6s
Aug
July
1014
1074
2,000
1,000
94,000
14,000
5,000
Issue of May 1927
Issue of Oct 1927
Mtge Bk of Chile 0s... 1931
6s
100
Parana
1,000
2,000
234
100
Southeast PAL 0s
1084
048—1959
04s.—1919
64s certificates
1919
54s
1921
64s certificates
1921
1074 1094 113,000
1064
106
2025
20
914
Feb
Jan
Jan
May
164
Dec
134
94
Jan
Nov
Jan
23 4
19 4
63
Feb
92
Deo
18
Jan
224
224
Deo
9
Dec
34s
1945
Ref M 34s.May 1 1900
Ref M 34s B.July 1 '00
110
"i074
1st A ref mtge 4s... 1900
Sou Calif Gas Co 44s. 1901
Sou Counties Gas 44s. 1908
"l054
1024
1951
87
Southern Nat Gas 0s..1944
103
S'western Assoc Tel 5s.1901
1034
S'western Lt A Pr 5s..1957
So'west Pow A Lt 0s..2022
S'weet Pub Serv 0s...1945
Stand Gas A Eleo 0s. -1936
Certificates of deposit-
1935
T03~~
"~92~~
91
914
1951
*"914
90
Standard Investg 54s.1939
1014
Standard Pow A Lt 08.1957
894
1104
1074 108
1074 108
105
1054
1024 103
87
744
103
1034
1024 1034
1034 104
994 103
1044 1044
92
904
.894
904
914
914
90
Certificates of deposit
Debenture OsDeo 1 1900
1064
914
89
92
884
91
1014 1014
884
90
48,000
8,000
51,000
18,000
16,000
5,000
34,000
1034
21,000
101
12,000
4,000
43,000
3,000
19,000
160,000
21,000
52,000
99,000
100,000
2,000
188,000
101
Mar
Jan
1074
1094
12
Mar
16
Jan
124
Dec
Dec
Sept
99
4~66o
30
39,000
40,000
104
Jan
254
Dec
30
124
Jan
314
Deo
May
24
Jan
4 May
24
Jan
June
Jan
Sept
24
24
June
654
Deo
Jan
154
Deo
Jan
17
23
~
"14
14
354
14
14
14
14
65
16
16
184
17
1901
174
254
294
Santiago 7s
7s
184
99
-99"
14
14
624
.1949
25
2,000
7,000
90,000
124
924
Santa Fe 7s stamped—1945
Sou Calif Edison Ltd—
Debenture
1958
(State) 7s
Russian Govt
4^666
Sou Carolina Pow 5s_1957
154
*16
17
1931
Rio de Janeiro
"
100
stamped
Mtge Bk of Denmark 5s *72
23*666
104
1044 1044
*694
714
Sheridan Wyo Coal 0s. 1947
Debenture 0s
27
17
20
*85
....1952
74 s stamped
External
*1064
1948
Shawlnlgan WAP 44s '07
39
38
1935
Sorlpp (E W) Co 548.1943
Second Int'l Sec 6s_._1948
Convertible 0s
Jan
8,000
2,000
Mtge Bk of Bogota 7s. 1947
39
0s with warrants... 1935
Sou Indiana Ry 4s
184
184
Danzig Port A Waterways
Schulte Real Estate—
Servel Inc 6s
2,000
284
184
German Cons Munlo 7s '47
224 June
1064
124
San Joaquin L A P 0s B '62
284
27
27
1951
5s
984 May
87
23
048--1953
Ruhr Housing 04s...1958
Safe Harbor Water 44a '79
3,000
87
Ruhr Gas Corp
0s ex-warrants
....1947
Cauca Valley 7s
1948
Cent Bk of German State A
Danish
Reliance Manag't 5e._1954
Rochester Cent Pow 5s '63
St Louis Gas A Coke 0s '47
20-year 7s
Mar
Queens Boro Gas A Elec
1952
264
Buenos Aires (Provlnce)-
95
1054 1054
1900
54b series A
Agricultural Mtge Bk (Col)
20-year 7s
...1940
102
7s stamped
Puget Sound PAL 54s '49
1st A ref 5s series 0.1950
Quebec Power 5s
AND MUNICIPALITIES—
Y0W0
Pub Serv of Oklahoma—
4s Berles A
FOREIGN GOVERNMENT
14
14
14
15,000
35,000
23,000
14
1
52,000
15,000
65
204 152,000
14,000
204
1
4
49
114
114
Sept
100
Jan
Dec
Jan
Oct
109
1114
1074
1044
564
924
99
Jan
104
Jan
1044
Jan
91
Jan
100
May
69
874
Jan
Jan
1044
1014
106
914
674 May
91
69
May
00
May
91
64
May
924
t For correction of the quotations on these stocks,
ously in last week's (Jan 2) issue, please refer to foot
which were reported errone¬
of page 253.
92
634 May
97
Jan
624 May
*
91
1024
90
No par value,
the rule sales
range,
t
not
a
In
year's range,
* Friday's bid and asked price.
e
r
No sales were transacted during
Cash sales transacted during the ourrent
yearly
n Under
Cash sales not inoluded in year's
Deferred delivery sales not Inomded in year's range,
Included
Ex-dlvidend.
current week.
week and not inoluded in weekly or
range:
No sales.
inoluded In
Under-the-rule sales transacted during the ourrent week and not
weekly or yearly range:
V
No sales.
*
,
Deferred delivery sales transacted during the ourrent week
weekly
or
and not included
yearly range:
No sales.
Abbreviations
Used
Above—"cod,'
certificates of deposit; "cons,''
consolidated,
•cum," cumulative; "conv," convertible "m," mortgage; "n-v." non-voting stook.
voting trust certificates: "w 1," when Issued
"w w," with warrants
"v","c,"
without warrants
256
Financial
Chronicle
Jan. 9, 1937
Other Stock Exchanges
Friday
New York Real Estate Securities
Bid
Dorset ctfs of deposit
Oliver Cromwell ctfs
Ask
83*
303*
'■1
333*
Bid
61 Bway Bldg 53*8—1950
Lincoln Bldg Corp vtc...
54
Ask
39 Bway Inc units
Pacific Mills Co
—
7
V.
*
25J4
14%
33%
*
Suburban Electric Secur.,*
Torrlngton Co
*
Orders Executed
Union Cop Ld & Min.,,25
Union Twist Drill Co
5
Baltimore Stock Exchange
on
Established 1853
39
BALTIMORE, MD.
Members
Broadway
Utah Metal & Tunnel
New
Louisville, Ky.
York
and
Baltimore
York, Pb.
Stock
Jan. 2
Jan. 8,
to
> ''
Last
Stocks—
Par
Arundel Corp
*
Atl Coast Line (Conn)..50
com vtc.*
Price
18
19
46
48
18%
-----—
2
*
83*
343*
883*
*
com
Consol Gas, E L & Pow— *
5% preferred
100
.
Eastern Sugar Assn com__l
Preferred
1
343*
893*
1133* 115
"503*
45
475*
Fidelity & Guar Fire
10
45%
Finance Co of Am class A.*
Guilford Realty com
*
Houston Oil pref
100
Mfrs Finance 1st pref
25
2d preferred...
25
Mar Tex Oil
-
cm
..100
Owlngs Mills Distillery
com.
*
U S Fidelity & Guar.....2
Western National Bank_20
Jan
96
84
111
July
11
Aug
116
Jan
Jan
290
393*
Apr
50
4
93*
Jan
13
15
3
1961
(flat) '75
1975
153*
30%
Dec
265
1%
Jan
63*
Sept
225
90 %
Jan
Jan
4
83
Jan
41
42
121
134
1%
16%
1%
1%
17
103*
930
104
Jan
1,282
1%
10%
10
86%
8634
9234
3734
"t6
July
Mar
50c
1 Nov
283*
1034
Dec
Deo
943*
4234
2>*
Aug
Oct
8,015
%
Jud
13*
Dec
Feb
Aug
126
93*
4%
Jan
Jan
193*
123*
Nov
Deo
240
Jan
87
23,000
70
Jan
87%
Deo
95
19,600
70
Jan
94
Deo
223*
130
31
27 54
5
163
22
71
165*
13*
13*
173*
13*
90
273*
2954
36
36
37
Jan. 8,
to
both inclusive, compiled from official sales lists
Friday
------
Week'slRange
for
Sale
Week
Feb
4
of Prices
Dec
Jan
45
Oct
233*
Feb
28
Aug
13*
June
13*
40
Apr
80
Apr
93*
Oct
53*
173*
Dec
Stocks—
Par
Abbott Laboratories—
413*
473*
Price
m
51%
Common (new)
Oct
Adams (JD) Mfg com...*
Adams Royalty Co com..*
98
Aug
July
Advance Alum Castings..f
Allied Products Corp—
30
Nov
Common.... ........10
Oct
2
40
87
Jan
135*
Apr
34
Jan
363*
■
Apr
Class A
118
383*
415*
47
48
103
103
1005* 1005*
300
18,500
7,000
115
Jan
1195* June
Asbestos
25
43
Dec
"733*
52
Dec
Athey Truss Wheel cap...4
84
Jan
103
100
Apr
1013* June
Dec
Automatic Products com.5
7%
Barlow &
Exchange
Common
Sales
Last
Stocks—
Par
Week's Range
of Prices
Week
Price
Low
High
Range for Year 1936
Shares
Low
High
25
6% non-cum pref
1%
5
50
1st preferred
50
Amer Tel & Tel
100
100
100
146
66 %
15
145
147
201
100
CI A 1st pref
100
Class B 1st pref stpd. 100
CI C 1st pref stpd
100
Class C 1st pref
100
CI D 1st pref stpd., 100
Boston Personal Prop Tr.»
25
CUff Mining Co
Copper Range,
26
25
6
Apr
65
12
18
116
17
17
30
150
150
8
15%
1%
12%
17%
2
14%
143*
123*
Feb
17
Jan
133
5
June
15
Feb
111
5
June
113*
Jan
Jan
Feb
176
263
180
100
3
3
200
1st preferred
Preferred B
100
50
50
15
...100
15
15%
7
■
60
260
6%
*
11
12
350
*
533*
19%
53%
140
Gilchrist Co
*
Gillette Safety Razor
Preferred
213*
233*
44%
*
*
17
Hathaway Bak
cl A
*
Isle Royal Copper Co..,25
Loews Theatres (Boston) 25
5%
com
100
~12
5% cum pref
Mass Utilities vtc
100
38
*
3
Mergenthaler
Linotype..*
Narragansett Racing Ass'n
100
New England Tel & Tel 100
New River Co pref
100
N Y N H & H RR
(The) 100
North Butte
„*
100
see page
260
543*
7%
139
150
22
160
22M
43%
233*
43%
-78c
29
Sept
1%
13%
15%
49%
5%
434
1834
50
12
12
373*
38%
334
5434
3
54
6%
2
13%
17%
Brach & Sons (E J) com..*
Brown Fence & Wire—
Common
6
634
18%
7%
Jan
169
16
Nov
3,065
140
569
11
634
July
Nov
'91
5%
Dec
15
60
714
68c
78c
14,303
22%
29%
628
Feb
55*
5*
9%
73*
183*
1%
38%
6
1173*
73
23*
193*
Mar
Mar
Dec
Feb
60
Nov
113*
43*
Sept
Jan
Jan
19
Nov
Jan
Dec
Jan
18
Mar
Jan
45
Mar
Jan
Jan
Dec
Mar
May
35*
Feb
573*
Nov
7%
1413*
93
123*
143*
July
Jan
123*
Dec
Nov
2,700
800
Common
—.1
Conv preferred
Cent 111 Pub Serv pref
Central S W—
*
*
Common
23*
183*
733*
43*
Prior lien preferred
*
Preferred
*
64
*
183*
1013*
Central States Pr & Lt—
Preferred
Chicago Corp
com
*
common
Preferred
*
53*
Jar
23
Aug
650
133*
100
*
com
Common.
14
303*
1,100
Dec
550
293*
13*
200
383*
Preferred
100
Cord Corp cap stock
Crane Co common
5
—100
43*
493*
1183*
Cudahy Packing Co preflOO
Cungham Drug Stores.23*
"22"
Preferred
25
Curtis Lighting Inc com..*
Dayton Rubber Mfg com.*
Cum class A pref
35
Decker (Alt) & Cohn comlO
Dlxle-Vortex Co
Class A
Dec
25c
Oct
85c
Nov
163*
Oct
703*
Mar
5
203*
......
.
24
123*
Son(D&D)com*
Jan
Jan
Sept
cum conv
pref
20
64
Jan
583*
Oct
17
Feb
1
Jan
12
July
1,590
67
Jan
733*
Oct
33*
43*
983* 1013*
613*
64
16,100
Apr
43*
1003*
Deo
15
23*
134
160
49
620
203* May
Jan
8
Jan
223*
Feb
Jan
73
Deo
Jan
74
Deo
534
24,500
33*
250
3*
20
70
4
433*
333*
3*
Dec
Aug
Jan
106 3*
32
Mar
43*
Oot
13* May
30
Sept
Jan
963*
41
Sept
Dec
83*
33*
Jan
23*
200
35
110
125
1,800
850
%
3*
73*
3,400
265*
100
550
140
983*
10
45*
495*
5,450
250
1183* 120
1075* 108
215*
223*
193*
21
393*
24
64
1193*
Oct
Feb
Dec
7234
Aug
U3*
Aug
% June
1%
Feb
JaD
123*
Feb
47
Apr
53*
25
Nov
97 34
Aug
Aug
Apr
33*
24
1173*
Jan
8
Apr
50
Deo
Nov
110
120
Jan
141
190
1033*
Oct
110
Dec
1,350
213*
33*
1034
Jan
213*
Deo
100
193*
Jan
33
Nov
400
434
Jan
14
183*
July
40
205*
3134
113*
38
Feb
1,350
5
31
Nov
Jan
14,650
■1
Feb
Nov
Dec
2
95*
63*
553*
583*
434
Aug
43*
473*
Jan
3*
193*
463*
93*
Apr
Apr
23*
100
200
205*
393*
22 3*
105*
393*
153*
Dec
Sept
35
253*
5
68
403*
2534
43*
13*
48
Feb
Nov
20
1043*
265*
983*
4%
23*
23
40
610
:
450
Jan
223*
9
50
383* May
243*
413*
60
23
30
Apr
Jan
Deo
Mar
Deo
Not
Deo
Jan
125*
4,050
93*
Nov
393*
200
273*
Jan
45
Nov
16
200
15
Dec
23
Apr
64
100
62
Oct
653*
Dec
Gardner Denver Co—
$3
5
Deo
Nov
Nov
11,700
1,450
11
*
com
163*
333*
Deo
Nov
19
7
Common...
Jan
14
303*
24
733*
154
3*
100
Oct
July
119
93*
Nov
113*
7%
35
43*
5
6% prior pref A
Continental Steel—
93*
25
1,400
4,650
16
103
253*
Deo
163*
703*
33*
3*
103
Nov
200
22
13
3
373*
903*
Nov
150
pref..
Jan
112
3
conv
13
Apr
Feb
15
523*
Canal Constr
Fltz Sim &
63*
64
107 3*
523*
Castle (AM) common..10
Central Cold Stor com. .20
Central 111 Sec—
Eddy Paper Corp (The). *
Elec Household Utll
cap_5
Elgin National Watch.-.15
Apr
223*
Oct
60
15
303*
Dec
Nov
3
450
1073* 1073*
22
Jan
3,750
23*
513*
30
Compressed Ind Gases cap*
Consolidated Biscuit com.l
Consumers Co—
8
Jan
445*
23*
138
22
Commonwealth Edison. 100
365* May
120
78
78
Deo
Nov
800
June
Dec
183*
223*
323*
450
50
183*
Jan
54
Mar
Nov
Jan
47
545
80
343*
73
343*
1073*
July
203*
63*
53
Feb
946
10
Feb
5
Nov
213*
73*
43*
453*
273*
76
113*
93*
323*
11
May
193*
900
533*
Apr
295
123*
10
950
Dec
Jan
Deo
1,050
46
Deo
May
Nov
75
27
183*
683*
16
20
183*
203*
72
20
1,594
1934
Jan
Feb
13*
1
133*
2934
conv preferred
May
Jan
53*
135* July
263* May
1834
25
100
72
145
110
250
19
20
Club Aluminum Uten Co.*
Coleman Lp & Stove com.*
1
950
Dec
14
5%
Apr
Apr
233*
Nov
July
133*
73*
27
Jan
Feb
623*
133*
23*
273*
800
233*
13*
3
Jan
27
413*
83*
7%
53*
223*
Jan
18
733*
Deo
May
43* June
1,550
8^
4g
33*
20
133*
Mar
623*
133*
Oct
380
52
253*
473*
27
85
Jan
3,050
Nov
Jan
Jan
233*
83
Feb
33*
33*
1334
734
233*
21
1
Jan
83*
42,650
Jan
40
Class A
_.——.*
Bruce Co (E L) com
*
Butler Brothers..
10
Jan
33
733*
83*
Sept
73* May
93* Sept
10
68
Nov
35*
705*
5%
11% June
Aug
21
300
*
Nov
115*
43
Chain Belt Co
378
701
100
60
Jan
22
Cherry Burrell Corp com.*
968
75
1
Chicago Flex Shaft com..5
Chicago & N W Ry comlOO
Chicago Rys pt ctfs "4" 100
Chicago Towel conv pref
Chicago Yellow Cab Co..*
35*
100
Dec
2
125*
1,800
19
183*
573*
Nov
Apr
175*
1563*
163*
487
91
6%
Jan
21
preferred
Cities Service Co
Common
153
June
53*
71
100
83* June
125* May
132
3*
63*
62%
Economy Grocery Stores,*
Apr
110
60%
Employers Group
*
General Capital Corp
*
Georgian Inc(The)A pref 20
July
2,072
8,907
69
Edison Elec Ilium
Feb
Feb
5
7%
100
83*
41
63* May
71
com
Jan
July
Jan
Sept
153
613*
Adjustment
6
240
*
7%
35*
173*
45*
105*
Feb
Nov
Feb
43*% prior pref,.—,100
6% cum pref
loo
Eastern Mass St Ry—
6%
70
333*
Jan
14M
2
Oct
5%
10%
14%
14X
Nov
4
14
17
110
157
48
2,521
Dec
Jan
70
2,627
Dec
Jan
Oct
14>*
"l8~
63*
3134
Nov
Nov
May
16
9%
973*
1173*
25*
190
28
12
41%
12%
12%
July
505
16
11
2
193* May
Apr
14954
65
36
East Gas & Fuel Assn—
Common
8%
5%
July
725
40%
13 %
12%
Boston & Providence—100
Calumet & Hecla
67%
30%
8%
5%
5%
Preferred stamped—100
Prior preferred
100
Class A 1st prefstpd-100
5
1,599
110
66%
29%
13*
170
30
1823* 1873*
100
Preferred
121
110
Boston Herald Traveler,-*
Boston & Maine—
Common,
m
5%
5
30
"l803*
Blgelow-Sanf Carp pfd 100
Boston & Albany
Boston Elevated
ix
June
5
27
com.*
com
Blnks Mfg Co cap
1
Bliss & Laughlln Inc cap.5
Borg Warner Corp com .10
7%
Amer Pneumatic Service—
Common
6
—
Bastlan-Blessing Co
Berghoff Brewing Co
for
Sale
15
83*
7
Oot
260
450
'
H) com
1
Seellg Mfg A
Bendlx Aviation
Friday
503*
1,000
High
7
183*
223*
4
pref *
Lots
16
51
"13%
Automatic Wash
conv
513*
83*
83*
3%
Associates Invest Co com.*
Jan
500
503*
153*
634
Range for Year 1938
es
43
22
Mfg Co com___l
Jan
17
Shar
High
183*
conv
153*
1,000
Low
8%
Armour & Co common—6
118
Sales
Last
Nov
1
154
Jan. 2
Dec
13
705
3,326
St., CHICAGO
354
1,961
90
293*
26
Chicago Stock Exchange
Chicago Curb Exchange
Nov
28
71
17 3*
SECURITIES
Chicago Stock Exchange
Jan
Dec
Mar
8, both inclusive, compiled from official sales lists
Jan
Feb
Oct
143* Aug
75* May
5* May
820
Boston Stock
For footnotes
11
1434
15c
41
Barker Co (W
Old Colony RR
Nov
Jan
Oct
Dec
63*
212
71
1975
Read Drug & Chem5 3*s '45
Inc
20
50
785
Deo
2,657
21% June
10 So. La Salle
pref..
Amer Pub Serv Co pref. 100
(flat)
(flat)
Maine Central
Dec
Dec
155
Exchange
(Associate)
New York Curb
Altorfer Bros
Eastern SS Lines
2nd preferred
9
740
310
Dec
465*
483*
May
1,491
New York Stock
Feb
139
45*
403*
5
------
943*
Jan
Dec
Baltimore City—
•
Deo
Members:
Dec
93*
333*
17
123*
23*
4
Feb
Bonds—
Jan.
7%
Vazil HL Davis & ®<x
Dec
5
Jan
97
Jan
225*
513*
July
220
215*
265*
1
...
23*
193*
3
40
100
New Amsterdam Casualty5
820
12 3*
4
------
June
88
455*
2054
123*
23*
------
Apr
July
5*
399
3
------
16%
263*
156
1,861
12 3*
1
Merch & Miners Transp. *
Monon W Penn P S 7 %pf25
Jan. 2 to
Oct
Apr
Liated and Unliated
High
2,195
1243*
443*
21
Low
48
122
B 5s
1%
4%
15%
400
CHICAGO
Range for Year 1930
503*
45
122 3*
for
Shares
108
87
20
A 5s
2,039
89%
1948
Week
1,511
254
8%
83*
33 J*
Fidelity & Deposit
4s sewerage impt
Bait Transit Co 4s
Apr
Bonds—
Sales
Bait Transit Co
Penna Water & Pow
14% May
28 34
35c
*
Series B 5s
Week's Range
of Prices
Low
High
Sale
Preferred
156
603
13*
473*
4534
both inclusive, compiled from official sales lists
•
MtVer-WoodbMills
Jan
28
11%
94
1<>
94
Eastern Mass St Ry—
Series A 434a
1948
•'
1st pref vtc
Black & Decker
High
56c
2734
U%
Exchange
Friday
'
■
Low
1,450
35c
'28"
*
Exchangee
Chicago Board of Trade and Commodity Exchange, Inc.
Baltimore Stock
97%
1
Waldorf System Inc
Warren Bros Co
NEW YORK
Hagerstown, Md.
~97%
United Gas Corp
__1
United Shoe Mach Corp.25
Preferred
25
Utah Apex Mining
___5
STEIN BROS. &> BOYCE
6.S. Calvert St.
3
Range for Year 1930
Shares
134
42%
40%
8%
7%
25%
14%
33%
3%
9834
39%
39%
7%
6%
25%
1434
28%
I
for
Week^
High
75c
.....
Jan. assessment paid.,25
Reece Buttonhole Mach.lO
Shawmut Assn tr ctfs
*
Stone & Webster
Low
134
42%
26
Pennsylvania RR
50
Qulncy M (Jan ass'tunpd)25
43*
of Prices
Price
Par
Old Dominion Co
Unlisted Stocks
32
Pennsylvania Bldg ctfs
Stocks (Concluded)
Week's Range
Sale
Closing bid and asked quotations, Friday, Jan. 8
Unlisted Bonds
Sales \
Last
Exchange
183*
Jan
Volume
Financial
144
Sales
Friday
Range for Year 1936
Last
Par
Week's Range
for
Sale
Stocks (Concluded)
of Prices
Week
Low
Price
General Candy Corp A
5
General Finance Corp ooml
High
Shares
4%
Ohio Listed and Unlisted Securities
High
Low
17
17
4%
257
Chronicle
200
>11%
Jan
5
2,900
4%
Nov
Dec
20
Members Cleveland Stock Exchange
Nov
5%
Deo
Gen Household Util—
Common
Goldblatt Bros Inc com..*
7%
14%
Aug
43
44
400
22 %
Jan
45
Nov
32%
29%
33%
310
8%
Jan
32%
46
Oct
Sept
9%
Hall Printing Co com
Harnischfeger Corp
com
40%
41
450
22 Hi
Jan
23%
24%
2,400
23%
Deo
33%
14%
15%
Jan
15%
14%
15%
180
9H
Jan
17
10
10%
3.200
8%
Jan
13%
Dec
Apr
Apr
20%
25
25
25
200
45
Hlbbard Spen Bart com 25
Hordera Inc com
*
45
45
50
6
11
Feb
27%
42 %
Apr
17%
18%
150
20
250
16% May
23%
26
950
22%
25
16
15%
16%
500
100
110
320
_
Illinois Brick Co
Util pref
Indep Pneu Tool
*
_
v t c___*
Iron Fireman Mfg v t c
Jarvis (W B) Co cap
Jeflerson Electric com
•
Kalamazoo Stove
90
83%
85
25
84%
*
110
109
25%
■
—
w
350
1
23
21
23
2,050
*
com
42
41
42
250
45%
44%
45%
90
15%
15%
15%
750
17%
22
Dec
Cleveland Stock Exchange
Jan
May
32%
Mar
8
May
18%
100
Feb
110%
Nov
Dec
Dec
July
60
83%
Deo
31
26
Nov
Jan. 2
8, both inclusive, compiled from
Jan.
to
Last
18)4
31)4 June
45
Jan
70
Mar
15%
Dec
Apr
Apr
16%
Nov
Par
1
Kellogg Switchboard com 10
9%
9%
350
Ken-Rad T & Lamp com A*
19%
19%
20%
2,200
Ky Util Jr cum pre!
50
6% preferred
.>.100
38%
38
39%
220
84%
85
Kingsbury Brew
------
50
34*f
75
Feb
13%
26%
43%
Nov
4)4
10
90%
1,750
1%
Jan
6
2
1%
2
170
Lawbeck 0% cum pref. 100
Leath <fc Co com
*
41
40%
41
70
1)4
28%
3)4
Sept
Feb
Cumulative preferred. *
Llbby McNeil & Llbby__lG
28%
1
cap
La Salle Ext Unlv
com
2%
2%
2%
7%
.
10%
7%
150
28%
28%
10
9%
10%
2,900
21
Jan
Apr
May
7
3%
3%
43
Oct
Nov
Aug
Aug
Mar
Jan
Dec
9
Nov
35%
12%
Jan
Nov
Apex
*
$3% preferred
High
Prior preferred
Clark
Clev Cliffs Iron pref
"87%
*
Ctfs of deposit
160
90
Jan
34
187
21
Oct
123
"61"
60
61
"35%
%
33%
33%
30%
%
35%
33%
69
69
69
39
30
29
30
*
Mfg___*
*
120
11%
950
44
250
35%
74
I July
73
I July
400
1
Nov
2,700
17
July
36
Feb
31
Dec
45
May
75
Dec
25
25
July
35%i
305
6%
13%
July
Foote-Burt
*
19
19
100
10
50
July
Halle
5
28%
30%
269
19%
Bros
Oct
95
Dec
54%
Dec
113%lSept
Dec
60
Oct
35
Mar
107%
25
62
Dec
106% June
Jan
54
805
62
Cliffs Corp vt c..
.*
Commercial Bookbinding *
Elec Controller &
100
86% ,87%
111% 112
112
100
100
Clev & Buff Transit
42%
15
32
Clev Elec 111 $4.50 pref—*
Cleveland Ry
14%
Mar
14%
35
100
1
Controller
Sept
13%
'loo"
Mar
12
11%
175
Mar
35
13%
*
.100
40
25
50
Jan
7
11
42
11%
*
Year 1936
Low
Shares
23
22
*
Elec Mfg
Faultless Rubber—
Lincoln Printing Co—
Common
for
Week
of Prices
High
Low
pref. 100
Airway Elec App
Akron Brass
Katz Drug Co—
Common
Price
Range for
Dec
43
Week's Range
Sale
Stocks—
official sales lists
Sales
Friday
Feb
Feb
22 %
A. T. A T. GLEV. 565 A 560
Dec
20
»
cl B
Union Trust Building# Cleveland
Telephone GHerry 5060
Oct
May
30
25%
A
com
Houdallle-Hershey
WOODcq
GILLIS
Apr
650
10%
Helleman Brew Co G cap.l
Heller pref ex-warrs
25
Hormel «fc Co
10%
15%
10
10
_
8%
24%
15%
-----
Great Lakes D & D com..*
111 North
7,650
44
...»
Godchaux Sugar class A__*
Class B
*
1%
Dec
Dec
Jan
22
Jan
Dec
30%
Mar
Nov
| Jan
| Mar
4
10
com
Lion Oil
Refining Co com.*
Loudon Packing com....*
McCord Rad & Mfg A
*
McGraw
5
6%
Electric
com
16%
6
-
-
-
Jan
6%
17%
Dec
Harbauer
*
15
15
50
14%
Dec
Dec
8%
Feb
Interlake Steamship
*
60%
60
61
331
34%
Jan
63
Dec
*
26
24
26
273
10
Jan
30%
Nov
Kelley Isld Lime & Tr...*
27
27
27
25
Lamson & Sessions
10%
Jan
—-
46
60
33
Apr
54
Dec
42
42
50
27
Jan
46
Nov
50
62
Aug
Leland
32
Dec
2,600
1
July
84%
3%
Apr
Jan
Medusa Port and Cement *
50
20
Aug
27%
Mar
Metropol Pav Brick
21%
21%
19%
19
20%
------
60
62%
100
6%
2,750
6%
Prior preferred
6%
31%
31%
1,300
40
5%
Nov
100
Mar
National Refining
Apr
8
Jan
Jan
25% May
25%
35
July
4%
3%
4%
7,950
13%
15
12%
13%
20,600
5%
6%
6,550
2%
7
3%
Jan
Apr
4%
13%
July
7%
%
Conv preferred A
*
Midland Util 7% prlienlOO
6% prior Hen
100
7% preferred A
100
9%
Nineteen Hun Corp cl
Mar
1
Mar
Oct
Patterson-Sargent
Peerless Corp
3
*
*
Nov
8% cum pref
1%
Jan
------
2%
4
280
%
11%
Jan
S M A Corp......
55
Feb
Upson Walton.-.
8%
44%
7%
44
8%
1,290
3%
46%
500
38 %
Jan
7%
Preferred
*
------
7%
49
19
65
65
8
260
6)4
July
49
10
48%
Dec
11
Jan
19%
65
150
50
38%
Jan
Vlchek
Oct
Warren
Oct
Weinberger Drug Inc
25
/.'
67
Dec
.10
2%
1%
2%
7,400
National Pressure Cooker 2
14%
14%
14%
200
Nat Rep Inv Tr conv pfd
Natl-Standard Co—
11%
11%
1,680
5%
JaD
10
26 )4
31
8%
29%
National Union Radio coml
2%
1%
2%
40%
39%
41%
2,300
*
6%
6%
6%
250
%
14,850
com..*
Noblitt-Sparks Ind
North Amer Car
30
Dec
Jan
Apr
Jan
June
Jan
26
13%
12%
13%
6,400
3%
7%
27
26%
27
150
15%
40
com
Jan
July
39
40
200
71
71
71
20
25
115% 115%
10
104
2%
18
1%
45
14
100
Okla Gas & El 7% pfd. 100
Ontario Mfg Co com
*
Oshkosh Overall
Parker Pen
conv
26%
10
com
Peabody Coal Co B
Apr
115%
12
Feb
23%
10
27
Mar
26
26%
350
19
2%
200
1)4
30
27%
Penn Gas & Elec A
22%
Apr
Jan
Last
250
16
Nov
150
32
Apr
3%
2%
Mar
3%
1,150
3%
300
1%
2%
3,350
3
2%
3%
3%
Process Corp common
Public Service of Nor Ill-
3%
600
1%
Apr
3%
Feb
*
5%
5%
Sept
Apr
Sept
6
Common
60
119%
5
Oct
49%
90
500
49
80
103
-
——
—
40
121
124
144
123%
148%
110
32%
150
32%
5
5
2,700
2%
2
2%
2,200
36%
32
36%
850
4
Schwitzer-Cummlnscap.
.
1
27%
Sale
Par
Stocks—
Price
2%
1%
11
570
600
35
27%
83%
27%
83%
750
18%
9%
Southw G & E 7% pref. 10
Southw Lt & Pow pref
90
.
of Prices
Low
High
Champ Paper & Fibre.... *
35%
36
120
Aug
...100
Preferred
140
Jan
Oct
151
Dec
Churngold
Cin Advertising Prod
Cin Gas & Elec pref
34
Dec
CNO&TP.
Jan
Nov
3%
50
Feb
Cincinnati Telephone
50
Cin Union Stock Yard—*
Dec
Coca Cola A.
7% June
35
*
*
100
109
12%
100
....
*
Nov
18
Dec
Crystal Tissue
Nov
Dow Drug—
_*
July
30
Nov
Preferred
"8%
97
8%
8%
"22%
14U
Jan
100
Nov
25
June
Jan
104
Dec
76
6
June
10
8%
25
7
June
91%
7
108
Sept
373
8
Jan
8%
111
19%
20
550
6%
7
130
90
*
Feb
93
Aug
Jan
91
Mar
3%
Mar
7
Apr
Hobart A..
*
15%
17%
4,100
Feb
Julian & Kokenge
Stein & Co (A) com
18%
18%
Storkline Furo
11
12
Thompson (J R) com
31%
32%
950
25%
26%
6,300
25%
25
25%
850
12
12%
Sept
5% June
28%
Apr
20
11%
Nov
Dec
Hatfield Part pref
35%
Jan
Kroger..
20%
Apr
26%
Nov
Leonard.
18
Aug
28
Jan
13%
4%
Dec
......
Nov
Magna vox
Moores Coney A
12%
650
8%
2%
2%
3
450
2%
Mar
1%
1%
4%
1%
950
%
May
2
Jan
5%
3,050
2%
May
5%
Jan
....
156
1
5%
23
23
20
9
Jan
17
Jan
35
Dec
9
Nov
7
Jan
16
1
10
Sept
17%
Apr
49
70
40
Feb
50
Aug
31
55
23
Jan
30
Oct
10
•
Dec
14
July
19%
July
8%
31
11%
40
101 W
18
22%
22%
79
6%
350
4
Jan
7
Sept
10
18
Jan
33
Aug
2
11
6%
6%
33
33
2%
3
4%
175
3%
July
1%
1%
25
%
Mar
1%
Feb
3%
40% June
55%
Dec
Nov
Rapid
10
Mar
16
July
Dec
US Playing Card...
U S Printing.
Dec
Wurlitzer 7% pref
Nov
Kroger 2dpref
38%
37%
38%
250
20%
21%
350
10%
10%
50
8%
2,900
2
For footnotes see page
JSrzzTZ
8%
5%
Jan
14
13
14%
2,400
13
Dec
35%
32%
35%
2,100
11
Jan
260.
138
39%
24%
Walgreen Co common
1
Wieboldt Stores lno com.1
.
355
Apr
4
Woodall Indust com
11%
58%
Apr
400
8
10%
55%
16
4%
Wisconsin Bankshares com1
10%
55%
30
4%
20%
*
*
Dec
4%
W illiams-Oll-O-M atlc com'
N ational Pumps
10
1
8%
15%
42%
27%
4%
8% preferred
100
210
*
Randall A
_*
100
-1...
"30"
24%
297
16
Jan
27%
420
78
32
32%
5%
4%
11%
July
34
220
Jan
12%
25
Aug
48%
309
26%
Sept
39
1,201
3%
Sept
20%
Mar
92
93
51
130
130
c
4%
I1
Jan
Feb
4%
5% May
208
10
9%
Jan
3
212
33
*
10
212
22%
10
B
'
Oct
38
2%
Apr
Wahl Co com
Nov
Jan
25
138
*
24%
1
Dec
June
July
2.50
-•-.._*
B...
'Jan
15%
Common
37%
25
18
P&G
Convertible pref
Viking Pump Co—
23%
114
101 V,
*
Lunkenheimer
Sept
2\
Utah Radio Products com.1
Util & Ind Corp
100
*
*
Jan
105% May
Dec
30%
48
*
1st preferred.
17%
5
Feb
Mar
47%
8
-100
Kahn.common
16
34%
50
Dec
115
16
*
18%
21
16
*
Goldsmith
61
79%
12% June
20
110
32%
30
Oct
Dec
Nov
9%
Mar
19%
Gibson Art
Jan
44
33
Fyr-Fyter A._
5%
20
23%
July
412
85
33
Sept
108%
Jan
90
20%
7
Jan
140
110
106
100%
229
Feb
25
147
22
*
Feb
17%
100
100
Apr
Apr
23
Preferred..:
22
12%
Dec
38%
1,345
Early & Daniel
*
Aug
9
Eagle-Picher Lead
Formica Insulation
Nov
412
Oct
10
Nov
92
19%
183
Nov
Feb
28%
10
97
110
100
Jan
May
103% 103%
9%
9%
21%
164"
19%
89
13%
88
13
Mar
Oct
9
111
110
107% 108
412
*
77
14
107%
High
Low
Dec
24%
Nov
26
1936
Year
Week
Shares
125
16%
32%
Range for
for
9%
33
16%
lists
Sales
Week's Range
87
50
1
Exchange
5
5,100
Sundstrand Mach ToolCo
& CO.
Wire—Bell Sys. Tel. Cln. 291
100%
1
Exchange
CINCINNATI
BLDG.
Apr
2%
Dec
Markets In
1,245
5%
Zenith Radio Corp. corn
Jan
91%
93
.
70
25%
83%
pref.
90
50
91%
4%
Swift International
25%| Nov
Aug
65%
/
Jan
2%
50
Oct
17
26%
700
17
24%
92%
onv
May
Feb
43
20
16%
Oct
9
100
83%
.
10
19%
370
200
5
Nov
5%
16%
93
St Louis Nat Stkyds cap.
Standard Dredge com
*
May
8
18%
31
7
14
570
375
31
50
Nov
407
Baldwin pref
Jan
17%
72%
Dec
6%
45
'
15%
104% 105
So Bend Lathe Wks cap. .5
South Colo Pow A com. .25
■
Dec
May
16
Feb
68
74
9%
9%
*
Aluminum Industries
May
22
Nov
I
9%
16%
30
Convertible preferred.
18
31
*
com
Signode Steel Strap com.
Pref erred
Jan
8, both inclusive, compiled from official sales
Jan.
June
115
141 %
71
16%
Sangamo Electric Co
Roebuck
to
Cincinnati Street Ry
Rellance Mfg Co com
1
Rollins Hosiery Mills pf_.
Jan
8%
88%
Raytheon Mfg-
Sears
2
...
-
Dec
2
515
Jan
500
118% 118%
53
730
May
90
83
6% preferred
Quaker Oats Co—
723
7%
45
Oct
3%
Mar
May
Jan
85
90
56%
Cincinnati Stock
Jan.
Amer Laundry Mach—20
Common
Oct
Friday
41
16%
33%
*
2
•#! Jan
Dec
16%
Potter Co (The) com
Prima Co com
1,040
Phone Cherry 6711—First Boston
Nov
33%
*
.
4%
I Nov
27
Apr
30
------
_
Dec
58
51
com
TRUST
UNION
Jan
------
Perfect Circle (The) Co..*
Pines Wlnterfront com...5
July
Cincinnati Stock
Apr
Jan
....100
6% preferred
17%
July
------
52
570
90
30
com. .*
2%
27
BALLINGER
Sept
50
21%
Cincinnati and Ohio Listed and Unlisted Securities
Sept
21%
Jan
Jan
49
29
47
9%
Active Trading
Sept
76%
21%
Apr
100
Feb
Jan
29
21%
pf_*
30% J Jan
Nov
16
5%
Members
Nov
Apr
7%
27
Feb
Feb
Oct
Northwest Utii-
7% prior lien pref
56
Jan
4%
4%
Jan
7% June
30%
Nov
45
1%
29%
30
18
18%
100
Dec
Capital stock
1%
13
100
44%
14
*
West Res Invest 6% pf
Feb
350
com.
Aug
9%
2
Refining
%
Dec
Dec
Nov
Dec
( Sept
12
425
9
*
Jan
,
112
2%
1%
18
9%
Tool
10%
Jan
8%
July
39
"9%
*
53
Jan
4%
6%
7%
44
100
1
1
Van Dorn Iron
55
55
55%
Selberling Rubber
270
5
25
504
26%
3%
4%
Richman
Sept
1,290
7%
188
8%
98
16
27
Sept
Sept
1,650
8
7
Apr
44
12
11
6%
46%
8%
34%
9%
30
16
10%
9%
Feb
Jan
"30"
*
*
6%
Nachman SpringfMed com*
Natl Gypsum cl A com. .5
Leather
1
%
15%
18%
1%
*
6%
Modine Mfg com
Monroe Chemical Co—
National
1,050
Jan
2%
A__*
Ohio Brass B
7%
pref
conv
%
%
%
286
1%
Oct
Feb
Dec
30
8%
Nestle Le Mur cum cl A..*
Midland United Co—
46
Mar
May
*
Dec
May
15
4%
8
Packer Corp..
6
20%
Dec
Dec
50
98
50
Tool
30
240
10%
23 %
8
100
National Tile
National
41%
Oct
28
Mar
29
"29%
*
25
National Refg pref
8
8
*
Murray Ohio Mfg
Oct
11%
45
41%
43
40
*
McKee A G class B
26
June
3%
55
19
105
June
19% June
1,690
10%
42%
*
Electric
70
100
3
June
9
19
32
Mlckelberry's Food Prod—
Miller & Hart
*
100
M6
103
101
101
pref..*
52%
2%
Marshall Field common..*
Middle West Corp cap
Stock purchase wari
Hanna M A $5 cum
32
2%
------
Masonite Corp common..*
Mer <k Mfrs Sec cl A com.l
7)4
5%
52
com. _*
Mapes Cons Mfg capital
3%
1,000
46
McQuay-Norrls Mfg com. *
McWilliams Dredging Co. *
Manhatt-Dearborn
350
1.700
6%
4
4
17%
17%
Jaeger Machine
Lindsay Light
Jan
Oct
8%
94
Dec
Dec
Dec
May
Oct
Oct
Jan
Nov
Feb
Dec
258
Financial
Chronicle
Jan. 9, 1937
,
Sales
Friday
6% 1st pref
25
5%% pref
..25
Pacific Indemnity Co...10
Pacific Lighting Corp
New York Curb Associate
Detroit Stock Exchange
Buhl
Par
Pacific Gas & Elec Co...25
Members
Exchange
'
Stocks (Concluded)
Watling, Lerchen & Hayes
New York Stock
Last
Chicago Stock Exchange
Building
Pacific Western Oil
DETROIT
Roberts Public Markets
Telephone
Randolph 6530
Republic
Petroleum
1
Rice Ranch Oil Co.
Detroit Stock
Jan.
2
Jan.
to
Exchange
Friday
Sales
Last
Range
Sale
Stocks-
Par
Auto City Brew com
Baldwin Rubber com
rices
Price
Low
1
1
839
1%
10%
Oct
1%
9%
55
55
620
46
'§3%
33 %
15
33%
854
25% May
15
32C
14
Consolidated Paper com. 10
Continental Motors com.l
22
22
100
19
Crowley M liner
10
*
*
*
com
Detroit Edison
Ex-Cell-O Aircraft
Federal Mogul com
Federal Motor Truck
Gemmer Mfg B
General Motors
*
com
10
com
66
1
7
1
.
3%
Hall Lamp com..
Parke-Davis
Reo Motor
Rickel H W
com
Scotten-Dillon
23%
Jan
20
1,472
1,630
49%
Jan
23%
Oct
7%
Jan
12
Sept
11
Dec
66
7,383
7
4,281
15
450
6
Oct
6%
2
July
5%
44
1,300
28
23
23
100
16%
25%
16%
17%
25%
26
13
Feb
Oct
47
Nov
25
Dec
24%
14% May
11
Apr
18
Nov
2,400
20%
Aug
28%
Mar
28
July
10,700
12%
13%
700
7%
Jan
10
1%
40
1
Feb
1%
Sept
7%
1%
7%
1%
Weber Showcase & F pref.
Wellington Oil Co
...1
Western Air Express
1
7%
60
5%
Feb
10%
Mar
11%
10%
11%
6,500
Jan
11%
Deo
9
9%
200
4%
5%
Jan
10%
Feb
25c
24c
25c
3,000
22c
Jan
63c
Feb
Cardinal
1
70c
67 %c
70c
2,600
65c
Dec
1.95
Aug
2c
1%0
2c
5,000
4,000
lc
Jan
Mar
1%C
lc
1%C
lc
Jan
lc
Jan
Tom Reed Gold
1
42c
42c
42c
3,000
31c
July
48c
Sept
Nov
Zenda Gold
1
11c
11c
11c
3,525
4c
Oct
15c
Jan
597
20%
Apr
5%
Oct
32%
8%
6%
1%
Nov
600
100
490
Aviation Corp (Del)
Jan
Baldwin Locomotive.
Oct
Cities Service Co
25%
22%
13%
Nov
Commonwealth & Southn.
186%
7%
8%
4%
3%
183% 187%
Feb
5%
43%
Mar
Curtiss-Wright Corp
1
6%
Sept
Electric Bond & Share
5
23%
33%
12%
14%
Jan
3
AUg
36%
23%
188%
11%
43%
180
32
Feb
730
15%
Jan
1,546
15
Apr
1,477
Jan
6%
41% May
238% j^e
3%
540
1,071
Jan
393
58%
1,530
4%
4%
5
650
4%
5%
2,130
4%
Mar
Feb
Feb
50
31%
Oct
8%
7%
Mar
Oct
5X
May
July
25
Jan
32%
Nov
17
Jan
26
Nov
12%
Jan
27%
5%
Jan
11%
Apr
150
7%
Jan
12%
Mar
6%
9 %
8X
9%
5%
6X
68%
1,078
1,183
7
7%
833
Warner Aircraft
1
7%
1%
IX
1%
3,090
5X
5%
430
»16
8%
800
1
13
13
Dec
2,282
*
283
Jan
Goodrich (B F) Co
6%
7%
300
8%
4%
3%
8%
4%
3%
200
6%
23%
4,100
600
7
500
150
May
Nov
190
4%
3%
Jan
7%
Mar
Apr
Dec
3%
2%
Jan
11%
7%
Apr
4%
Oct
7%
Dec
24%
July
23%
33%
100
100
Apr
5%
20% June
18% Apr
12%
14%
500
12
Feb
33%
Jan
Dec
15%
July
600
7%
Apr
14%
11
33%
12%
13%
10%
800
7
Jan
13%
Oct
11%
International Tel & Tel
Radio
175
*
5
Jan
285
10
American Tel & Tel
Feb
7
4c June
Unlisted—
North Amer Aviation Inc.l
Packard Motor Car.
220
Wayne Screw Prod com..4
Gold
8%
685
8
*
22%
837
10
\
Apr
3%
8%
Minind—
9%
Aug
25%
*
43
Oct
47
Jan
Black Mammoth Cons. 10c
23%
8%
Wolverine T ube con*
44
23
46%
Aug
Feb
15C
4%
1%
43 X
25
•
24
35%
Aug
Feb
24%
com
Feb
106%
Superior Oil Co
Jan
July
14
384
6%
17 X
10 X
Nov
76%
10%
4%
30
com
Aug
28%
109%
Gordon Mines, Inc
10
Oatman Rainbow Gold.lOc
Walker & Co units.
Wolverine Brew
Jan
54%
562
3%
24 X
*
July
40
29%
Mar
9%
22 X
B
Deo
Jan
26
200
.
29 X
Univ Cooler A
15%
32%
Jan
600
1,400
1,600
?!
Nov
Jan
45
4%
87%
Mar
27%
5
Jan
60
Jan
35
700
18%
27%
27%
106% 106%
Apr
54%
Jan
Dec
45
Victor Oil Co
36 X
10
20
40
29%
3%
July
43%
4%
Universal Cons Oil Co... 10
5%
*
Jan
1%
44
50%
11%
45
Oct
5
1
575
3%
44%
4%
Feb
*
Tivoll Brewing com
United Shirt Dist com
July
Feb
45
100
Dec
IX
10
com.
75c
106%
-
8
.10
com
Stearns (Fred'k) com
Timken-Det Axle
Feb
-25
So Calif Gas A 6 % pref
Southern Pacific Co
50
2%
5
2
.
50o
25
152
Apr
"1%
River Raisin Paper com. .*
Nov
15
5%% pref
Jan
16
21X
5
3%
82%c 82 %c
25%
Mar
128
3X
2.50
com
com
Dec
2,000
Nov
100
4
*
com
Parker Rust-Proof
Jan
3%
30
26%
20
1%
11%
43%
10c
400
29%
Apr
23
*
com. _*
4,550
40
Jan
38
6%
Packard Motor Car
33c
30%
Sunray Oil Co
450
29%
6%
"l8%
Deo
July
40c
Apr
13%
2%
29%
27%
Standard Oil of Calif
3,638
29 %
10
Jan
2%
33c
40
Oct
8%
1,873
com
21
2%
25
25
Union Oil of Calif..
19%
29%
Murray Corp
July
Oct
Aug
33c
25
Apr
40
36%
58%
12% June
13
Jan
57%
6
5
Dec
800
1,300
Feb
18 X
com
9%
400
14%
4%
40
Motor Wheel
9
1,300
6,700
14
4
6%
Michigan Sugar com
*
Mid-West Abrasive com50c
Motor Products com
*
9
14
Dec
"l9%
.
26
8%
Nov
500
AUg
*
Kresge (S S) Co com
10
Lakey Fdy & Mach com. 1
52%
24%
Mar
38
2%
%
Houdaille-Hershey A__._*
Hudson Motor Car com..*
McAleer Mfg com
Mar
60%
6%
3X
9%
51%
18%
48%
36
33%
24%
19%
8%
19 x
*
Goebel Brewing com
Graham-Paige com.
63
1%
56%
"19%
52%
25%
8%
9%
400
32%
29%
35%
38
Aug
20
*
30%
Mar
21
Taylor Milling Corp
Transamerica Corp
145 X 145%
3
29
Jan
27%
Mar
395
com
30%
July
200
200
2,600
Nov
4,354
8
31%
28%
57
3%
%
57 %
31%
28%
40%
45
14%
2%
*
31%
28%
High
Feb
3%
Jan
X
1
Mar
Low
31%
29%
200
45%
53%
May
2H
100
37
3%
5%
9,c
com
36
45%
55%
2%
2%
com
June
37
10
ann
100
1
com
Det-Mich Stove
July
Feb
3%
13%
Range for Year 1936
Shares
Security Co units of ben int
Security-First Nat Bk..20
Signal Oil & Gas A com
Sontag Drug Co.
379
2%
10
10
com
Det Cripple Creek
Det Steel Prod
2X
*
com
Det & Cltv Nav
15
3,184
Price
Original pref
6% pref
High
9%
Capital City Prod
1936
Week
82 %c
com
So Calif Edison Co
Low
10 %
Brlggs Mfgcom
Burroughs Add Mach
Year
Week
Shares
High
IX
Range for
for
Corp B
6% pref
8, both inclusive, compiled from official sales lists
for
of Pries
Low
Hioh
2%
1
Ryan Aero
Samson
Week's\Range
Sale
'
l
11
11%
300
14%
Jan
8%
41%
15%
8%
200
9% May
5% July
10%
Nov
41%
100
31% June
42%
Mar
15%
100
15
Aug
11
Jan
•
Corp of America
Radio -Keith-Orpheum
8%
Seaboard Oil of Del
41%
Standard Brands Inc
United Corp (Del)
15%
7%
17%
Warner Bros Pictures Inc.5
7%
700
6
17%
400
Oct
May
7%
17%
17%
8%
July
Apr
18%
Dec
9%
Oct
7%
Oct
2%
Jan
7%
7
Dec
8
Dec
"16
July
3
Mar
5%
%
12%
Sept
July
Oct
11%
1%
14%
Established 1874
Mar
DeHaven & Townsend
Mar
Nov
Members
New York Stock Exchange
Philadelphia Stock Exchange
Wm.Cavalter&Co.
PHILADELPHIA
NEW YORK
1618 Walnut Street
80 Broad Street
MEMBERS
New York Stock
Los
Exchange
Angeles Stock Exch.
Chicago Board of Trade
Philadelphia Stock Exchange
San Francisco Stock Exch.
Jan. 2 to Jan.
523 W. 6th St.
Los
Angeles
Teletype L.A. 290
8, both inclusive, compiled from official sales lists
Sales
Friday
Last
Los
Jan.
2
to
Jan.
both
8.
Stocks-
Angeles Stock Exchange
inclusive, compiled from official sales lists
Last
Sale
r*r?
Stocks—
Par
Price
Week's
Range
of Prices
High
Low
Range for
for
Year
1936
Week
Shares
Low
5%
4%
5%
600
7%
9%
7,700
Jan
Aug
Oct
8
IX
2%
5%
Bandini Petroleum Co. ..1
9%
Dec
Barnhart-Morrow Cons _.l
45c
45c
70c
8,250
5c
Jan
43c
Dec
2%
2%
2%
1,400
IX
Sept
3%
Nov
1.25
1.20
1.25
2,200
57 %c
Oct
1.50
Nov
.10
7%
7%
800
5 X
May
10
July
Broadway Dept St pref. 100
104%
7%
104%
Warrants
.
Bolsa-Chica Oil A
Buckeye Union Oil
--1
Chapman's Ice Cream.
31%
-
-
-
Consolidated Oil Corp.
-
Creameries of America, v t
Feb
Dec
500
1
Jan
10%
10%
10%
400
Exeter Oil Co A
1
100
.
General Motors
5%
70c
455
16%
3%
17%
4
6,700
20
700
1,900
5%
700
62 %c 72 %c
455
19,600
455
66%
65
14%
.10
3
19
5%
14
20
400
66%
6c
20c
430
14%
300
1,500
11
1,900
Hancock Oil A
238%
21
23%
1,500
18%
1 20
10,100
Hudson Motor Car....
19%
1.00
85c
46c
'"4%
*
50
13%
4%
41%
Penna Salt Mfg
50
Phlla Elec of Pa $5 pref..*
115%
Feb
6%
Dec
Pennsylvania RR
Feb
87 %c
July
Feb
450
Dec
Jap
75
Nov
14%
20%
Jan
13%
28%
Jan
1.50
Oct
40%
11%
18%
25
Preferred
19%
Apr
Jan
43%
Corp. .25
Natl Power & Light
Pennroad Corp v t c
Dec
122%
13%
Horn & Hard (Phlla) com.*
Apr
20%
35
Electric Storage Battery 100
General Motors
10
Dec
14% May
5% Dec
8%
"16"
*
5%
Dec
25%
*
com
17%
3
Price
5
Curtis Pub Co
11% June
18%
Holly Development Co. -.1
Honolulu Oil Corp
Budd Wheel Co
Chrysler Corp
Miten Bank Sec.
10%
_
*
Feb
11
com
Budd (E G) Mfg Co
1«%
Apr
Week
10
Dec
9%
20%
-
Barber Co
Dec
Gladding-McBean & Co
Globe Grain & Mill Co .25
J
*
4%
39%
26 X June
for
of Prices
100
Baldwin Locomotive
Horn & Hard (N Y) com.*
Lehigh Coal & Navigation*
Lehigh Valley
50
54%
8%
11%
7%
General Paint
Apr
16c
31%
550
c
104%
Jan
Sept
39%
4
Jan
19
36%
20
98
500
258
36%
-
-
__
Farmers & Mer Nat Bk
36
5c
31%
2%
17
com.
Preferred-
5c
29
2%
.
Citizens Nat T & S Bk. -20
Claude Neon Elec Prod.
Consolidated Steel
104
5c
100
com
Central Investment
*
Bankers Securities pref. .50
Bell Tel Co of Pa pref. .100
High
Associated Gas & EI A. ..1
Berkey-Gay Co
American Stores
American Tel & Tel
Sales
Friday
Par
Week's Range
Sale
Phlla Elec Pow pref
Phlla Rapid Transit
25
50
Feb
7% preferred
50
Phlla & Rd Coal & Iron..*
Oct
Philadelphia Traction
Apr
Reo Motor Car Co
35%
6
5
1
169
*
Nov
21%
Oct
Salt Dome Oil Corp
Scott Paper
10c
8c
8c
9c
3,200
7c
Oct
16c
Feb
Sun Oil Co
Kinner Airpl & Motor.. ..1
Licoln Petroleum
1
48c
45c
49c
5,700
36c
Nov
95c
39c
14,200
15c
Dec
1,500
High
25%
26%
182% 185%
8%
9
35%
38%
38
40
121% 124%
12%
13%
9%
10
110% 119%
18%
19%
42%
44%
60%
65%
137% 138
39
40%
10
11%
18%
18%
2%
3%
3%
4%
11%
13%
4% '
5
39% 41%
164% 169
114% 117
34%
35%
5%
6%
12%
12%
2%
2%
12%
13%
4%
5%
18%
20
81%
85%
74%
76%
Range for
Low
Shares
797
719
157
Year 1936
High
24% Dec
149% Apr
2% July
36
Jan
190
Nov
11%
Dec
373
24%
Nov
38
Dec
300
24%
Jan
42
Oct
351
119%
9%
8%
Jan
1,264
147
Jan
Apr
532
86
Jan
410
17
June
514
39%
Dec
54
Jan
5,321
25
126
105%
30
Jan
127% Aug
15% May
14% Mar
138% Nov
24%
55%
77%
110
Aug
Apr
39%
Jan
12
110
Jan
119
Jan
21%
8%
1,082
2,378
2,571
12,728
1,679
75
740
6%
Apr
Jan
Nov
Oct
Oct
Oct
Mar
112
Jan
8
Mar
Feb
Feb
14%
5%
45%
177%
Feb
Feb
Oct
Nov
Apr
1%
9%
3%
28%
113%
117
May
Jan
Apr
Jan
57
Jan
28
70%
Dec
35% Sept
12% Mar
28% May
3%
Jan
19% May
7%
Apr
30%
Apr
87%
Dec
90% Mar
113
29%
Jan
38%
3,700
8,660
1,500
2,685
%6
Jan
P
%
Oct
1%
Feb
3%
Nov
8%
5%
Apr
9%
Apr
Feb
40%
14%
108%
Nov
Apr
1,076
1,000
71
33%
2%
107
!S
232
10%
270
Jan
Jan
July
Jan
July
Feb
10%
12%
50
Low
-
Jade Oil Co
*...
-
--
«
-
.
Lockheed Aircraft
Corp ..1
Los Ang G & E 6% pref 100
Los Ang Industries
__2
35
38c
10%
109
100
35
19%
27c
9%
109
19%
109
.
26
100
14% May
172
4%
4%
4%
3,400
.10
7%
7%
7%
400
Mascot Oil Co
85c
85c
85c
Menasco Mfg CoMerchants Petroleum.. ..1
3%
3%
4
50c
50c
50c
Los
Ang Investment
Mills Alloy Inc A
Mt Diablo Oil Min & D
National Funding Corp
Nordon Corp
1%
-
Olinda Land Co
1
5
1
..1
Pacific Clay Products..
Pacific Finance Corp
-10
Sept
Jan
Tonopah Mining
Nov
Union Traction
Nov
United Corp com
Preferred
Jan
Jan
8
1.00
Apr
2%
Jan
6%
Mar
200
17c
Jan
50C
Jan
1%
100
70c
70c
300
32c
Jan
12%
100
12%
Dec
18c
18c
20c
55c
1X
Dec
18%
82%
Tacony-Panyra Bridge
*
Tonopah-Belmont Devel.l
Jan
2%
12%
*
67c
5
55c July
Mar
11%
116%
5%
70c
1%
31
1,600
4
82%
12%
..
United Gas Imp com
Preferred
1
1%
50
5%
7%
*
*
45%
15%
*
112%
*
31%
%
1%
4%
6%
32%
%
1%
5%
7%
43% 44%
14%
15%
111% 113%
1,315
102
322
13,168
353
16}
May
Apr
is
Mar
Dec
48% July
19% Feb
113% June
West Jersey & Seashore. 50
66%
66%
3
June
68
Oct
Mar
Westmoreland Inc
*
14
9%
Apr
15
Feb
Westmoreland Coal
*
14%
9%
77
Nov
70
7%
Jan
10
Oct
20
Mar
Feb
9%
64
8,200
11c
Sept
28c
Apr
45c 57 %c
16,250
25c
Jan
70c
95c
30,300
50c
Jan
57 %c
85c
July
92 %c
Feb
Elec & Peopes tr ctfs 4s '45
18c
18c
18c
1,500
8c
Jan
31c
Feb
110
110
106% May
112%
Jan
14%
39%
Nov
Phlla Elec (Pa) 1st s f 4s '65
1st 5s
1966
110
110%
3,500
110
July
113
Feb
Nov
Phlla Elec Pow 5%s..l972
110% 110%
1,000
110
Aug
11%
Dec
13
F or footnotes see page
6% June
July
105
12%
—
Occidental Petroleum.. -.1
Oceanic Oil Co
100
May
12
13%
500
30%
30%
32
800
260
8
18%
Jan
Bonds—
11%
14
$13,000
500
9
Nov
Jan
P
i
Volume
Financial
144
259
Chronicle
jS^=
Sales
Friday
Last
Week's Range
Sale
CO.
H. S. EDWARDS &
j
Tel
120
Jan. 8, both inclusive,
to
96
35
35
335*
Last
Price
Arkansas Nat Gas Corp-. *
Preferred
-.100
of Prices
High
Low
Year 1936
Week
Low
Shares
8%
/
7H
10%
61%
8%
200
10 x
240
:
8
Jan
35*
75*
475*
135*
Seattle
105*
Feb
625*
245*
4%
Dec
July
Clark (D T) Candy Co. - - *
Columbia Gas & Elec Co.*
550
3
5* June
65*
Oct
18%
19H
1,104
14
Jan
235*
July
Friday
Crandall Mch & Hend Co.*
14
14
Jan
13
Dec
Last
23
23
Jan
26
Sept
18
18 X
1,533
75*
Jan
22
Nov
31
36 X
1,180
1,565
155*
Jan
40
Mar
Duff-Norton Mfg Co
2%
*
.5
18%
ICO
1%
IX
Koppers Gas & Coke pf 100
67
IX
51H
95
-
2
McKlnney Mfg Co.
Mesta Machine Co
25*
17
1
July
66
31
Jan
15*
Jan
Jan
Dec
54
Sale
Stocks—
Par
Nov
Dec
Assoc Insur Fund, Inc..10
Atlas Imp Diesel Eng Co.5
Jan
1075*
Sept
Bank of California N A. .80
3,251
10
Jan
145*
Mar
Bishop Oil Co
1
Apr
2%
Nov
41
Byron Jackson Co
Calamba Sugar com
91
Jan
645*
Nov
45*
July
75*
Deo
1,471
167
10X
8X
20,616
—5
20
31
—20
7% preferred
22
Dec
Calaveras Cement Co com*
75*
Californla-Engels Mining. 1
5*
Mar
115*
Jan
10c
10,880
2c
Jan
8c
Feb
Calif Cotton Mills
9c
9c
500
4c
Jan
10c
Dec
California Packing Corp
*
Calif Water Service pref 100
Preferred
95*
25
com.
100
-
Pittsburgh Brewing Co
3%
*
Preferred..
35
385
75*
98 5*
Jan
13%
950
75*
26%
Oct
195*
May
90
Nov
365*
Jan
120
26
Dec
140
Apr
135* Dec
17
359
200
Jan
96
Dec
125*
10
Jan
275*
Dec
15
20
Jan
Caterpillar Tractor
*
Claude Neon Elec Prods.
»
.
Cst Cos G & E 6% 1st pf 100
Cons Chem Indus A
*
Creameries of Amer Inc..*
Crown Willamette pref
*
CrownZellerbach vtc...*
18%
Apr
Preferred A
*
2c
5,000
2c
Jan
4c
Jan
Preferred B
—*
6%
17,491
35*
Jan
65*
Nov
14
7X
14%
615
115*
Oct
145*
Nov
1,490
7X
*
14%
28
29 X
46%
47
194
45
28%
*
46
30
20
June
22 5*
May
31
33
Dec
505*
Nov
47
Jan
Sept
Sept
1,465
60c
50 X
850
345*
Jan
15*
605*
147 X 147X
10
97
Jan
1525*
Oct
55*
Oct
95c
1
Westlnghouse Airbrake..*
50
48J*
.
1.00
Jan
Dec
Unlisted—
D1 Giorgio Fruit
4%
*
90
5%
Jan
35*
com—10
S3 preferred
100
Eldorado Oil Works
*
Emporium Capwell Corp
Ewa Plantation Co
Los Angeles
Long Beach
Pasadena
.
*
-.20
High
145* 15
235* 24
65*
65*
205* 215*
1945* 199
65*
65*
275* 28
305* 31
22
Week
Low
135* July
393
17
1,149
17
35
186
250
548
362
40
100
37
46
445*
46
1,060
105
105
15
87
87
399
87
105*
355*
55*
1105*
18J*
no
1105*
10
105*
1025* 104
35
355*
65*
65*
110
111
175*
185*
1095* 1125*
109
1105*
580
490
8G
770
575
250
1,823
225
65
Golden State Co Ltd
*
Hawaiian Pineapple
5
Home F & M Insur Co. .10
86
Oct
Honolulu Oil Corp Ltd
*
Honolulu Plantation
20
Hunt Bros A
10
com
30
35*
7
345*
30
35*
49
435*
355*
305*
35*
16
36
65*
112
185*
114
114
325* June
35* July
155*
Oct
365* Dec
545*
Jan
112
495*
45*
20
544
26
Jan
485*
765*
14?*
375*
215*
115*
475*
84
40
Oct
54
35
445
10
July
494
36
Nov
5,589
3,782
145*
75*
385
215*
275*
15*
21
2,983
245
Hutchison Sugar Plant.. 15
22
22
22
170
Island Pine Ltd
20
22
215*
22
1,145
—..25
47
46
47
105
200
Feb
June
Nov
Feb
Feb
Deo
Oct
Aug
Deo
Deo
Dec
Nov
605*
40
105
Feb
Deo
305*
275*
635*
Jan
Dec
48>*
485*
Aug
Mar
432
Nov
45**
75
14
3,447
Oct
Oct
Jan
56
18
Nov
Aug
22
38
325*
225*
235*
95
665*
145*
365*
215*
75*
Aug
Nov
Jan
1,310
175*
145*
365*
215*
75*
485*
435*
355*
Apr
Apr
225*
235*
365*
615*
145*
365*
185*
*
91
60
18
*
Jan
555
66
Oct
Apr
75*
915*
225*
235*
38
_
55*
July
99
110
*
10
_
29
44
25
com
Nov
75*
335*
905*
42
265
26
203
1065*
435*
225*
235*
605*
1,358
2,965
Nov
Jan
65
Oct
Deo
7
9J* Dec
1005* June
35*
225*
5
preferred
Jan
305* June
995*
Jan
335
55
175*
255*
Jan
5* Sept
li
95
Galland Merc Laundry
45*
25
11
4
.25*
Apr
Sept
Sept
55* Sept
155*
Jan
235*
Jau
215*
Oct
li
935*
_
Jan
35*
726
3,800
104
1938
High
325
75*
5*
365*
75*
5*
Year
-
Shares
49
—
Enquiries Invited on all
Mid* Western and Southern Securities
of Prices
Low
Range for
for
35
105
lists
Sales
•
535*
55*
Gladding McBean & Co..*
Business Established 1874
■
95
10
General Paint Corp com
Preferred
I. M. SIMON & CO.
;
i
Food Mach Corp com
Foster & Kleiser com.
General Motors
ST. LOUIS MARKETS
Exchange
Fireman's Fund Insur—25
A
Pennroad Corp vtc
.
18 X
2c
1
W estlnghouseElec&M fg
45*
Jan
385
90
-.5
..
21
19%
13%
Steel Fdy pf 100
Plymouth Oil Co
.5
Vanadium Alloy Steel
Victor Brewing Co
Jan
25*
125% 127 X
Screw & Bolt.. *
Standard Steel Spring.
United Engine & Fdy
36 X
18%
*
Forging Co..
Plate Glass. .25
Preferred
360
4
Honolulu
Beverly Hills
Week's Range
22
Sept
50c
20
7c
28
28
*
""8c
8
14%
23%
65*
205*
1965*
65*
Anglo Calif Nat Bk 8 F. .20
97
59 J*
28
Price
Alaska Juneau Gold Mln 10
9c
25c
Cd.
&
8, both inclusive, compiled from official sales
215
2
Fresno
Francisco Stock
San
Jan. 2 to Jan.
85
7%
10%
8X
100
Ruud Mfg Co
San Toy Mining Co
Shamrock Oil & Gas
Nov
Apr
645
59 X
5
Mountain Fuel Supply Co.
Natl Fireprofflng Corp-,- - *
Ju y
140
106 % 107 X
12 X
11X
106 %
611
100
91
*
Jeannet Glass pref
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
227
62
51%
1
Harb-w alker Refrac
.
36
Dec
2
1
Penn-Federal Corp pf Phoenix Oil com
Jan
Dee
Dec
Jan
3,690
23
*
Carnegie Metals Co
Lone Star Gas Co
27
NewYork
Portland
Tacoma
Stockton
Sacramento
24%
2%
5%
*
Blaw-Knox Co
Follansbee Bros pref
Fort Pittsburgh Brew_
Jan
Nov
NewYork Curb Exchange (AssoJ, SanFrancisco Curb Exchange, Honolulu Stock Exchange
San Francisco
High
2%
5%
Armstrong Cork Co
_
Dec
285*
36
Members: NewYork Stock Exchange, SanFranciscoStock Exchange,Chicago BoardofTrade
Range for
for
Oakland
com
105
Private Leased Wires
MUNICIPAL AND CORPORATION BONDS
Sales
Week's Range
Sale
Par
Duquesne Brew Co
88
Jan
1.000
335*
Nov
69
22
29
compiled from official sales lists
Friday
Stocks-
88
945*
335*
Aug
July
5,000
1,000
Dean Witter
Pittsburgh Stock Exchange
2
88
High
Lew
Shares
BROADWAY, NEW YORK
Specialists In Pittsburgh Listed and Unlisted Stacks and Bonds
Jan.
88
955*
United Ry 4s c-d's
A. T. & T. Tel. Pitb-391
Oourt-6800
335*
tScullln Steel 6s
1941
tUnited Railways 4s. -1934
PITTSBURGH, PA.
33
,
^ Range for Year 1936
for
Week
18,000
1,000
335*
St L Car 6s Extd
New York Curb Exchange (Associate)
BANK BLDG.,
Par
City & Suburban Ssc-d's...,
/ Pittsburgh Stock Exchange
A/Tamhar*
Members
UNION
Bonds—
of Prices
High
Price, Low
Apr
Dec
Jan
Jan
July
Feb
Aug
Feb
Dec
Sept
Sept
Jan
Nov
Oct
Dec
Nov
Jan
Deo
Feb
355*
Deo
33
Nov
Dec
45* Aug
275* June
Mar
215*
MEMBERS
New York Curb
Chicago
Board
New York Stock Exchange
Louis
St.
Stock
Exohange
(Associate)
of
Trad*
com
Preferred
-.
Langendorf Utd Bak B__*
315 North Fourth St., St. Louis,
Mo.
LeTourneau (R G) Inc
1
Libby McN & Libby com.*
Telephone Central 3350
Lockheed Aircraft-_
2
to
Jan.
8, both inclusive, compiled from official sales lists
Sales
Friday
Range for
Last
Par
A S Aloe Co com
American In v
20
for
Sale
Stocks—
Week's Range
of Prices
Low
High
Convpref
Brown Shoe com
.
Dr Pepper com
Ely & Walker D G
com.
235*
245*
37
37
345*
125*
345*
98
98
345*
125*
985*
145*
*
36
Dec
Jan
31
Nov
30%
47%
200
29
Dec
315*
Nov
10
45
Sept
64 5*
Feb
Paauhau Sugar
37
340
21
Aug
385*
32J*
265*
26 5*
Dec
50
30
July
255*
Dec
60
17
58
116
Apr
100
25
97
July
101
106
106
32
265*
105*
18
18
Pacific Amer Fisheries
100
Emerson Electric pref - -100
Falstaff Brew com
1
31
24
15
July
13 5*
270
110
570
74
Mar
110
8
8X
152
July
45*
Jan
1205*
105*
Jan
Oliver United Filters A...*
B
Pacific Can Co
5
—*
225*
175*
375*
Dec
Pacific G & E com
25
Dec
6% 1st preferred
55*% preferred
Pacific Lighting com
25
25
32
*
53
Nov
Dec
Dec
Nov
145*
32
.*
21
123
32
145*
12)1
265*
105*
10
Occidental Insur Co
100
25
25*
108
37
34%
31 %
25*
108
245*
No Amer Inv 6% pref.. 100
North Amer Oil Cons
10
High
27% 27X
118% 120
120
....
Low
25*
2
Market St Ry pr pref. .100
Natl Automotive Fibres. _*
31
25
100
100
1st preferred
2d preferred
108
105*
1085*
Marchant Cal Mach com. 5
35
.*
.25
95*
Magnin (I) & Co 6% pf 100
47%
35
105*
2
30
*
-
Burkart Mfg com (new).. 1
Preferred
*
10
108
34%
25
10
2
Natomas Co
Shares
10
108
30%
34%
*
com
Year 1936
Week
Price
34
35*
355*
35*
Los Ang Gas & Elec pref 100
*
Lyons-Magnus Inc B
Magnavox Co Ltd
25*
St. Louis Stock Exchange
Jan.
1
35*
345*
6% preferred
—.*
Pac P S non-vot com
*
29
1065*
85*
95*
18
205* 225*
175*
165*
355* 375*
315* 32
285* 29
515* 53
1055* 1065*
85*
85*
235* 24
Non-voting preferred- _*
Griesedieck-West Brew..*
32
33 %
Hamilton-Brown Sh com.*
3%
Hussmann-Ligonler com.*
Huttlg S&D com
*
Hydraulic Pr Brk
com .100
Preferred
17X
16%
13
"~3X
3%
13%
485*
100
International. Shoe com.. *
Johnson S S Shoe com
*
"48k"
Knapp Monarch com
-
Preferred
-
-
-
Mo Portland Cem
com.
.25
Aug
2
June
17%
135*
3%
14
495*
157
105
286
315*
4%
Dec
Nov
Dec
Jan
17
Dec
Preferred
X
4
475*
Jan
35*
Jan
16
Oct
535*
Dec
Oct
Mar
115*
Jan
175*
Feb
85*
Jan
145*
Feb
Apr
23
Dec
Dec
32?*
175*
18
250
50
18
5
50
109
125*
155
150
6%
75
55
152
149
4
25
235*
335*
155*
151
150
Parafflne Co's
175*
55
15
152
100
6% preferred-.-
18
12
100
Pacific Tel & Tel com..100
Jan
511
235*
335*
145*
*
*
com
16
140
425
17>*
.._*
Laclede-Christy Clay com *
705
3%
33%
12
*
Key Co com
McQuay-Norrls
3H
24
8
110
325*
353
65*
52
95*
Nov
Jan
15
Dec
July
61
July
205*
Nov
June
*
com
100
B
Republic Petroleum
1
Roos Bros pref
.—100
Schlesinger&Sons (BF) com *
100
Shell Union Oil com
Preferred
*
-.100
Signal Oil & Gas Co A.—*
*
Natl Bear Metals com
National Candy com
1st preferred....
2d
preferred
National Oats com
preferred
.
*
100
11X
115
100
4:115*
116
100
2d preferred100
St L Bk Bldg Eqpt com. - *
St Louis Car com
-.10
Preferred
U85*
H005*
[ 275*
*
Rlce-Stix D G com
1st
125*
*
100
100
55*
Scullin Steel pref
Securities Inv com
*
*
S'western Bell Tel pref -100
Wagner Electric com-—15
I
For footnotes see page
1195*
Oct
102
10
13 5*
Jan
125*
515
75*
June
65
1115*
Aug
20
100
115
100
55*
175
110
30
Scruggs-V-B D G com—25
1st preferred
100
25c
13
90
23
90
21
235*
515*
515*
123""
39 %
260
1225* 123
39
15
Jan
12
125*
Feb
98 5*
10
90
25c
50
25
119
81
*
St Louis Pub Ser com
95*
Jan
1005*
275*
115*
90
25
395*
22
400
116
2
35*
25
15c
Oct
Dec
May
Dec
Soundvlew Pulp Co
Southern Pacific Co
5
100
Spring Valley Water Co..*
July
Standard Oil Co of Calif.
305*
Nov
.
*
12 5*
Dec
Super Mold Corp of Calif 10
Thomas-Allec Corp A.
*
1175*
Jan
Tide Water Assd Oil com. *
102
Jan
55*
Dec
6% preferred
Transamerica Corp.
Feb
135*
Dec
Union Oil Co of Calif
July
825*
Dec
Union Sugar Co com
25
United Air Lines Trans..5
Oct
Nov
3% May
1
165*
Nov
Dec
Universal Consol Oil
165*
865*
104
795*
25
10
381
2,692
85
1,285
1045*
195*
20
325*
105*
685*
135*
Jan
20
1,025
697
31
Feb
Jau
556
295*
265*
203
45
1,974
3,766
90
2,292
1,800
Jan
Jan
119
50
1395*
68
100
*
25
10
345*
29
38
9
1005*
195*
335*
325*
145*
20
225*
108
152
975*
108
Deo
Jan
1105*
15*
175*
295*
1255*
385*
1015*
475*
Nov
1,062
Jan
120
May
484
Apr
10
Dec
1,029
Apr
1,096
1,888
Jan
Jan
1,598
Jan
110
June
73
Dec
127 5*
Mar
Yellow Checker Cab A..60
Apr
445*
Nov
Jan
55
Apr
565
Jan
62
365*
635*
530
Jan
87
59
100
Oct
59
Deo
1045*
Nov
320
Feb
37
191
365*
Apr
Nov
July
Apr
Aug
68
Deo
135*
54,053
5,673
1,040
312
Sept
Oct
Jan
73
July
55*
Dec
365*
635*
Oct
July
5,506
June
320
Jan
Deo
Deo
130
Western Pipe & Steel Co. 10
Jan
Sept
535*
945
Wells-Fargo Bk & U T.100
Feb
86
200
Waialua Agricultural Co 20
Mar
475*
1045* 1055*
165* 175*
255* 26
215* 215*
225* 225*
125*
135*
Dec
Jan
Nov
Jau
155*
Dec
Nov
Mar
May
Oct
Nov
Oo'
Oct
Sept
Dec
1,140
35*
Jan
195*
9%
475*
21
Jan
85* Deo
265* Sept
Jan
9
Feb
July
152
Dec
Jan
Nov
July
Jan
Dec
Dec
Nov
405*
325*
295*
585*
Jan
Apr
July
Dec
23
Aug
15
215*
225*
135*
13
25
15
26
275*
435*
475*
3,922
435*
35*
215*
Jan
45*
109
455*
155*
35*
215*
9
445*
1055*
165*
Dec
185*
60
291
Jan
1045*
45*
100
1125*
475*
Dec
Aug
425
1
15*
135* 15
295* 295*
1035* 1035*
36
385*
1065* 1125*
435* 475*
June
55* Aug
Jan
125*
135* July
155* Dec
270
1
Jan
Dec
June
19
51
135*
295*
1035*
Jan
28
47
106
Jan
725
875*
106
July
1,510
3,676
52
245*
525*
Series Z
1,240
3,019
2
47
Feb
335
45*
86
Mar
231
Dec
1,102
15*
95
Nov
m
18
385*
1225*
285*
Feb
1055*
51
106
76
60
165*
95*
55*
200
3,499
65* June
65* May
1015*
9
June
44
125*
115*
1165*
317
5
5
52
25
185*
855*
95*
Jan
25* May
104
991
5
27
47
Railway Eq & RIty com..*
6%..
—100
Rainier Pulp & Paper com*
Preferred
795*
104
755*
2,227
65*
45*
215*
Feb
Dec
Nov
Dec
Oct
Dec
Oct
Oct
Feb
Deo
Feb
Deo
106
Mar
18
Nov
285*
285*
205*
Feb
Oct
28
Aug
July
705*
Nov
327
Apr
385* Sept
645* Nov
59
No
Financial
260
Chronicle
/an- 9< 1937
Sales
Friday
Range for Year 1936
Last
Stocks (Concluded)
STRASSBURGER& CO.
MONTGOMERY*
133
STREET
Humberstone
Curb
Exchange—Chicago
Mercury Mills pref
Direct Private Wire
Jan.
2
Jan. 8,
to
Last
Week's Range
Sale
Stocks—
Par
Range for
for
Year
1936
Week
of Prices
High
Low
Price
Low
High
5
Alaska-Treadwell
15c
-.26
.6
11c
American Tel & Tel
100
American Toll Bridge
70c
1,900
6c
15c
Barnsdall Corp
Bolsa-Chica A
10
Bunker Hill-Sullivan
10
z
190
Jan
1.10
Dec
71
15%
Jan
25
350
10%
Mar
20 %
8%
185
631
51%
10%
37
114
26%
500
7%
111%
190
19%
Cardinal Gold..
54%
53
56
Consolidated Oil
17
Crown Willamette 2d pref
-
1
Electric Bond A Share
General Electric
52
Jan
51%
13%
27 %
8%
111%
Jan
6
Holly
Jan
224
12
May
22%
Nov
2
Apr
4.50
75c
Aug
Aug
Feb
5s
33c
Oct
2,925
65c
Dec
1.45
8,326
25c
1,700
Dec
3
July
Oct
Province of
7%
Jan
1%
Feb
50
65c
3.10
Jan
4 %s
Jan
5s
3.10
3.30
Jan
897
11% May
116
200
72
7
521
17%
June
4%
May
119
Feb
1,190
1,780
5,020
20
95
Apr
Sept
Sept
3.25
52
52%
2%
3%
55
26%
54%
26%
22%
17
Jan
50
38
Apr
17
Jan
21
Apr
22
35
3%
3%
4
Province of Ontario—
Oct
6s
71
6s
—Sept
15 1943
5s
98%
May
1 1959
99%
97%
99%
98% 100
113% 114%
112
4s
108
116
117
114
Mar
2 1950
113
48
Feb
1
1958
110
111%
4%S-
May
1 1961
113
114
June
6%s
119
—
Jan
25
4.50
16.75
3.15
Jan
7.25
Nov
85c
Nov
2.95
Feb
670
11%
Sept
19
""58c
56c
65c
375
22c
Jan
75c
Feb
4.65
4.55
4.75
4,425
1.50 June
4.85
Dec
/
Bonds
14 Wall St.
New York
47c
13
46c
50c
37c
Gundy
Feb
July
95c
Feb
26c
29c
1,500
15c
Jan
58c
60c
152
13c
Jan
60c
Jan
8
10%
3,755
6%
Jan
4.00
265
57
&
Feb
53c
3.80
1
6,100
12
Jan
6.50
36%
Jan
65%
2.40
977
1.90
Jan
2.55
Dec
11
11%
4,805
4.10
Jan
12.75
Nov
995
7%
Jan
14%
75
27%
Jan
48
12
21c
Jan
3.90
54%
13%
14%
43
42
43
43c
55
19
14%
17
3.45
3.12
3.55
13%
Jan
Ask
Canadian
Jan
23%
Nov
22%
July
4%s
Dee
15 1944
Aug
3.90
Oct
6s
July
Aug
Apr
14%
Dominion
11
225
Jan
13%
50
27
Jan
36%
11%
729
10
Apr
14%
Jan
Canadian
17%
50
9
Jan
17%
Jan
4%s
17
Mar
Jan
10%
41
Feb
6%
55
Jan
Bid
National
18%
18%
20
29%
30%
1,173
27%
27%
"29""
28%
2.00
Feb
32%
July
Feb
'28%
July
June
5s-_.
29%
273
27%
Mar
29%
Jan
5s—
1.90
2.10
2,900
1.50
Nov
2.40
Dec
2.00
2.10
2.20
19
925
75c
Nov
6%
7%
470
5%
Apr
1.60
1.25
1.80
13,675
25c
Jan
1.90
United States Steel
79%
79%
130
48%
Victor Equipment
6%
79%
8.25
Nov
16
280
10% May
16%
Nov
17%
17%
17%
395
18%
Dec
20
20
20%
31
20%
9% May
Jan
Cash sale,
e National Standard Co. spht up it
capital ftock of $10 par on a 2-.or-l basis.
1969
Feb
1970
Government
z
Ex-dividend,
y
old no par
or
118% 118%
120% 121%
120% 121%
4s
Jan
1
1962
109% 110%
...Jan
1
1962
101
Friday
Biltmore Hats
Price
*
7%
Sales.,
Week's Range
for
of Prices
Low
High
Week
7%
58%
10
Range for Year 1936
•
New York
Shares
235
Low
2%
5
Aug
50
30
Feb
59
Biltmore Hats pref
100
110
110
10
109
Jan
110
Dec
100
45
45
5
33
July
50
Mar
Dec
16%
Mar
Mar
10%
June
37%
27%
Nov
Dec
Jan
26% June
*
»
8%
9%
34%
*
20
Malting
Canada Vinegars
Canadian Wire Box A
Canadian Marconi
*
24
1
3
Consolidated Press
*
Corrugated Box pref.._ 100
550
6%
34
875
30% May
20
21
380
19%
23
1.60
24
375
3.00
74,055
12%
850
89
90
68
21
1%
Jan
5
Aug
Aug
13%
Dec
77
Apr
91
Dec
2%
Feb
♦
17
17
15
2
Jan
21
Oct
67
67
10
40
Jan
72
Nov
16
Dom Tar A Chemical
55
55
57%
*
Dom Foundry <fe Steel
16
*
Bridge
Preferred
7
Dec
100
Preferred....
Hamilton
395
12%
"96"
Dlsher Steel pref
Dominion
58%
8%
9%
35%
7%
8%
96
90
96
*
16%
37
Jan
16
Nov
Apr
58
Nov
Mar
80
Dec
16%
Dec
100
4
Jan
55
56
Jan
15
16%
112%
12%
16%
TOO
75
63
175
8%
34%
16
110
*
Hamilton Bridge pref
90
1,645
109
..100
Bridge
•
Corporation
Montreal and Toronto
•
HAnover 2-6363
NY 1-208
85
5,285
4
May
80
30
Jan
110
Beauharnols Pr Corp 5* '73
Bell Tel Co of Can 5s. 1955
/61%
Brit CoJ Power
115
5%s__1960
92%
97%
62
115%
106
Mar 1 1960
5s
106
_
-
_
-
Dec
83%
85%
96%
96%
109% 110%
CanadaNorthPow 5s.
103
Canadian Vlckers Co 6s *47
Cedar Rapids M & P 5s '53
Consol Pap Corp 5%s. 1961
/81%
.
Canadian Inter Pap 6s '49
Canadian Lt & Pow 5sl949
Bid
MaoLaren-Que Pr 6%s '61
Manitoba Power 5%s.l951
Maple Leaf Milling—
2%s to '38—5%s to '49
Massey-Harrls Co 5s -.1947
Ask
97%
98%
99% 100%
81%
82%
99%
98%
McColl Frontenao Oil 6s *49
104
Minn A Ont Paper 6s. 1945
/70%
Montreal Island Pr
104
5%s '67
105
71%
—
Montreal L H A P ($50
value) 3s
1939
/50
Montreal Tramway 5s 1941
104
par
104%
6%s_1945
s
89
1956
91
Fraser Co 6s... Jan 1 1950
Gatineau Power 5s
1956
General Steelwares 6s_1952
102% 103%
6% s
6%s
Feb
Feb
No par value
82%
-
-
103% 103%
104% 105%
/91
■
1 1942 /115%
1 1947 /132
/ Flat price
89
103% 104%
102
93
93%
100% 102
5s
100
103%
Certificates of deposit
Nova Scotia L & P 5s. 1958
..
Deo
1 1957
Provincial Pap Ltd
East Kootenay Pow 7s 1942
Eastern Dairies 6s
1949
Gt Lakes Pap Co 1st 5s '55
Int Pr A Pap of Nfld 5s '68
Lake St John Pr A Pap Co
89
5%s. 1955
5%s '70
Power Corp of Can 4%s'59
96
Donnaconna Paper Co—
3
93
Northwestern Pow 6s. 1960
Ottawa Valley Pow
81%
95
New Brunswick Pr 5s. 1937
Ottawa Traction
Dom Gas A Elec
*
Oct
1953
103%
103% 102%
101% 102%
99% 100%
112
112%
12%' Nov
65
96%
Utility Bonds
Ask
Calgary Power Co 5s—I960
Canada Bread 6s
1941
High
Apr
/91%
Burns A Co 5%s-3%s.l948
Bissell
«
102
SECURITIES
Bell System Tele.
Abitlbl P A Pap otfs 5s '53
Alberta Pac Grain 6s-.1946
both inclusive, compiled from official sales lists
*
128 %
3s
Municipal
•
Bid
Par
Ask
128
reorganization.
Toronto Stock Exchange—Curb Section
Beath & Son
1 1946
Grand Trunk Paolflo Ry—
Industrial and Public
Sale
July
Royal Securities Corporation
Ex rights
tin default.
t Company in bankruptcy, receivership
116%
115% 116
6%s
Private wire connection between New York,
30 Broad Street
year,
116
CANADIAN
100% paid Sept. 1, 1936.
for
1957
1969
.
Jan
range
1956
July
...Oct
5s—
Jan
3.10 June
15
15 1955
...July
...
Bid
115% 116 %
118% 118%
Dec
Jan
1,678
Last
110
105%
Dec
7
In
1954
July
16
sale—Not lnoluded
1 1960
Canadian Northern Ry—
1 1951
.Feb
4%s.
4%s.
100
24%
26%
"_7%
5
1
July
Ask
Ry—
Sept
4%s
18 %
.5
Deo
103%
Government Guaranteed Bonds
Nov
30 %
United Corp
5s
4%s
1 1946
Sept
34%
,17
Texas Consol Oil
Sept
Dec
368
10%
United States Pete
4%s
Oct
5.50
55
34%
...25
Ry—
1 1944
3.10
478
11%
Canadian Paclflo
Ry—
June
6%
8
700
54
20
Pacific
10
500
5%
5%
Railway Bonds
Jan
Nov
55c
2.50
2,900
12%
Dec
4s perpetual debentures.
6s
Sept 15 1942
30
17
6% pref.
25
Stearman-Hammond Air
Inc.
Mar
2.65
378
1.90
11%
-
Co.,
Private wire* to Toronto and Montreal
July
2.25
57
100
DeHaviland
93
Jan
460
53c
Canada
89%
Wood,
1,200
26c
Canada Bud
96
88
Canadian
7%
12
Bruck Silk
93
1 1951
120
1.30
14 %
pref
91
15 1946
....Oct
112%
1 1960
—
15 1943
Nov
5s
Jan
Jan
16%
1
Stocks—
109
4%s._
4%S
111
112
6%
f 19
8,
Ask
112 % 113%
119
119%
121
122
Prov of Saskatchewan—
15 1952
1.20
-.100
Jan.
Feb
Dec
4%s„
100% 101%
Mar
Apr
16%
Schumacher Wall Bd pref *
South Calif Edison
25
to
Dec
3%
Bid
1942
1
73
/70
/69
.Sept
6%
Corp (Del)
2
58
Provlnce of Quebec—
15 1960
15 1961
1.20
Riverside Cement A
Jan.
1%
Municipal Issues
Ask
Bid
1948
2 1969
Apr
4%s-...—Apr
Nov
225
54%
23
2%
*7\
Mar
16 %
Packard Motors
(Listed,
110
Manitoba—
4%s
Apr
O'Connor-Moffatt
Cash
295
Province of Nova Scotia—
Mar
Olaa Sugar
20
Pacific Coast Aggreagtes..
Pacific Clay Prod
r
Oct
110% 118
115
Jan
9%
350
26%
23
17%
116
Jan
82c
43c
g Stock dividend of
40
98
1.50
1.55
20
c
34
20
15 1954
Oct
1
new
675
52
Deo
Jan
9%
No par value,
Feb
40
52
June
July
Feb
North Amer Aviation
*
Feb
37
6s...
60c
Nov
z
capital! tock for
%
Deo
39
1 1953
1
Warner Bros Pictures
West Coast Life Ins
1,881
48
June
Feb
5s
1.00
40c
Menasco Mlg Co
Montgomery Ward
Rights
Mountain City Copper
Dec
11
Feb
Prov of New Brunswick—
1,000
50c
z
Dec
6.50
2%
96
1,820
10
Preferred
3%
2
Nov
29%
Jan
5
11941
85c
40
McBryde Sugar
z
1%
1%
3
Aug
4%s
4%
450
M J & M & M Oil
z
460
9%
July
37
12 1949
1
5%% pref
50
June
18%
1.15
52
1
Pioneer Mill
43
4
2,475
1,915
2,902
Prov of British Columbia—
Aug
75c
600
75c
22
International Tel A Tel
Preferred
8
Oct
Dec
4
*
1
Pacific Ptld Cement
7%
33
Provincial and
Jan
20
Oahu Sugar...
Occidental Pete
Sept
6
7%
46%
Province of Alberta—
Jan
41c
Idaho-Maryland
Kiner Iirpl & Motor
Kleiber Motors
1%
Aug
1 1956
1.25
z
50
Aug
July
Oct.
41c
Preferred
3%
1
4%s
80c
Italo Petroleum
4.50
18
1
1.05
International Cinema
59%
2%
Jan
May
25
Jan
1
Honokaa Sugar Co
Jan
3%
225
5s
470
54%
Development
Deo
1.00
335
7%
29%
7%
32
*
1.50
Hobbs Battery B
Deo
450
3%
*
Jan
July
45c
26%
Great West El-Ghem pf.20
13
3
4%
2
"4%
20
Jan
45c
6%
~23~~
Oct
19
Dec
4
113
Deo
36%
2
Walkerville Brew
70c
6%
General Metals
Radio
10
20%
16%
115
25
19
Waterloo Mfg—
4%
3.10
Jan
30% June
*
Toronto Elevators pref-100
United Fuel pref
100
1.50
85c
Oct
9
185
3,713
3,860
Nov
75c
4%
1
Curtlss-Wright Corp
z
Jan
61%
Jan
6%
22% Dec
5% May
15%
8%
17%
43c
Cities Service
Calif Wa Co
z
Nov
40c
74c
.,.1
Claude Neon Lights
Columbia River Packers.
z
Feb
6%
15
Nov
4
Central Eureka Mining
Preferred..
Nov
60
36%
Preferred (new)
4%s
Calif Art Tile A
Nov
6
June
Oct
11
102
zB
z
150
23
7%
in%
Feb
Apr
9%
23
26 %
Feb
24c
39c
51%
10
75c
Feb
3,700
17%
1
Oct
5c
249
7%
Bancamerica-Blair
15c
■
6,400
Atlas Corp..
Preferred
Feb
20c
91c
83c
22%
10%
5
Oct
186%
183
Ark Natural Gas A
5c
3,300
'
88c
1
Anglo National Corp
Argonaut Mining
17c
45c
70c
Alaska United Gold
10c
90)
June
23%
*
Preferred
Toronto Elevators
Alaska-M exlcan
Jan
3
35
*
Stop & Shop
Thayers common
Shares
30
75
34
100
Preferred
130
Oct
450
4%
60
23
Rogers Majestic Corp Ltd
Shawlnigan
♦
♦
Sales
100
"36%
Standard Paving
Friday
Jan
4%
Exchange
both inclusive, compiled from official sales lists
NOV
Aug
4
*
Prairie Cities Oil
Francisco Curb
NOV
16)
28
4,530
*
6
Preferred
35
80
18
95
*
North Star
1.25
32
55
60
100
National Steel Car
High
Apr
16
"4%
100
Montreal Lt Ht A Pow cons
Low
40c
130
95c
32
"18
—
Preferred
Shares
High
90o
95c
*
Langleys
Board of Trade—New York Curb Exchange (Associate)
San
Low
Price
Int Metal Indust pref..100
(Since 1880)
Franoteoo
Week
*
Int Metal Indust
Members: New York Stock Exchange—San Francisco Stock
Exchange—San
for
of Prices
*
Honey Dew
FRANCISCO
SAN
Par
Week's Range
Sale
5%s '47
Quebec Power 5s
1968
«
—
—
-
-
103%
102% 103%
103% 104%
Saguenay Power 4%s.l966
Shawlnigan W & P 4%» '67
Smith H Pa Mills 4%s *51
103% 104%
Southern Can Pow 5s. 1955
103
Steel of Canada Ltd 6s '40
114
United Grain Grow 5s. 1948
United Secure Ltd
5%s "52
WInnipge Elec 6s.Oct 2 '54
104% 104%
102% 103%
104
•
96%
97%
79
80%
101
r-i
members
Telephone
HAnover
SPECIALIZING
ALDRED
new
2-0980
IN
york
Bell
CANADIAN
UTILITY
52
BUILDING
NEW
PRIVATE
WIRES
dealers
Teletype
AND
WILLIAM
MONTREAL
Volume
security
System
NY
association
1-395
Cable
.
INDUSTRIAL
Address
STOCKS
STREET
AND
ROYAL
YORK
Hartwal
BONDS
BANK
BUILDING
TORONTO
CONNECT
OFFICES
144
261
Canadian Markets
LISTED
For
Toronto
Canadian
AND
UNLISTED
Stock
Exchange and miscellaneous
usually found in this section, see
tables,
Montreal Stock
Exchange
Friday
260.
page
Sales
Last
Stocks (Concluded)
Montreal Stock Exchange
Jan.
2
to
Jan.
8, both inclusive, compiled from official sales lists
Sales
Friday
Last
Week's Range
Sale
Par
Stocks—
Price
Acme Glove WorkB Ltd..*
Agnew-Surpass Shoe
of Prices
High
Low
16
11%
8%
•
Preferred
*
107
Alberta Pacific Grain A..*
11%
Shares
•
265
2,640
107
4%
28%
5%
33%
..100
Preferred
18
Range for Year 1936
for
Week
5
6
2,005
33%
795
Low
7%
100
2
21%
July
Jan
July
Sept
Nov
10
Jan
110
Oct
6
Jan
Jan
*
6
6
6
35
2
Jan
6
Nov
Amal Electric Corp pref.50
29
29
29
10
14
Jan
29
Nov
Associated
12%
18%
4%
11
12%
18%
4%
9%
July
15
Jan
10%
Mar
18%
Amal Electric Corp
Breweries.
._*
Bathurst Pow & Paper A. *
Bawlf (N) Grain
*
-100
Preferred
Bell Telephone
Brazilian Tr. Lt & Pr
100
*
20%
38%
11
*
B
Silk Mills
•
Building Products A
8%
57
*
*
Canada Cement
15%
106%
19%
100
Preferred
3%
28
26%
160% 161
18% 21%
38% 39
11% 11%
8
8%
56% 57
15%
16%
104
106%
18%
19%
"160%
British Col Power Corp A. *
Bruck
18
Canada Forglngs class A..*
1,625
15,673
4,150
1.00
Sept
150
20
Sept
401
141
Mar
69,066
1,399
987
1,110
761
160%
Dec
18%
Nov
39
Deo
3% May
10%
Dec
7
16
Jan
July
33
Jan
6
May
16
3,024
58
Jan
105
160
3
June
14
14
66%
66%
108
Can North Power Corp..."
28
28
28%
1,270
22%
Jan
2,100
2,962
1,570
1.25
Apr
31
Canadian Steamship
3%
*
*
2%
Canada Steamship pref. 100
Canadian Bronze
*
9
7
60
60
100
108
Preferred
18%
Canadian Car A Foundry.»
Preferred
25
28
Canadian Celanese
26
65%
6%
20
*
15%
65%
10
48
Jan
107
7%
6%
14%
Crown Cork A Seal Co...*
15
15%
15%
80%
18%
*
80
81
18%
18%
94
100
100
94
26%
27%
56
*
94
27%
Distillers Seagram pref
Dist Corp Seagrams
55
57
20%
115
20% 21
112% 115
Dominion Steel A Coal B 25
14
13
Dominion Textile—..., *
85%
73
100
7%
*
*
14
Corp..*
*
14%
m
m
m
m
m
•»
18%
102
Imperial Tobacco of Can.6
Preferred
£1
14
mmm'mmm
Int Nickel of Canada.._.*
63%
36%
Industrial Acceptance
■
"""5%
100
Preferred
Lindsay (C W)_.
*
Lindsay (C W) pref.... 100
Massey-H arris
»
McColl-Frontenac Oil
»
Preferred
100
Montreal L H A Pr Cons.*
Breweries
»
106
36%
50
94
Dec
2,970
5,633
18%
Apr
34%
Jan
58%
1,515
14%
Apr
22
Nov
Jan
116
29%
25%
Nov
127
mmmmrnm
14
14
9%
27
7
Oct
100
Dec
5,046
11
June
15
Nov
696
67
Jan
90
250
49%
Jan
393
99%
Nov
101%
Aug
17
Dec
9%
Mar
10
50
mrn-mmrn'''
386
~
—
-
Nov
130
Dec
15%
Dec
84
Dec
—
Dec
4%
3,830
7
Nov
20
20
May
805
75c
Aug
160
15
4
Apr
mmm
-
10
Oct
Nov
9%
32
Jan
Nov
2%
12
Nov
7%
80
7,619
2
Sept
6%
2,272
2%
Aug
34%
82%
5%
5%
34%
6%
Oct
4%
14
Winnipeg Electric pref. 100
Woods Mfg pref
100
June
9
85
27
4
4%
15
114
5
8%
Dec
5
85%
5
mm
13
14
85%
85%
rnmm'm
May
100
17
14%
85
81%
76
74%
100% 101%
74%
101%
July
16
110
14%
100
mmmm'.
18%
127
14%
mmmmmm
1.5
965
26
115
17%
Oct
32
Dec
310
50
May
90
Oct
60
Nov
6%
Dec
5%
Dec
Banks—
Canada
50
Canadlenne
58
mmmmmm
59
151
Jan
61%
...100
145
143
145%
23
133
Jan
143
Commerce
100
200
183
200
180
148
Apr
190
Dec
Imperial
100
234
237
22
204
Aug
219
Nov
219
228
72
184
May
222
Dec
Montreal..
...100
228
94
Dec
70
1,135
1,050
1,775
95
1
1%
19%
1
10%
Feb
July
2%
4%
JaD
28%
Jan
6
Jan
40
Feb
Nov
Nov
Nov
5%
June
4
May
13
Nov
Jan
65
Nov
505
25%
3,447
13%
40
3,930
102
214
14
6,786
75
Dec
Sept
9% June
4
88
13%
7
10
30
62%
64
4,019
8%
43%
34
36%
6%
5%
1,706
28
93
Oct
7
Jan
20
Dec
119
2
to
Jan.
8, both inclusive,
Par
Stocks—
Abitibi Pow & Paper
6% cum pref
Pre! ctfs of dep
Co..*
100
compiled from official sales lists
Price
Sales
Range for Year 1936
Shares
100
7
7H
45%
41%
8%
47%
45
41
47
86,148
8,605
1,265
4
7% cum pref
100
Acadia Sugar Refining..£1
70
-*
116
116
20
104
112
3,567
1,815
7,671
Aluminum
Limited
Corp voting tr._ *
Bathurst Pr A Paper cl B-*
Beauharnois Power Corp.*
Asbestos
Beldlng-Corticelli Ltd.
.
7% cum pref
70
5%
106
7%
7%
100
100
5%
8
7%
6%
7%
107
107
126
126
Low
Sept
8%
Dec
9,726
1,920
Aug
11
Sept
4%
18%
Mar
6
65
4
Dec
7,069
13,444
3%
16%
6
*
"24"
22%
24
—*
18%
18
18%
Can & Dom Sugar
68
68
Canada Malting Co
34%
34%
1.75
Dec
May
10
Dec
66%
34%
Nov
7%
Dec
Can Bud Breweries Ltd..*
9%
9%
40
27%
Apr
22%
Deo
Nov
95
Sept
Cndn Gen Invest Ltd....*
16%
Nov
Cndn Int Inv Trust Ltd.. *
5
5
170
16%
Jan
48
Dec
93
93
20
35
Oct
Cum preferred.. 100
Cndn Light & Pow Co.. 100
Nov
Dec
July
6%
Dec
May
8
Jan
70
4
Aug
14
12%
Jan
17%
38
5
26
Jan
38
Nov
70
86
Jan
106
Dec
39,894
30
May
36
195
85
Apr
39
Jan
44
45
8%
1
3%
Cndn Pow A P Invest
*
6
Feb
Cndn P & P Inv 5% cm
199%
Jan
6
Jan
88
Feb
20
20
10
15
June
*
63
63
55
48
Mai
100
130
130
30
118
Jan
28
29
23%
25%
4,275
3,822
5
Dec
91
Dec
23
Feb
Jan
1
20
25
19%
Nov
13,550
1.40
Mar
730
20
70
Oct
10c June
4%
Jan
2%
Feb
4
Dec
12%
Dec
15%
2,741
1.75
Jan
16%
62
286
11%
Jan
68
Dec
Oct
Catelll Food Products B__*
10
9
10
175
12%
Nov
103
Jan
City Gas A Elec Corp Ltd *
45
June
Nov
Nov
15
49
Feb
7% May
1.00
13%
75
285
5
Oct
Feb
37
112%
Dec
Nov
Aug
July
Feb
7%
21
1.85
37
59
Deo
201
160
10%
69%
Apr
14%
44
15%
240
30%
107%
62
July
99
Canadian Vickers Ltd.--
65
57
100
29
15
pf*
330
435
3%
21
Cndn Marconi Co
45%
95
5%
Oct
Mar
15%
45%
Dec
39%
99
109
68
35%
109
110%
44
46%
9%
10%
Mar
Mar
Jan
255
Feb
Jan
6%
Oct
5,422
Feb
9
Feb
8
3
43
Apr
Sept
May
16%
14
41
7%
Deo
Dec
57
40
Nov
7%
165
36%
91%
8
8%
7%
241
34%
91%
Dec
Mar
3
120
1.96 June
1,225
2,860
5%
Nov
Jan
145
2%
7%
Nov
5%
54%
Sept
110
14%
Apr
70
Apr
4%
54%
17%
Oct
3
Brit Amer OH Co Ltd
Dec
Sept
16
B C Packers Ltd
Dec
41
97%
126%
*
*
Bright (T G) A Co Ltd...*
$3 cum pref
2
Dec
42%
1
Brewers & Dist of Vane—- *
Brewing Corp of Can
25
7
6% June
Jan
6%
16% Apr
Co... *
Ltd.
Can Nor Pow Ltd pref .100
Can Dredge A Dock Ltd..*
30
High
1.30 May
25
8
Mar
2
250
Industrial Bends
330 Bay St., Taraata
Montreal Curb Market
Jan.
Mar
40
106
Sparks St, Ottawa
14%
Apr
5
9%
255 St. James St., Montreal
56
Mar
160
106
245
17%
Deo
20,002
2,609
8%
13%
Municipal
Public Utility and
IMS
Feb
Nov
Nov
,
INCORPORATED
ESTABLISHED
for
9%
5
HANSON BROS Canadian Government
Deo
9%
14%
9
Deo
15
Aug
7%
Deo
203
May
4%
June
13%
317
Jan
Week
5
100
Jan
164
of Prices
Low
High
3
19%
271
Sale
20,725
4,550
20,632
6,505
18%
157
1,030
Oct
Dec
14
325
210
150
27
14%
314
302
210
July
Mar
14
'»o
143
13
84
.100 mmmm'rnm
1
Roy
Dec
3,035
13%
10%
15%
16%
Nova Scotia
Week's Range
JaD
Dec
14,002
32%
Last
Dec
25%
Deo
72%
Friday
7%
~~28 "
Dec
71
Jan
Jan
44%
.*
27%
Jan
20%
Deo
8
...
JaD
40
1,764
13
Ottawa L Heat & PowerlOO
Power
8
20
71
27
79
Ontario Steel Products...*
Quebe
Deo
July
9%
Power Corp of Canada.._*
*
B
Dec
9
May
4%
74%
Preferred
Winnipeg Electric A
25
60
9%
Penmans
100
Dec
May
73
27
.*
Preferred
24
Deo
73
8%
Windsor Hotel
Oct
2,700
30,125
6,040
30%
9%
20,590
1,065
73%
100
_*
Nov
9%
Ottawa Traction
100
105
106
74%
250
Preferred
Jan
69%
29%
24%
82
United Steel Corp..
Wabasso Cotton
Feb
97
69%
31%
25%
*
Viau Biscuit
12%
5
25%
Steel Co of Canada
*
10
8%
25%
16%
25
19
105
25
9
*
Preferred.
Dec
19
30
Southern Can Power
Saguenay Pow pref
Twin City
Hihg
9%
19%
105
mmmmmm
105
._*
*
*
100
Nov
pref....
Ogllvie Flour Mills
100
Preferred
Low
4% May
1,230
Jan
32
42%
40%
Preferred
Simon (H) A Sons
9%
Oct
1,286
4,935
Noranda Mines Ltd
Nova Scotia Steel
Dec
21%
Mar
27
38
14
"44%
Niagara Wire new
81
May
24%
8%
70
m m m
9%
25
Preferred
Deo
Oct
70
mm
Shawinigan W A Power..*
Sherwin Williams of Can.*
Feb
Sept
16%
43%
8%
Montreal Tramways...100
National
15%
15%
19
15%
40%
8%
100
Montreal Cottons
Jan
Aug
25
90
8%
m
9
Range for Year 1936
Shares
Dec
May
16%
42
50
St Lawrence Paper pref. 100
Jan
June
93
John A Lang & Sons Ltd...
Lake of the Woods
100
25
Rolland Paper pref
100
Holland Paper voting trust
8t Lawrence Corp
*
High
Feb
4
6%
*
International Power
12%
14%
25%
6% May
5% June
1
Aug
18
7%
—
9
Dec
15
14%
12%
63%
13%
15%
6
C
Mar
20
15
Paper
*
Howard Smith Paper pf 100
Int. Paper & Power
Noy
34
14%
7%
mmmm-m
Howard Smith
25
Dec
27
10
Gurd, Charles
*
Gypsum. Lime A Alabast. *
Hamilton Bridge.
*
Int Hydro-Elec Sys A
34
58%
106%
14
25%
11%
Low
Oct
24
*
100
7%
33
33
English Electric B
Famous Players C
24
131%
75
15
2
24
May
Jan
May
51
2
2
97
33%
26
110
1,400
3%
Jan
3,733
15
2%
23%
5%
May
10%
5%
14
3%
13
25% May
112
5,295
14
..1
Holt Renfrew.
15,913
17
Enamel A Heating Prod..*
Holllnger Gold Mines
565
148
*
100
14%
75%
15
330
2,081
3,465
1,190
148
Dryden Paper
...»
East Kootenay Power
*
Price
Oct
65%
15
25
Con Mln A Smelt new...26
Week
Jan
20
*
Preferred
Feb
32
19
Canadian Ind Alcohol..—*
General Steel Wares
Dec
31%
22
28
Foundation Co of Can
30
Feb
75%
English Electric A
Dec
Aug
72%
6%
6%
Electrolux Corp..
21%
18
27
Eastern Dairies
July
22
105
Preferred
108%
5
75%
7%
Dominion Glass
Feb
183
28
Dominion Coal pref
Feb
Dec
21
107
pref.-.100
Dominion Bridge
3.25
15%
61
32
Canadian Cottons pref. 100
Canadian-Pacific Ry
July
32
Can Hydro-Elec
Cockshutt Plow
102% May
5%
Apr
May
27%
100
30
Candian Foreign invest..*
Canadian Locomotive
Jan
Nov
50
26
24%
------
100
Class B
6% June
14%
Dec
Dec
Nov
125
28
*
Canadian Cottons
4
Jan
Nov
20%
Nov
7,003
2,212
2,646
125
100
Rights
Canadian Converters ..100
105% 108
18% 20%
2
30
58
21
*
Preferred 7%—
4
10
60%
Jan
Jan
Jan
12,430
70
Nov
Jan
9%
28
Can Forglngs class B
•
Canada Iron Foundries 100
14
4.50
38
for
of Prices
St Lawrence Flour Mills 100
21
38%
Regent Knitting
Preferred
A preferred
High
14% June
Par
Week's Range
Sale
7%
Dec
Cum pref
1.75
1.75
1.80
Claude Neon Gen Adv Ltd*
40c
45c
Commerical Alcohols Ltd
3%
Consol Bakeries of Can—*
20%
510
700
4
21
3,105
490
Consolidated Paper Corp
11%
10%
13
38,651
Dom
62
62
62
110
Eng Works Ltd
2% June
Sept
15c
Sept
75c
Oct
55o June
4%
Deo
15%
2
26%
Apr
Dec
Nov
Mar
40
Nov
Dom Oilcloth & Lino
43%
43%
43%
Dominion Stores Ltd
11
11
7%
July
Dom Tar & Chemical Ltd *
16%
15%
11%
800
Aug
16%
3,400
4%
Feb
21
Jan
Dom Tar&Chem cm pf 100
63%
Dec
Donnacona
129
Dec
11%
Jan
31%
Jan
24
Nov
*
110
111
161
13,622
1,165
No par value.
15%
14%
17
14%
B
Dec
14%
Paper A
110
14
16
33
Oct
11
60
Nov
10
22
Jan
Nov
,
3.00
Jan
20
*
Feb
1.00
255
101%
Dec
Dec
Jan
12%
16%
109%
4%
Apr
17%
Dec
2%
Jan
16%
Dec
60
Deo
Deo
Financial
262
Chronicle
1937
9,
Jan.
Canadian Markets—Listed and Unlisted
Montreal
Curb
Market
Last
Par
West's Range
for
Sals
Stocks (Continued)
Duncanson, White & Co.
Sales
Friday
of Prices
West
Price
Low
Range for
High Sahres
Low
Year 1936
STOCK BROKERS
High
Toronto Stock Exchange
Members
East Koot Pw 7 % cm
Eastn Dairies 7 % cm
pf 100
pf 100
Falrchild Aircraft Ltd
Ford Motor Co of Can A.
_
6
*
Foreign Pow Sec Corp
*
.
9
10
24 *
"33"
24*
850
1.25
1.25
30
5
Jan
8*
7*
18*
16
Mar
Sept
21
Nov
Dec
9*
28*
2*
Apr
34
87
76
*
Imperial Oil Ltd
Inter-City Baking Co.-100
21*
New York Curb (Associate)
Feb
Jan
Canadian Commodity Exchange, Inc.
Dec
July
Dec
65c June
33
1,459
34
4,985
8
Jan
34
1,447
45
June
90
7
Sept
10*
Feb
19*
Dec
24*
Apr
19
Jan
41
King Street West, Toronto.
Nov
25
16
Deo
89
33*
GenSteelWares7 % cmpf 100
Hydro-Electric Sec Corp.*
*
19,798
22*
31*
31*
Voting trust ctfs.
15
258
11
18
15
19
12
19
*
Fraser Cos Ltd
15
,
8*
9
Toronto Stock
Int Paints (Can) LtdA
•
38
"8%
38
6*
20
Inter Utll Corp class
10
8*
19
35%
1,021
2*
Apr
9*
Oct
55
14*
Aug
21*
Oct
33*
16*
36
3,385
33
Dec
39*
Apr
19
592
4
Jan
16
Deo
60c
Jan
2.50 May
2.50
1.65
2%
MacLaren Pow &
34 %
33*
52*
34*
McColl-F Oil 6% cm pf 100
Melchers Dist Ltd A
*
*
B
Mitchell A Co (Robt) Ltd *
55%
100
100
*
Page-Bershey Tubes Ltd.*
cum
25
13
*
B
6 *
% cum 1st pref
Apr
Jan
Deo
Feb
50
1.50
Oct
3.00
Dec
1.31
50
9c
Jan
15c
Dec
Feb
110*
Nov
101
95
79
116
12,480
2,919
27
105
135
97*
25
29*
4
"45*
43
48*
2,369
15 H
13
15*
122
8
8*
435
106
106
21
Dec
26*
Dec
May
103*
Dec
Mar
106*
Nov
2* May
4*
Aug
13
Dec
June
9*
Oct
Apr
50*
June
6
15
Jan
10
Jan
1.50
Oct
116
Oct
51
8*
50
1.50
1.50
200
7*
23*
1.05
106*
7*
23*
40
5
June
14
Aug
10
15
May
25
July
1.05
1.15
1,550
10,990
1.76
Sept
3*
Feb
225
26*
17*
49*
20*
Deo
395
Apr
July
Nov
90
8*
Oct
11*
De
19*
3*
47*
19*
11*
2%
11*
2*
47
Walker-Gooderh A Worts *
47
Walker-Good A Worts pf.*
19*
Western Can Flour Mills.*
98
Aug
1.00 Sept
2*
50c
Apr
Dec
2*
Aug
3.00
Feb
1.15
Nov
Stocks (Concluded)
Mines—
Preferred
Bell Telephone
100
1.70
1.80
56,800
92c
Sept
1.78
Dec
4*C
3*c
4*c
13,700
3c May
10c
Arno Mines
*
5c
5c
6c
2o
Jan
ll*c
Aug
Aug
Arntfleld Gold
1
90c
85c
91c
8,900
2,800
90o
Dec
1.10
Dec
Beaufor Gold
49c
52c
30o
Mar
59c
Sept
48c
1
49c
Big Missouri Mines Corp.l
Bobjo Mines
1
65c
Bouscadlllac Gold Mines. 1
Braill Gold A Diamond Ml
Brownlee Mines
65c
69c
19,650
10.199
20c
20c
500
59c
59c
61c
10c
10c
15c
10 c 12 *c
10* c
(1936)
Nov
75c
Jan
14c May
36c
Aug
43,350
340
Oot,
70o
Dec
5,300
5o
Nov
40c
Jan
64,400
7c
Oct
16c
Sept
Sept
Bulolo Gold Dredging Ltd 5
Cndn Malartic Gold
*
27%
27*
1.95
2.14
2,006
4,800
27*
1.95
Cartler-Malartlc G M Ltd 1
37c
37c
47* c
99,700
2o
Jan
200
18*c
29
37
Jan
2.15
Dec
500
Dec
Jan
58c
July
2.49 May
4.80
1
24c
24c
24c
4.35
4.35
300
""8c
Cent Manitoba Mines
Central Patricia Gold
6*c
9c
16,100
3c
Jan
1
Clericy Consol Mines
14c May
Coast Copper Co Ltd
Coniaurum Mines
5
6.50
6.50
40
3.55
July
8.00
Nov
*
2.00
2.03
350
2.10
July
2.51
Feb
Consol Chibougamau
1
2.10
1.98
2.22
35,145
1.10
Apr
3.36
Nov
Dalhousle Oil Co
Dome Mines Ltd
*
1.37
1.37
1.40
5,500
50c
Jan
1.50
Dec
47*
47*
49*
180
6*c
5*c
1.32
6*c
Duparquet Mining Co...l
East Malartic
l
Eldorado Gold Mines Ltd 1
Falconbridge Nickel M._*
1.32
2.52
11*
Francoeur Gold Mines Ltd*
1.38
Graham-Bousquet Gold..l
23*c
Greene Stabell Mines Ltd.
Home Oil
'
37c
2.80
Homestead Oil & Gas
Howey Gold
11*
12*
21,100
38,400
82,420
1,510
6.90
Jan
1.15
1.48
77,195
10c
July
2.35
1.44
2.70
22c 23 *c
37c
41c
2.75
57c
4c June
52o
July
1.79
Nov
June
61
10*c
Jan
1.38
Dec
2.45
Dec
16
Nov
2.24
Aug
2,500
12.200
4*c
Mar
26c
Dec
23c
Jan
93c
Aug
3.02
22,600
70c
Jan
3.28
Dec
48c
Kirkland Lake Gold
70c
3,600
62c
62c
1,050
25c
Feb
93c
Sept
33*
1,675
22*
Sept
34*
Dec
43c
51c
46,350
40,750
28*o
Jan
81o
Aug
38c
Dec
1.29
1.14
57*
Lake Shore Mines
57*
17c
18c
Lamaque Contact G M__
Lebel- Oro Mines
Lee Gold Mines Ltd
1.35
58
20c
18c
23c
6c
7*c
""7c
535
9,600
4,773
Feb
25c
52
Dec
6c
Jan
82c May
1.05
63
Dec
Nov
46*0 July
13o
Jan
29c
Jan
3o
Apr
14o
Aug
8.00
M clntyre-Por cupine
"l9c
McVittie-Graham Mines.
McWatters Gold
8.00
8.50
3.10
Jan
8.35
39*
57
38*
Dec
46*
Jan
19c
38c
Feb
19c
100
20c
Aug
1.12
91c
1.19
Dec
1.75 June
3*c
7*c
2,100
7,000
80c
4c
3c
Oct
16 *c May
25c
25c
50
25c
Nov
5c
5c
2*c
Mar
......
Newbec Mines.;
1,000
2.05
Sept
7c
Nov
10%
ParkhUl Gold Mines Ltd._l
Perron Gold Mines Ltd_..l
"23c
14*
Deo
9.75
13*
61,520
35o
Jan
3.90
O'Brien Gold Mines Ltd_.l
Pamour Porcupine M Ltd*
3.90
200
3.17
Oct
6.00 June
23c 24* c
2.20
2.35
18c June
46*0 Sept
1.12
Jan
2.35
Deo
3.95
Mar
8125
Dec
5.25
Dec
11.60
Jan
1.43
Jan
6.05
Dec
8.05
8.25
31,825
19,600
2,800
6~40
6.40
6.70
1,000
Read-Authier Mine Ltd._l
5.60
5.00
5.70
Ritchie Gold
8*c
8c
9c
14,080
27,900
100
1.64
Aug
3.46
750
Oct
1.16
July
Gold...
2.20
l
Gold
]
l
San Antonio Gold_______l
2.35
2.35
"88c
76c
94c
i
3.00
2.90
Siscoe Gold Mines Ltd___l
Sladen Mai
1
5.25
5.20
2.00
2.00
Shawkey
l
Sherritt-Gordon
Stadacona-Rouyn
*
1.04
Sullivan Cons Mines Ltd.l
2.10
Sylvanite Gold
94c
3*c May
13*c May
Jan
3.00
Nov
2.88
Mar
5.40
Dec
42*c
Mar
2.27
Deo
1.00
18*c
Jan
97c
Dec
2.10
2.15
25,164
83o
Mar
2.47
Sept
•3.90
l
3.90
140
2.35
Mar
3.65
Nov
4.30
Mar
6.65
July
37 *0 May
2.87
Dec
Teck-Hughes G M Ltd...]
Thompson Cad
]
Towagamac Exploration. 1
5.50
5.30
5.50
250
1.76
1.38
2.15
78,155
1.42
1.31
1.42
1.32
Dec
Ventures Ltd
._...*
3.05
3.00
3.15
440
1.00
Jan
3.15
Nov
•
7.60
7.60
7.90
2,200
7.15
Dec
8.90
Feb
Wright-Hargreaves
3,628
240 May
Jan. 2
to
Jan. 8,
both inclusive,
6% preferred
Alberta Grain
Alberta Grain pref
100
*
100
Week's Range
for
Sale
*
of Prices
7*
45
5*
B
•
*
6*
42
4*
High
18*
7%
Dec
25* June
5
Dec
28
Sept
Jan
18*
Nov
7*
Dec
8*
Brewing Corp. of Canada-
3
16,475
1*
Aug
4*
Feb
16
2,065
11
Oct
Mar
*
24
12,385
16*
Jan
*
38*
95
18*
27*
38*
10*
57*
1,380
Preferred..
British American OH
B C Power A—
A
B
*
60c
Preferred..
16*
15*
106
100
*
*•
28*
Canadian Canners
37*
Jan
47*
Jan
104*
May
4,125
6
Jan
520
68
35
4
285
20*
290
*
"n*
*
18*
29*
45*
Dredge
_*
Cndn Industrial Aloohol A*
15
Feb
Dec
22
4
May
Jan
June
5
5*
21*
29*
805
37*
Jan
60
5,625
6*
Sept
July
7
150
6
165
1*
Jan
Canadian Oil
*
18
11*
Dec
10*
Jan
30
24*
Sept
15*
4,720
22,306
'"'3*
1,805
2
Sept
85
101
June
~14*
5,090
100
*
Consolidated Bakeries
Consolidated
Consumers
22
81
Jan
209
942
17*
JaD
27*
100
30
Apr
56
Dominion Stores
11
19
19
25
*
Easy Washing
16*
May
14
Coal pref
104
61
Dominion Steel A Coal B 25
Dominion
Feb
189
»
6*
4*
18*
7,905
14
755
Apr
May
4* May
13,227
829
8
May
65
10
Mar
1*
8,996
Apr
May
Jan
Dec
3*
138
27*
21*
14*
11*
19*
7
Feb
15*
1,230
26*
20*
12*
10*
Dec
32
1,317
27*
20*
Deo
June
Jan
50
Distillers-Seagrams
Nov
18
26*
100
Nov
Dec
80
*
Crow's Nest
15*
Aug
Apr
11
Oct
Nov
24*
20*
100
Cosmos
5*
12*
205
*
Smelters..25
Gas
12*
Apr
19
Carnation Co pref
Cockshutt
9%
105
13* May
*
Canadian Wineries
Aug
Nov
Mar
60
•
Canadian Pacifio Ry. ...25
Canadian Wallpaper B
*
Nov
Jan
Canadian Locomotive
B
Nov
Feb
88*
2,355
4,790
1,250
4*
7
26
Mar
Dec
9
70
,
29
220
9
57*
......
103
91
Aug
Deo
Nov
Sept
Deo
Mar
1*
5*
Nov
Deo
May
2,665
3*
Apr
16*
80
3,715
Car
Jan
Deo
61
23*
105
♦
2nd preferred
9%
30
Canadian Canners 1st pref.
Canadian
Aug
90
87
87
Canada Steamships
*
Canada Steamships pf.100
Can Wire & Cable A
*
Canada Wire A Cable B__*
6*
68
150
"52^
*
Canada Packers
Jan
360
8
July
21
44
26
Canada North Power
3*
33
125
preferred
100
preferred...—...50
Canada Cement
28* May
80
♦
B
Building Products A
Burry Biscuit new
Burt (F N)
Feb
Nov
Deo
Nov
Deo
Nov
Sept
June
34*
Jan
22*
12*
Nov
12*
20
6*
Deo
Dec
Nov
Nov
Economic Investment...50
35
35
50
20
33
Dec
English Electric A
31
33
25
10*
Jan
39
Nov
14*
14*
45
7*
5*
Aug
19
Nov
*
B
Equitable Life
Fanny Farmer
6
6
25
*■
23*
24
22*
General Steel Wares
*
Goodyear Tire
*
11*
87*
56*
23*
24*
23
•
Ford
Frost
A
Preferred
50
Great Western Sad
86*
56
32
15
Hamilton Cottons pref.30
Hamilton Un Theatres. .25
Hamilton Un Theat pref 100
Harding Carpets
6*
21
Imperial Oil Ltd
.
5
21*
14
£1
100
♦
00 m.
Petroleum
*
Internatl Utilities A
<15*
32
3*
55
13*
2,928
7,859
18*
2*
165
64*
63*
675
225
102*
63*
35*
90
Sept
Mar
59
Mar
Oct
3
Feb
Jan
30
Dec
6* June
16
26,343
27
175
60
45
32
Deo
Apr
3
Nov
70
Nov
6
Oot
Mar
66
69
5*
20*
6*
21*
21
22
13*
14*
10,353
1,490
7*
500
7
Feb
102* 102*
62*
63*
60
101
June
2*
9,155
Dec
Jan
*
220
Jan
12* May
22*
Oot
19*
865
24*
Apr
14*
Mar
Dec
13* May
7*
105*
Feb
Feb
12,200
43* May
66
33
39*
Apr
16*
Deo
34
36
10,394
19
1,475
41,535
2,475
33
15*
1*
30*
2*
33*
*
42
41
42
16
3*
15
410
Lang A
Dec
Nov
Jan
1
♦
_
Feb
13
*
2*
8
9*
Oct
Deo
10
Kelvinator
19
7
24*
28*
330
Internatl Utilities B
Lake of the Woods
Jan
June
3
12,560
Aug
Jan
July
7*
66
*
Preferred
14
2*
Hinde A Dauch
Imperial Tobacco
32
32
100
Gypsum L. A A
Intl Milling pref
Internatl Nickel
13*
89*
56*
3
8
2*
Preferred..
lnternatl
8
8
—
Dec
Jan
Nov
40o
Jan
2 26
Feb
6*
Jan
30*
Deo
11
Jan
46
Deo
(John;
Sons Ltd.
Lang Co.). J
*
16
15*
Laura Secord
♦
75
75
77
Loblaw
♦
23*
21*
23*
23*
21*
Groc A
B
♦
Maple Leaf Milling
Maple Leaf Milling pf.100
Massey-Harris com
•
Preferred
100
M oColl-Frontenac......
Preferred
100
Monarch Knit pref
100
Moore Corp common...
A
21
6*
9
55*
13*
100
9*
8*
52*
13*
99
"44"
100
*
*
100
17
Nov
Jan
78
Nov
Jan
33
Nov
2,190
17*
Mar
22
Nov
1,835
1.00
9
137*
3*
28
110
97
43*
44*
12*
83*
29*
775
5
40
2
40
18,345
5,815
3,010
46
1
Preferred
9*
55*
14*
Oct
18*
70
83*
183
Muirheads
National Breweries
7
10
13*
65
989
83*
40
8%
137
183
1*
5
146
55
*
4*
200
80
40*
9*
32
465
2,400
137*
15
Jan
7*
Apr
Aug
12*
Oct
8*
63*
Deo
17*
Feb
Sept
Jan
Deo
Deo
Jan
105
Dec
95
Oct
Jan
46
Dec
Jan
182
Nov
Apr
Dec
Jan
1*
4*
45
Jan
Oct
Deo
July
6
.
June
10
Nov
130
June
140
Nov
16* July
22
Nov
17
Nor
20
Shares
Low
High
Jan
47
6*
Jan
6
1,380
2*
Sept
33*
35*
18*
19
7*
505
19
400
29*
Jan
14
Oot
3,540
125
15
*
21
205
15
15
150
10
Oct
*
6*
1
Dec
4*
Dec
12
Dec
Jan
110
Nov
3*
Sept
Aug
145
3
Preferred
Page-Hersey
1.25
28
*
Orange Crush
Range for Year 1936
7,772
5,370
8%
34*
32
American Cyanamld B..10
Bathurzt Power A
Low
36
9*
Preferred
Week
Price
Jan
27
700
20*
National Sewer Pipe
Sales
Last
Par
Apr
compiled from official sales lists
Friday
Stocks—
5
82,318
Ontario Steel Prod..
Abltlbi.
Deo
Apr
8
National Grocers
Toronto Stock Exchange
Deo
Sept
Aug
3*
'
Brewers A Distillers new.5
Brantford Cordage pref.25
Brazilian
*
Jan
52,100
3.12
87,030
5.45
11,025
2.22
34,950
1.12 232,335
Pickle-Crow
Pioneer
107
7*
160*
141
65
Dec
39*
Macassa Mines
41,300
7,885
19*
Jan
1* June
75
Eastern Steel Products
32*
Hudson Bay Min & Smelt
J-M Consol G M Ltd
Moffatt-Hall Mines
Montague
Jan
43
93
323
50
Blue Ribbon pref
High
9* June
260
.♦
...
Year 1936
Low
2,955
7%
159*
Dec
98c May
Range for
Shares
990
106
*
._
Blue Ribbon
High
20
100
-
for
of Prices
Week
Low
Price
*
Beauharnols
Canadian
1.72
Par
Beatty Brothers
Preferred
Aldermac Copper Corp...*
Alexandria Gold Mines.-.1
Sales
Week's. Range
Sale
Dec
26*
8*
*
Waikervllle Brewery Ltd.*
5
Jan
13,664
110
25
United Distillers of Can..*
6*
770
*
United Amusement A
104*
14*
Aug
7*
.
Thrift Stores Ltd
Dec
June
13
*
Southern Can P pref..100
Standard Paving & Mtls. *
53
2*
9
12*
7*
*
Sarnia Bridge Co A
Dec
1.40
560
104
Reliance Grain Co Ltd...*
*
1,305
35
4*
27*
98
29*
114
Royallte Oil Co Ltd
65
14
28*
96 *
Sept
Sept
12*
4*
21*
99
101
6 * % cum pref
100
Power of Can cum pref. 100
Rogers-M aj estlc A
100
16
1.31
4%
pref
Price Bros & Co Ltd...100
55*
16,871
2,485
2,485
1.40
14
Mtl Refrlg & Stor vot tr._*
$3
Nov
20
Inter Utll Corp class B
Paper..*
Massey-Harrls6% cm pflOO
10,508
19
Intl Paints 5 % cum pref-20
Int Petroleum Co Ltd
*
A...*
1
21*
Exchange
Friday
Last
21
WA. 3401-8
Pan tepee Oil
100
*
i
6*
8%
1
905
11*
Jan
30*
Deo
33
34*
680
19
Jan
Nov
100
19* June
38*
24*
28*
36
7
Jan
Pressed
»
34
8
Remington-Rand
1
22
22
Riverside A
*
31*
31*
*
Dec
No par value.
Dec
29
28
Jan
10*
27*
•
Feb
Jan
35
Power
Dec
3*
Dec
230
Dec
39
79
4,485
42
40*
18*
110
9
96
Metals
100*
1.60
24
23*
96
Corp
70
100
Photo Engravers
*
Porto Rico pref.......100
23*
Dec
6*
6*
25
21* June
82
July
Aug
27
100
Jan
Oct
Nov
Deo
I
Volume
Financial
144
1
263
Chronicle
Canadian Markets—Listed and Unlisted
Toronto Stock
Sales
Last
Par
Russell Motor
Week's Range
for
Sale
Stocks (Concluded)
of Prices
Price
Low
High
56
56
100
110
110
Saguenay Power pref__100
Simpsons B
■»
Simpsons Ltd pret
30
15
100
95
Jan
46
July
116
July
Par
Hard Rook
Oct
101%
1
3.05
3.05
20c
15c
20c
...»
15c
16c
13%
1
18% c
23c
Lee Gold Mines
1
7c
6c
7%0
*
7.20
7.20
7.50
May
79
Dec
Lowery Petroleum
45c
37c
45c
3,800
Apr
21
41,150
51,746
3 12
16c 194,310
44c
69,100
5%0
300
2
Nov
4
May
5
"14%
.1
65% c
55o
14%
70% c
1
64c
61c
72o
1
18%
16%
19%
HoUlnger Cons......
intl Mining ctfs..
J M Consolidated..
Preferred
50
Tip Top Tailors
Preferred
Union
10%
100
106
80
81
18%
18
18%
Wee tons (Geo) common..*
New preferred
..100
"~6 %
♦
B
2,045
105% 106%
*
Winnipeg Electric A
226
6%
35
7%
6%
2,970
4%
4%
31
39
53
39
Winnipeg Elec pref
100
Wood AlexAJames pref 100
596
210
53
94c
57% c
58c
Jan
108
Nov
Lake Shore
9
Deo
Nov
Lava Cap Gold
Apr
81
1.35
92c
102
Mar
pf._100
Western Can Flour
1.06
Laguna Gold Mines
4%
19%
12
1.23
Nov
26%
17%
12
9%
!
Nov
12
490
*
47%
19%
11%
48
*
.
8
50c
2.25
58
10
.*
(Hiram) com
Preferred
Western Can Flour.
16%
44c
2.00
Dec
Nov
5,550
19,870
2,042
1,670
8%
47M
19%
48c
2.09
Sept
16%
18
"17%
com
40
375
Dec
106
*
Gas
United Steel
Walker
53
"II"
•
i
1
Kirk Hudson Bay
Klrkland-Lake
15%
53%
7%
Jan
17%
2% May
9%
Apr
49%
36
13%
20
Deo
1
57%c
16c
19c
1
Lamaque Contact
81c
80c
94c
21%c
.1
17%
109%
6%
Nov
Macassa Mines.........1
8.00
7.90
8.60
Deo
MaoLeod-Cockshutt
♦
4.15
4.10
4.85
Dec
Dec
Manitoba A Eastern.....*
13c
12c
Oct
6%
35%
35c
32c
Jan
60
Dec
May Spiers Gold Mines...
Molntyre Porcupine
5
2% June
6
Nov
98
*
5%
10
5%
110
Mav
1% Sept
Nov
2%
19%
38
Bank*—
Canada
Commerce
Dominion
100
Montreal
.......100
Nova Scotia
200
334
234
100
Imperial
164
57%
199
100
60
183
57%
17%
Deo
Jan
81o
1.00
May
July
16%
Dec
29o
Jan
80%o
Aug
3Qo
Jan
2 31
Dec
41
o
May
94o
May
55o
Aug
1.04
Dec
Jan
62%
Nov
July
51%
5o
Jan
70o
Aug
12o
Jan
29%o
Mar
Mar
16o
Aug
5.70
Aug
7.76
Feb
7o June
50c
Deo
Jan
8.40
Deo
3.60 June
6.40
Deo
Jan
30o
38c
39% c
5,627
1.83
1.78
1.95
15c
15c
18c
1
20% c
17c
23c
.....*
1.08
85c
1.18
12c
12c
13c
3.25
3.25
3.41
23% c
22c
25c
56,600
106,400
62,000
127,670
4,700
33,700
13,100
7 Ho
450
45c
900
22o
97,750
20,800
6%0
8c 486,400
82c
73,363
60
Nov
MoWatters...
Jan
149
191
Deo
Merland Oil..
Dec
235
83
190
Jan
235
238"
235
238
61
197%
July
240
Deo
221
228
80
182 %
271
Apr
Jan
222
Deo
......
M into Gold
228
Model OH
Mining Corp
*
.......
1
324
213
325
333
315
Dec
210
200
210
52
164
Jan
205
Dec
Morrls-Klrkland
262
260
265
36
220
July
260
Dec
Murphy Mines-.
Naybob Gold
Loan and Trust—
100
147
147
150
38
120
Oct
160
Feb
Huron
100
73
73
75
133
70
July
90
Mar
12
12
100
8%
Oct
14%
60
108
14
52%
Feb
58
Mar
58
75
Nov
114
Dec
A
1.73
...1
Erie
20%—.
Landed Banking..
100
Toronto General Trust. 100
55%
104
Jan
BONDS
WAverley 7881
Montreal
Noranda
Ottawa
Sudbury
Kirkland Lake
Canadian Commodity Exchange(Inc.)
Chicago Board of Trade
Par
Stocks—
*
Aome Gas A OH
Alton Gold
Week's
of Prices
Low
High
Price
14% c
7%c
14c
Range
14% c
for
4%c
5%C
3%C
5%c
4%c
6.80
1
.....
6.60
6.90
1.20
1.13
1.27
16,750
19,100
6,400
60,700
31,200
2,826
51,246
Alexandria Gold
.1
*
Algoma Mining
Anglo Huronlan
Argosy Gold Mines..
*
Arntfield..
4,700
7%c
8c
42o
1
Ajax Oil A Gas
46c
6c
..1
90c
85c
90c
1
9%c
9%c
9%c
9%c
9%c
Asbley Gold
Astorla-Rouyn
1
Alder mac
3,600
132,900
1.78 170,585
11c
Low
40o June
l%o
3%o
Jan
4.10
Jan
Jan
1.00
Apr
65o
Apr
6%o May
2%o
Jan
18 He
Feb
88o May
70o Feb
lOo
Aug
12 %o May
7.50 Aug
1.75
Sept
1.20 Aug
31o July
12
1.69
7c
6%C
Banktleld Cons Ltd...... 1
1;59
1.55
*
27c
25o
*
1.35
1.32
1.50
22.160
1.20 June
1.84
Feb
........1
1.62
1.60
1.70
1.25
2.00
July
5c
Jan
45o
Dec
95 %o
Mar
2 15
Dec
Beattle Gold Mines
Bidgooe Kirk
88c
Oct
1.83
Dec
6%c
Jan
ll%o
Feb
1.40
Oct
2.15
Nov
140 June
42o
Sept
...i.l
45c
42o
48c
*
1.95
1.95
2.14
31,240
34,485
63,022
4,329
6,800
4,090
43,375
18,225
53,430
37,775
37,212
1
1.70
1.60
1.72
1,600
1.15
Jan
2.10
1.55
1.47
1.63
67,593
1.18
Oct
1 69
4.50
2,980
235,800
2,606
1.40
53,885
8%C 123,700
28c
3,700
2.41
43c
30o
Oct
590
1.28
750
Sept
1.60
*eb
1.10
Dec
2.46
3o
Jan
4%0
Jan
3.30
100
2.80
Jan
12,844
77,111
1.60
62c
70c
22c
19c
23c
Bralorne Mines
*
8.00
7.90
8.15
10c
10% c
B R X Gold Mines.....50c
Buffalo Ankerite
1
Buffalo Canadian.......*
"11%
11%
5%c
5c
...»
13%c
13c
Calgary A Edmonton....*
2.85
2.60
Bunker Hill...
Calmont Oils
Canadian-Maiartlo.
.
Cariboo Gold
Castle Trethewey
Central-Patricia
1
4.40
4.30
..*
39% c
31%o
*
1.23
1.20
...*
*
1.40
1.28
Central Porcupine
Chemical Research..
Chromium Mining
Clerlcy Consolidated
Commonweath Petroleum *
Conlagaa
8%C
Coniaurum
........*
Cons Chibougamau
2
6%c
24c
6
3.30
5%c
13%c
3.25
1.85
1.80
2.10
2.12
1.85
2.20
Darkwater Mines Ltd
2.90
2.52
Dome Mines..
48
48
........*
12
Dominion Explorers.....!
7c
Dorval-SIscoe......... ..1
45c
2.95
49
7c
7%c
4lo
45c
Eastern Malartlc Gold M. 1
1.35
1.31
1.45
Eldorado
2.52
2.32
2.69
1
Falconbrldge........... *
12
11%
12%
1
30c
20% o
30c
Francoeur Gold Mines Ltd.
1.41
1.15
1.48
Federal-Kirkland
...
Glenora Gold
51,200
2,295
5,625
36,000
125,425
110,305
6,700
559,581
215,575
46c
Oct
76c
Jan
13o
Apr
Aug
5.55
Jan
86 %o
9.00
8o
Dec
25 %o
Mar
3.80
Jan
12%
Deo
Oot
2o
Jan
12c May
6o
Jan
18e
1.07
Jan
3.22
Deo
73o
Mar
4.95
July
July
140 May
270
Dec
4.25 June
Dec
2 75
Apr
1.22 May
330
Nov
8.00
8.25
6.00
1.10 Sept
2.75
42
Jan
4%o
Jan
82o
Dec
52o
82o
Deo
61% June
9%e Sept
65o
Nov
July
1.40
Deo
2.45
Deo
6.90
Aug
Jan
12%
3o
Jan
23%o
75c
Oct
2.22
Nov
Dec
Aug
29% c
26c
30c 183,000
19o
Nov
40o
Juy
»
99c
87c
1.02 123,389
65c
Nov
1.45
Jan
Golconda Lead
1
9%c
Oct
23% c
Feb
Goldale
1
............
Gold Bolt
"45c
43o
..50c
13c
12c
............I
13c
11%C
Graham-Bousquet....... 1
22c
Goodflsb
Granada Gold
Grandoro
1
Grull-WIhksne.
1
.
...
47c 166,000
15o
8,100
14c
23c
29% c
23% c
32c
7c
7%c
38c
36o
42c
..........*
Greene Stabell
20c'
..1
14% c
12o
15c
1
1.22
1.05
1.25
Gunnar Gold
JSBtSS
2,800
67,300
14,800
49,908
3,500
29,550
5,500
130,705
340
Jan
60
Aug
Jan
50% 0
75o
Dec
14
Deo
15o May
85o June
18o
Deo
6.20 June
46c
Nov
1.25 May
1.12
Jan
2.35
2c
July
4%c
Feb
3.95
Mar
8.30
Dec
Dec
Deo
Jan
16,810
4.95
92,730
13,850
95o
Oct
1.72
Nov
1.80
Jan
4.45
Deo
....*
1.36
1.29
1.40
27,895
210
Mar
2.25
July
1.50
1.40
1.55
Dec
3.25
72c
75c
3,750
4,600
1.15
75
59o
Oct
1.40 May
15c
15c
7,300
5c
Feb
5.75
(new)
l
5.60
5.00
*
1.51
1.35
1.30
1.20
38c
21,180
78,775
1.35
48,675
45% c 427,580
48c
4,041
2.38
19,190
94c 169,897
1.46
Sept
Sept
6%0
Mar
26% Sept
Aug
Deo
Jan
75o
Apr
1.15 June
56o
Jan
3.11
1.00
Jan
2.95
Nov
5.40
2.87
Jan
5.50
Doo
Dee
*
76c
50c
77c
76o
80c
1
3.03
2.92
I
5.25
5.20
6,000
116,622
30,025
2.24
70,675
3%c 15,700
430 June
2.25
2%c
Deo
8%o
Feb
8C
Jan
80c
Dec
240,095
90% c
21c 26% c 170,070
18 %0
Jan
95c
Dee
i
2.05
2.00
South Ttblemont
•
3%c
3%c
*
65c
65c
1.11
1
25c
.....*
5.90
5.90
6.25
1
35%c
35c
40c
•
2.35
2.20
2.35
..1
4.15
4.10
4.60
Exploration. 1
1.39
1.30
1.41
65c
65c
150
Sullivan Consolidated
2.10
2.00
1
3.94
3.75
4.05
.1
19%C
18c
20% c
•
5.55
5.35
5.60
1
Sylvantte Gold
Gcldflelds
Gold
Toburn Gold
Treadwell-Yukon
..1
~
2.17
Ventures
*
3~00
3.00
3.19
Waite-Amulet
*
3.70
3.05
3.70
Consolidated.50c
White Eagle
•
WUtsey-Coghlan
1
Wood-Cadillac
7%c
3%c
6%C
3%c
9c
9c
7%c
3%c
10c
1
Wright-Hargreaves
......
45c
45o
52o
»
7.60
7.55
8.00
Nov
88 %C
Feb
3.00
Jan
6.40
Nov
60
5,763
36,600
25,900
46,490
38,150
17,290
52,770
11,225
42,495
Sudbury Contact
Oot
970
700
Sladen Malartlc
Southwest Petroleum
Wayside
Dec
2.46
75o
86c
Towagamao
5.00
Jan
Mar
3.45
2.30
•
Jan
50c
1.44
50%
43% c
2.35
Stadacona-Rouyn
St. Anthony Gold
Sudbury Basin
Jan
Nov
Aug
45% c
45% c
"l~04
11c
1.60
1
1
Shawkey Gold..
Sheep Creek
12
1.00
1.60
Roche-Long Lac
Royallte OH....
Jan
470
Dec
Sept
Mar
2.50
2 25
Mar
3.74
12o
Nov
4.30
Mar
830
Dec
680 May
6 70
July
Deo
1.45
Sept
4.90
1.20
Jan
4.45
Oot
200
Jan
1.40
Dec
700
25c
Apr
80o
Nov
45,025
50,677
43,716
57,600
25,600
58,100
28,365
11,600
1.60
3 15
Nov
Jan
Deo
1.00
Jan
3.10
5%o
Nov
20% e
Apr
2%
Deo
6e
Sept
30
Jan
12% o
Deo
480
Dec
58o
Deo
7.50
Oct
9,00
Feb
80o
Dec
71o
Jan
Ymlr Yankee Girl
*
Toronto Stock
Exchange—Mining Curb Section
62o
Deo
4%c
Jan
10c
Dec
6o
Jan
26%e
Feb
Jan
17o May
5%o Jan
27o
Deo
8%o
21c
Mar
8o
Feb
75c
Jan
Jan.
2
to
35c
35c
37c
Jan. 8t both inclusive, compiled from
Last
Sale
Stocks—
Par
54o May
40o June
15e
86o
July
Aug
16o Sept
1.20 May
Xange
of Prices
High
Low
for
1
.
Week
Shares
*
East Crest OH
*
Foothills Oil
*
■
Grozelle Kirk
I4%c
July
57c
July
20c 524,200
2c
22c
31c 131,190
11 %o
Jan
5c
5c
3c
Nov
9%o May
6c
22,700
J an
6.25
6.25
7.00
805
2.25
Mar
8.00
Nov
2%c
2%c
Jan
4c
Mar
1.32
1.45
38c June
1.50
Dec
10c
10c
11%C
14c
Deo
1.90
1.90
2.20
15,500
35,185
11,200
13,810
2,000
12,977
4,757
74,900
1%0
1.30
$1
12c
12c
Home Oil
*
2.85
2.76
3.02
Hudson Bay.......
*
33%
32%
33%
32c
23o
32c
5%c
3%c
50% c
3%c
17%c
6%C
4%c
Kirkland-Townsite.
Lake Maron
*
6%c
Malrobic Mines....
1
3%c
Mandy Mines
Night Hawk
*
51c
1
4c
Nordon
Corp
5
Oil Selections
*
17%c
5%c
$1
27C
27c
30c
1
23c
22o
24%c
3%c
Oslsko Lake
Parkhili..
5c
3%c
3c
Pend Oreille.
3.85
3.40
Porcupine Crown..
7%c
7c
8c
8c
12c
9%c
2%c
.
.
Ritchie Gold
Robb Montbray...
Sudbury Mines...
Temiskamlng.....
*
High
Low
12%c
2%c
5
Cobalt Contact
Pa wnee-K 1 rkland
Range for Year 1936
23c
.
Churchill Mining.
Coast Copper
Week's
18% c
Brett-Trethewey
Central Manitoba..
-
Price
official sales lists
Sales
Friday
Dalhousie Oil
.....1
14c
1.16
2.34
2%c
Jan
28 %0
Oct
God's Lake.......
12% c
Sept
Oct
July
62c
18o
1.82
Jan
1
1
Oct
4.50
Aug
Big Missouri
Bobjo Mines..
9o
Aug
6.75
Texas-Canadian
Oct
Nov
1.58
Teck-Hughes
1.72
Base Metals
74%
4.15
Tashota
*
7%c 208,550
1.66
17,648
30c 20,550
Jan
1.40
1.74
Dec
...1
Bagamao Rouyn
Jan
44%
Dec
Slscoo Gold—........
High
9%o June
4o May
7o
3.05
Dec
Sherritt-Gordon
Range for Year 1936
Week
Shares
Jan
July
July
30c
Ran Antonio
Sales
Sale
2o
1.00
2.30
3.10
6.30
1
Reno Gold
compiled from official sales lists
Last
Nov
Deo
4.15
Preston
Exchange—Mining Section
Friday
Dec
14,363
13,000
126,947
27,475
57,600
20,775
Quemont Mining
Jan. 8, both inclusive,
Oot
Sept
16o
8%c
72c
34c
2.20
Nov
850
Jan
4.00
2%c
1.93
%o
32c
Red Lake-Gold Shore
to
Jan
Feb
54o June
3.70
Read-Authier
Jan. 2
Deo
Mar
8.15
Quebec Gold
Ttmmlns
Toronto Stock
Mar
490
1.78 June
Prospectors Airways.....*
Montreal Curb Market
Bourlamaque
Dec
1.00
14c
2.25
1
Premier Gold
North Bay
340
Jan
Mar
40c
7%c
2%c
1
Powell-Rouyn Gold—...
Sarnla
1.10 May
18,200
90c
13.25
6c
1.16
1
.
Pioneer Gold
The Toronto Stock Exchange
Winnipeg Grain Exchange
Hamilton
24o
34c
..1
75c
9.75
6c
*
Plckie Crow........
Owen Sound
Nov
15c
80c
10.50
Northern Canada Mining.
O'Brien Gold
Perron Gold
MEMBERS
Cobalt
lOo
3.95
1
Jan
Dec
90c
9c
Norgold Mines Ltd
Nov
420
Dec
13o
9c
74%
11%C
200
17o
72o
73%
Aug
60o Sept
Jan
49%
2 24 July
710
84c
74%
Noranda
Pamour-Por ouplne
OFFICES
Mar
13%c
2.90
Peterson-Cobalt........
Toronto
Oct
1 22
2%0 May
36,800
42,493
4,835
4,454
31,700
138,950
128,690
21,700
228,995
1.49
2.68
Paulore Goia Mines.....
TORONTO
5%C
1.33
5
Niplssing—
Paymaster Consolidated.
11 KING ST. W.
4c
1.38
2.90
Pacalta
GRAIN
65c
4%c
Omega Gold
STOCKS
67c
1
New Golden Rose
Olga Oil A Gas New
F. O'HEARN & CO.
1.77
74c
4%c
82c
i
.
1.61
65c
6%c
Moneta-Porcupine
Newbeo Mines
Canada Permanent
Dec
38
39% c
Jan
51%
47o
1.38 May
2%o
1
100
100
Toronto
July
Sept
June
Dec
1
.100
Royal
26o
Ho
McKcnzle Red Lake
M o Vlttle-Graham
50
........
3.63
31c
55% o Mar
12%
Oct
McMillan Gold
Zlmmerknit
10% o June
Nov
Howey Gold
50
Oct
Little Long Lac
Homestead OH....
Deo
2,295
Jan
Lebel Oro
Deo
79%
3%
Jan
7o
Dec
Deo
88
Jan
16
53%
11
30o
10% o
13%
Nov
101
Jan
3%
Jan
2o
12%
Aug
49%
15%
High
Low
4,750
3.44 120,748
...1
57
16
Tamblyns Lts..
Range for Year 1936
Week
5c
Hlghwood Sarcee
70
55
76
3%c
Harker Gold
225
75
Shares
Price
233,050
2,900
7,058
176,015
100,400
10,768
26,850
16,320
834,150
2,750
3,973
64,100
13,200
212,767
52,600
11,417
Nov
402
75
for
of Prices
Low
High
3%c
Nov
80
Week's Range
Halorow-Swayse.
15
105
100
Jan
June
•
Sterling Coal
Stocks (Concluded)
High
4
25
Preferred
99%
Year 1936
110
100
Stee lof Canada
Low
30
100% 101
11%
13
99% 105
80
85%
Sales
Last
Sale
Range for
Shares
Exchange—Mining Section
Friday
Week
100
Preferred—...
Toronto Stock
Exchange
Friday
No par value.
2%o
21%o
20c
97,300
60,900
60c
75,425
4%c 151,950
22c
23,700
5%c 73,000
6,500
25,900
26,400
4.05 68,225
8%c 91,500
9c 207,400
12c 250,710
3c
33,800
21%c
38,900
6%o May
30c Sept
4c
Apr
72 %c
Apr
2.60
9c
Dec
May
3.27
Deo
22%
14%0
Jan
34%
Deo
Jan
32c
Jau
3c
Jan
21c June
1%
Feb
7
12c
Jan
50o
Deo
1%
Jan
6M
Mar
Jan
26c
Apr
10c
Aug
4c
July
7o
Jan
Jan
42o
Deo
7c
18c May
480 Sept
10%c May
2c
Nov
70c
July
4.30
Dec
4o
Jan
15o
Mar
lc
Jan
13%c
Mar
12c
Jan
4c
Apr
2%o
Dec
7%c Sept
2o
Jan
27o .Sept
264
Financial
Quotations
Jan. 9, 1937
Over-the-Counter Securities—Friday Jan. 8
on
New York
Chronicle
New York Trust
City Bonds
Par
Bid
Atk
109
110
\
112%
112%
112%
113%
113%
113%
113%
114%
i
116
117
119
o8%s July 11975
May 11954
8
Nov
b
Mar
8
Jan 151976
a
July
11954
11960
11975
May 11957.
125
126
127
i
June 11974...
127
128
i
Feb 151976
127 % 128%
129
128
11968
Nov
120
Mar
11980
i
June 11965
i
July
i
Dee 151971
Deo
11979
o4%s Mar 11962
11964..:.
I
11981...
11963..
11967
Jan 251937
Atk
Bid
115
Empire............
495
502
Fulton
-100
250
265
Guaranty
Irving
Kings County
Lawyers
—100
343
348
Bankers
128% 129%
130
130%
125% 126%
127% 128%
127% 128%
128% 129%
130% 131%
133% 134%
100
100%
May 1 A Nov 11967
i
120%
123%
124%
124%
123% 124%
123% 124%
o4%s Sept 11960
f
Mar
i
119%
122%
123%
123%
...
04kaMar
i
119% 120%
...
May U')6f
May 11977—
Oct
11977
Nov 151978
Par
105
Bk of New York A Tr._100
124
Jan
Companies
Atk
Bid
Banoa Comm ltallana.100
Apr 11966.
Apr 161972
"
8
Ask
Bid
10
72%
74%
Bank of Sicllly
20
10
12
Bronx County
9%
10%
7
100
Brooklyn
120
125
20
133
64
66
91
95
Central Hanover
50
1720
—20
57%
55%
53%
—25
18
55
51
Preferred
New York
55%
146
143
Title Guarantee A Tr —20
19%
65%
Underwriters
64%
20
Corn Exch Bk A Tr
25
18
Continental Btnk A Tr. 10
16%
15%
—100 1670
16
—25
Colonial Trust
...10
Manufacturers
136
Chemical Bank A Trust. 10
Clinton Trust..
29%
28%
16%
15%
95
85
United States..
2035
1985
m
Chicago Bank Stocks
'
New York State Bonds
Bid
8s 1974
b 2.30
3s 1981
6 2.40
Ask
Bid
mmm
m •
•
Canal A Highway—
World
War
270
...
Continental Illinois Bank A
Bonus—
4%s April 1940 to 1949.
b 1.80
...
Ask
295
300
Harris Trust A Savings. 100
Northern Trust Co.. —100
425
440
790
830
200
196
33 1-3
Trust
Bid
Par
First National
100
Trust
Ask
■
Ask
Bid
Par
American National Bank A
Highway Improvement—
5s Jan A Mar 1946 to '71 6 2.70
Highway Imp 4%s Sept '63
Canal Imp 4%s Jan 1964..
Can A Imp High 4%s 1965
mmm
136%
...
134
4s Mar A Sept 1958 to '67
Canal Imp 4s JAJ'60 to '67
Barge C T 4s Jan *42 to '46
129
Barge O T 4%s Jan 11945
mmm
136%
117%
...
129
...
115
...
—
Hartford Insurance Stocks
BOUGHT
—
SOLD
—
QUOTED
Port of New York Authority Bonds
Bid
Ask
Port of New York—
Bid
Bayonne Bridge 4s series C
1939-53
JAJ 3
Gen A ref 4s Mar 1 1975.
110
Gen A ref 2d ser
3%s '65
106
Gen A ref 3d
3%s '76
107% 107%
1937-1941
ser D
MAS
Gen A ref 4th ser 3s.1976
104%
1942-1960
MAS
ser
110%
106%
Inland Terminal
Holland Tunnel
George Washington Bridge
4%8 ser B 1940-53-MAN
4%s
4%s
1937-1941
114
115
1942-1960
107
50.50
112
1.75
Bid
Insurance
Bid
Aetna Casualty A Surety 10
..10
Aetna Fire.
Bid
Ask
100
101%
Honolulu 5s
d3.50
111
113
U S Panama 3s June 11961
120% 121%
American Alliance
American Equitable.
American Home
Feb
5%8 Aug
4%s July 1958
d3.75
114%
5s July 1948
112
114
1941
104
112
116
117% 119%
Hawaii 4%s Oct 1956
3.00
Govt of Puerto Rico—
102
1952
5s
3.50
113%
112% 114
112% 114%
U S conversion 3s 1946
Conversion 3s 1947
..25
32
86
..10
12
American of Newark.. -2%
13
88%
25%
40%
14%
14%
Re-Insurance. 10
82
85
Agricultural-
American
23%
.
...5
37%
35%
60%
62%
-.10
32
34
Baltimore Amer
Federal Land Bank Bonds
32%
-25
Automobile.
.2%
American Reserve
1945
103% 10315f6
48 1957
88 1956 opt 1946
38 1966 opt 1946
103% 10315,6
103% 10315,6
48 1958 opt 1938..
3s 1955 opt
JAJ
JAJ
MAN
8%b 1965 opt 1945..MAN
48 1946 Opt 1944
-JAJ
105% 105%
112% 113%
Ask
MAN
102% 103
104% 104%
4%S 1957 opt. 1937. .MAN
4%s 1958 opt 1938..MAN
101*16 101%
106% 106%
opt 1937
MAN
9
104
108
688
699
Boston
5
Camden Fire.
21%
Carolina
..10
29
City of New York
...10
29%
34%
Connecticut Gen Life. -.10
Continental Casualty. ...5
28
.2%
Eagle Fire
Employers Re-Insurance 10
Excess
Joint Stock Land
Bank
4%
49%
6%
46
Federal
Bonds
100
Atlantic 5s
100
60
Burlington 5s
100
California 5s
/7%
Chicago 5s
100
Dallas 5s
Denver 5s...
87
First Carolines 5s
92
First of Fort Wayne
4%s__
First of Montgomery 5s...
First of New Orleans 5s...
First Texas of Houston 5s.
First Trust of Chicago
Fletcher 3s
4%s
Fremont 5s_.
Ask
...
...
70
...
8%
101%
88%
Louisville 5s
100
Maryland-Virginia 5s
Mississippi-Tennessee 6s.
100
_
83
Preferred Accident
13%
96
Providence-Washington. 10
Republic (Dallas)
—10
13%
14%
30
32
76
..5
Southern Fire
Globe A Rutgers Fire. -15
..15
2d preferred
86
96
Great American
...
28%
36
Springfield Fire A Mar—26
Stuyvesant
6
10
Sun Life Assurance..—100
23%
38%
32%
77%
75%
Travelers
...5
Great Amer Indemnity ...1
8%
...
Halifax
Fire
10
...
Hanover Fire
-.10
Harmonta
..10
Hartford Fire
Hartford Steam Boiler ..10
22
36%
30%
74%
73%
10
209
214
128% 131%
9%
8%
795
820
100
504
514
U S Fidelity A Guar Co..2
U S Fire
4
29
54%
30%
56%
U S Guarantee
61
65
34%
36%
10
Westchester Fire
2.50
29
...
83%
85
21
100
...
..
99
100
100
Surety Guaranteed Mortgage Bonds and Debentures
...
99% 101
Bid
Bid
Ask
Bid
Ask
81
m
.
-
52
57%
1954
80
77
Series A 2-6s
...
Series B 2-5s
55
Potomae
Associated Mtge Cos Inc—
1953
1954
(all
Issues) 2-5s
1953
Potomac Cons Deb Corp—
81
Debenture 2-6s
Atk
Nat Union Mtge Corp—
1953
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 2-6s '53
Bank Stocks
Par
26%
37
...
/19
Ask
41
35
Globe A Republic
All series 2-5s
Bid
24%
11%
35%
100
Allied Mtge Cos Inc—
Par
39
33
100
Land
5
Security New Haven... 10
San Antonio 5s
Joint Stock
138
96% 100%
20% 22%
Seaboard Surety...—10
101
98
136
134
23%
79%
100
96
132
25
.10
46%
/27%
;
27
21%
St Louis 5s
Virginia-Carolina 5s
Virginian 5s
24
101% 105
27
28%
Natlonal.25
Phoenix
12
Glens Falls Fire
Potomac 5s_
Union of Detroit 5s
Pacific Fire
Northwestern
2.60
44%
100
110%
...
49
2
.....12.60
North River
5
99
109
99
Northern
...5
99% 100%
Phoenix 5s
97
New York Fire...
5%
51%
7%
11%
101
100
New Hampshire Fire...10
New Jersey
20
30
Seaboard Fire A Marine. .6
99
Tennessee 5s
New Brunswick Fire..:.10
10
131% 136
16%
17%
34% 36%
43
44%
47% 49%
29
North Carolina 5s
Southwest 5s
2
27
New York 5s.
Southern Minnesota 5s.
New Amsterdam Cas
Georgia Home
100
...
National Liberty
—2
National Union Fire....20
...
100
Pennsylvania 5s
87
14%
20%
69%
11%
St Paul Fire A Marine—25
100
99% 101
18%
67%
45
100
85
64
12%
43
100
100
61
General Reinsurance Corp5
Pac Coast Of San Fran 5s..
Illinois Midwest 5s
5%
8%
66
...
Pac Coast of Salt Lake 58—
Greensboro 5s.
63
National Casualty
10
National Fire
...—10
94
.
8
Merch Fire Assur com.2%
Merch A Mfrs Fire New'kS
...5
Firemen's of Newark.
4%
Rossla.:
Paclfio Coast of Los Ang 5s
Illinois of Montlcello 4%s.
Iowa of Sioux City 4%s
5
Maryland Casualty
1
Mass Bonding A Ins..12%
36
89
...
19
Lincoln Fire
6
34
99% 101
100
17
.5
...5
65
86
73%
Knickerbocker.
10
40%
6%
23%
Atk
Ins Co of North Amer_.10
Importers A Exporters...6
35%
124%
Bid
42%
7%
24%
8%
74%
10
Franklin Fire
99% 101
91
81
5
Home Fire Security
Homestead Fire
...
Ohio-Pennsylvania 5s
Oregon-Washington 5s
96%
97%
98% 100
100
101%
100% 102
122
t
23%
30%
30%
Home
Fireman's Fd of San Fran25
Ask
97
96
Pacific Coast of Portland 5s
Greenbrier 5s
La Fayette 5s
Bid
Lincoln 6s
94
84%
Kentucky of Lexington 5s.
Fidelity A Dep of Md. -.20
Fire Assn of PhlladelphlalO
Bid
Atlanta 5s
I
10
Shippers.. ..25
100
Bankers A
Bid
Ask
Companies
Par
105% 109%
50% 52%
American Surety
Bid
Hartford 36
Ask
30
Aetna Life
4s 1946
4%s Oct
1959.
4%s July 1952
5s
April 1955.
110% 112
—
1.65
Par
Ask
HARTFORD
A. T. T. Teletype
6-0161
Tel.
114% 115%
United States Insular Bonds
Phllllpplne Government—
York Stock Exchange
6 CENTRAL ROW
113
ser E
MAS 5 0.375
MAS
PUTNAM & CO.
Ask
Members New
106
54
.100
35
40
Lincoln
100
5
8
Atlantic
100
39
44
North Carolina.
100
27
30
Cont'llnvBd Corp2-6s'53
78
Dallas
100
75
78
PennnylvantA.,
100
16
20
Contl InvDeb Corp 2-6s'53
47%
Denver
100
10
14
Potomac
100
42
46
100
72
78
60
Empire Properties Corp...
2-3s
..1945
48
51
1
Interstate Deb Corp 2-5s'55
40
Mortgage Bond Co of Md
Inc 2-5s
1953
mmm
mmm
Corp
43
52
Bond
Atlanta.
Des Moines.
Sftn Antonio
.
^
First Carollnas
100
3
6
Virginia
Fremont
100
2
4
Virginia-Carolina
100
55
%
5
100
46
47
49
47
49
1953
47
49
^
2-6s
Maryland Deben¬
Corp 2-6s
1953
Potomac
80
...
ture
Potomac
Nat Bondholders part ctfs
(Central Funding series)
Nat Cons Bd Corp 2-5s '53
/35
Nat Deben Corp 2-6S.1953
Federal Intermediate Credit Bank Debentures
1953
Potomac Deb Corp 2-6s '53
Potomac Franklin Deb Co
2-6s
49%
47
Realty
77
Realty
Bond A
70%
Atlantic
Debenture Corp 2-6s '63
37
47
49
Mortgage
F I C
F I C
F I 0
l%s.__Jan 15 1937 b .25%
1%8
Feb 15 1937 b .30%
l%s___Mar 15 1937 6.35%
F I O l%s
Apr 15
FIC 1%8—-May 15
Ask
—
1937 6 .35%
1937 6.35%
Bid
FICl%s_— June 15 1937 6.35%
FI C l%s—July 15 1937 6.35%
FIC i%8„.Sept 15 1937 6.40%
FIC l%s
Oct 15 1937 6 .45%
FIC1%S—Nov 15 1937 6 .45%
FIC 1 %s
Deo
15 1937 6.50%
Telephone and Telegraph Stocks
Par
Bank of Manhattan Co. 10
Bid
Par
Ask
Bid
25
Ask
28
(N J) com. *
128
132%
New York Mutual Tel. 100
100
132
135%
158
161
N'west Bell Tel pf 6% % 100
Pao A Atl Telegraph....25
105% 107
Bell Telep of Canada.. 100
Bell Telep of Pa pref—100
Clnoln A Sub Bell Telep. 50
New York Bank Stocks
Ask
43
-
Peninsular Telephone com41
Preferred A
100
29% 30%
110% 112%
pref.. 100
Emp A Bay State Tel..100
Franklin Telegraph
100
43
Roch Telep $6.50 1st pf 100
111
Telegraph
25
Sou New Engl Telep... 100
8'western Bell Tel pref. 100
23
160
162
122
123%
Wisconsin Telep 7% pf-100
115
117
Preferred.
Bid
49
41
Ask
Am Dlst Teleg
Par
47
Unified Deben Corp 5s '55
Bid
1953
deb 2-6s
49
Par
Bid
Ask
Cuban Telep 7%
121% 123
98%
96%
19
21
47
32
34
Merchants Bank.
100
95
Bank of Yorktown..66 2-3
59
65
National Bronx Bank...50
39
43
47
Bensonhurst
65
National Safety Bank. 12%
17%
19%
Gen Tel Allied Corp 36 pf.
99
101
10
14
16
104
74
Int Ocean Telegraph... 100
Lincoln Tel A Telegraph .♦
95
..50
115
Chase
National..60
..13.55
48%
50%
Penn Exchange
12%
42
44
Peoples National
commercial National.. 100
205
city (National)..
990
Fifth Avenue.
100
First National of N Y..100 2125
Fiatbush National.
gsboro National
....
100
100
37
65
211
Public National
1010
Sterling Nat Bank A Tr.25
Trade Bank
12%
2165
25
110
57%
43%
69%
45%
25
65
35
Mtn States Tel A Tel.. 100
149
New England Tel A TellOO
138
42
...
For
Footnote
see
page
267.
•
mm
-
So A Atl
m
115
24%
...
140
Volume
Financial
144
Quotations
Over-the-Counter Securities—Friday Jan. 8—Continued
on
RAILROAD BONDS.
Guaranteed Railroad Stocks
BOUGHT
120 Broadway
john
Stock Exchange
Dealers in
SOLD
41 Broad St., N. Y.
.
QUOTED
.
Monthly
Bulletin
e. sloane a co.
Members New
Tel* REctor
GUARANTEED
NEW YORK
.
Earnings and Special Studies
on Request
3oscpb Walkers Sons
Mmbtrt Kw York
265
Chronicle
-
York Security Dealers Association
HAnover 2-2455
-
Bell Syst. Teletype NY 1-624
2-6600
STOCKS
SinceI8S)„
a ■
ar
Railroad Bonds
Guaranteed Railroad Stocks
Bid
Asked
Akron Canton A Youngstown 5 Kb, 1945———.
74
76
74
(Guarantor In Parenthetic)
Dividend
175
180
6s, 1945
Augusta Union Station 1st 4s, 1953
Birmingham Terminal 1st 4s, 1957.a.
Boston A Albany 1st 4Kb, April 1, 1943
6.00
108
112
Boston A Maine 3s, 1950
2.00
41
42
8.75
145
148
8.50
150
155
Bid
Par in DoUart
6.00
10.50
100
100
100
Chicago Cleve Clnn A St Louis pref (N Y Central) 100
Cleveland A Pittsburgh (Pennsylvania)
....
50
101K
5.00
103
106
6.00
98
102
89H
50
2.00
51
25
Betterman stock
104
4.00
3.50
2.00
Fort Wayne A Jackson pref (N Y Central)
100
Georgia KR A Banking (L A N-A C L)
100
Lackawanna RR of N J (Del Lack A Western)
100
Mlohlgan Central (New York Central)...........100
Morris A Essex (Del Lack A Western)
50
New York Lackawanna A Western (D L A W)
100
Northern Central (Pennsylvania)
.......60
Oswego A Syracuse (Del Laok A Western).
60
50
tl«
5.50
4.00
76
79
50.00
1000
1200
65
3.875
97 K
6.00
102
103K
107 K
106K
66
.......
70
84 K
85
87K
89
Prior lien 4s, 1942
Prior lien 4Kb, 1944
91
......
Convertible 5s, 1940-45
Buffalo Creek 1st ref 5s, 1961
86 K
105K
104
89
Chateaugay Ore Ac Iron 1st ref 4s, 1942
Choctaw A Memphis 1st 5s, 1952..
Cincinnati Indianapolis A Western 1st 5s, 1965....
Cleveland Terminal A valley 1st 4s, 1995
Georgia Southern A Florida 1st 5s, 1945
Goshen A Deckertown 1st 5 Kb. 1978
92
59
61
103 K
102
99 K
101K
71K
69 K
08
101
95
203
198
10.00
76
99
97
...
63
59
3.00
Canada Southern (New York Central)
Carolina Cllnchfleld A Ohio (L A N-A C L) 4%
Common 6% stamped
Delaware (Pennsylvania)
105
101
Alabama A Vlcksburg (Illinois Central)
100
Albany A Susquebana (Delaware Ac Hudson) .....100
Allegheny As Western (Butt Roch A Pitts)
.100
Beech Creek (New York Central).......
...50
Boston A Albany (New York Central)
........100
Boston A Providence (New Haven)
..........100
Asked
68
100
4.00
101
103
4.50
69
73
Pittsburgh Bessemer A Lake Erie (U 8 Steel).......60
1.50
42
44
91
93
102
Hoboken Ferry 1st 5s, 1946
Kanawha A West Virginia 1st 5s, 1955
Kansas Oklahoma Ac Gulf 1st 5s, 1978
104
103 K
104K
..........
....
Little Rock A Hot
33
/30
Springs Western 1st 4s, 1939
Long island refunding mtge. 4s, 1949
Macon Terminal 1st 5s, 1965
Maryland Ac Pennsylvania 1st 4s, 1951............
105 K
106
105
.............
107
80
81K
Meridian Terminal 1st 4s. 1955
.....50
3.00
84
88
Pittsburgh Fort Wayne A Chicago (Pennsylvania)..100
7.00
172
7.00
190
100
St. Louis Bridge 1st pref (Terminal RR)
100
Second preferred
.................100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR A Canal (Pennsylvania)
100
Utlca Chenango A Susquehanna (DLdc W)
100
Valley (Delaware Lackawanna A Western)
100
Vlcksburg Shreveport A Pacific (Illinois Central)... 100
6.00
100
105
148
74
153
57
60
98
100
101
178
......100
99 K
Minneapolis St Paul Ac Sault Ste Marie 2d 4s. 1949.
Montgomery A Erie 1st 5s, 1956...
Preferred
...
Preferred...................
Rensselaer A Saratoga (Delaware A Hudson)
Preferred
...................
6.00
3.00
77
3.00
148
153
10.00
253
258
6.00
91
5.00
100
107
5.00
87
90
5.00
91
94
3.50
49
53
8.00
67
69
103 K
New York Chicago Ac St Louis 4s, 1946
New York Ac Hoboken Ferry general 5s, 1946
104K
77
82
100
98 K
Piedmont and Northern Ry. 1st mtge. 3 Kb, 1966.
Portland RR 1st 3 Kb. 1951
74
76
02 K
07
94 K
Rook Island Frisco Terminal 4Kb. 1957
St Clair Madison Ac St Louis 1st 4s, 1951
9
98
Shreveport Bridge A: Terminal 1st 5s, 1955
Somerset Ry 1st ref 4s, 1955..................
Southern Illinois Ac Missouri Bridge 1st 4s, 1951.
Toledo Terminal RR 4Ks, 1957
Toronto Hamilton Ac Buffalo 4Kb, 1966........
Washington County Ry 1st 3Ks, 1954
88
93
-
Consolidated 5s, 1945
95
....L........100
Warren RR of N J (Del Lack A Western)
West Jersey A Sea Shore (Pennsylvania)
192
...........
50
50
08K
70 K
73
93 K
96
HIK
114K
99 K
64
.......
102 K
66
EQUIPMENT TRUST CERTIFICATES
NEW YORK WATER SERVICE CORPORATION
Quotation*-Appraisal* Upon Requ**t
6% CUMULATIVE PREFERRED
Stroud & Company Inc.
Bmtell Brothers
Phlladelphlai Pa.
Private Wires to New York
Tel. DIgby 4-2800
EST. 1908
members
n. y.
ONE WALL ST., N. Y.
stock exchange
Teletype N. Y. 1-1146
and n.y. curb exchange
Railroad
Equipment Bonds
Public
Bid
Atlantic Coast Line 4 Kb,
Baltimore A Ohio 4Kb
Bid
AM*
Ask
Par
61.50
1.00
62.50
2.00
63.75
3.00
63.00
Missouri Pacific 4Kb
5s
62.25
1.75
63.00
2.00
2.00
Boston A Maine 4Kb-.-.,
5s
63.25
2.25
New Orl Tex A Mex 4 Ks—
63.75
3.00
63.25
2.50
62.40
2.00
3 KB Deo. 1 1936-1944.
63.00
2.25
New York Central 4Kb...
5s.
62.40
2.00
62.50
2.00
62.60
2.00
N Y Chlo A St. L 4KB
6s
62.60
2.00
N YNH&Hartf 4Kb
5s
Canadian National 4Kb.
58...
Canadian Pacific 4Kb...,
Cent RR New Jer 4Kb
62.50
Chesapeake A Ohio 6Ks.
6 Kb
4kb
-
6s
5KB—-
5a...
6s
Northern Pacific 4Kb
0.50
Pennsylvania RR 4Kb.—
0.60
5s
62.20
1.25
4s series E due
Jan 4c July 1936-49
2Kb series G
62.50
2.CO
call Deo. 11936-50
62.25
1.90
62.50
2.00
62.30
61.50
1A0
1.00
3.00
3.00
65.00
4.00
Pere Marquette
4.00
Reading Co 4Kb
82
86
82
86
non
4Kb
....
6s
St. Louis-San Fran 4s....
4Kb
64.25
3.25
64.25
3.25
64.00
3.00
61.50
1.00
61.50
1.00
4kb
62.50
1.75
6s
62.25
5s
St Louis Southwestern 5s.
-
-
6s-
Great Northern 4Kb
100
2.25
0.75
62.30
1.75
5s
61.75
1.00
5 kb
1.00
Internet Great Nor 4Ks.
61.60
63.76
2.60
Long island 4Kb——-
62.40
1.75
62.26
1.50
61.20
0.75
0.75
6s..
1.75
2.00
2.00
61.25
-
Texas Pacific 4s
0.75
62.00
6 KB
61.20
1.75
62 AO
6Kb
2.00
62.50
Southern Ry 4Kb...
njnols^Central 4Kb
1.00
63.00
0.75
99
100
62.20
6s...
Hocking Valley 5s—.....
1.00
f97
/98
/98
1.00
62.20
5 KB
Southern Pacific 4Kb
61.50
61.50
61.25
5s
1.00
0.75
62.75
1.75
5Kb
Erie RR 5 Kb
61.50
61.35
41.25
63.85
58
5s
3.00
61.00
Chlcago RIA Pao 4Kb..
Denver 4c R G West 4Ks.
3.00
61.00
65.00
Chlo Mllw A St Paul4Ks-
2.00
63.75
61.70
61.75
5s
62 AO
63.75
2.00
1.25
63.85
Chicago A Nor West 4 Kb.
....
—......
1.00
1.00
Loulsv A Nash 4Kb
6s....
Maine Central 5s
5Kb
Minn St P A SS M 4s
62.00
6s
5s..........
4KB
62.00
1.00
61.10
0.50
61.10
0.50
61.25
0.75
Union Paolflo 4Kb——
5s
Virginian Ry 4Kb
0.75
100
;
100 K
102 K
101
...
102
103
100
101K
63.10
2.50
1.75
2.50
Western Maryland 4Kb.
6s.
62.10
63.10
62.10
1.75
63.75
2.75
Western Pacifie 5s..
64.00
3.00
64.00
3.00
8Kb
For footnotes see page 267.
61.25
5s
Wabash Ry 4Kb
6s
Bid
Alabama Power 37 pref—*
82K
pref.*
Assoc Gas A Eleo orig pref *
56.50 preferred
*
57 preferred
—*
Atlantic City El 36 pref—*
BangorHydro-El 7 % pf 100
Birmingham Eleo 57 pref-*
Buff Nlag A E pr pref—.25
Carolina Pr Ac Lt 57 pref—*
6% preferred
*
Cent Maine Pow 6% pf 100
37 preferred
100
Cent Pr Ac Lt 7 % pref—100
Columbus Ry Pr Ac Lt—
1st 56 preferred A—.100
56.50 preferred B
100
Consol Eleo A Gas $6 pref.
Consol Traction (N J) -100
Consumers Pow 55 pref..*
6% preferred
...100
6.60% preferred
100
Continental Gas Ac El—
Utility Stocks
84 K
34 K
Arkansas Pr Ac Lt 57
7%
17
36 K
37
38
39
7%
136
81K
25 K
24K
102 K 104K
80
95
97
89
91K
99K
87
89
109
111K
107
109K
21K
65K
18K
62 K
105K 106 K
105K 106 M
105 K 106 K
pref 100
113
195
56.50 cum .preferred
57 cum preferred
...
Foreign .Lt A Pow units..*
Gas As Eleo of Bergen. ,100
Hamilton Gas Co v t o
56
60
62
New Eng G Ac E 6K% pf-*
N E Pow Assn 6% pref.100
73 H
82
82
84
114 K 116
.
16
17X
6
JH
55
58
44
45
112
114
K
123
53 K
54K
89 K
New Eng Pub Serv Co—
37 prior lien pref
*
New Orl Pub Serv 37 pf..*
N Y Pow Ac Lt 56 cum pf.*
69 K
70 K
70 K
71K
7% cum preferred... 100
Nor States Pr 37 pref.. 100
104K 105K
113
114K
99K 102 K
Ohio Edison 56
108 K 109 K
37
pref......*
preferred..........*
Ohio Power 6% pref...100
Ohio Pub Serv 6% pf-100
113
114K
111
113K
106 K
105
100
Okla G Ac E 7% pref—.100
109
85
7%
preferred
114K
11$
87
111K 112K
91K
93/4
64
Queens Borough G As E—
6% preferred..:....100
95
122
K
K
195
Idaho
Gas
100
Power 56 pref——*
7%
preferred———.100
109 K 111K
110K 112
Illinois Pr Ac Lt 1st pref—*
56K
57 K
Gas...*
Interstate Power 37 pref—*
Jamaica Water Sup pref .50
Jer Cent P Ac L 7 % pf—100
Kan Gas Ac El 7% pret.100
Kings Co Ltg 7% pref—100
Long Island Ltg 6% pf-100
7% preferred
100
Memphis Pr Ac Lt 57 pref.*
33
33
21
85
78K
89K
78 K
80
86
105K
South Jersey Gas A E1.100
Tenn Eleo Pow 6% pref 100
193
7%
preferred
Texas Pow A Lt
81
84
100
Sioux City G Ac E 57 pf .100
Sou Calif Edison pref B.25
100
7% pf-100
98K 100K Toledo Edison 7% pf A100
United G Ac E(Conn)7% pf
113
19
54
109 K 111K
Rochester Gas Ac Eleo—
6% preferred O
Hudson iCounty
Interstate Natural
100
Philadelphia Co 55 pref-.*
Pub Serv of Colo 7% pf 100
58
58}
—
Newark Consol Gas
Ask
78
69K
79*"
75
Federal Water Serv Corp—
56 cum preferred
preferred...——100
pref. 100
pref.100
Nassau A Suff Ltg
Nebraska Pow 7%
Bid
Pacific Pow A Lt 7 % pf 100
Penn Pow A Lt 57 pref...*
101K
Derby Gas A; El 37 pref—*
Essex-Hudson Gas
100
Dallas Pr & Lt 7 %
Mississippi Power 56 pref—
57 preferred
Mississippi P A L 56 pf—.*
Miss Rlv Pow 6% pref. 100
Mo Pub Serv 57 pref—.100
Mountain States Pr oom_.*
113K
100
preferred
Par
Ask
Utah Pow Ac Lt 37 pref
*
Utlca Gas Ac El 7 % pf—100
91K Virginia Ry
81K
—100
98
28K
23K
199
70
71K
76K
78
110 K 112
110K 112
91
93
&
74
74K
101K 103
147
152
266
Financial
Quotations
•
■
Chronicle
Jan. 9y 1937
Over-the-Counter Securities—Friday Jan. 8-Continued
on
Securities of the
■;
OFFERINGS
Associated Gas & Electric
s. a. o'brien
Members Neu> York Curb
150 BROADWAY,
NEW YORK
First Mortgage
System
&
American Water Works & Electric Co.,
co.
Consumers Water Co.
Exchange
75
HANcock 8920
H. M. PAYSON & CO.
Direct Private
Telephone between New York and Boston
Bell System Teletype—N.Y. 1-1074
tad
Ask
Bid
Amer States P 8 5#s_1948
93 M
t—
Green Mountain Pow 5s '48
t—-
Houston Lt & Pow 3#s 66
Iowa Sou Utll 5 #s
1960
Debenture 3 # s w
1.1966
Ariz Edison 1st 6s
95 M
103# 104#
1948
1st 6s series A
1945
89
Est. 1854
PORTLAND, MAINE
Tel. 2-3701
Utility Bonds
AmerTel Tel deb 3#s 1961
Amer Wat Wks & El 6s '76
Inc.
(Maine)
FEDERAL ST., BOSTON
COrtlandt 7-1868
Public
WANTED
Bonds of Subsidiaries
91
Federated Util 5#s_. .1957
Kan
Specialists in —
ASK
9 86
88
Water Works Securities
103#
£105# 105#
101
49
City Pub Serv 3s.1951
Complete Statistical Information—Inquiries Invited
103
51
95
97
Kansas Elec Pow 3#8.1966
Ark Missouri Pow 1st 6s '63
87 M
Kan Pow A Lt 1st 4#s '66
71#
Keystone Telep 6 #8.1955
103
Assoc Gas & El Co 4 #8
67
60
Los
Angeles G & E 4s 1970
105# 106
Louisville Gas A El 3 #8 '66
104# 105
Metrop Edison 4s ser G '65
Missouri Pow & Lt 3#8 66
Montana Power 3#8.1966
SmRT.BRENT&Co.
100
101#
109# 109#
Associated Eleotrlo 6s.1961
89 M
72 M
108# 108#
102# 102#
'58
Assoc Gas & Elec Corp—
Income deb 3#s_..1978
Income deb
45 M
46 M
3#s.__1978
46#
47#
Income deb 4s
1978
49 M
50 X
Income deb 4#s
Conv deb 4s
1978
59 M
57 M
1973
91M
92 M
93#
94M
Conv deb 4 #s
Conv deb 5s
1973
1973
98 M
Conv deb 5#s
1973
Sink fund Income 4s 1983
111
Sink fund lno 4#s. -1983
Sink fund inoome 6s 1983
40 EXCHANGE
99
100
113
New Engl Pow
103# 104#
N.
106
3#8—1961
69 M
Ohio Edison
55
102
102#
102# 103#
103
103#
Old Dom Pr 6s May 16 '61
61
Okla Gas & Elec 3#s_1966
Sink fund lnc 6#-6#s 86
69 M
Participating 8s zto-1940
65 M
3#s
1972
Debenture 4s
80# 82
102# 103
102# 103
1946
Paclflo Gas & Elec Co
102 M 103
103# 104 X
UOM
3#s series I
Pacific Tel & Tel
1966
103#
Atlantio County Wat 6s '68
104
99
Central G & E 5#s—1946
1st lien coll tr 6s
1946
84M
85M
86
87
Cent Ind Pow 1st 6s A 1947
t—
106 M
Cent Maine Pr 4s
G *60
ser
101
107"
Central Public Utility—
1957
104
6s series B
1954
5 #s series A
1954
103
19
11
Citizens Water Co
El 4s 1966
105
3 #8 series G
1966
Conn River Pr
3#s A.1961
108 M
1951
Tel Bond A Share 6s„1968
107 #
Utica Gas A El Co 68.1967
108#
1951
106#
107#
87
100
89
87#
64
Wash A Suburban 6#s 1941
69M
71
Western Mass Co 3#s 1946
Western Pub Serv 5#s '60
104# 105#
Wisconsin G A El 3 #8 1966
105# 105
105# 106
Federal Pub Serv 1st 6s '47
104 # 105#
104 # 104#
Wise Mich Pow
101# 102#
Q4.
96
161M
1st mtge 4s
1961
101# 103#
101#
105#
City "w (Chat) 6s B—1954
1st 5s series C
Peoria
101
1st consol 4s
1948
100
1st consol 5s
1948
101
1948
103#
105# 106
Phlla Suburb Wat 4s„ 1965
107
108
103
Pinellas Water Co 5#s '59
100
102
Pittsburgh Sub Wat 6s *58
103
Plalnfleld Union Wat 5s *61
108
1947
5 #s series B
1946
6s series A
1946
80#
82#
Connellsville Water 68.1939
82#
84#
Richmond W W Co 58.1957
105
Roanoke W W 6s
100
96#
98#
101# 103
Reports—Markets
4 #s
1958
1st mtge 5s
1958
96#
98
100
St Joseph Wat 4s ser 19A'66
Scran ton Gas A Water Co
105#
Davenport Water Co 5s '61
Scranton
102#
1942
102#
1960
104
1st A ref 5s A
102
1952
4CA
D
.
..
Bid
Alden 1st 6s
Jan 1 1941
Broadmoor (The) 1st 6s *41
B'way Barclay 1st 6s. 1941
149 M
152 #
/36#
52
37#
B'way A 41st Street—
Chesebrough Bldg 1st 6s '48
Chrysler Bldg 1st 6s_.1948
140 M
--
Apr 28 1940
(The) 1st 6s
170 #
68#
67
73
1941
1st Aref 5#s
1947
Equit Off Bldg deb 5s 1952
Deb 6s 1952 Legended—
60 Bway Bldg 1st 3s mo '46
71
69#
99# 100#
/51
/36#
53
37#
/13#
15
85
87
88#
90#
53
54#
600 Fifth Avenue—
1949
46
512 Park Ave 1st 6s... 1941
/36
52d A Madison Off Bldg—
6s
Nov 1947
149
Film Center Bldg 1st 6s '43
40 Wall St Corp 6s
1958
42 Bway 1st 6s.
34#
94
1948
6s
1939
—
152
75
77~
/41
45
Fox Theatre A Off Bldg—
1st 6 #8
Oct 1 1941
/20#
Fuller Bldg deb 6s
6 #s unstamped
1949
/49
Graybar Bldg 5s
1946
Harriman Bldg 1st 6s 1951
Hearst Brisbane Prop 6s *42
Hotel Lexington 1st 6s *43
Hotel St George 4s
I960
Kelth-Albee Bldg (New
Rochelle) 1st 6s.
1936
82
83#
67
68#
1944
Lefoourt Manhattan Bldg
1st 4-6s extended to 1948
Lewis Morris Apt Bldg—
1st 6#s
Apr 16 1937
Llnooln Bldg lnc 6#s_1963
Loew's Theatre Realt Corp
1947
London Terrace Apts 6s '40
1960
6s series B
1960
Spgfleld City Wat 4s A1956
102#
102#
Terre Haute Water 5s B '56
6s series A
1949
82
84
103#
103
105#
99# 101
102
103
104
Texarkana Wat 1st 58.1958
104
102
103#
Union Water Serv 6#s '51
Water Serv Cos lno 6s '42
101# 103
104# 105#
W Va Water Serv 4a_.1961
102# 102#
96#
Western
1968
98
Interstate Water 6s A. 1940
103
Jamaica Water
Sup 5 #s *55
Joplln W W Co 6s
101
N Y
5s series B
1950
1st mtge 5s
1951
104#
104#
Kokomo W W Co 5s__1958
1st mtge 6#s
1950
Westmoreland Water 5s '52
104#
99# 102
1957
Wichita Water Co 5s B '66
Lexington Wat Co 5 #s '40
Long Island Wat 6#s.l955
104# 106
Middlesex Wat Co 5#s '57
106
95
100
Water Co—
99
99
101#
102# 104
102
6s series C
1960
104#
6s series A
1949
103#
1952
103# 105#
W'msport Water 5s
99# 101#
1945
83#
88#
15 7#
58#
1/36#
1st mtge 2s stmp A reg'55
/33#
/33
1st A gen 68
N Y Eve Journal 6
N Y Title A Mtge Co—
5 #s series BK
6 #s series C-2
5 #s series F-l
/5 2
57
July 7 1939
/32
33#
Oliver Cromwell (The)—
1st 6s
Nov 15 1939
Park Avenue—
/87
93
89
92
2nd mtge 6s
..1951
103 E 57th St 1st 6s... 1941
165 Bway Bldg 1st 6#s '61
99#
56
58
73
*
Borland Shoe Stores
61~
B/G Foods lno
80
com.
6s
1945
1st 5#s...May
130
130
1
16 1948
61 Bway Bldg 1st 5#s 1950
Syracuse Hotel (Syracuse)
1st 6 #s
Oct 23 1940
Textile Bldg 1st 6s
1958
1st 5 #s
1939
2 Park Ave Bldg 1st 4s 1941
1st fee A leasehold 4s '48
10#
♦
3
135
48#
136
157
...
22#
32
104
♦
16
37#
Bid
Ask
11#
*
12#
15
18
48
52
6#% preferred
100
Murphy (G C) $5 pref. 100
Neisner Bros pref
..100
106# 109#
113# 114#
Reeves
108
(Daniel)
pref. .100
Schiff Co preferred
100
United Cigar Sts 6% pf.100
6% pref otfs
U S Stores preferred
100
107#
17
16#
4#
19#
18#
7
108
22
3
59
24#
105
♦
36#
(S H) 6% pref.
10#
52#
104
32
90
174
53
54#
97#
66#
68#
Sugar Stocks
1
Walbrldge Bldg (Buffalo)—
Oct 19 1938
5#
14#
37#
50#
1
Par
Kress
Miller (I) Sons com...
4#
36#
*
7% preferred
Diamond Shoe pre!
20#
14#
♦
*
Par
Bid
Ask
50#
48#
Eastern Sugar Assoo
Preferred
177
1
49
1
47
Haytlan Corp Amer
/30
Westinghouse Bldg—
"
Securities
Ask
105
-
Blckfords lno
Sherry Netherland Hotel—
60 Park PI (Newark) 6s '37
616 Madison Av 1st 6 #s'38
19
0
6 #s double stpd
1961
Realty Assoc Bee Corp—
1st 6 #s
Bid
r
69#
/5 9
Trinity Bldgs Corp—
84#
Store
Chain Store Stocks
60#
97#
73
Chain
63
158
—
Boston
(Phlla)
1st fee A l'hold 6 #8.1940
Savoy Plaza Corp—
Realty ext 1st 6#s.l945
59
-
53#
/61 #
J5 4
5 #s series Q
19th A Walnut Sts
Roxy Theatre—
59#
-
57 William St.
85#
90#
NEW YORK
65
22
70
1936
/6 3
Chicago
103
60#
/50#
1942
BURR Si COMPANY Inc.
35
34#
102
158
--
1st8 MB (L I)
1946
#8.1937
81
37#
...1943
76
82#
79#
Munson Bldg 1st 6 #8.1939
N Y Athletic Club—
5s Income....
Ludwlg Bau man—
1st 6s (Bklyn)
Pittsburgh Wat 58 '55
6s series A
1962
Prudence Co
79#
1400 Broadway Bldg—
1st 6 #s stamped...1948
1947
S f deb 5s
1st 6s
6 #s unstamped
Ask
/33
_
East Ambassador Hotels—
1st 6s
6s
Sou
Metropol Playhouses lno—
Court A Remsen St Off Bid
Dorset
Bid
Majestic Apts 1st 6s. .1948
Metropolitan Chain Prop—
Metropolitan Corp (Can)
1st leasehold 6#s„ 1944
Broadway Motors Bldg—
6s stam ped
...1948
Chanin Bldg lnc 4s_..1945
1st 6s
Mortgage Certificates
Ask
B 1961
Indianapolis Water—
1st mtge 3#s
1966
Indianapolis W W Securs-
ny 1-588
SB
Real Estate Bonds and Title Co.
ser
109
1954
58
Y.
105
105#
1977
104#
102# 104
Illinois Water Serv 5s A '52
Bell System Tel.
w
103#
104#
102#
101# 103
6s
1967
Shenango Val 4s
1952
Huntington Water 5s B '64
BAKER A CO.
103
South Bay Cons Wat 5s '50
Hackensack Wat Co 5s '77
INCORPORATED
1961
Sedalia Water Co 5#s '47
6s series B
6 #s series B
103
Spring Brook
Water Serv 5s
1942
105#
1958
4 #s
6s series A
Public Utilities—Industrials—Railroads
1950
Roch A L Ont Wat 58.1938
58 series D
Estate Securities
1 50 Broadway, N.
102#
105
6 #s series A
Greenwich Water A Gas—
2360
105
1950
101#
6s series B
BArclay 7
99
108"
Co—
Prior lien 6s
1967
Ssserles A
AMOTT,
1940
Works
1st A ref 5s
E St L A Interurb Water—
Real
Water
102
Clinton W Wks Co 5s. 1939
Consol Water of Utica—
Wisconsin Pub Ser
3#s—1961
1941
_
102
Penna Water Co 6s
City of New Castle Water
58
97
Penna State Water 5#s '62
1st coll trust 4#s__ 1966
Community Water Service
126# 127#
102# 103
6% secured notes..1937
Cons. G E L & P
1971
94
100# 102#
93
Commonwealth Wat (N J)
6s series C
1957
62
100#
62
(Bait.) 3#s
92
108
Ohio Water Service 5s.1958
103
Consol E & G 6s A...1962
Consumers Pow 3#s.l966
Cumberl'd Co PAL 3#s'66
101
102
5 #8 series A
60
Sinking fund 4#s_.1951
108#
104M 104#
99
90
1951
Ore-Wash Wat Serv 5s 1957
6s
103
Southn Nat Gas Pipe Line
1966
Newport Water Co 5s 1953
Ohio Cities Water 6 #s '53
Ohio Valley Water 5s. 1954
(Wash)
107#
101# 102
107# 108#
Sou Calif Gas 1st 4s... 1965
Sou Cities Util 6s A... 1968
3#s series F
97#
104# 106
103# 104#
105#
Telep Corp 1st 4s '66 106#
Peoples LAP 5 #s_..1941 flOl
Public Serv of Colo 68.1961
105#
Pub Serv of N H 3#s D *60
107
Pub Utll Cons 5 #s
1948
85
Conn Lt A Power 3 #s 1956
95
96#
6 #8
Calif Water Service 4s 1961
Chester Wat Serv 4#s '68
106
92
New York Wat Serv 5s *51
105#
106
1953
__
New Jersey Water 5s. 1950
New Rochelle Wat 5s B '51
101#
103#
103
104#
105#
102# 104#
105*
6s series C
102
Penn
1960
100#
106
Birmingham Water Works
Parr Shoals Power 6s_1952
Sioux City Gas A
Income 5#s withstkl952
Colorado Power 6s.
5#s
Morgantown Water 5s 1965
M uncle Water Works 6s '65
103
103#
104# 105
Ask
Monongahela Valley Water
„
Butler Water Co 6s...1957
3#s C '66
Bid
Monmouth Consol W 5s '56
105
1956
Pennsylvania Elec 6s 1962
Cent Ark Pub Serv 6s 1948
Ask
101# 103#
Alton Water Co 5s
Ashtabula Wat Wks 5s '58
1965
Sink fund lnc 4-6S..1986
Bid
Alabama Water Serv 5s *57
Y. State E & G Corp.
4s
Northern N Y Utll 6s. 1956
65 M
PLACE, NEW YORK
Teletype: New York 1-1078
Water Bonds
106# 106#
Sink fund lnc 4 #-5 #s 86
Sink fund lnc 6-68-1986
Bellows Falls Hy El 5s 1968
HAnover 2-0510
101
3#s '66
Newport N & Ham 6s_1944
61
Blackstone V G & E 4s '65
Tel.
100# 100#
Mtn States Pow 1st 6s 1938
N ar rag arise tt Elec
55
Sink fund lno6#s„1983
INCORPORATED
104#
*
79
For
footnotes
see
page
267.
H
1
Par
Savannah Sug Ref oom
West Indies Sugar Corp..1
Bid
38#
7#
Ask
40
8%
Volume
Financial
144
Quotations
267
Chronicle
Over-the-Counter Securities—Friday Jan. 8—Continued
on
Investing Companies
Singer Mfg. Co.
Climax
19.59
12.14
28*
30*
1.28
1.41
12*
13*
Investors Fund C
16.16
16.48
Amer General Equities Ino
I.14
1.27
Keystone Cust Fd Inc B-3.
23.61
25.92
Major Shares Corp
*
Maryland Fund Ino com..
3*
7*
5*
8*
4*
4*
Mass
Trust.. 1
5
Assoo Stand Oil Shares..2
Bought—Sold—Quoted
Bankers Nat Invest Corp »
Shares...*
British Type Invest A
1
Bristol & Wiilett
.45
27.56
Bid
Par
*
American Book
63
Amer Box Board com
m
.
—
65*
16*
1
Par
Ask
54
100
American Arch
Maytag warrants
Merck A Co Ino
6%
17*
preferred
100
Preferred.-.
106
38*
39*
Muskegon Piston Ring
•
36
38
National Casket
110
American Mfg 5% pref. 100
American Republics com.*
83
15*
16
Andian National
Corp...*
46*
48*
Art Metal Construction. 10
22*
24
Indust Servcl A*
28
114
62
7*
53*
97
22*
48*
9
100
New Haven Clock pf—100
51*
110
*
30
6%
preferred
Northwestern
Norwich
Ohio
95
10"
33
105
88
92
6
42 X
44*
—-----*
19*
21*
Yeast—100
Pharmacal
Leather
31
33
Ohio Match Co
*
13 X
25
100
27*
Pathe Film 7% pref
Petroleum Conversion
♦
97
1
2
3
Publication Corp com
*
48
50
14*
-
Canadian Celanese com..*
127
124
100
Preferred
39*
Columbia Baking com...*
40*
12
Climax Molybdenum,...*
14
$7 1st preferred
100
100
$1 oum preferred.—...*
22
24
Remington Arms com.—.*
63*
64*
54*
Soovlll Mfg
53
Singer Manufacturing. .100
365
375
Crowell Pub Co oom
55
57
Standard Screw
155
165
100
Dentists' Supply Co of N Y
Dictaphone Corp..
—.*
$7 preferred..
61
64*
119
100
Preferred
62
59
74*
78
Douglas Shoe preferred. 100
Draper Corp
•
32
35
94
97
Flour Mills of America
4
*
3*
10*
41
43
21*
♦
.*
Gen Fire Extinguisher...*
Gen Flreproofing $7 pf.100
Golden Cycle Corp.....10
22
105
$3
45
8
8
100
64
67
Great Lakes SS Co com..*
40
42
Great Northern Paper..26
Klldun Mining Corp.....1
38
41
Lawyers Mortgage Co. .20
2
Preferred
38*
100
24*
2*
19*
42*
32*
106
46
108
Selected Industries conv pf
Spencer Trask Fund
*
22.85
23.56
5.25
Standard Am Trust Shares
4.30
4.55
1.19
1.29
C
7.90
8.75
Standard Utilities Ino
25c
2.04
2.19
Eqult Inv Corp (Mass)..5
Equity Corp conv pref
1
34.95
32.55
41*
44*
Fidelity Fund Ino
28.95
31.19
Corp
• 106.40
4.28
Super Corp of Am Tr Shs A
2.85
AA
4.48
B
D
Dividend Shares
26
5.65
Fundamental Investors Ino
25.54
26.97
6.60
7.38
100
Supervised Shares....
Trustee Standard Invest C
D
7.19
7~.82
Trustee Standard Oil Sh
1.83
1.98
Trusteed Amer Bank Shs B
Automobile shares
1.49
1.62
Trusteed Industry Shares.
1.56
1.73
Building shares
2.23
2.41
U S El Lt A Pr Shares A—
20*
21*
Chemical shares
1.70
1.84
B
3 36
3.46
Voting trust ctfs
1.18
1.26
32
1.08
1.18
1.69
1.83
1.50
1.63
Un N Y Tr Shs ser F
Mining Shares......
1.79
1.94
Wellington Fund
1.50
1.69
1.83
Investm't Banking Corps
1.80
1.95
Bancamerlca-Blalr Corp..
Tobacco shares
1.29
1.31
First Boston Corp
shares
shares...
—
Guardian Inv Trust com.*
1
1*
25
23
Incorporated Investors..*
ROBINSON, MILLER A CO.
INO.
N.?el?.|8|
Miscellaneous Bonds
Bid
Bid
Ask
Home Owners' Loan
American Tobacco 48.1951
114
100
103
Armour & Co 4s
YORK
111
Am Wire Fabrics 7s__ 1942
109
109*
1957
Associates Invest 3s..1946
99*
104
...
103* 104*
100* 101*
3*8
15
1937 100.28 101
2s
Aug
15
1938
1951
Martin
(Glenn L)
1939
158
162
/70
72
5s..1946
98
Reynolds Investing 5s 1948
92
94
107
109
6s
Nat Radiator 5s
105*
N Y Shipbuilding
104*
riH o o
ScovlU Mfg
/92
fNew York Security Dealers Association
Exchange, Inc.
5*s
1945
Std Tex Prod 1st 6*s as'42
Struth Wells Titus 6*s '43
94
Sept 1 1939 100.30 101.2
28
/27
l*s
102.8
1946
conv
CLIMAX MOLYBDENUM COMPANY
& CO.
102.4
1 1939 100.30 101.2
95
88
6*8 1937
Kelsey Hayes Wheel Co—
Conv deb 6s
1948
99* 100*
104
104*
Kopper Co 4s ser A...1951
June
Journal of Comm
1963
River Bridge 7s
Aug
l*s
100
Bear Mountain-Hudson
(
Ask
Corp
1*8
102*
/26*
•
27*
94
/36*
Woodward Iron 5s...1952 /103
Wltherbee Sherman 6s '44
...
38*
"ggg <*£ fS
*
No par value,
a
b Basis price,
interchangeable,
Coupon,
e Ex-rights.
/Flat price,
selling on New York Curb Exchange,
Paper, New
United Cigar Stores
Dainty Maid Slippers
Com.& Pref.
Electrol, Inc;
t Quotations per 100 gold rouble bond
CURRENT
M. S. Wien & Co.
Established
Members of the
25
1919
BROAD ST.,
N. Y.
Tel. HAnover 2-8780
Teletype N Y 1-1397
equivalent to 77.4234 grams of pure gold.
NOTICES'
—Thomas Hitchcock Jr. and Joseph A. Thomas
partners in Lehman Brothers.
New York Security Dealers Assn.
Registered coupon (serial)
y Now
t Now listed on New York Stock Exchange.
Inquiries Invited
|
s
c
When Issued, x ex-dlvldent.
Now selling ex-coupons.
w. i
d
polo player.
to be made a
have been admitted as
Mr. Hitchcock is Internationally famous as a
Mr. Thomas is only 30 years old, one of the youngest men ever
partner in a major banking investment firm.
has been with Lehman Brothers since
August, 1932.
Mr. Hitchcock
Previously he was with
The Bankers Co. and before that in business for himself in financing
FEDERAL
Coal
BAKESHOPS
PETROLEUM CONVERSION
ALLENDALE
—John
F.
Bolger,
formerly Chicago
President, announced.
Others who have become associated with Banning
& Co. include Paul E. Conrads,
&
NORVIN
GREENE
field,
111.; W.
F. Porter,
Rockford, 111.; J. R. Aldendifer, Spring¬
Rockford, 111.; "Walter E. Murray,
Madison,
Wis.; Ralph E. Dickson, Kewanee, 111.; Chester P. White, Chicago; Edwin
Incorporated
80 BROAD STREET
HAnover 2-0077
Sales Manager for Hammons &
Co., Inc., has joined Banning & Co. as Vice-President, J. Retz Ramser,
CORP.
GENERAL ALLOYS PFD.
LANCASTER
and
He is a director of the Electric Shovel
Corp. and of the Export S. S. Corp.
developing coal and oil properties.
ROBERT GAIR
...
[commodity
Broadway, New York
Am. Writ.
7*
6*
126
Cont'l Roll A Steel Fdy
61
10*
49
Submarine Signal Company
Comm Credit
Members
9*
47*
2*
28.40
Chicago Stock Yds 5s. 1961
UNTERBERG
22.99
1.28
26.41
Telephone HAnover 2-9030"
E.
4*
21.04
Schoelkopf, Hutton A
Pomeroy Ino com
1.00
Huron Holding Corp
3*
1*
34
QUAW & FOLEY
C.
1.02
1.63
RR Equipment shares..
Steel shares
.92
Un N Y Bank Trust C3._
Merchandise
118""
Bought, Sold & Quoted
Members New York Curb Exchange
7.95
7.52
HA™vS-h2°282 52 William Streot, N.Y.
NEW
A
B
Investing shares
70*
BROAD STREET
15.97
3.28
3.22
..
General Investors Trust-
SYLVANIA INDUSTRIAL CORP.
80
14.69
Group Securities—
Agricultural shares
64
113
67*
8.21
D
6.01
5*
11*
WJR The Goodwill Station
•
8.21
C
5.35
B
2.85
BB
II.40
B
•
State Street Inv
13.75
Foundation Trust Shares A
29
5*
11*
10
Worcester Salt
fePreferred
*
*
Fixed Trust Shares A
100
Willys Overland Motors..1
preferred.——.100
28*
6
White Rock Mlii Spring—
37 1st preferred
100
7%
5.75
27
23
Wlloox-Gibbs common..50
11*
4.23
35
Young (J S) Co com... 100
10*
5.30
17.11
Selected Income Shares
Preferred
34*
21
120
*
5.40
15.70
.
12
21*
4*
110
oom
new
Diversified Trustee Shs B.
2?8
32*
260
.100
Selected Amer Shs
Selected Cumulative Shs.
104
100
2d 8% preferred
Maofadden Publlca'n
111
100
5.10
5.00
Royalties Management
3.58
43
1st 6% preferred.... 100
Lord A Taylor com
15.53
4*
3.80
110
cum
6% preferred
15.03
37*
Petroleum
41
preferred
*
White (S S) Dental Mfg.20
2*
2*
40*
2*
Lawrence Portl Cement 100
$3
21.11
2.51
17*
102
conv
Preferred
10
1.08
19.27
Food shares
West Dairies Inc com vtc 1
8*
*
Graton A Knight com
.97
Deposited Bank Shs ser A.
Deposited Insur Shs A
24
16*
.—100
preferred
•
Welch Grape Juice pref. 100
West Va Pulp A Pap com.*
34
35*
3*
Deposited Insur Sh ser B__
Warren Northam—
•
42
Good Humor Corp
Preferred
32
10
*
Selected American Shares
45
22
United Piece Dye Works.»
8*
11*
8
shares.——.*
Oalr (Robert) Co oom
Preferred
Trlco Products Corp
*
Tublae Chatlllon cum pf. 10
United Merch A Mfg com *
18
Blass B
6.67
18*
44
_•
com
1*
•
Foundation Co. For Bhs..*
American
Steel
40
17
»
Plymouth Fund Ino A. 10c
Quarterly Ino Shares *nep.
Representative Trust Shs.
Republic Investors Fund. 5
117
Common B shares
Taylor Wharton Iron A
mmmm
Dixon (Joe) Crucible... 100
17*
Stromberg-Carlson Tel Mfg
Sylvanla Indus Corp
•
Taylor Milling Corp
_•
109*
5*
51*
4*
50*
—25
100
82
38
Class A
Fundamental Tr Shares A.
Columbia Broadcasting A *
Class B
*
»
75
Cumulative Trust Shares.*
...*
Nat Paper A Type com
10
100
com
8% preferred
3.46
Securities... 100
Pacific Southern Inv pref. *
3.76
Crura A Forster Ins
3.67
Series 1958.
Northern
3.76
7% preferred..
21*
♦
Preferred
6
Beneficial Indus Loan pf.*
Bowman-Blltmore Hotels
1st preferred
IX
26
100
8% cum preferred—100
American Hardware
25
Bankers
Ask
1*
1
Mock Judaon A Voehringer
American Hard Rubber—
Amer Malxe Products
Bid
.
com
3.74
Series 1956
12*
19*
2.97
Series ACC mod
Industrial Stocks
2.91
2.97
Series AA mod..—....
68*
64*
3.11
Accumulative series
2.28
3*
Series 1955
29.64
18*
11
Series AA
5.00
2.12
No Amer Bond Trust ctfs
9*
Corporate Trust Shares-
Bell System Teletype NY 1-1493
4.90
k Trust Shares
No Amer Tr Shares 1953..
54
6*
Continental Shares pref...
Tel. BArclay 7-0700
Wide Securities.. 1
N Y Ba
5.16
4.70
49
Century Trust Shares—.*
Consol. Funds Corp cl A.
York Security Dealers Association
18.83
Nation
24*
Central Nat Corp cl A.—*
Class B
»
11.27
31.14
17.23
Voting trust certificates.
".65
38.22
23
Canadian Inv Fund Ltd.l
1920
10.31
29.35
1
Investors
Mutual Invest Fund
35.74
1
Bullock Fund Ltd
47
45
Invest Co of Amer com. 10
5.36
Basic Industry
Broad St Invest Co Inc..
Broadway, N. Y.
1.91
1.77
Shares
*
Am Insurance Stock Corp ♦
115
Insurance Group
1.99
1.84
Group Shares
Amer A Continental Corp.
America Maize-Products Co.
Members New
Bank
Amer Business Shares.—1
Amerex Holding Corp
Interstate Natural Gas Co.
Established
Ask
Institutional Securities Ltd
20.84
11.12
•
Affiliated Fund Inc
Bid
Par
Ask
Bid
Par
Administered Fund
Molybdenum Co.
Bell Tele. N.Y/1-1786
P. Rose, Fairview, 111.;
Champaign, 111.
David James, Chicago, and William W. Andrews,
268
Financial
Chronicle
Jan. 9, 1937
^EE
Quotations
Over-the-Counter Securities
on
1
•
Bid
1946
Ask
nm
...1946
20%
-f,.
v'
.■
■
Panhellenic
change Bank 7s
1936
Bid
Ask
1971
99 M
99%
Ilseder Steel 6s
1948
7% 1947
1948
Barranquilla 8s'35-40-46-48
f2lM
f21M
/21
fl6M
23%
23%
Jugoslavia 5s Funding 1956
Jugoslavia 2d ser 5s..-1956
:
42%
40
Bavaria 6%s to
Bavarian Palatinate
1945
1945
Bogota (Colombia) 6 %s '47
8s
1945
8s. 1947
7s
1958
7s
1969
6s
1940
Koholyt 6%s
Land M Bk Warsaw 8s '41
23
12%
Leipzig O'land Pr 6%s '46
Leipzig Trade Fair 7s 1953
12%
Luneberg
12%
16
Water 7%
1948
Mannheim A Palat 7s. 1941
18%
/11%
A3
mM
f79M
Brandenburg Elec 6s. -1953
Brazil funding 5%. 1931-51
Brazil funding scrip..
Bremen (Germany) 7s 1935
6s.
17%
23
Meridionals Elec 7s—1957
/30
/15%
W
mx
KM
/18
m
/68
1946
Ceara (Brazil) 8%
1947
Chile Govt 6s assented
7s assented
—
Chilean Nitrate 5s
1968
7s stamped
1957
Costa Rica funding 5% '51
Costa Rica Pac Ry 7 Ma '49
6s
1949
Cundlnamarca
Duisburg 7 % to
1945
East Prussian Pow 6s. 1953
Eleetrio Pr (Germ) 6 Ma '50
6Ma
1953
European Mortgage A In¬
vestment 7 Ma
1966
7s
79
1937
123
_
1948
R C Church Welfare 7s *46
Royal Dutch 4s
1945
Saarbruecken M Bk 6s '47
Salvador 7%
1967
19%
7s ctfs of dep
19%
4s
22
July to Deo 1935..
Jan to June 1936
German scrip.
German Dawes Coupons
6%s
1951
Saxon State Mtge 6s. 1947
Serbian 5s
1956
2d series 5s
.
.
.
-
...
.
/16%
19%
/64
/26
28
68
1956
1940
7s
State
THE
PARIS
76
f7H
Jan. 2
Jan. 5
Jan. 6
Jan. 7
Jan. 8
Francs
Francs
Francs
Francs
7,900
1,420
7,770
1,410
7,790
1,435
7,810
8,300
578
569
571
327
328
325
334
342
26,600
27,400
1,036
27,100
27,000
26,800
1,065
1,082
1,490
1,400
1,420
1,470
v
Canal de Suez cap
Cle Dlstr. d'Electricitle
1,051
1,390
Cle Generate d'Electricitle
Cle Generale Transatlantlque
28
805
770
798
800
42
140
140
138
130
28
Courrieres
224
224
228
236
22%
22%
Credit Commercial de France..
608
600
630
620
Credit Lyonnalse......
....
Eaux Lyonnalse cap
Energle Electrlque du Nord
1,640
1,620
1,640
1,650
1,460
1,400
1,440
1,470
344
334
331
342
596
609
131
23
/35
/35
/13
/65
/53
40
Energle Electrique du Littoral..
36%
611
Kuhlmann
14
L'Alr Llqulde
Lyon (P L M)...............
75
65
Nord Ry
Orleans Ry
Gt Brit A Ireland 5 Ma '37
4s
1960-1990
127 M
113
695
710
720
1,390
1,380
1,420
1.420
689
680
681
691
HOLI-
741
712
715
730
DAY
369
Guatemala 8s 1948
361
/41
363
Pechiney
Rentes, Pepetual 3%
Rentes 4%, 1917
Rentes 4%, 1918
Rentes 4%s, 1932 A
Rentes 4%%, 1932 B
Rentes 6%, 1920
Royal Duteh
97.60
97.40
97.60
98.10
98.10
4,970
5,080
Saint Gobaln C & G
Schneider «fe Cle
4,930
4,970
4,970
1,700
1,284
1,680
1,725
1,340
1,390
1,760
1,480
/16
/26
/20%
/16%
/21
17%
28
23%
22%
24
42%
44%
37
46
...
■
...
290
20
20
19
19
1,929
1,915
1,943
1,970
74.80
73.90
74.00
Toho Eleetrio 7s
1955
1947
Tucuman City 7s
1951
Tucuman Prov 7s.—1950
74.60
72.80
73.00
73.40
73.90
72.00
72.00
72.40
73.10
78.90
78.25
78.30
79.00
79.70
76.80
76.90
77.30
Societe Francalse Ford
Soclete Generale Fonclere
Societe Lyonnalse...
77.60
60
61
154
152
154
/17%
/55
/51
/55
/51
/86
/15%
1,470
61
525
525
Tublze Artificial Silk, pref.....
Union d'Electricitle
160
160
168
170
438
436
445
452
Wagon-Llts..................
90
89
89
85
525
525
...
...
THE BERLIN STOCK EXCHANGE
19
.
...
54
Closing prices of representative stocks
each day of the past week:
54
Jan.
88
2
as
Jan.
4
16%
100
98
68
61
1,400
99%
Allgemelne Elektrizltaets-Gesellschaft.
Berliner Handels-Gesellsohaft
(6%)
38
39
received by cable
Jan.
•
Berliner Kraft u. Licht
98
78.30
158
1,445
1,465
Soclete Marseillaise
/98
74.80
73.60
72.70
Jan.
Jan.
5
6
Per Cent of Par
38
7
Jan.
8
■■■1 ■ ■
38
39
38
21
97
100
f52
f 68
fl7
/30
/30
Union of Soviet Soc Repub
1943
Steamship 68.1937
J86.50 91.10
Unterelbe Electric 6s. 1953
21%
Vesten Elec Ry 7s
21
7% gold ruble
United
_
22
Wurtemberg 7s to
—
100
101%
/16%
/17
1945 716
1947
21
70.
125
125
126
165
165
165
165
109
110
110
...
Dessauer Gas
107
108
108
109
112
112
113
114
114
148
147
148
150
Deutsche Reichsbahn (German Rys) pf
7% 125
DresdnerBank
.108
150
125
125
125
125
108
108
108
108
108
Farbenindustrie IG (7%)
fl7
Commerz'und Prlvat-Bank A. G
173
171
168
169
172
Gesfuerel (6%)
1957
Housing A Real Imp 7s '46
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7%s '32
1946
1946
Tolima 7s
...
365
Pathe Capital................
74
80
43
Certificates 4s
Wks
Haiti 6%
1953
Hansa SS 6s stamped. 1939
6s unstamped
1939
171
145
(8%)
(7%)
Deutsche Bank und Dlsoonto-Gesellschaft.Ill
Deutsche Erdoel (4%)
152
were
126
126
165
165
110
111
111
113
125
145
142
144
144
143
148
148
150
150
150
15
15
15
16
16
Mannesmann Roehren
120
Norddeutscher Lloyd..
15
Relchsbank (8%).......................186
119
118
118
119
119
15
15
15
15
16
186
187
189
188
.—
...
226
226
Salzdetfurth (7%%)
Siemens & Halske (7%)
AUCTION SALES
following securities
...
15
182
180
180
181
179
198
194
194
198
197
Hamburg Elektrlzltaetswerke............
Hapag—.............................
sold at auction
on
of the current week:
Wednesday
By R. L. Day & Co., Boston:
Stocks
185
Rhelnlscbe Braunkoh!e (8%)........
201
$ per Share
80 Grinnell Manufacturing Co
40 Naumkeag Steam Cotton
-
1.225 Pantex Pressing Machine Co.
-
81o
$2,500 lot
.....
common
17X
100 Pantex Pressing Machine Co. 6% pref., par $100
-
—
15 National Protective Cos..............
11 Massachusetts
83
.....
par
61%
4M
.......
Lighting Cos. $6 preferred
10 Kansas City Stock Yards common,
$100.
110M
.........
.........
NOTICES
64%
16)$
United
States Envelope Co. common, par $100.....—......
II American Founders Coro-.—i—
150 William E. Wright A Sons Co., par $100
CURRENT
4
.
Co.,par $100—...........................
I New Bedford Cordage Co., par $100
25
361
1,440
26,%
40
7s unstamped
128%
114%
1,700
1,490
618
704
6%
130
/25
/68
1956
99
"28
565
Comptoir Nationals d'Escompte
Coty 8 A
Oct 1932 to April 1935 /50 60
Oct 1935 to Oct 1936.
/37
13
m
....
27
44%
11
noM
/12%
1,449
554
129
4
Jan. 4
Francs
26
42%
Stinnes 7s unstamped. 1936
Certificates 4s—1936
Dec 1 '34 stamped
June 1 '35 to Dec. 1 '36Graz (Austria) 8s
1954
Shares
received by cable
as
545
1956
Stettin Pub Util 7s.—1946
nm
The
BOURSE
26
Mtge Bk Jugoslavia
8%
16%
Apr 15 '35 to Oct 15 '36.
German Young Coupons
46
$75 lot
545
5s
6%
$2 lot
Royalty
Citroen B
/18
/34
Slem A Halske deb 6s.2930 /250
.
11%
3%
Copley Square Trust common, par $100
Banque de Paris et Des Pays Bas
Banque de l'Unlon Parlslenne..
Canadian Paclflo.............
2d series 5s
.
3%
62%
100 Insurance Securities Co., par $1
21
Nov 1935 to Nov 1936
...
67%
..............
...................139
Francs
Nov 1932 to May 1935 / 50-60
-
...
$100
/75
Scrip
24
.
23%
73%
Coupons—
Dec 1934 stamped
see page
1948
(Brazil)
1947
Santander (Colom) 7s. 1948
Sao Paulo (Brazil) 6s. 1943
Saxon Pub Works 7s. 1945
...
f22M
/21
719%
/18
July to Deo 1936
For footnotes
Catharlna
Santa Fe 7s stamped. 1942
18
par
19%
25%
10 Bay State Fishing Co. common
1 Antilla Sugar Estates common, par $100; 23 Consolidated
American
Corp. common, and 20 United Public Service Corp., par $1
1
Coupons—
Jan to June 1935
6%
1948
8%..„
/35
/24
July to Dec 1934.......
Water
scrip
8s ctfs of dep
20
m
Jan to June 1934
Hanover Harz
1957
8s
22
/20
German defaulted coupons
July to Dec 1933
6%s '46
17%
/25
preferred,
Bank of France
/38
/26
A9%
A8%
...
Co.
68
15 Newmarket Manufacturing Co
.........
5 Ludlow Manufacturing Associates......
...
Rom Cath Church
...
Nashua Manufacturing
46"
22%
35
/70
/52
@g
1937
German Atl Cable 7s.-1946
German Building A Land-
1968
(Ger¬
/30
/97
/40
/15
/17%
126
<
..........
Quotations of representative stocks
each day of the past week:
730
26
118
French Nat Mail SS 6s '52
-
93
Rhine Westph Elec 7% '36
Rio de Janeiro 6%...1933
/30
Gelsenklrchen Mln 68.1934
Per Cent
$ per Share
33
19%
19%
21%
...
'
"
Co
53 Berkshire Fine Spinning Associates common
20 Farr Alpaca Co., par $50......
37 Dwight Manufacturing Co., par $12.50
83
35%
m
By Crockett & Co., Boston:
25
/17 %
/17%
22%
19%
''
1 Saco Lowell Shops 2d preferred, par $100
50 units No. 125 East 63rd Street, Inc
many) 7s
1946
Prov Bk Westphalia 6s *33
Prov Bk Westphalia 6s '36
61
/30
1945
bank 6>^%
1945
Panama 6% scrip
Porto Alegre 7%
Protestant
Church
Santa
1969
_
Frankfurt 7s to
French Govt 5%s
1948
40%
...
"
92
Oberpfals Elec 7%—1946
Oldenburg-Free State 7%
53
$1 lot
$1 lot
-
24%
J87
/86
Mtge 7%
69%
/32
fl6M
fl9M
fl6M
fl6M
f 17 M
fl8
fl8
6%s—1959
Dortmund Mun Util 6s '48
Duesseldorf 7s to
1945
/21%
to
/23
4%
1946
Cordoba 7s stamped.. 1937
22
1945
North German Lloyd 6s *47
4s
1947
7%
/30
f77
/5l
/67
/59
/34
Issue of 1934
/17
16%
17
17%
City Savings Bank, Buda¬
pest, 7s
1953
Colombia scrip Issue of '33
24
(A A B)
1946-1947
(C A D)
1948-1949
Nat Central Savings Bk of
Hungary 7%s
1962
National Hungarian A Ind
21
Co
45 Copley Square Trust
common, par $100
Muniolpal Gas A Elec Corp
Recklinghausen 7s_. 1947
23%
6 Ma
1953
/22
Buenos Aires scrip
67
/65
Burmeister A Wain 6s. 1940 /113
116
Caldas (Colombia) 7 Ma '46
fl8M 20
Cauca Valley 7 Ma
27%
23
&
$1 lot
$5 lot
—
Stocks
Newmarket Manufacturing
16
/20
/20
/78
/16%
/16%
Munich 7s to
British
Call (Colombia) 7% —1947
Callao (Peru) 7%%..1944
Light
/45
/19%
fl7
Nassau Landhank 6%s '38
Natl Bank Panama 6%%
fl6M
m
Hungarian Bank
7%s
E
1962
Brown Coal Ind Corp—
Power
24~~
/20
Munlo Bk Hessen 7s to '45
80%
/89
1940
1943
...
$1 lot
Association preferred
Shares
5
Nov 1932 to May 1935 m 60
Nov 1935 to Nov 1936
/34
21%
/i3%
J2\
m
/II %
fllM
25"
Coupons—
Cons
Clt 7% to
Bolivia (Republic)
24
■'-■■■'% per Share
$1 lot
$5,000 Constant Refining 1st 6s, 1925, registered........................._$6 lot
44%
37
Bank of Colombia 7 %
House
Bonds—
/30
/21
Bank of Colombia
.'-v."''
■
20 Central-Penn National Bank, par $10
Hungarian Discount A Ex¬
/28
■
3,000 Russian rubles
8 Constant Refining
Foreign Unlisted Dollar Bonds
Antloquia 8%
Argentine 4 %s
Stocks
100 Manayunk Trust Co., par $25
10 4111 Walnut Street common
10 4111 Walnut Street 7% preferred
Friday Jan. 8—Concluded
Anhalt 7s to
1
By Barnes & Lofland, Philadelphia:Shares
75%
—Fuller, Rodney & Co., members New York Stock Exchange,
that Stuart Hedden has been admitted
Mr. Hedden
was a
in 1933 to form the firm of
that
since
date
in
Stores
a
announce
general partner in their firm.
Fuller, Rodney & Co., having retired
Hedden & Co., Inc., which firm has been active
reorganization
During this period Mr. Hedden
McLellen
as
former partner of
and
was
work
was
chairman
and
underwriting of securities.
responsible for the reorganization of
of
the reorganization
committee
of
McCrory Stores Corp.
School and for
a
Mr. Hedden is a graduate of the Harvard Law
number of years was associated with Cotton &
Franklin.
12 Plymouth Cordage Co., par
$100....................................115
He left Cotton & Franklin to become the head of the
30 Saco Lowell
ment of the old firm of
Shops 1st pref.
par $100
Co..
par
......
20
...........
$100
-.115
6 Port Wentworth Co. common, v. t.
c.; 10 Harmony Mills pref.,
in liquidation, par $100; 400
Campeche Timber & Fruit Co
$5; 10 Campeche Timber & Fruit Co. preferred- 60 Finance
stpd. $30 paid
common,
50 Saco Lowell
Bonds—
Shops 2d pref.,
par
$100
63M
'
,
,,
$1,000 Worcester Transportation Associates Inc. 6s, June 1952
reg
$900 Twentieth Century Club of Boston 2d
mtge. 6s, July 1942
July
1934
&
sub.
on
Percent
75% flat
coupon
$12
lot
business depart¬
was
—William
par
Corp. of New
England common; 200 Finance Corp. of New England pref.,
par $50; 171 New
England Bond & Mtge. common, par $50; 10 New England Auto Body
pref.;"
14 Industrial Finance Corp.
common, par $1; 29 Galveston-Houston Electric
Co. common, par $100; 2-5 American
Super Power preferred
$100 lot
new
Kissel, Kinnicutt & Co.
Norman Proctor Smith,
Vice-President of Hedden & Co., Inc., and formerly
syndicate
manager of J. & W. Seligman & Co., comes to Fuller,
Rodney & Co. with
Mr. Hedden as syndicate manager.
who
1 Waltham Watch Co. class B
14 Plymouth Cordage
125
S.
Hernon, member of the New York Stock Exchange, and
announce the formation of
Hernon, Pearsall & Co. to
Newman O. Pearsall
transact
York.
a
general investment business, with offices at 120
Broadway, New
Hernon and Mr. Pearsall were both
formerly associated with
Mr.
E. Naumberg & Co.
—The firm of William Morris & Co., members of the New York
Stock
Exchange,
announce the admission of Jerome B. Lustig to general partner¬
Carlos Gardiner has been made Manager of their foreign department,
and the firm's trading and stock customers
departments have been en¬
ship.
larged.
Volume
Financial
144
269
Chronicle
Corporation and Investment News
General
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS
Aberdeen & Rockfish RR.—Bonds—
authorized the
4H% bonds,
the proceeds
from the Reconstruction Finance Corp.
Interstate Commerce^ Commission
P The
Dec. 30
on
Specialists
company to issue not exceeding $106,000 of serial refunding
to be sold at their principal amount and accrued int., and
applied to the repayment of a loan
and other purposes.
The proposed bonds
in conne^-Dn.with
All
Arnold, of Raleigh,
have been sold to Kirchofer &
N. C., at their principal amount and accrued interest,land the
in excess of the amount required to pay the loan will be usedifor
Rights and Scrip
proceeds
expenses
the issue thereof.—V. 140,iP .*3202
MCHONNELL & C.O
Administrative & ResearchJCorp.—Dividends—
31 announced the following semi-annual distribu¬
Dec. 31, 1936 to shareholders of the following investment
The company on Dec.
York Stock Exchange
tions payable
trusts:
Members^ N<(wYork
Per Share
Fixed trust
Fixed trust
Fixed trust oil shares
Allied Owners Corp.—Fees
Allied Stores
Corp.—Financed
organized in New York, has been privately financed by
New York Stock Exchange, through
and preferred stock.
The corporation will derive the major portion of its income from three
sources: (1) the preparation of preliminary and complete surveys and re¬
ports of aviation corporations seeking financing; (2) a specialized investment
counsel service for bankers, investment trusts and individuals interested
in the aviation industry; (3) the formation and continued supervision, on a
management fee basis, of an investment corporation whose portfolio will
be devoted to securities of aviation and closely related companies.
Minton M. Warren, for ten years associated with Stone & Webster,
formerly president of the Moth Aircraft Corp., and director of the CurtissWright Airplane Co. at St. Louis, is president; A. Pendleton Taliaferro Jr.,
former Chief of the Airport Section of the United States Department of
Commerce, is vice-president, and Dr. Alexander Klemin, Professor of
Aeronautical Engineering of the Daniel Guggenheim School of Aeronautics
of New York University, is a member of the Advisory Board.
John E.
Arrowsmith of Arrowsmith & Co. is a vice-president, and Richard N.
The corporation,
the issuance of common
Taliaferro, investment banker, treasurer.
One of the first activities of the corporation it
is said will be the organiza¬
under the rules of the Securities and Exchange
portfolio will consist entirely of
qualification
Commission of an investment trust whose
,
Amerex
Corp.—Listing, cfee.—
Holding Corp.—Semi-Annual Dividend—
The directors have declared a semi-annual
the
on
1937.
Akron Canton & Youngstown Ry.—Hearing on Plan—
held a hearing Jan. 5 on the trusfor reorganization and consolidation of Akron, Canton & Youngs¬
town and the Northern Ohio Ry.—V. 144, p. 95.
American Alliance Insurance
1936—Month—1935
$413,500
$364,000
Period End. Dec. 31—
x
Co.—Earnings—
Gross earnings
Net profit after oper .exp.
& devel. charges, but
capital stock, par $10, both payable Jan. 15 to holders of record
Similar payments were made on Jan. 15,1936.—V. 142, p. 118.
A."., A
American Arch
210,700
156,000
Includes gold premium.—V. 144, p. 95.
2,625,700
Co.—Special Dividend—
American Brewery,
1,928,800
Inc.—Pays 12-Cent Dividend—
The company paid a dividend of 12 cents per share on
Dec. 15 to holders of record of same date.—V. 137, p.
on
Dividend—
Corp. of Virginia—Initial
Alberene Stove
The directors have declared an
American Cities Power &
initial dividend of 25 cents per share on
the voting trust certificates for common
of record Dec. 14.—V. 143, p. 2663.
stock, payable Dec. 22 to
holders
Jan. J7.
PKThe directors have declared a special dividend of 75 cents per share on the
capital stock, no par value, payable Dec. 21 to holders of record Dec. 15.
A regular quarterly dividend of 75 cents was paid on Dec. 1 and on Sep*. 1,
last, this latter comparing with regular quarterly dividends of 25 cencs per
share previously distributed.
In addition an extra dividend of 25 cents
was paid on Dec. 24,1935.—V. 143, p. 1064.
deple'n
before dprec.,
and Federal taxes
x
1936—12 Mos.—1935
$5,239,800 $4,176,000
Co., N. Y.—Extra Div.—
extra dividend of 20 cents per share in
quarterly dividend of 25 cents per share on the
The directors have declared an
tess plan
Alaska Juneau Gold Mining
dividend of 50 cents per share
capital stock, par $10, payable Feb. 1, to holders of record Jan. 15,
An initial div. of like amount was paid Aug. 1,1936.—V. 143, p. 98.
addition to the regular
The Interstate Commerce Commission
"A
<
The New York Stock Exchange has authorized the listing of $4,500,000
4H % debentures due Aug. 1, 1951, which are issued and outstanding; and
on official notice of issuance of 27,982 shares of 5% preferred stock (cum.)
par $100, making a total when combined with the amount presently out¬
standing and listed of 235,314 shares.
Of the net proceeds of its 4H % debentures, $1,500,000 (excl. of interest)
was applied to the prepayment of the corporation's notes issued in order to
obtain funds largely used for the acquisition of all of the capital stock of
Polsky Realty Co. The entire outstanding preferred and co imon stocks of
Dey Brothers & Co. were purchased in Sept. 1936, for $400,000.
Dey
Brothers & Co., operating a department store in Syracuse, New York, owns,
subject to mortgage, the land and buildings in which its business is con¬
ducted. The balance of the proceeds, amounting to approximately $2,400,000, were used for general corporate purposes.
The 27,982 shares of 5% preferred stock were authorized for issuance at a
meeting of the directors held Dec. 18,1936. Of such shares, 10,200 are to be
issued In partial exchange for 3,373 shares of second preferred stock of
Pomeroy's, Inc. and 7,810 shares of third pref. stock of Pomeroy's, Inc.
The remaining 17,782 shares will be issued as part of a dividend on the
outstanding common stock, payable on Jan. 20, to holders of record Jan. 9,
consisting of 1-100 share of 5% preferred stock on each share of common
stock outstanding.
The balance of such dividend will be paid in cash at
the rate of 20 cents per share.
The board of directors has authorized the
transfer of the sum of $100 from surplus to capital account with respect
to each share of 5% preferred stock so issued.—V. 144, p. 95.
securities in the aeronautical industry.
Air Associates, Inc.—Accumulated Dividend—
The company paid a dividend of $1 per share on account of accumula¬
tions on the $7 cum. pref. stock, no par value on Jan. 1 to holders of record
Dec. 28.
A like payment was made on Oct. 1, last.
Dividends of 75
cents per share were paid on July 1, April 1 and Jan. 2, 1936 and on Oct.
1, 1935.—Y. 143, p. 2196.
Approved—
the
Privately—
and
2-7815
Judge Robert A. Inch, in Brooklyn Federal Court, approved Dec. 29
recommendations of Oscar Lewis, special master, awarding fees of
approximately $350,000 in connection with the reorganization of the
corporation, subsidiary of New York Investors, Inc.—V. 144, p. 95.
.243900
Arrowsmith & Co., members of the
tion
NEW YORK
RECTOR
.064520
.076900
.292650
—
.117060
Chase National Bank of the
Research
Securities
Aeronautical
TEL.
.138451
-
-
Coupons for all trusts are payable by The
City or New York, trustee.—V. 141, p. 4156.
Curb Exchang#
BROADWAY,
.080360
.064520
--
Basic industry shares
120
$.080360
shares, accumulative series (modified)
shares, series AA (modified)
shares, accumulative series—
shares, series AA
shares, original series
shares, original series
—
shares, series B
trust
trust
trust
trust
trust
Corporate
Corporate
Corporate
Corporate
Corporate
in
The directors have declared a
its common stock,
4531.
Light Corp.—Class A Div.—
dividend of 75 cents per share on the class
A stock, optional dividend series of 1936, payable Feb. 1 to holders of record
1.
Class A holders have the option of receiving 1-32 of a share of
Jan.
Alfred Decker & Cohn, Inc.
Consolidated Income Account for
(& Subs.)—Earnings—
buying and publicity expenses—
administrative expenses
Gross income after deducting
Selling and general and
Profit from
--
(estimated)
subsidiary
—
680,100
American
Equitable Assurance Co.—Dividend Increased
declared
The directors have
2356.
American Gas & Electric Co.
equipm't, &c—
leasehold
53,512
60,052
improvements-bldg. and
14,428
aSubsid's
equip..
(Intercompany items eliminated)
1936—Month—1935
Per. End. Nov. 30—
$6,167,447
3,858,790
$5,703,651 $69,553,981 $64,562,911
3,522,705 44,396,173 41,063,091
Operating income
$2,308,657
77,625
$2,180,945 $25,157,807 $23,499,820
60,224
820,910
737,283
$2,386,283
923,385
417,883
$2,241,169 $25,978,717 $24,237,103
921,531
11,155,362
11,140,818
417,884
5,014,392
5,014,392
not
em pi.
25.624
1
1
118,019
141,719
219,914
Int. & other deductions-
38,988
Pref. stock dividends—
25,162
14.300
Total income
& excess
equity
751,974
1,010,168
sub.
$1,506,121
Total income
3,024
156,369
9,663
stock--Dr. 187,013 Drl90,737
29,352
154,273
17,334
26,313
837
$901,755
$1,045,014
Balance
$9,808,963
$8,081,893
American Gas & Electric Co.
2,353
657,077
760,128
25,281
92,972
25,668
31,952
in
company
Earned surplus.--
eTreasury
& accr. lnt
Inventories
450,000
244,129
50,456
profits taxes
shareholders
Ad vs. to officers &
Aects.& bills rec-.
525,000
.
Mln.
24,411
in business
442,500
Fed. inc.
used
Goodwill, <fcc
Invest'ts & advs..
Other income
$889,600
$442,500
Accrued expenses
b Land,
equip,
1935
$889,600
Accounts payable-
1936—12 Mos.-—1935
Operating revenue
Operating expenses
Preferred stock—
Notes payable
fixtures,
cSubs.
(& Subs.)—Earnings■—
Subsidiary Companies Consolidated
d Common stock._
$1
&
1936
Liabilities—
1935
$1
flxt's
Previously,
In addition an
15.
p.
524
Comparative Balance Sheet Oct. 31
mach.,
co.
dividend of 40 cents per share on the com¬
extra dividend of 10 cents was
the machinery, fixtures
1936
Assets—
a
stock, par $5, payable Jan. 25 to holders of record Jan.
quarterly dividends of 25 cents per share were distributed.
mon
55,819
charged against operations.
Parent
An initial dividend of 68
Oct. 1, last.—V. 143,
1-16 share of class B stock was paid on
paid on Oct. 26, last, and extra dividends of
5 cents per share were distributed on July 25, and on April 25,1936.—V. 143,
and equipment of the parent
had been fully depreciated, the above account contains no pro¬
such depreciation; however, additions during the year have been
as
or
2356.
$124,708
Net income for the year
Note—Inasmuch
p.
22,300
expenses
Provision for income taxes
Minority interest in profits of
company
$828,578
$203,352
Total income
vision for
cents
$148,477
54.874
operations
Other income
Other
class B stock in lieu of the dividend m cash.
the Year Ended Oct. 31, 1936
Expense
-
Int. & other deductions-
Pref. stock divs. to pubBalance
...
$1,355,377 $15,319,694 $13,438,730
32,991
213,567
177,812
$1,081,752
177,812
629,333
2,562,802
2,133.738
458,309
2,562,802
2,133,738
$921,386
$9,993,822
$8,283,881
42,613
213,567
—V. 143, p. 3989.
Ext'd trade accts.
& notes receiv'le
Cash
-
Cash value of ins..
Deferred charges.-
American
common
Total
a
$2,149,229 $1,874,229
After reserves for
Total
$2,149,229 $1,874,229
depreciation of $125,211 in 1936 and $123,995 in
b After reserves for depreciation of $32,983 in 1936 and $31,770
c Amortized to date,
d Represented by 88,960 shares common
stock, par $10.
e Represented by 123 shares preferred stock at $12,300;
1,918 shares common not under option at $19,180, and 24,000 shares com¬
mon under option to Mrs. Raye H. Decker at $155,533 in 1936 and (at
cost) at $159,257 in 1935.—V. 142, p. 297.
1935.
in 1935.
Light & Traction Co.—Special Dividend—
special dividend of 25 cents per share in
quarterly dividend of 30 cents per snare on the
The directors have declared a
addition to the regular
p.
stock, both
payable Feb. 1 to holders of record Jan. 15.—V. 143,
3990.
American Reserve Insurance Co.—Extra Dividend—
dividend of 25 cents per share in
dividend of 50 cents per share on the
capital stock, par $10, both payable Feb. 1 to holders of record Jan. 15,
Similar extra dividends were paid on Nov. 2, and May 1, 1936 and on
Nov. 1, 1935.—V. 143, p. 2357.
The directors have declared an extra
addition to the regular semi-annual
Financial
270
OUTBOARD & MARINE
Chronicle
MFG,
We maintain
Bought—Sold—Quoted
toswa
Phone Oaiy 5392
American Seal-Kap
& <m
First S. F.
MEMBERS NEW YORK STOCK EXCHANGE
A. T. & T. Teletype N. Y. 1-752
direction
Oper.
exps.,
maint.
taxes
Anglo-Chilean Nitrate Corp. (& Subs.)—Earnings—
[Including Motorship Caliche Corp.]
1936—12 Mos.—1935
S4,136,267 $51,731,435 $47,531,475
&
2,366,106
27,336,476
2,057,812
connection with the Pere Marquette Ry. at Henry, 17.3
a
24,533,363
Proceeds of sales
to,
and participation in profits
of new
declared by, the Sales Corp., in respect
production nitrate and iodine, less cost—
Railway and port operations (net)
and deposits
Interest in account current with Sales Corp. (net)
Gross income
$2,025,030
$2,078,454 $24 394,958 $22,998,112
Interest, amortization of discounts, &c., of subs__
8,951.153
8,848,727
5,712,444
5,714,225
Interest, amortiz. of discount, &c., of A. W: W. &
**K. Co., Inc
1,009,026
1,514,510
Reserved for renewals, retire. & depletion
3,837,908
3,600,296
Preferred dividends
1,200,000
1,200,000
5.444
7,305
8,162
Balance for common stock and surplus
$3,684,426
*'■
Weekly Output—
$2,120,352
<
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended Jan. 2, 1937, totaled 47,122,000
kwh., an increase of 8.9% over the output of 43,260,000 kwh. for the
corresponding period of 1936.
Comparative table of weekly output of electric energy for the last five
years follows:
Week Ended—
1936
1935
1934
1933
1932
Dec. 12
49,479,000 44,254,000 33,799,000 33,240,000 29,542,000
Dec. 19
.50,201,000 45,349,000 38,198,000 33,687,000 28,894,000
Dec. 26
43,821,000 39,207,000 32,741,000 28,997,000 25,179,000
1937
1936
1935
1934
1933
Jan.
2
-.—47,122.000 43,260,000
6.191,000 30,818,000 28,479,000
—V. 143, p. 96.
the common
The directors have declared a dividend of $5 per share on
Antilla Sugar Estates
(& Subs.)—Earnings—
Years Ended Sept. 30—
Revenue from sugar and molasses
Revenue from invert molasses
—.
1935
$1,560,359
1936
$2,323,519
947,901
yl,376
83,095
$2,324,894
1,817,440
$2,591,356
1,835,226
$507,454
22,345
$756,130
102,655
z780,000
780,000
270,553
17,963
23,127
307,787
17,962
Rev. from blackstrap molasses & from other sources
Total
operating revenue
Operating costs
b8,600
and iodine.—
—
Reserve for
depreciation
Amortization of reorganization expenses
Conversion of Tacajo Ry. to standard gauge——
$606,534
Net loss for year
x
$452,275
192,123
128,390
Deduct adjust, of sugars & molasses carried over
& other adjustments relating to prior perids—
Loss for year
——
Deficit at Sept. 30.1934
,
--_—
-
Deficit at Sept. 30,1935
$414,411
2,157,591
$323,884
1,833,706
$2,572,002
$2,157,591
for sale to U. S. A. in¬
-
x Include
35,850 (25,511 in 1935) bags of sugar
ventoried at 2.36 (1.95 in 1935) cents f. o. b. per pound,
y
Revenue from
only,
z Interest accrued on debentures and income notes
1, 1935, payable is earned, subject to provisions under agree¬
dated July 1, 1931.
other sources
from Oct.
ments
1936
$382,725
16,696
Cash in banks & on hand
Accounts receivable, less reserves
—
Advances to planters
1935
$261,872
26,412
69,788
1,454,019
56,132
Importation fduty recoverable on unsold sugar
shipped to]U. S.—per contra
Supplies in commercial stores
Working assets & growing cane
Mortgages receivable
Cfts. of part, issued by National Sugar Export
27,310
1,163,426
Raw sugar sold pending liquidation
Molasses sold pending liquidation—est
99,717
x Plant, railroad, bldgs., equip., &c., less res. for
depreciation
Lands, &c
Claim against Compania Azucarera Antilla, S. A.—
nominal value
Claim against Compania
—nominal value
122,909
38,177
469,949
14,500
"2,925
Trustees fees and expenses
------
111,000
32,514
598,870
14,500
al4,852
Exchange difference
"""247
Conversion of various currencies
c£363,289
Balance
Arising from the conversion of assets and liabilities,
a
pursuant to definition in sterling and dollar trust deeds as amended, d This
& the amount of profits pursuant to definition in sterling trust deed as
amended Nov. 20, 1935.
The net income for the year ended June 30, 1936, to be distributed in
accordance with the terms of the 4H % (income) first mortgage debenture
stock trust deed, as amended, ana the indenture securing the sinking
fund income debentures, is as follows: Amount of net income subject to the
service of funded debt, £363,289; interest on 4H% (income) first mtge.
debenture stock: Paid July 1, 1936 2>£% on £2,653,678, £59,707; payable
Jan. 1, 1937 2M% on £2,616,078, £58,861; balance, £244,720; amount
applicable to amortization of 4H% (income) first mtge. deb. stock: To
complete 5% service on deb. stock outstanding Dec. 1, 1936, £12,234;
50% of the remaining balance of net income, £116,242; bal. available for
service of sinking fund income debs., £116,242; applicable to interest
payable Jan. 1, 1937, £92,984; applicable to amortization, £23,258.
....
Consolidated Balance Sheet June 30, 1936
Liabilities—
Railway renewal res. fund
n
Bills A accts. receivable
497,072
Iodine Sales Corp
U.
S.
a
£8,985,060
Less reserve,
-
—
Notes payable, not current
Interest, rent & taxes accrued
Mtges.,censos& def.
pay. on
-
lands & equip, purch-
debs. & income notes
20-yeari6% income notes, dated July 1,1931
20-yearJ6% income debs., dated July 1,1931
Common stock (par $100)Deficit
I
Capital stock-
1,048,350
£8,985,060
Total
iodine in process, mined caliche and
Represented by 2,096,700 shares of $50 Chilean
b Of salt cake,
materials and supplies,
c
each.—V. 143, p. 3990.
Arnold Print Works—Reorganization
Plan—
the provisions of Section 77-B of the Bankruptcy Act,
Dec. 21 filed a plan of reorganization dated Dec. 15, in the
District Court of the United States for the District of Massachusetts.
A hearing on the plan will be held Feb. 8.
S. M. Jones, President, in a statement addressed to creditors and stock¬
to
company on
holders
states:
Corporation
owns
and operates two finishing mills located
in North
includ¬
ing bleaching, dyeing, printing and finishing, of cotton, rayon, rayon and
other mixtures, silks and all fabrics other than worsteds and woolens,
with a combined capacity of approximately 160,000,000 yards per year.
Prior to 1933, debtor was engaged, in commission finishing, so called.
The gross income from the commission finishing business in the four years
preceding 1933 amounted to approximately $4,500,000 annually.
Because of the declining volume of commission finishing available to
debtor, beginning in 1933 it engaged in corporation finishing, socalled.
Under this type of operation, grey goods are purchased and finished by
the debtor for its own account, and the finished merchandise is sold as its
9,154,786
4,328,470
1
debtor is required to finance not
1
mills, but also purchases of grey goods and the sales of the finished mer¬
chandise.
The rapid expansion of its corporation finishing business is indi¬
own
1
/
107,776
3,626
y$10,000
29,747
119,437
$947,046
49,859
86,896
13,129
12,139
18,000
21,227
37,058
2,535,000
4,000,000
9,000,000
2,440,240
2,572,002
15,594
71,696
1,755,000
4,000,000
9,000,000
2,440,240
2,157,590
product.
In other words, in its corporation finishing business, the
only the actual finishing operation at its
cated by the fact that the gross income from the business increased by reason
of the purchase of grey goods from the four-year average prior to 1933 of
approximately $4,500,000, to approximately $9,107,000 in 1933, $15,043,000
in 1934 and $15,027,000 in 1935.
While adequately financed to carry on a $4,500,000 commission finish¬
ing business, the debtor was not adequately financed to purchase the large
amount of grey goods required in its corporation finishing business, and the
grey goods required in its corporation finishing business have been and now
are purchased
by Jones Purchasing Corp. and by L. Bachmann & Co.,
Inc., under contracts whereby, when such grey goods are finished by the
debtor and sold, the proceeds thereof are first applied to the repayment
of the grey goods cost of the merchandise sold.
Under these contracts,
the debtor receives all profits and bears all losses arising out of its corpora¬
tion finishing business as fully as though it had purchased the grey goods
directly and on its own credit and the only compensation paid to, or profits
received by, said Jones Purchasing Corp. and L. Bachmann & Co., Inc.,
under said contracts has been interest at the rate of 8% on the capital made
available for the purchase of grey goods thereunder (a total of approxi¬
mately $600,000).
The interest rate on capital so made available by
Jones Purchasing Corp. was, in December, 1935, reduced from 8% to 6%
While this has proved to be a practicable and desirable method
purchase of grey goods, the $600,000 capital available for
been sufficient to permit the free purchases of grey
goods that the corporation finishing business of the debtor requires.
Prior to July, 1934, all sales of finished merchandise were made by or
During 1933 the management be¬
through selling agents of the debtor.
came convinced that only through the establishment of its own selling organ¬
ization could the corporation finishing business of the debtor be built on a
firm foundation, and accordingly, since July 1, 1934, all sales of finished
per annum.
Total..-—
$15,651,836 $16,220,882
depreciation of $1,467,021 in 1936 and $1,194,190 in
Notes payable only.—V. 142, p. 119.
for
Arcadia & Betsey River Ry.—Abandonment—
The Interstate
Deb. redemption fund
Revaluation reserve
c
5,361,491
209,670
217,244
30,000
7,900
227,304
1,625,253
8,895,006
4,329,082
89,814
3,626
-
-
y
-
Exchange losses
1
7,819.197
649
Total
pesos
Working capital
Railway renewals
361,437
Nitrate
Co., Ltd
Capital assets
Sundry prepaid expenses
203,271
year
6,247
Sundry invests., deps. & guars.
b Inventories
Lautaro
on
Reserves—Statutory
35,874
Investm't in
pay.
Funded debt
troasury
notes
£54,514
sundry expenses.
funded debt
service in respect of the fiscal
Accts. with Chilean Nitrate &
Investment In
llabs.
& prov. lor
Bal.
1
$15,651,836 $16,220,882
Total
1935.
Accts. payable, accrued
£227,581
29,500
7,492
Cash
2
Liabilities—
reserve
d£312,667
b On sales of
with the closing rates,
This is the amount of net income subject to the service of funded debt,
currencies at different rates of exchange as compared
1
1
Acceptances &|notes
Accounts payable.
Prov. for shipping exps., &c., of sugar & molasses-Annual instal. on lands & equip, purchased—pay¬
able during year toJSept. 30
———
After
12,000
3,252
798
1
Agricola Antilla, S. A.—
Reorganizationlexpenses, less amount amortized—
Deferred charges
—
x
4,906
5,256
Adams and Adams, Mass., completely equipped for the processing,
Agricola Van Home, S. A.
Claim against Compania
nominal value
on
4,556
5,142
7,900
—
—-—
77,180
15,000
26,374
1
Corp.—nominal val. (pledged, per contra);.—
Investments in sub. & other companies
Int. accrued
Caliche.
Provision for reorganization expense
Other charges
—
Pursuant
Consolidated Balance Sheet Sept. 30
Assets—
£459.810
—
Provision for depreciation of Motorship
Provision for exchange losses
Assets—
Net operating profit
—
Current interest paid & accrued (net)
Interest accrued on debs. & income notes-.
a5,732
£493,566
77,026
15,000
5,000
Appropriation to working capital reserve
Appropriation to railway renewal reserve
Loss on commercial and other operations (net)
Provision for taxes on profits other than nitrate
c
stock, payable Dec. 28 to holders of record Dec. 22. * ]
A regular quarterly dividend of 50 cents per share, which had been
previously declared, was paid on Dec. 30.
A dividend of $3 was paid on
Dec. 8, last, one of $2 was paid on Oct. 15, last; 50 cents on Sept. 30, last,
and $1 was paid on June 30, last, and on Oct. 22, 1935.—Y. 143, p. 3618.
5,466
5,175
—-----
Total income...
„
Anheuser-Busch, Inc.—Pays $5 Dividend—
__
Miscellaneous income
Motorship Caliche—Operations
Motorship Caliche—Sale (profit)
Exchange difference
£281,823
138,553
1,385
18,257
8,802
5,256
£310,244
143,166
Interest earned on investments
Preferred dividends of subs
1935
1936
Years Ended June 30—
1936—Month—1935
.
to
miles, all in Manistee County, Mich.
American Water Works & Electric Co.—Earnings—
S4.391.137
New York
15 Broad Street
The company paid an extra dividend of S3 per share in addition to the
regular quarterly dividend of $1 per share on the common stock, on Dec. 24
to holders of record Dec. 22.
Extra dividends of $1 per share were paid
on Oct. 1, last, Dec. 29, Oct. 1 and Jan. 5, 1934.
See also V. 142, p. 1973.
—V. 143, p. 2197.
\
,•
••
Gross earnings—
DEPARTMENT
Eastman, Dillon 8 Co.
Corp.—New Director—
Steamship Co.—Pays Extra Dividend—
Period End. Nov. 30—
Trading Market in:
63^8 February 1941
TRADING
Dale,M. Parker has been elected a director of this company.—V. 143,
p. 3457.
American
a
ARNOLD PRINT WORKS
MILWAUKEE, WIS.
Teletype Milw. 488
1937
9,
Jan.
Commerce Commission
on
Dec.
19 issued
a
certificate
permitting abandonment, as to inter-State andjforeign commerce, by the
company of its entire line of railroad, extending,from Arcadia in an easterly
of financing the
this purpose has not
Volume
Financial
144
Arnold Sales Corp. and Wolf
Draperies Corp., wholly-owned subsidiaries of the debtor.
On July 2, 1934, contracts were entered into with Bachmann, Emmerich
& Co., Inc., of N. Y. City, for the factoring of the accounts receivable
resulting from the sale of such finished merchandise for a period of three
years.
Under these contracts the proceeds of such accounts receivable
were made immediately available for the repayment of the capital advanced
for the purchase of the grey goods and the balance (less certain reserves,
the compensation of the factor, &c.) was made immediately available to the
debtor.
The credit risk was assumed by the factor on substantially all
sales, which made unnecessary the establishment by the debtor of an ex¬
pensive credit department.
The debtor has not been adequately financed to carry on its rapidly ex¬
panding corporation finishing business, and the severe loss incurred in 1935
created a situation where the continued operation of the business was seri¬
ously jeopardized.
The reorganization proceedings were instituted by the
debtor on Sept. 3, 1935, in order to avoid the disastrous consequences of
closing its mills.
The present management has been responsible for the operations of the
business since 1926.
The average net earnings, after bond interest, for
the period from Jan. 1, 1926 to June 30, 1935 (which period included five
years of depressed and extremely competitive business conditions, during
which many in the textile business sustained losses, and during which period
the company experienced four years of diminishing earnings and one year
of substantial loss) disclose that with the same average profits the company
will earn sufficient to meet its sinking fund requirements as set forth in the
plan of reorganization.
The operations of the company from Sept. 3, 1935 to Nov. 30, 1936
reflect an upward trend in earnings and indicate that the net earnings for
the period, after audit, would be at least equal to the average earnings of
previous years.
It is my opinion that the plan of reorganization provides the business with
adequate working capital at reasonable cost which, together with the econo¬
mies that have been effected and the presently indicated return to a period
of normal operations and sales levels, should permit continued and increas¬
ingly profitable operation of the business.
merchandise have been made by or through
Digest of Plan of Reorganization Dated Dec. 15t 1936
be carried out by the transfer of
including goodwill, of debtor to
Works, Inc., of Mass. (or, if directors deem it desirable,
through a recapitalization of the old company).
Subsidiaries—The new company will have two wholly-owned operating
subsidiaries: Arnold Purchasing Corp., to be organized in New York with a
paid-in capital of $150,000, and Arnold Sales Corp., a New York corpora¬
tion all or the capital stock of which (of a stated value of $1,000) will be
acquired from the debtor under the plan.
Pursuant to terms and provisions
of a proposed agreement, all grey goods required in the corporation finish¬
ing business of the new company will be purchased and owned by Arnold
Such grey goods, when finished or otherwise converted
Purchasing Corp.
into finished merchandise by the new company, will be sold by Arnold Sales
Corp.
The accounts receivable arising out of approved sales of finished
merchandise will be factored by Bachmann, Emmerich & Co., Inc., which
company will assume the credit risk on all such sales.
The net proceeds
of such sales will be distributed in the manner provided by the proposed
New Company—Reorganization may
the property, assets and business,
all
271
Chronicle
$1,000 principal amount thereof accrued interest thereon
(a) $1,000 of first mortgage bonds of
dated as of Feb. 1, 1937, and due Feb. 1, 1952, and
(b) three shares of 5% preferred stock of the nev^ company.
(2) Claims Arising Out of Conditional Siles Agreements—Creditors whose
claims have been allowed will receive: (a) 20% thereof in cash; (b) 80%
thereof in 5-year 5% notes of the new company.
(3) Unsecured General Claims—(a) Creditors whose claims against the
debtor have been allowed as unsecured general claims against the debtor
in amounts of less tnan $100 (135 claims aggregating $3,959.70) will receive:
100% thereof in cash.
(5) Creditors whose claims against the debtor' have been allowed as un¬
secured general claims against the debtor in amounts of $100 or more will
receive: (1) 15% thereof in cash; (2) 85% thereof in 10-year non-interestbearing notes of the new company.
(4) 7 % Participating Preferred Stock—Holders will receive for each such
share, accumulated dividends thereon and all rights appertaining thereto:
(a) 1 share of 5% pref. stock of the new company; (6) 2 shares of common
receive for each
and all rights appertaining thereto:
the
new
company,
stock of the
new
company.
(a) 6 shares of common stock of the new company.
(6) Common Stock—Holders will receive for each such share
common
normal
course
of business.
Issuance
First mortgage bonds, due Feb. 1, 1952
Five-year 5% notes
10-year non-interest-bearing notes (est.)
5% preferred stock (par $30)
Common
170,987
Pro Forma Balance Sheet as at Oct.
LiabUtties—
on
hand—.
$210,642
282,918
receivable
Accounts
on mutual
full, or the making of provisions for such payment, of all amounts owing
by Arnold Purchasing Corp. by reason of its purchases, prior to the maturity
or the notes, of grey goods.
The class A subordinated 5% note will be
payable at rate of $10,000 per month beginning Aug. 1,1937, and the balance
remaining after such monthly payments and after the application of sink¬
ing fund payments will be payable June 30,1940.
Arnold Purchasing Corp.
will agree to pay on or before Oct. 1, 1937, as a sinking fund for retirement
of the class A subordinated 5% note, an amount equal to 80% of the net
earnings of the business carried on by the debtor and (or) by the new com¬
pany, during the period from Nov. 1, 1936 to and including June 30,
1937, but not in excess of $200,000, and on or before Oct. 1 in each year
thereafter until note shall have been
fully paid, a sum equal to the amount
by which 60% of such net earnings of the new company for the fiscal year
next preceding exceeds $120,000.
The substantial effect of the sinking
fund payment on the class A subordinated 5% note payable Oct. 1, 1937, is
to reduce, by the amount thereof, the amount or new money provided
under this plan.
After class A subordinated 5% note is paid, the class B subordinated
5% note will become payable at the rate of $10,000 per month and the
balance remaining after such monthly payments and after the application
of the sinking fund payments will be payable June 30, 1940.
On or before
Oct. 1 of the year in which the class A subordinated 5% note is paid, any
unused portion of the sinking fund payment payable on said date with re¬
spect thereto shall be paid as a sinking fund for the retirement of the class B
subordinated 5 % note and on or before Oct. 1 in each year thereafter there
shall be paid as a sinking fund for the retirement of said note a sum equal
to the amount by which 60% of the net earnings of the new company for
the fiscal year next preceding exceeds $120,000.
Class A subordinated 5% note and class B subordinated 5% note rank
ratably in the event of the liquidation, dissolution or other winding up of
the business of Arnold Purchasing Corp. and are equally secured by the
pledge to Bachmann, Emmerich & Co., Inc., of all merchandise owned by
Arnold Purchasing Corp. (including the interest therein of the new company)
subject, however, to the prior payment of all amounts owing by Arnold
Purchasing Corp. by reason of its purchases of grey goods and the other
Inv. in
elect, from time to time, to put its wholly-owned subsidiary, Arnold
Purchasing Corp., in funds with which to meet such principal and interest
payments, either through the purchase of additional stock of Arnold Pur¬
chasing Corp., through a contribution to its capital or through a loan subor¬
dinated to class A subordinated 5% note, and to class B subordinated 5%
may
note.
Arnold Purchasing Corp. will, upon the consummation of this plan,
acquire all grey goods owned by Jones Purchasing Corp. and by L. Bach¬
mann & Co., Inc., under the existing contracts
providing for the purchase
by them of grey goods for finishing by the debtor, at the cost to said cor¬
porations of such grey goods and will assume and take over the current
commitments of said corporations for grey goods.
Payment for the grey
goods so purchased may be made in cash and (or) by the assumption of
liabilities.
Claims and Interests
Affected by the Plan
The claims against and interests in the debtor to be dealt with and
adjusted under the plan are as follows:
10-year notes.
a Include claims filed in the court
proceedings in the aggregate amount
of $48,062, which claims are disputed by the debtor.
In the event that
such disputed claims are not finally determined prior to the confirmation
of this plan, the cash payable and notes issuable with respect thereto
1.576
stock of subs
153,250
4,799,499
(net)
299,923
25,585
350,752
2,158,400
1,211,196
854,935
1,242,480
&C
5-year 5%
149,700
notes
First mortgage
bonds
5% preferred stock
Common stock.
Surplus-
20,981
Total
$6,551,820
book value of
$1,984,858, of Arnold Purchasing Corp., a whollyof the proceeds of the sale of mer¬
Corp., after the payment therefrom
of the amounts payable to others.
Under the agreement, Arnold Print
Works, Inc., is required to maintain equities in merchandise inventories
of Arnold Purchasing Corp. equal to 20% of such merchandise inventories,
and, in any liquidation, dissolution or other winding up of the business
of Arnold Purchasing Corp., the equity in merchandise inventories is col¬
lectible only after the prior payment of the class A suborninated note and
a
Of
a
owned subsidiary (collectible only out
chandise owned by Arnold Purchasing
the class B subordinated note of Arnold Purchasing Corp.
Note—Ten-year non-interest-bearing notes includes $40,852 represent¬
ing provision for settlement of $48,061 of disputed unsecured general claims
against Arnold Print Works, debtor.
The first mortgage bonds will bear fixed interest at the rate of 3% per
annum,
payable
on
Oct. 1, 1937 and semi-annually thereafter on the first
days of April and October in each year; and on Oct. 1, 1938 and on Oct. 1
in each year thereafter will be entitled to additional interest up to 2% if
and to the extent earned during the fiscal year next preceding.
Arnold Purchasing Corp., a proposed wholly-owned subsidiary of Arnold
Inc., will have issued and outstanding a $600,000 class A
5% note and a $200,000 class B subordinated 5% note.
obligated to pay to the holders
thereof the principal of or interest on such notes, it expects nevertheless
that it may elect, from time to time, to put Arnold Purchasing Corp. in
Print Works,
subordinated
While Arnold Print Works, Inc., will not be
funds with which to meet such
principal and interest payments.—V. 143,
2515.
p.
Ashland Oil & Refining Co,
(& Subs.)—Earnings—
Earnings for 9 Months Ended Sept. 30, 1936
Net income after expenses, depreciation, depletion,
income taxes, minority interest & other charges
Earns, per share on 958,990 shares common
—V. 143, p. 3990.
Associated Gas & Electric
Fed. & State
$568,012
$0.59
stock
Co.—Weekly Output—
of 12.9% for the week ending Jan. 1,
brought Associated Gas & Electric System production up to 82,588,760 units (kwh.), as compared with 73,180,203 units a year ago.—V.
144, p. 97.
An increase in net electric output
1937,
Associated General Utilities Co.—Registers
with SEC—
The company has filed a registration statement with the Securities and
Exchange Commission under the Securities Act, covering $5,000,000 income
debentures, due 1961 with interest cumulative at the rate of 4%, subject
to provisions of the indenture, and 250,000 shares common capital stock,
no par value.
•
Profit and loss statement for the 10 months ended Oct. 31, 1936, shows
a net; income of $11,094 after provision for Federal income tax but before
profit or loss from transactions in securities.
No provision is made for
Federal surtax on undistributed profits.—V. 143, p. 4145.
Atlantic Life Insurance Co.
$175
a
Richmond, Va.—Offer of
Share Made for Stock of Company—
Stockholders
were
invited Dec. 31 to sell their holdings at $175 a share
Investing Corp.
A letter, signed by Edmund A.
to the Bankers National
Saunders, former chairman of the Board; Thomas W. Purcell and Andrew
D. Christian, all large stockholders, said the deadline on the proposed
transaction would be Jan. 25 and the would-be purchaser must acquire as a
minimum
6,675 of the 10,000 shares outstanding if the deal is to be con¬
The First & Merchants National Bank, Richmond, Ya. is
summated.
the depository for the stock.—V. 140. p.
First mortgage 6% sinking fund gold bonds due Feb. 1, 1941—
Claims arising out of conditional sales agreements
$2,158,400
31,981
a Unsecured general claims
(estimated to be)
416 609
7% cumulative participating preferred stock (par $50)
33,898 shs.
Cumulative 2d preferred stock, entitled to $100 in liquidation..
1,750 shs.
Common stock (no par)
92,691 shs.
funds,
396,972
528.054
Deferred charges
Pat'd processes (less amort .)--
payments.
While the new company will not be obligated to pay to the holders thereof
the principal of or interest on class A subordinated 5% note and class B
subordinated 5% note, the new company expects, nevertheless, that it
com.
$240,322
168,228
payable
Accruals payable
8,228
policies
Fixed assets
Accounts
Reserve for processing tax re¬
Recoverable premium deposits
Other assets
New Money—Arnold Purchasing Corp. will issue and sell to Bachmann,
Emmerich & Co., Inc., $600,000 class A. subordinated 5% note and will
issue and sell to S. M. Jones $200,000 class B subordinated 5% note.
Notes
will be subordinated to the extent required to enable the prior payment in
shs.
31, 1936
[Giving Effect to the Plan of Reorganization of Dec. 15, 1936]
Assets—
Cash in banks and
of:
.
$2,158,400
25,585
350,752
40,373.2 shs.
-
-
stock
a Equity in mdse. inventoriesInventory—
company.
of New Securities
Upon consummation of this plan of reorganization, the new company will
following bonds, notes and capital stock:
have issued and outstanding the
mation of this
plan the board of directors of the new company will consist
S. M. Jones, Williamstown, Mass.; Tracy A. Adams and Albert L.
Grindy, North Adams, Mass.; Marshall Forrest and William Melohn,
Chicago, 111.; Leo Bluhm, N. Y. City; Harry N. Guterman, Boston.
The holders of the 5% preferred stock of the new company will have the
right at all times to elect one director of the new company, and the inden¬
ture securing the first mortgage bonds of the new company will provide
that so long as any of the first mortgage bonds are outstanding, a person
nominated by Ames, Emerich & Co. shall be elected a director of the new
1 share of
stock of the new company.
Taxes—All claims against the debtor for taxes, which have been
allowed in the court proceedings, will be paid in full in cash or assumed by
the new company and paid in the normal course of business.
The new
company shall pay in full all taxes or other indebtedness due or to become
due from the debtor to the U. S. of America, or any agencies or depart¬
ments thereof, and shall pay all taxes due or to become due to the U. S. of
America for any period beginning with the year 1933 to the date of consum¬
mation of this plan, whether or not proved in these proceedings, which
taxes, if any there be, shall have and retain the same lien ana rank as
though they had been formally proved in said proceedings.
(8) Miscellaneous Claims to Be Paid in Full—All claims against the debtor
which accrued since Sept. 3, 1935, and the claim of the Chase National
Bank, New York, trustee under the indenture securing the first mortgage
6% sinking fund gold bonds of the debtor, in the amount of $519.50, will
be paid in full in cash or assumed by the new company and paid in the
(7)
Arnold Print
agreement.
Directors—New company shall have a board of not less than three nor
more than 15 directors.
It is expected that immediately after the consum¬
•,
Cumulative 2d Preferred Stock-—Holders will receive for each such
dividends thereon and all rights appertaining thereto:
(5)
share, accumulated
Atlas Acceptance
The directors have declared
common
p.
1818.
Corp.—Initial Common Dividend—
an
initial dividend of 5 cents per share on the
stock, payable Jan. 20 to holders of record of same
date.—V. 141,
4159.
Baldwin-Duckworth Chain
Corp.—Stock Split 6-for 1—
Special Dividend—
allowed, will be paid and delivered to such claimants.
meeting held on Nov. 4 voted to split the common
There are now 112,230 shares outstanding as against
18,705 shares previously.
The directors at a meeting held Dec. 16 declared a special year-end
dividend of 60 cents per share on the new shares, payable Dec. 24 to holders
Treatment of Claims and Interests Affected by the Plan
1st Mtge. 6% Sinking Fund Gold Bonds—Holders in exchange for
their bonds, with Feb. 1, 1936 and all subsequent coupons attached, wil
from Oct. 1, 1935 to and including Oct. 1, 1936 and
dividends of $1.50 per share were distributed.—V.
under this plan will be set aside and held by the new company
pending
final disposition of such claims, and, to the extent such claims are finally
(1)
The stockholders
at a
shares six-for-one.
of rocord J3©c
1G
Dividends of $2 per share were paid
each three months on the old shares
prior thereto quarterly
143, p. 1711.
Financial
272
Locomotive
Baldwin
Works—Special Master Files Re¬
ports Recommending Dismissal of Petition Regarding Exercise
Chronicle
477
Howard Benton Lewis, special master in the reorganization proceedings
S. District Court in Philadelphia Dec. 30 his report rec¬
ommending dismissal of the petition for an order directing issuance of
stock under the company's outstanding warrants and a supple¬
filed to his report of Dec. 18, 1936.
In the supplemental report Special Master Lewis points out that no
exceptions were filed by the petitioners, Cohen, Simonson & Co., to the
special master's report within the 10 days limited for the filing of exceptions.
Instead William A. Carr, of counsel for the petitioners, advised the special
master that the petitioners "have authorized and directed us to withdraw
their petition for an order to issue to them 600 shares of no par common
stock of the Baldwin Locomotive Works in exchange for warrants in their
common
mental report as to exceptions
Belden
which
In conclusion the special master said:
"In view of the withdrawal of
the petition of Cohen, Simonson & Co. the exceptions filed by William A.
Brady and the Brady Enterprises, Inc., are not, in the opinion of the
special master, properly before the special master for consideration.
The
exceptions are separately returned herewith to the Court."
When the petition was originally presented to the Court, counsel for the
Brady interests asked permission to intervene in the proceedings.—V. 144,
p. 98.
Baltimore American
Consolidated
profit and loss statement for the 9 months ended
Earninqs for 9 Months Ended Sept. 30, 1936
Net income after depreciation and
Earns. per share on|186,800 shares
Bank & Insurance Shares,
This company,
originators and sponsors of investment trusts of bank
announced, overcoming
as
it does the problems presented in
States where statute prohibits the use of the word bank in the name
of any organization other than a commercial or savings bank.
In addition
to its principal office in Philadelphia the company maintains offices in
Boston and Los Angeles.—V. 142, p. 4330.
Bankers
National
of Atlantic Life Insurance
above.—V. 140, p. 1997.
;
Corp.—Makes
Offer for
Co.—See latter
Investing
Stock
company
Operating revenues
Operating expenses
Operating taxes-
.
Net oper. income
1936—Month—1935
1936—11 Mos.—1935
$5,627,648
$5,165,716 $59,824,273 $55,819,755
14,504
18,490
156,532
219,843
3.726,866
3,634,508
40,317,881
39,692,583
481,231
308,859
4,602,231
3,227,391
$1,405,047
$1,202,859 $14,747,629 $12,679,938
—V. 143, P.3620.
Bendix Aviation
Corp.—Forms Export Company—
Bendiex Aviation Export Corp. has been formed to handle this com¬
pany's foreign business.
The new organization will be headed by Howard
S. Welch as Vice-President and General Manager.—V. 143, p. 3139.
Beneficial Industrial Loan
Corp.—Larger Dividend—
The directors
have declared a dividend of 45 cents per share on the
stock, payable Jan. 30 to holders of record Jan. 15.
Previously
regular quarterly dividends of 37H cents per share were distributed.
In
addition an extra dividend of 25 cents was paid on Oct. 30, last, and on
Jan. 30,1936.—V. 143, p. 2827.
common
Berland Shoe Stores
Co.—Optional Dividend—
The directors have declared an initial dividend of $1.25 per share on the
stock,
common
no par
value, payable in cash
or, at
the holder's option, in
stock in the ratio of one share of common stock for each $12.50 worth of
dividends.
The dividend is payable Jan. 25 to holders of record Jan. 15.
—V. 143, p. 2667.*
Best & Co.—To
ni
Pay Extra Dividend—
The directors have declared an extra dividend of 50 cents per
share in
share on the
value, both payable Jan. 21 to holders of record Jan.
15.
An extra dividend of 50 cents per share was paid on Feb. 15. 1936.
For detailed dividend record see V. 143, p. 2516.
addition to the regular quarterly dividend of 62 H cents per
common
stock,
no par
Beverly Gas & Electric Co.—Larger Dividend—
The directors have declared a dividend of $1.13 per share on the common
stock, payable Jan. 14 to holders of record Jan. 7.
Previously quarterly
dividends of 87 cents per share were distributed.—V. 123, p. 109.
Biltmore Hats, Ltd.—Extra Dividend—^49'^
J
™
The directors have declared an extra dividend of 50 cents" per share in
The plan provides for
no
p.
stock issue having
a new
a par value of $10 each.
General unsecured creditors are to be paid 100%
in stock, each creditor to receive one share for every $10 of indebtednes.
The company's plant, which had been closed for 10 months, has resumed
operations in the carding department and it is expected to start weaving
in the near future.—V. 142. p. 942.
Barnsdall Oil
.
Uncollectible oper. rev-
Pennsylvania—Earnings—
additionfto
Barnard Manufacturing Co., Fall River, Mass.—Reorg.
A reorganization plan for the company has been approved by the U. S.
District Court in Boston.
$387,892
$2.08
*
K
Bell Telephone Co. of
Inc.—Takes New Name—
stocks and insurance stocks, announced that the name of the corporation
has been changed to Transcontinent Shares Corp.
The change is to permit
of a wider scope of operations for the corporation, Samuel O. Finnell,
other charges
—V. 143.P.3991.1AUI
Insurance Co.—Extra. Dividend—
capital stock, par $5, both payable Feb. 15 to holders of record Feb. 1.
Similar payments were made on Aug. 15 and Feb. 20,1936.—V. 143, p. 262.
Sept.
30, 1936, shows net profit of $387,892, after all charges and Federal income
taxes.
No mention is made of provision for surtax on undistributed profits.
The directors have declared an extra dividend of 5 cents per share in
addition to the regular semi-annual dividend of 10 cents per share on the
located 139 company owned residence build¬
Mfg. Co.—Registers with SEC—
Per. End. Nov. 30—
be withdrawn.
are
share for ouch sh&ro hold*
&
behalf."
On the other hand, the supplemental report points out, Loria and Mar¬
tinson, counsel for William A. Brady and the Brady Enterprises, Inc., filed
certain exceptions with the special master to his report on the last day of
the 10-day period, that is Dec. 28.
William A. Brady and the Brady
Enterprises, Inc., common stockholders, seemingly, were not holders of
warrants exchangeable into no par common stock, and, so far as appears
from the records before the special master were not parties to the petition
filed by Cohen, Simonson and Co. on Dec. 3, 1936.
On the same day that
the exceptions of the Brady interests were filed, on Dec. 28, William A.
Carr, of counsel for Cohen, Simonson & Co. filed in the U. S. District Court
of Philadelphia an order directing that the petition of the brokerage firm
President,
Jan. 9, 1937
on
The company has filed a registration statement with the Securities and
Exchange Commission covering 37,360 shares of common stock which will
be offered exclusively to company shareholders on the basis of one-fifth of
possession.
We therefore advise you that the petition may be marked
withdrawn, and that no exceptions will be filed to your report on their
some
of land
ings. ^^Total ghjsical assets have a depreciated book value of $1,054,436.
of Stock Warrants— '
filed in the U.
acres
Co.—Larger Dividend—
have declared a dividend of 25 cents per share on the
stock, par $5, payable Feb. 1 to holders of record Jan. 14.
This
compares with 20 cents paid on Nov. 2 and on Aug. 1 last and a regular
quarterly dividend of 15 cents and an extra dividend of 5 cents per share
paid on May 1 and Feb. 1, 1936, and on Nov. 1, 1935, this latter being the
initial payment on this issue.—V. 143, p. 3138.
The directors
common
Bates Valve Bag Corp.—Debentures Called—
The company is notifying holders of its 6% 15-year sinking fund gold
debentures, due Aug. 1, 1942, that $27,500 principal amount of these
bonds have been drawn by lot for redemption on Feb. 1, 1937, at 101%
a semi-annual dividend of $1 per share on the common stock,
par value, both payable Jan. 22 to holders of record Jan. 15.—V. 143,
3992.
Birmingham Electric Co.—Accumulated Dividends—
have declared a dividend of $1.75 per share on the $7
pref. stock, no par, and $1.50 per share on the $6 cum. pref. stock,
both payable Jan. 2 to holders of record Dec. 16.
Similar dis¬
tributions ware made in each of the nine preceding quarters and on Aug. 1
1934.
Distributions of $3.50 per share on the $7 pref. stock and $3 per
share on the $6 pref. stock were made to holders of record May 1, 1934.
Effective with the current payments, arrears on the $7 pref. stock will
amount to $3.50 per share and on the $6 pref. stock to $3 per share.—V.
143, p. 4145.
,
The directors
cum.
no
par,
_
Blauner's, Inc.—25-Cent Dividend—
**
The directors have declared a dividend of 25 cents per share on the com¬
stock, payable Jan. 20 to holders of record Jan. 11.
paid on Nov. 15 last.—V. 142, p. 4331
mon
was
Blaw-Knox
A similar dividend
Co.—Obituary—New Director—
Benjamin L. Hirshfield, Chairman of the Finance Committee, died
on
and interest to exhaust the balance now held in the Nov. 15, 1936, sinking
Jan. 2.
The drawn bonds will be payable on and after the redemption date
at the office of J. Henry Schroder Banking Corp., 46 William St., New
York City.
Interest on the drawn bonds will cease on and after Feb. 1.
the Roll Sales of Lewis
Foundry & Machine Co., has been elected a director of this company, of
which the Lewis company is a subsidiary.—V. 143, p. 3307.
fund.
—V. 135, P.
William Cordes Jr., Vice-President & Manager of
822.
Bloch Brothers Tobacco Co.—Extra Dividend—
Electric Co.— Earnings—
Baton Rouge
Period End. Nov. 30—
Gross earnings
Operation
Maintenance
Taxes
1--
Interest & amortization.
1936—12 Mos.
1936—Month- -1935
$131,404
$1,749,176
$
$151,231
923,565
74,899
88,595
72,839
4,992
7,171
12,646
17,371
210,548
13,860
163,740
13,530
$24,561
Appropriations for retirement reserve.
Balance--
-1935
,544,371
826,453
74,139
188,340
166,386
$378,482
147.500
37,254
Preferred dividend requirements
Balance for common dividends & surplus.
$289,051
137,916
$193,728
$25,004
$113,881
37,254
-V. 143, P. 3620.
Beatrice
Hosts,
exps.,
-
int.,
1936—9 Mos.—1935
1936—3 Mos.—1935
$15,932,693 $14,803,128 $45,087,404 $43,177,139
ord.
15,279,742
profit
Earns, per sh. on 377,725
shs. com. stk,, par $25
41,539,087
$563,232
23,805
$2,406,914
94,802
$1,638,052
82,959
$587,037
242,505
28,061
$2,501,716
880,023
x342,261
$1,721,011
900,185
113,364
$360,599
Federal taxes
42,680,490
$679,507
233,550
x85,358
Depreciation
14,239,896
$652,951
26,556
Ither income
Net
$316,471
$1,279,432
$707,462
$0.57
$0.37
$2.32
$0.47
Includes estimated surtax on undistributed profits.
Consolidated incomelaccount for 12 months ended Nov. 30,1936, follows:
Net sales, $59,027,330; costs, expenses, ordinary taxes, interest, &c.,
x
$56,350,657; depreciation, $1,034,690; profit, $1,641,983; other income,
$149,612; total income, $1,791,595; Federal income tax and surtax on
$364,302; net profit, $1,427,293.—V. 144, p. 98.
undistributed profits,
Beaunit
Mills,
Inc.—Acquires
Interest
in
National
Weaving Co.—
The directors have authorized the acquisition for $100,000 of a
controlling
interest, 52%, of the common stock of National Weaving Co., Inc., which
is being organized under North Carolina laws pursuant to a reorganization
of National Weaving Co. under Section 77-B of the Bankruptcy Act.
The capitalization of the new company will consist of $300,000 par value
6% 1st pref. stock, $150,000 6% 2d pref. stock and $190,000 common stock.
There will also be outstanding a 6% debt not to exceed $175,000, payable
over a three-year period in equal annual instalments.
All of the second
preferred stock ana 52% of the common stock are being sold for cash at par
to net the company
$250,000 of new working capital.
National Weaving Co., Inc., owns one of tne principal rayon weaving
mills in the South, located at Lowell, N. O.
Its plant and equipment are
modern and efficient, having been built or installed since 1924.
Its mill
is
Blue Ridge
equipped with 888 weaving looms.
0
Its property comprises approximately
Corp.—Optional Dividend—
The directors have declared the 30th regular
quarterly dividend on the
optional $3 convertible preference stock, series or 1929, payable March 1
to holders of record Feb. 5, at the rate of l-32nd of one share of the common
stock of the corporation for each share of such preference stock, or, at the
option of such holders (providing written notice thereof is received by the
corporation on or before Feb. 15), at the rate of 75c. per share in cash.—
V. 143, p. 2827.
Creamery Co.—Earnings—
Period End. Nov. 30—
tfet sales.
The company paid an extra dividend of $1.25 per share on its common
stock, par $25, on Dec. 24 to holders of record Dec. 22.
The regular quarterly dividend of 37M cents per share was paid on Nov.
15,last.
An extra dividend of 37M cent
per share was paid on Dec. 15, 1934.
—V. 139, p.3959.
Bon Ami
Co.—Larger Class B Dividend—
The directors have declared
a
dividend of 62 H cents per share
on
the
class B stock, payable Jan. 30 to holders of record Jan. 18.
Dividends of
50 cents per share were paid on the B stock on Dec. 15 and Oct. 15 last, and
each three months previously.
For detailed dividend record see V. 143,
p.
3459.
Boston Elevated
Ry.—Bond Application—
Upon the petition of the company for approval of an issue of bonds
amounting to $2,098,000, for the purpose of paying an outstanding issue of
bonds to the amount of $2,098,000, maturing March 1, 1937, the Massa¬
chusetts Department of Public Utilities will hold a public hearing, on Jan. 8.
—V. 143, P. 3992.
Boston & Maine RR.—Asks RFC & Bank Loans Extension
The company made application to the
tion for
a
Reconstruction Finance Corpora¬
two-year extension of its $7,569,437 loan maturing Feb. 1.
At
the same time the road notified the Interstate Commerce Commission that
it would seek a similar extension of $5,500 000 of bank
same
loans, due at the
time.
The bank loans due Feb. 1 consist of $2,500,000 from First National
Bank, Boston, $1,000,000 from Chase National Bank, New York, $500,000
from Second National Bank, Boston, $1,00 \000 from National Shawmut
Bank, Boston, and $500,000 from State Street Trust Co., Boston.
In addition the road owes the Railroad Credit Corp. $71,642.
The collateral
pledged under the RFC loan consists of $11,450,000 of
6s of 1962 and $2,000,000 of general 5s of 1952.
In a
road sought authority to extend to
Feb. 1, 1939 the time within which it may pledge all or any part of the 5%
and 6% bonds as collateral security for loans.—V. 144, p. 99.
B. & M. general
"concurrent application to the ICC the
Boston
Metropolitan Buildings, Inc.—Plan Confirmed
Judge McLellan of the U. S. District Court for the District of Massa¬
chusetts confirmed the substitute plan of reorganization of this company
As soon as the order confirming the plan
be prior to Jan. 21,1937, it is proposed
steps to carry out the plan.
The company intends to inform its
bondholders and stockholders of any action which they must take in con¬
nection with the plan when such action becomes necessary.—V. 139, p. 3802.
at a
bearing on Dec. 22, 1936.
becomes final, which in no event can
to take
Volume
Bower
144
Financial
Roller-Bearing Co.—To Pay 50-Cent Dividend—
The directors
have declared a dividend of 50 cents
per share on the capital
stock, par $5, payable March 25 to holders of record March 1. A dividend of
$1 was paid on Dec. 19, last; 75 cents was paid on Oct.
24, last and previously
regular quarterly dividends of 25 cents per share were distributed.
In
addition, a stock dividend of 20% was paid on Dec. 20, 1935.—V. 143,
Bradford Oil Co.—Files with SEC—
The company has filed a
registration statement with the Securities and
Exchange Commission covering $350,000 6% first mortgage bonds due
1947, and 422,953 shares capital stock, $1 par value.
The company will
offer 150,000 shares of capital stock to the
present stockholders of record
Jan. 20 on a pro rata basis at $1
per share.
Any unsubscribed for shares
will be sold to underwriters,
Thompson & Taylor Co. and Bioren & Co.,
and offered by them
publicly at $1.25 each.
To such stockholders as subscribe for such
stock, company will grant an
option to purchase two additional shares for each three shares subscribed
for.
Options will be exercisable on or before Jan. 2, 1939, at $1 per share.
The maximum number of shares to be issued under such
options is 100,000.
Any of the 100,000 shares not optioned to stockholders will be optioned to
underwriters.
'
As to the remaining 172,953 shares of stock
being registered, certain
directors and officers of the company have
granted Thompson & Taylor
Co. options on that number of shares, exercisable to and
including Jan. 2,
1939, at $1 each plus an amount equal to 6% interest on purchase price
from Nov. 14, 1936, to date each option is exercised.
Price to the public of all optioned stock will be market price over-thecounter.
Bonds will be offered at par.
Proceeds will be used for purchase of plant and equipment and additional
working capital.
For the period from Jan. 1, 1936, to Nov. 20,
1936, company reported a
loss of $295,573 after all charges.
Brandon
Corp.—Accumulated Dividend—
The company paid a dividend of $7 per share on account of accumula¬
tions on the 7% cum. pref. stock, par $100, on Jan. 2 to holders of record
Dec. 26.
Dividends of $1.50 were paid on Oct. 1, July 1 and April 15, last.
A dividend of $3.50 per share was paid on Jan.
2, 1935 and on Nov. 1,1934.
The company also paid $3.86 on May 1, 1934; $3.50 on
April 2, 1934 and
$1.75
share
per
on
Jan. 2, 1934.—V. 143, p. 2668.
Breeze Corp.,
Chronicle
273
sufficient to provide adequately for the additional fixed
charges."
Any
balance of the net proceeds remaining will be used for general
corporate
purposes.
Consolidated earnings of the Brooklyn-Manhattan Transit
Corp., New
Rapid Transit and Williamsburgh Power Plant Corps, (excluding
Brooklyn & Queens Transit Corp. and its subsidiaries, but including divi¬
dends and other income from Brooklyn & Queens Transit
System), as
summarized, show a balance available for debt service, before amortization
and adjustment of tax reserves, of $13,693,365 for the
year ended June 30,
1934; $12,552,972 for the year ended June 30, 1935, and $12,252,332 for
the year ended June 30, 1936.
Estimated combined annual debt service
requirements on $114,500,000 Rapid Transit collateral trust bonds, in¬
cluding the present new issue, and the $22,423,000 underlying elevated
bonds of the New York Rapid Transit Corp. will be, for the
year ending
May 1, 1937, $7,682,480, of which $5,682,480 represents interest and
$2,000,000 will represent the serial maturity due May 1, 1937.
The 4 H % series bonds are subject to the operation of a cumulative
sinking
fund beginning not later than Nov. 1, 1951, designed to retire all
such
bonds by maturity, assuming an average acquisition price of
par.
The
$45,000,000 of serial bonds issued May 1, 1936, mature in varying amounts
on May 1 of each year, 1937 to 1951, inclusive, so that
the sinking fund
which begins Nov. 1, 1951, applicable to the 4j^%
bonds, is in effect a
continuation of the provision for retiring a stated amount of debt each
year
commencing with May 1, 1937.
Two schedules of call prices are established for the
4}i% series bonds.
The regular redemption prices are: 105% to and incl. Mlay
1, 1946; 104%
thereafter to and incl. May 1, 1951; 103% thereafter to and incl.
May 1,
1956; 102% thereafter to and incl. May 1, 1961; 101% thereafter to and
incl. May 1, 1965; 100M% thereafter to and incl. Nov.
1, 1965; 100%
thereafter to maturity; the redemption prices applicable in the
event of
York
retirement
of these bonds in consequence of
"unification" of the rapid
facilities in New York City are 102% to and incl.
July 1, 1937;
103% thereafter to and incl. May 1,1956, and thereafter at the redemption
transit
prices first specified: plus accrued int. in each case to the date of redemption.
The New York Stock Exchange has authorized the listing of the
$4,500,000
additional 4H % bonds, series D, making the total 434 % listed or
authorized
to be listed, $69,500,000.
Underwriting Arrangements—The
names
of the several principal under¬
series bonds which they
writers and the amounts of the additional 4H%
have severally underwritten are as follows:
Hayden, Stone & Co., New York
$1,500,000
1,500,000
Brown Harriman & Co., Inc., New York
Lazard Freres & Co., Inc., New York
Inc.—Pays Initial Dividend—
The company paid an initial dividend of 30 cents per share on
on Dec. 30 to holders of record Dec. 28.—V.
143, p. 3308.
its capital
—V. 144, p. 99.
..
1,500,000
;
stock
(E. L.) Bruce Co.—Registers with SEC—
Brewing Corp. of Canada, Ltd.—Accumulated Div.—
i
'
The directors have declared a dividend of 37 H cents per share on account
of accumulations on the $3 cum. pref. stock, no par value,
payable Jan. 15
to holders of record Dec. 31.
A similar payment was made in each of the
eight preceding quarters,
as against 75 cents paid on Oct. 15, 1934.
Thjs
latter payment was the first made since stockholders voted to extinguish
previous accruals on this issue.
Following the Jan. 15 payment,
to
British American Tobacco Co.,
_
"
~
Years End. Sept. 30—
Net profit after chgs__
Pref. dividends
x
y
the above Issue will amount
arrears on
$3 per share.—V. 143, p. 3992.
Ordinary divs
Ltd.—Earnings—
1QQ K
1Q*M
1QQQ
£5,469,170
4,735,768
£5,452,981
585,000
4,726,418
£5,403.065
585.000
4,716,593
£148,402
2,998,867
1936
£5,541,755
585,000
4,736,352
£141,563
2,857,305
£101,472
2,755,833
585.000
Commission
covering 14,162 shares of 7% preferred stock,
($100 par), 4*957 shares of 3^% preferred
Oct. 1, 1936 ($100 par), and 130,000 shares of
cumulative from Oct. 1, 1936
stock,
cumulative from
stock (par $5.)
G. L. Walker & Co. will be the principal underwriter of the issue.
According to the statement, stockholders of any of the 14,162 issued
shares of 7% preferred stock, on which on Oct. 1,1936, there were accumu¬
lated and unpaid dividends of $35 a share, will be offered in
exchange and
in payment of all dividends unpaid and accrued to Oct. 1 an
equal number
of shares of 7% preferred and
preferred, at the rate of 1 share of
preferred for each $100 of such accrued and unpaid dividends on the
outstanding preferred stock.
Stockholders of the 130,000 issued shares of no par common stock will
receive in exchange one share of common stock, $5 par value.
common
Earnings for 3 Months Ended Sept. 30,1936
Balance, surplus
Previous surplus
£220,403
3,147,269
Total surplus
__.z£3,367,672
£3,147,269
£2,998,867
£2,857,305
Net
income
after
expenses,
depreciation, taxes, interest and
other charges
$35,168
Earnings per share on 130,000 shares
—Y. 143, p. 3834.
common stock
$0.08
After
deducting all charges and expenses for management, &c., and
providing for income tax.
y Includes in each year the final dividends of
the preceding year which are shown in annual reports as paid out of surplus
account.
x Before distribution recommended by directors of a final dividend
(free of British income tax) on the ordinary shares of 8d. per £1 of stock,
amounting to £789,392 payable Jan. 18, 1937, and £150,000 allocation to
the employees benevolent fund, leaving £2,428,280 to be carried forward.
x
The company has filed a registration statement with the Securities and
Exchange
1936
1935
£
a Real est. & bldg.
Plant, mach., &c_
Goodwill, trade¬
marks, &c
Investments
Loans & cur.
Inventories
1936
Liabilities—
£
821,434
486,785
828,227
504,092
bal. less
1935
£
£
Preference stock..
4,500,000
4,500,000
6% pref. stock.__ 6,000,000
6,000,000
b Ordinary stock.23,681,761
23,681,761
200,000
200,000 Deposits & curr.
accts. of sub. cos 4,763,530
31,000,782 28,507,681
accts. 4,299,081
4,910,373 Other cred., incl.
taxes
3,468,664
3,945,882
3,307,371
Debtors and debit
reserves
Cash.
Employ,
1,719,864
7,106,243
Burry Biscuit Corp., Linden, N. J.—1936 Report—
The consoidated balance sheet of company
Balance Sheet Sept. 30
Assets—
(Edward G.) Budd Mfg. Co.—Offerings Delayed—
Edward G. Budd Manufacturing Co. and Budd Wheel Co. have filed
amendments with the Securities and Exchange Commission
delaying pro¬
posed offering date of their securities to Feb. 10.—V. 143, p. 3992.
4,387,350
and its subsidiaries, for the
10-month period ended Oct. 31,1936, is given below.
Joint operation of Burry Biscuit Corp. with its subsidiaries commenced
on Jan.
11, 1936.
The statements therefore reflect only the operations
from that date until Oct. 31, 1936, (approximately 10 months).
Earnings for the Period from Jan. 11 to Oct. 31, 1936
Gross income from operations
Discounts received on purchases
$188,763
12,920
2,014
Interest
2,965,579
benevo¬
Total.
lent fund
1,553,206
7,718,568 Res. for bldgs., &c
113,601
725,000
Prem. on ord. shs.
623,308
Redempt. of coup's
68,328
Special reserve
1,952,281
Profit and loss
3,367,673
114,149
700,000
623,308
96,332
1,952,281
Cash discounts allowed
$203,697
18,338
8,755
,
Organization and development
Interest paid
expenses;
840
?
Miscellaneous deductions
2,158
23,714
Provision for Federal income tax
3,147,269
Net income
Total
a
Real
49,102,853 48,168,0291
estate
easeholds.
Total
49,102,853 48,168,029
and
buildings at cost, less provision for
b Ordinary stock represents shares of £1 each.—V
$149,892
5,267
Portion applicable to the minority interest of a subsidiary company
amortization
143, p. 4146.
Balance carried to
surplus
$144,625
19,500
Preferred dividends
British Columbia Power
Period End. Nov. 30—
Gross earnings
Operating
expenses
Net earnings
Corp., Ltd.—Earnings—
1936—Month—1935
$1,254,235
$1,190,048
T 691,433
635,858
$562,802
$554,190
1936—5 Mos.—1935
$6,064,207
3,424,415
$5,647,776
3,089,851
$2,639,792
$2,557,925
-V. 143, p. 3992.
Broad River Power
Balance
$125,125
Note—The net incomaTshown above is before deduction of the Federal
jundistributed profits of the subsidiary companies for the period
from July 1,1936 to Oct. 31,1936, imposed under the Revenue Act or 1936.
The amount of such surtax, if any, dannot be finally determined until
June 30, 1937, the fiscal year-end of the subsidiaries.
surtax on
Consolidated Balance Sheet Oct. 31, 1936
Co.—Delays Offering—
Company has filed an amendment with the Securities and Exchange
Commission delaying the proposed public offering of its securities to Jan.
25.—V. 143, p. 2992.
Assets—
Liabilities—
Cash in banks and
on
hand
$13,479
Marketable securities at cost,
Notes and accounts receivable
Brooklyn-Manhattan Transit Corp.—Bonds Offered—Rapid Transit collateral
trust bonds,
series, due May 1, 1966, was offered
Jan. 7 at 103^ and accrued interest by an underwriting
group consisting of Hayden, Stone & Co.; Brown Harriman
& Co., Inc., and Lazard Freres & Co., Inc.
These addi¬
An additional issue of $4,500,000
tional bonds will be issued under the
same
indenture and will
enjoy equal security with the $65,000,000 4^% series and
$45,000,000 serial bonds of the corporation, sold publicly
through the same banking group last May.
The 4J^%
series bonds
were
offered at that time at 100 and int. and
have since sold above 104
on
the New York Stock
It is expected that these bonds will
qualify
as
Exchange.
legal investments for life
insurance companies in New York State.
Net proceeds of the financing are to be used, to the extent necessary, for
the purchase from Williamsburg Power Plant Corp., a wholly-owned sub¬
sidiary of the corporation, of $4,500,000 general mortgage 5% sinking fund
gold bonds, series A, due July 1, 1968, which bonds are to be deposited
under the indenture.
The funds received by Williamsburgh Power Plant Corp. are to be used
for the enlargement and modernization of the Williamsburgh power plant,
its
principal power station.
The new facilities will consist of two high
pressure turbine generators, having a total capacity of 38,000 kw. to be
installed in an extension to the present annex turbine room, and two high
pressure boilers, each rated at 575,000 pounds of steam per hour to be
installed in a new boiler house.
The cost of this work, together with a new
plant office building, will be approximately $4,500,000.
It is expected
that the new facilities will be ready for operation in December of this year.
The engineer's report, published in the prospectus, states that: "That fuel
and operating savings resulting therefrom (from the new facilities) will be
Inventories
Prop., plant & equip., at cost.
Accounts payable
206,920
al20,349
163,117
b375,239
Accrued liabilities
Patents and trade-marks
Other assets
Deferred charges
2
90,581
30,534
$121,108
27,828
Prov. for Fed. inc. tax
27,974
Min. Int. in cap. stk. & surplus
6%
cum. conv. pref. stock
44,186
(par
$50)
Common stock (par
Paid-in surplus
499,250
50,015
104,735
125,125
123^ cents)
Earn. surp. since Jan. 11,1936
Total
$1,000,221
Total
$1,000,221
a After reserve for doubtful notes and accounts discounts and allowances
of $10,207.
b After reserve for depreciation and amortization of $59,337.
—V. 144, p. 99.
Canada Northern Power
Period End. Nov. 30—
Gross earnings
Operating
Corp., Ltd.—Earnings—
1936—Month—1935
1936—11 Mos.—1935
Net earnin
$384,721
147,780
4,156,395
1,593,589
$4,036,625
1,533,232
$240,907
expenses
$398,907
158,000
$236,941
$2,562,806
$2,503,393
-V. 143, p.
Canadian Pacific Lines in
November—
Gross from railway
Net from railway
Net after rents
1936
$143,888
25,836
3,056
Maine—Earnings—
1935
$121,525
11,2.54
1934
1933
$100,969
defll,571
$131,398
22,453
4,618
1,673,260
72,119
defl95,318
1,803,374
238,097
def44,960
1,408,364
167,212
defl09,548
9,661
def8,628
From Jan. 1-—
Gross from railway
Net from railway
Net after rents
—V. 143, p.
1,921,594
134,305
defl66,436
3622.
Cape Cod Ship Building Corp.—Sold to Yachting Group
Announcement of the sale of the corporation to a group prominently
identified with yachting activities was made Jan. 5 to Harvey L. Williams
I
274
Financial
of
Greenwich, Conn,, who has been elected president of the company to
represent the new owners.
Purchase of the company, Mr. Williams said, followed a year
during
which he acted in an advisory capacity, directing the company's affairs
under the terms of an option.
During this period the new owners com¬
pleted market surveys and launched the distribution of sailboats through
retail stores in major cities—an innovation in boat selling.
One of the oldest and largest factors in the pleasure-craft
industry, estab¬
lished in 1896, with yards and factories at Wareham,
Mass., the company
under new ownership, plans to broaden its fleet of sailboats to include all
types and sizes for which quantity demand exists, from small 6-foot playboats for children to 28-root cruising auxiliary
yawl.
The company's
line for 1937 includes over 30 designs of
outboards, skiffs, dories and sailSales
in
Chronicle
Jan. 9, 1937
insurance companies and savings banks.
New York savings banks will be
represented by the Savings Banks Trust Co.
Mr. Alsop added that the members appointed to his committee had been
empowered to select two others and that this would be done in a day|or
two.—V. 144, p. 100.
Chicago & North Western Ry.—Hearing Postponed—
The
Interstate
Commerce
to March 23 further
Commission has postponed from Jan. 19
hearings in the company's reorganization proceedings,
—V. 144, p. 101.
Coca Cola
Bottling Co. of St. Louis—To Split Stock—
The directors have voted to recommend to stockholders at their annual
meeting Feb. 2,
1936
reported by Mr. Williams to be more than 150%
Deliveries during the year were made through several
were
greater than in 1935.
hundred retail outlets and waterfronts dealers in 37
States.
1937, a proposal to split this company's stock in a ratio
four new shares for each share now outstanding.
Willard R. Cox,
President, stated that earnings for the current year would show a sub¬
stantial increase over those for the previous year.—V. 143, p. 2518.
of
(Phillip) Carey Mfg. Co.—Dividends Resumed—
Collins Co.—Dividend Increased—
The company paid a dividend of 25 cents per share on its common
stock,
Dec. 28 to holders of record Dec. 24.
This was the first payment made
on the common shares since Dec.
15, 1932 when a similar dividend was
on
distributed.—V.
143, p. 3623.
Carreras, Ltd.—Share Bonus—
The New York Curb
Trust Co. of
Exchange has received notice from the Guaranty
proposed share bonus distribution by the company in the
new B ordinary shares for every five old A
ordinary shares
a
The directors have declared
a dividend of $2
per share on the common
stock, payable Jan. 15 to holders of record Jan. 5.
This compares with
$1.75 paid on Oct. 15, last; $1.50 per share paid each three months from
Jan. 15, 1935 to and including July 15, last, $1 per share paid on Oct. 15
and July 14, 1934; quarterly payments of 50 cents
per share made from
April 15, 1932 to and including April 15, 1934 and $1 per share distributed
each three months from April 15, 1931 to Jan. 15, 1932, inclusive.—V.
143, p. 2518.
proportion of 16
and two
new B ordinary shares for
every five old B ordinary shares held.
A meeting of shareholders was called for Jan.
4,1937, to sanction such share
bonus distribution.
In
connection
with
the above share
bonus distribution, the Guaranty
Trust Co. established Jan. 4,1937, as the record date with
respect to the
American depositary receipts for the A
ordinary and B ordinary shares, and
announcement will be made at a later date as to the date
upon which such
distributions will be made to holders of American
depositary receipts.
The committee on securities rules that the American
depositary receipts
for the A ordinary and B
ordinary shares of Carreras,
Limited
be not
quoted "ex" the above referred to distributions until further notice and
that all deliveries after Jan. 4,
1937, and until further notice must be
accompanied by due bills.—V. 142, p. 4332.
Celotex Corp.—To
dividend of $1.25 per share on the 5% cum.
pref. stock, par $100, payable Feb. 1 to holders of record Jan. 18.
This
a
payment is for the quarterly period Nov. 1, 1936 to Jan. 31, 1937.
A dividend of $5 per share was
paid on account of accumulations
Nov. 10, last.—Y. 143, p. 3835.
on
Central Hudson Gas & Electric
Corp.—Initial Pref. Div
The
directors
have
declared
an
share on
to holders of record Dec. 24.
Admitted
to Unlisted
The New York Curb
the
common
stock,
no par.
p.4147.
Trading—
Exchange has admitted to unlisted trading privileges
par, in lieu of voting trust certificates for common
The voting trust agreement expired Jan. 1, 1937.—V. 143,
stock,
no
Central Illinois Public Service
Period End. Nov. 30—
Net inc. after all charges
Earns, per share on com-
Co.—Earnings—
^
3993.
p.
on Dec. 18 obtained in Civil District Court, New
Orleans,
preliminary restraining order enjoining the State Banking Depart¬
Louisiana from liquidating the Association.
The Association
alleged discrimination against it for its failure to qualify with the Federal
La.,
insured
City,
noon.—V.
140,
p.
on or
before March 2,
1937,
at 12
471.
declared
a
dividend
of
$1.31 %
share on the
per share on the 6% cum.
per
7% cum. pref. stock, par $100, and $1.12%
pref. stock, par $100, both payable Feb. 1 to holders of record Jan. 15.
Like payments were made on Nov. 2, last.
Dividends of 87>3 cents on the
7% stock and 75 cents on the 6% stock were paid on Aug. 1, last, and
dividends of 43% cents and 37% cents
per share, respectively, were paid
in each of the eight preceding quarters.
No payments were made in May
or February of 1934.
The company on Nov. 1, 1933,
paid a dividend of 43% cents per share
on the 7% pref. stock as
against 87% cents per share on May 1 and Aug. 1,
1933, and $1.75 per share previously eacn quarter.
On the 6% pref.
stock a dividend of 37% cents per share was
paid on Nov. 1, 1933, as
compared with 75 cents per share on May 1 and Aug. 1, 1933, and $1.50
per share in preceding quarters.—V. 143, p. 2831.
Hall,
.
Atlantic
City,
N.
homesteads."
.
Building & Homestead Association obtained the first restraining order.
The suit of the Columbia Association was allotted to Judge Walter L.
Gleason as was that of the Mutual Association.—V. 137, p. 3769.
Columbia Pictures
Leeds
&
Lippincott
on
Co.,
the
operates
$15,000,000
-
Columbus, Delaware & Marion Electric Co.—Merger
Approved—
A plan to merge the company with the Mount Gilead Water, Light, Heat
Morrow Public Service Co., and the Reserve Power & Light
& Power Co.
a
new
company to be called the Marion-Reserve Power Co., wag
at the close of business Dec. 31, 1936.—V. 143, p. 267.
as
Commercial Discount Co. (Los
on
Angeles)—Extra Div.—
The company paid an extra dividend of $1 per share on the common stock
Dec. 26 to holders of record Dec. 21.
A regular quarterly dividend of
50 cents per share was paid on Nov. 2, last.—V. 143, p. 3311.
The directors have declared a dividend of $1.50 per share on the common
stock, payable Dec. 28 to holders of record Dec. 23.
An initial dividend of
50 cents was paid on Nov. 1, last.—V. 143, p. 2518.
Commonwealth Edison Co.—To
J.—Re¬
Chalfonte-
Pay Larger Dividend—
The directors have declared a dividend of $1.25 per share on the common
stock, par $100, payable Feb. 1 to holders of record Jan. 15.
Previously
regular quarterly dividends of $1 per share were distribute .d
In addition
a special dividend of $1 was paid on Dec. 17 last.—V. 143, p. 4148.
Community Power & Light Co. (& Subs.)—Earnings—
Per. End. Nov. 30—
1936—Month—1935
$341,078
$322,204
147,404
159,337
20,235
16,730
a36,853
28,229
Operating revenues._
Operation..
-
Taxes
Net oper. revenues._.
which
Corp.—Listing—
The New York Stock Exchange has authorized the listing of the
following additional voting trust certificates representing shares of common
stock (no par) for the following purposes: V. t. c. representing 4,719 shares
of common stock, upon official notice of issuance as a stock dividend of
2% %, and v. t. c. representing 674 shares of common stock to be added to
reserve against
outstanding series A purchase warrants as extended to
June 30, 1937, upon official notice of issuance, making the total amount
applied for v. t. c. representing 478,619 shares of common stock.—V.
143, p. 4148.
organization Asked—
Haddon Hall hotels
The
The suit of the Columbia Association is the second such proceeding that
been instituted in New Orleans in less than a month.
The Mutual
Maintenance
Chalfonte-Haddon
its shares of stock.
Commodity Corp.—Larger Dividend—
Central Power & Light Co.—Accumulated Dividendt
have
on
has
consummated
inviting tenders for the sale to it of its first refunding
mortgage bonds in an amount sufficient to exhaust the sum of $25,441,
now in the sinking fund.
Tenders should be presented to the company at
its office, 165 Broadway, N. Y.
directors
of
organization placed the blame for the alleged discrimination with the
Central Appraisal Bureau, "a bureau governed and controlled by the 23
This company is
The
a
ment
Co. into
Central Pacific Ry.—Tenders—
oclock
Building & Loan Association—Court Orders
Liquidation-—
The Association
1936—Month—1935
1936—12 Mos.—1935
x$152,181
$101,209 x$l,330,430
$991,957
bined preferred stocks
$4.67
$3.48
x No mention was made
of undistributed profits surtax provision.—V
143,
a dividend of 35 cents per share on the com¬
par value, payable Dec. 24 to holders of record Dec. 19.
dividends of 25 cents per share were distrbuted.—V. 141
no
Columbia
to Halt
initial
quarterly dividend of $1.12%
the 4 % % cumulative preferred stock, par $100, payable Jan. 2
per
stock,
Previously,
p. 2272.
Home Loan Bank Board for Federal insurance
Pay Preferred Dividend—
The directors have declared
Collyer Insulated Wire Co.—Larger Dividend—
The directors have declared
mon
Non-oper.
1936—12 Mos.—1935
$4,036,733
$3,722,982
1,918.824
1,886,513
206,496
206,343
a384,592
340,047
$136,585
$117,909
368
3,243
$1,526,820
14,101
$1,290,079
20,742
$136,953
22,438
69,368
income—Net
$121,151
25,257
70.336
$1,540,922
301,303
841.276
$1,310,821
273,710
848,466
the boardwalk at North Carolina Ave., Atlantic City,
N. J., has filed
a petition to reorganize under Section 77B of the Federal
Bankruptcy Act.
The petition was filed in the Federal Court at Camden.
The two buildings of Chalfonte-H addon Hall are
joined by a bridge which
spans North Carolina Ave.
Prudential Life Insurance Co. of Newark,
holds a $3,800,000 1st mtge. on Haddon
Hall, and the Camden Safe Deposit
& Trust Co. is trustee for
mortgage bonds amounting to
$2,500,000
on
the
Cbalfonte.
The
President, of the operating company, Henry W. Leeds, said the com¬
pany has been recovering from the depression, that all taxes were paid in
full this year, and that all current bills had been
met, and interest at the
rate of 4% was paid on the first mortgages.
Chicago Burlington & Quincy
$7,080,000 Equip. Trust Certificates—
RR.—-Seeks
Bids
on
Company is inviting bids for the sale of $7,080,000 equipment trust
certificates, series B, 2% dated Dec. 1, 1936, maturing in equal annual
Balance
Retirement accruals
Int. & amortiz., &c
Net income
$45,147
$25,559
$398,342
$188,645
a No provision has been made for a possible Federal tax on undistributed
profits, since the amount of such tax, if any, cannot be determined until
the close of the year.—V. 143, p. 3836.
Consolidated Chemical
Industries, Inc.—Extra Divs.—
The directors have declared an extra dividend of 12% cents per share in
addition to the regular quarterly dividends of 37 % cents per share on the
class A and class B stocks both payable Feb. 1 to holders of record Jan. 15.
—V. 143, p. 2995.
Consolidated
Gas Electric Light
Subs.)—Earnings—
instalment Dec. 1,1937-1951.
Bids must be submitted on or before Jan. 25
(12.30 p. m. Eastern Standard Time) and addressed to C. I. Sturgis, Vice-
Baltimore (&
President, 2 Wall St., N. Y. City.—V. 144,
&
Power
Co.
of
Rev. from electric sales a$20,804,670
Rev. from gas sales
8,288,341
p.
100.
Chicago Indianapolis & Louisville Ry.—Individual
Reject Insurance Group's Plan—-Form Protective Com-
Holders
mittee—
Rejecting a proposal by a group of interested insurance companies,
individual holders of the 1st & ref.
gen. mtge. 5% bonds due in 1966 voted
Jan. 7 to be represented in the
company's bankruptcy proceedings by an
independent committee.
The bondholders took this action at a meeting
by the Guaranty Trust Co., trustee for the bonds, and held at 32
called
Nassau St.
Period End. Nov. 30—
Rev. from steam sales.
.
Miscell. oper. revenue..
1936—11 Mos.—1935
1936—12 Mos.—1935
$19,084,685 $22,759,174 $20,801,655
8,087,553
9,108,338
8,879,867
662,642
593,416
781,423
691,919
281,593
284,223
303,642
303,177
Total oper. revenue..$30,037,246 $28,049,877 $32,952,577 $30,676,618
Operating expenses-b..
15,960,117
14,352,626
17,494,104
15,703,683
Retirement expense
2,261,582
2,220,916
2,484,393
2,441,808
Taxes.....
3,863,014
3,386,746
4,220,923
3,692,312
Operating income—
Non-operating income.
_
$7,952,533
335,907
$8,089,589
293,515
$8,753,156
383,882
$8,838,815
316,980
$8,288,441
$8,383,104
2,715,475
$9,137,038
2,725,971
$9,155,795
2.957,586
The
independent committee is to be headed by K. D. Alsop of Hunt,
Hill & Betts. P. Lyndon Dodge of
Munds, Windslow & Potter and Herbert
H. Klein of Holsapple, Harvey &
Co., together with two others still to be
chosen, will make up the rest of the committee. Mr. Alsop is acting for the
Fidelity Union Trust Co. and West Hudson Trust Co., both of Newark,
N.J. Mr. Dodge and Mr. Klein were members of firms which shared in
the
sale of the bonds the committee will
represent.
F. W. Walker, Vice-President of the Northwestern Mutual Life
Insurance
Co., in a recent statement recommended that the individual bondholders
should not form a committee in the
proceedings for reorganization of the
railway but that the Guaranty Trust Co. should be authorized to inter¬
vene.
The meeting held Jan. 7, approved intervention
by the Guaranty
Trust Co., but did not formally
ratify it.
Arthur E. Burke, corporate
trust officer of the Guaranty Trust
Co., presided.
Mr. Alsop said that after completion of his
committee it would apply
to
the Interstate Commerce Commission for
approval of its membership
of its deposit agreement and for authorization
to solicit deposits of
He added that the committee would act in
harmony with the
and
bonds.
Gross income.
Fixed charges
2,497,948
Net income
$5,790,493
Dividends—pref. stock
1,022,372
Divs.—common stock._
3,852,410
$5,667,630
1,051,821
3,852,410
$6,411,067
1,115,315
4,202,629
$6,198,209
1.148,460
4,202,629
$915,711
$763,398
$1,093,123
$847,120
$4.08
$3.95
$4.54
$4.33
Balance......--
Earns.persh. of com.stk.
a
Revenues, beginning in July, were lowered by rate reductions made
during 1936.
b Pursuant to the company's practice, operating expenses
have been adjusted to equalize the costs of power on basis of average usable
river flow of the Susquehanna River.
The actual usable flow was higher
than average for the 12 months ended Nov. 30,1935 and lower than average
for each of the other periods shown above.
These adjustments are made
through "hydro equalization" account, established as of Jan. 1931.—V. 144,
p.
101.
Volume
Financial
144
Consolidated Funds
The
and
P.
company
common
steam
Corp.—Initial Dividend—-
on
Dec. 24 to holders of record
139,
Dec. 23.—V.
595.
Consolidated Lithographing
Jacob A.
Corp,—New Treasurer, &c
Voice
President, of this company, announced the promotion
Murphy, formerly Assistant Treasurer, to the position of
Treasurer to succeed Sidney P. Voice, formerly Secretary and Treasurer,
who has become Executive Vice-President.
Ralph D. Cole has been
elevated from Assistant Secretary to Secretary.
These officers will also
serve in the several subsidiaries of the corporation.
Jif, Frank M. Seamans, for many years an executive of United States Printing
Lithographing Co., has become associated with this company as VicePresident.
In connection with this appointment, the company stated
that this is another move on the part of its promotion department in adding
men of wide experience so as to take care of the continued interest shown
throughout the country in promotional material.—V. 143, p. 2204.
of James
heat in 4 communities and water in 4 communities and, incident to
its electric and
paid an initial dividend of 40 cents per share on its common
A stock
275
Chronicle
mission
business, sells appliances.
gas
interconnect
lines
L.
(1) Waive all rights to interest for three years commencing July 2, 1936.
(2) Permit, for the two years commencing July 2, 1939, of the payment
or cash or both.
For such purpose, if paid in
shares or partly so, such shares will be deemed to have a value of $11 each.
Whether the payment is made in cash or shares or both is subject to the
maintaining of a working capital position of $10,000,000.
No payment
will be made in cash, which vill reduce the working capital position below
that figure.
(3) Eliminate the gold clause.
<
(4) Defer sinking fund payments to March 1, 1941, and amend the
basis from that of 1% of the principal amount of bonds and debenture
stock outstanding to 25% of the earnings after bond interest but nbefore
depreciation and depletion.
No payment will be made which wll reduce
the working capital position below $10,000,000.
In making this request the company advised the bondholders and de¬
benture stockholders that if they gave their consent to the modifications
and alterations the company would issue to them shares of capital stock
on the basis of 15 shares for each $1,000
(£200 debenture stock),
'i his
l
Company's electric trans¬
number of other companies in¬
End.
Dec.
1934
1935
311933
$23,362,490 $21,669,914 $19,863,338
6,656,683
6,535,384
5,601,839
379,966
364,510
360,360
367,078
111,229
93,610
119,478
167,743
Heating and water
Non-oper. revenues..
.
Total gross
„
earnings..$32^694^845
Gen. & misc. expense...
Service contract fees
$30,477,295 $28,685,138 $26,000,000
2,317,533
1,910,213
1,738,202
307,686
367,038
384,091
2.317,113
274,248
$2,122,294
$2,625,219
$2,277,251
122,166
144,166
146,879
170,396
52,469,194
132,557
9,272,722
$2,481,053
175,693
7,806,022
$2,130,371
449,247
6,825,015
$1,951,897
293,466
5.733,380
$11,874,474 $10,462,768
1,859,875
1,576.731
2,182,112
2,017,430
Federal income taxes....
451,576
586,340
Prov. for retire, reserve.
3,125,000
2,850,000
$9,404,634
1,514,128
2,137,620
772,493
2,850,000
$7,978,744
1,205,326
1,810,987
$2,591,361
charged
V
,
to construction
obtained the consent
certain modifications
and alterations of their rights, as follows:
a
■Years
12 Mos. End.
Nov. 30, '36
Less—Amount
Paper Corp., Ltd.—Plan Approved—
recent meeting the company requested and
of the bondholders (and debenture stock holders) to
a
those of
Gross earnings—Electric$25,293,561
Gas
6,910,088
Total
Consolidated
At
with
Detroit Edison Co. and Michigan Public Service Co.
The population of the territory served is estimated to be in excess of
1,900,000.
Comparative Statement of Earnings
cluding
Balance
Prov. for uncoil, accts..
Other oper. expense
of interest in either shares
issue will be made all at
one
Consolidated Textile Corp.—Hearing on Plan—
Referee
B.
Olney has fixed Jan. 15 for a hearing on proposed
plan.
He directed interested parties
file them by Jan. 12.
Federal Judge Goddard, who had authorized the hearing, told Isidor
J. Kresel, attorney for the company, to continue his efforts to preserve
listing of the company on the Stock Exchange.
Peter
to
Net earnings
on funded debt
the reorganization
who wished to make objections to
Authorized to Borrow $75,000—
The corporation has been authorized by Federal Judge Goddard in the
U. S. District Court of Southern New York, to borrow $75,000 from L. F.
Dommerich 9c Co., factors, to reopen three southern
mills.—V. 144,
p.
101.
$13,201,806
4,027,567
Int.
Amort,
of
debt
$127981,023
4,676,769
592,600
2,784,000
$12,006,261 $11,628,341
4,371,842
4.348,660
disc.,
329,444
*394,885
premium & expense..
304.721
307,621
Miscellaneous interest..
92,393
100,295
205,382
67,277
Int. charged to construct
Cr129,237
0115,895
CV88.449
Cr63,032
Net income
*
on
time.
Holders of fractional warrants for bonds are advised that they do not
participate in the distribution of shares, but only those holding definitive
units, the lowest of which is $100.
hose holding the fractional warrants are therefore advised that, if
they wish to participate in the distribution of shares, they should acquire
sufficient additional fractional warrants to make $100 and present the
warrants to Montreal Trust Co., who will issue to them in exchange a
definitive bond of $100.—V. 141, p. 4150.
amendments
Total operation
Maintenance and repairs
General taxes
Net,
after
$7,993,409
$7,212,764
$6,967,814
representing amortization of premium
$8,816,198
crediting
$18,0$3
bonds sold.
the $113,396,000 of bonds outstanding
1936 (after giving effect to the issuance of $12,000,000 of
bonds, 3H% series of 1936 due 1966, sold Dec. 10, 1936)
amount to $4,026,185, and the annual charge to income for amortization
of debt discount, premium and expense account will be approximately $445.The annual
as
of Oct.
interest charges on
31,
first mortgage
600.
The annual dividend requirements on
739,712 shares of preferred stock
outstanding upon the completion of the present financing will amount
$3,424,666 and the difference between such amount and $4,208,005,
the present annual dividend requirements on the preferred stock now out¬
standing, amounts to $783,339.
Company estimates that, pursuant to the
order of the Michigan P. U. Commission dated Nov. 18, 1936, $3,377,707
will
be
transferred from
"organization" account to "preferred stock
premium, discount, commission and expense" account, which, together
with commissions and expenses inc irred in the issuance and sales of 547,788
shares of $4.50 preferred stock to be presently issued and sold, will make
a total of approximately $4,210,500 to be charged to said account; that upon
completion of the present financing, the application of such dividend
savings will extinguish such charges by said method in about five years;
that the balance to the credit of the "preferred capitai stock" account
to be
to
the sale of 547,788 shares of $4.50 preferred stock and the retirement
6%. 6.6% and 7% preferred stock refunded thereby, will be not
that the further application of such dividend
savings to the credit of said account until the capital represented by all the
preferred stock issued and outstanding shall equal $100 per share, will
require about five additional years.
upon
of the
Continental Gin Co., Inc.—Dividend
The company paid a dividend of $1.50 per
Accruals Paid Up
share on account of accruals and
the regular quarterly
dividend of $1.50 per share ordinarily due (or a total of
$3 per share) on the 6% cumulative preferred stock, par $100, on Jan. 2
to holders of record Dec. 17.
This payment clears up all back dividends
on
less than $70,218,103; and
Capitalization
the preferred stock.—V. 143, p. 2363.
Cooper-Bessemer Corp.—Admitted to Listing & Registra'n
listing and registration
issued in exchange for $3 cum. pref.
The New York Curb Exchange has admitted to
the $3 prior preference stock, no par,
stock series A.
The New York Curb Exchange call attention to the fact that transactions
in the new prior preference stock without par value, do not carry the
initial dividends or 3-10ths of a share of common stock and 50c. in cash
payable Dec. 26, 1936, on each share of prior preference stock of record
Dec. 23. 1936.
The new prior preference stock carries, and will sell "ex-dividend** on
Jan. 8, 1937, the second distribution of 3-lOths of a share of common stock
for each share of new prior preference stock which has been declared for
payment on Jan. 20, 1937, to holders of prior preference stock of record on
Jan. 11, 1937.—V. 143, p. 4150.
$4.50 pref., 547,788 shares stated at
Common stock (no par)
Total capital stock
Co.
Power
(Me.)—$55,000,000
Preferred
Stock
Offered—As a step in one of the largest public utility
preferred stock refunding operations carried out in recent
years, public offering of 547,788 shares of $4.50 preferred
stock was made Jan. 6 at a price of $100.50 per share.
Bonbright & Co., Inc., the First Boston Corp. and Brown Harriman & Co., Inc., head the underwriting group of 62 invest¬
ment houses, including, among others, Edward B. Smith &
Co., E. W. Clark & Co., Lehman Brothers, Stone & Web¬
ster and Blodget, Inc., Blyth & Co., Inc., Mellon Securities
Corp., Goldman, Sachs & Co., Harris, Hall & Co. (Inc.),
Hay den, Stone & Co., Kidder, Peabody & Co., Lee Higginson Corp., J. & W. Seligman & Co. and Spencer Trask & Co.
of the company's outstanding preferred stock, part of which
had the preferential right from Jan. 6 through
9, to purchase the new preferred at the above public offering price.
Offers made during this period to purchase up to 77% of their holdings of
record as of Jan. 4, will be confirmed in full and applicatins for the pirnchase of additional shares may be made subject to allotment and confirma¬
tion.
During the preferential period, purchases by stockholders residing
in Michigan are to be made directxy from the company, and purchases
by stockholders elsewhere are to be made from the underwriters or dealers.
Holders
is to be called for redemption,
Jan.
The $4.50 preferred stock (without par value) is entitled to cumulative
from Jan. 1, 1937, payable Q-J.
Preferred as to dividends
dividends
and
assets over
the
common
stock of the company.
Redeemable
as a
In part, at the option of the company, at any time upon not
30 nor more than 60 days' notice at $110 per share and divs.
or
agents: Office of the company, Jackson, Mich.,
120 "Wall St., New York, N. Y.
Registrars:
whole
less than
Transfer
and agents of the company,
Jackson City Bank & Trust
and National City Bank, New York.
Issuance—Authorized by the Michigan Public Utilities Commission.
Purpose of Issue—The net proceeds from the sale of the 547,788 shares
of $4.50 preferred stock (estimated to be at least $53,261,256 after deducting
expenses), together with treasury funds in an amount estimated not to ex¬
ceed $1,297,529, wlli be used by the company to effect retirement of the
519,919 outstanding shares of 6%, 6.6% and 7% preferred stock, at not
exceeding the stipulated redemption price of $105 per share and accrued
dividends, as authorized by an order of the Michigan P. U.
Commission
dated Nov. 18, 1936.
The number of shares to be retired includes 6,542
shares of 6% preferred stock to be purchased from Commonwealth &
Southern Corp. (Del.), the parent of the company, for $654,200, the cost
of such shares to that corporation, exclusive of accrued dividends.
Business—Company was organized in Maine on April 14, 1910, and was
admitted to do business in Michigan on July 21, 1915.
Company is a sub¬
sidiary of Commonwealth & Southern Corp. (Del.), which owns 70.06%
of its voting capital stock.
The company is engaged in the generation and purchase of electricity
and its distribution and sale in 890 communities and townships as well
as'rural areas, in the production of manufactured gas and its distribution
and sale in 124 communities and townships and in the purchase of natural
Co., Jackson, Mich.,
gas
gas
and its distribution and sale in 102 communities
is 'acquired under gas purchase contracts and
owned by the company.
lines of others by pipe lines
and townships. Natural
is taken from gathering
Company also supplies
of Oct. 31, 1936
...
i
2,000,000 shs.
d51.527,180
a34,284,725
$104,502,828
1,643,080 shares,
b Not limited except as set forth in the mortgage
of further assurance,
c A new amendment to the com¬
pany's certificate of organization was adopted at a meeting of stockholders
on Dec. 28, 1936, authorizing the issuance of preferred stock in classes of
equal rank having such dividend rates, dividend payment dates, amounts
payable on liquidation, redemption prices and conversion rights as directors
may from time to time determine and creating a class of such preferred
stock designated as $4.50 preferred stock.
The new amendment provides
that of the 650,000 shares of preferred stock (par $100) theretofore author¬
ized the 130,081 unissued shares thereof be changed into an equal number
of shares of preferred stock without par, making a total of 480,081 shares
of preferred stock without par, and that the authorized number of the shares
of preferred stock, without par, be further increased by 519,919 shares to
an aggregate authorized number of shares of preferred stock, without par
of 1,000,000.
As soon as practicable after the date for the delivery of the
$4.50 preferred stock and payment therefor, the company proposes to
reduce its capital by $51,991,900, the aggregate par value of the outstanding
6%, 6.6% and 7% preferred stock, and forthwith after the redemption
date for such shares, to reduce its authorized number of shares by eliminating
all shares of preferred stock having a par value,
d This amount is the
minimum which the company estimates will be set up as the capital repre¬
sented by the 547,788 shares of $4.50 preferred stock computed in the
manner required by an order of the Michigan P. U. Commission, dated
Nov. 18, 1936.
By said order, the company was authorized to issue,
reissue, sell, resell, exchange or otherwise dispose of, either presently
or from time to time, not exceeding 750,000 shares of its preferred stock
without par, bearing dividends of $4.50 per share per annum in refundment
of not less than a proportionate number of the 711,843 shares of its 7%,
6.6%. 6% and $5 preferred stock presently outstanding, provided that the
amount of the capital represented by its outstanding preferred stock after
the completion of the refinancing therein contemplated.ishall be not less than
$70,682,823, the amount of capital represented by the preferred stock now
outstanding, (a) diminished by the amount by which the proceeds realized
upon the sale or other form of disposal of the $4.50 preferred stock, shall
be less than the amount required to redeem the preferred stock now out¬
standing at $105 per share as required in the certificates for such stock,
but in no case shall such sale or disposal of such $4.50 preferred stock be
made at a price less than $97.50 per share, or, (b) increased by the amount
by which the proceeds realized upon the sale or other form of disposal of
the $4.50 preferred stock shall be greater than the amount required to
redeem the preferred stock now outstanding at $105 per share as stipulated
in the certificates for such stock.
The Commission's order also authorized
and directs the company to charge to a sub-account entitled "preferred
stock premium, discount, commission and expense" under an asset account
entitled "miscellaneous deferred debits" the commissions, discounts and
expenses incurred in the issuance and sales of preferred stock heretofore
issued and now carried as a part of "organization" account on the books
of the company as well as the commission, discounts and expenses incurred
in the issuance and sales of the preferred stock authorized in such order,
and to amortize such account until it is entirely extinguished by crediting
thereto the amount of the difference or saving between the dividends it
pays on the preferred stock bearing dividends at $4.50 per share per annum
and what it would have paid on the 7%, 6.6%, 6% and $5 preferred stock
refunded thereby, and to charge such amounts against any balance of
current income remaining after deducting from net income an amount
equal to the accrued dividends on its preferred stock outstanding, or to
charge surplus with amounts which, together with the charge against cur¬
rent income, will be at least equal to such savings, and after the entire ex¬
tinguishment of said account, to continue to make such charges at least
equal to such savings, and to credit the amounts thereof to "preferred
a
Consumers
as
Adjusted to reflect the sale on Dec. 10,1936 of $12,000,000 first mortgage
bonds, 3M% series of 1936, due 1966, the issuance of 547,788 shares of
$4.50 preferred stock and the retirement of 519,919 shares of 6%, 6.6% and
7% preferred stock.
'o
Authorized
First Mortgage Bonds—
Outstanding
/
Series of 1934, 4%, due 1944
$8,168,000
L
18,594,000
S%% series of 1935, due 1965
b See Note
18,925,000
3>i% series of 1935, due 1965
55,709,000
3H% series of 1936, due 1970
—.
12,000,000
3H% series of 1936, due 1966
Preferred stock (no par) cumulative—
c See Note
$ 18,690,923
$5 pref., 191,924 shares stated at
/
and the agreement
Financial
276
capital stock" account until the capital represented by all the preferred
stock issued and outstanding shall equal $100 per share.
Underwriters—The
respective proportions in which they have severally underwritten up to
but not exceeding 547,788 shares of $4.50 preferred stock are as follows:
No
Bonbright & Co., Inc
First Boston Corp
Brown Harrlman & Co., Inc
of Shares
Name—
■
No. of Shares
Ino
60,000
60,000
15,000
—
Edward B. Smith & Co
E. W. Clark & Co
Lehman Brothers
7,000
Richardson & Clark
A. C. Allyn &
Co., Inc
Coffin & Burr, Inc
R. L. Day & Co
Stone & Webster and Blodget,
15,000
12,000
12,000
Mellon Securities Corp
Hornblower & Weeks
10,000
Inc
Blyth & Co., Inc
E.H. Rollins & Sons, Inc
Chas. W. Scranton & Co
Goldman, Sachs &Co
Harris, Hall & Co. (Inc.)
Hayden, Stone & Co.
Kidder, Peabody &Co
Lee Higginson Corp
J. & W. Sellgman & Co
10,000
Spencer Trask & Co
Paine, Webber & Co.
Putnam & Co..
10,000
10,000
10,000
10,000
10,000
Glore, Forgan & Co
Lawrence Stern &
Hawley, Huller & Co.
Hayden, Miller & Co—
Hemphiile, Noyes & Co.
7,500
7,500
7,500
W. E. Hutton & Co
Co., Inc
Tucker, Anthony &Co
Bacon, Whipple & Co
Cassatt & Co., Inc
Graham .Parsons & Co
7,500
Clark, Dodge & Co
First of Michigan Corp
...
Securities Co. of Milwaukee, Inc.
9,000
Bancamerlca-Blair Corp
H. M. Byllesby & Co., Inc
Lazard Freres &
—
Brown, Lisle & Marshall
15,000
15,000
Jackson & Curtis
7,500 Laurence M. Marks & Co
7,500 Merrill, Turben & Co
7,500 G. M.-P. Murphy & Co..
7,500 W. H. Newbold's Son & Co
7,500 Otis & Co
7,500 Arthur Perry & Co., Inc
Co., Inc.F. S. Moseley & Co
Schroder Rockefeller & Co., Inc.
Watllng, LercheD & Hayes
White, Weld & Co
Central Republic Co.-- --
—-
Ritter & Co
7,000
Domlnick & Dominick
Starkweather & Co., Inc
Stroud & Co., Inc
Whiting, Weeks & Knowles, Inc.
7,000
7,000
7,000
Estabrook & Co
W. C. Langley & Co
5,288
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
3,600
3,500
3,500
3,500
3,500
3,500
3,600
3,500
3,500
3,500
3,500
3,500
3,500
3,500
3,500
3,500
3,500
Preferred stock
com¬
591,112
907,493
8,795,558
Common stock
accounts
on
34,284,725
101,396,000
276,750
1,692,574
Funded debt
Deferred charges & prepaid
Cash in banks &
32,365,600
16,847,900
2,778,400
7j% preferred
expense
a
2,083,212
1,304,748
98,595
hand...
Working funds
Accts., notes & Int. rec.—
Customers' service accts-
$18,690,923
($5)
6% preferred
6.6% preferred
panies, &C--
Merchandise
Miscellaneous
Reserve for uncollect, accts.
Materials & supplies
Other funded debt
Deferred liabilities
Due to Comm. & Sou.
Corp.
1,700,000
Accts. payable—affil cos
Accts. payable—other
2,981,206
1,823,338
64,162
Cr808,315
3,863,052
-
23,967
270,314
180,390
3,373,387
971,100
1,042
104,836
16,441,035
343,280
341,134
Payrolls payable
Accrued taxes
Dividends payable
Accrued interest (net)
Misc. current liabilities
Reserves—Retirement
Casualty & insur.
reserve-
Contingencies
-
Unamort. prem. on bonds,
&c
819,565
542,577
1,421,245
312,908
5,099,182
Other
Contributions for extensions
Surplus—Acquired
Earned
$240,278,8371
-
Total
$240,278,837
a Maturing subsequent to Oct. 31,
1936 for which funds have been de¬
posited for payment at maturity.—V. 143, p. 4150.
Continental Motors
Reese
as
Vice-President and Assistant General Manager; B. P. Tobin Jr.,
P. Kalb as Vice-President in Charge
Manufacturing (Muskegon Plant), and G. M. Clark
Secretary.
as
Consolidated Balance Sheet Oct. 31
1936
Assets—
Liabilities—
1935
1936
Property acct
-
-
$786,073
Croyden Hotel, at the southwest corner of Rush and
receivership for more than five
taken oat of the courts Dec. 21 when Louis C. Collins was dis¬
charged as a receiver and his final report approved.
The property is now
owned and operated by the 616 North Rush Corp., the new company pro¬
vided for by the reorganization plan previously adopted by the bondholders.
A loan of $250,000 nas been placed against the property and approximately
$190,000 paid on account of taxes for 1927 to 1935, incl.
The balance of
the loan was reported to have been used to pay reorganization costs and
to provide the company with additional working capital.
Directors of the new corporation are Vincent O. Baldwin, John J. Bickel
r., Benjamin E. Cohen, M. A. Cushman, Walter P. Murphy, Albert J.
Jeterson, W. G. Sturm, Lucius Teter, and Victor A. Uhl.
The directors have retained Louis C. Collins as managing director and
16-story
years, was
Walter G.
Riddle
as
manager.
Cuban American Sugar
Co.—Earnings—
General Statistics for
Raw sugar produced:
Total bags
1936
991,488
Refined sugar
Years Ended Sept. 30.
1935
1934
999,329
1,007,591
1933
861,223
138,579
output---389,410,703 391,108,397 169,818,632 127,148,834
143,854
Total in tons
144,992
146,190
,
Consolidated Income Account for Years Ended Sept. 30
1936
1935
1934
17,91.
61,581
spr
Interest received.
79,98_
98,938
1933
$7,954,012
165,867
$9,488,758
160,734
Prof. realized on sugar &
molasses of pr, years--
304,583
185,219
353,541
237*741
237,741
190477
190,177
187*366
187,366
35,660
11,663
——
Total
.
-
Real
and
$18,821,885 $18,354,322 $10,190,399
personal
$8,167,203
Prod. & mfg. costs, sell¬
ing & general expenses
16,529,184
16,149,351
8,911,878
7,172,871
Net
$2,292,701
$2,204,971
948,410
1,012,490
67,171
113,033
65,841
$1,278,521
1,070,165
40,000
159,736
$994,331
1,181,410
40,000
160,000
23,530
71,616
profit
Depreciation
Disct.
—
bonds & notesInterest on bonds
on
Other interest
18,862
46,002
95,737
179,785
Loss due to cyclone
Miscell. losses
12",577
(net)
xl77,169
U. S. & Cuban inc. taxes
Net profit
Previous surplus
— -
$1,148,260
15,294,039
Write-off of good-will
P. & L. surp. Sept.
182,707
$751,152 loss$312,903 loss$482,225
14,542,887
18,785,130
19,267,356
3,929,340
30.$16,442,299 $15,294,039 $14,542,887 $18,785,130
Shs.com. stock (par $10)
981,500
981,500
981,500
981,500
share
$0.65
$0.24
Nil
Nil
x Includes
non-recurring expenses, including net loss on Insurance claims
and Cuban consumption tax not recoverable from customers of $27,169.
Earnings
per
Consolidated Balance Sheet Sept. 30
1936
302,455
577,936
-
Livestock & equip.
of
raw
1,588,150
4,525,877
1,251,662
U. S. Treasury bills 1,499,680
Sugar stab. 5^%
materials, &c
Raw & ref'd sugar.
Cash
10,000,000 10,000,000
22,086,752 Preferred stock... 7,893,800
7,893,800
3,630,114 Real estate, mortgage & censos..
384,414
440,323
511,153
Bills payable
450,000
552,563
342,096 Accounts payable.
698,152
559,036 Salaries and wages
accrued
36,877
33,586
16,578
14,274
1,765,337 Interest accrued..
Res. for Inc. taxes.
150,000
115,000
4,574,250
388,336 Reserve for con¬
tingencies
898,482
903,424
Surplus.
yl6,442,299 15,294,039
gold bds. of
the
$
Common stock
machinery, &c..21,288,886
Adv. to colonos,&c 3,260,534
z Investments
533,569
cane
1935
$
Liabilities—
'$
Lands, buildings,
Inventory
1936
1935
Assets—
sec.
1935
$5,482,899 $5,507,837 c Common stock.-$2,436,752 $2,436,752
Other assets
234,625 Reserve for contin¬
168,256
Cash
gencies
16,908
25,000
128,879
124,643
b Accts.& notes rec
413,171
568,124
296,742 Accounts payable260,381
Inventories
966,392 Loan payment due
919,997
June 21, 1937.
Deferred charges
75,000
50,000
75,833
66,053
Accrued taxes, &c.
42,087
100,142
Est. Fed. inc. taxes
2,646
1st mtge. loan
924,950
924,950
a
$856,060
Croyden Hotel, Chicago—Reorganization Completed—
The
ing
Vice-President in Charge of Sales; L.
of Engineering and
1936—3 Mos.—1935
$2,275,126
$2,126,023
1936—Month—1935
....
3626.
Planted and grow¬
Corp.—New Director, &c.—
The company has notified the New York Stock Exchange of the election
of O. Reese as a director of the corporation, and the appointment of Clarence
as
Co.—Sales—
Ontario Sts., Chicago, which has been in
x
Total
of
Liabilities—
$218,574,672
Sinking funds & spec. dep..
Deot discount, premium &
1937
9,
Adjust, of treas. stock-Miscell. income (net)
Balance Sheet Oct. 31, 1936
Fixed capital
Investments in various
Crown Drug
Per. End. Dec. 31—
Sales
—V. 143, p.
60,0001 Schoellkopf, Hutton & Pomeroy,
—
Jan.
March 20, 1934 and Nov. 1, 1933.
The last regular quarterly dividend
25 cents per share was paid on April 1, 1931.—-V. 143, p. 2363.
of the several principal underwriters and the
names
Name—
Chronicle
Republic of
Cuba at par
Accts. & bills rec_.
1,416,460
16,680
1,831,173
Deferred charges129,805
137,672
Total
36,375,012 35,842,598
—36,375,012 35,842,598
Total
x After depreciation reserve of $22,540,317 in
1936 and $21,774,361 in
1935.
y Earned surplus is restricted in the amount of $169,000, repre¬
senting the value at which shares of the company held in the treasury are
carried in the books,
z Includes
5,270 shares of preferred stock $20
share and 18,500 shares of common stock at $3 per share held in treas¬
ury.—V. 142, p. 2151.
per
120,356
373,984
Capital surplus. 3,073,012
Deficit
641,999
prop., taxes pay.
Notes payable
d
65,644
152,046
3,073,012
Darling Stores Corp.-—Dividends—
-
Total
a
and
$7,022,229 $7,210,308
After deducting $3,434,473 in 1936
$113,565
in
1936
($3,000,000
$7,022,229 $7,210,308
Total
($9,579,844 in 1935) for depreciation
1935) allowance for revaluation,
in
b After deducting reserve for bad and doubtful balances of $18,000 in 1936
and $17,701 in 1935.
c Par $1.
d After applying profit and loss deficit
at Oct.
31, 1935.
The earnings for the year ended Oct. 31 were published in V. 144, p. 102.
Continental Service Co.—Initial Dividend—
The directors have declared
the
common
P-2519.
an
initial dividend of 7H cents per share on
stock payable Jan. 27 to holders of
-/v
Cosden Oil
Corp.-
record Jan. 12.—V. 143,
•Common Stockholders*
Group Opposes
Plan—
O. Shelby Carter, Chairman of the common stockholders protective com¬
mittee, states in a letter to common holders.
"The plan fails to take into account the increased earning capacity of the
company as reported by the trustee dining recent months and overlooks the
{irobabilities of preferred and common stockholders." of the interests beonging to both future substantial loss to and dilution
It contains "extravagant options to the Cosden management, under the
direction of which the corporation was forced into reorganization twice
within a period of four years," the committee says.
"An option for five
years is to be granted to the Cosden management to purchase 100,000 shares
of
new common
stock at $3.50 which is less than the current market value
common
stock.
According to this plan, one share of the
a share of the new common stock.
The
present stock is to receive 1-3 of
value of this option is apparent.
For an underwriter's commitment which only assures the company of a
minimum of $480,000, two firms of underwriters would receive five-year
options on 50,000 shares of the
new common
stock similarly at $3.50 per
snare; anaHn addition to these options the underwriters would receive 35
cents for each share of stock offered to the preferred and common stock¬
holders under the plan.
These unreasonable profits, in the opinion of the
common stockholders' protective committee, would be entirely inconsistent
with the interests of the equity holders and would constitute an effort to
deprive them of their proper rights."—V. 144, p. 102.
Crown Cork International
Corp.—25-Cent Class A Div.
The directors have declared a dividend of 25 cents per share on
of accumulations on the $1 cum. class A stock, no par value,
account
payable
April 1,1937 to holders of record March 10. A similar payment was made
on Jan. 2, last, Oct.
1, July 1 and April 1, 1936, Dec. 20, Aug. 30 and
May 22, 1935, and on Dec. 21, 1934, and compares with 50 cents paid on
a
dividend of 10 cents
a
share
on
the
common
Davega Stores Corp.—Recapitalization Plan Approved—
Stockholders at a special meeting held Jan. 5 approved the proposed
recapitalization plan.
The plan calls for public offering at $25 per share
of 75,000 shares of 5% cumulative convertible preferred stock, par $25,
convertible on or before June 30, 1942, at the ate of 1M shares of common
for each share of preferred.
Public offering of these shares will be made
by J. A. Sisto & Co.
Listing of 5% Cumulative Conv.Pref. and Common Stocks—
Stock
Exchange has authorized the listing of 75,000
preferred stock ($25 par) on official
distribution and 138,450 additional
shares of common stock ($5 par) on official notice of issuance of which
93,750 shares are reserved for issue upon conversion of the pref. stock, or
upon consolidation of scrip issued upon such conversion; 30,000 shares
are reserved against options, and 14,700 shares are reserved for issue under
the corporation's three year stock purchase plan for certain employees.
On Dec. 9, 1936 the directors adopted resolutions declaring it advisable:
(a) To retire 36,800 shares of common stock previously acquired and
held in treasury, and to reduce the capital of the corporation by the amount
represented by such shares.
(b) To amend the certificate of incorporation so as to provide that the
total number of shares of all classes of stock which the corporation shall
have authority to issue is 650,000, consisting of 150,000 shares of pref.
stock (par $25), issuable in one or more series and 500,000 shares of com¬
mon stock (par $5).
(c) To create a series of such preferred stock, consisting of 75,000 shares
designated as 5% cumulative convertible preferred stock, and to sell the
same through an underwriter to net the corporation $23 per share.
The
The plan submitted by the management, on which there is to be a hearing
on Jan. 22, contains features which are "unreasonable and unwarranted"
of the present
The directors have declared
stock, payable Jan. 6 to holders of record on the same date, and a partici¬
pating dividend of 50 cents per share on the $2 cumulative participating
preferred stock, payable Jan. 27 to holders of record Jan. 25.
An initial
dividend of like amount was paid on the preferred stock on Jan. 1 last.—
V. 143, p. 3996.
New
York
shares of 5% cumulative convertible
notice of issuance and satisfactory
...
.
_
(d) To provide 30,000 shares of common stock for issue to the under¬
granted.
(e) To reserve 93,750 shares of common stock for issue upon the conver¬
sion of the preferred stock into common stock, or upon consolidation of
scrip issued upon such conversion.
On June 9, 1936 directors adopted a resolution setting aside not in excess
of 15,000 shares of the common stock for subscription by, and sale to,
certain designated persons employed by the corporation or its subsidiaries
and affiliated companies, when such persons have either managerial re¬
sponsibilities or hold positions where extraordinary loyalties are required,
at the price of $6 per share, pursuant to the corporation's three year stock
purchase plan, under which subscriptions for 14,700 shares of such common
writer against options
stock have been received.
,
Volume
r~
At
Financial
144
meeting held Jan. 5, 1937, the stockholders approved the amend¬
ment to the certificate of incorporation, the retirement of all treasury stock
and the reduction of capital resulting therefrom.
Y The net proceeds to be received by the corporation from the sale of the
above mentioned shares of stock will be used only for the proper corporate
purposes of the corporation and its subsidiaries, including the liquidation
of bank loans, the financing of increased installment sales contracts, the
opening of additional retail stores as favorable opportunities arise, and for
working capital for the expected expansion of business.
a
Feb. 1, 1938. The sale is subject to the approval of the Federal Court and
also of the Interstate Commerce Commission.
The certificates rank as
administration expense and, therefore, are prior to approximately $126,-
000,000 of the road's outstanding bonds.—V. 143,
Denver Union Stock Yard
Conditioned upon the sale of the entire 75,000 shares of pref. stock in
accordance with the underwriting agreement between the corporation and
J. A. Sisto & Co., options are to be granted to J. A. Sisto & Co. as follows:
(1)
10,000 shares of
common stock
for purchase on or before July 31,
1938 at S19 per share.
(2) 10,000 shares of common stock for purchase on or before Jan. 31,
1939 at $20 per share.
(3) 10,000 shares of common stock for purchase on or before Jan. 31,
1940 at $22 per share.
In the event of the sale of less than the entire 75,000 shares, but not less
than 37,500 shares thereof, similar options will be granted, but the aggregate
number of shares covered thereby will be reduced proportionately, the re¬
ductions being first applicable to the options exercisable at $22 per share,
then to those exercisable at $20 per share.
In the event of the sale of less
than 37,500 shares of preferred stock no options will be granted.
Consolidated Account
Fiscal Year Ended
6 Mos. End.
Mar. 31/35 Mar. 28/36 Sept. 26/36
Net sales of merchandise
$7,829,673
55,918
Service department income
$9,194,318
49,132
$5,024,407
26,114
3996.
The company paid a dividend of $2.50 per share on its common stock,
value, on Dec. 21 to holders of record Dec. 18.
A dividend of 50
no par
v
,
p.
Co.—Larger Common Div.—
share was paid on Oct. 1, last, and each three months prior thereto.
142, p. 4175.
/,
'
cents per
—V.
Options and Subscriptions
/
277
Chronicle
.
De
Met's, Inc.—Accumulated Dividends—
The directors have declared a dividend of 55 cents per share on account
of accumulations on the $2.20 cumulative preferred stock, no par value,
payable Feb. 1 to holders of record Jan. 20.
Similar distributions have
been made in each of the 13 preceding quarters.—V. 143, p. 2675.
Detroit Edison
Co.—May Increase Stock—
At the annual stockholders meeting to be held Feb. 1, a
proposal will be
made that the authorized capital
stock of the company be increased from
each, to 2,000,000 shares, $100 par.
Stockholders will be asked to approve and ratify action of the directors
and officers in issuing and selling to underwriters for public distribution
$20,000,000 principal amount of general and refunding 3M% bonds,
series G, for the purpose of refunding a like principal amount of 5% series O
1,500,000 shares of $100
par
bonds.
Three directors are to be elected for a term of three years.
Stockholders
of record Jan. 21 will be entitled to vote, notice sent out by company stated.
—V. 143, p. 4151.
Detroit Steel
Corp.—Pays Extra Dividend—
The company paid an extra dividend of 25 cents per share in addition to
regular quarterly dividend of like amount on the common stock on Dec. 22
to holders of record Dec. 10.—V. 143, p. 1074.
a
Prov. for bad debts & reposess. losses-
Depreciation and amortization..
$7,885,591
7,601,895
23,379
70,444
$9,243,450
8,899,806
56,940
83,482
$5,050,521
4,734,908
30,130
27,779
Dictaphone Corp.—To Pay $1 Dividend—
The directors have declared
Net profit from operations
Miscell. income, less int. paid—...
189,871
15,919
203,220
14,919
257,702
3,413
$205,791
$218,140
$261,116
39,295
39,086
$179,053
$0.81
$212,335
$0.97
franchise taxes
Net inc. per sh. based on 219,700 shs.
Comparative Consolidated Balance Sheet
Sept. 26'36 Mar. 28*36
$416,993
$274,814
972,909
Assets—
Cash..
(net).. 1,108,423
Adv.to MaJ. Radio
&
Tel.
Corp.
159,188
Accts. rec.
Merchandise
1,687,701
1,620,565
Liabilities—
Sept. 26*36 Mar. 28,36
$600,000
$250,000
666,500
431,181
135,446
106,134
Customers* depos.
93,802
91,786
Notes pay.
(banks)
Accounts payableAccrued exps
Prov.
for
Fed.
&
State taxes
Inv. instk. of MaJ.
R. & Tel. Corp.
Prov.
306,022
55,255
Fed.
70,227
Shares, Inc.—To Pay 3-Cent Dividend—
directors have declared a quarterly dividend of 3 cents per share
A year-end dividend of 5
payable Feb. 1, to holders of record Jan. 15.
cents per share was paid Oct. 20, 1936; the Feb. 1, 1936 dividend was
2H cents per share.
Total dividends in i936 were 12 % cents per share.
As of Dec. 31,1936 it was stated that toatal net assets of Dividend Shares
exceeded $38,400,000.
Unrealized appreciation on investments amounted
to more than $13,000,000.
The company stated that, including divi¬
dends paid, the shares showed an increase in value of 33.48% during 1936.
Portfolio on Dec. 31, 1936 included common stocks of 72 corporations.
—V. 143, p. 2676.
Dodge Manufacturing Corp.—Earnings—
&
State taxes—de¬
Furn. &
fix., store
equip., &c. (net)
284,972
37,958
280,919
71,353
Def. charges, &C-.
ferred
Rec.
under
empl.
stk. purch. plan
10,980
Common stock
1,098,500
Capital surplus
745,697
$4,030,601
$3,191,219
745,697
365,967
$3,191,219
Operating
Other income
Federal taxes
Davis Coal & Coke
The company paid a
Corp.—Pays SI Dividend—
dividend of $1
per
share
on
its
common
i
Net income
stock
on
$66,587
$0.91
"
5,040
10,650
.
.
Jan. 2 to holders of record Dec. 28.—V. 142, p. 4174.
$124,018
41,741
$199,329
Operating income
Depreciation
$952,892
644.106
184,768
$328,474
99,207
Cr 12,485
12,723
29,700
expense
Miscellaneous deductions (net)
-V. 144, p. 102.
7 Mos.
1935
$2,081,347
1,357,884
394,988
...
Cost of sales
1,098,500
$4,030,601
Total
12 Mos.
1936
Period Ended Oct. 31—
Net sales
545,347
...
Earned surplus—
Total
Dividend
The
31,723
79,069
for
no par,
with $2.25
48,781
$166,495
$0.76
Prov. for Fed. income and N. Y. State
dividend of $1 per share on the common
a
payable March 1 to holders of record Feb. 13.
This compares
paid on Dec. 1 last, $1 paid on Sept. 1 and June 1, last; 75 cents
paid on March 2, 1936; $1.50 paid on Dec. 2, 1935; 75 cents on Sept. 3,
1935; 50 cents on June 1, 1935; 25 cents on March 1, 1935; $1 on Dec. 1,
1934; 50 cents on Sept. 1 and June 21, 1934, and 25 cents per share paid on
April 21, 1934; Dec. 21, 1933, and March 1, 1932.—Y. f43, p. 2996.
stock,
Earnings
per
share
on
73,044 capital shares
$2.73
.
—V. 142, p. 458.
Dayton Rubber Mfg. Co.—Accumulated Dividend—
—V.
Dominion Fire Insurance
have declared
a dividend of $1 per share on account of
the $2 cumul. class A stock, no par value, payable Jan. 14
to holders of record Dec. 29.
A like payment was made on Aug. 1, 1936.
The directors
accumulations
on
143, p. 3463.
Rock Oil Corp.—Independent Committee Advises
Preferred Stockholders to Withdraw Deposits—
Deep
The independent committee for the protection of the holders of preferred
stock (John M. Taylor, Chairman), in a letter addressed to the stockholders
Dec. 31, 1936 states that "despite the holding of the Court (approving the
amended
plan of reorganization with certain amendments) we are still
earnestly convinced that the treatment accorded to the holders of preferred
stock is grossly unfair and unwarranted.
Our committee accordingly
refuses to approve the plan. However, the Shinners committee, as repre¬
sentative of approximately 62% of the preferred stockholders, has approved
this plan and by its approval has bound all those who deposited their stock
with them, unless the securities so deposited are withdrawn by Jan. 11,
1937. A simple majority of preferred stockholders is required by law in the
approval of a plan. While even as a minority group we have the right to
appeal from the Court's decision, the plan can be effectively defeated by
depriving the 'Shinners committee' of its reprsentation of at least 12%
of the preferred stock.
"By leaving your stock with the 'Shinners committee' you are voting for a
flan which is deprivingthat security holders should, by their own vote, put
t is certainly strange you of approximately four-fifths of your investment,
into effect a plan that destroys their own investment. The explanation can
only lie in the reliance placed by the security holders on the 'Shinners
committee* who have consistently flouted the interests of the holders of
preferred stock for the private gain of the interests that initiated that
committee.
"No holder of preferred stock, knowing the true facts, would vote for the
annihilation of his own investment. Unfortunately the facts in this situation
require an investigation that is both costly and difficult. Such an investi¬
gation has been made in our behalf by our attorneys who will be glad to
confer with either you or your legal representatives.
"You have until Jan. 11, 1937, in which to withdraw your securities
without cost from the Shinners committee."
The Shinners Committee, in a letter dated Jan. 4, address to the holders
of $7 cumulative convertible preferred stock, states in part in reply to the
Taylor Committee's letter:
The Oklahoma U. S. District Court, after
an extra dividend of $2 per share in addition
dividend of $3 per share on the common stock,
both payable Jan. 2 to holders of record Dec. 31.
An extra dividend of $2
was paid on Jan. 2. 1935 and an extra of $1 per share was paid on Jan. 2,
1934.—V. 139, p. 3963.
Dominion Stores,
Four Weeks Ended—
Ltd.—Sales—
1936
$1,413,478
1,452,088
1,513,367
1.510,891
Jan. 25—
Feb. 22
Mar. 21
1935
$1,226,611
1,352,553
1.417,909
1.517.152
June
13-.---
July
11
1,385,259
1.360.939
1,463.362
1,511,080
April 18
May 16
1,340,440
1,350,741
1,484,725
1.467.762
1,313.961
1,290,685
3
1,487,037
1,472,157
Oct. 31
Nov. 28
1,459,935
1,383,939
1,405,210
1,575,089
8
Sept. 5—
Aug.
Oct.
1,495.909
1,658,053
Dec. 26
Total
52 weeks
1934
1933
$1,373,111
1,481.037
1,528,273
1,505,736
1,543,288
1.557,863
1.488,014
1,372,530
1,349.203
$1,398,267
1,501,638
1,555,614
1,505 417
1,544,037
1,475,326
1,429,818
1.350.423
1,383,769
1,584,054
1,512.522
1,441,312
1,470,398
1.569.470
1.500,287
1.499.914
1,665,435
-$19,434,840 $17,875,503 $18,838,395 $19,758,367
—V. 143, p. 3839.
(The) Dorset—Foreclosure Sale Jan. 18—
The Real Estate Bondholders Protective Committee (George E. Roose¬
velt, Chairman) in a notice addressed to the holders of the first-mortgage
fee 6% serial gold bonds states:
"The foreclosure sale of the Dorset has been advertised to be held on
Jan. 18.
The plan of reorganization has now been approved by the holders
than 90% of the entire issue, but only bondholders who have
deposited their bonds with the committee prior to the sale will be entitled
to participate in the plan.
"Those desiring to participate in the plan, should executive the letter of
transmittal and forward it immediately, together with the bonds, to
Continental Bank & Trust Co., 30 Broad Street, the committee's depositary
—V. 143, P. 2048.
of more
Duquesne Light Co.—Earnings—
a
prolonged hearing during
which the objections of the Taylor Committee were fully considered, deter¬
mined to approve the compromise of the claim of Standard Gas & Electric
Co. and confirmed, as fair and equitable, the amended plan of reorganiza¬
tion, subject to the modifications and conditions made by the Court itself
in the order of Dec. 22, 1936.
If a sufficient number of preferred stockholders withdraw the shares on
deposit with the reorganization committee prior to Jan. 11, 1937, with the
result that
a majority of such stock is not left on deposit, the Taylor Com¬
mittee will have accomplished its purpose in blocking the reorganization,
and in that event it will, in our opinion, be impossible to consummate a
reorganization plan until after the determination of protracted litigation
over the claim of Standard Gas & Electric Co.
You will note that the
Taylor Committee gives no assurance that better treatment can be pro¬
cured for the holders of preferred stock if the present plan is defeated.
A
defeat of the present plan may result in a complete loss to the holders
of preferred stock if Standard Gas & Electric Co., as the result of pmsning
litigation, is successful in establishing its claim for a substantial amount
in excess of that provided by the compromise recently approved by the
Court.
It is our opinion that the holders of preferred stock who receive
approximately 20% of the equity of the new company should not jeopardize
their present position.—V. 144, p. 102.
Denver & Rio Grande Western
Co., Ltd.—Extra Dividend—
The directors have declared
to the regular semi-annual
RR.—Equip. Trusts—
Stone & Webster and Blodget, Inc. and Bosworth,
1936
12 Months Ended Nov. 30—
Operating revenues
Oper. exps., maint. & all taxes
Net oper. rev. (before approp.
Other income (net)
1935
$27,442,554 $25,699,828
12,183,580
10,266,750
for retire, res.)---$15,258,974 $15,433,079
918,559
868,202
Net oper. rev. & other income (before approp.
for retire, reserve)----$16,177,533 $16,301,280
Appropriation for retirement reserve
2,195,404
2,055,986
Gross income.
Rents for lease of electric properties
Interest
charges (net)
Amort, of debt discount and expense
Appropriation for special reserve
Other income deductions
Net income
Note—Company has made no
$13,982,129 $14,245,294
179,727
176,845
2,458,966
2,908,880
316,667
218,581
458,333
500,000
72,524
103,760
—-$10,454,246 $10,378,894
provision for Federal income taxes for 1935
it has claimed as a deduction in its 1935 income tax return debt discount
nd expense on bonds redeemed in 1935, consisting of unamortized debt
,s
discount and expense on such bonds at date of redemption, and premium
and expense on redemption together with duplicate interest charges, which
Chanute, Loughridge
& Co. of Denver, are the successful bidders for $5,000,000 trustees cer¬
tificates, the proceeds of which are to be used for the rehabilitation of the
road.
They were the high bidders of eight nationally known houses who
will result in no taxable income.
submitted bids.
provision.
evidencing
The certificates will be issued in bearer form with coupons
interest.
The short-term certificates are noncallable at 100 and interest after
semi-annual
callable and the longer maturities are
From Jan. 1, 1935 to July 31, 1935 the
made provision for Federal income taxes, in amount of $604,479,
by monthly charges to operating expenses. During the period from Aug. 1,
1935 to Dec. 31, 1935, equal monthly credits were made to eliminate this
company
Provision for Federal income taxes of lessor
at the
1936 has been
company
annual rate of $13,500 for 1934 and $13,750 for 1935 and
made monthly by the company.—V. 143, p. 4152.
Financial
278
Duluth South Shore & Atlantic Ry.—Interest—
The Interest due Jan. 1, 1937 on the 1st mtge. 5% gold bonds, due 1937,
paid, but the principal due Jan. 1, 1937, was not paid.
The Committee on Securities of the New York Stock Exchange rules that
beginning Jan. 2, 1937, and until further notice the bonds shall be dealt in
"flat" and to be a delivery in settlement of contracts made beginning
Jan. 2,1937, carry no coupons.
The Committee further rules that in settle¬
ment of all contracts in the bonds on which interest ordinarily would be
computed through Jan. 1, 1937, interest shall be computed up to but not
ncluding Jan. 1, 1937.
was
.
Petition to Reorqanize Under Section 77—
The company has filed with the Interstate Commerce Commission a copy
of a petition to the United States Court for the District of Minnesota,
Fourth Division, for permission to reorganize under Section 77 of the
Bankruptcy Act.
The road filed its petition with the Court on Jan. 2.
A hearing as to the
appointment of trustees will be held Jan. 30 in Minneapolis.—V. 144, p. 103,
Jan.
1937
9,
first mortgage bonds will be 101.
The offering prices on the $800,000
serial notes will be 102.9776 for the series due 1938; 104.4033 for those
4%
due
1939; 105.0493 for the 1940 series; 104.7043 for 1941 series, and 104.6111
for 1942 series.
The offering price on the 90,000 shares of 434% cumula¬
tive preference stock, series A, $50 par, will be $48 per share.
The warrants, to be attached to the preference stock of
the company
entitling holders to purchase the capital stock of Emporium Capweli Corp.,
exercisable on or before Jan. 1, 1939 at $26
per share; thereafter and on or before Jan. 1, 1941 at $28 per share; there¬
after and on or before Jan. 1, 1943 at $30 per share; thereafter and on or
before Jan. 1,1945 at $32 per share, and thereafter and on or before Jan. 1,
1947 at $34 per share.—V. 144, p. 104.
the parent company, will be
Erie RR.—Bonds Called—
All of the outstanding 50-year 4% Pennsylvania collateral gold bonds,
due Feb. 1, 1951, have been called for redemption on Feb. 1 next at 105
and interest.
Payment will be made at J. P. Morgan & Co., 23 Wall St.,
New
York
City.—V.
143,
4153.
p.
Equitable Fire Insurance Co. (Charleston, S. C.)—
Dwight Manufacturing Co.—Earnings—
Extra Dividend—
Earnings for 12 Months Ended Nov. 30, 1936
Net income after all charges
$605,439
Earnings per share on 240,000 capital shares
—Y. 143, p. 4152.
$2.52
1
<
,
1
The directors have declared an extra dividend of $1 per share in ad¬
dition to the regular semi-annual dividend of $2.50 per share on the com¬
stock, par $50, both payable Jan. 2 to holders of record Dec. 30.
Extra dividends of 50 cents per share have been paid in each of the seven
mon
Eagle Warehouse & Storage Co., Pays $3 Dividend—
a dividend of $3 per share on the common
value, payable Dec. 23 to holders of record Dec. 8.
This was
the first payment made since Jan. 2,1936 when $1 per share was distributed.
A dividend of 50 cents was paid on Oct. 1,1935 and dividends of $1 per share
were paid each three months from April 1, 1933 to and including July 1,
1935, and $1.50 per share were paid previously quarterly .—V. 143, p. 4152.
The directors have declared
stock,
Chronicle
preceding six-month periods.
In addition a special extra dividend of $1
per share was paid on Dec. 23,1935.—V. 142, p. 4339.
no par
East
Exeter
Earnings for 9 Months Ended Sept. 30,1936
Net income after all charges
Earnings per share on 6,173 common shares
Kootenay Power Co., Ltd.—Earnings—
1936—8 Mos.—1935
$308,154
$298,589
1936—Month—1935
i
$37,699
$39,543
Period End. Nov. 30—
Gross earnings
...
16,802
Operating expenses
12,860
91,956
101,756
Manufacturing Co.—Earnings—
Fair child Aviation
$72,442
$10.94
Corp.—Initial Dividend-—
The directors have declared an initial dividend of 15 cents per share on the
stock, payable Dec. 29 to holders of record Dec. 28.
The dividend
payable in 5% 1-year notes.
'••:'/•'
Commencing on this action, Sherman M. Fairchild, President of the
company, said that while the corporation's cash on hand is sufficient to cover
this payment out of 1936 earnings, present contracts and prospects are such
that the directors felt it best not to diminish working capital.—V. 144,
P. 104.
common
is
Net earnings..
—V.
$20,897
$26,683
$206,633
$206,398
143, p. 3839.
Eastern
Steamship Lines, Inc. (& Subs.)—Earnings—
1936—Month—1935
Period End. Nov. 30—
1936—11 Mos.—1935
$485,677
641,935
$9,674,154
8,340,133
810
13,304
12,362
52,015
52,899
562,074
569,143
$207,275
Other income
$605,468
637,016
998
Operating revenue
Operating expenses
$83,637
$785,251
$682,538
-
Other expense
$9,361,359
Fairchild Engine &
8,122,040
Airplane Corp.—Registers with SEC.
The corporation has filed a registration statement with the Securities and
Exchange Commission under the Securities Act, covering 672,032 shares of
stock, (par $1).
according to the statement, or the total common
being registered. 337,032 shares were issued to Fairchild Aviation Corp., in
consideration
of the transfer by Fairchild Aviation Corp. to Fairchild
These shares are to be distributed by
Engine & Airplane Corp. of assets.
Fairchild Aviation Corp. to its stockholders.
Of the balance of the issue, 225,000 shares are to be sold to Brown Young
& Co., Inc., the principal underwriter, for $3.60 per share and will be
offered publicly at a price not in excess of $4.50 per share except that 25%
of the snares purchased by the underwriter may be offered by them at the
market; 110,000 shares are reserved for issuance to Brown, Young & Co.,
Inc., pursuant to an option.
The prices at which the underwriter may
purchase these shares are as follows:
60,000 shares at $4.50 per share;
30,000 shares at $5 per share, and 20,000 shares at $6.50 per share.
Proceeds from the issue will be used for working capital and general
corporate purposes.
Fairchild Engine & Airplane Corp. was formed pursuant to the plan of
recapitalization dated Oct. 15, of Fairchild Aviation Corp.
The purpose
of the plan was to provide for the segregation of the airplane and airplane
engine manufacturing divisions of Fairchild Aviation Oorp.'s business and
for the elimination of its outstanding long term debt.
The plan was sub¬
mitted to stockholders of Fairchild Aviation Corp. and approved by them
at a meeting Nov. 2.
The profit and loss statement of Fairchild Aircraft Corp. for the 11
months ended Nov. 30, 1936, shows a deficit of $748,829.
The deficit does
not include charges for certain unamortized experimental and development
costs, a reserve for which was created out of capital surplus as of Nov. 30,
1936, in the amount of $486,477.—V. 144, p. 104.
common
Deficit
—V. 143, p.
3997.
Ebasco Services
Inc.—Weekly Input—
For the week ended Dec. 31,1936, the kilowatt-hour system input of the
operating companies which are subsidiaries of American Power &. Light
Go., Electric Power & Light Corp. and National Power & Light Go., as
compared with the corresponding week during 1935, was as follows:
Itictc&cc
1936
Oper. Subs, of—
1935
Amer. Power. & Light Co.. 100,465,000
Electric Power. & Lt. Corp. 45,635,000
Nat. Power & Lt. Co
75,053,000
—V. 144, p. 104.
1
Amount
P. C.
12,181,000
6,873,000
15.174,000
88,284,000
38,762,000
59,879,000
13.8
17.7
25.8
(Thomas A.) Edison, Inc.—Special Dividend—
:
The company paid a special dividend of $1 per share in addition to the
regular quarterly dividend of 25 cents per share on the common stock on
Dec. 15 to holders of record Dec. 10.—V. 142, p. 2154.
.1":
Edison Brothers Stores, Inc.—Sales—
Month of—
1936
$874,140
1.051,674
1,603,565
March.....
.....
.....
April
May
June..
—-
July
August
September
—
-
October
November
-
i—i————
December
——
.....
——
Total 12 months
1,829,871
1,968.054
1,725,817
1,211,919
——
1935
$733,092
867,050
1,368,964
2,124,966
January.
February
1.485.785
1,409,817
991.867
1.375,877
2,086,971
1,130.346
1,699.201
2,055,013
1,513,087
2,109,485
1,606.256
1,390,800
1,762,551
(John J.) Felin & Co., Inc.—$3 Common Dividend—
The directors declared
a dividend of $3 per share on the common stock,
$100, payable Jan. 15 to holders of record Jan. 11. This compares with
on July 15, last; $8 paid on Jan. 15,1936: $2 paid on July 15,1935;
$3 on Jan. 15, 1935, and July 15. 1934; $4 on Jan. 15, 1934, and $5 per
share paid semi-annually from July 15, 1932, to and including July 15,
1933.—V. 143, p. 270.
par
$2 paid
-$19,960,795 $16,295,595
——
Ferry Cap & Set Screw Co.—Initial Dividend—
The company had 102 stores in operation in December, 1936, against
92 in the same month a year ago.—V. 143, p. 3839.
The directors have declared
the
El Paso Electric Co.
Period End. Nov. 30—
Gross earnings
(Del.) (& Subs.)—Earnings—
p.
1936—Month—1935
1936—12 Mos.—1935
$265,263
$254,570 $2,958,516
$2,789,414
112,252
112,072
1,343,064
1,227,220
22,517
25,531
36,157
12,655
23,153
36,133
185,127
337,127
433,878
164,410
313,000
433,381
Balance
$68,804
$70,554
Appropriations for retirement reserve
Pref. dividend requirements of sub. company
Pref. div. requirements of El Paso Elec. Co. (Del.)
$659,319
335,000
46,710
182,972
$651,402
Operation
Maintenance.
Taxes
Interest & amortization.
Balance for common dividends & surplus
V. 143, p. 3628.
334,583
46,710
185,580
$94,637
$84,528
An extra dividend of 50 cents
last.
dividend of $1
was
paid
on
was paid on Jan. 15, 1935 and a special
Jan. 15, 1934.—V. 142, p 4019.
Engineers Public Service Co. (& Subs.)—Earnings—
Period End. Nov. 30—
Gross earnings
1936—Month—1935
$4,176,228
1936—12 Mos.—1935
$3,920,692 $48,306,405 $44,919,661
1,771,674
Maintenance..
Taxes
Balance
—
Inc. from other
sources-.
Balance-.-.-.
Int. & amortization
1,580.034
19,814,976
18,557,376
268,126
466,386
Operation
211,194
239,345
2,862,325
5,478,181
2,614,072
5,030,048
$1,680,041
34,733
$1,890,118 $20,150,922 $18,718,164
52,211
599,728
626,662
$1,714,774
653,901
$1,942,329 $20,750,651 $19,344,826
820,652
8,053,048
8,433,033
Balance
$1,060,873
Approp. for retire, res
Div. on pref. stks., dec......
Cum. pref. div. earned
$1,121,677 $12,697,602 $10,911,792
5,332,136
5,051.474
2,664,789
2,240,227
■
an initial dividend of 10 cents per share on
stock, payable Dec. 26 to holders of record Dec. 22.—V. 141,
■■.£>
,
Fifth
Avenue
common
Co.—Initial
Coach
The directors have declared
the
an
Common
Dividend—
initial dividend of 50 cents per share on
stock, payable Jan. 2 to holders of record Dec. 15.
Transfer Agent—
The Manufacturers Trust Co. is transfer agent for 240,000 shares of this
company's capital stock.—V. 142, p. 3850.
First National
Corp. of Portland (Ore.)—Accum. Div.
The directors have declared
of accumulations on the $2
a
dividend of 25 cents per share on account
& partic. class A stock, no par value,
cum.
Similar dividends nave been
paid, in each of the 17 preceding quarters, prior to which regular quarterly
dividends of 50 cents per share were distributed.—V. 143, p. 2049.
payable Jan. 15 to holders of record Dec. 26.
Ely & Walker Dry Goods Co.—Extra Dividend—
The directors have declared an extra dividend of $1 per share on the com¬
stock payable Jan. 15 to holders of record Jan. 4.
I* The regular quarterly dividend of 25 cents per share was paid on Dec. 1,
mon
common
748.
(Henry) Fischer Packing Co.—Initial Preferred Div.—
The directors have declared
the
an
initial dividend of 3734 cents per share on
6j% cum. j>ref. stock, par $25, payable Jan. 15 to holders of record
Dec.
-V. 143, p. 3315.
(M. H.) Fishman Co., Inc.- —Sales—
Month of—
January
February
March
April..
May
June
July
August
September
October
November
December...
1935
1936
$165,027
192.684
214,193
265,007
286,932
315,021
$184,107
212,166
212,259
282,947
337,261
352,253
332,917
340,479
323,779
300,316
317,212
281,772
339,137
326.324
598,674
387,381
316,089
647,642
Total for 12 months— $3,929,504
-V. 143, p. 4153.
$3,603,031
1934
$154,799
161,205
226,586
229,742
298,662
323.390
275,332
294,952
294,226
1933
$101,306
123.869
126,196
197,556
228,879
239,800
249.870
298,284
548,826
247,639
278,313
284,169
249,535
468,848
$3,453,875
$2,794,655
347,893
.......
but not declared
-
Foreign Bond Associates, Inc.—Asset Value—
1,083,631
5,285
$2,531,274
502,880
....
1,242,848
14,809
$3,443,018
.
Amt. app. to min. ints
1,089,938
Bal. app lie. to E. P. S.
Co. before allow for
unearned cum. pref.
diva, of certain subs.
Fort Worth & Denver City
companies
pref. divs. of cert.
subs, cos., not 6arned
—V. 143, p. 3629.
Cum.
Emporium
SEC
Capweli
Company reports that the asset value of its common stock as of Dec, 31,
$11.46 a share, compared with $10.25 on June 30 and $8.96 on Dec. 31,
1935. The increase in the common stock asset value in the year was in the
face of a decline in the market prices of foreign bonds generally as measured
by accepted indices.—V. 143, p. 4154.
was
Corp.—Offering
Prices Filed
with
November—
Grossifrom railway.
Net fromtirailway
Net afterfrents
From Jan. 1—
Gross from railway
'V,;.
Net
An amendment, filed with the Securities and Exchange Commission by
Emporium Capweli Co., states that the offering price on its $2,000,000 4%
Net
'
V;:.-7.
fromirailway
—
after±rents
—V. 143, p. 2838, 3630.
Ry.—Earnings—
1934
$637,994
277,348
211,610
$577490
262,441
349,738
$430,039
115,465
60,610
1933
$616,683
311,873
246,014
5,494,746
1,772,217
1,038,693
4,951,922
1,345,958
846,234
5,237,036
1,887,421
1,216,370
2,042,995
1.395.499
1936
1935
5,105,753
Volume
Financial
144
value in the
Fort Worth &
November—
Gross from railway
Rio^Grande Ry.—Earnings—
$35,546
def20,733
def26,765
deflO.OOl
def21,521
$45,849
defl5,466
def25,824
416,434
defl23,975
def241,132
405,594
defl52,593
def241,248
431,312
defl37,201
def242,708
390,710
def252,920
def367,824
..
..
$46,168
From Jan. 1—
Gross from railway
__
Net from railway
Net after rents
..
-
—V. 143, p. 3630.
Four Wheel Drive Auto Co.—Pays
The company paid a dividend of $2 per
$2 Dividend—
stock on
made since
share on the common
Dec. 21 to holders of record Dec. 10.
This was the first payment
Dc. 1, 1934, when a similar distribution was made.—V. 143, p.
Co.—Liquidating Dividend—
Gas Utilities
The company has
stock,
a
dividend of $1.25 per share on
the common
value, payable Dec. 24 to holders of record Dec. 12.
This
of 50 cents per share previously distributed.
no par
compares with dividends
—V. 138, p. 1237.
Frost Steel & Wire Co.,
The directors
have declared
of accumulations on the 7%
a
Ltd.—Accumulated Dividend—
dividend of $1.75 per share on
cum.
account
red. sinking fund 1st pref. stock, par
$100, payable Feb. 1 to holders of record Jan. 16.
The amount will be
paid in Canadian funds, subject to a tax of 5% in the case of non-residents.
A similar payment was made on Nov., Aug. 1, May 1 and Feb. 1, 1936,
Nov. 1, June 15 and March 15, 1935; and on Dec. 17, 1934.
The last
regular quarterly distribution of $1.75 per share was made on the above
issue on Feb. 1, 1932.
Accruals after the Feb. 1 payment will amount to
$19.25 per share.—V. 144, p. 105.
Fyr-Fyter Co.—Extra Dividend—
The company paid an extra dividend of 5 cents per share in addition to the
regular quarterly dividend of 25 cents per share on the class A preference
stock, no par value, on Dec. 24 to holders of record Dec. 22.
A dividend
of 30 cents was paid on Oct. 15, last, and prior thereto rehular quarterly
dividends of 25 cents per siare were paid.—V. 143, p. 2678.
General American Investors Co.,
Dividends
on
compens.
Taxes paid
7,920
w'thdraw
to
Stock Exchanges.—V. 143, p.
2368.
Equipment Corp.—Pays Off
General Theatres
63.429
payment of the loan were in large part provided from the exercise of sub¬
scription warrants for capital stock of the corporation, warrants for over
91,000 shares having been exercised to Dec. 30, 1936.—V. 143, p. 3632.
loss2,855
165,336
$843,944
330,000
$941,377
330,000
7,920
49,898
7,920
45,577
57,906
the
into
44,765
114,935
$935,110
Net income for year—
37,827
137,942
Net
rev.
$309,628
$325,599
122,797
$430,763
by paying co. as non-taxable distribution,
y Includes $43,440 which may be non-taxable distributions,
z Including
$56,226 received in preferred stocks.
1936
1935
1934
1933
1936—11 Mos.—1935
1936—Month—1935
$82,534
$100,082
3.227
7,668
from ry. oper..
$1,089,266
$1,013,821
85,700
defl0,527
14,465
90,858
24,964
14,412
886
$3,938
10,675
$39,377
11,270
def$1.749
def$6,737
$28,106
def2,663
1,261
def2.257
Gross income..
33,620
101,228
that funds for the
Georgia & Florida RR.—Earnings—
Period End. Nov. 30—
Railway oper. rev enue. _
Non-oper. income
registration,
t rustee .custody of sec.,
legal auditing and re¬
port expenses..
Other expenses
$2,000,-
had paid off a $2,000,000 loan
in the form of a 5% note, was
corporation's 5% debentures, which in turn were
The company announced on Jan. 2 that it
from the Chase National Bank.
This loan,
convertible into 133.333 1-3 shares of capital stock.
Earle G. Hines, President of the corporation, stated
Transfer
x
Commission has granted the application of
from listing and registration on the San
Exchanges its no par value class A stock,
effective at the close of the trading session on Jan. 8, 1937.
The delisting
was sought for the reason that only a small number of shares of the stock
remained outstanding in the hands of the public.
The preferred stock of
corporation is listed and registered on the San Francisco and Los Angeles
corporation
Francisco and Los Angeles Stock
convertible
7,920
134,304
and accrued.
Corp.—Withdraws from Listing—
General Paint
The Securities and Exchange
the
24,235
-
debentures
General Electric Co.—Lamp Prices Cut—
The company has reduced the prices of two types of "three-lite" lamps,
effective Jan. 1.
The lamps have two filaments which give three levels of
lighting.
The 100-200-300-watt Mazda lamp will be reduced to 65 cents
from 80 cents, and the 50-100-150-watt size to 50 cents from 60 cents.
On Feb. 1, 1937, a new 300-watt Mazda lamp with a regular medium screw
base will be placed on the market, listing at 60 cents.—V. 143, p. 3999.
70.760
of discount on
Amortiz.
affairs.—V. 143, p. 2521.
further distribution in the final wind up of its
x$617,617
$858,217
330,000
$1,590,042
330,000
Interest on debentures._
a
21,410
1,256
__
Net profit on commodity
transactions
Total income
share on
Several
y$809,947
in
respect of loan
liquidating distribution of $2.10 a
a
14,186
Interest on deps., &c—
Syndicate
declared
the capital stock, payable Dec. 26, to holders of record Dec. 23.
months ago a liquidating distribution was made in the form of Oklahoma
Natural Gas common stock.
Some time next year the company will make
000 Bank Loan—
1933
1934
$832,721
25,495
i
z$l,552,973
37,068
stocks
Interest on bonds
Inc.—Earnings
1935
1936
Calendar Years—
realized, the
1936 would amount to approximately $1,730,000. c The
value as of Dec. 31, 1936 of securities owned, at bid prices (except for 15,000
shares of Potash Co. of America preferred stock not currently quoted,
included at $225,000, the fair value in the opinion of the directors), was
$39,649,545.
If the appreciation of $14,421,055 over cost were realized,
taxes thereon (other than the excess profits tax and surtax on undistributed
profits) at present rates are estimated at approximately $2,896,600.
Note—Outstanding warrants entitle holders to subscribe to 500,000 shs.
of common stock, as follows: 100,000 shares at $10 per share, 100,000 shares
at $12.50 per share, 100,000 shares at $15 per share, 100,000 shares at
$17.50 per share and 100,000 shares at $20 per share.
These warrants
expire Oct. 15, 1953—V. 143, p. 3999.
2208.
Franklin Process Co.—Dividend, Increased—
The directors have declared
quoted) was
opinion of the directors of securities not currently
If the appreciation of $6,230,745 over cost were
taxes thereon, at
$32,896
defl8,859
def28,452
__
Net from railway
Net after rents. «
$31,289,337.
1933
1934
1935
1936
279
Chronicle
def$ 1,401
def$863
963
Net ry. oper. income
Deductions
1,394
def$2,364 t
Surplus applic. to int—
105.
—V. 144, p.
Includes $57,660 considered
Net
Notes—(a)
profits
of
securs.
sale
from
Net from railway
$24,127 loss$447,197
d$434,946
d$629,085
(b) Aggreg. unrealized
in market val.
of secur. as compared
with cost as of Dec. 31 14,421,055
a2,209,785
6,230.745
a3,619,945
surplus—previous
balance..
red.
1933
1934
1935
!
Dr100,000
Dr35,270
retired
capital surplus_$14.554,247
Glidden Co. (&
$14,654,247 $14,654,247 $14,654,247
profit
Net
Dr$1309,490 Dr$ 1333,616 Dr$886419
$890,247.$ 1,309,490
Earninsg per snare
Dr447,197
$1,333,616
After deducting
Interest (net)
to 1934
$396,309
$343,472
$189,071
$42,232
31
Dec.
subsid.
1,728,820
2,058,523
...
366.674
334,148
77,875
65,469
72,887
199,626
paid
of $457,323
707,242
1935-.
Fixed assets
al04,848
Deferred assets-..
4S2.756
(net).12,014,382 10,896,120
on
preferred
a
Unamortized portion.—Y.
210,349
135,798
67,886
6,500,000
4cum.
conv.!
pref. stock
10,000,000
Com. stock (stated
capital
$5
share)
30,966,989 32,237.3441
Total
64,200
Reserve for conting
Capital surplus
Earned surplus
from security
On preferred stocks.
Note—Dividends declared during 1936 were as follows:
stock, $477,500 and on common stock, $975,165.
.
7% prior preference
855,479
y
,
less
treasury
Unappl. portion of
insur. settlement
2,795,509
$343,4^2
1936,
754,374
36,000
3,259,000
stock..,
$827,072
y483,600
in
6% bds
of sub. cos.,
in
Goodwill, patents,
trademarks, &c.
$42,232
1st mtge.
59,162
$189,071
y480,000
1,279,799
927,403
Other curr. liabills.
claims paid
in Dec.,
1,000,000
1,340,635
payrolls, <Src
Accrd. liabilities-.
value of
Misc. notes «fc accts
$
800,000
5% gold notes..
&
investments
surr
3,948,470
9,258,576
149,799
$669,071
y480,000
$522,232
undistributed
After deducting dividends
profits,
430.763
325,599
309,628
$977,341
977,341
paid.
4,297,960
10,106,827
accts—
216,152
rec
banks, less res_.
(as
current income
x
Other
Insur.
Less—Divs.
Total
curr.
in
1935
$
Notes pay.—banks
Accts.pay. for pur.
notes, accept.
Mlsc
end of July
1936
Liabilities—
$
1,030,969
Claims against clsd
935,110
746,160
1935
$
life insurance---
23,533
Net income for the year
ended
1,081,526
$1,109,064
$345,818
$983,195
753,881
650,000
650,000
c$2.91
$1.68
$1.51
$7,268 in 1934 ($110,886 in 1933) for discount on 5^4 %
$1,054,790
800,000
$3.29
1,376,057
andaccts
Cash
applicable
above)
$1,432,863
449,668
(678,883) outstanding during year was $3.23.
At
issued 103,881 additional shares.
Condensed Consllidated Balance Sheet Oct. 31
company
affil. companies-
Undistributed inc.—bal.
of Dec. 31
$1,532,324
440,346
90 notes
and $59,543 in 1935.
foldin 1936purchased and retired, c bEarnings per share on averageof $149,Includes other income (net) number
Inv
as
al04,386
220,521
478,473
194.000
$2,645,590
455,000
474,000
Inventories
$720,782
527.871
392,000
profit
$3,085,469
Prior pref. dividends.
341,250
Conv. pref. dividends—
112,505
Common dividends
1,576,924
Cust
Cr24,127
1933
$24,845,551
2,397,206
a71,832
233,482
479,028
180,000
244,436
138,718
542,735
1936
Cr434,946
Oct. 31
1934
1935
Depreciation
Interest, &c
,4sse&—
xCrl53,761
461,034
513,707
Other deductions
Cash
sold
2,796,957
492,345
508,310
.
.
Dr 15,704
Cr 15,703
on secure,
2,924,419
$44,580,959 $39,528,739 $29,820,274
2,529,705
b3,809,898
b4,240,922
(net)
Operating profit
Prov. for addit.
surplus
2,953,403
474,295
514,185
Subs.)—Earnings—
1936
Sales
of shares
Profit &
to
35,568
44,422
Consolidated Income Account Years Ended
a
loss on secure.
sold, previous balance Dr$890,246
Federal
transfer tax in dispute
Prov. for Fed. transfer
tax in
1935, restored
61,269
69,736
3632.
Balance, surplus
Shs. coin. out. (nopar)
Difference between cost
& stated value of pref.
Total
—V. 143, p.
•
Net
$14,654,247 $14,654,247 $14,654,247 $14,689,517
stock
$264,908
,
of amt. paid on
of 2,000 shs» of
pref. over stated value
3,404,922
654,229
633,127
Gross from railway
Federal income taxes—
Years Ended Dec. 31
Statement of Surplus
1986
Cap.
73,059
Net after rents
Improvement in (b) item
duringyear...
c6,543.710
c6,710,531 bl,410.160 b7,430,512
a Unrealized
depreciation.
b Decrease.
c Increase in
appreciation
after deduction for taxes on present rates of realized 1936, $2,898,600 (1935,
$1,252,000).
In respect of unrealized appreciation in 1936, no deduction
has been made for the excess profits tax or surtax on undistributed profits
which might be payable if appreciation were realized, d After provision for
taxes of $143,851 in 1936 (including surtax on undistributed
profits) and
$27,711 in 1935.
.
$260,473L
$257,919
17,729
25,096
From Jan. 1—
Net from railway
apprec.
1933
1934
1935
1936
$345,883
94,343
railway
Net after rents
credited to a spec.acct.
under surplus
Excess
Georgia RR.—Earnings—
November—
Gross from
Total.
per
4,000,000
7,524,344
6,306,722
3,769,405
9,870,176
5,358,242
.30,966,989 32,237,345
143, p. 2522.
Comparative Balance Sheet Dec. 31
1936
$
Assets—
Securities
at cost
Cash
$
owned,
- _c25228 489 b25058,592
641,521
716,016
...
Special deposit for
tax in
1936
1936
1935
23,000
dispute--
$
Liabilities—
3,900,000
6% pref.stock
a
Common
1935
stock-
1,300,220
25-yr. 5% debs-.- 6,600,000
Int. accrd. on debs
137,500
Res. for taxes, &cPref. divs. payable
300,000
117,000
The
4,000.000
1,300,220
6,600,000
85,000
120,000
198,714
123,964
Capital surplus---14,554,247 14,654,247
890,247
Loss on sees, sold720,782
debentures-.
119,460
127,380
Undistributed
on
receiv.
come
Total
v
26,188,185 26,048,952
Total
in¬
42,232
-26,188,185 26,048,952
Represented by 1,300,220 no par shares, b The aggregate value as of
Dec. 31,1935 of securities owned, at bid prices (except for $154,162. t he fair
a
directors
have
Co.—Extra Dividend—
delared an extra dividend of 25 cents per share in
the regular quarterly dividend of 50 cents per share on the
common stock, par $50, both payable Dec. 21 to holders of record of same
date.—V. 137, p. 1249.
addition to
137,500
and
interest accrued
Unamortized disc't
Divs.
Goodman Manufacturing
Goodyear Tire & Rubber Co.—Exchange Time
The
directors
have
extended
until
Jan.
15,
the period
Extended
within which
exchanges of the company's 2nd pref. stock for its new senior $5 convertible
pref. stock and common stock (or negotiable scrip for fractions of common
shares) may be made under the plan for rearrangement of capitalization.
Also, a dividend of $4.25 per share on the new $5 convertible pref. stock
to be issued in exchange for 2nd pref. stock has been declared and will be
paid, on Jan. 25, to original holders of record of the new stock issued on
exchanges after Dec. 18, 1936, and on or before Jan. 15, 1937.
All preferred shareholders who assented to the plan are reminded of their
agreement to exchnage their shares for new stock as provided in the plan
280
Financial
Chronicle
Such exchanges should be made within the period set by the board of
directors, the recent extension of which ends at the close of business Jan. 15,
1937.
The privilege of exchange is still available to other holders of what is
now the company's second preferred stock, even though they did not assent
to the plan or have acquired stock since Sept. 26,1936.—V. 143, p. 4155.
Goodyear Tire & Rubber Co. of Canada—Extra Div.—
The directors have declared an extra dividend of $2.50 per share on the
stock, no par value, payable Jan. 15 to holders of record Jan. 9.
The regular quarterly dividend of 63 cents per share which had been pre¬
common
viously declared will also be paid on Jan. 15.—V. 142, p. 1121.
Graham-Paige Motors Corp.—Retail Sales—
Graham retail sales from Oct. 1 to Dec. 10, 1936, increased 830 cars or
46% over the retail sales total for the similar beriod in 1935, reports F. R.
Valpey, Vice-President and General Sales Manager.
"In the 10-week period ended Dec. 10, 1936 we delivered at retail 2,636
cars," continued Mr. Valpey.
"Contrasted with 1,803 cars, our retail
delivery figure for the similar period in 1935, this shows an increase of
830 cars or 46%.
Both 1937 and 1936 models are included in this total.
"During the same 10-week period retail deliveries of the new 1937
Grahams increased 500% over tne new model retail deliveries charted for
the corresponding period last year.
This year, from Oct. 1 to Dec. 10,
we delivered at retail 1,458 or the
1937 models compared with 247 new
models delivered between the same dates in 1935.
This is a gain of 1,211
cars or 500%.
"This gratifying increase in the total number of cars delivered at retail
is first hand evidence of the fine reception which the new Graham cars
for 1937 are meeting at the hands of the public.—V. 143, p. 3632.
Greenwich Gas Systems,
Month of—
1936
$5,753,923
6,475,347
7,648,879
MarchApril
May
June
July..
August
September
_
October
November
December—V. 143, p. 4000.
Graton &
7,654,459
6,277,423
6,767,022
6,726,456
8.328.257
8,371.061
7.074.988
6,925,305
7,442,616
9,332,653
8,492,018
16,867,451
1934
$4,550,096
6,774,303
5,951,919
7,179.255
7,347,316
5,735,776
6,292,108
6,570,467
7,822,201
7,495,060
14,187,448
8,365,311
8,580,530
14,810,365
1933
$4,492,044
5,136,563
6.267,376
6.552,836
6,509.624
5,771,013
5,749,845
6,433,236
7.122.539
6,898,039
12,449,544
Knight Co.—Dividend Plan Adopted—
Stockholders were notified that plan for immediate settlement of accrued
dividends on preferred stock had been adopted.
Dividends in accordance
with plan were paid in amount of $4.25 in cash and one share new no par
prior preferred stock on each outstanding share of preferred stock, in full
payment of all dividends accrued to Nov. 15, 1936 amounting to $40.25
a share.—V. 143, p. 3843.
Great American Insurance Co.—Extra Dividend—
The directors have declared an extra dividend of 20 cents
per share in
addition to the regular quarterly dividend of 25 cents per share on the
capital stock,
$5, both payable Jan. 15 to holders of record Jan. 7.
par
Similar payments were made on Jan. 15,1936.—V. 142, p. 128.
Great Western Electro-Chemical Co.—Div. Doubled—
The directors have declared
a dividend of $1.60 per share on the common
value, payable Dec. 24 to holders of record Dec. 14.
This
with a dividend of 80 cents paid on Nov. 14, last, and each
three months prior thereto.—V. 143, p. 1880.
stock,
no par
compares
Gulf Mobile & Northern
1936
$1,867,874
2,043,153
2,521.571
2,514,305
2,625,257
2,411,795
2.429,731
March
April.
May
-
June
-
July
AugustSeptember
-
-
1935
$1,609,115
1,981,446
2,383.537
2,157,556
2,229,407
2,048,810
2.157,231
52,08,158
2,475,845
2,683,513
4,941,424
2,500,927
-
October
November
3.027.656
2,904,440
5,842,412
-
December
Larger and Extra Dividend—
The directors have declared an extra dividend of 75 cents per share
and
stock, par $1,
a quarterly dividend of 40 cents per share on the common
both payable Jan. 21 to holders of record Jan. 16.
These dividends, the
company stated, are in lieu of the dividends usually declared payable
Feb. 1.
The next quarterly dividend date will be May 1.
A regular quarterly dividend of 25 cents per share had previously been
distributed on Nov. 1 last.
In addition, an extra dividend of 25 cents per
share was paicLon Feb. 1, 1936.
Company started that the dividend policy of the directors is to establish
a regular quarterly rate on the common stock which bears a reasonable re¬
lationship to the probable rate of earnings during the early part of each fiscal
year.
Pursuant to this policy, directors have increased the regular quar¬
terly rate on the common stock from 25 cents to 40 cents per share.
Recognizing that earnings are normally well above average during the
holiday season or fourth quarter of each year, it is the further policy of the
directors to declare an extra dividend on the common stock in January,
distributing such excess earnings as may be available after making due pro¬
vision for working capital requirements.—V. 143, p. 3843.
(B.) Greening Wire Co., Ltd.—$5.25 Pref. Dividend—
The directors have declared a dividend of $5.25 per share on account
of accumulations on the 7% cum. red.
pref. stock, par $100, payable
Feb. 1 to holders of record Jan. 15. The dividend is payable in Canadian
funds and in the case of non-residents subject to a 5% tax.
A dividend of
$3.50
was
paid on Jan. 1, last, July 1 and
April 1, 1936, while dividends
on
of $1.75 per share were paid in each of the five preceding quarters and on
Oct. 1,1934.
This latter distribution was the first made on this issue since
Oct.
1932, when
1,
a
regular quarterly distribution of like amount was
made.
Years Ended June 30—
Earns, for year, after deduction
&
deprec.
oper.
adminis.
exps.,
but
1936
$206,318
$148,898
5,255
64,957
15,000
1,000
$108,959
10,334
64,957
4,209
$62,686
515,180
$29,460
485,720
$630,638
68,250
$577,866
45,500
$515,179
$562,387
$532,366
$515,179
$3.51
$1.15
executive salaries
Net income
Previous surplus
Total surplus
Dividends paid
Surplus
Earnings per share
-
on
"
66,732
22,314
1,000
18,000
Directors' fees
exps. &
1934
$98,272
532,366
-
Interest on bonds
Provision for depreciation
Reserve for income tax.
Legal
1935
f
of
not
interest, savings to the road of $34,800 and total net savings of $24,000.
premium of 1H % will be paid on the 4% bonds, which are to be retired
by March 10.—V. 144, p. 106.
A
Gulf States Utilities
Period End. Nov. 30—
Gross earnings..
1
Nil
Balance Sheet June 30
Assets—
Cash
on
1936
hand and
in bank
Accts. receivableStock
on
1935
hand,
-
$6,089
181,386
raw
material & work
In process
Patents
355,224
1,261
1,205,828
22,944
362,045
1,348
1,2691,234
24,582
2
Investments
,
a
.$1,894,820 $1,844,6881
1935
_
Dividend
$93,994
22,314
$85,471
Maintenance
Taxes
Interest & amortization-
Balance-$102,838
Appropriations for retirement reserve
Preferred dividend requirements
cum. pref. stk.
(par $100)-..-15,000 ordin'y shs.
stock (no par)__
143,
p.
4155.
$6,035,790
2,525,005
232,338
491,574
1,145,720
$5,654352
2,437,016
235,077
545,288
1,079,836
$114,165
$1,641,151
750,000
567,183
$1,357,133
$323,967
$49,491
dividends & surplus
740,458
567,183
36d3.
Halle Bros.
Co.—Initial
Preferred Dividend—•
The directors have declared an initial dividend of 20 cents per shareTon
the $2.40 convertible preferred stock, payable Jan. 15 to holders of record
Jan.
8.—Y.
143,
p.
4000.
Hampshire House, Inc., N. Y.
Ci£y— To Be Completed—
Justice Alfred Frankenthaler of the New York Supreme Court on Dec. 30
directed that Hampshire House, 34-story apartment hotel at 150 Central
Park South, which has stood unfinished and unoccupied since 1931, should
be
completed by the trustees of the series C-2 mortgage certificate issue of
the New York Title & Mortgage Co.
The Court found that no adequate price could be obtained for the un¬
finished structure, and that further delay in completing it would permit
unwarranted depreciation of the property and the investment.
More than
$2,200,000 of the face amount of $24,419,857 of the certificate issue went into
in 1931, when the Title company stopped
advancing funds.
The trustees of the issue told the Court that they would obtain $1,300,000
at 4H % interest and 2% annual amortization from an insurance company,
and that these funds, with an expenditure of $200,000 in addition, would
enable them to complete and furnish the building.
Completion of the building would give the 7,500 certificate holders an
equity of $1,700,000 to $2,400,000 in the property, Justice Frankenthaler
said, whereas the only offer accompanied by a certified check was for $850,000.
The value of the completed building has been estimated at $3,000,000
to $3,700,000.
The trutees, Frank L. Weil, William E. Russell and Raymond J. Scully,
who were appointed by Justice Frankenthaler, propose to convey title to
the property to a separate corporation to be formed and controlled by them,
so that no other collateral behind the series C-2 issue will be involved in
the building before work was halted
The property was taken over
foreclosure proceedings.—v.
Hannibal
for the certificate holders in
133, p. 651.
Bridge Co.—Proposal to Sell to
Wabash Ry.
and Dissolve—
A special meeting of stockholders has been called for Jan. 29, for the
following purposes:
(1) To consider and act upon the proposed sale of all or substantially all
of the assets of the company (other than securities and cash) to the re¬
ceivers of Wabash Ry. for $500,000, of which $100,000 shall be payable at
the time of the conveyance of the property and the balance in eight semi¬
annual installments of $50,000 each represented by 3 H % serial notes qf the
purchaser secured by a 1st lien on thejbridge owned by the company and its
approaches, such notes to be guaranteed as to principal and interest by the
receivers of Wabash Ry. and by Wabash Ry. with tne additional provision
that such bridge and its approaches if purchased by a nominee of the
receivers are to be leased by the receivers of Wabash Ry. for a term of not
less than four years, such lease to provide for the due and punctual payment
of the
notes.
(2)
To consider and act upon the proposed dissolution of the company.
President, in a letter dated Dec. 30, and addressed to
the stockholders, says:
"In connection with the payment of the Oct. 20,1936 dividend you were
advised of the negotiations between company and the receivers or Wabash
Ry. with respect to the lease of company's bridge at Hannibal, Mo., which
is the chief source of company's income.
We now wish to advise you that
the receivers have notified company that, effective Nov. 1, 1936, they elect
to disaffirm the lease.
The notice was accompanied by an offer to purchase
the bridge property from company for $500,000, payable $100,000 at the
time of the sale, and the balance in eight semi-annual installments of
$50,000 each.
The eight semi-annual installments of $50,000 each are to
be represented by 3notes to be dated Nov. 1, 1936 of a new company
to be organized by tne receivers to acquire the property, secured by a 1st
mtge. on the property and guaranteed both as to principal and interest by
receivers and by Wabash Ry.
The offer of the receivers was subject to
the approval of the Court in the receivership proceedings and we have been
advised Dec. 30 by the receivers that such approval has now been obtained.
"The offer of the receivers has been approved by directors and they
strongly recommend that it be approved by the stockholders.
Their reasons
for doing so are as follows:
"The bridge was built in 1870 and is in need of substantial repairs and
modernization.
Company has not the means to finance such an under¬
taking.
"A new vehicular bridge has recently been completed across the Mississ¬
ippi River at Hannibal, with financial assistance from the Federal and State
authorities.
This has deprived our bridge of substantial revenues which
company would otherwise have received upon a disaffirmance of the lease.
"The rental which the receivers would be obliged to pay, upon their dis¬
affirmance becoming effective, would probably not be attractive to the
Harold T. White,
stockholders of the company.
"The sale or lease of the bridge to others is not feasible.
"The outcome of a suit against the receivers and Wabash
Ry., based
receivers' attempted disafformance would be problematic.
Com¬
pany holds marketable securities and cash totaling slightly over $200,000,
and adding to this the $500,000 to be received from the sale of the bridge,
it should be possible to distribute to stockholders slightly more than $80 per
share in cash, as a liquidating dividend.
It is possible that the company
will be able to sell the $400,000 of notes to be received upon the sale of
the bridge so that the entire distribution to stockholders can be made in the
near future.
If such a sale of the notes is not consummated it is proposed
that about $35 per share be distributed upon completion of the sale and the
balance from time to time upon payment of the notes.
Under the offer of the receivers the former basis of rental for the use of
"The directors propose that company sell its assets and dissolve.
the bridge is to
terminare
as
of Nov. 1, 1936.
The directors, accordingly,
of the company
will be paid to
3105.
stockholders except in
liquidation.—V. 134, p.
22~750
The directors have declared a dividend of $1.62K per share, the regular
650,000
650,000
quarterly rate, and a further dividend of $1.50 per share in order to reduce
accumulations on the 6H% cum. pref. stock, par $100, both payable
543,375
562,387
543,376
532,366
last.
$1,894,820 $1,844,688
After reserve for depreciation of $1,076,158 in 1936 and $1,009,426
in 1935.—V.
—V. 14o, p,
common
1936—12 Afos.—1935
$452,734
190,824
15,370
42,520
89,852
15,000
7,102
11,375
7%
Total
$453,802
204,316
21,913
42,479
82,254
—
Operation
find it necessary to discontinue the former dividend policy
and it is not contemplated that any further distributions
bills
payable and ac¬
crued charges.
Res. for income tax
Surplus
Total
pay.,
1936
Bank overdraft
2
Deferred charges..
a Fixed assets
Liabilities—
Accts.
$86,332
223,230
Co.—Earnings-—
1936—Month—1935
upon the
15,000 ordinary
shares (no par)
RR.—Refunding Ussue—
Subject to ICO approval the 3% notes have been sold to Kuhn, Loeb &
Co. at par and interest to date of delivery.
The road asked authority to pledge $1,200,000 of its 5% series O gold
bonds as security for the notes.
The operation, it was stated, will result in
the venture.
(H. L.) Green Co., Inc.—Sales—
Month of—
February
Inc.—Offerings Delayed—
The company has applied to the Interstate Commerce Commission for
permission to issue and sell $800,000 of 3% secured serial notes.
Proceeds
together with treasury funds, are to be used to retire $736,000 of 4%
collateral trust bonds and $93,636 of 4% serial collateral notes.
Balance for
1935
$5,578,375
6,953,195
7,662.787
7,429,574
1937
Company has filed an amendment with the Securities and Exchange
Commission delaying offering of securities to Feb. 10.—V. 143, p. 4000.
(W. T.) Grant Co.—SalesFebruary
Jan. 9,
Hat Corp.
of America—To Pay Off All Accruals—
Feb. 1, to holders of record Jan. 8. This payment will clear up all dividends
the issue.
Similar payments were made on Nov. 2, Aug. 1 and May 1,
on
Dividends amounting to $7.87H per share were paid on Feb. 1,1936
and $2.62}£ per share on Nov. 1, Aug. 1, May 1 and Feb. 1, 1935, this
latter being the first payment to be made on this issue since Oct. 1, 1930,
when the present stock was exchanged for the old Cavanagh-Dobbs pref.
stock.—V. 143, p.
4156.
Volume
Financial
144
of 20 cents per share on account
of accumulations on the 7% cum. pref. class A stock, par $20, payable
March 15 to holders of record March 5.
A diviend of 60 cents was paid
on Dec. 15, last; 20 cents was paid on March 31, 1934, and one of 15 cents
per share was distributed on Dec. 31, 1930.—V. 143, p. 2841.
Hayes Body Corp.
$94,860
148,712
140,837
Cash
Accts. receivable..
Inventories
$46,746
a68,317
212,541
$28,900
149,149
dl9,970
30,178
in-
Unexpended
f
& secs.acc'tetl in
54,468
29,861
1.492,133
29,468
Investments
40,574
1,342,516
property-
Local
50 000
50,000
property
1
1
62,658
24,692
Patents
charges-
34 014
29,581
740,172
plan
Capital stock...
c
Surplus
686,172
1,029,946
.$1,909,627 $1,978,759
b After depreciation
$1,368,648 in 1935. c Authorized, 500,000 shs..
$2 par; issued 370,233 shares 1343,233 shares in 1935), less capital stock
owned by subsidiary company (147 shares at par), d On dies,
o On sales,
a
Total..
$1,909,627 $1,978,759
Total
After
for doubtful accounts
reserve
Hotels Statler Co.,
of $5,000.
& Regis¬
v":'V•
The New York Curb Exchange has
registration
admitted to listing and
the 10 year 4% notes, due Oct. 1, 1946 (with warrants);
tive preferred stock, $25 par, (with warrants); the 7%
stock,
in
Sept. 30, 1936, was given
143, p. 4156.
(Walter E.) Heller & Co .—Admitted to Listing
tration—
the 7% cumula¬
cumulative pref.
$25^]par, (without warrants), and the common stock, $2
have declared
extra dividend
an
par.—V.
Dividend—
Hershey Chocolate Corp.—To Pay Preferred
The directors
of $1 per share in ad¬
quarterly dividend of $1 per share on the convertible
preference stock, both payable Feb. 15 to holders of record Jan. 25.
Extra
dividends of $1 per share have been paid on this stock each Feb. 1 since
and including Feb. 1, 1930.—V. 143, p. 4001.
dition to the regular
Dividends—
Hilton-Davis Chemical Co.—Initial
The directors have declared an initial dividend
of 37 Y* cents per share
also declared
payable Dec. 21 to holders of record Dec. 19.—V. 143, p.
Hiram Walker-Gooderham &
They
stock
3000.
payments made since Dec. 31, 1932
$1.75 per share on the 7 % stock and
were
Worts, Ltd.—New Vice-
Dividend—
Holeproof Hosiery Co.—50-Cent Preferred
have declared
directors
dividend of 50 cents per share on
a
the
2-3% cum. pref. stock, par $60, payable Jan. 10 to holders of record
Dec. 31.
A similar payment was made on Oct. 10 and on July 10, last, and
an initial dividend of $1
per share was paid on April 10, last.—V. 143,
p. 2372.
Hollander & Son, Inc.—Litigation Ended—
Ir. Michael Hollander,
announcement on
President of this company, made
the following
Dec. 31:
litigation pending in the New Jersey Court of Chancery between
Son, Inc. and Jos. Hollander, Inc. in which the former
sought an injunction against the latter to restrain it from engaging in unfair
advertising and from using the name "Hollander" came to an end to-day
as a result of an agreement between the parties, the effect whereof is to
enter a permanent injunction against Jos. Hollander, Inc. and Joseph
Hollander its President from using the name "Hollander" in its fur dressing
and dyeing business.
An incident of the settlement is the acquirement by
A. Hollander & Son, Inc. of the business and dressing and dyeing formulae
used therein by Jos.
Hollander, Inc.
The Perfection Fur Dressing &
Dyeing Co., Inc., a New Jersey corporation, a wholly owned subsidiary of
A. Hollander & Son, Inc. will acquire the business from Jos. Hollander,
Inc.
The consideration paid has not been disclosed.
The Perfection Co.
will continue to operate the business heretofore conducted by Jos. Hollander,
Inc. without a single change in personnel or position.—V. 143, p. 4156.
The
Hollander &
Homestake Mining Co.—$2 Extra
The directors have declared an extra
Dividend—
dividend of $2 per share in addition
capital stock, par
regular monthly dividend of $1 per share on the
Similar distribu¬
Jan. 20.
$100, both payable Jan. 25 to holders or record
tions were made in each of the 30 preceding
extra dividends
The company paid
months.
of $1 per share and regular dividends of $1 per share each
25, 1934 to and including June 25, 1934.
In addition,
month from Jan.
a
special extra of $20 per share was paid on Dec.
5,1935.—Y. 143, p. 4002.
Honey Dew Ltd.—Earnings—
dividend of 75 cents per share
made each three months previously.
of $1.15 per share was paid on the common stocks on
was paid on Dec. 5, 1935.
$1.17 per share on the par¬
ticipating preference stock, likewise payable April 15 to holders of record
March 31.
The previous quarterly rate on this issue had been 87 H cents
per share.
In addition, a special dividend of $1.35 was paid on Nov. 19,
similar payment was
A special dividend
Nov. 19, last, and a special dividend of $1.05
The directors also declared a dividend of
last^and a special dividend of $1.22)4 per share was distributed on Dec.
Oct. 31,'36
$1,060,294
1 Q88
1934
Oct. 31,'35
volume
total of approximately $100,000,000 in amounts
615,000 borrowers. Household Finance Corp. and
222 branch offices in 145 cities in the
United States and Canada.
On Dec. 20 outstanding customers notes
receivable totaled over $52,000,000, compared with $41,504,212 at the
The company
$1,003,726
$964,046
30,553
27,037
10,801
32,404
27,357
30.727
47,784
45,457
Depreciation
Loss on construction and
5,174
equip, of stores closed.
Legal costs in action repurch. of U. S. rightsInterest U. S. rights
7,735
Prov. for Fed. inc. tax_.
964
11,737
$3,830
4,293
4,098
Interest earned
Adjust, of int. on purch.
of U. S. rights
y
$38,515
$23,437
4,413
72
Houston
19,538
prof$463
$14,564
$23,365
Balance Sheet Oct. 31
1936
Assets—
bank.
Accounts rec
Note rec., director
mdse.
to oper.
Fixed assets
Inv.
in
<fc adv.
$5,494
39,597
13,603
254,822
40,948
11,389
249,948
827
1935
$74,433
$62,286
& accr.
expenses
1,810
Bank overdraft-.,
Acet3. pay. sec.
lien notes...
&
supplies
x
Accts. pay.
$2,001
1,335
2,506
1936
Liabilities—
1935
hand <fc in
Def. cngs
by
12,432
..
Prov. for Fed. inc.
1,841
taxes
1,114
157,550
1,500,000
10S.500
143,732
owing on the
Bal.
purch.
to
of U. S.
Good'ill, tr. name,
y
Class A pref. stk.
155,285
1,500,000
formulae, organ.
z
Common stock...
108,500
sub.cos...-
exps., &c
Un. States dghts..
Total
x
Lighting & Power
Co.—Trustee—
Co. of New York has been appointed trustee under
and deed of trust, dated as of Dec. 1, 1936, pur¬
suant to which $27,500,000 1st mtge. bonds, 3M% series, due 1966 have
been issued.—V. 144, p. 107.
The Guaranty Trust
Hudson
338,540
723,692
600,000
rights
340,8S1
723,692
600,000
$1,976,097 $1,973,1831
After reserve for depreciation
Hooven & Allison
121,796
Surplus
Total
$1,976,097 $1,973,183
$325,773 in 1935.
of $345,324 in 1936 and
Represented by 15,000 no par shares,
shares.—V. 143, p. 274.
y
z
Represented by 108,500 no par
Co.—Pays $12 Dividend—-
The company paid a dividend of $12 per share on its common stock, par
$100, on Dec. 21 to holders of record Dec. 14.
A dividend of $3 was plaid
on May 1, last; $4 on Nov. 1, 1935, May 1, 1935 and on Nov. 1, 1934, $3
on May 1, 1934, and $2 per share on Nov. 15, 1933.—V. 140, p. 2865.
Smelting Co., Ltd.—Block of
Whitney Estate—
150,000 shares of capital stock (no par) has
Bay Mining &
block of approximately
Payne Whitney estate through a private sale.
Approximately half of the block has been acquired by private interests
A
been sold by the Harry
and 75,000 shares were
four investment trusts:
bought by J. & W. Seligman & Co. for account of
Tri-Continental Corp.; Selected Industries, Inc.;
Corp.
•»
Blue Ridge Corp. and Chicago
The entire block was sold in
Toronto through the Royal Bank of Canada.
four trusts created under the Whitney will.
that the 150,000 shares represent substantially less
The stock was sold out of
It is reported
than
than 25% of the total holdings
to retain the largest interest in
The 75,000
shares acquired
investment trusts augument
of the Whitney trusts
which are understood
the mining company.
.
through J. & W. Seligman by its
previous holdings of more
^
,
associated
than 25,000 shares
portfolios.
market the total value of the entire holding is approxi¬
As this is a larger investment than is ordinarily
in one company by these investment interests, it is likely a portion wiU be
disposed of later.
It is probably that any such sale will not be made in the 'open market
and that the stock will be placed privately abroad.
(Boston "News Bur¬
their
in
,
At the current
carried
mately $3,350,000.
eau").—V. 143, p. 2373.
Indiana
RR.—To Liquidate—
dis¬
receivership
according
Superior Court Judge Herbert E. Wilson of Indiana,
to
patches from Indianapolis will file a formal order closing the
of the road and liquidating the system as of Jan. 9.
The dispatch states that the Judge explained that the railroad, which
has operated at a profit since being placed in receivership in June,
could not operate at a profit following a ruling of an arbitration
1933,
board
the
granting union employees a 20% wage increase.
He said some lines or
road would be abandoned formally on Jan. 9, but pointed to a possibility
that some interests might purchase the system and continue operation.
The ruling granting union employees a 20% wage increase applied to
only 446 of the system's 1,256 employees, according to Judge Wilson,
who said it was an injustice to the other workers.—V. 137, p. 314.
on
Industrial Acceptance Corp., Ltd.—Initial Pref. Div.—
declared an initial dividend of 41 2-3 cents per share
the 5% conv. pref. stock, payable Jan. 2 to holders of record Dec.
V. 143, p. 2523.
Industrial Credit Corp. of New England—Extra Div.—
The directors have declared an extra dividend of 6)4 cents per share in
addition to the regular quarterly dividend of 32 cents per share on the
common stock, both payable Jan. 2 to holders of record Dec. 15.
A like
payment was made on Oct. 1, July 1, April 1 and Jan. 2, 1936 and on
Oct. 1, 1935.
An extra dividend of 6)4 cents was paid on July 1, 1935,
while in each of the six preceding quarters extras of §)4 cents per share were
distributed.—V. 143, p. 2054.
_ _
$2,274
Net loss.
9,440
10,629
6,232
1,114
$6,372
Operating deficit
Invent.,
a
143, p. 4156.
end of 1935.—V.
23.
S. rights, deprec'n
and interest earned
on
loaned
averaging $163 to about
The directors have
$824,799
Profit before int. paid on
Cash
5,
In announcing the above dividend action of the directors, President
Byrd E. Henderson stated that in 1936 the company made a larger
of loans than in any previous year in its history—a 33% increase over 1935.
Indicated net earnings also reached a high, not withstanding reductions
in rates of charge to customers. It is estimated earnings were somewhat in
excess of $5,000,000 compared to $4,203,926 in 1935.
Calendar Years
—Year End.— 10 Mos. End.
Period—
Sales
U.
declared a dividend of $1 per
150,000 Shares Sold by H. P.
6
to the
Corp.—Dividends Increased—
share on the class
April 15 to holders of record March 31. A
will be paid on these issues on Jan. 15 and a
Household Finance
The directors on Jan. 4
when regular quarterly dividends of
37)4 cents per share on the 6 % stock
:,V
the company's mortgage
The company has notified the New York"Stock Exchange that at a
meeting of the Board of Directors on Dec. 11, T. H. Gibbons and H. F.
were elected vice-presidents of the company.—V.
143, p. 3318-
A.
paid.—V. 143, p. 2211.
A and B common stocks payable
Willkie
[A.)
it
the 7%
dividend of $10.50 per share on
of $7
_
Presidents—
The
Inc.—Accumulated Dividends—
subsidiaries now own and operate
the $1.50 pref. stock, payable Jan. 2 to holders of record Dec. 31.
an initial dividend of 25 cents per share on the common
on
the
pref. stock, par $100, and a dividend of $2.25 per share on the 6%
cum. pref. stock, par $25.
Both dividends are on account of accumulations
and will be paid on Dec. 24 to holders of record Dec. 15.
Dividends
and $1.50 per share respectively, were paid on Oct. 15, last and dividends
at half these amounts were paid on June 4, last, these latter being the first
of $1,534,417 in 1936 and
f For damages to Ionia plant.
Note—The income account for year ended
"Chronicle" of Dec. 26,1936, page 4156.—V.
Increased—
dividend of 50 cents per share on
cum.
pay¬
970,006
ment
a
stock, no par value, payable
The directors have declared a
pay'le
def.
under
Surplus & idle pl't
have declared
directors
3844.
430
taxes
share and a
Feb. 1 to holders of record Jan. 12.
This compares with 40 cents per share previously distributed each three
months.
In addition an extra dividend of 25 cents was paid on Dec. 12,
last, and an extra of 20 cents per share was paid on Aug. 1, last.—V. 143,
Federal Income tax
sub.co
(N. Y.)—Dividend
Horn & Hardart Co.
The
common
p.
6,720
sur. recovery...
receivables
Deferred
deposits.--
Custs.
settlem't of such
b Plant
$95,442
e22,644
45,059
payable
Accounts payable-
special dividend of 20 cents per
2373.
p.
1935
Notes
Accrued liabillties-
Def'd rec.fromcus.
;
1936
Liabilities—
1935
Inc.—Special and Larger Dividend—
The directors have declared a
quarterly dividend of 25 cents per share on the common stock, both payable
Jan. 28 to holders of record Jan. 18.
Previously regular quarterly dividends of 15 cents per share were paid.
In addition, an extra dividend of 30 cents was paid on Nov. 1 last.—V. 143,
Sept. 30—
•Consolidated Balance Sheet
1936
Assets—
Horder's
Ltd.—Accumulated Dividend
Hawaii Consolidated Ry.,
The directors have declared a dividend
281
Chronicle
Inland Exploration
.
Co. of N. Y.—Afghan
by Americans—75-Year Concession
Mile Area Goes to Inland Firm—
Oil Rights Won
Covering 270,000 Square
"i
dispatch from London, Dec. 30 had the following:
A 75-year oil concession opening 270,000 square miles of virgin territory
in Afghanistan has been awarded to an American firm, the Inland Ex¬
ploration Co. of New York, high diplomatic circles said today.
Ogden L. Mills, former Secretary of the Treasury, is one of the financiers
backing the Inland company, according to these sources.
The concession, described as "probably the greatest untapped oil reserve
in the world," was said to have been negotiated with the Afghan Govern¬
ment by Charles C. Hart, former American Minister to Albania and Iran,
and Frederick G. Clapp, technical expert, of New York.
Conversations were held over a period of months in Kabul, Geneva and
Berlin, where the agreement was signed by Mr. Hart, Mr. Clapp and Faiz
Mohammed Khan, Afghan Minister of Foreign Affairs.
Diplomats said that when Mr. Hart retired as Minister to Iran in 1933,
both the Afghan and Iranian Governments asked him to find capital for
exploiting the Afghanistan oil reserves.
This he was able to do through the Inland Exploration Co. controlled by
the Seaboard Oil Co., with Case, Pomeroy & Co. holding large interests.
The Texas corporation is said to be interested through sizable stockholding
in the Seaboard Oil Co. of Del., while the Fisher brothers of Detroit are
also understood to be interested.
John M. Lovejoy of New York is Presi¬
dent of the Inland Exploration Co.
According to a reported understanding with the Afghan Government,
the company binds itself to make every reasonable effort to build up pro¬
duction to 40,000,000 barrels after 10 years.
The agreement also requires that the concession company be entirely
American.
A staff of engineers will be sent to explore the field and plan
development work as soon as the Afghan National Assembly formally
An Associated Press
ratifies the agreement;
•
282
Financial
Chronicle
v
The Afghan oil fields run for 500 miles across North Afghanistan from
the Indian to the East Iranian frontier and extend far south
Iranian
along the
Experts have reported many natural seepages which
boundary.
Srove the richness of the fields.
»lThe concession would require 1,000 miles of pipe line to carry the oil
across Iran or Baluchistan, depending on the outcome of
negotiations with
Jan. 9, 1937
Interstate Department Stores, Inc.—Sales—
Month of—
February
1936
$1,244,602
1,661,644
-
March
Interborough Rapid Transit Co.—Note Interest—
Tin Bankers Trust Co. in
notice to the holders of the 10-year secured
convertible 7% gold notes, due Sept. 1, 1932, states:
Pursuant to an order dated Dec. 11, 1936, entered by the U. S. District
Court for the Southern District of New York, receiver has paid to Bankers
a
Trust Co., as trustee, the Int. due Jan. 1, 1937, on the 1st & ref. mtge.
5%
bonds, pledged as security for the notes.
By order of the Court distribution
of the funds representing such interest has been authorized as of Jan.
2,
1937, on the basis set forth below.
The sum so received Is sufficient to make payment on account of the
amount due on the notes of the sum of $43.50 per $1,000 note and
ap¬
purtenant Sept. 1, 1932, coupon and $1.47 per $35 coupon, which is at the
rate, upon the outstanding and unpaid coupons maturing prior to
Sept. 1, 1932, appertaining to the above notes.
Pursuant to order of the Court, the trustee, will allocate said distribution
same
April
May
2,022.251
2.074,793
June
these countries.
2,118.996
1,669.939
July
August
September
October
2,240,584
December
—V. 143, p. 3845.
3,318,961
7% from July 1 1936).
$33.55
$991.56
32.40
9.63
1.13
.34
common stock was $61.15
share, based upon balance sheet as of Dec. 31, 1936, with securities owned
adjusted to market values, and after allowing for Federal income taxes at
15% and management compensation.
This compares with net assets of $49.78 a share on Dec. 31,1935.—V.
143,
p. 4004.
Investment Corp. of Philadelphia—$20 Special Div.—
The company paid a special extra dividend of $20 per share on the com¬
stock, no par value, on Dec. 28 to holders of record Dec. 24.
An extra dividend of 50 cents per share in addition to the regular quar¬
$42.03
$1.47
$43.50
terly dividend of like amount was paid on Dec. 15, Sept. 15 and on June 15,
last, and in each of the five preceding quarters extra dividends of 25 cents
per share were paid.—V. 143, p. 3321.
33.53
Ninth distribution $43.50—
Applicable to post-due interest
Applicable to principal
Investment Foundation, Ltd.—Accumulated Dividend—
9.97
The directors have declared
(as of
of
accumulations
Jan.
915.98
32.08
948.06
Accordingly, payments at such rates will be made to the holders of such
notes whether or not registered as to principal, and of such
Sept. 1, 1932,
coupons, and of such coupons maturing prior to Sept. 1, 1932, respectively,
upon presentation thereof, for appropriate stamping, to the Bankers Trust
Co., 16 Wall St., New York.
In cases where coupons are held apart
from the notes, proportionate payment will be made
separately.—V.
144,
108.
p.
International Rys. of Central
America—Earnings—
1936—li
1936—Month—1935
Mos —1935
$426,881
270,237
Oper. exp. & taxes
$414,951
227,721
$4,650,651
2,769,776
$4,258,842
2,549,546
$156,644
$187,240
$1,880,875
$1,709,296
Inc.applic.tofix. chrgs
Although the formal call of redemption has not yet been issued, the com¬
pany is now prepared to pay the principal amount of the notes plus a pre¬
mium of 2%, together with accrued interest to the date of
presentation.
Notes may
be tendered
at the office of J. Henry Schroder Banking Corp.
—Y. 143, p. 4158.
of shoes
1935
prop.
Operating profit
a
1,661,173
1,667,644
$8,541,962
6,671,742
$2.00
7,510,611
$2.25
$2.25
(no par)
$900,527
3,350,000
$2.51
$1,031,351
3,350,000
$2.55
year
per share....
deduction
on
of
no
of returns
$2.00
$1,998,493
3,350,000
books at a stated value of $15 per
The Commission ordered that the declaration, as amended, be and
as of Dec. 29. 1936.—V. 143,
p. 4158.
allowances for repayments,
c
maintenance of physical properties,
selling
(less discounts on
for year
Nov. 30 (as
income
ended
above)
Capital and Surplus Account Nov. 30
1935
1934
1933
,
Divs. paid: Pref. stock-.
Common stock.
Divs. on common stock
in treasury.
Prem.
Ivanhoe Foods, Inc.—25-Cent
8,967,024
9,090,567
$86,700,055 $85,793,739 $83,923,519
$82,548,442
7,537,500
6,700,000
026,890
Cr28,258
6,700,000
Cr33,736
-
499,874
$78,283,129 $77,251,777 $74,956,495
$50,250,000 $50,250,000 $50,250,000
28,933,655
28,033,129
27,001,777 b24,706,495
$16,750,000 accumulated earnings previously carried in
Earned surplus
b
Includes
capital account and transferred therefrom in accordance with action taken
23, 1933.
at stockholders' annual meeting held Jan.
Balance
1936
A
b
oo/»fo
Sheet
Inv.
in
stocks
of
<fc
companies
263,276
274,481
Cash...
18,986,231 18,808,159
dCo'sowncom.stk
248,176
328,308
Accts.
rec.
& adv.
1935
Liabilities—
other
15,162,347 14,923,839
Inv. in 5% deba. &
cap. 8tk. of asso¬
ciated companies 1,075,000
2,045,000
c Empl, notes rec.
376,304
522,001
Inventories
28,132,149 23,718,188
Def. charges, &c..
412,755
a
Common stock..50 ,250,000
50,250,000
Accounts payable. 3 200,128
Dividend payable
837,500
Officers' and
em¬
ployees'
2,238,497
balance
and
deposits...
Reserve for taxes.
243,463
298,429
,725,000
1,800,000
Insurance reserve.
601,849
564,866
Surplus
.28 ,933,655 28,033,129
Johnson
85,797,596 83,184,921'
Total
85,797,596 83,184,921
Represented by 3,350,000 shares of no par value, b
Physical properties
tanneries, shoe factories, supply departments and sales
..
a
branches after
/
1936 and $20,407,610 in 1935.
c Secured by
of 9,700
143, p. 3321.
(48,900 in 1935) shares of common stock,
d Consists
shares common stock in 1936 (11,500 in
1935) at cost.—Y.
of
ac¬
no par
value, to
share.
A like
Publishing Co.—Accumulated Dividend—
$16 per share.—V. 143, p. 2212,
Johnson, Stephens & Shinkle Shoe Co., St. Louis—
To Resume Dividends—
The
directors
stock,
common
This
will
quarterly
p. 1883.
be
have
no
the
declared
a dividend
of 25 cents per share on the
value, payable Jan. 15 to holders of record Jan. 9.
paid since Sept. 1, 1933 when a regular
of 12)4
cents per share was distributed.—V. 143,
par
first
dividend
dividend
.
Julian &
Kokenge Co.—To Pay 8W^-Cent Dividends—
The directors have declared two dividends of 87
K cents per share each on
the common stock, no par value, one
payable Jan. 15 to holders of record
Jan. 2 and the other payable July 15 to holders of record
July 1.
A semi¬
annual dividend of 60 cents per share was paid on
July
p.
15, 1936.—V. 144,
108.
Co.—Earnings—
Period End. Nov. 30—
1936—Month—1935
Gross earnings
$1,486,356
$1,384,133
Operating expenses
Interest charges
Amortiz.of disct.& prems
184.638
__
Fed. & State inc. tax
Balance...:
1936—12 Mos.—1935
$16,783,534 $15,641,250
8,132,888
7,414,526
1,554,114
1.692,286
116,559
120,422
184,060
2,212,666
2,216,997
47,561
47,561
573,633
736,007
107,146
12,703
651,557
134,688
9,102
$445,860
$357,163
$4,719,742
$3,623,385
143, p. 3845.
Kentucky Valley Distilling Co.-—EarningsEarnings
Net
income
after
M6nths Ended Sep
for 9
Federal
and
State
taxes,
.
30,
1936
depreciation and
other charges
Earnings
—V.
per share on
143,
p.
150,000 shares of
$93,950
$0.63
common stock
3846.
a
dividend of $2.05 per share
B-3 shares and
a dividend of $7.15 on the series B-4
Jan. 15 to holders of record Jan. 5.—V. 143, p. 1561.
t
on
the series
shares, both payable
Key West Electric Co.—Earnings—
Period End. Nov. 30—
Gross earnings
Operation
1936—Month—1935
$12,696
$11,832
5,417
5,928
Taxes
Int. & amortization
635
1,883
2,140
1,541
1,964
$2,619
Maintenance.
Balance
TotftI
44,740
on account
per
The company paid a dividend of $2 per share on the
8% cumul. pref. stock,
par $100, on Jan. 2 to holders of record Dec. 22.
Like payment was made
on Oct. 1, last.
Accumulations after the current dividend will amount to
$1,491
905
Appropriations for retirement reserve
Preferred dividend requirements
398,674
at
Preferred Dividend—
Oct. 5, last.—V. 143, p. 2524.
The directors have declared
1936
©
bonds
Dec. ll
Keystone Custodian Funds, Inc.—Dividends—
Nov. 30
1935
Phys. property.21,141,358 22,166,271
on
The Manufacturers Trust Co. is trustee for $5,745,000 1st
mtge. 3M%
bonds series A, due Dec. 1, 1961.—V. 143, p. 3634.
—V.
a
on
re¬
deemed
paid
Jamaica Water Supply Co.—Trustee—
Depreciation
425 810
7,537.500
Common stock capital
& surplus as at
Nov.30$79,183,655
Divided as follows:
Common stock capital$50,250,000
a
was
$14.12)4
Kansas City Power & Light
8,541,962
Cr21,100
pref. stock
on
6,457,875
$78,283,129 $77,251,777 $74,956,495 $73,457,876
8,416,927
,
share
The company paid a dividend of 25 cents per share
cumulations on the $3.50 cumulative preferred stock,
holders of record Dec. 15 leaving arrearages of
1936
24,706,495
Net
per
After-
plus begin, of year:
<
Common stock capital$50,250,000 $50,250,000
$50,250,000 $67,000,000
Earned surplus
28,033,129
27,001,777
Total
Manufacturing Co.—Extra Dividend—
The company paid an extra dividend of $1 per share on its common
stock,
value, on Dec. 21 to holders of record Dec. 11.
A regular quarterly dividend of 25 cents
$2.58
stock held in treasury amounting to
$28,258 in 1934 and $33,737 in 1933.
and
Consolidated Common Stock
Com .stock capital & sur¬
$9,090,567
425,810
6,666,264
$2.67
administrative and warehouse expenses and credit loss
.
Co.—Exchange of Stock—
par common stock carried on its
Iron Fireman
$2,295,282
3,350,000
purchases).
.
of accumulations of
declaration, and
pursuant to Section 7 of the Public Utility Holding
Company Act of 1935, regarding the issue and exchange by declarant of
412,000 shares of common stock, par $15, for its outstanding 412,000 shares
common
charging operating expenses,
fA
account
amendments thereto,
58,384,665
1,678,754
$8,967,024
7,516,400
Excluding dividends
After
64,978,757
1,652,380
$8,416,927
$21,100 in 1936, $26,890 in 1935,
b
on
The company, a registered holding company and a subsidiary
company
of Penn Western Gas & Electric Co., also a registered
holding company,
filed with the Securities and Exchange Commission a
1933
$9,704,087 $10,537,545 $10,279,709
327,513
328,721
484,366
...
com. outst.
declared dividends
6% cum. pref. stock, series C, all of $100 par value, and all payable Jan. 20
Similar distributions were made on Oct. 20,
July 20, April 20 and Jan. 20, 1936, Oct. 21, July 20 and March 20, 1935;
Dec. 20 and June 15, 1934, prior to which no dividends had been
paid since
June 30,1932, when regular quarterly distributions of $1.75 per share on the
7% prer., $1.62H per share on the 6H% pref. and $1.50 per share on the
6% pref. stock were made.—V. 143, p. 2056.
$9,771,445 $10,031,600 $10,866,266 $10,764,075
1.354,518
1,489,637
1,899,242
1,673,509
Net income
Prof, dividends (6%)
a Common dividends—
Shs.
have
per share on the 7% cum. pref. stock, series A; 81M cents per
the 6)£ % cum. pref. stock, series B, and 75 cents per share on the
on
payment was made
Total income
Prov. for income taxes.
Earnings
payable
last.—V. 142, p. 2670.
71,701,729
$9,594,218
177,227
Other income
Surplus for
$50,
to holders of record Dec. 31.
$84,856,710 $83,073,460 $77,168,682 $70,343,129
Rate per share
par
no par
Cost of shoes & mdse.
sold
73,601,318
Deprec. of physical
1934
&
other manuf. mdse
c
stock,
become effective
Co.—Earnings—
1936
Net sales
pref.
87M cents
Consolidated Income Account—Years Ended Nov. 30
b
conv.
Iowa Electric Light & Power Co.—Accumulated Divs.—
The directors
share.
International Shoe
dividend of 75 cents per share on account
cum.
Accumulations as of Dec. 31, 1936
$6.25 per share.
Previous dividend distributions were as
follows: $2.50 during 1936, $2.25 during 1935, and $2 per share
during
1934 and 1933—V. 143. p. 1883.
Iowa Public Service
The company has notified holders of its 1st mtge. collateral
6% notes,
due 1941, that it proposes to redeem all of the
outstanding notes on May 1.
a
6%
to
amount
To Call Bonds—
in New York.
the
on
15 to holders of record Dec. 31.
share
Period End. Nov. 30—
Gross revenues
1,203,260
1.392,659
1,476,858
1.685,923
1,519,537
2,412,695
Investment Co. of America—Asset Value—
Total
Coupon
$958.01
Total distribution
Balance due after distribution
Jan. 2 1937)
1,655,310
mon
{35
Note
at
1,768,762
1,113,364
1,391,936
1.541,193
1,931.447
1,756,775
2,625,960
The company reports net asset value for its
-Principal of
Balance due Jan. 1 1937 (incl. interest
'$902,342
1,125,924
1,560,191
1,527,853
a
upon its records as follows:
$1,000
1934
$1,113,812
1,833.160
1,742.081
1,805,544
1,759,907
1,716.952
1,206.135
1,442,624
1,446,082
2.054,187
1,971,609
2,760,482
1,792,395
1,840,352
2.462,721
November
1933^
1935
$1,101,383
1,586,462
1,832,804
Deficit for
—V.
common
dividends & surplus
1936—12 Mos.—1935
$148,753
58,649
8,123
18,804
26,685
$149,473
68,692
19,326
16,062
23,946
$36,491
20,000
24,374
$21,445
20,000
24,500
$7,882
$23,054
143, p. 3635.
Keystone Steel & Wire Co.—15-Cent Dividend—
The directors
on
larger amount of
Jan. 4 declared
a
dividend of 15 cents per share on the
no par common stock now outstanding
to holders of record Jan. 15.
This compares with 50 cents
payable Feb. 1
paid on the new
Volume
stock
on
Financial
144
Nov. 1 and on Aug. 1, last.
The common stock was
initial dividend of 35 cents per share on
Dec. 26 to holders of record Dec. 24.—V. 143, p. 431.
its common
1936
$8,597,317
9,570,689
January
February
12.011,258
April
10.228.412
corp.
11.048.088
11.522.566
10.304.867
10,004.027
10.758.148
10.147.936
9,471.998
10.252.468
10.413,911
9.406,816
9.920.933
10.634.773
11,925.369
12,268,552
21,551,894
11.498.690
11,285,287
21,212,908
10.871.686
11.680.348
June
July...
12,182.365
11.169,274
August
September
11,352.956
11,752,862
October
13,539,905
12,214,406
24,350,698
November
December
10.848,333
10,465,036
19,732,233
On Dec. 31, 1936
683 in the United States and 51 in Canada, against 691 American stores
and 48 Canadian stores at the end of December, 1935.—V. 143, p. 3846.
(S. H.) Kress & Co.—— Sales—
5,472,265
6,330,794
1933
$3,912,983
3,895.802
1935
$4,761,726
4,968.306
March
6,314.178
April
January
February
4,086.768
6.872,971
6,552,143
6,441.416
5,732.389
4,766.042
May
June
7.027.089
5.700.379
5,757.198
4.830.253
July
August
September
6.524.725
6,652.396
6.784,535
5.883.589
5,946,257
6.137,927
5.335,936
5,574.040
5,684,751
7.306,525
7.320.999
14,748,356
6,585,666
6.857.960
13,789,277
6.366,935
6,182.424
12,412,070
October
November
December
4,978,301
6,095,747
5,934,386
£374,748
6,876
987
9,656
4,928,805
5.416.829
5,405,554
5,770,539
5,585.555
11,440,679
842
238
407
V
deposits
Interest rec. article 27 indebtedness.
28,347
.
Interest in account current with sales
(net)
29,467
17,440
12,944
Other credits
£521,181
91,500
£453,654
179,530
£395,410
57,616
£612,681
£633,184
£453,026
110",784
119,079
86,068
(non-recurring)
Total.
Co.'s propor. of service for half-year
ended June 30,1934, of the 5% inc.
debs. of sales corp
110,748
Appropriation to working cap. res
9,126
Oficina stoppage expenses
ceded to
Amount applicable to sales
4,497
independents
1,249
2,337
commercial operations
Trustees' fees and expenses
Loss
on
Provision
1934
$5,106,517
5.083.475
1936
$5,204,273
5.459,343
Month of—
£416,522
2,009
6,801
and
earned—investments
Interest
9.941.023
$148,710,181$137.885.837$137.426,906$125,734,197
the company had 734 stores in operation, including
Total 12 months
(net)
Total
11.925.061
1934
Exchange differences on sales of cur¬
rencies at different rates as com¬
10,146.128
11,518.500
May
1935
£451,705
3,148
4,713
3,390
nitrate and iodine, less cost
12.320.725
10.328.161
10.043.390
March
1936
Other operating income
Port operations
1933
$7,706,388
8,053.868
8,491,512
1934
$8,824,821
8,797.055
1935
$8,488,424
8.975,051
Year Ended June 30
profits declared by, the sales
corp, in respect of new production,
in
pared with closing rates
Exchange differences arising from the
conversion of assets and liabilities..
(S. S.) Kresge Co.—Sales—
Pr* lonth of—
Profit and Loss Account for
Proceeds of sales to and participation
Commercial operations
Kobe, Inc.—Pays Initial Dividend—
The company paid an
Ltd.—Earnings—
Lautaro Nitrate Co.,
recently split
for each old share held.
paid on the old stock on April 15, last,
and compares with 50 cents paid on Jan. 15, last, and on Oct. 15, 1935;
$1 on Aug. 1, 1935, and 50 cents per share paid on June 1, May 1, and
March 11, 1935, and on Oct. 10, Aug. 25, July 24, and June 15, 1934,
this latter being the first payment made since Oct. 15, 1930, when 25 cents
per share was distributed.—Y. 143, p. 2845.
up and four new shares were issued
A dividend of $1 per share was
stock, on
283
Chronicle
tan
for
taxes
profits other
on
1,194
19,954
21,887
682,190
1,057
nitrate and iodine
20,000
675
Reorganization exps. & prov. therefor
Other charges
Interest on funded and deferred debt.
Interest corresponding to years 193334, 1934-35 and 1935-36 Article 27
696,613
37,766
688,906
28,347
indebtedness
Exchange difference on sales
rencies
at
different rates
of cur¬
with
closing
change
compared
as
of
ex¬
6,427
rates
Exchange differences
arising from con¬
version of assets & liabilities,
44,509
10,979
&c
--—-
...—
138,336
Special non-recuring charges
$86,767,531 $78,479,130
Total 12 months
—V.
143,
$75,662,276 $65,018,110
Net deficit
3846.
p.
(G.) Krueger Brewing Co.—To Offer Issue on
Pro Rata
Basis—
has filed an amendment with the Securities and Exchange
Commission stating that it will offer its issue of 50,000 shares of common
The company
Jan. 9, 1937, at $15 a
stock pro rata to common stockholders of record
share at the rate of one-fourth of a share for each
share of common stock
Transferrable subscription warrants will be issued, but exercisable
only in amounts calling for full shares and are exercisable from Jan. 13
expire Jan. 28.
Hallgarten & Co., Cassett & Co., Inc., Lehman Bros and Nugent-Igoe
will be the principal underwriters.—V. 144, p. 109. Y. 143, p. 4005.
held.
and
Chairman of the board, says in part:
Company continues in an excellanet financial position, and during the year
paid the final instalment of $25,000 6% real estate gold bonds due July 1,
1936.
Only current debt remains, as all of the mortgage debt is paid
and the company's land and buildings are now entirely free of encumbrance.
Bank loans were fully repaid on Dec. 18, 1936.
Because of improved earnings, directors on Dec. 15, 1936 voted two
semi-annual dividends of 50 cents each on the capital stock, one payable
Jan. 2, 1937 to holders of record Dec. 24, 1936, and the other payable
July 1, 1937 to holders of record June 24, 1937.
The resumption of divi¬
dends is not at the same rate as that which the company last paid in July,
1931, directors believe that present conditions and current earnings justify
only the payment of dividends at the rate declared.
Cahn,
J.
Oct. 31, '36
Years Ended—
x
Nov. 3. '34
Nov. 2, '35
$970,325
$727,774
$520,270
920.507
867,894
747,920
736,890
5,590
6,500
8,414
6,096
18,000
13,200
$112,078
$83,135
Interest paid
Federal taxes
Net profit
for year
(par $5)-Earnings per share
loss$25,735loss$222,121
71,214
70,931
71.126
$1.58
$1.16
After deducting all discounts and cost of sales.
Shs. cap. stk.
x
Oct. 28, '33
$1,058,999
Gross profit
Admin. & gen. exp., &c.,
less miscell. income—
Nil
71,444
Nil
declared a quarterly dividend of 37 Vi cents per share
$25, payable Feb. 1 to holders of record Jan. 14.
A special dividend of $1 was paid on Dec. 21, last; a quarterly dividend
25 cents in addition to an extra of 50 cents per share was paid on Nov. 2,
last, and a quarterly dividend of 25 cents per share was paid on Aug.
last, this latter being the first payment made on the $25 par stock.
last previous distribution on the common stock Was the 25-cent dividend
paid on May 1, 1931 on the $50 par stock.—V. 143, p. 3635.
Oct. 31, '36 A'ov. 2, '35
Oct. 31, '36 .Vor. 2, '35
Liabilities—
buildings,
Com. stk. (par S5)
<#360,000
mach. & fixtures
Accouuts payable-
95,783
$360,000
87,457
Bank loans
400,000
1,
The
(R. G.) Le Tourneau,
Earnings per share on
stock, $1 par
—V.
1
671,560
503,390
c
1,500,146
1,290,827
69,909
Notes(feaccts.rec
50,428
Cash
Deferred charges.
168,386
Fed. tax provision
18,520
Earned surplus...
457,275
Paid in surplus... 1,142,246
a Treas. stock-.
Drl2,714
terest, &c.
2846.
3322.
—V. 143, p.
Loew's Boston Theatres
Years End. Aug. 31—
1936
Net prof. after
Net profit
Common dividends
$2,785,496 $2,404,952
345,197
1,142,246
Dr9,240
The directors
common
x
have declared a dividend
payment regular
p.
Accts. receivable.
Theatre
directors
Lerner Stores
Corp.—Sales—
March
April
1936
$1,862,543
2.048,109
2.604.126
3.361.115
1935
$1,789,622
1,837.678
2,371,983
2.902.327
1934
$1,581,368
1,587,856
2,584,812
2.225.702
1933
$1,174,761
1,240,948
1,391.889
1 949,997
2.707,333
2,524,854
June
3.250.000
3.509.487
2,924.828
2.560.030
1,899.851
1.915.543
July
August
September
3.203,961
2.503,511
2,620.192
2.582,757
2,186.165
2.336,098
2,011,102
1,886,996
2,128.598
1,693,272
1.655.685
1.731,666
May
2.787,754
2.501.620
1,883.609
2.807.515
2.482.588
1.863.919
4,885,315
4,541,753
3,667,194
The Guaranty Trust Co. of New York, as agent, will accept at its cor¬
porate trust department, 4M% cumulative preferred stock (convertible
until Feb. 1, 1942) of this company, for conversion into common stock.
October
November
December
—V. 143, p. 4159.
3.191.993
2.904.577
5,867,049
48,065
46,251
23,536
$4,587,449 $4,526,761
After
x
deducting
$26,441
31
1936
1935
$25)$3,881,233 $3,881,233
462,500
487,500
Accounts
2,967
17,595
Accrued interest..
3,046
3,360
Com. stk.(par
1st mtge.
payablepayable.
25,000
1st mtge
Federal
and
$1,097,507
50,000
State
payable..
Real estate & pers'l
41,499
prop,
1
of 25 cents per share on the
capital stock, par $5, payable Feb. 1 to holders of record Jan. 15. Similar
payments were made on Aug. 1 and on Feb. 1, 1936 and Aug. 1 and Feb. 1,
1935, and compares with 20 cents per share paid on Aug. 1 and Feb. 1.
1934.
This latter payment was the first made since Sept. 1, 1923 when
a quarterly dividend of 50 cents per share was paid.—V. 143, p. 2375.
Month of—
January
February
72,373
1,060,126
Deferred charges..
134,560
Prin. payments on
76,012
71,228
1, 060,473
23,536
distributed.—V. 143,
Corp.—25-Cent Dividend—
have declared a dividend
$26,477
$42,673
taxes pay.
Surplus
Goodwill
Total
Lee Rubber & Tire
def$108,118
Liabilities—
1935
$3 255,967 $3,271,387
50,000
50,000
3,086
2,167
Co
lnv. in State Thea.
1562.
The
$16,195 def$106,205
26,477
26,441
106,240
$125,527
Cash
holders of record Jan. 15.
last.
Prior to this latter
dividends of 15 cents per share were
.
93,150
stock
Co..
State
from
Due
of 80 cents per share on the
stock, no par value, payable Jan. 25 to
with 30 cents paid on Sept. 25,
loss$14.970
93,148
1936
Fixed assets
U. S. Govt, securs.
Dividend—
This compares
loss$13,055
Balance Sheet Aug.
a 1,069 shares in 1936 and 874 shares in 1935.
b After deducting $396,580 reserve for depreciation in 1936 and $526,181 in 1935.
c After de¬
ducting $84,184 reserve for bad debts, return allowances and cash discounts
in 1936 and $83,401 in 1935.—V. 144, p. 109.
(F. & R.) Lazarus Co.—Larger
$109,345
93,150
$82,853
42.673
Balance, surplus
$2,785,496 $2,404,052
Total...
$36,396
51,366
Balance, surplus
of State Theatre
«
$38,082
51.137
Previous surplus
Divs. rec. on com.
1S34
1935
$160,271
50,926
$176,003
93,150
Depreciation
125,191
13,200
Co.—Earnings—
$228,109
52,106
Fed. taxes
A ssets—
Total...
Inc.—Dividends—Sales—
the company's new no par
Locke Steel Chain Co.—Extra Dividend—New Director—
The directors have declared an extra dividend of 10 cents per share in
addition to a regular quarterly dividend of 20 cents per share on the common
stock, par $5, both payable Feb. 1 to holders of record Jan. 15.
An initial
dividend of 20 cents was paid on Nov. 2, last.
Dr. E. E. Mayer was elected to the board of directors of this company.
Accrd.payrolls, in¬
81,813
90,970
,
on
—V. 143, p.
25,000
of bonds
$2.51
$5.97
143, p. 3847.
have declared a cash dividend of $1.50 per
value common stock, of which amount
25 cents per share has been designated as a special dividend.
The special
dividend is payable on Dec. 30, to stockholders of record on the same date,
and the dividend of $1.25 per share was paid on Dec. 24, 1936, to stock¬
holders of record Dec. 23, 1936.
No regular dividend rate has been es¬
tablished on the common stock.
'
The company reports sales for the 11 months ended Nov. 30, 1936, of
$2,144,426, compared with sales of $1,544,507 for the entire year of 1935.
Current maturities
10,000
Investments
_
225,000 shares of capital
(Edgar P.) Lewis & Sons,
15,000
Due to officer
and
goodwill
Inventories
Inc. (& Subs.)—Earnings—
1936
1935
$1,343,476
$563,792
Directors of the company
share
156,000
Trade-marks
$467,594
$452,910
30—
Net income
300,000
Other loans
b Land,
the common stock, par
of
Comparative Balance Sheet
Assets—
Co.—To Pay 37 l^-Cent Div.—
Lehigh Portland Cement
The directors have
on
11 Months Ended Nov.
(B.) Kuppenheimer & Co., Inc.—Report—
Bertram
£621,626
£250,920
£271,295
,
143, p. 3635.
—V.
-
45,676
125,527
taxes
Total
44,400
42,673
$4,587,449 $4,526,761
($1,152,248 in 1935) reserve for depre¬
ciation.—V. 144, p. 109.
Loft, Inc.—Court
Upholds Stock Sale—
Supreme Court Justice Faber handed down a decision Jan. 6 in Queens
denying to Charles G. Guth, largest stockholder in Loft, Inc., an
enjoining a proposed sale of 97,210 shares of Loft stock by Happiness
Stores, Inc., to the Phoenix Securities Corp.
This block of stock was the subject of recent litigation as a result of which
order
Candy
when Mr. Guth was President
Co., in which Mr. Guth is
negated a transfer of the shares, made
of both Loft and Happiness, to the Pepsi-Cola
was
large stockholder and an official.
In denying the injunction sought by Mr. Guth, which measure included
a petition for appointment
of a receiver for stock pending settlement of
the questions involved, Justice Faber said:
"To grant this motion would be giving the plaintiff the same relief he
could get after trail.
This should not be done unless the plaintiff has shown
a clear legal right to the injunction sought.
The voluminous affidavits are
conflicting ana the questions involved should not be determined thereon,
but should await the trial which can be speedily had.
Moreover, the
a
defendants
are
sufficiently
responsible to respond to any claim of
plaintiff for damages."—V. 143, p.
Long Island RR.—Bonds
to issue
not
Authorized—
Commission on Dec. 29 authorized the com¬
exceeding $10,000,000 4% refunding-mortgage gold
The Interstate Commerce
pany
the
3636.
284
Financial
bonds, to bo sold
Chronicle
1033-4 and Interest, and the proceeds used to provide
funds to meet certain 1937 maturities and
to reimburse the treasury in
part for capital expenditures.
The Pennsylvania RR. was authorized to assume
obligation and liability,
as guarantor
by endorsement, in respect of such bonds.—V. 144,
p. 109.
Lord &
Taylor, N. Y.—To Pay Special $10 Dividend—
The directors have declared a
special dividend of $10 per share on the
stock, par $100, payable Jan. 21 to holders of record Jan. 14.
The regular quarterly dividend of
$2.50 per share was paid on Jan. 2,
common
A Christmas dividend of
$5 per share was paid
each year previously from and
including 1925.
dividend of $50 per share
was
paid
Typograph
on
on
Dec.
17, 1935 and
In addition an extra
Dec. 17, 1934.—Y. 142, p. 2328.
Co.—Extra
Dividends Resumed—
Pref.
Div.—Common
The directors have declared
an extra dividend of
$2 per share in addition
quarterly dividend of $1.50 per share on the $6 cum. preferred stock,
$10, both payable Dec. 28 to holders of record Dec. 18.
The directors also declared a dividend
of $1 per share on the common
stock, likewise payable Dec. 28 to holders of record Dec.
to
a
par
18.
This divi¬
dend will be the first paid on the
common stock since Jan.
1, 1931, when a
dividend of 50 cents per share was
distributed.—V. 142, p. 4345.
Columbus Delaware & Marion Electric Co. above.
Maritime
sinking fund.—V. 143,
p.
2058.
McCrory Stores Corp.—Sales—
The company paid a special dividend of 10 cents
per share on its common
stock, par $10, on Jan. 2 to holders of record Dec. 19. The
regular quarterly
dividend of 15 cents per share was paid on Nov.
1, last.—V. 141, p. 3866.
Marmon Motor Car Co.—Board
of Trustees Set
McLellan Stores Co.—Sales—
Month of—
1936
October.
November
---
1,585,457
1,489,857
1,724,435
1,524,514
1,745,753
1,813,177
3,998,934
June
July
August
September
$1,056,813
1,068,570
1,346,646
1.539,118
1,542,407
1,797,441
1,742,439
1.738.253
1,711,846
2,024,663
1,866,507
March
April
May
1935
$1,094,442
1,154,648
1,312,992
1 620,954
1 775.527
-
—ye?43 V 3848
3,470,266
napolis, Ind., by Judge|Robert O. Baltzell.
A $25,000 loan is
being
arranged to carry out the program.
The trustees, Otto J. Feucht, A. A. Anderson and
Homer H. Davidson,
will have broad powers to
manage, lease or liquidate holdings over a long
period.
Creditors are to receive proceeds until paid in full.
The value of the company at present is said to be
about $1,355,500,
with creditor claims totaling
$1,600,000.
In the event of an increase or
assets exceeding
claims, the surplus would be prorated among stock¬
holders.
Mr. Feucht represents banking interests, and Mr.
Anderson and
Mr. Davidson represent creditors.—V. 143,
p. 1723.
have
declared a dividend of 50 cents per share on the
non-cumulative preferred stock, par
$25, payable Jan. 2 to holders of record
Dec. 17.
Previously, dividends of 35 cents per share were distributed each
three months.—V. 138.
p. 1757.
Macmillan Co.—Extra Dividend—
The company paid
an extra dividend of 40 cents per share on the
com¬
stock, no par value, on Dec. 10 to holders of record Dec. 5.
An
extra dividend of 25 cents
per share was paid on Jan. 2, 1936.
mon
The regular quarterly dividend of
25 cents per share
was
ast.—Y. 141, p. 2741.
MacMillan
Petroleum
paid
on
Nov. 15,
Corp.—Pays 35-Cent Dividend—
The company paid a dividend of 35 cents
per share on its common stock
on Dec. 23 to holders of
record Dec. 21.—V. 143, p. 2525.
(R. H.) Macy Co.—Extra Common Dividend—
company's proposed
new 6%
cum. pref. stock; 200,000 shares of common stock
upon official
notice of issuance pursuant to sale thereof by the
company from time to
employees, including 100,000 shares reserved under
option
an extra dividend of 75 cents
per share on
stock, no par value, payable Jan. 25 to holders of record Jan. 16.
A regular quarterly dividend of 50 cents
per share was paid on this issue on
Dec. 1, last.
common
Discontinues
The
Federal
Misleading Practice—•
Trade
Commission
has
issued
an
order
closing its case
against the company, following company's signing of a
stipulation to dis¬
continue certain unfair trade practices in the sale of
razor blades as alleged
in a complaint directed
against it by the Commission in August, 1936.
In its stipulation, the respondent
company agrees not to resume the use
of representations contained in
an
advertisement, or similar representations
implying that razor blades sold by it have been made under its own
super¬
vision, when such is not a fact.—V. 142, p. 3859.
Majestic Radio & Television Corp.—Admitted to
Listing
and Registration—
The New York Curb Exchange has
admitted the capital stock, $1 par,
to listing and registration.—V.
143, p. 4160.
Managed Estates, Inc.—Securities Offered—Offering was
December, by means of a prospectus, of $1,000,000
5% 10-year secured bonds and 300,000 shares of common
stock, by Griffin & Vose, Inc., of Philadelphia.
The bonds,
which are due Jan. 1, 1944, were
priced at 102 and int.,
made in
while the
shares
common
net asset value
plus
price.
The
and
securities
were
offered at their approximate
distributing cost of 8%% of the selling
a
have
been registered
with
the
as
hereinafter set forth; making the total amount applied for to
date,
2 735 395 shares.
Directors, on Dec. 21, 1936, voted a dividend of $11.50 per share on
the 7% cum. pref. stock then outstanding in the amount of
296,190 shares,
payable immediately to all holders of such stock.
Prior thereto, at a meeting held on Nov. 19, 1936, the directors
approved
and adopted a plan of reorganization and
recapitalization which was
approved by the stockholders on Dec. 26, 1936.
By this plan of reor¬
ganization and recapitalization holders of the 7% pref. stock heretofore
outstanding are given the right to exchange each share of their old stock
for one share of new 6% cum. pref. stock and five-sixths of a
share of
common stock.
If accepted by all the holders of the
7% cum. pref. stock
the plan will require the issuance of
246,825 additional shares of common
stock.
Those who do not desire to make such an
exchange (at the present
time the holders of over 96% of the
outstanding 7% cum. pref. stock have
consented
to it)
will be given a new prior pref. stock which shall have
and preferences substantially identical with those now
possessed
by the outstanding 7% cum. pref. stock.
The new 6% cum. pref. stock to be issued
pursuant to the plan is con¬
vertible into common stock until Jan. 1, 1947, at the
option of the holder,
rights
the rate of three shares of
pref. stock.
Securities
The entire net proceeds of the sale of the
bonds and stock, except any
proceeds used to repurchase shares or bonds or for normal business
purposes,
will be invested, or held in
cash, or equivalent pending investment.
The 5% 10-year secured bonds are
redeemable, at the option of the
Fund, in whole or in part, on 30 days' notice, at 103 and
int., and at the
option of the holder, on 30 days' notice at 90, or 90
days' notice at 97,
with accrued interest in each
case.—V. 143, p. 1564.
par
Dec. 21.
as
may
be determined upon by the directors.
The program recommended by the directors and
approved by the stock¬
on Dec. 26 may be summarized
briefly as follows:
(1) A cash dividend of $11.50 per share will be paid on the pref. stock
soon as the board of directors is satisfied that the
plan will be
holders
as
approved.
(2) After this dividend is paid each share of the present preferred stock
plus the right to the remaining unpaid accumulated dividends, which will
then be $20 a share, will be exchanged for the following:
(a) One share of 6% cum. pref. stock, callable at 110 and convertible
common stock for 10 years at the
option of the holder at the rate of
three shares of common for each share or
preferred; and
SO Five-sixthsthe a share of common stock. be
of
preferred stock will
ividends
1936.
on
new
extra dividend of 25 cents
per share on
to holders of record
paid on Nov. 16, last.
paid on Nov. 16, Aug. 15
and May 15, last; Dec. 23,
1935, and Feb. 15, 1934.—V. 143, p. 2848.
Manhattan Shirt
Year Ended Nov. 30—
Gross profit from sales..
Co.—Earnings—
1936
excess
profit tax.
Dividends.
Shares
common
stock
(par $25)
Earnings
—V.
p.
share
2848.
$267,993
36,180
30,473
$201,340
133,335
$68,005
218,800
218,800
$2.00
$0.92
296,190
1,631,547
888,570
200,000
296,190
2,720,117
Total
In the reorganization plan provision has been made for
15,000 shares of
prior preferred stock to be issued to any of the present preferred stockholders
who do not agree to exchange their stock in accordance with the terms
of the
proposed plan.
Stockholders representing such a large percentage of the
outstanding preferred have already approved the plan that it will be unneocessary to issue any large amount of prior preferred stock.
Consolidated
Income Account 9 Months Ended
Sept. 30,
Net sales to customers
Rental income from tenants (net)
1936
$72,008,907
1,554,820
Total net sales and rentals
$73,563,727
Cost of sales and operating expenses, txcl. items listed below..
66,666,312
Rentals paid under ground and building leases
1,273,357
Depreciation
of
buildings
and
equipment
and
amortization
leaseholds
1,771,640
1,605,161
1,159,757
Real estate, personal property and franchise taxes, &c
Occupation, processing and excise taxes
Net profit from operations
on first mortgage bonds
$1,087,500
564,167
297,823
.
Interest
Interest
on
debenture bonds (incl. amort, of bond discount)
Net profit for period
$225,510
Balance
Sheets
Sept. 30 *36 Dec. 31 '35
Assets—
$
Cash
deposits
$
Sept. 30 '36 Dec. 31 '35
Liabilities—
S
$
11,471,405 11,287,203 Accts. payable:
in
Trade creditors.
2,414,001
2,978,746
escrow
Cust. cred. bals.
350,898
167,789
234,941
Bonds,
tax
war¬
Accrued
salaries,
rants, &C—... 1,789,063
36,008
wages, &c
727,012
1,057,615
Receivables
11,179,159 14,599,104 Acer. int. on bds.
337,348
63,333
Mdse. inventories:
Acer, real est., &c.,
Mfg. div. mdse.11,237,561 10,6S1,996
taxes, &c
2,675,583 3,082,862
Retail div.mdse. 10,481,639 10,780,580 Federal inc. taxes.
409,504
421,051
Prepaid exps. and
Other accr.exp.,&c
651,334
684,651
deferred charges
937,763
792,624 1st
mtge.
bonds
Inv. securs., &c._
189,934
235,549
(current)
700,000
700,000
Total fixed assets.45,957,593 48,274,269 Deb. bds.
(called)
613,000
Goodwill, trade¬
Funded debt
22,136,500 22,486,500
marks, &c
1
1 Reserve for loss on
p-'
224,523
$0.34
......
Common
Stock
246,825
1,384,722
Reserved for conversion of preferred
Reserved for sale to officers and
employees
def$57,316
1934
6% Cum.
Pref. Stock
296,190
Held by present preferred stockholders
Held by present common stockholders
$77,384
outstanding
....
per
143,
$563,040
39,642
85,000
$285,236
Federal income and
$259,101
8,892
$438,398
153,162
Depreciation.
$1,023,921
764,820
$561,929
1,111
Other income.
1935
$1,415,949
854,020
Expenses.
1,
|
Cash..
was
cumulative from Oct.
Upon the consummation of the plan if all the preferred stockholders ex¬
change their stock in accordance with the terms of the plan, the stock out¬
standing and the stock reserved for specific purposes will be as follows:
Consolidated
value, payable Dec. 24
The regular quarterly dividend of five cents
Extra dividends of five cents
per share were
04 4
of incorporation continued in effect
existing provision that the company may from time to time sell a total
of not to exceed 200,000 shares of its authorized (no
par) common stock
to officers or employees, or of its
subsidiary corporations, at such price as
directors may from time to time determine without first
offering such
stock for subscription to the stockholders and
may
grant an option
to any officer or employee for the purchase of said stock on such terms
Managed Investments, Inc.—-Extra Dividend—
an
stock for each share of 6% cum.
common stock will be authorized
an
of
Exchange Commission.
The directors have declared
the common stock, no
common
Accordingly 888,570 shares of
and reserved for such conversion.
The amendment to the articles
into
The directors have declared
the
Co.—Listing—
The New York Stock Exchange has authorized the
listing of 1,335,395
shares of common stock (no par) as follows:
246,825 shares upon official
notice of issuance to holders of the
company's present preferred stock
pursuant to a plan of reorganization and recapitalization; 888,570 shares
upon official notice of issuing upon conversion of the
at
M-A-C Plan, Inc. of Rhode Island—Div. Increased—
directors
Up—
Reorganization of the company, setting up a board of trustees to ad¬
minister all property, has been approved
formally in Federal Court, India¬
time to its officers and
Period End. Dec. 31—
1936—Month—1935
1936—12 Mos.—1935
Sales
$6,714,248
$6,268,355 $40,234,940 $37,428,719
Company operated 196 stores in December 1936 against 203 stores in
December 1935.—V. 143,
p. 3848.
January
February
Telegraph & Telephone Co., Ltd.—Special
Dividend—
Marshall Field &
Lukens Steel Co.—Tenders—
The Bankers Trust Co., as trustee for this
company's mortgage 20-year
8% bonds, announced that it will receive until Feb.
8, 1937 sealed pro¬
posals for sale to it, for the sinking fund, at a
price not exceeding 1073^
and accrued
interest, of sufficient of these bonds (including extended
bonds)
to exhaust the sum of
$25,245 now in the
The
1937
9,
Marion-Reserve Power Co.—
Unification—
See
last.
Ludlow
Jan.
at
...
sub-leases
400,000
1,934,002
4,250,000
stk.29,619,000 29,619,000
Common stock
14,000,000 14,000,000
Paid-in surplus
5,001,899
5,001,898
Earned surplus...12,296,920 12,071,409
Res. for pos. losses
7%
134,700
cum. pref.
Treas.
com.
(15,278
Total
93,244,118 97,(
Total
stock
sbs.)
Dr226,774
Dr226,773
93,244,118 97,038,237
Volume
Financial
144
Change in Unit Name—
of Carolina Cotton & Woolen Mills will
no longer be used.
Henceforth, this concern will be known as Marshall
Field & Co., Manufacturing Division.—V. 144, p. 110.
Effective Jan. 1, 1937 the name
Masonite
court for the
1935
1936
'
common
Earnings
per
$271,302
533,378
266,689
$0.65
$0.93
provision for undistributed profits tax Is made.
$376,366
-
stock (no par)
share
Note—No mention
of
—V. 143, p. 3323.
Sept. 29 and June 30, 1934; 21 cents per share paid on March 31, 1934 and
30, 1933; 10 cents per share on Sept. 30 and June 30, 1933, and 20
share on March 31,1933.—V. 143, p. 4006.
Dec.
.
Associates—Simplification of
Utilities
Massachusetts
Corporate Structure Planned—
See New England Power
Association below.—V. 142, p. 4346.
May Department Stores Co.—To Pay
The directors have declared an extra
dividend of $1.25 per share on the
stock, par $10, payable Jan. 20 to holders of record Jan. 9.
A
dividend of 75 cents was paid on Dec. 1, last, 50 cents in each of the three
preceding quarters and dividends of 40 cents per share were paid in each
quarter of 1935 and 1934.
In addition an extra dividend of 25 cents per
share was paid on Dec. 2, 1935.—V. 143, p. 3004.
~
Melville Shoe Corp.—To
Pay $1.25 Dividend—
$1.25 per share on the com¬
value, payable Feb. 1 to holders of record Jan. 22.
A
paid on Nov. 1, last and compares with $1 paid
on Aug.
1, last; 87H cents per share paid on May 1,/last; 75 cents on
Feb. 1, 1936 and on Nov. 1, 1935; 62 M cents on Aug. 1, 1935; 50 cents per
share paid in each of the four preceding quarters; 40 cents on May 1 and
Feb. 1, 1934; 30 cents per share paid each quarter from Aug. 1, 1932, to
Nov. 1, 1933, inclusive; 40 cents on May 1, 1932, and 50 cents per share
The directors have declared a dividend of
mon
stock,
similar
no par
dividend
was
distributed each three months from Feb. 1, 1930 to and including Feb. 1,
1932.
In addition, an extra dividend of $1.12>$ was paid on Dec. 23,
last and 50 cents per share was paid on Feb. 1, 1935.—V. 144, p. 110.
I nterest
p.
extended gold 5%
111.
1937, on Pacific RR. of Missouri second mort¬
bonds, due 1938, was paid on that date.—V. 144,
Mohawk Hudson Power
Co.—Dividends Resumed—
dividend of 1Y* cents per share on the no-par com¬
Merchants Insurance
The company paid a
stock on Dec. 21
mon
holders of record Dec. 15.
This was the first
20, 1932 when 10 cents per share was distributed.
to
dividend paid since Dec.
—V. 141, p. 3541.
Merchants Refrigerating
The directors have declared
a
Co.—Accumulated Dividend—
dividend of $1.75 per share on account
of
the $7 cumul. pref. stock, no par value, payable Feb. 1
to holders of record Jan. 23.
A dividend of $2.25 was paid on Dec. 10, last;
accumulations
on
51.75 1, May 1 on Nov. 2, last, and dividends Aug. 1, 1935, prior to which
was paid and Feb. 1, 1936; Nov. 1 and of $1 per share were paid on
ug.
distributed,
dividend will amount to $1.50
regular quarterly dividends of $1.75 per share were
b Accruals after the payment of the current
share.—V. 143. p. 3849.
per
Metal & Thermitt
no
par
and
an
Corp.—Additional Dividend—
value, payable Jan. 30 to
the common
This
holders of record Jan. 20.
Nov. 2, 1936.
An extra dividend of $1 per share was paid on
1936; a dividend of $2 was paid on Jan. 2, 1936, and an extra
dividend of $1 was distributed on Nov. 1, 1935.—V. 143, p. 4160.
on
Michigan Bakeries Co.—Initial Common Dividend—
share on
15 to holders of record Dec. 31.—V. 142,
The directors have declared an initial dividend of 10 cents per
the
common
stock, payable Jan.
3001.
p.
payable Jan. 15 to holders of
record Dec. 24.—V. 143, p. 4160.
Monroe Calculating
Machine Co.—Pays $3
paid a dividend of $3 per share on
The company
share
stock, both
initial dividend of 7J^ cents per
of 16)^ cents per share on the common
Dividend—
the common stock, no
with
value, on Dec. 21 to holders of record Dec. 18.
This compares
$2 paid on Sept. 30, last; $1 paid in each of the four preceding quarters;
$2 on June 30, 1935; $1 on March 31, 1935; $2 per share on Dec. 31, 1934;
$1 per share paid in each of the first three quarters of 1934; none in 1933 and
1932; $3 paid in 1931; $6 per share paid in 1930 and 1929 and $5 per share
1928—V. 143, p. 2379.
par
in
Montgomery Ward & Co., Inc.—Sales—
1933
Month of—
February
-
-
March
April
May
June
August,.
September
-
October
November
December
—V.
1935
1934
1936
$10,131,891
$17,854,609 $17,904,886 $15,421,893
11.263.374
22,783,089
18,312,477
24,844,596
15.665,586
30,402.667 25,571,012 20,872,132
15,247,812
30,295,408 22,914,580 20,934,510
30.330,174
23,822,297
19,266,336 16,103,560
13,641.121
25,635,866 20,293,175 15,890,560
27.422,133 22,848.599
18,914.959 15,390.120
16,583,708
33,357,194 25,172,907 23,093.465
45,455.404
35.897,447
29/703^511 22,780,643
36.979,214
30.910,462
26,900,806 20,969,808
51,789,337
39,474,902
34,683,742 24,854,726
144, p. 112.
(Tom) Moore Distillery Co.—Extra
Dividend—
dividend of 5 cents per share in
quarterly dividend of 12 M cents per share on the
$1, both payable Jan. 30 to holders of record Jan. 20.
distributed on Nov. 2, July 20, April 15 and Jan. 15,
have declared an extra
The directors
addition to a regular
common
stock, par
Like amounts were
1936, and on Oct. 15,1935, these latter payments
tions on the issue.—V. 143, p. 4008.
Moore Drop
being the intital distribu¬
Forging Co.—Tenders—
notifying holders of its class A shares that $120,017 is
the purchase of these shares on Jan. 29,
1937 and is inviting offers at prices not exceeding $75 a share.
Offers may
be made up to Jan. 18 at the Bankers Trust Co., New York, and the First
The company is
available in the sinking fund for
now
National Bank of Boston.
Earnings for the Year
Ended Oct. 31,1936
-
$3,507,353
from use & occupancy
2,502,172
129,268
304,757
159,960
Flood and
special fire expense
Selling & administrative expenses, &c., net
Depreciation..
i
Investment in Superstat Co. written off
Reserve for Federal & State income taxes——
Net profit
25,000
75,427
$310,770
for the year
Balance Sheet Oct. 31, 1936
|
Liabilities—
$206,357 Accounts payable, trade
508,906 Div. on class A shares, payable
Nov. 2—--—
242,952
Receiv. from llfeinsur. cos
192,420 Res. for Fed. & State income
Cash surr. value of life insur..
taxes, current year
138,863
Accounts receivable, trade
497,224 Accrued expenses.;
Inventories
42,087 Sink, fund requirements for
Non-current invests. & recs...
Jan. 1, 1937
Plants & equip., less reserves
1,920,023 Res. for repairs to equipment
for depreciation
Assets—
Cash
U. S. Treasury notes, at cost.
—
Michigan Bell Telephone Co.—Earnings—
Uncollect, oper. rev
Operating expenses
Operating taxes
$3,200,055
1,806
1,936,325
366,605
$895,319
Net oper. income
—V. 143, p. 3637.
Middle States
1936—11 Mos.—1935
$2,841,261 $33,395,359 $29,869,467
22
33,172
37,144
1,781,343
20,590,604 19,485,581
346,115
3,928,467
3,552,597
1936—Month—1935
Period End. Nov. 30—
Operating revenues
$713,781
$8,843,116
$6,794,145
The directors have declared a dividend of
$1.75
per
share, on account of
1, July 1 and April 1, last, this latter being the first dividend paid
by the company since July 1, 1933, when a regular quarterly payment of
$1.75 per share was made.—V. 143, p. 2058.
Oct.
Middlesex Products
Corp.—$3 Extra Dividend—
of $3 per share in addition
quarterly dividend of $1 per share on the common stock, both
payable Dec. 15 to holders of record Dec. 8.
An extra of $2 was paid on
Oct. 1, last, and extra dividends of $1 were paid on Jan. 2, 1936, and on
Jan. 2, 1935.—V. 143, p. 2058.
The directors have declared an extra dividend
to the regular
Minneapolis-Honeywell
Regulator
Dividend—
Co.—Initial Pref.
' V"--./
■>
The directors have declared an
the 4% class B pref. stock, par
record Feb. 19.—V. 143, p. 4160.
$100, payable March 1 to holders of
Minneapolis St. Paul & Sault Ste. Marie
Net after rents.
Ry.—Earns.
1936
1935
1934
$2,152,926
436,054
104,396
$2,042,793
425,774
170,030
$1,754,783
295,124
24,605,193
5,481,604
22,011,156
4,105,976
1,514,746
20,758,291
3,993,366
November—
Gross from railway
....
initial quarterly dividend of $1 per share
on
Net from railway
242,502
1933
$1,585,678
97,022
defl58,126
From Jan. 1—
Gross from railway
Net from railway
Prepaid exps., & accrd. inc.—
1
Net after rents.
2,050,594
1,325,040
20,344,490
3,854,989
793,560
114.
Delayed—Counsel
Such Payment—
by trustees of the road for permission to pay one-half coupon
on several series of 1st & ref. mtge. bonds, amounting to approximately
$3,250,000, has been temporarily delayed because of an informal opinion
by Ernest S. Ballard, counsel for the road, that the Federal Court has no
power to direct such a payment.
The petition
a
Res.
&
534,451
repairs
to
$94,069
43,976
75,427
56,697
120,017
24,724
buildings
fixtures, &C-——
21,878
——''
-—a3, 867,895
.84,304,683
Total.—
Represented by 46,942 class A shares
—V. 143, p.
for
—
Net worth
$4,304,683
Total
and 55,000 class B common shares.
2687.
Mortgage Co. of Pennsylvania—Trustee Allowed to
Foreclose to Pay Bondholders' Claim—
Judge William H. Kirkpatrick, in U. S. District Court in Philadelphia,
has granted permission to the Pennsylvania Co. for Insurances on Lives &
Granting Annuities, trustee, to foreclose on more than 200 properties and
mortgages to pay the claim of the bondholders of the Mortgage company,
totaling
$2,487,427.—V. 143, p. 2850.
Murray Ohio Mfg.
Co.—Dividend Increased—
The directors have declared a
mon
stock, payable Dec. 26 to
dividend of 80 cents per share on the com¬
holders of record Dec. 23. A dividend o
and on July 1, last, this latter being the
the common stock since Oct. 1,1930.—V. 144, p.
30 cents was paid on Oct. 1
distribution made on
firsf
12lt
Nashville Chattanooga & St. Louis Ry .—Abandonment
Commerce Commission on Dec. 19 issued a certificate
permitting abandonment by the company of part of its Ravenscroft branch
extending from Rock Spur, 2.25 miles northeast of Sparta, in a north¬
easterly direction to its terminus at Ravenscroft, 12.5 miles, all in White
County, Tenn.—V. 144, p. 112.
The Interstate
National Automotive Fibres, Inc.—50-Cent
The directors
have
Dividend—
declared a dividend of 50 cents per share on the
no-par class A common stock, payable Feb. 1 to
This compares with a dividend of $1.50 paid on
holders of record Jan. 11.
Dec. 24, last; 37M cents
Nov. 1, last, and regular quarterly dividends of 25 cents per,share
and extra dividends of 12 H cents per share paid in each of the five preceding
paid
Missouri Pacific RR.—Interest Payment
for Road Says Court Cannot Legally Order
damaged by fire...
21,399
Goodwill, trademarks, &c
Treasury stock, 17,775 class A
shares, at cost
Telephone Co. of Illinois—Accum. Div.
accumulations, on the 7% cumulative preferred stock, par $100 payable
Jan. 1 to holders of record Dec. 20.
A similar payment was made on
—V. 144, p.
Corp.—Initial & Extra Dividends—
have declared an
extra dividend
Cost of goods sold, after crediting receipts
insurance and before depreciation
compares with a special dividend of $1.50 paid on Dec. 22, last, and one
of $2 paid on Nov. 30, last.
The regular quarterly dividend of $1 per share
was paid
Aug. 31,
Rights—
on
Net sales--
The directors have declared a dividend of $2 per share on
stock,
Corp.—Curb Rules
Rights of election granted to holders of second preferred stock, pursuant
the plan of consolidation with Niagara Hudson Power Corp., must be
exercised by owners before 3 p. m. Jan. 28.
As stock transfer books close
on Dec. 22 and will remain closed until after Jan. 28, right of election
accrues to holders of record Dec. 22.
In view of this, the Curb Exchange has ruled that deliveries of Mohawk
Hudson second preferred made after Dec. 22 must be accompanied by
an instrument of guarantee, notice of election A, and notice of election B,
The three instruments must be executed by registered owner of certificates
which they accompany.—V. 143, p. 4160.
to
July
Mercantile Acceptance Corp. of Cal.—Accum. Div.—
dividend of $1.25 per share on account of accumula¬
tions on the $1.60 cum. conv. pref. stock, no par value, on Dec. 19 to
holders of record Dec. 15.
A dividend of 40 cents was paid on July 10, last,
30 cents was paid on Jan. 15, 1936 and prior to this latter payment no
disbursements were made since Nov. 1, 1932 when the regular quarterly
dividend of 40 cents per share was paid.—V. 143, p. 2526.
The company paid a
in Washington.
The interest due Jan. 1,
gage
The directors
common
Interstate Commerce
road's reorganization
on some of the
principal controversial issues which were interrupted by the death of O P.
Van Sweringen and by hearings of the Wheeler Senate rail committee.
Mohawk Liqueur
Extra Dividend—
mtge. bonds will
proceeding.
Hearings are now scheduled to resume Jan. 12
The delay will be requested to permit further negotiations
^
Said on Jan. 20,24 cents paid on Dec. 31, 1934; 19 cents per share cents on
1936; 20 cents on Oct. 21,19 cents on July 20, 21 paid on
pril 20, 1935;
the
In the meantime
of the opinion request to
payment of this interest has been delayed.
protective committee for the 1st & ref.
prepare a brief to support the proposed payment. .
The protective committee also plans to petition the
Commission for a 60-day delay in hearings on the
Massachusetts Investors Trust—Dividend—
Trustees have declared a quarterly distribution of 18 cents a share,
payable Jan. 20, to stockholders of record Dec. 31, 1936.
With this pay¬
ment distributions representing income on investments for the quarter
ending Dec. 31, 1936 total 41 cents a share, a previous distribution of
23 cents a share having been paid Dec. 24.
Other previous dividend distributions were as follows: 23 cents on Oct.
20 last; 21 cents paid on July 20 last; 22 cents paid on April 30 last; 27 cents
cents per
Stedman
the
profit after depreciation, Federal income taxes
and other deductions
Shares
Mr. Ballard, in a letter to Guy A. Thompson, trustee, expressed the
opinion that the court has no power to order the payment of interest by
a bankrupt road on underlying or other bonds.
This would indicate that
interest on the road's St. Louis, Iron Mountain & Southern, River & Gulf
division 4s, on which all interest has been paid to date, cannot properly
be disbursed.
Trustees indicated on Jan. 5 that because
Corp,—Earnings—
16 Weeks Ended Dec. 21—
Net
285
Chronicle
on
quarters.—V. 143, p. 4009.
National Industrial Loan Corp.—Dividends
Resumed—
the
value, payable Dec. 23 to holders of record Nov. 30.
This was the first payment made since Feb .15,1935, when a similar d ividend
s
piii.— V". 137, p. 2116.
The directors have declared a dividend of five cents per share on
common
stock,
no par
286
Financial
National Cash Register Co.—Domestic Gross Orders—
Month of--
1936
March
April
May
June
1935
1934
$1,270,000
1,179,375
1.562.100
1,369,225
2,407,100
2,301,405
1,200.100
1,446.975
1,371.750
2,650,800
2,362,515
1,369,325
$1,076,000
1.005,550
3,147,775
1,799,300
July
August
1,927.750
2,016,500
September
October
3,322,925
November
2,561,375
1,998,575
December—
Total
-V.
12 months.
144,
p.
1,310.550
1.103,475
2.216.800
2,082,475
948,200
1.282,800
1,083,775
2,229,450
1,185,250
1,268,755
.$26,560,525 $20,490,725 $16,793,100
112.
National
,
Liberty
Insurance
Co.
of
Jan. 9. 1937
In
$1,825,375
1,591,675
1,737.350
1,561.800
3,070.125
January
February
Chronicle
America—Extra
Dividend—
The directors have declared an extra dividend of
10 cents per share in
addition to the regular semi-annual dividend of like amount on the
capital
stock, par $2, both payable Feb. 15 to holders of record Feb. 1.
A similar
extra was paid on Aug. 15 and Feb.
20, 1936.
Extra dividends of 5 cents
were paid on Aug. 15 and Feb.
20, 1935, and on Aug. 13, 1934.—V. 143,
exchange, Massachusetts Utilities Associates is to turn over to New
England Gas & Electric Association its controlling interest in Plymouth Gas
Light Co. and Plymouth County Electric Co., whose lines are intercon¬
nected with other New England Gas & Electric subsidiaries
serving the
New Bedford and Cape Cod territories.
Massachusetts Utilities Asso¬
ciates states in its application that to assure fairness, the
proposed exchange
has been reviewed by Jackson &
Moreland, independent engineers, and
approved by them.
On the basis of average results over a three-year
period, it is calculated
that annual earnings on the stocks to be received by Massachusetts Utilities
Associates will approximate the amount
formerly shown on holdings in
the Plymouth companies which are to be
exchanged.
The transaction is
an important step, however, in the general
program which has been under¬
taken by the New England Power Association, a
registered holding com¬
pany, to comply with Federal public utility legislation looking toward
consolidations and the elimination of unnecessary
intermediary concerns.
Proposed Exchange of Securities (Based on Equity Earnings after Depreciation)
New England Gas & Electric acquires:
49,830 shs. Plymouth County Electric Co.
1,366 shs. Preferred Plymouth Gas Light Co.
1,288 shs. Common Plymouth Gas Light Co.
Cash payment $25,000.
Massachusetts Utilities Associates acquires (preferred
stocks):
819, shs. Commonwealth Gas & Electric Companies.
3,580 shs. Massachusetts Light Companies—6%.
1,246 shs. Massachusetts Lighting Companies—8%.
6,344 shs. Central Massachusetts Light & Power Co.
Other stocks:
National
Public
Service
Corp.—Circuit Court Reserves
Decision—
After the conclusion
of arguments
Jan.
6
the U.
S.
Circuit
Court
of
Appeals reserved decision
on an application to reverse District Judge
Mandelbaum's decision dismissing a petition to reorganize the
corporation
on the ground that there was
virtually nothing left to reorganize.
Speaking in behalf of creditors, Albert Huebschman declared there could
be
reasonable doubt
no
This order turned
that
712,411
over
court
a
order
19, 1935, was valid.
shares of Jersey Central Power &
common
The secured
bondholders, argued Mr. Huebschman, though the order
entered before the filing of the reorganization
suit, became owners of the
collateral "as completely and
effectively as if they had purchased the
same from some one other than the
bankrupt estate."
Similar arguments
were made by Melba
Chambers, counsel for the Trust company.
It was revealed at the hearing before the court that Associated
Gas &
Electric interests have increased their holdings of National Public Service
more than $2,000,000 since Nov. 21.
Present invest¬
ment of Associated in these debentures amounts to
$12,737,000.—V143,
Corp. debentures
3850.
p.
4,624 shs. Common Commonwealth Gas & Electric Companies.
74 shs. Common Gardner Gas, Fuel & Light Co.
—V. 144, p. 113.
>
New York Merchandise
Weaving
Inc.,
Co.,
Lowell,
N.
per
In addition, an extra dividend of $1 was paid on Nov.
2, last; a stock divi¬
dend of 20% was paid on July 24,1936; an extra of 50 cents paid on March
2,
1936 and an extra dividend of 12 H cents per share distributed on
C.—New
has been incorp. in North Carolina as successor in re¬
organization to National Weaving Co.
A controlling interest (52%) in
the new company has been
acquired by Beaunit Mills, Inc. (see above).—
V. 143. p. 4010.
company
Naumkeag Steam Cotton Co.—Dividends Resumed—
The directors have declared a dividend of $1
per share on the common
stock, payable Jan. 1 to holders of record Dec. 28.
Previously dividends
of $1 per share were paid each three months from
April 2, 1934 to and
including Jan. 2,1935 80 cents per share paid on Jan. 10,1934, Oct. 2 1933
and July 1, 1933 and 75 cents
per share paid each quarter from July 1,
1932 to and including April 1, 1933.—V. 142, p. 2509.
1936
New York & Richmond Gas Co.—Accumulated Dividend
The directors have
March
$993,887
1,053,897
1,335,358
1,565.392
1,612,224
June
1.935.038
1.659.109
July
August
September
1,680,633
1,583.747
1,435,896
1,467,626
1,403,181
1,647,333
1,841,495
1,657,871
1,959,141
1,788,362
3,787,043
October.
November
December
Total 12 months
—V. 143, p. 3851.
3,380,466
1934
$984,596
1933
'
1,562.651
1,300,759
1,707,159
$793,048
831,719
924,977
1,278,039
1,363.375
1,579,183
1,157,525
1,202,960
1.297.180
1,411,793
1.374,908
2,852,478
1,311,105
1,153,923
1,148,592
1,249.223
1,296,191
1,295,611
2,533,006
988,901
$21,741,359 $19,395,852 $17,420,095 $15,178,809
Nevada-California Electric Corp. (&
Subs.)—Earnings
Period End. Nov. 30—
1936—Month—1935
$410,337
$387,457
243,415
150,870
exps.& taxes
Operating profits
Non-oper. earns. (net).
.
Interest
Depreciation
Disct. & exp. on sees.sold
I
Profit arising from retire¬
ment of bonds & debs
and
$5,790,605
2,927,149
$5,261,812
2,564,006
$166,922
6,527
111,501
41,169
7,109
Gross oper. earnings
Other
$2,863,456
46,080
1,349,021
597,725
92,370
$2,697,806
106,666
1,430,217
643,507
101,359
defl4,577
def96
additions
deductions
a
dividend of $1.50
cum.
pref. stock,
A like amount
was
par
per share on account
$100, payable Jan. 2 to
on Oct. 1, July 1 and
made
Jan. 2,1936, and on Oct. 1
made in each of the four
and Jan. 2, 1935.
Similar distributions were
quarters of 1934, the Oct. 1, 1933, dividend
being omitted. Accumulations after the payment of the current dividend
will amount to $6 per share.—V. 143, p. 3475.
New York
Stocks, Inc.—Dividends—
At the meeting of the board of directors, held on Dec.
24, an interim
was declared on certain of the series of the
special stock of the
dividend
company, payable Jan. 15, to holders of record Dec. 31.
The series upon
such dividends were declared and the amount
per
share payable
which
each
are
as
follows:
Month of—
January
February
March
April
May
June
July
August
September
October
November
December
5,224
15,387
48,923
$10,090
$69,119
$840,454
$819,340
.20
.15
stock—Building supply industry series
stock—Business equipment industry series
stock—Chemical industry series
stock—Electrical equipment industry series
stock—Food industry series
.10
.10
.10
_
.15
.25
stock—Insurance stock series
.10
-
stock—Machinery industry series
stock—Merchandising series
stock—Metals series
stock—Oil industry series
.15
.20
.15
.
.15
stock—Public utility industry series
.10
stock—Tobacco industry series
.20
This initial dividend has been designated an "interim dividend"
by the
board of directors, inasmuch as it is expected that future declarations
will be made
during May and November of each year to correspond with
the fiscal year of the corporation which ends on
May 31.—V. 143, p. 764.
Telephone Co.—Earnings—
Period End. Nov. SO—
Operating
revenues
Uncollectible oper.
rev_
Operating expenses
Operating taxes—,
1936—Month—1935
1936—11 Mos.—1935
$16,806,342 $16,071,746$182,271,294 $173153,491
68,921
62,411
753,380
887,152
11,418,916
11,359,582 124,293,653 124,464,738
1,991,961
1,671,774
22,561,947
18,274,339
—V.
operating income $3,326,544
143, p. 3156, 3642.
$2,977,979 $34,662,314 $29,527,262
Ry.—Reorganization—
The plan of reorganization was submitted to the Federal District Court
on Jan. 4 by the first
mortgage bondholders' protective com¬
at New Haven
1936
$2,446,502
1935
$2,345,084
2.528.594
3,021,004
3,521,592
3,365.769
2,752,292
2.968.868
3.690,855
3,966,016
4.154,227
3.996.26Q
3.916.349
3,873,604
4,427,640
3,905,547
8,264,824
is
pursuant to the provisions of the Bankruptcy Act, as outlined
Judge Carroll C. Hincks has set Jan. 29 as the date for a hearing
the plan.
On Nov. 30,1935 the Westchester filed a petition for reorganization as a
debtor under Section 77B of the Bankruptcy Act in the U. S. District
Court for the District of Connecticut.
The petition was
below.
on
1934
$2 360,766
1933
$1,883,121
1,976,225
2,117,309
2.710,174
2,740,152
2.900,065
3,520.541
2.294,272
3 329,179
2 876,783
3 408,136
3,608,094
3.4>8 849
3,122,802
2.904.565
the New Haven.
3.579.492
3,322,860
3,747.305
3,805,000
7,198,056
3,241,494
3.270,977
3,448,201
3,301,290
6,795,799
2,847.365
3,042.629
2,990,569
2.935,998
6,066,110
Haven but pledged with the Reconstruction Finance Corporation as
part
of the collateral for a loan to the New Haven.
The New Haven owns more than 99% of the capital stock of the West¬
chester.
The capital stock is carried on the books of the Westchester at
$5,005,250.
It is actually worthless.
Since formation a year ago this committee has been trying to effect a
$43,384,206 $41,054,217 $35,146,574
connection between tne Westchester and the Rapid Transit lines of N. Y.
City so that Westchester trains can run down to the City Hail.
This ex¬
tension of the Westchester will make available to its patrons the best dis¬
Another step leading to simplification of its
general corporate structure
announced by New England Power Association, with the
filing Jan. 5
by its affiliated subholding company, Massachusetts Utilities
Associates, of
an application to the Securities and
Exchange Commission for approval of
an exchange of securities with New
England Gas & Electric Association.
A corresponding application was filed in behalf of
New England Gas &
Electric Association.
approved,
Massachusetts
Utilities
Associates
important blocks of minority stock in various of its subsidiaries
which will bring its total control to
95% or more of their respective out¬
standing stocks.
The largest of these subsidiaries is Massachusetts
Light¬
ing Companies, a subholding company which owns
100% control of 11 oper¬
ating gas and electric companies in Massachusetts.
Among other sub¬
sidiaries represented are Central Massachusetts
Light & Power Co., Com¬
monwealth Gas & Electric Cos., Amesbury Electric
Light Co., Marlborough
Electric Co., Worcester Suburban Electric Co. and
Weymouth Light &
.20
stock—Bank stock series
mittee,
was
Power Co.
of
Dividend per Share
$0.20
stock—Agricultural industry series
stock—Alcohol and distillery industry series
stock—Automobile industry series
New York Westchester & Boston
New England Power Association—Plans
Simplification
of Corporate Structure—
exchange plan
Special
Special
Special
Special
Special
Special
Special
Special
Special
Special
Special
Special
Special
Special
Special
Special
Net
3,481
Total for 12 months.-$48,372,884
—V. 143, p. 3851.
will receive
New York Stocks. Inc.—
New York
(J. J.) Newberry Co.—Sales—
the
6%
238,875
$236,587
4,062
114,898
43,118
8,288
1936—12 Mos.—1935
miscell.
Surplus available for
redemp. of bonds,
dividends, &c
—V. 143, p. 3851.
If
declared
the
on
holders of record Dec. 15.
Amount
1935
$1,086,449
1.207,599
1,334,294
1.780.122
1.937,089
April
May
gen.
2380.
p.
Brothers, Inc.—Sales—
January
February
Oper.&
May 1,
143,
of accumulations
on
Neisner
Month of—
share
distributed.
were
Control—
This
Co.—Regular Dividend Increased
The directors have declared a quarterly dividend of 60 cents
per share
the common stock, no par value, payable Feb. 1 to holders of record
Jan. 20.
Previously, regular quarterly dividends of 50 cents
on
1935.—V.
National
;
67 shs. Preferred Franklin County Power Co.
39 shs. Common Franklin County Power Co.
162 shs. Common Winchendon Electric Light & Power Co.
102 shs. Common Norwood Gas Co.
142 shs. Preferred Merrimac Valley Power &
Buildings Co.
of Dec.
Light Co. stock to the New York Trust Co. as trustee for debenture holders
of the National Public Service.
The stock had been put up as collateral
for the debentures.
:
18,453 shs. Common Massachusetts Lighting Companies.
1,703 shs. Common Central Massachusetts Light & Power Co.
2,699 shs. Common Amesbury Electric Light Co.
353 shs. Common Marlborough Electric Co.
3,931 shs. Comtmbn Worcester Suburban Electric Co.
3,780 shs. Common Weymouth Light & Power Co.
approved and
entertained
by Federal Judge Carroll C. Hincks.
Thereafter, Clinton L.
appointed and qualified as sold trustee of the debtor.
The Westchester has outstanding $22,351,000 of first
mortgage bonds
of which $19,200,000 are guaranteed both as to principal and interest
by
Bardo
was
The remaining $3,151,000
bonds
are
owned by the New
tribution of any road entering N. Y. City.
It will bring commuters and
residents of the suburbs served by the Westchester into the heart of N. Y,
City giving them stations at 86th St., 42d St., 14th St. and City Hall
without requiring such passengers to make any change.
At present pas¬
all roads entering N. Y. City whose destinations are not in the
immediate vicinity of the railroad stations are required to change to some
sengers on
other form of transportation.
This additional expense and inconvenience
will be eliminated by the continuance of the Westchester In the manner
indicated.
However, at the present time both the Interborough Rapid Transit Co.
and the Manhattan Elevated Ry. are in reorganization.
In addition uni¬
fication
proceedings
become
the
owner
consummated.
such
an
are
pending
of all
For these
extension
of
the
such
by which the
City
of New
York
will
rapid transit lines if such proceedings are
it is not possible immediately to effect
reasons
Westchester
over
the
lines
of
the
Manhattan
Elevated Ry. Co. inasmuch as the owner and the lessee thereof are in the
midst of negotiations for the sale of their properties to the City of New York.
However, the committee intends to push the immediate renovation of
transfer facilities at the present terminus of the Westchester so that pas¬
sengers
may
transfer to empty express trains of the Manhattan Elevated
Volume
Financial
144
Ry. waiting for Westchester passengers
on
the same platform.
This would
avoid the long and inconvenient walk now required.
This plan does not contemplate or recommend the waiver or abatement
of the guaranty of the New Haven but insists on full performance of that
Dec. 30, 1933, and $2 per share distributed each quarter
on
and including September,
i
guaranty to
the total principal amount and unpaid interest.
revenues
Operating
The petition under 77B filed by the debtor disclosed that it was obviously
The stockholders, having no equity and no prospect of any and
the "Westchester being insolvent, no provision whatever is made for the
(& Subs.)—Earnings—
1936—10 Mos.—1935
1936—12 Mos.—1935rt<
$28,580,312 $26,948,480 $34,539,021 $32,681,981
Period End. Oct. 31—
Operating
from 1924 to
"1933.—V. 144, p. 114.
Northern States Power Co. Del.
.
Claims and Interests to Be Dealt with Under the Plan
287
Chronicle
maint.
exps.,
19,978,955
18,477,271
for retire¬
reserve)
$11,763,248 $11,665,606 $14,560,067
Other income
90,703
81,010
111,019
$14,204,710
and all
15,282,874
16,817,063
taxes
insolvent.
stock.
Stockholders
HFor the
fied
as
purposes
follows:
are not entitled to participate in the plan.
of the following discussion of the plan claims are classi¬
Net oper. rev.
|3) Unsecured creditors, leases, equipment
First mortgage bondholders.
trust obligations and power
contract.
Treatment
of
Claims
(1) Tax and franchise creditors whose obligations are finally determined
to be owing by the debtor shall be paid in full in cash on consummation of
the plan, insofar as they are not
paid by the trustee.
The exact amount of bridge building and alteration required and the
cost thereof are unknown but the new company will proceed as
promptly
as possible to build the Hammers!ey Avenue and Boston Post Road bridges,
insofar as those obligations are not met by the trustee, in order to avert a
possible forfeiture of franchise, and to get a reasonable moratorium on
future bridge building.
(2) Creditor whose obligations are finally determined to be owing by
the debtor and whose ciaims arose during operation of the debtor and who
have not been paid by the trustee will nave their claims assumed by the
new company and paid in full in cash on consummation of the plan and
maturity of said claims.
(3) There are $19,200,000 first mortgage bonds, guaranteed as to prin¬
cipal and interest by the New Haven, now outstanding.
In addition there
are
$3,151,000 bonds issued and outstanding and owned by the New
Haven but pledged with and held by the RFC as security for a loan.
This plan proposes to cancel the $3,151,000 bonds owned by the New
Haven and pledged with the RFC, partially in exchange for a new issue
of income bonds.
appropr.
ment
of claims entitled to
a
appro¬
priation for retire¬
ment reserve)$11,853,951 $11,746,616 $14,671,085
Appropriation for retirement reserve.
2,403,333
2,403,333
2,900,000
Gross income
Interest
(net)..
charges
int.
44,292
in net income
52,929
46,481
69,027
51,412
$3,946,900
$4,091,536
$5,212,983
$5,114,981
of subsidiary..
Net income.
—V. 143, p.
_
4011.
National
Northwestern
Life
'
'
Govt.
3,909,652
Res've
but
16,961,372 15,664,973
1st mtge. bonds
Real estate
contract
179,670
97,673
75,000
75,000
2,804,823
2,611,281
347,095
326,785
2,336,485
321,848
326,514
1,568,176
2,080,937
1,849,690
1,229,747
1,713,439
payable In Instal¬
Real est.sold under
79,264
contract
ments
97,677
Prems. & Int. paid
Premiums, due and
1,795,785
556,573
In advance
1,769,879
648,975
deferred...
Res. for taxes pay.
Int. due & accrued
& other assets.
reported,
proofs not
468,719 Res. for claims un¬
reported
15,037,142
value
of
5,210,288 Present
death, disability
9,336,478
and other claims
2,678,146
472,089
20,633,641
4,726,046
9,203,906
2,788,626
Policy loans
$
pollcies.46,454,895 42,056,773
received
Govern¬
ment securities.
Other bonds.
on
Claims
sees.
and bonds
1935
$
Liabilities—
$
$
2,737,350
S.
U.
1936
1935
1936
Resources—
Cash
_
Other
reserves
Profits for distribu¬
tion
to
policy¬
holders
Misc.
of the power
Co.—Balance
Insurance
Sheet Dec. 31—
contingency
reserves
Gen'l
relating to the so-called class C, D and E cars and the return of those
50 cars to the New Haven.
the rejection
_
258,397
51,213
513,755
51,339
215,223
42,357
470,564
expense
Other income deductions
Min.
preference out of those assets.
contemplates
„
2,900,000
$9,343,283 $11,771,085 $11,398,864
4,947,686
5,923,981
5,922,860
$9,450,618
4,935,933
ments
plan
$14,298,864
Amort, of debt disc, and
This plan contemplates the rejection of the contracts for the purchase
of cars from the Mew Haven under the present equipment purchase agree¬
This
94,154
Net oper. rev. & other
income (before
Canadian
t»The remaining bondholders ($19,200,000) all of whose bonds are guar¬
anteed both as to principal and interest by the New Haven, will receive
192,000 shares of stock ($100 par) of the new company, or voting trust
certificates therefor, on the basis of one share of stock for each $100 of
Westchester bonds held, plus such payment and treatment in the New
Haven reorganization as may be obtained as if it were determined that the
New Haven is liable on its guaranty to Westchester bondholders in the
total principal amount of $19,200,000
plus accrued interest.
The old
bonds now outstanding will not be cancelled or surrendered until arrange¬
ments have been made for payment on the guaranty by the New Haven,
which is also in reorganization in the same court.
(4) Unsecured creditors, including the first mortgage bondholders of the
Westchester to the extent of the deficiency in their security, will share in
the unmortgaged assets of the Westchester on a pro rata basis after payment
V
,
"
(1) Tax and franchise creditors, and bridge building obligations.
(2) Creditors whose claims arose out of operations during pendency of
77B proceedings.
(before
contingency
1,000,000
x
1,000,000
3,211,617
reserve
3,109,133
Surplus to policy¬
holders
existing
between the debtor and the New Haven and the execution of new contracts
to
provide for the different current, load, &c. to be used in connection with
new equipment to be installed.
.
This plan
agreements
extensions and stations.
Capitalization of Netc Company—New company will be the Westchester
reorganized, in which will be vested all the assets and franchises of the
debtor, incorporated under the laws of the State of New York.
The new company will be required to erect a bridge over Hammersley
Avenue, Bronx, which the trustee estimates will cost $216,000 approximately
and to purchase certain land and make necessary expenditures for building
the Boston Post Road bridge costing approximately $30,000.
In addition
if the debtor is to operate successfully new equipment is absolutely essential.
It is estimated that 50 cars will be adequate in the beginning and will cost
approximately $3,350,000.
Operations under the trustee resulted in a
deficit, despite important economies.
The new company must pay these
preferred claims. Some taxes also are unpaid and the new company must pay
them.
Accordingly the plan proposes to raise a new first mortgage of
$5,000,000, bearing interest at 4%, maturing in 75 years after consummation
of the plan, redeemaule on any interest payment date in whole or in part
at par plus accrued interest, secured by a first mortgage or deed of trust
on all tne assets and franchises, now or hereafter owned by the new com¬
pany, containing appropriate release clauses and provisions permitting the
substitution of collateral and security and such other usual provisions as
the directors of the new company may decide and the court approve.
With the income bonds and the stock, the capitalization of the new
company
will be as follows:
.$5,000,000
5.000,000
192,000 sh.
Stock (par $100) per share (or v. t. c. therefor)
The stock will not be delivered nor the now outstanding first mortgage
bonds of the "Westchester cancelled, until provision for payment in full on
has been made by the New Haven.
Similarly the income bonds will be issued only if necessary.
Application will be made to list the new stock or voting trust certificates
therefor, on the New York Stock Exchange.
Voting Trust—All the stocic of the new company will be deposited under
a voting trust for 5 years, with a provision for an extension of 5 years, after
the date of the consummation of the plan.
Three voting trustees will be
IrviDg A. Sartorius, George G. Milne and Max S. Weil, or successors chosen
by them.
The stockholders shad elect two additional voting trustees.—
V. 143, p. 4162.
306.
Nunn-Bush Shoe Co. (& Subs.)—rEaminqs—
1935
1936
Years Ended Oct. 31—
_
$360,494
601,298
Previous surplus
x
-
Dividends paid
$286,117
497,894
$961,792
Net income for the year
$784,011
182,712
165,804
4,648
—
Additional Fed. inc. taxes paid for prior years.
Capital surplus
$791,340
122,991
$601,298
75,707
Total surplus
$914,331
$677,006
x First
pref. stock $55,672 ($75,287 in 1935); 2nd pref. stock $22,531
($92,836 in 1935) and common stock $87,601 ($14,589 in 1935).
Consolidated Balance Sheet Oct. 31
Notes
Accts. & notes rec.
1,588,272
.
Prop.,
plant
equipment
.249,913
177,704
76,363
62,369
a21,200
25,985
trade
creditors, &c—
Acer, wages, salar.
Acer,
65,016
14,698
local
comm.,
taxes,
<fcc
Due to Nunn-Bush
profit-sharing
17,930
&
47,599
413,256
retirement fund.
31,432
45,151
409,120
50,000
67,531
Dlvs. payable
from
rec.
pay.,
$350,000
'
corps, at cost—
x
17,770
16,800
74,146
12,413
Prepaid expenses.
Inv.
in
outside
employees sale.
$200,000
& bonuses
receivable
notes
Accts.
1935
1936
bank
pay.,
& broker
notes
term
Value of life ins...
the guaranty
$147,955
17,921
602,171
1,560,641
$260,147
2,636
z682,781
banks
Market, securities.
Long
Liabilities—
1935
1936
Assets—
Cash on hand & in
Inventories
1st mtge. bonds, 4% interest, maturity 75 years
Income bonds, 4% int. if earned, maturity 99 years
"..60,047,054 54.729,527
Total
Including $1,100,000 paid-in capital.—V. 143, p.
x
contemplates the modification of existing leases and operating
between the debtor and the New Haven covering all the leased
as
60,047,054 54,729,527
Total....
the
.
Prov.
for
capital
stock
&
Wise.
&
inc.
Fed.
&
98,531
81,655
733,800
733,900
263,700
438,165
791,340
122,991
taxes
319,400
486,308
601,298
75,707
7% cum. sink. fd.
Lasts, dies & pat.
tr'mark & good¬
1st
pref.
(par $100)
will
stock
7H%
Nicholson File Co.—Extra Dividend—
y
cum. sin. fd.
pref.,
2d issue
(par $100)
Common stock..
Earned surplus
The directors have declared an extra dividend of $1 per share in addition
Capital surplus
regular quarterly dividend of 30 cents per share on the common stock
both payable Dec. 21 to holders of record Dec. 10.
A dividend of 30 cents was paid on Oct. 1, last, and in the two preceding
to the
x
Jan. 2, 1932, to and including Oct. 30 cents and each three months
guarters; 40 cents was paid on Jan. 2,1936; 1, 1935, paid 50 cents per share
•om
Norfolk Southern
RR.—Committees Study Plan—
draft of
a
reorganization plan for the road which has been
in equity receivership since July, 1932.
It is understood that a tentative plan has been drawn up as a basis of
but that no formal presentation can be
weeks.—V. 144, p. 114.
discussion,
The directors have declared an extra dividend of
$1
per
share in addition
regular semi-annual dividend of $3 per share on the common stock.
holders of record Dec. 5 and the
regular semi-annual dividend will be paid on Jan. 15 to holders of record
Jan. 5.—V. 136, p. 2438.
North River Insurance Co.—Special
Dividend—
dividend of 20 cents
per
share
od
the
stock, par $2.50 payable Jan. 12 to holders of record Dec. 30.
The regular quarterly dividend of 20 cents per share was paid on Dec. 10,
last.
Previous extra distributions were as follows:
5 cents on March 10,
common
1936, and on Dec. 10, Sept. 10 and June 10, 1935; 10 cents on March 11,
1935; 5 cents on Dec. 10, Sept. 10 and June 11,1934, and 10 cents on March
10, 1934.—V. 142, p. 631.
Northwestern
Bell
Telephone Co.—Div. Again Inc.—
The directors have declared a dividend of $2.50 per share on the common
stock, par $100, payable Dec. 26 to holders or record Dec. 19.
This
compares with $1.50 paid on Sept. 30, last; $1 per share paid each three
months from March 31, 1934, to and including June 30, last; $1.50 paid
by
Represented
Accounts receivable only.
a
revenues
Uncollectible
Operating
Operating
oper.
rev.
expenses
taxes
175,266
Co.—Earnings—
1936—11 Mos.—1935
$3,077,509 $35,834,881 $32,676,951
8,096
84,866
63,993
1,845,964
21,373,064
20,289,796
400,200
5,093,831
4,202,436
1936—Month—1935
Period End. Nov. 30—
Operating
$3,373,956
9,528
1,811,209
502,158
$1,051,061
Net oper. income
Div.—
The extra dividend was paid on Dec. 15 to
The directors have declared a special
y
expected for several
Norfolk & Washington Steamboat Co.—Extra
to the
$3,113,534 $2,914,328
Total...
and amortization of $743,026 ($698,495
(58,357 in 1935) no par shares,
Accrued local taxes only.—V. 143, p. 2062.
After reserve for depreciation
1935).
Ohio Bell Telephone
Negotiations, it is stated, are going on between the protective com¬
mittees for the various bonds of this road with a view to reaching an agree¬
ment on a final
in
z
paid quarterly prior to Jan. 2, 1932.—V. 142, p. 134.
$3,113,534 $2,914,328
Total....
$823,249
$9,283,120
$8,120,726
-V. 143, p. 3643.
Ohio
Edison
Co.—Earnings—
[A Subsidiary of Commonwealth & Southern Corp.]
1936—Month—1935
1936—12 Mos.—1935
Gross revenue
$1,578,054
$1,399,206 $17,582,788 $15,819,716
Oper. exps. and taxes
757,921
628,870
8,283,020
7,143,881
Prov. for retire't reserve
125,000
100,000
1,475,000
1,350,000
Int. & other fixed charges
276,597
340,848
3,707,183
3,867,290
Divs. on preferred stock
155,576
155,573
1,866,920
1,866,882
Period End. Nov. 30—
Balance
$262,958
$173,913
$2,250,664
$1,591,661
-V. 144. p. 114.
Oklahoma Natural Gas Co.
(& Subs.)—Earnings—
1936
1935
$7,565,534
2,574,567
$6,917,355
929,867
600,375
12 Months Ended Nov. 30—
Operating revenues
Gross income after
depreciation
Net income-—-.
Note—No
provision has been made for Federal
profitsV, 143, p. 3644,
tax
on
2,338,065
undistributed
288
Financial
Oklahoma Gas & Electric
12 Months Ended Nov. 30—
Operating
Co.—Earnings—
1936
revenues
1935
$12,456,859 $11,321,203
6,416,783
5,995,479
Oper. expenses, maintenance & all taxes
Net oper. rev. (before
approp. for retire. res.)___
Other income
$6,040,077
6,041,727
1,167,917
$5,328,102
1,025,000
$4,873,810
2,220,759
360,747
28,705
$4,303,102
2,227,628
200,000
26,271
$2,263,599
Net oper. rev. & other income
for retirement reserve)
1,650
$5,325,724
2,377
$1,849,204
(before approp.
Appropriation for retirement reserve
Gross income
Interest charges (net)
Amortization of debt discount &
expense
Other income deductions
Net income
—V. 143, p. 3852.
Chronicle
of coupons dated Jan.
the holders
1, 1937 attached
5_% gold bonds.-^V.J.43,
to its first consolidated
mortgage
p. 3476.
Oneida, Ltd.—Extra Dividend—
The directors have declared an extra
dividend of 50 cents per share on
the common
stock, payable Jan. 15 to holders of record Dec. 31.
The
regular quarterly dividend of 12 A cents
per share was paid on Dec. 15, last.
—V. 143, p. 2062.
Patino
The company has notified the New York Stock
Exchange that at a
meeting of the Board of Directors on Dec. 14, R. Martinez
Vargas was
appointed a director, succeeding Eliot Bailen, resigned.
At a meeting of the board of directors held
Dec. 21. Francis McTiernan
resigned as a director of the corporation.
New
purpose of granting preferred stockholders an
opportunity for
early and adequate return on their investment the
company nas, through
directors, prepared a plan which they have laid before their
stockholders under a permit granted
by the State Corporation Department.
Under this plan the
company offers to exchange 5% income bonds, dated
Feb. 1, 1936, and
maturing Jan. 1, 1966, in exchange for its pref. stock and
accumulated dividend rights
thereon, on the basis of $133.33 1-3 face value
of bonds for each share of its
pref. stock, the interest to be paid annually if
earned and if not earned in whole or
in part in any year such
portion of the
interest to accumulate and be
payable before any dividends are paid on any
class of stock.
On Feb. 1, 1936, the accumulated
dividends
on
the pref. stock were
$33.33 1-3 a share which, added to the par value of the
stock, namely $100,
makes $133.33 1-3 a
share, which has therfore been taken as the basis of
exchange for one share of the pref. stock and the accumulated
dividend
rights thereto.
The interest rate on the income bonds would
be equivalent
to nearly 7 % dividend on the
par value of the pref. stock exchanged therefor.
If this plan becomes effective the
management contemplates the payment
on June 1,
1937, of interest on the outstanding bonds for the period Feb.
1,
1936, to Dec. 3l, 1936, that is, 4.5% of the face value of such bonds.
The exchange will be consummated
by Title & Trust Co., authorized
agent for the company for that purpose.
In his letter to stockholders F.
W.
the
net
earnings of the company for
1935 and the first nine months of 1936 are substantial
and encouraging, the
time when payment of dividends on
the pref. stock can be resumed is
extremely indefinite.
Even though the bonds could be refinanced on a
satisfactory basis, this solution would not remedy the very unsatisfactory
situation which exists by reason of the accumulated
and unpaid dividends on
the pref.
stock, totaling $40 a share as of Dec. 1, 1936, which could not be
paid for a further indefinite period.
"For these reasons and because it feels that an
attempt to refinance the
bonds prior to some
adjustment in respect to these accumulated dividends
might adversely affect such refinancing or render it
inadvisable, the rfranagement has assiduously sought a solution that would allow the
pref. stock¬
holders an early and
adequate return on their investment.
The plan pre¬
sented is the result, and it should enable
pref. stockholders who cooperate
with the company by
accepting the offer contained therein to receive prompt
and regular interest.—V.
141, p. 1941.
Otis
Steel Co.—Amends SEC
Registration on Bond Issue—
$15,000,000 of 4Y^s to Be Offered Instead of $13,000,000—
The
has filed an amended registration statement with the
Securities and Exchange Commission
covering $15,000,000 4K % first
mortgage sinking fund bonds, series A, due Jan. 15, 1962.
The company originally filed a
registration statement with the commission
May 27, 1936, covering $13,000,000 4)^% first
mortgage sinking fund
bonds series A, due June 15, 1956.
!
According to the amended statement, $11,044,050 of the net proceeds
will be deposited in trust for the
purpose of redeeming on or about March 9,
1937, at 102, $10,827,500 6% first mortgage
15-year sinking fund gold
bonds, series A, due March 1, 1941 now outstanding;
$2,914,000, estimated
to be used for additions and
improvements at the Riverside plant, and that
balance to be used to increase
working capital available for general corporate
purposes.
The price of the bonds will be furnished later
by amendment to the state¬
The approximate date of
proposed public offering is Jan. 26, 1937.
A, G. Becker & Co., Inc., and Kuhn Loeb &
Co. will be the principal
underwriters of the issue, underwriting
$3,500,000 and $3,000,000, respect¬
ively.
Other underwriters participating in the issue and the
amounts under¬
ment.
written
Bancamerica Blair Corp., $1,750,000; Halgarten &
Co., $1,500,000; Otis & Co., $1,000,000; H. M. Byllesby &
Co., Inc., Central
Republic Co., Goldman Sachs & Co., Hemphill
Noyes & Co., Ladenburg
Thalmann & Co., Paine Webber & Co., E. H. Rollins &
Sons, Inc., Lawrence
Stern & Co., Inc.,
$500,000 each; and McDonald-Coolidge & Co., $250,000.
are:
—Y. 144, p. 115.
Outlet
Company—To Pay Extra Dividend—
The directors
on Jan. 2 declared an extra dividend
of 75 cents per share
a
quarterly dividend of like amount on the common stock,
both payable Jan. 28 to holders of
record Jan. 18.
A special dividend of $2
in addition to
paid
on Dec. 10, last; a
quarterly dividend of 50 cents per share and
dividend of 25 cents per share was paid on Nov.
2, Aug. 1, May 1
1, 1936 and on Aug. 1, 1934 and an extra dividend of 50 cents
per
share in addition to the
regular quarterly payment was distributed on
May 1, 1934.—V. 143. p. 3157.
an extra
and Feb.
Pacific Coast
Pennsylvania Bankshares & Securities Corp.—Accitm.
Dividend—
The directors have declared
the
on
a
dividend of 50 cents per share on account
5% cumulative preferred stock, payable Dec. 26
134, p. 1779.
Pennsylvania Gas & Electric Co.—Preferred Dividend—
The company paid a dividend of $1.25
per share on the 7 % cumulative
preferred stock, par $100 on Jan. 2 to holders of record Dec. 21.
Similar
payments were made in each of the three preceding
quarters, leaving ac¬
cumulations of $2 per share.—V. 143, p. 2856.
Pennsylvania Industries, Inc.—Accumulated Dividend—
The directors have declared a dividend of
$1.25 per share on account
on the 6% cumulative
preferred stock, payable Dec. 26
to holders of record Dec. 24.—V.
138,
of accumulations
p.
2096.
Pennsylvania Co. for Insurances
Lives &
on
Granting
Annuities—Balance Sheet Dec. 31—
1936
I
a\.sects
/.
Cash and amount of dep. with Fed. Res. Bank
U. S. Government securities
1935
^
102.752,608
39,239,839
38,765,808
Loans upon collateral
Investment securities
85,025,730
47,092,744
41,690,352
36,339,435
10,260,000
18,369,044
41,444,126
Commercial paper
Reserve fund for protection
trust accounts"
9,823,000
25,110,470
of "cash balances in
7,436,335
5,318,118
635,822
1,894,826
Miscellaneous assets
Interest accrued
Bank building, vaults and equipment
7,986,749
4,798,971
242,377
120,414
Customers' liability account letters of credit issued
and accepted, executed
...
Total.
821,451
1,893,405
272,663,328 254,398,296
Liabilities—
Capital.
Surplus
8,400,000
8,400,000
12,000,000
12,000,000
2,584,549
2,070,461
336,000
336,000
434,252 1
233,883
85,390
12,729
242,377
120,414
246,305,460 230,655,503
2,275,301
569,307
■„
Undivided profits
Reserve for dividends
Reserve for building, taxes and expenses
Miscellaneous liabilities
Letters of credit and accept, exec, for customers
Deposits
Reserve for contingencies
V. 143, p. 2063.
an
initial dividend
of
5
cents
payable Dec. 24 to holders of record
Pacific Finance Corp. of Calif.—Initial
par
an
per share on
of same date.
Pref. Dividend-
initial dividend of $1.25 per share
on
the
$100, payable Feb. 1 to holders of record Jan. 15.
Pacific Public Service Co.—Accumulated
Dividend—
The directors have declared a dividend of
32 A cents per share
of accumulations on the $1.30 cumulative
first
on account
preferred stock, no par
value, payable Feb. 1 to holders of record Jan. 15.
A dividend of $1.50
paid on Dec. 15, last; dividends of 32 A cent
per share were paid on
Nov. 2, Aug. 1 and
May 1, last, and 20 cents was paid on Feb. 1, 1936,
and on Nov. 1 and
Aug. 1, 1935, this latter being the first payment made
since May 1, 1932 when a
regular quarterly dividend of '62 A cents per
share was paid—V.
sl43, p. 3477.
was
Pacific
Telephone & Telegraph Co.—Listing—
The New York Stock Exchange has authorized the
listing of $25,000,000
refunding mortgage 314% bonds, Series O, dated Dec. 1,
1936, and due
Dec. 1, 1966, upon official notice of distribution.—V.
143, p. 4012.
Park &
Peoples
Bridge
Corp.—Bonds
Offered—Public
,
offering
made Jan. 5 of $300,000 1st collat. lien
5% sinking fund
was
bonds due Aug. 1, 1946, at 100 and accrued
int.,
ler & Co., Brooke, Stokes & Co. and F. J.
by StemmYoung & Co., Inc.
Net proceeds of the sale of these bonds will be used to retire the
company's
6 A% sinking fund gold bonds and its general lien
7% sinking
fund gold bonds; for advances to Peoples
Bridge Co. of Harrisburg, Pa. for
retirement of notes payable and improvement of its toll
first lien
bridge; and for
other corporate purposes.
The bonds are redeemable at the option of the
company in whole or in
part at any time prior to maturity at their principal amount and accrued
int. plus a premium of 4% if red. on or before
Aug. 1,
1937,
and
A %
less
for each year to Aug. 1, 1944, and thereafter to
maturity without premium.
Outstanding capitalization upon completion of this financing and retire¬
ment of 6 A% and 7% bonds will consist of
$300,000 first collateral lien
5% sinking fund bonds due Aug. 1, 1946; $600,000 25-year
5% income
bonds due June 30, 1958; and 20,000 shares
($1
par)
common
in each case is the amount authorized.
stock, which
Corporation was incorp. in Delaware in 1929 as holding company of
People Bridge Co. of Harrisburg, Pa.
The Brigde Co. owns and operates
a two lane toll bridge across the
Susquehanna River at Harrisburg.
Consolidated net operating income of the two
companies after deprecia¬
tion, for the year ended May 31, 1936 was $71,318, compared with
$61,892
for the year ended May 31, 1935.—V.
143, p. 1726.
People's Telephone Corp.—Ldrger Dividend—
The company paid a dividend of $3 per share on its common
stock, par
on Dec. 17 to holders of record Dec. 15.
This compares with $2 per
share paid on Sept. 30, last, and dividends of $1.50
$100,
previously
Philadelphia Co. (& Subs.)—Earnings—
[Not incl. Beaver Valley Traction Co. (in receivership) and its
subsidiary]
12 Months Ended Nov. 30—
1936
1935
Operating revenues
$51,583,808 $47,352,532
Operating expenses, maint. and all taxes
27,245,208
23,753,268
Net oper. rev.
(before appropr. for retirement &
depletion reserves)
$24,338,599
184,237
Other income (net)
$23,599,264
205,226
Net oper. revenue and other income
(before
appropriation for retirement and depl. res.)_-$24,522,836 $23,804,490
Appropriation for retirement & depletion reserves
7,145,793
6,930,501
Gross
income
$17,377,043 $16,873,989
989,898
990,395
6,193,701
6,726,360
Amortization of debt discount and expense—-—
539,327
445,700
Rents for lease of properties
Interest charges (net)
—
Guaranteed divs.
on
the Consolidated Gas Co. of
the City of Pittsburgh pref. capital stock
Appropriation for special reserve
69,192
500,000
Other
300,022
income
Net
Tilford, Inc.—Files with SEC—
The company has filed a
registration statement with the SEC under the
Securities Act covering 31,246 shares of
capital stock ($1 par).' On or about
Feb. 5 the company will offer the issue of
capital stock for subscription at
$25 per share, pro rata, at the rate of one share for
each seven shares held,
to its stockholders of record Feb. 1.
The warrants will expire on March
15.
There will be no underwriter involved in the issue.
However, David A.
Schulte, chairman of the board of directors, has agreed to
purchase at $25
per share such portion of the stock as
may not be taken by stockholders.
272,663.328 254,398,296
142, p. 3865.
per share
The directors have declared
5% cum. pref. stock,
—-V. 144, p. 115.
Total
—V.
distributed each three months.—V. 136, p. 2608.
Aggregates, Inc.—Initial Dividend—
The directors have declared
the common stock,
r
Up Arrearages—
company
.
was
Penn Investment Co.—Clears
The company paid a dividend of $5
per share on account of accumulations
the $4 cumulative preferred
stock, no par value, on Dec. 21 to holders of
record Dec. 14.
This payment clears up all back dividends as of
Oct. 1,.
1936.
The company stated that the regular semi-annual
dividend of $2
per share due Jan. 2, 1937, will not be paid at that time.
on
Call loans to brokers
Leadbetter, President, said:
that
Transfer Agent—
The company has notified the New York
Stock Exchange that effective
opening of business Jan. 2, 1937, the appointment of Anglo-South
American Trust Co. as transfer agent of the American
share certificates of
the capital stock of the
company has been revoked, and that City Bank
Farmers Trust Co. has been appointed transfer
agent for such certificates,,
—Y. 144, p. 116.
at
to holders of record Dec. 24.—V.
its officers and
"Notwithstanding the fact
MinesJ&^Enterprises^Consolidated (Inc.)—
of accumulations
Oregon Pulp & Paper Co.—Exchange
Offer—
For the
1937
9.
New Director—
Omaha & Council Bluffs Street
Ry.—Interest—
Company on Jan. 1, 1937 through the New York Trust
Co., New York,
paid 2 A % interest then payable, and
5% interest in arrears to
Jan.
Net proceeds from sale of the stock will be
$779,150, of which $500,000
will be used to reduce current notes
payable.
Balance will be used for
eneral business purposes.—V.
143, p. 3644.
deductions
69,192
458,333
316,444
income
divs. on pref. and common stocks
by public and minor, int. of subs, and
on pref. and common stocks of Phila. Co.
$8,784,903
144, p. 116.
held
divs.
—V.
$7,867,564
Perfection Stove Co.—Extra Dividend—
The directors have declared an extra dividend of
$3.25 per share in
addition to the regular quarterly dividend of 37
A cents per share on the
common stock, par $25, both
payable Dec. 23 to holders of record Dec:
19.
An extra dividend of 75 cents was paid on June
30, last, and one of
Volume
Financial
144
$1 per share was paid on Dec. 31, 1933.
The regular Quarterly dividend
was raised from 30 cents to 37Vi cents with the March 31, 1936, payment.
—V. 142, p. 4351.
'
Pierce Oil
Public Service Co. of N. 111.—lo
The
Illinois
Corp.—Settlement of Claims—
Corp. below.—Y. 143, p. 3159.
Service
Pierce Petroleum
Based
on
Corp.—Settlement of Claims—
recommendations of special counsel for the respective companies,
between Pierce Oil Corp. and Pierce Petroleum Corp. arising
as
out of the settlement of the tax situation of Pierce Oil
Corp. for the years
1918, 1919 and 1920 had been settled by payments of $1,030,226 by Pierce
Corp.
Pierce Petroleum Corp $1,000,000 of the
principal amount of its $2,000 000 note payable to the order of Pierce
Petroleum Corp. and all interest thereon to Dec. 31, 1936, thereby reducing
the principal amount of this note to $1,000,000.
INI
The settlement does not affect the liability of Pierce Petroleum Corp.
to pay to Pierce Oil Corp. the expenses to enable it to maintain its cor¬
porate existence so long as it is in existence which liability is to be the sub¬
ject of further negotiations.—V. 143, p. 3159.
\, V •••'.
Petroleum Corp. to Pierce Oil
Pierce Oil Corp has paid to
.
143,
p.
3854.
Co.
owns
Study
Retiremem Plan—
a
protection of the interests of
the demands
of preferred stock of the corporation for
notice addressed to the common stock¬
A committee has been formed to act for the
the holders of common stock of the corporation and to oppose
which have been made by holders
the redemption of their stock.
A
holders by the committee says:
As a result of litigation instituted
by certain preferred stockholders of
of directors, to compel
into
an agreement dated March
1, 1932, with William B. Schiller, George E.
Shaw, Maria T. Hunt, Ascalot Co., Jennie King Mellon, Kate J. Reed,
Kerfoot W. Daly and Minnie G. Sands, acting as representatives of the
preferred stockholders.
Under the terms of this agreement, the preferred
stockholders may have their stock redeemed on March 1, 1937, upon
compliance with the provisions of the agreement.
Many of the common
stockholders of the corporation, (including the committee) did not approve
or ratify this agreement.
*
Although the agreement of March 1, 1932 contained a provision which
would permit a postponement of the redemption date, the authority to
consent to such a modification was vested in a majority of seven persons
named in the agreement, four of whom were plaintiffs in the above suit
against the corporation.
Efforts to obtain a postponement of the re¬
demption date, by agreement, have so far been unavailing, so that prompt
and united action on the part of the common stockholders to prevent or
postpone the retirement of the preferred stock is essential.
Otherwise, the
redemption of the preferred stock on March 1, 1937, may have the effect
of destroying the value of the common stock.
The assets of Pittsburgh United Corp consist of 108,402 shares of common
stock of United States Steel Corp and a small amount of cash.
In the
belief that the interests of the common stockholders should not be sacrificed
the corporation against the corporation and its board
the retirement of its outstanding preferred stock, the directors entered
by liquidating the assets of the corporation on a rising market to provide
preferred stock, the undersigned, after consulta¬
tion with numerous holders of common stock, have formed a committee,
to consider and act upon methods for postponing the redemption date of
the preferred stock, with the object of realizing an equity for the common
stockholders under more favorable market conditions.
Letters have been addressed by the committee to holders of the common
stock of Pittsburgh United Corp., as their names appear of record, inviting
them to signify their approval of the formation of a committee for united
action on the part of all of the common stockholders.
No contributions are
asked for, nor will there be any assessment on any of the common stock¬
holders who may wish to join in the activities of the committee.
In ad¬
dition, the common stockholders are not being requested to make any
deposit of their certificates or to take any action other than to signify their
approval of the organization of the committee and, if they so desire, to
suggest other persons to be added to the committee's personnel.
If for any
reason any holder of common stock of the corporation has not received a
communication from the committee, he may do so by writing to the sec¬
retary of the committee.
Elmer Whitehill, 509 Diamond Bank Building,
Pittsburgh, Pa.
The members of the committee are James H. Chickering, Warren L.
Culbertson and Frampton B. Hall.—V. 143, p. 3010.
for the redemption of the
Pleasant
Valley Wine Co.—Earnings—
Earnings for 4 Months Ended Oct. 31, 1936
Net income after all charges
Earnings
—Y.
per
143, p.
Ponce
$14,244
$0.06
share on 250,000 capital shares
1413.
Electric
Co.—Earnings—
1936—Month—1935
$28,079
$29,226
13,508
19,574
954
1,238
3,103
2,268
Period End. Nov. 30—
1936—12 Mos.—1935
1
Gross earnings
Operation
Maintenance
Taxes
$339,452
168,786
15,338
34,725
$314,436
187,366
23,465
28,333
1,321
$120,601
$73,948
30,000
25.060
30,833
25,312
$65,541
$17,802
Interest charges
$10,513
Balance
>,144
Appropriations for retirement reserve.
dividend requirements
Preferred
Balance for common dividends & surplus.
-V. 143, p. 3645.
Procter & Gamble
Effective
Co.—Soap Prices Advanced—
Dec.
14, the company advanced base prices of three of its
leading brands—Ivory, Camay and Selox—approximately 4%.
In most
evels in five years.
{>arts of the country, this brings prices of the brands affected to the highest
Except for granulated soaps, the entire Ivory line, which in its various
sizes and forms comprises the company's largest volume producer, was
advanced 20 cents a case.
Camay, hard-milled toilet soap, was raised
30 cents a case, and Selox granulated laundry soap, 15 cents a case.
Inventories for producers, distributors and retailers are still considered
below normal, despite the sharply increased soap production this year, and
outlook
for
manufacturers
continues
good, in the
opinion of best
authorities.
Further increases will follow the lead of raw materials markets.
—V.
143, p. 3645.
Prudence Bonds
Corp.—Protective Unit New Head—
Albert D. Phelps, former President of the Bronx Real
has
Acquire Units Assets—
approved the acquisition
by
'
■
the two
payable Feb. 1 to hold¬
ers
share was paid on Dec.
17 last; dividends of 50 cents
were paid on Nov. 2, Aug. 1 and on May 1,
1936, this latter being the first dividend paid since Nov. 1, 1933, when 50
cents per share was also paid, and a like payment was made on Aug. 1,1933.
The directors have declared
classes of
Estate Board, has
a
dividend of 75 cents per share on
stock (par $60 and no par value),
of record Jan. 15.
A special dividend of $1 per
—V.
common
143,
4165.
p.
Public Service Corp.
of N. J.—Pension Plan Unchanged—
No change in the pension plan maintained for employees by Public
Service Corp. of New Jersey and subsidiary companies is contemplated at
Sresent, even though the Social Securityannounced. effect, Thomas N.
Act is in
IcCarter, President of Public Service, has
no
present contemplation
of making any changes by reason
of the taking effect of the new Act, that would result in any one receiving a
less pension than he or she would be entitled to, if the Social Security Act
had not been passed," Mr. McCarter said. "It is the judgment of the boards
of directors of the corporation
and of its subsidiary companies that, at the
moment, the whole matter is in a state of flux; that the Act is
and
Pittsburgh United Corp.—Common Stockholders Organize
to
Commission
Service Subsidiary Corp. of all the latter company's
of all its liabilities and thus liquidate the investment
outstanding debentures of Public Service Subsidiary
$5,141,000, were retired last September.
Public
all the stock of the subsidiary corporation.
Regular Dividend Increased—
"There is
Pioneer Gold Mines of British Columbia, Ltd.—Earns.
Month of—
Dec. 1936
Dec. 1935
Dec. 1934
Dec. 1933
Gross earnings
$185,000
$270,000
$264,000 <
$235,200
Net profit after expenses
112,000
194,000
201,500
167,200
—V.
Commerce
from Public
assets and assumption
organization. All the
Corp., in amount of
company
See Pierce Petroleum
the claims
289
Chronicle
unseasoned;
provisions will doubtless be substantially changed before
payments under it commence in 1942."
More than 25 years ago—in 1911—President McCarter inaugurated a
welfare plan providing pensions, sick benefits and death payments for all
Public Service employees, who thus constituted one of the first large groups
of employees in tne public utility industry to enjoy the benefits of a com¬
prehensive plan of social security. In 1925 a group life and total disability
insurance plan was put in effect for all Public Service employees.
A sub¬
stantial portion of the cost of premiums on the individual employee's life
insurance policy is paid by the company. Except for the amount paid by the
employee on this group insurance policy, the entire cost of the welfare
program is borne by Public Service.
The expansion in Public Service social security activities is shown by the
fact that in 1911, $57,840 was expended under the welfare plan for em¬
ployees, whereas in 1936 the amount expended was approximately $1,262,000.—V. 144, p. 117.
that
its
Public Service Subsidiary
Corp.—To Be Dissolved—
See Public Service Co. of N. 111.—Y. 143, p.
1089.
Puget Sound Power & Light Co.—Accumulated Div.—
of
value, payable
Oct. 15
and on July 16, last, this latter being the first dividend paid since October,
1932, when a regular quarterly dividend of like amount was distributed.
—V. 143, p. 3646.
The directors have declared
accumulations
on
the
a
$5 cum.
dividend of $1.25 per share on account
prior pref.
Jan. 15 to holders of record Dec. 21.
stock,
no
par
A like payment was made on
Purity Bakeries Corp.—New Director—
The company announced the election of Nicolas F. Lenssen, to member¬
ship of the board of directors.—V. 143, p. 3855.
Que-On Mines, Ltd.—Stock Offered—Clinch & Co., Inc.,
Jan. 4 offered 1,000,000 shares of capital stock at $1.10 (Canadian funds) per
and Grosvenor Farwell, New York, on
' "
share.
/ ■/. ■
Capitalization—Authorized 5,000,000 common shares (par $1).
Issued
and fully
paid, 275,300 shares.
This issue, 1,000,000 shares.
Purpose—Proceeds from the sale of the shares offered are to provide
exploration and development of mining lands of
the corporation and for supplying funds to companies for the same purposes
through the medium of the purchase of shares in such companies.
Business—Que-On Mines, Ltd. (no personal liability) was incorp. under
the Laws of the Province of Ontario June 12, 1936, and supplementary
letters patent dated Sept. 8, 1936.
The business of the corporation is the exploration, development and
operation of mining lands, either directly or indirectly through operating
companies; the purchase and sale of mining lands and options on mining
lands and the purchase and sale of stock or options to purchase stock of
mining companies.
The corporation owns property, is authorized to sell its shares and is
qualified to do business in the Provinces of Ontario, Nova Scotia, New
Brunswick and Manitoba, Canada.
The corporation has acquired 9 unpatented mining claims situated in the
Township of Varsan, County of Abitibi, Quebec, and in consideration there¬
for issued 15,000 shares of capital stock.
The corporation, in consideration
of the issue of 100,000 shares, acquired by assignment from William A.
Hooton of Toronto, Ont., various agreements and rights as a result of which
the corporation has acquired by cash, shares in and holds options to pur¬
chase the remaining unissued treasury shares of the following mining com¬
panies; Dorval-Siscoe Gold Mines, Ltd.; Traverse Longlac Mines, Ltd.;
Portage Longlac Mines, Ltd. and Snowshoe Mines, Ltd., all of Toronto,
Ont. and Numaque Mining Co. of Montreal, Que.
As assignee of William A. Hooten, the corporation has also purchased
5,000 shares of the capital stock of Longacre Long Lac Gold Mines, Ltd.
of Toronto, and also holds options to purchase 750,000 shares of DorvalSiscoe Gold Mines, Ltd. from Dorval-Siscoe Gold Syndicate, Ltd.
of
Toronto; and 75,000 shares of Dorval-Siscoe Gold Mines, Ltd. from William
H. Wright of Barrie, Ont. and 15,000 shares of Dorval-Siscoe Gold Mines,
Ltd. from E. B. Henry of Toronto. Ont.
funds for the prospecting
Initial Portfolio as of Sept.
30, 1936
125,000
228,630
100,000
200,000
200,000
5,000
Numaque Mining Co
Dorval-Siscoe Gold Mines, Ltd
Snowshoe Mines, Ltd
;
Portage Longlac Mines, Ltd
Traverse Longlac Mines, Ltd
Longacre Long Lac Gold Mines, Ltd
shs.
shs.
shs.
shs.
shs.
shs.
Original Options to Purchase Stock as per Agreements
1,799,995
Numaque Mining Co., approx. 60% of capital shares
Dorval-Siscoe Gold Mines, Ltd., 60% of capital shares
*2,400,692
capital shares
2,199,995
Portage Longlac Mines, Ltd., approx. 66 2-3% of capital shares. 1,999,995
Traverse Longlac Mines, Ltd., approx. 66 2-3% of capital shares 1,999,995
*
Net after delivery of shares as commissions.—V. 143, p. 3159.
Showshoe Mines, Ltd., 73 1-3% of
Radiomarine
Earnings—
Corp. of America
Period End. Nov. 30—
1936—Month
•1935
$76,897
66,607
$841,822
716,224
2,750
25,974
343
$171,503
1,693
$96,875
4,288
$9,653
$173,196
$101,162
$9,653
$173,196
$101,162
$96,702
Uncollec. oper. revenues
250
5,746
730
$20,957
$9,310
512
69,749
Taxes assign, to opers__
1936—11 Mos—1935
$951,123
732,965
2,700
43,905
Teleg.& cable oper. revs.
Teleg. & cable oper. exps
250
been elected chairman of the executive committee of the Prudence Bond¬
holders'
Protective Association.
The association
has opened offices at 347
Madison Ave., N. Y. City,
3,200 individual holders of Prudence Bond Corp. as
members, representing an equity, it is said, of $12,000,000.
Mr. Phelps announced that the association plans active participation
in the interest of the bondholders in all proceedings affecting the Prudence
and has
more
Operating income
Non-operating income..
than
Recent decisions by Federal Judges Grover M. Moscowitz
give the association the right to intervene
proceedings.
Associated with Mr. Phelps on the executive committee are Thomas F.
Kane, President of Century Play Co.; Julius Kobre, Brooklyn banker;
Samuel R. Sperans, Executive Vice-President of S. W. Straus & Co.,
and John F. Byrne, President of Byrne & Bowman, Inc., realtors. Former
Congressman Charles G. Bond of Brooklyn is President of the association.
—V. 143, p. 4165.
properties.
and Robert A. Inch in Brooklyn
Gross income
$21,469
Deductions
'
Net income
—V. 143, p.
$21,469
4014.
in all such
Prudential Investors,
Inc.—Dividend Correction—
dividend mentioned in last week's "Chronicle," page 117,
paid on Dec. 28 does not apply to this company.
The only
dividends this company paid was the 25 cent dividend and 25 cent "special"
The 25 cent
which
was
(or 50 cents per share) paid on
Dec. 10, 1936.—V. 143, p. 3479, 2382, 600.
Railway Equipment & Realty Co., Ltd.—Initial Com¬
mon
Dividend—
The directors have declared an initial dividend of 50 cents per share on
the no-par common stock payable April 25 to holders of record March 31.
—V. 144, p. 117.
Railway & Light Securities Co.—Asset Value—
The company reports asset
was
value of
common
stock
on
$32.98
common
Dec. 31, 1936,
per share.
This figure was arrived at after deducting the $1.30
dividend paid in December and after taking out the dividend of
$1.50 a share on preferred stock payable Feb. 1, 1937.
290
__
Financial
As of Dec. 31, 1935, asset value of the
common was $24.40 a share.—
V. 143, p. 4166.
Chronicle
Reserve Power & Light Co.—•Merger—
St. Louis-San Francisco & Texas
See Oolumbus Delaware & Marlon Electric Co. above.—V. 137, p. 4015.
£ Rice Stix Dry Goods Co., St. Louis—Dividends Resumed
The- directors have declared
common
stock,
no par
a dividend of 50 cents per share on the
value, payable Feb. 1 to holders of record Jan. 15.
This will be the first dividend paid since Jan. 15, 1935 when a similar dis¬
tribution was made.
A dividend of 25 cents was paid on Aug. 1,1934 and
one of 75 cents per share was paid on Jan. 15,1934.
This latter payment
was the first made on the common stock since Nov. 1,1930 when
dividend of 3734 cents per share was paid.—V. 142, p. 471.
a
quarterly
The plan of reorganization of Richfield Oil Co. of California including
(as part thereof) a plan of reorganization of Pan American Petroleum Co.,
filed in proceedings for reorganization under Section 77B of the Bankruptcy
Act has been confirmed by Judge William P. James in Federal District
Court in Los Angeles.
Underwriters for securities and rights of the new Richfield Oil Corp.,
headed by Kuhn, Loeb & Co., have agreed to extend the underwriting
agreement to Feb. 15.
All other provisions of agreement remain unchanged.
The actual transfer of Richfield and Pan American assets to the new
Richfield corporation wdl not be made until the expiration of the 30-day
appeal period from the date of the Court order (Dec, 23) confirming the
reorganization.—V. 143, p. 4014.
Richmond Insurance
.'
'
Co. of
N. Y.—Extra and
Larger
■'
The directors have declared
an
extra
dividend of 15 cents
per share in
a quarterly distribution of 15 cents per share on the common
stock, par $5, both payable Feb. 1 to holders of record Jan. 11.
Extra
dividends of 5 cents and regular quarterly dividends of 10 cents per share
were paid on Nov. 2, Aug. 1, May 1 and Feb. 1, 1935; Nov. 1, Aug.
1,
May 1 aDd Feb. 1, 1935, and compare with an extra of 25 cents per share
paid on Aug. 1,1934, and extras of 234 cents per share distributed on May
1 and Feb. 1, 1934.—V. 143, p. 2223.
addition to
Rochester American Insurance Co.—Extra Dividend—
The directors have declared an extra dividend of 20 cents
per share in
addition to the regular quarterly dividend of 25 cents per share on the
common stock, both payable Jan. 15 to holders of record Jan. 7.
Similar
extra was paid on Jan. 15,1936.—N. 142, p. 135.
Rochester Capital
each year.—V. 143, p. 2535.
Rochester Telephone Corp.—Earnings—
1936—Month—1935
Operating revenues
$399,780
Uncollectible oper. rev
Operating expenses.
Operating taxes
295,085
28,241
$76,454
1936—11 Mos.—1935
$4,347,576
$4,173,636
3,909
12,519
3,194,273
3,139,769
357,261
332,735
$385,895
874
......
Net operating incomeNeto
V. 143, p. 3855.
257,584
29,138
$98,299
$792,133
$688,613
Rockland Light & Power Co.—Dividend Increased—
The directors have declared
mon
dividend of 18 cents per share on the com¬
stock, par $10, payable Feb. 1 to holders of record Jan. 15. Previously
a
regular quarterly dividends of
addition
an
15 cents per share
extra dividend of 10 cents was paid on
were distributed.
In
Nov. 2, last.—V. 143,
2535.
p.
Rose's 5, 10 & 25-Cent Stores, Inc.—Div. on New StockThe directors have declared
a quarterly dividend of 75 cents per share
the old $5 par common stock, or 15 cents per share on the new $1
par
on
common
_
$98,522
defl4,110
def43,639
$63,315
def30,434
def59,535
$92,100
15,653
defl3,995
1,235,626
defl,708
Gross from railway
Net from railway.
Net after rents.
stock, payable Feb. 1 to holders of record Jan. 20.
Stockholders recently approved a five-for-one stock split-up.
A quarterly dividend of 50 cents per share was paid on the old stock on
Nov. 2 last.
An extra dividend of $2 was paid on this stock on Dec. 20,
last,
an extra of $1.50 was paid on Feb. 1, 1936, and an extra dividend or
$1 per share was paid on Feb. 2, 1935.—V. 143, p. 4166.
Royal Dutch Co.—5% Interim Dividend—
The Chase National Bank of the City of New York has received the
following cable from the company.
"Management Royal Dutch Co. decided payment 5% interim dividend
payable Jan. 14."
Further announcement as to the rate of dividend and date of payment
"New York Shares" will be given by The Chase National Bank at a
on
later date.
Stricken from the List—
1,008,310
derll7,329
def429,874
876,428
defl51,682
def473,018
983,354
26,983
def314,555
def421,321
.
—V. 143, p. 3647.
.v.;./-,
Review of
■Trustee Seeks
Ry.-
was
supended from dealings on May 16, 1936, inasmuch as the company
did not apply for permanent registration under the rules of the Securities
and Exchange Commission.—V. 143, p. 2858.
Rutland RR.—Interest
Ruling—
'
Notice having been received by the New York Stock Exchange that
interest due Jan. 1, 1937 on:
(1) Rutland Canadian RR., 1st mtge. 4%
gold bonds, due 1949.
(2) Rutland RR., 1st consol. mtge. 4)4% gold
Bond Suit—
Counsel for Berryman Henwood, trustee, has filed a petition for a writ
of certiorari in the U. S. Supreme Court, seeking a review of the opinion of
the Circuit Court of Appeals for the Eighth Circuit, which ordered Federal
Judge O. B. Davis to dissolve an injunction restraining acceleration of the
due date of the company's first terminal & unifying mortgage bonds.
Last May Judge Davis issued the injunction order on petition of trustee
for the road, restraining Guaranty Trust Co. of New York, trustee under
the bond issue, from taking action which might increase claims on the bonds
from $21,000,000 to approximately $36,000,000.
The bonds carry a clause
allowing bondholders to elect to take payments in guilders instead of dollars.
At the time of the injunction the guilder, the monetary unit of the Nether¬
lands, was worth about 68 cents.
Its recent value fluctuates between 52
and 55 cents.
'
„' •
...
On the appeal from Judge Davis's ruling, the Appeals Court reversed the
lower court and held that the injunction had been improvidently granted
and should be dissolved and that the Guaranty Trust Co. should be allowed
to declare the entire mortgage indebtedness to be due and payable as of the
date of the injunction order.
Counsel for Trustee Henwood filed motions
for a rehearing and for a modification of the opinion, but the Circuit Court
of Appeals denied both.
,
The petition, filed at Washington by the trustee, asks the Supreme Court
to direct the Circuit Court of Appeals to send the record to the Supreme
Court for review.
The petition alleges that the opinion of the Appeals
Court was based on a false issue and that the decision is in conflict with a
decision of the highest court in the Rock Island reorganization proceedings.
The petition for review also states that many railroad reorganization
cases now pending present the same issues and that if the Supreme Court
does not pass upon the questions involved, a large amount of litigation will
ensue throughout the country.—V. 144, p. 118.
_
.
bonds, due 1948 will not be paid on bonds not deposited under the
plan and deposit agreement dated Dec. 26, 1936, which provides for pay¬
ment of one-half of the interest then due.
The Committee
on
Securities
rules that beginning Jan. 2, 1937, and until further notice the bonds shall
be dealt in "flat" and to be a delivery must carry the Jan. 1, 1937, and
coupons.
The Committee further rules that in settlement of all contracts in the
bonds on which interest ordinarily Would be computed through Jan. 1,
San Jose Water Works—Bonds
Oversubscribed—Chandler
subscribed and books closed.
Dated Dec. 1,1936;due Dec. 1,1961. Principal and semi-annual (J. & D.
1) instalments of int. payable at principal office of Bank of America Na¬
tional Trust & Savings Association, San Francisco, Calif., in lawful money
of the United States of America.
Semi-annual instalments of int. also
payable at option of bondholders at principal office of National City Bank,
New York. Red on any int. date, in manner provided for in the indenture at
principal amount thereof and accrued int., plus a premium of 5% if date
fixed for redemption is on or before Dec. 1, 1940; 4% if such date is after
Dec. 1, 1940 and on or before Dec. 1,1944; 3% if such date is after Dec. 1,
1944 and on or before Dec. 1,1948; 2% if such date is after Dec. 1,1948 and
on or before Dec. 1. 1952; 1% if sucn date is after Dec
1, 1952 and on or
before Dec. 1, 1956; and without premium if such date is after Dec. 1,
1956.
Coupon bonds in the denom. of $1,000 registerable as to principal
only.
Property and income taxes collected by States of Calif., Conn.,
Maryland, Mass. and Pa. on account of ownership of bonds or income
therefrom will be reimbursed holders in amount not in excess of five mills
on
the dollar per annum.
Underwriters—The following
.
the names of each principal under¬
underwritten:
Bankamerica Co., San
Francisco, $879,000; Chandler & Co., Inc., Philadelphia, $879,000; Burr &
Co., Inc., New York, $293,000.
'
Proceeds and Application—Net proceeds will, it is estimated, amount to
$2,023,867, exclusive of accrued int.
All of such net proceeds will be
used by the company, together with other funds, to repay to Bank of
America National Trust & Savings Association, the sum of $2,060,395
borrowed, and applied to the redemption of first-mortgage 5% bonds, out¬
standing on Dec. 31, 1936.
History and Business—Company Was incorp. in California on Oct. 24,
1931. The general character of the business done is the production, trans¬
mission, distribution and sale of water in the City of San Jose, Town of
Los Gatos, Village of Saratoga and adjacent territory, all in the County of
are
writer, and the respective amounts
,
Company was organized, on Oct. 24, 1931, and until March 14, 1932 it
As of that date, under authority of the California
conducted no business.
Railroad Commission, and pursuant to a reorganization plan and agree¬
ment between it and San Jose Water Works, dated March 14, 1932, it
acquired the business, properties, assets, rights and franchises then owned
by San Jose Water Works (since dissolved).
Control—On Nov. 20, 1936, General Water Gas & Electric Co. (Del.),
was the owner of 19,062 shares, or 31.73% of the outstanding shares of
preferred stock and the owner of 60,060 shares, or 100% of the outstanding
common
stock of the company.
Capitalization Giving Effect to Present Financing
Authorized
First mortgage bonds
Feb. 22
Mar. 21..
Apr. 18
May 16..
June 13...
July 11.
Aug. 4
Sept. 5...
'
Income Account for
•Sales—
1935
1936
1934
1933
.$23,106,110 $18,842,638 $16,486,586 $14,995,855
—U-.
23,470,722
20,281,505
17,508,289
1.5,375,851
20,770,761
17,810,088
24,776,706
15,885.577
21,321,010
17,630.191
25,100,634
16,256,403
21,477,565
25,441,542
17,981,737
17.203,321
21,911,168
25,946,986
19,000,462
16,943,735
23,038,026
26,941,226
19,080,864
17,825,083
23.434,823
18.535.453
27.476.807
17,287;318
Outstanding
a$2,051,000
Stated Periods
Years Ended Dec. 31—
1933
.—
b
6% cum. conv. pref. stock ($25par)... —
100,000 shs.
60,060 shs.
Common stock ($25 par)
200,000 shs.
60,092 shs.
a First mmortgage 3%% bonds, series A, dated Dec. 1, 1936, maturing
Dec. 1, 1961.
b Indenture under which these bonds are to be issued pro¬
vides that bonds may be issued in series, subject to the restrictive provisions
of the indenture, in unlimited amount.
1937, interest shall be computed up to but not including Jan. 1, 1937.
144, p. 118.
Inc.-
^
headed a banking group Jan. 6 which offered
$2,051,000 1st mtge. 3%% bonds, series A, due 1961.
The
bonds were offered at 103 and int.
Other members of the
offering group were Bankamerica Co. and Burr & Co., Inc.
The bankers announced that the offering has been over¬
—V.
,
A
& Co., Inc.,
40/
Safeway Stores
_
.
.
.
_
bonds, due 1941 and Ogdensburg & Lake Champlain Ry., 1st mtge. gold
4 Weeks Ended—
Jan. 25
High Court
Santa Clara, Calif.
New York Shares representing ordinary stock of the company were
stricken from the New York Stock Exchange list on Dec. 31.
This security
subsequent
1933
1934
$117,327
2,372
def37,704
...
Net after rents
From Jan. 1—
Corp.—Larger Dividend—
The directors have declared an annual dividend of 35 cents per share on
the capital stock, no par value, payable Jan. 11 to holders of record Jan. 5.
This compares with dividends of 20 cents per share
previously distributed
Period End. Nov. 30—
..
Ry.-—Earnings—
1935
1936
November—
Gross from railway
Net from railway
St. Louis Southwestern
Richfield Oil Co. (of Calif.) —Plan Confirmed—
Dividend—
Jan. 9,1937
which to file a plan of reorganization.
The extension had been opposed by
the Reconstruction Finance Corporation.—V. 144, p. 118.
1934
9 Mos. End.
1935
Sept. 30/36
$572,175
$674,114
$695,583
$689,908
349,820
357,485
338,987
272,372
Net operating rev
Other income
$324,293
1,044
$338,098
$350,920
$299,802
853
985
867
Total gross income—
Total income deductions
$325,337
147,117
8,108
2,217
$338,951
138,707
11,256
26,069
$351,906
112,165
$300,670
83.071
31",223
29", 362
$167,894
$162,917
$208,507
$188,236
Water
revenue
-
Total operating expense-
.
...
-
-
.
.
.
-
.
Oct.
3
Oct. 31
Nov. 28
Dec. 26
.
.
.
...
Total 52 weeks.
Stores in operation
—V. 143, p. 4166.
....
-
28,176,503
28,180,768
27,060,477
26.945,195
27,400,666
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway.
•
17,128,165
18,415,028
17,455,840
17,210,537
17,746,262
$3,503,592
480,751
225,303
1934
$3,033,310
149,325
def81,129
43,770,590
8,306,612
5,258,592
37,102,546
4,428,126
1,7231779
37,107,822
6,129,202
2,984,104
~
-
.
.....
Ry.-—Earning,
$4,231,442
897,473
677,882
1936
....
Net after rents.
24,303,058
24,379,375
24,724,486
19,661,478
19,896.052
19.236.498
19,382,248
19,627,807
.$340,024,344$293,584,404$241,837,753$219,628.978
3,364
3,405
3,201
3,291
St. Louis-San Francisco
November—
November—
Gross from railway
23,960,355
25,139,634
Extension Granted—•
"
1935
1933
$3,186,146
365,097
82,036
35,717,106
6,672,740
3,254,669
-
Federal Judge George H. Moore in St. Louis has granted the petition of
the trustee of the company for an extension of time to July 1, 1937, within
Non-recurring deducts.
Prov. for Fed'l inc. taxNet income.
Note—No provision made in the nine months period ending Sept. 30,
1936, for Federal surtax on undistributed profits.—V. 144, p. 119.
Santa Cruz Portland Cement
The company paid a
CoLarger Dividend—
dividend of $1 per share on the common stock, par
$50, on Dec. 23 to holders of record Dec. 16. This compares with 50 cents
paid on Oct. 1 and on July 1, last, this latter being the first payment
made since April 1, 1935, when 50 cents per share was also paid.
Prior to
this latter date regular quarterly dividends qf $1 per share were distributed
from 1924 to and includingJan. 2, 1935.
In addition an extra dividend of
$1 per share was paid on Dec. 27, 1932, and extras of $2 per share were
distributed in December of 1931, 1930, 1929 and 1928.—V. 143, p. 442.
Schulze Baking
Co.—Earnings—
Earnings for 40 Weeks Ended Oct. 3, 1936
after exps., deprec., taxes (incl. surtax on undis¬
tributed profits) interest and other charges...
...——
Earns, per share on 34,678 shares participating preference stock..
Net income
—V. 143, p. 2384.
$130,009
$1.59
Volume
Financial
144
1936—Month—1935
Gross earnings
$176,915
62,636
14,024
16,880
31,479
Operation
Maintenance
Taxes
Int. & amortization
Balance
$51,893
Appropriations for retirement reserve.
Debenture dividend requirements
Preferred dividend requirements
$161,372
57,831
11,413
16,486
31,436
1936—12 Mos.—1935
$1,826,594
$1,964,967
706,104
735,486
115,022
113,796
201,319
206,231
413,179
377,702
$44,205
with a regular dividend of $1 and an extra dividend of 50 cents per
paid on Oct. 1, last.
Previously quarterly dividends of 75 cents per share were paidon July 1
and April 1 last; $2 on Jan. 2, 1936; 75 cents on Oct. 1, 1935; 50 cents on
July 1 and April 1, 1935; $2 on Jan. 2,1935; 50 cents on Oct. 1 and July 2,
1934 ; 40 cents per share paid quarterly from July 1, 1933 to April 2, 1934,
inclusive; 25 cents on April 1, 1933, and 50 cents per share paid each three
months from April 1, 1932, to and including Jan. 2, 1933.
In addition
an extra dividend of $1 per share was paidon July 1,1936.—V. 143, p. 2068.
pares
share
Savannah Electric & Power Co.—Earnings—
r Period End. Nov. 30—
291
Chronicle
$390,968
150,000
149,114
$531,751
202,500
149,114
60,000
60,0.00
,
Snider
,
,
Packing Corp.—Transfer Agent and Registrar—
appointed transfer
capital stock.
York & Trust Co. has been appointed registrar for
210,000 shares of capital stock, of no par value.—V. 142, p. 3870.
The Marine Midland Trust Co. of New York has been
for
agent
the company's
The Bank of New
Balance for
-V.
$31,853
$120,136
dividends & surplus..
common
143, p. 3647.
Scott
Southern Bell
Paper Co.—To Issue Bonds—
The company has called a
special meeting of stockholders for Feb. 23,
1937, to vote upon a proposed increase in the indebtedness of the company
in the amount of $4,000,000.
Upon stockholders' approval, the company
plans to issue $4,000,000 of debenture bonds, carrying convertible privilege
into
common stock.
Funds will be used
$3,000,000 for con¬
struction of a pulp mill to Brunswick Pulp & Paper Co. recently formed
jointly by the Scott Paper Co. and the Mead Corp., to invest $500,000
in acquiring ownership of one-half of the shares of the Brunswick Pulp
& Paper Co. and to expend balance in conducting and expanding business of
Scott
as
Operating
p.
revenues
Uncollectible oper. rev__
Operating expenses
Operating taxes
follows: To loan approximately
Paper Co.—V. 144,
Telephone & Telegraph Co.—Earnings—
Period End. Nov. 30—
Net operating income.
1936—Month—1935
1936—11 Mos.—1935_
$4,931,968
$4,497,172 $52,295,552 $48,157,280
10,494
20,597
158,762
213,314
3,188,079
3,024,765
34,305,591
32.126,194
639,305
571,252
66,658,506
5,923,164
$9,894,608
$880,558 $11,172,693
$1,094,090
—Y. 143, p. 4015.
Southern Bleachery & Print
Works, Inc.—Accum. Div.
paid a dividend of $1.75 per share on account of accumula¬
cumulative preferred stock, par $100, on Jan. 1 to holders
of record Dec. 19.
A dividend of $2.42 was paid on Dec. 19,last and
dividends of $1.75 were paid on Oct. 1 last and in each of the five preceding
quarters and on March 2, 1935.
Accruals after the current payment will amount to $11.58 per share.
—V. 143, p. 4168.
The company
on the 7%
120.
tions
Seaboard Air Line
The
have
receivers
Ry.—Equip. Trust Issue—
applied
to
the
Interstate Commerce Commission
for authority to issue $2,500,000 of
equipment trust certificates
connection with the purchase of new equipment at a total estimated cost
in
of
$3,391,000.
Subject to Commission approval, the loan has agreed to sell the certifi¬
cates to Prudential Insurance Co. of America at 97.72 and accrued divi¬
dends.—V. 143, p. 119.
Sears, Roebuck & Co.—Sales—
1936
1935
1934
1933
$25,541,825 $23,147,066 $20,395,895 $15,826,847
33,965,053
29,007,986
22,362,353
14,215,630
36.034,157
31,435,278
23,731,274
18,519,608
41.450,978
32,171,804
27,485,073
21,050.502
40,697.901
32,294,789
25.023,393
19,935.951
39,841,752
30,065,381
21,641,512
19,442,052
33,765.215
24.587.644
20.284.116
19,179,932
37.047,510
27,913,502
23,609,935
22,542,364
50.388,116
37,710,648
31.201,216
26,811,378
49,200,311
37,057,198
30,816,415
28,590,302
47.870.763
37,988,700
30.878.320
28,763,631
59,911,712
48,055,653
39,080,640
34,482,615
4 Weeks Ended—
Feb. 26
Mar. 26
Apr. 23
May 21
June
18
July 16
Aug. 13
Sept. 10
Oct.
8__
Nov.
5
Dec.
3
Dec. 31
—V.
144, p.
119.
Securities Investment Co. of St.
The
1935, and 50 cents
Shaler
on
Southern Canada Power Co., Ltd.- -Earnings—
$384,431
79,879
72,649
159,393
$368,665
147,639
$115,182
$113,189
$225,038
$221,026
Operating expenses
earnings
—V. 143, p. 4015.
Southern
„
Power Co.—Earnings—
Colorado
1936
Net
appropriation for retire-
(before
rev.
Gross
$964,477
City,
300,000
Avis signed
an
order
J.—Trustees
N.
Dec.
16 appointing
three temporary trustees as che first step in a proposed reorganization of
the hotel, under Section 77-B of the Federal Bankruptcy Act.
Thomas H.
Munyan of Atlantic City, William C. Kommell of Philadelphia and Louis B.
Moffett of Woodbury, N. J., were the trustee appointed.
Shell Transport & Trading Co., Ltd.—Interim
The Chase National Bank of the City of New York has
Div.—
"
share."
of New York will give further notice
of the date and rate of payment of the cash dividend on American shares
at a later date and further information will be given relative to the issue of
ordinary
shares
mentioned
as
in
the
above
quoted
cable,
when
and
if
received.
Stricken from
American
427,541
4,104
3,816
$227,578
$170,064
143, p. 3648.
—V.
Southern
cum.
Dairies,
Inc.—Resumes Preferred Dividends—
New
Southern
List
shares
representing ordinary stock of the company were
This security
suspended from dealings on May 16, 1936, inasmuch as the company
did not apply for permanent registration under the rules of the Securities
and Exchange Commission.—Y. 143, p. 443.
England
Telephone
The directors have declared a dividend of
stock, payable Jan. 15 to holders of record
$1.75
per
Co.—Dividend
Dec. 31.
share on the capital
Dividends of $1.50
share had been previously distributed each three months.
new directors, D.
Spencer Berger of New Haven, and Fuller S.
Barnes of Bristol were elected to the board.—V. 143, p. 2695.
per
Two
Southern Pacific Co.—Tenders—
bids for the surrender of San Francisco Termina
bonds in an amount sufficient to exhaust the sum of $10,-
The company is inviting
1st
mortgage
540.42, now in the sinking fund.
Bids should be addressed to
urer of the company, 165 Broadway, N. Y. City, on or before
the treas¬
March 2,
1937. at 12 o-clock noon.—V. 144, p. 120.
Southern Pacific RR.—Tenders—
The
company
is inviting bids for the surrender of its first
mortgage bonds, at prices to
refunding
be named by the bidders, to the amount of
$12,453.16, now in the sinking fund.
Bids should be presented to the com¬
pany at its office at 165 Broadway, N. Y. City, or or before March 2,
1937, at 12 o'clock noon.
V. 143, p. 2385.
Southwestern Associated Telephone
Period End. Nov. 30—
Operating revenues
Uncollectible oper. rev._
1936—Month—1935
$93,481
$77,208
100
55,235
6,889
Net oper. income
46,842
4,100
$31,257
Operating expenses
Operating taxes
stricken from the New York Stock Exchange liso on Dec. 31.
$1.15 per share on the non-
partic. $4 class A stock, payable Dec. 19.—V. 141, p. 448.
Increased—
received the fol¬
lowing cable from its London office:
"The following is extract from Letter dated Jan. 5 received from Shell
Transport & Trading Co., Ltd.
'The directors of the Shell Transport & Trading Co., Ltd. have declared
an interim dividend of one shilling six pence per share free of income tax on
account of calendar year 1936 to be paid on Jan. 30, 1937 to ordinary
shareholders on the register on Jan. 9. The directors have also decided that
the time has come to recommend the capitalization of part of the reserve
fund in the form of an issue to ordinary shareholders of fully paid sterling
one ordinary shares in the proportion of one new share for every five shares
held. The new shares when issued will rank pari passu in all respects with
existing ordinary shares.'
The above cash dividend is equivalent to three shillings per "American
The Chase National Bank of the City
$601,421
432,795
Net income
-
Boyd
208,967
$664,477
income
Interest charges (net)
Other income deductions-.-—
Appointed—
John
$810,388
(before appropr.
The directors have declared a dividend of
Atlantic
.
$809,861
527
share in
extra dividend of 60 cents per
regular quarterly dividend of 40 cents per share on the common
stock, no par value, both payable Jan. 2 to holders of record Dec. 21.
Extra dividends of 40 cents were paid on Oct. 1, July 6 and Jan. 2, 1936,
and on July 1, 1935—V. 143, p. 2067.
Hotel,
'
$963,843
635
reserve)
Appropriation for retirement reserve
a
Judge
$1,894,610
1,084,749
Other income
Net oper. rev. and other income
for retirement reserve)
Shasta Water Co.—Extra Dividend—
an
oper.
ment
class
Corp.—Special Dividend—
The directors have declared
Federal
1935
$2,178,112
1,214,270
12 Months Ended Nov. 30—
Operating revenues
Operating expenses, maint. and all taxes
Dec. 20, 1934.—V. 143, p. 2225.
The company paid a special dividend of 10 cents per share in addition to
the regular quarterly dividend of like amount on the common stock on
Dec. 23 to holders of record Dec. 22.—V. 143, p. 2694.
Shelburne
1935—2 Mos—1935
1936—Month—1935
$195,080
$185,838
Period End. Nov. 30—
Gross earnings
Co.—Pays Initial Class B Dividend—
Shareholders
juris¬
the manner provided for in a
plan of reorganization of American States Public Service Co.
Underwriters and
the amounts to be underwritten are:
Chandler &
Co., Inc., $1,050,000; G. L. Ohrstrom & Co., Inc., and Swart Brent &
Co., Inc., $950,000 each; and Burr & Co., Inc., $450,000.
an
The company paid an initial dividend of 75 cents per share on its
B stock on Dec. 24 to holders of record Dec. 21.—V. 143, p. 1573
addition to
Public Service Co. under an order of Federal District Court having
diction in the bankruptcy proceedings.
Proceeds will be disbursed by trustees in
Net
Louis—Pays Extra—
extra dividend of $1.50 per share on the com¬
mon stock, no par value on Dec. 23 to holders of record Dec. 22.
The regular quarterly dividend of 50 cents was paid on Oct. 1, last.
Other special distributions were made as follows:
75 cents on Oct. 1,
last; 50 cents on June 3, last: 75 cents on Dec. 20, 1935; 25 cents on July 1,
paid
company
Southern California Water Co.—Registers Bonds—
company subsidiary of American States Public Service Co.. has
a registration statement with the Securities and Exchange Commis¬
sion covering $3,400,000 4first mortgage bonds, due I960.
No part of the proceeds will be received by the company.
The securi¬
ties are to be sold by trustee for the bankrupt estate of American States
The
filed
$26,266
Co.—Earnings—
1936—11 Mos.—1935
$885,753
1,100
570,823
59,461
$773,613
1,500
499,883
47,144
$254,369^
$225,086
143, p. 4168.
—V.
was
Southwestern Bell Telephone Co.- —Earnings—
Period End. Nov. 30—
Sherwin Williams Co.—New Directors—
1936—11 Mos.—1935
$6,355,572 $73,178,343 $68,004,850
rev.
20,601
27,416
285,002
Operating expenses
Rent for lease of operat¬
4,518,035
4,101,220
46 ;912,379
300,823
44,281,469
3,908
733,000
3,932
715,000
43,142
x7,896,000
64,331
7,720,000
Uncollectible
At the annual meeting of stockholders, all retiring directors were re¬
elected, and A. D. Baldwin and A. W. Steudel were added to the board.
—V. 143, p. 3162.
1936—Month—1935
$6,845,621
Operating revenues
oper.
ing property
Operating taxes
(H.) Simon & Sons, Ltd.—Common & Preferred Dividends
The directors have declared a dividend of $7 per share on the preferred
stock, payable Jan. 15 to holders of record Dec. 31.
A similar dividend
was paid on the preferred stock on Feb. 20, 1936, this latter clearing up all
accumulations as of Nov. 30, 1935.
The directors also declared a dividend of 25 cents per share on the common
stock, likewise payable Jan. 15 to holders of record Dec. 31.
This will be
the first dividend paid on the common stock since Dec. 1, 1931, when a
quarterly disbursement of 62
cents per share was made.—V. 143, p. 1573.
Six-Twenty Jones Corp.—Extra Dividend—
a
share in
dividend of $1.35 per share on the no par common stock,
both
payable Dec. 22 to holders of record Dec. 19.
^
This compares with $1.25 paid on Oct. 1 last; $1.50 paid on July 1 last,
and regular dividends of $1.25 per share previously distributed each 3 mos.
In addition, an extra dividend of 25 cents was paid on Jan. 6, 1936, and
on
Oct. 2, 1935—V. 142, p. 4354.
$1,508,004 $18,041,820 $15,638,227
profits tax
end of the
Spokane Portland & Seattle Ry.—Earnings—
November—
1936
Gross from railway
Net from railway
$731,273
281,274
154,390
after rents
1—
11935
1933
1934
$667,898
261,142
133,402
$381,650
122,673
45,607
$404,759
174,122
125,081
6,963,035
2,640,868
1,387,885
5,298.563
2,270,697
1,343,312
4,231,639
1,686,567
806,378
From Jan.
Gross from railway
Net from railway
after rents
Net
—V.
143,
p.
7,631,095
2,656,058
1,254,800
3648.
Spiegel, Inc.—Initial Dividend—The directors have declared an initial dividend of 25 cents per
Smyth Mfg. Co.—Larger Regular Dividend—
the
The directors have declared a dividend of $1.50 per share on the common
stock, par $25, payable Dec. 24, to holders of record Dec. 18.
operating income $1,570,077
year.—V. 143, p. 4016.
Net
The directors have declared an extra dividend of 75 cents per
addition to
Net
x No
provision is included in respect of the undistributed
since amounts of such tax, if any cannot be determined until
This com¬
new
common
share'on
stock outstanding (par $2) on Jan. 8, as a result of the
recent five-for-one stock split-up.
The dividend will be paid on Feb.
holders of record Jan. 15.
A regular dividend of 75 cents per share had
1 to
been
Financial
292
{aid on the old extra dividend oflast, and each three months prior thereto,
addition, an stock on Nov. 1 $2 was paid on Dec. 18, 1936.
Chronicle
Jan. 9,
Oil
Standard
Co.
(New
n
This
company
known as Spiegel May Stern Co., Inc.—
was formerly
V. 143, p.4169.
Springfield Fire & Marine Insurance Co.—Special Div.
53 Wks.End.
Sales
Cost of sales
8,368
$79,663
9,437
$36,487 prof$87,150
26,919
23,198
prof$64,809
Prov. for depreciation..
97,717
Interest charges
12,842
!
Prov. for Fed. inc. tax..
2,245
$70,226
113,789
15,777
2,317
$9,568prof$110,348
121,754
92,894
14,040
11,904
2,080
1,980
Total net loss
concern
Oil's sale
Standard
Steel Co. of Canada,
Ltd.—Extra Dividend—
,
The directors have declared an extra dividend of $2 per share
in addition
regular quarterly dividend of 43 H cents per share on the common
stock, both payable Feb. 1 to holders of record Jan. 7.
An equalization dividend of $1.42^ per share was paid on Feb. 1, 1936.
The $2 additional dividend is for the purpose of equalizing the dividends
to the
$202,110
391,357
$147,442
589,824
prof$3,569
637,160
theretofore paid on the ordinary and the preference shares of the company.
The amount by which the ordinary shares have received less dividends
30,270
8,768
7,350
reduced by the amount of the equalization payment declared at the recent
$449,754
$219,518
$451,150
x54,794
4,999
$648,080
55,630
2,626
$219,518
$391,357
$589,824
share than the preference shares
per
Total surplus
on
"The
34,470
y243,762
6% pref. redeemed
Other credits
Divs.
American
the
$47,995
219,518
Net loss
Previous surplus
£
Excess of par over cost o.
Miscell.
oil company,
Oil Co. in a recent statement declared the Government's action made it
impossible for it to operate 'on a commercial basis.'
"The contract provided that the Argentine Government should give
the American company 10-year bonds bearing 3.5% interest.
The Govern¬
ment company agreed to hire all the Standard Oil Co.'s Argentine em¬
ployees."—V. 143, p. 3163.
Oct.
.prof$56,442
Other income.
Government's
52 Weeks Ended
10Mos.End.
26' *35 Oct. 27, '34 Oct. 28, '33
$5,728,095
$4,728,151
$3,418,879
5,807,757
4,764,638
3,331,729
Stahl-Meyer, Inc. (& Subs.)—Earnings—
'36
$6,282,975
6,226,533
to
1
Vacimientos Petroleros Fiscales, should pay
approximately 140,000,000 pesos.
of its properties, wells, filling stations and
oil stocks will remove from Argentina the largest private foreign com¬
pany hitherto in business here.
It also make the Argentine Government
the largest operator in the oil business in this country.
The Standard
stock, both payable Jan. 2 to holders of record Dec. 22.
were made on Jan. 3, 1936.—V. 142, p. 1135.
;
Oct. 31,
Holding
V"'
'
An Associated Press dispatch from Buenos Aires, Dec. 31, states:
"A contract for sale of the interests in Argentina of the Standard Oil
Co. of New Jersey was signed here today.
It provided that the Argentine
Similar payments
The directors have declared a special dividend of 25 cents per share in
addition to the regular quarterly dividend of $1.12 per share on the common
Period—
Jersey)—Sells
Argentina—
7
6% cum.pf.stk.
!
charges
"6", 178
at this
(John B.) Stetson Co.—Clears
$443,576
Dividends paid on preferred stock to July 1,1934. y Includes provision
for processing taxes, and reserve against funds deposited in escrow with
respect to processing taxes in litigation as at Oct. 26, 1935 restored to
surplus, $239,043 and sundry recoveries applicable to prior period, $4,718.
date is
$10.
This will be
meeting.
Subject to confirmation by the shareholders, the directors
authorized, out of the profits for the year, the transfer of $300,000 supple¬
menting the reserves previously made in support of the Employees' Pension
and Benefit Plans.—V. 143, p. 1730.
Up Pref. Arrears-—Resumes
Common Dividends—
x
The
directors have
accumulations
on
declared
the
7%
dividend of $2
per share on account of
cumulative preferred stock, par $25, payable
This payment will clear up all accruals
a
Jan. 15 to holders of record Jan. 1.
on
the preferred stock.
■'
■
■'
■
The directors also declared
Consolidated Balance Sheet
a dividend of 50 cents per share on the com¬
stock, likewise payable Jan. 15 to holders of record Jan. 1.
This will
be the first dividend paid on the common stock since Jan. 15, 1931 when
$1.50 per share was distributed.—-V. 143, p. 1092.
mon
Assets—
Oct. 31, '36
Oct. 26, '35
$243,506
$194,154
Cash
Accts.
Liabilities-
less
reserve
273,188
479,892
..
254,792
540,120
Notes payable
Mtge. instal. mat.
Funds deposited in
within
escrow.........
Prepaid
42,921
8,380
137,880
1,075,157
3,885
Plant & equip...
Deposits and advs.
Leaseholds,
137,880
1,118,490
3,503
1,515
-
Land....
x
2,231
5,478
marks, &c
107,006
es-
cros
138,207
liabilities
202,000
1,095,100
426,800
443,576
1,151,900
426,800
219,518
$2,266,326 $2,419,611
Standard
Total
$2,266,326 $2,419,611
Cap & Seal Corp.—Divs.
New Stock—
on
a quarterly dividend of 40 cents per share on
stock, par $1, and a dividend of 40 cents per share on the
conv. preference stock, $10 par, both payable March 1 to
new common
new
$1.60
holders
cum.
of record
Feb.
15.
Company recently recapitalized, issuing
share of the new $10 par
preference and one share of new $1 par common for each share of $5 par
common previously outstanding.
Last previous dividends on the old com¬
mon were 30 cents special, paid Dec.
11, and 60 cents quarterly, paid
Nov. 2 last.
See V. 143, p. 3648, for detailed dividend record.—V.*€43,
p. 4168.
Standard Gas & Electric
Co.—May Spend $33,470,000
in 1937—
A
preliminary
construction
budget
of
$33,470,000
for
the system in
1937 was announced Dec. 30 by Bernard W. Lynch, President, who said
definite progress was being made toward reorganization of the company.
He
expressed the hope that no undue delay will interfere with the pre¬
to security holders of a plan.
The company has been under
sentation
Section 77-B of the Federal Bankruptcy Act since September 1935.
The total estimated outlay for 1937 includes $6,784,000 to complete con¬
struction work on projects under way.
Of the estimated total, $28,932,000
is the
amount
$o
The New York Curb Exchange has admitted the
isting and registration.—V. 143, p. 4017.
Sutton Place
243,000
cum. pref. stk.
Common stock.
y
The directors have declared
the
be expended in 1937, the remaining $4,538,000 being
scheduled for appropriation for projects that will be under way until some
time in 1938.
Expenditures in the electrical department will be $23,055,000 and in
gas, transportation, telephone, heating and other departments $10,The amounts are subject 10 approval by the boards of directors
of the individual public utility operating companies in the Standard Gas &
Electric System.
the
415,000.
144, p.
120.
Standard Textile Products
p.
3334.), will be submitted to
3334. ■
v-Vv'
a
meeting of stockholders
State Theatre Co., BostonYears End. Aug. 31—
Depreciation
on
143,
Jan. 26.—V. 143,
and expense
1935
$168,838
53,647
$112,237
90,848
1933
$123,430
89,964
17,666
10,512
129,537
17,666
17,666
17,848
107,948
Common dividends
$42,524
573,561
$122,072
695,633
..
sur$85,728
531,037
Balance, surplus...$616,766
1934
$531,037
Balance Sheet
Assets—
x
Fixed
1936
assets....«2,021,470 $2,028,503
Cash.
Accts. receivable..
44,762
2,065
Common stock..
367,659
y
2,008
100,000
S863~580
6% gold bonds...
4% note
leases
Accounts payable.
$695,633
1935
Accrued interest..
8,000
863,580
933,000
6ob"6o6
124,224
1st mtge.
Real
on
estate
personal
and
2,900
3,584
"2" 800
11,350
19,920
prop¬
...
46,056
44,770
State
taxes
Volume
payable..
Dividends payable
Theatres Co
12,471
Total....
$2,229,370 $2,720,525
increase of more
was
$7,874,883, compared with $5,-
increase of 37.89%.—V. 143, p. 4017.
Teck-Hughes Gold Mines, Ltd.—Earnings—
616,766
63,000
531,037
_.S2,229,370 $2,720,525
106,112
$1,173,434
33,872
$1,211,859
428,607
expense
88,900
17,212
103,658
$1,183,650
28,208
Total gross earnings
Development, mining and milling
$1,207,306
439,683
107,508
64,123
13,822
Insurance and taxes
115,808
General expense, incl. marketing bullion & assaying
on
58,946
5,025
outside properties and exploration work
Balance to surplus account (estimated)
Earns, per share 4,807,144 shs. (par $1) cap. stock
—V. 143, p. 3859.
$603,473
$582,167
$0.12
$0.12
,
,
Telluride Power
1935
91,540
12,118
Gross value of bullion
Expense
1
1936
Income from investments
no
x After deducting $503,235
($875,239 in 1935) reserve for depreciation,
Represented by 86,358 shares of no par value,
z Preferred stock in
treasury at cost.—V. 144, p. 120.
y
an
3 Months Ended Nov. 30—
4,466
fund payra't
Total...
December
for
16,003
76,012
Surplus..........
of business
Dry tons of ore treated
Dry tons of old tailing re-treated
Due Loew's Boston
Sink,
a year ago, an
(James) Talcott, Inc.—Record Volume of Business for 1936
and
erty taxes
Federal
period
The company reports $82,833,477 volume of business for the year 1936,
the largest for any 12 months in its 83 years of existence.
This compares
with $68,076,000 for 1935, an increase of 21.68%.
710,733 for December, 1935,
$230,600
97,333
161,072
same
Total tonnage milled
Preferred stock...
Dep.
share for the
Swift & Co.—Sherman Retires—
V
1936
z799
U. S. Govt, secure
Treasury bonds
Sinking
fund
for
preferred stock.
Deferred charges..
$573,561
Aug. 31
Liabilities—
1935
a
than 50%.—V. 143, p. 4017.
$2,047
697,680
—
...
a quarterly dividend of 13 cents a share, pay¬
15, 1937 to stockholders of record Dec. 31, 1936.
With this
dividends representing income on investments for the fourth
quarter of 1936 total 20 cents a share, a previous distribution of 7 cents a
share having been paid Dec. 23.
This total of 20 cents a share compares
Jan.
payment
17,848
19,824
5,948
Preferred dividends
Directors have declared
able
Wilfred W. Sherman, Assistant Treasurer of the company, retired on
pen¬
on Jan. 1, last.—Y. 143, p. 4169.
Amort, of bond discount
Balance, deficit
N. Y. City—Plan—
sion
-Earnings-
1936
$167,144 '
55,643
Net profit
Previous surplus
Apartments,
committee, headed by Lewis H. Pounds has approved
adopted a plan dated Dec. 9, 1936, for the sale of the Sutton Place
Apartments 1st mtge. fee 5%% serial gold bond certificates of Sutton
Place Apartments, Inc. under which plan such bonds deposited with the
committee, as well as undeposited bonds, may be sold.
The plan provides for the sale of the bonds accompanied by the interest
coupons maturing on and after July 1, 1933, at the price of $70 net for
each $100 in principal amount of the bonds.
Welz & Zerweck has agreed to purchase all of the presently outstanding
bonds available for sale, in proper form for transfer and accompanied by
interest coupons (exclusive of the bonds owned, controlled or represented
by Welz & Zerweck) provided at least an aggregate of $300,000 in principal
amount of such bonds is so available, and further provided that if the
aggregate unpaid principal amount of bonds so available is less than $300,000, but not less than $275,000; Welz & Zerweck may, at its option, cancel
the offer or purchase the bonds available on the same terms and conditions
as would otherwise apply.
The offer further provides that if the aggregate principal amount of
bonds so available is less than $275,000, the offer shall be deemed to be
cancelled, provided, however, that by mutual consent of the committee
and Welz and Zerweck, the sale may be consummated with respect to such
bonds upon the same terms and conditions as would otherwise apply.
Under the offer, Welz & Zerweck has agreed upon the consummation of
the sale to pay to the committee the sum of $25,000 for the payment in
full of the compensation, advances, indebtedness, obligations and expenses
of the committee and its depositary and counsel.
The plan provides that it shall be subject to court approval and the offer
provides that the date of the sale shall be the tenth day following the date
of the entry of an order of such court approval but that in the event such
court approval shall not have been obtained on or before Jan. 15, 1937,
neither Welz & Zerweck nor the committee shall be obligated to proceed
under the offer except by mutual consent.
Under the plan holders of bonds who have not deposited the same with
the committee, may, however, forward such bonds to Manufacturers Trust
Co. at 45 Beaver St., New York, N. Y., for tender for sale, subject to the
terms and conditions set forth in the plan.
The members of the committee are Lewis H. Pounds, George Gordon
Battle, Frank J. Murphy, Simon Newman, George W. Betz, John D.
Reilly, George U. Tompers, and A. L. Werner.—V. 125, p. 796.
and
with 12.8 cents
Co.—Reorganization—
The plan for the reorganization of the company (referred to in V.
p.
stock, $1 par, to
Supervised Shares, Inc.—Dividend—
Electric output of the Public Utility operating companies in the Standard
year.—V.
common
The bondholders
Weekly Output—
Gas & Electric Co. system for the week ended Jan. 2,1937 totaled 104,359,052 kwh., an increase of 16.4%, compared with the corresponding week
ast
$4,050,414
Listing and Registration—
Mortgage & other
x After reserve for depreciation of $703,391 in 1936 and
$865,592 in 1935.
Represented by 130,000 shares of no par value.—V. 142, p. 636.
•
y
1936—12 Mos.—1935
$5,432,121
,
Admitted to
against funds
1
1
1936—Month—1935
$683,763
$522,540
Sales
Surplus..........
trade¬
Total
Reserve for taxes.
deposited in
Co.—Sales—
Period End. Dec. 31—
9,000
Res.
Sun Ray Drug
50,000
one year.
6%
less
amortization
Goodwill,
138,207
21,852
8,379
—....
expense..
Investments
$83,179
accrued
-
—
Oct. 26,*35
$84,371
Accts. payable and
receivable,
Inventories.
Oct. 31 ,'36
>
Co.—Pays Common Dividend—
The company paid a dividend of 5 cents per share on its common stock,
par value, on Dec. 15 to holders of record Nov. 30.
This was the first
payment made on the
of 3M cents per share
common
was
stock since
April 1, 1936, when
a
dividend,
distributed.—Y. 142, p. 4350.
Tennessee Products Corp.—Plan—
The corporation announced Dec. 24 that its reorganization under Section
77b of the Federal Bankruptcy Act had been completed through the ac¬
ceptance of the plan by more than the necessary percentage of each class
Volume
Financial
144
of bondholders,
creditors and stockholders.
A formal court order,
charging the company from bankruptcy, is expected soon.
Funds for continuing the company s business have been obtained
the Reconstruction Finance
jCorporation.—V. 144, p. 121.
The directors
Dec. 4 declared a dividend of $6 per share on account
the $6 cum. pref. stock, no par value, payable Dec.
on
on
to holders of record Dec. 5.—V.
143,
p.
3859.
Stock Underwriters
dis¬
from
Tennessee Public Service Co.—Accumulated Dividend—
accumulations
293
Chronicle
The following is a list of the underwriters of the 70,000 shares of common
stock, and the respective amounts underwritten by each: Fuller, Oruttenden
& Co., Chicago; S. L. Reinhardt, Chicago, and Barney, Johnson & Co.,
Chicago
50,000 shs.
Schluter & Co., Inc., New York
15,000 shs.
Van Alstyne, Noel & Co., Inc., New York
5,000 shs,
of
12
Consolidated Balance Sheet Sept. 30, 1936
[Company and Domestic Subsidiaries]
'
■
Liabilities—
Assets—
Cash
Texas Utilities
Co.
Co.—Acquisition of New Mexico Utilities
Inventories
Approved—
The
Securities
$101,183
981,972
1,340,162
Notes & accounts rec. (net)
-
Amounts due from officers
and
Exchange Commission on Dec. 28 approved the
application of the company filed pursuant to Section 10 (a) or the Public
Utility Holding Company Act of 1935 for the acquisition of substantially
all the assets of New Mexico Utilities Co.
Both companies are subsidiary
public utility companies of Community Power & Light Co., which is a
registered holding company.
From the record in this matter, the Commission makes the following
findings:
Applicant, Texas Utilities Co., proposes to acquire from New Mexico
Utilities Co. the electric system serving 2,700 customers in Clovis and
Portales, New Mexico, and surrounding territory, and properties supplying
water to some 1,900 customers in Clovis.
These constitute substantially
all the assets of New Mexico Utilities Co.
The water supply properties and
a major part of the electric system were
purchased from the City of Clovis in
1925.
They are now interconnected with the electric system of applicant
and are managed from applicant's office in Plainview, Texas.
These utility
assets are located at a considerable distance from facilities of companies
other than applicant, and no interconnection with
any other company
appears to be consistent with an economical or efficient development of an
integrated utility system.
The consideration agreed upon for the proposed acquisition is an assump¬
tion by applicant of $596,250 of obligations of New Mexico Utilities Co.
and the delivery to New Mexico Utilities Co. of a 6% demand note in the
amount
of $278,750, the aggregate consideration being $875,000.
In
addition, there will be some minor cash adjustments.
According to the
testimony, no commissions will be paid in connection with the acquisition.
The purchase price of $875,000 is $89,825 less than the net valuation
of the properties to be sold as they are now carried on the books of New
Mexico Utilities Co.
In support of the reasonableness of the present book
value, it has been shown that the properties were acquired in 1925 from the
City of Clovis for $436,664; that gross additions to the property account to
Nov. 30, 1935, aggregated $822,038; that actual retirements during this
period amounted to $129,384; and that an additional retirement reserve
of $164,498 has been deducted from the book value of fixed capital, resulting
in a figure of $964,825 for its net book value.
All of these additions have
been made out of earnings and no securities were issued subsequent to the
Surchase of 1935. Furtherfrom the City of Clovis until theof the purchase
[ovember, the properties support for the reasonableness transactions in
price is found in the earnings record of the New Mexico Co.
The acquisition will result in an improvement of the earnings ratio of the
applicant, Texas Utilities Co., as indicated by a comparison between a
statement of its actual earnings for the year ending Nov. 30, 1935, and a
pro forma earnings statement for the same period, after giving effect to the
acquisition.
The annual interest charges on the obligations to be assumed
and issued by the applicant, Texas Utilities Co., amount to $47,891, as
compared to earnings from the properties to be acquired at the rate of
$98,074 per year, leaving an excess of $50,183 available to strengthen the
financial position of the applicant.
The desirability of strengthening the financial position of Texas Utilities
Co. to the extent practicable is clearly indicated by the record.
For the
12 months ending Nov. 30, 1935, the earnings of Texas Utilities Co. were
only $374,060, which was $22,088 short of the amount required for interest
and regular dividend payments on its preferred stock.
Pro forma figures
indicating the result of the acquisition would show earnings for the com¬
bined properties for the same period exceeding preferred dividend re¬
quirements by $33,511.
The entire common stock (16,000 shares, no par) and $7,919,900 1st
mtge. bonds, series B 4y±% due 1944, are held by Community Power &
Light Co. and are part of the securities pledged to secure $14,000,000 of 5%
collateral trust bonds of Community Power & Light Co.
Both classes of
preferred stock of Texas Utilities Co. are outstanding with the public. The
second preferred stock of Texas Utilities Co. is held principally by customers
in the territory served.
These customer owners are the class of security
holders who will be most directly affected by the acquisition, and much
of the controversy as to the merits of the proposed acquisitions has turned
upon its effect upon these customer owners.
The testimony and memoran¬
dum of Judge Kelso has reviewed the origin of their present holdings.
Applicant has questioned the relevancy of many of the details but has not
disputed the facts.
The customer owners' present holdings of applicant's second preferred
stock were issued in settlement of claims for fraud arising out of a so-called
customer ownership campaign, which was carried on prior to the year 1932.
At the time of this customer ownership campaign, Texas Utilities Go's
immediate parent, Community Power & Light Co. was controlled by
American Community Power Co., for which receivers were appointed
Dec. 31,. 1931.
American Community Power Co. was a subsidiary of
American Commonwealth Power Corp. (Del.).—V. 142, p. 138,
786
Inv. In & adv. to foreign sub..
Other investments..
Fixed assets
11,579
31,043
2,734,092
(net)
Intangible assets
2
Prepaid expenses & defd. chgs.
238,939
3,898
Other assets
Accounts payable—trade
40,605
Local taxes
6% sink, fund gold notes
2,518,500
Purchase money bond & mtge.
88,750
due 1940
Minority stockholders' int. in
Southern Asbestos Co
$3
conv.
Total
$5,443,657
Total
$5,443,657
(John R.) Thompson Co.—Pays Extra Dividend—
The directors have declared
an
extra dividend of 10 cents per
Tide
Co.—To Issue $45,000,000
Oil
Water Associated
Debentures, 450,000 Shares of Preferred and Additional Com¬
Stock—
mon
The company on Dec. 30 filed with the Securities and Exchange Com¬
mission a registration statement (No. 2-2767, Form A-2) under the Securities
Act of 1933 covering $45,000,000 of 15-year 3lA% sinking fund debentures
due Jan. 1,1952', 450,000 shares (no par) $4.50 cumul. conv. pref. stock, and
undetermined number of shares of $10 par value common stock.
The
stock is reserved for conversion of the preferred.
According to the registration statement, the net proceeds from the sale
of the debentures and pref. stock will be applied as follows:
$17,000,000 to repay promissory notes held by certain banking institutions
and contracted on Aug. 24, 1936, by Tide Water Oil Co., which has since
been merged with the registrant.
$1,800,000 to repay a promissory note held by the First National Bank
of New York, which note was issued to the bank on Dec. 18, 1936, in
exchange for a promissory note in like amount, of the company's former
wholly-owned subsidiary, Tide Water Associated Transportation Corp.,
which has been acquired by the registrant and dissolved.
The balance of the proceeds will be used to redeem on April 1, 1937, at
$105 a share, such of the 626,221 shares of the company's 6% cumul. pref.
stock as is then outstanding, and to increase working capital.
Accrued
interest on the notes and accrued dividends on the stock will be paid out of
treasury funds, it is stated.
The debentures are redeemable at the option of the company as a whole at
any time or in part on any interest date after 45 days' notice at 105 and
interest if redeemed prior to Jan. 1, 1942, and thereafter the premium
shall be reduced by A % for each year prior to Jan. 1, 1951.
No premium
will be paid if the debentures are redeemed after that date.
The price to the public of the debentures and pref. stock, the names
of the underwriters, the underwriting discounts or commissions, and the
conversion provisions of the pref. stock are to be furnished by amendment
to the registration statement.—V. 143, p. 4170.
an
common
Timken Roller Bearing
Frederick
J.
Griffiths
has
Co.—Changes in Personnel—
resigned
as
director of this
President and Director of the Timken Steel & Tube Co., a
President
H.
of
the
parent
company.
Timken
made
Title Guarantee & Trust Co.—Balance Sheet Dec. 31—
1936
on
Outstanding
__
the 1st lien bonds
are
issued..
650,000
2,846,001
;
bonds—market value
Government
.
Sales
$4,202,531
2,900,998
1,223,010
$5,250,159
3,572,226
1,379,116
$4,425,763
2,983,295
1,106,415
$282,710
10,605
$78,522
11,479
$298,816
32,747
$336,053
44,937
$293,315
1,474
162,188
19,366
$90,001
2,381
188,322
11,325
$331,564
17,758
189,475
25,550
$380,990
14,985
143,513
x26,223
$110,286 loss$112,027
$98,779
$196,267
$3,490,609
Cost of sales
2,145,887
Oper.exps.,incl. deprec.
1,062,011
Operating profit.
Other income.
Total
Income deductions
Int. & exps. re gold notes
Prov. for Fed. inc. tax..
Balance
Portion of
net
sub.
income of
applic. to
ority interest
min¬
Net income
x
No
198
53
loss260
341
$99,040
$195,926
$110,088 loss$l 12,081
on
undistributed profits.
or
1,653,933
1,589,759
5,711,073
470,256
loans secured by market¬
able collateral
Ohter loans and discounts (less
4,759,810
prepaid interest)__
455,679
963
896
105,962
223,979
119,321
458,116
13,441,884
6,628,620
2,168,467
5.832,861
236,804
Depositors' overdrafts
as
trustee._
-
6,417,316
6,623,620
2,168,467
6,263,083
Bonds and mortgages
Real estate—Acquired for company's offices
Acquired for other corporate purposes
y
Acquired through foreclosure
Interest in real estate
— r
Mortgage partic. certificates & int. in real estate.
reserve
—
4,744,518
-
231,469
192",533
193,938
fund
S tocks of associate companies
Other assets
233,902
698,057
176,672
674,062
Cust'ers' liab. for accepts. & letters of credit
(contra)
220,462
$47,354 ,062 $50,480,185
Total.
Liabilities—
.$10,000,000 $10,000,000
5,000,000
2,500,000
416,102
238,601
8,913,105
9,539,084
410,258
265,50"/
5,274,004
4,668,762
231,469
192,533
216,936
196,498
19,136,175
18,585,206
664,139
^
953,485
181,922
250,462
Capital
Surplus
.
Undivided profits
Secured debenture notes
Notes payable in instalments
Reserve for contingencies
Reserve for title insurance
Res. for taxes, int., exps. & unearned
income
Deposits
Certified and officers' checks
Acceptances and letters of credit (contra)
Total
$47,354,062 $50,480,185
After deducting mortgages amounting to $316,500.—V. 142, p. 138.
_
.
.
Title Insurance & Trust Co.
The
Amount
Name and Address—
Van Alstyne, Noel & Co., Inc., New York
Fenner & Beane Corp., New York
Schluter & Co., Inc., New York
Griffith-Wagenseller & Durst, Los Angeles
James M. Johnston & Co., Washington, D. C
Banks, Huntley & Co., Los Angeles
Burr& Co., New York
Drumheller, Ehrlichman & White, Seattle, Wash
McGowen, Cassady & White, Inc., Chicago
Taussig, Day & Co., Inc., St. Louis, Mo
C. T. Williams & Co., Inc., Baltimore
1,015,475
2,649,325
1,877,479
short-term
directors
(Los Angeles)—Extra Div.
have
declared an extra dividend of 50 cents pea: share
regular quarterly dividend of like amount on the common
stock, both payable Jan. 2 to holders of record Dec. 22.—V. 142, p. 2173
in addition to the
Bond Underwriters
Demand
y
provision has been made for tax
850,000
2,926,330
843,125
State and municipal bonds—market value
Other stocks and bonds—market value
Title insurance
Consolidated Income Statement of Company and Domestic Subsidiaries
Fears Ended Dec. 31
9 Mos. End.
1933
1934
,1935
Sept. 30, '36
$6,075,224
hand, due from Federal Reserve Bank &
other banks
S.
1935
$5,404,805
Assets—
Cash
Interest receivable
Authorized
and
wholly-owned
Jr., previously a Vice-President of the subsidiary, has
Executive Vice-President of the company, in addition to his
present capacity as Vice-President and director of the Roller Bearing Co.
W. Robert Timken has been elected director of the parent company and
of the Timken Steel & Tube Co. to fill the vacancy of the unexpired term.
K. B. Bowman has resigned as general superintendent of the steel and tube
mills and John E. Fick has been appointed as his successor.—V. 143,
p. 3164.
H.
been
Advanced
a$3,000,000
$2,450,000
50,000 shs.
40,556 shs.
Common stock (par $1)
775,000 shs.
325,971 shs.
a
$550,000 of bonds are reserved for issuance in the future against the
acquisition of additional property as provided in the indenture under which
company
William E. Umstattd has been elected President of the Tim¬
ken Steel & Tube Co., in addition to continuing his present capacity as
subsidiary.
of the company will
lstliencoll.trust5% bonds
Conv.pref.stock (par$10)-.-
share on the
stock, par $25, payable Dec. 29 to holders of record Dec. 24.
A
regular quarterly dividend of 12 M cents per share was paid on Nov. 16, last,
and each three months prior thereto since and including May 14, 1934.
A dividend of 25 cents per share was paid on Jan. 25,1934, and each quarter
previously.—V. 143, p. 2698.
common
attached to the new 1st lien bonds and the shares reserved for the conversion
of conv. pref. stock and as a special dividend on the stock, the capitalization
follows:
256,096
1,266,243
—V. 144, p. 121.
Accounts receivable
as
12,816
405,560
pref. stock
Capital surplus
Capitalization—After giving effect to the retirement of the outstanding
5-year 6% sinking fund gold notes and the purchase money bond and mort¬
gage, the sale of the 1st iien coll. trust 5% bonds and the additional shares
of common stock, but excluding common stock reserved for the exercise of
stock purchase warrants attached to the notes, and purchase stock warrants
be
56,598
Prov. for Federal income tax..
Common stock (par $1)
U.
Co.—Capitalization, Earnings, &:c.-—
2,500
138,350
Mtge. instl. due within year.—
Accrued expenses
Call loans
Thermoid
$300,000
357,639
Notes payable—bank
:
:
$750,000
400,000
350,000
200,000
150,000
100,000
100,000
100,000
100,000
100,000
100,000
Toledo Peoria & Western RR.November—
Gross from railway
Net from railway
Net after rents
*
1936
■Earnings—
1935
1934
1933
$209,624
70,243
31,590
$180,045
62,926
37,196
$122,998
13,092
def5,538
$159,538
49,688
25,743
2,214,690
695,664
1,682,497
308,233
193,388
1,595,826
345,743
124,850
1,562,691
414,579
219,757
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V.. 143, p. 3650.
421.089
Financial
294
Toronto Elevators,
Ltd.—Capital Reorganization—
The shareholders at a special meeting Dec. 17, authorized an increase in
the capital stock upon the redemption and conversion of the presently out¬
preferred stock by creation of 30,000 534% cumulative, re¬
The 14,828 shares of $100
60 days'
notice, while up to the date of redemption holders have the right to con¬
vert their stock into common on the basis of three shares of common for
one preferred.
The purpose of the new issue is for retirement of the present preferred
stock.
A total of 40,516 common shares of no par value plus such shares
as are required for conversion, was authorized.—V. 143, p. 3485.
standing 7%
deemable preference shares of $50 par value.
par value 7 % prefered now outstanding are redeemable at 110 on
Transamerica Corp.—Authorizes Extra Dividend
.
in Bancamerica-Blair
Directors
on
Jan. 4 authorized
by declaring an
Payable
Corp. Stock—
dividend disbursement of
$9,319,735.75
extra dividend payable in Bancamerica-Blair Corp. stock
a
in addition to the regular semi-annual dividend of 20 cents a share.
The
earned surplus, is payable in the
Corp. stock for each 50 shares
owned of Transamerica Corp. stock.
The regular semi-annual dividend was
increased from 15 cents to 20 cents a share last July, at which time an extra
dividend of 5 cents a share was paid.
Both dividends are payable Jan. 30,
1937 to stockholders of record Jan. 15.
The disbursement will amount to $4,630,924.60 in cash and $4,688,811.15
in present market value, namely, $10,125 a share, of 463,092.46 shares of
Bancamerica-Blair Corp. stock, a total of $9,319,735.75 for the six months'
period ended Dec. 31,1936, or approximately 40 cents a share on the capital
stock of Transamerica Corp. outstanding.
This compares with $5,788,000
disbursed in January, 1936, $2,948,000 in January, 1935, and $2,954,000
in January, 1934.
The announcement of the board's action was made by President John M.
Grant.
"The board of directors," he said, "decided that the favorable
earnings of the corporation justified a continuance of the corporation's
policy to pay extra dividends from time to time, as conditions warrant,
and that the current extra dividend disbursement from earned surplus
should be made in stock of Bancamerica-Blair Corp., 'a securities company'
under the Banking Act of 1933, which provides that the corporation must
divest itself of its ownership, control and interest in, securities companies.
It is not unlikely that extra dividends will be paid in a similar manner in
extra dividend, which will be paid out of
ratio of one share of Bancamerica-Blair
119923845 19345
the future."
Mr. Grant stated that during the year 1936 Bancamerica-Blair Corp.
paid dividends aggregating $1.75 a share.
Dividends hereafter received by
Transamerica Corp. stockholders on their Bancamerica-Blair Corp. shares
Transamerica
Corp. stock.
He also said that fractional receipts will be issued for frac¬
tional shares and that arrangements will be made for the completion of
whole shares and for the purchase of fractional receipts at actual market
price, free of charges.
Mr. Grant also reported that the annual audited report of Transamerica
Corp. for the year 1936 will be mailed to stockholders on or about March 10
next and that the consolidated net profit of Transamerica Corp., consoli¬
dated companies, and all controlled subsidiaries, after payment or provision
for taxes of over $5,000,000, which, Mr. Grant stated, were an ever-in¬
creasing burden, will approximate $24,400,000 for the year 1936, or a net
of about $1.05 a share, as compared with $20,319,000, or 87 cents a share,
for the year 1935, and $11,450,000 for the year 1934, an increase for the
two-year period of 113%; also that the portfolio of marketable securities
will show an appreciation in excess of carrying values of approximately
$7,700,000.
Paid-in surplus and unallocated reserves will show an increase for the
year of over $8,600,000 net after all charges.
All the above figures are,
of course, subject to audit.
At Dec. 31, 1936, total deposits of all Transamerica's domestic banks
were $1,439,037,000, as compared with $1,260,623,000 on Dec. 31, 1935,
an increase
of $178,414,000, or 14.15%.
Transamerica Corp.'s insurance companies, Occidental Life and Pacific
National Fire Insurance Co., and other operating subsidiaries, attained new
records in operating results during the year.
See also V. 143, p. 127.
will constitute additional income from their investment in
Transcontinent Shares
See Bank & Insurance
Corp.—New Name—
Capitalization
Capital stock (par $1)
*
*
Authorized
Outstanding
162,500 shs.
*162,500 shs.
Stock being offered to residents of Michigan only is a part of the stock
of the company held by O. V. Lautzenhiser, the President and General
Manager of the Company .
Transfer agent, National Bank of Detroit.
History—Company was organized in May, 1925 in Michigan.
Company
is one of the leading manufacturers of popular priced undergarments for
ladies and children.
Growth of the company is evidenced by its increases
in sales which follow:
1926
1927-.^-.—
--
$95,514
214,205
415,962
383,260
426,070
1931
—
1932—
1936 (10 months)
—
—
$542,116
671,372
965,909
748,670
668,849
681,199
It is estimated that the sales for the full year ended Dec. 31, 1936, will
be approximately $750,000.
Company sells its products to chain store syndicates exclusively and
numbers among its customers the leading companies in this field.
Earnings and Dividends
Calendar Years—
-
1936 (10 months
Dividends
Earnings
$18,588
15,884
56,712
lossl ,356
16,475
44,176
Truscon Steel Co.—Stricken
Preferred
$700
700
700
V-;
Common
$4,060
2,030
42,240
8,448
59,224
from List—
The Securities and Exchange Commission has granted the application of
the Cleveland Stock Exchange to strike from listing and registration the $10
value common stock and the $100 par value pref. stock of Truscon Steel
Co., to be effective at the close of the trading session of Jan. 8, 1937.
Trading in both issues was suspended on the Cleveland Stock Exchange at
the close of business Dec. 31, 1936.
The common stock is at present listed
and registered on the New York and the Detroit Stock Exchanges.—
V. 143, p. 4170.
par
Union RR.
operation.
The Interstate Commerce Commission
assume
office of the trustee in Los Angeles, Calif., or at office
on
of Dillon, Read &
Co., New York.
Definitive debentures are to be issued in coupon form
(registerable as to principal only) in the denom. of $1,000.
Jpi
Company has agreed to use Its best efforts to procure in due course the
isting of the debentures on the New York Stock Exchange and the regis¬
tration thereof under the Securities Exchange Act of 1934.
Purpose—Net proceeds (approximately $10,248,000) will be applied as
-'OV:1
v-,,v
Vv;
fbllows:
(1) To payment of principal of and premium on the outstanding $7,500,000 4% convertible debentures, due May 1, 1947 $7,668,750
For construction of
Oleum refinery at an
equipment) of
(2)
a
cracking plant at company's
cost (including auxiliary
new
estimated
1,900,000
-
Towards payment at maturity or on prior redemption of
debentures, due May 1, 1937, of the company, of
which $1,200,000 are now outstanding
(3)
serial
Dec. 22 authorized the company
679,250
History and Business—Company was incorp. Oct. 17,189.0 in California.
Company directly, and to a small extent through subsidiaries, is engaged
in substantially all branches of the oil business, including the acquisition
and development of prospective and proven oil lands; the production,
purchase, transportation and sale of crude oil and natural gasoline; the
refining of crude oil; the production, treatment and sale of natural gas;
and the manufacture, transportation and wholesale and retail marketing
of petroleum products.
Its business is conducted chiefly on the Pacific
Coast.
The
,
producing properties operated by the company are, with a minor
exception, in California.
The production of crude oil and natural gasoline,
subject to royalty but after adjusting for partners' interests, averaged
55,700 barrels daily during October, 1936. After deducting royalty inter¬
ests, the company's net production of crude oil and natural gasoline
averaged 45,700 barrels daily during that month.
HI
The company owns several systems of gathering pipe lines In the oil
fields in California and three systems of trunk lines connecting such fields
with the company's storage, refining and marine facilities.
Pipe line
transportation for others during the years 1931 to 1934, inclusive, has
varied between 11% and 18% of the total pipe line deliveries.
During
1935, such transportation increased to approximately 26% and was approxi¬
mately 24% during the first 10 months of 1936, but is expected to be sub¬
stantially reduced due to the recent expiration of a contract with another
company.
Marine transportation is carried on by tankers owned by the
company and its subsidiaries and by chartered ships.
In recent years
approximately 35% of the products so transported was transported for
the account of others.
The company also transports petroleum products
by tank cars and trucks.
Most of the gasoline and other petroleum products distributed by the
company and its subsidiaries are manufactured in the company s own
refineries, of which four are now in operation.
A small portion of such
products is manufactured in a refinery of another company.
The com¬
^
,
pany manufactures a number of industrial solvents and
in connection with refinery operations.
The company
specialty products
maintains a large
for improving
six absorption
research staff for developing new products and processes and
the quality of its products.
It produces natural gasoline at
plants.
The company's products are distributed through wholesale bulk stations
Coast States, Western Canada, Arizona, Nevada, Alaska,
Hawaii, Panama, Chile and Mexico.
in the Pacific
Oct. 31, 1936
Oustanding
$10,000,000
7,500,000
29-year 6% bonds, series A, due May 1, 1942
12-year 4% convertible debentures
Serial
—
debentures-—
'
$8,026,500
4,800.000
b7,500,000 shs
a4,800,000
7.500.000
4,386,070 shs
a 2%, due May 1, 1937, $1,200,000; 234%, due May 1, 1938, $1,200,000;
224%. due May 1, 1939, $1,200,000, and 334%, due May 1, 1940.
Capital stock (par $25)
$1,200,000.
b 450,000
—
.
shares reserved
warrants and conversion privileges,
for
which 150,000 shares are reserved for issuance upon
of
exercise of outstand¬
ing stock warrants.
One such warrant for 10 shares of stock was originally
attached to each $1,000 5% debenture, due April 1, 1945 (which debentures
have been retired), and became detachable on Oct. 1, 1930.
Warrants for
11,960 shares are held by the company in its treasury.
Capital stock is
purchasable under such warrants on or before April 1, 1938, at $75 per
share.
The balance of 300,000 shares are reserved for issuance upon
exercise of the conversion privileges of the 12-year 4% convertible deben¬
tures, which are to be redeemed as of Feb. 4, 1937.
Debentures—Brief summaries
334%
of certain
provisions to
be con¬
tained m the trust agreement follow:
Sinking Fund—Trust agreement is to provide that on July 1, 1942, and
each July 1 thereafter, company will set aside in its treasury for retire¬
sinking fund consisting of a sum which, at redemption
price applicable to the redemption of debentures for the sinking fund on
the next succeeding Dec. 31, exclusive of accrued int. thereon, will be
sufficient to retire $1,000,000 of debenutres less such amount of deben¬
tures as the company shall theretofore have purchased with other than
sinking fund moneys and shall then deliver to the trustee for cancelation
on
ment of debentures a
or
theretofore
shall
have
retired
by conversion thereof and shall
then
apply on such sinking fund instalment.
Moneys thus set aside are to be applied by the company to the pur¬
chase, or redemption on the next succeeding Dec. 31, of a sufficient amount
of debentures tnat, together with any debentures delivered to the trustee
for cancelation on such July 1, or retired by conversion and applied upon
such sinking fund installment, an aggregate of $1,000,000 principal amount
of debentures shall have been so retired.
Any moneys set aside as a sink¬
ing fund installment in excess of the amount required as above stated
shall revert to the company.
Redemption Provisions—Debentures
are
not to be redeemable prior to
Jan. 1, 1940, and are to be redeemable as a whole or in part by lot, at the
option of company, at any time on or after such date, upon 30 days' prior
notice at 10534 if red. during 1940; 105 34 if red. during 1941; 105 if red.
during 1942; 10434 if red. during 1943; 104 if red. during 1944; 10334 if
red. during 1945; 103 if red. during 1946; 102J4 if red. during 1947; 102 if
red. during 1948; 10134 if red. during 1949; 101 if red. during 1950, and
at principal amount thereof if red. during 1951, together in each case
accrued interest.
In addition, the debentures are to
on
Assumption of Obligation and Liability—
to
The debentures are dated Jan. 1, 1937, due Jan. 1, 1952.
Principal
and interest (J. & J.) payable in any coin or currency of the United States
of America which at tne time of payment is legal tender for the payment
of public and private debts.
Principal and interest payable at principal
with
Dec. 22 authorized the merger
of the properties of the Union RR., the Monongahela Southern RR., and
the St. Clair Terminal RR. into one corporation for ownership, management,
and
outstanding $7,500,000 4% debentures
redemption at 102
on Feb. 4,
1937, were given an opportunity to purchase, to the extent
of their holdings, an equivalent principal amount of the new
issue at the public offering price.
For this purpose a suffi¬
cient amount of the new debentures were reserved by the
underwriting group until noon, Jan. 6, 1937.
which have been called for
(Pa.)—Merger—
The Interstate Commerce Commission
the
Authorized
(par $1) common stock was offered Dec. 11 by
Walter W. Tait (Pres. Walter W. Tait, Inc.), Detroit, Mich., at $2 per
share.
Stock offered to residents of State of Michigan only.
Offering does
not constitute new financing in behalf of the company.
1937
9,
Jan.
of
Funded Debt and Capital Stock as at
Offered—
An issue of 81,250 shares
1930—
Holders
Shares, Inc.. above.
Trenton Garment Co., Jackson, Mich.—Stock
*
Chronicle
.
,
be redeemable for sinking fund pur¬
only, on Dec. 31, 1942, and on each Dec. 31 thereafter, upon 30
days' prior notice at 10334 if red. on Dec. 31,1942; 10334 if red. on Dec. 31.
1943; 103 if red. on Dec. 31, 1944; 10254 if red. on Dec. 31, 1945; 10234
if red. on Dec. 31, 1946; 102 if red. on Dec. 31, 1947; 10134 if red. on
Dec. 31, 1948; 101 if red. on Dec. 31, 1949; 10034 if red. on Dec. 31, 1950,
and at principal amount if red. on Dec. 31, 1951, together in each case
with int. accrued to the date fixed for redemption.
poses
obligation and liability in respect of not exceeding $3,000,000
Conversion Rights—Debentures are to
be convertible at any time prior
1, 1940, into shares of capital stock of the company (par $25) at
of first mortgage 5% 50-year gold bonds and $2,500,000 of general mortr
to Jan.
6% gold bonds of the Monongahela Southern RR. and in respect or
not exceeding $1,129,000 of general mortgage 30-year 5% gold bonds of
the St. Clair Terminal RR.—V. 143, p. 3014.
the rate of 30 shares with
gage
Union Oil Co. of California—Debentures Offered—Offer¬
ing of $10,000,000 15-year 3^% debentures, with certain
conversion privileges, was made Jan. 5 by an underwriting
group consisting of Dillon, Read & Co., William R. Staats
Co., Blyth & Q<ty., Inc., Dean Witter & Co., Pacific Co. of
California ana Banbam^hica-Blair Corp.
The offering price
was 105
plus accrued interest.
,
respect to each $1,000 debentures. A cash adjust¬
be made.
Debentures are
be convertible at principal office of Guaranty Trust Co. of New York,
at principal office of company in Los Angeles.
ment of accrued interest ana accrued divs. is to
to
or
Principal
Underwriters—The
by them,
are as
of the principal underwriters and
of debentures to be severally purchased
names
the respective principal amounts
follows:
Dillon, Read & Co., New York
William R. Staats Co., Los
Angeles
-
Blyth & Co., Inc., New York
Dean Witter & Co., San Francisco
Pacific Co. of California. Los Angeles
Bancamerica-Blair Corp., New York—
-—---
-
-
—
—-
$4,500,000
2,500,000
1,000,000
1,000,000
500,000
500,000
Volume
Financial
144
Oct. 31
1935
1934
'36.
$53,234,857 $59,703,740 $63,787,542 $56,267,278
income
oper.
dividend of 75 cents per share on account
class A stock, no par value, payable
A dividend of $1 was paid on Nov. 16,
May 15 .last, and one of 50 cents was paid on
The directors have declared a
10 Mos. End.
-Calendar Years—
Gross
Cost of sales & operating
31,353,753
31,594,183
36,060,335
35,036,438
expenses
13,187,347
13.071,580
14,153,648
$8,453,326 $10,571,824 $14,597,454
550,084
622,584
345,281
of accumulations on the $1.50 cum.
Feb. 15 to holders of record Jan. 30.
last; 75 cents was paid on
Nov. 15, 1935, this latter payment being
class A stock.—V. 143, p. 2864.
11,894,112
Gross income
$13,019,412
expenses
Selling, adm. and general
Other income
1,249,032
4,763
027,383
'
57,240
765,466
2,485
2,498
130,462
8,282,030
7,287,330
i,112,733
1,514,525
27,573
Loss on foreign exchange
69,514
Prov. for income taxes—
7,823
Provision for depletion
and depreciation
6,786,913
Other interest expense--
1,063,139
4,222
5,178
75,346
6,798,022
funded debt
on
228,326
'$9,003,410 $11,194,409 $14,942,736 $13,247,738
Total income
Interest
$5,512,817
sale
taxes for
Provision for retirement
General taxes & est. Fed. income taxes
Net earns, from opers. of sub. & controlled
Non-oper. income of sub. & controlled cos
cos_$20,288,113 $17,926,002
2,357,425 yl.592,9b!
$22,645,538 $19,518,963
13,580,556
13,657,570
$9,064,982
$5,861,392
2,118,797
yl,516,747
1,357,217
add'l
Equity/6f United Lt. & Rys. Co. in earns, of sub.
income
Dr325,000
Z)r149,530
Dr210,000
prior years--
Carried to surp. acct-
$1,954,278
& controlled cos
Consolidated Balance Sheet, Oct. 31, 1936
$7,413,498
4,080,928
U. S. Govt, securities
Other marketable securities
1,040,125
Receivables
7,312,178
(net)
24,841,954
31,780
Inventories
Other current assets
Accrued payrolls
excise taxes
107,572,278
980,676
(net)
Deferred charges
on
506,044
120,397
10,397
debt
property,
1,724,358
20,326,500
Capital stock (par $25)
Earned
surplus
Prem. on sale of capital stock
109,651,750
11,095,279
3,699,117
Years Ended Aug. 31—
Inc.—Earnings1934
1935
1936
$328,446
87,332
237,203
Deprec. of theatre bldgs. & equipm't.
&
long-term debt readjust, exp., <fe
236,633
excess of inv. in subs, over book val.
Prov. for Fed. income taxes
$247,964
91,821
45,204
$598,492
82,584
67,025
70,951
40,478
$3,176,878
1,238,635
1,240,551
<
$1,936,326
x Includes income tax credit adjustment of $569,650 made by Kansas
City Power & Light Co. during October 1936. y Adjusted to reflect reversal
of Detroit City Gas Co. rate reserve.—V. 143, p. 3165.
$4,622,681
Balance
United Paperboard
In
order
215.820
Amort, of theatre leaseholds, lease
which
the company has been
19, 1936, amended the
eliminate
the
large
deficit
by decreasing the authorized common stock
from $12,000,000 to $4,000,000 and the par value of such shares from
$100 to $10.
The amendment also provided for the exchange of two
shares of the new common stock (par $10) for each share of the old common
stock (par $100).
The new certificates are now ready for distribution
and stock certificates should be sent to company's office, 171 Madison
Ave., New York City, for exchange.
of incorporation
New York
The
Exchange has authorized the listing of 240,000
$10), to be exchanged on the basis of 2 for 1,
stock (par $100) previously listed and now
Stock
shares of common stock (par
substitution
in
17.107
Co.—New Certificates Ready—
its books, the stockholders on Nov.
to
on
certificate
Net income
1,375,000
42,988
$5,861,316
Balance transferred to consolidated surplus
carrying
Interest
42,988
1,375,000
expense
Prior preferred stock dividends
$153,927,742
Total
-Y. 143, p. 4171.
United Artists Theatre Circuit,
deb. discount &
inc-
&c. taxes
Funded debt
$153,927,742
$4,594,866
deductions:
funded
come,
Total...—...
168,295
13,314
-
5}4% debentures, due 1952
on
Amort, of
1,634,649
431,829
$4,776,474
156,255
16,671
-----
company
Interest
Indebtedness to subs
Reserve for
„. -
$4,344,645
$7,452,229
from subs.)
Balance
Holding
and
;
Interest accrued
654,322
Investments and advances.
$4,062,377
506,397
1,096,517
Accounts payable
Dividend payable
Motor fuel &c. sales
„..
_ „
-
$6,946,185
—
Expens&for United Lt. & Rys. Co
Taxes of United Lt. & Rys. Co
Liabilities—
Assets—
Cash
„
$7,279,304
received
$5,059,495
$5,038,286
$2,902,733
„
Incomb of United Lt. & Rys. Co. (excl. of income
Total! income
x
6,476,027
8,015,556
JL
Prop, of earns?, attrib. to min. com. stock
Expense of deben. issue.
Properties
3.752,303
4,453,190
7,224,438
x7,624,941
-
Balance
50% int. in Union At¬
for
$74,160,405 $68,178,984
34,569,723 32,009,096
General operating expenses
Maintenance
Total income of sub. & controlled cos
lantic Co
Prov.
1935
1936
of sub. & controlled cos. (after
eliminating intercompany transfers)
Gross oper. earns,
$5,059,495
$597,060
co.'s
of
-Earnings—
Light & Rys. Co. (& Subs.)-
United
the
Int., amort. & pref. divs. of sub. & controlled cos__
following extraordi¬
nary credits
on
the initial distribution on
12 Months Ended Oct. 31—
Net income before the
Profit
Ltd.—Accumulated Dividend
United Corporation,
Consolidated Income Account
1933
295
Chronicle
of
common
outstanding.
•
loss$58,400 loss$126,702
$167,846
Net income
Including share of undistributed profits or losses of affiliated companies
less than 100% owned, $10,372 net profit in 1936, $10,342 net loss in 1935
and $84,482 net loss in 1934.
Cost of goods sold
Gross profit on
escrow
Due from affiliated companies
Cash surrender val. of life insur. policies
Investment securities
Dep., adv. &
exp.
717,842
Playhouses, Inc
6,331,729
520,648
92.709
48,552
;
70,907
59,905
$8,015,837
...
$77,246
70,634
85.331
74,845
7,528
1,856,967
152,353
3,000,000
2,725,394
Long-term debt
Def. credit arising from release of rent guar., &c_
7% cum conv. pref. stock
x Common stock & surplus
Total
72", 988
38,128
1,954,330
197,213
3,027,400
2,323,867
$8,015,837
Due to affiliated companues
fiscal year ended
Represented by 500,000 no par shares,
y Does not include accrued in¬
x Includes notes payable—V. 143, p. 3165.
Jan. 2,'37
Consolidated Balance Sheet
$1,295,601 $1,062,890
Acc'ts receivable-.
232,365
250,760
50,000
Mtge. receivable
Dec. 26,'36
88,450,693 88,275,347
82,272,668
1935
1936
12 Months Ended Oct. 31—
Fixed assets
Deferred
$84,008,077 $77,013,428
39,428,142
36,360,068
eliminating intercompany transfers)
4,955,940
8,346,457
Provision for retirement-
x8,714,239
General taxes & est. Federal income taxes
(cost)xl,308,073
1,316,035
y
assets
Non-oper. income of sub. & controlled cos
4,208,790
7,412,728
8,773,984
cos--$22,563,298 $20,257,857
2,992,102
y2,085,527
56,438
122,682
$4,203,350 $4,074,147
Total
y Due to revaluation
operating deficits incurred prior to Dec. 9, 1935.—
'
N. Y.—Special Div.
special dividend of 50 cents per
$4, payable Jan. 12 to holders of record
The directors have declared a
the
common
1936 and
share
stock,
par
on
share on
Dec. 30.
paid
on
Feb.
16,2ll,516
Proportion of earnings,
-
2,115,561
yl,513,755
cos
$7,228,324
$4,541,643
Expenses of United Light & Power Co
Taxes of United Light & Power Co
—
25,537
8,592
$7,253,861
Total income
$7,013,420
$4,263,615
2,318,073
186,881
2,320,968
232,887
$4,508,465
$1,709,760
deductions:
Interest on funded debt
Amort, of bond discount & expense
Balance transferred to consolidated surplus
Includes income tax credit adjustment of $569,650 made by
Kansas
City Power & Light Co. during October 1936.
y Adjusted to reflect * eversal of Detroit City Gas Co. rate reserve.—V. 143, p. 3165.
&
International
Securities
Corp.—
on
of
the $5 cum. 1st pref. stock, no par value, payable Feb. 1
A dividend of 75 cents was paid on Dec. 24
to holders of record Jan. 22.
last; $2 on Dec. 15 last; $1 on Nov. 2 last, and dividends of 75 cents per
share were paid on Aug. 1 and May 1 last.
A dividend of 50 cents per share
was paid on Feb. 1, 1936, and on Nov. 1 and Sept. 10, 1935, this latter be¬
ing the first dividend since Nov. 1, 1930, when a regular quarterly dividend
of $1.25 per share was distributed.—V. 143, p. 4171.
239,511
47,109
States
The directors have declared a dividend of $1.25 per share on account
$4,550,235
191,909
48,532
Dec. 30, 1935 and an extra
Dec. 31, 1934.
A stock dividend of 100% was
The regular quarterly dividend was lowered
share with the March 30, 1936 payment.—V. 143,
on
Feb. 17, 1936.
Preferred Dividend—
accumulations
Equity of United Lt. & Pow. Co. in earns, of
Income of United Lt. & Pow. Co. (excl. of income
received from subs.)
paid
in addition to
capital stock,
19.
1251.
United
$6,055,398
attributable to minority
stock
on
from 40 to 30 cents per
16,287,986
$9,343,884
Co.—Special Dividend—
par $10, on Dec. 24 to holders of record Dec,
An extra dividend of 40 cents was paid on
First
Balance
1, 1935 and 1934.
The company paid a special dividend of 40 cents per share
the regular quarterly dividend of 30 cents per share on its
distributed
2,
1,
and 20 cents per
See also V. 142, p. 2521.
Nov. 1, Aug. 1 and May 1, 1935 and 1934,
United States Guarantee
p.
x
profit earned
(after deprec.)..
depreciation of $1,284,190.
for
reserve
of plant account and to
V. 143, p. 3486.
$25,555,400 $22,343,384
Total income of sub. & controlled cos
Int., amort. & pref. divs of sub. & controlled cos
company
29,977
$4,203,350 $4,074,147
Total
Adjustment..Dr.9,414,058Dr9408,641
Net
&
41,248
After
1,317,200
12,000,000
Common stock.-.12,000,000
of 10 cents was
from opers. of sub. & controlled
Balance---
10,148
1,317,200
1,040,353
charges-
(after
General operating expenses
Maintenance
Holding
for Fed. cap.
stk. & inc. taxes
United States Fire Insurance Co.,
Power Co. & (Subs.)—Earnings—
Gross oper. earns, of sub. & controlled cos.
sub. & controlled
Res.
976,159
cost)
30 *36
$109,050
$167,379
Preferred stock
Invested assets (at
Jan. 4,'36
Oct. 31 '36 May
expenses
342,523
331,510
Mdse. inventory.-
x
Liabilities—
Acc'ts pay. & accr.
The regular quarterly dividend of 45 cents per share was paid on Nov.
last.
Previous extra distributions were made as follows: 10 cents on Feb.
United Light &
common
May 31, 1936.
Oct. 31 '36 May 30 '36
Assets—
Improvement Co.—Weekly Output—
—V. 144, p. 122.
earns,
.
Cash
$8,034,285
terest.
Net
$66,243
$56,439
period prior to
payable by the company for its
The Oct. 31, 1935 tax accrued does not
provide for the Federal undistributed profits tax.
1935
z$335,027
50,870
Long-term debt items due within one year
Week Ended—
Electric output of system (kwh.)
period
8.331
Note—Due to losses incurred during the seven months'
$8,034,285
1936
Liabilities
Accounts payable & sundry accruals
Real estate taxes due or accrued
Federal income taxes accrued
United Gas
$65,820
9,381
Dec. 28,1935, no Federal income taxes were
expense
Total
$57,488
$97,554
22,163
9,148
Gross income
Normal Federal income taxes.
the
951,821
$121,884
38,242
26,154
$90,746
6,808
Net profit from operations.
Other income
Net income for
nmn
$156,692
36,618
29,327
sales
Selling expenses
191.333
_
972,799
-
-
Administrative and general expenses
6,022,369
391,158
169,333
excess of inv. in sub. over book value—
Lease rent deposit
Unamort. portion of lease & long-term debt re¬
Unamort.
Other deferred charges
$1,073,705
„
Deductions from income
in connection with purchase of
cl. A cap. stk. of Metropolitan
Theatre investments
adjustment
$221,540
13,377
30,089
56,676
202,622
56,465
$460,859
4,978
y8,513
98,593
252,033
27,889
for pay. of real estate taxes
Accts. & notes rec. & accr. int., less res
x
1935
1936
Assets-
Cash in
May 30,36
$1,129,491
&interfactory sales
Consolidated Balance Sheet Aug. 31
Cash.
Oct. 31, '36
freight, returns & allows.
5 Months Ended—
Gross sales, less prepaid
x
United States Oil & Royalties
Co.—Dividend—
The directors on Dec. 2, 1936, declared and authorized the distribution
of
dividend out of 1936 earnings,
payable in United States Royalty Oil
Corp. stock to stockholders of record as of Dec. 9, 1936, on a basis of 1 share
of United States Royalty Oil Corp. stock
(par value $1 per share) on
each 100 shares of United States Oil & Royalties Co. stock.
Stockholders of United States Oil & Royalties Co. holding less than 100
shares, and those owning "odd lots" of shares in excess of an amount
divisible by 100, will receive a cash distribution on such excess in the
amount of one cent per share in lieu of any fractional share interest.
The 1936 earnings of United States Oil & Royalties Co. were derived
principally from dividends received by it from affiliated companies and in
order to avoid the payment of the surtax on undistributed profits thereon
a
Financial
296
by the company, and to conserve the company's working capital, the direc¬
tors authorized this dividend payable in stock.
Company was informed that under the rulings of the Department of In¬
ternal Revenue, a dividend payment in whatever form, made from 1936
earnings, is classed as taxable income in the hands of the recipient stock¬
holders and should be so reported.
The basis on which the present dis¬
tribution is made in United States Royalty Oil Corp. stock is at the par
value thereof of SI a share on the amount of stock rceived.
The United State Royalty Oil Corp. is an affiliated company, the issued
stock of which company was wholly owned by United States Oil & Royalties
Co. (prior to the present stock distribution).
The company was incor¬
porated under the laws of California to take over certain oil field properties
and now owns and operates 10 producing oil wells in the Long Beach Oil
Field.
It has a favorable earning record and under normal, conditions it is
expected that the company will be able to pay a cash dividend in 1937.
—V. 143, p. 2699.
U. S. Smelting, Refining & Mining Co.—$2 Com. Div.—
The directors have declared
$50, payable Jan.
par
The
a
15
to
payment was made on Oct. 15 and
Universal Chain Theatres Corp.-—Pays Liquidating Div.
A liquidating dividend of $1.46 per share was paid on the 8% cum. pref.
stock, par $100, to holders of record Dec. 20,
A dividend of $2.50 was
paid on Jan. 6, 1936, May 15, 1935 and on May 14, 1934.
On Jan. 15,
1935 a liquidating dividend of $7.50 per share was distributed.—V. 142,
new
plan calls for an issue of $4,000,000 of new 5% 15-year debentures
debentures and 30 shares of new common stock for each $1,000.
Holders
of the present common stock would receive a warrant to buy one share
of new stock within three years at $10 for each 10 shares now held.
The next hearing has been set for Jan. 13.—V. 144, p. 123.
v
'
Wehle Brewing
Co.—Stock Dividend—
The directors have declared a stock dividned of 10%
payable in class B
the $10 par common class A and B shares, on Jan. 4 to holders of
record Dec. 26.
Dividends of 25 cents per share, payable in class B stock,
were paid on April 1, last, and on Jan. 2, 1936.
A cash dividend of 25 cents
stock,
was
this
on
paid on Jan. 1, 1935, and 50 cents was distributd on Nov. 1, 1933,
latter payment being the initial cash distribution on the common
payable in class B stock was paid in 1934. and
paid on Aug. 22, 1933.—V. 143, p. 2702.
stock.
A 5% stock dividend
a stock dividend of 11% was
(Raphael) Weill & Co.—To Pay Extra Dividend—
directors have declared an extra dividend of $3 per share and an
dividend of $3 per share on the common stock, (par $100), both
payable Jan. 11 to holders of record Dec. 31.
A stock dividend of 25%
was paid on Jan. 24, 1936 and semi-annual dividends of $4 per share were
distributed on March 1 and on Sept. 1, 1935.—V. 142, p640.
The
annual
Wentworth Manufacturing
143, p. 4020.
Western Auto
638.
Supply Co.—Sales—
Month of—
January..
February
Light & Traction Co.—Earnings-
Period End. Nov. 30—
Operating
1936—Month- -1935
$90,363
79,563
$1,128,855
1,020,201
$1,039,076
928,271
from oper._
def$220
Rent from leased prop..
Other income (net).....
52,908
$10,800
41,944
$108,654
519,825
$110,805
515,432
2,785
$52,688
53,016
$52,744
53,072
$628,479
632,420
$629,022
632,966
Oper.
1933
1934
1936
April
May
1935
$1,116,000
1,085,000
1,272,000
1,478,000
2,070,000
March..
1936—12 Mos —1935
$94,452
94,672
revenues
Co.—Extia Dividend—
The directors have declared an extra dividend of 30 cents per share in
addition to the regular quarterly dividend of like amount on the common
stock (par $5), both payable on Feb. 1 to holders of record Jan. 15.—V.
Utah
p.
Jan. 9, 1937
on a profit basis for two years and on a 5% basis afterward.
Old securities
and allowed claims would be exchanged for these on a basis of $300 of new
dividend of $2 per share on
the common
holders of record Dec. 31.
A similar
July 15, last, and compares with $1 paid
on April 15, last; $5 paid on Jan. 15,
1936; $2 paid Oct. 15 and July 15,
1935; $1 on April 15, 1935; $3 on Jan. 15, 1935; $2 per share on Oct. 1
and July 14, 1934, and 25 cents paid each three months from July 15, 1930
to and including April
14, 1934.
In addition the company paid extra
dividends of $1 per share on April 14, 1934; $3.50 on Jan. 15, 1934, and 50
cents on Oct.
14, 1933.—V. 143, p. 4171.
stock,
Chronicle
$1,116,000
995,000
1,376.000
1,463,000
1,638,000
$870,000
882.000
1,114,000
1,137,000
1,476.000
$666,862
651,000
670,000
873,000
1,156,000
& taxes
revs,
Gross corp. income
Interest & other deduct.
2.540.000
1.886.000
1.666.000
1.382.000
October
2,743,000
2,598,000
2,265,000
2,661,000
1,946,000
2,145,000
1,459,000
1,531,000
2,570,000
1,680,000
1,992.000
1,590,000
1,835,000
1,493,000
1,574,000
1.637.000
1,986,000
1,316,000
1,240,000
1,100,000
1,173,000
November
exps.
Net
June
-----
July
August
September
December—3,257,000
1,319,000
1,324,000
Total 12 months—--$25,701,000 $19,230,000 $17,267,000 $12,873,000
y
Deficit.
y
-V.
$328
Before Property retirement
143, p. 3652.
reserve
$328
1,941
appropriations and
$3,944
To
dividends.
Recapitalize—
A special meeting of the class
A and class B
common
stockholders has
been called for March 9, 1937 at the office of the company in Kansas City.
Utah Power & Light Co. (&
Subs.)—Earnings—
[Electric Power & Light Corp. Subsidiary]
Period End. Nov. 30—
Operating revenues
Oper. exps. & taxes
1936—Month—1935
1936—12 Mos—1935
$931,607 $11,690,926 $10,288,697
553,092
6,806,286
6,156,539
$1,058,020
607,615
Mo., to vote on a proposal to change each share of class A and class B com¬
mon stock, into three shares of new common stock, all of one class and all
voting.
This action is preliminary to an application by the company to
list its stock on the New York Stock Exchange. At the same time a proposal
will
be
submitted
conditions
Net
revs,
from oper..
$450,405
Other income (net)
692
Gross corp. income...
Interest & other deduct.
$451,097
238,091
$378,515
1
3,943
$382,458
239,008
$4,884,640
5,692
$4,132,158
45,219
$4,890,332
2,850,492
$4,177,377
2,886,702
y$213,006
y$143,450
Property retirement reserve appropriations
z Divs. applic. to
pref. stocks for period, whether
paid or unpaid
$2,039,840
747,299
$1,290,675
747,299
1,704,761
1,704,761
$412,220
Deficit
$1,161,385
y Before
property retirement reserve
appropriations and dividends,
z Dividends accumulated and
unpaid to Nov. 30, 1936, amounted to $5,540,473, after giving effect to dividends of 58 1-3 cents a share on $7 pref.
stock and 50 cents a share on $6 pref. stock, declared for payment on Dec.
21,
Dividends
on
these stocks
are
cumulative.—V. 143, p. 3860.
Utilities Power & Light Corp.—Seeks to
Reorganize—
Federal Judge William H. Holly in Chicago Jan. 4 approved
of
authorized
number
of
shares
and
to
$2,000,000, and to evidence such indebtedness by notes or debentures of
the company.—Y. 143, p.
3861.
Western Maryland
Ry.—Equipment Trust Certificates—
The Interstate Commerce Commission
on
Dec. 31 authorized the
com¬
and liability in respect of not exceeding $1.590,000
2%% equipment trust certificates, series F, to be issued by the Equitable
Trust Co. of Baltimore, Md , as trustee, and sold at 101.41 and accrued
dividends in connection with the procurement of c-r*ain equipment.
The report of the Commission states:
The applicant invited 19 banking houses to bid for the purchase of the
certificates and four bids were received.
The highest bid, 101.41 of par
and accrued dividends, was made by Stroud & Co. of Philadelphia^ Pa.,
and has been accepted, subject to our approval.
On this basis the average
annual cost of the proceeds to the applicant will be approximately 2%.
—Y. 144, p. 123.
a
voluntary
Western Pacific RR.—Earnings—
November—
1936
$1,333,688
145,911
—V.
184,667
1934
$994,407
120,953
9,186
13,507,210
1,590.379
def200,220
Gross from railway
Net from railway
three other creditors.
The following is a list
349,729
11.857,787
2.093.094
603,594
11,345,123
2,333,474
1,188,552
Net from railway.
Net after rents.
From Jan. 1—
reorganization
petition which was entered Dec. 31 last in the Federal Court in Richmond,
Va., on behalf of Harley L. Clarke, ousted President of the concern, and
1935
$1,291,043
326,222
Gross from railway
7-B of
?etition of the corporation forAt the
permission to reorganize under Section
Bankruptcy Act.
time he issued
restraining
the
same
a
order enjoining other suits against the company.
The
action is expected to sidetrack the
involuntary
of the legal manoeuvres that have been taken
against the company:
(1) On Sept. 24 a creditors' petition was filed in the Federal Court in
Freeport, 111., seeking a reorganization of the company.
(2) The company filed an answer to the creditors' suit, denying allega¬
tions of insolvency.
(3) Soon thereafter a petition was entered before all the judges of the
Federal District Court in Chicago on behalf of the trustees of a
subsidiary
company seeking the transfer of the case from Freeport to Judge Holly in
Chicago, which finally was done.
(4) Judge Holly denied a motion by Harley L. Clarke, former President
seeking to intervene in the case.
Mr. Clarke was informed that he might
join in the proceedings as a petitioning creditor.
(5) Judge Holly on Dec. 31 entered an order dismissing the original
creditors' suit at the request of the petitioners—an order which was vacated
later in the day when the Court was informed that the motion had be6n
entered without notice to other lawyers in the case.
(6) Following Judge Holly's first order on Dec. 31, a new involuntary
reorganization suit was brought in Federal Court in Richmond, Va., with
Mr. Clarke as one of the petitioning creditors.—V. 143,
p. 4171.
utility or holding
(pursuant to Section 10 (a) (1) of the Public Utility Holding
Company Act of 1935) to acquire 8,900 shares of $5 preferred stock (no
par) and 20,000 shares of common stock (no par) to be issued by the MarionReserve Power Co. (which see), a public utility company to be
organized
under the laws of the State of Ohio in connection with the consolidation of
four public utility companies with which the applicant is now affiliated.
Walgreen Co. (& Subs.)—Sales—
Month of—
1936
1935
1934
1933
$4,744,590
5,059,467
$4,698,604
4,637,407
5,032,075
4,621,245
4,641,147
$4,303,469
4,079,749
4,618,455
4,211,153
4,356,431
4,667,260
4,742,052
4,847,541
4,700,297
4,457,291
4,440.282
4,906,900
4,903,826
6,117,516
4,485,908
4,467,185
4,682,548
4,527,253
6,154,934
$3,664,964
4,248.372
3,412,705
3,452,181
3,643,478
3,982,685
4,179,750
4,216,887
4,262,172
4,159,933
3,871,256
5,318,061
$63,919,525 $58,515,871
$54,784,662
$47,412,445
March
5,105,705
4,964,907
5,155,697
5,074,651
5.339,695
5,230,907
5,168,319
5,531,094
5,328.503
7,218,590
April
May
June
July
August
September
October
November
December
Total 12 months
143, p. 3861.
Warner-Quinlan Co.—New Plan Submitted—
A
tentative plan for the reorganization of the
company, the third to
to the attention of the Court, was described Jan.
6 before Federal
Judge Murray Hulbert.
The proposal was made by Norman Goetz,
attorney for the corporation,
and would provide for a new
company to take over the proceeds from the
sale of the debtor's 231 gasoline service
stations, set for Feb. 5, and other
come
assets.
The Court has fixed $4,181,000 as the "knockdown"
price of the stations,
with the Gulf Oil Co. and the Cities Service Co., chief creditor of Warner-
Quinlan, vying for
them.
Western Public Service Co.
Period End. Nov. 30—
1936—Month-
Gross earnings
$184,421
100,204
12,030
19,591
28,859
Operation—
Maintenance.
Taxes—
_
Int. & amortization
Balance
$23,736
Appropriations for retirement reservePreferred dividend requirements
Balance for
-V.
1933
$1,050,036
281,663
145,137
10,011,082
1,874,544
812,717
143, p. 4020.
143,
p.
common
(& Subs.)—Earnings1935
$179,761
96,619
10,379
15,330
28.758
1936—12 Mos.—1935
$2,206,671
1,134,281
$2,041,149
1,062,520
116,038
186,782
349,293
119,980
196,606
346,469
$28,673
$409,334
228,708
119,452
$61,173
dividends & surplus.
$326,513
def$l,937
209,000
119,451
3653.
Westinghouse Electric & Mfg. Co.—Cuts Lamp Prices—
The company, effective Jan. 1, reduced prices of two types of "threelite" lamps.
The 50-100-150 watt lamp is now 50 cents instead of 60 cents,
and the 100-200-300 watt, 65 cents instead of 80 cents.
Price of the six
lamp also was cut, to 15 cents from 20 cents.
On Feb.
watt Mazda will be offered for use in 200 watt fixtures.—V.
companies
January
February
Net after rents.
watt
Utility Service Co.—Acquisition of Securities-—
The Securities and Exchange Commission has issued an order
authorizing
the Utility Service Co., an affiliate of certain public
—V.
the
ae to time, upon such terms and
the directors may determine, sums aggregating not in excess
as
pany to assume obligation
Balance..
1936.
increase
to
authorize the directors to borrow from ti
Westvaco Chlorine Products Corp.—New
1,
300
4172.
a new
143,
p.
Vice-Pres.—^
The company has notified the New York Stock Exchange that at
meeting of the board of directors on Dec. 30, L. Neuberg was elected
Vice-President of the corporation, succeeding
To Vote
on
a
a
Wm. D. Patten, resigned.
Acquisition—
Stockholders of this company will vote on Jan.
18
on
the acquisition of
the California Chemical Co.. through an exchange of stock, according to a
letter received Jan. 6 from the company by the Stock Exchange,
The plan calls for Westvaco to give 54,400 shares of common stock for
California Chemical, the book value of which on Nov. 30 was $1,484,314.
United Chemical, Inc., owns 1,040 or 52% of California Chemical stock.
On the
same
date stockholders of this company will meet to consider the
exchange, which will
mean
that for each share of California
Chemical
a
holder would receive 27.2 shares of Westvaco.
Westvaco, in its letter to stockholders, said it was contemplated that a
major plant would be constructed at Newark, Gal., on the property now
held by California Chemical, to manufacture magnesite and other com¬
pounds from brine.—V. 143, p. 3166.
Woodward Iron
Co.—Reorganization Plan—
The company has proposed pursuant to
Section 77B of the Bankruptcy
amended, a plan of reorganization dated Dec. 1, 1936, which was
formulated by the bondholders protective committee.
The Federal District
Court for the northern District of Alabama has found the plan complies
with the law and has ordered that it be submitted to the security holders
for approval.
The primary object of the plan is a drastic reduction in annual fixed
charges and sinking fund requirements.
An introductory statement to the plan states in substance:
On Jan. 1, 1933, company defaulted: in the payment of semi-annual
interest then due on $11,774,000 5% sinking fund gold 1st & consol. ntge.
bonds, due Jan. 1, 1952, and is now in default with respect to that install¬
ment
of interest.
Debtor also is in default with respect to sinking fund
payments required to be made under the provisions of the mortgage.
On Feb. 1, 1933, debtor defaulted in the payment of semi-annual interest
then due on $1,847,000 1st mtge. lien collateral trust 6% gold notes, due
Feb. 1, 1937, and is now in default with respect to that installment and
Act,
as
Volume
all
144
subsequent
Financial
installments
of
interest
on
the
Debtor
notes.
also
is
Chronicle
in
default with respect to payments into the
sinking fund required to be made
under the provisions of the trust indenture executed to secure the notes.
Notes
are secured
The debtor has
by the pledge of $4,375,000 of the old bonds.
outstanding in the hands of the public 3,856 shares of
pref. stock, entitled to receive cum. dividends at the rate of 7%
per annum, and 28,744 shares of pref. stock, entitled to receive cum.
dividends at the rate of 6% per annum.
The last date on which full divi¬
dends were paid on said two classes of
pref. stock was April 1, 1931.
Onehalf of a quarterly dividend was
paid on each class of pref. stock on July 1,
1931, and no dividends have been paid on either class thereof since that date.
further elect to receive, in lieu of cash in the amounts determined under
clauses (i) and (ii) above, new fixed interest bonds at their
principal amount;
however, that no new fixed interest bonds will be issued in
denominations of less than $500 and no scrip therefor will be issued, and
adjustment will be made in cash.
The holders of notes who do not make such election with
respect thereto
within the period aforesaid are to receive, on and after said date fixed for
distribution of cash, for each such note:
Cash to the amount of the prin¬
cipal of the note plus unpaid interest due thereon up to said distribution
date.
class A
provided,
On Oct. 16, 1936, the debtor filed a
petition for reorganization in the
TJ. S. District Court for the Southern Division of the Northern District of
Alabama, under Section 77B of the Bankruptcy act, as amended.
Such
petition
was approved
instituted
property.
by the court and, by orders entered in the proceedings
has been continued in possession of its
Old
Bonds—Holders of old bonds are to receive (in satisfaction of principal
of and interest thereon), for each $1,000
principal amount thereof (includ¬
ing claims for unpaid interest thereon up to said distribution date): (a) $500
thereby, the debtor
,
Committees
•
principal amount of new fixed interest bonds, and (b) $725 of new income
bonds, less a principal amount equal to such amount (If any) as may be
Following defaults in payment of interest on the old bonds and the
notes, on Feb. 6, 1933, a committee was constituted for the purpose of
representing the holders of old bonds.
On Feb. 21, 1933, a committee
paid in cash with the approval of the bondholders committee
unpaid interest on old bonds.
Old
constituted for the purpose of representing the holders of notes. During
1936, committees were also constituted for the purpose of representing,
was
respectively,
stock.
the holders of old pref.
These committees
are as
stock and the
holders
of common
follows:
Stone with R. E.
Common Stock—The holders of old
common stock are to receive for each
thereof, one share of new common stock.
Other Claims—The following claims are not affected
by the plan, and, to
the extent that such claims have not been
paid by the debtor, or shall not
be paid by the debtor pursuant to order of the
share
Morton, Sec., 22 William
St., New York.
Noteholders Committee—Keehn W. Berry, chairman; Albert H. Gordon,
Lindley C. Morton and Mervyn H. Sterne.
Preferred Stockholders Committee—J. M. Burt, chairman; L. W. Franz-
heim, J. L. Underwood, E. L. Smith and W. M. Spencer Jr.
Common Stockholders Committee—Crawford Johnson, chairman; R. R.
Meyer, E. L. Smith, W. M. Spencer Jr. and D. A. Burt.
Object of the Plan—The primary objective is a drastic reduction in annual
ixed charges and sinking fund requirements.
f
Under the plan, fixed interest charges will be reduced from approximately
$699,500 per annum to a maximum of approximately $386,700 per annum.
This maximum is based upon the assumption that the holders of all of the
notes will exchange their holdings for new fixed interest bonds
pursuant
to the option given them by the plan.
Should some holders of notes elect
to receive payment, in whole or in part, of their notes in cash in lieu of such
exchange, fixed interest charges will be further reduced, and if all notes are
paid in cash, will be reduced to approximately $294,350 per annum; how¬
ever, attention is called to the fact that provision is made for certain bank
loans and (or) the sale or underwriting of certain new fixed interest bonds,
and that the minimum figure of approximately $294,350
per annum fixed
interest charges per annum does not include any interest with respect to
any such bank loans or the interest on any such new fixed interest bonds
sold or underwritten pursuant to such provision.
Provisions for Additional Funds—In the light of the cash position of the
debtor, upon consummation of the plan, it is believed that the debtor will
have sufficient working capital, if the holders of approximately one-third
in principal amount of the notes exercise their option to
exchange such
notes for new fixed interest bonds provided in the
plan.
However, if such
options are not so exercised to such an amount, it may be necessary or
desirable, as a part of the consummation of the plan, to provide additional
funds for the general purposes of the new company, including particularly
but without limitation of the generality of the foregoing, for providing cash
to pay holders of notes who elect to receive payment in cash rather than
exchange their notes for new fixed interest bonds.
Against the contingency
of additional funds being so required, and as a part of the plan and the
consummation thereof, the new company, if the bondholders committee
shall so determine and the same shall be approved by the court, may:
(a) borrow from banks up to not exceeding $500,000, upon unsecured loans
or loans secured by pig iron and(or) other current
assets, upon such terms
as
the bondholders committee may approve not inconsistent with the
foregoing, and (or) (b) the new company may cause to be sold or under¬
written, with an underwriting commission of not more than $10,000, and
at a price not less than 98 and int., and upon terms and conditions
approved
by the bondholders committee and the court, such principal amount of
new fixed interest bonds which the plan provides for issuance in
exchange
for notes and which are not so issued in exchange, up to an aggregate
principal amount not exceeding $1,000,000 principal amount.
Any such
new fixed interest bonds sold or underwritten
shall, for the purposes of this
plan, be deemed to be new fixed interest bonds required to be issued pur¬
suant to and in consummation of the plan.
The proceeds of any such
bank loan or sale or underwriting of bonds aforesaid may be used for any
of the general purposes of the new company*, including the
payment in
cash, in whole or in part, of interest on old bonds, and thus reduce the
amount of new income bonds to be issued under and
pursuant to the plan,
as well as for any specific purpose hereinabove mentioned.
The plan further provides for an additional $1,000,000 of new fixed
interest bonds which may be issued by the new company for capital ad¬
ditions and improvements. It is not proposed to issue any of this
$1,000,000
bonds in the reorganization or in consummation of the plan.
The New Company—Upon consummation of the plan, the property and
assets of the debtor will be owned by a corporation
having the funded debt
and capitalization provided by the plan.
The new company, may with
the approval of the bondholders committee and the court, be either the
debtor or another corporation formed or to be formed under the laws of
such State
as
the bondholders committee may approve.
Funded Debt and
Capitalization (as of Oct. 31, 1936) of Debtor
5% sinking fund gold 1st & consol. mtge. bonds, due Jan. 1,
1952, excluding bonds pledged to secure the notes, those held
in the treasury unpledged, and those held in sinking fund
$11,774,000
1st mtge. lien collateral trust 6% gold notes, due Feb. 1, 1937
excluding those held in treasury
1,847,000
Pref. stock (par $100) 6% cum., less shares held in treasury
2,874,400
Class A pref. stock (par $100) 7% cum., less shares held in
treasury
■_
385,600
Common stock (par $100) less shares held in treasury. 1
6,371,400
__
court, they are to be paid
in cash
by the
claims of the
new
company or assumed by the new company:
(a)
States of America or of the States of Alabama
United
__
1st
5% bonds
2nd mortgage cumulative 5% convertible income bonds
Common stock par $10 (authorized 1,250,000 shs.)
x
mortgage
Such principal amount will be reduced
to
x7,734,000
y8.536,150
zl77,814
are paid in cash as in the plan provided rather than
through the
exchange of notes and (or) appurtenant interest coupons for new fixed
interest bonds; provided, however, that such reduction will itself be reduced
or offset by that principal amount of the bonds (if
any) which may be sold
or underwritten pursuant to the provisions
of the plan providing addi¬
tional funds in connection with the consummation of the plan.
For such
exchange $1,847,000 of new fixed interest bonds are included in the maxi¬
mum above so that, dependent upon the exercise
by the holders of notes
of the option to receive either cash or
new fixed interest bonds, and de¬
pendent upon the principal amount of new fixed interest bonds (if any)
or underwritten, the principal amount of new fixed interest bonds to
be outstanding pursuant to and upon consummation of the plan may vary
between a maximum of $7,734,000 and a minimum of $5,887,000.
In
addition, as already stated, $1,000,000 of new fixed interest bonds will be
reserved for capital additions and improvements.
y This maximum principal amount will be reduced to the extent that, as
provided by the plan, past due inoerest on the old bonds is paid in cash.
z Pursuant to and upon consummation of the
plan 177,814 shares of new
common stock will be outstanding.
In addition, as part of the plan, an
option will be granted to H. A. Berg, who is now the president and is
expected to be the president of the new company.
The new income bonds
will have the conversion privileges provided by the plan.
sold
have a board of directors of nine members.
It is expected that the first
of directors will consist of the following:
H. A. Berg, Lewis S.
Morris, Frederick Ayer, Oliver D. Filley, Oscar Wells, Herbert Tutwiler,
A. H. Woodward, D. A. Burt, and R. R. Meyer.
Consolidated Statement of Income 12 Months Ended Oct. 31, 1936
Sales—Gross, $6,260,814; discount on sales, $20,136; net
$6,240,678
board
Cost
of sales
4,754,520
Deductions from gross profit—Selling expense, $196,009; admin¬
istration expense, $164,449; idle plant expense, $126,131:
adjustment; of inventories, reserves
and
other accounts
(credit). $40,262; other operating
$1
expense,
446,329
Operating profit
$1,039,829
166,335
Other income
Gross income
Federal and
Provision
Interest
for
$1,206,163
72,199
6,279
_
State taxes
doubtful
accounts.
_
funded debt, less interest on bonds and collateral
trust notes held in sinking fund and treasury—
5% gold bonds
6% collateral trust notes
on
Under Plan
affected by the plan, since the plan provides that
to receive cash to the amount of both principal and
are not
the holders thereof
are
interest, unless they otherwise elect.
Within a period fixed by the court
right to elect to receive (in satisfaction of
principal of and interest thereon), on and after said date fixed for dis¬
tribution of securities, for any note held.
That principal amount of new
fixed interest bonds equal to the principal amount of the note, plus cash
to the amount of (i) unpaid interest due on the note up to Jan. 1, 1937
and (ii) interest at the rate of 1 % (the difference between the existing rate
of 6% on the notes and 5% on the new fixed interest bonds) per annum
from Jan. 1, 1937 to distribution date, on such new fixed interest bonds.
the holders of notes will have the
588,699
110,820
Amortization of discount and expense on funded debt
Loss on fixed assets
29,722
4,402
Net profit for year ended Oct. 31, 1936
Note—Provision for depreciation included in above, $688,924;
provision for depletion included in above, $94,218; total
Consolidated Balance Sheet,
Assets—
Cash.
Notes & trade accept, (net)..
Notes receivable, employees
Inventory
Other assets
Real
l
$394,040
$783,143
Oct. 31. 1936
Liabilities—
estate,
buildings
equipment, &c
Sinking fund
$2,185,368
664,177
405
1,301,756
33,578
and
a20,937,796
938,750
331,182
Deferred charges
Accounts payable
Unpaid
salaries,
$75,530
wages
and
commissions
Workmen's
Int. accrued
Taxes
107,046
6,876
3,022,018
194,434
11,774,000
compensation
on
funded debt-
accrued
1st mortgage 5s
6% collateral trust notes
Sinking fund
1,847,000
938,750
71,623
Reserves
6% preferred stock
Class A 7% preferred stock
Common stock.
2,874,400
385,600
6,371,400
1,275,668
Deficit...Total
—V.
.$26,393,012
Total
$26,393,012
143, p. 3167.
Woodward & Lathrop Co.—Extra Dividend—
The directors have declared an extra dividend of 62 )4 cents per share in
addition to the regular quarterly dividend of 37 )4 cents per share on the
common
stock,
par
$10, both payable Dec. 29 to holders of record Dec. 22.
Previous extra distributions were made as follows: 31)4 cents on Sept. 30,
last; 12)4 cents per share on June 27 and March 31, last; 55 cents on Dec. 28,
1935 and 25 cents per share on Sept. 27 and June 27,1935.—V. 143, p. 2073.
(F. W.) Woolworth Co.—SalesMonth of—
1936
1935
1934
1933
$16,983,089 $17,147,967 $18,137,412 $15,844,684
19,015,779
18,218,915 " 17,860,960
16,244,993
19,676,695
20,482,640
24,035,139
17.509,833
23,072,478
22,382,040
19,788,230
20,159,295
22,621,875
21,052,337
22,004,068
19,801,192
23.397,703
21,113,892
22.000,467
19,344,065
January
February
March
April
May
June
July
August
22,860,526
23.186.341
23.433,705
26,733,094
September
October
November
—
Total 12 months
—V.
143,
p.
20,243,023
23,383,172
19,514,728
20,797,935
21,339,116
23,303.733
23,891,132
-
December
20,168,737
21,556.235
_
23.406.713
22.332.136
45,505,958
39,588,510
39,565,770
19,582,844
20.357.877
21,642,104
22,035,198
20,994,716
36,995,602
$290,378,401$268,744,185$270,679,680$250,512,407
3862.
Yellow & Checker Cab Co.—Accumulated Dividend—
The directors have declared a dividend of $1
per share, payable on account
of accumulations on the 8% cumulative class A
stock, par $50 on March 1
to holders of record Feb. 18.
A $1 dividend was paid on Jan. 1, last and on
Nov. 1 and July 1, 1936, this latter being the first
payment made since
April 1, 1930, when a regular monthly dividend of 33 1-3 cents per share
was distributed.—V.
143, p. 2704.
Yosemite Portland Cement
Corp.—Initial Dividend—
The company paid an initial dividend of 40 cents
per share on the 4%
non-cumulative preferred stock, on Dec. 29 to holders of record Dec. 26.
The stockholders recently approved a
plan of reorganization wiping out
accrued dividends.—V.
143, P. 1897.
Yosemite Valley RR .—Files
Reorganization Plan—
The company has filed with the Interstate Commerce Commission and
the U. S. District Court for the Southern District of
California, Northern
Division,
a
plan for reorganization.
Under the plan, holders of the present first
mortgage 5% bonds, the only
bonded indebtedness, would receive for each
$1,000
Treatment .of Existing Debt and Stocks
Notes—Notes
or
(b) "Workmen's compensation claims,
(c) Unsecured obliga¬
debtor, other than those specifically mentioned aoove.
(d) Cur¬
rent liabilities such as were incurred in the
ordinary conduct of the business
of the debtor prior to the reorganization
proceedings and such as have been
or shall be incurred in the conduct of such
business during the reorganiza¬
tion proceedings.
Management—Upon consummation of the plan, the new company will
the extent that the holders
of notes
All
Delaware,
tions of the
_
Funded Debt and Capitalization of the New Company
account of
on
6%
Preferred Stock—The holders of old 6% preferred stock are to
receive for each share thereof, 3 H shares of new common stock.
Old 7 % Preferred Stock—The holders of old 7
% pref. stock are to receive
for each share thereof, 3)4 shares of new common stock
plus $2.81 in cash.
Bondholders Committee—Lewis S. Morris, chairman; Frederick Ayer,
Keehn W. Berry, Oliver D. Filley, Samuel W. Harper, H. Rivington Pyne,
Mervyn H. Sterne and Caleb
297
$1,847,000 of new fixed interest bonds will be available under the plan
for delivery under the foregoing election.
To the extent of that principal
amount of such new fixed interest bonds so available and not
required for
delivery under such election, holders of notes who exercise such right may
new
first 4s plus a proportionate share of
The
new common
of bonds
$500
of
stock.
new
capitalization would consist of $1,159,000 of first mortgage
4% bonds and an authorized issue of 40,000 common shares.
Existing capitalization consists of $2,318,000 of bonds and 1,761 shares
of common stock.—V. 142. p. 140.
Zonite Products
Corp.—Subsidiaries Dissolved—
The company has notified the New York Stock
Exchange that the fol¬
lowing wholly-owned subsidiaries have been dissolved, and that on Dec. 31,
1936, the company succeeded to all of the assets and assumed all of the
obligations of such subsidiaries: The Agmel Corp.; Annette's Perfect
Cleanser Co.; Forhan Co., Inc.; The Larvex
Corp.; Tower Wines & Spirits
Corp., and the Tower Wines & Spirits Sales Corp.—V. 143, p. 3167.
Financial
298
informed it that the Department
COMMERCIAL EPITOME
1937.
closed 3 down to 9 points
Friday Night, Jan. 8,
i'
Coffee—On the 4th inst. futures
higher for Santos contracts, with sales of 86 lots.
contracts closed 3 to 5 points up, with sales of 45
Rio contracts
New Rio
lots. Old
Rio
milreis for
closed 5 points down, with sales of 2 lots.
300 reis higher at 19.200
futures closed 200 to
for March.
The Rio spot quotation
was unchanged at 19.300 milreis and the open market dollar
rate was 150 reis stronger at 16.500 milreis to the dollar.
Havre futures were 1.75 francs up to .25 franc off.
On the
5th inst. futures closed 8 to 4 points lower for Santos con¬
January and 18.500
New Rio contracts closed 6 to
lots. The old contract was not
traded, and closed nominally 5 points better.
Rio futures
were 250 to
175 reis higher at 19.450 milreis for January
and 16.250 for March.
The Rio spot quotation was un¬
of 62 lots.
tracts, with sales
2
points off, with sales of 40
the open market dollar rate was 20
milreis to the dollar. Havre futures
francs.
On the 6th inst. futures closed 1
changed at 19.300, and
reis weaker at 16.520
eased .50 to 2.00
point
to 2 points lower for the Santos contract, with sales
The new Rio contract closed 3 to 5 points off,
up
of 30 lots.
nominally
prices were un¬
changed to 25 reis lower at 19.450 milreis for January and
18.650 for March.
The Rio spot quotation was 100 reis
higher at 19.400 milreis and the open market dollar rate
The old Rio contract was
with sales of 18 lots.
unchanged.
Rio futures opening and closing
weakened 20 reis
4.00 francs lower.
On the 7th inst. futures
Santos contract,
•
closed 9 to 11 points higher for the
with sales of 185 lots, or 46,000 bags.
Rio contract closed 8 to 15
new
Havre
16.540 milreis to the dollar.
to
futures were 2.50 to
lots, but the old Rio, which is in
points
up,
The
with sales of 97
final liquidation, ran counter
7 sales.
trend and finished 4 to 14 points lower on
to the
Jan. 9, 1937
Chronicle
said to be im¬
of 4 pt to 6
francs per 50 kilos, was at new seasonal highs.
Rio terms
positions quoted in cables to the Exchange were 50 reis lower,
with January at 19.4 and March at 18.6.
Today prices
European demand for Brazilian actuals was
proved, and the Havre market, with a jump
down to unchanged for the Santos contract,
sales of 56 contracts. New Rio contracts closed 5 points
is now ready, as previously
stated, to destroy coffee on a large scale, that destruction
would be started simultaneously at 27 different points and
that indications pointed to an average destruction of 100,000
bags per day.
This will be at a rate larger by nearly 50%
than the world's daily use, the Exchange said.
Recent
destruction in Brazil has averaged just slightly more than
100,000 bags per
month.
Cocoa—On the 4th inst.
futures closed 8 to
12 points
Transactions totaled 437 lots, or 5,856 tons. London
came in 6d. stronger for cash cocoa and 73^d to 3d. firmer
for futures on the Terminal Cocoa Market, with transactions
on the latter rising to 3,790 tons—Local closing: Jan. 11.56;
March 11.57; May 11.60; July 11.64; Sept. 11.66; Oct. 11.64;
Dec. 11.61.
On the 5th inst. futures closed 9 to 16 points
lower.
Transactions totaled 305 lots or 4,087 tons. London
outside, while the Terminal Cocoa
closed 3d. lower to 3d. higher, with 1,680 tons
trading. A leading manufacturer was reported a substantial
buyer of the January contract.
Local closing: Jan. 11.72;
May 11.73; July 11.75; Oct. 11.73. On the 6th inst. futures
closed 3 points higher to unchanged.
Transactions totaled
281 lots, or 3,765 tons.
London came in 3d. lower on the
outside and 13^d to 6d. weaker for the Terminal Cocoa
Market, with sales on the latter 830 tons.
Local closing:
Jan. 11.74; May 11.76; July 11.77; Sept. 11.78; Oct. 11.75.
On the 7th inst. futures closed 18 to 10 points higher.
higher.
came
in 3d. lower on the
Market
Transactions totaled
the
8,174 tons. Continuing
that has carried it from 5c.
610 lots, or
sensational upward drive
early in 1936, futures on the New York Cocoa Exchange,
drove into new high ground yesterday (Thursday),
with the July delivery touching 12 cents during midday. It
was the first time a contract had sold at 12c. or better since
since
Inc.,
September went at 12.10c. in March, 1929. Vigorous new
buying readily absorbed all offerings, and prices closed at
approximately the highs of the day. Local closing: Jan. 11.91;
May 11.94; Sept. 11.94; Oct. 11.93; Dec. 11.81.
Today
futures closed 9 to 20 points up. Sales totaled 768 contracts.
The market boomed today under active foreign buying,
with all active positions crossing the 12 cent level for the
first time in eight years.
March at one time sold at 12.08
cents. There were some recessions as a result of profit taking
sales, but prices at the close were near the highs of the day.
Warehouse stocks increased 5,400 bars overnight.
They
now
total
12.05;
509,000 bags.
May
12.09;
July
Local closing: Jan. 12.00; Mar.
12.11; Sept. 12.12; Oct. 12.10;
Dec. 11.95.
closed 4 points
with
up
to unchanged, with sales
futures
were
Brazil
from
unchanged, while the
40 reis better at
rate was
of 25 contracts. Rio de Janeiro
were
unchanged to
open
market exchange
Cost and freight offers
16.520.
10 points higher.
Mild
steady with Manizales not offered below 12 3^
coffees
were
cents.
Havre futures were at new highs, up 33^ to 4 francs.
as follows:
7.38 July
March
7.25 September
May
closed
7.34
7.36
—7.30
-
Santos coffee
prices closed as follows:
March
10.40 December
10.41
May
July
10.42 September.
10.45
10.38
York
New
Coffee
and
Sugar
Exchange
Inaugurates
Trading in New "World" Sugar Futures Contract
Trading in the new No. 4 "world" futures contract was
inaugurated on the New York Coffee and Sugar Exchange
on Jan.
4.
Fluctuating in a one-to-three-point range the
market closed 13^ to 2 points under the initial levels.
Sales
aggregated 466 lots or 23,300 tons, exceeding the expecta¬
tions of the most optimistic, said an announcement issued by
the Exchange Jan. 4, which added:
The first sale was a lot of March at 1.06c. with
Wallack buying.
and B.
for March, 1937 contracts
of the
contract is
Cuban raw sugar for consumption outside the United
Delivery will be in licensed warehouses in Cuba.
pound.)
a
Brazils, &c., entering what is known as the world
market, other than the United States.
was
A fair portion of the original day's
reported coming from foreign sources.
Previous reference to the new sugar contract
issue of Jan. 2, page
Brazil
The price of
Perus,
cent per pound reflects the current value of all sugars,
San Domingos, Mexicans,
our
The basis
United States quota sugars and is currently selling at about 3c. per
just above
buying
Robert Atkinson selling
Prices during the first day ranged from 1.05c.
to 1.17c. for March, 1938 contracts.
(The present active No. 3 contract on the New York Exchange
States.
covers
Expected
to
Destroy
Coffee
at
Rate
50%
in
Daily Use
The New York Coffee and Sugar
Exchange announced on
Department has
Jan. 4 that the Brazilian National Coffee
appeared in
25.
Excess of World's
It was estimated that about 35,000 tons
including Cubas and Puerto Ricos for
February and March shipment and Philippines for shipment
in various positions from March through June.
In the
London market sellers of afloats were asking 5s. l%d., equal
last
December
Rio coffee prices
Sugar—On the 4th inst. futures closed 1 to 4 points down.
were 493 lots, or 24,650 tons.
Cuban support put the
market up at the opening.
The Wall Street house with the
leading Cuban producing connection absorbed 65 lots of
March at prices ranging from 3.02 to 3.04c.
In the market
for raws sellers generally were asking 4c., but in a few
quarters would have shaded the price 2 or 3 points to do
business.
A few refiners indicated interest at 3.95c., the
Sales
were
paid price.
on
offer at 4c.,
l.OOJ^c. f. o. b. Cuba. On the 5th inst. futures closed
unchanged to 1 point lower, except for November, which
nominally was a point higher.
Transactions totaled 852
lots, the best since Nov. 4. More than half of this volume
was effected in the September position, and there were 230
lots traded in May.
Leading Cuban interests were on the
buying side. In the market for raws sales of approximately
11,000 tons of Cubas, Puerto Ricos and Philippines were
made at 3.95c., unchanged from the last quotation and the
highest foi4 the year. At the close there were three or four
parcels still available at 3.95c., which had not been absorbed.
On the 6th inst. futures closed 2 to 4 points down.
Trans¬
actions totaled 489 lots.
With raw sugar easing 5 points to
to
yesterday (Wednesday), futures in sympathy with
on hedging, short selling and profit taking
dropped back 2 to 4 points. The extreme decline of the day
was 3 to 5 points from the day's highs.
In the market for
raws American, McCahan and National purchased a total
of approximately 11,000 tons of duty frees yesterday at
3.90c., off 5 points from last prices.
At the close it was a
trading market at 3.90c.
For January shipment Puerto
Ricos or Cubas, refiners would pay 3.90c., but there were
offerings in later shipment positions at that level in which
they were not interested.
On the 7th inst. futures closed 1 to 3 points down. Trans¬
actions were heavy, totaling 613 lots, or 30,650 tons.
The
heaviest trading was centered in September, in which 254
lots, switches included, were traded. Prices fluctuated be¬
tween 2.99c. and 2.96c., the market closing at the latter
3.90c.
this
decline,
Volume
Financial
144
In the market for actual raws offerings showed a
moderate increase at the basis of 3.90c. yesterday (Thursday),
price.
but there
no indication that sellers were
ready to shade
An extremely good buying interest among the
refiners was reported at
3.85c., and for nearby shipments it
was reported
they were ready to pay possibly 3.90c., but
nothing was available in the position wanted. As far as
could be learned, no sales were
reported. In the previous
session it was reported that Henderson and American bought
the
was
price.
750 tons of Louisiana
6 to 4 points up,
raws
at
3.90c.
Today futures closed
News of a
resumption of activity in the raw sugar market caused
feverish buying of sugar futures, with the result that the
domestic contract advanced 5 to 7
points. In the meantime
the new world contract advanced 5 to 6^ points, with
September at 1.12 cents and some positions at new highs.
In the market for raws operators paid as high as 3.95 cents
for sugar.
A refiner also was reported as buying. About
12,000 tons of Philippines and Puerto* Eicos were sold.
After that 4 cents
with sales of 460 contracts.
pound was asked. London futures were
unchanged to Hd higher. Raws sold at 0.97H cents f.o.b.
were as
follows:
July
March
3.001 January
2.99 May
September
3.011 December
on
3.03
3.00
3.04
Lard—On the 4th inst. futures closed 5 to 12 points down
the nearby deliveries, and unchanged to 2 points higher
on
the distant months.
Lard stocks in December increased
8,718,896 lbs.
Hog receipts were much heavier than ex¬
pected, the total for the Western run registering 112,400
head, against 103,800 for the same day last year. Hog prices
at Chicago declined 10 to 20c., the top price for the day
registering $10.65. Most of the sales reported ranged from
$10.25 to $10.60.
Export shipments of lard over the New
Year holiday from the Port of New York totaled 162,680
pounds, destined for Hull, England. Liverpool lard futures
were 6d. to Is. higher than
previous close. On the 5th inst.
futures closed 15 to 25 points down.
Heaviness prevailed
throughout the entire session, prices closing at practically
the lows of the day.
Hog prices at Chicago were easy and
closed 15c. lower.
Total receipts of hogs for the Western
run were 109,000 head, against 74,000 for the same day last
year.
The top price for the day was $10.60, with most of
the sales reported ranging from $10.30 to $10.50.
Liverpool
closed 6d. to Is. lower.
Export shipments of lard from the
Port of New York as reported yesterday (Tuesday) were
light .and totaled 29,647 pounds destined for London and
Liverpool.
On the 6th inst. futures closed 2 to 7 points
lower. At one time during the session prices showed maxi¬
mum declines of 5 to 12 points, but some rather substantial
buying on the part of commissions house caused a reduction
of these losses at the close. There was a fairly active demand
for hogs.
The top price for the day at Chicago was $10.60,
with most of the sales ranging from $10.25 to $10.50. Western
hog marketings were below those on the same day last year
and totaled 88,500 against 117,000 head.
Lard exports from
the port of New York as reported yesterday, totaled 61,600
pounds, destined for London and Liverpool.
Liverpool
closed 3d. lower on spots, while the deferred months were
Is. 3d. to Is. 6d. lower.
-
On the 7th inst. futures closed 15 to 20 points up.
The
buying was reported to be largely for speculative account,
improvement being maintained during most of the
session, with prices off just slightly from the top at the close.
Hog prices were higher, prices at Chicago registering a 10c.
gain, the top level being $10.60, with most sales ranging
from $10.35 to $10.55. Western hog run was lighter, totaling
71,800 head against 100,200 for the same day last year.
Liverpool spot price was unchanged, with prices 9d higher,
for January and May deliveries.
Export clearances of lard
from the port of New York yesterday were 179,200 pounds,
destined for Antwerp.
To-day prices closed 5 points down
to unchanged.
At one time during the session prices were
2 to 10 points down, but there was a slight rally in the later
trading.
the
DAILY CLOSING PRICES OP LARD FUTURES IN CHICAGO
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
January
May
July
March
HOL
13.90
14.30
14.45
13.85
14.27
14.42
14.32
*
14.05
14.50
14.70
14.12
14.05
14.02
14.20
14.45
14.62
13.97
14.45
14.62
14.20
Pork—Steady. Mess, $32 per barrel; family, $31 nominal,
per barrel; fat backs, $26 to $28 per barrel.
Beef: Steady.
Mess, nominal; packer nominal; family, $17 to $18 per
barrel nominal; extra India mess nominal.
Cut Meats:
Steady.
Pickled Hams, Picnic, Loose, c.a.f.-—4 to 6 lbs.,
13Hc., 6 to 8 lbs., 13He., 8 to 10 lbs., 13Hc. Skinned,
Loose, c.a.f.—14 to 16 lbs., 21 He., 18 to 20 lbs., 19He., 22
to 24 lbs., 17lie.
Bellies, Clear, f.o.b., New York:—6 to 8
lbs., 19Hc., 8 to 10 lbs., 19Hc., 10 to 12 lbs., 19Hc. Bellies,
Clear, Dry Salted, Boxed N. Y.—16 to 18 lbs., 17 He., 18
to 20 lbs., 17He., 20 to 25 lbs., 17Hc., 25 to 30 lbs., 17Ho.
Butter: Creamery, Firsts to Higher than extra and premium
marks: 32Hc. to 36c.
Cheese: State, Held, 1936, 21 to
22He., Eggs: Mixed Colors, Checks to Specialtpacks: 24c.
to 29He.
<
'
.
Oils—A
feeling of apathy appears to prevail in the Linseed
oil market, though price holds steady at 9He.
Quotations:
China Wood: Tanks, J.-F. 14Hc., M.-A. 14Hc. M.-J.
for'd 13.5c. to 13.7c. Drms., spot 15c.
Coconut: Manila,
v
299
tanks, Coast, nearby—9c., A.-J. 8He., Shipment 9He., to
9He. Corn: Crude, tanks, outside, 10He. to 10He.
Olive:
Denatured, Nearby, Spanish, $1.60; Shipment $1.50 to
$1.55.
Soy Bean: Tanks, mills, futures—10c.; C.L. drms,
11c., L.C.L. 11.5c.
Edible: Coconut: 76 degrees 15He.
Hydrogenated, 16c.
Lard: Prime, 14He.; Extra strained
winter, 13He.
Cod: Crude, Japanese, 49c.; Norwegian
Yellow filtered, nominal; Light, nominal.
Turpentine: 45c.
to 53He.
Rosins: $11.30 to $12.85.
Cottonseed Oil, sales, including switches, 200 contracts.
Crude, S. E., 10Ho.
Prices closed as follows:
January
February
11.47 @11.50
11.50
11.54® 11.57
11.60@
March,
April
May
June
July
i August,
11.68@
11.70®
11.73®
11.75
Petroleum—The summary and tables of prices formerly
appearing here regarding petroleum will be found on an
earlier page in our department of "Business Indications,'
in
the article entitled
"Petroleum and Its Products."
a
Cuba.
Prices
Chronicle
ipii®,
Rubber—On the 4th inst. futures closed 46 to 75
down.
The
points
and near months showed the greatest
decline.
Despite the violent break in prices, maximum
declines at one time ranging from 74 to 108 points—transac¬
tions were relatively light, totaling 3,540 tons.
An unex¬
pected step taken by the International Regulation Com¬
mittee to ease a tight situation in spot and nearby supplies
of rubber, caused a wide open break in prices for the com¬
modity yesterday (Monday) at London, Singapore and New
York.
spot
At London crude rubber
prices dropped about Hd.
In the futures market here the current month
points.
The regulation committee, evidently
alarmed by the advance which carried spot rubber at New
York up to around 23He. a pound a few days ago, informed
British producing dependencies that it will issue export
per
pound.
broke
108
licenses for crude for six months instead of for
months
at
one
to three
Local closing: Jan. 20.55; March
20.63; May 20.53; July 20.44; Oct. 20.30. On the 5th inst.
futures closed 21 to 33 points higher.
Transactions totaled
2,680 tons.
Prices rallied 50 points or more at the start,
but strike news from the auto manufacturing sections
restricted operations in the rubber trade and these gains
were reduced.
Crude values in the outside market gained
about He. net for the day.
Local closing: Jan. 20.80;
March 20.87; May 20.75; July 20.73; Sept. 20.65; Oct. 20.60.
On the 6th inst. futures closed 70 to 82 points higher. Trans¬
actions totaled 4,420 tons. The outside market was featured
by a certain increase in c. i. f. offers, while factory buying
again was only on a small scale.
At the close the nearby
positions of standard sheets were quoted at 21 He. per pound.
London closed firm, with prices Hd. to Hd. higher.
Singa¬
pore closed easier.
Local closing: Jan. 21.60; March 21.67;
May 21.57; July 21.45; Sept. 21.35; Oct. 21.34; Dec. 21.34.
On the 7th inst. futures closed 31 to 40 points higher. Sales
totaled 2,770 tons.
The outside market spot price was
quoted at 22He. for standard sheets, but quotations were
hardly more than nominal.
London and Singapore closed
easy and firm, respectively, the former l-16d. to Hd. lower,
while the latter advanced Hd. in all deliveries.
Local
closing: Jan., 22.00; March, 22.04; May, 21.89; July, 21.76;
Sept., 21.70; Oct., 21.66; Dec., 21.66. Today futures closed
17 to 6 points down.
Sales totaled 164 contracts.
Prices
showed a severe drop at the opening, but as the session
progressed there was a substantial rally of 16 to 17 points.
There was some profit taking on the bulge, and prices fell off
somewhat from the highs of the day.
as
present.
Hides—On the 4th
futures closed 11 to 16 points
relatively light, with transactions
totaling 2,240,000 pounds.
Stocks of certificated hides in
warehouses licensed by the Exchange remained unchanged
at 741,956 hides.
Spot sales in the domestic spot market
were 12,500 hides, which were made last week on a basis of
14c. for light native cow hides.
Local closing: March 14.88;
June 15.12; Sept. 15.35.
On the 5th inst. futures unchanged
to 3 points up.
Transactions totaled 2,160,000 pounds.
Stocks of certificated hides in warehouses licensed by the
Exchange remained unchanged at 74,956 hides. Trading in
the domestic market has been quiet, with the only activity
reported yesterday (Tuesday) included 8,400 hides, with
December-January delivery light native cow hides selling
at 14c.
Local closing: March 14.90; June 15.15; Sept. 15.36;
Dec. 15.60.
On the 6th inst. futures closed 10 to 15 points
lower.
Transactions totaled 2,120,000 pounds.
Stocks of
certificated hides in warehouses licensed by the Exchange
remained unchanged at 741,956 pounds.
Sales in the do¬
mestic spot hide market yesterday (Wednesday) included
4,300 hides at unchanged prices.
In the Argentine spot
market there were 5,000 frigorifico steers sold at 16He. a
pound, while 1,500 frigorifico cow hides were also sold at
15 5-16c.
Local closing: March 14.77; June 15.05; Sept.
15.23; Dec.15.45.
On the 7th inst. futures closed 23 to 33 points higher.
Transactions totaled 8,040,000 pounds. Stocks of certificated
hides in warehouses licensed by the Exchange remained un¬
changed at 741,956 hides.
Business in the domestic spot
hide market was limited to 30,300 hides, with December
light native cow hides moving at 14c. a pound.
Local
closing: March, 15.00; June, 15.28; Sept., 15.53; Dec., 15.78.
Today futures closed 27 to 22 points up.
Sales totaled
230 contracts.
The lows of the day were at the opening.
down.
Trading
was
inst.
Financial
300
Chronicle
Jan. 9, 1937
From these levels
number of votes allocated Malaya 5, Bolivia 4, Netherlands East
tion and closed at about the highs of
Siam 2, Congo 2,
prices advanced almost without interrup¬
the day. Local closing:
March, 15.27; June, 15.55; Sept., 15.79; Dec., 16.00.
Ocean
Freights—At times the freight market has been
fairly active, and at other times very quiet. However, rates
go on up.
Liverpool reported 35s done for Argentine wheat
and 33s for Argentine corn, the latter to United States. Not
to be outdone upcoast tankers have advanced for fuel oil
to 36c., 40c. and 42c.
Some items follow: Tankers: Prompt
Gulf recent to north of Hatteras, 40c.
Grain booked: This
X included 1 load to the Mediterranean at 14c. and 4 to French
Atlantic, 14c.
advices
Coal—Latest
that
are
domestic
the
trade
im¬
proved along the Atlantic seaboard and in the west, but is
hampered by a great deal of open weather. The undertone
of the industrial market is slightly easier.
Retail local trade
in ton and fractional lots is almost brisk around New York.
Bituminous
dumpings at New York on Monday were close
to 575 cars.
Current statistics fully confirm reports of the
maintenance of heavy coal traffic through the holidays.
In
the week ended December 26th Hampton Roads dumped
453,000 tons, a decline of 58,000 tons for one week, but an
increase of 64,000 over a year back. The Cincinnati gateway
interchange stood at 10,785 cars, a drop of over 1,100 cars
for one week, but a lift upward of 3,000 cars over a year back.
Copper—It is reported that American copper producers
working at virtually full capacity, and it is not reasonable
to expect much further increase in output.
It is stated that
the supply of copper here is equivalent to a month and
a
quarter's consumption, but it is felt that surplus stocks can
easily be increased without doing harm to the 12c. price. A
rather interesting development of the week was the action
of the Navy Department at Washington in sending out
telegrams to copper producers asking them to bid on 100
tons of copper free from the restrictions of the Walsh-Healey
Act. This followed advertising for bids on 2,650,000 pounds
of copper twice within the past four weeks, with not a bid
submitted. While producers claimed at the time that they
did not have the copper to spare, it was presumed that
distasteful provisions of the Walsh-Healey Act were partly
responsible.
Subsequently word came from Washington
that the Navy had awarded 100 tons to Kennecott on its
bid of 12,175c. delivered.
are
Tin—The
outstanding development of the week was the
ratifying the
production agreement for another five years,
agreeing to set production for the first quarter at 100/ per
cent of standard. However, it was pointed out that in view
of the larger tonnages assigned to Siam and the Belgian
Congo, the actual production at 100 per cent will be as great
/as before at 105 per cent.
Thus the Belgian Congo quota is
fixed at 11,000 tons per year as against 7,000 tons formerly.
Total standard tonnages for all signatory countries will be
199,850 tons. Decisions may be taken by a majority vote.
While the carryover may not exceed 81-3 per cent of the year's
export allowance, and while signatory countries' stocks may
not exceed 25 per cent of standard tonnages, renunciation of
the agreement on six months' notice is possible if production
of outsiders exceeds 15 per cent of the world output, or
12,500 tons.
The tin business the past week has been
relatively quiet.
'
action of the International Tin Committee in
tin restriction
.
Tin
Restriction
Agreement
Committee—Will
Tin
Ratified by International
Continue
for
Five
Years-
Quotas for First Quarter Fixed at 100% of Standard
,X/, Tonnages
At
A
total
of
11
exports for
the following year
allowance for that year
which
may
be
also fixed the
production quotas for the first quarter of the
year at 100% of the new standard tonnages.
The following
communique of the Committee was made available on Jan. 5
by the New York office of the International Tin Research* &
Development Council:
The International Tin Committee met at Brussels on Jan. 5, 1937.
The
new
carried over shall not exceed 8 1-3%
signed.
.
the Committee to
to
Sir William Firth
the
as
Arrangements
;:
was
Lead—Recently lead has been declining at London, the
being attributed largely to the American
automobile strikes, which are said to have affected all
London metals.
Some of the lead producers here have been
asked to hold up lead shipments because of the automobile
weakness abroad
strike, the requests coming principally from the makers of
Demand for lead in the domestic markets has
batteries.
been
quiet recently, but prices are holding firm at 6c. to
6.05c. per pound, New York, and 5.85c., East St. Louis.
It is assumed as very likely that upon settlement of the
automobile labor trouble, a most healthful reaction will take
place all along the line, especially in the metals. Books were
opened this week for February delivery and a fair demand was
in evidence for that period.
Zinc—Trading has been relatively quiet, though indica¬
tions
point to business totalling near the amount sold last
week, which total was 4,000 tons. The price was unchanged
Stocks of slab zinc
December/
The small
stocks are now regarded as a rather dangerous situatioh.
Moreover, stocks of zinc ore in the tri-State district are re¬
ported also as very light. Production in December was the
largest for the year at 47,050 tons, as against 45,742 tons in
November.
Shipments last month came to 59,821 tons, as
against 57,107 tons in November.
The daily average
production during the year was 1,432 tons, as against 1,182
5.45c. per
at
pound, East St. Louis.
declined 12,771 tons to 44,756 tons at the end of
At the start of the year stocks totaled 83,758 tons.
tons
during 1935.
Steel—Despite the labor disturbance in the automotive
industry, operations in the steel industry are still holding at
the high pace of 793^% of capacity, which is unchanged from
the previous week, according to the "Iron Age."
It is stated
that General Motors Corp. has issued "hold-up orders" to
steel mills and parts suppliers, but these are giving the steel
industry an opportunity to catch up on deliveries to mis¬
cellaneous consumers whose orders have been piling up in
heavy volume during recent week. It is further stated by the
"Iron Age" that the Pittsburgh district has been least
affected by the automotive situation, as steel for motor cars
forms a smaller part of steel production in that area than
elsewhere.
Pittsburgh ingot output has, in fact, increased
one point to 79% of capacity, and the Wheeling district is
also up a point to 95% of capacity.
It is the belief in the
trade that the settlement of the strikes will be followed by
renewed pressure
from automobile plants for steel to make
for lost production.
The review further states that all
major consuming outlets for steel continue to press
forward.
Railroad shops and car and locomotive builders
are taking more steel, the agricultural equipment industry
starts the new year most favorably, tin plate production
continues at 95% of capacity.
It is stated that steel mill
bookings grew enormously the last week of the old year, and
some companies have to go back to war years for like totals.
Another steel authority asserts that output of steel in the
United States is up 40% above a year ago.
up
other
World Steel
Output During 1936 Established New High
Mark
V
K
representative of fin
v
topped the 120-million-ton
mark, thus exceeding all prior records in the history of steelmaking, according to the magazine "Steel," which further
reports:
a
in
the United
Kingdom.
representative of tin consuming
26.8%
<
The terms of the new International Tin Control Scheme have now been
The Scheme shall operate from Jan. 1, 1937, to Dec. 31, 1941.
The following standard tonnages are allotted:
Belgian Congo
13,200
46,490
3,000
71,940
-
Bolivia.
French Indo China
Malaya
By the terms of
may not
French
per
a
Netherland East Indies—
Nigeria
Siam.
-
36,330
10,890
18,000
The Committee shall fix the quotas.
Indo-China shall not be required to produce less than
Each
iron
delegation shall vote
gross
tons, an
For pig iron, the total production was
1935, an increase of 23.2%,
being the largest since 1929.
United States in 1936, with
Production of steel ingots and castings in the
30,690,000 tons, up 32%.
43% over 1935; and coke pig
This country's share in world output was
Stimulated by the race for "defensive
of
armaments" in 1936, the nations
Europe produced 66,040,000 tons of steel, 18.9% over 1935, and 52,050,-
000 tons of pig iron, an increase of
with
16%.
r
.
.
a
steel output of over
as
one
1,800 tons
unit with the following
19,000,000 tons and a pig iron output of over
Russia followed Germany with 16,000,000 tons of steel and
14,000,000 tons of pig iron.
Great Britain was third in steel output, with
11,700,000 tons, then
came
and Belgium with 3,120,000 tons.
last year again led with a per capita consumption of
France with 6,585,000 tons
The United States
than in 1935. Germany's per capita consumption
Belgium-Luxemburjg 615 pounds; Great Britain 483
pounds; France 445 pounds; Russia 216 pounds; Japan 137 pounds, and
840 pounds, 44% more
was
supplementary agreement, Siam's standard tonnage
be reduced below 11,100.
annum.
that of 1935.
against 72,713,000 tons in
last year's output
15,000,000.
Advices from London, Jan. 7, by Reuters Trade News
Service, had the following to say:
published.
over
Again in 1936 Germany was well ahead of the other European nations
Quotas for the first quarter of 1937 were fixed at 100% of the new
tan dard tonnages.
123,640,000
Production of steel ingots and castings was
39% for steel, and 33.8% for pig iron.
consumers
being made to invite
are
X
World output of steel in 1936
invited to attend the meetings of the Com¬
nterests in the United States of America.
5.
be allowed temporarily to exceed their permissible
.output.
December estimated, was 48,812,000 tons,
Chairman, respectively.
mittee
of the permissible
Any territory may, in the event of hostilities wherein it is involved, apply'
agreement for continuance of tin control until the end of
Sir John Campbell and A. Groothoff were elected Chairman and Vice-
4.
If the yearly
permissible allowance, the quota deficiency
The stocks within any territory shall not exceed 25% of standard tonnage.
89,615,000 tons,
1.
2.
was
exceeds the permissible export allowance,
will be limited to the permissible export
exports for that year.
increase of
International Tin Committee Communique
3.
If the yearly
proposal.
less the excess of the previous year.
exports are less than the
net
any
meeting in Brussels, Jan. 5, the International Tin
a
Committee ratified the agreement to continue tin restriction
for a period of five years from Jan. 1,1937.
The Committee
1941
in favor shall carry
exports from any territory
net
India|4.
'
Nigeria 2, Indo-China 1.
votes
662
pounds;
Italy 120 pounds.
Pig Iron—Attention is being called to the world wide
shortage of pig iron, which is, as yet, not felt in the United
States. However, with the continuance of the present high
pace
of steel production in this country, it will not be long
i
Volume
Financial
144
before the shortage of pig iron may become acute, authorities
assert.
But little foreign iron is being sold to the United
States
these
arrivals
days
those
are
as
on
there is
to sell, and the only
mean 15,000
none
301
Chronicle
The
following table shows the week's total receipts, the
1, 1936 and stocks tonight, compared with
total since Aug.
last year:
This will
old contracts.
20,000 tons of foreign iron per month will have to be re¬
placed along the Atlantic seaboard by domestic iron and
result in an increase in the tight position locally, observers
claim. Another factor pointed to as likely to make pig iron
scarce here is the
certainty that many furnaces will have to
close down for relining before long.
In the case of most of
the furnaces now operating the blast has been turned on
full for many months, and it is expected that the time is
near at hand when
many will shut down.
Conditions are
reported as dull in the local iron market. It is stated that
the automobile strikes
will have
effect
no
on
the Eastern
situation, but may slow down pig iron business in the Middle
West, particularly at Cleveland.
Receipts to
Since Aug
Week
values
that
to
appear
levels
higher
will
be holding firm, with
be reached after the
Australian market has shown its trend.
As
a
matter of fact,
the
upward momentum has been accelerated rather than
checked on prospects of the Australian market reaching new
high selling bases in the near future. The advance has been
steady for the past ten weeks in domestic wools. Compared
with the average selling price of the territory wool group in
October, the current market shows a gain of 21 per cent,
while the fleece wool group at this time is 28 per cent above
the average selling price of the group for October.
Some
Boston houses are now dickering over contracts for the
spring Texas clip, and some buying is reported under way
in the Northwestern territory.
In view of the strong wool
situation
here
and
abroad,
growers
undoubtedly are
strengthened in their convictions that high prices must
obtain, and contractors very likely will find it hard to secure
new clip wools at prices that may seem safe and reasonable.
Immediate interest of the wool trade is
now
centered upon
This
1, 1936
Galveston
18*964 1,154*642
Corpus Christi
Beaumont
279,959
11,871
37*432 1,445,765
184,279
4,971
82,722
*"*7
3,607
104,229
3,881
378
__
New Orleans
Mobile
1, 1935
1936
1937
750,860
14,680
642,119
47,510
23,836
836,983
22,461 1,301,001
250
43,589
33,233 1,404,818
621
256,525
31,162
35*660 1,358,273
327,797
3,114
134,858
24,617 1,528,923
Taxas City
Houston
Since Aug
Week
This
Jan. 8
50
560,609
59,887
26,545
693,107
117,914
601,468
158,662
20,167
4,299
196,365
1,244
281,333
*774
193*195
*6*2",042
46" 167
124
530
55,291
17,639
28,667
19,361
21,836
32,859
24,630
22,858
34,762
"*557
Savannah
144", 112
4
Jacksonville.
6,584
2,448
153,623
1,577
Pensacola, &c
*4*645
1*294
*1*3", 602
2,701
1,075
1,475
3,531
Brunswick...
Charleston
Lake Charles
Wilmington
897
Norfolk.
Wool—Wool
indications
Stock
1935-36
1936-37
to
841
53,701
17,807
23,986
2",532
18,614
99
Newport News
New York
Boston
Baltimore
133
Philadelphia
98,804 5,451,281 2,598,281 2,594,636
96,101 5,053,017
In order that
comparison may be made with other years,
give below the totals at leading ports for six seasons:
we
1931-32
1932-33
71,680
60,744
104,999
12,471
4,103
1,535
1,222
1,125
22,461
33,233
35,060
3,114
1,244
17,160
13,841
16,189
572
30,576
27,588
36,145
1,187
1,468
*1*577
'"*774
*2*938
1,572
"l",661
897
841
99
138
263
1,298
530
1,599
618
656
646
2*921
"2*289
"2*655
"5*378
*1*0", 755
*1*6", 132
96,101
98,804
55,462
105,070
168,774
274,657
24,617
Houston
18,964
37,432
4,971
3,881
Orleans.
New
1933-34
1934-35
1935-36
1936-37
Receipts at—
Galveston
Mobile
Savannah
Brunswick
970
275
"
Charleston
Wilmington..
Norfolk
N'port News.
43,821
70,160
32,768
4,879
2,776
"
All others
Total this wk_
the
opening of the second half of the Australian season, at
which time Japan, under the pact concluded with Australia,
will appear as a formidable competitor for the wools offered.
futures closed
23^ to 4J^c. up.
Transactions totaled 3,720 bales compared with 850 bales the
previous day.
Buoyed by statistics on takings of all sorts of
raw silk by American mills during December, raw silk con¬
tracts on the Commodity Exchange, Inc., moved sharply
higher during an active session. Consumption for December
totaled 41,627 bales, a moderate g|dn oyer November and
well above estimates generally msule^bV the trade.
Local
closing: Jan. 2.03March 2.05; M^yj2.043^; July 2.033^.
On the 6th inst. futures closed 23^ to 4c. down.
Transac¬
tions totaled 2,600 bales.
The failure of the Japanese
markets to respond to the recent favorable action of domestic
markets, had a rather depressing effect on traders here and
accounted in large measure for the heaviness that prevailed
in the local market.
After an extended shut-down to permit
Silk—On the
5th
inst.
year-end settlements, Japan came through 73^ to 10 yen
higher for Grade D, putting it at 905 yen in both Yokohama
and Kobe markets.
Bourse prices at these centers were 5
Aug. 1.. 5,053,017 5,451,281 2,305,654 5,592,961 6,113,990 6,809,369
Since
for the week ending this evening reach a total
The exports
136,231 bales, of which 47,662 were to Great Britain,
15,306 to France, 17,009 to Germany, 7,811 to Italy,
26,638 to Japan, 550 to China, and 21,255 to other des¬
of
In the
tinations.
corresponding week last year total exports
228,369 bales.
For the season to date aggregate exports
have been 3,017,212 bales, against 3,712,954 bales in the
were
Below
period of the previous season.
same
the exports
are
for the week.
Jan. 8,
1937
Ger¬
Great
Exports from—
France
Britain
Galveston
21,553
8,404
15,603
1,296
Houston
New Orleans
Lake Charles
Jacksonville
Japan
Total
Other
China
420
2,978
2,516
3,147
3,117
50
80
8,593
3,894
5,582
2,986
60,571
23,253
44,470
6,798
*200
,
13,774
3,489
9,375
1,547
6,489
2,713
7,735
8,195
1,556
869
137
137
Savannah
Italy
many
669
"*61
"*72
47,662
15,306
17,009
7,811
26,638
550
21,255 136,231
Total 1936
28,078
32,223
6', 946
89,853
2,966
bales, with transactions in futures totaling 7,800 bales. Local
closing: Jan. 2.00; Feb. 2.02; March 2.02; May 2.01H;
July 2.00.
On the 7th inst. futures closed 3^c. to a3^c. up.
Trans¬
actions totaled 1,700 bales.
Cables reported grade D at
Yokohama- dropped 73^ yen to 8973^ yen, and declined 5
yen at Kobe to 900 yen.
Bourse quotations at Yokohama
were 1 to 11 yen higher and at Kope 1 yen easier to 3 yen up.
Sales of actual silk at both centers totaled 700 bales, while
transactions in futures totaled 5,375 bales.
Local closing:
Total 1935
18,539
40,175
8,311
3,483
11,490
22,831
28,128 228,369
17,838
82,492
2.013^; Mar. 2.03; May 2.023^; July 2.01.
To-day
prices closed 3^c. to 23^c. higher. Sales totaled 184 con¬
tracts.
The strength displayed was attributed to better
cables from Japan and the firmer spot situation.
Local
closing: Jan. 2.023^; Mar. 2.05; May 2.04; July 2.033^;
Aug. 2.00.
Jacksonville
yen
higher to 4 lower at Yokohama and 3 yen up to 5 yen
sales for both markets
Cash
down at Kobe.
were
1,300
Jan.
Norfolk
Total
Exported to—
From
Aug. 1,1936, to
Jan. 8,
Britain
Exports from—
Houston
Corpus Christi*
Beaumont
Orleans..
Lake Charles..
Mobile
Pensacola, &c.
Savannah
Charleston
Wilmington
Norfolk
New York
The
4
Movement
Total.
1935-36.
Total
1934-35.
*
21,193
98,907
11,516
129
7,167
5*400
12,438
4*751
2*850
2*106
372
7,262
2,502
655
18,000
2*222
6,283
482
166
60
955
987
391
'*10
1,466
1,147
100
"~54
3,564
2,560
50
487
846,567 500,603
417.867235,822
Includes exports
100
58,407
15,464
3,831
2,460
1,169
951,220
624,875
194,645
11,140
680,772
42,783
136,017
2,677
74,953
79,163
104,864
1,200
10,132
2,878
2,466
1,788
1,215
3,816
71,886
18,722
824,868
13,997 392,7043017,212
506,844210,476 1045,772
229,652 244,443 1000,633
21,580581,112 3712,954
55,993404,4972588,907
684,401 510,125 422,799168,318
Total
355
*580
97*288
252
4,528
1,552
San Francisco.
from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 96,101
bales, against 117,505 bales last week and 119,319 bales the
previous week, making the total receipts since Aug. 1, 1936,
5,053,017 bales, against 5,451,281 bales for the same period
of 1935-36, showing a decrease since Aug. 1, 1936, of 398,264
3,359
33,685
1,258
26,908
29,454
33,941
12,342 127,779
620 96,367
50
966,
91,93l! 36*280
"222
Boston
_.
grams
107,259
73,682
8,640
58,724 378,879
51,570 183,813
64,395
8,045
Total
Other
China
Japan
Italy
many
133
2,170
Gulf port
Baltimore.....
Friday Night, Jan. 8, 1937
of the Crop, as indicated by our tele¬
France
122,255 143,982
122,882 95,941
50,970 41,048
913
9,211
175,372 180,414
9,128 18,651
55,685 21,642
1,419
1*091
37,247
1,791
39,629
50,421
1,200
254
1,373
Galveston
New
Ger¬
Great
1937
Philadelphia...
Los Angeles.
COTTON
133
from Brownsville.
*
In addition to above exports, our
give us the following amounts
cleared, at the ports named:
.
telegrams tonight also
of cotton on shipboard, not
bales.
On
Receipts at—
Houston
Christi..
New Orleans
4,390
3,322
519
7,077
1,639
37,432
777
8,036
1,484
1,421
Jacksonville
—
998
Savannah
141
Charleston
297
Wilmington
•
-
-
—
-
—
—
378
-
-
7
273
—
-
-
-
257
143
198
125
314
....
Galveston
Houston
New
Orleans..
7
3,881
27,422
18,977
9,367
8,762
3,400
4,123
15,938
Other
wise
5,000
36,100
6,000
282
8,000
2,072
1-4,294
536
4
25
897
29
32,091
14,983
715
1,304
2,532
1*643
2*550
19,346
96,101
Total
68,500
39,283
46,519
4,193
Norfolk
Other ports.
Total 1937-.
Total 1935
768,483
521,426
646,588
153,623
62,042
113,721
32,859
141,044
_.
841
1,880
Stock
Coast¬
Foreign
Charleston
1,577
Mobile
Total 1936
12,227
Ger¬
many
France
Savannah
7
627
175
4,971
447
_
351
-
652
Baltimore
Totals this week.
—
175
...
—
■'
4
Lake Charles
-
Leaving
Britain
24,617
18,964
657
Mobile
Norfolk
3,587
4,119
2,105
1,547
—
Shipboard Not Cleared for—
Jan. 8 at—
Total
1,692
1,752
3,544
4,037
7,396
3,526
378
14,597
Fri.
Great
552
6,293
3,983
Galveston
Corpus
Thurs.
Wed.
Tues.
Mon.
Sat.
26,011
45,288
9,532
24,366
11,118
6,048
-
1
6,586
13,602
7,406
94,817
70,081
61,671
'
6,715 158.495 2,439,786
2,900 142,989 2,451,647
1
1,850 86,507 2,818,384
Financial
302
Speculation in cotton during the week
active.
There was nothing
encourage any
was
moderately
in the week's developments to
Chronicle
Staple Premiums
60% of average of
six markets quoting
as
ance
has
an
overshadowing
affected
grades established
14,1937
are
the average quotations of the ten
markets designated by the Secretary of
Agriculture.
Jan.
1937
7.
cotton being regarded some¬
15-16
what
Differences between
for deliveries
for deliveries on
aggressive action on the upward side of the
market, the government loan
Jan. 9, 1937
influence.
The
1 Inch 4
men
longer
labor disturb¬
commodity markets generally, and in a
.39
on
contract to Jan.
.White
Middling Fair
do
Strict Good Middling.
.72
trade.
.39
.72
.39
.72
The
long-awaited Government plan for disposition of 3,000,000
bales of cotton held against loans to farmers, was published
.39
.72
Strict Middling
_
.38
.70
Middling
_
Strict Low Middling..
.
Mid.
64
Good Middling
rather remote way it has had its effects on the cotton
On the 4th inst.
over
the
prices closed 8 to 11 points down.
holiday.
mission houses and from Wall Street.
The Government loan
cotton appears to have an overshadowing influence.
It is
believed there will be no aggressiveness displayed on the
upward side of the market unless something of a drastic
nature develops capable of overcoming the seeming handi¬
caps.
Houses with foreign connections were fairly good
buyers, and toward the close the market rallied on price
fixing both by domestic and foreign mills. Average price of
middling at the ten designated spot markets was 12.69c. On
the 6th inst. prices closed unchanged to 5 points higher.
Developments were a little more encouraging both as to
news and the action of traders.
Improved demand for tex¬
tiles and a more hopeful outlook for the automobile strike
were influences that played a considerable part in keeping
the market steady during most of the session.
There was
less pressure to sell and the market gave evidence of a firmer
technical position, following the recent liquidation.
Mills
seemed willing to fix prices below levels indicated by the
Government as the minimum at which loan cotton could be
repossessed. When prices rallied to a basis of 12.37c. for
March, or within striking distance of the level which would
raise the average spot price to the 12 %c. mark, selling orders
markets as officially reported, were generally
higher, except Norfolk, which was 5 points
Average price of middling at the ten designated spot
Southern spot
6 points
lower.
markets
was
.72
.72
.70
.49
The
close,
due to relatively heavy pressure in the form of liquidation
and selling against five notices.
At the advance the active
positions were up $1 to $1.25 a bale from the lows earlier in
the week, the market more than recovering what it had lost
on the prospects of sales of government holdings.
Active
trade, commission house and foreign buying was in evidence,
this apparently being influenced by a better outlook concern¬
ing the labor situation, the upward trend of the stock mar¬
ket, and good showing of the textile markets.
Demand was
do
do
do
do
do
.
♦Good Ordinary
Good Middling
.36
.65
Strlot Middling
.25
.45
Middling
do
do
do
1.25
—
do
Strict Middling
do
do
.
do
do
2.38
do
do
.Gray
Good
Middling.
Strict Middling
.45
do
2.20
do
do
do
1 54
_
.
do
do
Good Middling...... .Yellow Stained..
do
do
♦Middling
do
do
_
•Middling
do
do
_
♦Low Middling.
.45
do
35 off
do
.
_
.43
do
1.91
do
_
♦Strict Middling
*
do
.........
.Tinged..
Good Middling
♦Middling
J27
2.37
do
.
♦Strict Low Middling..
•27
do
do
do
_
♦Low Middling
•25
do
1.80
do
_
♦Strlot Low Middling..
do
do
do
.Spotted—
.65
.48
48 off
do
_
.36
.25
do
do
_
.
.48
.....
do
do
.
Low Middling
♦Strlot Good Ordinary.
.25
do
do
do
do
.
Strlot Low Middling..
.61
.27
Ml
2.37
do
do
Middling.
.32
49 off
1.14
do
.Extra White....
Good Middling
Strict Middling
.38
do
do
_
.39^
do
do
.
-
do
35
do
.
.39
1.13
do
.
do
Not deliverable on future contract
RFC
and
CCC
" Reasonable Amount" of
Cotton—3,000,000 Bales Now
Release
to
11 and 12-Cent Loan
Held by Government
Commodity Credit Corporation and the Reconstruc¬
The
beginning Feb. 1 and continuing
tion Finance Corporation,
April 1, 1937, will release a "reasonable amount" of
the 3,000,000 bales of cotton held against 11c. and 12c. loans,
said a statement issued Jan. 2 by the COO with the approval
until
of
and Jesse H. Jones,
1936,
approximately
Secretary of Agriculture Wallace
of
the
RFC.
During
Chairman
1,400,000 bales of the 1933 and 1934 cotton crops upon which
pound were
the CCC and the RFC had lent 11c. and 12c. a
sold, the announcement pointed out, "by allowing the pro¬
ducers a small concession from the loan price in considera¬
tion of their assistance in selling the cotton.
bales
netted
None of this cotton
and that the
a
sold during
was
that the 1936
appears
This 1,400,000
the
Corporation approximately 11.75c.
The announcement of the CCC continued:
pound."
the harvest
season
of 1936.
per
It now
has been practically absorbed by the market,
crop
producers have realized,
upon
the average, approximately 12c.
pound.
order to
In.
available
make
reasonable amount of the
a
3,000,000 bales
remaining under the 11c.
and 12c.
both
the CCO and! the RFC, beginning Feb. 1,
demand,
1937,
continuing until April 1, 1937, both dates inclusive, will release to
producer borrowers, or their order, cotton held under the loans at the
prices and upon the terms and conditions hereinafter stated, reserving the
domestic and
export,
loans,
to
supply the normal
and
right,
loan
days'
10
up
agencies,
notice
change
to
the public
through
given
the prices, terms
press
conditions
and
and
at
the RFC
which the
cotton will be released.
The
following is a summary of the terms and conditions
by the COO Jan. 2:
announced
as
Producers may
1.
the
preceding day,
between
in
the
average
various
agencies,
3.
less than
the
appropriate
where
at the
spot markets
designated
differences to equalize values
the
cotton
is
stored;
%-inch price at the designated) spot
as
provided that
markets shall
v' !".
showing the locations where the loan cotton is stored and
applicable
early
as
Where
with
than 12.75.
less
schedule
A
differences
%-inch cotton
locations
middling
event be
no
2.
the
their loan cotton at 25 points less than the
repossess
price of middling
average
on
points higher.
January delivery, however, was 1 point down at the
Low Middling
♦Good Ordinary
said
12.72c.
On the 7th inst. prices closed 10 to 16
.49
do
.54
♦Strict Good Ordinary.
encountered in sufficient volume to check the advance.
2 to
.61
.27
It appeared to be bearishly construed
by the generality of traders, and as a result many traders
sold freely, prices dropping off 13 to 17 points.
Part of
these losses were recovered toward the close on trade pricefixing and covering.
However, substantial losses were
registered at the end of the session.
The Government
plan calls for release of a reasonable amount of cotton to
farmers at }{q. under the average spot price at the desig¬
nated spot markets on the previous day provided the value
shall not be less than 12 %<s.
The plan also included differ¬
entials on grade and according to locality, and with sales to
be made between Feb. 1 and April 1.
Traders seemed con¬
siderably concerned over the question of the basis to be
announced and the fact that low-grade cotton, especially
low middling and strict low middling, has not been selling
well.
The feeling prevails that the Government may name
a lower figure in order to dispose of this character of cotton.
The situation generally does not offer much encouragement
to aggressiveness on the buying side, especially with unsettled
labor conditions and the extremely delicate political situation
abroad. On the 5th inst. prices closed 1 point up to 4 points
off.
Heaviness prevailed during most of the session as a
result of liquidation and selling for New Orleans account.
There is still considerable uncertainty over the probable effect
of the forthcoming sales of government cotton.
The labor
situation and political news from Europe also had a disturbing
effect.
Considerable long cotton camt out through com¬
were
.32
.
the
will be made
the RFC loan
single release is of an average value
middling %-inch, COO will refund the borrower or
the value of
by
party to whom the cotton
value and
available through
practicable.
as
cotton covered
the
value
a
is released
the difference
between the said
of
middling %-inch, provided that for the
purpose of grade and staple claims no cotton will be considered as below
low middling in grade and no.12c. loan cotton will be considered as less
average
than
%-inch staple,
with
which
is
in
accordance
with the
terms of the
loan
The average value of the cotton will be computed in accordance
agreement.
grade and staple differences to be published by OCO and made avail¬
particularly active in March, although as the day advanced
purchasing broadened, and toward the close there was
active general buying.
January was under constant pres¬
able at the RFC loan
time selling down 7 points to 12.30c. and clos¬
Reports from the
dry goods markets of continued active demand stimulated
agent for any loss in total weight.
sure, at one
ing at 12.36c., or 11 points under March.
4.
heavy movement of gray goods into consuming channels.
will
5.
where
time cotton
6.
is
invoiced
will
Borrowers
instances
be
7. No
8.
required
to
at
required to
in
ports
pay
those
of
denced
only
in
those
on
flat cotton and
the cost of compression and patching
instances
release must be submitted
the
in
only when
transaction
certificate
where
such
charges
have
To insure against*
the cotton
in
mailed
in
on
form provided by COO.
through the RFO loan agencies and will
or
between the
included
The OCC further
retain
charges
partial releases of cotton securing a single note will be permitted.
All requests for
acceptable
date
freight
by OOC.
Such forms will be made available
be
pay
price at port locations will be based
stored
been advanced
the
released.
The release
cotton
as
at
freight bills having refund value can be delivered at the
the borrowers will be
on
agencies,
early as practicable.
original weight shown in the note
and OCO will reimburse the -borrower or his authorized
be
and loan agreement,
active
trade price-fixing.
Southern spot markets, as of¬
ficially reported, were 10 to 14 points higher, except Nor¬
folk, which was unchanged.
Average price of middling at
the 10 designated spot markets was 12.82c.
Today prices closed 1 to 8 points down.
Trading was
moderately active, with prices tending lower.
There was a
further circulation of January notices in the afternoon, and
some selling took place in that position, which was
quoted
at 12.29c., off 7 points.
Wall Street appeared chiefly inter¬
ested in the distant deliveries, with a good deal of atten¬
tion paid to July.
The South sold, but there was not much
pressure against any particular month coming from that
section.
Domestic and foreign purchasing supplied most of
the demand, and mill interests were accumulating contracts
against continued hedge sales of textiles at rising prices.
Some of the early price-fixing was believed to be due to a
Cotton
delivered within 10 days from the
purchaser and the borrowers, as evi¬
the form provided)
by OOC.
explained:
warehousemen buying the equity in cotton in order to
storage,
warehousemen are hereby placed upon notice
that COO will not pay any
the producers' equitv and
the
required time.
charges on cotton if the warehouseman purchases
does not obtain release of the cotton within
Warehousemen will be required to furnish satisfactory
evidence that this provision
any
storage charges to the
has been complied with,
owner
of the cotton.
as
COO will not pay
Volume
Financial
144
The official quotation for
New York market each
middling upland cotton in the
day for the past week has been:
Jan. 2 to Jan. 8—
Sat.
Tues.
Hoi.
Middling upland
Mon.
12.91
12.91
Futures—The
highest, lowest and
New York for the past week have been
Saturday,
Jan.
Jan.
Monday,
2
Jan.
Jan.
Jan.
5
12.96
13.01
13.07
closing prices
as follows:
Wednesday,
Tuesday,
4
Fri.
Wed. Thurs.
Friday,
Thursday,
Jan.
6
at
Jan.
7
8
303
Chronicle
Continental imports for past
The
week have been 94,000 bales.
above
figures for 1936 show a decrease from last
35,936 bales, a gain of 161,553 over 1935, an
increase, of 178,287 bales over 1934, and a decrease of
1,917,300 bales from 1933.
week
of
At the Interior Towns the movement—that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
detail below:
(1937)
Range..
12.29-12.42 12.27-12.36 12.28-12.38 12.30-12.42 12.29-12.43
Closing
12.35
_
12.37-12.38 12.36
12.35
12.3771
12.33
12.3877
Feb.—
Movement to Jan. 8,
Movement to Jan.
1937
10, 1936
Range__
Closing
12.33rc
_
12.3271
12.4171
Towns
Receipts
Mar.—
merits
Range__
Closing.
12.31
Week
12.25-12.38 12.24-12.34 12.27-12.37 12.39-12.48 12.37-12.49
Ala., Birming'm
163
15
61,632
8,450
39,572
52.879
165,839
31,479
57,194
53,434
18,789
171,208
27,225
Pine Bluff...
2,256
119,097
Walnut Ridge
Ga., Albany...
45
42,948
15
13,018
25,560
Eufaula
Closing.
12.25n
12.3071
12.2571
12.3477
12.4171
61
20
-
Closing.
12.27
12.23-12.24 12.35
12.18-12.19 12.19
June—
HOLI¬
Ark., Blythvllle
338
Forest City—
Helena
195
Hope
12.12-12.28 12.11-12.22 12.12-12.25 12.28-12.35 12.25-12.37
Range..
500
Montgomery.
Selma
May—
Range._
162
34
DAY.
_
12.1471
12.1971
12.1571
12.2477
12.3071
July—
Range..
12.05-12.20 12.04-12.13 12.05-12.17 12.18-12.27 12.18-12.28
Closing.
12.10
12.15
12.10
12.25
12.21
—
Aug.—
Range—
Closing
Sept.—
11.9871
_
12.0171
11.9771
12.0977
12.1377
Jonesboro—
24
Little Rock_.
Closing
1,720
Newport
Athens
190
Atlanta
Range._
Closing.
11.8671
11.8771
11.8472
11.9777
12.0171
14,096
Augusta
Columbus
1,936
400
Macon
Oct.—
Range—
11.69-11.84 11.66-11.77 11.66-11.78 11.80-11.91
ll.82-ll.94
366
Rome
205
214,696
154,214
11,625
35,760
20,298
11.75-11.76 11.72
.
11.74
—
11.90
11.86
11.9071
—
11.8677
Nov.—
La., Shreveport
136
Miss.Clarksdale
Closing
2,592
146,507
37,488
3_,061
244,890
57,841
15,672
37.880
51,041
189,570
6,367
99,033
Columbus
Range..
Closing.
11.7771
11.7571
11.7471
Greenwood.Jackson
Dec.—
Range..
11.75-11.88 11.72-11.79 11.70-11.78 11.82-11.90 11.82-11.95
Closing
11.80
.
11.7671
11.7671
—
8
Week
11.90
11.87
—
165
Natchez
15
317
Vicksburg
Yazoo City—
Range for future prices at New York for week ending
Jan. 8, 1937, and since trading began on each option:
13
Mo., St. LouisN.C.,Gr'nsboro
Nominal.
12,143
347
I,357
406
2,863
997
3,210
661
2,077
1937— 12.27 Jan.
Feb.
1937.
5 12.43 Jan.
8
9.76
9.94
.
Jan.
9 1936 12.78 July
Feb. 25 1936 12.76 July
11
9
1,062
230
286
183
320
712
532
38
80
6,777
1,418
2,000
105
939
25
1,724
199
2
3,665
13,434
251
16,360
46
12,143
1,402
6,279
139
2,957
15 towns
1,588
580
S.C., Greenville
Tenn., Memphis
Texas, Abilene
3,416 100,205
93,107 658,621
512
4,741
168,827
3,687
131,752
70,427 1,925,498
3,841
13,188
326,407
96,771
3,220
56,640 1,393,409
49,186
1,673
111
17,530
20
11,174
1,121
43,101
277
32,372
3
10,504
42
4,663
274
23,020
506
76,734
83,061
151
37,736
43
Brenham
20
10 1936
Dallas
1,159
15,849
5,975
75,107
1,222
1,157
2,222
10,802
397
68,400
1,408
8,409
"91
8 11.52 Nov. 12 1936 12.54 Dec. 28 1936
Paris
10.20 Mar. 27 1936 12.78 July 10 1936
8 11.51 Nov. 12 1936 12.46 Dec. 28 1936
1
13,697
32
San Antonio.
50
100
755
Texarkana
65
8,533
34,409
76,891
580
10,006
1,151
4,969
July
Nov. 12 1936 12.40 Dec. 28 1936
5 12.28 Jan.
8 11.41
6 11.94 Jan.
8 11.05 Nov. 12 1936 12.09 Dec. 28 1936
6 11.95 Jan.
1937— 12.04'Jan.
8
11.50 Aug. 29 1936 12.55 July 27 1936
11.52 Nov. 4 1936 11.56 Dec. 12 1936
Aug. 1937—
Sept. 1937—
Oct.
10 1936
1937— 11.65 Jan.
Robstown
1937—
ii.70
Jan.
11.56
Dec.
17 1936
12.13"
Dec. 28 1936
_.
Waco
360
*
Supply of Cotton tonight, as made up by
telegraph, is as follows.
Foreign stocks as well
this week's returns, and consequently all foreign
figures are brought down to Thursday evening.
To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States, for Friday
only.
cable and
as
afloat
are
Jan. 8—
Stock at Liverpool
Stock at Manchester
1937
1935
1934
Stock at Venice and Mestre
Stock at Trieste
879,000
726,000
264,000
198,000
20,000
985,000
608,000
63,000
78,000
9,000
4,000
930,000
326,000
173,000
27,000
79,000
534,000
-
Stock at Genoa
848,000
82,000
28,000
11,000
7,000
Stock at Bremen
Stock at Havre
632,000
94,000
920,000
205,000
258,000
25,000
-
Total Great Britain
Stock at Rotterdam
Stock at Barcelona
1936
811,000
109,000
bales.
636,000
64,000
15,000
7,000
106,000
304,000
26,000
'
91,000
143,000
9,000
8,000
above
totals
show "that
.during the week
Total
691,000 1,189,000
—.1,454,000 1,362,000 1,621,000 2,174,000
124,000
117,000
102,000
89,000
313,000
384,000
209,000
321,000
Egypt, Brazil,&c.,afl't for Europe 128,000
135,000
157,000
83,000
Stock in Alexandria, Egypt
382,000
334,000
325,000
457,000
Stock in Bombay, India
728,000
509,000
602,000
738,000
European stocks
India cotton afloat for Europe—
American cotton afloat for Europe
Stock in U. S.
the
Stock in U. S. interior towns
*,180,501
U. S. exports today
58,526
Total visible supply
2,337,209 1,851,022 2,152,086
31,910
16,108
8,518
7,966,308 7,804,755 7,788,021 9,883,608
Of the above, totals of American and other descriptions are as follows:
New York
The
American—
Bremen stock
Havre stock
291,000
331,000
48,000
---bales-
Manchester stock
67,000
201,000
183,000
121,000
152,000
222,000
—
37,000
Other Continental stock
American afloat for Europe
U. S. ports stock
464,000
53,000
62,000
267,000
146,000
116,000 1,103,000
209,000
321,000
U. S. exports today
Total American
5,900,308 6.250,755 5,815,021 7,971,608
Jan. 8
for
1937
1936
1935
1934
1933
each
520,000
301,000
596,000
415,000
27,000
63,000
15,000
53,000
29,000
59,000
27,000
76,000
44,000
Indian afloat for Europe
61,000
53,000
36,000
34,000
124,000
Egypt, Brazil, &c., afloat—----Stock in Alexandria, Egypt--...
Stock in Bombay, India
128,000
382,000
728,000
117,000
135,000
334,000
509,000
102,000
157,000
325,000
602,000
Manchester stock
------—_
Havre stock
Other Continental stock
13.01c.
1929
1928
1927
1926
1925
1924
1923
11.90c.
12.90c.
10.85c.
6.25c.
6.55c.
10.30c.
17.15c.
1932
1931
1930
middling upland at New York on
have been as follows:
19.65c.
Middling uplands, Liverpool
Middling uplands. New York
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Tanguis, g'd fair, L'pool
staple.s'fine.Liv
C.P.Oomra No.l
17.10c.
1919
1913
39.25c.
1912
31.60c.
1920
13.15c.
1911
—
86,000
89,000
83,000
457,000
24.05c.
1917
35.70c.
1916
26.50c.
1915
18.75c.
1914
12.30c.
1918
20.75c.
1922
7.ild.
6.07d.
11.90c.
9.78d.
5.49d.
7,l8d.
.—
...
1906
—
-11.75CB
The total sales of cotton
For
the
convenience
which show at
closed
on
on
the spot
each day during the
indicated in the following statement.
of the reader, we also add columns
are
glance how the market for spot and futures
a
same{days.
Futures
Spot Market
Closed
Saturday
Monday
Tuesday
WednesdayThursday
Friday
SALES
Market
Closed
Contr'ct
Spot
Total
HOLI DAY
Quiet, 9 pts. dec
Steady, unchangedSteady, 5 pts. adv
Steady, 11 pts. adv_
Quiet, 6 pts. dec
1,400
1,400
300
300
300
600
Steady
Very steady
Steady
Steady
Steady
600
—
300
Total week.
51*722
Since Aug. 1
2,600
2,600
66,800 118,522
Overland Movement for the Week and Since
Aug* 1—
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
reports Friday night.
The results for the week and since
follows:
Aug. 1 in the last two
years are as
Jan. 8—
1935-6
Since
Shipped—
Week
-
Via Mounds, &c
Via Rock Island
-
12,143
4,675
Since
Week
6,208
2,420
Aug. 1
190,046
101,942
3,371
6,301
101,814
369,520
190
385
77
5,194
35,691
7,895
97,180
355,596
31,032
772,994
49,780
609,800
2,532
18,014
6,658
232,186
1,294
13,660
4,849
125,634
97
Via Louisville
Via Virginia points
Via other routes, &c
Aug. 1
6,117'
8,000
104,845
43,899
11.05c.
9.18d.
4.65d.
Deduct Shipments—
Overland to N. Y., Boston, &c
Between interior towns
Inland, &c., from South
296
11,646
195
4,434
5.88d.
12.70c.
9.01d.
5.91d.
8.54d.
5.93d.
...
738,000
7,966,308 7,804,755 7,788,021 9,883,608
13.01c.
11.30d.
5.89d.
13.10c.
9.60c.
—15.00c.
33.05c. 1910—.—15.85c.
18.55c. 1909
9.40c.
12.60c. 1908
—11.30c.
8.00c. 1907
—10.85c.
—
Market and Sales at New York
Via St. Louis
—2,066,000 1,554,000 1,973,000 1,912,000
5,900,308 6,250,755 5,815,021 7,971,608
Total visible supply
Peruvian
1921
20.00c.
Total gross overland
Total East India, &c
Total American
have
of the past 32 years
——1936-7
East Indian, Brazil, &c.—
Liverpool stock
Bremen stock
stocks
252,000
313,000
384,000
2,598,281 2,594,636 2,904,891 3,861,004
2,180,501 2,337,209 1,851,022 2,152,086
58,526
31,910
16,108
8,518
U. S. interior stock
interior
69,746
Quotations for 32 Years
quotations for
—
Liverpool stock
the
week last year.
same
2,598,281 2,594,636 2,904,891 3,861,004
ports
759
13,926
II,588
574
bales and are tonight
156,708 bales less than at the same period last year.
The
receipts of all the towns have been 13,630 bales more than
week at New York
Total Continental stocks..
3
465
Includes the combined totals of 15 towns in Oklahoma.
The
decreased
The Visible
464
12,713 192,115
3,879 61,428
61,260 697,207
584
4,102
21
3,178
190
4,439
801 13,629
994 14,854
3
1,704
Total, 56 towns 119,478 4,773,880185,0932180501 105,848 3,983,2061130,1442337209
Nov. 1937—
Dec.
28,345
37,500
104,842
3,884
Oklahoma—
5 12.37 Jan.
1 1936 12.78 July
5,670 176,893
3,229 147,603
1,000 23,250
57 44,883
50 26,299
718 32,425
2,206 36,282
100 26,773
5,898 58,555
1,960 28,345
12
4,487
380 12,610
1,560 23,852
230
6,208
54
3,661
47,301
14,511
71,003
106,804
38,748
160,639
51,993
8,675
168
1,850
2,334
153,222
26,039
115
34,127
5 12.49 Jan.
June
82
3,552
2,181
2,187
75,010
23,389
336
69,359
397
9,123
50
1,905
865
"165
1,284
3,884
1,527
1,062
141,501
27,720
101,170
32,276
24,075
65,512
214,117
II,610
1,097
20
38,691
11,979
71,966
68,827
100,717
23,707
21,186
21,133
I,576
113,647
21,569
68,764
21,714
18,297
88
10,883
3,714 117,864
632 15,813
4,686 72,166
1,457 17,491
372 19,232
590 28,072
6,261 215,302
8,890 123,892
100 36,700
985 40,749
200 32,207
4,485 22,467
5,308 38,951
Mar. 1937— 12.24 Jan.
10.48
10
15
4,429
384
Apr. 1937—
May 1937— 12.11 Jan.
June 1937—
Jan.
Week
57,355
14,753
77,523
83,537
105,186
26,204
35,314
29,472
65
25,119
16,456
868
10 1936
Range Since Beginning of Option
Range for Week
Jan.
Season
100
51,030
10,172
59,945
67.305
90.306
12,623
Austin
Option for—
Stocks
Ship¬
ments
Jan.
Week
Season
Receipts
12.47-12.48 12.41
12.31-12.32 12.36
April—
Range..
77
Stocks
Ship*
Total to be deducted
Leaving total net overland *
♦
——
14,474
256,858
5,923
144,143
16,558
516,136
43,857
465,657
Including movement by rail to Canada.
Financial
304
The
net overland movement
against 43,857 bales for
the season to date the
increase over a year ago
foregoing shows the week's
has been 16,558 bales,
the
last year, and that for
aggregate net overland exhibits an
of 50,479 bales.
this
year
week
1936-T-7
1935-6-
Since
In Sight and Spinners'
Since
Chronicle
Receipts
Receipts at ports to Jan. 8
South'n consumption to Jan.
5,451,281
465,657
2,305,000
242,661
*24,296
8,221,938
Total marketed
Interior stocks In excess
.232,659
*69,746
Excess of Southern mill takings
over consumption to Dec. 1.
1,212,871
548,893
218,365
9,983,702
10,335,977
-
Week
78,158
1,035,325
634,244
42,401
Decrease.
Week-
117,745 1934
181,064 1933
276,087 1932
_
12
13
—
6,602,158
9,479,725
9,727,304
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:
1,832,026
1,980,336
2.098.783
2.179,563
2,266,371
1,784,489
1,990,723
2,132,345
2,220,761
2,253,100
Closing Quotations for Middling Cotton onJan. 8
Saturday Monday
Galveston
Tuesday
Wed'day Thursday
Friday
12.50
12.78
12.61
_.
13.16
13.16
12.45
12.53
12.31
Houston
Hoi.
12.31
12.31
>
Little Rock...
Dallas
Port Worth
12.94
13.11
13.15
12.60
12.31
12.80
12.66
13.16
13.10
12.65
13.21
12.50
12.58
12.36
12.36
12.36
13.05
DAY.
Montgomery..
Augusta.
Memphis
12.52
12.78
12.53
12.18
HOLI¬
12.62
12.40
Savannah
Norfolk
12.52
12.60
Orleans..
Mobile
12.48
13.11
New
2_.
319,754 326,252 244,448
330,033 387,060 240,603
370,723 372,945 208,963
23.. 378,683 405,164 232.059
30.. 385,111 372.149 201,932
16-.
259,641 363,686 148,501 2.301.784
330.485 134,427 2,342,886
2.373,757
2.397,188
13.. 264,096
1934
1,547,5721473,918
500,519 345,826
1,640,092478,343 693,294 337,159
1,735,609.498,120 514,566 300,444
1,829.198483.163 493,570 325,648
1,882,223471,919 404,498 254.957
2,287,554 1,922.254295,054 398,140 188,532
2,316,783 1,963,293 305,198 359,714 175,466
2,321,538 1,983,174 282,311 276,748 153,406
2,350.425 1,973,968 240.994 251,319 110,549
258.950104,014 2,366.617 2,358,2791 ,960.556 181,327 266.804 90,602
94,354 188,356 83,604
143,595 188,143105,029 2,290,467 2,371,801 1,915,166 106,109 190,764 85,980
24.. 119,319 158,812 84,550 2,253,715 1,911,138 2,188,745 82,567 169.268 80,522
31- 117,505 99,705 62,371 2,250,247 2,361,505 1,883.029 112,749 78,953 34,262
il¬
133 018 177.455109,945 2,327,953 2.369,180 1,934.215
ls..
1937
Jan.
8..
96,101
I
1936
98,804
1935
1936
1937
1935
1936
1937
1935
26,355 74,508 23,455
55,4622,180,5012,337,2091,851,022
(1) That the total receipts
plantations since Aug. 1, 1936, are 6,041,934 bales;
in 1935-36 were 6,636,972 bales and in 1934-35 were 3,997,326
bales.
(2) That, although the receipts at the outports the
past week were 96,101 bales, the actual movement from
plantations was
26,355
bales, stock at interior towns
having decreased 69,746 bales during the week.
The above statement shows:
12.61
12.31
12.77
12.71
13.26
13.21
13.10
13.10
12.75
12.70
13.32
13.26
12.60
12.55
12.61
12.41
12.68
12.48
Shipping News—Shipments in detail:
Bales
GALVESTON—To Copenhagen—Dec. 31—Georgia, 330; Tennes¬
To
To
12.41
To
12.41
12.47
12.47
I To
To
closing quotations
for leading contracts in the New Orleans cotton market for
the past week have been as follows:
Tuesday,
Monday,
Saturday,
Jan.
2
Jan.
4
5
Wednesday,
Jan.
122261224a 12.25
Thursday,
6
Jan.
-
To
To
Jan.
Bid. 12.38
Jan.(1937)
February
12.28a
March
12.26-12.28 12.27
12.30-12.31 12.39-12.41
April
May
12.16
12.14
12.20-12.21 12.29-12.30
12.05-12.06 12.04
121061211a 12.19-12.21
11.71-11.72 11.70
11.74
.
DAY.
__
To Puerto
6—Hanover, 420
-
2,845
Liverpool—Jan. 2—M.
Lykes,
941
Dec. 31—Sakarian, 4,236
To Ghent—Dec. 26—Elizabeth Van Belgie,
-
941
6,293
— .--
150. _-Jan. 2—
Aquarius, 703---Jan. 7—Nashaba, 118__
26—Elizabeth Van Belgie, 350—Jan. 2—
Aquarius, 180..-Jan. 7—Nashaba, 684-Dunkirk—-Dec. 26—Elizabeth Van Belgie, 5—Jan. 2—
Aquarius, 199
Jan. 7—Nashaba, 138
Antwerp—Jan. 2—Aquarius, 119
Jan. 7—Nashaba, 100Bremen—Jan. 5—Eisenach, 2,632—
Hamburg—Jan. 5—Eisenach, 81
Rotterdam—Jan. 2—Aquarius, 379---Jan. 7—Nashaba,
117861180a 11.77
Bid. 11.80
Bid. 11.92
To
Bid.
-
Options.
Quiet.
Steady.
Strong.
Steady.
Steady.
To
Steady.
Steady.
Steady.
To
To
To
Weather Reports by
Telegraph—Reports to us by tele¬
graph this evening denote that some sections are complaining
that the weather has been too wet to get ahead with plowing,
although at the same time precipitation cannot be regarded
as an unfavorable factor for the next crop.
Rain or snow
has covered the entire cotton region and severe cold weather
is delaying field preparations.
Rain
Rainfall
Texas—Galveston
3 days
0.38 in.
____2days
0.26 in.
3 days
0.32 in.
Abilene.
1 day
0.04 in.
Brownsville
2 days
0.06 in.
Corpus Christi
3 days
0.04 in.
Dallas
3 days
0.59 in.
Del Rio
1 day
0.01 in.
El Paso.
dry
Houston
5 days
0.63 in.
Palestine
4 days
0.84 in.
Port Arthur
..3 days
0.29 in.
San Antonio
..5 days
0.19 in.
Oklahoma—Oklahoma City. .2 days
0.30 in.
Arkansas—Forth Smith
1 day
0.66 in.
Little Rock
3 days
0.86 in.
Louisiana—New Orleans.... 2 days
0.68 in.
Shreveport
.3 days
2.49 in.
Mississippi—Meridian
.4 days
2.42 in.
Vicksburg
2 days
1.26 in.
Alabama—Mobile
2 days
0.96 in.
Birmingham
3 days
0.88 in.
Montgomery
4 days
1.72 in.
Florida—Jacksonville
3 days
0.09 in.
Miami
1 day
0.08 in,
Pensacola
2 days
0.17 in.
Tampa
1 day
0.26 in.
Georgia—Savannah..
5 days
0.15 in.
Atlanta
4 days
1.45 in.
Augusta
3 days
0.99 in.
Macon
.3 days
1.14 in.
South Carolina—Charleston.3 days
0.27 in.
North Carolina—Asheville...3 days
0.60 in.
Charlotte
3 days
0.88 in.
Raleigh
3 days
0.82 in.
Wilmington
3 days
0.32 in.
Tennessee—Memphis
4 days
1.86 in.
Chattanooga
2 days
0.40 in.
Nashville
.1 day
0.54 in.
Amarillo
Austin...
...
low 42
low 38
low 6
low 26
low 28
low 48
low 32
low 34
low 36
low 45
low 32
low 40
low 54
low 70
low 48
low 60
low 49
low 32
low 44
low 40
low 49
low 26
low 36
low 38
low 44
low 28
low 30
low 26
59
32
55
43
68
62
45
57
45
58
53
mean 57
mean
To
mean
33
mean
mean
49
63
mean 55
mean 50
mean
mean
54
60
mean 45
Japan—Jan.
Maru, 950
—
To Gothenburg—Jan.
NEW
ORLEANS—To
575
5—Ragnhildsholm, 315-
mean
62
mean 41
mean 52
50
mean 59
mean 47
mean
mean
47
mean 51
mean 56
mean
48
mean 43
mean
42
Jan. 10, 1936
Feet
Feet
3.2
Nashville
Above
zero
of gauge.
Shreveport
Vicksburg
Above
Above
zero
of gauge.
of gauge.
22.6
45.3
14.2
16.6
2.2
10.2
33.0
6.5
5.6
—
31—Boschdijk, 1,224;
800
Marseilles—Dec. 30—Istria, 1,448
Trieste—Dec. 29—Lucia O, 1,364
Venice—Dec. 29—Lucia C, 1,107
Susac—Dec. 29—Lucia C, 200—
Naples—Dec. 29—Lucia 0, 300
——
Genoa—Dec. 29—Lucia 0,346
Japan—Dec. 30—Venice Maru, 475---Jan. 4—Fresno City,
5,700—Jan. 5—Dryden, 3,200
China—Dec. 30—Venice Maru, 80
Rotterdam—Dec.
Hybert,
To
<
To
To
To
To
To
To
To
-
—
-
—
—
To Liverpool—Jan.
2—Edgehill,
2,272---Jan.
6,242-.-.
-
To Manchester—Jan. 2—Edgehill, 7,089
To Ghent—Dec. 31—Hybert, 100
To Antwerp Dec. 31—Hybert, 101
-
*
To Copenhagen—Dec. 31—Ragnhildsholm,
To Havre—Dec.
31—Hybert, 1,530
31—Ragnhildsholm,
To Ddynia—Dec.
maha, 900
450
—-
-
750—Jan.
-
LAKE
9,375
80
8,514
7,089
100
101
450
1,530
4—Nish-
-
-
2,024
1,448
1,364
1,107
200
300
346
6—Eglantine,
To Gothenberg—Dec. 31—Ragnhildsholm ,907
of gauge.
zero
-
Copenhagen—Jan. 5—Ragnhildsholm, 388
To Vijle—Jan. 4—Georgia, 150
To Bremen—Jan. 2—Goslar, 1,933---Jan. 4—Nishmaha, 3,666
To Hamburg—Jan. 2—Goslar, 2,086—-Jan. 4—Nishmaha, 50
Above zero of gauge.
zero
-
mean
Memphis
Above
—
To Oslo—Jan. 5—Ragnhildsholm, 39
To Gdynia—Jan. 5—-Ragnhildsholm,
mean 48
60
75
mean 57
mean 72
3,489
44
50
379
2,111
388
39
575
315
-
----
mean
The following statement has also been received by tele¬
graph, showing the height of rivers at the points named at
8 a. m. on the dates given:
8,1937
—
342
219
2,632
81
Aires
5—Buenos
-
To Columbia—Dec. 31—Genevieve Lkyes, 379
To Manchester—Dec. 31—Sakarian, 2,111
1,650
907
150
5,599
2,136
CHARLES—ToJGhent—Dec. 27—West Cobalt, 1,689 Jan. 3
Nashaba, 300
-
To Antwerp—Dec. 27—West Cobalt, 40
To Havre—Dec. 27—West Cobalt, 1,902—Jan. 3—Nashaba,
269
To Dunkirk—Dec. 27—West Cobalt, 345
To Rotterdam—Dec. 27—West Cobalt, 957
——
——
-
-
To Liverpool—Jan. 6—West Queechee, 850
To Manchester—Jan. 6—West Queechee, 446
-
-
JACKSONVILLE—To Liverpool—Dec. 25—Schoharie, 1
To Manchester—Dec. 25—Schoharie,
100---Jan.
5—Shickshinny, 36——
Jan.
Jan.
2—Hanover, 2,539
1,214
937
1,125
2,022
27
-
To Manila—Jan.
2—Hanover, 44
To China—Jan. 2—Hanover, 50.
60
mean 40
—
558
To Trieste—Jan. 2—Lucia C., 1,125
To Venice—Jan. 2—Lucia C., 2,022
To Sasak—Jan. 2—Lucia C., 27
To
Thermometer
72
low 46
mean
64
low 0
mean
78
low 32
mean
72
low 14
mean
80
loW 56
mean
76
low 48
mean
66
low 24
mean
78
low 36
mean
64
low 26
mean
76
low 40
mean
74
low 32
mean
high
high
high
high
high
high
high
high
high
high
high
high 72
high 82
high 60
high 54
high 70
high 78
high 77
high 66
high 72
high 77
high 58
high 56
high 76
high 80
high 66
high 84
high 76
high 50
high 60
high 60
high 68
high 68
high 58
high 64
high 68
high 63
high 56
high 58
971
To Havre—Dec.
11.87
Tone—
Spot
100
1,688
5,350
2,845
420
S. Clare Hugo Stinnes,
2,057.
—
—
641
13,774
350
„
— — —
— -
----
Colombia—Dec. 31—Genevieve
HOUSTON—To
DAY
November
December-
1,359
To Dunkirk—Jan. 6—Elizabeth Van Belgie,
To China—Jan.
HOLI¬
HOLI¬
1,708
20,194
1,359
274
1,273
-
To Trieste—Jan. 1—Lucia C., 1,273
To Antwerp—Jan. 6—Elizabeth Van Belgie, 100.
To Ghent—Jan. 6—Elizabeth Van Belgie, 1,688To Havre—Jan. 6—Elizabeth Van Belgie, 5,350
8
2,724
51
6,438
) 441
Liverpool—Jan. 4—Dakarian, 2,407; Clare Hugo Stinnes,
17,787
To Manchester—Jan. 4—Dakarian,
To Venice—Jan. 1—Lucia O., 274
Friday,
7
2,394
Hamburg—Dec. 31—Schwanheim, 51
—
—
Bremen—Dec. 31—Schwanheim, 6,438
Oslo—Dec. 31—Tennessee, 441
Gdynia—Dec. 31—Georgia, 63; Tennessee, 1,645
Gothenburg—Dec. 31—Tennessee, 641
Japan—Dec. 31—Ben JaeMaru, 6,816—Jan. 6—Hanover,
6,958
Sydney—Jan. 2-—Augsburg, 350
see,
To
Orleans...
1935
NOV.
New Orleans Contract Market—The
New
1936
Oct.
from the
Week Ended
Oetober
'Receipts from Planations
1934
4_. 211,898
Bales
Since Aug. 1-
Bales
June
1935
Dm.
Movement into sight in previous years:
July
August
September
1936
1934
1935
1936
6..
Jan.
Stocks at Interior Towns
Receipts at Ports
Ended
20.. 251,440 271.993 133,525
27.. 217.563 222,432 119,755
11
following table
Plantations—The
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
9_.
875,378
162,913
North, spinn's'takings to Jan. 8-
_
the
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
Aug. 1
98,804
43,857
100,000
8,464,153
996,446
8.__120,000
Came into sight during week
Total in sight Jan. 8
Week
5,053,017
516,136
2,895,000
96,101
16,558
Net overland to Jan. 8
1935—Jan.
1934—Jan.
1933—Jan.
from
1937
9,
'
Aug. 1
Week
Takings
*
Jan.
-
SAVANNAH—To Liverpool—Dec. 31—Schoharie, 669
To Rotterdam—Dec. 31—Schoharie, 200
NORFOLK—To Havre—Jan. 8—City of Baltimore, 61
To Hamburg—Jan. 8—City of Baltimore, 72
Total
Cotton
-
—
I
1,989
40
2,171
345
957
850
446
1
136
669
200
61
72
136,231
Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
<
Volume
Financial
144
Stand¬
High
ard
Density
Trieste
,32c.
•47c.
Liverpool
Stand¬
High
Stand¬
High
Density
ard
Density
ard
305
Chronicle
d.45c.
60c.
Piraeus
,85c.
d.46c.
60c.
Salonlca
.85cl
1936-37
1935-36
1934-35
250,000
6,542,558
280,000
6,247,323
85,000
4,888,370
Alexandria, Egypt,
.00
.00
Jan. 6
Manchester.32c.
.47c.
Flume
Antwerp
.32e.
Barcelona
*
*
Venice
d.45c.
,60c.
Havre
.32c.
.47c.
.470.
Japan
Shanghai
*
*
.66c.
*
*
.590.
Rotterdam .32o.
Genoa
d.45c.
Oslo
.600.
,48c.
Stockholm
.470.
.44c.
.63c.
.69c.
•Rate la open.
x
.50c.
Only small lots.
65c.
.32c.
,32c.
Bombay x
Bremen
Hamburg
Copenhag*n.40c.
Naples
d.46c.
Leghorn
d.45o.
,47c.
Gothenb'g
Receipts {cantars)—
This week
.600.
Since Aug.
.600.
.44c.
This
47c.
Exports {bales)—
d Direct steamer.
Dec. 18
Of which American
Total imports
Of which American
Amount afloat
Of which American
,
Dec. 24
Dec. 31
39.000
788,000
284,000
90,000
48,000
206,000
91,000
55,000
811,000
286,000
66,000
811,000
291,000
79,000
28,000
241,000
132,000
84.000
30,000
226,000
113,000
The tone of the
Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been
Spot
Saturday
follows:
as
1
-
Week
1
35,000 541,303 28,000 592,937
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Demand for cloth is good.
We give
prices today below and leave those for previous weeks of
this and last year for comparison:
Friday
Monday
Tuesday
Wednesday
Moderate
Moderate
Moderate
Good
More
demand.
demand.
demand.
inquiry.
demand.
7.07d.
•
p'V
Mid.Upl'ds
r:' ■■■
.
6 were
250,000 cantars and the foreign shipments 35,000 bales.
Thursday
7.05d.
6.99d.
1935
1936
12:15
1
20.000 505,635
Note—A cantar is 99 obs.
Egyptian bal&s weigh about 750 lbs.
This statement shows that the receipts for the week ended Jan.
Market,
P. M.
Aug.
74,063
122,462
9,666 84,057 8~o66 70,524
19,000 367,108 11,000 344,036
17,012
1,000
19,310
6,000 108,957
&c_
10,000 106,206
To Continent and India. 17,000 307,827
Tn America
2,000
18,313
Total exports.
Week
1
Aug.
Since
This
Since
This
Since
Aug.
Liverpool
To Manchester,
Jan. 8
65,000
734,000
253,000
66,000
31,000
263,000
116,000
Forwarded
Total stocks
Week
To
Liverpool—By cable from Liverpool, we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
„
1
/V;
■
V;..
Cotton
8% Lbs. Shirt¬
ings, Common Middl'g
to Finest
Upl'ds
32s Cop
HOLI¬
7.08d.
Twist
7.lid.
Cotton
8% Lbs. Shirt¬
ings, Common Middl'g
to Finest
Upl'ds
32s Cop
Twist
DAY.
Steady,
Futures.[
Market
1
i
(
opened
Quiet but
Steady, un¬
2
Market,
Barely stdy Steady,
|
4
4
(
P. M.
6
to
un¬
d.
Steady,
Steady,
pts. changed to steady, un¬ 3 to 4 pts. 1 to 3 pts.
1 pt. adv. changed to
advance.
decline.
advance.
3
to
2
d.
d.
11
7.02
b.
9%@11%
10
@11%
10
@11%
10
@11%
10
@11%
d.
s.
d.
d.
6.59
5
@97
6.50
5
6
@97
@10 0
6.40
9
9
6
@10 0
6.45
@11% 10 0
10%@11% 10 0
@10 2
6.47
6.71
@10 2
6.77
6.76
10% @12
10
1
@10 2
6.77
@11 0
6.72
10% @12
10 3
@10 5
6.59
@11 0
@10 3
@10 6
6.81
6.93
10 3
@10 5
6.67
10 2
@10 4
@10 2
6.50
10 4
10
6.41
6
@10 2
@10 0
5
@97
6.07
@10 2
6.86
11
10 2
@10 5
@10 4
6.99
10% @12
10% @12
10
6
@11 0
6.81
6
11
@12
10 5
@10 7
6.92
13
11
@12% 10 6
@12% 10 2
@12% 10 6
@11 0
@10 4
11% @12% 10 6
30.
@97
9 5
9
@12 % 10 0
@12% 10 3
16
to 2 to 3 pts. 5 to 6 pts. 3 to 6 pts.
1 pt. dec.
advance.
advance.
decline.
pts. changed
decline.
d.
@10 2
23
Steady,
Steady,
s.
10 0
10% @11%
9
pts. dec.
Steady,
d.
s.
Oct.—
6.96
9
6.47
Nov.—
Prices of futures at
Liverpool for each dav
are
given below:
11
20
Jan. 2
Sat.
Mon.
Wed.
Tues.
Fri.
Thurs.
27-—. 11
to
10
Dec.—
Jan. 8
Close Noon Close Noon Close Noon Close Noon Close Noon Close
24
11% @12%
11% @12%
4
@10 6
7.01
31
11%@12% 10 4
@10 6
7.10
10%@12
10%@11%
10% @11%
10% @11%
10%@11%
@96
7.11
10
4
11 %
11
New Contract
January (1937)
d.
d.
d.
d.
d.
d.
d.
d.
6.80
6.77
6.78
6.77
6.72
6.75
March
6.83
6.79
6.80
6.79
6.73
May
6.81
6.77
6.78
6.77
6.75
6.71
6.72
6.71
6.47
6.48
—
Hol¬
July.
October
6.50
iday.
December
_
_
_
6.42
d.
d.
6.81
6.80
6.84
6.76
6.82
6.81
6.85
6.74
6.80
6.80
6.83
6.83
6.66
6.68
6.74
6.74
6.77
6.44
6.50
@12% 10 6
6.41
6.49
6.40
m _
World's Supply and Takings of
6.52
6.45
6.39
—
m
-
6.53
-
for the last two
seasons
from all
8-
—
6.58
.
11% @12%
9
Cotton Takings,
out
gone
1935-36
Season
Season
Week
7,767,610
8,002,244
4,899",258
American in sight to Jan. 8__
4,295,259
9,983,702
759,000
288,000
1,241,600
221,000
218,365
119,000
67,000
56,000
162,913 10,335,977
971,000
183,000
26,000
298,000
50,000
1,310,200
15,000
254,000
Bombay receipts to Jan. 7
Other India ship'ts to Jan. 7_
Alexandria receipts to Jan. 6Other supply to Jan. 6*5
6.38
6 4#
@11%
9
Friday Night, Jan. 8, 1937
Flour—The
of
14,000
firmness
recent
of
grains, was reflected in
Advertised brands of family patents gained
10c. per barrel, effective Saturday morning.
Bakery grades
of flour were moved up 5c. by most mills.
No change
marked semolina, rye or clear flours.
However, there is
prices.
evidence of
no
Visible supply Dec. 31
Visible supply Aug. 1_
9
BREADSTUFFS
flour
1936-37
'
4
from which statistics
amounts
or
Week and Season
Week
10 0
Cotton—The follow¬
sources
obtainable; also the takings
sight for the like period:
10 0
19 36
19 37
Jan.
6.49
6.44
-
6.86
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
are
6.88
6.77
6.41
_
18
6.86
6.72
6.46
6.43
6.42
_
January (1938)—
d.
an
improved buying interest.
It is stated
that most of the smaller and medium consuming trade has
some
too
flour bought on contracts and considers current
prices
high to merit adding to its holdings.
Wheat—On the 4th inst.
prices closed }4&> to Ha. up.
gain was influenced more or less by the European
political situation and an unexpected sharp early upturn in
the Liverpool market.
This latter market turned heavy
later in the session, and as a result led to heavy selling here,
especially from Eastern sources.
On the declines here
however, houses with mill connections were noticeably
good buyers of wheat.
There were reports of better flour
sales.
Export purchases of Canadian wheat were estimated
at 400,000 bushels.
On the 5th inst. prices closed 2%c. to
3J^c. down.
The chief factor responsible for the sharp
break was the report of prospective big shipments soon from
the Southern Hemisphere, Argentina in particular.
There
was also a sharp falling off in the export demand.
Other
bearish factors were cables from Liverpool reporting general
liquidating sales by holders of wheat, with European buyers,
both Continental and British reported as having completely
withdrawn from the market, except to supply immediate
needs.
Indications that the predicted cold wave throughout
the domestic grain belt had been more or less sidetracked,
played its part as a bearish influence on wheat.
Further¬
more, flour business was again reported as slow.
On the 6th
inst. prices closed unchanged to
l^c. off.
The news was
generally in favor of the upward side, but the pronounced
This
Total supply
Deduct—
8,439,157 18,058.435
__
Visible supply Jan. 8
.
.
Of which ocher.
*
7,966,308
7,804,755
7,804,755
472,849 10,102,127
300,849 7,526,927
172,000 2.575,200
437,220
330,220
107,000
8,983,806
6,520,206
2,463,600
7,966,308
Total takings to Jan. 8 a._
Of which American
8.241.975 16,788,561
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 2,895,000 bales in 1936-37 and 2,305,000 bales in 1935-36—
takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 7,207,127 bales in 1936-37 and 7,678,806 bales in
1935-36, of which 4,631,927 bales and 4,215.206 bales American.
b Estimated.
India Cotton Movement from All Ports—The
receipts
Bombay and the shipments from all India
ports for the,week and for the season from Aug. 1 as cabled,
for three years, have been as follows:
of Indian cotton at
1936-37
1935-36
1934-35
Jan, 7
Since
Receipts—
Week
183,000
Bombay
Aug. 1
Since
Week
961,000 119.00C
For the Week
Exports
from—
Great
Britain
Conti- Jap'n&
ment
China
Since
Week
Aug. 1
759,000
89,000
Aug. 1
663,000
Since August 1
Great
Total
Conti-
Japan &
Britain
inent
China
Total
1936-37—
1935-36-
1,000
4,000
1934-35—
18,000 104,000 123,000
14,000 37,000 55,000
2,000 39,000 41,000
19,000
21,000
15,000
116,000
118,000
121,000
26,000
67,000
27,000
116.000
112,000
59,000
182,000
176,000
216,000
42,000 104,000 149,000
48,000 37,000 122,000
29,000 39,000 68,000
135,000
133,000
74,000
298,000
294,000
337,000
552,000
339,000
466,000
667,000
478,000
602,000
Other India1936-37—
1935-36-
2,000
33,000
1934-35-
24,000
34,000
27,000
1936-37—
298,000
288,000
275,000
!
Total all—
1935-36-
heaviness of the
bullish wheat
Bombay—
3,000
37,000
1934-35-
532,000
339;000
466,000
965,000
766,000
877,000
According to the foregoing, Bombay appears to show an
compared with last year in the week's receipts of
64,000 bales. Exports from all India ports record an increase
of 27,000 bales during the week, and since Aug. 1 show an
increase of 199,000 bales.
Alexandria
Receipts and Shipments—We now re¬
cable of the movements of cotton at Alexan¬
The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
weekly
dria, Egypt.
a
market seemed to
more
than offset the
A report that Germany had greatly
reduced
import duties because of shortage of breadstuffs and
helped to lift wheat prices for a time. Another
wheat values was the reported best export
business in Canadian wheat since the holidays, 750,000
bushels being transacted.
On the other hand domestic
flour trade was reported as decidedly slack, being restricted
to small lots the past few days.
It was pointed out, however,
that the market during this session absorbed a huge amount
of selling and that the buying was persistent especially on
feed grains,
stimulus to
the scale down.
increase
ceive
corn
news.
On the 7th inst. prices closed
1% to l%c. higher.
The
attributed largely to reports of
sudden general renewal of commercial demand for wheat
strength of the market
a
to be shipped to
was
importing countries.
A sharp rise of 3c. a
bushel at
Liverpool did much to focus attention anew upon
the sensitive state of the world markets as a result of the
narrowing margin between world supply and demand.
the Spanish situation involves other European nations
the war, this will very
If
in
likely, according to observers, render
306
the
Financial
world
supply situation more acute.
Purchases for ex¬
included 1,000,000 bushels of wheat from Canada as
well as substantial takings from Argentina and Australia.
port
Under
erable
such circumstances, even though there
profit-taking on price bulges, vigorous
was
consid¬
new
buying
readily absorbed these offerings rendering the market's tone
Chronicle
Jan.
1937
9.
closed H to He. higher.
This grain was remarkable for the
independent strength it displayed in spite of the weakness
of wheat and corn.
The predicted severe cold wave in the
West undoubtedly had considerable influence, there being
considerable speculative buying in evidence during
the
session.
and rose to a top of $1.34, up virtually 3c. from the
day's low.;
Today prices closed 1% to 2%c. down.
Despite price
On the 7th inst. prices closed % to l%c. up.
Aggressively
bought by investors, all deliveries of oats went to a new
high price record for the season.
The cold wave in the
West acted as a stimulus to the buying.
Today prices closed
to %c. down.
The lower tendency of this grain was in
rallies
large measure influenced by the declines in wheat and
very
very
strong. The buoyancy of the "Winnipeg market had a
bracing effect.
May wheat led the Chicago price ad¬
vance
associated
with uneasiness about reported landing
troops in Spain, the wheat market ruled lower
today. Snowfalls in domestic winter wheat territory South¬
west were regarded as the most beneficial to
crops since
November, 1931.
R. O. Cromwell estimated wheat reserve
of
DAILY CLOSING
Italian
supplies
farms in the United States as 140,000,000 bush¬
164,000,000 bushels this time last year and 138,000,000 bushels in 1935.
Wheat experienced material set¬
backs in price here early today.
Expected severe cold failed
to overspread the Middle West, and there was
plentiful
on
els against
moisture eastward.
Open interest in wheat
OF WHEAT IN NEW YORK
Mon. Tues.
Wed. Thurs. Fri.
HOL 153# 149?* 149&
Mon.
HOL
IN
NEW
Tues.
66%
66%
corn.
YORK
Wed.
Thurs.
66%
67%
Fri.
66%
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO'
Sat. Mon. Tues.
Wed. Thurs. Fri,
May
HOL 52%
52
52%
53%
52%
July
46%
45%
46
47
46%
September
43%
43%
43%
44%
44%
—
Season's High and
May
July
September
When Made
I
Season's Low and
Jan. || 7, 19371 May
40%
Jan.
7, 1937 July
37%
Jan.
7, 19371 September
42%
53%
47%
45
When Made
July 29, 1936
Oct.
1, 1936
Dec. 30, 1936
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed. Thurs. Fri.
bushels.
DAILY CLOSING PRICES
OF OATS
Sat.
No. 2 white
103,173,000
was
PRICES
\
HOL
May
July.........
53^4 62% 53. v 54% 54%
50%
50%
51%
51
51%
Sat.
No. 2 red
DAILY
150% 149%
CLOSING
PRICES
May
July—
September.
OF
WHEAT FUTURES IN CHICAGO
Sat. Mon. Tues.
Wed, Thurs, Fris
HOL 13554 132% 131% 133% 132%
AiSH
F115%
-
Season's High and
May
137%
July
121%
September
117
116
116
117%
112% 112% 114
When Made
I
Season's Low and
Dec. 28, 1936 May
105%
Dec. 28, 1936 July
96%
Dec. 31, 1936
t ember
111 %
DAILY CLOSING PRICES OF WHEAT FUTURES
Sat.
May
July
Mon.
HOL
Tues.
Made
Sept.
Oct.
Jan.
2, 1936
2, 1936
8.JL937
WINNIPEG
IN
Wed.
\Thurs. Fri.
126% 126% 128% 126%
121% 121% 123% 110%
121% 121% 123% 107%
129%
125
125
October
When
114%
112
Corn—On the 4th inst. prices closed
1H to 2 He. up.
In
prices registered the highest in 10 years.
The
chief factor operating in favor of cbrn was the forecast of
sub-zero cold in the corn belt, which of course means
greater
feeding demand.
Another influence in favor of the upward
side of prices was the extremely low
receipts of corn, only
49 cars at Chicago in three days.
These extremely light
arrivals of corn appeared to indicate a holding movement
on the part of growers.
Much of the buying of corn was
against sales of wheat, but there was also active investment
demand and lively purchasing for traders who recently had
been conspicuous speculative sellers and were short of corn, /
to meet contract requirements.
Industrial concerns were
also reported as good buyers.
May delivery led the upturn
of prices, and soared to $1.11 a bushel.
On the 5th inst.
prices closed % to lHc. down.
This grain displayed con¬
siderable strength during most of the session, all deliveries
touching the highest levels of the season, this rise being
based largely on the likelihood of increased feeding demand
and to the meagerness of the day's receipts of corn, which
were only 32 cars.
On the upturn of prices, however, rural
selling of corn enlarged to the greatest extent since Septem¬
ber, and profit taking in corn futures was much in evidence.
On the 6th inst. prices closed H to l%c. down.
This grain
developed pronounced weakness in the late session, dropping
2Mc from the day's high level. Before this sharp break,
the corn market, as a whole, had risen to within a fraction
of a cent under the season's peak prices, the highest in 10
years.
The early strength displayed was due largely to
continued reports of an expected severe cold wave throughout
much of the grain belt.
However, enlarged rural offerings
of corn as prices advanced, finally dominated the situation
and prices yielded to the slightest pressure.
this session
On the 7th
transactions
bushel.
inst.
corn
prices closed 1 to l%c.
showed
an
overnight
On
up.
advance
some
of 2c.
a
The action of wheat, together with the severe cold
reported in the wheat and corn belts, was responsible
in large measure for the strength displayed in corn.
Today
prices closed H to l^c. down. The failure of severe cold
wave
weather to develop in many sections and the heaviness of
wheat naturally affected corn, which registered substantial
declines at the close.
bushels.
DAILY
Open interest in
OF
Sat.
.
was
—
CORN
Mon.
HOL 124
IN
Wed.
Thurs.
Sat.
102
—
110%
106%
102%
September (new)
Season's
High and
May
107%
July
103
May (new)...111%
July (new)
1Q7%
Sept. (new)...102%
Mon.
HOL 107%
,
When
Jan.
Jan. 8
Jan.
Jan.
Jan.
Fri.
106%
100%
109%
105%
101%
Wed.
105
100%
109%
105%
101
Thurs.
106%
102
110%
106%
102%
Fri.
106
101%
109%
105%
101%
Season's Low and When Made
Made
5, 1937 May
85%
July 29, 1936
5, 1937 July
85
Oct.
1, 1936
5, 1937 May (new)
89%
Nov. 2, 1936
5,1937 July (new)
86%
Nov. 2,1936
5,1937 Sept. (new)— 99%
Dec. 30, 1936
Oats—On the 4th inst. prices closed H to He. up.
This
grain followed the action of corn in reaching new high prices
for the season.
The cold weather forecast also
played its
part in the firmness of oats.
On the 5th inst. prices closed
H to He. lower.
Relatively little attention was given to this
grain, attention seeming to be focused on the corn and
wheat markets, and especially rye.
On the 6th inst. prices
demand for wheat, it was quite natural that rye
enjoy substantial advances in price.
Today prices
closed 1% to l^c. down.
These were substantial losses,
and were in line with the reactions of wheat and corn.
The
failure of cold weather to materialize to the degree expected
also played its part as an influence.
daily
closing prices
of
rye
Sat.
May
July
...
—
September
Season's
Tues.
in
closing prices of
rye
Sat.
i.
May
July
105
112
108%
——
l^daily closing prices
Sat.
May..
July.
97%
When Made
Aug. 11,1936
Oct.
3, 1936
Jan.
8, 1937
108%
104%
Wed.
108%
104%
Tues.
Wed.
84
84
84
Thurs.
Fri.
108%
104%
107%
102%
...
hol
79%
73
were as
77%
70 7%
70%
Thur3.
Fri.
84
of barley futures in
Sat. Mon. Tues.
Wed.
—
Closing quotations
Tues.
Mon.
——hol
daily closing prices
98%
of barley futures in CHICAGO
f0
May
112%
106% 105
97%
futures in WINNIPEG
Mon.
hol
CHICAGO
Thurs. Fri.
Wed.
112% 114
High and When Made I
Season's Low and
119%
Dec. 28, 19361 May
75%
112
Dec. 28, 1936 [July
71
103%
Dec. 29, 19361September
97
May
July
September
EAIUy
futures
Mon.
HOL 116% 113
108% 105,%
101
98/
84
WINNIPEG
Thurs. Fri,
79%
81%
80%
70%
71%
72
— - -
—
follows:
GRAIN
Wheat, New YorkNo. 2 red. c.i.f., domestic
149
Manitoba No. 1, f.o.b. N. Y.141!
Corn, New YorkNo. 2 yellow, all rail.
Oats, New York—
No. 2 white
66%
Rye, No. 2, f.o.b. bond N. Y.__123%
Barley, New York—
47% lbs. malting
106%
Chicago, cash
100-140
__
.122%
FLOUR
Spring oats, high protein. 8.15
8.15@8.45 Rye flour patents
6.50@ 6.75
Spring patents.
7.75
7.75@8.05 Seminola.bbl., Nos. 1-3 11,85^11.95
Clears, first spring
6.55@6.90 Oats, good
3.40
Soft winter straights—
6.15@6.40 Cornflour
3.10
Hard winter straights
6.95@7.30 Barley goods—
Hard winter patents
7.15@7.45
Coarse
4.40
Hard winter clears
6.30@6.60
Fancy pearl.Nos.2,4&7 5.75@ 6.25
__
All the statements below regarding the movemen of
grain
—receipts, exports, visible supply, &e.—are prepared by us
from figures collected by the New York Produce
Exchange.
First we give the receipts at Western lake and river
po ts
for the week ended last Saturday and since Aug. 1 for each
of the last three years:
Flour
Wheat
Corn
Oats
Rye
Barley
bbls. 19616s. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.56lbs bushASlbs.
124% 123% 125% 124%
Tues.
In view of
should
Receipts at-
Tues.
1^4c. up.
export
NEW YORK
P> DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
May...
July.
May (new)
July (new)
On the 7th inst. prices closed 1 to
the general advance in all grains, and especially the active
41,255,000
'
:
CLOSING PRICES
No. 2 Yellow
corn
Rye—On the 4th inst. prices closed H to He. up. With
all other grains up, it was only natural for rye to follow the
upward trend.
On the 5th inst. prices closed 3 to 3He.
down.
The weakness of rye was even more pronounced
than wheat, and apparently was affected by the same in¬
fluences, principally the reports of prospective heavy ship¬
ments soon from the Southern Hemisphere.
On the 6th
inst. prices closed H to He. down.
There was nothing
very marked about the trading in this grain, it being influ¬
enced largely by the action of wheat.
Chlcago
192,000
Minneapolis..
Duluth
Milwaukee.
9,000
Toledo
Detroit
...
Indianapolis-,
St. Louis
115,000
Peoria
'36
'35
Since Aug. 1—
1936
14l"666
921,000
1,164,000
-480,000
9,391,000149,438,000
87,387,000
Buffalo
Same wk.
14,000
94,000
14,000
84,000
118,000
50,000
14,000
56,000
2,914,000
2,381,000
1,311,000
...
Same wk.
99,666
35,000
2,073,000
1,831,000
1,338,000
St. Joseph.
Wichita.-...
Total wk. *37
160,000
16,000
5,000
90,000
154,000
33,000
32,000
1,000
15,000
15,000
4,000
49,000
100,000
209,000
24,000
241,000
1,000
16,000
2,000
2,000
8,000
395,000
353,000
81,000
680,000
1,237,000
565,000
261,000
7,000
Omaha
Sioux City
1,017,000
42,000
519,000
203,000
274,000
269,000
50,000
1,000
44,000
220,000
35,000
Kansas City.,
142,000
690,000
47,000
2,000
28,000
20,000
20,000
90,000
30,000
358,000
282,000
309,000
550,000
55,000
36,000
189,000
4,000
170,000
I
27"666
52,000
27,000
"moo
45,852,000 10,543,000 58,031,000
1935
8,413,000,239,637,000 70,475,000 87,405,000 13,809,000 52,420,000
1934
8,101,000'137,791,000116,579,000
30,322,000
8,792,00040,488,000
Total receipts of flour and grain at the seaboard po *ts for
the week ended Saturday, Jan. 2, 1937, follow:
Volume
Financial
144
307
Chronicle
DRY GOODS TRADE
THE
Flour
Receipts at—
Wheat
Barley
Rye
Oats
Corn
&Ws.l96tos. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.56lbs. bushASlbs.
New York
Philadelphia
.
Baltimore
New
Orleans*
115,000
135,000,
Yi'ooo
Galveston.
12,000
33,000
10,000
129,000
22,000
1,000
1,000
Retail trade
8,000
226,000
117,000
20,000
18,000
22,000
2,000
1,000
23*000
Night, Jan. 8, 1937.
New York, Friday
during the past week, although hampered by
inclement weather conditions,
nevertheless made a satisfac¬
tory showing, as excellent consumer response to January
West St. John
i8~666
525,000
Boston
promotions
23,000
16,000
304",666
weather.
Halifax
K
234,000
986,000
Since Jan.1'36 15,233,000
140,947,000
493,000
13,066,000
69,000
7,932,000
23,000
4,581,000
3,000
3,917,000
755,000
71,450,000
49,000
15,602,000
85,000
17,303,000
19,000
2,000
4,874,000
Total wk.
'37
Week 1936
262,000
Since Jan. 1'35 13,152,000
*
on
4,797,000
Receipts do not include grain passing through New Orleans for
foreign ports
The exports
from the several seaboard ports for the week
Saturday, Jan. 2, 1937, are shown in the annexed
ended
look, although admitting that labor troubles, if not halted
without undue
point to
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
New York
1,000
1,000
2,000
16,000
18,000
New Orleans
Halifax
304:000
W. St. John, N. B.
525,000
Total week 1937—
Same week 1936-
623,000
_
Week
and Since
hands, and commitments
A
66,000
liveries.
Since
Week
Jan.
July 1,
2,
2,
July 1,
1936
Bushels
1937
1936
Bushels
1937
Barrels
Bushels
Trading in
were
1,352,511
428,028
So. & Cent. Amer.
10,500
971,000
1,000
West Indies
28,500
351,000
658,000
11,000
81,893
5:430
Other countries
Total 1937
86,645
62,980
Total 1936
2,882,432
1,926,996
of finished
1,000
256,000
14,000
that
1,000
45,000
79,761,000
47,681,000
1,497,000
623,000
GRAIN STOCKS
Wheat
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
Bushels
75,000
183,000
235,000
625*000
New York
....
737*000
afloat—..
Philadelphia
Baltimore-*
903,000
.....
New Orleans
7,000
Galveston
775,000
3,224,000
Fort Worth
Wichita
267,000
65,000
112,000
794,000
4,218,000
1,224,000
12,545,000
3,754,000
384,000
3,091,000
1,510,000
9,000
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
101,000
1,018,000
1,514,000
afloat
116,000
5,000
4,000
8,000
300,000
823,000
95,000
1,781,000
50,000
2,000
287,000 14,465,000
28,000
3,764,COO
5,000
5,000
1,363,000
1,493,000
239,000
1,623,000
495,000
6,000
1,625,000
4,430,000
5,609,000
1,683,000
160,000
1,092,000
209,000
174.000
On canal..
a
17,000
38,000
65,000
20,000
36,000
1,139,000
126*666
6,959,000
1,732,000
Buffalo-c
11,000
16,000
122,000
1,119,000
2,145,000
9,000
6,906,000
800,000
150,000
Detroit
1,000
22e"666
389,000
437,000
110,000
4,995,000
5,735,000
2,318,000
Minneapolis
Duluth-b
3,000
3,000
184,000
57,310,000 13,142,000 34,248,000
2, 1937
4,806,000 15,101,000
Chicago—Also has 84,000 bushels Argentine corn in bond.
* Baltimore—Also
bushels
has 202,000 bushels Argentine corn In bond.
b-Duluth—Includes 104,000
feed wheat,
c Buffalo—Also has 61,000 bushels Argentine corn in bond.
Note—Bonded grain not included
above:
5,80S,000 bushels, against 34,000 bushels in 1936.
Wheat, New York, 8,684,000
bushels; New York afloat, 827,000 bushels; Erie, 100,000 bushels; Buffalo, 4,150,000
bushels; Buffalo afloat, 4,469,000 bushels; Duluth, 3,581,000 bushels; Albany,
3,048,000 bushels; Chicago, 262,000 bushels; canal, 1,924,000 bushels; total, 27,045,000 bushels, against 34,668,000 bushels in 1936.
Wheat,
Bushels
Canadian—
Corn,
Bushels
Oats,
Rye,
Bushels
Bushels
1,605,000
9,085,000
865,000
Barley,
Bushels
2,553,000
Other Canadian & other
36,004,000
2, 1937
2,876,000
238,000
1,436,000
45,089,000
water points
Total Jan.
4,481,000
1,103,000
3,989,000
Summary—
57,310,000 13,142,000 34,248,000
45,181,000
5,090,000
Canadian
Total Jan.
2, 1937
4,806,000 15,101,000
1,106,000
4,203,000
102,491,000 13,142,000 39,338,000
American
5,912,000 19,304,000
The world's shipment of wheat and corn, as
Broomhall to the New York Produce Exchange,
furnished by
for the week
ended Jan 1., and
since July 1, 1936, and July 1, 1935, are
shown in the following:
Exports
Since
Since
Week
Since
Since
Jan. 1,
1937
July 1,
July 1,
July 1,
July 1,
1937
1936
1935
Bushels
Bushels
Bushels
Jan.
North Amer.
Black Sea
Argentina
Australia
—
1,
45,830,000
6,880,000
13,432,000
18,056,000
Total...
I
4*80:666
1935
Bushels
Bushels
—1
1,000
1,000
5,260,000
731,000 12,307,000
8,999,000209,549,000 161,829,000
256,000
India
Oth. countr's
79,492,000
30,906,000
51,456,000
3,239,000 121,850,000
944,000 41,188,000
4,103,000 35,277,000
1,839,000 36,052,000
1936
Bushels
■1
1
943,000
13,183,000
28,731,000
10,605,000 254,659,000225,996,000 10,673,000235,040.000 195,821,000
the
heavy, in view of the excellent movement
It is
again forced to resort
were
generally believed that
now
or
shipments for the
year
1936 indicated
approximately 15%, establishing
Domestic
markets
was
Cotton
marked
a
stocks
Estimates of yarn
an
increase over 1935
a new
Goods—Trading
by
three months, and
up any reserve
end of the second quarter.
high record.
in the
gray
cloth
brisk buying movement, particu¬
larly in print cloth, which developed when the possibility
more
apparent of enactment of legislative measures
While the first
wages
and
a
40-hour week.
regulation would force mills to advance
quo¬
would aggravate the already
tight delivery situation, inasmuch as quite a number of mills
are still operating on a 45-hour-week basis.
Buyers were
anxious to cover against anticipated requirements up to
August, and even into September and October, but mills
were not willing to accept any business beyond August de¬
livery.
Total sales of print cloths for the week were esti¬
mated to equal about 2 weeks' production.
Prices ruled
firm.
Business in fine goods was fairly active.
Although
buyers generally confined their purchases to nearby deliv¬
eries, the supply of which was reported to be very light, a
good call developed later in the week for Fall fancies and
novelties.
Several standard numbers also moved in fairly
good volume.
Closing prices in print cloths were as follows:
39-inch 8X)'s, 10M to 9%e.; 39-inch 72-76's, 10^c.; 39-inch
68-72's, 8M to 83^c.; 38^-inch 64-60's, 8 to 7'^c.; 38^-inch
60-48's, 6% to 6^gC.
Goods—Trading in men's wear fabrics quieted
Mills, however, while receiving few new
orders, continued to operate at capacity, in view of their
backlog of unfilled orders.
Overcoatings and topcoatings
again were in active demand, but the delivery situation in
these lines was reported to be getting very tight.
Clothing
manufacturers booked a fair amount of business, reflecting
the improved movement of goods in distributive channels.
Business in women's wear goods was marked by a heavy
call for worsted suitings for use in tailored suits.
Several
mills were reported to be completely sold up on their first
quarter production and were forced to withdraw their lines.
Materials for Winter resort and sports wear continued in
good demand.
Garment manufacturers received a heavy
amount of orders on Spring goods, as retailers expect early
buying of these goods, due to the advanced date of Easter.
January apparel promotions were reported to meet with
down last week.
excellent
consumer
demand.
Foreign Dry Goods—Trading in linens continued its
good showing.
The call for materials for use in cruise and
Winter resort
Corn
Wheat
Week
was so
goods, that producers
Woolen
Barley, Milwaukee afloat, 1,047,000
bushels; Buffalo, 504,000 bushels; Buffalo afloat, 364,000 bushels; Puluth, 2,961,000
bushels; Duluth afloat, 572,000 bushels; Chicago afloat, 360,000 bushels; total,
Ft. William & Pt, Arthur
Books
tations still further, the latter
2~85~666
28,000
7,000
afloat
Milwaukee
462:660
310,000
42,000
7,175,000
Peoria
Chlcago-a
continued extremely brisk.
designed to establish minimum
28,000
862,000
Hutchinson
TOOO
87,000
92,000
33,000
32,000
re¬
sharply advanced price demands.
producers will not be able to build
became
2,000
timely de¬
continued
quieted down, but prices held steady.
heavy call will continue for two
before
of
assure
other hand,
the market for Fall goods, due, in part,
alloting their output.
the
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Jan. 2, 1937, were as follows:
United States—
to
anxious to
the
——
2,089:666
visible
Boston
were
on
rayon yarns
Bushels
46,231,000
31,171,000
525,000
Continent
27,120
15,095
Brit. No. Am. Cols
retailers
opened for March business at unchanged prices, and
the demand
Barrels
Kingdom.
as
Wholesalers,
Business in silk goods
Corn
Since
Week
Jan.
1936
into heavy volume.
ran
good call, however, also existed for regular Spring
merchandise,
to their resistance to the
July 1
buyers arriving in the local mar¬
sharply, reflecting the depleted stocks in re¬
larger part of orders called for immediate shipment of
sales.
2,000
Wheat
Since
Jan. 2,
1937
July 1 to—
ket increased
goods to be featured in the usual January and February
"2:666
below:
as
The number of out-of-town
The
Exports for Week
Total Jan.
predicted by trade
was
circles, with the total volume reaching the highest figure
luctant in entering
Flour
"
12%
—
86,645
62,980
1,497,000
July 1, 1936, is
"
gain of about
a
For
For the entire
increase of approximately 10%.
an
1936,
tailers'
48,645
668,000
Boston
Baltimore
"
seriously impede the trade.
estimates of department store sales
Trading in the wholesale dry goods markets was brisk.
Wheat
Exports from—
The
may
since 1930.
statement:
United
delay,
the month of January
year
through bills of lading.
largely offset the retarding influence of the
Retailers continued cheerful as to the future out¬
wear
improved steadily, while home furnish¬
ings moved in good volume, due to the stimulus exerted by
January sales.
Prices continued their advancing trend.
Business in burlap was very quiet.
Although reports from
the primary markets showed increased sales and rather
favorable statistics, American users seemed reluctant in
placing shipment orders, and sales were confined to a few
spot lots for fill-in-purposes.
Prices, in sympathy with
better Calcutta cables, and partly due to the rather tight
delivery situation, held steady.
Domestically lightweights
were quoted at 3.90c., heavies at 5.50c.
308
'
,
A1*
Financial
Chronicle
Jan. 9, 1937
10,000,000 Port
of New York Authority, N. Y., 3% fourthTseries& ref. bonds, due Dec. 15, 1976, and subject to redemp,
on a diminishing price scale starting Dec. 15, 1941,
were sold to a banking group managed by
Blyth & Co., Inc.
of New York, at a price of 103.859, a basis of about
2.84%.
Offered for general investment at a price of 104.75.
gen.
tion,
Specialists in
Illinois & Missouri
Bonds
9,600,000 Chicago, 111., city and school board 3% refunding bonds sold
as follows: $6,600,000 city Issue, due Jan.
1, 1957, and re¬
deemable in varying amounts on specific dates, purchased by
Halsey, Stuart & Co., Inc., of New York and associates, at a
price of 104.03, a basis of about 2.73%.
Halsey, Stuart &
Co., Inc., headed another account which obtained award of
the $3,000,000 Board of Education issue, at a price of 103.245
a basis of about 2.78%.
These bonds also mature Jan. 1
1957, and are callable on a somewhat similar basis as the
obligations issued by the city.
STIFEL, NICOLAUS & CO., Inc.
105 W. Adams St.
DIRECT
314 N. Broadway
CHICAGO
WIRE
ST. LOUIS
MUNICIPAL BOND SALES IN DECEMBER AND
THE
YEAR
3,221,000 Orlando, Fla., 4% refunding bonds, maturing serially from
1938 to 1962 incl., awarded to A. C. Allyn & Co., Inc., of
Chicago and associates, at a price of 101.419, a basis of about
3.86%.
Publicly offered on a yield basis of from 1.50 to
3.70%, according to maturity.
'
FOR
1936
2,500,000 Rusk County, Texas, 2M% and 3% road bonds reported
sold by the County Judge to an account headed by the
Brown Crummer Co. of Dallas at a price of 100.06.
Due
New issues of State and
municipal bonds were offered in
greater profusion in December than in the previous month,
the result being a sharp increase in the volume of tax-exempt
financing in the closing period of the past year. Awards for
the month of December reached $95,648,154, as against only
$64,976,702 in November.
Among the issues which con¬
tributed to the larger volume of sales in December were those
of $25,333,000 by Detroit, Mich., $10,000,000 by the Port
of New York Authority, N. Y. and $9,600,000 by Chicago,
Illinois.
In addition, the Reconstruction Finance Corpora¬
tion disposed of $3,778,000 municipal bonds in another of
its sales of tax-exempt instruments taken over from the
Public Works Administration.
Although the volume of sales of State and municipal bonds
in the calendar year 1936 was somewhat less than the awards
made in 1935, this was not the result of any dimunition in
investment demand
or change in market conditions.
If any¬
thing, conditions for the disposal of municipal liens were
even more
propitious than was the case in 1935, many munici¬
palities having established new records for low interest cost
on
long-term borrowing in the year just ended.
The
proportion of refunding issues to the grand total of bond
sales in
1936 was somewhat similar to the ratio which ob¬
tained in the preceding year.
In this connection, it should
be noted that quite a number of municipalities, because of
improved fiscal conditions and the continuous demand for
municipal obligations, were able in 1936 to refinance on
lower interest terms a considerable part of their higherinterest bearing debt which they were obliged to assume in
completing debt adjustment plans in previous years.
According to our records, new issues of State and municipal
bonds brought out in 1936 aggregated $1,117,878,059. This
figure^ compares with awards of $1,220,150,097 in 1935,
which was the largest for any period since 1931.
Sales in
the immediately preceding years were $939,453,933 in 1934,
only $520,478,023 in 1933, $849,480,079 in 1932 and $1,256,254,933 in 1931.
The total for 1936, of course, as was the case with the
results of municipal financing in the two
previous years, was
considerably augmented as a result of the public sales by the
RFC
of
bond
issues
originally purchased by the
PWA.
However, it is to be noted that
in
our
a distinction is made by us
tabulations in transactions of that nature and loans
grants
or
PWA.
in
our
obtained by municipal units directly from the
Those issues sold to the latter agency do not appear
as in most instances
they represent a private
totals
transaction between the borrower and the PWA and
are
clusion of this article.
The issues of
$1,003,000
or more
awarded during December
summarized herewith:
$25,333,000
1,043,000 Maryland (State of), 2M% road bonds sold to Edward B.
Smith & Co. of New York, and associates, at a price of
100.829, a basis of about 2.14%.
Due serially from 1943 to
1947 incl., and callable prior to maturity.
Re-offering was
made on a yield basis of from 1.65 to 2.10%.
Temporary financing by States and municipalities during
of December was featured by the sale of $60,000,000 34% notes by the State of New York.
This trans¬
action, together with the $41,000,000 of interim borrowing
negotiated by the City of New York, were largely responsible
in bringing the grand total of short-term municipal loans
for the month to $121,007,701.
Generally speaking, most of
the municipalities which appeared in the short-term money
market during the year were able to obtain funds without
any difficulty and omierms which in a large number of in¬
stances were purely nominal.
Canadian municipal bonds marketed during December
amounted to $26,320,150, all of which was absorbed in the
home market.
The Dominion government again resorted
to the sale of Treasury bills, the amount in this instance
being $50,000,000.
The Province of Ontario accounted for
the bulk of the permanent Canadian financing during the
month, having awarded $20,000,000 3% bonds on an interest
cost described by the Premier as extremely satisfactory.
In speaking of Canadian borrowing, it is of interest to note
that the Federal government recently began negotiations
with Morgan Stanley & Co., Inc. of New York, for the re¬
funding in the United States of $89,787,000 5% tax-free war
loan bonds which mature March 1, 1937.
Below we furnish a comparison of all various forms of
obligations sold in December during the last five years:
the month
1936
Perm.
*
rrom 1938 to 1963 incl., awarded to a syndicate
headed by the Bankers Trust Co. of New York, which paid
a small premium over par for
$9,858,000 3Ms and $15,475,000
2Ms, the net interest cost to the city being 2.91%.
In
re-offering the bonds, bankers priced the 3 Ms to yield from
0.50% to 2.85%, according to maturity; in the case of the
2Ms, the 1951 and 1952 maturities were offered at par, and
those from 1953 to 1963 incl. were marketed on a yield basis
2.90%.
4,620,000 Camden, N. J., refunding bonds were purchased by an ac¬
count managed by Lehman Bros, of New York.
Of the total,
$3,000,000 were awarded publicly as 3Ms and 3Ms, at a
price of 95.003, a basis of about 3.64%.
This block was reoffered on a yield basis of from 3.25 to 3.70%, according to
coupon rate and maturity.
The entire loan is due serially
from 1945 to 1970 incl.
The banking group subsequently
purchased privately an additional $1,620,000 bonds, com¬
prising $1,060,000 3Ms and $560,000 3Ms.
3,358,000 Buffalo Sewer Authority, N. Y., 4% sewer bonds pur¬
chased at private sale by a sundicate managed by B. J. Van
Ingen & Co., Inc., of New York.
Due serially from 1940
to
1964 incl.
Re-offered to yield from 2.20 to 3.15%,
cording to maturity.
1934
1933
1932
$
$
$
s
loans,
95,648,154 133,567,228 121,702,118
States)..
Temp. mun. loans,
(United States)... 121,007,701
Canad. loans (temp.)
45,217,320 117,952,271
80,940,500
20,000,000
50,000,000
59,071,823 249,731,300 337,010,300
None
132,000
1,250,000
Canad. loans (perm.)
Placed in Canada
10,000
135,000
13,095,600
40,000,000
40,383,275
None
None
None
Gen.fd.bds. (N.Y.C.)
None
None
None
None
None
Bds.ofU.S.Possess'ns
None
None
None
400,000
400,000
-
26,320,150
Placed in U. S
Total
*
•
None
ac¬
292,976,005 287,603,328 221,157,216 295,190,620 457.347,571
Includes temporary securities
In 1936;
Issued by New York City in December, $41,000,000
$62,350,000 in 1935; $35,875,000 in 1934; $241,378,800 in 1933; $310,000,000
in 1932.
The
number
of
municipalities emitting bonds and the
number of separate issues made during December, 1936, were
356 and 465, respectively.
This contrasts with 271 and 301
for
November, 1936, and with 560 and 734 for December,
1935.
The following table shows the aggregate of State and
municipal permanent issues for December, as well as the
12 months for a series of years.
The 1936 figures are subject
to revision by later advices:
Month of
12 Mos.
$95,648,154 $1,117,878,059 1913
935
^
1,220,150,097 1912
133,567,228
934
939,453,933 1911
121,702,118
933
520,478,023 1910
45,217,320
932
849,480,079 1909
117,952,271
9311,256,254,933 1908
45,760,233
930
1,487,313,248 1907
186,773,236
929
1,430,650,900 1906
290,827,938
928
1,414,784,537 1905
149,428,822
927
1,509,582,929 1904
111,025,235
926
1,365,057,464 1903
144,878,224
925
1,399,637,992 1902
157,987,647
924
1,398,953,158 1901
93,682,986
923
1,063,119,823 1900
113,645,909
922
1,100,717,313 1899
66,049,400
921
1,208,548,274 1898
220,466,661
920
683,188,255 1897
55,476,631
919
691,518,914 1896
62,082,923
918
296,525,458 1895
22,953,088
917
451,278,762 1894
32,559,197
916—.—
457,140,955 1893
35,779,384
915
34,913,362
498,557,993 1892
914
474,074,395
29,211,479
936
For the
Month of
For the
December
Detroit, Mich., noil-callable series F refunding bonds, due
serially
of from 2.80 to
mun.
(United
1935
$
not
subject to actual market conditions prevailing at the time
of sale.
Then again, as many of these issues are later sold
publicly by the RFC our policy of excluding them in the first
instance from our compilations eliminates the
possibility of
duplication of these items in our figures.
Records showing the aggregate of all municipal financing
in 1936, long- and short-term,
including Island Possession
loans and Canadian municipal issues, also indicating the
month-by-month volume of United States municipal loans
floated in the years 1936 and 1935 will be found at the con¬
are
in seven years.
1,100,000 Yonkers, N. Y., 2M% debt equalization bonds, due serially
from 1943 to 1961 incl., awarded to Halsey, Stuart & Co.,
Inc., of New York, and associates, at a price of 100.278, a
basis of 2.73%.
Re-offered at prices to yield from 2.25 to
2.75%, according to maturity.
12 Mos.
December
_
...
$44,635,028
27,657,909
36,028,842
36,621,581
31,759,718
28,050,299
13,718,505
21,260,174
8,254,593
9,985,785
13,491,797
11,567,812
15,456,958
22,160,751
4,981,225
7,306,343
17,855,473
10,664,287
8,545,804
13,486,375
17,306,564
3,297,249
$403,246,518
386,551,828
396,859,646
320,036,181
339,424,560
313,797,549
227,643,208
201,743,346
183,080,023
250,754,946
132,846,535
149,498,689
131,549,300
145,733,062
118,113,005
103,084,793
137,984,004
106,406,060
114,021,633
117,176,225
77,421,273
83,823,515
<
Volume
Financial
144
309
Chronicle
vanced steadily and closed the year at a
higher level than has been reached
the last 40 years.
prices, resulting in progressively lower coupon rates and
elds for issuing municipalities, has continued with comparatively slight
nterruption since late in 1933.
Communities that formerly paid 4% or
4% % rates for long-term loans are now able generally to borrow in similar
amounts and maturities at 2 to 2%% interest cost.
Easy money rates, heavy cash reserves and high income tax rates were
again the chief motivating factors supporting the rise during 1936.
Com¬
mercial banks and large corporations had particular interest in one to five
year maturities of the higher grade municipal bond issues.
A large proportion of the corporate financing during 1936 was for refund¬
ing purposes, each Issue releasing almost as much cash as it absorbed.
Surplus investable funds were increased by the influx of capital from
Europe largely sent to this country for safety and investment, though just
recently the United States government has moved to sterilize the imported
gold so that bank reserves will not be additionally affected.
The par value of new municipal financing during 1936 was around normal,
though a large amount represented refunding of maturing or callable
issues.
Large issues were authorized and sold by the cities of New York,
Chicago and Detroit, the Chicago Park District and the Port of New York
Authority for refunding purposes.
The low cost of refinancing has enabled
many municipalities to retire high coupon callable issues and also to re¬
arrange maturity schedules by refunding maturing obligations and grouping
various small loans into one consolidated issue.
As prices for the highest grade tax-exempt issues advanced, demand for
second and third grade credits increased proportionately and communities
which heretofore found it difficult to borrow have since been enabled to
at any time in
This rise in
g
monthly output in each of the years 1936 and 1935
following table:
The
is shown in the
Mar
April
May
June
July
Aug
1
5158,911,874
$97,172,419 Sept
83,369,067
53,435,359 Oct
64,976,702
150,313,900 Nov
156,078,031 Dec..95,648,154
78,274,868
Total. _$1,117,878,059
64,735,885
87,468,655 Average per
month..- $93,156,504
65,703,316
$89,523,614
98,045,427
129,068,023
84,658,867
105,252,749
109,097,733
42,306,168
57,019,681
Feb
1936
1935
1936
Jan
$148,870,640
71,816,034
112,713,762
133,567,228
-
$1,220,150,097
5101,679,167
sell
municipal loans put out during the calendar
year 1936 was $2,301,982,502, including $1,117,878,059 of
new issues of long-term bonds by the States, counties and
minor civil divisions of the United States, $884,297,770
The total of all
temporary municipal loans negotiated,
$296,481,673 obliga¬
Provinces and municipalities (not in¬
cluding $499,600,000 temporary issues), and $3,325,000
bonds of United States possessions.
In the following table
we furnish a comparison of all these forms of securities put
tions of Canada, its
out in each of the last five years:
1936
1935
$
1932
1933
1934
$
$
•
$
$
Permanent loan
1117,878,059 1220,150,097
(U. S.)
x
939,453,933
520,478,023
849,480,079
Temp, loans,
987.590,375 1225,456,354 1287,343,635
loans
Placed in Can
248,481,673
389,369,367
PlacedinU.S.
48,000,000
116,000,000
522,261,774
50,000,000
Bds. U.S.Poss's
3,325,000
11,696,000
None
408,835,489
60,000,000
1,500,000
296,451,019
66,015,000
1,292,000
None
None
None
None
Gen. fd. bonds,
None
(N. Y. City)
x
In
2301,982,502 2772,553,239 2499,306,082 2216,269,866 2500,581,733
Includes
public sale at par for a 4% interest rate.
In a number of instances these
bonds were later sold by the RFC for high premiums at competitive sales.
During the course of the year the market on tax-exempt bonds was
strengthened technically and to some extent in a practical manner by
decisions rendered by the Supreme Court of the State of Missouri and the
Supreme Court of the State of Texas.
In the former case the Missouri Supreme Court ruled against an opinion
rendered by the Attorney General of the State of Missouri in which he
expressed his opinion that the outstanding bonds of the State could be
refunded into issues bearing interest at lower coupon rates whenever it was
to the advantage of the State so to do.
The Supreme Court held that the Board of State Commissioners was
without authority to refund the outstanding bond issues since the bonds
were not due and there was no agreement with the holders to refund prior
to the date of maturity.
Had the opinion of the Attorney General been
upheld, not only bonds of the State of Missouri and its political subdivisions
would have been seriously affected marketwise, but undoubtedly due to
this impairment of contractual rights, the municipal market as a whole
In Texas the Supreme
Court of the State, in ruling that successive issues
an independent school district were on a parity and that priority
of issuance gave no priority of claim against revenues, reversed a decision
of the Court of Civil Appeals at Eastland, Tex.
Tnis decision was of
of bonds of
(permanent):
Total
Illustrative of the trend was the very substantial success
issues.
would have suffered to some extent.
884,297,770 1035,337,775
(U. S.)
Canad'n
new
with which the Reconstruction Finance Corporation disposed of a large
number of issues of municipal bonds, which had been acquired at a time
when the open market for most of these bond issues would not permit a
temporary securities Issued in New York City as follows: $359,488,000
1934; $801,338,802 in 1933; $753,-
1936; $496,810,100 in 1935; $526,089,100 in
749,000 in 1932.
major importance in its effect upon Texas municipal issues.
Had the
ruling of the Court of Civil Appeals been upheld, the majority of Texas
municipalities would have found it impossible to sell further issues of bonds.
It is also probable that had the ruling of the Court of Appeals been upheld,
similar questions would have arisen in other states where bonds are payable
from
a
limited
price levels.
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bond sales in detail.
It will be given later.
WE OFFER SUBJECT
$50,000 Sarasota County Hwy. New Ref.
3-6% Bonds
at
80 and Interest
Thomas M. Cook & Company
rate
of the municipal market during the
New York City general obligations made spectacular price
advances.
Bonding Law Held Void—The State
Jan. 5 heid the State monopoly bond law,
enacted at the 1935 legislative session when bonding com¬
panies refused to write the State Treasurer's bond, un¬
constitutional in its entirety, according to Lincoln news
advices.
Action of the court is said to have been forced by
the announced intention of the Bonding Commission created
by the law to issue bonds to incoming State officers.
It is
reported that a formal opinion will be handed down within
a few days:
Nebraska—State
Supreme Court
Harrey Building
WEST PALM
of taxation.
One of the most interesting features
last quarter of 1936 was the rapid advance of second-grade issues.
Better
known bonds of this type were much sought after and all established new
New
BEACH, FLORIDA
York
on
State—Governor Lehman Inducted into Office
for Third Term—Governor Herbert H. Lehman, taking his
oath of office on Jan. 1 for a third term as Chief Executive
of the State, made the keynote of his policy for the next
a
press
report on Jan. 6. The decision is said to have been
a case brought by the Fidelity & Guaranty
handed down in
Fire
Corp. to prevent taxation of some Federal securities in
portfolio and as a test action under a 1935 ruling of the
Supreme Court.
its
Municipal Bond Market Annual Price Survey Issued
—The
Third edition of the
Chemical Bank & Trust Co.'s
annual
price survey of the municipal bond market, now being
issued, continues the year-end price-yield record of 151
representative issues and affords an unusually comprehensive
picture of the broad upward trend of the past few years.
The study includes bonds of every State having long term
debt outstanding and of at least one city in each State.
reached further record levels in
1936, while second grade bonds are shown to have experienced considerably
sharper increases, a result of the relatively greater recoveries in individual
credit standing resulting from improvement in tax collections, progress in
balancing budgets, some debt readjustments, and, in a few cases, actual
Prices of prime bonds are seen to have
debt
reductions.
In an added study, the bank has selected 20 long-term bonds of cities
covering practically every section of the country in order to arrive at a
general average of the yearly advances.
According to this average, prices
moved from 92% in December, 1933 to 108% a year later for a gain or 16%
points, to 117% in December, 1935, up 8% points, and to 124% in Decem¬
ber, 1936, a further gain of 7% points: the comparative spreads revealing
a distinct flattening out of the trajectory of rising prices.
Average yield,
moving inversely to price, declined from 5.18%
3.84%, 3.15% and 2.65% in successive years.
in December, 1933, to
Municipal Bond Market for 1936 Discussed—The
following is the text of an article written by Bernard J.
Larkin, of Halsey, Stuart & Co., Inc., New York City,
dealing with the trends and events of outstanding import¬
ance in the field of municipal finance during the year just
ended:
The
municipal
administration at Washington
velt
Maryland—State Taxing of Federal Securities Upheld—The
right of the State Tax Commission to tax Federal securities
while exempting those of the State has been upheld by Judge
Samuel Dennis in the Circuit Court at Baltimore, according
to
pledge of complete cooperation with the Roose¬
and a hope for better
economic conditions, more social justice and still greater
prosperity for all, according to press advices from Albany.
He is said to have outlined as immediate objectives for the
State the subjects of slum clearance, higher wages, aid to
the farmers and "a broader system of social security."
Also returned to office at the inaugural ceremonies were
Lieutenant
Governor
M.
William
Bray,
Comptroller
Morris S. Tremaine and Attorney General John J. Bennett Jr.
two years a
News Items
Opens 1937 Legislative Session
opened the 160th session of the Legisla¬
ture at noon on Jan. 6, with an appeal for the immediate
adoption of a complete social security program, approval of a
constitutional amendment if necessary to insure the success
of minimum wage legislation, and the formation of a city,
State and Federal partnership to assure a long-range slum
New York State—Governor
—Governor Lehman
clearance program.
While most of his message was
devoted to a detailed pro¬
for assuring New'York State of continued "supremacy
in progressive labor and social legislation," the Governor
also attacked those employers, who, before the last election
sought to coerce the votes of their employees.
He urged
that provision be made in the penal law to punish such action.
Less than an hour after the Governor had presented his
gram
views, bills carrying out most of his major suggestions were
by both Democrats and Republicans.
said to have been prepared to intro¬
duce similar measures but a seemingly hopeless deadlock in
the ranks of the Republican majority over the choice of a
Speaker delayed organization of the lower house.
Eight
Republicans had bolted a party caucus on Jan. 5, rather than
support Speaker Irving M. Ives for re-election and refused
introduced in the Senate
Assembly Democrats
to
come
In his
1.
A
back into
9,000-word
are
line.
message
Governor Lehman advocated:
Federal constitutional amendment, if necessary, to provide mini¬
and working hours for women and minors in industry.
A second anti-crime program, including creation of a State Depart¬
mum wages
bond
market for
1936
was
characterized
by steadily
rising price levels.
During the year a few temporary recessions were ex¬
perienced, but, except for a lag in prices in April and a slight reaction in
September, the level of high-grade long-term municipal bond prices ad¬
2.
ment of Justice.
3. Extension
of the
State's mortgage
outlawing of deficiency judgments.
iwa
moratorium
and
permanent
310
Financial
4.
Legislation prohibiting
making excess profits.
5.
municipally
owned
public
utilities
Ratification of the Federal Child Labor Amendment.
Compulsory audit of the books of all milk dealers,
6.
operatives; decision by dairymen themselves whether
from
including
State milk
co¬
control
should be continued.
7.
Legislation permitting women to serve on juries.
8. State regulation of fee-charging employment
agencies.
9. That the Federal Government retain on Works
Progress Administra¬
tion rolls all persons who "actually need work" until
they can be absorbed
by private industry.
10. A legislative study of the advisability of
compulsory
mobile
insurance.
State auto¬
An appropriation of $750,000 to establish a
revolving fund from
which the State mortgage commission can advance funds for
reorganiza¬
tion and rehabilitation of mortgage property.
11.
Low-Cost Housing
12. An extensive slum clearance and low-cost housing
program.
13. Establishment of a farm colony or work camp, under direction of the
State, as "an experiment for the detention of alcoholics and vagrants."
14. Congressional reapportionment.
I
15.
A constitutional amendment providing four-year terms for Governor
and two-year terms for
16.
17.
Assemblymen.
Compulsory inspection of all motor vehicles.
Continuance of State milk publicity.
Regulation of outdoor advertising.
Legislation forcing continuance of the Fair Trade Practice Act.
18.
19.
North
closure
Dakota—Governor
Declares
Moratorium
Sales—;Governor William Langer proclaimed
on
on
Fore¬
Jan.
a
moratorium prohibiting real and
personal propertymortgage foreclosure sales and execution sales of livestock
and other personal property in the
State, according to an
Associated Press dispatch from Bismarck.
5
Langer commanded all State, county and township officers to perform no
official act "which will in any degree,
accomplish, aid or assist in the fore¬
or forced sale of
any home, or in the forced sale of
closure
property nec¬
essary and indispensable to the livelihood of the occupant, or in
disposses¬
sion of home-owners who may have lost their homes
by foreclosure since
1932, or in the obtaining of tax titles to homes where the same
may be not
subject to
tax
a
deed.
Chronicle
Officers'
Jan. 9, 1937
Association,
There
at least half
are
2.
Instead of
under
a
demand for fewer governmental
services, movements are
the revenue burden from real estate taxes to other
to shift
way
governments can react with increased pay.
5. Local governments must also face an
burden which the Federal government
legislatures:
California, Idaho, Montana, Ohio and Ten¬
regular session today (Jan. 4), according to information
gathered by the Council of State governments.
Twenty-one others will
in
convene
before the week is out.
The remainder of the week's legislature schedule is
as follows:
Tuesday,*
5—Delaware, Minnesota,
Nebraska, North Dakota,
Oklahoma,
Pennsylvania, Rhode Isiand and South Dakota; Wednesday, Jan. 6—
Colorado, Connecticut, Illinois, Maine, Maryland, Massachusetts, Michi¬
gan, Missouri, New Hampshire, New York, North Carolina and
Vermont;
Thursday, Jan. 7—Indiana.
Next weeks dates for legislative
gatherings are:
Monday, Jan. 11—
Arizona, Arkansas, Iowa, Oregon, Utah and Washington;
Tuesday, Jan. 12
—Kansas, New Jersey, New Mexico, Soith Carolina, Texas and
Wyom¬
ing; Wednesday, Jan. 13—West Virginia and Wisconsin.
Nevada meets
Jan. 18, and on Monday, Jan. 25, Georgia will meet
for a special session
to elect officers and introduce bills.
This session will run 10
days, and the
regular statutory session is expected to start at that time.
Florida's
Legislature convenes April 6.
Much of the important legislation to be discussed before
these bodies
will come up before the Third General
Assembly of the Council of State
Governments, called for Jan. 21-24 in Washington.
Interstate commissions
Jan.
from various
will debate and act on
questions involving interstate
social security, crime, and taxation, according to Henry W.
director of "COSGO."
States not meeting in regular session this
year are:
Alabama, Kentucky,
action, such
Toll,
areas
as
executive
Louisiana, Mississippi and Virginia. Among the 43 which do, the Council
has prepared, through questionnaire, the
following break-down on out¬
standing legislation to be considered:
Social Security—Twenty-six States will consider social
security legisla¬
tion, including bills on unemployment insurance, old age and mothers'
pensions, aid to blind, dependent children, crippled and handicapped
children—in general, to bring State laws into
conformity with the Federal
Social Security Act, so that the respective States can
benefit by Federal
increasing share of the relief
may
6.
The reservoir
turn
back to them.
of
delinquent taxes, built up generally from 1929 to
1933, collection of which has served recently to bolster municipal revenues,
is "going dry."
Something must be found to take its place.
Finance officers of cities and counties of many States like
Ohio, West
Michigan and Florida have a
particularly difficult problem,
Chatters points out, because of restriction
placed on their income by
tax limitation or homestead
exemption laws.
In other States including
Massachusetts, New York and Pennsylvania, bitter fights will be waged
to prevent the adoption of similar overall tax
limitation laws.
The legis¬
latures will be asked to distribute more State-collected revenues
to local
Virginia,
Mr.
In
cases this will mean new taxes; in
others, it will
acoivity to another, such as using the gasoline
relief instead of for roads.
In addition, school
officials insist on a guarantee from the State that education be
carried on
even though it means the
taking of funds from other activities.
governments.
involve
for
tax
some
transfer from
a
one
unemployment
OFFERINGS
WANTED
Arkansas—Illinois—Missouri—Oklahoma
MUNICIPAL BONDS
Francis, Bro.
ESTABLISHED
& Co.
1877
fnveatment S ec uritiet
ST.
LOUIS
TULSA
Bond Proposals and
Negotiations
MONTGOMERY, ALABAMA
various purposes 5% 1954-1957
price to yield 4.50%
McALISTER, SMITH & PATE, Inc,
67
BROAD STREET
NEW YORK
Telephone WHltehall 4-6765
GREENVILLE, S. C.
CHARLESTON, S. C.
ALABAMA
State
meet
for the financial distress of cities
3. Reduction of local expenditures, found in all headlines a
few years
ago,
has become exceedingly difficult.
Wholesale commodity prices,
according to the index of the United States Bureau of Foreign and Domestic
Commerce, have increased 30% since October 1932.
Therefore, a munici¬
pality which paid $1,000,000 for supplies and materials in 1932 must
expect to pay from $1,200,000 to $1,400,000 in 1937.
4. Salary cuts have been partially or wholly restored in most
cities, but
with municipal employees not benefiting from the Federal
Social Security
Act, and wages and salaries going up in private business, many officials
and employees may* choose to leave the
public service, unless the local
States—Report on Legislation Contemplated in
Various States—The following is the text of a news release
on important legislation which is
expected to come up for
consideration by the various States at the 1937
sessions,
made available on Jan. 4 by the Public Administration
Clearing House, Chicago, 111.:
Five
reasons
sources.
United
nessee
dozen
a
owing to inadequate pocketbooks, Mr. Chatters explains:
1. The wave of municipal bond defaults has
passed and nearly all of
the important cities and counties are
paying the principal and interest on
their debts, which requires
money.
Oklahoma—Supreme Court Rules Municipal Bonds Call¬
able—The State Supreme Court has ruled that
any munici¬
pality in the State has the privilege of calling at par and
accrued interest any water bonds dated
prior to March 24,
1927, provided they have been outstanding 10 years, ac¬
cording to reports received on Jan. 6.
It is said that the
court ruled the optional privileges prevail whether or not the
bond contract contained a call provision.
Rehearing to Be Sought on Decision—It was reported from
Attorney General's office that a petition for a rehearing
on the above decision is
being filed and unless it is successful,
an appeal will be taken to the United States
Supreme Court.
It is said that the State Supreme Court voted six to three on
the question.
This opinion is of interest to the municipal
fraternity because of its legal side and the possibility of
similar questions arising in other States.
of
cities, counties and
villages in the United States will have to abandon important
municipal services in 1937.
"The revenue problem of local
governments," says Mr. Chatters, "surpasses all others in
its immediate importance."
The proclamation does not apply to loans extended
by Federal agricultural
loan agencies, nor to future loans granted by such
agencies.
the
hundreds
CHEROKEE COUNTY (P. O.
Center), Ala.—BOND SALE—The
$35,000 issue of court house bonds offered at
public auction on Jan. 4—
V. 143, p. 4188—was awarded to the Cumberland
Securities Corp. of Nash¬
ville, as 3Hs, paying a premium of $50.00, equal to
100.14, a basis of about
3.23%. Dated Dec. 1, 1936.
Due from Dec. 1. 1937 to 1951
MOBILE. Ala.—REPORT ON PROGRESS OF
BOND REFUNDING
PLAN—It is stated by Natt T.
Wagner, Chairman of the Committee for
Bonds and Obligations, that the first
exchange of city obligations under
the refunding plan has now taken
place and that the committee has in
hand
over
80% of all the obligations coming within the
scope
of the plan.
Funds are said to be available at the
paying agent, the Irving Trust Co.
of New York, for the
payment of the Jan. 1, 1937 coupons.
The bonds
are
being delivered with the approving opinion of Masslich &
Mitchell, of
New York.
RUSSELL COUNTY (P. O.
Seale), Ala.—BOND SALE DETAILS—
court house bonds that were purchased
by Marx & Co. of
as noted in these columns
recently—V. 144, p. 134—were
sold as 4Ms, for a premium of
$165.00, equal to 100.33, a basis of about
4.22%.
Due from Oct. 1, 1939 to 1966, incl.
The $50,000
Birmingham,
SELMA, Ala.—BOND SALE—The $100,000 municipal building bond®
on Jan. 8—V. 143,
p. 4035—were awarded to King, Mohr & Co. of
a price of 96.61 for
2J£s, a basis of about 2.72%. The Cumber
offered
Mobile at
land Securities
Due
on
Jan.
1
1951 and 1952.
Corp. of Nashville bid 96.60 for 2^s.
Dated Jan. 1, 1937as follows:
$6,000, 1938; $7,000, 1939 to 1950; and $5,000,
ARKANSAS
BONDS
contributions.
Taxation—Many States expect to consider important tax bills, includ¬
ing sales, income, gasoline and liquor—in general to provide funds for
social security.
Largest Retail
Distributors
Some States will consider general revision of their taxes
provide more equitable distribution and to balance budgets.
Crime—Forty-one States will be faced with proposals to facilitate crim¬
inal apprehension and conviction
including uniform bills for interstate
to
cooperation in the matter of extradition and fresh pursuit of criminals,
securing of witnesses, and to facilitate probation and parole treatment.
There
will
be
miscellaneous
for stricter control of the sale of
firearms, general revision of departments of justice, and some attention to
systems of pardons and parole.
Liquor—Several States will consider measures pertaining to liquor
control, including the tightening up of laws on the sale of spirits, local
option bills, and in some cases laws to abolish State monopolies of
plug
up loopholes in the system.
One State will consider a system of temper¬
ance education in its public schools.
WALTON, SULLIVAN & CO.
LITTLE ROCK, ARK.
proposals
Miscellaneous—Civil service merit bills will be introduced in 14 States.
Other States will consider new bills for the
regulation of public utilities and
Two States will face the problem of
reorganization of State depart¬
ments.
Several legislatures will nave before them bills for
ARKANSAS BONDS
Markets in all State, County & Town Issues
banks.
reapportioning
congressional
districts.
Conservation matters will occupy the time of
three State assemblies.
School bills—particularly for teachers' tenure and
retirement—will be proposed in at least five
States, namely, West
Utah, New Mexico, Kansas and Mississippi.
Virginia,
Cities
Reported to Be Facing Revenue Problems—State
legislatures meeting this month will, in many cases, face the
job of saving the financial lives of their cities and counties.
,Unless
new
Chatters,
revenues
executive
are
provided, accordng to Carl H.
of the
Municipal Finance
director
SCH^RCK, RICHTER COMPANY
LANDRETH BUILDING, ST.
LOUIS,
MO.
ARKANSAS
ARKANSAS, State of—BOND CALL—Tom Davis, Secretary of the
State Construction Commission, reports that,
pursuant to the provisions
in the bonds, the Commission is calling for
payment on Feb. 1, 1937, at
par and accrued interest, numbers 356 to 1155 or the
5% State construction
bonds, issued under authority of and in full compliance with Act No. 180
Volume
Financial
144
of the Acts of the General Assembly of 1929, approved on March 22, 1929,
and Act No. 30, of the acts of said General Assembly of 1931, approved on
Feb. 26, 1931.
Bonds and interest payable at the
which date interest shall
Dated Feb. 1, 1933.
Chase National Bank in New York on Feb. 1, on
cease.
(State of)—BONDS OFFERED FOR INVESTMENT—
A. O. Allyn & Co., Inc., Chicago and New York is offering a new issue of
$800,000 3U% State construction refunding bonds (non-callable) dated
Feb. 1, 1937, and due serially Aug. 1 1937-1942. at prices to yield from 1%
to 3.25%, according to maturity.
t——
This issue of bonds was authorized to refund at a lower rate of interest the
ARKANSAS
outstanding portion of an issue of $1,155,000 bonds dated Feb. 1, 1933.
There were, including this issue, $2,775,000 of State construction bonds
outstanding, the proceeds being used for the purchase of building sites,
construction of buildings, additions and improvements to other buildings,
and the purchase of additional equipment for the State Hospital for Nervous
Diseases
and the Tuberculosis Sanitarium.
These State construction
payable from the first $275,000 of State income tax, or as much
be necessary, plus 18-100 of 1 mill ad valorem tax which had
heretofore been credited to the school supervision fund.
These bonds, in the opinion of counsel, constitute direct obligations of the
State of Arkansas for the payment of which the full faith and credit of the
State are irrevocably pledged.
They are eligible as security for postal
savings deposits.
issues
are
thereof
as may
311
Chronicle
1. Due $35,000 yearly on Jan. 1 from
payable at the City Treasurer's office.
the City Treasurer, required. Legal
opinion of Orrick, Palmer & Dahlquist of San Francisco, will be furnished
1937. Int. payable Jan. 1 and July
1938 to 1947, incl.
Prin. and int.
Certified check for $1,000, payable to
to the
purchaser.
SAN
DISTRICTS (P. O. San Diego),
DIEGO COUNTY SCHOOL
Calif.—BONDS VOTED—At
an
election held on Dec. 11 the voters are
of $210,000 in bonds, divided as follows:
said to have approved the issuance
$175,000 Sweetwater Union High School
Elementary School District bonds.
District, and
$35,000 Chula Vista
SAN FRANCISCO (City and County), Calif.—NOTE SALE—The
$2,000,000 tax anticipation notes offered on Jan. 4—V. 143, p. 4188—were
awarded to the American Trust Co., the Bankamerica Co. and the Anglo
California National Bank, all of San Francisco, on a .45% interest basis.
Notes mature May 15, 1937.
Jose), Calif.—BOND OFFER¬
receive bids until 11 a. m.,
of Cambrian School District.
Cert, check for 5% required.
SANTA CLARA COUNTY (P. O. San
ING—Frank W. Hogan, County Clerk, will
Jan. 18 for the purchase of $12,000 5% bonds
Denom. $1,000.
WOODLAKE UNION HIGH SCHOOL DISTRICT, Calif.—BONDS
of $30,000 school building bonds was approved
VOTED—The issuance
by the voters at a recent election.
ARKANSAS, State of—BONDS SOLD—Vie are informed by Tom
Davis, Secretary of the Arkansas Construction Co., Little Rock, that
$800,000 refunding bonds have been sold at private sale and the out¬
standing 5% bonds have been called for payment.
He reports that the
State will probably have another issue of $1,327,000 to refund shortly.
Rocky Mountain Municipals
ARIZONA—COLORADO—IDAHO—MONT ANA
NEW MEXICO
—
WYOMING
DONALD F. BROWN & COMPANY
California
DENVER
Municipals
DONNELLAN
BOULDER, Colo.—BOND ELECTION
(State
Veterans' Welfare bonds offered on Jan. 7—V. 143, p.
to
a
$3,000,000
23*%
4035—were awarded
syndicate made up of-Chase National Bank of New York, R. H.
Co. of San Francisco, the First Boston Corp. of New York,
and the Security First National Bank
CONNECTICUT
Dean Witter & Co. of San Francisco
bid of par, plus a premium of $56,000, equal to 101.866,
Dated Jan. 1, 1937. Due from Feb. 1. 1938 to
'
basis of about 1.99%.
1954, incl.
BONDS
offered
OFFERED
the above
FOR
INVES TMENT—The "successful
bidders
re-'
bonds for public subscription at prices to yield from
CONNECTICUT (State of)—GOVERNOR RECOMMENDS
CALIFORNIA, State of—BOND OFFERING—Sealed bids will be re¬
ceived until 10 a. m. on Jan. 28 by Charles G. Johnson, State Treasurer,
for the purchase of a $25,000 issue of State Park, Act of 1927, bonds bearing
234% interest, payable J. & J.
Denom. $1,000.
Dated Jan. 2, 1929.
Due on Jan. 2, 1957.
Principal and interest payable at the State Treas¬
urer's office or at the State's fiscal agency in New York City.
These bonds
are executed under and in pursuance of the California State Park Bond Act
of 1927, approved by the voters on Nov. 6, 1928.
Bids to be for at least
ar and accrued interest.
These bonds having been authorized prior to
¥une 5, 1933, said bonds and coupons will bear an endorsement referring
Jl
specifically to the provisions of Public Resolution No. 10 of the 73d Con¬
gress of the United States, adopted June 5, 1933, relating to the issuance
of obligations payable in gold coin.
A certified check for l-10th of the par
value of the bonds bid for, payable to the State, is required.
CARPENTERIA UNION GRAMMAR SCHOOL DISTRICT, Calif.—
BOND ELECTION—On Jan. 22 an election will be held at which a pro¬
posal to issue $77,000 school building bonds will be voted upon.
ISSUANCE
inaugural address delivered on Jan. 6 Governor Wilbur
$25,000,000 bond issue to fund a debt
of $14,000,000 and the financing of a State institutional expansion program
according to Hartford news reports.
OF BONDS—In his
L. Cross outlined the need for a
The bonds are said to be general
0.50% to 2.15%, according to maturity.
obligations of the State as a whole.
CONTEMPLATED—It is
issue for a sewage disposal
FORT COLLINS, Colo.—BONDS AUTHORIZED—A resolution has
been passed by the City Council authorizing the City Treasurer to issue
$13,500 in improvement bonds, it is reported.
Moulton &
of Los Angeles on a
$25,000 in bonds for bridge construction.
DURANGO,
Colo.—BOND ELECTION
planned to call an election on a $50,000 bond
plant in April, according to report.
SALE—The
of)—BOND
special election to vote on the
issuance of not to exceed
CALIFORNIA
CALIFORNIA
CONTEMPLATED—The City
Council is stated to have decided to call a
Calif.
Teletype-S F 396
Telephone Exbrook 7067
Teletype: Dnvr 580
—
COLORADO
& CO.
San Francisco,
111 Sutter St.
Telephone: Keystone 2395
DELAWARE
MIDDLETOWN, Del.—BOND SALE—The issue of $50,000 3% coupon
registered sewer system bonds offered on Dec. 30—V. 143, p. 4036—was
awarded to Granbery, Safford & Co. and Battles & Co., both of Phila¬
delphia, jointly, at a price of 107.081, a basis of about 2.39%.
Dated
Sept. 1, 1936 and due $5,000 on Sept. 1 from 1946 to 1955, incl.
MILFORD, Del.—BONDS VOTED—At an election held on Dec. 28 a
proposed bond issue of $105,000 for improvements to the water system
was approved by the taxpayers.
BONDS
FLORIDA
Clyde C. Pierce Corporation
Building
Barnett National Bank
CHOWCHILLA, Calif.—BONDS VOTED—On Dec. 31 the voters
approved a bond issue of $20,000 for construction of a new sewer.system.
JACKSONVILLE
First National Bank Building
FLORIDA
-
-
-
Branch Office:
COUNTY (P. O. Martinez) Calif.—BOND SALE
POSTPONED—We are informed by S. C. Wells, County Clerk, that the
sale of the $85,000 John Swett Union High School District bonds, previ¬
ously scheduled for Jan. 4—V. 144, p. 134—has been postponed until 11
a.
m.
on Jan. 21, because of a legal question on the publication of the
offering notice.
He will receive sealed bids on that date for the said bonds.
Denom. $1,000.
Dated Jan. 1, 1937.
Due in from one to five years.
Prin. and int. (J. & J.) payable at the office of the County Treasurer.
Interest rate is not to exceed 3%.
These bonds were approved by the
voters on Dec. 11, 1936.
The legal approval of Orrick, Palmer & Dahlquist
of San Francisco, will be furnished.
A certified check for 5% of the par
value of the bonds must accompany the bid.
CONTRA COSTA
TAMPA
T. S. Pierce, Resident Manager
FRESNO, Calif.—BOND ELECTION DATE SET— The City Commis¬
sion has set Feb. 25 as the date for a special election at which the proposal
to issue
$2,990,000 bonds to finance the purchase of the local distributing
Power Co. will be submitted to the
system of the San Joaquin Light &
voters.
INDIO SCHOOL DISTRICT, Calif.—BOND ELECTION—An election
will be held on Jan. 11 at which a proposal to issue $75,000 school building
bonds will be submitted to the voters.
INYO COUNTY (P.
rejected, according to the County Clerk.
LOS
ANGELES,
Calif.—GAS
ELECTRIC
&
POWER
SALE
AP¬
PROVED—The California Railroad Commission is said to have authorized
by the Los Angeles Gas & Electric Co. of its power properties to
the city in the form applied for by the company, the action clearing the
way for revenue bond marketing by the city.
the sale
LOS
ANGELES
COUNTY
O.
(P.
Los
Angeles),
Calif.—BOND
SALE—The $100,000 issue of El Monte School District bonds offered for
Jan. 5—V. 144, p. 134—was awarded jointly to Schwabacher &
sale on
Co., and Dean Witter & Co., both of San Francisco, as 3s, paying a premium
of $101.00, equal to 100.10, a basis
Due from Jan. 1,1938 to 1959.
of about 2.99%.
Dated Jan. 1, 1937.
(P. O. Los Angeles), Calif.—BOND SALE
—The $7,000 issue of Rivera School District bonds offered for sale on
Dec. 29—V. 143, p. 4188—was awarded to Spear, Singer & Co. of Los
Angeles, as 334s, paying a premium of $1.00, equal to 100.01, a basis of
about 3.498%.
Dated Jan. 1, 1937.
Due $1,000 from Jan. 1, 1943 to
LOS ANGELES COUNTY
1949, incl.
!
LOS ANGELES COUNTY (P. O. Los Angeles),
Calif.—BOND ELEC¬
TION—It is said that an election will be held on Jan. 15 in order to vote
on
FLORIDA
O. Independence), Calif.—BONDS NOT SOLD—
The $13,000 issue of 5% semi-ann. Lone Pine Union High School District
bonds offered on Jan. 5—V. 143, p. 4034—was not sold as all bids were
the issuance of $375,000 in not to exceed 5%
Montebello Unified School
District bonds.
Kern County, Calif.—BONDS
VOTED—A $63,000 bond issue for construction of a new school was ap¬
proved by the voters at a recent election.
LOST HILLS SCHOOL DISTRICT,
MONTEBELLO HIGH SCHOOL DISTRICT, Calif.—BOND ELEC¬
TION—An election is to be held on Jan. 15 at which a proposal to issue
CORAL
GABLES,
REFUNDING
Fla.—BOND
NOUNCED—The city commission, has announced the
DETAILS
AN¬
details of an $11,-
200,000 debt refunding settlement which, after five months of negotiation,
has
been approved
by the holders of more than 90% of the city's
indebtedness.
A special election of freeholders has been called for Jan. 15, to approve the
authorizing ordinance unanimously passed by the city commission.
^
Under the settlement, the city agrees to authorize and issue refunding
bonds in an amount equal to 50% of all unpaid principal indebtedness
incurred prior to Nov. 6, 1934, not to exceed the total sum of $4,200,000.
In full satisfaction of the $7,000,000 difference between the aggregated
indebtedness and the principal amount of refunding bonds so authorized,
the creditor interests have agreed to accept tax participation certificates.
Mayor Brunstetter said the refunding bonds will be dated Jan. 1, 1937,
and will mature July 1, 1977.
They are callable on any interest date at
par
plus accrued interest.
According to the mayor's announcement,
they bear interest at the rate
for the first two-and-a-half years; 3% for the next six years;
334 % for the next two years; 4% for the next five years; 414 % for the next
ten years, and 5% for the last fifteen years.
The Central Hanover Bank
and Trust Co. of New York will act as paying agent.
Under the settlement, the mayor said the city agrees to annually levy
and collect a separate and special debt service tax, the proceeds of which
of 234% yearly
will be
paid into a special fund to be known as the "Issue of Jan. 1, 1937
Fund."
The tax anticipation
certificates do not constitute an indebtedness of the
city but merely evidence the right of the holder to participate annually
on a pro rata basis in the years 1938 to 1977, inclusive, in the moneys, if
any,
required to be paid into the tax participation certificate fund.
These
certificates bear no interest and have no definite maturity date.
will be automatically retired in
1977
or
They
prior thereto when and if the ag-
$375,000 school building bonds will be voted upon.
REDWOOD
CITY,
Calif.—BOND
Clerk, will receive bids until 3 p. m.
OFFERING—B.
E. Myers,
City
Jan. 11 for the purchase at not less
$350,000 coupon general impt. fund bonds, in addition to the
$200,000 harbor bonds being offered on that date.
Bidders are to name
rate of int., in multiples of 34%, but not to exceed 4%.
Different rates
may be specified for different maturities.
Denom. $1,000. Dated Jan. 1,
than par of
delinquent taxes, imposed prior to Jan. 1,1936, as well as to tax certificates,
tax deeds, or other assets derived therefrom.
It is estimated that the city
will realize in excess of $1,000,000 from this source.
Out of cash so realized
the city guarantees during the ten-year period from 1938 to 1947 to apply
specified yearly cash sums aggregating $500,000 to the purchase and
retirement of refunding bonds.
312
Financial
DAYTONA BEACH,
Chronicle
Jan. 9, 1937
Fla.—REFUNDING BONDS VALIDATED BY
STATE SUPREME COURT—The Supreme Court on Dec. 31 validated the
issuance of $3,055,600 of refunding bonds by the above
city, according to
press
Municipal Bonds of
reports from Tallahassee.
Court is said
haThe
ILLINOIS
have
unanimously approved validation decrees
entered by the Volusia County Circuit Court.
The refunding bonds, the
Court said, are not new bonds but extensions of obligations
previously
approved by freeholders in an election.
Therefore, another election is not
necessary to approve the refunding.
to
INDIANA
MICHIGAN
LAND, Fla,—ELECTRIC LIGHT PLANT APPROVED—It
is stated
an
135 So. La Salle
accrued interest thereon.
$1,000.
Feb. 1, 1954.
Dated Feb. 1, 1937.
Due
on
Denom.
Prin. and int. pay¬
able in lawful money at the Central Hanover Bank & Trust
Co., New York.
These bond3 are issued to provide 50% of the
principal sum required to
fully retire the Feb. 1, 1937, road bond maturities of the county, which
maturing bonds were issued prior to Nov. 6,1934.
The bonds are registerable as to principal only.
The approving opinion of Caldwell & Raymond
of New York, will be furnished the purchaser
upon delivery of the bonds.
A cert, check for $1,000, payable to the
county, must accompany the bid.
MIAMI,
Fla.—NEW
a
REFUNDING
view to
BONDS
completing its
OFFERED
FOR
EX¬
for refunding its entire
program
debt and thereby consolidating the progress made towards
restoring a sound
financial structure, the above city, through its exchange
agent, B. J. Van
Ingen & Co., Inc., New York, is offering new refunding bonds to be ex¬
changed for the balance of $2,442,000 not previously converted into the
refunding issue maturing Jan. 1, 1964.
No interest is being paid on these
unrefunded bonds, a substantial amount of which are past due.
Prior to Nov. 6.1934, when the city's refunding program then in
progress
was held up
pending Supreme Court decisions on the homestead exemption
amendment enacted by the Florida Legislature, the city had refunded
by
exchange $24,322,000 of its debt through the Miami Bondholders' Com¬
mittee and an additional $1,549,000 with non-depositing bondholders.
The city is now in a position to complete its
program following favorable
decisions by the Supreme Court, and urges holders of its unrefunded bonds
to give immediate consideration to this offer in order that all of its bonds
may be again placed on an interest basis at the earliest date possible.
Under the present offer the new bonds due Jan. 1, 1964, will bear interest
at the same rate as the present
outstanding bonds, and unpaid interest on
the old bonds which accrued to July
1, 1936, will be refunded into cer¬
tificates of indebtedness bearing interest at
2% annually, which will mature
Jan. 1, 1947.
Payment of the Jan. 1, 1937, interest coupons on the new
bonds will be made in cash.
PORT
ST.
JOE, Fla.—MATLRITY—In connection with the sale of
the $200,000 water and sewer bonds to the Pierce-Biese Corp. of Jackson¬
ville, as 4s, at a price of 98.00, as noted here recently—V. 144, p. 135—it
is stated by Mayor J. L. Sharit, that the bonds mature $6,000 on Jan. and
July 1 from 1942 to 1955, and $16,000
basis of about 4.22%.
TAMPA,
Teletype CGO. 437
Fla.—CITY OFFICIALS
on
Jan. and July 1, 1956, giving a
APPROVE
BOND
CHESTER, 111.—BOND SALE—An
issue of $30,000 4% revenue bonds
Co. of Chicago.
Dated Nov. 1, 1936, and
approved by Charles & Trauernicht of St. Louis.
has
City of Tampa has approved the refunding program recently sub¬
R. E. L. Chancey, Mayor of Tampa,
mitted by the Taber organization.
year for 28 years.
This operation will permit a substantial reduction in
the city's annual budget for debt service requirements
during the next 11
years through the revised principal retirement schedules and the reduction
of interest charges on its outstanding debt.
"For the first year under the new plan, debt service would require ap¬
proximately $670,000, or a reduction of $270,000 compared with the
$940,000 called for in the present budget. Principal and interest require¬
ments under the existing debt structure call for amounts ranging above
$975,000 each year until 1948.
The annual appropriation under the new
refunding plan would represent a reduction averaging more than $300,000
a year during that period, for principal and interest.
"The Taber plan further provides that future budgetary operations of
the City of Tampa shall be maintained on a strictly cash basis.
In approv¬
ing the plan, the Board of Representatives of the City of Tampa likewise
passed a resolution giving the fiscal agents authority to proceed imme¬
diately to negotiate with present bondholders for the exchange of up to
$2,500,000 of the new refunding bonds."
SPECIAL TAX
SCHOOL
Kindred
&
CHICAGO, III.—BOND SALE—The $11,000,000 3%
DISTRICT
NO.
38
register-
coupon,
to principal, judgment bonds offered on Jan. 5—V.
143, p. 135—
awarded to a syndicate comprised of the Continental Illinois National
Bank & Trust Co., the First National Bank of
Chicago, the Harris Trust &
Savings Bank, the Northern Trust Co., and the City National Bank &
as
were
Trust Co., all of Chicago, ©n a bid of
103.57, a basis of about 2.74% to
maturity.
Dated Dec. 1, 1936.
Due Jan. 1, 1956; callable at par as fol¬
$4,000,000 on and after Jan. 1, 1947; $3,000,000 on and after Jan. 1,
lows:
1949.
A syndicate headed
by Halsey, Stuart & Co.,
Inc., of New York
was
second
high in the bidding, with an offer of 102.30.
Others in the account
Lehman Bros.; First Boston Corp.; Bancamerica-Blair Corp.; Stone &
Webster and Blodget, Inc.; Phelps, Fenn & Co.; F. S.
Moseley & Co.;
E. H. Rollins & Sons; Darby & Co.; George B. Gibbons &
Co., Inc.; East¬
man, Dillon & Co.; Hemphill, Noyes & Co.; Spencer Trask & Co.; Stranahan, Harris & Co., Inc., and B. J. Van Ingen & Co., Inc., all of New York;
Anglo California National Bank & Trust Co., San Francisco; R. H. Moulwere
ton &
Co., Los Angeles; Gregory & Son, New York; Schoellkopf, Hutton &
Pomeroy, Inc., Buffalo; Otis & Co., and Wertheim & Co., both of New
Lawrence Stern & Co., Chicago; Newton, Abbe & Co., Boston;
Charles H. Newton & Co., Inc., New York;
Mississippi Valley Trust Co.,
St. Louis; E. Lowber Stokes & Co., Philadelphia; William R.
Compton &
Co., New York; McDonald, Coolidge & Co., Cleveland; Harold E. Wood &
Co., Chicago; Stroud & Co., Philadelphia; Pipe, Jaffray & Hopwood,
Minneapolis, and Kalman & Co. of St. Paul.
York;
MANTENO HIGH SCHOOL DISTRICT NO. 305, 111.—BOND SALE
434% bonds has been sold to E. A. Inglish of Manteno.
—An issue of $8,500
OLNEY, 111.—BOND SALE—The $46,000 general obligation sewage
disposal plant bonds offered on Jan. 5 were awarded to the Mississippi
Valley Trust Co. of St. Louis.
URBANA, III.—BOND SALE—Ballman &
chased and
2.40%,
general
Main of Chicago have pur¬
are now offering to investors, at prices to
yield from .75% to
issue of $158,000 2%% coupon, registerable as to principal,
an
obligation
refunding
bonds.
Denom.
$1,000.
Dated
Dec.
21,
1936.
Prin. and semi-ann. int. (J. & D. 1) payable at the First National
Bank of Chicago.
Due on Dec. 1 as follows: $5,000, 1938 to 1943; $8,000,
1944,
and
$10,000,
WASHINGTON
1945
1956.
to
PARK,
111.—BOND SALE—On
Dec. 2 the Village
an issue of $15,000 4% village hall bonds to the
Municipal Bond
Corp. of Alton at par.
Denom. $500.
Int. payable annually on Dec. 1.
Due serially on Dec. 1 from 1937 to 1956.
awarded
REFUNDING
stated in this connection:
"The plan provides for the conversion of $6,085,000 of
outstanding call¬
able bonds into new bonds of lower coupon rate maturing serially each
COUNTY
been sold to
able
INDIANA
PROGRAM—Word has just been received by Norman S. Taber & Co. of
New York, fiscal agents of the above city, that the Board of Representatives
VOLUSIA
State 0540
ILLINOIS
less than the par value of the bonds and
of the
St., Chicago
early date.
MARION COUNTY (P. O. Ocala), Fla.—BOND OFFERING— Sealed
bids will be received until noon on Jan. 19, by T. D. Lancaster, Clerk of the
Board of Councy Commissioners, for the purchase of an
$83,000 issue of
coupon refunding road, series D bonds.
Interest rate is not to exceed 4 H %,
payable F. & A.
Bids must state a single rate of interest, expressed in
multiples of M or l-10th of 1 %.
The rate stated shall be no higher than
required to insure the sale of the bonds, at par, no bid being acceptable for
CHANGE—With
tfnc.
MUNICIPAL BOND DEALERS
by Grant Bly, City Manager, at at an election held on Dec. 22 the qualified
voters approved a resolution affirming the expediency of
building a muni¬
cipal electric light plant. He states that it is expected the question of voting
$398,000 in revenue certificates will be submitted to a vote of the freeholders
at
WISCONSIN
^
,
DE
IOWA
Bought—Sold—Quoted
HAMMOND, Ind.—BOND SALE—The $275,000 334% Hammond Park
District gymnasium-auditorium bonds offered
on Jan. 4—V. 143, p. 4190—
awarded to a group composed of City Securities
Corp., Jackson-Ewart,
Inc., and McNurlen & Huncilman, all of Indinanpolis, at par plus a premium
of $12,007, equal to 104.36, a basis of about
3.11%.
Dated Jan. 1, 1937,
and due $25,000 annually on Jan. 1 from 1939 to
1949, incl.
were
STEEN
SCHOOL TOWNSHIP
(P. O. Wheatland), Ind.—BOND
$7,000 coupon refunding bonds offered on Jan. 2—V. 143,
4190—were awarded to Jackson-Ewert, Inc., of Indianapolis as 434s,
at par, plus a premium of $529, equal to 107,557.
Denom. $500.
Dated
Jan. 2, 1937.
Int. payable J. & J. 1.
Due serially from 1939 to 1945.
SALE—The
p.
VINCENNES, Ind.—LOAN OFFERING—Joseph I. Muentzer, City
Clerk, will receive sealed bids until noon on Jan. 20 for the purchase of
$50,000 not to exceed 6% int., direct obligation, loan warrants.
Denom.
$1,000. • Due $25,000 on. July 1 and on Dec. 31, 1937.
Prin. and int.
payable at the City Treasurer's office.
The approving legal opinion of
Matson, Ross, McCord & Clifford of Indianapolis, will be furnished the
successful bidder.
WASHINGTON
TOWNSHIP
(P. O. Fort Wayne), Ind.—BOND
issue of $8,000 school bonds offered on Dec. 23—V.
143,
3876—was awarded to Jackson-Ewert, Inc. of Indianapolis, as 234s,
at par plus a premium of $9,
equal to 100.11.
Dated Jan. 1, 1937.
Denom.
$500.
Due July 10, 1941.
Int. payable J. & J.
SALE—The
p.
(P. O. Deland), Fla.—BOND OFFERING—George W. Marks, Secretary
of the County Board of Public Instruction, will receive bids until 10 a. m.
Jan. 15 for the purchase of an issue of $13,000 6% general obligation bonds
of Special Tax School District No. 38.
Denom. $1,000.
Dated April 1,
Iowa Municipals
1929.
Prin. and semi-ann. int. (A. & O. 1), payable at the Chase National
Bank in New York.
Due $1,000 yearly on April 1 from 1938 to 1950, incl.
Polk-Peterson Corporation
GEORGIA
Des Moines
PORTAL, Ga.—BOND ELECTION—An election is said
for Jan. 11 to vote
on
the
to be scheduled
proposed issuance of $8,000 in water system bonds.
Ottumwa
Davenport
Cedar Rapids
A.
OFFERINGS
Iowa City
T.
1
—
—-J y c
•
FIRST SECURITY TRUST CO.
MOINES,
Iowa—BOND OFFERING—On
COEUR D'ALENE, Idaho—BOND SALE DETAILS—We are informed
that the $19,000 registered park bonds purchased by Murphy, Favre & Co.
of Spokane, to bear int. at 3% for the first 10 years and 334% for the last
10 years, as noted here recently—V. 144. p. 135—were sold at par.
The
bonds mature from 1938 to 1957, incl.
The demons, and date of issue have
as
yet.
1
INDEPENDENT
SCHOOL
DISTRICT
14
at
10
a.
m.
SALE—The $15,000 secondary road construction
anticipatory certificates
of indebtedness offered on Dec. 30 were awarded to the
Carleton D. Beh
Co. of Des Moines, at 134 % int., plus a premium of $40.
Denom.
Bell Teletype: SL K-372
IDAHO
COUNTY
Jan.
City Clerk John T. Stark will offer for sale an issue of $250,000 fire fund
bonds, the city reserving the right to withhold from sale bonds up to
$100,000.
Dated Dec. 31,1936.
Dec. 31, 1938.
been determined
City
GUTHRIE COUNTY (P. O. Guthrie Center), Iowa—CERTIFICATE
LAKE CITY
Phone Wasatch 3221
GOODING
Sioux
Sioux Falls, S. D.
Teletype: DESM 31
IOWA
DES
MUNICIPALS
not
T.
<fc
WANTED
UTAH—IDAHO—NEVADA—MONTANA—WYOMING^
SALT
Building
DES MOINES
Waterloo
No.
35
(P. O. Wendell), Idaho—BOND OFFERING—H. D. Jackson, Clerk
m. Jan. 15 for the
purchase of $15,000 school building bonds.
Denom. $500.
Dated Jan.
1, 1937.
$1,000.
Int. payable annually on Dec. 31.
Due
on or
before
JOHNSON COUNTY (P. O. Iowa City), Iowa—BOND OFFERING—
The County Supervisors will receive bids until 10 a. m. Jan. 18 for the
purchase of an issue of $11,000 poor fund warrant funding bond,
MACEDONIA
CONSOLIDATED
SCHOOL
DISTRICT
(P.
Ot
Iowa—BOND SALE—The $6,000 issue of coupon school
building bonds offered for sale on Jan. 5—V. 144, p. 136—was purchased
by the Carleton D. Beh Co. of Des Moines, as 234s, paying a premium of
$5.00, equal to 100.08, a basis of about 2.49%.
Denom. $500.
Dated
Jan. 1, 1937.
Due $500 from Dec. 1, 1944 to 1955 incl. Interest payable
Macedonia)
J. & D.
of the Board of Trustees, will receive bids until 8 p.
WHITEBIRD HIGHWAY
DISTRICT
(P. O. Whitebird), Idaho—
BOND CALL—George C. Bentz, District Treasurer, is said to be calling
for payment on Feb. 2, on which date int. is to cease, the following bonds:
Highway numbered 23 to 30, series A, dated July 1, 1917, due on
July 1,1937.
Highway, numbered 1 to 20, series B, dated July 1, 1917, due on July 1,
1937.
Highway, numbered 1 to 15, dated March 1,1918, due on March 1,1938.
All of the above 6% bonds are optional after 10 years from date of issue
Payable at the District Treasurer's office, and otherwise, as therein pro¬
vided, namely, the First National Bank of Lewiston, Grange villa Branch.
MUSCATINE
COUNTY
(P.
O.
Muscatine),
ING—The County Supervisors at 10 a. m.
issue of $18,000 county relief fund bonds.
Iowa—BOND OFFER¬
Jan. 11 will offer for sale an
SAC CITY, Iowa—BOND SALE—A $15,000 issue of water revenue
bonds is reported to have been purchased by the Carleton D. Beh Co. of
Des Moines.
KANSAS
ATCHISON SCHOOL DISTRICT (P. O. Atchison), Kan.—BONDS
SOLD—It is stated by the District Clerk that the $118,000 high school
bonds approved by the voters at the election on Dec. 15, as noted here—
V,. 144, p. 136—have been purchased by Estes, Payne & Co. of Topeka.
and the Brown-Crummer Co. of Wichita.
Volume
ELLIS,
313
Chronicle
Financial
144
Kan.—BOND SALE—A $64,000 issue of waterworks system
improvement bonds
Brown-Crummer
$1,000.
optional after 10
GRAHAM
MAINE
was offered for sale on Jan. 6 and was awarded to the
of Wichita, according to the City Clerk.
Denom.
Dated Feb. 1, 1937.
Due in from one to 20 years,
Co.
$500 and
AUGUSTA,
Me.—NOTE SALE—The $300,000 revenue anticipation
temporary loan notes offered on Jan. 8 were awarded to the National
Shawmut Bank of Boston on a .47% discount basis.
The First National
Bank of Boston bid .487%.
Dated Jan. 9, 1937 and payable $150,000
Sept. 8, 1937, $50,000 Oct. 7, 1937, $50,000 Nov. 10, 1937 and $50,000
Dec. 22, 1937.
years.
COUNTY
county has disposed of
a
(P. O. Hill City), Kan.—BOND SALE— The
block of $3,000 2%% poor relief bonds.
BANGOR,
HERINGTON, Kan.-BOND SALE—An issue of $19,500 2H% park
was sold recently to the Columbian Securities Corp. of
offered
improvement bonds
Topeka.
on
Me.—-NOTE SALE—The $700,000 tax anticipation notes
7 were awarded to the Eastern Trust & Banking Co. of
Dated Jan. 7, 1937 and due on Oct. 5, 1937.
Jan.
Bangor, at 0.172% discount.
Other bids were as follows:
KANSAS CITY, Kan.-BOND SALE DETAILS—It is stated by the
the $44,711 2% gen. imp. bonds purchased by the City
Discount
Bidder—
City Clerk that
Merchants National Bank of Bangor
E. H. Rollins & Sons
National Bank & Trust Co., Kansas City, Mo., at a price of 101.35, as
noted here recently—V. 143, p. 3876—are dated Nov. 1, 1936 and mature
from Nov. 1, 1937 to 1946,
giving a basis of about 1.75%.
Coupon bonds
in the denom. of $1,000, with one bond for $711.
Interest payable M. & N.
Merrill Trust Co., Bangor
SANFORD, Me.—BOND SALE—The Town has sold an Issue of $75,000
refunding bonds to Lyons & Co. of Boston.
Due $25,000 in each of the
years 1937, 1938 and 1939.
MANKATO SCHOOL DISTRICT NO. 76 (P. O. Mankato), Kan.—
BOND SALE—An issue of $61,000 high school building bonds has been
MARYLAND
taken by the Kansas School Fund Commission.
MONTGOMERY
COUNTY
(P.
O.
Kan.—BOND
Independence),
SALE DETAILS—In connection with the sale of the $19,000 public works '
project funding bonds to Estes, Payne & Co. of Topeka, at a price of
101.268, as noted here recently—V. 143, p. 4038—it is stated by the County
Clerk that the bonds were sold as 2s.
Dated Nov, 16, 1936.
Due on Aug. 1
as follows: $1,000, 1938 and $2,000, 1939 to 1947, giving a basis of about
1.80%.
SALINA, Kan.—BOND SALE—An issue of $39,000 2% refunding bonds
the City Commissioners at a price of 101.73.
has been sold by
SALINA
SCHOOL
Education has sold
an
0.43%
0.48%
0.54%
_
DISTRICT, Kan.—BOND SALE—The Board of
issue of $32,500 2% refunding bonds at a price of
BALTIMORE COUNTY (P. O. Towson), Md.—BOND OFFERING—
Sealed bids will be received by the Clerk of the Board of County Com¬
missioners until 11 a. m. on Jan. 25 for the purchase of $300,000 Metropoli¬
tan District bonds.
Dated Feb. 1, 1937.
Denom. $1,000.
Due Feb. 1
follows:
$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
Rate of interest to be named by the bidder.
Principal and
interest payable at the Second National Bank of Towson.
A certified
check for $5,000 must accompany each proposal.
The approving opinion
of James P. Kelley of Towson will be furnished the successful bidder.
as
$10,000,
$15,000,
$10,000,
$15,000,
in 1963.
101.65.
MASSACHUSETTS
SHAWNEE COUNTY (P. O. Topeka), Kan.—CORRECT PRICE—We
learn that the price paid on Dec. 28 by Estes, Payne & Co. of Topeka
for the $24,500 2% public work relief bonds awarded to them on Dec. 28
now
was
102.13,
a
basis of about 1.60%
METROPOLITAN DISTRICT, Han.SALE—A.
syndicate managed jointly by the First Boston Con), and Halsev, Stuart
& Co., Inc., both of New York, was awarded on Jan. 7 a total of $24.973,000
bonds as 2&s, paying a price of 99.352 for $2,098,000 series B, due serially
from 1938 to 1962 incl., and $22,875,000 series A maturing serially from
1938 to 1958 incl.
These are the bonds for which bids were received on the
previous day, award having been postponed because of the complicated
nature of the provisions contained in the call for bids.
Others in the suc¬
cessful syndicate are Kidder, Peabody & Co., Lehman Bros.. Brown
Harriman & Co., Inc., Edward B. Smith & Co., Bancamerica-Blair Corp.,
Ladenburg, Thalmann & Co., F.S. Mosely & Co., Stone & Webster and
Blodget, Inc., Phelps, Fenn & Co.. R. L. Day & Co., Graham, Parsons &
Co., White, Weld & Co., Spencer Trask & Co., Jackson & Curtis, G. M.-P.
Murphy & Co., Darby & Co., B. J. Van Ingen & Co., Inc., Arthur Perry
& Co., Shields & Co., Eldredge & Co., Burr & Co., Inc., Morse Bros. &
Co., Inc., Foster & Co., Inc., F. L. Putnam & Co., E. Lowber Stokes &
Co., William R. Compton & Co., and Schoellkopf, Hutton & Pomeroy, Inc.
BOSTON
Other bidders were:
.
Premium
Name—
per
Callender, Burke & MacDonald
$1,000
$13.17
13.76
Stern Brothers & Co
City National Bank & Trust Co.
Beecroft, Cole & Co
The Columbian Securities Corp
14.23
16.26
16.38
'
The Small-Milburn Co
17.31
Baum, Bernbeimer Co
17.81
_
The Brown-Crummer Investment Co
-
18.06
KENTUCKY
BOWLING GREEN, Ky.—BOND SALE DETAILS—H. B. Webb,
City Clerk, states that the $44,000 3H% refunding bonds purchased by
J. J. B. Milliard & Son, of Louisville, as noted here recently—V. 143,
p. 4038—were awarded at par plus expenses of printing and legal opinion,
together with a premium of $150.00, equal to 100.34, a basis of about
3.465%.
Denom. $1,000.
Coupon bonds, dated Jan. 1, 1937.
Due on
Jan.
1, 1957.
Int. payable J. & J.
DANVILLE,
The
Ky.—BONDS AUTHORIZED—The City Council is said
to have approved
the issuance of $74,000 in refunding bonds to
care
for a
like amount of 4% water works bonds.
KNOX
COUNTY
(P. O. Barbourville), Ky.—BONDS SOLD—It is
reported that $50,000 funding bonds mentioned in these columns recently—
V.
144, p. 136—were purchased by Widmann, Holzman & Katz, of
Cincinnati.
Offerings Wanted:
LOUISIANA & MISSISSIPPI
,
MUNICIPALS
Bond
WHITNEY
$22,875,000 series A are due March 1 as follows: $867,000 in 1938; $933,000
in 1939, $956,000 in 1940, $977,000 in 1941, $1,000,000 in
1942, $998,000 in 1943, $1,020,000 in 1944, $1,043,000in 1945,
$1,067,000 in 1946, $1,0901000 in 1947, $1,115,000 in 1948,
$1,140,000 in 1949, $1,166,000. in 1950, $1,192,000 in 1951.
$1,219,000 in 1952, $1,246,000 in 1953, $1,275,000 in 1954,
$1,303,000 in 1955, $1,332,000 in 1956, $1,362,000 in 1957,
and $574,000 in 1958.
2,098,000 series B are due Jan. 1 as follows
$38,000 in 1938, $43,000 in
1939, $44,000 in 1940, $45,000 in 1941 and 1942, $47,000 in
1943, $48,000 in 1944, $49,000 in 1945, $50,000 in 1946,
$51,000 in 1947, $52,000 in 1948, $54,000 in 1949, $55,000 in
1950, $56,' 00 in 1951, $57,000 in 1952, $58,000 in 1953,
$60,000 in 1954, $61,000 in 1955, $63,000 in 1956, $64,000 in
1957, $65,000 in 1958, $67,000 in 1959. $68,000 in 1960,
$70,000 in 1961, and $788,000 in 1962.
Deportment
NATIONAL BANK
NEW
Bell
ORLEANS, LA.
Teletype N. O. 182
Raymond 8409
LOUISIANA
BIENVILLE
PARISH
(P. O. Arcadia), La.—BOND EXCHANGE
and
6% school bonds have been exchanged for new refunding securities, ac¬
cording to report.
The old bonds in default and involved in the refunding
operation are said to total about $170,000.
ALMOST COMPLETED—All except one block of the old parish 554%
EAST
JEFFERSON
WATER
WORKS
DISTRICT
NO.
BROCKTON, Mass .—NOTE SALE—Leo V. Clancy, City Treasurer,
of $300,000
will receive bids until noon Jan. 12 for the purchase at discount
1
(P. O.
Gretna),
La .—SUPREME COURT
UPHOLDS
BOND
RULING—
Adopting the opinion of District Judge L. Robert Rivarde as that of their
own, justices of the Louisiana Supreme Court recently affirmed the lower
court in denying John Bordes of Jefferson parish an injuncoion enjoining
revenue
be
based
the purchaser.
Notes will be
authenticated as to genuineness and validity by The
Bank of Boston, under advice of Storey, Thorndike,
Dodge, and all legal papers incident to this issue will be filed with
said bank where they may be inspected.
National Shawmut
Palmer &
the assessed valuation of property in the water¬
works district, as shown on the assessment rolls of Jerferson parish, for the
year 1935, and not on the assessed valuation for 1931.
The plaintiff also attacked the sale on the ground that the already out¬
standing bonds amounting to $1,523,000 would exceed the constitutional
limitation of 10% fixed by the State constitution.
upon
Tax levy.
Uncollected
Gross debt
FRAMINGHAM, Mass.—TEMPORARY LOAN—The issue of $500,000
anticipation notes offered on Jan. 4—V. 144, p. 136—was awarded
Second National Bank of Boston at 0.30% discount, at par plus a
premium of $1.25.
Due Nov. 5, 1937.
Other bids were as follows:
M
""Bidder—
Discount
position and to extend the period of maturities.
Merchants National Bank of Boston......
Jackson & Curtis
(P. O. New Iberia), La.—BONDS PUBLICLY
OFFERED—A $7,000 issue of 4% refunding bonds is being offered by'the
Ernest M. Loeb Co. of New Orleans, for general investment.
Denom.
$1,000.
Dated Oct. 15, 1936.
Due on Oct. 1 as follows: $2,000, 1939 to
1943; $3,000, 1944 to 1949; $4,000, 1950 to 1954; $5,000, 1955 and 1956,
and $6,000, 1957 and 1958.
Prin. and int. (A. & O.) payable at the Bank
of Terrebonne & Trust Co., Houma.
Legal approval by Campbell &
Holmes, of New Orleans, and Clay, Dillon & Vandewater, of New York.
—
0.31%
0.32% M
0.39%
'
—0.4125%
0.416%
0.46%
.....
Leavitt & Co
First National Bank of Boston
„
Faxon, Gade & Co
West Newton Savings Bank
— --
...
0.515%
NATICK, Mass.—NOTE SALE—The issue of $200,000 notes offered on
Jan. 4—V. 144, p. 136—was awarded to R. L. Day & Co. of Boston, at
0.36% discount. Due Nov. 5, 1937. Other bids_were as follows:
SCHOOL DISTRICTS (P. O. Natchi¬
toches), La.—BOND SALE—The two issues of 5% semi-ann. school bonds
aggregating $45,000, offered for sale on Jan. 5—V. 143, p. 3876—were
awarded to the Ernest M. Loeb Co., Inc., of New Orleans, as follows:
$30,000 School District No. 1 bonds for a premium of $752, equal to
102,506, a basis of about 4.52%.
Due from Sept. 1, 1937 to
_____
Bidder—'
Jackson & Curtis (Plus $11.11 premium)
Second National Bank of Boston...
Merchants National Bank of Boston..
Leavitt & Co
1948.
Discount
0.375%
0 407%
0.42%
0.432%
...
—
First National Bank of Boston
15,000 School District No., 5 bonds for a premium of $375, equal to
102.50, a basis of about 4.48%.
Due from Sept. 1, 1937 to 1946.
0.475%
0.495%
E. H. Rollins & Sons
West Newton Savings Bank
New England Trust Co
RAPIDES PARISH SCHOOL DISTRICTS (P. O. Alexandria),
La.-—BONDS NOT SOLD—The two issues of not to exceed 6% coupon
semi-ann. school bonds, aggregating $20,000, offered on Jan. 6—V. 143,
First Boston Corp—...
not sold as all bids were rejected. The issues are as follows:
$15,000 Fifth Ward School District No. 51 bonds.
Due from April 15,
0.5125%
0.57%
...
...
0.62%
WATERTOWN, Mass.—NOTE SALE—The issue of $300,000 revenue
anticipation notes offered on Jan. 4 was awarded to the Second National
Bank of Boston at 0.329% discount.
Due Nov. 26, 1937.
Other bids
were as follows:
Shawmut National Bank, .34%; First National Bank of
Boston. .425%; Faxon, Gade & Co., .45%; E. H. Rollins & Sons, .475%.
p. 4191—were
Due from April 15,
TALLULAH, La.—BONDS VOTED—At an election on Dec. 30, the
have approved the issuance of $50,000 in general purpose
ESSEX COUNTY (P. O. Salem), Mass .—NOTE OFFERING—Harold
voters are said to
—
;
Day Trust Co
P NATCHITOCHES PARISH
bonds,
2,184,200.00
1,252,853.16
931,346.84
.
to the
PARISH
1938 to 1957.
5,000 Woodsworth School District No. 53 bonds.
1938 to 1947.
1934
1935
1936
$2,865,679.30 $2,830,778.04 $2,723,657.07
None
6,120.36
713,623.69
revenue
It is said that the refunding operation was undertaken to place the old
a current
as
of Jan. 2, 1937.
of Dec. 2, 1936
as of Dec, 2, 1936
Sinking fund and water..
school bonds for new refunding bonds has been almost completed, according
to information received by the A.M. Smith Investment Co. of New Orleans.
IBERIA
as
Net debt
EVANGELINE PARISH
(P. O. Ville Platte), La.—BOND EX¬
CHANGE NEARLY COMPLETED—The exchange of $150,000 in old
f
defaulted debts in
anticipation temporary loan notes.
Notes are dated Jan. 13,1937, and payable Nov. 4,1937, at The National
Shawmut Bank of Boston, in Boston, and will be ready for delivery on or
about Jan. 13, 1937, at said bank.
Notes will be in denominations to suit
the board of commissioners of the East Jefferson Waterworks District No. 1
from disposing of the remainder of unsold bonds amounting to $227,000.
Mr. Bordes attacked the proposed sale on the ground that the bonds
should
syndicate headed jointly by the First Boston Corp., and Halsey,
bonds at prices to
yield from 0.40% to 2.35%, according to maturity. The offering includes
$22,875,000 series A, dated Jan. 28, 1937 and due serially on March 1
from 1938 to 1958, incl., and $2,098,000 series B, dated Jan. 1, 1937 and
due annually on Jan. 1 from 1938 to 1962, incl.
The series A bonds, issued
to provide funds to meet certain bonds maturing and bonds to be called
for payment March 1, 1937, and the series B bonds, issued to provide funds
for the purchase by the Boston Metropolitan District of a like principal
amount of bonds of the Boston Elevated Railway Co., in the opinion of
counsel, will be valid, direct and general obligations of the district for the
payment of which its full faith and credit are pledged.
Taxes on behalf
of the district of which neither the rate nor the amount is limited by law,
are to be on an ad valorem basis and levied through the State Treasurer.
The financial statement of Boston Metropolitan District as officially
reported on Jan. 2, 1937, shows a bonded debt, after giving effect to this
financing and the retirement of bonds maturing and to be called on March 1,
1937, of $53,440,000.
The respective issues mature annually in the following amounts:
Stuart & Co., Inc., is making public re-offering of the
i
E. Thurston, County Treasurer, will receive bids until 11 a. tn. Jan. 12
for the purchase at discount of $200,000 tuberculosis hospital maintenance
Financial
314
Notes will be In denomination of $5,000 each, dated
Jan. 14, 1937 and payable April 1,1937 at the Merchants National Bank, in
Salem, or at holders* option at the National Shawmut Bank of Boston, in
Boston.
renewal loan notes.
Said notes will be certified as to genuiness
and validity by the Nationa,
Gray, Boyden & Perkinsl
Shawmut Bank of Boston, under advice of Ropes,
incident to this ssue will be filed
be inspected at any time.
and all legal papers
they
may
We
with said bank, where
Jan. 9, 1937
MONTCALM COUNTY (P. O. Stanton), Mich.—BOND OFFERING—
on
Jan. 9 for the purchase of $51,000 3% refunding bonds.
$500 must accompany
DISTRICT (P. O. St. Joseph), Mich.—
Roose of Toledo, bidding for 3 Ms, offered
of $300 for the $78,000 school issue which was
Channer Securities Co. and Robinson & Co.,
Inc., both of Chicago, jointly, as 3s, at par and a premium of $835, equal to
101.07, a basis of about 2.89%.
'
ST.
SCHOOL
JOSEPH
OTHER BID—Siler, Carpenter &
.
Northwestern Municipals
Cray, McFawn & Company
South Dakota, Montana,
Minnesota, North and
Oregon, Washington
DETROIT
A. T
1938 and 1939.
each proposal.
Due $25,000 each on July 1 in
1937.
MUNICIPALS
Telephone CHerry 6828
bids until 10 a. m.
Dated Jan. 1,
A certified check for
Arthur J. Montgomery, County Clerk, will receive sealed
to pay par plus a premium
awarded on Dec. 21 to the
Buy for Our Own Account
MICHIGAN
Chronicle
T. Tel. DET347
WELLS-DICKEY COMPANY
Teletype—Mpls287
Telephone—Minneapolis Atlantic 4201
MICHIGAN
BERRIEN COUNTY (P. O. St. Joseph), Mich.—BOND SALE—The
portion, county highway improvement refunding
144, p. 136—were awarded to E. W. Cress &
a price of $1,155,169.39, equal to
100.11, $920,400 bonds coming due from 1938 to 1941 to bear interest at
2H% and $233,500 maturing from 1942 to 1946 2M%.
Dated Feb. 1,
1937. Due on May 1 as follows: $89,000, 1938; $330,400, 1939; $234,000,
1940; $267,000, 1941; $80,500, 1942; $57,000, 1943; $46,500, 1944; $26,500,
1945; and $23,000, 1946.
'
$1,153,900
coupon county
bonds offered
on
COMSTOCK TOWNSHIP AND KALAMAZOO TOWNSHIP FRAC¬
TIONAL SCHOOL DISTRICT NO. 1 (P. O. Comstock). Mich.—BOND
OFFERING—Roy W. Carpenter, Secretary of the Board of Education, will
receive sealed bids until 7 p. m. (Eastern Standard Time) on Jan. 13 for the
purchase of $15,000 4% coupon, registerable as to principal, general obliga¬
tion school building improvement bonds.
Dated Jan. 2, 1937 and due
$3,000 each year on Jan. 2 from 1938 to 1942 incl.
Interest payable an¬
nually on Jan. 2.
Prin. and int. payable at the First National Bank,
Kalamazoo.
The Board of Education will furnish the approving legal
opinion of a reliable bond attorney.
J
EAST GRAND RAPIDS, Mich.—BOND SALE—The $141,000 coupon
refunding bonds offered on Jan. 4—Y. 144, p. 136—were awarded to Crouse
& Co., Shannon, Kenower & Co. and Watling, Lerchen & Hayes, all of
Detroit, as 2hs and 2Ms, at par, plus a premium of $81.50, equal to
100.057.
MINNESOTA
Jan. 6—V.
Co. of Benton Harbor and associates at
The bonds
divided into two issues, as follows;
are
BIWABIK, Minn.—CERTIFICATE SALE—The $35,900 certificates of
indebtedness offered on Jan. 8 were disposed of three different purchasers,
the Village of Biwabik taking $12,000 on a 4 M % interest basis, the American
Exchange National Bank of Virginia $10,100 on a 4M% basis, and Ernest
Johnson of Biwabik $13,800 on a 4K% basis.
Certificates are dated Jan. 8,
1937 and will mature Dec. 31, 1937.
COMMON SCHOOL DISTRICT NO. 130
Minn.—BOND OFFERING—Sealed bids will be re¬
on Jan. 9, by Harold Sikkin, District Clerk, for the
purchase of a $4,000 issue of school bonds.
Int. rate is not to exceed 4%
payable J. & D.
Denoms. $300 and $200.
Due on Dec. 15 as follows:
$200, 1937 to 1941 and $300, 1942 to 1951.
A certified check for 5% of
COUNTY
FILLMORE
(P.
O.
Granger),
ceived until
1 p.
the amount
bid is required.
(This
supplements
report
ECORSE, Mich.—BOND BID—Only one bid was submitted for the
$999,990 series A refunding bonds offered on Jan. 5.—V. 144, p. 137. This
of par plus a premium of $1,608 for 4s, equal to 100.16, sub¬
mitted by an account composed of Braun, Bosworth & Co., Toledo, Cray,
McFawn & Co., Crouse & Co., First of Michigan Corp., Watling, Lerchen
& Hayes, Wedthoff & Co. and Wright, Martin & Co., all of Detroit.
The
issue is dated Jan. 1, 1937 and due on Jan. 1 as follows: $15,990, 1940;
$15,000, 1941 to 1944 incl.; $20,000,1945; $25,000, 1946 and 1947; $30,000,
1948 and 1949; $35,000, 1950; $40,000, 1951 to 1954 incl.; $45,000, 1955
and 1956; $60,000,1957 to 1961 incl.; $70,000 in 1962 and 1963, and $69,000
was an offer
in 1964.
the
offering
notice
given/under
Common School District No. 130" appearing in our issue of
BONDS
NOT
"Granger
Jan. 2.)
connection with the offering scheduled for
District Clerk that
18, noted in these columns—V. 143, p. 3877—all
SOLD—In
Jan. 9 of the above described bonds, it is stated by the
at the
offering on Dec.
bids were rejected.
MARSHALL
$22,000 refunding bonds, payable May 1 as follows: $3,000, 1938 to 1943,
and $2,000, 1944 and 1945.
119,000 special assessment refunding bonds, payable May 1 as follows:
$16,000, 1938, 1939 and 1940; $17,000, 1941; $18,000, 1942;
1943, and $16 000 1944.
Bonds maturing from 1938 to 1941 will bear interest at 2M %, and the
balance of the bonds at 2M%.
Dated Jan. 1, 1937.
m.
COUNTY
O.
tP.
SALE—
bonds offered for
Wells-Dickey Co.
No other bid was received.
Warren),
Minn.—BOND
The $225,000 issue of 3% semi-ann. coupon refunding
on Dec. 30—V. 143, p. 4040—was purchased by the
sale
of Minneapolis,
and associates, at par.
MINNESOTA, State of—CERTIFICATE OFFERING—Sealed bids wil
be received until 10 a. m. on Jan. 14, by Theodore H. Arens, Conservator
of Rural Credit, for the purchase of a $2,225,000 issue of certificates of in¬
debtedness.
Bidders to name the rate of int.
Denom. $1,000 each, with
coupons attached.
Dated Feb. 1, 1937.
Due on Feb. 1, 1942.
Prin.
and int. (F. & A.) payable at hte State Treasurer's office.
These certifi¬
cates will be issued by authority granted to the Conservator under Section 10
of Chapter 429, of the 1933 Session Laws.
The purchaser will be furnished
with the approving opinion of the State's Attorney General, also, the approv¬
ing opinion of Thomson, Wood & Hoffman of New York.
All bids shall
be subject to accrued int. to the date of delivery.
A certified check for
$22,250, payable to the State Treasurer, must accompany the bid.
NEW YORK MILLS, Minn.—WARRANTS NOT SOLD—The $17,000
warrants offered on Dec. 29—V. 143, p. 4040—were not sold. Dated
sewer
ECORSE TOWNSHIP SCHOOL DISTRICT NO. 3 (Wayne County),
Mich.—BOND CALL—Guy E. Pooley, Treasurer, announced that all of tue
4M% series C refunding bonds of 1936, dated Feb. 1, 1936, and numbered
from 1 to 22 incl., have been called for redemption on Feb. 1, 1937, at par
and accrued interest.
Bonds should be presented for payment at the
Detroit Trust Co., Detrit, paying agent.
GRAND BLANC, Mich.—BOND OFFERING—Arnold E. Nelson, City
Clerk, will receive sealed bids until 5 p. m. (Eastern Standard Time) on
Jan. 11 for the purchase of $35,000 not to exceed 4% interest general obliga¬
tion water works bonds.
Dated Aug. 1, 1936.
Denom. $1,000.
Due
on Aug. 1. from 1938 to 1963 incl.
Prin. and int. (F. & A.) payable
City Treasurer's office.
Proposals will be conditioned only on the
approval as to validity of McTaggart & Krapohl of Flint.
Oct.
1,
Due over a period of 10 years.
1936.
PERHAM, Minn.—BOND SALE—The Village Council has sold an issue
of $12,000 4% warrant funding bonds to the Perham State Bank at par.
ROCHESTER, Minn.—BOND OFFERING—Amiel L. Glabe, City Clerk,
Jan. 18 for the purchase at not less than
of $10,000 3% coupon permanent improvement revolving fund bonds.
Denom. $1,000.
Dated Jan. 2, 1937.
Principal and semi-annual interest
(Jan. 1 and July 1) payable at the City Treasurer's office.
Due $1,000
each six months from July 1, 1938 to Jan. 1, 1942, incl.
Certified check for
2% of amount of bid, payable to the City Treasurer, required.
will receive bids until 7.30 p. m.
par
^
serially
at the
HIGHLAND
PARK,
Mich.—BOND
TENDERS
WAN TED—Sealed
DISTRICT (P. O. Storden), Minn.—BOND
SALE—A $70,000 issue of 3H% school bonds is reported to have been
purchased recently by the Allison-Williams Co. of Minneapolis.
SCHOOL
STORDEN
tenders for the sale to the city, at not more than par and accrued interst,
of up to $15,000 4M % sewer refunding bonds of 1934, dated Sept. 15, 1934
and due
Sept. 15, 1949, will be received by Thomas E. Shawcross, City
Clerk, until 8 p. m. on Jan; 18.
Tenders to specify lowest price at which
holder will sell the bonds to the city.
IONIA COUNTY (P. O. Ionia), Mich.—BOND SALE— The $4,200
Lampkin Drain of Keene Township Drainage District, bonds offered on
Dec. 24—V. 143, p. 4192—were disposed of as 4s, at par,
The Union Bank
of Lake Odessa taking $2,000 and William Marquette of Ionia $2,200.
Dated Jan. 10, 1937.
Due on April 1 as follows:
$1,000, 1938 to 1941;
and $200,
1942.
LAWTON, Mich.—BOND OFFERING—Abe Kole, Village Clerk, will
receive
bids
until
8
p.
m.,
Jan. 21 for the purchase of $10,850
coupon,
as to principal, sanitary sewer system special assessment bonds,
bear interest at no more than 4%.
Dated Jan. 15, 1937.
Prin. and
semi-ann. int. J. & J. 15 payable at the Village Trasurer's office, or at the
registerable
to
First National Bank of Lawton.
Due $2,170 yearly on Jan. 15 from 1938
Certified check for 2% of amount of bid, required.
Bidders
bid subject to approving opinion of Miller, Canfield, Paddock & Stone,
of Detroit, which will be furnished by the ciliage.
to 1942 incl.
may
LIVONIA TOWNSHIP SEWER DISTRICT NO.
ton),
Mich.—BOND SALE—The
on
Dec. 21—V.
Land Co. of Detroit
April
(P. O. Farmingspecial assessment
issue of $38,000
143, p. 4040—was awarded to the Sheldon
4%s.
Dated April 1, 1937 and due $2,000 annually
1 from 1939 to 1957, inclusive.
bonds offered
on
1
as
MACOMB COUNTY (P. O. Mount Clemens), Mich.—BOND AND
NOTE OFFERING—Nelson Zott, County Clerk, will receive sealed bids
until 2 p. m. on Jan.
11 for the purchase of the following issues:
$380,000 series A refunding bonds.
Due Aug. 1 as follows: $8,000, 1938;
$10,000, 1939 and 1940; $15,000, 1941 and 1942; $20,000, 1943;
$22,000, 1944 to 1946, incl.; $24,000 from 1947 to 1952, incl.; $23000 from 1953 to 1955, incl., and $23,000 on Feb. 1, 1956.
117,000 series B refunding bonds.
Due Feb. 1, 1956, optional on Feb. 1
or Aug. 1 of any year, with provision for an annual tax levy for
redemption at the rates of $5,000 per year on the rolls for the years
1938 to 1950, incl., and $10,000 for the years from 1951 to 1955,
incl.
228,000 series C refunding bonds.
Due Aug. 1 as follows: $7,000, 1938
and 1939; $8,000, 1940; $10,000. 1941 to 1943. incl.; $14,000,
1944 to 1947, incl.; $15,000 from 1948 to 1954, incl., and $15,000
Feb. 1, 1955.
71,000 refunding notes.
Due as follows: $10,000 Aug. 1, 1937; $10,000
Feb. 1 and Aug. 1 in 1938 and 1939; $8,000 Feb. 1 and Aug. 1,
1940.
Bidder to
int. rate of not more than
3M% on the bonds and
2M% for notes.
All of obligations will be dated Feb. 1, 1937, with int.
payable F. & A.
Bids will be considered for all issues as a single unit, or
for any one or more series separately.
Proposals must be accompanied by
a certified check for $2,000.
Legal opinion of Miller, Canfield, Paddock &
Stone of Detroit, and printed bonds will be furnished by the county.
Bonds
must be delivered and paid for before Feb. 15, 1937.
'
name
MICHIGAN
an
(State
of)—BRIDGE BONDS
It is reported that a New
of $1,900,000 Port
issue
TO BE ISSUED
SOON—
York investment house has agreed to purchase
an
Huron-Sarnia bridge construction bonds.
The
final step in the program, signing of the bonds by Governor Fitzgerald and
other State officials, is expected to be completed in New York early next
year.
MISSISSIPPI
BATESVILLE, Miss.—BOND SALE NOT SCHEDULED—In connec¬
tion with the report given in these columns rcently, that $20,000 not to
exceed 6% coupon street impt. bonds would be offered for sale on Jan. 5
V. 143, p. 4193—it is stated by Leona L. Carothers, Town Clerk, that
the matter is scheduled to come up at a meeting on Jan. 5, but the sale of
the bonds will take place at a later date.
She states that it may be possible
that
an
BAY
election will have to be held,
ST.
LOUIS,
Miss.—BONDS PUBLICLY OFFERED—Dane
&
Weil, Inc., of New Orleans, are offering for general investment a $38,500
issue of 5% funding bonds, priced at from 102.00 on the earliest maturity
to 104.00 on the later maturities.
Denoms. $1,000, $500 and $100. Dated
Jan. 1, 1937.
Due on Jan. 1 as follows: $500, 1938 to 1942; $1,500, 1943
to 1947; $1,200, 1938 to 1941; $2,500. 1942; $3,000, 1943; $3,500, 1944;
$4,000, 1945; $4,500, 1946, and $6,200, 1947.
Prin. and int. (J. <& J.)
payable at the City Depository.
Legality to be approved by Charles &
Trauernicht, of St. Louis, Mo.
Delivery of these bonds is expected about
Jan. 11, 1937.
The reason for the irregular maturities given above is due to the fac
that the $38,500 bonds are composed of a $10,000 issue of water work
funding, and a $28,500 issue of municipal funding bonds, each maturing
from 1938 to 1947.
CLARKSDALE,
Miss.—BONDS SOLD—It is reported that $25,000
3% semi-ann. refunding bonds have been purchased by J. S. Love & Co.
of Jackson.
Dated Jan. 1, 1937.
ROAD DISTRICT (P. O. Duncan), Miss.
TO PUBLIC—An issue of $116,000 5)4 % refunding
offered by Dane & Weil, Inc., of New Orleans, for general
subscription, at prices to yield from 4.00 to 4.70%, according to maturity.
Denom. $1,000.
Dated Jan. 1, 1937.
Due on Jan. 1 as follows: ^$2,000,
1942; $3,000, 1943 to 1946; $5,000, 1947; $7,000, 1948 to 1957, and $9,000,
1958 to 1960.
Prin. and int. (J. & J.) payable a« the Chemical Bank &
Trust Co., New Yor»c.
Nonmailable before maturity.
Legality to be
approved by Charles & Trauernicht, of St. Louis, Mo.
DUNCAN
BONDS
SEPARATE
OFFERED
bonds is being
LAFAYETTE COUNTY (P. O.
Oxford), Miss.—BOND SALE—An
$88,000 issue of 5M% semi-ann. refunding bonds is reported to have been
purchased recently by Leftwich & Ross, of Memphis.
LAUDERDALE
COUNTY
(P.
O.
Meridian),
Miss.—BOND SALE
DETAILS—In connection with the sale of the $50,000 bonds to George T.
Carter, Inc., of Meridian as 3Ms, as
noted here recently—V. 143, p. 3671
approved as to legality by Charles &
reported that the bonds were
Trauernicht, of St. Louis, and were
—it is
$40,000 county refunding,
refunding bonds.
issued for the following p lrposes:
and $10,000 Separate Road District No. 1
LAUREL, Miss.—BOND LEGALITY APPROVED—It is now reported
the $45,000 2M% auditorium and National Guard Armory bonds
have been approved
as to legality by Charles & Trauernicht, of St. Louis, Mo.
Dated Dec. 1
that
authorized by the Legislature during February, 1936,
1936.
!
*
LE FLORE COUNTY (P. O. Greenwood), Miss.—BOND OFFERING
CONTEMPLATED—It is reported that the Police Jury will advertise
shortly an offering of $300,000 in secondary road paving bonds which were
approved by the voters on Dec. 3, as noted in these columns—V. 143,
p. 4040.
Volume
144
Financial
MOUND BAYOU CONSOLIDATED SCHOOL
Mound
Bayou), Miss.—BONDS OFFERED FOR
DISTRICT
(P.
Chronicle
315
O.
J
INVESTMENT—A
m
$64,545,068.00
,,
Tax levy
$3,000,
to 1957, and $4,000, 1958 to I960.
isTon-callable before
Prin. and int. (J. & J.) payable at the Chemical Bank & Trust
3?/?'
Mo.
r^Lew X°rk;
Refunding
^^al approval by Charles & Trauernicht, of St. Louis,
These bonds are to be validated in the
NASHUA, N. H.—NOTE SALE— The $200,000 notes offered on Jan. 5
144, p. 137—were awarded to the Nashua Trust Co. of Nashua on a
.413% discountlbasis. E. H. Rollins & Sons of Boston bid .435% discount.
Due $100,000 on Dec. 2 and Dec. 15, 1937.
MISSOURI
FCARROLLTON
TOWNSHIP
(P.
O.
$101,000.00
55,000.00
notes outstanding
—V.
Chancery Court of Bolivar
County, Miss.
SOLD—It is
1936
$273,834.95 $273,834.95
$149,364.00
Net bonded debt
1951
maturity.
1935
Uncollected As of Jan. 4, 1937
.
,
1936
$64,617,085.00 $64,743,186.00
1934
,
^
1935
1934
,
Assessed valuation
$48,000 issue of 5M % refunding bonds is being offered by Dane & Weil,
PORTSMOUTH, N. H.—NOTE SALE—The $250,000
tion notes offered
Mo.—BONDS
Carrollton),
on
revenue anticipa¬
Jan. 8 were awarded to the Merchants National Bank
of
Boston, at 0.46% discount. Due $150,000 on Aug. 17,1937 and $100,000
Dec. 15, 1937.
Second high bidder was Faxon, Gade & Co. of Boston,
which named a rate of 0.43 % for the August maturity and 0.49 % for that of
December.
now
reported that the $55,000 highway bonds approved by
the voters on Aug. 22, as noted here at that
time, have been purchased by
the Mississippi Vailey Trust Co. of St. Louis.
JACKSON^OTUNTY
(P. o. Independence), Mo.—BOND SALE—
bonds offered for sale on Jan. 4—V. 144, p. 137—were
syndicate composed of the Harris Trust & Savings Bank of
Chicago, Edward B. Smith & Co., and Brown Harriman & Co., Inc.,
both of New York; the First National Bank of Chicago; the Commerce
Trust Co.; Stern Bros. & Co., and the
City National Bank & Trust Co.,
all of Kansas City, at a price of 100.78, a net interest cost of about 2.59%,
The $2,761,300
awarded to
a
the bonds divided
on
as
Company
H. L. Alle
New
follows:
ipal Bonds
Jersey
,
$2,465,000 funding bonds.
Due on Jan. 1 as follows:
$90,000, 1939 to 1941, as 2s; $90,000, 1942
1945, and $135,000, 1946 to 1948, as 2mb;
1953; $130,000, 1954; $135,000, 1955, and
as
$55,000, 1938 anti
MUNICIPAL BONDS
New Jersey
The second highest bid was an offer of 100.60 oh the same set-up, tendered
by a syndicate headed by Phelps, Fenn & Co. and F. S. Moseley & Co.,
both of New York.
OFFERED
the above
FOR
INVESTMENT—The
successful
bidders
general subscription at prices to yield from
0.50 to 2.70%, according to maturity.
17
WILLIAM STREET,
T.
A.
LADUE-DEER CREEK SANITARY DISTRICT (P. O. Clayton)
Mo.—BOND SALE—The $275,000 issue of sewer bonds offered for sale on
Jan. 4—V. 144, p. 137—was awarded jointly to
Blyth & Co. of New York,
Stix & Co., and Stifel, Nicolaus & Co., both of St. Louis, as 2Ms, paying a
premium of $1,075.00, equal to 100.39, according to the District President.
Y
N
Newark Tel.:
1-730
Inc.
John 4-6364
Market 3-3124
To
due Dec. 1, 1937-61
yield 2.00%-4.50%
Due from Feb. 1, 1937 to 1957 incl.
Colyer, Robimon $ Company
MONTANA
incorporated
1180
Walter Davis, Director of Finance, that he is calling for payment on Jan. 1,
1937, on which date interest shall cease, various special sidewalk and curb
special
T.:
:
Township of Woodbridge, N. J.
BOZEMAN, Mont.—BOND AND WARRANT CALL—It is stated by
and
Sc.
Telephon
N. Y.
Serial Fund, and Gen. Ref. 4M»»
BONDS OFFERED FOR INVESTMENT—The successful bidders offered
the above bonds for public subscription at prices to yield from 1.00% to
warrants
and General Market Issues
B. J. Van Ingen & Co.
re-
bonds for
2.25%, according to maturity.
New York
ISO Broadway
2Mb.
Denom. $1,000, one for $300.
Dated Dec. 15, 1936.
Prin. and int.
(J. & JO payable at the Guaranty Trust Co. of New York, or at the Com¬
merce Trust Co., Kansas
City, Mo.
BONDS
N. Y. 1-528
A.T.&T.
$155,000. 1949 to
$315,000 in 1956,
296,300 refunding bonds.
Due on Jan. 1 as follows:
$6,300, 1938,
and $10,000, 1939 to 1941, as 2s; $10,000, 1942 to 1944, and
$15,000 1945 to 1948, as 2mb; $20,000, 1949 to 1954; $15,000,
195o, and $35,000 in 1956. as 2Md.
offered
'or 2-7333
Telepho:
to 1944; $110,000,
improvement district
bonds,
MArket 3-1718
Raymond Blvd., Newark
New York
A. T.
Wire:
& T. Teletype
NWRK
REctor 2-2066
payable in Bozeman.
24
He also reports that special sidewalk and curb warrants called on Nov. 1,
1936 and impt. bonds called July 1,1934, Nov. 1,1935, and Jan. 1, March 1,
July 1 and Nov. 1, 1936 have not been presented for payment
NEW
as yet.
CARTER COUNTY (P. O. Ekalaka) Mont.—BOND SALE—The
$20,000 issue of high school building and dormitory bonds offered for sale
on Jan. 4.—V. 143, p. 4041—was
purchased by Kalman & Co. of St. Paul,
as 3Ms, paying a premium of
$101.00, equal to 100.505, plus the cost of
printing the bonds, according to the County Clerk.
JERSEY
TOWNSHIP, N. J.—REFUNDING ISSUE DETAILS—
The plan to refinance the total of $808,775.77 bonds and notes of the town¬
ship presently outstanding, including those in default, which was recently
approved by the State Municipal Finance Commission, calls for issuance
in exchange for the original obligations of new general refunding bonds, to
be dated Dec. 1, 1936.
Interest of 3% will be payable from Dec. 1, 1936
to Dec. 1,1940, and 3 M % from that date to final maturity.
The bonds will
be issued in coupon or registered form to mature>Dec. 1, 1975, and will be
callable in whole or in part by lot at par and accrued interest, in 30 days'
notice, on any interest payment date.
Interest due semi-annually on June 1
and Dec. 1.
The program provides for the creation by the township of a
debt service fund and the adoption of various other measures designed to
prevent any default on the new bonds.
CHESTER
GLASGOW, Mont.—BOND OFFERING—G. D. Peterson, City Clerk,
will receive bids until 8 p. m. Jan. 27 for the purchase of $24,000 6% park
improvement and swimming pool bonds.
Denom. $500.
Certified check
for $1,200, required.!
MONTANA, State of—BOND CALL—The State Treasurer is said to
have called for redemption on Jan. 1, a total of $5,000,000 State educational
bonds of 1921.
CHESTER TOWNSHIP SCHOOL DISTRICT, N.
m
RAVALLI COUNTY SCHOOL DISTRICT NO. 2 (P. O. Stevensville),
NEBRASKA
MUNICIPAL
in
OTHER
NEBRASKA
OF
BONDS
ISSUES
plan, the
including
in
CRESSKILL, N. J.—BONDS AUTHORIZED—The Borough Council
two ordinances authorizing the issuance of
has
given final passage to
$319,000 refunding bonds.
OMAHA
BIdg-
resolution approved by the Board of Education.
Under the
of $164,500 of bonds and notes currently outstanding,
default, will be exchanged for new school refunding bonds
bearing 3% interest from Dec. 1, 1936 to Dec. 1, 1940, and 3M% from
then on to final maturity.
The bonds will be dated Dec. 1, 1936, issued
in coupon or registered form, and mature on Dec. 1 as follows; $1,500, 1937;
$2,000, 1938 to 1940 incl.; $3,000, 1941 to 1950 incl.; $4,000, 1951 to 1958
incl.; $5,000, 1959 to 1965 incl. and $6,000 from 1966 to 1975 incl.
Interest
payable J. & D.
No provision is recited in the resolution for payment of
the bonds prior to maturity.
The National company
First National Bank
a
total
securities
OMAHA, DOUGLAS COUNTY, LINCOLN
AND
J .—REFUNDING
ISSUE DETAILS—As reported in a previous issue, the State Municipal
Finance Corporation has approved the debt refinancing plan incorporated
Mont.—BONDS SOLD—It is reported by the Village Clerk that although
bids v^ere received at the offering on Oct. 16, of the $20,000 not to
exceed 6% semi-ann. school bonds—V. 143, p. 2248—they were purchased
later by the First State Bank of Stevensville, as 3Ms, at par.
no
DEAL, N. J.—BOND OFFERING—Clem Conover, Borough Clerk, will
11 a. m. on Jan. 14 for the purchase of $182,000
4M% interest coupon or registered refunding bonds of 1937,
Dated Jan. 15, 1937.
Denom. $1,000.
Due Jan. 15 as follows: $10,000
from 1939 to 1955, incl. and $12,000 in 1956.
Bidder to name a single
interest rate on the issue, expressed in a multiple of M of lm .
Principal
and interest (J. & J.) payable at the office of the Borough CollectorTreasurer.
The sum required to be obtained through the sale of the bonds
is $178,203.51.
The bonds are valid and legally binding obligations of
the borough, payable from unlimited ad valorem taxes on all its taxable
property.
A certified check for 2% of the bonds, payable to the order or
the borough, must accompany each proposal.
The approving opinion of
Hawkins, Delafield & Longfellow of New York City will be furnished the
receive sealed bids until
A. T. & T. Teletype OMA 81
not to exceed
NEBRASKA
DESHLER, Neb.—BOND SALE CONTRACT—We are informed by
George Werner, Village Clerk, that Jackley & Co. of Des Moines, are
taking $60,500 refunding bonds which will come up for a vote in the near
future.
GUIDE ROCK SCHOOL DISTRICT
(P. O. Guide Rock), Neb.—
BONDS SOLD—It is reported that $12,000 3M % refunding bonds have been
sold.
successful bidder.
.
LAWRENCE,
Neb.—BOND SALE DETAILS—It is reported by the
GREENWICH
BLUFFS
RIVER
BRIDGE
COMMISSION
(P. O. Omaha), Neb.—BOND DETAILS—In connection with the reso¬
lution passed in October by the Bridge Commission, authorizing the issuance
of $2,500,000 in 4M% bonds for the construction of the Farnam Street
Bridge between Omaha and Council Bluffs, as noted here at that tune—
V. 143, p. 2888—it is stated by Henry F. Keiser, Chairman of the Com¬
mission, that the bonds are in denomination of $1,000 and $500, are dated
Nov. 1, 1936, and mature in 15 years.
Prin. and int. (M. & N.) payable
at the Guaranty Trust Co., New York, or at the American National
Bank & Trust Co., Chicago.
NEW
HILLSBOROUGH
O.
Manchester),
Gibbstown),
N.
J.—BOND
sealed bids
Treasurer, will receive sealed bids until 8 p. m. on Jan. 15 for the purchase
registered bonds, divided
$203,000 local improvement bonds. Due Jan. 1 as follows: $5,000, 1938 to
1940 incl.; $6,000 in 1941, and $7,000 from 1942 to 1967 incl.
100,000 local improvement assessment bonds.
Due $10,000 on Jan. 1
Shawmut Bank of Boston, in Boston, and will be ready for
15, 1937, at The National Shawmut Bank of
Said notes will be certified as to
O.
on
of $303,000 not to exceed 6% interest coupon or
as follows;
for the purchase at discount of $200,000 tax anticipation temporary loan
notes.
Notes will be dated Jan. 15, 1937, and payable Dec. 22, 1937, at
The National
m.
MIDDLESEX, N. J.—BOND OFFERING—Harvey S. Castner, Borough
MERRIMACK COUNTY (P. O. Concord), N. H.—NOTE OFFERING
—John L. T. Shaw, County Treasurer, will receive bids until 2 p. m. Jan. 12
delivery on or about Jan.
Boston, in Boston.
p.
HOBOKEN, N. J.—BOND SALE—Graham, Parsons & Co. of New York
purchased privately on Dec. 29 an issue of $168,000 3% refunding bonds.
Dated Dec. 1, 1936.
Denom. $1,000.
Due $56,000 each Dec. 1 from
1937 to 1939, incl.
Legality approved by Hawkins, Delafield & Long¬
fellow of New York City.
N. H.—NOTE
SALE—The issue of $300,000 notes offered on Jan. 5—V. 144, p. 137—
was awarded to the First Boston Corp. of New York, at 0.37% discount,
plus a premium of $2.
Due Dec. 7, 1937.
(P.
8
bidder.
HAMPSHIRE
COUNTY
(P.
Feb. 1 for the purchase of $57,000 not to exceed 4J^%
interest coupon or registered refunding bonds of 1936. Dated Dec. 1, 1936.
Denom. $1,000. Due Dec. las follows: $1,000,1939 and 1940; $2,000,1941
to 1943 incl.; $3,000. 1944 and 1945; $4,000, 1946 and 1947; $5,000 from
1948 to 1954 incl.
Bidder to name a single interest rate on the issue, ex¬
pressed in a multiple of M of 1 %. Only enough bonds will be sold to pro¬
duce a sum of not more than $1,000 over $57,000.
Principal and interest
(J. & D.) payable at the Township Treasurer's office, Gibbstown, or at the
First National Bank & Trust Co., Paulsboro. All of the township's taxable
property will be subject to the levy of unlimited ad valorem taxes in order
to provide for payment of both principal and interest of the bonds.
A
certified check for 2%, payable to the order of the Township Treasurer,
must accompany each proposal.
The approving opinion of Hawkins,
Delafield & Longfellow of New York City will be furnished the successful
until
inclusive.
OMAHA-COUNCIL
TOWNSHIP
OFFERING—A. Morris Munyan, Township Clerk, will receive
Village Clerk that the $15,000 sewer bonds reported to have been sold
recently, as noted here—V. 143, p. 4193—were purchased by the Mort¬
gage Investment Co. of Hastings, as 4s, paying a premium of $150, equal
to 101.00, a basis of about 3.85%.
Due $1,000 from Sept. 1, 1937 to 1951
from 1938 to 1947 incl.
genuinness and validity by The National
Each issue is dated Jan.
1, 1937.
Denom. $1,000.
The combined ma¬
Shawmut Bank of Boston, under advice of Storey, Thorndike, Palmer &
turities of both issues are as follows: $15,000, 1938 to 1940 incl.; $16,000,
Dodge, and all legal papers incident to this issue will be filed with said
bank, where they may be inspected.
1941; $17,000 from 1942 to 1947 incl. and $7,000 from 1948 to 1967 incl.
Rate of interest to be expressed by the bidder in a multiple of M or 1-10th
1
win
Financial
316
Chronicle
Jan.
1937
9,
of 1%.
Bids will be received only for the combined maturities, as if they
constituted a single loan.
Bids may be for less than all of the bonds offered,
although the bonds bid for must be those first maturing of the consolidated
maturities and must equal or may exceed the amount of $303,000.
Prin¬
$2,000,000 work relief and(or) home relief bonds.
on Jan. 15 from 1938 to 1947, incl.
500,000 city contribution-relief project bonds.
on Jan. 15 from 1938 to 1947, incl.
cipal and interest
Each issue is dated Jan. 15, 1937.
A syndicate headed by Edward B.
Smith & Co., Inc. of New York was second high in the bidding, with an
offer of 100.149 for 23£s.
Others in the account were the Manufacturers &
(J. & J.) payable at the First National Bank, Bound
Brook.
A certified check for 2% of the bonds bid for, payable to the
order of the Borough Treasurer, must accompany each proposal.
The
approving opinion of Caldwell & Raymond of New York City will be
furnished the successful bidder.
NEWARK, N. J.—BOND OFFERING—A. F. Minisi, Director of the
Department of Revenue and Finance, will receive sealed bids until 11a.m.
on Jan. 12 for the purchase of $2,560,000 not to exceed 4% interest coupon
registered bonds, divided
or
as
follows:
$1,400,000 emergency relief bonds.
Due $175,000 annually on Jan. 15
from 1938 to 1945, incl.
410,000 general improvement bonds.
Due Jan. 15 as follows: $21,000
from 1938 to 1947, incl. and $25,000 from 1948 to 1955, incl.
250,000 water bonds.
Due Jan. 15 as follows: $5,000 from 1938 to
1952, incl. and $7,000 from 1953 to 1977, incl.
250,000 airport bonds.
Due $250,000 annually on Jan. 15 from 1938
to 1947, incl.
250,000 street cleaning apparatus bonds.
Due $50,000 annually on
Jan, 15 from 1938 to 1942, incl.
Each issue is dated Jan. 15, 1937.
Denom. $1,000.
Bidder to na?ne the
same interest rate for all of the bonds, expressed in a
multiple of M of 1%.
The price for which the bonds may be sold cannot exceed $2,561,000.
Principal and interest (J. & J. 15) payable at the National State Bank,
A certified check for $51,200, payable to the order of the Director
Finance, is required.
The approving
opinion M Reed. Hoyt & Washburn of New York City, will be furnished
Newark.
of the Department of Revenue and
bidder.
the successful
NEW
Clerk, will receive sealed bids until 8.30
p. m. on Jan.
19 for the purchase
$3,000 from 1938 to 1948 incl. and $2,000 in 1949.
Principal and interest
(F. & A.) payable at the Peoples Trust C6. of Bergen County, Hackensack.
A certified check for 2% must accompany each proposal.
The approving
opinion of Hawkins, Delafield & Longfellow of New York City will be
furnished the successful bidder.
NEW PROVIDENCE TOWNSHIP (P. O.
Berkeley Heights), N. J.—
Dec. 1, 1936 and due Dec. 1 as follows: $4,000, 1937; $5,000 from 1938 to
1941 incl. and $6,000 from 1942 to 1951 incl.
PITMAN, N. J.—NOTE SALE—An issue of $3,000 4% emergency
notes, due in one year and payable in Pitman, has been sold to the Pitman
Title & Trust Co. of Pitman.
RING WOOD
issue of
O. Ringwood Manor), N. J .—BOND SALE—The
$29,000 coupon or registered improvement bonds offered on Dec.
(P.
30—V. 143, p. 4042—was awarded to H. B. Boland & Co. of New York,
as 3 34s, at par plus a premium of $94.20,
equal to 100.324, a basis of about
3.16%.
Dated Dec. 15, 1936 and due Dec. 15
to 1942, incl. and $5,000 in 1943.
ROSELLE
Miller & Co.
PARK,
N.
of Newark
J.
were
—
BOND
as
follows: $4,000 from 1937
bids
of
award
were
as
the
issue
SALE
DETAILS— MacBride,
associated with Colyer,
of $150,000
follows:
1
No. Bonds Interest
Bidder—
Bid For
Rate
registered bonds offered on Jan. 8—V. 144, p. 138—was awarded to the
Bancamerica-Blair Corp. and Adams, McEntee & Co.. Inc., both of New
York, jointly, as 23^s* at a price of 101.02, a basis of about 2.43%.
Dated
Jan. 1, 1937 and due Jan. 1 as follows: $9,000, 1940 to 1944 incl.; $10,000,
1945 to 1949 incl.; $11,000, 1950 to 1954 incl.; $12,000, 1955 to 1960 incl.;
$13,000 from 1961 to 1966 incl.
CATHERINE,
MONTOUR,
HECTOR,
CAVUTA,
NEWFIELD,
ENFIELD, VETERAN AND VAN ETTEN (Towns of) CENTRAL
SCHOOL DISTRICT No. 1 (P. O. Odessa), N. Y.—BOND SALE—The
$190,000 coupon or registered bonds offered on Jan. 7—V. 144, p. 138—
awarded to the Marine Trust Co. of Buffalo and George B. Gibbons
& Co., Inc. of New York, jointly, as 23£s, at a price of 100.549, a basis of
about 2.465%.
Dated Jan. 1, 1937 and due on Jan. 1 as follows: $6,000,
1939 to 1944 incl.; $7,000, 1945 to 1949 incl.; $8,000, 1950 to 1956 incl.;
$9,000 from 1957 to 1963 incl.
Second high bid of 100.39 for 2>^s was
made by the Bancamerica-Blair Corp. and Adams, McEntee & Co., Inc.,
both of New York, jointly.
were
$2,035.35
150
334%
239.55
150
Monell
&
Co.,
Inc., and John
Carroll & Co., Inc..
L. Allen & Co., and
H.
Schlater,
334%
540.01
149
334%
1,027.13
148
B.
Noyes &
Gardner, lnc
J. S. Rippel & Co., and Dougherty, Corkran
& Co
—
SHIP BOTTOM-BEACH
George M. Faulkner, Borough Clerk, will receive sealed bids until 8 p. m.
on Jan. 16 for the purchase of $124,000 not to exceed
5% interest coupon or
registered general refunding bonds.
Dated Feb. 1, 1937.
Denom. $1,000.
Due Feb. 1 as follows: $7,000, 1938 to 1940 incl.; $9,000, 1941 and
1942;
$12,000, 1943 and 1944; $15,000 from 1945 to 1947 incl. and $16,000 in
1948.
The amount required to be obtained through the sale of these
bonds is $117,000.
Principal and interest (F. & A.) payable at the Beach
Haven National Bank, Beach Haven.
A certified check for 2% must ac¬
each proposal.
The approving opinion of Hawkins, Delafield &
Longfellow of New York City will be furnished the successful bidder.
company
SOMERVILLE, N. J .—BOND OFFERING—Edith
p.
m.
Jan.
A.
Varley, Borough
11, for the purchase at not less
than par of an issue of $123,000 coupon, registerable as to
principal only
or as to both principal and interest,
sewage disposal bonds.
Bidders are
to name a
single-<ate of interest for the bonds, in a multiple of 34%, but
6%rs^QiiIy enough bonds will be awarded to produce a sum
equal to the amount of bonds offered, plus a premium not to exceed $1,000.
Denom. $1,000.
Dated Feb. 15, 1937\
Principal and semi annual inc.
(Feb. 15 and Aug. 15) payable at the Second National Bank of Somerville,
or at the Chase National Bank in New
York, at holder's option.
Due on
Feb. 15 as follows:
$4,000, 1938 to 1949; $6,000, 1950 to 1961; and $3,000
in 1962.
Certified check for 2% of amount of issue, payable to the
Borough,
required.
Approving opinion of Hawkins, Delafield & Longfellow of New
York will be furnished by the borough.
not to exceed
WEST NEW YORK, N. J.—BONDS PUBLICLY OFFERED—J. S
Rippel & Co., Newark; B. J. Van Ingen & Co., Inc. and Schlater, Noyes &
Gardner, Inc., both of New York, and Adams & Mudller of Newark, are
making offering at this time of $798,000 4% coupon/or registered serial
funding and general refunding bonds.
Dated March 1, 1936.
Denom.
$1,000. Due March 1 as follows: $10,000, 1937 to 1939 incl.; $35,000, 1940
and 1941; $40,000, 1942 and 1943; $53,000, 1944;
$75,000, 1945; $85,000,
1946; $75,000, 1947; $70,000, 1948; $94,000, 1949; $40,000, 1950; $35,000,
1951; $20,000, 1952; $5,000, 1953 to 1956 incl.; $6,000, 1957; $10,000 from
1958 to 1960 incl. and $15,000 in 1961.
PrincipaPand interest (M. & S.)
payable at the Town Treasurer's office. All of the town's taxable property
is subject to the levy of unlimited ad valorem taxes in order to
provide for
payment of both principal and interest oiTthg'bonds. Legality approved by
Reed, Hoyt & Washburn of New York City.
NEW
VALLEY,
Y.—BOND SALE—The $13,500
N.
Jan.
on
4—V.
143,
p.
coupon
or
139—were
awarded to the Marine Trust Co. of Buffalo on a bid of 100.22 for 2.90s, a
basis of about 2.87%.
Dated Jan. 1, 1937.
Due on July 1 as follows:
$1,000 from 1939 to 1951; and $500 in 1952.
CORNING, N. Y.—BOND SALE—The $175,000
coupon
or
registered
bridge bonds offered on Jan. 7
100.274,
and
Rutter
&
were awarded to the Marine Trust Co. of
of New York, jointly, as 2.10s, at a price of
Co.
basis of about 2.08%.
Halsey, Stuart & Co. of New York bid
Dated Jan. 1, 1937.
Due on Jan. 1 as follows: $9,000,
a
100.485 for 2.20s.
1938 to 1956; and $4,000 in 1957.
CROTON-ON-HUDSON, N. Y —DETAILS OF BONDS SOLD—The
$15,000 street improvement bonds awarded on Dec. 30 to the Marine Trust
on a bid of 100.091 for 1.70s, a basis of about 1.68^—V. 144,
p. 139—are coupon bonds in the denom. of $1,000 each, dated Jan. 1, 1937,
and payable $3,000 yearly on Jan. 1 from 1938 to 1942.
Interest is payable
Co. of Buffalo
J.
&
J.
1.
KINGSTON,
N.
Y.—PLANS BOND SALE— Offering
may
of $200,000 bonds, the proceeds to be used in equal amounts
relief and to pay the city's share of WPA projects.
soon
LEWIS COUNTY (P. O.
be made
for home
Lowville), N. Y.—BONDS AUTHORIZED—
Issuance of $75,000 welfare, $20,000 highway and $30,000 public buildings
was authorized by the County Board of Supervisors in December.
MALONE, N. Y.—BOND SALE—The $75,000 coupon, fully registerable,
general obligation, unlimited tax, emergency relief bonds offered on Jan. 6—
V. 143, p. 4043—were awarded to the Manufacturers & Traders Trust Co.
of Buffalo on a bid of 100.22 for 1Mb, a basis of about 1.43%.
The Harris
Trust & Savings Bank of New York bid 100.07 for l^s.
Dated Feb. 1,
1937. Due $15,000 yearly on Feb. 1 from 1938 to 1942, incl.
MEXICO, PARISH, PALERMO, HASTINGS, NEW HAVEN, VOL.
NEY AND RICHLAND CENTRAL SCHOOL DISTRICT NO. 1, N. Y.
PUBLICLY OFFERED—Adams, McEntee & Co., Inc., New
—BONDS
York,
MEXICO
offering
a new issue of $265,000 coupon 2.40% bonds.
The
priced
1.00% to 2.25%.
They are legal investment for savings
banks and trust funds in New York State, exempt from all present Federal
income taxes, and exempt from all present New York State income taxes
and from any present taxation in New York State for town, county or
municipal purposes.
bonds
to
ARLINGTON, N. J.—BOND OFFERING—
Clerk, will receive bids until 8
CHERRY
registered water system bonds offered
Premium
334%
B. J. Van Ingen & Co., Inc.; C. A. Preim &
Co., and C. P. Duuning & Co
Minsch,
Minneapolis.
CANISTEO, HARTSVILLE,
HOWARD, JASPER, HORNELLSVILLE, AND GREENWOOD CENTRAL SCHOOL DISTRICT NO. 1
(P. O. Canisteo), N. Y.—BOND SALE—The issue of $300,000 coupon or
bonds
Robinson & Co. in
refunding bonds which was sold on
Dec. 23.
The bankers, as noted previously, paid a price of $150,017.73 for
$149,000 bonds as 3s, equal to 100.683, a basis of about 2.93%.
Other
the
of
Buffalo
BOND SALE—The $84,000 coupon or registered refunding bonds of 1936
offered on Jan. 6—V. 144, p. 138—were awarded to H. L. Allen & Co. of
New York, as 33^s, at a price of 97.79, a basis of about 3.82%.
Dated
Due $50,000 annually
Traders Co., Buffalo; R. L. Day & Co.; J. & W. Seligman & Co.; Eldredge &
Co.; B. J. Van Ingen & Co., Inc.; E. Lowber Stokes & Co., Philadelphia;
Illinois Co. of Chicago; Securities Co. of Milwaukee, and Wells-Dickey Co.
MILFORD, N. J.—BOND OFFERING—Frank J. Kehoe, Borough
of $35,000 not to exceed 6% interest coupon or registered sewer bonds of
1936.
Dated Feb. 1, 1937.
Denom. $1,000.
Due Feb. 1 as follows:
Due $200,000 annually
are
are
dated Dec. 1,1936, due Dec. 1, 1939 to 1966, incl., and are
yield from
MONROE COUNTY
(P.
O. Rochester), N. Y.—BOND SALE—The
revenue bonds offered on Jan. 8—V. 144,
$755,000 coupon or registered tax
£. 139—were awarded toboth of New York, the of Lehman Bros., Traders
a syndicate composed Manufacturers & Ladenurg, Thalmann & Co.,
Trust Co. of Buffalo and Sage, Rutty & Co. of Rochester, as 1 J^s, at par,
a premium of $1,057, equal to 100.14, a basis of about 1.45%.
Phelps,
Fenn & Co. and Kean, Taylor & Co., both of New York joined in sub¬
mitting the second high bid, $755,377.50 for lj^s.
Dated Jan. 15, 1937.
Due $151,000 yearly on Jan. 15 from 1938 to 1942, incl.
plus
MONTGOMERY COUNTY (P. O. Amsterdam), N. Y.—BOND OFFER¬
ING—McQueen Fritcher, County Treasurer, will receive sealed bids until
2 p. m. (Eastern Standard Time) on Jan. 14 for the purchase of $220,000
not to exceed 4% interest coupon or registered bonds, divided as follows:
$80,000 bridge construction bonds.
Due Feb. 1 as follows: $6,000, 1938
and 1939; $8,000 from 1940 to 1943, incl., and $9,000 from 1944
to 1947, inclusive.
72,000 road bonds.
Due Feb. 1 as follows: $14,000 from 1938 to 1941,
incl., and $16,000 in 1942.
68,000 refunding bonds.
Due Feb. 1 as follows: $6,000 from 1938 to
1944, incl.; $8,000 in 1945 and $9,000 in 1946 and 1947.
Each issue is dated Feb. 1„ 1937.
Bidder to name a single rate of interest
on all of the bonds, expressed in a multiple of
or l-10th of 1 %.
Principal
and interest (F. & A.) payable at the First National Bank, N. Y. City.
The bonds are general obligations of the county, payable from unlimited
taxes.
A certified check for $4,500, payable to the order of the county,
must accompany each proposal.
The approving legal opinion of Clay,
Dillon & Vandewater of N. Y. City will be furnished the successful bidder.
Financial Statement
Assessed valuation of taxable property
Total bonded debt (incl. present offering)
Population,
1930
Tax
Federal
Collection
....
$50,185,320
782,000
Census, 60,076.
Report—(Fiscal
Fiscal Year—
Year Begins Nov.
1933
1934
1)
1935
Levy
.$707,976.63 $696,178.78 $766,357.54
51,424.42
47,537.60
52,676.80
725.51
913.98
47,352.69
Note—Taxes for fiscal year beginning Nov. 1, 1936 have been levied in
the amount of $510,000 and go into collection on Jan. 2,1937.
Uncollected end of fiscal year
Uncollected on Jan. 1, 1937
MOUNT VERNON, N.
Y.—BOND OFFERING—Leslie S. Roberts,
Secretary of the Board of Education, will receive sealed bids until 3:30 p. m.
Jap. 20, for the purchase of $165,000 not to exceed 4% interest coupon
or registered school library bonds.
Dated Feb. 1, 1937.
Denom. $1,000.
Due Feb. 1 as follows:
$1,000, 1938 to 1940, incl.; $8,000 from 1941 to
1948, incl. and $7,000 from 1949 to 1962, incl.
Bidder to name one rate
of interest on the issue, expressed in a multiple of
% or l-10th of 1%.
Principal and interest (F. & A.) payable at the Chemical Bank & Trust Co.,
New York City.
The bonds are general obligations of the city, payable
on
CLOVIS, N. Mex.—BOND ELECTION—It is reported that
will
pital
be held
on
Jan. 11 in order to vote
on
an
election
the issuance of $56,000 in hos¬
bonds,
CURRY COUNTY SCHOOL DISTRICT NO. 61 (P. O.
Clovis),
N. Mex.—BOND SALE—The $18,000 school bonds offered on Jan. 4—V.
143, p. 4042—were awarded to the Clovis National Bank and the Citizens
Bank of Clovis, jointly, as 4s, at par
plus a premium of $100, equal to
100.552, a basis of about 3.94%.
The successful bidder will pay for the
printing of the bonds.
Dated Jan. 15, 1937.
Due $1,000 yearly on Jan.
15 from 1940 to 1957, incl.
DONA ANA
COUNTY
(P. O. Las Cruces), N. M.—BOND SALE—
The $115,000 court house and jail bonds offered on Jan. 5—V.
143, p. 4042—
the State of New Mexico at 100.10 for 2%s. Dated Jan.
1,
1937.
Due within a period of 20 years, in
approximately equal annual
were awarded to
instalments.
NEW
BUFFALO,
N.
YORK
Y.—BOND SALE—The
$2,500,000 bonds offered on
a syndicate composed of
Phelps,
Co., Buffalo; R. VV. Pressprich &
Co., Kean
Taylor & Co., Rutcer & Co.. and Granbery, Safford & Co.,
all °f New York,as 2.20s, at a price of 100
059, a basis of about 2.19%.
The offering
Jan.
5—V.
144, p. 138—were awarded to
Fenn & Co., New York; Marine Trust
consisted of:
from unlimited ad valorem taxes
on all its taxable property.
They will be
delivered to the purchaser at the Chemical Bank & Trust Co., New York,
on or about Feb. 1.
A certified check for 2% of the bonds bid for, payable
to the order of the Board of
Education, is required.
The approving opinion
of Caldwell & Raymond of New York City will be furnished the successful
bidder.
NEW
YORK,
N. Y.—DECEMBER FINANCING—Financing by the
month of December consisted of the disposal of the following:
assessment bonds, due on or before Dec. 21, 1946.
special corporate stock notes, due March 9, 1937.
special corporate stock notes, due March 9, 1937.
special corporate stock notes, due March 15, 1937.
'
certificates of indebtedness for work and home relief pur¬
poses.
Due June 9, 1937.
3,000,000 1% certificates of indebtedness for work and home relief pur¬
poses.
Due June 9, 1937.
5,000,000 4% special assessment bonds for Ward's Island Sewage Disposal
Plant.
Due on or before Dec. 21, 1966.
city during
$2,273,000
5,000,000
5,000,000
6,000,000
2,000,000
the
4%
1%
1%
1%
1%
Volume
Financial
144
20,000,000 1% special revenue bonds.
Due June 21, 1937.
24,300,000 IH% revenue bills issued against taxes uncollected In second
half of 1936.
These bills came due on Dec. 31, 1936, on which
date $1,700,000 were redeemed,
and the other $22,600,000
exchanged for an equal amount of 1}/*% revenue notes, dated
Jan. 1, 1937 and maturing in varying amounts up to July 1,
1939, when the final instalment of $300,000 is scheduled to
be paid.
o
NEW
SPRING VALLEY, N. Y.—BOND SALE—The $15,000 registered fire
equipment bonds offered on Jan. 4—V. 143, p. 139—were awarded to Bacon,
Stevenson & Co. of New York on a bid of 100.14 for 2.70s. a basis of about
Geo. B. Gibbons & Co. of New York
Dated Feb. 1, 1937.
Due $3,000 yearly on Feb. 1
2.65%.
recently by the Common Council.
TUCKAHOE, N. Y.—BOND OFFERING—John C. McDonnell, Village
AT NEWL
Jan. 1
Oct. 1
2,000,000
1,750,000
1,650,000
Jan. 1
1,400,000
April 1
July 1_.___
1939—
2,000,000
April 1
July 1
1938—
1,150,000
300,000
bid 100.123 for 2.70s.
from 1938 to 1942, incl.
TROY, N. Y.—BONDS AUTHORIZED—An ordinance providing au¬
thority for the issuance of $50,000 high school building bonds was adopted
YORK,
N. Y.—REFINANCE $22,600,000 REVENUE BILLS
)WRATE—Comptroller Frank J. Taylor has announced that
$22,600,000 of Revenue Bills issued in anticipation of the collection of the
second half of 1936 taxes, pursuant to the provisions of the Bankers' Agree¬
ment, were to be refinanced by an issue of 1)4% Revenue Notes dated
Jan. 1, 1937.
The lowest rate heretofore obtained on Revenue Notes was
2%, which was obtained on the July 1, 1936 issue.
The 1H% notes dated Jan. 1, 1937 are to be redeemed every three
months beginning April 1, 1937, as follows:
1937—
April 1
$6,600,000
July 1
J!
3,500,000
Oct. 1
2,250,000
317
Chronicle
Clerk, will receive bids until 3 p.m., Jan. 11 for the purchase at not less
fully registerable, general obligation, unlimited
tax, general improvement 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 Aug. 1)
payable at the First National Bank & Trust Co., Tuckahoe, with New
York exchange.
Due on Feb. 1 as follows: $6,000, 1938 and 1939; $5,000,
1940, 1941 and 1942: and $4,000, 1943 to 1957, incl.
Cert, check for
$2,000, payable to the Village, required.
Approving opinion of Clay,
Dillon & Vandewater of New York will be furnished to the purchaser.
than par of $87,000 coupon,
UTICA, N. Y.—CERTIFICATE OFFERING—Thomas J. Nelson, City
Comptroller, will receive sealed bids until noon on Jan. 12 for the purchase
of $500,000 tax anticipation certificates of indebtedness.
Dated Jan. 14,
1937.
Denom. $50,000.
Due July 14, 1937.
Bidder to name the rate of
interest.
Payable at the Chemical Bank & Trust Co., New York City.
Legality approved by Clay, Dillon & Vandewater of New York City.
WEBSTER, N. Y.—BOND OFFERING—Sealed bids will be received
..$22,600,000
total of $14,300,000 of notes
heretofore issued were redeemed on Jan. 1, 1937 from tax collections of
the second half of 1934, both halves of 1935 and the first half of 1936, as
Total
The
folio
Comptroller also announced that
a
vs:
$2,800,000
2,500,000
3,000,000
6,000,000
From 2nd half 1934 taxes
From 1st half 1935
From 2nd half 1935 taxes
From 1st half 1936 taxes
Total
$14,300,000
The redemption of $2,800,000 from 2nd half 1934 taxes was the final
redemption on account of Revenue Notes issued in anticipation of the 2nd
half 1934 taxes.
There was issued on Jan. 1, 1935 $46,530,000 of Revenue
Notes to be redeemed from the 2nd half of 1934 tax collections and these
...
notes have
been redeemed within
period of two years from the date of
$6,000,000 of notes to be redeemed from
$10,750,000
on account of the 2nd half of 1935 from a total issue of $34,838,000.
The
total amount issued on account of the 1st half of 1936 was $29,000,000 and
$15,000,000 of these notes have already been redeemed, leaving $14,000,000
for future redemption.
The amount of Revenue Notes issued on account
of the 2nd half 1936 taxe3, viz: $22,600,000, is $28,556,000 less than the
notes issued on July 1, 1934, which latter were the 1st notes issued on
issue.
There is
a
remainder
of
the 1st half of 1935 taxes from
account
of
a
a
a
total issue of $45,511,000 and
(half year's tax pursuant to the provisions of the Bankers'
Agreement.
*
The reduction in the issuance of Revenue Notes has been brought about
by
remarkable improvement in tax collections.
The 1936 uncollected
Dec. 31, 1936 are only 1-5 of 1% more than the uncollected 1927
taxes as at Dec. 31, 1927, and this despite the fact that the
1936 tax levy was $58,600,000 more than the 1927 tax levy.
The percentage of the 1936 taxes uncollected at the end of 1936 was
11.61% of that levy and the 1927 taxes uncollected at the end of 1927 was
11.40% of the 1927 levy.
There was an improvement of 4.16% with
respect to 1936 collections as compared with 1935 and 14.85% as compared
with 1932, which latter year was the poorest in the city's history.
The
amount of the 1936 levy, together with the uncollected taxes on Dec. 31,
1936, by boroughs, follows:
;
"v.v"v;;'7v/ Y
'
Percentage
by the Village Clerk until 2 p. m. on Jan. 14 for the purchase of $112,000
6% interest coupon or registered water bonds. Dated Jan. 1,
1937.
Denom. $1,000.
Due Aug. 1 as follows: $3,000 from 1941 to 1952
incl. and $4,000 from 1953 to 1971 incl. Bidder to name one rate of interest
on the issue, expressed-in a multiple of 14 or 1-10th of 1 %.
Interest payable
F. & A.
The village is authorized and required by law to levy on all its
not to exceed
taxable property
estate
Amt.
Borough
Uncollected
Brooklyn
Queens
Richmond
Total
YORK
Dec. 31, 1936
$14,933,857.32
6,658,350.12
16,396,406.78
12,060,533.37
2,bOO,317.71
Dec. 31,36
6.61%
12.82%
15.24%
20.06%
32.25%
$453,546,218.91
The Bronx
NEW
Uncollected.
1936 Tax Levy
$225,880,467.12
51,921,129.41
107,560,487.65
60,114,166.39
8,061,968.34
Manhattan
$52,649,465.30
successful bidder.
WESTCHESTER
HIGHER
tax rate,
parkway
$7,622,804.37, will
rate is $3.97. The
largest single item in the budget lor 1937 is $5,271,670 for debt service, the
increase over current requirements being $202,573.
Prior to passage of
the budget, Supervisor Ralph A. McClelland of Scarsdale, after pointing
out that the county had reduced
assessed valuations by $128,000,000
since 1932, expressed the view that the recent impt. in real estate values
should be reflected in an advance in
valuations in 1937, or 1938 at the latest.
for 1937, at $1,681,124,356, repre¬
Assessed valuation of county property
sents a decline of
$20,000,000 from 1936.
YORKTOWN (P.
O. Yorktown Heights), N. Y.—BOND OFFERING
will receive bids until 2 p. m., Jan. 12 for
of the following coupon, fully regiterable,
bonds:
—Tench Francis, Town Clerk,
the purchase at not less than par
unlimited tax, general obligation
$8,100 Colony Water District bonds.
Denom. $300.
Payable
yearly on Jan. 1 from 1938 to 1964.
8,800 Mohansic Water District bonds.
Denom. $400.
Payable
yearly on Jan. 1, 1938 to 1959.
10,000 Strawberry Hill Water District bonds.
Denom. $500. Due
yearly on Jan. 1 from 1938 to 1957.
Bidders
are
to name rate
not to exceed 6
$400
$500
of )4% or 1-10%, but
Principal and semi-annual interest,
of interest, in a multiple
Dated Jan. 1, 1937.
%.
$300
(Jan. 1 and July 1) payable at the Westchester County National Bank
Peekskill, with New York exchange.
Cert, check for $550, payable to
the Town, required.
Approving opinion of Clay, Dillon & Vandewater
of New York will be furnished by the town.
$185,000.00
PROVIDES
WINSTON-SALEM, N. C. Various 23/4s,
Jan. 1,
1962-67 @ 100 interest
F. W. CRAIGIE & COMPANY
Richmond, Va.
Phone
361,231.
A large part
O. White Plains), N. Y.—ADOPTS
of Supervisors on Dec. 28 adopted a
system.
The new tax rate, based on a net budget of
be $4.53 per $1,000 of assessed valuation.
This year's
$71,227,347 FOR DEBT
REDEMPTION—The 1937 budget for the City of New York provides for
a
total debt redemption of $71,227,347, of which $47,727,347 will be
funded debt and $23,500,000 will be temporary debt.
Whether the total
debt will be reduced by this amount will, of course, depend on what new
borrowing is necessitated in the coming year.
Appropriations for interest on funded debt during 1937 will total $87,133,884, while appropriations fori nterest on temporary debt amount to
$3,000,000.
Thus, the total debt service for the coming year will be $161,-
debt such
COUNTY (P.
TAX RATE—The Board
1937 budget of $11,697,392.28. calling for a 56-cent increase in the
1 cent of which is the result of the decision to relight the county's
11.61%
CITY—BUDGET
the bonds.
$2,240, payable to the order of the village, must accompany each proposal.
The approving opinion of Reed, Hoyt & Washburn of New York that the
bonds are valid and binding obligations of the village will be furnished the
a
taxes on
real
full
A certified check for
sufficient ad valorem taxes to insure the prompt and
payment of both principal and interest on
A. T. T. Tel. Rich. Va. 83
3 9137
of the savings in interest charges in 1937 will be on temporary
notes, special revenue bonds, &c.f which will be $3,500,000
as tax
less than last year.
In 1936, total debt reduction by the city aggregated $71,821,347, consist¬
ing of $45,821,347 of funded debt and $26,000,000 of temporary debt.
Interest appropriations in the 1936 budget totaled $88,124,430 for funded
debt and $6,500,000 for temporary debt.
NEW YORK CITY—TAX COLLECTIONS HELD BEST SINCE 1927—
Comptroller Frank J. Taylor announced on Dec. 28 that collections on
the 1936 real estate tax levied during the year 1936 on a percen¬
tage basis will be better than any year since 1927.
At the present time 88.10% of the 1Q36 real estate tax levy has been
collected.
The 1936 levy is $453,546,218.
During 1927 there was 88.60% of that year's levy collected.
The levy
for 1927 was $394,929,498.
Collections during 1936 will be considerably better than in 1935.
During
1935 there was 84.23% collected of the levy, wnich amounted to $469,370,548.
The poorest experience the city ever had with respect to collection
of its taxes was during 1932 when only 73.54% of the levy was collected.
The year 1933 was almost as poor when there was 73.58% collected.
Since
that time, however, each year has shown a decided improvement.
The Comptroller stated that the tax collection experience during 1936
brings tax collections practically back to normal and he believed the time
had arrived when as much consideration as possible should be shown
property owners who are in arrears in their tax payments, and that he
had, therefore, decided to withhold for the next several months the prepara¬
tion of new tax sale catalogues.
account of
COUNTY (P. O. Syracuse), N. Y.—BOND SALE—
$424,000 coupon or registered refunding bonds offered on Jan. 7
143, p. 4043—were awarded to Gregory & Son and Washburn & Co.,
both of New York on a bid of 100.0796 for 1.90s, a basis of about 1.89%.
Dated Feb. 1, 1937.
Due on Feb. 1 as follows: $9,000, 1938; $20,000,
1939 to 1950, and $25,000, 1951 to 1957.
ONONDAGA
The
—V.
NORTH
CAROLINA
CHARLOTTE, N. C.—SUIT TO BE FILED TO CLARIFY LIMITA¬
TION LAW—Acting on the recommendation of Masslich & Mitchell,
New York City Municipal bond attorneys, the City Council is said to have
authorized the employment of an attorney to bring suit against the said
the regarding $125,000 bond issue, in order that restrictions imposed by
city, debt limitation amendment to the constitution might be clarified by
State Supreme Court.
Recently the city attorneys wrote the above attorneys regarding the
issuing of $100,000 street impt. bonds and $25,000 water extension bonds.
They replied a few days ago, saying that complexities arising from the
debt limitation amendment voted in the general election Nov. 3, 1936.
would make it advisable for the city to take the matter to the State Supreme
Court.
to
The $100,000 street impt. program was authorized by the
the adoption of the amendment, although the bonds have
Council prior
not yet been
PIERMONT, N. Y.—BOND SALE—The $12,000 coupon or registered
village hall bonds offered on Jan. 6—V. 143, p. 4195—were awarded to
J. <& W. feeligman & Co. of New York as 2Hs, at par plus a premium of
$33.60, equal to 100.28, a basis of about 2.45%.
The Marine Trust Co.
of Buffalo offered a premium of $50.40 for 2.70s.
Dated Dec. 1, 1936.
Due $1,000 yearly on Dec. 1 from 1937 to 1948, inclusive.
sold.
The $25,000 water extension program was more recently authorized.
The attorneys are said to believe, however, that both issues will come
within the debt limitation limit and that a popular vote is not necessary.
PITTSFORD, N. Y.—BOND OFFERING—William L. Ford, Village
Clerk, will receive bids until 2 p. m. Jan. 14 for the purchase at not less
than par of $92,000 coupon, fully registerable, general obligation, unlimited
tax, sewer bonds.
Bidders are to name rate of interest, in a multiple of
H% or 1-10%, but not to exceed 5%.
Denom. $1,000.
Dated Feb. 1,
1937,
Principal and semi-annual interest (Feb. 1 and Aug. 1) payable at
the Security Trust Co. of Rochester.
Due on Aug. 1 as follows: $4,000,
1938, 1939 and 1940; and $5,000, 1941 to 1956, incl.
Certified check for
$2,000 payable to the Village, required. Approving opinion of Clay, Dillon
& Vandewater of New York will be furnished by the village.
HARNETT COUNTY (P. O. Lillington),
First-Citizens Bank of Smithfield is reported
PORT OF NEW YORK AUTHORITY—FERGUSON REELECTED
C. Ferguson was reelected Chairman of the above
Authority for the ensuing year at the annual meeting on Jan. 7. Howard S.
Cullman was renamed Vice-Chairman, John E. Ramsey was renamed as
General Manager and Julius Henry Cohen as General Counsel. In reelecting
Mr. Ferguson as Chairman, the Board paid tribute to his continuous
service since November, 1924.
He has been prominent in directing the
$200,000,000 program carried on during the past decade.
CHAIRMAN—Frank
Many perplexing financial situations
will be cleared through the
of
confronting municipalities probably
friendly action to be brought against the City
Charlotte.
notes at par
,
'
N. C.—NOTE Sj^LE—The
to
have purchased $8,000
with 4>3% interest.
MECKLENBURG COUNTY (P. O. Charlotte), N. C —BOND OFFER¬
ING—It is stated by W. E. Easterling, Secretary of the Local Government
Commission, that he will receive sealed bids at his office in Raleigh, until
11 a. m. on Jan. 19, for the purchase of $1,073,000 coupon or registered
school building bonds.
Bidders to name the rate of int.
Denom. $1,000.
Dated Feb. 1, 1937.
Due on Aug. 1 as follows: $23,000, 1938; $25,000,
1939 to 1943; $30,000, 1944 and 1945; $20,000, 1946 to 1950, and $45,000,
1951 to 1967.
A certified check for $21,460, payable to the State Treasurer,
must
accompany
the
bid.
NORTH CAROLINA. State of—ADDITIONAL DEBT
ING LEGISLATION
to
REFINANC¬
TO BE SOUGHT—A special dispatch from Raleigh
the "Wall Street Journal" of Dec. 29 reported in part as follows on plans
additional debt refinancing authority from
in January:
of the State Treasurer to seek
the Legislature which meets
Financial
318
Laws to allow the refinancing of a greater portion of
North Carolina's
bonded indebtedness, which will stand at less than $155,000,000 when the
Legislature
here Jan. 6, will be asked by State Treasurer Charles
convenes
Johnston.
Mr. Johnston has refinanced
a great portion of the State's debt during the
but has announced he will seek additional authority in such
In the future. The State debt on Nov. 30 stood at $163,894,000,
including $56,763,000 in general fund bonds and $91,271,000 in highway
past two years
activities
bonds.
The treasury had cash balances of $6,815,439 in the general fund, $10,900,792 in the highway fund and $2,642,841 in all other special funds at
the end of November, the combined report of the treasurer and auditor
revealed. About $7,000,000 of the cash will be needed to pay bond interest
and maturities in January and February, however.
RUTHERFORD
COUNTY
(P.
O.
Rutherford ton),
N.
C .—NOTE
First National Industrial Bank of Rutherfordton is said to
SALE—The
have purchased a $47,000 issue of notes at par with interest at
W
TARBORO, N. C.—BONDS AUTHORIZED—The Town Commissioners
have passed an ordinance authorizing the issuance of $35,000 funding and
refunding bonds.
^
WHITEVILLE, N. C.—NOTE SALE—A $25,000 issue of notes was
Trust Co. of Whiteville,
purchased recently by the Waccamaw Bank &
at 5%, at par.
DAKOTA
BOWBELLS, N. Dak.—BOND OFFERING POSTPONED—It is now
reported by H. O. Woods, City Auditor, that the offering of the two issues
of not to exceed 5% semi-ann. bonds aggregating $6,500, scheduled for
Dec. 28—V. 143, p. 4195—has been postponed to Jan. 4.
The bonds are
divided as follows: $3,500 hospital, and $3,000 city hall.
Dated Jan. 1,
1937.
-
BONf)SlsrOT
SOLD—At the offering on Jan. 4 of the above issue of not
to exceed 5% semi-annual bonds, aggregating $6,500, no bids were re¬
ceived.
It is stated by the City Auditor that the city expects to sell the
bonds at private sale.
KATHRYN,
N.
Dak.—BOND
OFFERING—Carl
Lewison,
NELSONVILLE, Ohio—BOND OFFERING—J. Irvin Pritchard, City
Auditor, will receive sealed bids until noon on Jan. 24 for the purchase
of $60,000 not to exceed 4% int. coupon municipal light plant mortgage
bonds, maturing Jan. 1 as follows: $3,000 from 1939 to 1942, incl., and
$4,000 from 1943 to 1954. incl.
Denom. $1,000.
Prin. and int. (J. & J.)
payable at the City Auditor's office.
A certified check for 1%, payable
to the order of the city, must accompany each prposal.
Successful bdder
to satisfy himself as to the legality of the bonds.
NEW
COUNTY
(P.
O.
Mandan),
N.
WASHINGTON, Ohio—BOND SALE—The Public Works Ad¬
ministration has purchased an issue of $38,000 4% water system mtge.
revenue bonds.
Dated Jan. 1, 1937.
Denom. $1,000.
Due Jan. 1 as
follows: $1,000 from 1940 to 1955 incl., and $2,000 from 1956 to.1966 inclg
OBERLIN, Ohio—BOND SALE—The $11,000 fire station and station
bonds offered on Jan. 5—V. 143, p. 3880—were awarded as 2s to Paine,
Webber & Co. of Chicago.
Dated Jan. 1, 1937 and due Jan. 1 as follows:
$2,000from 1939 to 1942 incl. and $3,000 in 1943.
RICHMOND TOWNSHIP
RURAL SCHOOL DISTRICT (P. O.
Willard, R. D. No. 2), Ohio—BONDS NOT SOLD—The issue of $32,500
4% school bonds offered on Jan. 4—V. 143, p. 4045—was not sold.
They
will be re-offered.
Dated Jan. 1, 1937.
ROSSFORD RURAL SCHOOL DISTRICT (P. O. Rossford), Ohio—
SALE—The issue of $40,000 school building bonds offered on
BOND
land,
as
2^s, at
par
$39,000
Village
Marshall County,
SCRANTON.
N.
Due
on
R. J. EDWARDS, Inc.
Established 1892
OKLAHOMA
Dak.—MATURITY—It
is
Clerk that the $8,200 4% semi-ann. water system
139—are due
$500, 1942 to 1955.
on
stated
Long Distance 158
Dec. 1
as
follows:
OKLAHOMA
by~th<TVillage
bonds purchased at par
as noted here recently
$400, 1939 to 1941, and
WATFORD
CITY, N.
Dak .—CERTIFICATE SALE—The $1,500
certificates of indebtedness offered on Dec. 28—V. 143, p. 4196—
were awarded to Nels Breke of Makoti at a price of par for 5s.
Denom. $500
and $1,000.
Dated Jan. 4, 1937.
Interest payable semi-annually.
Due
July 5,1937 and Jan. 4, 1938.
BONDS NOT SOLD—It is also stated by E. F. Raddatz, City
that $16,500 sewer system bonds offered in October, have not
Auditor,
been sold
yet.
Ok 1 a.—BOND SALE—A $24,000 issue of refunding bonsd
Oklahoma City, according to
HOLLIS,
has been purchased by C. Edgar Honnold of
the City Clerk.
KONAWA, Okla.—BOND SALE—An issue of $29,360 funding bonds
sold recently to the Taylor-Stewart Co. of Oklahoma City.
was
coupon
as
CITY, OKLAHOMA]
AT&T O. K. CY 19
April 15. 1938.
by the State Board of University and School Lands,
—V. 144, p.
Oklahoma, Road
5%, due 6-15-47|@ 4%
Dak.—CER TIFICA TE
Certified check for 2 % of amount of bid required.
5 J^s at par.
$2,500 from
WILLOUGHBY, Ohio—BOND SALE—The issue of $50,000 coupon
refunding bonds offered on Jan. 4—V. 143, p. 4045—was awarded to the
Village Board of Public Affairs as 3%s.
Dated Oct. 1,1936 and due $5,000
annually on April 1 from 1942 to 1951, inclusive.
|VMT. PLEASANT SCHOOL DISTRICT NO. 4 (P. O. Rolla), N. Dak.
as
follows:
WEBSTER TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Dunbridge), Ohio—BOND SALE DETAILS—The $46,000 coupon school
building bonds awarded on Dec. 24 to Stranahan, Harris & Co. of Toledo,
at a price of 100.29—V. 144, p. 140—bear 2%% interest.
Due $2,000
each six months from March 1, 1938 to March 1, 1949 incl.
—CERTIFICATE SALE—The $5,000 issue of certificates of indebtedness
offered for sale on Dec. 29—V. 143, p. 4044—was purchased by a local
investor
plus a premium of $271, equal to 100.67, a basis of
about 2.41%.
Dated Oct. 1, 1936 and due Oct. 1 as
1938 to 1947 incl. and $3,000 from 1948 to 1952 incl.
OFFERING—M. J. Tobin, County Auditor, will receive bids until 10 a. m.
Jan. 18 for the purchase of $25,000 certificates of indebtedness, which are
to bear interest at no more than 7 % and will be payable within 12 months
from date of issuance.
Co. of Cleve¬
Dec. 28—V. 143, p. 4045—was awarded to Johnson, Kase &
Clerk, will receive bids until 2 p. m., Jan. 12 for the purchase of $4,200 fire
protection bonds.
Dehom. $300. Cert, check for 2%, required.
MORTON
Jan. 9, 1937
Dated March 1, 1937.
Interest payable semi-annully.
Due $1,00)0 each
six months from April 1, 1938 to Oct. 1, 1956, incl.
Cert, check for 5% of
amount of bonds bid for, required.
2.75%.
SPRUCE PINE, N. C.—BONDS SOLD—It is stated by wrE"Easterling, Secretary of the Local Government Commission, that the $60,000
water supply system bonds offered for sale on Nov. 10, without success, as
noted here at that time—V. 143, p. 3191—was sold privately to the Bank
of Spruce Pine, as 5s at par.
Dated Oct. 1, 1936.
Due from Oct. 1, 1939
to 1966. Inclusive.
1
—I
m
NORTH
Chronicle
~
NOWATA SCHOOL DISTRICT, Okla.—BONDS VOTED—At an elec¬
toil48|inifavor of a proposal
tojissue $33,000 gymnasium-auditorium bonds.
M
tion held on Dec. 22 the residents voted 622
"Pauls valley, Okla.—BOND OFFERING—Joe S. Bottoms, City
Clerk, will receive bids until 10 a. m. Jan. 11 for the purchase at not less
which are to bear interest at rate
than par of the following issues of bonds,
named in the successful bid:
OHIO
MUNICIPALS
$ 4,000 bonds, payable $500 yearly beginning four years from date of
issuance, except that the last instalment will amount to $300.
M
5,000 bonds,
payable
$500
yearly
beginning
four
years
after date of
issuance.
7,500 bonds,
payable $750 yearly
beginning four years after date of
issuance
MITCHELL, HERRICK & CO.
32,700 bonds, payable $3,500 yearly beginning four years after datelof
issuance except that the last instalment is to amount to $1,200.
700 CUYAHOGA BUILDING, CLEVELAND
CANTON
AKRON
CINCINNATI
OREGON
SPRINGFIELD
COLUMBUS
CASCADE
OHIO
BETTSVILLE,
Ohio—BOND SALE—The $4,000
fire
equipment
bonds offered on Dec. 31—V. 143, p. 3675—were awarded to the Old Fort
Banking Co. of Old Fort on a bid of par for 3s.
Dated Feb. 1, 1937.
Due
$400 yearly on Oct. 1 from 1937 to 1946, incl.
Bliss, Bowman & Co. of
Toledo offered a premium of $10.80 for 5s and Sunders, Stiver & Co. of
Cleveland a premium of $9.20 for 3J£s.
Ore.—MATURITY—It is stated by the City
Recorder that the $31,000 4% water works system bonds purchased at par
by the Public Works Administration, as reported in these columns recently
—V. 143, p. 4045—are due on Nov. 1 as follows: $1,000, 1940 and 1941;
$2,000, 1942 to 1951. and $3,000, 1952 to 1954.
JEFFERSON
COAL
GROVE,
Ohio—BOND OFFERING—R.
Gregory,
DISTRICT,
Ore.—BONDS
VOTED—The
given their approval to a proposition to issue
$21,000 school building bonds.
CITY
OF PHILADELPHIA
5% Bonds Due June 1, 1962/62
Price:
Village
125.90 & Interest to net 2.90%
Jan. 19 for the purchase of $5,600 5%
Denom.
$800.
Dated
Dec.
1,
1936.
noon,
firehouse
construction bonds.
Interest payable semi-annually.
toil944 incl.
A.
SCHOOL
voters of the District have
BLANCHARD
RURAL SCHOOL
DISTRICT
(P. O. Dunkirk).
Ohio—BOND ISSUE DETAILS—The $25,000 school recently purchased
by the State Teachers' Retirement System, Columbus—V. 144, p. 140—
bear 4% interest and were sold at par
Clerk, will receive bids until
LOCKS,
Due
800 yearly on Sept.
1
from 1938
Moncure Biddle & Co.
Certified check for 1 % of amount of bonds bid for, required.
1520 Locust Street
CONNEAUT TOWNSHIP SCHOOL DISTRICT, Ohio—NOTE SALE
—The township has sold an issue of $20,000 due in two years.
Philadelphia
EUCLID, Ohio—BOND OFFERING—W. R. Gilson, City Auditor, wil
receive bids until noon, Jan.
coupon
18 for the purchase of the following 4K%
CITY OF PHILADELPHIA BONDS
bonds:
Denom. $1,000, except one for $803.50.
Due on
Oct. 1 as follows: $53,803.50,1942; $542,000 in each of the years,
1943, 1945, 1947 and 1949; and $53,000 in each of the years,
$534,803.50 bonds.
77,276
3Ya.%
Dated Oct. 1, 1936.
Interest payable semi-annually.
for 5% of amount of bonds bid for, required.
LYNDHURST, Ohio—BONDS NOT SOLD—-No bids
Due 1986/1956 To net 2.75%
*X%
Due 1975/1945 To net
4K%
Due 1980/1950 To net 2.85%
4H%
1944, 1946, 1948, 1950 and 1951.
general refunding bonds.
Denom. $1,000, except one for $276.
Due on Oct. 1 as follows: $7,276, 1942; $8,000 in each of the
years,
1943, 1944, 1946, 1947, 1949, 1950 and 1951; and
$7,000 in 1945 and 1948.
Due 1979/1949 To net 2.9Q%
2.65%
YARNALL & CO.
Certified check
A. T. & T. Teletype—Phila. 22
were
1528 Walnut St.
submitted
Philadelphia
for the $153,000
4% coupon property owners' portion refunding bonds
offered on Jan. 4—V. 143, p. 4045.
Dated Oct. 1, 1936 and due Oct. 1
as
follows:'$13,000 in 1941 and $14,000 from 1942 to 1951, inclusive.
MARIETTA, Ohio—ISSUE TO BE RE-OFFERED—Harold D. Brooker,
City Auditor, reports that the $35,000 5M% public building bonds origin¬
ally scheduled for award on Jan. 6—V. 143, p. 4196—must be readvertised
for sale at a later date, in view of the fact that the original notice specified
that the first maturities would
occur
in
1937.
MONROEVILLE, Ohio—BOND OFFERING—Jacob J. Kessler, Village
Clerk, will receive bids until noon Jan. 25 for the purchase at not less than
of $5,000 6% electric light system improvement bonds.
Denom.
Dated Dec. 1,
1936.
Interest payable semi-annually.
Due
S1..000 yearly on Dec. 1 from 1938 to 1942, incl.
Certified check for $500,
payable to the Village Treasurer, required.
par
.JjlORRAL, Ohio—-BOND OFFERING—C.
will receive bids
D. Faurot, Village Clerk,
until noon, Jan. 23 for the purchase of $38,000 school
building bonds, to bear interest at no more than 6%.
Denom. $1,000.
PENNSYLVANIA
ALLEGHENY
COUNTY
Pa .—TEMPORARY
negotiated with
$6,000,000 on a
The notes mature Aug. 15, 1937.
(P.
O.
Pittsburgh),
LOAN—On Dec. 30 the Board of County Commissioners
the Union Trust Co. of Pittsburgh for a temporary loan of
1%% interest basis.
BALLY, Pa.—BOND OFFERING—Sealed bids will be received by the
Borough Secretary until 7 p. m. on Jan. 14 for the purchase of $14,000
street improvement and funding bonds.
Dated Feb. 1, 1937.
Denom. $1,000.
Due $1,000 on Feb. 1 from 1939 to 1952 incl.
Principal
and interest payable in Bally.
A certified check for 2% must accompany
coupon
each
proposal.
Legality approved by
Townsend,
Elliott & Munson of
Philadelphia.
CAMP HILL SCHOOL DISTRICT, Pa.—BONDS VOTED—By a vote
of 487 to 187 the residents of the district on Dec. 18 approved a bond issue
of $67,000 for school construction.
Volume
Financial
144
CANONSBURG,
Pa.—BOND
SALE—The
$60,000
Must Be Paid Later
bonds
coupon
offered
on Jan. 4—V. 143, p. 4046—were awarded to the Bancamerica-Blair
Corp. of Philadelphia, as 2^s, at par, plus a premium of $701.70, equal
to 101.1696, a basis of about 2.14%.
Geo. G. Appelgate, Glover &
MacGregor and S. K. Cunningham & Co., all of Pittsburgh, offered a joint
bid of par, plus a premium of $162 for 2j^s.
Dated Dec. 1, 1936.
Due
$5,000 yearly on Dec. 1 from 1938 to 1959. incl.
CENTERVILLE SCHOOL DISTRICT (P. O. West Brownsville,
R. D. 1), Pa.—BOND SALE—The issue of $90,000 coupon school bonds
offered on Jan. 6—V. 143, p. 4196—was awarded to the Peoples-Pittsburgh
Trust Co. of Pittsburgh, as 2Ms, at a price of 101.51, a oasis of about
to
"Whatever is taken out of the funds now, or is not put in, must be paid
later by the taxpayers with compound interrst.
"The suggested consolidation would be a clear violation of the city's
contracts with its bondholders and is directly contrary to the three State
Supreme Court decisions which have dealt with and, it had been assumed,
settled
this
question.
"The Court flatly denied the contention that the city's sinking
but a single fund.
Not only that, but the Court ruled
constitute
under the Constitution, the City Charter
the city is obligated to maintain a separate
SCHOOL
PHILADELPHIA
Dated Jan. 1, 1937 and due $5,000 annually on Jan. 1 from 1938
2.57%.
319
Chronicle
funds
that,
and the city's loan ordinances,
sinking fund for each loan."
DISTRICT,
Pa.—BOND
OFFERING—
Educa¬
school
Redeemable at
Sealed bids will be received by the Secretary of the Board of Public
until noon on Jan. 27 for the pin-chase of $3,000,000 IH%
1955 incl.
tion
CLARKS GREEN
SCHOOL
DISTRICT, Pa.—BOND OFFERING—
building bonds.
Dated Feb. 1, 1937.
Due Feb. 1, 1967.
in whole or in part at any interest period.
Percy D. McFarland, District Secretary, will receive bids until 8 p. m.
Jan. 25 for the purchase of $1,400 4% bonds.
Denom. 2 for $500 ana 1 for
$400.
Interest payable semi-annually.
Cert, check for 5%, required.
par
CLARKS SUMMIT SCHOOL DISTRICT, Pa.—BOND OFFERING—
Harry G. Murphy, District Secretary, is asking for bids on an issue of
$3,600 4% bonds.
Denom. 1 for $100 and 7 for $500.
Interest payable
for
semi-annually.
required.
Due $1,600 1942 and $2,000 1947.
•
Cert, check for 5%,
SCOTTDALE SCHOOL
Affairs.
f CONSHOHOCKtlS SCHOOL UI STRICT," Pa.—BOND
SALE—The
$70,000 high school annex bonds offered on Jan. 4—V. 143, p. 140—were
awarded to Edward B. Smith & Co. of Philadelphia on a bid of 100.549 for
2s.
Dated Jan. 1, 1937.
Due serially at five-year intervals from 1942 to
1967.
.
.
_
„
oper atingjexpense
has been sold to the State Teachers' Retirement Fund.
DALE, Pa.—BOND SALE—An issue of $10,000
bond
A EAST CONEMAUGH SCHOOL DISTRICT, Pa.—BOND
SALE—
An issue of $23,500 3Yi% operating expense bonds has been sold to the
State Teachers' Retirement Board at a price of par.
Due in 10 years.
ELLPORT SCHOOL DISTRICT (P. O.
Denom. $500.
Dated Sept. 1,1936.
Interest payable M. & S. 1.
Due $500 yearly, beginning in 1945; redeemable o^and after Sept. 1, 1950.
Cert, check for 10%|of amountjof bid,irequired.^Purchaser is to furnish
the
printed
bonds.
EVANSBURG SCHOOL DISTRICT (P. O.
Butler), Pa .—BOND SALE
—The issue of $60,000 school bonds offered on Dec. 31—V. 142, p. 4046—
was awarded to the Citizens National Bank of Evans City, as 3s, at a price
of par.
Dated Jan. 1,1937 and due Jan. 1 as follows: $2,000,1939 to 1945,
incl.; $2,500, 1946 to 1950, incl.; $3,000, 1951 to 1954, incl.; $3,500 from
1955 to 1959, incl., and $4,000 in 1960.
GLENFIELD,
SALE—The issue of $13,000 4% bonds
4046—was awarded to Leacy Bros., Inc. of
Philadelphia, at a price of 101.13, a basis of about 3.89%. Due $1,000 on
Jan. 2 in odd years from 1939 to 1963 incl.
y
offered
on
Pa.—BOND
Jan. 4—V. 143, p.
IfcHALLAM
SCHOOL DISTRICT,
Pa.—BOND SALE—The $9,000
3H% coupon bonds offered on Jan. 1—V. 143, p. 4046—were awarded to
the Dover National Bank of Dover, at a price of 105.56, a basis of about
2.72%. Due $1,000 in each of the yars 1940, 1943, 1946, 1949,1952,1955,
1958, 1961 and 1964.
S.OND SALE—The issue of $50,000 coupon bonds offered Large), 5—V.
JEFFERSON TOWNSHIP SCHOOL DISTRICT (P. O.
Jan. Pa.—
on
143, p. 4196—was awarded to a group
S. K. Cunningham & Co. and George
composed of Glover & MacGregor,
G. Applegate, all of Pittsburgh, as
3s, at par plus a premium of $786, equal to 101.57, a basis of about 2.87%.
Dated Jan. 1, 1937 and due $5,000 on Jan. 1 in alternate years beginning
1943 and ending 1961.
McADOO SCHOOL DISTRICT, Pa .—BOND OFFERING DETAILS
with a previous report in these columns of an offering
—In connection
at 8 p. m. on
Jan. 11 of $34,900 4% school bonds, we learn that the issue
The bonds will be dated Nov. 1,1936, issues
form, and legality subject to approval of the Penn¬
sylvania Department of Internal Affairs and of Saul, Ewing, Remick &
Saul of Philadelphia.
will be sold at public auction.
in coupon or registered
Pa.—BOND
MEADVILLE,
OFFERING—G.
Stanley
Maxwell,
Feb. 1, 1937.
Due Feb. 1, 1952; redeemable at par on and after Feb. 1,
1942.
Certified check for 2% of amount of bid, payable to the city, re¬
quired.
SHENANGO TOWNSHIP
associated with S.
on
K. Cunningham & Co. of Pittsburgh, in the pur¬
Dec. 19 of $25,000 bonds as 2s, at a price of 100.14, a basis of
about 3.98%.
Dated Jan. 2, 1937
to 1942 incl.; $5,000 in 1944, 1946,
and due Jan. 2 as follows: $1,000. 1938
1948 and 1950.
PENNSYLVANIA
(State of)—.LOCAL ISSUES APPROVED—The
Department of Internal Affairs, Bureau of Municipal Affairs, has approved
the following issues of bonds.
The information includes the name of the
municipality, amount and purpose of issue and date approved:
Amount
t
j
Municipality and Purpose of Issue—
Date
Approved
Conshohocken Borough, Montgomery Co. (constructing
a sewer system)
Dec. 28 $135,000
Kittanning Borough, Armstrong Co. (constructing a
fire house
(P. O.
BOND SALE—The $6,500 5% coupon
Pa.—BOND OFFERING—Earle
New Castle R. D. No. 6), Pa.—
bonds offered on Jan. 4—V. 143, p.
of
$6,582.50, equal to 101.27, a basis of about 4.65%.
Dated Jan. 2, 1937.
Due as follows: $500,1938,1939 and 1940, and $2,500, 1941 and 1942.
SPRING
CITY, Pa.—BOND SALE—The issue of $35,000 coupon sewer
Safford
2.18%.
bonds offered on Jan. 5—V. 144, p. 141—was awarded to Granbory,
& Co. of New York, as 2A&, at a price of 101.02, a basis of about
Due $5,000 in each of the years 1942, 1947, 1952, 1957, 1962 and
1967.
ISLAND
RHODE
PROVIDENCE, R. I.—BOND OFFERING—Walter F. Fitzpatrick,
City Treasurer, will receive sealed bids until 2 p. m. on Jan. 15 for the
purchase of all or any part of $3,000,000 bonds, divided as follows:
$1,600,000 emergency unemployment relief loan bonds.
Due $80,000
annually on Feb. 1 from 1938 to 1957, incl.
1,400,000 highway bonds.
Due $70,000 annually on Feb. 1 from 1938
to 1957, incl.
Each issue is dated Feb. 1, 1937.
Bidder to name one rate of int. on the
entire issue, but in no multiple of less than A of 1 %.
Bids of less than par
will not be considered.
Prin. and int. F. & A.) payable at the fiscal agency
of the City of Providence in New York City.
Either coupon bonds of $1,000
each, or registered bonds in sums of $1,000, $5,000, $10,000 or $20,000
each, as desired, will be issued for the whole or any portion of said loan,
and coupon bonds may at any time thereafter be converted into registered
bonds of the above denoms. at the option of the holders, and when so regis¬
tered they become registered as to both prin. and int.
Registered bonds
cannot be changed back into coupon bonds.
The City of Providence trans¬
mits by mail interest on all registered bonds, if desired.
Bonds will be
ready for delivery as soon after Feb. 1, 1937, as possible, and will be subject
to accrued
interest from Feb. 1, 1937, to date of delivery.
Proceeds o
the bond sale will be applied toward a reduction of the city's unfundedf
debt, by redeeming notes previously issued for the same purposes as those
describing the bonds.
The bonds are payable out of unlimited ad valorem
taxes, except that the tax on intangible personal property is Jimitea by
statute to 40 cents per $100 valuation
A certified check for 2% of the
bonds bid for, payable to the order of the City Treasurer, must accompany
each proposal.
Successful bidder shall furnish own legal opinion.
SOUTH
CAROLINA
BARNWELL, S. C.—BOND CALI^-lt is stated by Samuel Want, Town
Attorney, that F. S. Brown. Town Clerk, is calling for payment on Feb. 1,
1937, the following bonds:
bonds.
Dated Aug. 1, 1912.
light bonds.
Dated May 1, 1921.
water works and electric light
Due Aug. 1,
(P. O. Wall, Box l),.Pa.—BOND
SALE DETAILS—Singer, Deane & Scribner, Inc. of Pittsburgh, E. H.
Rollins & Sons of Philadelphia, and Glover & MacGregor of Pittsburgh,
chase
DISTRICT,
4047—were awarded to Glover & MacGregor of Pittsburgh at a price
$22,000 5%
NORTH VERSAILLES TOWNSHIP
SCHOOL
City
Clerk, will receive bids until 5 p. m. Jan. 19 for the purchase at not less
than par of $74,000 coupon, registerable as to principal, refunding bonds.
Bidders are to name rate of int., not to exceed 2%.
Denom. $500.
Dated
were
SHAMOKIN
G. Fox, District Secretary, will receive bids until 8 p. m. Jan. 12 for the
purchase of $58,000 coupon, registerable as to principal, refunding bonds.
Sale will not be made at less than par. Bidders are to name rate of interest,
making choice from 1 %, 1M%, 1H%. 1*A%, 2%. 2X%, 2H%. 2*A% and
3%.
Denom. $1,000.
Dated Jan. 15. 1937.
Principal and semi-annual
interest (Jan. 15 and July 15) payable at the Market Street National Bank,
Shamokin.
Due $10,000 yearly on Jan. 15 from 1938 to 1942; and $8,000
Jan. 15, 1943. Certified check for 2% of amount of bonds bid for, payable
to the District Treasurer, required. Approving opinion of Townsend, Elliott
& Munson of Philadelphia will be furnished by the district, which will also
pay for printing of bonds. Delivery to be made about Jan. 25.
Ellwood City M. R. 7)", Pa.—
BOND OFFERING—J. Carl Gallaher, District Secretary, will receive bids
until 7.30 p. m., Jan. 18 for the purchase of $6,000 4% coupon school
bonds.
DISTRICT, Pa .—BOND OFFERING—Stella
Hugus, District Secretary, will receive sealed bids until 8 p. m. on Feb. 8
the purchase of $35,000 2)^% school bonds.
Dated Feb. 1, 1937.
Denom. $1,000.
Due $5,000 on Feb. 1 from 1938 to 1944, incl.
Int.
payable F. & A.
A certified check for $500, payable to the order of Leo N.
Skamp, District Treasurer, must accompany each proposal.
The bonds
will be sold subject to approval of the Pennsylvania Department of Internal
1952.
water works and electric
Due from 1941 to 1961.
39,000 6%
Dated May 1,1921. Due from 1941 to 1961.
Dated May 1, 1921. Due in 1941.
Payment will be made at the South Carolina National Bank, Charleston,
at par and accrued interest to date of payment for the water works and
electric light bonds due on Aug. 1, 1952 and at 105 and accrued interest to
date of payment for the remainder of the bonds.
Holders are accorded
certain preferential rights of subscription to refunding bonds, to be issued
by the town.
Full details may be obtained from the Town Clerk.
40,000 6% sewerage bonds.
15,000 6% paving bonds.
C.—BOND ISSU¬
reported that an issue of from $100,000
CHARLESTON COUNTY (P. O. Charleston), S.
ANCE CONTEMPLATED—It is
$150,000 in bonds to care for the cost of road building will be floated in
the near future.
(These bonds are part of a $500,000 issue authorized
by the 1936 General Assembly for that purpose.)
to
Dec. 28
23,000
Dec. 28
251.000
Dec. 29
11,000
Dec. 29
Dec. 29
60,000
60,000
Dec. 29
35,000
LAURENS COUNTY (P. O. Laurens) S. C.—NOTE OFFERING NOT
CONTEMPLATED—It is stated by D. R. Simpson, County Treasurer,
that the county is not planning to reoffer at this time the $128,000 road
notes that were offered for sale without success on Nov. 4, as noted in these
columns—V. 143, p. 3037.
Dec. 29
45,000
with the sale of the
Coal
Twp.
School
District,
Northumberland
Co.,
(funding judgments).
..
Loganville Borough, York Co. (constructing water works
and reservoir with necessary land and rights-of-way)
Indiana Borough Sch. Dist., Indiana Co. (.funding float¬
ing indebtedness, $40,000, and refunding bonded in¬
debtedness, $20,000
Tioga Co. funding floating indebtedness)
Scottdale Borough Sch. Dist., Westmoreland Co. (paying
operating expenses
Charleroi Borough Sch. Dist., Washington Co. (acquir¬
ing and improvement of lands for playground)
Norristown Borough Sch. Dist., Montgomery Co. (re¬
funding bonded indebtedness)
City of DuBois, Clearfield Co., (refunding bonded in¬
debtedness, $7,500; purchasing land for and develop¬
ment of a municipal airdrome or aviation landing field,
$42,500---New Castle City Sch. Dist., Lawrence Co. (refunding
...
__
-
D3c. 30
75,000
ROCK HILL, S.
of Columbia, as 3
p.
C.—ADDITIONAL INFORMATION—In connection
$70,000 public building bonds to C. W. Haynes & Co.
As, at 100.52, noted in these columns recently—V. 144,
141—it is stated by the City Treasurer that Lewis & Hall, of Greensboro,
associated with the above company in the purchase of the said bonds.
was
Dec. 30
30,000
SOUTH
50,000
Dec. 30
bonded indebtedness)
GREENVILLE
SCHOOL DISTRICT,
S.
C.—BOND OFFERING
PLANNED—Joseph E. Johnston, Business Manager, informs us that plans
are being made to offer for sale in the near future an issue of bonds in the
approximate amount of $268,400 to help finance the construction of a new
high school building.
PHILADELPHIA, Pa .—PROPOSED CONSOLIDATION OF SINKING
FUNDS ASSAILED—Mayor
Wilson's proposed consolidation of city
sinking funds is illegal and offers no real saving to the taxpayers, the Bureau
of Municipal Research warned recently.
The Mayor, in a letter to Governor Earle, estimated State approval of
the consolidation would save the taxpayers $20,000,000 to $30,000,000.
Questioning that assertion, the Bureau assumes the Mayor intends to
apply to all the other sinking funds the $10,601,765 reserved for payment of
Delaware River Bridge bonds.
The Bureau denies that it can be done legally or that consolidation, as
Mr. Wilson says, would remove the necessity of paying $6,667,015 into
the sinking funds as ordered by the State Supreme Court.
DAKOTA
LEAD, S. Dak.—BOND SALE—The $40,000 4% coupon, registerable
to principal, municipal building bonds offered on Dec. 31—V. 143, p.
3675—Were awarded to the First National Bank of Lead and the Miners
& Merchants Savings Bank of Lead, jointly, at par, plus a premium of
$3,050, equal to 107.625, a basis of about 2.50% .
The purchaser is to pay
legal expenses. E.J. Prescott & Co. of Minneapolis offered a premium of
$3,000.
Dated Jan. 2, 1937.
Due $5,000 yearly on Jan. 2 from 1939 to
1946, incl.
as
MARION, S. Dak.—BOND SALE DETAILS—It is reported by the
City Clerk that the $17,000 sewage system bonds purchased by the Farmers
Trust & Savings Bank of Marion, as noted here recently—V. 143, p. 4197—
were actually in the amount of $17,500.
Denom. $1,000, one for $500.
Dated Aug. 29, 1933.
Due from 1937 to 1953 incl.
Interest payable
annually on Aug. 29.
Consolidation No Solution
Its weekly bulletin adds:
"Just where the rest of the $20,000,000 or $30,000,000 of relief would
come
from is not apparent,
Mere consolidation would not afford
even the
relief sought in connection with the bridge money.
"The relief can come only through further shortening of the yardstocks
used to determine what should be in the sinking funds at any given time, or
other form of short-changing the funds.
"It is hardly necessary to point out that 'saving' is not a very good word
to describe the effect of such measures on the taxpayers."
through
some
PIERPONT, S. Dak.—BOND OFFERING—Sealed bids will be received
Wake, Town Clerk, for the purchase of two issues of
5% semi-ann. bonds aggregating $6,900, divided as follows: $4,500 electric
system refunding, and $2,400 park improvement bonds. Dated Jan. 2,1937.
until Jan. 9, by T. B.
ZIEBACH COUNTY COMMON SCHOOL DISTRICT NO. 3 (P. O.
Eagle Butte), S. Dak.—BOND OFFERING—A. H. McClellan, Clerk of
the School Board, will
receive bids until 4 p. m. Jan. 15, for the purchase of
$8,500 4% refunding bonds.
Denom. $500.
Dated Jan. 2, 1937.
Due
$500 yearly on Jan. 2 from 1938 to 1954, incl.; subject to call at any time.
320
Financial
TENNESSEE
BRADLEY ICOUNTY
(P. O. Cleveland) Tenn.—MATURITY—It is
reported by the Clerk of the County Court that the $44,000 3%
semi-sum. school bonds purchased by C. H. Little & Co. of Jackson, at a
price of 100.77. as noted here in November—V. 143, p. 3508—are due
$2,000 from 1939 to 1960 inel., giving a basis of about 2.92%.
now
COUNTY (P. O. Celina), Tenn.—BONDS AUTHORIZED—
County Court is said to have authorized the issuance of $50,000 in
to care for school and county warrants.
It is reported that the
Legislature will be asked to pass an enabling act providing for this issue.
CLAY
The
bonds
COAL
Chronicle
1956.
$1,000 in 1964 and 1965.
15,000 general obligation bonds. Due on Nov. 1
1963, and $1,000 in 1964 and 1965.
Dated Nov.
1, 1935.
as
follows:
$500, 1936 to
1
.
MARYSVILLE, Wash.—BOND OFFERING—H. F. Pfromm, Town
Clerk, will receive bids until 8 p. m., Jan. 11 for the purchase of $20,000
feneral obligation town hall bonds, to bear interest at no more than1937.
5%.
)enom. in
multiple of $100, not to exceed $1,000.
Dated Jan. 1,
a
Interest payable annually.
BONDS NOT SOLD—At the offering on Dec. 28, noted
V. 143, p. 2096—it is stated by the City Recorder that the bonds
Due in from three to 32 years from date.
were
sold
JOHNSON
CITY, Tenn .—BONDS AUTHORIZED—'The issuance of
$200,000 in refunding bonds is reported to have been authorized recently
by the City Commission.
SPRING
CITY,
Tenn.-MATURITY—In
connection
with
the
sale
in these columns
TACOMA, Wash .—BONDS CALLED—C. V. Fawcett, City Treasurer,
is said to have called for payment the following bonds:
On Dec. 23—Nos. 12 to 29, of Local impt. Dist. No.
On Dec. 24—Nos. 133 and 134, of Local Impt. Dist.
Nos. 330 to 372, of
City Treasurer.
at par.
Cert, check
—V. 143, p. 4048—the above bonds were not sold, according to report.
Prin. and int. (M. & N.) payable at the office of the
ELIZABETHTON, Tenn.—PRICE PAID—In connection with the
sale of the $425,000 4%% semi-ann. water revenue bonds to the Cumber¬
land Securities Corp. of Nashville, as noted in these columns in
September—
Due within a period of 20 years.
for 5%, required.
CREEK, Tenn.—BONDS SOLD—It is stated by J. A. Riggs,
City Recorder, that the Public Works Administration has purchased the
following 4% sewerage bonds aggregating $30,000:
$15,000 revenue bonds. Due on Nov. 1 as follows: $500, 1938 to 1963, and
Jan. 9, 1937
HOQUIAM, Wasli.—MATURITY—The City Clerk reports that the
$50,000 4yi % semi-ann. water pipe line bonds sold to Blyth & Co. of Seattle,
as noted here early in November—V.
143, p. 3037—are due on Nov. 1 as
follows: $2,000, 1938 to 1946; $3,000, 1947 to 1954, and $4,000 in 1955 and
1488.
No. 4186.
Local Impt. Dist. No. 4236.
WHITE SALMON, Wash.—BONDS SOLD—It is stated by C. H.
Estes, Town Clerk, that the $60,000 4H% special water revenue bonds
recently by the Town Council, as noted in these columns—
V. 143, p. 4198—have been sold.
authorized
YAKIMA COUNTY
(P. O. Yakima), Wash.—BOND SALE—The
$12,000 issue of Harrah School District bonds offered for sale on Jan. 2—
V. 143, p. 3677—was purchased by the State of Washington, according to
the County Treasurer.
No other bid was received.
Dated Jan. 1, 1937.
Due in 22 years.
&luri4l«i
the $25,000 4% semi-ann. water works extension bonds to the Public
Works Administration at par, as noted here in November—V. 143,
p. 3509—
t is reported that the bonds mature in 20 years.
or
WEST VIRGINIA
CHARLESTON,
Dec. 29—V.
TEXAS
ABILENE, Texas—BOND ELECTION NOT SCHEDULED—In
connec¬
W.lVa.—BONDS VOTED—At the election
143, p. 3882—the voters approved the issuance
in bonds, according to the City Clerk,
and $250,000 auditorium bonds.
tion with the reports current to the effect that an election would be held
in the near future on the issuance of $600,000 in water
bonds, we are in¬
formed by the City Clerk that it is not
of
CHIPPEWA FALLS,
purchase
$110,000 school house bonds.
Due from 1937 to 1940.
approved by the voters at an election held on May 16,
of
issue
an
These bonds
were
1936.
CASS COUNTY ROAD DISTRICT NO. 1 A
(P. O. Linden), Texas—
BONDS SOLD—It is stated by Sam L. Henderson,
County Judge, that the
$100,000 5% road bonds approved by the voters on Nov. 6, as noted here—
V. 143. p. 3509—Have been sold.
CHEROKEE
COUNTY
ROAD
DISTRICT
NO.
2
(P.
O.
Rusk),
i,*as~7BOND CALL—Cora M. Dickey, County Treasurer, is said to be
calling for payment at par and accrued interest, at the Capitol National
Bank of Austin, on Feb. 10, on which date interest shall
cease, 5% refund¬
ing road bonds numbered 3 to
76, 78 to 194, 196 to 207, 209 to 224,
Denom. $1,000.
Dated Feb. 10, 1934.
gating $219,000.
FAIRFIELD,
Nov.
30—V.
issuance
Texas—BONDS DEFEATED—At the
143,
p.
3509—the
of the $80,000 in
voters
are
4% light plant
stated to
approved
a
bond issue of $25,000 for
held
on
defeated the
bonds.
revenue
GEORGETOWN, Texas—BONDS VOTED—At
voters
election
have
aggre¬
a
water
recent
election
Wis.—BONDS VOTED— It is stated by Lee C.
Millard, City Clerk, that at an election held on Dec. 29 the voters approved
of the $65,000 in 2%% vocational school bonds that were
authorized by the City Council on Dec. 16 as noted in these columns.
Dated Feb. 1, 1937.
Due as follows: $3,000 in from one to 10 years, and
the issuance
$3,500 in from 11 to 20 years.
DOUGLAS
(P. O. Superior), Wis.—BONDS OFFERED
34 % relief bonds recently awarded to Bartlett.
COUNTY
TO PUBLIC—The $150,000 2
Knight & Co. of Chicago are now being offered to
investors at prices to
geld from 2, 1937. to 2.70%, and semi-annual interest (Jan. 2 and $1,000.
ated Jan. 1.25%
Denom. July 2)
Principal according to maturity.
payable at the County Treasurer's office.
1938 to 1947. incl.
Due $15,000 yearly on Jan. 2
from
FOND DU LAC COUNTY (P. O. Fond du Lac),
Wis .—BOND SALE—
$120,000 highway impt. bonds is said to have been purchased
recently by Bartlett, Knight & Co. and Paine, Webber & Co., both of
Chicago, as l<^s, paying a premium of $1,030,000 equal to 109.19. Due
from 1938 to 1943.
The second highest bid is reported to have been a
An issue of
premium offer of $1,025, on lJis, tendered by T. E. Joiner & Co. of Chicago,
while the Harris Trust & Savings Bank was third, offering $1,000 premium.
the
plant improvement.
held on
of $800,000
follows:J&55O,OO0 bridge,
WISCONSIN
likely to be called before April.
ANAHUAC INDEPENDENT SCHOOL DISTRICT (P. O.
Anahuac),
Texas—BOND OFFERING—It is stated by Grover C. Willcox, President
of the school board, that he will receive bids until Jan.
26, for the
divided as
KENOSHA
COUNTY
(P.
O.
Wis .—NOTE SALE—The
Kenosha),
SOLD—It is stated that $15,000 school bonds have been purchased
by the
State Board of Education.
$150,000 issue of corporate purpose notes, issue of 1937 .offered for sale on
Jan. 5—V. 143, p. 4198—was purchased by Salomon Bros. & Hutzler of
New York as lks, paying a premium of $19.15, equal to 100.012, a basis
of about 1.24%.
Dated Jan. 15, 1937.
Due on Aug. 30, 1938.
ROCHESTER INDEPENDENT SCHOOL DISTRICT (P. O. Roches¬
ter), Texas—BONDS SOLD—It is reported that the $28,000 school bonds
BOND
o^£WTH9PE SCHOOL DISTRICT (P. O. Quitman), Texas—BONDS
approved by the voters last July,
purchased by the State of Texas.
as
noted here at that time, have been
Texas—BONDS SOLD—It is stated by the
6% recreation center bonds have been sold locally.
$5,500
Mayor that
Due in four
years.
RUSK COUNTY (P. O.
—In
Henderson), Texas—BOND SALE DETAILS
connection with the sale of the $2,500,000 road bonds as 2^s and 3s,
noted
in these columns recently—V. 144,
p. 141—it is stated by W. E.
Youngblood, County Judge, that the bonds were purchased jointly by the
Brown-Crummer Co., Donald O'Neil & Co., both of Dallas, the Citizens
National Bank and the First National Bank, both of
Henderson, paying a
premium of $ 1,500, equal to 100.06.
SAN PATRICIO COUNTY ROAD DISTRICT NO. 1 (P. O.
Sinton),
Texas
BOND SALE—The Van H. Howard Co. of San Antonio has
pur¬
chased and is now offering to investors an issue of $200,000
5% road bonds
on bonds maturing from 1948 to
maturing thereafter.
Denom. $1,000.
Dated
?£,&rices i° yteld from 2.50% to 3.75%
1942,
and
5%
on
bonds
f hly 15, 1936. Prin. and semi-ann. int. (April 10 and Oct. 10) payable at
theCommercial State Bank, Sinton.
Due on April 10 as follows: $3,000,
1940; $4,000, 1941 to 1944; $5,000, 1945 to 1948: $6,000
1949 t° 1952; $7,000, 1953, 1954 and 1955; $8,000, 1956, 1957
and 1958;
$9,000.1959 and 1960; $10,000, 1961 and 1962; $11,000, 1963; $12,000,1964
and 1965; and $13,000, 1966.
VERMONT
GRAFTON, Vt.—BONDS NOT SOLD—TO
BE
RE-OFFERED—Owing
public notice, the town was obliged return unopened all
the bids for the $25,500 coupon
refunding bonds scheduled to be sold on
Jan. 2.
Town Attorney Orrin B. Hughes of Brattleboro states that the
issue will be re-advertised for sale on about Jan. 14.
The bonds were to
be dated Jan. 1, 1937 and mature $1,500
annually from 1940 to 1956, incl.
Bidder to name the rate of interest in a
multiple of M of 1
%.
VIRGINIA
COVINGTON, Va.—BOND OFFERING—Sealed
of a
iii
on Jan-12» by
purchaser.
ceedings,
(3) pay cost of such attorney's opinion, (4) delivery
March 15, 1937. No certified check is required.
of bonds
SHEBOYGAN FALLS, Wis.—BOND SALE—'The
issue of $55,000 3%
disposal plant bonds offered on Jan. 6 was awarded to the Citizens
and Harley, Haydon & Co. of Madison, at par,
plus a premium of $2,260, equal to 104.109.
The purchaser will pay for
the printing of the bonds.
H. C. Denison & Co. of Sheboygan, together
with Bartlett, Knight & Co. and Paine, Webber & Co. of Chicago, sub¬
mitted the same bid, except that the city was to pay for printing the bonds.
sewage
State Bank of Sheboygan
"^STEVENS POINT, Wis.—BOND SALE—The
school bonds offered for sale on Jan. 5—V. 143,
$200,000 issue of hign
p. 4198—was awarded
Chicago, as 2 As,
of about 2.22%.
incl.
public auction to the Harris Trust & Savings Bank of
paying a premium of $656, equal to 100.328, a basis
Dated Dec. 1, 1936.
Due from Feb. 1, 1942 to 1956,
at
WYOMING
(P. O. Bosler), Wyo.—BOND
OFFERING—F. M. Purnell, Clerk of the Board of Trustees, will receive
bids until 7:30 p. m., Jan. 25 for the purchase of $10,000 school building
bonds.
Interest is not to exceed 4%.
Dated Dec. 1, 1936.
Cert, check
for
$1,000,
required.
FREMONT COUNTY SCHOOL DISTRICT
NO. 24 (P. O. Shoshoni),
Wyo —BOND OFFERING—R. S. Linn, Clerk of Board of Trustees, will
18 for the purchase of $60,000 school building
bonds, to bear interest at no more than 3^£%.
Denom. $500.
Due
annually in approximately equal amounts, in from 2 to 25 years.
Cert,
check for $2,000, required.
receive bids until 2 p.m., Jan.
bids will be received
s- Mathers, Town Manager, for the purchase
A
certified
check
for
$750
must
Canadian Municipals
accompany
Information
the bid.
FRONT
1947:
to be made on
approving opinion of Thomson, Wood & Hoffman of New York, will be
the
15.
issue
1937.
$6,000, 1948 and $5,000 in 1949.
Prin. and int. (M. & S.) payable m
Kimberly.
All bids, unless otherwise specified, will be received subject to
the conditions that the purchaser (1) print bonds, (2) be allowed one month
from date of sale to give notice of attorneys' tentative approval of pro¬
$46,000 issue of 3% water works improvement bonds.
Denom. $1,000.
Dated Jan. 1, 1937.
Due $2,000 from Jan. 1, 1938 to 1960, incl.
Prin.
and int. (J. & J.) payable at the Chase National
Bank, New York.
The
furnished
(P. O. Kimberly), Wis.—
OFFERING—Sealed bids will be received until a p. m. on Jan.
BOSLER SCHOOL DISTRICT NO. 30
to an error in the
u?
KIMBERLY SCHOOL DISTRICT NO. 6
by Joseph T. Doerfler, District Clerk, for the purchase of a $30,000
of 3% school equipment bonds.
Denom. $1,000. Dated March 15,
Due on March 15 as follows:
$2,000, 1940 to 1944; $3,000, 1945 to
and Markets
ROYAL,
Va .—BONDS AUTHORIZED—'The Town Council
recently voted to refund $36,000 outstanding sewer bonds, which are
callable April 1, 1937.
NEW MARKET, Va .—BOND CONSTITUTIONALITY
QUESTIONED
—The Town Council is reported to have placed before the State
Supreme
Court of Appeals on Dec. 28 the
question of the
constitutionality of
BRAWLEY, CATHERS &. CO.
S5
KING ST. WEST,
TORONTO
ELGIN 6438
a
proposed refunding bond issue.
CANADA
NORTHWESTERN MUNICIPALS
Washington
—
Oregon
—
Idaho
—
Montana
Ferris & Hardgrove
SPOKANE
Teletype—SPO 176
EDMONTON, Alta.—REFUNDING PLAN DRAFTED—A committee
representing holders of Edmonton bonds has completed a plan "designed
to alleviate the burden of the city's and school board's debt charges,"
and will present it to bondholders with a recommendation of acceptance,
Mayor Joseph Clarke was informed Jan. 4 in a telegram from J. E. Fortin
I^r°r<Fbrtin
studied
Edmonton's financial position on behalf of bond¬
holders following a request from
on Edmonton debentures.
rates
SEATTLE
PORTLAND
Teletype—SEAT 191 Teletype—PTLD ORE 160
in the message to
(Province of)—BOND SALE—A syndicate composed of
& Co., Dominion Securities Corp., A. E. Ames & Co.,
of Canada, Montreal, and the Canadian Bank of
purchased a new issue of $20,000,000 refunding
bonds.
The bankers paid a price of 98.65 for $5,000,000 2^s, due $1,000,000 each from 1943 to 1947, incl., and 98.52 for $15,000,000 3s, these to
mature $1,000,000 annually from 1948 to 1962, inclusive.
,
ONTARIO
Wood
WASHINGTON
COLFAX, Wash.—BOND ELECTION—At
or
or
Jan.
11
a special election scheduled
the question of issuing $30,000
sewage disposal plant bonds,
warrants, will be submitted to
a
vote.
the city that they accept reduced interest
Details of the plan were not contained
Mayor Clarke.
Gundy
all of Toronto; Royal Bank
Commerce of Toronto, has
@FedFRASER